NPORT-EX 2 small-cap.htm NPORT-EX

BOSTON PARTNERS SMALL CAP VALUE FUND II
  
PORTFOLIO OF INVESTMENTS
  
NOVEMBER 30, 2023 (Unaudited)
  
   
   
NUMBER OF
SHARES
    
VALUE
  
COMMON STOCKS — 98.8%
            
Communication Services — 3.9%
            
Bumble, Inc. - Class A (a)(b)
    
136,278
    
$
1,888,813
  
Cars.com, Inc. (a)
    
190,876
      
3,554,111
  
Entravision Communications Corp. - Class A
    
484,339
      
1,922,826
  
Nexstar Media Group, Inc. - Class A
    
20,826
      
2,955,834
  
Stagwell, Inc. (a)
    
353,756
      
1,775,855
  
TEGNA, Inc.
    
375,852
      
5,761,811
  
Vivid Seats, Inc. - Class A (a)(b)
    
484,355
      
4,005,616
  
             
21,864,866
  
Consumer Discretionary — 12.7%
                
American Axle & Manufacturing Holdings, Inc. (a)
    
308,161
      
2,144,801
  
Bloomin' Brands, Inc. (b)
    
90,637
      
2,115,468
  
Bowlero Corp. (a)(b)
    
348,790
      
3,585,561
  
Buckle, Inc. (b)
    
79,170
      
3,052,795
  
Build-A-Bear Workshop, Inc.
    
62,718
      
1,532,201
  
Caleres, Inc. (b)
    
138,574
      
4,207,107
  
Carriage Services, Inc.
    
128,746
      
2,908,372
  
Dave & Buster's Entertainment, Inc. (a)
    
70,919
      
2,910,516
  
Frontdoor, Inc. (a)
    
107,030
      
3,674,340
  
Group 1 Automotive, Inc. (b)
    
8,615
      
2,430,292
  
Hibbett, Inc. (b)
    
37,337
      
2,335,429
  
International Game Technology PLC
    
80,860
      
2,161,388
  
J Jill, Inc. (a)(b)
    
91,603
      
2,703,205
  
Laureate Education, Inc.
    
506,193
      
6,646,313
  
LCI Industries (b)
    
31,046
      
3,368,801
  
Movado Group, Inc.
    
112,959
      
2,953,878
  
Solo Brands, Inc. - Class A (a)(b)
    
622,244
      
3,241,891
  
Steven Madden Ltd. (b)
    
162,285
      
6,153,847
  
Stride, Inc. (a)(b)
    
89,645
      
5,430,694
  
Tempur Sealy International, Inc.
    
39,764
      
1,603,284
  
Thor Industries, Inc. (b)
    
18,970
      
1,879,358
  
Topgolf Callaway Brands Corp. (a)(b)
    
156,843
      
1,922,895
  
Universal Technical Institute, Inc. (a)
    
242,110
      
2,825,424
  
             
71,787,860
  
Consumer Staples — 2.2%
                
Fresh Del Monte Produce, Inc.
    
92,791
      
2,115,635
  
Nature's Sunshine Products, Inc. (a)
    
201,680
      
3,454,779
  
Nomad Foods Ltd. (a)
    
140,989
      
2,276,972
  
Simply Good Foods Co. (a)(b)
    
58,747
      
2,275,859
  
Vector Group Ltd. (b)
    
181,802
      
1,947,099
  
             
12,070,344
  
Energy — 9.2%
                
Cactus, Inc. - Class A
    
42,900
      
1,822,821
  
ChampionX Corp.
    
89,091
      
2,612,148
  
DMC Global, Inc. (a)
    
93,983
      
1,499,029
  
Enerplus Corp.
    
166,323
      
2,637,883
  
Expro Group Holdings NV (a)
    
179,074
      
2,784,601
  
Kosmos Energy Ltd. (a)
    
470,888
      
3,197,330
  
National Energy Services Reunited Corp. (a)
    
539,402
      
2,562,160
  
Noble Corp. PLC
    
59,631
      
2,751,374
  
Par Pacific Holdings, Inc. (a)
    
121,193
      
4,153,284
  
Patterson-UTI Energy, Inc. (b)
    
149,904
      
1,755,376
  
ProPetro Holding Corp. (a)
    
270,606
      
2,465,221
  
Select Water Solutions, Inc.
    
277,765
      
2,072,127
  
Tidewater, Inc. (a)
    
32,932
      
1,978,555
  
US Silica Holdings, Inc. (a)
    
236,153
      
2,663,806
  
Vermilion Energy, Inc.
    
157,956
      
1,994,984
  
Viper Energy, Inc. (b)
    
204,163
      
6,292,303
  
Weatherford International PLC (a)
    
60,027
      
5,443,848
  
World Kinect Corp.
    
134,862
      
2,837,496
  
             
51,524,346
  
Financials — 27.0%
                
AllianceBernstein Holding LP
    
49,282
      
1,426,714
  
Ameris Bancorp
    
47,431
      
2,019,612
  
AMERISAFE, Inc.
    
38,849
      
1,870,968
  
Assured Guaranty Ltd. (b)
    
66,923
      
4,544,741
  
Axis Capital Holdings Ltd.
    
109,862
      
6,189,626
  
Bar Harbor Bankshares
    
75,248
      
1,954,191
  
Berkshire Hills Bancorp, Inc.
    
70,270
      
1,470,751
  
BGC Group, Inc. - Class A
    
824,778
      
5,361,057
  
Byline Bancorp, Inc.
    
80,823
      
1,615,652
  
Cass Information Systems, Inc. (b)
    
56,869
      
2,351,533
  
Diamond Hill Investment Group, Inc.
    
14,895
      
2,391,988
  
Dime Community Bancshares, Inc.
    
87,362
      
1,755,976
  
Employers Holdings, Inc.
    
45,279
      
1,734,638
  
Enact Holdings, Inc.
    
69,603
      
1,928,699
  
Essent Group Ltd.
    
63,854
      
3,086,702
  
Evercore, Inc. - Class A
    
46,397
      
6,845,877
  
EZCORP, Inc. - Class A (a)(b)
    
261,121
      
2,141,192
  
Federal Agricultural Mortgage Corp. - Class C
    
60,514
      
10,035,642
  
First Merchants Corp.
    
82,304
      
2,524,264
  
First Mid Bancshares, Inc. (b)
    
41,369
      
1,282,025
  
FirstCash Holdings, Inc.
    
51,783
      
5,799,696
  
Hancock Whitney Corp.
    
49,408
      
2,038,080
  
Heritage Commerce Corp.
    
173,086
      
1,469,500
  
Heritage Financial Corp.
    
52,965
      
943,836
  
Hope Bancorp, Inc.
    
249,512
      
2,445,218
  
International Money Express, Inc. (a)
    
136,914
      
2,854,657
  
Merchants Bancorp
    
87,243
      
2,935,727
  
NCR Atleos Corp. (a)
    
64,579
      
1,434,300
  
Nelnet, Inc. - Class A (b)
    
23,170
      
1,943,963
  
OceanFirst Financial Corp.
    
233,798
      
3,240,440
  
Old National Bancorp (b)
    
230,383
      
3,430,403
  
Peapack-Gladstone Financial Corp.
    
128,847
      
3,200,559
  
PennyMac Financial Services, Inc.
    
29,764
      
2,315,342
  
Preferred Bank (b)
    
82,399
      
5,078,250
  
Primis Financial Corp.
    
195,918
      
1,961,139
  
Redwood Trust, Inc. (b)
    
306,171
      
2,176,876
  
S&T Bancorp, Inc.
    
73,633
      
2,060,988
  
Silvercrest Asset Management Group, Inc. - Class A
    
282,951
      
4,408,377
  
SLM Corp.
    
686,792
      
10,322,483
  
SouthState Corp. (b)
    
27,185
      
2,013,049
  
Stewart Information Services Corp.
    
73,842
      
3,489,035
  
StoneX Group, Inc. (a)
    
56,531
      
3,455,709
  
Univest Financial Corp.
    
82,573
      
1,559,804
  
Walker & Dunlop, Inc. (b)
    
28,583
      
2,401,544
  
Western Alliance Bancorp
    
105,646
      
5,411,188
  
White Mountains Insurance Group Ltd.
    
3,421
      
5,240,698
  
Wintrust Financial Corp.
    
61,609
      
5,278,043
  
             
151,440,752
  
Health Care — 5.8%
                
Amedisys, Inc. (a)
    
19,983
      
1,870,009
  
AMN Healthcare Services, Inc. (a)(b)
    
41,236
      
2,795,801
  
Biote Corp. (a)(b)
    
608,126
      
3,034,549
  
Catalyst Pharmaceuticals, Inc. (a)
    
168,158
      
2,426,520
  
Fortrea Holdings, Inc. (a)
    
117,714
      
3,465,500
  
Haemonetics Corp. (a)
    
77,724
      
6,285,540
  
Halozyme Therapeutics, Inc. (a)
    
53,003
      
2,046,446
  
Inmode Ltd. (a)
    
101,603
      
2,413,071
  
Lantheus Holdings, Inc. (a)
    
58,923
      
4,220,065
  
PetIQ, Inc. (a)(b)
    
144,976
      
2,525,482
  
Quipt Home Medical Corp. (a)
    
282,146
      
1,326,086
  
             
32,409,069
  
Industrials — 24.0%
                
Acuity Brands, Inc.
    
17,602
      
3,155,335
  
Alight, Inc. - Class A (a)
    
319,249
      
2,442,255
  
Allison Transmission Holdings, Inc.
    
74,348
      
3,976,131
  
Atkore, Inc. (a)(b)
    
28,319
      
3,678,638
  
Beacon Roofing Supply, Inc. (a)
    
46,794
      
3,760,366
  
Brady Corp. - Class A
    
41,297
      
2,323,782
  
Brink's Co. (b)
    
112,703
      
8,892,266
  
CBIZ, Inc. (a)
    
105,520
      
6,108,553
  
Civeo Corp.
    
117,433
      
2,557,691
  
Concentrix Corp.
    
34,186
      
3,213,142
  
CoreCivic, Inc. (a)
    
285,409
      
4,129,868
  
CRA International, Inc.
    
57,045
      
5,406,155
  
Daseke, Inc. (a)
    
335,131
      
1,467,874
  
DXP Enterprises, Inc. (a)
    
73,919
      
2,164,348
  
EnerSys
    
40,641
      
3,595,916
  
Granite Construction, Inc. (b)
    
77,341
      
3,553,819
  
Griffon Corp.
    
43,212
      
2,010,654
  
Heidrick & Struggles International, Inc. (b)
    
85,845
      
2,333,267
  
Hub Group, Inc. - Class A (a)
    
42,991
      
3,247,970
  
Huron Consulting Group, Inc. (a)
    
41,008
      
4,271,803
  
IBEX Holdings Ltd. (a)
    
209,602
      
3,716,243
  
ICF International, Inc.
    
42,734
      
5,980,623
  
Janus International Group, Inc. (a)
    
412,043
      
4,347,054
  
Legalzoom.com, Inc. (a)(b)
    
363,711
      
4,193,588
  
Leonardo DRS, Inc. (a)
    
203,945
      
3,758,706
  
Liquidity Services, Inc. (a)
    
126,458
      
2,422,935
  
LSI Industries, Inc.
    
204,814
      
2,685,112
  
Masonite International Corp. (a)
    
27,069
      
2,405,081
  
NOW, Inc. (a)
    
154,743
      
1,542,788
  
PGT Innovations, Inc. (a)
    
82,280
      
2,648,593
  
Primoris Services Corp.
    
91,480
      
2,777,333
  
Science Applications International Corp.
    
60,798
      
7,138,292
  
Sterling Check Corp. (a)(b)
    
265,268
      
3,358,293
  
Terex Corp.
    
48,095
      
2,380,703
  
Universal Logistics Holdings, Inc.
    
60,504
      
1,496,869
  
V2X, Inc. (a)
    
71,141
      
3,016,378
  
Valmont Industries, Inc.
    
10,418
      
2,287,480
  
Viad Corp. (a)
    
129,389
      
4,308,654
  
Wabash National Corp. (b)
    
113,115
      
2,479,481
  
             
135,234,039
  
Information Technology — 9.1%
                
Adeia, Inc.
    
265,828
      
2,442,959
  
Amkor Technology, Inc.
    
77,581
      
2,185,457
  
Avnet, Inc.
    
98,960
      
4,627,371
  
Bel Fuse, Inc. - Class B
    
41,242
      
2,231,192
  
Belden, Inc.
    
33,788
      
2,244,875
  
Benchmark Electronics, Inc.
    
118,078
      
2,946,046
  
Clearfield, Inc. (a)(b)
    
81,547
      
2,074,556
  
Coherent Corp. (a)
    
56,412
      
2,075,397
  
CompoSecure, Inc. (a)(b)
    
346,591
      
1,729,489
  
Extreme Networks, Inc. (a)(b)
    
164,922
      
2,661,841
  
Hackett Group, Inc.
    
106,437
      
2,374,609
  
Insight Enterprises, Inc. (a)(b)
    
25,095
      
3,799,885
  
InterDigital, Inc.
    
67,407
      
6,735,308
  
NCR Voyix Corp. (a)
    
129,159
      
2,025,213
  
OSI Systems, Inc. (a)
    
32,401
      
3,994,719
  
Photronics, Inc. (a)
    
145,689
      
3,078,409
  
Richardson Electronics Ltd. (b)
    
75,566
      
983,869
  
Ultra Clean Holdings, Inc. (a)(b)
    
98,032
      
2,660,588
  
             
50,871,783
  
Materials — 3.2%
                
Ashland, Inc. (b)
    
20,574
      
1,644,274
  
Ecovyst, Inc. (a)
    
318,928
      
3,036,194
  
Eldorado Gold Corp. (a)
    
243,223
      
3,193,518
  
Ingevity Corp. (a)
    
49,858
      
1,933,992
  
Methanex Corp.
    
41,374
      
1,766,256
  
Myers Industries, Inc.
    
94,693
      
1,668,491
  
Orion SA
    
155,913
      
3,715,407
  
Piedmont Lithium, Inc. (a)(b)
    
39,067
      
1,012,226
  
             
17,970,358
  
Real Estate — 1.3%
                
BRT Apartments Corp.
    
113,322
      
2,062,460
  
Cousins Properties, Inc.
    
86,883
      
1,782,839
  
Kennedy-Wilson Holdings, Inc. (b)
    
117,316
      
1,331,537
  
Spirit Realty Capital, Inc.
    
48,355
      
1,997,062
  
             
7,173,898
  
Utilities — 0.4%
                
Portland General Electric Co.
    
30,588
      
1,255,943
  
Pure Cycle Corp. (a)
    
125,841
      
1,258,410
  
             
2,514,353
  
TOTAL COMMON STOCKS  (COST $464,048,467)
            
554,861,668
  
                 
   
NUMBER OF
SHARES
         
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL — 14.6%
                
Mount Vernon Liquid Assets Portfolio, LLC, 5.48% (c)
    
82,056,946
      
82,056,946
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (COST $82,056,946)
            
82,056,946
  
SHORT-TERM INVESTMENTS — 1.1%
                
Money Market Deposit Accounts — 1.1%
                
Tri-State Deposit, 5.45% (c)
    
4,848,259
      
4,848,259
  
U.S. Bank Money Market Deposit Account, 5.20% (c)
    
1,005,096
      
1,005,096
  
TOTAL MONEY MARKET DEPOSIT ACCOUNTS (COST $5,853,355)
            
5,853,355
  
TOTAL SHORT-TERM INVESTMENTS (COST $5,853,355)
            
5,853,355
  
TOTAL INVESTMENTS (COST $551,958,768) — 114.5%
            
642,771,969
  
 LIABILITIES IN EXCESS OF OTHER ASSETS — (14.5)%
            
(81,580,482
)
TOTAL NET ASSETS — 100.0%
          
$
561,191,487
  
   
Percentages are stated as a percent of net assets.
  
   
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of Morgan Stanley Capital International, 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 by U.S. Bancorp Fund Services, LLC.”
  

PLC Public Limited Company
REIT Real Estate Investment Trust

(a)
Non-income producing security.
(b)
All or a portion of this security is on loan.  At November 30, 2023, the market value of securities on loan was $79,460,226.
(c)
The rate shown is as of November 30, 2023. 

Industry classifications may be different than those used for compliance monitoring purposes.


PORTFOLIO VALUATION - The Fund’s 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 sales 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 are valued based on the NAV of those investment companies (which may use fair value pricing as discussed 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. Forward currency exchange contracts are valued by interpolating between spot and forward currency rates as quoted by an independent pricing service. Futures contracts are generally valued using the settlement price determined by the relevant exchange. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the RBB, Fund, Inc.’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.
 
FAIR VALUE MEASUREMENTS - The inputs and valuation techniques used to measure the 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 Returns the end of the date range, in valuing the Fund’s investments carried at fair value: 
 
BOSTON PARTNERS SMALL CAP VALUE FUND II
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL
 
 
LEVEL 1
 
 
LEVEL 2
 
 
LEVEL 3
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
Equities
 
 
 
 
 
 
 
 
 
 
  
 
 
Common Stocks
 
$
554,861,668
 
 
$
554,861,668
 
 
$
 –
 
 
$
 –
 
Total Equity Securities
 

554,861,668
    

554,861,668
 
 

–
 
 

–
 
Investments Purchased with Proceeds from Securities Lending Collateral
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments Purchased with Proceeds from Securities Lending Collateral(a)
 
82,056,946
 
 
 –
 
 
 –
 
 
 –
 
Total Investments Purchased with Proceeds from Securities Lending Collateral
 
82,056,946
 
 
 –
 
 
 –
 
 
 –
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-Term Investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Money Market Deposit Accounts
 
5,853,355
 
 
1,005,096
 
 
4,848,259
 
 
–
 
Total Short-Term Investments
 
5,853,355
 
 
1,005,096
 
 
4,848,259
 
 
–
 
Total  Assets*
 
$
642,771,969
 
 
$
555,866,764
 
 
$
4,848,259
 
 
$
–
 

* Please refer to Portfolio of Investments for further details.

(a)
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. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule 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 Levels 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 Level 3 transfers are disclosed if the Fund had an amount of total 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, 2023, the Fund had no Level 3 transfers.       
 
For more information with regard to significant accounting policies, see the most recent annual report or prospectus filed with the Securities and Exchange Commission.