NPORT-EX 2 emergingmkts2.htm NPORT-EX

BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS EMERGING MARKETS FUND
  
PORTFOLIO OF INVESTMENTS
  
MAY 31, 2020 (UNAUDITED)
  
   
   
NUMBER OF
        
   
SHARES
    
VALUE
  
COMMON STOCKS—91.3%
            
Brazil—4.4%
            
Ambev SA - ADR
    
27,701
    
$
63,989
  
Cia Brasileira de Distribuicao
    
5,500
      
63,892
  
Localiza Rent a Car SA
    
15,100
      
107,528
  
Locaweb Servicos de Internet SA*
    
32,237
      
155,497
  
Pagseguro Digital Ltd., Class A*
    
1,561
      
49,531
  
Petroleo Brasileiro SA - SP ADR*
    
15,027
      
114,656
  
Vivara Participacoes SA
    
21,800
      
78,232
  
             
633,325
  
Canada—4.1%
                
Barrick Gold Corp.
    
3,685
      
88,440
  
Barrick Gold Corp.
    
3,727
      
89,626
  
Kinross Gold Corp.*
    
29,072
      
190,422
  
Yamana Gold, Inc.
    
41,496
      
222,418
  
             
590,906
  
Chile—0.2%
                
Geopark Ltd.*
    
2,771
      
23,470
  
China—25.5%
                
21Vianet Group, Inc. - ADR*
    
2,827
      
41,274
  
Agricultural Bank of China Ltd., Class H
    
172,000
      
69,803
  
Alibaba Group Holding Ltd.*
    
6,900
      
178,413
  
Alibaba Group Holding Ltd. - SP ADR*
    
4,529
      
939,269
  
China Construction Bank Corp., Class H
    
258,000
      
203,483
  
China Meidong Auto Holdings Ltd.
    
28,000
      
64,920
  
China Vanke Co., Ltd., Class H
    
7,800
      
25,463
  
CIFI Holdings Group Co., Ltd.
    
40,000
      
29,058
  
ENN Energy Holdings Ltd.
    
5,800
      
68,092
  
Industrial & Commercial Bank of China Ltd., Class H
    
149,000
      
96,510
  
Jiangxi Copper Co., Ltd., Class H
    
5,000
      
4,598
  
Lomon Billions Group Co., Ltd., Class A
    
24,900
      
54,618
  
Longfor Group Holdings Ltd.
    
7,000
      
32,012
  
Momo, Inc. - SP ADR
    
1,323
      
25,666
  
Muyuan Foodstuff Co., Ltd., Class A
    
11,700
      
197,522
  
NetEase, Inc. - ADR
    
552
      
211,361
  
Ping An Insurance Group Co. of China Ltd., Class H
    
25,958
      
256,884
  
Sinopec Engineering Group Co., Ltd., Class H
    
93,000
      
39,106
  
Tencent Holdings Ltd.
    
13,300
      
720,273
  
Trip.com Group Ltd. - ADR
    
2,698
      
71,686
  
Vipshop Holdings Ltd. - ADR*
    
3,667
      
63,586
  
Wuliangye Yibin Co. Ltd., Class A
    
9,000
      
187,320
  
Zhongsheng Group Holdings Ltd.
    
15,000
      
77,607
  
             
3,658,524
  
Colombia—0.2%
                
Ecopetrol SA
    
49,368
      
26,338
  
France—0.5%
                
TOTAL SA
    
1,865
      
70,722
  
Greece—0.3%
                
JUMBO SA
    
2,534
      
46,108
  
Hong Kong—3.3%
                
AIA Group Ltd.
    
5,448
      
44,705
  
Champion REIT
    
73,000
      
33,209
  
China Mobile Ltd. - SP ADR
    
1,027
      
36,109
  
China Overseas Land & Investment Ltd.
    
9,500
      
29,135
  
Fortune Real Estate Investment Trust
    
67,000
      
60,120
  
Hang Lung Properties Ltd.
    
33,000
      
69,843
  
Melco Resorts & Entertainment Ltd. - ADR*
    
10,329
      
165,574
  
Swire Properties Ltd.
    
15,800
      
35,451
  
             
474,146
  
Hungary—0.7%
                
OTP Bank PLC
    
2,895
      
97,315
  
India—6.1%
                
Bandhan Bank Ltd.
    
16,868
      
49,183
  
Bharat Electronics Ltd.
    
28,007
      
25,707
  
Bharti Airtel Ltd.
    
37,156
      
271,327
  
Gujarat State Petronet Ltd.
    
14,754
      
38,595
  
HDFC Bank Ltd. - ADR
    
2,055
      
85,961
  
HDFC Bank Ltd.
    
13,634
      
172,636
  
Indraprastha Gas Ltd.*
    
9,968
      
62,099
  
Mahanagar Gas Ltd.
    
3,321
      
42,777
  
Reliance Industries Ltd.
    
2,593
      
50,375
  
Tech Mahindra Ltd.
    
10,989
      
77,282
  
             
875,942
  
Indonesia—2.3%
                
Bank Central Asia Tbk PT
    
34,400
      
61,211
  
Bank Negara Indonesia Persero Tbk PT
    
123,200
      
32,428
  
Bank Rakyat Indonesia Persero Tbk PT
    
270,800
      
54,833
  
Gudang Garam Tbk PT
    
16,900
      
56,468
  
Indah Kiat Pulp & Paper Corp. Tbk PT
    
22,100
      
7,971
  
Indofood CBP Sukses Makmur Tbk PT
    
219,200
      
122,579
  
             
335,490
  
Ireland—0.1%
                
Kenmare Resources PLC
    
4,044
      
11,156
  
Macao—4.0%
                
MGM China Holdings Ltd.
    
82,000
      
97,953
  
Sands China Ltd.
    
63,600
      
249,827
  
Wynn Macau Ltd.
    
132,000
      
226,087
  
             
573,867
  
Mexico—5.2%
                
Alpek SAB de CV*
    
109,200
      
76,577
  
Coca-Cola Femsa SAB de CV - SP ADR
    
654
      
28,632
  
Concentradora Fibra Danhos SA de CV
    
53,000
      
50,551
  
Fibra Uno Administracion SA de CV*
    
54,600
      
41,884
  
Fomento Economico Mexicano SAB de CV - SP ADR
    
5,524
      
374,030
  
Grupo Financiero Banorte SAB de CV
    
9,700
      
29,549
  
Industrias Bachoco SAB de CV, Class B
    
20,000
      
61,215
  
Macquarie Mexico Real Estate Management SA de CV
    
71,000
      
81,007
  
             
743,445
  
Peru—0.4%
                
Credicorp Ltd.
    
399
      
54,990
  
Philippines—0.5%
                
Altus San Nicolas Corp.*‡
    
1,610
      
–
  
Bloomberry Resorts Corp.
    
541,400
      
66,502
  
             
66,502
  
Poland—0.8%
                
PLAY Communications SA
    
15,771
      
111,885
  
Russia—1.5%
                
Sberbank of Russia PJSC - SP ADR
    
14,961
      
171,154
  
Tatneft PJSC
    
6,705
      
51,055
  
             
222,209
  
Singapore—1.6%
                
DBS Group Holdings Ltd.
    
10,400
      
143,879
  
United Overseas Bank Ltd.
    
6,300
      
87,258
  
             
231,137
  
South Africa—3.8%
                
Astral Foods Ltd.
    
3,789
      
33,336
  
Distell Group Holdings Ltd.
    
6,305
      
29,097
  
Gold Fields Ltd.
    
25,563
      
197,299
  
Naspers Ltd.
    
353
      
57,466
  
Naspers Ltd. - SP ADR
    
2,428
      
79,808
  
Oceana Group Ltd.
    
17,085
      
56,457
  
PSG Group Ltd.
    
6,445
      
59,364
  
SPAR Group Ltd., (The)
    
3,805
      
38,041
  
             
550,868
  
South Korea—10.3%
                
FILA KOREA Ltd.
    
3,175
      
99,097
  
GS Retail Co., Ltd.
    
2,601
      
89,635
  
Hana Financial Group, Inc.
    
6,300
      
152,219
  
Innocean Worldwide
    
457
      
19,118
  
KB Financial Group, Inc.
    
1,841
      
50,243
  
Kia Motors Corp.
    
1,024
      
28,474
  
KT Corp. - SP ADR
    
7,741
      
75,398
  
Samsung Electronics Co., Ltd.
    
11,156
      
459,472
  
SK Hynix, Inc.
    
6,997
      
463,989
  
Spigen Korea Co., Ltd.
    
719
      
38,251
  
             
1,475,896
  
Taiwan—13.0%
                
Accton Technology Corp.
    
19,000
      
153,151
  
Chenbro Micom Co., Ltd.
    
22,000
      
71,033
  
Chicony Electronics Co., Ltd.
    
27,000
      
77,466
  
Chicony Power Technology Co., Ltd.
    
27,000
      
60,296
  
ChipMOS Technologies, Inc.
    
75,000
      
77,432
  
Global Mixed Mode Technology, Inc.
    
10,000
      
50,456
  
Hon Hai Precision Industry Co., Ltd.
    
29,000
      
73,367
  
ITEQ Corp.
    
10,000
      
45,129
  
Lotes Co., Ltd.
    
7,000
      
94,303
  
Powertech Technology, Inc.
    
43,000
      
139,262
  
Radiant Opto-Electronics Corp.
    
21,000
      
72,298
  
Simplo Technology Co., Ltd.
    
14,000
      
149,991
  
Taiwan Paiho Ltd.
    
35,000
      
79,974
  
Taiwan PCB Techvest Co., Ltd.
    
26,000
      
32,343
  
Taiwan Semiconductor Manufacturing Co., Ltd.
    
16,000
      
155,540
  
Taiwan Semiconductor Manufacturing Co., Ltd. - SP ADR
    
3,994
      
201,018
  
Taiwan Union Technology Corp.
    
22,000
      
101,822
  
Tripod Technology Corp.
    
24,000
      
90,250
  
Wiwynn Corp.
    
5,000
      
133,983
  
             
1,859,114
  
Turkey—0.9%
                
Enerjisa Enerji AS
    
33,774
      
40,170
  
Mavi Giyim Sanayi Ve Ticaret AS, Class B*
    
6,916
      
45,830
  
Ulker Biskuvi Sanayi AS*
    
11,981
      
41,417
  
             
127,417
  
United States—1.6%
                
Las Vegas Sands Corp.*
    
1,318
      
63,185
  
Micron Technology, Inc.*
    
2,395
      
114,744
  
National Energy Services Reunited Corp.*
    
10,063
      
57,158
  
             
235,087
  
TOTAL COMMON STOCKS
                
(Cost $12,979,430)
            
13,095,859
  
PREFERRED STOCKS—3.6%
                
Brazil—0.5%
                
Itau Unibanco Holding SA, 8.628%
    
18,600
      
80,168
  
South Korea—3.1%
                
Samsung Electronics Co., Ltd., 3.269%
    
12,616
      
439,242
  
TOTAL PREFERRED STOCKS
                
(Cost $516,110)
            
519,410
  
SHORT-TERM INVESTMENTS—5.6%
                
U.S. Bank Money Market Deposit Account, 0.13%(a)
    
809,787
      
809,787
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $809,787)
            
809,787
  
TOTAL INVESTMENTS—100.5%
                
(Cost $14,305,327)
            
14,425,056
  
LIABILITIES IN EXCESS OF OTHER ASSETS—(0.5)%
            
(72,824
)
NET ASSETS—100.0%
          
$
14,352,232
  

ADR
American Depositary Receipt
    
PLC
Public Limited Company
    
SP ADR
Sponsored American Depositary Receipt
    
*
Non-income producing.
    
(a)
The rate shown is as of May 31, 2020.
    
‡
Security has been valued at fair market value 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
  
2,177
   $
               48,153
   $
                    4,245
                         
 
    
 
Chile
                                
Sociedad Quimica Minera
  
Goldman Sachs
  
9/15/2020
  
0.17
  
Monthly
  
154
    
                   3,753
    
                          122
                         
 
    
 
China
                                
China Construction Bank Corp., Class H
  
Goldman Sachs
  
9/15/2020
  
0.63
  
Monthly
  
20,000
    
                 15,774
    
                        (307)
China Merchants Bank, Class H
  
Goldman Sachs
  
9/15/2020
  
0.63
  
Monthly
  
9,000
    
                 42,408
    
                        (220)
China Oilfield Services
  
Goldman Sachs
  
9/15/2020
  
0.63
  
Monthly
  
68,000
    
                 59,535
    
                     (3,039)
China Shenhua Energy Co., Class H
  
Goldman Sachs
  
12/31/2021
  
0.63
  
Monthly
  
18,000
    
                 32,971
    
                          447
Industrial & Commercial Bank of China Ltd.
  
Goldman Sachs
  
9/15/2020
  
0.63
  
Monthly
  
134,000
    
                 86,794
    
                     (1,235)
Netdragon Websoft Holdings
  
Goldman Sachs
  
9/15/2020
  
0.63
  
Monthly
  
17,000
    
                 42,556
    
                     (4,178)
PICC Property & Casualty
  
Goldman Sachs
  
9/15/2020
  
0.63
  
Monthly
  
92,000
    
                 80,493
    
                     (4,996)
                         
               360,531
    
                   (13,528)
France
                                
Total SA
  
Goldman Sachs
  
9/15/2020
  
-0.45
  
Monthly
  
681
    
                 25,824
    
                       1,303
                         
 
    
 
Greece
                                
Hellenic Telecommunications Organization
  
Goldman Sachs
  
9/15/2020
  
-0.45
  
Monthly
  
4,415
    
                 61,814
    
                       2,685
                         
 
    
 
Israel
                                
Gazit-Globe Ltd.
  
Goldman Sachs
  
9/15/2020
  
0.09
  
Monthly
  
9,585
    
                 65,832
    
                       2,873
                         
 
    
 
Portugal
                                
Jeronimo Martins
  
Goldman Sachs
  
9/15/2020
  
-0.45
  
Monthly
  
3,174
    
                 54,122
    
                       3,908
                         
 
    
 
Russia
                                
Detsky Mir PJSC
  
Goldman Sachs
  
9/15/2020
  
0.17
  
Monthly
  
52,920
    
                 74,802
    
                     11,174
Gazprom Neft
  
Goldman Sachs
  
9/15/2020
  
0.17
  
Monthly
  
8,750
    
                 41,745
    
                       2,048
Novolipetsk Steel PJSC
  
Goldman Sachs
  
9/15/2020
  
0.17
  
Monthly
  
61,320
    
               120,418
    
                     14,397
                         
               236,965
    
                     27,619
South Korea
                                
Kumho Petrochemical Co., Ltd.
  
Goldman Sachs
  
9/15/2020
  
0.17
  
Monthly
  
836
    
                 48,102
    
                     (1,356)
Posco
  
Goldman Sachs
  
9/15/2020
  
0.17
  
Monthly
  
455
    
                 66,941
    
                          853
                         
               115,043
    
                        (503)
Switzerland
                                
Glencore PLC
  
Goldman Sachs
  
12/31/2020
  
0.12
  
Monthly
  
22,149
    
                 41,829
    
                            21
                         
 
    
 
Taiwan
                                
Taiwan Semiconductor Manufacturing Co., Ltd.
  
Goldman Sachs
  
12/31/2021
  
0.17
  
Monthly
  
7,000
    
                 68,049
    
                        (163)
                         
 
    
 
United States
                                
Southern Copper Corp.
  
Goldman Sachs
  
9/15/2020
  
0.17
  
Monthly
  
335
    
                 12,161
    
                          196
Total Long
                        
            1,094,076
    
                     28,778
Net unrealized gain/(loss) on Contracts For Difference
                             $
                  28,778

 

BOSTON PARTNERS INVESTMENT FUNDS
BOSTON PARTNERS EMERGING MARKETS FUND
NOTES TO PORTFOLIO OF INVESTMENTS
MAY 31, 2020 (UNAUDITED)
         
PORTFOLIO VALUATION — The Boston Partners Emerging Markets 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
  
$
633,325
    
$
633,325
    
$
-
    
$
-
  
Canada
    
590,906
      
590,906
      
-
      
-
  
Chile
    
23,470
      
23,470
      
-
      
-
  
China
    
3,658,524
      
1,352,842
      
2,305,682
      
-
  
Colombia
    
26,338
      
26,338
      
-
      
-
  
France
    
70,722
      
-
      
70,722
      
-
  
Greece
    
46,108
      
-
      
46,108
      
-
  
Hong Kong
    
474,146
      
201,683
      
272,463
      
-
  
Hungary
    
97,315
      
-
      
97,315
      
-
  
India
    
875,942
      
85,961
      
789,981
      
-
  
Indonesia
    
335,490
      
-
      
335,490
      
-
  
Ireland
    
11,156
      
-
      
11,156
      
-
  
Macao
    
573,867
      
-
      
573,867
      
-
  
Mexico
    
743,445
      
743,445
      
-
      
-
  
Peru
    
54,990
      
54,990
      
-
      
-
  
Philippines
    
66,502
      
-
      
66,502
      
-
*
Poland
    
111,885
      
-
      
111,885
      
-
  
Russia
    
222,209
      
171,154
      
51,055
      
-
  
Singapore
    
231,137
      
-
      
231,137
      
-
  
South Africa
    
550,868
      
165,362
      
385,506
      
-
  
South Korea
    
1,475,896
      
75,398
      
1,400,498
      
-
  
Taiwan
    
1,859,114
      
201,018
      
1,658,096
      
-
  
Turkey
    
127,417
      
81,587
      
45,830
      
-
  
United States
    
235,087
      
235,087
      
-
      
-
  
Preferred Stock
                                
Brazil
    
80,168
      
80,168
      
-
      
-
  
South Korea
    
439,242
      
-
      
439,242
      
-
  
Short-Term Investments
    
809,787
      
809,787
      
-
      
-
  
Contracts For Difference
                                
     Equity Contracts
    
44,272
      
318
      
43,954
      
-
  
Total Assets
   $
14,469,328
     $
5,532,839
     $
8,936,489
     $
-
  
                                 
   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Contracts For Difference
                                
     Equity Contracts
  
$
(15,494
)
  
$
-
    
$
(15,494
)
  
$
-
  
Total Liabilities
  
$
(15,494
)
  
$
-
    
$
(15,494
)
  
$
-
  
                                 
* 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.