NPORT-EX 2 lsresearch.htm NPORT-EX

BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS LONG/SHORT RESEARCH FUND
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2020 (UNAUDITED)
  
   
   
NUMBER OF
        
   
SHARES
    
VALUE
  
LONG POSITIONS—96.8%
            
COMMON STOCKS—96.7%
            
Communication Services—8.6%
            
Activision Blizzard, Inc.
    
54,322
    
$
4,317,513
  
Alphabet, Inc., Class A*†
    
7,468
      
13,101,859
  
Alphabet, Inc., Class C*
    
3,951
      
6,956,684
  
Altice USA, Inc., Class A*†
    
161,097
      
5,464,410
  
Baidu, Inc. - SP ADR*
    
13,108
      
1,821,881
  
Comcast Corp., Class A†
    
43,770
      
2,199,005
  
Electronic Arts, Inc.
    
40,450
      
5,167,487
  
Facebook, Inc., Class A*
    
76,862
      
21,288,468
  
Live Nation Entertainment, Inc.*
    
52,606
      
3,453,584
  
NetEase, Inc. - ADR
    
20,167
      
1,822,492
  
Nexstar Media Group, Inc., Class A
    
41,486
      
4,366,401
  
T-Mobile US, Inc.*
    
48,064
      
6,389,628
  
Yelp, Inc.*†
    
91,875
      
2,934,488
  
             
79,283,900
  
Consumer Discretionary—12.4%
                
Alibaba Group Holding Ltd. - SP ADR*
    
10,157
      
2,674,948
  
AutoNation, Inc.*
    
44,799
      
2,745,731
  
AutoZone, Inc.*
    
7,659
      
8,713,261
  
Caesars Entertainment, Inc.*
    
66,482
      
4,528,754
  
Callaway Golf Co.*
    
175,706
      
3,733,753
  
Carter's, Inc.*
    
45,288
      
4,030,179
  
Dick's Sporting Goods, Inc.
    
47,360
      
2,690,522
  
eBay, Inc.†
    
136,773
      
6,897,462
  
Flutter Entertainment PLC*
    
31,027
      
5,653,029
  
Foot Locker, Inc.
    
69,779
      
2,609,735
  
Gentex Corp.†
    
60,098
      
1,959,195
  
GVC Holdings PLC
    
328,649
      
4,515,911
  
Hanesbrands, Inc.
    
129,921
      
1,844,878
  
Harley-Davidson, Inc.
    
224,986
      
9,064,686
  
Las Vegas Sands Corp.*
    
98,518
      
5,488,438
  
LKQ Corp.*
    
129,193
      
4,550,177
  
Mohawk Industries, Inc.*
    
32,062
      
4,034,361
  
PVH Corp.*
    
62,176
      
4,942,370
  
Ralph Lauren Corp.*
    
41,433
      
3,552,880
  
Ross Stores, Inc.*
    
24,626
      
2,647,788
  
Tapestry, Inc.*
    
106,234
      
3,008,547
  
Tempur Sealy International, Inc.*
    
69,996
      
1,763,199
  
Token Corp.
    
44,500
      
3,443,780
  
TS Tech Co., Ltd.
    
30,400
      
889,179
  
Ulta Beauty, Inc.*
    
11,651
      
3,208,685
  
Whirlpool Corp.
    
11,886
      
2,313,134
  
Williams-Sonoma, Inc.
    
36,410
      
3,985,803
  
Wyndham Destinations, Inc.
    
82,370
      
3,464,482
  
Wyndham Hotels & Resorts, Inc.
    
55,668
      
3,200,910
  
Wynn Macau Ltd.
    
1,016,800
      
1,732,754
  
             
113,888,531
  
Consumer Staples—7.0%
                
Coca-Cola European Partners PLC†
    
266,043
      
11,886,801
  
Koninklijke Ahold Delhaize NV
    
238,719
      
6,825,271
  
Mondelez International, Inc., Class A
    
103,775
      
5,961,874
  
Nomad Foods Ltd.*
    
477,553
      
11,532,905
  
PepsiCo, Inc.
    
24,532
      
3,538,250
  
Philip Morris International, Inc.†
    
159,246
      
12,062,885
  
Procter & Gamble Co., (The)
    
43,945
      
6,102,642
  
Swedish Match AB
    
74,997
      
6,067,398
  
             
63,978,026
  
Energy—7.1%
                
BP PLC - SP ADR
    
405,171
      
7,925,145
  
Canadian Natural Resources Ltd.
    
239,873
      
5,478,699
  
ChampionX Corp.*†
    
346,401
      
4,115,244
  
ConocoPhillips†
    
139,703
      
5,526,651
  
Diamondback Energy, Inc.†
    
117,002
      
4,675,400
  
Helmerich & Payne, Inc.
    
85,551
      
1,947,996
  
Parex Resources, Inc.*
    
266,549
      
3,653,324
  
Parsley Energy, Inc., Class A
    
477,753
      
5,986,245
  
Petroleo Brasileiro SA - SP ADR
    
641,601
      
6,140,122
  
Phillips 66
    
78,059
      
4,728,814
  
Royal Dutch Shell PLC, Class A - SP ADR
    
253,179
      
8,567,577
  
Schlumberger Ltd.
    
317,638
      
6,603,694
  
             
65,348,911
  
Financials—15.2%
                
Allstate Corp., (The)†
    
31,182
      
3,191,478
  
American International Group, Inc.†
    
58,485
      
2,248,163
  
Ameriprise Financial, Inc.
    
46,750
      
8,659,970
  
Bank of America Corp.†
    
354,927
      
9,994,744
  
Bank of New York Mellon Corp., (The)†
    
179,072
      
7,005,297
  
Berkshire Hathaway, Inc., Class B*†
    
16,142
      
3,695,065
  
BNP Paribas SA*
    
59,420
      
3,024,544
  
Citigroup, Inc.†
    
138,589
      
7,632,096
  
DBS Group Holdings Ltd.
    
106,900
      
1,994,283
  
Discover Financial Services†
    
49,273
      
3,753,124
  
DNB ASA*
    
91,052
      
1,641,780
  
Everest Re Group Ltd.
    
10,197
      
2,318,084
  
Fifth Third Bancorp†
    
283,845
      
7,192,632
  
Goldman Sachs Group, Inc., (The)†
    
18,022
      
4,155,513
  
Hana Financial Group, Inc.
    
57,796
      
1,756,637
  
Huntington Bancshares, Inc.†
    
687,391
      
8,303,683
  
ING Groep NV
    
388,603
      
3,779,822
  
JPMorgan Chase & Co.†
    
89,696
      
10,573,365
  
KBC Group NV
    
27,820
      
1,936,594
  
KeyCorp†
    
453,758
      
7,015,099
  
Moody's Corp.
    
17,080
      
4,822,367
  
Navient Corp.†
    
86,909
      
814,337
  
Nordea Bank Abp*
    
222,964
      
1,905,549
  
OTP Bank PLC*
    
48,777
      
1,941,286
  
Regions Financial Corp.
    
95,226
      
1,454,101
  
S&P Global, Inc.
    
10,550
      
3,711,279
  
SLM Corp.†
    
332,941
      
3,532,504
  
Sumitomo Mitsui Financial Group, Inc.
    
64,500
      
1,854,541
  
Synchrony Financial
    
83,885
      
2,555,976
  
Truist Financial Corp.
    
203,543
      
9,448,466
  
UBS Group AG*
    
140,760
      
1,990,346
  
United Overseas Bank Ltd.
    
136,000
      
2,262,016
  
Wells Fargo & Co.†
    
119,684
      
3,273,357
  
             
139,438,098
  
Health Care—12.3%
                
Abbott Laboratories†
    
59,839
      
6,475,777
  
AbbVie, Inc.†
    
98,655
      
10,317,340
  
AmerisourceBergen Corp.
    
1,300
      
134,043
  
Anthem, Inc.†
    
16,112
      
5,019,210
  
AstraZeneca PLC
    
35,199
      
3,683,058
  
Avantor, Inc.*†
    
270,881
      
7,389,634
  
Biogen, Inc.*
    
7,339
      
1,762,608
  
Boston Scientific Corp.*†
    
62,990
      
2,088,118
  
Centene Corp.*
    
59,436
      
3,664,229
  
Change Healthcare, Inc.*†
    
388,597
      
6,656,667
  
Cigna Corp.†
    
29,958
      
6,265,416
  
CVS Health Corp.†
    
53,605
      
3,633,883
  
Envista Holdings Corp.*
    
20,657
      
614,133
  
HCA Healthcare, Inc.*
    
28,064
      
4,212,687
  
Humana, Inc.
    
10,566
      
4,231,894
  
ICON PLC*
    
2,457
      
478,820
  
IQVIA Holdings, Inc.*
    
6,671
      
1,127,332
  
Jazz Pharmaceuticals PLC*
    
4,998
      
703,269
  
Johnson & Johnson†
    
38,771
      
5,609,388
  
Medtronic PLC
    
39,991
      
4,546,977
  
Merck & Co., Inc.†
    
62,695
      
5,040,051
  
Molina Healthcare, Inc.*
    
2,974
      
607,083
  
Novartis AG - SP ADR
    
26,828
      
2,436,787
  
Novo Nordisk A/S, Class B
    
49,039
      
3,286,736
  
PPD, Inc.*
    
95,002
      
3,325,070
  
Sanofi
    
6,560
      
661,239
  
Sotera Health Co.*
    
38,564
      
1,043,542
  
Stryker Corp.
    
13,860
      
3,234,924
  
Syneos Health, Inc.*
    
31,094
      
2,047,229
  
UCB SA
    
5,137
      
549,723
  
UnitedHealth Group, Inc.
    
29,567
      
9,944,565
  
Zimmer Biomet Holdings, Inc.
    
14,519
      
2,165,073
  
             
112,956,505
  
Industrials—13.1%
                
Alaska Air Group, Inc.*
    
52,070
      
2,654,008
  
Allison Transmission Holdings, Inc.
    
137,569
      
5,647,208
  
Altra Industrial Motion Corp.
    
91,674
      
5,203,416
  
AMETEK, Inc.†
    
37,408
      
4,433,970
  
ASGN, Inc.*
    
124,119
      
9,703,624
  
Boeing Co., (The)*
    
11,855
      
2,497,967
  
Brenntag AG
    
36,364
      
2,784,688
  
BWX Technologies, Inc.
    
54,399
      
3,094,215
  
Caterpillar, Inc.
    
14,838
      
2,575,728
  
Deere & Co.
    
18,742
      
4,903,282
  
Dover Corp.
    
15,038
      
1,835,087
  
Eaton Corp., PLC†
    
22,917
      
2,775,478
  
Expeditors International of Washington, Inc.
    
45,072
      
4,028,085
  
FTI Consulting, Inc.*
    
44,131
      
4,634,638
  
Hexcel Corp.*
    
74,427
      
3,685,625
  
Howmet Aerospace, Inc.*
    
162,881
      
3,821,188
  
Hubbell, Inc.
    
11,701
      
1,890,765
  
Huntington Ingalls Industries, Inc.
    
7,139
      
1,143,596
  
Huron Consulting Group, Inc.*
    
108,494
      
4,781,331
  
Ingersoll Rand, Inc.*
    
25,710
      
1,138,182
  
ITT, Inc.
    
39,505
      
2,869,248
  
Kansas City Southern
    
12,212
      
2,273,508
  
MasTec, Inc.*
    
67,213
      
3,811,649
  
Oshkosh Corp.
    
34,784
      
2,800,112
  
Owens Corning†
    
70,426
      
5,131,943
  
Parker-Hannifin Corp.†
    
9,923
      
2,652,021
  
Robert Half International, Inc.†
    
56,480
      
3,624,886
  
Southwest Airlines Co.*
    
61,354
      
2,843,144
  
Teleperformance
    
9,507
      
3,161,527
  
Textron, Inc.
    
70,569
      
3,182,662
  
Union Pacific Corp.
    
51,220
      
10,452,978
  
WESCO International, Inc.*
    
66,106
      
4,311,433
  
             
120,347,192
  
Information Technology—13.7%
                
Amdocs Ltd.†
    
74,944
      
4,932,065
  
Applied Materials, Inc.
    
109,322
      
9,016,879
  
Arrow Electronics, Inc.*†
    
30,145
      
2,762,789
  
Broadcom, Inc.
    
10,631
      
4,269,197
  
Capgemini SA
    
28,851
      
4,013,913
  
Cisco Systems, Inc.†
    
115,803
      
4,981,845
  
Flex Ltd.*†
    
214,865
      
3,487,259
  
HP, Inc.†
    
260,629
      
5,715,594
  
InterDigital, Inc.
    
43,062
      
2,579,844
  
Jabil, Inc.†
    
123,676
      
4,726,897
  
KLA-Tencor Corp.
    
12,475
      
3,143,326
  
Leidos Holdings, Inc.†
    
49,613
      
4,996,029
  
Micron Technology, Inc.*
    
96,755
      
6,201,028
  
Microsoft Corp.†
    
53,793
      
11,515,468
  
ON Semiconductor Corp.*†
    
143,347
      
4,121,226
  
Oracle Corp.†
    
94,239
      
5,439,475
  
Qorvo, Inc.*
    
36,887
      
5,779,455
  
Rackspace Technology, Inc.*
    
148,494
      
2,666,952
  
Samsung Electronics Co., Ltd.
    
223,676
      
13,483,358
  
Science Applications International Corp.
    
81,145
      
7,509,158
  
SS&C Technologies Holdings, Inc.
    
85,529
      
5,892,093
  
SYNNEX Corp.*
    
33,048
      
5,297,925
  
Western Digital Corp.*
    
64,684
      
2,903,018
  
Xerox Holdings Corp.
    
1,323
      
28,960
  
             
125,463,753
  
Materials—6.6%
                
Avery Dennison Corp.
    
16,177
      
2,415,873
  
Corteva, Inc.†
    
64,631
      
2,476,660
  
DuPont de Nemours, Inc.
    
126,016
      
7,994,455
  
Eagle Materials, Inc.*
    
46,018
      
4,187,178
  
FMC Corp.
    
59,870
      
6,945,519
  
Glencore PLC
    
1,398,576
      
3,942,957
  
Graphic Packaging Holding Co.†
    
98,713
      
1,512,283
  
Ingevity Corp.*
    
33,403
      
2,223,972
  
Kinross Gold Corp.
    
274,470
      
1,954,914
  
Linde PLC
    
10,181
      
2,610,612
  
Mosaic Co., (The)†
    
246,673
      
5,416,939
  
PPG Industries, Inc.
    
23,136
      
3,395,671
  
Steel Dynamics, Inc.
    
176,117
      
6,377,197
  
Valvoline, Inc.
    
131,045
      
2,986,516
  
West Fraser Timber Co., Ltd.
    
28,297
      
1,566,826
  
WestRock Co.
    
77,549
      
3,273,343
  
Yamana Gold, Inc.
    
280,397
      
1,463,672
  
             
60,744,587
  
Real Estate—0.2%
                
Host Hotels & Resorts, Inc.*
    
125,070
      
1,754,732
  
Utilities—0.5%
                
CenterPoint Energy, Inc.
    
86,297
      
2,001,227
  
Vistra Energy Corp.
    
149,126
      
2,785,674
  
             
4,786,901
  
TOTAL COMMON STOCKS
                
(Cost $623,699,849)
            
887,991,136
  
WARRANTS—0.0%
                
Energy—0.0%
                
Vista Oil & Gas SAB de CV *‡
    
1,204,819
      
30,403
  
TOTAL WARRANTS
                
(Cost $0)
            
30,403
  
SHORT-TERM INVESTMENTS—0.1%
                
U.S. Bank Money Market Deposit Account, 0.03%(a)
    
472,560
      
472,560
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $472,560)
            
472,560
  
TOTAL LONG POSITIONS—96.8%
                
(Cost $624,172,409)
            
888,494,099
  
SECURITIES SOLD SHORT—(42.0%)
                
COMMON STOCKS—(42.0%)
                
Communication Services—-2.3%
                
Dentsu Group, Inc.
    
(72,500
)
    
(2,343,683
)
JCDecaux SA*
    
(103,489
)
    
(2,322,043
)
Lions Gate Entertainment Corp., Class A*
    
(218,827
)
    
(2,131,375
)
Meredith Corp.*
    
(155,386
)
    
(3,162,105
)
Pearson PLC
    
(412,985
)
    
(3,517,191
)
Sinclair Broadcast Group, Inc., Class A
    
(108,063
)
    
(2,945,797
)
Twitter, Inc.*
    
(37,697
)
    
(1,753,288
)
ViacomCBS, Inc., Class B
    
(92,929
)
    
(3,278,535
)
             
(21,454,017
)
Consumer Discretionary—-5.0%
                
CarMax, Inc.*
    
(27,057
)
    
(2,529,288
)
Carvana Co.*
    
(14,139
)
    
(3,537,719
)
Choice Hotels International, Inc.*
    
(31,273
)
    
(3,116,354
)
Floor & Decor Holdings, Inc., Class A*
    
(22,690
)
    
(1,817,242
)
GSX Techedu, Inc. - ADR*
    
(22,525
)
    
(1,448,132
)
LGI Homes, Inc.*
    
(42,214
)
    
(4,561,223
)
Monro Muffler Brake, Inc.
    
(37,043
)
    
(1,741,391
)
Papa John's International, Inc.
    
(16,955
)
    
(1,362,504
)
RH*
    
(4,558
)
    
(2,065,503
)
SeaWorld Entertainment, Inc.*
    
(110,886
)
    
(3,093,719
)
Service Corp. International
    
(56,642
)
    
(2,755,067
)
Stitch Fix, Inc., Class A*
    
(71,907
)
    
(2,912,234
)
Tesla Motors, Inc.*
    
(9,372
)
    
(5,319,547
)
Texas Roadhouse, Inc.*
    
(15,302
)
    
(1,159,892
)
Vail Resorts, Inc.
    
(10,397
)
    
(2,867,909
)
Whitbread PLC
    
(44,407
)
    
(1,780,107
)
Xinyi Glass Holdings Ltd.
    
(1,494,000
)
    
(3,350,582
)
             
(45,418,413
)
Consumer Staples—-3.2%
                
Beiersdorf AG
    
(20,414
)
    
(2,285,823
)
Beyond Meat, Inc.*
    
(17,699
)
    
(2,476,090
)
BJ's Wholesale Club Holdings, Inc.*
    
(31,864
)
    
(1,306,105
)
Cal-Maine Foods, Inc.*
    
(62,047
)
    
(2,427,899
)
Casey's General Stores, Inc.
    
(8,159
)
    
(1,482,327
)
Fevertree Drinks PLC
    
(85,826
)
    
(2,633,555
)
Hormel Foods Corp.
    
(48,654
)
    
(2,295,496
)
Japan Tobacco, Inc.
    
(81,600
)
    
(1,651,762
)
Kose Corp.
    
(17,600
)
    
(2,684,652
)
Kraft Heinz Co., (The)
    
(67,706
)
    
(2,230,236
)
Lamb Weston Holdings, Inc.
    
(35,869
)
    
(2,596,198
)
Molson Coors Brewing Co., Class B*
    
(45,540
)
    
(2,094,840
)
National Beverage Corp.
    
(23,263
)
    
(2,280,472
)
Rite Aid Corp.*
    
(84,357
)
    
(1,113,513
)
             
(29,558,968
)
Energy—-2.4%
                
ChampionX Corp.*
    
0
      
(4
)
Delek US Holdings, Inc.*
    
(79,107
)
    
(1,051,332
)
Equinor ASA - SP ADR
    
(140,219
)
    
(2,150,960
)
Equinor ASA
    
(180,298
)
    
(2,806,720
)
Hess Corp.
    
(73,895
)
    
(3,486,366
)
Oil Search Ltd.
    
(1,510,693
)
    
(3,990,755
)
Repsol SA
    
(398,854
)
    
(3,822,910
)
WPX Energy, Inc.*
    
(657,514
)
    
(4,681,500
)
             
(21,990,547
)
Financials—-8.8%
                
Bank of Hawaii Corp.
    
(82,206
)
    
(6,155,585
)
Commerce Bancshares, Inc.
    
(69,128
)
    
(4,559,683
)
Commonwealth Bank of Australia
    
(67,454
)
    
(3,911,701
)
Community Bank System, Inc.
    
(76,896
)
    
(4,786,776
)
Credit Acceptance Corp.*
    
(13,198
)
    
(3,939,339
)
Cullen/Frost Bankers, Inc.
    
(55,065
)
    
(4,620,504
)
CVB Financial Corp.
    
(211,453
)
    
(4,015,493
)
Deutsche Bank AG*
    
(427,477
)
    
(4,739,139
)
First Financial Bankshares, Inc.
    
(153,777
)
    
(5,139,227
)
Franklin Resources, Inc.
    
(153,937
)
    
(3,385,075
)
Glacier Bancorp, Inc.
    
(116,146
)
    
(4,735,273
)
Hamilton Lane, Inc., Class A
    
(41,759
)
    
(2,918,119
)
Hang Seng Bank Ltd.
    
(258,000
)
    
(4,485,632
)
Independent Bank Corp.
    
(80,119
)
    
(5,419,249
)
M&T Bank Corp.
    
(41,292
)
    
(4,810,105
)
RLI Corp.
    
(24,546
)
    
(2,349,789
)
Trustmark Corp.
    
(155,545
)
    
(3,860,627
)
Westamerica Bancorporation
    
(74,751
)
    
(4,120,275
)
WisdomTree Investments, Inc.
    
(581,842
)
    
(2,490,284
)
             
(80,441,875
)
Health Care—-3.0%
                
Allogene Therapeutics, Inc.*
    
(61,355
)
    
(1,905,073
)
American Well Corp., Class A*
    
(46,402
)
    
(1,231,509
)
Glaukos Corp.*
    
(57,993
)
    
(3,913,368
)
Global Blood Therapeutics, Inc.*
    
(19,800
)
    
(909,018
)
GoodRx Holdings, Inc., Class A*
    
(49,739
)
    
(1,875,160
)
GW Pharmaceuticals PLC - ADR*
    
(15,070
)
    
(2,111,006
)
Inovalon Holdings, Inc., Class A*
    
(108,256
)
    
(2,021,139
)
Moderna, Inc.*
    
(35,509
)
    
(5,423,645
)
NGM Biopharmaceuticals, Inc.*
    
(63,769
)
    
(1,511,325
)
Royalty Pharma PLC, Class A
    
(51,235
)
    
(2,182,611
)
Sage Therapeutics, Inc.*
    
(19,937
)
    
(1,477,132
)
Siemens Healthineers AG
    
(27,627
)
    
(1,269,977
)
SmileDirectClub, Inc.*
    
(168,214
)
    
(2,069,032
)
             
(27,899,995
)
Industrials—-5.6%
                
AO Smith Corp.
    
(22,456
)
    
(1,264,497
)
BrightView Holdings, Inc.*
    
(190,895
)
    
(2,603,808
)
Cubic Corp.
    
(53,440
)
    
(3,129,447
)
Dun & Bradstreet Holdings, Inc.*
    
(85,700
)
    
(2,297,617
)
Elbit Systems Ltd.
    
(15,852
)
    
(2,030,375
)
Healthcare Services Group, Inc.
    
(93,324
)
    
(2,208,979
)
Keio Corp.
    
(44,500
)
    
(3,156,006
)
Kennametal, Inc.
    
(47,805
)
    
(1,672,697
)
Komax Holding AG*
    
(10,076
)
    
(1,992,554
)
Lennox International, Inc.
    
(12,794
)
    
(3,682,497
)
Lindsay Corp.
    
(13,471
)
    
(1,560,211
)
NTN Corp.
    
(903,000
)
    
(1,879,740
)
Odakyu Electric Railway Co., Ltd.
    
(91,400
)
    
(2,766,817
)
Proto Labs, Inc.*
    
(35,874
)
    
(4,956,352
)
Rational AG
    
(3,765
)
    
(3,345,848
)
Spirit Airlines, Inc.*
    
(128,110
)
    
(2,899,129
)
TOTO Ltd.
    
(57,000
)
    
(3,223,459
)
Trex Co., Inc.*
    
(46,471
)
    
(3,476,960
)
Trinity Industries, Inc.
    
(61,100
)
    
(1,396,135
)
Xylem, Inc.
    
(20,092
)
    
(1,928,229
)
             
(51,471,357
)
Information Technology—-5.1%
                
Altair Engineering, Inc., Class A*
    
(68,891
)
    
(3,713,225
)
Appian Corp.*
    
(35,097
)
    
(4,913,580
)
Blackline, Inc.*
    
(30,090
)
    
(3,698,061
)
Brooks Automation, Inc.
    
(14,264
)
    
(1,041,129
)
Ceridian HCM Holding, Inc.*
    
(24,779
)
    
(2,389,191
)
Cognex Corp.
    
(19,918
)
    
(1,496,639
)
Cree, Inc.*
    
(55,221
)
    
(4,991,426
)
Guidewire Software, Inc.*
    
(33,252
)
    
(4,072,705
)
Jack Henry & Associates, Inc.
    
(11,472
)
    
(1,845,386
)
Landis+Gyr Group AG*
    
(30,857
)
    
(2,222,114
)
MongoDB, Inc.*
    
(10,246
)
    
(2,943,778
)
Q2 Holdings, Inc.*
    
(36,327
)
    
(4,118,392
)
Shopify, Inc., Class A*
    
(1,674
)
    
(1,825,296
)
Slack Technologies, Inc., Class A*
    
(112,200
)
    
(4,811,136
)
Western Union Co., (The)
    
(110,696
)
    
(2,497,302
)
             
(46,579,360
)
Materials—-6.0%
                
Agnico Eagle Mines Ltd.
    
(79,142
)
    
(5,213,084
)
Albemarle Corp.
    
(32,294
)
    
(4,391,015
)
Amcor PLC
    
(253,161
)
    
(2,868,314
)
Antofagasta PLC
    
(201,801
)
    
(3,332,357
)
BillerudKorsnas AB
    
(212,343
)
    
(3,412,378
)
Compass Minerals International, Inc.
    
(51,478
)
    
(3,215,316
)
Ecolab, Inc.
    
(18,468
)
    
(4,102,666
)
Ferro Corp.*
    
(171,885
)
    
(2,459,674
)
Greif, Inc., Class A
    
(53,905
)
    
(2,620,322
)
International Flavors & Fragrances, Inc.
    
(28,538
)
    
(3,199,110
)
Mitsubishi Chemical Holdings Corp.
    
(811,300
)
    
(4,466,494
)
Nippon Paper Industries Co., Ltd.
    
(297,600
)
    
(3,203,458
)
Quaker Chemical Corp.
    
(13,894
)
    
(3,431,818
)
Tokai Carbon Co., Ltd.
    
(303,500
)
    
(3,330,512
)
Umicore SA
    
(75,682
)
    
(3,394,885
)
Wacker Chemie AG
    
(20,835
)
    
(2,608,726
)
             
(55,250,129
)
Real Estate—-0.6%
                
Iron Mountain, Inc.
    
(80,441
)
    
(2,212,127
)
KE Holdings, Inc. - ADR*
    
(18,448
)
    
(1,205,208
)
Public Storage
    
(7,817
)
    
(1,754,604
)
             
(5,171,939
)
TOTAL COMMON STOCKS
                
(Proceeds $(336,419,750))
            
(385,236,600
)
TOTAL SECURITIES SOLD SHORT—(42.0%)
                
(Proceeds $(336,419,750))
            
(385,236,600
)
OTHER ASSETS IN EXCESS OF LIABILITIES—45.2%
            
414,746,484
  
NET ASSETS—100.0%
          
$
918,003,983
  

ADR
American Depositary Receipt
          
PLC
Public Limited Company
          
SP ADR
Sponsored American Depositary Receipt
          
*
Non-income producing.
          
(a)
The rate shown is as of November 30, 2020.
          
†
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 November 30, 2020, these securities amounted to $30,403 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, 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
  
9/18/2025
  
0.15%
  
Monthly
  
                     165,757
   $
 2,086,881
   $
111,458
Total Long
                        
                 2,086,881
    
                    112,458
                                 
Short
                                
China
                                
Semiconductor Manufacturing
  
Goldman Sachs
  
9/18/2025
  
0.04
  
Monthly
  
                   (522,600)
   $
(1,459,711)
   $
                             84,082
                         
 
    
 
Saudi Arabia
                                
Saudi Arabian Oil Co.
  
Goldman Sachs
  
9/18/2025
  
0.08
  
Monthly
  
                   (646,475)
    
               (6,205,167)
    
                  (147,571)
                         
 
    
 
South Korea
                                
Sillajen, Inc.
  
Goldman Sachs
  
9/18/2025
  
0.08
  
Monthly
  
                   (307,496)
    
               (3,372,186)
    
                    (23,444)
                         
 
    
 
Taiwan
                                
Formosa Petrochemical Corp.
  
Macquarie
  
12/23/2021
  
0.08
  
Monthly
  
                (1,034,000)
    
               (3,283,116)
    
                      72,479
                         
 
    
 
Thailand
                                
Thai Oil PCL
  
Morgan Stanley
  
9/22/2022
  
0.00
  
Monthly
  
                (2,202,300)
    
               (3,458,157)
    
                      79,359
                         
 
    
 
United States
                                
Inovio Pharmaceuticals, Inc.
  
Morgan Stanley
  
9/22/2022
  
0.00
  
Monthly
  
                     (76,634)
    
                  (936,467)
    
                    (39,850)
Total Short
                        
             (18,714,804)
    
                      25,055
Net unrealized gain/(loss) on Contracts For Difference
                             $
                          137,513

 
BOSTON PARTNERS INVESTMENT FUNDS
BOSTON PARTNERS LONG/SHORT RESEARCH FUND
NOTES TO PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 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 November 30, 2020, in valuing the Fund's investments carried at fair value:

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Common Stock
                        
Communication Services
  
$
79,283,900
    
$
79,283,900
    
$
-
    
$
-
  
Consumer Discretionary
    
113,888,531
      
97,653,878
      
16,234,653
      
-
  
Consumer Staples
    
63,978,026
      
51,085,357
      
12,892,669
      
-
  
Energy
    
65,348,911
      
65,348,911
      
-
      
-
  
Financials
    
139,438,098
      
117,341,046
      
22,097,052
      
-
  
Health Care
    
112,956,505
      
104,775,749
      
8,180,756
      
-
  
Industrials
    
120,347,192
      
114,400,977
      
5,946,215
      
-
  
Information Technology
    
125,463,753
      
107,966,482
      
17,497,271
      
-
  
Materials
    
60,744,587
      
56,801,630
      
3,942,957
      
-
  
Real Estate
    
1,754,732
      
1,754,732
      
-
      
-
  
Utilities
    
4,786,901
      
4,786,901
      
-
      
-
  
Warrants
    
30,403
      
-
      
-
      
30,403
  
Short-Term Investments
    
472,560
      
472,560
      
-
      
-
  
Contracts For Difference
                                
Equity Contracts
    
348,378
      
348,378
      
-
      
-
  
Total Assets
  
$
888,842,477
    
$
802,020,501
    
$
86,791,573
    
$
30,403
  
                                 
   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Securities Sold Short
                                
Communication Services
  
$
(21,454,017
)
  
$
(13,271,100
)
  
$
(8,182,917
)
  
$
-
  
Consumer Discretionary
    
(45,418,413
)
    
(40,287,724
)
    
(5,130,689
)
    
-
  
Consumer Staples
    
(29,558,968
)
    
(20,303,176
)
    
(9,255,792
)
    
-
  
Energy
    
(21,990,547
)
    
(11,370,162
)
    
(10,620,385
)
    
-
  
Financials
    
(80,441,875
)
    
(67,305,403
)
    
(13,136,472
)
    
-
  
Health Care
    
(27,899,995
)
    
(26,630,018
)
    
(1,269,977
)
    
-
  
Industrials
    
(51,471,357
)
    
(36,422,406
)
    
(15,048,951
)
    
-
  
Information Technology
    
(46,579,360
)
    
(44,357,246
)
    
(2,222,114
)
    
-
  
Materials
    
(55,250,129
)
    
(31,501,319
)
    
(23,748,810
)
    
-
  
Real Estate
    
(5,171,939
)
    
(5,171,939
)
    
-
      
-
  
Contracts For Difference
                                
Equity Contracts
    
(210,865
)
    
(187,421
)
    
(23,444
)
    
-
  
Total Liabilities
  
$
(385,447,465
)
  
$
(296,807,914
)
  
$
(88,639,551
)
  
$
-
  

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and  the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.
 
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.
 
For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period.  A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all Level 3 transfers are disclosed if the Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the period ended November 30, 2020, the Fund had no significant Level 3 transfers.
    
         
For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.