NPORT-EX 2 all-cap2.htm NPORT-EX

Boston Partners All-Cap Value Fund
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 97.7%
  
Shares
    
Value
 
Communication Services - 4.5%
        
Alphabet, Inc. - Class A
    
129,212
    
$
22,190,869
  
Interpublic Group of Cos., Inc. (a)
    
163,484
      
3,917,077
  
Match Group, Inc. (a)
    
159,996
      
4,790,280
  
Omnicom Group, Inc. (a)
    
56,040
      
4,115,577
  
Take-Two Interactive Software, Inc. (b)
    
30,783
      
6,965,577
  
Walt Disney Co., (The)
    
149,601
      
16,910,897
  
             
58,890,277
  
                 
Consumer Discretionary - 5.5%
          
AutoZone, Inc. (b)
    
2,823
      
10,538,372
  
Booking Holdings, Inc.
    
4,654
      
25,685,100
  
LKQ Corp. (a)
    
153,561
      
6,214,614
  
NVR, Inc. (b)
    
2,673
      
19,020,881
  
Wyndham Hotels & Resorts, Inc. (a)
    
115,979
      
9,600,741
  
             
71,059,708
  
                 
Consumer Staples - 6.0%
          
Coca-Cola Europacific Partners PLC
    
50,732
      
4,656,690
  
J M Smucker Co.
    
59,769
      
6,730,587
  
Kenvue, Inc.
    
321,218
      
7,667,474
  
Keurig Dr Pepper, Inc.
    
399,098
      
13,437,630
  
Philip Morris International, Inc.
    
181,218
      
32,726,158
  
Sysco Corp.
    
182,221
      
13,302,133
  
             
78,520,672
  
                 
Energy - 3.2%
          
BP PLC - ADR (a)
    
99,925
      
2,907,817
  
Canadian Natural Resources Ltd.
    
190,844
      
5,795,932
  
Chord Energy Corp.
    
50,817
      
4,573,530
  
ConocoPhillips
    
49,597
      
4,233,104
  
Exxon Mobil Corp.
    
51,652
      
5,284,000
  
Halliburton Co.
    
203,480
      
3,986,173
  
Phillips 66
    
35,888
      
4,072,570
  
Schlumberger Ltd.
    
186,432
      
6,161,578
  
Shell PLC - ADR
    
70,962
      
4,699,104
  
             
41,713,808
  
                 
Financials - 27.9%(c)
          
Allstate Corp.
    
42,642
      
8,949,276
  
American International Group, Inc.
    
269,701
      
22,827,493
  
Aon PLC - Class A
    
19,121
      
7,114,542
  
Bank of America Corp.
    
674,986
      
29,787,132
  
Capital One Financial Corp.
    
60,682
      
11,478,000
  
Chubb Ltd.
    
73,459
      
21,832,015
  
Citigroup, Inc.
    
201,627
      
15,186,546
  
Corpay, Inc. (b)
    
80,207
      
26,076,098
  
Fidelity National Information Services, Inc.
    
102,893
      
8,191,312
  
First American Financial Corp.
    
194,875
      
10,875,974
  
Global Payments, Inc.
    
92,385
      
6,985,230
  
Goldman Sachs Group, Inc.
    
33,418
      
20,065,838
  
JPMorgan Chase & Co.
    
126,748
      
33,461,472
  
Loews Corp.
    
185,624
      
16,574,367
  
LPL Financial Holdings, Inc. (a)
    
40,119
      
15,532,472
  
Markel Group, Inc. (b)
    
10,562
      
20,508,235
  
Renaissance Holdings Ltd.
    
60,950
      
15,202,149
  
Shift4 Payments, Inc. - Class A (a)(b)
    
84,673
      
8,026,154
  
Travelers Cos., Inc.
    
48,040
      
13,244,628
  
Visa, Inc. - Class A
    
63,980
      
23,364,856
  
Wells Fargo & Co.
    
195,089
      
14,588,755
  
White Mountains Insurance Group Ltd.
    
7,459
      
13,312,823
  
             
363,185,367
  
                 
Health Care - 15.0%
          
AbbVie, Inc.
    
128,619
      
23,937,282
  
Amgen, Inc.
    
48,958
      
14,108,717
  
Cencora, Inc.
    
55,172
      
16,068,293
  
Centene Corp. (b)
    
181,320
      
10,233,701
  
Cigna Group
    
32,524
      
10,298,399
  
Elevance Health, Inc.
    
20,987
      
8,055,650
  
Johnson & Johnson
    
158,524
      
24,604,510
  
McKesson Corp.
    
21,789
      
15,677,404
  
Medtronic PLC
    
276,183
      
22,917,665
  
Merck & Co., Inc.
    
96,191
      
7,391,317
  
Sanofi SA - ADR
    
502,057
      
24,786,554
  
UnitedHealth Group, Inc.
    
32,141
      
9,703,689
  
Zimmer Biomet Holdings, Inc.
    
84,900
      
7,825,233
  
             
195,608,414
  
                 
Industrials - 13.9%
          
Acuity, Inc.
    
38,092
      
9,899,730
  
Allegion PLC
    
94,171
      
13,438,202
  
Allison Transmission Holdings, Inc. (a)
    
118,552
      
12,272,503
  
AMETEK, Inc.
    
39,390
      
7,040,569
  
CH Robinson Worldwide, Inc. (a)
    
66,615
      
6,393,041
  
Curtiss-Wright Corp.
    
14,344
      
6,312,938
  
EnerSys
    
31,449
      
2,630,080
  
Equifax, Inc.
    
26,246
      
6,933,931
  
Expeditors International of Washington, Inc. (a)
    
131,278
      
14,798,969
  
Huron Consulting Group, Inc. (b)
    
69,809
      
9,970,819
  
Landstar System, Inc.
    
48,121
      
6,603,164
  
Masco Corp.
    
78,159
      
4,878,685
  
Middleby Corp. (b)
    
51,620
      
7,543,230
  
Resideo Technologies, Inc. (b)
    
300,539
      
6,221,157
  
Robert Half, Inc. (a)
    
98,871
      
4,527,303
  
Science Applications International Corp. (a)
    
91,362
      
10,555,965
  
Sensata Technologies Holding PLC
    
202,000
      
5,264,120
  
SS&C Technologies Holdings, Inc.
    
231,375
      
18,697,414
  
Textron, Inc.
    
92,762
      
6,867,171
  
Uber Technologies, Inc. (b)
    
106,617
      
8,972,887
  
Westinghouse Air Brake Technologies Corp.
    
54,913
      
11,109,998
  
             
180,931,876
  
                 
Information Technology - 19.1%
          
Analog Devices, Inc.
    
62,714
      
13,419,542
  
Applied Materials, Inc.
    
58,112
      
9,109,056
  
Arrow Electronics, Inc. (b)
    
114,249
      
13,524,796
  
CDW Corp.
    
29,017
      
5,233,506
  
Check Point Software Technologies Ltd. (b)
    
129,075
      
29,542,686
  
Cisco Systems, Inc.
    
324,166
      
20,435,425
  
Cognizant Technology Solutions Corp. - Class A
    
233,109
      
18,879,498
  
Flex Ltd. (b)
    
354,089
      
14,977,965
  
Gen Digital, Inc.
    
114,114
      
3,249,967
  
Hewlett Packard Enterprise Co.
    
200,043
      
3,456,743
  
Jabil, Inc.
    
89,003
      
14,953,394
  
KLA Corp.
    
11,142
      
8,433,157
  
Lam Research Corp.
    
85,050
      
6,871,189
  
Microchip Technology, Inc.
    
218,167
      
12,662,413
  
Micron Technology, Inc.
    
67,461
      
6,372,366
  
Nice Ltd. - ADR (a)(b)
    
66,344
      
11,008,460
  
Oracle Corp.
    
178,447
      
29,538,332
  
QUALCOMM, Inc.
    
54,496
      
7,912,819
  
TD SYNNEX Corp. (a)
    
50,955
      
6,182,880
  
TE Connectivity PLC
    
32,714
      
5,236,530
  
Zebra Technologies Corp. - Class A (b)
    
24,263
      
7,030,689
  
             
248,031,413
  
                 
Materials - 2.6%
          
Corteva, Inc.
    
124,166
      
8,790,953
  
CRH PLC
    
272,343
      
24,826,788
  
             
33,617,741
  
TOTAL COMMON STOCKS (Cost $727,214,556)
      
1,271,559,276
  
                 
SHORT-TERM INVESTMENTS - 8.0%
          
Value
 
Investments Purchased with Proceeds from Securities Lending - 8.0%
  
Units
          
Mount Vernon Liquid Assets Portfolio, LLC, 4.45% (d)
    
104,648,596
      
104,648,596
  
TOTAL SHORT-TERM INVESTMENTS (Cost $104,648,596)
      
104,648,596
  
                 
TOTAL INVESTMENTS - 105.7% (Cost $831,863,152)
      
1,376,207,872
  
Liabilities in Excess of Other Assets - (5.7)%
      
(75,176,577
)
TOTAL NET ASSETS - 100.0%
          
$
1,301,031,295
  

     

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.
  
   
More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.
  

ADR - American Depositary Receipt
LLC - Limited Liability Company
PLC - Public Limited Company

(a)
All or a portion of this security is on loan as of May 31, 2025. The fair value of these securities was $102,062,804.
(b)
Non-income producing security.
(c)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(d)
The rate shown represents the 7-day annualized effective yield as of May 31, 2025.


Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
 
Boston Partners All-Cap Value Fund (the "Fund") has adopted fair value accounting standards which establish a 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 valuation 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 based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of May 31, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
    $
1,271,559,276
      $
–
      $
–
      $
1,271,559,276
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
-
      
–
      
–
      
-
  
Total Investments
    $
1,271,559,276
      $
–
      $
–
      $
1,271,559,276
  
   
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 $104,648,596 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.