NPORT-EX 2 NPORT_8956_86684370_1021.htm BlackRock MuniYield Pennsylvania Quality Fund

Schedule of Investments  (unaudited) 

October 31, 2021

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

      Value  

 

  

Municipal Bonds

     
Guam — 0.2%             
Utilities — 0.2%         

Guam Government Waterworks Authority, RB, Series A, 5.00%, 01/01/50

   $ 460      $ 542,928  
    

 

 

  
Pennsylvania — 117.2%             
Corporate — 3.1%         

Pennsylvania Economic Development Financing Authority, RB

     

AMT, 0.45%, 06/01/41(a)

     1,665        1,662,378  

Series A, AMT, 0.58%, 08/01/37(a)

     2,755        2,738,897  

Series A, AMT, 3.25%, 08/01/39(b)

         1,950        1,992,605  

Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44

     135        142,631  
    

 

 

  
           6,536,511  
County/City/Special District/School District — 31.2%         

Allentown Neighborhood Improvement Zone Development Authority Refunding RB, 5.00%, 05/01/42(c)

     1,980        2,393,947  

Allentown Neighborhood Improvement Zone Development Authority, Refunding RB

     

Series A, 5.00%, 05/01/35

     190        194,531  

Series A, 5.00%, 05/01/42

     450        459,440  

Altoona Area School District, GO

     

(BAM, SAW), 5.00%, 12/01/25(d)

     725        853,353  

Series A, (AGM, SAW), 5.00%, 12/01/36

     1,180        1,361,567  

Bethlehem Area School District, GO

     

Series A, (BAM, SAW), 5.00%, 08/01/34

     1,610        1,844,910  

Series A, (BAM, SAW), 5.00%, 08/01/35

     1,210        1,385,316  

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

     1,095        1,186,942  

Boyertown Area School District, GO

     

(SAW), 5.00%, 10/01/36

     610        671,615  

(SAW), 5.00%, 10/01/38

     920        1,011,335  

Bristol Township School District, GO

     

(SAW), 5.00%, 06/01/40

     775        828,146  

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

     1,685        1,991,739  

Chester County Industrial Development Authority, SAB(b)

     

4.25%, 03/01/35

     715        724,302  

4.75%, 03/01/50

     1,525        1,551,584  

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

     1,705        1,945,430  

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

     1,360        1,636,927  

City of Pittsburgh Pennsylvania, GO, Series B, 5.00%, 09/01/22(d)

     1,095        1,138,592  

Coatesville School District, GO, CAB(e)

     

Series A, (BAM, SAW), 0.00%, 10/01/34

     160        107,022  

Series A, (BAM, SAW), 0.00%, 10/01/35

     1,435        918,073  

Series A, (BAM, SAW), 0.00%, 10/01/37

     1,395        816,079  

Coatesville School District, Refunding GO, CAB(e)

     

Series B, (BAM, SAW), 0.00%, 10/01/33

     275        192,214  

Series B, (BAM, SAW), 0.00%, 10/01/34

     550        367,888  

Series C, (BAM, SAW), 0.00%, 10/01/33

     360        259,662  

County of Monroe Pennsylvania, GO

     

Series A, 4.00%, 07/15/30

     455        545,158  

Series A, 4.00%, 07/15/31

     530        632,013  

Series A, 4.00%, 07/15/32

     695        824,774  
Security  

Par

(000)

      Value  

 

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

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

   $ 1,235      $ 1,408,062  

East Pennsboro Area School District, GO

     

(BAM, SAW), 4.00%, 10/01/40

     355        400,780  

(BAM, SAW), 4.00%, 10/01/44

     840        945,978  

Fox Chapel Area School District, GO

     

(SAW), 5.00%, 02/01/39

     1,345        1,610,612  

(SAW), 5.00%, 02/01/42

     1,250        1,474,245  

Governor Mifflin School District, GO

     

Series A, (SAW), 4.00%, 04/01/39

     360        414,966  

Series A, (SAW), 4.00%, 04/01/40

     225        258,876  

Series A, (SAW), 4.00%, 04/01/42

     640        732,860  

Series A, (SAW), 4.00%, 04/01/43

     570        652,383  

Series A, (SAW), 4.00%, 04/01/46

     665        754,528  

Manheim Township School District, GO

     

Series A, (SAW), 3.00%, 02/01/34

     100        109,070  

Series A, (SAW), 4.00%, 02/01/34

     260        304,751  

Series A, (SAW), 4.00%, 02/01/35

     510        596,898  

Series A, (SAW), 4.00%, 02/01/36

     345        402,604  

Marple Newtown School District, GO, (SAW), 3.00%, 06/01/40

     1,375        1,462,685  

Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32

     140        148,266  

School District of Philadelphia, GO, Series A, (SAW), 4.00%, 09/01/46

     2,560        2,917,560  

Shaler Area School District, GO, CAB, (XLCA SAW), 0.00%, 09/01/30(e)

     6,145        5,166,237  

Springfield School District/Delaware County, GO

     

(SAW), 5.00%, 03/01/36

     870        1,059,851  

(SAW), 5.00%, 03/01/37

     890        1,082,105  

(SAW), 5.00%, 03/01/40

     1,025        1,242,836  

(SAW), 5.00%, 03/01/43

     775        937,323  

State Public School Building Authority, RB, CAB(e)

     

(AGM, SAW), 0.00%, 12/15/22

     1,640        1,630,491  

(AGM, SAW), 0.00%, 12/15/23

     1,980        1,952,923  

(AGM, SAW), 0.00%, 12/15/24

     1,980        1,927,585  

(AGM, SAW), 0.00%, 12/15/25

     1,770        1,690,605  

Township of Lower Paxton Pennsylvania, GO

     

5.00%, 04/01/24(d)

     1,870        2,078,674  

Series A, 4.00%, 04/01/39

     400        458,927  

Series A, 4.00%, 04/01/40

     150        171,954  

Series A, 4.00%, 04/01/42

     315        360,026  

Series A, 4.00%, 04/01/50

     395        446,138  

Tredyffrin Easttown School District, GO, (SAW), 5.00%, 02/15/39

     695        832,210  

West Shore School District, GO

     

(SAW), 5.00%, 11/15/43

         2,095        2,520,360  

(SAW), 4.00%, 11/15/45

     715        826,283  

(SAW), 4.00%, 11/15/48

     360        412,311  

(SAW), 5.00%, 11/15/48

     1,200        1,435,989  
    

 

 

  
           66,670,511  
Education — 18.5%             

Berks County Municipal Authority, Refunding RB

     

5.00%, 10/01/39

     160        175,885  

5.00%, 10/01/49

     430        466,309  

City of Erie Higher Education Building Authority, Refunding RB

     

4.00%, 05/01/36

     105        119,705  

5.00%, 05/01/47

     335        405,481  
 

 

 

1    

Schedule of Investments  (unaudited) (continued)

October 31, 2021

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

      Value  

 

  
Education (continued)             

Commonwealth of Pennsylvania, GO, First Series, 5.00%, 06/01/22(d)

   $ 2,460      $ 2,528,683  

Delaware County Authority, RB

     

5.00%, 08/01/40

     1,205        1,380,504  

5.00%, 08/01/45

     1,610        1,810,976  

Delaware County Authority, Refunding RB, CAB, 5.00%, 07/01/47

     2,480        2,803,454  

East Hempfield Township Industrial Development Authority, RB(d)

     

5.00%, 07/01/23

     785        846,557  

5.00%, 07/01/25

     1,255        1,458,064  

Latrobe Industrial Development Authority, Refunding RB, 4.00%, 03/01/46

     285        304,585  

Lehigh County Industrial Development Authority, Refunding RB, 4.00%, 05/01/51

     840        888,930  

Northampton County General Purpose Authority, Refunding RB, 4.00%, 11/01/38

     1,160        1,344,758  

Pennsylvania Higher Education Assistance Agency, RB

     

Series A, 5.00%, 06/01/26

     165        192,687  

Series A, 5.00%, 06/01/27

     185        220,310  

Series A, 5.00%, 06/01/28

     195        236,105  

Series A, 5.00%, 06/01/29

     190        233,427  

Series A, 5.00%, 06/01/30

     140        174,262  

Series A, 2.63%, 06/01/42

     1,250        1,218,161  

Series B, AMT, Subordinate, 3.13%, 06/01/48

     350        341,142  

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

     2,000        2,275,966  

Pennsylvania Higher Educational Facilities Authority, Refunding RB

     

5.00%, 05/01/37

     1,325        1,349,126  

Series A, 5.25%, 07/15/23(d)

     1,580        1,713,491  

Series A, 5.50%, 07/15/23(d)

     385        419,162  

Philadelphia Authority for Industrial Development, RB

     

4.00%, 06/15/29

     280        293,422  

5.00%, 06/15/39

     335        359,034  

4.00%, 06/01/41

     260        284,814  

5.00%, 11/01/42

     2,710        3,112,034  

5.00%, 06/15/49

     935        990,236  

5.00%, 06/15/50

     575        615,174  

4.00%, 06/01/51

     205        221,371  

4.00%, 06/01/56

     290        312,069  

Philadelphia Authority for Industrial Development, Refunding RB

     

5.00%, 05/01/30

     440        505,334  

5.00%, 05/01/40

     375        418,699  

5.00%, 06/15/40(b)

     320        373,160  

4.00%, 05/01/42

     2,985        3,096,326  

4.00%, 11/01/45

     740        831,425  

5.00%, 05/01/50

     1,120        1,219,997  

5.00%, 06/15/50(b)

     610        698,232  

Series 2015, 5.00%, 04/01/45

         2,170        2,463,104  

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

     830        895,374  
    

 

 

  
           39,597,535  
Health — 23.4%             

Allegheny County Hospital Development Authority, RB,
Series B, (NPFGC), 6.00%, 07/01/26

     2,000        2,477,256  

Allegheny County Hospital Development Authority, Refunding RB Series A, 4.00%, 04/01/37

     1,700        1,910,491  
Security  

Par

(000)

      Value  

 

  
Health (continued)             

Allegheny County Hospital Development Authority, Refunding RB (continued)

     

Series A, (AGM-CR), 4.00%, 04/01/44

   $ 3,440      $ 3,858,201  

Series A, 5.00%, 04/01/47

     700        827,135  

Bucks County Industrial Development Authority, RB, 4.00%, 07/01/51

     1,000        1,104,225  

Bucks County Industrial Development Authority,

     

Refunding RB, 5.00%, 10/01/37

     940        1,052,502  

Centre County Hospital Authority, RB, 7.00%, 11/15/21(d)

    2,410        2,415,938  

Cumberland County Municipal Authority, Refunding RB

     

5.00%, 01/01/25(d)

     255        291,364  

4.00%, 01/01/36

     395        450,072  

4.13%, 01/01/38

     160        183,109  

5.00%, 01/01/38

         2,345        2,622,263  

5.00%, 01/01/39

     760        919,768  

Doylestown Hospital Authority, RB, Series A, 5.00%, 07/01/49

     500        575,775  

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

     2,060            2,231,540  

Franklin County Industrial Development Authority, RB

     

5.00%, 12/01/29

     70        76,972  

5.00%, 12/01/39

     135        145,998  

5.00%, 12/01/49

     100        106,897  

5.00%, 12/01/54

     365        388,894  

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

     4,050        4,843,966  

Lancaster County Hospital Authority, Refunding RB, 5.00%, 11/01/35

     575        646,948  

Lancaster Industrial Development Authority, RB

     

4.00%, 12/01/44

     420        465,297  

5.00%, 12/01/44

     665        771,547  

4.00%, 12/01/49

     565        618,390  

Lancaster Industrial Development Authority, Refunding RB(d)

     

5.38%, 05/01/23

     520        559,764  

5.75%, 05/01/23

     865        935,991  

Montgomery County Higher Education and Health Authority, Refunding RB

     

Series A, 5.00%, 09/01/37

     840        1,023,064  

Series A, 5.00%, 09/01/48

     1,500        1,803,553  

Montgomery County Industrial Development Authority, RB

     

Series C, 4.00%, 11/15/43

     200        225,194  

Series C, 5.00%, 11/15/45

     915        1,100,677  

Montgomery County Industrial Development Authority, Refunding RB

     

5.00%, 05/15/22(d)

     1,420        1,456,634  

5.25%, 01/01/40

     220        235,127  

Mount Lebanon Hospital Authority, RB, 4.00%, 07/01/48

     2,345        2,579,798  

Northampton County General Purpose Authority, Refunding RB

     

5.00%, 08/15/46

     1,000        1,148,185  

5.00%, 08/15/48

     1,125        1,330,595  

Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A, 5.00%, 09/01/45

     2,000        2,252,094  

Pottsville Hospital Authority, Refunding RB, Series B, 5.00%, 07/01/41

     3,000        3,535,326  

Wayne County Hospital & Health Facilities Authority, RB, Series A, (GTD), 4.00%, 07/01/46

     1,595        1,711,322  
 

 

 

S C H E D U L E   O F   I N V E S T M E N T S     2

Schedule of Investments  (unaudited) (continued)

October 31, 2021

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

      Value  

 

  
Health (continued)             

West Cornwall Township Municipal Authority, Refunding RB

     

Series A, 4.00%, 11/15/36

   $ 230      $ 258,713  

Series A, 4.00%, 11/15/41

     225        250,825  

Series A, 4.00%, 11/15/46

     335        369,810  

Westmoreland County Industrial Development Authority, Refunding RB, Series A, 4.00%, 07/01/37

     360        413,411  
    

 

 

  
       50,174,631  
Housing — 1.5%             

Philadelphia Authority for Industrial Development, RB, M/F Housing

     

Series A, 3.50%, 12/01/36

     810        613,326  

Series A, 4.00%, 12/01/46

         2,970        2,134,453  

Series A, 4.00%, 12/01/51

     805        557,226  
       3,305,005  
State — 11.1%             

Commonwealth Financing Authority, RB

     

5.00%, 06/01/34

     4,175        5,078,854  

5.00%, 06/01/35

     1,295        1,571,260  

Commonwealth Financing Authority, Refunding RB, Series A, 5.00%, 06/01/28

     1,000        1,249,468  

Commonwealth of Pennsylvania, GO

     

First Series, 5.00%, 05/15/28

     1,300        1,623,610  

First Series, 5.00%, 05/15/29

     3,000        3,811,905  

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

     7,000        8,059,569  

Pennsylvania Turnpike Commission, RB, Sub-Series B, 5.25%, 12/01/48

     1,930        2,377,791  
    

 

 

  
       23,772,457  
Tobacco — 2.0%             

Commonwealth Financing Authority, RB, 5.00%, 06/01/33

     3,575        4,356,105  
    

 

 

  
Transportation — 14.4%             

Allegheny County Airport Authority, RB, Series A, AMT, 5.00%, 01/01/51

     500        606,898  

City of Philadelphia PA Airport Revenue, Refunding, ARB, AMT, (AGM), 4.00%, 07/01/46

     610        694,203  

City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB

     

Series B, AMT, 5.00%, 07/01/37

     1,100        1,312,792  

Series B, AMT, 5.00%, 07/01/47

     2,105        2,474,811  

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

     1,500        1,786,351  

Delaware River Port Authority, RB

     

5.00%, 01/01/29

     475        522,484  

5.00%, 01/01/37

     2,285        2,501,936  

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

     6,025        6,260,162  

Pennsylvania Turnpike Commission, RB

     

5.00%, 12/01/29

     260        332,920  

5.00%, 12/01/30

     325        422,519  

5.00%, 12/01/31

     590        778,995  

3.00%, 12/01/51

     1,720        1,763,213  

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

     2,345        2,773,807  

Pennsylvania Turnpike Commission, RB, CAB(e) Sub-Series A-3, (AGM), 0.00%, 12/01/40

     1,275        787,492  
Security  

Par

(000)

      Value  

 

  
Transportation (continued)             

Pennsylvania Turnpike Commission, RB, CAB(e) (continued)

     

Sub-Series A-3, 0.00%, 12/01/42

   $ 4,760      $ 2,576,912  

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

     3,270        3,792,059  

Southeastern Pennsylvania Transportation Authority, RB, 5.00%, 06/01/32

     1,075        1,367,496  
    

 

 

  
       30,755,050  
Utilities — 12.0%             

Allegheny County Sanitary Authority, RB, (BAM), 5.25%, 12/01/41

     1,410        1,538,003  

Bucks County Water and Sewer Authority, RB

     

Series A, (AGM), 5.00%, 12/01/37

     780        875,917  

Series A, (AGM), 5.00%, 12/01/40

     1,000        1,117,843  

City of Philadelphia Pennsylvania Water & Wastewater Revenue, RB

     

Series A, 5.00%, 10/01/43

     3,040        3,709,311  

Series A, 5.00%, 11/01/45

     1,790        2,232,672  

Series A, 5.25%, 10/01/52

     810        977,807  

Delaware County Regional Water Quality Control Authority, RB, 5.00%, 05/01/23(d)

     420        449,765  

Falls Township Authority, Refunding RB, (MUN GOVT GTD), 5.00%, 12/01/37

     1,270        1,274,877  

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

     1,195        1,236,666  

Oxford Area Sewer Authority, Refunding RB

     

(BAM), 4.00%, 07/01/22

     100        102,407  

(BAM), 4.00%, 07/01/23

     135        143,003  

(BAM), 3.00%, 07/01/25

     100        108,247  

(BAM), 4.00%, 07/01/28

     160        187,358  

(BAM), 4.00%, 07/01/29

     165        195,115  

(BAM), 4.00%, 07/01/30

     120        143,253  

(BAM), 4.00%, 07/01/31

     100        120,687  

(BAM), 4.00%, 07/01/33

     100        119,540  

(BAM), 4.00%, 07/01/34

     200        237,493  

(BAM), 3.00%, 07/01/35

     100        108,090  

(BAM), 4.00%, 07/01/37

     220        259,021  

(BAM), 4.00%, 07/01/39

     240        281,963  

(BAM), 4.00%, 07/01/41

     260        304,818  

(BAM), 3.00%, 07/01/46

     1,255        1,318,456  

(BAM), 2.38%, 07/01/55

     700        654,151  

Philadelphia Gas Works Co., Refunding RB

     

5.00%, 08/01/30

     800        925,553  

5.00%, 08/01/31

     600        693,318  

5.00%, 08/01/32

     800        923,466  

5.00%, 08/01/33

     400        461,252  

5.00%, 08/01/34

     700        806,403  

Pittsburgh Water & Sewer Authority, RB, Series B,

     

(AGM), 4.00%, 09/01/50

     900        1,044,268  

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

         2,000        2,382,636  

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

     580        660,580  
    

 

 

  
       25,593,939  
    

 

 

  

Total Municipal Bonds in Pennsylvania

        250,761,744  
 

 

 

3

  

Schedule of Investments  (unaudited) (continued)

October 31, 2021

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

    (Percentages shown are based on Net Assets)

 

Security  

Par

(000)

      Value  

 

  
Puerto Rico — 4.7%             
State — 4.7%             

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

     

Series A-1, Restructured, 4.75%, 07/01/53

   $ 265      $ 294,758  

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

     389        439,165  

Series A-2, Restructured, 4.33%, 07/01/40

     519        569,135  

Series A-2, Restructured, 4.78%, 07/01/58

     46        51,254  

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

     283        313,730  

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

     3,423        3,855,551  

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

     2,701        2,966,895  

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

     274        305,062  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(e)

     3,618        1,178,390  
    

 

 

  

Total Municipal Bonds in Puerto Rico

 

      9,973,940  
    

 

 

  

Total Municipal Bonds — 122.1%
(Cost: $243,469,868)

 

      261,278,612  
    

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(f)

 

Pennsylvania — 36.3%             
Education — 9.8%             

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

     3,900        4,661,273  

Pennsylvania Higher Educational Facilities Authority, RB, Series AR, 4.00%, 06/15/38

     11,335        12,502,819  

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

     3,300        3,747,124  
    

 

 

  
       20,911,216  
Health — 19.5%             

County of Lehigh Pennsylvania, Refunding RB,
Series A, 4.00%, 07/01/49(g)

     2,501        2,802,037  

General Authority of Southcentral Pennsylvania, Refunding RB

     

4.00%, 06/01/49

     5,385        6,037,829  

Series A, 5.00%, 06/01/24(d)

     7,000        7,830,725  

Montgomery County Higher Education and Health Authority, Refunding RB, 4.00%, 09/01/44(g)

     3,100        3,497,801  

Pennsylvania Economic Development Financing Authority, RB, Series B, 4.00%, 03/15/40

     8,000        8,750,000  

Pennsylvania Higher Educational Facilities Authority, RB, Series A, 4.00%, 08/15/39(g)

     7,815        8,018,174  

St Mary Hospital Authority, Refunding RB, 5.00%, 12/01/48

     3,754        4,708,426  
    

 

 

  
       41,644,992  
State — 3.2%             

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

     6,000        6,866,475  
    

 

 

  
Transportation — 2.0%             

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

     1,680        2,029,813  

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

     1,850        2,226,641  
    

 

 

  
       4,256,454  
Security  

Par

(000)

      Value  

 

  
Utilities — 1.8%             

Westmoreland County Municipal Authority, Refunding RB, 5.00%, 08/15/42.

   $ 3,493      $ 3,950,405  
    

 

 

  

Total Municipal Bonds in Pennsylvania

 

      77,629,542  
    

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond
Trusts — 36.3%
(Cost: $70,996,152)

 

      77,629,542  
    

 

 

  

Total Long-Term Investments — 158.4%
(Cost: $314,466,020)

 

      338,908,154  
    

 

 

  
     Shares          

Short-Term Securities

     
Money Market Funds — 0.8%             

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.01%(h)(i)

     1,808,508        1,808,689  
    

 

 

  

Total Short-Term Securities — 0.8%
(Cost: $1,808,689)

 

      1,808,689  
    

 

 

  

Total Investments — 159.2%
(Cost: $316,274,709)

 

      340,716,843  

Liabilities in Excess of Other Assets — (1.0)%

 

      (2,183,391 ) 

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (19.7)%

 

      (42,190,450 ) 

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

 

      (82,339,093 ) 
    

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

    $ 214,003,909  
    

 

 

  

 

(a) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(b) 

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.

(c) 

When-issued security.

(d) 

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.

(e) 

Zero-coupon bond.

(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 February 15, 2022 to June 1, 2039, is $14,130,711.

(h) 

Affiliate of the Fund.

(i) 

Annualized 7-day 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.

 

 

S C H E D U L E   O F   I N V E S T M E N T S

   4

Schedule of Investments  (unaudited) (continued)

October 31, 2021

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
Affiliated Issuer   Value at
07/31/21		      Purchases
at Cost		     Proceeds
from Sales		      Net
Realized
Gain (Loss)		     Change in
Unrealized
Appreciation
(Depreciation)		      Value at
10/31/21		      Shares
Held at
10/31/21		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $ 25,907      $ 1,782,833 (a)    $ —      $ (51 )    $ —      $ 1,808,689        1,808,508      $ 13      $ —  
         

 

 

    

 

 

     

 

 

        

 

 

     

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

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

     28        12/21/21      $ 3,658      $ 63,760  

U.S. Long Bond

     14        12/21/21        2,251        21,985  

5-Year U.S. Treasury Note

     23        12/31/21        2,799        37,537  
          

 

 

  
           $ 123,282  
          

 

 

  

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of 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); and

 

  •  

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’s”) assumptions used in determining the fair value of 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 financial instruments is based on the pricing transparency of the 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 financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

                                                                                           

 

  
    Level 1      Level 2      Level 3      Total  

 

  

Assets

           

Investments

           

Long-Term Investments

           

Municipal Bonds

   $ —      $ 261,278,612      $ —      $ 261,278,612  

Municipal Bonds Transferred to Tender Option Bond Trusts

     —        77,629,542        —        77,629,542  

 

 

5  

    

Schedule of Investments  (unaudited) (continued)

October 31, 2021

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

 

Fair Value Hierarchy as of Period End (continued)

 

                                                                                           
    Level 1      Level 2      Level 3      Total  

 

  

Short-Term Securities

           

Money Market Funds

   $ 1,808,689      $ —      $ —      $ 1,808,689  
 

 

 

     

 

 

     

 

 

     

 

 

  
  $ 1,808,689      $ 338,908,154      $ —      $ 340,716,843  
 

 

 

     

 

 

     

 

 

     

 

 

  

Derivative Financial Instruments(a)

           

Assets

           

Interest Rate Contracts

   $ 123,282      $ —      $ —      $ 123,282  
 

 

 

     

 

 

     

 

 

     

 

 

  
          

 

  (a) 

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 fair value hierarchy as follows:

 

                                                                                           

 

  
    Level 1      Level 2     Level 3      Total  

 

  

Liabilities

          

TOB Trust Certificates

   $ —      $ (42,183,181 )    $ —      $ (42,183,181 ) 

VRDP Shares at Liquidation Value

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

 

 

     

 

 

    

 

 

     

 

 

  
  $ —      $ (124,783,181)     $ —      $ (124,783,181 ) 
 

 

 

     

 

 

    

 

 

     

 

 

  

 

Portfolio Abbreviation
AGM   Assured Guaranty Municipal Corp.
AGM-CR   AGM Insured Custodial Receipt
AMT   Alternative Minimum Tax
ARB   Airport Revenue Bonds
BAM   Build America Mutual Assurance Co.
CAB   Capital Appreciation Bonds
CR   Custodian Receipt
GO   General Obligation Bonds
GTD   GTD Guaranteed
M/F   Multi-Family
NPFGC   National Public Finance Guarantee Corp.
RB   Revenue Bond
SAB   Special Assessment Bonds
SAW   State Aid Withholding
TA   Tax Allocation

 

 

S C H E D U L E   O F   I N V E S T M E N T S

   6