NPORT-EX 2 lsequity.htm NPORT-EX

Boston Partners Long/Short Equity Fund
  
Schedule of Investments
  
November 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 96.4%
  
Shares
    
Value
 
Communication Services - 5.0%
        
Alphabet, Inc. - Class A (a)
    
8,828
    
$
2,826,549
  
DoubleDown Interactive Co. Ltd. - ADR (a)(b)(c)
    
47,085
      
438,361
  
EverQuote, Inc. - Class A (b)
    
16,329
      
430,922
  
Gravity Co. Ltd. - ADR (b)
    
9,546
      
548,609
  
John Wiley & Sons, Inc. - Class A
    
10,591
      
385,089
  
             
4,629,530
  
                   
Consumer Discretionary - 8.3%
          
Abercrombie & Fitch Co. - Class A (b)
    
7,571
      
740,974
  
Arcos Dorados Holdings, Inc. - Class A (a)
    
149,855
      
1,137,399
  
Carriage Services, Inc. (a)
    
20,300
      
878,990
  
Cavco Industries, Inc. (b)(c)
    
2,087
      
1,243,122
  
El Pollo Loco Holdings, Inc. (b)
    
28,259
      
308,306
  
Frontdoor, Inc. (b)
    
19,195
      
1,035,186
  
JD.com, Inc. - Class A
    
42,736
      
639,289
  
Johnson Outdoors, Inc. - Class A
    
7,203
      
295,251
  
Leon's Furniture Ltd.
    
17,032
      
351,378
  
Perdoceo Education Corp. (a)
    
12,122
      
338,931
  
Super Group SGHC Ltd. (a)
    
73,052
      
791,153
  
             
7,759,979
  
                   
Consumer Staples - 5.8%
          
Ambev SA - ADR - ADR (a)(c)
    
378,029
      
960,194
  
British American Tobacco PLC - ADR (a)
    
31,151
      
1,827,318
  
Coca-Cola Europacific Partners PLC
    
3,874
      
355,207
  
Maplebear, Inc. (b)(c)
    
11,772
      
494,542
  
PriceSmart, Inc. (c)
    
6,626
      
815,660
  
Turning Point Brands, Inc.
    
4,377
      
438,400
  
US Foods Holding Corp. (b)
    
6,432
      
506,005
  
             
5,397,326
  
                   
Energy - 2.0%
          
Canadian Natural Resources Ltd. (a)
    
27,039
      
913,107
  
Coterra Energy, Inc.
    
16,762
      
449,892
  
Peabody Energy Corp. (a)(c)
    
18,757
      
510,941
  
             
1,873,940
  
                   
Financials - 23.4%
          
Acadian Asset Management, Inc.
    
27,613
      
1,238,167
  
American Integrity Insurance Group, Inc. (a)(b)(c)
    
28,553
      
603,610
  
Banco Bilbao Vizcaya Argentaria SA - ADR (a)
    
62,498
      
1,346,832
  
Bank of America Corp. (a)
    
19,762
      
1,060,231
  
BGC Group, Inc. - Class A (a)
    
178,666
      
1,554,394
  
Citigroup, Inc. (a)
    
11,828
      
1,225,381
  
Fairfax Financial Holdings Ltd.
    
1,131
      
1,945,252
  
FinVolution Group - ADR (a)
    
57,305
      
285,952
  
Fiserv, Inc. (b)
    
5,325
      
327,328
  
Hamilton Insurance Group Ltd. - Class B (a)(b)
    
55,318
      
1,509,075
  
Heritage Insurance Holdings, Inc. (a)(b)
    
26,394
      
766,746
  
Intercorp Financial Services, Inc.
    
12,479
      
502,779
  
Jiayin Group, Inc. - ADR
    
16,064
      
114,536
  
KB Financial Group, Inc. - ADR (c)
    
16,410
      
1,396,327
  
Lincoln National Corp.
    
12,244
      
503,718
  
Marex Group PLC
    
25,078
      
872,464
  
Neptune Insurance Holdings, Inc. - Class A (b)
    
14,520
      
338,606
  
NewtekOne, Inc. (a)
    
39,914
      
426,282
  
Northeast Bank
    
4,577
      
406,804
  
Northeast Community Bancorp, Inc.
    
14,387
      
304,429
  
Oppenheimer Holdings, Inc. - Class A
    
8,876
      
603,834
  
PayPal Holdings, Inc.
    
9,079
      
569,163
  
Rithm Capital Corp. (a)
    
53,214
      
611,429
  
Ryan Specialty Holdings, Inc. (c)
    
7,334
      
425,885
  
Shift4 Payments, Inc. - Class A (b)(c)
    
4,454
      
328,616
  
SiriusPoint Ltd. (b)
    
31,008
      
644,966
  
Stifel Financial Corp. (a)(c)
    
6,566
      
801,052
  
Wells Fargo & Co. (a)
    
12,439
      
1,067,888
  
             
21,781,746
  
                   
Health Care - 10.8%
          
AstraZeneca PLC - ADR
    
10,764
      
998,038
  
Catalyst Pharmaceuticals, Inc. (a)(b)(c)
    
60,842
      
1,424,311
  
Cigna Group (a)
    
1,710
      
474,149
  
GE HealthCare Technologies, Inc.
    
8,948
      
715,750
  
Harmony Biosciences Holdings, Inc. (b)(c)
    
11,895
      
419,775
  
HCA Healthcare, Inc. (a)
    
1,430
      
726,855
  
Jazz Pharmaceuticals PLC (b)(c)
    
7,515
      
1,326,623
  
Johnson & Johnson (a)
    
6,544
      
1,354,084
  
Medtronic PLC (a)
    
8,181
      
861,705
  
Novartis AG - ADR
    
5,591
      
729,066
  
Sandoz Group AG - ADR
    
6,152
      
436,423
  
Tenet Healthcare Corp. (b)
    
2,853
      
618,645
  
             
10,085,424
  
                   
Industrials - 9.9%
          
Barrett Business Services, Inc. (a)
    
22,037
      
773,278
  
Brady Corp. - Class A
    
4,701
      
367,806
  
Builders FirstSource, Inc. (a)(b)
    
2,776
      
311,551
  
CACI International, Inc. - Class A (b)
    
999
      
616,483
  
Euroseas Ltd.
    
9,610
      
579,387
  
Everus Construction Group, Inc. (b)
    
5,461
      
502,194
  
Fiverr International Ltd. (b)
    
20,301
      
424,900
  
Galliford Try Holdings PLC
    
328,923
      
2,200,266
  
Nextpower, Inc. - Class A (b)
    
5,831
      
534,236
  
Quanta Services, Inc. (a)(c)
    
1,380
      
641,534
  
RCM Technologies, Inc. (b)
    
14,772
      
289,236
  
Sterling Infrastructure, Inc. (a)(b)
    
2,507
      
863,185
  
Sun Country Airlines Holdings, Inc. (b)
    
48,351
      
662,409
  
Uber Technologies, Inc. (b)
    
5,406
      
473,241
  
             
9,239,706
  
                   
Information Technology - 20.9%
          
ACI Worldwide, Inc. (b)
    
11,706
      
548,543
  
Adeia, Inc. (a)
    
62,376
      
771,591
  
Broadcom, Inc.
    
4,847
      
1,953,147
  
CDW Corp.
    
3,308
      
477,080
  
Cognizant Technology Solutions Corp. - Class A (a)
    
10,362
      
805,231
  
Dell Technologies, Inc. - Class C
    
6,857
      
914,381
  
EPAM Systems, Inc. (b)
    
2,531
      
473,297
  
InterDigital, Inc. (c)
    
3,494
      
1,249,978
  
LiveRamp Holdings, Inc. (b)
    
14,787
      
426,605
  
Microchip Technology, Inc.
    
3,255
      
174,403
  
Netskope, Inc. - Class A (b)
    
1,360
      
24,997
  
Nice Ltd. - ADR (b)(c)
    
3,018
      
320,119
  
Okta, Inc. (b)
    
5,705
      
458,283
  
Open Text Corp. (c)
    
39,494
      
1,328,578
  
Oracle Corp. (a)
    
2,763
      
557,988
  
Photronics, Inc. (a)(b)(c)
    
42,356
      
970,376
  
QUALCOMM, Inc. (a)
    
3,257
      
547,469
  
Rimini Street, Inc. (a)(b)
    
214,076
      
815,630
  
RingCentral, Inc. - Class A (a)(b)
    
52,263
      
1,475,907
  
Salesforce, Inc.
    
3,727
      
859,223
  
Samsung Electronics Co. Ltd.
    
19,135
      
1,314,246
  
Silicon Motion Technology Corp. - ADR
    
4,749
      
422,471
  
Telefonaktiebolaget LM Ericsson - ADR (a)(c)
    
78,662
      
755,155
  
Twilio, Inc. - Class A (b)
    
14,187
      
1,839,912
  
             
19,484,610
  
                   
Materials - 4.5%
          
Ferroglobe PLC (a)
    
168,123
      
744,785
  
Glencore PLC - ADR (a)
    
48,316
      
460,452
  
Methanex Corp.
    
17,086
      
608,432
  
Mosaic Co. (c)
    
18,628
      
456,200
  
Pan American Silver Corp. (c)
    
19,503
      
890,702
  
Taseko Mines Ltd. (a)(b)
    
100,429
      
530,265
  
Ternium SA - ADR (a)
    
11,945
      
439,934
  
             
4,130,770
  
                   
Real Estate - 4.1%
          
CTO Realty Growth, Inc.
    
25,326
      
457,894
  
Fermi, Inc. (b)(c)
    
17,511
      
288,757
  
Kennedy-Wilson Holdings, Inc.
    
38,836
      
377,874
  
Newmark Group, Inc. - Class A (a)
    
92,522
      
1,608,032
  
Park Hotels & Resorts, Inc. (a)
    
48,818
      
528,211
  
Pebblebrook Hotel Trust (a)
    
49,768
      
564,369
  
             
3,825,137
  
                   
Utilities - 1.7%
          
NRG Energy, Inc.
    
5,356
      
907,789
  
Xcel Energy, Inc. (c)
    
7,820
      
642,100
  
             
1,549,889
  
TOTAL COMMON STOCKS (Cost $62,633,207)
      
89,758,057
  
                   
PURCHASED OPTIONS - 0.0% (b)(d)
Notional Amount
  
Contracts
    
Value
 
Put Options - 0.0% (d)
                
Perdoceo Education Corp., Expiration: 03/20/2026; Exercise Price: $25.00 (e)(f)
$                       422,196
   
151
      
16,232
  
TOTAL PURCHASED OPTIONS (Cost $15,255)
      
16,232
  
                   
SHORT-TERM INVESTMENTS
  
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 12.2%
  
Units
    
Value
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.09% (g)
    
11,345,353
      
11,345,353
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $11,345,353)
      
11,345,353
  
                   
MONEY MARKET FUNDS - 0.6%
  
Shares
    
Value
 
MSILF Prime Portfolio - Institutional Class, 4.00% (g)
    
549,961
      
550,069
  
TOTAL MONEY MARKET FUNDS (Cost $550,069)
      
550,069
  
                   
TOTAL INVESTMENTS - 109.2% (Cost $74,543,884)
      
101,669,711
  
Liabilities in Excess of Other Assets - (9.2)%
      
(8,555,248
)
TOTAL NET ASSETS - 100.0%
            
$
93,114,463
  
           
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 security has been pledged as collateral for securities sold short. The fair value of assets committed as collateral as of November 30, 2025 is $31,995,910.
(b)
Non-income producing security.
(c)
All or a portion of this security is on loan as of November 30, 2025. The fair value of these securities was $11,123,767.
(d)
Represents less than 0.05% of net assets.
(e)
Exchange-traded.
(f)
100 shares per contract.
(g)
The rate shown represents the 7-day annualized yield as of November 30, 2025.


Boston Partners Long/Short Equity Fund
  
Schedule of Securities Sold Short
  
November 30, 2025 (Unaudited)
  
   
COMMON STOCKS - (21.2)%
  
Shares
    
Value
  
Communication Services - (1.7)%
        
Boston Omaha Corp. - Class A
    
(14,310
)
  
$
(177,873
)
Clear Channel Outdoor Holdings, Inc.
    
(226,559
)
    
(450,852
)
CTC Communications Group, Inc. (a)
    
(98,900
)
    
0
  
Ibotta, Inc. - Class A
    
(5,224
)
    
(124,645
)
Newsmax, Inc.
    
(40,039
)
    
(332,324
)
Telesat Corp.
    
(17,751
)
    
(462,414
)
             
(1,548,108
)
                 
Consumer Discretionary - (3.6)%
          
Acushnet Holdings Corp.
    
(4,351
)
    
(365,919
)
Brunello Cucinelli SpA
    
(1,910
)
    
(203,558
)
Cava Group, Inc.
    
(2,458
)
    
(120,172
)
Floor & Decor Holdings, Inc. - Class A
    
(4,291
)
    
(272,993
)
Goodyear Tire & Rubber Co.
    
(21,716
)
    
(188,061
)
GoPro, Inc., Class A - Class A
    
(121,216
)
    
(197,582
)
Petco Health & Wellness Co., Inc.
    
(32,305
)
    
(103,376
)
Pop Mart International Group Ltd.
    
(8,000
)
    
(232,164
)
Qsound Labs, Inc. (a)
    
(4,440
)
    
0
  
QuantumScape Corp.
    
(30,709
)
    
(375,264
)
Rivian Automotive, Inc. - Class A
    
(30,326
)
    
(511,296
)
Serve Robotics, Inc.
    
(16,879
)
    
(173,179
)
Shake Shack, Inc. - Class A
    
(2,510
)
    
(219,575
)
Stubhub Holdings, Inc. - Class A
    
(13,349
)
    
(156,584
)
Venu Holding Corp.
    
(22,605
)
    
(228,763
)
             
(3,348,486
)
                 
Consumer Staples - (1.9)%
          
Amish Naturals, Inc. (a)
    
(25,959
)
    
0
  
Brown-Forman Corp. - Class B
    
(8,006
)
    
(232,014
)
Costco Wholesale Corp.
    
(326
)
    
(297,830
)
Hershey Co.
    
(1,796
)
    
(337,792
)
Mama's Creations, Inc.
    
(40,123
)
    
(454,192
)
Marzetti Co.
    
(1,609
)
    
(268,607
)
Westrock Coffee Co.
    
(50,891
)
    
(221,376
)
             
(1,811,811
)
                 
Energy - (1.0)%
          
Beard Co. (a)
    
(9,710
)
    
0
  
Calumet, Inc.
    
(22,488
)
    
(434,018
)
Comstock Resources, Inc.
    
(18,921
)
    
(508,218
)
             
(942,236
)
                 
Financials - (1.4)%
          
Bakkt Holdings, Inc./US
    
(20,032
)
    
(315,905
)
Commonwealth Bank of Australia
    
(2,995
)
    
(299,324
)
Innventure, Inc.
    
(36,387
)
    
(209,225
)
Remitly Global, Inc.
    
(15,940
)
    
(215,907
)
StepStone Group, Inc. - Class A
    
(4,504
)
    
(284,473
)
             
(1,324,834
)
                 
Health Care - (1.8)%
          
AirSculpt Technologies, Inc.
    
(44,006
)
    
(155,341
)
BodyTel Scientific, Inc. (a)
    
(4,840
)
    
(1
)
CareView Communications, Inc.
    
(165,489
)
    
(3,476
)
Establishment Labs Holdings, Inc.
    
(6,928
)
    
(480,041
)
Hims & Hers Health, Inc.
    
(4,983
)
    
(198,124
)
PROCEPT BioRobotics Corp.
    
(6,218
)
    
(196,986
)
Stevanato Group SpA
    
(15,281
)
    
(356,964
)
TG Therapeutics, Inc.
    
(7,481
)
    
(248,818
)
             
(1,639,751
)
                 
Industrials - (3.0)%
          
Ameresco, Inc. - Class A
    
(7,308
)
    
(253,661
)
Applied Energetics, Inc.
    
(69,070
)
    
(99,668
)
Construction Partners, Inc. - Class A
    
(2,012
)
    
(219,308
)
Corporate Resource Services, Inc. (a)
    
(218,896
)
    
(22
)
DynaMotive Energy Systems Corp. (a)
    
(72,185
)
    
(7
)
Ener1, Inc. (a)
    
(102,820
)
    
(10
)
Hertz Global Holdings, Inc.
    
(50,828
)
    
(266,339
)
Limbach Holdings, Inc.
    
(1,847
)
    
(130,675
)
NANO Nuclear Energy, Inc.
    
(7,906
)
    
(258,526
)
NuScale Power Corp.
    
(12,722
)
    
(254,440
)
Palladyne AI Corp.
    
(39,887
)
    
(227,356
)
Redwire Corp.
    
(40,833
)
    
(224,990
)
Richtech Robotics, Inc. - Class B
    
(173,352
)
    
(615,399
)
Sky Harbour Group Corp.
    
(23,255
)
    
(214,876
)
Valence Technology, Inc. (a)
    
(27,585
)
    
(3
)
             
(2,765,280
)
                 
Information Technology - (5.2)%
          
Aehr Test Systems
    
(9,057
)
    
(208,039
)
Aeluma, Inc.
    
(9,648
)
    
(135,265
)
Amplitude, Inc. - Class A
    
(17,560
)
    
(180,517
)
ANTs software, Inc. (a)
    
(10,334
)
    
(1
)
Atomera, Inc.
    
(69,044
)
    
(171,229
)
BigBear.ai Holdings, Inc.
    
(62,080
)
    
(393,587
)
C3.ai, Inc. - Class A
    
(17,694
)
    
(255,678
)
Consygen, Inc. (a)
    
(200
)
    
0
  
D-Wave Quantum, Inc.
    
(14,544
)
    
(329,713
)
Entegris, Inc.
    
(3,160
)
    
(243,762
)
Evolv Technologies Holdings, Inc.
    
(68,438
)
    
(437,319
)
Figma, Inc. - Class A
    
(6,707
)
    
(241,251
)
Interliant, Inc. (a)
    
(600
)
    
0
  
Lightwave Logic, Inc.
    
(84,270
)
    
(365,732
)
MicroVision, Inc.
    
(183,263
)
    
(172,615
)
Nestor, Inc. (a)
    
(15,200
)
    
(2
)
NextNav, Inc.
    
(30,577
)
    
(434,499
)
Palantir Technologies, Inc. - Class A
    
(1,395
)
    
(234,988
)
PAR Technology Corp.
    
(8,575
)
    
(295,923
)
Rigetti Computing, Inc.
    
(11,384
)
    
(291,089
)
SoundHound AI, Inc. - Class A
    
(27,607
)
    
(332,664
)
Tiger Telematics, Inc. (a)
    
(6,510
)
    
0
  
Tucows, Inc. - Class A
    
(6,992
)
    
(151,517
)
Uni-Pixel, Inc. (a)
    
(19,665
)
    
(2
)
Worldgate Communications, Inc. (a)
    
(582,655
)
    
(58
)
XRiver Corp. (a)
    
(34,156
)
    
0
  
             
(4,875,450
)
                 
Materials - (1.4)%
          
PureCycle Technologies, Inc.
    
(35,964
)
    
(316,483
)
TMC the metals co, Inc.
    
(135,976
)
    
(946,393
)
             
(1,262,876
)
                 
Utilities - (0.2)%
          
Oklo, Inc.
    
(1,981
)
    
(181,024
)
TOTAL COMMON STOCKS (Proceeds $23,503,417)
      
(19,699,856
)
                 
TOTAL SECURITIES SOLD SHORT - (21.2)% (Proceeds $23,503,417)
          
$
(19,699,856
)
                 
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.
  

(a)
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 $(106) or 0.0% of net assets as of November 30, 2025.

 
Summary of Fair Value Disclosure as of November 30, 2025 (Unaudited)
 
Boston Partners Long/Short Equity 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
  
$
85,604,256
    
$
4,153,801
    
$
–
    
$
89,758,057
  
  Purchased Options
    
–
      
16,232
      
–
      
16,232
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
11,345,353
  
  Money Market Funds
    
550,069
      
–
      
–
      
550,069
  
Total Investments
  
$
86,154,325
    
$
4,170,033
    
$
–
    
$
101,669,711
  
                                 
Liabilities:
                                
Investments:
                                
  Common Stocks
  
$
(18,964,704
)
  
$
(735,046
)
  
$
(106
)
  
$
(19,699,856
)
Total Investments
  
$
(18,964,704
)
  
$
(735,046
)
  
$
(106
)
  
$
(19,699,856
)
   
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 significant transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year’s annual report.
  

(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 $11,345,353 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.