Boston Partners Long/Short Research Fund
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 97.4%
    
Shares
    
Value
 
Communication Services - 4.0%
        
Alphabet, Inc. - Class A (a)
      
36,343
    
$
6,241,547
  
Deutsche Telekom AG
      
56,466
      
2,138,275
  
Informa PLC
      
304,894
      
3,232,815
  
Liberty Broadband Corp. - Class C (b)
      
29,629
      
2,779,200
  
Omnicom Group, Inc.
      
28,484
      
2,091,865
  
T-Mobile US, Inc. (a)
      
6,958
      
1,685,228
  
Walt Disney Co., (The)
      
23,258
      
2,629,084
  
               
20,798,014
  
                   
Consumer Discretionary - 8.8%
          
Abercrombie & Fitch Co. - Class A (b)
      
11,114
      
872,338
  
Aptiv PLC (b)
      
32,852
      
2,194,842
  
AutoNation, Inc. (b)
      
10,586
      
1,946,236
  
AutoZone, Inc. (b)
      
741
      
2,766,183
  
Best Buy Co., Inc.
      
14,877
      
986,048
  
Booking Holdings, Inc.
      
984
      
5,430,627
  
Boyd Gaming Corp.
      
39,232
      
2,941,223
  
Churchill Downs, Inc.
      
11,767
      
1,123,395
  
Darden Restaurants, Inc.
      
5,848
      
1,252,700
  
eBay, Inc.
      
17,600
      
1,287,792
  
Flutter Entertainment PLC (b)
      
16,231
      
4,109,073
  
Frontdoor, Inc. (a)(b)
      
109,738
      
6,036,687
  
Home Depot, Inc., (The)
      
3,952
      
1,455,482
  
LCI Industries
      
16,073
      
1,400,601
  
Lennar Corp. - Class A
      
21,364
      
2,266,293
  
LKQ Corp. (a)
      
13,005
      
526,312
  
Restaurant Brands International, Inc.
      
13,172
      
940,613
  
RH (b)
      
4,653
      
842,705
  
Ross Stores, Inc.
      
14,154
      
1,982,834
  
TJX Cos., Inc. (a)
      
20,286
      
2,574,293
  
Wyndham Hotels & Resorts, Inc.
      
32,752
      
2,711,211
  
               
45,647,488
  
                   
Consumer Staples - 6.8%
          
BJ's Wholesale Club Holdings, Inc. (b)
      
27,553
      
3,119,275
  
Coca-Cola Co., (The)
      
46,787
      
3,373,343
  
Coca-Cola Consolidated, Inc.
      
16,700
      
1,914,655
  
Coca-Cola Europacific Partners PLC
      
14,156
      
1,299,379
  
Kenvue, Inc.
      
68,221
      
1,628,435
  
Kerry Group PLC - Class A
      
8,391
      
917,257
  
Lamb Weston Holdings, Inc.
      
17,648
      
984,405
  
Maplebear, Inc. (b)
      
33,277
      
1,519,761
  
Nomad Foods Ltd.
      
75,677
      
1,324,347
  
Philip Morris International, Inc.
      
20,717
      
3,741,283
  
Primo Brands Corp.
      
75,024
      
2,481,044
  
Simply Good Foods Co. (a)(b)
      
27,519
      
949,681
  
Sysco Corp.
      
45,435
      
3,316,755
  
Toyo Suisan Kaisha Ltd.
      
16,210
      
1,075,448
  
US Foods Holding Corp. (a)(b)
      
63,006
      
4,985,035
  
Walmart, Inc.
      
30,609
      
3,021,720
  
               
35,651,823
  
                   
Energy - 2.6%
          
BP PLC - ADR
      
20,316
      
591,196
  
Energy Transfer LP
      
187,032
      
3,269,320
  
Enterprise Products Partners LP (a)
      
102,356
      
3,154,612
  
Hess Corp.
      
8,385
      
1,108,413
  
Marathon Petroleum Corp. (a)
      
9,504
      
1,527,673
  
ONEOK, Inc.
      
9,224
      
745,668
  
Range Resources Corp.
      
37,909
      
1,442,058
  
South Bow Corp.
      
60,082
      
1,562,132
  
               
13,401,072
  
                   
Financials - 20.4%
          
AIB Group PLC
      
110,119
      
868,807
  
Allstate Corp.
      
12,599
      
2,644,152
  
American Express Co.
      
5,627
      
1,654,619
  
Ameriprise Financial, Inc. (a)
      
6,295
      
3,205,666
  
Aon PLC - Class A
      
11,269
      
4,192,970
  
Apollo Global Management, Inc.
      
11,043
      
1,443,210
  
Arthur J Gallagher & Co.
      
7,752
      
2,693,355
  
Bank of America Corp. (a)
      
119,428
      
5,270,358
  
Beazley PLC
      
199,133
      
2,537,568
  
Berkshire Hathaway, Inc. - Class B (a)(b)
      
4,470
      
2,252,701
  
Blue Owl Capital, Inc. - Class A
      
60,366
      
1,127,637
  
BNP Paribas SA
      
7,245
      
634,476
  
Capital One Financial Corp.
      
5,956
      
1,126,577
  
Charles Schwab Corp.
      
19,761
      
1,745,687
  
Chubb Ltd.
      
11,399
      
3,387,783
  
Corpay, Inc. (b)
      
10,521
      
3,420,482
  
Danske Bank AS
      
20,564
      
788,006
  
East West Bancorp, Inc. (a)
      
20,133
      
1,836,130
  
Equitable Holdings, Inc.
      
15,116
      
799,183
  
Evercore, Inc. - Class A
      
5,895
      
1,364,634
  
Everest Group Ltd.
      
7,521
      
2,611,216
  
Fidelity National Information Services, Inc.
      
43,542
      
3,466,379
  
Fifth Third Bancorp (a)
      
33,578
      
1,282,344
  
First American Financial Corp.
      
16,026
      
894,411
  
Fiserv, Inc. (b)
      
8,603
      
1,400,482
  
Goldman Sachs Group, Inc. (a)
      
1,505
      
903,677
  
Hiscox Ltd.
      
129,728
      
2,209,470
  
Huntington Bancshares, Inc. (a)
      
123,131
      
1,924,538
  
ING Groep NV
      
80,168
      
1,702,937
  
Intercontinental Exchange, Inc.
      
7,114
      
1,279,097
  
JPMorgan Chase & Co. (a)
      
26,941
      
7,112,424
  
Lancashire Holdings Ltd.
      
146,637
      
1,195,303
  
LPL Financial Holdings, Inc.
      
10,964
      
4,244,822
  
M&T Bank Corp.
      
9,709
      
1,773,252
  
Markel Group, Inc. (a)(b)
      
1,633
      
3,170,796
  
Morgan Stanley
      
9,380
      
1,200,921
  
NatWest Group PLC
      
233,613
      
1,658,846
  
Nordea Bank Abp
      
115,635
      
1,674,596
  
Progressive Corp.
      
8,373
      
2,385,719
  
Renaissance Holdings Ltd.
      
11,327
      
2,825,180
  
Shift4 Payments, Inc. - Class A (b)
      
20,798
      
1,971,442
  
SLM Corp. (a)
      
27,323
      
884,445
  
Sumitomo Mitsui Financial Group, Inc.
      
23,300
      
598,599
  
Synchrony Financial (a)
      
11,606
      
669,086
  
Travelers Cos., Inc.
      
6,145
      
1,694,176
  
United Overseas Bank Ltd.
      
21,100
      
579,612
  
Visa, Inc. - Class A
      
5,156
      
1,882,920
  
Voya Financial, Inc.
      
7,236
      
481,339
  
W R Berkley Corp. (a)
      
17,014
      
1,270,776
  
Wells Fargo & Co. (a)
      
89,213
      
6,671,348
  
White Mountains Insurance Group Ltd.
      
1,047
      
1,868,686
  
               
106,482,840
  
                   
Health Care - 10.8%
          
Abbott Laboratories (a)
      
15,327
      
2,047,381
  
AbbVie, Inc. (a)
      
30,529
      
5,681,752
  
Amgen, Inc.
      
15,291
      
4,406,560
  
AstraZeneca PLC
      
16,804
      
2,461,510
  
Bristol-Myers Squibb Co.
      
67,991
      
3,282,605
  
Cencora, Inc.
      
5,891
      
1,715,695
  
Centene Corp. (a)(b)
      
33,372
      
1,883,516
  
Cigna Group (a)
      
1,532
      
485,092
  
DaVita, Inc. (b)
      
13,766
      
1,875,755
  
Elevance Health, Inc. (a)
      
1,670
      
641,013
  
HCA Healthcare, Inc.
      
9,192
      
3,505,737
  
Humana, Inc.
      
1,886
      
439,683
  
ICON PLC (b)
      
3,886
      
506,268
  
Ipsen SA
      
5,010
      
589,876
  
Johnson & Johnson
      
13,586
      
2,108,683
  
McKesson Corp.
      
3,056
      
2,198,823
  
Medtronic PLC
      
38,524
      
3,196,722
  
Merck & Co., Inc.
      
2,445
      
187,874
  
Molina Healthcare, Inc. (a)(b)
      
4,742
      
1,446,500
  
Novartis AG - ADR
      
17,570
      
2,033,903
  
Pfizer, Inc.
      
3,288
      
77,235
  
Quest Diagnostics, Inc.
      
9,676
      
1,677,238
  
Sandoz Group AG
      
28,793
      
1,464,808
  
Sanofi SA
      
5,904
      
584,736
  
Stryker Corp.
      
1,334
      
510,442
  
Tenet Healthcare Corp. (b)
      
18,628
      
3,143,848
  
UCB SA
      
13,299
      
2,419,343
  
UnitedHealth Group, Inc.
      
13,904
      
4,197,757
  
Universal Health Services, Inc. - Class B
      
3,678
      
700,107
  
Zimmer Biomet Holdings, Inc.
      
6,149
      
566,753
  
               
56,037,215
  
                   
Industrials - 18.2%
          
3M Co.
      
16,752
      
2,485,159
  
Acuity, Inc.
      
6,684
      
1,737,105
  
AECOM Technology Corp.
      
28,425
      
3,122,486
  
Airbus Group SE
      
16,994
      
3,125,608
  
Allegion PLC
      
17,960
      
2,562,892
  
Amentum Holdings, Inc. (b)
      
1,834
      
37,889
  
AMETEK, Inc. (a)
      
8,553
      
1,528,763
  
ANDRITZ AG
      
14,222
      
984,004
  
Brink's Co.
      
36,174
      
2,968,438
  
Builders FirstSource, Inc. (b)
      
24,084
      
2,593,365
  
Canadian Pacific Kansas City Ltd.
      
25,343
      
2,069,256
  
CH Robinson Worldwide, Inc.
      
22,429
      
2,152,511
  
Curtiss-Wright Corp.
      
3,728
      
1,640,730
  
Delta Air Lines, Inc.
      
19,887
      
962,332
  
Eiffage SA
      
7,758
      
1,067,078
  
Emerson Electric Co.
      
7,354
      
877,920
  
Equifax, Inc.
      
11,829
      
3,125,103
  
Expeditors International of Washington, Inc.
      
16,892
      
1,904,235
  
Ferguson Enterprises, Inc.
      
7,649
      
1,394,719
  
Fortive Corp. (a)
      
12,552
      
881,025
  
Honeywell International, Inc.
      
10,568
      
2,395,449
  
Howmet Aerospace, Inc. (a)
      
16,845
      
2,861,797
  
Huron Consulting Group, Inc. (b)
      
17,704
      
2,528,662
  
IMI PLC
      
67,588
      
1,813,148
  
Jacobs Solutions, Inc.
      
30,146
      
3,807,440
  
KBR, Inc.
      
92,189
      
4,811,344
  
L3Harris Technologies, Inc.
      
16,561
      
4,046,515
  
Leidos Holdings, Inc. (a)
      
10,066
      
1,495,002
  
Masco Corp. (a)
      
39,710
      
2,478,698
  
Masterbrand, Inc. (a)(b)
      
197,874
      
2,018,315
  
Matson, Inc.
      
10,982
      
1,239,319
  
Nordson Corp.
      
11,364
      
2,409,054
  
Norfolk Southern Corp.
      
10,205
      
2,521,860
  
Parker-Hannifin Corp. (a)
      
1,634
      
1,086,120
  
Resideo Technologies, Inc. (a)(b)
      
168,472
      
3,487,370
  
Rexel SA
      
57,785
      
1,623,097
  
Siemens AG
      
4,340
      
1,043,869
  
SS&C Technologies Holdings, Inc. (a)
      
33,315
      
2,692,185
  
Textron, Inc.
      
24,891
      
1,842,681
  
Uber Technologies, Inc. (b)
      
46,950
      
3,951,312
  
UFP Industries, Inc.
      
14,686
      
1,432,766
  
United Airlines Holdings, Inc. (b)
      
16,275
      
1,292,967
  
Upwork, Inc. (a)(b)
      
216,747
      
3,357,411
  
Westinghouse Air Brake Technologies Corp.
      
6,624
      
1,340,168
  
               
94,797,167
  
                   
Information Technology - 9.2%
          
Adeia, Inc. (a)
      
274,111
      
3,519,585
  
Applied Materials, Inc.
      
7,635
      
1,196,786
  
Arrow Electronics, Inc. (a)(b)
      
9,237
      
1,093,476
  
Broadcom, Inc.
      
16,672
      
4,035,791
  
Capgemini SE
      
7,673
      
1,274,200
  
CDW Corp.
      
5,657
      
1,020,296
  
Celestica, Inc. (b)
      
17,147
      
1,978,421
  
Check Point Software Technologies Ltd. (b)
      
8,153
      
1,866,059
  
Dell Technologies, Inc. - Class C
      
12,434
      
1,383,531
  
Flex Ltd. (a)(b)
      
92,339
      
3,905,940
  
Gen Digital, Inc. (a)
      
101,367
      
2,886,932
  
InterDigital, Inc.
      
11,269
      
2,448,303
  
Jabil, Inc. (a)
      
9,597
      
1,612,392
  
Keysight Technologies, Inc. (b)
      
12,653
      
1,987,027
  
Lam Research Corp.
      
22,234
      
1,796,285
  
Microchip Technology, Inc. (a)
      
30,396
      
1,764,184
  
Micron Technology, Inc.
      
9,276
      
876,211
  
NetApp, Inc.
      
18,493
      
1,833,766
  
Nice Ltd. - ADR (b)
      
14,271
      
2,367,987
  
NXP Semiconductors NV
      
6,566
      
1,254,959
  
Oracle Corp. (a)
      
13,562
      
2,244,918
  
Samsung Electronics Co., Ltd.
      
46,424
      
1,883,779
  
Trimble, Inc. (b)
      
29,662
      
2,114,011
  
Zebra Technologies Corp. - Class A (b)
      
5,527
      
1,601,559
  
               
47,946,398
  
                   
Materials - 5.1%
          
CRH PLC
      
44,223
      
4,031,369
  
DuPont de Nemours, Inc. (a)
      
29,122
      
1,945,349
  
Endeavour Mining PLC
      
157,850
      
4,838,962
  
Hudbay Minerals, Inc. (a)
      
113,363
      
1,011,198
  
Kinross Gold Corp.
      
200,054
      
2,950,796
  
Methanex Corp.
      
77,701
      
2,536,161
  
Mosaic Co. (a)
      
108,837
      
3,933,369
  
Reliance, Inc.
      
4,841
      
1,417,542
  
Sandstorm Gold Ltd.
      
121,395
      
1,071,223
  
Smurfit WestRock PLC
      
13,003
      
563,420
  
Vale SA - ADR (a)
      
131,845
      
1,203,745
  
Wheaton Precious Metals Corp.
      
12,992
      
1,127,056
  
               
26,630,190
  
                   
Real Estate - 3.2%
          
American Homes 4 Rent - Class A
      
31,057
      
1,175,507
  
Americold Realty Trust, Inc. (a)
      
101,876
      
1,688,085
  
BXP, Inc.
      
27,360
      
1,842,149
  
Essex Property Trust, Inc.
      
4,462
      
1,266,762
  
Extra Space Storage, Inc.
      
10,672
      
1,613,073
  
Kimco Realty Corp.
      
90,115
      
1,915,845
  
Lamar Advertising Co. - Class A (a)
      
9,384
      
1,131,147
  
Regency Centers Corp. (a)
      
20,137
      
1,452,885
  
VICI Properties, Inc. (a)
      
83,643
      
2,652,320
  
Weyerhaeuser Co.
      
72,229
      
1,871,453
  
               
16,609,226
  
                   
Utilities - 8.3%
          
American Electric Power Co., Inc.
      
22,091
      
2,286,197
  
CenterPoint Energy, Inc. (a)
      
85,936
      
3,200,257
  
Enel SpA
      
308,788
      
2,838,376
  
Entergy Corp.
      
34,323
      
2,858,419
  
FirstEnergy Corp. (a)
      
71,352
      
2,992,503
  
Italgas SpA
      
325,150
      
2,675,016
  
NextEra Energy, Inc.
      
37,642
      
2,659,031
  
NiSource, Inc. (a)
      
75,191
      
2,973,052
  
NRG Energy, Inc.
      
24,125
      
3,761,087
  
OGE Energy Corp.
      
85,244
      
3,790,801
  
PPL Corp. (a)
      
91,592
      
3,182,822
  
Southern Co.
      
32,265
      
2,903,850
  
SSE PLC
      
92,234
      
2,195,721
  
Talen Energy Corp. (b)
      
12,425
      
3,031,079
  
Vistra Energy Corp.
      
12,789
      
2,053,530
  
               
43,401,741
  
TOTAL COMMON STOCKS (Cost $369,931,731)
      
507,403,174
  
                   
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
      
896,362
  
TOTAL CONVERTIBLE NOTES (Cost $915,464)
      
896,362
  
                   
TOTAL INVESTMENTS - 97.5% (Cost $370,865,504)
      
508,299,536
  
Other Assets in Excess of Liabilities - 2.5%
      
12,795,532
  
TOTAL NET ASSETS - 100.0%
            
$
521,095,068
  

     

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.
  
   
More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.
  

ADR - American Depositary Receipt
LP - Limited Partnership
PLC - Public Limited Company
 
GBP - British Pound

(a)
All or a portion of security has been pledged as collateral for securities sold short. The fair value of assets committed as collateral as of May 31, 2025 is $131,928,702.
(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 $896,362 or 0.2% of net assets as of May 31, 2025.
Boston Partners Long/Short Research Fund
  
Schedule of Securities Sold Short
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - (22.7)%
  
Shares
    
Value
  
Communication Services - (1.3)%
        
Cable One, Inc.
    
(2,900
)
  
$
(424,357
)
Dentsu Group, Inc.
    
(76,600
)
    
(1,654,511
)
Fuji Media Holdings, Inc.
    
(42,400
)
    
(842,144
)
Lumen Technologies, Inc.
    
(207,257
)
    
(812,447
)
Telia Co. AB
    
(349,821
)
    
(1,352,767
)
TELUS Corp.
    
(114,030
)
    
(1,867,887
)
             
(6,954,113
)
                 
Consumer Discretionary - (5.6)%
          
Birkenstock Holding PLC
    
(12,264
)
    
(659,558
)
Canada Goose Holdings, Inc.
    
(53,874
)
    
(650,259
)
CarMax, Inc.
    
(15,460
)
    
(996,552
)
Carvana Co.
    
(1,964
)
    
(642,542
)
Choice Hotels International, Inc.
    
(12,655
)
    
(1,603,135
)
Cracker Barrel Old Country Store, Inc.
    
(19,501
)
    
(1,120,137
)
Dick's Sporting Goods, Inc.
    
(5,869
)
    
(1,052,547
)
DR Horton, Inc.
    
(15,233
)
    
(1,798,408
)
Fox Factory Holding Corp.
    
(31,597
)
    
(810,463
)
Hyatt Hotels Corp. - Class A
    
(10,002
)
    
(1,320,564
)
InterContinental Hotels Group PLC
    
(4,810
)
    
(551,167
)
LGI Homes, Inc.
    
(40,038
)
    
(2,005,904
)
Lowe's Cos., Inc.
    
(1,197
)
    
(270,199
)
Lululemon Athletica, Inc.
    
(4,794
)
    
(1,518,116
)
Mister Car Wash, Inc.
    
(290,917
)
    
(2,059,692
)
Moncler SpA
    
(9,634
)
    
(603,098
)
Nokian Renkaat Oyj
    
(207,936
)
    
(1,550,040
)
On Holding AG - Class A
    
(13,234
)
    
(785,967
)
QuantumScape Corp.
    
(260,522
)
    
(1,042,088
)
Rivian Automotive, Inc. - Class A
    
(83,893
)
    
(1,218,965
)
Service Corp International
    
(26,930
)
    
(2,100,540
)
Shake Shack, Inc., Class A - Class A
    
(7,262
)
    
(942,535
)
SJM Holdings Ltd.
    
(2,357,000
)
    
(695,829
)
United Parks & Resorts, Inc.
    
(28,158
)
    
(1,261,197
)
Wendy's Co. (The)
    
(76,153
)
    
(868,144
)
Wingstop, Inc.
    
(3,158
)
    
(1,079,089
)
             
(29,206,735
)
                 
Consumer Staples - (2.5)%
          
Becle SAB de CV
    
(703,510
)
    
(846,562
)
Beiersdorf AG
    
(7,183
)
    
(985,256
)
Boston Beer Co., Inc. Class A, (The) - Class A
    
(2,732
)
    
(627,950
)
Brown-Forman Corp. - Class B
    
(43,104
)
    
(1,437,087
)
Church & Dwight Co., Inc.
    
(11,282
)
    
(1,109,134
)
Costco Wholesale Corp.
    
(880
)
    
(915,358
)
Coty, Inc. Class A - Class A
    
(201,397
)
    
(992,887
)
Dollar General Corp.
    
(9,283
)
    
(902,772
)
Hershey Co.
    
(9,691
)
    
(1,557,247
)
Hormel Foods Corp.
    
(31,089
)
    
(953,811
)
Kikkoman Corp.
    
(44,900
)
    
(409,633
)
Kraft Heinz Co., (The)
    
(43,586
)
    
(1,165,054
)
Lotus Bakeries NV
    
(88
)
    
(911,277
)
             
(12,814,028
)
                 
Energy - (0.4)%
          
Comstock Resources, Inc.
    
(11,121
)
    
(259,119
)
Matador Resources Co.
    
(15,539
)
    
(668,332
)
Occidental Petroleum Corp.
    
(23,379
)
    
(953,396
)
PBF Energy, Inc. - Class A
    
(14,577
)
    
(277,692
)
             
(2,158,539
)
                 
Financials - (2.8)%
          
Aozora Bank Ltd.
    
(138,300
)
    
(2,014,226
)
EQT AB
    
(71,134
)
    
(2,084,337
)
Hang Seng Bank Ltd.
    
(159,100
)
    
(2,221,161
)
Kinsale Capital Group, Inc.
    
(2,580
)
    
(1,217,734
)
Lemonade, Inc.
    
(14,881
)
    
(498,514
)
Swiss Re AG
    
(5,311
)
    
(938,421
)
T Rowe Price Group, Inc.
    
(16,987
)
    
(1,589,813
)
Texas Capital Bancshares, Inc.
    
(19,689
)
    
(1,411,504
)
Trupanion, Inc.
    
(8,076
)
    
(381,106
)
United Bankshares, Inc.
    
(26,285
)
    
(949,940
)
Zurich Insurance Group AG
    
(1,554
)
    
(1,090,034
)
             
(14,396,790
)
                 
Health Care - (1.6)%
          
10X Genomics, Inc. - Class A
    
(67,690
)
    
(645,086
)
Align Technology, Inc.
    
(2,873
)
    
(519,841
)
Ambu AS - Class B
    
(21,027
)
    
(324,791
)
Anavex Life Sciences Corp.
    
(41,636
)
    
(313,519
)
ARS Pharmaceuticals, Inc.
    
(41,640
)
    
(600,865
)
Carl Zeiss Meditec AG
    
(9,672
)
    
(625,605
)
Dexcom, Inc.
    
(6,643
)
    
(569,969
)
Doximity, Inc. - Class A
    
(10,923
)
    
(568,979
)
Edwards Lifesciences Corp.
    
(9,205
)
    
(720,015
)
GRAIL, Inc.
    
(11,776
)
    
(452,316
)
Hinge Health, Inc. - Class A
    
(13,760
)
    
(534,438
)
Medpace Holdings, Inc.
    
(2,202
)
    
(649,370
)
Neogen Corp.
    
(35,596
)
    
(208,593
)
Oxford Nanopore Technologies PLC
    
(341,717
)
    
(569,436
)
PTC Therapeutics, Inc.
    
(14,379
)
    
(697,669
)
Recursion Pharmaceuticals, Inc. - Class A
    
(65,617
)
    
(274,279
)
             
(8,274,771
)
                 
Industrials - (4.1)%
          
Alight, Inc. - Class A
    
(167,904
)
    
(916,756
)
American Airlines Group, Inc.
    
(76,310
)
    
(870,697
)
Bloom Energy Corp. - Class A
    
(46,850
)
    
(865,320
)
Caterpillar, Inc.
    
(2,024
)
    
(704,413
)
Fortune Brands Innovations, Inc.
    
(10,757
)
    
(542,153
)
GXO Logistics, Inc.
    
(21,431
)
    
(881,671
)
Hayward Holdings, Inc.
    
(132,696
)
    
(1,851,109
)
Husqvarna AB - Class B
    
(223,371
)
    
(1,128,795
)
ICF International, Inc.
    
(13,836
)
    
(1,188,789
)
Kornit Digital Ltd.
    
(46,659
)
    
(1,017,166
)
Kuehne + Nagel International AG
    
(3,910
)
    
(879,815
)
Mitsui OSK Lines Ltd.
    
(21,800
)
    
(772,852
)
Montrose Environmental Group, Inc.
    
(46,363
)
    
(905,469
)
nVent Electric PLC
    
(8,473
)
    
(557,524
)
Proto Labs, Inc.
    
(73,336
)
    
(2,711,965
)
Regal Rexnord Corp.
    
(6,171
)
    
(823,458
)
SiteOne Landscape Supply, Inc.
    
(8,894
)
    
(1,038,908
)
Spirax Group PLC
    
(12,747
)
    
(983,586
)
Tetra Tech, Inc.
    
(34,598
)
    
(1,208,854
)
Trex Co., Inc.
    
(24,367
)
    
(1,361,384
)
             
(21,210,684
)
                 
Information Technology - (1.3)%
          
Amdocs Ltd.
    
(18,250
)
    
(1,674,620
)
Cognex Corp.
    
(72,120
)
    
(2,161,436
)
Konica Minolta, Inc.
    
(329,500
)
    
(1,005,441
)
Murata Manufacturing Co. Ltd.
    
(18,400
)
    
(266,963
)
Power Integrations, Inc.
    
(37,457
)
    
(1,862,736
)
             
(6,971,196
)
                 
Materials - (1.1)%
          
Axalta Coating Systems Ltd.
    
(25,852
)
    
(796,242
)
Ganfeng Lithium Group Co., Ltd. - Class H (a)
    
(469,200
)
    
(1,143,714
)
Graphic Packaging Holding Co.
    
(50,207
)
    
(1,115,600
)
Greif, Inc., Class A - Class A
    
(30,945
)
    
(1,720,542
)
MP Materials Corp.
    
(17,294
)
    
(376,836
)
Siam Cement PCL - NVDR
    
(147,800
)
    
(745,578
)
             
(5,898,512
)
                 
Real Estate - (1.2)%
          
Mid-America Apartment Communities, Inc.
    
(10,308
)
    
(1,614,748
)
Nomura Real Estate Master Fund, Inc.
    
(1,393
)
    
(1,398,764
)
Segro PLC
    
(148,919
)
    
(1,400,462
)
Unibail-Rodamco-Westfield
    
(20,008
)
    
(1,897,559
)
             
(6,311,533
)
                 
Utilities - (0.8)%
          
Fortis, Inc.
    
(36,662
)
    
(1,790,206
)
Verbund AG - Class A
    
(30,133
)
    
(2,354,396
)
             
(4,144,602
)
TOTAL COMMON STOCKS (Proceeds $127,641,005)
      
(118,341,503
)
                 
PREFERRED STOCKS - (0.3)%
  
Shares
    
Value
  
Consumer Discretionary - (0.3)%
          
Dr Ing hc F Porsche AG, 0.00%(a)
    
(25,960
)
    
(1,252,134
)
TOTAL PREFERRED STOCKS (Proceeds $1,958,488)
      
(1,252,134
)
                 
TOTAL SECURITIES SOLD SHORT - (23.0)% (Proceeds $129,599,493)
          
$
(119,593,637
)
                 
Percentages are stated as a percent of net assets.
                
   
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
  
                 
PLC - Public Limited Company
  

(a)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of May 31, 2025, the value of these securities total $(2,395,848) or -0.5% of the Fund’s net assets.
Boston Partners Long/Short Research Fund
        
Schedule of Contracts for Difference
        
May 31, 2025 (Unaudited)
        
         
Reference Entity
Counterparty
Pay/ Receive
Reference Entity
Financing Rate
Payment
Frequency
Maturity
Date
Notional Amount
    
Value/ Unrealized
Appreciation (Depreciation)
  
Acer, Inc.
Goldman Sachs
Pay
EFFR + (3.75)%
Termination
12/10/2025
    
$
(963,358
)
  
$
(339,929
)
Acer, Inc.
J.P. Morgan Securities, Inc.
Pay
OBFR + (2.25)%
Termination
12/29/2027
      
(273,260
)
    
6,897
  
Acushnet Holdings Corp.
Goldman Sachs
Pay
EFFR + (0.25)%
Termination
10/06/2027
      
(229,423
)
    
(11,318
)
Acushnet Holdings Corp.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/25/2027
      
(1,790,276
)
    
(45,901
)
Amcor PLC
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/25/2027
      
(1,134,742
)
    
120,967
  
Ascendis Pharma AS
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/25/2027
      
(589,155
)
    
(64,774
)
Avanza Bank Holding AB
Morgan Stanley
Pay
STIBOR INDEX + (0.55)%
Termination
08/29/2027
SEK
    
(11,605,819
)
    
(366,280
)
Bank of Hawaii Corp.
Goldman Sachs
Pay
EFFR + (0.25)%
Termination
03/04/2026
      
(930,741
)
    
(25,444
)
Bank of Hawaii Corp.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/10/2025
      
(1,322,751
)
    
261,456
  
Bank of Hawaii Corp.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/12/2025
      
(103,756
)
    
(10,355
)
BlackLine, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/10/2025
      
(949,412
)
    
241,622
  
BlackLine, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/12/2025
      
(436,981
)
    
(89,662
)
Cincinnati Financial Corp.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/25/2027
      
(1,049,104
)
    
(111,911
)
Commonwealth Bank of Australia
Morgan Stanley
Pay
RBA + (0.55)%
Termination
12/04/2025
AUD
    
(250,905
)
    
(22,574
)
Commonwealth Bank of Australia
Morgan Stanley
Pay
RBA + (0.55)%
Termination
12/10/2025
AUD
    
(5,448,820
)
    
(1,429,324
)
Compal Electronics, Inc.
Goldman Sachs
Pay
EFFR + (0.50)%
Termination
12/10/2025
      
(787,066
)
    
(187,707
)
Corcept Therapeutics, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/25/2027
      
(588,603
)
    
(318,100
)
Credit Acceptance Corp.
Goldman Sachs
Pay
EFFR + (0.25)%
Termination
03/04/2026
      
(584,693
)
    
9,252
  
Credit Acceptance Corp.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/10/2025
      
(826,684
)
    
60,080
  
Credit Acceptance Corp.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/12/2025
      
(447,707
)
    
17,526
  
Credit Acceptance Corp.
UBS AG
Pay
OBFR + (0.30)%
Termination
03/15/2028
      
(339,360
)
    
(1,405
)
Cullen/Frost Bankers, Inc.
Goldman Sachs
Pay
EFFR + (0.25)%
Termination
04/08/2026
      
(592,235
)
    
(103,082
)
Cullen/Frost Bankers, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/10/2025
      
(572,680
)
    
88,605
  
Cullen/Frost Bankers, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/12/2025
      
(53,713
)
    
(8,508
)
CVB Financial Corp.
Goldman Sachs
Pay
EFFR + (0.25)%
Termination
10/08/2026
      
(867,713
)
    
(92,651
)
CVB Financial Corp.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/10/2025
      
(11,794
)
    
(2,411
)
CVB Financial Corp.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/12/2025
      
(40,481
)
    
(4,558
)
Dayforce, Inc.
Goldman Sachs
Pay
EFFR + (0.25)%
Termination
04/09/2028
      
(139,547
)
    
(12,540
)
Dayforce, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/10/2025
      
(613,605
)
    
132,934
  
Dayforce, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/12/2025
      
(142,855
)
    
(12,330
)
Digital Realty Trust, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/25/2027
      
(1,459,807
)
    
(43,877
)
Ecopro BM Co. Ltd.
Morgan Stanley
Pay
EFFR + (21.13)%
Termination
12/04/2025
      
(294,839
)
    
558,866
  
EcoPro Co., Ltd.
Goldman Sachs
Pay
EFFR + (12.25)%
Termination
10/25/2026
      
(135,066
)
    
368,043
  
EcoPro Co., Ltd.
Goldman Sachs
Pay
EFFR + (12.25)%
Termination
11/01/2026
      
(186,686
)
    
336,721
  
Entegris, Inc.
Goldman Sachs
Pay
EFFR + (0.25)%
Termination
04/09/2028
      
(482,005
)
    
(13,358
)
Entegris, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/25/2027
      
(647,256
)
    
342,848
  
Erie Indemnity Co.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/25/2027
      
(338,792
)
    
134,547
  
First Financial Bankshares, Inc.
Goldman Sachs
Pay
EFFR + (0.25)%
Termination
03/04/2026
      
(1,712,508
)
    
(92,903
)
First Financial Bankshares, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/10/2025
      
(557,355
)
    
45,151
  
First Financial Bankshares, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/12/2025
      
(104,475
)
    
(9,967
)
Floor & Decor Holdings, Inc.
Goldman Sachs
Pay
EFFR + (0.25)%
Termination
04/15/2026
      
(194,352
)
    
100,567
  
Floor & Decor Holdings, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/10/2025
      
(211,270
)
    
27,010
  
Glacier Bancorp, Inc.
Goldman Sachs
Pay
EFFR + (0.25)%
Termination
03/04/2026
      
(1,689,778
)
    
(175,350
)
Glacier Bancorp, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/10/2025
      
(878,459
)
    
364,104
  
Glacier Bancorp, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/12/2025
      
(118,231
)
    
(6,915
)
Infosys Ltd.
Morgan Stanley
Pay
EFFR + (0.58)%
Termination
08/25/2027
      
(1,674,535
)
    
313,959
  
KakaoBank Corp.
Goldman Sachs
Pay
EFFR + (1.50)%
Termination
12/10/2025
      
(426,260
)
    
145,312
  
KakaoBank Corp.
J.P. Morgan Securities, Inc.
Pay
OBFR + (2.00)%
Termination
10/14/2026
      
(46,806
)
    
824
  
KB Home
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/25/2027
      
(1,343,298
)
    
605,466
  
Kimberly-Clark Corp.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/25/2027
      
(1,188,608
)
    
(51,641
)
Kinsale Capital Group, Inc.
Goldman Sachs
Pay
EFFR + (0.25)%
Termination
09/23/2026
      
(164,725
)
    
(6,941
)
Kinsale Capital Group, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/10/2025
      
(151,981
)
    
(47,420
)
Liberty Global Ltd.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/25/2027
      
(1,384,504
)
    
891,247
  
Madrigal Pharmaceuticals, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/25/2027
      
(587,680
)
    
(35,621
)
Moelis & Co.
HSBC Bank
Pay
SOFR + (0.15)%
Termination
05/21/2028
      
(292,575
)
    
21,170
  
Moelis & Co.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/25/2027
      
(1,694,339
)
    
88,150
  
Myriad Genetics, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/10/2025
      
(111,471
)
    
471,733
  
National Beverage Corp.
Goldman Sachs
Pay
EFFR + (0.25)%
Termination
12/17/2025
      
(114,613
)
    
21,708
  
National Beverage Corp.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/10/2025
      
(645,251
)
    
106,423
  
Netmarble Corp.
Morgan Stanley
Pay
EFFR + (2.75)%
Termination
12/04/2025
      
(733,963
)
    
116,382
  
Northrop Grumman Corp.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/25/2027
      
(1,002,504
)
    
45,841
  
Novanta, Inc.
Goldman Sachs
Pay
EFFR + (0.25)%
Termination
09/02/2026
      
(2,465,875
)
    
371,741
  
Novanta, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/10/2025
      
(414,426
)
    
146,152
  
Pan Jit International, Inc.
Goldman Sachs
Pay
EFFR + (2.75)%
Termination
12/10/2025
      
(1,548,299
)
    
115,260
  
Pan Jit International, Inc.
J.P. Morgan Securities, Inc.
Pay
OBFR + (3.25)%
Termination
04/19/2028
      
(293,788
)
    
(86,706
)
POSCO Future M Co. Ltd.
J.P. Morgan Securities, Inc.
Pay
OBFR + (23.75)%
Termination
05/03/2028
      
(156,937
)
    
11,075
  
Posco Future M Co., Ltd.
Bank of America
Pay
EFFR + (0.40)%
Termination
10/25/2026
      
(742,092
)
    
1,299,907
  
Rhythm Pharmaceuticals, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/25/2027
      
(576,870
)
    
(144,679
)
RLI Corp.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
12/10/2025
      
(1,026,983
)
    
(123,343
)
Sagax AB
Goldman Sachs
Pay
STIBOR INDEX + (0.40)%
Termination
01/16/2028
SEK
    
(11,522,845
)
    
19,187
  
Sagax AB
Morgan Stanley
Pay
STIBOR INDEX + (0.55)%
Termination
08/29/2027
SEK
    
(5,298,919
)
    
186,358
  
SDI Corp.
Goldman Sachs
Pay
EFFR + (7.50)%
Termination
12/10/2025
      
(343,527
)
    
81,207
  
Shenzhen Goodix Technology Co. Ltd.
Bank of America
Pay
EFFR + (0.90)%
Termination
04/12/2028
      
(158,173
)
    
(3,508
)
Shenzhen Goodix Technology Co. Ltd.
Goldman Sachs
Pay
EFFR + (8.50)%
Termination
04/19/2028
      
(236,779
)
    
(11,091
)
Shenzhen Goodix Technology Co. Ltd.
Morgan Stanley
Pay
EFFR + (7.45)%
Termination
08/08/2026
      
(73,814
)
    
(7,343
)
Shenzhen Goodix Technology Co., Ltd.
Morgan Stanley
Pay
EFFR + (7.45)%
Termination
08/05/2026
      
(1,018,056
)
    
(113,608
)
SL Green Realty Corp.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/25/2027
      
(2,166,570
)
    
236,459
  
TG Therapeutics, Inc.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/25/2027
      
(580,649
)
    
(161,064
)
Toro Co.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/25/2027
      
(1,053,948
)
    
233,740
  
Tractor Supply Co.
Morgan Stanley
Pay
EFFR + (0.25)%
Termination
08/25/2027
      
(980,342
)
    
118,842
  
Treasury Wine Estates Ltd.
Goldman Sachs
Pay
RBA + (0.50)%
Termination
01/16/2028
AUD
    
(221,018
)
    
39,878
  
Treasury Wine Estates Ltd.
Morgan Stanley
Pay
RBA + (0.55)%
Termination
08/29/2027
AUD
    
(807,362
)
    
208,580
  
VAT Group AG
Morgan Stanley
Pay
SARON + 0.45%
Termination
12/10/2025
CHF
    
(909,332
)
    
44,467
  
VAT Group AG
Morgan Stanley
Pay
SARON + 0.45%
Termination
12/12/2025
CHF
    
(1,040,353
)
    
(35,297
)
                        $ 4,726,868  
           
There are no upfront payments or receipts associated with Contracts for Difference in the Fund as of May 31, 2025.
          
           
Notional Amount is in USD unless otherwise indicated.
          
           
OBFR - Overnight Bank Funding Rate was 4.33% as of May 31, 2025.
          
EFFR - Effective Federal Funds Rate was 4.33% as of May 31, 2025.
RBA – Reserve Bank of Australia Overnight Rate was 3.84% as of May 31, 2025.
          
SARON - Swiss Average Rate Overnight was 0.21% as of May 31, 2025.
          
SOFR - Secured Overnight Financing Rate was 4.35% as of May 31, 2025.
STIBOR – Stockholm Interbank Offered Rate was 2.25% as of May 31, 2025.
          
Boston Partners Long/Short Research Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of May 31, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
    $
454,633,220
      $
52,769,954
      $
–
      $
507,403,174
  
  Convertible Notes
    
–
      
–
      
896,362
      
896,362
  
  Warrants
    
–
      
–
      
0
      
0
  
Total Investments
    $
454,633,220
      $
52,769,954
      $
896,362
      $
508,299,536
  
   
Other Financial Instruments:
                                
  Contracts for Difference*
    $
9,158,264
      $
–
      $
–
      $
9,158,264
  
Total Other Financial Instruments
    $
9,158,264
      $
–
      $
–
      $
9,158,264
  
                                 
Liabilities:
                                
Investments:
                                
  Common Stocks
    $
(84,939,848
)
    $
(33,401,655
)
    $
–
      $
(118,341,503
)
  Preferred Stocks
    
–
      
(1,252,134
)
    
–
      
(1,252,134
)
Total Investments
    $
(84,939,848
)
    $
(34,653,789
)
    $
–
      $
(119,593,637
)
   
Other Financial Instruments:
                                
  Contracts for Difference*
    $
(4,431,396
)
    $
–
      $
–
      $
(4,431,396
)
Total Other Financial Instruments
    $
(4,431,396
)
    $
–
      $
–
      $
(4,431,396
)
   
* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of May 31, 2025.
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  
   
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year’s annual report.