NPORT-EX 2 lsresearch.htm NPORT-EX

Boston Partners Long/Short Research Fund
  
Schedule of Investments
  
November 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 98.0%
    
Shares
    
Value
 
Communication Services - 3.4%
        
Alphabet, Inc. - Class A (a)
      
19,990
    
$
6,400,398
  
Deutsche Telekom AG
      
46,494
      
1,499,327
  
Informa PLC
      
234,647
      
2,983,794
  
Nexstar Media Group, Inc.
      
6,188
      
1,188,962
  
Omnicom Group, Inc.
      
28,484
      
2,040,024
  
T-Mobile US, Inc. (a)
      
8,636
      
1,805,011
  
Walt Disney Co.
      
32,128
      
3,356,412
  
               
19,273,928
  
                   
Consumer Discretionary - 8.8%
          
Abercrombie & Fitch Co. - Class A (b)
      
14,041
      
1,374,193
  
Aptiv PLC (b)
      
32,852
      
2,547,673
  
AutoNation, Inc. (b)
      
8,753
      
1,849,421
  
AutoZone, Inc. (b)
      
741
      
2,930,159
  
Best Buy Co., Inc.
      
14,877
      
1,179,449
  
Booking Holdings, Inc.
      
984
      
4,836,055
  
Boyd Gaming Corp.
      
51,420
      
4,283,286
  
Darden Restaurants, Inc.
      
8,528
      
1,531,458
  
eBay, Inc.
      
17,600
      
1,457,104
  
Flutter Entertainment PLC (b)
      
16,231
      
3,378,063
  
Frontdoor, Inc. (a)(b)
      
133,774
      
7,214,432
  
Home Depot, Inc.
      
4,008
      
1,430,535
  
Lennar Corp. - Class A
      
22,905
      
3,007,427
  
Lowe's Cos., Inc.
      
4,686
      
1,136,261
  
Restaurant Brands International, Inc.
      
25,398
      
1,838,561
  
Ross Stores, Inc.
      
14,154
      
2,496,199
  
TJX Cos., Inc. (a)
      
20,286
      
3,081,849
  
Valvoline, Inc. (b)
      
32,062
      
1,003,861
  
Wyndham Hotels & Resorts, Inc.
      
32,752
      
2,397,446
  
Yum! Brands, Inc.
      
6,050
      
926,921
  
               
49,900,353
  
                   
Consumer Staples - 5.6%
          
BJ's Wholesale Club Holdings, Inc. (b)
      
9,395
      
838,316
  
British American Tobacco PLC - ADR
      
40,891
      
2,398,666
  
Coca-Cola Co.
      
50,405
      
3,685,614
  
Coca-Cola Consolidated, Inc.
      
16,700
      
2,721,265
  
Coca-Cola Europacific Partners PLC
      
23,266
      
2,133,259
  
Kerry Group PLC - Class A
      
8,391
      
778,946
  
Lamb Weston Holdings, Inc.
      
14,787
      
873,320
  
Maplebear, Inc. (b)
      
41,640
      
1,749,296
  
Philip Morris International, Inc.
      
20,669
      
3,254,954
  
Primo Brands Corp.
      
83,772
      
1,314,383
  
Sysco Corp.
      
42,736
      
3,256,483
  
Toyo Suisan Kaisha Ltd.
      
16,210
      
1,164,162
  
US Foods Holding Corp. (a)(b)
      
63,006
      
4,956,682
  
Walmart, Inc.
      
22,815
      
2,521,286
  
               
31,646,632
  
                   
Energy - 0.9%
          
Marathon Petroleum Corp. (a)
      
9,504
      
1,841,210
  
Saipem SpA
      
508,004
      
1,384,732
  
Weatherford International PLC
      
21,857
      
1,634,904
  
               
4,860,846
  
                   
Financials - 18.5%
          
AIB Group PLC
      
106,613
      
1,096,984
  
Allstate Corp.
      
12,599
      
2,683,335
  
American Express Co.
      
5,448
      
1,989,991
  
Ameriprise Financial, Inc. (a)
      
6,095
      
2,777,735
  
Aon PLC - Class A
      
11,496
      
4,068,664
  
Apollo Global Management, Inc.
      
10,691
      
1,409,608
  
Arthur J Gallagher & Co.
      
6,919
      
1,713,283
  
Baldwin Insurance Group, Inc. - Class A (b)
      
40,126
      
1,143,992
  
Bank of America Corp. (a)
      
115,626
      
6,203,335
  
Beazley PLC
      
199,133
      
2,100,487
  
Berkshire Hathaway, Inc. - Class B (a)(b)
      
4,470
      
2,296,731
  
Blue Owl Capital, Inc. - Class A
      
74,405
      
1,116,075
  
Brown & Brown, Inc.
      
14,438
      
1,161,248
  
Capital One Financial Corp.
      
5,766
      
1,263,158
  
Charles Schwab Corp.
      
19,132
      
1,774,110
  
Chubb Ltd.
      
8,305
      
2,459,775
  
Corpay, Inc. (b)
      
10,521
      
3,112,112
  
Danske Bank AS
      
19,909
      
914,462
  
East West Bancorp, Inc. (a)
      
19,492
      
2,079,796
  
Equitable Holdings, Inc.
      
14,635
      
683,308
  
Evercore, Inc. - Class A
      
5,707
      
1,826,640
  
Everest Group Ltd.
      
7,521
      
2,363,775
  
Fidelity National Information Services, Inc.
      
30,454
      
2,002,960
  
Fifth Third Bancorp (a)
      
32,509
      
1,412,841
  
First American Financial Corp.
      
15,516
      
1,020,332
  
Goldman Sachs Group, Inc. (a)
      
1,457
      
1,203,540
  
Hiscox Ltd.
      
129,728
      
2,298,892
  
Huntington Bancshares, Inc. (a)
      
119,211
      
1,943,139
  
ING Groep NV
      
77,616
      
2,012,502
  
Intercontinental Exchange, Inc.
      
6,888
      
1,083,482
  
JPMorgan Chase & Co. (a)
      
26,083
      
8,166,066
  
LPL Financial Holdings, Inc.
      
10,615
      
3,779,365
  
M&T Bank Corp.
      
9,400
      
1,788,068
  
Markel Group, Inc. (a)(b)
      
1,633
      
3,397,359
  
Morgan Stanley
      
9,081
      
1,540,682
  
NatWest Group PLC
      
226,175
      
1,887,762
  
Nordea Bank Abp
      
111,953
      
1,981,208
  
Progressive Corp.
      
8,373
      
1,915,659
  
Renaissance Holdings Ltd.
      
9,208
      
2,404,853
  
SLM Corp. (a)
      
26,453
      
775,073
  
Sumitomo Mitsui Financial Group, Inc.
      
22,700
      
686,868
  
Synchrony Financial (a)
      
18,919
      
1,463,574
  
Travelers Cos., Inc.
      
6,145
      
1,799,625
  
Visa, Inc. - Class A
      
5,229
      
1,748,787
  
Voya Financial, Inc.
      
7,006
      
492,522
  
Wells Fargo & Co. (a)
      
86,373
      
7,415,122
  
WEX, Inc. (b)
      
11,554
      
1,714,151
  
White Mountains Insurance Group Ltd.
      
1,047
      
2,119,390
  
               
104,292,426
  
                   
Health Care - 11.2%
          
Abbott Laboratories (a)
      
11,002
      
1,418,158
  
AbbVie, Inc. (a)
      
28,755
      
6,547,514
  
Amgen, Inc.
      
9,012
      
3,113,286
  
AstraZeneca PLC
      
13,344
      
2,474,091
  
Biogen, Inc. (b)
      
11,638
      
2,119,163
  
Bristol-Myers Squibb Co.
      
36,916
      
1,816,267
  
Cencora, Inc.
      
7,938
      
2,928,566
  
Centene Corp. (b)
      
1,648
      
64,832
  
Cigna Group (a)
      
5,207
      
1,443,797
  
CVS Health Corp.
      
43,569
      
3,501,205
  
DaVita, Inc. (b)
      
1,892
      
226,435
  
Elevance Health, Inc. (a)
      
1,670
      
564,894
  
GE HealthCare Technologies, Inc.
      
26,690
      
2,134,933
  
Grifols SA
      
53,921
      
659,960
  
HCA Healthcare, Inc.
      
6,246
      
3,174,779
  
Humana, Inc.
      
1,886
      
463,522
  
ICON PLC (b)
      
9,774
      
1,808,190
  
Ipsen SA
      
5,010
      
723,324
  
IQVIA Holdings, Inc. (b)
      
11,226
      
2,582,092
  
Johnson & Johnson
      
23,074
      
4,774,472
  
Labcorp Holdings, Inc.
      
2,400
      
645,072
  
McKesson Corp.
      
4,303
      
3,791,459
  
Medtronic PLC
      
21,548
      
2,269,651
  
Merck & Co., Inc.
      
2,445
      
256,309
  
Molina Healthcare, Inc. (a)(b)
      
903
      
133,879
  
Novartis AG - ADR
      
4,988
      
650,435
  
Novo Nordisk AS
      
31,361
      
1,553,087
  
Pfizer, Inc.
      
3,288
      
84,633
  
QIAGEN NV
      
22,958
      
1,096,245
  
Quest Diagnostics, Inc.
      
3,938
      
744,991
  
Sandoz Group AG
      
30,784
      
2,177,524
  
Sanofi SA
      
1,123
      
112,005
  
Stryker Corp.
      
699
      
259,455
  
Tenet Healthcare Corp. (b)
      
9,964
      
2,160,594
  
UCB SA
      
218
      
60,934
  
UnitedHealth Group, Inc.
      
11,952
      
3,941,411
  
Universal Health Services, Inc. - Class B
      
2,257
      
549,873
  
Zimmer Biomet Holdings, Inc.
      
1,649
      
160,811
  
               
63,187,848
  
                   
Industrials - 21.8%
          
3M Co.
      
18,396
      
3,165,032
  
Acuity, Inc.
      
6,684
      
2,449,151
  
AECOM Technology Corp.
      
30,476
      
3,142,990
  
Airbus Group SE
      
12,095
      
2,844,649
  
Allegion PLC
      
19,256
      
3,197,074
  
Allison Transmission Holdings, Inc.
      
25,518
      
2,262,426
  
AMETEK, Inc. (a)
      
8,553
      
1,692,553
  
Brink's Co.
      
44,622
      
5,012,389
  
Builders FirstSource, Inc. (b)
      
25,822
      
2,898,003
  
Canadian Pacific Kansas City Ltd.
      
20,782
      
1,508,150
  
Carrier Global Corp.
      
34,357
      
1,885,512
  
CH Robinson Worldwide, Inc.
      
24,283
      
3,857,840
  
Cummins, Inc.
      
5,624
      
2,800,639
  
Delta Air Lines, Inc.
      
16,471
      
1,055,791
  
DNOW, Inc. (b)
      
153,694
      
2,145,568
  
Dover Corp.
      
8,244
      
1,527,448
  
Emerson Electric Co.
      
7,354
      
980,876
  
Equifax, Inc.
      
11,829
      
2,512,125
  
Esab Corp.
      
16,996
      
1,907,631
  
Expeditors International of Washington, Inc.
      
16,892
      
2,481,435
  
FedEx Corp.
      
7,970
      
2,197,170
  
Herc Holdings, Inc.
      
18,957
      
2,545,356
  
HNI Corp.
      
71,426
      
2,965,608
  
Honeywell International, Inc.
      
11,730
      
2,254,389
  
Howmet Aerospace, Inc. (a)
      
16,845
      
3,446,319
  
Hubbell, Inc.
      
6,905
      
2,979,024
  
Huron Consulting Group, Inc. (b)
      
18,981
      
3,124,462
  
IMI PLC
      
67,588
      
2,179,884
  
Jacobs Solutions, Inc.
      
30,651
      
4,132,061
  
KBR, Inc.
      
70,194
      
2,893,397
  
L3Harris Technologies, Inc.
      
17,756
      
4,948,420
  
Leidos Holdings, Inc. (a)
      
10,792
      
2,062,351
  
Masco Corp. (a)
      
48,904
      
3,172,402
  
Masterbrand, Inc. (a)(b)
      
272,368
      
3,020,561
  
Matson, Inc.
      
9,816
      
1,069,748
  
Nordson Corp.
      
11,364
      
2,700,768
  
Norfolk Southern Corp.
      
2,128
      
621,567
  
Old Dominion Freight Line, Inc.
      
12,598
      
1,704,383
  
Otis Worldwide Corp.
      
26,455
      
2,350,527
  
Parker-Hannifin Corp. (a)
      
1,634
      
1,408,018
  
Resideo Technologies, Inc. (a)(b)
      
48,271
      
1,592,460
  
Rexel SA
      
57,785
      
2,202,239
  
Siemens AG
      
4,340
      
1,150,983
  
SS&C Technologies Holdings, Inc. (a)
      
32,272
      
2,773,456
  
TriNet Group, Inc.
      
22,300
      
1,306,780
  
Uber Technologies, Inc. (b)
      
46,950
      
4,110,003
  
UFP Industries, Inc.
      
16,121
      
1,499,092
  
United Airlines Holdings, Inc. (b)
      
17,311
      
1,765,030
  
Upwork, Inc. (a)(b)
      
209,963
      
4,144,670
  
Westinghouse Air Brake Technologies Corp.
      
6,624
      
1,381,435
  
               
123,029,845
  
                   
Information Technology - 11.7%
          
Adeia, Inc. (a)
      
131,821
      
1,630,626
  
Applied Materials, Inc.
      
7,396
      
1,865,641
  
Arrow Electronics, Inc. (a)(b)
      
8,948
      
966,474
  
Broadcom, Inc.
      
16,150
      
6,507,804
  
Capgemini SE
      
7,433
      
1,164,620
  
CDW Corp.
      
14,678
      
2,116,861
  
Celestica, Inc. (b)
      
7,804
      
2,687,776
  
Check Point Software Technologies Ltd. (b)
      
7,898
      
1,475,110
  
Dell Technologies, Inc. - Class C
      
10,827
      
1,443,780
  
EPAM Systems, Inc. (b)
      
16,566
      
3,097,842
  
Flex Ltd. (a)(b)
      
89,449
      
5,287,330
  
Gen Digital, Inc. (a)
      
98,194
      
2,589,376
  
InterDigital, Inc.
      
11,269
      
4,031,485
  
Jabil, Inc. (a)
      
9,297
      
1,958,971
  
Keysight Technologies, Inc. (b)
      
12,257
      
2,426,273
  
Lam Research Corp.
      
21,538
      
3,359,928
  
Microchip Technology, Inc. (a)
      
29,445
      
1,577,663
  
Micron Technology, Inc.
      
8,986
      
2,125,009
  
NetApp, Inc.
      
17,914
      
1,998,486
  
Nice Ltd. - ADR (b)
      
11,005
      
1,167,300
  
NXP Semiconductors NV
      
6,360
      
1,239,818
  
Oracle Corp. (a)
      
9,563
      
1,931,248
  
Qnity Electronics, Inc.
      
20,844
      
1,690,199
  
Salesforce, Inc.
      
7,730
      
1,782,074
  
Samsung Electronics Co. Ltd.
      
44,971
      
3,088,737
  
Seagate Technology Holdings PLC
      
11,857
      
3,280,713
  
Trimble, Inc. (b)
      
28,734
      
2,339,522
  
Zebra Technologies Corp. - Class A (b)
      
5,354
      
1,353,224
  
               
66,183,890
  
                   
Materials - 4.6%
          
Ball Corp.
      
22,920
      
1,135,228
  
Barrick Mining Corp.
      
39,277
      
1,623,711
  
CRH PLC
      
44,223
      
5,304,991
  
DuPont de Nemours, Inc.
      
41,687
      
1,657,892
  
Freeport-McMoRan, Inc.
      
30,989
      
1,331,907
  
Louisiana-Pacific Corp.
      
13,048
      
1,070,066
  
Methanex Corp.
      
88,981
      
3,168,613
  
Mosaic Co. (a)
      
44,598
      
1,092,205
  
OR Royalties, Inc.
      
55,928
      
1,949,446
  
Reliance, Inc.
      
6,528
      
1,823,401
  
Royal Gold, Inc.
      
16,350
      
3,332,784
  
Steel Dynamics, Inc.
      
15,943
      
2,675,714
  
               
26,165,958
  
                   
Real Estate - 3.3%
          
BXP, Inc.
      
27,360
      
1,979,769
  
COPT Defense Properties
      
55,475
      
1,704,747
  
Essential Properties Realty Trust, Inc.
      
92,976
      
2,943,620
  
Extra Space Storage, Inc.
      
10,672
      
1,421,190
  
Fermi, Inc. (b)
      
40,545
      
668,587
  
Invitation Homes, Inc.
      
25,076
      
707,143
  
Jones Lang LaSalle, Inc. (b)
      
8,094
      
2,636,135
  
Kimco Realty Corp.
      
90,115
      
1,861,776
  
Lamar Advertising Co. - Class A (a)
      
9,384
      
1,242,348
  
Regency Centers Corp. (a)
      
20,137
      
1,432,949
  
VICI Properties, Inc. (a)
      
62,522
      
1,801,884
  
               
18,400,148
  
                   
Utilities - 8.2%
          
American Electric Power Co., Inc.
      
19,584
      
2,423,912
  
CenterPoint Energy, Inc. (a)
      
85,936
      
3,435,721
  
Enel SpA
      
266,318
      
2,752,136
  
Entergy Corp.
      
42,170
      
4,112,418
  
FirstEnergy Corp. (a)
      
79,068
      
3,773,125
  
NextEra Energy, Inc.
      
25,779
      
2,224,470
  
NiSource, Inc. (a)
      
83,563
      
3,687,635
  
NRG Energy, Inc.
      
23,275
      
3,944,880
  
OGE Energy Corp.
      
78,166
      
3,578,439
  
PPL Corp. (a)
      
91,592
      
3,379,745
  
Southern Co.
      
32,265
      
2,939,987
  
SSE PLC
      
97,998
      
2,851,104
  
Talen Energy Corp. (b)
      
7,987
      
3,149,034
  
Vistra Energy Corp.
      
12,789
      
2,287,441
  
Xcel Energy, Inc.
      
22,641
      
1,859,052
  
               
46,399,099
  
TOTAL COMMON STOCKS (Cost $383,647,022)
      
553,340,973
  
                   
CONVERTIBLE NOTES - 0.1%
  
Par
    
Value
 
Andrada Mining Ltd., 12.00%, 07/31/2026 (c)
GBP
    
700,000
      
903,516
  
TOTAL CONVERTIBLE NOTES (Cost $915,464)
      
903,516
  
                   
TOTAL INVESTMENTS - 98.1% (Cost $384,562,486)
      
554,244,489
  
Other Assets in Excess of Liabilities - 1.9%
      
10,467,070
  
TOTAL NET ASSETS - 100.0%
            
$
564,711,559
  
           
Par amount is in USD unless otherwise indicated.
          
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
PLC - Public Limited Company
 
GBP - British Pound

(a)
All or a portion of security has been pledged as collateral for securities sold short and contracts for difference. The fair value of assets committed as collateral as of November 30, 2025 is $120,533,987.
(b)
Non-income producing security.
(c)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $903,516 or 0.2% of net assets as of November 30, 2025.


Boston Partners Long/Short Research Fund
  
Schedule of Securities Sold Short
  
November 30, 2025 (Unaudited)
  
   
COMMON STOCKS - (14.5)%
  
Shares
    
Value
  
Communication Services - (0.9)%
        
Dentsu Group, Inc.
    
(76,600
)
  
$
(1,740,419
)
Grindr, Inc.
    
(54,984
)
    
(705,445
)
Lumen Technologies, Inc.
    
(109,195
)
    
(885,571
)
TELUS Corp.
    
(110,329
)
    
(1,447,947
)
             
(4,779,382
)
                 
Consumer Discretionary - (3.0)%
          
Birkenstock Holding PLC
    
(12,264
)
    
(531,399
)
Breville Group Ltd.
    
(56,113
)
    
(1,139,143
)
CarMax, Inc.
    
(10,839
)
    
(419,036
)
Carvana Co.
    
(2,244
)
    
(840,378
)
Cava Group, Inc.
    
(19,379
)
    
(947,439
)
Chewy, Inc. - Class A
    
(11,388
)
    
(395,961
)
Fox Factory Holding Corp.
    
(20,132
)
    
(297,752
)
Hilton Grand Vacations, Inc.
    
(37,994
)
    
(1,627,283
)
InterContinental Hotels Group PLC
    
(4,810
)
    
(638,562
)
LGI Homes, Inc.
    
(24,811
)
    
(1,290,668
)
Meritage Homes Corp.
    
(17,625
)
    
(1,288,035
)
MGM Resorts International
    
(41,713
)
    
(1,472,052
)
Moncler SpA
    
(9,634
)
    
(651,113
)
Nokian Renkaat Oyj
    
(91,280
)
    
(891,232
)
On Holding AG - Class A
    
(8,524
)
    
(374,971
)
QuantumScape Corp.
    
(24,708
)
    
(301,932
)
Rivian Automotive, Inc. - Class A
    
(64,412
)
    
(1,085,986
)
Shake Shack, Inc. - Class A
    
(9,743
)
    
(852,318
)
Tesla, Inc.
    
(697
)
    
(299,828
)
Texas Roadhouse, Inc.
    
(5,479
)
    
(960,195
)
Wendy's Co.
    
(99,649
)
    
(842,034
)
             
(17,147,317
)
                 
Consumer Staples - (2.0)%
          
Beiersdorf AG
    
(9,297
)
    
(999,760
)
Brown-Forman Corp. - Class B
    
(53,263
)
    
(1,543,562
)
Church & Dwight Co., Inc.
    
(9,943
)
    
(846,746
)
Costco Wholesale Corp.
    
(880
)
    
(803,959
)
Coty, Inc. Class A - Class A
    
(182,465
)
    
(605,784
)
Ezaki Glico Co. Ltd.
    
(24,400
)
    
(859,051
)
Hershey Co.
    
(5,955
)
    
(1,120,016
)
Hormel Foods Corp.
    
(39,149
)
    
(908,648
)
Kellanova
    
(14,404
)
    
(1,204,751
)
Kikkoman Corp.
    
(44,700
)
    
(409,088
)
Kraft Heinz Co.
    
(49,796
)
    
(1,270,296
)
Lotus Bakeries NV
    
(102
)
    
(916,545
)
             
(11,488,206
)
                 
Energy - (0.2)%
          
Dorchester Minerals LP
    
(10,974
)
    
(240,824
)
Occidental Petroleum Corp.
    
(23,379
)
    
(981,918
)
             
(1,222,742
)
                 
Financials - (1.8)%
          
Aozora Bank Ltd.
    
(156,400
)
    
(2,419,988
)
goeasy Ltd.
    
(10,799
)
    
(1,081,870
)
Jack Henry & Associates, Inc.
    
(6,093
)
    
(1,063,107
)
Kinsale Capital Group, Inc.
    
(2,580
)
    
(993,042
)
LIFENET INSURANCE CO
    
(100,200
)
    
(1,222,906
)
StepStone Group, Inc. - Class A
    
(22,137
)
    
(1,398,173
)
T Rowe Price Group, Inc.
    
(9,517
)
    
(974,350
)
Toast, Inc. - Class A
    
(23,433
)
    
(801,174
)
Trupanion, Inc.
    
(8,076
)
    
(285,002
)
             
(10,239,612
)
                 
Health Care - (1.1)%
          
10X Genomics, Inc. - Class A
    
(38,620
)
    
(726,442
)
Ambu AS - Class B
    
(21,027
)
    
(285,419
)
Anavex Life Sciences Corp.
    
(110,879
)
    
(424,667
)
ARS Pharmaceuticals, Inc.
    
(56,534
)
    
(539,334
)
Carl Zeiss Meditec AG
    
(9,672
)
    
(500,456
)
Claritev Corp.
    
(9,274
)
    
(501,445
)
Dexcom, Inc.
    
(9,510
)
    
(603,600
)
Hims & Hers Health, Inc.
    
(9,503
)
    
(377,839
)
Krystal Biotech, Inc.
    
(1,472
)
    
(320,896
)
Moderna, Inc.
    
(15,996
)
    
(415,576
)
Neogen Corp.
    
(84,068
)
    
(502,727
)
Omada Health, Inc.
    
(29,099
)
    
(545,024
)
Oxford Nanopore Technologies PLC
    
(209,272
)
    
(390,840
)
Recursion Pharmaceuticals, Inc. - Class A
    
(65,617
)
    
(303,807
)
             
(6,438,072
)
                 
Industrials - (1.8)%
          
Arcosa, Inc.
    
(11,090
)
    
(1,181,528
)
Bloom Energy Corp. - Class A
    
(4,262
)
    
(465,581
)
Fastenal Co.
    
(6,867
)
    
(277,427
)
Husqvarna AB - Class B
    
(223,371
)
    
(1,069,248
)
Kadant, Inc.
    
(1,109
)
    
(308,435
)
Kornit Digital Ltd.
    
(17,511
)
    
(233,422
)
Kuehne + Nagel International AG
    
(5,016
)
    
(1,007,206
)
Mitsui OSK Lines Ltd.
    
(28,900
)
    
(820,592
)
NuScale Power Corp.
    
(12,123
)
    
(242,460
)
Proto Labs, Inc.
    
(73,336
)
    
(3,726,935
)
SiteOne Landscape Supply, Inc.
    
(6,133
)
    
(823,539
)
             
(10,156,373
)
                 
Information Technology - (1.2)%
          
Amdocs Ltd.
    
(10,996
)
    
(840,974
)
Cognex Corp.
    
(72,120
)
    
(2,747,772
)
Power Integrations, Inc.
    
(37,457
)
    
(1,258,555
)
Tokyo Electron Ltd.
    
(8,700
)
    
(1,778,608
)
             
(6,625,909
)
                 
Materials - (0.8)%
          
Antofagasta PLC
    
(17,786
)
    
(650,335
)
BASF SE
    
(29,692
)
    
(1,548,478
)
Graphic Packaging Holding Co.
    
(26,404
)
    
(427,217
)
International Paper Co.
    
(45,046
)
    
(1,778,416
)
             
(4,404,446
)
                 
Real Estate - (1.3)%
          
Aroundtown SA
    
(199,268
)
    
(686,254
)
Mid-America Apartment Communities, Inc.
    
(10,308
)
    
(1,400,754
)
Nomura Real Estate Master Fund, Inc.
    
(1,393
)
    
(1,519,752
)
Segro PLC
    
(148,919
)
    
(1,406,961
)
Unibail-Rodamco-Westfield
    
(20,008
)
    
(2,125,250
)
             
(7,138,971
)
                 
Utilities - (0.4)%
          
Verbund AG - Class A
    
(30,133
)
    
(2,221,748
)
TOTAL COMMON STOCKS (Proceeds $92,057,213)
      
(81,862,778
)
                 
PREFERRED STOCKS - (0.2)%
  
Shares
    
Value
  
Consumer Discretionary - (0.2)%
          
Dr Ing hc F Porsche AG, 0.00%(a)
    
(20,347
)
    
(1,058,072
)
TOTAL PREFERRED STOCKS (Proceeds $1,681,991)
      
(1,058,072
)
                 
TOTAL SECURITIES SOLD SHORT - (14.7)% (Proceeds $93,739,204)
          
$
(82,920,850
)
                 
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.
  
                 
PLC - Public Limited Company
(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of November 30, 2025, the value of these securities total $(1,058,072) or -0.2% of the Fund’s net assets.
  
   

Boston Partners Long/Short Research Fund
Schedule of Contracts For Difference
November 30, 2025 (Unaudited)
 
Reference Entity
  
Counterparty
  
Pay/ Receive Reference Entity
  
Financing Rate
  
Payment Frequency
  
Maturity Date
  
Notional Amount
    
Value/ Unrealized
Appreciation
(Depreciation)
Acer, Inc.
  
Goldman Sachs
  
Pay
  
EFFR + (3.00)%
  
Termination
  
12/10/2025
    
$ (722,383)
   $
(133,881)
Acer, Inc.
  
J.P. Morgan Securities, Inc.
  
Pay
  
OBFR + (0.60)%
  
Termination
  
12/29/2027
    
 (204,907)
    
  75,824
Acushnet Holdings Corp.
  
Goldman Sachs
  
Pay
  
EFFR + (0.25)%
  
Termination
  
10/06/2027
    
 (282,744)
    
  (62,474)
Acushnet Holdings Corp.
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
08/25/2027
    
 (920,390)
    
 (208,665)
Amcor PLC
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
08/25/2027
    
 (1,534,137)
    
  152,189
American Airlines Group, Inc.
  
J.P. Morgan Securities, Inc.
  
Pay
  
OBFR + (0.25)%
  
Termination
  
08/24/2028
    
 (972,738)
    
  (93,436)
Ascendis Pharma AS
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
08/25/2027
    
 (768,210)
    
 (236,779)
Bank of Hawaii Corp.
  
Goldman Sachs
  
Pay
  
EFFR + (0.25)%
  
Termination
  
03/04/2026
    
 (917,167)
    
  (18,375)
Bank of Hawaii Corp.
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
12/10/2025
    
 (1,303,460)
    
  279,452
Bank of Hawaii Corp.
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
12/12/2025
    
 (407,528)
    
  (12,624)
Becle SAB de CV
  
J.P. Morgan Securities, Inc.
  
Pay
  
OBFR + (0.75)%
  
Termination
  
08/24/2028
    
 (688,151)
    
  (56,475)
BlackLine, Inc.
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
12/10/2025
    
 (967,405)
    
  238,764
BlackLine, Inc.
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
12/12/2025
    
 (445,263)
    
  (90,958)
BLACKSTONE INC
  
J.P. Morgan Securities, Inc.
  
Pay
  
OBFR + (0.25)%
  
Termination
  
08/24/2028
    
 (2,209,039)
    
 (1,948,072)
Caris Life Sciences, Inc.
  
J.P. Morgan Securities, Inc.
  
Pay
  
OBFR + (0.25)%
  
Termination
  
08/24/2028
    
 (550,529)
    
  280,331
Cincinnati Financial Corp.
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
08/25/2027
    
 (1,165,756)
    
 (227,866)
Commonwealth Bank of Australia
  
Morgan Stanley
  
Pay
  
RBA + (0.55)%
  
Termination
  
12/04/2025
  
AUD
 (718,170)
    
  (1,010)
Commonwealth Bank of Australia
  
Morgan Stanley
  
Pay
  
RBA + (0.55)%
  
Termination
  
12/10/2025
  
AUD
 (3,591,305)
    
 (755,204)
Compal Electronics, Inc.
  
Goldman Sachs
  
Pay
  
EFFR + (0.50)%
  
Termination
  
12/10/2025
    
 (765,896)
    
 (156,041)
Corcept Therapeutics, Inc.
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
08/25/2027
    
 (602,567)
    
 (328,887)
Cracker Barrel Old Country Store, Inc.
  
J.P. Morgan Securities, Inc.
  
Pay
  
OBFR + (0.25)%
  
Termination
  
08/24/2028
    
 (430,288)
    
  298,482
Cracker Barrel Old Country Store, Inc.
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
10/04/2028
    
 (249,985)
    
  43,956
CVB Financial Corp.
  
Goldman Sachs
  
Pay
  
EFFR + (0.25)%
  
Termination
  
10/08/2026
    
 (1,037,667)
    
 (149,249)
CVB Financial Corp.
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
12/10/2025
    
 (12,379)
    
  5,779
CVB Financial Corp.
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
12/12/2025
    
 (42,489)
    
  (6,707)
Dayforce, Inc.
  
Goldman Sachs
  
Pay
  
EFFR + (0.25)%
  
Termination
  
04/09/2028
    
 (163,214)
    
  (33,653)
Dayforce, Inc.
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
12/10/2025
    
 (717,673)
    
  38,820
Dayforce, Inc.
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
12/12/2025
    
 (167,084)
    
  (33,933)
Dick's Sporting Goods, Inc.
  
J.P. Morgan Securities, Inc.
  
Pay
  
OBFR + (0.25)%
  
Termination
  
08/24/2028
    
 (1,212,359)
    
  106,020
Digital Realty Trust, Inc.
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
08/25/2027
    
 (1,362,781)
    
  53,795
Dollar General Corp.
  
J.P. Morgan Securities, Inc.
  
Pay
  
OBFR + (0.25)%
  
Termination
  
08/24/2028
    
 (817,124)
    
  27,117
Entegris, Inc.
  
Goldman Sachs
  
Pay
  
EFFR + (0.25)%
  
Termination
  
04/09/2028
    
 (540,906)
    
  (64,224)
Entegris, Inc.
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
08/25/2027
    
 (726,350)
    
  277,033
EQT AB
  
J.P. Morgan Securities, Inc.
  
Pay
  
STIBOR + (0.30)%
  
Termination
  
08/27/2028
  
SEK
 (26,318,268)
    
  65,813
Erie Indemnity Co.
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
08/25/2027
    
 (279,238)
    
  198,201
First Financial Bankshares, Inc.
  
Goldman Sachs
  
Pay
  
EFFR + (0.25)%
  
Termination
  
03/04/2026
    
 (1,517,264)
    
  103,446
First Financial Bankshares, Inc.
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
12/10/2025
    
 (493,811)
    
  111,959
First Financial Bankshares, Inc.
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
12/12/2025
    
 (369,069)
    
  (767)
Fortis, Inc./Canada
  
J.P. Morgan Securities, Inc.
  
Pay
  
OBFR + (0.25)%
  
Termination
  
08/24/2028
    
 (1,925,855)
    
  (63,476)
Fuji Media Holdings, Inc.
  
J.P. Morgan Securities, Inc.
  
Pay
  
MUTAN + (0.35)%
  
Termination
  
08/30/2028
  
JPY
 (234,032,400)
    
 (111,943)
Glacier Bancorp, Inc.
  
Goldman Sachs
  
Pay
  
EFFR + (0.25)%
  
Termination
  
03/04/2026
    
 (1,723,598)
    
 (216,456)
Glacier Bancorp, Inc.
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
12/10/2025
    
 (896,041)
    
  350,648
Glacier Bancorp, Inc.
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
12/12/2025
    
 (480,782)
    
  (11,245)
Greif, Inc.
  
J.P. Morgan Securities, Inc.
  
Pay
  
OBFR + (0.25)%
  
Termination
  
08/24/2028
    
 (2,030,920)
    
  46,263
Hayward Holdings, Inc.
  
J.P. Morgan Securities, Inc.
  
Pay
  
OBFR + (0.25)%
  
Termination
  
08/24/2028
    
 (2,746,212)
    
  (54,825)
Hinge Health, Inc.
  
J.P. Morgan Securities, Inc.
  
Pay
  
OBFR + (0.25)%
  
Termination
  
08/24/2028
    
 (673,002)
    
  105,891
Hyatt Hotels Corp.
  
HSBC Bank
  
Pay
  
SOFR + (0.05)%
  
Termination
  
10/04/2028
    
 (238,201)
    
  (28,607)
Hyatt Hotels Corp.
  
J.P. Morgan Securities, Inc.
  
Pay
  
OBFR + (0.25)%
  
Termination
  
08/24/2028
    
 (1,797,440)
    
 (288,332)
Infosys Ltd.
  
Goldman Sachs
  
Pay
  
EFFR + (0.25)%
  
Termination
  
10/08/2028
    
 (415,307)
    
  (35,709)
Infosys Ltd.
  
Morgan Stanley
  
Pay
  
EFFR + (1.53)%
  
Termination
  
08/25/2027
    
 (1,609,174)
    
  372,957
KB Home
  
HSBC Bank
  
Pay
  
SOFR + (0.05)%
  
Termination
  
10/08/2028
    
 (535,933)
    
  13,044
KB Home
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
08/25/2027
    
 (2,076,508)
    
  259,354
Kimberly-Clark Corp.
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
08/25/2027
    
 (764,604)
    
  176,085
Kinsale Capital Group, Inc.
  
Goldman Sachs
  
Pay
  
EFFR + (0.25)%
  
Termination
  
09/23/2026
    
 (134,330)
    
  25,376
Kinsale Capital Group, Inc.
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
12/10/2025
    
 (123,938)
    
  (18,322)
Lemonade, Inc.
  
J.P. Morgan Securities, Inc.
  
Pay
  
OBFR + (0.25)%
  
Termination
  
08/24/2028
    
 (674,566)
    
 (184,904)
Liberty Global Ltd.
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
08/25/2027
    
 (1,608,715)
    
  702,220
Madrigal Pharmaceuticals, Inc.
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
08/25/2027
    
 (612,501)
    
 (343,724)
Moelis & Co.
  
HSBC Bank
  
Pay
  
SOFR + (0.05)%
  
Termination
  
05/21/2028
    
 (328,743)
    
  (15,049)
Moelis & Co.
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
08/25/2027
    
 (2,197,245)
    
 (137,539)
Montrose Environmental Group, Inc.
  
J.P. Morgan Securities, Inc.
  
Pay
  
OBFR + (0.25)%
  
Termination
  
08/24/2028
    
 (743,594)
    
  118,570
National Beverage Corp.
  
Goldman Sachs
  
Pay
  
EFFR + (0.25)%
  
Termination
  
12/17/2025
    
 (264,442)
    
  44,979
National Beverage Corp.
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
12/10/2025
    
 (485,900)
    
  275,924
Novanta, Inc.
  
Goldman Sachs
  
Pay
  
EFFR + (0.25)%
  
Termination
  
09/02/2026
    
 (2,263,539)
    
  615,284
Novanta, Inc.
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
12/10/2025
    
 (380,420)
    
  187,178
Pan Jit International, Inc.
  
Goldman Sachs
  
Pay
  
EFFR + (3.50)%
  
Termination
  
12/10/2025
    
 (2,515,651)
    
 (872,466)
Pan Jit International, Inc.
  
J.P. Morgan Securities, Inc.
  
Pay
  
OBFR + (0.60)%
  
Termination
  
04/19/2028
    
 (477,343)
    
 (277,421)
Regal Rexnord Corp.
  
J.P. Morgan Securities, Inc.
  
Pay
  
OBFR + (0.25)%
  
Termination
  
08/24/2028
    
 (585,566)
    
  (4,190)
RLI Corp.
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
12/10/2025
    
 (600,013)
    
  44,023
Sagax AB
  
Goldman Sachs
  
Pay
  
STIBOR + (1.00)%
  
Termination
  
01/16/2028
  
SEK
 (11,094,446)
    
  77,116
Sagax AB
  
Morgan Stanley
  
Pay
  
STIBOR + (0.55)%
  
Termination
  
08/29/2027
  
SEK
 (5,101,914)
    
  210,505
SDI Corp.
  
Goldman Sachs
  
Pay
  
EFFR + (5.50)%
  
Termination
  
12/10/2025
    
 (369,603)
    
  63,922
Service Corp. International/US
  
J.P. Morgan Securities, Inc.
  
Pay
  
OBFR + (0.25)%
  
Termination
  
08/24/2028
    
 (2,691,088)
    
  98,162
Shenzhen Goodix Technology Co. Ltd.
  
Bank of America
  
Pay
  
EFFR + (0.90)%
  
Termination
  
04/12/2028
    
 (185,668)
    
  (32,134)
Shenzhen Goodix Technology Co. Ltd.
  
Morgan Stanley
  
Pay
  
EFFR + (7.45)%
  
Termination
  
08/05/2026
    
 (1,195,027)
    
 (303,639)
Shenzhen Goodix Technology Co. Ltd.
  
Morgan Stanley
  
Pay
  
EFFR + (0.63)%
  
Termination
  
08/08/2026
    
 (86,645)
    
  (20,348)
Simpson Manufacturing Co., Inc.
  
J.P. Morgan Securities, Inc.
  
Pay
  
OBFR + (0.25)%
  
Termination
  
08/24/2028
    
 (1,482,652)
    
  170,716
SL Green Realty Corp.
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
08/25/2027
    
 (1,798,669)
    
  580,977
Spirax Group PLC
  
J.P. Morgan Securities, Inc.
  
Pay
  
SONIA + (0.30)%
  
Termination
  
08/30/2028
  
GBP
 (854,686)
    
  96,363
Stora Enso Oyj
  
J.P. Morgan Securities, Inc.
  
Pay
  
EUSTR + (0.30)%
  
Termination
  
08/27/2028
  
EUR
 (1,562,634)
    
  (75,283)
Swiss Re AG
  
J.P. Morgan Securities, Inc.
  
Pay
  
SARON + (0.30)%
  
Termination
  
08/27/2028
  
CHF
 (751,772)
    
  41,970
Telia Co. AB
  
J.P. Morgan Securities, Inc.
  
Pay
  
STIBOR + (0.30)%
  
Termination
  
08/27/2028
  
SEK
 (6,902,234)
    
  (53,731)
Tetra Tech, Inc.
  
J.P. Morgan Securities, Inc.
  
Pay
  
OBFR + (0.25)%
  
Termination
  
08/24/2028
    
 (1,655,361)
    
  53,429
Texas Capital Bancshares, Inc.
  
J.P. Morgan Securities, Inc.
  
Pay
  
OBFR + (0.25)%
  
Termination
  
08/24/2028
    
 (2,008,717)
    
  (93,132)
TG Therapeutics, Inc.
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
08/25/2027
    
 (476,350)
    
 (108,320)
Tractor Supply Co.
  
Morgan Stanley
  
Pay
  
EFFR + (0.25)%
  
Termination
  
08/25/2027
    
 (1,109,569)
    
  (4,569)
Treasury Wine Estates Ltd.
  
Goldman Sachs
  
Pay
  
RBA + (0.45)%
  
Termination
  
01/16/2028
  
AUD
 (152,408)
    
  84,827
Treasury Wine Estates Ltd.
  
Morgan Stanley
  
Pay
  
RBA + (0.55)%
  
Termination
  
08/29/2027
  
AUD
 (556,735)
    
  375,532
United Natural Foods, Inc.
  
J.P. Morgan Securities, Inc.
  
Pay
  
OBFR + (0.25)%
  
Termination
  
08/24/2028
    
 (848,803)
    
 (223,035)
United Parks & Resorts, Inc.
  
J.P. Morgan Securities, Inc.
  
Pay
  
OBFR + (0.25)%
  
Termination
  
08/24/2028
    
 (601,187)
    
  262,262
VAT Group AG
  
Morgan Stanley
  
Pay
  
SARON + (0.45)%
  
Termination
  
12/10/2025
  
CHF
 (1,027,687)
    
 (115,393)
VAT Group AG
  
Morgan Stanley
  
Pay
  
SARON + 0.35%
  
Termination
  
12/12/2025
  
CHF
 (1,175,762)
    
 (204,009)
Zurich Insurance Group AG
  
J.P. Morgan Securities, Inc.
  
Pay
  
SARON + (0.30)%
  
Termination
  
08/27/2028
  
CHF
 (896,969)
    
  35,958
Net Unrealized Appreciation (Depreciation)
      
  0
  0
    
 (670,565)
 
There are no upfront payments or receipts associated with contracts for difference in the Fund as of November 30, 2025.
 
Notional Amount is in USD unless otherwise indicated.
 
EFFR - Effective Federal Funds Rate was 3.98% as of November 30, 2025.
EUSTR - Euro Short-Term Rate was 1.92% as of November 30, 2025.
MUTAN - Bank of Japan Uncollateralized Overnight Call Rate was 0.07% as of November 30, 2025.
OBFR - Overnight Bank Funding Rate was 3.88% as of November 30, 2025.
RBA - Reserve Bank of Australia Cash Rate was 4.09% as of November 30, 2025.
SARON - Swiss Average Rate Overnight was 0.43% as of November 30, 2025.
SOFR - Secured Overnight Financing Rate was 4.12% as of November 30, 2025.
SONIA - Sterling Overnight Index Average was 3.97% as of November 30, 2025.
STIBOR - Stockholm Interbank Offered Rate was 2.25% as of November 30, 2025.


Summary of Fair Value Disclosure as of November 30, 2025 (Unaudited)
 
Boston Partners Long/Short Research 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
  
Assets:
                        
Investments:
                        
  Common Stocks
  
$
503,177,507
    
$
50,163,466
    
$
–
    
$
553,340,973
  
  Convertible Notes
    
–
      
–
      
903,516
      
903,516
  
Total Investments
  
$
503,177,507
    
$
50,163,466
    
$
903,516
    
$
554,244,489
  
   
Other Financial Instruments:
                                
  Total Contracts For Difference*
  
$
–
    
$
7,846,516
    
$
–
    
$
7,846,516
  
Total Other Financial Instruments
  
$
–
    
$
7,846,516
    
$
–
    
$
7,846,516
  
                                 
Liabilities:
                                
Investments:
                                
  Common Stocks
  
$
(53,963,824
)
  
$
(27,898,954
)
  
$
–
    
$
(81,862,778
)
  Preferred Stocks
    
–
      
(1,058,072
)
    
–
      
(1,058,072
)
Total Investments
  
$
(53,963,824
)
  
$
(28,957,026
)
  
$
–
    
$
(82,920,850
)
Other Financial Instruments:
                                
  Total Contracts For Difference*
  
$
–
    
$
(8,517,081
)
  
$
–
    
$
(8,517,081
)
Total Other Financial Instruments
  
$
–
    
$
(8,517,081
)
  
$
–
    
$
(8,517,081
)
   
* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of November 30, 2025.
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  
   
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year’s annual report.