NPORT-EX 2 scvalue.htm NPORT-EX

Boston Partners Small Cap Value Fund II
  
Schedule of Investments
  
November 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 95.4%
  
Shares
    
Value
 
Communication Services - 2.7%
        
Cargurus, Inc. (a)
    
111,487
    
$
3,933,261
  
EverQuote, Inc. - Class A (a)
    
148,774
      
3,926,146
  
Magnite, Inc. (a)(b)
    
487,806
      
7,165,870
  
Stagwell, Inc. (a)(b)
    
527,610
      
2,827,990
  
             
17,853,267
  
                 
Consumer Discretionary - 15.6%
          
Abercrombie & Fitch Co. - Class A (a)
    
61,363
      
6,005,597
  
Academy Sports & Outdoors, Inc.
    
98,998
      
4,776,653
  
Adtalem Global Education, Inc. (a)
    
50,115
      
4,638,644
  
Bath & Body Works, Inc.
    
81,298
      
1,415,398
  
Boyd Gaming Corp.
    
34,490
      
2,873,017
  
Build-A-Bear Workshop, Inc. (b)
    
76,636
      
4,069,372
  
Carriage Services, Inc.
    
141,475
      
6,125,867
  
Cavco Industries, Inc. (a)
    
7,648
      
4,555,531
  
Frontdoor, Inc. (a)
    
72,384
      
3,903,669
  
Grand Canyon Education, Inc. (a)
    
27,287
      
4,304,251
  
Green Brick Partners, Inc. (a)
    
42,033
      
2,853,200
  
Group 1 Automotive, Inc. (b)
    
14,251
      
5,715,221
  
Installed Building Products, Inc. (b)
    
7,798
      
2,090,020
  
Kontoor Brands, Inc. (b)
    
67,636
      
5,028,737
  
Laureate Education, Inc. (a)
    
268,613
      
8,300,142
  
LCI Industries
    
35,337
      
4,016,757
  
Lear Corp.
    
32,133
      
3,449,799
  
Legacy Housing Corp. (a)
    
13,509
      
269,234
  
Murphy USA, Inc.
    
10,721
      
4,128,335
  
Steven Madden Ltd. (b)
    
89,133
      
3,723,977
  
Taylor Morrison Home Corp. (a)
    
65,410
      
4,100,553
  
Universal Technical Institute, Inc. (a)
    
101,723
      
2,341,663
  
Urban Outfitters, Inc. (a)(b)
    
55,527
      
4,112,885
  
Valvoline, Inc. (a)
    
93,506
      
2,927,673
  
Visteon Corp.
    
27,656
      
2,855,482
  
Wolverine World Wide, Inc.
    
119,774
      
1,941,537
  
Wyndham Hotels & Resorts, Inc.
    
36,633
      
2,681,536
  
             
103,204,750
  
                 
Consumer Staples - 2.8%
          
BellRing Brands, Inc. (a)
    
93,269
      
2,881,079
  
Coca-Cola Consolidated, Inc.
    
19,990
      
3,257,371
  
Ingredion, Inc.
    
45,236
      
4,864,679
  
Nature's Sunshine Products, Inc. (a)
    
147,262
      
3,030,652
  
PriceSmart, Inc. (b)
    
38,717
      
4,766,063
  
             
18,799,844
  
                 
Energy - 4.9%
          
Archrock, Inc.
    
142,434
      
3,495,330
  
Bristow Group, Inc. (a)
    
80,988
      
3,037,860
  
National Energy Services Reunited Corp. (a)
    
375,096
      
5,228,838
  
South Bow Corp.
    
161,032
      
4,438,042
  
Tidewater, Inc. (a)
    
65,735
      
3,551,005
  
Viper Energy, Inc. - Class A
    
132,787
      
4,850,709
  
Weatherford International PLC
    
43,913
      
3,284,693
  
World Kinect Corp.
    
188,822
      
4,376,894
  
             
32,263,371
  
                 
Financials - 26.9% (c)
          
AllianceBernstein Holding LP
    
39,115
      
1,615,841
  
AMERISAFE, Inc.
    
46,952
      
1,915,642
  
Assured Guaranty Ltd.
    
85,678
      
7,757,286
  
Axis Capital Holdings Ltd.
    
51,228
      
5,237,551
  
Axos Financial, Inc. (a)
    
41,497
      
3,410,223
  
Bar Harbor Bankshares
    
102,042
      
3,044,933
  
BGC Group, Inc. - Class A
    
400,638
      
3,485,551
  
Byline Bancorp, Inc.
    
117,663
      
3,285,151
  
Cadence Bank
    
101,761
      
4,054,158
  
Columbia Banking System, Inc.
    
116,882
      
3,239,969
  
ConnectOne Bancorp, Inc.
    
101,266
      
2,558,992
  
Diamond Hill Investment Group, Inc.
    
17,356
      
2,048,008
  
Employers Holdings, Inc.
    
44,215
      
1,761,968
  
Essent Group Ltd.
    
56,128
      
3,522,593
  
Euronet Worldwide, Inc. (a)
    
33,570
      
2,487,201
  
EVERTEC, Inc.
    
93,450
      
2,700,705
  
Federal Agricultural Mortgage Corp. - Class C
    
44,337
      
7,615,323
  
First American Financial Corp.
    
95,215
      
6,261,338
  
First Mid Bancshares, Inc.
    
61,594
      
2,344,268
  
FirstCash Holdings, Inc.
    
68,311
      
10,821,145
  
Global Indemnity Group LLC - Class A
    
107,298
      
3,011,855
  
Hancock Whitney Corp.
    
58,795
      
3,562,389
  
Heritage Commerce Corp.
    
266,331
      
2,900,345
  
Home BancShares, Inc.
    
121,919
      
3,421,047
  
James River Group Holdings, Inc.
    
580,348
      
3,418,250
  
Nicolet Bankshares, Inc. (b)
    
34,055
      
4,290,249
  
Northeast Bank
    
55,550
      
4,937,284
  
Northrim BanCorp, Inc.
    
113,347
      
2,783,802
  
Old Second Bancorp, Inc.
    
183,845
      
3,465,478
  
Oportun Financial Corp. (a)
    
416,621
      
2,153,931
  
Oppenheimer Holdings, Inc. - Class A
    
47,972
      
3,263,535
  
PennyMac Financial Services, Inc.
    
36,962
      
4,973,976
  
PennyMac Mortgage Investment Trust
    
212,202
      
2,724,674
  
Pinnacle Financial Partners, Inc.
    
28,873
      
2,647,077
  
Preferred Bank (b)
    
78,433
      
7,404,860
  
Red River Bancshares, Inc.
    
40,353
      
2,826,728
  
Redwood Trust, Inc.
    
403,685
      
2,224,304
  
Silvercrest Asset Management Group, Inc. - Class A
    
165,231
      
2,280,188
  
SLM Corp. (b)
    
276,524
      
8,102,153
  
Stewart Information Services Corp.
    
73,416
      
5,625,868
  
StoneX Group, Inc. (a)
    
66,603
      
6,034,898
  
Voya Financial, Inc.
    
66,121
      
4,648,306
  
WEX, Inc. (a)
    
21,215
      
3,147,457
  
White Mountains Insurance Group Ltd.
    
2,687
      
5,439,160
  
WSFS Financial Corp.
    
58,500
      
3,264,885
  
             
177,720,545
  
                 
Health Care - 5.7%
          
Addus HomeCare Corp. (a)
    
33,403
      
4,015,041
  
Catalyst Pharmaceuticals, Inc. (a)
    
129,877
      
3,040,421
  
Guardian Pharmacy Services, Inc. - Class A (a)
    
199,187
      
5,832,195
  
Haemonetics Corp. (a)
    
56,180
      
4,570,243
  
Halozyme Therapeutics, Inc. (a)
    
41,007
      
2,927,900
  
Harmony Biosciences Holdings, Inc. (a)
    
87,274
      
3,079,899
  
Omnicell, Inc. (a)
    
93,569
      
3,416,204
  
Option Care Health, Inc. (a)
    
143,073
      
4,449,570
  
Pediatrix Medical Group, Inc. (a)
    
263,830
      
6,355,665
  
             
37,687,138
  
                 
Industrials - 21.5%
          
ABM Industries, Inc.
    
87,957
      
3,782,151
  
AZZ, Inc.
    
26,796
      
2,824,834
  
Brink's Co.
    
62,139
      
6,980,074
  
Civeo Corp. (b)
    
112,855
      
2,515,538
  
Concentrix Corp. (b)
    
67,087
      
2,429,220
  
CRA International, Inc.
    
25,713
      
4,534,230
  
DNOW, Inc. (a)
    
179,845
      
2,510,636
  
DXP Enterprises, Inc. (a)
    
36,642
      
3,443,982
  
EnerSys
    
45,010
      
6,441,381
  
First Advantage Corp. (a)(b)
    
324,310
      
4,501,423
  
Gibraltar Industries, Inc. (a)
    
63,267
      
3,160,819
  
Granite Construction, Inc. (b)
    
60,523
      
6,508,038
  
Griffon Corp.
    
59,319
      
4,448,925
  
Heidrick & Struggles International, Inc.
    
67,365
      
3,965,778
  
HNI Corp. (b)
    
102,420
      
4,252,478
  
Huron Consulting Group, Inc. (a)
    
43,889
      
7,224,568
  
IBEX Holdings Ltd. (a)
    
191,534
      
6,740,081
  
Janus International Group, Inc. (a)
    
397,301
      
2,467,239
  
Karat Packaging, Inc.
    
111,561
      
2,458,804
  
KBR, Inc.
    
81,869
      
3,374,640
  
Kelly Services, Inc. - Class A
    
229,120
      
1,979,597
  
Korn Ferry
    
46,249
      
3,041,797
  
Landstar System, Inc.
    
22,425
      
2,934,087
  
Legalzoom.com, Inc. (a)
    
332,508
      
3,102,300
  
LSI Industries, Inc.
    
204,905
      
3,747,712
  
Masterbrand, Inc. (a)
    
300,544
      
3,333,033
  
Matson, Inc.
    
37,495
      
4,086,205
  
Maximus, Inc.
    
54,928
      
4,728,752
  
Mayville Engineering Co., Inc. (a)
    
155,135
      
2,635,744
  
Modine Manufacturing Co. (a)
    
27,966
      
4,534,128
  
Primoris Services Corp.
    
80,662
      
10,208,583
  
Sensata Technologies Holding PLC
    
136,041
      
4,362,835
  
Sterling Infrastructure, Inc. (a)
    
9,635
      
3,317,427
  
Upwork, Inc. (a)(b)
    
285,573
      
5,637,211
  
             
142,214,250
  
                 
Information Technology - 9.9%
          
Adeia, Inc.
    
331,346
      
4,098,750
  
Arrow Electronics, Inc. (a)
    
36,423
      
3,934,048
  
Avnet, Inc.
    
86,602
      
4,114,461
  
Axcelis Technologies, Inc. (a)(b)
    
53,663
      
4,441,687
  
Bel Fuse, Inc. - Class B (b)
    
43,685
      
6,728,801
  
Belden, Inc. (b)
    
30,821
      
3,495,101
  
Benchmark Electronics, Inc.
    
102,042
      
4,584,747
  
Cirrus Logic, Inc. (a)
    
28,041
      
3,374,454
  
Daktronics, Inc. (a)
    
169,551
      
3,209,600
  
InterDigital, Inc. (b)
    
17,432
      
6,236,298
  
Littelfuse, Inc.
    
9,516
      
2,436,286
  
LiveRamp Holdings, Inc. (a)
    
157,591
      
4,546,500
  
NCR Voyix Corp. (a)(b)
    
279,435
      
2,825,088
  
OSI Systems, Inc. (a)
    
11,347
      
3,073,335
  
Photronics, Inc. (a)
    
115,392
      
2,643,631
  
Qorvo, Inc. (a)
    
30,991
      
2,661,817
  
Yext, Inc. (a)
    
352,852
      
2,971,014
  
             
65,375,618
  
                 
Materials - 3.2%
          
Commercial Metals Co.
    
68,251
      
4,353,049
  
Ecovyst, Inc. (a)
    
383,542
      
3,528,586
  
Element Solutions, Inc. (b)
    
125,631
      
3,256,356
  
Knife River Corp. (a)
    
42,750
      
3,199,410
  
Methanex Corp.
    
108,216
      
3,853,572
  
Myers Industries, Inc.
    
151,624
      
2,738,329
  
             
20,929,302
  
                 
Real Estate - 1.9%
          
BRT Apartments Corp.
    
86,148
      
1,261,207
  
Cousins Properties, Inc.
    
87,714
      
2,261,267
  
CTO Realty Growth, Inc.
    
118,354
      
2,139,840
  
Essential Properties Realty Trust, Inc. (b)
    
104,081
      
3,295,204
  
First Industrial Realty Trust, Inc.
    
61,338
      
3,510,987
  
             
12,468,505
  
                 
Utilities - 0.3%
          
Pure Cycle Corp. (a)
    
156,370
      
1,779,491
  
TOTAL COMMON STOCKS (Cost $511,078,994)
      
630,296,081
  
                 
CLOSED-END FUNDS - 0.8%
  
Shares
    
Value
 
Blue Owl Capital Corp. (b)
    
205,125
      
2,701,497
  
Golub Capital BDC, Inc. (b)
    
201,557
      
2,839,938
  
TOTAL CLOSED-END FUNDS (Cost $6,245,272)
      
5,541,435
  
                 
SHORT-TERM INVESTMENTS
  
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 11.7%
  
Units
    
Value
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.09% (d)
    
77,033,946
      
77,033,946
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $77,033,946)
      
77,033,946
  
                 
TOTAL INVESTMENTS - 107.9% (Cost $594,358,212)
      
712,871,462
  
Liabilities in Excess of Other Assets - (7.9)%
      
(51,908,544
)
TOTAL NET ASSETS - 100.0%
          
$
660,962,918
  
                 
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.
  

LLC - Limited Liability Company
LP - Limited Partnership
PLC - Public Limited Company

(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of November 30, 2025. The fair value of these securities was $75,367,328.
(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 Small Cap Value Fund II (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
  
$
630,296,081
    
$
–
    
$
–
    
$
630,296,081
  
  Closed-End Funds
    
5,541,435
      
–
      
–
      
5,541,435
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
77,033,946
  
Total Investments
  
$
635,837,516
    
$
–
    
$
–
    
$
712,871,462
  
   
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 $77,033,946 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.