BOSTON PARTNERS INVESTMENT FUNDS | ||||||||
BOSTON PARTNERS SMALL CAP VALUE FUND II | ||||||||
PORTFOLIO OF INVESTMENTS | ||||||||
MAY 31, 2021 (UNAUDITED) | ||||||||
NUMBER OF | ||||||||
SHARES | VALUE | |||||||
COMMON STOCKS—95.9% | ||||||||
Communication Services—2.5% | ||||||||
Nexstar Media Group, Inc., Class A(a) | 47,246 | $ | 7,177,140 | |||||
TEGNA, Inc. | 412,281 | 7,994,128 | ||||||
Yelp, Inc.* | 175,316 | 7,031,925 | ||||||
22,203,193 | ||||||||
Consumer Discretionary—11.6% | ||||||||
Beazer Homes USA, Inc.*(a) | 116,824 | 2,781,579 | ||||||
Callaway Golf Co.(a) | 224,944 | 8,304,932 | ||||||
Carriage Services, Inc.(a) | 93,138 | 3,572,774 | ||||||
Extended Stay America, Inc.(a) | 145,213 | 2,862,148 | ||||||
Foot Locker, Inc. | 141,295 | 8,942,561 | ||||||
Frontdoor, Inc.* | 129,385 | 6,947,974 | ||||||
Hanesbrands, Inc.(a) | 295,857 | 5,781,046 | ||||||
Harley-Davidson, Inc. | 157,206 | 7,619,775 | ||||||
International Game Technology PLC* | 146,885 | 3,563,430 | ||||||
LCI Industries(a) | 59,887 | 8,926,157 | ||||||
Meritage Homes Corp.* | 45,192 | 4,865,823 | ||||||
Movado Group, Inc. | 71,394 | 1,979,756 | ||||||
Sally Beauty Holdings, Inc.*(a) | 266,179 | 5,805,364 | ||||||
Skechers U.S.A., Inc., Class A*(a) | 142,411 | 6,764,523 | ||||||
Standard Motor Products, Inc. | 39,037 | 1,757,446 | ||||||
Steven Madden Ltd. | 148,584 | 6,151,378 | ||||||
Stride, Inc.*(a) | 207,963 | 5,590,045 | ||||||
Tempur Sealy International, Inc. | 106,353 | 4,094,591 | ||||||
Toll Brothers, Inc. | 47,368 | 3,090,288 | ||||||
Travel + Leisure Co. | 41,041 | 2,673,821 | ||||||
TravelCenters of America, Inc.* | 41,836 | 1,197,346 | ||||||
103,272,757 | ||||||||
Consumer Staples—3.5% | ||||||||
Energizer Holdings, Inc.(a) | 186,972 | 8,608,191 | ||||||
Fresh Del Monte Produce, Inc. | 186,553 | 6,243,929 | ||||||
Nomad Foods Ltd.*(a) | 324,110 | 9,940,454 | ||||||
Spectrum Brands Holdings, Inc. | 36,109 | 3,209,729 | ||||||
Universal Corp. | 60,589 | 3,395,407 | ||||||
31,397,710 | ||||||||
Energy—7.0% | ||||||||
Cactus, Inc., Class A | 101,502 | 3,556,630 | ||||||
ChampionX Corp.* | 440,850 | 11,682,525 | ||||||
Delek US Holdings, Inc. | 206,104 | 4,594,058 | ||||||
Enerplus Corp.(a) | 525,956 | 3,445,012 | ||||||
Helmerich & Payne, Inc. | 168,927 | 4,772,188 | ||||||
HollyFrontier Corp. | 220,977 | 7,175,123 | ||||||
Kosmos Energy Ltd.*(a) | 1,582,947 | 5,033,771 | ||||||
National Energy Services Reunited Corp.* | 159,505 | 2,046,449 | ||||||
NexTier Oilfield Solutions, Inc.* | 393,889 | 1,674,028 | ||||||
PDC Energy, Inc.(a) | 85,550 | 3,611,921 | ||||||
ProPetro Holding Corp.* | 331,588 | 3,295,985 | ||||||
Viper Energy Partners LP(a) | 183,478 | 3,308,108 | ||||||
World Fuel Services Corp. | 268,353 | 8,246,488 | ||||||
62,442,286 | ||||||||
Financials—27.3% | ||||||||
AllianceBernstein Holding LP | 76,311 | 3,436,284 | ||||||
Ameris Bancorp | 48,417 | 2,660,030 | ||||||
AMERISAFE, Inc. | 43,746 | 2,866,675 | ||||||
Ares Commercial Real Estate Corp.(a) | 114,090 | 1,730,745 | ||||||
Artisan Partners Asset Management, Inc., Class A | 121,594 | 6,211,022 | ||||||
Assured Guaranty Ltd. | 239,563 | 11,410,386 | ||||||
Axis Capital Holdings Ltd. | 168,591 | 9,043,221 | ||||||
BankUnited, Inc. | 155,242 | 7,419,015 | ||||||
Blackstone Mortgage Trust, Inc., Class A(a) | 198,006 | 6,342,132 | ||||||
Employers Holdings, Inc. | 70,112 | 2,958,726 | ||||||
Essent Group Ltd.(a) | 110,704 | 5,296,079 | ||||||
Evercore, Inc., Class A | 71,841 | 10,478,728 | ||||||
Federal Agricultural Mortgage Corp., Class C(a) | 53,367 | 5,414,616 | ||||||
First American Financial Corp. | 97,534 | 6,272,412 | ||||||
First Hawaiian, Inc. | 303,510 | 8,546,842 | ||||||
First Internet Bancorp | 65,897 | 2,235,226 | ||||||
First Merchants Corp. | 87,211 | 4,041,358 | ||||||
First Mid Bancshares, Inc.(a) | 64,058 | 2,812,146 | ||||||
Flushing Financial Corp. | 63,724 | 1,489,230 | ||||||
Hanover Insurance Group, Inc., (The) | 52,137 | 7,272,590 | ||||||
Heritage Financial Corp.(a) | 82,021 | 2,379,429 | ||||||
Heritage Insurance Holdings, Inc. | 93,613 | 779,796 | ||||||
Hope Bancorp, Inc. | 131,218 | 2,007,635 | ||||||
Investors Bancorp, Inc.(a) | 292,304 | 4,349,484 | ||||||
James River Group Holdings Ltd. | 98,769 | 3,449,014 | ||||||
Luther Burbank Corp. | 204,973 | 2,488,372 | ||||||
Merchants Bancorp | 90,061 | 3,868,120 | ||||||
Midland States Bancorp, Inc. | 98,528 | 2,744,990 | ||||||
Mr Cooper Group, Inc.* | 121,739 | 4,210,952 | ||||||
Navient Corp.(a) | 667,863 | 12,201,857 | ||||||
Nelnet, Inc., Class A | 34,996 | 2,642,898 | ||||||
NMI Holdings, Inc., Class A*(a) | 123,006 | 2,975,515 | ||||||
PacWest Bancorp | 133,278 | 6,020,167 | ||||||
PennyMac Financial Services, Inc. | 105,775 | 6,622,573 | ||||||
PRA Group, Inc.*(a) | 87,692 | 3,413,850 | ||||||
Preferred Bank | 41,458 | 2,831,167 | ||||||
Primis Financial Corp. | 168,448 | 2,481,239 | ||||||
ProAssurance Corp. | 192,039 | 4,676,150 | ||||||
RBB Bancorp | 128,498 | 3,135,351 | ||||||
Silvercrest Asset Management Group, Inc., Class A(a) | 361,897 | 5,761,400 | ||||||
SLM Corp.(a) | 916,696 | 18,563,094 | ||||||
South State Corp.(a) | 39,006 | 3,464,123 | ||||||
Starwood Property Trust, Inc. | 169,449 | 4,302,310 | ||||||
State Auto Financial Corp.(a) | 53,313 | 1,007,616 | ||||||
Synovus Financial Corp. | 49,972 | 2,454,625 | ||||||
Umpqua Holdings Corp. | 183,605 | 3,503,183 | ||||||
Valley National Bancorp(a) | 468,825 | 6,713,574 | ||||||
Velocity Financial, Inc.* | 279,044 | 3,010,885 | ||||||
Walker & Dunlop, Inc. | 65,076 | 6,607,817 | ||||||
White Mountains Insurance Group Ltd. | 4,116 | 4,911,870 | ||||||
Wintrust Financial Corp. | 30,842 | 2,480,314 | ||||||
243,996,833 | ||||||||
Health Care—5.8% | ||||||||
Change Healthcare, Inc.* | 495,053 | 11,604,042 | ||||||
Envista Holdings Corp.*(a) | 268,815 | 11,731,087 | ||||||
Hanger, Inc.* | 72,332 | 1,868,336 | ||||||
LHC Group, Inc.* | 26,464 | 5,209,438 | ||||||
Ortho Clinical Diagnostics Holdings PLC* | 434,057 | 8,919,871 | ||||||
R1 RCM, Inc.* | 125,622 | 2,908,149 | ||||||
Syneos Health, Inc.* | 105,311 | 9,256,837 | ||||||
51,497,760 | ||||||||
Industrials—16.4% | ||||||||
ABM Industries, Inc. | 245,771 | 12,261,515 | ||||||
ACCO Brands Corp.(a) | 336,971 | 3,069,806 | ||||||
Allison Transmission Holdings, Inc. | 99,962 | 4,229,392 | ||||||
Altra Industrial Motion Corp. | 42,625 | 2,800,036 | ||||||
ASGN, Inc.* | 101,491 | 10,462,707 | ||||||
Brink's Co., (The)(a) | 29,699 | 2,239,602 | ||||||
CBIZ, Inc.*(a) | 127,358 | 4,229,559 | ||||||
Covanta Holding Corp. | 152,133 | 2,253,090 | ||||||
CRA International, Inc. | 88,328 | 7,230,530 | ||||||
Curtiss-Wright Corp. | 67,081 | 8,406,591 | ||||||
EMCOR Group, Inc. | 23,281 | 2,935,967 | ||||||
EnerSys | 32,189 | 3,033,491 | ||||||
Ennis, Inc. | 50,786 | 1,064,475 | ||||||
FTI Consulting, Inc.* | 56,310 | 7,745,441 | ||||||
GrafTech International Ltd. | 296,366 | 3,935,741 | ||||||
Harsco Corp.* | 241,358 | 5,411,246 | ||||||
Heidrick & Struggles International, Inc. | 49,807 | 2,143,693 | ||||||
Hillenbrand, Inc. | 75,137 | 3,426,247 | ||||||
Hub Group, Inc., Class A* | 39,305 | 2,743,882 | ||||||
ICF International, Inc. | 66,170 | 5,816,343 | ||||||
KAR Auction Services, Inc.*(a) | 631,716 | 11,332,985 | ||||||
Korn/Ferry International | 35,849 | 2,344,883 | ||||||
L B Foster Co., Class A* | 151,068 | 2,717,713 | ||||||
Landstar System, Inc. | 12,099 | 2,062,880 | ||||||
NN, Inc.* | 241,602 | 1,814,431 | ||||||
Science Applications International Corp. | 94,146 | 8,459,960 | ||||||
Terex Corp. | 51,740 | 2,709,624 | ||||||
Werner Enterprises, Inc.(a) | 53,666 | 2,575,431 | ||||||
WESCO International, Inc.* | 161,364 | 17,196,561 | ||||||
146,653,822 | ||||||||
Information Technology—13.6% | ||||||||
Bel Fuse, Inc., Class B(a) | 136,970 | 2,257,266 | ||||||
Belden, Inc. | 124,332 | 6,291,199 | ||||||
CommScope Holding Co., Inc.* | 210,667 | 4,278,647 | ||||||
Concentrix Corp.* | 93,583 | 14,291,996 | ||||||
Diebold Nixdorf, Inc.* | 182,261 | 2,467,814 | ||||||
DXC Technology Co.* | 191,954 | 7,278,896 | ||||||
EVERTEC, Inc. | 137,686 | 5,993,471 | ||||||
IBEX Holdings Ltd.* | 129,382 | 2,812,765 | ||||||
Insight Enterprises, Inc.*(a) | 76,665 | 8,009,959 | ||||||
InterDigital, Inc.(a) | 104,381 | 8,431,897 | ||||||
MAXIMUS, Inc. | 46,393 | 4,299,239 | ||||||
NCR Corp.* | 212,537 | 10,244,283 | ||||||
Rackspace Technology, Inc.*(a) | 111,660 | 2,253,299 | ||||||
SMART Global Holdings, Inc.*(a) | 113,373 | 5,373,880 | ||||||
Sykes Enterprises, Inc.* | 165,926 | 6,955,618 | ||||||
SYNNEX Corp. | 93,582 | 11,847,481 | ||||||
TTEC Holdings, Inc.(a) | 61,151 | 6,629,380 | ||||||
Ultra Clean Holdings, Inc.* | 72,494 | 4,083,587 | ||||||
Unisys Corp.* | 290,638 | 7,472,303 | ||||||
121,272,980 | ||||||||
Materials—6.0% | ||||||||
Graphic Packaging Holding Co. | 960,600 | 16,983,408 | ||||||
Huntsman Corp. | 92,180 | 2,616,068 | ||||||
Ingevity Corp.* | 63,034 | 5,188,329 | ||||||
Minerals Technologies, Inc. | 28,925 | 2,516,475 | ||||||
Orion Engineered Carbons SA* | 146,314 | 2,961,395 | ||||||
PQ Group Holdings, Inc. | 144,349 | 2,358,663 | ||||||
Schweitzer-Mauduit International, Inc. | 142,125 | 5,814,334 | ||||||
Valvoline, Inc. | 459,990 | 15,179,670 | ||||||
53,618,342 | ||||||||
Real Estate—1.9% | ||||||||
Cousins Properties, Inc.(a) | 229,996 | 8,530,552 | ||||||
Realogy Holdings Corp.* | 312,080 | 5,526,937 | ||||||
Spirit Realty Capital, Inc. | 58,567 | 2,767,876 | ||||||
16,825,365 | ||||||||
Utilities—0.3% | ||||||||
Pure Cycle Corp.*(a) | 194,873 | 2,755,504 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $528,716,314) | 855,936,552 | |||||||
RIGHTS—0.0% | ||||||||
Consumer Discretionary—0.0% | ||||||||
Evercel, Inc., CVR*‡ | 284,149 | 0 | ||||||
TOTAL RIGHTS | ||||||||
(Cost $0) | 0 | |||||||
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—12.1% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.09%(b) | 107,635,387 | 107,635,387 | ||||||
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL | ||||||||
(Cost $107,635,387) | 107,635,387 | |||||||
SHORT-TERM INVESTMENTS—3.9% | ||||||||
U.S. Bank Money Market Deposit Account, 0.01%(b) | 34,401,838 | 34,401,838 | ||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $34,401,838) | 34,401,838 | |||||||
TOTAL INVESTMENTS—111.9% | ||||||||
(Cost $670,753,539) | 997,973,777 | |||||||
LIABILITIES IN EXCESS OF OTHER ASSETS—(11.9)% | (106,133,350 | ) | ||||||
NET ASSETS—100.0% | $ | 891,840,427 |
PLC | Public Limited Company |
LP | Limited Partnership |
CVR | Contingent Value Right |
* | Non-income producing. |
(a) | All or a portion of the security is on loan. At May 31, 2021, the market value of securities on loan was $105,071,165. |
(b) | The rate shown is as of May 31, 2021. |
‡ | Security has been valued at fair market value using significant unobservable inputs as determined in good faith by or under the direction of The RBB Fund, Inc.’s Board of Directors. As of May 31, 2021, these securities amounted to $0 or 0.0% of net assets. |
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 | ||||||
MAY 31, 2021 (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, 2021, 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 | $ | 22,203,193 | $ | 22,203,193 | $ | - | $ | - | $ | - | ||||||||||
Consumer Discretionary | 103,272,757 | 103,272,757 | - | - | - | |||||||||||||||
Consumer Staples | 31,397,710 | 31,397,710 | - | - | - | |||||||||||||||
Energy | 62,442,286 | 62,442,286 | - | - | - | |||||||||||||||
Financials | 243,996,833 | 243,996,833 | - | - | - | |||||||||||||||
Health Care | 51,497,760 | 51,497,760 | - | - | - | |||||||||||||||
Industrials | 146,653,822 | 146,653,822 | - | - | - | |||||||||||||||
Information Technology | 121,272,980 | 121,272,980 | - | - | - | |||||||||||||||
Materials | 53,618,342 | 53,618,342 | - | - | - | |||||||||||||||
Real Estate | 16,825,365 | 16,825,365 | - | - | - | |||||||||||||||
Utilities | 2,755,504 | 2,755,504 | - | - | - | |||||||||||||||
Rights | - | - | - | - | ** | - | ||||||||||||||
Investments Purchased with Proceeds from Securities Lending Collateral | 107,635,387 | - | - | - | 107,635,387 | |||||||||||||||
Short-Term Investments | 34,401,838 | 34,401,838 | - | - | - | |||||||||||||||
Total Assets | $ | 997,973,777 | $ | 890,338,390 | $ | - | $ | - | ** | $ | 107,635,387 |
* 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.
** Value equals zero as of the end of the reporting period. |
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, 2021, 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. | ||||||