NPORT-EX 2 allcap.htm NPORT-EX

BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS ALL-CAP VALUE FUND
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2020 (UNAUDITED)
  
   
   
NUMBER OF
        
   
SHARES
    
VALUE
  
COMMON STOCKS—98.3%
            
Communication Services—5.2%
            
Activision Blizzard, Inc.
    
80,908
    
$
6,430,568
  
Alphabet, Inc., Class A*
    
7,266
      
12,747,470
  
Electronic Arts, Inc.(a)
    
26,143
      
3,339,768
  
Facebook, Inc., Class A*
    
36,282
      
10,049,026
  
Interpublic Group of Cos., Inc., (The)(a)
    
415,366
      
9,254,354
  
Momo, Inc. - SP ADR
    
142,728
      
2,052,429
  
NetEase, Inc. - ADR
    
82,207
      
7,429,047
  
Omnicom Group, Inc.(a)
    
54,790
      
3,451,770
  
T-Mobile US, Inc.*
    
110,205
      
14,650,653
  
             
69,405,085
  
Consumer Discretionary—9.1%
                
AutoZone, Inc.*
    
8,022
      
9,126,228
  
eBay, Inc.(a)
    
169,772
      
8,561,602
  
Foot Locker, Inc.(a)
    
263,697
      
9,862,268
  
Gentex Corp.
    
84,061
      
2,740,389
  
Harley-Davidson, Inc.(a)
    
216,611
      
8,727,257
  
International Game Technology PLC*
    
327,860
      
4,127,757
  
Las Vegas Sands Corp.*
    
62,656
      
3,490,566
  
Lear Corp.
    
43,683
      
6,244,485
  
LKQ Corp.*
    
321,294
      
11,315,975
  
Lowe's Cos., Inc.
    
35,671
      
5,558,255
  
Magna International, Inc.
    
58,692
      
3,604,863
  
Melco Resorts & Entertainment Ltd. - ADR*
    
272,436
      
4,939,265
  
Mohawk Industries, Inc.*
    
70,629
      
8,887,247
  
NVR, Inc.*
    
1,955
      
7,814,487
  
Target Corp.
    
39,327
      
7,060,376
  
Ulta Beauty, Inc.*
    
15,576
      
4,289,630
  
Whirlpool Corp.(a)
    
39,192
      
7,627,155
  
Wyndham Destinations, Inc.
    
80,350
      
3,379,521
  
Wyndham Hotels & Resorts, Inc.
    
70,132
      
4,032,590
  
             
121,389,916
  
Consumer Staples—1.8%
                
Altria Group, Inc.
    
105,063
      
4,184,659
  
Ambev SA - ADR*
    
1,160,987
      
3,088,225
  
Coca-Cola European Partners PLC
    
88,903
      
3,972,186
  
Nomad Foods Ltd.*
    
264,597
      
6,390,018
  
Philip Morris International, Inc.
    
80,048
      
6,063,636
  
             
23,698,724
  
Energy—4.4%
                
BP PLC - SP ADR
    
174,111
      
3,405,611
  
Canadian Natural Resources Ltd.(a)
    
221,272
      
5,053,852
  
ChampionX Corp.*
    
119,675
      
1,421,739
  
Cimarex Energy Co.
    
141,816
      
5,098,285
  
ConocoPhillips
    
102,875
      
4,069,735
  
Diamondback Energy, Inc.(a)
    
129,614
      
5,179,375
  
EOG Resources, Inc.
    
133,728
      
6,269,169
  
Helmerich & Payne, Inc.
    
88,719
      
2,020,132
  
Marathon Oil Corp.
    
693,826
      
4,107,450
  
Parsley Energy, Inc., Class A(a)
    
364,130
      
4,562,549
  
Phillips 66
    
61,560
      
3,729,305
  
Royal Dutch Shell PLC, Class A - SP ADR(a)
    
123,640
      
4,183,977
  
Schlumberger Ltd.
    
323,077
      
6,716,771
  
World Fuel Services Corp.
    
105,197
      
2,989,699
  
             
58,807,649
  
Financials—22.0%
                
Aflac, Inc.
    
249,633
      
10,966,378
  
Alleghany Corp.
    
19,445
      
11,184,764
  
Allstate Corp., (The)
    
138,119
      
14,136,480
  
American International Group, Inc.
    
467,425
      
17,967,817
  
Aon PLC, Class A(a)
    
35,414
      
7,255,974
  
Bank of America Corp.
    
914,156
      
25,742,633
  
Charles Schwab Corp., (The)
    
288,863
      
14,090,737
  
Chubb Ltd.
    
99,338
      
14,685,137
  
Citigroup, Inc.
    
342,243
      
18,847,322
  
Discover Financial Services(a)
    
92,439
      
7,041,079
  
Fifth Third Bancorp
    
205,048
      
5,195,916
  
Globe Life, Inc.
    
77,618
      
7,226,236
  
Goldman Sachs Group, Inc., (The)
    
58,410
      
13,468,178
  
Huntington Bancshares, Inc.
    
650,583
      
7,859,043
  
JPMorgan Chase & Co.
    
216,304
      
25,497,915
  
KeyCorp
    
966,237
      
14,938,024
  
Loews Corp.
    
262,999
      
11,022,288
  
Markel Corp.*
    
5,681
      
5,532,328
  
Renaissance Holdings Ltd.
    
70,788
      
11,654,536
  
Synchrony Financial
    
203,783
      
6,209,268
  
Travelers Cos., Inc., (The)
    
67,424
      
8,741,522
  
Truist Financial Corp.
    
279,246
      
12,962,599
  
Wells Fargo & Co.
    
335,795
      
9,183,993
  
White Mountains Insurance Group Ltd.
    
12,615
      
12,110,400
  
             
293,520,567
  
Health Care—23.6%
                
AbbVie, Inc.
    
83,055
      
8,685,892
  
Alcon, Inc.*(a)
    
57,120
      
3,668,246
  
AmerisourceBergen Corp.
    
95,646
      
9,862,059
  
Anthem, Inc.
    
51,672
      
16,096,861
  
Avantor, Inc.*
    
481,549
      
13,136,657
  
Biogen, Inc.*
    
40,737
      
9,783,805
  
Centene Corp.*
    
254,900
      
15,714,585
  
Change Healthcare, Inc.*
    
304,423
      
5,214,766
  
Cigna Corp.
    
38,035
      
7,954,640
  
GlaxoSmithKline PLC - SP ADR
    
153,028
      
5,629,900
  
Humana, Inc.
    
22,168
      
8,878,727
  
Jazz Pharmaceuticals PLC*
    
41,814
      
5,883,648
  
Johnson & Johnson
    
250,451
      
36,235,251
  
Laboratory Corp. of America Holdings*
    
35,508
      
7,095,919
  
McKesson Corp.
    
101,419
      
18,246,292
  
Medtronic PLC
    
288,266
      
32,775,844
  
Merck & Co., Inc.
    
168,185
      
13,520,392
  
Molina Healthcare, Inc.*
    
30,266
      
6,178,199
  
Novartis AG - SP ADR(a)
    
226,065
      
20,533,484
  
Pfizer, Inc.
    
633,416
      
24,266,167
  
Roche Holding AG - SP ADR
    
185,980
      
7,591,704
  
Stryker Corp.
    
28,427
      
6,634,862
  
UnitedHealth Group, Inc.
    
56,124
      
18,876,746
  
Viatris, Inc.*
    
78,593
      
1,321,939
  
Zimmer Biomet Holdings, Inc.
    
75,917
      
11,320,743
  
             
315,107,328
  
Industrials—14.6%
                
Allison Transmission Holdings, Inc.
    
164,612
      
6,757,323
  
Altra Industrial Motion Corp.
    
81,234
      
4,610,842
  
AMETEK, Inc.
    
71,097
      
8,427,127
  
ASGN, Inc.*
    
2,320
      
181,378
  
Boeing Co., (The)*
    
70,432
      
14,840,727
  
BWX Technologies, Inc.
    
147,078
      
8,365,797
  
Caterpillar, Inc.
    
46,734
      
8,112,555
  
Curtiss-Wright Corp.
    
84,296
      
9,715,957
  
Deere & Co.
    
38,183
      
9,989,436
  
Dover Corp.
    
61,975
      
7,562,809
  
Eaton Corp., PLC
    
90,797
      
10,996,425
  
EnerSys
    
58,453
      
4,782,040
  
Expeditors International of Washington, Inc.
    
64,506
      
5,764,901
  
General Dynamics Corp.
    
46,042
      
6,876,373
  
Howmet Aerospace, Inc.*
    
388,651
      
9,117,752
  
Huron Consulting Group, Inc.*
    
123,062
      
5,423,342
  
Landstar System, Inc.
    
35,462
      
4,660,416
  
ManpowerGroup, Inc.
    
41,307
      
3,579,252
  
Masco Corp.
    
135,046
      
7,247,919
  
Oshkosh Corp.
    
61,360
      
4,939,480
  
Owens Corning
    
95,666
      
6,971,181
  
PACCAR, Inc.(a)
    
89,766
      
7,815,028
  
Robert Half International, Inc.
    
73,794
      
4,736,099
  
Spirit AeroSystems Holdings, Inc., Class A
    
201,183
      
6,840,222
  
Textron, Inc.
    
161,938
      
7,303,404
  
United Parcel Service, Inc., Class B
    
60,690
      
10,382,238
  
WESCO International, Inc.*
    
132,810
      
8,661,868
  
             
194,661,891
  
Information Technology—12.3%
                
Amdocs Ltd.
    
101,764
      
6,697,089
  
Analog Devices, Inc.
    
34,850
      
4,846,938
  
Arrow Electronics, Inc.*
    
75,633
      
6,931,764
  
Belden, Inc.
    
63,629
      
2,448,444
  
Cisco Systems, Inc.
    
269,393
      
11,589,287
  
Cognizant Technology Solutions Corp., Class A
    
174,822
      
13,658,843
  
Fidelity National Information Services, Inc.
    
66,118
      
9,812,572
  
Flex Ltd.*
    
483,851
      
7,852,902
  
Hewlett Packard Enterprise Co.
    
349,636
      
3,859,981
  
Jabil, Inc.
    
260,181
      
9,944,118
  
Leidos Holdings, Inc.
    
85,144
      
8,574,001
  
Oracle Corp.
    
302,396
      
17,454,297
  
Qorvo, Inc.*
    
133,025
      
20,842,357
  
Science Applications International Corp.
    
152,682
      
14,129,192
  
SS&C Technologies Holdings, Inc.
    
151,221
      
10,417,615
  
TE Connectivity Ltd.
    
117,899
      
13,436,949
  
Western Digital Corp.*
    
53,150
      
2,385,372
  
             
164,881,721
  
Materials—4.9%
                
Cemex SAB de CV -  SP ADR
    
639,806
      
2,943,108
  
Corteva, Inc.
    
216,196
      
8,284,631
  
CRH PLC - SP ADR
    
178,837
      
7,019,352
  
DuPont de Nemours, Inc.(a)
    
179,139
      
11,364,578
  
FMC Corp.
    
120,813
      
14,015,516
  
Ingevity Corp.*
    
57,144
      
3,804,647
  
Mosaic Co., (The)
    
257,951
      
5,664,604
  
PPG Industries, Inc.
    
36,005
      
5,284,454
  
Trinseo SA
    
62,577
      
2,377,300
  
Valvoline, Inc.
    
215,606
      
4,913,661
  
             
65,671,851
  
Utilities—0.4%
                
Vistra Energy Corp.
    
310,355
      
5,797,432
  
TOTAL COMMON STOCKS
                
(Cost $905,694,223)
            
1,312,942,164
  
RIGHTS—0.0%
                
Information Technology—0.0%
                
CVR Banctec Inc. - Escrow Shares*‡
    
14,327
      
0
  
TOTAL RIGHTS
                
(Cost $0)
            
0
  
                 
                 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—6.2%
                
Mount Vernon Liquid Assets Portfolio, LLC, 0.15%(b)
    
82,276,415
      
82,276,415
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
                
(Cost $82,276,415)
            
82,276,415
  
SHORT-TERM INVESTMENTS—1.1%
                
U.S. Bank Money Market Deposit Account, 0.03%(b)
    
14,501,662
      
14,501,662
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $14,501,662)
            
14,501,662
  
TOTAL INVESTMENTS—105.6%
                
(Cost $1,002,472,300)
            
1,409,720,241
  
LIABILITIES IN EXCESS OF OTHER ASSETS—(5.6)%
            
(74,852,763
)
NET ASSETS—100.0%
          
$
1,334,867,478
  

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 November 30, 2020, the market value of securities on loan was $79,191,496.
(b)
The rate shown is as of November 30, 2020.
‡
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, 2020, these securities amounted to $0 or 0.0% of net assets.
             
 
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, 2020 (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, 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
                              
Communication Services
  
$
69,405,085
    
$
69,405,085
    
$
-
    
$
-
    
$
-
  
Consumer Discretionary
    
121,389,916
      
121,389,916
      
-
      
-
      
-
  
Consumer Staples
    
23,698,724
      
23,698,724
      
-
      
-
      
-
  
Energy
    
58,807,649
      
58,807,649
      
-
      
-
      
-
  
Financials
    
293,520,567
      
293,520,567
      
-
      
-
      
-
  
Health Care
    
315,107,328
      
315,107,328
      
-
      
-
      
-
  
Industrials
    
194,661,891
      
194,661,891
      
-
      
-
      
-
  
Information Technology
    
164,881,721
      
164,881,721
      
-
      
-
      
-
  
Materials
    
65,671,851
      
65,671,851
      
-
      
-
      
-
  
Utilities
    
5,797,432
      
5,797,432
      
-
      
-
      
-
  
Rights
    
-
      
-
      
-
      
-
**
    
-
  
Investments Purchased with Proceeds from Securities Lending Collateral
    
82,276,415
      
-
      
-
      
-
      
82,276,415
  
Short-Term Investments
    
14,501,662
      
14,501,662
      
-
      
-
      
-
  
Total Assets
  
$
1,409,720,241
    
$
1,327,443,826
    
$
-
    
$
-
**
  
$
82,276,415
  

*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.

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.