NPORT-EX 2 poi_fhkaufmannfundii.htm POI - FEDERATED HERMES KAUFMANN FUND II EDGAR HTML
Federated Hermes Kaufmann Fund II
Portfolio of Investments
September 30, 2022 (unaudited)  
Shares or
Principal
Amount
 
 
Value
          
 
COMMON STOCKS—82.7%
 
 
 
Communication Services—1.0%
 
2,000
1
Take-Two Interactive Software, Inc.
$    218,000
29,633
1
ZoomInfo Technologies, Inc.
  1,234,511
 
 
TOTAL
1,452,511
 
 
Consumer Discretionary—6.2%
 
8,250
1
Airbnb, Inc.
    866,580
2,640
1
Alibaba Group Holding Ltd., ADR
    211,174
11,900
1
Amazon.com, Inc.
  1,344,700
466
1
Chipotle Mexican Grill, Inc.
    700,286
4,425
 
Choice Hotels International, Inc.
    484,626
1,332
1
Etsy, Inc.
    133,373
8,400
1
Floor & Decor Holdings, Inc.
    590,184
700
 
Home Depot, Inc.
    193,158
1,332
1
Las Vegas Sands Corp.
     49,977
1,663
1
Lululemon Athletica, Inc.
    464,908
262
1
Mercadolibre, Inc.
    216,878
7,090
 
Moncler SPA
    291,114
527,865
 
NagaCorp Ltd.
    346,501
11,800
1
Planet Fitness, Inc.
    680,388
39,800
1,2
Sportradar Group AG
    350,240
261
 
Vail Resorts, Inc.
     56,282
13,300
 
Wingstop, Inc.
  1,668,086
5,790
1
YETI Holdings, Inc.
    165,131
 
 
TOTAL
8,813,586
 
 
Consumer Staples—1.7%
 
910
 
Costco Wholesale Corp.
    429,766
1,147
 
Estee Lauder Cos., Inc., Class A
    247,637
16,300
 
Philip Morris International, Inc.
  1,353,063
26,700
1
The Duckhorn Portfolio, Inc.
    385,281
 
 
TOTAL
2,415,747
 
 
Energy—4.7%
 
13,400
 
Cheniere Energy, Inc.
  2,223,194
69,300
2
New Fortress Energy, Inc.
  3,029,103
6,570
 
Pioneer Natural Resources, Inc.
  1,422,602
 
 
TOTAL
6,674,899
 
 
Financials—8.3%
 
35,500
 
Apollo Global Management, Inc.
  1,650,750
2,395
 
BlackRock, Inc.
  1,317,920
275,000
1
Blue Owl Capital, Inc.
  2,538,250
62,400
 
FinecoBank Banca Fineco SPA
    766,964
14,200
1
Hamilton Lane Alliance Holdings I, Inc.
    140,438
20,700
 
Hamilton Lane, Inc.
  1,233,927
35,600
 
KKR & Co., Inc., Class Common
  1,530,800
250
1
Markel Corp.
    271,055
2,400
 
MSCI, Inc., Class A
  1,012,296
4,451
 
S&P Global, Inc.
  1,359,113
 
 
TOTAL
11,821,513
 
 
Health Care—38.4%
 
4,600
 
Abbott Laboratories
    445,096
56,475
1,2
Akouos, Inc.
    381,771
1
Shares or
Principal
Amount
 
 
Value
          
 
COMMON STOCKS—continued
 
 
 
Health Care—continued
 
38,900
1
Albireo Pharma, Inc.
$    753,104
66,400
1
Alector, Inc.
    628,144
33,480
1
Amphastar Pharmaceuticals, Inc.
    940,788
19,901
1
Amylyx Pharmaceuticals, Inc.
    560,213
33,186
1,2
AnaptysBio, Inc.
    846,575
57,800
1
Annexon, Inc.
    357,204
4,600
1
Apellis Pharmaceuticals, Inc.
    314,180
57,900
1,2
Arcturus Therapeutics Holdings, Inc.
    858,078
22,510
1
Argenx SE
  8,044,174
57,250
1
aTyr Pharma, Inc.
    171,750
33,000
1,2
Avidity Biosciences LLC
    538,890
8,836
1
Catalent, Inc.
    639,373
7,000
1
Century Therapeutics, Inc.
     69,230
7,369
1
Century Therapeutics, Inc.
     72,879
13,352
1
Cerevel Therapeutics Holdings
    377,328
150,800
1
Corcept Therapeutics, Inc.
  3,866,512
5,758
1,2
CRISPR Therapeutics AG
    376,285
14,500
 
Danaher Corp.
  3,745,205
32,100
1
Dexcom, Inc.
  2,585,334
194,638
1
Dynavax Technologies Corp.
  2,032,021
7,100
1
Edwards Lifesciences Corp.
    586,673
1,000
 
Eli Lilly & Co.
    323,350
3,200
1
Fate Therapeutics, Inc.
     71,712
14,100
1
Fusion Pharmaceuticals, Inc.
     42,441
7,700
1
Galapagos NV
    329,482
38,348
1,2
Gamida Cell Ltd.
     60,973
3,750
1
Genmab A/S
  1,208,771
14,700
1
Genmab A/S, ADR
    472,311
16,098
1
Gossamer Bio, Inc.
    192,854
18,728
1
Gracell Biotechnologies, Inc., ADR
     60,304
8,060
1,2
Graphite Bio, Inc.
     25,550
600
1
Guardant Health, Inc.
     32,298
33,791
1
IDEAYA Biosciences, Inc.
    504,162
1,150
1
IDEXX Laboratories, Inc.
    374,670
2,800
1
Illumina, Inc.
    534,212
10,000
1,3
Immatics N.V.
    100,000
6,133
1
Insulet Corp.
  1,406,910
15,100
1
Intellia Therapeutics, Inc.
    844,996
1,800
1
Intuitive Surgical, Inc.
    337,392
4,307
1,4
Laronde, Inc.
     93,397
33,800
1
Legend Biotech Corp., ADR
  1,379,040
13,200
1,2
Lyell Immunopharma, Inc.
     96,756
45,000
1,2
Merus NV
    901,350
17,225
1
Minerva Neurosciences, Inc.
    158,987
1,448
1
Mirati Therapeutics, Inc.
    101,128
5,200
1
Morphic Holding, Inc.
    147,160
800
1
Natera, Inc.
     35,056
14,887
1
Orchard Therapeutics PLC
      7,444
195,900
1
Orchard Therapeutics PLC, ADR
     97,950
6,500
1
Privia Health Group, Inc.
    221,390
35,326
1
Regulus Therapeutics, Inc.
     60,054
5,350
1
Repligen Corp.
  1,001,038
84,174
1
Rezolute, Inc.
    230,637
123,866
1,2
Rhythm Pharmaceuticals, Inc.
  3,034,717
2
Shares or
Principal
Amount
 
 
Value
          
 
COMMON STOCKS—continued
 
 
 
Health Care—continued
 
10,600
1
Sarepta Therapeutics, Inc.
$  1,171,724
40,914
1
Scynexis, Inc.
     98,194
339,238
1
Seres Therapeutics, Inc.
  2,177,908
1,600
 
Stryker Corp.
    324,064
2,634
1
Surgery Partners, Inc.
     61,636
12,328
1
Tandem Diabetes Care, Inc.
    589,895
44,500
1
Ultragenyx Pharmaceutical, Inc.
  1,842,745
14,900
1
Veeva Systems, Inc.
  2,456,712
25,600
1,2
Verve Therapeutics, Inc.
    879,360
248,000
1
Zai Lab Ltd.
    859,847
14,800
1,2
Zentalis Pharmaceuticals, LLC
    320,568
 
 
TOTAL
54,461,952
 
 
Industrials—4.5%
 
40,700
1
CoStar Group, Inc.
  2,834,755
2,247
1
Generac Holdings, Inc.
    400,281
9,975
 
HEICO Corp.
  1,436,200
17,326
1
Mercury Systems, Inc.
    703,436
3,700
 
Trane Technologies PLC
    535,797
6,534
1
Trex Co., Inc.
    287,104
13,500
1
Upwork, Inc.
    183,870
 
 
TOTAL
6,381,443
 
 
Information Technology—6.1%
 
1,000
1
Adobe, Inc.
    275,200
10,300
1
Advanced Micro Devices, Inc.
    652,608
1,250
1
Ansys, Inc.
    277,125
6,000
1
Coupa Software, Inc.
    352,800
51,958
1,2
GDS Holdings Ltd., ADR
    917,578
200
1
Keysight Technologies, Inc.
     31,472
17,000
 
Marvell Technology, Inc.
    729,470
8,100
1
Q2 Holdings, Inc.
    260,820
7,570
1
Radware Ltd.
    164,950
7,506
1
Rapid7, Inc.
    322,008
2,210
1
Salesforce, Inc.
    317,886
2,237
1
ServiceNow, Inc.
    844,714
18,000
1
Shopify, Inc.
    484,920
4,989
1
Splunk, Inc.
    375,173
5,630
1
Tyler Technologies, Inc.
  1,956,425
23,700
1
WM Technology, Inc.
     38,157
4,405
1
Workday, Inc.
    670,529
 
 
TOTAL
8,671,835
 
 
Materials—4.7%
 
33,947
 
Agnico Eagle Mines Ltd.
  1,433,582
2,900
 
Albemarle Corp.
    766,876
54,400
 
Barrick Gold Corp.
    843,200
32,597
 
Newmont Corp.
  1,370,052
8,100
 
Sherwin-Williams Co.
  1,658,475
6,700
 
Westlake Corp.
    582,096
 
 
TOTAL
6,654,281
 
 
Real Estate—5.3%
 
20,500
 
Americold Realty Trust, Inc.
    504,300
8,850
 
Crown Castle, Inc.
  1,279,268
23,886
 
Easterly Government Properties, Inc.
    376,682
10,309
 
National Storage Affiliates Trust
    428,648
50,900
 
Physicians Realty Trust
    765,536
3
Shares or
Principal
Amount
 
 
Value
          
 
COMMON STOCKS—continued
 
 
 
Real Estate—continued
 
12,647
 
ProLogis Inc.
$  1,284,935
7,100
 
Ryman Hospitality Properties
    522,489
20,000
 
STAG Industrial, Inc.
    568,600
3,396
 
Sun Communities, Inc.
    459,581
44,400
 
VICI Properties, Inc.
  1,325,340
 
 
TOTAL
7,515,379
 
 
Utilities—1.8%
 
4,300
 
Dominion Energy, Inc.
    297,173
3,700
 
Duke Energy Corp.
    344,174
23,667
 
NextEra Energy, Inc.
  1,855,729
 
 
TOTAL
2,497,076
 
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $85,141,144)
117,360,222
 
 
U.S. TREASURIES—1.6%
 
 
 
U.S. Treasury Notes—1.6%
 
$   293,000
 
United States Treasury Note, 2.750%, 8/15/2032
    267,866
 2,175,000
 
United States Treasury Note, 2.875%, 5/15/2032
  2,011,195
 
 
TOTAL U.S. TREASURIES
(IDENTIFIED COST $2,448,380)
2,279,061
 
 
PREFERRED STOCKS—0.2%
 
 
 
Health Care—0.2%
 
53,840
4
CeQur SA
    278,708
32,229
 
Regulus Therapeutics, Inc.
     54,789
 
 
TOTAL PREFERRED STOCKS
(IDENTIFIED COST $409,029)
333,497
 
 
WARRANTS—0.2%
 
 
 
Health Care—0.2%
 
21,500
1
Catabasis Pharmaceuticals, Inc., Warrants, Expiration Date 6/22/2023
         45
11,450
1
Catabasis Pharmaceuticals, Inc., Warrants, Expiration Date 2/8/2024
      1,011
5,696
1
Rezolute, Inc., Warrants, Expiration Date 10/8/2027
      6,514
1,400
1
Rezolute, Inc., Warrants, Expiration Date 1/1/2099
      3,836
44,952
1
Rezolute, Inc., Warrants, Expiration Date 12/31/2099
    123,169
2,520
1
Scynexis, Inc., Warrants, Expiration Date 3/8/2023
          0
26,500
1
Scynexis, Inc., Warrants, Expiration Date 5/21/2024
      4,934
644
1
Scynexis, Inc., Warrants, Expiration Date 4/26/2029
        969
53,000
1
Scynexis, Inc., Warrants, Expiration Date 1/1/2099
    127,200
 
 
TOTAL WARRANTS
(IDENTIFIED COST $511,056)
267,678
 
 
REPURCHASE AGREEMENTS—16.8%
 
$21,519,000
 
Interest in $1,865,000,000 joint repurchase agreement 3.05%, dated 9/30/2022 under which Bank of America, N.A. will
repurchase securities provided as collateral for $1,865,474,021 on 10/3/2022. The securities provided as collateral at the end
of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to
4/20/2050 and the market value of those underlying securities was $1,902,783,501.
 21,519,000
 2,279,623
 
Interest in $1,865,000,000 joint repurchase agreement 3.05%, dated 9/30/2022 under which Bank of America, N.A. will
repurchase securities provided as collateral for $1,865,474,021 on 10/3/2022. The securities provided as collateral at the end
of the period held with BNY Mellon as tri-party agent, were U.S. Government Agency securities with various maturities to
4/20/2050 and the market value of those underlying securities was $1,902,783,501. (purchased with proceeds from securities
lending collateral)
  2,279,623
 
 
TOTAL REPURCHASE AGREEMENTS
(IDENTIFIED COST $23,798,623)
23,798,623
 
 
TOTAL INVESTMENT IN SECURITIES—101.5%
(IDENTIFIED COST $112,308,232)
144,039,081
 
 
OTHER ASSETS AND LIABILITIES - NET—(1.5)%5
(2,166,824)
 
 
TOTAL NET ASSETS—100%
$141,872,257
4
An affiliated company is a company in which the Fund, alone or in combination with other funds, has ownership of at least 5% of the voting shares. Transactions with the affiliated companies during the period ended September 30, 2022, were as follows:  
Affiliated
Value as of
12/31/2021
Purchases
at Cost*
Proceeds
from Sales*
Change in
Unrealized
Appreciation/
Depreciation*
Net
Realized Gain/
(Loss)*
Value as of
9/30/2022
Shares
Held as of
9/30/2022
Dividend
Income*
Health Care:
 
 
 
 
 
 
 
 
Akouos, Inc.
$269,238
$86,039
$—
$26,494
$—
$381,771
56,475
$—
Albireo Pharma, Inc.
$805,834
$102,642
$—
$(155,372)
$—
$753,104
38,900
$—
Alector, Inc.
$1,355,239
$95,497
$(66,388)
$(678,899)
$(77,305)
$628,144
66,400
$—
Amphastar Pharmaceuticals, Inc.
$768,570
$123,361
$(98,840)
$104,837
$42,860
$940,788
33,480
$—
AnaptysBio, Inc.
$522,779
$416,261
$—
$(92,465)
$—
$846,575
33,186
$—
Annexon, Inc.
$294,144
$246,402
$—
$(183,342)
$—
$357,204
57,800
$—
Arcturus Therapeutics Holdings, Inc.
$1,772,261
$199,449
$—
$(1,113,632)
$—
$858,078
57,900
$—
aTyr Pharma, Inc.
$427,658
$—
$—
$(255,908)
$—
$171,750
57,250
$—
Corcept Therapeutics, Inc.
$2,261,754
$915,056
$—
$689,702
$—
$3,866,512
150,800
$—
Dynavax Technologies Corp.
$2,924,281
$392,667
$(586,426)
$(595,022)
$(103,479)
$2,032,021
194,638
$—
Fusion Pharmaceuticals, Inc.
$—
$108,687
$—
$(66,246)
$—
$42,441
14,100
$—
IDEAYA Biosciences, Inc.
$562,419
$105,000
$—
$(163,257)
$—
$504,162
33,791
$—
Merus NV
$1,326,060
$118,575
$(32,049)
$(497,893)
$(13,343)
$901,350
45,000
$—
Minerva Neurosciences, Inc.
$110,378
$—
$—
$48,609
$—
$158,987
17,225
$—
Orchard Therapeutics PLC
$19,651
$—
$—
$(12,207)
$—
$7,444
14,887
$—
Orchard Therapeutics PLC, ADR
$229,775
$10,305
$—
$(142,130)
$—
$97,950
195,900
$—
Regulus Therapeutics, Inc.
$101,521
$—
$—
$(46,732)
$—
$54,789
32,229
$—
Regulus Therapeutics, Inc.
$111,279
$—
$—
$(51,225)
$—
$60,054
35,326
$—
Rezolute, Inc.
$187,481
$170,818
$—
$(127,662)
$—
$230,637
84,174
$—
Rezolute, Inc., Warrants, Expiration Date 10/8/
2027
$18,278
$—
$—
$(11,764)
$—
$6,514
5,696
$—
Rezolute, Inc., Warrants, Expiration Date 1/1/
2099
$6,692
$—
$—
$(2,856)
$—
$3,836
1,400
$—
Rezolute, Inc., Warrants, Expiration Date 12/31/
2099
$—
$170,773
$—
$(47,604)
$—
$123,169
44,952
$—
Rhythm Pharmaceuticals, Inc.
$351,765
$1,213,629
$(46,648)
$1,643,222
$(127,251)
$3,034,717
123,866
$—
Scynexis, Inc.
$245,647
$1,932
$—
$(149,385)
$—
$98,194
40,914
$—
Scynexis, Inc., Warrants, Expiration Date 3/8/2023
$648
$—
$—
$(648)
$—
$—
2,520
$—
Scynexis, Inc., Warrants, Expiration Date 5/21/
2024
$57,375
$—
$—
$(52,441)
$—
$4,934
26,500
$—
Scynexis, Inc., Warrants, Expiration Date 4/26/
2029
$—
$—
$—
$969
$—
$969
644
$—
Scynexis, Inc., Warrants, Expiration Date 1/1/2099
$323,300
$—
$—
$(196,100)
$—
$127,200
53,000
$—
Seres Therapeutics, Inc.
$1,303,645
$619,154
$(20,427)
$300,213
$(24,677)
$2,177,908
339,238
$—
Ultragenyx Pharmaceutical, Inc.
$3,666,324
$251,891
$(267,487)
$(1,881,646)
$73,663
$1,842,745
44,500
$—
Affiliated issuers no longer in the portfolio at
period end
$4,164,840
$929,577
$(2,027,249)
$592,871
$(2,918,727)
$—
—
$—
TOTAL OF AFFILIATED COMPANIES
TRANSACTIONS
$24,188,836
$6,277,715
$(3,145,514)
$(3,117,519)
$(3,148,259)
$20,313,947
1,902,691
$—
 
*
A portion of the amount shown was recorded when the Fund no longer had ownership of at least 5% of the voting shares.
 
1
Non-income-producing security.
2
All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers. As of September 30, 2022, securities subject to this type of arrangement
and related collateral were as follows:
 
Market Value of
Securities Loaned
Collateral
Received
$2,254,048
$2,279,623
 
3
Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under
the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At September 30, 2022, these restricted securities amounted to $100,000,
which represented 0.1% of total net assets.
 
Security
Acquisition
Date
Cost
Value
Immatics N.V.
6/30/2020
$100,000
$100,000
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4
Market quotations and price evaluations are not available. Fair value determined using significant unobservable inputs in accordance with procedures established
by and under the general supervision of the Fund’s Adviser acting through its Valuation Committee.
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Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at September 30, 2022.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
◾ Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.
◾ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.
◾ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by Federated Equity Management Company of Pennsylvania (the “Adviser”).
◾ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and ask quotations.
◾ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Adviser.
◾ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered, such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser’s valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser’s valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
Fair Valuation and Significant Events Procedures
Pursuant to Rule 2a-5 under the Investment Company Act, the Trustees have designated the Adviser as the Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees’ oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser’s fair value determinations.
The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant events procedures as part of the Fund’s compliance program and will review any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.
The Adviser has also adopted procedures requiring an investment to be priced at its fair value whenever the Valuation Committee determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
◾ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;
◾ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;
◾ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.
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The Adviser has adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Valuation Committee will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Adviser. The Trustees periodically review fair valuations made in response to significant events.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of September 30, 2022, in valuing the Fund’s assets carried at fair value:  
Valuation Inputs
 
Level 1—
Quoted
Prices
Level 2—
Other
Significant
Observable
Inputs
Level 3—
Significant
Unobservable
Inputs
Total
Equity Securities:
 
 
 
 
Common Stocks
 
 
 
 
Domestic
$97,087,877
$—
$93,397
$97,181,274
International
8,332,095
11,846,853
—
20,178,948
Preferred Stocks
 
 
 
 
International
—
—
278,708
278,708
Domestic
54,789
—
—
54,789
Debt Securities:
 
 
 
 
U.S. Treasuries
—
2,279,061
—
2,279,061
Warrants
127,005
140,673
—
267,678
Repurchase Agreements
—
23,798,623
—
23,798,623
TOTAL SECURITIES
$105,601,766
$38,065,210
$372,105
$144,039,081
 
The following acronym(s) are used throughout this portfolio:
 
ADR
—American Depositary Receipt
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