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

BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS LONG/SHORT EQUITY FUND
  
PORTFOLIO OF INVESTMENTS
  
MAY 31, 2023 (UNAUDITED)
  

   
NUMBER OF
          
   
SHARES
      
VALUE
  
LONG POSITIONS—115.7%
              
COMMON STOCKS—91.2%
              
Communication Services—7.1%
              
Activision Blizzard, Inc.#Ɨ
    
6,783
      
$
543,997
  
Alphabet, Inc., Class A*Ɨ
    
8,379
        
1,029,528
  
Baidu, Inc., Class A*
    
54,048
        
829,861
  
Entravision Communications Corp., Class AƗ
    
207,858
        
858,454
  
Nexstar Media Group, Inc., Class A(a)
    
6,806
        
1,027,161
  
TEGNA, Inc.
    
24,039
        
372,364
  
               
4,661,365
  
Consumer Discretionary—7.7%
                  
Alibaba Group Holding Ltd.*
    
27,504
        
273,730
  
Arcos Dorados Holdings, Inc., Class A
    
145,818
        
1,232,161
  
Bowlero Corp.*(a)
    
22,805
        
261,345
  
Carriage Services, Inc.(a)Ɨ
    
16,151
        
422,510
  
Cavco Industries, Inc.*
    
1,704
        
424,262
  
JD.com, Inc., Class A
    
22,086
        
359,816
  
Las Vegas Sands Corp.*(a)
    
4,937
        
272,177
  
Perdoceo Education Corp.*Ɨ
    
42,606
        
502,325
  
Stellantis NV(a)
    
36,273
        
554,977
  
Stride, Inc.*Ɨ
    
17,761
        
717,722
  
               
5,021,025
  
Consumer Staples—2.0%
                  
British American Tobacco PLC - SP ADR
    
15,173
        
481,136
  
Coca-Cola European Partners PLC(a)
    
4,077
        
254,364
  
Vector Group Ltd.Ɨ
    
48,112
        
563,391
  
               
1,298,891
  
Energy—6.1%
                  
BP PLC - SP ADR
    
22,534
        
759,621
  
Canadian Natural Resources Ltd.
    
25,023
        
1,348,239
  
Marathon Petroleum Corp.Ɨ
    
8,325
        
873,376
  
Schlumberger Ltd.
    
7,760
        
332,361
  
VAALCO Energy, Inc.
    
67,094
        
258,983
  
Vitesse Energy, Inc.(a)
    
18,940
        
437,324
  
               
4,009,904
  
Financials—15.7%
                  
American International Group, Inc.Ɨ
    
9,924
        
524,285
  
Bank of America Corp.Ɨ
    
23,167
        
643,811
  
BGC Partners, Inc., Class AƗ
    
241,835
        
984,268
  
Charles Schwab Corp., (The)
    
10,279
        
541,601
  
Citigroup, Inc.Ɨ
    
12,182
        
539,906
  
Crawford & Co., Class AƗ
    
32,418
        
320,290
  
Evercore, Inc., Class A(a)
    
2,895
        
312,515
  
Fairfax Financial Holdings Ltd.
    
1,695
        
1,216,569
  
FleetCor Technologies, Inc.*(a)
    
2,461
        
557,540
  
Intercorp Financial Services, Inc.
    
12,682
        
269,492
  
Jefferies Financial Group, Inc.Ɨ
    
26,471
        
795,983
  
KB Financial Group, Inc. - ADR
    
12,874
        
463,464
  
OP BancorpƗ
    
15,191
        
119,097
  
Prudential Financial, Inc.(a)
    
2,964
        
233,237
  
Reinsurance Group of America, Inc.
    
3,591
        
502,740
  
Stifel Financial Corp.(a)Ɨ
    
16,347
        
908,403
  
Wells Fargo & Co.Ɨ
    
20,475
        
815,110
  
Willis Towers Watson PLC
    
2,168
        
474,467
  
               
10,222,778
  
Health Care—18.9%
                  
Amgen, Inc.Ɨ
    
2,936
        
647,828
  
Biote Corp., Class A*(a)
    
46,795
        
255,969
  
Bristol-Myers Squibb Co.
    
14,185
        
914,081
  
Catalyst Pharmaceuticals, Inc.*Ɨ
    
54,923
        
634,361
  
Centene Corp.*Ɨ
    
11,641
        
726,515
  
Cigna Group, (The)Ɨ
    
3,241
        
801,856
  
CVS Health Corp.Ɨ
    
12,497
        
850,171
  
Elevance Health, Inc.Ɨ
    
2,600
        
1,164,332
  
HCA Healthcare, Inc.
    
1,995
        
527,059
  
Henry Schein, Inc.*
    
8,125
        
600,437
  
Jazz Pharmaceuticals PLC*
    
2,210
        
283,234
  
Johnson & JohnsonƗ
    
6,071
        
941,369
  
Lantheus Holdings, Inc.*(a)
    
10,502
        
909,368
  
Medtronic PLCƗ
    
8,535
        
706,357
  
Novartis AG - SP ADRƗ
    
10,497
        
1,010,336
  
Quipt Home Medical Corp.*(a)
    
62,952
        
308,465
  
UnitedHealth Group, Inc.Ɨ
    
1,357
        
661,185
  
Universal Health Services, Inc., Class BƗ
    
2,634
        
348,030
  
               
12,290,953
  
Industrials—11.9%
                  
Acuity Brands, Inc.(a)
    
1,832
        
276,064
  
Barrett Business Services, Inc.Ɨ
    
9,366
        
786,744
  
Builders FirstSource, Inc.*#Ɨ
    
9,761
        
1,131,788
  
CACI International, Inc., Class A*
    
1,709
        
511,367
  
Concentrix Corp.Ɨ
    
2,004
        
175,751
  
CoreCivic, Inc.*
    
39,361
        
339,292
  
Euroseas Ltd.
    
14,723
        
297,993
  
Galliford Try Holdings PLC
    
149,182
        
334,406
  
Heidrick & Struggles International, Inc.Ɨ
    
5,251
        
127,337
  
Korn Ferry(a)
    
7,135
        
335,345
  
Quanta Services, Inc.Ɨ
    
2,942
        
522,440
  
RCM Technologies, Inc.*
    
16,713
        
270,918
  
Ryanair Holdings PLC - SP ADR*(a)
    
5,119
        
537,904
  
Sterling Infrastructure, Inc.*
    
10,451
        
481,478
  
Textron, Inc.
    
9,530
        
589,621
  
UFP Industries, Inc.(a)
    
3,301
        
257,808
  
V2X, Inc.*
    
7,919
        
326,659
  
Wabash National Corp.(a)
    
18,017
        
422,499
  
               
7,725,414
  
Information Technology—16.1%
                  
Arrow Electronics, Inc.*Ɨ
    
2,190
        
277,342
  
Box, Inc., Class A*(a)
    
10,620
        
299,166
  
Check Point Software Technologies Ltd.*
    
7,462
        
931,332
  
Cisco Systems, Inc.Ɨ
    
17,281
        
858,347
  
Cognizant Technology Solutions Corp., Class AƗ
    
11,531
        
720,572
  
DocuSign, Inc.*#
    
6,699
        
377,824
  
Dropbox, Inc., Class A*Ɨ
    
20,115
        
463,047
  
Extreme Networks, Inc.*
    
27,422
        
564,893
  
Fabrinet*Ɨ
    
1,666
        
188,625
  
Hackett Group, Inc., (The)Ɨ
    
26,936
        
522,289
  
InterDigital, Inc.(a)
    
7,098
        
589,418
  
Microchip Technology, Inc.
    
6,032
        
453,968
  
Open Text Corp.Ɨ
    
18,177
        
756,527
  
Oracle Corp.Ɨ
    
3,066
        
324,812
  
Pure Storage, Inc., Class A*
    
19,557
        
563,046
  
QUALCOMM, Inc.Ɨ
    
6,658
        
755,084
  
Richardson Electronics Ltd.Ɨ
    
23,161
        
384,241
  
Rimini Street, Inc.*
    
103,060
        
474,076
  
Splunk, Inc.*
    
4,924
        
488,904
  
Telefonaktiebolaget LM Ericsson - SP ADR(a)Ɨ
    
97,996
        
505,659
  
               
10,499,172
  
Materials—4.4%
                  
Berry Global Group, Inc.Ɨ
    
11,161
        
638,521
  
Dundee Precious Metals, Inc.
    
46,422
        
319,739
  
Ecovyst, Inc.*
    
81,526
        
818,521
  
Ferroglobe PLC*
    
56,921
        
247,037
  
POSCO Holdings, Inc. - SP ADR(a)
    
3,822
        
259,437
  
Rio Tinto PLC - SP ADRƗ
    
3,562
        
210,336
  
Ternium SA - SP ADRƗ
    
10,040
        
374,593
  
               
2,868,184
  
Real Estate—1.3%
                  
Newmark Group, Inc., Class AƗ
    
103,631
        
592,770
  
Simon Property Group, Inc.
    
2,414
        
253,832
  
               
846,602
  
TOTAL COMMON STOCKS
                  
(Cost $46,803,980)
              
59,444,288
  
                   
                   
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—14.6%
                  
Mount Vernon Liquid Assets Portfolio, LLC, 5.22%(b)
    
9,494,021
        
9,494,021
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
                  
(Cost $9,494,021)
              
9,494,021
  
SHORT-TERM INVESTMENTS—9.9%
                  
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, 5.08%(b)Ɨ
    
2,804
        
2,804
  
Federated Hermes U.S. Treasury Cash Reserves, 4.97%(b)Ɨ
    
2,804
        
2,804
  
Goldman Sachs Financial Square Funds - Treasury Instruments Fund, 4.88%(b)Ɨ
    
2,804
        
2,804
  
MSILF Treasury Securities Portfolio, 4.94%(b)Ɨ
    
2,804
        
2,804
  
U.S. Bank Money Market Deposit Account, 5.00%(b)
    
6,411,572
        
6,411,572
  
TOTAL SHORT-TERM INVESTMENTS
                  
(Cost $6,422,788)
              
6,422,788
  
TOTAL LONG POSITIONS—115.7%
                  
(Cost $62,720,789)
              
75,361,097
  
SECURITIES SOLD SHORT—(21.2%)
                  
COMMON STOCKS—(21.2%)
                  
Communication Services—(1.3%)
                  
AST SpaceMobile, Inc.*
    
(44,242
)
      
(239,791
)
CTC Communications Group, Inc.*‡
    
(98,900
)
      
0
  
Roblox Corp., Class A*
    
(6,524
)
      
(273,095
)
Rumble, Inc.*
    
(35,108
)
      
(346,516
)
               
(859,402
)
Consumer Discretionary—(5.9%)
                  
Brunswick Corp.
    
(3,167
)
      
(239,109
)
Dutch Bros, Inc., Class A*
    
(7,356
)
      
(208,616
)
Floor & Decor Holdings, Inc., Class A*
    
(2,935
)
      
(267,995
)
Funko, Inc., Class A*
    
(15,207
)
      
(185,525
)
GrowGeneration Corp.*
    
(21,460
)
      
(79,402
)
Krispy Kreme, Inc.
    
(19,735
)
      
(294,841
)
LGI Homes, Inc.*
    
(1,684
)
      
(191,589
)
Mattel, Inc.*
    
(17,292
)
      
(301,054
)
Mister Car Wash, Inc.*
    
(17,727
)
      
(146,248
)
Nerdy, Inc.*
    
(57,242
)
      
(148,257
)
Peloton Interactive, Inc., Class A*
    
(9,044
)
      
(65,840
)
Portillo's, Inc., Class A*
    
(12,876
)
      
(258,421
)
Qsound Labs, Inc.*‡
    
(4,440
)
      
0
  
Tesla, Inc.*
    
(2,558
)
      
(521,653
)
Vizio Holding Corp., Class A*
    
(24,036
)
      
(156,955
)
Warby Parker, Inc., Class A*
    
(14,641
)
      
(161,197
)
Wingstop, Inc.
    
(920
)
      
(183,411
)
Workhorse Group, Inc.*
    
(81,444
)
      
(68,470
)
WW International, Inc.*
    
(42,133
)
      
(276,393
)
YETI Holdings, Inc.*
    
(3,317
)
      
(121,303
)
               
(3,876,279
)
Consumer Staples—(2.0%)
                  
Amish Naturals, Inc.*‡
    
(25,959
)
      
0
  
BRC, Inc., Class A*
    
(41,578
)
      
(224,105
)
Fevertree Drinks PLC
    
(12,754
)
      
(214,976
)
Freshpet, Inc.*
    
(3,776
)
      
(225,654
)
National Beverage Corp.*
    
(4,217
)
      
(208,404
)
Tootsie Roll Industries, Inc.
    
(3,253
)
      
(127,084
)
Westrock Coffee Co.*
    
(26,487
)
      
(292,284
)
               
(1,292,507
)
Energy—(0.4%)
                  
Beard Co., (The)*‡
    
(9,710
)
      
0
  
Enviva, Inc.
    
(6,014
)
      
(52,803
)
Green Plains, Inc.*
    
(7,144
)
      
(207,176
)
               
(259,979
)
Financials—(0.5%)
                  
Affirm Holdings, Inc.*
    
(12,866
)
      
(191,189
)
P10, Inc., Class A
    
(14,398
)
      
(153,051
)
               
(344,240
)
Health Care—(2.0%)
                  
10X Genomics, Inc., Class A*
    
(2,854
)
      
(149,721
)
Beam Therapeutics, Inc.*
    
(2,517
)
      
(80,292
)
BodyTel Scientific, Inc.*‡
    
(4,840
)
      
0
  
CareView Communications, Inc.*
    
(174,320
)
      
(7,409
)
Cassava Sciences, Inc.*
    
(7,432
)
      
(168,781
)
Celldex Therapeutics, Inc.*
    
(4,001
)
      
(127,232
)
Glaukos Corp.*
    
(4,321
)
      
(246,383
)
Guardant Health, Inc.*
    
(10,866
)
      
(318,591
)
Revance Therapeutics, Inc.*
    
(5,702
)
      
(174,253
)
               
(1,272,662
)
Industrials—(2.9%)
                  
Ameresco, Inc., Class A*
    
(3,220
)
      
(138,718
)
Applied Energetics, Inc.*
    
(57,676
)
      
(150,534
)
Array Technologies, Inc.*
    
(11,608
)
      
(257,349
)
AZEK Co., Inc., (The)*
    
(9,703
)
      
(225,595
)
Corporate Resource Services, Inc.*‡
    
(218,896
)
      
(219
)
Custom Truck One Source, Inc.*
    
(30,483
)
      
(196,311
)
DynaMotive Energy Systems Corp.*‡
    
(72,185
)
      
(7
)
Ener1, Inc.*‡
    
(102,820
)
      
(10
)
Fiverr International Ltd.*
    
(8,864
)
      
(232,148
)
MillerKnoll, Inc.
    
(20,060
)
      
(271,813
)
Omega Flex, Inc.
    
(2,769
)
      
(288,447
)
Sunrun, Inc.*
    
(6,324
)
      
(111,555
)
Valence Technology, Inc.*‡
    
(27,585
)
      
(3
)
               
(1,872,709
)
Information Technology—(6.0%)
                  
ANTs software, Inc.*‡
    
(10,334
)
      
(1
)
BILL Holdings, Inc.*
    
(1,701
)
      
(176,190
)
Confluent, Inc., Class A*
    
(7,503
)
      
(238,145
)
Consygen, Inc.*‡
    
(200
)
      
0
  
Crowdstrike Holdings, Inc., Class A*
    
(1,051
)
      
(168,297
)
Envestnet, Inc.*
    
(4,223
)
      
(220,990
)
Guidewire Software, Inc.*
    
(2,390
)
      
(198,322
)
HashiCorp, Inc., Class A*
    
(7,738
)
      
(265,723
)
Impinj, Inc.*
    
(3,086
)
      
(315,821
)
Interliant, Inc.*‡
    
(600
)
      
0
  
Lightwave Logic, Inc.*
    
(45,396
)
      
(336,384
)
Marathon Digital Holdings, Inc.*
    
(7,047
)
      
(68,990
)
MicroVision, Inc.*
    
(71,333
)
      
(334,552
)
Navitas Semiconductor Corp.*
    
(31,953
)
      
(273,198
)
nCino, Inc.*
    
(12,467
)
      
(342,718
)
Nestor, Inc.*‡
    
(15,200
)
      
(1
)
Netlist, Inc.*
    
(42,125
)
      
(191,458
)
Procore Technologies, Inc.*
    
(3,531
)
      
(213,520
)
Sprout Social, Inc., Class A*
    
(4,505
)
      
(195,112
)
Tiger Telematics, Inc.*‡
    
(6,510
)
      
0
  
Uni-Pixel, Inc.*
    
(19,665
)
      
0
  
Unity Software, Inc.*
    
(8,746
)
      
(259,931
)
Wolfspeed, Inc.*
    
(2,244
)
      
(107,802
)
Worldgate Communications, Inc.*‡
    
(582,655
)
      
(58
)
XRiver Corp.*‡
    
(34,156
)
      
0
  
               
(3,907,213
)
Materials—(0.2%)
                  
PureCycle Technologies, Inc.*
    
(18,110
)
      
(124,778
)
TOTAL COMMON STOCKS
                  
(Proceeds $(20,930,880))
              
(13,809,769
)
TOTAL SECURITIES SOLD SHORT—(21.2%)
                  
(Proceeds $(20,930,880))
              
(13,809,769
)
   
NUMBER OF
  
NOTIONAL
        
   
CONTRACTS
  
AMOUNT
        
OPTIONS WRITTEN ƗƗ—(0.4%)
                  
Call Options Written—(0.4%)
                  
Builders FirstSource, Inc.
                  
Expiration:
                  
01/19/2024,
                  
Exercise Price:
                  
95.00
    
(86
)
(997,170)
    
(257,140
)
DocuSign, Inc.
                  
Expiration:
                  
06/16/2023,
                  
Exercise Price:
                  
65.00
    
(66
)
(372,240)
    
(10,164
)
TOTAL CALL OPTIONS WRITTEN
                  
(Premiums received $(174,831))
              
(267,304
)
Put Options Written—(0.0%)
                  
Activision Blizzard, Inc.
                  
Expiration:
                  
01/19/2024,
                  
Exercise Price:
                  
52.50
    
(66
)
(529,320)
    
(2,343
)
TOTAL PUT OPTIONS WRITTEN
                  
(Premiums received $(13,330))
              
(2,343
)
TOTAL OPTIONS WRITTEN
                  
(Premiums received $(188,161))
              
(269,647
)
OTHER ASSETS IN EXCESS OF LIABILITIES—5.9%
              
3,859,186
  
NET ASSETS—100.0%
             
$
65,140,867
  
   

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 May 31, 2023, the market value of securities on loan was $9,129,779.
(b)
The rate shown is as of May 31, 2023.
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, 2023, these securities amounted to $(299) or 0.0% of net assets.
             
The above industry classifications are based upon the The Global Industry Classification Standard (“GICS”®). GICS was developed by and is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use.
             
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, 2023 (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, 2023, 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
  
$
4,661,365
    
$
3,831,504
    
$
829,861
    
$
-
    
$
-
  
Consumer Discretionary
    
5,021,025
      
4,387,479
      
633,546
      
-
      
-
  
Consumer Staples
    
1,298,891
      
1,298,891
      
-
      
-
      
-
  
Energy
    
4,009,904
      
4,009,904
      
-
      
-
      
-
  
Financials
    
10,222,778
      
10,222,778
      
-
      
-
      
-
  
Health Care
    
12,290,953
      
12,290,953
      
-
      
-
      
-
  
Industrials
    
7,725,414
      
7,725,414
      
-
      
-
      
-
  
Information Technology
    
10,499,172
      
10,499,172
      
-
      
-
      
-
  
Materials
    
2,868,184
      
2,868,184
      
-
      
-
      
-
  
Real Estate
    
846,602
      
846,602
      
-
      
-
      
-
  
Investments Purchased with Proceeds from Securities Lending Collateral
    
9,494,021
      
-
      
-
      
-
      
9,494,021
  
Short-Term Investments
    
6,422,788
      
6,422,788
      
-
      
-
      
-
  
Total Assets
  
$
75,361,097
    
$
64,403,669
    
$
1,463,407
    
$
-
    
$
9,494,021
  
                                         
   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
    
INVESTMENTS MEASURED AT NET
ASSET VALUE*
  
Securities Sold Short
                                        
Communication Services
  
$
(859,402
)
  
$
(859,402
)
  
$
-
    
$
-
**
  
$
-
  
Consumer Discretionary
    
(3,876,279
)
    
(3,876,279
)
    
-
      
-
**
    
-
  
Consumer Staples
    
(1,292,507
)
    
(1,292,507
)
    
-
      
-
**
    
-
  
Energy
    
(259,979
)
    
(259,979
)
    
-
      
-
**
    
-
  
Financials
    
(344,240
)
    
(344,240
)
    
-
      
-
      
-
  
Health Care
    
(1,272,662
)
    
(1,272,662
)
    
-
      
-
**
    
-
  
Industrials
    
(1,872,709
)
    
(1,872,470
)
    
-
      
(239
)
    
-
  
Information Technology
    
(3,907,213
)
    
(3,907,153
)
    
-
      
(60
)
    
-
  
Materials
    
(124,778
)
    
(124,778
)
    
-
      
-
      
-
  
Options Written
                                        
Equity Contracts
    
(269,647
)
    
(10,164
)
    
(259,483
)
    
-
      
-
  
Total Liabilities
  
$
(14,079,416
)
  
$
(13,819,634
)
  
$
(259,483
)
  
$
(299
)
  
$
-
  

*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, 2023, 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.