NPORT-EX 2 globalls-nport.htm NPORT-EX

BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS GLOBAL LONG/SHORT FUND
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2019 (UNAUDITED)
  
   
     
NUMBER OF
              
     
SHARES
          
VALUE
  
LONG POSITIONS—99.7%
                    
COMMON STOCKS—95.8%
                    
Bermuda—1.4%
                    
Axis Capital Holdings Ltd.
      
68,315
          
$
4,042,881
  
Everest Re Group Ltd.Ɨ
      
14,999
            
4,068,629
  
                     
8,111,510
  
Brazil—0.6%
                        
Azul SA - ADR*
      
97,963
            
3,648,142
  
Canada—3.2%
                        
Barrick Gold Corp.
      
444,588
            
7,423,746
  
Fairfax Financial Holdings Ltd.
      
7,617
            
3,440,695
  
Nutrien Ltd.Ɨ
      
50,052
            
2,373,466
  
Yamana Gold, Inc.
      
1,324,372
            
4,741,252
  
                     
17,979,159
  
China—0.3%
                        
NetEase, Inc. - ADR
      
4,965
            
1,565,564
  
Denmark—1.5%
                        
AP Moller - Maersk A/S, Class B
      
1,008
            
1,408,817
  
FLSmidth & Co., A/S
      
63,003
            
2,314,261
  
Novo Nordisk A/S, Class B
      
85,062
            
4,781,520
  
                     
8,504,598
  
Finland—0.8%
                        
Sampo Oyj, Class A
      
114,797
            
4,641,917
  
France—8.4%
                        
BNP Paribas SA
      
103,919
            
5,825,853
  
Capgemini SA
      
55,063
            
6,513,577
  
Cie Generale des Etablissements Michelin SCA
      
28,105
            
3,370,402
  
Danone SA
      
56,835
            
4,676,494
  
Dassault Aviation SA
      
3,521
            
4,790,957
  
Eiffage SA
      
79,895
            
8,720,740
  
Kering SA
      
5,635
            
3,393,332
  
Peugeot SA
      
133,079
            
3,211,280
  
TOTAL SA
      
138,457
            
7,262,699
  
                     
47,765,334
  
Germany—2.1%
                        
Brenntag AG
      
74,283
            
3,958,728
  
HeidelbergCement AG
      
107,870
            
7,948,667
  
                     
11,907,395
  
Hong Kong—2.4%
                        
CK Asset Holdings Ltd.
      
498,500
            
3,314,740
  
Melco Resorts & Entertainment Ltd. - ADR
      
256,280
            
5,453,639
  
WH Group Ltd.
      
4,823,500
            
4,953,183
  
                     
13,721,562
  
Hungary—1.0%
                        
OTP Bank PLC
      
115,436
            
5,429,119
  
Ireland—1.0%
                        
CRH PLC
      
156,144
            
5,960,503
  
Italy—0.9%
                        
Leonardo SpA
      
429,441
            
5,014,020
  
Japan—11.2%
                        
Bandai Namco Holdings, Inc.
      
67,500
            
4,094,312
  
Haseko Corp.
      
244,900
            
3,152,284
  
Hitachi Ltd.
      
174,200
            
6,860,698
  
Kamigumi Co. Ltd.
      
122,200
            
2,710,624
  
Koito Manufacturing Co. Ltd.
      
52,000
            
2,682,253
  
Mitsubishi Estate Co. Ltd.
      
199,000
            
3,649,774
  
Nintendo Co., Ltd.
      
16,500
            
6,389,389
  
Nippon Telegraph & Telephone Corp.
      
173,000
            
8,739,806
  
Seven & i Holdings Co., Ltd.
      
131,900
            
4,922,024
  
Shionogi & Co. Ltd.
      
80,000
            
4,709,169
  
Sony Corp.
      
243,200
            
15,432,964
  
                     
63,343,297
  
Netherlands—1.9%
                        
ING Groep NV
      
535,901
            
6,162,729
  
NXP Semiconductors NV
      
38,213
            
4,416,658
  
                     
10,579,387
  
South Korea—2.1%
                        
Hana Financial Group, Inc.
      
93,180
            
2,825,258
  
KB Financial Group, Inc.
      
88,311
            
3,450,427
  
KT Corp. - SP ADR
      
493,729
            
5,554,451
  
                     
11,830,136
  
Switzerland—0.6%
                        
STMicroelectronics NV
      
142,751
            
3,489,586
  
Taiwan—0.6%
                        
ChipMOS Technologies, Inc.
      
2,913,000
            
3,269,624
  
United Kingdom—5.8%
                        
Avast PLC
      
529,610
            
3,064,803
  
Aviva PLC
      
675,166
            
3,521,485
  
GlaxoSmithKline PLC
      
194,888
            
4,427,743
  
Imperial Brands PLC
      
172,384
            
3,792,790
  
Next PLC
      
47,618
            
4,160,642
  
Nomad Foods Ltd.*Ɨ
      
172,228
            
3,616,788
  
Persimmon PLC
      
116,641
            
3,857,087
  
Tesco PLC
      
865,106
            
2,565,627
  
Tullow Oil PLC
      
2,183,999
            
3,697,444
  
                     
32,704,409
  
United States—50.0%
                        
Activision Blizzard, Inc.
      
85,708
            
4,699,370
  
Allstate Corp., (The)Ɨ#
      
3,703
            
412,329
  
Alphabet, Inc., Class C*Ɨ
      
10,479
            
13,674,676
  
American Express Co.Ɨ
      
71,381
            
8,574,286
  
Berkshire Hathaway, Inc., Class B*Ɨ
      
88,161
            
19,421,868
  
Biogen, Inc.*Ɨ#
      
8,994
            
2,696,491
  
CDK Global, Inc.
      
61,917
            
3,315,655
  
CF Industries Holdings, Inc.
      
61,302
            
2,832,765
  
CH Robinson Worldwide, Inc.
      
30,135
            
2,315,875
  
Chubb Ltd.Ɨ#
      
30,911
            
4,682,398
  
Cigna Corp.Ɨ
      
37,133
            
7,423,629
  
Cisco Systems, Inc.Ɨ#
      
102,940
            
4,664,211
  
Citigroup, Inc.Ɨ
      
106,953
            
8,034,309
  
Comcast Corp., Class AƗ#
      
190,844
            
8,425,763
  
Corteva, Inc.Ɨ
      
223,198
            
5,807,612
  
CVS Health Corp.Ɨ
      
65,410
            
4,923,411
  
Diamondback Energy, Inc.
      
45,735
            
3,537,145
  
Dover Corp.
      
30,065
            
3,351,646
  
DuPont de Nemours, Inc.Ɨ
      
76,791
            
4,976,825
  
Eaton Corp. PLCƗ
      
35,111
            
3,247,768
  
Fox Corp., Class A
      
153,011
            
5,471,673
  
Goldman Sachs Group Inc., (The)
      
9,921
            
2,196,013
  
Johnson & Johnson#
      
40,329
            
5,544,834
  
Kansas City Southern#
      
36,403
            
5,548,545
  
Laboratory Corp. of America Holdings*Ɨ#
      
34,566
            
5,955,376
  
Lear Corp.Ɨ
      
17,210
            
2,070,535
  
Lennar Corp.
      
84,700
            
5,052,355
  
Marathon Petroleum Corp.
      
175,551
            
10,645,413
  
Masco Corp.Ɨ#
      
127,480
            
5,934,194
  
McKesson Corp.Ɨ
      
17,521
            
2,534,237
  
Medtronic PLC#
      
72,917
            
8,122,225
  
Microsoft Corp.Ɨ
      
101,742
            
15,401,704
  
Molson Coors Brewing Co., Class BƗ
      
42,300
            
2,135,304
  
Mosaic Co. (The)Ɨ
      
135,999
            
2,590,781
  
Newmont Goldcorp Corp.
      
75,313
            
2,892,019
  
Nexstar Media Group, Inc., Class A
      
27,184
            
2,927,989
  
Oracle Corp.Ɨ#
      
176,572
            
9,912,752
  
Owens Corning
      
87,609
            
5,875,060
  
Parsley Energy, Inc., Class AƗ
      
266,759
            
3,996,050
  
Pfizer, Inc.Ɨ
      
139,703
            
5,381,360
  
ProPetro Holding Corp.*
      
244,633
            
2,108,736
  
PulteGroup, Inc.#
      
90,766
            
3,598,872
  
Science Applications International Corp.
      
34,471
            
2,942,100
  
SYNNEX Corp.
      
36,492
            
4,481,583
  
TE Connectivity Ltd.Ɨ
      
41,486
            
3,846,167
  
Tyson Foods, Inc.
      
63,625
            
5,719,251
  
United Parcel Service, Inc., Class BƗ#
      
48,537
            
5,811,335
  
United Technologies Corp.Ɨ#
      
6,936
            
1,028,886
  
Verizon Communications, Inc.Ɨ#
      
133,504
            
8,042,281
  
Vistra Energy Corp.Ɨ
      
330,494
            
8,768,006
  
Wells Fargo & Co.Ɨ#
      
175,738
            
9,570,692
  
                     
283,124,360
  
TOTAL COMMON STOCKS
                        
(Cost $468,989,933)
                    
542,589,622
  
PREFERRED STOCKS—0.5%
                        
Brazil—0.5%
                        
Petroleo Brasileiro SA, 4.186%
      
386,900
            
2,661,154
  
TOTAL PREFERRED STOCKS
                        
(Cost $2,573,589)
                    
2,661,154
  
                         
SHORT-TERM INVESTMENTS—3.4%
                        
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 1.52%(a)
      
19,404,359
            
19,404,359
  
TOTAL SHORT-TERM INVESTMENTS
                        
(Cost $19,404,359)
                    
19,404,359
  
TOTAL INVESTMENTS—99.7%
                        
(Cost $490,967,881)
                    
564,655,135
  
SECURITIES SOLD SHORT—(47.5%)
                        
COMMON STOCKS—(47.2%)
                        
Australia—(2.1%)
                        
Alumina Ltd.
      
(1,270,658
)
          
(1,985,540
)
Flight Centre Travel Group Ltd.
      
(60,926
)
          
(1,818,199
)
Fortescue Metals Group Ltd.
      
(345,575
)
          
(2,275,723
)
WiseTech Global Ltd.
      
(160,049
)
          
(2,954,977
)
Woodside Petroleum Ltd.
      
(121,984
)
          
(2,846,476
)
                     
(11,880,915
)
Belgium—(0.7%)
                        
Proximus SADP
      
(59,239
)
          
(1,786,935
)
Umicore SA
      
(44,848
)
          
(1,925,638
)
                     
(3,712,573
)
Bermuda—(0.2%)
                        
Hiscox Ltd.
      
(78,675
)
          
(1,386,404
)
Canada—(1.0%)
                        
Shopify, Inc., Class A*
      
(6,465
)
          
(2,177,089
)
TC Energy Corp.
      
(72,961
)
          
(3,691,168
)
                     
(5,868,257
)
China—(1.2%)
                        
ANTA Sports Products Ltd.
      
(135,000
)
          
(1,269,562
)
BYD Co. Ltd., Class H
      
(735,000
)
          
(3,477,566
)
Pinduoduo, Inc. - ADR*
      
(48,590
)
          
(1,746,811
)
                     
(6,493,939
)
Denmark—(0.5%)
                        
Tryg A/S
      
(94,232
)
          
(2,709,633
)
France—(0.5%)
                        
Hermes International
      
(1,978
)
          
(1,482,085
)
Remy Cointreau SA
      
(8,817
)
          
(1,135,853
)
                     
(2,617,938
)
Germany—(1.2%)
                        
Adidas AG
      
(10,064
)
          
(3,135,263
)
MTU Aero Engines AG
      
(7,338
)
          
(1,986,489
)
Wirecard AG
      
(13,645
)
          
(1,801,072
)
                     
(6,922,824
)
Hong Kong—(1.4%)
                        
HK Electric Investments & HK Electric Investments Ltd.
      
(2,214,000
)
          
(2,169,257
)
Hong Kong & China Gas Co. Ltd.
      
(1,131,720
)
          
(2,155,690
)
MTR Corp. Ltd.
      
(472,500
)
          
(2,651,365
)
Xinyi Glass Holdings Ltd.
      
(772,000
)
          
(907,163
)
                     
(7,883,475
)
Ireland—(0.4%)
                        
Ryanair Holdings PLC*
      
(130,374
)
          
(1,992,101
)
Italy—(0.8%)
                        
Brembo SpA
      
(184,115
)
          
(2,277,382
)
Ferrari NV
      
(11,750
)
          
(1,983,113
)
                     
(4,260,495
)
Japan—(5.1%)
                        
Aeon Co., Ltd.
      
(86,800
)
          
(1,773,181
)
Canon, Inc.
      
(135,600
)
          
(3,756,336
)
Kose Corp.
      
(15,500
)
          
(2,471,252
)
McDonald's Holdings Co. Japan Ltd.
      
(23,200
)
          
(1,147,391
)
Mercari, Inc.*
      
(116,900
)
          
(2,580,570
)
Mitsubishi Chemical Holdings Corp.
      
(340,800
)
          
(2,529,153
)
Mitsui Chemicals, Inc.
      
(90,200
)
          
(2,163,012
)
Nidec Corp.
      
(13,700
)
          
(2,027,760
)
Nissan Motor Co. Ltd.
      
(232,300
)
          
(1,434,456
)
Seiko Epson Corp.
      
(164,700
)
          
(2,509,454
)
Sharp Corp.
      
(54,900
)
          
(829,855
)
Sony Financial Holdings, Inc.
      
(79,300
)
          
(1,841,448
)
Yamaha Corp.
      
(26,400
)
          
(1,455,826
)
Yaskawa Electric Corp.
      
(65,800
)
          
(2,420,587
)
                     
(28,940,281
)
Luxembourg—(0.5%)
                        
Eurofins Scientific SE
      
(4,979
)
          
(2,614,374
)
Netherlands—(0.3%)
                        
Takeaway.com NV*
      
(21,618
)
          
(1,943,235
)
Norway—(0.4%)
                        
Tomra Systems ASA
      
(77,155
)
          
(2,297,190
)
Sweden—(0.9%)
                        
Autoliv, Inc.
      
(32,753
)
          
(2,676,575
)
BillerudKorsnas AB
      
(211,453
)
          
(2,407,906
)
                     
(5,084,481
)
Switzerland—(0.6%)
                        
Credit Suisse Group AG*
      
(91,584
)
          
(1,198,887
)
VAT Group AG*
      
(16,101
)
          
(2,328,339
)
                     
(3,527,226
)
United Kingdom—(3.6%)
                        
ASOS PLC*
      
(19,296
)
          
(799,624
)
Croda International PLC
      
(60,572
)
          
(3,899,564
)
GW Pharmaceuticals PLC - ADR*
      
(13,473
)
          
(1,375,728
)
NMC Health PLC
      
(34,264
)
          
(1,111,320
)
Pennon Group PLC
      
(202,075
)
          
(2,383,441
)
Renishaw PLC
      
(71,213
)
          
(3,642,989
)
Severn Trent PLC
      
(104,717
)
          
(3,037,689
)
Standard Chartered PLC
      
(343,011
)
          
(3,086,060
)
Weir Group PLC, (The)
      
(64,997
)
          
(1,171,181
)
                     
(20,507,596
)
United States—(25.8%)
                        
8x8, Inc.*
      
(65,148
)
          
(1,336,837
)
AAON, Inc.
      
(56,030
)
          
(2,766,201
)
ABIOMED, Inc.*
      
(9,177
)
          
(1,800,344
)
Align Technology, Inc.*
      
(10,388
)
          
(2,881,008
)
Allogene Therapeutics, Inc.*
      
(52,217
)
          
(1,471,475
)
AO Smith Corp.
      
(39,815
)
          
(1,927,046
)
Appian Corp.*
      
(39,982
)
          
(1,722,425
)
Axon Enterprise, Inc.*
      
(36,232
)
          
(2,673,922
)
Ball Corp.
      
(25,405
)
          
(1,678,254
)
Blackbaud, Inc.
      
(17,949
)
          
(1,487,613
)
Blackline, Inc.*
      
(30,396
)
          
(1,635,913
)
Brunswick Corp.
      
(71,858
)
          
(4,223,095
)
Carvana Co.*
      
(39,279
)
          
(3,744,074
)
Casey's General Stores, Inc.
      
(10,215
)
          
(1,775,060
)
Choice Hotels International, Inc.
      
(24,902
)
          
(2,421,719
)
Cogent Communications Holdings, Inc.
      
(41,842
)
          
(2,622,657
)
Cognex Corp.
      
(39,134
)
          
(1,963,744
)
Community Bank System, Inc.
      
(63,624
)
          
(4,316,888
)
Compass Minerals International, Inc.
      
(46,166
)
          
(2,551,595
)
Cree, Inc.*
      
(32,502
)
          
(1,436,913
)
Cubic Corp.
      
(27,767
)
          
(1,653,525
)
Ecolab, Inc.
      
(10,536
)
          
(1,966,755
)
First Financial Bankshares, Inc.
      
(61,556
)
          
(2,127,991
)
Freshpet, Inc.*
      
(20,763
)
          
(1,115,804
)
Glaukos Corp.*
      
(28,123
)
          
(1,803,528
)
Greif, Inc.
      
(59,995
)
          
(2,588,784
)
Guidewire Software, Inc.*
      
(21,118
)
          
(2,572,806
)
Hamilton Lane, Inc., Class A
      
(30,720
)
          
(1,781,760
)
Healthcare Services Group, Inc.
      
(47,045
)
          
(1,183,182
)
Hormel Foods Corp.
      
(80,617
)
          
(3,589,875
)
Iron Mountain, Inc.
      
(72,717
)
          
(2,335,670
)
John Bean Technologies Corp.
      
(28,163
)
          
(3,085,257
)
KKR & Co., Inc., Class A
      
(101,471
)
          
(2,992,380
)
Leggett & Platt, Inc.
      
(41,914
)
          
(2,192,940
)
M&T Bank Corp.
      
(13,699
)
          
(2,256,773
)
Manhattan Associates, Inc.*
      
(24,309
)
          
(2,030,045
)
Martin Marietta Materials, Inc.
      
(8,430
)
          
(2,262,612
)
Matador Resources Co.*
      
(204,268
)
          
(2,876,093
)
Middleby Corp., (The)*
      
(14,085
)
          
(1,630,480
)
MongoDB, Inc.*
      
(12,982
)
          
(1,930,423
)
Monro, Inc.
      
(13,467
)
          
(988,478
)
National Instruments Corp.
      
(26,738
)
          
(1,126,205
)
Netflix, Inc.*
      
(11,455
)
          
(3,604,430
)
Nevro Corp.*
      
(15,458
)
          
(1,727,895
)
Occidental Petroleum Corp.
      
(53,294
)
          
(2,055,550
)
Power Integrations, Inc.
      
(18,053
)
          
(1,651,669
)
Prosperity Bancshares, Inc.
      
(27,383
)
          
(1,923,656
)
Public Storage
      
(7,578
)
          
(1,596,533
)
RLI Corp.
      
(52,161
)
          
(4,765,951
)
Roku, Inc.*
      
(12,240
)
          
(1,962,929
)
Select Medical Holdings Corp.*
      
(103,048
)
          
(2,278,391
)
SiteOne Landscape Supply, Inc.*
      
(24,042
)
          
(2,133,968
)
Snap, Inc., Class A*
      
(87,959
)
          
(1,341,375
)
Tabula Rasa HealthCare, Inc.*
      
(36,050
)
          
(1,608,190
)
Tesla, Inc.*
      
(15,382
)
          
(5,075,137
)
TransDigm Group, Inc.
      
(2,250
)
          
(1,275,975
)
Trex Co., Inc.*
      
(13,622
)
          
(1,172,309
)
Trinity Industries, Inc.
      
(68,734
)
          
(1,446,163
)
Triumph Group, Inc.
      
(63,332
)
          
(1,754,930
)
Trustmark Corp.
      
(74,332
)
          
(2,554,047
)
Universal Display Corp.
      
(7,266
)
          
(1,411,202
)
Vail Resorts, Inc.
      
(8,930
)
          
(2,167,043
)
Wayfair, Inc. Class A*
      
(10,530
)
          
(894,208
)
Westamerica Bancorporation
      
(54,262
)
          
(3,527,030
)
Williams Cos., Inc. (The)
      
(74,650
)
          
(1,696,048
)
WisdomTree Investments, Inc.
      
(299,958
)
          
(1,457,796
)
Zillow Group, Inc., Class A*
      
(69,513
)
          
(2,715,178
)
                     
(146,325,752
)
TOTAL COMMON STOCKS
                        
(Proceeds $(245,334,299))
                    
(266,968,689
)
PREFERRED STOCKS—(0.3%)
                        
Brazil—(0.3%)
                        
Gerdau SA - SP ADR, 1.723%
      
(502,708
)
          
(1,995,751
)
TOTAL PREFERRED STOCKS
                        
(Proceeds $(1,965,933))
                    
(1,995,751
)
TOTAL SECURITIES SOLD SHORT—(47.5%)
                        
(Proceeds $(247,300,232))
                    
(268,964,440
)
     
NUMBER OF
    
NOTIONAL
          
     
CONTRACTS
    
AMOUNT
          
OPTIONS WRITTEN ƗƗ —(1.6%)
                        
Call Options Written—(1.6%)
                        
Allstate Corp., (The)
                        
Expiration:
                        
01/17/2020,
                        
Exercise Price:
                        
 
     97.50
      
(21
)
    
(233,835
)
    
(30,345
)
Biogen, Inc.
                          
Expiration:
                          
01/17/2020,
                          
Exercise Price:
                          
 
     240.00
      
(89
)
    
(2,668,309
)
    
(553,135
)
Chubb Ltd.
                          
Expiration:
                          
01/17/2020,
                          
Exercise Price:
                          
 
     140.00
      
(264
)
    
(3,999,072
)
    
(311,520
)
Cisco Systems, Inc.
                          
Expiration:
                          
04/17/2020,
                          
Exercise Price:
                          
 
     45.00
      
(1,029
)
    
(4,662,399
)
    
(265,482
)
Comcast Corp.
                          
Expiration:
                          
01/17/2020,
                          
Exercise Price:
                          
 
     40.00
      
(1,908
)
    
(8,423,820
)
    
(829,980
)
Johnson & Johnson
                          
Expiration:
                          
01/17/2020,
                          
Exercise Price:
                          
 
     130.00
      
(402
)
    
(5,527,098
)
    
(360,192
)
Kansas City Southern
                          
Expiration:
                          
03/20/2020,
                          
Exercise Price:
                          
 
     130.00
      
(364
)
    
(5,548,088
)
    
(877,240
)
Laboratory Corp. of America Holdings
                          
Expiration:
                          
02/21/2020,
                          
Exercise Price:
                          
 
     160.00
      
(345
)
    
(5,944,005
)
    
(558,900
)
Masco Corp.
                          
Expiration:
                          
04/17/2020,
                          
Exercise Price:
                          
 
     44.00
      
(1,279
)
    
(5,953,745
)
    
(562,760
)
Medtronic PLC
                          
Expiration:
                          
06/19/2020,
                          
Exercise Price:
                          
 
     105.00
      
(690
)
    
(7,685,910
)
    
(708,975
)
Oracle Corp.
                          
Expiration:
                          
06/19/2020,
                          
Exercise Price:
                          
 
     55.00
      
(1,760
)
    
(9,880,640
)
    
(809,600
)
PulteGroup, Inc.
                          
Expiration:
                          
01/17/2020,
                          
Exercise Price:
                          
 
     30.00
      
(864
)
    
(3,425,760
)
    
(855,360
)
United Parcel Service, Inc., Class B
                          
Expiration:
                          
04/17/2020,
                          
Exercise Price:
                          
 
     110.00
      
(485
)
    
(5,806,905
)
    
(617,162
)
United Technologies Corp.
                          
Expiration:
                          
01/17/2020,
                          
Exercise Price:
                          
 
     120.00
      
(56
)
    
(830,704
)
    
(160,440
)
Verizon Communications, Inc.
                          
Expiration:
                          
06/19/2020,
                          
Exercise Price:
                          
 
     60.00
      
(1,333
)
    
(8,029,992
)
    
(386,570
)
Wells Fargo & Co.
                          
Expiration:
                          
06/19/2020,
                          
Exercise Price:
                          
 
     47.50
      
(1,653
)
    
(9,002,238
)
    
(1,318,268
)
TOTAL CALL OPTIONS WRITTEN
                          
(Premiums received $(6,467,652))
                      
(9,205,929
)
TOTAL OPTIONS WRITTEN
                          
(Premiums received $(6,467,652))
                      
(9,205,929
)
OTHER ASSETS IN EXCESS OF LIABILITIES—49.4%
                      
279,647,863
  
NET ASSETS—100.0%
                    
$
566,132,629
  

(a)
7 day yield as of November 30, 2019
          
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.
#
Security segregated as collateral for options written.
        
ƗƗ
Primary risk exposure is equity contracts.
          
             
 
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)
                                 
Short
                                
Brazil
                                
Banco Inter SA-PR
  
Morgan Stanley
  
9/15/2020
  
1.55%
  
Monthly
  
(439,800)
   $
      (1,558,211)
   $
             (26,688)
                                 
India
                                
Axis Bank
  
Morgan Stanley
  
9/15/2020
  
1.55
  
Monthly
  
(19,191)
    
             (982,579)
    
                    20,845
                                 
Indonesia
                                
Unilever Indonesia TBK PT
  
Macquarie
  
9/15/2020
  
1.54
  
Monthly
  
(646,800)
    
          (1,915,623)
    
                    48,281
                                 
South Korea
                                
Celltrion Inc.
  
Goldman Sachs
  
9/15/2020
  
1.55
  
Monthly
  
(8,458)
    
          (1,247,900)
    
                    81,527
LG Chem. Ltd.
  
Goldman Sachs
  
12/31/2021
  
1.55
  
Monthly
  
(6,733)
    
          (1,751,381)
    
                    80,105
Oil Corp.
  
Goldman Sachs
  
9/15/2020
  
1.55
  
Monthly
  
(14,071)
    
          (1,065,584)
    
                    92,926
Samsung BioLogics Co. Ltd.
  
Goldman Sachs
  
9/15/2020
  
1.55
  
Monthly
  
(3,675)
    
          (1,227,075)
    
                    29,016
                         
          (5,291,940)
    
                 283,574
Switzerland
                                
Stadler Rail AG
  
Morgan Stanley
  
9/15/2020
  
-0.71
  
Monthly
  
(41,329)
    
          (2,022,320)
    
                       (556)
                                 
Taiwan
                                
AU Optronics Corp.
  
Macquarie
  
9/15/2020
  
1.54
  
Monthly
  
(4,416,000)
    
          (1,273,823)
    
                (123,805)
Eclat Textile Co., Ltd.
  
Macquarie
  
9/15/2020
  
1.54
  
Monthly
  
(157,000)
    
          (2,037,298)
    
                    27,979
Hiwin Technologies Corp.
  
Macquarie
  
9/15/2020
  
1.54
  
Monthly
  
(372,170)
    
          (3,176,213)
    
                  (24,723)
                         
          (6,487,334)
    
               (120,549)
United Kingdom
                                
Hargreaves Lansdown PLC
  
Goldman Sachs
  
9/15/2020
  
0.71
  
Monthly
  
(102,560)
    
          (2,457,607)
    
                  (47,665)
Spectris PLC
  
Goldman Sachs
  
9/15/2020
  
0.71
  
Monthly
  
(60,096)
    
          (2,176,274)
    
                  (68,462)
Whitbread PLC
  
Goldman Sachs
  
12/31/2020
  
0.71
  
Monthly
  
(49,360)
    
          (2,931,783)
    
                (120,922)
                         
          (7,565,664)
    
               (237,049)
Total Short
                        
        (25,823,671)
    
                 (32,142)
Net unrealized gain/(loss) on Contracts For Difference
                             $
         (32,142)


BOSTON PARTNERS INVESTMENT FUNDS
BOSTON PARTNERS GLOBAL LONG/SHORT FUND
NOTES TO PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 2019 (UNAUDITED)
         
PORTFOLIO VALUATION — The Boston Partners Global 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
                        
Bermuda
  
$
8,111,510
    
$
8,111,510
    
$
-
    
$
-
  
Brazil
    
3,648,142
      
3,648,142
      
-
      
-
  
Canada
    
17,979,159
      
17,979,159
      
-
      
-
  
China
    
1,565,564
      
1,565,564
      
-
      
-
  
Denmark
    
8,504,598
      
8,504,598
      
-
      
-
  
Finland
    
4,641,917
      
4,641,917
      
-
      
-
  
France
    
47,765,334
      
-
      
47,765,334
      
-
  
Germany
    
11,907,395
      
-
      
11,907,395
      
-
  
Hong Kong
    
13,721,562
      
5,453,639
      
8,267,923
      
-
  
Hungary
    
5,429,119
      
-
      
5,429,119
      
-
  
Ireland
    
5,960,503
      
-
      
5,960,503
      
-
  
Italy
    
5,014,020
      
-
      
5,014,020
      
-
  
Japan
    
63,343,297
      
-
      
63,343,297
      
-
  
Netherlands
    
10,579,387
      
4,416,658
      
6,162,729
      
-
  
South Korea
    
11,830,136
      
5,554,451
      
6,275,685
      
-
  
Switzerland
    
3,489,586
      
-
      
3,489,586
      
-
  
Taiwan
    
3,269,624
      
-
      
3,269,624
      
-
  
United Kingdom
    
32,704,409
      
3,616,788
      
29,087,621
      
-
  
United States
    
283,124,360
      
283,124,360
      
-
      
-
  
Preferred Stock
                                
Brazil
    
2,661,154
      
2,661,154
      
-
      
-
  
Short-Term Investments
    
19,404,359
      
19,404,359
      
-
      
-
  
Contracts For Difference
                                
     Equity Contracts
    
380,679
      
20,845
      
359,834
      
-
  
Total Assets
  
$
565,035,814
    
$
368,703,144
    
$
196,332,670
    
$
-
  
                                 
Securities Sold Short
  
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Australia
  
$
(11,880,915
)
  
$
-
    
$
(11,880,915
)
  
$
-
  
Belgium
    
(3,712,573
)
    
-
      
(3,712,573
)
    
-
  
Bermuda
    
(1,386,404
)
    
-
      
(1,386,404
)
    
-
  
Canada
    
(5,868,257
)
    
(5,868,257
)
    
-
      
-
  
China
    
(6,493,939
)
    
(1,746,811
)
    
(4,747,128
)
    
-
  
Denmark
    
(2,709,633
)
    
(2,709,633
)
    
-
      
-
  
France
    
(2,617,938
)
    
-
      
(2,617,938
)
    
-
  
Germany
    
(6,922,824
)
    
(4,936,335
)
    
(1,986,489
)
    
-
  
Hong Kong
    
(7,883,475
)
    
(2,169,257
)
    
(5,714,218
)
    
-
  
Ireland
    
(1,992,101
)
    
-
      
(1,992,101
)
    
-
  
Italy
    
(4,260,495
)
    
-
      
(4,260,495
)
    
-
  
Japan
    
(28,940,281
)
    
-
      
(28,940,281
)
    
-
  
Luxembourg
    
(2,614,374
)
    
-
      
(2,614,374
)
    
-
  
Netherlands
    
(1,943,235
)
    
-
      
(1,943,235
)
    
-
  
Norway
    
(2,297,190
)
    
-
      
(2,297,190
)
    
-
  
Sweden
    
(5,084,481
)
    
(5,084,481
)
    
-
      
-
  
Switzerland
    
(3,527,226
)
    
-
      
(3,527,226
)
    
-
  
United Kingdom
    
(20,507,596
)
    
(6,796,858
)
    
(13,710,738
)
    
-
  
United States
    
(146,325,752
)
    
(146,325,752
)
    
-
      
-
  
Preferred Stock
                                
Brazil
    
(1,995,751
)
    
(1,995,751
)
    
-
      
-
  
Options Written
                                
Equity Contracts
    
(9,205,929
)
    
(3,507,184
)
    
(5,698,745
)
    
-
  
Contracts For Difference
                                
Equity Contracts
    
(412,821
)
    
(27,244
)
    
(385,577
)
    
-
  
Total Liabilities
  
$
(278,583,190
)
  
$
(181,167,563
)
  
$
(97,415,627
)
  
$
-
  
                                 

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.