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: 04/30/2013

Item 1    –    Schedule of Investments

Schedule of Investments April 30, 2013 (Unaudited)    BlackRock MuniYield Pennsylvania Quality Fund (MPA)
   (Percentages shown are based on Net Assets)

 

Municipal Bonds

    Par
(000)		      Value  

Pennsylvania – 102.3%

      

Corporate – 8.4%

      

Beaver County IDA, Refunding RB, FirstEnergy, Mandatory Put Bonds,

      

3.38%, 7/01/15

    $ 1,200       $ 1,239,492   

Delaware County IDA Pennsylvania, Refunding RB, Water Facilities, Aqua Pennsylvania, Inc. Project,
Series B, AMT (NPFGC),

      

5.00%, 11/01/36

      2,520         2,705,422   

Northumberland County IDA, Refunding RB, Aqua Pennsylvania, Inc. Project, AMT (NPFGC),

      

5.05%, 10/01/39

      4,500         4,600,665   

Pennsylvania Economic Development Financing Authority, RB:

      

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

      1,300         1,511,796   

Aqua Pennsylvania, Inc. Project, Series B, 4.50%, 12/01/42

      3,630         3,894,917   

Waste Management, Inc. Project, Series A, AMT, 5.10%, 10/01/27

      1,200         1,286,436   

Pennsylvania Economic Development Financing Authority, Refunding RB, Amtrak Project, Series A, AMT,

      

5.00%, 11/01/41

      865         939,234   
     

 

 

  
        16,177,962   
     

 

 

  

County/City/Special District/School District – 30.0%

      

Chambersburg Area School District, GO (NPFGC):

      

5.25%, 3/01/26

      2,115         2,305,900   

5.25%, 3/01/27

      2,500         2,721,200   

City of Philadelphia Pennsylvania, GO, Refunding, Series A:

      

(AGC), 5.00%, 8/01/24

      2,000         2,254,460   

(AGM), 5.25%, 12/15/32

      5,000         5,539,950   

City of Pittsburgh Pennsylvania, GO, Refunding, Series B,

      

5.00%, 9/01/26

      970         1,134,658   

Connellsville Area School District, GO, Series B (AGM),

      

5.00%, 11/15/13(a)

      1,000         1,025,830   

County of Lycoming Pennsylvania, GO, Series A (AGM):

      

4.00%, 8/15/38

      645         669,516   

4.00%, 8/15/42

      140         144,724   

County of York Pennsylvania, GO, Refunding,

      

5.00%, 3/01/36

      400         447,008   

East Stroudsburg Area School District, GO, Series A (NPFGC),

      

7.75%, 9/01/27

      2,000         2,496,680   

East Stroudsburg Area School District, GO, Refunding, Series A (AGM),

      

5.00%, 9/01/25

      3,000         3,407,310   

Falls Township Pennsylvania, RB, Water & Sewer Authority,

      

5.00%, 12/01/37

      1,070         1,210,994   

Lower Merion School District, GO, Refunding, Series A,

      

3.25%, 11/15/27

      2,035         2,102,175   

Marple Newtown School District, GO (AGM),

      

5.00%, 6/01/31

      3,500         4,046,665   

Northeastern School District York County, GO, Series B (NPFGC),

      

5.00%, 4/01/32

      1,585         1,750,458   

Penn Delco Pennsylvania School District, GO:

      

4.00%, 6/01/32

      810         874,654   

4.00%, 6/01/34

      590         632,722   

4.00%, 6/01/38

      1,060         1,122,084   

Philadelphia Redevelopment Authority, RB, Quality Redevelopment Neighborhood, Series B, AMT (NPFGC),

      

5.00%, 4/15/27

      4,645         4,949,573   

Philadelphia School District, GO,Series E,

      

6.00%, 9/01/38

      3,300         3,861,495   

Philadelphia School District, GO, Refunding, Series A (BHAC),

      

5.00%, 6/01/34

      1,000         1,186,340   
     

Philipsburg Osceola Area School District Pennsylvania, GO (AGM):

      

5.00%, 4/01/41

      755         801,938   

Series A, 4.00%, 4/01/35

      600         618,126   

Series A, 4.00%, 4/01/38

      595         607,317   

Series A, 4.00%, 4/01/41

      225         230,121   

Shaler Area School District Pennsylvania, GO, CAB (Syncora),

      

3.59%, 9/01/30 (b)

      6,145         3,316,088   

State Public School Building Authority, RB (AGM) CAB, Corry Area School District (b):

      

2.65%, 12/15/22

      1,640         1,273,558   

2.83%, 12/15/23

      1,980         1,469,516   

2.91%, 12/15/24

      1,980         1,415,383   

3.03%, 12/15/25

      1,770         1,211,034   

State Public School Building Authority, Refunding RB:

      

Harrisburg School District Project, Series A (AGC), 5.00%, 11/15/33

      1,200         1,311,588   

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

      1,500         1,652,565   
     

 

 

  
        57,791,630   
     

 

 

  

Education – 6.0%

      

Adams County IDA, Refunding RB, Gettysburg College,

      

5.00%, 8/15/26

      100         114,115   

 

    BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND    APRIL 30, 2013   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)

      

Education (concluded)

      

Pennsylvania Higher Educational Facilities Authority, RB:

      

Drexel University, Series A (NPFGC), 5.00%, 5/01/37

    $ 1,500       $ 1,634,925   

Shippensburg University Student Services, 5.00%, 10/01/35

      430         470,523   

Shippensburg University Student Services, 5.00%, 10/01/44

      1,195         1,291,879   

Pennsylvania Higher Educational Facilities Authority, Refunding RB:

      

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

      2,750         3,116,190   

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

      1,780         2,038,723   

Thomas Jefferson University, 4.00%, 3/01/37

      375         384,979   

Thomas Jefferson University, 5.00%, 3/01/42

      310         350,439   

State Public School Building Authority, RB, Community College Allegheny County Project (AGM),

      

5.00%, 7/15/34

      1,880         2,115,282   
     

 

 

  
        11,517,055   
     

 

 

  

Health – 15.0%

      

Allegheny County Hospital Development Authority, RB, Health Center, UPMC Health, Series B (NPFGC),

      

6.00%, 7/01/26

      2,000         2,674,580   

Berks County Municipal Authority, Refunding RB, Reading Hospital & Medical Center, Series A,

      

5.00%, 11/01/40

      1,175         1,308,186   

Centre County Hospital Authority, RB, Mount Nittany Medical Center Project,

      

7.00%, 11/15/46

      2,020         2,575,419   

County of Lehigh Pennsylvania, RB, Lehigh Valley Health Network, Series A (AGM),

      

5.00%, 7/01/33

      7,995         8,561,126   

Cumberland County Municipal Authority, Refunding RB, Diakon Lutheran,

      

6.38%, 1/01/39

      500         561,020   

Montgomery County Higher Education & Health Authority, Refunding RB, Abington Memorial Hospital:

      

3.25%, 6/01/26

      625         619,288   

3.75%, 6/01/31

      470         471,429   

Series A, 5.13%, 6/01/33

      490         531,895   

Montgomery County IDA Pennsylvania, RB Acts Retirement Life Community:

      

4.50%, 11/15/36

      295         297,782   

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

      235         272,788   

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

      

5.00%, 11/15/27

      690         772,034   

5.00%, 11/15/28

      445         493,073   

5.00%, 11/15/29

      150         163,064   

Pennsylvania Higher Educational Facilities Authority, RB, University of Pennsylvania Health System, Series A,

      

5.00%, 8/15/42

      1,505         1,680,152   

Philadelphia Hospitals & Higher Education Facilities Authority, Refunding RB, Presbyterian Medical Center,

      

6.65%, 12/01/19 (c)

      2,705         3,268,857   

Saint Mary Hospital Authority, Refunding RB, Catholic Health East, Series A:

      

5.00%, 11/15/26

      1,325         1,463,303   

5.00%, 11/15/27

      945         1,040,360   

South Fork Municipal Authority, Refunding RB, Conemaugh Valley Memorial, Series B (AGC),

      

5.38%, 7/01/35

      2,000         2,231,840   
     

 

 

  
        28,986,196   
     

 

 

  

Housing – 6.3%

      

Pennsylvania HFA, RB, Series 114C:

      

3.65%, 10/01/37

      2,015         2,019,312   

3.70%, 10/01/42

      3,640         3,648,554   

Pennsylvania HFA, Refunding RB:

      

4.75%, 10/01/39

      825         848,859   

S/F Mortgage, Series 92-A, AMT, 4.75%, 4/01/31

      625         636,800   

Series 99-A, AMT, 5.15%, 4/01/38

      855         957,002   

Series 105C, 4.88%, 10/01/34

      1,075         1,097,779   

Philadelphia Housing Authority Capital Fund Program, RB, Series A (AGM),

      

5.50%, 12/01/18

      3,000         3,041,880   
     

 

 

  
        12,250,186   
     

 

 

  

State – 2.8%

      

Commonwealth of Pennsylvania, GO, First Series,

      

5.00%, 6/01/28

      600         722,856   

Pennsylvania Economic Development Financing Authority, Refunding RB, Unemployment Compensation,
Series B,

      

5.00%, 7/01/23

      600         657,090   

 

2   BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND    APRIL 30, 2013    

Schedule of Investments (continued)    BlackRock MuniYield Pennsylvania Quality Fund (MPA)
   (Percentages shown are based on Net Assets)

 

Municipal Bonds

    Par
(000)		      Value  

Pennsylvania (continued)

      

State (concluded)

      

Pennsylvania Turnpike Commission, RB, Series C of 2003 Pennsylvania Turnpike (NPFGC),

      

5.00%, 12/01/32

    $ 3,600       $ 4,069,764   
     

 

 

  
        5,449,710   
     

 

 

  

Transportation – 18.7%

      

City of Philadelphia, Pennsylvania, ARB, Series A:

      

5.00%, 6/15/40

      2,500         2,696,950   

AMT (AGM), 5.00%, 6/15/37

      7,500         8,129,325   

Delaware River Port Authority, RB, Series D (AGM),

      

5.00%, 1/01/40

      1,560         1,741,272   

Pennsylvania Turnpike Commission, Motor License Fund, Enhanced Turnpike Subordinate Special, RB:

      

5.00%, 12/01/37

      705         783,925   

5.00%, 12/01/42

      2,100         2,333,457   

Pennsylvania Turnpike Commission, RB:

      

Senior Lien, Series A, 5.00%, 12/01/42

      2,500         2,777,275   

Series A (AMBAC), 5.50%, 12/01/31

      7,800         8,335,548   

Series A (AMBAC), 5.25%, 12/01/32

      350         372,544   

Sub-Series A, 6.00%, 12/01/41

      700         795,221   

Pennsylvania Turnpike Commission, Refunding RB, Sub-Series B (AGM),

      

5.25%, 6/01/39

      3,500         3,889,760   

Southeastern Pennsylvania Transportation Authority, RB, Capital Grant Receipts:

      

5.00%, 6/01/28

      1,570         1,810,979   

5.00%, 6/01/29

      2,080         2,384,720   
     

 

 

  
        36,050,976   
     

 

 

  

Utilities – 15.1%

      

Allegheny County Sanitation Authority, Refunding RB, Series A (NPFGC),

      

5.00%, 12/01/30

      5,000         5,427,100   

Bucks County Water & Sewer Authority, RB, Water System,

      

5.00%, 12/01/41

      500         570,715   

City of Philadelphia Pennsylvania Gas Works, RB:

      

1998 General Ordinance, 4th Series (AGM), 5.00%, 8/01/32

      3,300         3,329,601   

Ninth Series, 5.25%, 8/01/40

      1,430         1,541,483   

City of Philadelphia, Pennsylvania Water & Wastewater, RB:

      

Series A, 5.25%, 1/01/36

      700         776,895   

Series C (AGM), 5.00%, 8/01/40

      3,000         3,359,280   

Delaware County IDA Pennsylvania, RB, Pennsylvania Suburban Water Co. Project, Series A, AMT (AMBAC),

      

5.15%, 9/01/32

      5,500         5,532,285   

Erie Pennsylvania Water Authority, Refunding RB (AGM):

      

4.00%, 12/01/32

      860         900,936   

4.00%, 12/01/34

      985         1,015,870   

4.00%, 12/01/36

      715         735,070   

Lycoming County Water & Sewer Authority, RB (AGM),

      

5.00%, 11/15/41

      400         432,860   

Northampton Borough Municipal Authority, RB (NPFGC),

      

5.00%, 5/15/34(a)

      800         838,560   

Pennsylvania Economic Development Financing Authority, RB, Philadelphia Biosolids Facility,

      

6.25%, 1/01/32

      1,420         1,634,008   

Reading Area Water Authority Pennsylvania, RB (AGM),

      

5.00%, 12/01/27

      2,680         2,989,647   
        29,084,310   
     

 

 

  

Total Municipal Bonds in Pennsylvania

         197,308,025   
     

 

 

  

Guam – 2.0%

      

State – 0.5%

      

Territory of Guam, Limited Obligation Bonds, RB, Section 30, Series A,

      

5.63%, 12/01/29

      805         896,303   
     

 

 

  

Transportation – 1.3%

      

Guam International Airport Authority, Refunding RB, Series C, AMT (NPFGC),

      

5.00%, 10/01/23

      2,500         2,515,400   
     

 

 

  

Utilities – 0.2%

      

Guam Power Authority, Refunding RB, Series A,

      

5.00%, 10/01/34

      420         464,839   
     

 

 

  

Total Municipal Bonds in Guam

         3,876,542   
     

 

 

  

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         1,343,787   
     

 

 

  

Total Municipal Bonds – 105.0%

         202,528,354   
     

 

 

  

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

              

Pennsylvania – 53.8%

      

County/City/Special District/School District – 4.9%

      

Erie County Conventional Center Authority, RB,

      

5.00%, 1/15/36

      8,850         9,356,747   
     

 

 

  

 

    BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND    APRIL 30, 2013   3

Schedule of Investments (continued)    BlackRock MuniYield Pennsylvania Quality Fund (MPA)
   (Percentages shown are based on Net Assets)

 

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

    Par
(000)		      Value  

Pennsylvania (continued)

      

Education – 13.0%

      

Pennsylvania Higher Educational Facilities Authority, RB:

      

Series AE (NPFGC), 4.75%, 6/15/32

    $ 8,845       $ 9,564,784   

University of Pennsylvania Health System, 5.75%, 8/15/41

      4,270         5,047,012   

University of Pennsylvania Health System, Series A, 4.00%, 8/15/39

      7,600         7,777,536   

University of Pittsburgh Pennsylvania, RB, Capital Project, Series B,

      

5.00%, 9/15/28

      2,202         2,600,088   
     

 

 

  
        24,989,420   
     

 

 

  

Health – 9.6%

      

Geisinger Authority Pennsylvania Health Systems, RB:

      

Series A, 5.13%, 6/01/34

      2,500         2,771,450   

Series A, 5.25%, 6/01/39

      3,128         3,471,533   

Series A-1, 5.13%, 6/01/41

      6,270         7,066,666   

Philadelphia Hospitals & Higher Education Facilities Authority, RB, The Children’s Hospital of Philadelphia Project, Series C,

      

5.00%, 7/01/41

      4,680         5,238,324   
     

 

 

  
        18,547,973   
     

 

 

  

Housing – 5.4%

      

Pennsylvania HFA, Refunding RB:

      

S/F Mortgage, Series 113, 4.85%, 10/01/37

      4,120         4,445,480   

Series 96-A, AMT, 4.70%, 10/01/37

      2,840         2,910,404   

Series 115-A, AMT, 4.20%, 10/01/33(e)

      3,000         3,067,920   
     

 

 

  
        10,423,804   
     

 

 

  

State – 20.9%

      

Commonwealth of Pennsylvania, GO, First Series:

      

5.00%, 3/15/28

      5,203         6,036,357   

5.00%, 11/15/30

      6,350         7,542,657   

Pennsylvania Turnpike Commission, RB, Series C of 2003 Pennsylvania Turnpike,

      

5.00%, 12/01/32

      10,000         11,304,900   

State Public School Building Authority, Refunding RB, School District of Philadelphia Project,
Series B (AGM),

      

5.00%, 6/01/26

      14,026         15,452,740   
        40,336,654   
     

 

 

  

Total Municipal Bonds in Pennsylvania

         103,654,598   
     

 

 

  

Puerto Rico – 2.8%

      

State – 2.8%

      

Puerto Rico Sales Tax Financing Corp., Refunding RB, Series C,

      

5.25%, 8/01/40

      5,000         5,417,050   
     

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond (TOB) Trusts – 56.6%

         109,071,648   
     

 

 

  

Total Long-Term Investments
(Cost – $288,092,159) – 161.6%

         311,600,002   
     

 

 

  

Short-Term Securities

    Shares         

BIF Pennsylvania Municipal Money Fund,

      

0.00% (f)(g)

      1,770,265         1,770,265   
     

 

 

  

Total Short-Term Securities
(Cost – $1,770,265) – 0.9%

         1,770,265   
     

 

 

  

Total Investments (Cost – $289,862,424*) – 162.5%

         313,370,267   

Other Assets Less Liabilities – 1.0%

         1,905,005   

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable – (29.1)%

         (56,150,187 ) 

VRDP Shares, at Liquidation Value – (34.4)%

         (66,300,000 ) 
     

 

 

  

Net Assets Applicable to Common Shares – 100.0%

       $ 192,825,085   
     

 

 

  

 

* As of April 30, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

    $ 234,736,611   
  

 

 

  

Gross unrealized appreciation

    $ 23,603,625   

Gross unrealized depreciation

      (1,089,871 ) 
  

 

 

  

Net unrealized appreciation

    $ 22,513,754   
  

 

 

  

 

4   BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND    APRIL 30, 2013    

Schedule of Investments (continued)    BlackRock MuniYield Pennsylvania Quality Fund (MPA)
  

 

Notes to Schedule of Investments

 

(a) 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.

 

(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) When-issued security. Unsettled when-issued transactions were as follows:

 

Counterparty

    Value      Unrealized
Appreciation		  

JPMorgan Chase & Co

    $ 3,067,920       $ 66,300   

 

(f) Investments in issuers considered to be an affiliate of the Fund during the period ended April 30, 2013, 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
April  30,
2013		      Income  

BIF Pennsylvania Municipal Money Fund

      3,976,718         (2,206,453 )      1,770,265       $ 163   

 

(g) 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.

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)    
  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    

 

    BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND    APRIL 30, 2013   5

Schedule of Investments (concluded)    BlackRock MuniYield Pennsylvania Quality Fund (MPA)
  

 

•  

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 semi-annual report.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy as of April 30, 2013:

 

      Level 1      Level 2      Level 3      Total  

Assets:

            

Investments:

            

Long-Term Investments1

      –       $ 311,600,002         –       $ 311,600,002   

Short-Term Securities

    $ 1,770,265         –         –         1,770,265   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 1,770,265       $ 311,600,002         –       $ 313,370,267   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

1 

See above Schedule of Investments for values in each sector or political subdivision.

Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes.

As of April 30, 2013, such liabilities are categorized within the disclosure hierarchy as follows:

 

      Level 1      Level 2     Level 3      Total  

Liabilities:

           

TOB trust certificates

      –       $ (56,119,902 )      –       $ (56,119,902 ) 

VRDP shares

      –         (66,300,000 )      –         (66,300,000 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  

Total

      –       $ (122,419,902 )      –       $ (122,419,902 ) 
  

 

 

     

 

 

    

 

 

     

 

 

  

There were no transfers between levels during the period ended April 30, 2013.

 

6   BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND    APRIL 30, 2013    

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: June 24, 2013

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: June 24, 2013
By:  

/s/ Neal J. Andrews

    
  Neal J. Andrews    
  Chief Financial Officer (principal financial officer) of  
  BlackRock MuniYield Pennsylvania Quality Fund  

Date: June 24, 2013