Affiliated Issuer | Value at 05/31/21 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 08/31/21 | Shares Held at 08/31/21 | Income | Capital Gain Distributions from Underlying Funds | |||
BlackRock Liquidity Funds, T-Fund, Institutional Class | $ 127,705,238 | $ — | $ 232,619,530(a) | $ — | $ — | $ 360,324,768 | 360,324,768 | $ 1,779 | $ — | |||
SL Liquidity Series, LLC, Money Market Series | — | — | 184,584,139(a) | — | — | 184,584,139 | 184,528,780 | 248,961(b) | — | |||
$ — | $ — | $ 544,908,907 | $ 250,740 | $ — |
(a) | Represents net amount purchased (sold). |
(b) | 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. |
Level 1 | Level 2 | Level 3 | Total | ||||
Assets | |||||||
Investments | |||||||
Long-Term Investments | |||||||
Common Stocks | |||||||
Biotechnology | $ 2,290,645,189 | $ 106,766,933 | $ 42,678,472 | $ 2,440,090,594 | |||
Diversified Financial Services | 29,971,502 | — | — | 29,971,502 | |||
Health Care Equipment & Supplies | 2,852,074,073 | 6,779,450 | — | 2,858,853,523 | |||
Health Care Providers & Services | 1,982,397,356 | 39,223,000 | — | 2,021,620,356 | |||
Health Care Technology | 59,019,399 | — | — | 59,019,399 | |||
Life Sciences Tools & Services | 1,103,322,399 | 54,356,412 | — | 1,157,678,811 | |||
Pharmaceuticals | 2,152,308,352 | 266,502,273 | — | 2,418,810,625 | |||
Other Interests | — | — | 4,925,722 | 4,925,722 | |||
Preferred Securities | — | 22,127,711 | 79,638,606 | 101,766,317 | |||
Warrants | 1,087,967 | — | — | 1,087,967 | |||
Short-Term Securities | |||||||
Money Market Funds | 360,324,768 | — | — | 360,324,768 | |||
$ 10,831,151,005 | $ 495,755,779 | $ 127,242,800 | 11,454,149,584 | ||||
Investments valued at NAV(a) | 184,584,139 | ||||||
$ 11,638,733,723 |
(a) | Certain investments of the Fund were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy. |
Common Stocks | Other Interests | Preferred Securities | Total | ||||
Assets | |||||||
Opening Balance, as of May 31, 2021 | $41,975,259 | $4,857,308 | $40,033,512 | $86,866,079 | |||
Transfers into Level 3 | — | — | — | — | |||
Transfer out of Level 3 | — | — | (14,335,187) | (14,335,187) | |||
Accrued discounts/premiums | — | — | — | — | |||
Net realized gain (loss) | — | — | — | — | |||
Net change in unrealized appreciation (depreciation)(a) | 703,213 | 68,414 | 85,333 | 856,960 | |||
Purchases | — | — | 53,854,948 | 53,854,948 | |||
Sales | — | — | — | — | |||
Closing Balance, as of August 31, 2021 | $42,678,472 | $4,925,722 | $79,638,606 | $127,242,800 | |||
Net change in unrealized appreciation (depreciation) on investments still held at August 31, 2021(a) | $703,213 | $68,414 | $85,333 | $856,960 |
(a) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at August 31, 2021, is generally due to investments no longer held or categorized as Level 3 at period end. |
Value | Valuation Approach | Unobservable Inputs | Range of Unobservable Inputs Utilized(a) | Weighted Average of Unobservable Inputs Based on Fair Value | |
Assets | |||||
Common Stocks | $ 42,678,472 | Income | Discount Rate | 0%(b) | — |
Other Interests | 4,925,722 | Income Market | Discount Rate | 0.70%-2.14% | 1.42% |
Preferred Securities | 79,638,606 | Revenue Multiple Volatility Time to Exit Liquidity Discount Market Adjustment Multiple | 8.34x 70% - 82% 1.5 - 3.0 40% 0.90x - 1.10x | — 73% 1.8 — 1.01x | |
Recent Market Transactions | $0.12-$1,000.00 | $376.10 | |||
$ 127,242,800 |
(a) | A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value. |
(b) | Amount is less than 0.5%. |
Currency Abbreviation | |
USD | United States Dollar |
Portfolio Abbreviation | |
ADR | American Depositary Receipt |