UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-07136
Name of Fund: BlackRock MuniYield Pennsylvania Quality Fund (MPA)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock MuniYield Pennsylvania Quality Fund, 55 East 52nd Street, New York, NY 10055
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 07/31/2012
Date of reporting period: 10/31/2011
Item 1 – Schedule of Investments
|
|
|
|
Schedule of Investments October 31, 2011 (Unaudited) |
BlackRock MuniYield Pennsylvania Quality Fund (MPA) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
Pennsylvania 111.5% |
|
|
|
|
|
|
|
Corporate 5.5% |
|
|
|
|
|
|
|
Beaver County IDA, Refunding RB, |
|
$ |
1,200 |
|
$ |
1,202,640 |
|
Delaware County IDA Pennsylvania, |
|
|
2,520 |
|
|
2,550,013 |
|
Montgomery County IDA Pennsylvania, |
|
|
265 |
|
|
275,346 |
|
Northumberland County IDA, Refunding |
|
|
4,500 |
|
|
4,533,750 |
|
Pennsylvania Economic Development |
|
|
1,200 |
|
|
1,206,948 |
|
|
|
|
|
|
|
9,768,697 |
|
County/City/Special District/School District 33.0% |
|
|
|
|
|
|
|
Chambersburg Area School District, GO |
|
|
|
|
|
|
|
5.25%, 3/01/26 |
|
|
2,115 |
|
|
2,245,030 |
|
5.25%, 3/01/27 |
|
|
2,500 |
|
|
2,643,600 |
|
City of Philadelphia Pennsylvania, GO, |
|
|
7,000 |
|
|
7,303,520 |
|
Connellsville Area School District, GO, |
|
|
1,000 |
|
|
1,011,750 |
|
County of York Pennsylvania, GO, |
|
|
400 |
|
|
421,276 |
|
Delaware Valley Regional Financial |
|
|
1,000 |
|
|
1,021,930 |
|
East Stroudsburg Area School District, |
|
|
2,000 |
|
|
2,421,340 |
|
Erie County Conventional Center |
|
|
8,850 |
|
|
8,998,591 |
|
Falls Township Pennsylvania, RB, Water |
|
|
1,070 |
|
|
1,100,698 |
|
Marple Newtown School District, GO |
|
|
3,500 |
|
|
3,849,370 |
|
|
|
|
|
|
|
|
|
Municipal
Bonds |
|
Par |
|
Value |
|
||
Pennsylvania (continued) |
|
|
|
|
|
|
|
County/City/Special
District/School District |
|
|
|
|
|
|
|
Northeastern School District York |
|
$ |
1,585 |
|
$ |
1,648,923 |
|
Philadelphia Redevelopment Authority, |
|
|
|
|
|
|
|
Neighborhood
Transformation, |
|
|
1,750 |
|
|
1,772,278 |
|
Quality
Redevelopment |
|
|
4,645 |
|
|
4,659,492 |
|
Philadelphia School District, GO: |
|
|
|
|
|
|
|
Series B (FGIC), 5.63%, 8/01/12 (b) |
|
|
4,250 |
|
|
4,420,595 |
|
Series E, 6.00%, 9/01/38 |
|
|
4,800 |
|
|
5,216,256 |
|
Philadelphia School District, GO, |
|
|
1,000 |
|
|
1,091,700 |
|
Philipsburg Osceola Area School District |
|
|
755 |
|
|
770,123 |
|
Reading School District, GO (AGM), |
|
|
3,950 |
|
|
4,116,809 |
|
Shaler Area School District |
|
|
6,145 |
|
|
2,411,851 |
|
York City School District, GO, Series A |
|
|
1,040 |
|
|
1,114,922 |
|
|
|
|
|
|
|
58,240,054 |
|
Education 8.8% |
|
|
|
|
|
|
|
Adams County IDA, Refunding RB, |
|
|
100 |
|
|
107,037 |
|
Pennsylvania Higher Educational |
|
|
|
|
|
|
|
Series AE, 4.75%, 6/15/32 |
|
|
8,845 |
|
|
9,006,156 |
|
Drexel University, Series A, |
|
|
1,500 |
|
|
1,543,815 |
|
Pennsylvania Higher Educational |
|
|
|
|
|
|
|
State
System Higher |
|
|
1,780 |
|
|
1,889,968 |
|
Drexel
University Series A, |
|
|
2,750 |
|
|
2,884,173 |
|
|
|
|
|
|
|
15,431,149 |
|
|
Portfolio Abbreviations |
To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:
|
|
AGC |
Assured Guaranty Corp. |
AGM |
Assured Guaranty Municipal Corp. |
AMBAC |
American Municipal Bond Assurance Corp. |
AMT |
Alternative Minimum Tax (subject to) |
BHAC |
Berkshire Hathaway Assurance Corp. |
CAB |
Capital Appreciation Bonds |
FGIC |
Financial Guaranty Insurance Co. |
GO |
General Obligation Bonds |
HFA |
Housing Finance Agency |
IDA |
Industrial Development Authority |
NPFGC |
National Public Finance Guarantee Corp. |
RB |
Revenue Bonds |
Syncora |
Syncora Guarantee |
|
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND |
OCTOBER 31, 2011 |
1 |
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniYield Pennsylvania Quality Fund (MPA) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
Pennsylvania (continued) |
|
|
|
|
|
|
|
Health 12.9% |
|
|
|
|
|
|
|
Allegheny County Hospital Development |
|
$ |
2,000 |
|
$ |
2,359,700 |
|
Centre County Hospital Authority, RB, |
|
|
2,020 |
|
|
2,213,395 |
|
County of Lehigh Pennsylvania, RB, |
|
|
7,995 |
|
|
8,144,107 |
|
Cumberland County Municipal Authority, |
|
|
500 |
|
|
514,255 |
|
Lycoming County Authority, Refunding |
|
|
1,160 |
|
|
1,147,217 |
|
Montgomery County Higher Education & |
|
|
1,500 |
|
|
1,487,355 |
|
Montgomery County IDA Pennsylvania, |
|
|
|
|
|
|
|
Series A-1, 6.25%, 11/15/29 |
|
|
235 |
|
|
244,771 |
|
Acts
Retirement Life |
|
|
295 |
|
|
237,377 |
|
Philadelphia Hospitals & Higher |
|
|
3,000 |
|
|
3,695,130 |
|
Sayre Health Care Facilities Authority, |
|
|
590 |
|
|
598,679 |
|
South Fork Municipal Authority, |
|
|
2,000 |
|
|
2,059,180 |
|
|
|
|
|
|
|
22,701,166 |
|
Housing 4.9% |
|
|
|
|
|
|
|
Pennsylvania HFA, Refunding RB, AMT: |
|
|
|
|
|
|
|
S/F Mortgage, Series 92-A, |
|
|
|
|
|
|
|
4.75%, 4/01/31 |
|
|
695 |
|
|
687,153 |
|
4.85%, 10/01/37 |
|
|
4,125 |
|
|
4,094,764 |
|
Series 99-A, 5.15%, 4/01/38 |
|
|
800 |
|
|
816,272 |
|
Philadelphia New Public Housing |
|
|
3,000 |
|
|
3,128,130 |
|
|
|
|
|
|
|
8,726,319 |
|
State 10.2% |
|
|
|
|
|
|
|
Commonwealth of Pennsylvania, GO, |
|
|
6,355 |
|
|
7,053,669 |
|
Pennsylvania Turnpike Commission, RB, |
|
|
3,600 |
|
|
3,777,012 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
Pennsylvania (continued) |
|
|
|
|
|
|
|
State (concluded) |
|
|
|
|
|
|
|
State Public School Building Authority, |
|
|
|
|
|
|
|
(AGM)
CAB, Corry Area School |
|
$ |
1,640 |
|
$ |
1,049,272 |
|
(AGM)
CAB, Corry Area School |
|
|
1,980 |
|
|
1,195,306 |
|
(AGM)
CAB, Corry Area School |
|
|
1,980 |
|
|
1,121,789 |
|
(AGM)
CAB, Corry Area School |
|
|
1,770 |
|
|
948,189 |
|
School
District Philadelphia Project, |
|
|
1,500 |
|
|
1,564,125 |
|
State Public School Building Authority, |
|
|
1,200 |
|
|
1,260,672 |
|
|
|
|
|
|
|
17,970,034 |
|
Transportation 17.4% |
|
|
|
|
|
|
|
City of Philadelphia Pennsylvania, RB, |
|
|
2,500 |
|
|
2,496,075 |
|
Delaware River Port Authority, RB, |
|
|
1,560 |
|
|
1,611,636 |
|
Pennsylvania Turnpike Commission, |
|
|
1,750 |
|
|
1,801,012 |
|
Pennsylvania Turnpike Commission, RB: |
|
|
|
|
|
|
|
Series A (AMBAC), 5.50%, 12/01/31 |
|
|
7,800 |
|
|
8,358,090 |
|
Series A (AMBAC), 5.25%, 12/01/32 |
|
|
350 |
|
|
360,206 |
|
Sub-Series B (AGM), 5.25%, 6/01/39 |
|
|
3,500 |
|
|
3,619,210 |
|
Sub-Series A, 6.00%, 12/01/41 |
|
|
700 |
|
|
744,268 |
|
Philadelphia Authority for Industrial |
|
|
|
|
|
|
|
5.50%, 7/01/17 |
|
|
4,000 |
|
|
4,051,160 |
|
5.50%, 7/01/18 |
|
|
3,655 |
|
|
3,702,369 |
|
Southeastern Pennsylvania |
|
|
|
|
|
|
|
5.00%, 6/01/28 |
|
|
1,570 |
|
|
1,661,845 |
|
5.00%, 6/01/29 |
|
|
2,080 |
|
|
2,183,293 |
|
|
|
|
|
|
|
30,589,164 |
|
Utilities 18.8% |
|
|
|
|
|
|
|
Allegheny County Sanitation Authority, |
|
|
5,000 |
|
|
5,174,650 |
|
City of Philadelphia Pennsylvania, RB: |
|
|
|
|
|
|
|
1998 General Ordinance, 4th |
|
|
|
|
|
|
|
Series (AMAC), 5.00%, 8/01/32 |
|
|
3,300 |
|
|
3,307,953 |
|
Series A, 5.25%, 1/01/36 |
|
|
700 |
|
|
730,506 |
|
Series C (AMBAC), 5.00%, 8/01/40 |
|
|
3,000 |
|
|
3,138,240 |
|
Ninth Series, 5.25%, 8/01/40 |
|
|
1,430 |
|
|
1,411,067 |
|
Delaware County IDA Pennsylvania, RB, |
|
|
5,500 |
|
|
5,540,040 |
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND |
OCTOBER 31, 2011 |
2 |
|
|
|
|
Schedule of Investments (continued) |
BlackRock MuniYield Pennsylvania Quality Fund (MPA) |
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
Pennsylvania (continued) |
|
|
|
|
|
|
|
Utilities (concluded) |
|
|
|
|
|
|
|
Lycoming County Water & Sewer |
|
$ |
400 |
|
$ |
407,948 |
|
Northampton Boro Municipal Authority, |
|
|
935 |
|
|
951,914 |
|
Pennsylvania Economic Development |
|
|
|
|
|
|
|
Philadelphia
Biosolids Facility, |
|
|
900 |
|
|
944,451 |
|
American
Water Co. Project, |
|
|
1,300 |
|
|
1,441,453 |
|
Pennsylvania IDA, Refunding RB, |
|
|
7,000 |
|
|
7,210,840 |
|
Reading Area Water Authority Pennsylvania, |
|
|
2,680 |
|
|
2,836,190 |
|
|
|
|
|
|
|
33,095,252 |
|
Total Municipal Bonds in Pennsylvania |
|
|
|
|
|
196,521,835 |
|
Guam 2.4% |
|
|
|
|
|
|
|
County/City/Special District/School District 0.5% |
|
|
|
|
|
|
|
Territory of Guam, RB, Section 30, |
|
|
805 |
|
|
817,220 |
|
Transportation 1.4% |
|
|
|
|
|
|
|
Guam International Airport Authority, |
|
|
2,500 |
|
|
2,509,625 |
|
Utilities 0.5% |
|
|
|
|
|
|
|
Guam Power Authority, Refunding RB, |
|
|
850 |
|
|
876,486 |
|
Total Municipal Bonds in Guam |
|
|
|
|
|
4,203,331 |
|
Puerto Rico 0.7% |
|
|
|
|
|
|
|
State 0.7% |
|
|
|
|
|
|
|
Commonwealth of Puerto Rico, GO, |
|
|
1,270 |
|
|
1,312,850 |
|
Total Municipal Bonds in Puerto Rico |
|
|
|
|
|
1,312,850 |
|
Total Municipal Bonds 114.6% |
|
|
|
|
|
202,038,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal
Bonds Transferred to Tender |
|
|
|
|
|
|
|
Pennsylvania 41.4% |
|
|
|
|
|
|
|
County/City/Special District/School District 4.3% |
|
|
|
|
|
|
|
East Stroudsburg Area School District, GO, |
|
|
7,000 |
|
|
7,554,330 |
|
Education 4.0% |
|
|
|
|
|
|
|
Pennsylvania Higher Educational Facilities |
|
|
4,270 |
|
|
4,562,879 |
|
University of Pittsburgh Pennsylvania, |
|
|
2,202 |
|
|
2,478,924 |
|
|
|
|
|
|
|
7,041,803 |
|
|
|
|
|
|
|
|
|
Municipal
Bonds Transferred to Tender |
|
Par |
|
Value |
|
||
Pennsylvania (concluded) |
|
|
|
|
|
|
|
Health 9.7% |
|
|
|
|
|
|
|
Geisinger Authority, RB: |
|
|
|
|
|
|
|
5.13%, 6/01/34 |
|
$ |
2,500 |
|
$ |
2,597,725 |
|
5.25%, 6/01/39 |
|
|
3,128 |
|
|
3,249,209 |
|
5.13%, 6/01/41 |
|
|
6,270 |
|
|
6,493,024 |
|
Philadelphia Hospitals & Higher Education |
|
|
4,680 |
|
|
4,773,179 |
|
|
|
|
|
|
|
17,113,137 |
|
Housing 1.6% |
|
|
|
|
|
|
|
Pennsylvania HFA, Refunding RB, AMT, |
|
|
2,950 |
|
|
2,822,088 |
|
State 17.6% |
|
|
|
|
|
|
|
Commonwealth of Pennsylvania, GO, |
|
|
5,203 |
|
|
5,857,669 |
|
Pennsylvania Turnpike Commission, RB, |
|
|
10,000 |
|
|
10,491,700 |
|
State Public School Building Authority, |
|
|
14,026 |
|
|
14,625,812 |
|
|
|
|
|
|
|
30,975,181 |
|
Transportation 4.2% |
|
|
|
|
|
|
|
City of Philadelphia Pennsylvania, RB, |
|
|
7,500 |
|
|
7,403,550 |
|
Total
Municipal Bonds Transferred to Tender Option |
|
|
|
|
|
72,910,089 |
|
Total
Long-Term Investments |
|
|
|
|
|
274,948,105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares |
|
|
|
|
|
BIF Pennsylvania Municipal Money |
|
|
244,845 |
|
|
244,845 |
|
Total Short-Term Securities |
|
|
|
|
|
244,845 |
|
Total
Investments |
|
|
|
|
|
275,192,950 |
|
Other Assets Less Liabilities 2.0% |
|
|
|
|
|
3,450,396 |
|
Liability for TOB Trust Certificates, Including Interest |
|
|
|
|
|
(36,120,136 |
) |
VDRP Shares, at Liquidation Value (37.6)% |
|
|
|
|
|
(66,300,000 |
) |
Net Assets Applicable To Common Shares 100.0% |
|
|
|
|
$ |
176,223,210 |
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of October 31, 2011, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
|
Aggregate cost |
|
|
|
|
$ |
231,177,918 |
|
Gross unrealized appreciation |
|
|
|
|
$ |
8,216,975 |
|
Gross unrealized depreciation |
|
|
|
|
|
(296,848 |
) |
Net unrealized appreciation |
|
|
|
|
$ |
7,920,127 |
|
|
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND |
OCTOBER 31, 2011 |
3 |
|
|
|
|
Schedule of Investments (concluded) |
BlackRock MuniYield Pennsylvania Quality Fund (MPA) |
|
|
(a) |
Variable rate security. Rate shown is as of report date. |
|
|
(b) |
US 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) |
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
|
(d) |
Security is collateralized by Municipal or US Treasury obligations. |
|
|
(e) |
Securities represent bonds transferred to a TOB in exchange for which the Fund acquired residual interest certificates. These securities serve as collateral in a financing transaction. |
|
|
(f) |
Investments in companies considered to be an affiliate of the Fund during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
Shares |
|
Net |
|
Shares |
|
Income |
|
||||
BIF |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania |
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal |
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Fund |
|
|
8,744,788 |
|
|
(8,499,943 |
) |
|
244,845 |
|
|
|
|
|
|
|
(g) |
Represents the current yield as of report date. |
|
|
|
|
|
Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows: |
|
|
|
|
|
|
Level 1 unadjusted price quotations in active markets/exchanges for identical assets and liabilities |
|
|
|
|
|
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) |
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Level 3 unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds own assumptions used in determining the fair value of investments) |
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The categorization of a value determined for investments is based on the pricing transparency of the investment and does not necessarily correspond to the Funds perceived risk of investing in those securities. For information about the Funds policy regarding valuation of investments and other significant accounting policies, please refer to the Funds most recent financial statements as contained in its annual report.
The following table summarizes the inputs used as of October 31, 2011 in determining the fair valuation of the Funds investments:
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Valuation Inputs |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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Investments: |
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Long-Term |
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$ |
274,948,105 |
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$ |
274,948,105 |
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Short-Term |
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$ |
244,845 |
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244,845 |
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Total |
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$ |
244,845 |
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$ |
274,948,105 |
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$ |
275,192,950 |
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1 |
See above Schedule of Investments for values in each sector. |
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BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND |
OCTOBER 31, 2011 |
4 |
Item 2 – |
Controls and Procedures |
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2(a) – |
The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the ″1940 Act″)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended. |
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2(b) – |
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
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Item 3 – |
Exhibits |
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Certifications – Attached hereto |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
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BlackRock MuniYield Pennsylvania Quality Fund |
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By: | /s/ John M. Perlowski |
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John M. Perlowski |
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Chief Executive Officer (principal executive officer) of |
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BlackRock MuniYield Pennsylvania Quality Fund |
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Date: December 21, 2011 |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
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By: | /s/ John M. Perlowski |
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John M. Perlowski |
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Chief Executive Officer (principal executive officer) of |
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BlackRock MuniYield Pennsylvania Quality Fund |
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Date: December 21, 2011 |
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By: | /s/ Neal J. Andrews |
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Neal J. Andrews |
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Chief Financial Officer (principal financial officer) of |
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BlackRock MuniYield Pennsylvania Quality Fund |
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Date: December 21, 2011 |