BOSTON PARTNERS INVESTMENT FUNDS
|
||||||||
BOSTON PARTNERS LONG/SHORT RESEARCH FUND
|
||||||||
PORTFOLIO OF INVESTMENTS
|
||||||||
NOVEMBER 30, 2019 (UNAUDITED)
|
||||||||
NUMBER OF
|
||||||||
SHARES
|
VALUE
|
|||||||
LONG POSITIONS—98.7%
|
||||||||
COMMON STOCKS—98.6%
|
||||||||
Basic Industries—4.9%
|
||||||||
Avery Dennison Corp.
|
62,459
|
$
|
8,142,780
|
|||||
Barrick Gold Corp.
|
1,289,949
|
21,671,143
|
||||||
Corteva, Inc.
|
767,859
|
19,979,691
|
||||||
DuPont de Nemours, Inc.
|
308,310
|
19,981,571
|
||||||
FMC Corp.
|
184,563
|
18,079,792
|
||||||
Glencore PLC
|
2,532,725
|
7,994,684
|
||||||
Graphic Packaging Holding Co.Ɨ
|
1,334,261
|
21,708,427
|
||||||
Mosaic Co., (The)Ɨ
|
783,385
|
14,923,484
|
||||||
Nutrien Ltd.Ɨ
|
247,521
|
11,737,446
|
||||||
Yamana Gold, Inc.
|
1,679,780
|
6,013,612
|
||||||
150,232,630
|
||||||||
Capital Goods—8.1%
|
||||||||
AMETEK, Inc.Ɨ
|
271,388
|
26,870,126
|
||||||
Brenntag AG
|
148,725
|
7,925,930
|
||||||
Caterpillar, Inc.
|
51,281
|
7,421,899
|
||||||
Dover Corp.
|
197,371
|
22,002,919
|
||||||
Eagle Materials, Inc.
|
376,798
|
34,676,720
|
||||||
HD Supply Holdings, Inc.*
|
319,683
|
12,729,777
|
||||||
HeidelbergCement AG
|
88,106
|
6,492,307
|
||||||
ITT, Inc.
|
409,405
|
28,568,281
|
||||||
Leonardo SpA
|
528,993
|
6,176,359
|
||||||
Mohawk Industries, Inc.*
|
184,398
|
25,699,549
|
||||||
Owens Corning
|
469,489
|
31,483,932
|
||||||
Parker-Hannifin Corp.Ɨ
|
65,083
|
12,937,849
|
||||||
Spirit AeroSystems Holdings, Inc., Class A
|
109,938
|
9,563,507
|
||||||
United Technologies Corp.Ɨ
|
122,308
|
18,143,169
|
||||||
250,692,324
|
||||||||
Communications—3.2%
|
||||||||
Altice USA, Inc., Class A*
|
628,550
|
16,078,309
|
||||||
AT&T, Inc.
|
411,516
|
15,382,468
|
||||||
Comcast Corp., Class AƗ
|
919,522
|
40,596,896
|
||||||
KT Corp. - SP ADR
|
507,143
|
5,705,359
|
||||||
Liberty Global PLC, Series C*
|
421,220
|
9,056,230
|
||||||
Verizon Communications, Inc.Ɨ
|
206,208
|
12,421,970
|
||||||
99,241,232
|
||||||||
Consumer Durables—2.7%
|
||||||||
Gentex Corp.
|
353,992
|
10,053,373
|
||||||
Koito Manufacturing Co., Ltd.
|
211,100
|
10,888,917
|
||||||
Lennar Corp., Class A
|
339,559
|
20,254,695
|
||||||
Sony Corp.
|
456,300
|
28,955,845
|
||||||
Whirlpool Corp.
|
84,782
|
12,132,304
|
||||||
82,285,134
|
||||||||
Consumer Non-Durables—7.3%
|
||||||||
Activision Blizzard, Inc.
|
188,664
|
10,344,447
|
||||||
Altria Group, Inc.Ɨ
|
441,884
|
21,961,635
|
||||||
Ambev SA - ADR
|
1,500,211
|
6,315,888
|
||||||
Budweiser Brewing Co., APAC Ltd.*
|
380,540
|
1,356,259
|
||||||
Coca-Cola European Partners PLCƗ
|
287,265
|
14,495,392
|
||||||
Danone SA
|
203,562
|
16,749,476
|
||||||
Electronic Arts, Inc.*
|
113,865
|
11,501,504
|
||||||
Imperial Brands PLC
|
320,751
|
7,057,157
|
||||||
Mondelez International, Inc., Class A
|
650,207
|
34,161,876
|
||||||
Nomad Foods Ltd.*Ɨ
|
1,434,409
|
30,122,589
|
||||||
PepsiCo, Inc.
|
127,046
|
17,256,658
|
||||||
Philip Morris International, Inc.
|
319,632
|
26,507,082
|
||||||
Tyson Foods, Inc., Class A
|
160,294
|
14,408,828
|
||||||
Unilever NV
|
256,043
|
15,247,361
|
||||||
227,486,152
|
||||||||
Consumer Services—11.0%
|
||||||||
AutoZone, Inc.*
|
32,771
|
38,601,616
|
||||||
CDK Global, Inc.Ɨ
|
678,377
|
36,327,088
|
||||||
Cineworld Group PLC
|
2,077,002
|
5,576,064
|
||||||
eBay, Inc.Ɨ
|
663,516
|
23,568,088
|
||||||
Expedia Group, Inc.
|
63,243
|
6,429,283
|
||||||
Fox Corp., Class A
|
744,457
|
26,621,782
|
||||||
GVC Holdings PLC
|
1,387,611
|
15,278,498
|
||||||
IAA, Inc.*
|
386,376
|
17,514,424
|
||||||
International Game Technology PLC
|
1,006,440
|
14,945,634
|
||||||
KAR Auction Services, Inc.
|
501,926
|
10,600,677
|
||||||
Las Vegas Sands Corp.
|
478,030
|
29,996,383
|
||||||
Melco Resorts & Entertainment Ltd. - ADR
|
805,408
|
17,139,082
|
||||||
Moody's Corp.
|
44,632
|
10,116,736
|
||||||
Nexstar Media Group, Inc., Class A
|
288,220
|
31,044,176
|
||||||
S&P Global, Inc.
|
37,460
|
9,913,789
|
||||||
Stars Group, Inc., (The)*
|
371,786
|
9,030,682
|
||||||
Teleperformance
|
28,395
|
6,727,065
|
||||||
Tractor Supply Co.
|
85,154
|
8,041,944
|
||||||
Wyndham Destinations, Inc.
|
302,308
|
14,661,938
|
||||||
Wyndham Hotels & Resorts, Inc.
|
119,157
|
6,902,765
|
||||||
339,037,714
|
||||||||
Energy—7.3%
|
||||||||
Apergy Corp.*
|
287,538
|
7,343,721
|
||||||
Cactus, Inc., Class A
|
242,802
|
7,330,192
|
||||||
Canadian Natural Resources Ltd.
|
221,805
|
6,203,886
|
||||||
Chevron Corp.Ɨ
|
92,719
|
10,860,176
|
||||||
Cimarex Energy Co.
|
171,442
|
7,881,189
|
||||||
ConocoPhillips
|
329,727
|
19,763,836
|
||||||
Diamondback Energy, Inc.
|
86,828
|
6,715,278
|
||||||
Enerplus Corp.
|
1,177,915
|
7,298,231
|
||||||
Kosmos Energy Ltd.
|
1,458,630
|
8,708,021
|
||||||
Marathon Oil Corp.
|
954,789
|
11,123,292
|
||||||
Marathon Petroleum Corp.
|
479,672
|
29,087,310
|
||||||
Noble Energy, Inc.
|
702,296
|
14,579,665
|
||||||
Petroleo Brasileiro SA - SP ADR
|
448,951
|
6,613,048
|
||||||
Royal Dutch Shell PLC, Class A
|
709,776
|
20,333,381
|
||||||
TOTAL SA - SP ADR
|
485,491
|
25,507,697
|
||||||
Tullow Oil PLC
|
2,262,959
|
3,831,121
|
||||||
Valero Energy Corp.
|
330,261
|
31,536,623
|
||||||
224,716,667
|
||||||||
Finance—19.1%
|
||||||||
Alleghany Corp.*Ɨ
|
31,045
|
24,216,342
|
||||||
Allstate Corp., (The)Ɨ
|
220,942
|
24,601,892
|
||||||
American Express Co.
|
60,072
|
7,215,849
|
||||||
American International Group, Inc.Ɨ
|
604,905
|
31,854,297
|
||||||
Ameriprise Financial, Inc.
|
164,356
|
26,933,018
|
||||||
Aon PLC
|
32,596
|
6,636,872
|
||||||
Aviva PLC
|
2,230,514
|
11,633,762
|
||||||
Bank of America Corp.Ɨ
|
1,472,156
|
49,052,238
|
||||||
Bank of Ireland Group PLC
|
1,199,173
|
6,013,568
|
||||||
BB&T Corp.Ɨ
|
269,527
|
14,748,517
|
||||||
Berkshire Hathaway, Inc., Class B*Ɨ
|
159,863
|
35,217,819
|
||||||
Capital One Financial Corp.Ɨ
|
39,617
|
3,962,096
|
||||||
Chubb Ltd.Ɨ
|
135,949
|
20,593,555
|
||||||
Citigroup, Inc.Ɨ
|
657,040
|
49,356,845
|
||||||
Discover Financial ServicesƗ
|
153,921
|
13,063,275
|
||||||
DNB ASA
|
451,324
|
7,571,384
|
||||||
East West Bancorp, Inc.
|
83,338
|
3,818,547
|
||||||
Everest Re Group Ltd.
|
48,529
|
13,163,977
|
||||||
Fifth Third BancorpƗ
|
476,320
|
14,380,101
|
||||||
Goldman Sachs Group, Inc., (The)Ɨ
|
51,045
|
11,298,811
|
||||||
Huntington Bancshares, Inc.Ɨ
|
1,342,747
|
19,993,503
|
||||||
ING Groep NV
|
642,622
|
7,389,994
|
||||||
JPMorgan Chase & Co.Ɨ
|
346,311
|
45,629,937
|
||||||
KeyCorp
|
1,133,119
|
21,971,177
|
||||||
Marsh & McLennan Cos., Inc.
|
64,038
|
6,920,587
|
||||||
Navient Corp.Ɨ
|
226,606
|
3,251,796
|
||||||
PNC Financial Services Group, Inc., (The)
|
24,273
|
3,718,866
|
||||||
Regions Financial Corp.
|
804,532
|
13,387,412
|
||||||
SLM Corp.
|
1,076,487
|
9,182,434
|
||||||
Sumitomo Mitsui Financial Group, Inc.
|
170,100
|
6,228,442
|
||||||
SunTrust Banks, Inc.
|
213,908
|
15,153,243
|
||||||
Synchrony Financial
|
218,497
|
8,173,973
|
||||||
Travelers Cos., Inc., (The)Ɨ
|
109,250
|
14,936,660
|
||||||
United Overseas Bank Ltd.
|
429,700
|
8,108,894
|
||||||
Wells Fargo & Co.Ɨ
|
596,320
|
32,475,587
|
||||||
591,855,270
|
||||||||
Health Care—13.9%
|
||||||||
AbbVie, Inc.Ɨ
|
222,674
|
19,535,190
|
||||||
AmerisourceBergen Corp.
|
114,397
|
10,056,640
|
||||||
Anthem, Inc.Ɨ
|
110,058
|
31,769,342
|
||||||
AstraZeneca PLC
|
107,376
|
10,373,304
|
||||||
Avantor, Inc.*
|
1,310,485
|
22,448,608
|
||||||
Biogen, Inc.*
|
52,681
|
15,794,291
|
||||||
Boston Scientific Corp.*
|
232,976
|
10,076,212
|
||||||
Cigna Corp.Ɨ
|
228,580
|
45,697,714
|
||||||
CVS Health Corp.Ɨ
|
263,813
|
19,857,204
|
||||||
Envista Holdings Corp.*
|
159,734
|
4,491,720
|
||||||
Humana, Inc.
|
52,874
|
18,042,195
|
||||||
ICON PLC*
|
108,885
|
17,765,677
|
||||||
IQVIA Holdings, Inc.*
|
76,270
|
11,133,895
|
||||||
Jazz Pharmaceuticals PLC*
|
112,112
|
16,942,365
|
||||||
Johnson & JohnsonƗ
|
191,299
|
26,301,700
|
||||||
McKesson Corp.
|
71,521
|
10,344,797
|
||||||
Medtronic PLC
|
222,460
|
24,779,819
|
||||||
Merck & Co., Inc.
|
144,944
|
12,636,218
|
||||||
Molina Healthcare, Inc.*
|
55,108
|
7,467,134
|
||||||
Novartis AG - SP ADR
|
116,719
|
10,773,164
|
||||||
Novo Nordisk A/S, Class B
|
304,421
|
17,112,164
|
||||||
Pfizer, Inc.Ɨ
|
247,565
|
9,536,204
|
||||||
Syneos Health, Inc.*
|
308,290
|
16,928,204
|
||||||
UnitedHealth Group, Inc.
|
126,313
|
35,351,219
|
||||||
Universal Health Services, Inc., Class B
|
47,396
|
6,611,268
|
||||||
431,826,248
|
||||||||
Real Estate Investment Trusts—0.2%
|
||||||||
Retail Properties of America, Inc., Class A
|
454,943
|
6,473,839
|
||||||
Technology—17.6%
|
||||||||
Alphabet, Inc., Class A*Ɨ
|
43,292
|
56,456,664
|
||||||
Alphabet, Inc., Class C*
|
10,701
|
13,964,377
|
||||||
Amdocs Ltd.Ɨ
|
142,312
|
9,862,222
|
||||||
Arrow Electronics, Inc.*Ɨ
|
371,768
|
29,607,604
|
||||||
Booking Holdings, Inc.*
|
7,636
|
14,539,173
|
||||||
Broadcom, Inc.
|
62,134
|
19,647,392
|
||||||
Capgemini SA
|
250,174
|
29,593,878
|
||||||
CDW Corp.Ɨ
|
204,428
|
27,608,001
|
||||||
Change Healthcare, Inc.*
|
1,101,202
|
14,734,083
|
||||||
Cisco Systems, Inc.Ɨ
|
353,130
|
16,000,320
|
||||||
Eaton Corp. PLCƗ
|
219,181
|
20,274,243
|
||||||
Flex Ltd.*Ɨ
|
2,059,420
|
24,445,315
|
||||||
Hewlett Packard Enterprise Co.Ɨ
|
1,593,082
|
25,218,488
|
||||||
HP, Inc.Ɨ
|
719,209
|
14,441,717
|
||||||
Jabil, Inc.Ɨ
|
261,388
|
10,152,310
|
||||||
KLA-Tencor Corp.
|
160,361
|
26,276,753
|
||||||
Leidos Holdings, Inc.Ɨ
|
223,309
|
20,285,390
|
||||||
Marvell Technology Group Ltd.Ɨ
|
370,400
|
9,767,448
|
||||||
Micron Technology, Inc.*
|
175,057
|
8,316,958
|
||||||
Microsoft Corp.Ɨ
|
378,671
|
57,323,216
|
||||||
Oracle Corp.Ɨ
|
527,329
|
29,604,250
|
||||||
Qorvo, Inc.*
|
87,072
|
9,073,773
|
||||||
Samsung Electronics Co., Ltd.
|
832,180
|
35,574,767
|
||||||
Science Applications International Corp.
|
175,134
|
14,947,687
|
||||||
Xerox Holdings Corp.
|
1,323
|
51,504
|
||||||
Yelp, Inc.*
|
254,703
|
8,833,100
|
||||||
546,600,633
|
||||||||
Transportation—2.5%
|
||||||||
AP Moller - Maersk A/S, Class B
|
4,952
|
6,921,094
|
||||||
CH Robinson Worldwide, Inc.
|
239,389
|
18,397,045
|
||||||
Kansas City Southern
|
139,048
|
21,193,696
|
||||||
United Parcel Service, Inc., Class B
|
265,253
|
31,758,742
|
||||||
78,270,577
|
||||||||
Utilities—0.8%
|
||||||||
FirstEnergy Corp.
|
227,110
|
10,830,876
|
||||||
Vistra Energy Corp.
|
558,061
|
14,805,358
|
||||||
25,636,234
|
||||||||
TOTAL COMMON STOCKS
|
||||||||
(Cost $2,315,812,857)
|
3,054,354,654
|
|||||||
PREFERRED STOCKS—0.1%
|
||||||||
Capital Goods—0.1%
|
||||||||
Schaeffler AG, 5.520%
|
211,179
|
2,304,818
|
||||||
TOTAL PREFERRED STOCKS
|
||||||||
(Cost $2,312,318)
|
2,304,818
|
|||||||
WARRANTS—0.0%
|
||||||||
Energy—0.0%
|
||||||||
Vista Oil & Gas SAB de CV *‡
|
1,204,819
|
153,892
|
||||||
TOTAL WARRANTS
|
||||||||
(Cost $0)
|
153,892
|
|||||||
SHORT-TERM INVESTMENTS—0.0%
|
||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 1.52%(a)
|
1,256,919
|
1,256,919
|
||||||
TOTAL SHORT-TERM INVESTMENTS
|
||||||||
(Cost $1,256,919)
|
1,256,919
|
|||||||
TOTAL LONG POSITIONS—98.7%
|
||||||||
(Cost $2,319,382,094)
|
3,058,070,283
|
|||||||
SECURITIES SOLD SHORT—(47.6%)
|
||||||||
COMMON STOCKS—(47.4%)
|
||||||||
Basic Industries—(5.5%)
|
||||||||
Alumina Ltd.
|
(2,847,186
|
)
|
(4,449,036
|
)
|
||||
Balchem Corp.
|
(82,251
|
)
|
(8,194,667
|
)
|
||||
Ball Corp.
|
(77,386
|
)
|
(5,112,119
|
)
|
||||
BillerudKorsnas AB
|
(531,192
|
)
|
(6,048,911
|
)
|
||||
Compass Minerals International, Inc.
|
(257,735
|
)
|
(14,245,013
|
)
|
||||
Croda International PLC
|
(218,556
|
)
|
(14,070,414
|
)
|
||||
Ecolab, Inc.
|
(31,638
|
)
|
(5,905,865
|
)
|
||||
Fortescue Metals Group Ltd.
|
(1,338,047
|
)
|
(8,811,472
|
)
|
||||
Gerdau SA - SP ADR
|
(1,880,107
|
)
|
(7,464,025
|
)
|
||||
Greif, Inc., Class A
|
(349,366
|
)
|
(15,075,143
|
)
|
||||
Mitsubishi Chemical Holdings Corp.
|
(1,415,800
|
)
|
(10,506,967
|
)
|
||||
Mitsui Chemicals, Inc.
|
(469,300
|
)
|
(11,253,897
|
)
|
||||
Nucor Corp.
|
(190,317
|
)
|
(10,726,266
|
)
|
||||
Quaker Chemical Corp.
|
(43,057
|
)
|
(6,425,396
|
)
|
||||
Sonoco Products Co.
|
(73,672
|
)
|
(4,459,366
|
)
|
||||
South32 Ltd.
|
(2,506,403
|
)
|
(4,567,736
|
)
|
||||
Trex Co., Inc.*
|
(230,186
|
)
|
(19,809,807
|
)
|
||||
Umicore SA
|
(216,937
|
)
|
(9,314,621
|
)
|
||||
United States Steel Corp.
|
(310,202
|
)
|
(4,069,850
|
)
|
||||
(170,510,571
|
)
|
|||||||
Capital Goods—(3.7%)
|
||||||||
AAON, Inc.
|
(249,491
|
)
|
(12,317,371
|
)
|
||||
Axon Enterprise, Inc.*
|
(85,581
|
)
|
(6,315,878
|
)
|
||||
Cornerstone Building Brands, Inc.*
|
(1,113,787
|
)
|
(7,685,130
|
)
|
||||
Cubic Corp.
|
(73,551
|
)
|
(4,379,962
|
)
|
||||
Elbit Systems Ltd.
|
(41,163
|
)
|
(6,816,342
|
)
|
||||
GCP Applied Technologies, Inc.*
|
(173,132
|
)
|
(3,872,963
|
)
|
||||
John Bean Technologies Corp.
|
(105,809
|
)
|
(11,591,376
|
)
|
||||
MISUMI Group, Inc.
|
(136,600
|
)
|
(3,387,590
|
)
|
||||
SiteOne Landscape Supply, Inc.*
|
(134,789
|
)
|
(11,963,872
|
)
|
||||
Tomra Systems ASA
|
(366,747
|
)
|
(10,919,414
|
)
|
||||
Trinity Industries, Inc.
|
(230,026
|
)
|
(4,839,747
|
)
|
||||
Triumph Group, Inc.
|
(1,020,060
|
)
|
(28,265,862
|
)
|
||||
Yaskawa Electric Corp.
|
(92,500
|
)
|
(3,402,801
|
)
|
||||
(115,758,308
|
)
|
|||||||
Communications—(0.8%)
|
||||||||
Cogent Communications Holdings, Inc.
|
(204,421
|
)
|
(12,813,108
|
)
|
||||
Netflix, Inc.*
|
(17,559
|
)
|
(5,525,115
|
)
|
||||
Proximus SADP
|
(201,999
|
)
|
(6,093,266
|
)
|
||||
(24,431,489
|
)
|
|||||||
Consumer Durables—(2.6%)
|
||||||||
Leggett & Platt, Inc.
|
(366,962
|
)
|
(19,199,452
|
)
|
||||
NIO, Inc. - ADR*
|
(2,014,514
|
)
|
(4,572,947
|
)
|
||||
Nissan Motor Co., Ltd.
|
(1,936,100
|
)
|
(11,955,450
|
)
|
||||
Roku, Inc.*
|
(41,966
|
)
|
(6,730,087
|
)
|
||||
Tesla Motors, Inc.*
|
(54,163
|
)
|
(17,870,540
|
)
|
||||
Xinyi Glass Holdings Ltd.
|
(17,004,000
|
)
|
(19,981,090
|
)
|
||||
(80,309,566
|
)
|
|||||||
Consumer Non-Durables—(3.8%)
|
||||||||
B&G Foods, Inc.
|
(215,651
|
)
|
(3,571,181
|
)
|
||||
Cal-Maine Foods, Inc.
|
(264,420
|
)
|
(11,510,203
|
)
|
||||
Campbell Soup Co.
|
(146,286
|
)
|
(6,812,539
|
)
|
||||
China Resources Beer Holdings Co., Ltd.
|
(1,024,000
|
)
|
(5,363,363
|
)
|
||||
Clorox Co., (The)
|
(45,135
|
)
|
(6,690,361
|
)
|
||||
Hain Celestial Group Inc., (The)*
|
(367,149
|
)
|
(9,075,923
|
)
|
||||
Hormel Foods Corp.
|
(162,163
|
)
|
(7,221,118
|
)
|
||||
International Flavors & Fragrances, Inc.
|
(85,061
|
)
|
(12,013,165
|
)
|
||||
Kikkoman Corp.
|
(172,700
|
)
|
(8,688,134
|
)
|
||||
Kose Corp.
|
(51,300
|
)
|
(8,179,046
|
)
|
||||
Kraft Heinz Co., (The)
|
(321,886
|
)
|
(9,817,523
|
)
|
||||
Mattel, Inc.*
|
(637,496
|
)
|
(7,458,703
|
)
|
||||
National Beverage Corp.
|
(210,695
|
)
|
(10,458,900
|
)
|
||||
Remy Cointreau SA
|
(39,541
|
)
|
(5,093,881
|
)
|
||||
Societe BIC SA
|
(99,294
|
)
|
(6,837,601
|
)
|
||||
(118,791,641
|
)
|
|||||||
Consumer Services—(4.7%)
|
||||||||
Carvana Co.*
|
(249,480
|
)
|
(23,780,434
|
)
|
||||
Casey's General Stores, Inc.
|
(68,481
|
)
|
(11,899,943
|
)
|
||||
Choice Hotels International, Inc.
|
(115,769
|
)
|
(11,258,535
|
)
|
||||
Clear Channel Outdoor Holdings, Inc.*
|
(1,938,905
|
)
|
(4,808,484
|
)
|
||||
Cracker Barrel Old Country Store, Inc.
|
(59,140
|
)
|
(9,092,184
|
)
|
||||
Hertz Global Holdings, Inc.*
|
(280,113
|
)
|
(4,341,752
|
)
|
||||
Medpace Holdings, Inc.*
|
(58,047
|
)
|
(4,450,464
|
)
|
||||
Meredith Corp.
|
(228,877
|
)
|
(8,019,850
|
)
|
||||
MGM China Holdings Ltd.
|
(3,880,000
|
)
|
(5,771,225
|
)
|
||||
Pearson PLC
|
(603,978
|
)
|
(5,057,041
|
)
|
||||
Shake Shack, Inc. Class A*
|
(117,113
|
)
|
(7,258,664
|
)
|
||||
Stitch Fix, Inc., Class A*
|
(177,856
|
)
|
(4,193,844
|
)
|
||||
Texas Roadhouse, Inc.
|
(127,551
|
)
|
(7,385,203
|
)
|
||||
Vail Resorts, Inc.
|
(44,796
|
)
|
(10,870,645
|
)
|
||||
Walt Disney Co., (The)
|
(40,981
|
)
|
(6,211,900
|
)
|
||||
Wayfair, Inc. Class A*
|
(89,218
|
)
|
(7,576,393
|
)
|
||||
Whitbread PLC
|
(225,310
|
)
|
(13,382,496
|
)
|
||||
(145,359,057
|
)
|
|||||||
Energy—(2.5%)
|
||||||||
ARC Resources Ltd.
|
(1,531,668
|
)
|
(7,679,672
|
)
|
||||
CNX Resources Corp.*
|
(679,247
|
)
|
(4,693,597
|
)
|
||||
Core Laboratories NV
|
(95,021
|
)
|
(4,161,920
|
)
|
||||
Devon Energy Corp.
|
(248,021
|
)
|
(5,429,180
|
)
|
||||
EQT Corp.
|
(386,252
|
)
|
(3,371,980
|
)
|
||||
Matador Resources Co.*
|
(476,944
|
)
|
(6,715,371
|
)
|
||||
Murphy Oil Corp.
|
(256,212
|
)
|
(5,895,438
|
)
|
||||
National Oilwell Varco, Inc.
|
(469,796
|
)
|
(10,593,900
|
)
|
||||
Occidental Petroleum Corp.
|
(285,386
|
)
|
(11,007,338
|
)
|
||||
Oil Search Ltd.
|
(1,505,347
|
)
|
(7,575,444
|
)
|
||||
SM Energy Co.
|
(466,942
|
)
|
(3,880,288
|
)
|
||||
Woodside Petroleum Ltd.
|
(267,766
|
)
|
(6,248,274
|
)
|
||||
(77,252,402
|
)
|
|||||||
Finance—(10.9%)
|
||||||||
Ares Management Corp., Class A
|
(226,937
|
)
|
(7,509,345
|
)
|
||||
Bank of East Asia Ltd., (The)
|
(1,761,315
|
)
|
(3,973,209
|
)
|
||||
Bank of Hawaii Corp.
|
(78,807
|
)
|
(7,101,299
|
)
|
||||
Bankinter SA
|
(789,259
|
)
|
(5,512,270
|
)
|
||||
Canadian Western Bank
|
(382,668
|
)
|
(10,238,667
|
)
|
||||
China International Capital Corp., Ltd.
|
(2,676,400
|
)
|
(4,605,408
|
)
|
||||
CNO Financial Group, Inc.
|
(396,522
|
)
|
(7,184,979
|
)
|
||||
Commonwealth Bank of Australia
|
(156,443
|
)
|
(8,559,114
|
)
|
||||
Community Bank System, Inc.
|
(302,163
|
)
|
(20,501,760
|
)
|
||||
Credit Suisse Group AG*
|
(1,106,521
|
)
|
(14,484,989
|
)
|
||||
Cullen/Frost Bankers, Inc.
|
(54,619
|
)
|
(5,110,154
|
)
|
||||
CVB Financial Corp.
|
(616,793
|
)
|
(13,174,698
|
)
|
||||
FGL Holdings
|
(1,130,661
|
)
|
(10,322,935
|
)
|
||||
First Financial Bankshares, Inc.
|
(763,923
|
)
|
(26,408,818
|
)
|
||||
First Republic Bank
|
(123,929
|
)
|
(13,619,797
|
)
|
||||
Focus Financial Partners, Inc., Class A*
|
(312,694
|
)
|
(8,789,828
|
)
|
||||
Glacier Bancorp, Inc.
|
(383,026
|
)
|
(16,795,690
|
)
|
||||
Hang Seng Bank Ltd.
|
(226,500
|
)
|
(4,617,228
|
)
|
||||
Hargreaves Lansdown PLC
|
(262,772
|
)
|
(6,296,707
|
)
|
||||
Hiscox Ltd.
|
(410,658
|
)
|
(7,236,577
|
)
|
||||
Independent Bank Corp.
|
(105,984
|
)
|
(8,923,853
|
)
|
||||
KKR & Co, Inc., Class A
|
(202,740
|
)
|
(5,978,803
|
)
|
||||
LendingClub Corp.*
|
(340,824
|
)
|
(4,706,774
|
)
|
||||
M&T Bank Corp.
|
(29,449
|
)
|
(4,851,428
|
)
|
||||
MarketAxess Holdings, Inc.
|
(17,905
|
)
|
(7,230,397
|
)
|
||||
New York Community Bancorp, Inc.
|
(400,940
|
)
|
(4,779,205
|
)
|
||||
Prosperity Bancshares, Inc.
|
(169,318
|
)
|
(11,894,589
|
)
|
||||
RLI Corp.
|
(142,505
|
)
|
(13,020,682
|
)
|
||||
Standard Chartered PLC
|
(585,716
|
)
|
(5,269,670
|
)
|
||||
Trustmark Corp.
|
(428,611
|
)
|
(14,727,074
|
)
|
||||
UMB Financial Corp.
|
(80,501
|
)
|
(5,415,302
|
)
|
||||
United Bankshares, Inc.
|
(324,909
|
)
|
(12,304,304
|
)
|
||||
Voya Financial, Inc.
|
(96,892
|
)
|
(5,646,866
|
)
|
||||
Westamerica Bancorporation
|
(359,882
|
)
|
(23,392,330
|
)
|
||||
WisdomTree Investments, Inc.
|
(1,620,134
|
)
|
(7,873,851
|
)
|
||||
(338,058,600
|
)
|
|||||||
Health Care—(2.6%)
|
||||||||
ABIOMED, Inc.*
|
(47,366
|
)
|
(9,292,262
|
)
|
||||
Acadia Healthcare Co., Inc.*
|
(136,255
|
)
|
(4,381,961
|
)
|
||||
Align Technology, Inc.*
|
(38,791
|
)
|
(10,758,296
|
)
|
||||
Allogene Therapeutics, Inc.*
|
(263,035
|
)
|
(7,412,326
|
)
|
||||
Glaukos Corp.*
|
(138,221
|
)
|
(8,864,113
|
)
|
||||
GW Pharmaceuticals PLC - ADR*
|
(85,316
|
)
|
(8,711,617
|
)
|
||||
Healthcare Services Group, Inc.
|
(273,597
|
)
|
(6,880,964
|
)
|
||||
Moderna, Inc.*
|
(511,961
|
)
|
(10,423,526
|
)
|
||||
SmileDirectClub, Inc.*
|
(370,208
|
)
|
(3,690,974
|
)
|
||||
Tivity Health, Inc.*
|
(444,863
|
)
|
(10,076,147
|
)
|
||||
(80,492,186
|
)
|
|||||||
Real Estate Investment Trusts—(0.7%)
|
||||||||
Iron Mountain, Inc.
|
(287,949
|
)
|
(9,248,922
|
)
|
||||
Public Storage
|
(53,871
|
)
|
(11,349,542
|
)
|
||||
(20,598,464
|
)
|
|||||||
Technology—(8.4%)
|
||||||||
8x8, Inc.*
|
(338,034
|
)
|
(6,936,458
|
)
|
||||
Altair Engineering, Inc., Class A*
|
(159,069
|
)
|
(5,276,319
|
)
|
||||
Appian Corp.*
|
(211,896
|
)
|
(9,128,480
|
)
|
||||
Autohome, Inc.- ADR*
|
(137,002
|
)
|
(9,322,986
|
)
|
||||
Blackbaud, Inc.
|
(130,100
|
)
|
(10,782,688
|
)
|
||||
Blackline, Inc.*
|
(198,127
|
)
|
(10,663,195
|
)
|
||||
Cognex Corp.
|
(266,077
|
)
|
(13,351,744
|
)
|
||||
Cree, Inc.*
|
(192,764
|
)
|
(8,522,096
|
)
|
||||
Guidewire Software, Inc.*
|
(146,099
|
)
|
(17,799,241
|
)
|
||||
HubSpot, Inc.*
|
(63,775
|
)
|
(9,630,025
|
)
|
||||
Inovalon Holdings, Inc., Class A*
|
(860,044
|
)
|
(15,480,792
|
)
|
||||
Knowles Corp.*
|
(411,410
|
)
|
(9,009,879
|
)
|
||||
LiveRamp Holdings, Inc.*
|
(129,659
|
)
|
(6,494,619
|
)
|
||||
Livongo Health, Inc.*
|
(210,084
|
)
|
(5,999,999
|
)
|
||||
Manhattan Associates, Inc.*
|
(90,537
|
)
|
(7,560,745
|
)
|
||||
MercadoLibre, Inc.*
|
(11,726
|
)
|
(6,807,881
|
)
|
||||
MongoDB, Inc.*
|
(67,461
|
)
|
(10,031,451
|
)
|
||||
National Instruments Corp.
|
(321,326
|
)
|
(13,534,251
|
)
|
||||
Nidec Corp.
|
(104,000
|
)
|
(15,393,212
|
)
|
||||
Phreesia, Inc.*
|
(151,623
|
)
|
(4,263,639
|
)
|
||||
Plantronics, Inc.
|
(123,498
|
)
|
(3,129,439
|
)
|
||||
RealPage, Inc.*
|
(176,095
|
)
|
(9,690,508
|
)
|
||||
Shopify, Inc., Class A*
|
(36,926
|
)
|
(12,434,830
|
)
|
||||
Tabula Rasa HealthCare, Inc.*
|
(199,911
|
)
|
(8,918,030
|
)
|
||||
Tokai Carbon Co., Ltd.
|
(849,700
|
)
|
(8,360,558
|
)
|
||||
Xilinx, Inc.
|
(85,508
|
)
|
(7,933,432
|
)
|
||||
Zillow Group, Inc., Class C*
|
(301,634
|
)
|
(11,808,971
|
)
|
||||
(258,265,468
|
)
|
|||||||
Transportation—(1.2%)
|
||||||||
American Airlines Group, Inc.
|
(329,787
|
)
|
(9,478,079
|
)
|
||||
QUBE Holdings Ltd.*
|
(4,761,144
|
)
|
(10,831,215
|
)
|
||||
Sotetsu Holdings, Inc.
|
(385,300
|
)
|
(10,662,465
|
)
|
||||
XPO Logistics, Inc.*
|
(85,928
|
)
|
(7,105,386
|
)
|
||||
(38,077,145
|
)
|
|||||||
TOTAL COMMON STOCKS
|
||||||||
(Proceeds $(1,348,828,759))
|
(1,467,904,897
|
)
|
||||||
PREFERRED STOCKS—(0.2%)
|
||||||||
Consumer Non-Durables—(0.2%)
|
||||||||
Henkel AG & Co KGaA, 1.926%
|
(81,689
|
)
|
(8,622,329
|
)
|
||||
TOTAL PREFERRED STOCKS
|
||||||||
(Proceeds $(8,033,296))
|
(8,622,329
|
)
|
||||||
TOTAL SECURITIES SOLD SHORT—(47.6%)
|
||||||||
(Proceeds $(1,356,862,055))
|
(1,476,527,226
|
)
|
||||||
OTHER ASSETS IN EXCESS OF LIABILITIES—48.9%
|
1,516,431,299
|
|||||||
NET ASSETS—100.0%
|
$
|
3,097,974,356
|
ADR
|
American Depositary Receipt
|
|||
PLC
|
Public Limited Company
|
|||
SP ADR
|
Sponsored American Depositary Receipt
|
|||
*
|
Non-income producing.
|
|||
(a)
|
Seven-day yield as of November 30, 2019.
|
|||
Ɨ
|
Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
|
|||
‡
|
Security has been valued at fair market value using significant unobservable inputs as determined in good faith by or under the
direction of The RBB Fund, Inc.’s Board of Directors. As of November 30, 2019, these securities amounted to $153,892 or 0.0% of net assets |
|||
Industry classifications may be different than those used for compliance monitoring purposes
|
||||
Contracts For Difference held by the Fund at November 30, 2019, are as follows:
|
||||||||||||||||
REFERENCE
COMPANY |
COUNTERPARTY
|
EXPIRATION DATE
|
FINANCING
RATE
|
PAYMENT FREQUENCY
|
NUMBER OF CONTRACTS LONG/(SHORT)
|
NOTIONAL
AMOUNT |
UNREALIZED
APPRECIATION (DEPRECIATION) |
|||||||||
Short
|
||||||||||||||||
Brazil
|
||||||||||||||||
Usinas Siderurgicas de Minas Gerais SA
|
Goldman Sachs
|
9/15/2020
|
1.55%
|
Monthly
|
(2,019,800)
|
$ |
(4,079,007)
|
$ |
(417,147)
|
|||||||
|
|
|||||||||||||||
China
|
||||||||||||||||
Semiconductor Manufacturing
|
Goldman Sachs
|
12/31/2020
|
1.00
|
Monthly
|
(19,013,600)
|
(24,231,039)
|
497,663
|
|||||||||
|
|
|||||||||||||||
Indonesia
|
||||||||||||||||
Unilever Indonesia TBK PT
|
Macquarie
|
9/15/2020
|
1.54
|
Monthly
|
(2,144,800)
|
(6,352,238)
|
160,462
|
|||||||||
|
|
|||||||||||||||
South Korea
|
||||||||||||||||
Amorepacific Corp.
|
Macquarie
|
9/15/2020
|
1.54
|
Monthly
|
(63,347)
|
(10,169,315)
|
(292,088)
|
|||||||||
Celltrion Health
|
Macquarie
|
9/15/2020
|
1.54
|
Monthly
|
(173,949)
|
(7,267,989)
|
360,191
|
|||||||||
Celltrion Inc.
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(43,770)
|
(6,457,862)
|
421,898
|
|||||||||
LG Chem Ltd.
|
Macquarie
|
12/31/2021
|
1.54
|
Monthly
|
(16,310)
|
(4,242,540)
|
193,907
|
|||||||||
Oil Corp.
|
Macquarie
|
9/15/2020
|
1.54
|
Monthly
|
(142,657)
|
(10,803,288)
|
941,740
|
|||||||||
Samsung Biologics
|
Macquarie
|
9/15/2020
|
1.54
|
Monthly
|
(30,499)
|
(10,183,550)
|
238,022
|
|||||||||
Sillajen, Inc.
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(454,711)
|
(5,600,100)
|
1,703,548
|
|||||||||
SK Innivation Co., Ltd.
|
Macquarie
|
9/15/2020
|
1.54
|
Monthly
|
(73,773)
|
(9,168,795)
|
848,819
|
|||||||||
(63,893,439)
|
4,416,037
|
|||||||||||||||
Switzerland
|
||||||||||||||||
Stadler Rail AG
|
Morgan Stanley
|
9/15/2020
|
-0.71
|
Monthly
|
(196,699)
|
(9,624,921)
|
(3,063)
|
|||||||||
|
|
|||||||||||||||
Taiwan
|
||||||||||||||||
AU Optronics Corp.
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(50,614,000)
|
(14,599,924)
|
(1,417,482)
|
|||||||||
Eclat Textile Co., Ltd.
|
Macquarie
|
9/15/2020
|
1.54
|
Monthly
|
(869,000)
|
(11,276,508)
|
155,969
|
|||||||||
(25,876,432)
|
(1,261,513)
|
|||||||||||||||
Total Short
|
(134,057,076)
|
3,392,439
|
||||||||||||||
Net unrealized gain/(loss) on Contracts For Difference
|
$ |
3,392,439
|
BOSTON PARTNERS INVESTMENT FUNDS
|
||||
BOSTON PARTNERS LONG/SHORT RESEARCH FUND
|
||||
NOTES TO PORTFOLIO OF INVESTMENTS
|
||||
NOVEMBER 30, 2019 (UNAUDITED)
|
||||
PORTFOLIO VALUATION — The Boston Partners Long/Short Research 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, 2019, in valuing the Fund's investments carried at fair value:
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
|||||||||||||
Common Stock
|
||||||||||||||||
Basic Industries
|
$
|
150,232,630
|
$
|
142,237,946
|
$
|
7,994,684
|
$
|
-
|
||||||||
Capital Goods
|
250,692,324
|
230,097,728
|
20,594,596
|
-
|
||||||||||||
Communications
|
99,241,232
|
99,241,232
|
-
|
-
|
||||||||||||
Consumer Durables
|
82,285,134
|
42,440,372
|
39,844,762
|
-
|
||||||||||||
Consumer Non-Durables
|
227,486,152
|
203,679,519
|
23,806,633
|
-
|
||||||||||||
Consumer Services
|
339,037,714
|
311,456,087
|
27,581,627
|
-
|
||||||||||||
Energy
|
224,716,667
|
200,552,165
|
24,164,502
|
-
|
||||||||||||
Finance
|
591,855,270
|
544,909,226
|
46,946,044
|
-
|
||||||||||||
Health Care
|
431,826,248
|
421,452,944
|
10,373,304
|
-
|
||||||||||||
REITS
|
6,473,839
|
6,473,839
|
-
|
-
|
||||||||||||
Technology
|
546,600,633
|
481,431,988
|
65,168,645
|
-
|
||||||||||||
Transportation
|
78,270,577
|
78,270,577
|
-
|
-
|
||||||||||||
Utilities
|
25,636,234
|
25,636,234
|
-
|
-
|
||||||||||||
Preferred Stock
|
||||||||||||||||
Capital Goods
|
2,304,818
|
-
|
2,304,818
|
-
|
||||||||||||
Warrants
|
153,892
|
-
|
-
|
153,892
|
||||||||||||
Short-Term Investments
|
1,256,919
|
1,256,919
|
-
|
-
|
||||||||||||
Contracts For Difference
|
||||||||||||||||
Equity Contracts
|
5,522,219
|
-
|
5,522,219
|
-
|
||||||||||||
Total Assets
|
$
|
3,063,592,502
|
$
|
2,789,136,776
|
$
|
274,301,834
|
$
|
153,892
|
||||||||
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
|||||||||||||
Securities Sold Short
|
||||||||||||||||
Basic Industries
|
(170,510,571
|
)
|
(107,536,428
|
)
|
(62,974,143
|
)
|
-
|
|||||||||
Capital Goods
|
(115,758,308
|
)
|
(91,232,161
|
)
|
(24,526,147
|
)
|
-
|
|||||||||
Communications
|
(24,431,489
|
)
|
(18,338,223
|
)
|
(6,093,266
|
)
|
-
|
|||||||||
Consumer Durables
|
(80,309,566
|
)
|
(48,373,026
|
)
|
(31,936,540
|
)
|
-
|
|||||||||
Consumer Non-Durables
|
(118,791,641
|
)
|
(91,467,217
|
)
|
(27,324,424
|
)
|
-
|
|||||||||
Consumer Services
|
(145,359,057
|
)
|
(121,148,295
|
)
|
(24,210,762
|
)
|
-
|
|||||||||
Energy
|
(77,252,402
|
)
|
(63,428,684
|
)
|
(13,823,718
|
)
|
-
|
|||||||||
Finance
|
(338,058,600
|
)
|
(277,503,428
|
)
|
(60,555,172
|
)
|
-
|
|||||||||
Health Care
|
(80,492,186
|
)
|
(80,492,186
|
)
|
-
|
-
|
||||||||||
REITS
|
(20,598,464
|
)
|
(20,598,464
|
)
|
-
|
-
|
||||||||||
Technology
|
(258,265,468
|
)
|
(234,511,698
|
)
|
(23,753,770
|
)
|
-
|
|||||||||
Transportation
|
(38,077,145
|
)
|
(16,583,465
|
)
|
(21,493,680
|
)
|
-
|
|||||||||
Preferred Stock
|
||||||||||||||||
Consumer Durables
|
(8,622,329
|
)
|
-
|
(8,622,329
|
)
|
-
|
||||||||||
Contracts For Difference
|
||||||||||||||||
Equity Contracts
|
(2,129,780
|
)
|
(420,210
|
)
|
(1,709,570
|
)
|
-
|
|||||||||
Total Liabilities
|
$
|
(1,478,657,006
|
)
|
$
|
(1,171,633,485
|
)
|
$
|
(307,023,521
|
)
|
$
|
-
|
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.
|