Pennsylvania Municipal Bond Fund

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NAV as of Mar 28, 2025 $9.67
52 WK: 9.65 - 10.13
1 Day NAV Change as of Mar 28, 2025 0.02 (0.21%)
NAV Total Return as of Mar 28, 2025 YTD: -1.28%
NEGATIVE

Overview

About this Fund

High-Quality Pennsylvania Municipal Holding
Commitment To Credit Research
Seeking Attractive Risk-Adjusted Returns Through Diverse Markets

Investment Approach

Invests primarily in a portfolio of long-term investment grade Pennsylvania municipal bonds to seek income exempt from federal income tax and Pennsylvania income taxes.

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Performance

Returns

	1y	3y	5y	10y
Total Return (%)	2.01	-2.20	-0.27	1.20
Return w/ Sales Charge (%)	1.01	-2.20	-0.27	1.20
Benchmark (%)	1.05	-0.55	0.99	2.25
BBG Muni 90% IG Pennsylvania + 10% HY Pennsylvania Custom	2.26	-0.61	1.12	-
Morningstar Category Avg. (%)	2.11	-0.93	0.76	1.96
Morningstar Ranking	33/49	48/49	48/48	39/40
Morningstar Quartile	3	4	4	4
Lipper Category Avg. (%)	2.29	-1.02	0.74	1.98
Lipper Ranking	33/47	46/47	46/46	37/38
Lipper Quartile	3	4	4	4

Performance data is not currently available

	YTD	1m	3m	1y	3y	5y	10y
Total Return (%)	2.01	-2.16	-1.45	2.01	-6.46	-1.36	12.70
Return w/ Sales Charge (%)	1.01	-3.14	-2.43	1.01	-6.46	-1.36	12.70
Benchmark (%)	1.05	-1.46	-1.22	1.05	-1.64	5.05	24.94
Morningstar Category Avg. (%)	2.11	-1.40	-1.19	2.11	-2.76	3.85	21.47
Lipper Category Avg. (%)	2.29	-1.51	-1.23	2.29	-3.01	3.80	21.87
BBG Muni 90% IG Pennsylvania + 10% HY Pennsylvania Custom	2.26	-1.49	-1.05	2.26	-1.83	5.74	-

Performance data is not currently available

	2020	2021	2022	2023	2024
Total Return (%)	3.24	2.14	-12.62	4.95	2.01
Annual w/ Sales Charge (%)	2.24	1.14	-13.48	3.95	1.01
Benchmark (%)	4.95	1.52	-8.53	6.40	1.05
Morningstar Category Avg. (%)	4.41	2.29	-9.99	5.74	2.11
BBG Muni 90% IG Pennsylvania + 10% HY Pennsylvania Custom	5.08	2.50	-9.48	6.05	2.26

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, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

Click here for Distribution data

Key Facts

Size of Fund (Millions)

as of Mar 28, 2025

$316.9 M

Share Class launch date

Oct 02, 2006

Benchmark Index

BBG Municipal Bond Index Unadjusted (Risk Basis: MUNI) (USD)

Morningstar Category

Muni Pennsylvania

CUSIP

09253A714

Open to New Investors

Yes

Size of Class (Millions)

as of Mar 28, 2025

$4.8 M

Asset Class

Fixed Income

Distribution Frequency

Monthly

Lipper Classification

PA Muni Debt Funds

Max Offer Price

as of Mar 28, 2025

$9.67

Turnover Percent in the Annual Report

as of May 31, 2024

18%

Portfolio Characteristics

Number of Holdings

as of Feb 28, 2025

167

Alpha (3y)

as of Feb 28, 2025

-0.15

R-Squared (3y)

as of Feb 28, 2025

97.55

Beta (3y)

as of Feb 28, 2025

1.13

Unsubsidized 30-Day SEC Yield

as of Feb 28, 2025

2.48%

Effective Duration

as of Feb 28, 2025

7.65 yrs

Best 3-Month Return Over the Last 3 Years

3 months ending Jan 31, 2024

9.64%

30 Day SEC Yield

as of Feb 28, 2025

2.61%

Yield to Maturity

as of Feb 28, 2025

4.53%

Fund Standard Deviation (3y)

as of Feb 28, 2025

8.57

Average Coupon

as of Feb 28, 2025

4.37%

Yield to Worst

as of Feb 28, 2025

4.22%

Nominal WAL

as of Feb 28, 2025

9.85 yrs

Worst 3-Month Return Over the Last 3 Years

3 months ending Oct 31, 2022

-8.03%

For the latest month-end Distribution Yield, click here.

This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Fees

as of current prospectus

Gross Expense Ratio	1.72%
Net Expense Ratio	1.55%

Net Expense Ratio excluding Investment Related Expenses is 1.54%

Acquired Fund Fees and Expenses 0.01%
Interest expense 0.00%

Ratings

Lipper Leader

Lipper Leader Ratings

Tax Efficiency

Overall Lipper Leaders ratings based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable) and do not take into account the effects of sales charges for these categories (Consistent Return, Preservation, Total Return, Expense, and Tax Efficiency) as of Feb 28, 2025 out of 47, 6,088, 47, 110 and 47 Funds, respectively in Lipper's PA Muni Debt Funds classification.

Holdings

as of Feb 28, 2025

Name	Weight (%)
PHILADELPHIA PA AUTH FOR INDL DEV 4 12/01/2048	2.32
COMMONWEALTH FING AUTH PA TOB 4 06/01/2039	2.06
TOB 5.25 71783MDF9 PHIUTL 144A	2.00
GEISINGER AUTH PA HEALTH SYS R 5 02/15/2045	1.83
PENNSYLVANIA ECONOMIC DEV FING 5.25 06/30/2053	1.70

Name	Weight (%)
PENNSYLVANIA ST TPK COMMN OIL 4 12/01/2051	1.67
POTTSVILLE PA HOSP AUTH HOSP R 5 07/01/2041	1.59
STATE PUBLIC SCH BLDG AUTH PALEASE 5 06/01/2033	1.59
MONTGOMERY CNTY PA INDL DEV AU 5.25 01/01/2040	1.53
PENNSYLVANIA ST TPK COMMN TPK 4 12/01/2051	1.45

Name	Market Value	Weight (%)	Shares	Maturity	Coupon (%)
BLACKROCK LIQ MUNICASH CL INS MMF	$10,108,813.76	3.08	10,107,803.00	-	4.35
PHILADELPHIA PA AUTH FOR INDL DEV	$7,638,174.12	2.33	8,090,000.00	Dec 01, 2048	4.00
COMMONWEALTH FING AUTH PA TOB	$6,769,858.93	2.06	6,700,000.00	Jun 01, 2039	4.00
GEISINGER AUTH PA HEALTH SYS R	$6,033,944.12	1.84	5,950,000.00	Feb 15, 2045	5.00
PENNSYLVANIA ECONOMIC DEV FING	$5,585,056.01	1.70	5,355,000.00	Jun 30, 2053	5.25
PENNSYLVANIA ST TPK COMMN OIL	$5,494,496.01	1.67	5,680,000.00	Dec 01, 2051	4.00
POTTSVILLE PA HOSP AUTH HOSP R	$5,243,648.63	1.60	5,000,000.00	Jan 01, 2027	5.00
STATE PUBLIC SCH BLDG AUTH PALEASE	$5,225,443.92	1.59	5,000,000.00	Jun 01, 2033	5.00
MONTGOMERY CNTY PA INDL DEV AU	$5,025,488.90	1.53	5,000,000.00	Jan 01, 2040	5.25
PENNSYLVANIA ST TPK COMMN TPK	$4,758,858.83	1.45	5,000,000.00	Dec 01, 2051	4.00

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Detailed Holdings and Analytics

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

as of Feb 28, 2025

% Notional Value

Type	Fund	Benchmark	Net
Health	18.90	23.51	-4.61
Education	15.12	7.68	7.43
Transportation	14.80	19.94	-5.15
Housing	9.56	6.04	3.52
Utility	9.39	8.07	1.32
School Districts	9.38	4.57	4.81
Local Tax-Backed - Dedicated Tax	5.50	4.60	0.90
State Tax-Backed - Dedicated Tax	3.12	2.60	0.52
Other Industries	2.84	1.23	1.61
Tobacco	2.77	1.61	1.16

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as of Feb 28, 2025

% Notional Value

Type	Fund	Benchmark	Net
Pennsylvania	97.58	99.45	-1.87
Puerto Rico	1.66	0.00	1.66
Wisconsin	0.67	0.00	0.67
California	0.40	0.00	0.40
Pennsylvania/New Jersey	0.00	0.55	-0.55
Net Derivatives	-2.08	0.00	-2.08
Cash	1.77	0.00	1.77

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as of Feb 28, 2025

% Notional Value

Type	Fund	Benchmark	Net
Net Derivatives	-2.08	0.00	-2.08
0 - 3 Years	4.64	8.00	-3.36
3 - 6 Years	1.07	11.96	-10.89
6 - 8 Years	4.71	7.63	-2.92
8 - 10 Years	2.39	8.50	-6.11
10 - 12 Years	4.24	6.98	-2.74
12 - 15 Years	13.40	11.60	1.80
15 - 20 Years	23.60	16.43	7.18
20 - 25 Years	22.20	14.48	7.72
25+ Years	24.05	14.42	9.63

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as of Feb 28, 2025

% Notional Value

Type	Fund	Benchmark	Net
Net Derivatives	-2.08	0.00	-2.08
AAA Rated	2.22	0.70	1.51
AA rated	41.98	48.59	-6.61
A Rated	30.91	36.51	-5.61
BBB Rated	12.22	4.21	8.01
BB Rated	2.21	3.07	-0.86
B Rated	1.35	1.31	0.05
CCC Rated	0.00	0.13	-0.13
Not Rated	9.42	5.48	3.94
Cash	1.77	0.00	1.77

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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.

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.