NPORT-EX 2 smallcap-nport.htm NPORT-EX

BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS SMALL CAP VALUE FUND II
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2019 (UNAUDITED)
  
   
   
NUMBER OF
        
   
SHARES
    
VALUE
  
COMMON STOCKS—96.7%
            
Basic Industries—6.9%
            
Ferro Corp.*
    
99,578
    
$
1,435,915
  
Graphic Packaging Holding Co.
    
686,967
      
11,176,953
  
Innophos Holdings, Inc.
    
75,751
      
2,416,457
  
Orion Engineered Carbons SA(a)
    
137,924
      
2,507,458
  
Owens-Illinois, Inc.(a)
    
203,889
      
2,014,423
  
PQ Group Holdings, Inc.*(a)
    
238,402
      
3,781,056
  
Schweitzer-Mauduit International, Inc.(a)
    
133,975
      
5,876,144
  
SunCoke Energy, Inc.
    
521,279
      
2,668,948
  
Valvoline, Inc.
    
433,612
      
9,821,312
  
             
41,698,666
  
Capital Goods—10.2%
                
Aegion Corp.*
    
195,307
      
4,230,349
  
BMC Stock Holdings, Inc.*
    
142,584
      
4,221,912
  
Continental Building Products, Inc.*
    
76,108
      
2,800,013
  
Foundation Building Materials, Inc.*
    
111,911
      
2,287,461
  
Granite Construction, Inc.(a)
    
42,689
      
1,099,669
  
LCI Industries(a)
    
56,247
      
5,988,056
  
Minerals Technologies, Inc.
    
80,382
      
4,340,628
  
NN, Inc.
    
116,587
      
1,015,473
  
Olin Corp.
    
43,626
      
764,327
  
Orion Group Holdings, Inc.*
    
260,133
      
1,433,333
  
Timken Co., (The)
    
80,953
      
4,257,318
  
Trinseo SA
    
72,634
      
2,759,366
  
Tutor Perini Corp.*(a)
    
150,212
      
2,392,877
  
WESCO International, Inc.*
    
230,889
      
12,149,379
  
World Fuel Services Corp.
    
233,157
      
9,885,857
  
ZAGG, Inc.*(a)
    
258,550
      
1,985,664
  
             
61,611,682
  
Communications—0.3%
                
AMC Networks, Inc., Class A*(a)
    
53,908
      
2,071,684
  
Consumer Durables—1.6%
                
Frontdoor, Inc.*
    
79,520
      
3,599,075
  
La-Z-Boy, Inc.
    
47,822
      
1,511,175
  
Spectrum Brands Holdings, Inc.
    
34,036
      
2,127,931
  
Standard Motor Products, Inc.(a)
    
36,798
      
1,853,515
  
Strattec Security Corp.
    
17,739
      
414,738
  
             
9,506,434
  
Consumer Non-Durables—4.8%
                
Energizer Holdings, Inc.(a)
    
173,044
      
8,633,165
  
Fresh Del Monte Produce, Inc.
    
89,302
      
2,920,175
  
Movado Group, Inc.(a)
    
67,300
      
1,315,715
  
Skechers U.S.A., Inc., Class A*
    
170,148
      
6,843,353
  
Steven Madden Ltd.
    
140,067
      
5,948,645
  
Universal Corp.
    
57,116
      
2,982,598
  
             
28,643,651
  
Consumer Services—13.5%
                
ABM Industries, Inc.(a)
    
120,853
      
4,591,205
  
ACCO Brands Corp.
    
317,647
      
2,906,470
  
ASGN, Inc.*
    
71,757
      
4,808,437
  
CBIZ, Inc.*
    
120,056
      
3,224,704
  
Civeo Corp.*
    
425,787
      
385,678
  
Ennis, Inc.(a)
    
47,873
      
988,099
  
Entercom Communications Corp., Class A(a)
    
387,059
      
1,830,789
  
Extended Stay America, Inc.
    
196,644
      
2,902,465
  
FTI Consulting, Inc.*(a)
    
75,182
      
8,194,086
  
Group 1 Automotive, Inc.
    
23,018
      
2,372,926
  
Huron Consulting Group, Inc.*
    
35,898
      
2,406,961
  
IAA, Inc.*
    
74,034
      
3,355,961
  
ICF International, Inc.
    
62,375
      
5,596,909
  
KAR Auction Services, Inc.(a)
    
276,453
      
5,838,687
  
Lithia Motors, Inc., Class A
    
89,816
      
14,422,653
  
MAXIMUS, Inc.
    
43,732
      
3,264,594
  
Playa Hotels & Resorts NV*
    
230,068
      
1,812,936
  
PRA Group, Inc.*(a)
    
82,665
      
3,028,846
  
Tetra Tech, Inc.
    
74,415
      
6,570,100
  
TravelCenters of America, Inc.*
    
34,906
      
354,994
  
Viad Corp.
    
32,805
      
2,063,435
  
             
80,920,935
  
Energy—2.9%
                
Apergy Corp.*
    
78,879
      
2,014,570
  
Cactus, Inc., Class A
    
95,683
      
2,888,670
  
Enerplus Corp.(a)
    
472,483
      
2,924,670
  
Extraction Oil & Gas, Inc.*(a)
    
250,130
      
360,187
  
Jagged Peak Energy, Inc.*(a)
    
131,283
      
875,657
  
Key Energy Services, Inc.*
    
115,167
      
19,693
  
Kosmos Energy Ltd.(a)
    
832,996
      
4,972,986
  
Nine Energy Service, Inc.*(a)
    
138,804
      
760,646
  
ProPetro Holding Corp.*(a)
    
110,119
      
949,226
  
Viper Energy Partners LP(a)
    
65,687
      
1,558,096
  
             
17,324,401
  
Finance—31.7%
                
AIR LEASE Corp.(a)
    
287,526
      
13,349,832
  
AllianceBernstein Holding LP
    
59,154
      
1,713,691
  
AMERISAFE, Inc.(a)
    
41,401
      
2,798,708
  
Ares Commercial Real Estate Corp.
    
107,549
      
1,682,066
  
Assured Guaranty Ltd.
    
242,212
      
12,025,826
  
Axis Capital Holdings Ltd.
    
35,798
      
2,118,526
  
BankUnited, Inc.
    
146,342
      
5,130,751
  
Boston Private Financial Holdings, Inc.
    
222,622
      
2,613,582
  
Cadence BanCorp
    
107,151
      
1,769,063
  
CenterState Banks, Inc.
    
122,523
      
3,115,760
  
Columbia Banking System, Inc.(a)
    
47,858
      
1,870,291
  
Essent Group Ltd.
    
176,351
      
9,637,582
  
Evercore, Inc., Class A
    
46,993
      
3,636,318
  
Federal Agricultural Mortgage Corp., Class C
    
50,306
      
4,177,913
  
First Citizens BancShares Inc., Class A
    
6,090
      
3,165,582
  
First Hawaiian, Inc.
    
286,105
      
8,165,437
  
First Merchants Corp.
    
82,212
      
3,328,764
  
First Midwest Bancorp Inc.(a)
    
101,035
      
2,178,315
  
FirstCash, Inc.
    
16,597
      
1,341,702
  
Flushing Financial Corp.
    
60,070
      
1,273,484
  
Gladstone Capital Corp.(a)
    
34,407
      
358,177
  
Global Indemnity Ltd.
    
31,173
      
896,847
  
Greenhill & Co., Inc.(a)
    
65,148
      
1,108,168
  
Hanmi Financial Corp.
    
123,593
      
2,426,131
  
Hanover Insurance Group Inc., (The)
    
40,508
      
5,506,252
  
Heritage Financial Corp.(a)
    
77,318
      
2,132,430
  
Hope Bancorp, Inc.
    
123,697
      
1,794,843
  
James River Group Holdings Ltd.
    
93,106
      
3,683,273
  
Luther Burbank Corp.
    
195,791
      
2,263,344
  
Merchants Bancorp
    
87,258
      
1,568,899
  
National General Holdings Corp.
    
294,906
      
6,278,549
  
Navient Corp.
    
485,865
      
6,972,163
  
Nelnet, Inc., Class A(a)
    
91,494
      
5,764,122
  
NMI Holdings, Inc., Class A*
    
191,171
      
6,417,610
  
Peapack Gladstone Financial Corp.
    
96,487
      
2,884,961
  
PennyMac Financial Services, Inc.
    
163,740
      
5,617,919
  
Preferred Bank(a)
    
37,969
      
2,093,990
  
ProAssurance Corp.
    
76,147
      
2,863,127
  
Radian Group, Inc.
    
179,922
      
4,649,184
  
RBB Bancorp
    
66,973
      
1,340,799
  
Silvercrest Asset Management Group, Inc., Class A
    
253,699
      
3,285,402
  
SLM Corp.(a)
    
1,410,775
      
12,033,911
  
South State Corp.
    
13,731
      
1,143,518
  
State Auto Financial Corp.
    
50,257
      
1,647,424
  
Synovus Financial Corp.
    
47,106
      
1,794,268
  
Umpqua Holdings Corp.
    
87,848
      
1,438,072
  
Walker & Dunlop, Inc.
    
149,448
      
9,809,767
  
Washington Federal, Inc.(a)
    
64,192
      
2,362,908
  
White Mountains Insurance Group Ltd.
    
4,545
      
5,030,951
  
             
190,260,202
  
Health Care—3.9%
                
Chemed Corp.
    
9,310
      
4,003,486
  
Envista Holdings Corp.*(a)
    
49,832
      
1,401,276
  
ICON PLC*
    
28,707
      
4,683,834
  
LHC Group, Inc.*(a)
    
38,703
      
5,162,980
  
Patterson Cos., Inc.(a)
    
83,037
      
1,615,900
  
Syneos Health, Inc.*(a)
    
117,653
      
6,460,327
  
             
23,327,803
  
Real Estate Investment Trusts—8.2%
                
Arlington Asset Investment Corp., Class A(a)
    
181,376
      
1,061,050
  
Blackstone Mortgage Trust, Inc., Class A(a)
    
186,651
      
6,837,026
  
Chatham Lodging Trust
    
88,905
      
1,626,961
  
Colony Capital, Inc.
    
294,550
      
1,437,404
  
Cousins Properties, Inc.(a)
    
47,026
      
1,904,083
  
Front Yard Residential Corp.(a)
    
58,003
      
672,835
  
Gladstone Commercial Corp.
    
40,481
      
922,157
  
MFA Financial, Inc.
    
1,077,958
      
8,257,158
  
Redwood Trust, Inc.(a)
    
198,135
      
3,205,824
  
Retail Properties of America, Inc., Class A
    
211,831
      
3,014,355
  
Spirit Realty Capital, Inc.
    
40,769
      
2,136,296
  
Starwood Property Trust, Inc.
    
179,131
      
4,388,710
  
Two Harbors Investment Corp.(a)
    
936,789
      
13,620,912
  
             
49,084,771
  
Technology—12.0%
                
Bel Fuse, Inc., Class B(a)
    
127,887
      
2,119,088
  
Belden, Inc.(a)
    
91,461
      
4,915,114
  
Brooks Automation, Inc.
    
46,464
      
2,080,193
  
Change Healthcare, Inc.*(a)
    
332,179
      
4,444,555
  
Ciena Corp.*
    
190,610
      
7,235,556
  
EnerSys
    
72,517
      
5,088,518
  
EVERTEC, Inc.
    
94,362
      
3,059,216
  
Insight Enterprises, Inc.*(a)
    
72,270
      
4,740,189
  
NCR Corp.*
    
144,724
      
4,751,289
  
PC Connection, Inc.(a)
    
29,218
      
1,441,032
  
Science Applications International Corp.
    
51,527
      
4,397,829
  
SMART Global Holdings, Inc.*
    
106,874
      
3,291,719
  
Sykes Enterprises, Inc.*
    
157,669
      
5,540,489
  
SYNNEX Corp.
    
79,316
      
9,740,798
  
TTEC Holdings, Inc.
    
106,430
      
4,888,330
  
Yelp, Inc.*(a)
    
119,236
      
4,135,104
  
             
71,869,019
  
Transportation—0.3%
                
Spirit Airlines, Inc.*(a)
    
55,087
      
2,152,249
  
Utilities—0.4%
                
Pure Cycle Corp.*
    
183,698
      
2,281,529
  
TOTAL COMMON STOCKS
                
(Cost $457,812,937)
            
580,753,026
  
                 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—19.7%
                
Mount Vernon Liquid Assets Portfolio, LLC, 1.81%(b)
    
118,083,344
      
118,083,344
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
                
(Cost $118,083,344)
            
118,083,344
  
SHORT-TERM INVESTMENTS—3.2%
                
Fidelity Investments Money Market Funds - Government Portfolio, 1.54%(b)
    
19,081,580
      
19,081,580
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $19,081,580)
            
19,081,580
  
TOTAL INVESTMENTS—119.6%
                
(Cost $594,977,861)
            
717,917,950
  
LIABILITIES IN EXCESS OF OTHER ASSETS—(19.6)%
            
(117,447,754
)
NET ASSETS—100.0%
          
$
600,470,196
  

PLC
Public Limited Company
      
*
Non-income producing.
      
(a)
All or a portion of the security is on loan.  At November 30, 2019, the market value of securities on loan was $114,281,372.
(b)
Seven-day yield as of November 30, 2019.
      
         
         
 
Industry classifications may be different than those used for compliance monitoring purposes.


BOSTON PARTNERS INVESTMENT FUNDS
BOSTON PARTNERS SMALL CAP VALUE FUND II
NOTES TO PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 2019 (UNAUDITED)
           
PORTFOLIO VALUATION — The Boston Partners Small 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, 2019, in valuing the Fund's investments carried at fair value:
  
   
A summary of the inputs used to value the Fund's investments carried at fair value as of November 30, 2019 is as follows (see Notes to Portfolio of Investments):

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
    
INVESTMENTS MEASURED AT
NET ASSET
VALUE*
  
Common Stock
                              
Basic Industries
  
$
41,698,666
    
$
41,698,666
    
$
-
    
$
-
    
$
-
  
Capital Goods
    
61,611,682
      
61,611,682
      
-
      
-
      
-
  
Communications
    
2,071,684
      
2,071,684
      
-
      
-
      
-
  
Consumer Durables
    
9,506,434
      
9,506,434
      
-
      
-
      
-
  
Consumer Non-Durables
    
28,643,651
      
28,643,651
      
-
      
-
      
-
  
Consumer Services
    
80,920,935
      
80,920,935
      
-
      
-
      
-
  
Energy
    
17,324,401
      
17,324,401
      
-
      
-
      
-
  
Finance
    
190,260,202
      
190,260,202
      
-
      
-
      
-
  
Health Care
    
23,327,803
      
23,327,803
      
-
      
-
      
-
  
Real Estate Investment Trusts
    
49,084,771
      
49,084,771
      
-
      
-
      
-
  
Technology
    
71,869,019
      
71,869,019
      
-
      
-
      
-
  
Transportation
    
2,152,249
      
2,152,249
      
-
      
-
      
-
  
Utilities
    
2,281,529
      
2,281,529
      
-
      
-
      
-
  
Investments Purchased with Proceeds from Securities Lending Collateral
    
118,083,344
      
-
      
-
      
-
      
118,083,344
  
Short-Term Investments
    
19,081,580
      
19,081,580
      
-
      
-
      
-
  
Total Assets
  
$
717,917,950
    
$
599,834,606
    
$
-
    
$
-
    
$
118,083,344
  
                                     

 
* 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.