BOSTON PARTNERS INVESTMENT FUNDS | ||||||||
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND | ||||||||
PORTFOLIO OF INVESTMENTS | ||||||||
MAY 31, 2021 (UNAUDITED) | ||||||||
NUMBER OF | ||||||||
SHARES | VALUE | |||||||
LONG POSITIONS—88.3% | ||||||||
COMMON STOCKS—60.8% | ||||||||
Brazil—7.3% | ||||||||
Cia Brasileira de Distribuicao | 21,400 | $ | 160,632 | |||||
Eletromidia SA* | 1,049,678 | 3,788,484 | ||||||
Sendas Distribuidora SA | 38,500 | 660,418 | ||||||
Vivara Participacoes SA | 107,700 | 630,284 | ||||||
5,239,818 | ||||||||
Canada—1.4% | ||||||||
Parex Resources, Inc.* | 57,794 | 986,476 | ||||||
China—13.4% | ||||||||
Alibaba Group Holding Ltd.* | 24,000 | 641,892 | ||||||
Baidu, Inc. - SP ADR*† | 2,562 | 502,844 | ||||||
China Yongda Automobiles Services Holdings Ltd. | 1,020,500 | 1,800,003 | ||||||
CIFI Holdings Group Co., Ltd. | 752,165 | 655,459 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 551,000 | 361,737 | ||||||
JNBY Design Ltd. | 191,000 | 356,853 | ||||||
Longfor Group Holdings Ltd. | 125,000 | 732,572 | ||||||
Momo, Inc. - SP ADR† | 8,313 | 116,631 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 113,466 | 1,239,409 | ||||||
Tongcheng-Elong Holdings Ltd.* | 350,800 | 943,427 | ||||||
Zhongsheng Group Holdings Ltd. | 264,000 | 2,195,772 | ||||||
9,546,599 | ||||||||
Greece—0.7% | ||||||||
JUMBO SA | 27,248 | 524,187 | ||||||
Hong Kong—3.3% | ||||||||
Swire Properties Ltd. | 218,000 | 657,188 | ||||||
WH Group Ltd. | 1,982,000 | 1,709,259 | ||||||
2,366,447 | ||||||||
Hungary—1.1% | ||||||||
OTP Bank PLC | 14,657 | 804,547 | ||||||
India—5.0% | ||||||||
Hindustan Petroleum Corp. Ltd. | 148,283 | 574,010 | ||||||
Petronet LNG Ltd. | 253,636 | 842,639 | ||||||
UPL Ltd. | 196,088 | 2,193,616 | ||||||
3,610,265 | ||||||||
Indonesia—1.7% | ||||||||
Bank Pembangunan Daerah Jawa Timur Tbk PT | 4,236,700 | 222,346 | ||||||
Dharma Satya Nusantara Tbk PT | 6,947,000 | 252,941 | ||||||
Wismilak Inti Makmur Tbk PT | 16,046,800 | 764,059 | ||||||
1,239,346 | ||||||||
Malaysia—1.5% | ||||||||
Carlsberg Brewery Malaysia Bhd | 127,500 | 678,601 | ||||||
Uchi Technologies Bhd | 482,000 | 361,652 | ||||||
1,040,253 | ||||||||
Mexico—1.6% | ||||||||
Concentradora Fibra Danhos SA de CV | 434,700 | 518,332 | ||||||
Macquarie Mexico Real Estate Management SA de CV | 579,700 | 640,004 | ||||||
1,158,336 | ||||||||
Russia—2.0% | ||||||||
Fix Price Group Ltd. - GDR* | 103,009 | 839,523 | ||||||
Sberbank of Russia PJSC - SP ADR | 33,555 | 566,409 | ||||||
1,405,932 | ||||||||
South Africa—2.8% | ||||||||
Distell Group Holdings Ltd.* | 69,114 | 852,061 | ||||||
Naspers Ltd., Class N | 299 | 65,908 | ||||||
Pick n Pay Stores Ltd. | 137,466 | 581,734 | ||||||
SPAR Group Ltd., (The) | 36,449 | 501,855 | ||||||
2,001,558 | ||||||||
South Korea—6.6% | ||||||||
Innocean Worldwide, Inc. | 9,148 | 531,806 | ||||||
KB Financial Group, Inc. | 15,589 | 798,714 | ||||||
Osstem Implant Co., Ltd. | 4,716 | 375,715 | ||||||
SK Hynix, Inc. | 26,861 | 3,011,685 | ||||||
4,717,920 | ||||||||
Taiwan—9.9% | ||||||||
Fusheng Precision Co., Ltd. | 67,000 | 533,522 | ||||||
Global Mixed Mode Technology, Inc. | 89,000 | 704,257 | ||||||
Lotes Co., Ltd. | 54,000 | 1,150,658 | ||||||
Nanya Technology Corp. | 264,000 | 765,343 | ||||||
Pegavision Corp. | 22,000 | 401,507 | ||||||
Tripod Technology Corp. | 235,000 | 1,070,538 | ||||||
Wiwynn Corp. | 74,000 | 2,422,824 | ||||||
7,048,649 | ||||||||
United States—2.5% | ||||||||
Micron Technology, Inc.*† | 8,105 | 681,955 | ||||||
National Energy Services Reunited Corp.*† | 84,168 | 1,079,875 | ||||||
1,761,830 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $36,710,272) | 43,452,163 | |||||||
PREFERRED STOCKS—4.6% | ||||||||
Brazil—1.4% | ||||||||
Itau Unibanco Holding SA 2.229% | 113,800 | 649,169 | ||||||
Randon SA Implementos e Participacoes 4.107% | 123,500 | 351,422 | ||||||
1,000,591 | ||||||||
Chile—0.6% | ||||||||
Embotelladora Andina SA, Class B 6.613% | 198,714 | 473,129 | ||||||
South Korea—2.6% | ||||||||
Samsung Electronics Co., Ltd. 4.146% | 28,339 | 1,833,407 | ||||||
TOTAL PREFERRED STOCKS | ||||||||
(Cost $2,071,117) | 3,307,127 | |||||||
SHORT-TERM INVESTMENTS—22.9% | ||||||||
U.S. Bank Money Market Deposit Account, 0.01%(a) | 16,380,491 | 16,380,491 | ||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $16,380,491) | 16,380,491 | |||||||
TOTAL INVESTMENTS—88.3% | ||||||||
(Cost $55,161,880) | 63,139,781 | |||||||
SECURITIES SOLD SHORT—(1.1%) | ||||||||
COMMON STOCKS—(1.1%) | ||||||||
Mexico—(0.4%) | ||||||||
Grupo Financiero Inbursa SAB de CV | (252,500 | ) | (249,736 | ) | ||||
United Kingdom—(0.7%) | ||||||||
Antofagasta PLC | (23,315 | ) | (510,437 | ) | ||||
TOTAL COMMON STOCKS | ||||||||
(Proceeds $(509,871)) | (760,173 | ) | ||||||
TOTAL SECURITIES SOLD SHORT—(1.1%) | ||||||||
(Proceeds $(509,871)) | (760,173 | ) | ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES—12.8% | 9,124,078 | |||||||
NET ASSETS—100.0% | $ | 71,503,686 |
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 May 31, 2021. |
Contracts For Difference held by the Fund at May 31, 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 | ||||||||||||||||||||
Raiffeisen Bank International AG | Morgan Stanley | 9/22/2022 | -0.55% | Monthly | 23,979 | $ | 572,251 | $ | (4,926 | ) | ||||||||||
Canada | ||||||||||||||||||||
Frontera Energy Corp. | Goldman Sachs | 9/18/2025 | 0.41 | Monthly | 132,297 | 696,502 | 51,295 | |||||||||||||
Chile | ||||||||||||||||||||
Banco Santander-Chile - ADR | Morgan Stanley | 9/22/2022 | 0.06 | Monthly | 12,252 | 262,070 | 13,181 | |||||||||||||
China | ||||||||||||||||||||
Alibaba Group Holding Ltd. | Goldman Sachs | 9/18/2025 | 0.09 | Monthly | 19,100 | 510,423 | (573 | ) | ||||||||||||
Alibaba Group Holding Ltd. - SP ADR | Goldman Sachs | 9/18/2025 | 0.10 | Monthly | 1,205 | 257,822 | (147 | ) | ||||||||||||
China Bluechemical Ltd., Class H | Goldman Sachs | 9/18/2025 | 0.05 | Monthly | 1,238,000 | 390,818 | (4,179 | ) | ||||||||||||
China Medical System Holdings Ltd. | Goldman Sachs | 9/18/2025 | 0.08 | Monthly | 148,000 | 369,194 | 3,310 | |||||||||||||
China Yongda Automobiles Services Holdings Ltd. | Goldman Sachs | 9/18/2025 | 0.08 | Monthly | 391,000 | 689,209 | 16,477 | |||||||||||||
Netdragon Websoft Holdings | Goldman Sachs | 9/18/2025 | 0.09 | Monthly | 64,000 | 184,721 | 8,212 | |||||||||||||
Tencent Holdings Ltd. | Goldman Sachs | 9/18/2025 | 0.09 | Monthly | 15,100 | 1,170,309 | (11,902 | ) | ||||||||||||
3,572,496 | 11,198 | |||||||||||||||||||
France | ||||||||||||||||||||
Total SE | Goldman Sachs | 9/18/2025 | -0.56 | Monthly | 19,491 | 906,644 | (36,791 | ) | ||||||||||||
Mexico | ||||||||||||||||||||
Grupo Comercial Chedraui SA de CV | Morgan Stanley | 9/22/2022 | 0.06 | Monthly | 214,000 | 341,876 | 1,836 | |||||||||||||
Portugal | ||||||||||||||||||||
Jeronimo Martins SGPS SA | Goldman Sachs | 9/18/2025 | -0.56 | Monthly | 11,887 | 229,973 | (640 | ) | ||||||||||||
Russia | ||||||||||||||||||||
Detsky Mir PJSC | Goldman Sachs | 9/18/2025 | 0.10 | Monthly | 281,930 | 584,652 | 9,075 | |||||||||||||
Sberbank PJSC - SP ADR | Goldman Sachs | 9/18/2025 | 0.05 | Monthly | 42,084 | 712,120 | 15,021 | |||||||||||||
1,296,772 | 24,096 | |||||||||||||||||||
Singapore | ||||||||||||||||||||
DBS Group Holdings Ltd. | Goldman Sachs | 9/18/2025 | 0.23 | Monthly | 37,151 | 854,262 | 18,238 | |||||||||||||
Golden Agri-Resources Ltd. | Goldman Sachs | 9/18/2025 | 0.23 | Monthly | 11,328,300 | 2,012,971 | (86,118 | ) | ||||||||||||
United Overseas Bank Ltd. | Goldman Sachs | 9/18/2025 | 0.23 | Monthly | 21,800 | 433,198 | 8,634 | |||||||||||||
3,300,431 | (59,246 | ) | ||||||||||||||||||
South Africa | ||||||||||||||||||||
Naspers Ltd. - SP ADR | Goldman Sachs | 9/18/2025 | 0.10 | Monthly | 15,998 | 704,560 | 11,584 | |||||||||||||
South Korea | ||||||||||||||||||||
GS Home Shopping, Inc. | Goldman Sachs | 9/18/2025 | 0.03 | Monthly | 2,656 | 356,023 | 7,568 | |||||||||||||
Hana Financial Group, Inc. | Goldman Sachs | 9/18/2025 | 0.08 | Monthly | 40,351 | 1,647,976 | (19,738 | ) | ||||||||||||
Hankook Tire & Technology Co., Ltd. | Goldman Sachs | 9/18/2025 | 0.09 | Monthly | 11,948 | 517,965 | 1,919 | |||||||||||||
POSCO | Goldman Sachs | 9/18/2025 | 0.10 | Monthly | 2,236 | 715,729 | (38,942 | ) | ||||||||||||
Samsung Electronics Co., Ltd. | Goldman Sachs | 9/18/2025 | 0.10 | Monthly | 4,636 | 332,954 | 6,423 | |||||||||||||
SK Hynix, Inc. | Goldman Sachs | 9/18/2025 | 0.10 | Monthly | 1,361 | 152,537 | 6,823 | |||||||||||||
3,723,184 | (35,947 | ) | ||||||||||||||||||
Taiwan | ||||||||||||||||||||
Ginko International Co., Ltd. | Goldman Sachs | 9/18/2025 | 0.09 | Monthly | 57,000 | 360,610 | 15,014 | |||||||||||||
Nanya Technology Corp. | Goldman Sachs | 9/18/2025 | 0.07 | Monthly | 944,000 | 2,742,790 | 159,389 | |||||||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | Goldman Sachs | 9/18/2025 | 0.10 | Monthly | 4,251 | 90,413 | 3,352 | |||||||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. - SP ADR | Goldman Sachs | 9/18/2025 | 0.10 | Monthly | 12,082 | 1,417,944 | 78,551 | |||||||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. - SP ADR | HSBC | 9/22/2022 | 0.10 | Monthly | 6,231 | 731,270 | 40,545 | |||||||||||||
Wiwynn Corp. | Goldman Sachs | 9/18/2025 | 0.09 | Monthly | 12,000 | 393,216 | 39,973 | |||||||||||||
5,736,243 | 336,824 | |||||||||||||||||||
Total Long | 21,343,002 | 312,464 | ||||||||||||||||||
Short | ||||||||||||||||||||
Brazil | ||||||||||||||||||||
Light SA | Morgan Stanley | 9/22/2022 | 0.06 | Monthly | (190,300 | ) | $ | (636,804 | ) | $ | (33,370 | ) | ||||||||
M Dias Branco SA | Goldman Sachs | 9/18/2025 | 0.05 | Monthly | (223,300 | ) | (1,206,112 | ) | (88,615 | ) | ||||||||||
Natura & Co. Holding SA | Morgan Stanley | 9/22/2022 | 0.06 | Monthly | (63,200 | ) | (619,910 | ) | (22,071 | ) | ||||||||||
Pagseguro Digital Ltd., Class A | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (11,645 | ) | (571,886 | ) | (82,827 | ) | ||||||||||
Ultrapar Participacoes SA | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (148,500 | ) | (541,378 | ) | 27,345 | |||||||||||
(3,576,090 | ) | (199,538 | ) | |||||||||||||||||
China | ||||||||||||||||||||
AAC Technologies Holdings, Inc. | Goldman Sachs | 9/18/2025 | 0.02 | Monthly | (127,500 | ) | (771,318 | ) | (32,155 | ) | ||||||||||
Beijing Dabeinong Technology Group Co., Ltd., Class A | HSBC | 9/22/2022 | 0.09 | Monthly | (170,100 | ) | (218,581 | ) | 2,407 | |||||||||||
China Life Insurance Co. | Goldman Sachs | 9/18/2025 | 0.02 | Monthly | (98,000 | ) | (207,594 | ) | (5,588 | ) | ||||||||||
Cofco Joycome Foods Ltd. | Goldman Sachs | 9/18/2025 | 0.02 | Monthly | (973,000 | ) | (442,563 | ) | 16,478 | |||||||||||
IQIYI, Inc. - ADR | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (53,547 | ) | (763,580 | ) | (16,647 | ) | ||||||||||
JOYY, Inc. | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (9,880 | ) | (760,266 | ) | 94,695 | |||||||||||
KE Holdings, Inc. | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (2,368 | ) | (122,876 | ) | (3,868 | ) | ||||||||||
New Hope Liuhe Co., Ltd., Class A | Morgan Stanley | 9/22/2022 | 0.06 | Monthly | (504,800 | ) | (1,203,774 | ) | 34,078 | |||||||||||
Wangsu Science & Technology Co., Ltd., Class A | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (1,216,000 | ) | (1,075,463 | ) | (33,921 | ) | ||||||||||
Wens Foodstuff Group Co., Ltd., Class A | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (398,300 | ) | (880,356 | ) | (12,484 | ) | ||||||||||
(6,446,371 | ) | 42,995 | ||||||||||||||||||
Columbia | ||||||||||||||||||||
BanColombia S.A. - SP ADR | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (13,593 | ) | (408,062 | ) | 10,711 | |||||||||||
Hong Kong | ||||||||||||||||||||
China Taiping Insurance Holdings Co., Ltd. | Goldman Sachs | 9/18/2025 | 0.02 | Monthly | (127,400 | ) | (237,698 | ) | (5,290 | ) | ||||||||||
Fullshare Holdings Ltd. | Goldman Sachs | 9/18/2025 | 0.02 | Monthly | (17,860,000 | ) | (386,615 | ) | 10,759 | |||||||||||
Hong Kong & China Gas Co., Ltd. | Goldman Sachs | 9/18/2025 | 0.02 | Monthly | (296,734 | ) | (522,283 | ) | (11,551 | ) | ||||||||||
Ju Teng International Holdings Ltd. | Goldman Sachs | 9/18/2025 | 0.02 | Monthly | (384,000 | ) | (89,062 | ) | 3,592 | |||||||||||
(1,235,658 | ) | (2,490 | ) | |||||||||||||||||
Indonesia | ||||||||||||||||||||
Unilever Indonesia Tbk PT | Citigroup | 4/01/2022 | 0.05 | Monthly | (629,000 | ) | (254,286 | ) | (8,591 | ) | ||||||||||
Unilever Indonesia Tbk PT | Macquarie | 12/23/2021 | 0.07 | Monthly | (2,040,800 | ) | (825,034 | ) | (28,919 | ) | ||||||||||
(1,079,320 | ) | (37,510 | ) | |||||||||||||||||
Israel | ||||||||||||||||||||
Elbit Systems Ltd. | Morgan Stanley | 9/22/2022 | 0.06 | Monthly | (3,632 | ) | (480,354 | ) | 11,377 | |||||||||||
Wix.com Ltd. | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (3,225 | ) | (838,049 | ) | (107,374 | ) | ||||||||||
(1,318,403 | ) | (95,997 | ) | |||||||||||||||||
Kuwait | ||||||||||||||||||||
National Bank of Kuwait | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (160,595 | ) | (437,574 | ) | 10,166 | |||||||||||
Malaysia | ||||||||||||||||||||
Hartalega Holdings Bhd | Morgan Stanley | 9/22/2022 | 0.06 | Monthly | (360,200 | ) | (801,703 | ) | 29,940 | |||||||||||
Top Glove Corp Bhd | Citigroup | 4/01/2022 | 0.10 | Monthly | (180,400 | ) | (222,145 | ) | 9,717 | |||||||||||
Top Glove Corp. Bhd | HSBC | 9/22/2022 | 0.10 | Monthly | (567,900 | ) | (699,313 | ) | 31,938 | |||||||||||
(1,723,161 | ) | 71,595 | ||||||||||||||||||
Mexico | ||||||||||||||||||||
Becle SAB de CV | Morgan Stanley | 9/22/2022 | 0.06 | Monthly | (507,800 | ) | (1,270,137 | ) | (51,718 | ) | ||||||||||
Peru | ||||||||||||||||||||
Credicorp Ltd. | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (1,729 | ) | (237,686 | ) | 6,123 | |||||||||||
Poland | ||||||||||||||||||||
Powszechna Kasa Oszczednosci Bank Polski SA | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (38,780 | ) | (419,813 | ) | (50,329 | ) | ||||||||||
Russia | ||||||||||||||||||||
Mail.ru Group Ltd. - GDR | Morgan Stanley | 9/22/2022 | 0.06 | Monthly | (40,182 | ) | (926,597 | ) | (88,136 | ) | ||||||||||
Saudi Arabia | ||||||||||||||||||||
Alinma Bank | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (39,198 | ) | (209,042 | ) | (563 | ) | ||||||||||
Arab National Bank | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (59,483 | ) | (349,261 | ) | (12 | ) | ||||||||||
Banque Saudi Fransi | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (50,295 | ) | (486,153 | ) | (6,432 | ) | ||||||||||
Rabigh Refining and Petrochemical | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (66,071 | ) | (405,208 | ) | (10,187 | ) | ||||||||||
Saudi Arabian Oil Co. | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (46,094 | ) | (433,255 | ) | 3,273 | |||||||||||
(1,882,919 | ) | (13,921 | ) | |||||||||||||||||
Singapore | ||||||||||||||||||||
Starhub Ltd. | Goldman Sachs | 9/18/2025 | 0.13 | Monthly | (510,100 | ) | (470,565 | ) | 3,634 | |||||||||||
South Africa | ||||||||||||||||||||
Tiger Brands Ltd. | Goldman Sachs | 9/18/2025 | 3.31 | Monthly | (31,601 | ) | (517,242 | ) | (16,091 | ) | ||||||||||
South Korea | ||||||||||||||||||||
Amorepacific Corp. | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (2,790 | ) | (717,950 | ) | 7,549 | |||||||||||
Kakao Games Corp. | Morgan Stanley | 9/22/2022 | 0.06 | Monthly | (11,472 | ) | (535,902 | ) | (20,711 | ) | ||||||||||
Lotte Shopping Co., Ltd. | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (4,983 | ) | (522,739 | ) | (13,736 | ) | ||||||||||
Orion Corp. | Morgan Stanley | 9/22/2022 | 0.06 | Monthly | (8,591 | ) | (912,789 | ) | (4,885 | ) | ||||||||||
Ottogi Corp. | Citigroup | 4/01/2022 | 0.00 | Monthly | (1,058 | ) | (514,154 | ) | 3,593 | |||||||||||
Ottogi Corp. | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (1,113 | ) | (540,882 | ) | 3,366 | |||||||||||
Paradise Co., Ltd. | Morgan Stanley | 9/22/2022 | 0.06 | Monthly | (7,926 | ) | (138,579 | ) | (5,053 | ) | ||||||||||
Samyang Foods Co., Ltd. | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (13,498 | ) | (1,089,232 | ) | (63,696 | ) | ||||||||||
Sillajen, Inc. | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (10,490 | ) | (114,131 | ) | (2,521 | ) | ||||||||||
(5,086,358 | ) | (96,094 | ) | |||||||||||||||||
Taiwan | ||||||||||||||||||||
Acer, Inc. | Morgan Stanley | 9/22/2022 | 0.06 | Monthly | (698,000 | ) | (800,144 | ) | (60,827 | ) | ||||||||||
Asustek Computer, Inc. | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (65,000 | ) | (917,341 | ) | (23,938 | ) | ||||||||||
Chunghwa Telecom Ltd. - SP ADR | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (16,534 | ) | (677,398 | ) | (5,499 | ) | ||||||||||
Compal Electronics, Inc. | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (799,000 | ) | (671,102 | ) | (16,269 | ) | ||||||||||
Far EasTone Telecommunications Co., Ltd. | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (292,000 | ) | (678,935 | ) | (8,022 | ) | ||||||||||
Formosa Petrochemical Corp. | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (134,000 | ) | (477,252 | ) | (2,476 | ) | ||||||||||
Genius Electronic Optical Co., Ltd. | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (24,000 | ) | (396,244 | ) | (62,568 | ) | ||||||||||
Grape King Bio Ltd. | Morgan Stanley | 9/22/2022 | 0.06 | Monthly | (84,000 | ) | (499,630 | ) | 262 | |||||||||||
Largan Precision Co., Ltd. | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (10,000 | ) | (1,049,008 | ) | (20,824 | ) | ||||||||||
Transcend Information, Inc. | Morgan Stanley | 9/22/2022 | 0.06 | Monthly | (209,000 | ) | (536,429 | ) | (18,471 | ) | ||||||||||
(6,703,483 | ) | (218,632 | ) | |||||||||||||||||
Thailand | ||||||||||||||||||||
PTT Global Chemical PCL - NVDR | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (218,000 | ) | (439,488 | ) | 23,646 | |||||||||||
True Corp., PCL - NVDR | Morgan Stanley | 9/22/2022 | 0.06 | Monthly | (7,053,300 | ) | (708,716 | ) | (27,461 | ) | ||||||||||
(1,148,204 | ) | (3,815 | ) | |||||||||||||||||
United States | ||||||||||||||||||||
Synaptics, Inc. | Goldman Sachs | 9/18/2025 | 0.06 | Monthly | (1,043 | ) | (131,762 | ) | (5,849 | ) | ||||||||||
Total Short | (35,019,405 | ) | (734,896 | ) | ||||||||||||||||
Net unrealized gain/(loss) on Contracts For Difference | $ | (422,432 | ) |
BOSTON PARTNERS INVESTMENT FUNDS | |
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND | |
NOTES TO PORTFOLIO OF INVESTMENTS | |
MAY 31, 2021 (UNAUDITED) |
PORTFOLIO VALUATION — The Boston Partners Emerging Markets Long/Short Fund's (the "Fund") net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter ("OTC") market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies, if any, are valued based on the NAV of the investment companies (which may use fair value pricing as disclosed in their prospectuses). Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close. Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).
FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below: | |||||
• Level 1 — Prices are determined using quoted prices in active markets for identical securities. | |||||
• Level 2 — Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |||||
• Level 3 — Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). | |||||
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. | |||||
The following is a summary of the inputs used, as of May 31, 2021, in valuing the Fund's investments carried at fair value: |
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |||||||||||||
Common Stock | ||||||||||||||||
Brazil | $ | 5,239,818 | $ | 5,239,818 | $ | - | $ | - | ||||||||
Canada | 986,476 | 986,476 | - | - | ||||||||||||
China | 9,546,599 | 976,328 | 8,570,271 | - | ||||||||||||
Greece | 524,187 | - | 524,187 | - | ||||||||||||
Hong Kong | 2,366,447 | - | 2,366,447 | - | ||||||||||||
Hungary | 804,547 | - | 804,547 | - | ||||||||||||
India | 3,610,265 | - | 3,610,265 | - | ||||||||||||
Indonesia | 1,239,346 | - | 1,239,346 | - | ||||||||||||
Malaysia | 1,040,253 | 678,601 | 361,652 | - | ||||||||||||
Mexico | 1,158,336 | 1,158,336 | - | - | ||||||||||||
Russia | 1,405,932 | 1,405,932 | - | - | ||||||||||||
South Africa | 2,001,558 | 1,935,650 | 65,908 | - | ||||||||||||
South Korea | 4,717,920 | - | 4,717,920 | - | ||||||||||||
Taiwan | 7,048,649 | - | 7,048,649 | - | ||||||||||||
United States | 1,761,830 | 1,761,830 | - | - | ||||||||||||
Preferred Stock | ||||||||||||||||
Brazil | 1,000,591 | 1,000,591 | - | - | ||||||||||||
Chile | 473,129 | 473,129 | - | - | ||||||||||||
South Korea | 1,833,407 | - | 1,833,407 | - | ||||||||||||
Short-Term Investments | 16,380,491 | 16,380,491 | - | - | ||||||||||||
Contracts For Difference | ||||||||||||||||
Equity Contracts | 861,069 | 834,464 | 26,605 | - | ||||||||||||
Total Assets | $ | 64,000,850 | $ | 32,831,646 | $ | 31,169,204 | $ | - | ||||||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |||||||||||||
Securities Sold Short | ||||||||||||||||
Mexico | $ | (249,736 | ) | $ | (249,736 | ) | $ | - | $ | - | ||||||
United Kingdom | (510,437 | ) | - | (510,437 | ) | - | ||||||||||
Contracts For Difference | ||||||||||||||||
Equity Contracts | (1,283,501 | ) | (1,280,980 | ) | (2,521 | ) | - | |||||||||
Total Liabilities | $ | (2,043,674 | ) | $ | (1,530,716 | ) | $ | (512,958 | ) | $ | - |
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 May 31, 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. | |||||