Boston Partners Long/Short Research Fund
|
|||||||||
Schedule of Investments
|
|||||||||
as of May 31, 2024 (Unaudited)
|
|||||||||
COMMON STOCKS - 96.8%
|
Shares
|
Value
|
|||||||
Communication Services - 5.5%
|
|||||||||
Alphabet, Inc. - Class A(a)
|
41,011
|
$
|
7,074,398
|
||||||
Cars.com, Inc.(a)
|
146,548
|
2,964,666
|
|||||||
Deutsche Telekom AG
|
85,949
|
2,089,783
|
|||||||
Informa PLC
|
327,270
|
3,561,994
|
|||||||
Live Nation Entertainment, Inc.(a)
|
32,937
|
3,087,514
|
|||||||
Match Group, Inc.(a)
|
51,807
|
1,586,849
|
|||||||
Omnicom Group, Inc.
|
23,115
|
2,148,770
|
|||||||
Take-Two Interactive Software, Inc.(a)(b)
|
19,280
|
3,091,741
|
|||||||
T-Mobile US, Inc.(b)
|
25,618
|
4,482,125
|
|||||||
Vivid Seats, Inc. - Class A(a)
|
180,527
|
911,661
|
|||||||
30,999,501
|
|||||||||
Consumer Discretionary - 8.2%
|
|||||||||
AutoNation, Inc.(a)
|
10,724
|
1,825,761
|
|||||||
AutoZone, Inc.(a)
|
988
|
2,736,701
|
|||||||
Booking Holdings, Inc.
|
1,589
|
6,000,620
|
|||||||
Boyd Gaming Corp.
|
49,446
|
2,636,461
|
|||||||
eBay, Inc.
|
18,510
|
1,003,612
|
|||||||
Flutter Entertainment PLC(a)
|
15,359
|
2,955,581
|
|||||||
Frontdoor, Inc.(a)
|
141,090
|
4,990,353
|
|||||||
Genting Singapore Ltd.
|
1,996,300
|
1,346,522
|
|||||||
Lennar Corp. - Class A
|
14,604
|
2,341,751
|
|||||||
LKQ Corp.(b)
|
20,633
|
887,838
|
|||||||
MGM Resorts International(a)
|
81,844
|
3,287,674
|
|||||||
Restaurant Brands International, Inc.
|
35,721
|
2,449,746
|
|||||||
Ross Stores, Inc.
|
10,438
|
1,458,815
|
|||||||
Starbucks Corp.
|
11,451
|
918,599
|
|||||||
Tempur Sealy International, Inc.(b)
|
27,098
|
1,391,753
|
|||||||
TJX Cos., Inc.(b)
|
24,890
|
2,566,159
|
|||||||
Ulta Beauty, Inc.(a)
|
5,429
|
2,144,944
|
|||||||
Wyndham Hotels & Resorts, Inc.
|
34,995
|
2,476,246
|
|||||||
Wynn Macau Ltd.
|
2,577,300
|
2,451,915
|
|||||||
45,871,051
|
|||||||||
Consumer Staples - 4.2%
|
|||||||||
Albertsons Cos., Inc. - Class A
|
117,848
|
2,432,383
|
|||||||
Constellation Brands, Inc. - Class A
|
8,578
|
2,146,473
|
|||||||
J M Smucker Co.
|
20,554
|
2,294,648
|
|||||||
Nomad Foods Ltd.
|
109,354
|
1,920,256
|
|||||||
Philip Morris International, Inc.
|
42,518
|
4,310,475
|
|||||||
Simply Good Foods Co.(a)
|
59,971
|
2,308,284
|
|||||||
Target Corp.
|
18,323
|
2,861,319
|
|||||||
US Foods Holding Corp.(a)(b)
|
34,713
|
1,833,888
|
|||||||
Walmart, Inc.
|
48,693
|
3,202,052
|
|||||||
23,309,778
|
|||||||||
Energy - 7.8%
|
|||||||||
BP PLC - ADR
|
91,844
|
3,450,579
|
|||||||
Canadian Natural Resources Ltd.
|
13,718
|
1,053,954
|
|||||||
Cenovus Energy, Inc.
|
254,252
|
5,293,527
|
|||||||
Diamondback Energy, Inc.
|
19,494
|
3,884,374
|
|||||||
Kosmos Energy Ltd.(a)(b)
|
193,121
|
1,178,038
|
|||||||
Marathon Petroleum Corp.(b)
|
23,147
|
4,087,992
|
|||||||
MEG Energy Corp.(a)
|
93,122
|
2,021,703
|
|||||||
Noble Corp. PLC
|
32,227
|
1,497,266
|
|||||||
NOV, Inc.
|
133,495
|
2,512,376
|
|||||||
Phillips 66
|
31,316
|
4,450,317
|
|||||||
Schlumberger Ltd.
|
98,520
|
4,521,083
|
|||||||
Technip Energies NV
|
75,727
|
1,832,089
|
|||||||
Tidewater, Inc.(a)
|
12,779
|
1,320,454
|
|||||||
Vallourec SACA(a)
|
150,733
|
2,699,682
|
|||||||
Weatherford International PLC(a)
|
30,569
|
3,678,673
|
|||||||
43,482,107
|
|||||||||
Financials - 19.8%
|
|||||||||
AIB Group PLC
|
210,998
|
1,200,719
|
|||||||
American Express Co.
|
11,888
|
2,853,120
|
|||||||
Ameriprise Financial, Inc.(b)
|
12,677
|
5,534,905
|
|||||||
Aon PLC - Class A
|
11,556
|
3,254,632
|
|||||||
Arthur J Gallagher & Co.
|
10,332
|
2,617,406
|
|||||||
Baldwin Insurance Group, Inc. - Class A(a)
|
45,213
|
1,522,774
|
|||||||
Bank of America Corp.(b)
|
173,028
|
6,919,390
|
|||||||
Bankinter SA
|
111,595
|
985,741
|
|||||||
Beazley PLC
|
229,950
|
2,033,245
|
|||||||
Berkshire Hathaway, Inc. - Class B(a)(b)
|
7,371
|
3,054,542
|
|||||||
Charles Schwab Corp.
|
17,479
|
1,280,861
|
|||||||
Chubb Ltd.
|
11,466
|
3,105,222
|
|||||||
Commerzbank AG
|
64,713
|
1,098,783
|
|||||||
Corpay, Inc.(a)
|
4,560
|
1,220,575
|
|||||||
Discover Financial Services
|
22,105
|
2,711,399
|
|||||||
East West Bancorp, Inc.(b)
|
40,539
|
3,007,588
|
|||||||
Evercore, Inc. - Class A
|
7,923
|
1,607,894
|
|||||||
Everest Group Ltd.
|
7,471
|
2,920,638
|
|||||||
Fidelity National Information Services, Inc.
|
18,781
|
1,425,102
|
|||||||
Fifth Third Bancorp(b)
|
66,324
|
2,481,844
|
|||||||
First American Financial Corp.
|
23,912
|
1,329,029
|
|||||||
Fiserv, Inc.(a)
|
9,211
|
1,379,439
|
|||||||
Global Payments, Inc.
|
8,968
|
913,391
|
|||||||
Goldman Sachs Group, Inc.(b)
|
2,972
|
1,356,777
|
|||||||
Hana Financial Group, Inc.
|
34,814
|
1,554,641
|
|||||||
Huntington Bancshares, Inc.(b)
|
285,834
|
3,978,809
|
|||||||
ING Groep NV
|
176,951
|
3,161,283
|
|||||||
JPMorgan Chase & Co.(b)
|
49,124
|
9,953,996
|
|||||||
LPL Financial Holdings, Inc.
|
4,454
|
1,274,779
|
|||||||
Markel Group, Inc.(a)(b)
|
1,657
|
2,720,115
|
|||||||
Morgan Stanley
|
31,281
|
3,060,533
|
|||||||
NatWest Group PLC
|
391,931
|
1,585,468
|
|||||||
Nordea Bank Abp
|
219,206
|
2,695,666
|
|||||||
Progressive Corp.(c)
|
12,200
|
2,576,396
|
|||||||
Renaissance Holdings Ltd.
|
11,180
|
2,547,475
|
|||||||
SLM Corp.(b)
|
58,925
|
1,264,531
|
|||||||
Sumitomo Mitsui Financial Group, Inc.
|
20,600
|
1,348,252
|
|||||||
Synchrony Financial(b)
|
12,632
|
553,282
|
|||||||
Travelers Cos., Inc.
|
9,058
|
1,953,811
|
|||||||
United Overseas Bank Ltd.
|
87,000
|
1,983,780
|
|||||||
Voya Financial, Inc.
|
15,740
|
1,193,407
|
|||||||
W R Berkley Corp.(b)
|
11,250
|
911,587
|
|||||||
Wells Fargo & Co.
|
149,673
|
8,968,406
|
|||||||
White Mountains Insurance Group Ltd.
|
1,049
|
1,895,543
|
|||||||
110,996,776
|
|||||||||
Health Care - 11.9%
|
|||||||||
Abbott Laboratories(b)
|
35,589
|
3,636,840
|
|||||||
AbbVie, Inc.(b)
|
41,591
|
6,706,133
|
|||||||
Amgen, Inc.
|
15,882
|
4,857,510
|
|||||||
AMN Healthcare Services, Inc.(a)
|
22,706
|
1,270,174
|
|||||||
AstraZeneca PLC
|
15,477
|
2,405,870
|
|||||||
Avantor, Inc.(a)(b)
|
56,478
|
1,359,990
|
|||||||
Boston Scientific Corp.(a)(b)
|
19,913
|
1,504,825
|
|||||||
Bristol-Myers Squibb Co.
|
39,873
|
1,638,382
|
|||||||
Cencora, Inc.
|
12,346
|
2,797,233
|
|||||||
Centene Corp.(a)(b)
|
25,504
|
1,825,831
|
|||||||
Cigna Group(b)
|
8,027
|
2,766,265
|
|||||||
CVS Health Corp.(b)
|
6,055
|
360,878
|
|||||||
Elevance Health, Inc.(b)
|
7,735
|
4,165,143
|
|||||||
Fortrea Holdings, Inc.(a)
|
69,562
|
1,766,179
|
|||||||
HCA Healthcare, Inc.
|
4,159
|
1,413,020
|
|||||||
Henry Schein, Inc.(a)
|
6,338
|
439,477
|
|||||||
Humana, Inc.
|
5,746
|
2,057,758
|
|||||||
ICON PLC(a)
|
7,516
|
2,441,347
|
|||||||
IQVIA Holdings, Inc.(a)
|
2,593
|
568,100
|
|||||||
Johnson & Johnson
|
14,802
|
2,171,009
|
|||||||
McKesson Corp.
|
5,428
|
3,091,735
|
|||||||
Medtronic PLC
|
10,049
|
817,687
|
|||||||
Merck & Co., Inc.
|
2,664
|
334,439
|
|||||||
Molina Healthcare, Inc.(a)(b)
|
4,388
|
1,380,377
|
|||||||
Novo Nordisk AS
|
6,840
|
926,739
|
|||||||
Pfizer, Inc.
|
3,582
|
102,660
|
|||||||
R1 RCM, Inc.(a)
|
39,047
|
502,144
|
|||||||
Sanofi SA
|
12,107
|
1,185,295
|
|||||||
Stryker Corp.
|
1,453
|
495,604
|
|||||||
Thermo Fisher Scientific, Inc.
|
396
|
224,920
|
|||||||
UCB SA
|
7,973
|
1,118,375
|
|||||||
UnitedHealth Group, Inc.
|
17,320
|
8,579,808
|
|||||||
Zimmer Biomet Holdings, Inc.(b)
|
14,282
|
1,644,572
|
|||||||
66,556,319
|
|||||||||
Industrials - 18.4%
|
|||||||||
AAR Corp.(a)
|
43,152
|
3,063,360
|
|||||||
Acuity Brands, Inc.
|
7,249
|
1,881,913
|
|||||||
Advanced Drainage Systems, Inc.
|
17,918
|
3,108,594
|
|||||||
Airbus Group SE
|
19,927
|
3,389,606
|
|||||||
Allegion PLC
|
18,065
|
2,200,678
|
|||||||
Allison Transmission Holdings, Inc.(b)
|
32,852
|
2,490,510
|
|||||||
AMETEK, Inc.(b)
|
14,466
|
2,453,144
|
|||||||
ANDRITZ AG
|
22,795
|
1,369,057
|
|||||||
Atkore, Inc.
|
16,230
|
2,469,395
|
|||||||
Atmus Filtration Technologies, Inc.(a)
|
34,265
|
1,056,733
|
|||||||
Beacon Roofing Supply, Inc.(a)(b)
|
32,031
|
3,108,929
|
|||||||
Boeing Co.(a)
|
11,711
|
2,079,991
|
|||||||
Brink's Co.
|
28,409
|
2,932,945
|
|||||||
Builders FirstSource, Inc.(a)
|
17,921
|
2,881,518
|
|||||||
Carlisle Cos., Inc.
|
3,090
|
1,292,516
|
|||||||
Clean Harbors, Inc.(a)
|
14,035
|
3,039,841
|
|||||||
Curtiss-Wright Corp.
|
9,253
|
2,616,933
|
|||||||
Dover Corp.(b)
|
13,403
|
2,463,739
|
|||||||
Eiffage SA
|
12,467
|
1,379,345
|
|||||||
Embraer SA - ADR(a)
|
81,084
|
2,253,324
|
|||||||
Equifax, Inc.
|
7,963
|
1,842,559
|
|||||||
Ferguson PLC
|
9,696
|
1,994,855
|
|||||||
Fortive Corp.(b)
|
20,336
|
1,513,812
|
|||||||
General Dynamics Corp.
|
6,766
|
2,028,244
|
|||||||
Honeywell International, Inc.
|
16,501
|
3,336,337
|
|||||||
Howmet Aerospace, Inc.(b)
|
25,740
|
2,178,891
|
|||||||
Huron Consulting Group, Inc.(a)
|
21,062
|
1,859,985
|
|||||||
Jacobs Solutions, Inc.
|
24,394
|
3,399,060
|
|||||||
Leidos Holdings, Inc.(b)
|
16,184
|
2,379,857
|
|||||||
Masco Corp.
|
28,095
|
1,964,402
|
|||||||
NEXTracker, Inc. - Class A(a)
|
25,274
|
1,394,367
|
|||||||
Norfolk Southern Corp.
|
7,691
|
1,728,937
|
|||||||
nVent Electric PLC
|
18,265
|
1,486,406
|
|||||||
Otis Worldwide Corp.
|
26,614
|
2,640,109
|
|||||||
Parker-Hannifin Corp.(b)
|
2,637
|
1,401,618
|
|||||||
Ryanair Holdings PLC - ADR
|
4,067
|
494,710
|
|||||||
Science Applications International Corp.(b)
|
19,463
|
2,620,693
|
|||||||
Sensata Technologies Holding PLC
|
45,373
|
1,874,812
|
|||||||
Siemens AG
|
10,627
|
2,048,254
|
|||||||
SS&C Technologies Holdings, Inc.(b)
|
47,763
|
2,963,694
|
|||||||
Textron, Inc.
|
25,039
|
2,193,667
|
|||||||
TriNet Group, Inc.
|
23,735
|
2,467,728
|
|||||||
Valmont Industries, Inc.(b)
|
6,837
|
1,718,822
|
|||||||
WESCO International, Inc.
|
13,212
|
2,371,422
|
|||||||
Westinghouse Air Brake Technologies Corp.
|
18,787
|
3,179,324
|
|||||||
WillScot Mobile Mini Holdings Corp.(a)
|
68,629
|
2,706,041
|
|||||||
103,320,677
|
|||||||||
Information Technology - 12.6%
|
|||||||||
Adeia, Inc.
|
269,091
|
3,183,347
|
|||||||
Advanced Micro Devices, Inc.(a)
|
14,843
|
2,477,297
|
|||||||
Applied Materials, Inc.
|
12,000
|
2,580,960
|
|||||||
Arrow Electronics, Inc.(a)(b)
|
14,515
|
1,905,965
|
|||||||
Broadcom, Inc.
|
4,164
|
5,532,082
|
|||||||
Capgemini SE
|
12,063
|
2,443,980
|
|||||||
CDW Corp.
|
8,889
|
1,987,758
|
|||||||
Celestica, Inc.(a)
|
44,133
|
2,467,917
|
|||||||
Check Point Software Technologies Ltd.(a)
|
26,209
|
3,944,455
|
|||||||
Cognizant Technology Solutions Corp. - Class A(b)
|
23,316
|
1,542,353
|
|||||||
Dell Technologies, Inc. - Class C
|
21,827
|
3,046,176
|
|||||||
Flex Ltd.(a)
|
145,105
|
4,807,329
|
|||||||
Gen Digital, Inc.(b)
|
135,342
|
3,360,542
|
|||||||
InterDigital, Inc.
|
17,644
|
2,009,122
|
|||||||
Jabil, Inc.(b)
|
12,863
|
1,529,411
|
|||||||
Keysight Technologies, Inc.(a)
|
13,111
|
1,815,611
|
|||||||
Lam Research Corp.
|
2,807
|
2,617,359
|
|||||||
Microchip Technology, Inc.(b)
|
31,319
|
3,045,146
|
|||||||
Micron Technology, Inc.
|
19,920
|
2,490,000
|
|||||||
NetApp, Inc.
|
10,380
|
1,250,063
|
|||||||
Nice Ltd. - ADR(a)
|
15,621
|
2,867,547
|
|||||||
NXP Semiconductors NV
|
6,925
|
1,884,293
|
|||||||
Oracle Corp.(b)
|
32,787
|
3,842,309
|
|||||||
QUALCOMM, Inc.
|
6,285
|
1,282,454
|
|||||||
Samsung Electronics Co., Ltd.
|
53,346
|
2,826,422
|
|||||||
Teradyne, Inc.
|
9,866
|
1,390,514
|
|||||||
Zebra Technologies Corp. - Class A(a)
|
8,685
|
2,712,673
|
|||||||
70,843,085
|
|||||||||
Materials - 2.5%
|
|||||||||
CRH PLC
|
32,676
|
2,671,590
|
|||||||
DuPont de Nemours, Inc.(b)
|
18,883
|
1,551,427
|
|||||||
FMC Corp.
|
44,582
|
2,717,273
|
|||||||
Kinross Gold Corp.
|
220,665
|
1,794,007
|
|||||||
Olin Corp.
|
30,685
|
1,649,626
|
|||||||
PPG Industries, Inc.
|
10,110
|
1,328,555
|
|||||||
Teck Resources Ltd. - Class B
|
48,566
|
2,527,860
|
|||||||
14,240,338
|
|||||||||
Real Estate - 2.4%
|
|||||||||
Americold Realty Trust, Inc.(b)
|
56,661
|
1,511,149
|
|||||||
Equity LifeStyle Properties, Inc.
|
9,820
|
616,401
|
|||||||
Essex Property Trust, Inc.
|
8,747
|
2,272,383
|
|||||||
Extra Space Storage, Inc.
|
14,434
|
2,089,610
|
|||||||
Kimco Realty Corp.
|
91,104
|
1,763,773
|
|||||||
Lamar Advertising Co. - Class A(b)
|
16,478
|
1,946,217
|
|||||||
Regency Centers Corp.(b)
|
26,073
|
1,600,882
|
|||||||
VICI Properties, Inc.
|
63,198
|
1,814,415
|
|||||||
13,614,830
|
|||||||||
Utilities - 3.5%
|
|||||||||
American Electric Power Co., Inc.
|
12,273
|
1,107,638
|
|||||||
CenterPoint Energy, Inc.(b)
|
74,327
|
2,267,717
|
|||||||
FirstEnergy Corp.
|
55,253
|
2,224,486
|
|||||||
New Jersey Resources Corp.
|
13,692
|
595,054
|
|||||||
NiSource, Inc.
|
95,987
|
2,789,382
|
|||||||
OGE Energy Corp.
|
64,415
|
2,338,264
|
|||||||
PPL Corp.
|
95,308
|
2,795,384
|
|||||||
Southern Co.
|
32,090
|
2,571,692
|
|||||||
SSE PLC
|
69,624
|
1,566,264
|
|||||||
Talen Energy Corp.(a)
|
12,624
|
1,453,654
|
|||||||
19,709,535
|
|||||||||
TOTAL COMMON STOCKS (Cost $382,796,718)
|
542,943,997
|
||||||||
WARRANTS - 0.0%(d)
|
Contracts
|
Value
|
|||||||
Andrada Mining Ltd., Expires 07/17/2025, Exercise Price $0.10(a)(e)
|
1,400,000
|
392
|
|||||||
TOTAL WARRANTS (Cost $18,309)
|
392
|
||||||||
CORPORATE BONDS - 0.1%
|
Par
|
Value
|
|||||||
Andrada Mining Ltd., 12.00%, 07/31/2026 (e)
|
GBP
|
700,000
|
799,205
|
||||||
TOTAL CORPORATE BONDS (Cost
$915,463)
|
799,205
|
||||||||
SHORT-TERM INVESTMENTS - 0.0%(d)
|
|||||||||
Money Market Funds - 0.0%(d)
|
Shares
|
||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio - Class Institutional, 5.22%(b)(f)
|
2,009
|
2,009
|
|||||||
Federated Hermes U.S. Treasury Cash Reserves - Class Institutional, 5.18%(b)(f)
|
2,009
|
2,009
|
|||||||
Fidelity Treasury Portfolio - Class I, 5.19%(b)(f)
|
2,009
|
2,009
|
|||||||
Goldman Sachs Financial Square Funds - Treasury Instruments Fund - Class Institutional, 5.18%(b)(f)
|
2,009
|
2,009
|
|||||||
TOTAL SHORT-TERM INVESTMENTS
(Cost $8,036)
|
8,036
|
||||||||
TOTAL INVESTMENTS - 96.9% (Cost
$383,738,526)
|
$
|
543,751,630
|
|||||||
Money Market Deposit Account - 1.1%(b)(g)
|
5,950,867
|
||||||||
Other Assets in Excess of Liabilities - 2.0%
|
11,222,395
|
||||||||
TOTAL NET ASSETS - 100.0%
|
$
|
560,924,892
|
Percentages are stated as a percent of net assets.
|
|
Par amount is in USD unless otherwise indicated.
|
|
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc.
("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
|
ADR - American Depositary Receipt
|
AG - Aktiengesellschaft
|
NV - Naamloze Vennootschap
|
PLC - Public Limited Company
|
SA - Sociedad Anónima
|
GBP - British Pound
|
(a)
|
Non-income producing security.
|
(b)
|
Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
|
(c)
|
Held in connection with written option contracts. See Schedule of Options Written for further information.
|
(d)
|
Represents less than 0.05% of net assets.
|
(e)
|
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision
of the Adviser, acting as Valuation Designee. These securities represented $799,597 or 0.1% of net assets as of May 31, 2024.
|
(f)
|
The rate shown represents the 7-day effective yield as of May 31, 2024.
|
(g)
|
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA
will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of May 31, 2024 was 5.17%.
|
Boston Partners Long/Short Research Fund
|
||||||||||||
Schedule of Written Options
|
||||||||||||
as of May 31, 2024 (Unaudited)
|
||||||||||||
WRITTEN OPTIONS - 0.0% (a)(b)(c)
|
Notional Amount
|
Contracts
|
Value
|
|||||||||
Call Options - 0.0% (b)
|
||||||||||||
Progressive Corp., Expiration: 06/21/2024; Exercise Price: $215.00
|
$
|
(1,499,378
|
)
|
(71
|
)
|
$
|
(20,590
|
)
|
||||
TOTAL WRITTEN OPTIONS (Premiums
received $22,762)
|
(20,590
|
)
|
||||||||||
Percentages are stated as a percent of net assets.
|
(a)
|
Exchange-traded.
|
(b)
|
Represents less than 0.05% of net assets.
|
(c)
|
100 shares per contract.
|
Boston Partners Long/Short Research Fund
|
||||||||
Schedule of Securities Sold Short
|
||||||||
as of May 31, 2024 (Unaudited)
|
||||||||
COMMON STOCKS - (24.2)%
|
Shares
|
Value
|
||||||
Communication Services - (1.4)%
|
||||||||
Angi, Inc.
|
(218,301
|
)
|
$
|
(440,968
|
)
|
|||
Cable One, Inc.
|
(2,126
|
)
|
(820,445
|
)
|
||||
Clear Channel Outdoor Holdings, Inc.
|
(698,475
|
)
|
(1,005,804
|
)
|
||||
Dentsu Group, Inc.
|
(56,400
|
)
|
(1,493,006
|
)
|
||||
Fox Corp. - Class A
|
(32,458
|
)
|
(1,117,529
|
)
|
||||
Liberty Global Ltd. - Class C
|
(78,020
|
)
|
(1,331,801
|
)
|
||||
Lions Gate Entertainment Corp. - Class A
|
(79,690
|
)
|
(662,224
|
)
|
||||
Rumble, Inc.
|
(106,122
|
)
|
(668,569
|
)
|
||||
Trade Desk, Inc. - Class A
|
(5,411
|
)
|
(502,032
|
)
|
||||
(8,042,378
|
)
|
|||||||
Consumer Discretionary - (4.4)%
|
||||||||
Accor SA
|
(21,932
|
)
|
(956,814
|
)
|
||||
Acushnet Holdings Corp.
|
(18,743
|
)
|
(1,235,164
|
)
|
||||
B&M European Value Retail SA
|
(122,031
|
)
|
(853,138
|
)
|
||||
Cheesecake Factory, Inc.
|
(19,745
|
)
|
(759,788
|
)
|
||||
Choice Hotels International, Inc.
|
(12,034
|
)
|
(1,362,128
|
)
|
||||
Deckers Outdoor Corp.
|
(1,505
|
)
|
(1,646,350
|
)
|
||||
Dick's Sporting Goods, Inc.
|
(6,490
|
)
|
(1,477,384
|
)
|
||||
KB Home
|
(20,903
|
)
|
(1,475,752
|
)
|
||||
Krispy Kreme, Inc.
|
(37,494
|
)
|
(392,187
|
)
|
||||
LGI Homes, Inc.
|
(15,562
|
)
|
(1,493,952
|
)
|
||||
Life Time Group Holdings, Inc.
|
(39,906
|
)
|
(669,623
|
)
|
||||
Marriott Vacations Worldwide Corp.
|
(9,237
|
)
|
(833,824
|
)
|
||||
Mobileye Global, Inc. - Class A
|
(31,128
|
)
|
(798,744
|
)
|
||||
NIKE, Inc. - Class B
|
(5,410
|
)
|
(514,221
|
)
|
||||
Nokian Renkaat Oyj
|
(281,919
|
)
|
(2,591,099
|
)
|
||||
Playa Hotels & Resorts NV
|
(171,247
|
)
|
(1,459,024
|
)
|
||||
QuantumScape Corp.
|
(335,146
|
)
|
(1,980,713
|
)
|
||||
Sabre Corp.
|
(398,199
|
)
|
(1,246,363
|
)
|
||||
SJM Holdings Ltd.
|
(1,985,000
|
)
|
(725,658
|
)
|
||||
Soho House & Co., Inc.
|
(186,586
|
)
|
(955,320
|
)
|
||||
Tractor Supply Co.
|
(4,249
|
)
|
(1,212,197
|
)
|
||||
(24,639,443
|
)
|
|||||||
Consumer Staples - (1.6)%
|
||||||||
Barry Callebaut AG
|
(690
|
)
|
(1,199,353
|
)
|
||||
Davide Campari-Milano NV
|
(86,443
|
)
|
(865,960
|
)
|
||||
Duckhorn Portfolio, Inc.
|
(101,897
|
)
|
(822,309
|
)
|
||||
Hormel Foods Corp.
|
(43,474
|
)
|
(1,346,824
|
)
|
||||
Kimberly-Clark Corp.
|
(15,181
|
)
|
(2,023,627
|
)
|
||||
Treasury Wine Estates Ltd.
|
(152,559
|
)
|
(1,153,289
|
)
|
||||
TreeHouse Foods, Inc.
|
(35,192
|
)
|
(1,277,822
|
)
|
||||
(8,689,184
|
)
|
|||||||
Energy - (2.2)%
|
||||||||
Antero Resources Corp.
|
(73,846
|
)
|
(2,631,133
|
)
|
||||
CVR Energy, Inc.
|
(52,045
|
)
|
(1,449,974
|
)
|
||||
Matador Resources Co.
|
(35,861
|
)
|
(2,275,380
|
)
|
||||
Occidental Petroleum Corp.
|
(67,740
|
)
|
(4,233,750
|
)
|
||||
Permian Resources Corp.
|
(120,663
|
)
|
(1,977,667
|
)
|
||||
(12,567,904
|
)
|
|||||||
Financials - (3.2)%
|
||||||||
Aozora Bank Ltd.
|
(129,600
|
)
|
(1,955,068
|
)
|
||||
Ashmore Group PLC
|
(509,651
|
)
|
(1,266,367
|
)
|
||||
Avanza Bank Holding AB
|
(58,880
|
)
|
(1,538,808
|
)
|
||||
Cincinnati Financial Corp.
|
(12,627
|
)
|
(1,484,683
|
)
|
||||
Erie Indemnity Co. - Class A
|
(2,738
|
)
|
(992,333
|
)
|
||||
Hang Seng Bank Ltd.
|
(235,900
|
)
|
(3,286,887
|
)
|
||||
Moelis & Co. - Class A
|
(23,969
|
)
|
(1,356,885
|
)
|
||||
T Rowe Price Group, Inc.
|
(27,196
|
)
|
(3,204,505
|
)
|
||||
Texas Capital Bancshares, Inc.
|
(18,913
|
)
|
(1,140,076
|
)
|
||||
Trupanion, Inc.
|
(8,076
|
)
|
(241,230
|
)
|
||||
United Bankshares, Inc.
|
(38,978
|
)
|
(1,264,446
|
)
|
||||
(17,731,288
|
)
|
|||||||
Health Care - (2.3)%
|
||||||||
10X Genomics, Inc. - Class A
|
(19,618
|
)
|
(439,836
|
)
|
||||
agilon health, Inc.
|
(99,578
|
)
|
(627,341
|
)
|
||||
Ambu AS - Class B
|
(21,027
|
)
|
(403,706
|
)
|
||||
Ascendis Pharma AS - ADR
|
(5,155
|
)
|
(696,440
|
)
|
||||
Cassava Sciences, Inc.
|
(12,417
|
)
|
(273,547
|
)
|
||||
Corcept Therapeutics, Inc.
|
(21,986
|
)
|
(663,318
|
)
|
||||
Doximity, Inc. - Class A
|
(21,008
|
)
|
(582,552
|
)
|
||||
GoodRx Holdings, Inc. - Class A
|
(118,464
|
)
|
(932,312
|
)
|
||||
Guardant Health, Inc.
|
(19,963
|
)
|
(540,997
|
)
|
||||
Illumina, Inc.
|
(5,490
|
)
|
(572,497
|
)
|
||||
Legend Biotech Corp. - ADR
|
(16,104
|
)
|
(644,321
|
)
|
||||
Madrigal Pharmaceuticals, Inc.
|
(2,813
|
)
|
(664,318
|
)
|
||||
MoonLake Immunotherapeutics
|
(6,323
|
)
|
(257,093
|
)
|
||||
Neogen Corp.
|
(35,596
|
)
|
(468,087
|
)
|
||||
Oxford Nanopore Technologies PLC
|
(434,490
|
)
|
(594,062
|
)
|
||||
Privia Health Group, Inc.
|
(40,021
|
)
|
(695,165
|
)
|
||||
Recursion Pharmaceuticals, Inc. - Class A
|
(65,617
|
)
|
(543,309
|
)
|
||||
Revance Therapeutics, Inc.
|
(45,449
|
)
|
(129,075
|
)
|
||||
Rhythm Pharmaceuticals, Inc.
|
(13,993
|
)
|
(499,270
|
)
|
||||
Tandem Diabetes Care, Inc.
|
(25,751
|
)
|
(1,319,224
|
)
|
||||
TG Therapeutics, Inc.
|
(35,676
|
)
|
(581,519
|
)
|
||||
Twist Bioscience Corp.
|
(17,495
|
)
|
(733,040
|
)
|
||||
(12,861,029
|
)
|
|||||||
Industrials - (4.7)%
|
||||||||
Atlas Arteria Ltd.
|
(727,378
|
)
|
(2,582,599
|
)
|
||||
Dun & Bradstreet Holdings, Inc.
|
(99,959
|
)
|
(958,607
|
)
|
||||
Exponent, Inc.
|
(22,189
|
)
|
(2,110,618
|
)
|
||||
Furukawa Electric Co., Ltd.
|
(112,000
|
)
|
(3,020,605
|
)
|
||||
Husqvarna AB - Class B
|
(296,538
|
)
|
(2,469,274
|
)
|
||||
Kornit Digital Ltd.
|
(61,585
|
)
|
(875,739
|
)
|
||||
ManpowerGroup, Inc.
|
(13,626
|
)
|
(1,016,772
|
)
|
||||
Montrose Environmental Group, Inc.
|
(71,762
|
)
|
(3,373,532
|
)
|
||||
Nidec Corp.
|
(34,700
|
)
|
(1,729,741
|
)
|
||||
Northrop Grumman Corp.
|
(3,464
|
)
|
(1,561,467
|
)
|
||||
Proto Labs, Inc.
|
(59,818
|
)
|
(1,852,563
|
)
|
||||
SiteOne Landscape Supply, Inc.
|
(11,935
|
)
|
(1,847,777
|
)
|
||||
Terex Corp.
|
(24,702
|
)
|
(1,473,968
|
)
|
||||
Toro Co.
|
(18,503
|
)
|
(1,483,756
|
)
|
||||
(26,357,018
|
)
|
|||||||
Information Technology - (1.7)%
|
||||||||
Amdocs Ltd.
|
(17,704
|
)
|
(1,398,616
|
)
|
||||
Cognex Corp.
|
(58,626
|
)
|
(2,668,655
|
)
|
||||
Entegris, Inc.
|
(28,595
|
)
|
(3,612,978
|
)
|
||||
Infosys Ltd. - ADR
|
(60,488
|
)
|
(1,013,174
|
)
|
||||
Palantir Technologies, Inc. - Class A
|
(51,217
|
)
|
(1,110,385
|
)
|
||||
(9,803,808
|
)
|
|||||||
Materials - (1.1)%
|
||||||||
Amcor PLC
|
(55,505
|
)
|
(564,486
|
)
|
||||
Axalta Coating Systems Ltd.
|
(21,454
|
)
|
(763,548
|
)
|
||||
Compass Minerals International, Inc.
|
(22,111
|
)
|
(286,559
|
)
|
||||
Ganfeng Lithium Group Co., Ltd. - Class H
|
(267,400
|
)
|
(741,935
|
)
|
||||
Huntsman Corp.
|
(20,520
|
)
|
(508,896
|
)
|
||||
Lynas Rare Earths Ltd.
|
(174,181
|
)
|
(777,072
|
)
|
||||
MP Materials Corp.
|
(79,194
|
)
|
(1,284,527
|
)
|
||||
Sumitomo Chemical Co., Ltd.
|
(485,800
|
)
|
(998,797
|
)
|
||||
(5,925,820
|
)
|
|||||||
Real Estate - (1.6)%
|
||||||||
Camden Property Trust
|
(3,959
|
)
|
(406,392
|
)
|
||||
CBRE Group, Inc. - Class A
|
(18,230
|
)
|
(1,605,516
|
)
|
||||
Compass, Inc. - Class A
|
(127,639
|
)
|
(478,646
|
)
|
||||
Digital Realty Trust, Inc.
|
(3,939
|
)
|
(572,494
|
)
|
||||
Mid-America Apartment Communities, Inc.
|
(3,516
|
)
|
(470,125
|
)
|
||||
Nomura Real Estate Master Fund, Inc.
|
(896
|
)
|
(841,927
|
)
|
||||
Sagax AB - Class B
|
(56,348
|
)
|
(1,487,520
|
)
|
||||
Segro PLC
|
(44,077
|
)
|
(517,607
|
)
|
||||
SL Green Realty Corp.
|
(32,839
|
)
|
(1,739,482
|
)
|
||||
Unibail-Rodamco-Westfield
|
(12,530
|
)
|
(1,104,013
|
)
|
||||
(9,223,722
|
)
|
|||||||
TOTAL COMMON STOCKS (Proceeds $138,906,909)
|
(135,841,594
|
)
|
||||||
PREFERRED STOCKS - (0.4)%
|
Shares
|
Value
|
||||||
Consumer Discretionary - (0.4)%
|
||||||||
Dr Ing hc F Porsche AG
|
(23,602
|
)
|
(1,960,613
|
)
|
||||
TOTAL PREFERRED STOCKS (Proceeds $2,115,269)
|
(1,960,613
|
)
|
||||||
TOTAL SECURITIES SOLD SHORT - (24.6)% (Proceeds $141,022,178)
|
(137,802,207
|
)
|
||||||
Percentages are stated as a percent of net assets.
|
||||||||
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc.
("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
|
Contracts For Difference
|
Contracts For Difference
|
as of May 31, 2024 (Unaudited)
|
Reference Entity
|
Counterparty
|
Maturity Date
|
Financing Rate
|
Payment Frequency
|
Notional Amount
|
Value/ Unrealized Appreciation (Depreciation)
|
||
Short
|
||||||||
Australia
|
||||||||
Commonwealth Bank of Australia
|
Morgan Stanley
|
12/8/2025
|
4.32%
|
Termination
|
(3,820,506)
|
$
|
(418,677) | |
China
|
||||||||
Shenzhen Dynanonic Co., Ltd.
|
Morgan Stanley
|
10/20/2026
|
5.33
|
Termination
|
(341,991)
|
418,642
|
||
Shenzhen Goodix Technology
|
Morgan Stanley
|
8/3/2026
|
5.33
|
Termination
|
(840,187)
|
(108,025)
|
||
310,617
|
||||||||
Japan
|
||||||||
Nippon Shinyaku Co., Ltd.
|
Morgan Stanley
|
12/8/2025
|
0.08
|
Termination
|
(207,127)
|
315,240
|
||
South Korea
|
||||||||
EcoPro BM Co., Ltd.
|
Morgan Stanley
|
10/20/2026
|
5.33
|
Termination
|
(908,867)
|
290,986
|
||
EcoPro Co., Ltd.
|
Bank of America Securities, Inc.
|
10/23/2026
|
5.33
|
Termination
|
(573,402)
|
408,114
|
||
EcoPro Co., Ltd.
|
Goldman Sachs
|
10/30/2026
|
5.33
|
Termination
|
(402,268)
|
167,162
|
||
Kakaobank Corp.
|
Goldman Sachs
|
12/8/2025
|
5.33
|
Termination
|
(432,465)
|
137,961
|
||
Kakaobank Corp.
|
J.P. Morgan Securities, Inc.
|
10/12/2026
|
3.32
|
Termination
|
(44,161)
|
1,941
|
||
Netmarble Corp.
|
Goldman Sachs
|
3/10/2026
|
5.33
|
Termination
|
(204,790)
|
5,852
|
||
Netmarble Corp.
|
Morgan Stanley
|
3/16/2026
|
5.33
|
Termination
|
(1,097,474)
|
(37,007)
|
||
Posco Future M Co., Ltd.
|
Bank of America Securities, Inc.
|
10/23/2026
|
5.33
|
Termination
|
(1,588,704)
|
335,571
|
||
1,310,580
|
||||||||
Switzerland
|
||||||||
Vat Group AG
|
Morgan Stanley
|
12/8/2025
|
1.45
|
Termination
|
(3,387,083)
|
(1,310,629)
|
||
Taiwan
|
||||||||
Acer, Inc.
|
Goldman Sachs
|
12/8/2025
|
5.33
|
Termination
|
(1,357,038)
|
(704,749)
|
||
Compal Electronics
|
Goldman Sachs
|
12/8/2025
|
5.33
|
Termination
|
(906,978)
|
(337,908)
|
||
Pan Jit International, Inc.
|
Goldman Sachs
|
12/8/2025
|
5.33
|
Termination
|
(1,548,126)
|
199,891
|
||
SDI Corporation
|
Goldman Sachs
|
12/8/2025
|
5.33
|
Termination
|
(455,223)
|
(46,986)
|
||
(889,752)
|
||||||||
United States
|
||||||||
Bank of Hawaii Corp.
|
Morgan Stanley
|
12/8/2025
|
5.33
|
Termination
|
(2,226,512)
|
766,593
|
||
Bank of Hawaii Corp.
|
Goldman Sachs
|
3/2/2026
|
5.33
|
Termination
|
(808,014)
|
89,151
|
||
BlackLine, Inc.
|
Morgan Stanley
|
12/8/2025
|
5.33
|
Termination
|
(964,851)
|
297,017
|
||
Ceridian HCM Holding, Inc.
|
Morgan Stanley
|
12/8/2025
|
5.33
|
Termination
|
(476,349)
|
127,996
|
||
Commerce Bancshares, Inc.
|
Morgan Stanley
|
12/8/2025
|
5.33
|
Termination
|
(2,943,370)
|
471,971
|
||
Commerce Bancshares, Inc.
|
Goldman Sachs
|
10/6/2026
|
5.33
|
Termination
|
(320,795)
|
(68,157)
|
||
Community Bank System, Inc.
|
Morgan Stanley
|
12/8/2025
|
5.33
|
Termination
|
(2,518,802)
|
935,824
|
||
Community Bank System, Inc.
|
Goldman Sachs
|
10/6/2026
|
5.33
|
Termination
|
(274,487)
|
(21,328)
|
||
Credit Acceptance Corp.
|
Morgan Stanley
|
12/8/2025
|
5.33
|
Termination
|
(1,656,060)
|
(111,612)
|
||
Credit Acceptance Corp.
|
Goldman Sachs
|
3/2/2026
|
5.33
|
Termination
|
(601,267)
|
(63,758)
|
||
Cullen/Frost Bankers, Inc.
|
Morgan Stanley
|
12/8/2025
|
5.33
|
Termination
|
(971,816)
|
351,300
|
||
Cullen/Frost Bankers, Inc.
|
Goldman Sachs
|
4/6/2026
|
5.33
|
Termination
|
(473,769)
|
1,752
|
||
CVB Financial Corp.
|
Morgan Stanley
|
12/8/2025
|
5.33
|
Termination
|
(438,724)
|
292,571
|
||
CVB Financial Corp.
|
Goldman Sachs
|
10/6/2026
|
5.33
|
Termination
|
(44,807)
|
(2,866)
|
||
Definitive Healthcare Corp.
|
Morgan Stanley
|
12/8/2025
|
5.33
|
Termination
|
(274,698)
|
326,850
|
||
First Financial Bankshares, Inc.
|
Morgan Stanley
|
12/8/2025
|
5.33
|
Termination
|
(2,262,051)
|
421,022
|
||
First Financial Bankshares, Inc.
|
Goldman Sachs
|
3/2/2026
|
5.33
|
Termination
|
(1,456,069)
|
65,656
|
||
Floor & Decor Holdings, Inc.
|
Morgan Stanley
|
12/8/2025
|
5.33
|
Termination
|
(736,101)
|
(282,321)
|
||
Floor & Decor Holdings, Inc.
|
Goldman Sachs
|
4/13/2026
|
5.33
|
Termination
|
(316,807)
|
(51,131)
|
||
Glacier Bancorp, Inc.
|
Morgan Stanley
|
12/8/2025
|
5.33
|
Termination
|
(2,067,600)
|
965,212
|
||
Glacier Bancorp, Inc.
|
Goldman Sachs
|
3/2/2026
|
5.33
|
Termination
|
(1,523,123)
|
(56,104)
|
||
Kinsale Capital Group, Inc.
|
Morgan Stanley
|
12/8/2025
|
5.33
|
Termination
|
(524,792)
|
(127,292)
|
||
Kinsale Capital Group, Inc.
|
Goldman Sachs
|
9/21/2026
|
5.33
|
Termination
|
(133,883)
|
11,553
|
||
Moody's Corp.
|
Goldman Sachs
|
3/2/2026
|
5.33
|
Termination
|
(726,492)
|
(195,304)
|
||
Myriad Genetics, Inc.
|
Morgan Stanley
|
12/8/2025
|
5.33
|
Termination
|
(605,507)
|
(86,463)
|
||
National Beverage Corp.
|
Morgan Stanley
|
12/8/2025
|
5.33
|
Termination
|
(1,354,214)
|
104,644
|
||
National Beverage Corp.
|
Goldman Sachs
|
12/15/2025
|
5.33
|
Termination
|
(117,071)
|
11,180
|
||
Novanta, Inc.
|
Morgan Stanley
|
12/8/2025
|
5.33
|
Termination
|
(1,130,093)
|
(91,294)
|
||
Novanta, Inc.
|
Goldman Sachs
|
8/31/2026
|
5.33
|
Termination
|
(1,719,707)
|
(256,487)
|
||
RLI Corp.
|
Morgan Stanley
|
12/8/2025
|
5.33
|
Termination
|
(1,269,296)
|
(154,162)
|
||
Wolfspeed, Inc.
|
Morgan Stanley
|
12/8/2025
|
5.33
|
Termination
|
(244,793)
|
524,542
|
||
Wolfspeed, Inc.
|
Goldman Sachs
|
8/31/2026
|
5.33
|
Termination
|
(968,479)
|
567,985
|
||
4,764,540
|
||||||||
Total Short
|
4,081,919
|
|||||||
Net unrealized gain/(loss) on Contracts For Difference
|
$
|
4,081,919 | ||||||
There are no upfront payments or receipts associated with contracts for difference in the Fund.
|
Level 1 -
|
Prices are determined using quoted prices in active markets for identical securities.
|
Level 2 -
|
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates,
prepayment speeds, credit risk, etc.).
|
Level 3 -
|
Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of
investments).
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets:
|
||||||||||||||||
Investments:
|
||||||||||||||||
Common Stocks
|
487,699,648
|
55,244,349
|
–
|
542,943,997
|
||||||||||||
Corporate Bonds
|
–
|
–
|
799,205
|
799,205
|
||||||||||||
Warrants
|
–
|
–
|
392
|
392
|
||||||||||||
Money Market Funds
|
8,036
|
–
|
–
|
8,036
|
||||||||||||
Total Investments
|
487,707,684
|
55,244,349
|
799,597
|
543,751,630
|
||||||||||||
Other Financial Instruments*:
|
||||||||||||||||
Contracts For Difference
|
8,614,179
|
–
|
–
|
8,614,179
|
||||||||||||
Total Other Financial Instruments
|
8,614,179
|
–
|
–
|
8,614,179
|
||||||||||||
Liabilities:
|
||||||||||||||||
Investments:
|
||||||||||||||||
Common Stocks
|
(102,547,715
|
)
|
(33,293,879
|
)
|
–
|
(135,841,594
|
)
|
|||||||||
Preferred Stocks
|
–
|
(1,960,613
|
)
|
–
|
(1,960,613
|
)
|
||||||||||
Written Options
|
(20,590
|
)
|
–
|
–
|
(20,590
|
)
|
||||||||||
Total Investments
|
(102,568,305
|
)
|
(35,254,492
|
)
|
–
|
(137,822,797
|
)
|
|||||||||
Other Financial Instruments*:
|
||||||||||||||||
Contracts For Difference
|
(4,532,260
|
)
|
–
|
–
|
(4,532,260
|
)
|
||||||||||
Total Other Financial Instruments
|
(4,532,260
|
)
|
–
|
–
|
(4,532,260
|
)
|
||||||||||
* The fair value of the Fund's investment represents the net unrealized appreciation (depreciation) as of May 31, 2024.
|
||||||||||||||||
Refer to the Schedule of Investments for additional information.
|