Schedule of Investments (unaudited) February 29, 2024 | BlackRock New Jersey Municipal Bond Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds | ||||||||
New Jersey — 89.7% | ||||||||
Corporate — 8.0% | ||||||||
New Jersey Economic Development Authority, ARB, Series B, AMT, 5.63%, 11/15/30 | $ | 510 | $ | 513,286 | ||||
New Jersey Economic Development Authority, RB, AMT, 4.00%, 08/01/59 | 4,200 | 3,725,207 | ||||||
New Jersey Economic Development Authority, Refunding RB | ||||||||
3.38%, 04/01/38 | 1,360 | 1,267,589 | ||||||
3.50%, 04/01/42 | 720 | 646,333 | ||||||
AMT, 3.75%, 11/01/34(a) | 5,000 | 5,065,302 | ||||||
AMT, 3.00%, 08/01/41 | 5,670 | 4,671,919 | ||||||
AMT, 3.00%, 08/01/43 | 5,600 | 4,498,481 | ||||||
Series A, AMT, 2.20%, 10/01/39(a) | 3,880 | 3,451,399 | ||||||
|
| |||||||
23,839,516 | ||||||||
County/City/Special District/School District — 11.6% | ||||||||
Carlstadt School District, Refunding GO, 4.00%, 05/01/30 | 1,415 | 1,416,799 | ||||||
City of East Orange New Jersey, Refunding GO, (AGM), 3.00%, 09/15/31 | 2,200 | 2,124,443 | ||||||
Clifton Board of Education, GO | ||||||||
(AGM), 2.00%, 08/15/41 | 1,630 | 1,137,887 | ||||||
(AGM), 2.25%, 08/15/46 | 1,850 | 1,215,507 | ||||||
County of Bergen New Jersey, Refunding GO, 3.00%, 07/15/38 | 1,070 | 988,740 | ||||||
Essex County Improvement Authority, Refunding RB, (NPFGC GTD), 5.50%, 10/01/29 | 1,500 | 1,729,655 | ||||||
Ewing Township Board of Education, GO | ||||||||
4.00%, 07/15/38 | 920 | 939,906 | ||||||
4.00%, 07/15/39 | 740 | 752,142 | ||||||
Hudson County Improvement Authority, RB, 5.00%, 05/01/46 | 1,440 | 1,475,867 | ||||||
Industrial Pollution Control Financing Authority of Gloucester County, Refunding RB, Series A, AMT, 5.00%, 12/01/24(b) | 115 | 115,252 | ||||||
Lenape Regional High School District, GO, (AGM), 3.50%, 01/01/39 | 3,400 | 3,231,191 | ||||||
Monmouth Regional High School District, GO, 3.00%, 02/01/34 | 1,260 | 1,216,361 | ||||||
New Jersey Economic Development Authority, RB | ||||||||
5.00%, 12/15/28(c) | 2,040 | 2,265,148 | ||||||
5.00%, 06/15/43 | 1,955 | 2,061,059 | ||||||
New Jersey Economic Development Authority, Refunding SAB, 6.50%, 04/01/28 | 1,867 | 1,889,630 | ||||||
Newark Board of Education, Refunding GO, Sustainability Bonds, (BAM), 3.00%, 07/15/39 | 630 | 540,278 | ||||||
Township of Bloomfield New Jersey, Refunding GO, 3.00%, 02/01/33 | 1,040 | 1,013,992 | ||||||
Township of Irvington New Jersey, Refunding GO, Series A, (AGM SAW), 5.00%, 07/15/24(c) | 2,445 | 2,461,042 | ||||||
Township of Monroe New Jersey/Middlesex County, Refunding GO | ||||||||
3.00%, 06/01/37 | 385 | 356,777 | ||||||
3.00%, 06/01/38 | 410 | 373,117 | ||||||
Union County Utilities Authority, Refunding RB | ||||||||
Series A, AMT, (GTD), 4.75%, 12/01/31 | 1,205 | 1,206,415 | ||||||
Series A, AMT, (GTD), 5.25%, 12/01/31 | 5,965 | 5,974,205 | ||||||
|
| |||||||
34,485,413 |
Security | Par (000) | Value | ||||||
Education — 17.4% | ||||||||
Atlantic County Improvement Authority, RB, Series A, (AGM), 4.00%, 07/01/46 | $ | 1,250 | $ | 1,208,672 | ||||
Camden County Improvement Authority, RB, Sustainability Bonds, 6.00%, 06/15/52 | 220 | 238,109 | ||||||
Gloucester County Improvement Authority, RB, 5.00%, 07/01/44 | 530 | 537,471 | ||||||
Middlesex County Improvement Authority, RB, 5.00%, 08/15/53 | 625 | 680,791 | ||||||
New Jersey Economic Development Authority, RB | ||||||||
Series A, 5.00%, 07/01/27(d) | 140 | 138,750 | ||||||
Series A, 5.13%, 11/01/29(d) | 100 | 99,429 | ||||||
Series A, 5.25%, 07/01/37(d) | 470 | 457,223 | ||||||
Series A, 6.25%, 11/01/38(d) | 210 | 215,029 | ||||||
Series A, 5.00%, 06/15/39(d) | 825 | 816,070 | ||||||
Series A, 5.38%, 07/01/47(d) | 815 | 744,038 | ||||||
Series A, 5.00%, 12/01/48 | 2,190 | 2,230,679 | ||||||
Series A, 5.00%, 06/15/49(d) | 135 | 125,173 | ||||||
Series A, 5.00%, 01/01/50 | 265 | 239,745 | ||||||
Series A, 5.00%, 07/01/50 | 200 | 192,847 | ||||||
Series A, 6.50%, 11/01/52(d) | 1,210 | 1,222,486 | ||||||
Series A, 5.25%, 11/01/54(d) | 1,100 | 935,225 | ||||||
Series AAA, 5.00%, 12/15/26(c) | 1,990 | 2,109,656 | ||||||
Series DDD, 5.00%, 06/15/27(c) | 3,000 | 3,219,076 | ||||||
New Jersey Economic Development Authority, Refunding RB | ||||||||
(AGM), 5.00%, 06/01/37 | 2,760 | 2,869,662 | ||||||
(AGM), 5.00%, 06/01/42 | 690 | 710,662 | ||||||
Series A, 4.75%, 08/01/24(d) | 55 | 54,791 | ||||||
Series A, 5.63%, 08/01/34(d) | 250 | 250,545 | ||||||
Series A, 5.00%, 09/01/37(d) | 315 | 304,298 | ||||||
Series A, 5.88%, 08/01/44(d) | 430 | 430,175 | ||||||
Series A, 5.13%, 09/01/52(d) | 1,000 | 884,450 | ||||||
Series PP, 4.00%, 06/15/24(c) | 4,875 | 4,885,945 | ||||||
New Jersey Educational Facilities Authority, RB | 8,630 | 9,774,187 | ||||||
Series A, 5.25%, 09/01/53 | 655 | 711,926 | ||||||
Series C, (AGM), 3.25%, 07/01/49 | 290 | 218,680 | ||||||
Series C, (AGM), 4.00%, 07/01/50 | 245 | 240,004 | ||||||
New Jersey Educational Facilities Authority, Refunding RB | ||||||||
Series A, 5.00%, 07/01/33 | 2,005 | 2,013,520 | ||||||
Series B, 5.00%, 07/01/32 | 2,465 | 2,579,760 | ||||||
Series H, (AGM), 4.00%, 07/01/39 | 715 | 720,337 | ||||||
New Jersey Higher Education Student Assistance Authority, RB | ||||||||
Series B, AMT, 4.00%, 12/01/44 | 425 | 402,164 | ||||||
Sub-Series C, AMT, 4.00%, 12/01/48 | 700 | 621,620 | ||||||
Series C, AMT, Subordinate, 5.00%, 12/01/53 | 265 | 255,156 | ||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB | ||||||||
Series B, AMT, 4.00%, 12/01/41 | 950 | 944,536 | ||||||
Sub-Series C, AMT, 3.63%, 12/01/49 | 1,065 | 863,961 | ||||||
Series C, AMT, Subordinate, 5.00%, 12/01/52 | 1,075 | 1,100,435 | ||||||
New Jersey Institute of Technology, RB, Series A, 5.00%, 07/01/40 | 5,000 | 5,129,805 | ||||||
|
| |||||||
51,377,088 | ||||||||
Health — 11.7% | ||||||||
New Jersey Economic Development Authority, Refunding RB | ||||||||
5.00%, 01/01/34 | 270 | 261,295 | ||||||
5.00%, 01/01/39 | 520 | 467,850 |
1 |
Schedule of Investments (unaudited) (continued) February 29, 2024 | BlackRock New Jersey Municipal Bond Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Health (continued) | ||||||||
New Jersey Economic Development Authority, Refunding RB (continued) | ||||||||
5.00%, 01/01/49 | $ | 500 | $ | 408,133 | ||||
New Jersey Health Care Facilities Financing Authority, RB | ||||||||
2.80%, 07/01/33(a) | 4,700 | 4,700,000 | ||||||
5.00%, 07/01/42 | 3,000 | 3,097,931 | ||||||
2.38%, 07/01/46 | 3,740 | 2,441,751 | ||||||
3.00%, 07/01/51 | 7,905 | 6,057,643 | ||||||
Series A, 5.25%, 07/01/35 | 1,460 | 1,462,296 | ||||||
Series A, 5.00%, 07/01/39 | 1,150 | 1,156,377 | ||||||
Series A, 5.00%, 07/01/43 | 1,535 | 1,542,183 | ||||||
New Jersey Health Care Facilities Financing Authority, Refunding RB | ||||||||
5.00%, 07/01/24(c) | 2,950 | 2,967,205 | ||||||
5.00%, 07/01/29 | 285 | 285,349 | ||||||
5.00%, 07/01/34 | 1,000 | 1,046,933 | ||||||
4.00%, 07/01/41 | 1,000 | 1,006,181 | ||||||
Series A, 4.00%, 07/01/32 | 2,300 | 2,352,463 | ||||||
Series A, 5.00%, 07/01/37 | 5,000 | 5,279,074 | ||||||
|
| |||||||
34,532,664 | ||||||||
Housing — 3.2% | ||||||||
New Jersey Housing & Mortgage Finance Agency, RB, 5.25%, 12/20/65 | 345 | 359,688 | ||||||
New Jersey Housing & Mortgage Finance Agency, RB, S/F Housing | ||||||||
Series H, Sustainability Bonds, 2.15%, 10/01/41 | 910 | 654,598 | ||||||
Series H, Sustainability Bonds, 2.30%, 10/01/46 | 680 | 469,609 | ||||||
Series H, Sustainability Bonds, 2.40%, 04/01/52 | 680 | 470,438 | ||||||
New Jersey Housing & Mortgage Finance Agency, Refunding RB, M/F Housing | ||||||||
Series A, (HUD SECT 8), 2.45%, 11/01/45 | 240 | 164,154 | ||||||
Series A, 4.00%, 11/01/48 | 150 | 139,190 | ||||||
Series A, (HUD SECT 8), 2.55%, 11/01/50 | 220 | 145,016 | ||||||
Series A, 4.10%, 11/01/53 | 100 | 90,932 | ||||||
Series A, (HUD SECT 8), 2.63%, 11/01/56 | 220 | 138,472 | ||||||
Series A, Sustainability Bonds, (HUD SECT 8), 2.25%, 11/01/36 | 350 | 287,251 | ||||||
Series A, Sustainability Bonds, (HUD SECT 8), 2.65%, 11/01/46 | 350 | 249,606 | ||||||
Series A, Sustainability Bonds, (HUD SECT 8), 2.70%, 11/01/51 | 350 | 236,187 | ||||||
Series A, Sustainability Bonds, (HUD SECT 8), 2.75%, 11/01/56 | 350 | 228,097 | ||||||
New Jersey Housing & Mortgage Finance Agency, Refunding RB, S/F Housing | ||||||||
Series A, 3.75%, 10/01/35 | 900 | 845,878 | ||||||
Series E, 2.25%, 10/01/40 | 680 | 502,272 | ||||||
Series E, 2.40%, 10/01/45 | 515 | 384,171 | ||||||
Newark Housing Authority, RB, M/F Housing | ||||||||
Series A, 5.00%, 12/01/30 | 1,640 | 1,641,964 | ||||||
Series A, 4.38%, 12/01/33 | 2,515 | 2,516,454 | ||||||
|
| |||||||
9,523,977 | ||||||||
State — 11.2% | ||||||||
Casino Reinvestment Development Authority, Inc., Refunding RB | ||||||||
5.25%, 11/01/39 | 1,020 | 1,027,108 | ||||||
5.25%, 11/01/44 | 590 | 592,991 | ||||||
Class D, (AGM), 4.00%, 11/01/34 | 500 | 501,988 | ||||||
Garden State Preservation Trust, RB | ||||||||
Series A, (AGM), 5.75%, 11/01/28 | 2,565 | 2,750,724 | ||||||
Series B, (AGM), 0.00%, 11/01/24(f) | 10,000 | 9,783,421 |
Security | Par (000) | Value | ||||||
State (continued) | ||||||||
Garden State Preservation Trust, | ||||||||
Series B, (AGM), 0.00%, 11/01/27(f) | $ | 4,135 | $ | 3,680,945 | ||||
New Jersey Economic Development Authority, RB 4.00%, 06/15/49 | 1,190 | 1,134,382 | ||||||
Series A, 5.00%, 06/15/42 | 4,000 | 4,186,391 | ||||||
Series B, 6.50%, 04/01/31 | 1,475 | 1,485,522 | ||||||
New Jersey Economic Development Authority, Refunding RB | ||||||||
Sub-Series A, 5.00%, 07/01/33 | 125 | 129,210 | ||||||
Sub-Series A, 4.00%, 07/01/34 | 305 | 312,302 | ||||||
New Jersey Educational Facilities Authority, RB, Series A, 5.00%, 09/01/33 | 1,750 | 1,766,017 | ||||||
New Jersey Health Care Facilities Financing Authority, RB, 5.00%, 09/15/29 | 2,000 | 2,001,955 | ||||||
State of New Jersey, GO | ||||||||
2.00%, 06/01/37 | 2,000 | 1,518,082 | ||||||
5.00%, 06/01/38 | 2,000 | 2,169,314 | ||||||
|
| |||||||
33,040,352 | ||||||||
Tobacco — 1.3% | ||||||||
Tobacco Settlement Financing Corp., Refunding RB | ||||||||
Series A, 5.00%, 06/01/46 | 1,000 | 1,023,541 | ||||||
Series A, 5.25%, 06/01/46 | 1,000 | 1,036,457 | ||||||
Sub-Series B, 5.00%, 06/01/46 | 1,865 | 1,898,385 | ||||||
|
| |||||||
3,958,383 | ||||||||
Transportation — 22.6% | ||||||||
New Jersey Economic Development Authority, RB | ||||||||
Class A, 5.25%, 11/01/47 | 2,200 | 2,417,692 | ||||||
AMT, (AGM), 5.13%, 01/01/39 | 1,000 | 1,000,127 | ||||||
AMT, (AGM), 5.13%, 07/01/42 | 1,000 | 1,000,758 | ||||||
AMT, 5.38%, 01/01/43 | 905 | 905,622 | ||||||
New Jersey Transportation Trust Fund Authority, RB | ||||||||
5.00%, 06/15/33 | 550 | 602,346 | ||||||
5.00%, 06/15/42 | 210 | 230,839 | ||||||
5.25%, 06/15/46 | 210 | 232,224 | ||||||
Class BB, 5.00%, 06/15/36 | 1,250 | 1,415,044 | ||||||
Class BB, 4.00%, 06/15/37 | 700 | 725,867 | ||||||
Class BB, 4.00%, 06/15/50 | 650 | 617,598 | ||||||
Series A, 5.00%, 06/15/30 | 1,250 | 1,306,497 | ||||||
Series A, 0.00%, 12/15/32(f) | 10,000 | 7,486,278 | ||||||
Series AA, 4.00%, 06/15/36 | 1,435 | 1,491,996 | ||||||
Series AA, 4.00%, 06/15/45 | 1,775 | 1,746,514 | ||||||
Series AA, 5.00%, 06/15/45 | 3,500 | 3,680,151 | ||||||
Series AA, 4.00%, 06/15/50 | 4,000 | 3,814,851 | ||||||
Series BB, 4.00%, 06/15/44 | 2,335 | 2,310,749 | ||||||
Series BB, 4.00%, 06/15/50 | 1,500 | 1,428,732 | ||||||
Series BB, 5.25%, 06/15/50 | 5,125 | 5,629,275 | ||||||
New Jersey Transportation Trust Fund Authority, RB, CAB(f) | ||||||||
Series A, 0.00%, 12/15/35 | 8,900 | 5,793,604 | ||||||
Series A, 0.00%, 12/15/38 | 10,000 | 5,485,471 | ||||||
New Jersey Transportation Trust Fund Authority, Refunding RB | ||||||||
Series A, 5.00%, 06/15/31 | 2,730 | 2,845,292 | ||||||
Series A, 5.00%, 12/15/35 | 455 | 494,699 | ||||||
Series A, 4.00%, 06/15/36 | 1,700 | 1,770,562 | ||||||
Series A, 5.25%, 06/15/41 | 1,000 | 1,139,830 | ||||||
Series AA, 4.25%, 06/15/44 | 1,545 | 1,562,699 | ||||||
New Jersey Turnpike Authority, RB | ||||||||
Series A, 4.00%, 01/01/42 | 1,000 | 1,023,357 | ||||||
Series E, 5.00%, 01/01/45 | 2,000 | 2,024,253 | ||||||
New Jersey Turnpike Authority, Refunding RB Series A, (BHAC-CR AGM), 5.25%, 01/01/30 | 1,000 | 1,144,866 |
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 New Jersey Municipal Bond Fund (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Transportation (continued) | ||||||||
New Jersey Turnpike Authority, Refunding | ||||||||
Series A, 4.00%, 01/01/39 | $ | 1,000 | $ | 1,038,189 | ||||
South Jersey Port Corp., ARB, Series B, AMT, 5.00%, 01/01/42 | 2,380 | 2,444,256 | ||||||
South Jersey Transportation Authority, Refunding RB | ||||||||
Series A, 5.00%, 11/01/32 | 440 | 443,178 | ||||||
Series A, 5.00%, 11/01/33 | 250 | 251,807 | ||||||
Series A, 5.00%, 11/01/39 | 1,500 | 1,482,993 | ||||||
|
| |||||||
66,988,216 | ||||||||
Utilities — 2.7% | ||||||||
Essex County Improvement Authority, RB, (GTD), 4.00%, 11/01/44 | 7,695 | 7,743,887 | ||||||
New Jersey Infrastructure Bank, RB, Sustainability Bonds, 2.00%, 09/01/43 | 240 | 160,980 | ||||||
|
| |||||||
7,904,867 | ||||||||
|
| |||||||
Total Municipal Bonds in New Jersey | 265,650,476 | |||||||
New York — 5.2% | ||||||||
Transportation — 5.2% | ||||||||
Port Authority of New York & New Jersey, ARB | ||||||||
Series 93, 6.13%, 06/01/94 | 1,000 | 1,008,443 | ||||||
AMT, 5.00%, 11/01/30 | 1,000 | 1,089,176 | ||||||
AMT, 5.00%, 11/01/33 | 495 | 535,371 | ||||||
Series 218, AMT, 5.00%, 11/01/32 | 1,495 | 1,621,406 | ||||||
Series 221, AMT, 4.00%, 07/15/50 | 1,335 | 1,269,905 | ||||||
Port Authority of New York & New Jersey, Refunding ARB | ||||||||
Series 205, 5.00%, 11/15/47 | 1,975 | 2,060,644 | ||||||
AMT, 5.00%, 01/15/47 | 2,000 | 2,130,676 | ||||||
186th Series, AMT, 5.00%, 10/15/44 | 3,000 | 3,015,941 | ||||||
Port Authority of New York & New Jersey, Refunding RB | ||||||||
223rd Series, AMT, 4.00%, 07/15/46 | 1,755 | 1,681,030 | ||||||
Series 223, AMT, 4.00%, 07/15/41 | 725 | 708,753 | ||||||
Series 238, AMT, 5.00%, 07/15/39 | 330 | 363,633 | ||||||
|
| |||||||
Total Municipal Bonds in New York | 15,484,978 | |||||||
Pennsylvania — 0.9% | ||||||||
Transportation — 0.9% | ||||||||
Delaware River Joint Toll Bridge Commission, RB, 5.00%, 07/01/42 | 1,130 | 1,185,184 | ||||||
Delaware River Port Authority, RB, 5.00%, 01/01/40 | 1,500 | 1,501,886 | ||||||
|
| |||||||
Total Municipal Bonds in Pennsylvania | 2,687,070 | |||||||
|
| |||||||
Puerto Rico — 3.2% | ||||||||
State — 3.2% | ||||||||
Commonwealth of Puerto Rico, GO, Series A-1, Restructured, 5.75%, 07/01/31 | 1,044 | 1,160,455 |
Security | Par (000) | Value | ||||||
State (continued) | ||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | ||||||||
Series A-1, Restructured, 4.75%, 07/01/53 | $ | 2,932 | $ | 2,909,362 | ||||
Series A-2, Restructured, 4.78%, 07/01/58 | 1,518 | 1,506,648 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 | 410 | 407,480 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB(f) | ||||||||
Series A-1, Restructured, 0.00%, 07/01/46 | 9,847 | 3,199,751 | ||||||
Series B-1, Restructured, 0.00%, 07/01/46 | 567 | 184,161 | ||||||
|
| |||||||
Total Municipal Bonds in Puerto Rico | 9,367,857 | |||||||
|
| |||||||
Total Long-Term Investments — 99.0% | 293,190,381 | |||||||
|
| |||||||
Shares | ||||||||
Short-Term Securities | ||||||||
Money Market Funds — 3.8% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 2.97%(g)(h) | 11,165,794 | 11,166,910 | ||||||
|
| |||||||
Total Short-Term Securities — 3.8% | 11,166,910 | |||||||
|
| |||||||
Total Investments — 102.8% | 304,357,291 | |||||||
Liabilities in Excess of Other Assets — (2.8)% |
| (8,257,946 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 296,099,345 | ||||||
|
|
(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 is collateralized by municipal bonds or U.S. Treasury obligations. |
(c) | 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. |
(d) | 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. |
(e) | When-issued security. |
(f) | Zero-coupon bond. |
(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 New Jersey 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 | $ | 26,896,116 | $ | — | $ | (15,730,733) | (a) | $ | 2,562 | $ | (1,035 | ) | $ | 11,166,910 | 11,165,794 | $ | 439,390 | $ | — | |||||||||||||||||
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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 | $ | — | $ | 293,190,381 | $ | — | $ | 293,190,381 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 11,166,910 | — | — | 11,166,910 | ||||||||||||
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$ | 11,166,910 | $ | 293,190,381 | $ | — | $ | 304,357,291 | |||||||||
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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. | |
BHAC-CR | Berkshire Hathaway Assurance Corp. - Custodian Receipt | |
CAB | Capital Appreciation Bonds | |
GO | General Obligation Bonds | |
GTD | GTD Guaranteed |
Portfolio Abbreviation (continued)
HUD SECT 8 | U.S. Department of Housing and Urban Development Section 8 | |
M/F | Multi-Family | |
NPFGC | National Public Finance Guarantee Corp. | |
RB | Revenue Bond | |
S/F | Single-Family | |
SAB | Special Assessment Bonds | |
SAW | State Aid Withholding |
S C H E D U L E O F I N V E S T M E N T S | 4 |