NPORT-EX 2 bpgloballs.htm NPORT-EX

BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS GLOBAL LONG/SHORT FUND
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2022 (UNAUDITED)
  
   
   
NUMBER OF
          
   
SHARES
      
VALUE
  
LONG POSITIONS—102.1%
              
COMMON STOCKS—86.5%
              
Austria—0.6%
              
Andritz AG
    
15,630
      
$
855,387
  
Bermuda—2.9%
                  
Everest Re Group Ltd.†#
    
8,450
        
2,855,593
  
Frontline Ltd.
    
105,255
        
1,455,677
  
               
4,311,270
  
Canada—7.7%
                  
Cenovus Energy, Inc.
    
304,443
        
6,054,232
  
Kinross Gold Corp.
    
404,397
        
1,671,522
  
Suncor Energy, Inc.
    
63,650
        
2,092,881
  
Yamana Gold, Inc.
    
303,148
        
1,655,188
  
               
11,473,823
  
China—1.5%
                  
Alibaba Group Holding Ltd.*
    
202,800
        
2,207,106
  
Denmark—1.2%
                  
DSV A/S
    
11,341
        
1,814,484
  
Finland—1.3%
                  
Nordea Bank Abp
    
180,598
        
1,897,906
  
France—5.4%
                  
Capgemini SE
    
6,552
        
1,184,590
  
Imerys SA
    
39,806
        
1,581,484
  
Rexel SA*
    
129,182
        
2,373,900
  
Sanofi
    
24,854
        
2,245,054
  
Societe BIC SA
    
10,616
        
701,329
  
               
8,086,357
  
Germany—2.8%
                  
Brenntag SE
    
10,839
        
689,157
  
Daimler Truck Holding AG*
    
47,659
        
1,570,974
  
Siemens AG
    
13,444
        
1,864,487
  
               
4,124,618
  
India—1.0%
                  
HDFC Bank Ltd. - ADR†
    
20,862
        
1,472,231
  
Ireland—2.0%
                  
Flutter Entertainment PLC*
    
11,321
        
1,685,676
  
ICON PLC*
    
6,134
        
1,321,509
  
               
3,007,185
  
Israel—1.1%
                  
Check Point Software Technologies Ltd.*
    
12,398
        
1,646,826
  
Japan—8.2%
                  
Fuji Corp.
    
97,100
        
1,481,489
  
Honda Motor Co., Ltd.
    
28,300
        
689,716
  
IHI Corp.
    
75,500
        
2,083,534
  
Komatsu Ltd.
    
57,000
        
1,324,254
  
Renesas Electronics Corp.*
    
310,200
        
3,042,351
  
Sony Group Corp.
    
22,300
        
1,847,336
  
Subaru Corp.
    
105,200
        
1,801,851
  
               
12,270,531
  
Netherlands—2.9%
                  
Aalberts NV
    
36,619
        
1,463,132
  
Stellantis NV
    
184,209
        
2,899,318
  
               
4,362,450
  
Norway—0.9%
                  
Norsk Hydro ASA
    
177,627
        
1,337,553
  
South Korea—0.5%
                  
Hana Financial Group, Inc.
    
21,724
        
743,005
  
Spain—0.1%
                  
Ence Energia y Celulosa SA
    
62,143
        
205,882
  
Sweden—1.6%
                  
Svenska Handelsbanken AB, Class A
    
229,840
        
2,334,680
  
Switzerland—7.0%
                  
Glencore PLC*
    
836,895
        
5,711,092
  
Novartis AG
    
13,793
        
1,226,950
  
STMicroelectronics NV
    
60,727
        
2,350,565
  
Swiss Re AG
    
12,035
        
1,078,660
  
               
10,367,267
  
United Kingdom—4.9%
                  
Coca-Cola Europacific Partners PLC†
    
20,454
        
1,085,903
  
Endeavour Mining PLC
    
45,724
        
970,464
  
Ferroglobe PLC*†
    
197,483
        
914,346
  
IMI PLC
    
153,625
        
2,526,493
  
nVent Electric PLC
    
44,362
        
1,774,924
  
               
7,272,130
  
United States—32.9%
                  
AbbVie, Inc.†
    
10,424
        
1,680,140
  
AGCO Corp.†
    
11,531
        
1,530,394
  
Alphabet, Inc., Class C*†#
    
27,515
        
2,791,397
  
Applied Materials, Inc.†
    
8,939
        
979,714
  
AutoZone, Inc.*#
    
483
        
1,245,657
  
Bank of America Corp.†
    
48,502
        
1,835,801
  
Booking Holdings, Inc.*
    
1,235
        
2,568,121
  
Centene Corp.*†
    
42,030
        
3,658,711
  
Cigna Corp.†
    
9,326
        
3,067,228
  
Cisco Systems, Inc.†
    
44,411
        
2,208,115
  
Concentrix Corp.†
    
19,321
        
2,364,504
  
CVS Health Corp.†
    
26,874
        
2,737,923
  
Diamondback Energy, Inc.†#
    
9,987
        
1,478,276
  
FleetCor Technologies, Inc.*
    
7,439
        
1,459,532
  
FMC Corp.†
    
6,967
        
910,169
  
JPMorgan Chase & Co.†
    
10,465
        
1,446,054
  
Lennar Corp., Class A†#
    
14,143
        
1,242,180
  
Micron Technology, Inc.†#
    
14,418
        
831,198
  
Oracle Corp.†#
    
41,436
        
3,440,431
  
Ovintiv, Inc.
    
43,036
        
2,393,751
  
ProFrac Holding Corp., Class A*†
    
48,403
        
1,141,343
  
ProPetro Holding Corp.*†
    
96,489
        
1,059,449
  
QUALCOMM, Inc.†
    
8,930
        
1,129,556
  
StoneX Group, Inc.*†
    
3,957
        
401,517
  
US Foods Holding Corp.*†
    
33,147
        
1,212,517
  
Virtu Financial, Inc., Class A†
    
36,188
        
802,650
  
Wells Fargo & Co.†#
    
71,911
        
3,448,132
  
Zimvie, Inc.*
    
1,642
        
14,679
  
               
49,079,139
  
TOTAL COMMON STOCKS
                  
(Cost $110,090,789)
              
128,869,830
  
                   
                   
SHORT-TERM INVESTMENTS—15.6%
                  
Tri-State Deposit, 3.20%(a)
    
12,286,761
        
12,286,761
  
U.S. Bank Money Market Deposit Account, 3.50%(a)
    
10,962,282
        
10,962,282
  
TOTAL SHORT-TERM INVESTMENTS
                  
(Cost $23,249,043)
              
23,249,043
  
TOTAL LONG POSITIONS—102.1%
                  
(Cost $133,339,832)
              
152,118,873
  
SECURITIES SOLD SHORT—(41.1%)
                  
COMMON STOCKS—(41.1%)
                  
Australia—(1.5%)
                  
Commonwealth Bank of Australia
    
(7,239
)
      
(533,493
)
Fortescue Metals Group Ltd.
    
(88,714
)
      
(1,180,752
)
WiseTech Global Ltd.
    
(11,684
)
      
(467,193
)
               
(2,181,438
)
Belgium—(0.7%)
                  
Melexis NV
    
(5,391
)
      
(474,995
)
Umicore SA
    
(14,882
)
      
(537,084
)
               
(1,012,079
)
Bermuda—(0.5%)
                  
Triton International Ltd.
    
(10,272
)
      
(693,052
)
Canada—(0.3%)
                  
Nutrien Ltd.
    
(5,255
)
      
(422,502
)
China—(0.3%)
                  
Yum China Holdings, Inc.
    
(9,159
)
      
(504,844
)
Denmark—(0.2%)
                  
Ambu A/S, Class B
    
(26,661
)
      
(338,235
)
Finland—(1.2%)
                  
Neste Oyj
    
(15,508
)
      
(800,473
)
Valmet Oyj
    
(35,854
)
      
(926,782
)
               
(1,727,255
)
France—(1.5%)
                  
Aeroports de Paris*
    
(5,975
)
      
(920,976
)
Sartorius Stedim Biotech
    
(1,984
)
      
(677,149
)
Unibail-Rodamco-Westfield*
    
(11,177
)
      
(602,453
)
               
(2,200,578
)
Germany—(0.7%)
                  
Deutsche Bank AG
    
(45,454
)
      
(483,102
)
Varta AG
    
(17,921
)
      
(529,557
)
               
(1,012,659
)
Ireland—(0.5%)
                  
Trane Technologies PLC
    
(4,653
)
      
(830,188
)
Japan—(4.5%)
                  
Aeon Co., Ltd.
    
(18,900
)
      
(390,053
)
Hirose Electric Co., Ltd.
    
(3,000
)
      
(401,513
)
Kikkoman Corp.
    
(12,100
)
      
(685,333
)
Lasertec Corp.
    
(6,300
)
      
(1,187,563
)
Mitsui Chemicals, Inc.
    
(30,000
)
      
(682,861
)
Murata Manufacturing Co., Ltd.
    
(12,000
)
      
(658,239
)
Musashi Seimitsu Industry Co., Ltd.
    
(51,200
)
      
(667,517
)
Nidec Corp.
    
(4,300
)
      
(270,782
)
Nippon Paper Industries Co., Ltd.
    
(98,100
)
      
(689,581
)
Nomura Real Estate Master Fund, Inc.
    
(547
)
      
(685,891
)
Rakuten Group, Inc.
    
(89,900
)
      
(431,931
)
               
(6,751,264
)
Netherlands—(0.3%)
                  
Universal Music Group NV
    
(18,367
)
      
(436,783
)
New Zealand—(0.3%)
                  
Xero Ltd.*
    
(10,522
)
      
(522,893
)
Spain—(0.3%)
                  
Grifols SA*
    
(37,706
)
      
(403,983
)
Sweden—(1.7%)
                  
Autoliv, Inc.
    
(10,567
)
      
(934,123
)
Epiroc AB*
    
(24,154
)
      
(465,109
)
Nibe Industrier AB*
    
(52,393
)
      
(494,641
)
Telia Co., AB
    
(245,594
)
      
(671,140
)
               
(2,565,013
)
Switzerland—(3.2%)
                  
Bucher Industries AG
    
(1,473
)
      
(582,446
)
Credit Suisse Group AG*
    
(86,832
)
      
(265,599
)
EMS-Chemie Holding AG
    
(782
)
      
(544,862
)
Idorsia Ltd.*
    
(34,634
)
      
(513,511
)
Kardex Holding AG
    
(6,433
)
      
(1,066,365
)
Kuehne + Nagel International AG
    
(4,635
)
      
(1,126,024
)
VAT Group AG*
    
(2,294
)
      
(642,950
)
               
(4,741,757
)
United Kingdom—(0.6%)
                  
Farfetch Ltd., Class A*
    
(32,894
)
      
(279,599
)
Haleon PLC - ADR*
    
(90,912
)
      
(626,384
)
               
(905,983
)
United States—(22.8%)
                  
Affirm Holdings, Inc.*
    
(12,577
)
      
(175,072
)
Allegro MicroSystems, Inc.*
    
(15,817
)
      
(492,541
)
Ameresco, Inc., Class A*
    
(12,187
)
      
(798,492
)
Appfolio, Inc., Class A*
    
(5,203
)
      
(593,610
)
AptarGroup, Inc.
    
(7,529
)
      
(799,128
)
Baker Hughes Co.
    
(29,371
)
      
(852,346
)
Ball Corp.
    
(14,614
)
      
(819,553
)
Cable One, Inc.
    
(359
)
      
(260,020
)
Central Garden & Pet Co., Class A*
    
(13,739
)
      
(536,783
)
Century Aluminum Co.*
    
(63,163
)
      
(569,099
)
CF Industries Holdings, Inc.
    
(3,522
)
      
(381,045
)
Chipotle Mexican Grill, Inc.*
    
(369
)
      
(600,348
)
Cincinnati Financial Corp.
    
(10,034
)
      
(1,113,373
)
Coinbase Global, Inc., Class A*
    
(10,432
)
      
(477,055
)
Credit Acceptance Corp.*
    
(1,498
)
      
(709,992
)
Cullen/Frost Bankers, Inc.
    
(5,888
)
      
(854,172
)
Doximity, Inc., Class A*
    
(9,147
)
      
(310,907
)
Exact Sciences Corp.*
    
(8,300
)
      
(373,085
)
First Financial Bankshares, Inc.
    
(17,463
)
      
(645,258
)
Floor & Decor Holdings, Inc., Class A*
    
(11,008
)
      
(821,527
)
General Electric Co.
    
(5,040
)
      
(433,289
)
Goosehead Insurance, Inc., Class A*
    
(4,467
)
      
(181,405
)
Greif, Inc., Class A
    
(4,151
)
      
(291,857
)
Hayward Holdings, Inc.*
    
(41,026
)
      
(391,798
)
Hess Corp.
    
(5,146
)
      
(740,561
)
Hormel Foods Corp.
    
(10,723
)
      
(503,981
)
Huntsman Corp.
    
(20,332
)
      
(564,823
)
iHeartMedia, Inc., Class A*
    
(86,913
)
      
(698,781
)
Lightwave Logic, Inc.*
    
(41,212
)
      
(326,811
)
Lowe's Cos., Inc.
    
(2,633
)
      
(559,644
)
Lucid Group, Inc.*
    
(37,813
)
      
(383,424
)
Mattel, Inc.*
    
(30,158
)
      
(549,780
)
McCormick & Co., Inc.
    
(12,008
)
      
(1,022,841
)
Mercury Systems, Inc.*
    
(4,992
)
      
(253,693
)
Mosaic Co., (The)
    
(8,402
)
      
(431,023
)
National Beverage Corp.
    
(10,841
)
      
(558,637
)
NOV, Inc.
    
(37,689
)
      
(846,495
)
Palantir Technologies, Inc., Class A*
    
(62,853
)
      
(471,398
)
Permian Resources Corp.
    
(63,529
)
      
(645,455
)
Portillo's, Inc., Class A*
    
(24,110
)
      
(486,781
)
PureCycle Technologies, Inc.*
    
(42,634
)
      
(295,880
)
Saia, Inc.*
    
(1,887
)
      
(459,654
)
Selective Insurance Group, Inc.
    
(5,187
)
      
(498,574
)
Southern Copper Corp.
    
(9,263
)
      
(565,228
)
Steel Dynamics, Inc.
    
(5,668
)
      
(589,075
)
Summit Materials, Inc., Class A*
    
(19,748
)
      
(598,167
)
T Rowe Price Group, Inc.
    
(16,908
)
      
(2,111,978
)
Tandem Diabetes Care, Inc.*
    
(9,176
)
      
(385,851
)
Tesla, Inc.*
    
(7,137
)
      
(1,389,574
)
Trupanion, Inc.*
    
(6,314
)
      
(330,033
)
Vertiv Holdings Co.
    
(35,263
)
      
(488,393
)
Warner Music Group Corp., Class A
    
(11,381
)
      
(390,027
)
Watsco, Inc.
    
(2,982
)
      
(802,098
)
WD-40 Co.
    
(3,274
)
      
(548,395
)
West Pharmaceutical Services, Inc.
    
(2,293
)
      
(538,075
)
Williams-Sonoma, Inc.
    
(3,181
)
      
(371,859
)
Wingstop, Inc.
    
(4,267
)
      
(706,231
)
Wolfspeed, Inc.*
    
(3,516
)
      
(319,675
)
               
(33,914,650
)
TOTAL COMMON STOCKS
                  
(Proceeds $(61,951,285))
              
(61,165,156
)
TOTAL SECURITIES SOLD SHORT—(41.1%)
                  
(Proceeds $(61,951,285))
              
(61,165,156
)
   
NUMBER OF
  
NOTIONAL
        
   
CONTRACTS
  
AMOUNT
        
OPTIONS WRITTEN ††—(1.0%)
                  
Call Options Written—(1.0%)
                  
Alphabet, Inc.
                  
Expiration:
                  
01/20/2023,
                  
Exercise Price:
                  
90.00
    
(250
)
(2,536,250)
    
(311,250
)
AutoZone, Inc.
                  
Expiration:
                  
03/17/2023,
                  
Exercise Price:
                  
2,300.00
    
(3
)
(773,700)
    
(112,665
)
Diamondback Energy, Inc.
                  
Expiration:
                  
03/17/2023,
                  
Exercise Price:
                  
158.49
    
(77
)
(1,139,754)
    
(70,070
)
Everest Re Group Ltd.
                  
Expiration:
                  
04/21/2023,
                  
Exercise Price:
                  
310.00
    
(44
)
(1,486,936)
    
(185,460
)
Lennar Corp.
                  
Expiration:
                  
06/16/2023,
                  
Exercise Price:
                  
80.00
    
(89
)
(781,687)
    
(134,390
)
Micron Technology, Inc.
                  
Expiration:
                  
03/17/2023,
                  
Exercise Price:
                  
50.00
    
(136
)
(784,040)
    
(134,640
)
Oracle Corp.
                  
Expiration:
                  
03/17/2023,
                  
Exercise Price:
                  
70.00
    
(392
)
(3,254,776)
    
(542,920
)
Wells Fargo & Co.
                  
Expiration:
                  
01/20/2023,
                  
Exercise Price:
                  
40.00
    
(67
)
(321,265)
    
(56,280
)
TOTAL CALL OPTIONS WRITTEN
                  
(Premiums received $(1,436,386))
              
(1,547,675
)
TOTAL OPTIONS WRITTEN
                  
(Premiums received $(1,436,386))
              
(1,547,675
)
OTHER ASSETS IN EXCESS OF LIABILITIES—40.0%
              
59,518,656
  
NET ASSETS—100.0%
             
$
148,924,698
  

ADR
American Depositary Receipt
PLC
Public Limited Company
*
Non-income producing.
(a)
The rate shown is as of November 30, 2022.
†
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.
††
Primary risk exposure is equity contracts.


Contracts For Difference held by the Fund at November 30, 2022, are as follows:
                    
                                   
REFERENCE
COMPANY
  
COUNTERPARTY
  
EXPIRATION
DATE
  
FINANCING
RATE
  
PAYMENT FREQUENCY
  
NUMBER OF CONTRACTS LONG/(SHORT)
    
NOTIONAL
AMOUNT
    
UNREALIZED
APPRECIATION
(DEPRECIATION)
  
Long
                                  
Ireland
                                  
CRH PLC
  
Goldman Sachs
  
09/16/2025
  
2.93%
  
Monthly
  
86,459
   $
          3,430,954
  
$
              (88,629)
  
United Kingdom
                                  
AstraZeneca PLC
  
Morgan Stanley
  
09/19/2023
  
0.00
  
Monthly
  
12,445
    
            1,674,833
    
                  51,488
  
CVS Group PLC
  
Morgan Stanley
  
09/19/2023
  
0.00
  
Monthly
  
32,736
    
               797,785
    
                  10,004
  
Future PLC
  
Morgan Stanley
  
09/19/2023
  
0.00
  
Monthly
  
81,838
    
            1,385,831
    
              (145,907)
  
Informa PLC
  
Goldman Sachs
  
09/16/2025
  
2.93
  
Monthly
  
85,086
    
               629,864
    
                  27,804
  
WH Smith PLC
  
Goldman Sachs
  
09/16/2025
  
2.93
  
Monthly
  
72,738
    
            1,238,746
    
                       374
  
                         
            5,727,059
    
                (56,237)
  
Total Long
                        
            9,158,013
    
              (144,866)
  
                                   
Short
                                  
Brazil
                                  
KLABIN SA - UNIT
  
Morgan Stanley
  
09/18/2023
  
0.00
  
Monthly
  
(3,800)
   $
             (14,382)
   $
                     219
  
KLABIN SA - UNIT
  
Morgan Stanley
  
09/19/2023
  
0.00
  
Monthly
  
(95,000)
    
             (359,544)
    
                  51,758
  
Suzano SA
  
Morgan Stanley
  
09/16/2025
  
3.83
  
Monthly
  
(1,600)
    
               (16,292)
    
                       235
  
Suzano SA
  
Morgan Stanley
  
09/19/2023
  
3.83
  
Monthly
  
(39,200)
    
             (399,150)
    
                  31,290
  
                         
             (789,368)
    
                  83,502
  
Japan
                                  
Trend Micro, Inc.
  
Morgan Stanley
  
09/16/2025
  
-0.08
  
Monthly
  
(600)
    
               (29,705)
    
                           –
  
Trend Micro, Inc.
  
Morgan Stanley
  
09/19/2023
  
-0.08
  
Monthly
  
(13,800)
    
             (680,556)
    
                  17,847
  
                         
             (710,261)
    
                  17,847
  
Taiwan
                                  
Advantech Co., Ltd.
  
Goldman Sachs
  
09/16/2025
  
3.83
  
Monthly
  
(71,000)
    
             (765,009)
    
                (25,187)
  
Airtac International Group
  
Goldman Sachs
  
09/16/2025
  
3.83
  
Monthly
  
(21,000)
    
             (642,119)
    
                (25,989)
  
Compal Electronics, Inc.
  
Goldman Sachs
  
09/16/2025
  
3.83
  
Monthly
  
(928,000)
    
             (650,085)
    
                    5,856
  
Formosa Petrochemical Corp.
  
Goldman Sachs
  
09/16/2025
  
3.83
  
Monthly
  
(216,000)
    
             (591,273)
    
                    6,374
  
Formosa Petrochemical Corp.
  
Macquarie
  
09/19/2023
  
3.08
  
Monthly
  
(93,000)
    
             (254,576)
    
                    2,986
  
Formosa Plastics Corp.
  
Goldman Sachs
  
09/16/2025
  
0.00
  
Monthly
  
(247,000)
    
             (720,888)
    
                (15,792)
  
Nan Ya Plastics Corp.
  
Goldman Sachs
  
09/16/2025
  
0.00
  
Monthly
  
(238,000)
    
             (592,199)
    
                (22,824)
  
Pan Jit International, Inc.
  
Goldman Sachs
  
09/16/2025
  
3.83
  
Monthly
  
(379,000)
    
             (773,807)
    
                (50,629)
  
SDI Corporation
  
Goldman Sachs
  
09/16/2025
  
3.83
  
Monthly
  
(93,000)
    
             (312,954)
    
                (10,721)
  
                         
          (5,302,910)
    
              (135,925)
  
United Kingdom
                                  
Antofagasta PLC
  
Goldman Sachs
  
09/18/2025
  
2.93
  
Monthly
  
(97,143)
    
          (1,649,101)
    
                (10,109)
  
Ashmore Group PLC
  
Goldman Sachs
  
09/16/2025
  
2.93
  
Monthly
  
(330,217)
    
             (899,470)
    
                  75,923
  
Associated British Foods PLC
  
Goldman Sachs
  
09/16/2025
  
2.93
  
Monthly
  
(31,991)
    
             (609,591)
    
                  (8,611)
  
Dunelm Group PLC
  
Goldman Sachs
  
09/16/2025
  
2.93
  
Monthly
  
(64,874)
    
             (786,588)
    
                (25,840)
  
Next PLC
  
Morgan Stanley
  
09/16/2025
  
2.93
  
Monthly
  
(512)
    
               (36,038)
    
                     (444)
  
Next PLC
  
Morgan Stanley
  
09/19/2023
  
2.93
  
Monthly
  
(13,067)
    
             (919,745)
    
                (15,650)
  
Oxford Nanopore Technologies PLC
  
Morgan Stanley
  
09/16/2025
  
2.93
  
Monthly
  
(4,957)
    
               (15,295)
    
                       (67)
  
Oxford Nanopore Technologies PLC
  
Morgan Stanley
  
09/19/2023
  
2.93
  
Monthly
  
(126,501)
    
             (390,313)
    
                  35,477
  
Rolls-Royce Holdings PLC
  
Goldman Sachs
  
09/16/2025
  
2.93
  
Monthly
  
(654,220)
    
             (716,906)
    
                    1,626
  
Spectris PLC
  
Goldman Sachs
  
09/16/2025
  
2.93
  
Monthly
  
(17,947)
    
             (686,559)
    
                  11,796
  
Weir Group PLC, (The)
  
Morgan Stanley
  
09/16/2025
  
2.93
  
Monthly
  
(675)
    
               (14,412)
    
                       458
  
Weir Group PLC, (The)
  
Morgan Stanley
  
09/19/2023
  
2.93
  
Monthly
  
(17,217)
    
             (367,602)
    
                  (5,773)
  
                         
          (7,091,620)
    
                  58,785
  
United States
                                  
Adient PLC
  
Goldman Sachs
  
09/16/2025
  
3.83
  
Monthly
  
(22,639)
    
             (881,563)
    
                  25,805
  
Total Short
                        
        (14,775,722)
    
                  50,014
  
Net unrealized gain/(loss) on Contracts For Difference
                           $
              (94,851)
  
 

BOSTON PARTNERS INVESTMENT FUNDS
  
BOSTON PARTNERS GLOBAL LONG/SHORT FUND
  
NOTES TO PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2022 (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, 2022, in valuing the Fund's investments carried at fair value:
  

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Common Stock
                        
Austria
  
$
855,387
    
$
-
    
$
855,387
    
$
-
  
Bermuda
    
4,311,270
      
4,311,270
      
-
      
-
  
Canada
    
11,473,823
      
11,473,823
      
-
      
-
  
China
    
2,207,106
      
-
      
2,207,106
      
-
  
Denmark
    
1,814,484
      
-
      
1,814,484
      
-
  
Finland
    
1,897,906
      
-
      
1,897,906
      
-
  
France
    
8,086,357
      
-
      
8,086,357
      
-
  
Germany
    
4,124,618
      
-
      
4,124,618
      
-
  
India
    
1,472,231
      
1,472,231
      
-
      
-
  
Ireland
    
3,007,185
      
1,321,509
      
1,685,676
      
-
  
Israel
    
1,646,826
      
1,646,826
      
-
      
-
  
Japan
    
12,270,531
      
-
      
12,270,531
      
-
  
Netherlands
    
4,362,450
      
-
      
4,362,450
      
-
  
Norway
    
1,337,553
      
-
      
1,337,553
      
-
  
South Korea
    
743,005
      
-
      
743,005
      
-
  
Spain
    
205,882
      
-
      
205,882
      
-
  
Sweden
    
2,334,680
      
-
      
2,334,680
      
-
  
Switzerland
    
10,367,267
      
-
      
10,367,267
      
-
  
United Kingdom
    
7,272,130
      
4,745,637
      
2,526,493
      
-
  
United States
    
49,079,139
      
49,079,139
      
-
      
-
  
Short-Term Investments
    
23,249,043
      
10,962,282
      
12,286,761
      
-
  
Contracts For Difference
                                
     Equity Contracts
    
357,321
      
357,321
      
-
*
    
-
  
Total Assets
  
$
152,476,194
    
$
85,370,038
    
$
67,106,156
    
$
-
  
                                 
   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Securities Sold Short
                                
Australia
  
$
(2,181,438
)
  
$
-
    
$
(2,181,438
)
  
$
-
  
Belgium
    
(1,012,079
)
    
-
      
(1,012,079
)
    
-
  
Bermuda
    
(693,052
)
    
(693,052
)
    
-
      
-
  
Canada
    
(422,502
)
    
(422,502
)
    
-
      
-
  
China
    
(504,844
)
    
(504,844
)
    
-
      
-
  
Denmark
    
(338,235
)
    
-
      
(338,235
)
    
-
  
Finland
    
(1,727,255
)
    
-
      
(1,727,255
)
    
-
  
France
    
(2,200,578
)
    
-
      
(2,200,578
)
    
-
  
Germany
    
(1,012,659
)
    
-
      
(1,012,659
)
    
-
  
Ireland
    
(830,188
)
    
(830,188
)
    
-
      
-
  
Japan
    
(6,751,264
)
    
-
      
(6,751,264
)
    
-
  
Netherlands
    
(436,783
)
    
-
      
(436,783
)
    
-
  
New Zealand
    
(522,893
)
    
-
      
(522,893
)
    
-
  
Spain
    
(403,983
)
    
-
      
(403,983
)
    
-
  
Sweden
    
(2,565,013
)
    
(934,123
)
    
(1,630,890
)
    
-
  
Switzerland
    
(4,741,757
)
    
-
      
(4,741,757
)
    
-
  
United Kingdom
    
(905,983
)
    
(905,983
)
    
-
      
-
  
United States
    
(33,914,650
)
    
(33,914,650
)
    
-
      
-
  
Options Written
                                
     Equity Contracts
    
(1,547,675
)
    
(1,115,160
)
    
(432,515
)
    
-
  
Contracts For Difference
                                
     Equity Contracts
    
(452,172
)
    
(452,172
)
    
-
      
-
  
Total Liabilities
  
$
(63,165,003
)
  
$
(39,772,674
)
  
$
(23,392,329
)
  
$
-
  

* Value equals 0 as of the end of the reporting period.
          

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

For the period ended November 30, 2022, 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.