NPORT-EX 2 ls-research.htm NPORT-EX

Boston Partners Long/Short Research Fund
  
Schedule of Investments
  
November 30, 2024 (Unaudited)
  
   
COMMON STOCKS - 96.5%
    
Shares
    
Value
 
Communication Services - 4.7%
        
Alphabet, Inc. - Class A (a)
      
47,267
    
$
7,985,760
  
Cars.com, Inc. (b)
      
38,114
      
757,325
  
Deutsche Telekom AG
      
73,099
      
2,338,500
  
Informa PLC
      
377,194
      
4,114,859
  
Live Nation Entertainment, Inc. (b)
      
11,422
      
1,579,092
  
Match Group, Inc. (b)
      
47,909
      
1,568,541
  
Omnicom Group, Inc.
      
30,660
      
3,213,781
  
Take-Two Interactive Software, Inc. (a)(b)
      
22,221
      
4,185,992
  
T-Mobile US, Inc. (a)
      
15,812
      
3,904,615
  
               
29,648,465
  
                   
Consumer Discretionary - 7.8%
          
AutoNation, Inc. (b)
      
10,724
      
1,918,416
  
AutoZone, Inc. (b)
      
761
      
2,412,020
  
Booking Holdings, Inc.
      
1,268
      
6,596,111
  
Boyd Gaming Corp.
      
41,861
      
3,091,435
  
Churchill Downs, Inc.
      
26,341
      
3,743,319
  
eBay, Inc.
      
18,510
      
1,171,498
  
Flutter Entertainment PLC (b)
      
19,172
      
5,276,414
  
Frontdoor, Inc. (a)(b)
      
141,090
      
8,267,874
  
Lennar Corp. - Class A
      
10,978
      
1,914,453
  
LKQ Corp. (a)
      
20,633
      
810,671
  
MGM Resorts International (b)
      
26,814
      
1,028,049
  
Restaurant Brands International, Inc.
      
35,721
      
2,486,539
  
Ross Stores, Inc.
      
10,438
      
1,616,533
  
Starbucks Corp.
      
11,451
      
1,173,269
  
TJX Cos., Inc. (a)
      
24,890
      
3,128,424
  
Wyndham Hotels & Resorts, Inc.
      
40,333
      
3,959,894
  
               
48,594,919
  
                   
Consumer Staples - 3.9%
          
BJ's Wholesale Club Holdings, Inc. (b)
      
23,214
      
2,235,508
  
Constellation Brands, Inc. - Class A
      
8,578
      
2,066,869
  
J M Smucker Co.
      
8,613
      
1,014,525
  
Nomad Foods Ltd.
      
109,354
      
2,002,272
  
Philip Morris International, Inc.
      
42,518
      
5,657,445
  
Simply Good Foods Co. (a)(b)
      
56,638
      
2,253,626
  
Target Corp.
      
14,776
      
1,955,013
  
US Foods Holding Corp. (a)(b)
      
34,713
      
2,421,926
  
Walmart, Inc.
      
48,693
      
4,504,103
  
               
24,111,287
  
                   
Energy - 6.1%
          
Canadian Natural Resources Ltd.
      
77,804
      
2,631,331
  
Cenovus Energy, Inc.
      
254,252
      
4,009,554
  
Cheniere Energy, Inc.
      
12,352
      
2,766,972
  
ConocoPhillips
      
37,422
      
4,054,300
  
Diamondback Energy, Inc.
      
27,616
      
4,904,326
  
Enterprise Products Partners LP
      
151,314
      
5,209,741
  
Kosmos Energy Ltd. (a)(b)
      
370,444
      
1,459,549
  
Marathon Petroleum Corp. (a)
      
20,795
      
3,247,139
  
MEG Energy Corp.
      
212,699
      
3,828,445
  
Schlumberger Ltd.
      
110,371
      
4,849,702
  
Weatherford International PLC
      
13,784
      
1,134,423
  
               
38,095,482
  
                   
Financials - 19.5%
          
AIB Group PLC
      
197,995
      
1,080,447
  
American Express Co.
      
11,155
      
3,398,705
  
Ameriprise Financial, Inc. (a)
      
10,381
      
5,958,383
  
Aon PLC - Class A
      
11,556
      
4,524,636
  
Arthur J Gallagher & Co.
      
7,129
      
2,225,959
  
Bank of America Corp. (a)
      
145,977
      
6,935,367
  
Bankinter SA
      
104,718
      
828,387
  
Beazley PLC
      
229,950
      
2,271,852
  
Berkshire Hathaway, Inc. - Class B (a)(b)
      
6,189
      
2,989,411
  
Blue Owl Capital, Inc. - Class A
      
94,762
      
2,248,702
  
BNP Paribas SA
      
23,054
      
1,378,067
  
Chubb Ltd.
      
11,466
      
3,310,578
  
Commerzbank AG
      
48,557
      
745,123
  
Corpay, Inc. (b)
      
4,279
      
1,631,069
  
Discover Financial Services
      
20,743
      
3,784,145
  
East West Bancorp, Inc. (a)
      
27,770
      
3,045,814
  
Evercore, Inc. - Class A
      
5,081
      
1,564,440
  
Everest Group Ltd.
      
8,764
      
3,396,576
  
Fidelity National Information Services, Inc.
      
17,624
      
1,503,327
  
Fifth Third Bancorp (a)
      
52,863
      
2,540,596
  
First American Financial Corp.
      
21,117
      
1,481,358
  
Fiserv, Inc. (b)
      
6,518
      
1,440,217
  
Goldman Sachs Group, Inc. (a)
      
2,369
      
1,441,702
  
Hana Financial Group, Inc.
      
25,814
      
1,157,577
  
Huntington Bancshares, Inc. (a)
      
268,219
      
4,830,624
  
Hyundai Marine & Fire Insurance Co., Ltd.
      
44,479
      
849,530
  
ING Groep NV
      
166,046
      
2,563,308
  
JPMorgan Chase & Co. (a)
      
43,329
      
10,820,118
  
Lancashire Holdings Ltd.
      
144,888
      
1,170,697
  
LPL Financial Holdings, Inc.
      
12,070
      
3,924,560
  
Markel Group, Inc. (a)(b)
      
1,657
      
2,954,298
  
Morgan Stanley
      
19,862
      
2,614,038
  
NatWest Group PLC
      
367,777
      
1,886,444
  
Nordea Bank Abp
      
205,697
      
2,323,497
  
Progressive Corp.
      
12,200
      
3,280,336
  
Renaissance Holdings Ltd.
      
11,180
      
3,199,157
  
SLM Corp. (a)
      
55,294
      
1,513,950
  
Sumitomo Mitsui Financial Group, Inc.
      
36,600
      
903,319
  
Synchrony Financial (a)
      
11,854
      
800,382
  
Travelers Cos., Inc.
      
6,259
      
1,665,144
  
United Overseas Bank Ltd.
      
44,100
      
1,197,349
  
Voya Financial, Inc.
      
16,437
      
1,364,271
  
W R Berkley Corp. (a)
      
11,071
      
714,633
  
Wells Fargo & Co. (a)
      
140,449
      
10,698,000
  
White Mountains Insurance Group Ltd.
      
1,049
      
2,108,480
  
               
122,264,573
  
                   
Health Care - 11.3%
          
Abbott Laboratories (a)
      
32,253
      
3,830,689
  
AbbVie, Inc. (a)
      
45,895
      
8,395,572
  
Amgen, Inc.
      
16,660
      
4,712,614
  
AstraZeneca PLC
      
15,477
      
2,094,716
  
Avantor, Inc. (a)(b)
      
49,485
      
1,042,154
  
Boston Scientific Corp. (a)(b)
      
11,925
      
1,081,120
  
Bristol-Myers Squibb Co.
      
74,079
      
4,386,958
  
Cencora, Inc.
      
9,045
      
2,275,270
  
Centene Corp. (a)(b)
      
20,556
      
1,233,360
  
Cigna Group (a)
      
9,451
      
3,192,548
  
Cross Country Healthcare, Inc. (b)
      
83,635
      
899,913
  
CVS Health Corp. (a)
      
6,055
      
362,392
  
DaVita, Inc. (b)
      
14,270
      
2,371,246
  
Elevance Health, Inc. (a)
      
5,646
      
2,297,696
  
HCA Healthcare, Inc.
      
6,952
      
2,274,833
  
Henry Schein, Inc. (b)
      
6,338
      
488,343
  
Humana, Inc.
      
4,541
      
1,345,862
  
ICON PLC (b)
      
4,234
      
890,199
  
Johnson & Johnson
      
14,802
      
2,294,458
  
McKesson Corp.
      
6,551
      
4,117,304
  
Medtronic PLC
      
41,974
      
3,632,430
  
Merck & Co., Inc.
      
2,664
      
270,769
  
Molina Healthcare, Inc. (a)(b)
      
6,227
      
1,855,023
  
Novo Nordisk AS
      
4,952
      
530,705
  
Pfizer, Inc.
      
3,582
      
93,884
  
Sandoz Group AG
      
59,774
      
2,731,693
  
Sanofi SA
      
12,107
      
1,175,917
  
Stryker Corp.
      
1,453
      
569,794
  
Thermo Fisher Scientific, Inc.
      
396
      
209,733
  
UCB SA
      
7,973
      
1,563,518
  
UnitedHealth Group, Inc.
      
13,217
      
8,065,013
  
Zimmer Biomet Holdings, Inc.
      
6,700
      
751,070
  
               
71,036,796
  
                   
Industrials - 19.2%
          
AAR Corp. (b)
      
38,387
      
2,668,664
  
Acuity Brands, Inc.
      
11,153
      
3,576,656
  
Advanced Drainage Systems, Inc.
      
17,918
      
2,424,126
  
Airbus Group SE
      
17,094
      
2,671,885
  
Allegion PLC
      
18,065
      
2,544,275
  
Allison Transmission Holdings, Inc. (a)
      
24,927
      
2,953,849
  
AMETEK, Inc. (a)
      
11,582
      
2,251,309
  
ANDRITZ AG
      
22,795
      
1,275,625
  
Atmus Filtration Technologies, Inc.
      
34,265
      
1,483,332
  
Beacon Roofing Supply, Inc. (a)(b)
      
45,721
      
5,167,387
  
Brink's Co.
      
28,409
      
2,747,434
  
Builders FirstSource, Inc. (b)
      
26,245
      
4,893,905
  
Carlisle Cos., Inc.
      
5,464
      
2,495,409
  
Clean Harbors, Inc. (b)
      
8,641
      
2,247,438
  
Curtiss-Wright Corp.
      
4,841
      
1,808,743
  
Delta Air Lines, Inc.
      
34,594
      
2,207,789
  
Dover Corp. (a)
      
17,095
      
3,519,860
  
Eiffage SA
      
12,467
      
1,125,651
  
Embraer SA - ADR (b)
      
90,590
      
3,463,256
  
Emerson Electric Co.
      
11,505
      
1,525,563
  
Equifax, Inc.
      
11,666
      
3,051,359
  
Ferguson Enterprises, Inc.
      
9,696
      
2,093,657
  
Fortive Corp. (a)
      
20,336
      
1,613,255
  
Honeywell International, Inc.
      
16,501
      
3,843,578
  
Howmet Aerospace, Inc. (a)
      
18,356
      
2,172,983
  
Huron Consulting Group, Inc. (b)
      
26,555
      
3,261,219
  
Jacobs Solutions, Inc.
      
24,394
      
3,445,165
  
KBR, Inc.
      
49,801
      
3,029,395
  
Leidos Holdings, Inc. (a)
      
10,787
      
1,784,170
  
Masco Corp. (a)
      
39,944
      
3,217,889
  
Masterbrand, Inc. (b)
      
106,868
      
1,848,816
  
Norfolk Southern Corp.
      
6,582
      
1,815,645
  
nVent Electric PLC
      
18,265
      
1,430,332
  
Otis Worldwide Corp.
      
26,614
      
2,740,710
  
Parker-Hannifin Corp. (a)
      
2,637
      
1,853,547
  
Resideo Technologies, Inc. (b)
      
163,379
      
4,440,641
  
Robert Half, Inc. (a)
      
40,090
      
2,991,115
  
Ryanair Holdings PLC - ADR
      
10,167
      
447,755
  
Sensata Technologies Holding PLC
      
61,588
      
1,979,438
  
Siemens AG
      
10,627
      
2,064,373
  
SS&C Technologies Holdings, Inc. (a)
      
52,353
      
4,048,981
  
Textron, Inc.
      
25,039
      
2,144,090
  
TriNet Group, Inc.
      
20,730
      
1,936,804
  
UFP Industries, Inc.
      
10,027
      
1,362,669
  
Valmont Industries, Inc. (a)
      
6,837
      
2,378,319
  
WESCO International, Inc.
      
13,212
      
2,795,263
  
Westinghouse Air Brake Technologies Corp.
      
18,787
      
3,769,048
  
               
120,612,372
  
                   
Information Technology - 11.8%
          
Adeia, Inc.
      
305,487
      
3,702,502
  
Advanced Micro Devices, Inc. (b)
      
14,843
      
2,036,088
  
Applied Materials, Inc.
      
12,000
      
2,096,520
  
Arrow Electronics, Inc. (a)(b)
      
14,515
      
1,744,122
  
Broadcom, Inc.
      
26,200
      
4,246,496
  
Capgemini SE
      
12,063
      
1,939,125
  
CDW Corp.
      
8,889
      
1,563,842
  
Celestica, Inc. (b)
      
26,945
      
2,296,792
  
Check Point Software Technologies Ltd. (b)
      
17,177
      
3,126,214
  
Cleanspark, Inc. (b)
      
39,159
      
561,932
  
Dell Technologies, Inc. - Class C
      
19,540
      
2,493,109
  
Flex Ltd. (b)
      
145,105
      
5,654,742
  
Gen Digital, Inc. (a)
      
135,342
      
4,175,301
  
Hewlett Packard Enterprise Co.
      
141,764
      
3,008,232
  
InterDigital, Inc.
      
20,336
      
3,985,042
  
Jabil, Inc. (a)
      
12,863
      
1,747,181
  
Keysight Technologies, Inc. (b)
      
16,931
      
2,892,492
  
Lam Research Corp.
      
28,070
      
2,073,812
  
Microchip Technology, Inc. (a)
      
45,445
      
3,097,986
  
Micron Technology, Inc.
      
14,576
      
1,427,719
  
NetApp, Inc.
      
14,700
      
1,802,808
  
Nice Ltd. - ADR (b)
      
13,268
      
2,420,614
  
NXP Semiconductors NV
      
10,319
      
2,366,869
  
Oracle Corp. (a)
      
21,311
      
3,939,125
  
Riot Platforms, Inc. (b)
      
44,800
      
566,720
  
Samsung Electronics Co., Ltd.
      
72,982
      
2,869,888
  
Trimble, Inc. (b)
      
37,152
      
2,710,981
  
Zebra Technologies Corp. - Class A (b)
      
8,685
      
3,534,795
  
               
74,081,049
  
                   
Materials - 4.7%
          
Andrada Mining Ltd. (b)
      
2,585,137
      
90,460
  
CRH PLC
      
51,326
      
5,249,110
  
DuPont de Nemours, Inc. (a)
      
30,382
      
2,539,632
  
FMC Corp.
      
33,592
      
1,984,951
  
Hudbay Minerals, Inc.
      
348,995
      
3,120,015
  
Kinross Gold Corp.
      
436,695
      
4,240,309
  
Methanex Corp.
      
61,500
      
2,883,120
  
Mosaic Co.
      
89,483
      
2,367,720
  
Reliance, Inc.
      
2,647
      
850,322
  
Smurfit WestRock PLC
      
32,964
      
1,813,679
  
Teck Resources Ltd. - Class B
      
87,274
      
4,073,950
  
               
29,213,268
  
                   
Real Estate - 2.4%
          
Americold Realty Trust, Inc. (a)
      
82,316
      
1,964,060
  
Essex Property Trust, Inc.
      
6,198
      
1,924,231
  
Extra Space Storage, Inc.
      
5,727
      
979,088
  
Kimco Realty Corp.
      
91,104
      
2,329,529
  
Lamar Advertising Co. - Class A (a)
      
10,555
      
1,414,581
  
Regency Centers Corp. (a)
      
18,202
      
1,375,889
  
Rexford Industrial Realty, Inc.
      
29,232
      
1,230,083
  
VICI Properties, Inc. (a)
      
63,198
      
2,060,887
  
Weyerhaeuser Co.
      
48,101
      
1,551,738
  
               
14,830,086
  
                   
Utilities - 5.1%
          
American Electric Power Co., Inc.
      
21,861
      
2,183,040
  
CenterPoint Energy, Inc. (a)
      
106,323
      
3,468,256
  
Enel SpA
      
243,635
      
1,754,531
  
FirstEnergy Corp. (a)
      
80,513
      
3,425,828
  
Italgas SpA
      
346,685
      
2,079,513
  
New Jersey Resources Corp.
      
13,692
      
706,233
  
NiSource, Inc. (a)
      
95,987
      
3,656,145
  
OGE Energy Corp.
      
76,459
      
3,361,138
  
PPL Corp. (a)
      
95,308
      
3,329,108
  
Southern Co.
      
32,090
      
2,860,182
  
SSE PLC
      
69,624
      
1,570,238
  
Talen Energy Corp. (b)
      
17,313
      
3,712,080
  
               
32,106,292
  
TOTAL COMMON STOCKS (Cost $398,602,573)
      
604,594,589
  
                   
WARRANTS - 0.0%(c)
    
Contracts
    
Value
 
Andrada Mining Ltd., Expires 07/17/2025, Exercise Price $0.10 (b)(d)
      
1,400,000
      
0
  
TOTAL WARRANTS (Cost $18,309)
      
0
  
                   
CONVERTIBLE NOTES - 0.1%
  
Par
    
Value
  
Andrada Mining Ltd., 12.00%, 07/31/2026 (d)
GBP
    
700,000
      
827,113
  
TOTAL CONVERTIBLE NOTES (Cost $915,464)
      
827,113
  
                   
SHORT-TERM INVESTMENTS - 0.0%(c)
          
Value
 
Money Market Funds - 0.0%(c)
    
Shares
          
BlackRock Liquidity Funds Treasury Trust Fund Portfolio - Class Institutional, 4.53% (a)(e)
      
4,113
      
4,113
  
Federated Hermes U.S. Treasury Cash Reserves - Class Institutional, 4.49% (a)(e)
      
4,114
      
4,114
  
Fidelity Treasury Portfolio - Class I, 4.51% (a)(e)
      
4,113
      
4,113
  
Goldman Sachs Financial Square Funds - Treasury Instruments Fund - Class Institutional, 4.50% (a)(e)
      
4,114
      
4,114
  
TOTAL SHORT-TERM INVESTMENTS (Cost $16,454)
      
16,454
  
                   
TOTAL INVESTMENTS - 96.6% (Cost $399,552,800)
      
605,438,156
  
Other Assets in Excess of Liabilities - 3.4%
      
21,464,660
  
TOTAL NET ASSETS - 100.0%
            
$
626,902,816
  
two
      
–
%
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.
  

AB - Aktiebolag
ADR - American Depositary Receipt
AG - Aktiengesellschaft
AS - Aksjeselskap
NV - Naamloze Vennootschap
OYJ - Julkinen Asakeyhtio
PLC - Public Limited Company
SA - Sociedad Anónima
SE - Societas Europeae
SpA - Societa per Azioni
 
GBP - British Pound

(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 $164,222,488 which represented 26.2% of net assets.
(b)
Non-income producing security.
(c)
Represents less than 0.05% of net assets.
(d)
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 $827,113 or 0.1% of net assets as of November 30, 2024.
(e)
The rate shown represents the 7-day annualized effective yield as of November 30, 2024.

Boston Partners Long/Short Research Fund
  
Schedule of Securities Sold Short
  
November 30, 2024 (Unaudited)
  
   
COMMON STOCKS - (18.9)%
  
Shares
    
Value
  
Communication Services - (1.5)%
        
Cable One, Inc.
    
(3,059
)
  
$
(1,285,453
)
Clear Channel Outdoor Holdings, Inc.
    
(698,475
)
    
(1,054,697
)
Dentsu Group, Inc.
    
(56,400
)
    
(1,443,231
)
Roblox Corp. - Class A
    
(32,533
)
    
(1,630,879
)
Rumble, Inc.
    
(196,191
)
    
(1,392,956
)
Telia Co. AB
    
(244,708
)
    
(717,451
)
TELUS Corp.
    
(114,030
)
    
(1,775,547
)
             
(9,300,214
)
                 
Consumer Discretionary - (3.9)%
          
Birkenstock Holding PLC
    
(15,294
)
    
(790,088
)
Canada Goose Holdings, Inc.
    
(26,466
)
    
(249,839
)
Choice Hotels International, Inc.
    
(16,923
)
    
(2,559,435
)
Deckers Outdoor Corp.
    
(9,312
)
    
(1,824,780
)
InterContinental Hotels Group PLC
    
(13,387
)
    
(1,670,343
)
Krispy Kreme, Inc.
    
(37,494
)
    
(413,184
)
LGI Homes, Inc.
    
(26,308
)
    
(2,880,463
)
Lowe's Cos., Inc.
    
(2,480
)
    
(675,626
)
Mister Car Wash, Inc.
    
(213,271
)
    
(1,706,168
)
NIKE, Inc. - Class B
    
(5,410
)
    
(426,146
)
Nokian Renkaat Oyj
    
(281,919
)
    
(2,196,166
)
Playa Hotels & Resorts NV
    
(196,904
)
    
(1,927,690
)
QuantumScape Corp.
    
(335,146
)
    
(1,752,814
)
Revolve Group, Inc.
    
(11,591
)
    
(418,203
)
Sabre Corp.
    
(398,199
)
    
(1,556,958
)
Service Corp International
    
(23,302
)
    
(2,064,324
)
SJM Holdings Ltd.
    
(2,037,000
)
    
(720,359
)
Soho House & Co., Inc.
    
(142,858
)
    
(714,290
)
             
(24,546,876
)
                 
Consumer Staples - (0.9)%
          
Church & Dwight Co., Inc.
    
(13,758
)
    
(1,515,168
)
Clorox Co.
    
(7,566
)
    
(1,264,808
)
Hershey Co.
    
(7,089
)
    
(1,248,586
)
Hormel Foods Corp.
    
(43,474
)
    
(1,409,862
)
             
(5,438,424
)
                 
Energy - (1.4)%
          
Core Laboratories, Inc.
    
(74,012
)
    
(1,506,144
)
Matador Resources Co.
    
(35,861
)
    
(2,152,019
)
New Fortress Energy, Inc.
    
(144,925
)
    
(1,546,350
)
Occidental Petroleum Corp.
    
(67,740
)
    
(3,426,289
)
             
(8,630,802
)
                 
Financials - (3.1)%
          
Aozora Bank Ltd.
    
(129,600
)
    
(2,077,231
)
Ashmore Group PLC
    
(456,739
)
    
(1,019,010
)
EQT AB
    
(94,530
)
    
(2,865,892
)
Hang Seng Bank Ltd.
    
(211,400
)
    
(2,522,265
)
Kinsale Capital Group, Inc.
    
(2,706
)
    
(1,375,839
)
Oscar Health, Inc. - Class A
    
(30,620
)
    
(530,645
)
Progressive Corp.
    
(7,900
)
    
(2,124,152
)
T Rowe Price Group, Inc.
    
(22,573
)
    
(2,795,440
)
Texas Capital Bancshares, Inc.
    
(26,166
)
    
(2,314,383
)
Trupanion, Inc.
    
(8,076
)
    
(430,531
)
United Bankshares, Inc.
    
(34,931
)
    
(1,476,533
)
             
(19,531,921
)
                 
Health Care - (1.7)%
          
10X Genomics, Inc. - Class A
    
(38,381
)
    
(610,258
)
Align Technology, Inc.
    
(2,873
)
    
(668,748
)
Ambu AS - Class B
    
(21,027
)
    
(331,600
)
Carl Zeiss Meditec AG
    
(9,672
)
    
(580,380
)
Charles River Laboratories International, Inc.
    
(3,614
)
    
(719,403
)
Dexcom, Inc.
    
(10,344
)
    
(806,729
)
Edwards Lifesciences Corp.
    
(10,911
)
    
(778,500
)
GRAIL, Inc.
    
(25,151
)
    
(440,143
)
Guardant Health, Inc.
    
(19,963
)
    
(710,883
)
Legend Biotech Corp. - ADR
    
(16,104
)
    
(677,495
)
Medpace Holdings, Inc.
    
(2,202
)
    
(750,067
)
Moderna, Inc.
    
(10,856
)
    
(467,459
)
Neogen Corp.
    
(35,596
)
    
(504,751
)
Oxford Nanopore Technologies PLC
    
(341,717
)
    
(691,791
)
Privia Health Group, Inc.
    
(40,021
)
    
(859,651
)
Recursion Pharmaceuticals, Inc. - Class A
    
(65,617
)
    
(463,912
)
Sartorius Stedim Biotech
    
(3,383
)
    
(645,520
)
             
(10,707,290
)
                 
Industrials - (3.0)%
          
Atlas Arteria Ltd.
    
(727,378
)
    
(2,282,902
)
Fastenal Co.
    
(28,477
)
    
(2,379,538
)
Husqvarna AB - Class B
    
(296,538
)
    
(1,715,899
)
Kornit Digital Ltd.
    
(61,585
)
    
(1,958,403
)
Montrose Environmental Group, Inc.
    
(71,762
)
    
(1,350,561
)
Nidec Corp.
    
(69,400
)
    
(1,279,992
)
Proto Labs, Inc.
    
(59,818
)
    
(2,463,903
)
Saab AB
    
(53,579
)
    
(1,174,779
)
SiteOne Landscape Supply, Inc.
    
(11,935
)
    
(1,829,039
)
Trex Co., Inc.
    
(30,839
)
    
(2,313,850
)
             
(18,748,866
)
                 
Information Technology - (1.6)%
          
Amdocs Ltd.
    
(18,472
)
    
(1,601,892
)
Cognex Corp.
    
(58,626
)
    
(2,343,868
)
Palantir Technologies, Inc. - Class A
    
(51,217
)
    
(3,435,636
)
Power Integrations, Inc.
    
(23,786
)
    
(1,558,221
)
Snowflake, Inc. - Class A
    
(6,134
)
    
(1,072,223
)
             
(10,011,840
)
                 
Materials - (1.4)%
          
Axalta Coating Systems Ltd.
    
(14,910
)
    
(603,259
)
Boliden AB
    
(71,765
)
    
(2,142,942
)
Ganfeng Lithium Group Co., Ltd. - Class H(a)
    
(152,800
)
    
(496,483
)
Huntsman Corp.
    
(54,112
)
    
(1,059,513
)
Lynas Rare Earths Ltd.
    
(174,181
)
    
(785,775
)
MP Materials Corp.
    
(79,194
)
    
(1,668,617
)
Sumitomo Chemical Co., Ltd.
    
(623,400
)
    
(1,512,670
)
Summit Materials, Inc. - Class A
    
(15,539
)
    
(791,557
)
             
(9,060,816
)
                 
Real Estate - (0.4)%
          
Mid-America Apartment Communities, Inc.
    
(3,516
)
    
(577,186
)
Nomura Real Estate Master Fund, Inc.
    
(503
)
    
(476,436
)
Segro PLC
    
(44,077
)
    
(437,272
)
Unibail-Rodamco-Westfield
    
(10,708
)
    
(877,700
)
             
(2,368,594
)
TOTAL COMMON STOCKS (Proceeds $123,540,716)
      
(118,345,643
)
                 
PREFERRED STOCKS - (0.2)%
  
Shares
    
Value
  
Consumer Discretionary - (0.2)%
          
Dr Ing hc F Porsche AG (a)
    
(23,602
)
    
(1,479,884
)
TOTAL PREFERRED STOCKS (Proceeds $2,115,269)
      
(1,479,884
)
                 
TOTAL SECURITIES SOLD SHORT - (19.1)% (Proceeds $125,655,985)
          
$
(119,825,527
)
                 
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)
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 $(1,976,367) or -0.3% of the Fund’s net assets.

Boston Partners Long/Short Research 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)
  
Acer, Inc.
Goldman Sachs
Pay
EFFR + (2.25)%
Termination
12/08/2025
    
$
(968,302
)
  
$
(370,725
)
Acushnet Holdings Corp.
Goldman Sachs
Pay
EFFR + (0.25)%
Termination
10/04/2027
      
(245,796
)
    
(31,111
)
Acushnet Holdings Corp.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/23/2027
      
(1,630,865
)
    
(154,465
)
Amcor PLC
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/23/2027
      
(944,236
)
    
(5,661
)
Antero Resources Corp.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/23/2027
      
(2,414,026
)
    
(400,286
)
Ascendis Pharma AS
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/23/2027
      
(701,492
)
    
27,203
  
Avanza Bank Holding AB
Morgan Stanley
Pay
STIB1D INDEX + (0.55)%
Termination
08/27/2027
SEK
    
(10,559,016
)
    
43,329
  
Bank of Hawaii Corp.
Goldman Sachs
Pay
EFFR + (0.25)%
Termination
03/02/2026
      
(1,105,246
)
    
(202,918
)
Bank of Hawaii Corp.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/08/2025
      
(2,614,633
)
    
6,384
  
BlackLine, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/08/2025
      
(1,253,780
)
    
132,457
  
Cincinnati Financial Corp.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/23/2027
      
(1,818,226
)
    
(304,965
)
Commerce Bancshares, Inc.
Goldman Sachs
Pay
EFFR + (0.25)%
Termination
10/06/2026
      
(425,209
)
    
(163,679
)
Commerce Bancshares, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/08/2025
      
(2,406,555
)
    
(156,771
)
Commonwealth Bank of Australia
Morgan Stanley
Pay
RBA Cash Rate Overnight + (0.55)%
Termination
12/08/2025
AUD
    
(6,826,552
)
    
(1,516,048
)
Community Financial System, Inc.
Goldman Sachs
Pay
EFFR + (0.25)%
Termination
10/06/2026
      
(418,011
)
    
(160,705
)
Community Financial System, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/08/2025
      
(3,394,208
)
    
(210,982
)
Compal Electronics, Inc.
Goldman Sachs
Pay
EFFR + (0.50)%
Termination
12/08/2025
      
(899,611
)
    
(312,494
)
Corcept Therapeutics, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/23/2027
      
(959,276
)
    
(381,120
)
Credit Acceptance Corp.
Goldman Sachs
Pay
EFFR + (0.25)%
Termination
03/02/2026
      
(609,683
)
    
(29,543
)
Credit Acceptance Corp.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/08/2025
      
(1,441,837
)
    
7,336
  
Cullen/Frost Bankers, Inc.
Goldman Sachs
Pay
EFFR + (0.25)%
Termination
04/06/2026
      
(655,852
)
    
(169,817
)
Cullen/Frost Bankers, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/08/2025
      
(1,137,616
)
    
34,426
  
CVB Financial Corp.
Goldman Sachs
Pay
EFFR + (0.25)%
Termination
10/06/2026
      
(1,083,831
)
    
(310,174
)
CVB Financial Corp.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/08/2025
      
(443,247
)
    
92,652
  
Dayforce, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/08/2025
      
(770,384
)
    
(106,758
)
Digital Realty Trust, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/23/2027
      
(770,823
)
    
(173,685
)
Dun & Bradstreet Holdings, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/23/2027
      
(1,269,479
)
    
(71,221
)
EcoPro BM Co., Ltd.
Morgan Stanley
Pay
EFFR + (1.38)%
Termination
10/20/2026
      
(637,501
)
    
595,136
  
EcoPro Co., Ltd.
Bank of America
Pay
EFFR + (0.09)%
Termination
10/23/2026
      
(458,766
)
    
534,439
  
EcoPro Co., Ltd.
Goldman Sachs
Pay
EFFR + (10.00)%
Termination
10/30/2026
      
(321,845
)
    
216,297
  
Entegris, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/23/2027
      
(3,020,490
)
    
224,773
  
Erie Indemnity Co.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/23/2027
      
(1,206,253
)
    
138,507
  
Exponent, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/23/2027
      
(2,190,276
)
    
136,755
  
First Financial Bankshares, Inc.
Goldman Sachs
Pay
EFFR + (0.25)%
Termination
03/02/2026
      
(2,024,314
)
    
(426,307
)
First Financial Bankshares, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/08/2025
      
(1,705,462
)
    
(168,455
)
Floor & Decor Holdings, Inc.
Goldman Sachs
Pay
EFFR + (0.25)%
Termination
04/13/2026
      
(304,201
)
    
(16,106
)
Floor & Decor Holdings, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/08/2025
      
(361,653
)
    
(107,020
)
Fox Corp.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/23/2027
      
(785,867
)
    
(100,813
)
Furukawa Electric Co. Ltd.
Morgan Stanley
Pay
TONA + (0.45)%
Termination
08/27/2027
JPY
    
(689,360,000
)
    
(1,909,735
)
Glacier Bancorp, Inc.
Goldman Sachs
Pay
EFFR + (0.25)%
Termination
03/02/2026
      
(2,358,844
)
    
(855,199
)
Glacier Bancorp, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/08/2025
      
(2,624,733
)
    
922
  
GoodRx Holdings, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/23/2027
      
(573,366
)
    
334,860
  
Infosys Ltd.
Morgan Stanley
Pay
EFFR + (0.73)%
Termination
08/23/2027
      
(1,334,970
)
    
20,368
  
KakaoBank Corp.
Goldman Sachs
Pay
EFFR + (1.00)%
Termination
12/08/2025
      
(431,139
)
    
178,526
  
KakaoBank Corp.
J.P. Morgan Securities, Inc.
Pay
OBFR + (0.50)%
Termination
10/12/2026
      
(44,026
)
    
3,553
  
KB Home
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/23/2027
      
(1,415,847
)
    
(958
)
Kimberly-Clark Corp.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/23/2027
      
(1,186,426
)
    
51,684
  
Kinsale Capital Group, Inc.
Goldman Sachs
Pay
EFFR + (0.25)%
Termination
09/21/2026
      
(177,446
)
    
(23,278
)
Kinsale Capital Group, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/08/2025
      
(179,988
)
    
(67,557
)
Liberty Global Ltd.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/23/2027
      
(1,140,652
)
    
388,756
  
Life Time Group Holdings, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/23/2027
      
(1,186,536
)
    
(16,474
)
Madrigal Pharmaceuticals, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/23/2027
      
(923,198
)
    
(213,790
)
Moelis & Co.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/23/2027
      
(1,976,538
)
    
(288,778
)
Myriad Genetics, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/08/2025
      
(432,847
)
    
137,026
  
National Beverage Corp.
Goldman Sachs
Pay
EFFR + (0.25)%
Termination
12/15/2025
      
(125,154
)
    
7,873
  
National Beverage Corp.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/08/2025
      
(1,447,720
)
    
59,260
  
Netmarble Corp.
Goldman Sachs
Pay
EFFR + (2.75)%
Termination
03/10/2026
      
(178,940
)
    
42,802
  
Netmarble Corp.
Morgan Stanley
Pay
EFFR + (0.55)%
Termination
03/16/2026
      
(958,943
)
    
96,342
  
Northrop Grumman Corp.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/23/2027
      
(1,696,148
)
    
86,986
  
Novanta, Inc.
Goldman Sachs
Pay
EFFR + (0.25)%
Termination
08/31/2026
      
(1,770,823
)
    
(219,808
)
Novanta, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/08/2025
      
(1,163,684
)
    
(23,148
)
Pan Jit International, Inc.
Goldman Sachs
Pay
EFFR + (4.75)%
Termination
12/08/2025
      
(1,334,544
)
    
304,000
  
Permian Resources Corp.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/23/2027
      
(759,353
)
    
(69,828
)
Posco Future M Co., Ltd.
Bank of America
Pay
EFFR + (0.01)%
Termination
10/23/2026
      
(1,084,525
)
    
928,896
  
Rhythm Pharmaceuticals, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/23/2027
      
(868,126
)
    
(241,049
)
RLI Corp.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/08/2025
      
(1,232,355
)
    
(303,348
)
Sagax AB
Morgan Stanley
Pay
STIB1D INDEX + (0.55)%
Termination
08/27/2027
SEK
    
(6,399,742
)
    
92,269
  
SDI Corp.
Goldman Sachs
Pay
EFFR + (8.00)%
Termination
12/08/2025
      
(354,832
)
    
15,004
  
Shenzhen Goodix Technology Co., Ltd.
Morgan Stanley
Pay
EFFR + (4.45)%
Termination
08/03/2026
      
(1,113,956
)
    
(375,547
)
SL Green Realty Corp.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/23/2027
      
(2,106,204
)
    
(378,290
)
Sunrise Communications AG/old
Morgan Stanley
Pay
EEFR + (1.13)%
Termination
12/31/2030
      
(756,950
)
    
(756,794
)
TG Therapeutics, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/23/2027
      
(1,067,699
)
    
(308,519
)
Toro Co.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/23/2027
      
(1,611,241
)
    
73,118
  
Tractor Supply Co.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/23/2027
      
(1,205,314
)
    
(71,581
)
Treasury Wine Estates Ltd.
Morgan Stanley
Pay
RBA Cash Rate Overnight + (0.55)%
Termination
08/27/2027
AUD
    
(1,728,493
)
    
46,601
  
Twist Bioscience Corp.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/23/2027
      
(860,404
)
    
(107,084
)
VAT Group AG
Morgan Stanley
Pay
SARON + (0.45)%
Termination
12/08/2025
CHF
    
(2,207,143
)
    
(423,675
)
Wolfspeed, Inc.
Goldman Sachs
Pay
EFFR + (0.25)%
Termination
08/31/2026
      
(361,013
)
    
1,269,646
  
Wolfspeed, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/08/2025
      
(91,250
)
    
756,683
  
Net Unrealized Appreciation (Depreciation)
    
$
(5,621,400
)
   
There are no upfront payments or receipts associated with total return Contracts for Difference in the Fund as of November 30, 2024.
  
   
Notional Amount is in USD unless otherwise indicated.
  

OBFR - Overnight Bank Funding Rate was 4.58% as of November 30, 2024.
EFFR - Effective Federal Funds Rate was 4.58% as of November 30, 2024.
SARON - Swiss Average Rate Overnight was 0.94% as of November 30, 2024.
TONA - Tokyo Overnight Average Rate was 0.23% as of November 30, 2024.
STIB1D INDEX – Stockholm Interbank Offered Rate was 2.76% as of November 30, 2024.
RBA Cash Rate Overnight was 4.34% as of November 30, 2024.


Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)
 
Boston Partners Long/Short Research 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
  
$
550,232,540
    
$
54,362,049
    
$
–
    
$
604,594,589
  
  Convertible Notes
    
–
      
–
      
827,113
      
827,113
  
  Warrants
    
–
      
–
      
–
(a) 
    
–
(a) 
  Money Market Funds
    
16,454
      
–
      
–
      
16,454
  
Total Investments
  
$
550,248,994
    
$
54,362,049
    
$
827,113
    
$
605,438,156
  
   
Other Financial Instruments:
                                
  Contracts for Difference*
    
7,084,869
      
–
      
–
      
7,084,869
  
Total Other Financial Instruments
  
$
7,084,869
    
$
–
    
$
–
    
$
7,084,869
  
                                 
Liabilities:
                                
Investments:
                                
  Common Stocks
  
$
(88,373,345
)
  
$
(29,972,298
)
  
$
–
    
$
(118,345,643
)
  Preferred Stocks
    
–
      
(1,479,884
)
    
–
      
(1,479,884
)
Total Investments
  
$
(88,373,345
)
  
$
(31,452,182
)
  
$
–
    
$
(119,825,527
)
   
Other Financial Instruments:
                                
  Contracts for Difference*
    
(12,706,269
)
    
–
      
–
      
(12,706,269
)
Total Other Financial Instruments
  
$
(12,706,269
)
  
$
–
    
$
–
    
$
(12,706,269
)
   
* 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.