NPORT-EX 2 emergingmkts-ls.htm NPORT-EX
BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND
  
PORTFOLIO OF INVESTMENTS
  
MAY 31, 2020 (UNAUDITED)
  
   
   
NUMBER OF
        
   
SHARES
    
VALUE
  
LONG POSITIONS—94.2%
            
COMMON STOCKS—76.4%
            
Brazil—4.5%
            
Ambev SA - ADRƗ
    
107,611
    
$
248,581
  
Cia Brasileira de Distribuicao
    
22,000
      
255,567
  
Localiza Rent a Car SA
    
60,400
      
430,111
  
Locaweb Servicos de Internet SA*
    
126,175
      
608,613
  
Pagseguro Digital Ltd., Class A*Ɨ
    
6,071
      
192,633
  
Petroleo Brasileiro SA - SP ADR*Ɨ
    
58,375
      
445,401
  
Vivara Participacoes SA
    
87,100
      
312,570
  
             
2,493,476
  
Canada—1.8%
                
Barrick Gold Corp.
    
12,619
      
302,856
  
Kinross Gold Corp.*Ɨ
    
83,540
      
547,187
  
Yamana Gold, Inc.Ɨ
    
25,748
      
138,009
  
             
988,052
  
Chile—0.2%
                
Geopark Ltd.*Ɨ
    
10,610
      
89,871
  
Sociedad Quimica y Minera de Chile SA - SP ADRƗ
    
597
      
14,549
  
             
104,420
  
China—20.6%
                
21Vianet Group, Inc. - ADR*Ɨ
    
11,357
      
165,812
  
Alibaba Group Holding Ltd. - SP ADR*Ɨ
    
18,272
      
3,789,430
  
China Construction Bank Corp., Class H
    
1,003,000
      
791,059
  
China Meidong Auto Holdings Ltd.
    
110,000
      
255,041
  
China Overseas Land & Investment Ltd.
    
34,500
      
105,804
  
China Vanke Co., Ltd., Class H
    
30,700
      
100,220
  
CIFI Holdings Group Co., Ltd.
    
154,000
      
111,875
  
ENN Energy Holdings Ltd.
    
22,400
      
262,976
  
Industrial & Commercial Bank of China Ltd., Class H
    
600,000
      
388,631
  
Lomon Billions Group Co., Ltd., Class A
    
96,380
      
211,410
  
Longfor Group Holdings Ltd.
    
27,000
      
123,475
  
Momo, Inc. - SP ADRƗ
    
5,143
      
99,774
  
Muyuan Foodstuff Co., Ltd., Class A
    
45,900
      
774,893
  
NetEase, Inc. - ADRƗ
    
2,160
      
827,064
  
Ping An Insurance Group Co. of China Ltd., Class H
    
105,466
      
1,043,705
  
Tencent Holdings Ltd.
    
16,400
      
888,156
  
Trip.com Group Ltd. - ADRƗ
    
10,388
      
276,009
  
Vipshop Holdings Ltd. - ADR*Ɨ
    
14,246
      
247,026
  
Wuliangye Yibin Co., Ltd., Class A
    
35,500
      
738,873
  
Zhongsheng Group Holdings Ltd.
    
59,500
      
307,843
  
             
11,509,076
  
Colombia—0.2%
                
Ecopetrol SA
    
188,950
      
100,807
  
France—0.5%
                
TOTAL SA
    
7,139
      
270,717
  
Greece—0.3%
                
JUMBO SA
    
10,104
      
183,851
  
Hong Kong—2.0%
                
AIA Group Ltd.
    
21,520
      
176,589
  
China Mobile Ltd. - SP ADRƗ
    
3,996
      
140,499
  
Melco Resorts & Entertainment Ltd. - ADR*Ɨ
    
40,108
      
642,931
  
Swire Properties Ltd.
    
61,800
      
138,664
  
             
1,098,683
  
Hungary—0.7%
                
OTP Bank PLC
    
11,252
      
378,234
  
India—6.2%
                
Bandhan Bank Ltd.
    
65,393
      
190,669
  
Bharat Electronics Ltd.
    
108,798
      
99,862
  
Bharti Airtel Ltd.
    
145,029
      
1,059,056
  
Gujarat State Petronet Ltd.
    
59,034
      
154,428
  
HDFC Bank Ltd. - ADRƗ
    
8,254
      
345,265
  
HDFC Bank Ltd.
    
52,803
      
668,600
  
Indraprastha Gas Ltd.*
    
40,204
      
250,466
  
Mahanagar Gas Ltd.
    
13,289
      
171,172
  
Reliance Industries Ltd.
    
10,458
      
203,172
  
Tech Mahindra Ltd.
    
44,323
      
311,708
  
             
3,454,398
  
Indonesia—2.3%
                
Bank Central Asia Tbk PT
    
137,300
      
244,310
  
Bank Negara Indonesia Persero Tbk PT
    
491,100
      
129,264
  
Bank Rakyat Indonesia Persero Tbk PT
    
1,052,200
      
213,054
  
Gudang Garam Tbk PT
    
65,600
      
219,188
  
Indah Kiat Pulp & Paper Corp. Tbk PT
    
85,600
      
30,876
  
Indofood CBP Sukses Makmur Tbk PT
    
852,500
      
476,727
  
             
1,313,419
  
Ireland—0.1%
                
Kenmare Resources PLC
    
15,707
      
43,331
  
Macao—3.3%
                
Sands China Ltd.
    
247,200
      
971,025
  
Wynn Macau Ltd.
    
512,800
      
878,316
  
             
1,849,341
  
Malaysia—0.9%
                
Genting Malaysia Bhd
    
334,400
      
178,702
  
Telekom Malaysia Bhd
    
335,500
      
325,601
  
             
504,303
  
Mexico—5.2%
                
Alpek SAB de CV*
    
435,500
      
305,397
  
Coca-Cola Femsa SAB de CV - SP ADRƗ
    
2,555
      
111,858
  
Concentradora Fibra Danhos SA de CV
    
211,200
      
201,442
  
Fibra Uno Administracion SA de CV*
    
217,600
      
166,920
  
Fomento Economico Mexicano SAB de CV - SP ADRƗ
    
21,629
      
1,464,500
  
Grupo Financiero Banorte SAB de CV
    
37,900
      
115,455
  
Industrias Bachoco SAB de CV, Class B
    
76,700
      
234,757
  
Macquarie Mexico Real Estate Management SA de CV
    
280,800
      
320,379
  
             
2,920,708
  
Peru—0.4%
                
Credicorp Ltd.Ɨ
    
1,611
      
222,028
  
Philippines—0.5%
                
Altus San Nicolas Corp.*‡
    
9,313
      
0
  
Bloomberry Resorts Corp.
    
2,100,900
      
258,062
  
             
258,062
  
Poland—0.8%
                
PLAY Communications SA
    
63,493
      
450,441
  
Russia—1.4%
                
Gazprom Neft PJSC
    
34,030
      
162,354
  
Sberbank of Russia PJSC - SP ADR
    
37,082
      
424,218
  
Tatneft PJSC
    
26,049
      
198,349
  
             
784,921
  
Singapore—1.6%
                
DBS Group Holdings Ltd.
    
40,700
      
563,064
  
United Overseas Bank Ltd.
    
25,000
      
346,262
  
             
909,326
  
South Africa—3.3%
                
Astral Foods Ltd.
    
14,720
      
129,510
  
Distell Group Holdings Ltd.
    
24,496
      
113,046
  
Gold Fields Ltd.
    
97,844
      
755,175
  
Naspers Ltd., Class N
    
1,426
      
232,143
  
Oceana Group Ltd.
    
68,126
      
225,120
  
PSG Group Ltd.
    
25,228
      
232,372
  
SPAR Group Ltd., (The)
    
14,783
      
147,794
  
             
1,835,160
  
South Korea—7.7%
                
Celltrion Healthcare Co., Ltd.*
    
7,634
      
562,402
  
Celltrion, Inc.*
    
2,403
      
416,075
  
Fila Holdings Corp.
    
12,660
      
395,141
  
Grand Korea Leisure Co., Ltd.
    
10,185
      
123,188
  
GS Retail Co., Ltd.
    
10,199
      
351,474
  
Innocean Worldwide, Inc.
    
1,778
      
74,382
  
KB Financial Group, Inc.
    
7,193
      
196,305
  
Kia Motors Corp.
    
3,983
      
110,753
  
KT Corp. - SP ADRƗ
    
30,821
      
300,197
  
Mirae Asset Daewoo Co., Ltd.
    
26,651
      
133,600
  
Paradise Co., Ltd.
    
9,797
      
115,535
  
Samsung Biologics Co., Ltd.*
    
980
      
494,120
  
Samsung Heavy Industries Co., Ltd.*
    
77,270
      
301,906
  
Samsung Securities Co., Ltd.
    
5,443
      
123,565
  
SK Hynix, Inc.
    
6,543
      
433,883
  
Spigen Korea Co., Ltd.
    
2,847
      
151,462
  
             
4,283,988
  
Taiwan—9.3%
                
Accton Technology Corp.
    
71,000
      
572,302
  
Chenbro Micom Co., Ltd.
    
88,000
      
284,134
  
Chicony Electronics Co., Ltd.
    
103,000
      
295,520
  
Chicony Power Technology Co., Ltd.
    
104,000
      
232,250
  
ChipMOS Technologies, Inc.
    
296,000
      
305,597
  
Global Mixed Mode Technology, Inc.
    
43,000
      
216,959
  
Hon Hai Precision Industry Co., Ltd.
    
114,000
      
288,408
  
ITEQ Corp.
    
41,000
      
185,030
  
Lotes Co., Ltd.
    
30,000
      
404,157
  
Radiant Opto-Electronics Corp.
    
87,000
      
299,520
  
Simplo Technology Co., Ltd.
    
53,000
      
567,824
  
Taiwan Paiho Ltd.
    
138,000
      
315,325
  
Taiwan PCB Techvest Co., Ltd.
    
103,000
      
128,128
  
Taiwan Semiconductor Manufacturing Co., Ltd. - SP ADRƗ
    
2,862
      
144,044
  
Taiwan Union Technology Corp.
    
90,000
      
416,544
  
Wiwynn Corp.
    
20,000
      
535,931
  
             
5,191,673
  
Turkey—0.9%
                
Enerjisa Enerji AS
    
131,202
      
156,051
  
Mavi Giyim Sanayi Ve Ticaret AS, Class B*
    
27,576
      
182,737
  
Ulker Biskuvi Sanayi AS
    
46,543
      
160,893
  
             
499,681
  
United States—1.7%
                
Las Vegas Sands Corp.*Ɨ
    
5,120
      
245,453
  
Micron Technology, Inc.*Ɨ
    
9,307
      
445,898
  
National Energy Services Reunited Corp.*Ɨ
    
38,516
      
218,771
  
Southern Copper Corp.Ɨ
    
1,294
      
46,972
  
             
957,094
  
TOTAL COMMON STOCKS
                
(Cost $40,493,429)
            
42,605,190
  
PREFERRED STOCKS—3.6%
                
Brazil—0.6%
                
Itau Unibanco Holding SA, 8.628%
    
73,900
      
318,516
  
South Korea—3.0%
                
Samsung Electronics Co., Ltd., 3.269%
    
49,019
      
1,706,660
  
TOTAL PREFERRED STOCKS
                
(Cost $1,636,853)
            
2,025,176
  
SHORT-TERM INVESTMENTS—14.2%
                
U.S. Bank Money Market Deposit Account, 0.13%(a)
    
7,908,051
      
7,908,051
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $7,908,051)
            
7,908,051
  
TOTAL INVESTMENTS—94.2%
                
(Cost $50,038,333)
            
52,538,417
  
SECURITIES SOLD SHORT—(12.6%)
                
COMMON STOCKS—(1.0%)
                
Mexico—(0.6%)
                
Grupo Financiero Inbursa SAB de CV
    
(496,200
)
    
(339,236
)
United Kingdom—(0.4%)
                
Antofagasta PLC
    
(22,084
)
    
(241,131
)
TOTAL COMMON STOCKS
                
(Proceeds $(671,019))
            
(580,367
)
EXCHANGE TRADED FUNDS—(11.6%)
                
Ireland—(4.0%)
                
iShares MSCI EM UCITS ETF USD Dist
    
(62,533
)
    
(2,238,200
)
United States—(7.6%)
                
iShares MSCI Emerging Markets ETF
    
(86,159
)
    
(3,250,779
)
iShares MSCI India ETF
    
(16,766
)
    
(460,898
)
iShares MSCI South Africa ETF
    
(6,402
)
    
(214,915
)
VanEck Vectors Russia ETF
    
(14,450
)
    
(297,959
)
             
(4,224,551
)
TOTAL EXCHANGE TRADED FUNDS
                
(Proceeds $(6,046,289))
            
(6,462,751
)
TOTAL SECURITIES SOLD SHORT—(12.6%)
                
(Proceeds $(6,717,308))
            
(7,043,118
)
OTHER ASSETS IN EXCESS OF LIABILITIES—18.4%
            
10,261,778
  
NET ASSETS—100.0%
          
$
55,757,077
  

ADR
American Depositary Receipt
    
PLC
Public Limited Company
    
SP ADR
Sponsored American Depositary Receipt
    
*
Non-income producing.
    
Ɨ
Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
    
(a)
The rate shown is as of May 31, 2020.
    
‡
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 May 31, 2020, these securities amounted to $0 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 May 31, 2020, are as follows:
                                 
REFERENCE
COMPANY
  
COUNTERPARTY
  
EXPIRATION DATE
  
FINANCING RATE
  
PAYMENT FREQUENCY
  
NUMBER OF CONTRACTS LONG/(SHORT)
    
NOTIONAL
AMOUNT
    
UNREALIZED
APPRECIATION
(DEPRECIATION)
Long
                                
Austria
                                
Erste Group Bank AG
  
Goldman Sachs
  
9/15/2020
  
-0.45%
  
Monthly
  
8,461
   $
             187,148
   $
                16,497
                         
 
    
 
Canada
                                
Yamana Gold Inc.
  
Goldman Sachs
  
9/15/2020
  
0.17
  
Monthly
  
60,864
    
               326,231
    
                   (6,750)
                         
 
    
 
China
                                
Agricultural Bank of China
  
Goldman Sachs
  
9/15/2020
  
0.63
  
Monthly
  
686,000
    
               278,401
    
                      (691)
Alibaba Group Holding Ltd.
  
Goldman Sachs
  
9/15/2020
  
0.96
  
Monthly
  
24,200
    
               625,737
    
                  20,529
China Construction Bank Corp., Class H
  
Goldman Sachs
  
9/15/2020
  
0.63
  
Monthly
  
72,000
    
                 56,786
    
                   (1,107)
China Merchants Bank
  
Goldman Sachs
  
9/15/2020
  
0.63
  
Monthly
  
35,500
    
               167,278
    
                      (865)
China Oilfield Services
  
Goldman Sachs
  
9/15/2020
  
0.63
  
Monthly
  
258,000
    
               225,882
    
                 (11,525)
China Shenhua Energy Co., Ltd., Class H
  
Goldman Sachs
  
12/31/2021
  
0.63
  
Monthly
  
69,000
    
               126,387
    
                    1,712
Industrial & Commercial Bank of China Ltd., Class H
  
Goldman Sachs
  
9/15/2020
  
0.63
  
Monthly
  
501,000
    
               324,507
    
                   (4,617)
Jiangxi Copper Co., Ltd.
  
Goldman Sachs
  
9/15/2020
  
0.63
  
Monthly
  
21,000
    
                 19,311
    
                      (826)
Netdragon Websoft Holdings
  
Goldman Sachs
  
9/15/2020
  
0.63
  
Monthly
  
68,500
    
               171,476
    
                 (16,831)
PICC Property & Casualty Co. Ltd.
  
Goldman Sachs
  
9/15/2020
  
0.63
  
Monthly
  
366,000
    
               320,223
    
                 (19,871)
SINOPEC Engineering
  
Goldman Sachs
  
9/15/2020
  
0.63
  
Monthly
  
363,000
    
               152,639
    
                    3,221
Tencent Holdings Ltd.
  
Goldman Sachs
  
12/31/2021
  
0.63
  
Monthly
  
35,600
    
            1,927,949
    
                 (42,207)
                         
            4,396,576
    
                 (73,078)
France
                                
Total SA
  
Goldman Sachs
  
9/15/2020
  
-0.45
  
Monthly
  
2,649
    
               100,452
    
                    5,072
                         
 
    
 
Greece
                                
Hellenic Telecommunication Organization
  
Goldman Sachs
  
9/15/2020
  
-0.45
  
Monthly
  
17,774
    
               248,853
    
                  10,814
                         
 
    
 
Hong Kong
                                
Champion Real Estate Investment Trust
  
Goldman Sachs
  
9/15/2020
  
0.63
  
Monthly
  
283,000
    
               128,741
    
                 (25,762)
Fortune Real Estate Investment Trust
  
Goldman Sachs
  
9/15/2020
  
0.63
  
Monthly
  
261,000
    
               234,197
    
                 (17,432)
Hang Lung Properties
  
Goldman Sachs
  
9/15/2020
  
0.63
  
Monthly
  
130,000
    
               275,139
    
                    5,763
                         
               638,077
    
                 (37,431)
Israel
                                
Gazit Globe Ltd.
  
Goldman Sachs
  
9/15/2020
  
0.09
  
Monthly
  
38,219
    
               262,496
    
                  11,451
                         
 
    
 
Macao
                                
MGM China Holdings
  
Goldman Sachs
  
9/15/2020
  
0.27
  
Monthly
  
318,800
    
               380,822
    
                   (2,584)
                         
 
    
 
Portugal
                                
Jeronimo Martins
  
Goldman Sachs
  
9/15/2020
  
-0.45
  
Monthly
  
12,600
    
               214,851
    
                  15,512
                         
 
    
 
Russia
                                
Detsky Mir PJSC
  
Goldman Sachs
  
9/15/2020
  
0.17
  
Monthly
  
211,010
    
               298,261
    
                  44,556
Novolipetsk Steel PJSC
  
Goldman Sachs
  
9/15/2020
  
0.17
  
Monthly
  
239,540
    
               470,400
    
                  56,244
Sberbank of Russia PJSC -SP ADR
  
Goldman Sachs
  
12/31/2021
  
0.17
  
Monthly
  
21,035
    
               240,640
    
                  21,808
                         
            1,009,301
    
                122,608
South Africa
                                
Naspers Ltd., Class N
  
Goldman Sachs
  
9/15/2020
  
0.17
  
Monthly
  
9,753
    
               320,581
    
                 (10,590)
                         
 
    
 
South Korea
                                
Hana Financial Group, Inc.
  
Goldman Sachs
  
12/31/2021
  
0.17
  
Monthly
  
24,536
    
               592,832
    
                  70,276
Kumho Petrochemical Co., Ltd.
  
Goldman Sachs
  
9/15/2020
  
0.17
  
Monthly
  
3,253
    
               187,172
    
                   (5,275)
Posco
  
Goldman Sachs
  
9/15/2020
  
0.00
  
Monthly
  
1,814
    
               266,879
    
                    3,466
Samsung Electronics Co., Ltd.
  
Goldman Sachs
  
12/31/2021
  
0.17
  
Monthly
  
43,637
    
            1,797,237
    
                    6,152
SK Hynix Inc.
  
Goldman Sachs
  
9/15/2020
  
0.17
  
Monthly
  
20,673
    
            1,370,880
    
                 (24,211)
                         
            4,215,000
    
                  50,408
Switzerland
                                
Glencore PLC
  
Goldman Sachs
  
12/31/2020
  
0.12
  
Monthly
  
86,040
    
               162,491
    
                         85
                         
 
    
 
Taiwan
                                
Powertech Technology, Inc.
  
Goldman Sachs
  
9/15/2020
  
0.10
  
Monthly
  
168,000
    
               544,093
    
                 (14,865)
Taiwan Semiconductor
  
Goldman Sachs
  
9/15/2020
  
0.17
  
Monthly
  
12,223
    
               615,184
    
                   (5,983)
Taiwan Semiconductor Manufacturing Co., Ltd.
  
Goldman Sachs
  
12/31/2021
  
0.17
  
Monthly
  
96,251
    
               935,682
    
                   (2,243)
Tripod Technology Corp.
  
Goldman Sachs
  
9/15/2020
  
0.17
  
Monthly
  
96,000
    
               360,999
    
                    6,387
                         
            2,455,958
    
                 (16,704)
Total Long
                        
          14,918,837
    
                  85,310
                                 
Short
                                
Australia
                                
Fortescue Metals Group Ltd.
  
Goldman Sachs
  
9/15/2020
  
0.14
  
Monthly
  
(55,697)
   $
           (515,611)
   $
                (10,629)
                         
 
    
 
Brazil
                                
Aliansce Sonae Shopping Center
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(36,700)
    
             (175,581)
    
                 (31,829)
Banco Bradesco SA
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(31,680)
    
             (111,847)
    
                 (15,551)
Banco Santander
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(55,400)
    
             (261,412)
    
                 (35,682)
Hapvida Participacoes, Class E
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(9,700)
    
             (100,466)
    
                 (15,402)
Movida Participacoes SA
  
Morgan Stanley
  
9/15/2020
  
0.05
  
Monthly
  
(89,200)
    
             (188,888)
    
                 (29,268)
Multiplan Empreedimentos
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(48,400)
    
             (186,750)
    
                 (21,109)
Notre Dame Intermed Par SA
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(9,500)
    
             (111,248)
    
                 (19,756)
Vale SA
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(19,400)
    
             (189,154)
    
                 (12,039)
                         
          (1,325,346)
    
               (180,636)
Cambodia
                                
Nagacorp Ltd.
  
Goldman Sachs
  
9/15/2020
  
0.27
  
Monthly
  
(174,000)
    
             (208,265)
    
                   (4,554)
                         
 
    
 
China
                                
AAC Technologies Holdings
  
Goldman Sachs
  
9/15/2020
  
0.27
  
Monthly
  
(63,500)
    
             (329,204)
    
                    7,064
Air China Ltd.
  
Goldman Sachs
  
9/15/2020
  
0.27
  
Monthly
  
(236,000)
    
             (142,933)
    
                    9,039
China Southern Airlines Co.
  
Goldman Sachs
  
9/15/2020
  
0.27
  
Monthly
  
(766,000)
    
             (319,051)
    
                  26,802
GSX Techedu Inc., - ADR
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(12,152)
    
             (381,087)
    
                    4,017
Meituan Dianping
  
Goldman Sachs
  
9/15/2020
  
0.27
  
Monthly
  
(11,600)
    
             (220,934)
    
                 (32,682)
Tsingtao Brewery Co., Ltd., Class H
  
Goldman Sachs
  
12/31/2021
  
0.27
  
Monthly
  
(56,000)
    
             (389,733)
    
                 (21,300)
                         
          (1,782,942)
    
                   (7,060)
France
                                
Edenred
  
Goldman Sachs
  
9/15/2020
  
-0.46
  
Monthly
  
(7,565)
    
             (316,553)
    
                 (32,140)
                         
 
    
 
Hong Kong
                                
Cathay Pacific Airways
  
Goldman Sachs
  
9/15/2020
  
0.27
  
Monthly
  
(154,000)
    
             (156,491)
    
                  13,806
China Resources Beer Holdings Co., Ltd.
  
Goldman Sachs
  
12/31/2021
  
0.27
  
Monthly
  
(86,000)
    
             (458,605)
    
                   (4,837)
Fullshare Holdings
  
Goldman Sachs
  
9/15/2020
  
0.27
  
Monthly
  
(2,720,000)
    
               (43,291)
    
                   (3,451)
Galaxy Entertainment Group Ltd.
  
Goldman Sachs
  
9/15/2020
  
0.27
  
Monthly
  
(26,000)
    
             (177,724)
    
                       209
Hang Seng Bank Ltd.
  
Goldman Sachs
  
9/15/2020
  
0.27
  
Monthly
  
(21,000)
    
             (322,528)
    
                  38,045
Hong Kong & China Gas Co., Ltd.
  
Goldman Sachs
  
12/31/2021
  
0.27
  
Monthly
  
(221,652)
    
             (373,954)
    
                  22,923
MTR Corp.
  
Goldman Sachs
  
9/15/2020
  
0.27
  
Monthly
  
(72,000)
    
             (347,436)
    
                  34,492
SJM Holdings Ltd.
  
Goldman Sachs
  
12/31/2021
  
0.27
  
Monthly
  
(418,000)
    
             (467,049)
    
                 (11,938)
Value Partners Group Ltd.
  
Goldman Sachs
  
12/31/2021
  
0.27
  
Monthly
  
(727,000)
    
             (272,894)
    
                 (11,312)
                         
          (2,619,972)
    
                  77,937
Indonesia
                                
PT Bank Mandiri TBK
  
Macquarie
  
9/15/2020
  
0.06
  
Monthly
  
(879,300)
    
             (270,212)
    
                 (40,558)
                         
 
    
 
Malaysia
                                
Genting Malaysia Bhd
  
Macquarie
  
9/15/2020
  
0.06
  
Monthly
  
(334,400)
    
             (178,702)
    
                    4,284
PPB Group Berhad
  
Morgan Stanley
  
9/15/2020
  
0.05
  
Monthly
  
(93,300)
    
             (372,990)
    
                 (17,233)
Telekom Malaysia Berhad
  
Morgan Stanley
  
9/15/2020
  
0.05
  
Monthly
  
(335,500)
    
             (325,601)
    
                  10,571
                         
             (877,293)
    
                   (2,378)
Mexico
                                
Bacle SAB de CV
  
Morgan Stanley
  
9/15/2020
  
0.05
  
Monthly
  
(305,000)
    
             (523,910)
    
                 (24,320)
Grupo Televisa SAB - SP ADR
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(44,208)
    
             (260,827)
    
                 (26,097)
Regional SAB de CV
  
Morgan Stanley
  
9/15/2020
  
0.05
  
Monthly
  
(77,300)
    
             (215,469)
    
                 (21,558)
                         
          (1,000,206)
    
                 (71,975)
Saudi Arabia
                                
Alinma Bank
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(43,846)
    
             (173,713)
    
                   (1,304)
Arab National Bank
  
Goldman Sachs
  
9/15/2020
  
0.00
  
Monthly
  
(56,305)
    
             (298,947)
    
                 (14,143)
Banque Saudi Fransi
  
Goldman Sachs
  
9/15/2020
  
0.00
  
Monthly
  
(50,200)
    
             (406,649)
    
                 (28,430)
Rabigh Refining and Petroche
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(73,843)
    
             (265,410)
    
                    3,717
Saudi Arabian Oil Co.
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(43,302)
    
             (386,978)
    
                   (2,843)
Saudi Kayan Petrochemical Co.
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(222,559)
    
             (501,069)
    
                    2,221
                         
          (2,032,766)
    
                 (40,782)
Singapore
                                
Genting Singapore Ltd.
  
Goldman Sachs
  
12/31/2021
  
0.23
  
Monthly
  
(522,000)
    
             (290,868)
    
                   (7,295)
Golden Agri-Resources
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(2,731,400)
    
             (296,203)
    
                 (18,727)
Sats Ltd. NPV
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(135,600)
    
             (256,022)
    
                  14,999
SembCorp. Marine Ltd.
  
Goldman Sachs
  
12/31/2021
  
0.23
  
Monthly
  
(241,200)
    
             (116,587)
    
                    5,480
Singapore Press Holdings Ltd.
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(289,100)
    
             (262,669)
    
                  32,676
                         
          (1,222,349)
    
                  27,133
South Africa
                                
Tiger Brands Ltd.
  
Goldman Sachs
  
9/15/2020
  
3.60
  
Monthly
  
(22,140)
    
             (198,029)
    
                  16,220
                         
 
    
 
South Korea
                                
Amorepacific Corp.
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(2,790)
    
             (368,534)
    
                  34,276
Celltrion Health
  
Macquarie
  
9/15/2020
  
0.06
  
Monthly
  
(7,634)
    
             (562,402)
    
                    4,077
Celltrion Inc.
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(2,656)
    
             (459,882)
    
                    1,502
Dentium Co., Ltd.
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(10,899)
    
             (360,653)
    
                  14,804
Grand Korea Leisure Co., Ltd.
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(27,325)
    
             (330,498)
    
                  13,861
Korea Electric Power Corp.
  
Morgan Stanley
  
9/15/2020
  
0.05
  
Monthly
  
(15,318)
    
             (268,602)
    
                    3,756
Lotte Shopping Co., Ltd.
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(4,983)
    
             (359,615)
    
                    2,943
Mirae Asset Daewoo Co., Ltd.
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(72,627)
    
             (364,076)
    
                 (29,365)
Oil Corp.
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(7,331)
    
             (420,777)
    
                  12,159
Paradise Co., Ltd.
  
Morgan Stanley
  
12/31/2021
  
0.05
  
Monthly
  
(28,309)
    
             (333,844)
    
                  26,373
Samsung BioLogics Co., Ltd.
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(1,010)
    
             (509,246)
    
                 (14,942)
Samsung Heavy Industries Co., Ltd.
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(77,270)
    
             (301,906)
    
                 (34,037)
Samsung Securities Co., Ltd.
  
Morgan Stanley
  
9/15/2020
  
0.05
  
Monthly
  
(13,702)
    
             (311,058)
    
                    5,791
Sillajen Inc.
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(10,490)
    
             (102,490)
    
                       466
                         
          (5,053,583)
    
                  41,664
Taiwan
                                
Cheng Shin Rubber
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(412,000)
    
             (451,331)
    
                    7,052
China Airlines
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(1,470,000)
    
             (402,112)
    
                    7,305
Eclat Textile Co., Ltd.
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(34,000)
    
             (350,314)
    
                 (34,166)
Formosa Petrochemical Corp.
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(127,000)
    
             (372,174)
    
                  18,683
                         
          (1,575,931)
    
                   (1,126)
Thailand
                                
Airports of Thailand PCL
  
Morgan Stanley
  
9/15/2020
  
0.05
  
Monthly
  
(102,100)
    
             (199,554)
    
                   (7,363)
Bumrungrad Hospital
  
Morgan Stanley
  
9/15/2020
  
0.05
  
Monthly
  
(65,800)
    
             (248,444)
    
                 (22,962)
PTT Exploration & Production PCL NVDR
  
Goldman Sachs
  
9/15/2020
  
0.05
  
Monthly
  
(51,200)
    
             (135,852)
    
                    5,438
True Corp. PCL NVDR
  
Morgan Stanley
  
9/15/2020
  
0.05
  
Monthly
  
(4,339,000)
    
             (503,770)
    
                 (52,667)
                         
          (1,087,620)
    
                 (77,554)
Turkey
                                
Aselsan Elektronik Sanayi
  
Morgan Stanley
  
9/15/2020
  
0.05
  
Monthly
  
(21,883)
    
               (96,909)
    
                   (3,072)
                         
 
    
 
United Kingdom
                                
HSBC Holdings PLC
  
Goldman Sachs
  
9/15/2020
  
0.27
  
Monthly
  
(81,200)
    
             (375,195)
    
                  14,058
Total Short
                        
        (20,558,782)
    
               (295,452)
Net unrealized gain/(loss) on Contracts For Difference
                             $
             (210,142)

 
BOSTON PARTNERS INVESTMENT FUNDS
BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND
NOTES TO PORTFOLIO OF INVESTMENTS
MAY 31, 2020 (UNAUDITED)
         
PORTFOLIO VALUATION — The Boston Partners Emerging Markets Long/Short Fund's (the "Fund") net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter ("OTC") market are valued at their closing prices.  If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market.  Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates.  Investments in other open-end investment companies, if any, are valued based on the NAV of the investment companies (which may use fair value pricing as disclosed in their prospectuses). Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close.  Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim.  To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).
         
FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:
         
• Level 1 — Prices are determined using quoted prices in active markets for identical securities.
    
• Level 2 — Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
• Level 3 — Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
         
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
         
The following is a summary of the inputs used, as of May 31, 2020, in valuing the Fund's investments carried at fair value:

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Common Stock
                        
Brazil
  
$
2,493,476
    
$
2,493,476
    
$
-
    
$
-
  
Canada
    
988,052
      
988,052
      
-
      
-
  
Chile
    
104,420
      
104,420
      
-
      
-
  
China
    
11,509,076
      
5,405,115
      
6,103,961
      
-
  
Colombia
    
100,807
      
100,807
      
-
      
-
  
France
    
270,717
      
-
      
270,717
      
-
  
Greece
    
183,851
      
-
      
183,851
      
-
  
Hong Kong
    
1,098,683
      
783,430
      
315,253
      
-
  
Hungary
    
378,234
      
-
      
378,234
      
-
  
India
    
3,454,398
      
345,265
      
3,109,133
      
-
  
Indonesia
    
1,313,419
      
-
      
1,313,419
      
-
  
Ireland
    
43,331
      
-
      
43,331
      
-
  
Macao
    
1,849,341
      
-
      
1,849,341
      
-
  
Malaysia
    
504,303
      
-
      
504,303
      
-
  
Mexico
    
2,920,708
      
2,920,708
      
-
      
-
  
Peru
    
222,028
      
222,028
      
-
      
-
  
Philippines
    
258,062
      
-
      
258,062
      
-
*
Poland
    
450,441
      
-
      
450,441
      
-
  
Russia
    
784,921
      
424,218
      
360,703
      
-
  
Singapore
    
909,326
      
-
      
909,326
      
-
  
South Africa
    
1,835,160
      
338,166
      
1,496,994
      
-
  
South Korea
    
4,283,988
      
300,197
      
3,983,791
      
-
  
Taiwan
    
5,191,673
      
144,044
      
5,047,629
      
-
  
Turkey
    
499,681
      
316,944
      
182,737
      
-
  
United States
    
957,094
      
957,094
      
-
      
-
  
Preferred Stock
                                
Brazil
    
318,516
      
318,516
      
-
      
-
  
South Korea
    
1,706,660
      
-
      
1,706,660
      
-
  
Short-Term Investments
    
7,908,051
      
7,908,051
      
-
      
-
  
Contracts For Difference
                                
Equity Contracts
    
718,654
      
50,071
      
668,583
      
-
  
Total Assets
  
$
53,257,071
    
$
24,120,602
    
$
29,136,469
    
$
-
  
                                 
   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Securities Sold Short
                                
Mexico
  
$
(339,236
)
  
$
(339,236
)
  
$
-
    
$
-
  
United Kingdom
    
(241,131
)
    
-
      
(241,131
)
    
-
  
Exchange Traded Funds
                                
Ireland
    
(2,238,200
)
    
-
      
(2,238,200
)
    
-
  
United States
    
(4,224,551
)
    
(4,224,551
)
    
-
      
-
  
Contracts For Difference
                                
Equity Contracts
    
(928,796
)
    
(259,361
)
    
(669,435
)
    
-
  
Total Liabilities
  
$
(7,971,914
)
  
$
(4,823,148
)
  
$
(3,148,766
)
  
$
-
  
                                 
* Value equals zero as of the end of the reporting period.
                                

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.