Affiliates
Investments in
issuers considered to be affiliate(s) of the Fund during the period ended August 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| 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
| $ 1,311,781
| $ 2,323,665(a)
| $ —
| $ —
|
| $ —
|
| $ 3,635,446
| 3,635,446
| $ 22
|
| $ —
|
| (a)
| Represents net amount purchased (sold).
|
For Fund
compliance purposes, the Fund’s industry classifications refer to one or more of the industry 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 industry sub-classifications for reporting ease.
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