NPORT-EX 2 bpallcap.htm NPORT-EX

BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS ALL-CAP VALUE FUND
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2022 (UNAUDITED)
  
   
   
NUMBER OF
          
   
SHARES
      
VALUE
  
COMMON STOCKS—98.5%
              
Communication Services—2.2%
              
Alphabet, Inc., Class A*
    
130,592
      
$
13,188,486
  
Electronic Arts, Inc.(a)
    
22,056
        
2,884,484
  
Interpublic Group of Cos., Inc., (The)(a)
    
225,668
        
7,753,952
  
Omnicom Group, Inc.
    
46,231
        
3,687,385
  
Take-Two Interactive Software, Inc.*
    
59,619
        
6,301,132
  
               
33,815,439
  
Consumer Discretionary—8.4%
                  
AutoZone, Inc.*
    
6,772
        
17,464,988
  
Booking Holdings, Inc.*
    
8,853
        
18,409,371
  
Dollar General Corp.
    
16,240
        
4,152,243
  
Harley-Davidson, Inc.(a)
    
182,769
        
8,613,903
  
International Game Technology PLC
    
144,365
        
3,542,717
  
Lear Corp.(a)
    
36,856
        
5,316,110
  
LKQ Corp.
    
271,098
        
14,728,754
  
Magna International, Inc.(a)
    
49,524
        
3,050,183
  
Mohawk Industries, Inc.*(a)
    
59,591
        
6,038,356
  
NVR, Inc.*
    
2,978
        
13,814,972
  
Polaris, Inc.(a)
    
82,140
        
9,368,888
  
Tempur Sealy International, Inc.(a)
    
385,238
        
12,239,011
  
Whirlpool Corp.
    
49,701
        
7,282,688
  
Wyndham Hotels & Resorts, Inc.
    
59,171
        
4,338,418
  
               
128,360,602
  
Consumer Staples—1.9%
                  
Altria Group, Inc.
    
88,645
        
4,129,084
  
Coca-Cola European Partners PLC(a)
    
75,014
        
3,982,493
  
Keurig Dr Pepper, Inc.
    
203,094
        
7,853,645
  
Monster Beverage Corp.*
    
57,503
        
5,914,759
  
Philip Morris International, Inc.
    
67,542
        
6,731,911
  
               
28,611,892
  
Energy—8.2%
                  
BP PLC - SP ADR
    
146,907
        
5,273,961
  
Canadian Natural Resources Ltd.(a)
    
140,495
        
8,390,361
  
Chord Energy Corp.(a)
    
71,675
        
10,932,588
  
ConocoPhillips
    
129,995
        
16,055,682
  
Devon Energy Corp.
    
137,757
        
9,439,110
  
Diamondback Energy, Inc.
    
90,631
        
13,415,201
  
EOG Resources, Inc.
    
92,608
        
13,143,853
  
Marathon Oil Corp.
    
470,367
        
14,407,341
  
Phillips 66
    
51,938
        
5,632,157
  
Pioneer Natural Resources Co.
    
32,731
        
7,724,189
  
Schlumberger Ltd.
    
272,603
        
14,052,685
  
Shell PLC - ADR
    
104,326
        
6,099,941
  
               
124,567,069
  
Financials—21.9%
                  
Aflac, Inc.
    
210,631
        
15,150,688
  
Allstate Corp., (The)(a)
    
62,304
        
8,342,506
  
American International Group, Inc.
    
394,399
        
24,890,521
  
Aon PLC, Class A
    
29,878
        
9,210,790
  
Bank of America Corp.
    
841,103
        
31,835,749
  
Charles Schwab Corp., (The)
    
243,733
        
20,117,722
  
Chubb Ltd.
    
83,819
        
18,405,814
  
Citigroup, Inc.
    
288,772
        
13,979,452
  
Discover Financial Services
    
77,994
        
8,451,430
  
Fifth Third Bancorp
    
173,010
        
6,290,644
  
Globe Life, Inc.
    
90,896
        
10,903,884
  
Goldman Sachs Group, Inc., (The)(a)
    
49,286
        
19,031,789
  
Huntington Bancshares, Inc.(a)
    
694,742
        
10,754,606
  
JPMorgan Chase & Co.
    
182,509
        
25,219,094
  
KeyCorp
    
815,279
        
15,335,398
  
Loews Corp.
    
221,908
        
12,903,950
  
Markel Corp.*
    
4,793
        
6,349,958
  
Renaissance Holdings Ltd.
    
71,109
        
13,433,201
  
Synchrony Financial
    
171,944
        
6,461,655
  
Travelers Cos., Inc., (The)
    
56,891
        
10,798,481
  
Truist Financial Corp.
    
272,850
        
12,772,108
  
Wells Fargo & Co.
    
351,452
        
16,852,123
  
White Mountains Insurance Group Ltd.
    
10,648
        
14,469,141
  
               
331,960,704
  
Health Care—23.6%
                  
AbbVie, Inc.
    
191,969
        
30,941,564
  
AmerisourceBergen Corp.
    
80,702
        
13,775,024
  
Amgen, Inc.
    
71,653
        
20,521,419
  
Avantor, Inc.*
    
406,314
        
9,052,676
  
Bristol-Myers Squibb Co.
    
253,435
        
20,345,762
  
Centene Corp.*
    
215,074
        
18,722,192
  
Cigna Corp.
    
32,092
        
10,554,738
  
Elevance Health, Inc.
    
43,602
        
23,236,378
  
Humana, Inc.
    
26,213
        
14,414,529
  
Johnson & Johnson
    
255,771
        
45,527,238
  
McKesson Corp.
    
45,761
        
17,466,059
  
Medtronic PLC
    
243,227
        
19,224,662
  
Merck & Co., Inc.
    
210,252
        
23,152,950
  
Molina Healthcare, Inc.*
    
25,538
        
8,600,432
  
Pfizer, Inc.
    
534,457
        
26,792,329
  
Sanofi - ADR*
    
513,529
        
23,288,540
  
UnitedHealth Group, Inc.
    
47,359
        
25,941,366
  
Zimmer Biomet Holdings, Inc.
    
64,054
        
7,692,885
  
               
359,250,743
  
Industrials—13.3%
                  
Advanced Drainage Systems, Inc.(a)
    
38,950
        
3,788,277
  
Allegion PLC
    
34,875
        
3,963,544
  
Allison Transmission Holdings, Inc.
    
138,893
        
6,222,406
  
Altra Industrial Motion Corp.
    
68,539
        
4,017,756
  
AMETEK, Inc.
    
59,987
        
8,543,349
  
Boeing Co., (The)*
    
59,425
        
10,629,944
  
BWX Technologies, Inc.(a)
    
125,560
        
7,645,348
  
Copart, Inc.*
    
75,218
        
5,006,510
  
Curtiss-Wright Corp.
    
35,906
        
6,342,795
  
Dover Corp.(a)
    
52,290
        
7,422,566
  
EnerSys(a)
    
49,318
        
3,727,455
  
Expeditors International of Washington, Inc.(a)
    
104,220
        
12,095,773
  
Howmet Aerospace, Inc.
    
327,930
        
12,353,123
  
Huron Consulting Group, Inc.*(a)
    
102,597
        
7,988,203
  
Landstar System, Inc.
    
58,339
        
10,091,480
  
Leidos Holdings, Inc.
    
40,322
        
4,408,404
  
ManpowerGroup, Inc.(a)
    
34,850
        
3,050,072
  
Masco Corp.
    
113,947
        
5,786,229
  
Middleby Corp., (The)*(a)
    
26,805
        
3,865,013
  
PACCAR, Inc.
    
75,743
        
8,021,941
  
Resideo Technologies, Inc.*
    
164,049
        
2,657,594
  
Robert Half International, Inc.(a)
    
39,171
        
3,085,891
  
Science Applications International Corp.
    
81,710
        
8,997,088
  
Sensata Technologies Holding PLC
    
109,134
        
4,921,943
  
Textron, Inc.
    
136,639
        
9,753,292
  
United Parcel Service, Inc., Class B
    
51,205
        
9,715,125
  
WESCO International, Inc.*
    
112,059
        
14,446,646
  
Westinghouse Air Brake Technologies Corp.
    
128,136
        
12,953,268
  
               
201,501,035
  
Information Technology—16.3%
                  
Advanced Micro Devices, Inc.*#
    
227,200
        
17,637,536
  
Analog Devices, Inc.
    
63,438
        
10,905,627
  
Applied Materials, Inc.
    
56,823
        
6,227,801
  
Arrow Electronics, Inc.*
    
63,814
        
6,939,134
  
Belden, Inc.
    
53,687
        
4,318,582
  
Check Point Software Technologies Ltd.*
    
57,959
        
7,698,694
  
Cisco Systems, Inc.
    
227,303
        
11,301,505
  
Cognizant Technology Solutions Corp., Class A
    
243,890
        
15,172,397
  
Fidelity National Information Services, Inc.
    
100,858
        
7,320,274
  
FleetCor Technologies, Inc.*
    
100,009
        
19,621,766
  
Flex Ltd.*
    
408,255
        
8,973,445
  
Gen Digital, Inc.
    
168,249
        
3,862,997
  
Global Payments, Inc.
    
115,891
        
12,027,168
  
Hewlett Packard Enterprise Co.
    
295,008
        
4,950,234
  
Jabil, Inc.
    
172,507
        
12,453,280
  
KLA-Tencor Corp.
    
16,438
        
6,462,600
  
Lam Research Corp.
    
12,562
        
5,934,038
  
Microchip Technology, Inc.
    
105,072
        
8,320,652
  
Oracle Corp.
    
184,385
        
15,309,486
  
Qorvo, Inc.*
    
87,012
        
8,635,941
  
QUALCOMM, Inc.
    
142,737
        
18,054,803
  
SS&C Technologies Holdings, Inc.
    
127,589
        
6,859,185
  
TE Connectivity Ltd.
    
47,969
        
6,049,850
  
Visa, Inc., Class A(a)
    
94,041
        
20,406,897
  
Western Digital Corp.*
    
44,842
        
1,647,943
  
               
247,091,835
  
Materials—2.7%
                  
Corteva, Inc.
    
182,415
        
12,250,992
  
CRH PLC - SP ADR(a)
    
150,897
        
6,088,694
  
DuPont de Nemours, Inc.(a)
    
115,706
        
8,158,430
  
FMC Corp.
    
101,935
        
13,316,788
  
Trinseo PLC
    
17,426
        
429,551
  
               
40,244,455
  
TOTAL COMMON STOCKS
                  
(Cost $863,177,820)
              
1,495,403,774
  
                   
                   
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—9.9%
                  
Mount Vernon Liquid Assets Portfolio, LLC, 4.01%(b)
    
151,014,961
        
151,014,961
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
                  
(Cost $151,014,961)
              
151,014,961
  
SHORT-TERM INVESTMENTS—1.8%
                  
Tri-State Deposit, 3.20%(b)
    
21,633,480
        
21,633,480
  
U.S. Bank Money Market Deposit Account, 3.50%(b)
    
5,923,707
        
5,923,707
  
TOTAL SHORT-TERM INVESTMENTS
                  
(Cost $27,557,187)
              
27,557,187
  
TOTAL INVESTMENTS—110.2%
                  
(Cost $1,041,749,969)
              
1,673,975,922
  
   
Number
  
Notional
        
   
of Contracts
  
Amount
        
OPTIONS WRITTEN ƗƗ—(0.3%)
                  
Call Options Written—(0.3%)
                  
Advanced Micro Devices, Inc.
                  
Expiration:
                  
06/16/2023,
                  
Exercise Price:
                  
60.00
    
(1,136
)
(8,818,768)
    
(2,641,200
)
Expiration:
                  
06/16/2023,
                  
Exercise Price:
                  
70.00
    
(1,136
)
(8,818,768)
    
(1,897,120
)
TOTAL CALL OPTIONS WRITTEN
                  
(Premiums received $(6,450,869))
              
(4,538,320
)
TOTAL OPTIONS WRITTEN
                  
(Premiums received $(6,450,869))
              
(4,538,320
)
LIABILITIES IN EXCESS OF OTHER ASSETS—(9.9)%
              
(150,037,185
)
NET ASSETS—100.0%
             
$
1,519,400,417
  
   

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, 2022, the market value of securities on loan was $150,603,159.
(b)
The rate shown is as of November 30, 2022.
#
Security segregated as collateral for options written.
ƗƗ
Primary risk exposure is equity contracts.
             
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, 2022 (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, 2022, 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
  
$
33,815,439
    
$
33,815,439
    
$
-
    
$
-
    
$
-
  
Consumer Discretionary
    
128,360,602
      
128,360,602
      
-
      
-
      
-
  
Consumer Staples
    
28,611,892
      
28,611,892
      
-
      
-
      
-
  
Energy
    
124,567,069
      
124,567,069
      
-
      
-
      
-
  
Financials
    
331,960,704
      
331,960,704
      
-
      
-
      
-
  
Health Care
    
359,250,743
      
359,250,743
      
-
      
-
      
-
  
Industrials
    
201,501,035
      
201,501,035
      
-
      
-
      
-
  
Information Technology
    
247,091,835
      
247,091,835
      
-
      
-
      
-
  
Materials
    
40,244,455
      
40,244,455
      
-
      
-
      
-
  
Investments Purchased with Proceeds from Securities Lending Collateral
    
151,014,961
      
-
      
-
      
-
      
151,014,961
  
Short-Term Investments
    
27,557,187
      
5,923,707
      
21,633,480
      
-
      
-
  
Total Assets
  
$
1,673,975,922
    
$
1,501,327,481
    
$
21,633,480
    
$
-
    
$
151,014,961
  
                                         
*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.
  

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.