NPORT-EX 2 allcap.htm NPORT-EX

Boston Partners All-Cap Value Fund
  
Schedule of Investments
  
November 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 97.6%
  
Shares
    
Value
 
Communication Services - 5.9%
        
Alphabet, Inc. - Class A
    
116,896
    
$
37,427,761
  
Match Group, Inc.
    
144,742
      
4,821,356
  
Meta Platforms, Inc. - Class A
    
21,526
      
13,947,772
  
Omnicom Group, Inc. (a)
    
101,687
      
7,282,841
  
Walt Disney Co.
    
135,339
      
14,138,866
  
             
77,618,596
  
                 
Consumer Discretionary - 4.3%
          
Booking Holdings, Inc.
    
4,211
      
20,695,760
  
LKQ Corp.
    
139,248
      
4,134,273
  
NVR, Inc. (b)
    
2,419
      
18,160,134
  
TopBuild Corp. (b)
    
12,045
      
5,450,362
  
Wyndham Hotels & Resorts, Inc.
    
104,923
      
7,680,364
  
             
56,120,893
  
                 
Consumer Staples - 4.0%
          
Coca-Cola Europacific Partners PLC
    
45,892
      
4,207,837
  
Keurig Dr Pepper, Inc.
    
361,054
      
10,073,407
  
Philip Morris International, Inc.
    
163,945
      
25,818,059
  
Sysco Corp.
    
164,851
      
12,561,646
  
             
52,660,949
  
                 
Energy - 3.9%
          
BP PLC - ADR
    
90,398
      
3,263,368
  
Canadian Natural Resources Ltd.
    
172,650
      
5,830,391
  
ConocoPhillips
    
67,330
      
5,971,498
  
Exxon Mobil Corp.
    
46,725
      
5,416,362
  
Halliburton Co.
    
184,519
      
4,838,088
  
Phillips 66
    
32,464
      
4,446,269
  
Range Resources Corp.
    
254,177
      
10,037,450
  
Shell PLC - ADR
    
64,196
      
4,735,739
  
SLB Ltd.
    
168,659
      
6,112,202
  
             
50,651,367
  
                 
Financials - 28.3% (c)
          
Allstate Corp.
    
38,575
      
8,215,704
  
American International Group, Inc.
    
243,991
      
18,582,355
  
Aon PLC - Class A
    
27,911
      
9,878,261
  
Bank of America Corp.
    
610,648
      
32,761,265
  
Capital One Financial Corp.
    
54,897
      
12,026,286
  
Chubb Ltd.
    
66,458
      
19,683,530
  
Citigroup, Inc.
    
182,408
      
18,897,469
  
Corpay, Inc. (b)
    
85,473
      
25,282,913
  
Credit Acceptance Corp. (a)(b)
    
13,134
      
6,067,514
  
Fidelity National Information Services, Inc.
    
93,083
      
6,122,069
  
First American Financial Corp.
    
230,572
      
15,162,415
  
Global Payments, Inc.
    
83,772
      
6,346,567
  
Goldman Sachs Group, Inc.
    
30,232
      
24,972,841
  
JPMorgan Chase & Co.
    
114,667
      
35,899,944
  
Loews Corp.
    
167,928
      
18,114,393
  
LPL Financial Holdings, Inc.
    
36,294
      
12,922,116
  
Markel Group, Inc. (b)
    
9,559
      
19,886,926
  
Renaissance Holdings Ltd.
    
55,142
      
14,401,436
  
Travelers Cos., Inc. (a)
    
43,461
      
12,727,988
  
Visa, Inc. - Class A
    
57,881
      
19,357,722
  
Wells Fargo & Co.
    
176,492
      
15,151,838
  
WEX, Inc. (a)(b)
    
43,614
      
6,470,573
  
White Mountains Insurance Group Ltd.
    
6,747
      
13,657,615
  
             
372,589,740
  
                 
Health Care - 16.5%
          
AbbVie, Inc.
    
116,359
      
26,494,944
  
Amgen, Inc.
    
44,291
      
15,300,769
  
Cencora, Inc.
    
49,913
      
18,414,403
  
Cigna Group
    
44,802
      
12,422,699
  
Elevance Health, Inc.
    
18,985
      
6,421,866
  
GE HealthCare Technologies, Inc.
    
91,405
      
7,311,486
  
Johnson & Johnson
    
143,413
      
29,675,018
  
McKesson Corp.
    
19,714
      
17,370,400
  
Medtronic PLC
    
249,857
      
26,317,438
  
Merck & Co., Inc.
    
87,019
      
9,122,202
  
Novo Nordisk AS - ADR (a)
    
154,107
      
7,605,180
  
Sanofi SA - ADR
    
455,282
      
22,709,466
  
UnitedHealth Group, Inc.
    
29,076
      
9,588,392
  
Zimmer Biomet Holdings, Inc. (a)
    
76,982
      
7,507,285
  
             
216,261,548
  
                 
Industrials - 13.0%
          
Acuity, Inc.
    
34,461
      
12,627,200
  
Allegion PLC
    
85,193
      
14,144,594
  
Allison Transmission Holdings, Inc. (a)
    
107,502
      
9,531,127
  
AMETEK, Inc.
    
35,636
      
7,052,008
  
CH Robinson Worldwide, Inc. (a)
    
60,266
      
9,574,459
  
EnerSys
    
28,448
      
4,071,193
  
Equifax, Inc.
    
23,743
      
5,042,301
  
Expeditors International of Washington, Inc.
    
119,052
      
17,488,739
  
Huron Consulting Group, Inc. (b)
    
63,152
      
10,395,451
  
Landstar System, Inc.
    
43,635
      
5,709,203
  
Masco Corp. (a)
    
70,705
      
4,586,633
  
Middleby Corp. (b)
    
46,698
      
5,519,704
  
Resideo Technologies, Inc. (b)
    
175,361
      
5,785,159
  
Robert Half, Inc.
    
89,656
      
2,424,298
  
Science Applications International Corp. (a)
    
82,651
      
7,125,343
  
Sensata Technologies Holding PLC
    
183,176
      
5,874,454
  
SS&C Technologies Holdings, Inc.
    
209,320
      
17,988,961
  
Textron, Inc.
    
83,917
      
6,978,538
  
Uber Technologies, Inc. (b)
    
96,452
      
8,443,408
  
Westinghouse Air Brake Technologies Corp.
    
49,678
      
10,360,347
  
             
170,723,120
  
                 
Information Technology - 20.0%
          
Accenture PLC - Class A
    
40,469
      
10,117,250
  
Analog Devices, Inc.
    
56,736
      
15,054,330
  
Applied Materials, Inc.
    
52,572
      
13,261,287
  
Arrow Electronics, Inc. (b)
    
123,350
      
13,323,033
  
CDW Corp.
    
87,029
      
12,551,322
  
Check Point Software Technologies Ltd. (b)
    
116,771
      
21,809,320
  
Cisco Systems, Inc.
    
293,266
      
22,563,886
  
Cognizant Technology Solutions Corp. - Class A
    
210,888
      
16,388,106
  
Flex Ltd. (b)
    
320,337
      
18,935,120
  
Gen Digital, Inc.
    
103,234
      
2,722,281
  
Jabil, Inc.
    
61,428
      
12,943,494
  
KLA Corp.
    
10,082
      
11,851,089
  
Lam Research Corp.
    
76,939
      
12,002,484
  
Microchip Technology, Inc.
    
205,646
      
11,018,513
  
Micron Technology, Inc.
    
61,029
      
14,432,138
  
Nice Ltd. - ADR (a)(b)
    
60,387
      
6,405,249
  
Oracle Corp.
    
100,464
      
20,288,705
  
QUALCOMM, Inc.
    
49,302
      
8,287,173
  
Roper Technologies, Inc.
    
8,540
      
3,810,719
  
TD SYNNEX Corp.
    
63,828
      
9,732,493
  
Zebra Technologies Corp. - Class A (b)
    
21,949
      
5,547,610
  
             
263,045,602
  
                 
Materials - 1.5%
          
CRH PLC
    
165,220
      
19,819,791
  
                 
Real Estate - 0.2%
          
Fermi, Inc. (a)(b)
    
151,514
      
2,498,466
  
TOTAL COMMON STOCKS (Cost $681,132,584)
      
1,281,990,072
  
                 
SHORT-TERM INVESTMENTS
  
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 2.3%
  
Units
    
Value
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.09% (d)
    
30,319,992
      
30,319,992
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $30,319,992)
      
30,319,992
  
                 
TOTAL INVESTMENTS - 99.9% (Cost $711,452,576)
      
1,312,310,064
  
Other Assets in Excess of Liabilities - 0.1%
      
1,823,234
  
TOTAL NET ASSETS - 100.0%
          
$
1,314,133,298
  
                 
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 November 30, 2025. The fair value of these securities was $30,052,076.
(b)
Non-income producing security.
(c)
To the extent that the Fund invests more heavily in particular industries or sectors 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 yield as of November 30, 2025.

 
Summary of Fair Value Disclosure as of November 30, 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 November 30, 2025:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
1,281,990,072
    
$
–
    
$
–
    
$
1,281,990,072
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
30,319,992
  
Total Investments
  
$
1,281,990,072
    
$
–
    
$
–
    
$
1,312,310,064
  
   
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 $30,319,992 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.