NPORT-EX 2 globalequity2.htm NPORT-EX

BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS GLOBAL EQUITY FUND
  
PORTFOLIO OF INVESTMENTS
  
MAY 31, 2020 (UNAUDITED)
  
             
   
NUMBER OF
        
   
SHARES
    
VALUE
  
COMMON STOCKS—97.7%
            
Bermuda—1.3%
            
Axis Capital Holdings Ltd.
    
20,514
    
$
770,096
  
Everest Re Group Ltd.
    
7,088
      
1,406,330
  
             
2,176,426
  
Canada—1.4%
                
Barrick Gold Corp.
    
38,927
      
936,103
  
Nutrien Ltd.
    
18,066
      
614,244
  
Yamana Gold, Inc.
    
149,420
      
800,891
  
             
2,351,238
  
Denmark—0.5%
                
FLSmidth & Co., A/S
    
29,057
      
795,707
  
France—9.4%
                
Accor SA
    
28,856
      
815,756
  
AXA SA
    
45,896
      
842,142
  
Capgemini SA
    
33,701
      
3,481,132
  
Cie Generale des Etablissements Michelin SCA
    
12,954
      
1,311,085
  
Eiffage SA
    
23,288
      
2,125,853
  
Peugeot SA
    
94,994
      
1,363,678
  
Sanofi
    
27,294
      
2,669,758
  
TOTAL SA
    
55,730
      
2,113,327
  
Vinci SA
    
11,009
      
1,027,087
  
             
15,749,818
  
Germany—5.2%
                
Bayer AG, Registered Shares
    
16,883
      
1,154,116
  
Brenntag AG
    
41,397
      
2,202,463
  
HeidelbergCement AG
    
14,333
      
716,954
  
Rheinmetall AG
    
20,416
      
1,662,789
  
SAP SE
    
6,142
      
783,856
  
Siemens AG
    
20,733
      
2,285,912
  
             
8,806,090
  
Greece—0.5%
                
Hellenic Telecommunications Organization SA
    
64,555
      
903,832
  
Ireland—1.7%
                
CRH PLC
    
87,551
      
2,854,434
  
Italy—0.7%
                
Leonardo SpA
    
199,859
      
1,254,683
  
Japan—7.6%
                
Fuji Corp.
    
51,400
      
953,893
  
Hitachi Construction Machinery Co., Ltd.
    
21,400
      
564,510
  
Hitachi Ltd.
    
51,400
      
1,660,180
  
KDDI Corp.
    
64,700
      
1,888,541
  
Kurita Water Industries Ltd.
    
29,800
      
825,095
  
Persol Holdings Co., Ltd.
    
76,500
      
1,011,012
  
Sony Corp.
    
54,400
      
3,523,263
  
Sumitomo Mitsui Financial Group, Inc.
    
29,000
      
841,647
  
Taiyo Yuden Co., Ltd.
    
31,800
      
890,309
  
Zenkoku Hosho Co., Ltd.
    
17,600
      
679,900
  
             
12,838,350
  
Macao—0.3%
                
Wynn Macau Ltd.
    
254,800
      
436,418
  
Netherlands—2.4%
                
Koninklijke Ahold NV
    
45,065
      
1,142,575
  
NXP Semiconductors NV
    
14,005
      
1,345,880
  
Royal Dutch Shell PLC, Class A
    
97,479
      
1,542,896
  
             
4,031,351
  
Singapore—1.4%
                
DBS Group Holdings Ltd.
    
87,400
      
1,209,134
  
United Overseas Bank Ltd.
    
84,300
      
1,167,596
  
             
2,376,730
  
South Korea—1.8%
                
KB Financial Group, Inc.
    
31,176
      
850,828
  
KT Corp. - SP ADR
    
158,973
      
1,548,397
  
SK Hynix, Inc.
    
9,767
      
647,675
  
             
3,046,900
  
Sweden—2.0%
                
Husqvarna AB, Class B
    
241,805
      
1,793,165
  
Sandvik AB
    
74,087
      
1,238,555
  
Volvo AB, Class B
    
23,321
      
332,776
  
             
3,364,496
  
Switzerland—4.2%
                
Glencore PLC
    
502,139
      
948,313
  
Novartis AG
    
32,807
      
2,856,045
  
Roche Holding AG
    
3,810
      
1,322,534
  
STMicroelectronics NV
    
33,505
      
832,095
  
UBS Group AG
    
100,697
      
1,078,024
  
             
7,037,011
  
United Kingdom—6.6%
                
BAE Systems PLC
    
216,690
      
1,337,368
  
BP PLC
    
276,893
      
1,058,818
  
Direct Line Insurance Group PLC
    
517,357
      
1,694,682
  
Ferguson PLC
    
12,162
      
959,190
  
Inchcape PLC
    
95,423
      
593,259
  
Persimmon PLC
    
45,254
      
1,290,818
  
Redrow PLC
    
170,814
      
994,066
  
Smith & Nephew PLC
    
53,958
      
1,100,821
  
Tesco PLC
    
707,464
      
2,008,841
  
             
11,037,863
  
United States—50.7%
                
Allstate Corp., (The)
    
28,435
      
2,781,227
  
American Express Co.(a)
    
20,453
      
1,944,467
  
Anthem, Inc.
    
9,172
      
2,697,577
  
Applied Materials, Inc.
    
26,697
      
1,499,837
  
AutoZone, Inc.*(a)
    
1,598
      
1,834,280
  
Bank of America Corp.
    
42,067
      
1,014,656
  
Berkshire Hathaway, Inc., Class B*
    
11,293
      
2,095,755
  
Cigna Corp.
    
18,388
      
3,628,320
  
Cisco Systems, Inc.
    
17,450
      
834,459
  
Citigroup, Inc.
    
30,127
      
1,443,385
  
Comcast Corp., Class A
    
40,683
      
1,611,047
  
Corteva, Inc.
    
105,125
      
2,870,964
  
CVS Health Corp.
    
46,329
      
3,037,793
  
Diamondback Energy, Inc.(a)
    
14,696
      
625,756
  
Dick's Sporting Goods, Inc.*
    
16,279
      
587,021
  
DuPont de Nemours, Inc.(a)
    
62,202
      
3,155,507
  
Eaton Corp. PLC
    
24,458
      
2,076,484
  
Goldman Sachs Group Inc., (The)
    
10,922
      
2,146,064
  
Graphic Packaging Holding Co.
    
74,850
      
1,083,079
  
Honeywell International, Inc.
    
9,338
      
1,361,947
  
Huntington Bancshares Inc.(a)
    
151,858
      
1,350,018
  
ITT, Inc.
    
26,976
      
1,556,515
  
JPMorgan Chase & Co.
    
11,671
      
1,135,705
  
Kansas City Southern
    
5,541
      
834,031
  
KeyCorp
    
113,985
      
1,350,722
  
Laboratory Corp. of America Holdings*
    
13,128
      
2,301,601
  
Lowe's Cos., Inc.
    
16,873
      
2,199,396
  
MasTec, Inc.*
    
29,189
      
1,142,749
  
McKesson Corp.
    
7,075
      
1,122,590
  
Medtronic PLC
    
20,284
      
1,999,597
  
Merck & Co, Inc.
    
32,493
      
2,622,835
  
Micron Technology, Inc.*
    
36,972
      
1,771,329
  
Mosaic Co., (The)
    
90,637
      
1,095,801
  
Newmont Goldcorp Corp.
    
12,904
      
754,497
  
Nexstar Media Group, Inc., Class A(a)
    
14,227
      
1,185,251
  
NVR, Inc.*(a)
    
363
      
1,169,444
  
Oracle Corp.
    
27,819
      
1,495,828
  
Owens Corning
    
46,550
      
2,443,875
  
Pfizer, Inc.
    
80,772
      
3,084,683
  
PPG Industries, Inc.
    
9,451
      
960,883
  
Raytheon Technologies Corp.
    
12,614
      
813,855
  
Science Applications International Corp.
    
27,868
      
2,453,499
  
SYNNEX Corp.*
    
12,728
      
1,357,441
  
TE Connectivity Ltd.
    
20,385
      
1,656,281
  
Textron, Inc.
    
32,670
      
1,011,790
  
Tyson Foods, Inc., Class A
    
24,974
      
1,534,403
  
United Rentals, Inc.*(a)
    
4,011
      
557,088
  
Valvoline, Inc.
    
32,181
      
590,521
  
Vistra Energy Corp.
    
147,620
      
3,017,353
  
VMware, Inc., Class A*(a)
    
4,210
      
657,897
  
Wyndham Hotels & Resorts, Inc.
    
9,442
      
433,671
  
Zimmer Biomet Holdings, Inc.
    
11,147
      
1,408,312
  
             
85,399,086
  
TOTAL COMMON STOCKS
                
(Cost $152,373,069)
            
164,460,433
  
PREFERRED STOCKS—0.9%
                
Brazil—0.4%
                
Petroleo Brasileiro SA 4.162%
    
163,000
      
608,161
  
South Korea—0.5%
                
Samsung Electronics Co., Ltd. 3.269%
    
25,900
      
901,742
  
TOTAL PREFERRED STOCKS
                
(Cost $1,419,790)
            
1,509,903
  
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—3.2%
                
Mount Vernon Liquid Assets Portfolio, LLC, 0.33%(b)
    
5,322,545
      
5,322,545
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
                
(Cost $5,322,545)
            
5,322,545
  
SHORT-TERM INVESTMENTS—1.8%
                
U.S. Bank Money Market Deposit Account, 0.13%(b)
    
2,993,669
      
2,993,669
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $2,993,669)
            
2,993,669
  
TOTAL INVESTMENTS—103.6%
                
(Cost $162,109,073)
            
174,286,550
  
LIABILITIES IN EXCESS OF OTHER ASSETS—(3.6)%
            
(6,121,586
)
NET ASSETS—100.0%
          
$
168,164,964
  

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, 2020, the market value of securities on loan was $12,479,708.
          
(b)
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 FUND
NOTES TO PORTFOLIO OF INVESTMENTS
MAY 31, 2020 (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, 2020, 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
                              
Bermuda
  
$
2,176,426
    
$
2,176,426
     $
-
     $
-
     $
-
  
Canada
    
2,351,238
      
2,351,238
      
-
      
-
      
-
  
Denmark
    
795,707
      
-
      
795,707
      
-
      
-
  
France
    
15,749,818
      
-
      
15,749,818
      
-
      
-
  
Germany
    
8,806,090
      
-
      
8,806,090
      
-
      
-
  
Greece
    
903,832
      
-
      
903,832
      
-
      
-
  
Ireland
    
2,854,434
      
-
      
2,854,434
      
-
      
-
  
Italy
    
1,254,683
      
-
      
1,254,683
      
-
      
-
  
Japan
    
12,838,350
      
-
      
12,838,350
      
-
      
-
  
Macao
    
436,418
      
-
      
436,418
      
-
      
-
  
Netherlands
    
4,031,351
      
1,345,880
      
2,685,471
      
-
      
-
  
Singapore
    
2,376,730
      
-
      
2,376,730
      
-
      
-
  
South Korea
    
3,046,900
      
1,548,397
      
1,498,503
      
-
      
-
  
Sweden
    
3,364,496
      
-
      
3,364,496
      
-
      
-
  
Switzerland
    
7,037,011
      
-
      
7,037,011
      
-
      
-
  
United Kingdom
    
11,037,863
      
-
      
11,037,863
      
-
      
-
  
United States
    
85,399,086
      
85,399,086
      
-
      
-
      
-
  
Preferred Stock
                                        
Brazil
    
608,161
      
608,161
      
-
      
-
      
-
  
South Korea
    
901,742
      
-
      
901,742
      
-
      
-
  
Investments Purchased with Proceeds from Securities Lending Collateral
    
5,322,545
      
-
      
-
      
-
      
5,322,545
  
Short-Term Investments
    
2,993,669
      
2,993,669
                          
Total Assets
  
$
174,286,550
    
$
96,422,857
    
$
72,541,148
    
$
-
    
$
5,322,545
  
                                         
*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
  
                                         
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.