BOSTON PARTNERS INVESTMENT FUNDS
|
||||||
WPG PARTNERS SMALL/MICRO CAP VALUE FUND
|
||||||
PORTFOLIO OF INVESTMENTS
|
||||||
MAY 31, 2020 (UNAUDITED)
|
NUMBER OF
|
||||||||
SHARES
|
VALUE
|
|||||||
COMMON STOCKS—95.4%
|
||||||||
Consumer Discretionary—2.8%
|
||||||||
Del Taco Restaurants, Inc.*
|
30,152
|
$
|
183,927
|
|||||
El Pollo Loco Holdings, Inc.*(a)
|
5,700
|
79,059
|
||||||
Hudson Ltd., Class A**
|
36,252
|
182,710
|
||||||
Jack in the Box, Inc.*(a)
|
861
|
57,705
|
||||||
503,401
|
||||||||
Consumer Staples—10.5%
|
||||||||
elf Beauty, Inc.*
|
14,432
|
247,365
|
||||||
Farmer Brothers Co.*(a)
|
10,159
|
78,326
|
||||||
Fresh Del Monte Produce, Inc.
|
14,582
|
362,946
|
||||||
Ingles Markets, Inc., Class A
|
3,441
|
146,621
|
||||||
Landec Corp.*
|
31,913
|
340,512
|
||||||
MGP Ingredients, Inc.(a)
|
3,997
|
149,927
|
||||||
Primo Water Corp.
|
32,768
|
394,199
|
||||||
TreeHouse Foods, Inc.*
|
3,657
|
192,760
|
||||||
1,912,656
|
||||||||
Energy—9.4%
|
||||||||
Ardmore Shipping Corp.
|
28,931
|
168,957
|
||||||
Brigham Minerals, Inc., Class A
|
14,181
|
187,898
|
||||||
Diamondback Energy, Inc.(a)
|
3,919
|
166,871
|
||||||
Euronav NV(a)
|
17,885
|
180,996
|
||||||
Magnolia Oil & Gas Corp., Class A*(a)
|
57,091
|
316,855
|
||||||
Matrix Service Co.*
|
22,097
|
243,509
|
||||||
National Energy Services Reunited Corp.*(a)
|
12,073
|
68,575
|
||||||
Newpark Resources, Inc.*(a)
|
47,228
|
95,401
|
||||||
StealthGas, Inc.*
|
38,041
|
101,189
|
||||||
Teekay Tankers Ltd., Class A(a)
|
10,366
|
180,161
|
||||||
1,710,412
|
||||||||
Financials—20.6%
|
||||||||
Ameris Bancorp
|
10,504
|
254,512
|
||||||
Banner Corp.
|
8,078
|
303,410
|
||||||
Byline Bancorp, Inc.
|
6,305
|
76,606
|
||||||
Essent Group Ltd.
|
9,237
|
305,283
|
||||||
First Defiance Financial Corp.
|
5,421
|
90,043
|
||||||
First Foundation, Inc.(a)
|
21,574
|
321,453
|
||||||
First Interstate BancSystem, Inc., Class A
|
7,710
|
240,937
|
||||||
Hanover Insurance Group, Inc., (The)
|
1,441
|
144,604
|
||||||
HomeStreet, Inc.
|
15,475
|
368,614
|
||||||
Kemper Corp.(a)
|
2,305
|
146,137
|
||||||
MGIC Investment Corp.
|
15,240
|
125,120
|
||||||
National Bank Holdings Corp., Class A(a)
|
8,516
|
223,971
|
||||||
Peoples Bancorp Inc.
|
3,728
|
83,768
|
||||||
Popular, Inc.
|
13,470
|
531,930
|
||||||
Renasant Corp.
|
4,942
|
119,201
|
||||||
United Community Banks, Inc.
|
11,163
|
218,237
|
||||||
Webster Financial Corp.
|
6,287
|
177,922
|
||||||
3,731,748
|
||||||||
Health Care—3.6%
|
||||||||
Accuray, Inc.*
|
55,674
|
116,915
|
||||||
BioSpecifics Technologies Corp.*
|
2,542
|
158,112
|
||||||
IntriCon Corp.*(a)
|
8,401
|
118,790
|
||||||
Invacare Corp.*
|
18,059
|
111,244
|
||||||
PetIQ, Inc.*(a)
|
4,907
|
150,547
|
||||||
655,608
|
||||||||
Industrials—17.4%
|
||||||||
ABM Industries, Inc.
|
1,331
|
40,902
|
||||||
Air Transport Services Group, Inc.*
|
11,687
|
251,738
|
||||||
Alaska Air Group, Inc.*
|
5,851
|
200,046
|
||||||
Argan, Inc.
|
5,540
|
204,925
|
||||||
Beacon Roofing Supply, Inc.*(a)
|
12,671
|
311,960
|
||||||
Cubic Corp.(a)
|
2,083
|
85,840
|
||||||
Echo Global Logistics, Inc.*
|
4,453
|
92,177
|
||||||
Great Lakes Dredge & Dock Corp.*
|
32,397
|
300,320
|
||||||
Hillenbrand, Inc.(a)
|
4,112
|
105,843
|
||||||
ICF International, Inc.
|
5,079
|
333,081
|
||||||
JetBlue Airways Corp.*
|
15,447
|
155,551
|
||||||
KAR Auction Services, Inc.*
|
9,256
|
132,824
|
||||||
Maxar Technologies, Inc.(a)
|
24,427
|
368,115
|
||||||
Orion Group Holdings, Inc.*
|
21,631
|
56,889
|
||||||
PGT Innovations, Inc.*
|
6,024
|
81,987
|
||||||
Tutor Perini Corp.*(a)*
|
12,460
|
130,830
|
||||||
Vectrus, Inc.*
|
5,407
|
296,952
|
||||||
3,149,980
|
||||||||
Information Technology—10.1%
|
||||||||
Alpha & Omega Semiconductor Ltd.*
|
12,669
|
133,278
|
||||||
Axcelis Technologies, Inc.*
|
10,027
|
269,225
|
||||||
Celestica, Inc.*
|
27,087
|
183,650
|
||||||
KBR, Inc.(a)
|
18,788
|
440,578
|
||||||
MicroStrategy, Inc., Class A*
|
898
|
111,783
|
||||||
NeoPhotonics Corp.*
|
15,425
|
133,735
|
||||||
NetScout Systems, Inc.*
|
3,646
|
100,156
|
||||||
OneSpan, Inc.*
|
9,279
|
188,549
|
||||||
QAD, Inc., Class A
|
2,772
|
126,597
|
||||||
SMART Global Holdings, Inc.*(a)
|
5,313
|
142,282
|
||||||
1,829,833
|
||||||||
Materials—6.0%
|
||||||||
AdvanSix, Inc.*
|
9,725
|
115,144
|
||||||
Allegheny Technologies, Inc.*(a)
|
12,121
|
105,210
|
||||||
Carpenter Technology Corp.(a)
|
3,691
|
86,259
|
||||||
CF Industries Holdings, Inc.(a)
|
4,272
|
125,468
|
||||||
Schweitzer-Mauduit International, Inc.
|
17,594
|
534,682
|
||||||
Valvoline, Inc.
|
6,466
|
118,651
|
||||||
1,085,414
|
||||||||
Real Estate—9.8%
|
||||||||
Brixmor Property Group, Inc.(a)*
|
19,421
|
216,738
|
||||||
Equity Commonwealth
|
2,518
|
84,857
|
||||||
Getty Realty Corp.
|
6,733
|
179,232
|
||||||
Industrial Logistics Properties Trust
|
9,262
|
173,662
|
||||||
Investors Real Estate Trust
|
3,800
|
269,420
|
||||||
Kennedy-Wilson Holdings, Inc.
|
6,377
|
89,406
|
||||||
Piedmont Office Realty Trust, Inc., Class A
|
16,232
|
270,750
|
||||||
Plymouth Industrial REIT, Inc.
|
11,111
|
164,443
|
||||||
UMH Properties, Inc.(a)
|
26,946
|
336,286
|
||||||
1,784,794
|
||||||||
Utilities—5.2%
|
||||||||
ALLETE, Inc.
|
2,477
|
145,474
|
||||||
Avista Corp.(a)
|
3,995
|
156,484
|
||||||
New Jersey Resources Corp.
|
6,939
|
243,698
|
||||||
NorthWestern Corp.
|
1,495
|
89,880
|
||||||
Portland General Electric Co.
|
1,509
|
71,089
|
||||||
South Jersey Industries, Inc.(a)
|
8,540
|
242,194
|
||||||
948,819
|
||||||||
TOTAL COMMON STOCKS
|
||||||||
(Cost $17,014,620)
|
17,312,665
|
|||||||
WARRANTS—0.0%
|
||||||||
Energy—0.0%
|
||||||||
TETRA Technologies, Inc. *‡
|
20,950
|
2
|
||||||
TOTAL WARRANTS
|
||||||||
(Cost $4,475)
|
2
|
|||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—21.4%
|
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.33%(b)
|
3,877,794
|
3,877,794
|
||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
|
||||||||
(Cost $3,877,794)
|
3,877,794
|
|||||||
SHORT-TERM INVESTMENTS—4.8%
|
||||||||
U.S. Bank Money Market Deposit Account, 0.13%(b)
|
879,848
|
879,848
|
||||||
TOTAL SHORT-TERM INVESTMENTS
|
||||||||
(Cost $879,848)
|
879,848
|
|||||||
TOTAL INVESTMENTS—121.6%
|
||||||||
(Cost $21,776,737)
|
22,070,309
|
|||||||
LIABILITIES IN EXCESS OF OTHER ASSETS—(21.6)%
|
(3,922,416
|
)
|
||||||
NET ASSETS—100.0%
|
$
|
18,147,893
|
*
|
Non-income producing.
|
|||||
(a)
|
All or a portion of the security is on loan. At May 31, 2020, the market value of securities on loan was $4,695,156.
|
|||||
(b)
|
The rate shown is as of May 31, 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 May 31, 2020, these securities amounted to $2 or 0.0% of net assets.
|
BOSTON PARTNERS INVESTMENT FUNDS
|
WPG PARTNERS SMALL/MICRO CAP VALUE FUND
|
NOTES TO PORTFOLIO OF INVESTMENTS
|
MAY 31, 2020 (UNAUDITED)
|
PORTFOLIO VALUATION — The WPG Partners Small/Micro 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 May 31, 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
|
||||||||||||||||||||
Consumer Discretionary
|
$
|
503,401
|
$
|
503,401
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||
Consumer Staples
|
1,912,656
|
1,912,656
|
-
|
-
|
-
|
|||||||||||||||
Energy
|
1,710,412
|
1,710,412
|
-
|
-
|
-
|
|||||||||||||||
Financials
|
3,731,748
|
3,731,748
|
-
|
-
|
-
|
|||||||||||||||
Health Care
|
655,608
|
655,608
|
-
|
-
|
-
|
|||||||||||||||
Industrials
|
3,149,980
|
3,149,980
|
-
|
-
|
-
|
|||||||||||||||
Information Technology
|
1,829,833
|
1,829,833
|
-
|
-
|
-
|
|||||||||||||||
Materials
|
1,085,414
|
1,085,414
|
-
|
-
|
-
|
|||||||||||||||
Real Estate
|
1,784,794
|
1,784,794
|
-
|
-
|
-
|
|||||||||||||||
Utilities
|
948,819
|
948,819
|
-
|
-
|
-
|
|||||||||||||||
Warrants
|
2
|
-
|
-
|
2
|
-
|
|||||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral
|
3,877,794
|
-
|
-
|
-
|
3,877,794
|
|||||||||||||||
Short-Term Investments
|
879,848
|
879,848
|
-
|
-
|
-
|
|||||||||||||||
Total Assets
|
$
|
22,070,309
|
$
|
18,192,513
|
$
|
-
|
$
|
2
|
$
|
3,877,794
|
*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.
|
|||||
|
|||||
During the current fiscal year, the Fund had no significant level 3 investments or 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.
|
|||||
|