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
(000)

 

Value

 

Pennsylvania — 111.5%

 

 

 

 

 

 

 

Corporate — 5.5%

 

 

 

 

 

 

 

Beaver County IDA, Refunding RB,
FirstEnergy, Mandatory Put Bonds,
3.38%, 1/01/35 (a)

 

$

1,200

 

$

1,202,640

 

Delaware County IDA Pennsylvania,
Refunding RB, Water Facilities, Aqua
Pennsylvania Inc. Project, Series B,
AMT (NPFGC), 5.00%, 11/01/36

 

 

2,520

 

 

2,550,013

 

Montgomery County IDA Pennsylvania,
RB, Philadelphia Presbytery Homes,
6.63%, 12/01/30

 

 

265

 

 

275,346

 

Northumberland County IDA, Refunding
RB, Aqua Pennsylvania Inc. Project,
AMT (NPFGC), 5.05%, 10/01/39

 

 

4,500

 

 

4,533,750

 

Pennsylvania Economic Development
Financing Authority, RB, Series A,
Waste Management Inc. Project, AMT,
5.10%, 10/01/27

 

 

1,200

 

 

1,206,948

 

 

 

 

 

 

 

9,768,697

 

County/City/Special District/School District — 33.0%

 

 

 

 

 

 

 

Chambersburg Area School District, GO
(NPFGC):

 

 

 

 

 

 

 

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,
Refunding, Series A (AGM), 5.25%,
12/15/32

 

 

7,000

 

 

7,303,520

 

Connellsville Area School District, GO,
Series B (AGM), 5.00%, 11/15/37

 

 

1,000

 

 

1,011,750

 

County of York Pennsylvania, GO,
5.00%, 3/01/36

 

 

400

 

 

421,276

 

Delaware Valley Regional Financial
Authority, RB, Series A (AMBAC),
5.50%, 8/01/28

 

 

1,000

 

 

1,021,930

 

East Stroudsburg Area School District,
GO, Series A (NPFGC), 7.75%,
9/01/27

 

 

2,000

 

 

2,421,340

 

Erie County Conventional Center
Authority, RB (NPFGC), 5.00%,
1/15/36

 

 

8,850

 

 

8,998,591

 

Falls Township Pennsylvania, RB, Water
& Sewer Authority, 5.00%, 12/01/37

 

 

1,070

 

 

1,100,698

 

Marple Newtown School District, GO
(AGM), 5.00%, 6/01/31

 

 

3,500

 

 

3,849,370

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

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

 

$

1,648,923

 

Philadelphia Redevelopment Authority,
RB:

 

 

 

 

 

 

 

Neighborhood Transformation,
Series A (NPFGC), 5.50%, 4/15/22

 

 

1,750

 

 

1,772,278

 

Quality Redevelopment
Neighborhood, Series B AMT (FGIC),
5.00%, 4/15/27

 

 

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,
Refunding, Series A (BHAC), 5.00%,
6/01/34

 

 

1,000

 

 

1,091,700

 

Philipsburg Osceola Area School District
Pennsylvania, GO (AGM), 5.00%,
4/01/41

 

 

755

 

 

770,123

 

Reading School District, GO (AGM),
5.00%, 1/15/29

 

 

3,950

 

 

4,116,809

 

Shaler Area School District
Pennsylvania, GO, CAB (Syncora),
4.82%, 9/01/30 (c)

 

 

6,145

 

 

2,411,851

 

York City School District, GO, Series A
(Syncora), 5.25%, 6/01/22

 

 

1,040

 

 

1,114,922

 

 

 

 

 

 

 

58,240,054

 

Education — 8.8%

 

 

 

 

 

 

 

Adams County IDA, Refunding RB,
Gettysburg College, 5.00%, 8/15/26

 

 

100

 

 

107,037

 

Pennsylvania Higher Educational
Facilities Authority, RB (NPFGC):

 

 

 

 

 

 

 

Series AE, 4.75%, 6/15/32

 

 

8,845

 

 

9,006,156

 

Drexel University, Series A,
5.00%, 5/01/37

 

 

1,500

 

 

1,543,815

 

Pennsylvania Higher Educational
Facilities Authority, Refunding RB:

 

 

 

 

 

 

 

State System Higher
Education, Series Al, 5.00%,
6/15/35

 

 

1,780

 

 

1,889,968

 

Drexel University Series A,
5.25%, 5/01/41

 

 

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
(000)

 

Value

 

Pennsylvania (continued)

 

 

 

 

 

 

 

Health — 12.9%

 

 

 

 

 

 

 

Allegheny County Hospital Development
Authority, RB, Health Center, UPMC
Health, Series B (NPFGC), 6.00%,
7/01/26

 

$

2,000

 

$

2,359,700

 

Centre County Hospital Authority, RB,
Mount Nittany Medical Center Project,
7.00%, 11/15/46 (d)

 

 

2,020

 

 

2,213,395

 

County of Lehigh Pennsylvania, RB,
Lehigh Valley Health Network, Series
A (AGM), 5.00%, 7/01/33

 

 

7,995

 

 

8,144,107

 

Cumberland County Municipal Authority,
RB, Diakon Lutheran, 6.38%,
1/01/39

 

 

500

 

 

514,255

 

Lycoming County Authority, Refunding
RB, Susquehanna Health System
Project, 5.75%, 7/01/39

 

 

1,160

 

 

1,147,217

 

Montgomery County Higher Education &
Health Authority, Refunding RB,
Abington Memorial Hospital, Series A,
5.13%, 6/01/33

 

 

1,500

 

 

1,487,355

 

Montgomery County IDA Pennsylvania,
RB, Acts Retirement Life Community,

 

 

 

 

 

 

 

Series A-1, 6.25%, 11/15/29

 

 

235

 

 

244,771

 

Acts Retirement Life
Community, 4.50%, 11/15/36

 

 

295

 

 

237,377

 

Philadelphia Hospitals & Higher
Education Facilities Authority,
Refunding RB, Presbyterian Medical
Center, 6.65%, 12/01/19 (d)

 

 

3,000

 

 

3,695,130

 

Sayre Health Care Facilities Authority,
Refunding RB, Guthrie Health, Series
A, 5.88%, 12/01/31

 

 

590

 

 

598,679

 

South Fork Municipal Authority,
Refunding RB, Conemaugh Valley
Memorial, Series B (AGC), 5.38%,
7/01/35

 

 

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
Authority, RB, Series A (AGM), 5.50%,
12/01/18

 

 

3,000

 

 

3,128,130

 

 

 

 

 

 

 

8,726,319

 

State — 10.2%

 

 

 

 

 

 

 

Commonwealth of Pennsylvania, GO,
5.00%, 11/15/30

 

 

6,355

 

 

7,053,669

 

Pennsylvania Turnpike Commission, RB,
Series C of 2003 Pennsylvania
Turnpike (NPFGC), 5.00%, 12/01/32

 

 

3,600

 

 

3,777,012

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Pennsylvania (continued)

 

 

 

 

 

 

 

State (concluded)

 

 

 

 

 

 

 

State Public School Building Authority,
RB:

 

 

 

 

 

 

 

(AGM) CAB, Corry Area School
District, 4.85%, 12/15/22 (c)

 

$

1,640

 

$

1,049,272

 

(AGM) CAB, Corry Area School
District, 4.87%, 12/15/23 (c)

 

 

1,980

 

 

1,195,306

 

(AGM) CAB, Corry Area School
District, 4.89%, 12/15/24 (c)

 

 

1,980

 

 

1,121,789

 

(AGM) CAB, Corry Area School
District, 4.92%, 12/15/25 (c)

 

 

1,770

 

 

948,189

 

School District Philadelphia Project,
Series B (AGM), 5.00%, 6/01/26

 

 

1,500

 

 

1,564,125

 

State Public School Building Authority,
Refunding RB, Harrisburg School
District Project, Series A (AGC), 5.00%,
11/15/33

 

 

1,200

 

 

1,260,672

 

 

 

 

 

 

 

17,970,034

 

Transportation — 17.4%

 

 

 

 

 

 

 

City of Philadelphia Pennsylvania, RB,
Series A, 5.00%, 6/15/40

 

 

2,500

 

 

2,496,075

 

Delaware River Port Authority, RB,
Series D (AGC), 5.00%, 1/01/40

 

 

1,560

 

 

1,611,636

 

Pennsylvania Turnpike Commission,
5.25%, 12/01/41

 

 

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
Development, Refunding RB,
Philadelphia Airport System Project,
Series A, AMT (NPFGC):

 

 

 

 

 

 

 

5.50%, 7/01/17

 

 

4,000

 

 

4,051,160

 

5.50%, 7/01/18

 

 

3,655

 

 

3,702,369

 

Southeastern Pennsylvania
Transportation Authority, RB, Capital
Grant Receipts:

 

 

 

 

 

 

 

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,
Refunding RB, Series A (NPFGC),
5.00%, 12/01/30

 

 

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,
Pennsylvania Suburban Water Co.
Project, Series A, AMT (AMBAC),
5.15%, 9/01/32

 

 

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
(000)

 

Value

 

Pennsylvania (continued)

 

 

 

 

 

 

 

Utilities (concluded)

 

 

 

 

 

 

 

Lycoming County Water & Sewer
Authority, RB (AGM), 5.00%,
11/15/41

 

$

400

 

$

407,948

 

Northampton Boro Municipal Authority,
RB (NPFGC), 5.00%, 5/15/34

 

 

935

 

 

951,914

 

Pennsylvania Economic Development
Financing Authority, RB:

 

 

 

 

 

 

 

Philadelphia Biosolids Facility,
6.25%, 1/01/32

 

 

900

 

 

944,451

 

American Water Co. Project,
6.20%, 4/01/39

 

 

1,300

 

 

1,441,453

 

Pennsylvania IDA, Refunding RB,
Economic Development (AMBAC),
5.50%, 7/01/20

 

 

7,000

 

 

7,210,840

 

Reading Area Water Authority Pennsylvania,
RB (AGM), 5.00%, 12/01/27

 

 

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,
Series A, 5.63%, 12/01/29

 

 

805

 

 

817,220

 

Transportation — 1.4%

 

 

 

 

 

 

 

Guam International Airport Authority,
Refunding RB, General, Series C, AMT
(NPFGC), 5.00%, 10/01/23

 

 

2,500

 

 

2,509,625

 

Utilities — 0.5%

 

 

 

 

 

 

 

Guam Power Authority, Refunding RB,
Series A (AGM), 5.00%, 10/01/37

 

 

850

 

 

876,486

 

Total Municipal Bonds in Guam

 

 

 

 

 

4,203,331

 

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

 

 

1,312,850

 

Total Municipal Bonds in Puerto Rico

 

 

 

 

 

1,312,850

 

Total Municipal Bonds – 114.6%

 

 

 

 

 

202,038,016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond (TOB) Trusts (e)

 

 

 

 

 

 

 

Pennsylvania — 41.4%

 

 

 

 

 

 

 

County/City/Special District/School District — 4.3%

 

 

 

 

 

 

 

East Stroudsburg Area School District, GO,
Refunding (AGM), 5.00%, 9/01/25

 

 

7,000

 

 

7,554,330

 

Education — 4.0%

 

 

 

 

 

 

 

Pennsylvania Higher Educational Facilities
Authority, RB, University of Pennsylvania
Health System, 5.75%, 8/15/41

 

 

4,270

 

 

4,562,879

 

University of Pittsburgh Pennsylvania,
RB, Capital Project, Series B, 5.00%,
9/15/28

 

 

2,202

 

 

2,478,924

 

 

 

 

 

 

 

7,041,803

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to Tender
Option Bond (TOB) Trusts (e)

 

Par
(000)

 

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
Facilities Authority, 5.00%, 7/01/41

 

 

4,680

 

 

4,773,179

 

 

 

 

 

 

 

17,113,137

 

Housing — 1.6%

 

 

 

 

 

 

 

Pennsylvania HFA, Refunding RB, AMT,
4.70%, 10/01/37

 

 

2,950

 

 

2,822,088

 

State — 17.6%

 

 

 

 

 

 

 

Commonwealth of Pennsylvania, GO,
First Series, 5.00%, 3/15/28

 

 

5,203

 

 

5,857,669

 

Pennsylvania Turnpike Commission, RB,
Series C of 2003 Pennsylvania
Turnpike (NPFGC), 5.00%, 12/01/32

 

 

10,000

 

 

10,491,700

 

State Public School Building Authority,
Refunding RB,, School District of
Philadelphia Project, Series B (AGM),
5.00%, 6/01/26

 

 

14,026

 

 

14,625,812

 

 

 

 

 

 

 

30,975,181

 

Transportation — 4.2%

 

 

 

 

 

 

 

City of Philadelphia Pennsylvania, RB,
AMT (AGM), 5.00%, 6/15/37

 

 

7,500

 

 

7,403,550

 

Total Municipal Bonds Transferred to Tender Option
Bond (TOB) Trusts – 41.4%

 

 

 

 

 

72,910,089

 

Total Long-Term Investments
(Cost – $267,037,709) – 156.0%

 

 

 

 

 

274,948,105

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

BIF Pennsylvania Municipal Money
Fund, 0.10% (f)(g)

 

 

244,845

 

 

244,845

 

Total Short-Term Securities
(Cost – $244,845) – 0.1%

 

 

 

 

 

244,845

 

Total Investments
(Cost - $267,282,554*) – 156.1%

 

 

 

 

 

275,192,950

 

Other Assets Less Liabilities – 2.0%

 

 

 

 

 

3,450,396

 

Liability for TOB Trust Certificates, Including Interest
Expense and Fees Payable – (20.5)%

 

 

 

 

 

(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
Held at
July 31, 2011

 

Net
Activity

 

Shares
Held at
October 31,
2011

 

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)

 

 

 

 

•

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)

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 Fund’s perceived risk of 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 inputs used as of October 31, 2011 in determining the fair valuation of the Fund’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

—

 

$

274,948,105

 

 

—

 

$

274,948,105

 

Short-Term
Securities

 

$

244,845

 

 

—

 

 

—

 

 

244,845

 

Total

 

$

244,845

 

$

274,948,105

 

 

—

 

$

275,192,950

 

 

 

 

 

1

See above Schedule of Investments for values in each sector.

 

 

 

 

 

 

 

 

 

BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND

OCTOBER 31, 2011

4

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, 2011

 

 

 

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, 2011

 

 

 

 By: /s/ Neal J. Andrews

 

 

 

Neal J. Andrews

 

 

Chief Financial Officer (principal financial officer) of

 

 

BlackRock MuniYield Pennsylvania Quality Fund

 

 

 

 

Date: December 21, 2011