NPORT-EX 2 poi_fhkaufmannfundii.htm POI- FEDERATED HERMES KAUFMANN FUND II EDGAR HTML
Federated Hermes Kaufmann Fund II
Portfolio of Investments
March 31, 2022 (unaudited)  
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—94.8%
 
 
 
Communication Services—1.5%
 
3,924
1
Take-Two Interactive Software, Inc.
$    603,276
33,000
1
ZoomInfo Technologies, Inc.
  1,971,420
 
 
TOTAL
2,574,696
 
 
Consumer Discretionary—8.7%
 
8,303
1
Airbnb, Inc.
  1,426,123
2,640
1
Alibaba Group Holding Ltd., ADR
    287,232
518
1
Amazon.com, Inc.
  1,688,654
410
1
Chipotle Mexican Grill, Inc.
    648,632
3,900
 
Choice Hotels International, Inc.
    552,864
10,357
1
DraftKings, Inc.
    201,651
7,800
1
Etsy, Inc.
    969,384
15,300
1
First Watch Restaurant Group, Inc.
    199,665
18,300
1
Floor & Decor Holdings, Inc.
  1,482,300
1,300
 
Home Depot, Inc.
    389,129
6,611
1
Las Vegas Sands Corp.
    256,969
3,290
1
Lululemon Athletica, Inc.
  1,201,607
264
1
Mercadolibre, Inc.
    314,023
12,800
 
Moncler S.p.A
    712,829
650,000
 
NagaCorp Ltd.
    577,687
10,296
1
Planet Fitness, Inc.
    869,806
35,700
1,2
Sportradar Group AG
    594,048
825
 
Vail Resorts, Inc.
    214,723
14,900
 
Wingstop, Inc.
  1,748,515
11,800
1
YETI Holdings, Inc.
    707,764
 
 
TOTAL
15,043,605
 
 
Consumer Staples—1.0%
 
500
 
Costco Wholesale Corp.
    287,925
2,200
 
Estee Lauder Cos., Inc., Class A
    599,104
3,913
1
Freshpet, Inc.
    401,630
24,813
1
The Duckhorn Portfolio, Inc.
    451,349
 
 
TOTAL
1,740,008
 
 
Energy—3.3%
 
11,229
 
Cheniere Energy, Inc.
  1,556,901
60,900
 
New Fortress Energy, Inc.
  2,594,949
6,135
 
Pioneer Natural Resources, Inc.
  1,533,934
 
 
TOTAL
5,685,784
 
 
Financials—9.7%
 
18,400
 
Apollo Global Management, Inc.
  1,140,616
15,300
 
Artisan Partners Asset Management, Inc.
    602,055
2,225
 
BlackRock, Inc.
  1,700,278
7,500
 
Blue Owl Capital, Inc.
     95,100
275,000
1
Blue Owl Capital, Inc.
  3,487,000
1,540
1
Coinbase Global, Inc.
    292,384
121,400
 
FinecoBank Banca Fineco S.p.A
  1,843,796
14,200
1
Hamilton Lane Alliance Holdings I, Inc.
    139,160
19,500
 
Hamilton Lane, Inc.
  1,507,155
31,400
 
KKR & Co., Inc., Class Common
  1,835,958
310
1
Markel Corp.
    457,325
2,082
 
MSCI, Inc., Class A
  1,046,996
1
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—continued
 
 
 
Financials—continued
 
3,308
 
S&P Global, Inc.
$  1,356,876
36,800
 
StepStone Group, Inc.
  1,216,608
 
 
TOTAL
16,721,307
 
 
Health Care—34.8%
 
5,500
 
Abbott Laboratories
    650,980
32,020
1,2
Akouos, Inc.
    152,095
34,600
1
Albireo Pharma, Inc.
  1,032,118
65,629
1
Alector, Inc.
    935,213
33,000
1
Amphastar Pharmaceuticals, Inc.
  1,184,700
15,044
1
AnaptysBio, Inc.
    372,189
51,100
1
Annexon, Inc.
    139,503
48,500
1
Arcturus Therapeutics Holdings, Inc.
  1,307,560
21,900
1
Argenx SE
  6,886,394
57,250
1
aTyr Pharma, Inc.
    306,287
29,500
1
Avidity Biosciences LLC
    544,865
24,521
1
Avrobio, Inc.
     32,368
22,500
1
Catalent, Inc.
  2,495,250
7,000
1,2
Century Therapeutics, Inc.
     88,130
7,369
1
Century Therapeutics, Inc.
     92,776
1,076,793
3
CeQur SA
    297,602
8,852
1
Cerevel Therapeutics Holdings
    309,909
23,800
1
ContraFect Corp.
     86,870
118,786
1
Corcept Therapeutics, Inc.
  2,675,061
6,418
1
CRISPR Therapeutics AG
    402,858
12,700
 
Danaher Corp.
  3,725,291
7,700
1
Dexcom, Inc.
  3,939,320
217,838
1
Dynavax Technologies Corp.
  2,361,364
7,000
1
Edwards Lifesciences Corp.
    824,040
8,246
1
Evotec SE, ADR
    124,762
3,200
1
Fate Therapeutics, Inc.
    124,064
27,400
1
Frequency Therapeutics, Inc.
     58,088
5,088
1
Frequency Therapeutics, Inc.
     10,787
13,557
1
Fusion Pharmaceuticals, Inc.
    105,338
6,715
1
Galapagos NV
    416,666
128,300
1,2
Gamida Cell Ltd.
    532,445
3,650
1
Genmab A/S
  1,322,254
14,850
1
Genmab A/S, ADR
    537,273
26,478
1
Gossamer Bio, Inc.
    229,829
18,728
1,2
Gracell Biotechnologies, Inc., ADR
     43,636
8,060
1
Graphite Bio, Inc.
     41,106
600
1
Guardant Health, Inc.
     39,744
23,791
1
IDEAYA Biosciences, Inc.
    266,221
1,020
1
IDEXX Laboratories, Inc.
    558,001
2,455
1
Illumina, Inc.
    857,777
10,000
1,4
Immatics N.V.
     79,900
9,400
1
Immatics N.V.
     75,106
6,625
1
Insulet Corp.
  1,764,834
5,600
1
Intellia Therapeutics, Inc.
    406,952
1,940
1
Intuitive Surgical, Inc.
    585,259
2,984
1
Jasper Therapeutics, Inc.
     10,593
14,993
1,2
Kaleido Biosciences, Inc.
     24,738
4,307
1,3
Laronde, Inc.
     96,013
26,895
1
Legend Biotech Corp., ADR
    977,364
13,200
1,2
Lyell Immunopharma, Inc.
     66,660
2
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—continued
 
 
 
Health Care—continued
 
2,597
1
Madrigal Pharmaceuticals, Inc.
$    254,818
41,700
1
Merus N.V.
  1,102,548
137,800
1
Minerva Neurosciences, Inc.
    114,402
1,448
1
Mirati Therapeutics, Inc.
    119,055
44,062
1,2
Molecular Partners AG
    884,215
8,538
1
Molecular Partners AG, ADR
    173,065
5,200
1
Morphic Holding, Inc.
    208,780
6,403
1
Natera, Inc.
    260,474
14,887
1
Orchard Therapeutics PLC
     10,600
174,072
1
Orchard Therapeutics PLC, ADR
    123,939
48,700
1
Otonomy, Inc.
    116,880
32,229
 
Regulus Therapeutics, Inc.
     96,042
353,265
1
Regulus Therapeutics, Inc.
    105,273
5,200
1
Repligen Corp.
    978,068
39,222
1
Rezolute, Inc.
    132,570
95,119
1
Rhythm Pharmaceuticals, Inc.
  1,095,771
9,100
1
Rubius Therapeutics, Inc.
     50,141
9,083
1
Sarepta Therapeutics, Inc.
    709,564
40,270
1
Scynexis, Inc.
    157,456
156,500
1
Seres Therapeutics, Inc.
  1,114,280
1,500
 
Stryker Corp.
    401,025
11,700
1
Surgery Partners, Inc.
    644,085
17,400
1
Tandem Diabetes Care, Inc.
  2,023,446
26,200
1
Turning Point Therapeutics, Inc.
    703,470
43,600
1
Ultragenyx Pharmaceutical, Inc.
  3,166,232
14,800
1
UniQure N.V.
    267,436
14,300
1
Veeva Systems, Inc.
  3,038,178
12,700
1
Verve Therapeutics, Inc.
    289,814
220,000
1
Zai Lab Ltd.
    998,951
11,233
1
Zentalis Pharmaceuticals, LLC
    518,291
 
 
TOTAL
60,057,022
 
 
Industrials—7.9%
 
36,022
1
CoStar Group, Inc.
  2,399,426
13,800
1,2
Fluence Energy, Inc.
    180,918
5,500
1
Generac Holdings, Inc.
  1,634,930
24,227
1
GXO Logistics, Inc.
  1,728,354
8,250
 
HEICO Corp.
  1,266,705
20,400
 
Ingersoll-Rand, Inc.
  1,027,140
14,100
1
Mercury Systems, Inc.
    908,745
12,400
 
Trane Technologies PLC
  1,893,480
17,475
1
Trex Co., Inc.
  1,141,642
18,059
1
Upwork, Inc.
    419,691
14,423
1
XPO Logistics, Inc.
  1,049,994
 
 
TOTAL
13,651,025
 
 
Information Technology—17.0%
 
980
1
Adobe, Inc.
    446,508
30,200
1
Advanced Micro Devices, Inc.
  3,302,068
5,300
1
Anaplan, Inc.
    344,765
1,079
1
Ansys, Inc.
    342,744
3,000
1
Avalara, Inc.
    298,530
10,211
1
Coupa Software, Inc.
  1,037,744
5,145
1
CS Disco, Inc.
    174,776
7,706
1
Domo, Inc.
    389,692
17,300
1
Envestnet, Inc.
  1,287,812
3
Shares or
Principal
Amount
 
 
Value
         
 
COMMON STOCKS—continued
 
 
 
Information Technology—continued
 
36,700
1,2
GDS Holdings Ltd., ADR
$  1,440,475
55,000
1
IronSource Ltd.
    264,000
6,200
1
IronSource Ltd.
     29,760
32,600
 
Marvell Technology, Inc.
  2,337,746
10,707
1
Q2 Holdings, Inc.
    660,087
26,300
1
Qualtrics International, Inc.
    750,865
7,570
1
Radware Ltd.
    242,013
14,700
1
Rapid7, Inc.
  1,635,228
2,600
1
Salesforce.com, Inc.
    552,032
5,825
1
ServiceNow, Inc.
  3,243,884
4,672
1
Shopify, Inc.
  3,158,085
13,100
1
Smartsheet, Inc.
    717,618
9,750
1
Splunk, Inc.
  1,448,947
4,600
1
Tyler Technologies, Inc.
  2,046,494
6,300
1
Unity Software, Inc.
    625,023
38,900
1
WM Technology, Inc.
    304,198
9,400
1
Workday, Inc.
  2,250,924
 
 
TOTAL
29,332,018
 
 
Materials—7.0%
 
39,000
 
Agnico Eagle Mines Ltd.
  2,388,360
450
 
Albemarle Corp.
     99,517
72,400
 
Barrick Gold Corp.
  1,775,972
8,250
 
Eagle Materials, Inc.
  1,058,970
37,100
 
Newmont Corp.
  2,947,595
8,900
 
Sherwin-Williams Co.
  2,221,618
12,300
 
Westlake Corp.
  1,517,820
 
 
TOTAL
12,009,852
 
 
Real Estate—3.5%
 
7,805
 
Americold Realty Trust
    217,603
2,593
 
Avalonbay Communities, Inc.
    644,024
4,464
 
Crown Castle International Corp.
    824,054
27,406
 
MGM Growth Properties LLC
  1,060,612
6,600
 
ProLogis, Inc.
  1,065,768
7,100
1
Ryman Hospitality Properties
    658,667
16,764
 
STAG Industrial, Inc.
    693,191
5,185
 
Sun Communities, Inc.
    908,879
 
 
TOTAL
6,072,798
 
 
Utilities—0.4%
 
7,916
 
NextEra Energy, Inc.
    670,564
 
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $98,030,401)
163,558,679
 
 
WARRANTS—0.1%
 
 
 
Health Care—0.1%
 
21,500
1
Catabasis Pharmaceuticals, Inc., Warrants, Expiration Date 6/22/2023
      2,391
11,450
1
Catabasis Pharmaceuticals, Inc., Warrants, Expiration Date 2/8/2024
      4,184
87,500
1
ContraFect Corp., Warrants, Expiration Date 7/20/2022
          0
4,700
1
Immatics N.V., Warrants, Expiration Date 12/31/2025
      8,225
5,696
1
Rezolute, Inc., Warrants, Expiration Date 10/8/2027
     10,689
1,400
1
Rezolute, Inc., Warrants, Expiration Date 1/1/2099
      4,732
2,520
1
Scynexis, Inc., Warrants, Expiration Date 3/8/2023
         58
26,500
1
Scynexis, Inc., Warrants, Expiration Date 5/21/2024
     24,862
53,000
1
Scynexis, Inc., Warrants, Expiration Date 1/1/2099
    207,230
 
 
TOTAL WARRANTS
(IDENTIFIED COST $355,127)
262,371
4
Shares or
Principal
Amount
 
 
Value
 
 
REPURCHASE AGREEMENTS—6.8%
 
$8,807,000
 
Interest in $1,592,000,000 joint repurchase agreement 0.30%, dated 3/31/2022 under which Bank of America, N.A. will
repurchase securities provided as collateral for $1,592,013,267 on 4/1/2022. 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 $1,623,853,532.
$  8,807,000
  451,049
 
Interest in $1,592,000,000 joint repurchase agreement 0.30%, dated 3/31/2022 under which Bank of America, N.A. will
repurchase securities provided as collateral for $1,592,013,267 on 4/1/2022. 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 $1,623,853,532 (purchased with proceeds from securities
lending collateral).
    451,049
2,489,360
 
Interest in $1,592,000,000 joint repurchase agreement 0.30%, dated 3/31/2022 under which Bank of America, N.A. will
repurchase securities provided as collateral for $1,592,013,267 on 4/1/2022. 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 $1,623,853,532 (purchased with proceeds from securities
lending collateral).
  2,489,360
 
 
TOTAL REPURCHASE AGREEMENTS
(IDENTIFIED COST $11,747,409)
11,747,409
 
 
TOTAL INVESTMENT IN SECURITIES—101.7%
(IDENTIFIED COST $110,132,937)
175,568,459
 
 
OTHER ASSETS AND LIABILITIES - NET—(1.7)%5
(2,994,310)
 
 
TOTAL NET ASSETS—100%
$172,574,149
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 March 31, 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
3/31/2022
Shares
Held as of
3/31/2022
Dividend
Income*
Financials:
 
 
 
 
 
 
 
 
StepStone Group, Inc.
$1,529,776
$—
$—
$(313,168)
$—
$1,216,608
36,800
$5,520
Health Care:
 
 
 
 
 
 
 
 
Akouos, Inc.
$269,238
$1,658
$—
$(118,801)
$—
$152,095
32,020
$—
Albireo Pharma, Inc.
$805,834
$—
$—
$226,284
$—
$1,032,118
34,600
$—
Alector, Inc.
$1,355,239
$—
$—
$(420,026)
$—
$935,213
65,629
$—
Amphastar Pharmaceuticals, Inc.
$768,570
$—
$—
$416,130
$—
$1,184,700
33,000
$—
AnaptysBio, Inc.
$522,779
$—
$—
$(150,590)
$—
$372,189
15,044
$—
Annexon, Inc.
$294,144
$204,695
$—
$(359,336)
$—
$139,503
51,100
$—
Arcturus Therapeutics Holdings, Inc.
$1,772,261
$23,497
$—
$(488,198)
$—
$1,307,560
48,500
$—
aTyr Pharma, Inc.
$427,658
$—
$—
$(121,371)
$—
$306,287
57,250
$—
Avidity Biosciences LLC
$701,215
$—
$—
$(156,350)
$—
$544,865
29,500
$—
Avrobio, Inc.
$101,879
$—
$(2,720)
$(41,960)
$(24,831)
$32,368
24,521
$—
ContraFect Corp.
$62,594
$—
$—
$24,276
$—
$86,870
23,800
$—
ContraFect Corp., Warrants, Expiration Date
7/20/2022
$—
$—
$—
$—
$—
$—
87,500
$—
Dynavax Technologies Corp.
$2,924,281
$45,000
$—
$(607,917)
$—
$2,361,364
217,838
$—
Frequency Therapeutics, Inc.
$140,562
$—
$—
$(82,474)
$—
$58,088
27,400
$—
Frequency Therapeutics, Inc.
$26,101
$—
$—
$(15,314)
$—
$10,787
5,088
$—
Fusion Pharmaceuticals, Inc.
$—
$104,709
$—
$629
$—
$105,338
13,557
$—
Gamida Cell Ltd.
$297,901
$30,569
$—
$203,975
$—
$532,445
128,300
$—
IDEAYA Biosciences, Inc.
$562,419
$—
$—
$(296,198)
$—
$266,221
23,791
$—
Merus N.V.
$1,326,060
$—
$—
$(223,512)
$—
$1,102,548
41,700
$—
Minerva Neurosciences, Inc.
$110,378
$—
$—
$4,024
$—
$114,402
137,800
$—
Molecular Partners AG
$410,111
$631,569
$—
$(157,465)
$—
$884,215
44,062
$—
Molecular Partners AG, ADR
$57,619
$152,791
$—
$(37,345)
$—
$173,065
8,538
$—
Orchard Therapeutics PLC
$19,651
$—
$—
$(9,051)
$—
$10,600
14,887
$—
Orchard Therapeutics PLC, ADR
$229,775
$—
$—
$(105,836)
$—
$123,939
174,072
$—
Otonomy, Inc.
$101,296
$—
$—
$15,584
$—
$116,880
48,700
$—
Rezolute, Inc.
$187,481
$—
$—
$(54,911)
$—
$132,570
39,222
$—
Rezolute, Inc., Warrants, Expiration Date 10/8/
2027
$18,278
$—
$—
$(7,589)
$—
$10,689
5,696
$—
Rezolute, Inc., Warrants, Expiration Date 1/1/2099
$6,692
$—
$—
$(1,960)
$—
$4,732
1,400
$—
Rhythm Pharmaceuticals, Inc.
$351,765
$526,308
$—
$217,698
$—
$1,095,771
95,119
$—
5
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
3/31/2022
Shares
Held as of
3/31/2022
Dividend
Income*
Scynexis, Inc.
$245,647
$—
$—
$(88,191)
$—
$157,456
40,270
$—
Scynexis, Inc., Warrants, Expiration Date 3/8/2023
$648
$—
$—
$(590)
$—
$58
2,520
$—
Scynexis, Inc., Warrants, Expiration Date 5/21/
2024
$57,375
$—
$—
$(32,513)
$—
$24,862
26,500
$—
Scynexis, Inc., Warrants, Expiration Date 1/1/2099
$323,300
$—
$—
$(116,070)
$—
$207,230
53,000
$—
Seres Therapeutics, Inc.
$1,303,645
$—
$—
$(189,365)
$—
$1,114,280
156,500
$—
Ultragenyx Pharmaceutical, Inc.
$3,666,324
$—
$—
$(500,092)
$—
$3,166,232
43,600
$—
UniQure N.V.**
$343,454
$—
$(36,150)
$(34,288)
$(5,580)
$267,436
14,800
$—
Information Technology:
 
 
 
 
 
 
 
 
Domo, Inc.
$382,218
$—
$—
$7,474
$—
$389,692
7,706
$—
Affiliated issuers no longer in the portfolio at
period end
$209,682
$—
$(74,725)
$347,186
$(482,143)
$—
—
$—
TOTAL OF AFFILIATED COMPANIES
TRANSACTIONS
$21,913,850
$1,720,796
$(113,595)
$(3,267,221)
$(512,554)
$19,741,276
1,911,330
$5,520
 
*
A portion of the amount shown was recorded when the Fund no longer had ownership of at least 5% of the voting shares.
**
At March 31, 2022, the Fund no longer has ownership of at least 5% 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 March 31, 2022, securities subject to this type of arrangement and
related collateral were as follows:
 
Market Value of
Securities Loaned
Collateral
Received
$2,711,357
$2,940,409
 
3
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 Board of Trustees (the “Trustees”).
4
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 March 31, 2022, these restricted securities amounted to $79,900, which
represented 0.0% of total net assets.
 
Security
Acquisition
Date
Cost
Value
Immatics N.V.
6/30/2020
$0
$79,900
 
5
Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at March 31, 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.
◾ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by the Trustees.
◾ 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.
◾ 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 asked quotations.
◾ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees.
◾ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, 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 Fund’s valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the 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.
6
Fair Valuation and Significant Events Procedures
The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated Equity Management Company of Pennsylvania (the “Adviser”) and certain of the Adviser’s affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee 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 Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and 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 asked 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 Trustees.
The Trustees also have adopted procedures requiring an investment to be priced at its fair value whenever the Adviser 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.
The Trustees have 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 Fund will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Trustees. The Trustees have ultimate responsibility for any fair valuations made in response to a significant event.
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 March 31, 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
$133,247,077
$—
$96,013
$133,343,090
International
18,014,115
11,903,872
297,602
30,215,589
Debt Securities:
 
 
 
 
Warrants
12,957
249,414
—
262,371
Repurchase Agreements
—
11,747,409
—
11,747,409
TOTAL SECURITIES
$151,274,149
$23,900,695
$393,615
$175,568,459
 
The following acronym(s) are used throughout this portfolio:
 
ADR
—American Depositary Receipt
7