NPORT-EX 2 NPORT_8956_39283985_0422.htm BlackRock MuniYield Pennsylvania Quality Fund

Schedule of Investments (unaudited)

April 30, 2022

   

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      $ 502,762  
    

 

 

  
Pennsylvania — 123.3%             
Corporate — 2.4%         

Pennsylvania Economic Development Financing
Authority, RB

     

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

    2,755        2,599,629  

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

        1,950        1,605,893  

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

     135        137,667  
    

 

 

  
           4,343,189  
County/City/Special District/School District — 33.1%         

Allentown Neighborhood Improvement Zone

     

Development Authority, Refunding RB
5.00%, 05/01/42

     1,980        2,174,557  

Series A, 5.00%, 05/01/35

     190        190,000  

Series A, 5.00%, 05/01/42

     450        450,000  

Altoona Area School District, GO

     

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

    725        785,069  

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

     1,180        1,243,384  

Bethlehem Area School District, GO

     

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

     1,610        1,691,669  

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

     1,210        1,269,787  

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

     1,095        1,092,409  

Boyertown Area School District, GO

     

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

     610        629,405  

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

     920        946,915  

Bristol Township School District, GO

     

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

     775        793,626  

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

     1,685        1,822,776  

Chester County Industrial Development Authority, SAB (b)
4.25%, 03/01/35

     715        642,008  

4.75%, 03/01/50

     1,525        1,298,322  

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

     1,705        1,750,481  

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

     1,360        1,480,167  

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

    1,095        1,107,824  

Coatesville School District, GO, CAB(d)

    

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

     160        94,985  

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

     1,435        814,898  

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

     1,395        726,685  

Coatesville School District, Refunding GO, CAB(d)

    

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

     275        170,554  

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

     550        326,512  

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

     360        228,608  

County of Monroe Pennsylvania, GO

     

Series A, 4.00%, 07/15/30

     455        490,956  

Series A, 4.00%, 07/15/31

     530        571,439  

Series A, 4.00%, 07/15/32

     695        740,490  

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

     1,235        1,295,047  

East Pennsboro Area School District, GO
(BAM, SAW), 4.00%, 10/01/40

     355        363,732  
Security  

Par

(000)

      Value  

 

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

East Pennsboro Area School District, GO (continued)

     

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

   $ 840      $ 858,268  

Fox Chapel Area School District, GO

     

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

     1,345        1,461,168  

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

     1,250        1,336,769  

Governor Mifflin School District, GO

     

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

     360        368,212  

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

     225        229,912  

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

     640        652,299  

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

     570        579,973  

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

     665        673,040  

Manheim Township School District, GO

     

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

     260        271,675  

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

     510        532,707  

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

     345        359,401  

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

     1,375        1,248,752  

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

     140        143,855  

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

     2,560        2,603,397  

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

    6,145        4,648,318  

Springfield School District/Delaware County, GO

     

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

     870        956,414  

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

     890        976,934  

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

     1,025        1,121,309  

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

     775        844,817  

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

    

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

     1,640        1,621,655  

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

     1,980        1,901,453  

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

     1,980        1,841,782  

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

     1,770        1,590,782  

Township of Lower Paxton Pennsylvania, GO
5.00%, 04/01/24(c)

    1,870        1,962,349  

Series A, 4.00%, 04/01/39

     400        411,192  

Series A, 4.00%, 04/01/40

     150        153,993  

Series A, 4.00%, 04/01/42

     315        322,201  

Series A, 4.00%, 04/01/50

     395        400,472  

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

     695        753,026  

West Shore School District, GO

     

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

         2,095        2,321,009  

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

     715        755,257  

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

     360        376,866  

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

     1,200        1,321,007  
    

 

 

  
           60,792,569  

    

     
Education — 17.3%             

Berks County Municipal Authority, Refunding RB

     

5.00%, 10/01/39

     160        162,869  

5.00%, 10/01/49

     430        431,558  

Bethlehem Redevelopment Authority, Refunding RB,
4.00%, 10/01/38

     170        168,623  

City of Erie Higher Education Building Authority, Refunding RB

     

4.00%, 05/01/36

     105        107,108  

5.00%, 05/01/47

     335        363,644  

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

    2,460        2,467,557  
 

 

 

1  

Schedule of Investments (unaudited) (continued)

April 30, 2022

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

      Value  

 

  
Education (continued)             

Delaware County Authority, RB

     

5.00%, 08/01/40

   $ 1,205      $ 1,264,127  

5.00%, 08/01/45

     1,610        1,680,837  

East Hempfield Township Industrial Development Authority, RB(c)

     

5.00%, 07/01/23

     785        810,327  

5.00%, 07/01/25

     1,255        1,349,036  

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

     285        251,647  

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

     840        731,164  

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

     1,160        1,182,140  

Pennsylvania Higher Education Assistance Agency, RB

     

Series A, AMT, 5.00%, 06/01/26

     165        176,130  

Series A, AMT, 5.00%, 06/01/27

     185        199,156  

Series A, AMT, 5.00%, 06/01/28

     195        211,723  

Series A, AMT, 5.00%, 06/01/29

     190        207,922  

Series A, AMT, 5.00%, 06/01/30

     140        154,243  

Series A, AMT, 2.63%, 06/01/42

     1,205        1,049,158  

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

     350        281,316  

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

         2,000        2,054,458  

Pennsylvania Higher Educational Facilities Authority, Refunding RB

     

5.00%, 11/01/32

     910        960,841  

5.00%, 05/01/37

     1,325        1,327,825  

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

    1,580        1,637,322  

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

    385        400,101  

Philadelphia Authority for Industrial Development, RB

     

4.00%, 06/15/29

     280        279,675  

5.00%, 06/15/39

     335        344,110  

4.00%, 06/01/41

     260        238,883  

5.00%, 06/15/49

     935        950,280  

5.00%, 06/15/50

     575        579,135  

4.00%, 06/01/51

     205        178,088  

4.00%, 06/01/56

     290        245,832  

Philadelphia Authority for Industrial Development, Refunding RB

     

5.00%, 05/01/30

     415        436,826  

5.00%, 05/01/40

     375        384,185  

5.00%, 06/15/40(b)

    320        329,962  

4.00%, 05/01/42

     2,985        2,676,491  

4.00%, 11/01/45

     740        749,418  

5.00%, 05/01/50

     1,120        1,133,181  

5.00%, 06/15/50(b)

    610        619,068  

Series 2015, 5.00%, 04/01/45

     2,170        2,256,629  

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

     830        857,703  
    

 

 

  
           31,890,298  
Health — 26.8%             

Allegheny County Hospital Development Authority, RB
1.46%, 11/15/47(a)

    1,040        1,040,000  

Series B, (NPFGC), 6.00%, 07/01/26

     2,000        2,247,638  

Allegheny County Hospital Development Authority, Refunding RB

     

Series A, 4.00%, 04/01/37

     1,700        1,757,242  

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

     3,440        3,553,541  

Series A, 5.00%, 04/01/47

     700        755,356  
Security  

Par

(000)

      Value  

 

  
Health (continued)             

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

   $ 1,000      $ 904,817  

Bucks County Industrial Development Authority, Refunding RB, 5.00%, 10/01/37

     940        992,173  

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

     300        290,934  

Cumberland County Municipal Authority, Refunding RB 5.00%, 01/01/25(c)

    1,310        1,395,103  

5.00%, 01/01/29(c)

    70        79,708  

4.00%, 01/01/36

     395        396,058  

4.13%, 01/01/38

     160        161,058  

5.00%, 01/01/38

     1,290            1,329,559  

5.00%, 01/01/39

     690        751,033  

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

     500        522,646  

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

         2,060        1,975,445  

Franklin County Industrial Development Authority, RB

     

5.00%, 12/01/29

     70        71,585  

5.00%, 12/01/39

     135        135,852  

5.00%, 12/01/49

     100        96,941  

5.00%, 12/01/54

     365        350,473  

Geisinger Authority, Refunding RB 4.00%, 04/01/39

     900        899,785  

Series A-2, 5.00%, 02/15/39

     4,050        4,270,600  

Hospitals & Higher Education Facilities Authority of Philadelphia, Refunding RB, (AGM), 4.00%, 07/01/40

     825        814,626  

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

     575        599,806  

Lancaster Industrial Development Authority, RB

     

4.00%, 12/01/44

     420        415,886  

5.00%, 12/01/44

     665        708,865  

4.00%, 12/01/49

     565        546,783  

Lancaster Industrial Development Authority, Refunding RB(c)

     

5.38%, 05/01/23

     520        536,578  

5.75%, 05/01/23

     865        895,753  

Montgomery County Higher Education and Health Authority, Refunding RB

     

5.00%, 05/01/52

     2,700        2,952,445  

Series A, 5.00%, 09/01/37

     840        913,153  

Series A, 5.00%, 09/01/48

     1,500        1,596,749  

Montgomery County Industrial Development Authority, RB

     

Series C, 4.00%, 11/15/43

     200        201,736  

Series C, 5.00%, 11/15/45

     915        1,000,951  

Montgomery County Industrial Development Authority, Refunding RB

     

5.00%, 05/15/22(c)

    1,420        1,421,674  

5.25%, 01/01/40

     220        227,556  

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

     2,345        2,296,717  

Northampton County General Purpose Authority, Refunding RB

     

5.00%, 08/15/46

     1,000        1,049,876  

5.00%, 08/15/48

     1,125        1,202,403  

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

     2,000        2,064,734  

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

     3,000        3,170,031  
 

 

 

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)

April 30, 2022

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Health (continued)            

Wayne County Hospital & Health Facilities Authority, RB,

    

Series A, (GTD), 4.00%, 07/01/46

   $ 1,595     $ 1,554,532  

West Cornwall Township Municipal Authority, Refunding RB

    

Series A, 4.00%, 11/15/36

     230       225,058  

Series A, 4.00%, 11/15/41

     225       216,415  

Series A, 4.00%, 11/15/46

     335       316,900  

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

     360       363,123  
   

 

 

  
          49,269,897  
Housing — 4.4%            

Pennsylvania Housing Finance Agency, RB, S/F Housing

    

Series 137, 2.45%, 10/01/41

     685       537,987  

Series 137, 2.60%, 04/01/46

         2,730       2,152,955  

Pennsylvania Housing Finance Agency, Refunding RB,
S/F Housing, 4.15%, 10/01/42

     2,000       1,992,748  

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

    

Series A, 3.50%, 12/01/36

     810       615,271  

Series A, 4.00%, 12/01/46

     2,970       2,173,437  

Series A, 4.00%, 12/01/51

     805       569,360  
   

 

 

  
      8,041,758  
State — 9.1%            

Commonwealth Financing Authority, RB

    

5.00%, 06/01/34

     4,175       4,527,533  

5.00%, 06/01/35

     1,295       1,401,797  

Commonwealth of Pennsylvania, GO, First Series,
5.00%, 05/15/28

     1,300       1,458,434  

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

     7,000       7,290,850  

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

     1,930       2,100,886  
   

 

 

  
      16,779,500  
Tobacco — 2.1%            

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

     3,575       3,886,290  
   

 

 

  
Transportation — 14.9%            

City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB

    

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

     1,100       1,163,873  

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

     2,105       2,209,875  

Delaware River Joint Toll Bridge Commission, RB,

    

5.00%, 07/01/42

     1,500       1,604,322  

Delaware River Port Authority, RB

    

5.00%, 01/01/24(c)

    475       493,911  

5.00%, 01/01/37

     2,285       2,365,466  

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

     6,025       6,052,998  

Pennsylvania Turnpike Commission, RB

    

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

     2,345       2,471,255  

Subordinate, 5.00%, 12/01/29

     260       293,041  

Subordinate, 5.00%, 12/01/30

     325       369,342  

Subordinate, 5.00%, 12/01/31

     590       674,231  

Subordinate, 3.00%, 12/01/51

     1,470       1,090,227  
Security  

Par

(000)

      Value  

 

  
Transportation (continued)             

Pennsylvania Turnpike Commission, RB, CAB(d)

    

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

   $ 1,275      $ 584,265  

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

     4,760        1,866,496  

Pennsylvania Turnpike Commission, Refunding RB

     

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

     3,270        3,417,313  

Series C, 5.00%, 12/01/46

     425        471,402  

Series C, 3.00%, 12/01/51

     920        716,746  

Series C, 4.00%, 12/01/51

     340        332,706  

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

     1,075        1,219,364  
    

 

 

  
       27,396,833  
Utilities — 13.2%             

Aliquippa Municipal Water Authority Water & Sewer Revenue, RB

     

(BAM), 4.00%, 11/15/46

     205        206,915  

(BAM), 4.00%, 11/15/51

     595        598,822  

(BAM), 4.00%, 11/15/55

     750        753,385  

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

         1,410        1,454,727  

Allegheny Valley Joint Sewage Authority, RB

     

(BAM), 4.00%, 08/01/47

     370        380,463  

(BAM), 4.00%, 08/01/52

     755        776,384  

Bucks County Water and Sewer Authority, RB

     

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

     780        816,074  

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

     1,000        1,042,354  

City of Philadelphia Pennsylvania Water & Wastewater Revenue, RB

     

Series A, 5.00%, 10/01/43

     3,040        3,310,976  

Series A, 5.00%, 11/01/45

     1,790        1,987,682  

Series A, 5.25%, 10/01/52

     810        878,591  

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

    420        431,848  

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

     1,195        1,149,393  

Oxford Area Sewer Authority, Refunding RB

     

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

     100        100,413  

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

     135        137,738  

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

     100        101,189  

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

     160        170,919  

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

     165        177,365  

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

     120        129,673  

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

     100        108,499  

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

     100        106,808  

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

     200        211,272  

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

     100        94,612  

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

     220        228,442  

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

     240        247,678  

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

     260        266,449  

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

     1,255        1,023,254  

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

     400        249,984  

Philadelphia Gas Works Co., Refunding RB

     

5.00%, 08/01/30

     800        852,344  

5.00%, 08/01/31

     600        638,005  

5.00%, 08/01/32

     800        850,172  

5.00%, 08/01/33

     400        423,963  

5.00%, 08/01/34

     700        740,125  

Pittsburgh Water & Sewer Authority, RB, Series B, (AGM), 4.00%, 09/01/50

     900        920,394  
 

 

 

3  

Schedule of Investments (unaudited) (continued)

April 30, 2022

   

BlackRock MuniYield Pennsylvania Quality Fund (MPA)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		      Value  

 

  
Utilities (continued)             

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

   $ 2,000      $ 2,174,524  

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

     580        590,829  
    

 

 

  
       24,332,265  
    

 

 

  

Total Municipal Bonds in Pennsylvania

        226,732,599  
Puerto Rico — 4.9%             
State — 4.9%             

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

     

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

     265        268,291  

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

     389        398,173  

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

     519        514,645  

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

     46        46,781  

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

     283        286,465  

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

     3,423        3,503,399  

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

     2,701        2,688,054  

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

     274        277,288  

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

    3,575        1,004,421  
    

 

 

  

Total Municipal Bonds in Puerto Rico

        8,987,517  
    

 

 

  

Total Municipal Bonds — 128.4%
(Cost: $242,952,183)

        236,222,878  
    

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(e)

 

Pennsylvania — 38.4%             
Education — 10.3%             

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

     3,900        4,168,522  

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

     11,335        11,453,652  

Philadelphia Authority for Industrial Development, RB, 4.00%, 12/01/48(f)

    3,300        3,304,249  
    

 

 

  
       18,926,423  
Health — 20.7%             

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

    2,501        2,425,830  

General Authority of Southcentral Pennsylvania, Refunding RB

     

4.00%, 06/01/49

     5,385        5,236,771  

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

    7,000        7,370,486  

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

    3,100        3,058,083  

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

     8,000        7,990,088  

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

    7,815        7,832,027  

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

     3,754        4,185,550  
    

 

 

  
       38,098,835  
Security  

Par

(000)

      Value  

 

  
State — 3.3%             

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

  $ 6,000      $ 6,117,789  
    

 

 

  
Transportation — 2.1%             

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

     1,680        1,798,591  

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

     1,850        1,989,056  
    

 

 

  
       3,787,647  
Utilities — 2.0%             

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

     3,493        3,664,617  
    

 

 

  

Total Municipal Bonds in Pennsylvania

        70,595,311  
    

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond
Trusts — 38.4%
(Cost: $70,822,058)

        70,595,311  
    

 

 

  

Total Long-Term Investments — 166.8%
(Cost: $313,774,241)

        306,818,189  
    

 

 

  
     Shares          

Short-Term Securities

     
Money Market Funds — 0.6%             

BlackRock Liquidity Funds, MuniCash, Institutional Class,
0.25% (g)(h)

     1,016,090        1,016,090  
    

 

 

  

Total Short-Term Securities — 0.6% (Cost: $1,015,993)

        1,016,090  
    

 

 

  

Total Investments — 167.4%
(Cost: $314,790,234)

        307,834,279  

Other Assets Less Liabilities — 0.4%

        664,326  

Liability for TOB Trust Certificates, Including Interest Expense and
Fees Payable — (23.0)%

 

      (42,223,305 ) 

VRDP Shares at Liquidation Value, Net of Deferred Offering
Costs — (44.8)%

 

      (82,348,626 ) 
  

 

 

  

Net Assets Applicable to Common Shares — 100.0%

      $ 183,926,674  
    

 

 

  

 

(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) 

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.

(d) 

Zero-coupon bond.

(e) 

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.

(f) 

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

(g) 

Affiliate of the Fund.

(h)

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)

April 30, 2022

    BlackRock MuniYield Pennsylvania Quality Fund (MPA)

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2022 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
04/30/22		      Shares
Held at
04/30/22		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $ 25,907      $ 990,623 (a)    $ —      $ (537 )    $ 97      $ 1,016,090        1,016,090      $ 917      $ —  
                       

 

    

 

     

 

     

 

     

 

     

 

  

 

  (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

     82        06/21/22      $ 9,762      $ 251,049  

U.S. Long Bond

     65        06/21/22        9,133        418,117  

5-Year U.S. Treasury Note

     115        06/30/22        12,945        210,085  
          

 

 

  
           $ 879,251  
                        

 

  

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

   $ —      $     236,222,878      $ —      $     236,222,878  

Municipal Bonds Transferred to Tender Option Bond Trusts

     —        70,595,311        —        70,595,311  

 

 

5  

Schedule of Investments (unaudited) (continued)

April 30, 2022

   

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

   $ 1,016,090      $ —      $ —      $ 1,016,090  
 

 

 

     

 

 

     

 

 

     

 

 

  
  $ 1,016,090      $ 306,818,189      $ —      $ 307,834,279  
 

 

 

     

 

 

     

 

 

     

 

 

  

Derivative Financial Instruments(a)

          

Assets

           

Interest Rate Contracts

   $ 879,251      $ —      $ —      $ 879,251  
 

 

 

     

 

 

     

 

 

     

 

 

  

 

  (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
S/F   Single-Family
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