NPORT-EX 2 wpg-nport.htm NPORT-EX

BOSTON PARTNERS INVESTMENT FUNDS
  
   
WPG PARTNERS SMALL/MICRO CAP VALUE FUND
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2019 (UNAUDITED)
  
   
   
NUMBER OF
        
   
SHARES
    
VALUE
  
COMMON STOCKS—95.9%
            
Basic Industries—5.2%
            
Allegheny Technologies, Inc.*(a)
    
12,340
    
$
284,560
  
Carpenter Technology Corp.
    
3,709
      
194,982
  
Haynes International, Inc.
    
4,070
      
149,450
  
Schweitzer-Mauduit International, Inc.
    
14,304
      
627,374
  
             
1,256,366
  
Capital Goods—13.0%
                
Argan, Inc.
    
8,003
      
293,230
  
Beacon Roofing Supply, Inc.*
    
3,918
      
116,169
  
Great Lakes Dredge & Dock Corp.*
    
21,962
      
234,554
  
KBR, Inc.
    
26,017
      
774,526
  
Landec Corp.*
    
34,188
      
391,795
  
Matrix Service Co.*(a)
    
14,892
      
311,838
  
Maxar Technologies, Inc.(a)
    
12,173
      
126,599
  
Orion Group Holdings, Inc.*
    
48,122
      
265,152
  
PGT Innovations, Inc.*
    
8,504
      
122,288
  
Tutor Perini Corp.*
    
31,715
      
505,220
  
             
3,141,371
  
Consumer Durables—0.6%
                
Libbey, Inc.*
    
42,164
      
72,944
  
Motorcar Parts of America, Inc.*
    
3,554
      
69,338
  
             
142,282
  
Consumer Non-Durables—3.3%
                
Cott Corp.(a)
    
17,485
      
233,775
  
Farmer Brothers Co.*
    
13,079
      
198,408
  
Fresh Del Monte Produce, Inc.
    
4,827
      
157,843
  
Primo Water Corp.*
    
19,240
      
196,248
  
             
786,274
  
Consumer Services—6.3%
                
Children's Place, Inc., (The)(a)
    
1,549
      
111,931
  
Del Taco Restaurants, Inc.*(a)
    
25,922
      
194,156
  
Hudson Ltd., Class A*
    
17,698
      
246,179
  
ICF International, Inc.
    
6,561
      
588,718
  
Lovesac Co., (The)*(a)
    
6,891
      
105,157
  
Vectrus, Inc.*
    
5,306
      
270,288
  
             
1,516,429
  
Energy—8.5%
                
Gulfport Energy Corp.*
    
31,789
      
75,340
  
HighPoint Resources Corp.*
    
235,063
      
293,829
  
Magnolia Oil & Gas Corp., Class A*(a)
    
54,801
      
595,139
  
Mammoth Energy Services, Inc.
    
21,873
      
34,340
  
Montage Resources Corp.*
    
5,601
      
27,669
  
National Energy Services Reunited Corp.*
    
43,319
      
396,369
  
Newpark Resources, Inc.*(a)
    
38,931
      
228,136
  
Solaris Oilfield Infrastructure, Inc., Class A(a)
    
22,992
      
246,704
  
TETRA Technologies, Inc.*
    
133,143
      
163,766
  
             
2,061,292
  
Finance—26.2%
                
Ameris Bancorp
    
8,746
      
381,763
  
Argo Group International Holdings Ltd.
    
5,515
      
362,777
  
Banner Corp.
    
8,348
      
456,051
  
Carter Bank & Trust
    
13,309
      
281,086
  
Central Pacific Financial Corp.
    
11,948
      
347,209
  
Essent Group Ltd.
    
6,390
      
349,213
  
First Foundation, Inc.
    
20,502
      
336,028
  
First Interstate BancSystem, Inc., Class A
    
7,919
      
333,390
  
Hanover Insurance Group, Inc., (The)
    
1,489
      
202,400
  
HomeStreet, Inc.*
    
17,420
      
556,046
  
Kemper Corp.(a)
    
5,028
      
371,670
  
Kennedy-Wilson Holdings, Inc.
    
9,575
      
216,491
  
Ladder Capital Corp.
    
13,090
      
226,326
  
MGIC Investment Corp.
    
31,958
      
460,515
  
National Bank Holdings Corp., Class A(a)
    
6,067
      
217,441
  
Origin Bancorp, Inc.
    
7,091
      
252,936
  
Popular, Inc.(a)
    
13,439
      
743,311
  
United Community Banks, Inc.
    
7,375
      
228,625
  
             
6,323,278
  
Health Care—3.2%
                
Accuray, Inc.*
    
69,608
      
214,392
  
IntriCon Corp.*(a)
    
7,252
      
136,483
  
Invacare Corp.
    
6,667
      
58,203
  
PetIQ, Inc.*(a)
    
15,587
      
358,501
  
             
767,579
  
Real Estate Investment Trusts—11.0%
                
Brixmor Property Group, Inc.(a)
    
17,189
      
377,127
  
Equity Commonwealth
    
10,767
      
353,696
  
Industrial Logistics Properties Trust
    
17,579
      
380,409
  
Investors Real Estate Trust
    
4,677
      
361,626
  
NexPoint Residential Trust, Inc.
    
3,827
      
183,122
  
Piedmont Office Realty Trust, Inc., Class A(a)
    
16,720
      
369,846
  
Plymouth Industrial REIT, Inc.
    
13,784
      
255,555
  
UMH Properties, Inc.
    
24,508
      
382,570
  
             
2,663,951
  
Technology—8.8%
                
Alpha & Omega Semiconductor Ltd.*
    
13,219
      
157,174
  
Cars.com, Inc.*(a)
    
9,941
      
132,116
  
Celestica, Inc.*
    
15,299
      
118,567
  
Coherent, Inc.*
    
1,600
      
241,376
  
CommVault Systems, Inc.*
    
2,246
      
113,693
  
Generac Holdings, Inc.*
    
1,881
      
185,278
  
MicroStrategy, Inc., Class A*
    
2,962
      
445,277
  
NeoPhotonics Corp.*
    
13,246
      
108,617
  
Plantronics, Inc.
    
10,337
      
261,940
  
QAD, Inc., Class A
    
3,021
      
154,403
  
SMART Global Holdings, Inc.*
    
6,847
      
210,888
  
             
2,129,329
  
Transportation—6.1%
                
Air Transport Services Group, Inc.*
    
4,834
      
118,965
  
Ardmore Shipping Corp.*
    
30,600
      
244,494
  
Euronav NV
    
18,001
      
195,491
  
Scorpio Tankers, Inc.
    
9,123
      
313,740
  
Spirit Airlines, Inc.*
    
3,302
      
129,009
  
StealthGas, Inc.*
    
43,726
      
152,166
  
Teekay Tankers Ltd., Class A
    
8,552
      
161,635
  
YRC Worldwide, Inc.*
    
49,377
      
172,326
  
             
1,487,826
  
Utilities—3.7%
                
ALLETE, Inc.
    
1,789
      
143,317
  
Avista Corp.
    
2,981
      
140,942
  
New Jersey Resources Corp.
    
2,909
      
123,749
  
NorthWestern Corp.
    
1,932
      
138,273
  
Portland General Electric Co.
    
3,128
      
173,635
  
South Jersey Industries, Inc.(a)
    
5,769
      
180,224
  
             
900,140
  
TOTAL COMMON STOCKS
                
(Cost $20,736,276)
            
23,176,117
  
WARRANTS—0.0%
                
Energy—0.0%
                
TETRA Technologies, Inc. *‡
    
20,950
      
733
  
TOTAL WARRANTS
                
(Cost $4,475)
            
733
  
                 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—15.9%
                
Mount Vernon Liquid Assets Portfolio, LLC, 1.81%(b)
    
3,859,257
      
3,859,257
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
                
(Cost $3,859,257)
            
3,859,257
  
SHORT-TERM INVESTMENTS—4.3%
                
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 1.52%(b)
    
1,050,965
      
1,050,965
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $1,050,965)
            
1,050,965
  
TOTAL INVESTMENTS—116.1%
                
(Cost $25,650,973)
            
28,087,072
  
LIABILITIES IN EXCESS OF OTHER ASSETS—(16.1)%
            
(3,887,798
)
NET ASSETS—100.0%
          
$
24,199,274
  
 
*
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 $3,731,772.
(b)
Seven-day yield as of November 30, 2019.
          
‡
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 November 30, 2019, these securities amounted to $733 or 0.0% of net assets.
             
 
Industry classifications may be different than those used for compliance monitoring purposes.


BOSTON PARTNERS INVESTMENT FUNDS
WPG PARTNERS SMALL/MICRO CAP VALUE FUND
NOTES TO PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 2019 (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 November 30, 2019, 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
                              
Basic Industries
  
$
1,256,366
    
$
1,256,366
    
$
-
    
$
-
    
$
-
  
Capital Goods
    
3,141,371
      
3,141,371
      
-
      
-
      
-
  
Consumer Durables
    
142,282
      
142,282
      
-
      
-
      
-
  
Consumer Non-Durables
    
786,274
      
786,274
      
-
      
-
      
-
  
Consumer Services
    
1,516,429
      
1,516,429
      
-
      
-
      
-
  
Energy
    
2,061,292
      
2,061,292
      
-
      
-
      
-
  
Finance
    
6,323,278
      
6,323,278
      
-
      
-
      
-
  
Health Care
    
767,579
      
767,579
      
-
      
-
      
-
  
Real Estate Investment Trusts
    
2,663,951
      
2,663,951
      
-
      
-
      
-
  
Technology
    
2,129,329
      
2,129,329
      
-
      
-
      
-
  
Transportation
    
1,487,826
      
1,487,826
      
-
      
-
      
-
  
Utilities
    
900,140
      
900,140
      
-
      
-
      
-
  
Warrants
    
733
      
-
      
-
      
733
      
-
  
Investments Purchased with Proceeds from Securities Lending Collateral
    
3,859,257
      
-
      
-
      
-
      
3,859,257
  
Short-Term Investments
    
1,050,965
      
1,050,965
      
-
      
-
      
-
  
Total Assets
  
$
28,087,072
    
$
24,227,082
    
$
-
    
$
733
    
$
3,859,257
  
                                         
*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.