NPORT-EX 2 bplsequity.htm NPORT-EX

BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS LONG/SHORT EQUITY FUND
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2022 (UNAUDITED)
  
   
     
NUMBER OF
              
     
SHARES
          
VALUE
  
LONG POSITIONS—113.4%
                    
COMMON STOCKS—93.2%
                    
Communication Services—5.3%
                    
Alphabet, Inc., Class A*
      
8,379
          
$
846,195
  
Baidu, Inc. - SP ADR*
      
6,756
            
733,702
  
Entravision Communications Corp., Class AƗ
      
228,008
            
1,267,725
  
Nexstar Media Group, Inc., Class A(a)
      
4,613
            
874,440
  
                     
3,722,062
  
Consumer Discretionary—10.4%
                        
Alibaba Group Holding Ltd. - SP ADR*
      
3,438
            
301,031
  
Arcos Dorados Holdings, Inc., Class A
      
137,337
            
1,028,653
  
AutoZone, Inc.*
      
145
            
373,955
  
Bowlero Corp.*(a)
      
22,805
            
318,358
  
Carriage Services, Inc.Ɨ
      
16,151
            
406,198
  
Carter's, Inc.(a)
      
6,575
            
480,238
  
Cavco Industries, Inc.*(a)
      
1,576
            
361,897
  
JD.com, Inc. - ADR
      
11,043
            
631,439
  
Las Vegas Sands Corp.*(a)
      
4,937
            
231,249
  
LKQ Corp.Ɨ
      
12,095
            
657,121
  
Perdoceo Education Corp.*
      
42,606
            
611,396
  
Skechers U.S.A., Inc., Class A*(a)Ɨ
      
8,129
            
342,800
  
Stellantis NV(a)
      
23,937
            
373,896
  
Stride, Inc.*Ɨ
      
29,223
            
1,034,786
  
Torrid Holdings, Inc.*(a)
      
60,561
            
245,878
  
                     
7,398,895
  
Consumer Staples—2.0%
                        
British American Tobacco PLC - SP ADR
      
8,644
            
356,738
  
Coca-Cola European Partners PLC(a)
      
7,116
            
377,789
  
Medifast, Inc.
      
1,788
            
225,377
  
Vector Group Ltd.
      
41,853
            
464,568
  
                     
1,424,472
  
Energy—6.3%
                        
BP PLC - SP ADR
      
22,534
            
808,971
  
Canadian Natural Resources Ltd.(a)
      
25,023
            
1,494,374
  
Devon Energy Corp.#
      
3,712
            
254,346
  
Marathon Petroleum Corp.Ɨ
      
8,325
            
1,014,068
  
Schlumberger Ltd.(a)
      
7,760
            
400,028
  
VAALCO Energy, Inc.(a)
      
35,007
            
181,336
  
World Fuel Services Corp.
      
11,218
            
319,152
  
                     
4,472,275
  
Financials—17.3%
                        
American International Group, Inc.Ɨ
      
9,924
            
626,304
  
Bank of America Corp.(a)Ɨ
      
20,845
            
788,983
  
Bank OZKƗ
      
11,762
            
542,816
  
BGC Partners, Inc., Class AƗ
      
226,149
            
974,702
  
Charles Schwab Corp., (The)
      
8,044
            
663,952
  
Citigroup, Inc.Ɨ
      
12,182
            
589,731
  
Crawford & Co., Class A
      
32,418
            
205,206
  
Evercore, Inc., Class A(a)
      
2,895
            
333,446
  
Fairfax Financial Holdings Ltd.
      
1,695
            
971,495
  
Intercorp Financial Services, Inc.
      
10,411
            
256,111
  
Jefferies Financial Group, Inc.Ɨ
      
26,471
            
1,005,633
  
KB Financial Group, Inc. - ADR
      
12,874
            
507,364
  
Morgan Stanley(a)Ɨ
      
5,273
            
490,758
  
OP Bancorp
      
9,958
            
116,509
  
PCB Bancorp
      
20,111
            
374,467
  
Prudential Financial, Inc.
      
2,964
            
320,201
  
Reinsurance Group of America, Inc.
      
3,591
            
518,540
  
Stifel Financial Corp.Ɨ
      
16,347
            
1,050,295
  
Wells Fargo & Co.
      
18,841
            
903,426
  
Western Alliance Bancorp(a)Ɨ
      
6,597
            
452,158
  
Willis Towers Watson PLC
      
2,168
            
533,675
  
                     
12,225,772
  
Health Care—21.2%
                        
AdaptHealth Corp.*
      
13,668
            
304,933
  
Amgen, Inc.Ɨ
      
2,936
            
840,871
  
Bristol-Myers Squibb Co.
      
6,447
            
517,565
  
Catalyst Pharmaceuticals, Inc.*
      
54,923
            
921,059
  
Centene Corp.*
      
6,059
            
527,436
  
Cigna Corp.(a)Ɨ
      
3,108
            
1,022,190
  
CVS Health Corp.Ɨ
      
12,497
            
1,273,194
  
Elevance Health, Inc.Ɨ
      
2,600
            
1,385,592
  
Harrow Health, Inc.*Ɨ
      
43,598
            
486,118
  
HCA Healthcare, Inc.(a)
      
3,851
            
925,087
  
Henry Schein, Inc.*(a)
      
8,125
            
657,475
  
Inmode Ltd.*
      
11,480
            
440,717
  
Jazz Pharmaceuticals PLC*
      
2,210
            
346,771
  
Johnson & JohnsonƗ
      
6,071
            
1,080,638
  
Medtronic PLCƗ
      
8,535
            
674,607
  
Merck & Co., Inc.
      
8,126
            
894,835
  
Novartis AG - SP ADRƗ
      
10,497
            
940,111
  
Quipt Home Medical Corp.*
      
55,695
            
248,957
  
UnitedHealth Group, Inc.Ɨ#
      
1,357
            
743,310
  
Universal Health Services, Inc., Class B(a)Ɨ
      
6,219
            
813,756
  
                     
15,045,222
  
Industrials—10.1%
                        
Acuity Brands, Inc.(a)
      
1,832
            
344,947
  
Barrett Business Services, Inc.Ɨ
      
9,366
            
920,959
  
Builders FirstSource, Inc.*(a)Ɨ#
      
9,761
            
624,021
  
CACI International, Inc., Class A*
      
1,709
            
533,721
  
Euroseas Ltd.
      
14,723
            
299,907
  
Forward Air Corp.
      
3,150
            
353,965
  
Galliford Try Holdings PLC
      
133,023
            
252,354
  
Gibraltar Industries, Inc.*(a)
      
5,494
            
278,051
  
Global Industrial Co.
      
8,567
            
210,834
  
Graham Corp.*Ɨ
      
16,965
            
162,525
  
Heidrick & Struggles International, Inc.Ɨ
      
5,251
            
155,955
  
Kelly Services, Inc., Class AƗ
      
13,697
            
232,712
  
Korn/Ferry International
      
5,731
            
326,839
  
L B Foster Co., Class A*
      
16,718
            
157,484
  
Lockheed Martin Corp.
      
1,179
            
572,039
  
Quanta Services, Inc.Ɨ
      
2,942
            
440,947
  
Ryanair Holdings PLC - SP ADR*(a)
      
5,119
            
387,457
  
UFP Industries, Inc.(a)
      
6,358
            
520,466
  
V2X, Inc.*
      
9,511
            
384,339
  
                     
7,159,522
  
Information Technology—15.8%
                        
Arrow Electronics, Inc.*
      
3,424
            
372,326
  
Box, Inc., Class A*(a)
      
10,620
            
291,519
  
Capgemini SE - ADRƗ
      
7,040
            
253,651
  
Check Point Software Technologies Ltd.*
      
7,186
            
954,516
  
Cisco Systems, Inc.
      
13,691
            
680,717
  
Cognizant Technology Solutions Corp., Class AƗ
      
11,531
            
717,343
  
Concentrix Corp.Ɨ
      
6,841
            
837,202
  
Dropbox, Inc., Class A*
      
18,459
            
434,894
  
Fabrinet*Ɨ
      
2,428
            
323,919
  
FleetCor Technologies, Inc.*
      
2,461
            
482,848
  
Genpact Ltd.
      
9,000
            
414,990
  
Global Payments, Inc.
      
3,696
            
383,571
  
Hackett Group, Inc., (The)
      
26,936
            
622,222
  
InterDigital, Inc.
      
13,494
            
676,994
  
Nano Dimension Ltd. - ADR*(a)
      
54,344
            
134,230
  
Open Text Corp.Ɨ
      
10,525
            
309,224
  
Oracle Corp.Ɨ
      
7,649
            
635,096
  
Perficient, Inc.*
      
2,015
            
143,166
  
Qorvo, Inc.*
      
2,061
            
204,554
  
QUALCOMM, Inc.
      
5,081
            
642,696
  
Richardson Electronics Ltd.
      
23,161
            
589,216
  
TD SYNNEX Corp.(a)Ɨ
      
2,479
            
253,602
  
Telefonaktiebolaget LM Ericsson - SP ADR(a)Ɨ
      
91,733
            
584,339
  
Zebra Technologies Corp., Class A*(a)Ɨ
      
878
            
237,306
  
                     
11,180,141
  
Materials—2.7%
                        
Berry Global Group, Inc.Ɨ
      
11,161
            
654,034
  
Dundee Precious Metals, Inc.
      
46,422
            
219,143
  
Ferroglobe PLC*
      
56,921
            
263,544
  
POSCO Holdings, Inc. - SP ADR(a)
      
3,822
            
218,083
  
Rio Tinto PLC - SP ADR(a)Ɨ
      
3,562
            
244,496
  
Ternium SA - SP ADRƗ
      
10,040
            
316,160
  
                     
1,915,460
  
Real Estate—2.1%
                        
Newmark Group, Inc., Class AƗ
      
103,631
            
878,791
  
Service Properties Trust
      
42,817
            
336,113
  
Simon Property Group, Inc.
      
2,414
            
288,328
  
                     
1,503,232
  
TOTAL COMMON STOCKS
                        
(Cost $47,321,134)
                    
66,047,053
  
     
NUMBER OF
    
NOTIONAL
          
     
CONTRACTS
    
AMOUNT
          
PURCHASED OPTIONS—0.1%
                        
Call Purchased Options—0.1%
                        
Activision Blizzard, Inc.
                        
Expiration:
                        
05/19/2023,
                        
Exercise Price:
                        
 
  70.00
      
40
      
295,800
      
41,600
  
TOTAL CALL PURCHASED OPTIONS
                          
(Cost $47,521)
                      
41,600
  
TOTAL PURCHASED OPTIONS
                          
(Cost $47,521)
                      
41,600
  
       
NUMBER OF
                  
       
SHARES
                  
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—13.9%
                          
Mount Vernon Liquid Assets Portfolio, LLC, 4.01%(b)
      
9,857,692
              
9,857,692
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
                          
(Cost $9,857,692)
                      
9,857,692
  
SHORT-TERM INVESTMENTS—6.2%
                          
MSILF ESG Money Market Portfolio, 3.79%(b)
      
303,906
              
303,906
  
U.S. Bank Money Market Deposit Account, 3.50%(b)
      
4,079,496
              
4,079,496
  
TOTAL SHORT-TERM INVESTMENTS
                          
(Cost $4,383,402)
                      
4,383,402
  
TOTAL LONG POSITIONS—113.4%
                          
(Cost $61,609,749)
                      
80,329,747
  
SECURITIES SOLD SHORT—(17.3%)
                          
COMMON STOCKS—(17.3%)
                          
Communication Services—(1.4%)
                          
AMC Entertainment Holdings, Inc., Class A*
      
(24,298
)
            
(175,675
)
Consolidated Communications Holdings, Inc.*
      
(49,994
)
            
(230,972
)
CTC Communications Group, Inc.*‡
      
(98,900
)
            
0
  
Netflix, Inc.*
      
(1,825
)
            
(557,592
)
                         
(964,239
)
Consumer Discretionary—(4.9%)
                          
Brunswick Corp.
      
(3,167
)
            
(234,991
)
Destination XL Group, Inc.*
      
(32,786
)
            
(218,355
)
Dutch Bros, Inc., Class A*
      
(7,356
)
            
(277,616
)
Fiverr International Ltd.*
      
(8,864
)
            
(311,747
)
GrowGeneration Corp.*
      
(21,460
)
            
(145,713
)
Krispy Kreme, Inc.
      
(17,536
)
            
(270,405
)
Mister Car Wash, Inc.*
      
(17,727
)
            
(181,525
)
Papa John's International, Inc.
      
(1,965
)
            
(163,606
)
Portillo's, Inc., Class A*
      
(12,876
)
            
(259,966
)
Qsound Labs, Inc.*‡
      
(4,440
)
            
0
  
Tesla, Inc.*
      
(2,558
)
            
(498,043
)
Warby Parker, Inc., Class A*
      
(11,963
)
            
(203,730
)
Wingstop, Inc.
      
(2,316
)
            
(383,321
)
Workhorse Group, Inc.*
      
(81,444
)
            
(187,321
)
YETI Holdings, Inc.*
      
(3,317
)
            
(148,900
)
                         
(3,485,239
)
Consumer Staples—(0.9%)
                          
Amish Naturals, Inc.*‡
      
(25,959
)
            
0
  
Beyond Meat, Inc.*
      
(7,020
)
            
(102,422
)
Freshpet, Inc.*
      
(3,235
)
            
(216,810
)
National Beverage Corp.
      
(4,217
)
            
(217,302
)
Oatly Group AB - ADR*
      
(51,391
)
            
(83,767
)
Tattooed Chef, Inc.*
      
(14,126
)
            
(21,330
)
                         
(641,631
)
Energy—(0.6%)
                          
Beard Co.*‡
      
(9,710
)
            
(1
)
Enviva, Inc.
      
(3,439
)
            
(195,163
)
Green Plains, Inc.*
      
(7,144
)
            
(246,897
)
                         
(442,061
)
Financials—(0.2%)
                          
P10, Inc., Class A
      
(14,398
)
            
(147,292
)
Health Care—(1.0%)
                          
10X Genomics, Inc., Class A*
      
(2,854
)
            
(110,336
)
Beam Therapeutics, Inc.*
      
(2,517
)
            
(116,260
)
BodyTel Scientific, Inc.*‡
      
(4,840
)
            
0
  
CareView Communications, Inc.*
      
(174,320
)
            
(5,421
)
Nano-X Imaging Ltd.*
      
(11,571
)
            
(123,231
)
Oak Street Health, Inc.*
      
(8,396
)
            
(181,522
)
Ocugen, Inc.*
      
(49,589
)
            
(77,359
)
Oxford Nanopore Technologies PLC*
      
(29,323
)
            
(90,221
)
                         
(704,350
)
Industrials—(2.4%)
                          
Ameresco, Inc., Class A*
      
(3,930
)
            
(257,494
)
Applied Energetics, Inc.*
      
(57,676
)
            
(115,352
)
Array Technologies, Inc.*
      
(11,608
)
            
(243,071
)
Corporate Resource Services, Inc.*‡
      
(218,896
)
            
(219
)
Custom Truck One Source, Inc.*
      
(30,483
)
            
(208,504
)
Daseke, Inc.*
      
(26,917
)
            
(156,926
)
DynaMotive Energy Systems Corp.*‡
      
(72,185
)
            
(7
)
Ener1, Inc.*‡
      
(102,820
)
            
(10
)
MillerKnoll, Inc.
      
(12,491
)
            
(254,691
)
Omega Flex, Inc.
      
(2,769
)
            
(266,129
)
Sunrun, Inc.*
      
(6,324
)
            
(206,036
)
Valence Technology, Inc.*‡
      
(27,585
)
            
(3
)
                         
(1,708,442
)
Information Technology—(5.3%)
                          
Affirm Holdings, Inc.*
      
(7,213
)
            
(100,405
)
ANTs software, Inc.*‡
      
(10,334
)
            
(1
)
Bill.com Holdings, Inc.*
      
(1,701
)
            
(204,834
)
Confluent, Inc., Class A*
      
(7,503
)
            
(172,794
)
Consygen, Inc.*‡
      
(200
)
            
0
  
Crowdstrike Holdings, Inc., Class A*
      
(1,051
)
            
(123,650
)
Flywire Corp.*
      
(10,982
)
            
(238,200
)
Guidewire Software, Inc.*
      
(2,390
)
            
(141,751
)
HashiCorp, Inc., Class A*
      
(7,738
)
            
(211,247
)
Impinj, Inc.*
      
(5,046
)
            
(643,617
)
Interliant, Inc.*‡
      
(600
)
            
0
  
Lightwave Logic, Inc.*
      
(38,966
)
            
(309,000
)
Marathon Digital Holdings, Inc.*
      
(7,047
)
            
(44,537
)
Matterport, Inc.*
      
(21,207
)
            
(66,802
)
MicroVision, Inc.*
      
(42,843
)
            
(129,814
)
MongoDB, Inc.*
      
(855
)
            
(130,550
)
nCino, Inc.*
      
(9,102
)
            
(237,744
)
Nestor, Inc.*‡
      
(15,200
)
            
(2
)
Procore Technologies, Inc.*
      
(3,531
)
            
(172,913
)
Riot Blockchain, Inc.*
      
(13,735
)
            
(63,868
)
SentinelOne, Inc., Class A*
      
(3,018
)
            
(43,761
)
Tiger Telematics, Inc.*‡
      
(6,510
)
            
0
  
UiPath, Inc., Class A*
      
(16,980
)
            
(211,741
)
Uni-Pixel, Inc.*
      
(19,665
)
            
0
  
Unity Software, Inc.*
      
(7,603
)
            
(300,395
)
Wolfspeed, Inc.*
      
(2,244
)
            
(204,025
)
Worldgate Communications, Inc.*‡
      
(582,655
)
            
(58
)
XRiver Corp.*‡
      
(34,156
)
            
0
  
                         
(3,751,709
)
Materials—(0.4%)
                          
Lithium Americas Corp.*
      
(6,530
)
            
(163,120
)
Mountain Province Diamonds, Inc.*
      
(4,735
)
            
(1,936
)
PureCycle Technologies, Inc.*
      
(18,110
)
            
(125,683
)
                         
(290,739
)
Real Estate—(0.2%)
                          
WeWork, Inc., Class A*
      
(50,761
)
            
(140,100
)
TOTAL COMMON STOCKS
                          
(Proceeds $(22,043,522))
                      
(12,275,802
)
TOTAL SECURITIES SOLD SHORT—(17.3%)
                          
(Proceeds $(22,043,522))
                      
(12,275,802
)
       
NUMBER OF
    
NOTIONAL
          
       
CONTRACTS
    
AMOUNT
          
OPTIONS WRITTEN ƗƗ—(0.1%)
                          
Call Options Written—(0.1%)
                          
Builders FirstSource, Inc.
                          
Expiration:
                          
06/16/2023,
                          
Exercise Price:
                          
 
     75.00
      
(77
)
    
(492,261
)
    
(39,655
)
UnitedHealth Group, Inc.
                          
Expiration:
                          
01/20/2023,
                          
Exercise Price:
                          
 
     560.00
      
(11
)
    
(602,536
)
    
(13,200
)
TOTAL CALL OPTIONS WRITTEN
                          
(Premiums received $(149,358))
                      
(52,855
)
Put Options Written—(0.0%)
                          
Activision Blizzard, Inc.
                          
Expiration:
                          
01/19/2024,
                          
Exercise Price:
                          
 
     52.50
      
(66
)
    
(488,070
)
    
(10,395
)
Devon Energy Corp.
                          
Expiration:
                          
01/20/2023,
                          
Exercise Price:
                          
 
     55.00
      
(56
)
    
(383,712
)
    
(5,320
)
Silicon Motion Technology Corp.
                          
Expiration:
                          
03/17/2023,
                          
Exercise Price:
                          
 
     45.00
      
(79
)
    
(498,490
)
    
(20,935
)
TOTAL PUT OPTIONS WRITTEN
                          
(Premiums received $(93,611))
                      
(36,650
)
TOTAL OPTIONS WRITTEN
                          
(Premiums received $(242,970))
                      
(89,505
)
OTHER ASSETS IN EXCESS OF LIABILITIES—4.0%
                      
2,859,843
  
NET ASSETS—100.0%
                    
$
70,824,283
  

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, 2022, the market value of securities on loan was $9,784,880.
(b)
The rate shown is as of November 30, 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 November 30, 2022, these securities amounted to $(300) 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, 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  November 30, 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
  
$
3,722,062
    
$
3,722,062
    
$
-
    
$
-
    
$
-
  
Consumer Discretionary
    
7,398,895
      
7,398,895
      
-
      
-
      
-
  
Consumer Staples
    
1,424,472
      
1,424,472
      
-
      
-
      
-
  
Energy
    
4,472,275
      
4,472,275
      
-
      
-
      
-
  
Financials
    
12,225,772
      
12,225,772
      
-
      
-
      
-
  
Health Care
    
15,045,222
      
15,045,222
      
-
      
-
      
-
  
Industrials
    
7,159,522
      
7,159,522
      
-
      
-
      
-
  
Information Technology
    
11,180,141
      
11,180,141
      
-
      
-
      
-
  
Materials
    
1,915,460
      
1,915,460
      
-
      
-
      
-
  
Real Estate
    
1,503,232
      
1,503,232
      
-
      
-
      
-
  
Purchased Options
    
41,600
      
-
      
41,600
      
-
      
-
  
Investments Purchased with Proceeds from Securities Lending Collateral
    
9,857,692
      
-
      
-
      
-
      
9,857,692
  
Short-Term Investments
    
4,383,402
      
4,383,402
      
-
      
-
      
-
  
Total Assets
  
$
80,329,747
    
$
70,430,455
    
$
41,600
    
$
-
    
$
9,857,692
  
                                         
   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
    
INVESTMENTS MEASURED AT NET ASSET VALUE*
  
Securities Sold Short
                                        
Communication Services
  
$
(964,239
)
  
$
(964,239
)
  
$
-
    
$
-
**
  
$
-
  
Consumer Discretionary
    
(3,485,239
)
    
(3,485,239
)
    
-
      
-
**
    
-
  
Consumer Staples
    
(641,631
)
    
(641,631
)
    
-
      
-
**
    
-
  
Energy
    
(442,061
)
    
(442,060
)
    
(1
)
    
-
      
-
  
Financials
    
(147,292
)
    
(147,292
)
    
-
      
-
      
-
  
Health Care
    
(704,350
)
    
(614,129
)
    
(90,221
)
    
-
**
    
-
  
Industrials
    
(1,708,442
)
    
(1,708,203
)
    
-
      
(239
)
    
-
  
Information Technology
    
(3,751,709
)
    
(3,751,648
)
    
-
 **
    
(61
)
    
-
  
Materials
    
(290,739
)
    
(290,739
)
    
-
      
-
      
-
  
Real Estate
    
(140,100
)
    
(140,100
)
    
-
      
-
      
-
  
Options Written
                                        
Equity Contracts
    
(89,505
)
    
(18,520
)
    
(70,985
)
    
-
      
-
  
Total Liabilities
  
$
(12,365,307
)
  
$
(12,203,800
)
  
$
(161,207
)
  
$
(300
)
  
$
-
  

*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, 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.