NPORT-EX 1 d779016dnportex.htm RBB FUND, INC RBB FUND, INC
BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS SMALL CAP VALUE FUND II
  
PORTFOLIO OF INVESTMENTS
  
MAY 31, 2019 (UNAUDITED)
  
   
   
NUMBER OF
        
   
SHARES
    
VALUE
  
COMMON STOCKS—97.1%
            
Basic Industries—7.3%
            
Ferro Corp.*(a)
    
99,894
    
$
1,352,565
  
Graphic Packaging Holding Co.(a)
    
689,150
      
8,958,950
  
Innophos Holdings, Inc.
    
75,992
      
2,020,627
  
Orion Engineered Carbons SA
    
138,363
      
2,432,422
  
Owens-Illinois, Inc.(a)
    
204,537
      
3,272,592
  
PQ Group Holdings, Inc.*
    
239,161
      
3,623,289
  
Schweitzer-Mauduit International, Inc.(a)
    
134,591
      
4,211,352
  
SunCoke Energy, Inc.*(a)
    
522,936
      
3,838,350
  
Valvoline, Inc.(a)
    
434,991
      
7,590,593
  
               
37,300,740
  
Capital Goods—9.4%
                
Aegion Corp.*(a)
    
119,676
      
1,723,334
  
BMC Stock Holdings, Inc.*(a)
    
143,037
      
2,865,031
  
Continental Building Products, Inc.*
    
76,350
      
1,742,307
  
Ferroglobe PLC
    
209,739
      
310,414
  
Ferroglobe Representation & Warranty Insurance*‡
    
276,005
      
0
  
Foundation Building Materials, Inc.*
    
112,267
      
1,703,090
  
Granite Construction, Inc.(a)
    
42,824
      
1,721,097
  
LCI Industries(a)
    
77,234
      
6,400,382
  
Minerals Technologies, Inc.
    
80,637
      
4,191,511
  
NN, Inc.(a)
    
116,958
      
906,425
  
Orion Group Holdings, Inc.*
    
262,088
      
647,357
  
Timken Co., (The)
    
81,210
      
3,574,052
  
Trinseo SA
    
72,865
      
2,684,347
  
Tutor Perini Corp.*(a)
    
150,689
      
2,191,018
  
WESCO International, Inc.*(a)
    
194,609
      
9,113,539
  
World Fuel Services Corp.
    
281,445
      
8,201,307
  
               
47,975,211
  
Communications—0.6%
                
AMC Networks, Inc. Class A*(a)
    
54,079
      
2,853,749
  
Consumer Durables—1.8%
                
frontdoor, Inc.*(a)
    
79,773
      
3,207,672
  
La-Z-Boy, Inc.(a)
    
47,974
      
1,544,283
  
Standard Motor Products, Inc.
    
36,914
      
1,564,415
  
Strattec Security Corp.
    
17,795
      
438,469
  
Tower International, Inc.
    
131,850
      
2,298,146
  
               
9,052,985
  
Consumer Non-Durables—4.4%
                
Energizer Holdings, Inc.(a)
    
173,595
      
7,103,507
  
Fresh Del Monte Produce, Inc.(a)
    
89,586
      
2,241,442
  
Skechers U.S.A., Inc. Class A*(a)
    
214,687
      
5,996,208
  
Steven Madden Ltd.(a)
    
140,513
      
4,251,923
  
Universal Corp.
    
57,297
      
3,238,427
  
               
22,831,507
  

Consumer Services—11.6%
                
ABM Industries, Inc.(a)
    
121,238
      
4,394,878
  
ACCO Brands Corp.(a)
    
318,657
      
2,342,129
  
ASGN, Inc.*
    
71,985
      
3,651,799
  
CBIZ, Inc.*
    
120,438
      
2,384,672
  
Civeo Corp.*
    
430,135
      
584,984
  
Ennis, Inc.(a)
    
48,025
      
889,423
  
Entercom Communications Corp. Class A(a)
    
276,894
      
1,603,216
  
FTI Consulting, Inc.*
    
75,421
      
6,329,330
  
Group 1 Automotive, Inc.
    
23,091
      
1,666,939
  
Huron Consulting Group, Inc.*
    
36,012
      
1,772,871
  
ICF International, Inc.
    
62,573
      
4,560,946
  
Lithia Motors, Inc. Class A(a)
    
102,996
      
11,756,993
  
MAXIMUS, Inc.
    
43,871
      
3,125,809
  
Navigant Consulting, Inc.(a)
    
130,678
      
2,874,916
  
PRA Group, Inc.*(a)
    
82,928
      
2,289,642
  
Tetra Tech, Inc.(a)
    
97,032
      
6,551,601
  
TravelCenters of America LLC*(a)
    
175,084
      
621,548
  
Viad Corp.
    
32,909
      
2,068,002
  
               
59,469,698
  
Energy—3.9%
                
Apergy Corp.*(a)
    
79,130
      
2,453,821
  
Cactus, Inc., Class A*(a)
    
95,988
      
3,124,409
  
Enerplus Corp.
    
473,986
      
3,450,618
  
Extraction Oil & Gas, Inc.*(a)
    
250,925
      
850,636
  
Forum Energy Technologies, Inc.*(a)
    
216,947
      
828,738
  
Jagged Peak Energy, Inc.*(a)
    
131,701
      
1,093,118
  
Key Energy Services, Inc.*(a)
    
115,533
      
196,406
  
Kosmos Energy Ltd.(a)
    
568,655
      
3,502,915
  
Nine Energy Service, Inc.*
    
139,245
      
2,353,241
  
ProPetro Holding Corp.*
    
110,469
      
2,145,308
  
               
19,999,210
  
Finance—33.5%
                
AIR LEASE Corp.(a)
    
288,441
      
10,383,876
  
AMERISAFE, Inc.
    
41,532
      
2,474,061
  
Ares Commercial Real Estate Corp.
    
107,891
      
1,583,840
  
Arlington Asset Investment Corp., Class A
    
181,953
      
1,217,266
  
Assured Guaranty Ltd.
    
274,118
      
11,203,203
  
Axis Capital Holdings Ltd.
    
35,912
      
2,139,637
  
BankUnited, Inc.
    
146,808
      
4,768,324
  
Boston Private Financial Holdings, Inc.
    
223,330
      
2,289,133
  
Cadence BanCorp(a)
    
204,352
      
3,780,512
  
CenterState Banks, Inc.
    
122,913
      
2,690,566
  
Columbia Banking System, Inc.(a)
    
48,009
      
1,601,100
  
Essent Group Ltd.*
    
176,912
      
8,306,018
  
Evercore, Inc., Class A
    
31,882
      
2,462,247
  
Federal Agricultural Mortgage Corp., Class C
    
50,658
      
3,466,527
  
First Citizens BancShares Inc., Class A
    
6,108
      
2,565,971
  
First Hawaiian, Inc.
    
287,016
      
7,143,828
  
First Merchants Corp.
    
82,473
      
2,742,227
  
First Midwest Bancorp Inc.(a)
    
101,356
      
1,975,428
  
FirstCash, Inc.
    
16,650
      
1,577,088
  
Flushing Financial Corp.
    
60,261
      
1,267,289
  
Gladstone Capital Corp.(a)
    
34,515
      
310,635
  

Global Indemnity Ltd. Class A
    
31,646
      
939,886
  
Greenhill & Co, Inc.
    
65,355
      
978,364
  
Hanmi Financial Corp.(a)
    
123,986
      
2,556,591
  
Hanover Insurance Group Inc., (The)
    
29,553
      
3,610,195
  
Heritage Financial Corp.(a)
    
77,564
      
2,179,548
  
Hope Bancorp, Inc.(a)
    
124,090
      
1,597,038
  
James River Group Holdings Ltd.
    
93,402
      
4,165,729
  
Luther Burbank Corp.
    
198,611
      
1,976,179
  
Merchants Bancorp(a)
    
87,535
      
1,593,137
  
National General Holdings Corp.
    
295,843
      
6,721,553
  
Navient Corp.(a)
    
625,404
      
8,155,268
  
Nelnet, Inc., Class A(a)
    
92,274
      
5,467,235
  
NMI Holdings, Inc. Class A*
    
132,485
      
3,611,541
  
Peapack Gladstone Financial Corp.
    
96,794
      
2,617,310
  
PennyMac Financial Services, Inc.
    
164,261
      
3,483,976
  
Preferred Bank(a)
    
48,731
      
2,132,956
  
ProAssurance Corp.(a)
    
76,389
      
2,866,115
  
Radian Group, Inc.
    
180,494
      
4,052,090
  
RBB Bancorp
    
67,672
      
1,252,609
  
Silvercrest Asset Management Group, Inc. Class A
    
254,506
      
3,397,655
  
SLM Corp.
    
1,206,890
      
11,477,524
  
South State Corp.(a)
    
13,774
      
907,569
  
State Auto Financial Corp.
    
50,500
      
1,726,595
  
Synovus Financial Corp.
    
47,255
      
1,510,270
  
Umpqua Holdings Corp.
    
88,128
      
1,407,404
  
Walker & Dunlop, Inc.
    
177,598
      
8,927,852
  
Washington Federal, Inc.(a)
    
64,396
      
2,032,982
  
White Mountains Insurance Group Ltd.
    
4,559
      
4,465,996
  
               
171,759,943
  
Health Care—3.5%
                
Chemed Corp.
    
9,339
      
3,062,632
  
ICON PLC*
    
28,798
      
4,076,645
  
LHC Group, Inc.*(a)
    
38,826
      
4,398,209
  
Patterson Cos., Inc.(a)
    
83,302
      
1,751,008
  
Syneos Health, Inc.*(a)
    
118,027
      
4,866,253
  
               
18,154,747
  
Real Estate Investment Trusts—8.0%
                
Blackstone Mortgage Trust, Inc. Class A(a)
    
187,246
      
6,602,294
  
Chatham Lodging Trust
    
118,594
      
2,258,030
  
Colony Capital, Inc.
    
295,486
      
1,533,572
  
Cousins Properties, Inc.
    
188,705
      
1,707,780
  
Front Yard Residential Corp.
    
58,187
      
665,659
  
Gladstone Commercial Corp.(a)
    
40,609
      
855,632
  
MFA Financial, Inc.
    
647,472
      
4,558,203
  
Redwood Trust, Inc.(a)
    
198,765
      
3,166,327
  
Retail Properties of America, Inc., Class A
    
212,505
      
2,526,684
  
Spirit Realty Capital, Inc.
    
40,899
      
1,744,751
  
Starwood Property Trust, Inc.
    
179,701
      
3,962,407
  
Two Harbors Investment Corp.(a)
    
939,766
      
11,483,941
  
               
41,065,280
  

Technology—12.3%
                
Bel Fuse, Inc., Class B(a)
    
128,294
      
2,216,920
  
Belden, Inc.(a)
    
91,752
      
4,697,702
  
Brooks Automation, Inc.(a)
    
189,242
      
6,716,199
  
Ciena Corp.*(a)
    
215,926
      
7,544,455
  
EnerSys
    
72,748
      
4,090,620
  
EVERTEC, Inc.
    
94,662
      
2,713,013
  
Insight Enterprises, Inc.*(a)
    
72,500
      
3,732,300
  
NCR Corp.*(a)
    
145,185
      
4,442,661
  
PC Connection, Inc.(a)
    
29,310
      
930,299
  
Science Applications International Corp.
    
51,691
      
3,966,767
  
SMART Global Holdings, Inc.*(a)
    
107,214
      
1,825,855
  
Sykes Enterprises, Inc.*(a)
    
158,806
      
3,932,037
  
SYNNEX Corp.(a)
    
79,568
      
6,899,341
  
TTEC Holdings, Inc.
    
157,452
      
6,247,695
  
Versum Materials, Inc.
    
58,455
      
3,001,664
  
               
62,957,528
  
Transportation—0.5%
                
Spirit Airlines, Inc.*(a)
    
55,262
      
2,546,473
  
Utilities—0.3%
                
Pure Cycle Corp.*
    
184,605
      
1,738,979
  
TOTAL COMMON STOCKS
                
(Cost $443,587,247)
            
497,706,050
  
                   
                   
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—33.1%
                
Mount Vernon Liquid Assets Portfolio, LLC, 2.54%(b)
    
170,021,585
      
170,021,585
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
                
(Cost $170,021,585)
            
170,021,585
  
SHORT-TERM INVESTMENTS—2.1%
                
Fidelity Investments Money Market Funds - Government Portfolio, Class I, 2.27%(b)
    
10,966,837
      
10,966,837
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $10,966,837)
            
10,966,837
  
TOTAL INVESTMENTS—132.3%
                
(Cost $624,575,669)
            
678,694,472
  
LIABILITIES IN EXCESS OF OTHER ASSETS—(32.3)%
            
(165,792,198
)
NET ASSETS—100.0%
          
$
512,902,274
  

                   
PLC
Public Limited Company
                
*
Non-income producing.
                
(a)
All or a portion of the security is on loan.  At May 31, 2019, the market value of securities on loan was $162,404,587.
                
(b)
Seven-day yield as of May 31, 2019.
                
‡
Security has been valued at fair market value using significant unobservable inputs as determined in good faith by or under the direction of The RBB Fund, Inc.’s Board of Directors. as of May 31, 2019, these securities amounted to $0 or 0.0% of net assets.
                
                   
  Industry classifications may be different than those used for compliance monitoring purposes.
               

               

The accompanying notes are an integral part of the portfolio of investments.
  


BOSTON PARTNERS INVESTMENT FUNDS
BOSTON PARTNERS SMALL CAP VALUE FUND II
NOTES TO PORTFOLIO OF INVESTMENTS
MAY 31, 2019 (UNAUDITED)
           
           
PORTFOLIO VALUATION — The Boston Partners Small Cap Value 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, 2019, in valuing the Fund's investments carried at fair value:
  
   
A summary of the inputs used to value the Fund's investments carried at fair value as of May 31, 2019 is as follows (see Notes to Portfolio of Investments):
  

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
    
INVESTMENTS MEASURED AT NET ASSET VALUE*
  
Common Stock
                              
Basic Industries
  
$
37,300,740
    
$
37,300,740
    
$
-
    
$
-
    
$
-
  
Capital Goods
    
47,975,211
      
47,975,211
      
-
      
-
**
    
-
  
Communications
    
2,853,749
      
2,853,749
      
-
      
-
      
-
  
Consumer Durables
    
9,052,985
      
9,052,985
      
-
      
-
      
-
  
Consumer Non-Durables
    
22,831,507
      
22,831,507
      
-
      
-
      
-
  
Consumer Services
    
59,469,698
      
59,469,698
      
-
      
-
      
-
  
Energy
    
19,999,210
      
19,999,210
      
-
      
-
      
-
  
Finance
    
171,759,943
      
171,759,943
      
-
      
-
      
-
  
Health Care
    
18,154,747
      
18,154,747
      
-
      
-
      
-
  
Real Estate Investment Trusts
    
41,065,280
      
41,065,280
      
-
      
-
      
-
  
Technology
    
62,957,528
      
62,957,528
      
-
      
-
      
-
  
Transportation
    
2,546,473
      
2,546,473
      
-
      
-
      
-
  
Utilities
    
1,738,979
      
1,738,979
      
-
      
-
      
-
  
Investments Purchased with Proceeds from Securities Lending Collateral
    
170,021,585
      
-
      
-
      
-
      
170,021,585
  
Short-Term Investments
    
10,966,837
      
10,966,837
      
-
      
-
      
-
  
Total Assets***
  
$
678,694,472
    
$
508,672,887
    
$
-
     $
-
**
  
$
170,021,585
  

*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy to the amounts presented in the Portfolio of Investments
** Value equals zero as of the end of the reporting period.
          
*** Please refer to the Portfolio of Investments for further details.
        
           
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.

 
As of May 31, 2019, the Fund had no 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.
  

 
 

BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS ALL-CAP VALUE FUND
  
PORTFOLIO OF INVESTMENTS
  
MAY 31, 2019 (UNAUDITED)
  
   
   
NUMBER OF
        
   
SHARES
    
VALUE
  
COMMON STOCKS—96.9%
            
Basic Industries—2.9%
            
Avery Dennison Corp.
    
57,542
    
$
5,987,820
  
DowDuPont, Inc.(a)
    
514,231
      
15,694,330
  
FMC Corp.
    
117,228
      
8,610,397
  
Graphic Packaging Holding Co.(a)
    
1,206,506
      
15,684,578
  
Mosaic Co., (The)(a)
    
418,191
      
8,978,561
  
             
54,955,686
  
Capital Goods—6.6%
                
AMETEK, Inc.
    
77,935
      
6,382,097
  
Caterpillar, Inc.
    
77,086
      
9,235,674
  
Cemex SAB de CV -  SP ADR*(a)
    
1,048,116
      
4,318,238
  
CRH PLC - SP ADR(a)
    
294,973
      
9,247,404
  
Cummins, Inc.
    
36,103
      
5,442,888
  
Dover Corp.(a)
    
146,165
      
13,068,613
  
General Dynamics Corp.
    
75,944
      
12,213,314
  
Masco Corp.
    
158,479
      
5,534,087
  
Owens Corning(a)
    
157,800
      
7,648,566
  
PACCAR, Inc.(a)
    
148,065
      
9,745,638
  
Spirit AeroSystems Holdings, Inc. Class A
    
69,097
      
5,599,621
  
Trinseo SA
    
102,929
      
3,791,904
  
United Technologies Corp.
    
112,025
      
14,148,758
  
WESCO International, Inc.*(a)
    
188,509
      
8,827,876
  
World Fuel Services Corp.(a)
    
281,739
      
8,209,874
  
             
123,414,552
  
Communications—0.6%
                
Comcast Corp., Class A
    
252,972
      
10,371,852
  
Consumer Durables—1.7%
                
Fiat Chrysler Automobiles NV (a)
    
272,235
      
3,435,606
  
Lear Corp.
    
72,051
      
8,576,230
  
Sony Corp. - SP ADR
    
431,857
      
20,729,136
  
             
32,740,972
  
Consumer Non-Durables—3.1%
                
Altria Group, Inc.
    
176,509
      
8,659,532
  
Ambev SA - ADR(a)
    
1,905,916
      
8,519,444
  
British American Tobacco PLC - SP ADR (a)
    
270,221
      
9,368,562
  
PepsiCo, Inc.
    
241,771
      
30,946,688
  
             
57,494,226
  
Consumer Services—7.9%
                
Dick's Sporting Goods, Inc.(a)
    
293,987
      
10,145,491
  
Dollar Tree, Inc.*(a)
    
75,000
      
7,619,250
  
eBay, Inc.
    
460,374
      
16,541,238
  
Foot Locker, Inc.(a)
    
99,019
      
3,896,398
  
Fox Corp., Class A
    
514,111
      
18,112,131
  
Huron Consulting Group, Inc.*
    
110,667
      
5,448,137
  
Interpublic Group of Cos., Inc., (The)(a)
    
685,101
      
14,537,843
  

KAR Auction Services, Inc.(a)
    
104,119
      
5,853,570
  
Las Vegas Sands Corp.
    
103,348
      
5,684,140
  
Lowe's Cos., Inc.
    
152,646
      
14,238,819
  
ManpowerGroup, Inc.(a)
    
104,780
      
8,960,786
  
Melco Resorts & Entertainment Ltd. - ADR
    
293,731
      
5,669,008
  
Omnicom Group, Inc.(a)
    
90,373
      
6,991,255
  
Robert Half International, Inc.(a)
    
101,108
      
5,425,455
  
Target Corp.(a)
    
79,396
      
6,387,408
  
Tribune Media Co., Class A
    
161,703
      
7,486,849
  
Wyndham Destinations, Inc.(a)
    
132,532
      
5,272,123
  
             
148,269,901
  
Energy—3.7%
                
Canadian Natural Resources Ltd.
    
361,537
      
9,757,884
  
Cimarex Energy Co.(a)
    
231,940
      
13,264,649
  
Diamondback Energy, Inc.(a)
    
142,987
      
14,021,305
  
Marathon Oil Corp.
    
1,131,108
      
14,874,070
  
Marathon Petroleum Corp.
    
90,751
      
4,173,638
  
Phillips 66
    
101,537
      
8,204,190
  
Pioneer Natural Resources Co.(a)
    
38,912
      
5,523,947
  
             
69,819,683
  
Finance—29.9%
                
Aflac, Inc.
    
462,880
      
23,745,744
  
AIR LEASE Corp.(a)
    
343,950
      
12,382,200
  
Alleghany Corp.*
    
32,068
      
21,270,704
  
Allstate Corp., (The)(a)
    
227,816
      
21,758,706
  
American International Group, Inc.(a)
    
714,651
      
36,497,227
  
Aon PLC
    
58,413
      
10,518,429
  
Bank of America Corp.
    
1,502,541
      
39,967,591
  
BB&T Corp.(a)
    
458,988
      
21,457,689
  
Capital One Financial Corp.
    
182,858
      
15,702,016
  
Charles Schwab Corp., (The)
    
155,846
      
6,484,752
  
Chubb Ltd.
    
201,258
      
29,397,756
  
Citigroup, Inc.
    
562,532
      
34,961,364
  
Discover Financial Services
    
152,474
      
11,366,937
  
Fifth Third Bancorp
    
337,019
      
8,931,003
  
Goldman Sachs Group, Inc., (The)
    
68,875
      
12,568,999
  
Huntington Bancshares, Inc.(a)
    
1,069,326
      
13,526,974
  
JPMorgan Chase & Co.
    
356,774
      
37,803,773
  
KeyCorp
    
1,580,572
      
25,241,735
  
Loews Corp.(a)
    
431,571
      
22,165,486
  
MetLife, Inc.(a)
    
340,203
      
15,720,781
  
Prudential Financial, Inc.(a)
    
181,901
      
16,804,014
  
Raymond James Financial, Inc.
    
134,309
      
11,091,237
  
Renaissance Holdings Ltd.
    
77,923
      
13,592,888
  
State Street Corp.
    
88,370
      
4,882,442
  
Synchrony Financial
    
336,122
      
11,303,783
  
TD Ameritrade Holding Corp.(a)
    
153,957
      
7,659,361
  
Torchmark Corp.
    
69,179
      
5,915,496
  
Travelers Cos., Inc., (The)(a)
    
110,638
      
16,105,574
  
Wells Fargo & Co.
    
549,145
      
24,365,564
  
White Mountains Insurance Group Ltd.
    
20,800
      
20,375,680
  
WR Berkley Corp.
    
118,673
      
7,381,461
  
             
560,947,366
  

Health Care—23.0%
                
Abbott Laboratories
    
343,335
      
26,138,094
  
Alcon, Inc.*
    
62,323
      
3,625,952
  
Allergan PLC
    
86,172
      
10,505,229
  
AmerisourceBergen Corp.(a)
    
107,730
      
8,387,858
  
Anthem, Inc.
    
85,228
      
23,691,679
  
Avantor, Inc.*(a)
    
493,847
      
8,642,322
  
Biogen, Inc.*
    
43,900
      
9,626,831
  
Centene Corp.*
    
420,433
      
24,280,006
  
Cigna Corp.
    
62,741
      
9,286,923
  
Gilead Sciences, Inc.
    
394,980
      
24,587,505
  
GlaxoSmithKline PLC - SP ADR
    
252,411
      
9,753,161
  
Henry Schein, Inc.*(a)
    
94,340
      
6,081,156
  
Jazz Pharmaceuticals PLC*
    
68,974
      
8,659,686
  
Johnson & Johnson
    
260,446
      
34,157,493
  
Laboratory Corp. of America Holdings*
    
113,790
      
18,503,392
  
McKesson Corp.(a)
    
162,623
      
19,862,773
  
Medtronic PLC
    
362,176
      
33,530,254
  
Merck & Co., Inc.
    
557,473
      
44,157,436
  
Novartis AG - SP ADR(a)
    
311,614
      
26,686,623
  
Pfizer, Inc.(a)
    
841,298
      
34,930,693
  
Roche Holding AG - SP ADR
    
306,597
      
10,080,909
  
UnitedHealth Group, Inc.
    
92,572
      
22,383,910
  
Zimmer Biomet Holdings, Inc.
    
129,451
      
14,748,352
  
             
432,308,237
  
Technology—16.4%
                
Alliance Data Systems Corp.(a)
    
90,452
      
12,437,150
  
Alphabet, Inc., Class A*
    
13,236
      
14,645,634
  
Amdocs Ltd. (a)
    
103,171
      
6,130,421
  
Arrow Electronics, Inc.*
    
124,754
      
7,817,086
  
Belden, Inc.(a)
    
104,951
      
5,373,491
  
Booking Holdings, Inc.*
    
5,681
      
9,408,986
  
Cisco Systems, Inc.
    
705,352
      
36,699,465
  
DXC Technology Co.
    
289,604
      
13,767,774
  
Eaton Corp. PLC (a)
    
202,447
      
15,080,277
  
EnerSys
    
93,644
      
5,265,602
  
Facebook, Inc., Class A*
    
91,370
      
16,215,434
  
Fidelity National Information Services, Inc.(a)
    
59,470
      
7,154,241
  
First Data Corp., Class A*
    
322,269
      
8,192,078
  
Flex Ltd.*
    
798,060
      
7,134,656
  
Fortive Corp.(a)
    
76,821
      
5,849,919
  
Hewlett Packard Enterprise Co.(a)
    
1,148,864
      
15,762,414
  
HP, Inc.
    
869,948
      
16,250,629
  
Jabil, Inc.(a)
    
429,146
      
10,552,700
  
Leidos Holdings, Inc.
    
94,018
      
7,082,376
  
Microsoft Corp.
    
195,964
      
24,236,827
  
Momo, Inc. - SP ADR(a)
    
235,411
      
6,490,281
  
Oracle Corp.(a)
    
200,593
      
10,150,006
  
Qorvo, Inc.*(a)
    
285,806
      
17,485,611
  
Symantec Corp.(a)
    
512,878
      
9,606,205
  
TE Connectivity Ltd. (a)
    
236,173
      
19,892,852
  
             
308,682,115
  

Transportation—0.6%
                
Delta Air Lines, Inc.
    
231,670
      
11,931,005
  
Utilities—0.5%
                
Vistra Energy Corp.
    
400,278
      
9,430,550
  
TOTAL COMMON STOCKS
                
(Cost $1,507,328,647)
            
1,820,366,145
  
RIGHTS—0.0%
                
Technology—0.0%
                
CVR Banctec Inc. - Escrow Shares*‡
    
14,327
      
0
  
TOTAL RIGHTS
                
(Cost $0)
            
0
  
                 
                 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—21.1%
                
Mount Vernon Liquid Assets Portfolio, LLC, 2.54%(b)
    
397,188,139
      
397,188,139
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
                
(Cost $397,188,139)
            
397,188,139
  
SHORT-TERM INVESTMENTS—2.1%
                
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, Institutional Class, 2.27%(b)
    
39,256,595
      
39,256,595
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $39,256,595)
            
39,256,595
  
TOTAL INVESTMENTS—120.1%
                
(Cost $1,943,773,381)
            
2,256,810,879
  
LIABILITIES IN EXCESS OF OTHER ASSETS—(20.1)%
            
(378,064,336
)
NET ASSETS—100.0%
          
$
1,878,746,543
  

 
ADR
American Depositary Receipt
          
PLC
Public Limited Company
          
SP ADR
Sponsored American Depositary Receipt
          
*
Non-income producing.
          
(a)
All or a portion of the security is on loan.  At May 31, 2019, the market value of securities on loan was $382,571,782
      
(b)
Seven-day yield as of May 31, 2019.
          
‡
Security has been valued at fair market value using significant unobservable inputs as determined in good faith by or under the direction of The RBB fund, Inc.’s Board of Directors. as of May 31, 2019, these securities amounted to $0 or 0.0% of net assets.
             
 
Industry classifications may be different than those used for compliance monitoring purposes.
        
             
The accompanying notes are an integral part of the portfolio of investments.
 

BOSTON PARTNERS INVESTMENT FUNDS
BOSTON PARTNERS ALL-CAP VALUE FUND
NOTES TO PORTFOLIO OF INVESTMENTS
MAY 31, 2019 (UNAUDITED)

 
PORTFOLIO VALUATION — The Boston Partners All-Cap Value 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, 2019, in valuing the Fund's investments carried at fair value:

                           
INVESTMENTS MEASURED AT
NET ASSET
 
   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
     VALUE*  
Common Stock
                              
Basic Industries
  
$
54,955,686
    
$
54,955,686
    
$
-
    
$
-
    
$
-
  
Capital Goods
    
123,414,552
      
123,414,552
      
-
      
-
      
-
  
Communications
    
10,371,852
      
10,371,852
      
-
      
-
      
-
  
Consumer Durables
    
32,740,972
      
32,740,972
      
-
      
-
      
-
  
Consumer Non-Durables
    
57,494,226
      
57,494,226
      
-
      
-
      
-
  
Consumer Services
    
148,269,901
      
148,269,901
      
-
      
-
          
Energy
    
69,819,683
      
69,819,683
      
-
      
-
      
-
  
Finance
    
560,947,366
      
560,947,366
      
-
      
-
      
-
  
Health Care
    
432,308,237
      
432,308,237
      
-
      
-
      
-
  
Technology
    
308,682,115
      
308,682,115
      
-
      
-
      
-
  
Transportation
    
11,931,005
      
11,931,005
      
-
      
-
      
-
  
Utilities
    
9,430,550
      
9,430,550
      
-
      
-
      
-
  
Rights
    
-
      
-
      
-
      
-
**
    
-
  
Investments Purchased with Proceeds from Securities Lending Collateral
    
397,188,139
      
-
      
-
      
-
      
397,188,139
  
Short-Term Investments
  
$
39,256,595
      
39,256,595
      
-
      
-
      
-
  
Total Assets***
  
$
2,256,810,879
    
$
1,859,622,740
    
$
-
     $
-
**
  
$
397,188,139
  

*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy to the amounts presented in the Portfolio of Investments.
** Value equals zero as of the end of the reporting period.
      
*** Please refer to the Portfolio of Investments for further details.
    


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.
           
As of May 31, 2019, the Fund had no 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.




BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS LONG/SHORT EQUITY FUND
  
PORTFOLIO OF INVESTMENTS
  
MAY 31, 2019 (UNAUDITED)
  
   

   
NUMBER OF
            
   
SHARES
        
VALUE
  
LONG POSITIONS—121.1%
                
COMMON STOCKS—98.0%
                
Basic Industries—3.3%
                
BHP Group Ltd. - SP ADR(a) #
    
30,755
        
$
1,596,492
  
Eastman Chemical Co.
    
12,935
          
839,740
  
Freeport-McMoRan, Inc.(a) Ɨ
    
117,750
          
1,143,352
  
LyondellBasell Industries NV, Class A
    
17,688
          
1,313,334
  
Mosaic Co., (The)(a)
    
71,078
          
1,526,045
  
Nutrien Ltd.
    
24,857
          
1,211,530
  
Rio Tinto PLC - SP ADR Ɨ #
    
29,888
          
1,731,412
  
                 
9,361,905
  
Capital Goods—7.2%
                    
Acuity Brands, Inc.
    
8,944
          
1,106,105
  
Argan, Inc.(a)
    
44,980
          
2,065,931
  
CECO Environmental Corp.*(a)
    
161,160
          
1,426,266
  
Colfax Corp.*(a)
    
66,848
          
1,677,885
  
DMC Global, Inc.(a)
    
37,767
          
2,554,560
  
Ferroglobe Representation & Warranty Insurance*‡
    
386,647
          
0
  
Fluor Corp. Ɨ #
    
46,170
          
1,279,832
  
Graham Corp.
    
57,084
          
1,165,085
  
Hexcel Corp.
    
17,560
          
1,278,192
  
KBR, Inc. Ɨ
    
149,463
          
3,321,068
  
Quanta Services, Inc.
    
61,170
          
2,126,269
  
Safran SA - ADR Ɨ
    
70,153
          
2,301,018
  
                 
20,302,211
  
Communications—5.9%
                    
Charter Communications, Inc., Class A*(a) Ɨ
    
7,686
          
2,896,085
  
Comcast Corp., Class A Ɨ
    
167,247
          
6,857,127
  
Discovery, Inc., Class C*
    
77,379
          
1,983,997
  
Mobile TeleSystems PJSC - SP ADR
    
168,875
          
1,320,602
  
Naspers Ltd.
    
52,906
          
2,379,183
  
Verizon Communications, Inc.
    
26,234
          
1,425,818
  
                 
16,862,812
  
Consumer Non-Durables—2.6%
                    
Coca-Cola European Partners PLC(a)
    
33,932
          
1,879,833
  
Huami Corp. - ADR*
    
84,955
          
622,720
  
Nomad Foods Ltd.* Ɨ
    
62,704
          
1,330,579
  
Skechers U.S.A., Inc. Class A*(a)
    
85,483
          
2,387,540
  
USANA Health Sciences, Inc.*(a)
    
15,427
          
1,091,923
  
                 
7,312,595
  

Consumer Services—14.3%
                    
Alibaba Group Holding Ltd. - SP ADR*(a)
    
11,253
          
1,679,623
  
Aramark(a)
    
67,581
          
2,351,143
  
ASGN, Inc.*
    
21,382
          
1,084,709
  
Barrett Business Services, Inc. Ɨ
    
13,782
          
992,580
  
CarMax, Inc.*(a)
    
21,190
          
1,658,753
  
Carter's, Inc.(a)
    
16,342
          
1,374,526
  
CDK Global, Inc.(a)
    
42,293
          
2,046,981
  
FleetCor Technologies, Inc.*
    
6,429
          
1,660,032
  
Fox Corp., Class B
    
93,298
          
3,238,374
  
Hackett Group Inc., (The)
    
62,137
          
999,784
  
ICF International, Inc.
    
16,018
          
1,167,552
  
IHS Markit Ltd.*
    
27,792
          
1,594,983
  
International Game Technology PLC (a) Ɨ
    
128,868
          
1,675,284
  
JD.com, Inc. - ADR*
    
44,367
          
1,142,894
  
KAR Auction Services, Inc.(a)
    
25,566
          
1,437,320
  
Korn/Ferry International
    
24,596
          
1,059,596
  
Las Vegas Sands Corp.
    
30,615
          
1,683,825
  
Liquidity Services, Inc.*
    
67,323
          
378,355
  
Perficient, Inc.*
    
52,260
          
1,590,272
  
Points International Ltd.*
    
72,334
          
864,391
  
Stars Group Inc., (The)*
    
134,135
          
2,222,020
  
Tetra Tech, Inc.(a)
    
24,594
          
1,660,587
  
Vectrus, Inc.*
    
36,614
          
1,292,108
  
Vipshop Holdings Ltd. - ADR*
    
146,701
          
1,106,126
  
Walt Disney Co. (The) Ɨ
    
18,876
          
2,492,387
  
Wyndham Destinations, Inc.(a) Ɨ
    
52,862
          
2,102,850
  
                 
40,557,055
  
Energy—9.2%
                    
Anadarko Petroleum Corp.
    
16,746
          
1,178,416
  
Archrock, Inc. Ɨ
    
157,598
          
1,397,896
  
Canadian Natural Resources Ltd. Ɨ
    
83,525
          
2,254,340
  
Chevron Corp. Ɨ
    
44,927
          
5,114,939
  
Crescent Point Energy Corp.
    
239,851
          
805,899
  
Dawson Geophysical Co.*(a)
    
102,305
          
229,163
  
Enerplus Corp.
    
83,686
          
609,234
  
EOG Resources, Inc. Ɨ
    
15,229
          
1,246,951
  
Halliburton Co. Ɨ
    
37,749
          
803,676
  
Marathon Oil Corp. Ɨ
    
121,420
          
1,596,673
  
Marathon Petroleum Corp.
    
19,451
          
894,552
  
Mitcham Industries, Inc.*
    
177,720
          
641,569
  
Occidental Petroleum Corp.(a)
    
21,915
          
1,090,710
  
Oceaneering International, Inc.*
    
47,168
          
773,555
  
Phillips 66 Ɨ
    
19,369
          
1,565,015
  
Pioneer Natural Resources Co.(a) Ɨ
    
8,233
          
1,168,757
  
ProPetro Holding Corp.*
    
53,150
          
1,032,173
  
Schlumberger Ltd. Ɨ
    
23,817
          
826,212
  
Solaris Oilfield Infrastructure, Inc. Class A(a)
    
50,123
          
713,250
  
Valero Energy Corp. Ɨ
    
19,686
          
1,385,894
  
Viper Energy Partners LP Ɨ
    
31,585
          
884,380
  
                 
26,213,254
  

Finance—13.1%
                    
AerCap Holdings NV* Ɨ
    
15,814
          
708,783
  
AMERCO(a)
    
4,258
          
1,567,881
  
American International Group, Inc.(a)
    
39,541
          
2,019,359
  
Arthur J Gallagher & Co.
    
20,464
          
1,723,069
  
Banco Macro SA - ADR(a)
    
25,621
          
1,277,976
  
Bank of America Corp. Ɨ
    
114,509
          
3,045,939
  
Berkshire Hathaway, Inc., Class B* Ɨ #
    
22,469
          
4,435,830
  
Citigroup, Inc. Ɨ
    
84,605
          
5,258,201
  
Discover Financial Services Ɨ
    
32,299
          
2,407,890
  
E*TRADE Financial Corp.
    
38,427
          
1,721,530
  
FedNat Holding Co.(a)
    
91,676
          
1,239,460
  
Fortress Transportation & Infrastructure Investors LLC
    
59,843
          
920,385
  
Jefferies Financial Group, Inc.(a) Ɨ
    
72,451
          
1,280,209
  
Loews Corp.(a)
    
35,170
          
1,806,331
  
Morgan Stanley Ɨ
    
70,592
          
2,872,389
  
Stifel Financial Corp.(a) Ɨ
    
57,183
          
3,066,724
  
Umpqua Holdings Corp. Ɨ
    
114,557
          
1,829,475
  
                 
37,181,431
  
Health Care—11.8%
                    
Akebia Therapeutics, Inc.*(a)
    
175,071
          
779,066
  
Alcon, Inc.*
    
6,084
          
353,967
  
Anthem, Inc. Ɨ
    
8,534
          
2,372,281
  
Cigna Corp. Ɨ
    
13,967
          
2,067,395
  
CVS Health Corp.(a) Ɨ
    
54,225
          
2,839,763
  
DaVita, Inc.*
    
32,018
          
1,390,222
  
Exelixis, Inc.*(a) Ɨ
    
104,322
          
2,043,668
  
Hanger, Inc.*
    
90,642
          
1,691,380
  
HCA Healthcare, Inc. Ɨ
    
20,963
          
2,535,685
  
Jazz Pharmaceuticals PLC*
    
14,631
          
1,836,922
  
Johnson & Johnson Ɨ
    
30,708
          
4,027,354
  
Kala Pharmaceuticals, Inc.*
    
85,506
          
472,848
  
Laboratory Corp. of America Holdings* Ɨ
    
17,926
          
2,914,947
  
Medtronic PLC Ɨ
    
26,123
          
2,418,467
  
Novartis AG - SP ADR(a) Ɨ
    
27,487
          
2,353,987
  
Syneos Health, Inc.*(a)
    
26,761
          
1,103,356
  
UnitedHealth Group, Inc. Ɨ
    
10,032
          
2,425,738
  
                 
33,627,046
  
Real Estate Investment Trusts—3.8%
                    
CorePoint Lodging, Inc.
    
182,798
          
2,215,512
  
Industrial Logistics Properties Trust
    
96,951
          
1,828,496
  
Medical Properties Trust, Inc.(a)
    
65,524
          
1,165,017
  
Newmark Group, Inc., Class A
    
174,857
          
1,395,359
  
Piedmont Office Realty Trust, Inc., Class A(a)
    
96,972
          
1,971,441
  
Wheeler Real Estate Investment Trust, Inc.*(a)
    
210,791
          
352,021
  
Xenia Hotels & Resorts, Inc.(a)
    
84,593
          
1,768,839
  
                 
10,696,685
  

Technology—22.9%
                    
Akamai Technologies, Inc.*(a)
    
19,681
          
1,483,160
  
Baidu, Inc. - SP ADR* Ɨ
    
19,731
          
2,170,410
  
Booking Holdings, Inc.*
    
1,429
          
2,366,738
  
CACI International, Inc., Class A*(a)
    
13,691
          
2,786,392
  
Capgemini SE - ADR(a)
    
75,438
          
1,685,285
  
CDW Corp.
    
19,915
          
1,960,433
  
Citrix Systems, Inc.(a)
    
14,152
          
1,331,986
  
Cognizant Technology Solutions Corp., Class A Ɨ
    
31,944
          
1,978,292
  
Coherent, Inc.*(a)
    
14,584
          
1,604,678
  
Dolby Laboratories, Inc. Class A Ɨ
    
26,627
          
1,650,075
  
EchoStar Corp., Class A*
    
51,419
          
2,199,705
  
Euronet Worldwide, Inc.*(a)
    
14,933
          
2,315,212
  
EVERTEC, Inc. Ɨ
    
74,922
          
2,147,265
  
Fabrinet*
    
25,506
          
1,087,576
  
Facebook, Inc., Class A*
    
30,607
          
5,431,824
  
Fidelity National Information Services, Inc.(a)
    
17,497
          
2,104,889
  
First Data Corp., Class A* Ɨ
    
92,452
          
2,350,130
  
Flex Ltd.* Ɨ
    
78,102
          
698,232
  
Hollysys Automation Technologies, Ltd.
    
129,025
          
2,299,225
  
Infosys Ltd. - SP ADR(a)
    
166,844
          
1,746,857
  
Insight Enterprises, Inc.* Ɨ
    
46,591
          
2,398,505
  
InterDigital Inc.(a)
    
26,546
          
1,686,202
  
Model N, Inc.*
    
64,195
          
1,156,794
  
Net 1 UEPS Technologies, Inc.*
    
264,651
          
971,269
  
Nuance Communications, Inc.*(a)
    
137,108
          
2,354,144
  
Open Text Corp.
    
33,922
          
1,347,382
  
Rubicon Project Inc., (The)*
    
291,801
          
1,604,905
  
Sabre Corp. Ɨ
    
110,652
          
2,244,023
  
Sensata Technologies Holding PLC*(a)
    
30,486
          
1,301,447
  
SINA Corp.*
    
19,087
          
768,443
  
SYNNEX Corp.(a) Ɨ
    
27,377
          
2,373,860
  
WageWorks, Inc.*
    
32,031
          
1,600,589
  
YY, Inc. - ADR*
    
25,786
          
1,765,052
  
Zebra Technologies Corp., Class A* Ɨ
    
12,853
          
2,203,518
  
                 
65,174,497
  
Transportation—2.1%
                    
Forward Air Corp.(a)
    
18,284
          
1,020,796
  
Golar LNG Partners LP
    
52,164
          
585,802
  
Hub Group, Inc., ADR*
    
31,551
          
1,229,227
  
Overseas Shipholding Group, Inc., Class A*
    
463,869
          
695,803
  
Teekay LNG Partners LP
    
86,237
          
1,132,292
  
United Parcel Service, Inc., Class B(a) Ɨ
    
13,369
          
1,242,247
  
                 
5,906,167
  
Utilities—1.8%
                    
Cheniere Energy, Inc.*(a)
    
16,567
          
1,046,703
  
Enterprise Products Partners LP
    
58,481
          
1,631,035
  
MPLX LP
    
28,214
          
862,784
  
TerraForm Power, Inc., Class A
    
125,740
          
1,697,490
  
                 
5,238,012
  
TOTAL COMMON STOCKS
                    
(Cost $236,472,432)
                
278,433,670
  
                     
                     
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—21.2%
                    
Mount Vernon Liquid Assets Portfolio, LLC, 2.54%(b)
    
60,166,768
          
60,166,768
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
                    
(Cost $60,166,768)
                
60,166,768
  
SHORT-TERM INVESTMENTS—1.9%
                    
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, Institutional Class, 2.27%(b)
    
5,381,247
          
5,381,247
  

TOTAL SHORT-TERM INVESTMENTS
                    
(Cost $5,381,247)
                
5,381,247
  
TOTAL LONG POSITIONS—121.1%
                    
(Cost $302,020,447)
                
343,981,685
  
SECURITIES SOLD SHORT—(51.3%)
                    
COMMON STOCKS—(51.3%)
                    
Basic Industries—(2.0%)
                    
CryoPort, Inc.*
    
(88,609
)
        
(1,481,542
)
MAG Silver Corp.*
    
(115,133
)
        
(1,124,849
)
Mountain Province Diamonds, Inc.
    
(38,279
)
        
(37,384
)
Seabridge Gold, Inc.*
    
(93,265
)
        
(1,119,180
)
Tanzanian Gold Corp.*
    
(147,000
)
        
(96,653
)
Trex Co., Inc.*
    
(21,044
)
        
(1,258,852
)
Uranium Energy Corp.*
    
(372,786
)
        
(503,261
)
                 
(5,621,721
)
Capital Goods—(4.1%)
                    
AAON, Inc.
    
(40,433
)
        
(1,835,254
)
Axon Enterprise, Inc.*
    
(27,715
)
        
(1,850,808
)
Blue Bird Corp.*
    
(86,598
)
        
(1,629,774
)
DynaMotive Energy Systems Corp.*‡
    
(72,185
)
        
(7
)
Kornit Digital Ltd.*
    
(87,139
)
        
(2,472,133
)
Kratos Defense & Security Solutions, Inc.*
    
(43,296
)
        
(954,677
)
Lindsay Corp.
    
(9,926
)
        
(787,926
)
Proto Labs, Inc.*
    
(11,427
)
        
(1,146,700
)
ShotSpotter, Inc.*
    
(22,729
)
        
(1,045,534
)
                 
(11,722,813
)
Communications—(2.5%)
                    
CTC Communications Group, Inc.*‡
    
(98,900
)
        
0
  
GTT Communications, Inc.*
    
(41,838
)
        
(994,908
)
Netflix, Inc.*
    
(17,992
)
        
(6,176,294
)
                 
(7,171,202
)
Consumer Durables—(1.6%)
                    
GoPro, Inc.*
    
(325,553
)
        
(2,050,984
)
iRobot Corp.*
    
(10,982
)
        
(956,642
)
National Presto Industries, Inc.
    
(7,320
)
        
(716,555
)
Qsound Labs, Inc.*‡
    
(4,440
)
        
0
  
Tesla, Inc.*
    
(5,027
)
        
(930,799
)
                 
(4,654,980
)
Consumer Non-Durables—(4.6%)
                    
Amish Naturals, Inc.*‡
    
(25,959
)
        
0
  
Beyond Meat, Inc.*
    
(9,992
)
        
(1,040,367
)
Canada Goose Holdings, Inc.*
    
(22,420
)
        
(754,433
)
Fitbit, Inc., Class A*
    
(351,074
)
        
(1,625,473
)
Freshpet, Inc.*
    
(37,236
)
        
(1,730,357
)
Lancaster Colony Corp.
    
(10,179
)
        
(1,464,045
)
Limoneira Co.
    
(59,523
)
        
(1,127,961
)
Marine Products Corp.
    
(38,933
)
        
(538,833
)
Mattel, Inc.*
    
(92,914
)
        
(915,203
)
MGP Ingredients, Inc.
    
(19,278
)
        
(1,160,728
)
Primo Water Corp.*
    
(128,249
)
        
(1,479,993
)
Ruhnn Holding Ltd. - ADR*
    
(147,296
)
        
(552,360
)
Valence Technology, Inc.*‡
    
(27,585
)
        
(3
)
Vince Holding Corp.*
    
(48,426
)
        
(608,715
)
                 
(12,998,471
)

Consumer Services—(9.2%)
                    
Brink's Co. (The)
    
(22,552
)
        
(1,736,504
)
Carvana Co.*
    
(42,835
)
        
(2,479,290
)
Chuy's Holdings, Inc.*
    
(52,388
)
        
(1,158,823
)
Cimpress NV*
    
(14,698
)
        
(1,286,075
)
Corporate Resource Services, Inc.*
    
(218,896
)
        
(77
)
Dave & Buster's Entertainment, Inc.
    
(25,459
)
        
(1,266,331
)
Domino's Pizza, Inc.
    
(6,407
)
        
(1,790,757
)
eXp World Holdings, Inc.*
    
(83,797
)
        
(854,729
)
Fiesta Restaurant Group, Inc.*
    
(56,679
)
        
(803,708
)
GrubHub, Inc.*
    
(13,592
)
        
(885,519
)
Hibbett Sports, Inc.*
    
(42,930
)
        
(949,612
)
Lands' End, Inc.*
    
(92,113
)
        
(1,139,438
)
Meredith Corp.
    
(15,611
)
        
(808,181
)
Natural Grocers by Vitamin Cottage, Inc.*
    
(53,654
)
        
(551,027
)
Noodles & Co.*
    
(167,458
)
        
(1,210,721
)
SeaWorld Entertainment, Inc.*
    
(75,260
)
        
(2,408,320
)
Shake Shack, Inc. Class A*
    
(22,041
)
        
(1,352,215
)
Sonic Automotive, Inc., Class A
    
(70,305
)
        
(1,225,416
)
Stitch Fix, Inc., Class A*
    
(30,422
)
        
(704,574
)
TransEnterix, Inc.*
    
(258,389
)
        
(346,241
)
TripAdvisor, Inc.*
    
(42,493
)
        
(1,796,179
)
Wayfair, Inc. Class A*
    
(8,524
)
        
(1,227,541
)
                 
(25,981,278
)
Energy—0.0%
                    
Beard Co.*
    
(9,710
)
        
(6
)
Finance—(3.8%)
                    
Kinsale Capital Group, Inc.
    
(15,028
)
        
(1,259,196
)
KKR & Co., Inc., Class A
    
(38,992
)
        
(868,742
)
RLI Corp.
    
(15,862
)
        
(1,362,229
)
Siebert Financial Corp.*
    
(70,866
)
        
(629,999
)
Southside Bancshares, Inc.
    
(31,771
)
        
(1,034,781
)
Trupanion, Inc.*
    
(56,930
)
        
(1,669,757
)
Westamerica Bancorporation
    
(25,062
)
        
(1,500,963
)
WillScot Corp.*
    
(98,168
)
        
(1,333,121
)
WisdomTree Investments, Inc.
    
(183,624
)
        
(1,103,580
)
                 
(10,762,368
)
Health Care—(5.0%)
                    
Align Technology, Inc.*
    
(9,664
)
        
(2,747,958
)
BodyTel Scientific, Inc.*‡
    
(4,840
)
        
0
  
CareView Communications, Inc.*
    
(190,048
)
        
(2,471
)
Corbus Pharmaceuticals Holdings, Inc.*
    
(93,856
)
        
(657,931
)
Corindus Vascular Robotics, Inc.*
    
(424,267
)
        
(1,128,550
)
Endologix, Inc.*
    
(34,327
)
        
(241,665
)
Heska Corp.*
    
(28,523
)
        
(1,999,462
)
Natera, Inc.*
    
(44,727
)
        
(1,024,248
)
Nevro Corp.*
    
(14,761
)
        
(872,523
)
Quidel Corp.*
    
(24,029
)
        
(1,328,804
)
Tactile Systems Technology, Inc.*
    
(35,523
)
        
(1,706,170
)
ViewRay, Inc.*
    
(204,923
)
        
(1,721,353
)
ZIOPHARM Oncology, Inc.*
    
(164,405
)
        
(703,653
)
                 
(14,134,788
)

Real Estate Investment Trusts—(1.1%)
                    
Agree Realty Corp.
    
(22,961
)
        
(1,537,239
)
Redfin Corp.*
    
(101,108
)
        
(1,593,462
)
                 
(3,130,701
)
Technology—(15.5%)
                    
2U, Inc.*
    
(17,063
)
        
(648,223
)
8x8, Inc.*
    
(102,385
)
        
(2,470,550
)
ANTs Software, Inc.*‡
    
(10,334
)
        
(1
)
Applied Energetics, Inc.*
    
(333,673
)
        
(140,143
)
Benefitfocus, Inc.*
    
(27,653
)
        
(784,239
)
Box, Inc., Class A*
    
(67,410
)
        
(1,246,411
)
Calix, Inc.*
    
(191,046
)
        
(1,155,828
)
Capstone Turbine Corp.*
    
(26,386
)
        
(22,193
)
Cardlytics, Inc.*
    
(65,948
)
        
(1,513,507
)
Consygen, Inc.*‡
    
(200
)
        
0
  
Cree, Inc.*
    
(31,020
)
        
(1,710,443
)
DocuSign, Inc.*
    
(13,798
)
        
(773,516
)
Ener1, Inc.*‡
    
(102,820
)
        
(10
)
Enphase Energy, Inc.*
    
(84,746
)
        
(1,285,597
)
FireEye, Inc.*
    
(126,253
)
        
(1,842,031
)
Glu Mobile, Inc.*
    
(121,955
)
        
(973,201
)
Harmonic, Inc.*
    
(356,311
)
        
(1,859,944
)
Impinj, Inc.*
    
(44,724
)
        
(1,108,708
)
Inovalon Holdings, Inc., Class A*
    
(86,698
)
        
(1,195,566
)
Inseego Corp.*
    
(352,998
)
        
(1,708,510
)
Instructure, Inc.*
    
(37,913
)
        
(1,576,423
)
Interliant, Inc.*‡
    
(600
)
        
0
  
LivePerson, Inc.*
    
(43,605
)
        
(1,213,527
)
Maxar Technologies, Inc.
    
(94,087
)
        
(637,910
)
Nestor, Inc.*‡
    
(15,200
)
        
(2
)
NetScout Systems, Inc.*
    
(70,275
)
        
(1,722,440
)
nLight, Inc.*
    
(39,025
)
        
(729,377
)
Plug Power, Inc.*
    
(561,127
)
        
(1,436,485
)
Proofpoint, Inc.*
    
(14,139
)
        
(1,588,658
)
PROS Holdings, Inc.*
    
(18,389
)
        
(1,042,656
)
Shopify, Inc., Class A*
    
(6,629
)
        
(1,822,312
)
Snap, Inc. Class A*
    
(83,373
)
        
(991,305
)
Sonos, Inc.*
    
(100,289
)
        
(1,017,933
)
Spotify Technology SA*
    
(15,308
)
        
(1,922,379
)
Square, Inc.*
    
(17,314
)
        
(1,072,602
)
SunPower Corp.*
    
(215,665
)
        
(1,608,861
)
Tiger Telematics, Inc.*‡
    
(6,510
)
        
0
  
TrueCar, Inc.*
    
(163,785
)
        
(1,067,878
)
Tucows, Inc.*
    
(14,126
)
        
(836,966
)
Uni-Pixel, Inc.*
    
(19,665
)
        
(22
)
Veeco Instruments, Inc.*
    
(77,312
)
        
(888,315
)
Vocera Communications, Inc.*
    
(39,787
)
        
(1,287,507
)
Worldgate Communications, Inc.*‡
    
(582,655
)
        
(58
)
Xybernaut Corp.*‡
    
(34,156
)
        
0
  
Zillow Group, Inc., Class C*
    
(27,419
)
        
(1,179,565
)
                 
(44,081,802
)

Transportation—(0.3%)
                    
Saia, Inc.*
    
(14,102
)
        
(832,018
)
Utilities—(1.6%)
                    
Cadiz, Inc.*
    
(54,282
)
        
(563,447
)
California Water Service Group
    
(35,235
)
        
(1,734,267
)
MGE Energy, Inc.
    
(17,774
)
        
(1,177,350
)
PNM Resources, Inc.
    
(21,306
)
        
(1,003,725
)
                 
(4,478,789
)
TOTAL COMMON STOCKS
                    
(Proceeds $(151,155,418))
                
(145,570,937
)
TOTAL SECURITIES SOLD SHORT—(51.3%)
                    
(Proceeds $(151,155,418))
                
(145,570,937
)
   
NUMBER OF
    
NOTIONAL
        
   
CONTRACTS
    
AMOUNT
        
OPTIONS WRITTEN ƗƗ—(0.3%)
                    
Call Options Written—(0.1%)
                    
BHP Group Ltd.
                    
Expiration:
                    
01/17/2020,
                    
Exercise Price:
                    
55.00
    
(307
)
  
(1,593,637)
    
(101,310
)
Energous Corp.
                    
Expiration:
                    
01/17/2020,
                    
Exercise Price:
                    
20.00
    
(623
)
  
(256,676)
    
(9,345
)
Rio Tinto PLC - SP ADR
                    
Expiration:
                    
01/17/2020,
                    
Exercise Price:
                    
60.00
    
(298
)
  
(1,726,314)
    
(110,558
)
Tesla, Inc.
                    
Expiration:
                    
08/16/2019,
                    
Exercise Price:
                    
365.00
    
(63
)
  
(1,166,508)
    
(945
)
TOTAL CALL OPTIONS WRITTEN
                    
(Premiums received $(889,785))
                
(222,158
)
Put Options Written—(0.2%)
                    
Berkshire Hathaway, Inc., Class B
                    
Expiration:
                    
01/17/2020,
                    
Exercise Price:
                    
185.00
    
(131
)
  
(2,586,202)
    
(87,770
)
Fluor Corp.
                    
Expiration:
                    
10/18/2019,
                    
Exercise Price:
                    
30.00
    
(239
)
  
(662,508)
    
(95,600
)
Steven Madden Ltd.
                    
Expiration:
                    
12/20/2019,
                    
Exercise Price:
                    
30.00
    
(327
)
  
(989,502)
    
(98,918
)

Wells Fargo & Co.
                    
Expiration:
                    
06/19/2020,
                    
Exercise Price:
                    
45.00
    
(774
)
  
(3,434,238)
    
(375,390
)
TOTAL PUT OPTIONS WRITTEN
                    
(Premiums received $(607,117))
                
(657,678
)
TOTAL OPTIONS WRITTEN
                    
(Premiums received $(1,496,902))
                
(879,836
)
OTHER ASSETS IN EXCESS OF LIABILITIES—30.5%
                
86,573,520
  
NET ASSETS—100.0%
               
$
284,104,432
  

 
ADR
American Depositary Receipt
  
PLC
Public Limited Company
  
SP ADR
Sponsored American Depositary Receipt
  
*
Non-income producing.
  
(a)
All or a portion of the security is on loan. At May 31, 2019, the market value of securities on loan was $58,044,600.
  
(b)
Seven-day yield as of May 31, 2019.
  
Ɨ
Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
  
#
Security segregated as collateral for options written.
  
ƗƗ
Primary risk exposure is equity contracts.
  
‡
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, 2019, these securities amounted to $(81) or 0.0% of net assets.
  
     
 
Industry classifications may be different than those used for compliance monitoring purposes
  

 
The accompanying notes are an integral part of the portfolio of investments.

BOSTON PARTNERS INVESTMENT FUNDS
BOSTON PARTNERS LONG/SHORT EQUITY FUND
NOTES TO PORTFOLIO OF INVESTMENTS
MAY 31, 2019 (UNAUDITED)


PORTFOLIO VALUATION — The Boston Partners Long/Short Equity 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, 2019, in valuing the Fund's investments carried at fair value:

                           
INVESTMENTS MEASURED AT NET
 
   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
     ASSET VALUE*
 
Common Stock
                              
Basic Industries
  
$
9,361,905
    
$
9,361,905
    
$
-
    
$
-
    
$
-
  
Capital Goods
    
20,302,211
      
20,302,211
      
-
      
-
**
    
-
  
Communications
    
16,862,812
      
16,862,812
      
-
      
-
      
-
  
Consumer Non-Durables
    
7,312,595
      
7,312,595
      
-
      
-
      
-
  
Consumer Services
    
40,557,055
      
40,557,055
      
-
      
-
      
-
  
Energy
    
26,213,254
      
26,213,254
      
-
      
-
      
-
  
Finance
    
37,181,431
      
37,181,431
      
-
      
-
      
-
  
Health Care
    
33,627,046
      
33,627,046
      
-
      
-
      
-
  
Real Estate Investment Trusts
    
10,696,685
      
10,696,685
      
-
      
-
      
-
  
Technology
    
65,174,497
      
65,174,497
      
-
      
-
      
-
  
Transportation
    
5,906,167
      
5,906,167
      
-
      
-
      
-
  
Utilities
    
5,238,012
      
5,238,012
      
-
      
-
      
-
  
Investments Purchased with Proceeds from Securities Lending Collateral
    
60,166,768
      
-
      
-
      
-
      
60,166,768
  
Short-Term Investments
    
5,381,247
      
5,381,247
      
-
      
-
      
-
  
Total Assets***
  
$
343,981,685
    
$
283,814,917
    
$
-
    
$
-
**
  
$
60,166,768
  


                                   
INVESTMENTS MEASURED AT NET
 
   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
        ASSET VALUE*  
Securities Sold Short
                                        
Basic Industries
  
$
(5,621,721
)
  
$
(5,621,721
)
  
$
-
    
$
-
    
$
-
  
Capital Goods
    
(11,722,813
)
    
(11,722,806
)
    
-
      
(7
)
    
-
  
Communications
    
(7,171,202
)
    
(7,171,202
)
    
-
      
-
**
    
-
  
Consumer Durables
    
(4,654,980
)
    
(4,654,980
)
    
-
      
-
**
    
-
  
Consumer Non-Durables
    
(12,998,471
)
    
(12,998,468
)
    
-
      
(3
)
    
-
  
Consumer Services
    
(25,981,278
)
    
(25,981,201
)
    
(77
)
    
-
      
-
  
Energy
    
(6
)
    
-
      
(6
)
    
-
      
-
  
Finance
    
(10,762,368
)
    
(10,762,368
)
    
-
      
-
      
-
  
Health Care
    
(14,134,788
)
    
(14,132,317
)
    
(2,471
)
    
-
**
    
-
  
Real Estate Investment Trusts
    
(3,130,701
)
    
(3,130,701
)
    
-
      
-
      
-
  
Technology
    
(44,081,802
)
    
(44,081,731
)
    
-
      
(71
)
    
-
  
Transportation
    
(832,018
)
    
(832,018
)
    
-
      
-
      
-
  
Utilities
    
(4,478,789
)
    
(4,478,789
)
    
-
      
-
      
-
  
Options Written
                                        
Equity Contracts
    
(879,836
)
    
(574,663
)
    
(305,173
)
    
-
      
-
  
Total Liabilities***
  
$
(146,450,773
)
  
$
(146,142,965
)
  
$
(307,727
)
  
$
(81
)
  
$
-
  

*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy to the amounts presented in the Portfolio of Investments
** Value equals zero as of the end of the reporting period.
        
*** Please refer to the Portfolio of Investments for further details.
      

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.

As of May 31, 2019, the Fund had no 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.












BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS LONG/SHORT RESEARCH FUND
  
PORTFOLIO OF INVESTMENTS
  
MAY 31, 2019 (UNAUDITED)
  
   
   
NUMBER OF
        
   
SHARES
    
VALUE
  
LONG POSITIONS—99.6%
            
COMMON STOCKS—98.6%
            
Basic Industries—4.6%
            
Avery Dennison Corp.
    
147,394
    
$
15,337,820
  
Barrick Gold Corp.
    
1,608,598
      
19,978,787
  
Contura Energy, Inc.*
    
106,892
      
5,627,864
  
DowDuPont, Inc.
    
691,182
      
21,094,875
  
FMC Corp.
    
252,502
      
18,546,272
  
Graphic Packaging Holding Co. Ɨ
    
2,514,253
      
32,685,289
  
Mosaic Co., (The) Ɨ
    
1,086,055
      
23,317,601
  
Nutrien Ltd. Ɨ
    
592,963
      
28,901,016
  
WestRock Co. Ɨ
    
282,910
      
9,222,866
  
             
174,712,390
  
Capital Goods—7.7%
                
AMETEK, Inc. Ɨ
    
436,306
      
35,729,098
  
Boeing Co., (The) Ɨ
    
105,089
      
35,899,453
  
Caterpillar, Inc.
    
135,214
      
16,199,989
  
Cemex SAB de CV -  SP ADR*
    
257,825
      
1,062,239
  
CRH PLC
    
148,687
      
4,656,504
  
Curtiss-Wright Corp.
    
66,035
      
7,362,242
  
Dover Corp.
    
332,904
      
29,764,947
  
Emerson Electric Co.
    
278,448
      
16,773,708
  
HD Supply Holdings, Inc.*
    
471,035
      
19,543,242
  
Ingersoll-Rand PLC
    
146,980
      
17,393,613
  
ITT, Inc.
    
546,577
      
31,493,767
  
Owens Corning
    
406,247
      
19,690,792
  
Parker-Hannifin Corp. Ɨ
    
91,474
      
13,933,320
  
Pentair PLC
    
346,920
      
12,079,754
  
Trinseo SA
    
167,663
      
6,176,705
  
United Technologies Corp. Ɨ
    
219,892
      
27,772,360
  
             
295,531,733
  
Communications—3.2%
                
Altice USA, Inc., Class A
    
464,880
      
10,920,031
  
Comcast Corp., Class A Ɨ
    
1,723,022
      
70,643,902
  
Liberty Global PLC, Series C*
    
580,928
      
14,081,695
  
Verizon Communications, Inc. Ɨ
    
491,403
      
26,707,753
  
             
122,353,381
  
Consumer Durables—2.3%
                
Gentex Corp.
    
816,173
      
17,433,455
  
Lear Corp.
    
74,357
      
8,850,714
  
Persimmon PLC
    
1,513,629
      
37,652,014
  
Sony Corp.
    
493,600
      
23,655,157
  
             
87,591,340
  
Consumer Non-Durables—6.9%
                
Altria Group, Inc. Ɨ
    
579,481
      
28,429,338
  
Ambev SA - ADR
    
3,689,043
      
16,490,022
  
British American Tobacco PLC - SP ADR
    
687,054
      
23,820,162
  
Coca-Cola European Partners PLC Ɨ
    
279,361
      
15,476,599
  
Heineken Holding NV
    
117,398
      
11,615,729
  
Imperial Brands PLC
    
523,080
      
12,648,318
  
Molson Coors Brewing Co., Class B
    
178,534
      
9,815,799
  
Mondelez International, Inc., Class A
    
668,205
      
33,978,224
  
Nomad Foods Ltd.* Ɨ
    
1,136,154
      
24,109,188
  
PepsiCo, Inc.
    
199,552
      
25,542,656
  
Philip Morris International, Inc.
    
235,934
      
18,197,590
  
Swedish Match AB
    
212,381
      
9,586,833
  
Tyson Foods, Inc., Class A
    
186,352
      
14,142,253
  
Unilever NV
    
328,212
      
19,732,106
  
             
263,584,817
  

Consumer Services—11.8%
                
AutoZone, Inc.*
    
11,616
      
11,930,910
  
CDK Global, Inc.
    
709,074
      
34,319,182
  
eBay, Inc. Ɨ
    
1,893,458
      
68,031,946
  
Expedia Group, Inc.
    
68,417
      
7,867,955
  
Fox Corp., Class A
    
999,531
      
35,213,477
  
GVC Holdings PLC
    
1,603,297
      
12,115,560
  
Interpublic Group of Cos., Inc., (The)
    
494,800
      
10,499,656
  
KAR Auction Services, Inc.
    
1,049,184
      
58,985,124
  
Las Vegas Sands Corp.
    
505,359
      
27,794,745
  
Lowe's Cos., Inc.
    
215,434
      
20,095,683
  
ManpowerGroup, Inc.
    
111,669
      
9,549,933
  
Melco Resorts & Entertainment Ltd. - ADR
    
930,598
      
17,960,541
  
Moody's Corp.
    
53,279
      
9,743,664
  
Nexstar Media Group, Inc., Class A
    
288,220
      
28,865,233
  
S&P Global, Inc.
    
47,644
      
10,190,099
  
Stars Group, Inc. (The)*
    
429,575
      
7,113,762
  
Teleperformance
    
54,105
      
10,381,378
  
Tribune Media Co., Class A
    
548,694
      
25,404,532
  
Wyndham Destinations, Inc.
    
579,505
      
23,052,709
  
Wyndham Hotels & Resorts, Inc.
    
283,692
      
15,132,131
  
Zee Entertainment Enterprises Ltd.
    
1,514,487
      
7,774,426
  
             
452,022,646
  
Energy—7.7%
                
Apergy Corp.*
    
473,119
      
14,671,420
  
Cactus, Inc., Class A*
    
383,644
      
12,487,612
  
Canadian Natural Resources Ltd.
    
430,242
      
11,612,231
  
Chevron Corp. Ɨ
    
111,295
      
12,670,936
  
Cimarex Energy Co.
    
252,560
      
14,443,906
  
ConocoPhillips
    
401,254
      
23,657,936
  
Diamondback Energy, Inc.
    
121,714
      
11,935,275
  
Enerplus Corp.
    
1,735,236
      
12,658,647
  
Kosmos Energy Ltd.
    
2,126,311
      
13,098,076
  
Marathon Oil Corp.
    
1,406,539
      
18,495,988
  
Noble Energy, Inc.
    
887,114
      
18,984,240
  
Pioneer Natural Resources Co. Ɨ
    
158,683
      
22,526,639
  
Royal Dutch Shell PLC, Class A
    
1,061,284
      
32,873,534
  
TOTAL SA - SP ADR
    
586,070
      
30,182,605
  
Tullow Oil PLC
    
1,939,458
      
4,864,499
  
Valero Energy Corp.
    
351,492
      
24,745,037
  
Vista Oil & Gas SAB de CV*‡
    
1,644,522
      
15,145,671
  
             
295,054,252
  
Finance—20.7%
                
AIR LEASE Corp.
    
184,644
      
6,647,184
  
Alleghany Corp.* Ɨ
    
44,401
      
29,451,183
  
Allstate Corp., (The) Ɨ
    
393,832
      
37,614,894
  
American Express Co.
    
123,757
      
14,196,166
  
American International Group, Inc.
    
839,485
      
42,872,499
  
Ameriprise Financial, Inc.
    
155,962
      
21,558,627
  
Aon PLC Ɨ
    
198,073
      
35,667,005
  
Bank of America Corp. Ɨ
    
1,696,891
      
45,137,301
  
Bank of Ireland Group PLC
    
1,382,235
      
7,388,540
  
BB&T Corp. Ɨ
    
310,672
      
14,523,916
  
Berkshire Hathaway, Inc., Class B* Ɨ
    
199,721
      
39,428,920
  
Capital One Financial Corp. Ɨ
    
93,669
      
8,043,357
  
Chubb Ltd. Ɨ
    
248,166
      
36,249,608
  
Citigroup, Inc. Ɨ
    
757,342
      
47,068,805
  
Citizens Financial Group, Inc. Ɨ
    
186,288
      
6,069,263
  
Discover Financial Services Ɨ
    
452,489
      
33,733,055
  
DNB ASA
    
520,222
      
8,819,063
  
E*TRADE Financial Corp.
    
455,858
      
20,422,438
  
East West Bancorp, Inc.
    
252,455
      
10,784,878
  
Everest Re Group Ltd.
    
99,079
      
24,537,905
  
Fifth Third Bancorp Ɨ
    
485,657
      
12,869,911
  
Goldman Sachs Group, Inc., (The) Ɨ
    
55,571
      
10,141,152
  
Huntington Bancshares, Inc. Ɨ
    
1,919,871
      
24,286,368
  
JPMorgan Chase & Co. Ɨ
    
446,526
      
47,313,895
  
KeyCorp
    
1,719,518
      
27,460,702
  
Marsh & McLennan Cos., Inc.
    
207,209
      
19,809,180
  
Morgan Stanley
    
298,686
      
12,153,533
  
Navient Corp. Ɨ
    
261,199
      
3,406,035
  
PNC Financial Services Group, Inc. (The)
    
105,263
      
13,395,769
  
Regions Financial Corp.
    
1,192,170
      
16,487,711
  
SLM Corp.
    
1,240,820
      
11,800,198
  
Sumitomo Mitsui Financial Group, Inc.
    
196,000
      
6,791,773
  
SunTrust Banks, Inc. Ɨ
    
246,563
      
14,796,246
  
Synchrony Financial
    
494,251
      
16,621,661
  
TD Ameritrade Holding Corp. Ɨ
    
198,041
      
9,852,540
  
Travelers Cos., Inc., (The) Ɨ
    
127,026
      
18,491,175
  
United Overseas Bank Ltd.
    
495,200
      
8,482,943
  
Wells Fargo & Co. Ɨ
    
687,353
      
30,497,853
  
             
794,873,252
  

Health Care—12.5%
                
AbbVie, Inc. Ɨ
    
242,593
      
18,609,309
  
AmerisourceBergen Corp.
    
163,593
      
12,737,351
  
Anthem, Inc. Ɨ
    
113,726
      
31,613,554
  
Avantor, Inc.*
    
1,224,693
      
21,432,127
  
Biogen, Inc.*
    
81,929
      
17,966,210
  
Cigna Corp. Ɨ
    
251,469
      
37,222,441
  
CVS Health Corp. Ɨ
    
404,692
      
21,193,720
  
Humana, Inc.
    
58,168
      
14,243,016
  
ICON PLC*
    
111,454
      
15,777,428
  
IQVIA Holdings, Inc.*
    
100,653
      
13,673,710
  
Jazz Pharmaceuticals PLC*
    
125,501
      
15,756,651
  
Johnson & Johnson Ɨ
    
534,934
      
70,156,594
  
Laboratory Corp. of America Holdings*
    
82,813
      
13,466,222
  
McKesson Corp.
    
158,887
      
19,406,458
  
Medtronic PLC
    
137,731
      
12,751,136
  
Merck & Co., Inc.
    
274,938
      
21,777,839
  
Molina Healthcare, Inc.*
    
74,783
      
10,638,630
  
Novartis AG - SP ADR
    
135,969
      
11,644,385
  
Novo Nordisk A/S - SP ADR
    
329,213
      
15,492,217
  
Pfizer, Inc. Ɨ
    
500,894
      
20,797,119
  
Quest Diagnostics, Inc.
    
137,779
      
13,214,384
  
Syneos Health, Inc.*
    
410,664
      
16,931,677
  
UnitedHealth Group, Inc.
    
138,962
      
33,601,012
  
             
480,103,190
  
Real Estate Investment Trusts—0.7%
                
Retail Properties of America, Inc., Class A
    
745,025
      
8,858,347
  
SL Green Realty Corp.
    
220,496
      
18,962,656
  
             
27,821,003
  
Technology—16.5%
                
Alphabet, Inc., Class A* Ɨ
    
53,758
      
59,483,227
  
Alphabet, Inc., Class C*
    
11,576
      
12,775,621
  
Amdocs Ltd. Ɨ
    
189,581
      
11,264,903
  
Arrow Electronics, Inc.* Ɨ
    
391,815
      
24,551,128
  
Atos SE
    
132,325
      
10,065,175
  
Avnet, Inc.
    
512,970
      
20,949,695
  
Booking Holdings, Inc.*
    
8,261
      
13,682,033
  
Broadcom, Inc.
    
65,484
      
16,478,394
  
Capgemini SA
    
263,664
      
29,476,212
  
CDW Corp. Ɨ
    
215,451
      
21,208,996
  
Cisco Systems, Inc. Ɨ
    
738,046
      
38,400,533
  
DXC Technology Co. Ɨ
    
537,460
      
25,550,848
  
Eaton Corp. PLC Ɨ
    
411,527
      
30,654,646
  
Flex Ltd.* Ɨ
    
2,170,468
      
19,403,984
  
Hewlett Packard Enterprise Co. Ɨ
    
1,678,984
      
23,035,661
  
HP, Inc. Ɨ
    
1,385,114
      
25,873,930
  
Jabil, Inc. Ɨ
    
275,483
      
6,774,127
  
KLA-Tencor Corp.
    
212,022
      
21,853,108
  
Leidos Holdings, Inc. Ɨ
    
400,616
      
30,178,403
  
Marvell Technology Group Ltd. Ɨ
    
976,151
      
21,768,167
  
Microsoft Corp. Ɨ
    
399,090
      
49,359,451
  
NetApp, Inc. Ɨ
    
317,460
      
18,793,632
  
Oracle Corp. Ɨ
    
555,764
      
28,121,658
  
Prysmian SpA
    
522,918
      
8,699,485
  
Qorvo, Inc.*
    
91,767
      
5,614,305
  
Samsung Electronics Co., Ltd.
    
877,053
      
31,224,690
  
Science Applications International Corp.
    
184,578
      
14,164,516
  
Xerox Corp.
    
450,515
      
13,790,264
  
             
633,196,792
  
Transportation—3.8%
                
AP Moller - Maersk A/S, Class B
    
8,355
      
8,922,152
  
CH Robinson Worldwide, Inc.
    
177,317
      
14,119,753
  
Kansas City Southern
    
369,968
      
41,909,975
  
Southwest Airlines Co.
    
72,999
      
3,474,752
  
Union Pacific Corp.
    
281,724
      
46,985,929
  
United Parcel Service, Inc., Class B
    
304,756
      
28,317,928
  
             
143,730,489
  

Utilities—0.2%
                
Vistra Energy Corp.
    
265,279
      
6,249,973
  
TOTAL COMMON STOCKS
                
(Cost $3,277,424,493)
            
3,776,825,258
  
WARRANTS—0.0%
                
Energy—0.0%
                
Vista Oil & Gas SAB de CV*‡
    
1,204,819
      
245,897
  
TOTAL WARRANTS
                
(Cost $0)
            
245,897
  
                 
                 
SHORT-TERM INVESTMENTS—1.0%
                
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, Institutional Class, 2.27%(a)
    
39,308,253
      
39,308,253
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $39,308,253)
            
39,308,253
  
TOTAL LONG POSITIONS—99.6%
                
(Cost $3,316,732,746)
            
3,816,379,408
  
SECURITIES SOLD SHORT—(47.0%)
                
COMMON STOCKS—(47.0%)
                
Basic Industries—(4.7%)
                
Balchem Corp.
    
(61,406
)
    
(5,568,910
)
Ball Corp.
    
(117,144
)
    
(7,191,470
)
Boliden AB
    
(336,008
)
    
(7,645,805
)
Compass Minerals International, Inc.
    
(239,148
)
    
(12,198,940
)
Eastman Chemical Co.
    
(53,817
)
    
(3,493,800
)
Fortescue Metals Group Ltd.
    
(2,361,374
)
    
(13,130,959
)
Gerdau SA - SP ADR
    
(2,761,730
)
    
(9,610,820
)
Greif, Inc., Class A
    
(421,295
)
    
(14,930,695
)
Nucor Corp.
    
(187,763
)
    
(9,012,624
)
Quaker Chemical Corp.
    
(115,349
)
    
(20,862,020
)
RPM International, Inc.
    
(267,469
)
    
(14,314,941
)
Sonoco Products Co.
    
(212,215
)
    
(13,121,253
)
Stora Enso OYJ, Class R
    
(472,856
)
    
(4,991,687
)
Trex Co., Inc.*
    
(236,956
)
    
(14,174,708
)
Umicore SA
    
(306,195
)
    
(9,107,224
)
US Silica Holdings, Inc.
    
(802,492
)
    
(8,329,867
)
Yara International ASA
    
(315,097
)
    
(13,535,876
)
             
(181,221,599
)
Capital Goods—(6.1%)
                
AAON, Inc.
    
(351,428
)
    
(15,951,317
)
AO Smith Corp.
    
(257,772
)
    
(10,439,766
)
Elbit Systems Ltd.
    
(136,911
)
    
(19,446,447
)
FANUC Corp.
    
(63,400
)
    
(10,691,475
)
GCP Applied Technologies, Inc.*
    
(490,805
)
    
(12,839,459
)
Geberit AG, Class R
    
(49,065
)
    
(21,609,750
)
HB Fuller Co.
    
(115,708
)
    
(4,562,366
)
John Bean Technologies Corp.
    
(41,415
)
    
(4,247,108
)
Martin Marietta Materials, Inc.
    
(72,451
)
    
(15,250,935
)
MISUMI Group, Inc.
    
(587,900
)
    
(13,761,337
)
Saab AB, Class B
    
(535,629
)
    
(15,213,982
)
Sika AG, Class R
    
(170,663
)
    
(25,304,879
)
TransDigm Group, Inc.*
    
(10,229
)
    
(4,510,478
)
Triumph Group, Inc.
    
(1,000,999
)
    
(19,409,371
)
Wabtec Corp.
    
(200,882
)
    
(12,531,019
)
Weir Group, (The) PLC
    
(762,155
)
    
(14,093,005
)
Yaskawa Electric Corp.
    
(420,900
)
    
(12,050,840
)
             
(231,913,534
)
Communications—(0.7%)
                
Cogent Communications Holdings, Inc.
    
(360,351
)
    
(21,080,534
)
GTT Communications, Inc.*
    
(179,348
)
    
(4,264,895
)
             
(25,345,429
)

Consumer Durables—(1.3%)
                
Aston Martin Lagonda Global Holdings PLC*
    
(581,114
)
    
(6,412,252
)
Dorman Products, Inc.*
    
(184,479
)
    
(15,064,555
)
Leggett & Platt, Inc.
    
(417,057
)
    
(14,809,694
)
LKQ Corp.*
    
(321,861
)
    
(8,255,734
)
Tesla Motors, Inc.*
    
(37,048
)
    
(6,859,808
)
             
(51,402,043
)
Consumer Non-Durables—(4.3%)
                
B&G Foods, Inc.
    
(215,651
)
    
(4,733,539
)
Calbee, Inc.
    
(337,800
)
    
(9,579,298
)
Cal-Maine Foods, Inc.
    
(264,420
)
    
(9,788,828
)
Campbell Soup Co.
    
(216,287
)
    
(7,853,381
)
China Resources Beer Holdings Co., Ltd.
    
(2,528,000
)
    
(11,061,786
)
Hain Celestial Group Inc., (The)*
    
(367,149
)
    
(7,486,168
)
Hormel Foods Corp.
    
(312,189
)
    
(12,328,344
)
International Flavors & Fragrances, Inc.
    
(112,654
)
    
(15,255,605
)
Kikkoman Corp.
    
(172,700
)
    
(7,139,072
)
Kimberly-Clark de Mexico SAB de CV, Class A*
    
(4,644,700
)
    
(8,377,583
)
Mattel, Inc.*
    
(818,662
)
    
(8,063,821
)
MGP Ingredients, Inc.
    
(127,290
)
    
(7,664,131
)
National Beverage Corp.
    
(147,519
)
    
(6,660,483
)
Remy Cointreau SA
    
(60,116
)
    
(8,260,552
)
Treasury Wine Estates Ltd.
    
(1,076,400
)
    
(11,184,243
)
Under Armour, Inc., Class A*
    
(982,757
)
    
(22,406,860
)
Yamazaki Baking Co., Ltd.
    
(515,900
)
    
(7,728,243
)
             
(165,571,937
)
Consumer Services—(7.0%)
                
Axel Springer SE
    
(188,214
)
    
(11,650,187
)
Carvana Co.*
    
(430,052
)
    
(24,891,410
)
Casey's General Stores, Inc.
    
(81,399
)
    
(10,506,983
)
Chipotle Mexican Grill, Inc.*
    
(14,894
)
    
(9,829,593
)
Choice Hotels International, Inc.
    
(238,590
)
    
(19,633,571
)
Cimpress NV*
    
(53,068
)
    
(4,643,450
)
Cracker Barrel Old Country Store, Inc.
    
(70,297
)
    
(11,042,956
)
Domino's Pizza, Inc.
    
(28,948
)
    
(8,090,966
)
Dunkin' Brands Group, Inc.
    
(125,018
)
    
(9,278,836
)
GrubHub, Inc.*
    
(178,879
)
    
(11,653,967
)
Hertz Global Holdings, Inc.*
    
(1,223,953
)
    
(17,221,019
)
Lions Gate Entertainment Corp., Class A
    
(665,778
)
    
(9,833,541
)
Meredith Corp.
    
(228,877
)
    
(11,848,962
)
Monro Muffler Brake, Inc.
    
(277,218
)
    
(22,097,047
)
Norwegian Cruise Line Holdings Ltd.*
    
(165,795
)
    
(9,070,644
)
Pearson PLC
    
(944,508
)
    
(9,401,321
)
Shake Shack, Inc. Class A*
    
(235,539
)
    
(14,450,318
)
Stitch Fix, Inc., Class A*
    
(378,922
)
    
(8,775,834
)
Texas Roadhouse, Inc.
    
(151,613
)
    
(7,771,682
)
Tiffany & Co.
    
(102,769
)
    
(9,157,746
)
Vail Resorts, Inc.
    
(59,849
)
    
(12,874,118
)
Wayfair, Inc. Class A*
    
(106,049
)
    
(15,272,116
)
             
(268,996,267
)
Energy—(2.2%)
                
Apache Corp.
    
(398,671
)
    
(10,393,353
)
ARC Resources Ltd.
    
(1,967,626
)
    
(10,714,507
)
Callon Petroleum Co.*
    
(918,961
)
    
(5,743,506
)
Chesapeake Energy Corp.*
    
(3,135,335
)
    
(6,019,843
)
Delek US Holdings, Inc.
    
(206,049
)
    
(6,307,160
)
Laredo Petroleum, Inc.*
    
(1,811,561
)
    
(4,782,521
)
Matador Resources Co.*
    
(631,665
)
    
(10,384,573
)
Murphy Oil Corp.
    
(266,974
)
    
(6,634,304
)
Oil Search Ltd.
    
(2,094,355
)
    
(10,186,797
)
PrairieSky Royalty Ltd.
    
(899,456
)
    
(11,872,074
)
             
(83,038,638
)

Finance—(9.3%)
                
American Equity Investment Life Holding Co.
    
(234,358
)
    
(6,634,675
)
Banco Bilbao Vizcaya Argentaria SA
    
(1,073,856
)
    
(5,822,727
)
Bank of East Asia Ltd., (The)
    
(1,954,815
)
    
(6,090,523
)
Bank of Hawaii Corp.
    
(78,807
)
    
(5,962,538
)
Bankinter SA
    
(997,331
)
    
(7,195,670
)
Canadian Western Bank
    
(382,668
)
    
(8,020,853
)
China International Capital Corp., Ltd., Class H
    
(2,676,400
)
    
(4,869,743
)
CNO Financial Group, Inc.
    
(512,076
)
    
(8,044,714
)
Cohen & Steers, Inc.
    
(100,217
)
    
(5,133,115
)
Commonwealth Bank of Australia
    
(156,443
)
    
(8,502,516
)
Community Bank System, Inc.
    
(302,163
)
    
(18,676,695
)
Credit Suisse Group AG, Class R*
    
(1,106,521
)
    
(12,520,175
)
Cullen/Frost Bankers, Inc.
    
(54,619
)
    
(4,985,076
)
CVB Financial Corp.
    
(616,793
)
    
(12,675,096
)
FGL Holdings
    
(1,343,953
)
    
(10,684,426
)
First Financial Bankshares, Inc.
    
(590,231
)
    
(33,442,488
)
First Republic Bank
    
(123,929
)
    
(12,023,592
)
Focus Financial Partners, Inc., Class A*
    
(416,180
)
    
(11,673,849
)
Glacier Bancorp, Inc.
    
(383,026
)
    
(15,095,055
)
Hiscox Ltd.
    
(488,126
)
    
(10,107,531
)
ICICI Bank Ltd. - SP ADR
    
(404,182
)
    
(4,850,184
)
Independent Bank Corp.
    
(105,984
)
    
(7,349,990
)
KKR & Co., Inc., Class A
    
(518,204
)
    
(11,545,585
)
LendingClub Corp.*
    
(1,704,118
)
    
(5,112,354
)
MarketAxess Holdings, Inc.
    
(61,193
)
    
(18,224,499
)
New York Community Bancorp, Inc.
    
(538,675
)
    
(5,349,043
)
Prosperity Bancshares, Inc.
    
(169,318
)
    
(10,973,500
)
RLI Corp.
    
(169,372
)
    
(14,545,667
)
Trustmark Corp.
    
(428,611
)
    
(13,616,972
)
UMB Financial Corp.
    
(80,501
)
    
(4,970,132
)
United Bankshares, Inc.
    
(324,909
)
    
(11,625,244
)
Voya Financial, Inc.
    
(201,352
)
    
(10,254,857
)
Westamerica Bancorporation
    
(359,882
)
    
(21,553,333
)
WisdomTree Investments, Inc.
    
(1,398,339
)
    
(8,404,017
)
             
(356,536,434
)
Health Care—(2.3%)
                
Align Technology, Inc.*
    
(27,619
)
    
(7,853,463
)
Genmab A/S*
    
(44,389
)
    
(7,619,845
)
Glaukos Corp.*
    
(117,506
)
    
(7,576,787
)
Healthcare Services Group, Inc.
    
(273,597
)
    
(8,648,401
)
Insulet Corp.*
    
(146,294
)
    
(16,061,618
)
Moderna, Inc.*
    
(443,506
)
    
(9,216,055
)
Nevro Corp.*
    
(253,720
)
    
(14,997,389
)
Select Medical Holdings Corp.*
    
(539,401
)
    
(7,578,584
)
Teladoc Health, Inc.*
    
(150,045
)
    
(8,720,615
)
             
(88,272,757
)
Real Estate Investment Trusts—(0.8%)
                
Iron Mountain, Inc.
    
(287,949
)
    
(8,825,637
)
Public Storage
    
(64,034
)
    
(15,232,408
)
Redfin Corp.*
    
(479,497
)
    
(7,556,873
)
             
(31,614,918
)
Technology—(7.2%)
                
Avalara, Inc.*
    
(223,898
)
    
(15,144,461
)
Blackbaud, Inc.
    
(130,100
)
    
(10,007,292
)
Cognex Corp.
    
(266,077
)
    
(10,802,726
)
Cree, Inc.*
    
(290,810
)
    
(16,035,263
)
Guidewire Software, Inc.*
    
(146,099
)
    
(14,685,871
)
HubSpot, Inc.*
    
(63,775
)
    
(11,050,932
)
Inovalon Holdings, Inc., Class A*
    
(860,044
)
    
(11,860,007
)
Instructure, Inc.*
    
(296,372
)
    
(12,323,148
)
Knowles Corp.*
    
(1,168,279
)
    
(18,377,029
)
LiveRamp Holdings, Inc.*
    
(154,118
)
    
(7,918,583
)
Manhattan Associates, Inc.*
    
(285,817
)
    
(18,712,439
)
MercadoLibre, Inc.*
    
(13,938
)
    
(7,951,908
)
MongoDB, Inc.*
    
(74,113
)
    
(10,401,018
)
National Instruments Corp.
    
(321,326
)
    
(12,399,970
)
Nidec Corp.
    
(34,800
)
    
(4,314,174
)
Plantronics, Inc.
    
(182,844
)
    
(7,509,403
)
Power Integrations, Inc.
    
(127,525
)
    
(8,309,529
)
Proofpoint, Inc.*
    
(103,626
)
    
(11,643,417
)
Shopify, Inc., Class A*
    
(56,247
)
    
(15,462,300
)
Tabula Rasa HealthCare, Inc.*
    
(199,911
)
    
(9,029,980
)
Tokai Carbon Co., Ltd.
    
(657,900
)
    
(6,225,451
)
Universal Display Corp.
    
(62,317
)
    
(9,156,237
)
Zendesk, Inc.*
    
(138,341
)
    
(11,655,229
)
Zillow Group, Inc., Class C*
    
(323,406
)
    
(13,912,926
)
             
(274,889,293
)

Transportation—(0.4%)
                
American Airlines Group, Inc.
    
(223,200
)
    
(6,077,736
)
XPO Logistics, Inc.*
    
(212,668
)
    
(11,077,876
)
             
(17,155,612
)
Utilities—(0.7%)
                
Antero Midstream Corp.
    
(523,761
)
    
(6,400,359
)
TC Energy Corp.
    
(193,503
)
    
(9,419,726
)
Williams Cos., Inc. (The)
    
(346,997
)
    
(9,153,781
)
             
(24,973,866
)
TOTAL COMMON STOCKS
                
(Proceeds $(1,763,409,818))
            
(1,800,932,327
)
TOTAL SECURITIES SOLD SHORT—(47.0%)
                
(Proceeds $(1,763,409,818))
            
(1,800,932,327
)
OTHER ASSETS IN EXCESS OF LIABILITIES—47.4%
            
1,818,524,160
  
NET ASSETS—100.0%
          
$
3,833,971,241
  

 
ADR
American Depositary Receipt
  
PLC
Public Limited Company
  
SP ADR
Sponsored American Depositary Receipt
  
*
Non-income producing.
  
(a)
Seven-day yield as of May 31, 2019.
  
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, 2019, these securities amounted
to $15,391,568 or 0.4% of net assets.
  
     
 
Industry classifications may be different than those used for compliance monitoring purposes.
  
     
The accompanying notes are an integral part of the portfolio of investments.

 
Contracts For Difference held by the Fund at May 31, 2019, are as follows:
            
                                 
REFERENCE COMPANY
  
COUNTERPARTY
  
EXPIRATION DATE
  
FINANCING RATE
  
PAYMENT FREQUENCY
  
NUMBER OF CONTRACTS
LONG/(SHORT)
    
NOTIONAL
AMOUNT
    
UNREALIZED
APPRECIATION
(DEPRECIATION)
Long
                                
China
                                
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A
  
Goldman Sachs
  
9/15/2020
  
2.44%
  
Monthly
  
478,700
   $
    7,901,218
   $
       (248,168)
Kweichow Moutai
  
Goldman Sachs
  
9/15/2020
  
2.44
  
Monthly
  
61,600
    
       7,914,707
    
                    (48,022)
Wuliangye Yibin Co., Ltd., Class A
  
Goldman Sachs
  
12/31/2021
  
2.44
  
Monthly
  
573,469
    
       8,380,105
    
                  (265,934)
                         
     24,196,030
    
                  (562,124)
Total Long
                        
     24,196,030
    
                  (562,124)
                                 
Short
                                
Brazil
                                
Raia Drogasil SA
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(455,400)
   $
   (8,029,951)
   $
             (586,206)
                                 
China
                                
Semiconductor Manufacturing
  
Goldman Sachs
  
12/31/2020
  
0.74
  
Monthly
  
(19,013,600)
    
    (22,883,153)
    
               (2,107,155)
                                 
Indonesia
                                
Unilever Indonesia TBK PT
  
Macquarie
  
9/18/2019
  
2.36
  
Monthly
  
(2,432,800)
    
      (7,619,844)
    
                  (633,111)
                                 
South Korea
                                
Amorepacific Corp.
  
Macquarie
  
9/18/2019
  
2.36
  
Monthly
  
(63,347)
    
      (9,532,404)
    
                    577,375
Amore Pacific Group
  
Macquarie
  
9/15/2020
  
2.36
  
Monthly
  
(74,110)
    
      (4,031,927)
    
                    177,541
Celltrion, Inc.
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(100,694)
    
    (16,056,797)
    
                  (792,918)
Oil Corp.
  
Macquarie
  
9/15/2020
  
2.36
  
Monthly
  
(120,940)
    
      (8,479,832)
    
                        2,150
Sillajen, Inc.
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(125,448)
    
      (5,783,035)
    
                      13,551
SK Innivation Co., Ltd.
  
Macquarie
  
9/18/2019
  
2.36
  
Monthly
  
(51,077)
    
      (7,081,687)
    
                    (52,529)
                         
    (50,965,682)
    
                    (74,830)
Taiwan
                                
AU Optronics Corp.
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(50,614,000)
    
    (14,972,139)
    
                    (58,876)
Eclat Textile Co., Ltd.
  
Macquarie
  
9/18/2019
  
2.36
  
Monthly
  
(869,000)
    
    (11,217,202)
    
                    474,570
                         
    (26,189,341)
    
                    415,694
Total Short
                        
  (115,687,971)
    
               (2,985,608)
Net unrealized gain/(loss) on Contracts For Difference
                             $
     (3,547,732)

BOSTON PARTNERS INVESTMENT FUNDS
BOSTON PARTNERS LONG/SHORT RESEARCH FUND
NOTES TO PORTFOLIO OF INVESTMENTS
MAY 31, 2019 (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, 2019, in valuing the Fund's investments carried at fair value:

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Common Stock
                        
Basic Industries
  
$
174,712,390
    
$
174,712,390
    
$
-
    
$
-
  
Capital Goods
    
295,531,733
      
290,875,229
      
4,656,504
      
-
  
Communications
    
122,353,381
      
122,353,381
      
-
      
-
  
Consumer Durables
    
87,591,340
      
26,284,169
      
61,307,171
      
-
  
Consumer Non-Durables
    
263,584,817
      
229,733,937
      
33,850,880
      
-
  
Consumer Services
    
452,022,646
      
421,751,282
      
30,271,364
      
-
  
Energy
    
295,054,252
      
242,170,548
      
37,738,033
      
15,145,671
  
Finance
    
794,873,252
      
763,390,933
      
31,482,319
      
-
  
Health Care
    
480,103,190
      
464,610,973
      
15,492,217
      
-
  
Real Estate Investment Trusts
    
27,821,003
      
27,821,003
      
-
      
-
  
Technology
    
633,196,792
      
553,731,230
      
79,465,562
      
-
  
Transportation
    
143,730,489
      
134,808,337
      
8,922,152
      
-
  
Utilities
    
6,249,973
      
6,249,973
      
-
      
-
  
Warrants
    
245,897
      
-
      
-
      
245,897
  
Short-Term Investments
    
39,308,253
      
39,308,253
      
-
      
-
  
Contracts For Difference
                                
Equity Contracts
    
1,245,187
      
-
      
1,245,187
      
-
  
Total Assets*
  
$
3,817,624,595
    
$
3,497,801,638
    
$
304,431,389
    
$
15,391,568
  
                                 


   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Securities Sold Short
                                
Basic Industries
  
$
(181,221,599
)
  
$
(132,810,048
)
  
$
(48,411,551
)
  
$
-
  
Capital Goods
    
(231,913,534
)
    
(99,741,819
)
    
(132,171,715
)
    
-
  
Communications
    
(25,345,429
)
    
(25,345,429
)
    
-
      
-
  
Consumer Durables
    
(51,402,043
)
    
(51,402,043
)
    
-
      
-
  
Consumer Non-Durables
    
(165,571,937
)
    
(110,618,743
)
    
(54,953,194
)
    
-
  
Consumer Services
    
(268,996,267
)
    
(247,944,759
)
    
(21,051,508
)
    
-
  
Energy
    
(83,038,638
)
    
(72,851,841
)
    
(10,186,797
)
    
-
  
Finance
    
(356,536,434
)
    
(301,427,549
)
    
(55,108,885
)
    
-
  
Health Care
    
(88,272,757
)
    
(88,272,757
)
    
-
      
-
  
Real Estate Investment Trusts
    
(31,614,918
)
    
(31,614,918
)
    
-
      
-
  
Technology
    
(274,889,293
)
    
(264,349,668
)
    
(10,539,625
)
    
-
  
Transportation
    
(17,155,612
)
    
(17,155,612
)
    
-
      
-
  
Utilities
    
(24,973,866
)
    
(24,973,866
)
    
-
      
-
  
Contracts For Difference
                                
Equity Contracts
    
(4,792,919
)
    
-
      
(4,792,919
)
    
-
  
Total Liabilities*
  
$
(1,805,725,246
)
  
$
(1,468,509,052
)
  
$
(337,216,194
)
  
$
-
  
                                 
* Please refer to the Portfolio of Investments for further details.
                          

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.

As of May 31, 2019, the Fund had no 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.





























BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS GLOBAL EQUITY FUND
  
PORTFOLIO OF INVESTMENTS
  
MAY 31, 2019 (UNAUDITED)
  
   
   
NUMBER OF
        
   
SHARES
    
VALUE
  
COMMON STOCKS—95.4%
            
Bermuda—1.4%
            
Axis Capital Holdings Ltd.
    
11,429
    
$
680,940
  
Everest Re Group Ltd.
    
37,529
      
9,294,432
  
             
9,975,372
  
Canada—3.1%
                
Barrick Gold Corp.*
    
465,021
      
5,783,518
  
Canadian Natural Resources Ltd.
    
335,973
      
9,075,447
  
Nutrien Ltd.
    
70,844
      
3,452,937
  
Stars Group, Inc. (The)*
    
196,408
      
3,253,607
  
             
21,565,509
  
Denmark—1.4%
                
AP Moller - Maersk A/S Class B
    
3,105
      
3,315,773
  
Novo Nordisk A/S Class B
    
137,809
      
6,485,063
  
             
9,800,836
  
France—6.1%
                
Capgemini SA
    
73,654
      
8,234,119
  
Cie Generale des Etablissements Michelin SCA(a)
    
32,745
      
3,755,284
  
Danone SA
    
138,953
      
11,099,524
  
Kering SA
    
5,303
      
2,760,212
  
TOTAL SA
    
221,520
      
11,485,353
  
Vinci SA
    
49,565
      
4,887,689
  
             
42,222,181
  
Hong Kong—1.3%
                
CK Hutchison Holdings Ltd.
    
705,500
      
6,663,704
  
Melco Resorts & Entertainment Ltd. - ADR
    
131,506
      
2,538,066
  
             
9,201,770
  
Hungary—0.4%
                
OTP Bank PLC
    
63,535
      
2,649,586
  
Ireland—2.1%
                
AIB Group PLC
    
844,257
      
3,473,153
  
Bank of Ireland Group PLC
    
606,738
      
3,243,231
  
CRH PLC
    
243,123
      
7,614,003
  
             
14,330,387
  
Japan—8.0%
                
Asahi Group Holdings Ltd.
    
107,800
      
4,733,509
  
Haseko Corp.
    
372,100
      
3,693,025
  
Hitachi Ltd.
    
209,900
      
7,067,949
  
Matsumotokiyoshi Holdings Co., Ltd.
    
125,600
      
3,689,115
  
Mitsubishi Estate Co., Ltd.
    
98,400
      
1,804,963
  
Mitsui & Co., Ltd.
    
303,600
      
4,661,868
  
Nippon Telegraph & Telephone Corp.
    
184,700
      
8,263,687
  
Seven & i Holdings Co., Ltd.
    
162,000
      
5,452,651
  
Shionogi & Co., Ltd.
    
82,800
      
4,514,699
  
Sony Corp.
    
133,800
      
6,412,196
  
Sumitomo Mitsui Financial Group, Inc.
    
138,800
      
4,809,684
  
             
55,103,346
  
Mexico—0.4%
                
Cemex SAB de CV - SP ADR*
    
667,888
      
2,751,699
  
Netherlands—3.2%
                
ING Groep NV
    
471,903
      
5,097,190
  
Koninklijke KPN NV
    
1,464,195
      
4,470,117
  
NXP Semiconductors NV
    
40,612
      
3,580,354
  
Royal Dutch Shell PLC, Class A
    
285,642
      
8,847,832
  
             
21,995,493
  

Poland—0.4%
                
Bank Polska Kasa Opieki SA
    
100,412
      
2,784,432
  
South Korea—0.3%
                
KT Corp. - SP ADR
    
171,836
      
2,068,905
  
Spain—0.6%
                
Ferrovial SA
    
178,635
      
4,257,850
  
Switzerland—1.9%
                
Roche Holding AG
    
16,651
      
4,373,421
  
STMicroelectronics NV
    
214,696
      
3,246,466
  
Swiss Re AG
    
62,028
      
5,885,214
  
             
13,505,101
  
United Kingdom—10.0%
                
Avast PLC
    
559,787
      
2,186,834
  
Aviva PLC
    
1,088,867
      
5,566,598
  
Cineworld Group PLC
    
1,116,993
      
4,184,411
  
Coca-Cola European Partners PLC
    
131,866
      
7,305,377
  
GlaxoSmithKline PLC
    
344,556
      
6,652,012
  
HSBC Holdings PLC
    
573,136
      
4,671,861
  
Imperial Brands PLC
    
407,594
      
9,855,812
  
Lloyds Banking Group PLC
    
7,206,358
      
5,208,798
  
Nomad Foods Ltd.*
    
187,196
      
3,972,299
  
Tesco PLC
    
1,516,688
      
4,332,570
  
Tullow Oil PLC
    
1,465,681
      
3,676,184
  
Unilever PLC
    
159,604
      
9,736,804
  
Vodafone Group PLC
    
1,315,569
      
2,147,833
  
             
69,497,393
  
United States—54.8%
                
Allstate Corp. (The)
    
85,954
      
8,209,466
  
Alphabet, Inc., Class C*
    
11,734
      
12,949,994
  
American Express Co.(a)
    
97,429
      
11,176,081
  
Anthem, Inc.
    
14,064
      
3,909,511
  
Berkshire Hathaway, Inc., Class B*
    
107,125
      
21,148,617
  
Biogen, Inc.*
    
20,923
      
4,588,205
  
Chubb Ltd.
    
63,069
      
9,212,489
  
Cigna Corp.
    
35,655
      
5,277,653
  
Cisco Systems, Inc.
    
169,742
      
8,831,676
  
Citigroup, Inc.
    
94,984
      
5,903,256
  
Comcast Corp., Class A
    
298,786
      
12,250,226
  
CVS Health Corp.
    
197,794
      
10,358,472
  
Diamondback Energy, Inc.(a)
    
48,945
      
4,799,547
  
Dover Corp.(a)
    
56,251
      
5,029,402
  
DowDuPont, Inc.
    
356,309
      
10,874,551
  
Eaton Corp. PLC
    
145,480
      
10,836,805
  
Fox Corp., Class A
    
240,382
      
8,468,658
  
Goldman Sachs Group Inc., (The)(a)
    
28,025
      
5,114,282
  
GrafTech International Ltd.(a)
    
240,541
      
2,383,761
  
Graphic Packaging Holding Co.(a)
    
513,436
      
6,674,668
  
HP, Inc.
    
166,030
      
3,101,440
  
Johnson & Johnson
    
71,907
      
9,430,603
  
KAR Auction Services, Inc.
    
118,814
      
6,679,723
  
KeyCorp
    
412,282
      
6,584,143
  
Laboratory Corp. of America Holdings*
    
46,326
      
7,533,071
  

Lear Corp.(a)
    
30,588
      
3,640,890
  
Lowe's Cos., Inc.
    
37,151
      
3,465,445
  
Masco Corp.
    
100,005
      
3,492,175
  
McKesson Corp.(a)
    
64,003
      
7,817,326
  
Medtronic PLC
    
114,308
      
10,582,635
  
Microsoft Corp.
    
164,406
      
20,333,734
  
Molson Coors Brewing Co., Class B (a)
    
77,772
      
4,275,904
  
Mosaic Co. (The)
    
240,738
      
5,168,645
  
NetApp, Inc.
    
38,966
      
2,306,787
  
Oracle Corp.(a)
    
242,106
      
12,250,564
  
Owens Corning(a)
    
62,909
      
3,049,199
  
Parsley Energy, Inc., Class A*
    
269,566
      
4,806,362
  
Pfizer, Inc.(a)
    
182,631
      
7,582,839
  
Pioneer Natural Resources Co.(a)
    
45,330
      
6,435,047
  
ProPetro Holding Corp.*
    
128,104
      
2,487,780
  
PulteGroup, Inc.
    
221,980
      
6,881,380
  
Science Applications International Corp.(a)
    
60,638
      
4,653,360
  
SYNNEX Corp.(a)
    
36,590
      
3,172,719
  
TE Connectivity Ltd.
    
47,795
      
4,025,773
  
Tyson Foods, Inc., Class A
    
54,030
      
4,100,337
  
United Parcel Service, Inc., Class B
    
81,330
      
7,557,184
  
United Technologies Corp.
    
103,544
      
13,077,607
  
Verizon Communications, Inc.
    
285,295
      
15,505,783
  
Vistra Energy Corp.(a)
    
383,864
      
9,043,836
  
Walt Disney Co. (The)
    
39,116
      
5,164,877
  
Wells Fargo & Co.
    
179,420
      
7,960,865
  
             
380,165,353
  
TOTAL COMMON STOCKS
                
(Cost $649,965,055)
            
661,875,213
  
PREFERRED STOCKS—0.6%
                
Brazil—0.6%
                
Petroleo Brasileiro SA, 3.771%
    
639,800
      
4,165,927
  
TOTAL PREFERRED STOCKS
                
(Cost $4,375,306)
            
4,165,927
  
                 
                 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—5.9%
                
Mount Vernon Liquid Assets Portfolio, LLC, 2.54%(b)
    
40,740,782
      
40,740,782
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
                
(Cost $40,740,782)
            
40,740,782
  
SHORT-TERM INVESTMENTS—4.3%
                
Morgan Stanley Institutional Liquidity Funds, Treasury Portfolio, Institutional Class, 2.27%(a)
    
29,619,172
      
29,619,172
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $29,619,172)
            
29,619,172
  
TOTAL INVESTMENTS—106.2%
                
(Cost $724,700,315)
            
736,401,094
  
LIABILITIES IN EXCESS OF OTHER ASSETS—(6.2)%
            
(43,127,042
)
NET ASSETS—100.0%
          
$
693,274,052
  
 
                
 
ADR
American Depositary Receipt
          
PLC
Public Limited Company
          
SP ADR
Sponsored American Depositary Receipt
          
*
Non-income producing.
          
(a)
All or a portion of the security is on loan. At May 31, 2019, the market value of securities on loan was $39,114,531.
      
(b)
7 day yield as of May 31, 2019
          
             
 
Industry classifications may be different than those used for compliance monitoring purposes.
          
             
The accompanying notes are an integral part of the portfolio of investments.

BOSTON PARTNERS INVESTMENT FUNDS
BOSTON PARTNERS GLOBAL EQUITY FUND
NOTES TO PORTFOLIO OF INVESTMENTS
MAY 31, 2019 (UNAUDITED)

 
PORTFOLIO VALUATION — The Boston Partners Global Equity 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, 2019, in valuing the Fund's investments carried at fair value:

                           
INVESTMENTS MEASURED AT NET
 
   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
     ASSET VALUE*
 
Common Stock
                              
Bermuda
  
$
9,975,372
    
$
9,975,372
    
$
-
    
$
-
    
$
-
  
Canada
    
21,565,509
      
21,565,509
      
-
      
-
      
-
  
Denmark
    
9,800,836
      
-
      
9,800,836
      
-
      
-
  
France
    
42,222,181
      
-
      
42,222,181
      
-
      
-
  
Hong Kong
    
9,201,770
      
2,538,066
      
6,663,704
      
-
      
-
  
Hungary
    
2,649,586
      
-
      
2,649,586
      
-
          
Ireland
    
14,330,387
      
-
      
14,330,387
      
-
      
-
  
Japan
    
55,103,346
      
-
      
55,103,346
      
-
      
-
  
Mexico
    
2,751,699
      
2,751,699
      
-
      
-
      
-
  
Netherlands
    
21,995,493
      
3,580,354
      
18,415,139
      
-
      
-
  
Poland
    
2,784,432
      
-
      
2,784,432
      
-
          
South Korea
    
2,068,905
      
2,068,905
      
-
      
-
      
-
  
Spain
    
4,257,850
      
-
      
4,257,850
      
-
      
-
  
Switzerland
    
13,505,101
      
-
      
13,505,101
      
-
      
-
  
United Kingdom
    
69,497,393
      
13,464,510
      
56,032,883
      
-
      
-
  
United States
    
380,165,353
      
380,165,353
      
-
      
-
      
-
  
Preferred Stock
                                    
-
  
Brazil
    
4,165,927
      
-
      
4,165,927
      
-
      
-
  
Investments Purchased with Proceeds from Securities Lending Collateral
    
40,740,782
      
-
      
-
      
-
      
40,740,782
  
Short-Term Investments
    
29,619,172
      
29,619,172
      
-
      
-
      
-
  
Total Assets**
  
$
736,401,094
    
$
465,728,940
    
$
229,931,372
    
$
-
    
$
40,740,782
  
                                         
*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy to the amounts presented in the Portfolio of Investments
  
** Please refer to the Portfolio of Investments for further details.
                          

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.

As of May 31, 2019, the Fund had no 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.


BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS GLOBAL LONG/SHORT FUND
  
PORTFOLIO OF INVESTMENTS
  
MAY 31, 2019 (UNAUDITED)
  
   
     
NUMBER OF
              
     
SHARES
          
VALUE
  
LONG POSITIONS—100.0%
                    
COMMON STOCKS—90.7%
                    
Bermuda—1.4%
                    
Axis Capital Holdings Ltd.
      
12,705
          
$
756,964
  
Everest Re Group Ltd.Ɨ
      
40,681
            
10,075,056
  
                     
10,832,020
  
Canada—3.4%
                        
Barrick Gold Corp.
      
477,689
            
5,941,071
  
Canadian Natural Resources Ltd.
      
376,510
            
10,170,450
  
Nutrien Ltd.Ɨ
      
120,069
            
5,852,163
  
Stars Group, Inc. (The)*
      
242,193
            
4,012,061
  
                     
25,975,745
  
Denmark—1.6%
                        
AP Moller - Maersk A/S, Class B
      
3,348
            
3,575,268
  
Novo Nordisk A/S, Class B
      
179,328
            
8,438,878
  
                     
12,014,146
  
France—5.5%
                        
Capgemini SA
      
61,125
            
6,833,445
  
Cie Generale des Etablissements Michelin SCA
      
35,005
            
4,014,467
  
Danone SA
      
144,323
            
11,528,478
  
Kering SA
      
6,541
            
3,404,591
  
TOTAL SA
      
233,912
            
12,127,852
  
Vinci SA
      
49,418
            
4,873,193
  
                     
42,782,026
  
Hong Kong—1.4%
                        
CK Hutchison Holdings Ltd.
      
821,500
            
7,759,367
  
Melco Resorts & Entertainment Ltd. - ADR
      
162,770
            
3,141,461
  
                     
10,900,828
  
Hungary—0.4%
                        
OTP Bank PLC
      
71,288
            
2,972,908
  
Ireland—1.9%
                        
AIB Group PLC
      
867,758
            
3,569,832
  
Bank of Ireland Group PLC
      
700,744
            
3,745,727
  
CRH PLC
      
240,830
            
7,542,192
  
                     
14,857,751
  
Japan—8.4%
                        
Asahi Group Holdings Ltd.
      
117,200
            
5,146,264
  
Haseko Corp.
      
407,800
            
4,047,341
  
Hitachi Ltd.
      
232,500
            
7,828,958
  
Kamigumi Co., Ltd.
      
141,900
            
3,338,228
  
Matsumotokiyoshi Holdings Co., Ltd.
      
110,700
            
3,251,473
  
Mitsubishi Estate Co., Ltd.
      
270,900
            
4,969,151
  
Mitsui & Co., Ltd.
      
330,200
            
5,070,319
  
Nippon Telegraph & Telephone Corp.
      
200,900
            
8,988,493
  
Seven & i Holdings Co., Ltd.
      
175,000
            
5,890,209
  
Shionogi & Co., Ltd.
      
92,900
            
5,065,405
  
Sony Corp.
      
135,100
            
6,474,497
  
Sumitomo Mitsui Financial Group, Inc.
      
147,000
            
5,093,830
  
                     
65,164,168
  
Mexico—0.5%
                        
Cemex SAB de CV - SP ADR*
      
873,146
            
3,597,362
  
Netherlands—3.0%
                        
ING Groep NV
      
472,619
            
5,104,924
  
Koninklijke KPN NV
      
1,578,791
            
4,819,973
  
NXP Semiconductors NV
      
44,356
            
3,910,425
  
Royal Dutch Shell PLC, Class A
      
309,192
            
9,577,299
  
                     
23,412,621
  
Poland—0.4%
                        
Bank Polska Kasa Opieki SA
      
109,440
            
3,034,779
  
South Korea—0.3%
                        
KT Corp. - SP ADR
      
209,664
            
2,524,355
  

Spain—0.6%
                        
Ferrovial SA
      
191,806
            
4,571,787
  
Switzerland—0.5%
                        
STMicroelectronics NV
      
235,134
            
3,555,514
  
United Kingdom—7.4%
                        
Avast PLC
      
605,936
            
2,367,117
  
Aviva PLC
      
1,221,820
            
6,246,292
  
Cineworld Group PLC
      
1,644,874
            
6,161,927
  
Coca-Cola European Partners PLC #
      
577
            
31,966
  
GlaxoSmithKline PLC
      
284,229
            
5,487,337
  
Imperial Brands PLC
      
436,800
            
10,562,027
  
Lloyds Banking Group PLC
      
6,573,223
            
4,751,164
  
Nomad Foods Ltd.*Ɨ
      
199,934
            
4,242,599
  
Tesco PLC
      
1,610,580
            
4,600,782
  
Tullow Oil PLC
      
1,707,331
            
4,282,284
  
Unilever PLC
      
87,236
            
5,321,920
  
Vodafone Group PLC
      
1,862,642
            
3,040,999
  
                     
57,096,414
  
United States—54.0%
                        
Allstate Corp. (The)Ɨ
      
84,263
            
8,047,959
  
Alphabet, Inc., Class C*Ɨ
      
12,811
            
14,138,604
  
American Express Co.Ɨ
      
99,066
            
11,363,861
  
Anthem, Inc. Ɨ#
      
15,279
            
4,247,256
  
Berkshire Hathaway, Inc., Class B *Ɨ#
      
119,697
            
23,630,582
  
Biogen, Inc.*Ɨ
      
23,988
            
5,260,328
  
Chubb Ltd. Ɨ#
      
68,882
            
10,061,594
  
Cigna Corp. Ɨ#
      
39,891
            
5,904,666
  
Cisco Systems, Inc.Ɨ
      
185,392
            
9,645,946
  
Citigroup, Inc.Ɨ
      
95,506
            
5,935,698
  
Comcast Corp., Class A Ɨ#
      
322,664
            
13,229,224
  
CVS Health Corp.Ɨ
      
226,482
            
11,860,862
  
Diamondback Energy, Inc.
      
53,096
            
5,206,594
  
Dover Corp.
      
53,502
            
4,783,614
  
DowDuPont, Inc.Ɨ
      
382,841
            
11,684,307
  
Eaton Corp. PLCƗ
      
146,773
            
10,933,121
  
Fox Corp., Class A
      
264,691
            
9,325,064
  
Goldman Sachs Group Inc., (The)
      
32,280
            
5,890,777
  
GrafTech International Ltd.
      
303,602
            
3,008,696
  
Graphic Packaging Holding Co.
      
568,186
            
7,386,418
  
HP, Inc.Ɨ
      
198,515
            
3,708,260
  
Johnson & Johnson #
      
56,474
            
7,406,565
  
KAR Auction Services, Inc.Ɨ
      
131,487
            
7,392,199
  
KeyCorp.Ɨ
      
450,366
            
7,192,345
  
Laboratory Corp. of America Holdings *Ɨ#
      
58,100
            
9,447,641
  
Lear Corp.Ɨ
      
31,132
            
3,705,642
  
Lowe's Cos., Inc.Ɨ
      
38,770
            
3,616,466
  
Masco Corp. Ɨ#
      
141,954
            
4,957,034
  
McKesson Corp.Ɨ
      
64,619
            
7,892,565
  
Medtronic PLC
      
125,867
            
11,652,767
  
Microsoft Corp. Ɨ#
      
179,147
            
22,156,901
  
Molson Coors Brewing Co., Class BƗ
      
83,868
            
4,611,063
  
Mosaic Co. (The)Ɨ
      
261,433
            
5,612,966
  
NetApp, Inc. #
      
39,119
            
2,315,845
  
Oracle Corp. Ɨ#
      
268,565
            
13,589,389
  
Owens Corning
      
76,330
            
3,699,715
  
Parsley Energy, Inc., Class A*Ɨ
      
309,673
            
5,521,470
  
Pfizer, Inc. Ɨ#
      
204,236
            
8,479,879
  
Pioneer Natural Resources Co.Ɨ
      
46,891
            
6,656,646
  
ProPetro Holding Corp.*
      
141,282
            
2,743,696
  
PulteGroup, Inc. #
      
279,349
            
8,659,819
  
QUALCOMM, Inc.
      
52,937
            
3,537,250
  
Science Applications International Corp.
      
65,203
            
5,003,678
  
SYNNEX Corp.
      
42,393
            
3,675,897
  
TE Connectivity Ltd.Ɨ
      
48,155
            
4,056,096
  
Tyson Foods, Inc., Class A
      
59,043
            
4,480,773
  
United Parcel Service, Inc., Class B Ɨ#
      
84,683
            
7,868,744
  
United Technologies Corp. Ɨ#
      
110,080
            
13,903,104
  
Verizon Communications, Inc. Ɨ#
      
326,169
            
17,727,285
  
Vistra Energy Corp.Ɨ
      
419,815
            
9,890,841
  
Walt Disney Co. (The)
      
42,465
            
5,607,079
  
Wells Fargo & Co.Ɨ
      
204,171
            
9,059,067
  

                     
417,373,858
  
TOTAL COMMON STOCKS
                        
(Cost $677,742,033)
                    
700,666,282
  
PREFERRED STOCKS—0.5%
                        
Brazil—0.5%
                        
Petroleo Brasileiro SA, 3.771%
      
660,300
            
4,299,409
  
TOTAL PREFERRED STOCKS
                        
(Cost $4,455,366)
                    
4,299,409
  
                         
                         
SHORT-TERM INVESTMENTS—8.8%
                        
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, Institutional Class, 2.27%(a)
      
67,688,125
            
67,688,125
  
TOTAL SHORT-TERM INVESTMENTS
                        
(Cost $67,688,125)
                    
67,688,125
  
TOTAL INVESTMENTS—100.0%
                        
(Cost $749,885,524)
                    
772,653,816
  
SECURITIES SOLD SHORT—(48.3%)
                        
COMMON STOCKS—(47.9%)
                        
Argentina—(0.2%)
                        
MercadoLibre, Inc.*
      
(2,936
)
          
(1,675,047
)
Australia—(1.3%)
                        
Fortescue Metals Group Ltd.
      
(457,801
)
          
(2,545,707
)
Treasury Wine Estates Ltd.
      
(237,566
)
          
(2,468,409
)
WiseTech Global Ltd.
      
(175,557
)
          
(2,940,303
)
Woodside Petroleum Ltd.
      
(93,385
)
          
(2,294,542
)
                     
(10,248,961
)
Belgium—(0.5%)
                        
Umicore SA
      
(139,162
)
          
(4,139,125
)
Bermuda—(0.6%)
                        
Hiscox Ltd.
      
(209,063
)
          
(4,329,027
)
Canada—(0.9%)
                        
Shopify, Inc., Class A*
      
(10,477
)
          
(2,880,127
)
TC Energy Corp.
      
(86,719
)
          
(4,227,519
)
                     
(7,107,646
)
Chile—(0.2%)
                        
Latam Airlines Group SA - SP ADR
      
(186,400
)
          
(1,644,048
)
China—(0.5%)
                        
AAC Technologies Holdings, Inc.
      
(431,500
)
          
(2,290,966
)
Pinduoduo, Inc. - ADR*
      
(85,422
)
          
(1,658,895
)
                     
(3,949,861
)
Denmark—(0.3%)
                        
Genmab A/S*
      
(12,972
)
          
(2,226,782
)
France—(1.3%)
                        
Credit Agricole SA
      
(235,241
)
          
(2,673,818
)
Hermes International
      
(5,931
)
          
(3,940,939
)
Remy Cointreau SA
      
(24,747
)
          
(3,400,491
)
                     
(10,015,248
)
Hong Kong—(0.3%)
                        
Hong Kong & China Gas Co. Ltd.
      
(1,006,720
)
          
(2,225,575
)
Ireland—(0.2%)
                        
Ryanair Holdings PLC*
      
(172,080
)
          
(1,924,325
)
Italy—(0.5%)
                        
Brembo SpA
      
(341,155
)
          
(3,662,631
)
Japan—(4.3%)
                        
Aeon Co., Ltd.
      
(205,600
)
          
(3,541,955
)
Ain Holdings, Inc.
      
(31,200
)
          
(2,385,623
)
Asics Corp.
      
(175,400
)
          
(1,918,866
)
Calbee, Inc.
      
(43,100
)
          
(1,222,225
)
CyberAgent, Inc.
      
(57,700
)
          
(2,206,114
)
Daiwa Securities Group, Inc.
      
(409,900
)
          
(1,783,017
)
Kikkoman Corp.
      
(60,800
)
          
(2,513,350
)
Makita Corp.
      
(45,400
)
          
(1,580,122
)
McDonald's Holdings Co. Japan Ltd.
      
(52,800
)
          
(2,399,612
)
MISUMI Group, Inc.
      
(105,400
)
          
(2,467,163
)
Nidec Corp.
      
(40,300
)
          
(4,996,012
)
Pigeon Corp.
      
(50,000
)
          
(1,887,086
)
Yamazaki Baking Co., Ltd.
      
(74,500
)
          
(1,116,019
)
Yaskawa Electric Corp.
      
(113,300
)
          
(3,243,906
)
                     
(33,261,070
)

Netherlands—(0.3%)
                        
Cimpress NV*
      
(22,281
)
          
(1,949,587
)
New Zealand—(0.4%)
                        
a2 Milk Co., Ltd.*
      
(293,739
)
          
(2,972,598
)
Singapore—(0.2%)
                        
Golden Agri-Resources Ltd.
      
(7,003,700
)
          
(1,350,362
)
Sweden—(0.5%)
                        
Autoliv, Inc.
      
(37,938
)
          
(2,335,843
)
Saab AB, Class B
      
(46,807
)
          
(1,329,504
)
                     
(3,665,347
)
Switzerland—(1.7%)
                        
Credit Suisse Group AG*
      
(304,411
)
          
(3,444,380
)
Geberit AG
      
(6,150
)
          
(2,708,651
)
OC Oerlikon Corp., AG*
      
(211,377
)
          
(2,308,612
)
Sika AG
      
(15,378
)
          
(2,280,157
)
VAT Group AG*
      
(21,875
)
          
(2,357,181
)
                     
(13,098,981
)
United Kingdom—(2.7%)
                        
ASOS PLC*
      
(46,942
)
          
(2,035,421
)
Hargreaves Lansdown PLC
      
(102,016
)
          
(2,911,573
)
Melrose Industries PLC
      
(882,161
)
          
(1,821,727
)
Pearson PLC
      
(232,954
)
          
(2,318,747
)
Pennon Group PLC
      
(399,374
)
          
(3,708,265
)
Renishaw PLC
      
(66,942
)
          
(3,296,785
)
Severn Trent PLC
      
(124,468
)
          
(3,140,335
)
Weir Group PLC, (The)
      
(77,253
)
          
(1,428,485
)
                     
(20,661,338
)
United States—(31.0%)
                        
2U, Inc.*
      
(29,901
)
          
(1,135,939
)
AAON, Inc.
      
(66,596
)
          
(3,022,792
)
Align Technology, Inc.*
      
(17,286
)
          
(4,915,274
)
Allogene Therapeutics, Inc.*
      
(62,063
)
          
(1,627,913
)
Antero Midstream Corp.
      
(214,176
)
          
(2,617,231
)
AO Smith Corp.
      
(54,754
)
          
(2,217,537
)
Apache Corp.
      
(105,407
)
          
(2,747,961
)
Axon Enterprise, Inc.*
      
(49,768
)
          
(3,323,507
)
Ball Corp.
      
(65,233
)
          
(4,004,654
)
Blackbaud, Inc.
      
(21,334
)
          
(1,641,011
)
Callon Petroleum Co.*
      
(230,582
)
          
(1,441,138
)
Carvana Co.*
      
(60,015
)
          
(3,473,668
)
Casey's General Stores, Inc.
      
(15,984
)
          
(2,063,215
)
Chegg, Inc.*
      
(46,343
)
          
(1,736,009
)
Choice Hotels International, Inc.
      
(56,377
)
          
(4,639,263
)
Cogent Communications Holdings, Inc.
      
(49,732
)
          
(2,909,322
)
Cognex Corp.
      
(34,073
)
          
(1,383,364
)
Cohen & Steers, Inc.
      
(50,118
)
          
(2,567,044
)
Community Bank System, Inc.
      
(75,624
)
          
(4,674,319
)
Compass Minerals International, Inc.
      
(90,107
)
          
(4,596,358
)
Covetrus, Inc.*
      
(54,453
)
          
(1,342,811
)
Cracker Barrel Old Country Store, Inc.
      
(8,351
)
          
(1,311,859
)
Cree, Inc.*
      
(74,464
)
          
(4,105,945
)
CVB Financial Corp.
      
(150,893
)
          
(3,100,851
)
Delek US Holdings, Inc.
      
(52,662
)
          
(1,611,984
)
Eastman Chemical Co.
      
(32,086
)
          
(2,083,023
)
Exact Sciences Corp.*
      
(24,696
)
          
(2,559,247
)
First Financial Bankshares, Inc.
      
(52,237
)
          
(2,959,748
)
Focus Financial Partners, Inc., Class A*
      
(123,020
)
          
(3,450,711
)
GCP Applied Technologies, Inc.*
      
(71,838
)
          
(1,879,282
)
Greif, Inc., Class A
      
(124,739
)
          
(4,420,750
)
Hamilton Lane, Inc., Class A
      
(51,755
)
          
(2,544,276
)
Healthcare Services Group, Inc.
      
(88,704
)
          
(2,803,933
)
Helmerich & Payne, Inc.
      
(52,840
)
          
(2,584,404
)
Hertz Global Holdings, Inc.*
      
(175,613
)
          
(2,470,875
)
Hormel Foods Corp.
      
(140,247
)
          
(5,538,354
)
International Flavors & Fragrances, Inc.
      
(20,657
)
          
(2,797,371
)
iRobot Corp.*
      
(26,944
)
          
(2,347,092
)
Iron Mountain, Inc.
      
(86,431
)
          
(2,649,110
)
John Bean Technologies Corp.
      
(12,958
)
          
(1,328,843
)
KKR & Co, Inc., Class A
      
(120,607
)
          
(2,687,124
)
Leggett & Platt, Inc.
      
(104,681
)
          
(3,717,222
)
Manhattan Associates, Inc.*
      
(39,494
)
          
(2,585,672
)
MarketAxess Holdings, Inc.
      
(16,391
)
          
(4,881,568
)
Martin Marietta Materials, Inc.
      
(12,802
)
          
(2,694,821
)
Matador Resources Co.*
      
(250,899
)
          
(4,124,780
)
Mattel, Inc.*
      
(104,232
)
          
(1,026,685
)
Medidata Solutions, Inc.*
      
(28,358
)
          
(2,584,832
)

MGP Ingredients, Inc.
      
(21,076
)
          
(1,268,986
)
Middleby Corp., (The)*
      
(15,868
)
          
(2,070,298
)
Moderna, Inc.*
      
(66,429
)
          
(1,380,395
)
MongoDB, Inc.*
      
(20,225
)
          
(2,838,377
)
Monro, Inc.
      
(16,006
)
          
(1,275,838
)
National Beverage Corp.
      
(21,438
)
          
(967,926
)
Netflix, Inc.*
      
(11,547
)
          
(3,963,854
)
Nevro Corp.*
      
(31,222
)
          
(1,845,532
)
Norwegian Cruise Line Holdings Ltd.*
      
(38,729
)
          
(2,118,864
)
Pinterest, Inc., Class A*
      
(89,911
)
          
(2,240,582
)
Power Integrations, Inc.
      
(69,256
)
          
(4,512,721
)
Prosperity Bancshares, Inc.
      
(76,857
)
          
(4,981,102
)
Public Storage
      
(9,006
)
          
(2,142,347
)
Pure Storage, Inc., Class A*
      
(77,600
)
          
(1,230,736
)
Quaker Chemical Corp.
      
(17,220
)
          
(3,114,409
)
Range Resources Corp.
      
(248,772
)
          
(1,945,397
)
RLI Corp.
      
(61,998
)
          
(5,324,388
)
RPM International, Inc.
      
(66,094
)
          
(3,537,351
)
Select Medical Holdings Corp.*
      
(122,483
)
          
(1,720,886
)
SiteOne Landscape Supply, Inc.*
      
(20,992
)
          
(1,361,751
)
Sonoco Products Co.
      
(25,311
)
          
(1,564,979
)
Tabula Rasa HealthCare, Inc.*
      
(42,848
)
          
(1,935,444
)
Teladoc Health, Inc.*
      
(35,062
)
          
(2,037,803
)
Tesla, Inc.*
      
(18,282
)
          
(3,385,095
)
Texas Roadhouse, Inc.
      
(60,918
)
          
(3,122,657
)
Tiffany & Co.
      
(26,469
)
          
(2,358,653
)
TransDigm Group, Inc.*
      
(8,289
)
          
(3,655,035
)
Trex Co., Inc.*
      
(35,495
)
          
(2,123,311
)
Triumph Group, Inc.
      
(75,273
)
          
(1,459,543
)
Trustmark Corp.
      
(88,350
)
          
(2,806,880
)
Universal Display Corp.
      
(11,911
)
          
(1,750,083
)
US Silica Holdings, Inc.
      
(180,941
)
          
(1,878,168
)
Vail Resorts, Inc.
      
(15,045
)
          
(3,236,330
)
Wayfair, Inc. Class A*
      
(26,648
)
          
(3,837,578
)
Westamerica Bancorporation
      
(64,495
)
          
(3,862,606
)
Williams Cos., Inc. (The)
      
(139,638
)
          
(3,683,650
)
WisdomTree Investments, Inc.
      
(228,229
)
          
(1,371,656
)
Workday, Inc., Class A*
      
(15,027
)
          
(3,067,311
)
Workiva, Inc.*
      
(35,916
)
          
(1,998,366
)
Zendesk, Inc.*
      
(32,624
)
          
(2,748,572
)
Zillow Group, Inc., Class A*
      
(74,049
)
          
(3,134,494
)
                     
(239,790,646
)
TOTAL COMMON STOCKS
                        
(Proceeds $(373,876,209))
                    
(369,898,205
)
PREFERRED STOCKS—(0.4%)
                        
Brazil—(0.4%)
                        
Gerdau SA - SP ADR, 2.235%
      
(989,755
)
          
(3,444,348
)
TOTAL PREFERRED STOCKS
                        
(Proceeds $(3,805,661))
                    
(3,444,348
)
TOTAL SECURITIES SOLD SHORT—(48.3%)
                        
(Proceeds $(377,681,870))
                    
(373,342,553
)

     
NUMBER OF
    
NOTIONAL
          
     
CONTRACTS
    
AMOUNT
          
OPTIONS WRITTEN ƗƗ —(1.0%)
                        
Call Options Written—(1.0%)
                        
Anthem, Inc.
                        
Expiration:
                        
06/21/2019,
                        
Exercise Price:
                        
 310.00

     
(138
)
    
(3,836,124
)
    
(3,864
)
Berkshire Hathaway, Inc., Class B
                          
Expiration:
                          
09/20/2019,
                          
Exercise Price:
                          
 200.00

     
(848
)
    
(16,741,216
)
    
(676,704
)
Chubb Ltd.
                          
Expiration:
                          
01/17/2020,
                          
Exercise Price:
                          
 140.00

     
(615
)
    
(8,983,305
)
    
(716,475
)
Cigna Corp.
                          
Expiration:
                          
01/17/2020,
                          
Exercise Price:
                          
 160.00

     
(304
)
    
(4,499,808
)
    
(310,080
)
Coca-Cola European Partners PLC
                          
Expiration:
                          
08/16/2019,
                          
Exercise Price:
                          
 45.00

     
(5
)
    
(27,700
)
    
(5,450
)
Comcast Corp., Class A
                          
Expiration:
                          
01/17/2020,
                          
Exercise Price:
                          
 40.00

     
(2,306
)
    
(9,454,600
)
    
(860,138
)
Johnson & Johnson
                          
Expiration:
                          
01/17/2020,
                          
Exercise Price:
                          
 145.00

     
(506
)
    
(6,636,190
)
    
(145,222
)
Laboratory Corp. of America Holdings
                          
Expiration:
                          
08/16/2019,
                          
Exercise Price:
                          
 145.00

     
(581
)
    
(9,447,641
)
    
(1,173,620
)
Masco Corp.
                          
Expiration:
                          
01/17/2020,
                          
Exercise Price:
                          
 38.00

     
(1,363
)
    
(4,759,596
)
    
(269,192
)
Microsoft Corp.
                          
Expiration:
                          
01/17/2020,
                          
Exercise Price:
                          
 130.00

     
(941
)
    
(11,638,288
)
    
(649,290
)
NetApp, Inc.
                          
Expiration:
                          
01/17/2020,
                          
Exercise Price:
                          
 65.00

     
(391
)
    
(2,314,720
)
    
(146,625
)
Oracle Corp.
                          
Expiration:
                          
09/20/2019,
                          
Exercise Price:
                          
 52.50
     
(1,915
)
    
(9,689,900
)
    
(411,725
)
Pfizer, Inc.
                          
Expiration:
                          
09/20/2019,
                          
Exercise Price:
                          
 44.00

     
(2,006
)
    
(8,328,912
)
    
(156,468
)
PulteGroup, Inc.
                          
Expiration:
                          
01/17/2020,
                          
Exercise Price:
                          
 30.00

     
(2,226
)
    
(6,900,600
)
    
(762,405
)

United Parcel Service, Inc., Class B
                          
Expiration:
                          
01/17/2020,
                          
Exercise Price:
                          
 100.00

     
(666
)
    
(6,188,472
)
    
(279,720
)
United Technologies Corp.
                          
Expiration:
                          
01/17/2020,
                          
Exercise Price:
                          
 140.00

     
(727
)
    
(9,182,010
)
    
(305,340
)
Verizon Communications, Inc.
                          
Expiration:
                          
01/17/2020,
                          
Exercise Price:
                          
 57.50

     
(3,261
)
    
(17,723,535
)
    
(570,675
)
TOTAL CALL OPTIONS WRITTEN
                          
(Premiums received $(9,747,286))
                      
(7,442,993
)
TOTAL OPTIONS WRITTEN
                          
(Premiums received $(9,747,286))
                      
(7,442,993
)
OTHER ASSETS IN EXCESS OF LIABILITIES—49.3%
                      
380,812,499
  
NET ASSETS—100.0%
                    
$
772,680,769
  
                             

 
(a)
7 day yield as of May 31, 2019
          
ADR
American Depositary Receipt
          
PLC
Public Limited Company
          
SP ADR
Sponsored American Depositary Receipt
          
*
Non-income producing.
          
Ɨ
Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
          
#
Security segregated as collateral for options written.
          
ƗƗ
Primary risk exposure is equity contracts.
          
             
 
Industry classifications may be different than those used for compliance monitoring purposes.
          
             
The accompanying notes are an integral part of the portfolio of investments.
             

 
Contracts For Difference held by the Fund at May 31, 2019, are as follows:
                                 
REFERENCE COMPANY
  
COUNTERPARTY
  
EXPIRATION
DATE
  
FINANCING RATE
  
PAYMENT FREQUENCY
  
NUMBER OF CONTRACTS
LONG/(SHORT)
    
NOTIONAL
AMOUNT
    
UNREALIZED
APPRECIATION
(DEPRECIATION)
                                 
Short
                                
Australia
                                
Afterpay Touch Group Ltd.
  
Morgan Stanley
  
9/15/2020
  
1.50%
  
Monthly
  
(88,926)
   $
   (1,477,771)
   $
                     34,107
                         
 
    
 
Brazil
                                
Usinas Siderurgicas De Minas Gerais SA
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(1,115,000)
    
     (2,338,575)
    
                     (24,718)
                         
 
    
 
India
                                
Axis Bank
  
Morgan Stanley
  
9/15/2020
  
2.38
  
Monthly
  
(22,809)
    
     (1,322,922)
    
                     (59,102)
                         
 
    
 
Indonesia
                                
Unilever Indonesia TBK PT
  
Macquarie
  
9/18/2019
  
2.39
  
Monthly
  
(1,397,000)
    
     (4,375,584)
    
                   (363,653)
                         
 
    
 
South Korea
                                
Celltrion Inc.
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(14,949)
    
     (2,383,787)
    
                   (117,738)
LG Chem Ltd.
  
Goldman Sachs
  
12/31/2021
  
2.39
  
Monthly
  
(7,183)
    
     (2,008,678)
    
                     (69,318)
Oil Corp.
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(61,115)
    
     (4,285,141)
    
                      21,012
Samsung BioLogics Co. Ltd.
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(7,721)
    
     (1,941,754)
    
                     (40,303)
Sillajen, Inc.
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(30,985)
    
     (1,428,380)
    
                        3,337
                         
   (12,047,740)
    
                   (203,010)
Taiwan
                                
AU Optronics Corp.
  
Macquarie
  
9/15/2020
  
2.39
  
Monthly
  
(7,871,000)
    
     (2,328,322)
    
                       (9,297)
Cheng Shin Rubber
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(931,000)
    
     (1,180,771)
    
                      22,522
Hiwin Technologies Corp.
  
Macquarie
  
12/31/2021
  
2.39
  
Monthly
  
(261,000)
    
     (1,963,561)
    
                     (15,940)
                         
     (5,472,654)
    
                       (2,715)
Total Short
                        
   (27,035,246)
    
                   (619,091)
Net unrealized gain/(loss) on Contracts For Difference
                             $
                (619,091)

BOSTON PARTNERS INVESTMENT FUNDS
BOSTON PARTNERS GLOBAL LONG/SHORT FUND
NOTES TO PORTFOLIO OF INVESTMENTS
MAY 31, 2019 (UNAUDITED)
 

PORTFOLIO VALUATION — The Boston Partners Global Long/Short Fund's (the "Fund") net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter ("OTC") market are valued at their closing prices.  If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market.  Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates.  Investments in other open-end investment companies, if any, are valued based on the NAV of the investment companies (which may use fair value pricing as disclosed in their prospectuses). Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close.  Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim.  To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

     
• Level 1 — Prices are determined using quoted prices in active markets for identical securities.
  
• Level 2 — Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
• Level 3 — Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
         
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
         
The following is a summary of the inputs used, as of May 31, 2019, in valuing the Fund's investments carried at fair value:

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Common Stock
                        
Bermuda
  
$
10,832,020
    
$
10,832,020
    
$
-
    
$
-
  
Canada
    
25,975,745
      
25,975,745
      
-
      
-
  
Denmark
    
12,014,146
      
-
      
12,014,146
      
-
  
France
    
42,782,026
      
-
      
42,782,026
      
-
  
Hong Kong
    
10,900,828
      
3,141,461
      
7,759,367
      
-
  
Hungary
    
2,972,908
      
-
      
2,972,908
      
-
  
Ireland
    
14,857,751
      
-
      
14,857,751
      
-
  
Japan
    
65,164,168
      
-
      
65,164,168
      
-
  
Mexico
    
3,597,362
      
3,597,362
      
-
      
-
  
Netherlands
    
23,412,621
      
3,910,425
      
19,502,196
      
-
  
Poland
    
3,034,779
      
-
      
3,034,779
      
-
  
South Korea
    
2,524,355
      
2,524,355
      
-
      
-
  
Spain
    
4,571,787
      
-
      
4,571,787
      
-
  
Switzerland
    
3,555,514
      
-
      
3,555,514
      
-
  
United Kingdom
    
57,096,414
      
6,641,682
      
50,454,732
      
-
  
United States
    
417,373,858
      
417,373,858
      
-
      
-
  
Preferred Stock
                                
Brazil
    
4,299,409
      
4,299,409
      
-
      
-
  
Short-Term Investments
    
67,688,125
      
67,688,125
      
-
      
-
  
Contracts For Difference
                                
     Equity Contracts
    
80,978
      
-
      
80,978
      
-
  
Total Assets*
  
$
772,734,794
    
$
545,984,442
    
$
226,750,352
    
$
-
  
                                 

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Securities Sold Short
                                
Argentina
  
$
(1,675,047
)
  
$
(1,675,047
)
  
$
-
    
$
-
  
Australia
    
(10,248,961
)
    
(2,294,542
)
    
(7,954,419
)
    
-
  
Belgium
    
(4,139,125
)
    
-
      
(4,139,125
)
    
-
  
Bermuda
    
(4,329,027
)
    
-
      
(4,329,027
)
    
-
  
Canada
    
(7,107,646
)
    
(7,107,646
)
    
-
      
-
  
Chile
    
(1,644,048
)
    
(1,644,048
)
    
-
      
-
  
China
    
(3,949,861
)
    
(1,658,895
)
    
(2,290,966
)
    
-
  
Denmark
    
(2,226,782
)
    
(2,226,782
)
    
-
      
-
  
France
    
(10,015,248
)
    
(3,400,491
)
    
(6,614,757
)
    
-
  
Hong Kong
    
(2,225,575
)
    
-
      
(2,225,575
)
    
-
  
Ireland
    
(1,924,325
)
    
(1,924,325
)
    
-
      
-
  
Italy
    
(3,662,631
)
    
-
      
(3,662,631
)
    
-
  
Japan
    
(33,261,070
)
    
-
      
(33,261,070
)
    
-
  
Netherlands
    
(1,949,587
)
    
(1,949,587
)
    
-
      
-
  
New Zealand
    
(2,972,598
)
    
-
      
(2,972,598
)
    
-
  
Singapore
    
(1,350,362
)
    
-
      
(1,350,362
)
    
-
  
Sweden
    
(3,665,347
)
    
(2,335,843
)
    
(1,329,504
)
    
-
  
Switzerland
    
(13,098,981
)
    
-
      
(13,098,981
)
    
-
  
United Kingdom
    
(20,661,338
)
    
-
      
(20,661,338
)
    
-
  
United States
    
(239,790,646
)
    
(239,790,646
)
    
-
      
-
  
Preferred Stock
                                
Brazil
    
(3,444,348
)
    
(3,444,348
)
    
-
      
-
  
Options Written
                                
     Equity Contracts
    
(7,442,993
)
    
(4,369,226
)
    
(3,073,767
)
    
-
  
Contracts For Difference
                                
     Equity Contracts
    
(700,069
)
    
-
      
(700,069
)
    
-
  
Total Liabilities*
  
$
(381,485,615
)
  
$
(273,821,426
)
  
$
(107,664,189
)
  
$
-
  

* Please refer to the Portfolio of Investments for further details.

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.

As of May 31, 2019, the Fund had no 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.




















BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND
  
PORTFOLIO OF INVESTMENTS
  
MAY 31, 2019 (UNAUDITED)
  
   
   
NUMBER OF
        
   
SHARES
    
VALUE
  
LONG POSITIONS—95.8%
            
COMMON STOCKS—68.0%
            
Belgium—2.9%
            
Anheuser-Busch InBev SA - SP ADR
    
20,106
    
$
1,636,628
  
Brazil—5.2%
                
Ambev SA
    
267,000
      
1,195,527
  
LOG Commercial Properties e Participacoes SA
    
46,000
      
222,618
  
Petroleo Brasileiro SA - SP ADR
    
19,641
      
283,420
  
Qualicorp SA
    
71,600
      
365,303
  
Tegma Gestao Logistica SA
    
23,000
      
163,065
  
TIM Participacoes SA
    
125,400
      
348,977
  
Tupy SA
    
30,200
      
149,078
  
Vale SA - SP ADR*
    
19,047
      
237,516
  
             
2,965,504
  
Chile—0.5%
                
Geopark Ltd.*
    
16,689
      
263,853
  
China—9.2%
                
Alibaba Group Holding Ltd. - SP ADR *Ɨ
    
18,631
      
2,780,863
  
Anton Oilfield Services Group*
    
2,652,000
      
336,919
  
China Construction Bank Corp., Class H
    
292,000
      
231,162
  
China Meidong Auto Holdings Ltd.*
    
548,000
      
324,345
  
CRRC Corp., Ltd., Class H
    
426,000
      
365,541
  
Momo, Inc. - SP ADR
    
6,014
      
165,806
  
Ping An Insurance Group Co. of China Ltd., Class H
    
26,000
      
288,501
  
Tencent Holdings Ltd.
    
4,600
      
191,809
  
Tencent Holdings Ltd. - ADR
    
12,210
      
509,890
  
             
5,194,836
  
France—0.8%
                
TOTAL SA - SP ADR
    
8,533
      
439,450
  
Hong Kong—2.9%
                
China Mobile Ltd. - SP ADR
    
7,012
      
307,266
  
China Unicom Hong Kong Ltd. - ADR
    
3,758
      
39,459
  
Galaxy Entertainment Group Ltd.
    
66,000
      
399,619
  
K Wah International Holdings Ltd.
    
763,000
      
442,141
  
Melco Resorts & Entertainment Ltd. - ADR
    
23,330
      
450,269
  
             
1,638,754
  
Hungary—1.3%
                
OTP Bank PLC
    
14,646
      
610,779
  
Waberer's International Nyrt*
    
27,037
      
111,524
  
             
722,303
  
India—5.3%
                
Aurobindo Pharma Ltd.
    
37,341
      
361,113
  
Gujarat State Petronet Ltd.
    
119,786
      
332,590
  
Infosys Ltd.
    
71,113
      
749,683
  
Reliance Industries Ltd.
    
31,671
      
607,440
  
Tech Mahindra Ltd.
    
38,167
      
416,779
  
Zee Entertainment Enterprises Ltd.
    
105,302
      
540,554
  
             
3,008,159
  

Indonesia—0.1%
                
Bank Rakyat Indonesia Persero Tbk PT
    
298,400
      
85,982
  
Italy—0.3%
                
Eni SpA - SP ADR
    
4,983
      
149,341
  
Luxembourg—0.6%
                
PLAY Communications SA
    
51,483
      
351,931
  
Macao—1.7%
                
Wynn Macau Ltd.
    
461,600
      
986,260
  
Malaysia—0.5%
                
Genting Bhd
    
190,100
      
289,886
  
Mexico—2.6%
                
Concentradora Fibra Danhos SA de CV
    
246,800
      
303,860
  
Credito Real SAB de CV SOFOM ER
    
134,800
      
157,437
  
Fibra Uno Administracion SA de CV
    
268,800
      
343,839
  
Industrias Bachoco SAB de CV, Class B
    
45,700
      
199,950
  
Macquarie Mexico Real Estate Management SA de CV
    
447,200
      
467,765
  
             
1,472,851
  
Netherlands—1.1%
                
DP Eurasia NV*
    
105,036
      
126,684
  
Heineken Holding NV
    
1,487
      
147,128
  
Heineken NV
    
3,231
      
339,144
  
             
612,956
  
Philippines—0.4%
                
Robinsons Land Corp.
    
455,300
      
226,947
  
Poland—1.8%
                
Bank Polska Kasa Opieki SA
    
21,552
      
597,638
  
Dino Polska SA*
    
3,594
      
116,597
  
Powszechna Kasa Oszczednosci Bank Polski SA
    
28,196
      
289,118
  
             
1,003,353
  
Portugal—1.1%
                
Jeronimo Martins SGPS SA
    
39,332
      
598,263
  
Russia—1.9%
                
Gazprom Neft PJSC
    
61,570
      
350,294
  
Sberbank of Russia PJSC - SP ADR
    
23,802
      
342,749
  
Yandex NV, Class A*
    
11,112
      
399,143
  
             
1,092,186
  
Singapore—3.5%
                
DBS Group Holdings Ltd.
    
63,000
      
1,115,131
  
Genting Singapore Ltd.
    
526,800
      
333,203
  
United Overseas Bank Ltd.
    
31,000
      
531,040
  
             
1,979,374
  
South Africa—8.6%
                
Adcock Ingram Holdings Ltd.
    
129,972
      
536,393
  
Astral Foods Ltd.
    
41,006
      
465,933
  
AVI Ltd.
    
32,029
      
196,621
  
Barloworld Ltd.
    
44,019
      
400,253
  
Clover Industries Ltd.
    
94,381
      
129,265
  
Distell Group Holdings Ltd.
    
11,296
      
99,015
  
JSE Ltd.
    
23,318
      
233,000
  
Liberty Holdings Ltd.
    
30,915
      
231,063
  
Motus Holdings Ltd.
    
42,810
      
253,774
  
Naspers Ltd. - SP ADR
    
11,873
      
533,929
  
Naspers Ltd., Class N
    
6,721
      
1,515,260
  
Oceana Group Ltd.
    
59,941
      
297,231
  
             
4,891,737
  
South Korea—3.4%
                
DGB Financial Group, Inc.
    
43,233
      
293,245
  
Hyundai Hy Communications & Network Co. Ltd.
    
21,805
      
72,657
  
Hyundai Mobis Co. Ltd.
    
3,132
      
570,963
  
Industrial Bank of Korea
    
22,396
      
260,363
  
Innocean Worldwide, Inc.
    
2,287
      
133,083
  
KB Financial Group, Inc.
    
15,642
      
575,428
  
             
1,905,739
  

Taiwan—1.0%
                
CTBC Financial Holding Co. Ltd.
    
455,000
      
302,033
  
Fubon Financial Holding Co. Ltd.
    
193,000
      
263,916
  
             
565,949
  
Thailand—0.7%
                
Hana Microelectronics PCL
    
198,600
      
155,360
  
PTT PCL
    
58,300
      
85,057
  
Quality Houses PCL
    
1,836,500
      
175,116
  
             
415,533
  
Turkey—1.5%
                
Mavi Giyim Sanayi Ve Ticaret AS, Class B*
    
81,327
      
477,469
  
Ulker Biskuvi Sanayi AS
    
120,792
      
395,002
  
             
872,471
  
United Arab Emirates—1.7%
                
Aramex PJSC
    
493,674
      
575,259
  
Emaar Malls PJSC
    
734,971
      
386,686
  
             
961,945
  
United Kingdom—0.4%
                
Atrium European Real Estate Ltd.*
    
59,653
      
220,584
  
United States—7.0%
                
AES Corp/VA
    
12,394
      
195,825
  
Air Lease Corp.
    
9,019
      
324,684
  
Broadcom, Inc.
    
350
      
88,074
  
FMC Corp.
    
3,687
      
270,810
  
Freeport-McMoRan, Inc.
    
3,875
      
37,626
  
Kosmos Energy Ltd.
    
42,769
      
263,457
  
Las Vegas Sands Corp.
    
29,270
      
1,609,850
  
National Energy Services Reunited Corp.*
    
61,754
      
557,639
  
Philip Morris International, Inc.
    
7,623
      
587,962
  
             
3,935,927
  
TOTAL COMMON STOCKS
                
(Cost $38,108,838)
            
38,488,702
  
PREFERRED STOCKS—3.2%
                
Russia—0.6%
                
Sberbank of Russia PJSC, 5.876%
    
109,200
      
342,299
  
South Korea—2.6%
                
Samsung Electronics Co., Ltd., 4.084%
    
50,194
      
1,462,606
  
TOTAL PREFERRED STOCKS
                
(Cost $1,654,208)
            
1,804,905
  
WARRANTS—0.0%
                
Mexico—0.0%
                
Vista Oil & Gas SAB de CV *‡
    
13,133
      
2,680
  
TOTAL WARRANTS
                
(Cost $0)
            
2,680
  
                 
                 
SHORT-TERM INVESTMENTS—24.6%
                
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, Institutional Class, 2.27%(a)
    
13,912,855
      
13,912,855
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $13,912,855)
            
13,912,855
  
TOTAL INVESTMENTS—95.8%
                
(Cost $53,675,901)
            
54,209,142
  
OTHER ASSETS IN EXCESS OF LIABILITIES—4.2%
            
2,380,773
  
NET ASSETS—100.0%
          
$
56,589,915
  

 
ADR
American Depositary Receipt
      
PLC
Public Limited Company
      
PCL
Public Company Limited
      
SP ADR
Sponsored American Depositary Receipt
      
*
Non-income producing.
      
Ɨ
Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
      
(a)
Seven-day yield as of May 31, 2019.
      
‡
Security has been valued at fair market value using significant unobservable inputs as determined in good faith by or
under the direction of The RBB Fund, Inc.'s Board of Directors. As of May 31, 2019, these securities amounted to $2,680 or 0.0% of net assets.
      
         
 
Industry classifications may be different than those used for compliance monitoring purposes.
      
         
The accompanying notes are an integral part of the portfolio of investments.


Contracts For Difference held by the Fund at May 31, 2019, are as follows:
            
                                 
REFERENCE COMPANY
  
COUNTERPARTY
  
EXPIRATION DATE
  
FINANCING RATE
  
PAYMENT FREQUENCY
  
NUMBER OF CONTRACTS
LONG/(SHORT)
    
NOTIONAL
AMOUNT
    
UNREALIZED
APPRECIATION
(DEPRECIATION)
Long
                                
Brazil
                                
Mahle Metal Leve SA
  
Goldman Sachs
  
9/15/2020
  
2.44%
  
Monthly
  
67,000
   $
            387,423
   $
                   24,505
                                 
China
                                
Agricultural Bank of China
  
Goldman Sachs
  
9/15/2020
  
1.70
  
Monthly
  
676,000
    
                     290,100
    
                       (2,009)
Baidu Inc. - SP ADR
  
Goldman Sachs
  
12/31/2021
  
2.43
  
Monthly
  
914
    
                     100,540
    
                        (9,641)
China Railway Construction
  
Goldman Sachs
  
9/15/2020
  
1.70
  
Monthly
  
257,000
    
                    300,358
    
                       (12,818)
China Telecom Corp. Ltd., Class H
  
Goldman Sachs
  
12/31/2021
  
1.70
  
Monthly
  
84,000
    
                         42,211
    
                             560
Henan Shuang Inv.
  
Goldman Sachs
  
9/15/2020
  
2.44
  
Monthly
  
38,656
    
                     139,960
    
                           (595)
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A
  
Goldman Sachs
  
9/15/2020
  
2.44
  
Monthly
  
36,100
    
                     595,851
    
                      (18,592)
Kweichow Moutai Co. Ltd.
  
Goldman Sachs
  
9/15/2020
  
2.44
  
Monthly
  
7,400
    
                    950,793
    
                       (5,580)
SINOPEC Engineering
  
Goldman Sachs
  
9/15/2020
  
1.70
  
Monthly
  
423,500
    
                    344,937
    
                     (33,545)
Tencent Holdings Ltd.
  
Goldman Sachs
  
12/31/2021
  
1.70
  
Monthly
  
34,300
    
                  1,430,230
    
                     (56,793)
Wuliangye Yibin Co., Ltd., Class A
  
Goldman Sachs
  
9/15/2020
  
2.44
  
Monthly
  
110,100
    
                  1,608,892
    
                     (47,728)
Yantai Jereh Oilfield, Class A
  
Goldman Sachs
  
9/15/2020
  
2.44
  
Monthly
  
47,200
    
                     149,698
    
                               95
                         
                 5,953,570
    
                   (186,646)
Egypt
                                
Commercial International Bank Egypt SAE
  
Goldman Sachs
  
12/31/2021
  
2.43
  
Monthly
  
120,158
    
                     514,583
    
                        16,900
                                 
Hong Kong
                                
Champion Real Estate Investement Trust
  
Goldman Sachs
  
9/15/2020
  
1.70
  
Monthly
  
523,000
    
                     425,721
    
                     (30,268)
Fortune Real Estate Investment Trust
  
Goldman Sachs
  
9/15/2020
  
1.70
  
Monthly
  
199,000
    
                     261,944
    
                       (13,021)
Hang Lung Properties
  
Goldman Sachs
  
9/15/2020
  
1.47
  
Monthly
  
125,000
    
                    263,738
    
                      (17,469)
Swire Properties Ltd.
  
Goldman Sachs
  
9/15/2020
  
1.70
  
Monthly
  
54,800
    
                    225,997
    
                          4,217
WH Group Ltd.
  
Goldman Sachs
  
9/15/2020
  
1.70
  
Monthly
  
900,500
    
                     810,570
    
                       (5,535)
Wharf Real Estate
  
Goldman Sachs
  
9/15/2020
  
1.70
  
Monthly
  
74,000
    
                    506,386
    
                     (27,498)
                         
                 2,494,356
    
                     (89,574)
Israel
                                
Gazit Globe Ltd.
  
Goldman Sachs
  
9/15/2020
  
0.25
  
Monthly
  
51,562
    
                     414,245
    
                             900
Tamar Petroleum Ltd. NPV
  
Goldman Sachs
  
9/15/2020
  
0.25
  
Monthly
  
31,802
    
                       97,904
    
                        (4,951)
                         
                      512,149
    
                        (4,051)
Japan
                                
Suzuki Motor Co.
  
Goldman Sachs
  
9/15/2020
  
-0.11
  
Monthly
  
11,600
    
                    548,906
    
                      (15,706)
                                 
Macao
                                
MGM China Holdings
  
Goldman Sachs
  
9/15/2020
  
1.47
  
Monthly
  
178,400
    
                     275,671
    
                       (11,377)
                                 
Mexico
                                
Grupo GicSA SA de CV
  
Goldman Sachs
  
12/31/2021
  
2.43
  
Monthly
  
1,162,300
    
                    355,829
    
                       (14,210)
                                 
South Korea
                                
Bnk Financial Group
  
Goldman Sachs
  
9/15/2020
  
2.43
  
Monthly
  
65,121
    
                    377,423
    
                       (8,869)
Hana Financial Group, Inc.
  
Goldman Sachs
  
12/31/2021
  
2.43
  
Monthly
  
22,813
    
                     694,901
    
                      (19,950)
Samsung Electronics Co., Ltd.
  
Goldman Sachs
  
12/31/2021
  
2.43
  
Monthly
  
31,586
    
                    1,124,519
    
                       (17,412)
SK Hynix Inc.
  
Goldman Sachs
  
9/15/2020
  
2.43
  
Monthly
  
3,486
    
                     190,585
    
                      (14,743)
                         
                 2,387,428
    
                     (60,974)
Taiwan
                                
Taiwan Semiconductor Manufacturing Co., Ltd.
  
Goldman Sachs
  
12/31/2021
  
2.43
  
Monthly
  
142,251
    
                   1,051,284
    
                       (7,373)
Tripod Technology Corp.
  
Goldman Sachs
  
9/15/2020
  
2.43
  
Monthly
  
132,000
    
                     417,436
    
                        21,552
                         
                  1,468,720
    
                         14,179
United Kingdom
                                
Georgia Capital
  
Goldman Sachs
  
9/15/2020
  
0.73
  
Monthly
  
26,832
    
                    328,030
    
                        (2,881)
TBC Bank Group PLC
  
Goldman Sachs
  
9/15/2020
  
0.73
  
Monthly
  
22,932
    
                    474,599
    
                       (11,802)
Tullow Oil PLC
  
Goldman Sachs
  
9/15/2020
  
0.73
  
Monthly
  
55,270
    
                     138,627
    
                       (23,110)
                         
                     941,256
    
                     (37,793)
Total Long
                        
                15,839,891
    
                  (364,747)

Short
                                
Australia
                                
Fortescue Metals Group Ltd.
  
Goldman Sachs
  
9/15/2020
  
1.50
  
Monthly
  
(32,659)
   $
             (181,608)
   $
                 7,048
                                 
Brazil
                                
Gerdau SA - SP ADR
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(56,829)
    
                   (197,765)
    
                          (1,118)
Raia Drogasil SA
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(26,900)
    
                   (474,321)
    
                      (30,761)
                         
                  (672,086)
    
                      (31,879)
Canada
                                
Franco Nevada Corp. Com.
  
Goldman Sachs
  
9/15/2020
  
1.73
  
Monthly
  
(6,255)
    
                  (482,962)
    
                       (7,089)
                                 
Chile
                                
Sociedad Quimica Mineral
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(9,491)
    
                  (287,862)
    
                        18,092
                                 
China
                                
AAC Technologies Holdings
  
Goldman Sachs
  
9/15/2020
  
1.47
  
Monthly
  
(79,000)
    
                   (419,435)
    
                        20,172
China International Capital Corp. Ltd. Class H
  
Goldman Sachs
  
9/15/2020
  
1.47
  
Monthly
  
(198,400)
    
                   (360,991)
    
                          11,104
China Life Insurance Co., Ltd., Class H
  
Goldman Sachs
  
12/31/2021
  
1.47
  
Monthly
  
(100,000)
    
                  (232,930)
    
                             304
China Pacific Insurance Group, Ltd., Class H
  
Goldman Sachs
  
12/31/2021
  
1.47
  
Monthly
  
(115,000)
    
                  (426,093)
    
                        (5,123)
Cosco Shipping Holdings Co., Ltd.
  
Goldman Sachs
  
9/15/2020
  
1.47
  
Monthly
  
(1,062,500)
    
                  (392,435)
    
                          5,819
Dongfang Electric Corp. Ltd., Class H
  
Goldman Sachs
  
12/31/2021
  
1.47
  
Monthly
  
(312,600)
    
                   (204,331)
    
                          3,152
Huadian Power International Corp. Ltd., Class H
  
Goldman Sachs
  
12/31/2021
  
1.47
  
Monthly
  
(970,000)
    
                    (401,616)
    
                     (35,766)
Huaneng Power International Inc., Class H
  
Goldman Sachs
  
12/31/2021
  
1.47
  
Monthly
  
(568,000)
    
                  (358,058)
    
                     (29,573)
Meituan Dianping
  
Goldman Sachs
  
9/15/2020
  
1.47
  
Monthly
  
(26,337)
    
                  (203,297)
    
                           (967)
New China Life Insurance Co., Ltd., Class H
  
Goldman Sachs
  
12/31/2021
  
1.47
  
Monthly
  
(96,100)
    
                  (446,992)
    
                       (3,748)
Nio Inc. - SP ADR
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(26,419)
    
                     (80,578)
    
                       27,073
Parkson Retail Group Ltd.
  
Goldman Sachs
  
12/31/2021
  
1.47
  
Monthly
  
(850,000)
    
                      (60,701)
    
                           1,014
Pinduoduo Inc. - SP ADR
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(14,007)
    
                   (272,016)
    
                       23,769
Semiconductor Manufacturing Co., Ltd.
  
Goldman Sachs
  
12/31/2020
  
1.47
  
Monthly
  
(382,500)
    
                  (460,345)
    
                     (42,409)
Shanghai Electric, Class H
  
Goldman Sachs
  
9/15/2020
  
1.47
  
Monthly
  
(1,240,000)
    
                  (438,322)
    
                       (5,988)
Zhaojin Mining
  
Goldman Sachs
  
9/15/2020
  
1.47
  
Monthly
  
(291,500)
    
                  (268,592)
    
                      (15,799)
                         
               (5,026,732)
    
                     (46,966)
France
                                
Edenred
  
Goldman Sachs
  
9/15/2020
  
-0.37
  
Monthly
  
(5,521)
    
                   (251,863)
    
                        (8,196)
                                 
Hong Kong
                                
China Power International
  
Goldman Sachs
  
9/15/2020
  
1.47
  
Monthly
  
(1,740,000)
    
                  (450,976)
    
                      (25,910)
China Resources Beer Holdings Co., Ltd.
  
Goldman Sachs
  
12/31/2021
  
1.47
  
Monthly
  
(100,000)
    
                   (437,571)
    
                      (14,999)
Fullshare Holdings
  
Goldman Sachs
  
9/15/2020
  
1.47
  
Monthly
  
(1,050,000)
    
                     (97,627)
    
                        13,340
HK Electric Investments & HK Electric Investments Ltd.
  
Goldman Sachs
  
12/31/2021
  
1.47
  
Monthly
  
(435,000)
    
                  (426,080)
    
                         (1,531)
Hong Kong & China Gas Co., Ltd.
  
Goldman Sachs
  
12/31/2021
  
1.47
  
Monthly
  
(146,652)
    
                  (324,206)
    
                         2,056
Lee & Man Paper
  
Goldman Sachs
  
9/15/2020
  
1.47
  
Monthly
  
(328,000)
    
                   (213,654)
    
                           (243)
Nine Dragons Paper
  
Goldman Sachs
  
9/15/2020
  
1.47
  
Monthly
  
(286,000)
    
                   (228,014)
    
                        16,784
Sinofert Holdings Ltd.
  
Goldman Sachs
  
9/15/2020
  
1.47
  
Monthly
  
(2,946,000)
    
                   (342,413)
    
                      (12,827)
Xiaomi Corp., Class B
  
Citigroup
  
9/15/2020
  
0.00
  
Monthly
  
(292,200)
    
                  (357,930)
    
                          9,217
                         
                (2,878,471)
    
                        (14,113)
India
                                
Axis Bank
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(2,580)
    
                   (149,640)
    
                       (6,549)
Dr. Reddys Labs Ltd.
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(10,601)
    
                  (404,004)
    
                        (1,054)
ICICI Bank Ltd. - SP ADR
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(11,389)
    
                   (136,668)
    
                       (4,369)
                         
                   (690,312)
    
                       (11,972)
Indonesia
                                
PT Bank Mandiri TBK
  
Macquarie
  
9/15/2020
  
2.39
  
Monthly
  
(312,200)
    
                   (168,866)
    
                      (17,370)
Unilever Indonesia TBK PT
  
Macquarie
  
9/18/2019
  
2.39
  
Monthly
  
(142,100)
    
                  (445,075)
    
                     (36,220)
                         
                    (613,941)
    
                     (53,590)
Mexico
                                
El Puerto de Liver
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(73,300)
    
                   (410,282)
    
                       25,897
Grupo Televisa SAB - SP ADR
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(22,098)
    
                  (205,290)
    
                       (7,200)
Kimberly-Clark MXC
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(245,200)
    
                  (442,264)
    
                         8,382
Telesites SAB CV
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(627,000)
    
                   (406,616)
    
                       33,372
                         
                (1,464,452)
    
                        60,451
Norway
                                
Yara International
  
Goldman Sachs
  
9/15/2020
  
1.00
  
Monthly
  
(10,104)
    
                  (434,046)
    
                          3,127
                                 
Philippines
                                
BDO Unibank Inc.
  
Macquarie
  
9/18/2019
  
2.40
  
Monthly
  
(135,600)
    
                  (358,999)
    
                      (15,594)
                                 
Poland
                                
CD Projekt SA
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(8,011)
    
                   (435,128)
    
                      (10,096)
KGHM Polska Miedz
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(7,898)
    
                   (195,674)
    
                             (67)
PKN Orlen SA
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(5,430)
    
                     (137,011)
    
                       (6,634)
                         
                   (767,813)
    
                      (16,797)
Singapore
                                
Golden Agri-Resources
  
Goldman Sachs
  
9/15/2020
  
2.09
  
Monthly
  
(1,968,100)
    
                  (379,463)
    
                        12,976
Sats Ltd. NPV
  
Goldman Sachs
  
9/15/2020
  
2.09
  
Monthly
  
(115,300)
    
                   (426,133)
    
                           (282)
SembCorp. Marine Ltd.
  
Morgan Stanley
  
12/31/2021
  
2.09
  
Monthly
  
(370,000)
    
                   (376,219)
    
                        31,385
Singapore Press Holdings Ltd.
  
Goldman Sachs
  
9/15/2020
  
2.09
  
Monthly
  
(54,900)
    
                     (93,623)
    
                        (2,128)
                         
                (1,275,438)
    
                         41,951
South Africa
                                
MMI Holdings Ltd.
  
Goldman Sachs
  
9/15/2020
  
6.60
  
Monthly
  
(190,205)
    
                  (244,836)
    
                       (5,567)
Nampak
  
Goldman Sachs
  
9/15/2020
  
6.60
  
Monthly
  
(220,600)
    
                   (160,533)
    
                         3,534
Rand Merchant Investment Holdings Ltd.
  
Goldman Sachs
  
9/15/2020
  
6.60
  
Monthly
  
(157,095)
    
                  (354,969)
    
                          4,581
Tiger Brands Ltd.
  
Goldman Sachs
  
9/15/2020
  
6.60
  
Monthly
  
(11,724)
    
                     (177,131)
    
                          9,951
Truworths International Ltd.
  
Goldman Sachs
  
9/15/2020
  
6.60
  
Monthly
  
(38,653)
    
                     (190,511)
    
                        (6,319)
                         
                 (1,127,980)
    
                          6,180
South Korea
                                
Amorepacific Group
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(4,228)
    
                  (230,023)
    
                          9,714
Asiana Airlines
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(40,624)
    
                  (204,525)
    
                      (15,480)
Celltrion Health
  
Macquarie
  
9/18/2019
  
2.39
  
Monthly
  
(4,601)
    
                  (220,078)
    
                          6,166
Celltrion Inc.
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(2,057)
    
                   (328,012)
    
                      (16,242)
CJ CGV Co., Ltd.
  
Morgan Stanley
  
9/15/2020
  
2.38
  
Monthly
  
(3,786)
    
                    (112,466)
    
                               63
EO Technics Co., Ltd.
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(2,879)
    
                    (140,216)
    
                           8,118
Hite Jinro Co. Ltd.
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(5,705)
    
                     (95,559)
    
                         2,228
Oil Corp. SWAP
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(4,814)
    
                  (337,538)
    
                             887
Paradise Co. Ltd.
  
Morgan Stanley
  
12/31/2021
  
2.38
  
Monthly
  
(30,975)
    
                  (399,607)
    
                       39,330
Samsung BioLogics Co. Ltd.
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(1,438)
    
                   (361,643)
    
                       (7,507)
Sillajen Inc.
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(4,912)
    
                  (226,439)
    
                             624
SK Innovation Co. Ltd.
  
Macquarie
  
9/18/2019
  
2.39
  
Monthly
  
(1,458)
    
                   (202,148)
    
                        (1,932)
SK Networks Co. Ltd.
  
Morgan Stanley
  
9/15/2020
  
2.38
  
Monthly
  
(74,659)
    
                  (302,759)
    
                        10,330
                         
                  (3,161,013)
    
                       36,299
Taiwan
                                
Advantech Co., Ltd.
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(23,000)
    
                   (192,589)
    
                       (14,136)
AU Optronics Corp.
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(1,012,000)
    
                  (299,360)
    
                        (1,499)
Cheng Shin Rubber
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(340,000)
    
                    (431,216)
    
                          7,661
China Airlines
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(1,267,000)
    
                  (390,376)
    
                       (7,558)
Eclat Textile Co., Ltd.
  
Goldman Sachs
  
9/18/2019
  
2.39
  
Monthly
  
(18,000)
    
                  (232,347)
    
                         9,698
First Financial Holding Co.
  
Goldman Sachs
  
9/15/2020
  
2.39
  
Monthly
  
(543,000)
    
                  (388,292)
    
                       (5,345)
                         
                 (1,934,180)
    
                        (11,179)
Thailand
                                
Airports of Thailand PCL
  
Morgan Stanley
  
9/15/2020
  
2.38
  
Monthly
  
(205,300)
    
                   (413,440)
    
                        15,969
Bumrungrad Hospital
  
Morgan Stanley
  
9/15/2020
  
2.38
  
Monthly
  
(68,300)
    
                   (362,185)
    
                       (5,426)
                         
                  (775,625)
    
                        10,543
Total Short
                        
            (22,385,383)
    
                     (33,684)
Net unrealized gain/(loss) on Contracts For Difference
                             $
               (398,431)

BOSTON PARTNERS INVESTMENT FUNDS
BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND
NOTES TO PORTFOLIO OF INVESTMENTS
MAY 31, 2019 (UNAUDITED)


PORTFOLIO VALUATION — The Boston Partners Emerging Markets Long/Short Fund's (the "Fund") net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter ("OTC") market are valued at their closing prices.  If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market.  Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates.  Investments in other open-end investment companies, if any, are valued based on the NAV of the investment companies (which may use fair value pricing as disclosed in their prospectuses). Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close.  Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim.  To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

     
• Level 1 — Prices are determined using quoted prices in active markets for identical securities.
  
• Level 2 — Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
• Level 3 — Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
         
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
         
The following is a summary of the inputs used, as of May 31, 2019, in valuing the Fund's investments carried at fair value:

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Common Stock
                        
Belgium
  
$
1,636,628
    
$
1,636,628
    
$
-
    
$
-
  
Brazil
    
2,965,504
      
2,965,504
      
-
      
-
  
Chile
    
263,853
      
263,853
      
-
      
-
  
China
    
5,194,836
      
3,780,904
      
1,413,932
      
-
  
France
    
439,450
      
439,450
      
-
      
-
  
Hong Kong
    
1,638,754
      
796,994
      
841,760
      
-
  
Hungary
    
722,303
      
111,524
      
610,779
      
-
  
India
    
3,008,159
      
332,590
      
2,675,569
      
-
  
Indonesia
    
85,982
      
-
      
85,982
      
-
  
Italy
    
149,341
      
149,341
      
-
      
-
  
Luxembourg
    
351,931
      
-
      
351,931
      
-
  
Macao
    
986,260
      
-
      
986,260
      
-
  
Malaysia
    
289,886
      
-
      
289,886
      
-
  
Mexico
    
1,472,851
      
1,472,851
      
-
      
-
  
Netherlands
    
612,956
      
126,684
      
486,272
      
-
  
Philippines
    
226,947
      
226,947
      
-
      
-
  
Poland
    
1,003,353
      
289,118
      
714,235
      
-
  
Portugal
    
598,263
      
-
      
598,263
      
-
  
Russia
    
1,092,186
      
741,892
      
350,294
      
-
  
Singapore
    
1,979,374
      
-
      
1,979,374
      
-
  
South Africa
    
4,891,737
      
3,701,317
      
1,190,420
      
-
  
South Korea
    
1,905,739
      
133,083
      
1,772,656
      
-
  
Taiwan
    
565,949
      
-
      
565,949
      
-
  
Thailand
    
415,533
      
-
      
415,533
      
-
  
Turkey
    
872,471
      
395,002
      
477,469
      
-
  
United Arab Emirates
    
961,945
      
575,259
      
386,686
      
-
  
United Kingdom
    
220,584
      
220,584
      
-
      
-
  
United States
    
3,935,927
      
3,935,927
      
-
      
-
  
Preferred Stock
                                
Russia
    
342,299
      
-
      
342,299
      
-
  
South Korea
    
1,462,606
      
-
      
1,462,606
      
-
  
Warrant
    
2,680
      
-
      
-
      
2,680
  
Short-Term Investments
    
13,912,855
      
13,912,855
      
-
      
-
  
Contracts For Difference
                                
     Equity Contracts
    
471,666
      
-
      
471,666
      
-
  
Total Assets*
  
$
54,680,808
    
$
36,208,307
    
$
18,469,821
    
$
2,680
  
                                 
   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Contracts For Difference
                                
     Equity Contracts
  
$
(870,097
)
  
$
-
    
$
(870,097
)
  
$
-
  
Total Liabilities*
  
$
(870,097
)
  
$
-
    
$
(870,097
)
  
$
-
  
 
* Please refer to the Portfolio of Investments for further details.

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.
 
As of May 31, 2019, the Fund had no 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.


BOSTON PARTNERS INVESTMENT FUNDS
  
   
WPG PARTNERS SMALL/MICRO CAP VALUE FUND
  
PORTFOLIO OF INVESTMENTS
  
MAY 31, 2019 (UNAUDITED)
  
   
   
NUMBER OF
        
   
SHARES
    
VALUE
  
COMMON STOCKS—96.5%
            
Basic Industries—4.3%
            
Allegheny Technologies, Inc.*(a)
    
12,598
    
$
269,723
  
Haynes International, Inc.
    
7,975
      
232,312
  
PH Glatfelter Co.
    
6,199
      
90,381
  
Schweitzer-Mauduit International, Inc.(a)
    
13,172
      
412,152
  
             
1,004,568
  
Capital Goods—13.9%
                
Argan, Inc.
    
2,427
      
111,472
  
Astec Industries, Inc.
    
3,200
      
94,176
  
Carpenter Technology Corp.(a)
    
3,576
      
145,043
  
Dycom Industries, Inc.*
    
5,173
      
269,875
  
FreightCar America, Inc.*
    
29,160
      
175,835
  
Granite Construction, Inc.
    
6,942
      
278,999
  
Great Lakes Dredge & Dock Corp.*
    
20,990
      
223,334
  
KBR, Inc.(a)
    
33,612
      
746,859
  
Landec Corp.*(a)
    
30,340
      
300,973
  
Matrix Service Co.*
    
11,101
      
200,928
  
Orion Group Holdings, Inc.*
    
50,137
      
123,838
  
PGT Innovations, Inc.*
    
10,291
      
153,953
  
Tutor Perini Corp.*(a)
    
26,689
      
388,058
  
             
3,213,343
  
Communications—0.5%
                
Ooma, Inc.*
    
9,166
      
105,867
  
Consumer Durables—1.9%
                
Libbey, Inc.*(a)
    
39,407
      
73,297
  
Tower International, Inc.
    
14,309
      
249,406
  
TRI Pointe Group, Inc.*(a)
    
8,862
      
109,002
  
             
431,705
  
Consumer Non-Durables—2.5%
                
Farmer Brothers Co.*
    
13,466
      
246,697
  
Fresh Del Monte Produce, Inc.(a)
    
13,550
      
339,021
  
             
585,718
  
Consumer Services—6.5%
                
American Public Education, Inc.*
    
5,894
      
164,914
  
Covanta Holding Corp.(a)
    
11,597
      
195,526
  
Del Taco Restaurants, Inc.*
    
21,510
      
232,738
  
ICF International, Inc.(a)
    
6,665
      
485,812
  
MDC Partners, Inc., Class A*
    
30,540
      
85,512
  
Tile Shop Holdings, Inc.(a)
    
42,052
      
175,777
  
Vectrus, Inc.*
    
5,014
      
176,944
  
             
1,517,223
  

Energy—6.5%
                
Gulfport Energy Corp.*(a)
    
31,487
      
172,234
  
HighPoint Resources Corp.*(a)
    
124,352
      
232,538
  
Mammoth Energy Services, Inc.
    
24,681
      
259,150
  
McDermott International, Inc.*(a)
    
51,055
      
308,372
  
Montage Resources Corp.*
    
5,823
      
45,478
  
Newpark Resources, Inc.*(a)
    
20,571
      
143,791
  
Solaris Oilfield Infrastructure, Inc. Class A(a)
    
8,616
      
122,606
  
Superior Energy Services, Inc.*
    
43,063
      
69,762
  
TETRA Technologies, Inc.*(a)
    
98,833
      
152,203
  
             
1,506,134
  
Finance—28.9%
                
Ameris Bancorp(a)
    
9,113
      
321,598
  
Argo Group International Holdings Ltd.
    
2,539
      
178,974
  
Banner Corp.
    
9,774
      
493,196
  
Central Pacific Financial Corp.
    
16,915
      
470,068
  
Essent Group Ltd.*
    
6,659
      
312,640
  
First Foundation, Inc.
    
22,811
      
299,052
  
First Interstate BancSystem, Inc., Class A
    
9,875
      
364,486
  
Hanover Insurance Group Inc., (The)
    
1,544
      
188,615
  
HomeStreet, Inc.*
    
20,516
      
583,680
  
Kearny Financial Corp.(a)
    
10,456
      
140,215
  
Kemper Corp.(a)
    
7,343
      
609,396
  
Kennedy-Wilson Holdings, Inc.
    
9,926
      
203,979
  
Ladder Capital Corp.
    
13,568
      
215,731
  
MGIC Investment Corp.*
    
33,298
      
451,188
  
National Bank Holdings Corp., Class A(a)
    
11,860
      
416,168
  
Origin Bancorp, Inc.(a)
    
6,490
      
216,506
  
Peapack Gladstone Financial Corp.
    
11,370
      
307,445
  
Popular, Inc.
    
14,003
      
731,097
  
United Community Banks, Inc.
    
7,647
      
202,722
  
             
6,706,756
  
Health Care—1.5%
                
Accuray, Inc.*
    
46,800
      
173,628
  
PetIQ, Inc.*
    
6,358
      
166,770
  
             
340,398
  
Real Estate Investment Trusts—10.5%
                
Brixmor Property Group, Inc.
    
14,940
      
256,221
  
Equity Commonwealth
    
9,343
      
304,302
  
Essential Properties Realty Trust, Inc.
    
22,782
      
484,345
  
Industrial Logistics Properties Trust
    
14,053
      
265,040
  
Investors Real Estate Trust
    
6,084
      
352,203
  
NexPoint Residential Trust, Inc.
    
4,887
      
195,871
  
Piedmont Office Realty Trust, Inc., Class A(a)
    
19,262
      
391,596
  
UMH Properties, Inc.(a)
    
13,243
      
176,264
  
             
2,425,842
  

Technology—9.2%
                
CommVault Systems, Inc.*
    
2,838
      
130,690
  
Extreme Networks, Inc.*
    
28,006
      
157,674
  
Generac Holdings, Inc.*
    
9,851
      
543,283
  
MicroStrategy, Inc., Class A*
    
2,437
      
323,902
  
NeoPhotonics Corp.*
    
35,157
      
136,761
  
NetScout Systems, Inc.*(a)
    
15,016
      
368,042
  
Parsons Corp.*
    
3,145
      
99,854
  
Plantronics, Inc.
    
5,035
      
206,787
  
SMART Global Holdings, Inc.*
    
9,954
      
169,516
  
             
2,136,509
  
Transportation—6.4%
                
Air Transport Services Group, Inc.*
    
5,086
      
111,587
  
Ardmore Shipping Corp.*
    
43,667
      
307,415
  
Scorpio Tankers, Inc.
    
13,525
      
352,056
  
Spirit Airlines, Inc.*(a)
    
6,751
      
311,086
  
StealthGas, Inc.*
    
49,995
      
170,983
  
YRC Worldwide, Inc.*(a)
    
51,526
      
219,501
  
             
1,472,628
  
Utilities—3.9%
                
ALLETE, Inc.(a)
    
1,848
      
151,333
  
El Paso Electric Co.
    
2,217
      
129,030
  
NorthWestern Corp.
    
2,633
      
186,785
  
Portland General Electric Co.(a)
    
3,671
      
194,049
  
South Jersey Industries, Inc.(a)
    
7,426
      
234,290
  
             
895,487
  
TOTAL COMMON STOCKS
                
(Cost $22,431,692)
            
22,342,178
  
WARRANTS—0.0%
                
Energy—0.0%
                
TETRA Technologies, Inc. *‡
    
20,950
      
2,304
  
TOTAL WARRANTS
                
(Cost $4,475)
            
2,304
  
                 
                 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—24.1%
                
Mount Vernon Liquid Assets Portfolio, LLC, 2.54%(b)
    
5,589,375
      
5,589,375
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
                
(Cost $5,589,375)
            
5,589,375
  
SHORT-TERM INVESTMENTS—4.2%
                
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, Institutional Class, 2.27%(b)
    
963,516
      
963,516
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $963,516)
            
963,516
  
TOTAL INVESTMENTS—124.8%
                
(Cost $28,989,058)
            
28,897,373
  
LIABILITIES IN EXCESS OF OTHER ASSETS—(24.8)%
            
(5,734,125
)
NET ASSETS—100.0%
          
$
23,163,248
  

 
*
Non-income producing.
  
(a)
All or a portion of the security is on loan. At May 31, 2019, the market value of securities on loan was $5,366,233.
  
(b)
Seven-day yield as of May 31, 2019.
  
‡
Security has been valued at fair market value as determined in good faith by or under the direction of The RBB fund, inc.’s
Board of Directors. As of May 31, 2019, these securities amounted to $2,304 or 0.0% of net assets.
  
     
 
Industry classifications may be different than those used for compliance monitoring purposes.
  
     
The accompanying notes are an integral part of the portfolio of investments.

 
BOSTON PARTNERS INVESTMENT FUNDS
WPG PARTNERS SMALL/MICRO CAP VALUE FUND
NOTES TO PORTFOLIO OF INVESTMENTS
MAY 31, 2019 (UNAUDITED)

 
PORTFOLIO VALUATION — The WPG Partners Small/Micro Cap Value 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, 2019, in valuing the Fund's investments carried at fair value:
  

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
    
INVESTMENTS MEASURED AT NET ASSET VALUE*
  
Common Stock
                              
Basic Industries
  
$
1,004,568
    
$
1,004,568
    
$
-
    
$
-
    
$
-
  
Capital Goods
    
3,213,343
      
3,213,343
      
-
      
-
      
-
  
Communications
    
105,867
      
105,867
      
-
      
-
      
-
  
Consumer Durables
    
431,705
      
431,705
      
-
      
-
      
-
  
Consumer Non-Durables
    
585,718
      
585,718
      
-
      
-
      
-
  
Consumer Services
    
1,517,223
      
1,517,223
      
-
      
-
      
-
  
Energy
    
1,506,134
      
1,506,134
      
-
      
-
      
-
  
Finance
    
6,706,756
      
6,706,756
      
-
      
-
          
Health Care
    
340,398
      
340,398
      
-
      
-
      
-
  
Real Estate Investment Trusts
    
2,425,842
      
2,425,842
      
-
      
-
      
-
  
Technology
    
2,136,509
      
2,136,509
      
-
      
-
      
-
  
Transportation
    
1,472,628
      
1,472,628
      
-
      
-
      
-
  
Utilities
    
895,487
      
895,487
      
-
      
-
      
-
  
Warrants
    
2,304
      
-
      
-
      
2,304
      
-
  
Investments Purchased with Proceeds from Securities Lending Collateral
    
5,589,375
      
-
      
-
      
-
      
5,589,375
  
Short-Term Investments
    
963,516
      
963,516
      
-
      
-
      
-
  
Total Assets**
  
$
28,897,373
    
$
23,305,694
    
$
-
    
$
2,304
    
$
5,589,375
  

*Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy to the amounts presented in the Portfolio of Investments
** Please refer to the Portfolio of Investments for further details.
        

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.

As of May 31, 2019, the Fund had no 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.
  

BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS EMERGING MARKETS FUND
  
PORTFOLIO OF INVESTMENTS
  
MAY 31, 2019 (UNAUDITED)
  
   
   
NUMBER OF
        
   
SHARES
    
VALUE
  
COMMON STOCKS—84.8%
            
Belgium—2.9%
            
Anheuser-Busch InBev - SP ADR
    
3,283
    
$
267,236
  
Brazil—6.1%
                
Ambev SA
    
43,800
      
196,120
  
LOG Commercial Properties e Participacoes SA
    
7,500
      
36,296
  
Mahle-Metal Leve SA
    
11,500
      
66,498
  
Petroleo Brasileiro SA - SP ADR
    
3,369
      
48,615
  
Qualicorp SA
    
11,800
      
60,203
  
Tegma Gestao Logistica SA
    
3,800
      
26,941
  
TIM Participacoes SA
    
21,300
      
59,276
  
Tupy SA
    
5,000
      
24,682
  
Vale SA - SP ADR*
    
3,229
      
40,266
  
             
558,897
  
Chile—0.5%
                
Geopark Ltd.*
    
2,864
      
45,280
  
China—13.2%
                
Agricultural Bank of China Ltd., Class H
    
113,000
      
48,493
  
Alibaba Group Holding Ltd. - SP ADR*
    
3,014
      
449,870
  
Anton Oilfield Services*
    
440,000
      
55,899
  
Baidu, Inc. - SP ADR*
    
149
      
16,390
  
China Construction Bank Corp., Class H
    
49,000
      
38,791
  
China Meidong Auto Holdings Ltd.*
    
96,000
      
56,820
  
China Telecom Corp. Ltd., Class H
    
14,000
      
7,035
  
CRRC Corp. Ltd., Class H
    
70,000
      
60,065
  
Momo, Inc. - SP ADR
    
998
      
27,515
  
Ping An Insurance Group Co. of China Ltd., Class H
    
5,000
      
55,481
  
Sinopec Engineering Group Co. Ltd., Class H
    
71,000
      
57,829
  
Tencent Holdings Ltd.
    
6,300
      
262,695
  
Tencent Holdings Ltd. - ADR
    
1,917
      
80,054
  
             
1,216,937
  
Egypt—0.9%
                
Commercial International Bank Egypt SAE
    
20,297
      
86,924
  
France—0.8%
                
Total SA - SP ADR
    
1,441
      
74,211
  
Hong Kong—4.4%
                
China Mobile Ltd. - SP ADR
    
1,149
      
50,349
  
China Unicom Hong Kong Ltd. - ADR
    
615
      
6,457
  
Galaxy Entertainment Group Ltd.
    
11,000
      
66,603
  
K Wah International Holdings Ltd.
    
129,000
      
74,753
  
Melco Resorts & Entertainment Ltd. - ADR
    
3,904
      
75,347
  
WH Group Ltd.
    
147,500
      
132,770
  
             
406,279
  
Hungary—1.3%
                
OTP Bank PLC
    
2,418
      
100,837
  
Waberer's International Nyrt*
    
4,024
      
16,599
  
             
117,436
  
India—5.4%
                
Aurobindo Pharma Ltd.
    
6,427
      
62,153
  
Gujarat State Petronet Ltd.
    
20,320
      
56,419
  
Infosys Ltd. - SP ADR
    
11,465
      
120,039
  
Reliance Industries Ltd.
    
5,255
      
100,789
  
Tech Mahindra Ltd.
    
6,242
      
68,162
  
Zee Entertainment Enterprises Ltd.
    
17,361
      
89,121
  
             
496,683
  

Indonesia—0.1%
                
Bank Rakyat Indonesia Persero Tbk PT
    
49,400
      
14,234
  
Italy—0.3%
                
Eni SpA - SP ADR
    
816
      
24,456
  
Japan—1.0%
                
Suzuki Motor Corp.
    
1,900
      
89,907
  
Luxembourg—0.6%
                
PLAY Communications SA
    
8,323
      
56,895
  
Macao—1.7%
                
Wynn Macau Ltd.
    
74,800
      
159,819
  
Malaysia—0.5%
                
Genting Bhd
    
32,100
      
48,950
  
Mexico—3.3%
                
Concentradora Fibra Danhos SA de CV
    
41,100
      
50,602
  
Credito Real SAB de CV SOFOM ER
    
22,400
      
26,162
  
Fibra Uno Administracion SA de CV
    
44,900
      
57,434
  
Grupo GICSA SA de CV*
    
195,100
      
59,728
  
Industrias Bachoco SAB de CV
    
7,400
      
32,377
  
Macquarie Mexico Real Estate Management SA de CV
    
74,800
      
78,240
  
             
304,543
  
Netherlands—1.1%
                
DP Eurasia NV*
    
17,325
      
20,896
  
Heineken Holding NV
    
245
      
24,241
  
Heineken NV
    
541
      
56,786
  
             
101,923
  
Philippines—0.4%
                
Robinsons Land Corp.
    
78,300
      
39,029
  
Poland—1.8%
                
Bank Polska Kasa Opieki SA
    
3,518
      
97,554
  
Dino Polska SA*
    
583
      
18,914
  
Powszechna Kasa Oszczednosci Bank Polski SA
    
4,571
      
46,871
  
             
163,339
  
Portugal—1.1%
                
Jeronimo Martins SGPS SA
    
6,441
      
97,971
  
Russia—1.4%
                
Sberbank of Russia PJSC - SP ADR
    
4,051
      
58,334
  
Yandex NV, Class A*
    
1,890
      
67,889
  
             
126,223
  
Singapore—3.5%
                
DBS Group Holdings Ltd.
    
10,200
      
180,545
  
Genting Singapore Ltd.
    
89,700
      
56,735
  
United Overseas Bank Ltd.
    
5,100
      
87,365
  
             
324,645
  
South Africa—8.7%
                
Adcock Ingram Holdings Ltd.
    
19,913
      
82,181
  
Astral Foods Ltd.
    
6,796
      
77,220
  
AVI Ltd.
    
5,454
      
33,481
  
Barloworld Ltd.
    
7,461
      
67,841
  
Clover Industries Ltd.
    
15,040
      
20,599
  
Distell Group Holdings Ltd.
    
1,768
      
15,497
  
JSE Ltd.
    
3,781
      
37,781
  
Liberty Holdings Ltd.
    
5,306
      
39,658
  
Motus Holdings Ltd.
    
7,179
      
42,556
  
Naspers Ltd., Class N - SP ADR
    
1,966
      
88,411
  
Naspers Ltd., Class N
    
1,091
      
245,968
  
Oceana Group Ltd.
    
8,995
      
44,604
  
             
795,797
  

South Korea—7.7%
                
BNK Financial Group, Inc.
    
10,985
      
63,666
  
DGB Financial Group, Inc.
    
7,329
      
49,712
  
Hana Financial Group, Inc.
    
3,731
      
113,649
  
Hyundai Hy Communications & Network Co. Ltd.
    
3,498
      
11,656
  
Hyundai Mobis Co. Ltd.
    
512
      
93,338
  
Industrial Bank of Korea
    
3,742
      
43,502
  
Innocean Worldwide
    
376
      
21,880
  
KB Financial Group, Inc.
    
2,557
      
94,065
  
Samsung Electronics Co., Ltd.
    
5,165
      
183,883
  
SK Hynix, Inc.
    
587
      
32,092
  
             
707,443
  
Taiwan—3.0%
                
CTBC Financial Holding Co. Ltd.
    
74,000
      
49,122
  
Fubon Financial Holding Co. Ltd.
    
33,000
      
45,126
  
Taiwan Semiconductor Manufacturing Co. Ltd.
    
24,000
      
177,368
  
             
271,616
  
Thailand—0.8%
                
Hana Microelectronics PCL
    
34,200
      
26,754
  
PTT PCL
    
9,500
      
13,860
  
Quality Houses PCL
    
306,000
      
29,178
  
             
69,792
  
Turkey—1.6%
                
Mavi Giyim Sanayi Ve Ticaret AS, Class B*
    
13,849
      
81,307
  
Ulker Biskuvi Sanayi AS
    
20,720
      
67,757
  
             
149,064
  
United Arab Emirates—1.7%
                
Aramex PJSC
    
79,749
      
92,928
  
Emaar Malls PJSC
    
121,389
      
63,866
  
             
156,794
  
United Kingdom—1.9%
                
Atrium European Real Estate Ltd.*
    
9,980
      
36,904
  
Georgia Capital PLC*
    
4,454
      
54,451
  
TBC Bank Group PLC
    
3,871
      
80,114
  
             
171,469
  
United States—7.1%
                
AES Corp.
    
2,052
      
32,422
  
AIR LEASE Corp.
    
1,526
      
54,936
  
Broadcom, Inc.
    
57
      
14,344
  
FMC Corp.
    
632
      
46,420
  
Freeport-McMoRan, Inc.
    
635
      
6,166
  
Kosmos Energy Ltd.
    
7,352
      
45,288
  
Las Vegas Sands Corp.
    
4,730
      
260,150
  
National Energy Services Reunited Corp.*
    
10,115
      
91,338
  
Philip Morris International, Inc.
    
1,307
      
100,809
  
             
651,873
  
TOTAL COMMON STOCKS
                
(Cost $8,127,570)
            
7,795,665
  
                 
                 
SHORT-TERM INVESTMENTS—13.2%
                
Morgan Stanley Institutional Liquidity Funds, Treasury Portfolio, Institutional Class, 2.27%(a)
    
1,208,515
      
1,208,515
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $1,208,515)
            
1,208,515
  
TOTAL INVESTMENTS—98.0%
                
(Cost $9,336,085)
            
9,004,180
  
OTHER ASSETS IN EXCESS OF LIABILITIES—2.0%
            
183,987
  
NET ASSETS—100.0%
          
$
9,188,167
  
 
                

ADR
American Depositary Receipt
          
PLC
Public Limited Company
          
SP ADR
Sponsored American Depositary Receipt
          
*
Non-income producing.
          
(a)
Seven-day yield as of May 31, 2019.
          
             
 
Industry classifications may be different than those used for compliance monitoring purposes.
          
             
The accompanying notes are an integral part of the portfolio of investments.


Contracts For Difference held by the Fund at May 31, 2019, are as follows:
 
  
 
  
 

 
 
 
 
 
 
 
 
 
 
NUMBER OF
 
  
 
 
    
UNREALIZED

 
 
 
EXPIRATION
 
FINANCING
 
PAYMENT
 
CONTRACTS
 
  
NOTIONAL
 
    
APPRECIATION
REFERENCE COMPANY
 
COUNTERPARTY
  
 DATE
 
RATE
 
FREQUENCY
  
LONG/(SHORT)
  

AMOUNT
 
    
(DEPRECIATION)
Long
 
 
 
 
 
 
 
 
 
 
 
  
 
 
    
 
China
 
 
 
 
 
 
 
 
 
 
 
  
 
 
    
 
Henan Shuang Inv.
 
Goldman Sachs
 
9/15/2020
 
2.44%
 
Monthly
 
6,400
 
  
$                     23,172
 
  
 $
(105)
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A
 
Goldman Sachs
 
9/15/2020
 
2.44
 
Monthly
 
5,900
 
  
                       97,383
 
    
                                                     (3,068)
Kweichow Moutai
 
Goldman Sachs
 
9/15/2020
 
2.44
 
Monthly
 
1,200
 
  
                      154,183
 
    
                                                         (950)
Wuliangye Yibin Co., Ltd., Class A
 
Goldman Sachs
 
9/15/2020
 
2.44
 
Monthly
 
18,300
 
  
                     267,418
 
    
                                                      (8,016)
Yantai Jereh Oilfield
 
Goldman Sachs
 
9/15/2020
 
2.44
 
Monthly
 
7,800
 
  
                       24,738
 
    
                                                                8
 
 
 
 
 
 
 
 
 
 
 
 
  
                    566,894
 
    
                                                      (12,131)
Hong Kong
 
 
 
 
 
 
 
 
 
 
 
  
 
 
    
 
Champion REIT
 
Goldman Sachs
 
9/15/2020
 
1.70
 
Monthly
 
89,000
 
  
                       72,446
 
    
                                                      (5,150)
China Railway Construction
 
Goldman Sachs
 
9/15/2020
 
1.70
 
Monthly
 
44,500
 
  
                       52,008
 
    
                                                      (2,219)
Fortune Real Estate Investors NPV REIT
 
Goldman Sachs
 
9/15/2020
 
1.70
 
Monthly
 
34,000
 
  
                       44,754
 
    
                                                     (2,225)
Hang Lung Properties Ltd.
 
Goldman Sachs
 
9/15/2020
 
1.89
 
Monthly
 
21,000
 
  
                       44,308
 
    
                                                      (2,941)
MGM China Holdings
 
Goldman Sachs
 
9/15/2020
 
1.70
 
Monthly
 
29,200
 
  
                         45,121
 
    
                                                       (1,871)
Swire Properties Ltd.
 
Goldman Sachs
 
9/15/2020
 
1.70
 
Monthly
 
9,200
 
  
                        37,941
 
    
                                                           708
Wharf Real Estate
 
Goldman Sachs
 
9/15/2020
 
1.70
 
Monthly
 
11,000
 
  
                       75,273
 
    
                                                     (4,088)
 
 
 
 
 
 
 
 
 
 
 
 
  
                      371,851
 
    
                                                    (17,786)
Israel
 
 
 
 
 
 
 
 
 
 
 
  
 
 
    
 
Gazit-Globe Ltd.
 
Goldman Sachs
 
9/15/2020
 
0.25
 
Monthly
 
8,124
 
  
                       65,267
 
    
                                                             141
Tamar Petroleum Ltd.
 
Goldman Sachs
 
9/15/2020
 
0.25
 
Monthly
 
5,153
 
  
                        15,864
 
    
                                                         (802)
 
 
 
 
 
 
 
 
 
 
 
 
  
                          81,131
 
    
                                                          (661)
Russia
 
 
 
 
 
 
 
 
 
 
 
  
 
 
    
 
Gazprom Neft
 
Goldman Sachs
 
9/15/2020
 
2.43
 
Monthly
 
10,290
 
  
                       58,544
 
    
                                                           (112)
Sberbank of Russia PJSC
 
Goldman Sachs
 
9/15/2020
 
2.43
 
Monthly
 
18,590
 
  
                       58,272
 
    
                                                          (241)
 
 
 
 
 
 
 
 
 
 
 
 
  
                       116,816
 
    
                                                         (353)
South Korea
 
 
 
 
 
 
 
 
 
 
 
  
 
 
    
 
Samsung Electronics Co., Ltd.
 
Goldman Sachs
 
9/15/2020
 
2.43
 
Monthly
 
8,067
 
  
                    235,065
 
    
                                                         (205)
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
    
 
Taiwan
 
 
 
 
 
 
 
 
 
 
 
  
 
 
    
 
Tripod Technology Corp.
 
Goldman Sachs
 
9/15/2020
 
2.43
 
Monthly
 
22,000
 
  
                       69,573
 
    
                                                       3,575
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
    
 
United Kingdom
 
 
 
 
 
 
 
 
 
 
 
  
 
 
    
 
El Tullow Oil PLC
 
Goldman Sachs
 
9/15/2020
 
0.73
 
Monthly
 
9,048
 
  
                       22,694
 
    
                                                     (3,783)
Total Long
 
 
 
 
 
 
 
 
 
 
 
  
                  1,464,024
 
    
                                                    (31,344)
Net unrealized gain/(loss) on Contracts For Difference
 
 
 
 
 
 
 
 
 
 
 
  
 
 
$
           (31,344)


BOSTON PARTNERS INVESTMENT FUNDS
BOSTON PARTNERS EMERGING MARKETS FUND
NOTES TO PORTFOLIO OF INVESTMENTS
MAY 31, 2019 (UNAUDITED)
 

PORTFOLIO VALUATION — The Boston Partners Emerging Markets 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, 2019, in valuing the Fund's investments carried at fair value:

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Common Stock
                        
Belgium
  
$
267,236
    
$
267,236
    
$
-
    
$
-
  
Brazil
    
558,897
      
558,897
      
-
      
-
  
Chile
    
45,280
      
45,280
      
-
      
-
  
China
    
1,216,937
      
630,649
      
586,288
      
-
  
Egypt
    
86,924
      
86,924
      
-
      
-
  
France
    
74,211
      
74,211
      
-
      
-
  
Hong Kong
    
406,279
      
132,153
      
274,126
      
-
  
Hungary
    
117,436
      
16,599
      
100,837
      
-
  
India
    
496,683
      
176,458
      
320,225
      
-
  
Indonesia
    
14,234
      
-
      
14,234
      
-
  
Italy
    
24,456
      
24,456
      
-
      
-
  
Japan
    
89,907
      
-
      
89,907
      
-
  
Luxembourg
    
56,895
      
-
      
56,895
      
-
  
Macao
    
159,819
      
-
      
159,819
      
-
  
Malaysia
    
48,950
      
-
      
48,950
      
-
  
Mexico
    
304,543
      
304,543
      
-
      
-
  
Netherlands
    
101,923
      
20,896
      
81,027
      
-
  
Philippines
    
39,029
      
39,029
      
-
      
-
  
Poland
    
163,339
      
46,871
      
116,468
      
-
  
Portugal
    
97,971
      
-
      
97,971
      
-
  
Russia
    
126,223
      
126,223
      
-
      
-
  
Singapore
    
324,645
      
-
      
324,645
      
-
  
South Africa
    
795,797
      
357,251
      
438,546
      
-
  
South Korea
    
707,443
      
21,880
      
685,563
      
-
  
Taiwan
    
271,616
      
-
      
271,616
      
-
  
Thailand
    
69,792
      
-
      
69,792
      
-
  
Turkey
    
149,064
      
67,757
      
81,307
      
-
  
United Arab Emirates
    
156,794
      
92,928
      
63,866
      
-
  
United Kingdom
    
171,469
      
91,355
      
80,114
      
-
  
United States
    
651,873
      
651,873
      
-
      
-
  
Short-Term Investments
    
1,208,515
      
1,208,515
      
-
      
-
  
Contracts For Difference
                                
     Equity Contracts
    
4,432
      
-
      
4,432
      
-
  
Total Assets*
  
$
9,008,612
    
$
5,041,984
    
$
3,966,628
    
$
-
  
                                 
   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Contracts For Difference
                                
     Equity Contracts
  
$
(35,776
)
  
$
-
    
$
(35,776
)
  
$
-
  
Total Liabilities*
  
$
(35,776
)
  
$
-
    
$
(35,776
)
  
$
-
  
                                 
* Please refer to the Portfolio of Investments for further details.
                          
                                 
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 significantlyfrom 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.
 
As of May 31, 2019, the Fund had no 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.
  









BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS GLOBAL EQUITY ADVANTAGE FUND
  
PORTFOLIO OF INVESTMENTS
  
MAY 31, 2019 (UNAUDITED)
  
   
   
NUMBER OF
        
   
SHARES
    
VALUE
  
COMMON STOCKS—86.2%
            
Bermuda—1.3%
            
Axis Capital Holdings Ltd.
    
368
    
$
21,926
  
Everest Re Group Ltd.
    
1,214
      
300,659
  
             
322,585
  
Canada—2.8%
                
Barrick Gold Corp.
    
15,046
      
187,129
  
Canadian Natural Resources Ltd.
    
10,873
      
293,706
  
Nutrien Ltd.
    
2,293
      
111,761
  
Stars Group, Inc. (The)*
    
6,357
      
105,307
  
             
697,903
  
Denmark—1.3%
                
AP Moller - Maersk A/S, Class B
    
100
      
106,788
  
Novo Nordisk A/S, Class B
    
4,409
      
207,480
  
             
314,268
  
France—5.5%
                
Capgemini SA
    
2,383
      
266,406
  
Cie Generale des Etablissements Michelin SCA
    
1,060
      
121,564
  
Danone SA
    
4,497
      
359,219
  
Kering SA
    
171
      
89,005
  
TOTAL SA
    
7,169
      
371,698
  
Vinci SA
    
1,603
      
158,075
  
             
1,365,967
  
Hong Kong—1.2%
                
CK Hutchison Holdings Ltd.
    
22,500
      
212,521
  
Melco Resorts & Entertainment Ltd. - ADR
    
4,255
      
82,121
  
             
294,642
  
Hungary—0.3%
                
OTP Bank PLC
    
2,035
      
84,865
  
Ireland—1.9%
                
AIB Group PLC
    
27,323
      
112,403
  
Bank of Ireland Group PLC
    
19,636
      
104,961
  
CRH PLC
    
7,868
      
246,406
  
             
463,770
  
Japan—7.0%
                
Asahi Group Holdings Ltd.
    
3,400
      
149,294
  
Haseko Corp.
    
11,900
      
118,105
  
Hitachi Ltd.
    
6,700
      
225,609
  
Matsumotokiyoshi Holdings Co., Ltd.
    
3,500
      
102,802
  
Mitsubishi Estate Co., Ltd.
    
3,200
      
58,698
  
Mitsui & Co., Ltd.
    
9,700
      
148,946
  
Nippon Telegraph & Telephone Corp.
    
5,800
      
259,499
  
Seven & i Holdings Co., Ltd.
    
5,100
      
171,658
  
Shionogi & Co., Ltd.
    
2,600
      
141,766
  
Sony Corp.
    
4,200
      
201,280
  
Sumitomo Mitsui Financial Group, Inc.
    
4,400
      
152,468
  
             
1,730,125
  
Mexico—0.4%
                
Cemex SAB de CV - SP ADR*
    
21,614
      
89,050
  

Netherlands—2.9%
                
ING Groep NV
    
15,272
      
164,958
  
Koninklijke KPN NV
    
47,386
      
144,667
  
NXP Semiconductors NV
    
1,315
      
115,931
  
Royal Dutch Shell PLC, Class A
    
9,244
      
286,335
  
             
711,891
  
South Korea—0.3%
                
KT Corp. - SP ADR
    
5,560
      
66,942
  
Spain—0.5%
                
Ferrovial SA
    
5,781
      
137,793
  
Switzerland—1.8%
                
Roche Holding AG
    
539
      
141,570
  
STMicroelectronics NV
    
6,948
      
105,062
  
Swiss Re AG
    
2,007
      
190,424
  
             
437,056
  
United Kingdom—9.1%
                
Avast PLC
    
18,116
      
70,771
  
Aviva PLC
    
35,239
      
180,152
  
Cineworld Group PLC
    
36,150
      
135,423
  
Coca-Cola European Partners PLC
    
4,267
      
236,392
  
GlaxoSmithKline PLC
    
11,151
      
215,282
  
HSBC Holdings PLC
    
18,548
      
151,192
  
Imperial Brands PLC
    
13,191
      
318,964
  
Lloyds Banking Group PLC
    
233,227
      
168,578
  
Nomad Foods Ltd.*
    
6,058
      
128,551
  
Tesco PLC
    
49,086
      
140,219
  
Tullow Oil PLC
    
47,435
      
118,975
  
Unilever PLC
    
5,165
      
315,096
  
Vodafone Group PLC
    
44,770
      
73,093
  
             
2,252,688
  
United States—49.9%
                
Allstate Corp. (The)
    
2,782
      
265,709
  
Alphabet, Inc., Class C*
    
379
      
418,276
  
American Express Co.
    
3,153
      
361,681
  
Anthem, Inc.
    
455
      
126,481
  
Berkshire Hathaway, Inc., Class B*
    
3,521
      
695,116
  
Biogen, Inc.*
    
677
      
148,459
  
Chubb Ltd.
    
2,041
      
298,129
  
Cigna Corp.
    
1,153
      
170,667
  
Cisco Systems, Inc.
    
5,493
      
285,801
  
Citigroup, Inc.
    
3,074
      
191,049
  
Comcast Corp., Class A
    
9,670
      
396,470
  
CVS Health Corp.
    
6,401
      
335,220
  
Diamondback Energy, Inc.
    
1,583
      
155,229
  
Dover Corp.
    
1,820
      
162,726
  
DowDuPont, Inc.
    
11,531
      
351,926
  
Eaton Corp. PLC
    
4,708
      
350,699
  
Fox Corp., Class A
    
7,780
      
274,089
  
Goldman Sachs Group Inc., (The)
    
907
      
165,518
  
GrafTech International Ltd.
    
7,785
      
77,149
  
Graphic Packaging Holding Co.
    
16,617
      
216,021
  
HP, Inc.
    
5,373
      
100,368
  
Johnson & Johnson
    
2,327
      
305,186
  
KAR Auction Services, Inc.
    
3,844
      
216,110
  
KeyCorp
    
13,343
      
213,088
  
Laboratory Corp. of America Holdings*
    
1,499
      
243,752
  
Lear Corp.
    
990
      
117,840
  
Lowe's Cos., Inc.
    
1,202
      
112,123
  
Masco Corp.
    
3,236
      
113,001
  
McKesson Corp.
    
2,071
      
252,952
  
Medtronic PLC
    
3,699
      
342,453
  
Microsoft Corp.
    
5,321
      
658,101
  
Molson Coors Brewing Co., Class B
    
2,517
      
138,385
  
Mosaic Co. (The)
    
7,791
      
167,273
  

NetApp, Inc.
    
1,261
      
74,651
  
Oracle Corp.
    
7,835
      
396,451
  
Owens Corning
    
2,036
      
98,685
  
Parsley Energy, Inc., Class A*
    
8,724
      
155,549
  
Pfizer, Inc.
    
5,911
      
245,425
  
Pioneer Natural Resources Co.
    
1,447
      
205,416
  
ProPetro Holding Corp.*
    
4,146
      
80,515
  
PulteGroup, Inc.
    
7,184
      
222,704
  
Science Applications International Corp.
    
1,962
      
150,564
  
SYNNEX Corp.
    
1,184
      
102,665
  
TE Connectivity Ltd.
    
1,547
      
130,304
  
Tyson Foods, Inc., Class A
    
1,748
      
132,656
  
United Parcel Service, Inc., Class B
    
2,632
      
244,565
  
United Technologies Corp.
    
3,350
      
423,105
  
Verizon Communications, Inc.
    
9,233
      
501,813
  
Vistra Energy Corp.
    
12,423
      
292,686
  
Walt Disney Co. (The)
    
1,265
      
167,031
  
Wells Fargo & Co.
    
5,806
      
257,612
  
             
12,309,444
  
TOTAL COMMON STOCKS
                
(Cost $21,518,279)
            
21,278,989
  
PREFERRED STOCKS—0.5%
                
Brazil—0.5%
                
Petroleo Brasileiro SA, 3.771%
    
20,700
      
134,784
  
TOTAL PREFERRED STOCKS
                
(Cost $138,147)
            
134,784
  
MUTUAL FUNDS—10.1%
                
United States—10.1%
                
Campbell Advantage Fund
    
250,000
      
2,500,000
  
TOTAL MUTUAL FUNDS
                
(Cost $2,500,000)
            
2,500,000
  
                 
                 
SHORT-TERM INVESTMENTS—24.4%
                
First American Treasury Obligations Fund, Class X, 2.31%(a)
    
6,013,375
      
6,013,375
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $6,013,375)
            
6,013,375
  
TOTAL INVESTMENTS—121.2%
                
(Cost $30,169,801)
            
29,927,148
  
LIABILITIES IN EXCESS OF OTHER ASSETS—(21.2)%
            
(5,239,442
)
NET ASSETS—100.0%
          
$
24,687,706
  

 
ADR
American Depositary Receipt
          
PLC
Public Limited Company
          
SP ADR
Sponsored American Depositary Receipt
          
*
Non-income producing.
          
(a)
7 day yield as of May 31, 2019
          
             
 
Industry classifications may be different than those used for compliance monitoring purposes.
          
             
The accompanying notes are an integral part of the portfolio of investments.
             

 
BOSTON PARTNERS INVESTMENT FUNDS
BOSTON PARTNERS GLOBAL EQUITY ADVANTAGE FUND
NOTES TO PORTFOLIO OF INVESTMENTS
MAY 31, 2019 (UNAUDITED)
         
PORTFOLIO VALUATION — The Boston Partners Global Equity Advantage 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, 2019, in valuing the Fund's investments carried at fair value:

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Common Stock
                        
Bermuda
  
$
322,585
    
$
322,585
    
$
-
    
$
-
  
Canada
    
697,903
      
697,903
      
-
      
-
  
Denmark
    
314,268
      
-
      
314,268
      
-
  
France
    
1,365,967
      
-
      
1,365,967
      
-
  
Hong Kong
    
294,642
      
82,121
      
212,521
      
-
  
Hungary
    
84,865
      
-
      
84,865
      
-
  
Ireland
    
463,770
      
-
      
463,770
      
-
  
Japan
    
1,730,125
      
-
      
1,730,125
      
-
  
Mexico
    
89,050
      
89,050
      
-
      
-
  
Netherlands
    
711,891
      
115,931
      
595,960
      
-
  
South Korea
    
66,942
      
66,942
      
-
      
-
  
Spain
    
137,793
      
-
      
137,793
      
-
  
Switzerland
    
437,056
      
-
      
437,056
      
-
  
United Kingdom
    
2,252,688
      
435,714
      
1,816,974
      
-
  
United States
    
12,309,444
      
12,309,444
      
-
      
-
  
Preferred Stock
                                
Brazil
    
134,784
      
-
      
134,784
      
-
  
Mutual Fund
                                
United States
    
2,500,000
      
2,500,000
      
-
      
-
  
Short-Term Investments
    
6,013,375
      
6,013,375
      
-
      
-
  
Total Assets*
  
$
29,927,148
    
$
22,633,065
    
$
7,294,083
    
$
-
  
                                 
* Please refer to the Portfolio of Investments for further details.
                          

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 andout 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.
       
As of May 31, 2019, the Fund had no 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.