Affiliates
Investments in issuers
considered to be affiliate(s) of the Fund during the period ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer
| Value at
05/31/23
| Purchases
at Cost
| Proceeds
from Sale
| Net
Realized
Gain (Loss)
|
| Change in
Unrealized
Appreciation
(Depreciation)
|
| Value at
02/29/24
| Shares
Held at
02/29/24
| Income
|
| Capital
Gain
Distributions
from Underlying
Funds
|
BlackRock Liquidity Funds, T-Fund, Institutional Class
| $ 1,248,701
| $ 686,457(a)
| $ —
| $ —
|
| $ —
|
| $ 1,935,158
| 1,935,158
| $ 114,173
|
| $ —
|
SL Liquidity Series, LLC, Money Market Series(b)
| —
| —
| (3,536)(a)
| 3,536
|
| —
|
| —
| —
| 5,978(c)
|
| —
|
|
|
|
|
| $ 3,536
|
| $ —
|
| $ 1,935,158
|
| $ 120,151
|
| $ —
|
| (a)
| Represents net amount purchased (sold).
|
| (b)
| As of period end, the entity is no longer held.
|
| (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.
|
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
• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation
Committee’s assumptions used in determining the fair value of financial instruments).
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 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 financial instruments is based on the pricing transparency of the financial instruments 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 financial instruments, refer to its most recent financial
statements.
Certain investments of the
Fund were fair valued using net asset value (“NAV”) as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
The following table
summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments
above.
|
| Level 1
| Level 2
| Level 3
| Total
|
| Assets
|
|
|
|
|
| Investments
|
|
|
|
|
| Long-Term Investments
|
|
|
|
|
| Common Stocks
|
|
|
|
|
Aerospace & Defense
| $ 76,136,180
| $ —
| $ —
| $ 76,136,180
|
Automobiles
| 92,922,919
| —
| —
| 92,922,919
|
Broadline Retail
| 344,102,581
| —
| —
| 344,102,581
|
Capital Markets
| 167,457,470
| —
| —
| 167,457,470
|
Chemicals
| 36,664,081
| —
| —
| 36,664,081
|
Commercial Services & Supplies
| 75,950,206
| —
| —
| 75,950,206
|