BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND
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: 07/31/2013
Date of reporting period: 10/31/2012
Item 1 – Schedule of Investments
|
|
|
|
|
|
| Schedule of Investments October 31, 2012 (Unaudited) |
|
BlackRock MuniYield Pennsylvania
Quality Fund (MPA) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Pennsylvania —
105.6% |
|
|
|
|
|
|
|
|
| Corporate — 7.6% |
|
|
|
|
|
|
|
|
| Beaver County IDA, Refunding RB, FirstEnergy, Mandatory Put Bonds,
3.38%, 1/01/35 (a) |
|
$ |
1,200 |
|
|
$ |
1,225,644 |
|
| Delaware County IDA Pennsylvania, Refunding RB, Water Facilities, Aqua Pennsylvania, Inc. Project, Series B, AMT (NPFGC),
5.00%,
11/01/36 |
|
|
2,520 |
|
|
|
2,626,772 |
|
| Northumberland County IDA, Refunding RB, Aqua Pennsylvania, Inc. Project, AMT (NPFGC),
5.05%, 10/01/39 |
|
|
4,500 |
|
|
|
4,623,030 |
|
| Pennsylvania Economic Development Financing Authority, RB: |
|
|
|
|
|
|
|
|
| Aqua Pennsylvania, Inc. Project, Series B, 4.50%, 12/01/42 |
|
|
3,630 |
|
|
|
3,896,769 |
|
| Waste Management, Inc. Project, Series A, AMT, 5.10%, 10/01/27 |
|
|
1,200 |
|
|
|
1,265,316 |
|
| Pennsylvania Economic Development Financing Authority, Refunding RB, Amtrak Project, Series A, AMT, 5.00%, 11/01/41 |
|
|
865 |
|
|
|
943,914 |
|
| |
|
|
|
|
|
|
14,581,445 |
|
| County/City/Special District/School District — 26.8% |
|
| Chambersburg Area School District, GO (NPFGC): |
|
|
|
|
|
|
|
|
| 5.25%, 3/01/26 |
|
|
2,115 |
|
|
|
2,336,652 |
|
| 5.25%, 3/01/27 |
|
|
2,500 |
|
|
|
2,753,925 |
|
| City of Philadelphia Pennsylvania, GO, Refunding, Series A: |
|
|
|
|
|
|
|
|
| (AGC), 5.00%, 8/01/24 |
|
|
2,000 |
|
|
|
2,253,960 |
|
| (AGM), 5.25%, 12/15/32 |
|
|
5,000 |
|
|
|
5,571,500 |
|
| City of Pittsburgh Pennsylvania, GO, Refunding, Series B, 5.00%, 9/01/26 |
|
|
970 |
|
|
|
1,129,012 |
|
| Connellsville Area School District, GO, Series B (AGM), 5.00%, 11/15/37 |
|
|
1,000 |
|
|
|
1,031,710 |
|
| County of Lycoming Pennsylvania, GO, Series A (AGM): |
|
|
|
|
|
|
|
|
| 4.00%, 8/15/38 |
|
|
645 |
|
|
|
664,311 |
|
| 4.00%, 8/15/42 |
|
|
140 |
|
|
|
144,183 |
|
| County of York Pennsylvania, GO, Refunding, 5.00%, 3/01/36 |
|
|
400 |
|
|
|
449,520 |
|
| East Stroudsburg Area School District, GO, Series A: |
|
|
|
|
|
|
|
|
| (AGM), 5.00%, 9/01/25 |
|
|
7,000 |
|
|
|
8,159,970 |
|
| (NPFGC), 7.75%, 9/01/27 |
|
|
2,000 |
|
|
|
2,513,560 |
|
| Falls Township Pennsylvania, RB, Water & Sewer Authority, 5.00%, 12/01/37 |
|
|
1,070 |
|
|
|
1,209,935 |
|
| Lower Merion School District, GO, Refunding, Series A, 3.25%, 11/15/27 |
|
|
2,035 |
|
|
|
2,120,022 |
|
| Marple Newtown School District, GO (AGM), 5.00%, 6/01/31 |
|
|
3,500 |
|
|
|
4,166,015 |
|
|
|
|
|
|
|
|
|
|
| |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Pennsylvania
(continued) |
|
|
|
|
|
|
|
|
| County/City/Special District/School District (concluded) |
|
| Northeastern School District York County, GO, Series B (NPFGC), 5.00%, 4/01/32 |
|
$ |
1,585 |
|
|
$ |
1,741,028 |
|
| Philadelphia Redevelopment Authority, RB, Quality Redevelopment Neighborhood, Series B, AMT (NPFGC), 5.00%, 4/15/27 |
|
|
4,645 |
|
|
|
4,800,236 |
|
| Philadelphia School District, GO, Series E, 6.00%, 9/01/38 |
|
|
3,300 |
|
|
|
3,755,961 |
|
| Philadelphia School District, GO, Refunding, Series A (BHAC), 5.00%, 6/01/34 |
|
|
1,000 |
|
|
|
1,189,320 |
|
| Philipsburg Osceola Area School District Pennsylvania, GO (AGM): |
|
|
|
|
|
|
|
|
| 5.00%, 4/01/41 |
|
|
755 |
|
|
|
802,346 |
|
| Series A, 4.00%, 4/01/35 |
|
|
600 |
|
|
|
616,710 |
|
| Series A, 4.00%, 4/01/38 |
|
|
595 |
|
|
|
604,014 |
|
| Series A, 4.00%, 4/01/41 |
|
|
225 |
|
|
|
228,409 |
|
| Shaler Area School District Pennsylvania, GO, CAB (Syncora), 3.79%, 9/01/30 (b) |
|
|
6,145 |
|
|
|
3,145,810 |
|
| |
|
|
|
|
|
|
51,388,109 |
|
| Education — 10.0% |
|
|
|
|
|
|
|
|
| Adams County IDA, Refunding RB, Gettysburg College, 5.00%, 8/15/26 |
|
|
100 |
|
|
|
114,225 |
|
| Pennsylvania Higher Educational Facilities Authority, RB: |
|
|
|
|
|
|
|
|
| Drexel University, Series A (NPFGC), 5.00%, 5/01/37 |
|
|
1,500 |
|
|
|
1,615,215 |
|
| University of Pennsylvania Health System, Series A, 4.00%, 8/15/39 |
|
|
7,600 |
|
|
|
7,791,748 |
|
| University of Pennsylvania Health System, Series A, 5.00%, 8/15/42 |
|
|
1,505 |
|
|
|
1,677,458 |
|
| Pennsylvania Higher Educational Facilities Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Drexel University, Series A, 5.25%, 5/01/41 |
|
|
2,750 |
|
|
|
3,120,672 |
|
| State System Higher Education, Series Al, 5.00%, 6/15/35 |
|
|
1,780 |
|
|
|
2,052,340 |
|
| Thomas Jefferson University, 4.00%, 3/01/37 |
|
|
375 |
|
|
|
381,855 |
|
| Thomas Jefferson University, 5.00%, 3/01/42 |
|
|
310 |
|
|
|
347,842 |
|
| State Public School Building Authority, RB, Community College Allegheny County Project (AGM), 5.00%, 7/15/34 |
|
|
1,880 |
|
|
|
2,120,038 |
|
| |
|
|
|
|
|
|
19,221,393 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND |
|
OCTOBER 31, 2012 |
|
1 |
|
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock MuniYield Pennsylvania
Quality Fund (MPA) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Pennsylvania
(continued) |
|
|
|
|
|
|
|
|
| Health — 14.5% |
|
|
|
|
|
|
|
|
| Allegheny County Hospital Development Authority, RB, Health Center, UPMC Health, Series B (NPFGC), 6.00%, 7/01/26 |
|
$ |
2,000 |
|
|
$ |
2,653,960 |
|
| Berks County Municipal Authority, Refunding RB, Reading Hospital & Medical Center, Series A, 5.00%, 11/01/40 |
|
|
1,175 |
|
|
|
1,304,367 |
|
| Centre County Hospital Authority, RB, Mount Nittany Medical Center Project, 7.00%, 11/15/46 |
|
|
2,020 |
|
|
|
2,608,345 |
|
| County of Lehigh Pennsylvania, RB, Lehigh Valley Health Network, Series A (AGM), 5.00%, 7/01/33 |
|
|
7,995 |
|
|
|
8,597,743 |
|
| Cumberland County Municipal Authority, Refunding RB, Diakon Lutheran, 6.38%, 1/01/39 |
|
|
500 |
|
|
|
557,360 |
|
| Montgomery County Higher Education & Health Authority, Refunding RB, Abington Memorial Hospital: |
|
|
|
|
|
|
|
|
| 3.75%, 6/01/31 |
|
|
470 |
|
|
|
468,120 |
|
| 3.25%, 6/01/26 |
|
|
625 |
|
|
|
624,306 |
|
| Series A, 5.13%, 6/01/33 |
|
|
490 |
|
|
|
538,559 |
|
| Montgomery County IDA Pennsylvania, RB Acts Retirement Life Community: |
|
|
|
|
|
|
|
|
| 4.50%, 11/15/36 |
|
|
295 |
|
|
|
297,378 |
|
| Series A-1, 6.25%, 11/15/29 |
|
|
235 |
|
|
|
274,548 |
|
| Montgomery County IDA Pennsylvania, Refunding RB, Acts Retirement Life Community: |
|
|
|
|
|
|
|
|
| 5.00%, 11/15/27 |
|
|
690 |
|
|
|
756,951 |
|
| 5.00%, 11/15/28 |
|
|
445 |
|
|
|
493,020 |
|
| 5.00%, 11/15/29 |
|
|
150 |
|
|
|
163,802 |
|
| Philadelphia Hospitals & Higher Education Facilities Authority, Refunding RB, Presbyterian Medical Center, 6.65%,
12/01/19 (c) |
|
|
3,000 |
|
|
|
3,624,660 |
|
| Saint Mary Hospital Authority, Refunding RB, Catholic Health East, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 11/15/26 |
|
|
1,325 |
|
|
|
1,458,441 |
|
| 5.00%, 11/15/27 |
|
|
945 |
|
|
|
1,035,011 |
|
| South Fork Municipal Authority, Refunding RB, Conemaugh Valley Memorial, Series B (AGC), 5.38%, 7/01/35 |
|
|
2,000 |
|
|
|
2,228,800 |
|
| |
|
|
|
|
|
|
27,685,371 |
|
| Housing — 4.4% |
|
| Pennsylvania HFA, RB, Series 95-A, AMT, 4.90%, 10/01/37 |
|
|
995 |
|
|
|
1,014,930 |
|
| Pennsylvania HFA, Refunding RB: |
|
|
|
|
|
|
|
|
| 4.75%, 10/01/39 |
|
|
965 |
|
|
|
983,981 |
|
|
|
|
|
|
|
|
|
|
| |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Pennsylvania
(continued) |
|
|
|
|
|
|
|
|
| Housing (concluded) |
|
|
|
|
|
|
|
|
| Pennsylvania HFA, Refunding RB (concluded): |
|
|
|
|
|
|
|
|
| S/F Mortgage, Series 92-A, AMT, 4.75%, 4/01/31 |
|
$ |
645 |
|
|
$ |
657,958 |
|
| Series 99-A, AMT, 5.15%, 4/01/38 |
|
|
860 |
|
|
|
947,574 |
|
| Series 105C, 4.88%, 10/01/34 |
|
|
1,730 |
|
|
|
1,843,073 |
|
| Philadelphia Housing Authority Capital Fund Program, RB, Series A (AGM), 5.50%, 12/01/18 |
|
|
3,000 |
|
|
|
3,043,020 |
|
| |
|
|
|
|
|
|
8,490,536 |
|
| State — 7.7% |
|
| Commonwealth of Pennsylvania, GO, First Series, 5.00%, 6/01/28 |
|
|
1,250 |
|
|
|
1,530,338 |
|
| Pennsylvania Economic Development Financing Authority, Refunding RB, Unemployment Compensation, Series B, 5.00%, 7/01/23 |
|
|
1,100 |
|
|
|
1,222,727 |
|
| Pennsylvania Turnpike Commission, RB, Series C of 2003 Pennsylvania Turnpike (NPFGC), 5.00%, 12/01/32 |
|
|
3,600 |
|
|
|
3,999,672 |
|
| State Public School Building Authority, RB, (AGM) CAB, Corry Area School District (b): |
|
|
|
|
|
|
|
|
| 2.36%, 12/15/22 |
|
|
1,640 |
|
|
|
1,211,288 |
|
| 3.18%, 12/15/23 |
|
|
1,980 |
|
|
|
1,394,494 |
|
| 3.29%, 12/15/24 |
|
|
1,980 |
|
|
|
1,333,391 |
|
| 3.39%, 12/15/25 |
|
|
1,770 |
|
|
|
1,138,871 |
|
| State Public School Building Authority, Refunding RB: |
|
|
|
|
|
|
|
|
| Harrisburg School District Project, Series A (AGC), 5.00%, 11/15/33 |
|
|
1,200 |
|
|
|
1,317,612 |
|
| School District Philadelphia Project, Series B (AGM), 5.00%, 6/01/26 |
|
|
1,500 |
|
|
|
1,589,175 |
|
| |
|
|
|
|
|
|
14,737,568 |
|
| Transportation — 19.9% |
|
| City of Philadelphia, Pennsylvania, ARB, Series A: |
|
|
|
|
|
|
|
|
| 5.00%, 6/15/40 |
|
|
2,500 |
|
|
|
2,696,800 |
|
| AMT (AGM), 5.00%, 6/15/37 |
|
|
7,500 |
|
|
|
7,894,125 |
|
| Delaware River Port Authority, RB, Series D (AGM), 5.00%, 1/01/40 |
|
|
1,560 |
|
|
|
1,744,860 |
|
| Pennsylvania Turnpike Commission, Enhanced Turnpike Subordinate Special, RB: |
|
|
|
|
|
|
|
|
| 5.00%, 12/01/37 |
|
|
705 |
|
|
|
794,253 |
|
| 5.00%, 12/01/42 |
|
|
2,100 |
|
|
|
2,364,117 |
|
| Pennsylvania Turnpike Commission, RB: |
|
|
|
|
|
|
|
|
| 5.25%, 12/01/41 |
|
|
1,750 |
|
|
|
1,977,762 |
|
| Senior Lien, Series A, 5.00%, 12/01/42 |
|
|
2,500 |
|
|
|
2,848,150 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND |
|
OCTOBER 31, 2012 |
|
2 |
|
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock MuniYield Pennsylvania
Quality Fund (MPA) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Pennsylvania
(continued) |
|
|
|
|
|
|
|
|
| Transportation (concluded) |
|
|
|
|
|
|
|
|
| Pennsylvania Turnpike Commission, RB (concluded): |
|
|
|
|
|
|
|
|
| Series A (AMBAC), 5.50%, 12/01/31 |
|
$ |
7,800 |
|
|
$ |
8,453,952 |
|
| Series A (AMBAC), 5.25%, 12/01/32 |
|
|
350 |
|
|
|
377,556 |
|
| Sub-Series A, 6.00%, 12/01/41 |
|
|
700 |
|
|
|
798,399 |
|
| Sub-Series B (AGM), 5.25%, 6/01/39 |
|
|
3,500 |
|
|
|
3,900,785 |
|
| Southeastern Pennsylvania Transportation Authority, RB, Capital Grant Receipts: |
|
|
|
|
|
|
|
|
| 5.00%, 6/01/28 |
|
|
1,570 |
|
|
|
1,815,030 |
|
| 5.00%, 6/01/29 |
|
|
2,080 |
|
|
|
2,394,392 |
|
| |
|
|
|
|
|
|
38,060,181 |
|
| Utilities — 14.7% |
|
| Allegheny County Sanitation Authority, Refunding RB, Series A (NPFGC), 5.00%, 12/01/30 |
|
|
5,000 |
|
|
|
5,493,550 |
|
| Bucks County Water & Sewer Authority, RB, Water System, 5.00%, 12/01/41 |
|
|
500 |
|
|
|
570,865 |
|
| City of Philadelphia Pennsylvania Gas Works, RB: |
|
|
|
|
|
|
|
|
| 1998 General Ordinance, 4th Series (AGM), 5.00%, 8/01/32 |
|
|
3,300 |
|
|
|
3,357,981 |
|
| Ninth Series, 5.25%, 8/01/40 |
|
|
1,430 |
|
|
|
1,536,192 |
|
| City of Philadelphia, Pennsylvania Water & Wastewater, RB: |
|
|
|
|
|
|
|
|
| Series A, 5.25%, 1/01/36 |
|
|
700 |
|
|
|
779,282 |
|
| Series C (AGM), 5.00%, 8/01/40 |
|
|
3,000 |
|
|
|
3,363,540 |
|
| Delaware County IDA Pennsylvania, RB, Pennsylvania Suburban Water Co. Project, Series A, AMT (AMBAC), 5.15%, 9/01/32 |
|
|
5,500 |
|
|
|
5,575,130 |
|
| Lycoming County Water & Sewer Authority, RB (AGM), 5.00%, 11/15/41 |
|
|
400 |
|
|
|
432,988 |
|
| Northampton Borough Municipal Authority, RB (NPFGC), 5.00%, 5/15/34 |
|
|
935 |
|
|
|
977,337 |
|
| Pennsylvania Economic Development Financing Authority, RB: |
|
|
|
|
|
|
|
|
| American Water Co. Project, 6.20%, 4/01/39 |
|
|
1,300 |
|
|
|
1,522,924 |
|
| Philadelphia Biosolids Facility, 6.25%, 1/01/32 |
|
|
1,420 |
|
|
|
1,624,892 |
|
|
|
|
|
|
|
|
|
|
| |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Pennsylvania
(concluded) |
|
|
|
|
|
|
|
|
| Utilities (concluded) |
|
|
|
|
|
|
|
|
| Reading Area Water Authority Pennsylvania, RB (AGM), 5.00%, 12/01/27 |
|
$ |
2,680 |
|
|
$ |
2,990,933 |
|
|
|
|
|
|
|
|
28,225,614 |
|
| Total Municipal Bonds in
Pennsylvania |
|
|
|
202,390,217 |
|
| |
|
|
|
|
|
|
|
|
| Guam —
2.0% |
|
|
|
|
|
|
|
|
| State — 0.5% |
|
|
|
|
|
|
|
|
| Territory of Guam, Limited Obligation Bonds, RB, Section 30, Series A, 5.63%,
12/01/29 |
|
|
805 |
|
|
|
903,419 |
|
| Transportation — 1.3% |
|
|
|
|
|
|
|
|
| Guam International Airport Authority, Refunding RB, Series C, AMT (NPFGC), 5.00%,
10/01/23 |
|
|
2,500 |
|
|
|
2,526,800 |
|
| Utilities — 0.2% |
|
|
|
|
|
|
|
|
| Guam Power Authority, Refunding RB, Series A, 5.00%, 10/01/34 |
|
|
420 |
|
|
|
454,197 |
|
| Total Municipal Bonds in Guam |
|
|
|
|
|
|
3,884,416 |
|
| |
|
|
|
|
|
|
|
|
| Puerto Rico —
0.7% |
|
|
|
|
|
|
|
|
| State — 0.7% |
|
|
|
|
|
|
|
|
| Commonwealth of Puerto Rico, GO, Refunding, Public Improvement, Series A-4 (AGM), 5.25%, 7/01/30 |
|
|
1,270 |
|
|
|
1,361,961 |
|
| Total Municipal Bonds – 108.3% |
|
|
|
|
|
|
207,636,594 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (d) |
|
|
|
|
|
|
|
|
| Pennsylvania —
48.1% |
|
|
|
|
|
|
|
|
| County/City/Special District/School District — 4.9% |
|
| Erie County Conventional Center Authority, RB, 5.00%, 1/15/36 |
|
|
8,850 |
|
|
|
9,449,489 |
|
| Education — 8.9% |
|
|
|
|
|
|
|
|
| Pennsylvania Higher Educational Facilities Authority, RB: |
|
|
|
|
|
|
|
|
| Series AE (NPFGC), 4.75%, 6/15/32 |
|
|
8,845 |
|
|
|
9,392,767 |
|
| University of Pennsylvania Health System, 5.75%, 8/15/41 |
|
|
4,270 |
|
|
|
5,019,513 |
|
| University of Pittsburgh Pennsylvania, RB, Capital Project, Series B, 5.00%, 9/15/28 |
|
|
2,202 |
|
|
|
2,636,383 |
|
| |
|
|
|
|
|
|
17,048,663 |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND |
|
OCTOBER 31, 2012 |
|
3 |
|
|
|
|
|
|
| Schedule of Investments (continued) |
|
BlackRock MuniYield Pennsylvania
Quality Fund (MPA) (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
| |
|
Par
(000) |
|
|
Value |
|
| Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts (d) |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Pennsylvania
(concluded) |
|
|
|
|
|
|
|
|
| Health — 9.7% |
|
|
|
|
|
|
|
|
| Geisinger Authority Pennsylvania Health Systems, RB: |
|
|
|
|
|
|
|
|
| 5.13%, 6/01/34 |
|
$ |
2,500 |
|
|
$ |
2,786,725 |
|
| 5.25%, 6/01/39 |
|
|
3,128 |
|
|
|
3,486,870 |
|
| Series A-1, 5.13%, 6/01/41 |
|
|
6,270 |
|
|
|
7,059,205 |
|
| Philadelphia Hospitals & Higher Education Facilities Authority, RB, The Children’s Hospital of Philadelphia Project, Series
C, 5.00%, 7/01/41 |
|
|
4,680 |
|
|
|
5,204,394 |
|
| |
|
|
|
|
|
|
18,537,194 |
|
| Housing — 3.8% |
|
| Pennsylvania HFA, Refunding RB: |
|
|
|
|
|
|
|
|
| S/F Mortgage, Series 113, 4.85%, 10/01/37 |
|
|
4,120 |
|
|
|
4,401,437 |
|
| Series 96-A, AMT, 4.70%, 10/01/37 |
|
|
2,860 |
|
|
|
2,925,322 |
|
| |
|
|
|
|
|
|
7,326,759 |
|
| State — 20.8% |
|
| Commonwealth of Pennsylvania, GO, First Series: |
|
|
|
|
|
|
|
|
| 5.00%, 3/15/28 |
|
|
5,203 |
|
|
|
6,229,254 |
|
| 5.00%, 11/15/30 |
|
|
6,350 |
|
|
|
7,644,257 |
|
| Pennsylvania Turnpike Commission, RB, Series C of 2003 Pennsylvania Turnpike, 5.00%, 12/01/32 |
|
|
10,000 |
|
|
|
11,110,200 |
|
| State Public School Building Authority, Refunding RB, School District of Philadelphia Project, Series B (AGM), 5.00%,
6/01/26 |
|
|
14,026 |
|
|
|
14,860,043 |
|
|
|
|
|
|
|
|
39,843,754 |
|
| |
|
|
|
|
|
|
92,205,859 |
|
| |
|
|
|
|
|
|
|
|
| Puerto Rico —
2.9% |
|
|
|
|
|
|
|
|
| State — 2.9% |
|
| Puerto Rico Sales Tax Financing Corp., Refunding RB, Series C, 5.25%, 8/01/40 |
|
|
5,000 |
|
|
|
5,488,250 |
|
| Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts – 51.0% |
|
|
|
|
|
|
97,694,109 |
|
| Total Long-Term Investments (Cost – $282,059,658) – 159.3% |
|
|
|
|
|
|
305,330,703 |
|
|
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
Value |
|
| Short-Term Securities |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| BIF Pennsylvania Municipal Money Fund (e)(f) |
|
|
245,935 |
|
|
$ |
245,935 |
|
| Total Short-Term Securities
(Cost – $245,935) – 0.1% |
|
|
|
|
|
|
245,935 |
|
| Total Investments (Cost – $282,305,593*) – 159.4% |
|
|
|
305,576,638 |
|
| Other Assets Less Liabilities – 1.6% |
|
|
|
|
|
|
3,233,244 |
|
| Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable – (26.4)% |
|
|
|
(50,862,776 |
) |
| VRDP Shares, at Liquidation Value – (34.6)% |
|
|
|
(66,300,000 |
) |
| Net Assets Applicable to Common Shares – 100.0% |
|
|
$ |
191,647,106 |
|
| * |
As of October 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:
|
|
|
|
|
|
|
|
|
|
Tax cost |
|
$ |
232,469,780 |
|
|
|
Gross unrealized appreciation |
|
$ |
23,277,688 |
|
|
|
Gross unrealized depreciation |
|
|
(1,000,732 |
) |
|
|
Net unrealized appreciation |
|
$ |
22,276,956 |
|
| (a) |
Variable rate security. Rate shown is as of report date. |
| (b) |
Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
| (c) |
Security is collateralized by Municipal or US Treasury obligations. |
| (d) |
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. |
| (e) |
Investments in issuers considered to be an affiliate of the Fund during the period ended October 31, 2012, for purposes of Section 2(a)(3) of the Investment Company Act
of 1940, as amended, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Affiliate |
|
Shares
Held at
July 31, 2012 |
|
|
Net
Activity |
|
|
Shares
Held at
October 31,
2012 |
|
|
Income |
|
| BIF Pennsylvania Municipal Money Fund |
|
|
3,976,718 |
|
|
|
(3,730,783 |
) |
|
|
245,935 |
|
|
$ |
3 |
|
| (f) |
Represents the current yield as of report date. |
| • |
For Fund compliance purposes, the Fund’s sector classifications refer to any 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 Fund management. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND |
|
OCTOBER 31, 2012 |
|
4 |
|
|
|
|
|
|
| Schedule of Investments (concluded) |
|
BlackRock MuniYield Pennsylvania
Quality Fund (MPA) |
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) |
| ARB |
|
Airport Revenue Bonds |
| BHAC |
|
Berkshire Hathaway Assurance Corp. |
| CAB |
|
Capital Appreciation Bonds |
| GO |
|
General Obligation Bonds |
| HFA |
|
Housing Finance Agency |
| IDA |
|
Industrial Development Authority |
| NPFGC |
|
National Public Finance Guarantee Corp. |
| RB |
|
Revenue Bonds |
| S/F |
|
Single-Family |
| Syncora |
|
Syncora Guarantee |
| • |
Fair Value Measurements - Various inputs are used in determining the fair value of investments. These inputs to valuation techniques 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 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 Fund’s own
assumptions used in determining the fair value of investments) |
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 level in the fair value hierarchy within which the fair value measurement falls in
its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure
hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for
investments is based on the pricing transparency of the investment 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
other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its annual report.
The
following table summarizes the Fund’s investments categorized in the disclosure hierarchy as of October 31, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Long-Term
Investments1 |
|
|
— |
|
|
$ |
305,330,703 |
|
|
|
— |
|
|
$ |
305,330,703 |
|
| Short-Term
Securities |
|
$ |
245,935 |
|
|
|
— |
|
|
|
— |
|
|
|
245,935 |
|
| Total |
|
$ |
245,935 |
|
|
$ |
305,330,703 |
|
|
|
— |
|
|
$ |
305,576,638 |
|
| 1 |
See above Schedule of Investments for values in each sector. |
Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of October 31, 2012, such liabilities are categorized within the
disclosure hierarchy as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bank overdraft |
|
|
— |
|
|
$ |
(125,911 |
) |
|
|
— |
|
|
$ |
(125,911 |
) |
| TOB trust certificates |
|
|
— |
|
|
|
(50,829,902 |
) |
|
|
— |
|
|
|
(50,829,902 |
) |
| VRDP Shares |
|
|
— |
|
|
|
(66,300,000 |
) |
|
|
— |
|
|
|
(66,300,000 |
) |
| Total |
|
|
— |
|
|
$ |
(117,255,813 |
) |
|
|
— |
|
|
$ |
(117,255,813 |
) |
There were no transfers between levels during the period ended October 31, 2012.
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND |
|
OCTOBER 31, 2012 |
|
5 |
Item 2 – Controls and Procedures
| 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. |
| 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. |
Item 3 – Exhibits
Certifications – Attached hereto
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.
BlackRock MuniYield
Pennsylvania Quality Fund
|
|
|
| By: |
|
/s/ John M. Perlowski |
|
|
John M. Perlowski |
|
|
Chief Executive Officer (principal executive officer) of |
|
|
BlackRock MuniYield Pennsylvania Quality Fund |
|
|
| Date: |
|
December 21, 2012 |
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.
|
|
|
| By: |
|
/s/ John M. Perlowski |
|
|
John M. Perlowski |
|
|
Chief Executive Officer (principal executive officer) of |
|
|
BlackRock MuniYield Pennsylvania Quality Fund |
|
|
| Date: |
|
December 21, 2012 |
|
|
|
| By: |
|
/s/ Neal J. Andrews |
|
|
Neal J. Andrews |
|
|
Chief Financial Officer (principal financial officer) of |
|
|
BlackRock MuniYield Pennsylvania Quality Fund |
|
|
| Date: |
|
December 21, 2012 |