NPORT-EX 2 bpglobalsustain.htm NPORT-EX

BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS GLOBAL SUSTAINABILITY FUND
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2022 (UNAUDITED)
  
   
   
NUMBER OF
        
   
SHARES
    
VALUE
  
COMMON STOCKS—96.1%
            
Austria—1.0%
            
ANDRITZ AG
    
4,118
    
$
225,367
  
Belgium—1.3%
                
Azelis Group NV
    
10,645
      
284,414
  
Bermuda—1.6%
                
Everest Re Group Ltd.
    
1,034
      
349,430
  
Denmark—0.6%
                
DSV A/S
    
818
      
130,875
  
Finland—2.5%
                
Nordea Bank Abp
    
24,380
      
256,210
  
Sampo Oyj, Class A
    
5,832
      
295,352
  
             
551,562
  
France—6.9%
                
Airbus Group SE
    
3,563
      
409,018
  
Capgemini SA
    
781
      
141,203
  
Eiffage SA
    
1,165
      
114,711
  
Imerys SA
    
1,323
      
52,563
  
Legrand SA
    
2,687
      
218,940
  
Rexel SA*
    
18,692
      
343,492
  
Sanofi
    
2,782
      
251,297
  
             
1,531,224
  
Germany—7.9%
                
Brenntag SE
    
4,390
      
279,121
  
Daimler Truck Holding AG*
    
4,521
      
149,025
  
Deutsche Telekom AG
    
23,827
      
484,709
  
Merck KGaA
    
1,110
      
203,370
  
Rheinmetall AG
    
1,674
      
342,125
  
Siemens AG
    
1,961
      
271,962
  
             
1,730,312
  
Greece—0.5%
                
Hellenic Telecommunications Organization SA
    
6,808
      
105,318
  
Ireland—1.0%
                
ICON PLC*
    
1,026
      
221,041
  
Japan—4.8%
                
Asahi Group Holdings Ltd.
    
7,500
      
240,539
  
IHI Corp.
    
9,400
      
259,407
  
Renesas Electronics Corp.*
    
24,200
      
237,346
  
Sony Group Corp.
    
1,400
      
115,976
  
Subaru Corp.
    
12,300
      
210,673
  
             
1,063,941
  
Netherlands—2.0%
                
Aalberts NV
    
2,859
      
114,233
  
ING Groep NV
    
13,956
      
169,243
  
Stellantis NV
    
10,304
      
162,177
  
             
445,653
  
Norway—1.1%
                
Norsk Hydro ASA
    
31,371
      
236,228
  
South Korea—0.6%
                
SK Telecom Co., Ltd.
    
3,529
      
134,546
  
Sweden—1.9%
                
Svenska Handelsbanken AB, Class A
    
40,995
      
416,421
  
Switzerland—2.6%
                
STMicroelectronics NV
    
6,309
      
244,203
  
Swiss Re AG
    
1,024
      
91,778
  
UBS Group AG
    
12,609
      
232,670
  
             
568,651
  
United Kingdom—8.8%
                
BAE Systems PLC
    
16,910
      
167,473
  
Coca-Cola European Partners PLC
    
5,031
      
267,096
  
Indivior PLC*
    
4,146
      
85,989
  
Informa PLC
    
29,456
      
220,900
  
JD Sports Fashion PLC
    
85,948
      
132,474
  
NatWest Group PLC
    
51,661
      
164,299
  
RS GROUP PLC
    
10,150
      
112,884
  
Shell PLC
    
10,962
      
320,813
  
SSE PLC
    
4,251
      
88,168
  
Tesco PLC
    
136,753
      
376,790
  
             
1,936,886
  
United States—51.0%
                
AbbVie, Inc.
    
3,350
      
539,953
  
Alphabet, Inc., Class A*
    
3,482
      
351,647
  
AmerisourceBergen Corp.
    
1,470
      
250,914
  
AMETEK, Inc.
    
2,454
      
349,499
  
Amgen, Inc.
    
657
      
188,165
  
Applied Materials, Inc.
    
1,645
      
180,292
  
AutoZone, Inc.*
    
175
      
451,325
  
Axalta Coating Systems Ltd.*
    
8,184
      
219,659
  
Booking Holdings, Inc.*
    
161
      
334,791
  
Cigna Corp.
    
2,104
      
691,985
  
Cisco Systems, Inc.
    
6,397
      
318,059
  
Concentrix Corp.
    
838
      
102,554
  
Corteva, Inc.
    
4,466
      
299,937
  
CVS Health Corp.
    
5,152
      
524,886
  
Dollar General Corp.
    
417
      
106,619
  
Elevance Health, Inc.
    
576
      
306,962
  
Expedia Group, Inc.*
    
644
      
68,805
  
FMC Corp.
    
1,252
      
163,561
  
Gen Digital, Inc.
    
5,414
      
124,305
  
Goldman Sachs Group, Inc., (The)
    
190
      
73,368
  
Halliburton Co.
    
8,860
      
335,705
  
Humana, Inc.
    
1,187
      
652,731
  
Huntington Bancshares, Inc.
    
13,657
      
211,410
  
Johnson & Johnson
    
3,730
      
663,940
  
JPMorgan Chase & Co.
    
3,112
      
430,016
  
KeyCorp
    
15,797
      
297,142
  
McKesson Corp.
    
224
      
85,496
  
Microchip Technology, Inc.
    
4,535
      
359,127
  
Microsoft Corp.
    
1,101
      
280,909
  
Oracle Corp.
    
1,535
      
127,451
  
Pioneer Natural Resources Co.
    
1,089
      
256,993
  
QUALCOMM, Inc.
    
794
      
100,433
  
Schlumberger Ltd.
    
6,314
      
325,487
  
Science Applications International Corp.
    
1,077
      
118,588
  
Synchrony Financial
    
1,726
      
64,863
  
TE Connectivity Ltd.
    
1,604
      
202,296
  
UnitedHealth Group, Inc.
    
559
      
306,198
  
US Foods Holding Corp.*
    
6,270
      
229,357
  
Wells Fargo & Co.
    
4,544
      
217,885
  
Zimmer Biomet Holdings, Inc.
    
2,525
      
303,253
  
             
11,216,566
  
TOTAL COMMON STOCKS
                
(Cost $20,290,530)
            
21,148,435
  
                 
                 
SHORT-TERM INVESTMENTS—4.0%
                
U.S. Bank Money Market Deposit Account, 3.50%(a)
    
888,946
      
888,946
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $888,946)
            
888,946
  
TOTAL INVESTMENTS—100.1%
                
(Cost $21,179,476)
            
22,037,381
  
LIABILITIES IN EXCESS OF OTHER ASSETS—(0.1)%
            
(26,891
)
NET ASSETS—100.0%
          
$
22,010,490
  

PLC
Public Limited Company
*
Non-income producing.
(a)
The rate shown is as of November 30, 2022.

 
BOSTON PARTNERS INVESTMENT FUNDS
  
BOSTON PARTNERS GLOBAL SUSTAINABILITY FUND
  
NOTES TO PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2022 (UNAUDITED)
  

PORTFOLIO VALUATION — The Boston Partners Global Sustainability 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, 2022, in valuing the Fund's investments carried at fair value:
  

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Common Stock
                        
Austria
  
$
225,367
    
$
-
    
$
225,367
    
$
-
  
Belgium
    
284,414
      
-
      
284,414
      
-
  
Bermuda
    
349,430
      
349,430
      
-
      
-
  
Denmark
    
130,875
      
-
      
130,875
      
-
  
Finland
    
551,562
      
-
      
551,562
      
-
  
France
    
1,531,224
      
-
      
1,531,224
      
-
  
Germany
    
1,730,312
      
-
      
1,730,312
      
-
  
Greece
    
105,318
      
-
      
105,318
      
-
  
Ireland
    
221,041
      
221,041
      
-
      
-
  
Japan
    
1,063,941
      
-
      
1,063,941
      
-
  
Netherlands
    
445,653
      
-
      
445,653
      
-
  
Norway
    
236,228
      
-
      
236,228
      
-
  
South Korea
    
134,546
      
-
      
134,546
      
-
  
Sweden
    
416,421
      
-
      
416,421
      
-
  
Switzerland
    
568,651
      
-
      
568,651
      
-
  
United Kingdom
    
1,936,886
      
267,096
      
1,669,790
      
-
  
United States
    
11,216,566
      
11,216,566
      
-
      
-
  
Short-Term Investments
    
888,946
      
888,946
      
-
      
-
  
Total Assets
  
$
22,037,381
    
$
12,943,079
    
$
9,094,302
    
$
-
  

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, 2022, 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.