Schedule of Investments (unaudited) October 31, 2020 | BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds |
| |||||||
California — 87.3% |
| |||||||
Corporate — 0.7% | ||||||||
California Municipal Finance Authority, RB, | $ | 3,460 | $ | 3,418,030 | ||||
|
| |||||||
County/City/Special District/School District — 19.1% | ||||||||
California Statewide Communities Development Authority, SAB | ||||||||
Series A, 5.00%, 09/02/39 | 275 | 313,398 | ||||||
Series A, 5.00%, 09/02/44 | 160 | 179,635 | ||||||
Series A, 5.00%, 09/02/48 | 160 | 179,376 | ||||||
California Statewide Communities Development Authority, SAB, S/F Housing, Series C, 5.00%, 09/02/44 | 595 | 668,018 | ||||||
City of San Jose California Hotel Tax Revenue, RB | ||||||||
6.13%, 05/01/31 | 500 | 513,555 | ||||||
6.50%, 05/01/36 | 1,210 | 1,243,904 | ||||||
6.50%, 05/01/42 | 2,225 | 2,283,874 | ||||||
El Dorado Irrigation District, Refunding RB, Series A, (AGM), 5.25%, 03/01/24(a) | 10,000 | 11,643,300 | ||||||
Fremont Union High School District, GO, Series A, 4.00%, 08/01/40 | 4,000 | 4,594,960 | ||||||
Glendale Community College District, GO, Series A, 5.25%, 08/01/41 | 5,000 | 6,177,800 | ||||||
Hayward Area Recreation & Park District, Refunding GO, Series A, 5.00%, 08/01/42 | 4,950 | 6,065,087 | ||||||
Hayward Unified School District, GO, (AGM), 4.00%, 08/01/45 | 2,500 | 2,877,700 | ||||||
Los Angeles County Metropolitan Transportation Authority, Refunding RB, Series A, 5.00%, 07/01/42 | 5,030 | 6,135,695 | ||||||
Orange County Community Facilities District, ST | ||||||||
4.00%, 08/15/40 | 260 | 280,691 | ||||||
4.00%, 08/15/50 | 245 | 260,501 | ||||||
Riverside County Public Financing Authority, RB, 5.25%, 11/01/45 | 8,990 | 10,571,880 | ||||||
Sacramento Area Flood Control Agency, Refunding SAB, 5.00%, 10/01/41 | 8,000 | 9,553,920 | ||||||
San Diego Unified School District, GO, CAB, Series C, 0.00%, 07/01/40(b) | 7,215 | 4,523,228 | ||||||
San Francisco Bay Area Rapid Transit District GO, 3.00%, 08/01/49 | 9,965 | 10,521,047 | ||||||
San Jose Financing Authority, Refunding RB, Series A, 5.00%, 06/01/23(a) | 2,000 | 2,241,020 | ||||||
San Leandro Unified School District, GO, Series A, 5.75%, 08/01/41 | 3,060 | 3,171,200 | ||||||
Santa Monica Public Financing Authority, RB, 5.00%, 07/01/42 | 1,250 | 1,488,350 | ||||||
West Contra Costa Unified School District, GO, Series A, 5.50%, 08/01/39 | 2,500 | 2,807,325 | ||||||
West Valley-Mission Community College District, GO, Series A, 4.00%, 08/01/44 | 3,670 | 4,296,653 | ||||||
|
| |||||||
92,592,117 | ||||||||
Education — 5.8% | ||||||||
California Enterprise Development Authority, RB(c) | ||||||||
Series A, 5.00%, 07/01/50 | 1,200 | 1,235,112 | ||||||
Series A, 5.00%, 07/01/55 | 600 | 614,880 | ||||||
California Municipal Finance Authority, RB(c) | ||||||||
Series A, 5.00%, 10/01/39 | 220 | 231,194 |
Security | Par (000) | Value | ||||||
Education (continued) | ||||||||
California Municipal Finance Authority, RB(c) (continued) | ||||||||
Series A, 5.00%, 10/01/49 | $ | 370 | $ | 381,440 | ||||
Series A, 5.00%, 10/01/57 | 725 | 742,625 | ||||||
California Municipal Finance Authority, Refunding RB | 750 | 811,455 | ||||||
5.00%, 08/01/39 | 425 | 442,221 | ||||||
5.00%, 08/01/48 | 615 | 633,085 | ||||||
California Public Finance Authority, RB, Series A, 5.00%, 07/01/54(c) | 285 | 277,162 | ||||||
California School Finance Authority, RB(c) 5.00%, 06/01/40 | 270 | 285,679 | ||||||
5.00%, 06/01/50 | 430 | 447,277 | ||||||
5.00%, 06/01/59 | 685 | 708,160 | ||||||
Series A, 5.00%, 06/01/49 | 1,000 | 1,053,520 | ||||||
Series A, 5.00%, 06/01/58 | 2,120 | 2,232,381 | ||||||
California Statewide Communities Development Authority, RB, 5.00%, 06/01/51(c) | 240 | 240,442 | ||||||
Hastings Campus Housing Finance Authority, RB | ||||||||
Series A, 5.00%, 07/01/45 | 600 | 623,550 | ||||||
Series A, 5.00%, 07/01/61 | 3,600 | 3,653,136 | ||||||
University of California, Refunding RB | ||||||||
Series AR, 5.00%, 05/15/38 | 4,250 | 5,113,260 | ||||||
Series AZ, 5.00%, 05/15/43 | 5,035 | 6,199,646 | ||||||
Series BE, 4.00%, 05/15/40 | 2,000 | 2,363,740 | ||||||
|
| |||||||
28,289,965 | ||||||||
Health — 5.3% | ||||||||
California Health Facilities Financing Authority, RB | ||||||||
Series A, 5.00%, 11/15/25(a) | 4,580 | 5,632,805 | ||||||
Series A, 5.25%, 11/01/41(d) | 8,500 | 8,856,915 | ||||||
California Health Facilities Financing Authority, Refunding RB | ||||||||
Series A, 4.00%, 04/01/49 | 3,005 | 3,296,335 | ||||||
Series A, 4.00%, 08/15/50 | 1,200 | 1,373,052 | ||||||
Series B, 5.00%, 11/15/46 | 5,000 | 5,831,100 | ||||||
California Municipal Finance Authority, Refunding RB(c) | ||||||||
Series A, 5.00%, 11/01/39 | 195 | 206,222 | ||||||
Series A, 5.00%, 11/01/49 | 220 | 227,077 | ||||||
|
| |||||||
25,423,506 | ||||||||
Housing — 0.6% | ||||||||
California Community Housing Agency, RB, M/F Housing, Series A, 5.00%, 04/01/49(c) | 2,450 | 2,702,056 | ||||||
California Housing Finance, RB, M/F Housing, Series A, 4.25%, 01/15/35 | 1 | 816 | ||||||
|
| |||||||
2,702,872 | ||||||||
State — 10.9% | ||||||||
California State Public Works Board, RB | ||||||||
Series F, 5.25%, 09/01/33 | 4,335 | 4,880,863 | ||||||
Series I, 5.50%, 11/01/33 | 4,940 | 5,649,927 | ||||||
California State Public Works Board, Refunding RB, Series C, 5.00%, 11/01/34 | 7,750 | 9,375,175 | ||||||
California Statewide Communities Development Authority, SAB, S/F Housing | 300 | 336,162 | ||||||
4.00%, 09/02/50 | 240 | 244,145 | ||||||
5.00%, 09/02/50 | 240 | 263,690 | ||||||
City of Roseville California, ST, 4.00%, 09/01/45 | 350 | 364,606 |
1 |
Schedule of Investments (unaudited) (continued) October 31, 2020 | BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
State (continued) | ||||||||
State of California GO, 3.00%, 10/01/37 | $ | 14,000 | $ | 15,207,780 | ||||
State of California, Refunding GO, 5.00%, 08/01/37 | 13,000 | 16,296,540 | ||||||
|
| |||||||
52,618,888 | ||||||||
Tobacco — 5.6% | ||||||||
California County Tobacco Securitization Agency, Refunding RB | 245 | 269,833 | ||||||
5.00%, 06/01/50 | 285 | 315,173 | ||||||
Series A, 4.00%, 06/01/49 | 355 | 393,663 | ||||||
California County Tobacco Securitization Agency, Refunding RB, CAB(b) | 2,425 | 511,457 | ||||||
Series B-2, Subordinate, 0.00%, 06/01/55 | 3,635 | 630,455 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB | ||||||||
Series A-1, 5.00%, 06/01/47 | 475 | 487,331 | ||||||
Series A-2, 5.00%, 06/01/47 | 18,670 | 19,154,673 | ||||||
Tobacco Securitization Authority of Northern California, Refunding RB, Series A-1, 5.38%, 06/01/38 | 2,000 | 2,003,840 | ||||||
Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48 | 2,695 | 3,143,421 | ||||||
|
| |||||||
26,909,846 | ||||||||
Transportation — 25.5% | ||||||||
City of Los Angeles Department of Airports, ARB | ||||||||
Series A, AMT, 5.00%, 05/15/29 | 2,045 | 2,253,386 | ||||||
Series A, AMT, 5.00%, 05/15/37 | 3,520 | 4,184,858 | ||||||
Series A, AMT, 5.00%, 05/15/44 | 5,885 | 6,890,805 | ||||||
Series B, AMT, 5.00%, 05/15/36 | 2,600 | 3,012,334 | ||||||
Sub-Series A, AMT, 5.00%, 05/15/42 | 26,875 | 30,600,950 | ||||||
City of Los Angeles Department of Airports, Refunding ARB | ||||||||
AMT, Subordinate, 5.00%, 05/15/34 | 1,000 | 1,229,590 | ||||||
Series A, AMT, Subordinate, 5.00%, 05/15/38 | 5,000 | 6,040,550 | ||||||
City of Los Angeles Department of Airports, Refunding RB, Series A, 5.00%, 05/15/39 | 5,425 | 6,730,526 | ||||||
County of Sacramento California Airport System Revenue, Refunding RB, Series A, 5.00%, 07/01/41 | 13,500 | 15,503,400 | ||||||
Norman Y Mineta San Jose International Airport SJC, Refunding RB | ||||||||
Series A-1, AMT, 5.75%, 03/01/34 | 5,875 | 5,966,532 | ||||||
Series A-1, AMT, 6.25%, 03/01/34 | 2,650 | 2,695,606 | ||||||
Port of Los Angeles, Refunding ARB, Series A, AMT, 5.00%, 08/01/44 | 4,135 | 4,598,906 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB | ||||||||
Series A, AMT, 5.00%, 05/01/42 | 16,735 | 19,455,944 | ||||||
Series A, AMT, 5.00%, 05/01/44 | 7,500 | 8,910,750 | ||||||
Series D, AMT, 5.25%, 05/01/48 | 2,250 | 2,656,260 | ||||||
Series E, AMT, 5.00%, 05/01/40 | 2,000 | 2,408,460 | ||||||
|
| |||||||
123,138,857 | ||||||||
Utilities — 13.8% | ||||||||
City of San Francisco California Public Utilities Commission Water Revenue, Refunding RB, Series D, 5.00%, 11/01/32 | 5,000 | 6,306,400 | ||||||
East Bay Municipal Utility District Water System Revenue, RB Series A, 5.00%, 06/01/45 | 3,245 | 3,949,360 |
Security | Par (000) | Value | ||||||
Utilities (continued) | ||||||||
East Bay Municipal Utility District Water System Revenue, RB (continued) | ||||||||
Series C, 4.00%, 06/01/45 | $ | 5,000 | $ | 5,542,250 | ||||
Los Angeles Department of Water & Power Power System Revenue, RB | ||||||||
Series A, 5.00%, 07/01/42 | 10,670 | 12,848,174 | ||||||
Series B, 5.00%, 07/01/38 | 3,000 | 3,591,090 | ||||||
Los Angeles Department of Water, Refunding RB | ||||||||
Series A, 5.00%, 07/01/41 | 5,000 | 6,044,050 | ||||||
Series A, 5.00%, 07/01/44 | 1,500 | 1,803,930 | ||||||
Series A, 5.25%, 07/01/44 | 3,000 | 3,668,100 | ||||||
Series B, 5.00%, 07/01/43 | 7,150 | 8,829,749 | ||||||
San Francisco City & County Public Utilities Commission Wastewater Revenue, RB, Series B, 5.00%, 10/01/43 | 2,485 | 3,067,385 | ||||||
South Coast Water District Financing Authority, Refunding RB, Series A, 5.00%, 02/01/44 | 9,130 | 11,197,123 | ||||||
|
| |||||||
66,847,611 | ||||||||
|
| |||||||
Total Municipal Bonds in California | 421,941,692 | |||||||
|
| |||||||
Puerto Rico — 6.1% |
| |||||||
State — 4.4% |
| |||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | ||||||||
Series A-1, Restructured, 4.75%, 07/01/53 | 2,845 | 2,982,527 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 | 10,154 | 10,799,185 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 | 2,588 | 2,663,906 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 | 2,530 | 2,656,222 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(b) | 8,577 | 2,466,402 | ||||||
|
| |||||||
21,568,242 | ||||||||
Tobacco — 0.1% | ||||||||
Children’s Trust Fund, Refunding RB, 5.50%, 05/15/39 | 505 | 515,004 | ||||||
|
| |||||||
Utilities — 1.6% | ||||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB | ||||||||
Series A, Senior Lien, 5.00%, 07/01/33 | 3,865 | 3,923,014 | ||||||
Series A, Senior Lien, 5.13%, 07/01/37 | 1,105 | 1,121,774 | ||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, Refunding RB, Series A, Senior Lien, 6.00%, 07/01/38 | 2,550 | 2,554,360 | ||||||
|
| |||||||
7,599,148 | ||||||||
|
| |||||||
Total Municipal Bonds in Puerto Rico | 29,682,394 | |||||||
|
| |||||||
Total Municipal Bonds — 93.4% | 451,624,086 | |||||||
|
| |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(e) |
| |||||||
California — 68.8% |
| |||||||
County/City/Special District/School District — 24.4% | ||||||||
Los Angeles County Metropolitan Transportation Authority, Refunding RB, Series A, 5.00%, 07/01/44 | 11,200 | 13,839,504 | ||||||
Palomar Community College District, GO, Series C, 5.00%, 08/01/25(a) | 15,140 | 17,729,849 |
2 |
|
Schedule of Investments (unaudited) (continued) October 31, 2020 | BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
County/City/Special District/School District (continued) | ||||||||
San Diego Unified School District, GO, Series I, 5.00%, 07/01/47 | $ | 10,000 | $ | 12,093,500 | ||||
San Francisco Bay Area Rapid Transit District, GO, Series A, 5.00%, 08/01/47 | 10,615 | 12,865,057 | ||||||
San Joaquin Delta Community College District, GO, Series C, 5.00%, 08/01/24(a) | 14,505 | 16,998,552 | ||||||
San Jose Unified School District, GO, Series C, 4.00%, 08/01/39 | 6,100 | 6,725,433 | ||||||
Santa Clara County Financing Authority, RB, Series A, 4.00%, 05/01/45 | 22,230 | 25,396,441 | ||||||
Santa Monica Community College District, GO, Series A, 5.00%, 08/01/43 | 10,000 | 12,368,000 | ||||||
|
| |||||||
118,016,336 | ||||||||
Education — 15.7% | ||||||||
California State University, Refunding RB, Series A, 5.00%, 11/01/43 | 11,792 | 13,978,996 | ||||||
University of California, RB | ||||||||
Series AM, 5.25%, 05/15/44 | 5,000 | 5,720,050 | ||||||
Series M, 5.00%, 05/15/42 | 10,000 | 12,050,100 | ||||||
University of California, Refunding RB | ||||||||
Series AI, 5.00%, 05/15/38 | 14,225 | 15,723,887 | ||||||
Series AR, 5.00%, 05/15/41 | 10,165 | 12,115,561 | ||||||
Series I, 5.00%, 05/15/40 | 14,065 | 16,381,082 | ||||||
|
| |||||||
75,969,676 | ||||||||
Health — 9.3% | ||||||||
California Health Facilities Financing Authority, RB(a) | ||||||||
Series A, 5.00%, 08/15/23 | 9,695 | 10,598,574 | ||||||
Series A, 5.00%, 11/15/25 | 11,620 | 14,291,089 | ||||||
California Statewide Communities Development Authority, RB, Series A, 5.00%, 04/01/42 | 18,960 | 19,963,553 | ||||||
|
| |||||||
44,853,216 | ||||||||
State — 4.1% | ||||||||
State of California, Refunding GO, 4.00%, 10/01/39 | 16,620 | 19,527,835 | ||||||
Transportation — 8.9% | ||||||||
City & County of San Francisco California, Refunding COP, Series A, 4.00%, 04/01/43 | 10,865 | 12,168,256 | ||||||
City of Los Angeles Department of Airports, ARB, AMT, Series D, 5.00%, 05/15/41 | 18,632 | 21,012,106 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB, AMT, Series B, 5.00%, 05/01/41 | 8,720 | 9,964,257 | ||||||
|
| |||||||
43,144,619 |
Security | Par (000) | Value | ||||||
Utilities — 6.4% |
| |||||||
Los Angeles Department of Water, Refunding RB, Series A, 5.00%, 07/01/46 | $ | 6,412 | $ | 7,502,165 | ||||
Sacramento Municipal Utility District, Refunding RB, Series H, 4.00%, 08/15/45 | 20,000 | 23,533,200 | ||||||
|
| |||||||
31,035,365 | ||||||||
|
| |||||||
Total Municipal Bonds in California | 332,547,047 | |||||||
|
| |||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 68.8% |
| 332,547,047 | ||||||
|
| |||||||
Total Long-Term Investments — 162.2% |
| 784,171,133 | ||||||
|
| |||||||
Shares | ||||||||
Short-Term Securities | ||||||||
Money Market Funds — 1.2% | ||||||||
BlackRock Liquidity Funds California Money Fund, Institutional Class, 0.01%(f)(g) | 5,971,643 | 5,971,643 | ||||||
|
| |||||||
Total Short-Term Securities — 1.2% | 5,971,643 | |||||||
|
| |||||||
Total Investments — 163.4% | 790,142,776 | |||||||
Other Assets Less Liabilities — 1.6% | 8,015,429 | |||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (29.6)% |
| (143,323,676 | ) | |||||
VMTP Shares at Liquidation Value — (35.4)% |
| (171,300,000 | ) | |||||
|
| |||||||
Net Assets Applicable to Common Shares — 100.0% |
| $ | 483,534,529 | |||||
|
|
(a) | 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. |
(b) | Zero-coupon bond. |
(c) | 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. |
(d) | 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. |
(e) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Trust. These bonds serve as collateral in a secured borrowing. |
(f) | Affiliate of the Trust. |
(g) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Trust during the period ended October 31, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 07/31/20 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 10/31/20 | Shares Held at 10/31/20 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds California Money Fund, Institutional Class | $ | 614,041 | $ | 5,357,613 | (a) | $ | — | $ | (11 | ) | $ | — | $ | 5,971,643 | 5,971,643 | $ | 68 | $ | — | |||||||||||||||||
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(a) | Represents net amount purchased (sold). |
3 |
Schedule of Investments (unaudited) (continued) October 31, 2020 | BlackRock California Municipal Income Trust (BFZ) |
For Trust compliance purposes, the Trust’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.
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 Trust 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) |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global 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 Global 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 Trust’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Trust’s investments categorized in the disclosure hierarchy. The breakdown of the Trust’s investments 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 | $ | — | $ | 451,624,086 | $ | — | $ | 451,624,086 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 332,547,047 | — | 332,547,047 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 5,971,643 | — | — | 5,971,643 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 5,971,643 | $ | 784,171,133 | $ | — | $ | 790,142,776 | |||||||||
|
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|
|
|
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|
|
The Trust may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial reporting purposes. As of period end, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities |
| |||||||||||||||
TOB Trust Certificates | $ | — | $ | (143,275,836 | ) | $ | — | $ | (143,275,836 | ) | ||||||
VMTP Shares at Liquidation Value | — | (171,300,000 | ) | — | (171,300,000 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | — | $ | (314,575,836 | ) | $ | — | $ | (314,575,836 | ) | |||||||
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Portfolio Abbreviation
AGM | Assured Guaranty Municipal Corp. | |
AMT | Alternative Minimum Tax | |
ARB | Airport Revenue Bonds | |
CAB | Capital Appreciation Bonds | |
COP | Certificates of Participation | |
GO | General Obligation Bonds | |
M/F | Multi-Family |
Portfolio Abbreviation (continued) | ||
RB | Revenue Bond | |
S/F | Single-Family | |
SAB | Special Assessment Bonds | |
ST | Special Tax |
4 |
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