NPORT-EX 2 NPORT_A_8951_87821552_0823.htm BlackRock Pennsylvania Municipal Bond Fund

Schedule of Investments (unaudited)

August 31, 2023

   

BlackRock Pennsylvania Municipal Bond Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    

Value

  

Municipal Bonds

    

Pennsylvania — 92.1%

    
Corporate — 7.5%            

Allegheny County Industrial Development Authority, Refunding RB, 4.88%, 11/01/24

   $ 1,000     $ 1,001,984  

Lehigh County Industrial Development Authority, Refunding RB, Series A, 3.00%, 09/01/29

     3,100       2,963,743  

Montgomery County Industrial Development Authority, Refunding RB, 4.10%, 04/01/53(a)

    1,240       1,251,401  

Pennsylvania Economic Development Financing Authority, RB

    

Class A, AMT, 4.46%, 06/01/41(a)

        13,335       13,220,852  

Series A, AMT, 0.58%, 08/01/37(a)

    5,000       4,857,200  

Series A, AMT, 3.25%, 08/01/39(b)

    2,800       2,009,529  

Pennsylvania Economic Development Financing Authority, Refunding RB

    

AMT, 5.50%, 11/01/44

     1,355       1,335,955  

Series A, AMT, 4.10%, 04/01/34(a)

    705       705,000  
   

 

 

  
       27,345,664  

County/City/Special District/School District — 20.5%

 

Allentown Neighborhood Improvement Zone Development Authority, RB(b)

    

5.00%, 05/01/32

     1,405       1,424,105  

5.00%, 05/01/42

     330       318,207  

Altoona Area School District, GO, Series A, AMT, (AGM), 5.00%, 12/01/36

     2,895       2,967,766  

Bethlehem Area School District, GO

    

Series A, AMT, (BAM SAW), 5.00%, 08/01/34

     2,390       2,462,623  

Series A, AMT, (BAM SAW), 5.00%, 08/01/35

     1,790       1,835,756  

Boyertown Area School District, GO

    

(SAW), 5.00%, 10/01/36

     890       899,082  

(SAW), 5.00%, 10/01/38

     1,335       1,344,511  

Bristol Township School District, GO, (BAM SAW), 5.00%, 06/01/42

     2,550       2,619,630  

Chester County Industrial Development Authority, SAB(b)

    

4.25%, 03/01/35

     1,275       1,153,651  

4.75%, 03/01/50

     2,710       2,225,636  

City of Lancaster Pennsylvania, GO, (BAM), 4.00%, 11/01/42

     3,720       3,433,835  

City of Philadelphia Pennsylvania, GO

    

Series A, 5.00%, 08/01/37

     2,140       2,224,949  

Series B, 4.02%, 08/01/31(a)

    10,000       10,000,000  

Series B, 5.00%, 02/01/39

     1,540       1,617,995  

City of Pittsburgh Pennsylvania, GO

    

5.00%, 09/01/41

     750       801,319  

5.00%, 09/01/42

     700       745,224  

5.00%, 09/01/43

     150       159,405  

Coatesville School District, GO, CAB(c)

   

Series A, (BAM SAW), 0.00%, 10/01/34

     290       176,622  

Series A, (BAM SAW), 0.00%, 10/01/35

     2,565       1,469,009  

Series A, (BAM SAW), 0.00%, 10/01/37

     2,505       1,251,871  

Series B, (BAM SAW), 0.00%, 10/01/33

     500       321,398  

Series B, (BAM SAW), 0.00%, 10/01/34

     980       596,861  

Series C, (BAM SAW), 0.00%, 10/01/33

     640       411,576  

County of Lancaster Pennsylvania, GO

    

4.00%, 11/01/34

     500       508,072  

4.00%, 11/01/35

     520       525,621  

4.00%, 11/01/36

     540       542,449  

4.00%, 11/01/37

     565       564,340  
Security  

Par

(000)

    

Value

  
County/City/Special District/School District (continued)  

County of Lancaster Pennsylvania, GO (continued) 4.00%, 11/01/38

   $ 585     $ 577,898  

Fox Chapel Area School District, GO

    

(SAW), 5.00%, 02/01/39

     3,100       3,223,092  

(SAW), 5.00%, 02/01/42

     4,000       4,142,996  

Northampton County Industrial Development Authority, TA, 7.00%, 07/01/32

     1,315       1,315,280  

Pennsylvania Economic Development Financing Authority, RB

    

AMT, 5.00%, 06/30/32

     1,375       1,470,017  

AMT, 5.50%, 06/30/43

     2,500       2,677,122  

AMT, 5.75%, 06/30/48

     3,770       4,061,217  

AMT, 6.00%, 06/30/61

     1,945       2,084,381  

Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, RB, Series A, AMT, 5.25%, 12/01/44

     1,500       1,583,652  

Redevelopment Authority of The County of Washington, TA, 5.00%, 07/01/28

     600       608,138  

School District of Philadelphia, GO

    

Series D, (AGM), 3.00%, 09/01/44

     4,640       3,476,140  

Series F, (SAW), 5.00%, 09/01/37

     1,815       1,859,286  

State Public School Building Authority, Refunding RB, Series A, (AGM), 5.00%, 06/01/33

          5,000       5,230,245  
   

 

 

  
       74,910,977  

Education — 16.5%

    

Berks County Municipal Authority, Refunding RB 5.00%, 10/01/39

     290       262,155  

5.00%, 10/01/49

     795       685,063  

Chester County Industrial Development Authority, RB 4.00%, 12/01/49

     3,750       3,450,322  

Sustainability Bonds, 4.00%, 12/01/51

     4,000       3,641,648  

Delaware County Authority, RB, 5.00%, 08/01/40

     1,495       1,521,264  

East Hempfield Township Industrial Development Authority, RB, 5.00%, 07/01/25(d)

    1,810       1,861,798  

Latrobe Industrial Development Authority, Refunding RB, 4.00%, 03/01/46

     515       400,327  

Northampton County General Purpose Authority, Refunding RB, 4.00%, 11/01/38

     2,000       1,927,900  

Pennsylvania Higher Education Assistance Agency, RB

    

Series A, AMT, 2.63%, 06/01/42

     1,900       1,510,787  

Series B, AMT, Subordinate, 3.13%, 06/01/48

     650       474,568  

Series B, AMT, Subordinate, 5.00%, 06/01/50

     755       697,733  

Pennsylvania Higher Educational Facilities Authority, RB, Series AT-1, 4.00%, 06/15/34

     5,790       5,815,690  

Pennsylvania Higher Educational Facilities Authority, Refunding RB

    

4.00%, 05/01/36

     500       466,731  

5.00%, 05/01/37

     1,595       1,438,076  

5.00%, 05/01/41

     810       820,470  

Series A, 5.00%, 11/01/25

     200       202,806  

Series A, 5.00%, 11/01/26

     100       102,174  

Series A, 5.00%, 11/01/27

     150       154,326  

Series A, 5.00%, 11/01/29

     1,150       1,192,341  

Series A, 5.00%, 11/01/31

     205       212,464  

Series A, (AGM), 4.00%, 05/01/50

     5,000       4,552,720  

Pennsylvania State University, RB
5.00%, 09/01/48

     2,615       2,719,085  

Series A, AMT, 5.00%, 09/01/43

     3,935       4,168,310  

Philadelphia Authority for Industrial Development, RB 4.00%, 06/15/29

     485       444,473  

5.00%, 06/15/39

     590       526,565  
 

 

 

1  

Schedule of Investments (unaudited) (continued)

August 31, 2023

   

BlackRock Pennsylvania Municipal Bond Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    

Value

  

Education (continued)

    

Philadelphia Authority for Industrial Development, RB (continued)

    

4.00%, 12/01/48

   $ 8,090     $ 7,187,819  

5.00%, 06/15/50

     800       686,880  

5.25%, 11/01/52

     2,145       2,246,808  

Philadelphia Authority for Industrial Development, Refunding RB

    

5.00%, 06/15/40(b)

    600       561,566  

Series 2015, 5.00%, 04/01/45

     3,330       3,371,432  

Series A, 5.25%, 06/15/52

     625       538,948  

Swarthmore Borough Authority, Refunding RB, 5.00%, 09/15/47

     2,835       3,085,058  

University of Pittsburgh-of the Commonwealth System of Higher Education, RB, 4.42%, 02/15/24(a)

         3,620       3,619,041  
   

 

 

  
       60,547,348  

Health — 18.9%

    

Allegheny County Hospital Development Authority, RB, Series D2, 4.76%, 11/15/47(a)

    2,865       2,861,324  

Allegheny County Hospital Development Authority, Refunding RB

    

Series A, 4.00%, 04/01/37

     4,300       3,920,124  

Series A, 4.00%, 07/15/39

     2,250       2,130,815  

Series A, 5.00%, 04/01/47

     1,950       1,917,353  

Bucks County Industrial Development Authority, RB

    

4.00%, 08/15/44

     1,690       1,491,151  

4.00%, 07/01/46

     2,500       1,856,313  

Chester County Health and Education Facilities Authority, Refunding RB, Series A, 5.25%, 12/01/45

     1,500       1,255,671  

Cumberland County Municipal Authority, Refunding RB

    

5.00%, 01/01/25(d)

    430       438,751  

5.00%, 01/01/29(d)

    940       1,029,434  

4.00%, 01/01/36

     645       585,009  

4.13%, 01/01/38

     260       230,265  

5.00%, 01/01/38

     2,185       2,158,028  

Doylestown Hospital Authority, RB

    

Series A, 4.00%, 07/01/45

     1,250       867,780  

Series A, 5.00%, 07/01/49

     1,500       1,187,357  

DuBois Hospital Authority, Refunding RB, 4.00%, 07/15/48

     3,440       2,942,070  

Geisinger Authority, Refunding RB, Series A-1, 5.00%, 02/15/45

     5,950       5,997,606  

Hospitals & Higher Education Facilities Authority of Philadelphia, Refunding RB, (AGM), 4.00%, 07/01/40

     1,600       1,501,021  

Lancaster County Hospital Authority, Refunding RB, 5.00%, 11/01/35

     925       935,220  

Lancaster Industrial Development Authority, RB

    

4.00%, 12/01/44

     730       615,762  

4.00%, 12/01/49

     985       793,774  

Montgomery County Higher Education and Health Authority, Refunding RB

    

4.00%, 09/01/49

     1,170       1,026,908  

Series A, 5.00%, 09/01/37

     1,365       1,395,019  

Montgomery County Industrial Development Authority, Refunding RB

    

5.25%, 01/01/40

     5,000       4,387,300  

5.00%, 12/01/46

     850       771,546  

Moon Industrial Development Authority, Refunding RB, 6.00%, 07/01/45

     2,250       1,656,002  
Security  

Par

(000)

      Value  

Health (continued)

     

Mount Lebanon Hospital Authority, RB, 4.00%, 07/01/48

   $ 2,910      $ 2,602,465  

Northampton County General Purpose Authority, Refunding RB, 5.00%, 08/15/46

     1,350        1,336,404  

Pennsylvania Economic Development Financing Authority, RB

     

Series A-2, 4.00%, 05/15/53

     1,480        1,319,235  

Series B, 4.00%, 03/15/40

     2,000        1,936,178  

Pennsylvania Economic Development Financing Authority, Refunding RB, Series A, 4.00%, 11/15/42

     4,000        3,735,460  

Pennsylvania Higher Educational Facilities Authority, RB, 3.00%, 08/15/47

          3,565        2,593,923  

Pottsville Hospital Authority, Refunding RB, Series B, 5.00%, 07/01/41

     5,000        5,071,160  

St Mary Hospital Authority, Refunding RB 5.00%, 12/01/28(d)

    4,065        4,445,785  

5.00%, 12/01/48

     2,035        2,087,829  
    

 

 

  
        69,080,042  

Housing — 4.4%

     

Pennsylvania Housing Finance Agency, RB, S/F Housing

     

Series 137, 2.45%, 10/01/41

     1,315        929,014  

Series 137, 2.60%, 04/01/46

     5,270        3,547,622  

Pennsylvania Housing Finance Agency, Refunding RB

     

Series 136, 2.55%, 10/01/51

     2,250        1,411,738  

Series 142-A, 5.00%, 10/01/50

     2,970        2,994,547  

Series 2022, 4.15%, 10/01/42

     3,000        2,792,931  

Philadelphia Authority for Industrial Development, RB, M/F Housing(e)(f)

    

Series A, 3.50%, 12/01/36

     1,260        630,000  

Series A, 4.00%, 12/01/46

     5,740        2,870,000  

Series A, 4.00%, 12/01/51

     2,300        1,150,000  
    

 

 

  
       16,325,852  

State — 1.0%

     

Chester County Industrial Development Authority, SAB(b)

     

5.00%, 03/01/38

     441        426,507  

5.13%, 03/01/48

     874        802,552  

Commonwealth of Pennsylvania, GO, Series A, 4.00%, 09/15/31

     2,500        2,554,763  
    

 

 

  
       3,783,822  

Tobacco — 2.4%

     

Commonwealth Financing Authority, RB

     

5.00%, 06/01/35

     2,205        2,319,834  

(AGM), 4.00%, 06/01/39

     6,700        6,367,412  
    

 

 

  
       8,687,246  

Transportation — 14.9%

     

City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB

     

AMT, (AGM), 4.00%, 07/01/40

     1,075        991,482  

Series B, AMT, 5.00%, 07/01/37

     1,800        1,838,506  

Delaware River Joint Toll Bridge Commission, RB, 5.00%, 07/01/42

     4,045        4,186,385  

Pennsylvania Economic Development Financing Authority, RB

     

AMT, 5.00%, 12/31/38

     3,000        3,002,760  

AMT, 5.00%, 06/30/42

     2,620        2,571,601  

Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Refunding RB, Series A, 4.00%, 12/01/51

     5,680        5,098,544  
 

 

 

S C H E D U L E  O F   I N V E S T M E N T S   2

Schedule of Investments (unaudited) (continued)

   BlackRock Pennsylvania Municipal Bond Fund
August 31, 2023   (Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

 

  

Transportation (continued)

    

Pennsylvania Turnpike Commission, RB

    

Series A-1, 5.00%, 12/01/41

   $        100     $ 102,551  

Sub-Series B-1, 5.00%, 06/01/42

     5,205       5,358,740  

Sub-Series B-1, 5.25%, 06/01/47

     1,000       1,032,227  

1st Series, Subordinate, 5.00%, 12/01/40

     2,965       3,183,414  

Series A, Subordinate, 5.00%, 12/01/37

     2,660       2,816,959  

Series A, Subordinate, 4.00%, 12/01/44

     1,700       1,597,449  

Series A, Subordinate, 4.00%, 12/01/50

     2,500       2,253,082  

Pennsylvania Turnpike Commission, RB, CAB(c)

   

Sub-Series A-3, (AGM), 0.00%, 12/01/40

     1,820       802,922  

Sub-Series A-3, 0.00%, 12/01/42

     5,740       2,257,008  

Pennsylvania Turnpike Commission, Refunding RB

    

Series B, 5.25%, 12/01/52

     1,225       1,312,534  

Series B-2, (AGM), 5.00%, 06/01/35

     2,900       3,043,098  

Series C, 4.00%, 12/01/51

     5,000       4,600,760  

Southeastern Pennsylvania Transportation Authority, RB

    

5.25%, 06/01/47

     3,695       4,005,531  

5.25%, 06/01/52

     2,000       2,151,914  

Susquehanna Area Regional Airport Authority,
Refunding RB, AMT, 5.00%, 01/01/38

     2,200       2,183,025  
   

 

 

  
       54,390,492  

Utilities — 6.0%

    

Allegheny County Sanitary Authority, RB, 5.00%, 06/01/45

     1,425       1,482,318  

City of Philadelphia Pennsylvania Water & Wastewater Revenue, RB

    

Series C, 5.50%, 06/01/47

     3,100       3,362,511  

Series A, AMT, 5.00%, 10/01/43

     3,460       3,577,003  

Series A, AMT, 5.25%, 10/01/52

     1,190       1,224,431  

New Kensington Municipal Sanitary Authority, RB, (AGM), 3.25%, 12/01/47

     2,055       1,599,380  

Oxford Area Sewer Authority, Refunding RB

    

(BAM), 3.00%, 07/01/46

     2,395       1,749,693  

(BAM), 2.38%, 07/01/55

     915       476,282  

Pennsylvania Economic Development Financing Authority, Refunding RB, Class B, 5.20%, 12/01/38(a)

    2,500       2,500,000  

Philadelphia Gas Works Co., Refunding RB

    

5.00%, 08/01/30

     700       719,675  

5.00%, 08/01/31

     900       925,303  

5.00%, 08/01/32

     1,200       1,233,781  

5.00%, 08/01/33

     600       616,551  

5.00%, 08/01/34

     1,050       1,077,843  

Williamsport Sanitary Authority, Refunding RB, (BAM), 4.00%, 01/01/40

     1,420       1,354,155  
   

 

 

  
      21,898,926  
   

 

 

  

Total Municipal Bonds in Pennsylvania

       336,970,369  
Security  

Par

(000)

     Value  

 

  

Puerto Rico — 3.3%

    

State — 3.3%

    

Commonwealth of Puerto Rico, GO, Series A-1, Restructured, 5.63%, 07/01/29

   $ 1,643     $ 1,740,914  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB

    

Series A-1, Restructured, 4.75%, 07/01/53

     4,797       4,490,961  

Series A-2, Restructured, 4.78%, 07/01/58

     2,660       2,481,993  

Series A-2, Restructured, 4.33%, 07/01/40

     1,390       1,312,924  

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(c)

   

Series A-1, Restructured, 0.00%, 07/01/46

     6,252       1,733,048  

Series B-1, Restructured, 0.00%, 07/01/46

     925       254,895  
   

 

 

  

Total Municipal Bonds in Puerto Rico

       12,014,735  
   

 

 

  

Total Long-Term Investments — 95.4%

    

(Cost: $372,297,207)

       348,985,104  
   

 

 

  
    Shares    

 

  

Short-Term Securities

    

Money Market Funds — 3.8%

    

BlackRock Liquidity Funds, MuniCash, Institutional Class, 4.03%(g)(h)

    13,921,594       13,921,594  
   

 

 

  

Total Short-Term Securities — 3.8%

    

(Cost: $13,919,156)

       13,921,594  
   

 

 

  

Total Investments — 99.2%

    

(Cost: $386,216,363)

       362,906,698  

Other Assets Less Liabilities — 0.8%

       3,011,443  
   

 

 

  

Net Assets — 100.0%

     $ 365,918,141  
   

 

 

  

 

(a) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(b) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) 

Zero-coupon bond.

(d) 

U.S. 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.

(e) 

Issuer filed for bankruptcy and/or is in default.

(f) 

Non-income producing security.

(g) 

Affiliate of the Fund.

(h) 

Annualized 7-day yield as of period end.

 

 

For Fund compliance purposes, the Fund’s sector classifications refer to 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 the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

 

3

Schedule of Investments (unaudited) (continued)   BlackRock Pennsylvania Municipal Bond Fund

 

August 31, 2023

  

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended August 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
05/31/23		     Purchases
at Cost		    

Proceeds

from Sales

    

Net

Realized

Gain (Loss)

     Change in
Unrealized
Appreciation
(Depreciation)		     Value at
08/31/23		     Shares
Held at
08/31/23		     Income     Capital Gain
Distributions
from
Underlying
Funds		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $  20,846,287     $    —     $  (6,925,282) (a)    $   1,010     $    (421)     $  13,921,594       13,921,594     $  154,968     $    —  
       

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

  (a) 

Represents net amount purchased (sold).

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  •  

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or 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); and

 

  •  

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

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 fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments 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 financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

         
       Level 1          Level 2          Level 3          Total  

Assets

                  

Investments

                  

Long-Term Investments

                  

Municipal Bonds

    $ —        $ 348,985,104        $ —        $ 348,985,104  

Short-Term Securities

                  

Money Market Funds

      13,921,594          —          —          13,921,594  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $  13,921,594        $  348,985,104        $       —        $  362,906,698  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

Portfolio Abbreviation

AGM

  

Assured Guaranty Municipal Corp.

AMT

  

Alternative Minimum Tax

ARB

  

Airport Revenue Bonds

BAM

  

Build America Mutual Assurance Co.

CAB

  

Capital Appreciation Bonds

GO

  

General Obligation Bonds

M/F

  

Multi-Family

RB

  

Revenue Bond

Portfolio Abbreviation (continued)

S/F

  

Single-Family

SAB

  

Special Assessment Bonds

SAW

  

State Aid Withholding

ST

  

Special Tax

TA

  

Tax Allocation

 

 

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