In plain terms — BlackRock MuniYield Pennsylvania Quality Fund
Shares currently cost about 10.6% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 8.8% discount, so today's level is unusually wide for this fund (Z-score -2.2). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 5.8% a year of the share price (5.2% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.12 of assets — a ReinvestCapture™ rate of 6.5%, more than the payout rate itself. That is buying power, not a return.
The assets themselves fell 7.1% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -9.28% | 1.20% | -1.39 | 55 |
| 6 months | -8.87% | 1.06% | -1.95 | 107 |
| 1 year | -8.80% | 0.95% | -2.25 | 209 |
| 3 years | -8.42% | — | — | — |
| 5 years | -8.49% | — | — | — |
Current contemporaneous premium/discount -10.94% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -11.69% to -6.97%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -6.20% | -14.93% | -12.55% | -15.81% | -2.30% | -10.01% |
| Market price total return | -5.76% | -13.80% | -9.12% | -11.12% | +3.48% | -5.26% |
| NAV return | -4.28% | -11.60% | -11.32% | -11.60% | -2.89% | -7.44% |
| NAV total return | -3.87% | -10.54% | -8.14% | -7.10% | +2.38% | -2.96% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The BlackRock MuniYield Pennsylvania Quality Fund is a closed-end mutual fund, established on November 4, 1992, and domiciled in the United States. Initiated by BlackRock, Inc. and overseen by BlackRock Advisors, LLC, this fund concentrates its investments in the fixed-income market. Its main focus is on long-term, investment-grade municipal debt securities that are exempt from both federal and Pennsylvania income taxes. The portfolio may also include short-term investments and other bond classifications.
CEF Explorer research page for BlackRock MuniYield Pennsylvania Quality Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.