UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number            811-05518                                     

                                                     The RBB Fund, Inc.                                                     

(Exact name of registrant as specified in charter)

Bellevue Park Corporate Center

103 Bellevue Parkway

                                                         Wilmington, DE 19809                                                         

(Address of principal executive offices) (Zip code)

Salvatore Faia

BNY Mellon Investment Servicing (US) Inc.

103 Bellevue Parkway

                                             Wilmington, DE 19809                                             

(Name and address of agent for service)

Registrant’s telephone number, including area code: 302-791-1851  

Date of fiscal year end: August 31      

Date of reporting period: May 31, 2015

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments.

The Schedules of Investments are attached herewith.

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS

MAY 31, 2015

(UNAUDITED)

	COUPON*		MATURITY DATE		PAR (000’S)		VALUE
SHORT-TERM INVESTMENTS — 69.3%
U.S. TREASURY OBLIGATIONS—69.3%
U.S. Treasury Bills		0.070%		06/04/15	$	7,240	$	7,240,000
U.S. Treasury Bills		0.050%		06/25/15		2,300		2,299,977
U.S. Treasury Bills		0.065%		07/02/15		2,800		2,799,975
U.S. Treasury Bills		0.060%		07/09/15		7,000		6,999,965
U.S. Treasury Bills		0.063%		07/23/15		5,000		4,999,930
U.S. Treasury Bills		0.030%		07/30/15		3,100		3,100,000
U.S. Treasury Bills		0.050%		08/06/15		4,300		4,299,961
U.S. Treasury Bills		0.063%		08/20/15		3,800		3,799,917
U.S. Treasury Bills		0.065%		08/27/15		5,350		5,349,872
U.S. Treasury Bills		0.108%		09/03/15		4,400		4,399,718
U.S. Treasury Bills		0.085%		09/10/15		5,300		5,299,777
U.S. Treasury Bills		0.093%		09/17/15		10,000		9,999,320
U.S. Treasury Bills		0.102%		09/24/15		5,300		5,299,618
U.S. Treasury Bills		0.078%		10/01/15		6,900		6,899,648
U.S. Treasury Bills		0.079%		10/08/15		19,545		19,542,733
U.S. Treasury Bills		0.065%		10/15/15		7,688		7,687,054
U.S. Treasury Bills		0.070%		11/05/15		6,700		6,698,466
U.S. Treasury Bills		0.058%		11/12/15		9,731		9,728,558
								116,444,489
TOTAL SHORT-TERM INVESTMENTS (Cost $ 116,429,930)								116,444,489
TOTAL PURCHASED OPTIONS — 1.0% (Cost $ 1,585,291)								1,686,136
TOTAL INVESTMENTS — 70.3% (Cost $ 118,015,221)**								118,130,625
OTHER ASSETS IN EXCESS OF LIABILITIES — 29.7%								49,810,528
NET ASSETS — 100.0%							$	167,941,153

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

** The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a federal income tax basis, are as follows:

Aggregate Cost	$	118,015,221
Gross unrealized appreciation	$	658,100
Gross unrealized depreciation		(542,696	)
Net unrealized appreciation	$	115,404

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

1

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2015

(UNAUDITED)

FUTURES CONTRACTS

LONG CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL COST		UNREALZED APPRECIATION (DEPRECIATION)
10-Year Mini Japanese Government Bond Futures	06/10/15	25	$	2,971,929	$	1,523
10-Year Mini Japanese Government Bond Futures	09/09/15	3		356,129		(64	)
3-Month Euro Euribor	06/15/15	5		1,370,511		2,361
3-Month Euro Euribor	09/14/15	5		1,370,332		2,471
3-Month Euro Euribor	12/14/15	105		28,829,338		(3,350	)
3-Month Euro Euribor	03/14/16	6		1,646,115		1,002
3-Month Euro Euribor	09/19/16	89		24,432,537		(5,189	)
3-Month Euro Euribor	12/19/16	1		274,300		96
3-Month Euro Euribor	03/13/17	1		274,176		137
3-Month Euro Euribor	06/19/17	1		274,094		110
90-Day Bank Bill	12/10/15	28		21,303,414		(38	)
90-Day Bank Bill	03/10/16	30		22,826,110		(505	)
90-DAY Eurodollar Futures	06/15/15	8		1,990,588		3,563
90-DAY Eurodollar Futures	09/14/15	43		10,698,975		8,025
90-DAY Eurodollar Futures	12/14/15	530		131,622,118		129,258
90-DAY Eurodollar Futures	03/14/16	40		9,916,450		9,050
90-DAY Eurodollar Futures	06/13/16	36		8,906,375		8,575
90-DAY Eurodollar Futures	09/19/16	214		52,851,575		27,825
90-DAY Eurodollar Futures	03/13/17	31		7,634,362		(2,163	)
90-DAY Eurodollar Futures	06/19/17	21		5,158,013		4,313
90-DAY Eurodollar Futures	09/18/17	3		735,725		775
90-DAY Eurodollar Futures	12/18/17	2		490,275		100
90-DAY Eurodollar Futures	03/19/18	2		489,850		—
90-DAY Eurodollar Futures	06/18/18	2		488,763		588
90-DAY Eurodollar Futures	09/17/18	2		488,037		863
90-DAY Eurodollar Futures	12/17/18	1		244,563		(338	)
90-DAY Sterling Futures	06/17/15	6		1,135,829		3,821
90-DAY Sterling Futures	09/16/15	10		1,893,073		5,579
90-DAY Sterling Futures	12/16/15	200		37,943,331		6,782
90-DAY Sterling Futures	03/16/16	21		3,972,993		7,757
90-DAY Sterling Futures	06/15/16	23		4,352,208		1,949
90-DAY Sterling Futures	09/21/16	131		24,742,064		22,658
90-DAY Sterling Futures	12/21/16	1		188,623		153
90-DAY Sterling Futures	03/15/17	1		188,356		210
90-DAY Sterling Futures	06/21/17	1		188,165		172
Amsterdam Index Futures	06/19/15	14		1,521,083		(3,455	)
AUD/JPY X-Rate	06/15/15	9		1,381,074		(5,060	)
AUD/NZD X-Rate	06/15/15	4		612,356		(752	)
Australian 10-Year Bond Futures	06/16/15	13		1,249,393		27,771
Bank Acceptance Futures	12/14/15	174		34,685,951		(21,669	)
BP Currency Futures	06/15/15	14		1,362,107		(24,319	)
Brent Crude Futures	06/15/15	14		924,370		(6,530	)
Brent Crude Futures	10/15/15	1		68,440		(1,020	)
CAC40 10 Euro Futures	06/19/15	101		5,582,762		(53,553	)
CAD/JPY X-Rate	06/15/15	12		1,907,964		18,765
Canadian 10-Year Bond Futures	09/21/15	109		12,234,199		115,511
Canola Futures (Winnipeg Commodity Exchange)	07/14/15	11		81,745		1,896
Canola Futures (Winnipeg Commodity Exchange)	11/13/15	64		467,433		11,795
Canola Futures (Winnipeg Commodity Exchange)	01/14/16	8		58,545		1,205
Cattle Feeder Futures	08/27/15	11		1,198,050		28,175
Cattle Feeder Futures	09/24/15	3		329,013		3,500
Cattle Feeder Futures	10/29/15	3		327,125		3,400
CHF Currency Futures	06/15/15	1		139,575		(6,538	)
CHF/JPY Futures	06/15/15	5		1,296,157		33,356
Cocoa Futures	07/16/15	10		302,550		5,950
Cocoa Futures	09/15/15	14		422,370		8,550
Cocoa Futures	12/15/15	17		513,080		8,140

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

2

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2015

(UNAUDITED)

LONG CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL COST		UNREALZED APPRECIATION (DEPRECIATION)
Cocoa Futures	03/15/16	2	$	61,690	$	(650	)
Cocoa Futures (Intercontinental Exchange)	09/15/15	40		1,223,391		60,463
Cocoa Futures (Intercontinental Exchange)	12/14/15	33		1,012,319		36,773
Cocoa Futures (London International Financials Futures Exchange)	07/16/15	50		1,529,040		81,127
Copper Futures	07/29/15	11		780,762		(30,563	)
Copper Futures	09/28/15	4		291,950		(18,400	)
Copper Futures	12/29/15	3		219,037		(13,350	)
Cotton No.2 Futures	12/08/15	2		70,375		(5,735	)
DAX Index Futures	06/19/15	12		3,861,354		(100,728	)
DJIA Mini e-CBOT	06/19/15	26		2,359,435		(18,265	)
EUR/CHF 3-Month Futures (Intercontinental Exchange)	03/14/16	21		5,633,585		2,128
EUR/CHF 3-Month Futures (Intercontinental Exchange)	06/13/16	2		536,256		266
EUR/CHF 3-Month Futures (London International Financials Futures Exchange)	09/14/15	5		1,341,278		958
EUR/CHF 3-Month Futures (London International Financials Futures Exchange)	12/14/15	24		6,439,724		3,006
EUR/JPY Futures	06/15/15	9		1,230,059		4,754
EUR/JPY Futures	06/15/15	3		407,827		3,777
Euro STOXX 50	06/19/15	70		2,813,597		(75,102	)
Euro-Schatz Futures	06/08/15	24		2,932,279		(1,801	)
FTSE 100 Index Futures	06/19/15	5		574,341		(42,115	)
FTSE 250 Y2	06/19/15	21		1,144,626		17,133
FTSE/JSE Top 40	06/18/15	19		753,241		(26,329	)
FTSE/MIB Index Futures	06/19/15	8		1,021,774		11,636
Gas Oil Futures (Intercontinental Exchange)	06/11/15	3		179,375		(1,475	)
Gas Oil Futures (Intercontinental Exchange)	07/10/15	24		1,451,125		(26,725	)
Gas Oil Futures (Intercontinental Exchange)	08/12/15	2		122,825		(3,825	)
Gas Oil Futures (Intercontinental Exchange)	09/10/15	3		183,050		(3,800	)
Gasoline RBOB Futures	06/30/15	21		1,781,909		37,393
Gasoline RBOB Futures	07/31/15	2		164,283		6,170
Gasoline RBOB Futures	08/31/15	3		248,531		2,549
Gasoline RBOB Futures	09/30/15	3		224,242		6,565
GBP/AUD Futures	06/15/15	8		1,496,548		31,633
GBP/CAD Futures	06/15/15	7		1,334,111		5,021
GBP/CHF Futures	06/15/15	1		193,182		(2,128	)
GBP/JPY Futures	06/15/15	10		1,866,817		43,105
GBP/NZD Futures	06/15/15	6		1,127,460		18,659
Hang Seng Index Futures	06/29/15	39		6,935,624		(104,028	)
H-Shares Index Futures	06/29/15	16		1,455,095		(23,408	)
IBEX 35 Index Futures	06/19/15	12		1,502,290		(29,842	)
Lean Hogs Futures	10/14/15	1		29,370		(320	)
Live Cattle Futures	06/30/15	1		60,850		80
Live Cattle Futures	08/31/15	21		1,261,240		9,470
Live Cattle Futures	10/30/15	15		911,200		6,350
Live Cattle Futures	12/31/15	10		615,360		1,340
London Mercantile Exchange Copper Forward	06/17/15	2		487,965		(187,453	)
London Mercantile Exchange Copper Forward	07/15/15	2		344,023		(43,511	)
London Mercantile Exchange Copper Forward	08/19/15	2		323,263		(22,563	)
London Mercantile Exchange Copper Forward	09/16/15	7		1,153,331		(100,444	)
London Mercantile Exchange Lead Forward	06/17/15	13		633,613		(3,113	)
London Mercantile Exchange Lead Forward	07/15/15	1		62,613		(14,000	)
London Mercantile Exchange Lead Forward	08/19/15	6		314,606		(22,406	)
London Mercantile Exchange Zinc Forward ($)	06/17/15	12		776,253		(121,354	)
London Mercantile Exchange Zinc Forward ($)	07/15/15	1		79,203		(24,641	)
London Mercantile Exchange Zinc Forward ($)	08/19/15	8		465,769		(28,469	)
London Mercantile Exchange Zinc Forward ($)	09/16/15	1		54,300		463

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

3

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2015

(UNAUDITED)

LONG CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS		NOTIONAL COST			UNREALZED APPRECIATION (DEPRECIATION)
Low Su Gasoil G Futures	10/12/15		2	$	122,250		$	(2,000	)
Mini HSI Index Futures	06/29/15		8		287,525			(7,255	)
MSCI Singapore Exchange ETS	06/29/15		13		745,918			(17,663	)
MSCI Taiwan Index	06/29/15		23		827,280			1,640
Nasdaq 100 E-Mini	06/19/15		84		7,508,000			70,480
New York Harbor Ultra-Low Sulfur Diesel Futures	06/30/15		19		1,568,965			(13,104	)
New York Harbor Ultra-Low Sulfur Diesel Futures	07/31/15		1		83,345			(1,147	)
New York Harbor Ultra-Low Sulfur Diesel Futures	08/31/15		1		83,882			(1,168	)
New York Harbor Ultra-Low Sulfur Diesel Futures	09/30/15		2		164,102			2,486
Nikkei 225 (Chicago Mercantile Exchange)	06/11/15		7		688,025			28,250
Nikkei 225 (Osaka Securities Exchange)	06/11/15		20		3,171,494			141,562
Nikkei 225 (Singapore Exchange)	06/11/15		81		6,510,583			201,619
Nikkei 225 Mini	06/11/15		86		1,380,663			43,951
Rapeseed Euro	07/31/15		25		494,838			7,290
Rapeseed Euro	10/30/15		25		497,474			7,400
Russell 2000 Mini	06/19/15		22		2,747,160			(9,700	)
S&P 500 E-Mini Futures	06/19/15		60		6,317,062			938
S&P Mid 400 E-Mini	06/19/15		14		2,137,520			(5,040	)
S&P/TSX 60 IX Futures	06/18/15		13		1,853,168			(26,729	)
Silver Futures	07/29/15		7		592,525			(7,990	)
Silver Futures	09/28/15		2		170,525			(3,115	)
Silver Futures	12/29/15		1		84,050			(120	)
SPI 200 Futures	06/18/15		12		1,318,637			6,632
Topix Index Futures	06/11/15		26		3,301,591			198,872
U.S. Treasury 2-Year Notes (Chicago Board of Trade)	09/30/15		22		4,810,109			4,797
U.S. Treasury 5-Year Notes (Chicago Board of Trade)	10/05/15		208		24,794,805			108,320
USD/NOK Futures	06/15/15		9		875,033			24,753
USD/SEK Futures	06/15/15		2		193,632			6,644
WTI Crude Futures	07/21/15		1		61,370			(770	)
				$	616,383,535		$	437,296
SHORT CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS		NOTIONAL COST			UNREALZED APPRECIATION (DEPRECIATION)
90-DAY Eurodollar Futures	12/19/16		200	$	(49,230,543	)	$	(89,457	)
AUD/CAD X-Rate	06/15/15		1		(152,975	)		(161	)
AUD/USD Currency Futures	06/15/15		80		(6,302,547	)		183,347
Bank Acceptance Futures	12/19/16		174		(34,616,178	)		4,366
Brent Crude Futues	07/16/15		1		(65,670	)		(470	)
Brent Crude Futures	08/14/15		1		(66,120	)		(490	)
Brent Crude Futures	12/16/15		1		(65,190	)		(2,910	)
CAD Currency Futures	06/16/15		63		(5,107,646	)		46,856
CBOE VIX Futures	07/22/15		2		(31,550	)		(100	)
Coff Robusta Futures	07/31/15		32		(565,200	)		42,960
Coff Robusta Futures	09/30/15		26		(464,570	)		34,790
Coff Robusta Futures	11/30/15		19		(340,770	)		23,090
Coffee ’C’ Futures	07/21/15		20		(981,769	)		35,644
Coffee ’C’ Futures	09/18/15		29		(1,411,594	)		13,069
Coffee ’C’ Futures	12/18/15		6		(320,512	)		22,837
Corn Futures	07/14/15		114		(2,099,213	)		95,662
Corn Futures	09/14/15		26		(501,100	)		36,675
Corn Futures	12/14/15		30		(587,100	)		35,100
Corn Futures	03/14/16		31		(614,938	)		28,262
Cotton No.2 Futures	07/09/15		2		(63,365	)		(985	)
Dollar Index	06/15/15		7		(667,445	)		(11,457	)
E-Mini Natural Gas	07/28/15		3		(20,200	)		212
E-Mini Natural Gas	08/26/15		2		(14,450	)		1,075
EUR/AUD Futures	06/15/15		2		(269,446	)		(5,008	)

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

4

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2015

(UNAUDITED)

SHORT CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL COST			UNREALZED APPRECIATION (DEPRECIATION)
EUR/CAD Futures	06/15/15	4	$	(547,232	)	$	(2,463	)
EUR/CHF Futures	06/15/15	5		(686,945	)		731
EUR/GBP Futures	06/15/15	11		(1,511,929	)		2,283
Euro BUXL 30-Year Bond Futures	06/08/15	3		(519,868	)		(13,970	)
Euro E-Mini Futures	06/15/15	3		(204,937	)		(994	)
Euro Foreign Exchange Currency Futures	06/15/15	191		(25,964,694	)		(257,218	)
Euro-Bobl Futures	06/08/15	81		(11,342,746	)		(120,022	)
Euro-Bobl Futures	09/08/15	52		(7,437,057	)		4,569
Euro-Bund Futures	06/08/15	52		(8,790,906	)		(85,931	)
Euro-Bund Futures	09/08/15	10		(1,705,656	)		2,306
Gold 100 Oz Futures	08/27/15	8		(958,564	)		6,724
Gold 100 Oz Futures	10/28/15	2		(237,260	)		(880	)
Gold 100 Oz Futures	12/29/15	2		(237,610	)		(730	)
JPN 10-Year Bond (Osaka Securities Exchange)	06/11/15	7		(8,294,243	)		(31,986	)
JPY Currency Futures	06/15/15	90		(9,248,435	)		178,685
JPY E-Mini Futures	06/15/15	15		(782,475	)		26,663
KC HRW Wheat Futures	07/14/15	23		(609,638	)		36,075
KC HRW Wheat Futures	09/14/15	6		(156,525	)		4,200
KC HRW Wheat Futures	12/14/15	6		(162,313	)		4,887
Lean Hogs Futures	07/15/15	2		(64,460	)		(2,300	)
Lean Hogs Futures	08/14/15	1		(33,480	)		480
London Mercantile Exchange Aluminum Forward	06/17/15	34		(1,399,430	)		(52,582	)
London Mercantile Exchange Aluminum Forward	07/15/15	10		(391,634	)		(38,866	)
London Mercantile Exchange Aluminum Forward	08/19/15	12		(484,959	)		(36,441	)
London Mercantile Exchange Aluminum Forward	09/16/15	37		(1,514,549	)		(101,426	)
London Mercantile Exchange Lead Forward	06/17/15	13		(606,015	)		(24,485	)
London Mercantile Exchange Lead Forward	08/19/15	6		(294,425	)		2,225
London Mercantile Exchange Nickel Forward	06/17/15	3		(209,537	)		(16,957	)
London Mercantile Exchange Nickel Forward	07/15/15	6		(462,948	)		9,492
London Mercantile Exchange Nickel Forward	08/19/15	4		(305,322	)		2,586
London Mercantile Exchange Nickel Forward	09/16/15	4		(307,548	)		4,464
London Mercantile Exchange Tin Forward Spot	06/17/15	3		(277,910	)		44,330
London Mercantile Exchange Tin Forward Spot	07/15/15	5		(419,215	)		29,490
London Mercantile Exchange Tin Forward Spot	08/19/15	5		(401,125	)		11,150
London Mercantile Exchange Tin Forward Spot	09/16/15	3		(235,350	)		1,230
London Mercantile Exchange Zinc Forward ($)	08/19/15	8		(441,838	)		4,538
Long Gilt Futures	09/28/15	63		(11,299,153	)		(43,697	)
Mill Wheat Euro	12/10/15	9		(86,381	)		(1,469	)
Mill Wheat Euro	03/10/16	9		(87,575	)		(1,510	)
MXN Futures	06/15/15	9		(293,050	)		1,180
Natural Gas Futures	06/26/15	23		(652,510	)		44,850
Natural Gas Futures	07/29/15	4		(109,850	)		3,250
Natural Gas Futures	08/27/15	3		(81,630	)		1,380
Natural Gas Futures	09/28/15	3		(82,490	)		1,070
Natural Gas Futures	10/28/15	1		(28,600	)		300
Natural Gas Futures	11/25/15	1		(30,360	)		240
Natural Gas Futures	12/29/15	1		(31,410	)		230
Natural Gas Futures	01/27/16	2		(62,130	)		(170	)
Natural Gas Futures	02/25/16	5		(159,630	)		5,780
NZD Futures	06/15/15	20		(1,480,462	)		60,862
Palladium Futures	09/28/15	1		(77,250	)		(460	)
Platinum Futures	07/29/15	10		(566,700	)		10,950
Red Wheat Futures (Minneapolis Grain Exchange)	07/14/15	5		(138,025	)		5,337
Red Wheat Futures (Minneapolis Grain Exchange)	09/14/15	8		(221,462	)		4,863
Red Wheat Futures (Minneapolis Grain Exchange)	12/14/15	9		(255,825	)		5,850
SGX CNX Nifty	06/25/15	13		(219,172	)		(1,282	)
Soybean Futures	07/14/15	59		(2,814,563	)		59,262
Soybean Futures	08/14/15	18		(866,237	)		38,912
Soybean Futures	09/14/15	20		(951,525	)		43,775

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

5

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2015

(UNAUDITED)

SHORT CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL COST			UNREALZED APPRECIATION (DEPRECIATION)
Soybean Futures	11/13/15	24	$	(1,136,050	)	$	49,150
Soybean Meal Futures	07/14/15	21		(647,950	)		5,980
Soybean Meal Futures	08/14/15	18		(561,900	)		24,780
Soybean Meal Futures	09/14/15	23		(707,190	)		28,690
Soybean Oil Futures	07/14/15	12		(225,342	)		(14,634	)
Soybean Oil Futures	08/14/15	2		(38,508	)		(1,512	)
Soybean Oil Futures	09/14/15	1		(19,260	)		(738	)
Sugar No. 11 (World)	06/30/15	54		(774,368	)		49,818
Sugar No. 11 (World)	09/30/15	47		(682,909	)		36,490
Sugar No. 11 (World)	02/29/16	30		(483,806	)		27,182
U.S. Long Bond (Chicago Board of Trade)	09/21/15	27		(4,137,633	)		(64,242	)
U.S. Treasury 10-Year Notes (Chicago Board of Trade)	09/21/15	111		(14,136,188	)		(37,125	)
Wheat Futures (Chicago Board of Trade)	07/14/15	26		(648,562	)		28,463
Wheat Futures (Chicago Board of Trade)	09/14/15	6		(149,912	)		5,238
Wheat Futures (Chicago Board of Trade)	12/14/15	8		(206,700	)		7,900
White Sugar Futures (Intercontinental Exchange)	09/15/15	19		(342,775	)		11,130
White Sugar Futures (Intercontinental Exchange)	11/13/15	3		(53,390	)		200
White Sugar Futures (London International Financials Futures Exchange)	07/16/15	19		(336,800	)		5,155
WTI Crude Futures	06/22/15	10		(605,120	)		2,120
WTI Crude Futures	09/22/15	1		(58,710	)		(2,250	)
			$	(238,357,932	)	$	484,062
Total Futures Contracts			$	378,025,603		$	921,358

Forward foreign currency contracts outstanding as of May 31, 2015 were as follows:

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION	COUNTERPARTY	UNREALIZED APPRECIATION (DEPRECIATION)
AUD	1,049,574	USD	800,282	06/01/15	BOA	$	2,169
AUD	948,016	USD	725,105	06/02/15	BOA		(300	)
AUD	5,804,236	USD	4,501,883	06/17/15	BOA		(67,798	)
AUD	3,309,000	USD	2,578,556	06/19/15	BOA		(50,950	)
AUD	1,000,000	USD	770,468	06/29/15	BOA		(7,016	)
BRL	2,581,428	USD	830,282	06/17/15	BOA		(24,462	)
CAD	259,993	USD	208,046	06/01/15	BOA		1,019
CAD	1,939,138	USD	1,580,788	06/17/15	BOA		(21,883	)
CAD	440,000	USD	357,848	06/19/15	BOA		(4,137	)
CHF	6,175,000	USD	6,508,404	06/19/15	BOA		65,680
CHF	765,000	USD	813,307	06/29/15	BOA		1,417
CLP	45,207,711	USD	73,341	06/17/15	BOA		(307	)
CZK	10,708,698	USD	428,759	06/17/15	BOA		202
EUR	499,000	JPY	67,332,141	06/29/15	BOA		5,538
EUR	961,965	USD	1,051,699	06/01/15	BOA		4,825
EUR	1,032,905	USD	1,131,726	06/02/15	BOA		2,711
EUR	5,661,962	USD	6,197,322	06/17/15	BOA		22,427
EUR	1,907,000	USD	2,047,321	06/19/15	BOA		47,602
EUR	2,100,000	USD	2,297,876	06/29/15	BOA		9,370
GBP	140,682	USD	214,956	06/01/15	BOA		62
GBP	143,024	USD	218,383	06/02/15	BOA		214
GBP	1,372,563	USD	2,098,887	06/17/15	BOA		(1,289	)
GBP	4,754,000	USD	7,242,787	06/19/15	BOA		22,335

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

6

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2015

(UNAUDITED)

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION	COUNTERPARTY	UNREALIZED APPRECIATION (DEPRECIATION)
GBP	7,332,000	USD	11,266,504	06/29/15	BOA	$	(62,450	)
HUF	86,396,622	USD	315,138	06/17/15	BOA		(8,313	)
INR	98,081,652	USD	1,543,660	06/17/15	BOA		(12,556	)
JPY	77,828,306	USD	628,956	06/01/15	BOA		(1,890	)
JPY	92,560,452	USD	747,086	06/02/15	BOA		(1,322	)
JPY	430,715,957	USD	3,563,292	06/17/15	BOA		(92,247	)
JPY	653,402,000	USD	5,385,136	06/19/15	BOA		(119,362	)
JPY	720,068,915	USD	5,850,000	06/29/15	BOA		(46,124	)
KRW	596,427,333	USD	547,211	06/17/15	BOA		(9,296	)
MXN	15,844,455	USD	1,041,977	06/17/15	BOA		(14,191	)
MXN	3,993,000	USD	261,308	06/19/15	BOA		(2,331	)
MYR	442,482	USD	120,834	06/17/15	BOA		(291	)
NOK	4,223,793	USD	538,318	06/01/15	BOA		5,198
NOK	3,203,641	USD	411,296	06/02/15	BOA		947
NOK	16,285,455	USD	2,091,456	06/17/15	BOA		3,265
NOK	103,092,766	USD	13,400,000	06/29/15	BOA		(144,136	)
NZD	1,432,081	USD	1,023,419	06/02/15	BOA		(7,427	)
NZD	1,952,497	USD	1,390,309	06/03/15	BOA		(5,237	)
NZD	12,478,704	USD	9,274,387	06/17/15	BOA		(433,786	)
NZD	2,511,000	USD	1,903,158	06/19/15	BOA		(124,561	)
NZD	4,000,000	USD	2,847,459	06/29/15	BOA		(16,827	)
PLN	2,809,266	USD	754,817	06/17/15	BOA		(4,553	)
SEK	1,978,693	USD	233,623	06/01/15	BOA		(1,560	)
SEK	3,374,571	USD	397,988	06/02/15	BOA		(2,214	)
SEK	16,103,711	USD	1,906,602	06/17/15	BOA		(17,398	)
SGD	852,648	USD	629,327	06/17/15	BOA		2,946
TRY	7,904,273	USD	2,981,436	06/17/15	BOA		(25,397	)
TWD	12,025,860	USD	387,125	06/17/15	BOA		4,702
USD	805,913	AUD	1,049,574	06/01/15	BOA		3,462
USD	725,135	AUD	948,016	06/02/15	BOA		330
USD	4,171,167	AUD	5,411,396	06/17/15	BOA		37,188
USD	5,654,821	AUD	7,375,000	06/19/15	BOA		21,367
USD	12,531,156	AUD	16,307,000	06/29/15	BOA		81,550
USD	1,056,308	BRL	3,350,168	06/17/15	BOA		10,519
USD	208,910	CAD	259,993	06/01/15	BOA		(155	)
USD	2,514,545	CAD	3,143,149	06/17/15	BOA		(12,285	)
USD	3,747,401	CAD	4,597,000	06/19/15	BOA		51,918
USD	2,357,432	CAD	2,929,579	06/29/15	BOA		2,764
USD	2,719,520	CHF	2,690,000	06/19/15	BOA		(144,332	)
USD	501,169	CHF	477,000	06/29/15	BOA		(6,836	)
USD	79,386	CLP	49,347,037	06/17/15	BOA		(336	)
USD	586,443	CZK	14,872,467	06/17/15	BOA		(9,306	)
USD	1,049,398	EUR	961,965	06/01/15	BOA		(7,126	)
USD	1,133,381	EUR	1,032,905	06/02/15	BOA		(1,057	)
USD	7,356,113	EUR	6,786,543	06/17/15	BOA		(99,005	)
USD	1,493,173	EUR	1,360,000	06/19/15	BOA		(847	)
USD	215,947	GBP	140,682	06/01/15	BOA		929
USD	218,576	GBP	143,024	06/02/15	BOA		(22	)
USD	2,145,863	GBP	1,422,037	06/17/15	BOA		(27,343	)

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

7

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2015

(UNAUDITED)

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION	COUNTERPARTY	UNREALIZED APPRECIATION (DEPRECIATION)
USD	6,123,776	GBP	4,095,000	06/19/15	BOA	$	(134,254	)
USD	510,533	HUF	144,068,862	06/17/15	BOA		(1,106	)
USD	1,766,062	INR	113,181,692	06/17/15	BOA		(762	)
USD	626,643	JPY	77,828,306	06/01/15	BOA		(423	)
USD	747,247	JPY	92,560,452	06/02/15	BOA		1,483
USD	6,556,878	JPY	787,778,277	06/17/15	BOA		208,346
USD	8,450,965	JPY	1,015,367,000	06/19/15	BOA		268,111
USD	2,245,230	JPY	277,928,000	06/29/15	BOA		5,083
USD	801,383	KRW	885,005,322	06/17/15	BOA		3,201
USD	1,317,944	MXN	20,308,893	06/17/15	BOA		562
USD	1,980,066	MXN	30,482,000	06/19/15	BOA		3,078
USD	173,613	MYR	634,347	06/17/15	BOA		801
USD	544,857	NOK	4,223,793	06/01/15	BOA		1,342
USD	409,233	NOK	3,203,641	06/02/15	BOA		(3,010	)
USD	1,593,285	NOK	12,487,904	06/17/15	BOA		(12,974	)
USD	2,500,000	NOK	19,571,599	06/29/15	BOA		(16,553	)
USD	1,036,259	NZD	1,432,081	06/02/15	BOA		20,267
USD	1,391,381	NZD	1,952,497	06/03/15	BOA		6,309
USD	6,559,527	NZD	8,934,721	06/17/15	BOA		229,679
USD	3,866,523	NZD	5,230,000	06/19/15	BOA		161,998
USD	12,921,435	NZD	17,781,000	06/29/15	BOA		338,568
USD	984,097	PLN	3,716,435	06/17/15	BOA		(8,441	)
USD	232,861	SEK	1,978,693	06/01/15	BOA		797
USD	397,419	SEK	3,374,572	06/02/15	BOA		1,645
USD	3,243,524	SEK	27,669,974	06/17/15	BOA		(2,573	)
USD	7,900,000	SEK	66,699,297	06/29/15	BOA		73,405
USD	2,592,000	SGD	3,441,367	06/04/15	BOA		39,359
USD	737,596	SGD	996,705	06/17/15	BOA		(1,501	)
USD	509,573	SGD	690,000	06/29/15	BOA		(1,955	)
USD	3,213,092	TRY	8,627,116	06/17/15	BOA		(13,276	)
USD	382,768	TWD	11,872,571	06/17/15	BOA		(4,065	)
USD	2,359,639	ZAR	28,702,487	06/17/15	BOA		2,217
ZAR	27,550,591	USD	2,288,580	06/17/15	BOA		(25,767	)
Total Forward Foreign Currency Contracts						$	(88,014	)

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

8

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2015

(UNAUDITED)

	NUMBER OF CONTRACTS	VALUE
PURCHASED OPTIONS — 1.0%
CALL OPTIONS PURCHASED—0.5%
Nikkei 225 Symbiotic Microfinance Index Expires 09/11/15 Strike Price 0	70	$	761,673
USD JPY Currency Futures Expires 09/04/15 Strike Price 125	5,185,000		78,278
TOTAL CALL OPTIONS PURCHASED (Cost $ 456,401)			839,951
PUT OPTIONS PURCHASED—0.5%
AUD USD Currency Futures Expires 09/04/15 Strike Price 0.70	17,853,000		55,588
AUD USD Currency Futures Expires 09/04/15 Strike Price 0.65	17,853,000		11,555
AUD USD Currency Futures Expires 09/04/15 Strike Price 70	33		10,560
BP Futures Optn (IMM) Expires 06/05/15 Strike Price 145	27		169
CAD Foreign Exchange Currency Futures Expires 06/05/15 Strike Price 82.50	52		113,880
CAD MXN Currency Futures Expires 07/24/15 Strike Price 12.50	6,890,000		103,954
Crude Oil Futures Expires 06/17/15 Strike Price 58	52		45,240
EUR Foreign Exchange Currency Futures Expires 09/04/15 Strike Price 1.05	141		183,300

	NUMBER OF CONTRACTS	VALUE
PUT OPTIONS PURCHASED—(CONTINUED)
EUR Foreign Exchange Currency Futures Expires 07/02/15 Strike Price 1.10	109	$	224,812
GBP USD Currency Futures Expires 06/05/15 Strike Price 1.45	4,174,000		405
Gold 100-oz Futures Expires 06/25/15 Strike Price 150	52		19,760
IMM Eurodollar Futures Expires 06/15/15 Strike Price 99.50	859		5,369
IMM Eurodollar Futures Expires 09/14/15 Strike Price 99.50	483		33,206
IMM Eurodollar Futures Expires 09/14/15 Strike Price 99	380		2,375
IMM Eurodollar Futures Expires 12/14/15 Strike Price 99.25	141		15,862
IMM Eurodollar Futures Expires 09/14/15 Strike Price 99.25	52		650
U.S. 10-Year Treasury Bond Futures Expires 06/26/15 Strike Price 126	78		19,500
TOTAL PUT OPTIONS PURCHASED (Cost $ 1,128,890)			846,185
TOTAL PURCHASED OPTIONS — 1.0% (Cost $ 1,585,291)			1,686,136

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

9

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2015

(UNAUDITED)

	NUMBER OF CONTRACTS	VALUE
WRITTEN OPTIONS — (0.5)%
CALL OPTIONS WRITTEN—(0.4)%
IMM Eurodollar Futures Expires 12/14/15 Strike Price 99.25	235	$	(135,125	)
Nikkei 225 Symbiotic Microfinance Index Expires 09/11/15 Strike Price 0	35		(511,119	)
TOTAL CALL OPTIONS WRITTEN (Premiums Received $ 395,921)			(646,244	)
PUT OPTIONS WRITTEN—(0.1)%
AUD USD Currency Futures Expires 09/04/15 Strike Price 0.65	17,853,000		(11,555	)
BP Futures Optn (IMM) Expires 06/05/15 Strike Price 140	27		(169	)
CAD MXN Currency Futures Expires 07/24/15 Strike Price 12	6,890,000		(19,759	)
Crude Oil Futures Expires 06/17/15 Strike Price 53	52		(8,320	)
EUR Foreign Exchange Currency Futures Expires 07/02/15 Strike Price 1.08	109		(122,625	)

	NUMBER OF CONTRACTS	VALUE
PUT OPTIONS WRITTEN—(CONTINUED)
EUR Foreign Exchange Currency Futures Expires 09/04/15 Strike Price 1	70	$	(32,375	)
Eurodollar 1-Year MIDCV Expires 12/11/15 Strike Price 97.75	93		(5,231	)
Eurodollar 1-Year MIDCV Expires 12/11/15 Strike Price 97.88	47		(3,819	)
GBP USD Currency Futures Expires 06/05/15 Strike Price 1.40	4,174,000		(80	)
IMM Eurodollar Futures Expires 09/14/15 Strike Price 98.75	452		(2,825	)
IMM Eurodollar Futures Expires 06/15/15 Strike Price 99.38	57		(356	)
IMM Eurodollar Futures Expires 06/15/15 Strike Price 99.13	42		(262	)
TOTAL PUT OPTIONS WRITTEN (Premiums Received $ 296,312)			(207,376	)
TOTAL WRITTEN OPTIONS — (0.5)% (Premiums Received $ 692,233)			(853,620	)

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

10

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONCLUDED)

MAY 31, 2015

(UNAUDITED)

AUD	Australian Dollar	MSCI	Morgan Stanley Capital International
BOA	Bank of America	MXN	Mexican Peso
BRL	Brazilian Real	MYR	Malaysian Ringgit
CAD	Canadian Dollar	NOK	Norwegian Krone
CHF	Swiss Franc	NZD	New Zealand Dollar
CLP	Chilean Peso	PLN	Polish Zloty
CZK	Czech Koruna	RBOB	Reformulated Blendstock for Oxygenate Blending
DAX	Deutscher Aktienindex	SEK	Swedish Krona
EUR	Euro	SGD	Singapore Dollar
GBP	British Pound	TRY	Turkish Lira
HUF	Hungarian Forint	TSX	Toronto Stock Exchange
IBEX	Index of the Bolsa de Madrid	TWD	Taiwan Dollar
INR	Indian Rupee	USD	United States Dollar
JPY	Japanese Yen	ZAR	South African Rand
KRW	Korean Won

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

11

ABBEY CAPITAL FUTURES STRATEGY FUND

NOTES TO PORTFOLIO OF INVESTMENTS

MAY 31, 2015

(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 economic interest (greater than 50%). All inter-company accounts and transactions have been eliminated. As of May 31, 2015, the net assets of the Subsidiary were $34,210,020, which represented 20.8% 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 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, which approximates market value. 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 methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

12

ABBEY CAPITAL FUTURES STRATEGY FUND

NOTES TO PORTFOLIO OF INVESTMENTS

MAY 31, 2015

(UNAUDITED) (CONTINUED)

The following is a summary of inputs used, as of May 31, 2015, in valuing the Fund’s investments carried at fair value.

	TOTAL FAIR VALUE AT MAY 31, 2015			LEVEL 1 QUOTED PRICE			LEVEL 2 SIGNIFICANT OBSERVABLE INPUTS			LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS
Short-Term Investments	$	116,444,489		$	—		$	116,444,489		$—
Commodity Contracts
Futures		1,378,122			1,378,122			—		—
Purchased Options		65,000			65,000			—		—
Equity Contracts
Futures		722,715			722,715			—		—
Purchased Options		761,673			761,673			—		—
Foreign Exchange Contracts
Forward Foreign Currency Contracts		1,778,907			—			1,778,907		—
Futures		691,072			691,072			—		—
Purchased Options		782,501			532,721			249,780		—
Interest Rate Contracts
Futures		523,713			523,713			—		—
Purchased Options		76,962			76,962			—		—
Total Assets	$	123,225,154		$	4,751,978		$	118,473,176		$—
	TOTAL FAIR VALUE AT MAY 31, 2015			LEVEL 1 QUOTED PRICE			LEVEL 2 SIGNIFICANT OBSERVABLE INPUTS			LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS
Commodity Contracts
Futures	$	(1,012,023	)	$	(1,012,023	)	$	—		$—
Written Options		(8,320	)		(8,320	)		—		—
Equity Contracts
Futures		(544,494	)		(544,494	)		—		—
Written Options		(511,119	)		(511,119	)		—		—
Foreign Exchange Contracts
Forward Foreign Currency Contracts		(1,866,921	)		—			(1,866,921	)	—
Futures		(316,097	)		(316,097	)		—		—
Written Options		(186,563	)		(155,169	)		(31,394	)	—
Interest Rate Contracts
Futures		(521,650	)		(521,650	)		—		—
Written Options		(147,618	)		(147,618	)		—		—
Total Liabilities	$	(5,114,805	)	$	(3,216,490	)	$	(1,898,315	)	$—

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.

13

ABBEY CAPITAL FUTURES STRATEGY FUND

NOTES TO PORTOFLIO OF INVESTMENTS

MAY 31, 2015

(UNAUDITED) (CONTINUED)

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 May 31, 2015, 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 May 31, 2015 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	$	761,673		$	76,962		$	782,501		$	65,000		$	1,686,136
Forward Contracts		—			—			1,778,907			—			1,778,907
Futures Contracts		722,715			523,713			691,072			1,378,122			3,315,622
Total Value - Assets	$	1,484,388		$	600,675		$	3,252,480		$	1,443,122		$	6,780,665
	Liability Derivatives
Written Options	$	(511,119	)	$	(147,618	)	$	(186,563	)	$	(8,320	)	$	(853,620	)
Forward Contracts		—			—			(1,866,921	)		—			(1,866,921	)
Futures Contracts		(544,494	)		(521,650	)		(316,097	)		(1,012,023	)		(2,394,264	)
Total Value - Liabilities	$	(1,055,613	)	$	(669,268	)	$	(2,369,581	)	$	(1,020,343	)	$	(5,114,805	)

For the period ended May 31, 2015, the Fund’s average volume of derivatives is as follows:

PURCHASED OPTIONS (COST)	WRITTEN OPTIONS (PROCEEDS)	LONG FUTURES NOTIONAL COST	SHORT FUTURES NOTIONAL COST	FORWARD FOREIGN CURRENCY CONTRACTS —  PAYABLE (VALUE AT TRADE DATE)	FORWARD FOREIGN CURRENCY CONTRACTS —  RECEIVABLE (VALUE AT TRADE DATE)
$570,326	$(269,685)	$361,609,060	$(128,576,304)	$(103,563,612)	$103,650,864

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

14

ABBEY CAPITAL FUTURES STRATEGY FUND

NOTES TO PORTOFLIO OF INVESTMENTS

MAY 31, 2015

(UNAUDITED) (CONTINUED)

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 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.

The Fund had transactions in options written during the period ended May 31, 2015 as follows:

	NUMBER OF CONTRACTS			PREMIUMS RECEIVED
Options outstanding at August 31, 2014		93		$	65,784
Options written		40,820,513			1,233,257
Options closed		(666	)		(423,508	)
Options expired		(11,901,721	)		(183,300	)
Options outstanding at May 31, 2015		28,918,219		$	692,233

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

15

ABBEY CAPITAL FUTURES STRATEGY FUND

NOTES TO PORTOFLIO OF INVESTMENTS

MAY 31, 2015

(UNAUDITED) (CONCLUDED)

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 their 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 accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.

16

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments

May 31, 2015

(Unaudited)

	Number of Shares		Value
COMMON STOCKS - 96.1%
Advertising — 0.1%
Harte-Hanks, Inc.		46,567	$	291,509
Journal Media Group, Inc.		655		5,245
				296,754
Aerospace/Defense — 0.9%
AAR Corp.		2,389		70,571
Aerojet Rocketdyne Holdings, Inc.*		4,669		96,882
Cubic Corp.		3,589		171,554
Curtiss-Wright Corp.		1,629		117,435
Kaman Corp.		1,631		69,089
KLX, Inc.*		19,418		851,285
LMI Aerospace, Inc.*		13,462		134,082
Moog, Inc., Class A*		2,464		169,104
National Presto Industries, Inc.		728		50,596
Orbital ATK, Inc.		1,778		136,054
Teledyne Technologies, Inc.*		961		97,378
				1,964,030
Agriculture — 0.1%
Andersons, Inc. (The)		1,477		65,490
Universal Corp.		1,451		74,712
				140,202
Airlines — 0.6%
Allegiant Travel Co.		1,861		293,052
Hawaiian Holdings, Inc.*		11,881		287,758
SkyWest, Inc.		8,137		120,428
Spirit Airlines, Inc.*		5,008		318,359
Virgin America, Inc.*		9,359		266,170
				1,285,767
Apparel — 2.3%
Carter’s, Inc.		5,078		524,151
Cherokee, Inc.		23,104		552,186
Crocs, Inc.*		3,870		58,205
G-III Apparel Group Ltd.*		10,763		611,984
Oxford Industries, Inc.		1,003		76,098
Rocky Brands, Inc.		32,070		614,782
Sequential Brands Group, Inc.*		24,556		343,047
Skechers U.S.A. Inc., Class A*		8,606		911,118
Steven Madden Ltd.*		13,692		517,284
Superior Uniform Group, Inc.		28,034		529,842
Unifi, Inc.*		1,244		40,455
Wolverine World Wide, Inc.		5,449		160,092
				4,939,244
Auto Parts & Equipment — 1.2%
Gentherm, Inc.*		1,214		62,230
Motorcar Parts of America, Inc.*		30,060		864,826
Remy International, Inc.		43,721		966,240
Spartan Motors, Inc.		86,360		393,802

	Number of Shares		Value
Auto Parts & Equipment — (Continued)
Standard Motor Products, Inc.		1,276	$	44,877
Superior Industries International, Inc.		5,012		96,681
Titan International, Inc.		9,044		96,319
				2,524,975
Banks — 5.0%
1st Source Corp.		8,181		258,356
American River Bankshares*		48,320		455,174
Bank of Commerce Holdings		66,240		370,282
Bank of the Ozarks, Inc.		12,818		563,607
BankUnited, Inc.		11,197		376,107
Banner Corp.		1,722		77,524
BBCN Bancorp, Inc.		5,620		80,928
Central Pacific Financial Corp.		4,424		103,610
City Holding Co.		4,208		190,033
Customers Bancorp, Inc.*		15,976		400,998
CVB Financial Corp.		4,745		77,818
First BanCorp (Puerto Rico)*		14,781		90,460
First Citizens BancShares, Inc., Class A		779		187,817
First Financial Bancorp		7,350		127,669
First Financial Bankshares, Inc.		4,122		124,196
First Midwest Bancorp, Inc.		3,881		68,927
First Security Group, Inc.*		105,630		256,681
FNB Corp.		13,275		179,080
Glacier Bancorp, Inc.		4,882		137,379
Hilltop Holdings, Inc.*		17,770		387,919
Home BancShares, Inc.		5,717		195,007
International Bancshares Corp.		6,819		177,976
MB Financial, Inc.		2,529		81,484
National Penn Bancshares, Inc.		10,089		107,952
Northrim BanCorp, Inc.		18,690		456,971
Orrstown Financial Services, Inc.		22,250		383,813
Pacific Continental Corp.		32,970		424,324
Pacific Mercantile Bancorp*		75,860		549,226
Park Sterling Corp.		87,040		577,946
Premier Financial Bancorp, Inc.		34,150		518,397
PrivateBancorp, Inc.		2,852		108,747
S&T Bancorp, Inc.		3,937		106,653
Signature Bank*		3,357		468,805
Southside Bancshares, Inc.		2,023		54,327
Suffolk Bancorp		18,180		438,502
Susquehanna Bancshares, Inc.		13,349		185,418
Texas Capital Bancshares, Inc.*		2,307		125,501
Tompkins Financial Corp.		1,660		84,660
TrustCo Bank Corp.		10,035		67,837
UMB Financial Corp.		2,519		130,459
United Bankshares, Inc.		2,652		100,405

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

1

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2015

(Unaudited)

	Number of Shares		Value
Banks — (Continued)
Western Alliance Bancorp*		12,692	$	397,894
Wilshire Bancorp, Inc.		40,323		445,166
Wintrust Financial Corp.		5,459		273,496
				10,975,531
Beverages — 0.7%
Boston Beer Co., Inc. (The), Class A*		293		77,288
Craft Brew Alliance, Inc.*		36,456		392,267
Farmer Bros Co.*		33,759		828,783
Reed’s, Inc.*		50,029		304,677
				1,603,015
Biotechnology — 4.6%
Acorda Therapeutics, Inc.*		2,262		68,946
Alder Biopharmaceuticals, Inc.*		7,784		330,976
AMAG Pharmaceuticals, Inc.*		4,355		303,021
Bellicum Pharmaceuticals, Inc.*		6,382		157,891
BioCryst Pharmaceuticals, Inc.*		24,062		269,735
Bluebird Bio, Inc.*		3,958		768,841
Blueprint Medicines Corp.*		16,219		465,323
Cambrex Corp.*		1,943		77,759
Dynavax Technologies Corp.*		23,952		545,387
Emergent BioSolutions, Inc.*		2,245		71,526
Five Prime Therapeutics, Inc.*		16,595		425,496
Harvard Bioscience, Inc.*		61,569		344,786
Ligand Pharmaceuticals, Inc.*		1,187		104,587
Loxo Oncology, Inc.*		13,385		165,171
MacroGenics, Inc.*		16,715		540,730
Medicines Co., (The)*		4,827		136,894
Momenta Pharmaceuticals, Inc.*		5,303		105,265
Myriad Genetics, Inc.*		13,909		472,211
NeoGenomics, Inc.*		157,196		837,855
NewLink Genetics Corp.*		7,336		316,548
Pfenex, Inc.*		20,444		388,027
Repligen Corp.*		32,730		1,334,075
Rigel Pharmaceuticals, Inc.*		29,786		103,953
Sage Therapeutics, Inc.*		7,805		584,360
Spark Therapeutics, Inc.*		6,640		488,970
Sunesis Pharmaceuticals, Inc.*		82,244		194,918
Synageva BioPharma Corp.*		1,941		414,229
				10,017,480
Building Materials — 2.3%
AAON, Inc.		3,281		77,661
Apogee Enterprises, Inc.		11,443		614,832
Boise Cascade Co.*		2,196		77,826
Caesarstone Sdot-Yam Ltd. (Israel)		6,329		391,259
Drew Industries, Inc.		1,629		100,021
Gibraltar Industries, Inc.*		4,141		74,207
Griffon Corp.		4,619		73,765

	Number of Shares		Value
Building Materials — (Continued)
Headwaters, Inc.*		4,288	$	81,386
NCI Building Systems, Inc.*		18,630		279,077
Patrick Industries, Inc.*		13,182		788,284
PGT, Inc.*		80,022		957,063
Quanex Building Products Corp.		2,595		46,165
Simpson Manufacturing Co., Inc.		4,180		141,786
Stock Building Supply Holdings, Inc.*		19,812		331,059
Universal Forest Products, Inc.		1,696		93,891
US Concrete, Inc.*		23,931		904,353
				5,032,635
Chemicals — 1.6%
A. Schulman, Inc.		1,350		57,739
American Vanguard Corp.		17,203		237,058
Balchem Corp.		1,142		64,477
Codexis, Inc.*		65,260		270,176
Cytec Industries, Inc.		7,145		432,201
Hawkins, Inc.		6,889		280,796
HB Fuller Co.		2,609		109,865
Innophos Holdings, Inc.		1,242		64,721
KMG Chemicals, Inc.		18,340		544,881
Koppers Holdings, Inc.		1,642		42,396
Kraton Performance Polymers, Inc.*		3,213		76,309
Landec Corp.*		74,529		1,065,019
OM Group, Inc.		2,104		55,840
Quaker Chemical Corp.		932		79,574
Rayonier Advanced Materials, Inc.		2,427		40,021
Stepan Co.		2,701		138,993
				3,560,066
Coal — 0.0%
SunCoke Energy, Inc.		5,229		85,024
Commercial Services — 7.4%
ABM Industries, Inc.		2,589		83,987
Albany Molecular Research, Inc.*		4,052		81,648
AMN Healthcare Services, Inc.*		52,644		1,399,804
ARC Document Solutions, Inc.*		49,230		368,733
Ascent Capital Group, Inc., Class A*		8,416		339,417
Barrett Business Services, Inc.		19,390		698,234
Brink’s Co. (The)		27,055		864,678
Cardtronics, Inc.*		2,550		93,075
CRA International, Inc.*		9,354		258,451
Cross Country Healthcare, Inc.*		100,906		1,071,622
Electro Rent Corp.		35,190		361,401
ExamWorks Group, Inc.*		1,501		61,361
Green Dot Corp., Class A*		5,621		82,348

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

2

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2015

(Unaudited)

	Number of Shares		Value
Commercial Services — (Continued)
Hackett Group, Inc. (The)		73,169	$	865,589
Healthcare Services Group, Inc.		15,187		458,799
Heartland Payment Systems, Inc.		1,233		65,904
Heidrick & Struggles International, Inc.		16,632		418,128
Insperity, Inc.		1,146		60,302
Kelly Services, Inc., Class A		26,375		409,340
Korn/Ferry International		3,049		97,842
LendingTree, Inc.*		15,515		919,419
Liberty Tax, Inc.		10,410		247,550
Matthews International Corp., Class A		1,608		79,837
Medifast, Inc.*		14,600		469,974
Monro Muffler Brake, Inc.		1,564		92,292
Monster Worldwide, Inc.*		8,469		51,407
Multi-Color Corp.		9,386		601,173
Neff Corp., Class A*		17,793		182,556
Nord Anglia Education, Inc. (Cayman Islands)*		15,186		393,317
NV5 Holdings, Inc.*		6,090		138,974
On Assignment, Inc.*		3,035		113,782
PAREXEL International Corp.*		2,736		181,862
Patriot National, Inc.*		20,821		334,177
Paylocity Holding Corp.*		18,682		625,473
PFSweb, Inc.*		58,839		870,229
Resources Connection, Inc.		3,737		58,634
SFX Entertainment, Inc.*		28,747		139,998
Sotheby’s		16,665		747,092
SP Plus Corp.*		38,814		942,404
Team Health Holdings, Inc.*		5,488		320,938
TrueBlue, Inc.*		2,701		76,924
Viad Corp.		1,391		37,334
WEX, Inc.*		3,131		355,024
				16,121,033
Computers — 5.0%
CACI International, Inc., Class A*		1,559		133,482
Computer Services, Inc.		16,069		682,933
Convergys Corp.		28,439		706,140
Datalink Corp.*		70,320		649,757
Digimarc Corp.*		11,026		340,593
Dot Hill Systems Corp.*		125,400		882,816
DST Systems, Inc.		2,104		249,114
Electronics For Imaging, Inc.*		1,897		82,007
EPAM Systems, Inc.*		6,636		477,195
ExlService Holdings, Inc.*		1,497		53,742
Globant SA (Luxembourg)*		40,606		1,057,380
Icad, Inc.*		52,592		231,931

	Number of Shares		Value
Computers — (Continued)
IGATE Corp.*		2,721	$	129,275
Insight Enterprises, Inc.*		3,352		98,314
Manhattan Associates, Inc.*		12,890		707,016
MAXIMUS, Inc.		3,243		211,995
Mercury Systems, Inc.*		24,521		334,711
MTS Systems Corp.		711		48,376
NetScout Systems, Inc.*		2,208		88,497
PAR Technology Corp.*		31,180		126,903
Qualys, Inc.*		7,219		293,958
Qumu Corp.*		23,459		177,115
Radisys Corp.*		106,210		308,009
Silicon Graphics International Corp.*		31,432		201,793
Silver Spring Networks, Inc.*		16,608		227,031
Super Micro Computer, Inc.*		17,384		581,669
Sykes Enterprises, Inc.*		15,818		383,270
Synaptics, Inc.*		7,181		715,515
TeleTech Holdings, Inc.		3,501		88,995
Virtusa Corp.*		1,029		46,820
Vocera Communications, Inc.*		25,883		281,348
Xplore Technologies Corp.*		65,188		406,773
				11,004,473
Cosmetics/Personal Care — 0.0%
Inter Parfums, Inc.		1,921		64,219
Distribution/Wholesale — 0.5%
Houston Wire & Cable Co.		21,879		195,817
Huttig Building Products, Inc.*		18,983		64,922
Pool Corp.		2,106		139,586
Rentrak Corp.*		8,891		603,788
ScanSource, Inc.*		1,575		61,267
				1,065,380
Diversified Financial Services — 2.6%
Blackhawk Network Holdings, Inc., Class B*		29,443		1,012,839
Ellie Mae, Inc.*		15,376		972,071
Encore Capital Group, Inc.*		1,939		76,998
Enova International, Inc.*		—		8
Evercore Partners, Inc., Class A		2,877		146,641
Financial Engines, Inc.		3,401		145,903
FNFV Group*		51,981		798,428
Greenhill & Co., Inc.		1,843		71,766
Hennessy Advisors, Inc.		14,130		274,970
Interactive Brokers Group, Inc., Class A		3,063		109,349
Investment Technology Group, Inc.		2,365		63,524
JMP Group, LLC		53,160		397,105
MarketAxess Holdings, Inc.		2,439		215,730
PRA Group, Inc.*		6,210		352,480

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

3

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2015

(Unaudited)

	Number of Shares		Value
Diversified Financial Services — (Continued)
Silvercrest Asset Management Group, Inc., Class A		19,466	$	253,058
Stifel Financial Corp.*		2,852		151,898
WageWorks, Inc.*		6,354		272,460
Westwood Holdings Group, Inc.		4,923		279,380
				5,594,608
Electric — 0.3%
ALLETE, Inc.		2,195		110,518
Avista Corp.		1,633		52,256
El Paso Electric Co.		1,475		53,646
NorthWestern Corp.		2,629		136,761
UIL Holdings Corp.		3,856		195,461
				548,642
Electrical Components & Equipment — 0.9%
Advanced Energy Industries, Inc.*		2,466		70,330
Encore Wire Corp.		3,347		146,197
Energous Corp.*		17,498		140,509
EnerSys		3,907		260,362
General Cable Corp.		6,009		113,510
Highpower International, Inc.*		63,644		281,306
Insteel Industries, Inc.		20,500		406,925
Littelfuse, Inc.		1,184		114,493
Powell Industries, Inc.		3,097		112,359
PowerSecure International, Inc.*		23,780		354,084
				2,000,075
Electronics — 2.2%
Badger Meter, Inc.		1,318		85,037
Benchmark Electronics, Inc.*		3,636		84,501
Brady Corp., Class A		2,753		69,651
Coherent, Inc.*		1,772		110,289
CTS Corp.		2,929		55,212
ESCO Technologies, Inc.		1,906		71,094
II-VI, Inc.*		3,812		71,170
IMAX Corp. (Canada)*		12,339		497,755
Ituran Location and Control Ltd. (Israel)		14,761		343,193
Knowles Corp.*		12,136		234,832
Methode Electronics, Inc.		1,743		81,799
Napco Security Technologies, Inc.*		44,741		243,838
Newport Corp.*		3,175		59,976
OSI Systems, Inc.*		1,315		94,996
Plexus Corp.*		1,246		56,668
Rofin-Sinar Technologies, Inc.*		1,929		54,880
Rogers Corp.*		991		71,600
TASER International, Inc.*		24,711		780,374
Tech Data Corp.*		11,750		741,660
Vishay Intertechnology, Inc.		26,926		350,577

	Number of Shares		Value
Electronics — (Continued)
ZAGG, Inc.*		75,370	$	701,695
				4,860,797
Energy-Alternate Sources — 0.1%
Green Plains, Inc.		3,200		105,152
Engineering & Construction — 0.8%
Aegion Corp.*		3,291		58,646
Comfort Systems USA, Inc.		34,162		766,937
Dycom Industries, Inc.*		2,682		154,429
EMCOR Group, Inc.		4,741		215,099
Exponent, Inc.		695		59,158
MYR Group, Inc.*		13,345		395,012
Sterling Construction Co., Inc.*		45,020		178,279
				1,827,560
Entertainment — 0.8%
AMC Entertainment Holdings, Inc., Class A		13,423		388,059
International Speedway Corp., Class A		27,548		1,025,612
Marriott Vacations Worldwide Corp.		2,258		199,336
Pinnacle Entertainment, Inc.*		3,069		113,461
				1,726,468
Environmental Control — 0.6%
Clean Harbors, Inc.*		10,157		572,245
Tetra Tech, Inc.		3,198		83,660
US Ecology, Inc.		15,739		725,725
				1,381,630
Food — 1.6%
Amira Nature Foods Ltd. (British Virgin Islands)*		51,279		484,587
B&G Foods, Inc.		2,592		80,196
Calavo Growers, Inc.		5,606		282,823
Cal-Maine Foods, Inc.		1,158		65,647
Darling Ingredients, Inc.*		27,338		429,206
Diamond Foods, Inc.*		1,830		52,082
Ingles Markets, Inc., Class A		4,742		231,789
Inventure Foods, Inc.*		27,127		257,707
J&J Snack Foods Corp.		681		73,412
John B Sanfilippo & Son, Inc.		7,043		356,446
Lifeway Foods, Inc.*		13,858		247,504
Pinnacle Foods, Inc.		9,900		417,285
Sanderson Farms, Inc.		876		71,420
Snyder’s-Lance, Inc.		3,587		107,144
SpartanNash Co.		2,028		63,395
Village Super Market, Inc., Class A		11,594		371,240
				3,591,883

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

4

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2015

(Unaudited)

	Number of Shares		Value
Forest Products & Paper — 0.2%
Deltic Timber Corp.		1,562	$	100,811
Neenah Paper, Inc.		1,352		81,512
PH Glatfelter Co.		5,074		119,188
Schweitzer-Mauduit International, Inc.		1,186		47,867
				349,378
Gas — 0.3%
Laclede Group, Inc. (The)		2,649		141,748
New Jersey Resources Corp.		3,980		119,679
Piedmont Natural Gas Co., Inc.		4,888		182,274
South Jersey Industries, Inc.		5,550		146,465
Southwest Gas Corp.		1,068		58,163
				648,329
Hand / Machine Tools — 0.2%
Hardinge, Inc.		44,300		474,010
Healthcare-Products — 4.9%
Abaxis, Inc.		989		52,526
ABIOMED, Inc.*		1,897		113,289
Affymetrix, Inc.*		5,381		63,119
Alpha Pro Tech Ltd.*		110,399		262,750
Alphatec Holdings, Inc.*		142,840		192,834
Analogic Corp.		858		72,595
AtriCure, Inc.*		37,977		871,192
Avinger, Inc.*		15,287		178,552
Cantel Medical Corp.		1,814		84,460
Cardiovascular Systems, Inc.*		5,694		159,318
Cepheid*		6,504		358,826
CONMED Corp.		1,664		92,419
Cyberonics, Inc.*		1,406		89,998
Cynosure, Inc., Class A*		26,928		961,330
Digirad Corp.		69,985		282,040
Greatbatch, Inc.*		1,228		63,831
Haemonetics Corp.*		2,900		119,828
Hanger, Inc.*		3,657		84,074
ICU Medical, Inc.*		771		74,787
Integra LifeSciences Holdings Corp.*		1,544		103,710
Intersect ENT, Inc.*		14,812		351,637
K2M Group Holdings, Inc.*		38,812		1,014,546
LDR Holding Corp.*		23,672		959,189
LeMaitre Vascular, Inc.		24,820		251,675
Masimo Corp.*		3,409		119,656
Mazor Robotics Ltd., ADR (Israel)*		27,142		354,475
Merit Medical Systems, Inc.*		2,635		54,176
NanoString Technologies, Inc.*		12,922		181,425
Natus Medical, Inc.*		1,325		51,754
NuVasive, Inc.*		1,845		93,265
OraSure Technologies, Inc.*		39,240		242,896

	Number of Shares		Value
Healthcare-Products — (Continued)
Oxford Immunotec Global PLC (United Kingdom)*		13,808	$	189,170
PhotoMedex, Inc.*		46,750		79,943
Spectranetics Corp. (The)*		9,008		223,669
Synergetics USA, Inc.*		102,870		454,685
Trinity Biotech PLC, ADR (Ireland)		31,477		544,552
Vascular Solutions, Inc.*		9,932		324,081
West Pharmaceutical Services, Inc.		9,987		540,696
Zeltiq Aesthetics, Inc.*		12,509		343,497
				10,656,465
Healthcare-Services — 2.0%
AAC Holdings, Inc.*		13,755		534,519
Acadia Healthcare Co., Inc.*		5,736		425,267
Addus HomeCare Corp.*		10,084		282,453
Air Methods Corp.*		1,304		54,977
Almost Family, Inc.*		7,160		274,944
Amedisys, Inc.*		2,217		68,771
Amsurg Corp.*		2,682		180,606
Bio-Reference Laboratories, Inc.*		1,492		49,564
Cancer Genetics, Inc.*		24,757		273,565
Centene Corp.*		9,662		727,935
Chemed Corp.		621		77,122
Ensign Group, Inc. (The)		930		43,124
Healthways, Inc.*		3,189		48,345
IPC Healthcare, Inc.*		1,552		76,622
Kindred Healthcare, Inc.		4,102		93,977
LHC Group, Inc.*		1,302		47,862
Magellan Health, Inc.*		1,372		92,788
Molina Healthcare, Inc.*		2,020		146,935
Providence Service Corp. (The)*		927		44,552
Psychemedics Corp.		19,581		288,624
Select Medical Holdings Corp.		3,778		61,770
Surgical Care Affiliates, Inc.*		11,874		451,093
				4,345,415
Holding Companies-Diversified — 0.1%
Levy Acquisition Corp.*		14,784		238,762
Home Builders — 0.8%
Cavco Industries, Inc.*		5,995		434,817
Installed Building Products, Inc.*		12,175		261,032
Meritage Homes Corp.*		2,475		108,553
Ryland Group, Inc. (The)		3,091		130,038
Standard Pacific Corp.*		5,926		48,830
UCP, Inc., Class A*		28,040		229,087
William Lyon Homes, Class A*		15,356		347,506
Winnebago Industries, Inc.		4,609		100,154
				1,660,017

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

5

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2015

(Unaudited)

	Number of Shares		Value
Home Furnishings — 0.9%
American Woodmark Corp.*		5,760	$	295,719
Bassett Furniture Industries, Inc.		10,888		308,784
Daktronics, Inc.		34,180		368,460
DTS, Inc.*		1,271		40,329
Ethan Allen Interiors, Inc.		1,676		42,068
Hooker Furniture Corp.		17,192		434,442
iRobot Corp.*		2,573		82,207
La-Z-Boy, Inc.		3,067		81,367
Select Comfort Corp.*		3,684		114,757
Skullcandy, Inc.*		33,210		249,075
				2,017,208
Household Products / Wares — 0.4%
Acme United Corp.		15,608		280,944
SodaStream International Ltd. (Israel)*		28,460		603,352
WD-40 Co.		995		83,948
				968,244
Housewares — 0.3%
Lifetime Brands, Inc.		38,150		554,320
Toro Co. (The)		2,674		182,875
				737,195
Insurance — 1.6%
American Equity Investment Life Holding Co.		3,576		90,866
Atlas Financial Holdings, Inc. (Cayman Islands)*		17,239		324,266
Employers Holdings, Inc.		3,729		84,350
Federated National Holding Co.		11,266		289,311
Hallmark Financial Services, Inc.*		51,140		567,654
HCI Group, Inc.		903		39,037
Horace Mann Educators Corp.		3,432		118,129
Infinity Property & Casualty Corp.		1,164		84,215
Meadowbrook Insurance Group, Inc.		6,122		52,159
Montpelier Re Holdings Ltd. (Bermuda)		2,088		79,490
Navigators Group, Inc. (The)*		2,053		159,354
ProAssurance Corp.		2,565		115,887
RLI Corp.		1,478		71,934
Selective Insurance Group, Inc.		3,866		104,807
Stewart Information Services Corp.		982		36,894
Universal Insurance Holdings, Inc.		2,126		54,277

	Number of Shares		Value
Insurance — (Continued)
White Mountains Insurance Group Ltd. (Bermuda)		1,948	$	1,264,720
				3,537,350
Internet — 3.5%
8x8, Inc.*		54,682		456,048
Blucora, Inc.*		4,421		70,117
Blue Nile, Inc.*		2,037		56,242
Chegg, Inc.*		49,758		378,658
comScore, Inc.*		9,686		548,034
ePlus, Inc.*		11,166		867,040
FTD Cos, Inc.*		1,304		35,899
GrubHub, Inc.*		8,946		360,703
j2 Global, Inc.		2,243		148,958
magicJack VocalTec Ltd. (Israel)*		59,470		490,628
NIC, Inc.		3,334		56,178
Perficient, Inc.*		2,095		39,637
Q2 Holdings, Inc.*		18,569		440,271
QuinStreet, Inc.*		35,376		209,780
Reis, Inc.		16,435		356,968
RingCentral, Inc., Class A*		24,452		417,885
Stamps.com, Inc.*		9,915		667,180
TeleCommunication Systems, Inc., Class A*		196,450		628,640
TheStreet, Inc.		121,509		236,943
Tucows, Inc., Class A*		9,785		266,739
Yodlee, Inc.*		39,022		559,575
Zendesk, Inc.*		16,850		388,056
				7,680,179
Investment Companies — 0.5%
Capital Southwest Corp.		14,428		720,101
MCG Capital Corp.		72,960		342,912
				1,063,013
Iron / Steel — 0.0%
AK Steel Holding Corp.*		12,534		65,929
Leisure Time — 0.7%
Arctic Cat, Inc.		13,235		437,814
Callaway Golf Co.		17,099		161,415
Malibu Boats, Inc., Class A*		10,283		215,634
Nautilus, Inc.*		22,073		466,182
Performance Sports Group Ltd. (Canada)*		9,943		195,678
Town Sports International Holdings, Inc.		39,620		133,123
				1,609,846
Lodging — 0.4%
Boyd Gaming Corp.*		4,776		68,345
Interval Leisure Group, Inc.		2,465		64,139

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

6

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2015

(Unaudited)

	Number of Shares	Value
Lodging — (Continued)
Marcus Corp. (The)	17,175	$	336,630
Monarch Casino & Resort, Inc.*	25,673		497,543
			966,657
Machinery-Construction & Mining — 0.0%
Astec Industries, Inc.	2,337		96,635
Machinery-Diversified — 0.9%
Albany International Corp., Class A	1,361		53,868
Cognex Corp.	4,214		212,681
Columbus McKinnon Corp.	14,830		338,272
DXP Enterprises, Inc.*	1,621		66,477
Hurco Cos, Inc.	14,880		497,438
Manitex International, Inc.*	40,810		316,278
Twin Disc, Inc.	32,273		575,428
			2,060,442
Media — 0.1%
EW Scripps Co. (The), Class A	2,619		61,363
Scholastic Corp.	1,251		55,607
			116,970
Metal Fabricate/Hardware — 0.8%
Advanced Drainage Systems, Inc.	13,562		393,840
CIRCOR International, Inc.	1,084		57,799
Dynamic Materials Corp.	17,430		193,473
Mueller Industries, Inc.	2,467		86,000
NN, Inc.	33,436		911,131
RTI International Metals, Inc.*	2,995		105,634
			1,747,877
Mining — 0.5%
A-Mark Precious Metals, Inc.	26,581		286,809
Globe Specialty Metals, Inc.	5,480		105,928
Kaiser Aluminum Corp.	1,268		102,873
Materion Corp.	1,502		55,859
Stillwater Mining Co.*	5,696		82,535
United States Lime & Minerals, Inc.	5,185		307,937
US Silica Holdings, Inc.	2,585		79,747
			1,021,688
Miscellaneous Manufacturing — 1.1%
Actuant Corp., Class A	2,972		69,842
Barnes Group, Inc.	3,127		125,893
CLARCOR, Inc.	6,052		372,864
EnPro Industries, Inc.	1,721		104,086
Federal Signal Corp.	4,418		65,740
Hillenbrand, Inc.	2,153		66,140
John Bean Technologies Corp.	2,493		93,662
LSB Industries, Inc.*	1,372		58,351
Lydall, Inc.*	18,568		508,949

	Number of Shares	Value
Miscellaneous Manufacturing — (Continued)
Myers Industries, Inc.	13,911	$	240,521
Proto Labs, Inc.*	5,421		375,025
Smith & Wesson Holding Corp.*	22,712		334,094
Sturm Ruger & Co., Inc.	1,620		87,059
			2,502,226
Office Furnishings — 0.2%
Interface, Inc.	5,654		121,731
Knoll, Inc.	17,709		403,057
			524,788
Oil & Gas — 1.4%
Bonanza Creek Energy, Inc.*	6,885		143,070
Carrizo Oil & Gas, Inc.*	2,057		103,179
Diamondback Energy, Inc.*	4,485		348,978
Evolution Petroleum Corp.	76,221		525,925
Gran Tierra Energy, Inc.*	107,610		312,069
Jones Energy, Inc., Class A*	25,768		250,207
PDC Energy, Inc.*	8,921		532,048
RSP Permian, Inc.*	13,837		394,078
Stone Energy Corp.*	4,017		54,551
Synergy Resources Corp.*	20,682		238,050
WPX Energy, Inc.*	14,958		192,809
			3,094,964
Oil & Gas Services — 0.9%
Bristow Group, Inc.	1,139		66,062
C&J Energy Services Ltd. (Bermuda)*	3,996		60,060
CARBO Ceramics, Inc.	1,126		48,024
Exterran Holdings, Inc.	2,940		97,196
Mitcham Industries, Inc.*	27,894		115,760
Natural Gas Services Group, Inc.*	27,350		660,503
Newpark Resources, Inc.*	8,952		75,913
PHI, Inc., Non Voting Shares*	6,424		209,037
Profire Energy, Inc.*	122,580		169,160
SEACOR Holdings, Inc.*	2,410		168,989
Tesco Corp. (Canada)	10,511		126,342
TETRA Technologies, Inc.*	9,639		60,629
			1,857,675
Packaging & Containers — 0.3%
AEP Industries, Inc.*	8,940		447,268
KapStone Paper and Packaging Corp.	3,537		95,322
			542,590
Pharmaceuticals — 4.6%
Akorn, Inc.*	4,232		194,249
Aquinox Pharmaceuticals, Inc.*	11,380		89,902
Cempra, Inc.*	10,047		368,825
Depomed, Inc.*	19,422		405,143

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

7

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2015

(Unaudited)

	Number of Shares		Value
Pharmaceuticals — (Continued)
DexCom, Inc.*		6,696	$	480,237
Diplomat Pharmacy, Inc.*		11,255		435,006
Eagle Pharmaceuticals, Inc.*		2,945		213,895
Egalet Corp.*		12,634		125,329
Esperion Therapeutics, Inc.*		5,475		588,618
Foamix Pharmaceuticals Ltd. (Israel)*		36,306		453,462
Heron Therapeutics, Inc.*		13,013		257,137
Impax Laboratories, Inc.*		3,480		163,595
Imprimis Pharmaceuticals, Inc.*		36,105		306,893
Intra-Cellular Therapies, Inc.*		19,501		511,901
Mirati Therapeutics, Inc.*		12,405		454,767
Neogen Corp.*		1,733		81,000
Nevro Corp.*		7,853		399,168
Omega Protein Corp.*		3,746		51,508
Owens & Minor, Inc.		16,450		548,114
PharMerica Corp.*		2,116		70,378
Prestige Brands Holdings, Inc.*		4,121		180,994
Raptor Pharmaceutical Corp.*		32,724		402,832
Receptos, Inc.*		3,103		511,654
Regulus Therapeutics, Inc.*		11,469		161,942
Relypsa, Inc.*		8,380		308,300
Sagent Pharmaceuticals, Inc.*		1,360		30,369
Sorrento Therapeutics, Inc.*		12,457		171,782
Sucampo Pharmaceuticals, Inc., Class A*		13,744		223,065
Supernus Pharmaceuticals, Inc.* .		29,829		424,168
Tetraphase Pharmaceuticals, Inc.*		13,937		597,619
uniQure NV (Netherlands)*		17,165		493,322
Xencor, Inc.*		17,127		310,684
				10,015,858
Real Estate — 0.7%
HFF, Inc., Class A		12,723		511,973
Marcus & Millichap, Inc.*		22,727		1,066,124
				1,578,097
REITS — 1.4%
Acadia Realty Trust		3,174		98,457
Agree Realty Corp.		5,460		165,493
American Assets Trust, Inc.		2,447		96,289
Associated Estates Realty Corp.		3,390		96,920
Cedar Realty Trust, Inc.		12,473		84,193
Chesapeake Lodging Trust		2,718		84,448
CoreSite Realty Corp.		1,355		63,956
Cousins Properties, Inc.		10,842		104,625
DiamondRock Hospitality Co.		9,265		122,020
EastGroup Properties, Inc.		2,368		131,732
EPR Properties		2,549		147,001
Franklin Street Properties Corp.		14,148		164,258

	Number of Shares		Value
REITS — (Continued)
GEO Group, Inc. (The)		9,440	$	358,059
Getty Realty Corp.		7,662		128,951
Healthcare Realty Trust, Inc.		4,931		117,456
Kite Realty Group Trust		4,313		116,667
Lexington Realty Trust		4,303		39,502
LTC Properties, Inc.		2,216		93,271
Medical Properties Trust, Inc.		11,100		150,516
Omega Healthcare Investors, Inc.		1,492		53,764
Pennsylvania Real Estate Investment Trust		5,900		131,688
Post Properties, Inc.		2,005		113,904
PS Business Parks, Inc.		1,372		100,293
Sabra Health Care REIT, Inc.		2,029		53,768
Saul Centers, Inc.		501		25,235
Sovran Self Storage, Inc.		1,313		119,759
Universal Health Realty Income Trust		1,755		84,065
				3,046,290
Retail — 7.5%
Ascena Retail Group, Inc.*		29,712		439,143
Barnes & Noble, Inc.*		2,744		64,539
Big 5 Sporting Goods Corp.		49,440		718,363
Biglari Holdings, Inc.*		2,036		719,298
BJ’s Restaurants, Inc.*		1,254		57,408
Bob Evans Farms, Inc.		1,265		58,101
Boot Barn Holdings, Inc.*		13,895		339,872
Buffalo Wild Wings, Inc.*		3,291		502,437
Build-A-Bear Workshop, Inc.*		23,610		379,885
Burlington Stores, Inc.*		6,592		347,860
Cabela’s, Inc.*		7,111		362,661
Caleres, Inc.		2,536		78,438
Carrols Restaurant Group, Inc.*		45,685		457,764
Casey’s General Stores, Inc.		1,888		164,615
Cato Corp. (The), Class A		1,302		48,552
Children’s Place, Inc. (The)		6,748		441,319
Christopher & Banks Corp.*		74,790		429,295
Chuy’s Holdings, Inc.*		18,166		472,134
Citi Trends, Inc.*		7,016		168,735
Cosi, Inc.*		107,408		256,705
Cracker Barrel Old Country Store, Inc.		1,050		148,134
Dave & Buster’s Entertainment, Inc.*		5,994		189,590
Denny’s Corp.*		16,831		175,547
DineEquity, Inc.		907		88,523
Finish Line, Inc. (The), Class A		2,711		70,947
First Cash Financial Services, Inc.*		1,257		58,564

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

8

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2015

(Unaudited)

	Number of Shares	Value
Retail — (Continued)
Francesca’s Holdings Corp.*	2,877	$	45,083
Fred’s, Inc., Class A	2,762		48,390
Genesco, Inc.*	1,225		81,083
Good Times Restaurants, Inc.*	38,138		350,107
Gordmans Stores, Inc.*	134,310		741,391
Group 1 Automotive, Inc.	894		73,585
Hibbett Sports, Inc.*	1,910		88,910
Jack in the Box, Inc.	6,721		583,450
Kate Spade & Co.*	11,488		284,673
Kirkland’s, Inc.	13,414		352,386
Kona Grill, Inc.*	33,942		689,701
Lithia Motors, Inc., Class A	1,495		159,143
Lumber Liquidators Holdings, Inc.*	1,874		38,230
MarineMax, Inc.*	46,983		1,123,833
Men’s Wearhouse, Inc. (The)	3,502		203,151
New York & Co., Inc.*	82,500		209,550
Outerwall, Inc.	6,634		508,562
Papa John’s International, Inc.	1,415		97,225
PC Connection, Inc.	22,140		551,729
PCM, Inc.*	42,420		411,050
Pep Boys-Manny Moe & Jack (The)*	8,204		83,107
Popeyes Louisiana Kitchen, Inc.*	1,425		79,244
Rave Restaurant Group, Inc.*	18,882		246,032
Red Robin Gourmet Burgers, Inc.*	711		59,290
Regis Corp.*	3,439		55,574
Restoration Hardware Holdings, Inc.*	4,088		371,844
Ruby Tuesday, Inc.*	59,454		370,993
Ruth’s Hospitality Group, Inc.	3,265		48,093
Shoe Carnival, Inc.	11,471		317,058
Sonic Corp.	2,998		90,360
Stage Stores, Inc.	17,293		279,974
Texas Roadhouse, Inc.	2,804		98,196
TravelCenters of America, LLC*	17,349		273,073
Vitamin Shoppe, Inc.*	1,288		51,134
			16,303,633
Savings & Loans — 0.5%
Astoria Financial Corp.	5,686		74,543
Banc of California, Inc.	45,800		594,026
Brookline Bancorp, Inc.	9,875		108,032
Dime Community Bancshares, Inc.	8,292		135,906
Sterling Bancorp	6,871		92,827
			1,005,334

	Number of Shares	Value
Semiconductors — 4.1%
Ambarella, Inc. (Cayman Islands)*	10,183	$	918,608
Amtech Systems, Inc.*	50,840		568,900
AXT, Inc.*	118,690		300,286
Brooks Automation, Inc.	4,536		50,985
Cabot Microelectronics Corp.*	1,174		54,215
Cavium, Inc.*	6,244		439,390
CEVA, Inc.*	11,443		235,039
Cirrus Logic, Inc.*	3,525		133,069
Cohu, Inc.	42,110		564,695
Diodes, Inc.*	2,819		74,647
Integrated Silicon Solution, Inc.	31,810		652,741
IPG Photonics Corp.*	4,197		398,043
M/A-COM Technology Solutions Holdings, Inc.*	13,249		505,582
Microsemi Corp.*	4,990		181,586
MKS Instruments, Inc.	2,066		77,909
Monolithic Power Systems, Inc.	9,733		531,422
Nanometrics, Inc.*	2,355		36,597
Nova Measuring Instruments Ltd. (Israel)*	13,256		162,253
Power Integrations, Inc.	2,268		115,124
QLogic Corp.*	5,584		86,664
Qorvo, Inc.*	—		34
Rovi Corp.*	39,948		669,528
Rubicon Technology, Inc.*	62,780		168,878
Rudolph Technologies, Inc.*	60,431		769,891
Silicon Motion Technology Corp., ADR (Cayman Islands)	6,422		227,724
Tessera Technologies, Inc.	2,426		93,522
Tower Semiconductor Ltd. (Israel)*	14,682		226,543
Ultra Clean Holdings, Inc.*	84,290		545,356
Ultratech, Inc.*	4,709		93,897
Veeco Instruments, Inc.*	2,397		72,581
			8,955,709
Software — 5.5%
2U, Inc.*	8,492		235,738
American Software, Inc., Class A	27,472		241,479
Benefitfocus, Inc.*	11,199		401,820
Blackbaud, Inc.	2,160		110,722
Bottomline Technologies, Inc.*	3,324		87,521
BroadSoft, Inc.*	6,863		250,568
Callidus Software, Inc.*	112,826		1,615,668
CSG Systems International, Inc.	39,930		1,245,416
Cvent, Inc.*	14,813		390,471
Dealertrack Technologies, Inc.*	1,802		75,143
Ebix, Inc.	2,006		71,414
inContact, Inc.*	36,959		359,241

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

9

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2015

(Unaudited)

	Number of Shares	Value
Software — (Continued)
InnerWorkings, Inc.*	69,440	$	441,638
Interactive Intelligence Group, Inc.*	2,413		104,314
MAM Software Group, Inc.*	51,015		285,174
ManTech International Corp., Class A	1,634		46,536
MedAssets, Inc.*	2,535		52,905
Medidata Solutions, Inc.*	3,734		216,609
MicroStrategy, Inc., Class A*	492		86,582
Model N, Inc.*	23,490		271,544
Omnicell, Inc.*	2,250		83,205
Paycom Software, Inc.*	34,360		1,194,353
Progress Software Corp.*	4,675		123,093
Proofpoint, Inc.*	14,243		842,188
QAD, Inc., Class A	22,678		542,004
Qlik Technologies, Inc.*	12,792		462,687
Quality Systems, Inc.	6,661		105,510
Radware Ltd. (Israel)*	18,672		440,846
Rally Software Development Corp.*	14,527		282,114
Simulations Plus, Inc.	52,779		311,396
Synchronoss Technologies, Inc.*	1,988		87,552
SYNNEX Corp.	1,242		102,676
Take-Two Interactive Software, Inc.*	3,989		109,179
Tangoe, Inc.*	3,661		46,531
Tyler Technologies, Inc.*	3,117		378,653
Verint Systems, Inc.*	6,158		398,238
			12,100,728
Storage / Warehousing — 0.0%
Mobile Mini, Inc.	2,220		88,090
Telecommunications — 2.7%
ADTRAN, Inc.	3,302		56,860
Anixter International, Inc.*	1,246		84,728
Atlantic Tele-Network, Inc.	8,469		567,847
General Communication, Inc., Class A*	4,528		72,765
Gigamon, Inc.*	23,020		708,096
GTT Communications, Inc.*	34,765		765,873
Harmonic, Inc.*	6,829		46,505
Infinera Corp.*	20,951		432,429
Ixia*	6,177		77,707
LogMeIn, Inc.*	1,382		87,716
NeoPhotonics Corp.*	55,990		464,717
NETGEAR, Inc.*	2,291		70,998
NeuStar, Inc., Class A*	24,470		668,520
ORBCOMM, Inc.*	46,298		316,678
Sonus Networks, Inc.*	36,379		284,848
Spok Holdings, Inc.	2,865		49,708

	Number of Shares		Value
Telecommunications — (Continued)
Telenav, Inc.*		29,390	$	265,392
Telephone & Data Systems, Inc.		26,953		800,235
ViaSat, Inc.*		2,125		133,854
				5,955,476
Textiles — 0.9%
Culp, Inc.		10,348		272,670
Dixie Group, Inc. (The)*		29,022		281,513
G&K Services, Inc., Class A		1,071		74,627
UniFirst Corp.		12,363		1,413,214
				2,042,024
Transportation — 2.4%
Aegean Marine Petroleum Network, Inc. (Marshall Islands)		13,677		194,487
Air Transport Services Group, Inc.*		33,887		356,491
ArcBest Corp.		1,325		45,302
Atlas Air Worldwide Holdings, Inc.*		2,112		115,062
Celadon Group, Inc.		10,428		243,180
Covenant Transportation Group, Inc., Class A*		7,348		227,127
Echo Global Logistics, Inc.*		13,845		445,532
Forward Air Corp.		4,342		225,220
Hornbeck Offshore Services, Inc.*		8,544		190,104
Hub Group, Inc., Class A*		3,609		153,094
Knight Transportation, Inc.		1,893		54,140
Marten Transport Ltd.		24,409		553,596
Matson, Inc.		2,740		110,367
Old Dominion Freight Line, Inc.*		6,029		410,032
PAM Transportation Services, Inc.*		14,480		877,054
Swift Transportation Co.*		14,434		335,879
Teekay Tankers Ltd., Class A (Marshall Islands)		60,693		409,678
UTi Worldwide, Inc. (British Virgin Islands)*		5,463		52,554
Werner Enterprises, Inc.		5,237		144,122
				5,143,021
Trucking & Leasing — 0.2%
General Finance Corp.*		58,609		321,763

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

10

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Concluded)

May 31, 2015

(Unaudited)

	Number of Shares	Value
Water — 0.4%
American States Water Co.	2,811	$	108,027
PICO Holdings, Inc.*	43,798		692,446
			800,473
TOTAL COMMON STOCKS (Cost $190,479,552)			210,256,991
TOTAL INVESTMENTS - 96.1% (Cost $190,479,552)**			210,256,991
OTHER ASSETS IN EXCESS OF LIABILITIES - 3.9%			8,495,753
NET ASSETS - 100.0%		$	218,752,744

* Non-income producing security.

** The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a federal income tax basis, are as follows:

Aggregate Cost	$	190,479,552
Gross unrealized appreciation	$	26,454,310
Gross unrealized depreciation		(6,676,871	)
Net unrealized appreciation	$	19,777,439

ADR	American Depositary Receipt
PLC	Public Limited Company
REIT	Real Estate Investment Trust

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

11

ALTAIR SMALLER COMPANIES FUND

Notes to Portfolio of Investments

May 31, 2015

(Unaudited)

A. Portfolio Valuation:

Portfolio Valuation – The Altair Smaller Companies 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”) (typically 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. 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. 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 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 the inputs used, as of May 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value at May 31, 2015		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Investments in Securities*	$	210,256,991	$	210,256,991	$	—	$	—

* 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 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

12

ALTAIR SMALLER COMPANIES FUND

Notes to Portfolio of Investments (Concluded)

May 31, 2015

(Unaudited)

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 May 31, 2015, 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.

13

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS

MAY 31, 2015 (UNAUDITED)

	Number Of Shares	Value
Common Stocks—99.1%
Commercial Services—2.9%
Civeo Corp.	336,253	$	1,345,012
Groupon, Inc. *	700		4,466
Insperity, Inc.	21,589		1,136,013
KAR Auction Services, Inc.	35,561		1,325,003
Manpowergroup, Inc.	14,953		1,265,771
Multi-Color Corp.	10,040		643,062
Willdan Group, Inc. *	16,568		237,916
			5,957,243
Communications—0.2%
Inteliquent, Inc.	21,015		370,494
Consumer Durables—3.4%
Arctic Cat, Inc.	53,501		1,769,813
Bassett Furniture Industries, Inc.	7,024		199,201
Cooper Tire & Rubber Co.	46,867		1,720,488
Fuel Systems Solutions, Inc. *	14,628		119,511
Movado Group, Inc.	13,609		356,011
Nautilus, Inc. *	53,414		1,128,104
Select Comfort Corp. *	54,886		1,709,699
			7,002,827
Consumer Non-Durables—1.9%
John B. Sanfilippo & Son, Inc.	3,794		192,014
Mannatech, Inc. *	1,012		21,232
Natural Health Trends Corp. *	17,474		590,621
Phibro Animal Health Corp., Class A	179		6,199
Skechers U.S.A., Inc., Class A *	28,443		3,011,260
			3,821,326
Consumer Services—4.8%
Ascent Capital Group, Inc., Class A *	2,074		83,644
Career Education Corp. *	58,536		220,681
CTC Media, Inc.	61,467		196,694
Denny’s Corp. *	62,603		652,949
Houghton Mifflin Harcourt Co. *	71,351		1,882,239
Jack in the Box, Inc.	23,752		2,061,911
K12, Inc. *	33,262		455,357
Marriott Vacations Worldwide Corp.	25,772		2,275,152
McClatchy Co., (The), Class A *	742		809
MoneyGram International, Inc. *	63,212		614,421
NutriSystem, Inc.	6,654		151,445
Penn National Gaming, Inc. *	35,800		595,354
Radio One, Inc., Class D *	3,403		11,978
Steiner Leisure Ltd. *	13,383		656,570
			9,859,204

	Number Of Shares	Value
Distribution Services—2.4%
Core-Mark Holding Co., Inc.	50,646	$	2,720,197
HD Supply Holdings, Inc. *	55,183		1,790,688
SpartanNash Co.	5,929		185,340
Veritiv Corp. *	2,596		107,448
			4,803,673
Electronic Technology—8.2%
Allied Motion Technologies, Inc.	4,607		144,107
Avid Technology, Inc. *	14,739		262,502
Checkpoint Systems, Inc.	2,694		26,320
Cohu, Inc.	7,619		102,171
EchoStar Corp., Class A *	35,272		1,767,127
FormFactor, Inc. *	130,282		1,212,925
Huntington Ingalls Industries, Inc.	11,017		1,365,998
Integrated Device Technology, Inc. *	149,277		3,531,147
InterDigital, Inc.	10,913		639,829
Mattson Technology, Inc. *	77,027		300,405
Methode Electronics, Inc.	17,848		837,607
Multi-Fineline Electronix Inc. *	3,223		80,768
NeoPhotonics Corp. *	34,879		289,496
Planar Systems, Inc. *	6,550		28,362
Qorvo, Inc. *	21,521		1,767,950
Sigma Designs, Inc. *	24,484		209,828
Silicon Motion Technology Corp., ADR	8,930		316,658
Skyworks Solutions, Inc.	24,539		2,683,585
Tessera Technologies, Inc.	29,295		1,129,322
Tower Semiconductor Ltd. *	5,129		79,140
			16,775,247
Energy Minerals—2.8%
Contango Oil & Gas Co. *	71,908		990,892
Enerplus Corp.	186,291		1,793,982
Penn West Petroleum Ltd.	339,177		664,787
Stone Energy Corp. *	2,700		36,666
WPX Energy, Inc. *	165,183		2,129,209
			5,615,536
Finance—19.9%
Aircastle, Ltd.	61,292		1,486,944
AMERCO, Inc.	3,815		1,255,135
Assured Guaranty Ltd.	42,776		1,222,966
Calamos Asset Management, Inc., Class A	52,615		644,534
Cash America International, Inc.	70,068		1,883,428
Central Pacific Financial Corp.	77,982		1,826,338
CNinsure, Inc., ADR *	5,669		45,862
eHealth, Inc. *	78,977		1,029,860

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

1

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2015 (UNAUDITED)

	Number Of Shares		Value
Finance—(continued)
Employers Holdings, Inc.		54,435	$	1,231,320
Enova International, Inc. *		62,195		1,212,803
ePlus, Inc. *		16,276		1,263,831
First BanCorp Puerto Rico *		282,569		1,729,322
First Horizon National Corp.		121,014		1,786,167
Gain Capital Holdings, Inc.		48,790		453,747
Genworth Financial, Inc., Class A *		227,456		1,806,001
Heartland Financial USA Inc.		18,781		640,056
Heritage Insurance Holdings Inc.		2,100		44,100
HFF, Inc., Class A		216		8,692
Infinity Property & Casualty Corp.		984		71,192
Interactive Brokers Group, Inc., Class A		51,410		1,835,337
INTL. FCStone, Inc. *		10,050		352,454
Investment Technology Group, Inc.		79,366		2,131,771
James River Group Holdings, Ltd.		2,200		51,722
Janus Capital Group, Inc.		99,072		1,798,157
Legg Mason, Inc.		24,041		1,282,828
Maiden Holdings, Ltd.		45,541		636,663
Manning & Napier, Inc.		27,335		302,325
MBIA, Inc. *		216,318		1,951,188
Navigators Group, Inc., (The) *		21,503		1,669,063
OM Asset Management, Plc.		1,302		25,350
Phoenix Cos, Inc. (The) *		6,546		113,311
Piper Jaffray Cos., Inc. *		7,648		362,668
Reinsurance Group of America, Inc.		24,449		2,287,204
Selective Insurance Group, Inc.		62,648		1,698,387
SLM Corp. *		22,400		229,824
Springleaf Holdings, Inc. *		44,548		2,116,921
Universal Insurance Holdings, Inc.		411		10,493
WisdomTree Investments, Inc.		90,262		1,927,996
				40,425,960
Health Services—4.1%
Alliance HealthCare Services, Inc. *		2,212		40,679
Almost Family Inc.*		7,493		287,731
Health Net, Inc. *		48,716		3,032,084
INC Research Holdings, Inc., Class A *		28,806		996,400
Merge Healthcare, Inc. *		77,418		353,026
Molina Healthcare, Inc. *		27,859		2,026,464
RadNet, Inc. *		11,367		73,999
VCA , Inc. *		29,664		1,556,173
				8,366,556
Health Technology—11.5%
ABIOMED, Inc. *		25,325		1,512,409

	Number Of Shares		Value
Health Technology—(continued)
Affymetrix, Inc. *		121,116	$	1,420,691
Akebia Therapeutics, Inc. *		1,962		15,421
Alere, Inc. *		9,892		510,229
Anacor Pharmaceuticals, Inc. *		23,281		1,658,073
Assembly Biosciences, Inc. *		4,462		74,337
Atrion Corp.		574		215,181
Bio-Rad Laboratories, Inc., Class A *		10,405		1,502,170
Cempra, Inc. *		55,864		2,050,767
China Biologic Products, Inc. *		321		35,897
Cytokinetics, Inc. *		2,312		14,727
DexCom Inc.*		23,100		1,656,732
Enzo Biochem, Inc. *		8,577		20,842
Enzon Pharmaceuticals, Inc.		58,661		76,846
Five Prime Therapeutics, Inc. *		3,658		93,791
ICON PLC *		44,351		2,877,049
ICU Medical Inc.*		9,713		942,161
Infinity Pharmaceuticals, Inc. *		23,294		301,890
Luminex Corp. *		19,418		325,640
Merit Medical Systems, Inc. *		7,461		153,398
Momenta Pharmaceuticals, Inc. *		27,482		545,518
Natus Medical, Inc. *		26,485		1,034,504
NewLink Genetics Corp. *		43,590		1,880,908
OraSure Technologies, Inc. *		159,251		985,764
Orthofix International, N.V. *		9,095		298,043
Recro Pharma, Inc. *		13,114		114,748
Rigel Pharmaceuticals Inc.*		80,957		282,540
SciClone Pharmaceuticals, Inc. *		22,518		208,517
Sucampo Pharmaceuticals, Inc., Class A *		44,692		725,351
Syneron Medical Ltd *		2,848		29,762
United Therapeutics Corp. *		9,972		1,832,056
				23,395,962
Industrial Services—5.1%
Aegean Marine Petroleum Network, Inc.		35,893		510,398
Dycom Industries, Inc. *		25,890		1,490,746
Gulfmark Offshore, Inc.		142,442		1,912,996
Helix Energy Solutions Group, Inc. *		103,059		1,614,935
InVivo Therapeutics Holdings Corp. *		803		10,736
Matrix Service Co. *		10,001		168,717
MYR Group, Inc. *		15,137		448,055
Nabors Industries Ltd.		104,641		1,543,455
Pacific Drilling SA *		59,900		224,625
Parker Drilling Co. *		359,604		1,219,058

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

2

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2015 (UNAUDITED)

	Number Of Shares		Value
Industrial Services—(continued)
Pioneer Energy Services Corp. *		187,161	$	1,313,870
				10,457,591
Non-Energy Minerals—3.3%
AngloGold Ashanti Ltd., SP ADR *		199,212		1,908,451
Century Aluminum Co. *		143,660		1,606,119
Dominion Diamond Corp.		50,004		935,075
Gerdau SA, SP ADR		230,931		639,679
Gold Fields Ltd., SP ADR		373,639		1,274,109
Schnitzer Steel Industries, Inc., Class A		18,490		331,156
				6,694,589
Process Industries—3.1%
Argan, Inc.		40,148		1,436,495
Berry Plastics Group, Inc. *		45,615		1,526,734
Braskem SA, SP ADR		25,198		204,608
Cambrex Corp. *		40,536		1,622,251
Cosan, Ltd. Class A		144,014		894,327
Kraton Performance Polymers, Inc. *		7,616		180,880
Mercer International, Inc. *		22,241		315,377
ZAGG, Inc. *		5,574		51,894
				6,232,566
Producer Manufacturing—8.1%
Allison Transmission Holdings, Inc.		46,281		1,416,199
American Axle & Manufacturing Holdings, Inc. *		70,932		1,781,103
American Woodmark Corp. *		13,934		715,372
Broadwind Energy, Inc. *		6,850		25,962
Chart Industries, Inc. *		58,296		1,892,288
Continental Building Products, Inc. *		50,579		1,127,912
Core Molding Technologies, Inc. *		6,701		174,293
Federal Signal Corp.		103,005		1,532,714
Global Brass & Copper Holdings, Inc.		1,927		33,202
Interface, Inc.		46,023		990,875
ITT Corp.		42,045		1,794,481
Kadant, Inc.		13,357		629,115
KMG Chemicals, Inc.		1,625		48,279
SL Industries, Inc. *		166		6,310
Tower International, Inc. *		49,908		1,372,969
Visteon Corp. *		14,068		1,540,727
Wabash National Corp. *		109,996		1,489,346
				16,571,147
Retail Trade—5.8%
American Eagle Outfitters		107,172		1,754,406
AutoNation, Inc. *		20,100		1,254,441

	Number Of Shares		Value
Retail Trade—(continued)
Build-A-Bear Workshop, Inc. *		6,388	$	102,783
Burlington Stores, Inc. *		30,824		1,626,582
Cia Brasileira de Distribuicao, SP PRF ADR		44,785		1,200,686
Citi Trends, Inc. *		53,865		1,295,453
CST Brands, Inc.		17,702		704,009
Express, Inc. *		2,477		43,694
Ingles Markets, Inc., Class A		13,443		657,094
Murphy USA, Inc. *		47,420		2,761,267
Shoe Carnival, Inc.		14,984		414,158
Tilly’s, Inc. Class A *		1,112		10,720
				11,825,293
Technology Services—9.1%
Carbonite, Inc. *		14		154
CDW Corp.		53,545		1,986,520
ChinaCache International Holdings, Ltd. SP ADR *		4,825		63,883
comScore, Inc. *		15,177		858,715
DST Systems, Inc.		16,800		1,989,120
Earthlink Holdings Corp.		65,356		453,571
EnerNOC, Inc. *		8,378		80,596
Gigamon, Inc. *		26,914		827,875
Infoblox, Inc. *		75,019		1,949,744
LogMein, Inc. *		31,170		1,978,360
Manhattan Associates, Inc. *		31,598		1,733,150
Marchex, Inc., Class B		18,907		91,888
MicroStrategy, Inc., Class A *		1,776		312,540
Net 1 UEPS Technologies, Inc. *		21,657		314,027
NICE Systems Ltd., SP ADR		14,006		878,176
Progress Software Corp. *		23,271		612,725
Quality Systems, Inc.		112,340		1,779,466
Rovi Corp. *		37,366		626,254
Sohu.com, Inc. *		26,101		1,662,112
Sykes Enterprises, Inc. *		8,451		204,768
Tucows, Inc. *		3,455		94,183
				18,497,827
Transportation—2.3%
Air Transport Services Group, Inc. *		489		5,144
Atlas Air Worldwide Holdings, Inc. *		31,624		1,722,876
Covenant Transport, Inc., Class A *		19,739		610,132
Jetblue Airways Corp. *		99,023		1,996,304
PAM Transportation Services, Inc. *		2,624		158,936

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

3

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (CONCLUDED)

MAY 31, 2015 (UNAUDITED)

	Number Of Shares	Value
Transportation—(continued)
USA Truck, Inc. *	11,421	$	263,140
			4,756,532
Utilities—0.2%
Ormat Technologies, Inc.	2,933		108,814
Pampa Energia SA, SP ADR *	15,334		217,436
			326,250
TOTAL COMMON STOCKS (Cost $188,074,715)			201,755,823
Short-Term Investment—1.1%
BofA Cash Reserves Fund	2,259,350		2,259,350
TOTAL SHORT-TERM INVESTMENT (Cost $2,259,350)			2,259,350
Total Investments—100.2% (Cost $190,334,065) **			204,015,173
LIABILITIES IN EXCESS OF OTHER ASSETS—(0.2)%			(373,304	)
NET ASSETS—100.0%		$	203,641,869

* Non-income producing.

** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a Federal income tax basis, are as follows:

Aggregate cost	$	190,334,065
Gross unrealized appreciation	$	25,540,768
Gross unrealized depreciation		(11,859,660	)
Net unrealized appreciation	$	13,681,108

ADR	— American Depositary Receipt.
PLC	— Public Limited Company
PRF	— Preferred
SP ADR	— Sponsored American Depositary Receipt.

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

4

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

NOTES TO PORTFOLIO OF INVESTMENTS

May 31, 2015 (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 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. 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 the 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 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 May 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value at May 31, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Total Investments*	$	204,015,173	$	204,015,173	$	—	$	—

* 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 delisting on national exchanges.

5

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

NOTES TO PORTFOLIO OF INVESTMENTS (CONCLUDED)

May 31, 2015 (UNAUDITED)

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 may be 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 May 31, 2015, there were no transfers between Levels 1, 2 and 3 for the Fund.

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

6

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS SMALL CAP VALUE FUND II	PORTFOLIO OF INVESTMENTS

	Number of Shares		Value
COMMON STOCK—97.0%
Basic Industries—4.1%
Cloud Peak Energy, Inc. *		229,860	$	1,326,286
Graphic Packaging Holding Co.		433,550		6,173,752
Orchids Paper Products Co.		67,040		1,508,400
PolyOne Corp.		20,919		813,540
Schweitzer-Mauduit International, Inc.		42,040		1,696,734
Sensient Technologies Corp.		13,075		885,178
				12,403,890
Capital Goods—13.4%
Actuant Corp., Class A		28,280		664,580
Aegion Corp. *		77,785		1,386,129
Ampco-Pittsburgh Corp.		23,505		387,833
Brady Corp., Class A		64,178		1,623,703
Cabot Corp.		36,450		1,511,582
Cubic Corp.		33,410		1,596,998
Curtiss-Wright Corp.		25,465		1,835,772
Drew Industries, Inc.		65,690		4,033,366
Globe Specialty Metals, Inc.		112,180		2,168,439
Granite Construction, Inc.		44,110		1,581,344
Hillenbrand, Inc.		44,500		1,367,040
Huntington Ingalls Industries, Inc.		6,560		813,374
LSB Industries, Inc. *		39,420		1,676,533
MRC Global, Inc. *		83,200		1,273,792
Mueller Industries, Inc.		28,115		980,089
Orion Marine Group, Inc. *		169,980		1,276,550
Rofin-Sinar Technologies, Inc. *		35,360		1,005,992
Stock Building Supply Holdings, Inc. *		109,620		1,831,750
Terex Corp.		123,640		3,057,617
WESCO International, Inc. *		52,205		3,751,451
World Fuel Services Corp.		131,887		6,598,307
				40,422,241
Consumer Durables—3.8%
Strattec Security Corp.		11,815		815,353
Tempur Sealy International, Inc. *		51,730		3,082,591
Thor Industries, Inc.		60,695		3,707,858
Tower International, Inc. *		84,815		2,333,261
Winnebago Industries, Inc.		72,635		1,578,359
				11,517,422

	Number of Shares		Value
Consumer Non-Durables—4.0%
Blyth, Inc. *		115,925	$	811,475
Fresh Del Monte Produce, Inc.		36,065		1,357,487
Matthews International Corp., Class A		15,425		765,851
Nu Skin Enterprises, Inc., Class A (a)		40,355		2,041,963
Skechers U.S.A., Inc., Class A *		15,525		1,643,632
Steven Madden Ltd. *		53,517		2,021,872
Take-Two Interactive Software, Inc. *		71,715		1,962,840
Universal Corp.		28,285		1,456,395
				12,061,515
Consumer Services—20.3%
Abercrombie & Fitch Co., Class A		113,870		2,330,919
ABM Industries, Inc.		74,980		2,432,351
American Eagle Outfitters, Inc.		201,420		3,297,245
Apollo Education Group, Inc. *		52,350		867,963
Ascena Retail Group, Inc. *		84,715		1,252,088
Booz Allen Hamilton Holding Corp.		67,525		1,711,759
Brink’s Co., (The)		46,956		1,500,714
CBIZ, Inc. *		77,660		704,376
Civeo Corp.		277,345		1,109,380
Ennis, Inc.		30,960		520,747
Finish Line, Inc., (The), Class A		160,370		4,196,883
FTD Cos, Inc. *		60,845		1,675,063
FTI Consulting, Inc. *		48,630		1,911,159
G&K Services, Inc., Class A		26,142		1,821,575
Group 1 Automotive, Inc.		25,990		2,139,237
Heidrick & Struggles International, Inc.		56,310		1,415,633
ICF International, Inc. *		40,345		1,443,544
International Speedway Corp., Class A		58,053		2,161,313
KAR Auction Services, Inc.		87,230		3,250,190
Knoll, Inc.		68,053		1,548,886
Korn/Ferry International		26,700		856,803
Live Nation Entertainment, Inc. *		34,725		993,135
MAXIMUS, Inc.		34,005		2,222,907
Men’s Wearhouse, Inc., (The)		78,940		4,579,309
Navigant Consulting, Inc. *		175,635		2,390,392
Papa Murphy’s Holdings Inc. *		174,461		2,997,240

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

1

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS SMALL CAP VALUE FUND II (continued)	PORTFOLIO OF INVESTMENTS

	Number of Shares		Value
Consumer Services—(continued)
Rent-A-Center, Inc.		45,020	$	1,361,855
RPX Corp. *		151,205		2,405,672
Starz, Class A *		42,925		1,801,133
Steiner Leisure Ltd. *		11,455		561,982
Tetra Tech, Inc.		74,065		1,937,540
Viad Corp.		21,215		569,411
XO Group, Inc. *		61,855		1,004,525
				60,972,929
Energy—2.5%
Contango Oil & Gas Co. *		15,680		216,070
Forum Energy Technologies, Inc. *		63,270		1,312,220
Helix Energy Solutions Group, Inc. *		122,610		1,921,299
Parsley Energy, Inc., Class A *		141,630		2,477,109
Western Refining, Inc.		34,430		1,514,231
				7,440,929
Finance—19.0%
Ameris Bancorp		34,203		861,574
AMERISAFE, Inc.		26,775		1,144,364
Apollo Investment Corp. (a)		95,975		753,404
BBCN Bancorp, Inc.		193,550		2,787,120
Centerstate Banks, Inc.		79,255		981,969
Columbia Banking System, Inc.		40,975		1,237,855
Essent Group Ltd. *		85,365		2,177,661
Federal Agricultural Mortgage Corp., Class C		83,720		2,643,040
Fifth Street Finance Corp.		133,940		929,544
First American Financial Corp.		140,290		5,009,756
First Citizens Bancshares, Inc., Class A		4,860		1,171,746
First NBC Bank Holding Co. *		48,340		1,643,077
FirstMerit Corp.		91,851		1,803,954
Flushing Financial Corp.		38,875		753,398
Gladstone Capital Corp. (a)		22,720		181,306
Global Indemnity PLC *		20,658		567,269
Heritage Financial Corp.		50,010		855,671
Infinity Property & Casualty Corp.		16,200		1,172,070
James Rivers Group Holdings, LTD.		60,224		1,415,866
Maiden Holdings Ltd.		232,705		3,253,216

	Number of Shares		Value
Finance—(continued)
Nationstar Mortgage Holdings, Inc. * (a)		112,610	$	2,220,669
Navigators Group, Inc., (The) *		12,905		1,001,686
Nelnet, Inc., Class A		56,991		2,342,900
OneBeacon Insurance Group Ltd.		89,585		1,290,024
Park Sterling Corp.		63,425		421,142
PHH Corp. *		106,590		2,940,818
Radian Group, Inc. (a)		99,095		1,775,782
RCS Capital Corp., Class A (a)		133,295		1,042,367
Safety Insurance Group, Inc.		14,630		816,354
Stancorp Financial Group, Inc.		20,240		1,502,213
Stewart Information Services Corp.		95,200		3,576,664
Symetra Financial Corp.		112,440		2,750,282
Walker & Dunlop, Inc. *		135,145		3,327,270
Washington Federal, Inc.		41,520		917,592
				57,269,623
Health Care—10.5%
Amsurg Corp. *		30,630		2,062,624
Chemed Corp. (a)		24,015		2,982,423
Hanger, Inc. *		64,660		1,486,533
ICON PLC *		33,010		2,141,359
Integra LifeSciences Holdings Corp. *		42,930		2,883,608
Kindred Healthcare, Inc.		120,187		2,753,484
LHC Group, Inc. *		25,030		920,103
LifePoint Hospitals, Inc. *		21,840		1,644,334
Omnicell, Inc. *		37,145		1,373,622
Owens & Minor, Inc.		38,572		1,285,219
PAREXEL International Corp. *		32,340		2,149,640
Select Medical Holdings Corp.		129,510		2,117,489
Symmetry Surgical, Inc. *		189,531		1,673,561
Thoratec Corp. *		52,925		2,402,266
U.S. Physical Therapy, Inc.		77,781		3,878,161
				31,754,426
Real Estate Investment Trusts—8.4%
Altisource Residential Corp., Class B		37,515		672,269
American Capital Mortgage Investment Corp.		42,510		742,650
American Residential Properties, Inc. *		104,630		1,940,887

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

2

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS SMALL CAP VALUE FUND II (concluded)	PORTFOLIO OF INVESTMENTS

	Number of Shares		Value
Real Estate Investment Trusts—(continued)
Anworth Mortgage Asset Corp.		178,342	$	927,378
Ares Commercial Real Estate Corp.		157,285		1,832,370
Chatham Lodging Trust		85,015		2,375,319
Colony Financial, Inc.		32,350		830,101
CYS Investments, Inc.		317,080		2,837,866
Gladstone Commercial Corp.		26,180		453,699
Hatteras Financial Corp.		134,235		2,410,861
MFA Financial, Inc.		417,480		3,314,791
Monmouth Real Estate Investment Corp., Class A		102,330		986,461
QTS Realty Trust, Inc.		23,515		875,463
Silver Bay Realty Trust Corp.		60,552		934,923
Two Harbors Investment Corp.		381,610		4,079,411
				25,214,449
Technology—9.1%
Bel Fuse, Inc., Class B		83,804		1,877,210
Belden, Inc.		58,515		4,939,836
Brooks Automation, Inc.		65,390		734,984
Coherent, Inc. *		21,885		1,362,122
Convergys Corp.,		39,260		974,826
EnerSys, Inc.		69,115		4,605,824
Insight Enterprises, Inc. *		28,350		831,506
Magnachip Semiconductor Corp. *		61,695		442,353
NETGEAR, Inc. *		41,915		1,298,946
PC Connection, Inc.		17,600		438,592
Qorvo Inc. *		1		50
Sykes Enterprises, Inc. *		119,165		2,887,368
SYNNEX Corp.		60,240		4,980,041
TeleTech Holdings, Inc.		40,955		1,041,076
Teradyne, Inc.		40,120		848,538
				27,263,272
Transportation—1.5%
Diana Shipping, Inc. * (a)		57,210		367,288
Landstar System, Inc.		12,465		815,211
Quality Distribution, Inc. *		63,070		997,767
Virgin America, Inc. * (a)		78,880		2,243,347
				4,423,613
Utilities—0.4%
PNM Resources, Inc.		50,260		1,336,413

	Number of Shares		Value
TOTAL COMMON STOCK (Cost $224,481,573)				292,080,722
SECURITIES LENDING COLLATERAL—3.2%
BlackRock Liquidity TempFund, Institutional Shares		9,618,457	$	9,618,457
TOTAL SECURITIES LENDING COLLATERAL (Cost $9,618,457)				9,618,457
TOTAL INVESTMENTS—100.2% (Cost $234,100,030) **				301,699,179
LIABILITIES IN EXCESS OF OTHER ASSETS—(0.2)%				(663,192	)
NET ASSETS—100.0%			$	301,035,987

PLC	— Public Limited Company
*	— Non-income producing.
(a)	— All or a portion of the security is on loan. At May 31, 2015, the market value of securities on loan was $9,304,837.
**	— The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a federal income tax basis, are as follows:

Aggregate cost	$	234,100,030
Gross unrealized appreciation	$	78,748,129
Gross unrealized depreciation		(11,148,980	)
Net unrealized appreciation	$	67,599,149

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

3

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (Unaudited)
BOSTON PARTNERS SMALL CAP VALUE FUND II (concluded)	Portfolio of Investments

A summary of the inputs used to value the Fund’s investments as of May 31, 2015 is as follows (see Notes to Portfolio of Investments):

	Total Value as of May 31, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stock *	$	292,080,722	$	292,080,722	$	—	$	—
Securities Lending Collateral		9,618,457		9,618,457		—		—
Total Assets	$	301,699,179	$	301,699,179	$	—	$	—

* See Portfolio of Investments detail for industry and security type breakout.

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

4

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND	Portfolio of Investments

	Number of Shares		Value
LONG POSITIONS—113.5%
COMMON STOCK—110.4%
Basic Industries—10.1%
AEP Industries, Inc. * †		150,407	$	7,524,853
Agnico Eagle Mines Ltd.		53,181		1,710,833
American Vanguard Corp. †		422,668		5,824,365
Avery Dennison Corp. †		150,979		9,347,110
Cloud Peak Energy, Inc. * †		339,770		1,960,473
Constellium NV, Class A *		95,103		1,295,303
Crown Holdings, Inc. * †		97,854		5,410,348
Eastman Chemical Co. †		72,044		5,530,818
Freeport-McMoRan Copper & Gold, Inc. †		171,252		3,365,102
Greif, Inc., Class B †		39,678		1,797,017
Koppers Holdings, Inc. †		193,792		5,003,709
Monsanto Co. †		35,119		4,108,221
Owens-Illinois, Inc. * †		112,655		2,692,455
Pan American Silver Corp.		144,531		1,364,373
POSCO - ADR		41,924		2,295,758
Reliance Steel & Aluminum Co. †		82,811		5,283,342
Royal Gold Inc. †		15,986		1,035,413
Universal Stainless & Alloy
Products, Inc. *		55,539		1,002,479
				66,551,972
Capital Goods—11.4%
Actuant Corp., Class A †		116,741		2,743,414
AECOM Technology Corp. * †		178,499		5,895,822
Alamo Group, Inc. †		102,494		5,429,107
Babcock & Wilcox Co., (The) †		135,842		4,522,180
Cemex SAB de CV ADR * †		328,410		3,054,214
Chicago Bridge & Iron Co. NV † (a)		69,811		3,787,945
Commercial Metals Co. †		179,373		2,882,524
Crane Co. †		45,723		2,767,613
Fluor Corp. †		60,731		3,414,297
Global Brass & Copper Holdings, Inc. †		344,124		5,929,257
Great Lakes Dredge & Dock Corp. *		346,730		1,927,819
Joy Global, Inc. †		61,122		2,380,091
LSB Industries, Inc. * †		68,230		2,901,822
Orion Marine Group, Inc. * †		285,476		2,143,925
Pentair PLC		33,918		2,171,770
Precision Castparts Corp.		9,906		2,096,407
Preformed Line Products Co.		31,456		1,194,070

	Number of Shares		Value
Capital Goods—(continued)
Rofin-Sinar Technologies, Inc. * †		189,434	$	5,389,397
Safran SA - ADR †		184,834		3,269,713
Wesco Aircraft Holdings Inc. * †		290,130		4,282,319
WESCO International, Inc. * †		55,117		3,960,708
World Fuel Services Corp. †		68,509		3,427,505
				75,571,919
Communications—7.6%
Alaska Communications Systems Group, Inc. *		780,605		1,889,064
AOL, Inc. †		67,766		3,388,978
Blucora, Inc. * †		502,123		7,963,671
Comcast Corp., Class A †		80,157		4,685,978
Discovery Communications, Inc. * †		175,631		5,522,717
Etsy, Inc. * (a)		83,678		1,402,443
Hawaiian Telcom Holdco, Inc. * †		268,064		6,784,700
IAC/InterActiveCorp. †		48,736		3,658,612
Iridium Communications, Inc. * (a)		803,644		8,317,715
Monster Worldwide, Inc. *		283,795		1,722,636
NTELOS Holdings Corp.		168,341		1,456,150
Tremor Video, Inc. *		58,051		156,157
Verisign, Inc. * †		54,901		3,469,194
				50,418,015
Consumer Durables—2.4%
Cooper-Standard Holding, Inc. * †		58,437		3,656,403
Dorel Industries, Inc., Class B		110,125		2,970,071
Helen of Troy Ltd. * †		37,385		3,270,814
Tenneco, Inc. * †		100,451		5,898,483
				15,795,771
Consumer Non-Durables—4.2%
Boulevard Acquisition, Corp. * †		286,900		3,230,494
Leucadia National Corp. †		234,763		5,782,213
Levy Acquisition, Corp. * † (a)		426,005		6,879,981
Levy Acquisition, Corp. *		7,106		136,009
Remy International, Inc.		71,564		1,581,569
Unilever NV †		105,721		4,514,287
Universal Corp. †		112,801		5,808,123
				27,932,676
Consumer Services—16.4%
Barnes & Noble, Inc. * †		362,030		8,514,946
Cenveo, Inc. * (a)		717,931		1,794,828
Civeo Corp.		219,973		879,892
CVS Health Corp. †		73,316		7,506,092

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

5

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued)	Portfolio of Investments

	Number of Shares		Value
Consumer Services—(continued)
Destination Maternity Corp.		193,903	$	2,130,994
Ennis, Inc. †		119,897		2,016,668
FTD Cos, Inc. * †		99,006		2,725,635
Genesco, Inc. *		38,203		2,528,657
GNC Holdings, Inc., Class A †		68,599		3,055,399
H&R Block, Inc. †		131,159		4,161,675
International Speedway Corp., Class A †		333,172		12,403,994
ITE Group PLC		582,911		1,701,657
Liberty Interactive Corp., Class A * †		120,342		3,365,966
Liberty Ventures, Series A * †		17,109		710,036
New Oriental Education & Technology Group. - Sponsored ADR * †		142,168		3,387,863
Outerwall, Inc. † (a) #		52,172		3,999,506
Overstock.com, Inc. * † (a)		199,932		4,324,529
Points International Ltd. * (a)		104,611		1,500,122
Providence Service Corp. †		58,549		2,813,865
Realogy Holdings Corp. * †		83,011		3,897,366
Scripps Networks Interactive, Inc., Class A		35,999		2,412,293
SeaWorld Entertainment, Inc. †		82,388		1,779,581
Shake Shack, Inc. *		29,375		2,432,544
Speedway Motorsports, Inc. †		145,211		3,183,025
Systemax, Inc. * †		349,873		2,921,440
Tetra Tech, Inc. †		87,420		2,286,907
Tropicana Entertainment, Inc. *		88,833		1,430,211
United Stationers, Inc. †		139,277		5,409,519
Walgreens Boots Alliance, Inc.		58,423		5,015,030
Walt Disney Co., (The) †		45,283		4,997,885
Wyndham Worldwide Corp. †		39,568		3,359,719
				108,647,844
Energy—7.9%
Apache Corp.		34,505		2,064,779
BP PLC - Sponsored ADR		1		26
Canadian Natural Resources Ltd. †		129,271		3,986,718
Dawson Geophysical Co. *		536,061		2,900,089
Exxon Mobil Corp. †		114,762		9,777,722
Gazprom OAO - Sponsored ADR		450,275		2,413,474
Grand Tierra Energy, Inc. *		276,362		801,450
Halliburton Co. †		49,596		2,251,658
Legacy Oil + Gas, Inc. *		316,444		672,444

	Number of Shares		Value
Energy—(continued)
Lukoil OAO - Sponsored ADR		33,187	$	1,584,347
National Oilwell Varco, Inc.		28,498		1,401,817
Occidental Petroleum Corp.		56,823		4,442,990
Pacific Drilling SA * (a)		205,716		771,435
Parsley Energy, Inc., Class A *		137,288		2,401,167
Phillips 66 †		57,569		4,554,859
Rice Energy, Inc. *		56,138		1,231,106
Suncor Energy, Inc.		182,986		5,348,681
TransGlobe Energy Corp. (a)		489,322		1,971,968
Valero Energy Corp.		62,604		3,708,661
				52,285,391
Finance—20.5%
ACE Ltd. †		57,787		6,153,160
AerCap Holdings NV * †		113,778		5,488,651
American International Group, Inc. †		185,857		10,893,079
Aspen Insurance Holdings Ltd. †		84,490		3,916,956
Axis Capital Holdings Ltd. †		49,062		2,700,372
Bank of America Corp. †		430,899		7,109,834
Berkshire Hathaway, Inc., Class B * †		78,655		11,247,665
Century Bancorp, Inc., Class A †		33,518		1,286,086
CIT Group, Inc. †		70,179		3,246,481
Citigroup, Inc. †		164,480		8,895,078
E-House China Holdings, Ltd.		231,089		1,284,855
Endurance Specialty Holdings Ltd. †		83,760		5,090,933
ePlus, Inc. *		24,427		1,896,757
Fairfax Financial Holdings Ltd. †		4,085		2,061,863
Flushing Financial Corp. †		88,546		1,716,021
FNFV Group *		303,555		4,662,605
JPMorgan Chase & Co. †		138,705		9,124,015
Loews Corp. †		131,152		5,261,818
Maiden Holdings Ltd. †		674,117		9,424,156
National Western Life Insurance Co., Class A †		8,710		2,133,776
New Hampshire Thrift Bancshares, Inc.		26,815		396,594
PartnerRE Ltd. †		15,118		1,986,959
PHH Corp. *		89,472		2,468,532
Renaissance Holdings Ltd. †		49,237		5,027,590
Sprott, Inc.		4,794,896		9,947,597
Steel Excel, Inc. * †		127,172		2,543,440
Validus Holdings Ltd. †		144,230		6,188,909

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

6

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued)	Portfolio of Investments

	Number of Shares		Value
Finance—(continued)
White Mountains Insurance Group Ltd. †		5,636	$	3,659,117
				135,812,899
Health Care—11.3%
Alphatec Holdings, Inc. *		1,171,944		1,582,124
Amgen, Inc. †		30,946		4,835,622
Amsurg Corp. *		21,629		1,456,497
Biolase Technology, Inc. *		551,837		938,123
DaVita HealthCare Partners, Inc. * †		95,948		8,038,523
Express Scripts Holding Co. * †		79,467		6,924,754
Fresenius Medical Care AG & Co. KGaA - ADR † (a)		183,496		7,849,959
Hologic, Inc. * †		102,513		3,666,890
Humana, Inc. †		16,087		3,453,075
Laboratory Corp. of America Holdings * †		38,886		4,586,604
LHC Group, Inc. * †		134,773		4,954,255
LifePoint Hospitals, Inc. *		21,891		1,648,173
Lion Biotechnologies Inc *		256,854		2,874,196
PharMerica Corp. * †		187,103		6,223,046
Sanofi - ADR †		80,678		3,986,300
Teva Pharmaceutical Industries Ltd. - Sponsored ADR †		104,466		6,278,407
UnitedHealth Group, Inc. †		42,826		5,148,113
				74,444,661
Real Estate Investment Trusts—1.1%
Blackstone Mortgage Trust, Inc., Class A		68,235		2,062,062
Hatteras Financial Corp. †		132,787		2,384,855
Two Harbors Investment Corp. †		247,151		2,642,044
				7,088,961
Technology—16.3%
Alpha & Omega Semiconductor Ltd. *		366,102		3,002,036
ARRIS Group, Inc. * †		289,873		9,568,708
BitGold, Inc. *		991,309		3,220,399
Box, Inc., Class A * (a)		309,588		5,461,132
CIBER, Inc. *		269,879		906,793
Clicksoftware Technologies Ltd. * †		739,228		9,299,488
Cognizant Technology Solutions Corp., Class A * †		51,689		3,345,312

	Number of Shares		Value
Technology—(continued)
Computer Task Group, Inc.		171,467	$	1,274,000
Comtech Telecommunications Corp. †		200,544		6,024,342
CSG Systems International, Inc. †		232,754		7,259,597
Dolby Laboratories, Inc. Class A		85,327		3,340,552
EMC Corp. †		153,027		4,030,731
Flextronics International Ltd. *		224,471		2,727,323
Guidance Software, Inc *		301,838		2,058,535
Houston Wire & Cable Co.		214,508		1,919,847
Ingram Micro, Inc., Class A * †		130,459		3,497,606
International Business Machines Corp. †		30,175		5,119,189
Jabil Circuit, Inc. †		119,604		2,938,670
Oracle Corp. †		86,136		3,746,055
Pegasystems, Inc. †		230,877		5,046,971
PTC, Inc. * †		53,666		2,214,796
QAD, Inc., Class A †		112,693		2,693,363
Quality Systems, Inc.		106,087		1,680,418
Rovi Corp. * †		91,179		1,528,160
Sykes Enterprises, Inc. * †		168,163		4,074,589
TeleNav, Inc. * †		380,718		3,437,884
Ubiquiti Networks, Inc. † (a)		120,146		3,820,643
Vocera Communications, Inc. *		91,341		992,877
Western Union Co., (The) †		144,063		3,162,183
				107,392,199
Transportation—0.6%
Aurizon Holdings Ltd.		322,988		1,319,406
Con-way, Inc. †		65,216		2,639,292
				3,958,698
Utilities—0.6%
AES Corp. †		308,843		4,200,265
TOTAL COMMON STOCK (Cost $607,816,923)				730,101,271
	Number of Contracts
OPTIONS PURCHASED††—0.5%
Brocade Communications Systems, Inc. Put Options Expires 01/20/17 Strike Price $10.00		1,935		638,550

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

7

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued)	Portfolio of Investments

	Number of Contracts	Value
OPTIONS PURCHASED —(continued)
Outerwall, Inc. Call Options Expires 01/15/16 Strike Price $60.00	657	$	1,268,010
Outerwall, Inc. Call Options Expires 01/15/16 Strike Price $65.00	599		934,440
VIX U.S. Call Options Expires 10/21/15 Strike Price $20.00	1,564		297,160
TOTAL OPTIONS PURCHASED (Cost $2,004,164)			3,138,160
	Number of Shares
WARRANTS—0.1%
BitGold, Inc. Exercise Price CAD 2.15 Expires 8/18/16	262,555		453,918
TOTAL WARRANTS (Cost $84,017)			453,918
SECURITIES LENDING COLLATERAL—2.5%
BlackRock Liquidity TempFund, Institutional Shares	16,953,253		16,953,253
TOTAL SECURITIES LENDING COLLATERAL (Cost $16,953,253)			16,953,253
TOTAL INVESTMENTS—113.5%
(Cost $626,858,357) **			750,646,602
SECURITIES SOLD SHORT—(90.6%)
COMMON STOCK—(90.1%)
Basic Industries—0.0%
Ethanex Energy, Inc.	(648)		0
Kennady Diamonds, Inc. *	(45,900)		(210,381	)
Tanzanian Royalty Exploration Corp. *	(171,865)		(54,464	)
			(264,845	)
Capital Goods—(6.4%)
Applied Energetics, Inc. *	(238,070)		(1,452	)
Builders FirstSource, Inc. *	(277,188)		(3,403,869	)
DXP Enterprises, Inc. *	(32,878)		(1,348,327	)
DynaMotive Energy Systems Corp. *	(72,185)		(7	)
Installed Building Products, Inc. *	(124,601)		(2,671,445	)

	Number of Shares			Value
Capital Goods —(continued)
Interface, Inc.		(139,266	)	$	(2,998,397	)
Martin Marietta Materials, Inc.		(20,103	)		(2,995,548	)
NN, Inc.		(67,775	)		(1,846,869	)
Smith & Wesson Holding Corp. *		(141,743	)		(2,085,040	)
Taser International, Inc. *		(102,025	)		(3,221,950	)
Trex Co., Inc. *		(160,062	)		(8,099,137	)
Vipshop Holdings Ltd. *		(273,392	)		(6,826,598	)
Vulcan Materials Co.		(33,148	)		(2,981,000	)
Wabash National Corp. *		(149,642	)		(2,026,153	)
Zagg, Inc. *		(225,676	)		(2,101,044	)
					(42,606,836	)
Communications—(8.0%)
1-800-FLOWERS.COM, Inc., Class A *		(482,773	)		(4,591,171	)
CTC Communications Group, Inc.		(98,900	)		0
Descartes Systems Group, Inc., (The) *		(161,332	)		(2,458,700	)
eGain Communications Corp. *		(130,924	)		(595,704	)
Equinix, Inc.		(25,362	)		(6,798,791	)
Etsy, Inc.		(419,949	)		(7,038,345	)
Grubhub, Inc. *		(138,058	)		(5,566,499	)
Interliant, Inc.		(600	)		0
LivePerson, Inc. *		(146,933	)		(1,406,149	)
Marketo, Inc. *		(59,944	)		(1,788,130	)
Meetme, Inc. *		(251,961	)		(385,500	)
MicroStrategy, Inc., Class A *		(13,424	)		(2,362,356	)
New Media Investment Group, Inc.		(92,418	)		(2,035,044	)
Rackspace Hosting, Inc. *		(113,357	)		(4,544,482	)
Rubicon Project, Inc. (The) *		(147,502	)		(2,544,410	)
Shutterstock, Inc. *		(20,509	)		(1,312,371	)
TechTarget, Inc. *		(17,043	)		(157,648	)
TrueCar, Inc. *		(116,459	)		(1,610,628	)
TubeMogul Inc. *		(188,821	)		(3,196,740	)
Twitter, Inc. *		(49,719	)		(1,823,196	)
WebMD Health Corp. *		(55,335	)		(2,539,877	)
					(52,755,741	)
Consumer Durables—(5.3%)
American Axle & Manaufacturing Holdings, Inc. *		(85,461	)		(2,145,926	)
Cavco Industries, Inc. *		(35,596	)		(2,581,778	)
GoPro, Inc., Class A *		(57,239	)		(3,174,475	)
Mobileye NV *		(189,257	)		(8,910,220	)
Motorcar Parts of America, Inc. *		(95,756	)		(2,754,900	)

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

8

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued)	Portfolio of Investments

	Number of Shares			Value
Consumer Durables —(continued)
Qsound Labs, Inc. *		(4,440	)	$	(18	)
Select Comfort Corp. *		(117,860	)		(3,671,339	)
Tesla Motors, Inc. *		(33,526	)		(8,408,321	)
Universal Electronics Inc. *		(60,176	)		(3,118,320	)
					(34,765,297	)
Consumer Non-Durables—(3.0%)
Amish Naturals, Inc.		(25,959	)		0
Coach, Inc.		(32,207	)		(1,139,162	)
Columbia Sportswear Co.		(22,694	)		(1,271,999	)
Farmer Bros Co. *		(59,962	)		(1,472,067	)
Freshpet, Inc. *		(227,567	)		(4,514,929	)
G-III Apparel Group, Ltd. *		(23,114	)		(1,314,262	)
Kate Spade & Co. *		(114,190	)		(2,829,628	)
Mead Johnson Nutrition Co.		(28,386	)		(2,761,958	)
MGP Ingredients, Inc.		(136,050	)		(2,399,922	)
Monster Beverage Corp.		(15,092	)		(1,920,910	)
Senomyx, Inc. *		(20,448	)		(115,940	)
Valence Technology, Inc.		(27,585	)		(3	)
					(19,740,780	)
Consumer Services—(13.7%)
Barrett Business Services, Inc.		(49,118	)		(1,768,739	)
BJ’s Restaurants, Inc. *		(52,100	)		(2,385,138	)
Buffalo Wild Wings, Inc. *		(21,631	)		(3,302,405	)
Chegg, Inc. *		(173,300	)		(1,318,813	)
Conn’s, Inc. *		(71,507	)		(2,645,044	)
Container Store Group, Inc. (The) *		(253,857	)		(4,660,815	)
Corporate Resource Services, Inc. *		(218,896	)		(3,605	)
Fairway Group Holdings Corp. *		(24,458	)		(110,550	)
Fresh Market, Inc., (The) *		(70,040	)		(2,223,770	)
Habit Restaurants Inc., (The) *		(45,038	)		(1,582,185	)
HealthEquity, Inc. *		(78,104	)		(2,070,537	)
HomeAway, Inc. *		(84,203	)		(2,363,578	)
inContact, Inc. *		(210,675	)		(2,047,761	)
John B. Sanfilippo & Son, Inc.		(42,059	)		(2,128,606	)
Lululemon Athletica, Inc. *		(21,871	)		(1,307,667	)
MarineMax, Inc. *		(28,935	)		(692,125	)
Mattress Firm Holding Corp. *		(26,006	)		(1,536,434	)
Medidata Solutions, Inc. *		(31,683	)		(1,837,931	)
Netflix, Inc. *		(12,934	)		(8,071,592	)
Red Robin Gourmet Burgers, Inc. *		(44,425	)		(3,704,601	)
RetailMeNot, Inc. *		(104,093	)		(2,098,515	)
Royal Caribbean Cruises Ltd.		(42,110	)		(3,199,518	)

	Number of Shares			Value
Consumer Services —(continued)
Shake Shack, Inc., Class A *		(48,853	)	$	(4,045,517	)
Sprouts Farmers Market, Inc. *		(49,863	)		(1,495,391	)
Sturm Ruger & Co., Inc.		(35,241	)		(1,893,851	)
Texas Roadhouse, Inc.		(119,192	)		(4,174,104	)
Tile Shop Holdings, Inc. *		(437,517	)		(5,455,837	)
Tuesday Morning Corp. *		(309,068	)		(3,962,252	)
Viggle, Inc. *		(61	)		(138	)
VistaPrint NV		(51,141	)		(4,209,927	)
Whitewave Foods Co., (The) *		(47,218	)		(2,267,881	)
Williams-Sonoma, Inc.		(45,831	)		(3,602,775	)
World Wrestling Entertainment, Inc., Class A		(110,553	)		(1,580,908	)
Youku Tudou, Inc. - ADR *		(73,544	)		(1,983,482	)
Zillow Group, Inc., Class A *		(54,185	)		(4,951,983	)
					(90,683,975	)
Energy—(0.5%)
Beard Co. *		(9,710	)		(12	)
Neste Oil OYJ		(137,218	)		(3,480,750	)
					(3,480,762	)
Finance—(3.0%)
Bofi Holding, Inc. *		(37,912	)		(3,569,794	)
Credit Acceptance Corp. *		(33,997	)		(7,833,589	)
LendingClub Corp. *		(308,922	)		(5,934,392	)
WisdomTree Investments, Inc.		(102,483	)		(2,189,037	)
					(19,526,812	)
Health Care—(21.0%)
AAC Holdings, Inc. *		(77,319	)		(3,004,616	)
Accelerate Diagnostics, Inc. *		(304,435	)		(6,794,989	)
Accuray, Inc. *		(281,911	)		(1,732,343	)
Air Methods Corp. *		(45,745	)		(1,928,609	)
Albany Molecular Research, Inc. *		(224,802	)		(4,529,760	)
Align Technology, Inc. *		(43,665	)		(2,649,156	)
Ani Pharmaceuticals, Inc. *		(43,582	)		(2,195,661	)
Aratana Therapeutics, Inc. *		(123,099	)		(1,670,453	)
Arena Pharmaceuticals, Inc. *		(323,449	)		(1,269,537	)
athenahealth, Inc. *		(26,772	)		(3,121,615	)
Biotime, Inc. *		(85,880	)		(401,918	)
BodyTel Scientific, Inc.		(4,840	)		0
CareView Communications, Inc. *		(207,465	)		(76,762	)
Cerner Corp. *		(18,998	)		(1,278,375	)
Concordia Healthcare Corp.		(36,734	)		(2,431,791	)
Corcept Therapeutics, Inc. *		(308,328	)		(1,886,967	)
CorMedix, Inc. *		(85,809	)		(522,577	)
DexCom, Inc. *		(33,349	)		(2,391,790	)
Endologix, Inc. *		(202,974	)		(3,387,636	)

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

9

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued)	Portfolio of Investments

	Number of Shares			Value
Health Care —(continued)
Exact Sciences Corp. *		(58,929	)	$	(1,591,672	)
Fluidigm Corp. *		(46,093	)		(1,089,639	)
GenMark Diagnostics, Inc. *		(138,738	)		(1,272,227	)
HealthStream, Inc. *		(191,611	)		(5,436,004	)
HeartWare International, Inc. *		(45,510	)		(3,357,273	)
Insulet Corp. *		(115,607	)		(3,268,210	)
Insys Therapeutics, Inc. *		(81,142	)		(4,836,063	)
Intrexon Corp. *		(102,466	)		(4,315,868	)
Intuitive Surgical, Inc. *		(6,370	)		(3,106,968	)
Ironwood Pharmaceuticals, Inc. *		(89,067	)		(1,256,735	)
Isis Pharmaceuticals, Inc. *		(33,934	)		(2,284,437	)
Keryx Biopharmaceuticals, Inc. *		(104,848	)		(1,090,419	)
KYTHERA Biopharmaceuticals, Inc. *		(43,996	)		(2,216,079	)
Lannett Co, Inc. *		(56,856	)		(3,162,899	)
Ligand Pharmaceuticals, Inc. *		(35,739	)		(3,148,963	)
Mannkind Corp. *		(252,274	)		(1,306,779	)
MiMedx Group, Inc. *		(475,021	)		(4,916,467	)
Mindray Medical International Ltd. - ADR		(65,519	)		(1,767,047	)
NanoString Technologies Inc. *		(77,495	)		(1,088,030	)
Nevro Corp. *		(75,767	)		(3,851,237	)
Novadaq Technologies, Inc. *		(165,554	)		(1,657,196	)
Novavax, Inc. *		(433,571	)		(3,902,139	)
Opko Health, Inc. *		(142,554	)		(2,520,355	)
Organovo Holdings, Inc. *		(157,351	)		(788,329	)
Osiris Therapeutics, Inc. *		(168,205	)		(3,128,613	)
OvaScience, Inc. *		(102,312	)		(3,471,446	)
PDL BioPharma, Inc.		(312,500	)		(2,087,500	)
PTC Therapeutics, Inc. *		(20,603	)		(1,196,828	)
Puma Biotechnology, Inc. *		(5,786	)		(1,130,874	)
Relypsa, Inc. *		(15,168	)		(558,031	)
Retrophin, Inc. *		(134,030	)		(4,240,709	)
Rockwell Medical, Inc. *		(123,636	)		(1,368,651	)
Sarepta Therapeutics, Inc. *		(51,445	)		(1,318,021	)
Spectranetics Corp. *		(112,406	)		(2,791,041	)
Synageva Biopharma Corp. *		(28,612	)		(6,106,087	)
TherapeuticsMD, Inc. *		(358,703	)		(2,539,617	)
Unilife Corp. *		(176,157	)		(432,465	)
Utah Medical Products, Inc.		(10,951	)		(599,348	)
Wright Medical Group, Inc. *		(131,367	)		(3,599,456	)
					(139,074,277	)
Real Estate Investment Trusts—(0.4%)
Digital Realty Trust, Inc.		(37,580	)		(2,481,783	)
					(2,481,783	)

	Number of Shares			Value
Technology—(25.1%)
3D Systems Corp. *		(166,232	)	$	(3,635,494	)
Alliance Fiber Optic Products, Inc.		(65,998	)		(1,277,721	)
Ambarella, Inc. *		(11,243	)		(1,014,231	)
ANTs Software, Inc.		(10,334	)		(1	)
Arista Networks, Inc. *		(31,149	)		(2,177,627	)
Barracuda Networks, Inc. *		(38,906	)		(1,530,562	)
Box, Inc., Class A *		(630,545	)		(11,122,814	)
Capstone Turbine Corp. *		(675,539	)		(283,726	)
Cavium, Inc. *		(93,064	)		(6,548,914	)
Ciena Corp. *		(167,583	)		(4,042,102	)
Cirrus Logic, Inc. *		(182,891	)		(6,904,135	)
Consygen, Inc.		(200	)		0
CyberArk Software Ltd. *		(53,666	)		(3,337,489	)
Demandware, Inc. *		(47,306	)		(2,946,218	)
Ellie Mae, Inc. *		(54,064	)		(3,417,926	)
Endurance International Group Holdings, Inc. *		(162,593	)		(3,305,516	)
Ener1, Inc.		(102,820	)		(10	)
Enphase Energy, Inc. *		(105,741	)		(1,001,367	)
Finisar Corp. *		(161,441	)		(3,535,558	)
FireEye, Inc. *		(83,888	)		(3,906,664	)
First Solar, Inc. *		(31,916	)		(1,586,544	)
GT Advanced Technologies, Inc. *		(198,179	)		(49,247	)
Guidewire Software, Inc. *		(123,874	)		(6,001,695	)
Himax Technologies, Inc. - ADR		(277,263	)		(1,735,666	)
Hortonworks, Inc. *		(59,462	)		(1,562,067	)
HubSpot, Inc. *		(46,316	)		(2,352,853	)
Infinera Corp. *		(256,510	)		(5,294,366	)
KLA-Tencor Corp.		(28,914	)		(1,725,009	)
M/A-COM Technology Solutions Holdings Inc. *		(85,772	)		(3,273,060	)
Micron Technology, Inc. *		(68,315	)		(1,908,038	)
Multi-Fineline Electronix, Inc. *		(82,920	)		(2,077,975	)
Neonode, Inc. *		(206,220	)		(843,440	)
Nestor, Inc.		(15,200	)		(2	)
NetSuite, Inc. *		(45,576	)		(4,257,710	)
Palo Alto Networks, Inc. *		(14,593	)		(2,473,368	)
PDF Solutions, Inc. *		(113,957	)		(1,815,335	)
Proofpoint, Inc. *		(75,805	)		(4,482,350	)
Qlik Technologies, Inc. *		(94,099	)		(3,403,561	)
SciQuest Inc. *		(124,160	)		(1,894,682	)
ServiceNow, Inc. *		(26,980	)		(2,066,938	)
Sierra Wireless, Inc. *		(135,901	)		(4,153,135	)
Skyworks Solutions, Inc.		(53,599	)		(5,861,587	)
SunEdison, Inc. *		(117,447	)		(3,519,887	)

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

10

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued)	Portfolio of Investments

	Number of Shares	Value
Technology —(continued)
Super Micro Computer, Inc. *	(81,955)	$	(2,742,214	)
Tableau Software, Inc., Class A *	(23,729)		(2,686,360	)
Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR	(73,966)		(1,795,894	)
Textura Corp. *	(99,491)		(2,896,183	)
Tiger Telematics, Inc.	(6,510)		0
Tower Semiconductor Ltd. *	(260,578)		(4,020,719	)
Uni-Pixel, Inc. *	(19,665)		(60,175	)
Universal Display Corp. *	(121,383)		(6,519,481	)
VASCO Data Security International, Inc. *	(74,382)		(1,981,536	)
Veeva Systems, Inc., Class A *	(150,706)		(4,087,147	)
VeriFone Systems, Inc. *	(54,813)		(2,092,212	)
ViaSat, Inc. *	(53,968)		(3,399,444	)
Vicor Corp. *	(208,544)		(2,842,455	)
Workday, Inc., Class A *	(52,179)		(4,117,967	)
Workiva, Inc. *	(320,379)		(4,238,614	)
WorldGate Communications, Inc.	(582,655)		(58	)
Xybernaut Corp.	(34,156)		0
			(165,807,049	)
Transportation—(2.7%)
American Railcar Industries, Inc.	(236,947)		(12,740,640	)
GATX Corp.	(29,266)		(1,630,409	)
Student Transportation, Inc.	(692,006)		(3,411,590	)
			(17,782,639	)
Utilities—(1.0%)
Clean Energy Fuels Corp. *	(36,034)		(269,895	)
Genie Energy, Ltd.	(97,231)		(1,219,277	)
SolarCity Corp. *	(83,724)		(5,033,483	)
			(6,522,655	)
TOTAL COMMON STOCK (Proceeds $516,210,836)			(595,493,451	)

	Number of Shares	Value
EXCHANGE TRADED FUND—(0.5%)
Velocityshares Daily Inverse Vix Short Term ETN *	(73,446)		(3,319,025	)
TOTAL EXCHANGE TRADED FUND (Cost $(3,360,137))			(3,319,025	)
TOTAL SECURITIES SOLD SHORT —(90.6%) (Proceeds $519,570,973)			(598,812,476	)
	Number of Contracts
OPTIONS WRITTEN ††—(0.1%)
BP PLC Put Options Expires 01/15/16 Strike Price $47.00 Expires	(1,052)	$	(733,770	)
TOTAL OPTIONS WRITTEN (Premiums received $649,513)			(733,770	)
OTHER ASSETS IN EXCESS OF LIABILITIES—77.2%			510,375,088
NET ASSETS—100.0%		$	661,475,444

ADR	—	American Depositary Receipt
PLC	—	Public Limited Company
*	—	Non-income producing.
(a)	—	All or a portion of the security is on loan. At May 31, 2015, the market value of securities on loan was $16,481,605.
†	—	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
††	—	Primary risk exposure is equity contracts.
#	—	Security segregated as collateral for options written.
**	—	The cost and unrealized appreciation and depreciation in the value of the investstments owned by the Fund, as computed on a federal income tax basis, are as follows:

Aggregate cost	$	626,858,357
Gross unrealized appreciation	$	151,883,051
Gross unrealized depreciation		(28,094,806	)
Net unrealized appreciation	$	123,788,245

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

11

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND (concluded)	Portfolio of Investments

A summary of the inputs used to value the Fund’s investments as of May 31, 2015 is as follows (see Notes to Portfolio of Investments):

	Total Value as of May 31, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stock
Basic Industries	$	66,551,972		66,551,972	$	—	$	—
Capital Goods		75,571,919		75,571,919		—		—
Communications		50,418,015		50,418,015		—		—
Consumer Durables		15,795,771		15,795,771		—		—
Consumer Non-Durables		27,932,676		27,932,676		—		—
Consumer Services		108,647,844		108,647,844		—		—
Energy		52,285,391		52,285,391		—		—
Finance		135,812,899		135,812,899		—		—
Health Care		74,444,661		74,444,661		—		—
Real Estate Investment Trusts		7,088,961		7,088,961		—		—
Technology		107,392,199		107,392,199		—		—
Transportation		3,958,698		2,639,292		1,319,406		—
Utilities		4,200,265		4,200,265
Options Purchased
Equity Contracts		3,138,160		3,138,160		—		—
Warrants		453,918		—		453,918		—
Securities Lending Collateral		16,953,253		16,953,253		—		—
Total Assets	$	750,646,602	$	748,873,278	$	1,773,324	$	—
	Total Value as of May 31, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Securities Sold Short
Basic Industries	$	(264,845)	$	(264,845)	$	—	$	—
Capital Goods		(42,606,836)		(42,606,829)		—		(7)
Communications		(52,755,741)		(52,755,741)		—		—
Consumer Durables		(34,765,297)		(34,765,279)		—		(18)
Consumer Non-Durables		(19,740,780)		(19,740,777)		—		(3)
Consumer Services		(90,683,975)		(90,683,975)		—		—
Energy		(3,480,762)		(12)		(3,480,750)		—
Finance		(19,526,812)		(19,526,812)		—		—
Health Care		(139,074,277)		(139,074,277)		—		—
Real Estate Investment Trust		(2,481,783)		(2,481,783)		—		—
Technology		(165,807,049)		(165,806,978)		(58)		(13)
Transportation		(17,782,639)		(17,782,639)		—		—
Utilities		(6,522,655)		(6,522,655)		—		—
Exchange Traded Fund		(3,319,025)		(3,319,025)		—		—
Options Written
Equity Contracts		(733,770)		(733,770)		—		—
Total Liabilities	$	(599,546,246)	$	(596,065,397)	$	(3,480,808)	$	(41)

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

12

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Portfolio of Investments

	Number of Shares	Value
LONG POSITIONS—93.6%
COMMON STOCK—93.6%
Basic Industries—6.0%
Avery Dennison Corp. †	658,111	$	40,743,652
Barrick Gold Corp.	1,415,495		16,787,771
Berry Plastics Group, Inc. * †	960,589		32,150,914
Cloud Peak Energy, Inc. *	648,665		3,742,797
Crown Holdings, Inc. * †	630,325		34,850,669
Graphic Packaging Holding Co. †	4,310,441		61,380,680
Huntsman Corp. †	923,847		20,731,127
Lintec Corp.	712,500		16,264,094
MeadWestvaco Corp.	823,340		41,611,604
Mosaic Co. (The)	722,679		33,134,832
Packaging Corp of America †	274,345		18,979,187
Smurfit Kappa Group PLC	880,645		25,931,596
Stornoway Diamond Corp. *	19,386,145		11,067,999
Valspar Corp., (The)	494,239		41,249,187
			398,626,109
Capital Goods—10.3%
Allison Transmission Holdings, Inc.	360,381		11,027,659
Boeing Co. (The)	109,407		15,373,872
Carlisle Cos, Inc. †	250,470		24,834,101
Crane Co. †	254,414		15,399,679
CRH, Inc.	854,780		23,962,344
Cubic Corp. †	313,169		14,969,478
Danaher Corp. †	452,313		39,043,658
Emerson Electric Co. †	387,706		23,382,549
General Dynamics Corp. †	235,966		33,072,995
Honeywell International, Inc. †	217,788		22,693,510
Huabao International Holdings Ltd.	9,063,000		8,719,805
Huntington Ingalls Industries, Inc. †	283,988		35,211,672
Ingersoll-Rand, Inc. †	829,313		57,040,148
Lockheed Martin Corp. †	249,478		46,951,760
Masco Corp. †	1,662,754		45,010,751
Meggitt PLC	1,627,609		12,683,248
Mitsubishi Electric Corp.	1,515,000		20,689,379
Nitto Denko Corp.	283,400		21,944,298
Northrop Grumman Corp. †	232,743		37,048,031
Parker Hannifin Corp. †	150,064		18,072,208
Raytheon Co. †	226,107		23,347,809
Safran SA	458,601		32,417,269

	Number of Shares	Value
Capital Goods—(continued)
Textron, Inc. †	692,669	$	31,322,492
Timken Co. †	391,209		15,296,272
Triumph Group, Inc. †	271,598		18,112,871
United Technologies Corp. †	194,179		22,751,953
WESCO International, Inc. *	250,955		18,033,626
			688,413,437
Communications—3.7%
Baidu, Inc. - Sponsored ADR * †	61,868		12,212,743
Comcast Corp., Class A †	782,537		45,747,113
Google, Inc., Class A * †	50,764		27,682,624
Google, Inc., Class C * †	12,344		6,568,366
Liberty Broadband Corp., Class C * †	153,689		8,219,261
Liberty Global PLC, Series C * †	1,242,559		66,787,546
NetEase, Inc. - ADR †	178,963		25,307,158
Verizon Communications, Inc.	421,007		20,814,586
Vodafone Group PLC	5,225,387		20,425,954
Yahoo!, Inc. * †	379,090		16,276,229
			250,041,580
Consumer Durables—3.3%
Alpine Electronics Inc.	724,800		15,434,198
Fuji Heavy Industries, Ltd.	449,200		16,862,931
Lear Corp. †	322,233		37,385,473
Newell Rubbermaid, Inc. †	1,016,644		40,187,937
Samsung Electronics Co. Ltd.	34,995		41,167,247
Tenneco, Inc. * †	734,537		43,132,013
Toyota Industries Corp.	287,800		17,268,868
TS Tech Co. Ltd.	423,800		12,203,093
			223,641,760
Consumer Non-Durables—3.3%
Activision Blizzard, Inc.	884,850		22,351,311
Aryzta AG	211,405		13,403,566
Britvic PLC	1,414,058		15,850,808
Bunge Ltd. †	273,383		25,304,330
Constellation Brands, Inc., Class A †	184,631		21,766,149
Global Brands Group Holding Ltd. *	33,254,000		7,455,528
Imperial Tobacco Group PLC	581,998		30,012,245
Lorillard, Inc. †	223,471		16,197,178
Ontex Group NV	545,855		16,855,595
Stock Spirits Group PLC	3,563,779		11,297,274

The accompanying notes are an integral part of the Portfolio of Investments

13

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND (continued)	Portfpolio of Investments

	Number of Shares	Value
Consumer Non-Durables—(continued)
Tyson Foods, Inc., Class A †	1,024,228	$	43,478,479
			223,972,463
Consumer Services—10.8%
Apollo Education Group, Inc. *	489,329		8,113,075
CBS Corp., Class B non-voting shares †	344,552		21,265,749
Civeo Corp.	1,075,996		4,303,984
CVS Health Corp. †	441,596		45,210,598
Equifax, Inc. †	397,020		39,833,017
Expedia, Inc. †	170,764		18,316,147
Gap, Inc., (The) †	810,081		31,050,405
H&R Block, Inc. †	1,062,405		33,710,111
Home Depot, Inc. (The) †	365,155		40,685,570
ITV PLC	9,474,178		39,429,163
Liberty Media Corp., Class A * †	254,100		9,735,842
Liberty Media Corp., Class C * †	387,645		14,715,004
Macy’s, Inc. †	592,403		39,661,381
Manpowergroup, Inc. †	456,291		38,625,033
Moody’s Corp. †	305,400		33,013,740
Omnicom Group, Inc. †	433,476		32,306,966
Outerwall, Inc. †	354,729		27,193,525
Phoenix New Media Ltd. - ADR *	1,284,537		9,094,522
ProSiebenSat.1 Media AG	418,679		20,050,362
Robert Half International, Inc. †	559,690		31,549,725
Six Flags Entertainment Corp. †	279,642		13,663,308
Starz, Class A *	303,815		12,748,077
Time, Inc. †	336,811		7,581,616
Towers Watson & Co., Class A †	321,583		44,362,375
Tribune Media Co., Class A	414,814		21,985,142
Twenty-First Century Fox, Inc.	847,975		28,491,960
Viacom, Inc., Class B †	419,518		28,057,364
WPP PLC	1,317,850		31,135,739
			725,889,500
Energy—8.7%
Anadarko Petroleum Corp. #	250,665		20,958,101
California Resources Corp.	—^		2
Canadian Natural Resources Ltd.	1,064,287		32,822,611
China Petroleum & Chemical Corp., Class H	22,816,000		20,016,703
Diamondback Energy, Inc. * #	1,020,014		79,367,289
Energen Corp. †	589,297		40,779,352
EOG Resources, Inc. #	363,541		32,242,451
EQT Corp. †	231,959		19,732,752

	Number of Shares	Value
Energy—(continued)
Exxon Mobil Corp. #	541,278	$	46,116,886
Inpex Corp.	1,413,000		17,333,402
Kosmos Energy Ltd. * †	1,498,729		13,323,701
Marathon Petroleum Corp. †	320,032		33,110,511
Occidental Petroleum Corp. †	740,814		57,924,247
Parsley Energy, Inc., Class A * †	3,485,832		60,967,202
Phillips 66 † #	643,440		50,908,973
QEP Resources, Inc. †	1,434,187		27,005,741
Rice Energy, Inc. * †	824,409		18,079,289
Viper Energy Partners LP	622,557		11,548,432
			582,237,645
Finance—19.5%
ACE Ltd. †	383,381		40,822,409
Alleghany Corp. * †	81,287		38,639,775
Allstate Corp., (The) †	686,406		46,208,852
Ally Financial, Inc. *	1,224,495		27,759,302
American International Group, Inc.	637,627		37,371,318
Aon PLC †	451,326		45,683,218
Bank of America Corp. †	1,344,653		22,186,775
BB&T Corp. †	1,342,338		52,982,081
Berkshire Hathaway, Inc., Class B * †	294,544		42,119,792
Capital One Financial Corp. †	789,914		66,005,214
Charles Schwab Corp., (The) †	652,339		20,646,529
Citigroup, Inc. †	1,204,340		65,130,707
Discover Financial Services †	945,466		55,092,304
Fifth Third Bancorp †	2,907,519		58,848,185
Goldman Sachs Group, Inc., (The)	243,007		50,105,613
Huntington Bancshares, Inc. †	1,928,362		21,462,669
Investors Bancorp, Inc.	2,060,785		24,750,028
JPMorgan Chase & Co. †	1,032,846		67,940,610
MetLife, Inc. †	352,591		18,426,406
Navient Corp. †	1,780,623		34,312,605
PNC Financial Services Group, Inc., (The) †	328,171		31,402,683
Prudential Financial, Inc. †	255,766		21,640,361
Raymond James Financial, Inc. †	364,032		21,157,540
Regions Financial Corp. †	2,216,193		22,361,387
Reinsurance Group of America, Inc. †	204,078		19,091,497
SLM Corp. *	2,548,966		26,152,391
State Street Corp. †	415,003		32,341,184
SunTrust Banks, Inc. †	495,779		21,159,848

The accompanying notes are an integral part of the Portfolio of Investments

14

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND (continued)	Portfolio of Investments

	Number of Shares	Value
Finance—(continued)
TD Ameritrade Holding Corp. †	578,203	$	21,480,241
Torchmark Corp. †	356,262		20,331,872
Travelers Cos., Inc., (The) †	280,872		28,401,777
Unum Group	315,979		11,046,626
Validus Holdings Ltd.	945,084		40,553,554
Wells Fargo & Co. †	1,164,396		65,159,600
WR Berkley Corp. †	796,181		39,012,869
XL Group PLC †	1,304,143		49,140,108
			1,306,927,930
Health Care—10.8%
AbbVie, Inc.	604,594		40,259,914
Amgen, Inc. †	254,578		39,780,358
Anthem, Inc. †	309,998		52,033,164
Cardinal Health, Inc. †	453,432		39,979,099
Celgene Corp. *	111,925		12,808,697
CIGNA Corp.	335,196		47,205,653
Express Scripts Holding Co. * †	580,145		50,553,835
Gilead Sciences, Inc. †	381,901		42,876,025
ICON PLC *	379,839		24,640,156
Johnson & Johnson †	232,458		23,278,344
Laboratory Corp. of America Holdings * †	237,525		28,016,074
McKesson Corp. †	175,010		41,517,622
Medtronic PLC †	557,980		42,585,009
Merck & Co., Inc. †	572,219		34,842,415
Novartis AG - Sponsored ADR	155,661		15,991,055
Omnicare, Inc. †	149,555		14,251,096
Pfizer, Inc. †	941,237		32,707,986
Shire PLC - ADR	81,388		21,173,088
Teva Pharmaceutical Industries Ltd. - Sponsored ADR	784,883		47,171,468
Universal Health Services, Inc., Class B †	333,669		43,236,829
Zimmer Holdings, Inc. †	269,768		30,777,831
			725,685,718
Real Estate Investment Trusts—0.7%
American Capital Agency Corp. REIT †	607,518		12,672,825
American Homes 4 Rent, Class A	645,127		10,767,170
American Residential Properties, Inc. * †	524,940		9,737,637
Boston Properties, Inc. †	77,233		10,042,607
			43,220,239

	Number of Shares	Value
Technology—15.8%
Alliance Data Systems Corp. * †	49,406	$	14,724,470
Amdocs Ltd. †	565,075		30,994,364
Apple, Inc. †	407,742		53,120,628
Arrow Electronics, Inc. * †	643,577		39,123,046
Avago Technologies Ltd. †	200,506		29,688,923
Avnet, Inc. †	747,685		32,905,617
Brocade Communications Systems, Inc.	4,270,512		52,804,881
CDW Corp. †	802,235		29,762,919
Cisco Systems, Inc. †	1,118,907		32,795,164
EMC Corp. †	1,496,305		39,412,674
Evertec, Inc. †	1,346,590		29,934,696
Fidelity National Information Services, Inc. †	464,639		29,132,865
Flextronics International Ltd. * †	4,176,730		50,747,270
Global Payments, Inc.	218,719		22,829,889
Harris Corp. †	466,441		36,951,476
Hewlett-Packard Co.	1,070,534		35,755,836
Hollysys Automation Technologies, Ltd.	515,467		13,123,790
Jabil Circuit, Inc. †	1,719,364		42,244,773
MediaTek, Inc.	2,586,000		34,791,252
Microsoft Corp. †	999,624		46,842,381
Motorola Solutions, Inc. †	358,267		21,137,753
NXP Semiconductors NV *	496,113		55,688,684
ON Semiconductor Corp. *	3,232,271		42,859,913
Oracle Corp. †	1,006,613		43,777,599
Qorvo Inc. * †	443,419		36,426,888
Seagate Technology PLC †	584,432		32,517,796
TE Connectivity Ltd. †	273,166		18,848,454
Texas Instruments, Inc. †	614,090		34,339,913
Total System Services, Inc. †	677,533		27,914,360
Western Digital Corp. †	451,400		43,948,304
			1,055,146,578
Transportation—0.4%
Delta Air Lines, Inc.	612,042		26,268,843
			26,268,843
Utilities—0.3%
AES Corp.	1,652,698		22,476,693
			22,476,693
TOTAL COMMON STOCK—93.7% (Cost $5,345,124,808)			6,272,548,495

The accompanying notes are an integral part of the Portfolio of Investments

15

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND (continued)	Portfolio of Investments

	Number of Shares	Value
WARRANTS—0.0%
Basic Industries—0.0%
Stornoway Diamond Corp. Exercise Price CAD 0.90, Expires 07/08/16 *	7,527,500	$	453,974
			453,974
TOTAL WARRANTS—0.0% (Cost $773,078)			453,974
TOTAL INVESTMENTS—93.5%
(Cost $5,345,897,886)			6,273,002,469
SECURITIES SOLD SHORT—(40.9%)
COMMON STOCK—(40.9%)
Basic Industries—(2.5%)
Air Products & Chemicals, Inc.	(101,222)		(14,855,341	)
Aptargroup, Inc.	(208,296)		(13,283,036	)
BASF SE	(57,808)		(5,363,107	)
Bemis Co., Inc.	(259,082)		(11,902,227	)
Detour Gold Corp. *	(1,162,533)		(12,423,660	)
EI Du Pont de Nemours & Co.	(234,184)		(16,629,406	)
FMC Corp.	(285,861)		(16,342,673	)
FP Corp.	(371,800)		(13,806,498	)
Goldcorp, Inc.	(731,844)		(12,997,549	)
Intrepid Potash, Inc. *	(1,048,148)		(12,179,480	)
Oji Holdings Corp.	(3,178,000)		(14,091,411	)
Scotts Miracle-Gro Co. (The), Class A	(168,128)		(10,299,521	)
Taiyo Nippon Sanso, Corp.	(718,300)		(8,850,075	)
Wausau Paper Corp.	(794,553)		(7,770,728	)
			(170,794,712	)
Capital Goods—(2.6%)
Bombardier, Inc., Class B	(4,109,665)		(8,526,002	)
Fastenal Co.	(347,833)		(14,438,548	)
GEA Group AG	(119,302)		(5,803,640	)
Metso OYJ	(495,047)		(14,283,559	)
Now, Inc. *	(559,459)		(12,934,692	)
Olin Corp.	(407,880)		(11,926,411	)
Proto Labs, Inc. *	(345,967)		(23,933,997	)
Raven Industries, Inc.	(278,572)		(5,365,297	)
Sun Hydraulics Corp.	(211,511)		(7,906,281	)
Trex Co., Inc. *	(248,916)		(12,595,150	)
USG Corp. *	(596,724)		(17,209,520	)
WW Grainger, Inc.	(81,673)		(19,628,472	)
Zardoya Otis SA	(803,262)		(10,327,330	)

	Number of Shares	Value
Capital Goods—(continued)
Zodiac Aerospace	(269,704)	$	(9,823,038	)
			(174,701,937	)
Communications—(3.2%)
CenturyLink, Inc.	(388,015)		(12,897,619	)
Cogent Communications Group, Inc.	(286,260)		(8,994,289	)
Eutelsat Communications SA	(531,713)		(18,093,179	)
Frontier Communications Corp.	(2,258,263)		(11,630,054	)
Millicom International Cellular SA - SDR	(225,698)		(18,122,985	)
Pandora Media, Inc. *	(994,080)		(18,559,474	)
Rackspace Hosting, Inc. *	(605,672)		(24,281,390	)
Shutterstock, Inc. *	(96,052)		(6,146,367	)
Sprint Corp. *	(4,023,576)		(18,709,628	)
Synchronoss Technologies, Inc. *	(440,103)		(19,382,136	)
TalkTalk Telecom Group PLC	(3,593,219)		(22,033,537	)
Telefonica SA - Sponsored ADR	(1,117,963)		(15,830,355	)
Twitter, Inc. *	(319,886)		(11,730,220	)
Yelp, Inc. *	(223,829)		(10,723,647	)
			(217,134,880	)
Consumer Durables—(1.2%)
Autoliv, Inc.	(165,411)		(20,866,598	)
Dorman Products, Inc. *	(254,495)		(11,874,737	)
Electrolux AB - Series B	(469,035)		(14,323,013	)
Leggett & Platt, Inc.	(250,334)		(11,835,792	)
Lennar Corp., Class A	(192,049)		(8,955,245	)
Tesla Motors, Inc. *	(40,731)		(10,215,335	)
			(78,070,720	)
Consumer Non-Durables—(4.2%)
B&G Foods, Inc.	(521,129)		(16,123,731	)
Boston Beer Co., Inc., (The) Class A *	(54,966)		(14,498,931	)
Campbell Soup Co.	(357,917)		(17,301,708	)
Clorox Co., (The)	(174,374)		(18,773,105	)
Colgate-Palmolive Co.	(261,341)		(17,454,965	)
Flowers Foods, Inc.	(769,595)		(17,285,104	)
Hain Celestial Group, Inc., (The) *	(275,653)		(17,440,565	)
JM Smucker Co., (The)	(147,051)		(17,432,896	)
Keurig Green Mountain, Inc.	(108,018)		(9,315,472	)
Mattel, Inc.	(625,468)		(16,143,329	)
McCormick & Co., Inc. non-voting shares	(221,829)		(17,413,577	)

The accompanying notes are an integral part of the Portfolio of Investments

16

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND (continued)	Portfolio of Investments

	Number of Shares	Value
Consumer Non-Durables—(continued)
Mondelez International, Inc., Class A	(469,958)	$	(19,545,553	)
Remy Cointreau SA	(1)		(42	)
Snyders-Lance, Inc.	(245,507)		(7,333,294	)
TreeHouse Foods, Inc. *	(190,265)		(13,571,602	)
Tsingtao Brewery Co., Ltd. Class H	(1,598,000)		(10,227,800	)
Tumi Holdings, Inc. *	(990,645)		(19,119,449	)
Under Armour, Inc., Class A *	(300,261)		(23,543,465	)
Want Want China Holdings Ltd.	(10,898,000)		(12,297,904	)
			(284,822,492	)
Consumer Services—(8.2%)
Acxiom Corp. *	(671,386)		(11,124,866	)
Aramark	(421,705)		(13,220,452	)
Avis Budget Group, Inc. *	(306,923)		(15,653,073	)
Bob Evans Farms, Inc.	(440,018)		(20,210,027	)
Buffalo Wild Wings, Inc. *	(112,227)		(17,133,696	)
Cabela’s, Inc. *	(362,959)		(18,510,909	)
CarMax, Inc. *	(340,403)		(24,182,229	)
Cheesecake Factory, Inc., (The)	(435,652)		(22,466,574	)
Chipotle Mexican Grill, Inc. *	(26,583)		(16,362,368	)
DreamWorks Animation SKG, Inc., Class A *	(699,538)		(18,852,549	)
Etsy, Inc. *	(981,222)		(16,445,281	)
Fresh Market, Inc., (The) *	(329,514)		(10,462,070	)
GrainCorp, Ltd.	(1,841,644)		(13,171,765	)
Hennes & Mauritz AB, Class B	(644,795)		(25,436,916	)
Krispy Kreme Doughnuts, Inc. *	(1,263,082)		(21,964,996	)
L Brands, Inc.	(149,791)		(12,959,917	)
Mattress Firm Holding Corp. *	(326,859)		(19,310,830	)
Medidata Solutions, Inc. *	(328,944)		(19,082,041	)
Monro Muffler Brake, Inc.	(368,564)		(21,748,962	)
Netflix, Inc. *	(16,833)		(10,504,802	)
Qunar Cayman Islands Ltd. *	(315,288)		(13,901,048	)
Restoration Hardware Holdings, Inc. *	(227,587)		(20,701,314	)
Ritchie Bros Auctioneers, Inc.	(695,935)		(19,667,123	)
Rollins, Inc.	(616,182)		(15,293,637	)
Sprouts Farmers Market, Inc. *	(465,424)		(13,958,066	)
Texas Roadhouse, Inc.	(657,198)		(23,015,074	)
Ultimate Software Group, Inc., (The) *	(103,189)		(16,694,948	)
United Natural Foods, Inc. *	(323,053)		(21,667,165	)

	Number of Shares	Value
Consumer Services—(continued)
Wendy’s Co., (The)	(2,381,248)	$	(26,765,228	)
Woolworths Ltd.	(668,988)		(14,265,824	)
Zillow Group, Inc., Class A *	(148,731)		(13,592,526	)
			(548,326,276	)
Energy—(2.7%)
Bristow Group, Inc.	(321,194)		(18,629,252	)
Cabot Oil & Gas Corp.	(581,930)		(19,762,343	)
Concho Resources, Inc. *	(153,639)		(18,482,772	)
Continental Resources, Inc. *	(416,606)		(18,980,569	)
CVR Energy, Inc.	(233,723)		(9,059,103	)
Diamond Offshore Drilling, Inc.	(514,626)		(15,613,753	)
Matador Resources Co. *	(482,282)		(13,282,046	)
Noble Energy, Inc.	(420,270)		(18,399,421	)
Oasis Petroleum, Inc. *	(618,773)		(10,506,766	)
Repsol SA	(862,370)		(16,416,144	)
Seadrill, Ltd.	(1,095,548)		(13,047,977	)
Ultra Petroleum Corp. *	(756,779)		(10,526,796	)
			(182,706,942	)
Finance—(4.8%)
Aberdeen Asset Management PLC	(2,114,451)		(14,458,300	)
Astoria Financial Corp.	(974,638)		(12,777,504	)
Banco de Sabadell SA	(4,357,998)		(11,028,832	)
BancorpSouth, Inc.	(592,587)		(14,334,680	)
Bank of Hawaii Corp.	(179,496)		(11,266,964	)
Commonwealth Bank of Australia	(143,429)		(9,294,036	)
Community Bank System, Inc.	(402,691)		(14,219,019	)
CVB Financial Corp.	(858,563)		(14,080,433	)
Eaton Vance Corp.	(435,192)		(17,668,795	)
Financial Engines, Inc.	(365,844)		(15,694,708	)
First Financial Bankshares, Inc.	(357,674)		(10,776,718	)
Glacier Bancorp, Inc.	(450,088)		(12,665,476	)
HDFC Bank Ltd. - ADR	(161,870)		(9,650,689	)
Home Bancshares, Inc.	(407,990)		(13,916,539	)
LPL Financial Holdings, Inc.	(423,696)		(18,066,397	)
Mobile Mini, Inc.	(329,789)		(13,086,028	)
New York Community Bancorp, Inc.	(1,097,182)		(19,464,009	)
PacWest Bancorp	(254,419)		(11,420,869	)
Trustmark Corp.	(546,882)		(13,043,136	)
UMB Financial Corp.	(207,890)		(10,766,623	)
United Bankshares, Inc.	(582,705)		(22,061,211	)
Valley National Bancorp	(1,117,890)		(10,932,964	)

The accompanying notes are an integral part of the Portfolio of Investments

17

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND (continued)	Portfolio of Investments

	Number of Shares	Value
Finance—(continued)
Westamerica Bancorporation	(400,094)	$	(18,308,301	)
			(318,982,231	)
Health Care—(2.2%)
Agilent Technologies, Inc.	(495,613)		(20,414,299	)
athenahealth, Inc. *	(169,496)		(19,763,234	)
Carl Zeiss Meditec AG	(564,543)		(13,791,642	)
Cerner Corp. *	(261,976)		(17,628,365	)
Elekta AB, B Shares	(1,520,521)		(10,708,648	)
Health Net, Inc. *	(310,598)		(19,331,620	)
Henry Schein, Inc. *	(87,034)		(12,330,107	)
Sirona Dental Systems, Inc. *	(132,023)		(13,033,311	)
West Pharmaceutical Services, Inc.	(427,574)		(23,148,856	)
			(150,150,082	)
Real Estate Investment Trusts—(1.9%)
Equinix, Inc.	(97,800)		(26,217,162	)
HCP, Inc.	(509,231)		(19,717,424	)
Health Care REIT, Inc.	(241,527)		(16,969,687	)
Iron Mountain Inc.	—^		(1	)
Omega Healthcare Investors, Inc.	(304,298)		(10,963,857	)
Plum Creek Timber Co., Inc.	(401,847)		(16,580,207	)
Realty Income Corp.	(440,218)		(20,060,734	)
Rouse Properties, Inc.	(841,436)		(14,531,600	)
			(125,040,672	)
Technology—(5.5%)
3D Systems Corp. *	(373,291)		(8,163,874	)
Arista Networks, Inc. *	(218,202)		(15,254,502	)
Aspen Technology, Inc. *	(308,582)		(13,207,310	)
Blackbaud, Inc.	(719,904)		(36,902,279	)
Cirrus Logic, Inc. *	(250,933)		(9,472,721	)
Dassault Systemes SA	(294,994)		(23,018,365	)
Finisar Corp. *	(766,188)		(16,779,517	)
Infosys Technologies Ltd. - Sponsored ADR	(716,105)		(22,822,266	)
Itron, Inc. *	(542,100)		(19,455,969	)
LG Display Co., Ltd.	(1,424,324)		(18,815,320	)
National Instruments Corp.	(754,107)		(22,555,340	)
NetSuite, Inc. *	(191,971)		(17,933,931	)
Proofpoint, Inc. *	(251,282)		(14,858,305	)
Trimble Navigation Ltd. *	(647,589)		(15,179,486	)
Tyler Technologies, Inc. *	(164,720)		(20,010,186	)

	Number of Shares	Value
Technology—(continued)
Unisys, Corp. *	(607,129)	$	(12,470,430	)
VeriFone Systems, Inc. *	(791,693)		(30,218,922	)
ViaSat, Inc. *	(246,812)		(15,546,688	)
VMware, Inc., Class A *	(38,812)		(3,389,064	)
VTech Holdings Ltd.	(754,500)		(9,933,137	)
Wipro Ltd. - ADR	(1,677,418)		(20,246,435	)
			(366,234,047	)
Transportation—(1.5%)
Canadian Pacific Railway Ltd.	(52,586)		(8,661,440	)
Heartland Express, Inc.	(442,673)		(9,406,801	)
J.B. Hunt Transport Services, Inc.	(215,903)		(18,140,170	)
Keikyu Corp.	(1,269,220)		(9,740,903	)
Kintetsu Group Holdings, Co., Ltd.	(809,000)		(2,699,079	)
Knight Transportation, Inc.	(319,274)		(9,131,236	)
Norwegian Air Shuttle ASA *	(293,998)		(11,426,856	)
Old Dominion Freight Line, Inc. *	(144,572)		(9,832,342	)
Panalpina Welttransport Holding AG, Registered Shares	(79,467)		(10,832,896	)
Ryder System, Inc.	(108,135)		(9,910,573	)
			(99,782,296	)
Utilities—(0.4%)
Ormat Technologies, Inc.	(249,830)		(9,268,693	)
Spectra Energy Corp.	(439,121)		(15,443,886	)
			(24,712,579	)
TOTAL COMMON STOCK (Proceeds $2,682,643,634)			(2,741,459,866	)
TOTAL SECURITIES SOLD SHORT —(41.5%) (Proceeds $2,682,643,634)			(2,741,459,866	)
	Number of Contracts
OPTIONS WRITTEN ††—(0.1%)
Anadarko Petroleum Corp. Call Options Expires 08/21/15 Strike Price $85.00	(2,500)		(987,500	)
Diamondback Energy Inc. Call Options Expires 06/19/15 Strike Price $70.00	(3,961)		(3,366,850	)

The accompanying notes are an integral part of the Portfolio of Investments

18

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND (continued)	Portfolio of Investments

	Number of Contracts	Value
OPTIONS WRITTEN—(CONTINUED)
Diamondback Energy Inc. Call Options Expires 06/19/15 Strike Price $85.00	(746)	$	(35,435	)
EOG Resources Call Options Expires 07/17/15 Strike Price $92.50	(914)		(141,670	)
Exxon Mobil Corp. Call Options Expires 07/17/15 Strike Price $87.50	(5,200)		(426,400	)
Phillips 66 Call Options Expires 01/15/16 Strike Price $82.50	(4,500)		(1,890,000	)
TOTAL OPTIONS WRITTEN (Premiums received $7,475,390)			(6,847,855	)
OTHER ASSETS IN EXCESS OF LIABILITIES—47.4%			3,172,681,915
NET ASSETS—100.0%		$	6,697,376,663

ADR	—	American Depositary Receipt
LP	—	Limited Partnership
NVDR	—	Non-Voting Depository Receipt
PCL	—	Public Company Limited
PLC	—	Public Limited Company
REIT	—	Real Estate Investment Trust
SDR	—	Swedish 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.
^	—	Amount is less than 0.5 shares.
**	—	The cost and unrealized appreciation and depreciation in the value of the investstments owned by the Fund, as computed on a federal income tax basis, are as follows:

Aggregate cost	$	5,345,897,886
Gross unrealized appreciation	$	1,010,887,831
Gross unrealized depreciation		(83,783,248	)
Net unrealized appreciation	$	927,104,583

The accompanying notes are an integral part of the Portfolio of Investments

19

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND (continued)	Portfolio of Investments

Contracts For Difference held by the Fund at May 31, 2015, are as follows:

Reference Company	Counterparty	Number of Contracts (Short)			Notional Amount		Unrealized Appreciation
Semiconductor Manufacturing International, Corp.	Goldman Sachs		(338,540,000	)	$	36,328,396	$	(2,256,244	)

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

20

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (UNAUDITED)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND (concluded)	Portfolio of Investments

A summary of the inputs used to value the Fund’s investments as of May 31, 2015 is as follows (see Notes to Portfolio of Investments):

	Total Value as of May 31, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stock
Basic Industries	$	398,626,109	$	356,430,419	$	42,195,690	$	—
Capital Goods		688,413,437		561,282,701		127,130,736		—
Communications		250,041,580		229,615,626		20,425,954		—
Consumer Durables		223,641,760		153,408,489		70,233,271		—
Consumer Non-Durables		223,972,463		103,108,774		120,863,689		—
Consumer Services		725,889,500		635,274,236		90,615,264		—
Energy		582,237,645		544,887,540		37,350,105		—
Finance		1,306,927,930		1,306,927,930		—		—
Health Care		725,685,718		725,685,718		—		—
Real Estate Investment Trusts		43,220,239		43,220,239		—		—
Technology		1,055,146,578		1,020,355,326		34,791,252		—
Transportation		26,268,843		26,268,843		—		—
Utilities		22,476,693		22,476,693		—		—
Warrants		453,974		453,974		—		—
Total Assets	$	6,273,002,469	$	5,729,396,508	$	543,605,961	$	—
	Total Value as of May 31, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Securities Sold Short
Basic Industries	$	(170,794,712)	$	(128,683,621)	$	(42,111,091)	$	—
Capital Goods		(174,701,937)		(134,464,370)		(40,237,567)		—
Communications		(217,134,880)		(158,885,179)		(58,249,701)		—
Consumer Durables		(78,070,720)		(63,747,707)		(14,323,013)		—
Consumer Non-Durables		(284,822,492)		(249,124,981)		(35,697,511)		—
Consumer Services		(548,326,276)		(508,623,536)		(39,702,740)		—
Energy		(182,706,942)		(166,290,798)		(16,416,144)		—
Finance		(318,982,231)		(284,201,063)		(34,781,168)		—
Health Care		(150,150,082)		(136,358,440)		(13,791,642)		—
Real Estate Investment Trusts		(125,040,672)		(125,040,672)		—		—
Technology		(366,234,047)		(333,282,545)		(32,951,502)		—
Transportation		(99,782,296)		(67,781,641)		(32,000,655)		—
Utilities		(24,712,579)		(24,712,579)		—		—
Options Written
Equity Contracts		(6,847,855)		(3,481,005)		(3,366,850)		—
Contracts for difference		(2,256,244)		—		(2,256,244)		—
Total Liabilities	$	(2,750,563,965)	$	(2,384,678,137)	$	(365,885,828)	$	—

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

21

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS ALL-CAP VALUE FUND	Portfolio of Investments

	Number of Shares		Value
RIGHTS—0.0%
Technology—0.0%
CVR Banctec, Inc. Escrow Shares * ‡		14,327	$	0
TOTAL RIGHTS (Cost $0)				0
COMMON STOCK—96.8%
Basic Industries—1.8%
Avery Dennison Corp.		59,815		3,703,147
Graphic Packaging Holding Co.		301,420		4,292,221
Huntsman Corp.		112,950		2,534,598
International Paper Co.		55,270		2,864,644
Mosaic Co. (The)		113,883		5,221,535
				18,616,145
Capital Goods—8.1%
Cubic Corp.		34,110		1,630,458
Emerson Electric Co.		71,975		4,340,812
Fluor Corp.		53,463		3,005,690
General Electric Co.		813,660		22,188,508
Huntington Ingalls Industries, Inc.		25,080		3,109,669
Masco Corp.		122,280		3,310,120
Oshkosh Corp.		66,420		3,331,627
Parker Hannifin Corp.		71,772		8,643,502
Raytheon Co.		56,650		5,849,679
Stanley Black & Decker, Inc.		33,630		3,445,057
Terex Corp.		118,525		2,931,123
Textron, Inc.		71,780		3,245,892
Timken Co.		104,975		4,104,522
United Technologies Corp.		86,045		10,081,893
WESCO International, Inc. *		102,085		7,335,828
				86,554,380
Communications—2.6%
DIRECTV *		136,170		12,396,917
Google, Inc., Class A * #		9,560		5,213,259
NetEase, Inc. - ADR		71,290		10,081,119
				27,691,295
Consumer Durables—2.3%
Brunswick Corp.		55,640		2,839,866
Harley-Davidson, Inc.		77,205		4,129,695
Lear Corp.		78,548		9,113,139
Newell Rubbermaid, Inc.		83,145		3,286,722
Thor Industries, Inc.		88,635		5,414,712
				24,784,134
Consumer Non-Durables—5.1%
Activision Blizzard, Inc.		698,700		17,649,162
Bunge Ltd.		34,720		3,213,683

	Number of Shares		Value
Consumer Non-Durables—(continued)
Electronic Arts, Inc. *		176,868	$	11,099,351
Lorillard, Inc.		188,010		13,626,965
PepsiCo, Inc.		89,390		8,619,878
				54,209,039
Consumer Services—8.1%
AutoZone, Inc. *		5,060		3,408,517
Bed Bath & Beyond, Inc. *		73,500		5,242,020
CVS Health Corp.		70,855		7,254,135
eBay, Inc. *		187,800		11,523,408
Equifax, Inc.		38,885		3,901,332
H&R Block, Inc.		159,410		5,058,079
Kohl’s Corp.		217,006		14,211,723
Korn/Ferry International *		91,111		2,923,752
Macy’s, Inc.		140,915		9,434,259
Manpowergroup, Inc.		76,035		6,436,363
Omnicom Group, Inc. (a)		132,050		9,841,687
Sportsman’s Warehouse Holdings, Inc. *		251,305		2,435,145
Viacom, Inc., Class B		71,730		4,797,302
				86,467,722
Energy—7.0%
Anadarko Petroleum Corp.		60,195		5,032,904
Canadian Natural Resources Ltd. (a)		197,720		6,097,685
Energen Corp.		116,625		8,070,450
EOG Resources, Inc.		31,605		2,803,047
EQT Corp.		45,570		3,876,640
Exxon Mobil Corp.		115,845		9,869,994
Marathon Petroleum Corp.		30,974		3,204,570
Occidental Petroleum Corp.		159,610		12,479,906
Parsley Energy, Inc., Class A * (a)		84,205		1,472,745
Phillips 66		155,440		12,298,413
QEP Resources, Inc.		148,800		2,801,904
Rice Energy, Inc. *		146,885		3,221,188
Western Refining, Inc.		73,485		3,231,870
				74,461,316
Finance—24.8%
ACE Ltd.		86,060		9,163,669
Alleghany Corp. *		16,657		7,917,905
Allstate Corp., (The)		83,675		5,633,001
American International Group, Inc.		185,940		10,897,943
Aon PLC		53,770		5,442,599
BB&T Corp.		324,645		12,813,738
Capital One Financial Corp.		256,240		21,411,414
Citigroup, Inc.		401,172		21,695,382

The accompanying notes are an integral part of these financial statements.

22

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS ALL-CAP VALUE FUND (continued)	Portfolio of Investments

	Number of Shares		Value
Finance—(continued)
FCB Financial Holdings, Inc., Class A *		52,526	$	1,511,173
FCB Financial Holdings, Inc., Class B *		12,734		366,357
Fifth Third Bancorp		819,120		16,578,989
Goldman Sachs Group, Inc., (The)		53,830		11,099,208
JPMorgan Chase & Co.		517,095		34,014,509
Loews Corp.		218,889		8,781,827
MetLife, Inc.		157,815		8,247,412
Navient Corp.		256,145		4,935,914
OneBeacon Insurance Group Ltd.		198,065		2,852,136
Peoples Choice Financial Corp. 144A * ‡		1,465		0
Prudential Financial, Inc.		128,660		10,885,923
Raymond James Financial, Inc.		137,620		7,998,474
SLM Corp.		256,140		2,627,996
Solar Cayman Ltd. 144A * ‡		19,375		0
State Street Corp.		121,810		9,492,653
Torchmark Corp.		88,097		5,027,696
Travelers Cos., Inc., (The)		102,800		10,395,136
Validus Holdings Ltd.		173,569		7,447,846
Wells Fargo & Co.		93,015		5,205,119
White Mountains Insurance Group Ltd.		15,650		10,160,606
WR Berkley Corp.		167,975		8,230,775
XL Group PLC		83,945		3,163,048
				263,998,448
Health Care—18.0%
AbbVie, Inc.		98,125		6,534,144
Allscripts Healthcare Solutions, Inc. *		190,315		2,677,732
Amgen, Inc.		122,555		19,150,444
Anthem, Inc.		42,755		7,176,427
Boston Scientific Corp. *		225,345		4,117,053
Cardinal Health, Inc.		92,965		8,196,724
Express Scripts Holding Co. *		122,175		10,646,330
Gilead Sciences, Inc. *		129,225		14,508,091
Johnson & Johnson		183,035		18,329,125
McKesson Corp.		25,180		5,973,451
Medtronic PLC		251,825		19,219,299
Merck & Co., Inc.		297,360		18,106,250
Novartis AG - Sponsored ADR (a)		166,295		17,083,485
Pfizer, Inc.		297,521		10,338,855
Shire PLC - ADR		29,310		7,624,997

	Number of Shares	Value
Health Care—(continued)
St. Jude Medical, Inc.	76,665	$	5,654,044
Teva Pharmaceutical Industries Ltd. - Sponsored ADR	148,525		8,926,353
UnitedHealth Group, Inc.	57,320		6,890,437
			191,153,241
Real Estate Investment Trusts—0.0%
TMST, Inc. ‡	191,097		0
Technology—19.0%
Amdocs Ltd.	100,490		5,511,877
Arrow Electronics, Inc. *	129,702		7,884,585
Avnet, Inc.	160,257		7,052,911
Brocade Communications Systems, Inc.	709,395		8,771,669
Cisco Systems, Inc.	621,735		18,223,053
Computer Sciences Corp.	77,245		5,299,007
EMC Corp.	736,625		19,402,703
Fidelity National Information Services, Inc.	132,480		8,306,496
Flextronics International Ltd. *	832,366		10,113,247
Global Payments, Inc.	49,555		5,172,551
Hewlett-Packard Co.	473,555		15,816,737
II-VI, Inc. *	94,250		1,759,648
Jabil Circuit, Inc.	248,400		6,103,188
Microsemi Corp. *	195,130		7,100,781
Microsoft Corp.	352,440		16,515,338
ON Semiconductor Corp. *	633,315		8,397,757
Oracle Corp.	418,990		18,221,875
Seagate Technology PLC	51,245		2,851,272
Symantec Corp.	204,260		5,029,902
TE Connectivity Ltd.	140,800		9,715,200
Total System Services, Inc.	176,785		7,283,542
Vishay Intertechnology, Inc.	183,630		2,390,863
Western Digital Corp.	60,825		5,921,922
			202,846,124
TOTAL COMMON STOCK (Cost $795,481,855)			1,030,781,844
SECURITIES LENDING COLLATERAL—1.2%
BlackRock Liquidity TempFund, Institutional Shares	12,501,413		12,501,413
TOTAL SECURITIES LENDING COLLATERAL (Cost $12,501,413)			12,501,413
TOTAL INVESTMENTS—97.9%
(Cost $807,983,268) **		$	1,043,283,257

The accompanying notes are an integral part of these financial statements.

23

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS ALL-CAP VALUE FUND (continued)	Portfolio of Investments

	Number of Contracts			Value
OPTIONS WRITTEN †† —(0.1%)
Google, Inc. Call Options Expires 01/15/2016 Strike Price $500.00		(93	)	$	(600,780	)
TOTAL OPTIONS WRITTEN (Premiums received $(546,688)					(600,780	)
OTHER ASSETS IN EXCESS OF LIABILITIES—2.1%					22,450,940
NET ASSETS—100.0%				$	1,065,133,417

ADR	—	American Depositary Receipt
PLC	—	Public Limited Company
144A	—	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of May 31, 2015, these securities amounted to $0 or 0.0% of net assets. These Rule 144A securities have not been deemed illiquid.
*	—	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 May 31, 2015, these securities amounted to $0 or 0.0% of net assets.
#	—	Security segregated as collateral for options written.
(a)	—	All or a portion of the security is on loan. At May 31, 2015, the market value of securities on loan was $12,116,418.
††	—	Primary risk exposure is equity contracts.
**	—	The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a federal income tax basis, are as follows:

Aggregate Cost	$	807,983,268
Gross unrealized appreciation	$	244,997,385
Gross unrealized depreciation		(9,697,396	)
Net unrealized appreciation	$	235,299,989

The accompanying notes are an integral part of these financial statements.

24

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS ALL-CAP VALUE FUND (concluded)	Portfolio of Investments

A summary of the inputs used to value the Fund’s investments as of May 31, 2015 is as follows (see Notes to Portfolio of Investments):

	Total Value as of May 31, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stock
Basic Industries	$	18,616,145	$	18,616,145	$	—	$	—
Capital Goods		86,554,380		86,554,380		—		—
Communications		27,691,295		27,691,295		—		—
Consumer Durables		24,784,134		24,784,134		—		—
Consumer Non-Durables		54,209,039		54,209,039		—		—
Consumer Services		86,467,722		86,467,722		—		—
Energy		74,461,316		74,461,316		—		—
Finance		263,998,448		262,120,918		1,877,530		—
Health Care		191,153,241		191,153,241		—		—
Real Estate Investment Trusts		—		—		—		—
Technology		202,846,124		202,846,124		—		—
Rights		—		—		—		—
Securities Lending Collateral		12,501,413		12,501,413		—		—
Total Assets	$	1,043,283,257	$	1,041,405,727	$	1,877,530	$	—
	Total Value as of May 31, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Options Written
Equity Contracts	$	(600,780)	$	(600,780)	$	—	$	—
Total Liabilities	$	(600,780)	$	(600,780)	$	—	$	—

The accompanying notes are an integral part of the financial statements.

25

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
WPG PARTNERS SMALL/MICRO CAP VALUE FUND	PORTFOLIO OF INVESTMENTS

	Number of Shares		Value
COMMON STOCK—99.0%
Basic Industries—1.4%
GrafTech International Ltd. *		70,200	$	355,914
Novagold Resources, Inc. *(a)		49,400		202,046
				557,960
Capital Goods—12.0%
Aegion Corp. *		14,400		256,608
Carpenter Technology Corp.		6,800		277,712
FreightCar America, Inc.		29,000		650,180
Global Power Equipment Group, Inc.		30,100		225,148
Great Lakes Dredge & Dock Corp. *		148,400		825,104
KBR, Inc.		18,500		354,275
Landec Corp. *		37,400		534,446
LSB Industries, Inc. *		4,700		199,891
MYR Group, Inc. *		4,700		139,120
Orion Marine Group, Inc. *		29,800		223,798
Primoris Services Corp.		20,900		392,293
Tutor Perini Corp. *		36,600		767,136
				4,845,711
Consumer Durables—1.7%
Libbey, Inc.		15,300		604,350
Remy International, Inc.		1		15
TRI Pointe Homes, Inc. *		7,200		103,824
				708,189
Consumer Non-Durables—3.3%
Callaway Golf Co.		18,100		170,864
Crocs, Inc. *		23,900		359,456
Matthews International Corp., Class A		10,800		536,220
Universal Corp.		4,900		252,301
				1,318,841
Consumer Services—9.5%
Bravo Brio Restaurant Group, Inc. *		14,600		195,640
Carmike Cinemas, Inc. *		12,500		347,875
Destination XL Group, Inc. *		16,900		81,965
FTI Consulting, Inc. *		9,900		389,070
ICF International, Inc. *		5,900		211,102
K12, Inc. *		21,600		295,704

	Number of Shares		Value
Consumer Services—(continued)
KAR Auction Services, Inc.		2,700	$	100,602
Landauer, Inc.		1,000		34,080
MDC Partners, Inc., Class A (a)		34,900		739,880
Noodles & Co. *(a)		12,600		182,952
Pitney Bowes, Inc.		18,100		395,485
PRGX Global, Inc. *		1,600		6,800
Shoe Carnival, Inc.		3,900		107,796
Titan Machinery, Inc. *(a)		16,200		257,418
Vitamin Shoppe, Inc. *		12,100		480,370
				3,826,739
Energy—5.3%
Approach Resources, Inc. *(a)		86,200		604,262
Bill Barrett Corp. *		77,900		687,857
Gulfport Energy Corp. *		6,700		289,172
Pacific Ethanol, Inc. *(a)		16,900		194,519
TETRA Technologies, Inc. *		56,400		354,756
				2,130,566
Finance—28.9%
Central Pacific Financial Corp.		31,600		740,072
CNO Financial Group, Inc.		29,200		525,600
Customers Bancorp Inc. *		29,100		730,410
Employers Holdings, Inc.		28,000		633,360
Equity Commonwealth *		21,500		553,625
FBR & Co. *		18,295		387,305
Fidelity & Guaranty Life		27,500		603,900
FNFV Group *		24,700		379,392
Gramercy Property Trust, Inc.		20,150		536,192
Hanover Insurance Group, Inc., (The)		4,000		284,720
Investors Bancorp, Inc.		53,600		643,736
Kemper Corp.		16,800		601,272
Kennedy-Wilson Holdings, Inc.		23,400		598,338
Maiden Holdings Ltd.		50,400		704,592
Meridian Bancorp, Inc. *		35,800		459,672
Nelnet, Inc., Class A		5,500		226,105
Northfield Bancorp, Inc.		34,032		498,229
Popular Inc. *		25,800		838,242
State Bank Financial Corp.		33,600		688,128
THL Credit, Inc.		13,000		163,280
United Community Banks, Inc.		30,100		576,415

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

26

BOSTON PARTNERS INVESTMEN FUNDS	MAY 31, 2015 (unaudited)
WPG PARTNERS SMALL/MICRO CAP VALUE FUND (continued)	PORTFOLIO OF INVESTMENTS

	Number of Shares	Value
Finance—(continued)
Yadkin Financial Corp. *	14,500	$	286,375
			11,658,960
Health Care—3.7%
Accuray, Inc. *(a)	107,800		662,431
Alere, Inc. *	3,300		170,214
Symmetry Surgical, Inc. *	5,500		48,565
Trinity Biotech PLC - Sponsored ADR	36,300		627,990
			1,509,200
Mining & Metals—0.0%
Westmoreland Coal Co. *	100		2,579
Real Estate Investment Trusts—10.8%
CatchMark Timber Trust, Inc., Class A	48,700		579,530
Cedar Realty Trust, Inc.	73,200		494,100
FelCor Lodging Trust, Inc.	48,300		518,742
Geo Group, Inc., (The)	24,700		936,871
Hatteras Financial Corp.	10,500		188,580
Highwoods Properties, Inc.	11,800		495,010
Rouse Properties, Inc. (a)	23,600		407,572
Starwood Property Trust, Inc.	8,400		200,676
Two Harbors Investment Corp.	19,800		211,662
Winthrop Realty Trust	18,400		308,016
			4,340,759
Retail—0.3%
Fred’s, Inc.	6,200		108,624
Technology—10.9%
Applied Micro Circuits Corp. *	40,200		256,878
CIBER, Inc. *	99,300		333,648
Computer Task Group, Inc.	13,800		102,534
Digi International, Inc. *	35,100		349,596
Diodes, Inc. *	6,900		182,712
Dot Hill Systems Corp. *	44,200		311,168
Exar Corp. *	72,300		785,178
Extreme Networks, Inc. *	58,700		159,077
Finisar Corp. *	8,500		186,150
Generac Holdings, Inc. *(a)	11,700		488,826
Plantronics, Inc.	7,300		402,741
Polycom, Inc. *	16,400		220,908
QAD, Inc., Class A	2,100		50,190

	Number of Shares	Value
Technology—(continued)
Ultratech, Inc. *	12,300	$	245,262
Xcerra Corp. *	44,200		341,224
			4,416,092
Transportation—6.7%
Air Transport Services Group, Inc. *	27,800		292,456
Celadon Group, Inc.	12,800		298,496
DHT Holding, Inc.	28,100		221,709
Navigator Holdings Ltd. *	17,300		322,818
Rand Logistics, Inc. *	27,200		92,480
Scorpio Bulkers, Inc. *	26,900		63,753
Scorpio Tankers, Inc.	93,100		849,072
StealthGas, Inc. *	42,300		289,332
Werner Enterprises, Inc. (a)	9,400		258,688
			2,688,804
Utilities—4.5%
Cadiz, Inc. *(a)	34,500		297,045
Chesapeake Utilities Corp.	6,800		357,884
Empire District Electric Co. (The)	8,600		200,724
Piedmont Natural Gas Co., Inc.	8,600		320,694
Portland General Electric Co.	7,600		265,696
UIL Holdings Corp.	7,100		359,899
			1,801,942
TOTAL COMMON STOCK (Cost $34,155,274)			39,914,966
SECURITIES LENDING COLLATERAL—8.3%
BlackRock Liquidity TempFund, Institutional Shares	3,338,827		3,338,827
TOTAL SECURITIES LENDING COLLATERAL (Cost $3,338,827)			3,338,827
TOTAL INVESTMENTS—107.3% (Cost $37,494,101) **			43,253,793
LIABILITIES IN EXCESS OF OTHER ASSETS—(7.3)%			(2,941,616	)
NET ASSETS—100.0%		$	40,312,177

ADR	— American Depositary Receipt
PLC	— Public Limited Company
*	— Non-income Producing
(a)	— All or a portion of the security is on loan. At May 31, 2015 the market value of the securities on loan was $3,218,152.

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

27

BOSTON PARTNERS INVESTMEN FUNDS	MAY 31, 2015 (unaudited)
WPG PARTNERS SMALL/MICRO CAP VALUE FUND (concluded)	PORTFOLIO OF INVESTMENTS

** — The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a Federal income tax basis, are as follows:

Aggregate Cost	$	37,494,101
Gross unrealized appreciation	$	7,167,037
Gross unrealized depreciation		(1,407,345	)
Net unrealized appreciation	$	5,759,692

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

28

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (Unaudited)
WPG PARTNERS SMALL/MICRO CAP VALUE FUND (concluded)	Portfolio of Investments

A summary of the inputs used to value the Fund’s investments as of May 31, 2015 is as follows (see Notes to Portfolio of Investments):

	Total Value as of May 31, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stock *	$	39,914,966	$	39,914,966	$	—	$	—
Securities Lending Collateral		3,338,827		3,338,827		—		—
Total Assets	$	43,253,793	$	43,253,793	$	—	$	—

* See Portfolio of Investments detail for industry and security type breakout.

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

29

BOSTON PARTNERS INVESTMENTS FUNDS	May 31, 2015 (unaudited)
BOSTON PARTNERS GLOBAL EQUITY FUND	Portfolio Holdings Summary

The following table represents a summary by sector of the portfolio holdings of the Fund:

	% of Net Assets			Value
COMMON STOCK
Consumer Discretionary		17.1	%	$	14,096,918
Finance		15.6			12,920,984
Industrial		12.9			10,683,127
Information Technology		12.6			10,426,100
Health Care		12.0			9,909,768
Materials		9.7			8,008,708
Energy		7.8			6,427,193
Consumer Staples		5.3			4,399,097
Telecommunication Services		3.9			3,208,020
OTHER ASSETS IN EXCESS OF LIABILITIES		3.1			2,609,939
NET ASSETS		100.0	%	$	82,689,854

Portfolio holdings are subject to change at any time.

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

30

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS GLOBAL EQUITY FUND	PORTFOLIO OF INVESTMENTS

	Number of Shares		Value
COMMON STOCK—96.9%
Australia—0.4%
Australia & New Zealand Banking Group Ltd.		14,230	$	359,674
Bermuda—0.5%
Validus Holdings Ltd.		9,430		404,641
Canada—1.4%
Barrick Gold Corp.		25,330		300,414
Canadian Natural Resources Ltd.		12,920		398,669
HudBay Minerals Inc		50,400		450,666
				1,149,749
China—2.8%
China Petroleum & Chemical Corp., Class H		896,000		786,070
China Telecom Corp., Ltd., Class H		568,000		384,763
Shenzhou International Group Holdings Ltd.		126,000		622,391
Sinopharm Group Co. Ltd., Class H		102,000		485,634
				2,278,858
France—5.3%
Bollore		73,275		417,840
Cap Gemini SA		9,420		816,634
Havas SA		114,500		938,133
Safran SA		19,635		1,387,945
Teleperformance SA		10,620		782,183
				4,342,735
Germany—4.4%
Allianz SE, Registered Shares		2,375		373,388
Aurelius AG		25,540		1,259,588
Fresenius SE & Co. KGaA		10,065		642,054
KION Group AG		9,450		450,375
NORMA Group AG		16,683		895,690
				3,621,095
Hong Kong—3.4%
Cheung Kong Property Holdings Ltd. *		56,000		329,197
China Mobile Ltd.		61,500		809,196
CK Hutchison Holdings Ltd.		56,000		873,157

	Number of Shares		Value
Hong Kong—(continued)
Hutchison Whampoa Ltd. *		28,000	$	375,385
WH Group Ltd. *		543,000		415,407
				2,802,342
Ireland—4.7%
CRH, Inc.		24,945		699,292
Greencore Group PLC		138,485		697,487
Ingersoll-Rand, Inc.		11,580		796,472
Medtronic PLC		10,845		827,690
Smurfit Kappa Group PLC		29,580		871,017
				3,891,958
Israel—0.8%
Teva Pharmaceutical Industries Ltd. - Sponsored ADR		11,265		677,027
Japan—6.9%
Alpine Electronics Inc.		15,700		334,323
Hoshizaki Electric Co. Ltd.		6,000		369,020
Inpex Corp.		61,100		749,519
Lintec Corp.		38,000		867,418
Mitsubishi Electric Corp.		40,000		546,254
Nippon Telegraph & Telephone Corp.		12,100		836,831
Nitto Denko Corp.		18,400		1,424,753
Toyota Industries Corp.		9,100		546,028
TS Tech Co. Ltd.		400		11,518
				5,685,664
Singapore—0.9%
United Overseas Bank Ltd.		45,900		786,767
South Korea—0.5%
Samsung Electronics Co. Ltd.		330		388,204
Switzerland—4.8%
Aryzta AG		6,335		401,654
Georg Fischer AG, Registered Shares		920		697,321
Glencore PLC		92,040		405,976
Novartis AG, Registered Shares		8,180		839,526
Roche Holding AG, Participation Certificate		2,975		906,992

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

31

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS GLOBAL EQUITY FUND (continued)	PORTFOLIO OF INVESTMENTS

	Number of Shares		Value
Switzerland—(continued)
Swatch Group AG (The), Registered Shares		8,535	$	677,772
				3,929,241
Taiwan—0.6%
Casetek Holdings Ltd.		75,000		527,622
United Kingdom—15.0%
Alent PLC		143,958		840,260
Aon PLC		5,290		535,454
Berendsen PLC		35,020		544,157
Cambian Group PLC		170,365		710,852
Daily Mail & General Trust PLC, Class A		16,940		249,073
HSBC Holdings PLC		91,572		870,004
ITV PLC		300,040		1,248,692
Liberty Global PLC, Series C *		49,295		2,649,606
Lonmin PLC *		993		2,143
Melrose Industries PLC		239,170		971,362
Rio Tinto PLC		8,140		355,998
Stock Spirits Group PLC		124,984		396,203
Vodafone Group PLC		301,160		1,177,230
WH Smith PLC		51,535		1,221,495
WPP PLC		27,260		644,049
				12,416,578
United States—44.5%
ACE Ltd.		4,550		484,484
Activision Blizzard, Inc.		40,340		1,018,988
Allstate Corp., (The)		11,640		783,605
American International Group, Inc.		17,230		1,009,850
Amgen, Inc.		6,570		1,026,628
Apple, Inc.		23,625		3,077,865
BB&T Corp.		15,105		596,194
Capital One Financial Corp.		19,820		1,656,159
CIGNA Corp.		3,260		459,106
Cisco Systems, Inc.		22,540		660,647
Comcast Corp., Class A		30,840		1,802,906
CVS Health Corp.		24,305		2,488,346
Diamondback Energy, Inc. *		10,830		842,682
EMC Corp.		15,270		402,212
Energen Corp.		10,555		730,406
EOG Resources, Inc.		7,130		632,360
Express Scripts Holding Co. *		4,740		413,044

	Number of Shares		Value
United States—(continued)
Fifth Third Bancorp		90,850	$	1,838,804
Gilead Sciences, Inc.		3,605		404,733
Google, Inc., Class C *		2,426		1,290,767
Graphic Packaging Holding Co.		66,510		947,102
Honeywell International, Inc.		5,400		562,680
Intel Corp.		16,840		580,306
Lear Corp.		4,450		516,289
Macy’s, Inc.		17,995		1,204,765
McKesson Corp.		2,920		692,712
MeadWestvaco Corp.		7,830		395,728
Merck & Co., Inc.		22,595		1,375,810
Northrop Grumman Corp.		3,425		545,192
Occidental Petroleum Corp.		11,860		927,333
Packaging Corp of America		6,475		447,941
Parsley Energy, Inc., Class A *		34,860		609,701
Pfizer, Inc.		16,250		564,688
Phillips 66		9,485		750,453
Rofin-Sinar Technologies, Inc. *		15,905		452,497
Tenneco, Inc. *		12,245		719,026
United Technologies Corp.		3,995		468,094
Universal Health Services, Inc., Class B		4,585		594,124
Wells Fargo & Co.		21,755		1,217,410
Western Digital Corp.		5,050		491,668
WR Berkley Corp.		8,485		415,765
Zebra Technologies Corp., Class A *		6,555		718,690
				36,817,760
TOTAL COMMON STOCK (Cost $70,000,879)				80,079,915
TOTAL INVESTMENTS—96.9% (Cost $70,000,879)**				80,079,915
OTHER ASSETS IN EXCESS OF LIABILITIES —3.1%				2,609,939
NET ASSETS—100.0%			$	82,689,854

ADR	— American Depositary Receipt
PLC	— Public Limited Company
*	— Non-income producing.

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

32

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS GLOBAL EQUITY FUND (concluded)	PORTFOLIO OF INVESTMENTS

** — The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a federal income tax basis, are as follows:

Aggregate Cost	$	70,000,879
Gross unrealized appreciation	$	10,966,298
Gross unrealized depreciation		(887,262	)
Net unrealized appreciation	$	10,079,036

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

33

BOSTON PARTNERS INVESTMENTS FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS GLOBAL EQUITY FUND (concluded)	Portfolio of Investments

A summary of the inputs used to value the Fund’s investments as of May 31, 2015 is as follows (see Notes to Portfolio of Investments):

	Total Value as of May 31, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stock
Australia	$	359,674	$	—	$	359,674	$	—
Bermuda		404,641		404,641		—		—
Canada		1,149,749		1,149,749		—		—
China		2,278,858		622,391		1,656,467		—
France		4,342,735		1,720,316		2,622,419		—
Germany		3,621,095		—		3,621,095		—
Hong Kong		2,802,342		—		2,802,342		—
Ireland		3,891,958		1,624,162		2,267,796		—
Israel		677,027		677,027		—		—
Japan		5,685,664		—		5,685,664		—
Singapore		786,767		—		786,767		—
South Korea		388,204		—		388,204		—
Switzerland		3,929,241		—		3,929,241		—
Taiwan		527,622		—		527,622		—
United Kingdom		12,416,578		3,895,912		8,520,666		—
United States		36,817,760		36,817,760		—		—
Total Assets	$	80,079,915	$	46,911,958	$	33,167,957	$	—

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

34

BOSTON PARTNERS INVESTMENTS FUNDS	May 31, 2015 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Portfolio Holdings Summary

The following table represents a summary by sector of the portfolio holdings of the Fund:

	% of Net Assets			Value
LONG POSITIONS:
COMMON STOCK
Consumer Discretionary		13.7	%	$	40,761,060
Finance		13.6			40,265,629
Information Technology		13.3			39,540,645
Health Care		12.8			37,879,450
Industrials		12.6			37,275,639
Energy		8.7			25,842,535
Materials		7.8			23,254,797
Consumer Staples		4.8			14,216,134
Telecommunication Services		3.4			10,169,065
WARRANTS		0.0			2,766
SHORT POSITIONS:
COMMON STOCK
Telecommunication Services		(0.5	)%	$	(1,416,665	)
Consumer Staples		(4.2	)		(12,570,500	)
Health Care		(4.4	)		(13,189,254	)
Information Technology		(4.7	)		(13,861,698	)
Energy		(5.2	)		(15,561,572	)
Materials		(5.3	)		(15,688,072	)
Financials		(6.4	)		(18,894,280	)
Industrials		(10.8	)		(31,981,349	)
Consumer Discretionary		(10.8	)		(32,115,188	)
WRITTEN OPTIONS		(0.1	)		(281,662	)
OTHER ASSETS IN EXCESS OF LIABILITIES		61.7			183,196,509
NET ASSETS		100.0	%	$	296,843,989

Portfolio holdings are subject to change at any time.

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

35

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Portfolio of Investments

	Number of Shares		Value
LONG POSITIONS—90.7%
COMMON STOCK—90.7%
Australia—0.4%
Australia & New Zealand Banking Group Ltd.		50,826	$	1,284,664
				1,284,664
Canada—1.6%
Barrick Gold Corp.		103,476		1,227,225
Canadian Natural Resources Ltd. †		45,404		1,401,203
HudBay Minerals, Inc.		178,473		1,595,867
Stornoway Diamond Corp. *		681,424		389,041
				4,613,336
China—2.6%
China Petroleum & Chemical Corp.		3,112,057		2,730,238
China Telecom Corp., Ltd. - Class H		1,916,326		1,298,119
PICC Property & Casualty Co Ltd.		934,328		2,136,952
Sinopharm Group Co. Ltd.		356,623		1,697,924
				7,863,233
France—5.5%
Bollore SA		260,587		1,485,961
Cap Gemini SA †		29,289		2,539,107
Havas SA		389,368		3,190,209
Safran SA †		68,232		4,823,136
Saft Groupe SA †		39,139		1,573,054
Teleperformance †		36,013		2,652,424
				16,263,891
Germany—3.6%
Aurelius AG †		71,096		3,506,330
Fresenius SE & Co. KGaA †		38,545		2,458,815
KION Group AG †		33,025		1,573,930
Norma Group SE †		56,519		3,034,437
				10,573,512
Hong Kong—3.8%
Cheung Kong Property Holdings Ltd. *		204,217		1,200,494
China Mobile Ltd.		214,834		2,826,712
CK Hutchison Holdings Ltd.		204,217		3,184,170
Huabao International Holdings Ltd.		68,000		65,425
Hutchison Whampoa Ltd.		76,000		1,018,901
NewOcean Energy Holdings Ltd.		2,729,101		1,371,541

	Number of Shares		Value
Hong Kong—(continued)
WH Group Ltd * 144A		1,968,500	$	1,505,945
				11,173,188
Ireland—4.5%
CRH PLC		85,785		2,404,841
Greencore Group PLC †		477,879		2,406,863
Ingersoll-Rand PLC †		39,975		2,749,481
Medtronic PLC †		37,416		2,855,589
Smurfit Kappa Group PLC †		102,102		3,006,510
				13,423,284
Israel—0.9%
Teva Pharmaceutical Industries Ltd. - Sponsored ADR †		43,016		2,585,262
				2,585,262
Italy—0.5%
Maire Tecnimont SpA *		503,156		1,520,064
				1,520,064
Japan—6.3%
Alpine Electronics Inc.		58,800		1,252,112
Amano Corp.		153,733		2,089,101
Inpex Corp.		242,453		2,974,193
Lintec Corp.		129,256		2,950,501
Mitsubishi Electric Corp.		138,000		1,884,577
Nippon Telegraph & Telephone Corp.		29,348		2,029,696
Nitto Denko Corp.		47,542		3,681,284
Toyota Industries Corp.		32,711		1,962,759
TS Tech Co., Ltd.		1,000		28,794
				18,853,017
Singapore—0.9%
United Overseas Bank Ltd.		156,693		2,685,859
				2,685,859
South Africa—0.0%
Lonmin PLC †		3,548		7,656
				7,656
South Korea—0.5%
Samsung Electronics Co., Ltd.		1,139		1,339,891
				1,339,891
Switzerland—4.5%
Aryzta AG		22,335		1,416,091
Georg Fischer AG, Registered Shares †		3,411		2,585,395
Glencore PLC †		328,790		1,450,247
Novartis AG, Registered Shares †		30,381		3,118,050

The accompanying notes are an intregral part of the Portfolio of Investments

36

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND (continued)	Portfolio of Investments

	Number of Shares	Value
Switzerland—(continued)
Roche Holding AG, Participation Certificate †	11,060	$	3,371,876
Swatch Group AG (The), Registered Shares	16,801		1,334,183
			13,275,842
Taiwan—0.6%
Casetek Holdings Ltd.	259,000		1,822,055
			1,822,055
United Kingdom—12.6%
Alent PLC †	301,885		1,762,056
Aon PLC †	20,930		2,118,535
Cambian Group PLC †	451,788		1,885,097
Daily Mail & General Trust PLC, Class A	59,611		876,475
HSBC Holdings PLC †	333,617		3,169,614
ITV PLC †	1,042,102		4,336,968
Liberty Global PLC, Series C * †	172,340		9,263,275
Melrose Industries PLC	827,729		3,361,729
Stock Spirits Group PLC †	59,017		187,085
Vodafone Group PLC †	1,027,003		4,014,538
WH Smith PLC †	178,996		4,242,605
WPP PLC	95,911		2,266,009
			37,483,986
United States—41.9%
Activision Blizzard, Inc. †	141,881		3,583,914
Allstate Corp., (The) †	45,961		3,094,095
American International Group, Inc. †	59,680		3,497,845
Amgen, Inc. †	22,995		3,593,199
Apple, Inc. †	85,897		11,190,661
BB&T Corp. †	54,171		2,138,129
Capital One Financial Corp. †	69,273		5,788,452
CIGNA Corp. †	11,441		1,611,236
Cisco Systems, Inc.	79,302		2,324,342
Comcast Corp., Class A †	50,721		2,965,150
CVS Health Corp. †	84,979		8,700,150
Diamondback Energy, Inc. * † #	59,289		4,613,277
EMC Corp. †	81,840		2,155,666
Energen Corp. †	35,835		2,479,782
EOG Resources, Inc. † #	18,131		1,608,038
Express Scripts Holding Co. * †	17,075		1,487,916
Fifth Third Bancorp †	254,201		5,145,028
Gilead Sciences, Inc. * †	14,104		1,583,456

	Number of Shares	Value
United States—(continued)
Google, Inc., Class C * †	8,440	$	4,491,008
Graphic Packaging Holding Co. †	187,367		2,668,106
Honeywell International, Inc. †	19,279		2,008,872
Intel Corp.	59,233		2,041,169
Lear Corp. †	18,579		2,155,536
Macy’s, Inc. †	62,467		4,182,166
McKesson Corp. †	11,419		2,708,929
MeadWestvaco Corp. †	27,462		1,387,929
Merck & Co., Inc. †	78,964		4,808,118
Northrop Grumman Corp. †	12,233		1,947,249
Occidental Petroleum Corp. † #	41,386		3,235,971
Packaging Corp. of America †	9,513		658,109
Parsley Energy, Inc., Class A * †	124,461		2,176,823
Pfizer, Inc. †	57,711		2,005,457
Phillips 66 †	35,186		2,783,916
Rofin-Sinar Technologies, Inc. * †	57,675		1,640,854
Tenneco, Inc. * †	46,063		2,704,819
United Technologies Corp. †	15,979		1,872,259
Universal Health Services, Inc., Class B †	16,272		2,108,526
Viper Energy Partners LP †	25,205		467,553
Wells Fargo & Co. †	80,408		4,499,632
Western Digital Corp. †	17,911		1,743,815
Zebra Technologies Corp., Class A * †	23,523		2,579,062
			124,436,214
TOTAL COMMON STOCK (Cost $254,389,787)			269,204,954
WARRANTS—0.0%
Canada—0.0%
Stornoway Diamond Corp. Exercise Price CAD 0.90 Expires 7/08/16 *	45,861		2,766
			2,766
TOTAL WARRANTS (Cost $4,806)			2,766
TOTAL INVESTMENTS—90.7%
(Cost $254,394,593) **			269,207,720
SECURITIES SOLD SHORT—(52.3%)
COMMON STOCK—(52.3%)
Australia—(0.4%)
South32 Ltd. *	(687,511)		(1,134,853	)
			(1,134,853	)

The accompanying notes are an intregral part of the Portfolio of Investments

37

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND (continued)	Portfolio of Investments

	Number of Shares			Value
Bermuda—(0.3%)
Seadrill Ltd.		(82,280	)	$	(979,955	)
					(979,955	)
Canada—(0.4%)
Teck Resources Ltd., Class B		(106,945	)		(1,244,366	)
					(1,244,366	)
Chile—(0.5%)
Latam Airlines Group SA - Sponsored ADR *		(171,200	)		(1,441,504	)
					(1,441,504	)
China—(0.9%)
Tsingtao Brewery Co., Ltd.		(197,144	)		(1,261,796	)
Vipshop Holdings Ltd. *		(57,039	)		(1,424,264	)
					(2,686,060	)
Denmark—(0.5%)
Novo Nordisk A/S		(26,243	)		(1,482,205	)
					(1,482,205	)
Finland—(1.1%)
Huhtamaki OYJ		(25,604	)		(863,422	)
Konecranes OYJ		(27,530	)		(849,355	)
Metso OYJ		(50,144	)		(1,446,802	)
					(3,159,579	)
France—(1.5%)
Edenred		(54,635	)		(1,379,068	)
Remy Cointreau SA		(24,186	)		(1,742,267	)
Zodiac Aerospace		(35,618	)		(1,297,263	)
					(4,418,598	)
Germany—(1.1%)
BASF SE		(13,792	)		(1,279,546	)
GEA Group AG		(19,919	)		(968,992	)
Linde AG		(5,463	)		(1,049,684	)
					(3,298,222	)
Hong Kong—(0.8%)
Noble Group Ltd.		(2,160,768	)		(1,272,035	)
Sun Art Retail Group Ltd.		(1,217,500	)		(1,068,880	)
					(2,340,915	)
Israel—(0.4%)
Stratasys Ltd. *		(29,517	)		(1,049,625	)
					(1,049,625	)
Italy—(0.8%)
Prada SpA		(202,800	)		(1,110,992	)
UniCredit SpA		(167,738	)		(1,176,850	)
					(2,287,842	)
Japan—(4.3%)
Fast Retailing Co., Ltd.		(3,316	)		(1,362,786	)

	Number of Shares			Value
Japan—(continued)
FP Corp.		(23,309	)	$	(865,561	)
Hisamitsu Pharmaceutical Co., Inc.		(32,165	)		(1,299,628	)
Hulic Co., Ltd.		(135,163	)		(1,389,286	)
Japan Petroleum Exploration Co Ltd.		(43,800	)		(1,461,320	)
LIXIL Group Corp.		(54,300	)		(1,034,767	)
McDonald’s Holdings Co., Ltd.		(65,423	)		(1,369,853	)
Nissin Foods Holdings Co Ltd.		(33,388	)		(1,421,592	)
Otsuka Holdings Co Ltd.		(36,200	)		(1,129,572	)
Taiyo Nippon Sanso Corp.		(117,170	)		(1,443,635	)
					(12,778,000	)
Mexico—(0.4%)
Kimberly-Clark de Mexico SAB de CV ADR		(110,635	)		(1,250,176	)
					(1,250,176	)
New Zealand—(0.4%)
Ryman Healthcare Ltd.		(211,952	)		(1,199,418	)
					(1,199,418	)
Singapore—(1.1%)
Keppel Corp Ltd.		(226,967	)		(1,470,697	)
Sembcorp Marine Ltd.		(825,600	)		(1,839,872	)
					(3,310,569	)
South Africa—(0.4%)
Exxaro Resources Ltd.		(186,586	)		(1,290,084	)
					(1,290,084	)
Spain—(1.7%)
Banco Bilbao Vizcaya Argentaria SA		(147,742	)		(1,462,212	)
Banco de Sabadell SA		(467,461	)		(1,183,009	)
Inditex SA		(33,776	)		(1,118,247	)
Repsol SA		(73,737	)		(1,403,663	)
					(5,167,131	)
Sweden—(0.9%)
Autoliv, Inc.		(11,374	)		(1,434,830	)
Elekta AB, Class B		(183,748	)		(1,294,091	)
					(2,728,921	)
Switzerland—(0.8%)
SGS SA, Registered Shares		(761	)		(1,462,282	)
Sulzer AG		(9,132	)		(1,003,808	)
					(2,466,090	)

The accompanying notes are an intregral part of the Portfolio of Investments

38

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND (continued)	Portfolio of Investments

	Number of Shares			Value
Thailand—(0.3%)
Siam Commercial Bank PCL, (The) - NVDR		(187,300	)	$	(880,951	)
					(880,951	)
United Kingdom—(4.0%)
Aberdeen Asset Management PLC		(244,821	)		(1,674,049	)
AO World PLC *		(393,638	)		(1,050,027	)
BTG PLC *		(94,500	)		(1,027,613	)
G4S PLC		(281,012	)		(1,282,994	)
IMI PLC		(75,753	)		(1,441,833	)
Intertek Group PLC		(37,799	)		(1,447,671	)
Ocado Group PLC *		(235,667	)		(1,315,385	)
Rotork PLC		(318,791	)		(1,234,104	)
Smiths Group PLC		(71,683	)		(1,315,353	)
					(11,789,029	)
United States—(29.3%)
Air Products & Chemicals, Inc.		(11,484	)		(1,685,392	)
Alere, Inc. *		(29,205	)		(1,506,394	)
AptarGroup, Inc.		(20,853	)		(1,329,796	)
Aramark		(33,565	)		(1,052,263	)
Astoria Financial Corp.		(127,418	)		(1,670,450	)
BancorpSouth, Inc.		(46,798	)		(1,132,044	)
Bemis Co., Inc.		(27,828	)		(1,278,418	)
Blackbaud, Inc.		(26,753	)		(1,371,359	)
Bob Evans Farms, Inc.		(33,050	)		(1,517,987	)
Bristow Group, Inc.		(25,023	)		(1,451,334	)
Buffalo Wild Wings, Inc. *		(8,781	)		(1,340,595	)
Cabela’s, Inc. *		(19,604	)		(999,804	)
Cabot Oil & Gas Corp.		(32,502	)		(1,103,768	)
CarMax, Inc. *		(21,199	)		(1,505,977	)
Clorox Co.(The)		(10,283	)		(1,107,068	)
Cogent Communications Holdings, Inc.		(45,088	)		(1,416,665	)
Colgate-Palmolive Co.		(21,019	)		(1,403,859	)
Concho Resources, Inc. *		(7,358	)		(885,167	)
Continental Resources, Inc. *		(29,359	)		(1,337,596	)
Deckers Outdoor Corp. *		(12,234	)		(833,747	)
Dorman Products, Inc. *		(32,832	)		(1,531,941	)
Eaton Vance Corp.		(22,618	)		(918,291	)
EI du Pont de Nemours & Co.		(16,898	)		(1,199,927	)
First Financial Bankshares, Inc.		(49,075	)		(1,478,630	)
FMC Corp.		(23,424	)		(1,339,150	)
Glacier Bancorp, Inc.		(42,094	)		(1,184,525	)

	Number of Shares			Value
United States—(continued)
Heartland Express, Inc.		(42,289	)	$	(898,641	)
Insys Therapeutics, Inc. *		(16,470	)		(981,612	)
Itron, Inc. *		(42,388	)		(1,521,305	)
Kansas City Southern		(15,780	)		(1,428,090	)
Krispy Kreme Doughnuts Inc *		(74,198	)		(1,290,303	)
L Brands, Inc.		(16,772	)		(1,451,113	)
Leggett & Platt, Inc.		(23,231	)		(1,098,362	)
Matador Resources Co. *		(56,071	)		(1,544,195	)
Mobile Mini, Inc.		(35,544	)		(1,410,386	)
Monro Muffler Brake, Inc.		(25,489	)		(1,504,106	)
Monster Beverage Corp. *		(11,179	)		(1,422,863	)
National Instruments Corp.		(53,094	)		(1,588,041	)
Netflix, Inc. *		(2,084	)		(1,300,541	)
NetSuite, Inc. *		(9,122	)		(852,177	)
Noble Energy, Inc.		(33,364	)		(1,460,676	)
Northern Trust Corp.		(11,744	)		(875,515	)
NOW Inc. *		(53,104	)		(1,227,764	)
Olin Corp.		(45,571	)		(1,332,496	)
Palo Alto Networks, Inc. *		(5,458	)		(925,076	)
Pandora Media, Inc. *		(62,583	)		(1,168,425	)
Plum Creek Timber Co., Inc.		(33,639	)		(1,387,945	)
Proto Labs, Inc. *		(19,116	)		(1,322,445	)
Puma Biotechnology, Inc. *		(5,359	)		(1,047,417	)
Rackspace Hosting, Inc. *		(36,347	)		(1,457,151	)
ResMed, Inc.		(17,098	)		(1,005,704	)
Restoration Hardware Holdings Inc. *		(12,967	)		(1,179,478	)
Shutterstock, Inc. *		(17,772	)		(1,137,230	)
Snyder’s-Lance, Inc.		(32,312	)		(965,159	)
Spectra Energy Corp.		(40,263	)		(1,416,050	)
Sun Hydraulics Corp.		(27,107	)		(1,013,260	)
Tesla Motors, Inc. *		(5,568	)		(1,396,454	)
Trex Co., Inc. *		(24,229	)		(1,225,987	)
UMB Financial Corp.		(28,209	)		(1,460,944	)
Under Armour, Inc., *		(17,922	)		(1,405,264	)
United Natural Foods, Inc. *		(13,819	)		(926,840	)
USG Corp. *		(47,132	)		(1,359,287	)
Veeva Systems, Inc. *		(44,823	)		(1,215,600	)
VeriFone Systems, Inc. *		(45,453	)		(1,734,941	)
Vitamin Shoppe, Inc. *		(36,470	)		(1,447,859	)
Wausau Paper Corp.		(79,415	)		(776,679	)
Westamerica Bancorporation		(22,281	)		(1,019,579	)
Yelp, Inc. *		(22,049	)		(1,056,368	)

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

39

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND (continued)	Portfolio of Investments

	Number of Shares			Value
United States—(continued)
Zillow Group, Inc., Class A		(11,741	)	$	(1,073,010	)
					(86,894,485	)
TOTAL COMMON STOCK (Proceeds $158,018,149)					(155,278,578	)
TOTAL SECURITIES SOLD SHORT —(52.3%) (Proceeds $158,018,149)					(155,278,578	)
	Number of Contracts
OPTIONS WRITTEN—(0.1%)
Diamondback Energy, Inc. Call     Options     Expires 06/19/2015     Strike Price $70.00     Expires		(225	)		(191,250	)
Diamondback Energy, Inc. Call     Options     Expires 09/18/2015     Strike Price $85.00     Expires		(100	)		(34,000	)
EOG Resources, Inc. Call Options     Expires 07/17/2015     Strike Price $90.00     Expires		(64	)		(16,512	)
Occidental Petroleum Corp. Call     Options     Expires 08/21/2015     Strike Price $80.00     Expires		(210	)		(39,900	)
TOTAL OPTIONS WRITTEN (Premiums received $(305,204))					(281,662	)
OTHER ASSETS IN EXCESS OF LIABILITIES—61.7%					183,196,509
NET ASSETS—100.0%				$	296,843,989

ADR	—	American Depositary Receipt
PLC	—	Public Limited Company
144A	—	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of May 31, 2015, these securities amounted to $1,505,945 or 0.05% of net assets. These 144A securities have not been deemed illiquid.
*	—	Non-income producing.
†	—	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
††	—	Primary risk exposure is equity contracts.
#	—	Security segregated as collateral for options written.
**	—	The cost and unrealized appreciation and depreciation in the value of the investstments owned by the Fund, as computed on a federal income tax basis, are as follows:

Aggregate cost	$	254,394,593
Gross unrealized appreciation	$	16,803,008
Gross unrealized depreciation		(1,989,881	)
Net unrealized appreciation	$	14,813,127

The accompanying notes are an integral part of the Portfolio of Investments

40

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2015 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND (concluded)	Portfolio of Investments

A summary of the inputs used to value the Fund’s investments as of May 31, 2015 is as follows (see Notes to Portfolio of Investments):

	Total Value as of May 31, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stock
Australia	$	1,284,664		—		1,284,664	$	—
Canada		4,613,336		4,613,336		—		—
China		7,863,233		—		7,863,233		—
France		16,263,891		5,842,633		10,421,258		—
Germany		10,573,512		—		10,573,512		—
Hong Kong		11,173,188		—		11,173,188		—
Ireland		13,423,284		5,605,070		7,818,214		—
Israel		2,585,262		2,585,262		—		—
Italy		1,520,064		—		1,520,064		—
Japan		18,853,017		—		18,853,017		—
Singapore		2,685,859		—		2,685,859		—
South Africa		7,656		—		7,656		—
South Korea		1,339,891		—		1,339,891		—
Switzerland		13,275,842		—		13,275,842		—
Taiwan		1,822,055		—		1,822,055		—
United Kingdom		37,483,986		13,266,907		24,217,079		—
United States		124,436,214		120,852,300		3,583,914		—
Warrants		2,766		2,766		—		—
Total Assets	$	269,207,720	$	152,768,274	$	116,439,446	$	—
	Total Value as of May 31, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Securities Sold Short
Australia	$	(1,134,853)		(1,134,853)		—	$	—
Bermuda		(979,955)		(979,955)		—		—
Canada		(1,244,366)		(1,244,366)		—		—
Chile		(1,441,504)		(1,441,504)		—
China		(2,686,060)		(1,424,264)		(1,261,796)		—
Denmark		(1,482,205)		(1,482,205)		—		—
Finland		(3,159,579)		—		(3,159,579)		—
France		(4,418,598)		—		(4,418,598)		—
Germany		(3,298,222)		—		(3,298,222)		—
Hong Kong		(2,340,915)		—		(2,340,915)		—
Israel		(1,049,625)		(1,049,625)		—		—
Italy		(2,287,842)		—		(2,287,842)		—
Japan		(12,778,000)		—		(12,778,000)		—
Mexico		(1,250,176)		(1,250,176)		—		—
New Zealand		(1,199,418)		—		(1,199,418)		—
Singapore		(3,310,569)		—		(3,310,569)		—
South Africa		(1,290,084)		—		(1,290,084)		—
Spain		(5,167,131)		—		(5,167,131)		—
Sweden		(2,728,921)		(2,728,921)		—		—
Switzerland		(2,466,090)		—		(2,466,090)		—
Thailand		(880,951)		—		(880,951)		—
United Kingdom		(11,789,029)		—		(11,789,029)		—
United States		(86,894,485)		(86,894,485)		—		—
Options Written
Equity Contracts		(281,662)		(281,662)		—		—
Total Liabilities	$	(155,560,240)	$	(99,912,016)	$	(55,648,224)	$	—

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

41

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO PORFOLIO OF INVESTMENTS

May 31, 2015 (unaudited)

Portfolio Valuation — Each Boston Partners Investment Fund, 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”) (collectively “BP Funds”), and WPG Partners Small/Micro Cap Value Fund (“WPG Small/Micro Cap Value Fund”), (each a “Fund,” collectively 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 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 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 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 May 31, 2015 is included in each Fund’s Portfolio of Investments.

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.

42

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO PORFOLIO OF INVESTMENTS (continued)

May 31, 2015 (unaudited)

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 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.

Foreign securities that utilize international fair pricing are categorized as Level 2 in the hierarchy. For the BP Long/Short Equity Fund, securities with an end of period value of $1,319,406 transferred from Level 1 into Level 2. This transfer occurred as a result of this security being valued utilizing the international fair value pricing at May 31, 2015. For the BP Long/Short Equity Fund, BP Global Equity Fund and BP Global Long/Short Fund, securities with an end of period value of $1,701,657, $1,404,574 and $2,652,424, respectively, 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 May 31, 2015.

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. A Fund also may write over-the-counter 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. As of May 31, 2015, all of each Fund’s written options were exchanged-traded options.

43

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO PORFOLIO OF INVESTMENTS (continued)

May 31, 2015 (unaudited)

The BP Long/Short Equity Fund, BP Long/Short Research Fund, BP All-Cap Value Fund and the BP Global Long/Short Fund had transactions in options written during the period ended May 31, 2015 as follows:

	BP Long/Short Equity Fund				BP Long/Short Research Fund
	Number of Contracts		Premiums Received		Number of Contracts		Premiums Received
Options outstanding at August 31, 2014		355		$  326,590		5,378		$3,161,737
Options written		1,316		1,016,313		51,724		24,518,750
Options closed		(264)		(366,799)		(15,765)		(7,637,973)
Options expired		(343)		(315,725)		(12,576)		(5,610,125)
Options exercised		(12)		(10,866)		(10,940)		(6,956,999)
Options outstanding at May 31, 2015		1,052		$  649,513		17,821		$  7,475,390
	BP All-Cap Value Fund				BP Global Long/Short Fund
	Number of Contracts		Premiums Received		Number of Contracts		Premiums Received
Options outstanding at August 31, 2014		2,123		$  743,607		—		$          —
Options written		93		546,687		772		396,357
Options closed		—		—		—		—
Options expired		(849)		(212,360)		—		—
Options exercised		(1,274)		(531,246)		(173)		(91,153)
Options outstanding at May 31, 2015		93		$  546,688		599		$  305,204

For the period ended May 31, 2015, the average quarterly volume of derivatives is as follows:

Fund	Purchased Options     (Cost)		Written Options (Proceeds)
BP Long/Short Equity Fund		$1,490,530		$741,903
BP Long/Short Research Fund		—		6,507,355
BP All-Cap Value Fund		—		645,148
BP Global Long/Short Fund		—		99,090

Short Sales — When the investment adviser believes that a security is overvalued, the BP Long/Short Equity Fund, the BP Long/Short Research Fund and the BP Global 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.

44

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO PORFOLIO OF INVESTMENTS (continued)

May 31, 2015 (unaudited)

Contracts for Difference — The BP Global Long/Short Fund and BP Long/Short Research 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 over-the-counter. 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 Schedule of Investments. In connection with CFDs, cash or securities may be segregated as collateral by the Funds’ custodian. As of May 31, 2015, the BP Long/Short Research Fund held CFDs.

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 Robeco to be of good standing and only when, in Robeco’s 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 nine month period ended May 31, 2015, the Funds participated in securities lending.

45

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO PORFOLIO OF INVESTMENTS (continued)

May 31, 2015 (unaudited)

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 (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 Board of Directors. Therefore, not all restricted securities are considered illiquid.

At May 31, 2015, the following Fund held restricted securities that were illiquid:

	Acquisition Date	Acquisition Cost		Shares		Value		% of Net Assets
BP All-Cap Value Fund
Common Stocks:
Peoples Choice Financial Corp. 144A	12/21/04-01/23/06	$	14,293		1,465	$	0.00	0.0
Solar Cayman Ltd., 144A	03/24/10		—		19,375		0.00	0.0
		$	14,293			$	—	0.0%

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.

46

CAMPBELL CORE TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS

MAY 31, 2015

(UNAUDITED)

	PAR		VALUE
SHORT-TERM INVESTMENTS — 88.0%
BNY Mellon Cash Reserve Fund	$	9,136,290	$	9,136,290
TOTAL SHORT-TERM INVESTMENTS (Cost $ 9,136,290)				9,136,290
TOTAL INVESTMENTS — 88.0% (Cost $ 9,136,290)			$	9,136,290
OTHER ASSETS IN EXCESS OF LIABILITIES — 12.0%				1,241,400
NET ASSETS — 100.0%			$	10,377,690

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

1

CAMPBELL CORE TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2015

(UNAUDITED)

FUTURES CONTRACTS

LONG CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL COST			UNREALIZED APPRECIATION (DEPRECIATION)
10-Year Mini Japanese Government Bond	06/10/15	1	$	119,293		$	(355	)
3-Month Euro Euribor	06/13/16	3		823,696			(178	)
90-DAY Eurodollar	06/13/16	38		9,409,263			850
90-DAY Sterling	06/15/16	20		3,523,366			1,051
Amsterdam Index	06/19/15	4		429,885			3,723
CAC 40 10 Euro	06/22/15	10		548,748			(1,301	)
DAX Index	06/19/15	1		326,222			(12,836	)
Euro STOXX 50	06/19/15	11		442,032			(11,697	)
Euro-Bobl	06/10/15	4		566,168			88
Euro-Bund	06/10/15	2		325,298			670
FTSE 100 Index	06/22/15	3		284,395			(1,337	)
Hang Seng Index	06/30/15	1		182,351			(6,481	)
IBEX 35 Index	06/19/15	3		363,182			(4,604	)
Live Cattle	09/16/15	4		243,160			(540	)
London Metals Exchange Copper	06/17/15	8		1,240,779			(38,729	)
London Metals Exchange Nickel	06/17/15	5		404,279			(26,789	)
London Metals Exchange Price Aluminum	06/17/15	25		1,135,546			(67,890	)
London Metals Exchange Zinc	06/17/15	17		948,697			(20,922	)
Long Gilt	09/30/15	1		179,604			153
MSCI Taiwan Index	06/29/15	1		100,250			(250	)
NASDAQ 100 E-Mini	06/19/15	4		355,655			5,225
Nikkei 225 Index	06/12/15	13		1,036,801			40,467
OMXS30 Index	06/18/15	14		266,915			3,501
S&P 500 E-Mini	06/19/15	4		423,626			(2,038	)
U.S. Treasury 10-Year Notes	09/30/15	4		508,859			1,609
U.S. Treasury 5-Year Notes	10/05/15	11		1,312,562			3,781
			$	25,500,632		$	(134,829	)
SHORT CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL COST			UNREALIZED APPRECIATION (DEPRECIATION)
90-DAY Bank Bill	09/11/15	-3	$	(2,281,814	)	$	(354	)
Australian 10-Year Bond	06/16/15	-1		(36,936	)		(999	)
Australian 3-Year Bond	06/16/15	-4		(208,963	)		(1,517	)
Brent Crude	08/16/15	-3		(191,210	)		(7,049	)
Coffee ’C’	07/31/15	-6		(297,113	)		13,275
Corn	07/16/15	-38		(680,812	)		23,125
Cotton No.2	07/23/15	-1		(31,550	)		(625	)
Gold 100 Oz	08/31/15	-2		(237,900	)		(100	)
London Metals Exchange Copper	06/17/15	-8		(1,203,349	)		1,299
London Metals Exchange Nickel	06/17/15	-7		(652,663	)		48,917
London Metals Exchange Price Aluminum	06/17/15	-30		(1,344,113	)		62,925
London Metals Exchange Zinc	06/17/15	-17		(728,755	)		3,480
Low Sulphur Gasoline	07/31/15	-2		(114,200	)		(4,500	)
Natural Gas	07/31/15	-4		(111,160	)		4,290
S&P/TSX 60 Index	06/19/15	-1		(140,833	)		338
Soybean	07/16/15	-23		(1,093,013	)		18,975
Sugar No.11 (World)	09/15/15	-17		(241,674	)		13,574
Wheat	07/16/15	-4		(97,713	)		2,088
WTI Crude	07/31/15	-2		(115,070	)		(5,530	)
			$	(9,808,841	)	$	171,612
Total Futures Contracts			$	15,691,791		$	36,783

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

2

CAMPBELL CORE TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2015

(UNAUDITED)

Forward foreign currency contracts outstanding as of May 31, 2015 were as follows:

CURRENCY PURCHASED		CURRENCY  SOLD		EXPIRATION	COUNTERPARTY	UNREALIZED APPRECIATION (DEPRECIATION)
AUD	600,000	USD	468,954	06/17/15	UBS	$    (10,673)
AUD	600,000	USD	468,973	06/17/15	UBS	(10,692)
AUD	500,000	USD	395,739	06/17/15	UBS	(13,838)
AUD	300,000	USD	227,123	06/17/15	UBS	2,017
AUD	300,000	USD	235,858	06/17/15	UBS	(6,718)
CAD	600,000	USD	487,192	06/17/15	UBS	(4,869)
CAD	500,000	USD	410,029	06/17/15	UBS	(8,093)
CAD	500,000	USD	410,971	06/17/15	UBS	(9,035)
CAD	300,000	USD	243,115	06/17/15	UBS	(1,953)
CAD	200,000	USD	164,691	06/17/15	UBS	(3,916)
CAD	100,000	USD	78,692	06/17/15	UBS	1,695
CHF	700,000	USD	744,899	06/17/15	UBS	377
CHF	700,000	USD	745,249	06/17/15	UBS	27
CHF	400,000	USD	423,770	06/17/15	UBS	2,102
CHF	200,000	USD	212,659	06/17/15	UBS	277
EUR	1,000,000	USD	1,104,567	06/17/15	UBS	(6,003)
EUR	800,000	USD	890,520	06/17/15	UBS	(11,669)
EUR	400,000	USD	450,660	06/17/15	UBS	(11,234)
EUR	300,000	USD	325,822	06/17/15	UBS	3,747
GBP	700,000	USD	1,074,780	06/17/15	UBS	(5,042)
GBP	600,000	USD	914,490	06/17/15	UBS	2,428
GBP	400,000	USD	608,889	06/17/15	UBS	2,390
GBP	200,000	USD	309,942	06/17/15	UBS	(4,302)
GBP	100,000	USD	154,839	06/17/15	UBS	(2,019)
JPY	170,500,000	USD	1,423,002	06/17/15	UBS	(48,913)
JPY	99,400,000	USD	827,184	06/17/15	UBS	(26,102)
JPY	61,000,000	USD	508,899	06/17/15	UBS	(17,290)
JPY	51,300,000	USD	422,117	06/17/15	UBS	(8,681)
JPY	200,000	USD	1,676	06/17/15	UBS	(64)
MXN	7,900,000	USD	522,567	06/17/15	UBS	(10,246)
MXN	4,000,000	USD	264,205	06/17/15	UBS	(4,802)
MXN	1,800,000	USD	118,473	06/17/15	UBS	(1,742)
MXN	1,700,000	USD	109,874	06/17/15	UBS	372
MXN	1,000,000	USD	65,204	06/17/15	UBS	(353)
MXN	1,000,000	USD	65,695	06/17/15	UBS	(845)
MXN	700,000	USD	44,907	06/17/15	UBS	488
MXN	700,000	USD	45,195	06/17/15	UBS	200
MXN	300,000	USD	19,342	06/17/15	UBS	113
MXN	200,000	USD	12,777	06/17/15	UBS	193
NOK	4,500,000	USD	579,024	06/17/15	UBS	(266)
NOK	1,900,000	USD	251,761	06/17/15	UBS	(7,396)
NOK	900,000	USD	114,141	06/17/15	UBS	1,611
NOK	800,000	USD	102,109	06/17/15	UBS	782
NOK	600,000	USD	73,442	06/17/15	UBS	3,725
NOK	100,000	USD	12,315	06/17/15	UBS	546

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

3

CAMPBELL CORE TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2015

(UNAUDITED)

CURRENCY PURCHASED		CURRENCY  SOLD		EXPIRATION	COUNTERPARTY	UNREALIZED APPRECIATION (DEPRECIATION)
NZD	300,000	USD	227,158	06/17/15	UBS	$    (14,690)
NZD	200,000	USD	149,388	06/17/15	UBS	(7,742)
NZD	100,000	USD	72,852	06/17/15	UBS	(2,029)
NZD	100,000	USD	72,983	06/17/15	UBS	(2,160)
NZD	100,000	USD	75,533	06/17/15	UBS	(4,710)
NZD	100,000	USD	75,763	06/17/15	UBS	(4,940)
SEK	6,800,000	USD	805,654	06/17/15	UBS	(7,863)
SEK	2,700,000	USD	317,739	06/17/15	UBS	(968)
SEK	1,400,000	USD	163,015	06/17/15	UBS	1,236
SEK	1,100,000	USD	130,603	06/17/15	UBS	(1,548)
SEK	400,000	USD	46,540	06/17/15	UBS	388
SEK	400,000	USD	48,202	06/17/15	UBS	(1,273)
SGD	1,000,000	USD	736,866	06/17/15	UBS	4,618
SGD	900,000	USD	667,214	06/17/15	UBS	122
SGD	700,000	USD	516,152	06/17/15	UBS	2,887
SGD	600,000	USD	431,413	06/17/15	UBS	13,478
SGD	600,000	USD	447,559	06/17/15	UBS	(2,668)
SGD	100,000	USD	71,775	06/17/15	UBS	2,374
USD	934,800	AUD	1,200,000	06/17/15	UBS	18,238
USD	387,950	AUD	500,000	06/17/15	UBS	6,050
USD	386,094	AUD	500,000	06/17/15	UBS	4,194
USD	312,564	AUD	400,000	06/17/15	UBS	7,044
USD	718,047	CAD	900,000	06/17/15	UBS	(5,437)
USD	645,505	CAD	800,000	06/17/15	UBS	2,408
USD	566,532	CAD	700,000	06/17/15	UBS	3,822
USD	81,689	CAD	100,000	06/17/15	UBS	1,302
USD	77,993	CAD	100,000	06/17/15	UBS	(2,394)
USD	733,798	CHF	700,000	06/17/15	UBS	(11,478)
USD	638,010	CHF	600,000	06/17/15	UBS	(798)
USD	314,086	CHF	300,000	06/17/15	UBS	(5,318)
USD	209,074	CHF	200,000	06/17/15	UBS	(3,862)
USD	2,012,591	EUR	1,800,000	06/17/15	UBS	35,176
USD	981,304	EUR	900,000	06/17/15	UBS	(7,404)
USD	328,435	EUR	300,000	06/17/15	UBS	(1,134)
USD	221,267	EUR	200,000	06/17/15	UBS	1,554
USD	1,364,282	GBP	900,000	06/17/15	UBS	(11,096)
USD	614,957	GBP	400,000	06/17/15	UBS	3,678
USD	457,982	GBP	300,000	06/17/15	UBS	(477)
USD	149,807	GBP	100,000	06/17/15	UBS	(3,012)
USD	149,323	GBP	100,000	06/17/15	UBS	(3,497)
USD	1,370,528	JPY	164,400,000	06/17/15	UBS	45,600
USD	1,370,382	JPY	164,300,000	06/17/15	UBS	46,260
USD	1,341,669	JPY	161,950,000	06/17/15	UBS	36,487
USD	1,026,352	JPY	123,650,000	06/17/15	UBS	29,836
USD	53,530	JPY	6,400,000	06/17/15	UBS	1,951
USD	36,330	JPY	4,400,000	06/17/15	UBS	870
USD	614,316	MXN	9,300,000	06/17/15	UBS	11,203
USD	430,481	MXN	6,600,000	06/17/15	UBS	2,466
USD	286,832	MXN	4,400,000	06/17/15	UBS	1,489

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

4

CAMPBELL CORE TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONCLUDED)

MAY 31, 2015

(UNAUDITED)

CURRENCY PURCHASED		CURRENCY  SOLD		EXPIRATION	COUNTERPARTY	UNREALIZED APPRECIATION (DEPRECIATION)
USD	83,511	MXN	1,300,000	06/17/15	UBS	$       (795)
USD	58,621	MXN	900,000	06/17/15	UBS	256
USD	601,851	NOK	4,700,000	06/17/15	UBS	(2,630)
USD	582,705	NOK	4,500,000	06/17/15	UBS	3,947
USD	167,961	NOK	1,300,000	06/17/15	UBS	764
USD	25,829	NOK	200,000	06/17/15	UBS	107
USD	13,260	NOK	100,000	06/17/15	UBS	399
USD	294,595	NZD	400,000	06/17/15	UBS	11,304
USD	292,764	NZD	400,000	06/17/15	UBS	9,472
USD	220,473	NZD	300,000	06/17/15	UBS	8,005
USD	149,500	NZD	200,000	06/17/15	UBS	7,854
USD	73,861	NZD	100,000	06/17/15	UBS	3,038
USD	1,639,588	SEK	13,700,000	06/17/15	UBS	32,272
USD	151,641	SEK	1,300,000	06/17/15	UBS	(878)
USD	80,748	SEK	700,000	06/17/15	UBS	(1,378)
USD	35,460	SEK	300,000	06/17/15	UBS	263
USD	11,523	SEK	100,000	06/17/15	UBS	(210)
USD	1,609,364	SGD	2,200,000	06/17/15	UBS	(21,903)
USD	589,810	SGD	800,000	06/17/15	UBS	(3,378)
USD	515,313	SGD	700,000	06/17/15	UBS	(3,726)
USD	364,371	SGD	500,000	06/17/15	UBS	(6,371)
USD	149,704	SGD	200,000	06/17/15	UBS	1,407
USD	328,926	ZAR	4,000,000	06/17/15	UBS	583
USD	133,172	ZAR	1,600,000	06/17/15	UBS	1,835
USD	131,406	ZAR	1,600,000	06/17/15	UBS	69
USD	90,806	ZAR	1,100,000	06/17/15	UBS	512
USD	57,746	ZAR	700,000	06/17/15	UBS	286
USD	41,339	ZAR	500,000	06/17/15	UBS	296
ZAR	3,500,000	USD	291,388	06/17/15	UBS	(4,088)
ZAR	1,900,000	USD	158,148	06/17/15	UBS	(2,185)
ZAR	1,300,000	USD	107,621	06/17/15	UBS	(910)
ZAR	1,200,000	USD	100,362	06/17/15	UBS	(1,859)
Total Forward Foreign Currency Contracts						$    (3,075)

AUD	Australian Dollar	MXN	Mexican Peso
CAD	Canadian Dollar	NOK	Norwegian Krone
CHF	Swiss Franc	NZD	New Zealand Dollar
DAX	Deutscher Aktienindex	SEK	Swedish Krona
EUR	Euro	SGD	Singapore Dollar
GBP	British Pound	TSX	Toronto Stock Exchange
IBEX	Index of the Bolsa de Madrid	UBS	UBS AG
JPY	Japanese Yen	USD	United States Dollar
MSCI	Morgan Stanley Capital International	ZAR	South African Rand

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

5

CAMPBELL CORE TREND FUND

NOTES TO CONSOLIDATED PORTOFLIO OF INVESTMENTS

MAY 31, 2015

(UNAUDITED)

CONSOLIDATION OF SUBSIDIARY — The Campbell Core Trend Fund (the “Fund”) pursues its investment objective by allocating (i) up to 25% of its assets in its wholly-owned subsidiary, Campbell Core Offshore Limited (the “Subsidiary”), that employs the Adviser’s Campbell Core Trend Program and (ii) the remainder of its assets directly in an actively managed, short duration fixed-income portfolio. 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 May 31, 2015, the net assets of the Subsidiary were $1,988,219, which represented 19.2% 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 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, which approximates market value. 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 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 methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

6

CAMPBELL CORE TREND FUND

NOTES TO CONSOLIDATED PORTOFLIO OF INVESTMENTS

MAY 31, 2015

(UNAUDITED) (CONTINUED)

The following is a summary of inputs used, as of May 31, 2015, in valuing the Fund’s investments carried at fair value.

	TOTAL FAIR VALUE AT MAY 31, 2015			LEVEL 1 QUOTED PRICE			LEVEL 2 SIGNIFICANT OBSERVABLE INPUTS			LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS
Commodity Contracts
Futures	$	191,948		$	191,948		$	—		$	—
Equity Contracts
Futures		53,254			53,254			—			—
Interest Rate Contracts
Futures		8,202			8,202			—			—
Foreign Exchange Contracts
Forward Foreign Currency Contracts		390,490			—			390,490			—
Total Assets	$	643,894		$	253,404		$	390,490		$	—
	TOTAL FAIR VALUE AT MAY 31, 2015			LEVEL 1 QUOTED PRICE			LEVEL 2 SIGNIFICANT OBSERVABLE INPUTS			LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS
Commodity Contracts
Futures	$	(172,674	)	$	(172,674	)	$	—		$	—
Equity Contracts
Futures		(40,544	)		(40,544	)		—			—
Interest Rate Contracts
Futures		(3,403	)		(3,403	)		—			—
Foreign Exchange Contracts
Forward Foreign Currency Contracts		(393,565	)		—			(393,565	)		—
Total Liabilities	$	(610,186	)	$	(216,621	)	$	(393,565	)	$	—

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

7

CAMPBELL CORE TREND FUND

NOTES TO CONSOLIDATED PORTOFLIO OF INVESTMENTS

MAY 31, 2015

(UNAUDITED) (CONTINUED)

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 May 31, 2015, 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 May 31, 2015 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	$	—		$	—		$	390,490		$	—		$	390,490
Futures Contracts(a)		53,254			8,202			—			191,948			253,404
Total Value - Assets	$	53,254		$	8,202		$	390,490		$	191,948		$	643,894
	Liability Derivatives
Forward Contracts	$	—		$	—		$	(393,565	)	$	—		$	(393,565	)
Futures Contracts(a)		(40,544	)		(3,403	)		—			(172,674	)		(216,621	)
Total Value - Liabilities	$	(40,544	)	$	(3,403	)	$	(393,565	)	$	(172,674	)	$	(610,186	)

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

For the period ended May 31, 2015, the Fund’s quarterly average volume of derivatives is as follows:

LONG FUTURES NOTIONAL COST	SHORT FUTURES NOTIONAL COST	FORWARD FOREIGN CURRENCY CONTRACTS — PAYABLE (VALUE AT TRADE DATE)	FORWARD FOREIGN CURRENCY CONTRACTS — RECEIVABLE (VALUE AT TRADE DATE)
$34,576,699	$(6,521,166)	$(39,787,253)	$39,787,253

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.

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

8

CAMPBELL CORE TREND FUND

NOTES TO CONSOLIDATED PORTOFLIO OF INVESTMENTS

MAY 31, 2015

(UNAUDITED) (CONCLUDED)

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 accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.

9

FREE MARKET FUNDS

FREE MARKET U.S. EQUITY FUND

Portfolio of Investments

May 31, 2015

(Unaudited)

	Number of Shares		Value
EQUITY FUNDS — 98.6%
U.S. Large Cap Value Portfolio III(a)		25,159,956	$	629,753,708
U.S. Large Company Portfolio(a)		18,730,194		312,232,338
U.S. Micro Cap Portfolio(b)		15,817,684		313,822,851
U.S. Small Cap Portfolio(b)		9,766,985		313,813,209
U.S. Small Cap Value Portfolio(b)		14,599,851		522,966,661
TOTAL EQUITY FUNDS (Cost $1,495,912,680)				2,092,588,767
TOTAL INVESTMENTS — 98.6% (Cost $1,495,912,680) *				2,092,588,767
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.4%				29,753,480
NET ASSETS — 100.0%			$	2,122,342,247

* The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:

Aggregate cost	$	1,495,912,680
Gross unrealized appreciation	$	596,676,087
Gross unrealized depreciation		—
Net unrealized appreciation	$	596,676,087

(a) A portfolio of Dimensional Investment Group Inc.

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

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

1

FREE MARKET FUNDS

FREE MARKET INTERNATIONAL EQUITY FUND

Portfolio of Investments

May 31, 2015

(Unaudited)

	Number of Shares	Value
INTERNATIONAL EQUITY FUNDS — 98.5%
Asia Pacific Small Company Portfolio(a)	920,098	$	20,508,992
Canadian Small Company Series(b)	1,917,276		19,613,731
Continental Small Company Portfolio(a)	1,461,065		31,529,782
Continental Small Company Series(b)	272,053		18,388,810
DFA International Small Cap Value Portfolio(a)	30,164,313		626,512,772
DFA International Value Portfolio III(c)	27,870,972		467,953,626
Emerging Markets Portfolio(a)	3,122,898		81,226,570
Emerging Markets Small Cap Portfolio(a)	3,527,859		76,625,106
Emerging Markets Value Portfolio(a)	2,816,658		76,049,761
Japanese Small Company Portfolio(a)	1,730,072		35,310,760
Large Cap International Portfolio(a)	3,474,503		78,002,600
United Kingdom Small Company Portfolio(a)	206,187		7,715,503
United Kingdom Small Company Series(b)	338,573		22,769,097
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $1,363,215,968)			1,562,207,110
TOTAL INVESTMENTS — 98.5% (Cost $1,363,215,968) *			1,562,207,110
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.5%			24,349,879
NET ASSETS — 100.0%		$	1,586,556,989

* The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:

Aggregate cost	$	1,363,215,968
Gross unrealized appreciation	$	207,512,595
Gross unrealized depreciation		(8,521,453)
Net unrealized appreciation	$	198,991,142

(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.

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

FREE MARKET FUNDS

FREE MARKET FIXED INCOME FUND

Portfolio of Investments

May 31, 2015

(Unaudited)

	Number of Shares	Value
FIXED INCOME FUNDS — 98.7%
DFA Five-Year Global Fixed Income Portfolio(a)	44,676,557	$	495,463,011
DFA Inflation-Protected Securities Portfolio(a)	8,426,058		99,343,230
DFA Intermediate Government Fixed Income Portfolio(a)	18,709,336		237,795,660
DFA One-Year Fixed Income Portfolio(a)	47,007,076		485,113,024
DFA Short-Term Government Portfolio(a)	14,749,060		158,552,389
DFA Two-Year Global Fixed Income Portfolio(a)	49,850,537		495,514,339
TOTAL FIXED INCOME FUNDS (Cost $1,976,336,003)			1,971,781,653
TOTAL INVESTMENTS — 98.7% (Cost $1,976,336,003) *			1,971,781,653
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.3%			26,298,448
NET ASSETS — 100.0%		$	1,998,080,101

* The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:

Aggregate cost	$	1,976,336,003
Gross unrealized appreciation	$	4,347,261
Gross unrealized depreciation		(8,901,611)
Net unrealized appreciation	$	(4,554,350)

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

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

3

FREE MARKET FUNDS

Notes to Portfolio of Investments

May 31, 2015 (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 having a remaining maturity of 60 days or less are valued at amortized cost, which approximates market value.

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.

The following is a summary of the inputs used, as of May 31, 2015, in valuing the Funds’ investments carried at fair value:

FREE MARKET U.S. EQUITY FUND

	Total Value at         May 31, 2015		Level 1         Quoted Price		Level 2 Significant   Observable   Input		Level 3 Significant     Unobservable     Input
Investments in Securities*	$	2,092,588,767	$	2,092,588,767	$	-	$	-

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

FREE MARKET INTERNATIONAL EQUITY FUND

	Total Value at         May 31, 2015		Level 1         Quoted Price		Level 2 Significant   Observable   Input		Level 3 Significant     Unobservable     Input
Investments in Securities*	$	1,562,207,110	$	1,562,207,110	$	-	$	-

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

FREE MARKET FIXED INCOME FUND

	Total Value at         May 31, 2015		Level 1         Quoted Price		Level 2 Significant   Observable   Input		Level 3 Significant     Unobservable     Input
Investments in Securities*	$	1,971,781,653	$	1,971,781,653	$	-	$	-

*Please refer to the 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 delistings on national exchanges.

20

FREE MARKET FUNDS

Notes to Portfolio of Investments

May 31, 2015 (unaudited)

(concluded)

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 of 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 the Funds have 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 Funds have 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 May 31, 2015, there were no transfers between Levels 1, 2 and 3 for the Funds.

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

MATSON MONEY VI PORTFOLIOS

MATSON MONEY U.S. EQUITY VI PORTFOLIO

Portfolio of Investments

May 31, 2015

(Unaudited)

	Number of Shares	Value
EQUITY FUNDS — 98.6%
U.S. Large Cap Value Portfolio III(a)	139,914	$	3,502,049
U.S. Large Company Portfolio(a)	117,463		1,958,111
U.S. Micro Cap Portfolio(b)	100,898		2,001,825
U.S. Small Cap Portfolio(b)	62,350		2,003,307
U.S. Small Cap Value Portfolio(b)	37,098		1,328,838
VA U.S. Large Value Portfolio(b)	22,458		531,803
VA U.S. Targeted Value Portfolio(b)	105,242		1,996,443
TOTAL EQUITY FUNDS (Cost $12,931,043)			13,322,376
TOTAL INVESTMENTS — 98.6% (Cost $12,931,043)*			13,322,376
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.4%			194,919
NET ASSETS — 100.0%		$	13,517,295

* The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:

Aggregate cost	$	12,931,043
Gross unrealized appreciation	$	391,333
Gross unrealized depreciation		—
Net unrealized appreciation	$	391,333

(a) A portfolio of Dimensional Investment Group Inc.

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

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

May 31, 2015

(Unaudited)

	Number of Shares	Value
INTERNATIONAL EQUITY FUNDS — 99.1%
DFA International Small Cap Value Portfolio(a)	136,370	$	2,832,401
DFA International Value Portfolio III(b)	178,859		3,003,038
Emerging Markets Portfolio(a)	19,450		505,904
Emerging Markets Small Cap Portfolio(a)	21,889		475,432
Emerging Markets Value Portfolio(a)	17,359		468,682
Large Cap International Portfolio(a)	20,920		469,668
VA International Small Portfolio(b)	138,366		1,699,139
VA International Value Portfolio(b)	38,145		490,158
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $9,780,700)			9,944,422
TOTAL INVESTMENTS — 99.1% (Cost $9,780,700)*			9,944,422
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.9%			89,647
NET ASSETS — 100.0%		$	10,034,069

* The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:

Aggregate cost	$	9,780,700
Gross unrealized appreciation	$	179,369
Gross unrealized depreciation		(15,647	)
Net unrealized appreciation	$	163,722

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

(b) A portfolio of Dimensional Investment Group Inc.

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

May 31, 2015

(Unaudited)

	Number of Shares	Value
FIXED INCOME FUNDS — 98.5%
DFA Five-Year Global Fixed Income Portfolio(a)	145,945	$	1,618,532
DFA Inflation Protected Securities Portfolio(a)	67,710		798,299
DFA Intermediate Government Fixed Income Portfolio(a)	153,359		1,949,194
DFA One-Year Fixed Income Portfolio(a)	352,737		3,640,241
DFA Short-Term Fixed Portfolio(a)	31,275		319,319
DFA Short-Term Government Portfolio(a)	119,876		1,288,671
DFA Two-Year Global Fixed Income Portfolio(a)	409,312		4,068,559
VA Global Bond Portfolio(a)	224,142		2,436,420
TOTAL FIXED INCOME FUNDS (Cost $16,090,173)			16,119,235
TOTAL INVESTMENTS — 98.5% (Cost $16,090,173)*			16,119,235
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.5%			245,034
NET ASSETS — 100.0%		$	16,364,269

* The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:

Aggregate cost	$	16,090,173
Gross unrealized appreciation	$	49,677
Gross unrealized depreciation		(20,615)
Net unrealized appreciation	$	29,062

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

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

3

MATSON MONEY VI PORTFOLIOS

Notes to Portfolio of Investments

May 31, 2015 (unaudited)

PORTFOLIO VALUATION – Investments in the underlying Portfolios 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 Company’s Board of Directors. Direct investments in fixed income securities having a remaining maturity of 60 days or less are valued at amortized cost, which approximates market value.

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 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 the inputs used, as of May 31, 2015, in valuing the Portfolios’ investments carried at fair value:

MATSON MONEY U.S. EQUITY VI PORTFOLIO

	Total Value at         May 31, 2015		Level 1         Quoted Price		Level 2 Significant   Observable   Input		Level 3 Significant     Unobservable     Input
Investments in Securities*	$	13,322,376	$	13,322,376	$	-	$	-

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

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO

	Total Value at         May 31, 2015		Level 1         Quoted Price		Level 2 Significant   Observable   Input		Level 3 Significant     Unobservable     Input
Investments in Securities*	$	9,944,422	$	9,944,422	$	-	$	-

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

MATSON MONEY FIXED INCOME VI PORTFOLIO

	Total Value at         May 31, 2015		Level 1         Quoted Price		Level 2 Significant   Observable   Input		Level 3 Significant     Unobservable     Input
Investments in Securities*	$	16,119,235	$	16,119,235	$	-	$	-

*Please refer to the 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 delistings on national exchanges.

MATSON MONEY VI PORTFOLIOS

Notes to Portfolio of Investments

May 31, 2015 (unaudited)

(Concluded)

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 a Portfolio 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 May 31, 2015, there were no transfers between Levels 1, 2 and 3 for the Portfolios.

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

THE SCHNEIDER FUNDS

SCHNEIDER SMALL CAP VALUE FUND

Portfolio of Investments

May 31, 2015

(unaudited)

	Shares	Value
COMMON STOCKS — 92.3%
Auto Parts & Equipment — 0.2%
Commercial Vehicle Group, Inc. *	11,227	$	71,179
Banks — 3.1%
Bancorp, Inc. (The) *	55,140		533,204
Dundee Corp., Class A *	5,930		54,040
First Horizon National Corp.	5,675		83,763
MainSource Financial Group, Inc.	17,697		354,294
MidSouth Bancorp Inc.	2,688		37,229
Regions Financial Corp.	11,575		116,792
			1,179,322
Building Materials — 1.5%
Builders FirstSource, Inc. *	47,317		581,053
Coal — 2.0%
Peabody Energy Corp. (a)	220,795		746,287
Commercial Services — 10.1%
Aegean Marine Petroleum Network, Inc.	148,823		2,116,263
Ardmore Shipping Corp.	61,124		710,261
Baltic Trading, Ltd.	53,810		81,791
Hudson Global Inc. *	137,698		308,443
Stolt-Nielsen, Ltd.	23,942		425,156
Viad Corp.	6,839		183,559
			3,825,473
Electronics — 2.1%
Kemet Corp. *	242,316		748,756
Viasystems Group, Inc. *	1,557		28,446
			777,202
Healthcare - Products — 1.2%
Orthofix International NV *	13,510		442,723
Healthcare - Services — 3.6%
Five Star Quality Care, Inc. *	294,876		1,365,276
Home Builders — 2.7%
Taylor Morrison Home Corp., Class A *	53,426		1,027,916
Industrial — 3.5%
FreightCar America, Inc.	59,576		1,335,694
Insurance — 3.8%
Assured Guaranty, Ltd.	27,585		788,655
Stewart Information Services Corp.	17,331		651,126
			1,439,781
Internet — 1.2%
ModusLink Global Solutions, Inc. *	134,455		463,870
Machinery - Diversified — 1.6%
Intevac, Inc. *	111,515		606,642

	Shares	Value
Metals Fabricating — 0.4%
AM Castle & Co. * (a)	23,849	$	143,094
Mining — 1.1%
Alumina Ltd. SP ADR	32,507		173,262
Thompson Creek Metals Co., Inc. *	88,804		80,767
Ur-Energy, Inc. * (a)	187,551		170,671
			424,700
Miscellaneous Manufacturing — 1.8%
Orbotech, Ltd. *	33,290		695,761
Oil & Gas — 18.3%
Approach Resources, Inc. * (a)	228,582		1,602,360
MRC Global, Inc. *	162,111		2,481,919
Rex Energy Corp. * (a)	40,697		204,299
Scorpio Tankers Inc.	6,755		61,606
Swift Energy Co. * (a)	232,009		491,859
Willbros Group, Inc. *	328,771		611,514
WPX Energy, Inc. *	114,182		1,471,806
			6,925,363
Real Estate — 1.0%
Forest City Enterprises, Inc., Class A *	12,034		277,504
Forestar Group, Inc. *	6,730		89,845
			367,349
Real Estate Investment Trusts — 5.2%
Parkway Properties, Inc.	55,349		951,449
Redwood Trust, Inc.	13,661		220,079
Rexford Industrial Realty, Inc.	33,725		492,048
Sunstone Hotel Investors, Inc.	20,297		309,737
			1,973,313
Retail — 0.7%
Office Depot, Inc. *	28,796		266,939
Savings & Loans — 16.7%
First Niagara Financial Group, Inc.	103,977		926,435
Flagstar Bancorp, Inc. *	160,032		2,999,000
HomeStreet, Inc. *	88,692		2,043,464
Pulaski Financial Corp.	26,673		336,880
			6,305,779
Semiconductors — 2.1%
Alpha & Omega Semiconductor, Ltd. *	14,114		115,735
Axcelis Technologies, Inc. *	210,813		674,602
SunEdison Semiconductor Ltd. *	305		7,375
			797,712
Software — 0.3%
Take-Two Interactive Software, Inc. *	4,450		121,796
Telecommunications — 8.1%
Aviat Networks, Inc. *	1,271,211		1,449,180

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

1

THE SCHNEIDER FUNDS

SCHNEIDER SMALL CAP VALUE FUND

Portfolio of Investments (concluded)

May 31, 2015

(unaudited)

	Shares	Value
Telecommunications — (Continued)
Comverse, Inc. *	32,725	$	787,691
UTStarcom Holdings Corp. * (a)	402,078		840,343
			3,077,214
TOTAL COMMON STOCKS (Cost $34,074,164)			34,961,438
	Par (000)
CORPORATE BONDS — 1.4%
LandAmerica Financial Group, Inc. CONV ‡ 3.25%, 05/15/34	$           33		8,068
RAIT Financial Trust CONV * 7.00%, 04/01/31	463		520,586
TOTAL CORPORATE BONDS (Cost $463,000)			528,654
	Shares
EXCHANGE TRADED FUND — 1.1%
Finance — 1.1%
iShares Russell 2000 Value Index Fund (a)	4,324		439,967
TOTAL EXCHANGE TRADED FUND (Cost $443,340)			439,967
SECURITIES LENDING COLLATERAL — 9.3%
BlackRock Liquidity TempFund, Institutional Shares	3,511,990		3,511,990
TOTAL SECURITIES LENDING COLLATERAL (Cost $3,511,990)			3,511,990
TOTAL INVESTMENTS — 104.1% (Cost $38,492,494) **			39,442,049
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.1)%			(1,549,277	)
NET ASSETS — 100.0%		$	37,892,772

* Non-income producing.

(a) All or a portion of the security is on loan. At May 31, 2015, the market value of securities on loan was $3,456,825.

‡ Holding in default resolution. Value has been determined in good faith by or under the direction of The RBB Fund, Inc.‘s Board of Directors to be the estimated value of the future payouts under the default resolution. As of May 31, 2015, this holding amounted to $8,068 or 0.0% of net assets and is deemed illiquid by the portfolio manager pursuant to the Fund’s policies and procedures.

CONV Convertible

SP ADR Sponsored American Depositary Receipt.

** The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a Federal income tax basis are as follows:

Aggregate Cost	$	38,492,494
Gross unrealized appreciation	$	7,641,992
Gross unrealized depreciation		(6,692,437	)
Net unrealized appreciation	$	949,555

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

2

THE SCHNEIDER FUNDS

SCHNEIDER VALUE FUND

Portfolio of Investments

May 31, 2015

(unaudited)

	Shares		Value
COMMON STOCKS — 91.3%
Aerospace & Defense — 0.3%
Boeing Co. (The)		635	$	89,230
Aircraft — 1.1%
Bombardier, Inc., Class B		150,617		313,283
Banks — 31.0%
Barclays PLC, SP ADR		30,426		502,942
Citigroup, Inc.		26,159		1,414,679
First Niagara Financial Group, Inc.		64,170		571,755
JPMorgan Chase & Co.		22,220		1,461,632
Regions Financial Corp.		90,930		917,484
State Street Corp.		19,123		1,490,255
SunTrust Banks, Inc.		53,799		2,296,141
				8,654,888
Coal — 1.7%
Peabody Energy Corp. (a)		143,042		483,482
Commercial Services — 1.7%
Aegean Marine Petroleum Network, Inc.		33,424		475,289
Electric — 0.2%
FirstEnergy Corp.		1,345		47,990
Home Builders — 5.3%
Lennar Corp., Class A		1,495		69,712
Pulte Homes, Inc.		54,614		1,047,496
Taylor Morrison Home Corp., Class A *		10,660		205,098
Toll Brothers, Inc. *		4,161		150,503
				1,472,809
Insurance — 14.2%
Allstate Corp., (The)		6,956		468,278
American International Group, Inc.		13,358		782,912
Assured Guaranty, Ltd.		29,143		833,198
First American Financial Corp.		13,391		478,193
Genworth Financial, Inc., Class A *		25,080		199,135
Hartford Financial Services Group, Inc.		28,531		1,172,909
Voya Financial, Inc.		439		19,891
				3,954,516
IT Services — 1.1%
Symantec Corp.		12,209		300,647
Leisure Time — 4.9%
Carnival Corp.		29,435		1,363,724
Lodging — 6.4%
Marriott International, Inc., Class A		22,975		1,791,820
Office Products — 1.9%
Office Depot, Inc. *		58,475		542,063

	Shares		Value
Oil & Gas — 17.8%
Chesapeake Energy Corp. (a)		104,796	$	1,478,672
Devon Energy Corp.		1,662		108,396
SM Energy Co.		6,116		319,989
Weatherford International PLC. *		122,124		1,687,754
WPX Energy, Inc. *		106,295		1,370,143
				4,964,954
Real Estate — 2.1%
Forest City Enterprises, Inc., Class A *		25,159		580,167
Real Estate Investment Trusts — 1.6%
NorthStar Realty Finance Corp.		8,316		150,852
Paramount Group, Inc.		3,919		71,874
Piedmont Office Realty Trust, Inc. Class A (a)		12,838		220,685
				443,411
TOTAL COMMON STOCKS (Cost $20,010,584)				25,478,273
EXCHANGE TRADED FUND — 0.8%
Finance — 0.8%
iShares Russell 1000 Value Index Fund		2,240		235,827
TOTAL EXCHANGE TRADED FUND (Cost $222,731)				235,827
SECURITIES LENDING COLLATERAL — 8.1%
BlackRock Liquidity TempFund, Institutional Shares		2,251,272		2,251,272
TOTAL SECURITIES LENDING COLLATERAL (Cost $2,251,272)				2,251,272
TOTAL INVESTMENTS — 100.2% (Cost $22,484,587) **				27,965,372
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%				(43,336	)
NET ASSETS — 100.0%			$	27,922,036

*	Non-income producing.
(a)	All or a portion of the security is on loan. At May 31, 2015, market value of securities on loan was $2,182,839.
PLC	Public Limited Company
SP ADR	Sponsored American Depositary Receipt
**	The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a Federal income tax basis, are as follows:

Aggregate cost	$	22,484,587
Gross unrealized appreciation	$	7,512,555
Gross unrealized depreciation		(2,031,770	)
Net unrealized appreciation	$	5,480,785

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

3

THE SCHNEIDER FUNDS

Notes to Portfolio of Investments

May 31, 2015

(Unaudited)

PORTFOLIO VALUATION —The Schneider Small Cap Value Fund (the “Small Cap Value Fund”) and the Schneider Value Fund (the “Value Fund”) (each a “Fund,” collectively 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 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 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 MEASUREMENT— 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.

The following summary of the inputs used, as of May 31, 2015, in valuing the Funds’ investments carried at fair value:

Small Cap Value Fund

	Total Value as of May 31, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stocks*	$	34,961,438	$	34,961,438	$	—	$	—
Corporate Bonds		528,654		—		520,586		8,068
Exchange Traded Fund		439,967		439,967		—		—
Securities Lending Collateral		3,511,990		3,511,990		—		—
Total	$	39,442,049	$	38,913,395	$	520,586	$	8,068

4

THE SCHNEIDER FUNDS

Notes to Portfolio of Investments (Concluded)

May 31, 2015

(Unaudited)

Value Fund

	Total Value as of May 31, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stocks*	$	25,478,273	$	25,478,273	$	—	$	—
Exchange Traded Fund		235,827		235,827		—		—
Securities Lending Collateral		2,251,272		2,251,272		—		—
Total	$	27,965,372	$	27,965,372	$	—	$	—

*Please refer to the Portfolio of Investments for details on portfolio holdings.

The fair value of a Fund’s bonds is generally based on quotes received from brokers of independent pricing services. Bonds with quotes that are based on actual trades with a sufficient level of activity on or near the measurement date are classified as Level 2 assets. Bonds that are priced using quotes derived from implied values, indicative bids, or a limited amount of actual trades are classified as Level 3 assets because the inputs used by the brokers and pricing services to derive the values are not readily observable.

Investments designated as Level 3 may include assets valued using quotes or indications furnished by brokers which are based on models or estimates and may not be executable prices. In light of the developing market conditions, Schneider Capital Management continues to search for observable data points and evaluate broker quotes and indications received for portfolio investments. Determination of fair values is uncertain because it involves subjective judgments and estimates not easily substantiated by auditing procedures.

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 an active 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 a 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 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 May 31, 2015, there were no significant transfers between levels 1, 2 and 3 for the Small Cap Value Fund and the Value Fund.

5

SECURITIES LENDING —The Funds may make secured loans of their portfolio securities to brokers, dealers and other financial institutions to earn additional income and receive cash collateral equal to at least 102% of the current market value of the loaned securities, as marked to market each day that the NAV of the Funds is determined. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The Funds will pay administrative and custodial fees in connection with the loan of securities. Collateral is invested in short-term investments and the Funds will bear the risk of loss of the invested collateral. Securities lending will expose the Funds to the risk of loss should a borrower default on its obligation to return the borrowed securities.

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

SCOTIA DYNAMIC U.S. GROWTH FUND

Portfolio of Investments

May 31, 2015

(Unaudited)

	Number of Shares		Value
COMMON STOCKSD - 94.1%
Consumer Discretionary — 33.9%
Amazon.com, Inc.*		5,500	$	2,360,765
Expedia, Inc.		25,400		2,724,404
Netflix, Inc.*		4,500		2,808,270
O’Reilly Automotive, Inc.*		13,700		3,007,561
Tractor Supply Co.		27,400		2,387,636
Ulta Salon Cosmetics & Fragrance, Inc.*		21,600		3,296,592
Under Armour, Inc., Class A*		38,900		3,050,149
Zoe’s Kitchen, Inc.*		51,400		1,628,352
				21,263,729
Health Care — 15.0%
ABIOMED, Inc.*		32,500		1,940,900
Illumina, Inc.*		12,700		2,617,216
Medivation, Inc.*		16,500		2,178,825
Regeneron Pharmaceuticals, Inc.*		5,200		2,665,312
				9,402,253

	Number of Shares		Value
Information Technology — 45.2%
Akamai Technologies, Inc.*		33,400	$	2,547,418
CyberArk Software Ltd.		19,700		1,225,143
Ellie Mae, Inc.*		13,000		821,860
Facebook, Inc., Class A*		31,000		2,454,890
Fortinet, Inc.*		57,200		2,291,432
Palo Alto Networks, Inc.*		23,400		3,966,066
Paycom Software, Inc.*		51,000		1,772,760
Red Hat, Inc.*		31,200		2,410,824
Salesforce.com, Inc.*		53,000		3,855,750
Skyworks Solutions, Inc.		17,900		1,957,544
Tableau Software, Inc., Class A* .		44,100		4,992,561
				28,296,248
TOTAL COMMON STOCKS (Cost $51,828,147)				58,962,230
TOTAL INVESTMENTS - 94.1% (Cost $51,828,147)**				58,962,230
OTHER ASSETS IN EXCESS OF LIABILITIES - 5.9%				3,728,419
NET ASSETS - 100.0%			$	62,690,649

D	More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.
*	Non-income producing security.
**	The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a federal income tax basis, are as follows:

Aggregate Cost	$	51,828,147
Gross unrealized appreciation	$	7,658,139
Gross unrealized depreciation		(524,056	)
Net unrealized appreciation	$	7,134,083

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

1

SCOTIA DYNAMIC U.S. GROWTH FUND

Notes to Portfolio of Investments

May 31, 2015

(Unaudited)

A. Portfolio Valuation:

Portfolio Valuation – The Scotia Dynamic U.S. 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”) (typically 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. 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. 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 methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

2

SCOTIA DYNAMIC U.S. GROWTH FUND

Notes to Portfolio of Investments (Concluded)

May 31, 2015

(Unaudited)

The following is a summary of the inputs used, as of May 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value at May 31, 2015		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Investments in Securities*	$	58,962,230	$	58,962,230	$	—	$	—
* 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 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 be 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 May 31, 2015, 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.

3

SUMMIT GLOBAL INVESTMENTS U.S. LOW VOLATILITY EQUITY FUND

Portfolio of Investments

May 31, 2015

(Unaudited)

	Number of Shares	Value
COMMON STOCKS - 96.2%
Banks — 2.7%
Northern Trust Corp.	1,050	$	78,278
US Bancorp	35,000		1,508,850
Wells Fargo & Co.	6,530		365,419
			1,952,547
Chemicals — 0.2%
Monsanto Co.	1,500		175,470
			175,470
Commercial Services — 1.7%
Automatic Data Processing, Inc.	800		68,408
Cintas Corp.	3,640		313,368
H&R Block, Inc.	2,400		76,152
Total System Services, Inc.	16,050		661,260
Western Union Co., (The)	3,580		78,581
			1,197,769
Computers — 5.1%
Accenture, PLC, Class A	19,480		1,870,859
Apple, Inc.	12,770		1,663,676
EMC Corp.	2,700		71,118
Hewlett-Packard Co.	2,200		73,480
			3,679,133
Cosmetics/Personal Care — 2.4%
Colgate-Palmolive Co.	1,610		107,532
Procter & Gamble Co., (The)	20,920		1,639,919
			1,747,451
Distribution/Wholesale — 2.1%
Genuine Parts Co.	16,300		1,474,661
			1,474,661
Electric — 7.6%
CMS Energy Corp.	4,550		155,337
DTE Energy Co.	1,770		140,237
Duke Energy Corp.	10,140		767,902
Edison International	23,270		1,415,049
PG&E Corp.	1,300		69,511
PPL Corp.	23,640		820,544
SCANA Corp.	2,990		158,948
Southern Co.,(The)	3,630		158,595
TECO Energy, Inc.	27,860		525,161
Wisconsin Energy Corp.	15,970		771,032
Xcel Energy, Inc.	15,340		522,327
			5,504,643
Electronics — 1.0%
Thermo Fisher Scientific, Inc.	5,560		720,743
			720,743
Environmental Control — 2.4%
Republic Services, Inc.	25,260		1,017,725
Stericycle, Inc.*	4,570		627,461

	Number of Shares	Value
Environmental Control — (Continued)
Waste Management, Inc.	2,220	$	110,223
			1,755,409
Food — 7.4%
ConAgra Foods, Inc.	2,000		77,220
General Mills, Inc.	20,600		1,156,690
Hershey Co., (The)	1,740		161,576
Hormel Foods Corp.	19,080		1,091,758
Kellogg Co.	13,800		866,226
McCormick & Co., Inc.	3,920		307,720
Sysco Corp.	44,390		1,649,532
			5,310,722
Healthcare-Products — 3.9%
Baxter International, Inc.	8,090		538,875
DENTSPLY International, Inc.	1,240		64,523
Medtronic, PLC	2,750		209,880
Patterson Cos., Inc.	35,340		1,690,666
St. Jude Medical, Inc.	1,000		73,750
Varian Medical Systems, Inc.*	2,550		220,830
			2,798,524
Healthcare-Services — 3.9%
Laboratory Corp. of America Holdings*	10,700		1,262,065
Quest Diagnostics, Inc.	6,400		481,472
UnitedHealth Group, Inc.	8,590		1,032,604
			2,776,141
Household Products/Wares — 2.6%
Clorox Co., (The)	15,770		1,697,798
Kimberly-Clark Corp.	1,880		204,657
			1,902,455
Insurance — 9.2%
ACE Ltd.	900		95,832
Berkshire Hathaway, Inc., Class B*	500		71,500
Chubb Corp., (The)	15,400		1,501,500
Cincinnati Financial Corp.	32,300		1,633,734
Marsh & McLennan Cos., Inc.	24,400		1,420,812
Principal Financial Group, Inc.	6,280		324,613
Progressive Corp., (The)	58,450		1,598,023
			6,646,014
Internet — 0.6%
eBay, Inc.*	1,200		73,632
VeriSign, Inc.*	5,380		339,962
			413,594
Media — 1.5%
Scripps Networks Interactive, Inc.	1,050		70,361
Walt Disney Co., (The)	9,420		1,039,685
			1,110,046

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

1

SUMMIT GLOBAL INVESTMENTS U.S. LOW VOLATILITY EQUITY FUND

Portfolio of Investments (Concluded)

May 31, 2015

(Unaudited)

	Number of Shares	Value
Oil & Gas — 3.2%
Chevron Corp.	7,330	$	754,990
ConocoPhillips	1,100		70,048
Exxon Mobil Corp.	16,000		1,363,200
Occidental Petroleum Corp.	1,570		122,758
			2,310,996
Pharmaceuticals — 10.3%
Eli Lilly & Co.	22,680		1,789,452
Express Scripts Holding Co.*	9,060		789,488
Johnson & Johnson	13,190		1,320,847
Merck & Co., Inc.	28,070		1,709,182
Pfizer, Inc.	50,370		1,750,358
Zoetis, Inc.	1,500		74,655
			7,433,982
Real Estate Investment Trusts — 7.0%
Apartment Investment & Management Co., Class A	5,540		210,132
Crown Castle International Corp.	1,200		97,860
Equity Residential	5,000		371,600
General Growth Properties, Inc.	20,040		567,733
HCP, Inc.	1,340		51,885
Health Care REIT, Inc.	10,470		735,622
Prologis, Inc.	3,800		150,442
Public Storage	9,100		1,761,214
Simon Property Group, Inc.	2,880		522,432
Ventas, Inc.	8,370		556,772
			5,025,692
Retail — 7.3%
Bed Bath & Beyond, Inc.*	1,050		74,886
Costco Wholesale Corp.	11,200		1,597,008
Dollar Tree, Inc.*	6,080		455,939
Macy’s, Inc.	4,740		317,343
McDonald’s Corp.	6,500		623,545
TJX Cos., Inc., (The)	12,000		772,560
Wal-Mart Stores, Inc.	19,020		1,412,615
			5,253,896
Semiconductors — 0.1%
Intel Corp.	2,300		79,258
			79,258
Software — 7.8%
Cerner Corp.*	5,100		343,179

	Number of Shares		Value
Software — (Continued)
Fidelity National Information Services, Inc.		1,420	$	89,034
Fiserv, Inc.*		16,200		1,298,430
Intuit, Inc.		12,560		1,308,124
Microsoft Corp.		26,160		1,225,858
Paychex, Inc.		27,500		1,358,775
				5,623,400
Telecommunications — 5.2%
AT&T, Inc.		43,990		1,519,415
Cisco Systems, Inc.		19,360		567,442
Motorola Solutions, Inc.		890		52,510
Verizon Communications, Inc.		32,830		1,623,115
				3,762,482
Transportation — 1.0%
C.H. Robinson Worldwide, Inc.		6,960		429,641
United Parcel Service, Inc., Class B		2,750		272,855
				702,496
TOTAL COMMON STOCKS (Cost $63,450,509)				69,357,524
TOTAL INVESTMENTS - 96.2% (Cost $63,450,509)**				69,357,524
OTHER ASSETS IN EXCESS OF LIABILITIES - 3.8%				2,704,717
NET ASSETS - 100.0%			$	72,062,241

* Non-income producing security.

** The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a federal income tax basis, are as follows:

Aggregate Cost	$	63,450,509
Gross unrealized appreciation	$	6,840,422
Gross unrealized depreciation		(933,407	)
Net unrealized appreciation	$	5,907,015

PLC Public Limited Company

REIT Real Estate Investment Trust

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

2

SUMMIT GLOBAL INVESTMENTS U.S. LOW VOLATILITY EQUITY FUND

Notes to Portfolio of Investments

May 31, 2015

(Unaudited)

A. Portfolio Valuation:

Portfolio Valuation – The Summit Global Investments U.S. Low Volatility Equity 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”) (typically 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. 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. 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 methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

3

SUMMIT GLOBAL INVESTMENTS U.S. LOW VOLATILITY EQUITY FUND

Notes to Portfolio of Investments (Concluded)

May 31, 2015

(Unaudited)

The following is a summary of the inputs used, as of May 31, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value at May 31, 2015		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Investments in Securities*	$	69,357,524	$	69,357,524	$	—	$	—

* 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 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 May 31, 2015, 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.

4

Item 2. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (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 their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 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.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act are attached hereto.

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    07/29/15                                                                                                             

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    07/29/15                                                                                                             

By (Signature and Title)*        /s/ Joel Weiss                                                              

                                                  Joel Weiss, Treasurer

                                                  (principal financial officer)

Date    07/29/15                                                                                                            

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