Boston Partners Long/Short Equity Fund
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 97.5%
  
Shares
    
Value
 
Communication Services - 4.0%
        
Alphabet, Inc. - Class A (a)
    
8,390
    
$
1,440,899
  
DoubleDown Interactive Co. Ltd. - ADR (a)(b)
    
23,590
      
234,956
  
EverQuote, Inc. - Class A (b)
    
13,967
      
321,939
  
Gravity Co. Ltd. - ADR (b)
    
7,572
      
488,091
  
John Wiley & Sons, Inc. - Class A
    
9,059
      
354,388
  
             
2,840,273
  
                 
Consumer Discretionary - 11.5%
          
Abercrombie & Fitch Co. - Class A (b)
    
4,311
      
338,370
  
Arcos Dorados Holdings, Inc. - Class A (a)
    
122,949
      
911,052
  
CarParts.com, Inc. (b)
    
212,435
      
186,497
  
Carriage Services, Inc. (a)
    
17,363
      
755,291
  
Cavco Industries, Inc. (b)
    
1,785
      
773,967
  
El Pollo Loco Holdings, Inc. (b)
    
24,170
      
253,785
  
Flutter Entertainment PLC (b)
    
2,422
      
612,039
  
Frontdoor, Inc. (b)
    
17,017
      
936,105
  
General Motors Co.
    
7,398
      
367,015
  
Italian Sea Group SPA
    
36,223
      
232,965
  
JD.com, Inc. - Class A
    
27,286
      
441,573
  
Leon's Furniture Ltd.
    
14,567
      
292,433
  
Perdoceo Education Corp. (a)(c)
    
19,384
      
659,831
  
Potbelly Corp. (a)(b)
    
26,609
      
283,918
  
Super Group SGHC Ltd. (a)
    
129,323
      
1,130,283
  
             
8,175,124
  
                 
Consumer Staples - 4.9%
          
British American Tobacco PLC - ADR (a)
    
29,670
      
1,341,084
  
Coca-Cola Europacific Partners PLC
    
3,314
      
304,192
  
Lifevantage Corp. (c)
    
19,587
      
255,610
  
Lifeway Foods, Inc. (a)(b)
    
22,292
      
503,688
  
PriceSmart, Inc.
    
5,667
      
611,923
  
Turning Point Brands, Inc.
    
6,951
      
516,598
  
             
3,533,095
  
                 
Energy - 3.7%
          
Canadian Natural Resources Ltd. (a)
    
23,128
      
702,398
  
Coterra Energy, Inc. (c)
    
11,186
      
271,932
  
Peabody Energy Corp. (a)(c)
    
33,427
      
439,899
  
Schlumberger Ltd.
    
9,164
      
302,870
  
Solaris Energy Infrastructure, Inc. (a)(c)
    
21,370
      
586,179
  
South Bow Corp. (c)
    
12,132
      
315,432
  
             
2,618,710
  
                 
Financials - 23.2%
          
Acadian Asset Management, Inc.
    
23,619
      
711,168
  
American Integrity Insurance Group, Inc. (b)(c)
    
21,699
      
359,552
  
Banco Bilbao Vizcaya Argentaria SA - ADR (a)(c)
    
53,458
      
804,008
  
Bank of America Corp. (a)
    
18,534
      
817,905
  
BGC Group, Inc. - Class A (a)
    
152,823
      
1,418,197
  
Block, Inc. (b)
    
6,545
      
404,154
  
Citigroup, Inc. (a)
    
12,030
      
906,100
  
Crawford & Co. - Class A (a)
    
17,692
      
183,820
  
Fairfax Financial Holdings Ltd. (c)
    
1,010
      
1,709,439
  
Fidelis Insurance Holdings Ltd. (a)
    
20,064
      
350,719
  
Fidelity National Information Services, Inc.
    
5,918
      
471,132
  
Greenlight Capital Re Ltd. - Class A (a)(b)
    
33,064
      
477,444
  
Hamilton Insurance Group Ltd. - Class B (b)
    
36,776
      
800,246
  
Heritage Insurance Holdings, Inc. (a)(b)
    
21,395
      
523,536
  
Intercorp Financial Services, Inc.
    
10,673
      
369,393
  
International General Insurance Holdings Ltd. (a)
    
18,295
      
427,005
  
Jefferies Financial Group, Inc. (a)
    
4,482
      
217,825
  
KB Financial Group, Inc. - ADR
    
14,036
      
1,049,191
  
Lincoln National Corp.
    
10,472
      
347,042
  
Merchants Bancorp
    
6,836
      
218,889
  
Northeast Bank
    
3,914
      
328,111
  
Northeast Community Bancorp, Inc.
    
12,304
      
278,317
  
Oppenheimer Holdings, Inc. - Class A
    
7,046
      
460,033
  
Rithm Capital Corp. (a)
    
45,515
      
507,492
  
Shift4 Payments, Inc. - Class A (b)(c)
    
4,979
      
471,959
  
Stifel Financial Corp. (a)
    
6,693
      
630,615
  
Wells Fargo & Co. (a)
    
10,639
      
795,584
  
Willis Towers Watson PLC
    
1,447
      
458,048
  
             
16,496,924
  
                 
Health Care - 12.0%
          
AstraZeneca PLC - ADR (c)
    
9,207
      
670,546
  
Bristol-Myers Squibb Co.
    
11,788
      
569,125
  
Catalyst Pharmaceuticals, Inc. (a)(b)
    
52,042
      
1,298,968
  
Centene Corp. (b)
    
6,228
      
351,508
  
Cigna Group (a)
    
1,464
      
463,561
  
Harmony Biosciences Holdings, Inc. (b)
    
10,525
      
363,112
  
HCA Healthcare, Inc. (a)
    
1,224
      
466,821
  
Jazz Pharmaceuticals PLC (b)
    
5,383
      
581,741
  
Johnson & Johnson (a)
    
5,599
      
869,021
  
Lantheus Holdings, Inc. (b)(c)
    
8,449
      
638,406
  
Medtronic PLC (a)
    
8,255
      
685,000
  
Novartis AG - ADR (c)
    
5,116
      
592,228
  
Sandoz Group AG - ADR
    
6,559
      
332,148
  
UnitedHealth Group, Inc.
    
2,104
      
635,219
  
             
8,517,404
  
                 
Industrials - 12.7%
          
Barrett Business Services, Inc. (a)
    
21,472
      
887,331
  
Brady Corp. - Class A
    
4,021
      
280,545
  
Broadcom, Inc.
    
4,146
      
1,003,622
  
Builders FirstSource, Inc. (a)(b)(c)
    
3,001
      
323,148
  
CACI International, Inc. - Class A (b)(c)
    
856
      
366,368
  
Euroseas Ltd.
    
8,220
      
315,073
  
Everus Construction Group, Inc. (b)
    
10,134
      
586,860
  
Fiverr International Ltd. (b)(c)
    
22,614
      
733,146
  
Galliford Try Holdings PLC
    
249,946
      
1,382,908
  
Lyft, Inc. - Class A (a)(b)
    
24,339
      
370,926
  
NEXTracker, Inc. - Class A (b)
    
4,987
      
282,713
  
Quanta Services, Inc. (a)
    
1,181
      
404,563
  
RCM Technologies, Inc. (b)
    
12,636
      
289,238
  
Sterling Infrastructure, Inc. (a)(b)
    
6,617
      
1,244,062
  
Uber Technologies, Inc. (b)
    
6,725
      
565,976
  
             
9,036,479
  
                 
Information Technology - 18.1%
          
Adeia, Inc. (a)
    
53,353
      
685,053
  
Check Point Software Technologies Ltd. (b)
    
1,809
      
414,044
  
Cognizant Technology Solutions Corp. - Class A (a)
    
8,863
      
717,814
  
Dell Technologies, Inc. - Class C
    
5,864
      
652,487
  
Hackett Group, Inc. (a)
    
24,129
      
591,643
  
InterDigital, Inc.
    
4,658
      
1,011,997
  
LiveRamp Holdings, Inc. (b)
    
12,648
      
412,072
  
Microchip Technology, Inc.
    
2,783
      
161,525
  
Nice Ltd. - ADR (b)(c)
    
4,029
      
668,532
  
Open Text Corp. (a)(c)
    
26,178
      
741,099
  
Oracle Corp. (a)
    
2,725
      
451,069
  
Photronics, Inc. (a)(b)
    
36,230
      
605,403
  
QUALCOMM, Inc. (a)
    
1,747
      
253,665
  
Rimini Street, Inc. (a)(b)
    
122,457
      
373,494
  
RingCentral, Inc. - Class A (a)(b)
    
33,569
      
870,444
  
Samsung Electronics Co., Ltd.
    
16,366
      
664,095
  
Silicon Motion Technology Corp. - ADR
    
4,587
      
280,725
  
TeamViewer SE (b)(d)
    
102,044
      
1,190,000
  
Telefonaktiebolaget LM Ericsson - ADR (a)(c)
    
92,358
      
781,349
  
Twilio, Inc. - Class A (b)
    
11,333
      
1,333,894
  
             
12,860,404
  
                 
Materials - 3.4%
          
Ferroglobe PLC (a)
    
143,804
      
522,009
  
Glencore PLC - ADR (a)
    
41,326
      
314,491
  
Mosaic Co.
    
17,975
      
649,617
  
Pan American Silver Corp.
    
14,144
      
344,972
  
Taseko Mines Ltd. (a)(b)(c)
    
133,318
      
297,299
  
Ternium SA - ADR (a)
    
10,217
      
279,741
  
             
2,408,129
  
                 
Real Estate - 3.0%
          
CTO Realty Growth, Inc.
    
21,661
      
398,996
  
Newmark Group, Inc. - Class A (a)(c)
    
83,130
      
915,261
  
Park Hotels & Resorts, Inc. (a)
    
41,755
      
432,582
  
Pebblebrook Hotel Trust (a)
    
42,567
      
390,765
  
             
2,137,604
  
                 
Utilities - 1.0%
          
NRG Energy, Inc.
    
4,582
      
714,334
  
TOTAL COMMON STOCKS (Cost $50,561,908)
      
69,338,480
  
                 
SHORT-TERM INVESTMENTS - 10.3%
          
Value
 
Investments Purchased with Proceeds from Securities Lending - 10.3%
  
Units
          
Mount Vernon Liquid Assets Portfolio, LLC, 4.45% (e)
    
7,323,596
      
7,323,596
  
                 
Money Market Funds - 0.0%(f)
  
Shares
          
BlackRock Liquidity Funds Treasury Trust Fund Portfolio - Class Institutional, 4.18% (a)(e)
    
588
      
588
  
Federated Hermes U.S. Treasury Cash Reserves - Class Institutional, 4.09% (a)(e)
    
587
      
587
  
Fidelity Treasury Portfolio - Class I, 4.19% (a)(e)
    
588
      
588
  
Goldman Sachs Financial Square Funds - Treasury Instruments Fund - Class Institutional, 4.15% (a)(e)
    
587
      
587
  
             
2,350
  
TOTAL SHORT-TERM INVESTMENTS (Cost $7,325,946)
      
7,325,946
  
                 
TOTAL INVESTMENTS - 107.8% (Cost $57,887,854)
      
76,664,426
  
Liabilities in Excess of Other Assets - (7.8)%
      
(5,525,343
)
TOTAL NET ASSETS - 100.0%
          
$
71,139,083
  

     

Percentages are stated as a percent of net assets.
      

   
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
  
   
More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.
  

ADR - American Depositary Receipt
LLC - Limited Liability Company
PLC - Public Limited Company

(a)
All or a portion of security has been pledged as collateral for securities sold short. The fair value of assets committed as collateral as of May 31, 2025 is $28,890,464.
(b)
Non-income producing security.
(c)
All or a portion of this security is on loan as of May 31, 2025. The fair value of these securities was $7,165,715.
(d)
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 $1,190,000 or 1.7% of the Fund’s net assets.
(e)
The rate shown represents the 7-day annualized effective yield as of May 31, 2025.
(f)
Represents less than 0.05% of net assets.



Boston Partners Long/Short Equity Fund
  
Schedule of Securities Sold Short
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - (22.1)%
  
Shares
    
Value
  
Communication Services - (1.4)%
        
Boston Omaha Corp. - Class A
    
(12,223
)
  
$
(179,678
)
Clear Channel Outdoor Holdings, Inc.
    
(193,522
)
    
(207,069
)
CTC Communications Group, Inc. (a)
    
(98,900
)
    
0
  
Grindr, Inc.
    
(8,779
)
    
(214,383
)
Ibotta, Inc. - Class A
    
(4,462
)
    
(223,055
)
Lionsgate Studios Corp.
    
(21,573
)
    
(155,973
)
             
(980,158
)
                 
Consumer Discretionary - (4.5)%
          
Acushnet Holdings Corp.
    
(3,717
)
    
(253,648
)
Brunello Cucinelli SpA
    
(1,633
)
    
(201,253
)
Brunswick Corp.
    
(4,105
)
    
(207,795
)
Cava Group, Inc.
    
(2,189
)
    
(177,900
)
First Watch Restaurant Group, Inc.
    
(16,068
)
    
(248,090
)
Five Below, Inc.
    
(2,189
)
    
(255,172
)
Floor & Decor Holdings, Inc. - Class A
    
(3,821
)
    
(273,927
)
Goodyear Tire & Rubber Co.
    
(19,335
)
    
(220,612
)
Groupon, Inc.
    
(14,117
)
    
(411,228
)
Kura Sushi USA, Inc. - Class A
    
(2,278
)
    
(150,485
)
Petco Health & Wellness Co., Inc.
    
(27,594
)
    
(101,270
)
Qsound Labs, Inc. (a)
    
(4,440
)
    
0
  
QuantumScape Corp.
    
(26,231
)
    
(104,924
)
Rivian Automotive, Inc. - Class A
    
(19,293
)
    
(280,327
)
Shake Shack, Inc., Class A - Class A
    
(2,145
)
    
(278,400
)
             
(3,165,031
)
                 
Consumer Staples - (2.2)%
          
Amish Naturals, Inc. (a)
    
(25,959
)
    
0
  
Brown-Forman Corp. - Class B
    
(6,839
)
    
(228,012
)
Costco Wholesale Corp.
    
(279
)
    
(290,210
)
Hershey Co.
    
(1,535
)
    
(246,659
)
Lancaster Colony Corp.
    
(1,374
)
    
(230,008
)
Mama's Creations, Inc.
    
(34,272
)
    
(284,800
)
Westrock Coffee Co.
    
(43,471
)
    
(299,081
)
             
(1,578,770
)
                 
Energy - (0.3)%
          
Beard Co.
    
(9,710
)
    
0
  
Calumet, Inc.
    
(14,137
)
    
(197,635
)
             
(197,635
)
                 
Financials - (1.7)%
          
Bakkt Holdings, Inc.
    
(17,111
)
    
(199,172
)
Commonwealth Bank of Australia
    
(2,560
)
    
(290,480
)
Credit Acceptance Corp.
    
(632
)
    
(301,654
)
Nelnet, Inc. - Class A
    
(1,260
)
    
(146,387
)
Remitly Global, Inc.
    
(13,616
)
    
(290,838
)
             
(1,228,531
)
                 
Health Care - (2.2)%
          
AirSculpt Technologies, Inc.
    
(19,748
)
    
(87,089
)
ARS Pharmaceuticals, Inc.
    
(10,924
)
    
(157,633
)
BodyTel Scientific, Inc. (a)
    
(4,840
)
    
(1
)
CareView Communications, Inc.
    
(165,489
)
    
(2,578
)
Establishment Labs Holdings, Inc.
    
(5,919
)
    
(203,732
)
LifeStance Health Group, Inc.
    
(45,054
)
    
(267,621
)
PROCEPT BioRobotics Corp.
    
(5,311
)
    
(308,038
)
Stevanato Group SpA
    
(13,054
)
    
(289,929
)
TG Therapeutics, Inc.
    
(6,390
)
    
(224,353
)
             
(1,540,974
)
                 
Industrials - (3.1)%
          
Ameresco, Inc. - Class A
    
(6,243
)
    
(86,029
)
Applied Energetics, Inc.
    
(59,611
)
    
(130,548
)
Corporate Resource Services, Inc. (a)
    
(218,896
)
    
(22
)
Driven Brands Holdings, Inc.
    
(23,231
)
    
(413,976
)
DynaMotive Energy Systems Corp. (a)
    
(72,185
)
    
(7
)
Ener1, Inc. (a)
    
(102,820
)
    
(10
)
FTAI Infrastructure, Inc.
    
(30,307
)
    
(185,176
)
Hertz Global Holdings, Inc.
    
(43,417
)
    
(284,381
)
KULR Technology Group, Inc.
    
(97,511
)
    
(114,088
)
NANO Nuclear Energy, Inc.
    
(5,702
)
    
(171,801
)
Redwire Corp.
    
(24,947
)
    
(356,992
)
Richtech Robotics, Inc. - Class B
    
(126,875
)
    
(293,081
)
Sky Harbour Group Corp.
    
(16,060
)
    
(165,418
)
Valence Technology, Inc. (a)
    
(27,585
)
    
(3
)
             
(2,201,532
)
                 
Information Technology - (5.0)%
          
Amplitude, Inc. - Class A
    
(14,999
)
    
(185,838
)
ANTs software, Inc. (a)
    
(10,334
)
    
(1
)
Atomera, Inc.
    
(39,656
)
    
(243,884
)
BigBear.ai Holdings, Inc.
    
(53,028
)
    
(220,597
)
Consygen, Inc. (a)
    
(200
)
    
0
  
D-Wave Quantum, Inc.
    
(32,668
)
    
(533,468
)
Entegris, Inc.
    
(2,700
)
    
(185,598
)
Evolv Technologies Holdings, Inc.
    
(58,458
)
    
(319,181
)
Interliant, Inc. (a)
    
(600
)
    
0
  
IonQ, Inc.
    
(14,174
)
    
(571,779
)
Lightwave Logic, Inc.
    
(59,044
)
    
(57,863
)
MicroVision, Inc.
    
(156,541
)
    
(172,195
)
Nestor, Inc. (a)
    
(15,200
)
    
(2
)
NextNav, Inc.
    
(27,226
)
    
(341,686
)
Samsara, Inc. - Class A
    
(4,574
)
    
(212,874
)
SoundHound AI, Inc. - Class A
    
(23,581
)
    
(238,404
)
Sprout Social, Inc. - Class A
    
(8,093
)
    
(176,670
)
Tiger Telematics, Inc. (a)
    
(6,510
)
    
0
  
Tucows, Inc. - Class A
    
(5,974
)
    
(115,896
)
Uni-Pixel, Inc. (a)
    
(19,665
)
    
(2
)
Worldgate Communications, Inc. (a)
    
(582,655
)
    
(58
)
XRiver Corp. (a)
    
(34,156
)
    
0
  
             
(3,575,996
)
                 
Materials - (1.7)%
          
PureCycle Technologies, Inc.
    
(30,719
)
    
(292,138
)
Radius Recycling, Inc.
    
(14,133
)
    
(418,478
)
TMC the metals co, Inc.
    
(116,149
)
    
(519,186
)
             
(1,229,802
)
TOTAL COMMON STOCKS (Proceeds $18,058,435)
      
(15,698,429
)
                 
TOTAL SECURITIES SOLD SHORT - (22.1)% (Proceeds $18,058,435)
          
$
(15,698,429
)
                 
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 May 31, 2025.


Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
 
Boston Partners Long/Short Equity Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of May 31, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
    $
65,426,939
      $
3,911,541
      $
–
      $
69,338,480
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
7,323,596
  
  Money Market Funds
    
2,350
      
–
      
–
      $
2,350
  
Total Investments
    $
65,429,289
      $
3,911,541
      $
–
      
76,664,426
  
                                 
Liabilities:
                                
Investments:
                                
  Common Stocks
    $
(15,206,590
)
    $
(491,733
)
    $
(106
)
    $
(15,698,429
)
Total Investments
    $
(15,206,590
)
    $
(491,733
)
    $
(106
)
    $
(15,698,429
)
   
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  
   
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no significant transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year’s annual report.
  

(a)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $7,323,596 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.