NPORT-EX 2 wpg-select.htm NPORT-EX

BOSTON PARTNERS INVESTMENT FUNDS
  
             
WPG PARTNERS SELECT SMALL CAP VALUE FUND
PORTFOLIO OF INVESTMENTS
  
MAY 31, 2022 (UNAUDITED)
  
             
   
NUMBER OF
        
   
SHARES
    
VALUE
  
COMMON STOCKS—92.3%
            
Consumer Discretionary—12.6%
            
Barnes & Noble Education, Inc.*
    
25,138
    
$
63,096
  
BJ's Restaurants, Inc.*
    
8,527
      
224,004
  
Carrols Restaurant Group, Inc.
    
36,988
      
68,058
  
Dana, Inc.
    
12,348
      
204,483
  
Goodyear Tire & Rubber Co., (The)*
    
33,444
      
432,097
  
Inspired Entertainment, Inc.*
    
8,195
      
90,145
  
Latham Group, Inc.*
    
13,732
      
130,591
  
Poshmark, Inc., Class A*
    
22,591
      
246,920
  
             
1,459,394
  
Consumer Staples—2.3%
                
Adecoagro SA
    
23,920
      
265,751
  
Energy—6.5%
                
Green Plains, Inc.*
    
4,264
      
138,921
  
NexTier Oilfield Solutions, Inc.*
    
26,800
      
292,120
  
SM Energy Co.
    
6,753
      
325,967
  
             
757,008
  
Financials—17.8%
                
Axis Capital Holdings Ltd.
    
4,374
      
256,185
  
BankUnited, Inc.
    
4,042
      
168,390
  
Blucora, Inc.*
    
14,784
      
261,529
  
Curo Group Holdings Corp.
    
6,706
      
58,342
  
EZCORP, Inc., Class A*
    
38,594
      
292,542
  
First Foundation, Inc.
    
12,403
      
279,688
  
NMI Holdings, Inc., Class A*
    
17,940
      
333,863
  
Popular, Inc.
    
2,436
      
199,046
  
Sculptor Capital Management, Inc.
    
17,442
      
209,653
  
 
            
2,059,238
  
Health Care—4.5%
                
Pacira BioSciences, Inc.*
    
5,426
      
343,194
  
Sight Sciences, Inc.*
    
21,152
      
181,696
  
             
524,890
  
Industrials—25.6%
                
Altra Industrial Motion Corp.
    
10,853
      
425,546
  
Astec Industries, Inc.
    
3,765
      
176,089
  
ICF International, Inc.
    
1,993
      
203,705
  
KBR, Inc.
    
5,925
      
294,828
  
Kirby Corp.*
    
6,921
      
467,375
  
Maxar Technologies, Inc.
    
15,448
      
461,277
  
Spirit AeroSystems Holdings, Inc., Class A
    
8,582
      
269,647
  
Univar Solutions, Inc.*
    
17,497
      
537,508
  
Vectrus, Inc.*
    
3,710
      
132,892
  
             
2,968,867
  
Information Technology—8.7%
                
NetScout Systems, Inc.*
    
778
      
26,709
  
ON24, Inc.*
    
24,695
      
299,797
  
Rambus, Inc.*
    
17,774
      
446,128
  
SMART Global Holdings, Inc.*
    
9,468
      
233,386
  
             
1,006,020
  
Materials—7.7%
                
Capstone Mining Corp.*
    
36,102
      
136,719
  
Tronox Holdings PLC, Class A
    
21,816
      
392,906
  
Valvoline, Inc.
    
6,146
      
205,645
  
Venator Materials PLC*
    
60,963
      
154,846
  
             
890,116
  
Real Estate—6.6%
                
Apple Hospitality REIT, Inc.
    
30,066
      
502,403
  
Compass, Inc., Class A*
    
21,318
      
124,923
  
RMR Group Inc., (The), Class A
    
4,485
      
134,640
  
             
761,966
  
TOTAL COMMON STOCKS
                
(Cost $10,991,768)
            
10,693,250
  
                 
                 
SHORT-TERM INVESTMENTS—8.4%
                
U.S. Bank Money Market Deposit Account, 0.50%(a)
    
968,720
      
968,720
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $968,720)
            
968,720
  
TOTAL INVESTMENTS—100.7%
                
(Cost $11,960,488)
            
11,661,970
  
LIABILITIES IN EXCESS OF OTHER ASSETS—(0.7)%
            
(84,614
)
NET ASSETS—100.0%
          
$
11,577,356
  

PLC
Public Limited Company
          
*
Non-income producing.
          
(a)
The rate shown is as of May 31, 2022.
          
             
Industry classifications may be different than those used for compliance monitoring purposes.


BOSTON PARTNERS INVESTMENT FUNDS
  
WPG PARTNERS SELECT SMALL CAP VALUE FUND
  
NOTES TO PORTFOLIO OF INVESTMENTS
  
MAY 31, 2022 (UNAUDITED)
  

PORTFOLIO VALUATION — The WPG Partners Select 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, 2022, in valuing the Fund's investments carried at fair value:
  

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
Common Stock
                        
Consumer Discretionary
  
$
1,459,394
    
$
1,459,394
    
$
-
    
$
-
  
Consumer Staples
    
265,751
      
265,751
      
-
      
-
  
Energy
    
757,008
      
757,008
      
-
      
-
  
Financials
    
2,059,238
      
2,059,238
      
-
      
-
  
Health Care
    
524,890
      
524,890
      
-
      
-
  
Industrials
    
2,968,867
      
2,968,867
      
-
      
-
  
Information Technology
    
1,006,020
      
1,006,020
      
-
      
-
  
Materials
    
890,116
      
890,116
      
-
      
-
  
Real Estate
    
761,966
      
761,966
      
-
      
-
  
Short-Term Investments
    
968,720
      
968,720
      
-
      
-
  
Total Assets
  
$
11,661,970
    
$
11,661,970
    
$
-
    
$
-
  

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 May 31, 2022, 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.