NPORT-EX 2 lsr.htm NPORT-EX

Boston Partners Long/Short Research Fund
  
Schedule of Investments
  
as of May 31, 2024 (Unaudited)
  
   
COMMON STOCKS - 96.8%
    
Shares
    
Value
  
Communication Services - 5.5%
        
Alphabet, Inc. - Class A(a)
      
41,011
    
$
7,074,398
  
Cars.com, Inc.(a)
      
146,548
      
2,964,666
  
Deutsche Telekom AG
      
85,949
      
2,089,783
  
Informa PLC
      
327,270
      
3,561,994
  
Live Nation Entertainment, Inc.(a)
      
32,937
      
3,087,514
  
Match Group, Inc.(a)
      
51,807
      
1,586,849
  
Omnicom Group, Inc.
      
23,115
      
2,148,770
  
Take-Two Interactive Software, Inc.(a)(b)
      
19,280
      
3,091,741
  
T-Mobile US, Inc.(b)
      
25,618
      
4,482,125
  
Vivid Seats, Inc. - Class A(a)
      
180,527
      
911,661
  
               
30,999,501
  
                   
Consumer Discretionary - 8.2%
          
AutoNation, Inc.(a)
      
10,724
      
1,825,761
  
AutoZone, Inc.(a)
      
988
      
2,736,701
  
Booking Holdings, Inc.
      
1,589
      
6,000,620
  
Boyd Gaming Corp.
      
49,446
      
2,636,461
  
eBay, Inc.
      
18,510
      
1,003,612
  
Flutter Entertainment PLC(a)
      
15,359
      
2,955,581
  
Frontdoor, Inc.(a)
      
141,090
      
4,990,353
  
Genting Singapore Ltd.
      
1,996,300
      
1,346,522
  
Lennar Corp. - Class A
      
14,604
      
2,341,751
  
LKQ Corp.(b)
      
20,633
      
887,838
  
MGM Resorts International(a)
      
81,844
      
3,287,674
  
Restaurant Brands International, Inc.
      
35,721
      
2,449,746
  
Ross Stores, Inc.
      
10,438
      
1,458,815
  
Starbucks Corp.
      
11,451
      
918,599
  
Tempur Sealy International, Inc.(b)
      
27,098
      
1,391,753
  
TJX Cos., Inc.(b)
      
24,890
      
2,566,159
  
Ulta Beauty, Inc.(a)
      
5,429
      
2,144,944
  
Wyndham Hotels & Resorts, Inc.
      
34,995
      
2,476,246
  
Wynn Macau Ltd.
      
2,577,300
      
2,451,915
  
               
45,871,051
  
                   
Consumer Staples - 4.2%
          
Albertsons Cos., Inc. - Class A
      
117,848
      
2,432,383
  
Constellation Brands, Inc. - Class A
      
8,578
      
2,146,473
  
J M Smucker Co.
      
20,554
      
2,294,648
  
Nomad Foods Ltd.
      
109,354
      
1,920,256
  
Philip Morris International, Inc.
      
42,518
      
4,310,475
  
Simply Good Foods Co.(a)
      
59,971
      
2,308,284
  
Target Corp.
      
18,323
      
2,861,319
  
US Foods Holding Corp.(a)(b)
      
34,713
      
1,833,888
  
Walmart, Inc.
      
48,693
      
3,202,052
  
               
23,309,778
  
                   
Energy - 7.8%
          
BP PLC - ADR
      
91,844
      
3,450,579
  
Canadian Natural Resources Ltd.
      
13,718
      
1,053,954
  
Cenovus Energy, Inc.
      
254,252
      
5,293,527
  
Diamondback Energy, Inc.
      
19,494
      
3,884,374
  
Kosmos Energy Ltd.(a)(b)
      
193,121
      
1,178,038
  
Marathon Petroleum Corp.(b)
      
23,147
      
4,087,992
  
MEG Energy Corp.(a)
      
93,122
      
2,021,703
  
Noble Corp. PLC
      
32,227
      
1,497,266
  
NOV, Inc.
      
133,495
      
2,512,376
  
Phillips 66
      
31,316
      
4,450,317
  
Schlumberger Ltd.
      
98,520
      
4,521,083
  
Technip Energies NV
      
75,727
      
1,832,089
  
Tidewater, Inc.(a)
      
12,779
      
1,320,454
  
Vallourec SACA(a)
      
150,733
      
2,699,682
  
Weatherford International PLC(a)
      
30,569
      
3,678,673
  
               
43,482,107
  
                   
Financials - 19.8%
          
AIB Group PLC
      
210,998
      
1,200,719
  
American Express Co.
      
11,888
      
2,853,120
  
Ameriprise Financial, Inc.(b)
      
12,677
      
5,534,905
  
Aon PLC - Class A
      
11,556
      
3,254,632
  
Arthur J Gallagher & Co.
      
10,332
      
2,617,406
  
Baldwin Insurance Group, Inc. - Class A(a)
      
45,213
      
1,522,774
  
Bank of America Corp.(b)
      
173,028
      
6,919,390
  
Bankinter SA
      
111,595
      
985,741
  
Beazley PLC
      
229,950
      
2,033,245
  
Berkshire Hathaway, Inc. - Class B(a)(b)
      
7,371
      
3,054,542
  
Charles Schwab Corp.
      
17,479
      
1,280,861
  
Chubb Ltd.
      
11,466
      
3,105,222
  
Commerzbank AG
      
64,713
      
1,098,783
  
Corpay, Inc.(a)
      
4,560
      
1,220,575
  
Discover Financial Services
      
22,105
      
2,711,399
  
East West Bancorp, Inc.(b)
      
40,539
      
3,007,588
  
Evercore, Inc. - Class A
      
7,923
      
1,607,894
  
Everest Group Ltd.
      
7,471
      
2,920,638
  
Fidelity National Information Services, Inc.
      
18,781
      
1,425,102
  
Fifth Third Bancorp(b)
      
66,324
      
2,481,844
  
First American Financial Corp.
      
23,912
      
1,329,029
  
Fiserv, Inc.(a)
      
9,211
      
1,379,439
  
Global Payments, Inc.
      
8,968
      
913,391
  
Goldman Sachs Group, Inc.(b)
      
2,972
      
1,356,777
  
Hana Financial Group, Inc.
      
34,814
      
1,554,641
  
Huntington Bancshares, Inc.(b)
      
285,834
      
3,978,809
  
ING Groep NV
      
176,951
      
3,161,283
  
JPMorgan Chase & Co.(b)
      
49,124
      
9,953,996
  
LPL Financial Holdings, Inc.
      
4,454
      
1,274,779
  
Markel Group, Inc.(a)(b)
      
1,657
      
2,720,115
  
Morgan Stanley
      
31,281
      
3,060,533
  
NatWest Group PLC
      
391,931
      
1,585,468
  
Nordea Bank Abp
      
219,206
      
2,695,666
  
Progressive Corp.(c)
      
12,200
      
2,576,396
  
Renaissance Holdings Ltd.
      
11,180
      
2,547,475
  
SLM Corp.(b)
      
58,925
      
1,264,531
  
Sumitomo Mitsui Financial Group, Inc.
      
20,600
      
1,348,252
  
Synchrony Financial(b)
      
12,632
      
553,282
  
Travelers Cos., Inc.
      
9,058
      
1,953,811
  
United Overseas Bank Ltd.
      
87,000
      
1,983,780
  
Voya Financial, Inc.
      
15,740
      
1,193,407
  
W R Berkley Corp.(b)
      
11,250
      
911,587
  
Wells Fargo & Co.
      
149,673
      
8,968,406
  
White Mountains Insurance Group Ltd.
      
1,049
      
1,895,543
  
               
110,996,776
  
                   
Health Care - 11.9%
          
Abbott Laboratories(b)
      
35,589
      
3,636,840
  
AbbVie, Inc.(b)
      
41,591
      
6,706,133
  
Amgen, Inc.
      
15,882
      
4,857,510
  
AMN Healthcare Services, Inc.(a)
      
22,706
      
1,270,174
  
AstraZeneca PLC
      
15,477
      
2,405,870
  
Avantor, Inc.(a)(b)
      
56,478
      
1,359,990
  
Boston Scientific Corp.(a)(b)
      
19,913
      
1,504,825
  
Bristol-Myers Squibb Co.
      
39,873
      
1,638,382
  
Cencora, Inc.
      
12,346
      
2,797,233
  
Centene Corp.(a)(b)
      
25,504
      
1,825,831
  
Cigna Group(b)
      
8,027
      
2,766,265
  
CVS Health Corp.(b)
      
6,055
      
360,878
  
Elevance Health, Inc.(b)
      
7,735
      
4,165,143
  
Fortrea Holdings, Inc.(a)
      
69,562
      
1,766,179
  
HCA Healthcare, Inc.
      
4,159
      
1,413,020
  
Henry Schein, Inc.(a)
      
6,338
      
439,477
  
Humana, Inc.
      
5,746
      
2,057,758
  
ICON PLC(a)
      
7,516
      
2,441,347
  
IQVIA Holdings, Inc.(a)
      
2,593
      
568,100
  
Johnson & Johnson
      
14,802
      
2,171,009
  
McKesson Corp.
      
5,428
      
3,091,735
  
Medtronic PLC
      
10,049
      
817,687
  
Merck & Co., Inc.
      
2,664
      
334,439
  
Molina Healthcare, Inc.(a)(b)
      
4,388
      
1,380,377
  
Novo Nordisk AS
      
6,840
      
926,739
  
Pfizer, Inc.
      
3,582
      
102,660
  
R1 RCM, Inc.(a)
      
39,047
      
502,144
  
Sanofi SA
      
12,107
      
1,185,295
  
Stryker Corp.
      
1,453
      
495,604
  
Thermo Fisher Scientific, Inc.
      
396
      
224,920
  
UCB SA
      
7,973
      
1,118,375
  
UnitedHealth Group, Inc.
      
17,320
      
8,579,808
  
Zimmer Biomet Holdings, Inc.(b)
      
14,282
      
1,644,572
  
               
66,556,319
  
                   
Industrials - 18.4%
          
AAR Corp.(a)
      
43,152
      
3,063,360
  
Acuity Brands, Inc.
      
7,249
      
1,881,913
  
Advanced Drainage Systems, Inc.
      
17,918
      
3,108,594
  
Airbus Group SE
      
19,927
      
3,389,606
  
Allegion PLC
      
18,065
      
2,200,678
  
Allison Transmission Holdings, Inc.(b)
      
32,852
      
2,490,510
  
AMETEK, Inc.(b)
      
14,466
      
2,453,144
  
ANDRITZ AG
      
22,795
      
1,369,057
  
Atkore, Inc.
      
16,230
      
2,469,395
  
Atmus Filtration Technologies, Inc.(a)
      
34,265
      
1,056,733
  
Beacon Roofing Supply, Inc.(a)(b)
      
32,031
      
3,108,929
  
Boeing Co.(a)
      
11,711
      
2,079,991
  
Brink's Co.
      
28,409
      
2,932,945
  
Builders FirstSource, Inc.(a)
      
17,921
      
2,881,518
  
Carlisle Cos., Inc.
      
3,090
      
1,292,516
  
Clean Harbors, Inc.(a)
      
14,035
      
3,039,841
  
Curtiss-Wright Corp.
      
9,253
      
2,616,933
  
Dover Corp.(b)
      
13,403
      
2,463,739
  
Eiffage SA
      
12,467
      
1,379,345
  
Embraer SA - ADR(a)
      
81,084
      
2,253,324
  
Equifax, Inc.
      
7,963
      
1,842,559
  
Ferguson PLC
      
9,696
      
1,994,855
  
Fortive Corp.(b)
      
20,336
      
1,513,812
  
General Dynamics Corp.
      
6,766
      
2,028,244
  
Honeywell International, Inc.
      
16,501
      
3,336,337
  
Howmet Aerospace, Inc.(b)
      
25,740
      
2,178,891
  
Huron Consulting Group, Inc.(a)
      
21,062
      
1,859,985
  
Jacobs Solutions, Inc.
      
24,394
      
3,399,060
  
Leidos Holdings, Inc.(b)
      
16,184
      
2,379,857
  
Masco Corp.
      
28,095
      
1,964,402
  
NEXTracker, Inc. - Class A(a)
      
25,274
      
1,394,367
  
Norfolk Southern Corp.
      
7,691
      
1,728,937
  
nVent Electric PLC
      
18,265
      
1,486,406
  
Otis Worldwide Corp.
      
26,614
      
2,640,109
  
Parker-Hannifin Corp.(b)
      
2,637
      
1,401,618
  
Ryanair Holdings PLC - ADR
      
4,067
      
494,710
  
Science Applications International Corp.(b)
      
19,463
      
2,620,693
  
Sensata Technologies Holding PLC
      
45,373
      
1,874,812
  
Siemens AG
      
10,627
      
2,048,254
  
SS&C Technologies Holdings, Inc.(b)
      
47,763
      
2,963,694
  
Textron, Inc.
      
25,039
      
2,193,667
  
TriNet Group, Inc.
      
23,735
      
2,467,728
  
Valmont Industries, Inc.(b)
      
6,837
      
1,718,822
  
WESCO International, Inc.
      
13,212
      
2,371,422
  
Westinghouse Air Brake Technologies Corp.
      
18,787
      
3,179,324
  
WillScot Mobile Mini Holdings Corp.(a)
      
68,629
      
2,706,041
  
               
103,320,677
  
                   
Information Technology - 12.6%
          
Adeia, Inc.
      
269,091
      
3,183,347
  
Advanced Micro Devices, Inc.(a)
      
14,843
      
2,477,297
  
Applied Materials, Inc.
      
12,000
      
2,580,960
  
Arrow Electronics, Inc.(a)(b)
      
14,515
      
1,905,965
  
Broadcom, Inc.
      
4,164
      
5,532,082
  
Capgemini SE
      
12,063
      
2,443,980
  
CDW Corp.
      
8,889
      
1,987,758
  
Celestica, Inc.(a)
      
44,133
      
2,467,917
  
Check Point Software Technologies Ltd.(a)
      
26,209
      
3,944,455
  
Cognizant Technology Solutions Corp. - Class A(b)
      
23,316
      
1,542,353
  
Dell Technologies, Inc. - Class C
      
21,827
      
3,046,176
  
Flex Ltd.(a)
      
145,105
      
4,807,329
  
Gen Digital, Inc.(b)
      
135,342
      
3,360,542
  
InterDigital, Inc.
      
17,644
      
2,009,122
  
Jabil, Inc.(b)
      
12,863
      
1,529,411
  
Keysight Technologies, Inc.(a)
      
13,111
      
1,815,611
  
Lam Research Corp.
      
2,807
      
2,617,359
  
Microchip Technology, Inc.(b)
      
31,319
      
3,045,146
  
Micron Technology, Inc.
      
19,920
      
2,490,000
  
NetApp, Inc.
      
10,380
      
1,250,063
  
Nice Ltd. - ADR(a)
      
15,621
      
2,867,547
  
NXP Semiconductors NV
      
6,925
      
1,884,293
  
Oracle Corp.(b)
      
32,787
      
3,842,309
  
QUALCOMM, Inc.
      
6,285
      
1,282,454
  
Samsung Electronics Co., Ltd.
      
53,346
      
2,826,422
  
Teradyne, Inc.
      
9,866
      
1,390,514
  
Zebra Technologies Corp. - Class A(a)
      
8,685
      
2,712,673
  
               
70,843,085
  
                   
Materials - 2.5%
          
CRH PLC
      
32,676
      
2,671,590
  
DuPont de Nemours, Inc.(b)
      
18,883
      
1,551,427
  
FMC Corp.
      
44,582
      
2,717,273
  
Kinross Gold Corp.
      
220,665
      
1,794,007
  
Olin Corp.
      
30,685
      
1,649,626
  
PPG Industries, Inc.
      
10,110
      
1,328,555
  
Teck Resources Ltd. - Class B
      
48,566
      
2,527,860
  
               
14,240,338
  
                   
Real Estate - 2.4%
          
Americold Realty Trust, Inc.(b)
      
56,661
      
1,511,149
  
Equity LifeStyle Properties, Inc.
      
9,820
      
616,401
  
Essex Property Trust, Inc.
      
8,747
      
2,272,383
  
Extra Space Storage, Inc.
      
14,434
      
2,089,610
  
Kimco Realty Corp.
      
91,104
      
1,763,773
  
Lamar Advertising Co. - Class A(b)
      
16,478
      
1,946,217
  
Regency Centers Corp.(b)
      
26,073
      
1,600,882
  
VICI Properties, Inc.
      
63,198
      
1,814,415
  
               
13,614,830
  
                   
Utilities - 3.5%
          
American Electric Power Co., Inc.
      
12,273
      
1,107,638
  
CenterPoint Energy, Inc.(b)
      
74,327
      
2,267,717
  
FirstEnergy Corp.
      
55,253
      
2,224,486
  
New Jersey Resources Corp.
      
13,692
      
595,054
  
NiSource, Inc.
      
95,987
      
2,789,382
  
OGE Energy Corp.
      
64,415
      
2,338,264
  
PPL Corp.
      
95,308
      
2,795,384
  
Southern Co.
      
32,090
      
2,571,692
  
SSE PLC
      
69,624
      
1,566,264
  
Talen Energy Corp.(a)
      
12,624
      
1,453,654
  
               
19,709,535
  
TOTAL COMMON STOCKS (Cost $382,796,718)
      
542,943,997
  
                   
WARRANTS - 0.0%(d)
    
Contracts
    
Value
  
Andrada Mining Ltd., Expires 07/17/2025, Exercise Price $0.10(a)(e)
      
1,400,000
      
392
  
TOTAL WARRANTS (Cost $18,309)
      
392
  
                   
CORPORATE BONDS - 0.1%
  
Par
    
Value
  
Andrada Mining Ltd., 12.00%, 07/31/2026 (e)
GBP
    
700,000
      
799,205
  
TOTAL CORPORATE BONDS (Cost $915,463)
      
799,205
  
                   
SHORT-TERM INVESTMENTS - 0.0%(d)
                
Money Market Funds - 0.0%(d)
    
Shares
          
BlackRock Liquidity Funds Treasury Trust Fund Portfolio - Class Institutional, 5.22%(b)(f)
      
2,009
      
2,009
  
Federated Hermes U.S. Treasury Cash Reserves - Class Institutional, 5.18%(b)(f)
      
2,009
      
2,009
  
Fidelity Treasury Portfolio - Class I, 5.19%(b)(f)
      
2,009
      
2,009
  
Goldman Sachs Financial Square Funds - Treasury Instruments Fund - Class Institutional, 5.18%(b)(f)
      
2,009
      
2,009
  
TOTAL SHORT-TERM INVESTMENTS (Cost $8,036)
      
8,036
  
                   
TOTAL INVESTMENTS - 96.9% (Cost $383,738,526)
    
$
543,751,630
  
Money Market Deposit Account - 1.1%(b)(g)
      
5,950,867
  
Other Assets in Excess of Liabilities - 2.0%
      
11,222,395
  
TOTAL NET ASSETS - 100.0%
            
$
560,924,892
  

Percentages are stated as a percent of net assets.
  
   
Par amount is in USD unless otherwise indicated.
  
 
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.

ADR - American Depositary Receipt
AG - Aktiengesellschaft
NV - Naamloze Vennootschap
PLC - Public Limited Company
SA - Sociedad Anónima
 
GBP - British Pound

(a)
Non-income producing security.
(b)
Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
(c)
Held in connection with written option contracts. See Schedule of Options Written for further information.
(d)
Represents less than 0.05% of net assets.
(e)
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 $799,597 or 0.1% of net assets as of May 31, 2024.
(f)
The rate shown represents the 7-day effective yield as of May 31, 2024.
(g)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of May 31, 2024 was 5.17%.

Industry classifications may be different than those used for compliance monitoring purposes.
Boston Partners Long/Short Research Fund
  
Schedule of Written Options
  
as of May 31, 2024 (Unaudited)
  
   
WRITTEN OPTIONS - 0.0% (a)(b)(c)
  
Notional Amount
    
Contracts
    
Value
  
Call Options - 0.0% (b)
                  
Progressive Corp., Expiration: 06/21/2024; Exercise Price: $215.00
  
$
(1,499,378
)
    
(71
)
  
$
(20,590
)
TOTAL WRITTEN OPTIONS (Premiums received $22,762)
                    
(20,590
)
                         
Percentages are stated as a percent of net assets.
                        

(a)
Exchange-traded.
(b)
Represents less than 0.05% of net assets.
(c)
100 shares per contract.

Boston Partners Long/Short Research Fund
  
Schedule of Securities Sold Short
  
as of May 31, 2024 (Unaudited)
  
   
COMMON STOCKS - (24.2)%
  
Shares
    
Value
  
Communication Services - (1.4)%
        
Angi, Inc.
    
(218,301
)
  
$
(440,968
)
Cable One, Inc.
    
(2,126
)
    
(820,445
)
Clear Channel Outdoor Holdings, Inc.
    
(698,475
)
    
(1,005,804
)
Dentsu Group, Inc.
    
(56,400
)
    
(1,493,006
)
Fox Corp. - Class A
    
(32,458
)
    
(1,117,529
)
Liberty Global Ltd. - Class C
    
(78,020
)
    
(1,331,801
)
Lions Gate Entertainment Corp. - Class A
    
(79,690
)
    
(662,224
)
Rumble, Inc.
    
(106,122
)
    
(668,569
)
Trade Desk, Inc. - Class A
    
(5,411
)
    
(502,032
)
             
(8,042,378
)
                 
Consumer Discretionary - (4.4)%
          
Accor SA
    
(21,932
)
    
(956,814
)
Acushnet Holdings Corp.
    
(18,743
)
    
(1,235,164
)
B&M European Value Retail SA
    
(122,031
)
    
(853,138
)
Cheesecake Factory, Inc.
    
(19,745
)
    
(759,788
)
Choice Hotels International, Inc.
    
(12,034
)
    
(1,362,128
)
Deckers Outdoor Corp.
    
(1,505
)
    
(1,646,350
)
Dick's Sporting Goods, Inc.
    
(6,490
)
    
(1,477,384
)
KB Home
    
(20,903
)
    
(1,475,752
)
Krispy Kreme, Inc.
    
(37,494
)
    
(392,187
)
LGI Homes, Inc.
    
(15,562
)
    
(1,493,952
)
Life Time Group Holdings, Inc.
    
(39,906
)
    
(669,623
)
Marriott Vacations Worldwide Corp.
    
(9,237
)
    
(833,824
)
Mobileye Global, Inc. - Class A
    
(31,128
)
    
(798,744
)
NIKE, Inc. - Class B
    
(5,410
)
    
(514,221
)
Nokian Renkaat Oyj
    
(281,919
)
    
(2,591,099
)
Playa Hotels & Resorts NV
    
(171,247
)
    
(1,459,024
)
QuantumScape Corp.
    
(335,146
)
    
(1,980,713
)
Sabre Corp.
    
(398,199
)
    
(1,246,363
)
SJM Holdings Ltd.
    
(1,985,000
)
    
(725,658
)
Soho House & Co., Inc.
    
(186,586
)
    
(955,320
)
Tractor Supply Co.
    
(4,249
)
    
(1,212,197
)
             
(24,639,443
)
                 
Consumer Staples - (1.6)%
          
Barry Callebaut AG
    
(690
)
    
(1,199,353
)
Davide Campari-Milano NV
    
(86,443
)
    
(865,960
)
Duckhorn Portfolio, Inc.
    
(101,897
)
    
(822,309
)
Hormel Foods Corp.
    
(43,474
)
    
(1,346,824
)
Kimberly-Clark Corp.
    
(15,181
)
    
(2,023,627
)
Treasury Wine Estates Ltd.
    
(152,559
)
    
(1,153,289
)
TreeHouse Foods, Inc.
    
(35,192
)
    
(1,277,822
)
             
(8,689,184
)
                 
Energy - (2.2)%
          
Antero Resources Corp.
    
(73,846
)
    
(2,631,133
)
CVR Energy, Inc.
    
(52,045
)
    
(1,449,974
)
Matador Resources Co.
    
(35,861
)
    
(2,275,380
)
Occidental Petroleum Corp.
    
(67,740
)
    
(4,233,750
)
Permian Resources Corp.
    
(120,663
)
    
(1,977,667
)
             
(12,567,904
)
                 
Financials - (3.2)%
          
Aozora Bank Ltd.
    
(129,600
)
    
(1,955,068
)
Ashmore Group PLC
    
(509,651
)
    
(1,266,367
)
Avanza Bank Holding AB
    
(58,880
)
    
(1,538,808
)
Cincinnati Financial Corp.
    
(12,627
)
    
(1,484,683
)
Erie Indemnity Co. - Class A
    
(2,738
)
    
(992,333
)
Hang Seng Bank Ltd.
    
(235,900
)
    
(3,286,887
)
Moelis & Co. - Class A
    
(23,969
)
    
(1,356,885
)
T Rowe Price Group, Inc.
    
(27,196
)
    
(3,204,505
)
Texas Capital Bancshares, Inc.
    
(18,913
)
    
(1,140,076
)
Trupanion, Inc.
    
(8,076
)
    
(241,230
)
United Bankshares, Inc.
    
(38,978
)
    
(1,264,446
)
             
(17,731,288
)
                 
Health Care - (2.3)%
          
10X Genomics, Inc. - Class A
    
(19,618
)
    
(439,836
)
agilon health, Inc.
    
(99,578
)
    
(627,341
)
Ambu AS - Class B
    
(21,027
)
    
(403,706
)
Ascendis Pharma AS - ADR
    
(5,155
)
    
(696,440
)
Cassava Sciences, Inc.
    
(12,417
)
    
(273,547
)
Corcept Therapeutics, Inc.
    
(21,986
)
    
(663,318
)
Doximity, Inc. - Class A
    
(21,008
)
    
(582,552
)
GoodRx Holdings, Inc. - Class A
    
(118,464
)
    
(932,312
)
Guardant Health, Inc.
    
(19,963
)
    
(540,997
)
Illumina, Inc.
    
(5,490
)
    
(572,497
)
Legend Biotech Corp. - ADR
    
(16,104
)
    
(644,321
)
Madrigal Pharmaceuticals, Inc.
    
(2,813
)
    
(664,318
)
MoonLake Immunotherapeutics
    
(6,323
)
    
(257,093
)
Neogen Corp.
    
(35,596
)
    
(468,087
)
Oxford Nanopore Technologies PLC
    
(434,490
)
    
(594,062
)
Privia Health Group, Inc.
    
(40,021
)
    
(695,165
)
Recursion Pharmaceuticals, Inc. - Class A
    
(65,617
)
    
(543,309
)
Revance Therapeutics, Inc.
    
(45,449
)
    
(129,075
)
Rhythm Pharmaceuticals, Inc.
    
(13,993
)
    
(499,270
)
Tandem Diabetes Care, Inc.
    
(25,751
)
    
(1,319,224
)
TG Therapeutics, Inc.
    
(35,676
)
    
(581,519
)
Twist Bioscience Corp.
    
(17,495
)
    
(733,040
)
             
(12,861,029
)
                 
Industrials - (4.7)%
          
Atlas Arteria Ltd.
    
(727,378
)
    
(2,582,599
)
Dun & Bradstreet Holdings, Inc.
    
(99,959
)
    
(958,607
)
Exponent, Inc.
    
(22,189
)
    
(2,110,618
)
Furukawa Electric Co., Ltd.
    
(112,000
)
    
(3,020,605
)
Husqvarna AB - Class B
    
(296,538
)
    
(2,469,274
)
Kornit Digital Ltd.
    
(61,585
)
    
(875,739
)
ManpowerGroup, Inc.
    
(13,626
)
    
(1,016,772
)
Montrose Environmental Group, Inc.
    
(71,762
)
    
(3,373,532
)
Nidec Corp.
    
(34,700
)
    
(1,729,741
)
Northrop Grumman Corp.
    
(3,464
)
    
(1,561,467
)
Proto Labs, Inc.
    
(59,818
)
    
(1,852,563
)
SiteOne Landscape Supply, Inc.
    
(11,935
)
    
(1,847,777
)
Terex Corp.
    
(24,702
)
    
(1,473,968
)
Toro Co.
    
(18,503
)
    
(1,483,756
)
             
(26,357,018
)
                 
Information Technology - (1.7)%
          
Amdocs Ltd.
    
(17,704
)
    
(1,398,616
)
Cognex Corp.
    
(58,626
)
    
(2,668,655
)
Entegris, Inc.
    
(28,595
)
    
(3,612,978
)
Infosys Ltd. - ADR
    
(60,488
)
    
(1,013,174
)
Palantir Technologies, Inc. - Class A
    
(51,217
)
    
(1,110,385
)
             
(9,803,808
)
                 
Materials - (1.1)%
          
Amcor PLC
    
(55,505
)
    
(564,486
)
Axalta Coating Systems Ltd.
    
(21,454
)
    
(763,548
)
Compass Minerals International, Inc.
    
(22,111
)
    
(286,559
)
Ganfeng Lithium Group Co., Ltd. - Class H
    
(267,400
)
    
(741,935
)
Huntsman Corp.
    
(20,520
)
    
(508,896
)
Lynas Rare Earths Ltd.
    
(174,181
)
    
(777,072
)
MP Materials Corp.
    
(79,194
)
    
(1,284,527
)
Sumitomo Chemical Co., Ltd.
    
(485,800
)
    
(998,797
)
             
(5,925,820
)
                 
Real Estate - (1.6)%
          
Camden Property Trust
    
(3,959
)
    
(406,392
)
CBRE Group, Inc. - Class A
    
(18,230
)
    
(1,605,516
)
Compass, Inc. - Class A
    
(127,639
)
    
(478,646
)
Digital Realty Trust, Inc.
    
(3,939
)
    
(572,494
)
Mid-America Apartment Communities, Inc.
    
(3,516
)
    
(470,125
)
Nomura Real Estate Master Fund, Inc.
    
(896
)
    
(841,927
)
Sagax AB - Class B
    
(56,348
)
    
(1,487,520
)
Segro PLC
    
(44,077
)
    
(517,607
)
SL Green Realty Corp.
    
(32,839
)
    
(1,739,482
)
Unibail-Rodamco-Westfield
    
(12,530
)
    
(1,104,013
)
             
(9,223,722
)
TOTAL COMMON STOCKS (Proceeds $138,906,909)
      
(135,841,594
)
                 
PREFERRED STOCKS - (0.4)%
  
Shares
    
Value
  
Consumer Discretionary - (0.4)%
          
Dr Ing hc F Porsche AG
    
(23,602
)
    
(1,960,613
)
TOTAL PREFERRED STOCKS (Proceeds $2,115,269)
      
(1,960,613
)
                 
TOTAL SECURITIES SOLD SHORT - (24.6)% (Proceeds $141,022,178)
            
(137,802,207
)
                 
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.
  

Industry classifications may be different than those used for compliance monitoring purposes.
Contracts For Difference
Contracts For Difference
as of May 31, 2024 (Unaudited)

Reference Entity
Counterparty
Maturity Date
Financing Rate
Payment Frequency
  
Notional Amount
Value/ Unrealized Appreciation (Depreciation)
Short
              
Australia
              
Commonwealth Bank of Australia
Morgan Stanley
12/8/2025
4.32%
Termination
  
           (3,820,506)
 $      
   (418,677)
China
              
Shenzhen Dynanonic Co., Ltd.
Morgan Stanley
10/20/2026
5.33
Termination
  
                 (341,991)
              418,642
Shenzhen Goodix Technology
Morgan Stanley
8/3/2026
5.33
Termination
  
                 (840,187)
            (108,025)
             
              310,617
Japan
              
Nippon Shinyaku Co., Ltd.
Morgan Stanley
12/8/2025
0.08
Termination
  
                 (207,127)
              315,240
South Korea
              
EcoPro BM Co., Ltd.
Morgan Stanley
10/20/2026
5.33
Termination
  
                 (908,867)
              290,986
EcoPro Co., Ltd.
Bank of America Securities, Inc.
10/23/2026
5.33
Termination
  
                 (573,402)
              408,114
EcoPro Co., Ltd.
Goldman Sachs
10/30/2026
5.33
Termination
  
                 (402,268)
              167,162
Kakaobank Corp.
Goldman Sachs
12/8/2025
5.33
Termination
  
                 (432,465)
              137,961
Kakaobank Corp.
J.P. Morgan Securities, Inc.
10/12/2026
3.32
Termination
  
                   (44,161)
                  1,941
Netmarble Corp.
Goldman Sachs
3/10/2026
5.33
Termination
  
                 (204,790)
                  5,852
Netmarble Corp.
Morgan Stanley
3/16/2026
5.33
Termination
  
              (1,097,474)
              (37,007)
Posco Future M Co., Ltd.
Bank of America Securities, Inc.
10/23/2026
5.33
Termination
  
              (1,588,704)
              335,571
             
           1,310,580
Switzerland
              
Vat Group AG
Morgan Stanley
12/8/2025
1.45
Termination
  
              (3,387,083)
         (1,310,629)
Taiwan
              
Acer, Inc.
Goldman Sachs
12/8/2025
5.33
Termination
  
              (1,357,038)
            (704,749)
Compal Electronics
Goldman Sachs
12/8/2025
5.33
Termination
  
                 (906,978)
            (337,908)
Pan Jit International, Inc.
Goldman Sachs
12/8/2025
5.33
Termination
  
              (1,548,126)
              199,891
SDI Corporation
Goldman Sachs
12/8/2025
5.33
Termination
  
                 (455,223)
              (46,986)
             
            (889,752)
United States
              
Bank of Hawaii Corp.
Morgan Stanley
12/8/2025
5.33
Termination
  
              (2,226,512)
              766,593
Bank of Hawaii Corp.
Goldman Sachs
3/2/2026
5.33
Termination
  
                 (808,014)
                89,151
BlackLine, Inc.
Morgan Stanley
12/8/2025
5.33
Termination
  
                 (964,851)
              297,017
Ceridian HCM Holding, Inc.
Morgan Stanley
12/8/2025
5.33
Termination
  
                 (476,349)
              127,996
Commerce Bancshares, Inc.
Morgan Stanley
12/8/2025
5.33
Termination
  
              (2,943,370)
              471,971
Commerce Bancshares, Inc.
Goldman Sachs
10/6/2026
5.33
Termination
  
                 (320,795)
              (68,157)
Community Bank System, Inc.
Morgan Stanley
12/8/2025
5.33
Termination
  
              (2,518,802)
              935,824
Community Bank System, Inc.
Goldman Sachs
10/6/2026
5.33
Termination
  
                 (274,487)
              (21,328)
Credit Acceptance Corp.
Morgan Stanley
12/8/2025
5.33
Termination
  
              (1,656,060)
            (111,612)
Credit Acceptance Corp.
Goldman Sachs
3/2/2026
5.33
Termination
  
                 (601,267)
              (63,758)
Cullen/Frost Bankers, Inc.
Morgan Stanley
12/8/2025
5.33
Termination
  
                 (971,816)
              351,300
Cullen/Frost Bankers, Inc.
Goldman Sachs
4/6/2026
5.33
Termination
  
                 (473,769)
                  1,752
CVB Financial Corp.
Morgan Stanley
12/8/2025
5.33
Termination
  
                 (438,724)
              292,571
CVB Financial Corp.
Goldman Sachs
10/6/2026
5.33
Termination
  
                   (44,807)
                (2,866)
Definitive Healthcare Corp.
Morgan Stanley
12/8/2025
5.33
Termination
  
                 (274,698)
              326,850
First Financial Bankshares, Inc.
Morgan Stanley
12/8/2025
5.33
Termination
  
              (2,262,051)
              421,022
First Financial Bankshares, Inc.
Goldman Sachs
3/2/2026
5.33
Termination
  
              (1,456,069)
                65,656
Floor & Decor Holdings, Inc.
Morgan Stanley
12/8/2025
5.33
Termination
  
                 (736,101)
            (282,321)
Floor & Decor Holdings, Inc.
Goldman Sachs
4/13/2026
5.33
Termination
  
                 (316,807)
              (51,131)
Glacier Bancorp, Inc.
Morgan Stanley
12/8/2025
5.33
Termination
  
              (2,067,600)
              965,212
Glacier Bancorp, Inc.
Goldman Sachs
3/2/2026
5.33
Termination
  
              (1,523,123)
              (56,104)
Kinsale Capital Group, Inc.
Morgan Stanley
12/8/2025
5.33
Termination
  
                 (524,792)
            (127,292)
Kinsale Capital Group, Inc.
Goldman Sachs
9/21/2026
5.33
Termination
  
                 (133,883)
                11,553
Moody's Corp.
Goldman Sachs
3/2/2026
5.33
Termination
  
                 (726,492)
            (195,304)
Myriad Genetics, Inc.
Morgan Stanley
12/8/2025
5.33
Termination
  
                 (605,507)
              (86,463)
National Beverage Corp.
Morgan Stanley
12/8/2025
5.33
Termination
  
              (1,354,214)
              104,644
National Beverage Corp.
Goldman Sachs
12/15/2025
5.33
Termination
  
                 (117,071)
                11,180
Novanta, Inc.
Morgan Stanley
12/8/2025
5.33
Termination
  
              (1,130,093)
              (91,294)
Novanta, Inc.
Goldman Sachs
8/31/2026
5.33
Termination
  
              (1,719,707)
            (256,487)
RLI Corp.
Morgan Stanley
12/8/2025
5.33
Termination
  
              (1,269,296)
            (154,162)
Wolfspeed, Inc.
Morgan Stanley
12/8/2025
5.33
Termination
  
                 (244,793)
              524,542
Wolfspeed, Inc.
Goldman Sachs
8/31/2026
5.33
Termination
  
                 (968,479)
              567,985
             
           4,764,540
Total Short
            
           4,081,919
Net unrealized gain/(loss) on Contracts For Difference
          
 $       
 4,081,919
               
There are no upfront payments or receipts associated with contracts for difference in the Fund.
          
PORTFOLIO VALUATION - The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sales price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter ("OTC") market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies are valued based on the NAV of those investment companies (which may use fair value pricing as discussed in their prospectuses). Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close. Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions. Forward currency exchange contracts are valued by interpolating between spot and forward currency rates as quoted by an independent pricing service. Futures contracts are generally valued using the settlement price determined by the relevant exchange. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the RBB, Fund, Inc.’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.
 
FAIR VALUE MEASUREMENTS - The inputs and valuation techniques used to measure the fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:
 
Level 1 -
Prices are determined using quoted prices in active markets for identical securities.
Level 2 -
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 -
Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
  
The following is a summary of the inputs used, as of Returns the end of the date range, in valuing the Fund’s investments carried at fair value: 
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
    
487,699,648
      
55,244,349
      
–
      
542,943,997
  
  Corporate Bonds
    
–
      
–
      
799,205
      
799,205
  
  Warrants
    
–
      
–
      
392
      
392
  
  Money Market Funds
    
8,036
      
–
      
–
      
8,036
  
Total Investments
    
487,707,684
      
55,244,349
      
799,597
      
543,751,630
  
   
Other Financial Instruments*:
                                
  Contracts For Difference
    
8,614,179
      
–
      
–
      
8,614,179
  
Total Other Financial Instruments
    
8,614,179
      
–
      
–
      
8,614,179
  
                                 
Liabilities:
                                
Investments:
                                
  Common Stocks
    
(102,547,715
)
    
(33,293,879
)
    
–
      
(135,841,594
)
  Preferred Stocks
    
–
      
(1,960,613
)
    
–
      
(1,960,613
)
  Written Options
    
(20,590
)
    
–
      
–
      
(20,590
)
Total Investments
    
(102,568,305
)
    
(35,254,492
)
    
–
      
(137,822,797
)
   
Other Financial Instruments*:
                                
  Contracts For Difference
    
(4,532,260
)
    
–
      
–
      
(4,532,260
)
Total Other Financial Instruments
    
(4,532,260
)
    
–
      
–
      
(4,532,260
)
   
* The fair value of the Fund's investment represents the net unrealized appreciation (depreciation) as of May 31, 2024.
  
   
Refer to the Schedule of Investments for additional information.
  

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.
 
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.
 
For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers are disclosed if the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.
 
For the period ended May 31, 2024, the Fund had no Level 3 transfers.       
 
For more information with regard to significant accounting policies, see the most recent annual report or prospectus filed with the Securities and Exchange Commission.