NPORT-EX 2 all-cap.htm NPORT-EX

Boston Partners All-Cap Value Fund
  
Schedule of Investments
  
November 30, 2024 (Unaudited)
  
   
COMMON STOCKS - 97.7%
  
Shares
    
Value
 
Communication Services - 4.9%
        
Alphabet, Inc. - Class A
    
219,629
    
$
37,106,320
  
Electronic Arts, Inc.
    
17,460
      
2,857,678
  
Interpublic Group of Cos., Inc. (a)
    
188,243
      
5,799,767
  
Match Group, Inc. (b)
    
184,714
      
6,047,536
  
Omnicom Group, Inc. (a)
    
64,523
      
6,763,301
  
Take-Two Interactive Software, Inc. (b)
    
83,143
      
15,662,478
  
             
74,237,080
  
                 
Consumer Discretionary - 6.4%
          
AutoZone, Inc. (b)
    
4,379
      
13,879,416
  
Booking Holdings, Inc.
    
5,357
      
27,867,007
  
Harley-Davidson, Inc. (a)
    
325,321
      
10,940,545
  
LKQ Corp.
    
177,171
      
6,961,049
  
NVR, Inc. (b)
    
3,085
      
28,491,764
  
Wyndham Hotels & Resorts, Inc.
    
99,161
      
9,735,627
  
             
97,875,408
  
                 
Consumer Staples - 4.5%
          
Coca-Cola Europacific Partners PLC
    
58,419
      
4,532,146
  
J M Smucker Co.
    
68,814
      
8,105,601
  
Kenvue, Inc.
    
369,864
      
8,906,325
  
Keurig Dr Pepper, Inc.
    
319,756
      
10,440,033
  
Philip Morris International, Inc.
    
179,452
      
23,877,883
  
Sysco Corp.
    
159,006
      
12,260,953
  
             
68,122,941
  
                 
Energy - 3.9%
          
BP PLC - ADR
    
115,063
      
3,372,497
  
Canadian Natural Resources Ltd.
    
219,760
      
7,432,283
  
Chord Energy Corp.
    
58,517
      
7,462,088
  
ConocoPhillips
    
57,118
      
6,188,164
  
Exxon Mobil Corp.
    
59,470
      
7,015,081
  
Halliburton Co.
    
236,386
      
7,531,258
  
Phillips 66
    
41,317
      
5,535,652
  
Schlumberger Ltd.
    
214,668
      
9,432,512
  
Shell PLC - ADR
    
81,711
      
5,289,970
  
             
59,259,505
  
                 
Financials - 26.7%
          
Allstate Corp.
    
49,097
      
10,182,227
  
American International Group, Inc.
    
310,554
      
23,875,391
  
Aon PLC - Class A
    
22,013
      
8,618,970
  
Bank of America Corp.
    
614,052
      
29,173,610
  
Chubb Ltd.
    
72,163
      
20,835,623
  
Citigroup, Inc.
    
229,877
      
16,291,383
  
Corpay, Inc. (b)
    
92,523
      
35,267,917
  
Discover Financial Services
    
67,966
      
12,399,037
  
Fidelity National Information Services, Inc.
    
118,475
      
10,105,917
  
First American Financial Corp.
    
176,764
      
12,399,995
  
Global Payments, Inc.
    
107,384
      
12,774,401
  
Goldman Sachs Group, Inc.
    
38,476
      
23,415,339
  
JPMorgan Chase & Co.
    
145,929
      
36,441,390
  
Loews Corp.
    
175,768
      
15,244,359
  
LPL Financial Holdings, Inc.
    
46,025
      
14,965,029
  
Markel Group, Inc. (b)
    
11,218
      
20,000,797
  
Renaissance Holdings Ltd.
    
70,179
      
20,081,721
  
Shift4 Payments, Inc. - Class A (a)(b)
    
97,276
      
11,097,246
  
Travelers Cos., Inc.
    
55,309
      
14,714,406
  
Visa, Inc. - Class A
    
73,661
      
23,209,108
  
Wells Fargo & Co.
    
224,630
      
17,110,067
  
White Mountains Insurance Group Ltd.
    
8,503
      
17,090,945
  
             
405,294,878
  
                 
Health Care - 17.0%
          
AbbVie, Inc.
    
147,980
      
27,069,982
  
Amgen, Inc.
    
56,370
      
15,945,382
  
AMN Healthcare Services, Inc. (a)(b)
    
187,107
      
4,870,395
  
Bristol-Myers Squibb Co.
    
540,924
      
32,033,519
  
Cencora, Inc.
    
63,485
      
15,969,652
  
Centene Corp. (b)
    
208,280
      
12,496,800
  
Cigna Group
    
37,367
      
12,622,573
  
Elevance Health, Inc.
    
24,068
      
9,794,713
  
Johnson & Johnson
    
182,509
      
28,290,720
  
Medtronic PLC
    
316,546
      
27,393,891
  
Merck & Co., Inc.
    
110,702
      
11,251,751
  
Sanofi SA - ADR
    
577,435
      
27,999,823
  
UnitedHealth Group, Inc.
    
36,971
      
22,559,704
  
Zimmer Biomet Holdings, Inc.
    
97,687
      
10,950,713
  
             
259,249,618
  
                 
Industrials - 14.6%
          
Acuity Brands, Inc.
    
43,842
      
14,059,691
  
Allegion PLC
    
108,897
      
15,337,053
  
Allison Transmission Holdings, Inc.
    
108,264
      
12,829,284
  
AMETEK, Inc.
    
45,358
      
8,816,688
  
Beacon Roofing Supply, Inc. (b)
    
136,562
      
15,434,237
  
Curtiss-Wright Corp.
    
16,474
      
6,155,181
  
EnerSys
    
36,222
      
3,501,218
  
Equifax, Inc.
    
30,228
      
7,906,436
  
Expeditors International of Washington, Inc.
    
107,549
      
13,082,260
  
Huron Consulting Group, Inc. (b)
    
80,378
      
9,871,222
  
Landstar System, Inc.
    
55,393
      
10,298,667
  
Masco Corp.
    
89,984
      
7,249,111
  
Middleby Corp. (b)
    
59,428
      
8,521,381
  
Resideo Technologies, Inc. (b)
    
346,134
      
9,407,922
  
Robert Half, Inc. (a)
    
114,219
      
8,521,880
  
Science Applications International Corp.
    
106,029
      
13,174,103
  
Sensata Technologies Holding PLC
    
233,666
      
7,510,025
  
SS&C Technologies Holdings, Inc.
    
265,770
      
20,554,652
  
Textron, Inc.
    
106,814
      
9,146,483
  
Westinghouse Air Brake Technologies Corp.
    
100,755
      
20,213,468
  
             
221,590,962
  
                 
Information Technology - 16.6%
          
Analog Devices, Inc.
    
72,216
      
15,746,699
  
Applied Materials, Inc.
    
44,306
      
7,740,701
  
Arrow Electronics, Inc. (b)
    
131,103
      
15,753,336
  
CDW Corp.
    
33,415
      
5,878,701
  
Check Point Software Technologies Ltd. (b)
    
148,616
      
27,048,112
  
Cisco Systems, Inc.
    
322,792
      
19,112,514
  
Cognizant Technology Solutions Corp. - Class A (a)
    
222,640
      
17,920,294
  
Flex Ltd. (a)(b)
    
407,712
      
15,888,537
  
Gen Digital, Inc.
    
131,407
      
4,053,906
  
Hewlett Packard Enterprise Co.
    
230,350
      
4,888,027
  
Jabil, Inc.
    
81,636
      
11,088,618
  
KLA Corp.
    
12,823
      
8,296,866
  
Lam Research Corp.
    
97,859
      
7,229,823
  
Microchip Technology, Inc.
    
276,703
      
18,862,843
  
Micron Technology, Inc.
    
128,058
      
12,543,281
  
Nice Ltd. - ADR (a)(b)
    
52,388
      
9,557,667
  
Oracle Corp.
    
205,338
      
37,954,676
  
QUALCOMM, Inc.
    
42,604
      
6,754,012
  
TE Connectivity PLC
    
37,665
      
5,691,935
  
             
252,010,548
  
                 
Materials - 3.1%
          
Corteva, Inc. (a)
    
142,981
      
8,899,137
  
CRH PLC
    
313,580
      
32,069,827
  
FMC Corp.
    
103,832
      
6,135,433
  
             
47,104,397
  
TOTAL COMMON STOCKS (Cost $850,597,846)
      
1,484,745,337
  
                 
SHORT-TERM INVESTMENTS - 5.7%
          
Value
 
Investments Purchased with Proceeds from Securities Lending - 5.7%
  
Units
          
Mount Vernon Liquid Assets Portfolio, LLC, 4.64% (c)
    
86,420,626
      
86,420,626
  
TOTAL SHORT-TERM INVESTMENTS (Cost $86,420,626)
      
86,420,626
  
                 
TOTAL INVESTMENTS - 103.4% (Cost $937,018,472)
      
1,571,165,963
  
Liabilities in Excess of Other Assets - (3.4)%
      
(51,057,533
)
TOTAL NET ASSETS - 100.0%
          
$
1,520,108,430
  
two
      
–
%
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 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 by U.S. Bank Global Fund Services.
  

ADR - American Depositary Receipt
PLC - Public Limited Company
SA - Sociedad Anónima

(a)
All or a portion of this security is on loan as of November 30, 2024. The total market value of these securities was $84,671,911 which represented 5.6% of net assets.
(b)
Non-income producing security.
(c)
The rate shown represents the 7-day annualized effective yield as of November 30, 2024.


Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)
 
Boston Partners All-Cap Value Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of November 30, 2024:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
1,484,745,337
    
$
–
    
$
–
    
$
1,484,745,337
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
86,420,626
  
Total Investments
  
$
1,484,745,337
    
$
–
    
$
–
    
$
1,571,165,963
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  

(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 amount of $86,420,626 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.