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) | $ | 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 | ||||||
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| |||||||
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 | 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 | 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 | ||||||
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| |||||||
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 | ||||||
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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 | ||||||
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4,198,217 | ||||||||
Tobacco — 2.5% | ||||||||
Commonwealth Financing Authority, RB | 2,205 | 2,362,875 | ||||||
(AGM), 4.00%, 06/01/39 | 6,700 | 6,755,293 | ||||||
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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, | 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 | ||||||
|
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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 | ||||||
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24,092,120 | ||||||||
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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 | ||||||
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| |||||||
Total Municipal Bonds in Puerto Rico | 11,559,213 | |||||||
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Total Long-Term Investments — 97.0% | 354,179,137 | |||||||
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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 | ||||||
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| |||||||
Total Short-Term Securities — 1.7% | 6,315,756 | |||||||
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Total Investments — 98.7% | 360,494,893 | |||||||
Other Assets Less Liabilities — 1.3% | 4,607,067 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 365,101,960 | ||||||
|
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(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 | |||||||||||||||||||||||||||
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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 | $ | — | |||||||||||||||||
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(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 | ||||||||||||
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$ | 6,315,756 | $ | 354,179,137 | $ | — | $ | 360,494,893 | |||||||||
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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 |
S C H E D U L E O F I N V E S T M E N T S | 4 |