Schedule of Investments (unaudited) April 30, 2023 | BlackRock MuniYield Michigan Quality Fund, Inc. (MIY) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Municipal Bonds | ||||||||
Michigan — 151.7% | ||||||||
County/City/Special District/School District — 37.6% | ||||||||
Belding Area Schools, GO, 5.25%, 05/01/48 | $ | 1,620 | $ | 1,777,418 | ||||
Berkley School District, GO, (Q-SBLF), 5.00%, 05/01/35 | 2,965 | 3,095,923 | ||||||
Bloomfield Hills School District, GO, 5.00%, 05/01/48(a) | 1,250 | 1,353,043 | ||||||
Byron Center Public Schools, GO, Series I, (Q-SBLF), 5.00%, 05/01/43 | 2,895 | 3,020,930 | ||||||
Cedar Springs Public School District, GO | ||||||||
Series II, 5.00%, 05/01/46 | 1,100 | 1,191,270 | ||||||
Series II, 4.50%, 05/01/49 | 1,950 | 1,974,627 | ||||||
Chippewa Valley Schools, GO, (Q-SBLF), 5.00%, 05/01/43 | 4,275 | 4,566,534 | ||||||
Clarkston Community Schools, GO | ||||||||
Series I, (Q-SBLF), 5.00%, 05/01/45 | 8,360 | 9,097,026 | ||||||
Series I, (Q-SBLF), 5.00%, 05/01/47 | 2,500 | 2,699,037 | ||||||
Columbia School District, GO, (Q-SBLF), 5.00%, 11/01/23(b) | 5,185 | 5,230,244 | ||||||
Coopersville Area Public Schools, GO | ||||||||
Series I, (Q-SBLF), 4.50%, 05/01/41 | 425 | 443,031 | ||||||
Series I, (Q-SBLF), 4.50%, 05/01/43 | 320 | 330,582 | ||||||
Series I, (Q-SBLF), 4.00%, 05/01/45 | 850 | 813,096 | ||||||
Series I, (Q-SBLF), 4.00%, 05/01/48 | 745 | 695,073 | ||||||
Series I, (Q-SBLF), 4.13%, 05/01/52 | 1,000 | 937,430 | ||||||
Dearborn School District, GO, Series A, (Q-SBLF), 5.00%, 11/01/23(b) | 4,300 | 4,337,522 | ||||||
Farmington Public School District, Refunding GO | ||||||||
(AGM), 5.00%, 05/01/33 | 1,500 | 1,562,769 | ||||||
(AGM), 5.00%, 05/01/34 | 1,500 | 1,562,817 | ||||||
(AGM), 5.00%, 05/01/35 | 1,000 | 1,041,920 | ||||||
Grand Ledge Public Schools, GO, (Q-SBLF), 5.00%, 05/01/44 | 1,585 | 1,685,828 | ||||||
Grandville Public Schools, GO, Series II, (AGM), 5.00%, 05/01/40 | 3,250 | 3,330,587 | ||||||
Gull Lake Community School District, GO, Series I, (Q-SBLF), 5.00%, 05/01/48 | 4,000 | 4,170,828 | ||||||
Hudsonville Public Schools, GO, Series I, (Q-SBLF), 4.00%, 05/01/45 | 2,040 | 1,954,969 | ||||||
Hudsonville Public Schools, Refunding GO(a) | 2,500 | 2,691,722 | ||||||
5.00%, 05/01/49 | 2,375 | 2,533,363 | ||||||
Karegnondi Water Authority, Refunding RB 5.00%, 11/01/41 | 2,750 | 2,850,149 | ||||||
5.00%, 11/01/45 | 3,000 | 3,087,915 | ||||||
Kentwood Public Schools, GO, 5.00%, 05/01/41 | 1,120 | 1,157,485 | ||||||
Lowell Area Schools, GO | ||||||||
Series I, (Q-SBLF), 5.00%, 05/01/47 | 1,500 | 1,580,298 | ||||||
Series I, (Q-SBLF), 5.00%, 05/01/49 | 1,750 | 1,834,416 | ||||||
Michigan Finance Authority, RB | 2,500 | 2,656,807 | ||||||
5.00%, 11/01/43 | 4,000 | 4,203,696 | ||||||
Series H-1, 5.00%, 10/01/39(b) | 5,400 | 5,511,002 | ||||||
Mona Shores Public Schools, GO | ||||||||
Series I, (Q-SBLF), 5.00%, 05/01/43 | 1,025 | 1,092,185 | ||||||
Series I, (Q-SBLF), 5.00%, 05/01/44 | 1,525 | 1,619,565 | ||||||
Novi Community School District, GO | ||||||||
Series II, 4.00%, 05/01/43 | 1,320 | 1,304,122 | ||||||
Series II, 4.00%, 05/01/47 | 1,150 | 1,093,721 |
Security | Par (000) | Value | ||||||
County/City/Special District/School District (continued) | ||||||||
Rockford Public Schools, GO, Series II, 5.00%, 05/01/49(a) | $ | 5,710 | $ | 6,112,978 | ||||
Saline Area Schools, GO, Series I, (Q-SBLF), 5.00%, 05/01/42 | 3,635 | 4,036,348 | ||||||
Southfield Public Schools, GO, 5.00%, 05/01/49(a) | 1,740 | 1,868,696 | ||||||
Swartz Creek Community Schools, GO, (Q-SBLF), 5.00%, 05/01/44 | 4,270 | 4,516,913 | ||||||
Three Rivers Community Schools, GO | ||||||||
Series II, 4.13%, 05/01/46 | 2,000 | 1,930,600 | ||||||
Series II, 4.25%, 05/01/49 | 7,000 | 6,744,101 | ||||||
Troy School District, GO, (Q-SBLF), 5.00%, 05/01/47 | 6,445 | 6,993,469 | ||||||
Walled Lake Consolidated School District, GO | ||||||||
(Q-SBLF), 5.00%, 11/01/23(b) | 5,480 | 5,527,818 | ||||||
(Q-SBLF), 5.00%, 05/01/47 | 1,000 | 1,076,895 | ||||||
(Q-SBLF), 5.00%, 05/01/49 | 2,500 | 2,675,920 | ||||||
Wayne-Westland Community Schools, GO 5.00%, 11/01/44 | 2,360 | 2,547,778 | ||||||
4.50%, 11/01/46 | 5,250 | 5,281,904 | ||||||
West Ottawa Public Schools, GO, (AGM), 4.00%, 11/01/46 | 1,730 | 1,687,783 | ||||||
Zeeland Public Schools, GO, Series A, (AGM), 5.00%, 05/01/33 | 1,000 | 1,043,217 | ||||||
|
| |||||||
142,133,370 | ||||||||
Education — 30.7% | ||||||||
Eastern Michigan University, RB, Series A, (AGM), 4.00%, 03/01/44 | 10,000 | 9,823,300 | ||||||
Grand Valley State University, RB, 5.00%, 12/01/43 | 1,600 | 1,700,141 | ||||||
Lake Superior State University, RB, (AGM), 5.00%, 01/15/48 | 3,750 | 3,872,025 | ||||||
Michigan Finance Authority, Refunding RB | 700 | 668,855 | ||||||
5.00%, 02/01/33 | 830 | 835,011 | ||||||
4.00%, 12/01/33 | 1,720 | 1,705,793 | ||||||
5.00%, 12/01/36 | 1,550 | 1,556,575 | ||||||
5.00%, 09/01/40 | 1,000 | 966,285 | ||||||
5.00%, 12/01/40 | 2,900 | 2,906,806 | ||||||
5.00%, 12/01/45 | 4,400 | 4,405,359 | ||||||
4.00%, 09/01/50 | 1,550 | 1,371,349 | ||||||
Series 25-A, AMT, 4.00%, 11/01/28 | 6,315 | 6,316,282 | ||||||
Series 25-A, AMT, 4.00%, 11/01/29 | 5,480 | 5,481,162 | ||||||
Series 25-A, AMT, 4.00%, 11/01/30 | 2,645 | 2,645,309 | ||||||
Series 25-A, AMT, 4.00%, 11/01/31 | 3,150 | 3,150,381 | ||||||
Michigan State University, Refunding RB | ||||||||
Series B, 4.00%, 02/15/44 | 4,000 | 3,961,416 | ||||||
Series B, 5.00%, 02/15/44 | 3,820 | 4,097,939 | ||||||
Series C, 4.00%, 02/15/44 | 9,000 | 8,881,902 | ||||||
Michigan Technological University, RB | ||||||||
Series A, 5.00%, 10/01/45 | 1,800 | 1,847,203 | ||||||
Series A, (AGM), 5.25%, 10/01/52 | 1,675 | 1,797,586 | ||||||
Oakland University, RB, 5.00%, 03/01/41 | 3,635 | 3,771,254 | ||||||
Wayne State University, RB | ||||||||
Series A, 5.00%, 11/15/40 | 13,000 | 13,138,307 | ||||||
Series A, 5.00%, 11/15/43 | 8,530 | 9,053,776 | ||||||
Series A, 4.00%, 11/15/48 | 2,000 | 1,932,860 | ||||||
Western Michigan University, Refunding RB | 1,750 | 1,766,473 | ||||||
5.25%, 11/15/23(b) | 8,475 | 8,565,632 |
1 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock MuniYield Michigan Quality Fund, Inc. (MIY) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Education (continued) | ||||||||
Western Michigan University, Refunding RB (continued) | ||||||||
(AGM), 5.25%, 11/15/23(b) | $ | 1,000 | $ | 1,010,730 | ||||
5.00%, 11/15/49 | 8,435 | 8,824,866 | ||||||
|
| |||||||
116,054,577 | ||||||||
Health — 33.0% | ||||||||
Grand Traverse County Hospital Finance Authority, RB | ||||||||
Series A, 5.00%, 07/01/44 | 4,230 | 4,254,246 | ||||||
Series A, 5.00%, 07/01/47 | 2,200 | 2,209,858 | ||||||
Series A, 5.00%, 07/01/49 | 2,610 | 2,651,162 | ||||||
Series B, 4.00%, 07/01/49 | 2,000 | 1,776,154 | ||||||
Kalamazoo Economic Development Corp., Refunding RB, 5.00%, 05/15/42 | 425 | 361,316 | ||||||
Kentwood Economic Development Corp., Refunding RB, 4.00%, 11/15/43 | 750 | 576,098 | ||||||
Michigan Finance Authority, RB | ||||||||
Series S, 5.00%, 11/01/44 | 15,000 | 15,317,880 | ||||||
Series S, 4.00%, 11/01/46 | 1,025 | 950,013 | ||||||
Michigan Finance Authority, Refunding RB 5.00%, 04/15/37 | 2,000 | 2,221,928 | ||||||
5.00%, 11/15/37 | 3,000 | 3,081,285 | ||||||
5.00%, 04/15/38 | 3,120 | 3,437,953 | ||||||
5.00%, 11/15/41 | 1,000 | 1,023,749 | ||||||
4.00%, 04/15/42 | 3,210 | 3,105,890 | ||||||
5.00%, 11/15/45(b) | 3,750 | 3,845,476 | ||||||
5.00%, 12/01/45 | 18,445 | 18,820,116 | ||||||
4.00%, 11/15/46 | 8,500 | 7,943,845 | ||||||
Series 2, 4.00%, 03/01/51 | 4,000 | 3,673,120 | ||||||
Series A, 4.00%, 12/01/40 | 3,085 | 3,019,203 | ||||||
Series A, 4.00%, 12/01/49 | 1,500 | 1,388,744 | ||||||
Series S, 5.00%, 05/15/34 | 6,500 | 6,768,626 | ||||||
Series S, 5.00%, 05/15/35 | 4,945 | 5,149,837 | ||||||
Michigan State Hospital Finance Authority, Refunding RB, 5.00%, 11/15/47 | 4,000 | 4,178,372 | ||||||
Michigan Strategic Fund, RB, 5.00%, 11/15/42 | 3,500 | 3,196,953 | ||||||
Royal Oak Hospital Finance Authority, Refunding RB, Series D, 5.00%, 03/01/24(b) | 25,505 | 25,838,019 | ||||||
|
| |||||||
124,789,843 | ||||||||
Housing — 8.7% | ||||||||
Michigan State Housing Development Authority, RB, M/F Housing | ||||||||
Series A, 4.45%, 10/01/34 | 1,000 | 983,757 | ||||||
Series A, 4.63%, 10/01/39 | 3,490 | 3,490,118 | ||||||
Series A, 4.30%, 10/01/40 | 3,320 | 3,290,575 | ||||||
Series A, 4.00%, 10/01/43 | 7,420 | 7,034,969 | ||||||
Series A, 4.75%, 10/01/44 | 5,000 | 4,999,755 | ||||||
Series A, 5.00%, 10/01/48 | 7,000 | 7,123,795 | ||||||
AMT, (GNMA COLL), 4.75%, 04/20/37 | 2,660 | 2,653,148 | ||||||
Series A, AMT, 2.55%, 10/01/51 | 5,175 | 3,326,221 | ||||||
|
| |||||||
32,902,338 | ||||||||
State — 18.8% | ||||||||
Michigan Finance Authority, RB | ||||||||
Series F, 5.00%, 04/01/31 | 1,000 | 1,001,467 | ||||||
Series F, 5.25%, 10/01/41 | 8,595 | 8,611,184 | ||||||
Michigan State Building Authority, Refunding RB | ||||||||
Series I, 4.00%, 10/15/40 | 3,300 | 3,352,127 | ||||||
Series I, 5.00%, 04/15/41 | 4,750 | 4,983,064 | ||||||
Series I, 5.00%, 10/15/45 | 5,150 | 5,299,489 | ||||||
Series I, 5.00%, 10/15/47 | 5,000 | 5,467,885 |
Security | Par (000) | Value | ||||||
State (continued) | ||||||||
Michigan State Building Authority, Refunding RB (continued) | ||||||||
Series I, 4.00%, 10/15/49 | $ | 7,000 | $ | 6,779,549 | ||||
Michigan Strategic Fund, RB | ||||||||
Series A, 5.25%, 10/15/40 | 3,000 | 3,140,901 | ||||||
AMT, (AGM), 4.25%, 12/31/38 | 14,000 | 13,408,934 | ||||||
AMT, 5.00%, 12/31/43 | 15,000 | 15,201,330 | ||||||
State of Michigan Trunk Line Revenue, RB 4.00%, 11/15/46 | 1,590 | 1,564,061 | ||||||
Series B, 4.00%, 11/15/45 | 2,500 | 2,468,330 | ||||||
|
| |||||||
71,278,321 | ||||||||
Tobacco — 2.2% | ||||||||
Michigan Finance Authority, Refunding RB | ||||||||
Series A, Class 1, 4.00%, 06/01/39 | 1,250 | 1,198,367 | ||||||
Series A, Class 1, 4.00%, 06/01/49 | 2,750 | 2,471,714 | ||||||
Michigan Finance Authority, Refunding RB, CAB, | ||||||||
Series B-2, Class 2, 0.00%, 06/01/65(c) | 50,000 | 4,758,750 | ||||||
|
| |||||||
8,428,831 | ||||||||
Transportation — 8.5% | ||||||||
Gerald R Ford International Airport Authority, ARB, AMT, (GTD), 5.00%, 01/01/51 | 5,435 | 5,724,697 | ||||||
Wayne County Airport Authority, ARB | ||||||||
Series A, 5.00%, 12/01/42 | 1,000 | 1,043,403 | ||||||
Series A, 5.00%, 12/01/46 | 4,000 | 4,236,312 | ||||||
Series D, 5.00%, 12/01/35 | 3,850 | 4,067,544 | ||||||
Series D, 5.00%, 12/01/45 | 5,000 | 5,104,840 | ||||||
Series B, AMT, 5.00%, 12/01/42 | 2,000 | 2,049,130 | ||||||
Series C, AMT, 5.00%, 12/01/39 | 1,475 | 1,492,772 | ||||||
Wayne County Airport Authority, Refunding RB, | ||||||||
Series F, AMT, 5.00%, 12/01/34 | 8,000 | 8,278,600 | ||||||
|
| |||||||
31,997,298 | ||||||||
Utilities — 12.2% | ||||||||
City of Detroit Michigan Water Supply System Revenue, RB, Series A, Senior Lien, (NPFGC), 5.00%, 07/01/34 | 10 | 10,016 | ||||||
Downriver Utility Wastewater Authority, Refunding RB, (AGM), 5.00%, 04/01/43 | 1,000 | 1,052,645 | ||||||
Great Lakes Water Authority Sewage Disposal System Revenue, RB, Series A, Senior Lien, 5.25%, 07/01/47 | 8,000 | 8,789,184 | ||||||
Great Lakes Water Authority Water Supply System Revenue, RB, Series B, 2nd Lien, 5.00%, 07/01/46 | 10,000 | 10,237,470 | ||||||
Lansing Board of Water & Light, Refunding RB | ||||||||
Series A, 5.00%, 07/01/44 | 1,000 | 1,061,015 | ||||||
Series A, 5.00%, 07/01/48 | 14,000 | 14,758,968 | ||||||
Michigan Finance Authority, Refunding RB | ||||||||
Series D-1, 5.00%, 07/01/35 | 750 | 786,598 | ||||||
Series C-3, Senior Lien, (AGM), 5.00%, 07/01/31 | 1,000 | 1,023,880 | ||||||
Series C-3, Senior Lien, (AGM), 5.00%, 07/01/32 | 5,250 | 5,374,677 | ||||||
Series C-3, Senior Lien, (AGM), 5.00%, 07/01/33 | 3,000 | 3,070,536 | ||||||
|
| |||||||
46,164,989 | ||||||||
|
| |||||||
Total Municipal Bonds in Michigan | 573,749,567 | |||||||
Puerto Rico — 5.1% | ||||||||
State — 5.1% | ||||||||
Commonwealth of Puerto Rico, GO, Series A1, Restructured, 5.75%, 07/01/31 | 1,061 | 1,143,288 | ||||||
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, Series A1, Restructured, 4.75%, 07/01/53 | 534 | 501,341 |
SCHEDULE OF INVESTMENTS | 2 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock MuniYield Michigan Quality Fund, Inc. (MIY) (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
State (continued) | ||||||||
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, RB, CAB, Series A1, Restructured, 0.00%, 07/01/46(c) | $ | 6,202 | $ | 1,686,404 | ||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB | ||||||||
Series A1, Restructured, 5.00%, 07/01/58 | 825 | 793,372 | ||||||
Series A-2, Restructured, 4.78%, 07/01/58 | 103 | 95,400 | ||||||
Series A-2, Restructured, 4.33%, 07/01/40 | 1,109 | 1,030,139 | ||||||
Series B-1, Restructured, 4.75%, 07/01/53 | 616 | 575,911 | ||||||
Series B-1, Restructured, 5.00%, 07/01/58 | 7,451 | 7,172,117 | ||||||
Series B-2, Restructured, 4.33%, 07/01/40 | 5,880 | 5,454,694 | ||||||
Series B-2, Restructured, 4.78%, 07/01/58 | 597 | 554,023 | ||||||
|
| |||||||
Total Municipal Bonds in Puerto Rico | 19,006,689 | |||||||
|
| |||||||
Total Municipal Bonds — 156.8% | 592,756,256 | |||||||
|
| |||||||
Municipal Bonds Transferred to Tender Option Bond Trusts(d) |
| |||||||
Michigan — 3.6% | ||||||||
Education — 1.7% |
| |||||||
Michigan State University, RB, Series B, 5.00%, 02/15/48 | 6,160 | 6,555,598 | ||||||
|
| |||||||
Housing — 1.9% |
| |||||||
Michigan State Housing Development Authority , RB, S/F Housing, Series D, 5.50%, 06/01/53 | 6,580 | 7,059,531 | ||||||
|
| |||||||
Total Municipal Bonds in Michigan | 13,615,129 | |||||||
|
| |||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 3.6% |
| 13,615,129 | ||||||
|
| |||||||
Total Long-Term Investments — 160.4% |
| 606,371,385 | ||||||
|
|
Security |
Shares | Value | ||||||
Short-Term Securities |
| |||||||
Money Market Funds — 4.6% | ||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class, 3.27%(e)(f) | 17,396,154 | $ | 17,394,415 | |||||
|
| |||||||
Total Short-Term Securities — 4.6% | 17,394,415 | |||||||
|
| |||||||
Total Investments — 165.0% |
| 623,765,800 | ||||||
Liabilities in Excess of Other Assets — (2.1)% |
| (7,634,505 | ) | |||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (1.7)% |
| (6,430,874 | ) | |||||
VRDP Shares at Liquidation Value, Net of Deferred Offering Costs — (61.2)% |
| (231,550,495 | ) | |||||
|
| |||||||
Net Assets Applicable to Common Shares — 100.0% |
| $ | 378,149,926 | |||||
|
|
(a) | When-issued security. |
(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) | Zero-coupon bond. |
(d) | 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. |
(e) | Affiliate of the Fund. |
(f) | 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.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 07/31/22 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 04/30/23 | Shares Held at 04/30/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Liquidity Funds, MuniCash, Institutional Class | $ | 2,981,267 | $ | 14,411,811 | (a) | $ | — | $ | 1,497 | $ | (160 | ) | $ | 17,394,415 | 17,396,154 | $ | 129,777 | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
3 |
Schedule of Investments (unaudited) (continued) April 30, 2023 | BlackRock MuniYield Michigan Quality Fund, Inc. (MIY) |
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 | $ | — | $ | 592,756,256 | $ | — | $ | 592,756,256 | ||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts | — | 13,615,129 | — | 13,615,129 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 17,394,415 | — | — | 17,394,415 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 17,394,415 | $ | 606,371,385 | $ | — | $ | 623,765,800 | |||||||||
|
|
|
|
|
|
|
|
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 | $ | — | $ | (6,370,000 | ) | $ | — | $ | (6,370,000 | ) | ||||||
VRDP Shares at Liquidation Value | — | (231,900,000 | ) | — | (231,900,000 | ) | ||||||||||
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$ | — | $ | (238,270,000 | ) | $ | — | $ | (238,270,000 | ) | |||||||
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Portfolio Abbreviation | ||
AGM | Assured Guaranty Municipal Corp. | |
AMT | Alternative Minimum Tax | |
ARB | Airport Revenue Bonds | |
CAB | Capital Appreciation Bonds | |
GNMA | Government National Mortgage Association | |
GO | General Obligation Bonds | |
GTD | GTD Guaranteed | |
M/F | Multi-Family | |
NPFGC | National Public Finance Guarantee Corp. | |
Q-SBLF | Qualified School Bond Loan Fund | |
RB | Revenue Bond |
Portfolio Abbreviation (continued) | ||
S/F | Single-Family |
SCHEDULE OF INVESTMENTS | 4 |