NPORT-EX 2 smallcap2.htm NPORT-EX


BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS SMALL CAP VALUE FUND II
  
PORTFOLIO OF INVESTMENTS
  
MAY 31, 2020 (UNAUDITED)
  
   
   
NUMBER OF
        
   
SHARES
    
VALUE
  
COMMON STOCKS—97.9%
            
Communication Services—1.3%
            
Nexstar Media Group, Inc., Class A
    
19,177
    
$
1,597,636
  
TripAdvisor, Inc.(a)
    
126,691
      
2,442,602
  
Yelp, Inc.*(a)
    
134,654
      
2,927,378
  
             
6,967,616
  
Consumer Discretionary—11.0%
                
Beazer Homes USA, Inc.*
    
124,367
      
1,221,284
  
Dave & Buster's Entertainment, Inc.*(a)
    
85,444
      
1,127,006
  
Extended Stay America, Inc.(a)
    
154,589
      
1,777,774
  
Foot Locker, Inc.(a)
    
150,416
      
4,166,523
  
Frontdoor, Inc.*
    
137,740
      
6,287,831
  
Hanesbrands, Inc.(a)
    
314,956
      
3,105,466
  
International Game Technology PLC(a)
    
275,090
      
2,319,009
  
LCI Industries(a)
    
63,522
      
6,284,231
  
Lithia Motors, Inc., Class A(a)
    
74,265
      
8,955,616
  
Movado Group, Inc.*(a)
    
76,003
      
798,032
  
Six Flags Entertainment Corp.*(a)
    
56,230
      
1,292,165
  
Skechers U.S.A., Inc., Class A*
    
192,151
      
6,018,169
  
Standard Motor Products, Inc.*
    
41,558
      
1,768,293
  
Steven Madden Ltd.*
    
158,178
      
3,720,347
  
Tempur Sealy International, Inc.*
    
48,619
      
3,171,417
  
Toll Brothers, Inc.
    
50,428
      
1,629,329
  
TravelCenters of America, Inc.*
    
44,538
      
606,608
  
Wyndham Destinations, Inc.
    
56,056
      
1,782,581
  
ZAGG, Inc.*(a)
    
291,985
      
871,575
  
             
56,903,256
  
Consumer Staples—3.7%
                
Energizer Holdings, Inc.(a)
    
199,044
      
8,734,051
  
Fresh Del Monte Produce, Inc.
    
100,850
      
2,510,157
  
Nomad Foods Ltd.*
    
160,382
      
3,396,891
  
Spectrum Brands Holdings, Inc.
    
38,439
      
1,818,933
  
Universal Corp.
    
64,501
      
2,841,914
  
             
19,301,946
  
Energy—2.9%
                
Apergy Corp.*(a)
    
89,079
      
807,947
  
Cactus, Inc., Class A
    
108,056
      
2,061,708
  
Parsley Energy, Inc., Class A
    
143,199
      
1,308,839
  
ProPetro Holding Corp.*
    
254,255
      
1,258,562
  
Viper Energy Partners LP(a)
    
195,324
      
2,048,949
  
World Fuel Services Corp.
    
285,678
      
7,279,075
  
             
14,765,080
  
Financials—30.3%
                
AllianceBernstein Holding LP
    
67,799
      
1,692,941
  
AMERISAFE, Inc.(a)
    
46,570
      
2,858,467
  
Anworth Mortgage Asset Corp.
    
670,417
      
978,809
  
Ares Commercial Real Estate Corp.
    
121,457
      
904,855
  
Assured Guaranty Ltd.
    
253,003
      
6,560,368
  
Axis Capital Holdings Ltd.
    
138,316
      
5,192,383
  
BankUnited, Inc.
    
165,266
      
3,054,116
  
Blackstone Mortgage Trust, Inc., Class A(a)
    
210,789
      
4,972,512
  
CenterState Banks, Inc.
    
138,368
      
2,186,214
  
Columbia Banking System, Inc.
    
54,048
      
1,316,609
  
Essent Group Ltd.
    
161,224
      
5,328,453
  
Evercore, Inc., Class A
    
76,478
      
4,214,703
  
Federal Agricultural Mortgage Corp., Class C
    
56,812
      
3,643,354
  
First American Financial Corp.
    
78,329
      
3,954,831
  
First Citizens BancShares Inc., Class A
    
6,879
      
2,648,415
  
First Hawaiian, Inc.
    
323,105
      
5,573,561
  
First Horizon National Corp.(a)
    
204,495
      
1,912,028
  
First Merchants Corp.
    
92,843
      
2,605,175
  
FirstCash, Inc.
    
83,507
      
5,826,283
  
Flushing Financial Corp.
    
67,837
      
769,272
  
Global Indemnity Ltd., Class A
    
67,036
      
1,626,293
  
Greenlight Capital Re Ltd., Class A*(a)
    
175,847
      
1,273,132
  
Hanover Insurance Group, Inc., (The)
    
55,499
      
5,569,325
  
Heritage Financial Corp., Class A(a)
    
87,317
      
1,659,023
  
Hope Bancorp, Inc.
    
139,692
      
1,326,376
  
James River Group Holdings Ltd.
    
105,145
      
4,065,957
  
Luther Burbank Corp.(a)
    
218,948
      
2,250,785
  
Merchants Bancorp.(a)
    
97,095
      
1,658,383
  
Mr Cooper Group, Inc.*
    
183,820
      
2,049,593
  
National General Holdings Corp.
    
333,044
      
6,760,793
  
Navient Corp.
    
710,974
      
5,289,647
  
Nelnet, Inc., Class A
    
58,089
      
2,863,207
  
NMI Holdings, Inc., Class A*
    
295,255
      
4,536,593
  
PennyMac Financial Services, Inc.
    
184,915
      
6,209,446
  
PRA Group, Inc.*(a)
    
93,354
      
3,185,238
  
ProAssurance Corp.
    
85,995
      
1,186,731
  
Radian Group, Inc.
    
175,759
      
2,791,053
  
RBB Bancorp
    
75,634
      
970,384
  
Reinsurance Group of America, Inc.
    
21,032
      
1,908,654
  
Silvercrest Asset Management Group, Inc., Class A
    
271,132
      
3,055,658
  
SLM Corp.
    
1,210,968
      
9,179,137
  
State Auto Financial Corp.
    
56,757
      
1,131,735
  
Synovus Financial Corp.
    
53,198
      
1,020,870
  
Two Harbors Investment Corp.
    
924,751
      
4,179,874
  
Umpqua Holdings Corp.
    
99,209
      
1,129,990
  
Velocity Financial, Inc.*(a)
    
288,671
      
1,122,930
  
Walker & Dunlop, Inc.
    
168,774
      
6,835,347
  
Washington Federal, Inc.
    
72,495
      
1,874,721
  
White Mountains Insurance Group Ltd.
    
4,379
      
4,009,237
  
             
156,913,461
  
Health Care—7.6%
                
Change Healthcare, Inc.*(a)
    
847,521
      
10,577,062
  
Envista Holdings Corp.*(a)
    
286,170
      
6,049,634
  
Hanger, Inc.*
    
77,001
      
1,413,738
  
ICON PLC*
    
24,107
      
4,060,824
  
LHC Group, Inc.*(a)
    
28,170
      
4,577,907
  
R1 RCM, Inc.*
    
192,852
      
2,046,160
  
Syneos Health, Inc.*(a)
    
166,747
      
10,169,899
  
US Physical Therapy, Inc.
    
6,577
      
487,619
  
             
39,382,843
  
Industrials—18.1%
                
ABM Industries, Inc.(a)
    
315,524
      
9,696,053
  
ACCO Brands Corp.
    
358,725
      
2,220,508
  
AECOM Technology Corp.*
    
84,665
      
3,282,462
  
Aegion Corp.*
    
136,431
      
2,047,829
  
AIR LEASE Corp.(a)
    
88,404
      
2,661,845
  
Alaska Air Group, Inc.*(a)
    
40,797
      
1,394,849
  
ASGN, Inc.*
    
108,042
      
6,654,307
  
BMC Stock Holdings, Inc.*
    
161,023
      
4,213,972
  
CBIZ, Inc.*
    
135,582
      
3,070,932
  
Covanta Holding Corp.
    
161,955
      
1,457,595
  
CRA International, Inc.(a)
    
94,213
      
3,805,263
  
Curtiss-Wright Corp.
    
46,029
      
4,616,709
  
EnerSys
    
110,655
      
7,004,462
  
Ennis, Inc.(a)
    
54,064
      
962,339
  
Foundation Building Materials, Inc.*(a)
    
126,383
      
1,683,422
  
FTI Consulting, Inc.*(a)
    
45,079
      
5,430,216
  
Harsco Corp.*
    
256,938
      
2,867,428
  
HD Supply Holdings, Inc.*
    
51,357
      
1,628,531
  
Heidrick & Struggles International, Inc.
    
53,023
      
1,176,050
  
Hillenbrand, Inc.
    
79,989
      
2,058,917
  
Huron Consulting Group, Inc.*
    
40,540
      
1,875,380
  
IAA, Inc.*
    
83,608
      
3,427,928
  
ICF International, Inc.
    
70,441
      
4,619,521
  
KAR Auction Services, Inc.*
    
409,269
      
5,873,010
  
Landstar System, Inc.(a)
    
18,666
      
2,170,109
  
ManpowerGroup, Inc.(a)
    
17,600
      
1,216,864
  
MasTec, Inc.*(a)
    
45,574
      
1,784,222
  
NN, Inc.
    
257,198
      
1,149,675
  
Viad Corp.*
    
68,907
      
1,263,754
  
WESCO International, Inc.*
    
70,781
      
2,357,007
  
             
93,671,159
  
Information Technology—13.8%
                
Bel Fuse, Inc., Class B(a)
    
144,426
      
1,353,272
  
Belden, Inc.
    
132,359
      
4,505,500
  
Ciena Corp.*(a)
    
92,225
      
5,096,354
  
Diebold Nixdorf, Inc.*
    
194,028
      
929,394
  
DXC Technology Co.*
    
204,346
      
2,903,757
  
EVERTEC, Inc.
    
146,574
      
4,268,235
  
First Solar, Inc.*(a)
    
36,084
      
1,682,236
  
Insight Enterprises, Inc.*(a)
    
81,615
      
4,183,585
  
MAXIMUS, Inc.
    
49,389
      
3,556,996
  
NCR Corp.*(a)
    
226,258
      
4,083,957
  
PC Connection, Inc.
    
32,998
      
1,428,153
  
Science Applications International Corp.
    
100,222
      
8,823,545
  
SMART Global Holdings, Inc.*(a)
    
120,694
      
3,232,185
  
Sykes Enterprises, Inc.*
    
176,639
      
4,815,179
  
SYNNEX Corp.*
    
107,784
      
11,495,164
  
TTEC Holdings, Inc.
    
111,829
      
4,737,076
  
Ultra Clean Holdings, Inc.*
    
77,176
      
1,599,858
  
Unisys Corp.*(a)
    
243,128
      
2,761,934
  
             
71,456,380
  
Materials—7.9%
                
Graphic Packaging Holding Co.
    
1,076,636
      
15,578,923
  
Huntsman Corp.
    
98,131
      
1,781,078
  
Ingevity Corp.*
    
67,103
      
3,534,315
  
Minerals Technologies, Inc.
    
61,284
      
3,021,914
  
Orion Engineered Carbons SA*
    
155,759
      
1,722,694
  
PQ Group Holdings, Inc.*(a)
    
153,670
      
1,928,558
  
Schweitzer-Mauduit International, Inc.(a)
    
151,300
      
4,598,007
  
Valvoline, Inc.
    
489,685
      
8,985,720
  
             
41,151,209
  
Real Estate—0.9%
                
Cousins Properties, Inc.(a)
    
99,694
      
3,102,477
  
Spirit Realty Capital, Inc.(a)
    
46,042
      
1,308,974
  
             
4,411,451
  
Utilities—0.4%
                
Pure Cycle Corp.*
    
207,454
      
2,107,733
  
TOTAL COMMON STOCKS
                
(Cost $487,834,614)
            
507,032,134
  
                 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—18.5%
                
Mount Vernon Liquid Assets Portfolio, LLC, 0.33%
    
96,033,940
      
96,033,940
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
                
(Cost $96,033,940)
            
96,033,940
  
SHORT-TERM INVESTMENTS—1.9%
                
U.S. Bank Money Market Deposit Account, 0.13%(b)
    
9,586,374
      
9,586,374
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $9,586,374)
            
9,586,374
  
TOTAL INVESTMENTS—118.3%
                
(Cost $593,454,928)
            
612,652,448
  
LIABILITIES IN EXCESS OF OTHER ASSETS—(18.3)%
            
(94,619,214
)
NET ASSETS—100.0%
          
$
518,033,234
  

PLC
Public Limited Company
      
*
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 $121,322,803.
(b)
the rate shown is as of May 31, 2020.
 


BOSTON PARTNERS INVESTMENT FUNDS
BOSTON PARTNERS SMALL CAP VALUE FUND II
NOTES TO PORTFOLIO OF INVESTMENTS
MAY 31, 2020 (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 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
                              
Communication Services
  
$
6,967,616
    
$
6,967,616
    
$
-
    
$
-
    
$
-
  
Consumer Discretionary
    
56,903,256
      
56,903,256
      
-
      
-
      
-
  
Consumer Staples
    
19,301,946
      
19,301,946
      
-
      
-
      
-
  
Energy
    
14,765,080
      
14,765,080
      
-
      
-
      
-
  
Financials
    
156,913,461
      
156,913,461
      
-
      
-
      
-
  
Health Care
    
39,382,843
      
39,382,843
      
-
      
-
      
-
  
Industrials
    
93,671,159
      
93,671,159
      
-
      
-
      
-
  
Information Technology
    
71,456,380
      
71,456,380
      
-
      
-
      
-
  
Materials
    
41,151,209
      
41,151,209
      
-
      
-
      
-
  
Real Estate
    
4,411,451
      
4,411,451
      
-
      
-
      
-
  
Utilities
    
2,107,733
      
2,107,733
      
-
      
-
      
-
  
Investments Purchased with Proceeds from Securities Lending Collateral
    
96,033,940
      
-
      
-
      
-
      
96,033,940
  
Short-Term Investments
    
9,586,374
      
9,586,374
      
-
      
-
      
-
  
Total Assets
  
$
612,652,448
    
$
516,618,508
    
$
-
    
$
-
    
$
96,033,940
  

* 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 toexecute 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.