NPORT-EX 2 globalequity-adv.htm NPORT-EX

BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS GLOBAL EQUITY ADVANTAGE FUND
  
PORTFOLIO OF INVESTMENTS
  
MAY 31, 2020 (UNAUDITED)
  
   
   
NUMBER OF
        
   
SHARES
    
VALUE
  
COMMON STOCKS—80.8%
            
Bermuda—1.1%
            
Axis Capital Holdings Ltd.
    
3,287
    
$
123,394
  
Everest Re Group Ltd.
    
1,135
      
225,195
  
             
348,589
  
Canada—1.2%
                
Barrick Gold Corp.
    
6,239
      
150,033
  
Nutrien Ltd.
    
2,896
      
98,464
  
Yamana Gold, Inc.
    
23,952
      
128,383
  
             
376,880
  
Denmark—0.4%
                
FLSmidth & Co., A/S
    
4,656
      
127,502
  
France—7.7%
                
Accor SA
    
4,625
      
130,748
  
AXA SA
    
7,357
      
134,993
  
Capgemini SA
    
5,401
      
557,894
  
Cie Generale des Etablissements Michelin SCA
    
2,076
      
210,114
  
Eiffage SA
    
3,732
      
340,677
  
Peugeot SA
    
15,227
      
218,590
  
Sanofi
    
4,374
      
427,842
  
TOTAL SA
    
8,932
      
338,709
  
Vinci SA
    
1,764
      
164,573
  
             
2,524,140
  
Germany—4.3%
                
Bayer AG, Registered Shares
    
2,705
      
184,913
  
Brenntag AG
    
6,635
      
353,005
  
HeidelbergCement AG
    
2,297
      
114,899
  
Rheinmetall AG
    
3,271
      
266,408
  
SAP SE
    
985
      
125,708
  
Siemens AG
    
3,323
      
366,376
  
             
1,411,309
  
Greece—0.4%
                
Hellenic Telecommunications Organization SA
    
10,347
      
144,868
  
Ireland—1.4%
                
CRH PLC
    
14,034
      
457,552
  
Italy—0.6%
                
Leonardo SpA
    
32,038
      
201,129
  
Japan—6.3%
                
Fuji Corp.
    
8,200
      
152,178
  
Hitachi Construction Machinery Co., Ltd.
    
3,400
      
89,688
  
Hitachi Ltd.
    
8,200
      
264,854
  
KDDI Corp.
    
10,300
      
300,649
  
Kurita Water Industries Ltd.
    
4,800
      
132,901
  
Persol Holdings Co., Ltd.
    
12,200
      
161,233
  
Sony Corp.
    
8,600
      
556,987
  
Sumitomo Mitsui Financial Group, Inc.
    
4,700
      
136,405
  
Taiyo Yuden Co., Ltd.
    
5,100
      
142,785
  
Zenkoku Hosho Co., Ltd.
    
2,800
      
108,166
  
             
2,045,846
  
Macao—0.2%
                
Wynn Macau Ltd.
    
41,200
      
70,567
  
Netherlands—2.0%
                
Koninklijke Ahold NV
    
7,223
      
183,132
  
NXP Semiconductors NV
    
2,244
      
215,648
  
Royal Dutch Shell PLC, Class A
    
15,625
      
247,312
  
             
646,092
  
Singapore—1.2%
                
DBS Group Holdings Ltd.
    
14,000
      
193,683
  
United Overseas Bank Ltd.
    
13,500
      
186,981
  
             
380,664
  
South Korea—1.5%
                
KB Financial Group, Inc.
    
4,997
      
136,374
  
KT Corp. - SP ADR
    
25,483
      
248,204
  
SK Hynix, Inc.
    
1,565
      
103,779
  
             
488,357
  
Sweden—1.6%
                
Husqvarna AB
    
38,762
      
287,449
  
Sandvik AB
    
11,875
      
198,521
  
Volvo AB
    
3,737
      
53,325
  
             
539,295
  
Switzerland—3.5%
                
Glencore PLC
    
80,495
      
152,019
  
Novartis AG
    
5,258
      
457,740
  
Roche Holding AG
    
611
      
212,091
  
STMicroelectronics NV
    
5,369
      
133,339
  
UBS Group AG
    
16,142
      
172,810
  
             
1,127,999
  
United Kingdom—5.4%
                
BAE Systems PLC
    
34,736
      
214,384
  
BP PLC
    
44,387
      
169,733
  
Direct Line Insurance Group PLC
    
82,934
      
271,663
  
Ferguson PLC
    
1,948
      
153,634
  
Inchcape PLC
    
15,284
      
95,023
  
Persimmon PLC
    
7,253
      
206,883
  
Redrow PLC
    
27,382
      
159,352
  
Smith & Nephew PLC
    
8,649
      
176,452
  
Tesco PLC
    
113,410
      
322,027
  
             
1,769,151
  
United States—42.0%
                
Allstate Corp., (The)
    
4,556
      
445,622
  
American Express Co.
    
3,277
      
311,544
  
Anthem, Inc.
    
1,469
      
432,048
  
Applied Materials, Inc.
    
4,279
      
240,394
  
AutoZone, Inc.*
    
256
      
293,852
  
Bank of America Corp.
    
6,743
      
162,641
  
Berkshire Hathaway, Inc., Class B*
    
1,809
      
335,714
  
Cigna Corp.
    
2,946
      
581,305
  
Cisco Systems, Inc.
    
2,797
      
133,753
  
Citigroup, Inc.
    
4,828
      
231,309
  
Comcast Corp., Class A
    
6,521
      
258,232
  
Corteva, Inc.
    
16,851
      
460,201
  
CVS Health Corp.
    
7,426
      
486,923
  
Diamondback Energy, Inc.
    
2,355
      
100,276
  
Dick's Sporting Goods, Inc.*
    
2,609
      
94,081
  
DuPont de Nemours, Inc.
    
9,970
      
505,778
  
Eaton Corp. PLC
    
3,920
      
332,808
  
Goldman Sachs Group Inc., (The)
    
1,750
      
343,857
  
Graphic Packaging Holding Co.
    
11,997
      
173,597
  
Honeywell International, Inc.
    
1,496
      
218,192
  
Huntington Bancshares Inc.
    
24,343
      
216,409
  
ITT, Inc.
    
4,323
      
249,437
  
JPMorgan Chase & Co.
    
1,870
      
181,970
  
Kansas City Southern
    
887
      
133,511
  
KeyCorp
    
18,271
      
216,511
  
Laboratory Corp. of America Holdings*
    
2,104
      
368,873
  
Lowe's Cos., Inc.
    
2,703
      
352,336
  
MasTec, Inc.*
    
4,678
      
183,144
  
McKesson Corp.
    
1,133
      
179,773
  
Medtronic PLC
    
3,251
      
320,484
  
Merck & Co, Inc.
    
5,208
      
420,390
  
Micron Technology, Inc.*
    
5,926
      
283,915
  
Mosaic Co., (The)
    
14,529
      
175,656
  
Newmont Goldcorp Corp.
    
2,067
      
120,857
  
Nexstar Media Group, Inc., Class A
    
2,280
      
189,947
  
NVR, Inc.*
    
58
      
186,853
  
Oracle Corp.
    
4,458
      
239,707
  
Owens Corning
    
7,461
      
391,702
  
Pfizer, Inc.
    
12,947
      
494,446
  
PPG Industries, Inc.
    
1,514
      
153,928
  
Raytheon Technologies Corp.
    
2,020
      
130,330
  
Science Applications International Corp.
    
4,466
      
393,187
  
SYNNEX Corp.*
    
2,039
      
217,459
  
TE Connectivity Ltd.
    
3,266
      
265,362
  
Textron, Inc.
    
5,236
      
162,159
  
Tyson Foods, Inc., Class A
    
4,002
      
245,883
  
United Rentals, Inc.*
    
643
      
89,306
  
Valvoline, Inc.
    
5,157
      
94,631
  
Vistra Energy Corp.
    
23,663
      
483,672
  
VMware, Inc.*
    
674
      
105,326
  
Wyndham Hotels & Resorts, Inc.
    
1,513
      
69,492
  
Zimmer Biomet Holdings, Inc.
    
1,787
      
225,770
  
             
13,684,553
  
TOTAL COMMON STOCKS
                
(Cost $26,088,515)
            
26,344,493
  
PREFERRED STOCKS—0.7%
                
Brazil—0.3%
                
Petroleo Brasileiro SA, 4.162%
    
26,000
      
97,007
  
South Korea—0.4%
                
Samsung Electronics Co., Ltd., 3.269%
    
4,151
      
144,523
  
TOTAL PREFERRED STOCKS
                
(Cost $277,446)
            
241,530
  
INVESTMENT COMPANY—17.5%
                
United States—17.5%
                
Campbell Advantage Fund
    
935,611
      
5,688,513
  
TOTAL INVESTMENT COMPANY
                
(Cost $6,127,536)
            
5,688,513
  
                 
                 
SHORT-TERM INVESTMENTS—1.4%
                
U.S. Bank Money Market Deposit Account, 0.13%(a)
    
446,464
      
446,464
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $446,464)
            
446,464
  
TOTAL INVESTMENTS—100.4%
                
(Cost $32,939,961)
            
32,721,000
  
LIABILITIES IN EXCESS OF OTHER ASSETS—(0.4)%
            
(136,138
)
NET ASSETS—100.0%
          
$
32,584,862
  
   

PLC
Public Limited Company
          
SP ADR
Sponsored American Depositary Receipt
          
*
Non-income producing.
          
(a)
The rate shown is as of May 31, 2020.
          
             
 
Industry classifications may be different than those used for compliance monitoring purposes
        

 
BOSTON PARTNERS INVESTMENT FUNDS
BOSTON PARTNERS GLOBAL EQUITY ADVANTAGE FUND
NOTES TO PORTFOLIO OF INVESTMENTS
MAY 31, 2020 (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, 2020, in valuing the Fund's investments carried at fair value:
         

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Common Stock
                        
Bermuda
  
$
348,589
    
$
348,589
    
$
-
    
$
-
  
Canada
    
376,880
      
376,880
      
-
      
-
  
Denmark
    
127,502
      
-
      
127,502
      
-
  
France
    
2,524,140
      
-
      
2,524,140
      
-
  
Germany
    
1,411,309
      
-
      
1,411,309
      
-
  
Greece
    
144,868
      
-
      
144,868
      
-
  
Ireland
    
457,552
      
-
      
457,552
      
-
  
Italy
    
201,129
      
-
      
201,129
      
-
  
Japan
    
2,045,846
      
-
      
2,045,846
      
-
  
Macao
    
70,567
      
-
      
70,567
      
-
  
Netherlands
    
646,092
      
215,648
      
430,444
      
-
  
Singapore
    
380,664
      
-
      
380,664
      
-
  
South Korea
    
488,357
      
248,204
      
240,153
      
-
  
Sweden
    
539,295
      
-
      
539,295
      
-
  
Switzerland
    
1,127,999
      
-
      
1,127,999
      
-
  
United Kingdom
    
1,769,151
      
-
      
1,769,151
      
-
  
United States
    
13,684,553
      
13,684,553
      
-
      
-
  
Preferred Stock
                                
Brazil
    
97,007
      
97,007
      
-
      
-
  
South Korea
    
144,523
      
-
      
144,523
      
-
  
Investment Company
                                
United States
    
5,688,513
      
5,688,513
      
-
      
-
  
Short-Term Investments
    
446,464
      
446,464
      
-
      
-
  
Total Assets
  
$
32,721,000
    
$
21,105,858
    
$
11,615,142
    
$
-
  
                                 

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.