NPORT-EX 2 emerging-dynamic.htm NPORT-EX

BOSTON PARTNERS INVESTMENT FUNDS
  
             
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2021 (UNAUDITED)
  
             
   
NUMBER OF
        
   
SHARES
    
VALUE
  
LONG POSITIONS—78.2%
            
COMMON STOCKS—53.4%
            
Brazil—2.2%
            
Eletromidia SA*
    
457,278
    
$
839,423
  
Sendas Distribuidora SA*
    
183,500
      
416,819
  
             
1,256,242
  
China—15.1%
                
Agricultural Bank of China Ltd., Class H
    
1,227,000
      
405,244
  
Alibaba Group Holding Ltd.*
    
22,100
      
352,886
  
China Construction Bank Corp., Class H
    
587,000
      
382,493
  
China Yongda Automobiles Services Holdings Ltd.
    
993,000
      
1,502,457
  
Hengli Petrochemical Co., Ltd., Class A†
    
221,100
      
734,400
  
Huafu Fashion Co., Ltd., Class A†
    
1,190,500
      
805,358
  
Industrial & Commercial Bank of China Ltd., Class H
    
903,000
      
477,175
  
JNBY Design Ltd.
    
186,000
      
313,419
  
Ping An Insurance Group Co. of China Ltd., Class H
    
36,466
      
252,791
  
Tongcheng-Elong Holdings Ltd.*
    
176,000
      
362,450
  
Tongkun Group Co., Ltd., Class A†
    
156,900
      
486,251
  
Xinfengming Group Co., Ltd., Class A†
    
196,866
      
438,031
  
Zhongsheng Group Holdings Ltd.
    
256,000
      
2,096,853
  
             
8,609,808
  
Greece—0.6%
                
JUMBO SA
    
26,538
      
372,897
  
Hong Kong—1.7%
                
Swire Properties Ltd.
    
149,200
      
354,128
  
Texhong Textile Group Ltd.
    
421,000
      
597,109
  
             
951,237
  
Hungary—0.6%
                
OTP Bank Nyrt PLC*
    
6,088
      
336,157
  
India—6.6%
                
Bharti Airtel Ltd.*
    
115,000
      
1,114,467
  
Bharti Airtel Ltd.*
    
3,970
      
20,645
  
Hindustan Petroleum Corp., Ltd.
    
329,737
      
1,295,593
  
UPL Ltd.
    
15,263
      
138,654
  
Vardhman Textiles Ltd.
    
45,322
      
1,222,166
  
             
3,791,525
  
Indonesia—0.9%
                
Bank Pembangunan Daerah Jawa Timur Tbk PT
    
6,572,500
      
341,883
  
Wismilak Inti Makmur Tbk PT
    
5,459,600
      
178,603
  
             
520,486
  
Malaysia—1.9%
                
Bumi Armada Bhd*
    
4,380,500
      
454,681
  
RHB Bank Bhd
    
227,400
      
284,948
  
Uchi Technologies Bhd
    
470,100
      
346,464
  
             
1,086,093
  
Mexico—1.8%
                
Concentradora Fibra Danhos SA de CV
    
405,000
      
409,863
  
Macquarie Mexico Real Estate Management SA de CV
    
561,500
      
647,326
  
             
1,057,189
  
Russia—2.3%
                
Fix Price Group Ltd. - GDR
    
100,129
      
767,989
  
Sberbank of Russia PJSC - SP ADR
    
33,555
      
567,415
  
             
1,335,404
  
South Africa—1.5%
                
Naspers Ltd., Class N
    
275
      
42,503
  
Pick n Pay Stores Ltd.
    
132,563
      
443,155
  
SPAR Group Ltd., (The)
    
35,107
      
358,906
  
             
844,564
  
South Korea—6.2%
                
Innocean Worldwide, Inc.
    
8,853
      
384,200
  
KB Financial Group, Inc.
    
6,088
      
270,568
  
Osstem Implant Co., Ltd.
    
7,553
      
710,219
  
SK Hynix, Inc.
    
8,315
      
794,923
  
Woori Financial Group, Inc.
    
130,749
      
1,383,888
  
             
3,543,798
  
Taiwan—10.8%
                
Asia Vital Components Co., Ltd.
    
291,000
      
918,111
  
Elite Material Co., Ltd.
    
70,000
      
704,285
  
Fusheng Precision Co., Ltd.
    
20,000
      
145,043
  
Global Mixed Mode Technology, Inc.
    
86,000
      
813,322
  
Lotes Co., Ltd.
    
34,328
      
846,204
  
O-TA Precision Industry Co., Ltd.
    
80,000
      
443,161
  
Pegavision Corp.
    
28,000
      
454,546
  
SinoPac Financial Holdings Co., Ltd.
    
562,000
      
308,355
  
Tripod Technology Corp.
    
228,000
      
1,021,040
  
Wiwynn Corp.
    
14,000
      
525,559
  
             
6,179,626
  
United States—1.2%
                
Micron Technology, Inc.†
    
7,894
      
663,096
  
TOTAL COMMON STOCKS
                
(Cost $30,232,164)
            
30,548,122
  
PREFERRED STOCKS—4.7%
                
Brazil—1.6%
                
Randon SA Implementos e Participacoes 5.928%*
    
452,300
      
890,625
  
Chile—0.7%
                
Embotelladora Andina SA, Class B 7.068%
    
198,714
      
408,296
  
South Korea—2.4%
                
Samsung Electronics Co., Ltd. 4.720%
    
25,963
      
1,400,081
  
TOTAL PREFERRED STOCKS
                
(Cost $2,472,780)
            
2,699,002
  
                 
                 
SHORT-TERM INVESTMENTS—20.1%
                
U.S. Bank Money Market Deposit Account, 0.01%(a)
    
11,500,945
      
11,500,945
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $11,500,945)
            
11,500,945
  
TOTAL INVESTMENTS—78.2%
                
(Cost $44,205,889)
            
44,748,069
  
SECURITIES SOLD SHORT—(0.7%)
                
COMMON STOCKS—(0.7%)
                
United Kingdom—(0.7%)
                
Antofagasta PLC
    
(21,761
)
    
(397,851
)
TOTAL COMMON STOCKS
                
(Proceeds $(209,456))
            
(397,851
)
TOTAL SECURITIES SOLD SHORT—(0.7%)
                
(Proceeds $(209,456))
            
(397,851
)
OTHER ASSETS IN EXCESS OF LIABILITIES—22.5%
            
12,840,939
  
NET ASSETS—100.0%
          
$
57,191,157
  

GDR
Global 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, 2021.
          


Contracts For Difference held by the Fund at November 30, 2021, are as follows:
                                 
REFERENCE
COMPANY
  
COUNTERPARTY
  
EXPIRATION
DATE
  
FINANCING
RATE
  
PAYMENT FREQUENCY
  
NUMBER OF CONTRACTS LONG/(SHORT)
    
NOTIONAL
AMOUNT
    
UNREALIZED
APPRECIATION
(DEPRECIATION)
Long
                                
Austria
                                
Erste Group Bank AG
  
Goldman Sachs
  
9/16/2025
  
-0.57%
  
Monthly
  
3,719
   $
           162,677
   $
           (10,705)
Raiffeisen Bank International AG
  
Morgan Stanley
  
9/20/2022
  
-0.49
  
Monthly
  
54,551
    
            1,622,128
    
              (137,258)
                         
            1,784,805
    
              (147,963)
Canada
                                
Parex Resources, Inc.
  
Goldman Sachs
  
9/16/2025
  
0.44
  
Monthly
  
18,649
    
               298,980
    
                (28,423)
                                 
Chile
                                
Banco Santander Chile - ADR
  
Morgan Stanley
  
9/20/2022
  
0.08
  
Monthly
  
11,792
    
               208,836
    
                (11,959)
                                 
China
                                
Alibaba Group Holding Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.09
  
Monthly
  
18,100
    
               295,477
    
                (88,050)
Alibaba Group Holding Ltd. - SP ADR
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
1,205
    
               153,674
    
                (49,329)
Bros Eastern Co., Ltd., Class A
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
1,232,400
    
               990,385
    
                (10,827)
China Bluechemical Ltd., Class H
  
Goldman Sachs
  
9/16/2025
  
0.09
  
Monthly
  
668,000
    
               203,878
    
                       (56)
China Resources Medical Holdings Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.09
  
Monthly
  
384,500
    
               242,100
    
                (25,204)
China Yongda Automobiles Services Holdings Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.09
  
Monthly
  
379,500
    
               576,209
    
                (32,246)
Meihua Holdings Group Co., Class A
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
1,141,100
    
            1,359,402
    
                164,126
Netdragon Websoft Holdings Ltd.
  
Goldman Sachs
  
9/18/2025
  
0.09
  
Monthly
  
64,000
    
               145,925
    
                    2,925
Shanghai International Port Group Co., Ltd., Class A
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
327,700
    
               246,374
    
                    9,043
Tencent Holdings Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.09
  
Monthly
  
14,600
    
               860,123
    
                (80,891)
                         
            5,073,547
    
              (110,509)
Colombia
                                
Tecnoglass, Inc.
  
Morgan Stanley
  
9/20/2022
  
0.08
  
Monthly
  
32,216
    
               991,608
    
                (52,739)
                                 
France
                                
TotalEnergies SE
  
Goldman Sachs
  
9/18/2025
  
-0.57
  
Monthly
  
18,750
    
               863,543
    
                (69,068)
                                 
Hong Kong
                                
ASM Pacific Technology Ltd.
  
Bank of America
  
6/1/2023
  
0.13
  
Monthly
  
22,000
    
               231,765
    
                  (4,525)
Modern Dental Group Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.09
  
Monthly
  
454,000
    
               352,231
    
                  (7,063)
Texhong Textile Group Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.09
  
Monthly
  
95,500
    
               135,449
    
                  (5,419)
                         
               719,445
    
                (17,007)
Mexico
                                
Grupo Comercial Chedraui SA de CV
  
Morgan Stanley
  
9/20/2022
  
0.08
  
Monthly
  
206,500
    
               370,963
    
                (38,164)
                                 
Portugal
                                
Jeronimo Martins SGPS SA
  
Goldman Sachs
  
9/18/2025
  
-0.57
  
Monthly
  
11,675
    
               254,417
    
                         11
                                 
Russia
                                
Detsky Mir PJSC
  
Goldman Sachs
  
9/18/2025
  
0.08
  
Monthly
  
272,210
    
               509,826
    
                  (8,945)
Sberbank PJSC - SP ADR
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
39,641
    
               679,142
    
                (53,906)
                         
            1,188,968
    
                (62,851)
Singapore
                                
DBS Group Holdings Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.25
  
Monthly
  
36,051
    
               789,156
    
                (57,556)
Golden Agri-Resources Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.14
  
Monthly
  
7,197,000
    
            1,371,309
    
                (53,113)
United Overseas Bank Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.14
  
Monthly
  
21,200
    
               395,708
    
                (33,825)
                         
            2,556,173
    
              (144,494)
South Africa
                                
Naspers Ltd., Class N - SP ADR
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
15,523
    
               476,284
    
                (81,676)
                                 
South Korea
                                
GS Retail Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
10,775
    
               256,245
    
                (45,193)
Hana Financial Group, Inc.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
20,125
    
               669,196
    
                (78,930)
Hankook Tire & Technology Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
2,404
    
                 77,712
    
                  (8,826)
JB Financial Group Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
117,106
    
               791,616
    
                (57,203)
KT Corp. - SP ADR
  
HSBC
  
9/20/2022
  
0.05
  
Monthly
  
68,133
    
               864,608
    
                (19,683)
Samsung Electronics Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
4,505
    
               270,399
    
                  (1,904)
SK Hynix, Inc.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
7,524
    
               722,061
    
                (24,445)
                         
            3,651,837
    
              (236,184)
Taiwan
                                
ASE Technology Holding Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
72,000
    
               264,130
    
                  (9,337)
Ginko International Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
11,000
    
                 96,531
    
                  23,643
Greatek Electronics, Inc.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
50,000
    
               138,647
    
                  (6,620)
Nanya Technology Corp.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
759,000
    
            2,025,492
    
                  90,884
Powertech Technology, Inc.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
168,000
    
               598,781
    
                    6,082
Taiwan Semiconductor Manufacturing Co., Ltd.
  
Goldman Sachs
  
9/18/2025
  
0.08
  
Monthly
  
4,251
    
                 91,122
    
                  (2,234)
Taiwan Semiconductor Manufacturing Co., Ltd. - SP ADR
  
Goldman Sachs
  
9/18/2025
  
0.08
  
Monthly
  
7,921
    
               927,945
    
                  (7,566)
Taiwan Semiconductor Manufacturing Co., Ltd. - SP ADR
  
HSBC
  
9/20/2022
  
0.05
  
Monthly
  
6,231
    
               729,962
    
                  (5,874)
Wiwynn Corp.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
12,000
    
               453,164
    
                  31,087
                         
            5,325,774
    
                120,065
United States
                                
Amkor Technology, Inc.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
11,724
    
               252,769
    
                (30,307)
SMART Global Holdings, Inc.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
10,102
    
               576,016
    
                (15,912)
                         
               828,785
    
                (46,219)
Total Long
                        
          24,593,965
    
              (927,180)
                                 
Short
                                
Brazil
                                
B3 SA - Brasil Bolsa Balcao
  
Bank of America
  
6/1/2023
  
0.08
  
Monthly
  
(57,600)
   $
           (114,035)
  
$
           19,357
Cielo SA
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(684,600)
    
             (253,292)
    
                  33,871
Hapvida Participacoes e Investimentos SA
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(58,800)
    
             (114,424)
    
                  22,897
Light SA
  
Morgan Stanley
  
9/20/2022
  
0.08
  
Monthly
  
(171,700)
    
             (369,553)
    
                  (7,911)
Natura & Co. Holding SA
  
Morgan Stanley
  
9/20/2022
  
0.08
  
Monthly
  
(40,100)
    
             (188,451)
    
                  34,425
Notre Dame Intermedica Participacoes SA
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(19,100)
    
             (209,317)
    
                  38,444
OI SA
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(567,300)
    
               (87,791)
    
                    6,783
Pagseguro Digital Ltd., Class A
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(4,836)
    
             (123,608)
    
                  50,380
Ultrapar Participacoes SA
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(30,500)
    
               (77,581)
    
                  (4,137)
                         
          (1,538,052)
    
                194,108
China
                                
AAC Technologies Holdings, Inc.
  
Goldman Sachs
  
9/16/2025
  
0.04
  
Monthly
  
(97,500)
    
             (425,109)
    
                    3,055
Beijing Dabeinong Technology Group Co., Ltd., Class A
  
HSBC
  
9/20/2022
  
0.05
  
Monthly
  
(10,100)
    
               (14,378)
    
                    1,071
Bilibili, Inc. - SP ADR
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(2,174)
    
             (143,506)
    
                  50,012
COFCO Joycome Foods Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.04
  
Monthly
  
(911,000)
    
             (307,249)
    
                  32,737
Guangzhou Shangpin Home Co., Class A
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(71,600)
    
             (509,089)
    
                    3,058
HUYA, Inc. - ADR
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(2,163)
    
               (18,623)
    
                    2,205
IQIYI, Inc. - ADR
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(71,011)
    
             (443,109)
    
                119,199
JOYY, Inc.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(1,218)
    
               (62,362)
    
                    4,990
KE Holdings, Inc.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(2,065)
    
               (41,321)
    
                    8,732
Kuaishou Technology
  
Citigroup
  
3/30/2022
  
0.07
  
Monthly
  
(33,600)
    
             (366,032)
    
                  72,852
Muyuan Foodstuff Co., Ltd., Class A
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(19,100)
    
             (157,089)
    
                  17,858
New Hope Liuhe Co., Ltd., Class A
  
Morgan Stanley
  
9/20/2022
  
0.08
  
Monthly
  
(107,782)
    
             (243,100)
    
                  21,790
Pinduoduo, Inc. - ADR
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(530)
    
               (35,245)
    
                  14,551
Skshu Paint Co., Ltd., Class A
  
HSBC
  
9/20/2022
  
0.05
  
Monthly
  
(28,100)
    
             (524,939)
    
                  63,346
Sunny Optical Technology Group Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.04
  
Monthly
  
(14,500)
    
             (438,459)
    
                (12,714)
Tencent Music Entertainment Group - ADR
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(20,422)
    
             (146,834)
    
                  28,580
Wangsu Science & Technology Co., Ltd., Class A
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(486,500)
    
             (468,086)
    
                    7,721
Wens Foodstuff Group Co., Ltd., Class A
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(406,500)
    
          (1,017,662)
    
                  81,527
Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H
  
Goldman Sachs
  
9/16/2025
  
0.04
  
Monthly
  
(435,200)
    
             (285,743)
    
                    3,946
                         
          (5,647,935)
    
                524,515
Hong Kong
                                
China Taiping Insurance Holdings Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.04
  
Monthly
  
(117,400)
    
             (163,499)
    
                  10,509
Fullshare Holdings Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.04
  
Monthly
  
(16,690,000)
    
             (229,003)
    
                  10,049
Ju Teng International Holdings Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.04
  
Monthly
  
(380,000)
    
               (58,477)
    
                    5,837
Sany Heavy Equipment International Holdings Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.04
  
Monthly
  
(144,000)
    
             (149,761)
    
                  (5,741)
Xinyi Glass Holdings Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.04
  
Monthly
  
(129,000)
    
             (314,642)
    
                  29,387
                         
             (915,382)
    
                  50,041
Indonesia
                                
Bank Rakyat Indonesia Persero Tbk PT
  
Citigroup
  
3/30/2022
  
0.07
  
Monthly
  
(581,300)
    
             (165,999)
    
                    1,733
Unilever Indonesia Tbk PT
  
Macquarie
  
12/21/2021
  
0.08
  
Monthly
  
(1,186,600)
    
             (371,163)
    
                    9,589
Unilever Indonesia Tbk PT
  
Citigroup
  
3/30/2022
  
0.07
  
Monthly
  
(942,700)
    
             (294,872)
    
                    7,785
                         
             (832,034)
    
                  19,106
Israel
                                
Playtika Holding Corp.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(10,887)
    
             (187,256)
    
                  46,581
Wix.com Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(2,556)
    
             (390,557)
    
                107,219
                         
             (577,813)
    
                153,800
Kuwait
                                
National Bank of Kuwait
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(25,860)
    
               (84,120)
    
                    4,539
                                 
Malaysia
                                
Hartalega Holdings Bhd
  
HSBC
  
9/20/2022
  
0.00
  
Monthly
  
(194,400)
    
             (299,574)
    
                (11,640)
Top Glove Corp. Bhd
  
HSBC
  
9/22/2022
  
0.00
  
Monthly
  
(416,300)
    
             (289,626)
    
                  (1,938)
                         
             (589,200)
    
                (13,578)
Mexico
                                
Becle SAB de CV
  
Morgan Stanley
  
9/20/2022
  
0.08
  
Monthly
  
(125,100)
    
             (286,985)
    
                     (973)
La Comer SAB de CV
  
Citigroup
  
3/30/2022
  
0.07
  
Monthly
  
(85,021)
    
             (137,945)
    
                  18,082
                         
             (424,930)
    
                  17,109
Russia
                                
Mail.Ru Group Ltd. - GDR
  
Morgan Stanley
  
9/20/2022
  
0.08
  
Monthly
  
(29,948)
    
             (502,527)
    
                  66,037
Ozon Holdings PLC - ADR
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(9,637)
    
             (388,275)
    
                  23,351
                         
             (890,802)
    
                  89,388
Saudi Arabia
                                
Alinma Bank
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(11,446)
    
               (69,501)
    
                    8,524
Arab National Bank
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(55,327)
    
             (322,677)
    
                  28,011
Banque Saudi Fransi
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(7,057)
    
               (75,619)
    
                  16,589
Rabigh Refining and Petrochemical
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(6,977)
    
               (40,914)
    
                    5,874
Saudi Arabian Oil Co.
  
Goldman Sachs
  
9/18/2025
  
0.08
  
Monthly
  
(42,781)
    
             (395,128)
    
                  28,496
                         
             (903,839)
    
                  87,494
Singapore
                                
Starhub Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.14
  
Monthly
  
(144,700)
    
             (139,976)
    
                  (5,379)
                                 
South Africa
                                
Tiger Brands Ltd.
  
Goldman Sachs
  
9/16/2025
  
3.58
  
Monthly
  
(29,118)
    
             (328,124)
    
                  34,830
                                 
South Korea
                                
Amorepacific Corp.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(2,603)
    
             (344,028)
    
                  64,025
CJ CGV Co., Ltd.
  
Morgan Stanley
  
9/20/2022
  
0.08
  
Monthly
  
(19,787)
    
             (373,120)
    
                  62,190
Kolmar BNH Co., Ltd.
  
Citigroup
  
3/30/2022
  
0.07
  
Monthly
  
(16,994)
    
             (418,448)
    
                  60,105
Lg Display Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(29,400)
    
             (492,516)
    
                  19,889
Lotte Shopping Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(4,660)
    
             (327,561)
    
                  77,146
NongShim Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(1,664)
    
             (383,116)
    
                  25,708
Orion Corp.
  
Morgan Stanley
  
9/20/2022
  
0.08
  
Monthly
  
(2,674)
    
             (218,575)
    
                  26,121
Ottogi Corp.
  
Citigroup
  
3/30/2022
  
0.07
  
Monthly
  
(983)
    
             (360,381)
    
                  30,153
Paradise Co., Ltd.
  
Morgan Stanley
  
9/20/2022
  
0.08
  
Monthly
  
(19,504)
    
             (224,939)
    
                  19,218
Samyang Foods Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(6,839)
    
             (454,245)
    
                  13,074
Sillajen, Inc.
  
Goldman Sachs
  
9/18/2025
  
0.08
  
Monthly
  
(10,490)
    
               (28,743)
    
                  78,133
Toptec Co., Ltd.
  
Morgan Stanley
  
9/20/2022
  
0.08
  
Monthly
  
(29,938)
    
             (185,994)
    
                  17,687
                         
          (3,811,666)
    
                493,449
Sweden
                                
Millicom International Cellular SA - SDR
  
Citigroup
  
3/30/2022
  
-0.05
  
Monthly
  
(4,322)
    
             (135,957)
    
                  17,476
                                 
Taiwan
                                
Acer, Inc.
  
Morgan Stanley
  
9/20/2022
  
0.08
  
Monthly
  
(507,000)
    
             (505,095)
    
                (11,434)
Asustek Computer, Inc.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(3,000)
    
               (38,033)
    
                       234
AU Optronics Corp.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(865,000)
    
             (625,313)
    
                (17,800)
Catcher Technology Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(22,000)
    
             (122,642)
    
                    7,192
Compal Electronics, Inc.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(55,000)
    
               (45,793)
    
                    1,114
Dyaco International, Inc.
  
Bank of America
  
6/1/2023
  
0.08
  
Monthly
  
(47,000)
    
             (103,620)
    
                    2,941
Dyaco International, Inc.
  
HSBC
  
9/20/2022
  
0.05
  
Monthly
  
(105,000)
    
             (231,491)
    
                    5,138
Formosa Petrochemical Corp.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(61,000)
    
             (209,297)
    
                  14,603
Genius Electronic Optical Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(25,000)
    
             (492,726)
    
                (74,482)
Global Lighting Technologies
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(54,000)
    
             (149,350)
    
                    4,939
Grape King Bio Ltd.
  
Morgan Stanley
  
9/20/2022
  
0.08
  
Monthly
  
(78,000)
    
             (451,654)
    
                    3,905
HannStar Display Corp.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(520,000)
    
             (287,076)
    
                (11,290)
Innolux Corp.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(920,000)
    
             (577,388)
    
                (14,338)
Largan Precision Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(7,000)
    
             (500,998)
    
                  27,700
Merry Electronics Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(152,139)
    
             (499,570)
    
                  10,099
Rexon Industrial Corp., Ltd.
  
Bank of America
  
6/1/2023
  
0.08
  
Monthly
  
(60,000)
    
             (138,107)
    
                       520
TSRC Corp.
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(256,000)
    
             (301,534)
    
                    1,808
                         
          (5,279,687)
    
                (49,149)
Thailand
                                
Bangkok Commercial Asset - NVDR
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(369,900)
    
             (215,151)
    
                  16,053
PTT Global Chemical PCL - NVDR
  
Goldman Sachs
  
9/16/2025
  
0.08
  
Monthly
  
(31,100)
    
               (51,914)
    
                    6,532
True Corp., PCL - NVDR
  
Morgan Stanley
  
9/20/2022
  
0.08
  
Monthly
  
(2,526,500)
    
             (338,892)
    
                (21,888)
                         
             (605,957)
    
                       696
Total Short
                        
        (22,705,474)
    
             1,618,447
Net unrealized gain/(loss) on Contracts For Difference
                        
            1,888,491
   $
           691,267


BOSTON PARTNERS INVESTMENT FUNDS
  
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND
  
NOTES TO PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2021 (UNAUDITED)
  

PORTFOLIO VALUATION — The Boston Partners Emerging Markets Dynamic Equity Fund's (the "Fund") net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter ("OTC") market are valued at their closing prices.  If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market.  Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates.  Investments in other open-end investment companies, if any, are valued based on the NAV of the investment companies (which may use fair value pricing as disclosed in their prospectuses). Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close.  Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim.  To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:
  
           
• Level 1 — Prices are determined using quoted prices in active markets for identical securities.
      
• Level 2 — Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
  
• Level 3 — Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
  
           
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
  
           
The following is a summary of the inputs used, as of November 30, 2021, in valuing the Fund's investments carried at fair value:
  

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Common Stock
                        
Brazil
  
$
1,256,242
    
$
1,256,242
    
$
-
    
$
-
  
China
    
8,609,808
      
1,118,777
      
7,491,031
      
-
  
Greece
    
372,897
      
372,897
      
-
      
-
  
Hong Kong
    
951,237
      
597,109
      
354,128
      
-
  
Hungary
    
336,157
      
-
      
336,157
      
-
  
India
    
3,791,525
      
20,645
      
3,770,880
      
-
  
Indonesia
    
520,486
      
-
      
520,486
      
-
  
Malaysia
    
1,086,093
      
-
      
1,086,093
      
-
  
Mexico
    
1,057,189
      
1,057,189
      
-
      
-
  
Russia
    
1,335,404
      
1,335,404
      
-
      
-
  
South Africa
    
844,564
      
844,564
      
-
      
-
  
South Korea
    
3,543,798
      
-
      
3,543,798
      
-
  
Taiwan
    
6,179,626
      
-
      
6,179,626
      
-
  
United States
    
663,096
      
663,096
      
-
      
-
  
Preferred Stock
                                
Brazil
    
890,625
      
890,625
      
-
      
-
  
Chile
    
408,296
      
408,296
      
-
      
-
  
South Korea
    
1,400,081
      
-
      
1,400,081
      
-
  
Short-Term Investments
    
11,500,945
      
11,500,945
      
-
      
-
  
Contracts For Difference
                                
Equity Contracts
    
2,147,913
      
2,069,780
      
78,133
      
-
  
Total Assets
  
$
46,895,982
    
$
22,135,569
    
$
24,760,413
    
$
-
  
                                 
   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Securities Sold Short
                                
United Kingdom
  
$
(397,851
)
  
$
-
    
$
(397,851
)
  
$
-
  
Contracts For Difference
                                
Equity Contracts
    
(1,456,646
)
    
(1,321,064
)
    
(135,582
)
    
-
  
Total Liabilities
  
$
(1,854,497
)
  
$
(1,321,064
)
  
$
(533,433
)
  
$
-
  

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and  the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period.  A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all Level 3 transfers are disclosed if the Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the period ended November 30, 2021, the Fund had no significant Level 3 transfers.
      
           
For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.