NPORT-EX 2 global-ls.htm NPORT-EX

BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS GLOBAL LONG/SHORT FUND
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2021 (UNAUDITED)
  
   
   
NUMBER OF
          
   
SHARES
      
VALUE
  
LONG POSITIONS—97.4%
              
COMMON STOCKS—91.2%
              
Bermuda—2.1%
              
Everest Re Group Ltd.†
    
8,222
      
$
2,107,956
  
Canada—5.0%
                  
Canadian Natural Resources Ltd.
    
25,557
        
1,045,127
  
Cenovus Energy, Inc.
    
226,667
        
2,689,946
  
Kinross Gold Corp.
    
222,925
        
1,322,770
  
               
5,057,843
  
China—0.4%
                  
Angang Steel Co., Ltd., Class H
    
904,000
        
400,519
  
Finland—0.7%
                  
Metso Outotec Oyj
    
66,576
        
670,944
  
France—4.1%
                  
Airbus Group SE*
    
5,670
        
632,883
  
Imerys SA
    
17,085
        
666,059
  
Rexel SA*
    
74,650
        
1,368,508
  
Sanofi
    
15,399
        
1,463,859
  
               
4,131,309
  
Germany—2.9%
                  
Deutsche Telekom AG
    
44,296
        
780,168
  
Siemens AG
    
13,816
        
2,202,478
  
               
2,982,646
  
Hong Kong—0.5%
                  
Topsports International Holdings Ltd.
    
477,000
        
554,643
  
Ireland—0.9%
                  
Flutter Entertainment PLC*
    
6,575
        
892,293
  
Italy—0.9%
                  
Enel SpA
    
114,603
        
868,385
  
Japan—5.8%
                  
Fuji Corp.
    
35,900
        
783,571
  
Honda Motor Co., Ltd.
    
31,800
        
870,836
  
Komatsu Ltd.
    
30,400
        
687,741
  
Sony Group Corp.
    
12,400
        
1,512,909
  
Sumitomo Heavy Industries Ltd.
    
18,300
        
403,866
  
Sumitomo Mitsui Financial Group, Inc.
    
22,200
        
722,275
  
Yamaha Motor Co., Ltd.
    
34,000
        
855,051
  
               
5,836,249
  
Macao—0.2%
                  
Wynn Macau Ltd.*
    
259,600
        
229,872
  
Netherlands—2.6%
                  
NXP Semiconductors NV#†
    
4,241
        
947,270
  
Stellantis NV
    
98,088
        
1,679,678
  
               
2,626,948
  
South Korea—4.9%
                  
Hana Financial Group, Inc.
    
27,649
        
918,978
  
KB Financial Group, Inc.
    
24,238
        
1,077,207
  
POSCO
    
2,414
        
530,007
  
Samsung Electronics Co., Ltd.
    
16,809
        
1,008,981
  
SK Square Co., Ltd.*
    
11,229
        
642,816
  
SK Telecom Co., Ltd.
    
17,371
        
795,382
  
               
4,973,371
  
Sweden—3.5%
                  
Industrivarden AB, Class A
    
0
        
4
  
Svenska Handelsbanken AB, Class A
    
166,352
        
1,759,999
  
Volvo AB, Class B
    
82,102
        
1,767,622
  
               
3,527,625
  
Switzerland—7.3%
                  
Glencore PLC*
    
383,076
        
1,818,762
  
Novartis AG
    
15,460
        
1,232,251
  
STMicroelectronics NV
    
20,724
        
1,009,291
  
Swiss Re AG
    
14,172
        
1,330,191
  
UBS Group AG
    
118,154
        
2,043,059
  
               
7,433,554
  
United Kingdom—11.3%
                  
Coca-Cola Europacific Partners PLC†
    
37,924
        
1,872,308
  
Ferroglobe PLC*†
    
87,800
        
527,678
  
IMI PLC
    
52,339
        
1,184,033
  
Liberty Global PLC, Class A*†
    
67,310
        
1,776,984
  
Melrose Industries PLC
    
605,308
        
1,162,924
  
Reckitt Benckiser Group PLC
    
12,959
        
1,049,716
  
SSE PLC
    
65,480
        
1,346,192
  
Tesco PLC
    
374,083
        
1,379,786
  
Travis Perkins PLC*
    
57,979
        
1,114,598
  
               
11,414,219
  
United States—38.1%
                  
AbbVie, Inc.†
    
12,591
        
1,451,490
  
Alphabet, Inc., Class C*†
    
628
        
1,789,197
  
Applied Materials, Inc.†
    
4,459
        
656,320
  
AutoZone, Inc.*
    
331
        
601,450
  
Carter's, Inc.†
    
10,159
        
1,026,364
  
Centene Corp.*†
    
15,885
        
1,134,348
  
CF Industries Holdings, Inc.†
    
10,064
        
609,778
  
Cigna Corp.†
    
8,279
        
1,588,740
  
Cisco Systems, Inc.†
    
30,545
        
1,675,088
  
Citigroup, Inc.†
    
22,975
        
1,463,508
  
Concentrix Corp.†
    
6,553
        
1,087,798
  
Coterra Energy, Inc.
    
91,671
        
1,840,754
  
CVS Health Corp.†
    
12,272
        
1,092,944
  
Diamondback Energy, Inc.†
    
19,231
        
2,052,525
  
DuPont de Nemours, Inc.#†
    
14,626
        
1,081,739
  
Envista Holdings Corp.*†
    
26,154
        
1,014,775
  
Fidelity National Information Services, Inc.
    
4,759
        
497,316
  
FleetCor Technologies, Inc.*
    
3,357
        
695,335
  
FMC Corp.†
    
5,773
        
578,397
  
Global Payments, Inc.
    
5,498
        
654,482
  
Hasbro, Inc.†
    
17,629
        
1,708,426
  
HollyFrontier Corp.†
    
36,283
        
1,172,667
  
JPMorgan Chase & Co.#†
    
6,000
        
952,980
  
KeyCorp†
    
26,775
        
600,831
  
KLA Corp.
    
3,539
        
1,444,372
  
Lennar Corp., Class A†
    
1,273
        
133,729
  
McKesson Corp.†
    
5,387
        
1,167,686
  
Meta Platforms, Inc., Class A*†
    
2,067
        
670,659
  
Micron Technology, Inc.†
    
20,375
        
1,711,500
  
Microsoft Corp.#†
    
3,197
        
1,056,896
  
Oracle Corp.#†
    
9,780
        
887,437
  
Science Applications International Corp.†
    
9,368
        
785,882
  
Stride, Inc.*†
    
22,332
        
762,191
  
SunCoke Energy, Inc.
    
81,281
        
495,001
  
US Foods Holding Corp.*
    
14,942
        
469,478
  
Virtu Financial, Inc., Class A†
    
25,497
        
718,505
  
Wells Fargo & Co.#†
    
26,321
        
1,257,617
  
               
38,588,205
  
TOTAL COMMON STOCKS
                  
(Cost $80,392,924)
              
92,296,581
  
PREFERRED STOCKS—0.7%
                  
Germany—0.7%
                  
Volkswagen AG 2.983%
    
3,941
        
719,999
  
TOTAL PREFERRED STOCKS
                  
(Cost $783,881)
              
719,999
  
                   
                   
SHORT-TERM INVESTMENTS—5.5%
                  
U.S. Bank Money Market Deposit Account, 0.01%(a)
    
5,575,250
        
5,575,250
  
TOTAL SHORT-TERM INVESTMENTS
                  
(Cost $5,575,250)
              
5,575,250
  
TOTAL INVESTMENTS—97.4%
                  
(Cost $86,752,055)
              
98,591,830
  
SECURITIES SOLD SHORT—(41.5%)
                  
COMMON STOCKS—(41.5%)
                  
Australia—(2.4%)
                  
Afterpay Ltd.*
    
(7,118
)
      
(545,102
)
Commonwealth Bank of Australia
    
(9,849
)
      
(650,243
)
Qantas Airways Ltd.*
    
(107,190
)
      
(383,171
)
Technology One Ltd.
    
(45,687
)
      
(396,631
)
WiseTech Global Ltd.
    
(11,771
)
      
(431,203
)
               
(2,406,350
)
Belgium—(1.2%)
                  
Melexis NV
    
(2,926
)
      
(340,691
)
Proximus SADP
    
(32,257
)
      
(586,337
)
Umicore SA
    
(6,447
)
      
(315,250
)
               
(1,242,278
)
Canada—(0.9%)
                  
Canadian Solar, Inc.*
    
(6,343
)
      
(240,653
)
Cargojet, Inc.
    
(5,044
)
      
(660,899
)
               
(901,552
)
China—(0.8%)
                  
Xinyi Solar Holdings Ltd.
    
(248,000
)
      
(456,044
)
ZTO Express Cayman, Inc. - ADR
    
(10,282
)
      
(325,014
)
               
(781,058
)
Denmark—(0.4%)
                  
Ambu A/S, Class B
    
(14,296
)
      
(405,475
)
Finland—(0.6%)
                  
Neste Oyj
    
(12,808
)
      
(605,776
)
France—(0.8%)
                  
Aeroports de Paris*
    
(2,675
)
      
(312,729
)
JCDecaux SA*
    
(20,879
)
      
(534,283
)
               
(847,012
)
Germany—(1.3%)
                  
CureVac NV*
    
(9,606
)
      
(463,201
)
Gerresheimer AG
    
(4,780
)
      
(438,480
)
Zalando SE*
    
(4,639
)
      
(421,886
)
               
(1,323,567
)
Hong Kong—(0.8%)
                  
Hang Seng Bank Ltd.
    
(31,500
)
      
(557,025
)
Xinyi Glass Holdings Ltd.
    
(91,000
)
      
(221,977
)
               
(779,002
)
Israel—(0.2%)
                  
Fiverr International Ltd.*
    
(1,894
)
      
(268,228
)
Japan—(3.4%)
                  
Fujitsu General Ltd.
    
(19,700
)
      
(448,224
)
Hirose Electric Co., Ltd.
    
(3,500
)
      
(586,973
)
Mercari, Inc.*
    
(6,200
)
      
(373,983
)
MonotaRO Co., Ltd.
    
(20,000
)
      
(393,740
)
Nidec Corp.
    
(4,700
)
      
(538,186
)
Nomura Holdings, Inc.
    
(110,300
)
      
(462,176
)
NTN Corp.*
    
(205,300
)
      
(377,122
)
Odakyu Electric Railway Co., Ltd.
    
(14,200
)
      
(273,501
)
               
(3,453,905
)
New Zealand—(0.3%)
                  
Xero Ltd.*
    
(2,772
)
      
(281,545
)
Norway—(0.7%)
                  
Equinor ASA
    
(20,820
)
      
(520,936
)
Yara International ASA
    
(4,837
)
      
(237,450
)
               
(758,386
)
Poland—(0.3%)
                  
KGHM Polska Miedz SA
    
(8,084
)
      
(277,528
)
Singapore—(0.4%)
                  
Singapore Airlines Ltd.*
    
(107,200
)
      
(381,742
)
Sweden—(2.1%)
                  
Dometic Group AB
    
(57,615
)
      
(788,572
)
Epiroc AB*
    
(16,794
)
      
(406,578
)
Essity AB, Class B
    
(9,436
)
      
(301,311
)
Telia Co., AB
    
(170,621
)
      
(659,446
)
               
(2,155,907
)
Switzerland—(2.5%)
                  
ABB Ltd.
    
(27,833
)
      
(962,543
)
Belimo Holding AG*
    
(561
)
      
(324,573
)
Credit Suisse Group AG
    
(53,496
)
      
(516,526
)
Stadler Rail AG
    
(5,315
)
      
(230,999
)
VAT Group AG
    
(975
)
      
(468,376
)
               
(2,503,017
)
United Kingdom—(0.4%)
                  
Aston Martin Lagonda Global Holdings PLC*
    
(20,720
)
      
(409,213
)
United States—(22.0%)
                  
Allegro MicroSystems, Inc.*
    
(10,479
)
      
(327,259
)
Appfolio, Inc., Class A*
    
(3,449
)
      
(415,570
)
Beyond Meat, Inc.*
    
(4,389
)
      
(308,371
)
Blackline, Inc.*
    
(3,668
)
      
(403,663
)
Calix, Inc.*
    
(5,999
)
      
(401,693
)
CarMax, Inc.*
    
(4,607
)
      
(650,739
)
Carvana Co.*
    
(1,570
)
      
(440,259
)
Chart Industries, Inc.*
    
(3,190
)
      
(556,814
)
Cheesecake Factory Inc., (The)*
    
(8,739
)
      
(334,878
)
Chewy, Inc., Class A*
    
(7,610
)
      
(519,459
)
Choice Hotels International, Inc.
    
(2,281
)
      
(327,438
)
Cincinnati Financial Corp.
    
(7,022
)
      
(799,806
)
Credit Acceptance Corp.*
    
(691
)
      
(431,806
)
CVB Financial Corp.
    
(35,955
)
      
(687,100
)
Dick's Sporting Goods, Inc.
    
(2,587
)
      
(304,128
)
Diversey Holdings Ltd.*
    
(32,728
)
      
(431,355
)
DraftKings, Inc., Class A*
    
(15,826
)
      
(546,788
)
Duck Creek Technologies, Inc.*
    
(7,285
)
      
(208,278
)
Ecolab, Inc.
    
(1,584
)
      
(350,808
)
Enerpac Tool Group Corp.
    
(31,348
)
      
(661,756
)
First Financial Bankshares, Inc.
    
(21,674
)
      
(1,081,966
)
Floor & Decor Holdings, Inc., Class A*
    
(3,667
)
      
(472,713
)
Fulgent Genetics, Inc.*
    
(2,107
)
      
(197,047
)
Greif, Inc., Class A
    
(8,478
)
      
(514,445
)
Hormel Foods Corp.
    
(9,736
)
      
(403,070
)
LGI Homes, Inc.*
    
(2,623
)
      
(376,820
)
Monster Beverage Corp.*
    
(4,954
)
      
(415,046
)
Netflix, Inc.*
    
(833
)
      
(534,703
)
Nevro Corp.*
    
(6,380
)
      
(555,570
)
Novanta, Inc.*
    
(4,714
)
      
(761,075
)
Okta, Inc.*
    
(1,245
)
      
(267,961
)
Packaging Corp. of America
    
(4,093
)
      
(534,505
)
Palantir Technologies, Inc., Class A*
    
(20,490
)
      
(423,119
)
Quaker Chemical Corp.
    
(1,401
)
      
(319,218
)
Redfin Corp.*
    
(6,726
)
      
(273,681
)
RLI Corp.
    
(4,054
)
      
(416,670
)
Royalty Pharma PLC, Class A
    
(6,221
)
      
(247,409
)
Shake Shack, Inc., Class A*
    
(3,734
)
      
(272,545
)
Southern Copper Corp.
    
(11,925
)
      
(697,613
)
Teladoc Health, Inc.*
    
(1,920
)
      
(194,400
)
Tesla, Inc.*
    
(254
)
      
(290,769
)
Texas Roadhouse, Inc.
    
(5,400
)
      
(447,876
)
Trex Co., Inc.*
    
(5,350
)
      
(710,320
)
Vail Resorts, Inc.
    
(1,742
)
      
(577,839
)
Wayfair, Inc., Class A*
    
(1,914
)
      
(474,366
)
Westamerica Bancorporation
    
(11,192
)
      
(601,906
)
Williams-Sonoma, Inc.
    
(2,807
)
      
(546,916
)
Wolfspeed, Inc.*
    
(4,408
)
      
(540,509
)
               
(22,258,045
)
TOTAL COMMON STOCKS
                  
(Proceeds $(43,564,143))
              
(42,039,586
)
TOTAL SECURITIES SOLD SHORT—(41.5%)
                  
(Proceeds $(43,564,143))
              
(42,039,586
)
   
NUMBER OF
  
NOTIONAL
        
   
CONTRACTS
  
AMOUNT
        
OPTIONS WRITTEN††—(0.4%)
                  
Call Options Written—(0.4%)
                  
DuPont de Nemours, Inc.
                  
Expiration:
                  
01/21/2022,
                  
Exercise Price:
                  
85.00
    
(106
)
(783,976)
    
(4,982
)
JPMorgan Chase & Co.
                  
Expiration:
                  
02/18/2022,
                  
Exercise Price:
                  
145.00
    
(60
)
(952,980)
    
(104,700
)
Microsoft Corp.
                  
Expiration:
                  
02/18/2022,
                  
Exercise Price:
                  
320.00
    
(30
)
(991,770)
    
(72,750
)
NXP Semiconductors NV
                  
Expiration:
                  
04/14/2022,
                  
Exercise Price:
                  
230.00
    
(40
)
(893,440)
    
(68,600
)
Oracle Corp.
                  
Expiration:
                  
01/21/2022,
                  
Exercise Price:
                  
85.00
    
(93
)
(843,882)
    
(78,585
)
Wells Fargo & Co.
                  
Expiration:
                  
03/18/2022,
                  
Exercise Price:
                  
52.50
    
(67
)
(320,126)
    
(10,720
)
TOTAL CALL OPTIONS WRITTEN
                  
(Premiums received $(408,456))
              
(340,337
)
TOTAL OPTIONS WRITTEN
                  
(Premiums received $(408,456))
              
(340,337
)
OTHER ASSETS IN EXCESS OF LIABILITIES—44.5%
              
45,016,638
  
NET ASSETS—100.0%
             
$
101,228,545
  

ADR
American Depositary Receipt
PLC
Public Limited Company
*
Non-income producing.
(a)
The rate shown is as of November 30, 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 November 30, 2021, are as follows:
                          
                                 
REFERENCE
COMPANY
  
COUNTERPARTY
  
EXPIRATION
DATE
  
FINANCING
RATE
  
PAYMENT FREQUENCY
  
NUMBER OF CONTRACTS LONG/(SHORT)
    
NOTIONAL
AMOUNT
    
UNREALIZED
APPRECIATION
(DEPRECIATION)
                                 
Short
                                
Brazil
                                
B3 SA - Brasil Bolsa Balcao
  
Goldman Sachs
  
09/18/2025
  
0.08%
  
Monthly
  
(182,100)
   $
            (360,517)
   $
                52,094
South Korea
                                
POSCO Chemical Co., Ltd.
  
Morgan Stanley
  
09/20/2022
  
0.08
  
Monthly
  
(1,958)
    
                (259,605)
    
                   (18,257)
Taiwan
                                
Formosa Petrochemical Corp.
  
Macquarie
  
09/19/2023
  
0.08
  
Monthly
  
(128,000)
    
                  (439,181)
    
                     30,641
United Kingdom
                                
Antofagasta PLC
  
Goldman Sachs
  
09/18/2025
  
0.05
  
Monthly
  
(32,216)
    
                 (591,269)
    
                     22,821
Ashmore Group PLC
  
Goldman Sachs
  
09/18/2025
  
0.05
  
Monthly
  
(170,444)
    
                (677,777)
    
                    25,488
Domino's Pizza Group PLC
  
Goldman Sachs
  
09/18/2025
  
0.05
  
Monthly
  
(125,250)
    
                (598,007)
    
                     24,916
Fevertree Drinks PLC
  
Goldman Sachs
  
09/16/2025
  
0.05
  
Monthly
  
(11,462)
    
                 (394,816)
    
                     16,303
HSBC Holdings PLC
  
Goldman Sachs
  
09/18/2025
  
0.05
  
Monthly
  
(98,186)
    
                (547,596)
    
                     24,391
Johnson Matthey PLC
  
Goldman Sachs
  
09/18/2025
  
0.05
  
Monthly
  
(13,705)
    
                (382,036)
    
                    29,852
Mondi PLC
  
Goldman Sachs
  
09/18/2025
  
0.05
  
Monthly
  
(17,113)
    
                 (391,347)
    
                        17,111
Pearson PLC
  
Goldman Sachs
  
09/18/2025
  
0.05
  
Monthly
  
(40,281)
    
                 (317,787)
    
                     16,537
Schroders PLC
  
Goldman Sachs
  
09/18/2025
  
0.05
  
Monthly
  
(12,572)
    
                (574,502)
    
                     39,414
Whitbread PLC
  
Goldman Sachs
  
09/16/2025
  
0.05
  
Monthly
  
(20,631)
    
                 (769,091)
    
                    83,474
                         
            (5,244,228)
    
                  300,306
Total Short
                        
             (6,303,531)
    
                  364,784
Net unrealized gain/(loss) on Contracts For Difference
                             $
          364,784
 

BOSTON PARTNERS INVESTMENT FUNDS
BOSTON PARTNERS GLOBAL LONG/SHORT FUND
NOTES TO PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 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 November 30, 2021, in valuing the Fund's investments carried at fair value:

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Common Stock
                        
Bermuda
  
$
2,107,956
    
$
2,107,956
    
$
-
    
$
-
  
Canada
    
5,057,843
      
5,057,843
      
-
      
-
  
China
    
400,519
      
-
      
400,519
      
-
  
Finland
    
670,944
      
-
      
670,944
      
-
  
France
    
4,131,309
      
-
      
4,131,309
      
-
  
Germany
    
2,982,646
      
-
      
2,982,646
      
-
  
Hong Kong
    
554,643
      
-
      
554,643
      
-
  
Ireland
    
892,293
      
-
      
892,293
      
-
  
Italy
    
868,385
      
-
      
868,385
      
-
  
Japan
    
5,836,249
      
-
      
5,836,249
      
-
  
Macao
    
229,872
      
-
      
229,872
      
-
  
Netherlands
    
2,626,948
      
947,270
      
1,679,678
      
-
  
South Korea
    
4,973,371
      
1,438,198
      
3,535,173
      
-
  
Sweden
    
3,527,625
      
-
      
3,527,625
      
-
  
Switzerland
    
7,433,554
      
-
      
7,433,554
      
-
  
United Kingdom
    
11,414,219
      
5,361,003
      
6,053,216
      
-
  
United States
    
38,588,205
      
38,588,205
      
-
      
-
  
Preferred Stock
                                
Germany
    
719,999
      
-
      
719,999
      
-
  
Short-Term Investments
    
5,575,250
      
5,575,250
      
-
      
-
  
Contracts For Difference
                                
     Equity Contracts
    
383,041
      
383,041
      
-
      
-
  
Total Assets
  
$
98,974,871
    
$
59,458,766
    
$
39,516,105
    
$
-
  
                                 
   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Securities Sold Short
                                
Australia
  
$
(2,406,350
)
  
$
-
    
$
(2,406,350
)
  
$
-
  
Belgium
    
(1,242,278
)
    
-
      
(1,242,278
)
    
-
  
Canada
    
(901,552
)
    
(901,552
)
    
-
      
-
  
China
    
(781,058
)
    
(325,014
)
    
(456,044
)
    
-
  
Denmark
    
(405,475
)
    
-
      
(405,475
)
    
-
  
Finland
    
(605,776
)
    
-
      
(605,776
)
    
-
  
France
    
(847,012
)
    
-
      
(847,012
)
    
-
  
Germany
    
(1,323,567
)
    
(463,201
)
    
(860,366
)
    
-
  
Hong Kong
    
(779,002
)
    
-
      
(779,002
)
    
-
  
Israel
    
(268,228
)
    
(268,228
)
    
-
      
-
  
Japan
    
(3,453,905
)
    
-
      
(3,453,905
)
    
-
  
New Zealand
    
(281,545
)
    
-
      
(281,545
)
    
-
  
Norway
    
(758,386
)
    
-
      
(758,386
)
    
-
  
Poland
    
(277,528
)
    
-
      
(277,528
)
    
-
  
Singapore
    
(381,742
)
    
-
      
(381,742
)
    
-
  
Sweden
    
(2,155,907
)
    
-
      
(2,155,907
)
    
-
  
Switzerland
    
(2,503,017
)
    
(230,999
)
    
(2,272,018
)
    
-
  
United Kingdom
    
(409,213
)
    
-
      
(409,213
)
    
-
  
United States
    
(22,258,045
)
    
(22,258,045
)
    
-
      
-
  
Options Written
                                
     Equity Contracts
    
(340,337
)
    
(340,337
)
    
-
      
-
  
Contracts For Difference
                                
     Equity Contracts
    
(18,257
)
    
(18,257
)
    
-
      
-
  
Total Liabilities
  
$
(42,398,180
)
  
$
(24,805,633
)
  
$
(17,592,547
)
  
$
-
  

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, 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.