NPORT-EX 2 emergingdynamic.htm NPORT-EX

BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2020 (UNAUDITED)
  
   
   
NUMBER OF
        
   
SHARES
    
VALUE
  
LONG POSITIONS—97.7%
            
COMMON STOCKS—74.8%
            
Brazil—3.9%
            
Cia Brasileira de Distribuicao
    
21,400
    
$
273,422
  
Pagseguro Digital Ltd., Class A*†
    
5,927
      
280,703
  
Petroleo Brasileiro SA - SP ADR†
    
92,932
      
889,359
  
Vasta Platform Ltd.*†
    
51,552
      
711,417
  
Vivara Participacoes SA
    
100,300
      
473,661
  
             
2,628,562
  
Chile—0.5%
                
Geopark Ltd.†
    
38,562
      
352,075
  
             
352,075
  
China—16.9%
                
21Vianet Group, Inc. - ADR*†
    
18,036
      
511,140
  
Baidu, Inc. - SP ADR*†
    
3,382
      
470,064
  
China Construction Bank Corp., Class H
    
509,000
      
397,902
  
China Meidong Auto Holdings Ltd.
    
158,000
      
685,820
  
China Yongda Automobiles Services Holdings Ltd.
    
820,000
      
1,400,775
  
CIFI Holdings Group Co., Ltd.
    
496,165
      
428,807
  
ENN Energy Holdings Ltd.
    
39,800
      
525,045
  
Industrial & Commercial Bank of China Ltd., Class H
    
566,000
      
357,556
  
Longfor Group Holdings Ltd.
    
65,500
      
428,032
  
Momo, Inc. - SP ADR†
    
9,177
      
131,965
  
Muyuan Foodstuff Co., Ltd., Class A†
    
114,630
      
1,340,002
  
NetEase, Inc. - ADR†
    
7,267
      
656,719
  
Ping An Insurance Group Co. of China Ltd., Class H
    
116,466
      
1,369,820
  
Tencent Holdings Ltd.
    
9,300
      
677,949
  
Trip.com Group Ltd. - ADR†
    
13,464
      
452,256
  
Zhongsheng Group Holdings Ltd.
    
195,500
      
1,469,908
  
             
11,303,760
  
France—0.5%
                
Total SA
    
7,105
      
301,574
  
Greece—0.7%
                
JUMBO SA
    
27,864
      
494,090
  
Hong Kong—3.6%
                
Melco Resorts & Entertainment Ltd. - ADR*†
    
39,401
      
714,340
  
Swire Properties Ltd.
    
223,000
      
680,214
  
WH Group Ltd.
    
1,219,000
      
993,086
  
             
2,387,640
  
Hungary—1.1%
                
OTP Bank PLC*
    
18,759
      
746,593
  
India—7.8%
                
Bandhan Bank Ltd.*
    
215,269
      
1,060,861
  
Bharti Airtel Ltd.
    
233,472
      
1,456,712
  
HDFC Bank Ltd. - ADR†
    
8,033
      
554,277
  
HDFC Bank Ltd.
    
51,696
      
998,409
  
Petronet LNG Ltd.
    
259,665
      
878,851
  
Reliance Industries Ltd.
    
10,111
      
261,459
  
             
5,210,569
  
Indonesia—0.7%
                
Bank Central Asia Tbk PT
    
200,200
      
439,708
  
                 
Macao—3.1%
                
Sands China Ltd.
    
290,000
      
1,185,268
  
Wynn Macau Ltd.
    
502,400
      
856,152
  
             
2,041,420
  
Malaysia—1.2%
                
TIME dotCom Bhd
    
230,400
      
773,822
  
                 
Mexico—3.4%
                
Concentradora Fibra Danhos SA de CV
    
283,179
      
335,859
  
Fomento Economico Mexicano SAB de CV - SP ADR†
    
3,390
      
244,589
  
Grupo Financiero Banorte SAB de CV
    
130,600
      
650,278
  
Industrias Bachoco SAB de CV, Class B
    
74,900
      
259,015
  
Macquarie Mexico Real Estate Management SA de CV
    
602,300
      
764,414
  
             
2,254,155
  
Netherlands—1.3%
                
Prosus NV*
    
8,309
      
900,683
  
Russia—1.4%
                
Sberbank of Russia PJSC - SP ADR
    
36,448
      
485,852
  
Tatneft PJSC
    
64,952
      
418,808
  
             
904,660
  
South Africa—1.7%
                
Capitec Bank Holdings Ltd.
    
1
      
57
  
Distell Group Holdings Ltd.
    
24,674
      
151,181
  
Naspers Ltd., Class N
    
1,388
      
279,039
  
Oceana Group Ltd.
    
66,480
      
279,464
  
SPAR Group Ltd., (The)
    
37,343
      
458,222
  
             
1,167,963
  
South Korea—14.7%
                
Amorepacific Corp.
    
3,062
      
494,421
  
Celltrion Healthcare Co., Ltd.*
    
7,634
      
842,384
  
Celltrion, Inc.*
    
2,656
      
817,026
  
Grand Korea Leisure Co., Ltd.
    
27,325
      
375,266
  
GS Retail Co., Ltd.
    
26,477
      
807,009
  
Innocean Worldwide, Inc.
    
9,393
      
494,719
  
KB Financial Group, Inc.
    
16,061
      
663,964
  
Kia Motors Corp.
    
3,927
      
205,399
  
Mirae Asset Daewoo Co., Ltd.
    
47,676
      
408,390
  
Samsung Biologics Co., Ltd.*
    
980
      
696,165
  
Samsung Electronics Co., Ltd.
    
9,139
      
550,906
  
Samsung Heavy Industries Co., Ltd.*
    
77,270
      
476,278
  
Samsung Securities Co., Ltd.
    
7,651
      
272,312
  
SK Hynix, Inc.
    
29,104
      
2,564,597
  
Spigen Korea Co., Ltd.
    
2,803
      
162,493
  
             
9,831,329
  
Taiwan—8.1%
                
Chenbro Micom Co., Ltd.
    
250,000
      
753,019
  
Chicony Electronics Co., Ltd.
    
157,000
      
470,123
  
Chicony Power Technology Co., Ltd.
    
156,000
      
368,115
  
Global Mixed Mode Technology, Inc.
    
92,000
      
522,748
  
Johnson Health Tech Co., Ltd.
    
71,000
      
204,961
  
Lotes Co., Ltd.
    
34,000
      
531,103
  
Radiant Opto-Electronics Corp.
    
126,000
      
513,171
  
Simplo Technology Co., Ltd.
    
51,000
      
592,982
  
Taiwan Semiconductor Manufacturing Co., Ltd. - SP ADR†
    
3,062
      
297,075
  
Wiwynn Corp.
    
47,000
      
1,125,510
  
             
5,378,807
  
Turkey—0.7%
                
Enerjisa Enerji AS
    
130,123
      
179,709
  
Mavi Giyim Sanayi Ve Ticaret AS, Class B*
    
26,192
      
154,071
  
Ulker Biskuvi Sanayi AS*
    
45,613
      
129,263
  
             
463,043
  
United States—3.5%
                
Micron Technology, Inc.*†
    
25,538
      
1,636,730
  
National Energy Services Reunited Corp.*†
    
77,478
      
677,158
  
             
2,313,888
  
TOTAL COMMON STOCKS
                
(Cost $42,588,371)
            
49,894,341
  
PREFERRED STOCKS—4.3%
                
Brazil—1.4%
                
Itau Unibanco Holding SA 4.410%
    
173,100
      
927,310
  
South Korea—2.9%
                
Samsung Electronics Co., Ltd. 2.319%
    
35,582
      
1,963,113
  
TOTAL PREFERRED STOCKS
                
(Cost $1,691,181)
            
2,890,423
  
SHORT-TERM INVESTMENTS—18.6%
                
U.S. Bank Money Market Deposit Account, 0.03%(a)
    
12,422,642
      
12,422,642
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $12,422,642)
            
12,422,642
  
TOTAL INVESTMENTS—97.7%
                
(Cost $56,702,194)
            
65,207,406
  
SECURITIES SOLD SHORT—(11.6%)
                
COMMON STOCKS—(1.0%)
                
Mexico—(0.4%)
                
Grupo Financiero Inbursa SAB de CV
    
(283,700
)
    
(276,538
)
United Kingdom—(0.6%)
                
Antofagasta PLC
    
(25,967
)
    
(428,795
)
TOTAL COMMON STOCKS
                
(Proceeds $(556,981))
            
(705,333
)
EXCHANGE TRADED FUNDS—(10.6%)
                
Hong Kong—(5.4%)
                
ChinaAMC ETF Series
    
(469,400
)
    
(3,615,571
)
United States—(5.2%)
                
iShares MSCI India ETF
    
(17,810
)
    
(649,709
)
iShares MSCI South Africa ETF
    
(7,624
)
    
(313,270
)
iShares MSCI South Korea ETF
    
(27,198
)
    
(2,078,471
)
VanEck Vectors Russia ETF
    
(17,135
)
    
(390,678
)
             
(3,432,128
)
TOTAL EXCHANGE TRADED FUNDS
                
(Proceeds $(6,098,039))
            
(7,047,699
)
TOTAL SECURITIES SOLD SHORT—(11.6%)
                
(Proceeds $(6,655,020))
            
(7,753,032
)
OTHER ASSETS IN EXCESS OF LIABILITIES—13.9%
            
9,298,015
  
NET ASSETS—100.0%
          
$
66,752,389
  

ADR
American Depositary Receipt
          
PLC
Public Limited Company
          
SP ADR
Sponsored American Depositary Receipt
          
*
Non-income producing.
          
†
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 November 30, 2020.
          

 
Contracts For Difference held by the Fund at November 30, 2020, are as follows:

REFERENCE COMPANY
  
COUNTERPARTY
  
EXPIRATION DATE
  
FINANCING RATE
  
PAYMENT FREQUENCY
  
NUMBER OF CONTRACTS LONG/(SHORT)
    
NOTIONAL
AMOUNT
    
UNREALIZED
APPRECIATION
(DEPRECIATION)
  
Long
                                  
China
                                  
Alibaba Group Holding Ltd.
  
Goldman Sachs
  
9/16/2025
    
0.10%

Monthly
    
19,100
    
$
627,468
    
$
11,921
  
Alibaba Group Holding Ltd. - SP ADR
  
Goldman Sachs
  
9/16/2025
    
0.15
  
Monthly
    
9,720
      
2,559,859
      
63,260
  
China Shenhua Energy Co., Ltd., Class H
  
Goldman Sachs
  
9/16/2025
    
0.10
  
Monthly
    
69,000
      
133,079
      
797
  
Netdragon Websoft Holdings
  
Goldman Sachs
  
9/16/2025
    
0.10
  
Monthly
    
67,500
      
147,867
      
2,611
  
Tencent Holdings Ltd.
  
Goldman Sachs
  
9/16/2025
    
0.10
  
Monthly
    
33,200
      
2,420,205
      
(70,490
)
                               
5,888,478
      
8,100
  
France
                                          
Total SA
  
Goldman Sachs
  
9/16/2025
    
-0.55
  
Monthly
    
2,557
      
108,533
      
3,456
  
                                           
Hong Kong
                                          
Fortune Real Estate Investment Trust
  
Goldman Sachs
  
9/16/2025
    
0.10
  
Monthly
    
333,000
      
304,325
      
(700
)
Hang Lung Properties
  
Goldman Sachs
  
9/16/2025
    
0.10
  
Monthly
    
127,000
      
313,998
      
(24,345
)
                               
618,323
      
(25,044
)
Macao
                                          
Sands China Ltd.
  
Goldman Sachs
  
9/16/2025
    
0.10
  
Monthly
    
217,600
      
889,359
      
(67,933
)
Wynn Macau Ltd.
  
Goldman Sachs
  
9/16/2025
    
0.10
  
Monthly
    
672,000
      
1,145,172
      
(47,766
)
                               
2,034,531
      
(115,699
)
Portugal
                                          
Jeronimo Martins
  
Goldman Sachs
  
9/16/2025
    
-0.55
  
Monthly
    
12,338
      
211,405
      
7,193
  
                                           
Russia
                                          
Detsky Mir PJSC
  
Goldman Sachs
  
9/16/2025
    
0.15
  
Monthly
    
289,510
      
532,379
      
74,644
  
Novolipetsk Steel PJSC
  
Goldman Sachs
  
9/16/2025
    
0.15
  
Monthly
    
145,320
      
366,376
      
(7,079
)
Sberbank of Russia PJSC - SP ADR
  
Goldman Sachs
  
9/16/2025
    
0.15
  
Monthly
    
21,175
      
282,263
      
747
  
                               
1,181,018
      
68,312
  
Singapore
                                          
DBR Group Holdings Ltd.
  
Goldman Sachs
  
9/16/2025
    
0.13
  
Monthly
    
39,900
      
744,358
      
16,857
  
United Overseas Bank Ltd.
  
Goldman Sachs
  
9/16/2025
    
0.13
  
Monthly
    
24,200
      
402,506
      
5,080
  
                               
1,146,864
      
21,937
  
South Africa
                                          
Naspers Ltd., Class N
  
Goldman Sachs
  
9/16/2025
    
0.15
  
Monthly
    
9,594
      
387,118
      
6,074
  
                                           
South Korea
                                          
Hana Financial Group, Inc.
  
Goldman Sachs
  
9/16/2025
    
0.15
  
Monthly
    
24,145
      
733,857
      
(68,186
)
Posco
  
Goldman Sachs
  
9/16/2025
    
0.15
  
Monthly
    
2,301
      
487,802
      
(7,231
)
Samsung Electronics Co., Ltd.
  
Goldman Sachs
  
9/16/2025
    
0.15
  
Monthly
    
24,856
      
1,498,338
      
28,502
  
SK Hynix Inc.
  
Goldman Sachs
  
9/16/2025
    
0.15
  
Monthly
    
1,361
      
119,929
      
(752
)
                               
2,839,926
      
(47,668
)
Switzerland
                                          
Glencore PLC
  
Goldman Sachs
  
9/16/2025
    
0.04
  
Monthly
    
84,697
      
238,783
      
22,452
  
                                           
Taiwan
                                          
Taiwan Semiconductor Manufacturing Co., Ltd. - SP ADR
  
Goldman Sachs
  
9/16/2025
    
0.15
  
Monthly
    
88,251
      
1,502,194
      
(1,574
)
Taiwan Semiconductor Manufacturing Co., Ltd. - SP ADR
  
Goldman Sachs
  
9/16/2025
    
0.15
  
Monthly
    
18,313
      
1,172,196
      
15,599
  
Taiwan Semiconductor Manufacturing Co., Ltd. - SP ADR
  
HSBC
  
9/16/2025
    
0.30
  
Monthly
    
18,313
      
604,531
      
8,163
  
                               
3,278,921
      
22,188
  
Total Long
                              
17,933,900
      
(28,699
)
                                           
Short
                                          
Brazil
                                          
Banco Inter SA-PR
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(82,500
)
  
$
(375,742
)
  
$
(39,565
)
Banco Santander
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(31,900
)
    
(234,781
)
    
(4,868
)
Cielo SA
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(238,300
)
    
(161,464
)
    
3,990
  
Hapvida Participacoes, Class E
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(59,500
)
    
(158,152
)
    
1,909
  
Notre Dame Intermedica Participacoes SA
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(11,500
)
    
(147,040
)
    
6,994
  
                               
(1,077,179
)
    
(31,539
)
Chile
                                          
Cia Cervecerias Uni - SP ADR
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(26,294
)
    
(376,267
)
    
1,704
  
                                           
China
                                          
China Life Insurance Co., Ltd., Class H
  
Goldman Sachs
  
9/16/2025
    
0.01
  
Monthly
    
(110,000
)
    
(248,239
)
    
7,105
  
GSX Techedu Inc., - ADR
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(3,377
)
    
(217,107
)
    
21,822
  
KE Holdings, Inc.
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(2,651
)
    
(173,190
)
    
5,952
  
New China Life Insurance Co., Ltd., Class H
  
Goldman Sachs
  
9/16/2025
    
0.01
  
Monthly
    
(67,900
)
    
(285,255
)
    
(2,420
)
                               
(923,791
)
    
32,459
  
Colombia
                                          
BancoColombia S.A. - SP ADR
  
Goldman Sachs
  
9/16/2025
    
0.06
  
Monthly
    
(13,401
)
    
(408,061
)
    
9,103
  
                                           
Hong Kong
                                          
China Taiping Insurance Holdings Co., Ltd.
  
Goldman Sachs
  
9/16/2025
    
0.01
  
Monthly
    
(139,600
)
    
(246,857
)
    
(12,817
)
Fullshare Holdings
  
Goldman Sachs
  
9/16/2025
    
0.01
  
Monthly
    
(19,912,500
)
    
(380,881
)
    
67,326
  
Hong Kong & China Gas Co., Ltd.
  
Goldman Sachs
  
9/16/2025
    
0.01
  
Monthly
    
(333,734
)
    
(510,589
)
    
7,599
  
Value Partners Group Ltd.
  
Goldman Sachs
  
9/16/2025
    
0.01
  
Monthly
    
(454,000
)
    
(245,926
)
    
(28,125
)
                               
(1,384,253
)
    
33,983
  
Indonesia
                                          
Bank Negara Indonesia Persero Tbk PT
  
Morgan Stanley
  
12/31/2021
    
0.08
  
Monthly
    
(580,800
)
    
(246,297
)
    
(9,023
)
PT Bank Mandiri TBK
  
Macquarie
  
9/16/2025
    
0.08
  
Monthly
    
(246,600
)
    
(110,605
)
    
(1,100
)
                               
(356,902
)
    
(10,123
)
Kuwait
                                          
National Bank of Kuwait
  
Goldman Sachs
  
9/16/2025
    
0.00
  
Monthly
    
(124,064
)
    
(341,663
)
    
(6,368
)
                                           
Malaysia
                                          
PPB Group Berhad
  
Morgan Stanley
  
9/16/2025
    
0.08
  
Monthly
    
(93,300
)
    
(425,791
)
    
6,282
  
                                           
Mexico
                                          
Grupo Televisa SAB - SP ADR
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(28,769
)
    
(230,727
)
    
9,480
  
                                           
Poland
                                          
Powszechna Kasa Oszczednosci Bank Polski SA
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(72,218
)
    
(508,144
)
    
5,265
  
                                           
Saudi Arabia
                                          
Alinma Bank
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(43,846
)
    
(188,583
)
    
190
  
Arab National Bank
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(66,063
)
    
(359,572
)
    
(4,125
)
Banque Saudi Fransi
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(56,041
)
    
(494,702
)
    
(19,207
)
Rabigh Refining and Petroche
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(73,843
)
    
(278,749
)
    
(4,135
)
Saudi Arabian Oil Co.
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(51,074
)
    
(490,044
)
    
(11,895
)
Saudi Kayan Petrochemical Co.
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(139,026
)
    
(443,228
)
    
(32,802
)
                               
(2,254,878
)
    
(71,975
)
Singapore
                                          
Golden Agri-Resources
  
Goldman Sachs
  
9/16/2025
    
0.22
  
Monthly
    
(3,211,600
)
    
(371,690
)
    
(5,715
)
Starhub Ltd.
  
Goldman Sachs
  
9/16/2025
    
0.22
  
Monthly
    
(424,300
)
    
(407,572
)
    
3,106
  
                               
(779,262
)
    
(2,609
)
South Africa
                                          
Tiger Brands Ltd.
  
Goldman Sachs
  
9/16/2025
    
3.30
  
Monthly
    
(25,864
)
    
(329,015
)
    
20,610
  
                                           
South Korea
                                          
Amorepacific Corp.
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(2,790
)
    
(450,501
)
    
15,836
  
Amorepacific Corp.
  
Macquarie
  
9/16/2025
    
0.08
  
Monthly
    
(272
)
    
(43,920
)
    
1,551
  
Celltrion Healthcare Co., Ltd.
  
Macquarie
  
9/16/2025
    
0.08
  
Monthly
    
(7,634
)
    
(842,384
)
    
(191,535
)
Celltrion, Inc.
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(2,656
)
    
(817,026
)
    
(130,780
)
Dentium Co., Ltd.
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(10,899
)
    
(414,706
)
    
8,194
  
Grand Korea Leisure Co., Ltd.
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(27,325
)
    
(375,266
)
    
(21,484
)
Korea Electric Power Corp.
  
Morgan Stanley
  
9/16/2025
    
0.08
  
Monthly
    
(15,318
)
    
(296,591
)
    
2,998
  
Lotte Shopping Co., Ltd.
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(4,983
)
    
(456,889
)
    
(13,432
)
Mirae Asset Daewoo Co., Ltd.
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(72,627
)
    
(622,119
)
    
(717
)
Oil Corp.
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(7,331
)
    
(457,442
)
    
(16,317
)
Paradise Co., Ltd.
  
Morgan Stanley
  
9/16/2025
    
0.08
  
Monthly
    
(28,309
)
    
(377,074
)
    
(3,658
)
Samsung BioLogics Co., Ltd.
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(1,010
)
    
(717,476
)
    
(11,180
)
Samsung Heavy Industries Co., Ltd.
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(77,270
)
    
(476,278
)
    
(46,928
)
Samsung Securities Co., Ltd.
  
Morgan Stanley
  
9/16/2025
    
0.08
  
Monthly
    
(13,702
)
    
(487,677
)
    
(7,354
)
Sillajen Inc.
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(10,490
)
    
(114,707
)
    
(750
)
                               
(6,950,056
)
    
(415,555
)
Taiwan
                                          
Cheng Shin Rubber
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(346,000
)
    
(515,834
)
    
(26,097
)
Far Eastone Teleco Co., Ltd.
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(204,000
)
    
(443,637
)
    
(7,079
)
Formosa Petrochemical Corp.
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(150,000
)
    
(475,173
)
    
11,588
  
Largan Precision, Class C
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(5,000
)
    
(565,470
)
    
18,642
  
WPG Holdings Ltd.
  
Goldman Sachs
  
9/16/2025
    
0.08
  
Monthly
    
(353,000
)
    
(527,770
)
    
(28,125
)
                               
(2,527,884
)
    
(31,071
)
Thailand
                                          
True Corp. PCL NVDR
  
Morgan Stanley
  
9/16/2025
    
0.08
  
Monthly
    
(5,071,300
)
    
(546,147
)
    
(33,455
)
                                           
United Kingdom
                                          
HSBC Holdings PLC
  
Goldman Sachs
  
9/16/2025
    
0.01
  
Monthly
    
(92,400
)
    
(481,891
)
    
(13,069
)
Total Short
                              
(19,901,911
)
    
(496,878
)
Net unrealized gain/(loss) on Contracts For Difference
                                    
$
(525,577
)

 
BOSTON PARTNERS INVESTMENT FUNDS
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND
NOTES TO PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 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 November 30, 2020, in valuing the Fund's investments carried at fair value:

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Common Stock
                        
Brazil
  
$
2,628,562
    
$
2,628,562
    
$
-
    
$
-
  
Chile
    
352,075
      
352,075
      
-
      
-
  
China
    
11,303,760
      
2,222,144
      
9,081,616
      
-
  
France
    
301,574
      
-
      
301,574
      
-
  
Greece
    
494,090
      
-
      
494,090
      
-
  
Hong Kong
    
2,387,640
      
714,340
      
1,673,300
      
-
  
Hungary
    
746,593
      
-
      
746,593
      
-
  
India
    
5,210,569
      
554,277
      
4,656,292
      
-
  
Indonesia
    
439,708
      
-
      
439,708
      
-
  
Macao
    
2,041,420
      
-
      
2,041,420
      
-
  
Malaysia
    
773,822
      
-
      
773,822
      
-
  
Mexico
    
2,254,155
      
2,254,155
      
-
      
-
  
Netherlands
    
900,683
      
-
      
900,683
      
-
  
Russia
    
904,660
      
485,852
      
418,808
      
-
  
South Africa
    
1,167,963
      
279,464
      
888,499
      
-
  
South Korea
    
9,831,329
      
-
      
9,831,329
      
-
  
Taiwan
    
5,378,807
      
297,075
      
5,081,732
      
-
  
Turkey
    
463,043
      
333,780
      
129,263
      
-
  
United States
    
2,313,888
      
2,313,888
      
-
      
-
  
Preferred Stock
                                
Brazil
    
927,310
      
927,310
      
-
      
-
  
South Korea
    
1,963,113
      
-
      
1,963,113
      
-
  
Short-Term Investments
    
12,422,642
      
12,422,642
      
-
      
-
  
Contracts For Difference
                                
Equity Contracts
    
504,603
      
175,407
      
329,196
      
-
  
Total Assets
  
$
65,712,009
    
$
25,960,971
    
$
39,751,038
    
$
-
  
                                 
   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Securities Sold Short
                                
Mexico
  
$
(276,538
)
  
$
(276,538
)
  
$
-
    
$
-
  
United Kingdom
    
(428,795
)
    
-
      
(428,795
)
    
-
  
Exchange Traded Funds
                                
Hong Kong
    
(3,615,571
)
    
-
      
(3,615,571
)
    
-
  
United States
    
(3,432,128
)
    
(3,432,128
)
    
-
      
-
  
Contracts For Difference
                                
Equity Contracts
    
(1,030,180
)
    
(44,433
)
    
(985,747
)
    
-
  
Total Liabilities
  
$
(8,783,212
)
  
$
(3,753,099
)
  
$
(5,030,113
)
  
$
-
  

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 significantlyfrom the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.
 
For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period.  A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets.  The amounts and reasons for all Level 3 transfers are disclosed if the Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the period ended November 30, 2020, the Fund had no significant Level 3 transfers.
    
         
For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.