Schedule of Investments (unaudited) October 31, 2019 | BlackRock MuniYield California Fund, Inc. (MYC) (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
Municipal Bonds — 79.9% |
| |||||||
California — 75.2% |
| |||||||
| County/City/Special District/School District — 17.8% | ||||||||
Beverly Hills Unified School District California, GO, Series A, 3.00%, 08/01/41 | $ | 4,000 | $ | 4,131,240 | ||||
California Statewide Communities Development Authority, RB, Lancer Educational Student Housing Project, 5.00%, 06/01/51(a) | 165 | 191,385 | ||||||
California Statewide Communities Development Authority, Special Assessment, Statewide Community Infrastructure Program, Series A: | ||||||||
5.00%, 09/02/39 | 200 | 237,588 | ||||||
5.00%, 09/02/44 | 115 | 135,059 | ||||||
5.00%, 09/02/48 | 115 | 134,356 | ||||||
City of Los Angeles California, COP, Senior, Sonnenblick Del Rio West Los Angeles (AMBAC), 6.20%, 11/01/31 | 2,000 | 2,007,980 | ||||||
City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation Project: | ||||||||
6.50%, 05/01/36 | 1,520 | 1,631,355 | ||||||
6.50%, 05/01/42 | 1,860 | 1,990,870 | ||||||
County of Los Angeles California Metropolitan Transportation Authority, Refunding RB, Series A, 5.00%, 07/01/42 | 2,750 | 3,349,032 | ||||||
County of Riverside California Public Financing Authority, RB, Capital Facilities Project, 5.25%, 11/01/45 | 5,000 | 5,934,700 | ||||||
County of San Joaquin California Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A, 6.00%, 03/01/21(b) | 2,440 | 2,599,674 | ||||||
County of Santa Clara California, GO, Refunding, Series C, 4.00%, 08/01/38 | 4,075 | 4,670,602 | ||||||
Mount San Antonio Community College District, GO, Refunding, Election of 2018, Series A, 5.00%, 08/01/44 | 8,000 | 10,074,800 | ||||||
Riverside Community Properties Development, Inc., RB, Riverside County Law Building Project, 6.00%, 10/15/23(b) | 1,700 | 2,027,267 | ||||||
San Francisco Bay Area Rapid Transit District, GO: | ||||||||
Election of 2016, Green Bonds, Series A, 4.00%, 08/01/42 | 7,875 | 8,856,697 | ||||||
Green Bond, Election of 2004,Series F-1, 3.00%, 08/01/38 | 3,000 | 3,147,840 | ||||||
| Security | Par (000) | Value | ||||||
| County/City/Special District/School District (continued) | ||||||||
Washington Township Health Care District, GO, Election of 2004, Series B, 5.50%, 08/01/38 | $ | 1,625 | $ | 1,912,332 | ||||
West Contra Costa California Unified School District, GO, Election of 2012, Series A, 5.50%, 08/01/39 | 2,500 | 2,866,375 | ||||||
West Valley-Mission Community College District, GO, Series A, 4.00%, 08/01/44 | 3,420 | 3,939,840 | ||||||
|
| |||||||
| 59,838,992 | ||||||||
| Education — 5.8% | ||||||||
California Educational Facilities Authority, Refunding RB, Pitzer College, | 2,500 | 2,550,700 | ||||||
California Municipal Finance Authority, Refunding RB, William Jessup University: | ||||||||
5.00%, 08/01/39 | 290 | 330,098 | ||||||
5.00%, 08/01/48 | 350 | 391,202 | ||||||
California Public Finance Authority, RB, Trinity Classical Academy Project, Series A, 5.00%, 07/01/54(a) | 195 | 204,187 | ||||||
California School Finance Authority, RB: | ||||||||
Alliance College-Ready Public Schools — 2023 Union LLC Project, Series A, 6.00%, 07/01/33 | 1,500 | 1,705,575 | ||||||
Alliance College-Ready Public Schools — 2023 Union LLC Project, Series A, 6.30%, 07/01/43 | 3,000 | 3,401,670 | ||||||
Real Journey Academies, Series A, 5.00%, 06/01/58(a) | 1,465 | 1,526,281 | ||||||
Value Schools, 6.65%, 07/01/33 | 595 | 678,919 | ||||||
Value Schools, 6.90%, 07/01/43 | 1,330 | 1,505,879 | ||||||
State of California University, Refunding RB, Systemwide, Series A, 5.00%, 11/01/41 | 2,000 | 2,381,140 | ||||||
University of California, Refunding RB, General, Series AZ, 5.00%, 05/15/43 | 4,000 | 4,918,840 | ||||||
|
| |||||||
| 19,594,491 | ||||||||
| Health — 9.3% | ||||||||
California Health Facilities Financing Authority, RB: | ||||||||
Children’s Hospital, Series A, 5.25%, 11/01/41 | 9,700 | 10,388,603 | ||||||
Sutter Health, Series B, 6.00%, 08/15/20(b) | 7,530 | 7,821,034 | ||||||
1
Schedule of Investments (unaudited) (continued) October 31, 2019 | BlackRock MuniYield California Fund, Inc. (MYC) (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Health (continued) | ||||||||
California Health Facilities Financing Authority, Refunding RB, Sutter Health, Series B, 5.00%, 11/15/46 | $ | 4,000 | $ | 4,744,680 | ||||
California Statewide Communities Development Authority, RB: | ||||||||
Loma Linda University Medical Center, 5.50%, 12/01/58(a) | 625 | 741,506 | ||||||
Sutter Health, Series A, 6.00%, 08/15/20(b) | 7,110 | 7,384,802 | ||||||
|
| |||||||
| 31,080,625 | ||||||||
| Housing — 1.8% | ||||||||
California Community Housing Agency, RB, M/F Housing, Annadel Apartments, Series A, 5.00%, 04/01/49(a) | 2,365 | 2,623,589 | ||||||
California Housing Finance, RB, S/F Housing, Series A, 4.25%, 01/15/35 | 1 | 1,255 | ||||||
County of Santa Clara California Housing Authority, RB, M/F, John Burns Gardens Apartments Project, Series A, AMT, 6.00%, 08/01/41 | 3,500 | 3,503,325 | ||||||
|
| |||||||
| 6,128,169 | ||||||||
| State — 7.3% | ||||||||
State of California, GO, Refunding: | ||||||||
Construction Bonds, 4.00%, 10/01/44 | 3,255 | 3,735,601 | ||||||
Various Purpose, 5.00%, 09/01/35 | 10,115 | 12,207,591 | ||||||
Various Purpose, 5.25%, 10/01/39 | 3,500 | 4,235,770 | ||||||
Various Purposes, 5.00%, 11/01/36 | 2,000 | 2,466,080 | ||||||
State of California Public Works Board, LRB, Various Capital Projects, Series I, 5.50%, 11/01/33 | 1,510 | 1,745,213 | ||||||
|
| |||||||
| 24,390,255 | ||||||||
| Tobacco — 5.7% | ||||||||
County of California Tobacco Securitization Agency, Refunding RB, Asset-Backed, Merced County, Series A, 5.25%, 06/01/45 | 775 | 781,029 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB: | ||||||||
Series A-1, 5.00%, 06/01/47 | 10,640 | 10,952,284 | ||||||
Series A-2, 5.00%, 06/01/47 | 325 | 334,539 | ||||||
Tobacco Securitization Authority of Southern California, Refunding RB: | ||||||||
5.00%, 06/01/48 | 1,440 | 1,658,707 | ||||||
| Security | Par (000) | Value | ||||||
| Tobacco (continued) | ||||||||
Tobacco Settlement, Asset-Backed, SeniorSeries A-1, 5.00%, 06/01/37 | $ | 4,320 | $ | 4,321,858 | ||||
Tobacco Settlement, Asset-Backed, SeniorSeries A-1, 5.13%, 06/01/46 | 1,105 | 1,106,425 | ||||||
|
| |||||||
| 19,154,842 | ||||||||
| Transportation — 19.8% | ||||||||
California Municipal Finance Authority, Refunding ARB, United Airlines, Inc. Project, AMT, 4.00%, 07/15/29 | 1,995 | 2,264,544 | ||||||
City & County of San Francisco Airports San Francisco International Airport, Refunding ARB, AMT, Series E, 5.00%, 05/01/40 | 5,335 | 6,488,961 | ||||||
City & County of San Francisco California Airports Commission, Refunding ARB, AMT, Series A: | ||||||||
5.00%, 05/01/42 | 6,050 | 7,088,301 | ||||||
2nd, 5.25%, 05/01/33 | 1,440 | 1,616,990 | ||||||
5.00%, 05/01/44 | 270 | 328,717 | ||||||
City & County of San Francisco California Port Commission, RB, Series A, 5.13%, 03/01/40 | 5,075 | 5,134,073 | ||||||
City of Long Beach California Harbor Revenue, ARB, Series A, AMT, 5.00%, 05/15/40 | 4,915 | 5,849,194 | ||||||
City of Los Angeles California Department of Airports, ARB, AMT: | ||||||||
Sub-Series A, 5.00%, 05/15/42 | 1,700 | 2,017,322 | ||||||
Subordinate, Series C, 5.00%, 05/15/38 | 1,500 | 1,806,840 | ||||||
Los Angeles International Airport, Series B, 5.00%, 05/15/36 | 2,865 | 3,366,404 | ||||||
Los Angeles International Airports, Series A, 5.25%, 05/15/38 | 1,670 | 2,061,047 | ||||||
Subordinate, Series C, 5.00%, 05/15/44 | 3,665 | 4,399,100 | ||||||
City of Los Angeles California Metropolitan Transportation Authority, Refunding RB, Green Bond, Series A, 5.00%, 07/01/41 | 1,300 | 1,582,945 | ||||||
City of Los Angeles Department of Airports, ARB, Los Angeles International Airport, AMT, 4.00%, 05/15/44 | 5,000 | 5,584,450 | ||||||
2
Schedule of Investments (unaudited) (continued) October 31, 2019 | BlackRock MuniYield California Fund, Inc. (MYC) (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Transportation (continued) | ||||||||
City of San Jose California, ARB, Norman Y Mineta San Jose International Airport SJC,Series A-1, AMT (AGM): | ||||||||
5.50%, 03/01/30 | $ | 1,000 | $ | 1,056,150 | ||||
5.75%, 03/01/34 | 1,000 | 1,057,580 | ||||||
City of San Jose California, Refunding ARB, Norman Y Mineta San Jose International Airport SJC,Series A-1, AMT, 6.25%, 03/01/34 | 1,400 | 1,485,470 | ||||||
County of Sacramento California Airport System Revenue, Refunding RB, Series C, AMT, 5.00%, 07/01/37 | 3,000 | 3,634,020 | ||||||
County of Sacramento California Airport System Revenue, Refunding ARB, Senior Series A, 5.00%, 07/01/41 | 8,290 | 9,823,484 | ||||||
|
| |||||||
| 66,645,592 | ||||||||
| Utilities — 7.7% | ||||||||
City of Los Angeles California Department of Water & Power, RB, Power System, Series A, 5.00%, 07/01/42 | 3,440 | 4,130,270 | ||||||
City of Los Angeles California Department of Water & Power, Refunding RB, Series B, 5.00%, 07/01/43 | 5,650 | 6,978,824 | ||||||
City of Petaluma California Wastewater Revenue, Refunding RB, 6.00%, 05/01/21(b) | 2,145 | 2,302,679 | ||||||
City of Richmond California Wastewater Revenue, Refunding RB, Series A, 5.00%, 08/01/42 | 5,185 | 6,342,707 | ||||||
Dublin-San Ramon Services District Water Revenue, Refunding RB, 6.00%, 02/01/21(b) | 2,420 | 2,568,346 | ||||||
Eastern Municipal Water District, Refunding RB, Series A, 5.00%, 07/01/42 | 3,000 | 3,578,580 | ||||||
|
| |||||||
| 25,901,406 | ||||||||
|
| |||||||
Total Municipal Bonds in California |
| 252,734,372 | ||||||
|
| |||||||
Puerto Rico — 4.7% |
| |||||||
| State — 3.5% | ||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured: | ||||||||
Series A-1, 4.75%, 07/01/53 | 1,689 | 1,742,001 | ||||||
Series A-1, 5.00%, 07/01/58 | 6,225 | 6,514,836 | ||||||
Series A-2, 4.33%, 07/01/40 | 1,696 | 1,718,421 | ||||||
Series A-2, 4.78%, 07/01/58 | 1,727 | 1,777,480 | ||||||
|
| |||||||
| 11,752,738 | ||||||||
| Security | Par (000) | Value | ||||||
| Tobacco — 0.0% | ||||||||
Children’s Trust Fund, Refunding RB, Tobacco Settlement Asset-Backed Bonds, 5.50%, 05/15/39 | $ | 95 | $ | 96,482 | ||||
|
| |||||||
| Utilities — 1.2% | ||||||||
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A, 5.00%, 07/01/33 | 2,185 | 2,289,705 | ||||||
Commonwealth of Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A, 6.00%, 07/01/38 | 1,740 | 1,757,957 | ||||||
|
| |||||||
| 4,047,662 | ||||||||
|
| |||||||
Total Municipal Bonds in Puerto Rico |
| 15,896,882 | ||||||
Total Municipal Bonds — 79.9% |
| 268,631,254 | ||||||
|
| |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(c) |
| |||||||
California — 86.5% |
| |||||||
| County/City/Special District/School District — 33.8% | ||||||||
City & County of San Francisco California, COP, Green Bond, 49 South Van Ness Projects, Series A, 4.00%, 04/01/44 | 11,300 | 12,563,001 | ||||||
County of Los Angeles California Public Works Financing Authority, Refunding RB, Series A: | ||||||||
5.00%, 12/01/39 | 17,850 | 20,815,242 | ||||||
5.00%, 12/01/44 | 14,095 | 16,405,872 | ||||||
County of Santa Clara California Financing Authority, RB, Series A, 4.00%, 05/01/45 | 15,000 | 16,965,600 | ||||||
Palomar Community College District, GO, Election of 2006, Series C, 5.00%, 08/01/44 | 15,140 | 17,999,643 | ||||||
San Marcos Unified School District, GO, Election of 2010, Series A, 5.00%, 08/01/21(b) | 15,520 | 16,581,723 | ||||||
Santa Monica Community College District, GO, Election of 2016, Series A, 5.00%, 08/01/43 | 10,000 | 12,369,200 | ||||||
|
| |||||||
| 113,700,281 | ||||||||
3
Schedule of Investments (unaudited) (continued) October 31, 2019 | BlackRock MuniYield California Fund, Inc. (MYC) (Percentages shown are based on Net Assets) |
| Security | Par (000) | Value | ||||||
| Education — 26.2% | ||||||||
California State University, Refunding RB, Systemwide, Series A: | ||||||||
5.00%, 11/01/41 | $ | 9,775 | $ | 11,637,824 | ||||
5.00%, 11/01/42(d) | 13,430 | 16,275,414 | ||||||
University of California, RB, Series AM, 5.25%, 05/15/44 | 11,950 | 13,876,340 | ||||||
University of California, Refunding RB: | ||||||||
Series A, 5.00%, 11/01/43 | 5,001 | 5,899,035 | ||||||
Series AZ, 5.00%, 05/15/43(d) | 12,000 | 14,756,520 | ||||||
Series I, 5.00%, 05/15/40 | 21,875 | 25,682,766 | ||||||
|
| |||||||
| 88,127,899 | ||||||||
| Health — 13.1% | ||||||||
California Health Facilities Financing Authority, RB, Sutter Health, Series A, 5.00%, 11/15/41 | 11,000 | 12,985,500 | ||||||
California Statewide Communities Development Authority, Refunding RB, Cottage Health System Obligation, 5.00%, 11/01/43 | 26,870 | 30,851,059 | ||||||
|
| |||||||
| 43,836,559 | ||||||||
| State — 4.1% | ||||||||
State of California, GO, Refunding, Various Purpose, Bid Group, 5.00%, 08/01/37 | 10,975 | 13,710,185 | ||||||
|
| |||||||
| Transportation — 9.3% | ||||||||
City & County of San Francisco California Airports International Airport, Refunding ARB, AMT, Series E, 5.00%, 05/01/45 | 16,250 | 19,615,213 | ||||||
| Security | Par (000) | Value | ||||||
| Transportation (continued) | ||||||||
City of Los Angeles California Department of Airports, ARB, Series A, AMT, 5.00%, 05/15/45 | $ | 10,045 | $ | 11,529,948 | ||||
|
| |||||||
| 31,145,161 | ||||||||
|
| |||||||
| 290,520,085 | ||||||||
|
| |||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 86.5% |
| 290,520,085 | ||||||
|
| |||||||
Total Long-Term Investments — 166.4% |
| 559,151,339 | ||||||
|
| |||||||
| Shares | ||||||||
| Short-Term Securities — 2.8% | ||||||||
BlackRock Liquidity Funds California Money Fund, Institutional Class, 0.71%(e)(f) | 9,328,211 | 9,330,077 | ||||||
|
| |||||||
Total Short-Term Securities — 2.8% |
| 9,330,077 | ||||||
|
| |||||||
Total Investments — 169.2% |
| 568,481,416 | ||||||
Liabilities in Excess of Other Assets — (0.7)% |
| (2,233,217 | ) | |||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (37.0)% |
| (124,431,162 | ) | |||||
VRDP Shares at Liquidation Value — (31.5)% |
| (105,900,000 | ) | |||||
|
| |||||||
Net Assets Applicable to Common |
| $ | 335,917,037 | |||||
|
| |||||||
| (a) | 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. |
| (b) | 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. |
| (c) | Represent bonds transferred to a TOB Trust in exchange of cash and residual certificates received by the Fund. These bonds serve as collateral in a secured borrowing. |
| (d) | All or a portion of the security is subject to a recourse agreement. The aggregate maximum potential amount the Fund could ultimately be required to pay under the agreements, which expire between May 01, 2025 to May 15, 2026 is $13,368,410. |
| (e) | Annualized7-day yield as of period end. |
4
Schedule of Investments (unaudited) (continued) October 31, 2019 | BlackRock MuniYield California Fund, Inc. (MYC)
|
| (f) | During the period ended October 31, 2019, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
| Affiliate | Shares Held at 07/31/19 | Net Activity | Shares Held at 10/31/19 | Value at 10/31/19 | Income | Net Realized Gain (Loss) (a) | Change in Appreciation (Depreciation) | |||||||||||||||||||||
BlackRock Liquidity Funds California Money Fund, Institutional Class | — | 9,328,211 | 9,328,211 | $ | 9,330,077 | $ | 5,873 | $ | — | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
| (a) | Includes net capital gain distributions, if applicable. |
For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sectorsub-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 sectorsub-classifications for reporting ease.
| Portfolio Abbreviations | ||
| AGM | Assured Guaranty Municipal Corp. | |
| AMBAC | American Municipal Bond Assurance Corp. | |
| AMT | Alternative Minimum Tax (subject to) | |
| ARB | Airport Revenue Bonds | |
| COP | Certificates of Participation | |
| GO | General Obligation Bonds | |
| LRB | Lease Revenue Bonds | |
| M/F | Multi-Family | |
| RB | Revenue Bonds | |
| S/F | Single-Family | |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Short Contracts | ||||||||||||||||
10-Year U.S. Treasury Note | 62 | 12/19/19 | $ | 8,078 | $ | 6,288 | ||||||||||
Long U.S. Treasury Bond | 78 | 12/19/19 | 12,587 | 56,809 | ||||||||||||
5-Year U.S. Treasury Note | 25 | 12/31/19 | 2,980 | (5,954 | ) | |||||||||||
|
| |||||||||||||||
| $ | 57,143 | |||||||||||||||
|
| |||||||||||||||
5
Schedule of Investments (unaudited) (continued) October 31, 2019 | BlackRock MuniYield California Fund, Inc. (MYC)
|
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of investments and derivative 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) |
| • | 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”) own assumptions used in determining the fair value of investments and derivative 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 investments and derivative financial instruments is based on the pricing transparency of the investments and derivative 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 investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its annual report.
The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Investments: | ||||||||||||||||
Long-Term Investments(a) | $ | — | $ | 559,151,339 | $ | — | $ | 559,151,339 | ||||||||
Short-Term Securities | 9,330,077 | — | — | 9,330,077 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
| $ | 9,330,077 | $ | 559,151,339 | $ | — | $ | 568,481,416 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(b) | ||||||||||||||||
Assets: | ||||||||||||||||
Interest rate contracts | $ | 63,097 | $ | — | $ | — | $ | 63,097 | ||||||||
Liabilities: | ||||||||||||||||
Interest rate contracts | (5,954 | ) | — | — | (5,954 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
| $ | 57,143 | $ | — | $ | — | $ | 57,143 | |||||||||
|
|
|
|
|
|
|
| |||||||||
| (a) | See above Schedule of Investments for values in each sector and state or political subdivision. |
| (b) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund 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 | $ | — | $ | (124,035,676 | ) | $ | — | $ | (124,035,676 | ) | ||||||
VRDP Shares at Liquidation Value | — | (105,900,000 | ) | — | (105,900,000 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
| $ | — | $ | (229,935,676 | ) | $ | — | $ | (229,935,676 | ) | |||||||
|
| �� |
|
|
|
|
|
| ||||||||
6
