Schedule of Investments (unaudited) October 31, 2021 | BlackRock MuniYield California Fund, Inc. (MYC) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds | ||||||||
California — 83.3% | ||||||||
Corporate — 0.9% | ||||||||
California Community Choice Financing Authority RB, | $ | 800 | $ | 958,442 | ||||
California Municipal Finance Authority, RB, | 1,835 | 2,045,797 | ||||||
|
| |||||||
3,004,239 | ||||||||
County/City/Special District/School District — 21.2% | ||||||||
Beverly Hills Unified School District California, GO, Series A, 3.00%, 08/01/41 | 2,000 | 2,110,108 | ||||||
California Statewide Communities Development Authority, SAB | ||||||||
Series A, 5.00%, 09/02/39 | 190 | 231,384 | ||||||
Series A, 5.00%, 09/02/44 | 110 | 132,210 | ||||||
Series A, 5.00%, 09/02/48 | 110 | 130,098 | ||||||
California Statewide Communities Development Authority, SAB, S/F Housing | ||||||||
5.00%, 09/02/40 | 205 | 246,724 | ||||||
4.00%, 09/02/50 | 165 | 179,275 | ||||||
5.00%, 09/02/50 | 165 | 195,595 | ||||||
Series C, 5.00%, 09/02/39 | 415 | 505,390 | ||||||
California Statewide Communities Development Authority, ST | ||||||||
4.00%, 09/01/41 | 155 | 173,286 | ||||||
4.00%, 09/01/51 | 295 | 326,141 | ||||||
City & County of San Francisco California, Refunding COP, | 11,300 | 12,794,831 | ||||||
City of Los Angeles California, COP, (AMBAC), 6.20%, 11/01/31 | 1,800 | 1,808,055 | ||||||
City of Roseville California, ST, 4.00%, 09/01/50 | 240 | 264,477 | ||||||
City of San Jose California Hotel Tax Revenue, RB 6.50%, 05/01/36 | 1,520 | 1,526,962 | ||||||
6.50%, 05/01/42 | 1,860 | 1,868,348 | ||||||
Los Angeles County Metropolitan Transportation Authority, Refunding RB, | 2,000 | 2,418,086 | ||||||
Mount San Antonio Community College District, Refunding GO, Series A, Election 2018, | 8,000 | 10,047,280 | ||||||
Orange County Community Facilities District, ST 4.00%, 08/15/40 | 180 | 206,724 | ||||||
4.00%, 08/15/50 | 165 | 187,379 | ||||||
Riverside County Public Financing Authority, RB, 5.25%, 11/01/45(b) | 5,000 | 5,932,700 | ||||||
San Francisco Bay Area Rapid Transit District, GO, | 6,000 | 6,869,292 | ||||||
San Jose Unified School District GO, | 1,000 | 1,165,088 | ||||||
Santa Clara County Financing Authority, RB, | 15,000 | 17,066,610 | ||||||
West Contra Costa Unified School District, GO, | 2,500 | 2,728,338 | ||||||
West Valley-Mission Community College District, GO, Series A, 4.00%, 08/01/44 | 3,420 | 3,945,733 | ||||||
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| |||||||
73,060,114 | ||||||||
Education — 6.0% | ||||||||
California Municipal Finance Authority, RB(c) | ||||||||
Series A, 5.00%, 10/01/39 | 150 | 167,420 | ||||||
Series A, 5.00%, 10/01/49 | 255 | 280,756 | ||||||
Series A, 5.00%, 10/01/57 | 505 | 553,692 | ||||||
California Municipal Finance Authority, | 290 | 325,178 |
Security | Par (000) | Value | ||||||
Education (continued) | ||||||||
California Municipal Finance Authority, Refunding RB (continued) | ||||||||
5.00%, 08/01/48 | $ | 940 | $ | 1,033,384 | ||||
California Public Finance Authority, RB, Series A, 5.00%, 07/01/54(c) | 195 | 202,747 | ||||||
California School Finance Authority, RB 6.65%, 07/01/33 | 595 | 643,075 | ||||||
6.90%, 07/01/43 | 1,330 | 1,433,439 | ||||||
Series A, 6.00%, 07/01/33 | 1,500 | 1,621,639 | ||||||
Series A, 5.00%, 06/01/39(c) | 740 | 805,651 | ||||||
Series A, (ST INTERCEPT), | 440 | 491,200 | ||||||
Series A, 6.30%, 07/01/43 | 3,000 | 3,244,671 | ||||||
Series A, (ST INTERCEPT), | 600 | 657,841 | ||||||
Series A, 5.00%, 06/01/58(c) | 1,465 | 1,593,048 | ||||||
Series A, 4.00%, 06/01/61(c) | 450 | 462,673 | ||||||
California Statewide Communities Development Authority, RB, | 165 | 193,681 | ||||||
Hastings Campus Housing Finance Authority, RB | ||||||||
Series A, 5.00%, 07/01/45 | 410 | 487,507 | ||||||
Series A, 5.00%, 07/01/61 | 2,465 | 2,863,388 | ||||||
University of California, Refunding RB, Series BH, 4.00%, 05/15/46 | 3,000 | 3,529,584 | ||||||
|
| |||||||
20,590,574 | ||||||||
Health — 4.4% | ||||||||
California Health Facilities Financing Authority, RB, Series A, 5.25%, 11/01/41 | 8,700 | 8,700,000 | ||||||
California Health Facilities Financing Authority, Refunding RB | ||||||||
Series A, 4.00%, 04/01/49 | 3,000 | 3,361,080 | ||||||
Series B, 5.00%, 11/15/46 | 2,370 | 2,827,190 | ||||||
California Municipal Finance Authority, Refunding RB(c) | ||||||||
Series A, 5.00%, 11/01/39 | 135 | 152,918 | ||||||
Series A, 5.00%, 11/01/49 | 150 | 167,631 | ||||||
|
| |||||||
15,208,819 | ||||||||
Housing — 8.5% | ||||||||
California Community Housing Agency, RB, M/F Housing(c) | 245 | 254,092 | ||||||
4.00%, 08/01/51 | 1,255 | 1,290,869 | ||||||
3.00%, 02/01/57 | 820 | 794,962 | ||||||
Series A, 5.00%, 04/01/49 | 1,890 | 2,121,087 | ||||||
Series A, 4.00%, 02/01/56 | 1,460 | 1,560,740 | ||||||
Series A-1, 4.00%, 08/01/50 | 260 | 268,775 | ||||||
Series A-1, 3.00%, 02/01/57 | 515 | 473,984 | ||||||
Series A-2, 4.00%, 08/01/47 | 1,410 | 1,447,670 | ||||||
California Housing Finance, RB, M/F Housing, | — | (d) | 592 | |||||
City & County of San Francisco California, RB, M/F Housing, | 5,000 | 5,149,620 | ||||||
CMFA Special Finance Agency VII, RB(c) | 750 | 785,978 | ||||||
3.00%, 08/01/56 | 825 | 754,032 | ||||||
CSCDA Community Improvement Authority, RB, M/F Housing(c) | 1,175 | 1,218,188 | ||||||
2.65%, 12/01/46 | 970 | 901,021 | ||||||
4.00%, 07/01/56 | 790 | 819,314 | ||||||
3.13%, 08/01/56 | 330 | 303,375 | ||||||
4.00%, 08/01/56 | 1,000 | 1,040,441 | ||||||
3.00%, 12/01/56 | 795 | 736,241 | ||||||
3.25%, 04/01/57 | 405 | 386,598 | ||||||
4.00%, 04/01/57 | 1,090 | 1,124,898 |
1 |
Schedule of Investments (unaudited) (continued) October 31, 2021 | BlackRock MuniYield California Fund, Inc. (MYC) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Housing (continued) | ||||||||
CSCDA Community Improvement Authority, RB, M/F Housing(c) (continued) | $ | 1,260 | $ | 1,284,387 | ||||
Series A, 2.45%, 02/01/47 | 415 | 390,093 | ||||||
Series A, 5.00%, 07/01/51 | 700 | 794,178 | ||||||
Series A-2, 4.00%, 09/01/56 | 1,415 | 1,481,563 | ||||||
Series B, 4.00%, 02/01/57 | 455 | 473,258 | ||||||
Santa Clara County Housing Authority, RB, M/F Housing, | 3,500 | 3,513,013 | ||||||
|
| |||||||
29,368,969 | ||||||||
State — 12.8% | ||||||||
State of California, Refunding GO | 10,115 | 12,058,941 | ||||||
4.00%, 03/01/36 | 20,000 | 23,609,401 | ||||||
5.25%, 10/01/39 | 3,500 | 4,144,721 | ||||||
3.00%, 12/01/46 | 4,025 | 4,286,810 | ||||||
|
| |||||||
44,099,873 | ||||||||
Tobacco — 4.8% | ||||||||
California County Tobacco Securitization Agency, Refunding RB | 165 | 187,327 | ||||||
5.00%, 06/01/50 | 250 | 291,408 | ||||||
Series A, 4.00%, 06/01/49 | 240 | 275,959 | ||||||
California County Tobacco Securitization Agency, Refunding RB, CAB(f) | 1,660 | 415,828 | ||||||
Series B-2, Subordinate, 0.00%, 06/01/55 | 2,485 | 496,595 | ||||||
Golden State Tobacco Securitization Corp., Refunding RB | ||||||||
Series A-1, 5.00%, 06/01/47 | 325 | 332,915 | ||||||
Series A-2, 5.00%, 06/01/47 | 11,495 | 11,774,938 | ||||||
Tobacco Securitization Authority of Southern California, Refunding RB, 5.00%, 06/01/48 | 2,140 | 2,584,260 | ||||||
|
| |||||||
16,359,230 | ||||||||
Transportation — 18.8% | ||||||||
City of Long Beach California Harbor Revenue, ARB, Series A, AMT, 5.00%, 05/15/40 | 4,915 | 5,909,914 | ||||||
City of Los Angeles Department of Airports Refunding RB, | ||||||||
Series D, AMT, 4.00%, 05/15/51 | 9,000 | 10,308,753 | ||||||
City of Los Angeles Department of Airports, ARB | ||||||||
Series A, AMT, 5.25%, 05/15/38 | 1,735 | 2,129,286 | ||||||
Series B, AMT, 5.00%, 05/15/36 | 2,865 | 3,354,514 | ||||||
Series C, AMT, Subordinate, 5.00%, 05/15/44 | 5,955 | 7,080,167 | ||||||
City of Los Angeles Department of Airports, Refunding ARB, AMT, 5.00%, 05/15/43 | 2,175 | 2,641,757 | ||||||
County of Sacramento California Airport System Revenue, Refunding RB | ||||||||
Series A, 5.00%, 07/01/41 | 8,290 | 9,697,087 | ||||||
Series C, AMT, 5.00%, 07/01/37 | 3,000 | 3,642,603 | ||||||
Los Angeles County Metropolitan Transportation Authority, Refunding RB, | 1,300 | 1,576,101 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB | ||||||||
Series A, AMT, 5.25%, 05/01/33 | 1,440 | 1,538,860 | ||||||
Series A, AMT, 5.00%, 05/01/42 | 5,050 | 5,974,488 | ||||||
Series A, AMT, 5.00%, 05/01/44 | 2,500 | 3,030,172 | ||||||
Series A, AMT, 5.00%, 05/01/49 | 4,050 | 4,881,303 | ||||||
Series D, AMT, 5.25%, 05/01/48 | 2,250 | 2,729,536 | ||||||
|
| |||||||
64,494,541 |
Security | Par (000) | Value | ||||||
Utilities — 5.9% | ||||||||
City of Richmond California Wastewater Revenue, Refunding RB, | $ | 5,185 | 6,267,514 | |||||
Eastern Municipal Water District, Refunding RB, Series A, 5.00%, 07/01/42 | 3,000 | 3,556,203 | ||||||
Los Angeles Department of Water, RB, Series A, 5.00%, 07/01/42 | 3,440 | 4,118,833 | ||||||
Los Angeles Department of Water, Refunding RB, | 5,175 | 6,377,618 | ||||||
|
| |||||||
20,320,168 | ||||||||
|
| |||||||
Total Municipal Bonds in California | 286,506,527 | |||||||
Puerto Rico — 5.3% | ||||||||
State — 4.6% | ||||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | ||||||||
Series A-1, Restructured, 4.75%, 07/01/53 | 1,689 | 1,878,668 | ||||||
Series A-1, Restructured, 5.00%, 07/01/58 | 6,675 | 7,535,808 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 | 1,696 | 1,859,833 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 | 1,727 | 1,924,241 | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, CAB, Series A-1, Restructured, 0.00%, 07/01/46(f) | 8,295 | 2,701,698 | ||||||
|
| |||||||
15,900,248 | ||||||||
Tobacco — 0.0% | ||||||||
Children’s Trust Fund, Refunding RB, | 95 | 97,333 | ||||||
|
| |||||||
Utilities — 0.7% | ||||||||
Puerto Rico Commonwealth Aqueduct & Sewer Authority, RB, Series A, Senior Lien, | 2,185 | 2,254,466 | ||||||
|
| |||||||
Total Municipal Bonds in Puerto Rico | 18,252,047 | |||||||
|
| |||||||
Total Municipal Bonds — 88.6% | 304,758,574 | |||||||
|
| |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(g) |
| |||||||
California — 71.3% | ||||||||
County/City/Special District/School District — 19.2% | ||||||||
Los Angeles County Public Works Financing Authority, Refunding RB | ||||||||
Series A, 5.00%, 12/01/39 | 17,850 | 20,162,325 | ||||||
Series A, 5.00%, 12/01/44 | 14,095 | 15,754,226 | ||||||
Palomar Community College District, GO, Series C, 5.00%, 08/01/25(b) | 15,140 | 17,672,082 | ||||||
Santa Monica Community College District, GO, Series A, 5.00%, 08/01/43 | 10,000 | 12,326,540 | ||||||
|
| |||||||
65,915,173 | ||||||||
Education — 25.2% | ||||||||
California State University, Refunding RB | ||||||||
Series A, 5.00%, 11/01/41. | 9,775 | 11,505,322 | ||||||
Series A, 5.00%, 11/01/42(h) | 13,430 | 16,198,212 | ||||||
Series A, 5.00%, 11/01/43 | 5,001 | 5,781,027 | ||||||
University of California, Refunding RB | 11,950 | 13,314,003 | ||||||
Series AZ, 5.00%, 05/15/43(h) | 12,000 | 14,692,380 | ||||||
Series I, 5.00%, 05/15/40 | 21,875 | 25,022,069 | ||||||
|
| |||||||
86,513,013 | ||||||||
Health — 3.8% | ||||||||
California Health Facilities Financing Authority, RB, Series A, 5.00%, 11/15/41(b) | 11,000 | 12,962,344 | ||||||
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S C H E D U L E OF I N V E S T M E N T S | 2 |
Schedule of Investments (unaudited)(continued) October 31, 2021 | BlackRock MuniYield California Fund, Inc. (MYC) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
State — 7.3% | ||||||||
State of California, GO, 4.00%, 03/01/46(h) | $ | 10,000 | $ | 11,563,130 | ||||
State of California, Refunding GO, | 10,975 | 13,555,025 | ||||||
|
| |||||||
25,118,155 | ||||||||
Transportation — 9.0% | ||||||||
City of Los Angeles Department of Airports, ARB, AMT, Series A, 5.00%, 05/15/45 | 10,045 | 11,328,350 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport, Refunding ARB, AMT, Series E, 5.00%, 05/01/45(h) | 16,250 | 19,645,819 | ||||||
|
| |||||||
30,974,169 | ||||||||
Utilities — 6.8% | ||||||||
Sacramento Municipal Utility District, Refunding RB, Series H, 4.00%, 08/15/45 | 20,000 | 23,496,330 | ||||||
|
| |||||||
Total Municipal Bonds in California | 244,979,184 | |||||||
|
| |||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 71.3% | 244,979,184 | |||||||
|
| |||||||
Total Investments — 159.9% | 549,737,758 | |||||||
Other Assets Less Liabilities — 1.2% | 4,550,690 | |||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (30.4)% | (104,706,767 | ) | ||||||
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (30.7)% | (105,687,262 | ) | ||||||
|
| |||||||
Net Assets Applicable to Common Shares — 100.0% | $343,894,419 |
(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) | 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) | 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) | Rounds to less than 1,000. |
(e) | When-issued security. |
(f) | Zero-coupon bond. |
(g) | 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. |
(h) | 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 1, 2025 to March 1, 2028, is $27,116,500. |
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.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 07/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 10/31/21 | Shares Held at 10/31/21 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Liquidity Funds California Money Fund, Institutional Class(a) | $ | 683,167 | $ | — | $ | (683,168 | )(b) | $ | — | $ | 1 | $ | — | — | $ | — | $ | — | ||||||||||||||||||
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(a) | As of period end, the entity is no longer held. |
(b) | Represents net amount purchased (sold). |
3 |
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Schedule of Investments (unaudited) (continued) October 31, 2021 | BlackRock MuniYield California Fund, Inc. (MYC) |
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 | 181 | 12/21/21 | $ | 23,649 | $ | 315,309 | ||||||||||
U.S. Long Bond | 109 | 12/21/21 | 17,529 | 36,927 | ||||||||||||
5-Year U.S. Treasury Note | 141 | 12/31/21 | 17,159 | 196,300 | ||||||||||||
|
| |||||||||||||||
$ | 548,536 | |||||||||||||||
|
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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 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 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 | $ | — | $ | 304,758,574 | $ | — | $ | 304,758,574 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 244,979,184 | — | 244,979,184 | ||||||||||||
|
|
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| |||||||||
$ | — | $ | 549,737,758 | $ | — | $ | 549,737,758 | |||||||||
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Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Interest Rate Contracts | $ | 548,536 | $ | — | $ | — | $ | 548,536 | ||||||||
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(a) | 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 fair value hierarchy as follows:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Liabilities | ||||||||||||||||
TOB Trust Certificates | $ | — | $ | (104,690,676 | ) | $ | — | $ | (104,690,676 | ) | ||||||
VRDP Shares at Liquidation Value | — | (105,900,000 | ) | — | (105,900,000 | ) | ||||||||||
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| |||||||||
$ | — | $ | (210,590,676 | ) | $ | — | $ | (210,590,676 | ) | |||||||
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S C H E D U L E OF I N V E S T M E N T S | 4 |
Schedule of Investments (unaudited) (continued) October 31, 2021 | BlackRock MuniYield California Fund, Inc. (MYC) |
Portfolio Abbreviation | ||
AMBAC | AMBAC Assurance Corp. | |
AMT | Alternative Minimum Tax | |
ARB | Airport Revenue Bonds | |
CAB | Capital Appreciation Bonds | |
COP | Certificates of Participation | |
FNMA | Federal National Mortgage Association | |
GO | General Obligation Bonds | |
M/F | Multi-Family | |
RB | Revenue Bond | |
S/F | Single-Family | |
SAB | Special Assessment Bonds | |
ST | Special Tax |
5 |
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