N-Q 1 fp0030438_nq.htm

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 

811-05518

Investment Company Act file number:

 

THE RBB FUND, INC.
(Exact name of registrant as specified in charter)

 

615 East Michigan Street,

Milwaukee, WI 53202

(Address of principal executive offices) (Zip code)

 

Salvatore Faia, President

c/o U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

(Name and address of agent for service)

 

Registrant's telephone number, including area code: (414) 765-5366

 

Date of fiscal year end: August 31

 

Date of reporting period: November 30, 2017

 

 

Item 1. Schedule of Investments.

 

ABBEY CAPITAL FUTURES STRATEGY FUND

 

CONSOLIDATED PORTFOLIO OF INVESTMENTS

November 30, 2017

(Unaudited)

 

   COUPON*   MATURITY DATE  PAR (000’s)   VALUE 
SHORT-TERM INVESTMENTS - 77.6%                  
U.S. TREASURY OBLIGATIONS - 77.6%                  
U.S. Treasury Bills   1.094%  12/07/17  $8,475   $8,473,649 
U.S. Treasury Bills   1.088%  12/14/17   20,587    20,580,086 
U.S. Treasury Bills   1.080%  12/21/17   59,243    59,207,865 
U.S. Treasury Bills   1.105%  01/04/18   19,870    19,849,451 
U.S. Treasury Bills   1.100%  01/11/18   5,066    5,059,596 
U.S. Treasury Bills   1.116%  01/18/18   78,939    78,821,907 
U.S. Treasury Bills   1.116%  01/25/18   73,361    73,234,350 
U.S. Treasury Bills   1.126%  02/01/18   32,465    32,401,959 
U.S. Treasury Bills   1.105%  02/08/18   44,600    44,499,450 
U.S. Treasury Bills   1.074%  02/15/18   12,703    12,671,205 
U.S. Treasury Bills   1.068%  02/22/18   18,050    18,001,414 
U.S. Treasury Bills   1.086%  03/01/18   51,370    51,210,432 
U.S. Treasury Bills   1.133%  03/08/18   4,825    4,808,757 
U.S. Treasury Bills   1.167%  03/22/18   24,525    24,430,099 
U.S. Treasury Bills   1.192%  03/29/18   2,990    2,977,504 
U.S. Treasury Bills   1.226%  04/05/18   20,784    20,691,266 
U.S. Treasury Bills   1.226%  04/12/18   4,690    4,667,773 
U.S. Treasury Bills   1.252%  04/19/18   7,874    7,834,933 
U.S. Treasury Bills   1.242%  04/26/18   23,948    23,824,169 
U.S. Treasury Bills   1.374%  05/10/18   57,543    57,199,021 
U.S. Treasury Bills   1.382%  05/17/18   63,050    62,649,300 
U.S. Treasury Bills   1.419%  05/24/18   28,169    27,979,411 
                 661,073,597 
TOTAL SHORT-TERM INVESTMENTS                  
(Cost $661,140,809)                661,073,597 
TOTAL PURCHASED OPTIONS - 0.4%**                  
(Cost $1,928,441)                3,350,114 
TOTAL INVESTMENTS - 78.0%                  
(Cost $663,069,250)                664,423,711 
                   
OTHER ASSETS IN EXCESS OF LIABILITIES - 22.0%                187,810,219 
NET ASSETS - 100.0%               $852,233,930 

 

*Short-term investments reflect the annualized effective yield on the date of purchase for discounted investments.

**See page 5 for detailed information regarding the Purchased Options.

 

Futures contracts outstanding as of November 30, 2017 were as follows:

 

LONG CONTRACTS  EXPIRATION DATE  NUMBER OF CONTRACTS   NOTIONAL AMOUNT   VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION) 
10-Year Mini Japanese Government Bond Futures  Dec-17   118   $10,484,695   $(8,414)
2-Year Euro Swapnote Futures  Dec-17   89    10,593,220    4,178 
3-Month Euro Euribor  Dec-17   32    9,521,996    3,586 
3-Month Euro Euribor  Mar-18   4    1,190,249    357 
3-Month Euro Euribor  Jun-18   1,223    363,918,777    206,538 
3-Month Euro Euribor  Sep-18   64    19,043,992    12,230 
3-Month Euro Euribor  Dec-18   1,307    388,914,016    369,885 
3-Month Euro Euribor  Mar-19   151    44,931,918    3,065 
3-Month Euro Euribor  Jun-19   192    57,131,975    3,318 
3-Month Euro Euribor  Sep-19   202    60,107,599    (3,511)
3-Month Euro Euribor  Mar-20   24    7,141,497    (2,217)
3-Month Euro Euribor  Jun-20   3    892,687    (312)
3-Month Euro Euribor  Sep-20   2    595,125    (134)
5-Year Euro Swapnote Futures  Dec-17   82    9,760,046    (8,046)
90-DAY Bank Bill  Mar-18   39    29,499,641    3,864 
90-DAY Bank Bill  Jun-18   537    406,187,361    81,382 
90-DAY Bank Bill  Sep-18   257    194,395,068    39,652 
90-DAY Bank Bill  Dec-18   73    55,217,276    6,427 
90-DAY Bank Bill  Mar-19   4    3,025,604    - 
90-DAY Eurodollar Futures  Dec-20   6    1,500,000    (1,338)
90-DAY Eurodollar Futures  Mar-21   9    2,250,000    (2,325)
90-DAY Eurodollar Futures  Jun-21   8    2,000,000    (1,888)
90-DAY Sterling Futures  Dec-19   4    676,197    (795)
Amsterdam Index Futures  Dec-17   114    14,657,065    40,897 
Australian 10-Year Bond Futures  Dec-17   158    11,951,136    (54,164)
Australian 3-Year Bond Futures  Dec-17   287    21,708,710    9,316 
Bank Acceptance Futures  Dec-17   1    193,776    136 
Bank Acceptance Futures  Mar-18   10    1,937,759    (19)
Bank Acceptance Futures  Dec-18   1    193,776    252 
Bank Acceptance Futures  Mar-19   1    193,776    (78)
Brent Crude Futures  Feb-18   261    16,346,430    235,750 
Brent Crude Futures  Mar-18   20    1,246,800    89,970 
Brent Crude Futures  Apr-18   12    744,840    83,390 
Brent Crude Futures  May-18   12    742,080    73,160 
Brent Crude Futures  Jun-18   10    616,300    42,210 
Brent Crude Futures  Jul-18   11    675,400    (6,160)
CAC40 10 Euro Futures  Dec-17   643    41,079,110    418,593 
Canola Futures (Winnipeg Commodity Exchange)  Jan-18   56    442,392    (8,171)
Canola Futures (Winnipeg Commodity Exchange)  Mar-18   261    2,097,468    (16,198)
Canola Futures (Winnipeg Commodity Exchange)  May-18   227    1,846,756    (10,591)
Cattle Feeder Futures  Jan-18   11    847,963    1,038 
Cattle Feeder Futures  Mar-18   21    1,598,888    (6,600)
Cattle Feeder Futures  Apr-18   18    1,371,150    (18,013)
Cocoa Futures  Mar-18   28    573,720    (25,710)
Cocoa Futures  May-18   9    184,590    (11,440)
Cocoa Futures  Jul-18   8    164,720    (10,990)
COP/USD Futures  Dec-17   9    298,527    (3,274)
Copper Futures  Mar-18   110    8,426,000    (251,638)
Copper Futures  May-18   18    1,385,100    (37,538)
Copper Futures  Jul-18   10    772,375    (24,375)
Cotton No.2 Futures  Mar-18   91    3,312,855    18,430 
Cotton No.2 Futures  May-18   36    1,322,640    11,530 
Cotton No.2 Futures  Jul-18   28    1,033,620    11,690 
DAX Index Futures  Dec-17   150    58,258,992    (84,032)
DJIA Mini E-CBOT  Dec-17   214    25,973,180    1,493,270 

 

The accompanying notes are an integral part of the consolidated portfolio of investments.

 

1 

 

E-Mini Crude Oil  Jan-18   4    114,800    10,150 
E-Mini Crude Oil  Feb-18   13    373,425    23,663 
E-Mini Crude Oil  Mar-18   8    229,600    775 
EUR Foreign Exchange Currency Futures  Dec-17   220    32,698,779    1,035,584 
Euro BUXL 30-Year Bond Futures  Dec-17   32    3,808,798    2,571 
Euro BUXL 30-Year Bond Futures  Mar-18   3    357,075    2,619 
Euro E-Mini Futures  Dec-17   50    3,715,770    14,550 
Euro STOXX 50  Dec-17   810    34,447,367    50,728 
Euro/JPY Futures  Dec-17   26    3,864,401    36,485 
Euro-Bobl Futures  Dec-17   558    66,415,921    (122,524)
Euro-Bobl Futures  Mar-18   1,199    142,710,912    42,873 
Euro-BTP Futures  Dec-17   252    29,994,287    756,689 
Euro-BTP Futures  Mar-18   8    952,200    (131)
Euro-Bund Futures  Dec-17   2,060    245,191,392    918,813 
Euro-Bund Futures  Mar-18   347    41,301,657    88,245 
Euro-Oat Futures  Dec-17   212    25,233,289    428,799 
Euro-Schatz Futures  Dec-17   474    56,417,825    (25,805)
FTSE 100 Index Futures  Dec-17   307    30,428,884    (816,135)
FTSE 250 Index Futures  Dec-17   71    3,817,944    (20,427)
FTSE/JSE TOP 40  Dec-17   151    5,890,817    162,459 
FTSE/MIB Index Futures  Dec-17   42    5,593,185    (75,140)
Gasoline RBOB Futures  Jan-18   300    21,798,000    (321,661)
Gasoline RBOB Futures  Feb-18   54    3,949,042    68,603 
Gasoline RBOB Futures  Mar-18   20    1,475,880    61,391 
Gasoline RBOB Futures  Apr-18   12    969,646    (14,557)
GBP Currency Futures  Dec-17   106    8,954,760    93,650 
Gold 100 Oz Futures  Feb-18   276    35,236,920    (321,990)
Gold 100 Oz Futures  Apr-18   9    1,152,990    (18,080)
Gold 100 Oz Futures  Jun-18   7    899,920    (14,520)
Hang Seng China Enterprises Index Futures  Dec-17   152    11,211,001    (354,494)
Hang Seng Index Futures  Dec-17   359    67,383,603    (1,014,155)
IBEX 35 Index Futures  Dec-17   25    3,035,047    77,051 
ILS/USD Futures  Dec-17   35    10,022,307    27,035 
INR/USD Futures  Dec-17   197    6,108,321    17,180 
JPN 10-Year Bond (Osaka Securities Exchange)  Dec-17   238    211,470,967    118,264 
Lean Hogs Futures  Feb-18   51    1,423,410    (9,910)
Lean Hogs Futures  Apr-18   39    1,152,060    7,520 
Lean Hogs Futures  Jun-18   31    1,027,650    (8,140)
Live Cattle Futures  Feb-18   97    4,849,030    9,730 
Live Cattle Futures  Apr-18   36    1,813,320    59,180 
Live Cattle Futures  Jun-18   30    1,422,600    (5,510)
LME Aluminum Forward  Dec-17   7    355,775    (110,238)
LME Aluminum Forward  Jan-18   69    3,518,138    (311,737)
LME Aluminum Forward  Feb-18   27    1,381,388    (82,117)
LME Aluminum Forward  Mar-18   611    31,367,213    (492,202)
LME Copper Forward  Dec-17   3    505,463    1,271,181 
LME Copper Forward  Jan-18   51    8,605,613    (292,035)
LME Copper Forward  Feb-18   4    676,100    (31,113)
LME Copper Forward  Mar-18   210    35,550,375    (253,595)
LME Lead Forward  Dec-17   4    247,350    (21,286)
LME Lead Forward  Jan-18   9    556,088    (27,126)
LME Lead Forward  Feb-18   5    308,875    (10,438)
LME Nickel Forward  Dec-17   1    66,342    123,544 
LME Nickel Forward  Jan-18   8    531,792    (153,293)
LME Nickel Forward  Feb-18   2    133,236    (63,546)
LME Nickel Forward  Mar-18   44    2,937,528    (309,948)
LME Zinc Forward  Dec-17   12    950,175    26,039 
LME Zinc Forward  Jan-18   23    1,815,419    (56,773)
LME Zinc Forward  Feb-18   18    1,420,425    (27,325)
LME Zinc Forward  Mar-18   56    4,417,350    (8,738)
Long Gilt Futures  Mar-18   95    12,847,734    (81,171)
Low Sulphur Gasoil G Futures  Dec-17   10    557,000    72,875 
Low Sulphur Gasoil G Futures  Jan-18   213    11,885,400    (12,150)
Low Sulphur Gasoil G Futures  Feb-18   35    1,959,125    86,750 
Low Sulphur Gasoil G Futures  Mar-18   28    1,565,200    7,600 
Mini HSI Index Futures  Dec-17   93    3,491,184    (62,024)
Mini MSCI EAFE Index Futures  Dec-17   93    9,389,280    184,360 
Mini MSCI Emerging Markets Index Futures  Dec-17   116    6,496,000    28,960 
MSCI Singapore Exchange ETS  Dec-17   221    6,361,575    10,956 
MSCI Taiwan Index Futures  Dec-17   152    5,959,920    (214,400)
MXN Currency Futures  Dec-17   132    3,538,722    40,440 
Nasdaq 100 E-Mini  Dec-17   559    71,205,420    1,836,852 
Natural Gas Futures  Jul-18   8    234,080    (5,420)
Natural Gas Futures  Aug-18   44    1,289,640    (31,350)
Natural Gas Futures  Sep-18   14    407,960    (5,980)
Nikkei 225 (Chicago Mercantile Exchange)  Dec-17   36    4,118,400    403,275 
Nikkei 225 (Singapore Exchange)  Dec-17   309    31,210,249    941,126 
Nikkei 225 Mini  Dec-17   789    15,955,964    1,052,010 
Nikkie 225 (Osaka Securities Exchange)  Dec-17   15    3,033,453    501,755 
NY Harbor Ultra-Low Sulfur Diesel Futures  Jan-18   376    29,966,899    (290,002)
NY Harbor Ultra-Low Sulfur Diesel Futures  Feb-18   61    4,865,238    (27,943)
NY Harbor Ultra-Low Sulfur Diesel Futures  Mar-18   18    1,431,335    34,272 
NY Harbor Ultra-Low Sulfur Diesel Futures  Apr-18   13    1,025,934    (24,196)
OMX Stockholm 30 Index Futures  Dec-17   205    3,942,802    (35,065)
Palladium Futures  Mar-18   20    2,007,100    10,075 
PLN/USD Futures  Dec-17   44    6,224,025    73,345 
Rapeseed Euro  May-18   10    220,345    (8,436)
Red Wheat Futures (Minneapolis Grain Exchange)  May-18   1    31,438    (1,238)
RUB Currency Futures  Dec-17   28    1,198,315    (4,525)
Russell 2000 E-Mini  Dec-17   292    22,562,840    494,705 
S&P 500 E-Mini Futures  Dec-17   836    110,682,220    3,734,538 
S&P Mid 400 E-Mini Futures  Dec-17   104    19,760,000    1,039,765 
S&P/TSX 60 IX Futures  Dec-17   275    40,550,324    965,654 
SGX Nifty 50  Dec-17   278    5,714,568    (86,125)
Silver Futures  Dec-17   2    163,820    (5,830)
Soybean Futures  May-18   29    1,462,325    (7,863)
Soybean Futures  Jul-18   62    3,153,475    (10,088)
Soybean Meal Futures  May-18   26    864,240    2,710 
Soybean Oil Futures  Jan-18   5    101,550    (2,646)
SPI 200 Futures  Dec-17   280    31,694,717    583,809 
Sugar No. 11 (World)  May-18   4    67,334    (504)
Sugar No. 11 (World)  Jul-18   8    134,669    (2,352)
Swiss Federal Bond Futures  Dec-17   46    4,675,985    41,677 
Topix Index Futures  Dec-17   118    18,840,997    1,371,585 
U.S. Treasury Long Bond (Chicago Board of Trade)  Mar-18   276    35,069,789    (360,914)
U.S. Treasury Ultra Long Bond (Chicago Board of Trade)  Mar-18   60    7,003,890    (122,547)
USD/NOK Futures  Dec-17   34    3,400,000    61,520 
USD/SEK Futures  Dec-17   19    1,900,000    6,322 
White Sugar ICE  Mar-18   11    214,720    (1,840)
WTI Crude Futures  Jan-18   189    10,848,600    30,090 
WTI Crude Futures  Feb-18   131    7,525,950    (30,710)
WTI Crude Futures  Mar-18   17    975,800    25,240 
WTI Crude Futures  Apr-18   10    572,800    37,510 
WTI Crude Futures  May-18   14    799,260    69,570 
WTI Crude Futures  Jun-18   12    681,840    59,240 
WTI Crude Futures  Jul-18   19    1,073,500    79,090 
WTI Crude Futures  Aug-18   17    954,890    5,250 
                $15,264,432 

 

The accompanying notes are an integral part of the consolidated portfolio of investments.

 

2 

 

SHORT CONTRACTS  EXPIRATION DATE  NUMBER OF CONTRACTS   NOTIONAL AMOUNT   VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION) 
3-Month Euro Euribor  Dec-19   933   $(277,625,690)  $(100,472)
90-DAY Eurodollar Futures  Mar-18   164    (41,000,000)   67,888 
90-DAY Eurodollar Futures  Jun-18   1,100    (275,000,000)   775,690 
90-DAY Eurodollar Futures  Sep-18   1,326    (331,500,000)   223,550 
90-DAY Eurodollar Futures  Dec-18   726    (181,500,000)   267,113 
90-DAY Eurodollar Futures  Mar-19   174    (43,500,000)   45,000 
90-DAY Eurodollar Futures  Jun-19   1,054    (263,500,000)   380,871 
90-DAY Eurodollar Futures  Sep-19   228    (57,000,000)   62,675 
90-DAY Eurodollar Futures  Dec-19   21    (5,250,000)   3,813 
90-DAY Eurodollar Futures  Mar-20   19    (4,750,000)   3,788 
90-DAY Eurodollar Futures  Sep-20   2    (500,000)   (1,875)
90-DAY Sterling Futures  Dec-17   16    (2,704,786)   (676)
90-DAY Sterling Futures  Mar-18   26    (4,395,277)   (3,077)
90-DAY Sterling Futures  Jun-18   36    (6,085,769)   (2,553)
90-DAY Sterling Futures  Sep-18   291    (49,193,298)   (3,369)
90-DAY Sterling Futures  Dec-18   333    (56,293,361)   17,508 
90-DAY Sterling Futures  Mar-19   107    (18,088,257)   2,975 
90-DAY Sterling Futures  Jun-19   183    (30,935,991)   10,735 
90-DAY Sterling Futures  Sep-19   278    (46,995,659)   9,749 
90-DAY Sterling Futures  Mar-20   3    (507,147)   (68)
90-DAY Sterling Futures  Jun-20   6    (1,014,295)   270 
90-DAY Sterling Futures  Sep-20   175    (29,583,598)   (5,342)
AUD/USD Currency Futures  Dec-17   222    (16,778,143)   327,797 
Bank Acceptance Futures  Sep-18   14    (2,712,863)   (6,840)
CAD Currency Futures  Dec-17   58    (4,496,821)   49,877 
Canadian 10-Year Bond Futures  Mar-18   414    (31,166,837)   103,112 
CBOE VIX Futures  Dec-17   6    (70,050)   1,250 
CBOE VIX Futures  Jan-18   22    (286,550)   (4,250)
CHF Currency Futures  Dec-17   219    (27,812,773)   34,939 
Cocoa Futures  Dec-17   2    (39,057)   1,177 
Cocoa Futures  Mar-18   74    (1,496,152)   81,590 
Cocoa Futures  May-18   16    (326,955)   5,261 
Coffee ‘C’ Futures  Mar-18   186    (8,962,875)   43,800 
Coffee ‘C’ Futures  May-18   29    (1,420,819)   17,737 
Coffee ‘C’ Futures  Jul-18   24    (1,196,100)   3,694 
Coffee Robusta Futures  Jan-18   59    (1,018,340)   111,230 
Coffee Robusta Futures  Mar-18   82    (1,413,680)   161,960 
Coffee Robusta Futures  May-18   75    (1,302,000)   98,210 
Corn Futures  Mar-18   957    (17,022,638)   144,912 
Corn Futures  May-18   120    (2,182,500)   41,475 
Corn Futures  Jul-18   183    (3,399,225)   31,225 
Corn Futures  Sep-18   94    (1,778,950)   (9,175)
Dollar Index  Dec-17   143    (14,300,000)   10,159 
E-Mini Natural Gas  Jan-18   64    (484,000)   24,825 
E-Mini Natural Gas  Feb-18   103    (780,740)   18,135 
E-Mini Natural Gas  Mar-18   61    (457,348)   3,090 
Euro/CHF 3-Month Futures ICE  Dec-17   4    (1,016,518)   (407)
Euro/CHF 3-Month Futures ICE  Mar-18   3    (762,389)   (102)
Euro/CHF 3-Month Futures ICE  Jun-18   6    (1,524,778)   76 
Euro/CHF 3-Month Futures ICE  Sep-18   10    (2,541,296)   (305)
Euro/CHF 3-Month Futures ICE  Dec-18   1    (254,130)   25 
Euro-Schatz Futures  Mar-18   1    (119,025)   6 
JPY Currency Futures  Dec-17   309    (34,283,243)   19,691 
JPY E-Mini Futures  Dec-17   7    (388,322)   44 
Kansas City Hard Red Winter Wheat Futures  Mar-18   324    (6,990,300)   120,788 
Kansas City Hard Red Winter Wheat Futures  May-18   68    (1,509,600)   43,925 
Kansas City Hard Red Winter Wheat Futures  Jul-18   46    (1,059,725)   2,062 
Mill Wheat Euro  Dec-17   1    (9,492)   60 
Mill Wheat Euro  Mar-18   201    (1,943,826)   59,929 
Mill Wheat Euro  May-18   185    (1,824,876)   42,432 
Natural Gas Futures  Jan-18   243    (7,350,750)   343,980 
Natural Gas Futures  Feb-18   134    (4,062,880)   78,320 
Natural Gas Futures  Mar-18   28    (839,720)   28,540 
Natural Gas Futures  Apr-18   47    (1,347,490)   24,030 
Natural Gas Futures  May-18   54    (1,544,940)   16,360 
Natural Gas Futures  Jun-18   1    (28,920)   270 
NZD Currency Futures  Dec-17   255    (17,392,253)   191,556 
Platinum Futures  Jan-18   9    (424,125)   (3,870)
Rapeseed Euro  Feb-18   20    (437,714)   1,116 
Rapeseed Euro  Aug-18   42    (895,454)   (952)
Red Wheat Futures (Minneapolis Grain Exchange)  Mar-18   10    (310,875)   188 
Red Wheat Futures (Minneapolis Grain Exchange)  Jul-18   2    (63,150)   50 
Silver Futures  Dec-17   2    (163,820)   2,030 
Silver Futures  Mar-18   71    (5,848,270)   50,635 
Silver Futures  May-18   8    (661,760)   1,965 
Silver Futures  Jul-18   7    (581,525)   2,925 
Soybean Futures  Jan-18   27    (1,330,763)   (16,325)
Soybean Futures  Mar-18   19    (947,863)   (21,913)
Soybean Meal Futures  Jan-18   22    (718,300)   (15,980)
Soybean Meal Futures  Mar-18   12    (395,760)   (35,120)
Soybean Oil Futures  Mar-18   1    (20,436)   (20,844)
Soybean Oil Futures  May-18   34    (698,904)   1,020 
Sugar No. 11 (World)  Mar-18   19    (320,902)   (34,462)
TRY/USD Futures  Dec-17   20    (2,553,561)   78,825 
U.S. Treasury 10-Year Notes (Chicago Board of Trade)  Mar-18   1,633    (162,176,379)   1,475,508 
U.S. Treasury 2-Year Notes (Chicago Board of Trade)  Mar-18   188    (37,418,265)   24,453 
U.S. Treasury 5-Year Notes (Chicago Board of Trade)  Mar-18   825    (81,134,932)   323,743 
USD/CZK Futures  Dec-17   75    (7,500,000)   74,211 
USD/HUF Futures  Dec-17   2    (200,000)   (46)
Wheat (Chicago Board of Trade)  Mar-18   645    (13,964,250)   246,025 
Wheat (Chicago Board of Trade)  May-18   86    (1,913,500)   65,925 
Wheat (Chicago Board of Trade)  Jul-18   56    (1,283,100)   (100)
White Sugar ICE  May-18   23    (451,835)   (15,735)
White Sugar ICE  Aug-18   20    (397,400)   (1,415)
                $6,202,520 
Total Futures Contracts               $21,466,952 

 

The accompanying notes are an integral part of the consolidated portfolio of investments.

 

3 

 

Forward foreign currency contracts outstanding as of November 30, 2017 were as follows:

 

CURRENCY PURCHASED   CURRENCY SOLD   EXPIRATION   COUNTERPARTY   UNREALIZED APPRECIATION/ (DEPRECIATION) 
AUD   2,311,899   USD   1,751,482   Dec 01 2017    BOA    $(2,770)
AUD   1,426,425   USD   1,079,595   Dec 04 2017    BOA     (674)
AUD   82,119,392   USD   64,330,046   Dec 20 2017    BOA     (2,221,389)
AUD   34,227,000   USD   27,161,737   Dec 22 2017    BOA     (1,275,361)
AUD   17,100,000   USD   13,009,595   Jan 11 2018    BOA     (78,032)
BRL   27,048,882   USD   8,520,691   Dec 20 2017    BOA     (276,069)
CAD   5,168,872   USD   4,011,400   Dec 01 2017    BOA     (4,940)
CAD   46,732,722   USD   37,867,777   Dec 20 2017    BOA     (1,632,459)
CAD   37,335,000   USD   30,319,479   Dec 22 2017    BOA     (1,369,734)
CAD   22,473,535   USD   17,650,000   Jan 11 2018    BOA     (218,439)
CHF   26,425,000   USD   27,264,495   Dec 22 2017    BOA     (346,504)
CLP   3,756,806,961   USD   6,049,596   Dec 20 2017    BOA     (245,845)
CNH   18,789,210   USD   2,850,000   Dec 20 2017    BOA     (11,988)
EUR   3,600,000   HUF   1,119,818,167   Dec 20 2017    BOA     27,593 
EUR   100,000   HUF   31,128,490   Mar 21 2018    BOA     721 
EUR   7,650,000   NOK   73,011,991   Dec 20 2017    BOA     335,904 
EUR   5,100,000   NOK   49,975,115   Mar 21 2018    BOA     86,349 
EUR   3,250,000   PLN   13,716,314   Dec 20 2017    BOA     (13,205)
EUR   50,000   PLN   211,357   Mar 21 2018    BOA     10 
EUR   10,600,000   SEK   103,731,188   Dec 20 2017    BOA     221,187 
EUR   4,700,000   SEK   46,578,510   Mar 21 2018    BOA     26,072 
EUR   398,572   USD   471,726   Dec 01 2017    BOA     2,697 
EUR   216,024   USD   255,326   Dec 04 2017    BOA     1,847 
EUR   55,978,094   USD   66,791,854   Dec 20 2017    BOA     (68,656)

 

The accompanying notes are an integral part of the consolidated portfolio of investments.

 

4 

 

EUR   33,469,000   USD   39,845,595   Dec 22 2017    BOA     54,503 
EUR   3,100,000   USD   3,702,891   Jan 11 2018    BOA     (1,973)
GBP   1,484,992   USD   1,992,803   Dec 01 2017    BOA     15,539 
GBP   1,088,763   USD   1,467,546   Dec 04 2017    BOA     5,031 
GBP   43,843,297   USD   58,157,318   Dec 20 2017    BOA     1,186,002 
GBP   34,574,000   USD   46,158,713   Dec 22 2017    BOA     643,162 
HUF   1,107,485,532   EUR   3,600,000   Dec 20 2017    BOA     (74,547)
HUF   31,289,106   EUR   100,000   Mar 21 2018    BOA     (106)
HUF   1,683,146,924   USD   6,498,066   Dec 20 2017    BOA     (89,895)
ILS   17,894,050   USD   5,100,000   Dec 20 2017    BOA     23,463 
INR   1,117,206,599   USD   17,192,879   Dec 20 2017    BOA     93,401 
JPY   225,705,872   USD   2,016,437   Dec 01 2017    BOA     (10,889)
JPY   452,671,975   USD   4,039,322   Dec 04 2017    BOA     (16,570)
JPY   7,424,211,338   USD   66,683,035   Dec 20 2017    BOA     (637,855)
JPY   3,920,629,000   USD   35,073,894   Dec 22 2017    BOA     (191,332)
JPY   956,009,540   USD   8,600,000   Jan 11 2018    BOA     (83,783)
KRW   19,439,307,392   USD   17,280,886   Dec 20 2017    BOA     584,553 
KRW   1,303,389,124   USD   1,200,000   Mar 21 2018    BOA     (1,389)
MXN   308,084,242   USD   16,469,853   Dec 20 2017    BOA     2,140 
MXN   135,537,000   USD   7,441,373   Dec 22 2017    BOA     (197,413)
NOK   73,579,745   EUR   7,650,000   Dec 20 2017    BOA     (267,609)
NOK   7,991,745   USD   970,202   Dec 01 2017    BOA     (9,570)
NOK   19,941,291   USD   2,405,640   Dec 04 2017    BOA     (8,475)
NOK   190,828,495   USD   23,892,619   Dec 20 2017    BOA     (938,078)
NOK   171,623,180   USD   21,100,000   Jan 11 2018    BOA     (439,485)
NZD   1,552,309   USD   1,069,991   Dec 01 2017    BOA     (9,006)
NZD   2,824,433   USD   1,935,985   Dec 04 2017    BOA     (5,608)
NZD   47,076,501   USD   33,519,403   Dec 20 2017    BOA     (1,352,270)
NZD   15,743,000   USD   11,258,659   Dec 22 2017    BOA     (501,861)
NZD   1,800,000   USD   1,245,058   Jan 11 2018    BOA     (15,519)
PHP   45,889,603   USD   900,000   Dec 20 2017    BOA     11,951 
PLN   13,811,319   EUR   3,250,000   Dec 20 2017    BOA     40,129 
PLN   11,628,222   EUR   2,750,000   Mar 21 2018    BOA     456 
PLN   44,049,492   USD   12,353,901   Dec 20 2017    BOA     129,229 
RUB   235,393,575   USD   4,000,000   Dec 20 2017    BOA     11,644 
SEK   60,155,714   EUR   6,100,000   Dec 20 2017    BOA     (72,077)
SEK   994,306   EUR   100,000   Mar 21 2018    BOA     (161)
SEK   5,104,805   USD   609,145   Dec 04 2017    BOA     809 
SEK   79,343,823   USD   9,949,569   Dec 20 2017    BOA     (454,500)
SGD   11,705,390   USD   8,680,509   Dec 20 2017    BOA     (140)
SGD   18,254,000   USD   13,566,694   Dec 22 2017    BOA     (29,971)
THB   150,341,637   USD   4,550,000   Dec 20 2017    BOA     55,257 
TRY   50,672,934   USD   13,632,180   Dec 20 2017    BOA     (773,978)
TWD   42,412,134   USD   1,415,349   Dec 20 2017    BOA     69 
USD   1,750,720   AUD   2,311,899   Dec 01 2017    BOA     2,009 
USD   1,079,428   AUD   1,426,425   Dec 04 2017    BOA     507 
USD   67,459,078   AUD   86,838,028   Dec 20 2017    BOA     1,781,615 
USD   42,320,927   AUD   55,451,000   Dec 22 2017    BOA     382,532 
USD   4,242,516   BRL   13,776,355   Dec 20 2017    BOA     43,421 
USD   4,013,873   CAD   5,168,872   Dec 01 2017    BOA     7,412 
USD   34,837,844   CAD   44,244,782   Dec 20 2017    BOA     531,609 
USD   13,505,551   CAD   17,113,000   Dec 22 2017    BOA     236,046 
USD   3,250,000   CAD   4,167,046   Jan 11 2018    BOA     17,837 
USD   39,418,025   CHF   38,628,000   Dec 22 2017    BOA     69,371 
USD   1,280,895   CLP   813,033,730   Dec 20 2017    BOA     24,870 
USD   2,200,000   CNH   14,603,253   Dec 20 2017    BOA     (5,746)
USD   472,308   EUR   398,572   Dec 01 2017    BOA     (2,116)
USD   257,291   EUR   216,024   Dec 04 2017    BOA     118 
USD   36,115,782   EUR   30,664,032   Dec 20 2017    BOA     (434,270)
USD   15,458,848   EUR   13,118,000   Dec 22 2017    BOA     (179,788)
USD   22,500,110   EUR   18,900,000   Jan 11 2018    BOA     (63,552)
USD   1,993,557   GBP   1,484,992   Dec 01 2017    BOA     (14,784)
USD   1,470,681   GBP   1,088,763   Dec 04 2017    BOA     (1,896)
USD   33,317,213   GBP   25,210,678   Dec 20 2017    BOA     (806,255)
USD   18,546,400   GBP   14,048,000   Dec 22 2017    BOA     (469,993)
USD   4,136,020   GBP   3,100,000   Jan 11 2018    BOA     (63,765)
USD   4,682,380   HUF   1,233,432,094   Dec 20 2017    BOA     (13,611)
USD   1,700,000   ILS   5,984,763   Dec 20 2017    BOA     (13,570)
USD   10,534,589   INR   687,048,121   Dec 20 2017    BOA     (95,948)
USD   2,020,066   JPY   225,705,872   Dec 01 2017    BOA     14,517 
USD   4,029,289   JPY   452,671,975   Dec 04 2017    BOA     6,536 
USD   46,730,833   JPY   5,232,597,546   Dec 20 2017    BOA     182,071 
USD   46,778,213   JPY   5,227,833,000   Dec 22 2017    BOA     265,216 
USD   11,433,614   KRW   12,860,782,216   Dec 20 2017    BOA     (385,919)
USD   11,924,944   MXN   226,151,749   Dec 20 2017    BOA     (166,457)
USD   1,679,655   MXN   31,426,000   Dec 22 2017    BOA     50 
USD   971,023   NOK   7,991,745   Dec 01 2017    BOA     10,392 
USD   2,403,532   NOK   19,941,292   Dec 04 2017    BOA     6,367 
USD   26,988,835   NOK   216,367,874   Dec 20 2017    BOA     962,191 
USD   3,350,000   NOK   27,812,770   Jan 11 2018    BOA     1,815 
USD   1,070,747   NZD   1,552,309   Dec 01 2017    BOA     9,762 
USD   1,931,720   NZD   2,824,433   Dec 04 2017    BOA     1,344 
USD   41,992,676   NZD   59,559,593   Dec 20 2017    BOA     1,295,910 
USD   18,185,594   NZD   26,378,000   Dec 22 2017    BOA     162,166 
USD   27,477,624   NZD   40,000,000   Jan 11 2018    BOA     154,548 
USD   250,000   PHP   12,969,000   Dec 20 2017    BOA     (7,729)
USD   6,151,354   PLN   22,348,880   Dec 20 2017    BOA     (182,067)
USD   1,300,000   RUB   76,684,354   Dec 20 2017    BOA     (6,876)
USD   611,620   SEK   5,104,805   Dec 04 2017    BOA     1,665 
USD   7,289,458   SEK   59,778,307   Dec 20 2017    BOA     135,792 
USD   51,350,000   SEK   424,704,320   Jan 11 2018    BOA     432,149 
USD   3,682,108   SGD   5,017,064   Dec 20 2017    BOA     (38,398)
USD   13,538,490   SGD   18,254,000   Dec 22 2017    BOA     1,767 
USD   2,050,000   THB   67,638,419   Dec 20 2017    BOA     (21,897)
USD   18,003,980   TRY   67,718,166   Dec 20 2017    BOA     820,569 
USD   300,000   TRY   1,232,612   Mar 21 2018    BOA     (3,655)
USD   3,001,470   TWD   90,082,147   Dec 20 2017    BOA     (4,837)
USD   6,770,836   ZAR   93,635,563   Dec 20 2017    BOA     (33,673)
USD   550,000   ZAR   7,677,835   Mar 22 2018    BOA     269 
ZAR   111,885,552   USD   8,316,849   Dec 20 2017    BOA     (186,111)
ZAR   1,388,964   USD   100,000   Mar 22 2018    BOA     (550)
Total Forward Foreign Currency Contracts               $(6,031,427)

 

     PUT/CALL   COUNTERPARTY   NUMBER OF CONTRACTS   NOTIONAL AMOUNT    VALUE 
PURCHASED OPTIONS - 0.1%                           
Gold Futures, Expires 01/25/18, Strike Price $1250   Put    BAML    102   USD   13,022,340    $80,988 
Gold Futures, Expires 01/25/18, Strike Price $1330   Call    BAML    102   USD 13,566,000     43,501 
EURO Currency Futures, Expires 12/08/17, Strike Price $1.135   Put    BAML    326   EUR 40,750,000     2,037 
EURO Currency Futures, Expires 12/08/17, Strike Price $1.16   Put    BAML    651   EUR 81,375,000     8,138 
IMM Eurodollar Futures, Expires 12/17/18, Strike Price $97.875   Put    BAML    4,106   EUR 160,832,020     1,334,450 
IMM Eurodollar Futures, Expires 06/18/18, Strike Price $98.25   Put    BAML    4,180   EUR 164,031,560     1,881,000 
TOTAL PURCHASED OPTIONS (COST $1,928,441)                        $3,350,114 

 

                          
    PUT/CALL    COUNTERPARTY    NUMBER OF CONTRACTS   NOTIONAL AMOUNT     VALUE 
WRITTEN OPTIONS - 0.0%                           
IMM Eurodollar Futures, Expires 06/18/18, Strike Price $98   Put    BAML    4,180   EUR 164,031,560     (418,000)
IMM Eurodollar Futures, Expires 12/17/18, Strike Price $97.75   Put    BAML    4,106   EUR 160,832,020     (846,863)
TOTAL WRITTEN OPTIONS (PREMIUMS RECEIVED $774,500)                        $(1,264,863)

 

AUD Australian Dollar INR Indian Rupee
BAML Bank of America Merrill Lynch JPY Japanese Yen
BOA Bank of America KRW Korean Won
BRL Brazilian Real LME London Mercantile Exchange
CAD Canadian Dollar MXN Mexican Peso
CBOT Chicago Board of Trade NOK Norwegian Krone
CHF Swiss Franc NZD New Zealand Dollar
CLP Chilean Peso PHP Philippine Peso
CNH Chinese Yuan Renminbi PLN Polish Zloty
COP Colombian Peso RBOB Reformulated Blendstock for Oxygenate Blending
CZK Czech Koruna RUB Russian Ruble
DAX Deutscher Aktienindex SEK Swedish Krona
DJIA  Dow Jones Industrial Average SGD Singapore Dollar
EUR Euro SGX Singapore Exchange
FTSE  Financial Times Stock Exchange THB Thai Baht
GBP British Pound TRY Turkish Lira
HUF Hungarian Forint TSX Toronto Stock Exchange
IBEX Index of the Bolsa de Madrid TWD Taiwan Dollar
ICE Intercontinental Exchange USD United States Dollar
ILS Israeli New Shekel WTI West Texas Intermediate
IMM International Monetary Market ZAR South African Rand

 

The accompanying notes are an integral part of the consolidated portfolio of investments.

 

5 

 

ABBEY CAPITAL FUTURES STRATEGY FUND

 

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS

November 30, 2017

(Unaudited)

 

CONSOLIDATION OF SUBSIDIARY — The Abbey Capital Futures Strategy Fund (the “Fund”) seeks to achieve its investment objective by allocating its assets between a “Managed Futures” strategy and a “Fixed Income” strategy. The Managed Futures strategy will be achieved by the Fund investing up to 25% of its total assets in Abbey Capital Offshore Fund Limited, a wholly-owned and controlled subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). The consolidated financial statements of the Fund include the Subsidiary. The Fund consolidates the results of subsidiaries in which the Fund holds a controlling financial interest (greater than 50%). All inter-company accounts and transactions have been eliminated. As of November 30, 2017, the net assets of the Subsidiary were $177,051,996, which represented 20.78% of the Fund’s net assets.

 

PORTFOLIO VALUATION — The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Forward exchange contracts are valued by interpolating between spot and forward currency rates as quoted by an independent pricing service. Futures contracts are generally valued using the settlement price determined by the relevant exchange. Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close. Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

 

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

 

●Level 1 – quoted prices in active markets for identical securities;

●Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

●Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The following is a summary of inputs used, as of November 30, 2017, in valuing the Fund’s investments carried at fair value.

 

   TOTAL VALUE   LEVEL 1 QUOTED PRICE   LEVEL 2 OTHER SIGNIFICANT OBSERVABLE INPUTS   LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS 
Short-Term Investments  $661,073,597   $661,073,597   $-   $- 
Commodity Contracts                    
Futures Contracts   4,670,112    4,670,112    -    - 
Purchased Options   124,489    124,489    -    - 
Equity Contracts                    
Futures Contracts   15,393,598    15,393,598    -    - 
Foreign Exchange Contracts                    
Forward Foreign Currency Contracts   11,122,161    -    11,122,161    - 
Futures Contracts   2,193,210    2,193,210    -    - 
Purchased Options   10,175    10,175    -    - 
Interest Rate Contracts                    
Futures Contracts   6,943,284    6,943,284    -    - 
Purchased Options   3,215,450    3,215,450    -    - 
Total Assets  $704,746,076   $693,623,915   $11,122,161   $- 

 

   TOTAL VALUE   LEVEL 1 QUOTED PRICE   LEVEL 2 OTHER SIGNIFICANT OBSERVABLE INPUTS   LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS 
Commodity Contracts                    
Futures Contracts  $(4,037,741)  $(4,037,741)  $-   $- 
Equity Contracts                    
Futures Contracts   (2,766,247)   (2,766,247)   -    - 
Foreign Exchange Contracts                    
Forward Foreign Currency Contracts   (17,153,588)   -    (17,153,588)   - 
Futures Contracts   (7,845)   (7,845)   -    - 
Interest Rate Contracts                   
Futures Contracts   (921,419)   (921,419)   -    - 
Written Options   (1,264,863)   (1,264,863)   -    - 
Total Liabilities  $(26,151,703)  $(8,998,115)  $(17,153,588)  $- 

 

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

 

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

 

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. U.S. GAAP also requires the Fund to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each level within the three-tier hierarchy are disclosed when the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

 

For the period ended November 30, 2017, the Fund had no transfers between Levels 1, 2 and 3.

 

DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

 

The following table lists the fair values of the Fund’s derivative holdings as of November 30, 2017, grouped by contract type and risk exposure category.

 

DERIVATIVE TYPE  EQUITY CONTRACTS   INTEREST RATE CONTRACTS   FOREIGN CURRENCY CONTRACTS   COMMODITY CONTRACTS   TOTAL 
Asset Derivatives 
Purchased Options  $-   $3,215,450   $10,175   $124,489   $3,350,114 
Forward Contracts   -    -    11,122,161    -    11,122,161 
Futures Contracts   15,393,598    6,943,284    2,193,210    4,670,112    29,200,204 
Total Value- Assets  $15,393,598   $10,158,734   $13,325,546   $4,794,601   $43,672,479 
Liability Derivatives 
Written Options  $-   $(1,264,863)  $-   $-   $(1,264,863)
Forward Contracts   -    -    (17,153,588)   -    (17,153,588)
Futures Contracts   (2,766,247)   (921,419)   (7,845)   (4,037,741)   (7,733,252)
Total Value- Liabilities  $(2,766,247)  $(2,186,282)  $(17,161,433)  $(4,037,741)  $(26,151,703)

 

For the period ended November 30, 2017, the Fund’s average volume of derivatives was as follows:

 

PURCHASED OPTIONS (COST)   WRITTEN OPTIONS (PROCEEDS)   LONG FUTURES NOTIONAL AMOUNT   SHORT FUTURES NOTIONAL AMOUNT   FORWARD FOREIGN CURRENCY CONTRACTS - PAYABLE (VALUE AT TRADE DATE)   FORWARD FOREIGN CURRENCY CONTRACTS - RECEIVABLE (VALUE AT TRADE DATE) 
$1,436,449   $(491,750)  $3,721,257,688   $(2,112,698,552)  $(1,846,585,637)  $1,844,726,450 

 

6 

 

PURCHASED OPTIONS — The Fund is subject to equity and other risk exposure in the normal course of pursuing its investment objectives. The Fund purchases option contracts. This transaction is used to hedge against changes in interest rates, foreign exchange rates and values of equities. An option contract is a commitment that gives the purchaser of the contract the right, but not the obligation, to buy or sell an underlying asset at a specific price on or before a specified future date. The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of premium and change in market value should the counterparty not perform under the contract. Put and call options are accounted for in the same manner as other securities owned. The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

 

OPTIONS WRITTEN — The Fund is subject to equity and other risk exposure in the normal course of pursuing its investment objectives and may enter into options written to hedge against changes in interest rates, foreign exchange rates and values of equities. Such options may relate to particular securities or domestic stock indices, and may or may not be listed on a domestic securities exchange or issued by the Options Clearing Corporation. An option contract is a commitment that gives the purchaser of the contract the right, but not the obligation, to buy or sell an underlying asset at a specific price on or before a specified future date. On the other hand, the writer of an option contract is obligated, upon the exercise of the option, to buy or sell an underlying asset at a specific price on or before a specified future date. The maximum risk of loss associated with writing put options is limited to the exercised fair value of the option contract. The maximum risk of loss associated with writing call options is potentially unlimited. The Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. The Fund also may write over-the-counter (OTC) options where completing the obligation depends upon the credit standing of the other party. Option contracts also involve the risk that they may result in loss due to unanticipated developments in market conditions or other causes. Written options are initially recorded as liabilities to the extent of premiums received and subsequently marked to market to reflect the current value of the option written. Gains or losses are realized when the option transaction expires or closes. When an option is exercised, the proceeds on sales for a written call option or the purchase cost for a written put option is adjusted by the amount of the premium received. Listed option contracts present minimal counterparty credit risk since they are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. A Fund’s maximum risk of loss from counterparty credit risk related to OTC option contracts is limited to the premium paid.

 

FUTURES CONTRACTS — The Fund is subject to equity and other risk exposure in the normal course of pursuing its investment objectives. The Fund may use futures contracts for hedging or speculative purposes consistent with its investment objective. Upon entering into a futures contract, the Fund must deposit initial margin in addition to segregating cash or liquid assets sufficient to meet its obligation to purchase or provide securities, or to pay the amount owed at the expiration of an index-based futures contract. Such liquid assets may consist of cash, cash equivalents, liquid debt or equity securities or other acceptable assets. Pursuant to the futures contract, the Fund agrees to receive from, or pay to the broker, an amount of cash equal to the daily fluctuation in value of the contract. Such a receipt of payment is known as a “variation margin” and is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contract. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. Use of long futures contracts subjects the Fund to risk of loss in excess of the amount shown on the Statement of Assets and Liabilities, up to the notional value of the futures contract. Use of short futures contracts subjects the Fund to unlimited risk of loss.

 

FORWARD FOREIGN CURRENCY CONTRACTS — In the normal course of pursuing its investment objectives, the Fund is subject to foreign investment and currency risk. The Fund may enter into forward foreign currency contracts (“forward contracts”) for purposes of hedging, duration management, as a substitute for securities, to increase returns, for currency hedging or risk management, or to otherwise help achieve the Fund’s investment goal. These contracts are marked-to-market daily at the applicable translation rates. The Fund records realized gains or losses at the time the forward contract is closed. A forward contract is extinguished through a closing transaction or upon delivery of the currency or entering an offsetting contract. Risks may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar or other currencies. A Fund’s maximum risk of loss from counterparty credit risk related to Forward Foreign Currency Contracts is the fair value of the contract. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.

 

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.

 

7 

 

ALTAIR SMALLER COMPANIES FUND
 
Portfolio of Investments
November 30, 2017
(Unaudited)

 

   Number
of Shares		   Value 
COMMON STOCKS - 93.4%          
Advertising — 0.2%          
MDC Partners, Inc., Class A*   47,917   $555,837 
Aerospace/Defense — 1.0%          
Aerojet Rocketdyne Holdings, Inc.*   21,344    672,123 
Aerovironment, Inc.*   1,433    65,316 
Cubic Corp.   14,562    902,116 
Curtiss-Wright Corp.   2,004    248,897 
Kaman Corp.   2,787    166,272 
Kratos Defense & Security Solutions, Inc.*   20,823    217,184 
Moog, Inc., Class A*   1,762    148,202 
National Presto Industries, Inc.   728    75,494 
Orbital ATK, Inc.   1,778    234,589 
Triumph Bancorp, Inc.*   7,374    245,186 
Triumph Group, Inc.   2,128    65,755 
         3,041,134 
Agriculture — 0.1%          
Andersons, Inc., (The)   3,403    109,917 
Universal Corp.   1,451    77,411 
         187,328 
Airlines — 0.2%          
Hawaiian Holdings, Inc.   2,251    97,131 
SkyWest, Inc.   8,137    423,531 
         520,662 
Apparel — 0.8%          
Canada Goose Holdings, Inc.*   20,073    539,562 
Crocs, Inc.*   33,442    365,521 
Iconix Brand Group, Inc.*   6,811    12,805 
JC Penney Co, Inc.*   17,978    59,507 
Lakeland Industries, Inc.*   16,085    222,777 
Oxford Industries, Inc.   1,483    102,327 
Skechers U.S.A., Inc., Class A*   6,336    222,394 
Steven Madden Ltd.*   3,222    137,741 
Superior Uniform Group, Inc.   17,022    432,869 
Unifi, Inc.*   2,830    103,408 
Wolverine World Wide, Inc.   5,464    158,292 
         2,357,203 

Auto Parts & Equipment — 1.3%          
American Axle & Manufacturing Holdings, Inc.*   6,688    120,050 
Gentherm, Inc.*   1,375    49,500 
Motorcar Parts of America, Inc.*   48,007    1,251,062 
Spartan Motors, Inc.   107,132    1,708,755 
Unique Fabricating, Inc.   65,810    533,061 
         3,662,428 
Banks — 6.7%          
American River Bankshares   43,390    650,416 
Atlantic Capital Bancshares, Inc.*   25,342    435,882 
Bank of Commerce Holdings   54,990    665,379 
Banner Corp.   1,722    99,170 
Boston Private Financial Holdings, Inc.   14,098    230,502 
Central Pacific Financial Corp.   3,272    105,358 
City Holding Co.   4,208    299,694 
CoBiz Financial, Inc.   13,008    275,509 
Community Bank System, Inc.   1,997    110,594 
CVB Financial Corp.   8,715    214,302 
Esquire Financial Holdings, Inc.*   35,480    659,218 
Farmers National Banc   39,290    595,244 
FCB Financial Holdings, Inc., Class A*   12,717    672,093 
First BanCorp*   46,257    230,360 
First Bancshares, Inc., (The)   15,030    495,990 
First Citizens BancShares, Inc., Class A   859    366,355 
First Commonwealth Financial Corp.   11,374    171,747 

The accompanying notes are an integral part of the portfolio of investments.

 

1 

 

First Financial Bancorp   7,350    208,373 
First Financial Bankshares, Inc.   6,581    312,268 
First Northwest Bancorp*   22,440    401,676 
First of Long Island Corp.   11,253    339,278 
Glacier Bancorp, Inc.   3,879    155,354 
Heritage Commerce Corp.   21,264    345,115 
Home BancShares, Inc.   38,368    913,158 
Hope Bancorp, Inc.   14,673    274,679 
Horizon Bancorp   24,525    674,438 
Independent Bank Corp.   1,226    89,130 
Live Oak Bancshares, Inc.   24,562    632,472 
MB Financial, Inc.   6,569    305,787 
Metropolitan Bank Holding Corp.*   11,100    485,736 
Midland States Bancorp, Inc.   21,610    718,533 
MidSouth Bancorp, Inc.   39,760    544,712 
Northeast Bancorp   11,970    295,061 
Northrim BanCorp, Inc.   12,470    467,002 
OFG Bancorp   8,517    83,467 
Opus Bank*   3,209    89,531 
Orrstown Financial Services, Inc.   15,280    386,584 
Parke Bancorp, Inc.   11,850    247,665 
People's Utah Bancorp   22,360    704,340 
Preferred Bank   9,514    595,576 

Premier Financial Bancorp, Inc.   33,660    672,190 
Seacoast Banking Corp of Florida*   9,147    238,096 
Southside Bancshares, Inc.   4,513    163,371 
Sterling Bancorp, Inc.*   20,768    257,523 
Summit Financial Group, Inc.   16,660    447,654 
Texas Capital Bancshares, Inc.*   1,396    126,129 
Tompkins Financial Corp.   1,660    147,010 
TriState Capital Holdings, Inc.*   7,973    192,947 
TrustCo Bank Corp.   19,387    181,268 
UMB Financial Corp.   3,746    281,549 
United Bankshares, Inc.   7,948    298,447 
United Community Banks, Inc.   3,164    90,933 
Walker & Dunlop, Inc.*   1,239    61,058 
West Bancorporation, Inc.   21,120    564,960 
Westamerica Bancorp   2,698    166,817 
         19,437,700 
Beverages — 0.4%          
Farmer Brothers Co.*   21,549    736,976 
MGP Ingredients, Inc.   4,811    357,698 
         1,094,674 
Biotechnology — 1.6%          
Acorda Therapeutics, Inc.*   3,666    74,420 
ANI Pharmaceuticals, Inc.*   2,019    143,571 
Audentes Therapeutics, Inc.*   9,844    284,098 
Blueprint Medicines Corp.*   5,996    450,060 
Cambrex Corp.*   1,154    56,373 
ChromaDex Corp.*   78,373    542,341 
Cytokinetics, Inc.*   12,534    107,792 
Exact Sciences Corp.*   7,212    428,970 
Foundation Medicine, Inc.*   6,585    350,322 
Immunomedics, Inc.*   20,290    220,349 
Ligand Pharmaceuticals, Inc.*   1,187    156,506 
Loxo Oncology, Inc.*   9,309    714,466 
Medicines Co., (The)*   4,827    139,983 
Momenta Pharmaceuticals, Inc.*   8,455    116,679 
Myriad Genetics, Inc.*   2,083    72,134 
NeoGenomics, Inc.*   75,842    700,780 
Ovid therapeutics, Inc.*   14,081    173,337 
         4,732,181 
Building Materials — 1.9%          
AAON, Inc.   2,382    86,824 
Apogee Enterprises, Inc.   1,184    59,236 
Armstrong Flooring, Inc.*   43,760    766,675 
Armstrong World Industries, Inc.*   21,658    1,298,397 
Aspen Aerogels, Inc.*   62,996    300,491 
Foundation Building Materials, Inc.*   23,103    351,397 
Gibraltar Industries, Inc.*   4,141    136,239 
Griffon Corp.   4,619    107,854 
M/I Homes, Inc.*   4,319    156,391 

 

The accompanying notes are an integral part of the portfolio of investments.

 

2 

 

New Relic, Inc.*   9,642    542,652 
Patrick Industries, Inc.*   6,047    611,956 
PGT Innovations, Inc.*   19,555    319,724 
Simpson Manufacturing Co., Inc.   2,069    124,078 
Summit Materials, Inc., Class A*   8,985    276,379 
Universal Forest Products, Inc.   8,103    317,313 
         5,455,606 
Chemicals — 1.3%          
A Schulman, Inc.   1,631    61,896 
Aceto Corp.   9,141    96,986 
AdvanSix, Inc.*   9,144    393,649 
Balchem Corp.   1,142    99,662 
Chemours Co., (The)   9,276    476,786 
Ferro Corp.*   17,113    433,815 
HB Fuller Co.   4,743    268,312 
Innophos Holdings, Inc.   2,039    94,467 
Innospec, Inc.   1,121    80,039 
KMG Chemicals, Inc.   6,135    333,683 
Koppers Holdings, Inc.*   2,012    100,399 
Kraton Corp.*   2,728    128,352 
Landec Corp.*   70,978    887,225 
Rayonier Advanced Materials, Inc.   6,815    128,054 
Stepan Co.   2,701    224,480 
         3,807,805 
Coal — 0.1%          
SunCoke Energy, Inc.*   4,934    56,198 
US Geothermal, Inc.*   69,249    250,681 
         306,879 
Commercial Services — 5.2%          
ABM Industries, Inc.   3,179    136,061 
Alarm.com Holdings, Inc.*   16,309    668,506 
AMN Healthcare Services, Inc.*   3,294    165,359 
ARC Document Solutions, Inc.*   122,220    337,327 
AstroNova, Inc.   18,890    276,738 
Barrett Business Services, Inc.   17,985    1,193,484 
BG Staffing, Inc.   44,430    696,218 
Brink's Co., (The)   4,054    327,766 
CAI International, Inc.*   14,070    481,898 
Capella Education Co.   1,954    166,676 
Care.com, Inc.*   63,591    1,206,321 
Chegg, Inc.*   62,146    945,241 
CRA International, Inc.   14,470    654,044 
Cross Country Healthcare, Inc.*   4,360    59,601 
EVERTEC, Inc.   26,067    362,331 
Green Dot Corp., Class A*   4,948    305,786 

Healthcare Services Group, Inc.   3,392    176,147 
HealthEquity, Inc.*   12,512    648,997 
HMS Holdings Corp.*   9,256    153,002 
Hostess Brands, Inc.*   67,990    955,939 
Insperity, Inc.   1,146    135,113 
Kelly Services, Inc., Class A   20,605    600,636 
Korn/Ferry International   4,210    184,566 
MarketAxess Holdings, Inc.   2,439    476,264 
Matthews International Corp., Class A   1,608    91,093 
Medifast, Inc.   4,404    301,806 
Monro Muffler Brake, Inc.   1,316    66,392 
Navigant Consulting, Inc.*   3,071    58,932 
On Assignment, Inc.*   3,035    194,119 
Quanta Services, Inc.*   14,153    536,399 
Rent-A-Center, Inc.   9,822    110,399 
Resources Connection, Inc.   45,101    723,871 
RR Donnelley & Sons Co.   6,371    59,824 
SP Plus Corp.*   10,791    423,007 
Strayer Education, Inc.   1,101    109,252 
Team, Inc.*   5,510    75,762 
TechTarget, Inc.*   18,155    253,988 
Teladoc, Inc.*   7,428    275,579 
Viad Corp.   7,710    444,096 
         15,038,540 
Commerical Services — 0.3%          
Everi Holdings, Inc.*   62,280    507,582 
Global Medical REIT, Inc.   42,140    402,016 

 

The accompanying notes are an integral part of the portfolio of investments.

 

3 

 

LSC Communications, Inc.   4,620    75,583 
         985,181 
Computers — 4.3%          
CACI International, Inc., Class A*   1,145    151,083 
Computer Services, Inc.   19,169    928,738 
Digimarc Corp.*   9,144    342,900 
DMC Global, Inc.   77,512    1,561,867 
Engility Holdings, Inc.*   2,262    66,028 
Everspin Technologies, Inc.*   10,334    83,085 
ExlService Holdings, Inc.*   1,497    91,886 
Icad, Inc.*   71,137    255,382 
Insight Enterprises, Inc.*   2,176    84,864 
Lumentum Holdings, Inc.*   11,193    604,982 
MAXIMUS, Inc.   1,853    128,005 
Mercury Systems, Inc.*   25,440    1,327,714 
Mitek Systems, Inc.*   65,327    587,943 
MTS Systems Corp.   769    42,987 
Nutanix, Inc., Class A*   11,807    387,270 
PAR Technology Corp.*   35,289    307,720 
Quantum Corp.*   145,403    754,642 

Radisys Corp.*   288,020    215,007 
Super Micro Computer, Inc.*   3,359    74,066 
Sykes Enterprises, Inc.*   20,699    658,642 
TeleTech Holdings, Inc.   3,501    141,791 
USA Technologies, Inc.*   145,980    1,270,026 
Varonis Systems, Inc.*   13,297    668,839 
VeriFone Systems, Inc.*   47,900    830,586 
Vocera Communications, Inc.*   10,066    294,934 
WNS Holdings Ltd., ADR*   17,177    706,490 
         12,567,477 
Cosmetics/Personal Care — 0.0%          
Inter Parfums, Inc.   2,289    101,403 
Distribution/Wholesale — 1.0%          
Anixter International, Inc.*   1,549    110,753 
Essendant, Inc.   4,797    45,140 
Fossil Group, Inc.*   8,367    59,238 
G-III Apparel Group Ltd.*   3,296    101,517 
H&E Equipment Services, Inc.   14,112    524,825 
Pool Corp.   2,106    264,598 
ScanSource, Inc.*   1,959    70,524 
SiteOne Landscape Supply, Inc.*   13,323    996,294 
Titan Machinery, Inc.*   37,850    719,150 
         2,892,039 
Diversified Financial Services — 2.3%          
Alcentra Capital Corp.   23,040    197,452 
Blackhawk Network Holdings, Inc.*   41,225    1,515,019 
Encore Capital Group, Inc.*   4,540    207,932 
Enova International, Inc.*   41,598    617,730 
Evercore Partners, Inc., Class A   7,272    631,573 
Financial Engines, Inc.   3,587    100,077 
Greenhill & Co, Inc.   3,361    68,228 
Interactive Brokers Group, Inc., Class A   3,063    174,775 
Investment Technology Group, Inc.   2,378    42,780 
LendingTree, Inc.*   1,861    561,929 
Moelis & Co., Class A   14,605    699,580 
Oaktree Specialty Lending Corp.   109,012    525,438 
PRA Group, Inc.*   3,304    114,979 
Silvercrest Asset Management Group, Inc., Class A   63,532    965,686 
WageWorks, Inc.*   2,280    146,262 
World Acceptance Corp.*   2,155    178,822 
         6,748,262 
Education Services — 0.0%          
Career Education Corp.*   6,338    84,106 
Electric — 0.2%          

ALLETE, Inc.   4,232    340,676 
Avista Corp.   1,395    72,456 
El Paso Electric Co.   1,366    83,189 
         496,321 

Electrical Components & Equipment — 0.6%          
Advanced Energy Industries, Inc.*   2,466    184,876 
Encore Wire Corp.   1,278    59,555 
EnerSys   3,171    219,084 

 

The accompanying notes are an integral part of the portfolio of investments.

 

4 

 

General Cable Corp.   4,266    91,719 
Insteel Industries, Inc.   1,233    33,969 
Littelfuse, Inc.   3,589    728,208 
ShotSpotter, Inc.*   17,539    228,182 
SPX Corp.*   4,521    144,175 
         1,689,768 
Electronics — 2.3%          
Brady Corp., Class A   2,928    114,485 
Coherent, Inc.*   1,014    296,047 
Conn's, Inc.*   15,100    466,590 
ESCO Technologies, Inc.   10,293    672,648 
FARO Technologies, Inc.*   12,156    635,759 
II-VI, Inc.*   3,812    180,689 
Itron, Inc.*   4,655    300,015 
Ituran Location and Control Ltd.   21,711    772,912 
Methode Electronics, Inc.   2,476    116,620 
Napco Security Technologies, Inc.*   51,080    510,800 
OSI Systems, Inc.*   4,266    369,692 
Plexus Corp.*   2,641    165,089 
Rogers Corp.*   5,373    865,590 
Sanmina Corp.*   6,648    226,032 
TTM Technologies, Inc.*   8,548    139,589 
ZAGG, Inc.*   39,288    803,440 
         6,635,997 
Energy-Alternate Sources — 0.4%          
Green Plains, Inc.   3,277    55,217 
Hydrogenics Corp.*   39,346    383,623 
REX American Resources Corp.*   893    81,745 
SolarEdge Technologies, Inc.*   17,763    646,573 
         1,167,158 
Engineering & Construction — 2.6%          
Aegion Corp.*   17,062    471,423 
Comfort Systems USA, Inc.   4,006    172,058 
Dycom Industries, Inc.*   9,470    1,016,794 
EMCOR Group, Inc.   4,741    382,931 
Exponent, Inc.   1,390    104,945 
Granite Construction, Inc.   11,235    745,667 
MasTec, Inc.*   14,179    635,928 
MYR Group, Inc.*   4,168    148,214 
NV5 Global, Inc.*   26,324    1,459,666 
Primoris Services Corp.   18,296    512,105 
Sterling Construction Co., Inc.*   52,710    903,976 
TopBuild Corp.*   12,728    865,377 
         7,419,084 

Entertainment — 1.5%          
Eldorado Resorts, Inc.*   20,474    626,504 
Golden Entertainment, Inc.*   9,027    309,807 
International Speedway Corp., Class A   25,822    1,065,157 
National CineMedia, Inc.   76,930    480,813 
Pinnacle Entertainment, Inc.*   3,069    94,157 
Pinnacle Financial Partners, Inc.   10,376    712,312 
Red Rock Resorts, Inc., Class A   19,197    592,228 
Scientific Games Corp., Class A*   6,167    324,693 
         4,205,671 
Environmental Control — 0.2%          
Casella Waste Systems, Inc., Class A*   15,678    334,255 
Tetra Tech, Inc.   3,198    159,900 
         494,155 
Food — 1.0%          
B&G Foods, Inc.   4,803    185,876 
Calavo Growers, Inc.   3,686    281,610 
Cal-Maine Foods, Inc.*   1,158    57,611 
Darling Ingredients, Inc.*   8,943    160,527 
Dave & Buster's Entertainment, Inc.*   5,243    278,036 
DineEquity, Inc.   3,392    155,591 
Ingles Markets, Inc., Class A   32,020    888,555 
J&J Snack Foods Corp.   681    102,906 
Lifeway Foods, Inc.*   31,140    317,005 
Sanderson Farms, Inc.   1,371    232,645 
Snyder's-Lance, Inc.   3,587    138,745 
         2,799,107 
Forest Products & Paper — 0.1%          

 

The accompanying notes are an integral part of the portfolio of investments.

 

5 

 

Clearwater Paper Corp.*   1,300    61,685 
Neenah Paper, Inc.   743    66,424 
PH Glatfelter Co.   4,331    90,041 
         218,150 
Gas — 0.3%          
New Jersey Resources Corp.   2,340    104,364 
Northwest Natural Gas Co.   2,390    165,269 
South Jersey Industries, Inc.   4,502    152,438 
Southwest Gas Holdings, Inc.   1,612    138,535 
Spire, Inc.   5,337    438,968 
         999,574 
Hand / Machine Tools — 0.3%          
Franklin Electric Co., Inc.   1,615    74,774 
Hardinge, Inc.   52,350    893,091 
         967,865 
Healthcare-Products — 4.7%          
Abaxis, Inc.   1,761    85,831 

ABIOMED, Inc.*   1,897    369,611 
Alpha Pro Tech Ltd.*   44,141    178,771 
Aratana Therapeutics, Inc.*   22,890    133,907 
AxoGen, Inc.*   29,514    788,024 
Axon Enterprise, Inc.*   5,340    132,859 
BioLife Solutions, Inc.*   66,598    378,943 
Cantel Medical Corp.   1,814    193,155 
CRH Medical Corp.*   211,890    402,591 
CryoLife, Inc.*   11,523    234,493 
Cutera, Inc.*   11,695    480,080 
Haemonetics Corp.*   3,260    188,428 
ICU Medical, Inc.*   578    123,345 
Inogen, Inc.*   5,307    683,223 
Integra LifeSciences Holdings Corp.*   13,008    632,449 
Intersect ENT, Inc.*   6,189    189,074 
Invacare Corp.   5,623    98,684 
Invuity, Inc.*   54,584    425,755 
iRadimed Corp.*   31,317    436,872 
iRhythm Technologies, Inc.*   21,018    1,166,499 
LeMaitre Vascular, Inc.   5,784    190,467 
Masimo Corp.*   3,409    302,856 
Merit Medical Systems, Inc.*   15,643    679,688 
MiMedx Group, Inc.*   5,571    64,456 
Novocure Ltd.*   35,073    675,155 
NuVasive, Inc.*   2,621    151,205 
Obalon Therapeutics, Inc.*   34,321    282,462 
OraSure Technologies, Inc.*   32,734    541,748 
Orthofix International N.V.*   4,441    240,791 
Repligen Corp.*   15,717    557,168 
Sientra, Inc.*   16,090    229,122 
Tactile Systems Technology, Inc.*   42,406    1,264,971 
ViewRay, Inc.*   26,951    259,538 
West Pharmaceutical Services, Inc.   8,536    853,002 
         13,615,223 
Healthcare-Services — 0.9%          
Amedisys, Inc.*   2,217    119,718 
Chemed Corp.   621    152,729 
Community Health Systems, Inc.*   9,435    42,929 
eHealth, Inc.*   18,831    431,983 
Ensign Group, Inc., (The)   2,070    50,239 
LHC Group, Inc.*   2,720    178,894 
Magellan Health, Inc.*   2,346    198,237 
Natera, Inc.*   27,531    267,877 

OrthoPediatrics Corp.*   20,663    410,987 
Providence Service Corp., (The)*   2,212    133,914 
Psychemedics Corp.   22,388    412,611 
Tivity Health, Inc.*   6,717    247,186 

US Physical Therapy, Inc.   1,232    89,998 
         2,737,302 
Home Builders — 1.2%          
Cavco Industries, Inc.*   2,512    384,713 
Installed Building Products, Inc.*   8,531    657,313 
Meritage Homes Corp.*   3,035    166,773 
PICO Holdings, Inc.   49,348    646,459 
TRI Pointe Group, Inc.*   15,379    278,667 

 

The accompanying notes are an integral part of the portfolio of investments.

 

6 

 

William Lyon Homes, Class A*   10,390    310,038 
Winnebago Industries, Inc.   18,047    988,073 
         3,432,036 
Home Furnishings — 0.7%          
American Woodmark Corp.*   1,043    103,883 
EnviroStar, Inc.   12,357    347,232 
Ethan Allen Interiors, Inc.   1,908    56,095 
Floor & Decor Holdings, Inc., Class A*   13,074    530,674 
Hooker Furniture Corp.   8,270    413,500 
iRobot Corp.*   968    66,424 
RH*   2,622    265,845 
Universal Electronics, Inc.*   2,113    112,200 
         1,895,853 
Household Products / Wares — 0.7%          
Acme United Corp.   11,359    256,986 
Lifetime Brands, Inc.   36,190    655,039 
SodaStream International Ltd.*   8,037    565,644 
Toro Co., (The)   5,348    348,957 
WD-40 Co.   995    118,803 
         1,945,429 
Insurance — 2.2%          
American Equity Investment Life Holding Co.   11,107    352,425 
American National Insurance Co.   3,950    495,133 
Atlas Financial Holdings, Inc.*   50,347    1,006,940 
Employers Holdings, Inc.   3,729    182,721 
HCI Group, Inc.   905    27,213 
Heritage Insurance Holdings, Inc.   40,500    728,190 
Horace Mann Educators Corp.   2,570    120,019 
Infinity Property & Casualty Corp.   1,346    145,099 
Kinsale Capital Group, Inc.   5,841    260,450 
Maiden Holdings Ltd.   5,637    36,641 
NMI Holdings, Inc., Class A*   25,160    428,978 
ProAssurance Corp.   2,565    158,645 
RLI Corp.   1,478    88,281 
Safety Insurance Group, Inc.   1,702    140,160 
Selective Insurance Group, Inc.   3,866    236,599 
White Mountains Insurance Group Ltd.   2,358    2,100,954 
         6,508,448 
Internet — 2.9%          
8x8, Inc.*   4,788    67,511 
Blucora, Inc.*   3,569    73,343 
Boingo Wireless, Inc.*   68,789    1,699,088 
Cars.com, Inc.*   48,100    1,165,944 
ePlus, Inc.*   6,736    546,963 
Etsy, Inc.*   15,275    251,426 
ForeScout Technologies, Inc.*   9,755    235,291 
HealthStream, Inc.*   2,625    62,423 
magicJack VocalTec Ltd.*   116,440    972,274 
Mimecast Ltd.*   23,655    719,112 
New Media Investment Group, Inc.   4,294    74,544 
NIC, Inc.   3,334    55,344 
PC-Tel, Inc.   44,392    325,837 
Q2 Holdings, Inc.*   8,100    338,985 
Stamps.com, Inc.*   1,004    169,074 
Syntel, Inc.*   20,809    532,918 
Trade Desk, Inc., (The), Class A*   7,896    388,009 
Wix.com Ltd.*   4,323    237,333 
Zendesk, Inc.*   14,716    494,605 
         8,410,024 
Investment Companies — 1.3%          
Acacia Research Corp.*   122,140    512,988 
Cannae Holdings, Inc.*   104,185    1,897,209 
Capital Southwest Corp.   34,226    581,842 
PennantPark Floating Rate Capital Ltd.   46,217    646,576 
         3,638,615 
Iron / Steel — 0.0%          
AK Steel Holding Corp.*   14,144    68,881 
Leisure Time — 1.2%          
Callaway Golf Co.   37,359    542,079 
Camping World Holdings, Inc., Class A   12,135    562,579 
Century Casinos, Inc.*   34,026    307,935 
Lindblad Expeditions Holdings, Inc.*   51,954    533,048 

 

The accompanying notes are an integral part of the portfolio of investments.

 

7 

 

Malibu Boats, Inc., Class A*   18,529    579,217 
MCBC Holdings, Inc.*   13,881    327,592 
Planet Fitness, Inc., Class A   21,503    696,052 
         3,548,502 
Lodging — 0.6%          
Belmond Ltd., Class A*   10,812    134,069 
Boyd Gaming Corp.   23,497    749,319 
Civeo Corp.*   46,425    97,028 
ILG, Inc.   8,186    229,945 
La Quinta Holdings, Inc.*   5,460    97,243 
Marcus Corp., (The)   9,193    258,323 
Monarch Casino & Resort, Inc.*   3,270    153,461 
         1,719,388 
Machinery-Diversified — 3.4%          
Albany International Corp., Class A   1,126    72,852 
Altra Industrial Motion Corp.   4,568    222,005 
Applied Industrial Technologies, Inc.   1,045    66,828 
ASV Holdings, Inc.*   47,090    376,249 
Blackline, Inc.*   15,277    560,208 
Chart Industries, Inc.*   2,562    124,718 
Columbus McKinnon Corp.   25,740    1,028,056 
Energy Recovery, Inc.*   30,910    347,119 
Exterran Corp.*   9,341    286,208 
Hurco Cos, Inc.   16,900    753,740 
Kadant, Inc.   8,146    833,336 
Manitex International, Inc.*   92,010    764,603 
NN, Inc.   41,704    1,165,627 
Nova Measuring Instruments Ltd.*   8,486    235,996 
SPX FLOW, Inc.*   10,543    472,010 
Tennant Co.   1,504    98,963 
Twin Disc, Inc.*   64,754    1,819,587 
Welbilt, Inc.*   23,241    521,528 
         9,749,633 
Media — 0.1%          
EW Scripps Co., (The), Class A*   5,671    85,462 
Gannett Co., Inc.   8,195    93,915 
Scholastic Corp.   1,251    51,441 
TiVo Corp.   7,248    129,014 
         359,832 
Metal Fabricate/Hardware — 0.7%          
CIRCOR International, Inc.   889    43,063 
Haynes International, Inc.   19,234    616,257 
Lawson Products, Inc.*   13,438    346,029 
Mueller Industries, Inc.   4,223    153,717 
Northwest Pipe Co.*   40,030    729,747 
Quanex Building Products Corp.   1,750    38,325 
TimkenSteel Corp.*   8,182    123,548 
         2,050,686 
Mining — 0.9%          
A-Mark Precious Metals, Inc.   22,692    337,203 
Century Aluminum Co.*   18,637    246,940 
Compass Minerals International, Inc.   7,580    528,705 
Ensco, Class A, PLC   41,062    220,503 
Kaiser Aluminum Corp.   1,039    100,638 
Materion Corp.   1,920    93,888 
ProPetro Holding Corp.*   13,043    244,817 

United States Lime & Minerals, Inc.   4,143    353,605 
US Silica Holdings, Inc.   17,709    587,408 
         2,713,707 
Miscellaneous Manufacturing — 2.5%          
Accuray, Inc.*   71,520    368,328 
Actuant Corp., Class A   1,678    44,299 
Boise Cascade Co.   3,023    116,385 
Core Molding Technologies, Inc.   16,333    351,486 
CryoPort, Inc.*   17,132    121,809 
Electro Scientific Industries, Inc.*   16,214    388,001 
EnPro Industries, Inc.   2,498    215,752 
Fabrinet*   3,054    97,453 
Federal Signal Corp.   15,695    337,442 
FreightCar America, Inc.   32,182    539,692 
GMS, Inc.*   9,298    346,908 
Harsco Corp.*   14,378    259,523 

 

The accompanying notes are an integral part of the portfolio of investments.

 

8 

 

Hillenbrand, Inc.   2,960    134,828 
Iteris, Inc.*   34,188    219,145 
John Bean Technologies Corp.   7,430    889,743 
Kornit Digital Ltd.*   16,861    300,126 
LCI Industries   1,629    213,236 
Nautilus, Inc.*   1,011    13,244 
Proto Labs, Inc.*   1,026    98,701 
Pure Storage, Inc., Class A*   30,766    568,556 
Raven Industries, Inc.   7,875    300,825 
Sleep Number Corp.*   32,263    1,135,335 
Sturm Ruger & Co., Inc.   968    52,998 
         7,113,815 
Office Furnishings — 0.0%          
Interface, Inc.   3,053    76,172 
Oil & Gas — 1.5%          
Bill Barrett Corp.*   13,256    77,548 
Carrizo Oil & Gas, Inc.*   2,234    43,183 
Denbury Resources, Inc.*   47,546    83,205 
Evolution Petroleum Corp.   31,294    219,058 
Gran Tierra Energy, Inc.*   92,840    208,890 
Matador Resources Co.*   19,053    544,916 
Murphy USA, Inc.*   21,975    1,732,729 
PBF Energy, Inc., Class A   20,670    669,088 
PDC Energy, Inc.*   2,353    108,120 
QEP Resources, Inc.*   20,000    193,200 
Ring Energy, Inc.*   17,143    243,088 
SRC Energy, Inc.*   19,542    171,188 
Unit Corp.*   4,358    93,218 
         4,387,431 
Oil & Gas Services — 0.6%          
Archrock, Inc.   5,529    52,525 
Bristow Group, Inc.   6,128    89,224 
Flotek Industries, Inc.*   8,596    40,573 
Helix Energy Solutions Group, Inc.*   17,356    115,417 
Natural Gas Services Group, Inc.*   20,660    526,830 
Profire Energy, Inc.*   226,900    410,689 
Solaris Oilfield Infrastructure, Inc., Class A*   25,843    418,657 
         1,653,915 
Packaging & Containers — 0.0%          
KapStone Paper and Packaging Corp.   4,714    104,792 
Multi-Color Corp.   610    46,665 
         151,457 
Pharmaceuticals — 3.4%          
Aclaris Therapeutics, Inc.*   15,590    369,639 
Adamas Pharmaceuticals, Inc.*   11,256    418,160 
Adamis Pharmaceuticals Corp.*   27,646    105,055 
Adaptimmune Therapeutics PLC, ADR*   38,748    320,833 
Aerie Pharmaceuticals, Inc.*   4,237    272,227 
Anika Therapeutics, Inc.*   1,077    59,364 
Array BioPharma, Inc.*   69,036    776,655 
Catalent, Inc.*   12,561    499,802 
Catalyst Pharmaceuticals, Inc.*   54,306    233,516 
Chimerix, Inc.*   34,364    153,607 
Clementia Pharmaceuticals, Inc.*   20,854    331,370 
Collegium Pharmaceutical, Inc.*   22,029    380,220 
Depomed, Inc.*   10,628    72,908 
Diplomat Pharmacy, Inc.*   4,301    76,988 
Dova Pharmaceuticals, Inc.*   10,224    305,391 
Edge Therapeutics, Inc.*   9,964    100,636 
Emergent BioSolutions, Inc.*   3,096    136,007 
Enanta Pharmaceuticals, Inc.*   4,093    203,258 
Foamix Pharmaceuticals Ltd.*   28,035    159,519 
Global Blood Therapeutics, Inc.*   8,763    345,700 
Ignyta, Inc.*   33,737    553,287 
Impax Laboratories, Inc.*   6,603    109,940 
Imprimis Pharmaceuticals, Inc.*   59,000    100,890 
Innoviva, Inc.*   9,226    121,045 
Juno Therapeutics, Inc.*   9,029    493,164 
Kindred Biosciences, Inc.*   29,218    223,518 
Lannett Co., Inc.*   1,772    46,869 
MyoKardia, Inc.*   8,084    297,087 
Nature's Sunshine Products, Inc.   19,746    253,736 

 

The accompanying notes are an integral part of the portfolio of investments.

 

9 

 

Nektar Therapeutics*   11,411    616,080 
Neogen Corp.*   1,733    145,399 
Optinose, Inc.*   11,852    226,255 
PharMerica Corp.*   1,789    52,329 
Phibro Animal Health Corp., Class A   2,922    101,393 
Prestige Brands Holdings, Inc.*   4,121    186,269 
Progenics Pharmaceuticals, Inc.*   6,874    39,732 
Savara, Inc.*   19,949    258,340 
Synergy Pharmaceuticals, Inc.*   89,319    185,784 
Ultragenyx Pharmaceutical, Inc.*   5,425    273,908 
Zogenix, Inc.*   6,601    256,449 
         9,862,329 
Real Estate — 0.3%          
Bluegreen Vacations Corp.*   15,591    257,719 
HFF, Inc., Class A   2,032    91,724 
Marcus & Millichap, Inc.*   12,454    398,030 
         747,473 
REITS — 1.2%          
Agree Realty Corp.   1,641    81,131 
Armada Hoffler Properties, Inc.   2,508    38,749 
CareTrust REIT, Inc.   3,664    66,758 
Cedar Realty Trust, Inc.   9,625    57,461 
Chatham Lodging Trust   1,795    40,729 
CoreSite Realty Corp.   1,355    153,765 
DiamondRock Hospitality Co.   8,155    91,254 
EastGroup Properties, Inc.   2,590    243,667 
Franklin Street Properties Corp.   4,281    46,620 
GEO Group, Inc., (The)   10,642    282,439 
Getty Realty Corp.   6,147    174,944 
Government Properties Income Trust   6,612    123,314 
Healthcare Realty Trust, Inc.   7,137    233,879 
Hersha Hospitality Trust   3,833    67,269 
Lexington Realty Trust   12,112    126,692 
LTC Properties, Inc.   3,774    173,000 
Medical Properties Trust, Inc.   5,867    80,319 
Monmouth Real Estate Investment Corp.   20,094    358,879 
PS Business Parks, Inc.   1,242    164,640 
Ramco-Gershenson Properties Trust   9,150    131,852 
Retail Opportunity Investments Corp.   3,666    71,744 
Sabra Health Care REIT, Inc.   8,635    166,137 
Summit Hotel Properties, Inc.   6,963    105,211 
Universal Health Realty Income Trust   3,063    229,296 
Urstadt Biddle Properties, Inc., Class A   5,810    137,813 
         3,447,562 
Retail — 4.6%          
Abercrombie & Fitch Co., Class A   5,117    88,831 
Asbury Automotive Group, Inc.*   15,883    1,045,101 
Big 5 Sporting Goods Corp.   88,974    671,754 
Biglari Holdings, Inc.*   2,200    754,600 
BMC Stock Holdings, Inc.*   12,603    291,129 
Bob Evans Farms, Inc.   7,911    617,374 
Boot Barn Holdings, Inc.*   29,578    438,050 
Buckle, Inc., (The)   4,527    100,726 
Build-A-Bear Workshop, Inc.*   67,900    556,780 
Casey's General Stores, Inc.   1,888    227,976 
Cato Corp., (The), Class A   5,911    93,276 
Children's Place, Inc., (The)   1,027    136,488 
Chuy's Holdings, Inc.*   4,399    109,535 
Core-Mark Holding Co, Inc.   3,025    100,309 
Cracker Barrel Old Country Store, Inc.   790    123,501 
Express, Inc.*   20,245    197,186 
EZCORP, Inc., Class A*   6,969    83,976 
FirstCash, Inc.   2,930    197,482 
Five Below, Inc.*   3,696    228,413 
Freshpet, Inc.*   29,200    554,800 
Funko, Inc., Class A*   16,094    142,915 
Genesco, Inc.*   4,461    138,737 
Group 1 Automotive, Inc.   953    77,222 
Guess, Inc.   6,372    105,138 
Haverty Furniture Cos, Inc.   1,463    35,331 
Hibbett Sports, Inc.*   6,047    120,638 
Ingevity Corp.*   2,186    173,984 

 

The accompanying notes are an integral part of the portfolio of investments.

  

10 

 

J Alexander's Holdings, Inc.*   43,816    444,732 
Liberty Expedia Holdings, Inc., Class A*   28,940    1,304,615 
Lumber Liquidators Holdings, Inc.*   10,772    305,386 
MarineMax, Inc.*   4,583    97,847 
Ollie's Bargain Outlet Holdings, Inc.*   10,294    488,450 
Papa John's International, Inc.   1,043    60,974 
PC Connection, Inc.   19,780    542,170 
PCM, Inc.*   48,430    477,036 
PetMed Express, Inc.   3,582    140,952 
Red Robin Gourmet Burgers, Inc.*   1,719    90,076 
Regis Corp.*   8,392    133,852 
Shoe Carnival, Inc.   1,799    48,177 
Tailored Brands, Inc.   6,230    105,038 
Texas Roadhouse, Inc.   2,804    143,200 
Vera Bradley, Inc.*   746    6,602 
Wingstop, Inc.   16,866    660,979 
Winmark Corp.   2,588    343,945 
World Fuel Services Corp.   17,960    504,137 
Zumiez, Inc.*   3,678    80,180 
         13,389,600 
Savings & Loans — 1.1%          
BofI Holding, Inc.*   3,461    95,662 
Brookline Bancorp, Inc.   9,875    158,988 
Dime Community Bancshares, Inc.   9,211    203,103 
FS Bancorp, Inc.   8,130    463,410 
Meta Financial Group, Inc.   13,883    1,304,308 
Sterling Bancorp   38,122    966,393 
         3,191,864 
Semiconductors — 4.1%          
Adesto Technologies Corp.*   45,391    372,206 
Amtech Systems, Inc.*   86,215    851,804 
Axcelis Technologies, Inc.*   11,273    360,736 
AXT, Inc.*   123,642    1,193,145 
Cabot Microelectronics Corp.   1,581    152,282 
Cavium, Inc.*   567    48,467 
CEVA, Inc.*   4,828    229,330 
Cirrus Logic, Inc.*   3,525    194,721 
Cohu, Inc.   34,300    780,668 
Ichor Holdings Ltd.*   21,246    603,599 
KEMET Corp.*   12,754    196,667 
Kulicke & Soffa Industries, Inc.*   6,419    159,384 
Magnachip Semiconductor Corp.*   25,535    312,804 
Microsemi Corp.*   4,990    263,722 
MKS Instruments, Inc.   1,371    129,285 
Monolithic Power Systems, Inc.   6,902    816,852 
NVE Corp.   5,577    466,349 
Photronics, Inc.*   6,424    61,992 
Power Integrations, Inc.   10,093    792,301 
Rambus, Inc.*   3,550    52,540 
Rudolph Technologies, Inc.*   22,730    552,339 
Semtech Corp.*   5,218    177,673 
Silicon Laboratories, Inc.*   5,820    530,202 
SMART Global Holdings, Inc.*   27,646    829,104 
Tower Semiconductor Ltd.*   15,972    562,374 
Ultra Clean Holdings, Inc.*   21,180    444,356 
Xcerra Corp.*   73,050    723,926 
Xperi Corp.   3,117    60,158 
         11,918,986 
Software — 7.4%          
Altair Engineering, Inc., Class A*   13,530    302,937 
Alteryx, Inc., Class A*   19,704    491,812 
Amber Road, Inc.*   47,052    345,362 
American Software, Inc., Class A   29,780    384,460 
Apptio, Inc., Class A*   57,810    1,289,741 
Asure Software, Inc.*   81,375    1,168,545 
Blackbaud, Inc.   2,160    212,652 
Bottomline Technologies de, Inc.*   2,442    81,392 
Box, Inc., Class A*   25,816    542,910 
BroadSoft, Inc.*   10,624    584,320 
Callidus Software, Inc.*   18,800    550,370 
Castlight Health, Inc., Class B*   80,483    313,884 
Computer Programs & Systems, Inc.   33,006    1,000,082 

 

The accompanying notes are an integral part of the portfolio of investments.

 

11 

 

Control4 Corp.*   8,461    281,244 
CSG Systems International, Inc.   28,178    1,293,088 
Ebix, Inc.   2,006    155,064 
Everbridge, Inc.*   40,508    1,073,462 
Five9, Inc.*   34,226    838,879 
InnerWorkings, Inc.*   62,390    676,932 
Instructure, Inc.*   14,674    509,922 
j2 Global, Inc.   1,848    139,450 
LivePerson, Inc.*   9,192    102,031 
Manhattan Associates, Inc.*   3,298    146,266 
ManTech International Corp., Class A   12,660    645,407 
Materialise NV, ADR*   14,654    213,948 
Medidata Solutions, Inc.*   2,714    180,861 
Mitel Networks Corp.*   150,330    1,175,581 
MiX Telematics Ltd., ADR   19,919    234,247 
MuleSoft, Inc., Class A*   21,394    490,992 
Omnicell, Inc.*   13,003    681,357 
Progress Software Corp.   5,306    219,350 
QAD, Inc., Class A   21,362    786,122 
Quality Systems, Inc.*   3,902    56,306 
SharpSpring, Inc.*   41,925    182,793 
Simulations Plus, Inc.   46,236    718,970 
SYNNEX Corp.   1,652    225,002 
Tabula Rasa HealthCare, Inc.*   22,447    778,686 
Take-Two Interactive Software, Inc.*   3,989    444,973 
Talend S.A., ADR*   12,758    509,937 
Upland Software, Inc.*   12,302    288,359 
Virtusa Corp.*   25,726    1,192,400 
         21,510,096 
Telecommunications — 3.1%          
ADTRAN, Inc.   5,633    130,122 
AMC Networks, Inc., Class A*   9,290    478,807 
ATN International, Inc.   13,496    806,521 
CalAmp Corp.*   4,959    113,313 
Cincinnati Bell, Inc.*   4,038    87,625 
Comtech Telecommunications Corp.   49,770    1,078,516 
Consolidated Communications Holdings, Inc.   5,248    74,207 
Entercom Communications Corp., Class A   29,180    338,488 
GTT Communications, Inc.*   21,118    854,223 
Internap Corp.*   16,601    295,664 
Iridium Communications, Inc.*   9,628    118,906 
LogMeIn, Inc.   1,382    164,458 
NETGEAR, Inc.*   2,616    134,724 
ORBCOMM, Inc.*   108,975    1,172,571 
QuinStreet, Inc.*   24,554    262,482 
RADCOM Ltd.*   29,051    582,473 
Silicom Ltd.   8,760    636,151 
Spok Holdings, Inc.   2,420    42,350 
Telephone & Data Systems, Inc.   21,703    600,956 
Viavi Solutions, Inc.*   23,640    221,507 
Vonage Holdings Corp.*   69,742    709,973 
         8,904,037 
Textiles — 0.7%          
UniFirst Corp.   11,746    1,920,471 
Transportation — 3.1%          
Aegean Marine Petroleum Network, Inc.   55,422    221,688 
Air Transport Services Group, Inc.*   62,185    1,507,986 
ArcBest Corp.   4,606    174,337 
Atlas Air Worldwide Holdings, Inc.*   12,153    701,836 
Covenant Transportation Group, Inc., Class A*   15,255    457,040 
Echo Global Logistics, Inc.*   4,834    130,518 
Forward Air Corp.   15,102    859,304 
Heartland Express, Inc.   8,734    199,484 
Knight-Swift Transportation Holdings, Inc.   3,275    139,777 
Marten Transport Ltd.   32,646    657,817 
Modine Manufacturing Co.*   23,228    531,921 
PAM Transportation Services, Inc.*   29,650    1,137,967 
Radiant Logistics, Inc.*   68,987    331,827 
Saia, Inc.*   19,852    1,306,262 
Schneider National, Inc., Class B   11,046    289,736 
Stoneridge, Inc.*   13,008    296,843 
         8,944,343 

 

The accompanying notes are an integral part of the portfolio of investments.

 

12 

 

Trucking & Leasing — 0.1%          
Greenbrier Cos, Inc., (The)   3,222    161,100 
Water — 0.1%          
American States Water Co.   1,758    101,419 
California Water Service Group   1,969    89,787 
         191,206 
TOTAL COMMON STOCKS          
(Cost $198,463,016)        270,634,711 
SHORT TERM INVESTMENTS - 6.4%          
STIT-Treasury Portfolio, 0.98% (a)   18,639,499    18,639,499 
TOTAL SHORT-TERM INVESTMENTS          
(Cost $18,639,499)        18,639,499 
TOTAL INVESTMENTS - 99.9%          
(Cost $217,102,515)        289,274,210 
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%        405,065 
NET ASSETS - 100.0%       $289,679,275 

 

*Non-income producing security.

**The cost basis of investments for federal income tax purposes at November 30, 2017 was as follows*:

 

Cost of investments  $217,102,515 
Gross unrealized appreciation  $77,030,374 
Gross unrealized (depreciation)   (4,858,678)
Net unrealized appreciation (depreciation)  $72,171,695 

 

*Because tax adjustments are calculated annually at the end of the Fund's fiscal year, the above table does not reflect tax adjustments for the current fiscal year. For the previous fiscal year's federal income tax information, please refer to the Notes to Financial Statements section in the Fund's most recent annual report.

 

(a)Seven-day yield as of November 30, 2017

 

ADRAmerican Depositary Receipt

PLCPublic Limited Company

REITReal Estate Investment Trust

 

 The accompanying notes are an integral part of the portfolio of investments.

 

13 

 

ALTAIR SMALLER COMPANIES FUND 

Notes to Portfolio of Investments

November 30, 2017

(Unaudited)

 

Portfolio Valuation – The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies, if any, are valued based on the NAV of those investment companies (which may use fair value pricing as disclosed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. 

 

Fair Value Measurements – The inputs and valuation techniques used to measure fair value of the Fund's investments are summarized into three levels as described in the hierarchy below:

  

•Level 1 — quoted prices in active markets for identical securities;

 

•Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

 

•Level 3 — significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments).

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The following is a summary of the inputs used, as of November 30, 2017, in valuing the Funds' investments carried at fair value:

 

       Level 1   Level 2   Level 3 
                 
   Total Value   Quoted Price   Other Significant Observable Inputs   Significant Unobservable Inputs 
Common Stocks  $270,634,711   $270,634,711   $-   $- 
Short-Term Investments  $18,639,499   $18,639,499    -    - 
Total Investments*  $289,274,210   $289,274,210   $-   $- 

 

*Please refer to Portfolio of Investments for further details.

 

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delisting’s on national exchanges.

 

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund's investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

 

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. U.S. GAAP also requires the Fund to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each level within the three-tier hierarchy are disclosed when the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

 

For the period ended November 30, 2017, there were no transfers between Levels 1, 2 and 3 for the Fund.

 

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.

 

14 

 

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2017 (UNAUDITED)

 

   Number
of Shares		   Value 
COMMON STOCKS—97.4%          
COMMERCIAL SERVICES—4.9%          
Etsy, Inc.*   55,642   $915,867 
Insperity, Inc.   10,689    1,260,233 
KAR Auction Services, Inc.   18,483    930,989 
On Assignment, Inc.*   14,102    901,964 
RPX Corp.   40,045    528,194 
SP Plus Corp.*   23,075    904,540 
Travelport Worldwide Ltd.   6,988    93,569 
         5,535,356 
COMMUNICATIONS—0.3%          
TIM Participacoes SA, ADR   16,101    288,852 
           
CONSUMER DURABLES—3.6%          
Beazer Homes USA, Inc.*   11,399    241,203 
KB Home   35,357    1,108,796 
MDC Holdings, Inc.   25,185    902,127 
Taylor Morrison Home Corp., Class A*   55,781    1,347,669 
William Lyon Homes, Class A*   15,556    464,191 
         4,063,986 
CONSUMER NON-DURABLES—3.1%          
Crocs, Inc.*   89,005    972,825 
Leucadia National Corp.   28,600    752,466 
Pinnacle Foods, Inc.   13,666    795,771 
Skechers U.S.A., Inc., Class A*   24,389    856,054 
         3,377,116 
CONSUMER SERVICES—5.3%          
Caesars Entertainment Corp.*   81,061    1,074,058 
Churchill Downs, Inc.   4,450    1,045,750 
Everi Holdings, Inc.*   12,138    98,925 
International Game Technology PLC   35,492    975,675 
Liberty TripAdvisor Holdings, Inc., Class A*   45,436    424,827 
Penn National Gaming, Inc.*   48,723    1,401,273 
ServiceMaster Global Holdings, Inc.*   18,283    893,673 
         5,914,181 
DISTRIBUTION SERVICES—1.6%          
HD Supply Holdings, Inc.*   23,800    880,124 
Versum Materials, Inc.   23,471    901,286 
         1,781,410 
ELECTRONIC TECHNOLOGY—8.0%          
Advanced Energy Industries, Inc.*   13,301    997,176 
Axcelis Technologies, Inc.*   30,587    978,784 
Brooks Automation, Inc.   52,697    1,311,628 
Electro Scientific Industries, Inc.*   42,549    1,018,198 
Entegris, Inc.   31,854    965,176 
Itron, Inc.*   12,008    773,916 
Nova Measuring Instruments Ltd.*   8,180    227,486 
Orbotech Ltd.*   16,383    829,963 
Rogers Corp.*   7,432    1,197,295 
SMART Global Holdings, Inc.*   14,244    427,178 
         8,726,800 
ENERGY MINERALS—2.6%          
Cloud Peak Energy, Inc.*   94,719    392,137 
HollyFrontier Corp.   25,888    1,151,498 
QEP Resources, Inc.*   133,340    1,288,064 
         2,831,699 
FINANCE—23.5%          
BGC Partners, Inc., Class A   70,866    1,157,242 
Cannae Holdings, Inc.*   36,143    658,164 
CNO Financial Group, Inc.   46,170    1,163,946 
eHealth, Inc.*   50,515    1,158,814 
Employers Holdings, Inc.   10,517    515,333 
ePlus, Inc.*   10,120    821,744 

 

The accompanying notes are an integral part of the portfolio of investments.

 

1 

 

Evercore, Inc., Class A   12,980    1,127,313 
Fanhua, Inc., SP ADR   3,043    65,546 
Financial Engines, Inc.   15,534    433,399 
First American Financial Corp.   14,776    821,398 
First BanCorp Puerto Rico*   151,686    755,396 
Green Bancorp, Inc.*   4,760    106,624 
Hamilton Lane, Inc., Class A   16,325    562,723 
Houlihan Lokey, Inc., Class A   20,997    937,306 
Infinity Property & Casualty Corp.   3,464    373,419 
Interactive Brokers Group, Inc., Class A   24,307    1,386,957 
Investment Technology Group, Inc.   55,958    1,006,684 
Jupai Holdings Ltd., ADR   56,127    991,764 
Legg Mason, Inc.   26,000    1,038,960 
LPL Financial Holdings, Inc.   26,444    1,370,857 
McGrath RentCorp   21,209    1,013,790 
MGIC Investment Corp.*   79,247    1,158,591 
OM Asset Management PLC   64,525    1,058,210 
PHH Corp.*   71,716    814,694 
Piper Jaffray Companies   17,727    1,392,456 
Reinsurance Group of America, Inc.   4,521    732,628 
Ryder System, Inc.   13,403    1,105,479 
Triton International Ltd.   29,910    1,183,539 
Voya Financial, Inc.   20,400    901,680 
         25,814,656 
HEALTH SERVICES—0.1%          
China Cord Blood Corp.*   13,582    148,995 
           
HEALTH TECHNOLOGY—9.4%          
Cutera, Inc.*   6,419    263,500 
Cymabay Therapeutics, Inc.*   34,748    300,918 
CytomX Therapeutics, Inc.*   7,040    145,728 
Exelixis, Inc.*   50,485    1,367,134 
Genomic Health, Inc.*   32,091    972,036 
Haemonetics Corp.*   7,133    412,287 
ICON PLC*   5,901    689,296 
Ignyta, Inc.*   52,144    855,162 
Lantheus Holdings, Inc.*   17,686    396,166 
Madrigal Pharmaceuticals, Inc.*   239    12,031 
Ophthotech Corp.*   33,120    103,997 
PerkinElmer, Inc.   9,915    730,537 
PTC Therapeutics, Inc.*   31,208    497,768 
QIAGEN NV*   23,055    735,455 
Retrophin, Inc.*   42,099    948,911 
Sangamo Therapeutics, Inc.*   70,653    1,144,579 
uniQure NV*   39,209    593,624 
Verastem, Inc.*   9,946    41,873 
Versartis, Inc.*   56,654    110,475 
         10,321,477 
INDUSTRIAL SERVICES—2.0%          
Casella Waste Systems, Inc., Class A*   3,203    68,288 
Exponent, Inc.   8,776    662,588 
Goldfield Corp., (The)*   235    1,022 
Primoris Services Corp.   18,380    514,456 
Quanta Services, Inc.*   22,065    836,264 
         2,082,618 
NON-ENERGY MINERALS—3.2%          
Alcoa Corp.*   20,018    830,947 
Boise Cascade Co.   29,861    1,149,648 
Constellium NV, Class A*   44,176    468,266 
Louisiana-Pacific Corp.*   39,525    1,091,285 
         3,540,146 
PROCESS INDUSTRIES—6.0%          
AdvanSix, Inc.*   4,485    193,079 
Cabot Microelectronics Corp.   8,367    805,909 
Chemours Co., (The)   26,300    1,351,820 
Daqo New Energy Corp., ADR*   25,751    1,405,490 
Ingevity Corp.*   6,207    494,015 
Koppers Holdings, Inc.*   25,840    1,289,416 
Trinseo SA   15,239    1,124,638 
         6,664,367 

 

The accompanying notes are an integral part of the portfolio of investments.

 

2 

 

PRODUCER MANUFACTURING—9.0%          
Alamo Group, Inc.   10,186    1,201,439 
Allison Transmission Holdings, Inc.   24,677    1,012,744 
BMC Stock Holdings, Inc.*   41,064    948,578 
Builders FirstSource, Inc.*   49,558    1,010,983 
Canadian Solar, Inc.*   53,506    961,503 
Continental Building Products, Inc.*   34,965    975,524 
Harsco Corp.*   6,516    117,614 
Meritor, Inc.*   40,600    1,014,188 
PGT Innovations, Inc.*   2,178    35,610 
TopBuild Corp.*   15,250    1,036,847 
TriMas Corp.*   20,880    540,792 
Visteon Corp.*   7,800    1,027,182 
         9,883,004 
RETAIL TRADE—2.8%          
Camping World Holdings, Inc., Class A   26,231    1,216,069 
GMS, Inc.*   27,148    1,012,892 
Vipshop Holdings Ltd., ADR*   111,600    918,468 
         3,147,429 
TECHNOLOGY SERVICES—10.0%          
AppFolio, Inc., Class A*   22,905    988,351 
Imperva, Inc.*   13,000    536,250 
LogMeIn, Inc.   7,286    867,034 
Momo, Inc., SP ADR*   33,129    795,096 
Rubicon Project, Inc., (The)*   27,472    49,450 
Shutterfly, Inc.*   21,036    929,370 
SINA Corp/China*   9,195    898,995 
Sohu.com, Inc.*   19,058    922,217 
TriNet Group, Inc.*   27,090    1,212,548 
Varonis Systems, Inc.*   23,856    1,199,957 
Yirendai Ltd., ADR   30,264    1,206,323 
YY, Inc., ADR*   13,768    1,420,720 
         11,026,311 
TRANSPORTATION—0.8%          
YRC Worldwide, Inc.*   70,625    870,100 
           
UTILITIES—1.2%          
Pampa Energia SA, SP ADR*   15,334    977,082 
SJW Group   5,188    353,458 
         1,330,540 
TOTAL COMMON STOCKS          
(Cost $95,585,521)        107,349,043 
SHORT-TERM INVESTMENTS—2.2%          
Fidelity Investments Money Market Funds - Government Portfolio, 0.97%        2,411,788 
TOTAL SHORT-TERM INVESTMENTS          
(Cost $2,411,788)        2,411,788 
TOTAL INVESTMENTS—99.6%          
(Cost $97,997,309)        109,760,831 
OTHER ASSETS IN EXCESS OF LIABILITIES—0.4%        404,745 
NET ASSETS—100.0%       $110,165,576 

 

*Non-income producing security.

ADR - American Depositary Receipt.

PLC - Public Limited Company.

SP ADR - Sponsored American Depositary Receipt.

 

The accompanying notes are an integral part of the portfolio of investments.

 

3 

 

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

NOTES TO PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2017 (UNAUDITED)

 

PORTFOLIO VALUATION — The Bogle Investment Management Small Cap Growth Fund’s (the “Fund”) net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Investments in other open-end investment companies are valued based on the NAV of those investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by RBB’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

 

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

 

● Level 1 — quoted prices in active markets for identical securities;

 

● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

 

● Level 3 —significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The following is a summary of inputs used, as of November 30, 2017, in valuing the Fund’s investments carried at fair value:

 

   Total Fair Value   Level 1 Quoted Price   Level 2 Other Significant Observable Inputs   Level 3 Significant Unobservable Inputs 
Common Stocks  $107,349,043   $107,349,043   $-   $- 
Short-Term Investments   2,411,788    2,411,788    -    - 
Total Investments*  $109,760,831   $109,760,831   $-   $- 

 

*See Portfolio of Investments for details on portfolio holdings.

 

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

 

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

 

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. U.S. GAAP also requires the Fund to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each level within the three-tier hierarchy are disclosed when the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

 

For the period ended November 30, 2017, the Fund had no transfers between Levels 1, 2 and 3.

 

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.

 

4 

 

BOSTON PARTNERS INVESTMENT FUNDS NOVEMBER 30, 2017 (unaudited)
 

BOSTON PARTNERS SMALL CAP VALUE FUND II Portfolio of Investments

 

   Number
of Shares		   Value 
COMMON STOCKS—96.6%          
Basic Industries—8.0%          
Ferro Corp.*   102,791   $2,605,752 
Graphic Packaging Holding Co.(a)   430,615    6,592,716 
Innophos Holdings, Inc.   78,195    3,622,774 
Orchids Paper Products Co.(a)   105,084    1,430,193 
Orion Engineered Carbons SA   142,378    3,481,142 
Owens-Illinois, Inc.*   171,391    4,151,090 
PolyOne Corp.   38,283    1,769,057 
PQ Group Holdings, Inc.*   247,690    4,086,885 
Schweitzer-Mauduit International, Inc.   138,497    6,269,759 
SunCoke Energy, Inc.*   534,825    6,091,657 
Valvoline, Inc.(a)   242,842    5,988,484 
         46,089,509 
Capital Goods—13.0%          
Aegion Corp.(a)*   124,131    3,429,739 
Ampco-Pittsburgh Corp.   36,505    522,021 
BMC Stock Holdings, Inc.(a)*   209,858    4,847,720 
Cabot Corp.   28,866    1,767,754 
Continental Building Products, Inc.*   78,565    2,191,963 
Curtiss-Wright Corp.   16,360    2,031,912 
Engility Holdings, Inc.*   88,928    2,595,808 
Ferroglobe PLC   323,185    5,274,379 
Ferroglobe Representation & Warranty Insurance*‡   276,005    0 
Foundation Building Materials, Inc.*   115,817    1,761,577 
Gardner Denver Holdings, Inc.*   123,645    4,007,334 
Granite Construction, Inc.   70,397    4,672,249 
Hillenbrand, Inc.   44,209    2,013,720 
LCI Industries   53,679    7,026,581 
Minerals Technologies, Inc.   64,404    4,666,070 
Olin Corp.   83,457    2,974,407 
Orion Group Holdings, Inc.*   269,692    2,095,507 
Trinseo SA   34,056    2,513,333 
Tutor Perini Corp.(a)*   105,273    2,652,880 
WESCO International, Inc.*   149,032    9,769,048 
World Fuel Services Corp.   289,610    8,129,353 
         74,943,355 
Consumer Durables—2.1%          
Cooper Tire & Rubber Co.(a)   50,552    1,857,786 
La-Z-Boy, Inc.   108,203    3,559,879 
Standard Motor Products, Inc.   14,931    675,030 
Strattec Security Corp.   18,778    828,110 
Tempur Sealy International, Inc.(a)*   10,155    588,076 
Tower International, Inc.   135,349    4,358,238 
         11,867,119 
Consumer Non-Durables—3.6%          
Energizer Holdings, Inc.(a)   37,939    1,742,538 
Fresh Del Monte Produce, Inc.   50,915    2,479,560 
Skechers U.S.A., Inc. Class A*   210,701    7,395,605 
Steven Madden Ltd.*   141,752    6,059,898 
Universal Corp.(a)   58,956    3,145,303 
         20,822,904 
Consumer Services—13.0%          
ABM Industries, Inc.(a)   87,715    3,754,202 
ACCO Brands Corp.*   327,900    4,311,885 

 

The accompanying notes are an integral part of the portfolio of investments.

 

1 

 

Booz Allen Hamilton Holding Corp.   70,114    2,712,711 
CBIZ, Inc.*   123,934    1,828,026 
Civeo Corp.*   442,609    925,053 
Ennis, Inc.(a)   49,414    1,045,106 
Foot Locker, Inc.(a)   133,469    5,717,812 
FTI Consulting, Inc.(a)*   77,607    3,337,877 
Group 1 Automotive, Inc.(a)   23,499    1,904,124 
Heidrick & Struggles International, Inc.   8,811    220,275 
Huron Consulting Group, Inc.*   47,308    1,934,897 
ICF International, Inc.*   64,388    3,480,171 
Jones Lang LaSalle, Inc.   11,558    1,762,479 
KAR Auction Services, Inc.   36,857    1,856,487 
Lithia Motors, Inc. Class A(a)   76,863    9,015,261 
MAXIMUS, Inc.   54,269    3,748,903 
Navigant Consulting, Inc.*   137,057    2,630,124 
On Assignment, Inc.(a)*   110,735    7,082,611 
PRA Group, Inc.(a)*   54,022    1,879,966 
RPX Corp.   241,296    3,182,694 
Scholastic Corp.(a)   59,846    2,460,868 
Tetra Tech, Inc.   118,196    5,909,800 
TravelCenters of America LLC*   181,016    823,623 
Viad Corp.   33,863    1,950,509 
XO Group, Inc.*   98,713    1,908,122 
         75,383,586 
Energy—4.9%          
Dril-Quip, Inc.(a)*   86,540    4,149,593 
Extraction Oil & Gas, Inc.(a)*   258,206    3,888,582 
Forum Energy Technologies, Inc.(a)*   118,588    1,683,950 
Gulfport Energy Corp.*   164,462    2,105,114 
Kosmos Energy Ltd.(a)*   601,612    4,800,864 
ProPetro Holding Corp.(a)*   113,674    2,133,661 
RSP Permian, Inc.(a)*   170,792    6,273,190 
WildHorse Resource Development Corp.(a)*   193,257    3,188,740 
         28,223,694 
Finance—29.1%          
Air Lease Corp.(a)   196,018    8,487,579 
AMERISAFE, Inc.(a)   42,733    2,805,421 
Aspen Insurance Holdings Ltd.   41,058    1,683,378 
Assured Guaranty Ltd.   172,203    6,252,691 
BankUnited, Inc.   151,068    5,624,262 
CenterState Banks, Inc.(a)   126,478    3,431,348 
Columbia Banking System, Inc.   25,482    1,174,720 
Essent Group Ltd.*   182,048    8,055,624 
FCB Financial Holdings, Inc., Class A*   77,940    4,119,129 
Federal Agricultural Mortgage Corp., Class C   52,486    3,897,085 
First Citizens BancShares Inc., Class A   7,627    3,252,839 
First Merchants Corp.   64,603    2,829,611 
First Midwest Bancorp Inc.   69,693    1,740,234 
FirstCash, Inc.   89,083    6,004,194 
Flushing Financial Corp.   62,042    1,754,548 
Gladstone Capital Corp.(a)   35,513    346,252 
Global Indemnity Ltd.*   32,638    1,414,205 
Greenhill & Co, Inc.(a)   67,249    1,365,155 
Hanmi Financial Corp.   95,283    3,025,235 
Hanover Insurance Group Inc., (The)   36,471    3,924,280 
Heritage Financial Corp.(a)   79,811    2,597,848 
Hope Bancorp, Inc.   127,691    2,390,376 
Infinity Property & Casualty Corp.   25,040    2,699,312 
James River Group Holdings Ltd.   96,109    3,890,492 
Maiden Holdings Ltd.(a)   707,063    4,595,910 
National General Holdings Corp.   206,492    4,363,176 
Navient Corp.   474,093    5,978,313 

 

The accompanying notes are an integral part of the portfolio of investments.

 

2 

 

Navigators Group, Inc. (The)   41,205    2,122,057 
Nelnet, Inc., Class A(a)   146,649    7,855,987 
Park Sterling Corp.   101,220    1,302,701 
Peapack Gladstone Financial Corp.   634    22,336 
PennyMac Financial Services, Inc. Class A*   169,027    3,574,921 
Radian Group, Inc.   358,462    7,344,886 
RBB Bancorp   69,105    1,740,755 
Safety Insurance Group, Inc.   4,673    384,822 
Silvercrest Asset Management Group, Inc. Class A   181,254    2,755,061 
SLM Corp.*   1,082,525    12,524,814 
State Auto Financial Corp.   51,656    1,441,719 
Stewart Information Services Corp.(a)   126,429    5,098,882 
Stifel Financial Corp.   125,099    7,035,568 
Validus Holdings Ltd.   109,793    5,399,620 
Walker & Dunlop, Inc.(a)*   146,333    7,211,290 
Washington Federal, Inc.   66,263    2,305,952 
White Mountains Insurance Group Ltd.   2,747    2,447,550 
         168,272,138 
Health Care—5.0%          
Chemed Corp.   16,847    4,143,351 
ICON PLC*   42,172    4,926,111 
INC Research Holdings, Inc., Class A*   46,270    1,772,141 
Integra LifeSciences Holdings Corp.(a)*   54,037    2,627,279 
LHC Group, Inc.*   39,950    2,627,512 
LifePoint Health, Inc.(a)*   118,703    5,674,003 
PharMerica Corp.*   169,779    4,966,036 
Select Medical Holdings Corp.*   117,424    2,072,534 
         28,808,967 

The accompanying notes are an integral part of the portfolio of investments.

 

3 

 

Real Estate Investment Trusts—6.6%          
Altisource Residential Corp.   59,873    655,609 
Anworth Mortgage Asset Corp.(a)   284,609    1,599,502 
Ares Commercial Real Estate Corp.   309,339    4,169,890 
Blackstone Mortgage Trust, Inc. Class A(a)   116,619    3,815,774 
Chatham Lodging Trust(a)   80,917    1,836,007 
CYS Investments, Inc.(a)   841,833    6,810,429 
Gladstone Commercial Corp.(a)   41,782    954,301 
Granite Point Mortgage Trust, Inc.(a)   76,842    1,379,318 
MFA Financial, Inc.(a)   666,248    5,329,984 
MTGE Investment Corp.   67,843    1,258,488 
Starwood Property Trust, Inc.(a)   184,914    4,008,935 
Two Harbors Investment Corp.   405,433    6,486,928 
         38,305,165 
Technology—10.7%          
Bel Fuse, Inc., Class B   131,374    3,527,392 
Belden, Inc.(a)   93,382    7,908,522 
Brooks Automation, Inc.   280,578    6,983,586 
Coherent, Inc.*   13,537    3,952,263 
Convergys Corp.(a)   110,749    2,733,285 
EnerSys   74,859    5,172,008 
EVERTEC, Inc.   97,407    1,353,957 
Insight Enterprises, Inc.*   45,248    1,764,672 
NCR Corp.(a)*   129,103    4,039,633 
NETGEAR, Inc.*   60,341    3,107,561 
PC Connection, Inc.   30,098    824,986 
SMART Global Holdings, Inc.*   110,220    3,305,498 
Sykes Enterprises, Inc.*   190,167    6,051,114 
SYNNEX Corp.   33,068    4,503,862 
TeleTech Holdings, Inc.(a)   162,717    6,590,039 
         61,818,378 
Utilities—0.6%          
Portland General Electric Co.   36,570    1,815,335 
Pure Cycle Corp.(a)*   195,988    1,362,116 
         3,177,451 
TOTAL COMMON STOCKS          
(Cost $418,515,823)        557,712,266 
SECURITIES LENDING COLLATERAL—16.0%          
Mount Vernon Liquid Assets Portfolio, LLC, 1.34%   92,651,134    92,651,134 
TOTAL SECURITIES LENDING COLLATERAL          
(Cost $92,651,134)        92,651,134 
SHORT-TERM INVESTMENTS—3.3%          
Fidelity Investments Money Market Funds - Government Portfolio, 0.97%   19,233,705    19,233,705 
TOTAL SHORT-TERM INVESTMENTS          
(Cost $19,233,705)        19,233,705 
TOTAL INVESTMENTS—115.9%          
(Cost $530,400,662)        669,597,105 
LIABILITIES IN EXCESS OF OTHER ASSETS—(15.9)%        (91,810,602)
NET ASSETS—100.0%       $577,786,503 

 

PLCPublic Limited Company

 

*Non-income producing.

 

‡Security has been valued at fair market value as determined in good faith by or under the direction of the RBB Fund, Inc.'s Board of Directors. As of November 30, 2017, these securities amounted to $0 or 0.0% of net assets.

 

(a)All or a portion of the security is on loan. At November 30, 2017, the market value of securities on loan was $90,864,194.

 

The accompanying notes are an integral part of the portfolio of investments.

 

4 

 

BOSTON PARTNERS INVESTMENT FUNDS  
 

BOSTON PARTNERS SMALL CAP VALUE FUND II Portfolio of Investments

 

A summary of the inputs used to value the Fund's investments as of November 30, 2017 is as follows (see Notes to Portfolio of Investments):

 

   Total Value as of November 30, 2017   Level 1 Quoted Price   Level 2 Other Significant Observable Inputs   Level 3 Significant Unobservable Inputs 
Common Stocks  $557,712,266   $557,712,266   $-   $- 
Securities Lending Collateral   92,651,134    92,651,134    -    - 
Short-Term Investments   19,233,705    19,233,705    -    - 
Total Assets  $669,597,105   $669,597,105   $-   $- 

 

The accompanying notes are an integral part of the portfolio of investments.

 

5 

 

BOSTON PARTNERS INVESTMENT FUNDS NOVEMBER 30, 2017 (unaudited)

 

BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments

 

   Number
of Shares		   Value 
LONG POSITIONS—114.7%          
COMMON STOCKS—98.7%          
Basic Industries—6.8%          
AK Steel Holding Corp.(a)*   615,647   $2,998,201 
Alcoa Corp.*   79,714    3,308,928 
American Vanguard Corp.   207,891    4,137,031 
CF Industries Holdings, Inc.(a)   119,659    4,483,623 
CNX Resources Corp.*   128,788    1,796,593 
CONSOL Energy, Inc.*   16,099    354,167 
Constellium NV, Class A*   284,800    3,018,880 
Freeport-McMoRan, Inc.*   343,232    4,777,789 
Monsanto Co.†   31,422    3,718,479 
Mosaic Co., (The)(a)   120,063    2,916,330 
Nexeo Solutions, Inc.(a)*   257,041    2,038,335 
Nucor Corp.   67,554    3,884,355 
POSCO - SP ADR†   77,574    5,914,242 
Potash Corp. of Saskatchewan, Inc.   135,073    2,654,184 
Rio Tinto PLC - SP ADR†   110,354    5,285,957 
RPM International, Inc.   73,980    3,918,721 
Tahoe Resources, Inc.(a)   636,541    2,807,146 
Ternium SA - SP ADR   139,506    3,984,291 
UFP Technologies, Inc.*   68,101    1,876,183 
US Silica Holdings, Inc.(a)   56,296    1,867,338 
         65,740,773 
Capital Goods—10.6%          
Aegion Corp.*   130,146    3,595,934 
Aerojet Rocketdyne Holdings, Inc.(a)*†   97,705    3,076,730 
Ampco-Pittsburgh Corp.   82,061    1,173,472 
Arconic, Inc.   120,587    2,967,646 
BMC Stock Holdings, Inc.(a)*   227,473    5,254,626 
Builders FirstSource, Inc.*   223,829    4,566,112 
CECO Environmental Corp.   419,438    2,269,160 
Colfax Corp.*   92,774    3,456,759 
Columbus McKinnon Corp.†   95,387    3,809,757 
Daqo New Energy Corp. - ADR*†   98,509    5,376,621 
DMC Global, Inc.(a)   148,423    2,990,723 
Fairmount Santrol Holdings, Inc.(a)*   710,066    3,422,518 
Ferroglobe PLC   326,476    5,328,088 
Ferroglobe Representation & Warranty Insurance*‡   386,647    0 
Fluor Corp.†   122,744    5,942,037 
FreightCar America, Inc.   205,027    3,438,303 
Graham Corp.   111,797    2,218,053 
Great Lakes Dredge & Dock Corp.*   318,916    1,594,580 
Harsco Corp.*   92,519    1,669,968 
Hexcel Corp.(a)   55,957    3,469,334 
IES Holdings, Inc.(a)*   29,661    526,483 
Jacobs Engineering Group, Inc.   56,497    3,707,898 
KLX, Inc.(a)*   48,253    2,707,476 
Manitex International, Inc.*   463,245    3,849,566 
NCI Building Systems, Inc.*   166,213    2,775,757 
NOW, Inc.(a)*   150,314    1,551,241 
Quanta Services, Inc.*   58,362    2,211,920 
Safran SA - ADR   171,358    4,566,348 

 

The accompanying notes are an integral part of the portfolio of investments.

 

1 

 

Triumph Group, Inc.(a)   106,960    3,305,064 
Tutor Perini Corp.*†   186,726    4,705,495 
WESCO International, Inc.*   37,826    2,479,494 
World Fuel Services Corp.†   138,624    3,891,176 
         101,898,339 
Communications—1.7%          
Comcast Corp., Class A   132,129    4,960,123 
Iridium Communications, Inc.(a)*   252,893    3,123,228 
Liberty Global PLC LiLAC, Class C*   170,571    3,539,348 
Liberty Global PLC, Series C*   145,536    4,486,875 
         16,109,574 
Consumer Durables—1.6%          
Flexsteel Industries, Inc.   30,824    1,602,848 
Honda Motor Co., Ltd. - SP ADR(a)   133,797    4,460,792 
La-Z-Boy, Inc.   158,574    5,217,085 
Leggett & Platt, Inc.(a)   81,712    3,941,787 
         15,222,512 
Consumer Non-Durables—2.3%          
Hostess Brands, Inc.(a)*   253,384    3,562,579 
Leucadia National Corp.†   185,615    4,883,531 
Nomad Foods Ltd.*   308,143    5,062,790 
PVH Corp.   37,720    5,075,226 
VF Corp.(a)   46,638    3,402,708 
         21,986,834 
Consumer Services—16.1%          
ACCO Brands Corp.(a)*   292,658    3,848,453 
Alibaba Group Holding Ltd. - SP ADR(a)*   20,397    3,611,901 
Barrett Business Services, Inc.†   72,482    4,809,906 
BG Staffing, Inc.(a)   31,071    486,883 
Boot Barn Holdings, Inc.(a)*   233,829    3,463,007 
Carter's, Inc.†   54,271    5,878,635 
Civeo Corp.*   960,682    2,007,825 
comScore, Inc.(a)*   90,917    2,635,684 
Conduent, Inc.*   150,415    2,295,333 
Ctrip.com International Ltd. - ADR*   33,071    1,523,912 
CVS Health Corp.(a)†   76,507    5,860,436 
Dollar Tree, Inc.*   40,705    4,182,846 
Drive Shack, Inc.(a)†   792,837    4,899,733 
eBay, Inc.*   133,030    4,612,150 
Francesca's Holdings Corp.(a)*   472,697    3,507,412 
Franklin Covey Co.*   1,312    26,371 
Gray Television, Inc.(a)*   186,298    2,682,691 
Hackett Group Inc., (The)   244,264    3,988,831 
Heidrick & Struggles International, Inc.   155,604    3,890,100 
ICF International, Inc.*   55,525    3,001,126 
IHS Markit Ltd.*   59,472    2,653,641 
ILG, Inc.   65,718    1,846,019 
International Game Technology PLC†   212,596    5,844,264 
JD.com, Inc. - ADR*   63,635    2,383,131 
Jones Lang LaSalle, Inc.   27,470    4,188,900 
KAR Auction Services, Inc.   62,795    3,162,984 
Korn/Ferry International   100,540    4,407,674 
Kroger Co., (The)(a)   134,085    3,467,438 
La Quinta Holdings, Inc.*   138,445    2,465,705 
Liberty Expedia Holdings, Inc. Class A*†   45,671    2,058,849 
Lions Gate Entertainment Corp. Class B*   121,624    3,775,209 
ManpowerGroup, Inc.   30,179    3,890,073 
National CineMedia, Inc.   159,301    995,631 
Nielsen Holdings PLC(a)   73,146    2,685,921 
Perficient, Inc.(a)*   212,521    4,114,407 
Points International Ltd.*   92,575    1,064,612 

 

The accompanying notes are an integral part of the portfolio of investments.

 

2 

 

PRGX Global, Inc.*   161,819    1,221,733 
Sirius XM Holdings, Inc.(a)   397,348    2,185,414 
Stars Group Inc., (The)*   183,988    4,218,397 
Tailored Brands, Inc.(a)†   235,974    3,978,522 
Team, Inc.(a)*   82,037    1,128,009 
Tetra Tech, Inc.   69,081    3,454,050 
Time Warner, Inc.   64,845    5,933,966 
Townsquare Media, Inc. Class A*   199,993    1,587,944 
Travelport Worldwide Ltd.   207,823    2,782,750 
Twenty-First Century Fox, Inc., Class A   120,612    3,852,347 
Walgreens Boots Alliance, Inc.   66,894    4,867,207 
Wynn Resorts Ltd.(a)   26,781    4,233,540 
         155,661,572 
Energy—13.4%          
Anadarko Petroleum Corp.   89,935    4,324,974 
Andeavor†   45,913    4,842,444 
Baker Hughes a GE Co.   153,176    4,553,923 
Basic Energy Services, Inc.*†   272,562    6,097,212 
Canadian Natural Resources Ltd.†   150,619    5,108,997 
Chevron Corp.†   63,325    7,535,042 
Cimarex Energy Co.   19,911    2,311,866 
Dawson Geophysical Co.(a)*   228,365    1,118,989 
Diamond Offshore Drilling, Inc.(a)*   124,652    1,999,418 
Dril-Quip, Inc.(a)*   50,082    2,401,432 
Energen Corp.*   60,281    3,403,465 
Enerplus Corp.   336,234    3,063,092 
EOG Resources, Inc.   44,951    4,599,386 
EQT Corp.†   141,160    8,413,116 
Gulf Island Fabrication, Inc.(a)   67,102    852,196 
Gulfport Energy Corp.*   112,894    1,445,043 
Halcon Resources Corp.*   420,000    2,763,600 
Halliburton Co.†   136,090    5,685,840 
Jagged Peak Energy, Inc.(a)*   130,613    1,982,705 
Key Energy Services, Inc.(a)*   187,823    1,863,204 
Kosmos Energy Ltd.*†   237,568    1,895,793 
LUKOIL PJSC - SP ADR   33,853    1,894,075 
Midstates Petroleum Co, Inc.*   28,871    479,547 
Mitcham Industries, Inc.*   381,308    1,433,718 
National Oilwell Varco, Inc.(a)   104,422    3,503,358 
Oceaneering International, Inc.(a)   192,744    3,766,218 
Parsley Energy, Inc., Class A*   74,298    1,995,644 
PBF Energy, Inc. Class A(a)   91,664    2,967,164 
PetroChina Co., Ltd. - ADR   41,934    2,832,222 
Phillips 66(a)   57,336    5,593,700 
Pioneer Natural Resources Co.   28,684    4,475,851 
SandRidge Energy, Inc.(a)*   112,840    2,099,953 
Schlumberger Ltd.†   139,179    8,747,400 
Transocean Ltd.(a)*   170,580    1,729,681 
Valero Energy Corp.†   61,963    5,305,272 
Viper Energy Partners LP†   312,101    6,547,879 
         129,633,419 
Finance—19.7%          
AerCap Holdings NV*†   87,012    4,522,014 
Affiliated Managers Group, Inc.   26,608    5,286,211 
AMERCO(a)   7,468    2,768,164 
American International Group, Inc.†   69,311    4,155,888 
AmTrust Financial Services, Inc.(a)†   1,078,759    10,399,237 
Aspen Insurance Holdings Ltd.†   71,095    2,914,895 
Axis Capital Holdings Ltd.†   41,628    2,180,891 
Bank of America Corp.†   554,320    15,615,194 
Bank of the Ozarks   82,480    3,977,186 

 

The accompanying notes are an integral part of the portfolio of investments.

 

3 

 

Bar Harbor Bankshares   19,990    569,715 
Berkshire Hathaway, Inc., Class B*†   53,075    10,244,006 
BGC Partners, Inc., Class A   123,559    2,017,718 
Century Bancorp, Inc., Class A†   32,713    2,806,775 
Charles Schwab Corp., (The)†   93,031    4,538,982 
Chubb Ltd.†   31,809    4,838,467 
Citigroup, Inc.†   260,401    19,660,275 
Discover Financial Services†   79,756    5,630,774 
EZCORP, Inc., Class A*   240,981    2,903,821 
Fanhua, Inc. - SP ADR(a)   164,132    3,535,403 
Federated National Holding Co.(a)   149,100    2,015,832 
Flushing Financial Corp.†   88,734    2,509,398 
Greenhill & Co, Inc.(a)   130,890    2,657,067 
Heritage Insurance Holdings, Inc.(a)   110,493    1,986,664 
JPMorgan Chase & Co.(a)†   67,504    7,055,518 
Lazard Ltd., Class A†   106,602    5,250,148 
Loews Corp.   67,298    3,383,743 
Maiden Holdings Ltd.(a)†   658,244    4,278,586 
Morgan Stanley†   168,358    8,688,956 
Oaktree Capital Group LLC   85,097    3,646,406 
PennyMac Financial Services, Inc. Class A*†   195,136    4,127,126 
Silver Run Acquisition Corp. II Class A*   380,184    3,786,633 
State Street Corp.†   61,122    5,827,983 
Stifel Financial Corp.   57,754    3,248,085 
SVB Financial Group*†   26,089    5,938,900 
Synchrony Financial†   144,393    5,182,265 
Triton International Ltd.(a)   94,475    3,738,376 
Validus Holdings Ltd.†   75,664    3,721,156 
White Mountains Insurance Group Ltd.   4,248    3,784,926 
         189,393,384 
Health Care—7.9%          
Allergan PLC   21,845    3,797,316 
Anthem, Inc.†   26,967    6,336,166 
Avadel Pharmaceuticals PLC*   155,822    1,410,189 
Carriage Services, Inc.(a)   114,753    2,939,972 
Cascadian Therapeutics, Inc.*   333,368    1,420,148 
Cigna Corp.†   23,599    4,996,616 
Five Star Senior Living, Inc.*   598,297    897,446 
Fresenius Medical Care AG & Co. KGaA - ADR†   96,864    4,831,576 
HCA Healthcare, Inc.*†   53,675    4,562,375 
Keryx Biopharmaceuticals, Inc.(a)*   353,798    1,694,692 
Laboratory Corp. of America Holdings*†   37,043    5,862,796 
LHC Group, Inc.*†   55,959    3,680,424 
Medtronic PLC†#   76,500    6,282,945 
Merck & Co., Inc.†   68,631    3,793,235 
Mylan NV*   124,232    4,538,195 
Paratek Pharmaceuticals, Inc.(a)*   116,987    2,205,205 
Psychemedics Corp.   6,392    117,805 
Sanofi - ADR†   116,614    5,322,263 
Shire PLC - ADR(a)   30,181    4,489,424 
UnitedHealth Group, Inc.†   32,030    7,308,285 
         76,487,073 
Real Estate Investment Trusts—2.3%          
Colony NorthStar, Inc. Class A   329,992    4,022,602 
Kimco Realty Corp.(a)   151,628    2,808,151 
Marcus & Millichap, Inc.(a)*   39,098    1,249,572 
MedEquities Realty Trust, Inc.   355,983    3,990,569 
New Residential Investment Corp.†   212,287    3,755,357 
Realogy Holdings Corp.†   123,430    3,444,931 
Wheeler Real Estate Investment Trust, Inc.(a)   268,388    2,761,713 
         22,032,895 

 

The accompanying notes are an integral part of the portfolio of investments.

 

4 

 

Technology—11.1%          
51job, Inc. - ADR(a)*   60,421    3,474,207 
Baidu, Inc. - SP ADR*   16,821    4,013,154 
Belden, Inc.(a)   59,153    5,009,668 
Capgemini SE - ADR   186,228    4,290,879 
CDW Corp.   43,354    3,035,214 
Citrix Systems, Inc.(a)*   44,659    3,913,468 
Cognizant Technology Solutions Corp., Class A†#   67,156    4,854,036 
Dolby Laboratories, Inc. Class A†   76,033    4,727,732 
DST Systems, Inc.   54,587    3,416,054 
First Data Corp., Class A*   223,048    3,669,140 
Flex Ltd.*†   299,440    5,410,881 
Gaia, Inc.(a)*   72,419    923,342 
Generac Holdings, Inc.*   67,062    3,297,439 
Hollysys Automation Technologies, Ltd.(a)   120,202    2,983,414 
Infosys Ltd. - SP ADR   213,095    3,315,758 
Insight Enterprises, Inc.*   104,758    4,085,562 

 

The accompanying notes are an integral part of the portfolio of investments.

 

5 

 

InterDigital Inc.(a)   66,093    5,029,677 
International Business Machines Corp.   31,598    4,865,144 
Luxoft Holding, Inc.*   68,666    3,536,299 
Net 1 UEPS Technologies, Inc.(a)*   199,904    2,218,934 
NetEase, Inc. - ADR(a)   8,181    2,689,176 
Oracle Corp.†   90,046    4,417,657 
PayPal Holdings, Inc.*†   50,453    3,820,806 
Photronics, Inc.*   110,300    1,064,395 
Powell Industries, Inc.   65,385    1,835,357 
Quality Systems, Inc.*   168,686    2,434,139 
Sabre Corp.(a)   104,887    2,088,300 
VeriSign, Inc.(a)*   29,120    3,351,712 
Yandex NV, Class A*   138,253    4,577,557 
Zebra Technologies Corp., Class A*   38,310    4,226,359 
         106,575,460 
Transportation—4.3%          
AP Moller - Maersk A/S - ADR   326,848    2,905,679 
Atlas Air Worldwide Holdings, Inc.(a)*   70,629    4,078,825 
Controladora Vuela Cia de Aviacion SAB de CV - ADR*   179,919    1,646,259 
Dorian LPG Ltd.(a)*   275,060    1,985,933 
Expeditors International of Washington, Inc.   41,878    2,712,857 
Gener8 Maritime, Inc.(a)*   415,116    1,888,778 
Golar LNG Partners LP(a)   108,162    2,162,158 
Overseas Shipholding Group, Inc., Class A*   332,600    971,192 
Ryanair Holdings PLC - SP ADR(a)*   35,428    4,320,090 
Safe Bulkers, Inc.(a)*   1,468,808    4,656,121 
Scorpio Bulkers, Inc.(a)   304,688    2,193,754 
Scorpio Tankers, Inc.   694,362    2,152,522 
SEACOR Marine Holdings, Inc.(a)*   136,271    1,669,320 
Teekay LNG Partners LP(a)   192,444    3,473,614 
XPO Logistics, Inc.(a)*   57,035    4,507,476 
         41,324,578 
Utilities—0.9%          
Archrock Partners LP   146,951    1,609,113 
Cheniere Energy, Inc.*   78,914    3,813,125 
MPLX LP   99,012    3,550,570 
         8,972,808 
TOTAL COMMON STOCKS          
(Cost $735,495,087)        951,039,221 
EXCHANGE TRADED FUNDS—0.6%          
Energy—0.6%          
Alerian MLP ETF(a)   562,514    5,833,270 
TOTAL EXCHANGE TRADED FUNDS          
(Cost $5,772,731)        5,833,270 
WARRANTS—0.0%          
Finance—0.0%          
Silver Run Acquisition Corp. II *   150,651    233,508 
TOTAL WARRANTS          
(Cost $251,084)        233,508 
SECURITIES LENDING COLLATERAL—14.5%          
Mount Vernon Liquid Assets Portfolio, LLC, 1.34%   140,140,988    140,140,988 
TOTAL SECURITIES LENDING COLLATERAL          
(Cost $140,140,988)        140,140,988 

 

The accompanying notes are an integral part of the portfolio of investments.

 

6 

 

SHORT-TERM INVESTMENTS—0.9%          
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 0.97%   8,209,313    8,209,313 
TOTAL SHORT-TERM INVESTMENTS          
(Cost $8,209,313)        8,209,313 
TOTAL LONG POSITIONS—114.7%          
(Cost $889,869,203)        1,105,456,300 
SECURITIES SOLD SHORT—(39.6%)          
COMMON STOCKS—(37.9%)          
Basic Industries—0.0%          
Kennady Diamonds, Inc.*   (45,900)   (93,212)
Tanzanian Royalty Exploration Corp.*   (171,865)   (44,668)
         (137,880)
Capital Goods—(2.2%)          
AAON, Inc.   (148,513)   (5,413,299)
American Outdoor Brands Corp.*   (96,172)   (1,349,293)
Applied Energetics, Inc.*   (238,070)   (7,142)
DynaMotive Energy Systems Corp.*‡   (72,185)   (7)
EnviroStar, Inc.   (47,643)   (1,338,768)
John Bean Technologies Corp.   (28,464)   (3,408,564)
Proto Labs, Inc.*   (72,603)   (6,984,409)
Tennant Co.   (40,986)   (2,696,879)
         (21,198,361)
Communications—(0.7%)          
CTC Communications Group, Inc.*‡   (98,900)   0 
Gogo, Inc.*   (206,241)   (2,270,713)
Netflix, Inc.*   (25,049)   (4,698,692)
         (6,969,405)
Consumer Durables—(3.3%)          
iRobot Corp.*   (29,919)   (2,053,042)
Kandi Technologies Group, Inc.*   (311,076)   (2,115,317)
Qsound Labs, Inc.*‡   (4,440)   0 
Sharp Corp.*   (99,000)   (3,142,309)
Tesla Motors, Inc.*   (63,871)   (19,726,558)
Universal Electronics, Inc.*   (87,209)   (4,630,798)
         (31,668,024)
Consumer Non-Durables—(3.1%)          
Amish Naturals, Inc.*‡   (25,959)   0 
Amplify Snack Brands, Inc.*   (160,969)   (933,620)
Blue Buffalo Pet Products, Inc.*   (136,072)   (4,178,771)
Calavo Growers, Inc.   (72,970)   (5,574,908)
elf Beauty, Inc.*   (198,573)   (4,400,378)
Freshpet, Inc.*   (120,194)   (2,283,686)
Funko, Inc., Class A*   (375,144)   (3,331,279)
MGP Ingredients, Inc.   (57,804)   (4,297,727)
National Beverage Corp.   (26,567)   (2,898,991)
SunOpta, Inc.*   (232,443)   (1,836,300)
Valence Technology, Inc.*‡   (27,585)   (3)
         (29,735,663)
Consumer Services—(4.0%)          
Carvana Co.*   (76,230)   (1,235,688)
Casey's General Stores, Inc.   (38,388)   (4,635,351)
Cimpress NV*   (47,657)   (5,804,623)
Corporate Resource Services, Inc.*   (218,896)   (153)
Freshii, Inc.*   (200,079)   (925,839)
HelloFresh AG*   (202,008)   (2,428,443)
Jamba, Inc.*   (111,749)   (957,689)
Red Robin Gourmet Burgers, Inc.*   (109,579)   (5,741,939)
RH*   (39,787)   (4,034,004)
Stitch Fix, Inc., Class A*   (21,798)   (436,832)
Sturm Ruger & Co, Inc.   (33,396)   (1,828,431)
Trade Desk Inc., Class A, (The)*   (46,083)   (2,264,519)

 

The accompanying notes are an integral part of the portfolio of investments.

 

7 

 

TransEnterix, Inc.*   (566,390)   (1,308,361)
Tuniu Corp. - SP ADR*   (309,373)   (2,682,264)
Wayfair, Inc. Class A*   (30,800)   (2,155,692)
Wingstop, Inc.   (50,972)   (1,997,593)
         (38,437,421)
Energy—0.0%          
Beard Co.*   (9,710)   (9)
Finance—(1.2%)          
Cincinnati Financial Corp.   (55,005)   (4,110,524)
Farmers & Merchants Bancorp Inc.   (66,887)   (2,720,294)
RLI Corp.   (79,791)   (4,765,916)
         (11,596,734)
Health Care—(9.3%)          
Abaxis, Inc.   (99,391)   (4,844,317)
Acorda Therapeutics, Inc.*   (102,208)   (2,074,822)
Analogic Corp.   (53,488)   (4,428,806)
AtriCure, Inc.*   (206,456)   (3,819,436)
AxoGen, Inc.*   (237,109)   (6,330,810)
Blueprint Medicines Corp.*   (35,181)   (2,640,686)
BodyTel Scientific, Inc.*‡   (4,840)   (1)
CareView Communications, Inc.*   (207,465)   (10,353)
Corindus Vascular Robotics, Inc.*   (624,000)   (804,960)
Cross Country Healthcare, Inc.*   (446,329)   (6,101,317)
Endologix, Inc.*   (213,502)   (1,172,126)
Exact Sciences Corp.*   (79,417)   (4,723,723)
Foundation Medicine, Inc.*   (71,573)   (3,807,684)
Heska Corp.*   (71,578)   (6,143,540)
Illumina, Inc.*   (12,351)   (2,841,101)
Insulet Corp.*   (70,840)   (5,081,353)
Invacare Corp.   (255,350)   (4,481,393)
K2M Group Holdings, Inc.*   (144,654)   (2,843,898)
Luminex Corp.   (138,029)   (2,948,299)
Momenta Pharmaceuticals, Inc.*   (224,967)   (3,104,545)
Neogen Corp.*   (35,617)   (2,988,266)
OraSure Technologies, Inc.*   (331,724)   (5,490,032)
Puma Biotechnology, Inc.*   (21,526)   (2,279,603)
STAAR Surgical Co.*   (432,339)   (7,501,082)
Tactile Systems Technology, Inc.*   (104,427)   (3,115,057)
         (89,577,210)
Real Estate Investment Trusts—(0.4%)          
Redfin Corp.*   (155,834)   (3,549,899)
Technology—(10.9%)          
2U, Inc.*   (38,496)   (2,467,594)
8x8, Inc.*   (143,509)   (2,023,477)
Advanced Micro Devices, Inc.*   (165,407)   (1,801,282)
Ambarella, Inc.*   (85,822)   (4,657,560)
ANTs software, Inc.*‡   (10,334)   (1)
Axcelis Technologies, Inc.*   (167,355)   (5,355,360)
Benefitfocus, Inc.*   (37,700)   (1,021,670)
Callidus Software, Inc.*   (127,545)   (3,733,880)
Capstone Turbine Corp.*   (33,777)   (26,684)
Carbonite, Inc.*   (205,832)   (4,950,259)
Cavium, Inc.*   (34,283)   (2,930,511)
Cirrus Logic, Inc.*   (72,853)   (4,024,400)
Consygen, Inc.*‡   (200)   0 
Ener1, Inc.*‡   (102,820)   (10)
FireEye, Inc.*   (204,041)   (2,885,140)
Impinj, Inc.*   (87,602)   (2,231,223)
Inseego Corp.*   (801,495)   (1,474,751)
Interliant, Inc.*‡   (600)   0 
Internap Corp.*   (169,436)   (3,017,660)

 

The accompanying notes are an integral part of the portfolio of investments.

 

8 

 

Knowles Corp.*   (248,326)   (3,921,067)
LivePerson, Inc.*   (208,460)   (2,313,906)
Materialise NV - ADR*   (222,600)   (3,249,960)
Medidata Solutions, Inc.*   (52,884)   (3,524,190)
MINDBODY, Inc. Class A*   (149,625)   (4,877,775)
Nestor, Inc.*‡   (15,200)   (1)
New Relic, Inc.*   (54,392)   (3,061,182)
NVIDIA Corp.   (9,721)   (1,951,102)
PDF Solutions, Inc.*   (180,304)   (3,261,699)
Proofpoint, Inc.*   (31,553)   (2,841,348)
PROS Holdings, Inc.*   (130,390)   (3,271,485)
Snap, Inc. Class A*   (429,238)   (5,914,900)
SunPower Corp.*   (302,711)   (2,500,393)
Tableau Software, Inc. Class A*   (48,494)   (3,409,128)
Tiger Telematics, Inc.*‡   (6,510)   0 
TrueCar, Inc.*   (254,294)   (3,099,844)
Twilio, Inc., Class A*   (104,767)   (2,793,088)
Tyler Technologies, Inc.*   (25,135)   (4,597,694)
Uni-Pixel, Inc.*   (19,665)   (293)
Workday, Inc., Class A*   (24,649)   (2,538,847)
Worldgate Communications, Inc.*‡   (582,655)   (58)
XRiver Corp.*‡   (34,156)   0 
Zendesk, Inc.*   (141,867)   (4,768,150)
         (104,497,572)
Utilities—(2.8%)          
Cadiz, Inc.*   (124,171)   (1,701,143)
California Water Service Group   (90,306)   (4,117,954)
Chesapeake Utilities Corp.   (42,510)   (3,636,731)
El Paso Electric Co.   (65,507)   (3,989,376)
MGE Energy, Inc.   (44,622)   (2,945,052)
New Jersey Resources Corp.   (40,857)   (1,822,222)
NorthWestern Corp.   (24,381)   (1,566,723)
ONE Gas, Inc.   (24,589)   (1,948,678)
PNM Resources, Inc.   (45,604)   (2,074,982)
Spire, Inc.   (22,065)   (1,814,846)
WGL Holdings, Inc.   (21,334)   (1,803,576)
         (27,421,283)

 

The accompanying notes are an integral part of the portfolio of investments.

 

9 

 

TOTAL COMMON STOCKS          
(Proceeds $(323,342,955))        (364,789,461)
EXCHANGE TRADED FUNDS—(1.7%)          
Finance—(1.7%)          
iShares 20+ Year Treasury Bond ETF   (63,505)   (7,945,745)
SPDR Bloomberg Barclays International Treasury Bond ETF   (294,912)   (8,378,450)
         (16,324,195)
TOTAL EXCHANGE TRADED FUNDS          
(Proceeds $(16,580,195))        (16,324,195)
TOTAL SECURITIES SOLD SHORT—(39.6%)          
(Proceeds $(339,923,150))        (381,113,656)

 

   Number of Contracts   Notional Amount     
OPTIONS WRITTEN††—0.0%               
Call Options Written†—(0.0%)               
Sears Holdings Corp.               
Expiration:               
01/18/2019,               
Exercise Price:               
10.00   (3,315)   (1,352,520)   (122,655)
TOTAL CALL OPTIONS WRITTEN               
(Premiums received $(933,466))             (122,655)
Put Options Written†—(0.0%)               
Cognizant Technology Solutions Corp., Class A               
Expiration:               
01/18/2019,               
Exercise Price:               
45.00   (694)   (5,016,232)   (50,315)
Medtronic PLC               
Expiration:               
01/18/2019,               
Exercise Price:               
70.00   (695)   (5,708,035)   (186,260)
Wells Fargo & Co.               
Expiration:               
01/18/2019,               
Exercise Price:               
40.00   (1,692)   (9,554,724)   (135,360)
TOTAL PUT OPTIONS WRITTEN               
(Premiums received $(1,937,914))             (371,935)
TOTAL OPTIONS WRITTEN               
(Premiums received $(2,871,380))             (494,590)
OTHER ASSETS IN EXCESS OF LIABILITIES—24.9%             239,571,232 
NET ASSETS—100.0%            $963,419,286 

 

ADRAmerican Depositary Receipt

 

PLCPublic Limited Company

 

*Non-income producing.

 

(a)All or a portion of the security is on loan. At November 30, 2017, the market value of securities on loan was $137,187,997.

 

†Security position is either entirely or partially held in a segregated account as collateral for securities sold short.

 

#Security segregated as collateral for options written.

 

†† Primary risk exposure is equity contracts.

 

‡Security has been valued at fair market value as determined in good faith by or under the direction of the RBB Fund, Inc.'s Board of Directors. As of November 30, 2017, short securities amounted to $(81) or 0.0% of net assets.

 

The accompanying notes are an integral part of the portfolio of investments.

 

10 

 

BOSTON PARTNERS INVESTMENT FUNDS

 

BOSTON PARTNERS LONG/SHORT EQUITY FUND     Portfolio of Investments

 

A summary of the inputs used to value the Fund's investments as of November 30, 2017 is as follows (see Notes to Portfolio of Investments):

 

   Total Value as of November 30, 2017   Level 1
Quoted Price		   Level 2 Other
Significant
Observable Inputs		   Level 3 Significant Unobservable Inputs 
Common Stock                    
Basic Industries  $65,740,773   $65,740,773   $-   $- 
Capital Goods   101,898,339    101,898,339    -    - 
Communications   16,109,574    16,109,574    -    - 
Consumer Durables   15,222,512    15,222,512    -    - 
Consumer Non-Durables   21,986,834    21,986,834    -    - 
Consumer Services   155,661,572    155,661,572    -    - 
Energy   129,633,419    129,633,419    -    - 
Finance   189,393,384    189,393,384    -    - 
Health Care   76,487,073    76,487,073    -    - 
Real Estate Investment Trusts   22,032,895    22,032,895    -    - 
Technology   106,575,460    106,575,460    -    - 
Transportation   41,324,578    41,324,578    -    - 
Utilities   8,972,808    8,972,808    -    - 
Exchange Traded Funds   5,833,270    5,833,270    -    - 
Warrants   233,508    233,508    -    - 
Securities Lending Collateral   140,140,988    140,140,988    -    - 
Short-Term Investments   8,209,313    8,209,313    -    - 
Total Assets  $1,105,456,300   $1,105,456,300   $-   $- 

 

   Total Value as of November 30, 2017   Level 1
Quoted Price		   Level 2 Other Significant Observable Inputs   Level 3 Significant Unobservable Inputs 
Securities Sold Short                    
Basic Industries  $(137,880)  $(137,880)  $-   $- 
Capital Goods   (21,198,361)   (21,198,354)   -    (7)
Communications   (6,969,405)   (6,969,405)   -    - 
Consumer Durables   (31,668,024)   (28,525,715)   (3,142,309)   - 
Consumer Non-Durables   (29,735,663)   (29,735,660)   -    (3)
Consumer Services   (38,437,421)   (38,437,421)   -    - 
Energy   (9)   (9)   -    - 
Finance   (11,596,734)   (11,596,734)   -    - 
Health Care   (89,577,210)   (89,577,209)   -    (1)
Real Estate Investment Trusts   (3,549,899)   (3,549,899)   -    - 
Technology   (104,497,572)   (104,497,502)   -    (70)
Utilities   (27,421,283)   (27,421,283)   -    - 
Exchange Traded Funds   (16,324,195)   (16,324,195)   -    - 
Options Written                    
Equity Contracts   (494,590)   (444,275)   (50,315)   - 
Total Liabilities  $(381,608,246)  $(378,415,541)  $(3,192,624)  $(81)

 

The accompanying notes are an integral part of the portfolio of investments.

 

11 

 

BOSTON PARTNERS INVESTMENT FUNDS NOVEMBER 30, 2017 (unaudited)

 

BOSTON PARTNERS LONG/SHORT RESEARCH FUND Portfolio of Investments
   

 

   Number of     
   Shares   Value 
LONG POSITIONS—100.0%          
COMMON STOCKS—94.4%          
Basic Industries—5.1%          
Berry Global Group, Inc.*†   405,722   $24,250,004 
BHP Billiton PLC   834,605    15,179,566 
Celanese Corp., Series A   300,388    32,213,609 
Crown Holdings, Inc.*†   267,174    15,958,303 
DowDuPont, Inc.   281,866    20,283,077 
FMC Corp.   209,994    19,823,434 
Graphic Packaging Holding Co.†   3,173,926    48,592,807 
Ivanhoe Mines Ltd., Class A*   2,897,503    9,904,266 
PQ Group Holdings, Inc.*   952,928    15,723,312 
RPC Group PLC   3,127,218    39,117,914 
Steel Dynamics, Inc.   427,001    16,439,538 
Stornoway Diamond Corp.*   26,913,645    13,768,171 
SunCoke Energy, Inc.*   958,245    10,914,410 
Valvoline, Inc.   995,220    24,542,125 
WestRock Co.†   702,852    43,864,993 
         350,575,529 
Capital Goods—10.9%          
AMETEK, Inc.   547,294    39,782,801 
BAE Systems PLC   1,641,507    12,223,978 
Bunzl PLC   1,112,616    31,836,983 
Cemex SAB de CV -  SP ADR*   3,843,495    29,172,127 
Cummins, Inc.   121,652    20,364,545 
General Dynamics Corp.†   266,196    55,145,163 
Honeywell International, Inc.†   250,708    39,100,420 
Huntington Ingalls Industries, Inc.   131,412    31,758,338 
Illinois Tool Works, Inc.   137,641    23,295,739 
L3 Technologies, Inc.   119,959    23,822,658 
Lockheed Martin Corp.†   160,971    51,369,066 
Masco Corp.†   822,482    35,292,703 
Northrop Grumman Corp.†   116,380    35,775,212 
Owens Corning   497,747    43,975,947 
PACCAR, Inc.   275,176    19,353,128 
Raytheon Co.†   308,563    58,981,817 
Snap-on, Inc.   139,019    23,553,989 
Spirit AeroSystems Holdings, Inc. Class A   260,223    21,923,788 
Textron, Inc.†   1,019,030    56,770,161 
Trinseo SA   297,385    21,947,013 
Tutor Perini Corp.*   679,911    17,133,757 
United Technologies Corp.†   309,182    37,550,154 
Vinci SA   155,853    15,920,947 
         746,050,434 
Communications—2.7%          
Comcast Corp., Class A†   1,678,856    63,024,254 
Liberty Global PLC LiLAC, Class C*†   517,925    10,746,944 

 

The accompanying notes are an integral part of the portfolio of investments.

 

1 

 

Liberty Global PLC, Series C*†   1,690,280    52,111,332 
Verizon Communications, Inc.†   539,274    27,443,654 
Vodafone Group PLC   10,057,499    30,494,993 
         183,821,177 
Consumer Durables—0.9%          
BorgWarner, Inc.   730,268    40,661,322 
Lear Corp.   119,256    21,572,218 
         62,233,540 
Consumer Non-Durables—5.1%          
Activision Blizzard, Inc.   301,557    18,817,157 
Altria Group, Inc.†   544,826    36,955,548 
Asahi Group Holdings Ltd.   575,300    29,232,024 
Coca-Cola Bottlers Japan, Inc.   698,300    26,574,353 
Coca-Cola European Partners PLC   939,640    36,636,564 
Electronic Arts, Inc.*   194,023    20,634,346 
Hasbro, Inc.   275,887    25,663,009 
Heineken Holding NV   426,378    41,050,677 
Kirin Holdings Co Ltd.   1,012,100    23,690,043 
Nomad Foods Ltd.*†   3,166,963    52,033,202 
PepsiCo, Inc.   293,456    34,193,493 
         345,480,416 
Consumer Services—8.2%          
Alibaba Group Holding Ltd. - SP ADR*   217,782    38,564,837 
CBS Corp., Class B†   721,539    40,449,476 
CVS Health Corp.†   533,985    40,903,251 
eBay, Inc.*†   1,661,467    57,603,061 
Home Depot, Inc., (The)   91,892    16,524,019 
Interpublic Group of Cos., Inc., (The)   760,330    15,039,327 
JD.com, Inc. - ADR*   499,660    18,712,267 
Koninklijke Ahold Delhaize NV   746,058    15,979,473 
Liberty Interactive Corp., Class A*   1,573,358    38,389,935 
Omnicom Group, Inc.†   215,442    15,391,176 
Randstad Holding NV   279,887    17,215,657 
Robert Half International, Inc.†   594,734    33,923,627 
Six Flags Entertainment Corp.†   561,571    36,737,975 
Tesco PLC   12,255,076    32,161,408 
Time Warner, Inc.†   648,903    59,381,114 
TJX Cos., Inc., (The)   373,972    28,253,585 
Twenty-First Century Fox, Inc., Class A†   1,751,564    55,944,954 
         561,175,142 
Energy—10.2%          
Anadarko Petroleum Corp.   650,234    31,269,753 
Andeavor†   363,695    38,358,912 
Cabot Oil & Gas Corp.   1,054,886    30,538,950 
Chevron Corp.†   172,092    20,477,227 
Cimarex Energy Co.   158,123    18,359,662 
ConocoPhillips   777,194    39,543,631 
Diamondback Energy, Inc.*   471,353    51,523,596 
Energen Corp.*†   325,543    18,380,158 
Enerplus Corp.   1,507,436    13,728,925 
EQT Corp.†   491,914    29,318,074 
Hurricane Energy PLC*   43,570,719    14,878,496 
Jagged Peak Energy, Inc.*   1,569,882    23,830,809 

 

The accompanying notes are an integral part of the portfolio of investments.

 

2 

 

Kosmos Energy Ltd.*†   1,086,916    8,673,590 
Marathon Petroleum Corp.†   586,249    36,716,775 
Parsley Energy, Inc., Class A*†   1,716,769    46,112,415 
Pioneer Natural Resources Co.   220,814    34,455,817 
Royal Dutch Shell PLC, Class A   2,178,079    69,648,205 
RSP Permian, Inc.*   1,269,800    46,639,754 
Targa Resources Corp.   647,441    28,098,939 
TOTAL SA   371,589    21,004,035 
Viper Energy Partners LP†   1,217,525    25,543,674 
Vista Oil & Gas SAB de CV*   1,204,819    11,797,563 
WildHorse Resource Development Corp.*   780,519    12,878,564 
YPF SA - SP ADR*   979,421    22,223,062 
         694,000,586 
Finance—19.7%          
Air Lease Corp.   232,766    10,078,768 
Alleghany Corp.*   49,252    28,802,570 
Allstate Corp., (The)†   392,390    40,282,757 
American International Group, Inc.   592,737    35,540,511 
Aon PLC†   198,263    27,800,438 
Aviva PLC   5,297,825    36,546,796 
Bank of America Corp.†   3,116,671    87,796,622 
BB&T Corp.†   399,728    19,754,558 
Berkshire Hathaway, Inc., Class B*†   213,177    41,145,293 
Capital One Financial Corp.†   219,701    20,212,492 
Charles Schwab Corp., (The)   496,962    24,246,776 
Chubb Ltd.†   279,322    42,487,669 
Citigroup, Inc.†   1,123,751    84,843,200 
Citizens Financial Group, Inc.†   785,261    31,960,123 
Discover Financial Services†   696,856    49,198,034 
East West Bancorp, Inc.   395,538    24,341,409 
Fifth Third Bancorp†   783,381    23,900,954 
Goldman Sachs Group, Inc., (The)†   91,222    22,590,216 
Huntington Bancshares, Inc.†   2,424,651    34,914,974 
JPMorgan Chase & Co.†   726,416    75,925,000 
KeyCorp   1,764,514    33,490,476 
Lloyds Banking Group PLC   22,576,859    20,148,342 
Marsh & McLennan Cos., Inc.   362,045    30,386,437 
Melrose Industries PLC   4,139,111    11,181,880 
MetLife, Inc.   573,460    30,783,333 
Morgan Stanley   187,884    9,696,693 
Navient Corp.†   1,594,292    20,104,022 
Nedbank Group Ltd.   807,977    13,584,644 
Raymond James Financial, Inc.   319,195    28,184,918 
Regions Financial Corp.   1,957,802    32,479,935 
SLM Corp.*   3,033,609    35,098,856 
Sompo Holdings, Inc.   804,100    32,606,535 
State Street Corp.†   221,262    21,097,332 
SunTrust Banks, Inc.†   401,198    24,725,833 
Swiss Re AG   230,200    21,613,626 
Synchrony Financial   1,125,193    40,383,177 
TD Ameritrade Holding Corp.†   465,947    23,842,508 
Travelers Cos., Inc., (The)†   178,724    24,229,613 
US Bancorp   359,571    19,830,341 

 

The accompanying notes are an integral part of the portfolio of investments.

 

3 

 

Validus Holdings Ltd.   527,674    25,951,007 
Wells Fargo & Co.†   1,039,117    58,678,937 
XL Group Ltd.   671,260    26,058,313 
         1,346,525,918 
Health Care—7.4%          
Anthem, Inc.†   188,677    44,331,548 
Cardinal Health, Inc.†   464,955    27,520,686 
Celgene Corp.*   122,274    12,328,887 
Cigna Corp.†   145,120    30,726,258 
Express Scripts Holding Co.*   390,992    25,484,859 
Gilead Sciences, Inc.   207,666    15,529,264 
Johnson & Johnson   308,289    42,953,906 
Laboratory Corp. of America Holdings*†   227,723    36,041,719 
McKesson Corp.   147,154    21,740,532 
Medtronic PLC   204,856    16,824,823 
Merck & Co., Inc.†   954,634    52,762,621 
Pfizer, Inc.†   751,450    27,247,577 
Roche Holding AG   65,884    16,649,882 
Sanofi - ADR   416,605    19,013,852 
Shire PLC - ADR   116,062    17,264,223 
UnitedHealth Group, Inc.   139,781    31,893,831 
Universal Health Services, Inc., Class B   265,974    28,818,283 
Waters Corp.*   188,691    37,204,204 
         504,336,955 
Technology—23.4%          
Alliance Data Systems Corp.   133,637    31,975,325 
Alphabet, Inc., Class C*   32,058    32,744,362 
Alphabet, Inc., Class A*†   120,902    125,275,025 
Amdocs Ltd.†   610,979    39,890,819 
Apple, Inc.†   200,100    34,387,185 
Arrow Electronics, Inc.*†   513,304    41,439,032 
Baidu, Inc. - SP ADR*†   162,900    38,864,682 
Belden, Inc.   284,531    24,096,930 
Broadcom Ltd.†   234,481    65,171,649 
Capgemini SA   301,710    34,749,074 
CDW Corp.†   332,178    23,255,782 
Cisco Systems, Inc.†   1,250,192    46,632,162 
CommScope Holding Co., Inc.*   367,051    13,210,166 
Dell Technologies Inc., Class V*   74,816    5,853,604 
DXC Technology Co.†   813,226    78,183,548 
Eaton Corp. PLC   498,085    38,741,051 
EnerSys   182,935    12,638,979 
Equiniti Group PLC   1,692,947    6,726,640 
Flex Ltd.*†   3,408,589    61,593,203 
Harris Corp.†   559,858    80,899,481 
Hewlett Packard Enterprise Co.†   2,653,529    37,016,730 
HP, Inc.†   1,577,354    33,834,243 
Jabil, Inc.†   332,971    9,606,213 
KLA-Tencor Corp.   272,002    27,809,484 
Leidos Holdings, Inc.†   508,015    32,294,514 
Marvell Technology Group Ltd.†   2,241,315    50,070,977 
Micro Focus International PLC - SP ADR*†   364,398    12,207,333 
Microsoft Corp.†   802,774    67,569,488 

 

The accompanying notes are an integral part of the portfolio of investments.

 

4 

 

NetApp, Inc.   996,646    56,320,465 
NetEase, Inc. - ADR†   183,318    60,258,460 
ON Semiconductor Corp.*†   1,799,454    36,133,036 
Oracle Corp.†   1,469,752    72,106,033 
PayPal Holdings, Inc.*†   207,340    15,701,858 
Priceline Group, Inc., (The)*   12,994    22,605,792 
Qorvo, Inc.*   126,477    9,685,609 
Samsung Electronics Co., Ltd.   34,577    81,375,684 
TE Connectivity Ltd.†   530,430    50,093,809 
Texas Instruments, Inc.†   321,330    31,262,196 
Versum Materials, Inc.   564,946    21,693,926 
Yandex NV, Class A*   379,745    12,573,357 
YY, Inc. - ADR*   249,120    25,706,693 
         1,602,254,599 
Transportation—0.4%          
Delta Air Lines, Inc.†   367,056    19,424,604 
United Continental Holdings, Inc.*   136,004    8,611,773 
         28,036,377 
Utilities—0.4%          
Boardwalk Pipeline Partners LP   943,337    12,678,449 
E.ON SE   1,167,836    13,528,137 
         26,206,586 
TOTAL COMMON STOCKS          
(Cost $4,796,402,596)        6,450,697,259 
WARRANTS—0.0%          
Energy—0.0%          
Vista Oil & Gas SAB de CV *‡   1,204,819    339,428 
Finance—0.0%          
Silver Run Acquisition Corp. II *   0    1 
TOTAL WARRANTS          
(Cost $0)        339,429 
SHORT-TERM INVESTMENTS—5.6%          
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 0.97%   383,259,575    383,259,575 
TOTAL SHORT-TERM INVESTMENTS          
(Cost $383,259,575)        383,259,575 
TOTAL LONG POSITIONS—100.0%          
(Cost $5,179,662,171)        6,834,296,263 
SECURITIES SOLD SHORT—(47.7%)          
COMMON STOCKS—(47.7%)          
Basic Industries—(2.5%)          
Air Liquide SA   (135,080)   (16,867,964)
AptarGroup, Inc.   (314,021)   (27,762,597)
Balchem Corp.   (193,993)   (16,929,769)
Ball Corp.   (642,798)   (25,654,068)
Cameco Corp.   (2,155,964)   (20,222,942)
First Quantum Minerals Ltd.   (1,109,896)   (12,758,019)
Greif, Inc., Class A   (296,142)   (16,160,469)
NewMarket Corp.   (53,751)   (21,528,350)
Sonoco Products Co.   (237,341)   (12,700,117)
         (170,584,295)
Capital Goods—(2.7%)          
Actuant Corp., Class A   (598,187)   (15,792,137)
Airbus Group SE   (126,037)   (13,115,560)

 

The accompanying notes are an integral part of the portfolio of investments.

 

5 

 

HB Fuller Co.   (341,938)   (19,343,433)
James Hardie Industries PLC   (845,545)   (13,859,692)
John Bean Technologies Corp.   (168,658)   (20,196,795)
Middleby Corp., (The)*   (152,273)   (19,417,853)
MTU Aero Engines AG   (128,063)   (23,046,456)
Rolls-Royce Holdings PLC   (2,127,235)   (24,670,848)
Sun Hydraulics Corp.   (300,619)   (18,235,549)
Vallourec SA*   (1,743,814)   (9,407,264)
Wabtec Corp.   (127,365)   (9,794,369)
         (186,879,956)
Communications—(1.5%)          
Altice USA, Inc., Class A*   (665,563)   (11,880,300)
Cogent Communications Holdings, Inc.   (611,069)   (28,628,583)
Frontier Communications Corp.   (474,277)   (4,031,354)
SES SA   (1,025,922)   (16,935,472)
Sprint Corp.*   (2,115,333)   (12,670,845)
TalkTalk Telecom Group PLC   (3,882,961)   (8,039,724)
Telefonica SA   (962,899)   (9,872,660)
Telefonica SA - SP ADR   (933,865)   (9,544,100)
         (101,603,038)
Consumer Durables—(0.9%)          
Autoliv, Inc.   (190,559)   (24,376,307)
Tesla Motors, Inc.*   (77,751)   (24,013,397)
Thor Industries, Inc.   (100,115)   (15,372,658)
         (63,762,362)
Consumer Non-Durables—(4.1%)          
Boston Beer Co., Inc. Class A (The)*   (50,404)   (9,065,159)
Calbee, Inc.   (476,600)   (16,693,526)
Cal-Maine Foods, Inc.*   (361,552)   (17,987,212)
China Resources Beer Holdings Co., Ltd.   (8,098,000)   (22,301,300)
Cie Financiere Richemont SA   (139,414)   (12,015,266)
Coty, Inc. Class A   (1,310,719)   (22,583,688)
Gildan Activewear, Inc.   (503,185)   (15,971,092)
Hain Celestial Group Inc., (The)*   (193,961)   (7,971,797)
Industria de Diseno Textil SA   (447,718)   (15,837,126)
International Flavors & Fragrances, Inc.   (80,263)   (12,476,081)
Mattel, Inc.   (648,503)   (11,835,180)
McCormick & Co., Inc.   (152,230)   (15,554,861)
NIKE, Inc., Class B   (242,093)   (14,627,259)
Nintendo Co., Ltd.   (61,400)   (25,037,901)
PRADA SpA   (2,949,800)   (10,046,501)
Snyder's-Lance, Inc.   (518,092)   (20,039,799)
Tate & Lyle PLC   (1,455,871)   (13,246,292)
Under Armour, Inc., Class A*   (1,152,150)   (15,312,073)
         (278,602,113)
Consumer Services—(7.4%)          
Acxiom Corp.*   (1,058,315)   (28,839,084)
CarMax, Inc.*   (340,611)   (23,471,504)
Casey's General Stores, Inc.   (196,147)   (23,684,750)
Chegg, Inc.*   (1,097,527)   (16,693,386)
Cimpress NV*   (209,300)   (25,492,740)
Costco Wholesale Corp.   (85,454)   (15,760,281)
Dentsu, Inc.   (269,300)   (12,225,461)

 

The accompanying notes are an integral part of the portfolio of investments.

 

6 

 

Dollar General Corp.   (171,579)   (15,112,678)
Domino's Pizza Enterprises Ltd.   (493,103)   (17,642,301)
Domino's Pizza, Inc.   (66,862)   (12,447,030)
Edenred   (418,145)   (11,953,441)
Eutelsat Communications SA   (460,052)   (10,407,805)
FactSet Research Systems, Inc.   (78,837)   (15,757,940)
Houghton Mifflin Harcourt Co.*   (1,542,685)   (15,041,179)
Just Eat PLC*   (1,628,166)   (17,574,780)
Kingfisher PLC   (3,069,077)   (13,845,471)
Multi-Color Corp.   (206,168)   (15,771,852)
Murphy USA, Inc.*   (223,421)   (17,616,746)
Next PLC   (200,992)   (12,165,336)
Norwegian Cruise Line Holdings Ltd.*   (335,328)   (18,161,364)
Papa John's International, Inc.   (244,411)   (14,288,267)
Pearson PLC   (2,719,835)   (26,023,093)
Planet Fitness, Inc., Class A   (469,463)   (15,196,517)
PriceSmart, Inc.   (134,566)   (11,505,393)
Ritchie Bros. Auctioneers, Inc.   (783,256)   (20,756,284)
Rollins, Inc.   (277,590)   (12,866,297)
Texas Roadhouse, Inc.   (340,467)   (17,387,650)
Viacom, Inc. Class B   (319,182)   (9,039,234)
Wayfair, Inc. Class A*   (244,767)   (17,131,242)
Zalando SE*   (386,864)   (19,811,829)
         (503,670,935)
Energy—(4.7%)          
Antero Resources Corp.*   (962,581)   (18,289,039)
Apache Corp.   (753,525)   (31,519,951)
Carrizo Oil & Gas, Inc.*   (940,778)   (18,185,239)
Centennial Resource Development Inc. Class A*   (628,236)   (12,746,908)
Core Laboratories NV   (229,615)   (23,133,711)
Ecopetrol SA - SP ADR   (1,612,644)   (18,706,670)
Helmerich & Payne, Inc.   (282,625)   (16,556,173)
Hess Corp.   (554,334)   (25,432,844)
Imperial Oil Ltd.   (864,568)   (26,671,167)
Laredo Petroleum, Inc.*   (725,258)   (7,753,008)
Murphy Oil Corp.   (1,221,339)   (34,136,425)
National Oilwell Varco, Inc.   (699,977)   (23,484,228)
PrairieSky Royalty Ltd.   (779,352)   (20,393,693)
RPC, Inc.   (649,440)   (15,612,538)
Ultra Petroleum Corp.*   (1,881,323)   (18,041,888)
Whiting Petroleum Corp.*   (510,962)   (12,748,502)
         (323,411,984)
Finance—(8.4%)          
Arch Capital Group Ltd.*   (144,377)   (13,671,058)
Bank of East Asia Ltd., (The)   (2,627,406)   (11,668,044)
Bankinter SA   (1,350,645)   (13,038,234)
CaixaBank SA   (1,964,946)   (9,337,313)
Canadian Western Bank   (680,154)   (19,300,421)
Cincinnati Financial Corp.   (233,701)   (17,464,476)
Commonwealth Bank of Australia   (196,405)   (11,908,522)
Community Bank System, Inc.   (323,112)   (17,893,943)
Credit Acceptance Corp.*   (30,219)   (9,153,335)
Credit Suisse Group AG   (777,868)   (13,200,169)

 

The accompanying notes are an integral part of the portfolio of investments.

 

7 

 

Cullen/Frost Bankers, Inc.   (121,892)   (11,995,392)
CVB Financial Corp.   (711,691)   (17,500,482)
Eaton Vance Corp.   (556,404)   (30,758,013)
Financial Engines, Inc.   (530,585)   (14,803,321)
First Financial Bankshares, Inc.   (763,107)   (36,209,427)
Glacier Bancorp, Inc.   (401,546)   (16,081,917)
Hang Seng Bank Ltd.   (464,700)   (11,516,409)
Independent Bank Corp.   (159,527)   (11,597,613)
Investors Bancorp, Inc.   (835,047)   (11,916,121)
LendingClub Corp.*   (1,805,565)   (7,890,319)
M&T Bank Corp.   (67,819)   (11,458,020)
Markel Corp.*   (16,472)   (18,232,857)
Mercury General Corp.   (303,264)   (16,643,128)
Mobile Mini, Inc.   (622,340)   (22,342,006)
New York Community Bancorp, Inc.   (860,944)   (11,484,993)
People's United Financial, Inc.   (781,793)   (14,869,703)
Prosperity Bancshares, Inc.   (227,298)   (15,919,952)
RLI Corp.   (347,511)   (20,756,832)
Trustmark Corp.   (451,025)   (15,307,788)
UMB Financial Corp.   (171,496)   (12,889,639)
United Bankshares, Inc.   (330,419)   (12,407,233)
Valley National Bancorp   (931,549)   (11,085,433)
Verisk Analytics, Inc.*   (189,177)   (18,240,446)
Voya Financial, Inc.   (385,525)   (17,040,205)
Westamerica Bancorporation   (465,289)   (28,768,819)
WisdomTree Investments, Inc.   (1,468,178)   (16,884,047)
         (571,235,630)
Health Care—(3.1%)          
Alkermes PLC*   (244,036)   (12,760,642)
BioMarin Pharmaceutical, Inc.*   (106,301)   (9,120,626)
Coloplast A/S, Class B   (150,156)   (11,751,231)
DENTSPLY SIRONA, Inc.   (192,459)   (12,896,677)
Eli Lilly & Co.   (153,878)   (13,024,234)
Insulet Corp.*   (146,294)   (10,493,669)
Medicines Co. (The)*   (731,991)   (21,227,739)
Nevro Corp.*   (135,974)   (10,173,575)
NuVasive, Inc.*   (260,864)   (15,049,244)
Ono Pharmaceutical Co., Ltd.   (623,100)   (14,226,047)
Penumbra, Inc.*   (108,847)   (11,461,589)
Perrigo Co., PLC   (133,380)   (11,632,070)
Stericycle, Inc.*   (279,045)   (18,503,474)
Taisho Pharmaceutical Holdings Co., Ltd.   (182,000)   (14,464,717)
West Pharmaceutical Services, Inc.   (123,217)   (12,313,075)
Wright Medical Group NV*   (498,706)   (12,123,543)
         (211,222,152)
Real Estate Investment Trusts—(1.1%)          
Equinix, Inc.   (69,228)   (32,155,714)
Lamar Advertising Co. Class A   (228,130)   (17,162,220)
Washington Prime Group, Inc.   (3,225,469)   (22,933,084)
         (72,251,018)
Technology—(9.8%)          
2U, Inc.*   (359,836)   (23,065,488)
58.com, Inc. - ADR*   (227,491)   (16,320,204)

 

The accompanying notes are an integral part of the portfolio of investments.

 

8 

 

ACI Worldwide, Inc.*   (1,496,145)   (34,231,798)
Arista Networks, Inc.*   (96,755)   (22,555,526)
Bitauto Holdings Ltd. - ADR*   (660,398)   (19,567,593)
Blackbaud, Inc.   (235,492)   (23,184,187)
Cognex Corp.   (67,550)   (9,360,403)
CoStar Group, Inc.*   (55,132)   (16,813,606)
Cree, Inc.*   (567,774)   (20,178,688)
Dassault Systemes SA   (223,045)   (23,962,153)
Ellie Mae, Inc.*   (213,525)   (18,873,475)
F5 Networks, Inc.*   (70,949)   (9,521,356)
Guidewire Software, Inc.*   (166,259)   (12,368,007)
Hexagon AB, Class B   (378,496)   (18,612,290)
HubSpot, Inc.*   (224,937)   (18,208,650)
Infineon Technologies AG   (659,102)   (18,213,462)
Infosys Ltd. - SP ADR   (1,050,162)   (16,340,521)
Knowles Corp.*   (1,329,493)   (20,992,694)
Manhattan Associates, Inc.*   (481,730)   (21,364,726)
Medidata Solutions, Inc.*   (270,823)   (18,047,645)
MINDBODY, Inc. Class A*   (576,199)   (18,784,087)
National Instruments Corp.   (503,434)   (22,125,924)
Palo Alto Networks, Inc.*   (70,936)   (10,338,922)
Proofpoint, Inc.*   (194,981)   (17,558,039)
salesforce.com, Inc.*   (132,331)   (13,804,770)
Telefonaktiebolaget LM Ericsson Class B   (2,168,240)   (13,650,653)
Ultimate Software Group Inc., (The)*   (122,574)   (25,866,791)
United Microelectronics Corp. - SP ADR   (6,012,998)   (15,333,145)
Veeva Systems, Inc., Class A*   (275,262)   (16,573,525)
VeriFone Systems, Inc.*   (973,035)   (16,872,427)
ViaSat, Inc.*   (200,601)   (14,892,618)
WageWorks, Inc.*   (343,629)   (22,043,800)
WEX, Inc.*   (171,858)   (22,121,562)
Wipro Ltd. - ADR   (2,340,861)   (12,617,241)
Workday, Inc., Class A*   (249,249)   (25,672,647)
Zendesk, Inc.*   (549,020)   (18,452,562)
         (668,491,185)
Transportation—(0.8%)          
Heartland Express, Inc.   (513,662)   (11,732,040)
JB Hunt Transport Services, Inc.   (96,642)   (10,740,792)
Kuehne + Nagel International AG   (77,395)   (13,605,998)
Panalpina Welttransport Holding AG   (130,700)   (19,198,119)
         (55,276,949)
Utilities—(0.7%)          
Tallgrass Energy GP LP   (282,340)   (6,380,884)
Tallgrass Energy Partners LP   (309,103)   (13,575,804)
TransCanada Corp.   (655,110)   (31,464,933)
         (51,421,621)
TOTAL COMMON STOCKS          
(Proceeds $(2,912,417,499))        (3,258,413,238)
PREFERRED STOCKS—0.0%          
Capital Goods—0.0%          
Rolls-Royce Holdings PLC, Class C*‡   (4,651,380)   (6,290)
TOTAL PREFERRED STOCKS          
(Proceeds $(5,993))        (6,290)

 

The accompanying notes are an integral part of the portfolio of investments.

 

9 

 

TOTAL SECURITIES SOLD SHORT—(47.7%)          
(Proceeds $(2,912,423,492))        (3,258,419,528)
OTHER ASSETS IN EXCESS OF LIABILITIES—47.7%        3,259,240,130 
NET ASSETS—100.0%       $6,835,116,865 

 

ADRAmerican Depositary Receipt
PLCPublic Limited Company
SP ADRSponsored American Depositary Receipt

 

*Non-income producing.
†Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
‡Security has been valued at fair market value as determined in good faith by or under the direction of the RBB Fund, Inc.'s Board of Directors.  As of November 30, 2017, long securities and short securities amounted to $339,428 and $(6,290) or 0.0% and (0.0)% respectively, of net assets.

 

The accompanying notes are an integral part of the portfolio of investments. 

 

10 

 

Contracts For Difference held by the Fund at November 30, 2017, are as follows:

 

Reference Company  Counterparty  Expiration Date  Financing Rate   Payment Frequency  Number of Contracts Long/(Short)   Notional Amount   Unrealized Appreciation (Depreciation) 
Long                         
China                         
Gree Electric Appliances Inc.  Goldman Sachs  9/18/2020   1.33%  Monthly   1,163,440   $7,470,923   $(918,747)
Gree Electric Appliances Inc.  Goldman Sachs  9/18/2020   1.33%  Monthly   2,372,531    15,264,649    (1,834,576)
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A  Goldman Sachs  12/31/2021   1.33%  Monthly   1,389,911    21,872,687    (3,552,775)
Kweichow Moutai  Goldman Sachs  9/18/2020   1.33%  Monthly   301,884    28,815,224    (2,028,153)
Qingdao Haier Co. Ltd.  Goldman Sachs  9/18/2020   1.33%  Monthly   6,791,544    17,762,990    (2,974,303)
Wuliangye Yibin Co., Ltd., Class A  Goldman Sachs  12/31/2021   1.33%  Monthly   5,510,112    54,678,528    (6,771,155)
                       145,865,001    (18,079,708)
Total Long                      145,865,001    (18,079,708)
                              
Short                             
Brazil                             
Raia Drogasil SA  Goldman Sachs  9/18/2020   1.16%  Monthly   (455,400)   (12,227,277)   (136,611)
Hong Kong                             
Semiconductor Manufacturing  Goldman Sachs  12/31/2020   0.51%  Monthly   (19,013,600)   (26,746,039)   (2,471,988)
South Korea                             
Hyundai Motor Co.  Goldman Sachs  9/18/2020   1.16%  Monthly   (56,783)   (8,617,998)   (481,409)
Taiwan                             
AU Optronics Corp.  Goldman Sachs  9/18/2020   1.16%  Monthly   (50,614,000)   (21,496,019)   (116,578)
Innolux Corp.  Goldman Sachs  9/18/2020   1.16%   Monthly   (34,122,000)   (15,003,468)   90,659 
                       (36,499,487)   (25,919)
Total Short                      (84,090,801)   (3,115,927)
Net unrealized gain/(loss) on Contracts For Difference                      61,774,200   $(21,195,635)

 

The accompanying notes are an integral part of the portfolio of investments.

 


11 

 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT RESEARCH FUND     Portfolio of Investments

 

A summary of the inputs used to value the Fund's investments as of November 30, 2017 is as follows (see Notes to Portfolio of Investments):
                 
   Total Value as of November 30, 2017   Level 1
Quoted Price		   Level 2 Other Significant Observable Inputs   Level 3 Significant Unobservable Inputs 
Common Stock                    
Basic Industries  $350,575,529   $296,278,049   $54,297,480   $- 
Capital Goods   746,050,434    686,068,526    59,981,908    - 
Communications   183,821,177    153,326,184    30,494,993    - 
Consumer Durables   62,233,540    62,233,540    -    - 
Consumer Non-Durables   345,480,416    224,933,319    120,547,097    - 
Consumer Services   561,175,142    511,798,077    49,377,065    - 
Energy   694,000,586    591,550,783    102,449,803    - 
Finance   1,346,525,918    1,210,844,095    135,681,823    - 
Health Care   504,336,955    487,687,073    16,649,882    - 
Technology   1,602,254,599    1,486,129,841    116,124,758    - 
Transportation   28,036,377    28,036,377    -    - 
Utilities   26,206,586    12,678,449    13,528,137    - 
Warrants   339,429    1    -    339,428 
Short-Term Investments   383,259,575    383,259,575    -    - 
Contracts For Difference                    
Equity Contracts   90,659    -    90,659    - 
Total Assets  $6,834,386,922   $6,134,823,889   $699,223,605   $339,428 

 

   Total Value as of November 30, 2017   Level 1
Quoted Price		   Level 2 Other Significant Observable Inputs   Level 3 Significant Unobservable Inputs 
Securities Sold Short                    
Basic Industries  $(170,584,295)  $(153,716,331)  $(16,867,964)  $- 
Capital Goods   (186,879,956)   (102,780,136)   (84,099,820)   - 
Communications   (101,603,038)   (74,794,906)   (26,808,132)   - 
Consumer Durables   (63,762,362)   (63,762,362)   -    - 
Consumer Non-Durables   (278,602,113)   (173,470,702)   (105,131,411)   - 
Consumer Services   (503,670,935)   (362,021,418)   (141,649,517)   - 
Energy   (323,411,984)   (323,411,984)   -    - 
Finance   (571,235,630)   (500,566,939)   (70,668,691)   - 
Health Care   (211,222,152)   (170,780,157)   (40,441,995)   - 
Real Estate Investment Trusts   (72,251,018)   (72,251,018)   -    - 
Technology   (668,491,185)   (594,052,627)   (74,438,558)   - 
Transportation   (55,276,949)   (41,670,951)   (13,605,998)   - 
Utilities   (51,421,621)   (51,421,621)   -    - 
Preferred Stock   (6,290)   -    -    (6,290)
Contracts For Difference                    
Equity Contracts   (21,286,294)   -    (21,286,294)   - 
Total Liabilities  $(3,279,705,822)  $(2,684,701,152)  $(594,998,380)  $(6,290

)

 

The accompanying notes are an integral part of the portfolio of investments.

 

12 

 

BOSTON PARTNERS INVESTMENT FUNDS NOVEMBER 30, 2017 (unaudited)
 

BOSTON PARTNERS ALL-CAP VALUE FUND Portfolio of Investments

 

   Number
of Shares		   Value 
COMMON STOCKS—96.6%          
Basic Industries—1.3%          
Crown Holdings, Inc.(a)*   143,619   $8,578,363 
FMC Corp.   70,134    6,620,650 
Graphic Packaging Holding Co.   692,885    10,608,069 
         25,807,082 
Capital Goods—7.2%          
AMETEK, Inc.   165,723    12,046,405 
Cemex SAB de CV - SP ADR*   605,097    4,592,686 
CRH PLC - SP ADR(a)   152,881    5,298,855 
Cummins, Inc.   57,874    9,688,108 
General Dynamics Corp.   77,281    16,009,532 
Masco Corp.   172,979    7,422,529 
PACCAR, Inc.   138,366    9,731,281 
Raytheon Co.   81,964    15,667,419 
Spirit AeroSystems Holdings, Inc. Class A   105,618    8,898,316 
Stanley Black & Decker, Inc.   63,071    10,698,734 
Textron, Inc.   137,471    7,658,509 
Trinseo SA   82,378    6,079,496 
United Technologies Corp.   159,382    19,356,944 
WESCO International, Inc.(a)*   159,032    10,424,548 
         143,573,362 
Communications—0.5%          
Comcast Corp., Class A   257,259    9,657,503 
Consumer Durables—0.9%          
Brunswick Corp.   101,322    5,608,173 
Lear Corp.   72,440    13,103,671 
         18,711,844 
Consumer Non-Durables—2.2%          
Activision Blizzard, Inc.   130,146    8,121,110 
Electronic Arts, Inc.*   66,559    7,078,550 
PepsiCo, Inc.   245,455    28,600,417 
         43,800,077 
Consumer Services—6.2%          
Best Buy Co, Inc.(a)   190,271    11,342,054 
CVS Health Corp.   202,332    15,498,631 
eBay, Inc.*   920,434    31,911,447 
Huron Consulting Group, Inc.(a)*   111,219    4,548,857 
Interpublic Group of Cos., Inc., (The)(a)   690,429    13,656,686 
Lowe's Cos., Inc.   114,875    9,577,129 
ManpowerGroup, Inc.   107,564    13,864,999 
Nielsen Holdings PLC(a)   213,617    7,844,016 
Omnicom Group, Inc.(a)   91,788    6,557,335 
Robert Half International, Inc.   101,181    5,771,364 
Sportsman's Warehouse Holdings, Inc.(a)*   346,298    1,745,342 
         122,317,860 

 

The accompanying notes are an integral part of the portfolio of investments.

 

1 

 

Energy—6.9%          
Anadarko Petroleum Corp.   120,623    5,800,760 
Andeavor   159,296    16,800,949 
Cimarex Energy Co.   96,203    11,170,130 
Diamondback Energy, Inc.*   84,292    9,213,959 
Energen Corp.*   109,872    6,203,373 
EQT Corp.   192,488    11,472,285 
Gulfport Energy Corp.*   278,433    3,563,942 
Marathon Oil Corp.(a)   515,492    7,649,901 
Newfield Exploration Co.(a)*   188,785    5,839,120 
Parsley Energy, Inc., Class A(a)*   385,732    10,360,762 
Phillips 66(a)   132,784    12,954,407 
Pioneer Natural Resources Co.   109,106    17,024,900 
RSP Permian, Inc.(a)*   197,583    7,257,224 
Targa Resources Corp.   123,748    5,370,663 
WildHorse Resource Development Corp.(a)*   345,659    5,703,374 
         136,385,749 
Finance—29.4%          
Aflac, Inc.   233,870    20,496,367 
Air Lease Corp.(a)   353,885    15,323,221 
Alleghany Corp.*   19,996    11,693,661 
Allstate Corp., (The)   188,510    19,352,437 
American International Group, Inc.(a)   466,058    27,944,838 
Aon PLC   120,567    16,905,905 
Bank of America Corp.   1,521,559    42,862,317 
BB&T Corp.(a)   459,256    22,696,432 
Capital One Financial Corp.   183,780    16,907,760 
Chubb Ltd.   202,277    30,768,354 
Citigroup, Inc.   567,516    42,847,458 
Discover Financial Services   157,052    11,087,871 
FCB Financial Holdings, Inc., Class A*   92,319    4,879,059 
Fifth Third Bancorp(a)   346,890    10,583,614 
Goldman Sachs Group, Inc., (The)   69,222    17,142,136 
Huntington Bancshares, Inc.(a)   1,092,055    15,725,592 
JPMorgan Chase & Co.(a)   591,166    61,788,670 
KeyCorp   1,058,158    20,083,839 
Loews Corp.   433,604    21,801,609 
MetLife, Inc.   223,252    11,984,167 
Navient Corp.(a)   549,698    6,931,692 
Prudential Financial, Inc.   182,009    21,083,923 
Raymond James Financial, Inc.   134,989    11,919,529 
SLM Corp.*   362,348    4,192,366 
State Street Corp.   105,320    10,042,262 
Synchrony Financial   161,170    5,784,391 
Torchmark Corp.   102,600    9,116,010 
Travelers Cos., Inc., (The)   114,372    15,505,412 
Wells Fargo & Co.   180,049    10,167,367 
White Mountains Insurance Group Ltd.   21,302    18,979,869 
WR Berkley Corp.   142,420    9,844,070 
XL Group Ltd.   411,770    15,984,911 
         582,427,109 
Health Care—17.1%          
Abbott Laboratories   353,821    19,944,890 

 

The accompanying notes are an integral part of the portfolio of investments.

 

2 

 

Anthem, Inc.   107,808    25,330,568 
Cardinal Health, Inc.   129,876    7,687,360 
Cigna Corp.   88,375    18,711,639 
Express Scripts Holding Co.*   75,730    4,936,081 
Gilead Sciences, Inc.   324,107    24,236,721 
Jazz Pharmaceuticals PLC*   70,661    9,874,168 
Johnson & Johnson   68,891    9,598,583 
Laboratory Corp. of America Holdings*   115,170    18,227,956 
McKesson Corp.   164,781    24,344,745 
Medtronic PLC   373,235    30,653,791 
Merck & Co., Inc.   562,375    31,082,466 
Novartis AG - SP ADR   276,590    23,731,422 
Pfizer, Inc.   614,460    22,280,320 
Roche Holding AG - SP ADR   313,532    9,901,341 
Sanofi - ADR   294,474    13,439,793 
Shire PLC - ADR(a)   133,476    19,854,555 
UnitedHealth Group, Inc.   105,695    24,116,428 
         337,952,827 
Technology—24.4%          
Alliance Data Systems Corp.   54,088    12,941,636 
Allscripts Healthcare Solutions, Inc.(a)*   269,228    3,849,960 
Alphabet, Inc., Class A*   20,405    21,143,049 
Amdocs Ltd.   142,157    9,281,431 
Arrow Electronics, Inc.*   183,481    14,812,421 
Belden, Inc.(a)   118,570    10,041,693 
Cisco Systems, Inc.   1,044,437    38,957,500 
Cognizant Technology Solutions Corp., Class A   148,265    10,716,594 
CSRA, Inc.(a)   117,589    3,401,850 
DXC Technology Co.   352,620    33,900,887 
EnerSys   111,378    7,695,106 
Fidelity National Information Services, Inc.(a)   60,719    5,727,623 
Flex Ltd.*   810,626    14,648,012 
Fortive Corp.(a)   152,612    11,392,486 
Hewlett Packard Enterprise Co.(a)   1,423,309    19,855,161 
HP, Inc.   886,660    19,018,857 
IAC/InterActiveCorp*   60,858    7,745,398 
Jabil, Inc.(a)   439,249    12,672,334 
KLA-Tencor Corp.   93,689    9,578,763 
Leidos Holdings, Inc.   95,727    6,085,365 
Micro Focus International PLC - SP ADR*   195,456    6,547,776 
Microsemi Corp.(a)*   131,179    6,932,810 
Microsoft Corp.   377,223    31,750,860 
NetApp, Inc.(a)   235,328    13,298,385 
NetEase, Inc. - ADR(a)   44,843    14,740,342 
ON Semiconductor Corp.(a)*   701,446    14,085,036 
Oracle Corp.   671,730    32,955,074 
Priceline Group, Inc., (The)*   8,895    15,474,720 
Qorvo, Inc.(a)*   269,236    20,618,093 
Symantec Corp.(a)   307,184    8,899,120 
TE Connectivity Ltd.   237,930    22,470,109 
Versum Materials, Inc.(a)   209,952    8,062,157 
YY, Inc. - ADR*   134,230    13,851,194 
         483,151,802 

 

The accompanying notes are an integral part of the portfolio of investments.

 

3 

 

Transportation—0.5%          
Delta Air Lines, Inc.   183,556    9,713,784 
TOTAL COMMON STOCKS          
(Cost $1,417,901,871)        1,913,498,999 
RIGHTS—0.0%          
Technology—0.0%          
CVR Banctec Inc. - Escrow Shares*‡   14,327    0 
TOTAL RIGHTS          
(Cost $0)        0 
SECURITIES LENDING COLLATERAL—13.3%          
Mount Vernon Liquid Assets Portfolio, LLC, 1.34%   264,319,162    264,319,162 
TOTAL SECURITIES LENDING COLLATERAL          
(Cost $264,319,162)        264,319,162 
SHORT-TERM INVESTMENTS—3.8%          
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 0.97%   76,131,992    76,131,992 
TOTAL SHORT-TERM INVESTMENTS          
(Cost $76,131,992)        76,131,992 
TOTAL INVESTMENTS—113.7%          
(Cost $1,758,353,024)        2,253,950,153 
LIABILITIES IN EXCESS OF OTHER ASSETS—(13.7)%        (272,197,945)
NET ASSETS—100.0%       $1,981,752,208 

 

ADRAmerican Depositary Receipt

 

PLCPublic Limited Company

 

SPADRSponsored American Depositary Receipt

 

*Non-income producing.

 

(a)All or a portion of the security is on loan. At November 30, 2017, the market value of securities on loan was $260,480,340.

 

‡Security has been valued at fair market value as determined in good faith by or under the direction of the RBB Fund, Inc.'s Board of Directors. As of November 30, 2017, these securities amounted to $0 or 0.0% of net assets.

 

The accompanying notes are an integral part of the portfolio of investments.

 

4 

 

BOSTON PARTNERS INVESTMENT FUNDS
 

BOSTON PARTNERS ALL-CAP VALUE FUND Portfolio of Investments

 

A summary of the inputs used to value the Fund's investments as of November 30, 2017 is as follows (see Notes to Portfolio of Investments):

 

   Total Value as of November 30, 2017   Level 1 Quoted Price   Level 2 Other Significant Observable Inputs   Level 3 Significant Unobservable Inputs 
Common Stocks                    
Basic Industries  $25,807,082   $25,807,082   $-   $- 
Capital Goods   143,573,362    143,573,362    -    - 
Communications   9,657,503    9,657,503    -    - 
Consumer Durables   18,711,844    18,711,844    -    - 
Consumer Non-Durables   43,800,077    43,800,077    -    - 
Consumer Services   122,317,860    122,317,860    -    - 
Energy   136,385,749    136,385,749    -    - 
Finance   582,427,109    582,427,109    -    - 
Health Care   337,952,827    337,952,827    -    - 
Technology   483,151,802    483,151,802    -    - 
Transportation   9,713,784    9,713,784    -    - 
Rights   -    -    -    - 
Securities Lending Collateral   264,319,162    264,319,162    -    - 
Short-Term Investments   76,131,992    76,131,992    -    - 
Total Assets  $2,253,950,153   $2,253,950,153   $-   $- 

 

The accompanying notes are an integral part of the portfolio of investments

 

5 

 

BOSTON PARTNERS INVESTMENT FUNDS NOVEMBER 30, 2017 (unaudited)
 

WPG PARTNERS SMALL/MICRO CAP VALUE FUND Portfolio of Investments

 

   Number
of Shares		   Value 
COMMON STOCKS—98.3%          
Basic Industries—4.5%          
Allegheny Technologies, Inc.(a)*   23,800   $541,926 
Green Plains, Inc.   7,800    131,430 
Haynes International, Inc.   8,500    272,340 
Schweitzer-Mauduit International, Inc.   3,900    176,553 
Stelco Holdings, Inc.*   25,000    373,600 
         1,495,849 
Capital Goods—15.5%          
Astec Industries, Inc.   2,500    138,425 
BMC Stock Holdings, Inc.(a)*   7,400    170,940 
Carpenter Technology Corp.(a)   3,300    163,119 
Chicago Bridge & Iron Co. NV(a)   13,600    221,952 
Ferroglobe PLC   52,300    853,536 
Foundation Building Materials, Inc.*   8,400    127,764 
FreightCar America, Inc.   28,400    476,268 
Great Lakes Dredge & Dock Corp.(a)*   93,800    469,000 
KBR, Inc.   35,800    671,250 
KeyW Holding Corp., (The)(a)*   29,800    163,602 
Landec Corp.(a)*   14,200    177,500 
Matrix Service Co.*   15,800    270,180 
Orion Group Holdings, Inc.*   39,800    309,246 
Smart Sand, Inc.(a)*   46,300    369,011 
Tutor Perini Corp.(a)*   22,400    564,480 
         5,146,273 
Communications—0.7%          
Ooma, Inc.*   21,700    239,785 
Consumer Durables—2.4%          
Century Communities, Inc.*   10,500    329,175 
Horizon Global Corp.*   1,100    15,510 
Libbey, Inc.(a)   22,600    153,454 
TRI Pointe Group, Inc.*   16,500    298,980 
         797,119 
Consumer Non-Durables—0.7%          
Nomad Foods Ltd.*   11,700    192,231 
Sequential Brands Group, Inc.*   24,175    42,790 
         235,021 
Consumer Services—12.3%          
ARC Document Solutions, Inc.*   44,900    123,924 
BJ's Restaurants, Inc.   5,000    178,750 
Carrols Restaurant Group, Inc.*   13,300    176,225 
Chefs' Warehouse, Inc., (The)(a)*   11,600    234,900 
Chuy's Holdings, Inc.*   8,800    219,120 
Del Taco Restaurants, Inc.*   13,100    160,868 
Destination XL Group, Inc.*   9,600    19,440 
DSW, Inc., Class A   7,900    168,507 

 

The accompanying notes are an integral part of the portfolio of investments.

 

1 

 

Hibbett Sports, Inc.(a)*   14,600    291,270 
ICF International, Inc.*   2,900    156,745 
MDC Partners, Inc., Class A*   73,700    854,920 
Regis Corp.*   4,800    76,560 
Smart & Final Stores, Inc.(a)*   33,400    305,610 
SUPERVALU, Inc.(a)*   25,500    466,140 
Team, Inc.(a)*   29,400    404,250 
Titan Machinery, Inc.*   12,800    243,200 
         4,080,429 
Energy—8.4%          
Approach Resources, Inc.(a)*   20,000    50,000 
Bill Barrett Corp.*   46,000    269,100 
Eclipse Resources Corp.*   67,800    168,144 
Extraction Oil & Gas, Inc.(a)*   13,700    206,322 
Flotek Industries, Inc.(a)*   28,600    134,992 
Gulfport Energy Corp.*   60,500    774,400 
Pacific Ethanol, Inc.*   44,500    200,250 
ProPetro Holding Corp.(a)*   12,700    238,379 
Resolute Energy Corp.(a)*   6,000    179,520 
TETRA Technologies, Inc.*   144,100    579,282 
         2,800,389 
Finance—27.9%          
Banner Corp.   7,200    414,648 
Central Pacific Financial Corp.   16,700    537,740 
CNO Financial Group, Inc.   20,200    509,242 
Daseke, Inc.*   11,700    148,473 
Essent Group Ltd.*   5,600    247,800 
First Foundation, Inc.*   30,900    589,263 
FirstCash, Inc.   2,900    195,460 
Fulton Financial Corp.   24,400    463,600 
Hanover Insurance Group Inc., (The)   1,900    204,440 
HomeStreet, Inc.*   16,800    512,400 
Investors Bancorp, Inc.   13,700    195,499 
Kearny Financial Corp.   16,800    248,640 
Kemper Corp.(a)   7,400    510,600 
Kennedy-Wilson Holdings, Inc.(a)   29,100    557,265 
Meridian Bancorp, Inc.   25,200    507,780 
MGIC Investment Corp.*   27,100    396,202 
National Bank Holdings Corp., Class A   17,400    590,382 
Northfield Bancorp, Inc.   24,600    436,404 
Popular, Inc.   17,400    615,264 
State Bank Financial Corp.   17,900    544,876 
United Community Banks, Inc.   8,300    238,542 
United Financial Bancorp, Inc.   33,100    616,984 
         9,281,504 
Health Care—1.9%          
Accuray, Inc.(a)*   69,700    358,955 
Invacare Corp.   5,000    87,750 
Trinity Biotech PLC - SP ADR*   41,900    205,310 
         652,015 
Real Estate Investment Trusts—8.8%          
Cedar Realty Trust, Inc.   59,100    352,827 
Equity Commonwealth*   18,700    562,122 

 

The accompanying notes are an integral part of the portfolio of investments.

 

2 

 

GEO Group Inc., (The)   7,300    193,742 
Getty Realty Corp.   11,400    324,444 
Gramercy Property Trust   19,466    555,170 
Ladder Capital Corp.   29,200    398,580 
MedEquities Realty Trust, Inc.   33,300    373,293 
Seritage Growth Properties Class A(a)   3,800    154,660 
         2,914,838 
Technology—5.7%          
Acacia Communications, Inc.(a)*   8,000    309,440 
Aerohive Networks, Inc.*   71,100    383,940 
Bazaarvoice, Inc.*   45,300    246,885 
CommVault Systems, Inc.*   3,000    161,700 
Generac Holdings, Inc.*   5,300    260,601 
QAD, Inc., Class A   6,100    224,480 
Ribbon Communications, Inc.*   21,100    163,947 
SuperCom Ltd.*   8,600    35,518 
Veeco Instruments, Inc.*   7,800    125,970 
         1,912,481 
Transportation—5.0%          
Ardmore Shipping Corp.*   50,500    401,475 
Celadon Group, Inc.(a)   30,400    234,080 
DHT Holdings, Inc.   40,700    157,509 
Scorpio Tankers, Inc.   135,600    420,360 
StealthGas, Inc.*   56,900    225,893 
YRC Worldwide, Inc.*   17,200    211,904 
         1,651,221 
Utilities—4.5%          
ALLETE, Inc.   2,800    225,400 
Cadiz, Inc.(a)*   5,700    78,090 
Covanta Holding Corp.(a)   25,300    384,560 
El Paso Electric Co.   3,200    194,880 
NorthWestern Corp.   3,500    224,910 
PNM Resources, Inc.   4,100    186,550 
Portland General Electric Co.   3,900    193,596 
         1,487,986 
TOTAL COMMON STOCKS          
(Cost $27,638,482)        32,694,910 
WARRANTS—0.1%          
Energy—0.1%          
TETRA Technologies, Inc. *‡   20,950    20,950 
TOTAL WARRANTS          
(Cost $4,475)        20,950 
SECURITIES LENDING COLLATERAL—15.9%          
Mount Vernon Liquid Assets Portfolio, LLC, 1.34%   5,269,863    5,269,863 
TOTAL SECURITIES LENDING COLLATERAL          
(Cost $5,269,863)        5,269,863 
SHORT-TERM INVESTMENTS—0.5%          
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 0.97%   176,706    176,706 
TOTAL SHORT-TERM INVESTMENTS          
(Cost $176,706)        176,706 
TOTAL INVESTMENTS—114.8%          
(Cost $33,089,526)        38,162,429 
LIABILITIES IN EXCESS OF OTHER ASSETS—(14.8)%        (4,916,336)

 

The accompanying notes are an integral part of the portfolio of investments.

 

3 

 

NET ASSETS—100.0%       $33,246,093 

 

ADRAmerican Depositary Receipt

 

PLCPublic Limited Company

 

SP ADRSponsored American Depositary Receipt

 

*Non-income producing.

 

(a)All or a portion of the security is on loan. At November 30, 2017, the market value of securities on loan was $5,122,898.

 

‡Security has been valued at fair market value as determined in good faith by or under the direction of the RBB Fund, Inc.'s Board of Directors. As of November 30, 2017, these securities amounted to $20,950 or 0.1% of net assets.

 

The accompanying notes are an integral part of the portfolio of investments.

 

4

 

BOSTON PARTNERS INVESTMENT FUNDS
 

WPG PARTNERS SMALL/MICRO CAP VALUE FUND Portfolio of Investments

 

A summary of the inputs used to value the Fund's investments as of November 30, 2017 is as follows (see Notes to Portfolio of Investments):

 

   Total Value as of November 30, 2017   Level 1
Quoted Price		   Level 2 Other
Significant
Observable Inputs		   Level 3 Significant Unobservable Inputs 
Common Stocks  $32,694,910   $32,694,910   $-   $- 
Warrants   20,950    -    -    20,950 
Securities Lending Collateral   5,269,863    5,269,863    -    - 
Short-Term Investments   176,706    176,706    -    - 
Total Assets  $38,162,429   $38,141,479   $-   $20,950 

 

The accompanying notes are an integral part of the portfolio of investments.

 

5

 

BOSTON PARTNERS INVESTMENT FUNDS   NOVEMBER 30, 2017

 

PORTFOLIO HOLDINGS SUMMARY TABLES (unaudited)

BOSTON PARTNERS GLOBAL EQUITY FUND

 

Security Type/Sector Classification  % of
Net Assets		   Value 
COMMON STOCK          
Information Technology   22.6%  $144,362,059 
Financials   22.5    144,048,480 
Health Care   9.0    57,735,890 
Industrials   8.8    56,640,347 
Materials   8.5    54,427,843 
Energy   8.1    52,013,011 
Consumer Staples   6.8    43,430,943 
Consumer Discretionary   5.6    36,057,572 
Telecommunication Service   3.2    20,404,890 
Utilities   0.8    4,917,207 
PREFERRED STOCK   0.6    4,268,812 
SECURITIES LENDING COLLATERAL   3.5    22,317,195 
SHORT-TERM INVESTMENTS   3.7    23,546,297 
LIABILITIES IN EXCESS OF OTHER ASSETS   (3.7)   (23,895,582)
NET ASSETS   100.0%  $640,274,964 

 

 

Portfolio holdings are subject to change at any time.

 

The accompanying notes are an integral part of the portfolio of investments.

 

1 

 

BOSTON PARTNERS INVESTMENT FUNDS NOVEMBER 30, 2017 (unaudited)
 
BOSTON PARTNERS GLOBAL EQUITY FUND Portfolio of Investments

 

   Number of
Shares		   Value 
LONG POSITIONS—103.7%          
COMMON STOCKS—95.9%          
Argentina—0.8%          
YPF SA - SP ADR*   215,966   $4,900,268 
Australia—0.3%          
BHP Billiton Ltd.   98,035    2,045,031 
Bermuda—2.1%          
Everest Re Group Ltd.   21,622    4,748,191 
Marvell Technology Group Ltd.(a)   265,437    5,929,863 
Validus Holdings Ltd.   56,105    2,759,244 
         13,437,298 
China—0.4%          
NetEase, Inc. - ADR   8,463    2,781,873 
Denmark—0.9%          
Novo Nordisk A/S Class B   113,483    5,865,818 
France—3.9%          
AXA SA   253,678    7,654,058 
Bollore SA   507,076    2,693,026 
Capgemini SA   45,686    5,261,828 
Teleperformance SA   21,231    3,140,765 
Vinci SA   58,676    5,993,966 
         24,743,643 
Germany—3.7%          
Allianz SE   15,868    3,747,616 
E.ON SE   424,485    4,917,207 
Merck KGaA   40,172    4,280,027 
Muenchener Rueckversicherungs-Gesellschaft AG   28,495    6,350,193 
Siemens AG   33,622    4,570,471 
         23,865,514 
Hong Kong—1.5%          
WH Group Ltd.   9,074,000    9,664,870 
Indonesia—0.5%          
Bank Rakyat Indonesia Persero Tbk PT   14,331,400    3,401,138 
Ireland—1.9%          
CRH PLC   199,003    6,910,855 
Shire PLC   99,986    4,956,817 
         11,867,672 
Japan—13.4%          
Alps Electric Co., Ltd.   191,100    6,141,354 
Asahi Group Holdings Ltd.   99,300    5,045,611 
Coca-Cola Bottlers Japan, Inc.   137,700    5,240,281 
Ebara Corp.   77,800    3,072,563 
Fuji Electric Co., Ltd.   1,047,000    7,423,969 
Haseko Corp.   213,900    3,336,313 
KDDI Corp.   148,000    4,223,323 
Kirin Holdings Co., Ltd.   142,000    3,323,769 
Matsumotokiyoshi Holdings Co., Ltd.   67,900    5,623,261 
Nippon Telegraph & Telephone Corp.   115,000    6,003,462 
Nippon Television Holdings, Inc.   196,800    3,569,165 
Seven & i Holdings Co., Ltd.   117,600    4,868,075 
SUMCO Corp.   159,400    4,061,681 
Sumitomo Electric Industries Ltd.   187,200    3,283,467 

 

The accompanying notes are an integral part of the portfolio of investments.

 

2 

 

Suzuki Motor Corp.   56,200    3,041,910 
Tokio Marine Holdings, Inc.   106,800    4,737,146 
Tokuyama Corp.   163,200    5,032,244 
Yahoo Japan Corp.   664,800    3,052,240 
Zenkoku Hosho Co., Ltd.   100,600    4,343,090 
         85,422,924 
Luxembourg—0.4%          
Ternium SA - SP ADR   91,952    2,626,149 
Mexico—0.6%          
Cemex SAB de CV - SP ADR*   511,830    3,884,790 
Netherlands—1.4%          
Koninklijke Ahold NV   39,357    842,969 
Royal Dutch Shell PLC, Class A   249,232    7,969,666 
         8,812,635 
Singapore—1.8%          
Flex Ltd.*   650,766    11,759,342 
South Korea—2.2%          
KT Corp. - SP ADR   26,472    412,963 
LG Chem Ltd.   11,328    4,363,922 
LG Uplus Corp.   112,887    1,441,658 
NAVER Corp.   4,076    3,012,038 
Samsung Electronics Co., Ltd.   2,017    4,746,935 
         13,977,516 
Switzerland—2.3%          
Roche Holding AG   32,398    8,187,464 
Swiss Re AG   68,057    6,389,915 
         14,577,379 
Taiwan—0.5%          
Hon Hai Precision Industry Co., Ltd.   1,026,000    3,444,176 
United Kingdom—7.9%          
Aviva PLC   1,011,507    6,977,833 
Coca-Cola European Partners PLC   87,081    3,395,288 
ConvaTec Group PLC   836,843    2,202,511 
Direct Line Insurance Group PLC   765,511    3,788,540 
Lloyds Banking Group PLC   8,462,853    7,552,532 
Melrose Industries PLC   391,364    1,057,277 
Nomad Foods Ltd.*   165,428    2,717,982 
RPC Group PLC   520,210    6,507,231 
Tesco PLC   1,032,200    2,708,837 
Vodafone Group PLC   2,745,153    8,323,483 
WH Smith PLC   111,182    3,145,568 
WPP PLC   136,891    2,415,908 
         50,792,990 
United States—49.4%          
Air Lease Corp.(a)   75,324    3,261,529 
Allstate Corp. (The)   66,292    6,805,537 
Alphabet, Inc., Class C*   9,971    10,184,479 
American Express Co.   58,299    5,696,395 
Andeavor   61,955    6,534,394 
Anthem, Inc.   33,097    7,776,471 
Apple, Inc.   21,780    3,742,893 
Bank of America Corp.   239,971    6,759,983 
Berkshire Hathaway, Inc., Class B*   95,930    18,515,449 
Cabot Oil & Gas Corp.   185,100    5,358,645 
Chubb Ltd.   54,880    8,347,797 
Cigna Corp.   15,797    3,344,699 
Cisco Systems, Inc.   131,217    4,894,394 

 

The accompanying notes are an integral part of the portfolio of investments.

 

3 

 

Citigroup, Inc.   190,602    14,390,451 
Comcast Corp., Class A   157,994    5,931,095 
Diamondback Energy, Inc.*   50,793    5,552,183 
DowDuPont, Inc.   56,086    4,035,949 
DXC Technology Co.   85,847    8,253,331 
East West Bancorp, Inc.(a)   56,128    3,454,117 
Eaton Corp. PLC   92,817    7,219,306 
eBay, Inc.*   167,887    5,820,642 
EQT Corp.   98,318    5,859,753 
Goldman Sachs Group Inc., (The)   25,852    6,401,989 
Honeywell International, Inc.   22,120    3,449,835 
HP, Inc.   213,359    4,576,551 
Jagged Peak Energy, Inc.(a)*   141,636    2,150,034 
Laboratory Corp. of America Holdings*   66,816    10,574,968 
Leidos Holdings, Inc.   117,619    7,477,040 
Loews Corp.   60,568    3,045,359 
Merck & Co, Inc.   111,999    6,190,185 
Microsoft Corp.   220,975    18,599,466 
NetApp, Inc.(a)   131,054    7,405,861 
Northrop Grumman Corp.   15,134    4,652,192 
Oracle Corp.   301,435    14,788,401 
Parsley Energy, Inc., Class A*   218,083    5,857,709 
PayPal Holdings, Inc.*   46,572    3,526,898 
Pfizer, Inc.   120,158    4,356,929 
Pioneer Natural Resources Co.   27,773    4,333,699 
Priceline Group Inc., (The)*   2,177    3,787,349 
Raytheon Co.   32,824    6,274,308 
RSP Permian, Inc.(a)*   95,199    3,496,659 
Steel Dynamics, Inc.   148,500    5,717,250 
SunTrust Banks, Inc.(a)   78,811    4,857,122 
TE Connectivity Ltd.   51,893    4,900,775 
TJX Cos. Inc., (The)(a)   56,456    4,265,251 
Trinseo SA   65,456    4,830,653 
Twenty-First Century Fox, Inc. Class A   102,741    3,281,547 
United Technologies Corp.   31,545    3,831,140 
Valvoline, Inc.(a)   126,209    3,112,314 
Wells Fargo & Co.   58,877    3,324,784 
WestRock Co.   85,907    5,361,456 
         316,167,216 
TOTAL COMMON STOCKS          
(Cost $514,860,538)        614,038,242 
PREFERRED STOCKS—0.6%          
Germany—0.6%          
Volkswagen AG, 1.163%   20,109    4,268,812 
TOTAL PREFERRED STOCKS          
(Cost $3,127,330)        4,268,812 
SECURITIES LENDING COLLATERAL—3.5%          
           
Mount Vernon Liquid Assets Portfolio, LLC, 1.34%   22,317,195    22,317,195 
TOTAL SECURITIES LENDING COLLATERAL          
(Cost $22,317,195)        22,317,195 
SHORT-TERM INVESTMENTS—3.7%          
           
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 0.97%   23,546,297    23,546,297 
TOTAL SHORT-TERM INVESTMENTS          
(Cost $23,546,297)        23,546,297 
TOTAL INVESTMENTS—103.7%          
(Cost $563,851,360)        664,170,546 
LIABILITIES IN EXCESS OF OTHER ASSETS—(3.7)%        (23,895,582)

 

The accompanying notes are an integral part of the portfolio of investments.

 

4 

 

 

NET ASSETS—100.0%       $640,274,964 

 

ADRAmerican Depositary Receipt
PLCPublic Limited Company
SP ADRSponsored American Depositary Receipt

 

*Non-income producing.
(a)All or a portion of the security is on loan. At November 30, 2017, the market value of securities on loan was $22,013,910.

 

The accompanying notes are an integral part of the portfolio of investments.

 

5 

 

BOSTON PARTNERS INVESTMENT FUNDS

 

BOSTON PARTNERS GLOBAL EQUITY FUND Portfolio of Investments

 

A summary of the inputs used to value the Fund's investments as of November 30, 2017 is as follows (see Notes to Portfolio of Investments):

 

   Total Value as of November 30, 2017   Level 1
Quoted Price		   Level 2 Other Significant Observable Inputs   Level 3 Significant Unobservable Inputs 
Common Stocks                    
Argentina  $4,900,268   $4,900,268   $-   $- 
Australia   2,045,031    -    2,045,031    - 
Bermuda   13,437,298    13,437,298    -    - 
China   2,781,873    2,781,873    -    - 
Denmark   5,865,818    -    5,865,818    - 
France   24,743,643    2,693,026    22,050,617    - 
Germany   23,865,514    -    23,865,514    - 
Hong Kong   9,664,870    -    9,664,870    - 
India   -    -    -    - 
Indonesia   3,401,138    3,401,138    -    - 
Ireland   11,867,672    -    11,867,672    - 
Japan   85,422,924    -    85,422,924    - 
Luxembourg   2,626,149    2,626,149    -    - 
Mexico   3,884,790    3,884,790    -    - 
Netherlands   8,812,635    842,969    7,969,666    - 
Singapore   11,759,342    11,759,342    -    - 
South Korea   13,977,516    412,963    13,564,553    - 
Switzerland   14,577,379    -    14,577,379    - 
Taiwan   3,444,176    -    3,444,176    - 
United Kingdom   50,792,990    9,258,838    41,534,152    - 
United States   316,167,216    316,167,216    -    - 
Preferred Stock                    
Germany   4,268,812    -    4,268,812    - 
Securities Lending Collateral   22,317,195    22,317,195    -    - 
Short-Term Investments   23,546,297    23,546,297    -    - 
Total Assets  $664,170,546   $418,029,362   $246,141,184   $- 

 

The accompanying notes are an integral part of the portfolio of investments.

 

6 

 

BOSTON PARTNERS INVESTMENT FUNDS   NOVEMBER 30, 2017

 

PORTFOLIO HOLDINGS SUMMARY TABLES (unaudited)

BOSTON PARTNERS GLOBAL LONG/SHORT FUND        
         
Security Type/Sector Classification  % of
Net Assets		   Value 
LONG POSITIONS:          
COMMON STOCKS          
Information Technology   23.7%  $250,310,858 
Financials   21.4    225,063,628 
Industrials   9.5    99,698,207 
Materials   8.8    93,190,684 
Health Care   8.8    93,113,302 
Energy   8.7    91,750,566 
Consumer Staples   7.5    79,056,987 
Consumer Discretionary   5.8    60,929,398 
Telecommunication Service   3.4    35,759,849 
Utilities   0.8    8,294,515 
PREFERRED STOCKS   0.7    7,243,967 
SHORT-TERM INVESTMENTS   1.5    15,770,359 
           
SHORT POSITIONS:          
COMMON STOCKS          
Consumer Discretionary   (10.9)  $(114,506,659)
Industrials   (9.8)   (103,069,868)
Information Technology   (8.8)   (92,602,081)
Materials   (5.6)   (58,580,222)
Financials   (4.9)   (52,136,468)
Consumer Staples   (4.0)   (42,458,021)
Health Care   (3.3)   (34,525,231)
Energy   (2.3)   (24,012,192)
Utilities   (0.4)   (4,682,429)
Real Estate   (0.3)   (3,594,224)
OPTIONS WRITTEN   (0.1)   (932,360)
OTHER ASSETS IN EXCESS OF LIABILITIES   49.8    524,947,782 
NET ASSETS   100.0%  $1,054,030,347 

 

 

Portfolio holdings are subject to change at any time. 

 

The accompanying notes are an integral part of the portfolio of investments.

 

1 

 

BOSTON PARTNERS INVESTMENT FUNDS NOVEMBER 30, 2017 (unaudited)

 

BOSTON PARTNERS GLOBAL LONG/SHORT FUND Portfolio of Investments

 

   Number of     
   Shares   Value 
LONG POSITIONS—100.6%          
COMMON STOCKS—98.4%          
Argentina—0.8%          
YPF SA - SP ADR*   365,198   $8,286,343 
Australia—0.3%          
BHP Billiton Ltd.   167,165    3,487,097 
Bermuda—2.2%          
Everest Re Group Ltd.   36,838    8,089,625 
Marvell Technology Group Ltd.   449,004    10,030,749 
Validus Holdings Ltd.   96,254    4,733,772 
         22,854,146 
China—0.4%          
NetEase, Inc. - ADR   14,490    4,763,008 
Denmark—1.0%          
Novo Nordisk A/S Class B   196,457    10,154,659 
France—4.1%          
AXA SA   426,835    12,878,609 
Bollore SA   1,047,085    5,560,956 
Capgemini SA   77,078    8,877,363 
Teleperformance SA   35,812    5,297,776 
Vinci SA   101,899    10,409,351 
         43,024,055 
Germany—3.4%          
Allianz SE   27,937    6,598,005 
E.ON SE   716,036    8,294,515 
Muenchener Rueckversicherungs-Gesellschaft AG   48,038    10,705,408 
RIB Software SE   115,824    2,653,692 
Siemens AG   58,552    7,959,378 
         36,210,998 
Hong Kong—1.6%          
WH Group Ltd.   15,712,500    16,735,648 
India—0.6%          
Videocon D2H Ltd. - ADR*†   625,110    5,963,549 
Indonesia—0.5%          
Bank Rakyat Indonesia Persero Tbk PT   20,910,000    4,962,376 
Ireland—1.9%          
CRH PLC   334,732    11,624,369 
Shire PLC   172,473    8,550,368 
         20,174,737 
Japan—13.5%          
Alps Electric Co., Ltd.   322,400    10,360,924 
Asahi Group Holdings Ltd.   166,100    8,439,839 
Coca-Cola Bottlers Japan, Inc.   248,800    9,468,279 
Ebara Corp.   133,100    5,256,531 
Fuji Electric Co., Ltd.   1,827,000    12,954,719 
Haseko Corp.   399,900    6,237,456 
KDDI Corp.   251,100    7,165,382 
Kirin Holdings Co., Ltd.   241,000    5,641,044 
Matsumotokiyoshi Holdings Co., Ltd.   118,900    9,846,917 
Nippon Telegraph & Telephone Corp.   207,696    10,842,566 
Seven & i Holdings Co., Ltd.   198,100    8,200,387 
SUMCO Corp.   268,900    6,851,858 
Sumitomo Electric Industries Ltd.   322,200    5,651,351 

 

The accompanying notes are an integral part of the portfolio of investments.

 

2 

 

Suzuki Motor Corp.   96,700    5,234,033 
Tokio Marine Holdings, Inc.   189,800    8,418,635 
Tokuyama Corp.   276,100    8,513,497 
Yahoo Japan Corp.   1,130,000    5,188,074 
Zenkoku Hosho Co., Ltd.   176,300    7,611,201 
         141,882,693 
Luxembourg—0.4%          
Ternium SA - SP ADR†   155,255    4,434,083 
Mexico—0.6%          
Cemex SAB de CV - SP ADR*   880,060    6,679,655 
Netherlands—1.4%          
Koninklijke Ahold NV   66,782    1,430,373 
Royal Dutch Shell PLC   411,961    13,173,234 
         14,603,607 
Singapore—1.9%          
Flex Ltd.*†   1,113,271    20,116,807 
South Korea—2.3%          
KT Corp. - SP ADR   45,103    703,607 
LG Chem Ltd.   19,068    7,345,627 
LG Uplus Corp.   204,855    2,616,164 
NAVER Corp.   6,895    5,095,191 
Samsung Electronics Co., Ltd.   3,461    8,145,335 
         23,905,924 
Switzerland—2.4%          
Roche Holding AG   57,337    14,489,926 
Swiss Re AG   114,732    10,772,261 
         25,262,187 
Taiwan—0.5%          
Hon Hai Precision Industry Co., Ltd.   1,726,000    5,794,003 
United Kingdom—8.7%          
Aviva PLC   1,701,939    11,740,746 
Coca-Cola European Partners PLC†   152,250    5,936,228 
ConvaTec Group PLC   1,494,544    3,933,533 
Direct Line Insurance Group PLC   1,337,018    6,616,947 
Lloyds Banking Group PLC   14,239,415    12,707,729 
Melrose Industries PLC   679,901    1,836,764 
Nomad Foods Ltd.*†   515,279    8,466,034 
RPC Group PLC   890,275    11,136,320 
Tesco PLC   1,864,183    4,892,238 
Vodafone Group PLC   4,759,835    14,432,130 
WH Smith PLC   195,667    5,535,823 
WPP PLC   240,914    4,251,748 
         91,486,240 
United States—49.9%          
Air Lease Corp.†   132,572    5,740,368 
Allstate Corp. (The)†   112,114    11,509,623 
Alphabet, Inc., Class C*†   16,920    17,282,257 
American Express Co.   99,937    9,764,844 
Andeavor†   108,352    11,427,885 
Anthem, Inc.†   56,542    13,285,108 
Apple, Inc.†   37,466    6,438,532 
Bank of America Corp.†   403,639    11,370,511 
Berkshire Hathaway, Inc., Class B*†   63,485    12,253,240 
Boardwalk Pipeline Partners LP†   228,774    3,074,723 
Cabot Oil & Gas Corp.   312,454    9,045,543 
Chubb Ltd.†   93,974    14,294,385 
Cigna Corp.†   26,275    5,563,206 
Cisco Systems, Inc.†   230,919    8,613,279 
Citigroup, Inc.†   321,415    24,266,832 

 

The accompanying notes are an integral part of the portfolio of investments.

 

3 

 

Comcast Corp., Class A†   269,405    10,113,464 
Diamondback Energy, Inc.*†   86,324    9,436,076 
DowDuPont, Inc.†   96,273    6,927,805 
DXC Technology Co.†   149,919    14,413,213 
East West Bancorp, Inc.   98,111    6,037,751 
Eaton Corp. PLC†   163,353    12,705,596 
eBay, Inc.*†   311,292    10,792,494 
EQT Corp.†   161,725    9,638,810 
Goldman Sachs Group Inc., (The)   43,596    10,796,113 
Honeywell International, Inc.   38,929    6,071,367 
HP, Inc.†   374,426    8,031,438 
Jagged Peak Energy, Inc.*   250,852    3,807,933 
Laboratory Corp. of America Holdings*†   118,914    18,820,519 
Leidos Holdings, Inc.†   203,961    12,965,801 
Loews Corp.   101,928    5,124,940 
Merck & Co, Inc.†   191,835    10,602,720 
Microsoft Corp.†   378,415    31,851,191 
NetApp, Inc.   221,954    12,542,620 
Northrop Grumman Corp.†   26,638    8,188,521 
Oracle Corp.†   513,153    25,175,286 
Parsley Energy, Inc., Class A*†   381,209    10,239,274 
PayPal Holdings, Inc.*†   79,410    6,013,719 
Pfizer, Inc.†   212,721    7,713,263 
Pioneer Natural Resources Co.†   49,615    7,741,925 
Priceline Group Inc., (The)*   3,673    6,389,955 
Raytheon Co.#   57,409    10,973,730 
RSP Permian, Inc.*   160,055    5,878,820 
Steel Dynamics, Inc.†   259,424    9,987,824 
SunTrust Banks, Inc.†   133,317    8,216,327 
TE Connectivity Ltd.   88,035    8,314,025 
TJX Cos. Inc., (The)   76,461    5,776,629 
Trinseo SA   110,316    8,141,321 
Twenty-First Century Fox, Inc. Class A   180,820    5,775,391 
United Technologies Corp.†   55,522    6,743,147 
Valvoline, Inc.†   222,116    5,477,381 
Wells Fargo & Co.†   99,057    5,593,749 
WestRock Co.†   151,189    9,435,705 
         526,386,179 
TOTAL COMMON STOCKS          
(Cost $865,378,907)        1,037,167,994 
PREFERRED STOCKS—0.7%          
Germany—0.7%          
Volkswagen AG, 1.163%   34,124    7,243,967 
TOTAL PREFERRED STOCKS          
(Cost $5,273,881)        7,243,967 
SHORT-TERM INVESTMENTS—1.5%          
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 0.97%   15,770,359    15,770,359 
TOTAL SHORT-TERM INVESTMENTS          
(Cost $15,770,359)        15,770,359 
TOTAL LONG POSITIONS—100.6%          
(Cost $886,423,147)        1,060,182,320 
SECURITIES SOLD SHORT—(50.3%)          
           
COMMON STOCKS—(50.3%)          
Australia—(1.6%)          
Amcor Ltd.   (374,742)   (4,394,719)
Domino's Pizza Enterprises Ltd.   (96,795)   (3,463,144)
Healthscope Ltd.   (2,044,114)   (3,091,221)
National Australia Bank Ltd.   (135,004)   (3,033,055)
Wesfarmers Ltd.   (94,973)   (3,168,062)

 

The accompanying notes are an integral part of the portfolio of investments.

 

4 

 

         (17,150,201)
Belgium—(0.4%)          
Colruyt SA   (73,431)   (3,892,388)
Bermuda—(0.3%)          
Arch Capital Group Ltd.*   (32,791)   (3,104,980)
Canada—(0.9%)          
Cameco Corp.   (232,790)   (2,183,570)
Cineplex, Inc.   (69,590)   (2,089,075)
First Quantum Minerals Ltd.   (225,935)   (2,597,075)
Ritchie Bros. Auctioneers, Inc.   (90,872)   (2,408,108)
         (9,277,828)
Chile—(0.2%)          
Sociedad Quimica y Minera de Chile SA - SP ADR   (45,081)   (2,448,800)
China—(0.2%)          
58.com, Inc. - ADR*   (29,997)   (2,151,985)
Denmark—(0.4%)          
Chr Hansen Holding A/S   (42,777)   (3,882,133)
Finland—(0.4%)          
Metso OYJ   (106,271)   (3,746,804)
France—(0.2%)          
Aeroports de Paris   (12,020)   (2,292,665)
Germany—(2.0%)          
GEA Group AG   (55,686)   (2,693,044)
Infineon Technologies AG   (157,166)   (4,343,086)
Krones AG   (28,063)   (3,559,816)
MTU Aero Engines AG   (24,660)   (4,437,859)
Zalando SE*   (113,230)   (5,798,662)
         (20,832,467)
India—(0.4%)          
Wipro Ltd. - ADR   (885,983)   (4,775,448)
Ireland—(0.3%)          
James Hardie Industries PLC   (168,620)   (2,763,923)
Italy—(0.4%)          
Ferrari NV   (36,355)   (3,948,153)
Japan—(7.0%)          
Aeon Co., Ltd.   (158,400)   (2,578,154)
Aozora Bank Ltd.   (102,700)   (3,998,727)
Asics Corp.   (263,700)   (3,911,786)
Benesse Holdings, Inc.   (58,400)   (2,066,869)
Calbee, Inc.   (58,500)   (2,049,038)
Chugai Pharmaceutical Co., Ltd.   (79,200)   (4,094,670)
CyberAgent, Inc.   (131,400)   (4,505,105)
Dentsu, Inc.   (124,400)   (5,647,409)
Ito En Ltd.   (88,600)   (3,305,039)
McDonald's Holdings Co. Japan Ltd.   (85,900)   (3,751,863)
Murata Manufacturing Co., Ltd.   (44,400)   (6,046,713)
Nidec Corp.   (30,600)   (4,180,307)
Nippon Paint Holdings Co., Ltd.   (97,500)   (2,996,988)
Nissin Foods Holdings Co., Ltd.   (53,100)   (3,843,972)
Sanrio Co., Ltd.   (190,600)   (3,177,665)
Sharp Corp.*   (105,600)   (3,351,796)
Shimano, Inc.   (19,900)   (2,753,176)
Tokyo Electron Ltd.   (16,200)   (3,013,993)
Yakult Honsha Co., Ltd.   (41,100)   (3,205,033)
Yamazaki Baking Co., Ltd.   (296,800)   (5,732,925)
Netherlands—(0.5%)          
Cimpress NV*   (44,946)   (5,474,423)
Singapore—(0.6%)          

 

The accompanying notes are an integral part of the portfolio of investments.

 

5 

 

         (74,211,228)

 

SATS Ltd.   (871,900)   (3,420,103)
Singapore Press Holdings Ltd.   (1,624,800)   (3,331,133)
         (6,751,236)
South Africa—(0.2%)          
Mediclinic International PLC   (240,204)   (1,837,028)
Spain—(0.8%)          
Bankinter SA   (260,712)   (2,516,741)
Industria de Diseno Textil SA   (84,298)   (2,981,873)
Siemens Gamesa Renewable Energy SA   (210,604)   (2,635,832)
         (8,134,446)
Sweden—(1.5%)          
Autoliv, Inc.   (25,835)   (3,304,813)
Elekta AB Class B*   (295,500)   (2,469,407)
Hexagon AB Class B   (96,598)   (4,750,142)
Securitas AB Class B   (333,945)   (5,868,665)
         (16,393,027)
Switzerland—(2.0%)          
Chocoladefabriken Lindt & Spruengli AG   (66)   (4,628,049)
Cie Financiere Richemont SA   (24,059)   (2,073,502)
Geberit AG   (14,852)   (6,465,474)
Kuehne + Nagel International AG   (29,470)   (5,180,809)
SGS SA   (1,096)   (2,714,156)
         (21,061,990)
Taiwan—(0.2%)          
United Microelectronics Corp. - SP ADR   (1,034,984)   (2,639,209)
United Kingdom—(3.7%)          
Antofagasta PLC   (362,010)   (4,458,369)
GW Pharmaceuticals PLC - ADR*   (21,060)   (2,621,760)
Hargreaves Lansdown PLC   (147,926)   (3,205,752)
Kingfisher PLC   (657,854)   (2,967,765)
Manchester United PLC, Class A   (153,439)   (3,199,203)
Ocado Group PLC*   (672,441)   (3,200,189)
Pearson PLC   (434,865)   (4,160,742)
Pennon Group PLC   (435,633)   (4,682,429)
Rolls-Royce Holdings PLC   (333,064)   (3,862,747)
Travis Perkins PLC   (210,474)   (4,579,915)
Weir Group PLC, (The)   (61,102)   (1,623,530)
         (38,562,401)
United States—(26.1%)          
AAON, Inc.   (60,023)   (2,187,838)
Acxiom Corp.*   (141,851)   (3,865,440)
Apache Corp.   (87,746)   (3,670,415)
AptarGroup, Inc.   (63,672)   (5,629,242)
Arista Networks, Inc.*   (12,846)   (2,994,660)
Balchem Corp.   (30,629)   (2,672,993)
Ball Corp.   (146,354)   (5,840,988)
Bemis Co, Inc.   (33,358)   (1,565,157)
Blackbaud, Inc.   (58,053)   (5,715,318)
CarMax, Inc.*   (73,173)   (5,042,351)
Casey's General Stores, Inc.   (31,088)   (3,753,876)
Caterpillar, Inc.   (39,583)   (5,587,140)
Cincinnati Financial Corp.   (85,504)   (6,389,714)
Cognex Corp.   (25,692)   (3,560,140)
Community Bank System, Inc.   (55,466)   (3,071,707)
Cornerstone OnDemand, Inc.*   (91,031)   (3,365,416)
Cree, Inc.*   (113,534)   (4,034,998)
Cullen/Frost Bankers, Inc.   (31,316)   (3,081,808)
DENTSPLY SIRONA, Inc.   (54,447)   (3,648,493)
Domino's Pizza, Inc.   (16,087)   (2,994,756)

 

The accompanying notes are an integral part of the portfolio of investments.

 

6 

 

Dorman Products, Inc.*   (46,309)   (3,163,368)
Ellie Mae, Inc.*   (46,191)   (4,082,823)
Equinix, Inc.   (7,738)   (3,594,224)
FactSet Research Systems, Inc.   (18,929)   (3,783,529)
FireEye, Inc.*   (190,655)   (2,695,862)
First Financial Bankshares, Inc.   (88,367)   (4,193,014)
Flowserve Corp.   (78,480)   (3,341,678)
Fox Factory Holding Corp.*   (78,489)   (3,061,071)
Harley-Davidson, Inc.   (67,952)   (3,411,190)
HB Fuller Co.   (72,360)   (4,093,405)
Heartland Express, Inc.   (156,259)   (3,568,956)
Hecla Mining Co.   (486,442)   (1,819,293)
Helmerich & Payne, Inc.   (66,832)   (3,915,019)
Hess Corp.   (92,154)   (4,228,026)
iRobot Corp.*   (40,851)   (2,803,196)
John Bean Technologies Corp.   (32,329)   (3,871,398)
Laredo Petroleum, Inc.*   (206,736)   (2,210,008)
Manhattan Associates, Inc.*   (115,046)   (5,102,290)
Medidata Solutions, Inc.*   (45,350)   (3,022,124)
Mercury General Corp.   (47,912)   (2,629,411)
Middleby Corp., (The)*   (35,027)   (4,466,643)
Multi-Color Corp.   (57,198)   (4,375,647)
National Instruments Corp.   (98,232)   (4,317,296)
National Oilwell Varco, Inc.   (146,039)   (4,899,608)
Netflix, Inc.*   (15,872)   (2,977,270)
NewMarket Corp.   (13,321)   (5,335,327)
NIKE, Inc., Class  B   (81,145)   (4,902,781)
NuVasive, Inc.*   (67,199)   (3,876,710)
Palo Alto Networks, Inc.*   (24,431)   (3,560,818)
Proofpoint, Inc.*   (27,832)   (2,506,272)
Prosperity Bancshares, Inc.   (47,418)   (3,321,157)
RLI Corp.   (70,037)   (4,183,310)
Rollins, Inc.   (120,767)   (5,597,550)
Snyder's-Lance, Inc.   (93,528)   (3,617,663)
Sonoco Products Co.   (60,970)   (3,262,505)
Tallgrass Energy GP LP   (128,564)   (2,905,546)
Tesla, Inc.*   (23,266)   (7,185,704)
Texas Roadhouse, Inc.   (61,172)   (3,124,054)
Thor Industries, Inc.   (22,042)   (3,384,549)
Tootsie Roll Industries, Inc.   (71,760)   (2,683,824)
TransDigm Group, Inc.   (12,847)   (3,645,850)
Ultimate Software Group Inc. (The)*   (21,961)   (4,634,430)
UMB Financial Corp.   (43,258)   (3,251,271)
Varian Medical Systems, Inc.*   (37,617)   (4,203,700)
Veeva Systems, Inc. Class A*   (52,531)   (3,162,892)
Verisk Analytics, Inc.*   (31,133)   (3,001,844)
Vertex Pharmaceuticals, Inc.*   (17,307)   (2,497,227)
Vulcan Materials Co.   (38,355)   (4,819,306)
Wabtec Corp.   (48,836)   (3,755,488)
Wayfair, Inc. Class A*   (39,612)   (2,772,444)
Westamerica Bancorporation   (38,368)   (2,372,293)
WEX, Inc.*   (39,727)   (5,113,659)
Workday, Inc., Class A*   (37,453)   (3,857,659)
         (274,834,632)
TOTAL COMMON STOCKS          
(Proceeds $(491,396,616))        (530,167,395)
TOTAL SECURITIES SOLD SHORT—(50.3%)          
(Proceeds $(491,396,616))        (530,167,395)

 

The accompanying notes are an integral part of the portfolio of investments.

 

7 

 

   Number   Notional     
   of Contracts   Amount     
OPTIONS WRITTEN††—(0.1%)               
Call Options Written†—(0.1%)               
Raytheon Co.               
Expiration:               
01/19/2018,               
Exercise Price:               
175.00   (572)   (10,933,780)   (932,360)
TOTAL CALL OPTIONS WRITTEN               
(Premiums received $(667,839))             (932,360)
TOTAL OPTIONS WRITTEN               
(Premiums received $(667,839))             (932,360)
OTHER ASSETS IN EXCESS OF LIABILITIES—49.8%             524,947,782 
NET ASSETS—100.0%            $1,054,030,347 

 

ADRAmerican Depositary Receipt

PLCPublic Limited Company

SPADRSponsored American Depositary Receipt

 

* Non-income producing.
† Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
# Security segregated as collateral for options written.
†† Primary risk exposure is equity contracts.

 

The accompanying notes are an integral part of the portfolio of investments.

 

8 

 

Contracts For Difference held by the Fund at November 30, 2017, are as follows:
Reference Company  Counterparty  Expiration Date  Financing Rate   Payment Frequency  Number of Contracts Long/(Short)   Notional Amount   Unrealized Appreciation (Depreciation) 
                          
Short                             
South Korea                             
Amorepacific Corp.  Goldman Sachs  9/15/2020   1.16%  Monthly   (11,082)  $(3,146,646)  $(11,156)
Kakao Corp.  Goldman Sachs  12/31/2021   1.16%  Monthly   (27,378)   (3,455,001)   567,055 
                       (6,601,647)   555,899 
Taiwan                             
Feng Tay Enterprise  Goldman Sachs  9/15/2020   1.16%  Monthly   (934,000)   (3,908,015)   340,428 
Total Short                      (10,509,662)   896,327 
Net unrealized gain/(loss) on Contracts For Difference                      (10,509,662)  $896,327 

 

The accompanying notes are an integral part of the portfolio of investments.

 

9 

 

BOSTON PARTNERS INVESTMENT FUNDS

 

 

BOSTON PARTNERS GLOBAL LONG/SHORT FUND     Portfolio of Investments

 

A summary of the inputs used to value the Fund's investments as of November 30, 2017 is as follows (see Notes to Portfolio of Investments):

                 
   Total Value as of November 30, 2017   Level 1
Quoted Price		   Level 2 Other Significant Observable Inputs   Level 3 Significant Unobservable Inputs 
Common Stocks                    
Argentina  $8,286,343   $8,286,343   $-   $- 
Australia   3,487,097    -    3,487,097    - 
Bermuda   22,854,146    22,854,146    -    - 
China   4,763,008    4,763,008    -    - 
Denmark   10,154,659    -    10,154,659    - 
France   43,024,055    5,560,956    37,463,099    - 
Germany   36,210,998    -    36,210,998    - 
Hong Kong   16,735,648    -    16,735,648    - 
India   5,963,549    5,963,549    -    - 
Indonesia   4,962,376    4,962,376    -    - 
Ireland   20,174,737    -    20,174,737    - 
Japan   141,882,693    -    141,882,693    - 
Luxembourg   4,434,083    4,434,083    -    - 
Mexico   6,679,655    6,679,655    -    - 
Netherlands   14,603,607    1,430,373    13,173,234    - 
Singapore   20,116,807    20,116,807    -    - 
South Korea   23,905,924    703,607    23,202,317    - 
Switzerland   25,262,187    -    25,262,187    - 
Taiwan   5,794,003    -    5,794,003    - 
United Kingdom   91,486,240    19,938,085    71,548,155    - 
United States   526,386,179    526,386,179    -    - 
Preferred Stocks                    
Germany   7,243,967    -    7,243,967    - 
Short-Term Investments   15,770,359    15,770,359    -    - 
Contracts For Difference                    
     Equity Contracts   907,483    -    907,483    - 
Total Assets  $1,061,089,803   $647,849,526   $413,240,277   $- 

 

   Total Value as of November 30, 2017   Level 1 Quoted Price   Level 2 Other Significant Observable Inputs   Level 3 Significant Unobservable Inputs 
Securities Sold Short                    
Australia  $(17,150,201)  $-   $(17,150,201)  $- 
Belgium   (3,892,388)   -    (3,892,388)   - 
Bermuda   (3,104,980)   (3,104,980)   -    - 
Canada   (9,277,828)   (9,277,828)   -    - 
Chile   (2,448,800)   (2,448,800)   -    - 
China   (2,151,985)   (2,151,985)   -    - 
Denmark   (3,882,133)   -    (3,882,133)   - 
Finland   (3,746,804)   -    (3,746,804)   - 
France   (2,292,665)   (2,292,665)   -    - 
Germany   (20,832,467)   -    (20,832,467)   - 
India   (4,775,448)   (4,775,448)   -    - 
Ireland   (2,763,923)   -    (2,763,923)   - 

 

The accompanying notes are an integral part of the portfolio of investments.

 

10 

 

Italy   (3,948,153)   (3,948,153)   -    - 
Japan   (74,211,228)   -    (74,211,228)   - 
Netherlands   (5,474,423)   (5,474,423)   -    - 
Singapore   (6,751,236)   (3,420,103)   (3,331,133)   - 
South Africa   (1,837,028)   (1,837,028)   -    - 
Spain   (8,134,446)   -    (8,134,446)   - 
Sweden   (16,393,027)   (3,304,813)   (13,088,214)   - 
Switzerland   (21,061,990)   -    (21,061,990)   - 
Taiwan   (2,639,209)   (2,639,209)   -    - 
United Kingdom   (38,562,401)   (10,400,878)   (28,161,523)   - 
United States   (274,834,632)   (274,834,632)   -    - 
Options Written                    
     Equity Contracts   (932,360)   (932,360)   -    - 
Contracts For Difference                    
     Equity Contracts   (11,156)   -    (11,156)   - 
Total Liabilities  $(531,110,911)  $(330,843,305)  $(200,267,606)  $- 

 

The accompanying notes are an integral part of the portfolio of investments.

 

11 

 

BOSTON PARTNERS INVESTMENT FUNDS NOVEMBER 30, 2017 (unaudited)

 

BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND Portfolio of Investments

 

   Number of
Shares		   Value 
LONG POSITIONS—95.9%          
COMMON STOCKS—53.5%          
Argentina—1.8%          
Pampa Energia SA - SP ADR*   6,369   $405,833 
YPF SA - SP ADR*   27,483    623,589 
         1,029,422 
Australia—0.3%          
Syrah Resources Ltd.*   48,711    152,535 
Bermuda—0.3%          
Marvell Technology Group Ltd.   8,305    185,534 
Brazil—4.4%          
AES Tiete Energia SA   76,600    306,545 
Aliansce Shopping Centers SA*   40,600    211,344 
Ambev SA - ADR   20,756    128,480 
Cia de Saneamento Basico do Estado de Sao Paulo   44,800    447,528 
Embraer SA - SP ADR   7,213    138,057 
Eneva SA*   21,200    90,345 
Movida Participacoes SA*   213,400    451,123 
Qualicorp SA   48,100    450,235 
Sul America SA   56,400    308,236 
         2,531,893 
Canada—0.3%          
Ivanhoe Mines Ltd., Class A*   55,270    188,924 
Chile—1.0%          
Geopark Ltd.*   49,083    422,605 
Inversiones La Construccion SA   9,510    144,885 
         567,490 
China—4.8%          
Alibaba Group Holding Ltd. - SP ADR*   7,622    1,349,704 
China Meidong Auto Holdings Ltd.   418,000    127,378 
JD.com, Inc. - ADR*   8,554    320,347 
Momo, Inc. - SP ADR*   3,696    88,704 
NetEase, Inc. - ADR   1,254    412,202 
Tencent Holdings Ltd.   7,100    363,528 
Vipshop Holdings Ltd. - ADR*   11,889    97,847 
         2,759,710 
Colombia—0.3%          
Almacenes Exito SA   36,000    195,485 
Greece—0.6%          
FF Group*   8,263    152,738 
Titan Cement Co. SA   7,414    182,844 
         335,582 
Hong Kong—1.7%          
China Mobile Ltd. - SP ADR   6,783    344,848 
WH Group Ltd.   581,500    619,365 
         964,213 
Hungary—1.6%          
OTP Bank PLC   9,516    363,798 
Richter Gedeon Nyrt   11,484    296,753 
Waberer's International Zrt*   13,135    242,104 
         902,655 
India—3.5%          
Aurobindo Pharma Ltd.   12,158    130,768 
Bharti Airtel Ltd.   19,509    150,325 

 

The accompanying notes are an integral part of the portfolio of investments.

 

1 

 

Gujarat State Petronet Ltd.   41,522    135,581 
HCL Technologies Ltd.   17,264    227,045 
Petronet LNG Ltd.   38,659    151,025 
Varun Beverages Ltd.   33,361    262,961 
Videocon D2H Ltd. - ADR*   78,022    744,330 
WNS Holdings Ltd. - ADR*   472    19,414 
Yes Bank Ltd.   44,123    210,046 
         2,031,495 
Indonesia—0.3%          
Bank Rakyat Indonesia Persero Tbk PT   812,000    192,704 
Malaysia—0.6%          
Bumi Armada Bhd*   1,987,700    365,986 
Mexico—6.4%          
Alpek SAB de CV   683,500    860,099 
America Movil SAB de CV Class L - SP ADR   9,381    160,415 
Becle SAB de CV*   197,340    327,221 
Cemex SAB de CV - SP ADR*   87,288    662,516 
Credito Real SAB de CV SOFOM ER   373,400    547,222 
Gentera SAB de CV   198,200    180,915 
Gruma SAB de CV   13,520    167,484 
Qualitas Controladora SAB de CV   244,900    446,165 
Unifin Financiera SAB de CV SOFOM ENR   65,700    215,026 
Vista Oil & Gas SAB de CV*   14,632    143,276 
         3,710,339 
Netherlands—1.9%          
Heineken Holding NV   9,149    880,844 
VEON Ltd.   59,776    241,495 
         1,122,339 
Poland—0.6%          
AmRest Holdings SE*   1,856    192,460 
Cyfrowy Polsat SA   22,907    161,797 
         354,257 
Russia—2.6%          
Mobile TeleSystems PJSC   19,047    197,518 
Sberbank of Russia PJSC - SP ADR   54,355    901,206 
Yandex NV, Class A*   11,666    386,261 
         1,484,985 
South Africa—6.5%          
Barclays Africa Group Ltd.   36,411    416,531 
Barloworld Ltd.   39,661    445,915 
Clover Industries Ltd.   222,894    197,135 
FirstRand Ltd.   50,656    207,866 
Imperial Holdings Ltd.   21,615    359,471 
JSE Ltd.   44,765    437,042 
Naspers Ltd., Class N   3,473    932,095 
Nedbank Group Ltd.   21,236    357,044 
Tongaat Hulett Ltd.   48,645    376,746 
         3,729,845 
South Korea—3.6%          
KT Corp. - SP ADR   33,502    522,631 
KT&G Corp.   3,730    418,158 
LG Uplus Corp.   33,460    427,311 

 

The accompanying notes are an integral part of the portfolio of investments.

 

2 

 

NAVER Corp.   539    398,304 
NCSoft Corp.   276    111,252 
Orion Corp.*   1,834    192,964 
         2,070,620 
Taiwan—1.2%          
Hon Hai Precision Industry Co., Ltd.   113,000    379,329 
Pegatron Corp.   135,000    309,540 
         688,869 
Thailand—0.8%          
SPCG PCL   698,100    459,558 
Turkey—3.1%          
Akbank Turk AS   135,791    311,481 
Ford Otomotiv Sanayi AS   13,908    195,520 
Haci Omer Sabanci Holding AS   100,647    260,934 
Mavi Giyim Sanayi Ve Ticaret AS, Class B*   28,571    385,601 
Turkiye Garanti Bankasi AS   91,613    224,452 
Turkiye Sinai Kalkinma Bankasi AS   939,229    323,798 
Yapi ve Kredi Bankasi AS*   88,795    93,934 
         1,795,720 
United Arab Emirates—1.1%          
Abu Dhabi Commercial Bank PJSC   107,392    206,130 
Emaar Malls PJSC   693,184    405,757 
         611,887 
United Kingdom—1.5%          
Atrium European Real Estate Ltd.   107,605    523,962 
Petra Diamonds Ltd.*   394,673    358,949 
         882,911 
United States—2.7%          
Air Lease Corp.   6,468    280,064 
Kosmos Energy Ltd.*   21,526    171,778 
Liberty Global PLC LiLAC, Class C*   42,071    872,973 
Micron Technology, Inc.*   5,320    225,515 
         1,550,330 
TOTAL COMMON STOCKS          
(Cost $28,871,268)        30,865,288 
EXCHANGE TRADED FUNDS—0.6%          
Thailand—0.6%          
Jasmine Broadband Internet Infrastructure Fund   973,543    351,739 
TOTAL EXCHANGE TRADED FUNDS          
(Cost $331,489)        351,739 
PREFERRED STOCKS—5.9%          
Brazil—1.5%          
Banco Bradesco SA - ADR, 2.082%   49,413    483,753 
Cia de Transmissao de Energia Eletrica Paulista, 6.271%   6,200    115,460 
Itau Unibanco Holding SA, 4.360%   18,400    231,881 
         831,094 
Russia—0.3%          
Sberbank of Russia PJSC, 3.153%   59,600    188,020 
South Korea—4.1%          
Samsung Electronics Co., Ltd., 1.336%   1,223    2,371,883 
TOTAL PREFERRED STOCKS          
(Cost $2,597,612)        3,390,997 
WARRANTS—0.0%          
Mexico—0.0%          
Vista Oil & Gas SAB de CV*‡   13,133    3,700 
TOTAL WARRANTS          
(Cost $0)        3,700 

 

The accompanying notes are an integral part of the portfolio of investments.

 

3 

 

SHORT-TERM INVESTMENTS—35.9%          
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 0.97%   20,676,785    20,676,785 
TOTAL SHORT-TERM INVESTMENTS          
(Cost $20,676,785)        20,676,785 
TOTAL LONG POSITIONS—95.9%          
(Cost $52,477,154)        55,288,509 
OTHER ASSETS IN EXCESS OF LIABILITIES—4.1%        2,366,052 
NET ASSETS—100.0%       $57,654,561 

 

ADRAmerican Depositary Receipt

PLCPublic Limited Company

SPADRSponsored American Depositary Receipt

 

*Non-income producing.

 

‡Security has been valued at fair market value as determined in good faith by or under the direction of the RBB Fund, Inc.'s Board of Directors. As of November 30, 2017, these securities amounted to $3,700 or 0.0% of net assets.

 

The accompanying notes are an integral part of the portfolio of investments.

 

4 

 

Contracts For Difference held by the Fund at November 30, 2017, are as follows:

 

Reference Company  Counterparty  Expiration Date  Financing Rate  Payment Frequency  Number of Contracts Long/(Short)   Notional Amount   Unrealized Appreciation (Depreciation) 
Long                        
Brazil                        
Cia Saneamento  Goldman Sachs  9/15/2020  1.33%  Monthly   10,300   $128,569   $85 
Companhia de Gas  Goldman Sachs  9/15/2020  1.33%  Monthly   7,900    138,478    32,357 
                     267,047    32,442 
China                           
Agricultural Bank of China  Goldman Sachs  9/15/2020  0.72%  Monthly   427,000    199,514    (641)
Alibaba Group Holding Ltd. - SP ADR  Goldman Sachs  12/31/2021  1.33%  Monthly   3,735    661,394    (51,856)
Baidu Inc. - SP ADR  Goldman Sachs  12/31/2021  1.33%  Monthly   3,376    805,446    (19,588)
China Lesso Group  Goldman Sachs  9/15/2020  0.72%  Monthly   820,000    525,510    (639)
China Machinery Engineering Corp.  Goldman Sachs  9/15/2020  0.72%  Monthly   261,000    169,379    13,275 
China Meidong Auto Holdings Ltd.  Goldman Sachs  9/15/2020  0.72%  Monthly   440,000    134,082    6,727 
China Telecom Corp. Ltd., Class H  Goldman Sachs  12/31/2021  0.72%  Monthly   920,000    445,697    (2,045)
Gree Electric Appliances Inc.  Goldman Sachs  9/15/2020  1.33%  Monthly   61,500    394,917    (48,565)
Hangzhou Hikvision  Goldman Sachs  9/15/2020  1.33%  Monthly   102,300    572,908    (79,597)
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A  Goldman Sachs  9/15/2020  1.33%  Monthly   19,300    303,724    (49,452)
PICC Property & Casualty Co. Ltd.  Goldman Sachs  9/15/2020  0.72%  Monthly   80,000    152,397    (10,307)
Qingdao Haier Co., Ltd.  Goldman Sachs  9/15/2020  1.33%  Monthly   108,200    282,993    (47,385)
Shanghai Haohai Biological Technology Co., Ltd., Class H  Goldman Sachs  12/31/2021  0.72%  Monthly   43,300    200,867    118 
Sunny Optical Technology Group Co., Ltd.  Goldman Sachs  9/15/2020  0.72%  Monthly   17,000    285,877    (33,741)
Tencent Holdings Ltd.  Goldman Sachs  12/31/2021  0.72%  Monthly   48,200    2,467,895    (186,540)
Wuliangye Yibin Co., Ltd., Class A  Goldman Sachs  9/15/2020  1.33%  Monthly   36,700    364,185    (45,243)
                     7,966,785    (555,478)
Egypt                           
Commercial International Bank Egypt SAE  Goldman Sachs  12/31/2021  1.33%  Monthly   37,688    160,867    4,617 
EFG-Hermes Holdings  Goldman Sachs  9/15/2020  1.33%  Monthly   127,392    175,067    8,407 
                     335,934    13,024 
Greece                           
Motor Oil SA  Goldman Sachs  9/15/2020  -0.37%  Monthly   13,410    322,098    (3,505)
Hong Kong                           
AIA Group Ltd.  Goldman Sachs  9/15/2020  0.72%  Monthly   31,200    254,210    (17,908)
China Unicom Ltd.  Goldman Sachs  9/15/2020  0.72%  Monthly   300,000    437,547    (12,757)
Haier Electronics Group Co. Ltd.  Goldman Sachs  9/15/2020  0.72%  Monthly   67,000    180,750    (14,036)
K. Wah International Holdings Ltd.  Goldman Sachs  9/15/2020  0.72%  Monthly   195,000    104,676    (216)
Kunlun Energy Co. Ltd.  Goldman Sachs  9/15/2020  0.72%  Monthly   174,000    151,134    8,067 
XIinyi Glass Holdings Ltd.  Goldman Sachs  9/15/2020  0.72%  Monthly   144,000    175,958    18,090 
                     1,304,275    (18,760)
India                           
Videocon D2H Ltd. - ADR  Goldman Sachs  12/31/2021  1.33%  Monthly   12,955    123,591    11,622 
Israel                           
Gazit Globe Ltd.  Goldman Sachs  9/15/2020  0.10%  Monthly   69,632    725,279    37,046 
Tamar Petroleum Ltd. NPV  Goldman Sachs  9/15/2020  0.10%  Monthly   145,996    841,256    (30,646)
                     1,566,535    6,400 
Luxembourg                           
Samsonite International SA  Goldman Sachs  12/31/2021  0.72%  Monthly   107,100    442,242    (9,720)
Mexico                           
Grupo GicSA SA de CV  Goldman Sachs  12/31/2021  1.33%  Monthly   878,200    472,674    (28,901)
South Korea                           
Bnk Financial Group  Goldman Sachs  9/15/2020  1.33%  Monthly   32,150    281,308    8,054 
Eugene Technology  Goldman Sachs  9/15/2020  1.33%  Monthly   19,419    394,008    (17,284)
Hana Financial Group, Inc.  Goldman Sachs  12/31/2021  1.33%  Monthly   5,950    259,692    10,639 
Hyundai Mobis Co., Ltd.  Goldman Sachs  12/31/2021  1.33%  Monthly   953    239,509    18,524 
Kiwoom Securities  Goldman Sachs  9/15/2020  1.33%  Monthly   4,441    337,402    (1,132)
KT Corp.  Goldman Sachs  12/31/2021  1.33%  Monthly   2,891    81,340    3,745 
LG Chem Ltd.  Goldman Sachs  12/31/2021  1.33%  Monthly   1,249    481,156    10,235 
Samsung Electronics Co., Ltd.  Goldman Sachs  12/31/2021  1.33%  Monthly   555    1,306,172    (94,275)
Samsung SDI Co., Ltd.  Goldman Sachs  12/31/2021  1.33%  Monthly   4,158    814,852    (14,563)
SK Hynix Inc.  Goldman Sachs  9/15/2020  1.33%  Monthly   2,750    196,002    (17,394)
                     4,391,441    (93,451)
Taiwan                           
Taiwan Semiconductor Manufacturing Co., Ltd.  Goldman Sachs  12/31/2021  1.33%  Monthly   224,000    1,691,997    (119,929)
Turkey                           
Logo Yazilim  Goldman Sachs  9/15/2020  1.33%  Monthly   18,979    271,897    2,126 
Yatas  Goldman Sachs  9/15/2020  1.33%  Monthly   72,626    466,628    3,460 
                     738,525    5,587 
United Kingdom                           
BGEO Group PLC  Goldman Sachs  9/15/2020  0.50%  Monthly   12,868    568,899    (5,500)
Georgia Healthcare Group PLC  Goldman Sachs  12/31/2021  0.50%  Monthly   18,138    86,344    1,700 
Petra Diamonds Ltd.  Goldman Sachs  12/31/2021  0.50%  Monthly   354,685    322,580    (8,459)
TBC Bank Group PLC  Goldman Sachs  9/15/2020  0.50%  Monthly   12,770    273,040    (11,972)
                     1,250,863    (24,231)
Total Long                    20,874,007    (784,899)
                            
Short                           
Argentina                           
Mercadolibre Inc. Com.  Goldman Sachs  9/15/2020  1.16%  Monthly   (828)  $(227,816)  $(5,244)
Brazil                           
B2W Cia Digital  Goldman Sachs  9/15/2020  1.16%  Monthly   (50,700)   (266,243)   22,859 
Fibria Celulose SA  Morgan Stanley  9/15/2020  1.16%  Monthly   (9,300)   (128,237)   24,604 

 

The accompanying notes are an integral part of the portfolio of investments.

 

5 

 

Natura Cosmeticos SA  Goldman Sachs  9/15/2020   1.16%  Monthly   (30,500)   (271,695)   33,544 
Raia Drogasil SA  Goldman Sachs  9/15/2020   1.07%  Monthly   (15,100)   (405,428)   (4,447)
                      (1,071,603)   76,560 
Chile                            
Sociedad Quimica Mineral  Goldman Sachs  9/15/2020   1.16%  Monthly   (4,186)   (227,383)   12,642 
China                            
58 Com. Inc.  Goldman Sachs  9/15/2020   1.16%  Monthly   (3,749)   (268,953)   25,531 
Bitauto Holdings Ltd. - SP ADR  Goldman Sachs  9/15/2020   1.16%  Monthly   (3,519)   (104,268)   15,406 
China Life Insurance Co., Ltd., Class H  Goldman Sachs  12/31/2021   0.50%  Monthly   (64,000)   (209,566)   14,554 
China Pacific Insurance Group, Ltd., Class H  Goldman Sachs  12/31/2021   0.50%  Monthly   (35,600)   (171,077)   17,633 
Cosco Shipping Development Co., Ltd.  Goldman Sachs  12/31/2021   0.50%  Monthly   (1,143,000)   (235,299)   (1,283)
Cosco Shipping Holdings Co., Ltd.  Goldman Sachs  9/15/2020   0.50%  Monthly   (413,000)   (196,935)   (4,528)
Huadian Power International Corp. Ltd., Class H  Goldman Sachs  12/31/2021   0.50%  Monthly   (694,000)   (271,687)   7,255 
Huaneng Power International Inc., Class H  Goldman Sachs  12/31/2021   0.50%  Monthly   (434,000)   (277,163)   16,798 
Maanshan Iron & Steel  Goldman Sachs  9/15/2020   0.50%  Monthly   (628,000)   (308,899)   (31,550)
New China Life Insurance Co., Ltd., Class H  Goldman Sachs  12/31/2021   0.50%  Monthly   (48,600)   (311,080)   37,392 
Parkson Retail Group Ltd.  Goldman Sachs  12/31/2021   0.50%  Monthly   (1,472,000)   (207,947)   (674)
Semiconductor Manufacturing Co., Ltd.  Goldman Sachs  12/31/2020   0.50%  Monthly   (97,000)   (136,448)   8,688 
Tian Ge Interactive Holdings Ltd.  Goldman Sachs  12/31/2021   0.50%  Monthly   (298,000)   (245,155)   (5,498)
Tuniu Corp. - SP ADR  Goldman Sachs  9/15/2020   1.16%  Monthly   (34,379)   (298,066)   23,177 
Yashili International Holdings Ltd.  Goldman Sachs  12/31/2021   0.50%  Monthly   (1,054,000)   (207,827)   2,239 
                      (3,450,370)   125,139 
Colombia                            
Ecopetrol SA - SP ADR  Goldman Sachs  9/15/2020   1.16%  Monthly   (26,866)   (311,646)   (1,200)
Denmark                            
Carlsberg  Goldman Sachs  9/15/2020   -0.48%  Monthly   (2,475)   (293,618)   (1,177)
France                            
Edenred  Goldman Sachs  9/15/2020   -0.30%  Monthly   (4,024)   (115,033)   (1,036)
Hong Kong                            
Bank Of East Asia Ltd. (The)  Goldman Sachs  12/31/2021   0.50%  Monthly   (52,709)   (234,075)   (11,392)
Capital Environment Holdings Ltd.  Goldman Sachs  12/31/2021   0.50%  Monthly   (3,138,000)   (124,553)   1,613 
Cathay Pacific Airways  Goldman Sachs  9/15/2020   0.50%  Monthly   (225,000)   (345,668)   5,704 
China Aircraft Leasing Group Holdings Ltd.  Morgan Stanley  9/15/2020   0.53%  Monthly   (168,500)   (176,545)   (3,834)
China Resources Beer Holdings Co., Ltd.  Goldman Sachs  12/31/2021   0.50%  Monthly   (78,000)   (214,806)   4,410 
China Taiping Insurance Holdings Co., Ltd.  Goldman Sachs  12/31/2021   0.50%  Monthly   (58,600)   (223,024)   18,576 
Fullshare Holdings  Goldman Sachs  9/15/2020   0.50%  Monthly   (465,000)   (194,689)   1,286 
HK Electric Investments & HK Electric Investments Ltd.  Goldman Sachs  12/31/2021   0.50%  Monthly   (150,500)   (138,165)   (207)
Hong Kong & China Gas Co., Ltd.  Goldman Sachs  12/31/2021   0.50%  Monthly   (152,200)   (297,642)   (10,005)
Hong Kong Exchanges & Clearing Ltd.  Goldman Sachs  12/31/2021   0.50%  Monthly   (5,724)   (173,080)   6,334 
MTR Corp.  Goldman Sachs  9/15/2020   0.50%  Monthly   (48,056)   (283,318)   (6,122)
Towngas China Co., Ltd.  Macquarie  12/31/2021   0.19%  Monthly   (278,195)   (222,425)   3,012 
Vision Fame International Holdings Ltd.  Macquarie  9/19/2018   0.19%  Monthly   (138,000)   (6,538)   (366)
                      (2,634,528)   9,007 
India                            
Axis Bank  Goldman Sachs  9/15/2020   1.16%  Monthly   (4,371)   (179,430)   4,368 
Wipro Ltd. - SP ADR  Goldman Sachs  9/15/2020   1.16%  Monthly   (20,277)   (109,293)   (1,013)
                      (288,723)   3,355 
Indonesia                            
H. M. Sampoerna  Macquarie  9/18/2018   1.18%  Monthly   (955,400)   (289,601)   5,373 
Unilever Indonesia TBK PT  Macquarie  9/19/2018   1.18%  Monthly   (102,900)   (375,053)   (2,749)
                      (664,654)   2,624 
Italy                            
Prada S.P.A.  Goldman Sachs  12/31/2021   0.50%  Monthly   (59,500)   (202,646)   (6,474)
Malaysia                            
Digi.com. Bhd  Morgan Stanley  9/15/2020   1.16%  Monthly   (314,800)   (357,176)   (6,744)
Maxis Bhd  Morgan Stanley  9/15/2020   1.16%  Monthly   (220,000)   (319,012)   (3,556)
                      (676,188)   (10,300)
Mexico                            
Fresnillo PLC  Goldman Sachs  12/31/2021   0.46%  Monthly   (5,768)   (100,782)   82 
Grupo Televisa SAB - SP ADR  Goldman Sachs  9/15/2020   1.16%  Monthly   (3,330)   (62,138)   172 
Telesites SAB CV  Goldman Sachs  9/15/2020   1.16%  Monthly   (268,700)   (212,680)   (27)
                      (375,600)   226 
Philippines                            
Emperador Inc.  Macquarie  9/18/2018   1.18%  Monthly   (790,400)   (115,588)   (2,727)
Poland                            
Energa SA  Goldman Sachs  9/15/2020   1.16%  Monthly   (44,498)   (152,311)   869 
Eurocash SA  Goldman Sachs  9/15/2020   1.16%  Monthly   (12,667)   (98,621)   (4,558)
Grupa Kety SA  Goldman Sachs  9/15/2020   1.16%  Monthly   (1,017)   (111,510)   (2,960)
LPP SA  Goldman Sachs  9/15/2020   1.16%  Monthly   (57)   (132,004)   (3,052)
PGE Polska Grupa Energetyczna SA  Goldman Sachs  12/31/2021   1.16%  Monthly   (52,653)   (178,001)   3,184 
Tauron Polska Energia  Goldman Sachs  9/15/2020   1.16%  Monthly   (127,621)   (112,122)   2,714 
                      (784,569)   (3,802)
Singapore                            
Sats Ltd. NPV  Goldman Sachs  9/15/2020   0.54%  Monthly   (74,100)   (290,664)   (12,650)
SembCorp. Marine Ltd.  Morgan Stanley  12/31/2021   1.03%  Monthly   (151,200)   (208,677)   (7,207)
Singapore Airlines Ltd. NPV  Goldman Sachs  9/15/2020   0.54%  Monthly   (42,100)   (335,891)   (6,559)
Singapore Press Holdings Ltd.  Goldman Sachs  9/15/2020   0.54%  Monthly   (144,700)   (296,661)   (8,073)
                      (1,131,893)   (34,488)
South Africa                            
MTN Group Ltd.  Goldman Sachs  9/15/2020   6.55%  Monthly   (34,180)   (322,692)   1,899 
South Korea                            
Amorepacific Group  Goldman Sachs  9/15/2020   1.16%  Monthly   (2,901)   (393,198)   3,960 
Celltrion Health  Goldman Sachs  9/19/2018   1.16%  Monthly   (211)   (16,907)   (176)
Celltrion Health  Macquarie  9/19/2018   1.16%  Monthly   (1,931)   (154,729)   (1,670)
Celltrion Inc.  Goldman Sachs  9/15/2020   1.16%  Monthly   (1,105)   (203,180)   21,277 
CJ CGV Co., Ltd.  Morgan Stanley  9/15/2020   1.16%  Monthly   (6,612)   (433,813)   29,158 

 

The accompanying notes are an integral part of the portfolio of investments.

 

6 

 

Hite Jinro Co. Ltd.  Goldman Sachs  9/15/2020   1.16%  Monthly   (11,626)   (253,192)   13,666 
Kakao Corp.  Goldman Sachs  12/31/2021   1.16%  Monthly   (1,601)   (202,040)   33,164 
LG Display Co., Ltd.  Goldman Sachs  9/15/2020   1.16%  Monthly   (9,740)   (278,300)   3,501 
Paradise Co. Ltd.  Morgan Stanley  12/31/2021   1.16%  Monthly   (20,490)   (479,477)   (12,102)
Posco Daewoo Corp.  Macquarie  9/18/2018   1.18%  Monthly   (16,390)   (280,767)   (6,273)
Samsung Heavy Industries Co., Ltd.  Goldman Sachs  12/31/2021   1.16%  Monthly   (32,801)   (362,732)   (3,495)
Seah Besteel Corp.  Goldman Sachs  12/31/2021   1.16%  Monthly   (10,020)   (278,442)   2,690 
                      (3,336,777)   83,701 
Switzerland                            
Cie Financiere Richemont SA  Goldman Sachs  9/15/2020   6.55%  Monthly   (11,360)   (97,587)   5,472 
Taiwan                            
AU Optronics Corp.  Goldman Sachs  9/15/2020   1.16%  Monthly   (424,000)   (180,075)   (977)
Cheng Shin Rubber  Goldman Sachs  9/15/2020   1.16%  Monthly   (90,000)   (154,231)   6,293 
Eclat Textile Co., Ltd.  Goldman Sachs  12/31/2021   1.16%  Monthly   (21,500)   (194,003)   12,529 
Feng Tay Enterprise  Goldman Sachs  9/15/2020   1.16%  Monthly   (65,000)   (271,971)   18,805 
Innolux Corp.  Goldman Sachs  9/15/2020   1.16%  Monthly   (575,000)   (252,828)   1,527 
Sitronix Technology  Goldman Sachs  9/15/2020   1.16%  Monthly   (36,000)   (98,989)   401 
United Microelectronics Corp. - SP ADR  Goldman Sachs  9/15/2020   1.16%  Monthly   (157,132)   (400,686)   21,988 
                      (1,552,783)   60,566 
Thailand                            
Airports of Thailand PCL  Morgan Stanley  9/15/2020   1.16%  Monthly   (203,900)   (389,122)   (22,212)
Kasikornbank PCL  Goldman Sachs  9/15/2020   1.16%  Monthly   (22,800)   (158,975)   (3,770)
Thai Airways International PCL - NVDR  Morgan Stanley  12/31/2021   1.16%  Monthly   (496,100)   (259,746)   1,592 
                      (807,843)   (24,390)
United Kingdom                            
Antofagasta PLC  Goldman Sachs  12/31/2021   0.46%  Monthly   (10,641)   (131,050)   7,823 
Standard Chartered PLC  Goldman Sachs  12/31/2020   0.46%  Monthly   (25,013)   (249,548)   (4,972)
Subsea 7 S.A Com.  Goldman Sachs  9/15/2020   0.48%  Monthly   (18,765)   (274,515)   8,563 
                      (655,113)   11,414 
Total Short                     (19,344,653)   301,770 
Net unrealized gain/(loss) on Contracts For Difference                         $(483,129)

 

The accompanying notes are an integral part of the portfolio of investments.

 

7 

 

BOSTON PARTNERS INVESTMENT FUNDS

 

 

BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND   Portfolio of Investments

 

A summary of the inputs used to value the Fund's investments as of November 30, 2017 is as follows (see Notes to Portfolio of Investments):

 

   Total Value as of November 30, 2017   Level 1
Quoted Price		   Level 2 Other Significant Observable Inputs   Level 3 Significant Unobservable Inputs 
Common Stocks                    
Argentina  $1,029,422   $1,029,422   $-   $- 
Australia   152,535    -    152,535    - 
Bermuda   185,534    185,534    -    - 
Brazil   2,531,893    2,081,658    450,235    - 
Canada   188,924    188,924    -    - 
Chile   567,490    422,605    144,885    - 
China   2,759,710    2,396,182    363,528    - 
Colombia   195,485    195,485    -    - 
Greece   335,582    335,582    -    - 
Hong Kong   964,213    344,848    619,365    - 
Hungary   902,655    538,857    363,798    - 
India   2,031,495    1,253,750    777,745    - 
Indonesia   192,704    192,704    -    - 
Malaysia   365,986    -    365,986    - 
Mexico   3,710,339    3,567,063    143,276    - 
Netherlands   1,122,339    241,495    880,844    - 
Poland   354,257    354,257    -    - 
Russia   1,484,985    1,484,985    -    - 
South Africa   3,729,845    1,456,838    2,273,007    - 
South Korea   2,070,620    1,133,753    936,867    - 
Taiwan   688,869    -    688,869    - 
Thailand   459,558    459,558    -    - 
Turkey   1,795,720    904,919    890,801    - 
United Arab Emirates   611,887    611,887    -    - 
United Kingdom   882,911    882,911    -    - 
United States   1,550,330    1,550,330    -    - 
Exchange Traded Funds   351,739    351,739    -    - 
Preferred Stocks                    
Brazil   831,094    599,213    231,881    - 
Russia   188,020    -    188,020    - 
South Korea   2,371,883    -    2,371,883    - 
Warrants   3,700    -    -    3,700 
Short-Term Investments   20,676,785    20,676,785    -    - 
Contracts For Difference                    
Equity Contracts   713,222    -    713,222    - 
Total Assets  $56,001,731   $43,441,284   $12,556,747   $3,700 

 

   Total Value as of November 30, 2017   Level 1
Quoted Price		   Level 2 Other Significant Observable Inputs   Level 3 Significant Unobservable Inputs 
Contracts For Difference                    
Equity Contracts  $(1,196,351)  $-   $(1,196,351)  $- 
Total Liabilities  $(1,196,351)  $-   $(1,196,351)  $- 

 

The accompanying notes are an integral part of the portfolio of investments.

 

8 

 

BOSTON PARTNERS INVESTMENT FUNDS NOVEMBER 30, 2017 (unaudited)
 

BOSTON PARTNERS EMERGING MARKETS FUND Portfolio of Investments

 

   Number of
Shares		   Value 
LONG POSITIONS—101.5%          
COMMON STOCKS—53.6%          
Argentina—1.8%          
Pampa Energia SA - SP ADR*   646   $41,163 
YPF SA - SP ADR*   2,762    62,670 
         103,833 
Australia—0.3%          
Syrah Resources Ltd.*   4,944    15,482 
Bermuda—0.3%          
Marvell Technology Group Ltd.   871    19,458 
Brazil—0.8%          
Aliansce Shopping Centers SA*   4,100    21,343 
Ambev SA - ADR   2,120    13,123 
Embraer SA - SP ADR   724    13,857 
         48,323 
Canada—0.3%          
Ivanhoe Mines Ltd., Class A*   5,218    17,836 
Chile—1.0%          
Geopark Ltd.*   4,930    42,447 
Inversiones La Construccion SA   967    14,733 
         57,180 
China—13.4%          
Alibaba Group Holding Ltd. - SP ADR*   1,151    203,819 
Baidu, Inc. - SP ADR*   342    81,594 
China Meidong Auto Holdings Ltd.   42,000    12,799 
China Telecom Corp Ltd.   96,000    46,508 
JD.com, Inc. - ADR*   867    32,469 
Momo, Inc. - SP ADR*   375    9,000 
NetEase, Inc. - ADR   127    41,746 
Shanghai Haohai Biological Technology Co., Ltd.   4,900    22,731 
Sunny Optical Technology Group Co., Ltd.   2,000    33,633 
Tencent Holdings Ltd.   5,600    286,726 
Vipshop Holdings Ltd. - ADR*   1,193    9,818 
         780,843 
Colombia—0.3%          
Almacenes Exito SA   3,500    19,006 
Hong Kong—2.9%          
AIA Group Ltd.   3,200    26,073 
China Mobile Ltd. - SP ADR   687    34,927 
China Unicom Hong Kong Ltd.*   30,000    43,755 
WH Group Ltd.   59,000    62,842 
         167,597 
Hungary—1.6%          
OTP Bank PLC   964    36,854 
Richter Gedeon Nyrt   1,196    30,905 
Waberer's International Nyrt*   1,381    25,455 
         93,214 
India—1.6%          
Videocon d2h Ltd. - ADR*   9,449    90,144 
WNS Holdings Ltd. - ADR*   42    1,727 
         91,871 
Indonesia—0.4%          
Bank Rakyat Indonesia Persero Tbk PT - ADR   1,824    22,453 

 

The accompanying notes are an integral part of the portfolio of investments.

 

1 

 

Malaysia—0.6%          
Bumi Armada Bhd*   202,600    37,304 
Mexico—7.1%          
Alpek SAB de CV   68,900    86,702 
America Movil SAB de CV   957    16,365 
Becle SAB de CV*   16,400    27,194 
Cemex SAB de CV - SP ADR*   8,764    66,519 
Credito Real SAB de CV SOFOM ER   37,600    55,103 
Gentera SAB de CV   20,200    18,438 
Gruma SAB de CV   1,365    16,909 
Grupo GICSA SA de CV*   92,100    49,571 
Qualitas Controladora SAB de CV   24,800    45,181 
Unifin Financiera SAB de CV SOFOM ENR   6,500    21,274 
Vista Oil & Gas SAB de CV*   1,311    12,837 
         416,093 
Netherlands—2.0%          
Heineken Holding NV   930    89,538 
VEON Ltd.   6,055    24,462 
         114,000 
Russia—2.6%          
Mobile TeleSystems PJSC - SP ADR   1,929    20,004 
Sberbank of Russia PJSC - SP ADR   5,459    90,510 
Yandex NV, Class A*   1,193    39,500 
         150,014 
South Africa—6.5%          
Barclays Africa Group Ltd.   3,664    41,915 
Barloworld Ltd.   4,026    45,265 
Clover Industries Ltd.   22,873    20,230 
FirstRand Ltd.   5,129    21,047 
Imperial Holdings Ltd.   2,204    36,654 
JSE Ltd.   4,506    43,992 
Naspers Ltd.   355    95,276 
Nedbank Group Ltd.   2,207    37,106 
Tongaat Hulett Ltd.   4,887    37,849 
         379,334 
South Korea—1.4%          
KT Corp. - SP ADR   3,942    61,495 
Orion Corp.*   186    19,570 
         81,065 
Thailand—0.8%          
SPCG PCL   72,900    47,990 
Turkey—1.2%          
Ford Otomotiv Sanayi AS   1,419    19,948 
Mavi Giyim Sanayi Ve Ticaret AS, Class B*   2,919    39,396 
Yapi ve Kredi Bankasi AS*   8,903    9,418 
         68,762 
United Kingdom—3.7%          
Atrium European Real Estate Ltd.   10,922    53,183 
BGEO Group PLC   1,358    60,038 
Georgia Healthcare Group PLC*   1,682    8,007 
Petra Diamonds Ltd.*   75,330    68,511 
TBC Bank Group PLC   1,296    27,710 
         217,449 
United States—3.0%          
Air Lease Corp.   660    28,578 
Cognizant Technology Solutions Corp., Class A   316    22,840 
Kosmos Energy Ltd.*   1,873    14,947 
Liberty Global PLC LiLAC, Class C*   4,270    88,602 
Micron Technology, Inc.*   535    22,679 

 

The accompanying notes are an integral part of the portfolio of investments.

 

2 

 

         177,646 
TOTAL COMMON STOCKS          
(Cost $3,074,806)        3,126,753 
EXCHANGE TRADED FUNDS—2.4%          
Thailand—0.6%          
Jasmine Broadband Internet Infrastructure Fund   98,000    35,407 
United States—1.8%          
iShares MSCI India ETF   3,069    106,740 
TOTAL EXCHANGE TRADED FUNDS          
(Cost $141,138)        142,147 
PREFERRED STOCKS—1.3%          
Brazil—1.3%          
Banco Bradesco SA, 2.082%   5,005    48,999 
Itau Unibanco Holding SA, 4.360%   1,900    23,944 
         72,943 
TOTAL PREFERRED STOCKS          
(Cost $78,427)        72,943 
SHORT-TERM INVESTMENTS—44.2%          
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 0.97%   2,577,429    2,577,429 
TOTAL SHORT-TERM INVESTMENTS          
(Cost $2,577,429)        2,577,429 
TOTAL INVESTMENTS—101.5%          
(Cost $5,871,800)        5,919,272 
LIABILITIES IN EXCESS OF OTHER ASSETS—(1.5)%        (88,005)
NET ASSETS—100.0%       $5,831,267 

 

ADRAmerican Depositary Receipt

PLCPublic Limited Company

SPADRSponsored American Depositary Receipt

 

*Non-income producing.

 

The accompanying notes are an integral part of the portfolio of investments.

 

3 

 

Contracts For Difference held by the Fund at November 30, 2017, are as follows:

 

Reference Company  Counterparty  Expiration Date  Financing Rate  Payment Frequency  Number of Contracts Long/(Short)   Notional Amount   Unrealized Appreciation (Depreciation) 
Long                        
Brazil                        
AES Tiete Energia SA  Goldman Sachs  9/15/2020  1.33%  Monthly   7,900   $31,615   $(1,184)
Cia de Saneamento Basico  Goldman Sachs  9/15/2020  1.33%  Monthly   4,600    45,952    37 
Cia de Transmissao de Energia Eletrica Paulista  Goldman Sachs  9/15/2020  1.33%  Monthly   600    11,174    156 
Cia Saneamento Min Com NPV  Goldman Sachs  9/15/2020  1.33%  Monthly   1,000    12,482    7 
Companhia de Gas  Goldman Sachs  9/15/2020  1.33%  Monthly   800    14,023    3,276 
Eneva SA  Goldman Sachs  9/15/2020  1.33%  Monthly   2,100    8,949    120 
Movida Participacoes SA  Goldman Sachs  9/15/2020  1.33%  Monthly   21,700    45,873    (1,976)
Qualicorp SA  Goldman Sachs  9/15/2020  1.34%  Monthly   4,800    44,930    (3,715)
Sul America SA  Goldman Sachs  9/15/2020  1.33%  Monthly   5,900    32,245    (1,620)
                     247,243    (4,899)
China                           
Agricultural Bank  Goldman Sachs  9/15/2020  0.72%  Monthly   43,000    20,092    (65)
China Lesso Group  Goldman Sachs  9/15/2020  0.72%  Monthly   82,000    52,551    (66)
China Machinery  Goldman Sachs  9/15/2020  0.72%  Monthly   27,000    17,522    1,372 
China Meidong Auto Holdings Ltd.  Goldman Sachs  9/15/2020  0.72%  Monthly   44,000    13,408    672 
Gree Electric Appliances Inc.  Goldman Sachs  9/15/2020  1.33%  Monthly   6,200    39,813    (4,898)
Haier Electronics  Goldman Sachs  9/15/2020  0.72%  Monthly   7,000    18,884    (1,468)
Hangzhou Hikvision  Goldman Sachs  9/15/2020  1.33%  Monthly   10,300    57,683    (8,018)
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A  Goldman Sachs  9/15/2020  1.33%  Monthly   1,900    29,900    (4,870)
PICC Property & Casualty  Goldman Sachs  9/15/2020  0.72%  Monthly   8,000    15,240    (1,031)
Qingdao Haier Co. Ltd.  Goldman Sachs  9/15/2020  1.33%  Monthly   11,000    28,770    (4,820)
Wuliangye Yibin Co., Ltd., Class A  Goldman Sachs  9/15/2020  1.33%  Monthly   3,700    36,716    (4,564)
                    330,579    (27,754)
Egypt                           
Commercial International Bank Egypt SAE  Goldman Sachs  12/31/2021  1.33%  Monthly   3,956    16,886    484 
EFG-Hermes Holdings  Goldman Sachs  9/15/2020  1.33%  Monthly   12,755    17,528    840 
                     34,414    1,324 
Greece                           
FF Group  Goldman Sachs  9/15/2020  -0.37%  Monthly   844    15,601    (280)
Motor Oil SA  Goldman Sachs  9/15/2020  -0.37%  Monthly   1,361    32,690    (358)
Titan Cement Co. SA  Goldman Sachs  9/15/2020  -0.37%  Monthly   744    18,349    549 
                     66,640    (89)
Hong Kong                           
K. Wah International Holdings Ltd.  Goldman Sachs  9/15/2020  0.72%  Monthly   20,000    10,736    (23)
Kunlun Energy Corp.  Goldman Sachs  9/15/2020  0.72%  Monthly   18,000    15,635    834 
XIinyi Glass Holdings Ltd.  Goldman Sachs  9/15/2020  1.33%  Monthly   14,000    17,107    1,759 
                     43,478    2,570 
Israel                           
Gazit-Globe Ltd.  Goldman Sachs  9/15/2020  0.10%  Monthly   7,309    76,130    3,887 
Tamar Petroleum Ltd.  Goldman Sachs  9/15/2020  0.10%  Monthly   14,837    85,493    (3,117)
                     161,623    771 
Luxembourg                           
Samsonite International SA  Goldman Sachs  12/31/2021  0.72%  Monthly   10,800    44,596    (981)
Poland                           
AmRest Holdings SE  Goldman Sachs  9/15/2020  1.33%  Monthly   189    19,599    590 
Cyfrowy Polsat SA  Goldman Sachs  9/15/2020  1.33%  Monthly   2,299    16,238    268 
                     35,837    858 
Russia                           
Sberbank of Russia PJSC  Goldman Sachs  9/15/2020  1.33%  Monthly   6,000    18,928    (560)
South Korea                           
Bnk Financial Group  Goldman Sachs  9/15/2020  1.33%  Monthly   3,280    28,699    820 
Eugene Technology  Goldman Sachs  9/15/2020  1.33%  Monthly   1,962    39,809    (1,748)
Hana Financial Group, Inc.  Goldman Sachs  12/31/2021  1.33%  Monthly   600    26,187    1,071 
Hyundai Mobis Co., Ltd.  Goldman Sachs  12/31/2021  1.33%  Monthly   97    24,378    1,884 
Kiwoom Securities  Goldman Sachs  9/15/2020  1.33%  Monthly   451    34,264    (117)
KT&G Corp.  Goldman Sachs  9/15/2020  1.33%  Monthly   391    43,834    1,890 
LG Chem Ltd.  Goldman Sachs  12/31/2021  1.33%  Monthly   131    50,466    1,071 
LG Uplus Corp.  Goldman Sachs  12/31/2021  1.33%  Monthly   3,390    43,293    4,606 
Naver Corp.  Goldman Sachs  9/15/2020  1.33%  Monthly   55    40,643    70 
NCSoft Corp.  Goldman Sachs  9/15/2020  1.33%  Monthly   28    11,286    (601)
Samsung Electronics Co.  Goldman Sachs  9/15/2020  1.33%  Monthly   125    242,425    (9,443)
Samsung Electronics Co., Ltd.  Goldman Sachs  12/31/2021  1.33%  Monthly   58    136,501    (9,860)
Samsung SDI Co., Ltd.  Goldman Sachs  12/31/2021  1.33%  Monthly   423    82,896    (1,486)
SK Hynix Inc.  Goldman Sachs  9/15/2020  1.33%  Monthly   280    19,957    (1,772)
                     824,638    (13,615)
Taiwan                           
Hon Hai Precision Industry Co., Ltd.  Goldman Sachs  9/15/2020  1.33%  Monthly   12,000    40,283    (1,262)
Pegatron Corp.  Goldman Sachs  12/31/2021  1.33%  Monthly   14,000    32,100    222 
Taiwan Semiconductor Manufacturing Co., Ltd.  Goldman Sachs  12/31/2021  1.33%  Monthly   23,000    173,732    (12,325)
                     246,115    (13,365)
Turkey                           
Akbank Turk AS  Goldman Sachs  9/15/2020  1.33%  Monthly   13,828    31,719    87 
Haci Omer Sabanci Holding AS  Goldman Sachs  9/15/2020  1.33%  Monthly   10,209    26,468    (1,241)
Logo Yazilim Sanayi  Goldman Sachs  9/15/2020  1.33%  Monthly   1,939    27,779    217 
Turkiye Garanti Bankasi AS  Goldman Sachs  9/15/2020  1.33%  Monthly   9,360    22,932    103 
Turkiye Sinai Kalkinma Bankasi AS  Goldman Sachs  9/15/2020  1.33%  Monthly   95,970    33,085    (112)
Yatas Yatak ve Yorgan  Goldman Sachs  9/15/2020  1.33%  Monthly   7,420    47,674    351 
                      189,657    (597)

 

The accompanying notes are an integral part of the portfolio of investments.

 

4 

 

United Arab Emirates                           
Abu Dhabi Commercial Bank PJSC  Goldman Sachs  9/15/2020  1.33%  Monthly   11,273    21,637    (564)
Emaar Malls PJSC  Goldman Sachs  9/15/2020  1.33%  Monthly   70,361    41,186    (21)
                     62,823    (586)
Total Long                    2,306,571    (56,924)
Net unrealized gain/(loss) on Contracts For Difference                    2,306,571   $(56,924)

 

The accompanying notes are an integral part of the portfolio of investments.

 

5 

 

BOSTON PARTNERS INVESTMENT FUNDS
 

 

BOSTON PARTNERS EMERGING MARKETS FUND Portfolio of Investments

 

A summary of the inputs used to value the Fund's investments as of November 30, 2017 is as follows (see Notes to Portfolio of Investments):

 

   Total Value as of November 30, 2017   Level 1
Quoted Price		   Level 2 Other Significant Observable Inputs   Level 3 Significant Unobservable Inputs 
Common Stocks                    
Argentina  $103,833   $103,833   $-   $- 
Australia   15,482    -    15,482    - 
Bermuda   19,458    19,458    -    - 
Brazil   48,323    48,323    -    - 
Canada   17,836    17,836    -    - 
Chile   57,180    42,447    14,733    - 
China   494,117    391,245    102,872    - 
Colombia   19,006    19,006    -    - 
Hong Kong   454,323    34,927    419,396    - 
Hungary   93,214    56,360    36,854    - 
India   91,871    91,871    -    - 
Indonesia   22,453    22,453    -    - 
Malaysia   37,304    -    37,304    - 
Mexico   416,093    403,256    12,837    - 
Netherlands   114,000    24,462    89,538    - 
Russia   150,014    150,014    -    - 
South Africa   379,334    147,336    231,998    - 
South Korea   81,065    81,065    -    - 
Thailand   47,990    47,990    -    - 
Turkey   68,762    59,344    9,418    - 
United Kingdom   217,449    157,411    60,038    - 
United States   177,646    177,646    -    - 
Exchange Traded Funds   142,147    142,147    -    - 
Preferred Stocks                    
Brazil   72,943    48,999    23,944    - 
Short-Term Investments   2,577,429    2,577,429    -    - 
Contracts For Difference                    
Equity Contracts   27,243    -    27,243    - 
Total Assets  $5,946,515   $4,864,858   $1,081,657   $- 

 

   Total Value as of November 30, 2017   Level 1 Quoted Price   Level 2 Other Significant Observable Inputs   Level 3 Significant Unobservable Inputs 
Contracts For Difference                    
Equity Contracts  $(84,167)  $-   $(84,167)  $- 
Total Liabilities  $(84,167)  $-   $(84,167)  $- 

 

The accompanying notes are an integral part of the portfolio of investments.

 

6 

 

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS

November 30, 2017 (unaudited)

 

Portfolio Valuation — Each Boston Partners Investment Fund’s, Boston Partners Small Cap Value Fund II (“ BP Small Cap Value Fund II”), Boston Partners Long/Short Equity Fund (“ BP Long/Short Equity Fund”), Boston Partners Long/Short Research Fund (“ BP Long/Short Research Fund”), Boston Partners All-Cap Value Fund (“ BP All-Cap Value Fund”), Boston Partners Global Equity Fund (“ BP Global Equity Fund”), Boston Partners Global Long/Short Fund (“ BP Global Long/Short Fund”), Boston Partners Emerging Markets Long/Short Fund (“ BP Emerging Markets Long/Short Fund”), Boston Partners Emerging Markets Fund (“BP Emerging Markets Fund”) (collectively “BP Funds”), and WPG Partners Small/Micro Cap Value Fund (“WPG Small/Micro Cap Value Fund”), and collectively with the BP Funds, the “Funds”) net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by a Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter ("OTC") market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Fixed income securities having a remaining maturity of 60 days or less are valued at amortized cost, provided such amount approximates fair value. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as disclosed in their prospectuses). Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close. Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant. The Funds may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Funds value their securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Funds may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

 

Fair Value Measurements — The inputs and valuation techniques used to measure fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:

 

●Level 1 - quoted prices in active markets for identical securities;
●Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and
●Level 3 - significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

A summary of the inputs used to value each Fund’s investments as of November 30, 2017 is included in each Fund’s Portfolio of Investments.

1

 

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

 

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Funds’ investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

 

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“ U.S. GAAP”) require the Funds to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. U.S. GAAP also requires the Funds to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when a Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each level within the three-tier hierarchy are disclosed when a Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

 

Foreign securities that utilize international fair pricing are categorized as Level 2 in the hierarchy. For the BP Global Equity Fund, securities held as long positions with an end of period value of $9,239,733 transferred from Level 2 into Level 1. For the BP Global Long/Short Fund, securities held as long positions with an end of period value of $16,059,156 transferred from Level 2 into Level 1. For the BP Emerging Markets Long/Short Fund, securities held as long positions with an end of period value of $2,160,061 transferred from Level 2 into Level 1. For the BP Global Long/Short Fund, securities held as short positions with an end of period value of $12,129,711 transferred from Level 2 into Level 1. These transfers occurred as a result of these securities no longer being valued utilizing the international fair value pricing at November 30, 2017. For the BP Global Equity Fund, securities held as long positions with an end of period value of $8,068,330 transferred from Level 1 into Level 2. For the BP Global Long/Short Fund, securities held as long positions with an end of period value of $14,088,192 transferred from Level 1 into Level 2. These transfers occurred as a result of these securities being valued utilizing the international fair value pricing at November 30, 2017.

 

Options Written — The Funds are subject to equity price risk in the normal course of pursuing their investment objectives and may enter into options written to hedge against changes in the value of equities. Such options may relate to particular securities or domestic stock indices, and may or may not be listed on a domestic securities exchange or issued by the Options Clearing Corporation. An option contract is a commitment that gives the purchaser of the contract the right, but not the obligation, to buy or sell an underlying asset at a specific price on or before a specified future date. On the other hand, the writer of an option contract is obligated, upon the exercise of the option, to buy or sell an underlying asset at a specific price on or before a specified future date. The maximum risk of loss associated with writing put options is limited to the exercised fair value of the option contract. The maximum risk of loss associated with writing call options is potentially unlimited. A Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option contracts also involve the risk that they may result in loss due to unanticipated developments in market conditions or other causes.

 

Written options are initially recorded as liabilities to the extent of premiums received and subsequently marked to market to reflect the current value of the option written. Gains or losses are realized when the option transaction expires or closes. When an option is exercised, the proceeds on sales for a written call option or the purchase cost for a written put option is adjusted by the amount of the premium received. Listed option contracts present minimal counterparty credit risk since they are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. A Fund’s maximum risk of loss from counterparty credit risk related to OTC option contracts is limited to the premium paid. As of November 30, 2017, all of each Fund’s written options were exchange-traded options.

2

 

For the period ended November 30, 2017, the average quarterly volume of derivatives is as follows:

 

Fund  Purchased Options (Cost)   Written Options (Proceeds) 
BP Long/Short Equity Fund  $—   $2,871,380 
           
BP Global Long/Short Fund   —    1,392,449 

 

Short Sales — When the investment adviser believes that a security is overvalued, the BP Long/Short Equity Fund, the BP Long/Short Research Fund, the BP Global Long/Short Fund and the BP Emerging Markets Long/Short Fund may sell the security short by borrowing the same security from a broker or other institution and selling the security. A Fund will incur a loss as a result of a short sale if the price of the borrowed security increases between the date of the short sale and the date on which the Fund buys and replaces such borrowed security. A Fund will realize a gain if there is a decline in price of the security between those dates where the decline in price exceeds the costs of borrowing the security and other transaction costs. There can be no assurance that a Fund will be able to close out a short position at any particular time or at an acceptable price. Although a Fund’s gain is limited to the amount at which it sold a security short, its potential loss is unlimited. Until a Fund replaces a borrowed security, it will maintain at all times cash, U.S. Government securities, or other liquid securities in an amount which, when added to any amount deposited with a broker as collateral, will at least equal the current market value of the security sold short. Depending on Arrangements made with brokers, a Fund may not receive any payments (including interest) on collateral deposited with them.

 

3

 

Contracts for Difference — The BP Global Long/Short Fund, the BP Long/Short Research Fund, the BP Emerging Markets Long/Short Fund and the BP Emerging Markets Fund (for this section only, each a “Fund”) may enter into Contracts for Differences (“CFDs”). CFDs are leveraged derivative instruments that allow a Fund to take a position on the change in the market price of an underlying asset, such as a stock, or the value of an index or currency exchange rate. With a short CFD, a Fund is seeking to profit from falls in the market price of the asset. CFDs are subject to liquidity risk because the liquidity of CFDs is based on the liquidity of the underlying instrument, and are subject to counterparty risk, i.e., the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its financial obligations under the terms of the contract. It is also possible that the market price of the CFD will move between the time the order is placed by a Fund and when it is executed by the issuer, which can result in the trade being executed at a less favorable price. CFDs, like many other derivative instruments, involve the risk that, if the derivative security declines in value, additional margin would be required to maintain the margin level. The seller may require a Fund to deposit additional sums to cover this decline in value, and the margin call may be at short notice. If additional margin is not provided in time, the seller may liquidate the positions at a loss for which a Fund is liable. The potential for margin calls and large losses are much greater in CFDs than in other leveraged products. Most CFDs are traded OTC. CFDs are not registered with the SEC or any U.S. regulator, and are not subject to U.S. regulation. In a short position, the Fund will receive or pay an amount based upon the amount, if any, by which the notional amount of the CFD would have decreased or increased in value had it sold the particular stocks short, less the dividends that would have been paid on those stocks, plus a floating rate of interest on the notional amount of the CFD. All of these components are reflected in the market value of the CFD.

 

CFDs are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as an unrealized gain or loss in the Statement of Operations. Periodic payments made or received are recorded as realized gains or losses. Entering into CFDs involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these contracts, that the counterparty to the contract may default on its obligation to perform and that there may be unfavorable changes in market conditions. CFDs outstanding at period end, if any, are listed on the Portfolio of Investments. In connection with CFDs, cash or securities may be segregated as collateral by the Funds’ custodian. As of November 30, 2017, the BP Long/Short Research Fund, the BP Global Long/Short Fund, the BP Emerging Markets Long/Short Fund and the BP Emerging Markets Fund held CFDs.

 

For the period ended November 30, 2017, the average volume of CFDs is as follows:

 

Fund  Notional Amount Long   Notional Amount Short 
BP Long/Short Research Fund  $105,550,114   $77,274,593 
BP Global Long/Short Fund   —    11,127,568 
BP Emerging Markets Long/Short Fund   19,261,009    18,650,399 
BP Emerging Markets Fund   1,153,286    N/A 

 

Securities Lending — Securities may be loaned to financial institutions, such as broker-dealers, and are required to be secured continuously by collateral in cash, cash equivalents, letter of credit or U.S. Government securities maintained on a current basis at an amount at least equal to the market value of the securities loaned. Cash collateral received, pursuant to investment guidelines established by the Funds and approved by the Company’s Board of Directors, is invested in short-term investments. All such investments are made at the risk of the Funds and, as such, the Funds are liable for investment losses. Such loans would involve risks of delay in receiving additional collateral in the event the value of the collateral decreased below the value of the securities loaned or of delay in recovering the securities loaned or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers deemed by Boston Partners to be of good standing and only when, in Boston Partners’ judgment, the income to be earned from the loans justifies the attendant risks. Any loans of a Fund’s securities will be fully collateralized and marked to market daily. During the three month period ended November 30, 2017, the Funds participated in securities lending.

4

 

Restricted Securities — A restricted security is a security which has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended (the “1933 Act”) or pursuant to the resale limitations provided by Rule 144 under the 1933 Act, or an exemption from the registration requirements of the 1933 Act. Certain restricted securities may be resold in transactions exempt from registration, normally to qualified institutional buyers, and may be deemed liquid by Boston Partners as applicable, based on policies and procedures established by the Company's Board of Directors. Therefore, not all restricted securities are considered illiquid.

 

At November 30, 2017, the Funds did not hold any restricted securities that were illiquid.

 

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.

5

 

CAMPBELL DYNAMIC TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2017

(UNAUDITED)

 

   COUPON*   MATURITY   PAR   VALUE 
SHORT-TERM INVESTMENTS — 84.8%                    
U.S. TREASURY OBLIGATIONS — 84.8%                    
United States Treasury Bill   1.009%   01/04/18    1,090,000   $1,088,972 
United States Treasury Bill   1.049%   01/18/18    1,710,000    1,707,633 
United States Treasury Bill   1.068%   02/22/18    1,890,000    1,884,913 
United States Treasury Bill   1.069%   03/29/18    1,390,000    1,384,191 
United States Treasury Bill   1.399%   05/24/18    1,825,000    1,812,717 
                   7,878,426 
TOTAL SHORT-TERM INVESTMENTS                    
(Cost $7,880,200)                  7,878,426 
TOTAL INVESTMENTS — 84.8%                    
(Cost $7,880,200)                  7,878,426 
                     
OTHER ASSETS IN EXCESS OF LIABILITIES — 15.2%                  1,417,007 
NET ASSETS — 100.0%                 $9,295,433 

 

* Short-term investments reflect the annualized yield on the date of purchase for discounted investments.

 

The accompanying notes are an integral part of the consolidated portfolio of investments.

 

1 

 

CAMPBELL DYNAMIC TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2017

(UNAUDITED)

 

Futures contracts outstanding as of November 30, 2017 were as follows:

 

Long Contracts  Expiration Date  Number of Contracts   Notional Amount   Value and Unrealized Appreciation (Depreciation) 
10 Year Mini Japanese Government Bond  Dec-17   11   $977,387   $(3,920)
3-Month Euro Euribor  Dec-18   36    10,712,245    5,644 
90-DAY Bank Bill  Mar-18   13    9,833,214    1,310 
Amsterdam Index  Dec-17   2    257,142    2,354 
Australian 10-Year Bond  Dec-17   1    75,640    310 
Australian 3-Year Bond  Dec-17   1    75,640    (2)
Brent Crude  Feb-18   2    125,260    1,317 
CAC40 10 Euro  Dec-17   3    191,660    2,995 
Canadian 10-Year Bond  Mar-18   2    155,021    (182)
Cattle Feeder Futures  Jan-18   1    77,090    2,122 
DAX Index  Dec-17   1    388,393    3,584 
DJIA Mini E-CBOT  Dec-17   4    485,480    40,282 
Euro BUXL 30-Year Bond Futures  Dec-17   1    119,025    261 
Euro Stoxx 50  Dec-17   5    212,638    422 
Euro-Bobl  Dec-17   6    714,150    (424)
Euro-BTP  Dec-17   2    238,050    10,103 
Euro-Bund  Dec-17   3    357,075    687 
Euro-Oat  Dec-17   4    476,100    13,862 
Euro-Schatz  Dec-17   35    4,165,873    160 
FTSE 100 Index  Dec-17   2    198,234    363 
FTSE/JSE TOP 40  Dec-17   6    234,072    2,635 
FTSE/MIB Index  Dec-17   1    133,171    1,587 
Gasoline RBOB  Jan-18   1    72,660    (2,632)
Gold 100 Oz  Feb-18   1    127,670    (1,032)
Hang Seng Index  Dec-17   1    187,698    (3,300)
Lean Hogs  Feb-18   1    27,912    (63)
Live Cattle  Feb-18   1    49,988    (1,383)
London Metals Exchange Aluminum  Dec-17   3    152,475    (4,536)
London Metals Exchange Copper  Dec-17   2    336,975    (3,526)
London Metals Exchange Nickel  Dec-17   1    66,342    (4,161)
London Metals Exchange Zinc  Dec-17   1    79,181    2,022 
Long Gilt  Mar-18   1    135,239    (948)
Low Sulphur Gasoil G Futures  Jan-18   2    111,600    (1,803)
MSCI Singapore Exchange ETS  Dec-17   6    172,712    73 
MSCI Taiwan Index  Dec-17   6    235,260    (7,301)
Nasdaq 100 E-Mini  Dec-17   2    254,760    8,621 
Nikkie 225 (Osaka Securities Exchange)  Dec-17   3    303,012    36,566 
OMX Stockholm 30 Index  Dec-17   9    173,099    (1,266)
Palladium  Mar-18   1    100,355    1,118 
Platinum  Jan-18   1    47,125    (257)
Russell 2000 E-Mini  Dec-17   2    154,540    11,032 
S&P 500 E-Mini  Dec-17   4    529,580    29,234 
S&P Mid 400 E-Mini  Dec-17   1    190,000    13,588 
S&P/TSX 60 Index  Dec-17   3    442,367    6,117 
SGX Nifty 50  Dec-17   10    205,560    (2,574)
SPI 200 Index  Dec-17   2    226,391    4,478 
Sugar No. 11 (World)  Mar-18   1    16,890    42 
Topix Index  Dec-17   3    479,008    33,479 
U.S. Treasury Long Bond (Chicago Board of Trade)  Mar-18   1    127,066    (1,431)
U.S. Treasury Ultra Long Bond (Chicago Board of Trade)  Mar-18   1    116,735    (1,916)
WTI Crude  Jan-18   2    114,800    275 
                $193,986 

 

The accompanying notes are an integral part of the consolidated portfolio of investments.

 

2 

 

Short Contracts  Expiration Date  Number of Contracts   Notional Amount   Value and Unrealized Appreciation (Depreciation) 
90-Day Euro  Dec-18   20   $(5,000,000)  $10,694 
90-Day Sterling  Dec-18   2    (338,098)   14 
Cocoa  Mar-18   1    (20,490)   507 
Coffee  Mar-18   1    (48,188)   109 
Corn  Mar-18   10    (177,875)   (1,229)
Cotton No.2  Mar-18   1    (36,405)   (2,078)
London Metals Exchange Aluminum  Dec-17   2    (101,650)   3,718 
London Metals Exchange Copper  Dec-17   1    (168,488)   (4,996)
Natural Gas  Jan-18   2    (60,500)   5,175 
U.S. Treasury 10-Year Notes  Mar-18   2    (198,621)   1,341 
U.S. Treasury 2-Year Notes  Mar-18   22    (4,378,735)   1,685 
U.S. Treasury 5-Year Notes  Mar-18   8    (786,763)   2,675 
Wheat  Mar-18   4    (86,600)   2,276 
                $19,891 
Total Futures Contracts               $213,877 

 

The accompanying notes are an integral part of the consolidated portfolio of investments.

 

3 

 

CAMPBELL DYNAMIC TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2017

(UNAUDITED)

 

Forward foreign currency contracts outstanding as of November 30, 2017 were as follows:

 

Currency Purchased  Currency Sold  Counterparty  Expiration Date  Unrealized Appreciation (Depreciation) 
AUD   850,000   USD   676,012   UBS  Dec 20 2017  $(33,139)
CAD   600,000   USD   484,818   UBS  Dec 20 2017   (19,594)
CHF   50,000   USD   52,946   UBS  Dec 20 2017   (2,024)
EUR   650,000   USD   778,215   UBS  Dec 20 2017   (3,447)
GBP   450,000   USD   595,270   UBS  Dec 20 2017   13,819 
JPY   55,500,000   USD   507,347   UBS  Dec 20 2017   (13,623)
NOK   6,150,000   USD   790,521   UBS  Dec 20 2017   (50,744)
NZD   400,000   USD   287,708   UBS  Dec 20 2017   (14,390)
SEK   6,300,000   USD   794,045   UBS  Dec 20 2017   (40,124)
USD   655,881   AUD   850,000   UBS  Dec 20 2017   13,008 
USD   395,517   CAD   500,000   UBS  Dec 20 2017   7,830 
USD   104,558   CHF   100,000   UBS  Dec 20 2017   2,714 
USD   352,387   EUR   300,000   UBS  Dec 20 2017   (5,199)
USD   397,016   GBP   300,000   UBS  Dec 20 2017   (9,043)
USD   576,959   JPY   64,500,000   UBS  Dec 20 2017   3,172 
USD   556,142   NOK   4,500,000   UBS  Dec 20 2017   14,842 
USD   560,463   NZD   800,000   UBS  Dec 20 2017   13,827 
USD   618,537   SEK   5,100,000   UBS  Dec 20 2017   8,221 
                         
Total Forward Foreign Currency Contracts             $(113,894)

 

AUD - Australian Dollar JPY - Japanese Yen
CAD - Canadian Dollar NOK - Norwegian Krone
CHF - Swiss Franc NZD - New Zealand Dollar
EUR - Euro SEK - Swedish Krona
GBP - British Pound USD - United States Dollar

 

The accompanying notes are an integral part of the consolidated portfolio of investments.

 

4 

 

CAMPBELL DYNAMIC TREND FUND

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2017

(UNAUDITED)

 

CONSOLIDATION OF SUBSIDIARY —The Campbell Dynamic Trend Fund (the “Fund”) pursues its investment objective by (i) investing its assets pursuant to the Campbell Dynamic Trend Program; (ii) allocating up to 25% of its assets in its wholly-owned subsidiary, Campbell Core Offshore Limited (the “Subsidiary”), which is organized under the laws of the Cayman Islands and employs the Manager’s Campbell Dynamic Trend Program, and (iii) allocating the remainder of its assets directly in an actively managed investment grade securities portfolio (including government securities) for cash management purposes. Securities rated in the four highest categories by the ratings agencies are considered investment grade. The consolidated financial statements of the Fund include the financial statements of the Subsidiary. The Fund consolidates the results of subsidiaries in which the Fund holds a controlling economic interest (greater than 50%). All inter-company accounts and transactions have been eliminated. As of November 30, 2017, the net assets of the Subsidiary were $328,695 which represented 3.6% of the Fund’s net assets.

 

PORTFOLIO VALUATION — The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings and are deemed representative of market values at the close of the market. Forward exchange contracts are valued by interpolating between spot and forward currency rates as quoted by an independent pricing service. Futures contracts are generally valued using the settlement price determined by the relevant exchange. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by same investments.

 

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

 

● Level 1 –quoted prices in active markets for identical securities;

 

● Level 2 –other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

 

● Level 3 –significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The following is a summary of inputs used, as of November 30, 2017, in valuing the Fund's investments carried at fair value.

 

   TOTAL FAIR VALUE   LEVEL 1 QUOTED PRICE   LEVEL 2 OTHER SIGNIFICANT OBSERVABLE INPUTS   LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS 
Short-Term Investments  $7,878,426   $7,878,426   $-   $- 
Commodity Contracts                    
Futures   18,681    18,681    -    - 
Equity Contracts                    
Futures   197,410    197,410    -    - 
Interest Rate Contracts                    
Futures   48,746    48,746    -    - 
Foreign Currency Contracts                    
Forward Foreign Currency Contracts   77,433    -    77,433    - 
Total Assets  $8,220,696   $8,143,263   $77,433   $- 

 

 

   TOTAL FAIR VALUE   LEVEL 1 QUOTED PRICE   LEVEL 2 OTHER SIGNIFICANT OBSERVABLE INPUTS   LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS 
Commodity Contracts                    
Futures  $(27,696)  $(27,696)  $-   $- 
Equity Contracts             -    - 
Futures   (14,441)   (14,441)   -    - 
Interest Rate Contracts             -    - 
Futures   (8,823)   (8,823)   -    - 
Foreign Currency Contracts             -    - 
Forward Foreign Currency Contracts   (191,327)   -    (191,327)   - 
Total Liabilities  $(242,287)  $(50,960)  $(191,327)  $- 

 

At the end of each quarter, management evaluates the classification of Levels 1, 2, and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classifications of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

 

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund's investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

 

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. U.S. GAAP also requires the Fund to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each level within the three-tier hierarchy are disclosed when the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

 

For the period ended November 30, 2017 the Fund had no transfers between Levels 1, 2, and 3.

 

5 

 

DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

 

The following table lists the fair values of the Fund's derivative holdings as of November 30, 2017, grouped by contract type and risk exposure category.

 

DERIVATIVE TYPE  EQUITY CONTRACTS   INTEREST RATE CONTRACTS   FOREIGN CURRENCY CONTRACTS   COMMODITY CONTRACTS   TOTAL 
Asset Derivatives
Forward Contracts  Unrealized appreciation on forward foreign currency contracts  $-   $-   $77,433   $-   $77,433 
Futures Contracts (a)  Unrealized appreciation on futures contracts   197,410    48,746    -    18,681    264,837 
Total Value - Assets  $197,410   $48,746   $77,433   $18,681   $342,270 

 

Liability Derivatives
Forward Contracts  Unrealized depreciation on forward foreign currency contracts  $-   $-   $(191,327)  $-   $(191,327)
Futures Contracts (a)  Unrealized depreciation on futures contracts   (14,441)   (8,823)   -    (27,696)   (50,960)
Total Value - Liabilities  $(14,441)  $(8,823)  $(191,327)  $(27,696)  $(242,287)

 

(a)This amount represents the cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Portfolio of Investments.

 

For the period ended November 30, 2017, the Fund's quarterly average volume of derivatives is as follows:

 

  LONG FUTURES NOTIONAL AMOUNT   SHORT FUTURES NOTIONAL AMOUNT   FORWARD FOREIGN CURRENCY CONTRACTS-PAYABLE (VALUE AT TRADE DATE)   FORWARD FOREIGN CURRENCY CONTRACTS-RECEIVABLE (VALUE AT TRADE DATE)   
  $66,470,886   $(6,726,915)  $(10,833,985)  $(10,785,409)  

 

FOREIGN CURRENCY TRANSLATION — Assets and liabilities initially expressed in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the date of the last business day of the consolidated financial statement period. Purchases and sales of securities, interest income, dividends, variation margin received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.

 

The Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investments in the Consolidated Statement of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately as net realized gain or loss and change in unrealized appreciation or depreciation on foreign currencies in the Consolidated Statement of Operations.

 

CURRENCY RISK — Investment in foreign securities involves currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar and which may be affected by fluctuations in currency exchange rates. An increase in the strength of the U.S. dollar relative to a foreign currency may cause the U.S. dollar value of an investment in that country to decline. Foreign currencies also are subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government controls. Forward foreign currency exchange contracts may limit potential gains from a favorable change in value between the U.S. dollar and foreign currencies. Unanticipated changes in currency pricing may result in poorer overall performance for the Fund than if it had not engaged in these contracts.

 

6 

 

 

COMMODITY SECTOR RISK — Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked securities in which the Fund invests may be issued by companies in the financial services sector, and events affecting the financial services sector may cause the Fund’s share value to fluctuate.

 

FOREIGN SECURITIES MARKET RISK — A substantial portion of the trades of the Fund are expected to take place on markets or exchanges outside the United States. There is no limit to the amount of assets of the Fund that may be committed to trading on foreign markets. The risk of loss in trading foreign futures and options on futures contracts can be substantial. Participation in foreign futures and options on futures contracts involves the execution and clearing of trades on, or subject to the rules of, a foreign board of trade or exchange. Some of these foreign markets, in contrast to U.S. exchanges, are so-called principals’ markets in which performance is the responsibility only of the individual counterparty with whom the trader has entered into a commodity interest transaction and not of the exchange or clearing corporation. In these kinds of markets, there is risk of bankruptcy or other failure or refusal to perform by the counterparty.

 

COUNTERPARTY RISK — The derivative contracts entered into by the Fund or its Subsidiary may be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. If a counterparty defaults on its payment obligations to the Fund, this default will cause the value of an investment in the Fund to decrease.

 

CREDIT RISK — Credit risk refers to the possibility that the issuer of the security or a counterparty in respect of a derivative instrument will not be able to satisfy its payment obligations to the Fund when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. Securities rated in the four highest categories by the rating agencies are considered investment grade but they may also have some speculative characteristics. Investment grade ratings do not guarantee that bonds will not lose value or default. In addition, the credit quality of securities may be lowered if an issuer’s financial condition changes.

 

FUTURES CONTRACTS — The Fund uses futures contracts in the normal course of pursuing its investment objectives. Upon entering into a futures contract, the Fund must deposit initial margin in addition to segregating cash or liquid assets sufficient to meet its obligation to purchase or provide securities, or to pay the amount owed at the expiration of an index-based futures contract. Such liquid assets may consist of cash, cash equivalents, liquid debt or equity securities or other acceptable assets. Pursuant to the futures contract, the Fund agrees to receive from, or pay to the broker, an amount of cash equal to the daily fluctuation in value of the contract. Such a receipt of payment is known as a “variation margin” and is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contract. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. Use of long futures contracts subjects the Fund to risk of loss in excess of the amount shown on the Consolidated Portfolio of Investments, up to the notional value of the futures contract. Use of short futures contracts subjects the Fund to unlimited risk of loss.

 

FORWARD FOREIGN CURRENCY CONTRACTS — The Fund uses forward foreign currency contracts in the normal course of pursuing its investment objectives. These contracts are marked-to-market daily at the applicable translation rates. The Fund records realized gains or losses at the time the forward contract is closed. A forward contract is extinguished through a closing transaction or upon delivery of the currency or entering an offsetting contract. Risks may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar or other currencies. A Fund’s maximum risk of loss from counterparty credit risk related to forward foreign currency contracts is the fair value of the contract. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.

 

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.

 

7 

 

CAMPBELL MULTI-ASSET CARRY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2017

(UNAUDITED)

 

   COUPON*   MATURITY   PAR   VALUE 
SHORT-TERM INVESTMENTS — 75.4%                    
U.S. TREASURY OBLIGATIONS — 75.4%                    
United States Treasury Bill   1.009%   01/04/18    625,000   $624,411 
United States Treasury Bill   1.049%   01/18/18    3,150,000    3,145,640 
United States Treasury Bill   1.054%   02/22/18    2,225,000    2,219,011 
United States Treasury Bill   1.048%   03/29/18    1,605,000    1,598,292 
United States Treasury Bill   1.399%   05/24/18    3,525,000    3,501,275 
                   11,088,629 
TOTAL SHORT-TERM INVESTMENTS                    
(Cost $11,091,012)                  11,088,629 
TOTAL INVESTMENTS — 75.4%                    
(Cost $11,091,012)                  11,088,629 
                     
OTHER ASSETS IN EXCESS OF LIABILITIES — 24.6%    3,610,523 
NET ASSETS — 100.0%                 $14,699,152 

 

*Short-term investments reflect the annualized yield on the date of purchase for discounted investments.

 

The accompanying notes are an integral part of the consolidated portfolio of investments.

 

1 

 

CAMPBELL MULTI-ASSET CARRY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2017

(UNAUDITED)

 

Futures contracts outstanding as of November 30, 2017 were as follows:

 

Long Contracts  Expiration Date  Number of Contracts   Notional Amount   Value and Unrealized Appreciation (Depreciation) 
3-Month Euro Euribor  Dec-18   107   $31,839,174   $15,342 
90-Day Euro  Dec-18   170    42,500,000    (102,442)
90-Day Sterling  Dec-18   45    7,607,211    (3,992)
Amsterdam Index  Dec-17   6    771,424    7,062 
Australian 10-Year Bond  Dec-17   23    1,739,722    52,240 
Australian 3-Year Bond  Dec-17   144    10,892,175    45,159 
Bank Acceptance  Dec-17   32    24,803,317    19,788 
Brent Crude  Feb-18   9    563,670    4,064 
CAC40 10 Euro  Dec-17   3    191,660    2,996 
Canadian 10-Year Bond  Mar-18   1    77,510    285 
Cotton No.2  Mar-18   6    218,430    3,337 
Euro Stoxx 50  Dec-17   16    680,442    5,811 
Euro-Bobl  Dec-17   22    2,618,549    807 
Euro-Bund  Dec-17   40    4,760,998    28,863 
Euro-Schatz  Dec-17   2    238,050    45 
FTSE 100 Index  Dec-17   14    1,387,636    (8,239)
Gasoline RBOB  Jan-18   10    726,600    (22,721)
IBEX 35 Index  Dec-17   4    485,608    12,062 
JPN 10-Year Bond (Osaka Securities Exchange)  Dec-17   4    3,554,134    (13,523)
London Metals Exchange Aluminum  Dec-17   14    711,550    (36,969)
London Metals Exchange Nickel  Dec-17   1    66,342    (4,827)
London Metals Exchange Zinc  Dec-17   14    1,108,538    478 
MSCI Taiwan Index  Dec-17   39    1,529,190    (47,459)
NY Harbor Ultra-Low Sulfur Diesel  Jan-18   2    159,398    (2,462)
OMX Stockholm 30 Index  Dec-17   65    1,250,157    (8,897)
S&P/TSX 60 Index  Dec-17   8    1,179,646    21,113 
Soybean  Jan-18   1    49,288    422 
Soybean Meal  Mar-18   11    362,780    (811)
Soybean Oil  Mar-18   29    592,644    (13,697)
SPI 200 Index  Dec-17   22    2,490,299    63,084 
U.S. Treasury 10-Year Notes  Mar-18   3    297,935    (2,020)
U.S. Treasury 2-Year Notes  Mar-18   167    33,238,561    (21,221)
U.S. Treasury 5-Year Notes  Mar-18   34    3,343,745    (12,534)
WTI Crude  Jan-18   13    746,200    (6,551)
                $(25,407)

 

Short Contracts  Expiration Date  Number of Contracts   Notional Amount   Value and Unrealized Appreciation (Depreciation) 
CBOE Volatility Index  Dec-17   24   $(280,200)  $19,177 
Coffee  Mar-18   20    (963,750)   2,190 
Copper  Mar-18   6    (459,600)   11,760 
Corn  Mar-18   125    (2,223,438)   (7,845)
Gold 100 Oz  Feb-18   16    (2,042,720)   14,321 
Kansas City Hard Red Winter Wheat  Mar-18   24    (517,800)   18,831 
London Metals Exchange Aluminum  Dec-17   31    (1,575,575)   55,197 
London Metals Exchange Copper  Dec-17   2    (336,975)   (5,083)
London Metals Exchange Nickel  Dec-17   3    (199,026)   6,456 

London Metals Exchange Zinc  Dec-17   6    (475,088)   (4,879)
Nasdaq 100 E-Mini  Dec-17   27    (3,439,260)   (189,574)
Natural Gas  Jan-18   14    (423,500)   5,596 
Silver  Mar-18   7    (576,600)   21,018 
Sugar No. 11 (World)  Mar-18   14    (236,454)   (3,212)
Wheat  Mar-18   45    (974,250)   24,834 
                $(31,213)
Total Futures Contracts               $(56,620)

 

The accompanying notes are an integral part of the consolidated portfolio of investments.

 

2 

 

CAMPBELL MULTI-ASSET CARRY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2017

(UNAUDITED)

 

Forward foreign currency contracts outstanding as of November 30, 2017 were as follows:

 

Currency Purchased   Currency Sold   Counterparty   Expiration Date  Unrealized Appreciation (Depreciation) 
AUD   4,150,000   USD   3,296,924   UBS   Dec 20 2017  $(158,190)
CAD   950,000   USD   766,310   UBS   Dec 20 2017   (29,705)
EUR   1,950,000   USD   2,306,765   UBS   Dec 20 2017   17,542 
GBP   100,000   USD   133,495   UBS   Dec 20 2017   1,858 
JPY   105,000,000   USD   955,823   UBS   Dec 20 2017   (21,752)
NOK   9,300,000   USD   1,173,529   UBS   Dec 20 2017   (54,843)
NZD   4,350,000   USD   3,124,384   UBS   Dec 20 2017   (152,051)
SEK   22,800,000   USD   2,809,291   UBS   Dec 20 2017   (80,816)
USD   1,819,872   AUD   2,350,000   UBS   Dec 20 2017   42,516 
USD   1,807,855   CAD   2,250,000   UBS   Dec 20 2017   63,265 
USD   158,074   CHF   150,000   UBS   Dec 20 2017   5,308 
USD   3,765,698   EUR   3,150,000   UBS   Dec 20 2017   11,050 
USD   198,779   GBP   150,000   UBS   Dec 20 2017   (4,250)
USD   5,562,710   JPY   606,000,000   UBS   Dec 20 2017   171,783 
USD   1,854,828   NOK   14,550,000   UBS   Dec 20 2017   104,625 
USD   1,764,720   NZD   2,500,000   UBS   Dec 20 2017   56,482 
USD   3,866,205   SEK   30,750,000   UBS   Dec 20 2017   186,355 
                          
Total Forward Foreign Currency Contracts          $159,177 

 

AUD - Australian Dollar JPY - Japanese Yen
CAD - Canadian Dollar NOK - Norwegian Krone
CHF - Swiss Franc NZD - New Zealand Dollar
EUR - Euro SEK - Swedish Krona
GBP - British Pound USD - United States Dollar

 

The accompanying notes are an integral part of the consolidated portfolio of investments.

 

3 

 

CAMPBELL MULTI-ASSET CARRY FUND

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2017

(UNAUDITED)

 

CONSOLIDATION OF SUBSIDIARY —The Campbell Multi-Asset Carry Fund (the “Fund”) pursues its investment objective by (i) investing its assets pursuant to the Campbell Multi-Asset Carry Program; (ii) allocating up to 25% of its assets in its wholly-owned subsidiary, Campbell Core Carry Offshore Limited (the “Subsidiary”), which is organized under the laws of the Cayman Islands and employs the Manager’s Campbell Multi-Asset Carry Program, and (iii) allocating the remainder of its assets directly in an actively managed investment grade securities portfolio (including government securities) for cash management purposes. Securities rated in the four highest categories by the ratings agencies are considered investment grade. The consolidated financial statements of the Fund include the financial statements of the Subsidiary. The Fund consolidates the results of subsidiaries in which the Fund holds a controlling economic interest (greater than 50%). All inter-company accounts and transactions have been eliminated. As of November 30, 2017, the net assets of the Subsidiary were $1,077,490 which represented 7.3% of the Fund’s net assets.

 

PORTFOLIO VALUATION — The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings and are deemed representative of market values at the close of the market. Forward exchange contracts are valued by interpolating between spot and forward currency rates as quoted by an independent pricing service. Futures contracts are generally valued using the settlement price determined by the relevant exchange. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by same investments.

 

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

 

● Level 1 – quoted prices in active markets for identical securities;

 

● Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

 

● Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The following is a summary of inputs used, as of November 30, 2017, in valuing the Fund's investments carried at fair value.

 

   TOTAL FAIR VALUE   LEVEL 1 QUOTED PRICE   LEVEL 2 OTHER SIGNIFICANT OBSERVABLE INPUTS   LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS 
Short-Term Investments  $11,088,629   $11,088,629   $-   $- 
Commodity Contracts                    
Futures   168,504    168,504    -    - 
Equity Contracts                    
Futures   131,305    131,305    -    - 
Interest Rate Contracts                    
Futures   162,529    162,529    -    - 
Foreign Currency Contracts                    
Forward Foreign Currency Contracts   660,784    -    660,784    - 
Total Assets  $12,211,751   $11,550,967   $660,784   $- 

 

   TOTAL FAIR VALUE   LEVEL 1 QUOTED PRICE   LEVEL 2 OTHER SIGNIFICANT OBSERVABLE INPUTS   LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS 
Commodity Contracts                    
Futures  $(109,057)  $(109,057)  $-   $- 
Equity Contracts                    
Futures   (254,169)   (254,169)   -    - 
Interest Rate Contracts                    
Futures   (155,732)   (155,732)   -    - 
Foreign Currency Contracts                    
Forward Foreign Currency Contracts   (501,607)   -    (501,607)   - 
Total Liabilities  $(1,020,565)  $(518,958)  $(501,607)  $- 

 

At the end of each quarter, management evaluates the classification of Levels 1, 2, and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classifications of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

 

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund's investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

 

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. U.S. GAAP also requires the Fund to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each level within the three-tier hierarchy are disclosed when the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

 

For the period ended November 30, 2017 the Fund had no transfers between Levels 1, 2, and 3.

 

4 

 

DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

 

The following table lists the fair values of the Fund's derivative holdings as of November 30, 2017, grouped by contract type and risk exposure category.

 

DERIVATIVE TYPE     EQUITY CONTRACTS   INTEREST RATE CONTRACTS   FOREIGN CURRENCY CONTRACTS   COMMODITY CONTRACTS   TOTAL 
       Asset Derivatives           
Forward Contracts  Unrealized  appreciation on forward foreign currency contracts  $-   $-   $660,784   $-   $660,784 
Futures Contracts (a)  Unrealized appreciation on futures contracts   131,305    162,529    -    168,504    462,338 
Total Value - Assets     $131,305   $162,529   $660,784   $168,504   $1,123,122 

 

       Liability Derivatives           
Forward Contracts  Unrealized  depreciation on forward foreign currency contracts  $-   $-   $(501,607)  $-   $(501,607)
Futures Contracts (a)  Unrealized depreciation on futures contracts   (254,169)   (155,732)   -    (109,057)   (518,958)
Total Value - Liabilities     $(254,169)  $(155,732)  $(501,607)  $(109,057)  $(1,020,565)

 

(a)This amount represents the cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Portfolio of Investments.

 

For the period ended November 30, 2017, the Fund's quarterly average volume of derivatives is as follows:

 

  LONG FUTURES
NOTIONAL AMOUNT		   SHORT FUTURES
NOTIONAL AMOUNT		   FORWARD FOREIGN  CURRENCY CONTRACTS-PAYABLE (VALUE AT TRADE DATE)   FORWARD FOREIGN  CURRENCY CONTRACTS-RECEIVABLE (VALUE AT TRADE DATE)   
  $247,500,229   $(14,660,561)  $(44,460,657)  $44,357,968   

 

FOREIGN CURRENCY TRANSLATION — Assets and liabilities initially expressed in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the date of the last business day of the consolidated financial statement period. Purchases and sales of securities, interest income, dividends, variation margin received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.

 

The Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investments in the Consolidated Statement of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately as net realized gain or loss and change in unrealized appreciation or depreciation on foreign currencies in the Consolidated Statement of Operations.

 

CURRENCY RISK — Investment in foreign securities involves currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar and which may be affected by fluctuations in currency exchange rates. An increase in the strength of the U.S. dollar relative to a foreign currency may cause the U.S. dollar value of an investment in that country to decline. Foreign currencies also are subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government controls. Forward foreign currency exchange contracts may limit potential gains from a favorable change in value between the U.S. dollar and foreign currencies. Unanticipated changes in currency pricing may result in poorer overall performance for the Fund than if it had not engaged in these contracts.

 

COMMODITY SECTOR RISK — Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked securities in which the Fund invests may be issued by companies in the financial services sector, and events affecting the financial services sector may cause the Fund’s share value to fluctuate.

 

5

 

 

FOREIGN SECURITIES MARKET RISK — A substantial portion of the trades of the Fund are expected to take place on markets or exchanges outside the United States. There is no limit to the amount of assets of the Fund that may be committed to trading on foreign markets. The risk of loss in trading foreign futures and options on futures contracts can be substantial. Participation in foreign futures and options on futures contracts involves the execution and clearing of trades on, or subject to the rules of, a foreign board of trade or exchange. Some of these foreign markets, in contrast to U.S. exchanges, are so-called principals’ markets in which performance is the responsibility only of the individual counterparty with whom the trader has entered into a commodity interest transaction and not of the exchange or clearing corporation. In these kinds of markets, there is risk of bankruptcy or other failure or refusal to perform by the counterparty.

 

COUNTERPARTY RISK — The derivative contracts entered into by the Fund or its Subsidiary may be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. If a counterparty defaults on its payment obligations to the Fund, this default will cause the value of an investment in the Fund to decrease.

 

CREDIT RISK — Credit risk refers to the possibility that the issuer of the security or a counterparty in respect of a derivative instrument will not be able to satisfy its payment obligations to the Fund when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. Securities rated in the four highest categories by the rating agencies are considered investment grade but they may also have some speculative characteristics. Investment grade ratings do not guarantee that bonds will not lose value or default. In addition, the credit quality of securities may be lowered if an issuer’s financial condition changes.

 

FUTURES CONTRACTS — The Fund uses futures contracts in the normal course of pursuing its investment objectives. Upon entering into a futures contract, the Fund must deposit initial margin in addition to segregating cash or liquid assets sufficient to meet its obligation to purchase or provide securities, or to pay the amount owed at the expiration of an index-based futures contract. Such liquid assets may consist of cash, cash equivalents, liquid debt or equity securities or other acceptable assets. Pursuant to the futures contract, the Fund agrees to receive from, or pay to the broker, an amount of cash equal to the daily fluctuation in value of the contract. Such a receipt of payment is known as a “variation margin” and is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contract. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. Use of long futures contracts subjects the Fund to risk of loss in excess of the amount shown on the Consolidated Portfolio of Investments, up to the notional value of the futures contract. Use of short futures contracts subjects the Fund to unlimited risk of loss.

 

FORWARD FOREIGN CURRENCY CONTRACTS — The Fund uses forward foreign currency contracts in the normal course of pursuing its investment objectives. These contracts are marked-to-market daily at the applicable translation rates. The Fund records realized gains or losses at the time the forward contract is closed. A forward contract is extinguished through a closing transaction or upon delivery of the currency or entering an offsetting contract. Risks may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar or other currencies. A Fund’s maximum risk of loss from counterparty credit risk related to forward foreign currency contracts is the fair value of the contract. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.

 

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.

 

6 

 

FREE MARKET FUNDS

FREE MARKET U.S. EQUITY FUND

Portfolio of Investments

November 30, 2017

 (Unaudited)

 

   Number
of Shares		   Value 
DOMESTIC EQUITY FUNDS — 99.9%          
iShares Core S&P 500 ETF   35,829   $9,562,402 
U.S. Large Cap Value Portfolio III (a)   32,282,267    912,296,873 
U.S. Large Company Portfolio (a)   21,225,543    438,519,721 
U.S. Micro Cap Portfolio (b)   19,482,988    455,122,596 
U.S. Small Cap Portfolio (b)   12,119,589    455,696,553 
U.S. Small Cap Value Portfolio (b)   19,003,653    758,245,747 
TOTAL DOMESTIC EQUITY FUNDS          
(Cost $2,036,800,677)        3,029,443,892 
SHORT-TERM INVESTMENTS — 0.1%          
STIT-Government & Agency Portfolio, 0.98%   2,599,175    2,599,175 
TOTAL SHORT-TERM INVESTMENTS          
(Cost $2,599,175)        2,599,175 
TOTAL INVESTMENTS — 100.0%          
(Cost $2,039,399,852)        3,032,043,067 
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%        874,981 
NET ASSETS — 100.0%       $3,032,918,048 

 

(a)A portfolio of Dimensional Investment Group Inc.
(b)A portfolio of DFA Investment Dimensions Group Inc.

ETF Exchange-Traded Fund

Portfolio holdings are subject to change at any time.

 

The accompanying notes are an integral part of the portfolio of investments.

 

1 

 

FREE MARKET FUNDS

FREE MARKET INTERNATIONAL EQUITY FUND

Portfolio of Investments

 November 30, 2017

(Unaudited)

 

   Number of Shares/ Beneficial Interest   Value 
INTERNATIONAL EQUITY FUNDS — 99.9%          
Asia Pacific Small Company Portfolio (a)   1,227,553   $29,448,988 
Canadian Small Company Series (b)   2,517,430    28,082,912 
Continental Small Company Portfolio (a)   1,171,156    33,132,007 
Continental Small Company Series (b)   415,166    39,262,900 
DFA International Small Cap Value Portfolio (a)   39,020,775    918,158,838 
DFA International Value Portfolio III (c)   33,929,195    578,832,062 
DFA International Value Series (b)   4,505,660    112,866,789 
Emerging Markets Portfolio (a)   4,006,708    118,758,812 
Emerging Markets Small Cap Portfolio (a)   4,707,200    112,266,724 
Emerging Markets Value Portfolio (a)   3,631,786    110,660,507 
Japanese Small Company Portfolio (a)   1,822,382    53,341,124 
Large Cap International Portfolio (a)   4,803,187    113,931,604 
United Kingdom Small Company Portfolio (a)   186,330    6,079,934 
United Kingdom Small Company Series (b)   523,748    37,037,860 
TOTAL INTERNATIONAL EQUITY FUNDS          
(Cost $1,816,685,832)        2,291,861,061 
SHORT-TERM INVESTMENTS — 0.1%          
STIT-Government & Agency Portfolio, 0.98%   2,060,244    2,060,244 
TOTAL SHORT-TERM INVESTMENTS          
(Cost $2,060,244)        2,060,244 
TOTAL INVESTMENTS — 100.0%          
(Cost $1,818,746,076)        2,293,921,305 
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%        888,863 
NET ASSETS — 100.0%       $2,294,810,168 

 

(a)A portfolio of DFA Investment Dimensions Group Inc.
(b)A portfolio of DFA Investment Trust Company.
(c)A portfolio of Dimensional Investment Group Inc.

Portfolio holdings are subject to change at any time.

 

The accompanying notes are an integral part of the portfolio of investments.

 

2 

 

FREE MARKET FUNDS

FREE MARKET FIXED INCOME FUND

Portfolio of Investments

November 30, 2017

 (Unaudited)

 

   Number of Shares   Value 
FIXED INCOME FUNDS — 99.5%          
DFA Five-Year Global Fixed Income Portfolio (a)   59,178,150   $651,551,427 
DFA Inflation-Protected Securities Portfolio (a)   11,043,857    130,207,069 
DFA Intermediate Government Fixed Income Portfolio (a)   12,582,110    156,143,979 
DFA One-Year Fixed Income Portfolio (a)   36,794,551    378,247,984 
DFA Short-Term Government Portfolio (a)   9,871,835    104,246,582 
DFA Two-Year Global Fixed Income Portfolio (a)   39,226,239    391,477,865 
iShares 1-3 Year Credit Bond ETF   5,973,635    626,096,684 
iShares Intermediate Credit Bond ETF   1,430,004    156,542,538 
TOTAL FIXED INCOME FUNDS          
(Cost $2,601,469,212)        2,594,514,128 
SHORT-TERM INVESTMENTS — 0.5%          
STIT-Government & Agency Portfolio, 0.98%   13,388,042    13,388,042 
TOTAL SHORT-TERM INVESTMENTS          
(Cost $13,388,042)        13,388,042 
TOTAL INVESTMENTS — 100.0%          
(Cost $2,614,857,254)        2,607,902,170 
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%        906,859 
NET ASSETS — 100.0%       $2,608,809,029 

 

(a)A portfolio of DFA Investment Dimensions Group Inc.

ETF Exchange-Traded Fund

Portfolio holdings are subject to change at any time.

 

The accompanying notes are an integral part of the portfolio of investments.

 

3 

 

FREE MARKET FUNDS

Notes to Portfolio of Investments

November 30, 2017

 (Unaudited)

 

PORTFOLIO VALUATION — Investments in the underlying funds are valued at the Free Market U.S. Equity Fund, the Free Market International Equity Fund and the Free Market Fixed Income Fund (each a “Fund,” collectively the “Funds”) net asset value determined as of the close of business on the New York Stock Exchange (generally 4:00 p.m. Eastern time). As required, some securities and assets may be valued at fair value as determined in good faith by the RBB Fund, Inc.’s Board of Directors. Direct investments in fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market.

 

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure fair value of the Funds' investments are summarized into three levels as described in the hierarchy below:

 

● Level 1 — quoted prices in active markets for identical securities;

 

● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

 

● Level 3 — significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The following is a summary of inputs used, as of November 30, 2017, in valuing the Funds' investments carried at fair value:

 

FREE MARKET U.S. EQUITY FUND

 

   Total Value   Level 1 Quoted Price   Level 2 Other Significant Observable Inputs   Level 3 Significant Unobservable Inputs 
Domestic Equity Funds  $3,029,443,892   $3,029,443,892   $-   $- 
Short-Term Investments   2,599,175    2,599,175    -    - 
Total Investments*  $3,032,043,067   $3,032,043,067   $-   $- 
*Please refer to the Portfolio of Investments for further details.

 

FREE MARKET INTERNATIONAL EQUITY FUND

 

   Total Value   Level 1 Quoted Price   Level 2 Other Significant Observable Inputs   Level 3 Significant Unobservable Inputs 
International Equity Funds  $2,291,861,061   $2,074,610,600   $217,250,461   $- 
Short-Term Investments   2,060,244    2,060,244    -    - 
Total Investments*  $2,293,921,305   $2,076,670,844   $217,250,461   $- 
*Please refer to the Portfolio of Investments for further details.

 

FREE MARKET FIXED INCOME FUND

 

   Total Value   Level 1 Quoted Price   Level 2 Other Significant Observable Inputs   Level 3 Significant Unobservable Inputs 
Fixed Income Funds  $2,594,514,128   $2,594,514,128   $-   $- 
Short-Term Investments   13,388,042    13,388,042    -    - 
Total Investments*  $2,607,902,170   $2,607,902,170   $-   $- 
*Please refer to the Portfolio of Investments for further details.

 

4 

 

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

 

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Funds' investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

 

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require each Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. U.S. GAAP also requires the Funds to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when a Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each level within the three-tier hierarchy are disclosed when a Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

 

For the period ended November 30, 2017, there were no transfers between Levels 1, 2 and 3 for the Funds.

 

5 

 

MATSON MONEY VI PORTFOLIOS
MATSON MONEY U.S. EQUITY VI PORTFOLIO
Portfolio of Investments
November 30, 2017
(Unaudited)

 

   Number
of Shares		   Value 
DOMESTIC EQUITY FUNDS — 97.8%          
U.S. Large Cap Value Portfolio III (b)   202,483   $5,722,177 
U.S. Large Company Portfolio (b)   143,448    2,963,630 
U.S. Micro Cap Portfolio (a)   141,698    3,310,073 
U.S. Small Cap Portfolio (a)   88,290    3,319,722 
U.S. Small Cap Value Portfolio (a)   54,821    2,187,371 
VA U.S. Large Value Portfolio (a)   31,582    879,555 
VA U.S. Targeted Value Portfolio (a)   157,542    3,324,141 
TOTAL DOMESTIC EQUITY FUNDS          
(Cost $18,251,965)        21,706,669 
SHORT-TERM INVESTMENTS — 2.4%          
STIT-Government & Agency Portfolio, 0.98%   538,166    538,166 
TOTAL SHORT-TERM INVESTMENTS          
(Cost $538,166)        538,166 
TOTAL INVESTMENTS — 100.2%          
(Cost $18,790,131)        22,244,835 
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%        (45,307)
NET ASSETS — 100.0%       $22,199,528 

 

(a)A portfolio of DFA Investment Dimensions Group Inc.

(b)A portfolio of Dimensional Investment Group Inc.

Portfolio holdings are subject to change at any time.

 

The accompanying notes are an integral part of the portfolio of investments.

 

1 

 

MATSON MONEY VI PORTFOLIOS
MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO
Portfolio of Investments
November 30, 2017
(Unaudited)

 

   Number
of Shares		   Value 
INTERNATIONAL EQUITY FUNDS — 98.1%          
DFA International Small Cap Value Portfolio (a)   183,444   $4,316,435 
DFA International Value Portfolio III (b)   272,616    4,650,828 
Emerging Markets Portfolio (a)   27,185    805,771 
Emerging Markets Small Cap Portfolio (a)   31,902    760,854 
Emerging Markets Value Portfolio (a)   24,789    755,317 
Large Cap International Portfolio (a)   26,208    621,644 
VA International Small Portfolio (a)   183,017    2,637,281 
VA International Value Portfolio (a)   56,761    777,058 
TOTAL INTERNATIONAL EQUITY FUNDS          
(Cost $12,883,048)        15,325,188 
SHORT-TERM INVESTMENTS — 2.1%          
STIT-Government & Agency Portfolio, 0.98%   332,703    332,703 
TOTAL SHORT-TERM INVESTMENTS          
(Cost $332,703)        332,703 
TOTAL INVESTMENTS — 100.2%          
(Cost $13,215,751)        15,657,891 
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%        (37,887)
NET ASSETS — 100.0%       $15,620,004 

 

(a)A portfolio of DFA Investment Dimensions Group Inc.
(b)A portfolio of Dimensional Investment Group Inc.

Portfolio holdings are subject to change at any time.

 

The accompanying notes are an integral part of the portfolio of investments.

 

2 

 

MATSON MONEY VI PORTFOLIOS
MATSON MONEY FIXED INCOME VI PORTFOLIO
Portfolio of Investments
November 30, 2017
(Unaudited)

 

   Number
of Shares		   Value 
FIXED INCOME FUNDS — 98.5%          
DFA Five-Year Global Fixed Income Portfolio (a)   239,707   $2,639,170 
DFA Inflation-Protected Securities Portfolio (a)   111,505    1,314,640 
DFA Intermediate Government Fixed Income Portfolio (a)   127,166    1,578,132 
DFA One-Year Fixed Income Portfolio (a)   295,760    3,040,411 
DFA Short-Term Government Portfolio (a)   100,092    1,056,972 
DFA Two-Year Global Fixed Income Portfolio (a)   397,683    3,968,877 
iShares 1-3 Year Credit Bond ETF   60,472    6,338,070 
iShares Intermediate Credit Bond ETF   14,458    1,582,717 
VA Global Bond Portfolio (a)   365,791    3,961,514 
VA Short-Term Fixed Income Portfolio (a)   50,772    521,424 
TOTAL FIXED INCOME FUNDS          
(Cost $26,119,382)        26,001,927 
SHORT-TERM INVESTMENTS — 1.8%          
STIT-Government & Agency Portfolio, 0.98%   472,339    472,339 
TOTAL SHORT-TERM INVESTMENTS          
(Cost $472,339)        472,339 
TOTAL INVESTMENTS — 100.3%          
(Cost $26,591,721)        26,474,266 
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)%        (73,652)
NET ASSETS — 100.0%       $26,400,614 

 

(a)A portfolio of DFA Investment Dimensions Group Inc.

ETF Exchange-Traded Fund
Portfolio holdings are subject to change at any time.

 

 The accompanying notes are an integral part of the portfolio of investments.

 

3 

 

MATSON MONEY VI PORTFOLIOS

Notes to Portfolio of Investments

November 30, 2017

(Unaudited)

 

PORTFOLIO VALUATION — Investments in the underlying funds are valued at the Matson Money U.S. Equity VI Portfolio, the Matson Money International Equity VI Portfolio and the Matson Money Fixed Income VI Portfolio (each a Portfolio, collectively the “Portfolios”) net asset value determined as of the close of business on the New York Stock Exchange (generally 4:00 p.m. Eastern time). As required, some securities and assets may be valued at fair value as determined in good faith by the RBB Fund, Inc.'s Board of Directors. Direct investments in fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market.

 

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure fair value of the Portfolios' investments are summarized into three levels as described in the hierarchy below:

 

• Level 1 — quoted prices in active markets for identical securities;

• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

• Level 3 — significant unobservable inputs (including the Portfolios' own assumptions in determining the fair value of investments).

  

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The following is a summary of inputs used, as of November 30, 2017, in valuing the Portfolios' investments carried at fair value:

 

MATSON MONEY U.S. EQUITY VI PORTFOLIO

 

   Total Value     Level 1 Quoted Price    Level 2 Other Significant Observable Inputs    Level 3 Significant Unobservable Inputs  
Domestic Equity Funds  $21,706,669   $21,706,669   $-   $- 
Short-Term Investments   538,166    538,166    -    - 
Total Investments*  $22,244,835   $22,244,835   $-   $- 

 

*Please refer to the Portfolio of Investments for further details.

 

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO 
                     
   Total Value    Level 1 Quoted Price    Level 2 Other Significant Observable Inputs    Level 3 Significant Unobservable Inputs  
International Equity Funds  $15,325,188   $15,325,188   $-   $- 
Short-Term Investments   332,703    332,703    -    - 
Total Investments*  $15,657,891   $15,657,891   $-   $- 

 

*Please refer to the Portfolio of Investments for further details.

 

MATSON MONEY FIXED INCOME VI PORTFOLIO 
                     
   Total Value   Level 1 Quoted Price    Level 2 Other Significant Observable Inputs    Level 3 Significant Unobservable Inputs  
Fixed Income Funds  $26,001,927   $26,001,927   $-   $- 
Short-Term Investments   472,339    472,339    -    - 
Total Investments*  $26,474,266   $26,474,266   $-   $- 

 

*Please refer to the Portfolio of Investments for further details.

4 

 

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

 

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Portfolios' investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Portfolios may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

 

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require each Portfolio to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. U.S. GAAP also requires the Portfolios to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when a Portfolio had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each level within the three-tier hierarchy are disclosed when a Portfolio had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

 

For the period ended November 30, 2017, there were no transfers between Levels 1, 2 and 3 for the Portfolios.

 

5 

 

Motley Fool Independence Fund
Schedule of Investments
at November 30, 2017
(Unaudited)

 

Issues  Shares  

Value (Note 1) 

 
Equity Securities — 91.73%          
Air Freight & Logistics — 3.43%          
XPO Logistics, Inc. (United States)*   186,000   $14,699,580 
Auto Components — 0.95%          
Gentex Corp. (United States)   200,000    4,096,000 
Banks — 7.32%          
Banco Latinoamericano de Comercio Exterior SA (Panama)   343,129    10,074,268 
BGEO Group PLC (Georgia)   263,132    11,633,159 
HDFC Bank Ltd. (India)(a)   100,000    9,710,000 
           
         31,417,427 
Biotechnology — 1.81%          
Ionis Pharmaceuticals, Inc. (United States)*   140,000    7,768,600 
Commercial Services & Supplies — 1.38%          
KAR Auction Services, Inc. (United States)   117,708    5,928,952 
Communications Equipment — 1.12%          
Infinera Corp. (United States)*   661,100    4,786,364 
Diversified Financial Services — 2.04%          
Berkshire Hathaway, Inc. Class A (United States)*   30    8,745,000 
Electronic Equipment, Instruments & Components — 3.84%          
IPG Photonics Corp. (United States)*   72,000    16,486,560 
Equity Real Estate Investment Trusts — 4.52%          
American Tower Corp. (United States)   64,000    9,211,520 
SBA Communications Corp. (United States)*   60,000    10,185,000 
           
         19,396,520 
Food & Staples Retailing — 1.72%          
Costco Wholesale Corp. (United States)   40,000    7,377,200 
Food Products — 2.56%          
Nestle SA (Switzerland)   68,694    5,876,742 
PT Nippon Indosari Corpindo Tbk (Indonesia)   54,234,800    5,092,281 
           
         10,969,023 
Health Care Equipment & Supplies — 8.66%          
Align Technology, Inc. (United States)*   53,000    13,826,640 

 

See Notes to Schedule of Investments..

 

Motley Fool Independence Fund 1

 

 

Issues  Shares  

Value 
(Note 1) 

 
Equity Securities (continued)          
Health Care Equipment & Supplies (continued)          
Medtronic PLC (Ireland)   177,772   $14,600,414 
ResMed, Inc. (United States)   102,000    8,710,800 
           
         37,137,854 
Health Care Providers & Services — 3.91%          
NMC Health PLC (United Arab Emirates)   435,482    16,794,420 
Hotels, Restaurants & Leisure — 3.59%          
Starbucks Corp. (United States)   195,000    11,274,900 
Texas Roadhouse, Inc. (United States)   80,500    4,111,135 
           
         15,386,035 
Internet & Direct Marketing Retail — 7.55%          
Amazon.com, Inc. (United States)*   17,000    20,004,750 
Ctrip.com International Ltd. (China)*(a)   145,800    6,718,464 
zooplus AG (Germany)*   33,000    5,685,524 
           
         32,408,738 
Internet Software & Services — 9.98%          
Alphabet, Inc. Class C (United States)*   9,024    9,217,204 
Facebook, Inc. (United States)*   55,000    9,744,900 
MercadoLibre, Inc. (Argentina)   36,437    10,025,276 
Tencent Holdings Ltd. (China)   270,000    13,824,309 
           
         42,811,689 
IT Services — 5.11%          
Mastercard, Inc. (United States)   95,500    14,369,885 
PayPal Holdings, Inc. (United States)*   100,000    7,573,000 
           
         21,942,885 
Life Sciences Tools & Services — 1.62%          
Horizon Discovery Group PLC (United Kingdom)*   2,135,499    6,931,282 
Machinery — 1.43%          
FANUC Corp. (Japan)   24,600    6,152,557 
Media — 1.51%          
Multiplus SA (Brazil)   278,600    2,966,899 
System1 Group PLC (United Kingdom)   700,000    3,528,647 
           
         6,495,546 

 

See Notes to Schedule of Investments.. 

 

2 Motley Fool Independence Fund

 

 

Issues  Shares   Value 
(Note 1)		 
Equity Securities (continued)          
Multiline Retail — 1.47%          
PT Mitra Adiperkasa Tbk (Indonesia)   12,301,000   $6,297,828 
Semiconductors & Semiconductor Equipment — 1.98%          
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)(a)   215,000    8,514,000 
Software — 6.74%          
Douzone Bizon Co., Ltd. (South Korea)   265,680    8,401,865 
Paycom Software, Inc. (United States)*   88,000    7,216,000 
Splunk, Inc. (United States)*   97,500    7,808,775 
Ultimate Software Group, Inc. (The) (United States)*   26,000    5,486,780 
           
         28,913,420 
Technology Hardware, Storage & Peripherals — 1.80%          
Apple, Inc. (United States)   45,000    7,733,250 
Trading Companies & Distributors — 1.95%          
Watsco, Inc. (United States)   50,000    8,375,000 
Transportation Infrastructure — 1.84%          
International Container Terminal Services, Inc. (Philippines)   3,750,000    7,901,413 
Wireless Telecommunication Services — 1.90%          
SoftBank Group Corp. (Japan)   96,000    8,149,381 
Total Equity Securities (Cost $ 244,446,854)        393,616,524 
           
Participatory Notes — 0.97%          
Air Freight & Logistics — 0.97%          
Aramex PJSC (United Arab Emirates)(b)   3,134,000    4,172,419 
Total Participatory Notes (Cost $ 2,790,802)        4,172,419 
           
Other Investments — 7.26%          
Temporary Cash Investment — 7.26%          
BNY Mellon Cash Reserve   31,139,756    31,139,756 
Total Other Investments (Cost $ 31,139,756)        31,139,756 
Total Investments Portfolio (Cost $ 278,377,412) — 99.96%        428,928,699 
Assets in Excess of Other Liabilities — 0.04%        176,519 
NET ASSETS — 100.00%          
(Applicable to 16,510,174 shares outstanding)       $429,105,218 

 

*Non-income producing security.
(a)ADR — American Depositary Receipts

 

See Notes to Schedule of Investments..

 

Motley Fool Independence Fund 3

 

 

(b)Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities is $4,172,419 and represents 0.97% of net assets as of November 30, 2017.

 

PLC — Public Limited Company

 

See Notes to Schedule of Investments..

 

4 Motley Fool Independence Fund

 

 

The following tables show the top 11 holdings, sector allocation and top 11 countries in which the Fund was invested at November 30, 2017. Portfolio holdings are subject to change without notice.

 

Top Eleven Holdings* % of Net
Assets
Amazon.com, Inc. 4.66%
NMC Health PLC 3.91
IPG Photonics Corp. 3.84
XPO Logistics, Inc. 3.43
Medtronic PLC 3.40
Mastercard, Inc. Class A 3.35
Align Technology, Inc. 3.22
Tencent Holdings Ltd. 3.22
BGEO Group PLC 2.71
Starbucks Corp. 2.63
SBA Communications Corp. 2.37
  36.74%

 

*As of the date of the report, the Fund had a holding of 7.26% in the BNY Mellon Cash Reserve.

  

Sector Allocation % of Net
Assets
Information Technology 30.57%
Health Care 16.45
Consumer Discretionary 15.07
Industrials 11.01
Financials 9.36
Real Estate 4.52
Consumer Staples 4.28
Telecommunication Services 1.90
  93.16%

 

See Notes to Schedule of Investments..

 
Motley Fool Independence Fund 5

 

 

Top Eleven Countries % of Net
Assets
United States* 59.63%
United Arab Emirates 4.89
China 4.79
Ireland 3.40
Japan 3.33
Georgia 2.71
Indonesia 2.65
United Kingdom 2.44
Panama 2.35
Argentina 2.34
India 2.26
  90.79%

 

*As of the date of the report, the Fund had a holding of 7.26% in the BNY Mellon Cash Reserve.

 

See Notes to Schedule of Investments..

 
6 Motley Fool Independence Fund

 

 

Motley Fool Great America Fund

Schedule of Investments

at November 30, 2017

(Unaudited)

 

Issues  Shares  Value
(Note 1)
Equity Securities — 96.01%          
Air Freight & Logistics — 7.85%          
CH Robinson Worldwide, Inc. (United States)   46,000   $3,985,900 
XPO Logistics, Inc. (United States)*   215,000    16,991,450 
         20,977,350 
Auto Components — 8.40%          
Dorman Products, Inc. (United States)*   35,938    2,454,925 
Gentex Corp. (United States)   340,000    6,963,200 
LCI Industries (United States)   99,670    13,046,803 
         22,464,928 
Automobiles — 6.60%          
Thor Industries, Inc. (United States)   115,000    17,658,250 
Banks — 3.33%          
Access National Corp. (United States)   90,529    2,666,079 
Huntington Bancshares, Inc. (United States)   100,000    1,440,000 
Lakeland Financial Corp. (United States)   50,000    2,534,000 
SVB Financial Group (United States)*   10,000    2,276,400 
         8,916,479 
Biotechnology — 3.97%          
Genomic Health, Inc. (United States)*   131,935    3,996,311 
Ionis Pharmaceuticals, Inc. (United States)*   119,100    6,608,859 
         10,605,170 
Building Products — 1.89%          
American Woodmark Corp. (United States)*   50,636    5,043,346 
Capital Markets — 4.39%          
Diamond Hill Investment Group, Inc. (United States)   29,023    6,125,595 
Oaktree Capital Group LLC (United States)   131,072    5,616,435 
         11,742,030 
Commercial Services & Supplies — 1.60%          
KAR Auction Services, Inc. (United States)   85,000    4,281,450 
Electronic Equipment, Instruments & Components — 5.52%          
IPG Photonics Corp. (United States)*   64,500    14,769,210 
Equity Real Estate Investment Trusts — 5.24%          
SBA Communications Corp. (United States)*   55,000    9,336,250 

 

See Notes to Schedule of Investments..

 
Motley Fool Great America Fund 7

 

 

Issues  Shares  Value
(Note 1)
Equity Securities (continued)          
Equity Real Estate Investment Trusts (continued)          
STAG Industrial, Inc. (United States)   165,000   $4,669,500 
         14,005,750 
Food Products — 1.15%          
McCormick & Co., Inc. (United States)   30,000    3,065,400 
Health Care Equipment & Supplies — 14.22%          
Align Technology, Inc. (United States)*   51,000    13,304,880 
Cooper Companies, Inc. (The) (United States)   36,400    8,778,952 
ResMed, Inc. (United States)   99,000    8,454,600 
Varian Medical Systems, Inc. (United States)*   67,000    7,487,250 
         38,025,682 
Hotels, Restaurants & Leisure — 3.53%          
Texas Roadhouse, Inc. (United States)   184,929    9,444,324 
Household Durables — 0.31%          
TRI Pointe Group, Inc. (United States)*   46,000    833,520 
Household Products — 1.17%          
Church & Dwight, Co., Inc. (United States)   66,600    3,136,194 
Insurance — 3.27%          
Markel Corp. (United States)*   7,900    8,744,510 
Internet Software & Services — 1.90%          
GrubHub, Inc. (United States)*   75,000    5,067,000 
IT Services — 0.84%          
Broadridge Financial Solutions, Inc. (United States)   25,000    2,256,500 
Leisure Products — 0.87%          
Hasbro, Inc. (United States)   25,105    2,335,267 
Machinery — 1.44%          
Proto Labs, Inc. (United States)*   40,000    3,848,000 
Paper & Forest Products — 0.92%          
KapStone Paper and Packaging Corp. (United States)   110,400    2,454,192 
Real Estate Management & Development — 3.68%          
Jones Lang LaSalle, Inc. (United States)   64,500    9,835,605 
Road & Rail — 1.47%          
Genesee & Wyoming, Inc. Class A (United States)*   50,000    3,941,000 
Software — 6.05%          
Paycom Software, Inc. (United States)*   75,000    6,150,000 
Splunk, Inc. (United States)*   70,000    5,606,300 

 

See Notes to Schedule of Investments..

 
8 Motley Fool Great America Fund

 

 

Issues  Shares  Value
(Note 1)
Equity Securities (continued)      
Software (continued)          
Ultimate Software Group, Inc. (The) (United States)*   21,000   $4,431,630 
         16,187,930 
Specialty Retail — 3.02%          
AutoZone, Inc. (United States)*   7,300    5,013,348 
Tractor Supply Co. (United States)   44,800    3,057,152 
         8,070,500 
Trading Companies & Distributors — 3.38%          
Fastenal Co. (United States)   76,750    4,020,932 
Watsco, Inc. (United States)   30,000    5,025,000 
         9,045,932 
Total Equity Securities (Cost $ 140,976,213)        256,755,519 
           
Other Investments — 3.93%          
Temporary Cash Investment — 3.93%          
BNY Mellon Cash Reserve   10,497,971    10,497,971 
Total Other Investments (Cost $ 10,497,971)        10,497,971 
Total Investment Portfolio (Cost $ 151,474,184) — 99.94%        267,253,490 
Assets in Excess of Other Liabilities — 0.06%        165,359 
NET ASSETS — 100.00%          
(Applicable to 10,431,652 shares outstanding)       $267,418,849 

 

*Non-income producing security.

 

See Notes to Schedule of Investments..

 
Motley Fool Great America Fund 9

 

 

The following tables show the top 11 holdings and sectors in which the Fund was invested at November 30, 2017. Portfolio holdings are subject to change without notice.

 

Top Eleven Holdings* % of Net
Assets
Thor Industries, Inc. 6.60%
XPO Logistics, Inc. 6.35
IPG Photonics Corp. 5.52
Align Technology, Inc. 4.98
LCI Industries 4.88
Jones Lang LaSalle, Inc. 3.68
Texas Roadhouse, Inc. 3.53
SBA Communications Corp. 3.49
Cooper Companies, Inc. (The) 3.29
Markel Corp. 3.27
ResMed, Inc. 3.16
  48.75%

 

*As of the date of the report, the Fund had a holding of 3.93% in the BNY Mellon Cash Reserve.

 

Sector Allocation % of Net
Assets
Consumer Discretionary 22.74%
Health Care 18.19
Industrials 17.63
Information Technology 14.31
Financials 10.99
Real Estate 8.91
Consumer Staples 2.32
Materials 0.92
  96.01%


See Notes to Schedule of Investments..

 
10 Motley Fool Great America Fund

 

 

Motley Fool Emerging Markets Fund
Schedule of Investments
at November 30, 2017
(Unaudited)

 

Issues  Shares   Value
(Note 1)		 
Equity Securities — 90.27%          
Banks — 15.25%          
Banco Latinoamericano de Comercio Exterior SA (Panama)   45,000   $1,321,200 
BGEO Group PLC (Georgia)   30,000    1,326,311 
Credicorp Ltd. (Peru)   6,000    1,266,180 
HDFC Bank Ltd. (India)(a)   13,350    1,296,285 
           
         5,209,976 
Beverages — 1.96%          
Coca-Cola Icecek AS (Turkey)   75,000    670,849 
Consumer Finance — 2.27%          
Gentera SAB de CV (Mexico)   850,000    775,873 
Diversified Telecommunication Services — 1.06%          
Telkom SA SOC Ltd. (South Africa)   100,000    361,356 
Food & Staples Retailing — 1.24%          
CP ALL PCL (Thailand)(b)   190,000    424,679 
Food Products — 2.75%          
PT Nippon Indosari Corpindo Tbk (Indonesia)   10,022,700    941,064 
Health Care Equipment & Supplies — 3.86%          
Top Glove Corp. Bhd (Malaysia)   800,000    1,318,823 
Health Care Providers & Services — 10.99%          
Georgia Healthcare Group PLC (Georgia)*(c)   90,000    428,438 
NMC Health PLC (United Arab Emirates)   50,000    1,928,257 
Odontoprev SA (Brazil)   300,000    1,397,608 
           
         3,754,303 
Internet & Direct Marketing Retail — 3.75%          
Ctrip.com International Ltd. (China)*(a)   27,800    1,281,024 
Internet Software & Services — 13.73%          
Alibaba Group Holding Ltd. (China)*(a)   2,400    424,992 
Baidu, Inc. (China)*(a)   1,750    417,515 
MercadoLibre, Inc. (Argentina)   5,500    1,513,270 
Tencent Holdings Ltd. (China)   45,600    2,334,772 
           
         4,690,549 

 

See Notes to Schedule of Investments.. 

 
Motley Fool Emerging Markets Fund 11

 

 

Issues  Shares   Value
(Note 1)		 
Equity Securities (continued)          
Media — 1.87%          
Multiplus SA (Brazil)   60,000   $638,959 
Multiline Retail — 3.51%          
PT Mitra Adiperkasa Tbk (Indonesia)   2,342,000    1,199,050 
Real Estate Management & Development — 1.24%          
PT Lippo Karawaci Tbk (Indonesia)   10,000,000    425,107 
Semiconductors & Semiconductor Equipment — 3.77%          
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)(a)   32,500    1,287,000 
Software — 3.52%          
Douzone Bizon Co., Ltd. (South Korea)   38,000    1,201,712 
Transportation Infrastructure — 16.38%          
DP World Ltd. (United Arab Emirates)   42,000    1,028,701 
Grupo Aeroportuario del Pacifico SAB de CV (Mexico)(a)   11,500    1,144,825 
Grupo Aeroportuario del Sureste SAB de CV (Mexico)(a)   6,400    1,146,304 
International Container Terminal Services, Inc. (Philippines)   645,000    1,359,043 
TAV Havalimanlari Holding AS (Turkey)   185,000    919,805 
           
         5,598,678 
Wireless Telecommunication Services — 3.12%          
Safaricom Ltd. (Kenya)   4,000,000    1,065,891 
Total Equity Securities (Cost $ 22,874,929)        30,844,893 
           
Other Investments — 9.67%          
Temporary Cash Investment — 9.67%          
BNY Mellon Cash Reserve   3,306,039    3,306,039 
Total Other Investments (Cost $ 3,306,039)        3,306,039 
Total Investment Portfolio (Cost $ 26,180,968) — 99.94%        34,150,932 
Assets in Excess of Other Liabilities — 0.06%        19,011 
NET ASSETS — 100.00%          
(Applicable to 2,405,094 shares outstanding)       $34,169,943 

 

*Non-income producing security.

(a)ADR — American Depositary Receipts

(b)NVDR — Non-Voting Depository Receipts

(c)Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. Total market value of Rule 144A securities is $428,438 and represents 1.25% of net assets as of November 30, 2017.

 

See Notes to Schedule of Investments..

 
12 Motley Fool Emerging Markets Fund

 

 

PLC — Public Limited Company

 

See Notes to Schedule of Investments.. 

 
Motley Fool Emerging Markets Fund 13

 

 

The following tables show the top 11 holdings, sector allocation and top 11 countries in which the Fund was invested at November 30, 2017. Portfolio holdings are subject to change without notice.

 

Top Eleven Holdings* % of Net
Assets
Tencent Holdings Ltd. 6.83%
NMC Health PLC 5.64
MercadoLibre, Inc. 4.43
Odontoprev SA 4.09
International Container Terminal Services, Inc. 3.98
BGEO Group PLC 3.88
Banco Latinoamericano de Comercio Exterior SA 3.87
Top Glove Corp. Bhd 3.86
HDFC Bank Ltd. 3.79
Taiwan Semiconductor Manufacturing Co., Ltd. 3.77
Ctrip.com International Ltd. 3.75
  47.89%

 

*As of the date of the report, the Fund had a holding of 9.67% in the BNY Mellon Cash Reserve.

 

Sector Allocation % of Net
Assets
Information Technology 21.01%
Financials 17.52
Industrials 16.38
Health Care 14.85
Consumer Discretionary 9.13
Consumer Staples 5.96
Telecommunication Services 4.18
Real Estate 1.24
  90.27%

 

See Notes to Schedule of Investments..

 
14 Motley Fool Emerging Markets Fund

 

 

Top Eleven Countries % of Net
Assets
China 13.05%
Mexico 8.98
United Arab Emirates 8.65
Indonesia 7.51
Brazil 5.96
Georgia 5.14
Turkey 4.66
Argentina 4.43
Philippines 3.98
Panama 3.87
Malaysia 3.86
  70.09%

  

See Notes to Schedule of Investments..

 
Motley Fool Emerging Markets Fund 15

 

 

Notes to Schedules of Investments (Unaudited)

 

1. Portfolio Valuation:

 

Securities held by the Trust are generally valued at fair value as of the close of regular trading on each business day (generally 4 pm Eastern time) that the New York Stock Exchange (“NYSE”) is open. Securities, other than stock options, listed on the NYSE or other exchanges are valued on the basis of the last quoted sale price on the exchange on which they are primarily traded. However, if the last sale price on the NYSE is different from the last sale price on any other exchange, the NYSE price will be used. If there are no sales on that day, then the securities are valued at the bid price on the NYSE or other primary exchange for that day. Securities traded in the OTC market are valued on the basis of the last sales price as reported by NASDAQ. If there are no sales on that day, then the securities are valued at the mean between the closing bid and ask prices as reported by NASDAQ. Stock options and stock index options traded on national securities exchanges or on NASDAQ are valued at the mean between the latest bid and asked prices for such options. Securities for which market quotations are not readily available or whose values have been affected by events occurring before the Funds’ pricing time but after the close of the securities markets, and other assets are valued at fair value as determined pursuant to procedures adopted in good faith by the Board of Trustees (the “Board”). Debt securities that mature in fewer than 60 days are valued at amortized cost (unless the Board determines that this method does not represent fair value), if their original maturity was 60 days or less or by amortizing the value as of the 61st day before maturity, if their original term to maturity exceeded 60 days.

 

When fair value pricing is employed, the prices of securities used by a fund to calculate its net asset value (the “NAV”) may differ from quoted or published prices for the same securities.

 

The values of securities held by the Funds and other assets used in computing NAV are generally determined as of the time trading in such securities is completed each day, which, in the case of foreign securities, generally occurs at various times before the close of the NYSE. Trading in securities listed on foreign securities exchanges are valued at the last sale or, if no sales are reported, at the bid price as of the close of the exchange, subject to possible adjustment as described in the Prospectus. Foreign currency exchange rates are also generally determined before the close of the NYSE. On occasion, the values of such securities and exchange rates may be affected by events occurring between the time as of which determinations of such values or exchange rates are made and the close of the NYSE. When such events materially affect the value of securities held by the Funds or their liabilities, such securities and liabilities will be valued at fair value in accordance with procedures adopted in good faith by the Board. In this regard, the Trust has retained a third party fair value pricing service to quantitatively analyze the price movement of the Funds’ holdings on foreign exchanges and to automatically determine fair value if the variation from the prior day’s closing price exceeds specified parameters. As of November 30, 2017, such price movements for certain securities had exceeded specified parameters and the third party fair value service quantitatively fair valued the affected securities. The Board will review and monitor the methods used by the service to assure itself that securities are valued at their fair values. The values of any assets and liabilities initially expressed in foreign currencies will be converted to U.S. dollars based on exchange rates supplied by a quotation service.

 

 
16 A series of The RBB Fund, Inc.

 

 

Fair Value Measurements

 

The Financial Accounting Standards Board (“FASB”) “Fair Value Measurements and Disclosures” defines fair value as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment. Valuation techniques should maximize the use of observable market data and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

 

Fair value measurements utilize a hierarchy based on the observability of inputs used to establish fair value.

 

Investment assets reported at fair value are classified based on the lowest level input that is significant to fair value:

 

Level 1 — quoted prices in active markets for identical securities

 

Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed domestic and foreign equity securities.

 

Level 2 — observable inputs other than Level 1 (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

 

Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations, or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include investment grade corporate bonds and less liquid listed domestic and foreign equity securities.

 

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

 

Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all.

 

 
A series of The RBB Fund, Inc. 17

 

 

The Independence Fund and the Emerging Markets Fund had significant transfers between Level 1 to Level 2 of $1,856,178 and $333,113 respectively, and between Level 2 to Level 1 of $143,151 and $37,737 respectively, during the period ended November 30, 2017.

 

The Great America Fund did not have any transfers between Level 1 and Level 2 during the period ended November 30, 2017.

 

   Independence
Fund
Valuation Inputs   Value 
Level 1 — Quoted Prices     
U.S. Common Stocks  $224,737,795 
Foreign Common Stocks     
Banks   19,784,268 
Heath Care Equipment & Supplies   14,600,414 
Food Products   5,092,281 
Internet & Direct Marketing Retail   12,403,988 
Internet Software & Services   10,025,276 
Life Sciences Tools & Services   6,931,282 
Media   2,966,899 
Multiline Retail   6,297,828 
Semiconductors & Semiconductor Equipment   8,514,000 
Transportation Infrastructure   7,901,413 
Temporary Cash Investment   31,139,756 
Total Level 1   350,395,200 
Level 2 — Other Significant Observable Inputs     
Foreign Common Stocks     
Banks   11,633,159 
Food Products   5,876,742 
Health Care Providers & Services   16,794,420 
Internet Software & Services   13,824,309 
Machinery   6,152,557 
Media   3,528,647 
Software   8,401,865 
Wireless Telecommunication Services   8,149,381 
Participatory Notes   4,172,419 
Total Level 2   78,533,499 
Level 3 — Significant Unobservable Inputs   — 
Total Value of Investments  $428,928,699 

 

 
18 A series of The RBB Fund, Inc.

 

 

   Great America Fund
Valuation Inputs   Value 
Level 1 — Quoted Prices     
U.S. Common Stocks  $256,755,519 
Temporary Cash Investment   10,497,971 
Level 2 — Other Significant Observable Inputs   — 
Level 3 — Significant Unobservable Inputs   — 
Total Value of Investments  $267,253,490 

  

   Emerging Markets Fund
Valuation Inputs   Value 
Level 1 — Quoted Prices     
Foreign Common Stocks     
Banks  $3,883,665 
Consumer Finance   775,873 
Diversified Telecommunication Services   361,356 
Food & Staples Retailing   424,679 
Food Products   941,064 
Health Care Providers & Services   1,826,046 
Internet & Direct Marketing Retail   1,281,024 
Internet Software & Services   2,355,777 
Media   638,959 
Multiline Retail   1,199,050 
Real Estate Management & Development   425,107 
Semiconductors & Semiconductor Equipment   1,287,000 
Transportation Infrastructure   3,650,172 
Wireless Telecommunication Services   1,065,891 
Temporary Cash Investment   3,306,039 
Total Level 1   23,421,702 
Level 2 — Other Significant Observable Inputs     
Foreign Common Stocks     
Banks   1,326,311 
Beverages   670,849 
Health Care Equipment & Supplies   1,318,823 
Health Care Providers & Services   1,928,257 

 

 
A series of The RBB Fund, Inc. 19

 

 

   Emerging Markets
Fund		  
Valuation Inputs   Value  
Internet Software & Services  $2,334,772  
Software   1,201,712  
Transportation Infrastructure   1,948,506  
Total Level 2   10,729,230  
Level 3 — Significant Unobservable Inputs   —  
Total Value of Investments  $34,150,932  

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

2. Investment Policies and Practices:

 

The sections below describe some of the different types of investments that may be made by the Funds and the investment practices in which the Funds may engage.

 

Foreign Securities

 

The Independence Fund and the Emerging Markets Fund invest, and the Great America Fund may invest, in equity and fixed-income securities of foreign companies, including companies located in both developed and emerging-market countries. Investment in foreign securities may include the purchase of American Depositary Receipts (“ADRs”) and other depositary receipts (European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”)) that represent indirect interests in securities of foreign issuers. A significant portion of a Fund’s exposure to foreign investments may be composed of such investments. Investments in foreign securities are affected by risk factors generally not associated with investments in the securities of U.S. companies in the U.S. With respect to such securities, there may be more limited information publicly available concerning the issuer than would be the case with respect to domestic securities, foreign issuers may use different accounting standards, and foreign trading markets may not be as liquid as are U.S. markets. Foreign securities also involve such risks as currency risks, possible imposition of withholding or confiscatory taxes, possible currency transfer restrictions, expropriation or other adverse political or economic developments, and the difficulty of enforcing obligations in other countries. These risks may be greater in emerging-market countries and in less-developed countries.

 

The purchase of securities denominated in foreign currencies will subject the value of the Funds’ investments in those securities to fluctuations caused by changes in foreign exchange rates. To hedge against the effects of changes in foreign exchange rates, the Funds may enter into forward foreign currency exchange contracts (“forward contracts”). These contracts represent agreements to exchange an amount of currency at an agreed-upon future date and rate. The Funds will generally use forward contracts only to “lock in” the price in U.S. dollars of a foreign security that a Fund plans to purchase or to sell, but in certain limited cases, it may use such contracts to hedge against an anticipated substantial decline in the price of a foreign currency against the U.S. dollar that would adversely affect the U.S. dollar value of foreign securities held by the Fund. Forward contracts will not be used in all cases and, in any event, cannot completely protect the Funds against all changes in the values of foreign securities resulting from fluctuations in foreign exchange rates. The Funds will not enter into a forward contract if, as a result, forward contracts would represent more than 20% of a Fund’s total assets. For hedging purposes, the Funds may also use options on foreign currencies, which expose the Funds to certain risks.

 

 
20 A series of The RBB Fund, Inc.

 

 

Some foreign securities are traded in the U.S. in the form of ADRs. ADRs are receipts typically issued by a U.S. bank or trust company evidencing ownership of the underlying securities of foreign issuers. EDRs and GDRs are receipts typically issued by foreign banks or trust companies, evidencing ownership of underlying securities issued by either a foreign or U.S. issuer. Generally, depositary receipts in registered form are designed for use in the U.S. and depositary receipts in bearer form are designed for use in securities markets outside the U.S. Depositary receipts may not necessarily be denominated in the same currency as the underlying securities into which they may be converted. Depositary receipts generally involve the same risks as other investments in foreign securities. However, holders of ADRs and other depositary receipts may not have all the legal rights of shareholders and may experience difficulty in receiving shareholder communications.

 

Types of Fixed-Income Securities

 

A Fund may invest in bonds and other types of debt obligations of U.S. and foreign issuers. Fixed income securities purchased by a Fund may include, among others, bonds, notes, and debentures issued by corporations; debt securities issued or guaranteed by the U.S. government or one of its agencies or instrumentalities (“U.S. Government Securities”); municipal securities; mortgage-backed and asset-backed securities; and debt securities issued or guaranteed by foreign governments, their agencies, instrumentalities, or political subdivisions, or by government-owned, -controlled, or -sponsored entities, including central banks. These investments also include money market instruments and other types of obligations. Investors should recognize that, although securities ratings issued by Standard & Poor’s® Ratings Services (“S&P”), a division of The McGraw-Hill Companies, Inc., and Moody’s Investors Services©, Inc. (“Moody’s”), provide a generally useful guide as to credit risks, they do not offer any criteria to evaluate interest rate risk. Changes in interest rate levels generally cause fluctuations in the prices of fixed-income securities and will, therefore, cause fluctuations in the NAV per share of a Fund. Subsequent to the purchase of a fixed-income security by a Fund, the ratings or credit quality of such security may deteriorate. Any such subsequent adverse changes in the rating or quality of a security held by a Fund would not require a Fund to sell the security.

 

 

A series of The RBB Fund, Inc. 21

 

 

Participatory Notes

 

A participatory note, as used by a Fund, is an instrument used by investors to obtain exposure to an equity investment, including common stocks and warrants, in a local market where direct ownership is not permitted (or is impractical.) In countries where direct ownership by a foreign investor, such as a Fund, is not allowed by local law, such as Saudi Arabia, an investor may gain exposure to the market through a participatory note, which derives its value from a group of underlying equity securities. A participatory note is intended (disregarding the effect of any fees and expenses) to reflect the performance of the underlying equity securities on a one-to-one basis so that investors will not normally gain more in absolute terms than they would have made had they invested in the underlying securities directly, and will not normally lose more than they would have lost had they invested in the underlying securities directly.

 

In addition to providing access to otherwise closed markets, participatory notes can also provide a less expensive option to direct investment (where ownership by foreign investors is permitted) by reducing registration and transaction costs in acquiring and selling local registered shares. The Funds’ investment manager also believes that participatory notes can offer greater liquidity in markets that restrict the ability of the Funds to dispose of an investment by either restricting transactions by size or requiring registration and/or regulatory approvals.

 

The purchase of participatory notes involves risks that are in addition to the risks normally associated with a direct investment in the underlying securities. A Fund that holds a participatory note is subject to the risk that the issuer of the participatory note (i.e., the issuing bank or broker-dealer), which is the only responsible party under the note, is unable or refuses to perform under the terms of the participatory note, also known as counterparty risk.

 

While the holder of a participatory note is entitled to receive from the bank or broker-dealer any dividends or other distributions paid on the underlying securities, the holder is not entitled to the same rights as an owner of the underlying securities, such as voting rights.

 

Participatory notes may not be traded on exchanges, are privately issued, and may be illiquid. To the extent a participatory note is determined to be illiquid, it would be subject to the Fund’s limitation on investments in illiquid securities. There can be no assurance that the trading price or value of participatory notes will equal the value of the underlying value of the equity securities they seek to replicate.

 

Real Estate Investment Trusts

 

Real estate investment trusts (“REITs”) are pooled investment vehicles that manage a portfolio of real estate or real estate-related loans to earn profits for their shareholders.

 

 

22 A series of The RBB Fund, Inc.

 

 

REITs are generally classified as equity REITs, mortgage REITs, or a combination of equity and mortgage REITs. Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of the borrower on any credit extended. REITs are dependent upon management skills, may not be diversified geographically or by property type, and are subject to heavy cash-flow dependency, default by borrowers, and self-liquidation. REITs must also meet certain requirements under the Internal Revenue Code of 1986, as amended (the “Code”), to avoid entity level tax and be eligible to pass through certain tax attributes of their income to shareholders. REITs are consequently subject to the risk of failing to meet these requirements for favorable tax treatment and of failing to maintain their exemptions from registration under the 1940 Act. REITs are also subject to the risks of changes in the Code affecting their tax status.

 

REITs (especially mortgage REITs) are also subject to interest rate risks. When interest rates decline, the value of a REIT’s investment in fixed-rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a REIT’s investment in fixed-rate obligations can be expected to decline. In contrast, as interest rates on adjustable-rate mortgage loans are reset periodically, yields on a REIT’s investments in such loans will gradually align themselves to reflect changes in market interest rates, causing the value of such investments to fluctuate less dramatically in response to interest rate fluctuations than would investments in fixed-rate obligations.

 

The management of a REIT may be subject to conflicts of interest with respect to the operation of the business of the REIT and may be involved in real estate activities competitive with the REIT. REITs may own properties through joint ventures or in other circumstances in which a REIT may not have control over its investments. REITs may use significant amounts of leverage.

 

REITs often do not provide complete tax information until after the end of the calendar year. Consequently, because of the delay, it may be necessary for a Fund, if invested in REITs, to request permission to extend the deadline for issuance of Forms 1099-DIV beyond January 31. Alternatively, amended Forms 1099-DIV may be sent. During the period ended November 30, 2017, the Independence, the Great America and the Emerging Markets Fund invested in REITs.

 

Temporary Investments

 

During periods of adverse market or economic conditions, a Fund may temporarily invest all or a substantial portion of its assets in high-quality, fixed-income securities, money market instruments, and shares of money market mutual funds, or it may hold cash. At such times, a Fund would not be pursuing its stated investment objective with its usual investment strategies. A Fund may also hold these investments for liquidity purposes. Fixed-income securities will be deemed to be of high quality if they are rated “A” or better by S&P or Moody’s or, if unrated, are determined to be of comparable quality by the Adviser. Money market instruments are high-quality, short-term fixed income obligations (which generally have remaining maturities of one year or less), and may include U.S. Government Securities, commercial paper, certificates of deposit and banker’s acceptances issued by domestic branches of United States banks that are members of the Federal Deposit Insurance Corporation, and repurchase agreements for U.S. Government Securities. In lieu of purchasing money market instruments, a Fund may purchase shares of money market mutual funds that invest primarily in U.S. Government Securities and repurchase agreements involving those securities, subject to certain limitations imposed by the 1940 Act. A Fund, as an investor in a money market fund, will indirectly bear the fees and expenses of the money market fund. These indirect fees and expenses will be in addition to the fees and expenses of the Funds. Repurchase agreements involve certain risks not associated with direct investments in debt securities.

 

 

A series of The RBB Fund, Inc. 23

 

 

3. Subsequent Events:

 

Subsequent events have been evaluated through the date that the financial statements were issued. All subsequent events determined to be relevant and material to the financial statements have been appropriately recorded or disclosed.

 

 

24 A series of The RBB Fund, Inc.

 

 

Orinda Income Opportunities Fund
Schedule of Investments

November 30, 2017

(Unaudited)

 

   Number
of Shares		   Value 
COMMON STOCKS - 1.3%          
Real Estate - 0.9%          
Landmark Infrastructure Partners LP (d)   174,383    2,929,635 
RMR Group Inc/The   0    0 
Summit Industrial Income REIT (c)(d)   50,000    286,013 
         3,215,648 
           
Utilities - 0.4%          
Pattern Energy Group, Inc. (d)   55,415    1,249,054 
TOTAL COMMON STOCKS (Cost $4,038,740)       $4,464,702 
           
REITS - 61.3%          
Financials - 12.3%          
AGNC Investment Corp. 7.00% (3 Month LIBOR USD + 5.11%) (b)(d)   68,900    1,778,998 
Annaly Capital Management, Inc., 6.95% (3 Month LIBOR USD + 4.99%) (b)(d)   165,174    4,228,454 
Apollo Commercial Real Estate Finance, Inc. (d)   75,400    1,406,210 
Arbor Realty Trust, Inc. (d)   548,387    4,705,161 
Ares Commercial Real Estate Corp. (d)   37,661    507,670 
ARMOUR Residential REIT, Inc., 7.88% (d)   101,208    2,533,236 
Chimera Investment Corp., 8.00% (d)   74,276    1,930,433 
Chimera Investment Corp., 8.00% (3 Month LIBOR USD + 5.79%) (b)(d)   233,200    6,023,556 
Great Ajax Corp., 7.25% (d)   25,000    648,438 
Invesco Mortgage Capital, Inc., 7.50% (3 Month LIBOR USD + 5.29%) (a)(b)(d)   104,200    2,651,890 
Ladder Capital Corp. (d)   40,000    546,000 
PennyMac Mortgage Investment Trust - Series A, 8.13% (3 Month LIBOR USD + 5.83%) (b)(d)   88,379    2,209,475 
PennyMac Mortgage Investment Trust - Series B, 8.00% (3 Month LIBOR USD + 5.99%) (b)(d)   171,500    4,256,630 
Starwood Property Trust, Inc. (d)   96,000    2,081,280 
Sunstone Hotel Investors, Inc. (d)   60,000    1,002,600 
Two Harbors Investment Corp. - Series A, 8.13% (3 Month LIBOR USD + 5.66%) (b)(d)   84,000    2,226,000 
Two Harbors Investment Corp. - Series B, 7.63% (3 Month LIBOR USD + 5.35%) (b)(d)   36,300    935,451 
Two Harbors Investment Corp. - Series C, 7.25% (3 Month LIBOR USD + 5.01%) (a)(b)(d)   118,500    2,928,135 
         42,599,617 
           
Real Estate - 49.0%          
Ashford Hospitality Trust, Inc. - Series D Cumulative Preferred, 8.45% (d)   311,618    7,971,188 
Ashford Hospitality Trust, Inc. - Series F, 7.38% (d)   178,856    4,482,131 
Ashford Hospitality Trust, Inc. - Series H, 7.50% (d)   180,000    4,500,000 
Ashford Hospitality Trust, Inc. - Series I (a)(d)   235,200    5,788,272 
Bluerock Residential Growth REIT, Inc. - Class A (d)   294,456    3,321,464 
Bluerock Residential Growth REIT, Inc. - Series C Preferred, 7.3% (d)(e)   161,553    4,182,882 
Bluerock Residential Growth REIT, Inc. - Series D Preferred, 7.13% (d)(e)   77,899    1,959,082 
CBL & Associates Properties, Inc. - Series D Cumulative Preferred, 7.38% (d)   320,518    7,346,273 
City Office REIT, Inc. (d)   406,426    5,381,080 
City Office REIT, Inc. - Series A, 6.63% (d)   66,997    1,720,483 
Colony NorthStar, Inc - Class A (d)   271,666    3,311,609 
Colony NorthStar, Inc. - Series B, 8.25% (d)   46,394    1,175,160 
Colony NorthStar, Inc. - Series D, 8.50% (d)   80,150    2,051,038 
Colony NorthStar, Inc. - Series E, 8.75% (d)   433,587    11,641,811 
Colony NorthStar, Inc. - Series G, 7.50% (d)   77,695    1,971,899 
Colony NorthStar, Inc. - Series H, 7.13% (d)   381,909    9,589,735 
Colony NorthStar, Inc. - Series I, 7.15% (d)   250,000    6,310,000 
Colony NorthStar, Inc. - Series J (d)   233,000    5,876,260 
CoreSite Realty Corp. (d)   9,200    232,300 
DDR Corp. (d)   449,023    3,426,045 
Duke Realty Corp. (d)   109,500    3,080,235 
Farmland Partners, Inc., 6.00% (d)   38,337    1,010,180 
GGP, Inc. (d)   105,000    2,467,500 
Global Medical REIT, Inc. (d)   101,381    2,585,216 
Global Net Lease, Inc. - Series A  (d)   83,652    2,146,510 
Global Net Lease, Inc.  (d)   150,381    3,252,741 
Independence Realty Trust, Inc. (d)   543,319    5,612,485 
Iron Mountain, Inc. (d)   20,000    817,400 
iStar, Inc. - Series D Cumulative Preferred, 8.00% (d)(e)   185,136    4,767,252 
iStar, Inc. - Series I Cumulative Preferred, 7.50% (d)   197,585    4,994,949 
New York REIT, Inc. (d)   253,545    1,277,867 
RAIT Financial Trust, 7.13% (d)   61,501    1,353,637 
RAIT Financial Trust - Series A Cumulative Preferred, 7.75% (d)   64,173    822,698 
RAIT Financial Trust - Series B Cumulative Preferred, 8.38% (d)   18,025    237,209 
RAIT Financial Trust - Series C Cumulative Preferred, 8.88% (d)   9,900    138,303 
RAIT Financial Trust - Unsecured, 7.63% (d)   122,875    2,273,188 
RLJ Lodging Trust (d)   455,142    12,461,788 
Sabra Health Care REIT, Inc. (d)   157,288    3,026,221 
Select Income REIT (d)   62,675    1,572,516 
Simon Property Group, Inc. (d)   25,000    4,043,750 
Sutherland Asset Management Corp., 7.00% (d)   50,000    1,272,500 
UMH Properties, Inc., 6.75% (d)   92,178    2,521,990 
Uniti Group, Inc. (d)   261,489    4,209,973 
VEREIT, Inc. (d)   500,000    3,900,000 
Washington Prime Group, Inc. (d)   72,970    1,805,278 
Wheeler Real Estate Investment Trust, Inc. (d)   206,822    2,128,198 
Whitestone REIT (d)   117,865    1,740,866 
WPT Industrial Real Estate Investment Trust (c)   100,000    1,355,000 
         169,114,162 
           
TOTAL REITS (Cost $207,235,992)       $211,713,779 

 

The accompanying notes are an integral part of the portfolio of investments.

1 

 

CONVERTIBLE PREFERRED STOCKS - 4.7%          
Real Estate - 4.7%          
Ashford Hospitality Prime, Inc., 5.50% (d)   32,000    655,680 
CorEnergy Infrastructure Trust, Inc., 7.38% (d)   214,650    5,512,212 
Wheeler Real Estate Investment Trust, Inc. - Series B, 9.00% (d)(e)   196,353    4,215,699 
Wheeler Real Estate Investment Trust, Inc. - Series D, 8.75% (d)(e)   275,453    5,762,477 
         16,146,068 
           
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $16,973,790)       $16,146,068 
           
PREFERRED STOCKS - 27.2%          
Consumer Discretionary - 0.1%          
TravelCenters of America LLC - Senior Unsecured, 8.00% (d)   17,108    418,291 
TravelCenters of America LLC - Senior Unsecured, 8.25% (d)   3,538    87,919 
         506,210 
           
Energy - 3.4%          
Callon Petroleum Co., 10.00% (d)   19,016    992,635 
GasLog Partners LP, 8.63% (3 Month LIBOR USD + 6.31%) (b)(c)(d)   45,000    1,179,900 
NGL Energy Partners LP, 9.00% (3 Month LIBOR USD + 7.21%) (a)(b)(d)   75,000    1,824,000 
NuStar Energy LP - Series A, 8.50% (3 Month LIBOR USD + 6.77%) (b)(d)   60,000    1,439,400 
NuStar Energy LP - Series B, 7.63% (3 Month LIBOR USD + 5.64%) (b)(d)   25,000    556,000 
NuStar Energy LP - Series C, 9.00% (3 Month LIBOR USD + 6.88%) (a)(b)(d)   50,000    1,247,500 
Teekay LNG Partners LP, 8.50% (3 Month LIBOR USD + 6.24%) (a)(b)(c)(d)   110,000    2,708,200 
Tsakos Energy Navigation Ltd., 9.25% (3 Month LIBOR USD + 6.88%) (b)(c)(d)   52,600    1,303,954 
Tsakos Energy Navigation Ltd. - Series D Perpetual Preferred, 8.75% (c)(d)   19,150    474,920 
         11,726,509 
           
Financials - 14.9%          
AG Mortgage Investment Trust, Inc. - Series A Cumulative Preferred, 8.25% (d)   14,000    358,400 
AG Mortgage Investment Trust, Inc. - Series B Cumulative Preferred, 8.00% (d)   40,819    1,026,598 
AGNC Investment Corp., 7.75% (d)   123,583    3,261,355 
Annaly Capital Management, Inc., 7.63% (d)   162,946    4,109,498 
Annaly Capital Management, Inc. - Series C Cumulative Preferred, 7.63% (d)   34,108    864,979 
Annaly Capital Management, Inc. - Series D Cumulative Preferred, 7.50% (d)   34,984    883,696 
Apollo Commercial Real Estate Finance, Inc., 8.00% (d)(e)   363,417    9,303,475 
Arbor Realty Trust, Inc. - Senior Unsecured, 7.38% (d)   60,000    1,534,800 
Arbor Realty Trust, Inc. - Series A Cumulative Preferred, 8.25% (d)   46,261    1,165,315 
Arbor Realty Trust, Inc. - Series B Cumulative Preferred, 7.75% (d)   20,323    515,696 
Arbor Realty Trust, Inc. - Series C Cumulative Preferred, 8.50% (d)(e)   81,007    2,098,081 
Banc Of California, Inc. - Series D Non-Cumulative Preferred, 7.38% (d)   39,382    1,038,503 
Capstead Mortgage Corp. - Series E Cumulative Preferred, 7.50% (d)   56,000    1,414,560 
Compass Diversified Holdings, 7.25% (d)   38,600    949,174 
CYS Investments, Inc. - Series B Cumulative Preferred, 7.50% (d)   91,317    2,267,401 
Invesco Mortgage Capital, Inc. - Series A Cumulative Preferred, 7.75% (d)   81,453    2,055,059 
Invesco Mortgage Capital, Inc. - Series B Cumulative Preferred, 7.75% (3 Month LIBOR USD + 5.18%)(b)(d)   165,097    4,252,899 
Kemper Corp. - Subordinated, 7.38% (d)   10,375    273,381 
Kennedy-Wilson Holdings, Inc. - Senior Unsecured, 7.75% (d)   43,873    1,095,948 
KKR & Co., LP, 6.50% (d)   14,553    387,838 
KKR Financial Holdings LLC - Series A Cumulative Preferred, 7.38% (d)   82,412    2,094,089 
MFA Financial, Inc. - Series B Cumulative Preferred, 7.50% (d)   62,681    1,585,829 
National General Holdings Corp. - Subordinated, 7.63% (d)   48,600    1,237,356 
Resource Capital Corp. - Series B Cumulative Preferred, 8.25% (d)   119,188    2,941,560 
Resource Capital Corp. - Series C Cumulative Preferred, 8.63% (3 Month LIBOR USD + 5.93%)(b)(d)   183,578    4,684,911 
         51,400,401 
           
Industrials - 0.4%          
Seaspan Corp., 7.88% (c)(d)   64,044    1,521,045 
Real Estate - 8.1%          
American Homes 4 Rent, 6.50% (d)   10,000    272,800 
Ashford Hospitality Trust, Inc., 7.38% (d)   239,578    6,001,429 
Bluerock Residential Growth REIT, Inc. - Series A Redeemable Preferred, 8.25% (d)(e)   201,020    5,272,755 
Cedar Realty Trust, Inc. - Series B Cumulative Preferred, 7.25% (d)   11,881    298,926 
Hersha Hospitality Trust, 6.50% (d)   186,744    4,756,370 
iStar, Inc. - Series G Cumulative Preferred, 7.65% (d)   60,046    1,530,272 
Landmark Infrastructure Partners LP, 7.90% (d)   76,800    1,911,552 
STAG Industrial, Inc., 6.88% (d)   50,800    1,351,280 
Summit Hotel Properties, Inc. - Series C, 7.13% (d)   4,969    125,666 
Summit Hotel Properties, Inc. - Series D, 6.45% (d)   44,825    1,132,279 
UMH Properties, Inc., 8.00% (d)   37,650    1,031,986 
VEREIT, Inc. - Series F Cumulative Preferred, 6.70% (d)   169,398    4,341,671 
         28,026,986 
           
Telecommunication Services - 0.3%          
Qwest Corp., 6.75% (d)   38,000    902,500 
TOTAL PREFERRED STOCKS (Cost $88,894,472)       $94,083,651 

 

   Principal
Amount		      
MORTGAGE BACKED SECURITIES - 1.4%           
JPMBB Commercial Mortgage Securities Trust 2014-C25 Series D, 4.094%, 11/18/2047 (b)(d)   2,000,000    1,564,288 
Wells Fargo Commercial Mortgage Trust 2015-NXS4 Series E, 3.754%, 12/17/2048 (b)(d)   4,362,000    3,257,744 
TOTAL MORTGAGE BACKED SECURITIES (Cost $4,903,845)       $4,822,032 
           
CONVERTIBLE BONDS - 1.0%          
Financials - 1.0%          
Western Asset Mortgage Capital Corp. 6.750%, 10/01/2022 (d)   3,500,000    3,469,375 
TOTAL CONVERTIBLE BONDS (Cost $3,500,000)       $3,469,375 

 

The accompanying notes are an integral part of the portfolio of investments.

 

2 

 

CORPORATE BONDS - 0.3%          
Financials - 0.3%          
Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC
7.125%, 12/15/2024 (d)		   1,000,000    910,000 
TOTAL CORPORATE BONDS (Cost $968,650)       $910,000 
           
CLOSED-END MUTUAL FUNDS - 0.5%          
Alpine Global Premier Properties Fund (d)   271,677    1,752,316 
TOTAL MUTUAL FUNDS (Cost $1,467,451)       $1,752,316 
           
SHORT-TERM INVESTMENTS - 1.2%          
STIT-Treasury Obligations Portfolio, 0.98% (f)   4,304,552    4,304,552 
TOTAL SHORT-TERM INVESTMENTS (Cost $4,304,552)       $4,304,552 
           
Total Investments (Cost $332,287,492) - 98.9%        341,666,475 
           
Liabilities in Excess of Other Assets - 1.1%        3,751,167 
TOTAL NET ASSETS - 100.0%       $345,417,642 

 

Percentages are stated as a percent of net assets.

 

(a)Non-income producing.

(b)Variable Rate Security. The rate shown represents the rate at August 31, 2017.

(c)U.S. traded security of a foreign issuer or corporation.

(d)All or a portion of the security has been segregated for open short positions.

(e)Illiquid security; a security may be considered illiquid if it lacks a readily available market.

(f)7-day yield

  

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. 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 US Bancorp Fund Services, LLC.

 

The accompanying notes are an integral part of the portfolio of investments.

 

3 

 

Orinda Income Opportunities Fund
Schedule of Securities Sold Short

November 30, 2017

(Unaudited) 
    

   Number
of Shares		   Value 
COMMON STOCKS          
Consumer Discretionary - 0.1%          
TravelCenters Of America LLC   99,211    451,410 
Energy - 0.4%          
NGL Energy Partners LP   15,000    187,500 
NuStar Energy LP   35,000    1,017,100 
Total Energy        1,204,600 
           
Financials - 0.2%          
National General Holdings Corp.   30,000    633,900 
Industrials - 0.2%          
Seaspan Corp. (c)   125,000    733,750 
Telecommunication Services - 0.2%          
Windstream Holdings, Inc.   304,113    799,817 
TOTAL COMMON STOCKS (Proceeds $3,580,879)       $3,823,477 
           
EXCHANGE TRADED FUNDS -16.9%          
iShares Mortgage Real Estate Capped ETF   143,335    6,540,376 
Vanguard REIT ETF   613,375    51,762,717 
Total        58,303,093 
           
TOTAL EXCHANGE TRADED FUNDS (Proceeds $58,568,057)       $58,303,093 
           
REITS          
Real Estate - 0.0%          
CBL & Associates Properties, Inc.   30,000    168,900 
TOTAL REITS (Proceeds $176,072)       $168,900 
           
Total Securities Sold Short (Proceeds $62,325,008)       $62,295,470 

 

Percentages are stated as a percent of net assets.

Portfolio holdings are subject to change at any time. 

 

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. 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 US Bancorp Fund Services, LLC.

 

The accompanying notes are an integral part of the portfolio of investments.

 

4 

 

Orinda Income Opportunities Fund
Schedule of Options Written

November 30, 2017

(Unaudited)

 

   Counterparty   Contracts   Notional Cost   Value 
CALL OPTIONS                    
Simon Property Group, Inc.                    
Expiration: December 2017, Exercise Price: $160.00   N/A    15    (242,625)   515 
Expiration: December 2017, Exercise Price: $165.00   N/A    40    (647,000)   5,296 
Total Call Options                  5,811 
Total Options Written (Premiums received $16,181)                 $5,811 

 

The accompanying notes are an integral part of the portfolio of investments.

 

5 

 

Orinda Income Opportunities Fund

Notes to Portfolio of Investments

November 30, 2017

(Unaudited)

 

PORTFOLIO VALUATION - The Orinda Income Opportunities Fund net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Funds are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed Income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed Income securities having a remaining maturity of 60 days or less are valued at amortized cost, which approximates market value. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use Fair Value Pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors. Relying on prices supplied by by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

 

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

 

• Level 1 — quoted prices in active markets for identical securities;

• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

• Level 3 — significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

  

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The following is a summary of inputs used, as of November 30, 2017, in valuing the Fund’s investments carried at fair value:

 

Orinda Income Opportunities Fund                    
                     
   Total Value    Level 1
Quoted Price 		   Level 2
Other Significant Observable Inputs 		   Level 3
Significant Unobservable Inputs 		 
Assets                    
Common Stocks                    
  Real Estate  $3,215,648   $3,215,648    -    - 
  Utilities   4,464,702    4,464,702    -    - 
Total Common Stocks   7,680,350    7,680,350         - 
REITs                    
  Financials  $42,599,617   $41,951,179    648,438    - 
  Real Estate   169,114,162    169,114,162    -    - 
Total REITs   211,713,779    211,065,341    648,438    - 
Convertible Preferred Stocks                    
  Real Estate   16,146,068    16,146,068    -    - 
Total Convertible Preferred Stocks   16,146,068    16,146,068         - 
Preferred Stocks                    
  Consumer Discretionary   506,210    506,210    -    - 
  Energy   11,726,509    11,726,509    -    - 
  Financials   51,400,401    50,884,705    515,696    - 
  Industrials   1,521,045    1,521,045    -    - 
  Real Estate   28,026,986    25,464,728    2,562,258    - 
  Telecommunication Services   902,500    902,500    -    - 
Total Preferred Stocks   94,083,651    91,005,697    3,077,954    - 
Mortgage Backed Securities   4,822,032    -    4,822,032    - 
Convertible Bonds   3,469,375    -    3,469,375    - 
Corporate Bonds   910,000    -    910,000    - 
Closed-End Mutual Funds   1,752,316    1,752,316    -    - 
Short-Term Investments   4,304,552    4,304,552    -    - 
Total Investments in Securities  $344,882,123   $331,954,324   $12,927,799   $- 
Total Assets  $344,882,123   $331,954,324   $12,927,799    - 
Liabilities                 $- 
Securities Sold Short  $62,295,470   $62,295,470   $-      
Written Options   10,370    10,370    -    - 
Total Liabilities  $62,305,840   $62,305,840   $-   $- 

  

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

6 

 

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Funds' investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

 

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require each Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. U.S. GAAP also requires the Funds to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when a Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each level within the three-tier hierarchy are disclosed when a Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

7 

 

THE SCHNEIDER FUNDS

SCHNEIDER SMALL CAP VALUE FUND

Portfolio of Investments

November 30, 2017

(Unaudited)

 

   Number
of Shares		   Value 
COMMON STOCKS — 90.1%          
Auto Parts & Equipment — 4.3%          
Adient PLC   25,583    2,002,126 
Banks — 9.5%          
Dundee Corp., Class A*   3,633    7,609 
HomeStreet, Inc.*   76,750    2,340,875 
KeyCorp   53,216    1,010,044 
MidSouth Bancorp, Inc.   2,432    33,318 
OFG Bancorp   56,227    551,025 
Regions Financial Corp.   30,070    498,861 
         4,441,732 
Building Materials — 0.4%          
Builders FirstSource, Inc.*   10,000    204,000 
Chemicals — 1.4%          
Venator Materials PLC*   29,122    640,684 
Commercial Services — 5.5%          
Herc Holdings, Inc.*   42,277    2,501,953 
Hudson Global, Inc.*   49,234    65,973 
         2,567,926 
Healthcare-Products — 0.2%          
Invacare Corp.   4,438    77,887 
Home Builders — 1.9%          
Taylor Morrison Home Corp.*   36,280    876,525 
Insurance — 9.6%          
American Equity Investment Life Holding Co.(a)   67,822    2,151,992 
Assured Guaranty Ltd.   36,114    1,311,300 
Enstar Group Ltd*   4,734    1,049,291 
         4,512,583 
Machinery-Diversified — 1.3%          
Intevac, Inc.*   82,787    616,763 
Oil & Gas — 25.6%          
Chesapeake Energy Corp.*(a)   1,165,288    4,742,722 
CNX Resources Corp.*   14,506    202,359 
Consol Energy, Inc.*   1    14 
Halcon Resources Corp.*   1    7 
MRC Global, Inc.*   9,640    151,444 
Oasis Petroleum, Inc.*(a)   1,525    15,601 
QEP Resources, Inc.*   474,833    4,586,887 
Range Resources Corp.   1,344    24,219 
Whiting Petroleum Corp.*(a)   90,925    2,268,579 
         11,991,832 
Oil & Gas Services — 5.6%          
NOW, Inc.*(a)   64,787    668,602 

 

The accompanying notes are an integral part of the portfolio of investments.

 

1 

 

Weatherford International PLC*(a)   560,794    1,850,620 
Willbros Group, Inc.*   86,400    114,048 
         2,633,270 
Pharmaceuticals — 2.7%          
Mallinckrodt PLC*(a)   57,654    1,258,010 
           
Real Estate - 0.9%          
Alexander & Baldwin, Inc.   14,501    421,399 
           
Real Estate Investment Trust — 3.5%          
Boardwalk Real Estate Investment Trust(a)   46,991    1,465,649 
Forest City Realty Trust, Inc.   7,705    184,535 
NorthStar Realty Europe Corp.   414    6,007 
         1,656,191 
Retail — 1.7%          
Tuesday Morning Corp.*(a)   302,027    785,270 
Savings & Loans — 1.0%          
Flagstar Bancorp, Inc.*   12,100    459,921 
Semiconductors — 1.3%          
Veeco Instruments, Inc.*   37,602    607,272 
Telecommunications — 9.8%          
Aviat Networks, Inc.*   164,662    2,595,068 
UTStarcom Holdings Corp.*   383,607    1,979,412 
         4,574,480 
Transporatation — 3.9%          
Scorpio Tankers, Inc.(a)   103,976    322,326 
Aegean Marine Petroleum Network, Inc.(a)   184,918    739,672 
Ardmore Shipping Corp.*   98,353    781,906 
         1,843,904 
TOTAL COMMON STOCKS          
(Cost $39,014,655)        42,171,775 
           
WARRANTS — 0.1%          
Oil & Gas — 0.1%          
C&J Energy Services, Inc. *(a)   4,153    34,885 
TOTAL WARRANTS          
(Cost $–)        34,885 
SECURITIES LENDING COLLATERAL - 26.9%          
Mount Vernon Liquid Assets Portfolio, LLC, 1.34%   12,594,235    12,594,235 
TOTAL SECURITIES LENDING COLLATERAL          
(Cost $12,594,235)        12,594,235 
SHORT-TERM INVESTMENTS - 9.4%          
STIT-Treasury Obligations Portfolio, 0.98%   4,424,563    4,424,563 
TOTAL SHORT-TERM INVESTMENTS          
(Cost $4,424,563)        4,424,563 
TOTAL INVESTMENTS — 126.5%          
(Cost $56,033,453)        59,225,458 
LIABILITIES IN EXCESS OF OTHER ASSETS — (26.5)%        (12,394,531)
NET ASSETS — 100.0%       $46,830,927 

 

*Non-income producing security.

 

PLCPublic Limited Company

 

(a)All or a portion of the security is on loan. At November 30, 2017, the market value of securities on loan was $12,124,078.

 

The accompanying notes are an integral part of the portfolio of investments.

 

2 

 

THE SCHNEIDER FUNDS

Notes to Portfolio of Investments

November 30, 2017

(Unaudited)

 

PORTFOLIO VALUATION - The Fund's net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use Fair Value Pricing as discussed in the Fund's prospectus). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors. Relying on prices supplied by by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

 

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

 

● Level 1 — quoted prices in active markets for identical securities;

 

● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

 

● Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The following is a summary of inputs used, as of November 30, 2017, in valuing the Fund’s investments carried at fair value:

 

   Total Fair Value   Level 1
Quoted Price		   Level 2
Other Significant Observable Inputs		   Level 3 Significant Unobservable Inputs 
Common Stocks*  $42,171,775   $42,171,775   $-   $- 
Warrants   34,885    34,885    -    - 
Short-Term Investments   4,424,563    4,424,563    -    - 
Securities Lending Collateral   12,594,235    12,594,235    -    - 
Total  $59,225,458   $59,225,458   $-   $- 

 

*Please refer to the Portfolio of Investments for further details.

 

3 

 

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

 

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

 

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. U.S. GAAP also requires the Fund to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each level within the three-tier hierarchy are disclosed when the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

 

During the current fiscal period, the Fund had no transfers between Levels 1, 2 and 3.

 

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.

 

4 

 

SUMMIT GLOBAL INVESTMENTS U.S. LOW VOLATILITY EQUITY FUND

 

Portfolio of Investments

November 30, 2017

(Unaudited)

 

   Number     
   of Shares   Value 
COMMON STOCKS - 100.0%          
Aerospace & Defense — 0.2%          
Lockheed Martin Corp.   800   $255,296 
Air Freight & Logistics — 0.3%          
CH Robinson Worldwide, Inc.   3,100    268,615 
Airlines — 0.6%          
Southwest Airlines Co.   9,900    600,633 
Banks — 0.5%          
BB&T Corp.   4,800    237,216 
JPMorgan Chase & Co.   2,400    250,848 
         488,064 
Beverages — 3.4%          
Monster Beverage Corp.*   4,100    256,947 
PepsiCo, Inc.   28,800    3,355,776 
         3,612,723 
Biotechnology — 4.8%          
AbbVie, Inc.   19,300    1,870,556 
Biogen, Inc.*   9,800    3,157,266 
         5,027,822 
Building Products — 0.2%          
AO Smith Corp.   3,800    240,996 
Capital Markets — 3.1%          
S&P Global, Inc.   19,500    3,226,860 
Chemicals — 0.2%          
PPG Industries, Inc.   2,100    245,385 
Commercial Services & Supplies — 2.4%          
Cintas Corp.   1,600    251,904 
Republic Services, Inc.   31,200    2,026,128 
Waste Management, Inc.   3,200    263,200 
         2,541,232 
Communications Equipment — 3.1%          
Cisco Systems, Inc.   80,300    2,995,190 
F5 Networks, Inc.*   2,000    268,400 
         3,263,590 
Consumer Finance — 0.3%          
American Express Co.   2,700    263,817 
Distributors — 1.6%          
LKQ Corp.*   41,600    1,639,872 
Diversified Financial Services — 0.7%          
Berkshire Hathaway, Inc., Class B*   3,700    714,137 
Diversified Telecommunication Services — 2.6%          
AT&T, Inc.   67,000    2,437,460 
Verizon Communications, Inc.   5,100    259,539 
         2,696,999 
Electric Utilities — 0.5%          
Southern Co., (The)   4,500    230,400 
Xcel Energy, Inc.   5,000    258,050 
         488,450 
Electronic Equipment, Instruments & Components — 0.5%          
Corning, Inc.   7,600    246,164 
TE Connectivity Ltd., (Switzerland)   2,700    254,988 
         501,152 
Food & Staples Retailing — 7.9%          
Costco Wholesale Corp.   4,800    885,264 
Kroger Co., (The)   10,700    276,702 
Sysco Corp.   51,300    2,961,549 
Wal-Mart Stores, Inc.   42,500    4,132,275 
         8,255,790 
Food Products — 0.5%          
Hershey Co., (The)   5,100    565,743 

 

The accompanying notes are an integral part of the portfolio of investments.

 

1 

 

Health Care Equipment & Supplies — 1.5%          
Baxter International, Inc.   20,000    1,310,600 
Medtronic PLC, (Ireland)   3,500    287,455 
         1,598,055 
Health Care Providers & Services — 11.7%          
Aetna, Inc.   13,700    2,468,466 
Anthem, Inc.   10,500    2,467,080 
Henry Schein, Inc.*   40,300    2,879,435 
Humana, Inc.   1,000    260,860 
Laboratory Corp. of America Holdings*   1,600    253,232 
UnitedHealth Group, Inc.   17,000    3,878,890 
         12,207,963 
Hotels, Restaurants & Leisure — 0.2%          
Starbucks Corp.   4,100    237,062 
Household Products — 2.2%          
Clorox Co., (The)   1,500    208,935 
Colgate-Palmolive Co.   9,900    717,255 
Procter & Gamble Co., (The)   15,300    1,376,847 
         2,303,037 
Insurance — 6.3%          
Allstate Corp., (The)   2,600    266,916 
Hartford Financial Services Group, Inc., (The)   4,300    246,992 
Marsh & McLennan Cos., Inc.   26,700    2,240,931 
Principal Financial Group, Inc.   3,400    240,686 
Progressive Corp., (The)   68,000    3,616,240 
         6,611,765 
Internet Software & Services — 2.2%          
Facebook, Inc., Class A*   8,400    1,488,312 
VeriSign, Inc.*   6,800    782,680 
         2,270,992 
IT Services — 9.2%          
Accenture PLC, Class A, (Ireland)   18,700    2,767,787 
Cognizant Technology Solutions Corp., Class A   35,700    2,580,396 
Fidelity National Information Services, Inc.   3,200    301,856 
Fiserv, Inc.*   19,900    2,615,855 
Global Payments, Inc.   2,400    241,344 
Paychex, Inc.   13,000    875,030 
Total System Services, Inc.   3,500    260,260 
         9,642,528 
Machinery — 1.4%          
Snap-on, Inc.   8,600    1,457,098 
Media — 0.2%          
Walt Disney Co., (The)   2,500    262,050 
Multi-Utilities — 0.2%          
CenterPoint Energy, Inc.   7,800    234,078 
Oil, Gas & Consumable Fuels — 3.6%          
Valero Energy Corp.   44,100    3,775,842 
Personal Products — 0.2%          
Estee Lauder Cos., Inc., (The), Class A   2,100    262,143 
Pharmaceuticals — 2.4%          
Johnson & Johnson   16,200    2,257,146 
Zoetis, Inc.   3,900    281,931 
         2,539,077 
Professional Services — 2.8%          
Robert Half International, Inc.   51,800    2,954,672 
           
Semiconductors & Semiconductor Equipment — 1.8%          
Broadcom Ltd., (Singapore)   900    250,146 
Intel Corp.   7,200    322,848 
Skyworks Solutions, Inc.   2,200    230,428 
Texas Instruments, Inc.   11,000    1,070,190 
         1,873,612 
Software — 9.0%          
Activision Blizzard, Inc.   3,800    237,120 
Adobe Systems, Inc.*   1,500    272,205 
Citrix Systems, Inc.*   27,800    2,436,114 
Electronic Arts, Inc.*   2,000    212,700 
Intuit, Inc.   23,800    3,741,836 
Microsoft Corp.   26,300    2,213,671 
Salesforce.com, Inc.*   2,600    271,232 
         9,384,878 

 

The accompanying notes are an integral part of the portfolio of investments.

 

2 

 

Specialty Retail — 7.9%        
Best Buy Co, Inc.   18,400    1,096,824 
Home Depot, Inc., (The)   17,300    3,110,886 
Lowe's Cos., Inc.   2,900    241,773 
Ross Stores, Inc.   3,500    266,105 
TJX Cos., Inc., (The)   47,200    3,565,960 
         8,281,548 
Technology Hardware, Storage & Peripherals — 2.3%          
Apple, Inc.   12,100    2,079,385 
HP, Inc.   13,700    293,865 
         2,373,250 
Textiles, Apparel & Luxury Goods — 1.5%          
VF Corp.   20,900    1,524,864 
           
TOTAL INVESTMENTS - 100.0%          
(Cost $84,219,756)        104,691,690 
LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%        (46,006)
NET ASSETS - 100.0%       $104,645,684 

 

*Non-income producing security.

 

PLCPublic Limited Company

 

The accompanying notes are an integral part of the portfolio of investments.

 

3 

 

SUMMIT GLOBAL INVESTMENTS SMALL CAP LOW VOLATILITY FUND

 

Portfolio of Investments

November 30, 2017

(Unaudited)

 

   Number     
   of Shares   Value 
COMMON STOCKS - 96.7%          
Air Freight & Logistics — 1.0%          
Forward Air Corp.   3,700   $210,530 
Auto Components — 3.8%          
Cooper-Standard Holdings, Inc.*   1,700    214,319 
Dorman Products, Inc.*   2,900    198,099 
Fox Factory Holding Corp.*   5,200    202,800 
Standard Motor Products, Inc.   4,500    203,445 
         818,663 
Banks — 5.9%          
Bryn Mawr Bank Corp.   4,500    198,675 
Community Trust Bancorp, Inc.   4,200    208,950 
First Busey Corp.   6,700    213,261 
Great Southern Bancorp, Inc.   4,000    216,200 
Preferred Bank   3,400    212,840 
QCR Holdings, Inc.   4,600    208,840 
         1,258,766 
Capital Markets — 3.7%          
Fidus Investment Corp.   12,100    192,753 
New Mountain Finance Corp.   14,200    200,930 
Solar Capital Ltd.   9,400    200,972 
WhiteHorse Finance, Inc.   14,500    204,305 
         798,960 
Chemicals — 5.8%          
AdvanSix, Inc.*   4,500    193,725 
Cabot Corp.   3,400    208,216 
Innospec, Inc.   2,900    207,060 
KMG Chemicals, Inc.   3,752    204,071 
Quaker Chemical Corp.   1,300    214,214 
Sensient Technologies Corp.   2,700    209,331 
         1,236,617 
Commercial Services & Supplies — 5.9%          
ABM Industries, Inc.   5,000    214,000 
Matthews International Corp., Class A   3,800    215,270 
MSA Safety, Inc.   2,400    206,400 
SP Plus Corp.*   5,000    196,000 
UniFirst Corp.   1,300    212,550 
Viad Corp.   3,600    207,360 
         1,251,580 
Communications Equipment — 1.9%          
ADTRAN, Inc.   9,037    208,755 
Ituran Location and Control Ltd., (Israel)   5,700    202,920 
         411,675 
Construction & Engineering — 1.0%          
Comfort Systems USA, Inc.   4,700    201,865 
Containers & Packaging — 0.9%          
Silgan Holdings, Inc.   7,000    202,160 
Diversified Consumer Services — 1.0%          
Carriage Services, Inc.   8,100    207,522 
Diversified Financial Services — 0.9%          
Compass Diversified Holdings †   11,500    194,350 
Electric Utilities — 3.9%          
El Paso Electric Co.   3,500    213,150 
Hawaiian Electric Industries, Inc.   5,400    207,090 
PNM Resources, Inc.   4,400    200,200 
Spark Energy, Inc., Class A   16,470    205,875 
         826,315 
Electrical Equipment — 1.9%          
EnerSys   3,000    207,270 
Regal Beloit Corp.   2,700    207,765 
         415,035 

 

The accompanying notes are an integral part of the portfolio of investments.

 

1 

 

Electronic Equipment, Instruments & Components — 4.7%          
Celestica, Inc., (Canada)*   18,400    199,456 
ePlus, Inc.*   2,510    203,812 
Orbotech Ltd., (Israel)*   3,700    187,442 
PC Connection, Inc.   7,500    205,575 
Plexus Corp.*   3,200    200,032 
         996,317 
Food Products — 2.0%          
B&G Foods, Inc.   5,500    212,850 
Lancaster Colony Corp.   1,600    213,248 
         426,098 
Gas Utilities — 1.0%          
Chesapeake Utilities Corp.   2,500    213,875 
Health Care Equipment & Supplies — 2.9%          
Globus Medical, Inc., Class A*   5,500    209,055 
ICU Medical, Inc.*   1,000    213,400 
LeMaitre Vascular, Inc.   6,060    199,556 
         622,011 
Health Care Providers & Services — 2.0%          
Addus HomeCare Corp.*   6,400    213,120 
Chemed Corp.   900    221,346 
         434,466 
Hotels, Restaurants & Leisure — 6.0%          
Choice Hotels International, Inc.   2,800    219,800 
Cracker Barrel Old Country Store, Inc.   1,400    218,862 
Dave & Buster's Entertainment, Inc.*   4,100    217,423 
Denny's Corp.*   15,500    210,025 
Ruth's Hospitality Group, Inc.   9,500    203,775 
Texas Roadhouse, Inc.   4,100    209,387 
         1,279,272 
Household Durables — 2.0%          
Helen of Troy Ltd., (Bermuda)*   2,300    205,620 
Tupperware Brands Corp.   3,400    214,608 
         420,228 
Household Products — 1.0%          
WD-40 Co.   1,800    214,920 
Insurance — 1.9%          
Argo Group International Holdings Ltd., (Bermuda)   3,380    207,025 
Aspen Insurance Holdings Ltd., (Bermuda)   4,800    196,800 
         403,825 
Internet & Direct Marketing Retail — 0.9%          
PetMed Express, Inc.   5,100    200,685 
Internet Software & Services — 1.9%          
CommerceHub, Inc., Class A*   9,000    205,740 
Tucows, Inc., Class A*   3,300    209,220 
         414,960 
Investment Companies — 0.9%          
TPG Specialty Lending, Inc.   9,790    200,401 
IT Services — 2.9%          
Sykes Enterprises, Inc.*   6,521    207,498 
TeleTech Holdings, Inc.   5,000    202,500 
WNS Holdings Ltd., (India) ADR*   4,900    201,537 
         611,535 
Leisure Products — 1.0%          
MCBC Holdings, Inc.*   8,999    212,376 
Machinery — 3.9%          
Alamo Group, Inc.   1,793    211,484 
Global Brass & Copper Holdings, Inc.   6,100    211,060 
Hillenbrand, Inc.   4,600    209,530 
Kadant, Inc.   1,900    194,370 
         826,444 
Media — 1.0%          
John Wiley & Sons, Inc., Class A   3,600    212,940 
Multi-Utilities — 1.9%          
NorthWestern Corp.   3,200    205,632 
Unitil Corp.   3,898    203,632 
         409,264 
Paper & Forest Products — 1.0%          
Neenah Paper, Inc.   2,300    205,620 
           
Pharmaceuticals — 1.9%          
Phibro Animal Health Corp., Class A   5,700    197,790 
Prestige Brands Holdings, Inc.*   4,700    212,440 
         410,230 

 

The accompanying notes are an integral part of the portfolio of investments.

 

2 

 

Professional Services — 2.9%          
Korn/Ferry International   4,800    210,432 
On Assignment, Inc.*   3,300    211,068 
RPX Corp.   15,000    197,850 
         619,350 
Real Estate Investment Trusts — 4.8%          
Apollo Commercial Real Estate Finance, Inc.   11,000    205,150 
LTC Properties, Inc.   4,300    197,112 
Potlatch Corp.   3,900    201,240 
Urban Edge Properties   8,400    214,620 
Urstadt Biddle Properties, Inc., Class A   9,100    215,852 
         1,033,974 
Real Estate Management & Development — 1.0%          
RMR Group Inc., (The), Class A   3,500    210,875 
Semiconductors & Semiconductor Equipment — 2.7%          
Cabot Microelectronics Corp.   2,000    192,640 
Nova Measuring Instruments Ltd., (Israel)*   7,200    200,232 
NVE Corp.   2,400    200,688 
         593,560 
Specialty Retail — 1.9%          
Aaron's, Inc.   5,400    203,688 
Haverty Furniture Cos., Inc.   8,800    212,520 
         416,208 
Textiles, Apparel & Luxury Goods — 1.0%          
Steven Madden Ltd.*   4,900    209,475 
Thrifts & Mortgage Finance — 1.0%          
First Defiance Financial Corp.   3,800    206,454 
Trading Companies & Distributors — 1.0%          
Applied Industrial Technologies, Inc.   3,300    211,035 
Water Utilities — 2.0%          
California Water Service Group   4,800    218,880 
Connecticut Water Service, Inc.   3,300    208,923 
         427,803 
TOTAL COMMON STOCKS          
(Cost $18,571,210)        20,678,239 
SHORT-TERM INVESTMENTS - 2.4%          
           
Fidelity Investments Money Market Funds - Government Portfolio, 0.97% (a)   504,281    504,281 
TOTAL SHORT-TERM INVESTMENTS          
(Cost $504,281)        504,281 
TOTAL INVESTMENTS - 99.1%          
(Cost $19,075,491)        21,182,520 
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%        197,425 
NET ASSETS - 100.0%       $21,379,945 

 

*Non-income producing security.

 

(a)Seven-day yield as of November 30, 2017.

 

†Master Limited Partnership.

 

ADRAmerican Depositary Receipt

 

The accompanying notes are an integral part of the portfolio of investments.

 

3 

 

SUMMIT GLOBAL INVESTMENTS GLOBAL LOW VOLATILITY FUND

 

Portfolio of Investments

November 30, 2017

(Unaudited)

 

   Number     
   of Shares   Value 
COMMON STOCKS - 93.5%          
Aerospace & Defense — 6.4%          
General Dynamics Corp.   2,250   $466,110 
Raytheon Co.   2,730    521,839 
United Technologies Corp.   3,710    450,580 
         1,438,529 
Air Freight & Logistics — 2.5%          
CH Robinson Worldwide, Inc.   6,500    563,225 
Auto Components — 2.1%          
Gentex Corp.   23,100    473,088 
Banks — 4.3%          
Banco de Chile, (Chile) ADR   5,748    476,854 
Bank of Montreal, (Canada)   6,400    492,864 
         969,718 
Diversified Financial Services — 2.2%          
Berkshire Hathaway, Inc., Class B*   2,600    501,826 
Diversified Telecommunication Services — 8.1%          
BCE, Inc., (Canada)   9,880    472,363 
China Telecom Corp., Ltd., (China) ADR   9,200    446,108 
Telekomunikasi Indonesia Persero Tbk PT, (Indonesia) SP ADR   13,500    419,580 
TELUS Corp. (Canada)   13,100    484,176 
         1,822,227 
Electric Utilities — 2.0%          
Duke Energy Corp.   5,070    452,143 
Food & Staples Retailing — 2.4%          
Wal-Mart Stores, Inc.   5,560    540,599 
Food Products — 3.8%          
Hershey Co., (The)   3,800    421,534 
McCormick & Co., Inc.   4,190    428,134 
         849,668 
Health Care Equipment & Supplies — 4.3%          
ResMed, Inc.   5,840    498,736 
Stryker Corp.   3,120    486,720 
         985,456 
Health Care Providers & Services — 2.1%          
Aetna, Inc.   2,600    468,468 
Hotels, Restaurants & Leisure — 6.1%          
Carnival PLC, (United Kingdom) ADR   6,700    441,932 
McDonald's Corp.   3,020    519,350 
Starbucks Corp.   7,300    422,086 
         1,383,368 
Household Durables — 2.4%          
Garmin Ltd., (Switzerland)   8,690    539,475 
Household Products — 2.0%          
Procter & Gamble Co., (The)   4,980    448,150 
Industrial Conglomerates — 2.1%          
Koninklijke Philips, NV (Netherlands)   12,300    476,502 
Insurance — 2.1%          
Chubb Ltd. (Switzerland)   3,120    474,583 
Internet Software & Services — 2.0%          
Facebook, Inc., Class A*   2,500    442,950 
IT Services — 4.8%          
Mastercard, Inc., Class A   3,700    556,739 
Visa, Inc., Class A   4,580    515,662 
         1,072,401 
Media — 1.9%          
Walt Disney Co., (The)   4,100    429,762 
Oil, Gas & Consumable Fuels — 2.0%          
TransCanada Corp., (Canada)   9,300    446,679 
Personal Products — 2.5%          
Estee Lauder Cos, Inc., (The), Class A   4,470    557,990 

 

The accompanying notes are an integral part of the portfolio of investments.

 

1 

 

Pharmaceuticals — 3.9%          
Eli Lilly & Co.   5,370    454,517 
Sanofi, (France) ADR   9,270    423,083 
         877,600 
Real Estate Investment Trusts (REITs) — 2.2%          
Crown Castle International Corp.   4,300    485,900 
Road & Rail — 2.2%          
Union Pacific Corp.   4,010    507,265 
Software — 9.3%          
Adobe Systems, Inc.*   3,210    582,519 
Check Point Software Technologies Ltd., (Israel)*   3,890    405,688 
Microsoft Corp.   6,200    521,854 
VMware, Inc., Class A*   5,000    600,550 
         2,110,611 
Specialty Retail — 2.0%          
TJX Cos., Inc., (The)   6,100    460,855 
Textiles, Apparel & Luxury Goods — 1.9%          
Luxottica Group SpA, (Italy) SP ADR   7,300    423,692 
Wireless Telecommunication Services — 3.9%          
China Mobile Ltd., (China) SP ADR   8,220    417,905 
NTT DOCOMO, Inc., (Japan) SP ADR   17,980    463,344 
         881,249 
TOTAL COMMON STOCKS          
(Cost $18,333,759)        21,083,979 
SHORT-TERM INVESTMENTS - 6.5%          
           
Fidelity Investments Money Market Funds - Government Portfolio, 0.97% (a)   1,460,076    1,460,076 
TOTAL SHORT-TERM INVESTMENTS          
(Cost $1,460,076)        1,460,076 
TOTAL INVESTMENTS - 100.0%          
(Cost $19,793,835)        22,544,055 
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%        3,690 
NET ASSETS - 100.0%       $22,547,745 

 

*Non-income producing security.

 

(a)Seven-day yield as of November 30, 2017.

 

ADRAmerican Depositary Receipt

 

PLCPublic Limited Company

 

SPADRSponsored American Depositary Receipt

 

The accompanying notes are an integral part of the portfolio of investments.

 

2 

 

Summit Global Investments Funds

Notes to Portfolio of Investments

November 30, 2017

(Unaudited)

 

Portfolio Valuation - Each Fund's net asset value ("NAV") is calculated once daily at the close of regular trading hours on the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Funds are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System ("NASDAQ") market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities, and ratings, and are deemed representative of market values at the close of the market. Investments in other open-end investment companies, if any, are valued based on the NAV of those investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company's Board of Directors (the "Board"). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

 

Fair Value Measurements – The inputs and valuation techniques used to measure fair value of the Funds' investments are summarized into three levels as described in the hierarchy below:

 

• Level 1 — quoted prices in active markets for identical securities;

 

• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

 

• Level 3 — significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments).

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The following is a summary of the inputs used, as of November 30, 2017, in valuing the Funds' investments carried at fair value:

 

       Level 1   Level 2   Level 3 
Summit Global Investments U.S. Low Volatility Equity Fund  Total Value at   Quoted Price  

 

Other Significant Observable Inputs

   Significant Unobservable Inputs 
Common Stocks  $104,691,690   $104,691,690   $—   $— 
Total Investments*  $104,691,690   $104,691,690   $—   $— 
                     
Summit Global Investments Small Cap Low Volatility Fund                    
Common Stocks  $20,678,239   $20,678,239   $—   $— 
Short-Term Investments   504,281    504,281    —    — 
Total Investments*  $21,182,520   $21,182,520   $—   $— 
                     
Summit Global Investments Global Low Volatility Fund                    
Common Stocks  $21,083,979   $21,083,979   $—   $— 
Short-Term Investments   1,460,076    1,460,076    —    — 
Total Investments*  $22,544,055   $22,544,055   $—   $— 

 

*Please refer to Portfolio of Investments for further details.

 

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delisting’s on national exchanges.

 

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Funds' investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

 

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Funds to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. U.S. GAAP also requires the Funds to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when a Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each level within the three-tier hierarchy are disclosed when a Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

 

For the period ended November 30, 2017, there were no transfers between Levels 1, 2 and 3 for the Funds.

 

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.

 

3 

 

Item 2. Controls and Procedures.

 

(a)The Registrant’s President and Treasurer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

(b)There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d)) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

 

Item 3. Exhibits.

 

Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)). Filed herewith.

1 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant) The RBB Fund, Inc.    

 

By (Signature and Title) /s/ Salvatore Faia  
 

Salvatore Faia, President

(principal executive officer)

  

 

Date 1/25/2018  

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

  

By (Signature and Title)* /s/ Salvatore Faia  
 

Salvatore Faia, President

(principal executive officer)

  

 

Date 1/25/2018  

 

By (Signature and Title)* /s/ James Shaw  
 

James Shaw, Treasurer

(principal financial officer)

  

 

Date 1/25/2018  

 

*Print the name and title of each signing officer under his or her signature.