NPORT-EX 2 longshort_research3.htm NPORT-EX

BOSTON PARTNERS INVESTMENT FUNDS
             
BOSTON PARTNERS LONG/SHORT RESEARCH FUND
PORTFOLIO OF INVESTMENTS
MAY 31, 2020 (UNAUDITED)


   
NUMBER OF
        
   
SHARES
    
VALUE
  
LONG POSITIONS—98.2%
            
COMMON STOCKS—98.1%
            
Communication Services—9.0%
            
Alphabet, Inc., Class A*Ɨ
    
28,090
    
$
40,267,577
  
Alphabet, Inc., Class C*
    
10,701
      
15,290,873
  
Altice USA, Inc., Class A*Ɨ
    
362,255
      
9,317,199
  
Comcast Corp., Class AƗ
    
162,582
      
6,438,247
  
Electronic Arts, Inc.*
    
40,450
      
4,970,496
  
Facebook, Inc., Class A*
    
82,644
      
18,602,338
  
KT Corp. - SP ADRƗ
    
678,057
      
6,604,275
  
Live Nation Entertainment, Inc.*
    
162,448
      
7,985,944
  
Momo, Inc. - SP ADR
    
164,642
      
3,194,055
  
NetEase, Inc. - ADR
    
9,535
      
3,650,951
  
Nexstar Media Group, Inc., Class A
    
107,050
      
8,918,335
  
Yelp, Inc.*Ɨ
    
347,430
      
7,553,128
  
             
132,793,418
  
Consumer Discretionary—8.7%
                
AutoNation, Inc.*
    
55,246
      
2,181,112
  
AutoZone, Inc.*
    
14,177
      
16,273,211
  
Berkeley Group Holdings PLC
    
107,587
      
5,480,642
  
Booking Holdings, Inc.*
    
1,311
      
2,149,280
  
Bright Horizons Family Solutions, Inc.*
    
37,994
      
4,250,769
  
eBay, Inc.Ɨ
    
131,785
      
6,001,489
  
Flutter Entertainment PLC*
    
59,760
      
7,603,053
  
Foot Locker, Inc.
    
126,404
      
3,501,391
  
Gentex Corp.Ɨ
    
241,831
      
6,394,012
  
Koito Manufacturing Co., Ltd.
    
70,100
      
2,981,617
  
Las Vegas Sands Corp.*
    
178,663
      
8,565,104
  
Mohawk Industries, Inc.*
    
75,570
      
7,043,124
  
PVH Corp.*
    
86,638
      
3,939,430
  
Ralph Lauren Corp.*
    
41,433
      
3,128,606
  
Sony Corp.
    
60,200
      
3,898,906
  
Tapestry, Inc.*
    
258,087
      
3,509,983
  
Tofas Turk Otomobil Fabrikasi AS
    
1,333,545
      
4,344,227
  
Token Corp.
    
124,500
      
8,549,956
  
TS Tech Co., Ltd.
    
111,000
      
3,140,131
  
Whirlpool Corp.
    
34,744
      
4,232,514
  
Williams-Sonoma, Inc.
    
36,410
      
3,029,676
  
Wyndham Destinations, Inc.
    
151,883
      
4,829,879
  
Wyndham Hotels & Resorts, Inc.
    
130,621
      
5,999,423
  
Wynn Macau Ltd.
    
4,826,800
      
8,267,270
  
             
129,294,805
  
Consumer Staples—8.6%
                
Altria Group, Inc.Ɨ
    
167,330
      
6,534,237
  
British American Tobacco PLC - SP ADR
    
437,118
      
17,519,689
  
Coca-Cola European Partners PLCƗ
    
337,454
      
12,722,016
  
Kimberly-Clark Corp.
    
72,786
      
10,294,852
  
Koninklijke Ahold Delhaize NV
    
573,777
      
14,547,499
  
Mondelez International, Inc., Class A
    
248,136
      
12,932,848
  
Nomad Foods Ltd.*Ɨ
    
551,430
      
11,679,287
  
PepsiCo, Inc.
    
59,905
      
7,880,503
  
Performance Food Group Co.*
    
60,972
      
1,624,904
  
Philip Morris International, Inc.Ɨ
    
205,261
      
15,057,947
  
Procter & Gamble Co., (The)
    
87,564
      
10,150,419
  
Reynolds Consumer Products, Inc.
    
113,964
      
3,805,258
  
Sysco Corp.
    
54,349
      
2,997,891
  
             
127,747,350
  
Energy—5.7%
                
Apergy Corp.*
    
223,784
      
2,029,721
  
BP PLC - SP ADR
    
627,103
      
14,511,163
  
Canadian Natural Resources Ltd.
    
207,327
      
3,752,619
  
ConocoPhillipsƗ
    
185,849
      
7,839,111
  
Diamondback Energy, Inc.
    
43,533
      
1,853,635
  
Marathon Petroleum Corp.Ɨ
    
237,285
      
8,338,195
  
Noble Energy, Inc.Ɨ
    
599,569
      
5,234,237
  
Petroleo Brasileiro SA - SP ADR*
    
662,670
      
5,056,172
  
Royal Dutch Shell PLC, Class A
    
659,901
      
10,444,903
  
Royal Dutch Shell PLC, Class A - SP ADR
    
322,564
      
10,305,920
  
TOTAL SA - SP ADR
    
412,112
      
15,487,169
  
             
84,852,845
  
Financials—16.6%
                
Allstate Corp., (The)Ɨ
    
31,182
      
3,049,911
  
American Express Co.
    
29,108
      
2,767,298
  
American International Group, Inc.Ɨ
    
571,055
      
17,165,913
  
Ameriprise Financial, Inc.
    
105,805
      
14,820,106
  
AXA SA
    
213,677
      
3,920,741
  
Bank of America Corp.Ɨ
    
568,038
      
13,701,077
  
Bank of New York Mellon Corp., (The)Ɨ
    
334,390
      
12,429,276
  
Barclays PLC
    
1,449,554
      
2,072,201
  
Berkshire Hathaway, Inc., Class B*Ɨ
    
159,863
      
29,667,376
  
BNP Paribas SA
    
77,066
      
2,773,253
  
Charles Schwab Corp., (The)Ɨ
    
179,193
      
6,434,821
  
Chubb Ltd.Ɨ
    
18,224
      
2,222,235
  
Citigroup, Inc.Ɨ
    
260,688
      
12,489,562
  
DBS Group Holdings Ltd.
    
174,400
      
2,412,735
  
Discover Financial ServicesƗ
    
65,254
      
3,100,218
  
DNB ASA
    
236,434
      
3,226,815
  
Everest Re Group Ltd.
    
18,062
      
3,583,681
  
Fifth Third BancorpƗ
    
411,090
      
7,971,035
  
Goldman Sachs Group, Inc., (The)Ɨ
    
29,355
      
5,767,964
  
Hana Financial Group, Inc.
    
106,911
      
2,583,152
  
Huntington Bancshares, Inc.Ɨ
    
1,158,862
      
10,302,283
  
ING Groep NV
    
504,004
      
3,276,835
  
JPMorgan Chase & Co.Ɨ
    
139,908
      
13,614,447
  
KBC Group NV
    
45,692
      
2,397,334
  
KeyCorpƗ
    
670,588
      
7,946,468
  
Moody's Corp.
    
23,500
      
6,284,135
  
Navient Corp.Ɨ
    
112,717
      
838,614
  
Regions Financial Corp.
    
276,188
      
3,123,686
  
Reinsurance Group of America, Inc.
    
78,615
      
7,134,311
  
S&P Global, Inc.
    
19,181
      
6,234,209
  
SLM Corp.
    
410,780
      
3,113,712
  
Sumitomo Mitsui Financial Group, Inc.
    
89,400
      
2,594,596
  
TD Ameritrade Holding Corp.
    
79,203
      
2,951,896
  
Truist Financial Corp.Ɨ
    
370,156
      
13,614,338
  
UBS Group AG
    
282,541
      
3,023,189
  
United Overseas Bank Ltd.
    
188,400
      
2,609,431
  
Wells Fargo & Co.Ɨ
    
215,242
      
5,697,456
  
             
246,916,310
  
Health Care—12.6%
                
Abbott LaboratoriesƗ
    
86,123
      
8,174,795
  
AbbVie, Inc.Ɨ
    
167,222
      
15,496,463
  
AmerisourceBergen Corp.
    
8,664
      
826,026
  
Anthem, Inc.Ɨ
    
33,596
      
9,880,920
  
AstraZeneca PLC
    
16,764
      
1,805,472
  
Avantor, Inc.*Ɨ
    
432,287
      
8,200,484
  
Biogen, Inc.*
    
11,671
      
3,584,047
  
Boston Scientific Corp.*Ɨ
    
126,742
      
4,814,929
  
Centene Corp.*
    
109,754
      
7,271,202
  
Change Healthcare, Inc.*
    
422,318
      
5,270,529
  
Cigna Corp.Ɨ
    
57,668
      
11,379,050
  
CVS Health Corp.Ɨ
    
128,041
      
8,395,648
  
Envista Holdings Corp.*
    
54,945
      
1,161,537
  
HCA Healthcare, Inc.*
    
40,730
      
4,354,037
  
Humana, Inc.
    
16,136
      
6,626,248
  
ICON PLC*
    
23,777
      
4,005,236
  
IQVIA Holdings, Inc.*
    
19,127
      
2,859,869
  
Jazz Pharmaceuticals PLC*
    
7,918
      
944,776
  
Johnson & JohnsonƗ
    
38,771
      
5,767,186
  
Medtronic PLC
    
137,639
      
13,568,453
  
Merck & Co., Inc.Ɨ
    
101,237
      
8,171,851
  
Molina Healthcare, Inc.*
    
24,522
      
4,556,678
  
Novartis AG - SP ADR
    
78,581
      
6,870,337
  
Novo Nordisk A/S, Class B
    
23,178
      
1,518,267
  
Pfizer, Inc.Ɨ
    
41,211
      
1,573,848
  
PPD, Inc.*
    
265,028
      
7,219,363
  
SanofiƗ
    
42,190
      
4,126,808
  
Stryker Corp.
    
26,223
      
5,132,628
  
Syneos Health, Inc.*
    
58,204
      
3,549,862
  
UnitedHealth Group, Inc.
    
65,797
      
20,058,215
  
             
187,164,764
  
Industrials—14.1%
                
Altra Industrial Motion Corp.
    
120,921
      
3,748,551
  
AMETEK, Inc.Ɨ
    
105,406
      
9,666,784
  
ASGN, Inc.*
    
90,556
      
5,577,344
  
Brenntag AGƗ
    
186,761
      
9,936,327
  
Carrier Global Corp.*
    
166,143
      
3,400,947
  
Caterpillar, Inc.
    
21,017
      
2,524,772
  
CH Robinson Worldwide, Inc.
    
90,474
      
7,340,156
  
Cummins, Inc.
    
28,014
      
4,751,174
  
Deere & Co.
    
35,050
      
5,331,806
  
Dover Corp.
    
70,848
      
6,889,968
  
Eaton Corp. PLCƗ
    
103,508
      
8,787,829
  
Expeditors International of Washington, Inc.
    
146,857
      
11,215,469
  
HD Supply Holdings, Inc.*
    
61,054
      
1,936,022
  
Hexcel Corp.*
    
155,430
      
5,625,012
  
Honeywell International, Inc.
    
46,884
      
6,838,031
  
Huntington Ingalls Industries, Inc.
    
31,932
      
6,382,888
  
ITT, Inc.
    
98,056
      
5,657,831
  
Kansas City Southern
    
60,667
      
9,131,597
  
KAR Auction Services, Inc.*Ɨ
    
205,694
      
2,951,709
  
MasTec, Inc.*
    
102,852
      
4,026,656
  
Norfolk Southern Corp.
    
46,268
      
8,249,122
  
Oshkosh Corp.
    
72,641
      
5,217,077
  
Owens CorningƗ
    
159,015
      
8,348,288
  
Parker-Hannifin Corp.Ɨ
    
37,766
      
6,796,747
  
Raytheon Technologies Corp.
    
44,191
      
2,851,203
  
Robert Half International, Inc.Ɨ
    
151,335
      
7,678,738
  
Spirit AeroSystems Holdings, Inc., Class A
    
47,209
      
1,023,019
  
Teleperformance
    
26,127
      
6,221,293
  
Textron, Inc.
    
168,692
      
5,224,391
  
Union Pacific Corp.
    
108,656
      
18,456,308
  
United Parcel Service, Inc., Class B
    
168,114
      
16,762,647
  
             
208,549,706
  
Information Technology—15.2%
                
Amdocs Ltd.Ɨ
    
144,347
      
8,987,044
  
Applied Materials, Inc.
    
187,122
      
10,512,514
  
Arrow Electronics, Inc.*Ɨ
    
117,746
      
8,133,894
  
Broadcom, Inc.
    
41,996
      
12,232,175
  
Capgemini SA
    
121,915
      
12,593,163
  
CDK Global, Inc.Ɨ
    
337,579
      
13,270,231
  
CDW Corp.Ɨ
    
70,499
      
7,819,044
  
Cisco Systems, Inc.Ɨ
    
187,553
      
8,968,784
  
Flex Ltd.*Ɨ
    
1,391,928
      
13,515,621
  
HP, Inc.
    
486,101
      
7,359,569
  
Jabil, Inc.Ɨ
    
230,668
      
6,901,587
  
KLA-Tencor Corp.
    
38,215
      
6,724,311
  
Leidos Holdings, Inc.Ɨ
    
92,535
      
9,743,010
  
Micron Technology, Inc.*
    
165,417
      
7,925,128
  
Microsoft Corp.Ɨ
    
135,247
      
24,784,013
  
Motorola Solutions, Inc.
    
17,767
      
2,404,408
  
ON Semiconductor Corp.*Ɨ
    
253,744
      
4,184,239
  
Oracle Corp.Ɨ
    
175,769
      
9,451,099
  
Qorvo, Inc.*
    
63,017
      
6,600,401
  
Samsung Electronics Co., Ltd.
    
380,688
      
15,679,047
  
Science Applications International Corp.
    
151,344
      
13,324,326
  
SS&C Technologies Holdings, Inc.
    
151,887
      
8,793,498
  
Western Digital Corp.*
    
136,077
      
6,037,736
  
Xerox Holdings Corp.
    
1,323
      
21,009
  
             
225,965,851
  
Materials—6.6%
                
Avery Dennison Corp.
    
35,589
      
3,938,635
  
Barrick Gold Corp.
    
234,470
      
5,627,280
  
Corteva, Inc.Ɨ
    
373,327
      
10,195,560
  
DuPont de Nemours, Inc.
    
242,719
      
12,313,135
  
Eagle Materials, Inc.*
    
129,484
      
8,644,352
  
FMC Corp.
    
115,318
      
11,348,444
  
Graphic Packaging Holding Co.Ɨ
    
273,865
      
3,962,826
  
Ingevity Corp.*
    
77,278
      
4,070,232
  
Kinross Gold Corp.*
    
744,040
      
4,836,517
  
Linde PLC
    
32,834
      
6,643,632
  
Mosaic Co., (The)Ɨ
    
710,482
      
8,589,727
  
PPG Industries, Inc.
    
78,982
      
8,030,100
  
Valvoline, Inc.
    
258,122
      
4,736,539
  
Yamana Gold, Inc.
    
1,064,784
      
5,707,242
  
             
98,644,221
  
Utilities—1.0%
                
CenterPoint Energy, Inc.
    
180,217
      
3,204,258
  
FirstEnergy Corp.
    
65,076
      
2,750,112
  
Italgas SpA
    
427,597
      
2,328,441
  
Vistra Energy Corp.Ɨ
    
311,427
      
6,365,568
  
             
14,648,379
  
TOTAL COMMON STOCKS
                
(Cost $1,263,508,950)
            
1,456,577,649
  
WARRANTS—0.0%
                
Energy—0.0%
                
Vista Oil & Gas SAB de CV *‡
    
1,204,819
      
9,780
  
TOTAL WARRANTS
                
(Cost $0)
            
9,780
  
                 
                 
SHORT-TERM INVESTMENTS—0.1%
                
U.S. Bank Money Market Deposit Account, 0.13% (a)
    
1,034,817
      
1,034,817
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $1,034,817)
            
1,034,817
  
TOTAL LONG POSITIONS—98.2%
                
(Cost $1,264,543,767)
            
1,457,622,246
  
SECURITIES SOLD SHORT—(52.8%)
                
COMMON STOCKS—(52.8%)
                
Communication Services—(4.1%)
                
Dentsu Group, Inc.
    
(252,900
)
    
(6,758,531
)
Freenet AG
    
(332,249
)
    
(5,716,738
)
Lions Gate Entertainment Corp., Class A*
    
(678,785
)
    
(5,409,917
)
Meredith Corp.*
    
(291,577
)
    
(4,356,160
)
Pearson PLC
    
(1,042,498
)
    
(5,962,049
)
Roku, Inc.*
    
(33,431
)
    
(3,661,029
)
Sinclair Broadcast Group, Inc., Class A
    
(406,550
)
    
(7,598,420
)
Twitter, Inc.*
    
(87,502
)
    
(2,709,937
)
ViacomCBS, Inc., Class B
    
(389,331
)
    
(8,074,725
)
Zillow Group, Inc., Class C*
    
(177,699
)
    
(10,304,765
)
             
(60,552,271
)
Consumer Discretionary—(6.4%)
                
CarMax, Inc.*
    
(126,251
)
    
(11,116,401
)
Carvana Co.*
    
(121,847
)
    
(11,329,334
)
Choice Hotels International, Inc.*
    
(77,128
)
    
(6,234,256
)
GrubHub, Inc.*
    
(137,014
)
    
(7,774,174
)
LGI Homes, Inc.*
    
(97,671
)
    
(8,147,715
)
Mattel, Inc.*
    
(637,496
)
    
(5,871,338
)
MGM China Holdings Ltd.
    
(4,154,800
)
    
(4,963,105
)
Papa John's International, Inc.
    
(77,759
)
    
(6,056,648
)
Scientific Games Corp.*
    
(178,594
)
    
(2,809,284
)
Tesla Motors, Inc.*
    
(9,055
)
    
(7,560,925
)
Vail Resorts, Inc.
    
(11,187
)
    
(2,218,718
)
Wayfair, Inc. Class A*
    
(33,613
)
    
(5,766,310
)
Whitbread PLC
    
(127,480
)
    
(3,998,205
)
Whitbread PLC*
    
(68,242
)
    
0
  
William Hill PLC*
    
(1,439,281
)
    
(2,395,258
)
Xinyi Glass Holdings Ltd.
    
(7,738,000
)
    
(8,221,085
)
             
(94,462,756
)
Consumer Staples—(4.1%)
                
BJ's Wholesale Club Holdings, Inc.*
    
(190,001
)
    
(6,840,036
)
Cal-Maine Foods, Inc.*
    
(139,116
)
    
(6,199,009
)
Casey's General Stores, Inc.
    
(48,476
)
    
(7,743,072
)
Hormel Foods Corp.
    
(83,493
)
    
(4,076,963
)
Japan Tobacco, Inc.
    
(305,800
)
    
(6,068,965
)
Kose Corp.
    
(41,500
)
    
(5,226,185
)
Lamb Weston Holdings, Inc.
    
(94,586
)
    
(5,680,835
)
McCormick & Co., Inc.
    
(28,835
)
    
(5,050,739
)
Molson Coors Brewing Co., Class B*
    
(102,527
)
    
(3,891,925
)
National Beverage Corp.*
    
(121,998
)
    
(6,951,446
)
Rite Aid Corp.*
    
(204,719
)
    
(2,687,960
)
             
(60,417,135
)
Energy—(4.6%)
                
Apache Corp.
    
(542,859
)
    
(5,857,449
)
Concho Resources, Inc.
    
(123,048
)
    
(6,708,577
)
Delek US Holdings, Inc.
    
(353,284
)
    
(6,949,096
)
Equinor ASA
    
(472,946
)
    
(6,897,276
)
Exxon Mobil Corp.
    
(202,225
)
    
(9,195,171
)
Hess Corp.
    
(145,534
)
    
(6,908,499
)
HollyFrontier Corp.
    
(140,884
)
    
(4,430,802
)
Murphy Oil Corp.
    
(559,680
)
    
(6,688,176
)
National Oilwell Varco, Inc.*
    
(348,892
)
    
(4,350,683
)
Repsol SA
    
(365,197
)
    
(3,438,358
)
WPX Energy, Inc.*
    
(1,234,569
)
    
(7,000,006
)
             
(68,424,093
)
Financials—(8.2%)
                
Bank of Hawaii Corp.
    
(80,646
)
    
(5,187,957
)
BOK Financial Corp.
    
(96,391
)
    
(4,910,158
)
Commonwealth Bank of Australia
    
(156,443
)
    
(6,643,217
)
Community Bank System, Inc.
    
(108,473
)
    
(6,445,466
)
Credit Acceptance Corp.*
    
(17,154
)
    
(6,343,892
)
Credit Suisse Group AG
    
(617,795
)
    
(5,677,837
)
Cullen/Frost Bankers, Inc.
    
(92,049
)
    
(6,992,963
)
CVB Financial Corp.
    
(282,633
)
    
(5,514,170
)
Deutsche Bank AG
    
(783,588
)
    
(6,559,513
)
First Financial Bankshares, Inc.
    
(212,508
)
    
(6,511,245
)
Focus Financial Partners, Inc., Class A*
    
(97,970
)
    
(2,727,485
)
Franklin Resources, Inc.
    
(340,621
)
    
(6,427,518
)
Glacier Bancorp, Inc.
    
(158,239
)
    
(6,517,865
)
Hang Seng Bank Ltd.
    
(289,300
)
    
(4,443,208
)
HSBC Holdings PLC*
    
(510,124
)
    
(2,349,278
)
Independent Bank Corp.
    
(80,588
)
    
(5,598,448
)
Prosperity Bancshares, Inc.
    
(33,223
)
    
(2,172,452
)
RLI Corp.
    
(70,185
)
    
(5,541,808
)
Trupanion, Inc.*
    
(53,853
)
    
(1,622,052
)
Trustmark Corp.
    
(247,243
)
    
(5,881,911
)
UMB Financial Corp.
    
(36,310
)
    
(1,861,977
)
United Bankshares, Inc.
    
(149,624
)
    
(4,351,066
)
Westamerica Bancorporation
    
(110,123
)
    
(6,495,055
)
WisdomTree Investments, Inc.
    
(1,513,264
)
    
(4,524,659
)
             
(121,301,200
)
Health Care—(2.9%)
                
1Life Healthcare, Inc.*
    
(124,848
)
    
(4,032,590
)
ABIOMED, Inc.*
    
(17,184
)
    
(3,847,498
)
Acadia Healthcare Co., Inc.*
    
(116,244
)
    
(3,325,741
)
Allogene Therapeutics, Inc.*
    
(61,355
)
    
(2,954,857
)
Glaukos Corp.*
    
(100,156
)
    
(3,904,081
)
GW Pharmaceuticals PLC - ADR*
    
(33,412
)
    
(4,101,323
)
Inovalon Holdings, Inc., Class A*
    
(228,875
)
    
(4,307,428
)
Inspire Medical Systems, Inc.*
    
(31,567
)
    
(2,573,973
)
Medpace Holdings, Inc.*
    
(24,043
)
    
(2,231,671
)
Moderna, Inc.*
    
(48,106
)
    
(2,958,519
)
Nevro Corp.*
    
(27,594
)
    
(3,465,806
)
Tabula Rasa HealthCare, Inc.*
    
(50,754
)
    
(2,711,786
)
Tenet Healthcare Corp.*
    
(134,754
)
    
(2,932,247
)
             
(43,347,520
)
Industrials—(6.7%)
                
Airports of Thailand PCL
    
(2,668,600
)
    
(5,215,775
)
AO Smith Corp.
    
(65,711
)
    
(3,121,273
)
BrightView Holdings, Inc.*
    
(469,822
)
    
(6,431,863
)
Chart Industries, Inc.*
    
(140,462
)
    
(5,513,134
)
FedEx Corp.
    
(40,863
)
    
(5,335,073
)
Flughafen Zurich AG
    
(27,439
)
    
(3,795,994
)
Healthcare Services Group, Inc.
    
(143,078
)
    
(3,422,426
)
Kawasaki Heavy Industries Ltd.
    
(378,500
)
    
(6,012,117
)
Knight-Swift Transportation Holdings, Inc.
    
(80,328
)
    
(3,342,448
)
Lennox International, Inc.
    
(18,986
)
    
(4,059,966
)
NGK Insulators Ltd.
    
(372,300
)
    
(5,464,697
)
Proto Labs, Inc.*
    
(62,036
)
    
(7,838,249
)
Rational AG
    
(3,943
)
    
(2,121,459
)
Reliance Worldwide Corp Ltd.
    
(1,564,446
)
    
(3,198,460
)
SiteOne Landscape Supply, Inc.*
    
(33,564
)
    
(3,568,189
)
Societe BIC SA
    
(83,262
)
    
(4,445,617
)
Sotetsu Holdings, Inc.
    
(201,600
)
    
(5,807,931
)
Tomra Systems ASA
    
(110,095
)
    
(3,966,653
)
Trex Co., Inc.*
    
(113,851
)
    
(13,675,782
)
Virgin Galactic Holdings, Inc.*
    
(223,913
)
    
(3,815,478
)
             
(100,152,584
)
Information Technology—(8.0%)
                
Altair Engineering, Inc., Class A*
    
(159,069
)
    
(6,218,007
)
Appian Corp.*
    
(114,816
)
    
(6,539,919
)
Bill.com Holdings, Inc.*
    
(62,846
)
    
(4,376,595
)
Blackline, Inc.*
    
(107,355
)
    
(7,976,476
)
Ceridian HCM Holding, Inc.*
    
(72,121
)
    
(4,966,973
)
Cognex Corp.
    
(144,174
)
    
(8,180,433
)
Cree, Inc.*
    
(79,303
)
    
(4,178,475
)
Crowdstrike Holdings, Inc., Class A*
    
(51,541
)
    
(4,525,815
)
Fiserv, Inc.*
    
(51,878
)
    
(5,539,014
)
Guidewire Software, Inc.*
    
(64,721
)
    
(6,639,080
)
HubSpot, Inc.*
    
(34,556
)
    
(6,909,127
)
Jack Henry & Associates, Inc.
    
(38,470
)
    
(6,957,684
)
MongoDB, Inc.*
    
(36,554
)
    
(8,484,549
)
Q2 Holdings, Inc.*
    
(77,924
)
    
(6,438,081
)
Shopify, Inc., Class A*
    
(8,391
)
    
(6,358,700
)
Slack Technologies, Inc., Class A*
    
(137,417
)
    
(4,816,466
)
Western Union Co., (The)
    
(380,185
)
    
(7,611,304
)
Workday, Inc., Class A*
    
(23,564
)
    
(4,322,345
)
Zoom Video Communications, Inc., Class A*
    
(40,924
)
    
(7,345,040
)
             
(118,384,083
)
Materials—(5.8%)
                
Agnico Eagle Mines Ltd.
    
(77,865
)
    
(4,983,360
)
Amcor PLC
    
(555,681
)
    
(5,673,503
)
Antofagasta PLC
    
(546,429
)
    
(5,966,369
)
BillerudKorsnas AB
    
(355,651
)
    
(4,861,005
)
Compass Minerals International, Inc.
    
(85,377
)
    
(4,113,464
)
Croda International PLC
    
(86,687
)
    
(5,577,132
)
Ecolab, Inc.
    
(37,285
)
    
(7,926,045
)
Ferro Corp.*
    
(361,527
)
    
(4,345,555
)
Greif, Inc., Class A
    
(130,453
)
    
(4,432,793
)
International Flavors & Fragrances, Inc.
    
(60,651
)
    
(8,078,107
)
Mitsubishi Chemical Holdings Corp.
    
(873,000
)
    
(5,142,293
)
Mitsui Chemicals, Inc.
    
(245,900
)
    
(5,127,817
)
Quaker Chemical Corp.
    
(41,334
)
    
(7,061,914
)
Umicore SA
    
(151,676
)
    
(6,739,731
)
United States Steel Corp.
    
(732,199
)
    
(5,886,880
)
             
(85,915,968
)
Real Estate Investment Trusts—(1.9%)
                
Iron Mountain, Inc.
    
(292,504
)
    
(7,534,903
)
Public Storage
    
(35,299
)
    
(7,156,519
)
Redfin Corp.*
    
(261,914
)
    
(7,854,801
)
Sun Communities, Inc.
    
(40,508
)
    
(5,557,292
)
             
(28,103,515
)
Utilities—(0.1%)
                
Pennon Group PLC
    
(125,559
)
    
(1,779,714
)
TOTAL COMMON STOCKS
                
(Proceeds $(736,905,246))
            
(777,283,547
)
RIGHTS—0.0%
                
Consumer Discretionary—0.0%
                
Whitbread PLC *
    
(68,242
)
    
(844,465
)
TOTAL RIGHTS
                
(Proceeds $(1,051,069))
            
(844,465
)
TOTAL SECURITIES SOLD SHORT—(52.8%)
                
(Proceeds $(737,956,315))
            
(783,685,304
)
OTHER ASSETS IN EXCESS OF LIABILITIES—54.6%
            
809,880,471
  
NET ASSETS—100.0%
          
$
1,483,817,413
  

ADR
American Depositary Receipt
          
PLC
Public Limited Company
          
SP ADR
Sponsored American Depositary Receipt
          
*
Non-income producing.
          
(a)
The rate shown is as of May 31, 2020.
          
Ɨ
Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
‡
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 May 31, 2020, these securities amounted to $9,780 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 May 31, 2020, are as follows:
            
                               
REFERENCE
COMPANY
COUNTERPARTY
EXPIRATION
DATE
  
FINANCING
RATE
  
PAYMENT
FREQUENCY
  
NUMBER OF CONTRACTS LONG/(SHORT)
    
NOTIONAL
AMOUNT
    
UNREALIZED
APPRECIATION
(DEPRECIATION)
  
Long
                              
United States
                              
International Game Technology
Goldman Sachs
9/15/2020
    
0.17%

Monthly
    
1,006,440
    
$
8,484,289
    
$
1,095,731
  
Total Long
 
 
    
 
  
 
            
8,484,289
      
1,095,731
  
 
 
 
    
 
  
 
                        
Short
 
 
    
 
  
 
                        
China
 
 
    
 
  
 
                        
Semiconductor Manufacturing
Goldman Sachs
12/31/2020
    
1.00
  
Monthly
    
(2,478,100
)
  
$
(5,432,961
)
  
$
733,357
  
 
 
 
    
 
  
 
                        
South Korea
 
 
    
 
  
 
                        
Celltrion Health, Class C
Macquarie
9/15/2020
    
0.06
  
Monthly
    
(51,120
)
    
(3,766,044
)
    
27,447
  
Celltrion Inc.
Goldman Sachs
9/15/2020
    
0.05
  
Monthly
    
(11,579
)
    
(2,004,883
)
    
6,548
  
Samsung Biologics
Macquarie
9/15/2020
    
0.06
  
Monthly
    
(4,188
)
    
(2,111,607
)
    
(62,784
)
Sillajen, Inc.
Goldman Sachs
9/15/2020
    
0.05
  
Monthly
    
(307,496
)
    
(3,004,321
)
    
14,357
  
 
 
 
    
 
  
 
            
(8,881,972
)
    
(14,432
)
Switzerland
 
 
    
 
  
 
                        
Stadler Rail AG
Morgan Stanley
9/15/2020
    
-0.66
  
Monthly
    
(129,840
)
    
(5,516,282
)
    
(133,515
)
Total Short
                          
(21,836,098
)
    
585,410
  
Net unrealized gain/(loss) on Contracts For Difference
            
$
1,681,142
  
 

BOSTON PARTNERS INVESTMENT FUNDS
BOSTON PARTNERS LONG/SHORT RESEARCH FUND
NOTES TO PORTFOLIO OF INVESTMENTS
MAY 31, 2020 (UNAUDITED)
         
PORTFOLIO VALUATION — The Boston Partners Long/Short Research 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, 2020, in valuing the Fund's investments carried at fair value:



 

TOTAL

    

LEVEL 1

    

LEVEL 2

    

LEVEL 3

  

Common Stock

  
               
 

Communication Services

  

$

132,793,418

    

$

132,793,418

    

$

-

    

$

-

  

Consumer Discretionary

    

129,294,805

      

89,373,230

      

39,921,575

      

-

  

Consumer Staples

    

127,747,350

      

113,199,851

      

14,547,499

      

-

  

Energy

    

84,852,845

      

74,407,942

      

10,444,903

      

-

  

Financials

    

246,916,310

      

219,049,217

      

27,867,093

      

-

  

Health Care

    

187,164,764

      

179,714,217

      

7,450,547

      

-

  

Industrials

    

208,549,706

      

192,392,086

      

16,157,620

      

-

  

Information Technology

    

225,965,851

      

197,693,641

      

28,272,210

      

-

  

Materials

    

98,644,221

      

98,644,221

       -
     

-

  

Utilities

    

14,648,379

      

12,319,938

      

2,328,441

      

-

  

Warrants

    

9,780

      

-

      

-

      

9,780

  

Short-Term Investments

    

1,034,817

      

1,034,817

      

-

      

-

  

Contracts For Difference

                     -
         

Equity Contracts

    

1,877,441

      

1,095,731

      

781,709

      

-

  

Total Assets

  

$

1,459,499,687

    

$

1,311,718,309

    

$

147,771,597

    

$

9,780

  

                               

 

TOTAL

    

LEVEL 1

    

LEVEL 2

    

LEVEL 3

  

Securities Sold Short

                                

Communication Services

  

$

(60,552,271

)

  

$

(42,114,953

)

  

$

(18,437,318

)

  

$

-

  

Consumer Discretionary

    

(94,462,756

)

    

(74,885,103

)

    

(19,577,653

)

    

-

  

Consumer Staples

    

(60,417,135

)

    

(49,121,985

)

    

(11,295,150

)

    

-

  

Energy

    

(68,424,093

)

    

(58,088,459

)

    

(10,335,634

)

    

-

  

Financials

    

(121,301,200

)

    

(95,628,147

)

    

(25,673,053

)

    

-

  

Health Care

    

(43,347,520

)

    

(43,347,520

)

    

-

      

-

  

Industrials

    

(100,152,584

)

    

(60,123,881

)

    

(40,028,703

)

    

-

  

Information Technology

    

(118,384,083

)

    

(118,384,083

)

    

-

      

-

  

Materials

    

(85,915,968

)

    

(52,501,621

)

    

(33,414,347

)

    

-

  

Real Estate

    

(28,103,515

)

    

(28,103,515

)

    

-

      

-

  

Utilities

    

(1,779,714

)

    

-

      

(1,779,714

)

    

-

  

Rights

    

(844,465

)

    

(844,465

)

    

-

      

-

  

Contracts For Difference

                                

Equity Contracts

    

(196,299

)

    

-

      

(196,299

)

    

-

  

Total Liabilities

  

$

(783,881,603

)

  

$

(623,143,732

)

  

$

(160,737,871

)

  

$

-

  
 
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.