NPORT-EX 2 lsequity.htm NPORT-EX

BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS LONG/SHORT EQUITY FUND
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2020 (UNAUDITED)
  
   
   
NUMBER OF
          
   
SHARES
      
VALUE
  
LONG POSITIONS—113.0%
              
COMMON STOCKS—99.9%
              
Communication Services—2.4%
              
Facebook, Inc., Class A*Ɨ
    
6,315
      
$
1,749,065
  
Consumer Discretionary—9.5%
                  
Alibaba Group Holding Ltd. - SP ADR*
    
3,785
        
996,818
  
AutoZone, Inc.*
    
394
        
448,234
  
Caleres, Inc.(a)
    
33,990
        
400,062
  
Carriage Services, Inc.(a)Ɨ
    
19,271
        
524,364
  
Carter's, Inc.*
    
4,466
        
397,429
  
Fiat Chrysler Automobiles NV*(a)
    
36,934
        
572,477
  
Hanesbrands, Inc.(a)
    
38,448
        
545,962
  
Hooker Furniture Corp.(a)
    
13,447
        
407,041
  
JD.com, Inc. - ADR*
    
6,155
        
525,329
  
Las Vegas Sands Corp.*Ɨ
    
7,605
        
423,675
  
LKQ Corp.*Ɨ
    
16,674
        
587,258
  
Mohawk Industries, Inc.*
    
3,900
        
490,737
  
Skechers U.S.A., Inc., Class A*Ɨ
    
20,141
        
674,119
  
               
6,993,505
  
Consumer Staples—1.2%
                  
Coca-Cola European Partners PLC
    
7,674
        
342,874
  
Philip Morris International, Inc.
    
4,345
        
329,134
  
SpartanNash Co.
    
11,048
        
208,586
  
               
880,594
  
Energy—5.8%
                  
Canadian Natural Resources Ltd.(a)Ɨ
    
44,693
        
1,020,788
  
Cheniere Energy, Inc.*
    
4,374
        
247,962
  
Enterprise Products Partners LPƗ
    
23,399
        
453,941
  
Marathon Petroleum Corp.(a)
    
14,667
        
570,253
  
Parsley Energy, Inc., Class A(a)
    
21,361
        
267,653
  
Phillips 66Ɨ
    
9,855
        
597,016
  
Schlumberger Ltd.
    
13,702
        
284,864
  
Solaris Oilfield Infrastructure, Inc., Class A(a)
    
27,372
        
183,940
  
Teekay LNG Partners LP
    
19,827
        
234,950
  
World Fuel Services Corp.
    
12,340
        
350,703
  
               
4,212,070
  
Financials—19.3%
                  
American International Group, Inc.Ɨ
    
10,412
        
400,237
  
Arthur J Gallagher & Co.
    
3,322
        
383,392
  
Bank of America Corp.Ɨ
    
34,219
        
963,607
  
Bank OZKƗ
    
17,822
        
498,303
  
Berkshire Hathaway, Inc., Class B*Ɨ
    
4,302
        
984,771
  
BGC Partners, Inc., Class AƗ
    
210,349
        
870,845
  
Charles Schwab Corp., (The)
    
11,356
        
553,946
  
Citigroup, Inc.Ɨ
    
26,579
        
1,463,706
  
Evercore, Inc., Class A
    
10,412
        
946,763
  
FedNat Holding Co.Ɨ
    
52,202
        
294,419
  
First American Financial Corp.
    
6,316
        
305,947
  
Granite Point Mortgage Trust, Inc.
    
55,793
        
516,643
  
Heritage Insurance Holdings, Inc.
    
50,239
        
519,471
  
Jefferies Financial Group, Inc.Ɨ
    
33,281
        
756,477
  
KB Financial Group, Inc. - ADR
    
16,452
        
684,239
  
Ladder Capital Corp.
    
21,227
        
193,590
  
Mercury General Corp.
    
6,884
        
306,131
  
Morgan StanleyƗ
    
14,964
        
925,224
  
Stifel Financial Corp.(a)
    
15,109
        
1,047,054
  
SVB Financial Group*
    
1,482
        
511,083
  
Universal Insurance Holdings, Inc.
    
14,629
        
204,221
  
Western Alliance Bancorp
    
15,635
        
801,606
  
               
14,131,675
  
Health Care—17.8%
                  
Anthem, Inc.Ɨ
    
3,065
        
954,809
  
Bausch Health Cos., Inc.*
    
34,029
        
631,919
  
Centene Corp.*
    
9,737
        
600,286
  
Cigna Corp.Ɨ
    
5,077
        
1,061,804
  
CVS Health Corp.Ɨ
    
14,028
        
950,958
  
Fresenius Medical Care AG & Co. KGaA - ADR(a)
    
15,364
        
649,129
  
Hanger, Inc.*Ɨ
    
34,689
        
787,093
  
HCA Healthcare, Inc.*Ɨ
    
5,254
        
788,678
  
Henry Schein, Inc.*
    
9,138
        
587,665
  
Jazz Pharmaceuticals PLC*
    
2,985
        
420,019
  
Johnson & JohnsonƗ
    
6,370
        
921,612
  
Medtronic PLCƗ#
    
6,185
        
703,234
  
Novartis AG - SP ADRƗ
    
14,212
        
1,290,876
  
Pfizer, Inc.
    
18,270
        
699,924
  
Syneos Health, Inc.*
    
7,841
        
516,251
  
UnitedHealth Group, Inc.Ɨ
    
2,090
        
702,951
  
Universal Health Services, Inc., Class B*
    
6,037
        
788,311
  
               
13,055,519
  
Industrials—12.9%
                  
Acuity Brands, Inc.(a)
    
2,481
        
294,544
  
AerCap Holdings NV*Ɨ
    
7,088
        
260,555
  
ASGN, Inc.*
    
8,300
        
648,894
  
Barrett Business Services, Inc.Ɨ
    
9,237
        
616,200
  
BMC Stock Holdings, Inc.*(a)
    
19,109
        
935,194
  
Carrier Global Corp.
    
10,519
        
400,458
  
China Yuchai International Ltd.
    
28,449
        
479,081
  
Forward Air Corp.
    
4,266
        
311,717
  
Gibraltar Industries, Inc.*
    
10,131
        
663,175
  
Graham Corp.Ɨ
    
23,649
        
373,418
  
Grupo Aeroportuario del Centro Norte SAB de CV - ADR(a)
    
6,923
        
322,335
  
Heidrick & Struggles International, Inc.
    
14,294
        
373,073
  
Insperity, Inc.
    
6,476
        
553,698
  
Kelly Services, Inc., Class A*Ɨ
    
23,152
        
473,690
  
Lockheed Martin Corp.
    
943
        
344,195
  
Quanta Services, Inc.
    
11,533
        
788,165
  
Snap-on, Inc.(a)
    
3,190
        
560,962
  
UFP Industries, Inc.
    
9,632
        
516,757
  
Vectrus, Inc.*
    
11,434
        
545,059
  
               
9,461,170
  
Information Technology—21.9%
                  
Akamai Technologies, Inc.*Ɨ
    
5,046
        
522,311
  
Applied Materials, Inc.
    
5,157
        
425,349
  
Arrow Electronics, Inc.*
    
4,260
        
390,429
  
CACI International, Inc., Class A*
    
2,625
        
622,886
  
Capgemini SE - ADRƗ
    
17,838
        
493,577
  
Cisco Systems, Inc.
    
9,441
        
406,152
  
Cognizant Technology Solutions Corp., Class AƗ
    
11,837
        
924,825
  
Coherent, Inc.*
    
1,908
        
232,356
  
Dolby Laboratories, Inc. Class AƗ
    
4,431
        
391,922
  
EchoStar Corp., Class A*Ɨ
    
13,196
        
313,669
  
Euronet Worldwide, Inc.*
    
2,480
        
333,411
  
EVERTEC, Inc.Ɨ
    
18,285
        
679,653
  
Fabrinet*
    
11,560
        
789,664
  
Fidelity National Information Services, Inc.
    
2,660
        
394,771
  
FleetCor Technologies, Inc.*
    
1,337
        
354,586
  
Hackett Group Inc., (The)Ɨ
    
36,471
        
513,512
  
Hollysys Automation Technologies Ltd.
    
25,263
        
318,566
  
HP, Inc.Ɨ
    
20,155
        
441,999
  
InterDigital Inc.
    
12,297
        
736,713
  
KBR, Inc.Ɨ
    
24,061
        
668,174
  
Open Text Corp.
    
17,658
        
779,954
  
Oracle Corp.
    
14,604
        
842,943
  
Perficient, Inc.*
    
11,366
        
517,494
  
Qorvo, Inc.*
    
2,787
        
436,667
  
Sabre Corp.*Ɨ
    
38,803
        
436,534
  
Science Applications International Corp.
    
3,279
        
303,439
  
Super Micro Computer, Inc.*
    
14,331
        
404,278
  
SYNNEX Corp.*
    
6,348
        
1,017,648
  
Telefonaktiebolaget LM Ericsson - SP ADR
    
55,184
        
675,452
  
Zebra Technologies Corp., Class A*Ɨ
    
1,842
        
697,050
  
               
16,065,984
  
Materials—4.6%
                  
Berry Global Group, Inc.*
    
15,869
        
841,057
  
Corteva, Inc.
    
9,197
        
352,429
  
Freeport-McMoRan, Inc.*Ɨ
    
18,615
        
435,405
  
Nutrien Ltd.(a)*
    
9,298
        
458,112
  
POSCO - SP ADR
    
8,906
        
475,046
  
Rio Tinto PLC - SP ADRƗ
    
7,143
        
464,081
  
Ternium SA - SP ADR
    
13,574
        
376,136
  
               
3,402,266
  
Real Estate—4.5%
                  
Industrial Logistics Properties TrustƗ
    
15,680
        
340,726
  
Jones Lang LaSalle, Inc.(a)
    
2,974
        
393,431
  
Medical Properties Trust, Inc.(a)
    
16,279
        
315,813
  
Newmark Group, Inc., Class AƗ
    
115,252
        
809,069
  
RE/MAX Holdings, Inc., Class A(a)
    
17,386
        
544,182
  
Service Properties Trust
    
38,098
        
451,842
  
Simon Property Group, Inc.(a)
    
5,462
        
450,997
  
               
3,306,060
  
TOTAL COMMON STOCKS
                  
(Cost $48,840,675)
              
73,257,908
  
                   
                   
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—11.1%
        
Mount Vernon Liquid Assets Portfolio, LLC, 0.15%(b)
    
8,097,591
        
8,097,591
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
            
(Cost $8,097,591)
              
8,097,591
  
SHORT-TERM INVESTMENTS—2.0%
                  
U.S. Bank Money Market Deposit Account, 0.03%(b)
    
1,438,890
        
1,438,890
  
TOTAL SHORT-TERM INVESTMENTS
                  
(Cost $1,438,890)
              
1,438,890
  
TOTAL LONG POSITIONS—113.0%
                  
(Cost $58,377,156)
              
82,794,389
  
SECURITIES SOLD SHORT—(38.4%)
                  
COMMON STOCKS—(37.4%)
                  
Communication Services—-3.4%
                  
CTC Communications Group, Inc.*‡
    
(98,900
)
      
0
  
Netflix, Inc.*
    
(2,262
)
      
(1,109,964
)
Roku, Inc.*
    
(3,834
)
      
(1,125,547
)
ZoomInfo Technologies, Inc., Class A*
    
(5,615
)
      
(287,769
)
               
(2,523,280
)
Consumer Discretionary—-8.0%
                  
Arcimoto, Inc.*
    
(11,248
)
      
(151,848
)
Carvana Co.*
    
(4,039
)
      
(1,010,598
)
GoPro, Inc., Class A*
    
(35,717
)
      
(249,662
)
Lululemon Athletica, Inc.*
    
(960
)
      
(355,411
)
Papa John's International, Inc.
    
(8,633
)
      
(693,748
)
Planet Fitness, Inc., Class A*
    
(12,371
)
      
(902,465
)
Qsound Labs, Inc.*‡
    
(4,440
)
      
0
  
Shake Shack, Inc., Class A*
    
(6,668
)
      
(544,509
)
Sonos, Inc.*
    
(10,684
)
      
(237,612
)
Tesla Motors, Inc.*
    
(2,976
)
      
(1,689,178
)
               
(5,835,031
)
Consumer Staples—-1.9%
                  
Amish Naturals, Inc.*‡
    
(25,959
)
      
0
  
Beyond Meat, Inc.*
    
(3,067
)
      
(429,073
)
John B Sanfilippo & Son, Inc.
    
(4,339
)
      
(321,997
)
Laird Superfood, Inc.*
    
(6,077
)
      
(294,188
)
National Beverage Corp.
    
(3,840
)
      
(376,435
)
               
(1,421,693
)
Energy—-0.2%
                  
Beard Co.*
    
(9,710
)
      
(57
)
Uranium Energy Corp.*
    
(116,304
)
      
(123,282
)
               
(123,339
)
Financials—-0.2%
                  
Siebert Financial Corp.
    
(31,436
)
      
(111,598
)
Health Care—-5.7%
                  
10X Genomics, Inc., Class A*
    
(3,765
)
      
(576,459
)
Aspira Women's Health, Inc.*
    
(87,439
)
      
(424,954
)
AtriCure, Inc.*
    
(13,761
)
      
(598,328
)
BodyTel Scientific, Inc.*‡
    
(4,840
)
      
0
  
CareView Communications, Inc.*
    
(190,048
)
      
(6,652
)
Glaukos Corp.*
    
(6,956
)
      
(469,391
)
Heska Corp.*
    
(6,094
)
      
(761,750
)
iRhythm Technologies, Inc.*
    
(2,397
)
      
(586,090
)
Shockwave Medical, Inc.*
    
(7,936
)
      
(776,379
)
               
(4,200,003
)
Industrials—-2.5%
                  
AAON, Inc.
    
(5,931
)
      
(386,286
)
Applied Energetics, Inc.*
    
(45,487
)
      
(14,551
)
Blue Bird Corp.*
    
(24,617
)
      
(403,965
)
Capstone Turbine Corp.*
    
(380
)
      
(3,056
)
Corporate Resource Services, Inc.*
    
(218,896
)
      
(131
)
DynaMotive Energy Systems Corp.*‡
    
(72,185
)
      
(7
)
Ener1, Inc.*‡
    
(102,820
)
      
(10
)
HyreCar, Inc.*
    
(40,729
)
      
(288,769
)
Omega Flex, Inc.
    
(3,907
)
      
(553,700
)
Sunrun, Inc.*
    
(2,906
)
      
(186,217
)
Valence Technology, Inc.*‡
    
(27,585
)
      
(3
)
               
(1,836,695
)
Information Technology—-14.1%
                  
8x8, Inc.*
    
(19,072
)
      
(377,053
)
Alteryx, Inc., Class A*
    
(3,390
)
      
(406,258
)
ANTs software, Inc.*‡
    
(10,334
)
      
(1
)
Appfolio, Inc., Class A*
    
(2,835
)
      
(461,907
)
Appian Corp.*
    
(10,187
)
      
(1,426,180
)
Ceridian HCM Holding, Inc.*
    
(5,656
)
      
(545,352
)
Consygen, Inc.*‡
    
(200
)
      
0
  
Coupa Software, Inc.*
    
(1,474
)
      
(484,813
)
Cree, Inc.*
    
(12,290
)
      
(1,110,893
)
Fastly, Inc., Class A*
    
(4,185
)
      
(354,762
)
Inseego Corp.*
    
(34,829
)
      
(345,852
)
Interliant, Inc.*‡
    
(600
)
      
0
  
MongoDB, Inc.*
    
(1,207
)
      
(346,783
)
Nestor, Inc.*‡
    
(15,200
)
      
(2
)
Okta, Inc.*
    
(1,380
)
      
(338,155
)
Pluralsight, Inc., Class A*
    
(11,151
)
      
(182,653
)
PROS Holdings, Inc.*
    
(7,185
)
      
(308,165
)
Q2 Holdings, Inc.*
    
(4,281
)
      
(485,337
)
Rapid7, Inc.*
    
(6,469
)
      
(484,787
)
Slack Technologies, Inc., Class A*
    
(11,902
)
      
(510,358
)
Splunk, Inc.*
    
(2,345
)
      
(478,802
)
Square, Inc., Class A*
    
(1,532
)
      
(323,191
)
SVMK, Inc.*
    
(13,122
)
      
(279,236
)
Tiger Telematics, Inc.*‡
    
(6,510
)
      
0
  
Uni-Pixel, Inc.*
    
(19,665
)
      
(16
)
Worldgate Communications, Inc.*‡
    
(582,655
)
      
(58
)
Xybernaut Corp.*‡
    
(34,156
)
      
0
  
Yext, Inc.*
    
(21,817
)
      
(414,741
)
Zoom Video Communications, Inc., Class A*
    
(759
)
      
(363,075
)
Zscaler, Inc.*
    
(1,743
)
      
(271,472
)
               
(10,299,902
)
Materials—0.0%
                  
Mountain Province Diamonds, Inc.*
    
(5,011
)
      
(1,659
)
Real Estate—-1.2%
                  
Redfin Corp.*
    
(18,643
)
      
(892,813
)
Utilities—-0.2%
                  
Cadiz, Inc.*
    
(15,062
)
      
(151,222
)
TOTAL COMMON STOCKS
                  
(Proceeds $(22,327,865))
              
(27,397,235
)
EXCHANGE TRADED FUNDS—(1.0%)
                  
iShares 20+ Year Treasury Bond ETF
    
(4,605
)
      
(736,892
)
TOTAL EXCHANGE TRADED FUNDS
                  
(Proceeds $(782,863))
              
(736,892
)
TOTAL SECURITIES SOLD SHORT—(38.4%)
                  
(Proceeds $(23,110,728))
              
(28,134,127
)
   
NUMBER OF
  
NOTIONAL
        
   
CONTRACTS
  
AMOUNT
        
OPTIONS WRITTEN ƗƗ—(0.4%)
                  
Call Options Written—(0.2%)
                  
Arcimoto, Inc.
                  
Expiration:
                  
01/15/2021,
                  
Exercise Price:
                  
7.50
    
(128
)
(172,800)
    
(73,472
)
Carvana Co.
                  
Expiration:
                  
02/19/2021,
                  
Exercise Price:
                  
250.00
    
(14
)
(350,294)
    
(33,600
)
ElectraMeccanica Vehicles Corp.
                  
Expiration:
                  
12/18/2020,
                  
Exercise Price:
                  
14.00
    
(198
)
(147,906)
    
(6,930
)
KANDI TECHNOLOGIES GROUP INC COM
                  
Expiration:
                  
12/18/2020,
                  
Exercise Price:
                  
13.00
    
(212
)
(206,912)
    
(19,080
)
Medtronic PLC
                  
Expiration:
                  
02/19/2021,
                  
Exercise Price:
                  
110.00
    
(56
)
(636,720)
    
(39,200
)
TOTAL CALL OPTIONS WRITTEN
                  
(Premiums received $(123,994))
              
(172,282
)
Put Options Written—(0.2%)
                  
JPMorgan Chase & Co.
                  
Expiration:
                  
01/21/2022,
                  
Exercise Price:
                  
90.00
    
(49
)
(577,612)
    
(25,725
)
Wells Fargo & Co.
                  
Expiration:
                  
01/21/2022,
                  
Exercise Price:
                  
22.50
    
(360
)
(984,600)
    
(78,480
)
TOTAL PUT OPTIONS WRITTEN
                  
(Premiums received $(189,568))
              
(104,205
)
TOTAL OPTIONS WRITTEN
                  
(Premiums received $(313,562))
              
(276,487
)
OTHER ASSETS IN EXCESS OF LIABILITIES—25.8%
              
18,880,860
  
NET ASSETS—100.0%
             
$
73,264,635
  

ADR
American Depositary Receipt
          
PLC
Public Limited Company
          
SP ADR
Sponsored American Depositary Receipt
          
*
Non-income producing.
          
(a)
All or a portion of the security is on loan.  At November 30, 2020, the market value of securities on loan was $7,715,488.
  
(b)
The rate shown is as of November 30, 2020.
          
Ɨ
Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
    
#
Security segregated as collateral for options written.
          
ƗƗ
Primary risk exposure is equity contracts.
          
‡
Security has been valued at fair market value using significant unobservable inputs as determined in good faith by or under the direction of The RBB Fund, Inc.’s Board of Directors. as of November 30, 2020, these securities amounted to $(81) or 0.0% of net assets.
             
 
Industry classifications may be different than those used for compliance monitoring purposes.
          

 
BOSTON PARTNERS INVESTMENT FUNDS
BOSTON PARTNERS LONG/SHORT EQUITY FUND
NOTES TO PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 2020 (UNAUDITED)
           
PORTFOLIO VALUATION — The Boston Partners Long/Short Equity Fund's (the "Fund") net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter ("OTC") market are valued at their closing prices.  If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market.  Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates.  Investments in other open-end investment companies, if any, are valued based on the NAV of the investment companies (which may use fair value pricing as disclosed in their prospectuses). Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close.  Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim.  To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).
 
FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:
           
• Level 1 — Prices are determined using quoted prices in active markets for identical securities.
      
• Level 2 — Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
• Level 3 — Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
           
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
           
The following is a summary of the inputs used, as of  November 30, 2020, in valuing the Fund's investments carried at fair value:
  

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
    
INVESTMENTS MEASURED AT
NET ASSET
VALUE*
  
Common Stock
                              
Communication Services
  
$
1,749,065
    
$
1,749,065
    
$
-
    
$
-
    
$
-
  
Consumer Discretionary
    
6,993,505
      
6,993,505
      
-
      
-
      
-
  
Consumer Staples
    
880,594
      
880,594
      
-
      
-
      
-
  
Energy
    
4,212,070
      
4,212,070
      
-
      
-
      
-
  
Financials
    
14,131,675
      
14,131,675
      
-
      
-
      
-
  
Health Care
    
13,055,519
      
13,055,519
      
-
      
-
      
-
  
Industrials
    
9,461,170
      
9,461,170
      
-
      
-
      
-
  
Information Technology
    
16,065,984
      
16,065,984
      
-
      
-
      
-
  
Materials
    
3,402,266
      
3,402,266
      
-
      
-
      
-
  
Real Estate
    
3,306,060
      
3,306,060
      
-
      
-
      
-
  
Investments Purchased with Proceeds from Securities Lending Collateral
    
8,097,591
      
-
      
-
      
-
      
8,097,591
  
Purchased Option
                                        
Equity Contracts
    
-
      
-
      
-
      
-
      
-
  
Short-Term Investments
    
1,438,890
      
1,438,890
      
-
      
-
      
-
  
Total Assets
  
$
82,794,389
    
$
74,696,798
    
$
-
    
$
-
    
$
8,097,591
  
                                         
   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
    
INVESTMENTS MEASURED AT
NET ASSET
VALUE*
  
Securities Sold Short
                                        
Communication Services
  
$
(2,523,280
)
  
$
(2,523,280
)
  
$
-
    
$
-
**
  
$
-
  
Consumer Discretionary
    
(5,835,031
)
    
(5,835,031
)
    
-
      
-
**
    
-
  
Consumer Staples
    
(1,421,693
)
    
(1,421,693
)
    
-
      
-
**
    
-
  
Energy
    
(123,339
)
    
(123,282
)
    
(57
)
    
-
      
-
  
Financials
    
(111,598
)
    
(111,598
)
    
-
      
-
      
-
  
Health Care
    
(4,200,003
)
    
(4,200,003
)
    
-
      
-
**
    
-
  
Industrials
    
(1,836,695
)
    
(1,836,544
)
    
(131
)
    
(20
)
    
-
  
Information Technology
    
(10,299,902
)
    
(10,299,841
)
    
-
      
(61
)
    
-
  
Materials
    
(1,659
)
    
(1,659
)
    
-
      
-
      
-
  
Real Estate
    
(892,813
)
    
(892,813
)
    
-
      
-
      
-
  
Utilities
    
(151,222
)
    
(151,222
)
    
-
      
-
      
-
  
Exchange Traded Funds
    
(736,892
)
    
(736,892
)
    
-
      
-
      
-
  
Options Written
                                        
Equity Contracts
    
(276,487
)
    
(276,487
)
    
-
      
-
      
-
  
Total Liabilities
  
$
(28,410,614
)
  
$
(28,410,345
)
  
$
(188
)
  
$
(81
)
  
$
-
  

*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy included to reconcile to the amounts presented in the Portfolio of Investments.
** Value equals zero as of the end of the reporting period.
          

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and  the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.
 
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.
 
For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period.  A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all Level 3 transfers are disclosed if the Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the period ended November 30, 2020, the Fund had no significant Level 3 transfers.
      
           
For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.