NPORT-EX 2 smallcap.htm NPORT-EX

BOSTON PARTNERS INVESTMENT FUNDS
  
   
BOSTON PARTNERS SMALL CAP VALUE FUND II
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2020 (UNAUDITED)
  
   
   
NUMBER OF
        
   
SHARES
    
VALUE
  
COMMON STOCKS—96.2%
            
Communication Services—1.5%
            
Nexstar Media Group, Inc., Class A
    
38,075
    
$
4,007,394
  
Yelp, Inc.*
    
186,174
      
5,946,397
  
             
9,953,791
  
Consumer Discretionary—11.7%
                
Beazer Homes USA, Inc.*
    
124,060
      
1,837,329
  
Callaway Golf Co.*
    
18,388
      
390,745
  
Carriage Services, Inc.(a)
    
49,518
      
1,347,385
  
Extended Stay America, Inc.
    
154,207
      
2,114,178
  
Foot Locker, Inc.(a)
    
150,046
      
5,611,720
  
Frontdoor, Inc.*
    
137,399
      
6,504,469
  
Hanesbrands, Inc.(a)
    
314,180
      
4,461,356
  
Harley-Davidson, Inc.(a)
    
166,943
      
6,726,133
  
International Game Technology PLC*
    
274,412
      
3,454,847
  
LCI Industries
    
50,127
      
6,304,974
  
Lithia Motors, Inc., Class A(a)
    
54,514
      
15,770,900
  
Movado Group, Inc.*(a)
    
75,816
      
1,283,565
  
Skechers U.S.A., Inc., Class A*
    
191,677
      
6,415,429
  
Standard Motor Products, Inc.
    
41,456
      
1,918,998
  
Steven Madden Ltd.*
    
157,786
      
4,965,525
  
Tempur Sealy International, Inc.*(a)
    
112,940
      
2,844,959
  
Toll Brothers, Inc.
    
50,303
      
2,381,847
  
TravelCenters of America, Inc.*
    
44,428
      
1,445,687
  
Wyndham Destinations, Inc.
    
57,294
      
2,409,786
  
ZAGG, Inc.*(a)
    
291,267
      
1,115,553
  
             
79,305,385
  
Consumer Staples—3.1%
                
Energizer Holdings, Inc.(a)
    
198,552
      
8,317,343
  
Fresh Del Monte Produce, Inc.
    
148,309
      
3,765,566
  
Nomad Foods Ltd.*
    
159,985
      
3,863,638
  
Spectrum Brands Holdings, Inc.
    
38,345
      
2,562,596
  
Universal Corp.
    
64,343
      
2,928,250
  
             
21,437,393
  
Energy—4.3%
                
Cactus, Inc., Class A
    
107,789
      
2,500,705
  
ChampionX Corp.*
    
468,152
      
5,561,646
  
Diamondback Energy, Inc.(a)
    
92,461
      
3,694,742
  
Helmerich & Payne, Inc.
    
119,375
      
2,718,169
  
National Energy Services Reunited Corp.*
    
54,349
      
475,010
  
Parsley Energy, Inc., Class A(a)
    
142,846
      
1,789,860
  
ProPetro Holding Corp.*
    
352,124
      
2,031,755
  
Viper Energy Partners LP(a)
    
194,842
      
2,182,230
  
World Fuel Services Corp.
    
284,973
      
8,098,933
  
             
29,053,050
  
Financials—28.4%
                
AllianceBernstein Holding LP
    
74,309
      
2,368,228
  
AMERISAFE, Inc.
    
46,455
      
2,542,482
  
Ares Commercial Real Estate Corp.(a)
    
121,156
      
1,349,678
  
Assured Guaranty Ltd.
    
330,324
      
9,952,662
  
Axis Capital Holdings Ltd.
    
179,032
      
8,971,294
  
BankUnited, Inc.
    
164,857
      
4,700,073
  
Blackstone Mortgage Trust, Inc., Class A(a)
    
210,270
      
5,462,815
  
Columbia Banking System, Inc.
    
53,915
      
1,704,253
  
Essent Group Ltd.
    
192,384
      
8,437,962
  
Evercore, Inc., Class A
    
76,289
      
6,936,959
  
Federal Agricultural Mortgage Corp., Class C
    
56,672
      
3,836,694
  
First American Financial Corp.
    
103,575
      
5,017,173
  
First Citizens BancShares Inc., Class A(a)
    
6,864
      
3,628,242
  
First Hawaiian, Inc.
    
322,307
      
7,064,969
  
First Horizon National Corp.
    
203,992
      
2,492,782
  
First Merchants Corp.
    
92,613
      
3,085,865
  
FirstCash, Inc.
    
97,514
      
6,264,299
  
Flushing Financial Corp.
    
67,671
      
960,928
  
Hanover Insurance Group, Inc., (The)
    
55,364
      
6,220,145
  
Heritage Financial Corp.(a)
    
87,102
      
2,026,864
  
Heritage Insurance Holdings, Inc.
    
99,412
      
1,027,920
  
Hope Bancorp, Inc.
    
139,346
      
1,321,000
  
James River Group Holdings Ltd.
    
104,886
      
4,780,704
  
Luther Burbank Corp.
    
216,947
      
2,132,589
  
Merchants Bancorp
    
95,639
      
2,547,823
  
Mr Cooper Group, Inc.*
    
183,367
      
4,888,564
  
National General Holdings Corp.
    
244,658
      
8,337,945
  
Navient Corp.
    
709,224
      
6,645,429
  
Nelnet, Inc., Class A(a)
    
37,164
      
2,523,436
  
NMI Holdings, Inc., Class A*
    
130,624
      
2,861,972
  
PennyMac Financial Services, Inc.
    
112,325
      
6,474,413
  
PRA Group, Inc.*(a)
    
93,124
      
3,876,752
  
ProAssurance Corp.
    
85,782
      
1,364,792
  
RBB Bancorp
    
75,447
      
1,119,634
  
Reinsurance Group of America, Inc.
    
20,982
      
2,418,805
  
Silvercrest Asset Management Group, Inc., Class A
    
378,407
      
5,029,029
  
SLM Corp.
    
1,207,990
      
12,816,774
  
South State Corp.
    
41,422
      
2,753,320
  
Starwood Property Trust, Inc.
    
179,944
      
3,228,195
  
State Auto Financial Corp.
    
56,616
      
850,372
  
Synovus Financial Corp.
    
53,067
      
1,675,325
  
Umpqua Holdings Corp.
    
145,962
      
2,027,412
  
Velocity Financial, Inc.*(a)
    
289,044
      
1,812,306
  
Walker & Dunlop, Inc.
    
137,172
      
10,975,132
  
Washington Federal, Inc.
    
72,316
      
1,690,025
  
White Mountains Insurance Group Ltd.
    
4,370
      
4,195,200
  
             
192,399,235
  
Health Care—6.4%
                
Change Healthcare, Inc.*
    
845,436
      
14,482,319
  
Envista Holdings Corp.*
    
285,463
      
8,486,815
  
Hanger, Inc.*
    
76,812
      
1,742,864
  
LHC Group, Inc.*
    
28,102
      
5,516,985
  
R1 RCM, Inc.*
    
192,376
      
3,901,385
  
Syneos Health, Inc.*
    
140,091
      
9,223,591
  
             
43,353,959
  
Industrials—18.2%
                
ABM Industries, Inc.
    
221,433
      
8,525,170
  
ACCO Brands Corp.
    
357,841
      
2,741,062
  
AECOM Technology Corp.*
    
84,456
      
4,382,422
  
Aegion Corp.*
    
136,094
      
2,334,012
  
ASGN, Inc.*
    
107,776
      
8,425,928
  
BMC Stock Holdings, Inc.*(a)
    
160,625
      
7,860,987
  
CBIZ, Inc.*
    
135,246
      
3,275,658
  
Covanta Holding Corp.
    
161,555
      
2,003,282
  
CRA International, Inc.
    
93,799
      
4,300,684
  
Curtiss-Wright Corp.
    
57,446
      
6,621,226
  
EMCOR Group, Inc.
    
24,723
      
2,130,628
  
EnerSys
    
95,554
      
7,817,273
  
Ennis, Inc.
    
53,932
      
882,867
  
Foundation Building Materials, Inc.*
    
126,072
      
2,425,625
  
FTI Consulting, Inc.*
    
59,796
      
6,279,776
  
Harsco Corp.*
    
256,305
      
4,344,370
  
HD Supply Holdings, Inc.*
    
96,712
      
5,394,595
  
Heidrick & Struggles International, Inc.
    
52,893
      
1,380,507
  
Hillenbrand, Inc.
    
79,791
      
2,989,769
  
IAA, Inc.*
    
31,668
      
1,897,547
  
IBEX Holdings Ltd.*
    
134,865
      
2,683,813
  
ICF International, Inc.
    
70,268
      
5,089,511
  
KAR Auction Services, Inc.*
    
408,260
      
7,369,093
  
Korn/Ferry International
    
51,338
      
2,055,574
  
Landstar System, Inc.
    
12,847
      
1,688,353
  
MasTec, Inc.*(a)
    
45,463
      
2,578,207
  
NN, Inc.
    
256,565
      
1,607,380
  
Terex Corp.*
    
93,029
      
2,883,899
  
WESCO International, Inc.*
    
171,357
      
11,175,904
  
             
123,145,122
  
Information Technology—13.6%
                
Bel Fuse, Inc., Class B(a)
    
145,454
      
2,132,356
  
Belden, Inc.
    
132,033
      
5,080,630
  
Diebold Nixdorf, Inc.*(a)
    
193,549
      
1,832,909
  
DXC Technology Co.*
    
203,843
      
4,466,200
  
EVERTEC, Inc.
    
146,213
      
5,434,737
  
Insight Enterprises, Inc.*
    
81,413
      
5,819,401
  
InterDigital Inc.
    
94,843
      
5,682,044
  
MAXIMUS, Inc.
    
49,266
      
3,537,791
  
NCR Corp.*
    
225,701
      
6,245,147
  
Rackspace Technology, Inc.*
    
115,707
      
2,078,098
  
Science Applications International Corp.
    
99,976
      
9,251,779
  
SMART Global Holdings, Inc.*(a)
    
120,395
      
3,694,923
  
Sykes Enterprises, Inc.*
    
176,202
      
6,630,481
  
SYNNEX Corp.*
    
99,378
      
15,931,287
  
TTEC Holdings, Inc.
    
111,552
      
7,547,608
  
Ultra Clean Holdings, Inc.*(a)
    
76,985
      
2,435,805
  
Unisys Corp.*(a)
    
313,994
      
4,578,033
  
             
92,379,229
  
Materials—6.8%
                
Graphic Packaging Holding Co.
    
1,073,989
      
16,453,511
  
Huntsman Corp.
    
97,889
      
2,424,711
  
Ingevity Corp.*
    
66,937
      
4,456,665
  
Minerals Technologies, Inc.
    
30,716
      
1,863,540
  
Orion Engineered Carbons SA*
    
155,376
      
2,417,651
  
PQ Group Holdings, Inc.*
    
153,289
      
1,960,566
  
Schweitzer-Mauduit International, Inc.
    
150,926
      
5,249,206
  
Valvoline, Inc.
    
488,478
      
11,132,414
  
             
45,958,264
  
Real Estate—1.9%
                
Cousins Properties, Inc.
    
244,241
      
8,160,092
  
Jones Lang LaSalle, Inc.(a)
    
18,072
      
2,390,745
  
Spirit Realty Capital, Inc.(a)
    
62,195
      
2,291,264
  
             
12,842,101
  
Utilities—0.3%
                
Pure Cycle Corp.*
    
206,942
      
1,974,227
  
TOTAL COMMON STOCKS
                
(Cost $480,883,918)
            
651,801,756
  
                 
                 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—8.7%
                
Mount Vernon Liquid Assets Portfolio, LLC, 0.15%(b)
    
59,048,764
      
59,048,764
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
                
(Cost $59,048,764)
            
59,048,764
  
SHORT-TERM INVESTMENTS—3.5%
                
U.S. Bank Money Market Deposit Account, 0.03%(b)
    
23,369,589
      
23,369,589
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $23,369,589)
            
23,369,589
  
TOTAL INVESTMENTS—108.4%
                
(Cost $563,302,271)
            
734,220,109
  
LIABILITIES IN EXCESS OF OTHER ASSETS—(8.4)%
            
(57,166,590
)
NET ASSETS—100.0%
          
$
677,053,519
  

PLC
Public Limited Company
  
*
Non-income producing.
  
(a)
All or a portion of the security is on loan. At November 30, 2020, the market value of securities on loan was $55,971,149.91.
  
(b)
The rate shown is as of November 30, 2020.
  
               
 
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, 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 November 30, 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
  
$
9,953,791
    
$
9,953,791
    
$
-
    
$
-
    
$
-
  
Consumer Discretionary
    
79,305,385
      
79,305,385
      
-
      
-
      
-
  
Consumer Staples
    
21,437,393
      
21,437,393
      
-
      
-
      
-
  
Energy
    
29,053,050
      
29,053,050
      
-
      
-
      
-
  
Financials
    
192,399,235
      
192,399,235
      
-
      
-
      
-
  
Health Care
    
43,353,959
      
43,353,959
      
-
      
-
      
-
  
Industrials
    
123,145,122
      
123,145,122
      
-
      
-
      
-
  
Information Technology
    
92,379,229
      
92,379,229
      
-
      
-
      
-
  
Materials
    
45,958,264
      
45,958,264
      
-
      
-
      
-
  
Real Estate
    
12,842,101
      
12,842,101
      
-
      
-
      
-
  
Utilities
    
1,974,227
      
1,974,227
      
-
      
-
      
-
  
Investments Purchased with Proceeds from Securities Lending Collateral
    
59,048,764
      
-
      
-
      
-
      
59,048,764
  
Short-Term Investments
    
23,369,589
      
23,369,589
      
-
      
-
      
-
  
Total Assets
  
$
734,220,109
    
$
675,171,345
    
$
-
    
$
-
    
$
59,048,764
  

* 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.

For the period ended November 30, 2020, 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.