BOSTON PARTNERS INVESTMENT FUNDS
BOSTON PARTNERS LONG/SHORT RESEARCH FUND
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 2019 (UNAUDITED)
	NUMBER OF
	SHARES			VALUE
LONG POSITIONS—98.7%
COMMON STOCKS—98.6%
Basic Industries—4.9%
Avery Dennison Corp.		62,459		$	8,142,780
Barrick Gold Corp.		1,289,949			21,671,143
Corteva, Inc.		767,859			19,979,691
DuPont de Nemours, Inc.		308,310			19,981,571
FMC Corp.		184,563			18,079,792
Glencore PLC		2,532,725			7,994,684
Graphic Packaging Holding Co.Ɨ		1,334,261			21,708,427
Mosaic Co., (The)Ɨ		783,385			14,923,484
Nutrien Ltd.Ɨ		247,521			11,737,446
Yamana Gold, Inc.		1,679,780			6,013,612
					150,232,630
Capital Goods—8.1%
AMETEK, Inc.Ɨ		271,388			26,870,126
Brenntag AG		148,725			7,925,930
Caterpillar, Inc.		51,281			7,421,899
Dover Corp.		197,371			22,002,919
Eagle Materials, Inc.		376,798			34,676,720
HD Supply Holdings, Inc.*		319,683			12,729,777
HeidelbergCement AG		88,106			6,492,307
ITT, Inc.		409,405			28,568,281
Leonardo SpA		528,993			6,176,359
Mohawk Industries, Inc.*		184,398			25,699,549
Owens Corning		469,489			31,483,932
Parker-Hannifin Corp.Ɨ		65,083			12,937,849
Spirit AeroSystems Holdings, Inc., Class A		109,938			9,563,507
United Technologies Corp.Ɨ		122,308			18,143,169
					250,692,324
Communications—3.2%
Altice USA, Inc., Class A*		628,550			16,078,309
AT&T, Inc.		411,516			15,382,468
Comcast Corp., Class AƗ		919,522			40,596,896
KT Corp. - SP ADR		507,143			5,705,359
Liberty Global PLC, Series C*		421,220			9,056,230
Verizon Communications, Inc.Ɨ		206,208			12,421,970
					99,241,232
Consumer Durables—2.7%
Gentex Corp.		353,992			10,053,373
Koito Manufacturing Co., Ltd.		211,100			10,888,917
Lennar Corp., Class A		339,559			20,254,695
Sony Corp.		456,300			28,955,845
Whirlpool Corp.		84,782			12,132,304
					82,285,134
Consumer Non-Durables—7.3%
Activision Blizzard, Inc.		188,664			10,344,447
Altria Group, Inc.Ɨ		441,884			21,961,635
Ambev SA - ADR		1,500,211			6,315,888
Budweiser Brewing Co., APAC Ltd.*		380,540			1,356,259
Coca-Cola European Partners PLCƗ		287,265			14,495,392
Danone SA		203,562			16,749,476
Electronic Arts, Inc.*		113,865			11,501,504
Imperial Brands PLC		320,751			7,057,157
Mondelez International, Inc., Class A		650,207			34,161,876
Nomad Foods Ltd.*Ɨ		1,434,409			30,122,589
PepsiCo, Inc.		127,046			17,256,658
Philip Morris International, Inc.		319,632			26,507,082
Tyson Foods, Inc., Class A		160,294			14,408,828
Unilever NV		256,043			15,247,361
					227,486,152
Consumer Services—11.0%
AutoZone, Inc.*		32,771			38,601,616
CDK Global, Inc.Ɨ		678,377			36,327,088
Cineworld Group PLC		2,077,002			5,576,064
eBay, Inc.Ɨ		663,516			23,568,088
Expedia Group, Inc.		63,243			6,429,283
Fox Corp., Class A		744,457			26,621,782
GVC Holdings PLC		1,387,611			15,278,498
IAA, Inc.*		386,376			17,514,424
International Game Technology PLC		1,006,440			14,945,634
KAR Auction Services, Inc.		501,926			10,600,677
Las Vegas Sands Corp.		478,030			29,996,383
Melco Resorts & Entertainment Ltd. - ADR		805,408			17,139,082
Moody's Corp.		44,632			10,116,736
Nexstar Media Group, Inc., Class A		288,220			31,044,176
S&P Global, Inc.		37,460			9,913,789
Stars Group, Inc., (The)*		371,786			9,030,682
Teleperformance		28,395			6,727,065
Tractor Supply Co.		85,154			8,041,944
Wyndham Destinations, Inc.		302,308			14,661,938
Wyndham Hotels & Resorts, Inc.		119,157			6,902,765
					339,037,714
Energy—7.3%
Apergy Corp.*		287,538			7,343,721
Cactus, Inc., Class A		242,802			7,330,192
Canadian Natural Resources Ltd.		221,805			6,203,886
Chevron Corp.Ɨ		92,719			10,860,176
Cimarex Energy Co.		171,442			7,881,189
ConocoPhillips		329,727			19,763,836
Diamondback Energy, Inc.		86,828			6,715,278
Enerplus Corp.		1,177,915			7,298,231
Kosmos Energy Ltd.		1,458,630			8,708,021
Marathon Oil Corp.		954,789			11,123,292
Marathon Petroleum Corp.		479,672			29,087,310
Noble Energy, Inc.		702,296			14,579,665
Petroleo Brasileiro SA - SP ADR		448,951			6,613,048
Royal Dutch Shell PLC, Class A		709,776			20,333,381
TOTAL SA - SP ADR		485,491			25,507,697
Tullow Oil PLC		2,262,959			3,831,121
Valero Energy Corp.		330,261			31,536,623
					224,716,667
Finance—19.1%
Alleghany Corp.*Ɨ		31,045			24,216,342
Allstate Corp., (The)Ɨ		220,942			24,601,892
American Express Co.		60,072			7,215,849
American International Group, Inc.Ɨ		604,905			31,854,297
Ameriprise Financial, Inc.		164,356			26,933,018
Aon PLC		32,596			6,636,872
Aviva PLC		2,230,514			11,633,762
Bank of America Corp.Ɨ		1,472,156			49,052,238
Bank of Ireland Group PLC		1,199,173			6,013,568
BB&T Corp.Ɨ		269,527			14,748,517
Berkshire Hathaway, Inc., Class B*Ɨ		159,863			35,217,819
Capital One Financial Corp.Ɨ		39,617			3,962,096
Chubb Ltd.Ɨ		135,949			20,593,555
Citigroup, Inc.Ɨ		657,040			49,356,845
Discover Financial ServicesƗ		153,921			13,063,275
DNB ASA		451,324			7,571,384
East West Bancorp, Inc.		83,338			3,818,547
Everest Re Group Ltd.		48,529			13,163,977
Fifth Third BancorpƗ		476,320			14,380,101
Goldman Sachs Group, Inc., (The)Ɨ		51,045			11,298,811
Huntington Bancshares, Inc.Ɨ		1,342,747			19,993,503
ING Groep NV		642,622			7,389,994
JPMorgan Chase & Co.Ɨ		346,311			45,629,937
KeyCorp		1,133,119			21,971,177
Marsh & McLennan Cos., Inc.		64,038			6,920,587
Navient Corp.Ɨ		226,606			3,251,796
PNC Financial Services Group, Inc., (The)		24,273			3,718,866
Regions Financial Corp.		804,532			13,387,412
SLM Corp.		1,076,487			9,182,434
Sumitomo Mitsui Financial Group, Inc.		170,100			6,228,442
SunTrust Banks, Inc.		213,908			15,153,243
Synchrony Financial		218,497			8,173,973
Travelers Cos., Inc., (The)Ɨ		109,250			14,936,660
United Overseas Bank Ltd.		429,700			8,108,894
Wells Fargo & Co.Ɨ		596,320			32,475,587
					591,855,270
Health Care—13.9%
AbbVie, Inc.Ɨ		222,674			19,535,190
AmerisourceBergen Corp.		114,397			10,056,640
Anthem, Inc.Ɨ		110,058			31,769,342
AstraZeneca PLC		107,376			10,373,304
Avantor, Inc.*		1,310,485			22,448,608
Biogen, Inc.*		52,681			15,794,291
Boston Scientific Corp.*		232,976			10,076,212
Cigna Corp.Ɨ		228,580			45,697,714
CVS Health Corp.Ɨ		263,813			19,857,204
Envista Holdings Corp.*		159,734			4,491,720
Humana, Inc.		52,874			18,042,195
ICON PLC*		108,885			17,765,677
IQVIA Holdings, Inc.*		76,270			11,133,895
Jazz Pharmaceuticals PLC*		112,112			16,942,365
Johnson & JohnsonƗ		191,299			26,301,700
McKesson Corp.		71,521			10,344,797
Medtronic PLC		222,460			24,779,819
Merck & Co., Inc.		144,944			12,636,218
Molina Healthcare, Inc.*		55,108			7,467,134
Novartis AG - SP ADR		116,719			10,773,164
Novo Nordisk A/S, Class B		304,421			17,112,164
Pfizer, Inc.Ɨ		247,565			9,536,204
Syneos Health, Inc.*		308,290			16,928,204
UnitedHealth Group, Inc.		126,313			35,351,219
Universal Health Services, Inc., Class B		47,396			6,611,268
					431,826,248
Real Estate Investment Trusts—0.2%
Retail Properties of America, Inc., Class A		454,943			6,473,839
Technology—17.6%
Alphabet, Inc., Class A*Ɨ		43,292			56,456,664
Alphabet, Inc., Class C*		10,701			13,964,377
Amdocs Ltd.Ɨ		142,312			9,862,222
Arrow Electronics, Inc.*Ɨ		371,768			29,607,604
Booking Holdings, Inc.*		7,636			14,539,173
Broadcom, Inc.		62,134			19,647,392
Capgemini SA		250,174			29,593,878
CDW Corp.Ɨ		204,428			27,608,001
Change Healthcare, Inc.*		1,101,202			14,734,083
Cisco Systems, Inc.Ɨ		353,130			16,000,320
Eaton Corp. PLCƗ		219,181			20,274,243
Flex Ltd.*Ɨ		2,059,420			24,445,315
Hewlett Packard Enterprise Co.Ɨ		1,593,082			25,218,488
HP, Inc.Ɨ		719,209			14,441,717
Jabil, Inc.Ɨ		261,388			10,152,310
KLA-Tencor Corp.		160,361			26,276,753
Leidos Holdings, Inc.Ɨ		223,309			20,285,390
Marvell Technology Group Ltd.Ɨ		370,400			9,767,448
Micron Technology, Inc.*		175,057			8,316,958
Microsoft Corp.Ɨ		378,671			57,323,216
Oracle Corp.Ɨ		527,329			29,604,250
Qorvo, Inc.*		87,072			9,073,773
Samsung Electronics Co., Ltd.		832,180			35,574,767
Science Applications International Corp.		175,134			14,947,687
Xerox Holdings Corp.		1,323			51,504
Yelp, Inc.*		254,703			8,833,100
					546,600,633
Transportation—2.5%
AP Moller - Maersk A/S, Class B		4,952			6,921,094
CH Robinson Worldwide, Inc.		239,389			18,397,045
Kansas City Southern		139,048			21,193,696
United Parcel Service, Inc., Class B		265,253			31,758,742
					78,270,577
Utilities—0.8%
FirstEnergy Corp.		227,110			10,830,876
Vistra Energy Corp.		558,061			14,805,358
					25,636,234
TOTAL COMMON STOCKS
(Cost $2,315,812,857)					3,054,354,654
PREFERRED STOCKS—0.1%
Capital Goods—0.1%
Schaeffler AG, 5.520%		211,179			2,304,818
TOTAL PREFERRED STOCKS
(Cost $2,312,318)					2,304,818
WARRANTS—0.0%
Energy—0.0%
Vista Oil & Gas SAB de CV *‡		1,204,819			153,892
TOTAL WARRANTS
(Cost $0)					153,892
SHORT-TERM INVESTMENTS—0.0%
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 1.52%(a)		1,256,919			1,256,919
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,256,919)					1,256,919
TOTAL LONG POSITIONS—98.7%
(Cost $2,319,382,094)					3,058,070,283
SECURITIES SOLD SHORT—(47.6%)
COMMON STOCKS—(47.4%)
Basic Industries—(5.5%)
Alumina Ltd.		(2,847,186	)		(4,449,036	)
Balchem Corp.		(82,251	)		(8,194,667	)
Ball Corp.		(77,386	)		(5,112,119	)
BillerudKorsnas AB		(531,192	)		(6,048,911	)
Compass Minerals International, Inc.		(257,735	)		(14,245,013	)
Croda International PLC		(218,556	)		(14,070,414	)
Ecolab, Inc.		(31,638	)		(5,905,865	)
Fortescue Metals Group Ltd.		(1,338,047	)		(8,811,472	)
Gerdau SA - SP ADR		(1,880,107	)		(7,464,025	)
Greif, Inc., Class A		(349,366	)		(15,075,143	)
Mitsubishi Chemical Holdings Corp.		(1,415,800	)		(10,506,967	)
Mitsui Chemicals, Inc.		(469,300	)		(11,253,897	)
Nucor Corp.		(190,317	)		(10,726,266	)
Quaker Chemical Corp.		(43,057	)		(6,425,396	)
Sonoco Products Co.		(73,672	)		(4,459,366	)
South32 Ltd.		(2,506,403	)		(4,567,736	)
Trex Co., Inc.*		(230,186	)		(19,809,807	)
Umicore SA		(216,937	)		(9,314,621	)
United States Steel Corp.		(310,202	)		(4,069,850	)
					(170,510,571	)
Capital Goods—(3.7%)
AAON, Inc.		(249,491	)		(12,317,371	)
Axon Enterprise, Inc.*		(85,581	)		(6,315,878	)
Cornerstone Building Brands, Inc.*		(1,113,787	)		(7,685,130	)
Cubic Corp.		(73,551	)		(4,379,962	)
Elbit Systems Ltd.		(41,163	)		(6,816,342	)
GCP Applied Technologies, Inc.*		(173,132	)		(3,872,963	)
John Bean Technologies Corp.		(105,809	)		(11,591,376	)
MISUMI Group, Inc.		(136,600	)		(3,387,590	)
SiteOne Landscape Supply, Inc.*		(134,789	)		(11,963,872	)
Tomra Systems ASA		(366,747	)		(10,919,414	)
Trinity Industries, Inc.		(230,026	)		(4,839,747	)
Triumph Group, Inc.		(1,020,060	)		(28,265,862	)
Yaskawa Electric Corp.		(92,500	)		(3,402,801	)
					(115,758,308	)
Communications—(0.8%)
Cogent Communications Holdings, Inc.		(204,421	)		(12,813,108	)
Netflix, Inc.*		(17,559	)		(5,525,115	)
Proximus SADP		(201,999	)		(6,093,266	)
					(24,431,489	)
Consumer Durables—(2.6%)
Leggett & Platt, Inc.		(366,962	)		(19,199,452	)
NIO, Inc. - ADR*		(2,014,514	)		(4,572,947	)
Nissan Motor Co., Ltd.		(1,936,100	)		(11,955,450	)
Roku, Inc.*		(41,966	)		(6,730,087	)
Tesla Motors, Inc.*		(54,163	)		(17,870,540	)
Xinyi Glass Holdings Ltd.		(17,004,000	)		(19,981,090	)
					(80,309,566	)
Consumer Non-Durables—(3.8%)
B&G Foods, Inc.		(215,651	)		(3,571,181	)
Cal-Maine Foods, Inc.		(264,420	)		(11,510,203	)
Campbell Soup Co.		(146,286	)		(6,812,539	)
China Resources Beer Holdings Co., Ltd.		(1,024,000	)		(5,363,363	)
Clorox Co., (The)		(45,135	)		(6,690,361	)
Hain Celestial Group Inc., (The)*		(367,149	)		(9,075,923	)
Hormel Foods Corp.		(162,163	)		(7,221,118	)
International Flavors & Fragrances, Inc.		(85,061	)		(12,013,165	)
Kikkoman Corp.		(172,700	)		(8,688,134	)
Kose Corp.		(51,300	)		(8,179,046	)
Kraft Heinz Co., (The)		(321,886	)		(9,817,523	)
Mattel, Inc.*		(637,496	)		(7,458,703	)
National Beverage Corp.		(210,695	)		(10,458,900	)
Remy Cointreau SA		(39,541	)		(5,093,881	)
Societe BIC SA		(99,294	)		(6,837,601	)
					(118,791,641	)
Consumer Services—(4.7%)
Carvana Co.*		(249,480	)		(23,780,434	)
Casey's General Stores, Inc.		(68,481	)		(11,899,943	)
Choice Hotels International, Inc.		(115,769	)		(11,258,535	)
Clear Channel Outdoor Holdings, Inc.*		(1,938,905	)		(4,808,484	)
Cracker Barrel Old Country Store, Inc.		(59,140	)		(9,092,184	)
Hertz Global Holdings, Inc.*		(280,113	)		(4,341,752	)
Medpace Holdings, Inc.*		(58,047	)		(4,450,464	)
Meredith Corp.		(228,877	)		(8,019,850	)
MGM China Holdings Ltd.		(3,880,000	)		(5,771,225	)
Pearson PLC		(603,978	)		(5,057,041	)
Shake Shack, Inc. Class A*		(117,113	)		(7,258,664	)
Stitch Fix, Inc., Class A*		(177,856	)		(4,193,844	)
Texas Roadhouse, Inc.		(127,551	)		(7,385,203	)
Vail Resorts, Inc.		(44,796	)		(10,870,645	)
Walt Disney Co., (The)		(40,981	)		(6,211,900	)
Wayfair, Inc. Class A*		(89,218	)		(7,576,393	)
Whitbread PLC		(225,310	)		(13,382,496	)
					(145,359,057	)
Energy—(2.5%)
ARC Resources Ltd.		(1,531,668	)		(7,679,672	)
CNX Resources Corp.*		(679,247	)		(4,693,597	)
Core Laboratories NV		(95,021	)		(4,161,920	)
Devon Energy Corp.		(248,021	)		(5,429,180	)
EQT Corp.		(386,252	)		(3,371,980	)
Matador Resources Co.*		(476,944	)		(6,715,371	)
Murphy Oil Corp.		(256,212	)		(5,895,438	)
National Oilwell Varco, Inc.		(469,796	)		(10,593,900	)
Occidental Petroleum Corp.		(285,386	)		(11,007,338	)
Oil Search Ltd.		(1,505,347	)		(7,575,444	)
SM Energy Co.		(466,942	)		(3,880,288	)
Woodside Petroleum Ltd.		(267,766	)		(6,248,274	)
					(77,252,402	)
Finance—(10.9%)
Ares Management Corp., Class A		(226,937	)		(7,509,345	)
Bank of East Asia Ltd., (The)		(1,761,315	)		(3,973,209	)
Bank of Hawaii Corp.		(78,807	)		(7,101,299	)
Bankinter SA		(789,259	)		(5,512,270	)
Canadian Western Bank		(382,668	)		(10,238,667	)
China International Capital Corp., Ltd.		(2,676,400	)		(4,605,408	)
CNO Financial Group, Inc.		(396,522	)		(7,184,979	)
Commonwealth Bank of Australia		(156,443	)		(8,559,114	)
Community Bank System, Inc.		(302,163	)		(20,501,760	)
Credit Suisse Group AG*		(1,106,521	)		(14,484,989	)
Cullen/Frost Bankers, Inc.		(54,619	)		(5,110,154	)
CVB Financial Corp.		(616,793	)		(13,174,698	)
FGL Holdings		(1,130,661	)		(10,322,935	)
First Financial Bankshares, Inc.		(763,923	)		(26,408,818	)
First Republic Bank		(123,929	)		(13,619,797	)
Focus Financial Partners, Inc., Class A*		(312,694	)		(8,789,828	)
Glacier Bancorp, Inc.		(383,026	)		(16,795,690	)
Hang Seng Bank Ltd.		(226,500	)		(4,617,228	)
Hargreaves Lansdown PLC		(262,772	)		(6,296,707	)
Hiscox Ltd.		(410,658	)		(7,236,577	)
Independent Bank Corp.		(105,984	)		(8,923,853	)
KKR & Co, Inc., Class A		(202,740	)		(5,978,803	)
LendingClub Corp.*		(340,824	)		(4,706,774	)
M&T Bank Corp.		(29,449	)		(4,851,428	)
MarketAxess Holdings, Inc.		(17,905	)		(7,230,397	)
New York Community Bancorp, Inc.		(400,940	)		(4,779,205	)
Prosperity Bancshares, Inc.		(169,318	)		(11,894,589	)
RLI Corp.		(142,505	)		(13,020,682	)
Standard Chartered PLC		(585,716	)		(5,269,670	)
Trustmark Corp.		(428,611	)		(14,727,074	)
UMB Financial Corp.		(80,501	)		(5,415,302	)
United Bankshares, Inc.		(324,909	)		(12,304,304	)
Voya Financial, Inc.		(96,892	)		(5,646,866	)
Westamerica Bancorporation		(359,882	)		(23,392,330	)
WisdomTree Investments, Inc.		(1,620,134	)		(7,873,851	)
					(338,058,600	)
Health Care—(2.6%)
ABIOMED, Inc.*		(47,366	)		(9,292,262	)
Acadia Healthcare Co., Inc.*		(136,255	)		(4,381,961	)
Align Technology, Inc.*		(38,791	)		(10,758,296	)
Allogene Therapeutics, Inc.*		(263,035	)		(7,412,326	)
Glaukos Corp.*		(138,221	)		(8,864,113	)
GW Pharmaceuticals PLC - ADR*		(85,316	)		(8,711,617	)
Healthcare Services Group, Inc.		(273,597	)		(6,880,964	)
Moderna, Inc.*		(511,961	)		(10,423,526	)
SmileDirectClub, Inc.*		(370,208	)		(3,690,974	)
Tivity Health, Inc.*		(444,863	)		(10,076,147	)
					(80,492,186	)
Real Estate Investment Trusts—(0.7%)
Iron Mountain, Inc.		(287,949	)		(9,248,922	)
Public Storage		(53,871	)		(11,349,542	)
					(20,598,464	)
Technology—(8.4%)
8x8, Inc.*		(338,034	)		(6,936,458	)
Altair Engineering, Inc., Class A*		(159,069	)		(5,276,319	)
Appian Corp.*		(211,896	)		(9,128,480	)
Autohome, Inc.- ADR*		(137,002	)		(9,322,986	)
Blackbaud, Inc.		(130,100	)		(10,782,688	)
Blackline, Inc.*		(198,127	)		(10,663,195	)
Cognex Corp.		(266,077	)		(13,351,744	)
Cree, Inc.*		(192,764	)		(8,522,096	)
Guidewire Software, Inc.*		(146,099	)		(17,799,241	)
HubSpot, Inc.*		(63,775	)		(9,630,025	)
Inovalon Holdings, Inc., Class A*		(860,044	)		(15,480,792	)
Knowles Corp.*		(411,410	)		(9,009,879	)
LiveRamp Holdings, Inc.*		(129,659	)		(6,494,619	)
Livongo Health, Inc.*		(210,084	)		(5,999,999	)
Manhattan Associates, Inc.*		(90,537	)		(7,560,745	)
MercadoLibre, Inc.*		(11,726	)		(6,807,881	)
MongoDB, Inc.*		(67,461	)		(10,031,451	)
National Instruments Corp.		(321,326	)		(13,534,251	)
Nidec Corp.		(104,000	)		(15,393,212	)
Phreesia, Inc.*		(151,623	)		(4,263,639	)
Plantronics, Inc.		(123,498	)		(3,129,439	)
RealPage, Inc.*		(176,095	)		(9,690,508	)
Shopify, Inc., Class A*		(36,926	)		(12,434,830	)
Tabula Rasa HealthCare, Inc.*		(199,911	)		(8,918,030	)
Tokai Carbon Co., Ltd.		(849,700	)		(8,360,558	)
Xilinx, Inc.		(85,508	)		(7,933,432	)
Zillow Group, Inc., Class C*		(301,634	)		(11,808,971	)
					(258,265,468	)
Transportation—(1.2%)
American Airlines Group, Inc.		(329,787	)		(9,478,079	)
QUBE Holdings Ltd.*		(4,761,144	)		(10,831,215	)
Sotetsu Holdings, Inc.		(385,300	)		(10,662,465	)
XPO Logistics, Inc.*		(85,928	)		(7,105,386	)
					(38,077,145	)
TOTAL COMMON STOCKS
(Proceeds $(1,348,828,759))					(1,467,904,897	)
PREFERRED STOCKS—(0.2%)
Consumer Non-Durables—(0.2%)
Henkel AG & Co KGaA, 1.926%		(81,689	)		(8,622,329	)
TOTAL PREFERRED STOCKS
(Proceeds $(8,033,296))					(8,622,329	)
TOTAL SECURITIES SOLD SHORT—(47.6%)
(Proceeds $(1,356,862,055))					(1,476,527,226	)
OTHER ASSETS IN EXCESS OF LIABILITIES—48.9%					1,516,431,299
NET ASSETS—100.0%				$	3,097,974,356

ADR	American Depositary Receipt
PLC	Public Limited Company
SP ADR	Sponsored American Depositary Receipt
*	Non-income producing.
(a)	Seven-day yield as of November 30, 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 November 30, 2019, these securities amounted to $153,892 or 0.0% of net assets
	Industry classifications may be different than those used for compliance monitoring purposes

Contracts For Difference held by the Fund at November 30, 2019, are as follows:
REFERENCE COMPANY	COUNTERPARTY	EXPIRATION DATE	FINANCING RATE	PAYMENT FREQUENCY	NUMBER OF CONTRACTS LONG/(SHORT)		NOTIONAL AMOUNT		UNREALIZED APPRECIATION (DEPRECIATION)
Short
Brazil
Usinas Siderurgicas de Minas Gerais SA	Goldman Sachs	9/15/2020	1.55%	Monthly	(2,019,800)	$	(4,079,007)	$	(417,147)
China
Semiconductor Manufacturing	Goldman Sachs	12/31/2020	1.00	Monthly	(19,013,600)		(24,231,039)		497,663
Indonesia
Unilever Indonesia TBK PT	Macquarie	9/15/2020	1.54	Monthly	(2,144,800)		(6,352,238)		160,462
South Korea
Amorepacific Corp.	Macquarie	9/15/2020	1.54	Monthly	(63,347)		(10,169,315)		(292,088)
Celltrion Health	Macquarie	9/15/2020	1.54	Monthly	(173,949)		(7,267,989)		360,191
Celltrion Inc.	Goldman Sachs	9/15/2020	1.55	Monthly	(43,770)		(6,457,862)		421,898
LG Chem Ltd.	Macquarie	12/31/2021	1.54	Monthly	(16,310)		(4,242,540)		193,907
Oil Corp.	Macquarie	9/15/2020	1.54	Monthly	(142,657)		(10,803,288)		941,740
Samsung Biologics	Macquarie	9/15/2020	1.54	Monthly	(30,499)		(10,183,550)		238,022
Sillajen, Inc.	Goldman Sachs	9/15/2020	1.55	Monthly	(454,711)		(5,600,100)		1,703,548
SK Innivation Co., Ltd.	Macquarie	9/15/2020	1.54	Monthly	(73,773)		(9,168,795)		848,819
							(63,893,439)		4,416,037
Switzerland
Stadler Rail AG	Morgan Stanley	9/15/2020	-0.71	Monthly	(196,699)		(9,624,921)		(3,063)
Taiwan
AU Optronics Corp.	Goldman Sachs	9/15/2020	1.55	Monthly	(50,614,000)		(14,599,924)		(1,417,482)
Eclat Textile Co., Ltd.	Macquarie	9/15/2020	1.54	Monthly	(869,000)		(11,276,508)		155,969
							(25,876,432)		(1,261,513)
Total Short							(134,057,076)		3,392,439
Net unrealized gain/(loss) on Contracts For Difference								$	3,392,439

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

NOTES TO PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 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 November 30, 2019, in valuing the Fund's investments carried at fair value:

	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Common Stock
Basic Industries	$	150,232,630		$	142,237,946		$	7,994,684		$	-
Capital Goods		250,692,324			230,097,728			20,594,596			-
Communications		99,241,232			99,241,232			-			-
Consumer Durables		82,285,134			42,440,372			39,844,762			-
Consumer Non-Durables		227,486,152			203,679,519			23,806,633			-
Consumer Services		339,037,714			311,456,087			27,581,627			-
Energy		224,716,667			200,552,165			24,164,502			-
Finance		591,855,270			544,909,226			46,946,044			-
Health Care		431,826,248			421,452,944			10,373,304			-
REITS		6,473,839			6,473,839			-			-
Technology		546,600,633			481,431,988			65,168,645			-
Transportation		78,270,577			78,270,577			-			-
Utilities		25,636,234			25,636,234			-			-
Preferred Stock
Capital Goods		2,304,818			-			2,304,818			-
Warrants		153,892			-			-			153,892
Short-Term Investments		1,256,919			1,256,919			-			-
Contracts For Difference
Equity Contracts		5,522,219			-			5,522,219			-
Total Assets	$	3,063,592,502		$	2,789,136,776		$	274,301,834		$	153,892
	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Securities Sold Short
Basic Industries		(170,510,571	)		(107,536,428	)		(62,974,143	)		-
Capital Goods		(115,758,308	)		(91,232,161	)		(24,526,147	)		-
Communications		(24,431,489	)		(18,338,223	)		(6,093,266	)		-
Consumer Durables		(80,309,566	)		(48,373,026	)		(31,936,540	)		-
Consumer Non-Durables		(118,791,641	)		(91,467,217	)		(27,324,424	)		-
Consumer Services		(145,359,057	)		(121,148,295	)		(24,210,762	)		-
Energy		(77,252,402	)		(63,428,684	)		(13,823,718	)		-
Finance		(338,058,600	)		(277,503,428	)		(60,555,172	)		-
Health Care		(80,492,186	)		(80,492,186	)		-			-
REITS		(20,598,464	)		(20,598,464	)		-			-
Technology		(258,265,468	)		(234,511,698	)		(23,753,770	)		-
Transportation		(38,077,145	)		(16,583,465	)		(21,493,680	)		-
Preferred Stock
Consumer Durables		(8,622,329	)		-			(8,622,329	)		-
Contracts For Difference
Equity Contracts		(2,129,780	)		(420,210	)		(1,709,570	)		-
Total Liabilities	$	(1,478,657,006	)	$	(1,171,633,485	)	$	(307,023,521	)	$	-

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are

considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price;

the depth and consistency of prices from third party pricing services; and  the existence of contemporaneous, observable trades in the

market. Additionally, management evaluates the classification of Level 1, 2 and 3 assets and liabilities on a quarterly basis for changes in

listings or delistings on national exchanges.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair

value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly

from the values that would have been used had a ready market existed for such investments and may differ materially from the values the

Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise

less liquid than publicly traded securities.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires

the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to

total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and

out between levels are based on values at the end of the period.  A reconciliation of Level 3 investments is presented only when the

Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets.

The amounts and reasons for all Level 3 transfers are disclosed if the Fund had an amount of total Level 3 transfers during

the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

During the current fiscal year, the Fund had no significant level 3 investments or transfers.

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the

Securities and Exchange Commission.