BOSTON PARTNERS INVESTMENT FUNDS
|
||||||||
BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND
|
||||||||
PORTFOLIO OF INVESTMENTS
|
||||||||
NOVEMBER 30, 2019 (UNAUDITED)
|
||||||||
NUMBER OF
|
||||||||
SHARES
|
VALUE
|
|||||||
LONG POSITIONS—93.9%
|
||||||||
COMMON STOCKS—63.5%
|
||||||||
Brazil—4.6%
|
||||||||
Ambev SA
|
50,600
|
$
|
214,294
|
|||||
Atacadao SA
|
56,200
|
248,498
|
||||||
Azul SA - ADR*
|
3,438
|
128,031
|
||||||
Banco do Brasil SA
|
47,900
|
539,111
|
||||||
Cia de Locacao das Americas
|
43,200
|
176,527
|
||||||
Neoenergia SA
|
78,400
|
397,398
|
||||||
Petroleo Brasileiro SA - SP ADR
|
26,358
|
388,253
|
||||||
Qualicorp SA*
|
11,300
|
94,004
|
||||||
Transmissora Alianca de Energia Eletrica SA
|
17,100
|
114,183
|
||||||
Tupy SA
|
30,200
|
140,668
|
||||||
Vivara Participacoes SA*
|
64,213
|
353,697
|
||||||
2,794,664
|
||||||||
Chile—0.6%
|
||||||||
Geopark Ltd.
|
17,731
|
320,222
|
||||||
Sociedad Quimica y Minera de Chile SA - SP ADR
|
745
|
17,753
|
||||||
337,975
|
||||||||
China—15.9%
|
||||||||
Alibaba Group Holding Ltd. - SP ADR*Ɨ
|
18,964
|
3,792,800
|
||||||
Anton Oilfield Services Group
|
2,818,000
|
269,834
|
||||||
Bank of China Ltd.
|
437,000
|
175,262
|
||||||
China Construction Bank Corp., Class H
|
1,416,000
|
1,126,445
|
||||||
China Meidong Auto Holdings Ltd.
|
320,000
|
361,113
|
||||||
CRRC Corp Ltd., Class H
|
453,000
|
297,981
|
||||||
ENN Energy Holdings Ltd.
|
28,100
|
305,401
|
||||||
Industrial & Commercial Bank of China Ltd., Class H
|
502,000
|
357,770
|
||||||
Momo, Inc. - SP ADR
|
6,390
|
239,178
|
||||||
NetEase, Inc. - ADR
|
376
|
118,560
|
||||||
Ping An Insurance Group Co. of China Ltd., Class H
|
62,500
|
709,707
|
||||||
Tencent Holdings Ltd.
|
4,600
|
194,098
|
||||||
Tencent Holdings Ltd. - ADRƗ
|
15,609
|
657,919
|
||||||
Trip.com Group Ltd. - ADR
|
5,292
|
175,906
|
||||||
Vipshop Holdings Ltd. - ADR*
|
17,786
|
227,305
|
||||||
Wuliangye Yibin Co. Ltd., Class AƗ
|
29,700
|
539,410
|
||||||
Yantai Jereh Oilfield Services Group Co. Ltd., Class AƗ
|
40,569
|
183,003
|
||||||
9,731,692
|
||||||||
Greece—0.2%
|
||||||||
Hellenic Telecommunications Organization SA
|
8,203
|
123,192
|
||||||
Hong Kong—2.3%
|
||||||||
China Mobile Ltd. - SP ADRƗ
|
7,450
|
281,089
|
||||||
CNOOC Ltd.
|
78,000
|
113,227
|
||||||
Galaxy Entertainment Group Ltd.
|
70,000
|
458,384
|
||||||
Melco Resorts & Entertainment Ltd. - ADR
|
24,787
|
527,467
|
||||||
1,380,167
|
||||||||
Hungary—1.9%
|
||||||||
OTP Bank PLC
|
18,415
|
866,083
|
||||||
Richter Gedeon Nyrt
|
15,932
|
305,164
|
||||||
1,171,247
|
||||||||
India—8.2%
|
||||||||
Bharat Electronics Ltd.
|
254,770
|
365,770
|
||||||
Bharti Airtel Ltd.*
|
75,011
|
462,639
|
||||||
Bharti Infratel Ltd.
|
87,689
|
337,738
|
||||||
Gujarat State Petronet Ltd.
|
100,912
|
302,789
|
||||||
Hexaware Technologies Ltd.
|
24,054
|
113,803
|
||||||
Indraprastha Gas Ltd.
|
53,100
|
305,967
|
||||||
Infosys Ltd. - SP ADR
|
15,895
|
156,248
|
||||||
ITC Ltd.
|
122,999
|
422,226
|
||||||
Mahanagar Gas Ltd.
|
34,003
|
494,512
|
||||||
MakeMyTrip Ltd.*
|
7,805
|
203,164
|
||||||
Reliance Industries Ltd.
|
29,585
|
639,023
|
||||||
Tech Mahindra Ltd.
|
43,156
|
457,846
|
||||||
Vodafone Idea Ltd.
|
2,542,050
|
242,733
|
||||||
Zee Entertainment Enterprises Ltd.
|
127,279
|
519,939
|
||||||
5,024,397
|
||||||||
Indonesia—1.8%
|
||||||||
Bank Rakyat Indonesia Persero Tbk PT
|
2,138,500
|
619,565
|
||||||
Gudang Garam Tbk PT
|
119,800
|
427,723
|
||||||
Indah Kiat Pulp & Paper Corp Tbk PT
|
107,000
|
51,521
|
||||||
1,098,809
|
||||||||
Ireland—0.1%
|
||||||||
Kenmare Resources PLC
|
19,459
|
55,491
|
||||||
Luxembourg—0.9%
|
||||||||
PLAY Communications SA
|
69,284
|
577,946
|
||||||
Macao—1.0%
|
||||||||
Wynn Macau Ltd.
|
269,600
|
592,911
|
||||||
Malaysia—1.4%
|
||||||||
British American Tobacco Malaysia Bhd
|
71,900
|
280,690
|
||||||
Malaysia Airports Holdings Bhd
|
91,000
|
180,757
|
||||||
Sime Darby Bhd
|
723,400
|
389,717
|
||||||
851,164
|
||||||||
Mexico—2.8%
|
||||||||
Alpek SAB de CV
|
88,300
|
95,868
|
||||||
Concentradora Fibra Danhos SA de CV
|
262,200
|
385,011
|
||||||
Fibra Uno Administracion SA de CV
|
184,800
|
283,255
|
||||||
Grupo Financiero Banorte SAB de CV
|
56,000
|
296,072
|
||||||
Industrias Bachoco SAB de CV
|
48,600
|
207,386
|
||||||
Macquarie Mexico Real Estate Management SA de CV*
|
304,900
|
419,515
|
||||||
1,687,107
|
||||||||
Peru—0.2%
|
||||||||
Credicorp Ltd.
|
447
|
94,402
|
||||||
Philippines—0.7%
|
||||||||
Altus San Nicolas Corp.*‡
|
9,313
|
0
|
||||||
First Gen Corp.
|
584,700
|
287,661
|
||||||
Robinsons Land Corp.
|
254,300
|
131,116
|
||||||
418,777
|
||||||||
Russia—2.3%
|
||||||||
Gazprom Neft PJSC
|
65,420
|
425,506
|
||||||
Sberbank of Russia PJSC - SP ADR
|
33,055
|
482,603
|
||||||
Tatneft PJSC
|
10,245
|
117,914
|
||||||
Yandex NV, Class A*
|
9,006
|
377,982
|
||||||
1,404,005
|
||||||||
Singapore—2.2%
|
||||||||
DBS Group Holdings Ltd.
|
39,700
|
732,662
|
||||||
United Overseas Bank Ltd.
|
30,900
|
583,116
|
||||||
1,315,778
|
||||||||
South Africa—3.2%
|
||||||||
Adcock Ingram Holdings Ltd.
|
91,248
|
343,248
|
||||||
Anglo American Platinum Ltd.
|
530
|
43,863
|
||||||
Astral Foods Ltd.
|
27,239
|
370,345
|
||||||
Barloworld Ltd.
|
25,493
|
197,325
|
||||||
Distell Group Holdings Ltd.
|
30,194
|
270,109
|
||||||
Naspers Ltd., Class N
|
1,674
|
238,515
|
||||||
Oceana Group Ltd.
|
46,973
|
199,717
|
||||||
Sasol Ltd. - SP ADR
|
3,181
|
57,353
|
||||||
SPAR Group Ltd., (The)
|
18,206
|
255,628
|
||||||
1,976,103
|
||||||||
South Korea—2.9%
|
||||||||
Autech Corp.
|
12,064
|
107,398
|
||||||
GS Retail Co. Ltd.
|
6,944
|
224,464
|
||||||
Innocean Worldwide, Inc.
|
2,287
|
124,535
|
||||||
KB Financial Group, Inc.
|
7,112
|
277,875
|
||||||
Kia Motors Corp.
|
4,952
|
181,503
|
||||||
Korea Aerospace Industries Ltd.
|
4,592
|
145,149
|
||||||
KT Corp. - SP ADR
|
26,491
|
298,024
|
||||||
Spigen Korea Co. Ltd.
|
2,457
|
98,930
|
||||||
Woori Financial Group, Inc.
|
29,798
|
295,753
|
||||||
1,753,631
|
||||||||
Taiwan—4.9%
|
||||||||
Chicony Power Technology Co. Ltd.
|
97,000
|
203,413
|
||||||
ChipMOS Technologies, Inc.
|
364,000
|
408,563
|
||||||
Hon Hai Precision Industry Co., Ltd.
|
206,000
|
597,326
|
||||||
Novatek Microelectronics Corp.
|
26,000
|
190,477
|
||||||
Pegatron Corp.
|
118,000
|
262,975
|
||||||
Radiant Opto-Electronics Corp.
|
105,000
|
402,664
|
||||||
Taiwan PCB Techvest Co. Ltd.
|
127,000
|
152,322
|
||||||
Taiwan Semiconductor Manufacturing Co., Ltd. - SP ADR
|
14,936
|
792,952
|
||||||
3,010,692
|
||||||||
Thailand—1.4%
|
||||||||
Charoen Pokphand Foods PCL
|
339,900
|
309,247
|
||||||
Major Cineplex Group PCL
|
381,300
|
311,612
|
||||||
Thai Union Group PCL
|
523,300
|
238,969
|
||||||
859,828
|
||||||||
Turkey—0.6%
|
||||||||
Mavi Giyim Sanayi Ve Ticaret AS, Class B*
|
29,116
|
229,090
|
||||||
Ulker Biskuvi Sanayi AS
|
36,423
|
137,117
|
||||||
366,207
|
||||||||
United Arab Emirates—0.8%
|
||||||||
Aramex PJSC
|
256,405
|
260,557
|
||||||
Emaar Malls PJSC
|
435,641
|
225,814
|
||||||
486,371
|
||||||||
United States—2.6%
|
||||||||
Kosmos Energy Ltd.Ɨ
|
45,440
|
271,277
|
||||||
Las Vegas Sands Corp.Ɨ
|
9,711
|
609,365
|
||||||
Micron Technology, Inc.*
|
6,561
|
311,713
|
||||||
National Energy Services Reunited Corp.*
|
39,766
|
363,859
|
||||||
Southern Copper Corp.
|
1,617
|
61,495
|
||||||
1,617,709
|
||||||||
TOTAL COMMON STOCKS
|
||||||||
(Cost $35,935,416)
|
38,730,265
|
|||||||
PREFERRED STOCKS—5.1%
|
||||||||
Brazil—1.7%
|
||||||||
Braskem SA, 3.028%
|
8,900
|
58,945
|
||||||
Cia Brasileira de Distribuicao, 1.454%
|
8,500
|
159,853
|
||||||
Cia de Saneamento do Parana, 4.836%
|
56,800
|
249,407
|
||||||
Itau Unibanco Holding SA, 4.991%
|
69,500
|
568,811
|
||||||
1,037,016
|
||||||||
South Korea—3.4%
|
||||||||
Samsung Electronics Co., Ltd., 3.469%
|
60,284
|
2,090,105
|
||||||
TOTAL PREFERRED STOCKS
|
||||||||
(Cost $2,767,492)
|
3,127,121
|
|||||||
SHORT-TERM INVESTMENTS—25.3%
|
||||||||
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 1.52%(a)
|
15,438,097
|
15,438,097
|
||||||
TOTAL SHORT-TERM INVESTMENTS
|
||||||||
(Cost $15,438,097)
|
15,438,097
|
|||||||
TOTAL INVESTMENTS—93.9%
|
||||||||
(Cost $54,141,005)
|
57,295,483
|
|||||||
SECURITIES SOLD SHORT—(4.8%)
|
||||||||
COMMON STOCKS—(0.4%)
|
||||||||
Mexico—(0.4%)
|
||||||||
Grupo Financiero Inbursa SAB de CV
|
(217,900
|
)
|
(257,283
|
)
|
||||
TOTAL COMMON STOCKS
|
||||||||
(Proceeds $(269,828))
|
(257,283
|
)
|
||||||
EXCHANGE TRADED FUNDS—(4.4%)
|
||||||||
United States—(4.4%)
|
||||||||
iShares MSCI India ETF
|
(77,823
|
)
|
(2,681,780
|
)
|
||||
TOTAL EXCHANGE TRADED FUNDS
|
||||||||
(Proceeds $(2,634,511))
|
(2,681,780
|
)
|
||||||
TOTAL SECURITIES SOLD SHORT—(4.8%)
|
||||||||
(Proceeds $(2,904,339))
|
(2,939,063
|
)
|
||||||
OTHER ASSETS IN EXCESS OF LIABILITIES—10.9%
|
6,648,138
|
|||||||
NET ASSETS—100.0%
|
$
|
61,004,558
|
ADR
|
American Depositary Receipt
|
|||
PLC
|
Public Limited Company
|
|||
SP ADR
|
Sponsored American Depositary Receipt
|
|||
*
|
Non-income producing.
|
|||
Ɨ
|
Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
|
|||
(a)
|
Seven-day yield as of November 30, 2019.
|
|||
‡
|
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, 2019, these securities amounted to $0 or 0.0% of net
assets.
|
|||
Industry classifications may be different than those used for compliance monitoring purposes.
|
Contracts For Difference held by the Fund at November 30, 2019, are as follows:
|
||||||||||||||||
REFERENCE
COMPANY |
COUNTERPARTY
|
EXPIRATION DATE
|
FINANCING
RATE
|
PAYMENT FREQUENCY
|
NUMBER OF CONTRACTS LONG/(SHORT)
|
NOTIONAL
AMOUNT |
UNREALIZED
APPRECIATION (DEPRECIATION) |
|||||||||
Long
|
||||||||||||||||
Austria
|
||||||||||||||||
Erste Group Bank AG
|
Goldman Sachs
|
9/15/2020
|
-0.46%
|
Monthly
|
9,005
|
$ |
322,141
|
$ |
(3,976)
|
|||||||
|
|
|||||||||||||||
Brazil
|
||||||||||||||||
Mahle Metal Leve SA
|
Goldman Sachs
|
9/15/2020
|
1.72
|
Monthly
|
67,000
|
392,153
|
9,663
|
|||||||||
|
|
|||||||||||||||
Canada
|
||||||||||||||||
Yamana Gold Inc.
|
Goldman Sachs
|
9/15/2020
|
1.72
|
Monthly
|
42,343
|
151,588
|
2,039
|
|||||||||
|
|
|||||||||||||||
China
|
||||||||||||||||
Agricultural Bank of China
|
Goldman Sachs
|
9/15/2020
|
2.39
|
Monthly
|
1,103,000
|
446,585
|
(13,134)
|
|||||||||
Alibaba Group Holding Ltd. - SP ADR
|
Goldman Sachs
|
12/31/2021
|
1.72
|
Monthly
|
2,911
|
582,200
|
42,652
|
|||||||||
Anhui Conch Cement Co. Ltd.
|
Goldman Sachs
|
9/15/2020
|
2.39
|
Monthly
|
10,000
|
63,975
|
880
|
|||||||||
Baidu Inc. - SP ADR
|
Goldman Sachs
|
12/31/2021
|
1.72
|
Monthly
|
971
|
115,093
|
2,699
|
|||||||||
Bank of China Ltd.
|
Goldman Sachs
|
9/15/2020
|
0.00
|
Monthly
|
433,000
|
173,657
|
(4,600)
|
|||||||||
China Construction Bank Corp., Class H
|
Goldman Sachs
|
9/15/2020
|
1.54
|
Monthly
|
90,000
|
71,596
|
(1,642)
|
|||||||||
China National, Class H
|
Goldman Sachs
|
9/15/2020
|
2.39
|
Monthly
|
34,000
|
32,874
|
1,663
|
|||||||||
China Oilfield Services
|
Goldman Sachs
|
9/15/2020
|
1.54
|
Monthly
|
222,000
|
298,854
|
(7,936)
|
|||||||||
China Shenhua Energy Co., Ltd., Class H
|
Goldman Sachs
|
12/31/2021
|
2.39
|
Monthly
|
85,500
|
165,544
|
(1,266)
|
|||||||||
Industrial & Commercial Bank of China Ltd., Class H
|
Goldman Sachs
|
9/15/2020
|
0.00
|
Monthly
|
627,000
|
446,856
|
(13,704)
|
|||||||||
Jiangxi Copper Co. Ltd.
|
Goldman Sachs
|
9/15/2020
|
2.39
|
Monthly
|
26,000
|
29,984
|
(399)
|
|||||||||
SINOPEC Engineering
|
Goldman Sachs
|
9/15/2020
|
2.39
|
Monthly
|
450,000
|
263,621
|
(1,603)
|
|||||||||
Tencent Holdings Ltd.
|
Goldman Sachs
|
12/31/2021
|
2.39
|
Monthly
|
34,300
|
1,447,294
|
(28,769)
|
|||||||||
Tencent Holdings Ltd. - ADR
|
Goldman Sachs
|
9/15/2020
|
1.72
|
Monthly
|
14,327
|
603,883
|
(9,926)
|
|||||||||
4,742,016
|
(35,085)
|
|||||||||||||||
Egypt
|
||||||||||||||||
Commercial International Bank Egypt SAE
|
Goldman Sachs
|
12/31/2021
|
1.72
|
Monthly
|
12,431
|
60,767
|
(2,532)
|
|||||||||
|
|
|||||||||||||||
France
|
||||||||||||||||
Total SA
|
Goldman Sachs
|
9/15/2020
|
-0.46
|
Monthly
|
5,632
|
295,424
|
(9,429)
|
|||||||||
|
|
|||||||||||||||
Hong Kong
|
||||||||||||||||
AIA Group Ltd.
|
Goldman Sachs
|
9/15/2020
|
1.54
|
Monthly
|
30,200
|
302,218
|
(6,908)
|
|||||||||
Champion Real Estate Investment Trust
|
Goldman Sachs
|
9/15/2020
|
2.39
|
Monthly
|
349,000
|
224,782
|
(100)
|
|||||||||
China Resources Cement
|
Goldman Sachs
|
9/15/2020
|
2.39
|
Monthly
|
28,000
|
33,546
|
1,327
|
|||||||||
Fortune Real Estate Investment Trust
|
Goldman Sachs
|
9/15/2020
|
2.39
|
Monthly
|
322,000
|
373,952
|
564
|
|||||||||
Galaxy Entertainment Group Ltd.
|
Goldman Sachs
|
9/15/2020
|
1.54
|
Monthly
|
68,000
|
445,287
|
(21,044)
|
|||||||||
Hang Lung Properties
|
Goldman Sachs
|
9/15/2020
|
2.39
|
Monthly
|
195,000
|
399,252
|
(13,105)
|
|||||||||
WH Group Ltd.
|
Goldman Sachs
|
9/15/2020
|
2.39
|
Monthly
|
1,004,500
|
1,031,507
|
(70,357)
|
|||||||||
2,810,544
|
(109,623)
|
|||||||||||||||
Israel
|
||||||||||||||||
Gazit Globe Ltd.
|
Goldman Sachs
|
9/15/2020
|
0.21
|
Monthly
|
24,458
|
263,697
|
(5,429)
|
|||||||||
|
|
|||||||||||||||
Japan
|
||||||||||||||||
Suzuki Motor Co.
|
Goldman Sachs
|
9/15/2020
|
-0.10
|
Monthly
|
16,900
|
750,321
|
(13,912)
|
|||||||||
|
|
|||||||||||||||
Portugal
|
||||||||||||||||
Jeronimo Martins
|
Goldman Sachs
|
9/15/2020
|
-0.46
|
Monthly
|
11,285
|
180,208
|
(5,756)
|
|||||||||
|
|
|||||||||||||||
Russia
|
||||||||||||||||
Detsky Mir PJSC
|
Goldman Sachs
|
9/15/2020
|
0.00
|
Monthly
|
104,460
|
153,603
|
2,918
|
|||||||||
MMC Norilsk Nickel PJSC - ADR
|
Goldman Sachs
|
9/15/2020
|
1.72
|
Monthly
|
2,304
|
60,549
|
(3,166)
|
|||||||||
Sberbank of Russia PJSC -SP ADR
|
Goldman Sachs
|
12/31/2021
|
1.72
|
Monthly
|
25,916
|
378,374
|
(10,097)
|
|||||||||
592,526
|
(10,345)
|
|||||||||||||||
Saudi Arabia
|
||||||||||||||||
Al Rajhi Bank
|
Goldman Sachs
|
9/15/2020
|
0.00
|
Monthly
|
18,617
|
308,915
|
(1,190)
|
|||||||||
|
|
|||||||||||||||
Singapore
|
||||||||||||||||
Oversea Chinese Banking Corp.
|
Goldman Sachs
|
9/15/2020
|
0.00
|
Monthly
|
77,100
|
607,508
|
(5,464)
|
|||||||||
|
|
|||||||||||||||
South Africa
|
||||||||||||||||
Naspers Ltd., Class N
|
Goldman Sachs
|
9/15/2020
|
1.72
|
Monthly
|
15,350
|
437,321
|
(25,883)
|
|||||||||
|
|
|||||||||||||||
South Korea
|
||||||||||||||||
Hana Financial Group, Inc.
|
Goldman Sachs
|
12/31/2021
|
1.72
|
Monthly
|
21,107
|
639,973
|
(18,456)
|
|||||||||
Samsung Electronics Co., Ltd.
|
Goldman Sachs
|
12/31/2021
|
1.72
|
Monthly
|
33,559
|
1,434,610
|
(95,626)
|
|||||||||
SK Hynix Inc.
|
Goldman Sachs
|
9/15/2020
|
1.72
|
Monthly
|
10,297
|
708,596
|
(44,135)
|
|||||||||
2,783,179
|
(158,217)
|
|||||||||||||||
Switzerland
|
||||||||||||||||
Glencore PLC
|
Goldman Sachs
|
12/31/2020
|
0.72
|
Monthly
|
126,141
|
398,171
|
5,146
|
|||||||||
|
|
|||||||||||||||
Taiwan
|
||||||||||||||||
Asia Cement Corp.
|
Goldman Sachs
|
9/15/2020
|
1.72
|
Monthly
|
21,000
|
31,277
|
248
|
|||||||||
Powertech Technology, Inc.
|
Goldman Sachs
|
9/15/2020
|
1.72
|
Monthly
|
126,000
|
388,505
|
(6,981)
|
|||||||||
Taiwan Cement
|
Goldman Sachs
|
9/15/2020
|
1.72
|
Monthly
|
45,000
|
61,052
|
(1,084)
|
|||||||||
Taiwan Semiconductor
|
Goldman Sachs
|
9/15/2020
|
1.72
|
Monthly
|
15,102
|
801,765
|
(10,547)
|
|||||||||
Taiwan Semiconductor Manufacturing Co., Ltd.
|
Goldman Sachs
|
12/31/2021
|
1.72
|
Monthly
|
138,251
|
1,390,621
|
(37,704)
|
|||||||||
Tripod Technology Corp.
|
Goldman Sachs
|
9/15/2020
|
1.72
|
Monthly
|
118,000
|
489,445
|
(25,281)
|
|||||||||
3,162,665
|
(81,349)
|
|||||||||||||||
United Arab Emirates
|
||||||||||||||||
Emirates NBD PJSC
|
Goldman Sachs
|
9/15/2020
|
0.00
|
Monthly
|
65,300
|
207,999
|
(3,764)
|
|||||||||
|
|
|||||||||||||||
United Kingdom
|
||||||||||||||||
Georgia Capital
|
Goldman Sachs
|
9/15/2020
|
0.72
|
Monthly
|
28,508
|
348,045
|
(4,008)
|
|||||||||
|
|
|||||||||||||||
United States
|
||||||||||||||||
Philip Morris International
|
Goldman Sachs
|
9/15/2020
|
1.72
|
Monthly
|
7,304
|
605,721
|
(4,193)
|
|||||||||
Total Long
|
19,420,909
|
(463,307)
|
||||||||||||||
Short
|
||||||||||||||||
Australia
|
||||||||||||||||
Fortescue Metals Group Ltd.
|
Goldman Sachs
|
9/15/2020
|
0.75
|
Monthly
|
(23,522)
|
$ |
(154,900)
|
$ |
(5,719)
|
|||||||
|
|
|||||||||||||||
Brazil
|
||||||||||||||||
Banco Inter SA-PR
|
Morgan Stanley
|
9/15/2020
|
1.55
|
Monthly
|
(47,500)
|
(168,293)
|
(2,877)
|
|||||||||
Cielo SA
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(176,200)
|
(322,959)
|
(3,093)
|
|||||||||
Cogna Educacao SA
|
Morgan Stanley
|
9/15/2020
|
1.55
|
Monthly
|
(79,800)
|
(195,650)
|
(1,428)
|
|||||||||
Gerdau SA - SP ADR
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(114,694)
|
(455,335)
|
(42,402)
|
|||||||||
OI SA
|
Morgan Stanley
|
9/15/2020
|
1.55
|
Monthly
|
(792,000)
|
(172,105)
|
15,850
|
|||||||||
(1,314,342)
|
(33,950)
|
|||||||||||||||
China
|
||||||||||||||||
AutoHome Inc.
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(5,406)
|
(367,878)
|
16,348
|
|||||||||
Bitauto Holdings Ltd. - SP ADR
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(13,318)
|
(197,906)
|
5,925
|
|||||||||
BYD Co. Ltd.
|
Goldman Sachs
|
9/15/2020
|
1.68
|
Monthly
|
(83,000)
|
(392,705)
|
9,464
|
|||||||||
China International Capital Corp. Ltd. Class H
|
Goldman Sachs
|
9/15/2020
|
1.68
|
Monthly
|
(139,600)
|
(240,216)
|
11,679
|
|||||||||
China Life Insurance Co., Ltd., Class H
|
Goldman Sachs
|
12/31/2021
|
1.68
|
Monthly
|
(112,000)
|
(282,599)
|
17,264
|
|||||||||
China Pacific Insurance Group, Ltd., Class H
|
Goldman Sachs
|
12/31/2021
|
1.68
|
Monthly
|
(71,000)
|
(251,098)
|
16,575
|
|||||||||
Cosco Shipping Holdings Co., Ltd.
|
Goldman Sachs
|
9/15/2020
|
1.68
|
Monthly
|
(322,000)
|
(118,858)
|
3,315
|
|||||||||
Guangzhou Automobile, Class H
|
Goldman Sachs
|
9/15/2020
|
1.68
|
Monthly
|
(206,000)
|
(219,963)
|
4,337
|
|||||||||
Hua Hong Semiconductor Ltd.
|
Goldman Sachs
|
9/15/2020
|
1.68
|
Monthly
|
(103,000)
|
(182,617)
|
353
|
|||||||||
IMAX China Holding Inc.
|
Goldman Sachs
|
9/15/2020
|
1.68
|
Monthly
|
(94,500)
|
(202,081)
|
(2,231)
|
|||||||||
New China Life Insurance Co., Ltd., Class H
|
Goldman Sachs
|
12/31/2021
|
1.68
|
Monthly
|
(58,200)
|
(224,125)
|
13,885
|
|||||||||
Semiconductor Manufacturing Co., Ltd.
|
Goldman Sachs
|
12/31/2020
|
1.68
|
Monthly
|
(375,000)
|
(477,902)
|
9,829
|
|||||||||
Tsingtao Brewery Co., Ltd., Class H
|
Goldman Sachs
|
12/31/2021
|
1.68
|
Monthly
|
(54,000)
|
(333,891)
|
14,957
|
|||||||||
Xiaomi Corp., Class B
|
Citigroup
|
9/15/2020
|
0.00
|
Monthly
|
(418,800)
|
(478,868)
|
(21,130)
|
|||||||||
Zhaojin Mining
|
Goldman Sachs
|
9/15/2020
|
1.68
|
Monthly
|
(128,500)
|
(133,138)
|
3,313
|
|||||||||
(4,103,845)
|
103,883
|
|||||||||||||||
Colombia
|
||||||||||||||||
Ecopetrol SA - SP ADR
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(8,185)
|
(149,867)
|
(2,816)
|
|||||||||
|
|
|||||||||||||||
Denmark
|
||||||||||||||||
Carlsberg
|
Goldman Sachs
|
9/15/2020
|
-0.54
|
Monthly
|
(2,027)
|
(291,610)
|
(489)
|
|||||||||
|
|
|||||||||||||||
France
|
||||||||||||||||
Edenred
|
Goldman Sachs
|
9/15/2020
|
-0.45
|
Monthly
|
(9,020)
|
(447,772)
|
27,686
|
|||||||||
|
|
|||||||||||||||
Hong Kong
|
||||||||||||||||
Alibaba Pictures Group Ltd.
|
Goldman Sachs
|
9/15/2020
|
1.68
|
Monthly
|
(1,240,000)
|
(205,992)
|
1,602
|
|||||||||
Brilliance China
|
Goldman Sachs
|
9/15/2020
|
1.68
|
Monthly
|
(186,000)
|
(191,901)
|
9,910
|
|||||||||
Cafe De Coral Holdings Ltd.
|
Goldman Sachs
|
9/15/2020
|
1.68
|
Monthly
|
(86,000)
|
(215,475)
|
2,800
|
|||||||||
Cathay Pacific Airways
|
Goldman Sachs
|
9/15/2020
|
1.68
|
Monthly
|
(96,000)
|
(128,369)
|
(6,970)
|
|||||||||
China Resources Beer Holdings Co., Ltd.
|
Goldman Sachs
|
12/31/2021
|
1.68
|
Monthly
|
(62,000)
|
(324,735)
|
33,403
|
|||||||||
China Taiping Insurance Holdings Co., Ltd.
|
Goldman Sachs
|
12/31/2021
|
1.68
|
Monthly
|
(61,600)
|
(142,412)
|
8,737
|
|||||||||
Fullshare Holdings
|
Goldman Sachs
|
9/15/2020
|
1.68
|
Monthly
|
(1,250,000)
|
(28,120)
|
2,144
|
|||||||||
Gome Retail Holdings Ltd.
|
Goldman Sachs
|
9/15/2020
|
1.68
|
Monthly
|
(4,227,000)
|
(372,553)
|
5,261
|
|||||||||
Hang Seng Bank Ltd.
|
Goldman Sachs
|
9/15/2020
|
1.68
|
Monthly
|
(8,700)
|
(177,351)
|
4,768
|
|||||||||
HK Electric Investments & HK Electric Investments Ltd.
|
Goldman Sachs
|
12/31/2021
|
1.68
|
Monthly
|
(492,000)
|
(482,057)
|
(3,568)
|
|||||||||
Hong Kong & China Gas Co., Ltd.
|
Goldman Sachs
|
12/31/2021
|
1.68
|
Monthly
|
(238,652)
|
(454,582)
|
8,396
|
|||||||||
Lee & Man Paper
|
Goldman Sachs
|
9/15/2020
|
1.68
|
Monthly
|
(203,000)
|
(137,424)
|
4,223
|
|||||||||
Lifestyle International Holdings Ltd.
|
Morgan Stanley
|
9/15/2020
|
1.63
|
Monthly
|
(211,500)
|
(228,848)
|
(4,231)
|
|||||||||
Luk Fook Holdings International Ltd.
|
Goldman Sachs
|
9/15/2020
|
1.68
|
Monthly
|
(126,000)
|
(350,403)
|
(15,471)
|
|||||||||
MTR Corp.
|
Goldman Sachs
|
9/15/2020
|
1.68
|
Monthly
|
(69,000)
|
(387,183)
|
(511)
|
|||||||||
Nine Dragons Paper
|
Goldman Sachs
|
9/15/2020
|
1.68
|
Monthly
|
(254,000)
|
(258,600)
|
(2,163)
|
|||||||||
SJM Holdings Ltd.
|
Goldman Sachs
|
12/31/2021
|
1.68
|
Monthly
|
(458,000)
|
(467,130)
|
22,191
|
|||||||||
Value Partners Group Ltd.
|
Goldman Sachs
|
12/31/2021
|
1.68
|
Monthly
|
(415,000)
|
(234,279)
|
2,748
|
|||||||||
(4,787,414)
|
73,269
|
|||||||||||||||
India
|
||||||||||||||||
Axis Bank
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(3,584)
|
(183,501)
|
3,910
|
|||||||||
|
|
|||||||||||||||
Indonesia
|
||||||||||||||||
Matahari Department Store TB
|
Macquarie
|
9/15/2020
|
1.84
|
Monthly
|
(812,600)
|
(203,466)
|
1,785
|
|||||||||
Unilever Indonesia TBK PT
|
Macquarie
|
9/15/2020
|
1.84
|
Monthly
|
(102,600)
|
(303,870)
|
7,694
|
|||||||||
(507,336)
|
9,479
|
|||||||||||||||
Macao
|
||||||||||||||||
MGM China Holdings
|
Goldman Sachs
|
9/15/2020
|
1.68
|
Monthly
|
(298,800)
|
(444,444)
|
10,694
|
|||||||||
|
|
|||||||||||||||
Malaysia
|
||||||||||||||||
Hartalega Holdings BHD
|
Morgan Stanley
|
9/15/2020
|
1.55
|
Monthly
|
(287,500)
|
(361,461)
|
6,906
|
|||||||||
PPB Group Berhad
|
Morgan Stanley
|
9/15/2020
|
1.55
|
Monthly
|
(42,200)
|
(183,965)
|
212
|
|||||||||
Top Glove Corp. BHD
|
Morgan Stanley
|
9/15/2020
|
1.55
|
Monthly
|
(172,500)
|
(185,842)
|
4,457
|
|||||||||
(731,268)
|
11,575
|
|||||||||||||||
Mexico
|
||||||||||||||||
Grupo Televisa SAB - SP ADR
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(22,074)
|
(242,152)
|
3,833
|
|||||||||
Kimberly-Clark MXC
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(223,000)
|
(424,067)
|
15,827
|
|||||||||
(666,219)
|
19,660
|
|||||||||||||||
Poland
|
||||||||||||||||
KGHM Polska Miedz
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(14,598)
|
(335,117)
|
21,063
|
|||||||||
|
|
|||||||||||||||
Saudi Arabia
|
||||||||||||||||
Alinma Bank
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(20,270)
|
(123,471)
|
(51)
|
|||||||||
Rabigh Refining and Petroche
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(33,622)
|
(172,778)
|
6,487
|
|||||||||
Saudi Kayan Petrochemical Co.
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(67,705)
|
(182,301)
|
5,052
|
|||||||||
(478,550)
|
11,488
|
|||||||||||||||
Singapore
|
||||||||||||||||
Genting Singapore Ltd.
|
Goldman Sachs
|
9/15/2020
|
1.69
|
Monthly
|
(705,900)
|
(477,407)
|
12,811
|
|||||||||
Golden Agri-Resources
|
Goldman Sachs
|
9/15/2020
|
1.58
|
Monthly
|
(2,741,500)
|
(431,155)
|
51,732
|
|||||||||
Keppel Corp. Ltd.
|
Goldman Sachs
|
9/15/2020
|
1.69
|
Monthly
|
(41,800)
|
(205,364)
|
5,002
|
|||||||||
Sats Ltd. NPV
|
Goldman Sachs
|
9/15/2020
|
1.58
|
Monthly
|
(132,900)
|
(483,862)
|
3,500
|
|||||||||
Singapore Airlines Ltd. NPV
|
Goldman Sachs
|
9/15/2020
|
1.69
|
Monthly
|
(31,500)
|
(211,772)
|
(1,805)
|
|||||||||
Singapore Press Holdings Ltd.
|
Goldman Sachs
|
9/15/2020
|
1.58
|
Monthly
|
(248,700)
|
(400,234)
|
5,363
|
|||||||||
(2,209,794)
|
76,603
|
|||||||||||||||
South Africa
|
||||||||||||||||
Dis-Chem Pharmacies Pty Ltd.
|
Goldman Sachs
|
9/15/2020
|
6.34
|
Monthly
|
(85,297)
|
(151,026)
|
(3,677)
|
|||||||||
JSE Ltd.
|
Goldman Sachs
|
9/15/2020
|
6.34
|
Monthly
|
(16,466)
|
(138,242)
|
5,934
|
|||||||||
Pepkor Holdings Ltd.
|
Morgan Stanley
|
9/15/2020
|
6.52
|
Monthly
|
(224,333)
|
(270,722)
|
(1,683)
|
|||||||||
Rand Merchant Investment Holdings Ltd.
|
Goldman Sachs
|
9/15/2020
|
6.34
|
Monthly
|
(68,912)
|
(142,006)
|
3,292
|
|||||||||
Tiger Brands Ltd.
|
Goldman Sachs
|
9/15/2020
|
6.34
|
Monthly
|
(7,762)
|
(108,099)
|
15,978
|
|||||||||
(810,095)
|
19,844
|
|||||||||||||||
South Korea
|
||||||||||||||||
Celltrion Health
|
Macquarie
|
9/15/2020
|
1.84
|
Monthly
|
(4,364)
|
(182,338)
|
9,009
|
|||||||||
Celltrion Inc.
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(1,283)
|
(189,295)
|
12,365
|
|||||||||
Dentium Co. Ltd.
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(4,135)
|
(196,640)
|
6,660
|
|||||||||
E-Mart Inc.
|
Goldman Sachs
|
12/31/2021
|
1.55
|
Monthly
|
(2,151)
|
(239,169)
|
4,079
|
|||||||||
Korea Electric Power Corp.
|
Morgan Stanley
|
9/15/2020
|
1.55
|
Monthly
|
(9,708)
|
(229,288)
|
4,326
|
|||||||||
LG Display Co., Ltd.
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(29,214)
|
(364,802)
|
(1,893)
|
|||||||||
Mirae Asset Daewoo Co. Ltd.
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(31,525)
|
(193,510)
|
5,269
|
|||||||||
Oil Corp.
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(3,539)
|
(268,005)
|
23,364
|
|||||||||
Paradise Co. Ltd.
|
Morgan Stanley
|
12/31/2021
|
1.55
|
Monthly
|
(30,034)
|
(478,526)
|
29,183
|
|||||||||
Samsung BioLogics Co. Ltd.
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(664)
|
(221,708)
|
5,238
|
|||||||||
Samsung Heavy Industries Co., Ltd.
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(30,907)
|
(182,510)
|
(600)
|
|||||||||
Samsung Securities Co. Ltd.
|
Morgan Stanley
|
9/15/2020
|
1.55
|
Monthly
|
(4,110)
|
(125,934)
|
(4,181)
|
|||||||||
Sillajen Inc.
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(5,876)
|
(72,367)
|
22,091
|
|||||||||
(2,944,092)
|
114,910
|
|||||||||||||||
Taiwan
|
||||||||||||||||
Cheng Shin Rubber
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(234,000)
|
(318,958)
|
6,690
|
|||||||||
China Airlines
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(991,000)
|
(292,614)
|
2,612
|
|||||||||
Cub Elecparts Inc.
|
Macquarie
|
9/15/2020
|
2.84
|
Monthly
|
(12,000)
|
(97,126)
|
(2,410)
|
|||||||||
Eclat Textile Co., Ltd.
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(32,000)
|
(415,245)
|
5,666
|
|||||||||
Himax Technologies Inc. - SP ADR
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(156,136)
|
(359,113)
|
(16,692)
|
|||||||||
Hiwin Technologies Corp.
|
Macquarie
|
9/15/2020
|
1.84
|
Monthly
|
(56,530)
|
(482,444)
|
(3,690)
|
|||||||||
HTC Corp.
|
Goldman Sachs
|
12/31/2021
|
1.55
|
Monthly
|
(168,000)
|
(193,021)
|
38
|
|||||||||
Yulon Motor Company
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(325,000)
|
(204,015)
|
(1,692)
|
|||||||||
(2,362,536)
|
(9,478)
|
|||||||||||||||
Thailand
|
||||||||||||||||
Airports of Thailand PCL
|
Morgan Stanley
|
9/15/2020
|
1.55
|
Monthly
|
(155,600)
|
(388,660)
|
28,677
|
|||||||||
Bumrungrad Hospital
|
Morgan Stanley
|
9/15/2020
|
1.55
|
Monthly
|
(74,200)
|
(332,691)
|
(8,867)
|
|||||||||
PTT Exploration & Production PCL NVDR
|
Goldman Sachs
|
9/15/2020
|
1.55
|
Monthly
|
(52,400)
|
(207,906)
|
361
|
|||||||||
True Corp. PCL NVDR
|
Morgan Stanley
|
9/15/2020
|
1.55
|
Monthly
|
(3,144,900)
|
(462,071)
|
(14,282)
|
|||||||||
(1,391,328)
|
5,889
|
|||||||||||||||
Total Short
|
(24,314,030)
|
457,501
|
||||||||||||||
Net unrealized gain/(loss) on Contracts For Difference
|
$ |
(5,806)
|
||||||||||||||
|
BOSTON PARTNERS INVESTMENT FUNDS
|
||||
BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND
|
||||
NOTES TO PORTFOLIO OF INVESTMENTS
|
||||
NOVEMBER 30, 2019 (UNAUDITED)
|
||||
PORTFOLIO VALUATION — The Boston Partners Emerging Markets Long/Short Fund's (the "Fund") net asset value (“NAV”) is calculated once daily at the
close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national
securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter ("OTC") market are valued at their
closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued
using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Foreign securities are valued based on prices
from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies, if any, are valued based on the NAV of the
investment companies (which may use fair value pricing as disclosed in their prospectuses). Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded,
or, in the absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close. Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and
the closing ask price for short option positions. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on
prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Such procedures use
fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and
any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between
the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant. The Fund may use fair value pricing more frequently for securities traded primarily
in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that
significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value
prices based on third-party vendor modeling tools (international fair value pricing).
|
||||
FAIR VALUE MEASUREMENTS — The
inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:
|
||||
• Level 1 — Prices are determined using quoted prices in active markets for identical securities.
|
||||
• Level 2 — Prices are determined using other significant observable inputs (including quoted prices for similar securities,
interest rates, prepayment speeds, credit risk, etc.).
|
||||
• Level 3 — Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the
fair value of investments).
|
||||
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in
those securities.
|
||||
The following is a summary of the inputs used, as of November 30, 2019, in valuing the Fund's investments carried at fair value:
|
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
|||||||||||||
Common Stock
|
||||||||||||||||
Brazil
|
$
|
2,794,664
|
$
|
2,794,664
|
$
|
-
|
$
|
-
|
||||||||
Chile
|
337,975
|
337,975
|
-
|
-
|
||||||||||||
China
|
9,731,692
|
5,211,668
|
4,520,024
|
-
|
||||||||||||
Greece
|
123,192
|
-
|
123,192
|
-
|
||||||||||||
Hong Kong
|
1,380,167
|
808,556
|
571,611
|
-
|
||||||||||||
Hungary
|
1,171,247
|
305,164
|
866,083
|
-
|
||||||||||||
India
|
5,024,397
|
2,339,053
|
2,685,344
|
-
|
||||||||||||
Indonesia
|
1,098,809
|
-
|
1,098,809
|
-
|
||||||||||||
Ireland
|
55,491
|
55,491
|
-
|
-
|
||||||||||||
Luxembourg
|
577,946
|
-
|
577,946
|
-
|
||||||||||||
Macao
|
592,911
|
-
|
592,911
|
-
|
||||||||||||
Malaysia
|
851,164
|
-
|
851,164
|
-
|
||||||||||||
Mexico
|
1,687,107
|
1,687,107
|
-
|
-
|
||||||||||||
Peru
|
94,402
|
94,402
|
-
|
-
|
||||||||||||
Philippines
|
418,777
|
418,777
|
-
|
-
|
*
|
|||||||||||
Russia
|
1,404,005
|
860,585
|
543,420
|
-
|
||||||||||||
Singapore
|
1,315,778
|
-
|
1,315,778
|
-
|
||||||||||||
South Africa
|
1,976,103
|
941,387
|
1,034,716
|
-
|
||||||||||||
South Korea
|
1,753,631
|
298,024
|
1,455,607
|
-
|
||||||||||||
Taiwan
|
3,010,692
|
792,952
|
2,217,740
|
-
|
||||||||||||
Thailand
|
859,828
|
-
|
859,828
|
-
|
||||||||||||
Turkey
|
366,207
|
-
|
366,207
|
-
|
||||||||||||
United Arab Emirates
|
486,371
|
-
|
486,371
|
-
|
||||||||||||
United States
|
1,617,709
|
1,617,709
|
-
|
-
|
||||||||||||
Preferred Stock
|
||||||||||||||||
Brazil
|
1,037,016
|
1,037,016
|
-
|
-
|
||||||||||||
South Korea
|
2,090,105
|
-
|
2,090,105
|
|||||||||||||
Short-Term Investments
|
15,438,097
|
15,438,097
|
-
|
-
|
||||||||||||
Contracts For Difference
|
||||||||||||||||
Equity Contracts
|
703,922
|
127,972
|
575,950
|
-
|
||||||||||||
Total Assets
|
$
|
57,999,405
|
$
|
35,166,599
|
$
|
22,832,806
|
-
|
*
|
||||||||
TOTAL
|
LEVEL 1
|
LEVEL 2
|
LEVEL 3
|
|||||||||||||
Securities Sold Short
|
||||||||||||||||
Mexico
|
(257,283
|
)
|
(257,283
|
)
|
-
|
-
|
||||||||||
Exchange Traded Funds
|
||||||||||||||||
United States
|
(2,681,780
|
)
|
(2,681,780
|
)
|
-
|
-
|
||||||||||
Contracts For Difference
|
||||||||||||||||
Equity Contracts
|
(709,728
|
)
|
(155,072
|
)
|
(554,656
|
)
|
-
|
|||||||||
Total Liabilities
|
$
|
(3,648,791
|
)
|
$
|
(3,094,135
|
)
|
$
|
(554,656
|
)
|
$
|
-
|
|||||
* Value equals zero as of the end of the reporting period.
|
At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are
|
||||
considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the
quoted price;
|
||||
the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in
the
|
||||
market. Additionally, management evaluates the classification of Level 1, 2 and 3 assets and liabilities on a quarterly basis for
changes in
|
||||
listings or delistings on national exchanges.
|
||||
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the
fair
|
||||
value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ
significantly
|
||||
from the values that would have been used had a ready market existed for such investments and may differ materially from the values
the
|
||||
Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise
|
||||
less liquid than publicly traded securities.
|
||||
For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires
|
||||
the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes
attributable to
|
||||
total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers
in and
|
||||
out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only when the
|
||||
Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets.
|
||||
The amounts and reasons for all Level 3 transfers are disclosed if the Fund had an amount of total Level 3 transfers during
|
||||
the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.
|
||||
During the current fiscal year, the Fund had no significant level 3 investments or transfers.
|
||||
For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the
|
||||
Securities and Exchange Commission.
|