NPORT-EX 2 NPORT_5241318077697123.htm BlackRock Municipal 2020 Term Trust

Schedule of Investments  (unaudited) 

March 31, 2020

   

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  

Municipal Bonds — 87.4%

 

Alabama — 0.4%

 

Alabama 21st Century Authority Tobacco Settlement, Refunding RB, Series A, 5.00%, 06/01/20

   $ 1,000     $ 1,005,470  

Tuscaloosa City Board of Education, RB, 5.00%, 08/01/20

     225       227,743  
   

 

 

  
      1,233,213  
Alaska — 1.9%  

City of Valdez Alaska, Refunding RB, BP Pipelines Project:

    

Series B, 5.00%, 01/01/21

     3,200       3,234,272  

Series C, 5.00%, 01/01/21

     2,500       2,529,575  
   

 

 

  
      5,763,847  
Arizona — 1.2%  

Arizona Health Facilities Authority, Refunding RB, Series F, VRDN, 4.30%, 01/01/29(a)

     1,365       1,365,000  

Phoenix Civic Improvement Corp., Refunding RB, Junior Lien, Series A, 5.00%, 07/01/20

     1,300       1,311,375  

Salt Verde Financial Corp., RB, Senior, 5.25%, 12/01/20

     1,000       1,017,290  
   

 

 

  
      3,693,665  
California — 3.9%  

California Health Facilities Financing Authority, RB, Sutter Health, Series B, 5.00%, 08/15/20(b)

     815       827,201  

State of California, GO, Refunding, Various Purpose, 5.25%, 10/01/22

     1,000       1,101,660  

State of California Department of Water Resources, Refunding RB, Series L, 5.00%, 05/01/20

     10,000       10,012,700  
   

 

 

  
      11,941,561  
Colorado — 0.9%  

Adams & Arapahoe Joint School District 28J Aurora, GO, Refunding:

    

Series A, 5.00%, 12/01/20

     690       705,201  

Series B, 5.00%, 12/01/20

     1,335       1,364,410  

Colorado Educational & Cultural Facilities Authority, Refunding RB, Peak to Peak Charter School Project, 4.00%, 08/15/20

     150       151,354  
Security   Par
(000)		     Value  
Colorado (continued)  

Colorado Health Facilities Authority, Refunding RB, Evangelical Lutheran Good Samaritan Society Project, 4.00%, 12/01/20(c)

   $ 580     $ 590,075  
   

 

 

  
    2,811,040  
Florida — 1.8%  

County of Escambia Florida, RB, Gulf Power Co. Project, 1.80%, 04/01/39(a)

     2,500       2,506,850  

County of Miami-Dade Florida, Refunding RB,
Series A, AMT, 5.00%, 10/01/20

     1,375       1,398,182  

County of Miami-Dade Florida Expressway Authority, Refunding RB, Toll System, Series A, 5.00%, 07/01/20

     500       502,470  

Stevens Plantation Community Development District, Special Assessment Bonds, Series B, 6.38%, 05/01/13(d)(e)(f)

     2,597       1,246,679  
   

 

 

  
    5,654,181  
Georgia — 1.9%  

Gainesville & Hall County Development Authority, Refunding RB, Acts Retirement — Life Communities, Inc. Obligated Group, 5.00%, 11/15/22

     5,525       5,725,944  
   

 

 

  
Guam — 0.5%  

Guam Government Waterworks Authority, RB, 5.25%, 07/01/20

     250       250,690  

Guam Power Authority, Refunding RB,
Series A (AGM), 5.00%, 10/01/20

     1,190       1,199,139  
   

 

 

  
    1,449,829  
Hawaii — 0.5%  

State of Hawaii Department of Budget & Finance, Refunding RB, Special Purpose Senior Living, Kahala Nui, 5.00%, 11/15/20

     1,440       1,472,112  
   

 

 

  
Illinois — 10.3%  

Chicago Transit Authority, Refunding RB, 5.00%, 06/01/20

     1,000       1,005,580  

City of Chicago Illinois Waterworks Revenue, Refunding RB, 2nd Lien (AGM), 5.00%, 11/01/20

     960       961,680  

Lake Cook-Dane & McHenry Counties Community Unit School District 220 Illinois, GO, Refunding, (AGM), 5.25%, 12/01/20

     1,000       1,026,670  
 

 

 

1

Schedule of Investments  (unaudited) (continued)

March 31, 2020

   

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Illinois (continued)  

Metropolitan Pier & Exposition Authority, Refunding RB, CAB, McCormick, Series A (NPFGC), 0.00%, 06/15/22(g)

   $ 13,455     $ 12,713,495  

Railsplitter Tobacco Settlement Authority, RB, 5.25%, 06/01/20

     10,000       10,050,300  

State of Illinois, GO, 5.00%, 07/01/20

     4,055       4,071,788  

State of Illinois, RB, Series B, 5.00%, 06/15/20

     1,485       1,486,975  
   

 

 

  
      31,316,488  
Indiana — 0.4%  

Indiana Municipal Power Agency, Refunding RB, Series A, 5.00%, 01/01/21

     600       617,238  

Northern Indiana Commuter Transportation District, RB, 5.00%, 07/01/20

     620       625,958  
   

 

 

  
      1,243,196  
Kansas — 0.3%  

County of Wyandotte Kansas, Kansas City Unified Government, RB, Kansas International Speedway (NPFGC), 0.00%, 12/01/20(g)

     1,035       1,024,681  
   

 

 

  
Kentucky — 1.5%  

County of Louisville & Jefferson Kentucky, Refunding RB, Catholic Health Initiatives,
Series A(c):

    

3.50%, 12/01/20

     2,115       2,148,290  

5.00%, 12/01/20

     1,430       1,466,651  

Kentucky Public Transportation Infrastructure Authority, RB, CAB, 1st Tier Downtown Crossing Project, 0.00%, 07/01/20(g)

     1,000       993,450  
   

 

 

  
      4,608,391  
Louisiana — 1.8%  

Louisiana Public Facilities Authority, RB, VRDN, Air Products & Chemicals Project, 4.97%, 08/01/50(a)

     5,500       5,500,000  
   

 

 

  
Maryland — 1.0%  

City of Baltimore Maryland, Refunding, Tax Allocation Bonds, 5.00%, 06/15/20

     275       276,799  

County of Anne Arundel Maryland Consolidated Special Taxing District, Refunding, Special Tax Bonds, The Villages of Dorchester & Farmington Village Project, 5.00%, 07/01/20

     500       504,515  
Security   Par
(000)		     Value  
Maryland (continued)  

Maryland Economic Development Corp., RB, Transportation Facilities Project, Series A, 5.13%, 06/01/20(c)

   $ 395     $ 397,994  

Maryland EDC, Refunding RB, University of Maryland, College Park Projects (AGM), 4.00%, 06/01/20

     640       642,778  

Maryland Health & Higher Educational Facilities Authority, Refunding RB, Charlestown Community, 5.50%, 01/01/21(c)

     1,335       1,376,892  
   

 

 

  
      3,198,978  
Massachusetts — 3.0%  

Massachusetts Bay Transportation Authority, Refunding RB, VRDN, General Transportation System, Series A-1, 3.71%, 03/01/30(a)

     9,040       9,040,000  
   

 

 

  
Michigan — 3.8%  

City of Detroit Michigan, GO, Unlimited Tax, 5.00%, 04/01/20

     1,000       1,000,000  

City of Royal Oak Michigan Hospital Finance Authority, Refunding RB, Series D, 2.25%, 09/01/20

     1,500       1,504,845  

Kalamazoo Hospital Finance Authority, Refunding RB, Bronson Methodist Hospital,
5.00%, 05/15/20(c)

     565       567,463  

Lansing Board of Water & Light Utilities, RB, Series A, 3.50%, 07/01/20

     1,000       1,005,510  

Michigan Finance Authority, Refunding RB, Student Loan, Series 25-A, AMT, 5.00%, 11/01/20

     1,800       1,836,288  

Saginaw Valley State University, Refunding RB, General, Series A, 5.00%, 07/01/20

     1,000       1,009,140  

State of Michigan Building Authority, Refunding RB, Facilities Program:

    

Series 1-A, 5.00%, 10/15/20

     325       331,204  

Series 2-A, 4.00%, 10/15/20

     1,205       1,221,581  

State of Michigan Trunk Line Revenue, Refunding RB:

   

5.00%, 11/01/20

     1,000       1,003,730  

5.00%, 11/01/21

     2,000       2,004,800  
   

 

 

  
      11,484,561  
 

 

 

2

Schedule of Investments  (unaudited) (continued)

March 31, 2020

   

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Minnesota — 2.5%  

Minnesota Housing Finance Agency, Refunding RB, VRDN, S/F, Residential Housing Finance (Ginnie Mae, Fannie Mae & Freddie Mac), 4.50%, 01/01/42(a)

   $ 7,500     $ 7,500,000  
   

 

 

  
Missouri — 1.2%  

City of Kansas City Missouri Airport, Refunding RB, Series A, AMT, 5.00%, 09/01/20

     3,000       3,042,300  

State of Missouri Health & Educational Facilities Authority, Refunding RB, CoxHealth, Series A, 5.00%, 11/15/20

     500       509,950  
   

 

 

  
      3,552,250  
Nebraska — 1.2%  

Central Plains Nebraska Energy Project, RB, Gas Project No. 3, 5.00%, 09/01/20

     3,500       3,530,065  
   

 

 

  
Nevada — 2.4%  

County of Clark Nevada, Refunding, Special Assessment Bonds, Special Improvement District No. 142, 5.00%, 08/01/20

     980       991,789  

County of Clark Nevada Department of Aviation, Refunding ARB, Las Vegas McCarran International Airport, Series B, 5.00%, 07/01/20

     1,000       1,008,020  

Nevada Housing Division, RB, S/F Housing, VRDN, Series C (Ginnie Mae, Fannie Mae & Freddie Mac), 1.20%, 10/01/51(a)

     1,500       1,498,410  

Washoe County School District, GO, School Improvement, Series C, 5.00%, 10/01/20

     3,695       3,762,360  
   

 

 

  
      7,260,579  
New Jersey — 5.9%  

County of Atlantic New Jersey, GO, Refunding, (BAM), 3.00%, 10/01/20

     2,740       2,763,756  

Garden State Preservation Trust, Refunding RB, Series C (AGM), 5.25%, 11/01/20

     1,500       1,534,680  

New Jersey EDA, RB, Private Activity Bond, The Goethals Bridge Replacement Project, AMT, 5.00%, 07/01/20

     250       252,478  
Security   Par
(000)		     Value  
New Jersey (continued)  

New Jersey EDA, Refunding RB:

    

Cigarette Tax, 5.00%, 06/15/20

   $ 2,500     $ 2,507,725  

Provident Group Montclair (AGM), 4.00%, 06/01/20

     105       105,436  

School Facilities, Series GG, 5.00%, 09/01/22

     2,000       2,027,200  

School Facilities, Series K (AGC), 5.25%, 12/15/20

     3,150       3,191,013  

New Jersey Educational Facilities Authority, Refunding RB, Seton Hall University, Series D, 5.00%, 07/01/20

     650       655,791  

New Jersey Higher Education Student Assistance Authority, RB, Series 1A, AMT, 5.00%, 12/01/20

     2,900       2,966,787  

New Jersey Transportation Trust Fund Authority, RB, 5.00%, 06/15/20

     2,000       2,006,180  
   

 

 

  
      18,011,046  
New York — 7.5%  

Battery Park City Authority, Refunding RB, VRDN, 4.25%, 11/01/38(a)

     10,000       10,000,000  

Chautauqua Tobacco Asset Securitization Corp., Refunding RB, 5.00%, 06/01/20

     450       450,509  

City of New York New York, GO, Fiscal 2017, Sub Series A-4, 4.50%, 08/01/44(a)

     1,300       1,300,000  

City of New York New York, GO, VRDN, Series A-4 (Bank of Tokyo-Mitsubishi UFJ Ltd. SBPA), 4.50%, 08/01/38(a)

     1,000       1,000,000  

County of Suffolk New York, GO, Transportation, Series I, 2.50%, 07/23/20

     3,000       3,011,790  

New York State Energy Research & Development Authority, Refunding RB, Electric & Gas Corp. Project, Series B, 2.00%, 02/01/29(a)

     3,000       3,001,470  

New York Transportation Development Corp., Refunding RB, American Airlines, Inc., AMT, 5.00%, 08/01/20

     3,500       3,504,410  

Port Authority of New York & New Jersey, ARB, JFK International Air Terminal LLC Project, Series 8, 5.00%, 12/01/20

     535       547,278  

TSASC, Inc., Refunding RB, Senior, Series A, 5.00%, 06/01/20

     230       231,042  
   

 

 

  
      23,046,499  
 

 

 

3

Schedule of Investments  (unaudited) (continued)

March 31, 2020

   

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Ohio — 0.3%  

State of Ohio, RB, Portsmouth Bypass Project, AMT, 5.00%, 06/30/20

   $ 1,000     $ 1,008,680  
   

 

 

  
Oklahoma — 0.4%  

County of Tulsa Oklahoma Industrial Authority, RB, Broken Arrow Public School, 4.00%, 09/01/22

     1,100       1,167,023  
   

 

 

  
Pennsylvania — 6.4%  

Chester County Health & Education Facilities Authority, Refunding RB, Simpson Senior Services, Series A, 4.00%, 12/01/20

     870       870,992  

City of Philadelphia Pennsylvania Airport Revenue, Refunding RB, AMT, Series B, 5.00%, 07/01/20

     1,450       1,460,744  

Commonwealth of Pennsylvania, GO, Refunding, First Series, 5.00%, 08/15/20

     1,000       1,013,920  

Pennsylvania Economic Development Financing Authority, RB, Pennsylvania Rapid Bridge Replacement Project:

    

5.00%, 12/31/20

     3,830       3,927,129  

AMT, 5.00%, 06/30/20

     295       297,460  

Pennsylvania Economic Development Financing Authority, RB,Republic Services, Inc. Project, Series B-1, AMT, 1.20%, 04/01/49(a)

     1,500       1,490,424  

Pennsylvania Economic Development Financing Authority, Refunding RB, Amtrak Project, Series A, AMT, 4.00%, 11/01/20

     2,175       2,205,646  

Pennsylvania Higher Educational Facilities Authority, RB, Shippensburg University Student Services, 4.00%, 10/01/20(c)

     610       618,430  

Pennsylvania Higher Educational Facilities Authority, Refunding RB, Series A:

    

Drexel University, 5.00%, 05/01/20(c)

     1,480       1,484,588  

Drexel University, 5.00%, 05/01/20

     95       95,227  

University Properties, Inc., 4.00%, 07/01/20

     450       452,344  

Widener University, 5.00%, 07/15/20

     600       606,060  
Security   Par
(000)		     Value  
Pennsylvania (continued)  

Pennsylvania Housing Finance Agency, Refunding RB, S/F Housing Mortgage, Series 115A, AMT:

    

2.55%, 04/01/20

   $ 425     $ 425,000  

2.65%, 10/01/20

     865       869,636  

Pennsylvania IDA, Refunding RB, Economic Development, 5.00%, 07/01/20

     1,500       1,513,350  

State Public School Building Authority, RB, Community College Allegheny County Project (AGM), 5.00%, 07/15/20

     995       1,003,438  

Swarthmore Borough Authority, Refunding RB, Swarthmore College Project, 5.00%, 09/15/20

     350       356,458  

Township of East Hempfield Pennsylvania IDA, RB, Student Services, Inc., Student Housing Project, 4.00%, 07/01/20

     465       467,423  

Westmoreland County Municipal Authority, Refunding RB (BAM):

    

3.00%, 08/15/20

     110       110,696  

5.00%, 08/15/20

     355       359,853  
   

 

 

  
      19,628,818  
Rhode Island — 2.9%  

Rhode Island Commerce Corp., Refunding RB, Rhode Island Department of Transportation,
Series A, 5.00%, 06/15/20

     3,465       3,491,992  

Rhode Island Health & Educational Building Corp., Refunding RB, Hospital Financing, LifeSpan Obligation, 5.00%, 05/15/20

     1,500       1,505,850  

Rhode Island Student Loan Authority, RB, Student Loan Program, Senior Series A, AMT, 5.00%, 12/01/20

     3,850       3,937,010  
   

 

 

  
      8,934,852  
South Carolina — 0.7%  

South Carolina State Ports Authority, RB, 5.00%, 07/01/20(c)

     2,000       2,019,080  
   

 

 

  
Tennessee — 0.1%  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Refunding RB, Lipscomb Revenue Project,
Series A, 5.00%, 10/01/20

     325       331,133  
   

 

 

  
Texas — 13.8%  

Central Texas Turnpike System, RB, CAB(g):

    

(AMBAC), 0.00%, 08/15/21(c)

     1,825       1,780,014  

Series A (AMBAC), 0.00%, 08/15/21

     6,165       6,071,908  
 

 

 

4

Schedule of Investments  (unaudited) (continued)

March 31, 2020

   

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Texas (continued)  

Central Texas Turnpike System, Refunding RB, Series A, 5.00%, 08/15/42(a)

   $ 1,000     $ 1,000,000  

City of Houston Texas Airport System Revenue, Refunding RB:

    

Series B-2, AMT, 5.00%, 07/15/20

     3,000       2,999,370  

Subordinate Lien, Series B, 5.00%, 07/01/20

     250       252,162  

United Airlines, Inc. Terminal E Project, AMT, 4.50%, 07/01/20

     5,000       4,993,550  

Love Field Airport Modernization Corp., RB, Southwest Airlines Co., Love Field Modernization Program Project, 5.00%, 11/01/20

     3,715       3,782,762  

Lower Colorado River Authority, Refunding RB, LCRA Transmission Corp. Project, Series B, 5.00%, 05/15/20

     5,000       5,022,100  

New Hope Cultural Education Facilities Corp., RB, Stephenville LLC Tarleton State University Project, Series A:

    

4.00%, 04/01/20

     180       180,000  

4.00%, 04/01/20

     415       415,000  

4.00%, 04/01/20

     585       585,000  

State of Texas, GO, VRDN, 5.05%, 06/01/44(a)

     10,000       10,000,000  

Texas Municipal Gas Acquisition & Supply Corp. III, RB, Natural Gas Utility Improvements, 5.00%, 12/15/20

     5,000       5,073,300  
   

 

 

  
    42,155,166  
Utah — 3.3%  

County of Weber Utah, RB, VRDN, IHC Health Service, Inc., Series A, 0.75%, 02/15/31(a)

     10,000       10,000,000  
   

 

 

  
Virginia — 1.3%  

City of Norfolk Virginia Water Revenue, Refunding RB, 5.00%, 11/01/20

     2,000       2,043,020  

Roanoke EDA, Refunding RB, Carilion Clinic Obligation Group, 5.00%, 07/01/20

     1,500       1,513,215  
Security   Par
(000)		     Value  
Virginia (continued)  

Virginia College Building Authority, Refunding RB, Marymount University Project, Series A, 5.00%, 07/01/20(h)

   $ 335     $ 336,380  
   

 

 

  
    3,892,615  
Washington — 2.3%  

County of Snohomish Washington Everett School District No. 2, GO, Refunding, 5.00%, 12/01/20

     2,625       2,692,909  

Washington Health Care Facilities Authority, Refunding RB, Providence Health & Services, Series B:

    

5.00%, 10/01/20

     250       253,187  

5.00%, 10/01/42(a)

     4,000       4,150,520  
   

 

 

  
    7,096,616  
Wisconsin — 0.1%  

Wisconsin Health & Educational Facilities Authority, Refunding RB, ThedaCare, Inc., 5.00%, 12/15/20

     250       256,270  
   

 

 

  

Total Long-Term Investments — 87.4%
(Cost — $265,954,549)

 

     266,552,379  
   

 

 

  

Short-Term Securities — 11.6%

 

Commercial Paper — 9.7%  

City of Garland Texas, 1.12%, 05/06/20

     2,695       2,692,816  

City of Memphis Tennessee, 1.07%, 05/20/20

     12,800       12,788,230  

City of New Braunfels, 1.10%, 05/13/20

     3,000       2,997,279  

North East Independent School District, 1.06%, 07/14/20

     3,000       2,993,785  

University of Texas:

    

1.08%, 05/05/20

     5,000       4,996,592  

1.02%, 05/20/20

     3,000       2,997,114  
   

 

 

  

Total Commercial Paper — 9.7%

 

     29,465,816  
   

 

 

  
 

 

 

5

Schedule of Investments  (unaudited) (continued)

March 31, 2020

   

BlackRock Municipal 2020 Term Trust (BKK)

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Money Market Fund — 1.9%  

BlackRock Liquidity Funds, MuniCash, Institutional Class, 2.98%(i)(j)

     5,918,832     $ 5,919,424  
   

 

 

  

Total Money Market Fund — 1.9%

 

     5,919,424  
   

 

 

  

Total Short-Term Securities — 11.6%
(Cost — $35,413,392)

 

     35,385,240  
   

 

 

  
     Value  

Total Investments — 99.0%
(Cost — $301,367,941)

   $ 301,937,619  

Other Assets Less Liabilities — 1.0%

     3,072,869  
 

 

 

  

Net Assets Applicable to Common Shares — 100.0%

   $   305,010,488  
 

 

 

  
 
(a) 

Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

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

(d) 

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(e) 

Issuer filed for bankruptcy and/or is in default.

(f)

Non-income producing security.

(g) 

Zero-coupon bond.

(h) 

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.

(i) 

Annualized 7-day yield as of period end.

(j) 

Investments in issuers considered to be an affiliate/affiliates of the Trust during the period ended March 31, 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
12/31/19		      Shares
Purchased		      Shares
Sold		      Shares
Held at
03/31/20		      Value at
03/31/20		      Income     

Net

Realized
Gain (Loss) (a)

      Change in
Unrealized
Appreciation
(Depreciation)		  

BlackRock Liquidity Funds, MuniCash, Institutional Class

      22,114,990        —        (16,196,158 )(b)       5,918,832      $ 5,919,424      $ 68,327      $ (19,117 )     $ 968  
              

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes net capital gain distributions, if applicable.

 
  (b) 

Represents net shares purchased (sold).

 

 

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
BAM    Build America Mutual Assurance Co.
CAB    Capital Appreciation Bonds
EDA    Economic Development Authority
EDC    Economic Development Corp.
GO    General Obligation Bonds
IDA    Industrial Development Authority
NPFGC    National Public Finance Guarantee Corp.
RB    Revenue Bonds
S/F    Single-Family
SBPA    Stand-by Bond Purchase Agreements
VRDN    Variable Rate Demand Notes

 

 

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Schedule of Investments  (unaudited) (continued)

March 31, 2020

   

BlackRock Municipal 2020 Term Trust (BKK)

 

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 Trust 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 Trust’s policy regarding valuation of investments, refer to the Trust’s most recent financial statements as contained in its annual report.

The following table summarizes the Trust’s investments categorized in the disclosure hierarchy:

 

                                                                                       
      Level 1        Level 2        Level 3        Total  

Assets:

                 

Investments:

                 

Long-Term Investments(a)

   $ —        $ 265,305,700        $ 1,246,679        $ 266,552,379  

Short-Term Securities

     5,919,424          29,465,816          —          35,385,240  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 5,919,424        $ 294,771,516        $ 1,246,679        $ 301,937,619  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

  (a) 

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

 

 

 

7