NPORT-EX 2 ls-equity.htm NPORT-EX

BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS LONG/SHORT EQUITY FUND
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2021 (UNAUDITED)
  
   
     
NUMBER OF
              
     
SHARES
          
VALUE
  
LONG POSITIONS—108.4%
                    
COMMON STOCKS—95.9%
                    
Communication Services—4.7%
                    
Baidu, Inc. - SP ADR*
      
1,278
          
$
191,495
  
Cinemark Holdings, Inc.*(a)
      
17,672
            
274,269
  
Entravision Communications Corp., Class AƗ
      
107,570
            
799,245
  
Meta Platforms, Inc., Class A*
      
3,847
            
1,248,198
  
Outbrain, Inc.*
      
19,419
            
293,033
  
                     
2,806,240
  
Consumer Discretionary—14.2%
                        
1-800-Flowers.com, Inc., Class A*(a)
      
7,630
            
227,221
  
Alibaba Group Holding Ltd. - SP ADR*Ɨ
      
4,020
            
512,671
  
Arcos Dorados Holdings, Inc., Class A*(a)
      
68,189
            
335,489
  
AutoZone, Inc.*
      
233
            
423,377
  
Bath & Body Works, Inc.*
      
4,452
            
334,479
  
Caleres, Inc.
      
12,915
            
304,923
  
Carriage Services, Inc.Ɨ
      
9,491
            
491,064
  
Carter's, Inc.(a)
      
3,040
            
307,131
  
Hanesbrands, Inc.(a)Ɨ
      
33,383
            
539,135
  
Hooker Furnishings Corp.
      
9,151
            
217,245
  
JD.com, Inc. - ADR*
      
4,190
            
352,421
  
Kindred Group PLC
      
23,973
            
266,987
  
Las Vegas Sands Corp.*
      
9,014
            
321,079
  
LKQ Corp.Ɨ
      
9,709
            
542,733
  
Mohawk Industries, Inc.*
      
2,654
            
445,527
  
Perdoceo Education Corp.*(a)
      
33,815
            
333,078
  
Skechers U.S.A., Inc., Class A*Ɨ
      
6,634
            
297,999
  
Stellantis NV(a)
      
17,083
            
292,632
  
Stride, Inc.*Ɨ
      
46,379
            
1,582,915
  
Tenneco, Inc., Class A*(a)
      
22,707
            
238,424
  
Vipshop Holdings Ltd. - ADR*
      
13,529
            
132,178
  
                     
8,498,708
  
Consumer Staples—0.9%
                        
Coca-Cola European Partners PLC
      
5,223
            
257,859
  
Herbalife Nutrition Ltd.*(a)
      
7,407
            
276,726
  
                     
534,585
  
Energy—7.8%
                        
BP PLC - SP ADR
      
13,568
            
352,225
  
Canadian Natural Resources Ltd.
      
32,806
            
1,339,141
  
Devon Energy Corp.(a)
      
15,899
            
668,712
  
Marathon Petroleum Corp.Ɨ
      
13,831
            
841,616
  
Phillips 66Ɨ
      
6,707
            
463,923
  
Schlumberger Ltd.
      
16,907
            
484,893
  
Teekay LNG Partners LP
      
13,493
            
228,437
  
World Fuel Services Corp.(a)
      
10,641
            
265,919
  
                     
4,644,866
  
Financials—16.5%
                        
Aflac, Inc.
      
4,609
            
249,531
  
American International Group, Inc.Ɨ
      
7,096
            
373,250
  
Arthur J Gallagher & Co.
      
1,261
            
205,417
  
Bank of America Corp.Ɨ
      
12,145
            
540,088
  
Bank OZKƗ
      
10,839
            
484,612
  
BGC Partners, Inc., Class AƗ
      
121,992
            
545,304
  
Charles Schwab Corp., (The)#
      
4,281
            
331,307
  
Citigroup, Inc.Ɨ
      
11,899
            
757,966
  
Diamond Hill Investment Group, Inc.
      
2,053
            
394,361
  
Enova International, Inc.*
      
11,028
            
420,387
  
Evercore, Inc., Class A
      
2,668
            
370,052
  
Granite Point Mortgage Trust, Inc.Ɨ
      
19,637
            
242,124
  
Heritage Insurance Holdings, Inc.Ɨ
      
76,551
            
509,830
  
Jefferies Financial Group, Inc.Ɨ
      
22,651
            
851,224
  
KB Financial Group, Inc. - ADR(a)
      
11,197
            
496,923
  
Morgan StanleyƗ
      
5,476
            
519,234
  
Prudential Financial, Inc.
      
2,732
            
279,374
  
Stifel Financial Corp.(a)Ɨ
      
14,093
            
1,000,744
  
SVB Financial Group*
      
517
            
357,935
  
Universal Insurance Holdings, Inc.Ɨ
      
24,903
            
375,288
  
Western Alliance BancorpƗ
      
5,278
            
579,419
  
                     
9,884,370
  
Health Care—17.4%
                        
Amgen, Inc.Ɨ
      
4,590
            
912,859
  
Anthem, Inc.Ɨ
      
2,396
            
973,327
  
Bausch Health Cos., Inc.*Ɨ
      
23,161
            
552,158
  
Centene Corp.*
      
6,627
            
473,234
  
Cigna Corp.Ɨ
      
3,700
            
710,030
  
CVS Health Corp.Ɨ
      
11,516
            
1,025,615
  
Hanger, Inc.*Ɨ
      
16,825
            
283,838
  
Harrow Health, Inc.*Ɨ
      
31,002
            
310,020
  
HCA Healthcare, Inc.
      
3,065
            
691,433
  
Henry Schein, Inc.*
      
6,220
            
441,993
  
Jazz Pharmaceuticals PLC*
      
2,513
            
301,233
  
Johnson & JohnsonƗ
      
4,335
            
675,957
  
Medtronic PLCƗ
      
4,209
            
449,100
  
Merck & Co., Inc.
      
6,427
            
481,447
  
Novartis AG - SP ADRƗ
      
9,672
            
770,859
  
Syneos Health, Inc.*
      
2,628
            
255,337
  
UnitedHealth Group, Inc.Ɨ
      
1,288
            
572,155
  
Universal Health Services, Inc., Class BƗ
      
4,108
            
487,743
  
                     
10,368,338
  
Industrials—11.1%
                        
Acuity Brands, Inc.
      
1,689
            
340,080
  
AerCap Holdings NV*Ɨ
      
4,823
            
270,281
  
ASGN, Inc.*
      
1,726
            
210,020
  
Barrett Business Services, Inc.Ɨ
      
6,287
            
443,799
  
Builders FirstSource, Inc.*Ɨ
      
11,067
            
768,492
  
CACI International, Inc., Class A*
      
1,575
            
408,602
  
Forward Air Corp.
      
2,903
            
286,671
  
Gibraltar Industries, Inc.*(a)
      
3,059
            
207,706
  
Graham Corp.Ɨ
      
16,094
            
205,359
  
Heidrick & Struggles International, Inc.Ɨ
      
4,839
            
208,900
  
Insperity, Inc.
      
2,910
            
336,803
  
JetBlue Airways Corp.*Ɨ
      
25,784
            
346,021
  
KBR, Inc.Ɨ
      
5,956
            
262,064
  
Kelly Services, Inc., Class AƗ
      
15,758
            
265,680
  
L B Foster Co., Class A*
      
8,898
            
134,805
  
Lockheed Martin Corp.
      
1,418
            
472,648
  
Primoris Services Corp.
      
11,723
            
262,830
  
Quanta Services, Inc.Ɨ
      
3,378
            
384,349
  
UFP Industries, Inc.
      
5,859
            
487,938
  
Vectrus, Inc.*
      
7,782
            
325,599
  
                     
6,628,647
  
Information Technology—16.7%
                        
Akamai Technologies, Inc.*Ɨ
      
1,825
            
205,677
  
Applied Materials, Inc.#
      
2,990
            
440,098
  
Arrow Electronics, Inc.*
      
2,629
            
319,818
  
Box, Inc., Class A*(a)
      
9,787
            
229,114
  
Capgemini SE - ADRƗ
      
6,487
            
300,543
  
Check Point Software Technologies Ltd.*
      
3,522
            
392,034
  
Cisco Systems, Inc.
      
6,469
            
354,760
  
Cognizant Technology Solutions Corp., Class AƗ
      
7,403
            
577,286
  
Concentrix Corp.Ɨ
      
4,321
            
717,286
  
Dolby Laboratories, Inc., Class AƗ
      
2,732
            
227,876
  
EVERTEC, Inc.Ɨ
      
12,444
            
522,523
  
Fabrinet*Ɨ
      
4,843
            
535,442
  
Fidelity National Information Services, Inc.
      
1,810
            
189,145
  
FleetCor Technologies, Inc.*
      
911
            
188,695
  
Global Payments, Inc.
      
2,399
            
285,577
  
Hackett Group Inc., (The)Ɨ
      
24,821
            
507,838
  
Hollysys Automation Technologies Ltd.
      
20,075
            
310,359
  
HP, Inc.Ɨ
      
7,585
            
267,599
  
InterDigital, Inc.(a)
      
5,896
            
400,397
  
Open Text Corp.Ɨ
      
9,699
            
459,829
  
Oracle Corp.Ɨ
      
3,146
            
285,468
  
Perficient, Inc.*(a)
      
1,856
            
254,328
  
Qorvo, Inc.*
      
1,899
            
277,691
  
Super Micro Computer, Inc.*Ɨ
      
9,754
            
403,816
  
TD SYNNEX Corp.Ɨ
      
4,321
            
447,051
  
Telefonaktiebolaget LM Ericsson - SP ADR(a)Ɨ
      
42,842
            
428,420
  
Zebra Technologies Corp., Class A*Ɨ
      
809
            
476,323
  
                     
10,004,993
  
Materials—2.5%
                        
Berry Global Group, Inc.*(a)Ɨ
      
9,240
            
638,022
  
Dundee Precious Metals, Inc.
      
34,136
            
217,250
  
POSCO - SP ADR
      
3,522
            
194,309
  
Rio Tinto PLC - SP ADRƗ
      
3,282
            
205,748
  
Ternium SA - SP ADRƗ
      
6,436
            
245,791
  
                     
1,501,120
  
Real Estate—4.1%
                        
Jones Lang LaSalle, Inc.*
      
1,303
            
306,088
  
Medical Properties Trust, Inc.Ɨ
      
11,079
            
235,872
  
Newmark Group, Inc., Class AƗ
      
78,440
            
1,259,746
  
RE/MAX Holdings, Inc., Class A
      
11,832
            
325,262
  
Simon Property Group, Inc.
      
2,225
            
340,069
  
                     
2,467,037
  
TOTAL COMMON STOCKS
                        
(Cost $35,616,883)
                    
57,338,904
  
     
NUMBER OF
    
NOTIONAL
          
     
CONTRACTS
    
AMOUNT
          
PURCHASED OPTIONS—0.0%
                        
Call Purchased Options—0.0%
                        
BioDelivery Sciences International, Inc.
                        
Expiration:
                        
03/18/2022,
                        
Exercise Price:
                        
5.00
      
472
      
131,216
      
4,719
  
Sage Therapeutics, Inc.
                          
Expiration:
                          
01/21/2022,
                          
Exercise Price:
                          
50.00
      
40
      
155,640
      
4,600
  
TEGNA, Inc.
                          
Expiration:
                          
01/21/2022,
                          
Exercise Price:
                          
20.00
      
113
      
223,175
      
13,560
  
TOTAL CALL PURCHASED OPTIONS
                          
(Cost $59,399)
                      
22,879
  
TOTAL PURCHASED OPTIONS
                          
(Cost $59,399)
                      
22,879
  
                             
                             
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—9.2%
                          
Mount Vernon Liquid Assets Portfolio, LLC, 0.10%(b)
      
5,476,391
              
5,476,391
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
                          
(Cost $5,476,391)
                      
5,476,391
  
SHORT-TERM INVESTMENTS—3.3%
                          
MSILF ESG Money Market Portfolio, 0.05%(b)
      
253
              
253
  
U.S. Bank Money Market Deposit Account, 0.01%(b)
      
1,947,518
              
1,947,518
  
TOTAL SHORT-TERM INVESTMENTS
                          
(Cost $1,947,771)
                      
1,947,771
  
TOTAL LONG POSITIONS—108.4%
                          
(Cost $43,100,444)
                      
64,785,945
  
SECURITIES SOLD SHORT—(37.1%)
                          
COMMON STOCKS—(36.3%)
                          
Communication Services—(2.7%)
                          
AMC Entertainment Holdings, Inc., Class A*
      
(13,767
)
            
(467,252
)
CTC Communications Group, Inc.*‡
      
(98,900
)
            
0
  
Netflix, Inc.*
      
(1,750
)
            
(1,123,325
)
                         
(1,590,577
)
Consumer Discretionary—(12.2%)
                          
Allbirds, Inc., Class A*
      
(8,017
)
            
(154,247
)
Arcimoto, Inc.*
      
(18,091
)
            
(185,071
)
Carvana Co.*
      
(3,633
)
            
(1,018,766
)
DoorDash, Inc.*
      
(1,188
)
            
(212,379
)
DraftKings, Inc., Class A*
      
(7,081
)
            
(244,648
)
F45 Training Holdings, Inc.*
      
(18,687
)
            
(198,830
)
Fiverr International Ltd.*
      
(1,424
)
            
(201,667
)
GameStop Corp., Class A*
      
(4,234
)
            
(830,753
)
Krispy Kreme, Inc.
      
(7,140
)
            
(103,887
)
Papa John's International, Inc.
      
(1,885
)
            
(229,819
)
Peloton Interactive, Inc., Class A*
      
(3,538
)
            
(155,672
)
Planet Fitness, Inc., Class A*
      
(10,260
)
            
(838,139
)
Qsound Labs, Inc.*‡
      
(4,440
)
            
0
  
RealReal, Inc., (The)*
      
(20,504
)
            
(319,247
)
Rent the Runway, Inc., Class A*
      
(8,782
)
            
(118,733
)
Shake Shack, Inc., Class A*
      
(2,211
)
            
(161,381
)
Sonos, Inc.*
      
(8,307
)
            
(262,917
)
Sweetgreen, Inc., Class A*
      
(3,822
)
            
(145,924
)
Tesla Motors, Inc.*
      
(1,354
)
            
(1,550,005
)
ThredUp, Inc., Class A*
      
(8,109
)
            
(151,800
)
Wayfair, Inc., Class A*
      
(834
)
            
(206,699
)
                         
(7,290,584
)
Consumer Staples—(1.6%)
                          
22nd Century Group, Inc.*
      
(33,602
)
            
(84,341
)
Amish Naturals, Inc.*‡
      
(25,959
)
            
0
  
Beyond Meat, Inc.*
      
(2,097
)
            
(147,335
)
Celsius Holdings, Inc.*
      
(2,421
)
            
(165,621
)
National Beverage Corp.
      
(4,043
)
            
(209,993
)
SunOpta, Inc.*
      
(19,001
)
            
(113,436
)
Tattooed Chef, Inc.*
      
(13,542
)
            
(217,891
)
                         
(938,617
)
Energy—(0.8%)
                          
Beard Co.*‡
      
(9,710
)
            
(1
)
Green Plains, Inc.*
      
(8,579
)
            
(331,578
)
Renewable Energy Group, Inc.*
      
(3,250
)
            
(155,285
)
                         
(486,864
)
Health Care—(2.5%)
                          
10X Genomics, Inc., Class A*
      
(2,737
)
            
(418,241
)
Aspira Women's Health, Inc.*
      
(59,815
)
            
(124,415
)
Beam Therapeutics, Inc.*
      
(2,414
)
            
(191,068
)
Bionano Genomics, Inc.*
      
(12,849
)
            
(50,240
)
BodyTel Scientific, Inc.*‡
      
(4,840
)
            
(1
)
CareView Communications, Inc.*
      
(174,320
)
            
(23,359
)
Heska Corp.*
      
(773
)
            
(124,422
)
Hims & Hers Health, Inc.*
      
(19,317
)
            
(126,526
)
Ocugen, Inc.*
      
(27,180
)
            
(172,321
)
Oxford Nanopore Technologies PLC*
      
(28,110
)
            
(257,955
)
                         
(1,488,548
)
Industrials—(2.2%)
                          
Applied Energetics, Inc.*
      
(57,676
)
            
(163,512
)
Blue Bird Corp.*
      
(9,337
)
            
(188,981
)
Capstone Green Energy Corp.*
      
(341
)
            
(1,616
)
Corporate Resource Services, Inc.*‡
      
(218,896
)
            
(109
)
DynaMotive Energy Systems Corp.*‡
      
(72,185
)
            
(7
)
Ener1, Inc.*‡
      
(102,820
)
            
(10
)
HyreCar, Inc.*
      
(27,686
)
            
(146,736
)
Ideanomics, Inc.*
      
(69,087
)
            
(111,230
)
Omega Flex, Inc.
      
(2,655
)
            
(313,237
)
Sunrun, Inc.*
      
(6,063
)
            
(279,141
)
Valence Technology, Inc.*‡
      
(27,585
)
            
(3
)
Virgin Galactic Holdings, Inc.*
      
(8,665
)
            
(138,640
)
                         
(1,343,222
)
Information Technology—(13.9%)
                          
Affirm Holdings, Inc.*
      
(1,480
)
            
(187,486
)
Alteryx, Inc., Class A*
      
(2,315
)
            
(153,878
)
Anaplan, Inc.*
      
(3,482
)
            
(149,064
)
ANTs software, Inc.*‡
      
(10,334
)
            
(1
)
Appfolio, Inc., Class A*
      
(1,926
)
            
(232,064
)
Appian Corp.*
      
(5,313
)
            
(395,022
)
Bill.com Holdings, Inc.*
      
(1,632
)
            
(458,347
)
Bit Digital, Inc.*
      
(16,389
)
            
(161,268
)
Ceridian HCM Holding, Inc.*
      
(3,844
)
            
(420,534
)
Consygen, Inc.*‡
      
(200
)
            
0
  
Coupa Software, Inc.*
      
(1,511
)
            
(297,153
)
Crowdstrike Holdings, Inc., Class A*
      
(1,008
)
            
(218,877
)
Everbridge, Inc.*
      
(1,644
)
            
(186,462
)
Fastly, Inc., Class A*
      
(3,932
)
            
(160,268
)
Guidewire Software, Inc.*
      
(2,292
)
            
(266,651
)
Impinj, Inc.*
      
(4,838
)
            
(362,705
)
Inseego Corp.*
      
(24,873
)
            
(160,680
)
Interliant, Inc.*‡
      
(600
)
            
0
  
Marathon Digital Holdings, Inc.*
      
(3,277
)
            
(167,356
)
MicroVision, Inc.*
      
(22,383
)
            
(158,472
)
MongoDB, Inc.*
      
(1,136
)
            
(565,842
)
Nestor, Inc.*‡
      
(15,200
)
            
(1
)
Okta, Inc.*
      
(1,499
)
            
(322,630
)
PROS Holdings, Inc.*
      
(4,883
)
            
(177,351
)
Q2 Holdings, Inc.*
      
(2,909
)
            
(233,593
)
Rapid7, Inc.*
      
(4,382
)
            
(543,631
)
RingCentral, Inc., Class A*
      
(789
)
            
(170,408
)
Riot Blockchain, Inc.*
      
(13,167
)
            
(492,051
)
Shopify, Inc., Class A*
      
(175
)
            
(266,313
)
Square, Inc., Class A*
      
(1,048
)
            
(218,330
)
Tiger Telematics, Inc.*‡
      
(6,510
)
            
0
  
Uni-Pixel, Inc.*
      
(19,665
)
            
(2
)
Wolfspeed, Inc.*
      
(6,845
)
            
(839,334
)
Worldgate Communications, Inc.*‡
      
(582,655
)
            
(58
)
Xybernaut Corp.*‡
      
(34,156
)
            
0
  
Zoom Video Communications, Inc., Class A*
      
(607
)
            
(128,326
)
Zscaler, Inc.*
      
(657
)
            
(227,959
)
                         
(8,322,117
)
Materials—(0.0%)
                          
Mountain Province Diamonds, Inc.*
      
(4,735
)
            
(2,372
)
Real Estate—(0.3%)
                          
Redfin Corp.*
      
(4,427
)
            
(180,135
)
Utilities—(0.1%)
                          
Cadiz, Inc.*
      
(10,297
)
            
(41,703
)
TOTAL COMMON STOCKS
                          
(Proceeds $(28,182,428))
                      
(21,684,739
)
EXCHANGE TRADED FUNDS—(0.8%)
                          
Finance and Insurance—(0.8%)
                          
iShares 20+ Year Treasury Bond ETF
      
(3,129
)
            
(474,325
)
TOTAL EXCHANGE TRADED FUNDS
                          
(Proceeds $(531,939))
                      
(474,325
)
TOTAL SECURITIES SOLD SHORT—(37.1%)
                          
(Proceeds $(28,714,367))
                      
(22,159,064
)
       
NUMBER OF
    
NOTIONAL
          
       
CONTRACTS
    
AMOUNT
          
OPTIONS WRITTEN ƗƗ—(0.1%)
                          
Call Options Written—(0.1%)
                          
Applied Materials, Inc.
                          
Expiration:
                          
01/21/2022,
                          
Exercise Price:
                          
130.00
      
(28
)
    
(412,132
)
    
(64,400
)
Charles Schwab Corp., (The)
                          
Expiration:
                          
01/21/2022,
                          
Exercise Price:
                          
80.00
      
(40
)
    
(309,560
)
    
(11,000
)
TOTAL CALL OPTIONS WRITTEN
                          
(Premiums received $(68,457))
                      
(75,400
)
Put Options Written—(0.0%)
                          
Wells Fargo & Co.
                          
Expiration:
                          
01/21/2022,
                          
Exercise Price:
                          
22.50
      
(360
)
    
(1,720,080
)
    
(2,880
)
TOTAL PUT OPTIONS WRITTEN
                          
(Premiums received $(124,671))
                      
(2,880
)
TOTAL OPTIONS WRITTEN
                          
(Premiums received $(193,128))
                      
(78,280
)
OTHER ASSETS IN EXCESS OF LIABILITIES—28.8%
                      
17,197,340
  
NET ASSETS—100.0%
                    
$
59,745,941
  
   

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, 2021, the market value of securities on loan was $5,171,622.
(b)
The rate shown is as of November 30, 2021.
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, 2021, 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, 2021 (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, 2021, 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
  
$
2,806,240
    
$
2,806,240
    
$
-
    
$
-
    
$
-
  
Consumer Discretionary
    
8,498,708
      
8,231,721
      
266,987
      
-
      
-
  
Consumer Staples
    
534,585
      
534,585
      
-
      
-
      
-
  
Energy
    
4,644,866
      
4,644,866
      
-
      
-
      
-
  
Financials
    
9,884,370
      
9,884,370
      
-
      
-
      
-
  
Health Care
    
10,368,338
      
10,368,338
      
-
      
-
      
-
  
Industrials
    
6,628,647
      
6,628,647
      
-
      
-
      
-
  
Information Technology
    
10,004,993
      
10,004,993
      
-
      
-
      
-
  
Materials
    
1,501,120
      
1,501,120
      
-
      
-
      
-
  
Real Estate
    
2,467,037
      
2,467,037
      
-
      
-
      
-
  
Investments Purchased with Proceeds from Securities Lending Collateral
    
5,476,391
      
-
      
-
      
-
      
5,476,391
  
Purchased Option
                                        
Equity Contracts
    
22,879
      
22,879
      
-
      
-
      
-
  
Short-Term Investments
    
1,947,771
      
1,947,771
      
-
      
-
      
-
  
Total Assets
  
$
64,785,945
    
$
59,042,567
    
$
266,987
    
$
-
    
$
5,476,391
  
                                         
   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
    
INVESTMENTS
MEASURED AT NET ASSET VALUE*
  
Securities Sold Short
                                        
Communication Services
  
$
(1,590,577
)
  
$
(1,590,577
)
  
$
-
    
$
-
**
  
$
-
  
Consumer Discretionary
    
(7,290,584
)
    
(7,290,584
)
    
-
      
-
**
    
-
  
Consumer Staples
    
(938,617
)
    
(938,617
)
    
-
      
-
**
    
-
  
Energy
    
(486,864
)
    
(486,864
)
    
-
      
-
      
-
  
Health Care
    
(1,488,548
)
    
(1,488,547
)
    
-
      
(1
)
    
-
  
Industrials
    
(1,343,222
)
    
(1,343,093
)
    
(109
)
    
(20
)
    
-
  
Information Technology
    
(8,322,117
)
    
(8,322,057
)
    
-
      
(60
)
    
-
  
Materials
    
(2,372
)
    
(2,372
)
    
-
      
-
      
-
  
Real Estate
    
(180,135
)
    
(180,135
)
    
-
      
-
      
-
  
Utilities
    
(41,703
)
    
(41,703
)
    
-
      
-
      
-
  
Exchange Traded Funds
    
(474,325
)
    
(474,325
)
    
-
      
-
      
-
  
Options Written
                                        
Equity Contracts
    
(78,280
)
    
(78,280
)
    
-
      
-
      
-
  
Total Liabilities
  
$
(22,237,344
)
  
$
(22,237,154
)
  
$
(109
)
  
$
(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, 2021, 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.