DEFA14A 1 d796628ddefa14a.htm BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

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BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if Other than the Registrant)

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YOUR Vote MattersBlackRock MuniYield Pennsylvania Quality Fund (NYSE: MPA)Vote today.YOUR Board is focused on protecting YOUR investment and advancing YOUR interests. Saba is only focused on Saba.Your investment-and the consistent distributions your Fund delivers-are at risk. A dissident activist shareholder, Saba Capital Management L.P. ("Saba"), is attempting to install hand-picked board nominees loyal to its own interests. In doing so, Saba seeks to maximize its own returns, to the detriment of yours. BlackRock puts YOU first, and the decisive actions taken by YOUR Board and management team have had a meaningful, positive impact, creating value for all shareholders.The Fund's nominees are fiduciaries with a track record of putting YOUR interests first100%All nominees have closed-end fund experience200+Years of collective relevant leadership experienceMarket experts and business leaders from Wall Street to D.C.History of protecting your consistent distributionsYOUR Fund's Board management team have taken impactful actions#1Best performing fund in peer group in 2023110.7%Total market price return2Outperformance: 7.3%2, 394.1%Distribution growth past year1Peers: 25.6%152.4%Discount to NAV narrowing4Saba's unqualified nominees are loyal to Saba's interests, not yours0%None of Saba's nominees have any closed-end fund experience0Nominees have no insights into your Fund's strategies or operations6/7 nominees have zero risk management or compliance experienceSaba's nominees are beholden to Saba's interests, not yours1 Bloomberg as of 5/20/2024; Peer set includes VPV and NQP2 Morningstar/BlackRock data as of 5/24/2024; Returns for time periods greater than 1 year are annualized; Returns on price assume dividends are reinvested3 Outperformance against benchmark: Bloomberg Municipal Bond Index 4 Morningstar as of 5/24/2024; Discount to NAV narrowing from 12/31/2022 to 5/24/2024

We ask that all shareholders vote on the enclosed WHITE proxy card today to preserve YOUR Fund:"FOR" BlackRock Board nomineesIMPORTANT: Do not return any gold cards sent to you by SabaHow do I vote?Vote onlineUsing the website provided on YOUR enclosed WHITE proxy card and following the simple instructionsVote by phone By calling the toll-free number on YOUR enclosed WHITE proxy card and following the simple instructionsPlease do NOT send back any proxy card you may receive from Saba If you have already sent back the proxy card received from Saba, you can still change your vote by promptly voting on the WHITE proxy card, which will replace the proxy card you previously completed. If you have any questions about the proposal to be voted, please feel free to contact Georgeson LLC ("Georgeson"), toll free at 1-866-529-0352.Important information about the FundThis material is not an advertisement and is intended for existing shareholder use only. This document and the information contained herein relates solely to BlackRock MuniYield Pennsylvania Quality Fund (MPA). The information contained herein does not relate to, and is not relevant to, any other fund or product sponsored or distributed by BlackRock or any of its affiliates. This document is not an offer to sell any securities and is not a solicitation of an offer to buy any securities.Common shares for the closed-end fund identified above are only available for purchase and sale at current market price on a stock exchange. A closed-end fund's dividend yield, market price and NAV will fluctuate with market conditions. The information for this Fund is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares.Performance results reflect past performance and are no guarantee of future results. Current performance may be lower or higher than the performance data quoted. All returns assume reinvestment of all dividends. The market value and net asset value (NAV) of a fund's shares will fluctuate with market conditions. Closed-end funds may trade at a premium to NAV but often trade at a discount.(C) 2024 BlackRock, Inc. or its affiliates. All Rights Reserved. BLACKROCK is a trademark of BlackRock, Inc., or its affiliates. All other trademarks are those of their respective owners. May 2024 | BlackRock MuniYield Pennsylvania Quality Fund (MPA)Not FDIC Insured May Lose Value No Bank GuaranteeMPA_2024_FL5