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

Boston Partners Small Cap Value Fund II
  
Schedule of Investments
  
November 30, 2024 (Unaudited)
  
   
COMMON STOCKS - 97.5%
  
Shares
    
Value
 
Communication Services - 4.9%
        
Cars.com, Inc. (a)
    
225,907
    
$
4,488,772
  
Entravision Communications Corp. - Class A
    
808,628
      
1,973,053
  
EverQuote, Inc. - Class A (a)
    
147,652
      
2,833,442
  
Liberty Media Corp.-Liberty Live - Class A (a)(b)
    
48,193
      
3,454,956
  
Magnite, Inc. (a)(b)
    
513,556
      
8,622,605
  
Nexstar Media Group, Inc.
    
16,297
      
2,780,105
  
Stagwell, Inc. (a)
    
365,036
      
2,869,183
  
TEGNA, Inc.
    
137,591
      
2,582,583
  
Vivid Seats, Inc. - Class A (a)(b)
    
96,891
      
346,870
  
             
29,951,569
  
                 
Consumer Discretionary - 13.1%
          
Adtalem Global Education, Inc. (a)
    
30,031
      
2,745,134
  
Beazer Homes USA, Inc. (a)
    
171,461
      
5,992,562
  
Boyd Gaming Corp. (b)
    
56,598
      
4,179,762
  
Brinker International, Inc. (a)
    
17,683
      
2,338,930
  
Build-A-Bear Workshop, Inc. (b)
    
48,056
      
1,825,648
  
Caleres, Inc.
    
76,217
      
2,368,062
  
Carriage Services, Inc.
    
126,122
      
5,114,247
  
Frontdoor, Inc. (a)
    
120,868
      
7,082,865
  
Grand Canyon Education, Inc. (a)
    
37,109
      
6,107,770
  
Group 1 Automotive, Inc. (b)
    
11,632
      
4,952,906
  
Installed Building Products, Inc. (b)
    
7,976
      
1,824,430
  
J Jill, Inc. (b)
    
110,554
      
3,051,290
  
Laureate Education, Inc. (a)
    
214,507
      
4,075,633
  
Movado Group, Inc.
    
86,433
      
1,758,912
  
Perdoceo Education Corp.
    
159,513
      
4,378,632
  
Six Flags Entertainment Corp.
    
67,844
      
3,133,714
  
Steven Madden Ltd.
    
68,059
      
3,102,129
  
Taylor Morrison Home Corp. (a)
    
55,602
      
4,107,320
  
Unifi, Inc. (a)
    
270,964
      
1,506,560
  
United Homes Group, Inc. (a)(b)
    
211,158
      
1,347,188
  
Universal Technical Institute, Inc. (a)
    
237,330
      
6,139,727
  
Victoria's Secret & Co. (a)(b)
    
74,458
      
2,891,949
  
             
80,025,370
  
                 
Consumer Staples - 3.0%
          
Nomad Foods Ltd.
    
175,915
      
3,221,004
  
Olaplex Holdings, Inc. (a)(b)
    
1,077,260
      
2,079,112
  
PriceSmart, Inc.
    
31,707
      
2,845,386
  
Simply Good Foods Co. (a)(b)
    
123,711
      
4,922,461
  
Universal Corp.
    
51,012
      
2,913,805
  
Utz Brands, Inc. (b)
    
146,420
      
2,549,172
  
             
18,530,940
  
                 
Energy - 5.5%
          
Archrock, Inc.
    
139,464
      
3,573,068
  
ChampionX Corp.
    
105,355
      
3,260,737
  
Expro Group Holdings NV (a)
    
175,715
      
2,440,682
  
Newpark Resources, Inc. (a)
    
331,634
      
2,772,460
  
Select Water Solutions, Inc. (b)
    
215,982
      
3,190,054
  
Vermilion Energy, Inc. (b)
    
119,292
      
1,221,550
  
Viper Energy, Inc. (b)
    
152,847
      
8,270,551
  
Weatherford International PLC
    
46,364
      
3,815,757
  
World Kinect Corp.
    
165,547
      
4,792,586
  
             
33,337,445
  
                 
Financials - 32.0%
          
AllianceBernstein Holding LP
    
39,551
      
1,434,515
  
AMERISAFE, Inc.
    
29,972
      
1,768,947
  
Assured Guaranty Ltd.
    
74,918
      
6,988,351
  
Axis Capital Holdings Ltd.
    
68,984
      
6,418,271
  
Axos Financial, Inc. (a)(b)
    
46,489
      
3,851,614
  
Baldwin Insurance Group, Inc. - Class A (a)(b)
    
112,785
      
5,521,954
  
Bar Harbor Bankshares (b)
    
84,271
      
3,032,913
  
BGC Group, Inc. - Class A (b)
    
514,110
      
5,007,431
  
Blue Owl Capital Corp. III
    
168,786
      
2,511,536
  
Byline Bancorp, Inc.
    
117,217
      
3,682,958
  
Cadence Bank
    
77,806
      
2,971,411
  
Cass Information Systems, Inc.
    
43,679
      
1,959,877
  
Columbia Banking System, Inc. (b)
    
114,964
      
3,565,034
  
Diamond Hill Investment Group, Inc.
    
11,455
      
1,894,084
  
Dime Community Bancshares, Inc.
    
92,350
      
3,313,518
  
Employers Holdings, Inc.
    
33,373
      
1,780,783
  
Enact Holdings, Inc.
    
91,673
      
3,227,806
  
Essent Group Ltd.
    
77,033
      
4,450,967
  
EZCORP, Inc. - Class A (a)(b)
    
281,365
      
3,601,472
  
Federal Agricultural Mortgage Corp. - Class C
    
49,661
      
10,601,134
  
First American Financial Corp.
    
57,787
      
4,053,758
  
First Mid Bancshares, Inc.
    
60,890
      
2,557,989
  
FirstCash Holdings, Inc.
    
62,770
      
6,833,142
  
Global Indemnity Group LLC - Class A
    
85,532
      
3,112,509
  
Hancock Whitney Corp.
    
58,270
      
3,460,073
  
Heritage Commerce Corp.
    
167,231
      
1,775,993
  
Home BancShares, Inc.
    
106,718
      
3,389,364
  
James River Group Holdings Ltd.
    
428,579
      
2,010,035
  
Kemper Corp.
    
45,256
      
3,235,351
  
Merchants Bancorp
    
69,323
      
2,861,653
  
Mid Penn Bancorp, Inc.
    
73,725
      
2,362,886
  
Northeast Bank
    
55,036
      
5,418,294
  
OceanFirst Financial Corp.
    
87,313
      
1,805,633
  
Old National Bancorp
    
179,608
      
4,159,721
  
Peapack-Gladstone Financial Corp.
    
98,798
      
3,570,560
  
PennyMac Financial Services, Inc.
    
44,953
      
4,815,815
  
Preferred Bank (b)
    
77,700
      
7,329,441
  
Primis Financial Corp.
    
238,189
      
2,977,362
  
Redwood Trust, Inc. (b)
    
400,335
      
2,866,399
  
Shift4 Payments, Inc. - Class A (a)(b)
    
50,174
      
5,723,850
  
Silvercrest Asset Management Group, Inc. - Class A
    
169,646
      
3,111,308
  
SLM Corp. (b)
    
422,465
      
11,567,092
  
SouthState Corp. (b)
    
21,137
      
2,339,655
  
Stewart Information Services Corp.
    
57,132
      
4,290,042
  
StoneX Group, Inc. (a)
    
43,967
      
4,562,016
  
Voya Financial, Inc.
    
39,396
      
3,269,868
  
Western Alliance Bancorp
    
28,934
      
2,708,512
  
White Mountains Insurance Group Ltd.
    
1,709
      
3,435,073
  
Wintrust Financial Corp.
    
56,494
      
7,796,737
  
             
194,984,707
  
                 
Health Care - 4.1%
          
Addus HomeCare Corp. (a)
    
20,511
      
2,519,571
  
Biote Corp. (a)(b)
    
486,915
      
3,218,508
  
Catalyst Pharmaceuticals, Inc. (a)
    
128,593
      
2,838,047
  
Evolent Health, Inc. - Class A (a)(b)
    
232,893
      
3,008,978
  
Haemonetics Corp. (a)
    
44,165
      
3,863,113
  
Halozyme Therapeutics, Inc. (a)
    
40,596
      
1,956,727
  
Lantheus Holdings, Inc. (a)(b)
    
37,553
      
3,352,356
  
Pediatrix Medical Group, Inc. (a)
    
262,157
      
3,921,869
  
             
24,679,169
  
                 
Industrials - 20.1%
          
Allison Transmission Holdings, Inc.
    
56,844
      
6,736,014
  
Asure Software, Inc. (a)(b)
    
168,380
      
1,648,440
  
Atmus Filtration Technologies, Inc.
    
75,815
      
3,282,031
  
AZZ, Inc.
    
32,922
      
3,066,355
  
Beacon Roofing Supply, Inc. (a)
    
66,969
      
7,568,836
  
Brady Corp. - Class A
    
39,619
      
2,967,067
  
Brink's Co.
    
46,816
      
4,527,575
  
Civeo Corp.
    
112,000
      
2,618,560
  
Concentrix Corp. (b)
    
50,808
      
2,283,820
  
CRA International, Inc.
    
25,376
      
4,949,081
  
DXP Enterprises, Inc. (a)
    
56,908
      
4,169,649
  
EnerSys
    
50,270
      
4,859,098
  
First Advantage Corp. (a)(b)
    
234,750
      
4,514,243
  
Granite Construction, Inc. (b)
    
59,912
      
5,953,456
  
Griffon Corp.
    
58,783
      
4,955,407
  
Heidrick & Struggles International, Inc.
    
66,702
      
3,077,630
  
Huron Consulting Group, Inc. (a)
    
30,278
      
3,718,441
  
IBEX Holdings Ltd. (a)
    
161,186
      
3,304,313
  
ICF International, Inc.
    
26,272
      
3,640,511
  
Janus International Group, Inc. (a)(b)
    
321,092
      
2,401,768
  
Karat Packaging, Inc.
    
88,414
      
2,731,109
  
Kelly Services, Inc. - Class A
    
188,638
      
2,763,547
  
Liquidity Services, Inc. (a)
    
95,537
      
2,442,881
  
LSI Industries, Inc.
    
158,068
      
3,230,910
  
Matson, Inc.
    
19,581
      
2,999,418
  
Primoris Services Corp.
    
70,393
      
5,892,598
  
Resideo Technologies, Inc. (a)
    
112,057
      
3,045,709
  
Sensata Technologies Holding PLC
    
55,327
      
1,778,210
  
Sterling Infrastructure, Inc. (a)
    
17,643
      
3,430,681
  
V2X, Inc. (a)
    
54,689
      
3,295,012
  
Valmont Industries, Inc.
    
11,942
      
4,154,144
  
Viad Corp. (a)
    
100,590
      
4,498,385
  
WillScot Holdings Corp. (a)(b)
    
56,920
      
2,176,621
  
             
122,681,520
  
                 
Information Technology - 10.2%
          
Adeia, Inc.
    
327,636
      
3,970,948
  
Avnet, Inc.
    
76,991
      
4,212,178
  
Axcelis Technologies, Inc. (a)(b)
    
38,948
      
2,891,500
  
Bel Fuse, Inc. - Class B
    
31,567
      
2,531,042
  
Belden, Inc. (b)
    
20,463
      
2,504,671
  
Benchmark Electronics, Inc.
    
73,068
      
3,543,067
  
CompoSecure, Inc. (b)
    
441,703
      
7,045,163
  
Hackett Group, Inc.
    
81,766
      
2,562,547
  
indie Semiconductor, Inc. - Class A (a)(b)
    
453,956
      
2,374,190
  
InterDigital, Inc. (b)
    
50,278
      
9,852,477
  
LiveRamp Holdings, Inc. (a)
    
86,945
      
2,639,650
  
OSI Systems, Inc. (a)(b)
    
32,740
      
5,808,076
  
Photronics, Inc. (a)
    
114,262
      
2,846,266
  
Ultra Clean Holdings, Inc. (a)
    
94,826
      
3,644,163
  
Verint Systems, Inc. (a)
    
110,536
      
2,785,507
  
Yext, Inc. (a)
    
346,649
      
2,863,321
  
             
62,074,766
  
                 
Materials - 2.8%
          
Ashland, Inc.
    
22,347
      
1,744,407
  
Ecovyst, Inc. (a)
    
260,830
      
2,073,598
  
Eldorado Gold Corp. (a)(b)
    
185,725
      
2,971,600
  
Knife River Corp. (a)
    
25,650
      
2,654,775
  
Methanex Corp.
    
83,835
      
3,930,185
  
Myers Industries, Inc. (b)
    
72,083
      
836,163
  
Orion SA
    
166,284
      
3,062,951
  
             
17,273,679
  
                 
Real Estate - 1.5%
          
BRT Apartments Corp.
    
87,737
      
1,760,004
  
Cousins Properties, Inc.
    
86,814
      
2,755,476
  
CTO Realty Growth, Inc.
    
117,250
      
2,393,073
  
First Industrial Realty Trust, Inc.
    
43,709
      
2,336,246
  
             
9,244,799
  
                 
Utilities - 0.3%
          
Pure Cycle Corp. (a)
    
100,985
      
1,468,322
  
TOTAL COMMON STOCKS (Cost $412,013,751)
      
594,252,286
  
                 
CLOSED END FUNDS - 0.3%
  
Shares
    
Value
  
Golub Capital BDC, Inc. (b)
    
124,654
      
1,953,328
  
TOTAL CLOSED END FUNDS (Cost $1,994,044)
      
1,953,328
  
                 
SHORT-TERM INVESTMENTS - 16.9%
          
Value
 
Investments Purchased with Proceeds from Securities Lending - 16.9%
  
Units
          
Mount Vernon Liquid Assets Portfolio, LLC, 4.64% (c)
    
103,292,371
      
103,292,371
  
TOTAL SHORT-TERM INVESTMENTS (Cost $103,292,371)
      
103,292,371
  
                 
TOTAL INVESTMENTS - 114.7% (Cost $ 517,300,166)
      
699,497,985
  
Liabilities in Excess of Other Assets - (14.7)%
      
(89,850,923
)
TOTAL NET ASSETS - 100.0%
          
$
609,647,062
  
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.
  

NV - Naamloze Vennootschap
PLC - Public Limited Company
SA - Sociedad Anónima

(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of November 30, 2024. The total market value of these securities was $100,907,382 which represented 16.6% of net assets.
(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 Small Cap Value Fund II 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
  
$
594,252,286
    
$
–
    
$
–
    
$
594,252,286
  
  Closed End Funds
    
1,953,328
      
–
      
–
      
1,953,328
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
103,292,371
  
Total Investments
  
$
596,205,614
    
$
–
    
$
–
    
$
699,497,985
  
   
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 $103,292,371 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.