NPORT-EX 2 wpg-micro.htm NPORT-EX

BOSTON PARTNERS INVESTMENT FUNDS
  
             
WPG PARTNERS SMALL/MICRO CAP VALUE FUND
PORTFOLIO OF INVESTMENTS
  
MAY 31, 2022 (UNAUDITED)
  
             
   
NUMBER OF
        
   
SHARES
    
VALUE
  
COMMON STOCKS—95.8%
            
Communication Services—0.4%
            
Altice USA, Inc., Class A*(a)
    
12,013
    
$
136,708
  
Consumer Discretionary—9.0%
                
American Axle & Manufacturing Holdings, Inc.*(a)
    
21,801
      
176,806
  
BJ's Restaurants, Inc.*
    
11,097
      
291,518
  
Century Communities, Inc.(a)
    
3,099
      
168,492
  
Dana, Inc.
    
17,678
      
292,748
  
Designer Brands, Inc., Class A(a)
    
21,988
      
341,474
  
Goodyear Tire & Rubber Co. (The)*
    
50,251
      
649,243
  
H&R Block, Inc.(a)
    
2,505
      
88,276
  
Latham Group, Inc.*
    
42,343
      
402,682
  
Monro Muffler Brake, Inc.(a)
    
3,535
      
167,630
  
Poshmark, Inc., Class A*
    
24,191
      
264,408
  
RealReal, Inc., (The)*
    
21,946
      
71,983
  
Universal Electronics, Inc.*
    
7,490
      
200,732
  
 
            
3,115,992
  
Consumer Staples—2.1%
                
Dole PLC
    
16,379
      
167,721
  
Nomad Foods Ltd.*
    
9,222
      
192,463
  
Sovos Brands, Inc.*
    
14,476
      
204,401
  
Spectrum Brands Holdings, Inc.(a)
    
2,036
      
178,639
  
             
743,224
  
Energy—12.2%
                
Chesapeake Energy Corp.
    
5,408
      
526,631
  
Delek US Holdings, Inc.*
    
11,654
      
339,831
  
Euronav NV*(a)
    
34,443
      
440,870
  
Green Plains, Inc.*(a)
    
13,127
      
427,678
  
Liberty Energy, Inc.*
    
23,488
      
382,150
  
Nabors Industries Ltd.*
    
1,196
      
199,457
  
National Energy Services Reunited Corp.*
    
25,759
      
192,162
  
NexTier Oilfield Solutions, Inc.*
    
40,060
      
436,654
  
Northern Oil and Gas, Inc.(a)
    
7,286
      
238,179
  
Scorpio Tankers, Inc.
    
9,968
      
329,442
  
SM Energy Co.
    
15,204
      
733,897
  
             
4,246,951
  
Financials—18.8%
                
Ameris Bancorp
    
7,781
      
354,736
  
Axis Capital Holdings Ltd.
    
6,511
      
381,349
  
BankUnited, Inc.(a)
    
8,208
      
341,945
  
Blucora, Inc.*
    
24,465
      
432,786
  
Essent Group Ltd.
    
13,742
      
588,020
  
First Foundation, Inc.
    
22,237
      
501,444
  
First Interstate BancSystem, Inc., Class A
    
8,979
      
341,831
  
Hanover Insurance Group, Inc., (The)
    
1,460
      
214,036
  
HomeStreet, Inc.
    
6,264
      
252,502
  
Ladder Capital Corp.
    
18,879
      
218,241
  
National Bank Holdings Corp., Class A(a)
    
11,064
      
450,858
  
Popular, Inc.
    
8,550
      
698,621
  
Premier Financial Corp.
    
15,331
      
416,543
  
Sculptor Capital Management, Inc.
    
23,218
      
279,080
  
Triumph Bancorp, Inc.*
    
2,432
      
176,904
  
Washington Trust Bancorp, Inc.(a)
    
6,184
      
310,437
  
Webster Financial Corp.
    
11,987
      
588,442
  
             
6,547,775
  
Health Care—3.7%
                
Innoviva, Inc.*
    
15,757
      
239,034
  
Lantheus Holdings, Inc.*
    
2,619
      
179,454
  
MEDNAX, Inc.*
    
9,539
      
184,293
  
Natus Medical, Inc.*
    
5,566
      
182,509
  
Pacira BioSciences, Inc.*
    
7,749
      
490,124
  
 
            
1,275,414
  
Industrials—21.5%
                
ABM Industries, Inc.
    
5,762
      
278,593
  
AerCap Holdings NV*
    
1,766
      
87,311
  
Allison Transmission Holdings, Inc.
    
2,222
      
88,902
  
Altra Industrial Motion Corp.
    
16,579
      
650,063
  
Argan, Inc.
    
9,509
      
380,265
  
Astec Industries, Inc.
    
5,450
      
254,896
  
Beacon Roofing Supply, Inc.*(a)
    
2,424
      
148,858
  
BrightView Holdings, Inc.*
    
16,671
      
216,723
  
Hillman Solutions Corp.*
    
13,843
      
157,949
  
ICF International, Inc.
    
3,964
      
405,160
  
JetBlue Airways Corp.*(a)
    
11,376
      
122,178
  
KBR, Inc.(a)
    
12,555
      
624,737
  
Kirby Corp.*(a)
    
9,559
      
645,519
  
Knight-Swift Transportation Holdings, Inc., Class A(a)
    
9,694
      
471,516
  
Marten Transport Ltd.
    
10,092
      
177,215
  
Matthews International Corp., Class A
    
5,531
      
178,983
  
Maxar Technologies, Inc.
    
23,389
      
698,396
  
Spirit AeroSystems Holdings, Inc., Class A
    
13,209
      
415,027
  
Sun Country Airlines Holdings, Inc.*(a)
    
10,844
      
256,461
  
Tutor Perini Corp.*
    
35,225
      
357,181
  
Univar Solutions, Inc.*
    
28,486
      
875,090
  
             
7,491,023
  
Information Technology—4.8%
                
Axcelis Technologies, Inc.*
    
1,993
      
123,686
  
Celestica, Inc.*
    
23,009
      
253,789
  
JFrog Ltd.*
    
4,270
      
79,636
  
Mirion Technologies, Inc.*
    
11,045
      
88,360
  
Momentive Global, Inc.*
    
7,147
      
87,050
  
NetScout Systems, Inc.*
    
1,176
      
40,372
  
Rambus, Inc.*
    
26,471
      
664,422
  
SMART Global Holdings, Inc.*
    
12,864
      
317,098
  
 
            
1,654,413
  
Materials—11.7%
                
Allegheny Technologies, Inc.*(a)
    
5,608
      
154,220
  
Capstone Mining Corp.*
    
61,676
      
233,568
  
Carpenter Technology Corp.(a)
    
4,026
      
141,836
  
Chemours Co., (The)(a)
    
9,676
      
416,939
  
Commercial Metals Co.(a)
    
5,102
      
202,702
  
Constellium SE*
    
11,593
      
195,806
  
Livent Corp.*
    
7,287
      
231,654
  
Mosaic Co., (The)
    
2,719
      
170,345
  
O-I Glass, Inc.*
    
8,458
      
139,134
  
Perimeter Solutions SA*(a)
    
12,092
      
132,407
  
Piedmont Lithium, Inc.*
    
2,625
      
169,995
  
Schweitzer-Mauduit International, Inc.
    
8,420
      
228,350
  
Stelco Holdings, Inc.
    
5,031
      
156,119
  
Summit Materials, Inc., Class A*
    
4,240
      
115,794
  
Tronox Holdings PLC, Class A
    
32,465
      
584,695
  
Valvoline, Inc.
    
17,587
      
588,461
  
Warrior Met Coal, Inc.
    
5,959
      
200,342
  
             
4,062,367
  
Real Estate—7.3%
                
Apple Hospitality REIT, Inc.(a)
    
47,271
      
789,898
  
Brixmor Property Group, Inc.
    
25,156
      
613,303
  
Compass, Inc., Class A*(a)
    
31,603
      
185,194
  
Getty Realty Corp.(a)
    
11,548
      
322,651
  
RMR Group, Inc., Class A, (The)
    
5,958
      
178,859
  
UMH Properties, Inc.
    
23,163
      
456,080
  
             
2,545,985
  
Utilities—4.3%
                
ALLETE, Inc.
    
5,450
      
338,009
  
Avista Corp.(a)
    
4,717
      
204,906
  
Black Hills Corp.
    
2,429
      
186,207
  
Portland General Electric Co.(a)
    
3,095
      
152,429
  
South Jersey Industries, Inc.
    
11,402
      
397,360
  
Spire, Inc.
    
2,603
      
203,815
  
             
1,482,726
  
TOTAL COMMON STOCKS
                
(Cost $28,065,801)
            
33,302,578
  
                 
                 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—19.7%
                
Mount Vernon Liquid Assets Portfolio, LLC, 0.92%(b)
    
6,859,001
      
6,859,001
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
                
(Cost $6,859,001)
            
6,859,001
  
SHORT-TERM INVESTMENTS—3.3%
                
U.S. Bank Money Market Deposit Account, 0.50%(b)
    
1,137,210
      
1,137,210
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $1,137,210)
            
1,137,210
  
TOTAL INVESTMENTS—118.8%
                
(Cost $36,062,012)
            
41,298,789
  
LIABILITIES IN EXCESS OF OTHER ASSETS—(18.8)%
            
(6,534,085
)
NET ASSETS—100.0%
          
$
34,764,704
  

PLC
Public Limited Company
          
*
Non-income producing.
          
(a)
All or a portion of the security is on loan. At May 31, 2022, the market value of securities on loan was $6,609,282.
(b)
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 SMALL/MICRO CAP VALUE FUND
  
NOTES TO PORTFOLIO OF INVESTMENTS
  
MAY 31, 2022 (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 May 31, 2022, 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
  
$
136,708
    
$
136,708
    
$
-
    
$
-
    
$
-
  
Consumer Discretionary
    
3,115,992
      
3,115,992
      
-
      
-
      
-
  
Consumer Staples
    
743,224
      
743,224
      
-
      
-
      
-
  
Energy
    
4,246,951
      
4,246,951
      
-
      
-
      
-
  
Financials
    
6,547,775
      
6,547,775
      
-
      
-
      
-
  
Health Care
    
1,275,414
      
1,275,414
      
-
      
-
      
-
  
Industrials
    
7,491,023
      
7,491,023
      
-
      
-
      
-
  
Information Technology
    
1,654,413
      
1,654,413
      
-
      
-
      
-
  
Materials
    
4,062,367
      
4,062,367
      
-
      
-
      
-
  
Real Estate
    
2,545,985
      
2,545,985
      
-
      
-
      
-
  
Utilities
    
1,482,726
      
1,482,726
      
-
      
-
      
-
  
Investments Purchased with Proceeds from Securities Lending Collateral
    
6,859,001
      
-
      
-
      
-
      
6,859,001
  
Short-Term Investments
    
1,137,210
      
1,137,210
      
-
      
-
      
-
  
Total Assets
  
$
41,298,789
    
$
34,439,788
    
$
-
    
$
-
    
$
6,859,001
  
                                         
*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 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.