NPORT-EX 2 tiaa_SBGP.htm
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