NPORT-EX 2 bpemdynamic.htm NPORT-EX

BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2022 (UNAUDITED)
  
   
   
NUMBER OF
        
   
SHARES
    
VALUE
  
LONG POSITIONS—71.7%
            
COMMON STOCKS—64.5%
            
Brazil—3.5%
            
Eletromidia SA*
    
380,078
    
$
744,138
  
Localiza Rent a Car SA*
    
173
      
1,986
  
Minerva SA
    
65,000
      
155,944
  
Sendas Distribuidora SA
    
306,800
      
1,164,094
  
             
2,066,162
  
China—17.2%
                
Bank of Chengdu Co., Ltd., Class A†
    
446,500
      
965,066
  
Chengdu Wintrue Holding Co., Ltd., Class A†
    
72,900
      
122,392
  
China State Construction Engineering Corp., Ltd., Class A†
    
1,505,100
      
1,246,177
  
Fufeng Group Ltd.
    
321,000
      
204,504
  
Greentown China Holdings Ltd.
    
247,500
      
425,394
  
Jiangsu Changshu Rural Commercial Bank Co., Ltd., Class A†
    
259,100
      
275,460
  
Muyuan Foods Co., Ltd., Class A†
    
116,481
      
786,692
  
Power Construction Corp. of China Ltd., Class A†
    
455,600
      
490,749
  
Proya Cosmetics Co., Ltd., Class A†
    
24,900
      
593,534
  
Rianlon Corp., Class A†
    
116,500
      
906,531
  
Shandong Hi-Speed Road & Bridge Co., Ltd., Class A†
    
143,300
      
151,607
  
Tangshan Port Group Co., Ltd., Class A†
    
366,600
      
150,738
  
Tech-Bank Food Co., Ltd., Class A*†
    
913,830
      
806,509
  
Wens Foodstuffs Group Co., Ltd., Class A†
    
613,280
      
1,548,269
  
Xiamen Xiangyu Co., Ltd., Class A†
    
93,700
      
154,902
  
YTO Express Group Co., Ltd., Class A†
    
321,100
      
876,141
  
YTO Express Group Co., Ltd., Class A†
    
220,000
      
600,284
  
             
10,304,949
  
Greece—0.4%
                
JUMBO SA
    
16,107
      
257,246
  
Hungary—0.7%
                
Richter Gedeon Nyrt
    
19,701
      
423,815
  
India—2.4%
                
Bajaj Auto Ltd.
    
9,898
      
456,618
  
Bharti Airtel Ltd.
    
35,267
      
368,550
  
Bharti Airtel Ltd.
    
4,783
      
27,335
  
Indian Hotels Co., Ltd.
    
37,235
      
148,395
  
Maruti Suzuki India Ltd.
    
1,308
      
144,626
  
PB Fintech Ltd.*
    
31,628
      
176,791
  
Power Grid Corp. of India Ltd.
    
45,855
      
126,519
  
             
1,448,834
  
Indonesia—2.6%
                
Bank Mandiri Persero Tbk PT
    
2,330,200
      
1,571,864
  
             
1,571,864
  
Israel—0.8%
                
Mizrahi Tefahot Bank Ltd.
    
12,592
      
467,857
  
Mexico—4.1%
                
Arca Continental SAB de CV
    
134,400
      
1,118,723
  
Grupo Bimbo SAB de CV, Class A
    
102,100
      
433,240
  
Grupo Financiero Banorte SAB de CV, Class O
    
111,200
      
892,470
  
Industrias Bachoco SAB de CV, Class B
    
1,200
      
5,140
  
             
2,449,573
  
Poland—1.5%
                
Dino Polska SA*
    
11,165
      
917,635
  
Russia—–%
                
Fix Price Group Ltd. - GDR*‡
    
21,704
      
–
  
Singapore—4.0%
                
DBS Group Holdings Ltd.
    
44,100
      
1,150,073
  
Singapore Airlines Ltd.
    
96,700
      
392,318
  
United Overseas Bank Ltd.
    
37,000
      
853,127
  
             
2,395,518
  
South Africa—0.8%
                
Life Healthcare Group Holdings Ltd.
    
84,151
      
84,848
  
Shoprite Holdings Ltd.
    
25,560
      
376,232
  
             
461,080
  
South Korea—11.3%
                
GS Holdings Corp.
    
3,736
      
138,863
  
Hankook Tire & Technology Co., Ltd.
    
49,795
      
1,300,496
  
Hite Jinro Co., Ltd.
    
14,040
      
281,286
  
HL Mando Co., Ltd.
    
4,183
      
155,121
  
JYP Entertainment Corp.
    
5,570
      
260,332
  
Korean Air Lines Co., Ltd.*
    
26,473
      
519,373
  
Orion Corp.
    
3,492
      
313,573
  
Osstem Implant Co., Ltd.
    
10,770
      
920,872
  
SK Hynix, Inc.
    
43,098
      
2,844,469
  
             
6,734,385
  
Taiwan—10.7%
                
Accton Technology Corp.
    
253,000
      
2,251,262
  
Asia Vital Components Co., Ltd.
    
17,000
      
63,335
  
Compeq Manufacturing Co., Ltd.
    
153,000
      
249,244
  
Delta Electronics, Inc.
    
31,000
      
306,550
  
Hiwin Technologies Corp.
    
54,617
      
333,345
  
Lotes Co., Ltd.
    
53,328
      
1,510,326
  
Nanya Technology Corp.
    
346,000
      
645,678
  
Voltronic Power Technology Corp.
    
6,000
      
340,526
  
Wiwynn Corp.
    
24,000
      
692,590
  
             
6,392,856
  
Thailand—4.5%
                
AP Thailand PCL - NVDR
    
1,617,100
      
465,502
  
Kiatnakin Phatra Bank PCL - NVDR
    
550,800
      
1,123,515
  
Supalai PCL - NVDR
    
1,202,200
      
785,709
  
Thanachart Capital PCL
    
250,400
      
299,997
  
             
2,674,723
  
TOTAL COMMON STOCKS
                
(Cost $36,842,627)
            
38,566,497
  
PREFERRED STOCKS—1.1%
                
South Korea—1.1%
                
Samsung Electronics Co., Ltd. 2.585%
    
15,243
      
655,475
  
TOTAL PREFERRED STOCKS
                
(Cost $285,774)
            
655,475
  
EXCHANGE TRADED FUNDS—0.2%
                
Thailand—0.2%
                
Jasmine Broadband Internet Infrastructure Fund
    
610,800
      
140,294
  
TOTAL EXCHANGE TRADED FUNDS
                
(Cost $210,578)
            
140,294
  
                 
                 
SHORT-TERM INVESTMENTS—5.9%
                
Tri-State Deposit, 3.20%(a)
    
1,292,981
      
1,292,981
  
U.S. Bank Money Market Deposit Account, 3.50%(a)
    
2,205,342
      
2,205,342
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $3,498,323)
            
3,498,323
  
TOTAL LONG POSITIONS—71.7%
                
(Cost $40,837,302)
            
42,860,589
  
SECURITIES SOLD SHORT—(0.1%)
                
COMMON STOCKS—(0.1%)
                
United Kingdom—(0.1%)
                
Antofagasta PLC
    
(4,212
)
    
(72,879
)
TOTAL COMMON STOCKS
                
(Proceeds $(74,356))
            
(72,879
)
TOTAL SECURITIES SOLD SHORT—(0.1%)
                
(Proceeds $(74,356))
            
(72,879
)
OTHER ASSETS IN EXCESS OF LIABILITIES—28.4%
            
16,934,364
  
NET ASSETS—100.0%
          
$
59,722,074
  

GDR
Global Depositary Receipt
NVDR
Non-voting Depository Receipt
PLC
Public Limited Company
*
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, 2022.
‡
Security has been valued at fair market value using significant unobservable inputs as determined in good faith by or under the direction of The RBB Fund, Inc.’s Board of Directors.
As of November 30, 2022, these securities amounted to $0 or 0.0% of net assets.

 
Contracts For Difference held by the Fund at November 30, 2022, 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
  
1.40%
  
Monthly
  
4,261
   $
             131,247
   $
                 2,326
Raiffeisen Bank International AG
  
Morgan Stanley
  
9/19/2023
  
1.49
  
Monthly
  
13,070
    
               204,419
    
                       571
                         
               335,666
    
                    2,898
Brazil
                                
Banco do Brasil SA
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
177,700
    
            1,208,784
    
                           –
Cielo SA
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
2,266,800
    
            2,093,542
    
                           –
Itau Unibanco Holding SA - SP ADR
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
83,293
    
               414,799
    
                  (2,247)
                         
            3,717,125
    
                  (2,247)
Chile
                                
Banco Santander Chile - ADR
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
31,702
    
               494,868
    
                  15,226
                                 
China
                                
Alibaba Group Holding Ltd.
  
Goldman Sachs
  
9/16/2025
  
3.57
  
Monthly
  
21,100
    
               215,837
    
                    2,444
Alibaba Group Holding Ltd. - SP ADR
  
Goldman Sachs
  
9/16/2025
  
3.57
  
Monthly
  
8,029
    
               703,019
    
                  66,246
JD.com, Inc. - ADR
  
Goldman Sachs
  
9/16/2025
  
3.57
  
Monthly
  
16,885
    
               965,485
    
                  44,540
JD.com, Inc., Class A
  
Goldman Sachs
  
9/16/2025
  
2.82
  
Monthly
  
854
    
                 23,922
    
                       131
Jiangsu Phoenix Publishing & Media Corp., Ltd., Class A
  
Goldman Sachs
  
9/16/2025
  
7.00
  
Monthly
  
251,600
    
               297,287
    
                  32,660
Meihua Holdings Group Co., Class A
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
135,300
    
               183,546
    
                  (1,150)
NetEase, Inc. - ADR
  
Bank of America
  
6/1/2023
  
3.28
  
Monthly
  
4,398
    
               312,786
    
                  (2,608)
Pinduoduo, Inc. - ADR
  
Goldman Sachs
  
9/16/2025
  
3.87
  
Monthly
  
41,008
    
            3,364,297
    
                450,563
Shanghai International Port Group Co., Ltd., Class A
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
140,000
    
               106,819
    
                       439
Tencent Holdings Ltd.
  
Goldman Sachs
  
9/16/2025
  
3.57
  
Monthly
  
11,700
    
               430,196
    
                  (1,698)
Trip.com Group Ltd. - ADR
  
Goldman Sachs
  
9/16/2025
  
3.20
  
Monthly
  
49,775
    
            1,590,312
    
                131,354
Yangtze Optical Fibre and Cable Joint Stock Ltd., Co., Class H
  
Goldman Sachs
  
9/16/2025
  
3.57
  
Monthly
  
78,500
    
               143,112
    
                       634
                         
            8,336,618
    
                723,555
India
                                
Reliance Industries Ltd. - GDR
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
2,046
    
               135,343
    
                    2,985
                                 
Israel
                                
Inmode Ltd.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
12,665
    
               486,209
    
                  16,671
Mexico
                                
Grupo Aeroportuario del Centro Norte SAB de CV - SP ADR
  
Goldman Sachs
  
9/16/2025
  
4.77
  
Monthly
  
12,075
    
               839,455
    
                     (541)
Grupo Aeroportuario del Pacifico SAB de CV - SP ADR
  
Goldman Sachs
  
9/16/2025
  
4.80
  
Monthly
  
10,151
    
            1,650,046
    
              (108,303)
Grupo Comercial Chedraui SA de CV
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
81,800
    
               353,545
    
                  11,787
                         
            2,843,046
    
                (97,057)
Portugal
                                
Jeronimo Martins SGPS SA
  
Goldman Sachs
  
9/18/2025
  
1.40
  
Monthly
  
37,545
    
               828,274
    
                  16,743
Russia
                                
Detsky Mir PJSC
  
Goldman Sachs
  
9/18/2025
  
0.10
  
Monthly
  
316,240
    
                          –
    
              (469,314)
Headhunter Group PLC - ADR
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
7,725
    
                          –
    
                     (155)
Magnit PJSC - SP GDR
  
Goldman Sachs
  
9/16/2025
  
2.93
  
Monthly
  
37,249
    
                          –
    
                     (462)
Sberbank PJSC - SP ADR
  
Goldman Sachs
  
9/16/2025
  
4.14
  
Monthly
  
23,338
    
                          –
    
                  (1,057)
                         
                          –
    
              (470,988)
Saudi Arabia
                                
Al Rajhi Bank
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
6,623
    
               141,824
    
                  (7,140)
                                 
Singapore
                                
DBS Group Holdings Ltd.
  
Goldman Sachs
  
9/16/2025
  
5.09
  
Monthly
  
20,951
    
               541,808
    
                     (761)
                                 
South Korea
                                
SK Hynix, Inc.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
5,167
    
               333,014
    
                (26,695)
                                 
Taiwan
                                
Taiwan Semiconductor Manufacturing Co., Ltd.
  
Goldman Sachs
  
9/18/2025
  
3.83
  
Monthly
  
5,251
    
                 83,253
    
                    1,980
Taiwan Semiconductor Manufacturing Co., Ltd. - SP ADR
  
Goldman Sachs
  
9/18/2025
  
3.83
  
Monthly
  
1,433
    
               118,910
    
                    3,671
                         
               202,163
    
                    5,651
United States
                                
Coupang, Inc., Class A
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
42,046
    
               819,056
    
                    9,500
Total Long
                        
          19,215,014
    
                188,341
                                 
Short
                                
Brazil
                                
B3 SA - Brasil Bolsa Balcao
  
Bank of America
  
6/1/2023
  
3.28
  
Monthly
  
(42,800)
    
$           (105,240)
    
$                (6,878)
Hapvida Participacoes e Investimentos SA
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(251,932)
    
             (250,022)
    
                  19,064
Klabin SA - UNIT
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(137,200)
    
             (519,257)
    
                  75,220
Natura & Co. Holding SA
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(89,900)
    
             (200,784)
    
                  13,451
OI SA
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(1,806,800)
    
               (69,634)
    
                (12,232)
Pagseguro Digital Ltd., Class A
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(6,894)
    
               (72,594)
    
                  23,408
Suzano SA - SP ADR
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(30,467)
    
             (309,849)
    
                  21,963
                         
          (1,527,380)
    
                133,996
China
                                
AAC Technologies Holdings, Inc.
  
Goldman Sachs
  
9/16/2025
  
2.82
  
Monthly
  
(77,500)
    
             (178,199)
    
                    9,021
Bilibili, Inc. - SP ADR
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(15,427)
    
             (267,813)
    
                (14,825)
China East Airlines Corp., Ltd., Class H
  
Goldman Sachs
  
9/16/2025
  
2.82
  
Monthly
  
(482,000)
    
             (178,954)
    
                  (1,087)
China National Building Material Co., Ltd., Class H
  
Goldman Sachs
  
9/16/2025
  
3.49
  
Monthly
  
(86,000)
    
               (75,530)
    
                  (3,579)
China Southern Airlines Co., Ltd., Class H
  
Goldman Sachs
  
9/16/2025
  
2.82
  
Monthly
  
(236,000)
    
             (139,589)
    
                  (4,752)
Dali Foods Group Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
2.82
  
Monthly
  
(621,000)
    
             (293,369)
    
                (11,734)
Flat Glass Group Co., Ltd., Class H
  
Bank of America
  
6/1/2023
  
0.13
  
Monthly
  
(184,000)
    
             (474,667)
    
                  67,034
GDS Holdings Ltd. - ADR
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(10,862)
    
             (172,706)
    
                    7,965
Haidilao International Holding Ltd.
  
Goldman Sachs
  
9/16/2025
  
2.82
  
Monthly
  
(61,000)
    
             (149,319)
    
                (16,142)
Hangzhou Silan Microelectronics Co., Ltd., Class A
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(31,600)
    
             (161,916)
    
                    7,601
Hangzhou Silan Microelectronics Co., Ltd., Class A
  
Goldman Sachs
  
12/5/2025
  
3.83
  
Monthly
  
(18,512)
    
               (96,452)
    
                           –
Hua Hong Semiconductor Ltd.
  
Goldman Sachs
  
9/16/2025
  
3.49
  
Monthly
  
(149,000)
    
             (513,139)
    
                  23,258
Kanzhun Ltd. - ADR
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(10,131)
    
             (190,665)
    
                (16,331)
Luxshare Precision Industry Co., Ltd., Class A
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(21,400)
    
               (92,605)
    
                  11,138
Maxscend Microelectronics Co., Ltd., Class A
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(13,000)
    
             (209,497)
    
                    9,602
NIO, Inc. - ADR
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(22,320)
    
             (285,250)
    
                (28,058)
Shenzhen Goodix Technology Co., Ltd, Class A
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(27,700)
    
             (201,770)
    
                    4,926
Shenzhen Goodix Technology Co., Ltd, Class A
  
Morgan Stanley
  
12/5/2025
  
3.82
  
Monthly
  
(1,531)
    
               (11,340)
    
                           –
Shenzhen Goodix Technology Co., Ltd, Class A
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(1,611)
    
               (11,735)
    
                       284
Shenzhou International Group Holdings Ltd.
  
Goldman Sachs
  
9/16/2025
  
2.82
  
Monthly
  
(23,800)
    
             (212,224)
    
                  10,200
Skshu Paint Co., Ltd., Class A
  
HSBC
  
12/5/2025
  
3.82
  
Monthly
  
(32,700)
    
             (560,699)
    
                           –
Sunny Optical Technology Group Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
2.82
  
Monthly
  
(35,900)
    
             (417,787)
    
                  32,487
Weibo Corp. - SP ADR
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(14,800)
    
             (235,912)
    
                  (8,497)
Will Semiconductor Co., Ltd., Shanghai, Class A
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(33,635)
    
             (382,782)
    
                  40,333
Wingtech Technology Co., Ltd., Class A
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(34,500)
    
             (266,033)
    
                  16,847
Xiaomi Corp., Class B
  
Goldman Sachs
  
9/16/2025
  
2.82
  
Monthly
  
(415,400)
    
             (548,836)
    
                  31,221
Xinyi Solar Holdings Ltd.
  
Goldman Sachs
  
9/16/2025
  
3.49
  
Monthly
  
(104,000)
    
             (119,965)
    
                  12,479
Yihai International Holding Ltd.
  
Goldman Sachs
  
9/16/2025
  
2.82
  
Monthly
  
(124,000)
    
             (384,179)
    
                (46,625)
Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H
  
Goldman Sachs
  
9/16/2025
  
2.82
  
Monthly
  
(729,000)
    
             (338,790)
    
                  15,917
                         
          (7,171,722)
    
                148,683
Hong Kong
                                
China Taiping Insurance Holdings Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
2.82
  
Monthly
  
(140,800)
    
             (142,766)
    
                (15,998)
Nine Dragons Paper Holdings Ltd.
  
Goldman Sachs
  
9/16/2025
  
2.82
  
Monthly
  
(351,000)
    
             (278,159)
    
                (27,696)
Techtronic Industries Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
3.49
  
Monthly
  
(43,000)
    
             (510,873)
    
                  20,748
Xinyi Glass Holdings Ltd.
  
Goldman Sachs
  
9/16/2025
  
2.82
  
Monthly
  
(315,000)
    
             (603,307)
    
                (16,564)
                         
          (1,535,105)
    
                (39,510)
India
                                
Infosys Ltd. - SP ADR
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(29,323)
    
             (596,723)
    
                (13,497)
ReNew Energy Global PLC, Class A
  
Morgan Stanley
  
9/19/2023
  
3.08
  
Monthly
  
(19,577)
    
             (118,832)
    
                    4,780
Wipro Ltd. - ADR
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(103,879)
    
             (531,860)
    
                (12,958)
                         
          (1,247,415)
    
                (21,674)
Indonesia
                                
Unilever Indonesia Tbk PT
  
Macquerie
  
9/19/2023
  
0.290501
  
Monthly
  
(121,000)
    
               (36,920)
    
                  (1,047)
Unilever Indonesia Tbk PT
  
Citigroup
  
12/1/2025
  
3.82
  
Monthly
  
(287,400)
    
               (87,691)
    
                  (1,595)
Unilever Indonesia Tbk PT
  
HSBC
  
12/2/2025
  
3.82
  
Monthly
  
(860,900)
    
             (262,678)
    
                           –
                         
             (387,289)
    
                  (2,642)
Israel
                                
Camtek Ltd.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(6,900)
    
             (168,291)
    
                    9,157
Nova Ltd.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(1,585)
    
             (135,628)
    
                    6,385
Playtika Holding Corp.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(9,020)
    
               (85,239)
    
                    6,322
Wix.com Ltd.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(1,712)
    
             (154,919)
    
                    1,442
                         
             (544,077)
    
                  23,306
Japan
                                
Lasertec Corp.
  
Goldman Sachs
  
9/16/2025
  
-0.08
  
Monthly
  
(3,600)
    
             (655,268)
    
                100,135
Murata Manufacturing Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
-0.08
  
Monthly
  
(6,400)
    
             (345,931)
    
                  14,915
Taiyo Yuden Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
-0.08
  
Monthly
  
(6,500)
    
             (205,464)
    
                  11,736
                         
          (1,206,663)
    
                126,785
Malaysia
                                
Hartalega Holdings Bhd
  
HSBC
  
12/2/2025
  
3.82
  
Monthly
  
(175,100)
    
               (68,111)
    
                           –
Top Glove Corp. Bhd
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(1,062,700)
    
             (207,881)
    
                  18,279
                         
             (275,992)
    
                  18,279
Mexico
                                
Cemex SAB de CV - SP ADR
  
Bank of America
  
6/1/2023
  
3.28
  
Monthly
  
(34,671)
    
             (158,446)
    
                  (2,655)
Grupo Mexico SAB de CV, Class B
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(51,800)
    
             (210,755)
    
                    5,990
Kimberly-Clark de Mexico SAB de CV, Class A
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(109,300)
    
             (185,981)
    
                    1,891
                         
             (555,182)
    
                    5,226
Russia
                                
VK Co., Ltd.
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(77,484)
    
                          –
    
                139,969
Ozon Holdings PLC - ADR
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(27,082)
    
                          –
    
                314,495
                         
                          –
    
                454,463
Singapore
                                
Starhub Ltd.
  
Goldman Sachs
  
9/16/2025
  
3.56
  
Monthly
  
(230,200)
    
             (181,013)
    
                  (3,212)
                                 
South Africa
                                
Capitec Bank Holdings Ltd.
  
Goldman Sachs
  
9/16/2025
  
6.82
  
Monthly
  
(4,331)
    
             (507,455)
    
                (11,690)
Kumba Iron Ore Ltd.
  
HSBC
  
12/5/2025
  
6.82
  
Monthly
  
(5,421)
    
             (151,752)
    
                           –
Sappi Ltd.
  
Goldman Sachs
  
9/16/2025
  
6.82
  
Monthly
  
(49,105)
    
             (139,412)
    
                    8,629
                         
             (798,619)
    
                  (3,061)
South Korea
                                
Amorepacific Corp.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(5,978)
    
             (591,522)
    
                (14,807)
Chunbo Co., Ltd.
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(1,824)
    
             (333,309)
    
                  26,482
DB HiTek Co., Ltd.
  
Bank of America
  
6/1/2023
  
3.83
  
Monthly
  
(5,025)
    
             (169,932)
    
                  16,942
Hana Micron, Inc.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(44,973)
    
             (368,282)
    
                  34,353
Hanon Systems
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(15,087)
    
               (99,524)
    
                    2,469
Hansol Chemical Co., Ltd.
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(1,637)
    
             (260,659)
    
                       484
Hybe Co., Ltd.
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(663)
    
               (71,888)
    
                  (2,384)
Hyundai Motor Co.
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(1,304)
    
             (167,097)
    
                    5,769
KakaoBank Corp.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(21,341)
    
             (405,347)
    
                  59,511
Kia Corp.
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(3,298)
    
             (171,546)
    
                       104
KIWOOM Securities Co., Ltd.
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(7,495)
    
             (522,834)
    
                    4,050
Krafton, Inc.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(3,480)
    
             (598,976)
    
                (17,871)
Kumho Petrochemical Co., Ltd.
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(2,564)
    
             (290,646)
    
                    9,239
Leeno Industrial, Inc.
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(3,269)
    
             (425,093)
    
                (42,658)
LG Chem Ltd.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(146)
    
               (81,920)
    
                  (3,174)
Lg Display Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(28,654)
    
             (313,948)
    
                    9,243
LG Household & Health Care Ltd.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(808)
    
             (401,902)
    
                  10,576
NAVER Corp.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(3,209)
    
             (455,005)
    
                  13,056
NCSoft Corp.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(649)
    
             (231,531)
    
                  (6,433)
Netmarble Corp.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(13,399)
    
             (497,313)
    
                  35,987
Samsung Electro-Mechanics Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(4,271)
    
             (456,618)
    
                    7,340
SK Biopharmaceuticals Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(2,220)
    
             (123,890)
    
                    3,927
SK IE Technology Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(1,946)
    
               (97,237)
    
                  (1,331)
TSE Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(3,591)
    
             (113,542)
    
                    4,787
TSE Co., Ltd.
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(7,185)
    
             (227,179)
    
                    9,560
                         
          (7,476,740)
    
                165,221
Taiwan
                                
Acer, Inc.
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(711,000)
    
             (565,938)
    
                  (3,900)
Advanced Wireless Semiconductor Co.
  
Goldman Sachs
  
9/16/2025
  
3.72
  
Monthly
  
(139,000)
    
             (339,118)
    
                (32,952)
Airtac International Group
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(9,000)
    
             (275,194)
    
                (11,144)
ASMedia Technology, Inc.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(17,000)
    
             (407,597)
    
                  (8,163)
Asustek Computer, Inc.
  
Goldman Sachs
  
9/16/2025
  
3.95
  
Monthly
  
(64,000)
    
             (550,840)
    
                (31,016)
AUO Corp.
  
JPMorgan
  
9/18/2023
  
1.11
  
Monthly
  
(266,000)
    
             (138,571)
    
                  16,748
Compal Electronics, Inc.
  
Goldman Sachs
  
9/16/2025
  
4.64
  
Monthly
  
(457,000)
    
             (320,139)
    
                    3,173
Dyaco International, Inc.
  
HSBC
  
12/2/2025
  
3.82
  
Monthly
  
(72,000)
    
               (92,954)
    
                           –
Elan Microelectronics Corp.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(100,000)
    
             (290,240)
    
                  (3,657)
Faraday Technology Corp.
  
Goldman Sachs
  
9/16/2025
  
2.33
  
Monthly
  
(94,000)
    
             (512,498)
    
                  (6,221)
FocalTech Systems Co., Ltd.
  
HSBC
  
12/2/2025
  
3.82
  
Monthly
  
(52,000)
    
             (110,543)
    
                           –
Formosa Plastics Corp.
  
Goldman Sachs
  
9/16/2025
  
0.00
  
Monthly
  
(51,000)
    
             (148,847)
    
                  (4,915)
Giant Manufacturing Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(22,753)
    
             (169,329)
    
                    7,179
HannStar Display Corp.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(873,000)
    
             (322,020)
    
                  16,371
Inventec Corp.
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(463,000)
    
             (371,533)
    
                  12,736
Kinsus Interconnect Technology Corp.
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(142,000)
    
             (562,845)
    
                  (7,929)
Mediatek, Inc.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(23,000)
    
             (545,502)
    
                (10,151)
Micro-Star International Co., Ltd.
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(95,000)
    
             (378,088)
    
                  (1,557)
Nan Ya Plastics Corp.
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(147,000)
    
             (365,770)
    
                (14,121)
Nan Ya Printed Circuit Board Corp.
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(72,000)
    
             (627,849)
    
                  (2,422)
Nantex Industry Co., Ltd.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(267,000)
    
             (334,770)
    
                (23,909)
Novatek Microelectronics Corp.
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(36,000)
    
             (347,705)
    
                    1,353
Nuvoton Technology Corp.
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(42,000)
    
             (164,437)
    
                  (6,756)
Nuvoton Technology Corp.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(78,000)
    
             (305,383)
    
                (14,296)
Pan Jit International, Inc.
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(281,000)
    
             (573,720)
    
                (37,928)
Parade Technologies Ltd.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(20,000)
    
             (513,824)
    
                (10,543)
Powerchip Semiconductor Manufacturing Corp.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(363,000)
    
             (391,125)
    
                  10,575
Realtek Semiconductor Corp.
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(50,000)
    
             (512,854)
    
                  (5,314)
SDI Corporation
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(85,000)
    
             (286,033)
    
                (10,059)
Silergy Corp.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(32,000)
    
             (465,936)
    
                  29,403
TSRC Corp.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(324,000)
    
             (289,347)
    
                  (6,407)
Unimicron Technology Corp.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(115,000)
    
             (578,619)
    
                  17,378
UPI Semiconductor Corp.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(55,000)
    
             (495,624)
    
                  (7,934)
USI Corp.
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(223,000)
    
             (161,628)
    
                (11,133)
Win Semiconductors Corp.
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(46,000)
    
             (232,192)
    
                  (3,456)
Yageo Corp.
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(19,306)
    
             (289,226)
    
                  (6,521)
                         
        (13,037,838)
    
              (167,489)
Thailand
                                
COM7 PCL - NVDR
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(548,600)
    
             (493,919)
    
                       959
KCE Electronics - NVDR
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(361,200)
    
             (494,198)
    
                       319
Kerry Express Thailand - NVDR
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(303,800)
    
             (157,650)
    
                  (3,305)
Muangthai Capital PCL - NVDR
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(472,800)
    
             (496,061)
    
                  (5,623)
Siam Cement PCL, (The) - NVDR
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(50,100)
    
             (477,346)
    
                  13,905
Sri Trang Agro-Industry PCL - NVDR
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(865,800)
    
             (466,474)
    
                  18,125
TOA Paint Thailand PCL - NVDR
  
Morgan Stanley
  
9/19/2023
  
3.83
  
Monthly
  
(195,800)
    
             (187,388)
    
                  (8,688)
                         
          (2,773,036)
    
                  15,692
United Kingdom
                                
Antofagasta PLC
  
Goldman Sachs
  
9/18/2025
  
2.93
  
Monthly
  
(13,490)
    
             (229,006)
    
                  (1,225)
                                 
United States
                                
Alpha & Omega Semiconductor Ltd.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(12,587)
    
             (441,552)
    
                  33,955
Freeport-McMoRan, Inc.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(7,840)
    
             (312,032)
    
                (13,104)
Hess Corp.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(1,971)
    
             (283,647)
    
                  (5,416)
Southern Copper Corp.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(2,007)
    
             (122,467)
    
                  (4,764)
Synaptics, Inc.
  
Goldman Sachs
  
9/16/2025
  
3.83
  
Monthly
  
(2,817)
    
             (298,517)
    
                  (1,899)
                         
          (1,458,215)
    
                    8,772
Total Short
                        
        (40,405,292)
    
                861,611
Net unrealized gain/(loss) on Contracts For Difference
                             $
       1,049,952


BOSTON PARTNERS INVESTMENT FUNDS
  
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND
  
NOTES TO PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2022 (UNAUDITED)
  

PORTFOLIO VALUATION — The Boston Partners Emerging 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, 2022, in valuing the Fund's investments carried at fair value:
  

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Common Stock
                        
Brazil
  
$
2,066,162
    
$
2,066,162
    
$
-
    
$
-
  
China
    
10,304,949
      
-
      
10,304,949
      
-
  
Greece
    
257,246
      
-
      
257,246
      
-
  
Hungary
    
423,815
      
-
      
423,815
      
-
  
India
    
1,448,834
      
-
      
1,448,834
      
-
  
Indonesia
    
1,571,864
      
-
      
1,571,864
      
-
  
Israel
    
467,857
      
-
      
467,857
      
-
  
Mexico
    
2,449,573
      
2,449,573
      
-
      
-
  
Poland
    
917,635
      
-
      
917,635
      
-
  
Russia
    
-
      
-
      
-
      
-
*
Singapore
    
2,395,518
      
-
      
2,395,518
      
-
  
South Africa
    
461,080
      
84,848
      
376,232
      
-
  
South Korea
    
6,734,385
      
-
      
6,734,385
      
-
  
Taiwan
    
6,392,856
      
-
      
6,392,856
      
-
  
Thailand
    
2,674,723
      
299,997
      
2,374,726
      
-
  
Preferred Stock
                                
South Korea
    
655,475
      
-
      
655,475
      
-
  
Exchange Traded Funds
                                
Thailand
    
140,294
      
140,294
      
-
      
-
  
Short-Term Investments
    
3,498,323
      
2,205,342
      
1,292,981
      
-
  
Contracts For Difference
                                
Equity Contracts
    
2,364,678
      
1,910,359
      
-
*
    
454,463
  
Total Assets
  
$
45,225,411
    
$
9,156,575
    
$
35,614,373
    
$
454,463
  
                                 
   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Securities Sold Short
                                
United Kingdom
  
$
(72,879
)
  
$
-
    
$
(72,879
)
  
$
-
  
Contracts For Difference
                                
Equity Contracts
    
(1,314,870
)
    
(843,882
)
    
-
*
    
(470,988
)
Total Liabilities
  
$
(1,387,749
)
  
$
(843,882
)
  
$
(72,879
)
  
$
(470,988
)

* 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.

For the period ended November 30, 2022, 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.