NPORT-EX 2 ls-equity.htm NPORT-EX

Boston Partners Long/Short Equity Fund
  
Schedule of Investments
  
November 30, 2024 (Unaudited)
  
   
COMMON STOCKS - 96.4%
  
Shares
    
Value
 
Communication Services - 4.7%
        
Alphabet, Inc. - Class A (a)
    
7,803
    
$
1,318,317
  
Baidu, Inc. - Class A (b)
    
50,048
      
531,314
  
DoubleDown Interactive Co. Ltd. - ADR (b)
    
15,471
      
215,047
  
Gravity Co. Ltd. - ADR (b)
    
6,280
      
423,963
  
John Wiley & Sons, Inc. - Class A
    
8,080
      
421,614
  
Vivid Seats, Inc. - Class A (a)(b)(c)
    
60,757
      
217,510
  
             
3,127,765
  
                   
Consumer Discretionary - 10.7%
          
Arcos Dorados Holdings, Inc. - Class A (a)(c)
    
106,174
      
858,948
  
Carriage Services, Inc. (a)
    
15,132
      
613,603
  
Cavco Industries, Inc. (b)
    
1,707
      
878,252
  
Frontdoor, Inc. (b)
    
11,711
      
686,265
  
Italian Sea Group SPA
    
33,290
      
261,286
  
JD.com, Inc. - Class A
    
23,986
      
448,370
  
Leon's Furniture Ltd.
    
13,388
      
259,336
  
MGM Resorts International (b)(c)
    
6,892
      
264,239
  
Monarch Casino & Resort, Inc. (c)
    
3,433
      
288,406
  
Perdoceo Education Corp. (a)
    
16,192
      
444,470
  
Potbelly Corp. (a)(b)
    
24,456
      
254,342
  
Quantasing Group Ltd. - ADR (a)(c)
    
45,644
      
122,326
  
Stellantis NV (a)
    
33,922
      
447,770
  
Super Group SGHC Ltd.
    
133,157
      
885,494
  
Victoria's Secret & Co. (b)(c)
    
10,448
      
405,800
  
             
7,118,907
  
                   
Consumer Staples - 5.5%
          
British American Tobacco PLC - ADR (a)
    
25,814
      
979,383
  
Coca-Cola Europacific Partners PLC
    
6,630
      
514,355
  
Ebro Foods SA
    
21,747
      
367,781
  
Kenvue, Inc. (a)
    
21,929
      
528,050
  
Lifeway Foods, Inc. (a)(b)
    
20,488
      
500,932
  
PriceSmart, Inc.
    
3,549
      
318,487
  
Turning Point Brands, Inc.
    
7,335
      
454,037
  
             
3,663,025
  
                   
Energy - 4.1%
          
Canadian Natural Resources Ltd. (a)
    
46,804
      
1,582,911
  
Schlumberger Ltd. (c)
    
12,111
      
532,157
  
Solaris Energy Infrastructure, Inc. (a)
    
23,846
      
587,804
  
             
2,702,872
  
                   
Financials - 22.5%
          
Banco Bilbao Vizcaya Argentaria SA - ADR
    
57,896
      
547,117
  
Bank of America Corp. (a)
    
17,034
      
809,285
  
BGC Group, Inc. - Class A (a)
    
146,678
      
1,428,644
  
Citigroup, Inc. (a)
    
11,393
      
807,422
  
Crawford & Co. - Class A (a)
    
18,500
      
219,225
  
Fairfax Financial Holdings Ltd.
    
1,286
      
1,817,414
  
Fidelis Insurance Holdings Ltd. (a)
    
29,516
      
605,963
  
Greenlight Capital Re Ltd. - Class A (a)(b)
    
30,388
      
453,693
  
Hamilton Insurance Group Ltd. - Class B (b)
    
27,870
      
531,760
  
Heritage Insurance Holdings, Inc. (b)(d)
    
35,287
      
438,617
  
Intercorp Financial Services, Inc.
    
11,859
      
329,087
  
International General Insurance Holdings Ltd.
    
14,199
      
368,393
  
Jefferies Financial Group, Inc. (a)
    
7,828
      
619,508
  
Jiayin Group, Inc. - ADR (a)
    
30,135
      
192,864
  
KB Financial Group, Inc. - ADR (c)
    
11,099
      
765,054
  
Moneylion, Inc. (b)
    
4,105
      
376,429
  
New Residential Investment Corp.
    
41,830
      
470,588
  
Northeast Bank
    
4,611
      
453,953
  
Northeast Community Bancorp, Inc.
    
11,309
      
340,966
  
PayPal Holdings, Inc. (b)
    
3,681
      
319,400
  
Shift4 Payments, Inc. - Class A (b)(c)
    
5,331
      
608,160
  
Stifel Financial Corp. (a)
    
9,032
      
1,045,906
  
Wells Fargo & Co. (a)
    
10,198
      
776,782
  
Willis Towers Watson PLC
    
2,178
      
701,316
  
             
15,027,546
  
                   
Health Care - 12.6%
          
Amgen, Inc. (a)
    
1,044
      
295,316
  
Bristol-Myers Squibb Co.
    
14,154
      
838,200
  
Catalyst Pharmaceuticals, Inc. (a)(b)
    
50,162
      
1,107,075
  
Cigna Group (a)
    
1,970
      
665,466
  
HCA Healthcare, Inc. (a)
    
1,282
      
419,496
  
Jazz Pharmaceuticals PLC (b)
    
4,234
      
514,812
  
Johnson & Johnson (a)
    
5,755
      
892,083
  
Lantheus Holdings, Inc. (b)(c)
    
9,992
      
891,986
  
Medtronic PLC (a)
    
7,982
      
690,762
  
Novartis AG - ADR (c)
    
5,595
      
591,783
  
Quipt Home Medical Corp. (a)(b)(c)
    
81,822
      
219,283
  
Sandoz Group AG - ADR (c)
    
11,504
      
524,514
  
UnitedHealth Group, Inc.
    
1,190
      
726,138
  
             
8,376,914
  
                   
Industrials - 11.8%
          
Alaska Air Group, Inc. (b)
    
8,637
      
454,306
  
Barrett Business Services, Inc. (a)
    
24,417
      
1,047,734
  
Brady Corp. - Class A
    
3,696
      
276,794
  
Builders FirstSource, Inc. (a)(b)
    
2,573
      
479,787
  
CACI International, Inc. - Class A (b)
    
787
      
361,926
  
Euroseas Ltd.
    
5,640
      
214,884
  
Galliford Try Holdings PLC
    
208,701
      
1,003,817
  
Lyft, Inc. - Class A (a)(b)
    
22,369
      
388,326
  
Nano Dimension Ltd. - ADR (a)(b)(c)
    
92,902
      
200,668
  
NEXTracker, Inc. - Class A (b)
    
4,583
      
174,887
  
Quanta Services, Inc. (a)
    
1,085
      
373,804
  
RCM Technologies, Inc. (b)
    
11,613
      
265,705
  
Sterling Infrastructure, Inc. (a)(b)
    
8,375
      
1,628,519
  
Textron, Inc.
    
7,375
      
631,521
  
ZIM Integrated Shipping Services Ltd.
    
17,967
      
395,993
  
             
7,898,671
  
                   
Information Technology - 16.5%
          
Adeia, Inc. (a)
    
43,607
      
528,517
  
Check Point Software Technologies Ltd. (b)
    
3,580
      
651,560
  
Cognizant Technology Solutions Corp. - Class A (a)
    
8,364
      
673,218
  
Dropbox, Inc. - Class A (a)(b)
    
9,067
      
250,793
  
Hackett Group, Inc. (a)
    
22,615
      
708,754
  
InterDigital, Inc. (c)
    
6,659
      
1,304,898
  
LiveRamp Holdings, Inc. (b)
    
11,624
      
352,905
  
Microchip Technology, Inc.
    
2,558
      
174,379
  
Nice Ltd. - ADR (b)(c)
    
2,867
      
523,055
  
Open Text Corp. (a)(c)
    
21,522
      
654,914
  
Oracle Corp. (a)
    
2,356
      
435,483
  
Photronics, Inc. (a)(b)
    
27,930
      
695,736
  
QUALCOMM, Inc. (a)
    
2,047
      
324,511
  
RingCentral, Inc. - Class A (a)(b)(c)
    
23,586
      
887,541
  
Samsung Electronics Co., Ltd.
    
9,695
      
381,239
  
Silicon Motion Technology Corp. - ADR
    
5,395
      
286,313
  
TeamViewer SE (b)(e)
    
30,561
      
373,356
  
Telefonaktiebolaget LM Ericsson - ADR (a)
    
86,551
      
704,525
  
Twilio, Inc. - Class A (b)
    
8,440
      
882,318
  
Zoom Video Communications, Inc. - Class A (b)
    
2,938
      
242,943
  
             
11,036,958
  
                   
Materials - 4.1%
          
Dundee Precious Metals, Inc.
    
43,413
      
406,827
  
Ferroglobe PLC (a)
    
99,050
      
431,858
  
Glencore PLC - ADR (a)
    
43,477
      
417,827
  
Mosaic Co.
    
14,097
      
373,007
  
Pan American Silver Corp.
    
12,629
      
277,459
  
Rio Tinto PLC - ADR (a)(c)
    
4,226
      
265,562
  
Taseko Mines Ltd. (a)(b)
    
122,525
      
252,402
  
Ternium SA - ADR (a)
    
9,390
      
311,466
  
             
2,736,408
  
                   
Real Estate - 3.9%
          
CTO Realty Growth, Inc.
    
19,908
      
406,322
  
Newmark Group, Inc. - Class A (a)
    
78,339
      
1,212,688
  
Park Hotels & Resorts, Inc. (c)
    
24,045
      
373,900
  
Pebblebrook Hotel Trust (a)(c)
    
31,322
      
433,809
  
Star Holdings (b)
    
13,692
      
154,035
  
             
2,580,754
  
TOTAL COMMON STOCKS (Cost $42,373,605)
      
64,269,820
  
                   
PURCHASED OPTIONS - 0.0%
Notional Amount
  
Contracts
    
Value
  
Put Options - 0.0%(f)
          
$
–
  
Jefferies Financial Group, Inc., Expiration: 12/20/2024; Exercise Price: $57.50 (g)(h)
$                     688,518
    
87
    
$
435
  
TOTAL PURCHASED OPTIONS (Cost $31,335)
      
435
  
                   
SHORT-TERM INVESTMENTS - 14.0%
          
Value
 
Investments Purchased with Proceeds from Securities Lending - 14.0%
  
Units
          
Mount Vernon Liquid Assets Portfolio, LLC, 4.64% (i)
    
9,351,362
      
9,351,362
  
                   
Money Market Funds - 0.0%(f)
  
Shares
          
MSILF Prime Portfolio - Class Institutional, 4.72% (i)
    
718
      
718
  
TOTAL SHORT-TERM INVESTMENTS (Cost $9,352,080)
      
9,352,080
  
                   
TOTAL INVESTMENTS - 110.4% (Cost $51,757,020)
      
73,622,335
  
Liabilities in Excess of Other Assets - (10.4)%
      
(6,908,360
)
TOTAL NET ASSETS - 100.0%
            
$
66,713,975
  
two
      
–
%
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.
  

ADR - American Depositary Receipt
AG - Aktiengesellschaft
NV - Naamloze Vennootschap
PLC - Public Limited Company
SA - Sociedad Anónima
SE - Societas Europeae
SpA - Societa per Azioni

(a)
All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of November 30, 2024 is $28,649,970 which represented 42.9% of net assets.
(b)
Non-income producing security.
(c)
All or a portion of this security is on loan as of November 30, 2024. The total market value of these securities was $8,534,135 which represented 3.6% of net assets.
(d)
Held in connection with written option contracts. See Schedule of Options Written for further information.
(e)
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, 2024, the value of these securities total $373,356 or 0.6% of the Fund’s net assets.
(f)
Represents less than 0.05% of net assets.
(g)
Exchange-traded.
(h)
100 shares per contract.
(i)
The rate shown represents the 7-day annualized effective yield as of November 30, 2024.

   
Boston Partners Long/Short Equity Fund
  
Schedule of Written Options
  
November 30, 2024 (Unaudited)
  
   
WRITTEN OPTIONS - (0.0)%
  
Notional Amount
    
Contracts
    
Value
  
Call Options - (0.0)% (a)
  
Heritage Insurance Holdings, Inc., Expiration: 12/20/2024; Exercise Price: $17.50 (b)(c)
  
$
(437,536
)
    
(352
)
  
$
(880
)
TOTAL WRITTEN OPTIONS (Premiums received $64,989)
                  
$
(880
)
   
Percentages are stated as a percent of net assets.
  

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

Boston Partners Long/Short Equity Fund
  
Schedule of Securities Sold Short
  
November 30, 2024 (Unaudited)
  
   
COMMON STOCKS - (20.2)%
  
Shares
    
Value
  
Communication Services - (1.3)%
        
Boston Omaha Corp. - Class A
    
(11,224
)
  
$
(171,390
)
Clear Channel Outdoor Holdings, Inc.
    
(177,786
)
    
(268,457
)
CTC Communications Group, Inc.(a)
    
(98,900
)
    
0
  
Rumble, Inc.
    
(63,779
)
    
(452,831
)
             
(892,678
)
                 
Consumer Discretionary - (5.4)%
          
Acushnet Holdings Corp.
    
(2,893
)
    
(211,507
)
Birkenstock Holding PLC
    
(5,287
)
    
(273,126
)
Boot Barn Holdings, Inc.
    
(1,368
)
    
(187,608
)
Brunswick Corp.
    
(4,970
)
    
(400,135
)
Cava Group, Inc.
    
(2,007
)
    
(282,786
)
First Watch Restaurant Group, Inc.
    
(14,756
)
    
(281,692
)
Floor & Decor Holdings, Inc. - Class A
    
(3,507
)
    
(393,521
)
Goodyear Tire & Rubber Co.
    
(17,757
)
    
(190,710
)
Groupon, Inc.
    
(11,086
)
    
(103,987
)
Krispy Kreme, Inc.
    
(23,579
)
    
(259,841
)
Kura Sushi USA, Inc. - Class A
    
(2,089
)
    
(223,356
)
Qsound Labs, Inc.(a)
    
(4,440
)
    
0
  
QuantumScape Corp.
    
(24,091
)
    
(125,996
)
Vizio Holding Corp. - Class A
    
(22,656
)
    
(258,052
)
Warby Parker, Inc. - Class A
    
(17,493
)
    
(394,292
)
             
(3,586,609
)
                 
Consumer Staples - (1.2)%
          
Amish Naturals, Inc.(a)
    
(25,959
)
    
0
  
Hershey Co.
    
(1,407
)
    
(247,815
)
Lancaster Colony Corp.
    
(1,259
)
    
(233,972
)
Westrock Coffee Co.
    
(39,931
)
    
(320,646
)
             
(802,433
)
                 
Energy - (0.4)%
          
Beard Co.(a)
    
(9,710
)
    
(1
)
Calumet, Inc.
    
(10,360
)
    
(233,514
)
             
(233,515
)
                 
Financials - (1.7)%
          
Credit Acceptance Corp.
    
(577
)
    
(287,173
)
Nelnet, Inc. - Class A
    
(2,279
)
    
(248,229
)
Remitly Global, Inc.
    
(9,540
)
    
(196,142
)
Upstart Holdings, Inc.
    
(5,294
)
    
(417,114
)
             
(1,148,658
)
                 
Health Care - (2.4)%
          
BodyTel Scientific, Inc.(a)
    
(4,840
)
    
0
  
CareView Communications, Inc.
    
(165,489
)
    
(5,594
)
Cibus, Inc.
    
(17,489
)
    
(84,997
)
Establishment Labs Holdings, Inc.
    
(5,433
)
    
(249,320
)
LifeStance Health Group, Inc.
    
(37,744
)
    
(283,835
)
Moderna, Inc.
    
(2,621
)
    
(112,860
)
Neogen Corp.
    
(14,396
)
    
(204,135
)
PROCEPT BioRobotics Corp.
    
(4,876
)
    
(466,097
)
Stevanato Group SpA
    
(10,552
)
    
(211,357
)
             
(1,618,195
)
                 
Industrials - (1.6)%
          
374Water, Inc.
    
(45,435
)
    
(44,708
)
Ameresco, Inc. - Class A
    
(5,730
)
    
(161,414
)
Applied Energetics, Inc.
    
(54,756
)
    
(40,383
)
Bridger Aerospace Group Holdings, Inc.
    
(30,409
)
    
(83,625
)
Corporate Resource Services, Inc.(a)
    
(218,896
)
    
(22
)
Custom Truck One Source, Inc.
    
(28,940
)
    
(173,061
)
Driven Brands Holdings, Inc.
    
(19,210
)
    
(323,688
)
DynaMotive Energy Systems Corp.(a)
    
(72,185
)
    
(7
)
Ener1, Inc.(a)
    
(102,820
)
    
(10
)
LanzaTech Global, Inc.
    
(46,248
)
    
(57,348
)
Redwire Corp.
    
(13,783
)
    
(192,411
)
Valence Technology, Inc.(a)
    
(27,585
)
    
(3
)
             
(1,076,680
)
                 
Information Technology - (5.6)%
          
Alpha & Omega Semiconductor Ltd.
    
(3,772
)
    
(156,425
)
Amplitude, Inc. - Class A
    
(16,279
)
    
(168,325
)
ANTs software, Inc.(a)
    
(10,334
)
    
(1
)
Astera Labs, Inc.
    
(3,891
)
    
(401,746
)
Atomera, Inc.
    
(23,664
)
    
(146,244
)
Consygen, Inc.(a)
    
(200
)
    
0
  
Entegris, Inc.
    
(2,477
)
    
(261,646
)
Evolv Technologies Holdings, Inc.
    
(44,974
)
    
(182,145
)
Impinj, Inc.
    
(1,468
)
    
(282,164
)
Interliant, Inc.(a)
    
(600
)
    
0
  
IonQ, Inc.
    
(20,451
)
    
(746,461
)
Lightwave Logic, Inc.
    
(54,237
)
    
(155,660
)
MicroVision, Inc.
    
(116,598
)
    
(104,938
)
Nestor, Inc.(a)
    
(15,200
)
    
(2
)
NextNav, Inc.
    
(25,008
)
    
(434,889
)
Novanta, Inc.
    
(1,079
)
    
(180,171
)
Samsara, Inc. - Class A
    
(3,881
)
    
(207,595
)
Sprout Social, Inc. - Class A
    
(6,472
)
    
(207,233
)
Tiger Telematics, Inc.(a)
    
(6,510
)
    
0
  
Tucows, Inc. - Class A
    
(5,483
)
    
(96,994
)
Uni-Pixel, Inc.(a)
    
(19,665
)
    
(2
)
Worldgate Communications, Inc.(a)
    
(582,655
)
    
(58
)
XRiver Corp.(a)
    
(34,156
)
    
0
  
             
(3,732,699
)
                 
Materials - (0.6)%
          
Lifezone Metals Ltd.
    
(19,493
)
    
(138,400
)
PureCycle Technologies, Inc.
    
(16,938
)
    
(225,191
)
             
(363,591
)
TOTAL COMMON STOCKS (Proceeds $15,716,306)
      
(13,455,058
)
                 
TOTAL SECURITIES SOLD SHORT - (20.2)% (Proceeds $15,716,306)
          
$
(13,455,058
)
                 
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, 2024.


Boston Partners Long/Short Equity Fund
Schedule of Contracts for Difference
November 30, 2024 (Unaudited)

Reference Entity
  
Counterparty
  
Pay/ Receive
Reference Entity
  
Financing Rate
  
Payment Frequency
  
Maturity Date
  
Notional Amount
    
Value/ Unrealized
Appreciation
(Depreciation)
  
Fositek Corp.
  
Morgan Stanley
  
Pay
  
EFFR + (16.63)%
  
Termination
  
07/16/2027
  
$
(166,610
)
  
$
(45,114
)
Net Unrealized Appreciation (Depreciation)   
             
 
   $
  (45,114 )

There are no upfront payments or receipts associated with total return Contracts for Difference in the Fund as of November 30, 2024.
          

EFFR - Effective Federal Funds Rate was 4.58% as of November 30, 2024.


Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)
 
Boston Partners Long/Short Equity Fund has adopted authoritative fair value accounting standards which establish an authoritative 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 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 would be 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, 2024:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
  
$
61,906,475
    
$
2,363,345
    
$
–
(a) 
  
$
64,269,820
  
  Purchased Options
    
–
      
435
      
–
      
435
  
  Investments Purchased with Proceeds from Securities Lending(b)
    
–
      
–
      
–
      
9,351,362
  
  Money Market Funds
    
718
      
–
      
–
      
718
  
Total Investments
  
$
61,907,193
    
$
2,363,780
    
$
–
(a) 
  
$
73,622,335
  
                                 
Liabilities:
                                
Investments:
                                
  Common Stocks
  
$
(13,454,951
)
  
$
–
    
$
(107
)
  
$
(13,455,058
)
  Written Options
    
–
      
(880
)
    
–
      
(880
)
Total Investments
  
$
(13,454,951
)
  
$
(880
)
  
$
(107
)
  
$
(13,455,938
)
   
Other Financial Instruments:
                                
  Contracts for Difference*
    
(45,114
)
    
–
      
–
      
(45,114
)
Total Other Financial Instruments
  
$
(45,114
)
  
$
–
    
$
–
    
$
(45,114
)
   
* The fair value of the Fund's investment represents the net unrealized appreciation (depreciation) as of November 30, 2024.
  
   
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)
Amount is less than $0.50.
(b)
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 $9,351,362 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.