NPORT-EX 2 wpg-diversified.htm NPORT-EX

BOSTON PARTNERS INVESTMENT FUNDS
  
   
WPG PARTNERS SMALL CAP VALUE DIVERSIFIED FUND
  
PORTFOLIO OF INVESTMENTS
  
MAY 31, 2023 (UNAUDITED)
  

   
NUMBER OF
        
   
SHARES
    
VALUE
  
COMMON STOCKS—95.5%
            
Consumer Discretionary—5.0%
            
Designer Brands, Inc., Class A
    
20,261
    
$
127,036
  
Frontdoor, Inc.*(a)
    
8,082
      
249,168
  
Gildan Activewear, Inc.
    
8,102
      
220,942
  
Hanesbrands, Inc.(a)
    
36,698
      
150,829
  
Stride, Inc.*
    
5,204
      
210,294
  
Target Hospitality Corp.*
    
5,649
      
79,820
  
Valvoline, Inc.
    
9,297
      
357,934
  
             
1,396,023
  
Consumer Staples—5.7%
                
Dole PLC
    
13,863
      
185,210
  
Nomad Foods Ltd.*
    
15,505
      
264,360
  
Sovos Brands, Inc.*
    
22,602
      
429,212
  
Spectrum Brands Holdings, Inc.
    
977
      
70,549
  
TreeHouse Foods, Inc.*
    
13,935
      
659,822
  
             
1,609,153
  
Energy—7.1%
                
DHT Holdings, Inc.
    
46,154
      
354,924
  
Earthstone Energy, Inc., Class A*(a)
    
12,926
      
155,241
  
Green Plains, Inc.*
    
12,857
      
372,853
  
Gulfport Energy Corp.*
    
669
      
64,907
  
Kosmos Energy Ltd.*(a)
    
44,057
      
262,580
  
Scorpio Tankers, Inc.
    
8,852
      
405,156
  
SM Energy Co.(a)
    
12,252
      
322,105
  
Valaris Ltd.*
    
1,133
      
65,408
  
             
2,003,174
  
Financials—16.2%
                
Avantax, Inc.*(a)
    
8,072
      
170,803
  
Axis Capital Holdings Ltd.
    
7,697
      
399,474
  
Essent Group Ltd.
    
10,896
      
481,276
  
First American Financial Corp.
    
4,027
      
221,203
  
First BanCorp
    
24,444
      
272,795
  
First Commonwealth Financial Corp.
    
26,269
      
332,303
  
First Interstate BancSystem, Inc., Class A
    
7,571
      
166,941
  
Glacier Bancorp, Inc.(a)
    
6,705
      
193,238
  
Hanover Insurance Group, Inc., (The)
    
1,897
      
211,440
  
Kemper Corp.
    
11,780
      
509,838
  
National Bank Holdings Corp., Class A
    
11,116
      
332,702
  
Piper Sandler Cos
    
1,126
      
143,419
  
Popular, Inc.(a)
    
7,462
      
426,677
  
Premier Financial Corp.
    
12,928
      
180,216
  
Synovus Financial Corp.(a)
    
5,411
      
146,584
  
Triumph Financial, Inc.*
    
2,967
      
154,047
  
Webster Financial Corp.
    
6,361
      
226,134
  
             
4,569,090
  
Health Care—6.2%
                
Amedisys, Inc.*(a)
    
1,742
      
132,270
  
Enovis Corp.*
    
10,060
      
530,464
  
Innoviva, Inc.*(a)
    
23,047
      
310,904
  
Pacira BioSciences, Inc.*
    
5,409
      
205,704
  
Patterson Cos., Inc.
    
2,519
      
65,973
  
Syneos Health, Inc.*
    
7,571
      
314,953
  
Tenet Healthcare Corp.*(a)
    
2,483
      
176,790
  
             
1,737,058
  
Industrials—23.5%
                
ABM Industries, Inc.(a)
    
6,222
      
274,764
  
ACV Auctions, Inc., Class A*
    
11,561
      
196,999
  
Air Lease Corp.(a)
    
10,773
      
409,589
  
Allison Transmission Holdings, Inc.
    
3,405
      
161,056
  
Arcosa, Inc.
    
9,275
      
608,996
  
Argan, Inc.
    
2,591
      
104,806
  
Astec Industries, Inc.
    
2,518
      
92,813
  
BrightView Holdings, Inc.*
    
12,756
      
84,190
  
Driven Brands Holdings, Inc.*
    
8,135
      
201,992
  
Frontier Group Holdings, Inc.*
    
23,412
      
192,681
  
Healthcare Services Group, Inc.
    
4,803
      
64,889
  
Hillman Solutions Corp.*
    
32,244
      
261,176
  
ICF International, Inc.
    
3,143
      
351,985
  
KBR, Inc.(a)
    
11,234
      
663,031
  
Kirby Corp.*(a)
    
3,243
      
232,069
  
Knight-Swift Transportation Holdings, Inc., Class A(a)
    
3,099
      
170,414
  
Leonardo DRS, Inc.*(a)
    
32,841
      
495,899
  
Matthews International Corp., Class A
    
3,977
      
153,114
  
Moog, Inc., Class A
    
1,565
      
152,134
  
RXO, Inc.*(a)
    
5,170
      
107,898
  
Spirit Airlines, Inc.
    
8,972
      
136,464
  
Star Bulk Carriers Corp.(a)
    
13,258
      
227,110
  
Stericycle, Inc.*
    
3,914
      
164,975
  
Sun Country Airlines Holdings, Inc.*
    
14,631
      
275,063
  
Univar Solutions, Inc.*
    
15,703
      
559,341
  
XPO, Inc.*(a)
    
5,862
      
275,104
  
             
6,618,552
  
Information Technology—8.4%
                
Celestica, Inc.*
    
13,979
      
177,953
  
JFrog Ltd.*(a)
    
13,473
      
328,202
  
LiveRamp Holdings, Inc.*
    
11,580
      
281,857
  
Mirion Technologies, Inc.*(a)
    
36,704
      
290,329
  
Momentive Global, Inc.*
    
61,766
      
583,689
  
NetScout Systems, Inc.*
    
11,698
      
357,023
  
Rambus, Inc.*
    
3,066
      
196,101
  
SMART Global Holdings, Inc.*
    
6,912
      
156,073
  
             
2,371,227
  
Materials—11.6%
                
ATI, Inc.*
    
4,202
      
145,305
  
Axalta Coating Systems Ltd.*
    
12,522
      
363,263
  
Capstone Copper Corp.*
    
46,569
      
183,875
  
Commercial Metals Co.
    
5,036
      
215,289
  
Constellium SE*
    
17,543
      
261,391
  
Ecovyst, Inc.*
    
35,966
      
361,099
  
ERO Copper Corp.*
    
8,462
      
139,877
  
Livent Corp.*(a)
    
4,729
      
109,003
  
Perimeter Solutions SA*
    
26,370
      
142,925
  
Piedmont Lithium, Inc.*(a)
    
5,106
      
279,655
  
Stelco Holdings, Inc.
    
5,478
      
171,422
  
Summit Materials, Inc., Class A*
    
6,757
      
213,724
  
Tronox Holdings PLC, Class A
    
47,592
      
506,379
  
Warrior Met Coal, Inc.
    
4,978
      
163,179
  
             
3,256,386
  
Real Estate—6.7%
                
Apple Hospitality REIT, Inc.(a)
    
14,272
      
207,372
  
Brixmor Property Group, Inc.
    
20,602
      
412,658
  
Equity Commonwealth
    
22,784
      
465,933
  
Getty Realty Corp.(a)
    
9,737
      
333,687
  
Spirit Realty Capital, Inc.(a)
    
3,601
      
140,655
  
UMH Properties, Inc.
    
21,275
      
323,593
  
             
1,883,898
  
Utilities—5.1%
                
ALLETE, Inc.
    
4,591
      
273,486
  
Avista Corp.
    
5,755
      
237,969
  
Black Hills Corp.
    
2,843
      
173,281
  
NorthWestern Corp.
    
3,636
      
205,761
  
Portland General Electric Co.(a)
    
4,140
      
201,742
  
Southwest Gas Holdings, Inc.
    
2,473
      
144,745
  
Spire, Inc.
    
3,040
      
196,293
  
             
1,433,277
  
TOTAL COMMON STOCKS
                
(Cost $24,089,505)
            
26,877,838
  
                 
                 
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—19.5%
                
Mount Vernon Liquid Assets Portfolio, LLC, 5.22%(b)
    
5,485,738
      
5,485,738
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
                
(Cost $5,485,738)
            
5,485,738
  
SHORT-TERM INVESTMENTS—4.5%
                
Tri-State Deposit, 4.95%(b)
    
400,135
      
400,135
  
U.S. Bank Money Market Deposit Account, 5.00%(b)
    
860,954
      
860,954
  
TOTAL SHORT-TERM INVESTMENTS
                
(Cost $1,261,089)
            
1,261,089
  
TOTAL INVESTMENTS—119.5%
                
(Cost $30,836,332)
            
33,624,665
  
LIABILITIES IN EXCESS OF OTHER ASSETS—(19.5)%
            
(5,479,552
)
NET ASSETS—100.0%
          
$
28,145,113
  

PLC
Public Limited Company
REIT
Real Estate Investment Trust
*
Non-income producing.
(a)
All or a portion of the security is on loan.  At May 31, 2023, the market value of securities on loan was $5,315,936.
(b)
The rate shown is as of May 31, 2023.
             
The above industry classifications are based upon the The Global Industry Classification Standard (“GICS”®). GICS was developed by and is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use.
             
Industry classifications may be different than those used for compliance monitoring purposes.

 
BOSTON PARTNERS INVESTMENT FUNDS
  
WPG PARTNERS SMALL CAP VALUE DIVERSIFIED FUND
  
NOTES TO PORTFOLIO OF INVESTMENTS
  
MAY 31, 2023 (UNAUDITED)
  

PORTFOLIO VALUATION — The WPG Partners Small Cap Value Diversified 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, 2023, 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
                              
Consumer Discretionary
  
$
1,396,023
    
$
1,396,023
    
$
-
    
$
-
    
$
-
  
Consumer Staples
    
1,609,153
      
1,609,153
      
-
      
-
      
-
  
Energy
    
2,003,174
      
2,003,174
      
-
      
-
      
-
  
Financials
    
4,569,090
      
4,569,090
      
-
      
-
      
-
  
Health Care
    
1,737,058
      
1,737,058
      
-
      
-
      
-
  
Industrials
    
6,618,552
      
6,618,552
      
-
      
-
      
-
  
Information Technology
    
2,371,227
      
2,371,227
      
-
      
-
      
-
  
Materials
    
3,256,386
      
3,256,386
      
-
      
-
      
-
  
Real Estate
    
1,883,898
      
1,883,898
      
-
      
-
      
-
  
Utilities
    
1,433,277
      
1,433,277
      
-
      
-
      
-
  
Investments Purchased with Proceeds from Securities Lending Collateral
    
5,485,738
      
-
      
-
      
-
      
5,485,738
  
Short-Term Investments
    
1,261,089
      
860,954
      
400,135
      
-
      
-
  
Total Assets
  
$
33,624,665
    
$
27,738,792
    
$
400,135
    
$
-
    
$
5,485,738
  
                                         
*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, 2023, 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.