Fixed Income

MPA

MuniYield Pennsylvania Quality Fund

  • NAV as of Nov 01, 2024 $12.96
    52 WK: 11.59 - 13.37
  • NAV Total Return as of: Sep 30, 2024 YTD: 3.95%
  • Distribution Rate as of Nov 01, 2024 6.60%
  • Market Price as of Nov 01, 2024 $12.01
  • Market Price Total Return as of: Sep 30, 2024 YTD: 11.98%
  • Premium Discount as of Nov 01, 2024 -7.33%

Overview

Investment Approach

BlackRock MuniYield Pennsylvania Quality Fund’s (MPA) (the 'Fund') investment objective is to provide shareholders with as high a level of current income exempt from federal and Pennsylvania income taxes as is consistent with its investment policies and prudent investment management. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal obligations exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and Pennsylvania income taxes. Under normal market conditions, the Fund invests primarily in long-term municipal obligations that are investment grade quality at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

No assurance can be given that the Fund's investment objective will be achieved.

Important announcement regarding MPA distributions:
BlackRock Announces Special Distributions Related to the Reorganization of Two BlackRock Pennsylvania Municipal Closed End Funds

BlackRock Announces Declaration of Partial Distribution for BlackRock MuniYield Pennsylvania Quality Fund
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Performance

Performance

Distributions

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Ex-Date Payable Date Record Date Total Distribution Income ST Cap Gains Return of Capital LT Cap Gains
Record Date Ex-Date Payable Date Total Distribution Income ST Cap Gains LT Cap Gains Return of Capital

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Year Total Distribution Income ST Cap Gains LT Cap Gains

Past distributions are not indicative of future distributions.


If a Fund estimates that it has distributed more than its income and net realized capital gains in the current fiscal year; a portion of its distribution may be a return of capital. A return of capital may occur, for example, when some or all of a shareholder's investment is paid back to the shareholder. A return of capital distribution does not necessarily reflect a Fund's investment performance and should not be confused with 'yield' or 'income'. When distributions exceed total return performance, the difference will reduce the Fund's net asset value per share. Although the character of income will not be determined until the end of the fund’s fiscal year, please refer to the 'Closed-End Fund Resources' section of the BlackRock website for Section 19 notices that provide estimated amounts and sources of the fund's distributions, which should not be not be relied upon for tax reporting purposes. A Form 1099-DIV for the calendar year will be sent to shareholders to illustrate how the Fund’s distributions should be reported for federal income tax purposes.

Details Concerning Previously Announced Special Dividends

As previously announced on April 1, 2015, in connection with the reorganization of The BlackRock Pennsylvania Strategic Municipal Trust (NYSE MKT: BPS) with BlackRock MuniYield Pennsylvania Quality Fund (NYSE: MPA), with MPA continuing as the surviving fund, MPA declared 2 dividends that went ex-dividend on 4/8/2015 for shareholders of record on 4/10/2015:

Payable on 5/1/2015: $0.06100
Payable on 6/1/2015: $0.03436*

* As previously announced on May 1, 2015, MPA declared a partial distribution of $0.03714 payable on 6/1/2015 to shareholders of record as of 5/15/2015.

  1y 3y 5y 10y
NAV Total Return (%) 17.55 -1.98 0.53 3.01
Market Price Total Return (%) 26.88 -3.71 1.90 3.75
  YTD 1m 3m 1y 3y 5y 10y
NAV Total Return (%) 3.95 1.67 - 17.55 -5.84 2.65 34.56
Market Price Total Return (%) 11.98 1.99 - 26.88 -10.73 9.86 44.47
  2019 2020 2021 2022 2023
NAV Total Return (%) 10.42 6.23 4.36 -16.84 7.43
Market Price Total Return (%) 18.80 9.06 17.02 -30.95 9.64

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.


Returns are shown net of advisory fees paid by the fund and net of the fund’s operating fees and expenses. Investors who purchase shares of the fund through an investment adviser or other financial professional may separately pay a fee to that service provider. Past performance is not indicative of future results.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be found in the Performance section.

Key Facts

Key Facts

Net Assets
as of Nov 01, 2024
$167,764,793
Share Class launch date
Nov 04, 1992
Asset Class
Fixed Income
Distribution Frequency
Monthly
Lipper Classification
PA Muni Debt Funds
CUSIP
09255G107
Managed Assets
as of Nov 01, 2024
$261,304,928.08
Exchange
New York Stock Exchange Inc.
Shares Outstanding
as of Nov 01, 2024
12,949,630
Morningstar Category
Muni Pennsylvania
Premium Discount
as of Nov 01, 2024
-7.33%
Number of Holdings
as of Sep 30, 2024
164

Portfolio Characteristics

Portfolio Characteristics

Distribution Rate
as of Nov 01, 2024
6.60%
Average Coupon
as of Sep 30, 2024
4.21%
Effective Duration
as of Sep 30, 2024
10.17 yrs
WAL to Maturity
as of Sep 30, 2024
24.95 yrs
% Leveraged
as of Sep 30, 2024
35.22%
% Insured
as of Sep 30, 2024
18.87%
Yield to Maturity
as of Sep 30, 2024
6.70%
Yield to Worst
as of Sep 30, 2024
6.04%
WAL to Worst
as of Sep 30, 2024
11.56 yrs
Leverage
as of Sep 30, 2024
$ 93,658,598.00
% AMT Bonds
as of Sep 30, 2024
10.66%

Sustainability Characteristics

Sustainability Characteristics

To be included in MSCI ESG Fund Ratings, 65% (or 50% for bond funds and money market funds) of the fund’s gross weight must come from securities with ESG coverage by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities. MSCI Ratings are currently unavailable for this fund.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating financially material environmental, social and governance (ESG) data or information into the investment decision process with the objective of enhancing risk-adjusted returns of our clients’ portfolios. Unless otherwise stated in Fund documentation or included within the Fund's investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective or strategy, but rather describes how ESG data or information is considered as part of the overall investment process.

Where applicable, the Fund manager includes ESG considerations in combination with other information in the research and due diligence stage of the investment process. ESG information may be sourced from both internal and external sources and included in the Aladdin risk system. This information may broadly inform investment decisions: ESG criteria are considered in combination with other information. The Fund manager conducts regular portfolio risk reviews between the investment team and BlackRock's Risk and Quantitative Analysis group. These reviews include discussion of the portfolio's exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors, where appropriate.

Fees

Fees

on net assets
Gross Expense Ratio 3.53%
Management Fee 0.76%
Interest Expense 2.40%
Other Expenses 0.36%
Acquired Fund Fees and Expenses 0.01%
on managed assets
Acquired Fund Fees and Expenses 0.00%
Interest Expenses 1.55%
Management Fee 0.49%
Other Expenses 0.24%
Gross Expense 2.28%

Fees data reflected above is current as of the latest annual shareholder report.

Ratings

Ratings

Holdings

Holdings

as of Sep 30, 2024
Name Weight (%)
DRIVER 4.033 PASHGR 70917SVH3 4.47
PENNSYLVANIA ECONOMIC DEV FING 5 06/30/2042 3.74
SOUTHEASTERN PA TRANSN AUTH RE 5.25 06/01/2052 3.47
PENNSYLVANIA ECONOMIC DEV FING 4 03/15/2040 3.07
SHALER PA AREA SCH DIST 0 09/01/2030 2.00
Name Weight (%)
PENNSYLVANIA ST TPK COMMN TPK 5 12/01/2040 1.86
PENNSYLVANIA ST HIGHER EDL FAC 4 05/01/2050 1.77
GEISINGER AUTH PA HEALTH SYS R 5 02/15/2045 1.76
COMMONWEALTH FING AUTH PA TOB 5 06/01/2034 1.75
COMMONWEALTH FING AUTH PA TOB 4 06/01/2039 1.70
Holdings are subject to change. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. The Fund is actively managed and its details, holdings and characteristics will vary. Holdings shown should not be deemed as a recommendation to buy or sell securities. The user relies on this data at its own risk and neither BlackRock nor any other party makes any representations or express or implied warranties (which are expressly disclaimed) nor shall they incur any liability for any errors or omissions in the data.

Exposure Breakdowns

Exposure Breakdowns

as of Sep 30, 2024

% Notional Value

Type Fund
as of Sep 30, 2024

% Notional Value

Type Fund
as of Sep 30, 2024

% Notional Value

Type Fund
as of Sep 30, 2024

% Notional Value

Type Fund
as of Sep 30, 2024

% Notional Value

Type Fund
as of Sep 30, 2024

% Notional Value

Type Fund
The fund itself has not been rated by an independent rating agency. Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security the lower of the two ratings if only two agencies rate a security and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.

as of Sep 30, 2024
Type Fund
Notional value represents a fund’s use of derivatives, including but not limited to futures, options, and swaps. This value captures the fund exposures as if the derivative was replaced with the underlying asset and the corresponding financing or lending, such that all exposures sum to the net asset value. For non-derivatives, the market value and the notional value are identical.

Allocations are subject to change.

Portfolio Managers

Portfolio Managers

Phillip Soccio, CFA
Phillip Soccio, CFA
Director, Portfolio Manager, Municipal Mutual Funds

  

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Phillip Soccio, CFA, Director, is a Portfolio Manager for the Municipal Fixed Income business in BlackRock's Portfolio Management Group. Prior to assuming his current role in 2007, Mr. Soccio was a member of BlackRock's Cash Management Group, where he was responsible for managing various tax-exempt money market funds. From 1998 to 2000, he was a member of BlackRock's Account Management Group responsible for institutional client service and marketing support. Mr. Soccio began his career at BlackRock in 1998.

Mr. Soccio earned a BS degree in finance from Wilmington University.

Walter O'Connor, CFA
Walter O'Connor, CFA
Managing Director, Co-Head and Portfolio Manager, Municipal Mutual Funds

  

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Walter O'Connor, CFA, Managing Director and Co-Head of the Municipal Funds team within the Municipal Fixed Income business in BlackRock's Portfolio Management Group. He is also a member of the Municipal Management Committee, which oversees all municipal bond portfolio management, research and trading activities.

 

Mr. O'Connor's service with the firm dates back to 1991, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he was a portfolio manager for municipal bond retail mutual funds. Prior to joining MLIM, Mr. O'Connor was with Prudential Securities, where he was involved in trading, underwriting, and arbitrage for municipal securities and financial futures.

 

Mr. O'Connor earned a BA degree in finance and philosophy from the University of Notre Dame in 1984.

Michael Kalinoski, CFA 
Michael Kalinoski, CFA 
Director, Portfolio Manager, Municipal Mutual Funds

   

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Michael Kalinoski, CFA , Director, is a portfolio manager on the Municipal Mutual Fund Desk within BlackRock's Municipal Fixed Income business in BlackRock's Portfolio Management Group.

 

Mr. Kalinoski's service with the firm dates back to 1999, including his years with Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. At MLIM, he was a member of the tax-exempt fixed income team responsible for managing a number of national and state funds. Prior to joining MLIM in 1999, Mr. Kalinoski was a municipal trader with Strong Capital Management.

 

Mr. Kalinoski earned a BS degree in accounting from Marquette University in 1992.

Kevin Maloney, CFA
Kevin Maloney, CFA
Director, Co-Head and Portfolio Manager, Municipal Mutual Funds

  

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Kevin Maloney, CFA, Director and Co-Head of the Municipal Funds team, is a Portfolio Manager within the Municipal Fixed Income business in BlackRock's Portfolio Management Group. He is also a member of the Municipal Management Committee, which oversees all municipal bond portfolio management, research, and trading activities.

 

Mr. Maloney began his career at BlackRock in 2011 as a research analyst on the Municipal Credit Research Team.

 

He graduated from Drexel University in 2011 with a BS degree in Finance.

Kristi Manidis
Kristi Manidis
Director, Portfolio Manager, Municipal Mutual Funds

  

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Kristi Manidis, Director, is a Portfolio Manager for the Municipal Fixed Income business in BlackRock's Portfolio Management Group.

 

Prior to moving to her current role in 2009, Ms. Manidis was a trader and portfolio manager on various high net worth equity and balanced separately managed accounts. Previously, she was responsible for institutional client service and marketing for BlackRock's Cash Management Group. Ms. Manidis began her career at BlackRock in 2003.

 

Ms. Manidis earned a BS degree in Business Administration, with concentrations in Finance and Management Information Systems, from Drexel University in 2003.

Christian Romaglino, CFA
Christian Romaglino, CFA
Director, Portfolio Manager, Municipal Mutual Funds

   

Read More

Christian Romaglino, CFA, Director, is a Portfolio Manager for the Municipal Fixed Income business within BlackRock's Portfolio Management Group.
Prior to joining BlackRock in 2017, Mr. Romaglino was a Portfolio Manager at Brown Brothers Harriman focusing on a diverse set of institutional mandates and high net worth SMAs. Mr. Romaglino also held various trading and portfolio construction positions at Brown Brothers Harriman across several taxable fixed income sectors prior to 2010 when he transitioned to Municipals.
Mr. Romaglino earned a BS degree in Industrial Engineering from Lehigh University.

Portfolio Manager

Literature

Literature

 

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