NPORT-EX 2 global_long-short.htm NPORT-EX

BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS GLOBAL LONG/SHORT FUND
  
PORTFOLIO OF INVESTMENTS
  
MAY 31, 2021 (UNAUDITED)
  
   
   
NUMBER OF
          
   
SHARES
      
VALUE
  
LONG POSITIONS—99.1%
              
COMMON STOCKS—94.9%
              
Austria—0.5%
              
ams AG*
    
26,893
      
$
528,723
  
Bermuda—2.0%
                  
Everest Re Group Ltd.†
    
8,651
        
2,248,914
  
Canada—2.8%
                  
Cenovus Energy, Inc.
    
151,827
        
1,232,915
  
Enerplus Corp.
    
51,393
        
336,082
  
Kinross Gold Corp.
    
122,553
        
993,166
  
West Fraser Timber Co., Ltd.
    
8,074
        
621,298
  
               
3,183,461
  
China—1.2%
                  
Alibaba Group Holding Ltd.*
    
27,960
        
747,804
  
Angang Steel Co., Ltd., Class H
    
1,014,000
        
668,435
  
               
1,416,239
  
Finland—2.0%
                  
Metso Outotec Oyj
    
95,038
        
1,126,534
  
Nordea Bank Abp
    
103,749
        
1,127,077
  
               
2,253,611
  
France—7.9%
                  
Airbus Group SE*
    
7,045
        
925,618
  
Cie de Saint-Gobain
    
19,575
        
1,314,012
  
Eiffage SA
    
11,890
        
1,311,947
  
Imerys SA
    
20,626
        
1,077,176
  
Klepierre SA
    
33,732
        
979,654
  
Sanofi
    
21,253
        
2,273,934
  
Vilmorin & Cie SA
    
16,129
        
1,144,205
  
               
9,026,546
  
Germany—3.5%
                  
Deutsche Post AG
    
10,913
        
741,280
  
Deutsche Telekom AG
    
77,533
        
1,613,633
  
HeidelbergCement AG
    
8,144
        
744,352
  
Siemens AG
    
5,549
        
910,802
  
               
4,010,067
  
Hong Kong—1.2%
                  
Topsports International Holdings Ltd.
    
314,000
        
485,984
  
WH Group Ltd.
    
1,045,000
        
901,198
  
               
1,387,182
  
Italy—0.8%
                  
Enel SpA
    
96,017
        
952,232
  
Japan—11.3%
                  
Fuji Corp.
    
30,500
        
770,388
  
Hitachi Ltd.
    
14,100
        
742,917
  
Honda Motor Co., Ltd.
    
55,800
        
1,743,839
  
Komatsu Ltd.
    
51,900
        
1,564,547
  
Mitsubishi Gas Chemical Co., Inc.
    
36,500
        
857,723
  
Resona Holdings, Inc.
    
204,200
        
878,435
  
Sony Group Corp.
    
14,200
        
1,412,000
  
Sumitomo Heavy Industries Ltd.
    
33,000
        
1,036,506
  
Sumitomo Mitsui Financial Group, Inc.
    
43,000
        
1,572,107
  
Tosoh Corp.
    
17,200
        
305,823
  
TS Tech Co., Ltd.
    
32,600
        
463,359
  
Yamaha Motor Co., Ltd.
    
54,600
        
1,602,823
  
               
12,950,467
  
Macao—0.5%
                  
Wynn Macau Ltd.*
    
343,600
        
595,065
  
Netherlands—2.9%
                  
ING Groep NV
    
77,759
        
1,088,092
  
NXP Semiconductors NV
    
3,554
        
751,387
  
Stellantis NV
    
73,440
        
1,436,781
  
               
3,276,260
  
Norway—0.9%
                  
Norsk Hydro ASA
    
154,746
        
1,002,578
  
South Korea—6.7%
                  
Hana Financial Group, Inc.
    
23,433
        
956,587
  
KB Financial Group, Inc.
    
20,541
        
1,052,434
  
KT Corp. - SP ADR†
    
52,002
        
785,750
  
POSCO
    
1,358
        
434,340
  
Samsung Electronics Co., Ltd.
    
24,853
        
1,783,954
  
SK Hynix, Inc.
    
5,431
        
608,930
  
SK Telecom Co., Ltd.
    
7,250
        
2,068,030
  
               
7,690,025
  
Spain—0.6%
                  
Applus Services SA
    
69,020
        
720,200
  
Sweden—2.7%
                  
Svenska Handelsbanken AB, Class A
    
48,448
        
553,968
  
Volvo AB, Class B
    
94,405
        
2,488,056
  
               
3,042,024
  
Switzerland—5.2%
                  
Glencore PLC*
    
399,941
        
1,819,343
  
Novartis AG
    
12,953
        
1,144,277
  
Roche Holding AG
    
1,650
        
577,585
  
STMicroelectronics NV
    
36,691
        
1,369,109
  
UBS Group AG
    
61,756
        
1,006,391
  
               
5,916,705
  
Taiwan—0.5%
                  
Wiwynn Corp.
    
17,000
        
556,595
  
United Kingdom—4.0%
                  
Coca-Cola Europacific Partners PLC
    
16,287
        
985,689
  
IMI PLC
    
43,851
        
1,032,571
  
Melrose Industries PLC
    
450,623
        
1,101,393
  
Tesco PLC
    
479,668
        
1,518,269
  
               
4,637,922
  
United States—37.7%
                  
AbbVie, Inc.†
    
10,550
        
1,194,260
  
Allison Transmission Holdings, Inc.†
    
15,135
        
640,362
  
Alphabet, Inc., Class C*†
    
698
        
1,683,269
  
Anthem, Inc.
    
2,621
        
1,043,735
  
Applied Materials, Inc.†
    
10,275
        
1,419,286
  
AutoZone, Inc.*
    
770
        
1,083,082
  
Bank of America Corp.†
    
21,233
        
900,067
  
Carter's, Inc.†
    
13,756
        
1,406,413
  
Centene Corp.*†
    
13,308
        
979,469
  
CF Industries Holdings, Inc.†
    
12,529
        
666,167
  
Cisco Systems, Inc.†
    
28,687
        
1,517,542
  
Citigroup, Inc.†
    
14,598
        
1,149,009
  
Concentrix Corp.*†
    
8,824
        
1,347,601
  
CVS Health Corp.†
    
15,516
        
1,341,203
  
Diamondback Energy, Inc.†
    
19,074
        
1,527,255
  
DuPont de Nemours, Inc.#
    
18,074
        
1,528,880
  
Envista Holdings Corp.*†
    
38,365
        
1,674,249
  
Facebook, Inc., Class A*†
    
3,664
        
1,204,467
  
FMC Corp.†
    
12,308
        
1,436,220
  
HollyFrontier Corp.†
    
30,400
        
987,088
  
JPMorgan Chase & Co.†#
    
7,121
        
1,169,553
  
KeyCorp†#
    
62,355
        
1,436,659
  
KLA Corp.
    
2,968
        
940,529
  
Lennar Corp., Class A†
    
7,421
        
734,753
  
Marathon Petroleum Corp.†
    
19,754
        
1,220,797
  
McKesson Corp.†
    
6,292
        
1,210,518
  
Micron Technology, Inc.*†
    
13,997
        
1,177,708
  
Microsoft Corp.†
    
3,750
        
936,300
  
Oracle Corp.†#
    
17,708
        
1,394,328
  
Science Applications International Corp.†
    
7,849
        
705,311
  
Sensata Technologies Holding PLC*
    
29,125
        
1,730,899
  
Stride, Inc.*†
    
18,712
        
502,978
  
Tronox Holdings PLC, Class A
    
42,220
        
991,326
  
Vertiv Holdings Co.†
    
37,188
        
923,006
  
Viper Energy Partners LP†
    
43,075
        
776,642
  
Virtu Financial, Inc., Class A†#
    
21,362
        
650,473
  
Wells Fargo & Co.†
    
41,318
        
1,930,377
  
               
43,161,781
  
TOTAL COMMON STOCKS
                  
(Cost $82,346,867)
              
108,556,597
  
PREFERRED STOCKS—1.7%
                  
Germany—1.7%
                  
Volkswagen AG 3.779%
    
6,976
        
1,920,489
  
TOTAL PREFERRED STOCKS
                  
(Cost $1,423,380)
              
1,920,489
  
                   
                   
SHORT-TERM INVESTMENTS—2.5%
                  
U.S. Bank Money Market Deposit Account, 0.01%(a)
    
2,877,863
        
2,877,863
  
TOTAL SHORT-TERM INVESTMENTS
                  
(Cost $2,877,863)
              
2,877,863
  
TOTAL INVESTMENTS—99.1%
                  
(Cost $86,648,110)
              
113,354,949
  
SECURITIES SOLD SHORT—(39.8%)
                  
COMMON STOCKS—(39.8%)
                  
Australia—(2.5%)
                  
Afterpay Ltd.*
    
(9,599
)
      
(693,248
)
Altium Ltd.
    
(26,128
)
      
(567,903
)
Commonwealth Bank of Australia
    
(9,445
)
      
(733,791
)
Technology One Ltd.
    
(40,008
)
      
(283,361
)
WiseTech Global Ltd.
    
(29,026
)
      
(620,465
)
               
(2,898,768
)
Canada—(0.6%)
                  
Cargojet, Inc.
    
(2,327
)
      
(344,875
)
Franco-Nevada Corp.
    
(2,023
)
      
(302,617
)
               
(647,492
)
China—(0.4%)
                  
Pinduoduo, Inc. - ADR*
    
(4,099
)
      
(511,883
)
Denmark—(0.4%)
                  
Ambu A/S, Class B
    
(12,338
)
      
(470,934
)
France—(0.4%)
                  
Remy Cointreau SA
    
(1,948
)
      
(406,284
)
Germany—(0.5%)
                  
Zalando SE*
    
(5,647
)
      
(603,169
)
Japan—(6.5%)
                  
Hirose Electric Co., Ltd.
    
(4,700
)
      
(672,228
)
Japan Tobacco, Inc.
    
(36,200
)
      
(719,123
)
Keio Corp.
    
(7,400
)
      
(469,889
)
Kikkoman Corp.
    
(8,500
)
      
(561,081
)
Kose Corp.
    
(1,800
)
      
(287,202
)
Mercari, Inc.*
    
(13,700
)
      
(649,487
)
Miura Co., Ltd.
    
(11,100
)
      
(507,192
)
MonotaRO Co., Ltd.
    
(17,300
)
      
(403,056
)
Nidec Corp.
    
(6,100
)
      
(699,474
)
Nomura Holdings, Inc.
    
(84,200
)
      
(461,829
)
Odakyu Electric Railway Co., Ltd.*
    
(16,000
)
      
(420,594
)
PeptiDream, Inc.*
    
(5,700
)
      
(263,012
)
SoftBank Group Corp.
    
(13,600
)
      
(1,035,950
)
Yamazaki Baking Co., Ltd.
    
(17,600
)
      
(265,638
)
               
(7,415,755
)
Luxembourg—(0.5%)
                  
Spotify Technology SA*
    
(2,128
)
      
(514,061
)
New Zealand—(0.3%)
                  
Xero Ltd.*
    
(3,743
)
      
(375,811
)
Norway—(0.4%)
                  
Yara International ASA
    
(8,627
)
      
(460,200
)
Sweden—(2.0%)
                  
Epiroc AB, Class A
    
(20,867
)
      
(475,992
)
Essity AB, Class B
    
(22,487
)
      
(778,322
)
Nibe Industrier AB, Class B
    
(42,724
)
      
(449,675
)
Telia Co., AB
    
(120,371
)
      
(534,244
)
               
(2,238,233
)
Switzerland—(2.5%)
                  
ABB Ltd.
    
(19,150
)
      
(652,612
)
Belimo Holding AG
    
(1,124
)
      
(477,966
)
Credit Suisse Group AG
    
(63,845
)
      
(697,615
)
Kuehne + Nagel International AG
    
(1,693
)
      
(571,563
)
Stadler Rail AG
    
(9,984
)
      
(484,540
)
               
(2,884,296
)
United Kingdom—(0.8%)
                  
Amcor PLC
    
(45,997
)
      
(542,765
)
Renishaw PLC
    
(5,083
)
      
(398,463
)
               
(941,228
)
United States—(22.0%)
                  
3D Systems Corp.*
    
(16,665
)
      
(490,118
)
Appfolio, Inc., Class A*
    
(4,898
)
      
(660,691
)
Appian Corp.*
    
(4,122
)
      
(372,959
)
Beyond Meat, Inc.*
    
(3,169
)
      
(460,836
)
Blackline, Inc.*
    
(5,619
)
      
(584,207
)
Calix, Inc.*
    
(11,992
)
      
(531,365
)
Cal-Maine Foods, Inc.
    
(15,521
)
      
(541,838
)
CarMax, Inc.*
    
(3,252
)
      
(374,598
)
Carvana Co.*
    
(2,286
)
      
(605,996
)
Chart Industries, Inc.*
    
(3,180
)
      
(464,089
)
Choice Hotels International, Inc.
    
(3,310
)
      
(400,212
)
Cincinnati Financial Corp.
    
(5,360
)
      
(652,366
)
Cognex Corp.
    
(6,093
)
      
(483,723
)
Compass Minerals International, Inc.
    
(10,721
)
      
(749,398
)
Cree, Inc.*
    
(5,194
)
      
(519,452
)
CVB Financial Corp.
    
(25,456
)
      
(564,614
)
DoorDash, Inc., Class A*
    
(3,699
)
      
(555,886
)
Dun & Bradstreet Holdings, Inc.*
    
(27,555
)
      
(591,606
)
Ecolab, Inc.
    
(1,040
)
      
(223,683
)
Enerpac Tool Group Corp.
    
(22,144
)
      
(606,746
)
Etsy, Inc.*
    
(3,471
)
      
(571,778
)
First Financial Bankshares, Inc.
    
(16,809
)
      
(846,333
)
Floor & Decor Holdings, Inc., Class A*
    
(4,239
)
      
(416,736
)
Glaukos Corp.*
    
(5,918
)
      
(435,446
)
Greif, Inc., Class A
    
(8,693
)
      
(536,445
)
Hormel Foods Corp.
    
(15,480
)
      
(751,399
)
Lemonade, Inc.*
    
(6,596
)
      
(596,740
)
Moderna, Inc.*
    
(2,786
)
      
(515,438
)
Netflix, Inc.*
    
(1,479
)
      
(743,656
)
Nikola Corp.*
    
(18,127
)
      
(271,180
)
Novanta, Inc.*
    
(4,603
)
      
(639,679
)
Opendoor Technologies, Inc.*
    
(19,556
)
      
(306,247
)
Packaging Corp. of America
    
(4,010
)
      
(596,086
)
Q2 Holdings, Inc.*
    
(5,779
)
      
(548,600
)
Quaker Chemical Corp.
    
(1,381
)
      
(334,962
)
Quidel Corp.*
    
(4,942
)
      
(583,700
)
Redfin Corp.*
    
(10,563
)
      
(623,534
)
RH*
    
(467
)
      
(299,370
)
RLI Corp.
    
(2,729
)
      
(287,855
)
Shake Shack, Inc., Class A*
    
(5,172
)
      
(486,065
)
Splunk, Inc.*
    
(3,352
)
      
(406,262
)
Teladoc Health, Inc.*
    
(4,212
)
      
(634,243
)
Tesla, Inc.*
    
(1,906
)
      
(1,191,669
)
Twitter, Inc.*
    
(8,980
)
      
(520,840
)
Vail Resorts, Inc.*
    
(2,132
)
      
(696,908
)
Wayfair, Inc., Class A*
    
(1,274
)
      
(390,532
)
Westamerica Bancorporation
    
(7,835
)
      
(491,490
)
               
(25,157,576
)
TOTAL COMMON STOCKS
                  
(Proceeds $(42,698,516))
              
(45,525,690
)
TOTAL SECURITIES SOLD SHORT—(39.8%)
                  
(Proceeds $(42,698,516))
              
(45,525,690
)
   
NUMBER OF
  
NOTIONAL
        
   
CONTRACTS
  
AMOUNT
        
OPTIONS WRITTEN††—(0.6%)
                  
Call Options Written—(0.6%)
                  
DuPont de Nemours, Inc.
                  
Expiration:
                  
01/21/2022,
                  
Exercise Price:
                  
85.00
    
(106
)
(896,654)
    
(71,868
)
JPMorgan Chase & Co.
                  
Expiration:
                  
01/21/2022,
                  
Exercise Price:
                  
150.00
    
(70
)
(1,149,680)
    
(142,800
)
KeyCorp
                  
Expiration:
                  
09/17/2021,
                  
Exercise Price:
                  
20.00
    
(613
)
(1,412,352)
    
(214,550
)
Oracle Corp.
                  
Expiration:
                  
01/21/2022,
                  
Exercise Price:
                  
67.50
    
(149
)
(1,173,226)
    
(196,680
)
Virtu Financial, Inc., Class A
                  
Expiration:
                  
06/18/2021,
                  
Exercise Price:
                  
30.00
    
(210
)
(639,450)
    
(21,000
)
TOTAL CALL OPTIONS WRITTEN
                  
(Premiums received $(493,648))
              
(646,898
)
Put Options Written—(0.0%)
                  
Shake Shack, Inc., Class A
                  
Expiration:
                  
12/17/2021,
                  
Exercise Price:
                  
90.00
    
(27
)
(253,746)
    
(29,295
)
Twitter, Inc.
                  
Expiration:
                  
06/18/2021,
                  
Exercise Price:
                  
55.00
    
(98
)
(568,400)
    
(8,428
)
TOTAL PUT OPTIONS WRITTEN
                  
(Premiums received $(68,562))
              
(37,723
)
TOTAL OPTIONS WRITTEN
                  
(Premiums received $(562,210))
              
(684,621
)
OTHER ASSETS IN EXCESS OF LIABILITIES—41.3%
              
47,169,281
  
NET ASSETS—100.0%
             
$
114,313,919
  

ADR
American Depositary Receipt
PLC
Public Limited Company
SP ADR
Sponsored American Depositary Receipt
*
Non-income producing.
(a)
The rate shown is as of May 31, 2021.
†
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 May 31, 2021, are as follows:
  
                                   
REFERENCE
COMPANY
  
COUNTERPARTY
  
EXPIRATION
DATE
  
FINANCING
RATE
  
PAYMENT
FREQUENCY
  
NUMBER OF CONTRACTS LONG/(SHORT)
    
NOTIONAL
AMOUNT
    
UNREALIZED
APPRECIATION
(DEPRECIATION)
  
Long
                                  
Netherlands
                                  
Royal Dutch Shell PLC, Class A
  
Goldman Sachs
  
09/18/2025
    
0.05%

Monthly
    
57,691
    
$
1,101,667
    
$
(61,250
)
United Kingdom
                                          
GVC LN
  
Goldman Sachs
  
09/18/2025
    
0.05
  
Monthly
    
31,601
      
739,741
      
36,669
  
Total Long
                              
1,841,408
      
(24,581
)
                                           
Short
                                          
South Korea
                                          
Kakao Games Corp.
  
Goldman Sachs
  
09/18/2025
    
0.06
  
Monthly
    
(9,992
)
  
$
(466,765
)
  
$
(17,303
)
Posco Chemical Co., Ltd.
  
Morgan Stanley
  
09/22/2022
    
0.06
  
Monthly
    
(3,051
)
    
(407,602
)
    
(17,985
)
                               
(874,367
)
    
(35,288
)
Taiwan
                                          
Acer, Inc.
  
Goldman Sachs
  
09/18/2025
    
0.06
  
Monthly
    
(389,000
)
    
(445,925
)
    
(32,963
)
Advantech Co., Ltd.
  
Morgan Stanley
  
09/22/2022
    
0.06
  
Monthly
    
(67,000
)
    
(788,576
)
    
(3,403
)
Formosa Petrochemical Corp.
  
Macquarie
  
12/21/2021
    
0.08
  
Monthly
    
(120,000
)
    
(427,390
)
    
(2,214
)
                               
(1,661,891
)
    
(38,580
)
United Kingdom
                                          
Antofagasta PLC
  
Goldman Sachs
  
09/18/2025
    
0.05
  
Monthly
    
(38,509
)
    
(844,067
)
    
37,880
  
Blue Prism Group PLC
  
Goldman Sachs
  
09/18/2025
    
0.05
  
Monthly
    
(14,343
)
    
(191,335
)
    
8,721
  
Domino's Pizza Group PLC
  
Goldman Sachs
  
09/18/2025
    
0.05
  
Monthly
    
(114,114
)
    
(591,420
)
    
21,630
  
Fevertree Drinks PLC
  
Goldman Sachs
  
09/16/2025
    
0.05
  
Monthly
    
(8,737
)
    
(316,796
)
    
1,364
  
Johnson Matthey PLC
  
Goldman Sachs
  
09/18/2025
    
0.05
  
Monthly
    
(10,887
)
    
(470,614
)
    
26,826
  
Pearson PLC
  
Goldman Sachs
  
09/18/2025
    
0.05
  
Monthly
    
(29,681
)
    
(344,639
)
    
14,196
  
Rolls-Royce Holdings PLC
  
Goldman Sachs
  
09/18/2025
    
0.05
  
Monthly
    
(227,565
)
    
(345,618
)
    
(13,214
)
Schroders PLC
  
Goldman Sachs
  
09/18/2025
    
0.05
  
Monthly
    
(8,762
)
    
(442,297
)
    
(673
)
Whitbread PLC
  
Goldman Sachs
  
09/16/2025
    
0.05
  
Monthly
    
(9,287
)
    
(419,375
)
    
(12,963
)
                               
(3,966,161
)
    
83,767
  
Total Short
                              
(6,502,419
)
    
9,899
  
Net unrealized gain/(loss) on Contracts For Difference
                                    
$
(14,682
)

 
BOSTON PARTNERS INVESTMENT FUNDS
  
BOSTON PARTNERS GLOBAL LONG/SHORT FUND
  
NOTES TO PORTFOLIO OF INVESTMENTS
  
MAY 31, 2021 (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, 2021, in valuing the Fund's investments carried at fair value:
  

                         
   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Common Stock
                        
Austria
    
528,723
      
-
      
528,723
      
-
  
Bermuda
    
2,248,914
      
2,248,914
      
-
      
-
  
Canada
    
3,183,461
      
3,183,461
      
-
      
-
  
China
    
1,416,239
      
-
      
1,416,239
      
-
  
Finland
    
2,253,611
      
-
      
2,253,611
      
-
  
France
    
9,026,546
      
-
      
9,026,546
      
-
  
Germany
    
4,010,067
      
-
      
4,010,067
      
-
  
Hong Kong
    
1,387,182
      
-
      
1,387,182
      
-
  
Italy
    
952,232
      
-
      
952,232
      
-
  
Japan
    
12,950,467
      
-
      
12,950,467
      
-
  
Macao
    
595,065
      
-
      
595,065
      
-
  
Netherlands
    
3,276,260
      
751,387
      
2,524,873
      
-
  
Norway
    
1,002,578
      
-
      
1,002,578
      
-
  
South Korea
    
7,690,025
      
785,750
      
6,904,275
      
-
  
Spain
    
720,200
      
-
      
720,200
      
-
  
Sweden
    
3,042,024
      
-
      
3,042,024
      
-
  
Switzerland
    
5,916,705
      
-
      
5,916,705
      
-
  
Taiwan
    
556,595
      
-
      
556,595
      
-
  
United Kingdom
    
4,637,922
      
985,689
      
3,652,233
      
-
  
United States
    
43,161,781
      
43,161,781
      
-
      
-
  
Preferred Stock
                                
Germany
    
1,920,489
      
-
      
1,920,489
      
-
  
Short-Term Investments
    
2,877,863
      
2,877,863
      
-
      
-
  
Contracts For Difference
                                
     Equity Contracts
    
147,286
      
147,286
      
-
      
-
  
Total Assets
  
$
113,502,235
    
$
54,142,131
    
$
59,360,104
    
$
-
  
                                 
   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Securities Sold Short
                                
Australia
  
$
(2,898,768
)
  
$
-
    
$
(2,898,768
)
  
$
-
  
Canada
    
(647,492
)
    
(647,492
)
    
-
      
-
  
China
    
(511,883
)
    
(511,883
)
    
-
      
-
  
Denmark
    
(470,934
)
    
-
      
(470,934
)
    
-
  
France
    
(406,284
)
    
-
      
(406,284
)
    
-
  
Germany
    
(603,169
)
    
-
      
(603,169
)
    
-
  
Japan
    
(7,415,755
)
    
-
      
(7,415,755
)
    
-
  
Luxembourg
    
(514,061
)
    
(514,061
)
    
-
      
-
  
New Zealand
    
(375,811
)
    
-
      
(375,811
)
    
-
  
Norway
    
(460,200
)
    
-
      
(460,200
)
    
-
  
Sweden
    
(2,238,233
)
    
-
      
(2,238,233
)
    
-
  
Switzerland
    
(2,884,296
)
    
(477,966
)
    
(2,406,330
)
    
-
  
United Kingdom
    
(941,228
)
    
(542,765
)
    
(398,463
)
    
-
  
United States
    
(25,157,576
)
    
(25,157,576
)
            
-
  
Options Written
                                
     Equity Contracts
    
(684,621
)
    
(244,096
)
    
(440,525
)
    
-
  
Contracts For Difference
                                
     Equity Contracts
    
(161,968
)
    
(161,968
)
    
-
      
-
  
Total Liabilities
  
$
(46,372,279
)
  
$
(28,257,807
)
  
$
(18,114,472
)
  
$
-
  

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 May 31, 2021, 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.