Affiliates
Investments in
issuers considered to be an affiliate/affiliates of the Fund during the period ended June 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
09/30/19
| Shares
Purchased
| Shares
Sold
| Shares
Held at
06/30/20
| Value at
06/30/20
|
| Income
|
| Net
Realized
Gain (Loss)(a)
|
| Change in
Unrealized
Appreciation
(Depreciation)
|
BlackRock Liquidity Funds, T-Fund, Institutional Class
| 44,963,337
| —
| (40,311,348)(b)
| 4,651,989
| $ 4,651,989
|
| $ 395,919
|
| $ 65
|
| $ —
|
SL Liquidity Series, LLC, Money Market Series
| 287,383,414
| 35,452,107(b)
| —
| 322,835,521
| 323,093,789
|
| 2,276,408(c)
|
| (126,493)
|
| 145,636
|
Tradeweb Markets, Inc., Class A(d)
| 2,306,843
| 909,440
| (8,353)
| 3,207,930
| N/A
|
| 668,020
|
| (27,454)
|
| 58,482,836
|
|
|
|
|
|
| $ 327,745,778
|
| $ 3,340,347
|
| $ (153,882)
|
| $ 58,628,472
|
| (a)
| Includes net capital gain distributions, if applicable.
|
| (b)
| Represents net shares purchased (sold).
|
| (c)
| All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
|
| (d)
| As of period end, the entity is no longer an affiliate of the Fund.
|
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.
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