NPORT-EX 2 global-advantage.htm NPORT-EX

BOSTON PARTNERS INVESTMENT FUNDS
  
             
BOSTON PARTNERS GLOBAL EQUITY ADVANTAGE FUND
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2021 (UNAUDITED)
  
             
   
NUMBER OF
        
   
SHARES
    
VALUE
  
             
COMMON STOCKS—81.5%
            
Bermuda—1.3%
            
Everest Re Group Ltd.
    
2,073
    
$
531,476
  
Canada—2.1%
                
Canadian National Railway Co.
    
2,965
      
375,280
  
Cenovus Energy, Inc.
    
40,551
      
481,235
  
             
856,515
  
Finland—1.4%
                
Metso Outotec Oyj
    
20,711
      
208,722
  
Nordea Bank Abp
    
29,646
      
351,097
  
             
559,819
  
France—8.9%
                
Airbus Group SE*
    
3,205
      
357,741
  
Capgemini SA
    
2,427
      
560,323
  
Cie de Saint-Gobain
    
6,115
      
387,871
  
Cie Generale des Etablissements Michelin SCA
    
1,113
      
164,245
  
Eiffage SA
    
4,569
      
425,540
  
Imerys SA
    
5,189
      
202,293
  
Klepierre SA*
    
9,305
      
195,802
  
Rexel SA*
    
21,295
      
390,387
  
Sanofi
    
6,264
      
595,468
  
TotalEnergies SE
    
7,651
      
352,042
  
             
3,631,712
  
Germany—3.7%
                
Brenntag SE
    
1,989
      
170,358
  
Deutsche Post AG
    
5,076
      
299,795
  
Deutsche Telekom AG
    
9,320
      
164,150
  
Rheinmetall AG
    
4,287
      
380,132
  
Siemens AG
    
3,098
      
493,868
  
             
1,508,303
  
Ireland—1.4%
                
CRH PLC
    
6,067
      
294,166
  
Flutter Entertainment PLC*
    
2,108
      
286,077
  
             
580,243
  
Japan—5.8%
                
Asahi Group Holdings Ltd.
    
4,200
      
154,898
  
Fuji Corp.
    
9,900
      
216,082
  
Fuji Electric Co., Ltd.
    
4,700
      
244,681
  
Hitachi Ltd.
    
6,400
      
374,900
  
Honda Motor Co., Ltd.
    
11,700
      
320,402
  
Komatsu Ltd.
    
7,200
      
162,886
  
Sony Group Corp.
    
3,500
      
427,031
  
Sumitomo Mitsui Financial Group, Inc.
    
5,500
      
178,942
  
Yamaha Motor Co., Ltd.
    
11,400
      
286,693
  
             
2,366,515
  
Netherlands—3.6%
                
Aalberts NV
    
2,746
      
168,865
  
ING Groep NV
    
31,256
      
431,751
  
NXP Semiconductors NV
    
957
      
213,755
  
Signify NV
    
3,055
      
139,469
  
Stellantis NV
    
29,759
      
509,599
  
             
1,463,439
  
Norway—0.2%
                
Norsk Hydro ASA
    
16,649
      
107,820
  
Singapore—1.1%
                
DBS Group Holdings Ltd.
    
7,467
      
162,651
  
United Overseas Bank Ltd.
    
15,500
      
290,100
  
             
452,751
  
South Korea—2.4%
                
KB Financial Group, Inc.
    
9,525
      
423,319
  
POSCO
    
588
      
129,099
  
Samsung Electronics Co., Ltd.
    
3,026
      
181,639
  
SK Square Co., Ltd.*
    
1,963
      
112,380
  
SK Telecom Co., Ltd.
    
3,037
      
139,053
  
             
985,490
  
Sweden—2.7%
                
Loomis AB
    
9,265
      
239,448
  
Svenska Handelsbanken AB, Class A
    
36,161
      
382,582
  
Volvo AB, Class B
    
21,924
      
472,015
  
             
1,094,045
  
Switzerland—3.3%
                
Glencore PLC*
    
125,167
      
594,266
  
Novartis AG
    
5,429
      
432,722
  
STMicroelectronics NV
    
6,274
      
305,554
  
             
1,332,542
  
United Kingdom—6.0%
                
Coca-Cola Europacific Partners PLC
    
3,483
      
171,956
  
IMI PLC
    
10,718
      
242,467
  
Inchcape PLC
    
14,913
      
164,420
  
Liberty Global PLC, Class A*
    
16,895
      
446,028
  
Melrose Industries PLC
    
124,173
      
238,562
  
Nomad Foods Ltd.*
    
9,221
      
220,290
  
Persimmon PLC
    
5,432
      
197,402
  
Tesco PLC
    
62,395
      
230,141
  
Travis Perkins PLC*
    
20,806
      
399,978
  
WH Smith PLC*
    
7,019
      
123,392
  
             
2,434,636
  
United States—37.6%
                
AbbVie, Inc.
    
4,005
      
461,696
  
Anthem, Inc.
    
921
      
374,138
  
Applied Materials, Inc.
    
1,718
      
252,872
  
AutoZone, Inc.*
    
153
      
278,012
  
Axalta Coating Systems Ltd.*
    
5,903
      
178,979
  
Bank of America Corp.
    
5,783
      
257,170
  
Carter's, Inc.
    
3,632
      
366,941
  
Charles Schwab Corp., (The)
    
3,185
      
246,487
  
Charter Communications, Inc., Class A*
    
625
      
403,925
  
Cigna Corp.
    
2,394
      
459,409
  
Cisco Systems, Inc.
    
9,185
      
503,705
  
Citigroup, Inc.
    
2,445
      
155,746
  
Concentrix Corp.
    
2,649
      
439,734
  
CVS Health Corp.
    
6,185
      
550,836
  
Diamondback Energy, Inc.
    
4,716
      
503,339
  
Discover Financial Services
    
2,582
      
278,469
  
DuPont de Nemours, Inc.
    
7,912
      
585,172
  
Eagle Materials, Inc.
    
1,167
      
179,975
  
Eaton Corp., PLC
    
1,718
      
278,419
  
Fifth Third Bancorp
    
9,093
      
383,270
  
Global Payments, Inc.
    
1,052
      
125,230
  
Goldman Sachs Group, Inc., (The)
    
1,434
      
546,340
  
HollyFrontier Corp.
    
9,786
      
316,284
  
Huntington Bancshares, Inc.
    
17,526
      
260,086
  
JPMorgan Chase & Co.
    
2,505
      
397,869
  
KeyCorp
    
21,237
      
476,558
  
LKQ Corp.
    
9,267
      
518,025
  
Marathon Petroleum Corp.
    
5,367
      
326,582
  
McKesson Corp.
    
2,184
      
473,404
  
Merck & Co., Inc.
    
3,243
      
242,933
  
Micron Technology, Inc.
    
3,140
      
263,760
  
Mohawk Industries, Inc.*
    
816
      
136,982
  
Nexstar Media Group, Inc., Class A
    
3,233
      
483,333
  
NortonLifeLock, Inc.
    
17,107
      
425,109
  
Owens Corning
    
4,533
      
384,580
  
Pioneer Natural Resources Co.
    
1,447
      
258,029
  
QUALCOMM, Inc.
    
1,381
      
249,353
  
Schlumberger Ltd.
    
9,051
      
259,583
  
Science Applications International Corp.
    
2,915
      
244,539
  
Sensata Technologies Holding PLC*
    
5,701
      
317,546
  
Synchrony Financial
    
9,967
      
446,422
  
TE Connectivity Ltd.
    
1,860
      
286,310
  
Textron, Inc.
    
3,790
      
268,332
  
US Foods Holding Corp.*
    
4,803
      
150,910
  
Valvoline, Inc.
    
10,407
      
354,566
  
             
15,350,959
  
TOTAL COMMON STOCKS
                
(Cost $26,621,452)
            
33,256,265
  
PREFERRED STOCKS—0.3%
                
South Korea—0.3%
                
Samsung Electronics Co., Ltd. 4.720%
    
2,210
      
119,177
  
TOTAL PREFERRED STOCKS
                
(Cost $76,134)
            
119,177
  
INVESTMENT COMPANY—17.5%
                
United States—17.5%
                
Campbell Advantage Fund
    
1,214,956
      
7,156,091
  
TOTAL INVESTMENT COMPANY
                
(Cost $7,599,686)
            
7,156,091
  
                 
                 
SHORT-TERM INVESTMENTS—0.6%
                
U.S. Bank Money Market Deposit Account, 0.01%(a)
    
257,405
      
257,405
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $257,405)
            
257,405
  
TOTAL INVESTMENTS—99.9%
                
(Cost $34,554,677)
            
40,788,938
  
OTHER ASSETS IN EXCESS OF LIABILITIES—0.1%
            
20,662
  
NET ASSETS—100.0%
          
$
40,809,600
  

PLC
Public Limited Company
          
*
Non-income producing.
          
(a)
The rate shown is as of  November 30, 2021.
          


BOSTON PARTNERS INVESTMENT FUNDS
  
BOSTON PARTNERS GLOBAL EQUITY ADVANTAGE FUND
  
NOTES TO PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2021 (UNAUDITED)
  

PORTFOLIO VALUATION — The Boston Partners Global Equity Advantage 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
  
Common Stock
                        
Bermuda
  
$
531,476
    
$
531,476
    
$
-
    
$
-
  
Canada
    
856,515
      
856,515
      
-
      
-
  
Finland
    
559,819
      
-
      
559,819
      
-
  
France
    
3,631,712
      
-
      
3,631,712
      
-
  
Germany
    
1,508,303
      
-
      
1,508,303
      
-
  
Ireland
    
580,243
      
-
      
580,243
      
-
  
Japan
    
2,366,515
      
-
      
2,366,515
      
-
  
Netherlands
    
1,463,439
      
213,755
      
1,249,684
      
-
  
Norway
    
107,820
      
-
      
107,820
      
-
  
Singapore
    
452,751
      
-
      
452,751
      
-
  
South Korea
    
985,490
      
251,433
      
734,057
      
-
  
Sweden
    
1,094,045
      
239,448
      
854,597
      
-
  
Switzerland
    
1,332,542
      
-
      
1,332,542
      
-
  
United Kingdom
    
2,434,636
      
1,245,161
      
1,189,475
      
-
  
United States
    
15,350,959
      
15,350,959
      
-
      
-
  
Preferred Stock
                                
South Korea
    
119,177
      
-
      
119,177
      
-
  
Investment Company
                                
United States
    
7,156,091
      
7,156,091
      
-
      
-
  
Short-Term Investments
    
257,405
      
257,405
      
-
      
-
  
Total Assets
  
$
40,788,938
    
$
26,102,243
    
$
14,686,695
    
$
-
  

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.