NPORT-EX 2 global-equity.htm NPORT-EX

BOSTON PARTNERS INVESTMENT FUNDS
  
             
BOSTON PARTNERS GLOBAL EQUITY FUND
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2021 (UNAUDITED)
     		  
             
   
NUMBER OF
        
   
SHARES
    
VALUE
  
             
COMMON STOCKS—98.0%
            
Bermuda—1.6%
            
Everest Re Group Ltd.
    
11,075
    
$
2,839,409
  
Canada—2.5%
                
Canadian National Railway Co.
    
15,748
      
1,993,224
  
Cenovus Energy, Inc.
    
214,348
      
2,543,752
  
             
4,536,976
  
Finland—1.6%
                
Metso Outotec Oyj
    
108,416
      
1,092,601
  
Nordea Bank Abp
    
155,530
      
1,841,937
  
             
2,934,538
  
France—10.7%
                
Airbus Group SE*
    
16,798
      
1,874,985
  
Capgemini SA
    
12,869
      
2,971,073
  
Cie de Saint-Gobain
    
32,451
      
2,058,349
  
Cie Generale des Etablissements Michelin SCA
    
6,052
      
893,092
  
Eiffage SA
    
23,840
      
2,220,373
  
Imerys SA
    
27,213
      
1,060,900
  
Klepierre SA*
    
48,776
      
1,026,376
  
Rexel SA*
    
112,202
      
2,056,924
  
Sanofi
    
33,251
      
3,160,904
  
TotalEnergies SE
    
40,103
      
1,845,242
  
             
19,168,218
  
Germany—4.4%
                
Brenntag SE
    
10,443
      
894,444
  
Deutsche Post AG
    
26,530
      
1,566,895
  
Deutsche Telekom AG
    
48,257
      
849,932
  
Rheinmetall AG
    
22,471
      
1,992,526
  
Siemens AG
    
16,296
      
2,597,827
  
             
7,901,624
  
Ireland—1.7%
                
CRH PLC
    
31,723
      
1,538,128
  
Flutter Entertainment PLC*
    
11,129
      
1,510,317
  
             
3,048,445
  
Japan—6.9%
                
Asahi Group Holdings Ltd.
    
21,500
      
792,928
  
Fuji Corp.
    
51,900
      
1,132,795
  
Fuji Electric Co., Ltd.
    
24,700
      
1,285,874
  
Hitachi Ltd.
    
33,700
      
1,974,084
  
Honda Motor Co., Ltd.
    
60,700
      
1,662,256
  
Komatsu Ltd.
    
37,600
      
850,627
  
Sony Group Corp.
    
18,400
      
2,244,962
  
Sumitomo Mitsui Financial Group, Inc.
    
28,800
      
937,006
  
Yamaha Motor Co., Ltd.
    
60,100
      
1,511,428
  
             
12,391,960
  
Netherlands—4.3%
                
Aalberts NV
    
14,374
      
883,929
  
ING Groep NV
    
163,828
      
2,263,021
  
NXP Semiconductors NV
    
5,048
      
1,127,521
  
Signify NV
    
16,640
      
759,659
  
Stellantis NV
    
157,824
      
2,702,607
  
             
7,736,737
  
Norway—0.3%
                
Norsk Hydro ASA
    
88,250
      
571,515
  
Singapore—1.4%
                
DBS Group Holdings Ltd.
    
41,010
      
893,305
  
United Overseas Bank Ltd.
    
82,100
      
1,536,594
  
             
2,429,899
  
South Korea—2.9%
                
KB Financial Group, Inc.
    
49,924
      
2,218,768
  
POSCO
    
3,196
      
701,699
  
Samsung Electronics Co., Ltd.
    
15,854
      
951,656
  
SK Square Co., Ltd.*
    
10,142
      
580,557
  
SK Telecom Co., Ltd.
    
15,688
      
718,347
  
             
5,171,027
  
Sweden—3.2%
                
Loomis AB
    
48,562
      
1,255,055
  
Svenska Handelsbanken AB, Class A
    
189,978
      
2,009,961
  
Volvo AB, Class B
    
115,069
      
2,477,388
  
             
5,742,404
  
Switzerland—3.9%
                
Glencore PLC*
    
665,195
      
3,158,202
  
Novartis AG
    
28,463
      
2,268,665
  
STMicroelectronics NV
    
32,747
      
1,594,830
  
             
7,021,697
  
United Kingdom—7.2%
                
Coca-Cola Europacific Partners PLC
    
18,495
      
913,098
  
IMI PLC
    
56,182
      
1,270,971
  
Inchcape PLC
    
81,185
      
895,085
  
Liberty Global PLC, Class A*
    
89,937
      
2,374,337
  
Melrose Industries PLC
    
648,406
      
1,245,724
  
Nomad Foods Ltd.*(a)
    
49,033
      
1,171,398
  
Persimmon PLC
    
28,472
      
1,034,690
  
Tesco PLC
    
331,581
      
1,223,021
  
Travis Perkins PLC*
    
109,561
      
2,106,220
  
WH Smith PLC*
    
38,549
      
677,684
  
             
12,912,228
  
United States—45.4%
                
AbbVie, Inc.
    
21,254
      
2,450,161
  
Anthem, Inc.
    
4,895
      
1,988,496
  
Applied Materials, Inc.
    
9,061
      
1,333,689
  
AutoZone, Inc.*
    
802
      
1,457,290
  
Axalta Coating Systems Ltd.*
    
31,356
      
950,714
  
Bank of America Corp.
    
30,473
      
1,355,134
  
Carter's, Inc.(a)
    
19,250
      
1,944,827
  
Charles Schwab Corp., (The)
    
16,859
      
1,304,718
  
Charter Communications, Inc., Class A*(a)
    
3,297
      
2,130,785
  
Cigna Corp.
    
12,638
      
2,425,232
  
Cisco Systems, Inc.
    
49,101
      
2,692,699
  
Citigroup, Inc.
    
13,384
      
852,561
  
Concentrix Corp.
    
13,976
      
2,320,016
  
CVS Health Corp.
    
33,111
      
2,948,866
  
Diamondback Energy, Inc.(a)
    
24,884
      
2,655,869
  
Discover Financial Services
    
13,766
      
1,484,663
  
DuPont de Nemours, Inc.
    
42,312
      
3,129,396
  
Eagle Materials, Inc.
    
6,405
      
987,779
  
Eaton Corp., PLC
    
9,061
      
1,468,426
  
Fifth Third Bancorp
    
48,074
      
2,026,319
  
Global Payments, Inc.
    
5,586
      
664,957
  
Goldman Sachs Group, Inc., (The)
    
7,651
      
2,914,954
  
HollyFrontier Corp.(a)
    
51,698
      
1,670,879
  
Huntington Bancshares, Inc.(a)
    
92,433
      
1,371,706
  
JPMorgan Chase & Co.
    
13,210
      
2,098,144
  
KeyCorp(a)
    
112,058
      
2,514,582
  
LKQ Corp.(a)
    
48,893
      
2,733,119
  
Marathon Petroleum Corp.
    
28,316
      
1,723,029
  
McKesson Corp.
    
11,516
      
2,496,208
  
Merck & Co., Inc.
    
17,112
      
1,281,860
  
Micron Technology, Inc.
    
16,487
      
1,384,908
  
Mohawk Industries, Inc.*
    
4,541
      
762,298
  
Nexstar Media Group, Inc., Class A(a)
    
17,055
      
2,549,722
  
NortonLifeLock, Inc.(a)
    
90,981
      
2,260,878
  
Owens Corning
    
23,913
      
2,028,779
  
Pioneer Natural Resources Co.
    
7,631
      
1,360,760
  
QUALCOMM, Inc.(a)
    
7,335
      
1,324,408
  
Schlumberger Ltd.
    
49,260
      
1,412,777
  
Science Applications International Corp.(a)
    
15,495
      
1,299,876
  
Sensata Technologies Holding PLC*
    
30,080
      
1,675,456
  
Synchrony Financial(a)
    
52,895
      
2,369,167
  
TE Connectivity Ltd.
    
9,811
      
1,510,207
  
Textron, Inc.
    
19,989
      
1,415,221
  
US Foods Holding Corp.*
    
26,639
      
836,997
  
Valvoline, Inc.
    
54,896
      
1,870,307
  
             
81,438,839
  
TOTAL COMMON STOCKS
                
(Cost $140,523,958)
            
175,845,516
  
PREFERRED STOCKS—0.4%
                
South Korea—0.4%
                
Samsung Electronics Co., Ltd. 4.720%
    
12,180
      
656,818
  
TOTAL PREFERRED STOCKS
                
(Cost $417,006)
            
656,818
  
                 
                 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—8.7%
                
Mount Vernon Liquid Assets Portfolio, LLC, 0.10%(b)
    
15,622,340
      
15,622,340
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
                
(Cost $15,622,340)
            
15,622,340
  
SHORT-TERM INVESTMENTS—1.7%
                
U.S. Bank Money Market Deposit Account, 0.01%(b)
    
3,090,987
      
3,090,987
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $3,090,987)
            
3,090,987
  
TOTAL INVESTMENTS—108.8%
                
(Cost $159,654,291)
            
195,215,661
  
LIABILITIES IN EXCESS OF OTHER ASSETS—(8.8)%
            
(15,813,363
)
NET ASSETS—100.0%
          
$
179,402,298
  

PLC
Public Limited Company
          
*
Non-income producing.
          
(a)
All or a portion of the security is on loan. At November 30, 2021, the market value of securities on loan was $14,887,508.
(b)
The rate shown is as of November 30, 2021.
        


BOSTON PARTNERS INVESTMENT FUNDS
BOSTON PARTNERS GLOBAL EQUITY FUND
NOTES TO PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 2021 (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, 2021, 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
  
$
2,839,409
    
$
2,839,409
    
$
-
    
$
-
    
$
-
  
Canada
    
4,536,976
      
4,536,976
      
-
      
-
      
-
  
Finland
    
2,934,538
      
-
      
2,934,538
      
-
      
-
  
France
    
19,168,218
      
-
      
19,168,218
      
-
      
-
  
Germany
    
7,901,624
      
-
      
7,901,624
      
-
      
-
  
Ireland
    
3,048,445
      
-
      
3,048,445
      
-
      
-
  
Japan
    
12,391,960
      
-
      
12,391,960
      
-
      
-
  
Netherlands
    
7,736,737
      
1,127,521
      
6,609,216
      
-
      
-
  
Norway
    
571,515
      
-
      
571,515
      
-
      
-
  
Singapore
    
2,429,899
      
-
      
2,429,899
      
-
      
-
  
South Korea
    
5,171,027
      
1,298,904
      
3,872,123
      
-
      
-
  
Sweden
    
5,742,404
      
1,255,055
      
4,487,349
      
-
      
-
  
Switzerland
    
7,021,697
      
-
      
7,021,697
      
-
      
-
  
United Kingdom
    
12,912,228
      
6,624,889
      
6,287,339
      
-
      
-
  
United States
    
81,438,839
      
81,438,839
      
-
      
-
      
-
  
Preferred Stock
                                        
South Korea
    
656,818
      
-
      
656,818
      
-
      
-
  
Investments Purchased with Proceeds from Securities Lending Collateral
    
15,622,340
      
-
      
-
      
-
      
15,622,340
  
Short-Term Investments
    
3,090,987
      
3,090,987
      
-
      
-
      
-
  
Total Assets
  
$
195,215,661
    
$
102,212,580
    
$
77,380,741
    
$
-
    
$
15,622,340
  

*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, 2021, 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.