NPORT-EX 2 globalls.htm NPORT-EX


BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS GLOBAL LONG/SHORT FUND
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2020 (UNAUDITED)
  
   
   
NUMBER OF
          
   
SHARES
      
VALUE
  
LONG POSITIONS—98.6%
              
COMMON STOCKS—95.5%
              
Austria—1.2%
              
ams AG*
    
21,451
      
$
549,834
  
Andritz AG
    
22,227
        
937,764
  
               
1,487,598
  
Bermuda—1.8%
                  
Everest Re Group Ltd.†
    
9,972
        
2,266,935
  
Brazil—2.0%
                  
JBS SA
    
212,100
        
916,511
  
Petroleo Brasileiro SA - SP ADR
    
120,939
        
1,157,386
  
Vasta Platform Ltd.*
    
25,658
        
354,080
  
               
2,427,977
  
Canada—2.9%
                  
Air Canada*
    
27,603
        
524,982
  
Bausch Health Cos., Inc.*
    
27,566
        
511,901
  
Kinross Gold Corp.
    
169,238
        
1,205,399
  
Lundin Mining Corp.
    
95,742
        
765,228
  
West Fraser Timber Co., Ltd.
    
10,641
        
589,200
  
               
3,596,710
  
China—0.9%
                  
Alibaba Group Holding Ltd.*
    
32,360
        
1,063,082
  
France—9.2%
                  
Accor SA*
    
21,708
        
745,375
  
BNP Paribas SA*
    
54,066
        
2,752,019
  
Capgemini SA
    
10,910
        
1,517,860
  
Cie de Saint-Gobain*
    
39,345
        
1,863,840
  
Eiffage SA*
    
13,707
        
1,340,096
  
Peugeot SA*
    
75,123
        
1,762,480
  
Sanofi
    
14,006
        
1,411,786
  
               
11,393,456
  
Germany—6.1%
                  
Continental AG
    
12,403
        
1,678,753
  
Deutsche Post AG
    
39,276
        
1,894,602
  
Deutsche Telekom AG
    
76,508
        
1,381,241
  
HeidelbergCement AG
    
18,088
        
1,279,644
  
Rheinmetall AG
    
9,027
        
801,498
  
Siemens AG
    
3,193
        
426,184
  
               
7,461,922
  
Hong Kong—1.5%
                  
Topsports International Holdings Ltd.
    
552,000
        
819,489
  
WH Group Ltd.
    
1,205,500
        
982,087
  
               
1,801,576
  
Hungary—0.5%
                  
OTP Bank PLC*
    
16,249
        
646,697
  
Italy—1.2%
                  
Enel SpA
    
65,583
        
657,981
  
Leonardo SpA
    
112,605
        
817,422
  
               
1,475,403
  
Japan—10.3%
                  
Fuji Corp.
    
30,300
        
732,072
  
Fuji Electric Co., Ltd.
    
18,100
        
640,868
  
Hitachi Ltd.
    
55,600
        
2,110,230
  
Honda Motor Co., Ltd.
    
64,400
        
1,791,733
  
Kyudenko Corp.
    
17,100
        
487,985
  
Mitsubishi Gas Chemical Co., Inc.
    
15,200
        
321,723
  
Sony Corp.
    
42,700
        
3,979,020
  
Sumitomo Mitsui Financial Group, Inc.
    
24,000
        
690,062
  
Taiyo Yuden Co., Ltd.
    
30,900
        
1,399,280
  
TS Tech Co., Ltd.
    
19,200
        
561,587
  
               
12,714,560
  
Macao—0.6%
                  
Wynn Macau Ltd.
    
396,800
        
676,197
  
Netherlands—0.5%
                  
NXP Semiconductors NV
    
4,095
        
648,730
  
Norway—0.5%
                  
Crayon Group Holding ASA*
    
48,562
        
611,648
  
South Korea—5.5%
                  
Hana Financial Group, Inc.
    
27,018
        
821,178
  
KB Financial Group, Inc.
    
23,680
        
978,935
  
KT Corp. - SP ADR†
    
83,146
        
899,640
  
Posco
    
4,922
        
1,043,443
  
Samsung Electronics Co., Ltd.
    
40,632
        
2,449,327
  
SK Hynix, Inc.
    
7,046
        
620,882
  
               
6,813,405
  
Sweden—2.4%
                  
Volvo AB*
    
132,285
        
3,013,006
  
Switzerland—4.5%
                  
Glencore PLC
    
432,069
        
1,218,117
  
Novartis AG
    
11,270
        
1,020,336
  
STMicroelectronics NV
    
58,929
        
2,321,463
  
UBS Group AG*
    
71,207
        
1,010,008
  
               
5,569,924
  
Taiwan—0.7%
                  
Simplo Technology Co., Ltd.
    
73,000
        
848,778
  
               
848,778
  
United Kingdom—6.0%
                  
DS Smith PLC
    
140,613
        
615,418
  
Kingfisher PLC
    
225,510
        
818,972
  
Melrose Industries PLC
    
626,728
        
1,254,048
  
Nomad Foods Ltd.*
    
15,645
        
377,827
  
Persimmon PLC
    
19,244
        
675,318
  
Rio Tinto PLC
    
10,323
        
673,880
  
Tesco PLC
    
680,959
        
2,049,643
  
WH Smith PLC
    
48,326
        
907,132
  
               
7,372,238
  
United States—37.2%
                  
Activision Blizzard, Inc.†
    
7,076
        
562,400
  
Allison Transmission Holdings, Inc.
    
17,447
        
716,199
  
Allstate Corp., (The)†#
    
2,546
        
260,583
  
Alphabet, Inc., Class C*†
    
801
        
1,410,353
  
American International Group, Inc.
    
17,562
        
675,083
  
Anthem, Inc.
    
3,017
        
939,856
  
Applied Materials, Inc.†
    
18,786
        
1,549,469
  
AutoZone, Inc.*
    
1,378
        
1,567,682
  
Bank of America Corp.
    
24,482
        
689,413
  
CF Industries Holdings, Inc.
    
24,144
        
900,571
  
Change Healthcare, Inc.*
    
11,541
        
197,697
  
Cigna Corp.†
    
5,022
        
1,050,301
  
Citigroup, Inc.†
    
44,039
        
2,425,228
  
Corteva, Inc.†
    
21,890
        
838,825
  
CVS Health Corp.†
    
17,890
        
1,212,763
  
Diamondback Energy, Inc.
    
36,809
        
1,470,888
  
Dick's Sporting Goods, Inc.
    
21,766
        
1,236,526
  
DuPont de Nemours, Inc.
    
33,399
        
2,118,833
  
Eagle Materials, Inc.*
    
12,160
        
1,106,438
  
eBay, Inc.
    
14,683
        
740,464
  
Goldman Sachs Group Inc., (The)
    
3,672
        
846,690
  
Graphic Packaging Holding Co.†
    
38,884
        
595,703
  
JPMorgan Chase & Co.†
    
9,914
        
1,168,662
  
KeyCorp†#
    
78,400
        
1,212,064
  
Lennar Corp., Class A
    
8,554
        
648,906
  
Marathon Petroleum Corp.†
    
29,227
        
1,136,346
  
MasTec, Inc.*
    
13,189
        
747,948
  
McKesson Corp.
    
7,250
        
1,304,348
  
Micron Technology, Inc.*
    
16,137
        
1,034,220
  
Microsoft Corp.†
    
5,568
        
1,191,942
  
Oracle Corp.†#
    
19,179
        
1,107,012
  
Owens Corning†
    
14,945
        
1,089,042
  
Parsley Energy, Inc., Class A
    
91,479
        
1,146,232
  
Pfizer, Inc.†
    
44,735
        
1,713,798
  
Rackspace Technology, Inc.*†
    
41,709
        
749,094
  
Science Applications International Corp.
    
12,234
        
1,132,134
  
SYNNEX Corp.*
    
10,171
        
1,630,513
  
Viatris, Inc.*
    
5,550
        
93,351
  
Viper Energy Partners LP†
    
66,354
        
743,165
  
Virtu Financial, Inc., Class A†#
    
39,000
        
888,810
  
Vistra Energy Corp.†
    
113,333
        
2,117,060
  
VMware, Inc., Class A*
    
5,082
        
710,921
  
WestRock Co.
    
28,193
        
1,190,027
  
               
45,867,560
  
TOTAL COMMON STOCKS
                  
(Cost $96,271,589)
              
117,757,402
  
PREFERRED STOCKS—0.5%
                  
Germany—0.5%
                  
Schaeffler AG 6.923%
    
79,089
        
590,576
  
TOTAL PREFERRED STOCKS
                  
(Cost $614,555)
              
590,576
  
SHORT-TERM INVESTMENTS—2.6%
                  
U.S. Bank Money Market Deposit Account, 0.03%(a)
    
3,187,229
        
3,187,229
  
TOTAL SHORT-TERM INVESTMENTS
                  
(Cost $3,187,229)
              
3,187,229
  
TOTAL INVESTMENTS—98.6%
                  
(Cost $100,073,373)
              
121,535,207
  
SECURITIES SOLD SHORT—(27.1%)
                  
COMMON STOCKS—(27.1%)
                  
Australia—(1.1%)
                  
Afterpay Ltd.*
    
(3,687
)
      
(256,893
)
Commonwealth Bank of Australia
    
(6,947
)
      
(402,861
)
Technology One Ltd.
    
(49,290
)
      
(331,675
)
WiseTech Global Ltd.
    
(15,287
)
      
(345,593
)
               
(1,337,022
)
Canada—(0.3%)
                  
Agnico Eagle Mines Ltd.
    
(6,552
)
      
(431,580
)
China—(0.8%)
                  
GSX Techedu, Inc. - ADR*
    
(6,982
)
      
(448,873
)
Microport Scientific Corp.
    
(56,000
)
      
(240,568
)
Pinduoduo, Inc. - ADR*
    
(2,441
)
      
(338,835
)
               
(1,028,276
)
France—(0.4%)
                  
Remy Cointreau SA
    
(3,078
)
      
(548,199
)
Germany—(1.3%)
                  
Beiersdorf AG
    
(5,625
)
      
(629,850
)
Deutsche Bank AG*
    
(37,263
)
      
(413,109
)
Rational AG
    
(694
)
      
(616,738
)
               
(1,659,697
)
Japan—(5.2%)
                  
Canon, Inc.
    
(13,300
)
      
(235,602
)
Dentsu Group, Inc.
    
(15,500
)
      
(501,063
)
Hirose Electric Co., Ltd.
    
(1,900
)
      
(268,014
)
Japan Tobacco, Inc.
    
(27,100
)
      
(548,563
)
Kao Corp.
    
(4,400
)
      
(329,802
)
Kawasaki Heavy Industries Ltd.
    
(16,000
)
      
(231,003
)
Keio Corp.
    
(8,500
)
      
(602,833
)
Mani, Inc.
    
(11,300
)
      
(276,706
)
Mitsubishi Chemical Holdings Corp.
    
(99,200
)
      
(546,131
)
Nidec Corp.
    
(2,200
)
      
(279,021
)
NTN Corp.
    
(157,200
)
      
(327,237
)
Odakyu Electric Railway Co., Ltd.
    
(20,300
)
      
(614,512
)
PeptiDream, Inc.*
    
(5,000
)
      
(254,235
)
Rakuten, Inc.
    
(28,500
)
      
(318,524
)
Sanrio Co., Ltd.
    
(32,300
)
      
(484,807
)
Seiko Epson Corp.
    
(37,600
)
      
(560,282
)
               
(6,378,335
)
Sweden—(0.5%)
                  
Essity AB
    
(18,977
)
      
(603,071
)
Switzerland—(0.4%)
                  
Stadler Rail AG
    
(9,788
)
      
(440,482
)
United Kingdom—(0.9%)
                  
Amcor PLC
    
(27,813
)
      
(315,121
)
GW Pharmaceuticals PLC - ADR*
    
(3,068
)
      
(429,766
)
Renishaw PLC
    
(4,087
)
      
(303,423
)
               
(1,048,310
)
United States—(16.2%)
                  
Alteryx, Inc., Class A*
    
(2,597
)
      
(311,224
)
American Well Corp., Class A*
    
(9,845
)
      
(261,286
)
Appfolio, Inc., Class A*
    
(1,998
)
      
(325,534
)
Appian Corp.*
    
(6,406
)
      
(896,840
)
Beyond Meat, Inc.*
    
(3,806
)
      
(532,459
)
Blackline, Inc.*
    
(3,816
)
      
(468,986
)
Cal-Maine Foods, Inc.*
    
(10,629
)
      
(415,913
)
Carvana Co.*
    
(1,948
)
      
(487,409
)
Casey's General Stores, Inc.
    
(3,091
)
      
(561,573
)
Chipotle Mexican Grill, Inc.*
    
(229
)
      
(295,279
)
Choice Hotels International, Inc.*
    
(3,083
)
      
(307,221
)
Cincinnati Financial Corp.
    
(10,476
)
      
(799,843
)
Cognex Corp.
    
(3,440
)
      
(258,482
)
Compass Minerals International, Inc.
    
(8,180
)
      
(510,923
)
Cree, Inc.*
    
(8,452
)
      
(763,976
)
CVB Financial Corp.
    
(16,688
)
      
(316,905
)
Delek US Holdings, Inc.*
    
(21,924
)
      
(291,370
)
Dun & Bradstreet Holdings, Inc.*
    
(19,470
)
      
(521,991
)
Ecolab, Inc.
    
(2,707
)
      
(601,360
)
First Financial Bankshares, Inc.
    
(18,630
)
      
(622,615
)
Floor & Decor Holdings, Inc., Class A*
    
(6,035
)
      
(483,343
)
Glaukos Corp.*
    
(6,647
)
      
(448,540
)
GoodRx Holdings, Inc., Class A*
    
(5,967
)
      
(224,956
)
Hormel Foods Corp.
    
(13,112
)
      
(618,624
)
International Flavors & Fragrances, Inc.
    
(5,132
)
      
(575,297
)
Lennox International, Inc.
    
(1,737
)
      
(499,961
)
LGI Homes, Inc.*
    
(2,612
)
      
(282,227
)
Middleby Corp., (The)*
    
(4,250
)
      
(577,957
)
Moderna, Inc.*
    
(4,251
)
      
(649,298
)
MongoDB, Inc.*
    
(1,122
)
      
(322,362
)
Netflix, Inc.*
    
(1,249
)
      
(612,884
)
Novanta, Inc.*
    
(3,101
)
      
(372,058
)
Proto Labs, Inc.*
    
(2,037
)
      
(281,432
)
Q2 Holdings, Inc.*
    
(3,767
)
      
(427,065
)
Quaker Chemical Corp.
    
(1,274
)
      
(314,678
)
RLI Corp.
    
(6,353
)
      
(608,173
)
Slack Technologies, Inc., Class A*
    
(16,535
)
      
(709,021
)
Stitch Fix, Inc., Class A*
    
(11,919
)
      
(482,719
)
Tesla, Inc.*
    
(801
)
      
(454,648
)
Twitter, Inc.*
    
(15,591
)
      
(725,137
)
Westamerica Bancorporation
    
(7,683
)
      
(423,487
)
Zillow Group, Inc., Class A*
    
(2,646
)
      
(291,986
)
               
(19,937,042
)
TOTAL COMMON STOCKS
                  
(Proceeds $(27,700,936))
              
(33,412,014
)
TOTAL SECURITIES SOLD SHORT—(27.1%)
                  
(Proceeds $(27,700,936))
              
(33,412,014
)
   
NUMBER OF
  
NOTIONAL
        
   
CONTRACTS
  
AMOUNT
        
OPTIONS WRITTEN††—(0.2%)
                  
Call Options Written—(0.2%)
                  
Allstate Corp., (The)
                  
Expiration:
                  
01/15/2021,
                  
Exercise Price:
                  
105.00
    
(25
)
(255,875)
    
(5,875
)
KeyCorp
                  
Expiration:
                  
06/18/2021,
                  
Exercise Price:
                  
15.00
    
(784
)
(1,212,064)
    
(154,840
)
Oracle Corp.
                  
Expiration:
                  
06/18/2021,
                  
Exercise Price:
                  
60.00
    
(167
)
(963,924)
    
(58,450
)
Virtu Financial, Inc.
                  
Expiration:
                  
03/19/2021,
                  
Exercise Price:
                  
25.00
    
(390
)
(888,810)
    
(33,930
)
TOTAL CALL OPTIONS WRITTEN
                  
(Premiums received $(304,369))
              
(253,095
)
TOTAL OPTIONS WRITTEN
                  
(Premiums received $(304,369))
              
(253,095
)
OTHER ASSETS IN EXCESS OF LIABILITIES—28.7%
              
35,389,448
  
NET ASSETS—100.0%
             
$
123,259,546
  

ADR
American Depositary Receipt
          
PLC
Public Limited Company
          
SP ADR
Sponsored American Depositary Receipt
          
*
Non-income producing.
          
(a)
The rate shown is as of November 30, 2020.
          
†
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.
          
††
Primary risk exposure is equity contracts.
          

 
Contracts For Difference held by the Fund at November 30, 2020, are as follows:
                            
                                 
REFERENCE
COMPANY
  
COUNTERPARTY
  
EXPIRATION DATE
  
FINANCING RATE
  
PAYMENT FREQUENCY
  
NUMBER OF CONTRACTS LONG/(SHORT)
    
NOTIONAL
AMOUNT
    
UNREALIZED
APPRECIATION
(DEPRECIATION)
Long
                                
United Kingdom
                                
GVC LN
  
Goldman Sachs
  
9/18/2025
  
0.04%
  
Monthly
  
                                76,201
   $
 1,051,942
   $
 62,717
Total Long
                        
                          1,051,942
    
                                       62,717
                                 
Short
                                
South Korea
                                
Celltrion Inc.
  
Goldman Sachs
  
9/18/2025
  
0.08
  
Monthly
  
                                    (726)
   $
(223,072)
   $
(35,478)
                                 
Taiwan
                                
Advantech Co. Ltd.
  
Morgan Stanley
  
9/22/2022
  
0.08
  
Monthly
  
                              (33,000)
    
                           (355,443)
    
                                         1,678
Formosa Petrochemical Corp.
  
Macquarie
  
12/23/2021
  
0.08
  
Monthly
  
                            (224,000)
    
                           (711,236)
    
                                       15,693
Hiwin Technologies Corp.
  
Morgan Stanley
  
9/22/2022
  
0.08
  
Monthly
  
                              (38,000)
    
                           (407,298)
    
                                     (11,565)
                         
                       (1,473,977)
    
                                         5,806
Thailand
                                
Airports of Thailand
  
Morgan Stanley
  
9/22/2022
  
0.08
  
Monthly
  
                            (177,300)
    
                           (375,114)
    
                                       12,735
                                 
United Kingdom
                                
Antofagasta PLC
  
Goldman Sachs
  
9/18/2025
  
0.05
  
Monthly
  
                              (22,728)
    
                           (379,810)
    
                                     (44,570)
Pearson PLC
  
Goldman Sachs
  
9/18/2025
  
0.05
  
Monthly
  
                              (74,718)
    
                           (644,481)
    
                                     (26,151)
Rolls-Royce Holding PLC
  
Goldman Sachs
  
9/18/2025
  
0.05
  
Monthly
  
                            (534,978)
    
                           (753,862)
    
                                     (21,459)
Schroders PLC
  
Goldman Sachs
  
9/18/2025
  
0.05
  
Monthly
  
                                (8,434)
    
                           (361,939)
    
                                     (20,943)
                         
                       (2,140,092)
    
                                  (113,123)
Total Short
                        
                       (4,212,255)
    
                                  (130,060)
Net unrealized gain/(loss) on Contracts For Difference
                        
                       (3,160,313)
   $
 (67,343)

 
BOSTON PARTNERS INVESTMENT FUNDS
BOSTON PARTNERS GLOBAL LONG/SHORT FUND
NOTES TO PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 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 November 30, 2020, in valuing the Fund's investments carried at fair value:

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Common Stock
                        
Austria
    
1,487,598
      
-
      
1,487,598
      
-
  
Bermuda
    
2,266,935
      
2,266,935
      
-
      
-
  
Brazil
    
2,427,977
      
2,427,977
      
-
      
-
  
Canada
    
3,596,710
      
3,596,710
      
-
      
-
  
China
    
1,063,082
      
-
      
1,063,082
      
-
  
France
    
11,393,456
      
-
      
11,393,456
      
-
  
Germany
    
7,461,922
      
-
      
7,461,922
      
-
  
Hong Kong
    
1,801,576
      
-
      
1,801,576
      
-
  
Hungary
    
646,697
      
-
      
646,697
      
-
  
Italy
    
1,475,403
      
-
      
1,475,403
      
-
  
Japan
    
12,714,560
      
-
      
12,714,560
      
-
  
Macao
    
676,197
      
-
      
676,197
      
-
  
Netherlands
    
648,730
      
648,730
      
-
      
-
  
Norway
    
611,648
      
-
      
611,648
      
-
  
South Korea
    
6,813,405
      
899,640
      
5,913,765
      
-
  
Sweden
    
3,013,006
      
-
      
3,013,006
      
-
  
Switzerland
    
5,569,924
      
-
      
5,569,924
      
-
  
Taiwan
    
848,778
      
-
      
848,778
      
-
  
United Kingdom
    
7,372,238
      
377,827
      
6,994,411
      
-
  
United States
    
45,867,560
      
45,867,560
      
-
      
-
  
Preferred Stock
                                
Germany
    
590,576
      
590,576
      
-
      
-
  
Short-Term Investments
    
3,187,229
      
3,187,229
      
-
      
-
  
Contracts For Difference
                                
     Equity Contracts
    
92,822
      
92,822
      
-
      
-
  
Total Assets
  
$
121,628,029
    
$
59,956,006
    
$
61,672,023
    
$
-
  
                                 
   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Securities Sold Short
                                
Australia
  
$
(1,337,022
)
  
$
-
    
$
(1,337,022
)
  
$
-
  
Canada
    
(431,580
)
    
(431,580
)
    
-
      
-
  
China
    
(1,028,276
)
    
(787,708
)
    
(240,568
)
    
-
  
France
    
(548,199
)
    
-
      
(548,199
)
    
-
  
Germany
    
(1,659,697
)
    
(616,738
)
    
(1,042,959
)
    
-
  
Japan
    
(6,378,335
)
    
-
      
(6,378,335
)
    
-
  
Sweden
    
(603,071
)
    
-
      
(603,071
)
    
-
  
Switzerland
    
(440,482
)
    
-
      
(440,482
)
    
-
  
United Kingdom
    
(1,048,310
)
    
(744,887
)
    
(303,423
)
    
-
  
United States
    
(19,937,042
)
    
(19,937,042
)
            
-
  
Options Written
                                
     Equity Contracts
    
(253,095
)
    
(98,255
)
    
(154,840
)
    
-
  
Contracts For Difference
                                
     Equity Contracts
    
(160,165
)
    
(160,165
)
    
-
      
-
  
Total Liabilities
  
$
(33,825,274
)
  
$
(22,776,375
)
  
$
(11,048,899
)
  
$
-
  

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.

For the period ended November 30, 2020, the Fund had no significant Level 3 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.