NPORT-EX 2 NPORT_8951_54969445_0224.htm BlackRock Pennsylvania Municipal Bond Fund

 

Schedule of Investments (unaudited)

February 29, 2024

   

BlackRock Pennsylvania Municipal Bond Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Municipal Bonds

    
Pennsylvania — 93.8%            
Corporate — 6.8%            

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

   $     1,000     $ 999,333  

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

     3,100       3,015,549  

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

     1,240       1,263,364  

Pennsylvania Economic Development Financing Authority, RB(a)

    

Class A, AMT, 3.83%, 06/01/41

     13,335       13,267,535  

Series A, AMT, 0.58%, 08/01/37

     5,000       4,936,717  

Pennsylvania Economic Development Financing Authority, Refunding RB, AMT, 5.50%, 11/01/44

     1,355       1,354,905  
   

 

 

  
       24,837,403  
County/City/Special District/School District — 18.9%  

Allentown Neighborhood Improvement Zone Development Authority, RB(b)

    

5.00%, 05/01/32

     1,405       1,435,170  

5.00%, 05/01/42

     2,415       2,433,383  

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

     2,895       3,006,064  

Bethlehem Area School District, GO, Series A, (BAM SAW), 5.00%, 08/01/35

     1,790       1,842,578  

Boyertown Area School District, GO

    

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

     890       891,196  

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

     1,335       1,336,794  

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

     2,550       2,665,011  

Chester County Industrial Development Authority, SAB(b)

    

4.25%, 03/01/35

     1,225       1,109,364  

5.00%, 03/01/38

     420       416,612  

5.13%, 03/01/48

     847       814,523  

4.75%, 03/01/50

     2,705       2,319,127  

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

     3,720       3,705,843  

City of Philadelphia Pennsylvania, GO, Series B, 5.00%, 02/01/39

     1,540       1,645,516  

City of Philadelphia Pennsylvania, Refunding GO

    

Series A, 5.00%, 08/01/37

     2,140       2,248,165  

Series B, 3.20%, 08/01/31(a)

     2,150       2,150,000  

City of Pittsburgh Pennsylvania, GO

    

5.00%, 09/01/41

     750       818,003  

5.00%, 09/01/42

     700       760,874  

5.00%, 09/01/43

     150       162,651  

Coatesville School District, GO, CAB(c)

    

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

     290       184,717  

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

     2,565       1,545,809  

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

     2,505       1,328,669  

Coatesville School District, Refunding GO, CAB(c)

    

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

     500       346,880  

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

     980       624,218  

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

     640       428,218  

County of Lancaster Pennsylvania, Refunding GO

    

4.00%, 11/01/34

     500       511,727  

4.00%, 11/01/35

     520       530,483  

4.00%, 11/01/36

     540       548,408  

4.00%, 11/01/37

     565       571,550  

Fox Chapel Area School District, GO (SAW), 5.00%, 02/01/39

     3,100       3,254,623  
Security  

Par

(000)

     Value  

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

 

Fox Chapel Area School District, GO (continued)

    

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

   $     3,000     $ 3,132,420  

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

     1,315       1,316,333  

Pennsylvania Economic Development Financing Authority, RB

    

AMT, 5.00%, 06/30/32

     1,375       1,470,302  

AMT, 5.50%, 06/30/43

     2,500       2,722,036  

AMT, 6.00%, 06/30/61

     1,945       2,149,080  

Pennsylvania Economic Development Financing Authority, Refunding RB, Class B, 4.45%, 12/01/38(a)

     2,500       2,500,000  

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

     600       606,542  

School District of Philadelphia, GO

    

Series A, (SAW), 5.50%, 09/01/48

     4,000       4,489,674  

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

     4,640       3,733,681  

School District of Philadelphia, Refunding GO, Series F, (SAW), 5.00%, 09/01/37

     1,815       1,882,193  

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

     5,000       5,252,164  
   

 

 

  
       68,890,601  
Education — 15.1%            

Allegheny County Higher Education Building Authority, Refunding RB, 4.01%, 02/01/33(a)

     3,235       3,233,310  

Berks County Municipal Authority, Refunding RB

    

5.00%, 10/01/39

     890       831,270  

5.00%, 10/01/49

     795       708,522  

Chester County Industrial Development Authority, RB

    

Sustainability Bonds, 4.00%, 12/01/49

     3,750       3,760,496  

Sustainability Bonds, 4.00%, 12/01/51

     4,000       4,000,156  

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

     1,810       1,856,283  

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

     515       419,624  

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

     2,000       2,032,772  

Pennsylvania Higher Education Assistance Agency, RB

    

Series A, 2.63%, 06/01/42

     1,800       1,556,557  

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

     650       492,527  

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

     755       720,302  

Pennsylvania Higher Educational Facilities Authority, RB, Series AT-1, 4.00%, 06/15/26(d)

     75       76,903  

Pennsylvania Higher Educational Facilities Authority, Refunding RB

    

4.00%, 05/01/36

     500       501,764  

5.00%, 05/01/37

     1,595       1,266,627  

5.00%, 05/01/41

     810       830,114  

Series A, 5.00%, 11/01/25

     200       201,512  

Series A, 5.00%, 11/01/26

     100       101,556  

Series A, 5.00%, 11/01/27

     150       153,643  

Series A, 5.00%, 11/01/29

     1,150       1,195,053  

Series A, 5.00%, 11/01/31

     205       215,087  

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

     5,000       4,512,186  

Pennsylvania State University, RB

    

5.00%, 09/01/48

     2,615       2,758,127  

Series A, 5.00%, 09/01/43

     3,935       4,249,009  

Philadelphia Authority for Industrial Development, RB

    

4.00%, 06/15/29

     485       456,039  

5.00%, 06/15/39

     590       541,296  

4.00%, 12/01/48

     8,090       7,902,549  
 

 

 

1  

Schedule of Investments (unaudited) (continued)

February 29, 2024

   

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)
5.00%, 06/15/50

   $       800     $ 691,028  

5.25%, 11/01/52

     2,145       2,258,766  

Philadelphia Authority for Industrial Development, Refunding RB

    

5.00%, 06/15/40(b)

     600       576,963  

Series 2015, 5.00%, 04/01/45

     3,330       3,358,813  

Series A, 5.25%, 06/15/52

     625       549,349  

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

     2,835       3,175,171  
   

 

 

  
       55,183,374  
Health — 19.9%            

Allegheny County Hospital Development Authority, RB, Series D2, 4.13%, 11/15/47(a)

     2,865       2,827,558  

Allegheny County Hospital Development Authority, Refunding RB

    

Series A, 4.00%, 04/01/37

     4,300       4,258,938  

Series A, 4.00%, 07/15/39

     2,250       2,260,817  

Series A, 5.00%, 04/01/47

     1,950       1,980,942  

Bucks County Industrial Development Authority, RB
4.00%, 08/15/44

     1,690       1,603,539  

4.00%, 07/01/46

     2,500       1,705,168  

Chester County Health and Education Facilities Authority, RB, Series A, 4.00%, 09/01/50

     1,500       1,421,604  

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

     1,500       995,965  

Cumberland County Municipal Authority, Refunding RB
5.00%, 01/01/25(d)

     430       436,614  

5.00%, 01/01/29(d)

     940       1,044,756  

4.00%, 01/01/36

     645       611,213  

4.13%, 01/01/38

     260       240,373  

5.00%, 01/01/38

     2,185       2,189,544  

Doylestown Hospital Authority, RB

    

4.00%, 07/01/29(d)

     125       134,167  

5.00%, 07/01/29(d)

     150       168,431  

4.00%, 07/01/45

     1,125       902,312  

5.00%, 07/01/49

     1,350       1,233,434  

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

     3,440       3,071,429  

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

     5,950       6,084,084  

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

     1,600       1,570,591  

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

     925       934,684  

Lancaster Industrial Development Authority, RB, 4.00%, 12/01/44

     1,715       1,544,833  

Montgomery County Higher Education and Health Authority, Refunding RB

    

4.00%, 09/01/49

     1,170       1,081,585  

Series A, 5.00%, 09/01/37

     1,365       1,420,150  

Montgomery County Industrial Development Authority, Refunding RB

    

5.25%, 01/01/40

     5,000       4,453,103  

5.00%, 12/01/46

     850       828,631  

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

     2,250       1,634,202  

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

     2,910       2,784,798  
Security  

Par

(000)

     Value  

Health (continued)

    

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

   $     1,350     $ 1,369,818  

Pennsylvania Economic Development Financing Authority, RB

    

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

     1,480       1,404,848  

Series B, 4.00%, 03/15/40

     2,000       2,007,850  

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

     4,000       3,954,943  

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

     3,565       2,847,456  

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

     5,000       5,138,204  

St Mary Hospital Authority, Refunding RB

    

5.00%, 12/01/28(d)

     4,065       4,509,840  

5.00%, 12/01/48

     2,035       2,118,740  
   

 

 

  
       72,775,164  
Housing — 5.6%            

Pennsylvania Housing Finance Agency, RB, S/F Housing

    

Series 137, Sustainability Bonds, 2.45%, 10/01/41

     1,315       987,484  

Series 137, Sustainability Bonds, 2.60%, 04/01/46

     5,270       3,763,395  

Series 143A, Sustainability Bonds, 5.38%, 10/01/46

     2,350       2,515,772  

Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing

    

Series 136, Sustainability Bonds, 2.55%, 10/01/51

     2,250       1,481,924  

Series 142-A, Sustainability Bonds, 5.00%, 10/01/43

     1,500       1,578,638  

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

     2,970       3,070,499  

Series 2022, Sustainability Bonds, 4.15%, 10/01/42

     3,235       3,241,372  

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

   

Series A, 3.50%, 12/01/36

     1,260       529,200  

Series A, 4.00%, 12/01/46

     5,740       2,410,800  

Series A, 4.00%, 12/01/51

     2,300       966,000  
   

 

 

  
      20,545,084  
State — 1.1%            

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

     2,500       2,582,244  

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

     1,500       1,615,973  
   

 

 

  
      4,198,217  
Tobacco — 2.5%            

Commonwealth Financing Authority, RB
5.00%, 06/01/35

     2,205       2,362,875  

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

     6,700       6,755,293  
   

 

 

  
      9,118,168  
Transportation — 17.3%            

City of Philadelphia Pennsylvania Airport Revenue, Refunding ARB

    

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

     1,075       1,050,062  

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

     1,800       1,864,108  

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

     4,045       4,242,539  

Pennsylvania Economic Development Financing Authority, RB

    

5.00%, 12/31/38

     3,000       3,032,472  

5.00%, 06/30/42

     2,620       2,616,392  

AMT, 5.25%, 06/30/53

     3,770       3,975,143  

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

     5,680       5,546,668  
 

 

 

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)

February 29, 2024

   

BlackRock Pennsylvania Municipal Bond Fund

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  

Transportation (continued)

    

Pennsylvania Turnpike Commission, RB

    

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

   $     4,755     $ 4,957,203  

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

     1,000       1,045,441  

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

     2,965       3,311,842  

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

     2,660       2,895,542  

Series A, Subordinate, 3.00%, 12/01/42

     3,100       2,594,246  

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

     1,700       1,707,983  

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

     2,500       2,443,426  

Pennsylvania Turnpike Commission, RB, CAB(c)

   

Series A-3, (BAM-TCRS), 0.00%, 12/01/41

     1,820       879,779  

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

     5,740       2,557,316  

Pennsylvania Turnpike Commission, Refunding RB

    

Series B, 5.25%, 12/01/52

     1,225       1,344,077  

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

     2,900       3,077,950  

Series C, 4.00%, 12/01/51

     5,000       4,811,720  

Series 2017-3, Subordinate, 5.00%, 12/01/40

     450       473,329  

Southeastern Pennsylvania Transportation Authority, RB

    

5.25%, 06/01/47

     3,695       4,106,412  

5.25%, 06/01/52

     2,000       2,187,107  

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

     2,200       2,259,036  
   

 

 

  
       62,979,793  
Utilities — 6.6%            

City of Philadelphia Pennsylvania Water & Wastewater Revenue, RB

    

Series A, 5.00%, 10/01/43

     3,460       3,650,200  

Series A, 5.25%, 10/01/52

     1,190       1,237,681  

Series C, 5.50%, 06/01/52

     3,100       3,429,296  

City of Philadelphia Pennsylvania Water & Wastewater Revenue, Refunding RB

    

Series B, (AGM), 4.50%, 09/01/48

     1,760       1,803,873  

Series B, (AGM), 5.50%, 09/01/53

     3,520       3,906,424  

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

     2,055       1,674,934  

Oxford Area Sewer Authority, Refunding RB

    

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

     2,395       1,902,877  

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

     915       508,195  

Philadelphia Gas Works Co., Refunding RB 5.00%, 08/01/30

     700       716,356  

5.00%, 08/01/31

     900       919,947  

5.00%, 08/01/32

     1,200       1,226,623  

5.00%, 08/01/33

     600       613,325  

5.00%, 08/01/34

     1,050       1,073,343  

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

     1,420       1,429,046  
   

 

 

  
      24,092,120  
   

 

 

  

Total Municipal Bonds in Pennsylvania

      342,619,924  
Security  

Par

(000)

     Value  

Puerto Rico — 3.2%

    
State — 3.2%            

Commonwealth of Puerto Rico, GO, Series A-1, Restructured, 5.75%, 07/01/31

   $ 1,643     $ 1,827,137  

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

    

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

     4,797       4,759,962  

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

     2,660       2,640,108  

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

    

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

     6,252       2,031,567  

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

     925       300,439  
   

 

 

  

Total Municipal Bonds in Puerto Rico

      11,559,213  
   

 

 

  

Total Long-Term Investments — 97.0%
(Cost: $364,356,902)

       354,179,137  
   

 

 

  
     Shares         

Short-Term Securities

    
Money Market Funds — 1.7%            

BlackRock Liquidity Funds, MuniCash, Institutional Class, 2.97%(g)(h)

     6,315,124       6,315,756  
   

 

 

  

Total Short-Term Securities — 1.7%
(Cost: $6,315,704)

       6,315,756  
   

 

 

  

Total Investments — 98.7%
(Cost: $370,672,606)

      360,494,893  

Other Assets Less Liabilities — 1.3%

      4,607,067  
   

 

 

  

Net Assets — 100.0%

     $ 365,101,960  
   

 

 

  

 

(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)

February 29, 2024

   

BlackRock Pennsylvania Municipal Bond Fund

 

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended February 29, 2024 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 Sale

     Net
Realized
Gain (Loss)		      Change in
Unrealized
Appreciation
(Depreciation)		     Value at
02/29/24		      Shares
Held at
02/29/24		      Income      Capital Gain
Distributions
from
Underlying
Funds		  

 

  

BlackRock Liquidity Funds, MuniCash, Institutional Class

   $  20,846,287      $ —      $  (14,532,235) (a)    $  4,511      $  (2,807 )    $  6,315,756        6,315,124      $  246,111      $ —  
         

 

 

     

 

 

    

 

 

        

 

 

     

 

 

  

 

  (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

    $ —        $ 354,179,137        $ —        $ 354,179,137  

Short-Term Securities

                  

Money Market Funds

      6,315,756          —          —          6,315,756  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 6,315,756        $ 354,179,137        $ —        $ 360,494,893  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

Portfolio Abbreviation

 

AGM    Assured Guaranty Municipal Corp.
AMT    Alternative Minimum Tax
ARB    Airport Revenue Bonds
BAM    Build America Mutual Assurance Co.
BAM-TCRS   

Build America Mutual Assurance Co. - Transferable Custodial Receipts

CAB    Capital Appreciation Bonds
GO    General Obligation Bonds

Portfolio Abbreviation (continued)

 

M/F    Multi-Family
RB    Revenue Bond
S/F    Single-Family
SAB    Special Assessment Bonds
SAW    State Aid Withholding
ST    Special Tax
TA    Tax Allocation
 

 

 

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