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

BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS LONG/SHORT EQUITY FUND
  
PORTFOLIO OF INVESTMENTS
  
MAY 31, 2022 (UNAUDITED)
  
   
   
NUMBER OF
          
   
SHARES
      
VALUE
  
LONG POSITIONS—111.4%
              
COMMON STOCKS—93.5%
              
Communication Services—6.0%
              
Alphabet, Inc., Class A*
    
349
      
$
794,059
  
Baidu, Inc. - SP ADR*
    
3,988
        
559,716
  
Cinemark Holdings, Inc.*(a)
    
18,193
        
308,917
  
Entravision Communications Corp., Class AƗ
    
189,342
        
990,259
  
Meta Platforms, Inc., Class A*
    
4,176
        
808,640
  
Outbrain, Inc.*
    
32,116
        
197,192
  
Warner Bros Discovery, Inc.*
    
26,315
        
485,512
  
               
4,144,295
  
Consumer Discretionary—13.2%
                  
Alibaba Group Holding Ltd. - SP ADR*Ɨ
    
5,864
        
563,237
  
Arcos Dorados Holdings, Inc., Class A
    
86,747
        
678,360
  
AutoZone, Inc.*
    
240
        
494,316
  
Bath & Body Works, Inc.
    
10,865
        
445,682
  
Bowlero Corp.*(a)
    
52,616
        
588,247
  
Carriage Services, Inc.(a)Ɨ
    
11,440
        
461,833
  
Carter's, Inc.(a)
    
5,376
        
414,221
  
Hanesbrands, Inc.(a)Ɨ
    
38,551
        
457,600
  
Hooker Furnishings Corp.(a)
    
11,062
        
191,262
  
JD.com, Inc. - ADR
    
4,313
        
242,046
  
Kindred Group PLC - SDR
    
28,454
        
290,976
  
Las Vegas Sands Corp.*(a)
    
13,989
        
496,050
  
LKQ Corp.Ɨ
    
11,473
        
589,598
  
Perdoceo Education Corp.*
    
37,864
        
413,096
  
Skechers U.S.A., Inc., Class A*(a)Ɨ
    
7,711
        
303,813
  
Stellantis NV(a)
    
17,587
        
265,564
  
Stride, Inc.*(a)Ɨ
    
54,404
        
2,127,740
  
XL Fleet Corp.*(a)
    
30,168
        
36,503
  
               
9,060,144
  
Consumer Staples—1.3%
                  
Coca-Cola European Partners PLC(a)
    
6,098
        
323,987
  
Medifast, Inc.
    
911
        
151,909
  
Vita Coco Co., Inc., (The)*(a)
    
37,104
        
454,895
  
               
930,791
  
Energy—6.9%
                  
BP PLC - SP ADR
    
16,690
        
540,255
  
Canadian Natural Resources Ltd.
    
23,738
        
1,574,542
  
Marathon Petroleum Corp.Ɨ
    
12,948
        
1,317,977
  
Phillips 66Ɨ
    
5,922
        
596,997
  
Schlumberger Ltd.
    
9,808
        
450,776
  
World Fuel Services Corp.
    
10,641
        
263,790
  
               
4,744,337
  
Financials—15.6%
                  
American International Group, Inc.Ɨ
    
4,370
        
256,432
  
Arthur J Gallagher & Co.
    
1,112
        
180,077
  
Bank of America Corp.Ɨ
    
10,755
        
400,086
  
Bank OZK(a)Ɨ
    
11,158
        
462,722
  
BGC Partners, Inc., Class AƗ
    
164,765
        
537,134
  
Charles Schwab Corp., (The)
    
5,536
        
388,074
  
Citigroup, Inc.Ɨ
    
7,352
        
392,670
  
Crawford & Co., Class A(a)
    
26,148
        
214,414
  
Diamond Hill Investment Group, Inc.
    
2,113
        
395,427
  
Evercore, Inc., Class A(a)
    
2,746
        
313,593
  
Fairfax Financial Holdings Ltd.
    
1,341
        
743,916
  
FirstCash Holdings, Inc.(a)
    
4,031
        
300,914
  
Heritage Insurance Holdings, Inc.Ɨ
    
104,851
        
383,755
  
Jefferies Financial Group, Inc.(a)Ɨ
    
25,111
        
829,165
  
KB Financial Group, Inc. - ADR
    
12,212
        
597,655
  
Morgan StanleyƗ
    
5,002
        
430,872
  
PCB Bancorp
    
17,343
        
347,380
  
Prudential Financial, Inc.
    
2,812
        
298,775
  
Stifel Financial Corp.(a)Ɨ
    
15,508
        
995,148
  
SVB Financial Group*
    
930
        
454,370
  
Universal Insurance Holdings, Inc.Ɨ
    
25,637
        
330,717
  
Wells Fargo & Co.
    
20,570
        
941,489
  
Western Alliance BancorpƗ
    
6,258
        
509,214
  
               
10,703,999
  
Health Care—20.5%
                  
AdaptHealth Corp.*
    
19,118
        
343,933
  
Amgen, Inc.Ɨ
    
5,345
        
1,372,275
  
Anthem, Inc.Ɨ
    
2,466
        
1,256,698
  
Catalyst Pharmaceuticals, Inc.*
    
52,102
        
375,134
  
Centene Corp.*
    
6,822
        
555,584
  
Cigna Corp.(a)Ɨ
    
3,966
        
1,064,038
  
CVS Health Corp.Ɨ
    
11,855
        
1,146,971
  
Hanger, Inc.*Ɨ
    
21,295
        
336,248
  
Harrow Health, Inc.*Ɨ
    
36,478
        
263,736
  
HCA Healthcare, Inc.(a)
    
3,477
        
731,561
  
Henry Schein, Inc.*
    
6,403
        
548,353
  
Inmode Ltd.*
    
10,890
        
291,961
  
Jazz Pharmaceuticals PLC*
    
2,096
        
313,729
  
Johnson & JohnsonƗ
    
4,848
        
870,361
  
Medtronic PLCƗ
    
4,981
        
498,847
  
Merck & Co., Inc.(a)
    
6,616
        
608,871
  
Novartis AG - SP ADRƗ
    
9,957
        
905,490
  
Organogenesis Holdings, Inc.*
    
37,295
        
209,225
  
Quipt Home Medical Corp.*
    
52,834
        
253,075
  
Sanofi - ADR
    
11,139
        
593,152
  
Syneos Health, Inc.*
    
2,705
        
199,872
  
UnitedHealth Group, Inc.Ɨ#
    
1,288
        
639,853
  
Universal Health Services, Inc., Class B(a)Ɨ
    
5,278
        
657,692
  
 
              
14,036,659
  
Industrials—9.4%
                  
3M Co.
    
2,728
        
407,263
  
Acuity Brands, Inc.(a)
    
1,739
        
304,360
  
AerCap Holdings NV*Ɨ
    
4,965
        
245,470
  
Barrett Business Services, Inc.Ɨ
    
8,401
        
628,899
  
Builders FirstSource, Inc.*(a)Ɨ#
    
9,259
        
602,668
  
CACI International, Inc., Class A*
    
1,621
        
454,480
  
Forward Air Corp.
    
2,988
        
278,452
  
Galliford Try Holdings PLC
    
108,600
        
239,351
  
Gibraltar Industries, Inc.*
    
5,212
        
217,653
  
Global Industrial Co.
    
8,127
        
278,512
  
Graham Corp.Ɨ
    
16,094
        
119,257
  
Heidrick & Struggles International, Inc.Ɨ
    
4,981
        
172,143
  
Kelly Services, Inc., Class AƗ
    
12,993
        
259,340
  
L B Foster Co., Class A*
    
15,860
        
208,242
  
Lockheed Martin Corp.
    
1,119
        
492,483
  
Primoris Services Corp.
    
14,300
        
347,204
  
Quanta Services, Inc.Ɨ
    
3,477
        
413,763
  
UFP Industries, Inc.
    
6,031
        
465,593
  
Vectrus, Inc.*
    
8,011
        
286,954
  
               
6,422,087
  
Information Technology—15.2%
                  
Applied Materials, Inc.
    
278
        
32,607
  
Arrow Electronics, Inc.*
    
3,249
        
391,992
  
Box, Inc., Class A*
    
10,075
        
263,058
  
Capgemini SE - ADRƗ
    
6,678
        
256,168
  
Check Point Software Technologies Ltd.*
    
5,197
        
650,041
  
Cisco Systems, Inc.
    
12,987
        
585,064
  
Cognizant Technology Solutions Corp., Class AƗ
    
7,621
        
569,289
  
Concentrix Corp.Ɨ
    
5,326
        
824,944
  
Dolby Laboratories, Inc., Class AƗ
    
2,812
        
218,267
  
Dropbox, Inc., Class A*
    
14,497
        
302,117
  
EVERTEC, Inc.Ɨ
    
12,810
        
486,011
  
Fabrinet*Ɨ
    
2,303
        
200,062
  
Fidelity National Information Services, Inc.
    
2,169
        
226,661
  
FleetCor Technologies, Inc.*
    
1,372
        
341,367
  
Genpact Ltd.
    
6,968
        
309,170
  
Global Payments, Inc.
    
3,506
        
459,426
  
Hackett Group, Inc., (The)Ɨ
    
25,552
        
523,560
  
HP, Inc.(a)Ɨ
    
7,808
        
303,263
  
InterDigital, Inc.(a)
    
11,482
        
749,660
  
Nano Dimension Ltd. - ADR*(a)
    
51,553
        
153,628
  
Open Text Corp.Ɨ
    
9,984
        
409,444
  
Oracle Corp.Ɨ
    
6,230
        
448,062
  
Perficient, Inc.*(a)
    
1,911
        
187,106
  
Qorvo, Inc.*
    
1,955
        
218,471
  
TD SYNNEX Corp.(a)Ɨ
    
4,448
        
461,925
  
Telefonaktiebolaget LM Ericsson - SP ADRƗ
    
68,195
        
551,016
  
Zebra Technologies Corp., Class A*Ɨ
    
833
        
281,712
  
 
              
10,404,091
  
Materials—2.8%
                  
Berry Global Group, Inc.*Ɨ
    
10,588
        
617,598
  
Dundee Precious Metals, Inc.
    
35,141
        
208,093
  
Ferroglobe PLC*(a)
    
44,506
        
319,553
  
POSCO Holdings, Inc. - SP ADR
    
3,626
        
208,568
  
Rio Tinto PLC - SP ADRƗ
    
3,379
        
248,154
  
Ternium SA - SP ADRƗ
    
6,625
        
291,301
  
               
1,893,267
  
Real Estate—2.6%
                  
Jones Lang LaSalle, Inc.*
    
1,341
        
264,606
  
Medical Properties Trust, Inc.(a)Ɨ
    
11,406
        
211,923
  
Newmark Group, Inc., Class A(a)Ɨ
    
91,841
        
1,016,680
  
Simon Property Group, Inc.
    
2,290
        
262,549
  
               
1,755,758
  
TOTAL COMMON STOCKS
                  
(Cost $46,807,472)
              
64,095,428
  
                   
                   
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—13.1%
                  
Mount Vernon Liquid Assets Portfolio, LLC, 0.92%(b)
    
8,959,999
        
8,959,999
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
                  
(Cost $8,959,999)
              
8,959,999
  
SHORT-TERM INVESTMENTS—4.8%
                  
U.S. Bank Money Market Deposit Account, 0.50%(b)
    
3,283,374
        
3,283,374
  
TOTAL SHORT-TERM INVESTMENTS
                  
(Cost $3,283,374)
              
3,283,374
  
TOTAL LONG POSITIONS—111.4%
                  
(Cost $59,050,845)
              
76,338,801
  
SECURITIES SOLD SHORT—(17.7%)
                  
COMMON STOCKS—(17.7%)
                  
Communication Services—(0.8%)
                  
AMC Entertainment Holdings, Inc., Class A*
    
(13,767
)
      
(197,419
)
CTC Communications Group, Inc.*‡
    
(98,900
)
      
0
  
Netflix, Inc.*
    
(1,750
)
      
(345,520
)
               
(542,939
)
Consumer Discretionary—(5.5%)
                  
Allbirds, Inc., Class A*
    
(10,005
)
      
(54,627
)
Brunswick Corp.
    
(3,037
)
      
(228,474
)
DoorDash, Inc., Class A*
    
(1,188
)
      
(91,369
)
Dutch Bros, Inc., Class A*
    
(7,052
)
      
(264,803
)
Fiverr International Ltd.*
    
(4,933
)
      
(208,715
)
GameStop Corp., Class A*
    
(4,234
)
      
(528,149
)
Life Time Group Holdings, Inc.*
    
(14,086
)
      
(206,360
)
OneWater Marine, Inc., Class A
    
(3,851
)
      
(131,704
)
Papa John's International, Inc.
    
(1,885
)
      
(165,899
)
Planet Fitness, Inc., Class A*
    
(10,260
)
      
(721,996
)
Qsound Labs, Inc.*‡
    
(4,440
)
      
0
  
Rent the Runway, Inc., Class A*
    
(19,046
)
      
(82,469
)
Sonos, Inc.*
    
(8,307
)
      
(183,834
)
Tesla, Inc.*
    
(818
)
      
(620,257
)
Warby Parker, Inc., Class A*
    
(7,288
)
      
(123,750
)
Wingstop, Inc.
    
(1,957
)
      
(155,895
)
               
(3,768,301
)
Consumer Staples—(1.2%)
                  
Amish Naturals, Inc.*‡
    
(25,959
)
      
0
  
Beyond Meat, Inc.*
    
(2,097
)
      
(55,466
)
Cal-Maine Foods, Inc.
    
(6,346
)
      
(302,895
)
National Beverage Corp.
    
(4,043
)
      
(200,654
)
Oatly Group AB*
    
(32,118
)
      
(132,647
)
Tattooed Chef, Inc.*
    
(13,542
)
      
(98,044
)
               
(789,706
)
Energy—(0.4%)
                  
Beard Co.*
    
(9,710
)
      
(1
)
Green Plains, Inc.*
    
(8,579
)
      
(279,504
)
               
(279,505
)
Health Care—(1.0%)
                  
10X Genomics, Inc., Class A*
    
(2,737
)
      
(140,107
)
Beam Therapeutics, Inc.*
    
(2,414
)
      
(84,924
)
BodyTel Scientific, Inc.*‡
    
(4,840
)
      
0
  
CareView Communications, Inc.*
    
(174,320
)
      
(12,394
)
Cassava Sciences, Inc.*
    
(4,092
)
      
(125,215
)
Heska Corp.*
    
(773
)
      
(77,138
)
NanoString Technologies, Inc.*
    
(5,666
)
      
(88,616
)
Ocugen, Inc.*
    
(27,180
)
      
(64,417
)
Oxford Nanopore Technologies PLC*
    
(28,110
)
      
(114,113
)
 
              
(706,924
)
Industrials—(0.9%)
                  
Applied Energetics, Inc.*
    
(57,676
)
      
(122,273
)
Capstone Green Energy Corp.*
    
(341
)
      
(1,009
)
Corporate Resource Services, Inc.*
    
(218,896
)
      
0
  
DynaMotive Energy Systems Corp.*‡
    
(72,185
)
      
(7
)
Ener1, Inc.*‡
    
(102,820
)
      
(10
)
Omega Flex, Inc.
    
(2,655
)
      
(293,484
)
Sunrun, Inc.*
    
(6,063
)
      
(158,366
)
Valence Technology, Inc.*‡
    
(27,585
)
      
(3
)
 
              
(575,152
)
Information Technology—(7.2%)
                  
Affirm Holdings, Inc.*
    
(5,912
)
      
(168,492
)
ANTs software, Inc.*‡
    
(10,334
)
      
(1
)
Appfolio, Inc., Class A*
    
(1,926
)
      
(192,947
)
Bill.com Holdings, Inc.*
    
(1,632
)
      
(192,968
)
Ceridian HCM Holding, Inc.*
    
(3,844
)
      
(216,417
)
Clear Secure, Inc., Class A*
    
(8,154
)
      
(223,746
)
Confluent, Inc., Class A*
    
(4,112
)
      
(86,887
)
Consygen, Inc.*‡
    
(200
)
      
0
  
Coupa Software, Inc.*
    
(1,874
)
      
(128,912
)
Crowdstrike Holdings, Inc., Class A*
    
(1,008
)
      
(161,270
)
CS Disco, Inc.*
    
(6,267
)
      
(156,111
)
Fastly, Inc., Class A*
    
(3,932
)
      
(51,313
)
Flywire Corp.*
    
(10,528
)
      
(203,296
)
Guidewire Software, Inc.*
    
(2,292
)
      
(183,222
)
HashiCorp, Inc., Class A*
    
(5,530
)
      
(193,661
)
Impinj, Inc.*
    
(4,838
)
      
(226,467
)
Interliant, Inc.*‡
    
(600
)
      
0
  
Ipsidy, Inc.*
    
(22,335
)
      
(66,782
)
Lightwave Logic, Inc.*
    
(28,775
)
      
(230,488
)
Marathon Digital Holdings, Inc.*
    
(6,756
)
      
(69,114
)
Matterport, Inc.*
    
(20,330
)
      
(111,612
)
MicroVision, Inc.*
    
(22,383
)
      
(80,579
)
MongoDB, Inc.*
    
(822
)
      
(194,937
)
Nestor, Inc.*‡
    
(15,200
)
      
(1
)
Okta, Inc.*
    
(1,891
)
      
(157,048
)
Procore Technologies, Inc.*
    
(2,861
)
      
(130,175
)
PROS Holdings, Inc.*
    
(4,883
)
      
(133,257
)
Rapid7, Inc.*
    
(4,382
)
      
(310,552
)
RingCentral, Inc., Class A*
    
(789
)
      
(49,817
)
Riot Blockchain, Inc.*
    
(13,167
)
      
(94,671
)
SentinelOne, Inc., Class A*
    
(2,894
)
      
(68,848
)
Tiger Telematics, Inc.*‡
    
(6,510
)
      
0
  
Uni-Pixel, Inc.*
    
(19,665
)
      
0
  
Wix.com Ltd.*
    
(2,999
)
      
(188,967
)
Wolfspeed, Inc.*
    
(6,845
)
      
(514,949
)
Worldgate Communications, Inc.*‡
    
(582,655
)
      
(58
)
XRiver Corp.*‡
    
(34,156
)
      
0
  
Zscaler, Inc.*
    
(1,050
)
      
(160,744
)
               
(4,948,309
)
Materials—(0.4%)
                  
Aspen Aerogels, Inc.*
    
(6,591
)
      
(115,474
)
Mountain Province Diamonds, Inc.*
    
(4,735
)
      
(2,621
)
PureCycle Technologies, Inc.*
    
(17,361
)
      
(148,263
)
 
              
(266,358
)
Real Estate—(0.3%)
                  
WeWork, Inc., Class A*
    
(28,975
)
      
(211,228
)
TOTAL COMMON STOCKS
                  
(Proceeds $(24,799,917))
              
(12,088,422
)
TOTAL SECURITIES SOLD SHORT—(17.7%)
                  
(Proceeds $(24,799,917))
              
(12,088,422
)
   
NUMBER OF
  
NOTIONAL
        
   
CONTRACTS
  
AMOUNT
        
OPTIONS WRITTEN ƗƗ—(0.2%)
                  
Call Options Written—(0.2%)
                  
Builders FirstSource, Inc.
                  
Expiration:
                  
06/16/2023,
                  
Exercise Price:
                  
60.00
    
(75
)
(488,175)
    
(131,250
)
Forge Global Holdings, Inc.
                  
Expiration:
                  
06/17/2022,
                  
Exercise Price:
                  
27.50
    
(77
)
(150,689)
    
(4,235
)
UnitedHealth Group, Inc.
                  
Expiration:
                  
01/20/2023,
                  
Exercise Price:
                  
560.00
    
(11
)
(546,458)
    
(24,695
)
TOTAL CALL OPTIONS WRITTEN
                  
(Premiums received $(156,571))
              
(160,180
)
TOTAL OPTIONS WRITTEN
                  
(Premiums received $(156,571))
              
(160,180
)
OTHER ASSETS IN EXCESS OF LIABILITIES—6.5%
              
4,446,878
  
NET ASSETS—100.0%
             
$
68,537,077
  

ADR
American Depositary Receipt
SDR
Special Drawing Right
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 May 31, 2022, the market value of securities on loan was $8,695,905.
(b)
The rate shown is as of May 31, 2022.
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 May 31, 2022, these securities amounted to $(80) 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
  
MAY 31, 2022 (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  May 31, 2022, 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
  
$
4,144,295
    
$
4,144,295
    
$
-
    
$
-
    
$
-
  
Consumer Discretionary
    
9,060,144
      
8,769,168
      
290,976
      
-
      
-
  
Consumer Staples
    
930,791
      
930,791
      
-
      
-
      
-
  
Energy
    
4,744,337
      
4,744,337
      
-
      
-
      
-
  
Financials
    
10,703,999
      
10,703,999
      
-
      
-
      
-
  
Health Care
    
14,036,659
      
14,036,659
      
-
      
-
      
-
  
Industrials
    
6,422,087
      
6,182,736
      
239,351
      
-
      
-
  
Information Technology
    
10,404,091
      
10,404,091
      
-
      
-
      
-
  
Materials
    
1,893,267
      
1,893,267
      
-
      
-
      
-
  
Real Estate
    
1,755,758
      
1,755,758
      
-
      
-
      
-
  
Investments Purchased with Proceeds from Securities Lending Collateral
    
8,959,999
      
-
      
-
      
-
      
8,959,999
  
Short-Term Investments
    
3,283,374
      
3,283,374
      
-
      
-
      
-
  
Total Assets
  
$
76,338,801
    
$
66,848,475
    
$
530,327
    
$
-
    
$
8,959,999
  
                                         
   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
    
INVESTMENTS
MEASURED AT NET
ASSET VALUE*
  
Securities Sold Short
                                
       
Communication Services
  
$
(542,939
)
  
$
(542,939
)
  
$
-
    
$
-
 **
  
$
-
  
Consumer Discretionary
    
(3,768,301
)
    
(3,768,301
)
    
-
      
-
 **
    
-
  
Consumer Staples
    
(789,706
)
    
(789,706
)
    
-
      
-
 **
    
-
  
Energy
    
(279,505
)
    
(279,505
)
    
-
      
-
      
-
  
Health Care
    
(706,924
)
    
(580,417
)
    
(126,507
)
    
-
 **
    
-
  
Industrials
    
(575,152
)
    
(575,132
)
    
-
 **
    
(20
)
    
-
  
Information Technology
    
(4,948,309
)
    
(4,948,249
)
    
-
      
(60
)
    
-
  
Materials
    
(266,358
)
    
(266,358
)
    
-
      
-
      
-
  
Real Estate
    
(211,228
)
    
(211,228
)
    
-
      
-
      
-
  
Options Written
                                        
Equity Contracts
    
(160,180
)
    
(28,930
)
    
(131,250
)
    
-
      
-
  
Total Liabilities
  
$
(12,248,602
)
  
$
(11,990,765
)
  
$
(257,757
)
  
$
(80
)
  
$
-
  

*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 May 31, 2022, 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.