1

Nuveen

Equity

Long/Short

Fund

Portfolio

of

Investments

May

31,

2023

(Unaudited)

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

99.3%   

X

98,199,250

COMMON

STOCKS

-

99.3%

X

98,199,250

Aerospace

&

Defense

-

0.9%

4,400

Huntington

Ingalls

Industries

Inc

$

886,072

Total

Aerospace

&

Defense

886,072

Automobiles

-

0.5%

2,300

Tesla

Inc

(2)

469,039

Total

Automobiles

469,039

Banks

-

1.7%

12,800

JPMorgan

Chase

&

Co

1,737,088

Total

Banks

1,737,088

Beverages

-

2.0%

15,000

Coca-Cola

Co/The

894,900

18,000

Monster

Beverage

Corp

(2)

1,055,160

Total

Beverages

1,950,060

Biotechnology

-

1.5%

14,500

Gilead

Sciences

Inc

1,115,630

1,900

United

Therapeutics

Corp

(2)

398,506

Total

Biotechnology

1,514,136

Broadline

Retail

-

2.6%

21,200

Amazon.com

Inc

(2)

2,556,296

Total

Broadline

Retail

2,556,296

Capital

Markets

-

3.7%

2,900

Ameriprise

Financial

Inc

865,563

12,800

Morgan

Stanley

1,046,528

10,000

Nasdaq

Inc

553,500

3,300

S&P

Global

Inc

1,212,519

Total

Capital

Markets

3,678,110

Chemicals

-

3.3%

17,000

Corteva

Inc

909,330

15,300

DuPont

de

Nemours

Inc

1,028,007

3,750

Linde

PLC

1,326,225

Total

Chemicals

3,263,562

Communications

Equipment

-

0.9%

20,000

Ciena

Corp

(2)

934,800

Total

Communications

Equipment

934,800

Consumer

Staples

Distribution

&

Retail

-

1.8%

2,300

Costco

Wholesale

Corp

1,176,588

2,800

Dollar

General

Corp

563,052

Total

Consumer

Staples

Distribution

&

Retail

1,739,640

Containers

&

Packaging

-

1.1%

7,200

Crown

Holdings

Inc

548,856

13,500

Sealed

Air

Corp

510,975

Total

Containers

&

Packaging

1,059,831

Nuveen

Equity

Long/Short

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

(Unaudited)

2

Shares

Description

(1)

Value

Electric

Utilities

-

2.6%

14,900

Alliant

Energy

Corp

$

766,754

7,000

American

Electric

Power

Co

Inc

581,840

16,900

NextEra

Energy

Inc

1,241,474

Total

Electric

Utilities

2,590,068

Electrical

Equipment

-

2.2%

6,400

Eaton

Corp

PLC

1,125,760

3,600

Hubbell

Inc

1,016,856

Total

Electrical

Equipment

2,142,616

Entertainment

-

2.0%

3,500

Netflix

Inc

(2)

1,383,305

4,600

Take-Two

Interactive

Software

Inc

(2)

633,558

Total

Entertainment

2,016,863

Financial

Services

-

2.3%

9,900

Fiserv

Inc

(2)

1,110,681

3,100

Mastercard

Inc.,

Class

A

1,131,562

Total

Financial

Services

2,242,243

Food

Products

-

2.1%

24,500

Kraft

Heinz

Co/The

936,390

15,200

Mondelez

International

Inc,

Class

A

1,115,832

Total

Food

Products

2,052,222

Ground

Transportation

-

0.7%

3,700

Union

Pacific

Corp

712,324

Total

Ground

Transportation

712,324

Health

Care

Equipment

&

Supplies

-

2.8%

12,000

Boston

Scientific

Corp

(2)

617,760

8,900

Dexcom

Inc

(2)

1,043,614

4,100

Stryker

Corp

1,129,878

Total

Health

Care

Equipment

&

Supplies

2,791,252

Health

Care

Providers

&

Services

-

2.4%

1,550

Elevance

Health

Inc

694,121

2,200

Humana

Inc

1,104,114

1,200

UnitedHealth

Group

Inc

584,688

Total

Health

Care

Providers

&

Services

2,382,923

Health

Care

Technology

-

1.0%

5,800

Veeva

Systems

Inc,

Class

A

(2)

961,060

Total

Health

Care

Technology

961,060

Hotels,

Restaurants

&

Leisure

-

1.6%

16,200

Las

Vegas

Sands

Corp

(2)

893,106

7,000

Starbucks

Corp

683,480

Total

Hotels,

Restaurants

&

Leisure

1,576,586

Industrial

Conglomerates

-

1.0%

5,200

Honeywell

International

Inc

996,320

Total

Industrial

Conglomerates

996,320

Industrial

REITs

-

2.0%

9,800

Prologis

Inc

1,220,590

14,800

Rexford

Industrial

Realty

Inc

805,712

Total

Industrial

REITs

2,026,302

3

Shares

Description

(1)

Value

Insurance

-

2.7%

5,800

Chubb

Ltd

$

1,077,640

2,900

Everest

Re

Group

Ltd

986,058

11,700

MetLife

Inc

579,735

Total

Insurance

2,643,433

Interactive

Media

&

Services

-

5.5%

26,600

Alphabet

Inc,

Class

A

(2)

3,268,342

8,200

Meta

Platforms

Inc.,

Class

A

(2)

2,170,704

Total

Interactive

Media

&

Services

5,439,046

IT

Services

-

1.4%

4,400

Accenture

PLC,

Class

A

1,346,048

Total

IT

Services

1,346,048

Life

Sciences

Tools

&

Services

-

0.8%

3,400

Danaher

Corp

780,708

Total

Life

Sciences

Tools

&

Services

780,708

Machinery

-

1.9%

28,500

Flowserve

Corp

927,675

10,200

Westinghouse

Air

Brake

Technologies

Corp

944,826

Total

Machinery

1,872,501

Media

-

0.8%

8,900

Omnicom

Group

Inc

784,891

Total

Media

784,891

Metals

&

Mining

-

0.6%

16,200

Freeport-McMoRan

Inc

556,308

Total

Metals

&

Mining

556,308

Multi-Utilities

-

1.1%

21,500

Dominion

Energy

Inc

1,081,020

Total

Multi-Utilities

1,081,020

Oil,

Gas

&

Consumable

Fuels

-

3.6%

10,700

ConocoPhillips

1,062,510

8,800

EOG

Resources

Inc

944,152

4,100

Pioneer

Natural

Resources

Co

817,704

7,400

Valero

Energy

Corp

792,096

Total

Oil,

Gas

&

Consumable

Fuels

3,616,462

Pharmaceuticals

-

4.3%

18,300

Bristol-Myers

Squibb

Co

1,179,252

10,500

Catalent

Inc

(2)

390,915

3,900

Eli

Lilly

&

Co

1,674,894

9,400

Merck

&

Co

Inc

1,037,854

Total

Pharmaceuticals

4,282,915

Professional

Services

-

2.1%

4,600

Automatic

Data

Processing

Inc

961,354

4,900

Verisk

Analytics

Inc

1,073,639

Total

Professional

Services

2,034,993

Semiconductors

&

Semiconductor

Equipment

-

7.2%

8,000

Applied

Materials

Inc

1,066,400

2,200

Broadcom

Inc

1,777,512

26,000

Intel

Corp

817,440

Nuveen

Equity

Long/Short

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

(Unaudited)

4

Shares

Description

(1)

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

15,800

Micron

Technology

Inc

$

1,077,560

6,200

NVIDIA

Corp

2,345,708

Total

Semiconductors

&

Semiconductor

Equipment

7,084,620

Software

-

11.3%

15,100

Microsoft

Corp

4,958,689

12,200

Oracle

Corp

1,292,468

5,250

Palo

Alto

Networks

Inc

(2)

1,120,298

6,600

Salesforce

Inc

(2)

1,474,308

2,200

ServiceNow

Inc

(2)

1,198,516

2,500

Synopsys

Inc

(2)

1,137,400

Total

Software

11,181,679

Specialized

REITs

-

0.8%

3,600

SBA

Communications

Corp

798,408

Total

Specialized

REITs

798,408

Specialty

Retail

-

3.0%

14,900

TJX

Cos

Inc/The

1,144,171

4,800

Tractor

Supply

Co

1,006,032

1,975

Ulta

Beauty

Inc

(2)

809,414

Total

Specialty

Retail

2,959,617

Technology

Hardware,

Storage

&

Peripherals

-

5.3%

25,300

Apple

Inc

4,484,425

56,300

Hewlett

Packard

Enterprise

Co

811,846

Total

Technology

Hardware,

Storage

&

Peripherals

5,296,271

Textiles,

Apparel

&

Luxury

Goods

-

1.6%

14,100

Capri

Holdings

Ltd

(2)

494,910

10,400

NIKE

Inc,

Class

B

1,094,704

Total

Textiles,

Apparel

&

Luxury

Goods

1,589,614

Tobacco

-

1.2%

12,900

Philip

Morris

International

Inc

1,161,129

Total

Tobacco

1,161,129

Trading

Companies

&

Distributors

-

0.8%

1,200

WW

Grainger

Inc

778,824

Total

Trading

Companies

&

Distributors

778,824

5

Shares

Description

(1)

Value

Wireless

Telecommunication

Services

-

0.6%

4,600

T-Mobile

US

Inc

(2)

$

631,350

Total

Wireless

Telecommunication

Services

631,350

Total

Common

Stocks

(cost

$81,579,664)

98,199,250

Total

Long-Term

Investments

(cost

$81,579,664)

98,199,250

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 0.9%  

X

936,000

REPURCHASE

AGREEMENTS

-

0.9%

X

936,000

$

936

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

5/31/23,

repurchase

price

$936,130,

collateralized

$1,017,600

U.S.

Treasury

Note,

2.875%,

due

05/15/32,

value

$954,755

5.010%

6/01/23

$

936,000

Total

Repurchase

Agreements

(cost

$936,000)

936,000

Total

Short-Term

Investments

(cost

$936,000)

936,000

Total

Investments

(cost

$

82,515,664

)

-

100

.2

%

99,135,250

Shares

Description

(1)

Value

-28430494

COMMON

STOCKS

SOLD

SHORT

-

(28.7)%(3)

X

(

28,430,494

)

Aerospace

&

Defense

-

(0.5)%

(4,900)

BWX

Technologies

Inc

$

(

295,568

)

(1,400)

L3Harris

Technologies

Inc

(

246,288

)

Total

Aerospace

&

Defense

(

541,856

)

a

a

a

a

a

a

a

a

a

Automobiles

-

(0.2)%

(20,000)

Ford

Motor

Co

(

240,000

)

a

a

a

a

a

a

a

a

a

Banks

-

(0.3)%

(18,000)

Regions

Financial

Corp

(

310,860

)

a

a

a

a

a

a

a

a

a

Beverages

-

(0.3)%

(4,500)

Brown-Forman

Corp,

Class

B

(

277,965

)

a

a

a

a

a

a

a

a

a

Building

Products

-

(0.3)%

(3,550)

Advanced

Drainage

Systems

Inc

(

343,534

)

a

a

a

a

a

a

a

a

a

Capital

Markets

-

(1.0)%

(2,500)

Blackstone

Inc

(

214,100

)

(750)

Moody's

Corp

(

237,660

)

(3,700)

State

Street

Corp

(

251,674

)

(2,400)

T

Rowe

Price

Group

Inc

(

257,184

)

Total

Capital

Markets

(

960,618

)

a

a

a

a

a

a

a

a

a

Chemicals

-

(1.3)%

(700)

Air

Products

and

Chemicals

Inc

(

188,398

)

(3,850)

Eastman

Chemical

Co

(

296,797

)

(1,400)

Ecolab

Inc

(

231,070

)

(2,600)

FMC

Corp

(

270,608

)

(3,100)

LyondellBasell

Industries

NV,

Class

A

(

265,174

)

Total

Chemicals

(

1,252,047

)

a

a

a

a

a

a

a

a

a

Communications

Equipment

-

(0.3)%

(9,600)

Juniper

Networks

Inc

(

291,552

)

a

a

a

a

a

a

a

a

a

Construction

&

Engineering

-

(0.3)%

(10,300)

MDU

Resources

Group

Inc

(

300,554

)

a

a

a

a

a

a

a

a

a

Nuveen

Equity

Long/Short

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

(Unaudited)

6

Shares

Description

(1)

Value

Consumer

Finance

-

(0.6)%

(2,800)

Capital

One

Financial

Corp

$

(

291,788

)

(10,000)

Synchrony

Financial

(

309,600

)

Total

Consumer

Finance

(

601,388

)

a

a

a

a

a

a

a

a

a

Consumer

Staples

Distribution

&

Retail

-

(0.5)%

(6,000)

Kroger

Co/The

(

271,980

)

(3,600)

Sysco

Corp

(

251,820

)

Total

Consumer

Staples

Distribution

&

Retail

(

523,800

)

a

a

a

a

a

a

a

a

a

Containers

&

Packaging

-

(1.2)%

(28,200)

Amcor

PLC

(

271,848

)

(2,800)

AptarGroup

Inc

(

314,972

)

(5,500)

Ball

Corp

(

281,380

)

(9,400)

International

Paper

Co

(

276,736

)

Total

Containers

&

Packaging

(

1,144,936

)

a

a

a

a

a

a

a

a

a

Distributors

-

(0.5)%

(1,700)

Genuine

Parts

Co

(

253,181

)

(850)

Pool

Corp

(

268,795

)

Total

Distributors

(

521,976

)

a

a

a

a

a

a

a

a

a

Diversified

Consumer

Services

-

(0.3)%

(35,000)

Mister

Car

Wash

Inc

(2)

(

288,750

)

a

a

a

a

a

a

a

a

a

Electric

Utilities

-

(1.4)%

(2,100)

Duke

Energy

Corp

(

187,509

)

(3,800)

Edison

International

(

256,576

)

(2,800)

Entergy

Corp

(

274,960

)

(3,800)

Eversource

Energy

(

263,074

)

(5,800)

Exelon

Corp

(

229,970

)

(2,600)

Southern

Co/The

(

181,350

)

Total

Electric

Utilities

(

1,393,439

)

a

a

a

a

a

a

a

a

a

Electrical

Equipment

-

(0.2)%

(2,800)

Emerson

Electric

Co

(

217,504

)

a

a

a

a

a

a

a

a

a

Electronic

Equipment,

Instruments

&

Components

-

(0.5)%

(8,600)

Corning

Inc

(

264,966

)

(6,000)

Trimble

Inc

(2)

(

280,020

)

Total

Electronic

Equipment,

Instruments

&

Components

(

544,986

)

a

a

a

a

a

a

a

a

a

Equity

Real

Estate

Investment

Trusts

(REITs)

-

(1.3)%

(6,200)

CubeSmart

(

275,528

)

(2,700)

Digital

Realty

Trust

Inc

(

276,642

)

(27,500)

Douglas

Emmett

Inc

(

319,000

)

(750)

Public

Storage

(

212,475

)

(4,300)

Realty

Income

Corp

(

255,592

)

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

(

1,339,237

)

a

a

a

a

a

a

a

a

a

Food

Products

-

(0.6)%

(3,500)

McCormick

&

Co

Inc/MD

(

300,055

)

(5,800)

Tyson

Foods

Inc,

Class

A

(

293,712

)

Total

Food

Products

(

593,767

)

a

a

a

a

a

a

a

a

a

Gas

Utilities

-

(0.3)%

(2,500)

Atmos

Energy

Corp

(

288,200

)

a

a

a

a

a

a

a

a

a

Ground

Transportation

-

(0.3)%

(1,600)

JB

Hunt

Transport

Services

Inc

(

267,152

)

a

a

a

a

a

a

a

a

a

7

Shares

Description

(1)

Value

Health

Care

Equipment

&

Supplies

-

(1.1)%

(3,400)

Hologic

Inc

(2)

$

(

268,226

)

(1,800)

Masimo

Corp

(2)

(

291,312

)

(1,200)

ResMed

Inc

(

252,948

)

(1,400)

STERIS

PLC

(

279,958

)

Total

Health

Care

Equipment

&

Supplies

(

1,092,444

)

a

a

a

a

a

a

a

a

a

Health

Care

Providers

&

Services

-

(0.9)%

(14,400)

agilon

health

Inc

(2)

(

286,272

)

(12,000)

Premier

Inc,

Class

A

(

300,000

)

(2,100)

Quest

Diagnostics

Inc

(

278,565

)

Total

Health

Care

Providers

&

Services

(

864,837

)

a

a

a

a

a

a

a

a

a

Hotels,

Restaurants

&

Leisure

-

(0.9)%

(8,200)

Aramark

(

323,736

)

(4,600)

Planet

Fitness

Inc.,

Class

A

(2)

(

294,124

)

(13,600)

Wendy's

Co/The

(

299,336

)

Total

Hotels,

Restaurants

&

Leisure

(

917,196

)

a

a

a

a

a

a

a

a

a

Household

Durables

-

(0.9)%

(2,750)

Garmin

Ltd

(2)

(

283,663

)

(9,600)

Leggett

&

Platt

Inc

(

292,608

)

(52)

NVR

Inc

(2)

(

288,819

)

Total

Household

Durables

(

865,090

)

a

a

a

a

a

a

a

a

a

Household

Products

-

(0.2)%

(1,700)

Kimberly-Clark

Corp

(

228,276

)

a

a

a

a

a

a

a

a

a

Insurance

-

(1.1)%

(2,800)

Cincinnati

Financial

Corp

(

270,200

)

(4,000)

Principal

Financial

Group

Inc

(

261,840

)

(3,000)

Prudential

Financial

Inc

(

236,070

)

(7,600)

Ryan

Specialty

Holdings

Inc

(2)

(

310,004

)

Total

Insurance

(

1,078,114

)

a

a

a

a

a

a

a

a

a

Internet

&

Direct

Marketing

Retail

-

(0.3)%

(3,500)

Etsy

Inc

(2)

(

283,675

)

a

a

a

a

a

a

a

a

a

IT

Services

-

(1.5)%

(3,300)

Akamai

Technologies

Inc

(2)

(

303,996

)

(2,000)

Broadridge

Financial

Solutions

Inc

(

293,440

)

(4,100)

Cognizant

Technology

Solutions

Corp,

Class

A

(

256,209

)

(1,200)

EPAM

Systems

Inc

(2)

(

307,944

)

(1,600)

Globant

SA

(2)

(

294,096

)

Total

IT

Services

(

1,455,685

)

a

a

a

a

a

a

a

a

a

Life

Sciences

Tools

&

Services

-

(0.9)%

(3,900)

Bio-Techne

Corp

(

318,981

)

(7,100)

QIAGEN

NV

(2)

(

320,636

)

(2,400)

Revvity

Inc

(

276,768

)

Total

Life

Sciences

Tools

&

Services

(

916,385

)

a

a

a

a

a

a

a

a

a

Media

-

(0.3)%

(9,600)

Fox

Corp,

Class

A

(

299,520

)

a

a

a

a

a

a

a

a

a

Metals

&

Mining

-

(0.3)%

(2,900)

Steel

Dynamics

Inc

(

266,510

)

a

a

a

a

a

a

a

a

a

Multi-Utilities

-

(0.3)%

(2,900)

Consolidated

Edison

Inc

(

270,570

)

a

a

a

a

a

a

a

a

a

Nuveen

Equity

Long/Short

Fund

(continued)

Portfolio

of

Investments

May

31,

2023

(Unaudited)

8

Part

F

of

Form

N-PORT

was

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

and

in

conformity

with

the

applicable

rules

and

regulations

of

the

U.S.

Securities

and

Exchange

Commission

(“SEC”)

related

to

interim

filings.

Part

F

of

Form

N-PORT

does

not

Shares

Description

(1)

Value

Oil,

Gas

&

Consumable

Fuels

-

(0.7)%

(15,200)

Kinder

Morgan

Inc

$

(

244,872

)

(4,500)

ONEOK

Inc

(

254,970

)

(8,500)

Williams

Cos

Inc/The

(

243,610

)

Total

Oil,

Gas

&

Consumable

Fuels

(

743,452

)

a

a

a

a

a

a

a

a

a

Pharmaceuticals

-

(0.3)%

(8,400)

Royalty

Pharma

PLC,

Class

A

(

275,016

)

a

a

a

a

a

a

a

a

a

Professional

Services

-

(1.2)%

(3,700)

CoStar

Group

Inc

(2)

(

293,780

)

(1,350)

Equifax

Inc

(

281,637

)

(4,400)

Robert

Half

International

Inc

(

286,088

)

(4,200)

TransUnion

(

302,316

)

Total

Professional

Services

(

1,163,821

)

a

a

a

a

a

a

a

a

a

Residential

REITs

-

(0.3)%

(7,500)

UDR

Inc

(

297,525

)

a

a

a

a

a

a

a

a

a

Road

&

Rail

-

(0.3)%

(5,800)

U-Haul

Holding

Co

(

268,482

)

a

a

a

a

a

a

a

a

a

Semiconductors

&

Semiconductor

Equipment

-

(1.1)%

(2,600)

Entegris

Inc

(

273,650

)

(1,300)

First

Solar

Inc

(2)

(

263,848

)

(3,200)

Microchip

Technology

Inc

(

240,832

)

(3,100)

Teradyne

Inc

(

310,589

)

Total

Semiconductors

&

Semiconductor

Equipment

(

1,088,919

)

a

a

a

a

a

a

a

a

a

Software

-

(0.9)%

(950)

ANSYS

Inc

(2)

(

307,410

)

(1,150)

Autodesk

Inc

(2)

(

229,299

)

(14,500)

Paycor

HCM

Inc

(2)

(

318,855

)

Total

Software

(

855,564

)

a

a

a

a

a

a

a

a

a

Specialized

REITs

-

(0.3)%

(6,000)

Iron

Mountain

Inc

(

320,520

)

a

a

a

a

a

a

a

a

a

Specialty

Retail

-

(1.5)%

(9,100)

Bath

&

Body

Works

Inc

(

320,684

)

(3,800)

Best

Buy

Co

Inc

(

276,146

)

(4,200)

CarMax

Inc

(2)

(

303,282

)

(3,200)

Floor

&

Decor

Holdings

Inc,

Class

A

(2)

(

292,192

)

(2,500)

Williams-Sonoma

Inc

(

283,775

)

Total

Specialty

Retail

(

1,476,079

)

a

a

a

a

a

a

a

a

a

Textiles,

Apparel

&

Luxury

Goods

-

(0.6)%

(4,900)

Carter's

Inc

(

304,633

)

(5,600)

Skechers

USA

Inc,

Class

A

(2)

(

287,672

)

Total

Textiles,

Apparel

&

Luxury

Goods

(

592,305

)

a

a

a

a

a

a

a

a

a

Trading

Companies

&

Distributors

-

(0.3)%

(900)

Watsco

Inc

(

291,933

)

a

a

a

a

a

a

a

a

a

Water

Utilities

-

(0.3)%

(1,900)

American

Water

Works

Co

Inc

(

274,455

)

a

a

a

a

a

a

a

a

a

Total

Common

Stocks

Sold

Short

(proceeds

$31,328,689)

(

28,430,494

)

Other

Assets

&

Liabilities,

Net

-  28.5%

28,240,614

Net

Assets

-

100%

$

98,945,370

9

include

all

information

and

footnotes

required

by

U.S.

GAAP

for

complete

financial

statements.

Certain

footnote

disclosures

normally

included

in

financial

statements

prepared

in

accordance

with

U.S.

GAAP

have

been

condensed

or

omitted

from

this

report

pursuant

to

the

rules

of

the

SEC.

For

a

full

set

of

the

Fund’s

notes

to

financial

statements,

please

refer

to

the

Fund’s

most

recently

filed

annual

or

semi-annual

report.

Fair

Value

Measurements

The

Fund’s

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Board

of

Directors/

Trustees.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

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,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

The

following

table

summarizes

the

market

value

of

the

Fund's

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

Equity

Long/Short

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

98,199,250

$

–

$

–

$

98,199,250

Short-Term

Investments:

Repurchase

Agreements

–

936,000

–

936,000

Common

Stocks

Sold

Short

(

28,430,494

)

–

–

(

28,430,494

)

Total

$

69,768,756

$

936,000

$

–

$

70,704,756

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(3)

The

Fund

may

pledge

up

to

100%

of

its

eligible

long-term

investments

in

the

Portfolio

of

Investments

as

collateral

for

Common

Stocks

Sold

Short.

As

of

the

end

of

the

reporting

period,

long-term

investments

with

a

value

of

$53,961,370

have

been

pledged

as

collateral

for

Common

Stocks

Sold

Short.

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor's