Schedule of Investments (unaudited)
August 31, 2021
BlackRock Health Sciences Opportunities Portfolio
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Common Stocks | |||
Biotechnology — 21.4% | |||
AbbVie, Inc. | 906,456 | $ 109,481,756 | |
Acceleron Pharma, Inc.(a)(b) | 712,556 | 95,396,997 | |
Acerta Pharma BV, Series B (Acquired 05/06/15, cost $17,141,679)(a)(c)(d) | 297,971,595 | 42,678,472 | |
Acumen Pharmaceuticals, Inc.(a) | 772,313 | 13,839,849 | |
Agios Pharmaceuticals, Inc.(a) | 402,443 | 17,981,153 | |
Allogene Therapeutics, Inc.(a)(b) | 564,963 | 13,474,368 | |
Alnylam Pharmaceuticals, Inc.(a) | 622,346 | 125,359,155 | |
Ambrx Biopharma, Inc. (Acquired 11/06/20, cost $9,700,166)(a)(d) | 5,895,041 | 14,557,043 | |
Amgen, Inc. | 1,166,607 | 263,104,877 | |
Annexon, Inc.(a) | 286,515 | 4,684,520 | |
Apellis Pharmaceuticals, Inc.(a) | 286,228 | 18,848,114 | |
Arcutis Biotherapeutics, Inc.(a)(b) | 799,932 | 16,934,560 | |
Arena Pharmaceuticals, Inc.(a) | 278,584 | 14,742,665 | |
Argenx SE, ADR(a)(b) | 130,612 | 43,235,184 | |
Biogen, Inc.(a) | 662,979 | 224,690,213 | |
Biohaven Pharmaceutical Holding Co. Ltd.(a) | 42,414 | 5,566,413 | |
BioMarin Pharmaceutical, Inc.(a) | 360,836 | 30,386,000 | |
BioNTech SE, ADR(a) | 301,860 | 99,369,293 | |
Blueprint Medicines Corp.(a) | 176,753 | 16,485,752 | |
Bridgebio Pharma, Inc.(a) | 262,345 | 13,146,108 | |
Cerevel Therapeutics Holdings, Inc.(a)(b) | 312,854 | 9,904,958 | |
Connect Biopharma Holdings Ltd., ADR(a) | 225,073 | 5,282,463 | |
Cytokinetics, Inc.(a)(b) | 303,334 | 10,000,922 | |
Decibel Therapeutics, Inc. (Acquired 11/02/20-02/05/21, cost $3,884,622)(a)(d) | 424,528 | 3,425,941 | |
Decibel Therapeutics, Inc.(a) | 473,273 | 3,819,313 | |
Design Therapeutics, Inc.(a) | 257,492 | 4,047,774 | |
Dicerna Pharmaceuticals, Inc.(a) | 265,086 | 5,455,470 | |
Enanta Pharmaceuticals, Inc.(a) | 100,733 | 5,761,928 | |
Everest Medicines Ltd.(a)(e) | 576,500 | 3,563,193 | |
Exact Sciences Corp.(a) | 261,921 | 27,339,314 | |
Forma Therapeutics Holdings, Inc.(a) | 222,122 | 5,337,592 | |
Genmab A/S(a) | 166,090 | 78,682,345 | |
Genmab A/S, ADR(a)(b) | 553,430 | 26,227,048 | |
Gilead Sciences, Inc. | 2,439,663 | 177,558,673 | |
Global Blood Therapeutics, Inc.(a) | 457,376 | 13,122,117 | |
Horizon Therapeutics PLC(a) | 360,944 | 39,014,437 | |
Ideaya Biosciences, Inc.(a) | 288,079 | 6,769,856 | |
Imago Biosciences, Inc.(a)(b) | 453,999 | 11,926,554 | |
Immuneering Corp., Class A(a) | 264,380 | 6,469,379 | |
Immunocore Holdings PLC, ADR(a)(b) | 181,355 | 6,267,629 | |
Incyte Corp.(a) | 421,332 | 32,227,685 | |
Kronos Bio, Inc. (Acquired 08/20/20, cost $5,050,000)(a)(d) | 312,693 | 6,538,411 | |
Krystal Biotech, Inc.(a) | 69,591 | 4,032,103 | |
Mersana Therapeutics, Inc.(a) | 1,050,918 | 14,639,288 | |
Mirati Therapeutics, Inc.(a)(b) | 266,105 | 45,166,002 | |
Monte Rosa Therapeutics, Inc.(a)(b) | 533,603 | 19,044,291 | |
Natera, Inc.(a) | 540,705 | 64,035,693 | |
Neurocrine Biosciences, Inc.(a)(b) | 345,389 | 32,881,033 | |
Novavax, Inc.(a)(b) | 170,560 | 40,685,382 | |
Omega Therapeutics, Inc.(a)(b) | 436,114 | 7,928,552 | |
Point Biopharma Global, Inc.(a)(b) | 499,734 | 4,997,340 | |
Prothena Corp. PLC(a) | 391,632 | 26,286,340 | |
PTC Therapeutics, Inc.(a)(b) | 87,333 | 3,812,085 | |
RAPT Therapeutics, Inc.(a) | 141,736 | 4,634,767 | |
Regeneron Pharmaceuticals, Inc.(a) | 214,112 | 144,183,021 | |
Relay Therapeutics, Inc.(a) | 202,894 | 6,498,695 | |
Sarepta Therapeutics, Inc.(a) | 160,519 | 12,539,744 |
Security | Shares | Value | |
Biotechnology (continued) | |||
Seagen, Inc.(a) | 1,226,475 | $ 205,557,210 | |
Sigilon Therapeutics, Inc.(a) | 332,626 | 1,975,798 | |
Talaris Therapeutics, Inc.(a)(b) | 451,718 | 5,244,446 | |
Tango Therapeutics, Inc.(a)(b) | 186,560 | 2,171,558 | |
Taysha Gene Therapies, Inc.(a)(b) | 577,643 | 11,483,543 | |
TCR2 Therapeutics, Inc.(a)(b) | 190,192 | 3,189,520 | |
Tenaya Therapeutics, Inc.(a) | 558,966 | 11,319,061 | |
Translate Bio, Inc.(a) | 281,995 | 10,546,613 | |
TScan Therapeutics, Inc.(a) | 551,194 | 4,900,115 | |
Vertex Pharmaceuticals, Inc.(a) | 397,588 | 79,632,900 | |
2,440,090,594 | |||
Diversified Financial Services — 0.3% | |||
Health Assurance Acquisition Corp., Class A(a) | 1,747,926 | 16,989,841 | |
Health Sciences Acquisitions Corp. 2(a) | 262,308 | 2,564,061 | |
Helix Acquisition Corp., Class A(a) | 226,542 | 2,242,766 | |
MedTech Acquisition Corp., Class A(a) | 831,621 | 8,174,834 | |
29,971,502 | |||
Health Care Equipment & Supplies — 25.0% | |||
Abbott Laboratories | 5,056,103 | 638,939,736 | |
ABIOMED, Inc.(a) | 199,108 | 72,467,348 | |
Alcon, Inc.(b) | 1,060,377 | 87,449,291 | |
Baxter International, Inc. | 981,416 | 74,803,528 | |
Boston Scientific Corp.(a) | 5,839,503 | 263,653,560 | |
DENTSPLY SIRONA, Inc. | 953,620 | 58,838,354 | |
Edwards Lifesciences Corp.(a) | 1,798,076 | 210,698,546 | |
Intuitive Surgical, Inc.(a) | 311,488 | 328,171,297 | |
Kangji Medical Holdings Ltd.(b) | 4,840,659 | 6,779,450 | |
Masimo Corp.(a) | 411,642 | 111,777,269 | |
Medtronic PLC | 2,454,717 | 327,655,625 | |
Nevro Corp.(a) | 360,090 | 43,930,980 | |
Novocure Ltd.(a) | 163,820 | 21,986,282 | |
ResMed, Inc. | 332,327 | 96,550,963 | |
Stryker Corp. | 770,160 | 213,411,336 | |
Teleflex, Inc. | 328,562 | 129,933,129 | |
Zimmer Biomet Holdings, Inc. | 1,141,953 | 171,806,829 | |
2,858,853,523 | |||
Health Care Providers & Services — 17.7% | |||
Agiliti, Inc.(a)(b) | 1,425,142 | 30,398,279 | |
agilon health, Inc.(a)(b) | 772,691 | 27,044,185 | |
Alignment Healthcare, Inc.(a)(b) | 922,645 | 16,303,137 | |
Amedisys, Inc.(a) | 364,528 | 66,872,661 | |
Anthem, Inc. | 444,522 | 166,753,538 | |
Cano Health, Inc. (Acquired 06/03/21, cost $29,000,000)(a)(d) | 2,900,000 | 34,713,000 | |
Cardinal Health, Inc. | 1,478,476 | 77,605,205 | |
CareMax Corp. (Acquired 07/15/21, cost $5,000,000)(a)(d) | 500,000 | 4,510,000 | |
CareMax, Inc.(a)(b) | 426,569 | 3,847,652 | |
Centene Corp.(a) | 1,224,814 | 77,138,786 | |
Cigna Corp. | 1,297,641 | 274,645,718 | |
Encompass Health Corp. | 743,266 | 58,309,218 | |
Guardant Health, Inc.(a)(b) | 137,794 | 17,537,042 | |
Henry Schein, Inc.(a)(b) | 748,788 | 56,600,885 | |
Humana, Inc. | 407,835 | 165,344,466 | |
Innovage Holding Corp.(a)(b) | 249,456 | 3,749,324 | |
LHC Group, Inc.(a) | 368,131 | 68,752,145 | |
LifeStance Health Group, Inc.(a)(b) | 1,369,204 | 20,346,371 | |
McKesson Corp. | 114,383 | 23,350,146 | |
Oak Street Health, Inc.(a)(b) | 921,279 | 43,051,368 | |
Privia Health Group, Inc.(a)(b) | 300,406 | 8,955,103 |
1
Schedule of Investments (unaudited) (continued)
August 31, 2021
BlackRock Health Sciences Opportunities Portfolio
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Health Care Providers & Services (continued) | |||
Quest Diagnostics, Inc. | 381,505 | $ 58,305,409 | |
UnitedHealth Group, Inc. | 1,723,609 | 717,486,718 | |
2,021,620,356 | |||
Health Care Technology — 0.5% | |||
Teladoc Health, Inc.(a)(b) | 408,665 | 59,019,399 | |
Life Sciences Tools & Services — 10.1% | |||
Agilent Technologies, Inc. | 252,798 | 44,358,465 | |
Avantor, Inc.(a) | 2,026,352 | 79,919,323 | |
ICON PLC(a)(b) | 268,965 | 68,793,178 | |
Illumina, Inc.(a) | 266,369 | 121,773,252 | |
IQVIA Holdings, Inc.(a) | 572,317 | 148,647,894 | |
Nautilus Biotechnology, Inc.(a)(b) | 308,716 | 2,435,769 | |
Rapid Micro Biosystems, Inc., Class A(a) | 377,456 | 7,133,918 | |
Thermo Fisher Scientific, Inc. | 1,135,707 | 630,260,600 | |
WuXi AppTec Co. Ltd., H Shares(e) | 619,457 | 12,353,861 | |
Wuxi Biologics Cayman, Inc.(a)(e) | 2,713,000 | 42,002,551 | |
1,157,678,811 | |||
Pharmaceuticals — 21.2% | |||
Bristol-Myers Squibb Co. | 2,852,865 | 190,742,554 | |
Daiichi Sankyo Co. Ltd. | 1,238,000 | 29,405,519 | |
Eli Lilly & Co. | 2,045,562 | 528,348,209 | |
Hansoh Pharmaceutical Group Co. Ltd.(e) | 16,248,176 | 44,301,234 | |
Hua Medicine(a)(b)(e) | 12,850,870 | 7,600,692 | |
Johnson & Johnson | 2,744,445 | 475,145,763 | |
Merck & Co., Inc. | 1,353,621 | 103,267,746 | |
Nektar Therapeutics(a)(b) | 411,217 | 6,365,639 | |
Pfizer, Inc. | 12,702,867 | 585,221,083 | |
Roche Holding AG | 210,643 | 84,584,786 | |
Sanofi | 1,044,116 | 108,210,734 | |
Sanofi, ADR | 1,008,695 | 52,230,227 | |
Zoetis, Inc. | 994,263 | 203,386,439 | |
2,418,810,625 | |||
Total Common Stocks — 96.2% (Cost: $6,298,804,243) | 10,986,044,810 |
Par (000) | |||
Other Interests(a)(c) | |||
Afferent Pharmaceuticals, Inc., Series C, 0.00% | USD | 3,421 | 4,925,722 |
Total Other Interests — 0.0% (Cost: $0) | 4,925,722 |
Shares | |||
Preferred Securities | |||
Preferred Stocks — 0.9% | |||
Biotechnology — 0.4% | |||
Affinivax, Inc., Series C (Acquired 01/06/21, cost $3,879,936)(a)(c)(d) | 122,824 | 4,266,906 | |
Cellarity, Inc., Series B (Acquired 01/15/21, cost $5,149,998)(a)(c)(d) | 858,333 | 4,634,998 | |
Connect Biopharma Holdings Ltd., Series C (Acquired 12/01/20-03/18/21, cost $4,999,991)(a)(d) | 456,149 | 10,660,210 | |
Goldfinch Bio, Inc., Series B (Acquired 06/26/20, cost $2,768,121)(a)(c)(d) | 2,345,865 | 3,026,166 | |
Imago Biosciences, Inc. (Acquired 11/12/20, cost $4,599,991)(a)(d) | 453,401 | 11,467,501 |
Security | Shares | Value | |
Biotechnology (continued) | |||
Laronde, Inc., Series B (Acquired 07/28/21, cost $10,822,560)(a)(c)(d) | 386,520 | $ 10,822,560 | |
Neurogene, Inc., Series B (Acquired 12/14/20, cost $3,059,760)(a)(c)(d) | 1,254,000 | 3,059,760 | |
47,938,101 | |||
Health Care Equipment & Supplies — 0.2% | |||
Exo Imaging, Inc., Series C (Acquired 06/24/21, cost $11,178,997)(a)(c)(d) | 1,908,330 | 11,182,814 | |
Quanta Dialysis Technologies Ltd., Series D (Acquired 06/18/21, cost $9,727,321)(a)(c)(d) | 80,024,425 | 9,679,369 | |
Swift Health Systems, Inc., Series D (Acquired 08/27/21, cost $5,271,070)(a)(c)(d) | 1,700,345 | 5,271,069 | |
26,133,252 | |||
Pharmaceuticals — 0.1% | |||
Insitro, Series C (Acquired 03/10/21, cost $10,839,964)(a)(c)(d) | 592,636 | 10,839,964 | |
Software — 0.2% | |||
Carbon Health Technologies, Inc. (Acquired 07/09/21, cost $16,855,000)(a)(c)(d) | 16,855 | 16,855,000 | |
Total Preferred Securities — 0.9% (Cost: $89,152,710) | 101,766,317 | ||
Warrants(a) | |||
Biotechnology — 0.0% | |||
Nuvation Bio, Inc. (Issued/Exercisable 08/17/20, 1 Share for 1 Warrant, Expires 07/07/27, Strike Price USD 11.50) | 77,354 | 194,932 | |
Diversified Financial Services — 0.0% | |||
Health Assurance Acquisition Corp., Class A (Issued/Exercisable 01/04/22, 1 Share for 1 Warrant, Expires 11/12/25, Strike Price USD 11.50) | 441,399 | 472,297 | |
MedTech Acquisition Corp., Class A (Issued/Exercisable 12/18/20, 1 Share for 1 Warrant, Expires 12/18/25, Strike Price USD 11.50) | 277,207 | 221,766 | |
694,063 | |||
Health Care Providers & Services — 0.0% | |||
CareMax, Inc. (Issued/Exercisable 09/15/20, 1 Share for 1 Warrant, Expires 07/16/25, Strike Price USD 11.50) | 88,432 | 198,972 | |
Total Warrants — 0.0% (Cost: $2,517,331) | 1,087,967 | ||
Total Long-Term Investments — 97.1% (Cost: $6,390,474,284) | 11,093,824,816 |
2
Schedule of Investments (unaudited) (continued)
August 31, 2021
BlackRock Health Sciences Opportunities Portfolio
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Short-Term Securities(f)(g) | |||
Money Market Funds — 4.8% | |||
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01% | 360,324,768 | $ 360,324,768 | |
SL Liquidity Series, LLC, Money Market Series, 0.13%(h) | 184,528,780 | 184,584,139 | |
Total Short-Term Securities — 4.8% (Cost: $544,908,907) | 544,908,907 | ||
Total Investments — 101.9% (Cost: $6,935,383,191) | 11,638,733,723 | ||
Liabilities in Excess of Other Assets — (1.9)% | (217,040,675) | ||
Net Assets — 100.0% | $ 11,421,693,048 |
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) | Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $208,189,184, representing 1.8% of its net assets as of period end, and an original cost of $158,929,177. |
(e) | 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. |
(f) | Affiliate of the Fund. |
(g) | Annualized 7-day yield as of period end. |
(h) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
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 | $ 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. |
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 BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments).
3
Schedule of Investments (unaudited) (continued)
August 31, 2021
BlackRock Health Sciences Opportunities Portfolio
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 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”) per share 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 | |||||||
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. |
A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:
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. |
4
Schedule of Investments (unaudited) (continued)
August 31, 2021
BlackRock Health Sciences Opportunities Portfolio
The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Fund’s Level 3 investments as of 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 |
5