NPORT-EX 2 NPORT_8262809829346634.htm EX-MIY

Schedule of Investments  (unaudited) 

April 30, 2020

   

BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 142.7%

    
Michigan — 139.3%            
Corporate — 3.8%            

County of Monroe Michigan EDC, Refunding RB, Detroit Edison Co. Project, Series AA (NPFGC), 6.95%, 09/01/22

   $   14,500     $   16,358,466  
   

 

 

  
County/City/Special District/School District — 27.7%  

Anchor Bay School District, GO, Refunding (Q-SBLF):

 

  

4.38%, 05/01/27

     1,600       1,651,504  

4.50%, 05/01/29

     1,505       1,554,545  

Battle Creek School District Michigan, GO, Refunding, (Q-SBLF), 5.00%, 05/01/37

     1,170       1,350,894  

Berkley School District, GO, School Building & Site (Q-SBLF), 5.00%, 05/01/35

     2,965       3,345,202  

Byron Center Public Schools, GO, School Building & Site, Series I (Q-SBLF):

  

5.00%, 05/01/43

     4,475       5,185,227  

5.00%, 05/01/47

     740       851,636  

Columbia Michigan School District, GO, Unlimited Tax, School Building & Site (Q-SBLF), 5.00%, 05/01/38

     5,185       5,686,182  

Comstock Park Michigan Public Schools, GO, School Building & Site, Series B (Q-SBLF)(a):

  

5.50%, 05/01/21

     3,385       3,540,033  

County of Saginaw Michigan, GO, 4.00%, 11/01/42

     2,000       2,186,760  

Dearborn Brownfield Redevelopment Authority, GO, Limited Tax, Redevelopment, Series A (AGC), 5.50%, 05/01/39

     5,300       5,316,271  

Dearborn School District, GO, School Building & Site, Series A (Q-SBLF):

  

5.00%, 05/01/32

     1,500       1,681,395  

5.00%, 05/01/33

     1,600       1,792,368  

5.00%, 05/01/34

     1,200       1,343,064  

Dowagiac Union School District, GO, (Q-SBLF), 5.00%, 05/01/41

     1,140       1,284,586  

East Lansing School District, GO, School Building & Site, Series I (Q-SBLF), 5.00%, 05/01/42

     1,000       1,149,460  

Farmington Public School District, GO, Refunding, School Building & Site (AGM):

  

5.00%, 05/01/33

     1,500       1,732,305  

5.00%, 05/01/34

     1,500       1,724,730  

5.00%, 05/01/35

     1,000       1,144,950  
Security   Par
(000)		     Value  
County/City/Special District/School District (continued)  

Flint EDC, RB, Michigan Department of Human Services Office Building Project, 5.25%, 10/01/41

   $   4,950     $   5,222,250  

Fraser Public School District, GO, Refunding, School Building & Site (Q-SBLF):

  

5.00%, 05/01/43

     2,000       2,281,600  

5.00%, 05/01/47

     3,225       3,654,248  

Gibraltar School District, GO, (Q-SBLF), 5.00%, 05/01/36

     750       892,365  

Goodrich Area School District Michigan, GO, School Building & Site (Q-SBLF):

  

5.50%, 05/01/21(a)

     1,540       1,610,532  

5.50%, 05/01/21(a)

     2,575       2,692,935  

5.50%, 05/01/32

     1,000       1,037,900  

5.50%, 05/01/36

     460       476,969  

Grandville Public Schools, GO, School Building & Site:

 

Bonds, Series I (AGM), 4.00%, 05/01/38

     1,410       1,597,995  

Bonds, Series I (AGM), 4.00%, 05/01/39

     1,000       1,128,960  

Series II (AGM), 5.00%, 05/01/40

     3,250       3,674,807  

Gull Lake Community School District, GO, School Building & Site, Series I (Q-SBLF), 5.00%, 05/01/45

     4,000       4,666,920  

Hudsonville Public Schools, GO, Series I (Q-SBLF):

  

4.00%, 05/01/42

     1,825       2,030,258  

4.00%, 05/01/43

     1,875       2,076,281  

4.00%, 05/01/44

     1,950       2,151,357  

4.00%, 05/01/45

     2,040       2,243,531  

Jackson Michigan Public Schools, GO, School Building & Site (Q-SBLF), 5.00%, 05/01/42

     4,000       4,702,880  

Kentwood Public Schools, GO, School Building & Site:

  

5.00%, 05/01/41

     1,120       1,232,336  

5.00%, 05/01/44

     1,815       1,983,105  

Livonia Public Schools, GO, Series I (AGM), 5.00%, 05/01/43

     5,000       5,459,500  

Mattawan Consolidated School District Michigan, GO, Series I (Q-SBLF), 5.00%, 05/01/39

     3,375       3,764,205  

Mona Shores Public Schools, GO, School Building & Site, Series I (Q-SBLF):

  

5.00%, 05/01/42

     1,000       1,196,440  

5.00%, 05/01/43

     1,025       1,220,929  

5.00%, 05/01/44

     1,525       1,810,724  
 

 

1

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
County/City/Special District/School District (continued)  

Swartz Creek Community Schools, GO, School Building & Site (Q-SBLF), 5.00%, 05/01/44

   $   4,270     $ 5,008,027  

Troy School District Michigan, GO, School Building & Site (Q-SBLF), 5.00%, 05/01/28

     2,000       2,227,140  

Walled Lake Consolidated School District, GO, School Building & Site (Q-SBLF):

    

5.00%, 05/01/37

     2,850       3,172,307  

5.00%, 05/01/40

     2,630       2,907,071  

5.00%, 05/01/43

     1,530       1,679,772  

Zeeland Public Schools, GO, School Building & Site, Series A (AGM):

    

5.00%, 05/01/33

     1,000       1,154,140  

5.00%, 05/01/34

     1,000       1,149,640  

5.00%, 05/01/35

     1,000       1,145,590  
   

 

 

  
      119,773,826  
Education — 28.6%            

City of Grand Rapids Michigan EDC, RB, Ferris State University Project, Series A, 5.50%, 10/01/35

     760       774,356  

Grand Valley State University, RB, 5.00%, 12/01/43

     1,600       1,869,232  

Lake Superior State University, RB, General (AGM), 5.00%, 01/15/48

     3,750       4,233,487  

Michigan Finance Authority, Refunding RB:

    

Cesar Chavez Academy Project, 4.00%, 02/01/29

     700       632,198  

5.00%, 02/01/33

     830       782,217  

College for Creative Studies, 4.00%, 12/01/33

     1,720       1,734,706  

5.00%, 12/01/36

     1,550       1,604,374  

5.00%, 12/01/40

     2,900       2,977,111  

5.00%, 12/01/45

     4,400       4,500,100  

Series 25 A, AMT, Student Loan Revenue, 4.00%, 11/01/29

     5,900       6,122,194  

4.00%, 11/01/30

     2,850       2,950,263  

4.00%, 11/01/31

     3,150       3,251,651  

Michigan Technological University, RB, General, Series A, 5.00%, 10/01/45

     1,800       1,994,814  
Security   Par
(000)		     Value  
Education (continued)            

Oakland University, RB:

    

5.00%, 03/01/41

   $ 3,635     $ 4,086,830  

General, 5.00%, 03/01/32

     400       423,616  

General, Series A, 5.00%, 03/01/38

     5,490       5,942,760  

General, Series A, 5.00%, 03/01/43

     16,845       18,044,701  

State of Michigan University, Refunding RB, Series A, 5.00%, 08/15/38

     10,000       11,051,000  

State of Wayne University, RB, General, Series A, 5.00%, 11/15/40

     13,000       14,308,580  

University of Michigan, RB, Series A, 5.00%, 04/01/39

     3,425       3,873,470  

Western Michigan University, Refunding RB:

 

  

5.00%, 11/15/44

     5,650       6,680,447  

5.00%, 11/15/49

     8,680       10,187,022  

General, University and College Improvements, 5.25%, 11/15/40

     3,500       3,670,660  

General, University and College Improvements, 5.25%, 11/15/43

     8,475       9,260,632  

General, University and College Improvements (AGM), 5.25%, 11/15/33

     1,000       1,121,750  

General, University and College Improvements (AGM), 5.00%, 11/15/39

     1,750       1,922,900  
   

 

 

  
      124,001,071  
Health — 33.5%            

County of Grand Traverse Hospital Finance Authority, RB, Munson Healthcare Obligated Group:

    

Series A, 5.00%, 07/01/49

     2,610       2,895,456  

Series A, 5.00%, 07/01/44

     4,230       4,496,702  

Series A, 5.00%, 07/01/47

     2,200       2,333,078  

Series B, 4.00%, 07/01/49

     2,000       2,058,940  

Kalamazoo EDC, Refunding RB, Heritage Community of Kalamazoo Project:

    

5.00%, 05/15/32

     1,920       1,833,542  

5.00%, 05/15/37

     1,230       1,142,633  

5.00%, 05/15/42

     1,050       941,619  

Kent Hospital Finance Authority Michigan, Refunding RB, Spectrum Health, Series A, 5.00%, 11/15/21(a)

     7,500       7,969,575  

Kentwood EDC, Refunding RB, Holland Home Obligated Group, 5.00%, 11/15/41

     2,335       2,154,948  

Michigan Finance Authority, RB:

    

Beaumont Health Credit Group, 4.00%, 11/01/46

     1,025       1,039,309  
 

 

2

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Health (continued)            

Sparrow Obligated Group, 5.00%, 11/15/36

   $ 2,500     $ 2,622,075  

Sparrow Obligated Group, 5.00%, 11/15/45

     3,750       3,973,238  

Michigan Finance Authority, Refunding RB:

 

Henry Ford Health System, 4.00%, 11/15/46

     8,500       8,167,395  

5.00%, 11/15/37

     3,000       3,275,370  

5.00%, 11/15/41

     1,000       1,075,730  

Hospital, McLaren Health Care, 5.00%, 05/15/32

     1,000       1,115,710  

5.00%, 05/15/33

     2,000       2,222,400  

5.00%, 05/15/34

     5,000       5,527,600  

5.00%, 05/15/34

     1,500       1,658,280  

5.00%, 05/15/35

     4,945       5,435,247  

Hospital, Oakwood Obligated Group, 5.00%, 11/01/32

     4,000       4,276,800  

Hospital; Trinity Health Credit Group, 5.00%, 12/01/21(a)

     4,980       5,300,812  

MidMichigan Health, 5.00%, 06/01/39

     1,500       1,611,810  

Trinity Health Credit Group, 5.00%, 12/01/21(a)

     20       21,288  

5.00%, 12/01/21(a)

     5,000       5,322,050  

5.00%, 12/01/21(a)

     6,500       6,918,795  

5.00%, 12/01/45

     290       353,846  

5.00%, 12/01/45

     19,445         21,151,882  

Michigan Strategic Fund, Refunding RB, Holland Home Obligated Group, 5.00%, 11/15/43

     1,220       1,108,785  

Royal Oak Hospital Finance Authority Michigan, Refunding RB, Beaumont Health Credit Group, Series D, 5.00%, 09/01/39

     27,365       29,300,526  

State of Michigan Hospital Finance Authority, Refunding RB:

    

McLaren Health Care, Series A, 5.00%, 06/01/35

     2,250       2,378,520  
Security   Par
(000)		     Value  
Health (continued)            

Trinity Health Credit Group, Series C, 4.00%, 12/01/32

   $ 5,300     $ 5,469,335  
   

 

 

  
    145,153,296  
Housing — 8.4%            

State of Michigan HDA, RB:

    

M/F Housing, Rental Housing Revenue, Series A, 4.45%, 10/01/34

     1,000       1,051,080  

M/F Housing, Rental Housing Revenue, Series A, 4.63%, 10/01/39

     3,490       3,639,058  

M/F Housing, Rental Housing Revenue, Series A, 4.75%, 10/01/44

     5,000       5,193,950  

M/F Housing, Series A, 4.30%, 10/01/40

     3,320       3,483,377  

M/F, Series A, 4.00%, 10/01/43

     7,420       7,853,328  

M/F, Williams Pavilion, AMT (Ginnie Mae), 4.75%, 04/20/37

     3,025       3,027,208  

S/F Housing, Series A, 4.00%, 12/01/44

     4,000       4,276,400  

S/F Housing, Series C, 4.13%, 12/01/38

     7,500       8,057,625  
   

 

 

  
      36,582,026  
State — 19.2%            

Michigan Finance Authority, RB:

    

Charter County of Wayne Criminal Justice Center Project, 5.00%, 11/01/34

     215       260,589  

5.00%, 11/01/43

     4,000       4,721,040  

5.00%, 11/01/38

     2,500       2,986,400  

Local Government Loan Program, Series F, 5.00%, 04/01/31

     1,000       1,054,040  

5.25%, 10/01/41

     8,595       9,067,725  

Michigan Finance Authority, Refunding RB, Detroit Regional Convention Facility Authority Local Project Bonds, 5.00%, 10/01/39

     5,400       6,092,658  

Michigan Strategic Fund, RB:

    

1-75 Improvement Project, AMT (AGM), 4.25%, 12/31/38

     14,000       13,948,620  
 

 

3

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
State (continued)            

I-75 Improvement Project, AMT, 5.00%, 12/31/43

   $   15,000     $   15,118,500  

Michigan Senate Offices Project, Series A, 5.25%, 10/15/40

     3,000       3,452,070  

Michigan Strategic Fund, Refunding RB, Cadillac Place Office Building Project, 5.25%, 10/15/31

     7,000       7,389,760  

State of Michigan, COP, (AMBAC), 0.00%, 06/01/22(b)(c)

     3,000       2,924,040  

State of Michigan Building Authority, Refunding RB:

 

Facilities Program, Series I-A, 5.50%, 10/15/45

     2,000       2,107,600  

Series I, 5.00%, 04/15/41

     4,750       5,445,353  

State of Michigan Trunk Line Fund, RB:

 

  

5.00%, 11/15/33

     3,000       3,166,050  

5.00%, 11/15/36

     5,345       5,638,440  
   

 

 

  
    83,372,885  
Transportation — 5.3%            

County of Wayne Airport Authority, ARB, Series A, 5.00%, 12/01/42

     1,000       1,078,160  

County of Wayne Airport Authority, RB:

 

  

Detroit Metropolitan Wayne County Airport, AMT (NPFGC), 5.00%, 12/01/39

     1,475       1,550,299  

Series B, AMT, 5.00%, 12/01/42

     1,000       1,061,250  

Series B, AMT, 5.00%, 12/01/47

     1,250       1,305,212  

Series D, 5.00%, 12/01/35

     3,850       4,208,666  

Series D, 5.00%, 12/01/45

     5,000       5,250,950  

County of Wayne Airport Authority, Refunding RB, Series F, AMT, 5.00%, 12/01/34

     8,000       8,687,280  
   

 

 

  
    23,141,817  
Utilities — 12.8%            

City of Detroit Michigan Sewage Disposal System, Refunding RB, Senior Lien, Series A, 5.25%, 07/01/39

     2,655       2,819,265  

City of Detroit Michigan Water Supply System Revenue, RB, Series A:

    

Senior Lien, 5.25%, 07/01/21(a)

     4,325       4,476,159  

(NPFGC), 5.00%, 07/01/34

     10       10,024  

City of Grand Rapids Michigan Sanitary Sewer System, Refunding RB, Series A (NPFGC), 5.50%, 01/01/22

     550       576,779  
Security   Par
(000)		     Value  
Utilities (continued)            

City of Holland Michigan Electric Utility System, RB, Electric Utility Systems, Series A, 5.00%, 07/01/39

   $   10,000     $ 10,412,800  

City of Lansing Michigan, RB, Board of Water & Light Utilities System, Series A, 5.00%, 07/01/21(a)

     3,180       3,331,432  

City of Port Huron Michigan, RB, Water Supply System:

 

5.25%, 10/01/31

     500       525,105  

5.63%, 10/01/40

     1,500       1,579,230  

Downriver Utility Wastewater Authority, Refunding RB, (AGM), 5.00%, 04/01/43

     1,000       1,168,220  

Great Lakes Water Authority Water Supply System Revenue, RB, Second Lien, Series B, 5.00%, 07/01/46

     10,000       10,938,100  

Karegnondi Water Authority, Refunding RB, Water Supply System:

    

5.00%, 11/01/41

     2,750       3,080,852  

5.00%, 11/01/45

     3,000       3,331,590  

Michigan Finance Authority, Refunding RB:

 

Government Loan Program, 5.00%, 07/01/34

     2,000       2,226,620  

Government Loan Program, 5.00%, 07/01/35

     750       831,172  

Senior Lien, Detroit Water and Sewer, Series C-3 (AGM), 5.00%, 07/01/31

     1,000       1,123,450  

Senior Lien, Detroit Water and Sewer, Series C-3 (AGM), 5.00%, 07/01/32

     5,250       5,886,510  

Senior Lien, Detroit Water and Sewer, Series C-3 (AGM), 5.00%, 07/01/33

     3,000       3,355,620  
   

 

 

  
    55,672,928  
   

 

 

  

Total Municipal Bonds in Michigan

 

     604,056,315  
   

 

 

  
Puerto Rico — 3.4%            
State — 3.4%            

Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, RB, Restructured:

    

CAB, Series A-1, 0.00%, 07/01/46(b)

     2,700       620,892  

Series A-1, 5.00%, 07/01/58

     555       518,381  

Series A-2, 4.33%, 07/01/40

     277       247,389  

Series A-2, 4.78%, 07/01/58

     103       92,720  

Series B-1, 4.75%, 07/01/53

     616       555,188  
 

 

4

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
State (continued)            

Series B-1, 5.00%, 07/01/58

   $ 7,451     $ 6,955,583  

Series B-2, 4.33%, 07/01/40

     5,880       5,238,022  

Series B-2, 4.78%, 07/01/58

     597       532,213  
   

 

 

  

Total Municipal Bonds in Puerto Rico

 

     14,760,388  
   

 

 

  

Total Municipal Bonds — 142.7%
(Cost — $598,963,961)

 

     618,816,703  
   

 

 

  

Municipal Bonds Transferred to Tender Option Bond Trusts(d) — 17.9%

 

Michigan — 17.9%            
Education — 7.5%            

Eastern Michigan University, RB, General ,Series A (AGM), 4.00%, 03/01/44

     10,000       10,936,600  

State of Wayne University, RB, General, Series A, 5.00%, 11/15/43(e)

     8,530       10,048,167  

University of Michigan, Refunding RB, General, 5.00%, 04/01/46

     10,000       11,527,201  
   

 

 

  
    32,511,968  
Health — 2.6%            

Michigan Finance Authority, RB, Beaumont Health Credit Group, Series A, 5.00%, 11/01/44

     10,002       10,812,725  

Michigan Finance Authority, Refunding RB, Trinity Health Credit Group, 5.00%, 12/01/21(a)

     190       202,240  
   

 

 

  
    11,014,965  
State — 5.0%            

Michigan Finance Authority, Refunding RB, Student Loan, AMT, Series A, 4.00%, 11/01/28

     8,750       9,090,725  
Security   Par
(000)		     Value  
State (continued)            

State of Michigan Building Authority, Refunding RB, Facilities Program, Series I, 5.00%, 10/15/45

   $ 5,150     $ 5,833,096  

State of Michigan University, RB, Board of Trustees, Series B, 5.00%, 02/15/44(e)

     5,750       6,846,293  
   

 

 

  
    21,770,114  
Utilities — 2.8%            

Lansing Board of Water & Light, Refunding RB, Series A, 5.00%, 07/01/44

     10,000       12,058,997  
   

 

 

  

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 17.9%
(Cost — $74,162,204)

 

     77,356,044  
   

 

 

  

Total Long-Term Investments — 160.6%
(Cost — $673,126,165)

 

     696,172,747  
   

 

 

  
     Shares         

Short-Term Securities — 0.5%

    

BlackRock Liquidity Funds, MuniCash, Institutional Class, 0.15%(f)( g)

     2,089,770       2,090,188  
   

 

 

  

Total Short-Term Securities — 0.5%
(Cost — $2,088,516)

 

     2,090,188  
   

 

 

  

Total Investments — 161.1%
(Cost — $675,214,681)

 

     698,262,935  

Other Assets Less Liabilities — 1.9%

 

     8,325,554  

Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (9.6)%

 

     (41,552,223 ) 

VRDP Shares, at Liquidation Value, Net of Deferred Offering
Costs — (53.4)%

 

     (231,492,726 ) 
   

 

 

  

Net Assets Applicable to Common Shares — 100.0%

 

   $   433,543,540  
   

 

 

  
 

 

(a) 

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.

(b) 

Zero-coupon bond.

(c) 

Security is collateralized by municipal bonds or U.S. Treasury obligations.

(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) 

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 November 15, 2026 to February 15, 2027 is $9,881,917.

(f) 

Annualized 7-day yield as of period end.

 

5

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

    

 

(g) 

Investments in issuers considered to be an affiliate/affiliates of the Fund during the period ended April 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Shares
Held at
07/31/19		      Shares
Purchased		     

Shares

Sold

      Shares
Held at
04/30/20		      Value at
04/30/20		      Income     

Net

Realized
Gain (Loss) (a)

     

Change in

Unrealized

Appreciation

(Depreciation)

  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      2,325,529        —        (235,759 )(b)       2,089,770      $ 2,090,188      $ 38,534      $ 12,001      $ 1,503  
              

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 
  (b) 

Represents net shares purchased (sold)

 

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.

 

Portfolio Abbreviations
AGC    Assured Guarantee Corp.
AGM    Assured Guaranty Municipal Corp.
AMBAC    American Municipal Bond Assurance Corp.
AMT    Alternative Minimum Tax (subject to)
ARB    Airport Revenue Bonds
CAB    Capital Appreciation Bonds
COP    Certificates of Participation
EDC    Economic Development Corp.
GO    General Obligation Bonds
HDA    Housing Development Authority
M/F    Multi-Family
NPFGC    National Public Finance Guarantee Corp.
Q-SBLF   

Qualified School Bond Loan Fund

RB    Revenue Bonds
S/F    Single-Family

 

6

Schedule of Investments  (unaudited) (continued)

April 30, 2020

   

BlackRock MuniYield Michigan Quality Fund, Inc. (MIY)

    

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. 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’s”) assumptions used in determining the fair value of investments)

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 is based on the pricing transparency of the investments 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, refer to the Fund’s most recent financial statements as contained in its semi-annual report.

The following tables summarize the Fund’s investments categorized in the disclosure hierarchy:

 

                                                                                                               
      Level 1        Level 2        Level 3        Total  

Assets:

                  

Investments:

                  

Long-Term Investments(a)

    $ —        $ 696,172,747        $ —        $ 696,172,747  

Short-Term Securities

      2,090,188          —          —          2,090,188  
  

 

 

       

 

 

       

 

 

       

 

 

  

Total

    $ 2,090,188        $ 696,172,747        $ —        $ 698,262,935  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

See above Schedule of Investments for values in each sector or political subdivision.

 

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

    $ —        $ (41,362,055 )       $ —        $ (41,362,055 ) 

VRDP Shares at Liquidation Value

      —          (231,900,000 )         —          (231,900,000 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ —        $   (273,262,055 )       $ —        $ (273,262,055 ) 
  

 

 

       

 

 

       

 

 

       

 

 

  

 

7