NPORT-EX 2 globalequity.htm NPORT-EX

BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS GLOBAL EQUITY FUND
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2020 (UNAUDITED)
  
   
   
NUMBER OF
        
   
SHARES
    
VALUE
  
COMMON STOCKS—96.7%
            
Austria—0.7%
            
ams AG*
    
40,037
    
$
1,026,232
  
Bermuda—1.5%
                
Everest Re Group Ltd.
    
9,741
      
2,214,421
  
Brazil—0.3%
                
JBS SA
    
103,600
      
447,669
  
Canada—1.3%
                
Kinross Gold Corp.
    
68,940
      
491,026
  
Lundin Mining Corp.
    
83,532
      
667,638
  
West Fraser Timber Co., Ltd.
    
12,040
      
666,664
  
             
1,825,328
  
France—9.6%
                
Accor SA*
    
19,980
      
686,042
  
Capgemini SA
    
14,616
      
2,033,460
  
Cie de Saint-Gobain*
    
36,640
      
1,735,699
  
Cie Generale des Etablissements Michelin SCA
    
8,978
      
1,116,764
  
Eiffage SA*
    
18,315
      
1,790,607
  
Peugeot SA*
    
93,288
      
2,188,654
  
Sanofi
    
15,150
      
1,527,099
  
Total SA
    
38,591
      
1,638,006
  
Vinci SA
    
5,580
      
566,912
  
Vivendi SA
    
17,543
      
525,912
  
             
13,809,155
  
Germany—8.1%
                
Brenntag AG
    
19,078
      
1,460,958
  
Continental AG
    
13,182
      
1,784,192
  
Deutsche Post AG
    
30,395
      
1,466,199
  
Deutsche Telekom AG
    
71,415
      
1,289,294
  
HeidelbergCement AG
    
23,977
      
1,696,264
  
Rheinmetall AG
    
19,768
      
1,755,180
  
Siemens AG
    
15,814
      
2,110,763
  
             
11,562,850
  
Greece—0.5%
                
Hellenic Telecommunications Organization SA
    
44,700
      
744,436
  
Hong Kong—0.5%
                
Topsports International Holdings Ltd.
    
453,000
      
672,515
  
Ireland—1.1%
                
CRH PLC
    
40,705
      
1,578,300
  
Italy—0.6%
                
Leonardo SpA
    
114,531
      
831,403
  
Japan—10.1%
                
Fuji Corp.
    
66,100
      
1,597,028
  
Fuji Electric Co., Ltd.
    
14,400
      
509,862
  
Hitachi Ltd.
    
53,600
      
2,034,322
  
Honda Motor Co., Ltd.
    
24,700
      
687,202
  
KDDI Corp.
    
23,900
      
680,108
  
Mitsubishi Gas Chemical Co., Inc.
    
17,300
      
366,172
  
NEC Corp.
    
24,700
      
1,330,761
  
Nihon Unisys Ltd.
    
30,300
      
1,120,786
  
Sony Corp.
    
37,500
      
3,494,455
  
Sumitomo Mitsui Financial Group, Inc.
    
19,700
      
566,426
  
Taiyo Yuden Co., Ltd.
    
16,500
      
747,188
  
Tokyo Electron Ltd.
    
2,400
      
815,649
  
Zenkoku Hosho Co., Ltd.
    
12,000
      
547,609
  
             
14,497,568
  
Netherlands—3.1%
                
Aalberts NV
    
17,093
      
737,359
  
ING Groep NV
    
125,991
      
1,225,476
  
NXP Semiconductors NV
    
9,712
      
1,538,575
  
Signify NV*
    
23,794
      
1,002,958
  
             
4,504,368
  
Singapore—1.5%
                
DBS Group Holdings Ltd.
    
60,100
      
1,121,201
  
United Overseas Bank Ltd.
    
57,900
      
963,020
  
             
2,084,221
  
South Korea—3.3%
                
KB Financial Group, Inc.
    
26,584
      
1,098,987
  
KT Corp. - SP ADR
    
78,327
      
847,498
  
POSCO
    
5,135
      
1,088,598
  
Samsung Electronics Co., Ltd.
    
26,984
      
1,626,616
  
             
4,661,699
  
Switzerland—3.2%
                
Glencore PLC
    
347,715
      
980,301
  
Novartis AG
    
14,955
      
1,353,959
  
STMicroelectronics NV
    
57,438
      
2,262,726
  
             
4,596,986
  
United Kingdom—7.9%
                
BAE Systems PLC
    
261,578
      
1,745,204
  
Direct Line Insurance Group PLC
    
238,579
      
935,920
  
GVC Holdings PLC
    
71,772
      
986,207
  
Inchcape PLC
    
170,738
      
1,359,206
  
Kingfisher PLC
    
203,153
      
737,779
  
Melrose Industries PLC
    
672,096
      
1,344,827
  
Nomad Foods Ltd.*
    
13,967
      
337,303
  
Persimmon PLC
    
27,578
      
967,778
  
Rio Tinto PLC
    
7,006
      
457,348
  
Tesco PLC
    
489,894
      
1,474,550
  
WH Smith PLC
    
56,089
      
1,052,852
  
             
11,398,974
  
United States—43.4%
                
Allison Transmission Holdings, Inc.
    
16,817
      
690,338
  
Allstate Corp., (The)
    
21,690
      
2,219,972
  
American Express Co.(a)
    
7,172
      
850,527
  
American International Group, Inc.
    
23,926
      
919,715
  
Anthem, Inc.
    
6,371
      
1,984,694
  
Applied Materials, Inc.
    
18,484
      
1,524,560
  
AutoZone, Inc.*
    
1,281
      
1,457,330
  
Bank of America Corp.
    
26,555
      
747,789
  
Carter's, Inc.*
    
7,049
      
627,291
  
Cigna Corp.
    
12,735
      
2,663,398
  
Cisco Systems, Inc.
    
12,078
      
519,596
  
Citigroup, Inc.
    
20,862
      
1,148,870
  
Corteva, Inc.
    
19,270
      
738,426
  
CVS Health Corp.
    
26,827
      
1,818,602
  
Diamondback Energy, Inc.(a)
    
21,738
      
868,650
  
Dick's Sporting Goods, Inc.(a)
    
20,126
      
1,143,358
  
DuPont de Nemours, Inc.(a)
    
43,074
      
2,732,615
  
Eagle Materials, Inc.*
    
11,612
      
1,056,576
  
Eaton Corp. PLC
    
16,937
      
2,051,240
  
Goldman Sachs Group Inc., (The)
    
7,148
      
1,648,186
  
Graphic Packaging Holding Co.
    
46,264
      
708,764
  
Harley-Davidson, Inc.(a)
    
25,935
      
1,044,921
  
Helmerich & Payne, Inc.
    
10,950
      
249,332
  
Huntington Bancshares, Inc.
    
133,484
      
1,612,487
  
ITT, Inc.
    
15,576
      
1,131,285
  
JPMorgan Chase & Co.
    
17,055
      
2,010,443
  
KeyCorp
    
101,126
      
1,563,408
  
LKQ Corp.*
    
48,231
      
1,698,696
  
Marathon Petroleum Corp.(a)
    
9,214
      
358,240
  
MasTec, Inc.*(a)
    
20,213
      
1,146,279
  
McKesson Corp.
    
9,806
      
1,764,197
  
Medtronic PLC
    
15,799
      
1,796,346
  
Merck & Co., Inc.
    
11,258
      
905,031
  
Micron Technology, Inc.*
    
19,210
      
1,231,169
  
Nexstar Media Group, Inc., Class A
    
6,679
      
702,965
  
NVR, Inc.*
    
127
      
507,642
  
Oracle Corp.
    
15,908
      
918,210
  
Owens Corning
    
30,238
      
2,203,443
  
Parsley Energy, Inc., Class A(a)
    
60,510
      
758,190
  
Pfizer, Inc.
    
25,959
      
994,489
  
PPG Industries, Inc.(a)
    
3,833
      
562,569
  
Schlumberger Ltd.
    
23,761
      
493,991
  
Science Applications International Corp.
    
19,296
      
1,785,652
  
SYNNEX Corp.*
    
12,750
      
2,043,953
  
TE Connectivity Ltd.
    
12,783
      
1,456,879
  
Textron, Inc.
    
22,623
      
1,020,297
  
Valvoline, Inc.
    
68,582
      
1,562,984
  
Vistra Energy Corp.
    
102,221
      
1,909,488
  
WestRock Co.
    
15,412
      
650,541
  
             
62,203,624
  
TOTAL COMMON STOCKS
                
(Cost $110,666,074)
            
138,659,749
  
PREFERRED STOCKS—1.7%
                
Brazil—0.5%
                
Petroleo Brasileiro SA 1.658%
    
169,300
      
787,500
  
Germany—0.5%
                
Schaeffler AG 6.923%
    
89,136
      
665,599
  
South Korea—0.7%
                
Samsung Electronics Co., Ltd. 2.319%
    
17,916
      
988,453
  
TOTAL PREFERRED STOCKS
                
(Cost $1,798,181)
            
2,441,552
  
                 
                 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—6.1%
                
Mount Vernon Liquid Assets Portfolio, LLC, 0.15%(b)
    
8,777,361
      
8,777,361
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
                
(Cost $8,777,361)
            
8,777,361
  
SHORT-TERM INVESTMENTS—1.2%
                
U.S. Bank Money Market Deposit Account, 0.03%(b)
    
1,714,730
      
1,714,730
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $1,714,730)
            
1,714,730
  
TOTAL INVESTMENTS—105.7%
                
(Cost $122,956,346)
            
151,593,392
  
LIABILITIES IN EXCESS OF OTHER ASSETS—(5.7)%
            
(8,159,486
)
NET ASSETS—100.0%
          
$
143,433,906
  

PLC
PLC
          
SP ADR
Sponsored American Depositary Receipt
          
*
Non-income producing.
          
(a)
All or a portion of the security is on loan.  At November 30, 2020, the market value of securities on loan was $8,274,897.
    
(b)
The rate shown is as of November 30, 2020.
          

 
BOSTON PARTNERS INVESTMENT FUNDS
BOSTON PARTNERS GLOBAL EQUITY FUND
NOTES TO PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 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 November 30, 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
                              
Austria
  
$
1,026,232
    
$
-
    
$
1,026,232.00
    
$
-
    
$
-
  
Bermuda
    
2,214,421
      
2,214,421
      
-
      
-
      
-
  
Brazil
    
447,669
      
447,669
      
-
      
-
      
-
  
Canada
    
1,825,328
      
1,825,328
      
-
      
-
      
-
  
France
    
13,809,155
      
-
      
13,809,155
      
-
      
-
  
Germany
    
11,562,850
      
-
      
11,562,850
      
-
      
-
  
Greece
    
744,436
      
-
      
744,436
      
-
      
-
  
Hong Kong
    
672,515
      
-
      
672,515
      
-
      
-
  
Ireland
    
1,578,300
      
-
      
1,578,300
      
-
      
-
  
Italy
    
831,403
      
-
      
831,403
      
-
      
-
  
Japan
    
14,497,568
      
-
      
14,497,568
      
-
      
-
  
Netherlands
    
4,504,368
      
1,538,575
      
2,965,793
      
-
      
-
  
Singapore
    
2,084,221
      
-
      
2,084,221
      
-
      
-
  
South Korea
    
4,661,699
      
847,498
      
3,814,201
      
-
      
-
  
Switzerland
    
4,596,986
      
-
      
4,596,986
      
-
      
-
  
United Kingdom
    
11,398,974
      
337,303
      
11,061,671
      
-
      
-
  
United States
    
62,203,624
      
62,203,624
      
-
      
-
      
-
  
Preferred Stock
                                        
Brazil
    
787,500
      
787,500
      
-
      
-
      
-
  
Germany
    
665,599
      
665,599
      
-
      
-
      
-
  
South Korea
    
988,453
      
-
      
988,453
      
-
      
-
  
Investments Purchased with Proceeds from Securities Lending Collateral
    
8,777,361
      
-
      
-
      
-
      
8,777,361
  
Short-Term Investments
    
1,714,730
      
1,714,730
                          
Total Assets
  
$
151,593,392
    
$
72,582,247
    
$
70,233,784
    
$
-
    
$
8,777,361
  

*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.

For the period ended November 30, 2020, the Fund had no significant 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.