NPORT-EX 2 allcap-nport.htm NPORT-EX

BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS ALL-CAP VALUE FUND
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2019 (UNAUDITED)
  
   
   
NUMBER OF
          
   
SHARES
      
VALUE
  
COMMON STOCKS—96.5%
              
Basic Industries—2.3%
              
Corteva, Inc.
    
601,653
      
$
15,655,011
  
DuPont de Nemours, Inc.
    
145,583
        
9,435,234
  
FMC Corp.
    
99,565
        
9,753,388
  
Mosaic Co., (The)(a)
    
355,181
        
6,766,198
  
               
41,609,831
  
Capital Goods—7.0%
                  
AMETEK, Inc.
    
66,192
        
6,553,670
  
Caterpillar, Inc.
    
65,472
        
9,475,763
  
Cemex SAB de CV -  SP ADR
    
890,189
        
3,320,405
  
CRH PLC - SP ADR
    
250,528
        
9,595,222
  
Dover Corp.
    
124,143
        
13,839,462
  
General Dynamics Corp.
    
64,502
        
11,722,593
  
Masco Corp. (a)
    
134,601
        
6,265,677
  
Mohawk Industries, Inc.* (a)
    
74,795
        
10,424,179
  
Owens Corning
    
134,022
        
8,987,515
  
PACCAR, Inc.
    
125,756
        
10,232,766
  
Spirit AeroSystems Holdings, Inc. Class A
    
58,687
        
5,105,182
  
Trinseo SA
    
87,420
        
3,321,086
  
United Technologies Corp.
    
95,148
        
14,114,254
  
WESCO International, Inc.*
    
160,106
        
8,424,778
  
World Fuel Services Corp.
    
147,367
        
6,248,361
  
               
127,630,913
  
Communications—0.5%
                  
Comcast Corp., Class A
    
214,856
        
9,485,892
  
Consumer Durables—1.9%
                  
Fiat Chrysler Automobiles NV (a)
    
231,216
        
3,410,436
  
Lear Corp.
    
61,195
        
7,362,370
  
Sony Corp. - SP ADR (a)
    
366,787
        
23,283,639
  
               
34,056,445
  
Consumer Non-Durables—4.2%
                  
Activision Blizzard, Inc.#
    
344,035
        
18,863,439
  
Altria Group, Inc.
    
149,702
        
7,440,189
  
Ambev SA - ADR
    
1,618,746
        
6,814,921
  
Electronic Arts, Inc.*
    
53,152
        
5,368,884
  
PepsiCo, Inc.
    
205,342
        
27,891,604
  
Philip Morris International, Inc.
    
112,138
        
9,299,604
  
               
75,678,641
  
Consumer Services—7.9%
                  
CDK Global, Inc. (a)
    
113,518
        
6,078,889
  
Dick's Sporting Goods, Inc. (a)
    
249,691
        
11,438,345
  
eBay, Inc.
    
391,006
        
13,888,533
  
Foot Locker, Inc. (a)
    
171,004
        
6,848,710
  
Fox Corp., Class A (a)
    
436,647
        
15,614,497
  
Huron Consulting Group, Inc.*
    
88,919
        
5,962,019
  
IAA, Inc.*
    
136,173
        
6,172,722
  
International Game Technology PLC#
    
488,200
        
7,249,770
  
Interpublic Group of Cos., Inc., (The)
    
581,873
        
13,033,955
  
KAR Auction Services, Inc. (a)
    
88,430
        
1,867,642
  
Las Vegas Sands Corp.
    
87,776
        
5,507,944
  
Lowe's Cos., Inc.
    
129,647
        
15,208,889
  
ManpowerGroup, Inc.
    
57,869
        
5,360,984
  
Melco Resorts & Entertainment Ltd. - ADR
    
249,473
        
5,308,785
  
Omnicom Group, Inc. (a)
    
76,756
        
6,100,567
  
Robert Half International, Inc.
    
85,874
        
4,997,867
  
Target Corp. (a)
    
67,434
        
8,429,924
  
Wyndham Destinations, Inc.
    
112,564
        
5,459,354
  
               
144,529,396
  
Energy—4.0%
                  
Apergy Corp.*
    
167,647
        
4,281,704
  
Canadian Natural Resources Ltd.
    
307,063
        
8,588,552
  
Cimarex Energy Co. (a)
    
197,668
        
9,086,798
  
Diamondback Energy, Inc. (a)
    
180,295
        
13,944,015
  
Marathon Oil Corp. (a)
    
960,678
        
11,191,899
  
Marathon Petroleum Corp.
    
165,926
        
10,061,753
  
Phillips 66
    
86,238
        
9,893,223
  
Valero Energy Corp.
    
52,204
        
4,984,960
  
               
72,032,904
  
Finance—28.7%
                  
Aflac, Inc. (a)
    
153,749
        
8,431,595
  
AIR LEASE Corp. (a)
    
292,125
        
13,563,364
  
Alleghany Corp.*
    
27,237
        
21,245,949
  
Allstate Corp., (The)
    
193,491
        
21,545,223
  
American International Group, Inc.
    
606,971
        
31,963,093
  
Aon PLC
    
49,611
        
10,101,296
  
Bank of America Corp.
    
1,276,147
        
42,521,218
  
BB&T Corp. (a)
    
389,830
        
21,331,497
  
Capital One Financial Corp.
    
155,306
        
15,532,153
  
Charles Schwab Corp., (The)
    
210,610
        
10,425,195
  
Chubb Ltd.
    
170,935
        
25,893,234
  
Citigroup, Inc.
    
477,772
        
35,890,233
  
Discover Financial Services
    
129,500
        
10,990,665
  
Fifth Third Bancorp
    
286,240
        
8,641,586
  
Globe Life, Inc.
    
58,756
        
6,037,766
  
Goldman Sachs Group, Inc., (The)(a)
    
69,181
        
15,313,214
  
Huntington Bancshares, Inc. (a)
    
908,207
        
13,523,202
  
JPMorgan Chase & Co.
    
303,017
        
39,925,520
  
KeyCorp
    
1,342,421
        
26,029,543
  
Loews Corp.
    
366,544
        
18,657,090
  
MetLife, Inc.
    
288,945
        
14,421,245
  
Prudential Financial, Inc. (a)
    
154,492
        
14,463,541
  
Raymond James Financial, Inc.
    
114,073
        
10,246,037
  
Renaissance Holdings Ltd.
    
66,182
        
12,464,056
  
State Street Corp. (a)
    
75,056
        
5,636,706
  
Synchrony Financial (a)
    
285,477
        
10,679,694
  
Travelers Cos., Inc., (The)
    
93,968
        
12,847,305
  
Wells Fargo & Co.
    
466,404
        
25,400,362
  
White Mountains Insurance Group Ltd.
    
17,665
        
19,553,742
  
               
523,275,324
  
Health Care—23.4%
                  
Abbott Laboratories
    
291,602
        
24,917,391
  
Alcon, Inc.*
    
80,021
        
4,424,361
  
Allergan PLC
    
73,188
        
13,535,389
  
AmerisourceBergen Corp.
    
91,500
        
8,043,765
  
Anthem, Inc.
    
72,386
        
20,894,943
  
Avantor, Inc.* (a)
    
419,437
        
7,184,956
  
Biogen, Inc.*
    
56,686
        
16,995,030
  
Centene Corp.* (a)
    
357,084
        
21,592,870
  
Cigna Corp.
    
53,287
        
10,653,137
  
Gilead Sciences, Inc.
    
335,468
        
22,556,868
  
GlaxoSmithKline PLC - SP ADR (a)
    
214,379
        
9,749,957
  
Henry Schein, Inc.* (a)
    
80,127
        
5,520,750
  
Humana, Inc.
    
31,054
        
10,596,556
  
Jazz Pharmaceuticals PLC*
    
58,582
        
8,852,912
  
Johnson & Johnson
    
221,204
        
30,413,338
  
Laboratory Corp. of America Holdings*
    
49,743
        
8,570,221
  
McKesson Corp.
    
138,121
        
19,977,821
  
Medtronic PLC
    
307,606
        
34,264,232
  
Merck & Co., Inc.
    
473,476
        
41,277,638
  
Molina Healthcare, Inc.*
    
42,403
        
5,745,607
  
Novartis AG - SP ADR
    
264,662
        
24,428,303
  
Pfizer, Inc.
    
714,537
        
27,523,965
  
Roche Holding AG - SP ADR
    
260,399
        
10,043,589
  
UnitedHealth Group, Inc. (a)
    
78,623
        
22,004,219
  
Zimmer Biomet Holdings, Inc.
    
109,948
        
15,973,245
  
               
425,741,063
  
Technology—15.2%
                  
Alliance Data Systems Corp.
    
77,095
        
8,242,226
  
Alphabet, Inc., Class A*
    
11,241
        
14,659,276
  
Amdocs Ltd.
    
87,626
        
6,072,482
  
Arrow Electronics, Inc.*
    
105,957
        
8,438,415
  
Belden, Inc. (a)
    
89,138
        
4,790,276
  
Booking Holdings, Inc.* (a)
    
4,825
        
9,186,945
  
Cisco Systems, Inc.
    
599,073
        
27,143,998
  
Eaton Corp. PLC
    
171,945
        
15,904,913
  
EnerSys
    
81,887
        
5,746,011
  
Facebook, Inc.*
    
77,604
        
15,648,071
  
Fidelity National Information Services, Inc.
    
92,627
        
12,796,420
  
Flex Ltd.*
    
677,813
        
8,045,640
  
Hewlett Packard Enterprise Co. (a)
    
975,762
        
15,446,312
  
HP, Inc.
    
301,162
        
6,047,333
  
Jabil, Inc. (a)
    
364,484
        
14,156,559
  
Leidos Holdings, Inc. (a)
    
79,852
        
7,253,756
  
Microsoft Corp.
    
101,239
        
15,325,560
  
Momo, Inc. - SP ADR
    
199,940
        
7,483,754
  
NetEase, Inc. - ADR
    
23,033
        
7,262,766
  
NortonLifeLock, Inc.
    
213,927
        
5,326,782
  
Oracle Corp.
    
326,360
        
18,321,850
  
Qorvo, Inc.*
    
242,744
        
25,296,352
  
TE Connectivity Ltd.
    
200,589
        
18,596,606
  
               
277,192,303
  
Transportation—0.9%
                  
CH Robinson Worldwide, Inc. (a)
    
63,018
        
4,842,933
  
Expeditors International of Washington, Inc.
    
40,577
        
3,033,537
  
Southwest Airlines Co.
    
155,476
        
8,961,637
  
               
16,838,107
  
Utilities—0.5%
                  
Vistra Energy Corp.
    
339,967
        
9,019,325
  
TOTAL COMMON STOCKS
                  
(Cost $1,266,639,519)
              
1,757,090,144
  
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—13.1%
                  
Mount Vernon Liquid Assets Portfolio, LLC, 1.81%(b)
    
238,822,382
        
238,822,382
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
                  
(Cost $238,822,382)
              
238,822,382
  
SHORT-TERM INVESTMENTS—3.6%
                  
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 1.52%(a)
    
64,635,602
        
64,635,602
  
TOTAL SHORT-TERM INVESTMENTS
                  
(Cost $64,635,602)
              
64,635,602
  
TOTAL INVESTMENTS—113.2%
                  
(Cost $1,570,097,503)
              
2,060,548,128
  
   
NUMBER OF
  
NOTIONAL
        
   
CONTRACTS
  
AMOUNT
        
OPTIONS WRITTEN ƗƗ —(0.2%)
                  
Call Options Written—(0.2%)
                  
Activision Blizzard, Inc.
                  
Expiration:
                  
05/15/2020,
                  
Exercise Price:
                  
45.00
    
(1,672
)
(9,167,576)
    
(1,876,820
)
International Game Technology PLC
                  
Expiration:
                  
04/17/2020,
                  
Exercise Price:
                  
12.00
    
(4,882
)
(7,249,770)
    
(1,708,700
)
TOTAL CALL OPTIONS WRITTEN
                  
(Premiums received $(3,314,987))
              
(3,585,520
)
TOTAL OPTIONS WRITTEN
                  
(Premiums received $(3,314,987))
              
(3,585,520
)
LIABILITIES IN EXCESS OF OTHER ASSETS—(13.0)%
              
(236,454,111
)
NET ASSETS—100.0%
             
$
1,820,508,497
  

PLC
Public Limited Company
          
*
Non-income producing.
          
(a)
All or a portion of the security is on loan.  At November 30, 2019, the market value of securities on loan was $232,095,598.
(b)
Seven-day yield as of November 30, 2019.
        
#
Security segregated as collateral for options written.
    
‡
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 $0 or 0.0% of net assets.
ƗƗ
Primary risk exposure is equity contracts.
        
             
 
Industry classifications may be different than those used for compliance monitoring purposes.


BOSTON PARTNERS INVESTMENT FUNDS
BOSTON PARTNERS ALL-CAP VALUE FUND
NOTES TO PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 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 November 30, 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
  
$
41,609,831
    
$
41,609,831
    
$
-
    
$
-
    
$
-
  
Capital Goods
    
127,630,913
      
127,630,913
      
-
      
-
      
-
  
Communications
    
9,485,892
      
9,485,892
      
-
      
-
      
-
  
Consumer Durables
    
34,056,445
      
34,056,445
      
-
      
-
      
-
  
Consumer Non-Durables
    
75,678,641
      
75,678,641
      
-
      
-
      
-
  
Consumer Services
    
144,529,396
      
144,529,396
      
-
      
-
      
-
  
Energy
    
72,032,904
      
72,032,904
      
-
      
-
      
-
  
Finance
    
523,275,324
      
523,275,324
      
-
      
-
      
-
  
Health Care
    
425,741,063
      
425,741,063
      
-
      
-
      
-
  
Technology
    
277,192,303
      
277,192,303
      
-
      
-
      
-
  
Transportation
    
16,838,107
      
16,838,107
      
-
      
-
      
-
  
Utilities
    
9,019,325
      
9,019,325
      
-
      
-
      
-
  
Rights
    
-
      
-
      
-
      
-
 **
    
-
  
Investments Purchased with Proceeds from Securities Lending Collateral
    
238,822,382
      
-
      
-
      
-
      
238,822,382
  
Short-Term Investments
    
64,635,602
      
64,635,602
      
-
      
-
      
-
  
Options Written
                                        
Equity Contracts
    
(3,585,520
)
    
-
      
(3,585,520
)
    
-
      
-
  
Total Assets
  
$
2,056,962,608
    
$
1,821,725,746
    
$
(3,585,520
)
  
$
-
 **
  
$
238,822,382
  
                                         

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