NPORT-EX 2 globallong-short2.htm NPORT-EX


BOSTON PARTNERS INVESTMENT FUNDS
 		  
   
BOSTON PARTNERS GLOBAL LONG/SHORT FUND
  
PORTFOLIO OF INVESTMENTS
  
MAY 31, 2020 (UNAUDITED)
  

   
NUMBER OF
            
   
SHARES
        
VALUE
  
LONG POSITIONS—100.3%
                
COMMON STOCKS—99.0%
                
Australia—0.5%
                
Orica Ltd.
    
68,591
        
$
787,730
  
Austria—0.6%
                    
Erste Group Bank AG
    
40,986
          
906,566
  
Belgium—0.7%
                    
Euronav NV
    
113,802
          
1,143,590
  
Bermuda—1.9%
                    
Axis Capital Holdings Ltd..Ɨ
    
37,813
          
1,419,500
  
Everest Re Group Ltd..Ɨ
    
8,300
          
1,646,803
  
                 
3,066,303
  
Brazil—0.5%
                    
JBS SA
    
178,700
          
735,053
  
Canada—1.8%
                    
Bausch Health Cos., Inc.*
    
35,403
          
654,247
  
Yamana Gold, Inc.
    
418,836
          
2,244,961
  
                 
2,899,208
  
Denmark—0.5%
                    
Novo Nordisk A/S, Class B
    
12,056
          
789,724
  
France—6.4%
                    
Accor SA
    
35,922
          
1,015,511
  
AXA SA
    
71,908
          
1,319,434
  
BNP Paribas SA
    
43,082
          
1,550,324
  
Capgemini SA
    
19,748
          
2,039,862
  
Peugeot SA
    
61,216
          
878,781
  
Rexel SA
    
100,482
          
1,024,432
  
Sanofi
    
16,383
          
1,602,501
  
Vinci SA
    
9,744
          
909,069
  
                 
10,339,914
  
Germany—4.1%
                    
Brenntag AG
    
42,922
          
2,283,598
  
HeidelbergCement AG
    
18,040
          
902,383
  
Rheinmetall AG
    
14,383
          
1,171,429
  
Siemens AG
    
19,956
          
2,200,244
  
                 
6,557,654
  
Greece—0.5%
                    
Hellenic Telecommunications Organization SA
    
55,927
          
783,031
  
Hong Kong—1.9%
                    
Topsports International Holdings Ltd.*
    
722,000
          
1,032,819
  
WH Group Ltd.
    
2,386,000
          
2,075,689
  
                 
3,108,508
  
Ireland—1.2%
                    
CRH PLC
    
60,105
          
1,959,609
  
Italy—1.7%
                    
Enel SpA
    
239,545
          
1,852,097
  
Leonardo SpA
    
144,616
          
907,876
  
                 
2,759,973
  
Japan—7.8%
                    
Fuji Corp.
    
58,800
          
1,091,224
  
Hitachi Construction Machinery Co., Ltd.
    
28,600
          
754,438
  
Hitachi Ltd.
    
71,200
          
2,299,705
  
Kamigumi Co., Ltd.
    
50,000
          
979,927
  
KDDI Corp.
    
71,800
          
2,095,784
  
Kurita Water Industries Ltd.
    
6,000
          
166,126
  
Panasonic Corp.
    
116,100
          
1,040,128
  
Sony Corp.
    
47,300
          
3,063,426
  
Taiyo Yuden Co., Ltd.
    
39,700
          
1,111,487
  
                 
12,602,245
  
Netherlands—0.7%
                    
NXP Semiconductors NV
    
12,461
          
1,197,502
  
South Korea—3.2%
                    
GS Retail Co., Ltd.
    
42,541
          
1,466,032
  
Hana Financial Group, Inc.
    
52,647
          
1,272,041
  
KB Financial Group, Inc.
    
30,468
          
831,506
  
KT Corp. - SP ADRƗ
    
167,027
          
1,626,843
  
                 
5,196,422
  
Sweden—2.1%
                    
Husqvarna AB
    
354,868
          
2,631,612
  
Volvo AB
    
57,136
          
815,295
  
                 
3,446,907
  
Switzerland—4.4%
                    
Novartis AG
    
47,218
          
4,110,609
  
STMicroelectronics NV
    
38,071
          
945,491
  
UBS Group AG
    
197,879
          
2,118,417
  
                 
7,174,517
  
Taiwan—1.1%
                    
ChipMOS Technologies, Inc.
    
665,000
          
686,561
  
Simplo Technology Co., Ltd.
    
99,000
          
1,060,653
  
                 
1,747,214
  
United Kingdom—5.1%
                    
Balfour Beatty PLC
    
257,002
          
798,426
  
Coca-Cola European Partners PLCƗ
    
42,943
          
1,618,951
  
Nomad Foods Ltd.*Ɨ
    
102,824
          
2,177,812
  
Persimmon PLC
    
55,584
          
1,585,469
  
Tesco PLC
    
735,081
          
2,087,259
  
                 
8,267,917
  
United States—52.3%
                    
Activision Blizzard, Inc.Ɨ
    
34,778
          
2,503,320
  
Allstate Corp., (The)
    
28,989
          
2,835,414
  
Alphabet, Inc., Class C*Ɨ
    
1,628
          
2,326,282
  
American Express Co.Ɨ
    
8,391
          
797,732
  
American International Group, Inc.
    
45,514
          
1,368,151
  
Anthem, Inc.
    
5,909
          
1,737,896
  
Applied Materials, Inc.#
    
30,581
          
1,718,041
  
Bank of America Corp.
    
44,308
          
1,068,709
  
Berkshire Hathaway, Inc., Class B*Ɨ
    
13,758
          
2,553,210
  
Boston Scientific Corp.*
    
34,393
          
1,306,590
  
CDK Global, Inc.Ɨ
    
27,270
          
1,071,984
  
CF Industries Holdings, Inc.
    
31,004
          
910,587
  
Change Healthcare, Inc.*
    
14,807
          
184,791
  
Cigna Corp.Ɨ
    
13,141
          
2,592,982
  
Citigroup, Inc.Ɨ
    
53,884
          
2,581,582
  
Corteva, Inc.Ɨ
    
69,715
          
1,903,917
  
CVS Health Corp.Ɨ
    
42,993
          
2,819,051
  
Diamondback Energy, Inc.
    
25,620
          
1,090,900
  
Dick's Sporting Goods, Inc.*
    
21,719
          
783,187
  
DuPont de Nemours, Inc.
    
53,257
          
2,701,728
  
Eaton Corp. PLCƗ
    
15,468
          
1,313,233
  
Electronic Arts, Inc.*#
    
14,417
          
1,771,561
  
Foot Locker, Inc.
    
33,205
          
919,778
  
Gilead Sciences, Inc.#
    
13,305
          
1,035,528
  
Goldman Sachs Group Inc., (The)
    
11,768
          
2,312,294
  
Graphic Packaging Holding Co.
    
125,312
          
1,813,265
  
Huntington Bancshares Inc.
    
134,530
          
1,195,972
  
II-VI, Inc.*
    
19,098
          
907,728
  
Kansas City Southern#
    
5,401
          
812,959
  
Laboratory Corp. of America Holdings*Ɨ
    
4,782
          
838,380
  
Lennar Corp., Class A
    
9,780
          
591,299
  
Lowe's Cos., Inc.
    
17,059
          
2,223,641
  
Marathon Petroleum Corp.Ɨ
    
48,613
          
1,708,261
  
McKesson Corp.
    
9,283
          
1,472,934
  
Medtronic PLCƗ#
    
8,267
          
814,961
  
Micron Technology, Inc.*
    
43,828
          
2,099,799
  
Microsoft Corp.Ɨ#
    
25,935
          
4,752,589
  
Newmont Goldcorp Corp.Ɨ
    
16,351
          
956,043
  
Nexstar Media Group, Inc., Class A
    
16,875
          
1,405,856
  
NVR, Inc.*Ɨ
    
328
          
1,056,688
  
Oracle Corp.Ɨ#
    
28,755
          
1,546,156
  
Owens Corning
    
45,475
          
2,387,438
  
Parsley Energy, Inc., Class AƗ
    
117,486
          
1,073,822
  
Pfizer, Inc.Ɨ
    
83,948
          
3,205,974
  
Science Applications International Corp.
    
24,084
          
2,120,355
  
SYNNEX Corp.*
    
17,402
          
1,855,923
  
Tyson Foods, Inc., Class AƗ
    
28,018
          
1,721,426
  
Vistra Energy Corp.Ɨ
    
145,555
          
2,975,144
  
VMware, Inc.*#
    
9,849
          
1,539,103
  
Zimmer Biomet Holdings, Inc.
    
10,056
          
1,270,475
  
                 
84,554,639
  
TOTAL COMMON STOCKS
                    
(Cost $144,532,400)
                
160,024,226
  
   
NUMBER OF
              
   
SHARES
              
SHORT-TERM INVESTMENTS—1.3%
                    
U.S. Bank Money Market Deposit Account, 0.13%*(a)
    
2,081,425
          
2,081,425
  
TOTAL SHORT-TERM INVESTMENTS
                    
(Cost $2,081,425)
                
2,081,425
  
TOTAL INVESTMENTS—100.3%
                    
(Cost $146,613,825)
                
162,105,651
  
SECURITIES SOLD SHORT—(37.5%)
                    
COMMON STOCKS—(37.5%)
                    
Australia—(0.7%)
                    
Commonwealth Bank of Australia
    
(8,695
)
        
(369,226
)
WiseTech Global Ltd.
    
(57,468
)
        
(783,530
)
                 
(1,152,756
)
Canada—(1.0%)
                    
Shopify, Inc., Class A*
    
(698
)
        
(528,944
)
TC Energy Corp.
    
(24,818
)
        
(1,118,464
)
                 
(1,647,408
)
China—(0.9%)
                    
AAC Technologies Holdings, Inc.
    
(159,500
)
        
(826,900
)
Pinduoduo, Inc. - ADR*
    
(9,275
)
        
(620,219
)
                 
(1,447,119
)
Germany—(3.0%)
                    
Beiersdorf AG
    
(7,041
)
        
(739,581
)
Deutsche Bank AG
    
(121,330
)
        
(1,015,668
)
Duerr AG
    
(34,357
)
        
(816,930
)
Fraport AG Frankfurt Airport Services Worldwide
    
(13,794
)
        
(690,125
)
Rational AG
    
(3,009
)
        
(1,618,938
)
                 
(4,881,242
)
Hong Kong—(1.3%)
                    
HK Electric Investments & HK Electric Investments Ltd.
    
(492,500
)
        
(488,519
)
Hong Kong & China Gas Co., Ltd.
    
(428,720
)
        
(723,302
)
MTR Corp., Ltd.
    
(121,500
)
        
(586,298
)
Xinyi Glass Holdings Ltd.
    
(294,000
)
        
(312,355
)
                 
(2,110,474
)
Italy—(0.3%)
                    
DiaSorin SpA
    
(2,568
)
        
(539,671
)
Japan—(4.1%)
                    
Canon, Inc.
    
(24,200
)
        
(496,937
)
Hirose Electric Co. Ltd.
    
(4,600
)
        
(549,932
)
Japan Tobacco, Inc.
    
(33,700
)
        
(668,816
)
Kose Corp.
    
(5,900
)
        
(743,000
)
Mitsubishi Chemical Holdings Corp.
    
(83,500
)
        
(491,846
)
NGK Insulators Ltd.
    
(43,600
)
        
(639,970
)
Nidec Corp.
    
(10,400
)
        
(640,189
)
NTN Corp.
    
(250,800
)
        
(529,489
)
Odakyu Electric Railway Co., Ltd.
    
(26,700
)
        
(668,302
)
Seiko Epson Corp.
    
(36,400
)
        
(412,458
)
Seven Bank Ltd.
    
(140,500
)
        
(401,561
)
UACJ Corp.
    
(24,900
)
        
(462,944
)
                 
(6,705,444
)
Luxembourg—(0.3%)
                    
Eurofins Scientific SE
    
(632
)
        
(429,693
)
Netherlands—(0.4%)
                    
Just Eat Takeaway.com NV*
    
(5,447
)
        
(593,041
)
Norway—(0.3%)
                    
Adevinta ASA*
    
(42,785
)
        
(452,008
)
Singapore—(0.5%)
                    
SATS Ltd.
    
(470,000
)
        
(887,392
)
Spain—(0.2%)
                    
Gestamp Automocion SA
    
(94,971
)
        
(282,457
)
Switzerland—(1.4%)
                    
Komax Holding AG
    
(3,067
)
        
(483,608
)
Logitech International SA
    
(11,239
)
        
(667,775
)
Straumann Holding AG
    
(824
)
        
(672,026
)
Swiss Life Holding AG
    
(1,015
)
        
(359,776
)
                 
(2,183,185
)
United Kingdom—(0.7%)
                    
Amcor PLC
    
(69,547
)
        
(710,075
)
Renishaw PLC
    
(9,803
)
        
(471,036
)
                 
(1,181,111
)
United States—(22.4%)
                    
1Life Healthcare, Inc.*
    
(15,999
)
        
(516,768
)
AAON, Inc.
    
(14,733
)
        
(798,087
)
ABIOMED, Inc.*
    
(2,082
)
        
(466,160
)
Acadia Healthcare Co., Inc.*
    
(14,286
)
        
(408,722
)
Allogene Therapeutics, Inc.*
    
(6,602
)
        
(317,952
)
Appian Corp.*
    
(15,127
)
        
(861,634
)
Bill.com Holdings, Inc.*
    
(9,089
)
        
(632,958
)
Blackline, Inc.*
    
(7,430
)
        
(552,049
)
BOK Financial Corp.
    
(9,987
)
        
(508,738
)
Cal-Maine Foods, Inc.*
    
(13,307
)
        
(592,960
)
Campbell Soup Co.
    
(10,973
)
        
(559,404
)
Carvana Co.*
    
(8,913
)
        
(828,731
)
Casey's General Stores, Inc.
    
(3,865
)
        
(617,356
)
Choice Hotels International, Inc.*
    
(11,347
)
        
(917,178
)
Cincinnati Financial Corp.
    
(7,503
)
        
(442,302
)
Cogent Communications Holdings, Inc.
    
(8,101
)
        
(619,889
)
Cognex Corp.
    
(9,572
)
        
(543,115
)
Compass Minerals International, Inc.
    
(10,239
)
        
(493,315
)
Credit Acceptance Corp.*
    
(1,341
)
        
(495,929
)
Ecolab, Inc.
    
(4,662
)
        
(991,048
)
First Financial Bankshares, Inc.
    
(14,313
)
        
(438,550
)
Glaukos Corp.*
    
(13,043
)
        
(508,416
)
Guidewire Software, Inc.*
    
(5,163
)
        
(529,621
)
Hamilton Lane, Inc., Class A
    
(8,403
)
        
(614,848
)
Hess Corp.
    
(19,071
)
        
(905,300
)
Hormel Foods Corp.
    
(30,498
)
        
(1,489,217
)
HubSpot, Inc.*
    
(3,194
)
        
(638,608
)
International Flavors & Fragrances, Inc.
    
(11,580
)
        
(1,542,340
)
John Bean Technologies Corp.
    
(10,520
)
        
(864,218
)
Lennox International, Inc.
    
(4,000
)
        
(855,360
)
LGI Homes, Inc.*
    
(8,316
)
        
(693,721
)
McCormick & Co., Inc., non-voting shares
    
(5,793
)
        
(1,014,702
)
Middleby Corp., (The)*
    
(14,455
)
        
(984,385
)
Moderna, Inc.*
    
(5,321
)
        
(327,241
)
MongoDB, Inc.*
    
(4,912
)
        
(1,140,124
)
Netflix, Inc.*
    
(1,557
)
        
(653,520
)
Novanta, Inc.*
    
(5,746
)
        
(590,172
)
Power Integrations, Inc.
    
(6,830
)
        
(740,031
)
Q2 Holdings, Inc.*
    
(9,521
)
        
(786,625
)
RLI Corp.
    
(7,952
)
        
(627,890
)
Slack Technologies, Inc., Class A*
    
(18,141
)
        
(635,842
)
Sun Communities, Inc.
    
(4,430
)
        
(607,752
)
Tabula Rasa HealthCare, Inc.*
    
(6,749
)
        
(360,599
)
Tesla, Inc.*
    
(1,113
)
        
(929,355
)
Trade Desk Inc., Class A, (The)*
    
(2,444
)
        
(761,453
)
Trex Co., Inc.*
    
(8,536
)
        
(1,025,344
)
Trustmark Corp.
    
(17,261
)
        
(410,639
)
Twitter, Inc.*
    
(21,551
)
        
(667,434
)
Wayfair, Inc. Class A*
    
(2,588
)
        
(443,971
)
Westamerica Bancorporation
    
(13,609
)
        
(802,659
)
Zillow Group, Inc., Class A*
    
(13,725
)
        
(795,501
)
Zoom Video Communications, Inc.*
    
(3,381
)
        
(606,822
)
                 
(36,156,555
)
TOTAL COMMON STOCKS
                    
(Proceeds $(54,912,718))
                
(60,649,556
)
TOTAL SECURITIES SOLD SHORT—(37.5%)
                    
(Proceeds $(54,912,718))
                
(60,649,556
)
   
NUMBER OF
    
NOTIONAL
        
   
CONTRACTS
    
AMOUNT
        
OPTIONS WRITTEN ƗƗ—(1.0%)
                    
Call Options Written—(1.0%)
                    
Allstate Corp., (The)
                    
Expiration:
                    
10/16/2020,
                    
Exercise Price:
                    
90.00
    
(27
)
  
(264,087)
    
(33,750
)
Allstate Corp., (The)
                    
Expiration:
                    
01/15/2021,
                    
Exercise Price:
                    
105.00
    
(121
)
  
(1,183,501)
    
(78,347
)
Applied Materials, Inc.
                    
Expiration:
                    
10/16/2020,
                    
Exercise Price:
                    
55.00
    
(226
)
  
(1,269,668)
    
(153,680
)
Coca-Cola European Partners PLC
                    
Expiration:
                    
08/21/2020,
                    
Exercise Price:
                    
45.00
    
(125
)
  
(471,250)
    
(11,875
)
Electronic Arts, Inc.
                    
Expiration:
                    
01/15/2021,
                    
Exercise Price:
                    
115.00
    
(53
)
  
(651,264)
    
(92,750
)
Gilead Sciences, Inc.
                    
Expiration:
                    
11/20/2020,
                    
Exercise Price:
                    
80.00
    
(102
)
  
(793,866)
    
(63,240
)
Kansas City Southern
                    
Expiration:
                    
12/18/2020,
                    
Exercise Price:
                    
135.00
    
(54
)
  
(812,808)
    
(140,940
)
Medtronic PLC
                    
Expiration:
                    
08/21/2020,
                    
Exercise Price:
                    
100.00
    
(82
)
  
(808,356)
    
(33,620
)
Microsoft Corp.
                    
Expiration:
                    
09/18/2020,
                    
Exercise Price:
                    
160.00
    
(163
)
  
(2,986,975)
    
(461,290
)
Microsoft Corp.
                    
Expiration:
                    
09/18/2020,
                    
Exercise Price:
                    
180.00
    
(65
)
  
(1,191,125)
    
(91,000
)
Oracle Corp.
                    
Expiration:
                    
09/18/2020,
                    
Exercise Price:
                    
50.00
    
(173
)
  
(930,221)
    
(97,745
)
VMware, Inc.
                    
Expiration:
                    
10/16/2020,
                    
Exercise Price:
                    
125.00
    
(92
)
  
(1,437,684)
    
(316,204
)
TOTAL CALL OPTIONS WRITTEN
                    
(Premiums received $(1,320,330))
                
(1,574,441
)
TOTAL OPTIONS WRITTEN
                    
(Premiums received $(1,320,330))
                
(1,574,441
)
OTHER ASSETS IN EXCESS OF LIABILITIES—38.2%
                
61,730,442
  
NET ASSETS—100.0%
               
$
161,612,096
  

(a)
The rate shown is as of May 31, 2020
        
ADR
American Depositary Receipt
        
PLC
Public Limited Company
        
SP ADR
Sponsored American Depositary Receipt
        
*
Non-income producing.
        
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.
        
           
 
Industry classifications may be different than those used for compliance monitoring purposes.
        
             

 
Contracts For Difference held by the Fund at May 31, 2020, are as follows:
                                 
REFERENCE
COMPANY
  
COUNTERPARTY
  
EXPIRATION DATE
  
FINANCING RATE
  
PAYMENT FREQUENCY
  
NUMBER OF CONTRACTS LONG/(SHORT)
    
NOTIONAL
AMOUNT
    
UNREALIZED
APPRECIATION
(DEPRECIATION)
                                 
Short
                                
Poland
                                
CD Projekt SA
  
Goldman Sachs
  
9/15/2020
  
0.50%
  
Monthly
  
(6,482)
   $
          (653,425)
   $
                    (61,143)
                         
 
    
 
South Korea
                                
Celltrion Inc.
  
Goldman Sachs
  
9/15/2020
  
0.50
  
Monthly
  
(3,360)
    
             (581,778)
    
                         1,900
                         
 
    
 
Thailand
                                
Airports of Thailand PCL
  
Morgan Stanley
  
9/15/2020
  
0.50
  
Monthly
  
(257,900)
    
             (504,065)
    
                      (18,980)
                         
 
    
 
United Kingdom
                                
Antofagasta PLC
  
Goldman Sachs
  
12/31/2021
  
0.68
  
Monthly
  
(59,558)
    
             (650,304)
    
                      (39,159)
Rolls-Royce Holding PLC
  
Goldman Sachs
  
9/15/2020
  
0.68
  
Monthly
  
(61,206)
    
             (208,618)
    
                        (7,917)
                         
             (858,922)
    
                      (47,076)
Total Short
                        
          (2,598,190)
    
                    (125,299)
Net unrealized gain/(loss) on Contracts For Difference
                             $
                  (125,299)
 
                                

 
BOSTON PARTNERS INVESTMENT FUNDS
BOSTON PARTNERS GLOBAL LONG/SHORT FUND
NOTES TO PORTFOLIO OF INVESTMENTS
MAY 31, 2020 (UNAUDITED)
         
PORTFOLIO VALUATION — The Boston Partners Global Long/Short 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, 2020, in valuing the Fund's investments carried at fair value:

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Common Stock
                        
Australia
  
$
787,730
    
$
-
    
$
787,730
    
$
-
  
Austria
    
906,566
      
-
      
906,566
      
-
  
Belgium
    
1,143,590
      
-
      
1,143,590
      
-
  
Bermuda
    
3,066,303
      
3,066,303
      
-
      
-
  
Brazil
    
735,053
      
735,053
      
-
      
-
  
Canada
    
2,899,208
      
2,899,208
      
-
      
-
  
Denmark
    
789,724
      
-
      
789,724
      
-
  
France
    
10,339,914
      
-
      
10,339,914
      
-
  
Germany
    
6,557,654
      
-
      
6,557,654
      
-
  
Greece
    
783,031
      
-
      
783,031
      
-
  
Hong Kong
    
3,108,508
      
-
      
3,108,508
      
-
  
Ireland
    
1,959,609
      
-
      
1,959,609
      
-
  
Italy
    
2,759,973
      
-
      
2,759,973
      
-
  
Japan
    
12,602,245
      
-
      
12,602,245
      
-
  
Netherland
    
1,197,502
      
1,197,502
       -
     
-
  
South Korea
    
5,196,422
      
1,626,843
      
3,569,579
      
-
  
Sweden
    
3,446,907
      
-
      
3,446,907
      
-
  
Switzerland
    
7,174,517
      
-
      
7,174,517
      
-
  
Taiwan
    
1,747,214
      
-
      
1,747,214
      
-
  
United Kingdom
    
8,267,917
      
3,796,763
      
4,471,154
      
-
  
United States
    
84,554,639
      
84,554,639
      
-
      
-
  
Short-Term Investments
    
2,081,425
      
2,081,425
      
-
      
-
  
Contracts For Difference
                                
     Equity Contracts
    
1,900
      
-
      
1,900
      
-
  
Total Assets
  
$
162,107,551
    
$
99,957,736
    
$
62,149,815
    
$
-
  
                                 
   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Securities Sold Short
                                
Australia
  
$
787,730
    
$
-
    
$
787,730
    
$
-
  
Canada
    
(1,647,408
)
  
(1,647,408
)
    
-
      
-
  
China
    
(1,447,119
)
  
(620,219
)
    
(826,900
)
    
-
  
Germany
    
(9,762,484
)
  
(4,881,242
)
    
(4,881,242
)
    
-
  
Hong Kong
    
(2,110,474
)
  
-
      
(2,110,474
)
    
-
  
Italy
    
(539,671
)
  
-
      
(539,671
)
    
-
  
Japan
    
(6,705,444
)
  
-
      
(6,705,444
)
    
-
  
Luxembourg
    
(429,693
)
  
-
      
(429,693
)
    
-
  
Netherlands
    
(593,041
)
  
-
      
(593,041
)
    
-
  
Norway
    
(452,008
)
  
-
      
(452,008
)
    
-
  
Singapore
    
(887,392
)
  
-
      
(887,392
)
    
-
  
Spain
    
(282,457
)
  
-
      
(282,457
)
    
-
  
Switzerland
    
(2,183,185
)
  
-
      
(2,183,185
)
    
-
  
United Kingdom
    
(1,181,111
)
  
(710,075
)
    
(471,036
)
    
-
  
United States
    
(36,156,555
)
  
(36,156,555
)
    
-
      
-
  
Options Written
          
                   
     Equity Contracts
    
(1,574,441
)
  
(1,450,469
)
    
(123,972
)
    
-
  
Contracts For Difference
          
                   
     Equity Contracts
    
(127,199
)
  
-
      
(127,199
)
    
-
  
Total Liabilities
  
$
(65,291,952
)
  
$
(45,465,968
)
  
$
(19,825,984
)
  
$
-
  
                                 
                                 

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.

During the current fiscal year, the Fund had no significant level 3 investments or 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.