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: November 30, 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 Schedule(s) of Investments is attached herewith.

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2015

(UNAUDITED)

	COUPON*		MATURITY DATE		PAR (000’s)		VALUE
SHORT-TERM INVESTMENTS — 73.1%
U.S. TREASURY OBLIGATIONS—73.1%
U.S. Treasury Bills		0.028%		12/10/15	$	11,516	$	11,515,862
U.S. Treasury Bills		0.030%		12/17/15		12,866		12,865,704
U.S. Treasury Bills		0.120%		12/31/15		25,125		25,122,161
U.S. Treasury Bills		0.130%		01/14/16		6,800		6,799,238
U.S. Treasury Bills		0.100%		01/28/16		16,031		16,029,156
U.S. Treasury Bills		0.140%		02/11/16		13,027		13,023,313
U.S. Treasury Bills		0.160%		02/18/16		11,500		11,496,090
U.S. Treasury Bills		0.160%		02/25/16		13,900		13,894,023
U.S. Treasury Bills		0.010%		03/03/16		11,000		10,993,939
U.S. Treasury Bills		0.050%		03/31/16		24,566		24,548,755
U.S. Treasury Bills		0.060%		04/14/16		13,156		13,147,120
U.S. Treasury Bills		0.225%		04/28/16		14,455		14,438,478
U.S. Treasury Bills		0.320%		05/12/16		19,368		19,339,936
U.S. Treasury Bills		0.360%		05/26/16		20,501		20,462,192
								213,675,967
TOTAL SHORT-TERM INVESTMENTS (Cost $ 213,706,608)								213,675,967
TOTAL PURCHASED OPTIONS — 0.7%** (Cost $ 2,308,666)								2,204,707
TOTAL INVESTMENTS — 73.8% (Cost $ 216,015,274)***								215,880,674
OTHER ASSETS IN EXCESS OF LIABILITIES — 26.2%								76,561,936
NET ASSETS — 100.0%							$	292,442,610

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

** See page 10 for detail information regarding the Purchased Options.

*** 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	$	216,015,274
Gross unrealized appreciation	$	416,142
Gross unrealized depreciation		(550,742	)
Net unrealized depreciation	$	(134,600	)

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

1

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2015

(UNAUDITED)

FUTURES CONTRACTS

LONG CONTRACTS	EXPIRATION DATE	NUMBER OF              CONTRACTS	NOTIONAL COST		UNREALIZED APPRECIATION (DEPRECIATION)
10-Year Mini Japanese Government Bond Futures	12/09/15	367	$	44,111,016	$	155,565
3-Month Euro Euribor	06/13/16	3		793,308		1,083
3-Month Euro Euribor	09/19/16	337		89,082,984		162,484
3-Month Euro Euribor	12/19/16	12		3,174,909		2,971
3-Month Euro Euribor	06/19/17	31		8,187,772		18,476
3-Month Euro Euribor	09/18/17	36		9,508,046		18,463
3-Month Euro Euribor	12/18/17	10		2,642,911		2,153
3-Month Euro Euribor	03/19/18	4		1,055,714		1,730
3-Month Euro Euribor	06/18/18	3		791,261		1,307
3-Month Euro Euribor	09/17/18	2		527,494		462
90-DAY Bank Bill	03/10/16	400		287,764,701		(23,610	)
90-DAY Bank Bill	06/09/16	1		721,543		(2,084	)
90-DAY Bank Bill	09/08/16	24		17,280,199		(12,769	)
90-DAY Eurodollar Futures	06/13/16	413		102,429,150		5,175
90-DAY Eurodollar Futures	12/19/16	1		247,212		—
90-DAY Eurodollar Futures	03/13/17	281		69,391,050		(22,688	)
90-DAY Eurodollar Futures	09/18/17	27		6,659,962		(12,562	)
90-DAY Eurodollar Futures	12/18/17	6		1,476,525		(1,125	)
90-DAY Eurodollar Futures	03/19/18	6		1,473,900		150
90-DAY Eurodollar Futures	06/18/18	5		1,227,825		(575	)
90-DAY Eurodollar Futures	09/17/18	6		1,472,262		(688	)
90-DAY Eurodollar Futures	12/17/18	5		1,226,888		(1,575	)
90-DAY Eurodollar Futures	03/18/19	4		979,600		50
90-DAY Eurodollar Futures	06/17/19	3		734,450		(200	)
90-DAY Sterling Futures	03/16/16	27		5,042,905		9,150
90-DAY Sterling Futures	06/15/16	293		54,716,158		74,890
90-DAY Sterling Futures	09/21/16	464		86,638,176		51,282
90-DAY Sterling Futures	03/15/17	255		47,451,843		93,980
90-DAY Sterling Futures	06/21/17	45		8,363,537		17,584
90-DAY Sterling Futures	09/20/17	46		8,544,400		14,308
90-DAY Sterling Futures	12/20/17	11		2,043,466		1,318
90-DAY Sterling Futures	03/21/18	4		742,635		395
90-DAY Sterling Futures	06/20/18	3		556,633		188
Amsterdam Index Futures	12/18/15	21		2,068,490		15,802
AUD/CAD Futures	12/14/15	7		1,009,323		2,741
AUD/JPY Futures	12/14/15	4		573,306		4,890
AUD/NZD Futures	12/14/15	3		436,314		(2,462	)
CAC40 10 Euro Futures	12/18/15	222		11,467,971		156,490
Canadian 10-Year Bond Futures	03/21/16	6		633,786		(10,086	)
Canola Futures (Winnipeg Commodity Exchange)	03/14/16	1		7,274		(175	)
Canola Futures (Winnipeg Commodity Exchange)	05/13/16	5		36,407		(479	)
Cocoa Futures	03/15/16	41		1,344,310		24,680
Cocoa Futures	05/13/16	27		886,050		14,670
Cocoa Futures	07/14/16	18		592,830		5,850
Cocoa Futures (Intercontinental Exchange)	12/14/15	13		433,363		9,323
Cocoa Futures (Intercontinental Exchange)	03/14/16	65		2,170,038		62,970
Cocoa Futures (Intercontinental Exchange)	05/13/16	28		928,536		30,423
Cocoa Futures (Intercontinental Exchange)	07/14/16	4		136,572		120
Cotton No.2 Futures	07/07/16	4		129,225		(1,265	)
Dax Index Futures	12/18/15	47		13,508,645		617,102
DJIA Mini e-CBOT	12/18/15	57		5,018,850		29,640
Dollar Index	12/14/15	3		348,200		(47,570	)
EUR/CHF 3-Month Futures (Intercontinental Exchange)	03/14/16	1		245,371		292
EUR/CHF 3-Month Futures (Intercontinental Exchange)	06/13/16	3		736,186		1,020

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

2

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2015

(UNAUDITED)

LONG CONTRACTS	EXPIRATION DATE	NUMBER OF              CONTRACTS	NOTIONAL COST			UNREALIZED APPRECIATION (DEPRECIATION)
EUR/CHF 3-Month Futures (Intercontinental Exchange)	09/19/16	2	$	490,621		$	850
EUR/CHF 3-Month Futures (Intercontinental Exchange)	12/19/16	1		245,322			364
EUR/CHF Futures	12/14/15	18		2,381,360			(5,285	)
Euro BUXL 30-Year Bond Futures	12/08/15	1		165,941			(972	)
Euro STOXX 50	12/18/15	111		3,971,537			139,010
Euro-Bobl Futures	12/08/15	655		89,627,599			358,085
Euro-Bund Futures	12/08/15	621		102,956,481			913,131
Euro-Schatz Futures	12/08/15	100		11,776,525			20,872
FTSE/JSE TOP 40	12/17/15	6		200,664			(7,727	)
FTSE/MIB Index Futures	12/18/15	4		474,944			4,686
GBP/CAD Futures	12/14/15	3		569,424			(4,629	)
GBP/CHF Futures	12/14/15	15		2,756,038			63,432
GBP/JPY Futures	12/14/15	9		1,704,041			(10,144	)
GBP/NZD Futures	12/14/15	2		387,018			(10,400	)
H-Shares Index Futures	12/30/15	8		525,315			(19,733	)
IBEX 35 Index Futures	12/18/15	10		1,086,943			9,181
JPN 10-Year Bond (Osaka Securities Exchange)	12/14/15	65		78,314,622			113,079
Long Gilt Futures	03/29/16	198		35,055,183			52,638
Nasdaq 100 E-Mini	12/18/15	128		11,789,070			162,930
Nikkei 225 (Chicago Mercantile Exchange)	12/10/15	10		971,250			18,500
Nikkei 225 (Osaka Securities Exchange)	12/10/15	15		2,418,846			(12,266	)
Nikkei 225 (Singapore Exchange)	12/10/15	55		4,372,482			44,050
Nikkei 225 Mini	12/10/15	114		1,768,404			60,597
Rapeseed Euro	01/29/16	37		736,651			13,920
Rapeseed Euro	04/29/16	43		850,401			17,908
Rapeseed Euro	07/29/16	19		362,765			5,098
Russell 2000 Mini	12/18/15	8		951,120			5,600
S&P Mid 400 E-Mini	12/18/15	8		1,163,240			4,840
S&P/TSX 60 IX Futures	12/17/15	36		4,289,520			(23,273	)
Sugar No. 11 (World)	02/29/16	62		1,016,042			20,698
Sugar No. 11 (World)	04/29/16	17		279,910			(4,592	)
Sugar No. 11 (World)	06/30/16	19		304,438			(3,114	)
Swiss Fed BND Futures	12/08/15	1		162,648			(29	)
Topix Indx Futures	12/10/15	41		5,194,809			74,240
USD/NOK Futures	12/14/15	5		473,339			25,479
USD/SEK Futures	12/14/15	15		1,448,781			49,586
White Sugar (Intercontinental Exchange)	02/12/16	19		378,500			4,350
White Sugar (Intercontinental Exchange)	04/15/16	19		381,460			2,435
White Sugar (Intercontinental Exchange)	07/15/16	1		20,470			(320	)
			$	1,281,795,206		$	3,552,339
SHORT CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL COST			UNREALIZED APPRECIATION (DEPRECIATION)
3-Month Euro Euribor	03/13/17	3	$	(801,932	)	$	7,581
90-DAY Eurodollar Futures	09/19/16	31		(7,676,375	)		388
90-DAY Eurodollar Futures	06/19/17	395		(97,359,400	)		(13,038	)
90-DAY Sterling Futures	12/21/16	415		(77,293,119	)		(163,505	)
AUD/USD Currency Futures	12/14/15	14		(987,077	)		(24,843	)
Australian 10-Year Bond Futures	12/15/15	547		(50,031,685	)		(146,128	)
Australian 3-Year Bond Futures	12/15/15	2		(160,825	)		(134	)
Brent Crude Futures	12/16/15	39		(1,779,960	)		40,170
Brent Crude Futures	01/14/16	3		(152,660	)		16,940
Brent Crude Futures	01/29/16	4		(205,050	)		21,970
Brent Crude Futures	02/29/16	4		(207,620	)		21,420
Brent Crude Futures	03/31/16	5		(251,210	)		14,660

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

3

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2015

(UNAUDITED)

SHORT CONTRACTS	EXPIRATION DATE	NUMBER OF              CONTRACTS	NOTIONAL COST			UNREALIZED APPRECIATION (DEPRECIATION)
Brent Crude Futures	04/29/16	5	$	(248,950	)	$	8,800
Brent Crude Futures	05/31/16	2		(98,500	)		1,140
CAD Currency Futures	12/15/15	143		(10,768,125	)		61,715
CAD/JPY Futures	12/14/15	3		(447,864	)		(1,284	)
Canola Futures (Winnipeg Commodity Exchange)	01/14/16	7		(49,332	)		458
Cattle Feeder Futures	01/28/16	4		(327,862	)		2,362
Cattle Feeder Futures	03/24/16	4		(321,550	)		700
CBOE VIX Futures	01/20/16	1		(17,950	)		175
CHF Currency Futures	12/14/15	118		(14,807,462	)		449,812
CHF/JPY Futures	12/14/15	8		(1,996,426	)		49,878
Coff Robusta Futures	01/29/16	27		(428,460	)		29,400
Coff Robusta Futures	03/31/16	36		(570,580	)		28,060
Coff Robusta Futures	05/31/16	22		(353,230	)		16,190
Coffee ’C’ Futures	03/18/16	37		(1,666,538	)		6,394
Coffee ’C’ Futures	05/18/16	13		(604,388	)		10,612
Coffee ’C’ Futures	07/19/16	8		(379,106	)		7,406
Copper Futures	03/29/16	187		(9,674,275	)		97,538
Copper Futures	05/26/16	8		(462,700	)		51,700
Corn Futures	03/14/16	177		(3,336,100	)		41,687
Corn Futures	05/13/16	30		(587,800	)		20,800
Corn Futures	07/14/16	32		(628,300	)		14,300
Corn Futures	09/14/16	7		(134,375	)		(1,162	)
Cotton No.2 Futures	03/08/16	17		(525,050	)		(7,390	)
Cotton No.2 Futures	05/06/16	6		(188,190	)		(2,100	)
E-Mini Crude Oil	12/18/15	4		(92,438	)		9,138
E-Mini Crude Oil	01/19/16	5		(115,675	)		8,275
E-Mini Crude Oil	02/19/16	5		(116,000	)		6,175
E-Mini Natural Gas	12/28/15	38		(284,200	)		71,875
E-Mini Natural Gas	01/26/16	41		(291,350	)		56,625
E-Mini Natural Gas	02/24/16	27		(168,175	)		11,642
EUR/AUD Futures	12/14/15	8		(1,092,884	)		34,696
EUR/CAD Futures	12/14/15	9		(1,203,185	)		13,193
EUR/GBP Futures	12/14/15	14		(1,879,076	)		28,051
EUR/JPY Futures	12/14/15	19		(2,559,733	)		48,330
Euro E-Mini Futures	12/14/15	20		(1,375,456	)		53,456
Euro Foreign Exchange Curency Futures	12/14/15	425		(58,653,976	)		2,468,976
FTSE 100 Index Futures	12/18/15	40		(3,795,721	)		(31,259	)
Gas Oil Futures (Intercontinental Exchange)	12/10/15	3		(134,800	)		8,950
Gasoline RBOB Futures	12/31/15	44		(2,395,953	)		(19,198	)
Gasoline RBOB Futures	01/29/16	4		(218,333	)		(1,949	)
Gasoline RBOB Futures	02/29/16	5		(278,351	)		(2,650	)
Gasoline RBOB Futures	03/31/16	4		(256,612	)		(4,712	)
GBP Currency Futures	12/14/15	59		(5,587,056	)		34,050
GBP/AUD Futures	12/14/15	1		(188,837	)		493
Gold 100 Oz Futures	02/25/16	153		(16,379,200	)		80,110
Gold 100 Oz Futures	04/27/16	10		(1,099,200	)		33,200
Gold 100 Oz Futures	06/28/16	8		(866,340	)		12,820
Hang Seng Index Futures	12/30/15	33		(4,745,958	)		83,537
JPY Currency Futures	12/14/15	258		(26,555,023	)		353,511
JPY E-Mini Futures	12/14/15	55		(2,812,550	)		19,753
KC HRW Wheat Futures	03/14/16	76		(1,893,712	)		97,262
KC HRW Wheat Futures	05/13/16	24		(605,062	)		24,562
KC HRW Wheat Futures	07/14/16	21		(522,825	)		2,812
Lean Hogs Futures	02/12/16	30		(711,130	)		29,530
Lean Hogs Futures	04/14/16	24		(644,210	)		54,050
Lean Hogs Futures	06/14/16	12		(351,170	)		(310	)
Live Cattle Futures	02/29/16	22		(1,175,580	)		10,900
Live Cattle Futures	04/29/16	12		(641,090	)		5,330
Live Cattle Futures	06/30/16	9		(448,610	)		3,020

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

4

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2015

(UNAUDITED)

SHORT CONTRACTS	EXPIRATION DATE	NUMBER OF              CONTRACTS	NOTIONAL COST			UNREALIZED APPRECIATION (DEPRECIATION)
London Mercantile Exchange Aluminum Forward	12/16/15	19	$	(938,402	)	$	252,383
London Mercantile Exchange Aluminum Forward	01/20/16	23		(938,442	)		104,836
London Mercantile Exchange Aluminum Forward	02/17/16	27		(1,017,791	)		41,066
London Mercantile Exchange Aluminum Forward	03/16/16	119		(4,459,732	)		154,907
London Mercantile Exchange Copper Forward	12/16/15	4		(470,780	)		10,556
London Mercantile Exchange Copper Forward	01/20/16	15		(1,863,573	)		140,542
London Mercantile Exchange Copper Forward	02/17/16	5		(649,124	)		75,436
London Mercantile Exchange Copper Forward	03/16/16	38		(4,583,738	)		227,750
London Mercantile Exchange Lead Forward	12/16/15	13		(483,286	)		(53,614	)
London Mercantile Exchange Lead Forward	01/20/16	18		(696,551	)		(45,499	)
London Mercantile Exchange Lead Forward	02/17/16	15		(626,848	)		8,472
London Mercantile Exchange Lead Forward	03/16/16	8		(320,194	)		(9,706	)
London Mercantile Exchange Nickel Forward	12/16/15	7		(418,964	)		46,403
London Mercantile Exchange Nickel Forward	01/20/16	14		(819,397	)		73,225
London Mercantile Exchange Nickel Forward	02/17/16	9		(548,747	)		68,417
London Mercantile Exchange Nickel Forward	03/16/16	5		(260,106	)		(7,104	)
London Mercantile Exchange Tin Forward Spot	12/16/15	4		(240,635	)		(61,465	)
London Mercantile Exchange Tin Forward Spot	01/20/16	5		(332,810	)		(44,190	)
London Mercantile Exchange Tin Forward Spot	02/17/16	6		(440,100	)		(11,700	)
London Mercantile Exchange Tin Forward Spot	03/16/16	3		(215,300	)		(10,375	)
London Mercantile Exchange Zinc Forward ($)	12/16/15	13		(651,424	)		147,024
London Mercantile Exchange Zinc Forward ($)	01/20/16	21		(864,139	)		46,845
London Mercantile Exchange Zinc Forward ($)	02/17/16	13		(555,931	)		48,688
London Mercantile Exchange Zinc Forward ($)	03/16/16	37		(1,457,112	)		9,950
Low Su Gasoil G Futures	01/12/16	47		(2,137,025	)		134,825
Low Su Gasoil G Futures	02/11/16	11		(515,150	)		39,950
Low Su Gasoil G Futures	03/10/16	11		(513,175	)		32,200
Low Su Gasoil G Futures	04/12/16	9		(398,075	)		50
Mill Wheat Euro	03/10/16	9		(83,573	)		(2,839	)
Mill Wheat Euro	05/10/16	3		(29,253	)		(225	)
Mini HSI Index Futures	12/30/15	9		(260,147	)		5,834
MSCI Singapore Exchane ETS	12/30/15	26		(599,458	)		11,829
MSCI Taiwan Index	12/30/15	15		(463,515	)		4,515
MXN Futures	12/14/15	2		(59,560	)		(680	)
Natural Gas Futures	12/29/15	194		(4,812,300	)		476,400
Natural Gas Futures	01/27/16	16		(462,620	)		96,220
Natural Gas Futures	02/25/16	17		(484,850	)		90,620
Natural Gas Futures	03/29/16	19		(523,220	)		77,480
Natural Gas Futures	04/27/16	21		(586,080	)		83,970
Natural Gas Futures	05/26/16	22		(621,940	)		85,800
Natural Gas Futures	06/28/16	24		(676,290	)		80,130
Natural Gas Futures	07/27/16	17		(457,610	)		32,950
Natural Gas Futures	08/29/16	12		(310,570	)		10,810
New York Harbor Ultra-Low Sulfur Diesel Futures	12/31/15	71		(4,335,261	)		297,037
New York Harbor Ultra-Low Sulfur Diesel Futures	01/29/16	5		(328,847	)		39,530
New York Harbor Ultra-Low Sulfur Diesel Futures	02/29/16	5		(327,911	)		34,772
New York Harbor Ultra-Low Sulfur Diesel Futures	03/31/16	4		(247,435	)		11,361
Nikkei 225 (Osaka Securities Exchange)	12/10/15	15		(2,341,348	)		(65,232	)
NZD Futures	12/14/15	20		(1,302,510	)		(13,490	)
NZD/JPY Futures	12/14/15	1		(129,927	)		(1,657	)
Palladium Futures	03/29/16	7		(377,895	)		(2,345	)
Platinum Futures	01/27/16	18		(820,995	)		71,385
Red Wheat Futures (Minneapolis Grain Exchange)	03/14/16	29		(765,838	)		29,600
Red Wheat Futures (Minneapolis Grain Exchange)	05/13/16	5		(130,225	)		1,475
S&P 500 E-Mini Futures	12/18/15	55		(5,662,825	)		(56,625	)
SGX CNX Nifty	12/31/15	64		(1,009,587	)		(11,789	)
Silver Futures	03/29/16	109		(7,679,870	)		3,000
Silver Futures	05/26/16	5		(356,325	)		3,400
Soybean Futures	01/14/16	58		(2,530,200	)		(24,700	)

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

5

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2015

(UNAUDITED)

SHORT CONTRACTS	EXPIRATION DATE	NUMBER OF              CONTRACTS	NOTIONAL COST			UNREALIZED APPRECIATION (DEPRECIATION)
Soybean Futures	03/14/16	57	$	(2,525,850	)	$	8,588
Soybean Futures	05/13/16	18		(798,988	)		(1,562	)
Soybean Futures	07/14/16	19		(850,325	)		(162	)
Soybean Meal Futures	01/14/16	26		(777,140	)		35,360
Soybean Meal Futures	03/14/16	35		(1,044,480	)		38,230
Soybean Meal Futures	05/13/16	27		(784,630	)		2,170
Soybean Oil Futures	01/14/16	20		(331,854	)		(21,186	)
Soybean Oil Futures	03/14/16	47		(798,078	)		(38,616	)
Soybean Oil Futures	05/13/16	18		(302,292	)		(20,088	)
SPI 200 Futures	12/17/15	26		(2,436,756	)		(1,085	)
U.S. Long Bond (Chicago Board of Trade)	03/21/16	17		(2,617,844	)		(156	)
U.S. Treasury 10-Year Notes (Chicago Board of Trade)	03/21/16	393		(49,703,625	)		13,688
U.S. Treasury 2-Year Notes (Chicago Board of Trade)	03/31/16	1		(217,734	)		188
U.S. Treasury 5-Year Notes (Chicago Board of Trade)	03/31/16	197		(23,383,891	)		3,992
Wheat Futures (Chicago Board of Trade)	03/14/16	126		(3,122,888	)		127,238
Wheat Futures (Chicago Board of Trade)	05/13/16	22		(544,250	)		11,850
Wheat Futures (Chicago Board of Trade)	07/14/16	17		(422,150	)		3,312
WTI Crude Futures	12/21/15	69		(2,970,590	)		96,740
WTI Crude Futures	01/20/16	3		(138,310	)		9,430
WTI Crude Futures	02/22/16	4		(184,790	)		9,070
WTI Crude Futures	03/21/16	4		(188,460	)		9,380
WTI Crude Futures	04/20/16	4		(191,300	)		9,340
WTI Crude Futures	05/20/16	4		(192,760	)		8,560
WTI Crude Futures	06/21/16	4		(193,100	)		7,060
WTI Crude Futures	07/20/16	3		(146,120	)		5,360
			$	(586,732,238	)	$	7,372,025
Total Futures Contracts			$	695,062,968		$	10,924,364

Forward foreign currency contracts outstanding as of November 30, 2015 were as follows:

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION	COUNTERPARTY	UNREALIZED APPRECIATION (DEPRECIATION)
AUD	734,938	USD	529,968	12/01/15	BOA	$	1,540
AUD	90,700	USD	65,352	12/02/15	BOA		242
AUD	26,370,000	USD	18,807,216	12/04/15	BOA		261,429
AUD	6,940,495	USD	4,960,517	12/16/15	BOA		54,836
AUD	9,061,000	USD	6,503,270	12/18/15	BOA		43,656
AUD	1,190,000	USD	853,626	12/22/15	BOA		5,998
BRL	3,608,974	USD	917,993	12/16/15	BOA		10,671
CAD	823,802	USD	618,162	12/01/15	BOA		(1,290	)
CAD	8,671,653	USD	6,535,000	12/04/15	BOA		(41,575	)
CAD	3,912,134	USD	2,976,783	12/16/15	BOA		(47,353	)
CAD	9,221,000	USD	6,976,525	12/18/15	BOA		(71,791	)
CHF	500,180	USD	490,000	12/04/15	BOA		(3,757	)
CHF	5,611,000	USD	5,829,110	12/18/15	BOA		(367,482	)
CLP	52,820,164	USD	76,672	12/16/15	BOA		(2,456	)
CZK	20,457,946	USD	848,922	12/16/15	BOA		(48,736	)
EUR	730,200	JPY	89,508,095	12/04/15	BOA		3,020
EUR	324,093	USD	343,204	12/01/15	BOA		(785	)
EUR	266,028	USD	281,031	12/02/15	BOA		40
EUR	25,845,000	USD	27,706,433	12/04/15	BOA		(397,990	)

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

6

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2015

(UNAUDITED)

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION	COUNTERPARTY	UNREALIZED APPRECIATION (DEPRECIATION)
EUR	2,372,296	USD	2,668,186	12/16/15	BOA	$	(160,458	)
EUR	7,966,000	USD	8,936,128	12/18/15	BOA		(514,742	)
GBP	11,485,000	JPY	995,390,920	12/04/15	BOA		(161,908	)
GBP	213,421	USD	321,168	12/01/15	BOA		264
GBP	181,176	USD	272,751	12/02/15	BOA		117
GBP	2,704,931	USD	4,168,325	12/16/15	BOA		(94,106	)
GBP	7,437,000	USD	11,452,493	12/18/15	BOA		(250,606	)
HUF	165,534,869	USD	599,770	12/16/15	BOA		(37,199	)
INR	140,606,975	USD	2,130,299	12/16/15	BOA		(26,332	)
JPY	1,883,631	EUR	1,770,000	12/04/15	BOA		13,406
JPY	199,998,242	EUR	1,532,000	12/22/15	BOA		6,271
JPY	7,940,559	GBP	5,225,000	12/04/15	BOA		71,132
JPY	11,012,204	USD	89,731	12/01/15	BOA		(273	)
JPY	33,920,670	USD	275,230	12/02/15	BOA		324
JPY	2,646,099,219	USD	21,619,189	12/04/15	BOA		(121,803	)
JPY	419,588,190	USD	3,497,012	12/16/15	BOA		(86,432	)
JPY	988,283,000	USD	8,092,519	12/18/15	BOA		(58,668	)
KRW	1,570,694,099	USD	1,360,979	12/16/15	BOA		(5,280	)
KRW	4,117,882,881	USD	3,583,806	12/18/15	BOA		(29,809	)
MXN	24,770,485	USD	1,488,226	12/16/15	BOA		4,398
MXN	16,839,000	USD	1,014,037	12/18/15	BOA		501
MYR	1,445,123	USD	341,076	12/16/15	BOA		(2,517	)
NOK	195,294	USD	22,492	12/01/15	BOA		(20	)
NOK	447,243	USD	51,519	12/02/15	BOA		(56	)
NOK	83,955,461	USD	9,945,000	12/04/15	BOA		(284,731	)
NOK	18,360,334	USD	2,212,256	12/16/15	BOA		(100,003	)
NZD	274,146	USD	179,633	12/01/15	BOA		823
NZD	2,640,338	USD	1,739,357	12/02/15	BOA		(1,354	)
NZD	37,965,000	USD	25,440,785	12/04/15	BOA		(454,072	)
NZD	9,354,259	USD	6,065,711	12/16/15	BOA		85,275
NZD	4,019,000	USD	2,670,297	12/18/15	BOA		(27,960	)
PLN	5,611,867	USD	1,490,402	12/16/15	BOA		(102,145	)
SEK	1,873,933	USD	214,510	12/01/15	BOA		346
SEK	377,903	USD	43,351	12/02/15	BOA		(22	)
SEK	30,389,456	USD	3,550,000	12/04/15	BOA		(65,375	)
SEK	23,215,559	USD	2,782,688	12/16/15	BOA		(119,217	)
SGD	14,684,717	USD	10,452,786	12/02/15	BOA		(42,155	)
SGD	875,378	USD	622,975	12/16/15	BOA		(2,692	)
TRY	6,675,268	USD	2,235,316	12/16/15	BOA		45,679
TWD	16,004,763	USD	493,308	12/16/15	BOA		(2,968	)
USD	528,494	AUD	734,938	12/01/15	BOA		(3,015	)
USD	65,681	AUD	90,700	12/02/15	BOA		86
USD	12,420,500	AUD	17,475,000	12/04/15	BOA		(216,003	)
USD	2,377,426	AUD	3,354,373	12/16/15	BOA		(46,516	)
USD	7,019,174	AUD	9,952,000	12/18/15	BOA		(171,535	)
USD	853,469	AUD	1,190,000	12/22/15	BOA		(6,155	)
USD	1,583,144	BRL	6,262,012	12/16/15	BOA		(28,201	)
USD	615,503	CAD	823,802	12/01/15	BOA		(1,369	)
USD	16,285,000	CAD	21,591,614	12/04/15	BOA		116,972

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

7

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2015

(UNAUDITED)

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION	COUNTERPARTY	UNREALIZED APPRECIATION (DEPRECIATION)
USD	8,246,692	CAD	10,921,898	12/16/15	BOA	$	68,310
USD	6,557,350	CAD	8,665,000	12/18/15	BOA		68,952
USD	3,891,754	CAD	5,206,000	12/22/15	BOA		(6,519	)
USD	825,000	CHF	836,228	12/04/15	BOA		12,072
USD	6,371,056	CHF	6,213,000	12/18/15	BOA		323,455
USD	772,527	CHF	788,000	12/22/15	BOA		5,225
USD	212,817	CLP	149,218,166	12/16/15	BOA		3,154
USD	1,617,175	CZK	39,635,540	12/16/15	BOA		66,883
USD	315,000	DKK	2,204,855	12/04/15	BOA		2,712
USD	344,184	EUR	324,093	12/01/15	BOA		1,765
USD	281,692	EUR	266,028	12/02/15	BOA		621
USD	42,256,644	EUR	39,370,000	12/04/15	BOA		657,364
USD	5,758,710	EUR	5,240,608	12/16/15	BOA		218,922
USD	5,931,978	EUR	5,366,000	12/18/15	BOA		259,224
USD	666,018	EUR	628,000	12/22/15	BOA		2,020
USD	321,924	GBP	213,421	12/01/15	BOA		492
USD	272,213	GBP	181,176	12/02/15	BOA		(655	)
USD	23,125,594	GBP	15,190,000	12/04/15	BOA		247,779
USD	8,007,813	GBP	5,262,666	12/16/15	BOA		81,084
USD	14,830,970	GBP	9,717,000	12/18/15	BOA		194,862
USD	3,316,294	GBP	2,190,000	12/22/15	BOA		17,555
USD	1,420,096	HUF	404,561,644	12/16/15	BOA		45,192
USD	4,178,149	INR	280,248,266	12/16/15	BOA		(15,334	)
USD	89,998	JPY	11,012,203	12/01/15	BOA		541
USD	276,151	JPY	33,920,671	12/02/15	BOA		597
USD	7,865,000	JPY	959,149,582	12/04/15	BOA		72,696
USD	6,496,646	JPY	788,324,210	12/16/15	BOA		88,834
USD	10,226,605	JPY	1,230,442,000	12/18/15	BOA		224,220
USD	1,119,871	JPY	137,738,000	12/22/15	BOA		(8	)
USD	2,041,754	KRW	2,420,978,048	12/16/15	BOA		(47,843	)
USD	3,570,036	KRW	4,117,882,881	12/18/15	BOA		16,039
USD	2,074,245	MXN	35,133,661	12/16/15	BOA		(42,844	)
USD	3,484,642	MXN	58,816,000	12/18/15	BOA		(58,983	)
USD	412,521	MYR	1,799,862	12/16/15	BOA		(9,146	)
USD	22,504	NOK	195,294	12/01/15	BOA		32
USD	51,330	NOK	447,243	12/02/15	BOA		(133	)
USD	11,100,000	NOK	94,766,195	12/04/15	BOA		195,803
USD	2,602,255	NOK	22,106,213	12/16/15	BOA		59,060
USD	178,984	NZD	274,146	12/01/15	BOA		(1,472	)
USD	1,719,905	NZD	2,640,338	12/02/15	BOA		(18,097	)
USD	6,925,751	NZD	10,600,000	12/04/15	BOA		(50,652	)
USD	1,709,319	NZD	2,597,000	12/15/15	BOA		1,508
USD	3,037,697	NZD	4,675,431	12/16/15	BOA		(36,679	)
USD	4,028,628	NZD	6,337,000	12/18/15	BOA		(137,704	)
USD	3,079,405	PLN	11,869,656	12/16/15	BOA		143,104
USD	214,596	SEK	1,873,933	12/01/15	BOA		(260	)
USD	43,287	SEK	377,903	12/02/15	BOA		(42	)
USD	23,760,000	SEK	203,168,529	12/04/15	BOA		463,558
USD	6,932,363	SEK	58,773,428	12/16/15	BOA		189,414

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

8

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2015

(UNAUDITED)

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION	COUNTERPARTY	UNREALIZED APPRECIATION (DEPRECIATION)
USD	10,332,000	SGD	14,684,717	12/02/15	BOA	$	(78,632	)
USD	5,172,000	SGD	7,318,167	12/15/15	BOA		(13,762	)
USD	1,109,235	SGD	1,577,407	12/16/15	BOA		(8,499	)
USD	3,284,513	TRY	9,909,474	12/16/15	BOA		(101,638	)
USD	534,212	TWD	17,502,520	12/16/15	BOA		(2,015	)
USD	3,469,256	ZAR	48,180,475	12/17/15	BOA		146,514
USD	178,386	ZAR	2,528,000	12/22/15	BOA		4,221
ZAR	22,066,019	USD	1,600,440	12/17/15	BOA		(78,668	)
Total Forward Foreign Currency Contracts						$	(307,687	)

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

9

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2015

(UNAUDITED)

	NUMBER OF CONTRACTS	VALUE
PURCHASED OPTIONS — 0.8%
CALL OPTIONS PURCHASED—0.4%
USD CHF Currency Futures Expires 01/08/16 Strike Price 1.03	23,272,000	$	330,172
USD CNH Currency Futures Expires 08/22/16 Strike Price 6.77	22,639,000		339,359
USD CNH Currency Futures Expires 08/22/16 Strike Price 6.77	17,062,000		255,759
USD CNH Currency Futures Expires 08/22/16 Strike Price 7.09	10,343,000		85,221
TOTAL CALL OPTIONS PURCHASED (Cost $ 983,647)			1,010,511
PUT OPTIONS PURCHASED—0.4%
AUD USD Currency Futures Expires 12/04/15 Strike Price 69.50	165		3,300
Crude Oil Futures Expires 12/16/15 Strike Price 39	134		88,440
Euro Foreign Exchange Curency Futures Expires 12/04/15 Strike Price 1.06	155		207,312
Gold 100-Oz Futures Expires 05/25/16 Strike Price 0	166		373,500
IMM Eurodollar Futures Expires 12/14/15 Strike Price 99.50	1,137		14,212
IMM Eurodollar Futures Expires 12/14/15 Strike Price 99.25	951		5,944
IMM Eurodollar Futures Expires 06/13/16 Strike Price 99.38	933		501,488
TOTAL PUT OPTIONS PURCHASED (Cost $ 1,325,019)			1,194,196
TOTAL PURCHASED OPTIONS — 0.8% (Cost $ 2,308,666)			2,204,707

	NUMBER OF CONTRACTS	VALUE
WRITTEN OPTIONS — (0.4)%
CALL OPTIONS WRITTEN—(0.2)%
USD CHF Currency Futures Expires 01/08/16 Strike Price 1.06	23,272,000	$	(120,479	)
USD CNH Currency Futures Expires 08/22/16 Strike Price 7.09	22,639,000		(186,534	)
USD CNH Currency Futures Expires 08/22/16 Strike Price 7.09	17,062,000		(140,582	)
USD CNH Currency Futures Expires 08/22/16 Strike Price 6.77	10,343,000		(155,042	)
TOTAL CALL OPTIONS WRITTEN (Premiums Received $ 621,174)			(602,637	)
PUT OPTIONS WRITTEN—(0.2)%
AUD USD Currency Futures Expires 12/04/15 Strike Price 67.50	165		(825	)
Crude Oil Futures Expires 12/16/15 Strike Price 36	134		(25,460	)
Euro Foreign Exchange Curency Futures Expires 12/04/15 Strike Price 1.04	78		(28,275	)
Euro Foreign Exchange Curency Futures Expires 12/04/15 Strike Price 1.03	77		(11,550	)
Gold 100-Oz Futures Expires 05/25/16 Strike Price 60	83		(358,560	)
IMM Eurodollar Futures Expires 12/14/15 Strike Price 99.38	1,137		(7,106	)
IMM Eurodollar Futures Expires 06/13/16 Strike Price 98.88	632		(31,600	)
TOTAL PUT OPTIONS WRITTEN (Premiums Received $ 614,579)			(463,376	)
TOTAL WRITTEN OPTIONS — (0.4)% (Premiums Received $ 1,235,753)			(1,066,013	)

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

10

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONCLUDED)

NOVEMBER 30, 2015

(UNAUDITED)

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

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

11

ABBEY CAPITAL FUTURES STRATEGY FUND

NOTES TO PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 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 November 30, 2015, the net assets of the Subsidiary were $63,475,292, which represented 21.7% 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, provided such amount appoximates fair 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

NOVEMBER 30, 2015

(UNAUDITED) (CONTINUED)

The following is a summary of inputs used, as of November 30, 2015, in valuing the Fund’s investments carried at fair value.

	TOTAL FAIR VALUE AT NOVEMBER 30, 2015			LEVEL 1 QUOTED PRICE			LEVEL 2 SIGNIFICANT OBSERVABLE INPUTS			LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS
Short-Term Investments	$	213,675,967		$	213,675,967		$	—		$—
Commodity Contracts
Futures		4,762,584			4,762,584			—		—
Purchased Options		461,940			461,940			—		—
Equity Contracts
Futures		1,448,382			1,448,382			—		—
Foreign Exchange Contracts
Forward Foreign Currency Contracts		4,623,068			—			4,623,068		—
Futures		3,762,041			3,762,041			—		—
Purchased Options		1,221,123			965,364			255,759		—
Interest Rate Contracts
Futures		2,119,506			2,119,506			—		—
Purchased Options		521,644			521,644			—		—
Total Assets	$	232,596,255		$	227,717,428		$	4,878,827		$—
	TOTAL FAIR VALUE AT NOVEMBER 30, 2015			LEVEL 1 QUOTED PRICE			LEVEL 2 SIGNIFICANT OBSERVABLE INPUTS			LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS
Commodity Contracts
Futures	$	(404,794	)	$	(404,794	)	$	—		$—
Written Options		(384,020	)		(384,020	)		—		—
Equity Contracts
Futures		(228,988	)		(228,988	)		—		—
Foreign Exchange Contracts
Forward Foreign Currency Contracts		(4,930,755	)		—			(4,930,755	)	—
Futures		(122,443	)		(122,443	)		—		—
Written Options		(643,287	)		(502,705	)		(140,582	)	—
Interest Rate Contracts
Futures		(411,924	)		(411,924	)		—		—
Written Options		(38,706	)		(38,706	)		—		—
Total Liabilities	$	(7,164,917	)	$	(2,093,580	)	$	(5,071,337	)	$—

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

13

ABBEY CAPITAL FUTURES STRATEGY FUND

NOTES TO PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2015

(UNAUDITED) (CONTINUED)

Level 3 during the period. Transfers in and out between Levels are based on values at the end of the period. U.S. GAAP also requires the Fund to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each Level within the three-tier hierarchy are disclosed when the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the period ended November 30, 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 November 30, 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	$		—		$		521,644		$		1,221,123		$		461,940		$	2,204,707
Forward Contracts			—				—				4,623,068				—			4,623,068
Futures Contracts			1,448,382				2,119,506				3,762,041				4,762,584			12,092,513
Total Value - Assets	$		1,448,382		$		2,641,150		$		9,606,232		$		5,224,524		$	18,920,288
		Liability Derivatives
Written Options	$		—		$		(38,706	)	$		(643,287	)	$		(384,020	)	$	(1,066,013)
Forward Contracts			—				—				(4,930,755	)			—			(4,930,755)
Futures Contracts			(228,988	)			(411,924	)			(122,443	)			(404,794	)		(1,168,149)
Total Value - Liabilities	$		(228,988	)	$		(450,630	)	$		(5,696,485	)	$		(788,814	)	$	(7,164,917)

For the period ended November 30, 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)
$2,302,322	$(1,183,418)	$1,082,653,085	$(462,590,412)	$(416,997,934)	$416,943,462

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

14

ABBEY CAPITAL FUTURES STRATEGY FUND

NOTES TO PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2015

(UNAUDITED) (CONTINUED)

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 November 30, 2015 as follows:

	NUMBER OF CONTRACTS			PREMIUMS RECEIVED
Options outstanding at August 31, 2015		95,153,327		$	1,131,083
Options written		56,257,659			1,295,453
Options closed		(2,386	)		(737,870	)
Options expired		(78,090,294	)		(452,913	)
Options outstanding at November 30, 2015		73,318,306		$	1,235,753

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

15

ABBEY CAPITAL FUTURES STRATEGY FUND

NOTES TO PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2015

(UNAUDITED) (CONCLUDED)

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

November 30, 2015

(Unaudited)

	Number of Shares		Value
COMMON STOCKS—94.8%
Advertising — 0.0%
Journal Media Group, Inc.		1	$	12
Aerospace/Defense — 1.3%
AAR Corp.		2,468		60,614
Aerojet Rocketdyne Holdings, Inc.*		15,755		276,343
Aerovironment, Inc.*		2,630		67,275
Cubic Corp		19,739		958,526
Curtiss-Wright Corp.		1,568		110,403
Kaman Corp.		2,787		111,870
KLX, Inc.*		24,304		780,158
Mantech International Corp., Class A		1,268		42,465
Moog, Inc., Class A*		1,151		76,047
National Presto Industries, Inc.		728		63,292
Orbital ATK, Inc.		1,778		152,748
				2,699,741
Agriculture — 0.1%
Andersons, Inc., (The)		722		24,887
Universal Corp.		1,451		82,040
				106,927
Airlines — 0.9%
Allegiant Travel Co.		2,618		458,490
Controladora Vuela Cia de Aviacion SAB de CV, ADR (Mexico)*		23,542		416,458
SkyWest, Inc.		22,919		472,361
Virgin America, Inc.*		12,766		464,555
				1,811,864
Apparel — 1.2%
Cherokee, Inc.*		16,575		316,748
G-III Apparel Group Ltd.*		2,392		109,721
Lakeland Industries, Inc.*		29,937		417,022
Oxford Industries, Inc.		1,003		68,144
Rocky Brands, Inc.		33,040		375,334
Sequential Brands Group, Inc.*		21,921		196,193
Skechers U.S.A. Inc., Class A*		6,336		191,347
Steven Madden Ltd.*		3,386		108,013
Superior Uniform Group, Inc.		24,084		445,313
Wolverine World Wide, Inc.		13,682		248,876
				2,476,711
Auto Parts & Equipment — 1.2%
Dorman Products, Inc.*		1,240		59,173
Gentherm, Inc.*		2,317		117,796
Motorcar Parts Of America, Inc.*		39,210		1,570,753
Spartan Motors, Inc.		88,530		321,364
Standard Motor Products, Inc.		5,400		225,504

	Number of Shares		Value
Auto Parts & Equipment — (Continued)
Unique Fabricating, Inc.		30,293	$	357,154
				2,651,744
Banks — 6.3%
1st Source Corp.		8,450		285,664
American River Bankshares*		49,540		511,253
Atlantic Capital Bancshares, Inc.*		16,952		244,624
Bank Of Commerce Holdings		67,900		497,707
Bank Of The Ozarks, Inc.		9,510		516,203
BankUnited, Inc.		11,623		439,349
Banner Corp.		1,722		90,405
BBCN Bancorp, Inc.		8,040		152,036
BNC Bancorp		7,479		190,715
Boston Private Financial Holdings, Inc.		4,236		51,256
Central Pacific Financial Corp.		3,268		75,948
City Holding Co.		4,208		210,063
Columbia Banking System, Inc.		2,725		96,847
Community Bank System, Inc.		917		39,550
CU Bancorp*		11,486		309,203
CVB Financial Corp.		4,745		87,783
FCB Financial Holdings, Inc., Class A*		12,619		491,510
First BanCorp (Puerto Rico)*		16,536		62,010
First Citizens BancShares, Inc., Class A		779		206,373
First Financial Bancorp		7,350		148,103
First Financial Bankshares, Inc.		4,122		148,021
First Midwest Bancorp, Inc.		5,819		113,703
First NBC Bank Holding Co.*		1,181		50,004
FNB Corp.		13,275		192,753
Glacier Bancorp, Inc.		4,882		143,433
Hanmi Financial Corp.		12,922		337,264
Hilltop Holdings, Inc.*		20,090		448,208
Home BancShares, Inc.		5,717		257,951
Horizon Bancorp In		11,810		325,129
International Bancshares Corp.		9,569		291,950
Live Oak Bancshares, Inc.		17,504		276,563
MB Financial, Inc.		2,529		90,386
MidSouth Bancorp, Inc.		34,590		378,760
National Penn Bancshares, Inc.		10,089		126,012
NBT Bancorp, Inc.		2,119		63,845
Northrim Bancorp, Inc.		9,250		272,228
Orrstown Financial Services, Inc.		22,810		405,334
Pacific Continental Corp.		33,800		537,758
Pacific Mercantile Bancorp*		77,550		522,687
Park Sterling Corp.		89,350		676,380
People’s Utah Bancorp		22,290		379,153

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

1

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

November 30, 2015

(Unaudited)

	Number of Shares		Value
Banks — (Continued)
Pinnacle Financial Partners, Inc.		654	$	35,532
Premier Financial Bancorp, Inc.		34,910		533,076
PrivateBancorp, Inc.		2,852		125,802
S&T Bancorp, Inc.		3,937		133,543
Simmons First National Corp., Class A		897		51,721
Southside Bancshares, Inc.		6		169
Suffolk Bancorp		7,240		214,594
Texas Capital Bancshares, Inc.*		2,307		136,759
Tompkins Financial Corp.		1,660		103,850
TrustCo Bank Corp.		4,026		26,411
UMB Financial Corp.		1,394		73,464
United Bankshares, Inc. Wv		2,652		111,702
Walker & Dunlop, Inc.*		1,341		39,613
Westamerica Bancorporation		3,276		160,524
Western Alliance Bancorp*		13,238		513,502
Wilshire Bancorp, Inc.		9,430		116,366
Wintrust Financial Corp.		5,459		287,307
				13,408,059
Beverages — 0.6%
DavidsTea, Inc.*		15,556		182,939
Farmer Brothers Co.*		20,385		595,854
Primo Water Corp.*		36,238		322,156
Reed’s, Inc.*		50,029		249,144
				1,350,093
Biotechnology — 3.4%
Acorda Therapeutics, Inc.*		3,042		116,174
Blueprint Medicines Corp.*		18,351		425,009
Cambrex Corp.*		1,943		104,203
Dermira, Inc.*		5,733		176,634
Dimension Therapeutics, Inc.*		9,595		144,309
Dynavax Technologies Corp.*		33,763		941,650
Emergent BioSolutions, Inc.*		2,245		84,569
Exelixis, Inc.*		49,511		283,203
Five Prime Therapeutics, Inc.*		12,661		486,815
KemPharm, Inc.*		15,099		261,515
Ligand Pharmaceuticals, Inc.*		1,187		127,104
Loxo Oncology, Inc.*		18,418		606,505
MacroGenics, Inc.*		12,892		445,805
Medicines Co. (The)*		4,827		202,782
Momenta Pharmaceuticals, Inc.* .		5,303		94,712
Myriad Genetics, Inc.*		6,307		274,354
NeoGenomics, Inc.*		216,957		1,729,147
Pfenex, Inc.*		20,444		315,246
Repligen Corp.*		1,274		36,220
Second Sight Medical Products, Inc.*		20,245		102,440
Spectrum Pharmaceuticals, Inc.*		7,203		43,218
Sunesis Pharmaceuticals, Inc.*		75,296		77,555

	Number of Shares		Value
Biotechnology — (Continued)
Veracyte, Inc.*		32,578	$	234,236
				7,313,405
Building Materials — 2.3%
AAON, Inc.		2,382		58,859
Apogee Enterprises, Inc.		9,600		482,112
Aspen Aerogels, Inc.*		40,577		263,751
BMC Stock Holdings, Inc.		14,173		243,634
Builders FirstSource, Inc.*		14,370		193,420
Drew Industries, Inc.		1,629		98,440
Gibraltar Industries, Inc.*		21,628		577,251
Griffon Corp.		21,323		386,799
Headwaters, Inc.*		4,288		82,201
Patrick Industries, Inc.*		19,879		823,587
PGT, Inc.*		18,600		206,832
Quanex Building Products Corp.		2,595		48,293
Simpson Manufacturing Co., Inc.		4,180		155,203
Universal Forest Products, Inc.		2,701		208,679
US Concrete, Inc.*		16,596		974,683
				4,803,744
Chemicals — 1.5%
Aceto Corp.		10,364		292,368
American Vanguard Corp.		15,556		245,163
Balchem Corp.		1,608		110,132
Calgon Carbon Corp.		2,354		39,806
Codexis, Inc.*		65,260		249,293
Hawkins, Inc.		6,889		282,449
Innophos Holdings, Inc.		2,313		68,742
Innospec, Inc.		1,325		77,380
KMG Chemicals, Inc.		17,910		353,364
Kraton Performance Polymers, Inc.*		3,213		71,489
Landec Corp.*		84,009		1,076,155
Quaker Chemical Corp.		697		59,405
Rayonier Advanced Materials, Inc.		6,688		74,972
Stepan Co.		2,701		140,614
				3,141,332
Commercial Services — 7.9%
ABM Industries, Inc.		2,589		76,816
AMN Healthcare Services, Inc.*		10,634		313,703
ARC Document Solutions, Inc.*		78,920		399,335
Barrett Business Services, Inc.		19,930		889,875
Booz Allen Hamilton Holding Corp.		13,471		410,192
Brink’s Co. (The)		20,939		673,817
Cardtronics, Inc.*		2,382		89,587
CorVel Corp.*		1,091		42,276
CPI Card Group, Inc.*		15,409		149,621
CRA International, Inc.*		14,720		335,910

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

2

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

November 30, 2015

(Unaudited)

	Number of Shares		Value
Commercial Services — (Continued)
Cross Country Healthcare, Inc.*		25,740	$	469,755
Electro Rent Corp.		36,080		373,428
Green Dot Corp., Class A*		3,371		56,700
Hackett Group, Inc. (The)		36,387		689,170
Healthcare Services Group, Inc.		16,266		600,866
Heartland Payment Systems, Inc.		1,233		97,826
HMS Holdings Corp.*		9,256		112,275
INC Research Holdings, Inc., Class A*		9,061		428,585
Insperity, Inc.		20,913		902,605
Kelly Services, Inc., Class A		24,323		409,356
Kforce, Inc.		11,636		313,474
Korn/Ferry International		9,118		335,542
Landauer, Inc.		1,752		71,394
LendingTree, Inc.*		7,602		774,492
Liberty Tax, Inc.		12,880		285,163
Matthews International Corp., Class A		1,608		96,174
Medifast, Inc.*		15,908		482,331
Monro Muffler Brake, Inc.		1,672		123,795
Monster Worldwide, Inc.*		8,469		54,540
Navigant Consulting, Inc.*		3,071		53,743
Nord Anglia Education, Inc.*		17,625		374,179
Nutrisystem, Inc.		12,745		292,370
NV5 Holdings, Inc.*		16,430		381,669
On Assignment, Inc.*		13,657		637,509
PAREXEL International Corp.*		2,105		142,824
Patriot National, Inc.*		29,155		425,080
Paylocity Holding Corp.*		9,351		410,883
PFSweb, Inc.*		57,324		755,530
Rent-A-Center, Inc.		23,840		409,094
Resources Connection, Inc.		7,567		138,098
ServiceSource International, Inc.*		76,573		413,494
Sotheby’s		8,865		250,968
SP Plus Corp.*		38,864		978,207
Strayer Education, Inc.*		1,605		95,000
TrueBlue, Inc.*		16,189		474,176
Viad Corp.		13,168		406,496
Weight Watchers International, Inc.*		5,909		155,879
				16,853,802
Computers — 4.6%
CACI International, Inc., Class A*		1,145		114,798
Computer Services, Inc.		16,069		615,443
Computer Task Group, Inc.		36,917		248,451
Datalink Corp.*		90,590		665,836

	Number of Shares		Value
Computers — (Continued)
Digimarc Corp.*		16,105	$	573,016
Electronics For Imaging, Inc.*		1,897		93,105
ExlService Holdings, Inc.*		19,350		905,000
Globant S.A. (Luxembourg)*		33,106		1,164,007
Icad, Inc.*		56,536		230,667
Immersion Corp.*		19,345		259,416
Insight Enterprises, Inc.*		2,584		69,200
Kornit Digital Ltd. (Israel)*		21,402		253,614
LivePerson, Inc.*		7,679		59,896
Luxoft Holding, Inc.*		5,342		413,845
Manhattan Associates, Inc.*		9,158		701,503
Mattersight Corp.*		26,707		189,353
MAXIMUS, Inc.		3,243		184,040
Maxwell Technologies, Inc.*		29,273		206,667
Mercury Systems, Inc.*		41,805		818,542
Mitek Systems, Inc.*		12,041		63,215
MTS Systems Corp.		686		43,643
Quantum Corp.*		265,960		234,284
Radisys Corp.*		183,870		487,256
Sykes Enterprises, Inc.*		1,995		63,481
Synaptics, Inc.*		2,264		203,239
TeleTech Holdings, Inc.		3,501		101,599
Virtusa Corp.*		1,029		50,678
Vocera Communications, Inc.*		33,884		444,897
Xplore Technologies Corp.*		61,112		320,227
				9,778,918
Distribution/Wholesale — 0.2%
H&E Equipment Services, Inc.		5,385		107,754
Pool Corp.		2,106		172,776
ScanSource, Inc.*		1,508		57,937
Veritiv Corp.*		836		32,997
				371,464
Diversified Financial Services — 2.1%
Blackhawk Network Holdings, Inc., Class B*		22,647		1,072,335
Evercore Partners, Inc., Class A		2,877		159,760
Financial Engines, Inc.		2,934		105,712
FNFV Group*		63,941		715,500
Hennessy Advisors, Inc.		14,130		413,444
Interactive Brokers Group, Inc., Class A		3,063		132,812
Investment Technology Group, Inc.		2,378		47,726
JMP Group, LLC		54,490		336,748
MarketAxess Holdings, Inc.		2,439		260,436
Piper Jaffray Cos*		1,350		54,716
Silvercrest Asset Management Group, Inc., Class A		19,466		250,527
Virtus Investment Partners, Inc.		348		47,412

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

3

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

November 30, 2015

(Unaudited)

	Number of Shares		Value
Diversified Financial Services — (Continued)
WageWorks, Inc.*		10,048	$	427,442
Westwood Holdings Group, Inc.		4,923		287,257
World Acceptance Corp.*		1,334		57,549
				4,369,376
Electric — 0.2%
ALLETE, Inc.		4,232		215,620
Avista Corp.		1,395		48,281
El Paso Electric Co.		1,366		52,796
UIL Holdings Corp.		3,856		196,078
				512,775
Electrical Components & Equipment — 0.8%
Advanced Energy Industries, Inc.*		2,466		71,933
Encore Wire Corp.		1,278		55,810
EnerSys		2,466		145,247
General Cable Corp.		6,009		91,577
Insteel Industries, Inc.		24,020		586,088
Littelfuse, Inc.		1,079		117,136
Powell Industries, Inc.		1,712		60,108
PowerSecure International, Inc.*		24,380		340,832
Research Frontiers, Inc.*		27,564		138,371
SL Industries, Inc.*		4,310		149,342
				1,756,444
Electronics — 2.1%
Badger Meter, Inc.		1,318		80,174
Benchmark Electronics, Inc.*		4,783		102,643
Brady Corp., Class A		5,090		134,325
Coherent, Inc.*		1,106		75,120
CTS Corp.		2,929		55,592
ESCO Technologies, Inc.		1,906		74,772
FARO Technologies, Inc.*		2,429		73,089
II-VI, Inc.*		3,812		70,979
IMAX Corp. (Canada)*		12,823		485,735
Itron, Inc.*		4,655		167,347
Ituran Location And Control Ltd. (Israel)		17,989		363,378
Methode Electronics, Inc.		3,109		112,173
Napco Security Technologies, Inc.*		44,741		261,735
OSI Systems, Inc.*		5,396		505,227
Park Electrochemical Corp.		1,616		28,296
Plexus Corp.*		1,593		59,260
Rofin-Sinar Technologies, Inc.*		2,850		81,909
Rogers Corp.*		1,325		73,445
Sanmina Corp.*		4,741		107,478
TASER International, Inc.*		15,816		295,759
Tech Data Corp.*		4,500		304,425
TTM Technologies, Inc.*		5,863		45,966

	Number of Shares		Value
Electronics — (Continued)
Watts Water Technologies, Inc., Class A		2,071	$	114,961
ZAGG, Inc.*		77,440		799,181
				4,472,969
Energy-Alternate Sources — 0.1%
Green Plains, Inc.		3,821		90,520
REX American Resources Corp.*.		881		55,371
				145,891
Engineering & Construction — 0.9%
Aegion Corp.*		5,582		123,027
Argan, Inc.		7,042		276,821
Comfort Systems Usa, Inc.		21,046		668,000
Dycom Industries, Inc.*		2,682		234,353
EMCOR Group, Inc.		4,741		238,946
Exponent, Inc.		1,390		71,766
Sterling Construction Co., Inc.*		61,530		335,338
				1,948,251
Entertainment — 1.2%
AMC Entertainment Holdings, Inc., Class A		7,317		185,925
Carmike Cinemas, Inc.*		19,040		416,024
International Speedway Corp., Class A		28,078		999,296
Pinnacle Entertainment, Inc.*		3,069		100,633
SeaWorld Entertainment, Inc.		49,442		865,729
				2,567,607
Environmental Control — 0.7%
Clean Harbors, Inc.*		9,117		394,675
Progressive Waste Solutions Ltd.		15,290		361,150
Tetra Tech, Inc.		4,089		113,633
US Ecology, Inc.		18,495		699,851
				1,569,309
Food — 1.9%
B&G Foods, Inc.		4,803		181,457
Blue Buffalo Pet Products, Inc.*		21,000		377,370
Calavo Growers, Inc.		6,922		391,647
Cal-Maine Foods, Inc.		1,158		63,123
Darling Ingredients, Inc.*		12,576		137,707
Diamond Foods, Inc.*		1,830		74,078
Fresh Market, Inc. (The)*		39,440		945,771
Ingles Markets, Inc., Class A		4,742		258,297
J&J Snack Foods Corp.		681		79,459
John B Sanfilippo & Son, Inc.		5,766		331,833
Lifeway Foods, Inc.*		21,918		241,098
Sanderson Farms, Inc.		5,751		430,232
Snyder’s-Lance, Inc.		3,587		132,970

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

4

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

November 30, 2015

(Unaudited)

	Number of Shares		Value
Food — (Continued)
Village Super Market, Inc., Class A		12,044	$	311,940
				3,956,982
Forest Products & Paper — 0.1%
Deltic Timber Corp.		589		38,615
Neenah Paper, Inc.		743		49,387
PH Glatfelter Co.		3,609		64,204
Schweitzer-Mauduit International, Inc.		3,328		139,177
				291,383
Gas — 0.4%
Laclede Group, Inc. (The)		5,337		311,467
New Jersey Resources Corp.		2,340		70,317
Northwest Natural Gas Co.		2,390		116,632
Piedmont Natural Gas Co., Inc.		5,397		313,836
South Jersey Industries, Inc.		3,263		74,918
Southwest Gas Corp.		1,157		64,885
				952,055
Hand / Machine Tools — 0.2%
Hardinge, Inc.		47,940		466,456
Healthcare-Products — 3.7%
Abaxis, Inc.		1,207		64,176
ABIOMED, Inc.*		1,897		154,738
Alpha Pro Tech Ltd.*		110,399		189,886
Analogic Corp.		569		47,540
AtriCure, Inc.*		32,572		699,647
Avinger, Inc.*		20,851		375,110
Cantel Medical Corp.		1,814		117,602
ConforMIS, Inc.*		14,185		302,566
CONMED Corp.		1,287		54,698
Cynosure, Inc., Class A*		1,507		63,384
Digirad Corp.		69,985		408,712
GenMark Diagnostics, Inc.*		6,439		51,319
Glaukos Corp.*		11,887		307,873
Greatbatch, Inc.*		908		52,700
Haemonetics Corp.*		3,454		111,357
Hanger, Inc.*		4,825		75,125
ICU Medical, Inc.*		771		87,462
Inogen, Inc.*		4,250		162,562
Integra LifeSciences Holdings Corp.*		1,544		96,824
K2M Group Holdings, Inc.*		36,208		731,764
LeMaitre Vascular, Inc.		33,231		512,754
Livanova, PLC*		1,406		84,149
Luminex Corp.*		1,882		40,501
Masimo Corp.*		3,409		141,405
Meridian Bioscience, Inc.		4,835		94,621
Merit Medical Systems, Inc.*		2,635		51,040

	Number of Shares		Value
Healthcare-Products — (Continued)
MiMedx Group, Inc.*		5,172	$	46,341
NanoString Technologies, Inc.*		13,634		207,782
Natus Medical, Inc.*		1,325		64,634
NuVasive, Inc.*		2,238		116,689
Oxford Immunotec Global PLC*		20,334		269,426
PhotoMedex, Inc.*		47,740		19,335
TransEnterix, Inc.*		46,822		123,142
Trinity Biotech PLC, SP ADR		31,477		377,094
Vascular Solutions, Inc.*		11,341		403,059
West Pharmaceutical Services, Inc.		10,258		646,767
Zeltiq Aesthetics, Inc.*		15,751		478,515
				7,832,299
Healthcare-Services — 2.2%
Acadia Healthcare Co., Inc.*		5,971		412,059
Addus HomeCare Corp.*		14,439		329,065
Air Methods Corp.*		18,299		799,666
Almost Family, Inc.*		9,070		384,296
Amedisys, Inc.*		2,217		89,988
Amsurg Corp.*		7,928		666,428
Cancer Genetics, Inc.*		30,845		107,341
Chemed Corp.		621		95,938
Ensign Group, Inc. (The)		930		44,240
Kindred Healthcare, Inc.		3,812		50,890
LHC Group, Inc.*		11,835		550,919
Magellan Health, Inc.*		1,789		94,191
Molina Healthcare, Inc.*		2,020		121,725
Providence Service Corp. (The)* .		927		44,885
Psychemedics Corp.		24,410		283,156
Select Medical Holdings Corp.		8,751		105,625
Surgical Care Affiliates, Inc.*		12,269		456,039
				4,636,451
Home Builders — 0.9%
CalAtlantic Group, Inc.		3,150		132,615
Cavco Industries, Inc.*		5,995		555,737
Installed Building Products, Inc.*		22,488		563,549
LGI Homes, Inc.*		12,187		405,340
Meritage Homes Corp.*		2,475		92,342
UCP, Inc., Class A*		32,040		249,912
				1,999,495
Home Furnishings — 1.0%
American Woodmark Corp.*		7,047		577,924
Bassett Furniture Industries, Inc.		14,593		457,636
Daktronics, Inc.		37,001		320,799
Hooker Furniture Corp.		14,796		405,410
La-Z-Boy, Inc.		3,067		82,226
Skullcandy, Inc.*		33,210		135,165

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

5

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

November 30, 2015

(Unaudited)

	Number of Shares		Value
Home Furnishings — (Continued)
Universal Electronics, Inc.*		2,793	$	148,001
				2,127,161
Household Products / Wares — 0.4%
Acme United Corp.		15,608		265,336
SodaStream International Ltd. (Israel)*		28,460		412,955
WD-40 Co.		995		98,276
				776,567
Housewares — 0.4%
Lifetime Brands, Inc.		39,170		544,855
Toro Co. (The)		2,674		206,085
				750,940
Insurance — 2.0%
American Equity Investment Life Holding Co.		3,902		104,613
American National Insurance Co.		5,420		581,891
Atlas Financial Holdings, Inc. (Cayman Islands)*		19,289		404,490
Conifer Holdings, Inc.*		33,780		330,706
eHealth, Inc.*		29,845		386,493
Employers Holdings, Inc.		3,729		102,212
Hallmark Financial Services, Inc.*		13,800		175,950
Horace Mann Educators Corp.		3,432		119,880
Infinity Property & Casualty Corp.		1,164		99,522
ProAssurance Corp.		2,565		135,714
RLI Corp.		1,478		89,715
Safety Insurance Group, Inc.		1,077		60,323
Selective Insurance Group, Inc.		3,866		133,416
Stewart Information Services Corp.		982		42,560
Universal Insurance Holdings, Inc.		2,126		41,989
White Mountains Insurance Group Ltd. (Bermuda)		1,838		1,485,104
				4,294,578
Internet — 4.5%
8X8, Inc.*		25,620		302,316
Autobytel, Inc.*		19,973		490,737
Blue Nile, Inc.*		3,051		111,239
Boingo Wireless, Inc.*		30,566		202,347
Chegg, Inc.*		32,344		234,817
comScore, Inc.*		1,275		53,678
DHI Group, Inc.*		4,199		39,135
ePlus, Inc.*		5,842		515,206
FTD Cos, Inc.*		3,249		86,163
j2 Global, Inc.		2,243		180,494

	Number of Shares		Value
Internet — (Continued)
magicJack VocalTec Ltd.*		60,630	$	560,828
Marketo, Inc.*		14,405		436,039
NIC, Inc.		3,334		68,047
Q2 Holdings, Inc.*		42,189		1,159,354
Quinstreet, Inc.*		39,325		192,299
Reis, Inc.		16,435		411,368
RingCentral, Inc., Class A*		47,784		1,094,731
Shopify, Inc., Class A (Canada)* .		18,238		480,389
SMTP, Inc.*		25,173		106,985
Stamps.Com, Inc.*		8,365		847,876
TeleCommunication Systems, Inc., Class A*		201,670		992,216
TheStreet, Inc.		98,045		167,657
Tucows, Inc., Class A*		2,084		49,683
VASCO Data Security International, Inc.*		1,622		30,299
Zendesk, Inc.*		20,321		520,421
Zix Corp.*		43,903		246,296
				9,580,620
Investment Companies — 0.4%
Acacia Research Corp.		53,050		313,526
Capital Southwest Corp.		14,114		220,884
PennantPark Floating Rate Capital Ltd.		23,967		288,323
				822,733
Leisure Time — 0.5%
Arctic Cat, Inc.		10,980		244,415
Callaway Golf Co.		4,678		47,154
MCBC Holdings, Inc.*		12,856		184,484
Nautilus, Inc.*		5,659		108,709
Planet Fitness, Inc., Class A*		31,039		490,727
Town Sports International Holdings, Inc.*		40,450		68,765
				1,144,254
Lodging — 0.5%
Boyd Gaming Corp.*		4,776		93,562
Marcus Corp. (The)		10,023		199,458
Monarch Casino & Resort, Inc.*		25,193		564,827
Red Lion Hotels Corp.*		39,211		292,514
				1,150,361
Machinery-Diversified — 0.9%
Albany International Corp., Class A		657		25,597
Applied Industrial Technologies, Inc.		2,755		117,501
Briggs & Stratton Corp.		2,329		44,344
Chart Industries, Inc.*		2,956		63,051
Columbus Mckinnon Corp.		15,210		313,934

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

6

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

November 30, 2015

(Unaudited)

	Number of Shares		Value
Machinery-Diversified — (Continued)
DXP Enterprises, Inc.*		1,777	$	58,197
Hurco Cos, Inc.		15,250		406,412
Manitex International, Inc.*		48,980		304,656
Tennant Co.		1,492		92,907
Twin Disc, Inc.		35,410		408,986
				1,835,585
Media — 0.1%
Gannett Co., Inc.		9,737		166,308
Scholastic Corp.		1,251		53,443
				219,751
Metal Fabricate/Hardware — 0.7%
CIRCOR International, Inc.		2,915		132,487
Dynamic Materials Corp.		71,875		554,875
Lawson Products, Inc.*		5,049		141,271
NN, Inc.		24,460		417,043
Northwest Pipe Co.*		14,990		177,781
TimkenSteel Corp.		9,168		93,605
				1,517,062
Mining — 0.6%
A-Mark Precious Metals, Inc.		22,409		347,340
Kaiser Aluminum Corp.		1,268		108,693
Materion Corp.		888		25,770
Stillwater Mining Co.*		12,813		119,930
United States Lime & Minerals, Inc.		5,185		268,635
US Silica Holdings, Inc.		16,653		354,209
				1,224,577
Miscellaneous Manufacturing — 1.5%
Actuant Corp., Class A		7,774		192,484
AZZ, Inc.		1,154		68,709
Barnes Group, Inc.		3,127		120,452
Fabrinet*		20,648		494,107
Hexcel Corp.		8,532		401,772
Hillenbrand, Inc.		2,305		69,818
John Bean Technologies Corp.		2,493		121,908
Lydall, Inc.*		19,638		715,216
Proto Labs, Inc.*		5,609		379,673
Smith & Wesson Holding Corp.*		31,218		572,538
Sturm Ruger & Co., Inc.		1,620		84,402
				3,221,079
Office Furnishings — 0.6%
Interface, Inc.		23,754		472,230
Kimball International, Inc., Class B		23,006		284,584
Knoll, Inc.		18,527		412,782
				1,169,596
Oil & Gas — 1.8%
Bonanza Creek Energy, Inc.*		4,096		34,775

	Number of Shares		Value
Oil & Gas — (Continued)
Callon Petroleum Co.*		27,368	$	259,722
Carrizo Oil & Gas, Inc.*		3,385		136,686
Diamondback Energy, Inc.*		6,187		482,710
Evolution Petroleum Corp.		76,221		468,759
Gran Tierra Energy, Inc.*		118,010		295,025
Murphy USA, Inc.*		8,619		513,348
Northern Oil And Gas, Inc.*		11,338		58,164
PDC Energy, Inc.*		10,346		584,446
QEP Resources, Inc.		16,140		255,012
RSP Permian, Inc.*		14,344		407,083
Stone Energy Corp.*		13,896		101,302
Synergy Resources Corp.*		6,624		75,447
Unit Corp.*		3,783		68,359
				3,740,838
Oil & Gas Services — 1.0%
Bristow Group, Inc.		3,717		113,554
C&J Energy Services Ltd.*		38,803		231,266
CARBO Ceramics, Inc.		2,031		37,858
Dawson Geophysical Co.*		55,961		247,907
Flotek Industries, Inc.*		12,043		137,531
Matrix Service Co.*		3,158		72,602
Mitcham Industries, Inc.*		27,894		106,276
Natural Gas Services Group, Inc.*		27,680		642,730
Newpark Resources, Inc.*		6,335		41,178
PHI, Inc., Non Voting Shares*		8,644		184,722
Profire Energy, Inc.*		174,330		235,346
TETRA Technologies, Inc.*		18,525		172,653
				2,223,623
Packaging & Containers — 0.4%
AEP Industries, Inc.*		6,380		581,728
KapStone Paper And Packaging Corp.		7,564		183,578
				765,306
Pharmaceuticals — 3.4%
ACADIA Pharmaceuticals, Inc.*		10,540		399,993
Anika Therapeutics, Inc.*		1,077		45,191
BioDelivery Sciences International, Inc.*		39,698		243,349
Chiasma, Inc.*		18,020		399,864
Depomed, Inc.*		3,432		66,718
DexCom, Inc.*		4,289		364,651
Diplomat Pharmacy, Inc.*		6,873		241,448
Flexion Therapeutics, Inc.*		23,412		455,129
Foamix Pharmaceuticals Ltd. (Israel)*		38,324		306,209
Global Blood Therapeutics, Inc.*		8,642		405,828
Heron Therapeutics, Inc.*		9,467		283,537
Impax Laboratories, Inc.*		12,851		566,215

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

7

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

November 30, 2015

(Unaudited)

	Number of Shares		Value
Pharmaceuticals — (Continued)
Imprimis Pharmaceuticals, Inc.*		28,859	$	194,221
Intra-Cellular Therapies, Inc.*		5,795		309,047
Mirati Therapeutics, Inc.*		10,595		402,928
MyoKardia, Inc.*		16,829		208,175
Nektar Therapeutics*		9,092		142,381
Neogen Corp.*		1,733		102,351
Nevro Corp.*		4,485		270,804
PharMerica Corp.*		2,116		71,986
PRA Health Sciences, Inc.*		5,487		248,451
Prestige Brands Holdings, Inc.*		4,121		209,718
Revance Therapeutics, Inc.*		4,376		169,833
Sorrento Therapeutics, Inc.*		21,439		171,726
Supernus Pharmaceuticals, Inc.*		15,190		245,470
Synergy Pharmaceuticals, Inc.*		28,879		181,360
uniQure NV (Netherlands)*		17,165		322,359
Xencor, Inc.*		14,367		231,021
				7,259,963
Real Estate — 0.3%
Farmland Partners, Inc.		26,965		307,131
Forestar Group, Inc.*		8,338		113,313
HFF, Inc., Class A		2,010		69,084
Marcus & Millichap, Inc.*		5,160		169,300
				658,828
REITS — 1.7%
Acadia Realty Trust		3,764		126,245
Agree Realty Corp.		1,641		55,039
American Assets Trust, Inc.		1,089		43,353
Capstead Mortgage Corp.		5,696		54,055
CareTrust REIT, Inc.		4,280		47,765
Cedar Realty Trust, Inc.		15,667		114,682
CoreSite Realty Corp.		1,355		79,362
Cousins Properties, Inc.		12,861		126,424
EastGroup Properties, Inc.		2,590		150,764
Franklin Street Properties Corp.		2,657		27,819
GEO Group, Inc. (The)		24,910		730,361
Getty Realty Corp.		5,145		89,780
Government Properties Income Trust		8,734		147,867
Healthcare Realty Trust, Inc.		7,137		194,055
Inland Real Estate Corp.		6,533		62,782
Lexington Realty Trust		25,135		215,910
LTC Properties, Inc.		3,774		160,886
Medical Properties Trust, Inc.		19,691		236,489
Parkway Properties, Inc.		5,318		90,831
Post Properties, Inc.		2,005		118,215
PS Business Parks, Inc.		1,242		109,818
Retail Opportunity Investments Corp.		3,666		67,051
Sabra Health Care REIT, Inc.		3,762		77,798

	Number of Shares		Value
REITS — (Continued)
Sovran Self Storage, Inc.		1,313	$	131,943
Summit Hotel Properties, Inc.		3,007		40,083
Universal Health Realty Income Trust		3,063		161,389
Urstadt Biddle Properties, Inc., Class A		4,968		99,459
				3,560,225
Retail — 5.7%
Ascena Retail Group, Inc.*		16,652		188,667
Big 5 Sporting Goods Corp.		60,300		582,498
Biglari Holdings, Inc.*		1,896		699,681
BJ’s Restaurants, Inc.*		637		29,175
Buckle, Inc. (The)		1,810		57,468
Buffalo Wild Wings, Inc.*		633		101,432
Build-A-Bear Workshop, Inc.*		31,750		408,305
Caleres, Inc.		2,536		71,262
Carrols Restaurant Group, Inc.*		30,676		369,339
Casey’s General Stores, Inc.		6,103		709,596
Cato Corp., (The) Class A		1,185		46,547
Children’s Place, Inc. (The)		8,604		415,745
Chuy’s Holdings, Inc.*		41,936		1,394,372
Cracker Barrel Old Country Store, Inc.		990		124,661
DineEquity, Inc.		481		40,808
Duluth Holdings, Inc.*		11,328		162,557
Ezcorp, Inc., Class A*		9,723		56,296
Finish Line, Inc. (The), Class A		4,118		68,318
Francesca’s Holdings Corp.*		17,014		254,019
Fred’s, Inc., Class A		3,725		61,388
Good Times Restaurants, Inc.*		32,812		148,310
Gordmans Stores, Inc.*		142,670		435,144
Group 1 Automotive, Inc.		894		72,611
J Alexander’s Holdings, Inc.*		7,833		83,345
Jack In The Box, Inc		1,334		98,903
Kona Grill, Inc.*		24,703		343,619
Lithia Motors, Inc., Class A		1,495		185,739
Lumber Liquidators Holdings, Inc.*		6,391		99,827
MarineMax, Inc.*		33,164		601,927
Outerwall, Inc		11,025		682,448
Papa John’s International, Inc.		1,415		81,334
PC Connection, Inc.*		22,700		506,664
PCM, Inc.*		43,480		400,016
Pep Boys-Manny Moe & Jack (The)*		8,204		127,408
Red Robin Gourmet Burgers, Inc.*		711		47,978
Regis Corp.*		5,388		89,764
Ruth’s Hospitality Group, Inc.		3,265		56,321

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

8

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

November 30, 2015

(Unaudited)

	Number of Shares		Value
Retail — (Continued)
Sonic Automotive, Inc., Class A		2,467	$	59,849
Sonic Corp.		2,263		65,763
Stage Stores, Inc.		39,360		304,646
Texas Roadhouse, Inc.		13,919		487,165
Tile Shop Holdings, Inc.*		14,643		248,052
TravelCenters of America, LLC*		17,349		172,449
Vitamin Shoppe, Inc.*		2,249		68,595
Wendy’s Co., (The)		37,460		393,705
Xcel Brands, Inc.*		21,301		157,840
Zoe’s Kitchen, Inc.*		7,172		243,991
Zumiez, Inc.*		4,155		62,699
				12,168,246
Savings & Loans — 1.0%
Astoria Financial Corp.		5,686		91,658
Banc Of California, Inc.		46,950		705,189
Brookline Bancorp, Inc.		9,875		115,933
Dime Community Bancshares, Inc.		8,292		153,485
Meta Financial Group, Inc.		6,860		308,700
Northwest Bancshares, Inc.		4,708		65,630
Provident Financial Services, Inc.		1,738		36,289
Sterling Bancorp		31,988		561,070
				2,037,954
Semiconductors — 3.7%
Amtech Systems, Inc.*		52,030		229,973
AXT, Inc.*		121,670		292,008
Brooks Automation, Inc.		3,084		34,387
Cabot Microelectronics Corp.*		2,162		90,718
Cavium, Inc.*		6,130		411,384
CEVA, Inc.*		29,194		741,236
Cirrus Logic, Inc.*		3,525		116,537
Cohu, Inc.		43,170		565,959
Diodes, Inc.*		3,265		76,042
GigOptix, Inc.*		198,330		475,992
Inphi Corp.*		29,323		942,734
Kulicke & Soffa Industries, Inc.*		6,419		75,808
M/A-COM Technology Solutions Holdings, Inc.*		13,270		490,326
MaxLinear, Inc., Class A*		14,046		245,805
Microsemi Corp.*		4,990		179,690
Monolithic Power Systems, Inc.		10,130		692,183
Power Integrations, Inc.		3,164		163,579
QLogic Corp.*		5,793		74,730
Rovi Corp.*		7,248		85,599
Rubicon Tech., Inc.*		64,110		64,110
Rudolph Technologies, Inc.*		61,931		881,278
Semtech Corp.*		4,055		81,506

	Number of Shares		Value
Semiconductors — (Continued)
Silicon Motion Technology Corp., ADR (Cayman Islands)		7,198	$	239,477
Tessera Technologies, Inc.		1,643		52,330
Ultra Clean Holdings, Inc.*		97,360		493,615
Ultratech, Inc.*		2,172		36,077
Veeco Instruments, Inc.*		4,558		93,211
				7,926,294
Software — 6.8%
American Software, Inc., Class A		27,472		284,335
Appfolio, Inc., Class A*		11,829		193,877
Benefitfocus, Inc.*		11,749		476,069
Blackbaud, Inc.		2,160		133,445
Bottomline Technologies, Inc.*		2,391		73,906
BroadSoft, Inc.*		11,799		472,314
Callidus Software, Inc.*		120,593		2,502,305
Constant Contact, Inc.*		1,996		62,455
CSG Systems International, Inc.		39,410		1,408,119
Cvent, Inc.*		15,302		552,861
Ebix, Inc.		2,006		75,245
Evolent Health, Inc., Class A*		23,048		375,221
inContact, Inc.*		20,134		198,723
InnerWorkings, Inc.*		71,360		610,842
Instructure, Inc.*		15,546		291,332
MAM Software Group, Inc.*		30,696		225,309
MedAssets, Inc.*		4,258		128,294
Medidata Solutions, Inc.*		2,089		95,739
MicroStrategy, Inc., Class A*		2,043		354,195
Model N, Inc.*		23,490		273,424
Monotype Imaging Holdings, Inc.		1,214		32,086
Paycom Software, Inc.*		24,579		1,071,644
Press Ganey Holdings, Inc.*		11,559		373,240
Proofpoint, Inc.*		11,939		875,248
QAD, Inc., Class A		22,678		526,356
Qlik Technologies, Inc.*		13,318		423,646
Quality Systems, Inc.		2,906		47,223
Simulations Plus, Inc.		52,779		471,316
SPS Commerce, Inc.*		3,328		247,337
Synchronoss Technologies, Inc.*		2,265		89,173
SYNNEX Corp.		1,652		155,734
Take-Two Interactive Software, Inc.*		9,540		337,430
Tyler Technologies, Inc.*		3,231		576,540
Xactly Corp.*		33,847		331,024
				14,346,007
Storage / Warehousing — 0.0%
Mobile Mini, Inc.		2,341		82,988
Telecommunications — 3.0%
ADTRAN, Inc.		5,633		91,874
Anixter International, Inc.*		2,639		179,874

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

9

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Concluded)

November 30, 2015

(Unaudited)

	Number of Shares		Value
Telecommunications — (Continued)
Atlantic Tele-Network, Inc.		5,229	$	411,365
CalAmp Corp.*		1,804		33,338
Ciena Corp.*		17,832		446,513
Consolidated Communications Holdings, Inc.		2,873		62,603
General Communication, Inc., Class A*		4,528		94,047
Gigamon, Inc.*		19,884		538,658
GTT Communications, Inc.*		31,103		659,073
Inteliquent, Inc.		31,022		595,933
Iridium Communications, Inc.*		9,628		78,661
Ixia*		6,177		80,672
LogMeIn, Inc.*		1,382		98,702
NeoPhotonics Corp.*		19,145		198,725
NETGEAR, Inc.*		2,616		115,392
NeuStar, Inc., Class A*		22,210		559,692
ORBCOMM, Inc.*		46,298		296,770
ShoreTel, Inc.*		41,537		426,170
Sonus Networks, Inc.*		36,379		256,108
Telephone & Data Systems, Inc.		27,843		787,678
ViaSat, Inc.*		2,757		170,879
Viavi Solutions, Inc.*		16,984		108,018
				6,290,745
Textiles — 0.7%
G&K Services, Inc., Class A		1,071		71,404
UniFirst Corp.		12,607		1,368,868
				1,440,272
Transportation — 1.9%
Air Transport Services Group, Inc.*		43,713		415,711
ArcBest Corp.		2,346		56,492
Atlas Air Worldwide Holdings, Inc.*		880		36,362
CAI International, Inc.*		39,550		442,169
Celadon Group, Inc.		4,733		65,789
Echo Global Logistics, Inc.*		5,886		138,910
Forward Air Corp.		13,987		672,635
Hub Group, Inc., Class A*		3,609		139,055
Marten Transport Ltd.		26,599		480,910
Matson, Inc.		2,740		141,685
Old Dominion Freight Line, Inc.*		3,155		201,005

	Number of Shares		Value
Transportation — (Continued)
PAM Transportation Services, Inc.*		14,850	$	458,716
Radiant Logistics, Inc.*		16,898		72,323
Roadrunner Transportation Systems, Inc.*		3,468		38,217
Swift Transportation Co.*		18,381		293,545
Tidewater, Inc.		4,607		43,813
Uti Worldwide, Inc. (British Virgin Islands)*		12,489		87,423
Werner Enterprises, Inc.		7,307		196,997
				3,981,757
Water — 0.3%
American States Water Co.		2,811		117,584
PICO Holdings, Inc.*		46,138		499,675
				617,259
TOTAL COMMON STOCKS (Cost $183,553,943)				201,180,728
TOTAL INVESTMENTS - 94.8% (Cost $183,553,943)**				201,180,728
OTHER ASSETS IN EXCESS OF LIABILITIES - 5.2%				10,961,184
NET ASSETS - 100.0%			$	212,141,912

* 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	$	183,553,943
Gross unrealized appreciation	$	27,938,418
Gross unrealized depreciation		(10,311,633	)
Net unrealized appreciation	$	17,626,785

ADR	American Depository Receipt
PLC	Public Limited Company
REIT	Real Estate Investment Trust
SP ADR	Sponsored American Depository Receipt

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

10

ALTAIR SMALLER COMPANIES FUND

Notes to Portfolio of Investments

November 30, 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 November 30, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value at November 30, 2015		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Investments in Securities*	$	201,180,728	$	201,180,728	$	—	$	—

* 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

11

ALTAIR SMALLER COMPANIES FUND

Notes to Portfolio of Investments (Concluded)

November 30, 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 November 30, 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.

12

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2015 (UNAUDITED)

	Number Of Shares		Value
Common Stocks—96.6%
Commercial Services—1.5%
Civeo Corp		119,926	$	232,656
Cross Country Healthcare, Inc. *		22,541		411,373
Groupon, Inc. *		350,903		1,014,110
Hackett Group, Inc., (The)		4,113		77,900
Insperity, Inc.		234		10,099
RetailMeNot, Inc. *		79,742		778,282
				2,524,420
Communications—0.1%
ShoreTel, Inc. *		27,397		281,093
Consumer Durables—4.7%
Bassett Furniture Industries, Inc.		6,869		215,412
Cooper Tire & Rubber Co.		46,867		1,967,945
Fossil Group, Inc. *		48,308		1,858,409
MCBC Holdings, Inc. *		11,692		167,780
Nautilus, Inc. *		54,588		1,048,635
Take-Two Interactive Software, Inc. *		54,055		1,911,925
TiVo, Inc. *		97,868		879,833
				8,049,939
Consumer Non-Durables—1.7%
Alliance One International, Inc. *		1,470		18,787
Central Garden and Pet Co., Class A *		1,043		16,469
Keurig Green Mountain, Inc.		24,230		1,269,652
Natural Health Trends Corp.		3,982		192,689
Skechers U.S.A., Inc., Class A *		43,300		1,307,660
Vince Holding Corp. *		34,781		180,166
				2,985,423
Consumer Services—5.0%
Ascent Capital Group, Inc., Class A *		7,931		158,541
Bloomin’ Brands Inc.		89,101		1,542,338
Boyd Gaming Corp. *		91,804		1,798,440
Carrols Restaurant Group, Inc. *		4,343		52,290
CTC Media, Inc.		49,482		89,562
Eros International PLC *		211,057		2,051,474
K12, Inc. *		49,080		497,671
MoneyGram International, Inc. *		30,734		269,845
MSG Networks, Inc., Class A *		1,378		27,257
Penn National Gaming, Inc. *		80,534		1,284,517
Phoenix New Media Ltd., ADR *		6,959		34,099
ServiceMaster Global Holdings, Inc. *		21,661		811,854
				8,617,888
Distribution Services—1.8%
Ingram Micro, Inc., Class A		39,948		1,235,592

	Number Of Shares		Value
Distribution Services—(continued)
MRC Global, Inc. *		124,127	$	1,835,838
SpartanNash Co.		1,557		33,662
				3,105,092
Electronic Technology—7.3%
ADTRAN, Inc.		917		14,956
Advanced Energy Industries, Inc. *		18,370		535,853
Benchmark Electronics, Inc. *		13,711		294,238
BWX Technologies, Inc.		46,800		1,425,060
Checkpoint Systems, Inc.		13,633		85,752
ChipMOS TECHNOLOGIES Bermuda Ltd.		58,710		1,133,690
Ciena Corp. *		8,400		210,336
Comtech Telecommunications Corp.		1,187		26,150
EchoStar Corp., Class A *		4,841		189,332
Extreme Networks, Inc. *		18,920		83,626
Flextronics International Ltd. *		16,400		184,500
FormFactor, Inc. *		134,793		1,174,047
Inphi Corp. *		16,375		526,456
Integrated Device Technology, Inc. *		49,675		1,392,887
Ixia *		40,580		529,975
MaxLinear, Inc., Class A *		48,358		846,265
NeoPhotonics Corp. *		47,434		492,365
NETGEAR, Inc. *		33,605		1,482,317
Orbotech Ltd. *		6,586		134,552
Rudolph Technologies, Inc. *		14,519		206,605
Sigma Designs, Inc. *		74,308		645,365
Sonus Networks Inc. *		25,434		179,055
SunEdison Semiconductor Ltd. *		88,546		845,614
				12,638,996
Energy Minerals—2.0%
Baytex Energy Corp.		233,831		977,414
Contango Oil & Gas Co. *		69,469		535,606
Enerplus Corp.		292,836		1,449,538
SunCoke Energy, Inc.		140,713		531,895
				3,494,453
Finance—23.4%
Ambac Financial Group, Inc. *		50,114		845,924
Argo Group International Holdings Ltd.		2,088		132,651
Assurant, Inc.		9,800		838,096
Assured Guaranty Ltd.		54,560		1,442,566
Cash America International, Inc.		67,686		2,284,403
Central Pacific Financial Corp.		29,180		678,143
Employers Holdings, Inc.		57,000		1,562,370

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

1

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2015 (UNAUDITED)

	Number Of Shares		Value
Finance—(continued)
Enova International, Inc. *		12,436	$	93,519
Enterprise Financial Services Corp.		6,521		191,065
ePlus, Inc. *		16,916		1,491,822
Fidelity Southern Corp.		23,980		542,428
First BanCorp Puerto Rico *		256,991		963,716
First Defiance Financial Corp.		7,829		325,138
Flagstar Bancorp, Inc. *		16,509		405,461
Genworth Financial, Inc., Class A *		320,611		1,619,086
Greenlight Capital Re Ltd., Class A *		62,722		1,292,700
Hilltop Holdings, Inc. *		63,602		1,418,961
Interactive Brokers Group, Inc., Class A		45,036		1,952,761
INTL. FCStone, Inc. *		52,429		1,865,424
Investment Technology Group, Inc.		51,021		1,023,991
LendingTree, Inc. *		20,540		2,092,615
MBIA, Inc. *		244,229		1,604,585
Navigators Group, Inc., (The) *		21,603		1,863,475
Nelnet, Inc., Class A		31,760		1,048,080
NorthStar Asset Management Group, Inc.		49,887		678,463
PHH Corp. *		5,939		100,785
Piper Jaffray Cos. *		43,225		1,751,909
Popular, Inc.		47,231		1,403,233
Reinsurance Group of America, Inc.		23,981		2,203,374
Selective Insurance Group, Inc.		62,748		2,165,433
Stewart Information Services Corp.		36,407		1,577,879
TAL International Group, Inc.		105,159		2,122,109
Universal Insurance Holdings, Inc.		36,884		728,459
				40,310,624
Health Services—2.5%
Alliance HealthCare Services, Inc. *		34,536		311,169
Amedisys, Inc. *		20,387		827,508
Community Health Systems, Inc. *		51,888		1,501,639
INC Research Holdings, Inc., Class A *		27,472		1,299,426
LHC Group, Inc. *		7,789		362,578
				4,302,320
Health Technology—9.6%
Aegerion Pharmaceuticals, Inc. *		10,773		110,316
Affymetrix, Inc. *		163,586		1,549,159
Applied Genetic Technologies Corp. *		1,372		23,379
Array BioPharma, Inc. *		20,749		82,166
Avalanche Biotechnologies, Inc. *		32,155		336,984
Bio-Rad Laboratories, Inc., Class A *		4,764		665,626
BioSpecifics Technologies Corp. *		151		7,316
Clovis Oncology, Inc. *		58,804		1,849,386

	Number Of Shares		Value
Health Technology—(continued)
Concert Pharmaceuticals, Inc. *		18,742	$	429,754
Cytokinetics, Inc. *		43,337		512,243
DBV Technologies SA SP ADR *		22,000		767,140
Dermira, Inc. *		2,742		84,481
Enzon Pharmaceuticals, Inc.		58,661		42,582
Fluidigm Corp. *		38,210		434,448
Haemonetics Corp. *		16,866		543,760
ICU Medical, Inc. *		4,790		543,378
ImmunoGen, Inc. *		142,834		1,938,257
Infinity Pharmaceuticals, Inc. *		143,523		1,265,873
Masimo Corp. *		13,094		543,139
Merit Medical Systems, Inc. *		11,202		216,983
NeuroDerm Ltd		1,118		22,494
NewLink Genetics Corp. *		44,186		1,617,208
OraSure Technologies, Inc. *		74,229		463,931
Orthofix International N.V. *		17,692		699,896
Pacific Biosciences of California, Inc. *		2,709		27,713
Progenics Pharmaceuticals, Inc. *		14,969		100,592
Recro Pharma, Inc. *		11,298		100,665
Rigel Pharmaceuticals, Inc. *		47,687		156,413
RTI Surgical, Inc. *		18,702		73,312
Spectrum Pharmaceuticals, Inc. *		39,785		238,710
Sucampo Pharmaceuticals, Inc., Class A *		63,593		1,090,620
Syneron Medical Ltd *		8,866		65,963
				16,603,887
Industrial Services—2.5%
Comfort Systems USA, Inc.		7,679		243,731
Helix Energy Solutions Group, Inc. *		261,775		1,696,302
Newpark Resources, Inc. *		281,586		1,830,309
Pacific Drilling SA *		59,900		78,469
Pioneer Energy Services Corp. *		179,828		454,965
				4,303,776
Non-Energy Minerals—2.0%
Century Aluminum Co. *		274,425		1,023,605
Constellium N.V., Class A *		138,575		1,218,074
Dominion Diamond Corp.		110,790		914,018
Gerdau SA, SP ADR		230,931		364,871
Schnitzer Steel Industries, Inc., Class A		200		3,302
TimkenSteel Corp.		531		5,422
				3,529,292
Process Industries—5.3%
AEP Industries, Inc. *		621		56,623
Braskem SA, SP ADR		19,764		265,628

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

2

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2015 (UNAUDITED)

	Number Of Shares		Value
Process Industries—(continued)
Cabot Corp.		45,341	$	1,974,147
Cambrex Corp. *		40,536		2,173,946
Chemours Co.		225,026		1,406,413
Clearwater Paper Corp. *		5,782		282,219
Cosan Ltd. Class A		397,190		1,509,322
Darling Ingredients, Inc. *		56,502		618,697
Kraton Performance Polymers, Inc. *		25,666		571,069
Pacific Ethanol, Inc. *		49,512		247,065
Resolute Forest Products *		4,765		36,691
				9,141,820
Producer Manufacturing—7.7%
Allison Transmission Holdings, Inc.		46,281		1,294,017
American Woodmark Corp. *		18,984		1,556,878
Blount International, Inc. *		23,048		133,678
Chart Industries, Inc. *		75,047		1,600,753
FreightCar America, Inc.		16,596		402,453
Global Brass & Copper Holdings, Inc.		20,311		472,434
Greenbrier Cos., Inc., (The)		14,792		501,153
Herman Miller, Inc.		35,221		1,116,858
Interface, Inc.		57,511		1,143,319
LSB Industries, Inc. *		54,362		386,514
SPX Corp.		118,019		1,302,930
Tower International, Inc.		49,708		1,524,047
Wabash National Corp. *		139,526		1,809,652
				13,244,686
Retail Trade—6.1%
Barnes & Noble, Inc.		111,807		1,431,130
Chico’s FAS, Inc.		113,058		1,356,696
Cia Brasileira de Distribuicao, SP PRF ADR		63,512		797,711
Citi Trends, Inc.		27,913		553,515
Express, Inc. *		85,000		1,422,900
Finish Line, Inc., (The), Class A		91,848		1,523,758
Murphy USA, Inc. *		24,615		1,466,069
Sears Hometown and Outlet Stores, Inc. *		221		1,759
Tuesday Morning Corp. *		78,719		525,843
Urban Outfitters, Inc. *		62,486		1,399,686
				10,479,067
Technology Services—9.0%
A10 Networks, Inc. *		10,923		84,216
Barracuda Networks, Inc. *		315		5,994
BSQUARE Corp. *		3,549		26,334
CDW Corp.		24,252		1,046,959

	Number Of Shares		Value
Technology Services—(continued)
Earthlink Holdings Corp.		61,269	$	563,062
Gigamon, Inc. *		22,590		611,963
Imperva, Inc. *		20,481		1,528,497
Jive Software, Inc. *		59,911		300,753
LogMein, Inc. *		30,159		2,153,956
Manhattan Associates, Inc. *		31,545		2,416,347
Net 1 UEPS Technologies, Inc. *		37,792		571,793
NICE-Systems Ltd., SP ADR		23,878		1,467,781
Rackspace Hosting, Inc. *		52,497		1,502,464
Rovi Corp. *		89,040		1,051,562
Silver Spring Networks, Inc. *		13,612		181,448
Sohu.com, Inc. *		26,117		1,312,379
Sykes Enterprises, Inc. *		10,039		319,441
Tucows, Inc., Class A *		189		4,506
Unisys Corp. *		14,501		186,483
Web.com Group, Inc. *		5,661		137,053
Xura Inc. *		1,456		37,667
				15,510,658
Transportation—2.2%
Hawaiian Holdings, Inc. *		1,581		57,232
Jetblue Airways Corp. *		82,802		2,048,521
Matson, Inc.		14,183		733,403
PAM Transportation Services, Inc. *		4,083		126,124
YRC Worldwide, Inc. *		46,589		788,752
				3,754,032
Utilities—2.2%
Calpine Corp. *		74,348		1,098,863
CPFL Energia SA, ADR *		49,443		402,466
NRG Energy, Inc.		105,827		1,308,022
Pampa Energia SA, SP ADR *		15,334		341,642
Talen Energy Corp. *		78,275		609,762
				3,760,755
TOTAL COMMON STOCKS (Cost $170,737,715)				166,638,221
Short-Term Investments—0.4%
BofA Cash Reserves Fund		694,804		694,804
TOTAL SHORT-TERM INVESTMENTS (Cost $694,804)				694,804

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

3

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (CONCLUDED)

NOVEMBER 30, 2015 (UNAUDITED)

	Value
Total Investments—97.0% (Cost $171,432,519) **	$	167,333,025
OTHER ASSETS IN EXCESS OF LIABILITIES—3.0%		5,097,716
NET ASSETS—100.0%	$	172,430,741

* 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	$	171,432,519
Gross unrealized appreciation	$	17,037,770
Gross unrealized depreciation		(21,137,264	)
Net unrealized depreciation	$	(4,099,494	)

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

November 30, 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 November 30, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value at November 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Total Investments*	$	167,333,025	$	167,333,025	$	—	$	—

* 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)

November 30, 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 otherwise less liquid than publicly traded securities.

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

For the period ended November 30, 2015, there were no transfers between Levels 1, 2 and 3 for the Fund that require disclosure.

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	NOVEMBER 30, 2015 (unaudited)
BOSTON PARTNERS SMALL CAP VALUE FUND II	PORTFOLIO OF INVESTMENTS

	Number of Shares		Value
COMMON STOCK—97.3%
Basic Industries—3.9%
Cloud Peak Energy, Inc. * (a)		264,486	$	690,309
Graphic Packaging Holding Co.		310,479		4,244,248
Multi Packaging Solutions International Ltd. *		82,375		1,392,961
Orchids Paper Products Co.		75,823		2,249,668
PolyOne Corp.		24,071		866,075
Schweitzer-Mauduit International, Inc.		62,657		2,620,316
Sensient Technologies Corp.		15,045		1,005,608
				13,069,185
Capital Goods—13.6%
Actuant Corp., Class A		76,257		1,888,123
Aegion Corp. *		89,502		1,972,624
Ampco-Pittsburgh Corp.		26,375		306,214
BMC Stock Holdings, Inc. *		124,332		2,137,267
Brady Corp., Class A		73,845		1,948,770
Cabot Corp.		41,941		1,826,111
Cubic Corp.		77,354		3,756,310
Curtiss-Wright Corp.		29,302		2,063,154
Drew Industries, Inc.		75,585		4,567,602
Globe Specialty Metals, Inc.		129,078		1,312,723
Granite Construction, Inc.		50,755		2,069,281
Hillenbrand, Inc.		51,204		1,550,969
Minerals Technologies, Inc.		32,173		1,979,926
MRC Global, Inc. *		95,733		1,415,891
Mueller Industries, Inc.		32,352		1,018,764
Orion Marine Group, Inc. *		194,453		851,704
Rofin-Sinar Technologies, Inc. *		40,687		1,169,344
Terex Corp.		142,264		2,913,567
Tutor Perini Corp. *		74,546		1,404,447
WESCO International, Inc. *		60,070		2,886,364
World Fuel Services Corp.		151,755		6,615,000
				45,654,155
Consumer Durables—2.8%
Strattec Security Corp.		13,595		847,784
Thor Industries, Inc.		64,950		3,761,904
Tower International, Inc.		97,591		2,992,140
Winnebago Industries, Inc. (a)		83,576		1,880,460
				9,482,288

	Number of Shares		Value
Consumer Non-Durables—2.0%
Fresh Del Monte Produce, Inc.		5,737	$	250,764
Matthews International Corp., Class A		17,750		1,061,628
Nu Skin Enterprises, Inc., Class A (a)		46,435		1,619,188
Steven Madden Ltd. *		61,578		1,964,338
Universal Corp.		32,547		1,840,207
				6,736,125
Consumer Services—19.2%
Abercrombie & Fitch Co., Class A (a)		131,021		3,350,207
ABM Industries, Inc.		86,274		2,559,750
American Eagle Outfitters, Inc. (a)		231,762		3,608,534
Ascena Retail Group, Inc. *		97,477		1,104,414
Booz Allen Hamilton Holding Corp.		77,697		2,365,874
Brink’s Co., (The)		54,030		1,738,685
CBIZ, Inc. *		89,359		957,035
Civeo Corp.		319,126		619,104
Ennis, Inc.		35,625		712,144
Finish Line, Inc., (The), Class A		184,527		3,061,303
FTD Cos., Inc. *		70,011		1,856,692
FTI Consulting, Inc. *		55,956		2,091,635
G&K Services, Inc., Class A		30,081		2,005,500
Group 1 Automotive, Inc.		29,906		2,428,965
Heidrick & Struggles International, Inc.		64,792		1,869,897
ICF International, Inc. *		46,423		1,654,051
International Speedway Corp., Class A		66,798		2,377,341
KAR Auction Services, Inc.		74,614		2,830,109
Knoll, Inc.		78,304		1,744,613
Korn/Ferry International		30,723		1,130,606
Live Nation Entertainment, Inc. *		39,956		1,014,483
MAXIMUS, Inc.		39,128		2,220,514
Men’s Wearhouse, Inc., (The)		185,888		3,715,901
Navigant Consulting, Inc. *		202,092		3,536,610
Papa Murphy’s Holdings, Inc. * (a)		200,256		2,443,123
Rent-A-Center, Inc.		51,802		888,922
RPX Corp. *		173,983		2,413,144
Starz, Class A *		87,108		3,073,170

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

1

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 2015 (unaudited)
BOSTON PARTNERS SMALL CAP VALUE FUND II (continued)	PORTFOLIO OF INVESTMENTS

	Number of Shares		Value
Consumer Services—(continued)
Steiner Leisure Ltd. *		13,181	$	828,821
Tetra Tech, Inc.		85,221		2,368,292
Viad Corp.		24,412		753,598
XO Group, Inc. *		71,173		1,198,553
				64,521,590
Energy—4.0%
Bristow Group, Inc.		81,037		2,475,680
Contango Oil & Gas Co. *		18,043		139,112
Forum Energy Technologies, Inc. *		72,801		1,140,064
Helix Energy Solutions Group, Inc. *		221,709		1,436,674
Parsley Energy, Inc., Class A *		162,965		3,202,262
RSP Permian, Inc. *		123,149		3,494,969
Western Refining, Inc.		39,617		1,793,065
				13,681,826
Finance—23.2%
Air Lease Corp.		51,554		1,733,761
Ameris Bancorp		39,356		1,345,582
AMERISAFE, Inc.		30,809		1,658,757
Apollo Investment Corp.		110,433		701,250
Assured Guaranty Ltd.		72,705		1,922,320
BBCN Bancorp, Inc.		222,706		4,211,371
CenterState Banks, Inc.		91,194		1,453,632
Columbia Banking System, Inc.		47,149		1,675,676
Essent Group Ltd. *		98,224		2,428,097
Federal Agricultural Mortgage Corp., Class C		95,986		2,876,700
Fifth Street Finance Corp.		154,116		997,131
First American Financial Corp.		136,538		5,385,059
First Cash Financial Services, Inc. *		52,433		2,039,119
First Citizens BancShares, Inc., Class A		5,594		1,481,963
First NBC Bank Holding Co. *		55,622		2,355,036
FirstMerit Corp.		105,687		2,138,048
Flushing Financial Corp.		44,732		1,018,548
Gladstone Capital Corp. (a)		25,601		224,009
Global Indemnity PLC *		23,771		697,441
Heritage Financial Corp.		57,543		1,126,692

	Number of Shares		Value
Finance—(continued)
Infinity Property & Casualty Corp.		18,640	$	1,593,720
James Rivers Group Holdings, Ltd.		69,296		2,224,402
Maiden Holdings Ltd.		267,760		4,126,182
Nationstar Mortgage Holdings, Inc. * (a)		129,573		1,764,784
Navigators Group, Inc., (The) *		14,851		1,281,047
Nelnet, Inc., Class A		65,577		2,164,041
OneBeacon Insurance Group Ltd., Class A		103,079		1,428,675
Park Sterling Corp.		72,979		552,451
PHH Corp. *		122,646		2,081,303
Radian Group, Inc.		184,676		2,631,633
Safety Insurance Group, Inc.		16,835		942,928
Silvercrest Asset Management Group, Inc., Class A		19,247		247,709
SLM Corp. *		486,269		3,284,747
StanCorp Financial Group, Inc.		23,290		2,646,676
Stewart Information Services Corp.		109,540		4,747,464
Symetra Financial Corp.		96,158		3,027,054
Walker & Dunlop, Inc. *		155,502		4,593,529
Washington Federal, Inc.		47,776		1,234,532
				78,043,069
Health Care—9.6%
Amsurg Corp. *		35,244		2,962,611
Chemed Corp.		27,633		4,269,022
Hanger, Inc. *		74,400		1,158,408
ICON PLC *		37,983		2,823,276
Integra LifeSciences Holdings Corp. *		49,398		3,097,749
Kindred Healthcare, Inc.		138,291		1,846,185
LHC Group, Inc. *		28,802		1,340,733
LifePoint Health, Inc. *		25,131		1,799,631
Owens & Minor, Inc.		44,383		1,709,189
PAREXEL International Corp. *		37,213		2,524,902
SeaSpine Holdings Corp. *		16,467		271,376
Select Medical Holdings Corp.		149,019		1,798,659
Symmetry Surgical, Inc. *		215,278		1,959,030
U.S. Physical Therapy, Inc.		89,497		4,729,021
				32,289,792

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

2

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 2015 (unaudited)
BOSTON PARTNERS SMALL CAP VALUE FUND II (concluded)	PORTFOLIO OF INVESTMENTS

	Number of Shares		Value
Real Estate Investment Trusts—7.3%
Altisource Residential Corp.		43,167	$	571,531
American Capital Mortgage Investment Corp.		48,914		733,221
American Residential Properties, Inc.		120,391		2,105,639
Anworth Mortgage Asset Corp.		205,208		987,051
Ares Commercial Real Estate Corp.		180,176		2,318,865
Chatham Lodging Trust		97,821		2,229,341
Colony Capital, Inc., Class A		37,224		761,603
CYS Investments, Inc.		364,846		2,765,533
Gladstone Commercial Corp.		30,124		439,509
Hatteras Financial Corp.		154,456		2,174,741
MFA Financial, Inc.		480,370		3,352,983
Monmouth Real Estate Investment Corp.		117,745		1,226,903
Silver Bay Realty Trust Corp.		69,674		1,095,972
Two Harbors Investment Corp.		439,097		3,732,325
				24,495,217
Technology—10.0%
Bel Fuse, Inc., Class B		95,147		1,971,446
Belden, Inc.		67,329		4,226,241
Brooks Automation, Inc.		155,793		1,737,092
Coherent, Inc. *		25,183		1,710,429
Convergys Corp.		45,175		1,163,708
EnerSys		79,526		4,684,081
Insight Enterprises, Inc. *		32,622		873,617
Magnachip Semiconductor Corp. * (a)		70,989		396,829
NETGEAR, Inc. *		48,229		2,127,381
PC Connection, Inc. *		21,697		484,277
Sykes Enterprises, Inc. *		137,115		4,362,999
SYNNEX Corp.		58,537		5,518,283
TeleTech Holdings, Inc.		117,323		3,404,713
Teradyne, Inc.		46,163		959,267
				33,620,363
Transportation—1.2%
Landstar System, Inc.		14,343		895,290
Virgin America, Inc. * (a)		90,762		3,302,829
				4,198,119

	Number of Shares		Value
Utilities—0.5%
PNM Resources, Inc.		57,831	$	1,677,099
TOTAL COMMON STOCK (Cost $278,817,898)				327,468,828
SECURITIES LENDING COLLATERAL—4.7%
BlackRock Liquidity TempFund, Institutional Shares		15,815,817		15,815,817
TOTAL SECURITIES LENDING COLLATERAL (Cost $15,815,817)				15,815,817
TOTAL INVESTMENTS—102.0% (Cost $294,633,715) **				343,284,645
LIABILITIES IN EXCESS OF OTHER ASSETS—(2.0)%				(6,815,228	)
NET ASSETS—100.0%			$	336,469,417

PLC	— Public Limited Company
*	— Non-income producing.
(a)	— All or a portion of the security is on loan. At November 30, 2015, the market value of securities on loan was $15,187,296.
**	— 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	$	294,633,715
Gross unrealized appreciation	$	71,348,255
Gross unrealized depreciation		(22,697,325	)
Net unrealized appreciation	$	48,650,930

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

3

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 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 November 30, 2015 is as follows (see Notes to Portfolio of Investments):

	Total Value as of November 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stock *	$	327,468,828	$	327,468,828	$	—	$	—
Securities Lending Collateral		15,815,817		15,815,817		—		—
Total Assets	$	343,284,645	$	343,284,645	$	—	$	—

* 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	NOVEMBER 30, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND	Portfolio of Investments

	Number of Shares		Value
LONG POSITIONS—95.7%
COMMON STOCK—92.7%
Basic Industries—7.0%
AEP Industries, Inc. *		14,778	$	1,347,458
AgroFresh Solutions, Inc. * (a)		322,787		2,081,976
Alcoa, Inc.		199,606		1,868,312
American Vanguard Corp.		140,650		2,216,644
Crown Holdings, Inc. *		48,219		2,503,048
Dominion Diamond Corp.		153,313		1,264,832
Eastman Chemical Co. †		36,298		2,637,050
Freeport-McMoRan Copper & Gold, Inc. †		200,424		1,639,468
Greif, Inc., Class B †		39,678		1,616,879
International Paper Co.		71,770		3,002,139
KapStone Paper and Packaging Corp.		76,706		1,861,655
Monsanto Co. †		24,669		2,347,502
Mosaic Co. (The)		57,015		1,803,955
Pan American Silver Corp.		144,531		1,005,936
POSCO - ADR		43,285		1,576,007
Potash Corp. of Saskatchewan, Inc.		100,431		2,030,715
Praxair, Inc.		23,052		2,600,266
Reliance Steel & Aluminum Co. †		53,774		3,162,449
Rio Tinto PLC - ADR		72,085		2,384,572
UFP Technologies, Inc. * †		151,884		3,707,488
Universal Stainless & Alloy Products, Inc. *		71,555		772,794
				43,431,145
Capital Goods—8.7%
Actuant Corp., Class A †		77,234		1,912,314
AECOM Technology Corp. * (a) †		119,905		3,816,576
Aerojet Rocketdyne Holdings, Inc. *		110,149		1,932,013
Alamo Group, Inc.		65,629		3,752,666
Ampco-Pittsburgh Corp.		79,244		920,023
Caterpillar, Inc.		43,306		3,146,181
Chicago Bridge & Iron Co. NV (a) †		61,368		2,623,482
Crane Co. †		33,627		1,749,277
Esterline Technologies Corp. * †		60,564		5,758,425
Fluor Corp. †		71,640		3,481,704
Global Brass & Copper Holdings, Inc.		82,307		1,914,461

	Number of Shares		Value
Capital Goods—(continued)
Graham Corp.		71,812	$	1,289,744
Jacobs Engineering Group, Inc. *		49,185		2,171,026
Joy Global, Inc. (a) †		68,497		1,051,429
NOW, Inc. * (a)		35,223		647,399
Preformed Line Products Co. †		47,219		1,977,060
Raven Industries, Inc.		87,681		1,461,642
Raytheon Co. †		34,825		4,319,345
Rofin-Sinar Technologies, Inc. *		53,823		1,546,873
Safran SA - ADR (a)		156,067		2,841,980
United Technologies Corp.		33,228		3,191,549
World Fuel Services Corp. †		57,319		2,498,535
				54,003,704
Communications—2.6%
Alaska Communications Systems
Group, Inc. *		711,135		1,365,379
GoldMoney, Inc. *		715,564		2,641,604
Hawaiian Telcom Holdco, Inc. *		78,922		1,872,819
Iridium Communications, Inc. * †		190,948		1,560,045
Liberty Global PLC, Series C *		76,452		3,134,532
Marchex, Inc., Class B		140,902		600,243
Verisign, Inc * (a)		37,462		3,350,601
Yelp, Inc. * (a)		56,371		1,698,458
				16,223,681
Consumer Durables—0.3%
Helen of Troy Ltd. *		19,845		2,052,171
				2,052,171
Consumer Non-Durables—5.7%
Caleres, Inc.		105,686		2,969,777
Coca-Cola Co., (The)		73,612		3,137,343
Johnson Outdoors, Inc., Class A		73,183		1,756,392
Kraft Heinz Co., (The)		43,180		3,181,934
Leucadia National Corp. †		225,208		3,981,677
Michael Kors Holdings, Ltd. *		39,559		1,701,828
Performance Sports Group, Ltd. *		138,951		1,647,959
Procter & Gamble Co.		83,822		6,273,238
Ralph Lauren Corp.		28,217		3,504,834
Tumi Holdings, Inc. *		135,358		2,390,422
Unilever NV †		103,663		4,534,220
				35,079,624
Consumer Services—13.3%
Amaya, Inc *		123,418		1,949,994
Ascena Retail Group, Inc. *		214,352		2,428,608
Atento SA * (a)		171,663		1,886,576

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

5

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued)	Portfolio of Investments

	Number of Shares		Value
Consumer Services—(continued)
Buckle, Inc. (The)		42,078	$	1,335,976
CDI Corp.		228,155		1,560,580
Cenveo, Inc. *		775,098		1,216,904
Christopher & Banks Corp. *		432,080		604,912
Civeo Corp.		518,140		1,005,192
CVS Health Corp.		57,158		5,377,996
Deluxe Corp.		51,933		3,045,870
Destination Maternity Corp. †		316,997		1,759,333
Discovery Communications, Inc. * †		145,691		4,309,540
DSW, Inc., Class A		57,325		1,316,182
Fogo De Chao, Inc. * (a)		30,000		491,400
Genesco, Inc. * †		37,637		2,038,420
H&R Block, Inc. †		80,823		2,965,396
Higher One Holdings, Inc. *		217,639		689,916
ICF International, Inc. *		51,201		1,824,292
International Game Technology PLC		104,356		1,620,649
International Speedway Corp., Class A		115,430		4,108,154
Landauer, Inc.		78,852		3,213,219
Liberty Interactive Corp., Class A * †		112,899		2,989,566
Liberty Ventures, Series A * †		17,109		735,858
Markit Ltd. *		40,686		1,200,237
McDonald’s Corp.		19,777		2,257,742
New Oriental Education & Technology Group, Inc. - Sponsored ADR †		100,451		2,915,088
PRGX Global, Inc. *		158,368		622,386
Realogy Holdings Corp. * †		88,734		3,665,602
Scripps Networks Interactive, Inc., Class A (a)		53,495		3,038,516
Speedway Motorsports, Inc. †		152,545		2,973,102
Tiffany & Co.		23,865		1,901,563
Time Warner, Inc. †		80,988		5,667,540
Tropicana Entertainment, Inc. *		88,833		1,532,369
Tuesday Morning Corp. *		175,232		1,170,550
Walgreens Boots Alliance, Inc.		44,552		3,743,705
Wyndham Worldwide Corp. †		29,399		2,231,972
Zumiez, Inc. *		72,677		1,096,696
				82,491,601

	Number of Shares		Value
Energy—8.6%
Anadarko Petroleum Corp.		51,074	$	3,059,333
Bristow Group, Inc.		53,839		1,644,781
Canadian Natural Resources, Ltd. †		84,274		2,039,431
Core Laboratories NV (a)		15,314		1,809,349
Dawson Geophysical Co. *		536,061		2,374,750
EOG Resources, Inc.		22,144		1,847,474
Exxon Mobil Corp.		127,162		10,384,049
Furmanite Corp. *		94,256		771,957
Gazprom OAO - Sponsored ADR		275,891		1,136,809
Gulf Island Fabrication, Inc.		60,281		596,782
Halliburton Co. †		46,118		1,837,802
Lukoil PJSC - Sponsored ADR		24,080		921,782
Mitcham Industries, Inc. *		146,018		556,329
Occidental Petroleum Corp.		58,957		4,456,560
Parsley Energy, Inc., Class A * †		111,649		2,193,903
Phillips 66		34,714		3,177,372
Rice Energy, Inc. *		65,688		885,474
Royal Dutch Shell PLC, Class A - ADR		57,630		2,867,669
Schlumberger Ltd.		40,906		3,155,898
Suncor Energy, Inc. †		141,547		3,906,697
TransGlobe Energy Corp. (a)		304,291		614,668
Valero Energy Corp.		37,066		2,663,563
				52,902,432
Finance—21.0%
ACE Ltd. †		46,410		5,330,189
AerCap Holdings NV * †		88,681		4,029,665
Ally Financial, Inc. *		126,328		2,521,507
American International Group, Inc. †		68,970		4,385,113
Aspen Insurance Holdings Ltd. †		71,095		3,591,719
Axis Capital Holdings Ltd. †		42,988		2,407,328
Bank of America Corp. †		426,950		7,441,738
Berkshire Hathaway, Inc., Class B * †		64,813		8,690,775
BGC Partners Inc., Class A		146,825		1,333,905
Boulevard Acquisition, Corp II *		227,000		2,256,380
Century Bancorp, Inc., Class A †		33,518		1,505,293
Citigroup, Inc.		150,765		8,154,879
CNinsure, Inc. - ADR *		72,541		656,496
Discover Financial Services		45,240		2,567,822

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

6

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued)	Portfolio of investments

	Number of Shares		Value
Finance—(continued)
Endurance Specialty Holdings, Ltd. †		78,474	$	5,176,145
Ezcorp, Inc., Class A *		340,342		1,970,580
Fairfax Financial Holdings Ltd. †		4,085		2,014,926
Flushing Financial Corp. †		88,546		2,016,192
Goldman Sachs Group, Inc., (The)		16,932		3,217,419
JPMorgan Chase & Co. †		136,211		9,082,549
Lake Sunapee Bank Group		26,815		375,410
Loews Corp.		97,735		3,703,179
Maiden Holdings Ltd. †		584,140		9,001,597
Manning & Napier Inc.		119,076		1,090,736
Morgan Stanley		93,091		3,193,021
National Western Life Group, Inc. †		8,710		2,292,908
NorthStar Asset Management Group, Inc.		85,851		1,167,574
Renaissance Holdings Ltd. †		37,909		4,198,801
Sprott, Inc.		4,146,269		6,644,214
Steel Excel, Inc. *		43,534		636,467
Synchrony Financial *		142,350		4,531,001
Unum Group		89,871		3,296,468
Validus Holdings Ltd. †		116,153		5,480,099
Virtu Financial, Inc., Class A		86,500		1,924,625
White Mountains Insurance Group Ltd.		4,643		3,751,544
				129,638,264
Health Care—10.1%
Amag Pharmaceuticals, Inc. *		47,210		1,256,730
Corindus Vascular Robotics, Inc. * (a)		142,868		457,178
DaVita HealthCare Partners, Inc. * †		68,417		4,997,178
Express Scripts Holding Co. * †		73,940		6,320,391
Fresenius Medical Care AG & Co. KGaA - ADR †		139,270		5,737,924
Laboratory Corp. of America Holdings * †		39,796		4,836,806
LHC Group, Inc. * †		84,894		3,951,816
McKesson Corp.		23,678		4,483,429
Merck & Co., Inc.		140,442		7,444,830
Pfizer, Inc. †		139,582		4,574,102
PharMerica Corp. * †		164,999		5,613,266
Sanofi - ADR †		59,487		2,630,515

	Number of Shares		Value
Health Care—(continued)
Teva Pharmaceutical Industries, Ltd. - Sponsored ADR †		102,373	$	6,442,333
UnitedHealth Group, Inc.		35,414		3,991,512
				62,738,010
Real Estate Investment Trusts—1.8%
American Capital Agency Corp.		103,119		1,850,986
Anworth Mortgage Asset Corp.		337,000		1,620,970
Blackstone Mortgage Trust, Inc., Class A †		68,882		1,990,690
Hatteras Financial Corp. †		124,544		1,753,580
Select Income		89,341		1,835,064
Two Harbors Investment Corp. †		212,635		1,807,398
				10,858,688
Technology—11.6%
Babcock & Wilcox Enterprises, Inc. * †		67,921		1,300,687
Barracuda Networks, Inc. *		48,969		931,880
Cisco Systems, Inc. †		219,497		5,981,293
Cognizant Technology Solutions Corp., Class A * †		37,355		2,412,386
CPI Card Group, Inc. *		128,994		1,252,532
CSG Systems International, Inc. †		182,149		6,508,184
Datalink Corp. *		86,637		636,782
Dolby Laboratories, Inc. Class A †		99,497		3,440,606
Fairchild Semiconductor International, Inc *		104,420		2,040,367
First Solar, Inc. *		44,553		2,517,690
Flextronics International Ltd. * †		248,399		2,794,489
Generac Holdings, Inc. * † (a)		48,165		1,546,096
Hollysys Automation Technologies, Ltd.		59,936		1,234,082
Houston Wire & Cable Co.		184,527		1,147,758
Ingram Micro, Inc., Class A †		103,955		3,215,328
International Business Machines Corp. †		36,827		5,134,420
Jabil Circuit, Inc. †		102,544		2,624,101
Marvell Technology Group, Ltd.		151,430		1,341,670
Open Text Corp.		50,405		2,442,122
Oracle Corp. †		64,728		2,522,450
PayPal Holdings, Inc. *		87,174		3,073,755
Qorvo Inc. *		39,284		2,281,222
Quality Systems, Inc.		174,942		2,842,808

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

7

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued)	Portfolio of Investments

	Number of Shares			Value
Technology—(continued)
Science Applications International Corp		52,411		$	2,633,129
Sykes Enterprises, Inc. * †		88,761			2,824,375
Syntel, Inc. *		39,807			1,927,853
Tremor Video, Inc. *		378,643			776,218
Veeco Instruments, Inc. *		51,630			1,055,834
Vishay Intertechnology, Inc.		284,845			3,395,352
					71,835,469
Transportation—1.4%
ArcBest Corp.		62,350			1,501,388
CH Robinson Worldwide, Inc.		55,323			3,730,430
Costamare, Inc.		129,473			1,582,160
Expeditors International of Washington, Inc.		36,815			1,787,000
					8,600,978
Utilities—0.6%
AES Corp. †		353,191			3,528,378
TOTAL COMMON STOCK (Cost $520,527,665)					573,384,145
EXCHANGE TRADED FUND—1.0%
iPATH S&P 500 VIX Short-Term Futures ETN * (a)		339,232			6,370,777
TOTAL EXCHANGE TRADED FUND (Cost $6,292,584)					6,370,777
SECURITIES LENDING COLLATERAL—2.0%
BlackRock Liquidity TempFund, Institutional Shares		12,630,386			12,630,386
TOTAL SECURITIES LENDING COLLATERAL (Cost $12,630,386)					12,630,386
TOTAL INVESTMENTS—95.7%
(Cost $539,450,635) **					592,385,308
SECURITIES SOLD SHORT—(51.8%)
COMMON STOCK—(51.8%)
Basic Industries—(0.5%)
Kennady Diamonds, Inc. *		(45,900	)		(92,800	)
NewMarket Corp.		(7,786	)		(3,216,786	)
Tanzanian Royalty Exploration Corp. *		(171,865	)		(52,814	)
					(3,362,400	)
Capital Goods—(1.6%)
Apogee Enterprises, Inc.		(43,564	)		(2,187,784	)
Applied Energetics, Inc. *		(238,070	)		(952	)

	Number of Shares			Value
Capital Goods—(continued)
DynaMotive Energy Systems Corp. * ‡		(72,185	)	$	(7	)
Installed Building Products, Inc. *		(100,459	)		(2,517,503	)
InVivo Therapeutics Holdings Corp. *		(84,574	)		(816,139	)
Smith & Wesson Holding Corp. *		(100,205	)		(1,837,760	)
Taser International, Inc. *		(128,146	)		(2,396,330	)
					(9,756,475	)
Communications—(2.4%)
CTC Communications Group, Inc. * ‡		(98,900	)		0
Grubhub, Inc. *		(114,193	)		(2,927,909	)
Interliant, Inc. * ‡		(600	)		0
LinkedIn Corp., Class A *		(12,051	)		(2,929,719	)
LivePerson, Inc. *		(129,999	)		(1,013,992	)
Marketo, Inc. *		(66,172	)		(2,003,026	)
MicroStrategy, Inc., Class A *		(11,843	)		(2,053,221	)
Pandora Media, Inc. *		(105,345	)		(1,453,761	)
Rubicon Project, Inc. (The) *		(82,072	)		(1,210,562	)
Twitter, Inc. *		(42,527	)		(1,080,186	)
					(14,672,376	)
Consumer Durables—(2.6%)
American Axle & Manaufacturing Holdings, Inc. *		(68,529	)		(1,559,720	)
Cavco Industries, Inc. *		(29,660	)		(2,749,482	)
Mobileye NV *		(119,851	)		(5,225,504	)
Motorcar Parts of America, Inc. *		(39,679	)		(1,589,541	)
Qsound Labs, Inc. * ‡		(4,440	)		0
Tesla Motors, Inc. *		(23,129	)		(5,325,684	)
					(16,449,931	)
Consumer Non-Durables—(2.9%)
Amish Naturals, Inc. * ‡		(25,959	)		0
Amplify Snack Brands, Inc. *		(142,241	)		(1,785,125	)
Fitbit, Inc. *		(30,966	)		(889,344	)
G-III Apparel Group, Ltd. *		(17,304	)		(793,734	)
Hain Celestial Group, Inc., (The) *		(62,472	)		(2,667,554	)
Industrias Bachoco SAB de CV - Sponsored ADR		(48,190	)		(2,418,174	)
MGP Ingredients, Inc.		(113,640	)		(2,377,349	)
Snyder’s-Lance, Inc.		(50,103	)		(1,857,318	)
Teligent, Inc. *		(102,159	)		(866,308	)
TreeHouse Foods, Inc. *		(29,862	)		(2,581,869	)
Valence Technology, Inc. * ‡		(27,585	)		(3	)

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

8

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued)	Portfolio of Investments

	Number of Shares			Value
Consumer Non-Durables—(continued)
Whitewave Foods Co., (The) *		(37,800	)	$	(1,535,814	)
					(17,772,592	)
Consumer Services—(11.2%)
Amazon.com, Inc. *		(2,823	)		(1,876,730	)
AMN Healthcare Services, Inc. *		(105,478	)		(3,111,601	)
BJ’s Restaurants, Inc. *		(40,311	)		(1,846,244	)
Buffalo Wild Wings, Inc. *		(14,367	)		(2,302,168	)
Chegg, Inc. *		(152,776	)		(1,109,154	)
Conn’s, Inc. *		(61,963	)		(1,652,553	)
Container Store Group, Inc. (The) *		(213,159	)		(2,189,143	)
Corporate Resource Services, Inc. *		(218,896	)		(503	)
Cracker Barrel Old Country Store, Inc.		(15,839	)		(1,994,447	)
Etsy, Inc. *		(359,947	)		(3,351,107	)
Habit Restaurants Inc., (The) *		(95,889	)		(2,309,966	)
inContact, Inc. *		(156,504	)		(1,544,694	)
Jamba, Inc. *		(111,749	)		(1,561,134	)
Lululemon Athletica, Inc. *		(29,163	)		(1,394,575	)
Netflix, Inc. *		(67,207	)		(8,288,639	)
Quotient Technology, Inc. *		(158,150	)		(1,097,561	)
Red Robin Gourmet Burgers, Inc. *		(34,843	)		(2,351,206	)
Royal Caribbean Cruises Ltd.		(24,043	)		(2,226,622	)
Sears Holdings Corp. *		(114,241	)		(2,528,153	)
Shake Shack, Inc., Class A *		(48,853	)		(2,244,795	)
Sprouts Farmers Market, Inc. *		(39,014	)		(941,408	)
Sturm Ruger & Co., Inc.		(30,761	)		(1,602,648	)
Texas Roadhouse, Inc.		(106,228	)		(3,717,980	)
Tile Shop Holdings, Inc. *		(121,961	)		(2,066,019	)
Viggle, Inc. *		(61	)		(28	)
VistaPrint NV *		(45,993	)		(4,242,394	)
Wayfair, Inc., Class A *		(23,260	)		(881,787	)
Williams-Sonoma, Inc.		(35,335	)		(2,237,766	)
Wingstop, Inc. *		(44,241	)		(953,394	)
World Wrestling Entertainment, Inc., Class A		(101,541	)		(1,725,182	)
Zillow Group, Inc., Class A *		(45,844	)		(1,193,319	)
Zillow Group, Inc., Class C *		(93,435	)		(2,303,173	)
Zoe’s Kitchen, Inc. *		(76,789	)		(2,612,362	)
					(69,458,455	)

	Number of Shares			Value
Energy—(0.5%)
Beard Co. *		(9,710	)	$	(5	)
Neste Oil OYJ		(114,080	)		(3,283,385	)
					(3,283,390	)
Finance—(2.2%)
Credit Acceptance Corp. *		(25,548	)		(5,120,330	)
HealthEquity, Inc. *		(92,838	)		(3,063,654	)
IDI, Inc. *		(58,888	)		(529,992	)
Janus Capital Group, Inc.		(123,452	)		(1,949,307	)
WisdomTree Investments, Inc.		(130,040	)		(2,828,370	)
					(13,491,653	)
Health Care—(11.1%)
AAC Holdings, Inc. *		(114,012	)		(2,797,854	)
Accelerate Diagnostics, Inc. *		(210,318	)		(3,602,747	)
Accuray, Inc. *		(230,867	)		(1,625,304	)
Adeptus Health, Inc., Class A *		(31,689	)		(1,904,192	)
Albany Molecular Research, Inc. *		(94,991	)		(1,892,221	)
Alder Biopharmaceuticals, Inc. *		(24,828	)		(925,091	)
Alexion Pharmaceuticals, Inc. *		(10,426	)		(1,860,415	)
Anacor Pharmaceuticals, Inc. *		(14,307	)		(1,670,056	)
Aratana Therapeutics, Inc. *		(105,985	)		(621,072	)
athenahealth, Inc. *		(11,828	)		(1,984,147	)
BioSpecifics Technologies Corp. *		(27,410	)		(1,328,015	)
BioTime, Inc. *		(85,880	)		(302,298	)
Blueprint Medicines Corp. *		(52,833	)		(1,223,612	)
BodyTel Scientific, Inc. * ‡		(4,840	)		0
CareView Communications, Inc. *		(207,465	)		(55,995	)
Concordia Healthcare Corp.		(19,987	)		(769,899	)
Corcept Therapeutics, Inc. *		(242,358	)		(1,279,650	)
Corindus Vascular Robotics, Inc. * (a)		(572,901	)		(1,833,283	)
DexCom, Inc. *		(17,622	)		(1,498,222	)
Endologix, Inc. *		(183,554	)		(1,868,580	)
Glaukos Corp. *		(31,644	)		(819,580	)
Halozyme Therapeutics, Inc. *		(63,734	)		(1,134,465	)
HealthStream, Inc. *		(154,379	)		(3,708,184	)
IDEXX Laboratories, Inc. *		(24,453	)		(1,731,761	)
Inogen, Inc. *		(50,942	)		(1,948,532	)
Intrexon Corp. *		(62,553	)		(2,271,299	)
Isis Pharmaceuticals, Inc. *		(29,399	)		(1,794,515	)
MiMedx Group, Inc. *		(367,101	)		(3,289,225	)
NanoString Technologies, Inc *		(77,495	)		(1,181,024	)
Novadaq Technologies, Inc. *		(233,738	)		(2,846,929	)
Novavax, Inc. *		(137,554	)		(1,177,462	)

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

9

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued)	Portfolio of Investments

	Number of Shares			Value
Health Care—(continued)
NuVasive, Inc. *		(47,491	)	$	(2,476,181	)
Opko Health, Inc. *		(103,248	)		(1,129,533	)
Osiris Therapeutics, Inc. *		(147,531	)		(1,513,668	)
PDL BioPharma, Inc.		(265,734	)		(1,005,803	)
Quotient Ltd. *		(27,565	)		(374,884	)
Rockwell Medical, Inc. *		(140,223	)		(1,700,905	)
Sarepta Therapeutics, Inc. *		(42,962	)		(1,579,283	)
Synergy Pharmaceuticals, Inc. *		(158,374	)		(994,589	)
TherapeuticsMD, Inc. *		(295,387	)		(2,218,356	)
Wright Medical Group NV *		(157,667	)		(3,377,227	)
Zeltiq Aesthetics, Inc. *		(42,334	)		(1,286,107	)
					(68,602,165	)
Real Estate Investment Trusts—(1.3%)
Digital Realty Trust, Inc.		(27,390	)		(1,975,093	)
Equinix, Inc.		(20,658	)		(6,125,001	)
					(8,100,094	)
Technology—(13.8%)
Ambarella, Inc. *		(11,243	)		(706,173	)
ANTs Software, Inc. * ‡		(10,334	)		(1	)
Arista Networks, Inc. *		(47,334	)		(3,479,996	)
Benefitfocus, Inc. *		(33,019	)		(1,337,930	)
Blackbaud, Inc.		(47,668	)		(2,944,929	)
Box, Inc., Class A *		(352,250	)		(4,931,500	)
Capstone Turbine Corp. *		(33,777	)		(53,368	)
Cavium, Inc. *		(77,629	)		(5,209,682	)
Ciena Corp. *		(164,542	)		(4,120,132	)
Consygen, Inc. * ‡		(200	)		0
Demandware, Inc. *		(36,512	)		(1,867,589	)
Ellie Mae, Inc. *		(78,834	)		(5,032,763	)
Endurance International Group Holdings, Inc. *		(133,945	)		(1,871,212	)
Ener1, Inc. * ‡		(102,820	)		(10	)
Entegris, Inc. *		(83,493	)		(1,137,175	)
FireEye, Inc. *		(79,664	)		(1,822,712	)
GT Advanced Technologies, Inc. *		(198,179	)		(33,690	)
Guidewire Software, Inc. *		(64,483	)		(3,825,776	)
Hortonworks, Inc. *		(121,446	)		(2,063,368	)
HubSpot, Inc. *		(41,526	)		(2,251,124	)
Infinera Corp. *		(211,360	)		(4,759,827	)
Neonode, Inc. *		(206,220	)		(569,167	)
Nestor, Inc. * ‡		(15,200	)		(2	)
NetSuite, Inc. *		(35,422	)		(3,025,039	)
PowerSecure International, Inc. *		(74,564	)		(1,042,405	)

	Number of Shares			Value
Technology—(continued)
Proofpoint, Inc. *		(41,708	)	$	(3,057,613	)
PROS Holdings, Inc. *		(58,296	)		(1,433,499	)
Q2 Holdings, Inc. *		(87,263	)		(2,397,987	)
Qlik Technologies, Inc. *		(76,976	)		(2,448,607	)
ServiceNow, Inc. *		(19,434	)		(1,690,952	)
Shopify, Inc. *		(43,828	)		(1,154,430	)
Skyworks Solutions, Inc.		(52,293	)		(4,341,365	)
Splunk, Inc. *		(23,884	)		(1,421,098	)
Tableau Software, Inc., Class A *		(18,256	)		(1,771,380	)
Tiger Telematics, Inc. * ‡		(6,510	)		0
Ubiquiti Networks, Inc. *		(66,790	)		(2,330,303	)
Uni-Pixel, Inc. *		(19,665	)		(14,257	)
Universal Display Corp. *		(34,486	)		(1,812,584	)
Veeva Systems, Inc., Class A *		(33,516	)		(967,272	)
Vicor Corp. *		(95,549	)		(884,784	)
Workday, Inc., Class A *		(80,364	)		(6,727,270	)
Workiva, Inc. *		(52,876	)		(991,425	)
WorldGate Communications, Inc. * ‡		(582,655	)		(58	)
Xybernaut Corp. * ‡		(34,156	)		0
					(85,530,454	)
Transportation—(1.2%)
American Railcar Industries, Inc.		(66,626	)		(3,766,368	)
Hawaiian Holdings, Inc. *		(87,752	)		(3,176,622	)
Student Transportation, Inc.		(85,966	)		(353,320	)
					(7,296,310	)
Utilities—(0.5%)
Genie Energy, Ltd.		(153,241	)		(1,751,545	)
SolarCity Corp. *		(44,824	)		(1,289,138	)
					(3,040,683	)
TOTAL COMMON STOCK (Proceeds $314,774,537)					(320,816,978	)
TOTAL SECURITIES SOLD SHORT —(51.8%) (Proceeds $314,774,537)					(320,816,978	)
OTHER ASSETS IN EXCESS OF LIABILITIES—56.1%					347,169,666
NET ASSETS—100.0%				$	618,737,996

ADR	—	American Depositary Receipt
PLC	—	Public Limited Company
*	—	Non-income producing.
(a)	—	All or a portion of the security is on loan. At November 30, 2015, the market value of securities on loan was $12,284,570.
†	—	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.

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

10

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued)	Portfolio of Investments

‡	—	Security has been valued at fair market value as determined in good faith by or under the direction of The RBB Fund, Inc.‘s Board of Directors. As of November 30, 2015 short positions amounted to ($81) or 0.0%, of net assets.
**		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	$	539,450,635
Gross unrealized appreciation		90,314,685
Gross unrealized depreciation		(37,380,012	)
Net unrealized appreciation	$	52,934,673

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

11

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 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 November 30, 2015 is as follows (see Notes to Portfolio of Investments):

	Total Value as of November 31, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stock
Basic Industries	$	43,431,145		43,431,145	$	—	$	—
Capital Goods		54,003,704		54,003,704		—		—
Communications		16,223,681		16,223,681		—		—
Consumer Durables		2,052,171		2,052,171		—		—
Consumer Non-Durables		35,079,624		35,079,624		—		—
Consumer Services		82,491,601		82,491,601		—		—
Energy		52,902,432		52,902,432		—		—
Finance		129,638,264		129,638,264		—		—
Health Care		62,738,010		62,738,010		—		—
Real Estate Investment Trusts		10,858,688		10,858,688		—		—
Technology		71,835,469		71,835,469		—		—
Transportation		8,600,978		8,600,978		—		—
Utilities		3,528,378		3,528,378		—		—
Exchange Traded		6,370,777		6,370,777		—		—
Securities Lending Collateral		12,630,386		12,630,386		—		—
Total Assets	$	592,385,308	$	592,385,308	$		$	—
	Total Value as of November 31, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Securities Sold Short
Basic Industries	$	(3,362,400)	$	(3,362,400)	$	—	$	—
Capital Goods		(9,756,475)		(9,756,468)		—		(7)
Communications		(14,672,376)		(14,672,376)		—		—
Consumer Durables		(16,449,931)		(16,449,931)		—		—
Consumer Non-Durables		(17,772,592)		(17,772,589)		—		(3)
Consumer Services		(69,458,455)		(69,458,455)		—		—
Energy		(3,283,390)		(5)		(3,283,385)		—
Finance		(13,491,653)		(13,491,653)		—		—
Health Care		(68,602,165)		(68,602,165)		—		—
Real Estate Investment Trust		(8,100,094)		(8,100,094)		—		—
Technology		(85,530,454)		(85,530,383)		—		(71)
Transportation		(7,296,310)		(7,296,310)		—		—
Utilities		(3,040,683)		(3,040,683)		—		—
Total Liabilities	$	(320,816,978)		$  (317,533,512)	$	(3,283,385)	$	(81)

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

12

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Portfolio of Investments

	Number of Shares		Value
LONG POSITIONS—94.5%
RIGHTS—0.0%
Finance—0.0%
Standard Chartered PLC *		467,723	$	641,035
				641,035
TOTAL RIGHTS—0.0% (Cost $0)				641,035
COMMON STOCK—94.5%
Basic Industries—6.3%
Avery Dennison Corp. †		709,764		46,816,033
Barrick Gold Corp.		1,852,195		13,595,111
Berry Plastics Group, Inc. * †		1,354,188		49,238,276
Cloud Peak Energy, Inc. *		648,665		1,693,016
Crown Holdings, Inc. * †		955,192		49,584,017
Graphic Packaging Holding Co. †		5,570,331		76,146,425
Lintec Corp.		837,000		18,091,122
Mosaic Co., (The) †		990,666		31,344,672
Packaging Corp of America †		549,223		37,341,672
PPG Industries, Inc. †		349,222		36,926,734
Stornoway Diamond Corp. *		19,386,145		12,048,748
Sumitomo Osaka Cement Co.		2,622,000		10,093,519
Valspar Corp., (The) †		429,404		36,280,344
WestRock Co. †		1,022,696		51,779,098
				470,978,787
Capital Goods—9.8%
BAE Systems PLC		3,085,531		23,998,699
Continental Building Products, Inc. *		581,588		10,608,165
CRH, Inc.		1,154,365		33,940,224
Cubic Corp. †		313,169		15,207,487
Danaher Corp. †		529,549		51,043,228
General Dynamics Corp. †		303,054		44,385,289
Honeywell International, Inc. †		325,876		33,874,810
Huntington Ingalls Industries, Inc. †		348,931		45,682,047
Ingersoll-Rand PLC †		917,909		53,853,721
KION Group AG		387,965		19,161,680
Lockheed Martin Corp. †		312,454		68,477,419
Masco Corp. †		970,314		29,022,092
Meggitt PLC		—^		4
Mitsubishi Electric Corp.		846,000		9,362,495
Nitto Denko Corp.		259,800		17,493,433
Northrop Grumman Corp. †		266,718		49,705,566
Raytheon Co. †		396,565		49,185,957

	Number of Shares		Value
Capital Goods—(continued)
Safran SA		560,034	$	41,050,231
Stanley Black & Decker, Inc. †		512,456		55,939,697
Textron, Inc. †		1,195,688		51,020,007
United Technologies Corp. †		290,942		27,944,979
				730,957,230
Communications—4.0%
Baidu, Inc. - Sponsored ADR * †		118,558		25,842,087
Comcast Corp., Class A †		1,028,197		62,576,069
IAC/InterActiveCorp.		310,025		19,466,470
Liberty Broadband Corp., Class C * †		256,024		13,520,627
Liberty Global PLC LiLAC, Class C * †		112,084		4,395,934
Liberty Global PLC, Series C * †		1,616,118		66,260,838
NetEase, Inc. - ADR †		170,822		28,469,195
Qihoo 360 Technology Co. Ltd. - ADR *		196,359		13,332,776
Verizon Communications, Inc. †		754,706		34,301,388
Vodafone Group PLC		8,486,101		28,558,503
				296,723,887
Consumer Durables—3.0%
Alpine Electronics, Inc.		772,500		10,852,545
Fuji Heavy Industries, Ltd.		530,200		21,938,443
Lear Corp.		227,121		28,594,534
Newell Rubbermaid, Inc. †		1,239,484		55,355,355
Samsung Electronics Co., Ltd.		52,582		58,205,273
Tenneco, Inc. * †		698,263		37,622,410
Toyota Industries Corp.		193,600		10,266,916
				222,835,476
Consumer Non-Durables—3.0%
Activision Blizzard, Inc.		884,850		33,323,451
Britvic PLC		2,794,898		30,171,066
Coca-Cola West Co., Ltd.		333,700		6,751,398
Constellation Brands, Inc., Class A †		159,870		22,423,366
Electronic Arts, Inc. *		153,313		10,393,088
Global Brands Group Holding Ltd. *		63,678,000		12,348,594
Imperial Tobacco Group PLC		915,415		49,444,992
Ontex Group NV		808,155		28,727,601
Reynolds American, Inc. †		295,394		13,661,973
Stock Spirits Group PLC		2,841,079		4,278,927

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

13

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND (continued)	Portfolio of Investments

	Number of Shares		Value
Consumer Non-Durables—(continued)
Tyson Foods, Inc., Class A †		288,562	$	14,428,100
				225,952,556
Consumer Services—12.2%
CBS Corp., Class B non-voting shares †		469,042		23,677,240
Civeo Corp. *		1,075,996		2,087,432
CVS Health Corp. †		356,808		33,572,065
eBay, Inc. *		1,248,092		36,931,042
Equifax, Inc. †		489,035		54,527,403
Expedia, Inc. †		204,377		25,160,852
H&R Block, Inc. †		1,208,695		44,347,020
ITV PLC		10,916,848		44,533,726
Liberty Media Corp., Class C * †		529,580		20,706,578
Lowe’s Cos., Inc.		381,817		29,247,182
ManpowerGroup, Inc. †		546,701		49,356,166
Marks & Spencer Group PLC		5,008,254		37,870,274
Michaels Cos Inc. *		920,209		20,437,842
Moody’s Corp. †		389,260		40,140,491
New Oriental Education & Technology Group, Inc. - Sponsored ADR		750,106		21,768,076
Office Depot, Inc. *		2,282,471		15,041,484
Omnicom Group, Inc. †		651,127		48,131,308
Phoenix New Media Ltd. - ADR *		1,284,537		6,294,231
ProSiebenSat.1 Media SE		589,934		30,915,186
Randstad Holding NV		560,381		35,067,822
Robert Half International, Inc. †		654,465		33,495,519
Six Flags Entertainment Corp. †		454,232		23,574,641
Starz, Class A *		511,200		18,035,136
Target Corp. †		464,494		33,675,815
TEGNA, Inc.		975,240		27,550,530
Time Warner, Inc.		305,434		21,374,271
Time, Inc. †		665,851		11,079,761
Towers Watson & Co., Class A †		388,563		52,265,609
Twenty-First Century Fox, Inc.		321,296		9,481,445
Viacom, Inc., Class B †		333,727		16,616,267
WPP PLC		1,712,675		39,580,952
				906,543,366
Energy—9.1%
Anadarko Petroleum Corp. † #		487,702		29,213,350
Bristow Group, Inc.		328,813		10,045,237
Canadian Natural Resources Ltd.		963,962		23,327,880
Diamondback Energy, Inc. * #		1,390,986		108,524,728

	Number of Shares		Value
Energy—(continued)
Energen Corp. †		873,058	$	51,763,609
EOG Resources, Inc. #		628,153		52,406,805
EQT Corp. †		231,959		13,272,694
Exxon Mobil Corp. #		950,562		77,622,893
Inpex Corp.		1,413,000		14,024,543
Kosmos Energy Ltd. * †		1,882,712		12,632,998
Marathon Petroleum Corp. † #		756,115		44,164,677
Occidental Petroleum Corp. #		740,814		55,998,130
Parsley Energy, Inc., Class A * †		4,229,765		83,114,882
Phillips 66 #		205,180		18,780,125
QEP Resources, Inc. †		1,434,187		22,660,155
Rice Energy, Inc. * †		824,409		11,113,033
RSP Permian, Inc. * †		1,434,638		40,715,026
Viper Energy Partners LP		622,557		9,493,994
				678,874,759
Finance—19.4%
ACE Ltd. †		413,851		47,530,787
Alleghany Corp. †		69,313		35,305,270
Allstate Corp., (The) †		742,526		46,600,932
Ally Financial, Inc. * †		1,657,990		33,093,480
American International Group, Inc. †		693,217		44,074,737
Aon PLC †		466,436		44,190,147
Bank of America Corp. †		1,624,693		28,318,399
BB&T Corp. †		1,583,333		61,148,320
Berkshire Hathaway, Inc., Class B * †		319,794		42,881,177
Capital One Financial Corp. †		906,839		71,195,930
Charles Schwab Corp., (The) †		828,724		27,936,286
Citigroup, Inc. †		1,374,805		74,363,202
Citizens Financial Group, Inc.		1,029,320		27,410,792
Discover Financial Services †		1,116,206		63,355,853
Fifth Third Bancorp †		3,367,924		69,614,989
Goldman Sachs Group, Inc., (The) †		239,978		45,600,620
Huntington Bancshares, Inc. †		2,557,502		29,897,198
Investors Bancorp, Inc. †		1,115,546		14,301,300
JPMorgan Chase & Co. †		1,111,932		74,143,626
Melrose Industries PLC		6,778,867		29,604,834
MetLife, Inc. †		548,988		28,047,797
Morgan Stanley		785,832		26,954,038
Navient Corp. †		1,976,648		23,541,878

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

14

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND (continued)	Portfolio of Investments

	Number of Shares		Value
Finance—(continued)
PNC Financial Services Group, Inc., (The) †		282,790	$	27,009,273
Raymond James Financial, Inc.		484,353		28,446,052
Regions Financial Corp. †		1,899,572		19,261,660
SLM Corp. *		3,607,936		24,371,608
Standard Chartered PLC *		1,637,030		13,727,085
State Street Corp. †		375,363		27,243,847
SunTrust Banks, Inc. †		717,879		31,170,306
TD Ameritrade Holding Corp. †		737,598		27,018,215
Travelers Cos., Inc., (The) †		264,197		30,269,050
Unum Group †		1,225,608		44,955,301
Validus Holdings Ltd.		414,468		19,554,600
Wells Fargo & Co. †		1,333,556		73,478,936
WR Berkley Corp. †		658,244		36,637,861
XL Group PLC †		1,445,988		55,207,822
				1,447,463,208
Health Care—9.6%
AbbVie, Inc. †		476,501		27,708,533
Anthem, Inc. †		265,893		34,667,129
Cardinal Health, Inc. †		505,285		43,884,002
Celgene Corp. *		49,052		5,368,741
CIGNA Corp. †		280,936		37,920,741
Endo International PLC *		217,363		13,363,477
Express Scripts Holding Co. * †		596,260		50,968,305
Gilead Sciences, Inc. †		465,658		49,341,122
ICON PLC *		379,839		28,233,433
Johnson & Johnson †		497,913		50,408,712
Laboratory Corp. of America Holdings * †		359,484		43,691,685
McKesson Corp. †		228,358		43,239,587
Medtronic PLC †		355,360		26,772,822
Merck & Co., Inc. †		855,257		45,337,174
Novartis AG - Sponsored ADR		347,241		29,598,823
Pfizer, Inc. †		1,444,179		47,325,746
Quest Diagnostics, Inc.		357,417		24,418,729
St. Jude Medical, Inc.		494,193		31,183,578
Teva Pharmaceutical Industries Ltd. - Sponsored ADR †		634,605		39,935,693
Zimmer Biomet Holdings, Inc. †		389,053		39,298,244
				712,666,276
Real Estate Investment Trusts—0.7%
American Homes 4 Rent, Class A		645,127		10,825,231

	Number of Shares		Value
Real Estate Investment Trusts—(continued)
American Residential Properties, Inc.		524,940	$	9,181,201
Boston Properties, Inc. †		77,233		9,653,353
Host Hotels & Resorts, Inc.		508,192		8,435,987
LaSalle Hotel Properties		201,374		5,680,761
Sunstone Hotel Investors, Inc.		672,146		9,867,103
				53,643,636
Technology—16.5%
Alliance Data Systems Corp. *		93,415		26,796,093
Alphabet Inc., Class A * †		50,764		38,725,317
Amdocs Ltd. †		665,485		37,646,486
Apple, Inc.		538,956		63,758,495
Arrow Electronics, Inc. †		831,505		47,029,923
Avago Technologies Ltd. †		440,021		57,400,739
Avnet, Inc. †		904,683		41,000,234
Brocade Communications Systems, Inc. †		1,974,933		18,534,746
CDW Corp. †		1,114,970		48,133,255
Cisco Systems, Inc. †		1,235,986		33,680,619
Citizen Holdings Co., Ltd.		1,378,700		10,189,929
Dena Co. Ltd. *		573,300		9,031,219
EMC Corp. †		2,378,542		60,272,254
EVERTEC, Inc. †		688,058		11,820,836
Fidelity National Information Services, Inc.		464,639		29,583,565
Flextronics International Ltd. * †		5,104,649		57,427,301
Global Payments, Inc.		245,052		17,361,934
Harris Corp. †		661,109		54,957,991
Hewlett Packard Enterprise Co. †		2,335,044		34,698,754
Hollysys Automation Technologies, Ltd.		515,467		10,613,466
HP, Inc. †		2,337,539		29,312,739
Jabil Circuit, Inc. †		3,138,609		80,317,004
Microsoft Corp. †		1,953,185		106,155,605
Motorola Solutions, Inc. †		207,652		14,905,261
ON Semiconductor Corp. *		3,791,479		41,554,610
Oracle Corp. †		2,168,724		84,515,174
Seagate Technology PLC †		367,544		13,209,531
TE Connectivity Ltd. †		160,684		10,780,290
Texas Instruments, Inc. †		1,057,945		61,487,763
Total System Services, Inc.		536,203		30,005,920
Western Digital Corp. †		708,405		44,211,556
				1,225,118,609

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

15

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND (continued)	Portfolio of Investments

	Number of Shares			Value
Transportation—0.6%
Delta Air Lines, Inc. †		887,199		$	41,219,266
					41,219,266
Utilities—0.3%
AES Corp.		2,353,637			23,512,835
					23,512,835
TOTAL COMMON STOCK—94.5% (Cost $6,508,719,800)					7,036,489,891
WARRANTS—0.0%
Basic Industries—0.0%
Stornoway Diamond Corp. Exercise Price CAD 0.90, Expires 07/08/16 *		7,527,500			253,650
					253,650
TOTAL WARRANTS—0.0% (Cost $773,078)					253,650
TOTAL INVESTMENTS—94.5% (Cost $6,509,492,878)**					7,037,384,576
SECURITIES SOLD SHORT—(45.5%)
COMMON STOCK—(45.5%)
Basic Industries—(1.1%)
Akzo Nobel NV		(135,928	)		(9,658,248	)
Detour Gold Corp. *		(565,009	)		(5,885,114	)
Goldcorp, Inc.		(461,389	)		(5,449,004	)
NewMarket Corp.		(49,331	)		(20,381,103	)
Oji Holdings Corp.		(2,356,000	)		(10,205,763	)
Rotork PLC		(3,102,978	)		(8,498,207	)
Showa Denko KK		(8,787,000	)		(11,565,095	)
Vale SA- ADR		(3,029,277	)		(10,208,663	)
					(81,851,197	)
Capital Goods—(3.9%)
Atlas Copco AB		(693,985	)		(18,578,184	)
Axalta Coating Systems Ltd. *		(793,729	)		(23,034,016	)
Cie de Saint-Gobain		(327,791	)		(14,463,371	)
CNH Industrial NV		(1,558,757	)		(11,394,514	)
Deere & Co.		(190,237	)		(15,137,158	)
Fortune Brands Home & Sec		(427,472	)		(23,498,136	)
Franklin Electric Co., Inc.		(209,101	)		(6,818,784	)
GEA Group AG		(346,181	)		(14,333,394	)
MTU Aero Engines Holding AG		(113,868	)		(11,288,558	)
Proto Labs, Inc. *		(561,767	)		(38,026,008	)
Raven Industries, Inc.		(331,112	)		(5,519,637	)
Sun Hydraulics Corp.		(300,619	)		(9,899,384	)
TOTO Ltd.		(401,800	)		(13,879,865	)
Trex Co., Inc. *		(222,799	)		(9,647,197	)

	Number of Shares			Value
Capital Goods—(continued)
USG Corp. *		(493,805	)	$	(11,890,824	)
Wabtec Corp.		(274,161	)		(21,965,779	)
WW Grainger, Inc.		(54,519	)		(10,933,240	)
Zardoya Otis SA		(1,270,771	)		(15,358,229	)
Zodiac Aerospace		(431,474	)		(11,684,849	)
					(287,351,127	)
Communications—(2.6%)
Altice NV *		(558,458	)		(8,555,527	)
CenturyLink, Inc.		(535,460	)		(14,419,938	)
Cogent Communications Group, Inc.		(571,007	)		(19,162,995	)
Eutelsat Communications SA		(315,261	)		(9,404,465	)
Frontier Communications Corp		(3,058,193	)		(15,260,383	)
LinkedIn Corp., Class A *		(68,452	)		(16,641,366	)
Millicom International Cellular SA - SDR		(292,530	)		(17,190,351	)
Rackspace Hosting, Inc. *		(847,850	)		(24,265,467	)
SES SA		(334,903	)		(9,290,180	)
Sprint Corp. *		(5,559,852	)		(20,293,460	)
Synchronoss Technologies, Inc. *		(337,549	)		(13,289,304	)
TalkTalk Telecom Group PLC		(2,553,233	)		(9,205,998	)
Telefonica SA - Sponsored ADR		(1,640,058	)		(20,123,512	)
					(197,102,946	)
Consumer Durables—(2.0%)
Autoliv, Inc.		(236,242	)		(29,726,331	)
Dorman Products, Inc.		(353,900	)		(16,888,108	)
Ferrari NV *		(185,712	)		(8,607,751	)
Leggett & Platt, Inc.		(389,588	)		(18,154,801	)
LKQ Corp. *		(613,385	)		(18,088,724	)
Luxottica Group SpA		(312,797	)		(20,897,350	)
Mobileye NV *		(252,731	)		(11,019,072	)
Nokian Renkaat OYJ		(381,815	)		(14,957,209	)
Tesla Motors, Inc. *		(63,838	)		(14,699,338	)
					(153,038,684	)
Consumer Non-Durables—(4.5%)
B&G Foods, Inc.		(651,234	)		(24,603,621	)
Boston Beer Co., Inc., (The) Class A *		(53,605	)		(11,451,100	)
C&C Group PLC		(3,225,927	)		(12,507,880	)
Clorox Co., (The)		(150,351	)		(18,688,629	)
Colgate-Palmolive Co.		(316,221	)		(20,769,395	)

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

16

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND (continued)	Portfolio of Investments

	Number of Shares			Value
Consumer Non-Durables—(continued)
International Flavors & Fragrances, Inc.		(141,975	)	$	(17,038,420	)
Kagome Co. Ltd.		(557,800	)		(9,439,310	)
Mattel, Inc.		(1,137,178	)		(28,270,245	)
McCormick & Co., Inc. non-voting shares		(276,709	)		(23,774,837	)
Mondelez International, Inc., Class A		(553,023	)		(24,144,984	)
Monster Beverage Corp. *		(124,753	)		(19,288,061	)
Nintendo Co. Ltd.		(153,200	)		(23,553,574	)
Remy Cointreau SA		(123,589	)		(8,752,262	)
Tod’s SpA		(207,095	)		(16,483,282	)
TreeHouse Foods, Inc. *		(246,245	)		(21,290,343	)
Tsingtao Brewery Co., Ltd. Class H		(2,464,000	)		(11,061,765	)
Tumi Holdings, Inc. *		(648,614	)		(11,454,523	)
Under Armour, Inc., Class A *		(197,663	)		(17,042,504	)
Want Want China Holdings Ltd.		(16,668,000	)		(13,138,317	)
					(332,753,052	)
Consumer Services—(7.6%)
Acxiom Corp. *		(856,191	)		(19,606,774	)
Aramark		(683,529	)		(22,296,716	)
Bob Evans Farms, Inc.		(617,478	)		(24,606,498	)
Buffalo Wild Wings, Inc. *		(159,207	)		(25,511,330	)
CarMax, Inc. *		(316,022	)		(18,108,061	)
Cheesecake Factory, Inc., (The)		(340,274	)		(16,037,114	)
Chipotle Mexican Grill, Inc. *		(33,578	)		(19,460,130	)
Dollar Tree, Inc. *		(314,577	)		(23,737,980	)
GrainCorp, Ltd.		(2,585,489	)		(15,302,006	)
Hennes & Mauritz AB, Class B		(771,515	)		(28,570,114	)
Lululemon Athletica, Inc. *		(370,135	)		(17,699,856	)
Medidata Solutions, Inc. *		(630,489	)		(28,895,311	)
Monro Muffler Brake, Inc.		(403,554	)		(29,879,138	)
Netflix, Inc. *		(91,839	)		(11,326,504	)
Nord Anglia Education, Inc. *		(608,988	)		(12,928,815	)
Nordstrom, Inc.		(172,733	)		(9,726,595	)
Pearson PLC		(1,065,434	)		(13,261,824	)
Pricesmart, Inc.		(285,729	)		(26,629,943	)
Qunar Cayman Islands Ltd. *		(165,045	)		(7,431,976	)
Regal Entertainment Group, Class A		(821,053	)		(15,394,744	)
Rollins, Inc.		(735,687	)		(19,973,902	)
Seek Ltd.		(1,864,567	)		(18,663,657	)

	Number of Shares			Value
Consumer Services—(continued)
Societe Television Francaise 1		(1,079,828	)	$	(13,157,516	)
Texas Roadhouse, Inc.		(896,375	)		(31,373,125	)
Tiffany & Co.		(255,922	)		(20,391,865	)
VistaPrint NV *		(172,043	)		(15,869,246	)
Wayfair, Inc., Class A *		(566,332	)		(21,469,646	)
Wendy’s Co., (The)		(2,615,768	)		(27,491,722	)
Williams-Sonoma, Inc.		(148,713	)		(9,417,994	)
					(564,220,102	)
Energy—(2.1%)
Cabot Oil & Gas Corp.		(811,472	)		(15,280,018	)
Chevron Corp.		(227,976	)		(20,818,768	)
Continental Resources, Inc. *		(461,069	)		(16,736,805	)
CVR Energy, Inc.		(233,723	)		(11,160,273	)
Diamond Offshore Drilling, Inc.		(354,119	)		(8,013,713	)
Helmerich & Payne, Inc.		(132,510	)		(7,718,708	)
Hess Corp.		(343,505	)		(20,266,795	)
Matador Resources Co. *		(597,567	)		(15,357,472	)
Noble Energy, Inc.		(422,417	)		(15,490,031	)
Oasis Petroleum, Inc. *		(996,839	)		(11,453,680	)
Transocean Ltd. *		(891,874	)		(12,807,311	)
					(155,103,574	)
Finance—(6.3%)
Aberdeen Asset Management PLC		(3,024,501	)		(14,543,943	)
Banco de Sabadell SA		(3,023,044	)		(5,569,759	)
BancorpSouth, Inc.		(618,966	)		(16,650,185	)
Bank of East Asia Ltd.		(2,588,200	)		(9,239,836	)
Bank of Hawaii Corp.		(186,745	)		(12,920,887	)
Bank of the Ozarks Inc.		(228,487	)		(12,402,274	)
Bankia SA		(7,195,901	)		(9,002,760	)
Bankinter SA		(1,425,879	)		(10,304,986	)
Barclays PLC		(2,041,141	)		(6,863,358	)
Community Bank System, Inc.		(412,415	)		(17,787,459	)
Credit Acceptance Corp. *		(30,607	)		(6,134,255	)
Cullen/Frost Bankers, Inc.		(203,326	)		(14,190,122	)
CVB Financial Corp.		(1,039,253	)		(19,226,181	)
Eaton Vance Corp.		(569,412	)		(20,453,279	)
Financial Engines, Inc.		(480,431	)		(17,309,929	)
First Financial Bankshares, Inc.		(555,525	)		(19,948,903	)
Glacier Bancorp, Inc.		(560,283	)		(16,461,115	)
HDFC Bank Ltd. - ADR		(198,955	)		(11,563,265	)
Home Bancshares, Inc.		(227,726	)		(10,274,997	)
LPL Financial Holdings, Inc.		(543,031	)		(24,968,565	)
MB Financial, Inc.		(352,034	)		(12,581,695	)

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

17

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND (continued)	Portfolio of Investments

	Number of Shares			Value
Finance—(continued)
Mercury General Corp.		(286,049	)	$	(14,803,036	)
Mobile Mini, Inc.		(439,064	)		(15,564,819	)
New York Community Bancorp, Inc.		(1,139,707	)		(18,691,195	)
PacWest Bancorp		(321,059	)		(15,096,194	)
Texas Capital Bancshares, Inc. *		(129,441	)		(7,673,262	)
Trustmark Corp.		(494,250	)		(12,479,813	)
UMB Financial Corp.		(203,372	)		(10,717,704	)
United Bankshares, Inc.		(602,755	)		(25,388,041	)
Valley National Bancorp		(1,999,025	)		(22,269,139	)
Westamerica Bancorporation		(416,004	)		(20,384,196	)
WisdomTree Investments, Inc.		(902,448	)		(19,628,244	)
					(471,093,396	)
Health Care—(3.9%)
Achillion Pharmaceuticals, Inc. *		(932,244	)		(9,490,244	)
Alexion Pharmaceuticals, Inc. *		(36,240	)		(6,466,666	)
athenahealth, Inc. *		(113,795	)		(19,089,111	)
BTG PLC *		(940,220	)		(8,720,814	)
Carl Zeiss Meditec AG		(637,198	)		(18,112,065	)
Cerner Corp. *		(262,685	)		(15,656,026	)
Coloplast A/S, Class B		(150,156	)		(12,168,919	)
DexCom, Inc. *		(175,046	)		(14,882,411	)
Elekta AB, B Shares		(2,047,201	)		(16,995,679	)
Henry Schein, Inc. *		(100,059	)		(15,657,232	)
IDEXX Laboratories, Inc. *		(265,408	)		(18,796,195	)
Illumina, Inc. *		(75,440	)		(13,873,416	)
Intrexon Corp. *		(216,169	)		(7,849,096	)
Kite Pharma, Inc. *		(132,546	)		(10,917,814	)
Medicines Co., (The) *		(345,793	)		(14,526,764	)
Opko Health, Inc. *		(1,138,620	)		(12,456,503	)
Sirona Dental Systems, Inc.		(147,333	)		(15,982,684	)
Sonova Holding AG		(81,528	)		(10,281,469	)
Takeda Pharmaceutical Co., Ltd.		(231,500	)		(11,264,737	)
West Pharmaceutical Services, Inc.		(461,054	)		(29,069,455	)
Wright Medical Group NV *		(436,372	)		(9,347,088	)
					(291,604,388	)
Real Estate Investment Trusts—(1.3%)
Equinix, Inc.		(108,824	)		(32,266,197	)
Hulic Co. Ltd.		(1,447,200	)		(13,299,391	)
Iron Mountain Inc.		(626,495	)		(17,404,031	)
Omega Healthcare Investors, Inc.		(191,065	)		(6,580,279	)

	Number of Shares			Value
Real Estate Investment Trusts—(continued)
Realty Income Corp.		(515,023	)	$	(25,555,441	)
					(95,105,339	)
Technology—(8.6%)
3D Systems Corp. *		(1,193,206	)		(10,882,039	)
Arista Networks, Inc. *		(332,756	)		(24,464,221	)
Blackbaud, Inc.		(464,917	)		(28,722,572	)
Cavium, Inc. *		(299,551	)		(20,102,868	)
Ciena Corp. *		(456,735	)		(11,436,644	)
Cognex Corp.		(429,664	)		(15,940,534	)
Dassault Systemes SA		(295,144	)		(23,490,871	)
Demandware, Inc. *		(150,192	)		(7,682,321	)
Electronics for Imaging, Inc. *		(482,245	)		(23,668,585	)
Finisar Corp. *		(1,567,803	)		(18,923,382	)
FireEye, Inc. *		(1,304,639	)		(29,850,140	)
Guidewire Software, Inc. *		(455,453	)		(27,022,026	)
Hexagon AB		(476,637	)		(17,273,338	)
Infineon Technologies AG		(1,977,248	)		(29,042,154	)
Infosys Ltd. - Sponsored ADR		(1,749,290	)		(29,178,157	)
Itron, Inc. *		(988,823	)		(35,548,187	)
National Instruments Corp.		(1,302,847	)		(40,909,396	)
NetSuite, Inc. *		(400,990	)		(34,244,546	)
Nidec Corp.		(150,900	)		(11,665,001	)
Proofpoint, Inc. *		(276,892	)		(20,298,953	)
Telefonaktiebolaget LM Ericsson, Class B		(1,200,368	)		(11,651,879	)
Ubiquiti Networks, Inc. *		(138,187	)		(4,821,344	)
Unisys, Corp. *		(1,259,584	)		(16,198,250	)
Veeva Systems, Inc., Class A *		(877,709	)		(25,330,682	)
VeriFone Systems, Inc. *		(835,278	)		(23,955,773	)
Verint Systems, Inc. *		(396,914	)		(18,595,421	)
ViaSat, Inc. *		(155,092	)		(9,612,602	)
Wipro Ltd. - ADR		(2,948,507	)		(37,003,763	)
Workday, Inc., Class A *		(365,427	)		(30,589,894	)
					(638,105,543	)
Transportation—(1.2%)
Heartland Express, Inc.		(668,096	)		(12,800,719	)
J.B. Hunt Transport Services, Inc.		(129,545	)		(10,135,601	)
Keikyu Corp.		(1,599,220	)		(12,954,723	)
Kintetsu Group Holdings, Co., Ltd.		(3,990,000	)		(15,297,501	)
Norwegian Air Shuttle ASA *		(253,143	)		(8,491,622	)
Old Dominion Freight Line, Inc. *		(90,871	)		(5,789,391	)
Panalpina Welttransport Holding AG, Registered Shares		(90,670	)		(10,180,453	)

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

18

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND (continued)	Portfolio of Investments

	Number of Shares			Value
Transportation—(continued)
Ryder System, Inc.		(88,926	)	$	(5,865,559	)
Tobu Railway Co. Ltd.		(2,100,000	)		(10,238,382	)
					(91,753,951	)
Utilities—(0.4%)
Ormat Technologies, Inc.		(504,513	)		(18,540,851	)
Spectra Energy Corp.		(439,121	)		(11,504,970	)
					(30,045,821	)
TOTAL COMMON STOCK (Proceeds $3,382,581,737)					(3,389,129,120	)
TOTAL SECURITIES SOLD SHORT —(45.5%) (Proceeds $3,382,581,737)					(3,389,129,120	)
		Number of Contracts
OPTIONS WRITTEN—(0.3%)
Anadarko Petroleum Corp.
Call Options
Expires 01/15/16
Strike Price $80.00		(4,870	)		(73,050	)
Diamondback Energy, Inc.
Call Options
Expires 12/18/15
Strike Price $60.00		(3,291	)		(6,022,530	)
Diamondback Energy, Inc.
Call Options
Expires 12/18/15
Strike Price $70.00		(3,000	)		(2,400,000	)
Diamondback Energy, Inc.
Call Options
Expires 01/15/16
Strike Price $70.00		(2,000	)		(1,980,000	)
Diamondback Energy, Inc.
Call Options
Expires 03/18/16
Strike Price $75.00		(2,118	)		(1,927,380	)
Diamondback Energy, Inc.
Call Options
Expires 06/17/16
Strike Price $85.00		(2,260	)		(1,559,400	)
EOG Resources
Call Options
Expires 01/15/16
Strike Price $80.00		(3,633	)		(2,107,140	)

	Number of Contracts			Value
EOG Resources
Call Options
Expires 01/15/16
Strike Price $85.00		(2,500	)	$	(770,000	)
Exxon Mobil Corp.
Call Options
Expires 01/15/16
Strike Price $80.00		(7,457	)		(2,945,515	)
Exxon Mobil Corp.
Call Options
Expires 01/15/16
Strike Price $70.00		(115	)		(149,500	)
Exxon Mobil Corp.
Call Options
Expires 04/15/16
Strike Price $80.00		(1,719	)		(936,855	)
Marathon Petroleum Corp.
Call Options
Expires 01/15/16
Strike Price $55.00		(5,000	)		(2,350,000	)
Occidental Petroleum Corp.
Call Options
Expires 01/15/16
Strike Price $75.00		(4,500	)		(1,264,500	)
Phillips 66
Call Options
Expires 01/15/16
Strike Price $75.00		(131	)		(242,088	)
Phillips 66
Call Options
Expires 01/15/16
Strike Price $70.00		(17	)		(38,420	)
TOTAL OPTIONS WRITTEN (Premiums received $(18,425,304))					(24,766,378	)
OTHER ASSETS IN EXCESS OF LIABILITIES—51.3%					3,824,060,777
NET ASSETS—100.0%				$	7,447,549,855

ADR	—	American Depositary Receipt
LP	—	Limited Partnership
PLC	—	Public Limited Company
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.

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

19

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 2015 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND (continued)	Portfolio of Investments

††	—	Primary risk exposure is equity contracts.
^	—	Amount is less than one share.
**	—	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	$	6,509,492,878
Gross unrealized appreciation	$	801,191,978
Gross unrealized depreciation		(273,300,280	)
Net unrealized appreciation	$	527,891,698

Contracts For Difference held by the Fund at November 30, 2015, are as follows:

Reference Company	Counterparty		Number of Contracts (Short)			Notional Amount		Unrealized Appreciation
Semiconductor Manufacturing International, Corp.		Goldman Sachs		(338,540,000	)	$	36,253,969	$	883,330

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

20

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 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 November 30, 2015 is as follows (see Notes to Portfolio of Investments):

	Total Value as of November 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stock
Basic Industries	$	470,978,787	$	442,794,146	$	28,184,641	$	—
Capital Goods		730,957,230		585,950,464		145,006,766		—
Communications		296,723,887		268,165,384		28,558,503		—
Consumer Durables		222,835,476		121,572,299		101,263,177		—
Consumer Non-Durables		225,952,556		98,508,905		127,443,651		—
Consumer Services		906,543,366		718,575,406		187,967,960		—
Energy		678,874,759		664,850,216		14,024,543		—
Finance		1,447,463,208		1,404,131,289		43,331,919		—
Health Care		712,666,276		712,666,276		—		—
Real Estate Investment Trusts		53,643,636		53,643,636		—		—
Technology		1,225,118,609		1,205,897,461		19,221,148		—
Transportation		41,219,266		41,219,266		—		—
Utilities		23,512,835		23,512,835		—		—
Rights		641,035		641,035		—		—
Warrants		253,650		253,650		—		—
Contracts for difference		883,330		—		883,330		—
Total Assets	$	7,038,267,906	$	6,342,382,268	$	695,885,638	$	—
	Total Value as of November 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Securities Sold Short
Basic Industries	$	(81,851,197)	$	(41,923,884)	$	(39,927,313)	$	—
Capital Goods		(287,351,127)		(187,764,677)		(99,586,450)		—
Communications		(197,102,946)		(143,456,425)		(53,646,521)		—
Consumer Durables		(153,038,684)		(117,184,125)		(35,854,559)		—
Consumer Non-Durables		(332,753,052)		(237,816,662)		(94,936,390)		—
Consumer Services		(564,220,102)		(475,264,985)		(88,955,117)		—
Energy		(155,103,574)		(155,103,574)		—		—
Finance		(471,093,396)		(415,568,754)		(55,524,642)		—
Health Care		(291,604,388)		(214,060,705)		(77,543,683)		—
Real Estate Investment Trusts		(95,105,339)		(81,805,948)		(13,299,391)		—
Technology		(638,105,543)		(544,982,300)		(93,123,243)		—
Transportation		(91,753,951)		(34,591,270)		(57,162,681)		—
Utilities		(30,045,821)		(30,045,821)		—		—
Options Written
Equity Contracts		(24,766,378)		(24,766,378)		—		—
Total Liabilities	$	(3,413,895,498)	$	(2,704,335,508)	$	(709,559,990)	$	—

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

21

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 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—97.4%
Basic Industries—1.9%
Avery Dennison Corp.		66,070		4,357,977
Crown Holdings, Inc. *		112,140		5,821,187
Graphic Packaging Holding Co.		332,941		4,551,304
Huntsman Corp.		124,762		1,562,020
International Paper Co.		61,049		2,553,680
Mosaic Co., (The)		125,792		3,980,059
				22,826,227
Capital Goods—9.1%
Cubic Corp.		37,677		1,829,595
Fluor Corp.		93,767		4,557,076
General Electric Co.		898,753		26,908,665
Huntington Ingalls Industries, Inc.		27,704		3,627,008
Ingersoll-Rand PLC		59,301		3,479,190
Masco Corp.		135,066		4,039,824
Oshkosh Corp.		119,253		5,230,437
Parker Hannifin Corp.		32,977		3,451,373
Raytheon Co.		139,473		17,298,836
Stanley Black & Decker, Inc.		79,750		8,705,510
Terex Corp.		212,571		4,353,454
Textron, Inc.		107,342		4,580,283
Timken Co.		143,810		4,636,434
United Technologies Corp.		95,044		9,128,976
WESCO International, Inc. * (a)		112,759		5,418,070
				107,244,731
Communications—2.8%
Alphabet Inc., Class A *		10,277		7,839,810
AT&T, Inc.		161,368		5,433,261
Comcast Corp., Class A		100,438		6,112,657
NetEase, Inc. - ADR		81,152		13,524,792
				32,910,520
Consumer Durables—1.7%
Brunswick Corp.		61,459		3,234,587
Lear Corp.		56,563		7,121,282
Newell Rubbermaid, Inc.		91,840		4,101,574
Thor Industries, Inc.		97,903		5,670,542
				20,127,985

	Number of Shares		Value
Consumer Non-Durables—3.9%
Activision Blizzard, Inc.		563,905	$	21,236,662
Electronic Arts, Inc. *		134,017		9,085,012
PepsiCo, Inc.		98,737		9,889,498
Reynolds American, Inc.		120,821		5,587,971
				45,799,143
Consumer Services—7.8%
Bed Bath & Beyond, Inc. *		81,186		4,426,261
Best Buy Co., Inc.		266,894		8,481,891
eBay, Inc. *		564,779		16,711,811
H&R Block, Inc.		176,079		6,460,339
Hibbett Sports, Inc. *		121,690		3,992,649
Kohl’s Corp.		239,697		11,296,920
Lowe’s Cos., Inc.		83,752		6,415,403
ManpowerGroup, Inc.		83,987		7,582,346
New Oriental Education & Technology Group, Inc. - Sponsored ADR		237,625		6,895,878
Office Depot, Inc. *		419,002		2,761,223
Omnicom Group, Inc.		178,545		13,198,046
Sportsman’s Warehouse Holdings, Inc. *		277,584		3,178,337
				91,401,104
Energy—6.7%
Anadarko Petroleum Corp.		66,492		3,982,871
Canadian Natural Resources Ltd.		218,397		5,285,207
Energen Corp.		128,820		7,637,738
EOG Resources, Inc.		34,911		2,912,625
EQT Corp.		50,336		2,880,226
Exxon Mobil Corp.		127,959		10,449,132
Marathon Petroleum Corp.		68,427		3,996,821
Occidental Petroleum Corp.		176,300		13,326,517
Parsley Energy, Inc., Class A *		191,282		3,758,691
Phillips 66		171,694		15,715,152
QEP Resources, Inc.		164,360		2,596,888
Rice Energy, Inc. *		162,244		2,187,049
Western Refining, Inc.		81,169		3,673,709
				78,402,626
Finance—27.8%
ACE Ltd.		157,397		18,077,046
AFLAC, Inc.		182,610		11,913,476
Alleghany Corp. *		18,401		9,372,733
Allstate Corp., (The)		147,194		9,237,895
Ally Financial, Inc. *		261,079		5,211,137

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

22

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 2015 (unaudited)
BOSTON PARTNERS ALL-CAP VALUE FUND (continued)	Portfolio of Investments

	Number of Shares		Value
Finance—(continued)
American International Group, Inc.		205,383	$	13,058,251
Aon PLC		59,393		5,626,893
BB&T Corp.		358,593		13,848,862
Capital One Financial Corp.		283,033		22,220,921
Citigroup, Inc.		443,124		23,968,577
FCB Financial Holdings, Inc., Class A *		72,086		2,807,750
Fifth Third Bancorp		904,782		18,701,844
Goldman Sachs Group, Inc., (The)		59,460		11,298,589
JPMorgan Chase & Co.		571,170		38,085,616
Loews Corp.		241,778		9,160,968
MetLife, Inc.		174,319		8,905,958
Navient Corp.		429,215		5,111,951
OneBeacon Insurance Group Ltd., Class A		215,657		2,989,006
Peoples Choice Financial Corp. 144A * ‡		1,465		0
Prudential Financial, Inc.		142,115		12,300,053
Raymond James Financial, Inc.		152,009		8,927,489
SLM Corp. *		282,929		1,911,185
Solar Cayman Ltd. 144A * ‡		19,375		0
State Street Corp.		134,547		9,765,421
Torchmark Corp.		97,310		5,898,932
Travelers Cos., Inc., (The)		113,550		13,009,424
Validus Holdings Ltd.		70,566		3,329,304
Wells Fargo & Co.		217,873		12,004,802
White Mountains Insurance Group Ltd.		17,185		13,885,480
WR Berkley Corp.		185,539		10,327,101
XL Group PLC		149,006		5,689,049
				326,645,713
Health Care—17.0%
AbbVie, Inc.		108,386		6,302,646
Allscripts Healthcare Solutions, Inc. *		210,217		3,201,605
Amgen, Inc.		135,369		21,807,946
Anthem, Inc.		47,227		6,157,456
Boston Scientific Corp. *		248,910		4,550,075
Cardinal Health, Inc.		102,685		8,918,192
Express Scripts Holding Co. *		134,950		11,535,526
Gilead Sciences, Inc.		142,738		15,124,519
Johnson & Johnson		225,883		22,868,395
McKesson Corp.		52,379		9,917,964

	Number of Shares		Value
Health Care—(continued)
Medtronic PLC		221,318	$	16,674,098
Merck & Co., Inc.		439,112		23,277,327
Novartis AG - Sponsored ADR (a)		183,683		15,657,139
Pfizer, Inc.		328,633		10,769,303
St. Jude Medical, Inc.		84,683		5,343,497
Teva Pharmaceutical Industries Ltd. - Sponsored ADR		164,055		10,323,981
UnitedHealth Group, Inc.		63,314		7,136,121
				199,565,790
Real Estate Investment Trusts—0.0%
TMST, Inc. ‡		191,097		0
Technology—18.7%
Amdocs Ltd.		110,999		6,279,213
Arrow Electronics, Inc. *		143,265		8,103,068
Avnet, Inc.		177,013		8,022,229
Brocade Communications Systems, Inc.		575,766		5,403,564
Cisco Systems, Inc.		686,754		18,714,047
Computer Sciences Corp.		85,322		2,673,138
CSRA, Inc. *		85,322		2,688,496
EMC Corp.		813,660		20,618,144
Fidelity National Information Services, Inc.		80,457		5,122,697
Flextronics International Ltd. *		919,415		10,343,419
Hewlett Packard Enterprise Co.		523,076		7,772,909
HP, Inc.		523,076		6,559,373
Jabil Circuit, Inc.		274,376		7,021,282
Linear Technology Corp.		85,745		3,920,261
Microsemi Corp. *		215,536		7,761,451
Microsoft Corp.		389,295		21,158,183
ON Semiconductor Corp. *		699,542		7,666,980
Oracle Corp.		580,064		22,605,094
PayPal Holdings, Inc. *		207,437		7,314,229
Seagate Technology PLC		56,605		2,034,384
Symantec Corp.		225,618		4,417,600
TE Connectivity Ltd.		155,523		10,434,038
Total System Services, Inc.		254,809		14,259,112
Vishay Intertechnology, Inc.		327,375		3,902,310
Western Digital Corp.		67,187		4,193,141
				218,988,362
TOTAL COMMON STOCK (Cost $946,591,134)				1,143,912,201

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

23

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 2015 (unaudited)
BOSTON PARTNERS ALL-CAP VALUE FUND (continued)	Portfolio of Investments

	Number of Shares			Value
SECURITIES LENDING COLLATERAL—0.7%
BlackRock Liquidity TempFund, Institutional Shares		7,691,067		$	7,691,067
TOTAL SECURITIES LENDING COLLATERAL (Cost $7,691,067)					7,691,067
TOTAL INVESTMENTS—98.1% (Cost $954,282,201) **					1,151,603,268
	Number of Contracts
OPTIONS WRITTEN †† —(0.2%)
Google, Inc. Call Options Expires 01/15/2016 Strike Price $500.00		(95	)		(2,504,675	)
TOTAL OPTIONS WRITTEN
(Premiums received $558,681)					(2,504,675	)
OTHER ASSETS IN EXCESS OF LIABILITIES—2.1%					24,828,889
NET ASSETS—100.0%				$	1,173,927,482

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 November 30, 2015, these securities amounted to $0 or 0.0% of net assets. These 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 November 30, 2015, these securities amounted to $0 or 0.0% of net assets.
(a)	—	All or a portion of the security is on loan. At November 30, 2015, the market value of securities on loan was $7,484,028.
††	—	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	$	954,282,201
Gross unrealized appreciation	$	233,811,569
Gross unrealized depreciation		(36,490,502	)
Net unrealized appreciation	$	197,321,067

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

24

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 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 November 30, 2015 is as follows (see Notes to Portfolio of Investments):

	Total Value as of November 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant     Unobservable     Inputs
Common Stock
Basic Industries	$	22,826,227	$	22,826,227	$	—	$	—
Capital Goods		107,244,731		107,244,731		—		—
Communications		32,910,520		32,910,520		—		—
Consumer Durables		20,127,985		20,127,985		—		—
Consumer Non-Durables		45,799,143		45,799,143		—		—
Consumer Services		91,401,104		91,401,104		—		—
Energy		78,402,626		78,402,626		—		—
Finance		326,645,713		326,645,713		—		—
Health Care		199,565,790		199,565,790		—		—
Real Estate Investment Trusts		—		—		—		—
Technology		218,988,362		218,988,362		—		—
Securities Lending Collateral		7,691,067		7,691,067		—		—
Total Assets	$	1,151,603,268	$	1,151,603,268	$	—	$	—
	Total Value as of November 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Options Written
Equity Contracts	$	(2,504,675)	$	(2,504,675)	$	—	$	—
Total Liabilities	$	(2,504,675)	$	(2,504,675)	$	—	$	—

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

25

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 2015 (unaudited)
WPG PARTNERS SMALL/MICRO CAP VALUE FUND	PORTFOLIO OF INVESTMENTS

	Number of Shares		Value
COMMON STOCK—99.0%
Basic Industries—0.9%
Allegheny Technologies, Inc.		13,800	$	174,846
Novagold Resources, Inc. *(a)		37,900		141,746
				316,592
Capital Goods—11.2%
Carpenter Technology Corp.		5,900		212,046
Engility Holdings, Inc.		6,300		217,980
FreightCar America, Inc.		25,100		608,675
Great Lakes Dredge & Dock Corp. *		176,000		797,280
KBR, Inc.		12,500		243,000
KEYW Holding Corp., (The) *(a)		35,300		225,567
Landec Corp. *		38,500		493,185
Matrix Service Co. *		9,600		220,704
Orion Marine Group, Inc. *		65,700		287,766
Primoris Services Corp.		11,800		272,344
Tutor Perini Corp. *(a)		21,800		410,712
				3,989,259
Communications—0.5%
Iridium Communications, Inc. *(a)		21,700		177,289
Consumer Durables—2.0%
Libbey, Inc.		28,400		712,556
Consumer Non-Durables—3.2%
Callaway Golf Co.		20,500		206,640
Crocs, Inc. *		14,800		164,650
Matthews International Corp., Class A		9,600		574,176
SQBG, Inc. *(a)		22,300		199,585
				1,145,051
Consumer Services—9.7%
ARC Document Solutions, Inc. *		53,800		272,228
Bravo Brio Restaurant Group, Inc. *		10,900		116,303
Carmike Cinemas, Inc. *		29,400		642,390
Destination XL Group, Inc. *		16,300		81,500
ICF International, Inc. *		22,300		794,549
Landauer, Inc.		3,000		122,250
MDC Partners, Inc., Class A (a)		35,400		762,870

	Number of Shares		Value
Consumer Services—(continued)
Pitney Bowes, Inc.		16,100	$	347,760
Shoe Carnival, Inc.		3,400		66,232
Titan Machinery, Inc. *		9,500		119,415
Tribune Publishing Co.		13,800		140,484
				3,465,981
Energy—5.0%
Approach Resources, Inc. *		124,700		278,081
Bill Barrett Corp. *(a)		116,500		731,620
Gulfport Energy Corp. *		10,500		266,910
Pacific Ethanol, Inc. *		58,200		290,418
TETRA Technologies, Inc. *		22,940		213,801
				1,780,830
Finance—29.6%
Central Pacific Financial Corp.		21,000		488,040
CNO Financial Group, Inc.		25,900		523,957
Customers Bancorp, Inc *		26,800		830,800
Employers Holdings, Inc.		20,800		570,128
FBR & Co.		17,795		376,542
Fidelity & Guaranty Life		16,000		410,880
First Foundation, Inc. *		6,100		139,873
FNFV Group *		22,200		248,418
Fulton Financial Corp.		29,900		432,653
Hanover Insurance Group, Inc., (The)		2,500		211,500
Investors Bancorp, Inc.		44,900		575,618
Kearny Financial Corp.		13,600		171,360
Kemper Corp.		15,900		653,649
Kennedy-Wilson Holdings, Inc.		22,300		582,030
Maiden Holdings Ltd.		37,100		571,711
Meridian Bancorp, Inc.		38,400		562,944
National Bank Holdings Corp., Class A		12,400		281,480
Nelnet, Inc., Class A		2,000		66,000
Northfield Bancorp, Inc.		36,900		587,817
Popular, Inc.		17,900		531,809
State Bank Financial Corp.		30,800		717,948
THL Credit, Inc.		12,500		147,125
United Community Banks, Inc.		21,300		444,744
Yadkin Financial Corp.		16,400		431,156
				10,558,182

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

26

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 2015 (unaudited)
WPG PARTNERS SMALL/MICRO CAP VALUE FUND (continued)	PORTFOLIO OF INVESTMENTS

	Number of Shares		Value
Health Care—4.2%
Accuray, Inc. *(a)		121,800	$	857,472
Alere, Inc. *		2,500		103,175
Trinity Biotech PLC - Sponsored ADR		45,000		539,100
				1,499,747
Mining & Metals—0.6%
Westmoreland Coal Co. *(a)		35,600		213,600
Real Estate Investment Trusts—13.0%
CatchMark Timber Trust, Inc., Class A		46,500		527,775
Cedar Realty Trust, Inc.		70,100		513,132
Equity Commonwealth *		21,200		585,544
FelCor Lodging Trust, Inc.		38,000		304,760
Geo Group, Inc., (The)		32,000		938,240
Gramercy Property Trust, Inc.		19,150		457,494
Hatteras Financial Corp.		5,900		83,072
Rouse Properties, Inc. (a)		22,400		360,640
Seritage Growth Properties *		8,400		306,600
Starwood Waypoint Residential Trust		16,800		397,320
Two Harbors Investment Corp.		19,100		162,350
				4,636,927
Technology—9.3%
Applied Micro Circuits Corp. *		33,900		248,148
CIBER, Inc. *		84,700		298,991
Computer Task Group, Inc.		12,700		85,471
Digi International, Inc. *		20,000		250,200
Exar Corp. *		115,000		740,600
Finisar Corp. *		10,300		124,321
Generac Holdings, Inc. *(a)		7,100		227,910
Instructure, Inc. *		4,600		86,204
Mercury Systems, Inc. *		7,000		137,060
Plantronics, Inc.		3,300		174,603
QAD, Inc., Class A		11,400		264,594
SuperCom Ltd. *(a)		25,700		118,220
Ultratech, Inc. *		19,300		320,573
Xcerra Corp. *		37,700		228,085
				3,304,980

	Number of Shares		Value
Transportation—5.8%
Air Transport Services Group, Inc. *		18,200	$	173,082
Ardmore Shipping Corp.		15,300		191,556
Celadon Group, Inc.		6,700		93,130
Navigator Holdings Ltd. *		16,200		218,376
Rand Logistics, Inc. *		26,300		55,493
Scorpio Bulkers, Inc. *		110,100		99,376
Scorpio Tankers, Inc.		82,000		709,300
Spirit Airlines, Inc. *		5,900		216,943
StealthGas, Inc. *		39,100		153,272
Werner Enterprises, Inc.		6,100		164,456
				2,074,984
Utilities—4.0%
ALLETE Inc.		3,400		173,230
Cadiz, Inc. *(a)		18,400		68,632
Chesapeake Utilities Corp.		5,900		314,411
Covanta Holding Corp.		11,900		192,185
Empire District Electric Co., (The) (a)		10,400		236,808
PNM Resources, Inc.		6,200		179,800
Portland General Electric Co.		7,200		265,824
				1,430,890
TOTAL COMMON STOCK (Cost $34,097,426)				35,306,868
SECURITIES LENDING COLLATERAL—10.2%
BlackRock Liquidity TempFund, Institutional Shares		3,642,738		3,642,738
TOTAL SECURITIES LENDING COLLATERAL (Cost $3,642,738)				3,642,738
TOTAL INVESTMENTS—109.2% (Cost $37,740,164)**				38,949,606
LIABILITIES IN EXCESS OF OTHER ASSETS—(9.2)%				(3,299,668	)
NET ASSETS—100.0%			$	35,649,938

ADR	— American Depositary Receipt
PLC	— Public Limited Company
*	— Non-income Producing
(a)	— All or a portion of the security is on loan. At November 30, 2015, the market value of the securities on loan was $3,448,879.

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

27

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 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	$	37,740,164
Gross unrealized appreciation	$	5,331,180
Gross unrealized depreciation		(4,121,738	)
Net unrealized appreciation	$	1,209,442

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

28

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 2015 (unaudited)
ROBECO WPG SMALL/MICRO CAP VALUE FUND (concluded)	Portfolio of Investments

A summary of the inputs used to value the Fund’s investments as of November 30, 2015 is as follows (see Notes to Portfolio of Investments):

	Total Value as of November 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stock *	$	35,306,868	$	35,306,868	$	—	$	—
Securities Lending Collateral		3,642,738		3,642,738		—		—
Total Assets	$	38,949,606	$	38,949,606	$	—	$	—

* 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	NOVEMBER 30, 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
Finance		19.1	%	$	60,513,287
Capital Goods		14.4			45,784,283
Health Care		11.3			35,943,900
Communications		10.8			34,135,663
Basic Industries		7.8			24,691,153
Consumer Services		7.7			24,402,464
Technology		7.0			22,359,547
Energy		6.6			20,974,797
Consumer Non-Durables		3.9			12,227,614
Consumer Discretionary		3.7			11,746,647
Consumer Durables		1.9			5,993,387
Telecommunication Services		1.2			3,852,934
Media		0.3			1,138,597
PREFERRED STOCK		0.5			1,704,657
RIGHTS		0.0			49,797
OTHER ASSETS IN EXCESS OF LIABILITIES		3.8			11,995,893
NET ASSETS		100.0	%	$	317,514,620

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	NOVEMBER 30, 2015 (unaudited)
BOSTON PARTNERS GLOBAL EQUITY FUND	Portfolio of Investments

	Number of Shares		Value
RIGHTS—0.0%
United Kingdom—0.0%
Standard Chartered PLC *		36,334	$	49,797
TOTAL RIGHTS (Cost $0)				49,797
PREFERRED STOCK—0.5%
South Korea—0.5%
Samsung Electronics Co., Ltd.		1,803		1,704,657
TOTAL PREFERRED STOCK (Cost $1,832,745)				1,704,657
COMMON STOCK—95.7%
Australia—1.2%
Australia & New Zealand Banking Group Ltd.		190,055		3,729,768
Bermuda—0.6%
Validus Holdings Ltd.		41,534		1,959,574
Canada—1.0%
Barrick Gold Corp.		110,456		810,747
Canadian Natural Resources Ltd. *		56,078		1,358,016
HudBay Minerals, Inc.		220,536		979,279
				3,148,042
Cayman Island—0.8%
Baidu, Inc.—Sponsored ADR *		11,225		2,446,713
China—0.5%
Shenzhou International Group Holdings Ltd.		324,000		1,707,604
France—5.0%
Bollore SA		324,122		1,490,552
Cap Gemini SA		27,318		2,515,955
Havas SA		237,552		2,001,582
Safran SA		84,440		6,189,413
Saft Groupe SA		33,797		1,032,318
Teleperformance SA		33,435		2,778,287
				16,008,107
Germany—4.7%
Allianz SE, Registered Shares		13,759		2,431,079

	Number of Shares		Value
Germany—(continued)
Aurelius AG		66,387	$	2,932,436
KION Group AG		62,438		3,083,827
Merck KGaA		32,083		3,279,777
Muenchener Rueckversicherungs AG, Registered Shares		10,624		2,136,304
NORMA Group AG		21,876		1,193,815
				15,057,238
Hong Kong—1.1%
CK Hutchison Holdings Ltd.		117,152		1,532,959
WH Group Ltd. *		3,457,500		1,782,447
				3,315,406
Ireland—4.1%
CRH, Inc.		106,055		3,118,191
Greencore Group PLC		240,978		1,225,632
Ingersoll-Rand PLC		56,196		3,297,019
Medtronic PLC		43,428		3,271,866
Smurfit Kappa Group PLC *		79,993		2,179,001
				13,091,709
Israel—0.4%
Teva Pharmaceutical Industries Ltd. - Sponsored ADR		21,316		1,341,416
Japan—6.1%
Alpine Electronics, Inc.		65,800		924,398
Chiba Bank, Ltd.		214,000		1,475,327
Citizen Holdings Co., Ltd.		296,600		2,192,161
Coca-Cola West Co., Ltd.		94,700		1,915,965
Inpex Corp.		162,300		1,610,887
Lintec Corp.		153,300		3,313,464
Nippon Telegraph & Telephone Corp.		103,800		3,852,934
Nippon Television Holdings, Inc.		95,700		1,763,905
Nitto Denko Corp.		36,100		2,430,766
				19,479,807
Netherlands—2.6%
Koninklijke Ahold NV		197,864		4,306,416
LyondellBasell Industries NV, Class A		25,828		2,474,839

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

31

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 2015 (unaudited)
BOSTON PARTNERS GLOBAL EQUITY FUND (continued)	Portfolio of Investments

	Number of Shares		Value
Netherlands—(continued)
Randstad Holding NV		22,218	$	1,390,370
				8,171,625
Singapore—0.6%
Flextronics International Ltd. *		172,190		1,937,137
South Korea—1.2%
Samsung Electronics Co. Ltd.		3,335		3,691,655
Switzerland—3.0%
Georg Fischer AG, Registered Shares		3,850		2,508,478
Novartis AG, Registered Shares		42,823		3,653,325
Roche Holding AG, Participation Certificate		12,858		3,444,158
				9,605,961
Taiwan—0.5%
Casetek Holdings Ltd.		324,000		1,600,733
United Kingdom—13.8%
BAE Systems PLC		357,092		2,777,397
Berendsen PLC		139,645		2,227,215
Cambian Group PLC		476,900		942,710
HSBC Holdings PLC		503,522		4,017,534
Imperial Tobacco Group PLC		78,894		4,261,360
ITV PLC		590,849		2,410,284
Liberty Global PLC LiLAC, Class C *		10,630		416,909
Liberty Global PLC, Series C *		190,056		7,792,296
Melrose Industries PLC		1,030,545		4,500,621
Rightmove PLC		18,905		1,138,597
Standard Chartered PLC *		194,133		1,627,875
Stock Spirits Group PLC		49,244		74,166
Vodafone Group PLC		1,265,831		4,259,935
WH Smith PLC		168,943		4,412,544
WPP PLC		120,385		2,782,170
				43,641,613
United States—48.5%
ACE Ltd.		25,491		2,927,641
Activision Blizzard, Inc.		70,651		2,660,717
Allstate Corp., (The)		27,216		1,708,076
Ally Financial, Inc. *		78,328		1,563,427

	Number of Shares		Value
United States—(continued)
Alphabet, Inc. *		12,624	$	9,374,582
American International Group, Inc.		52,170		3,316,969
Amgen, Inc.		16,258		2,619,164
Apple, Inc.		84,882		10,041,541
BB&T Corp.		40,922		1,580,408
Berry Plastics Group, Inc. *		102,808		3,738,099
Builders FirstSource, Inc. *		71,277		959,388
Capital One Financial Corp.		41,480		3,256,595
CIGNA Corp.		19,813		2,674,359
Cisco Systems, Inc.		60,218		1,640,941
Citizens Financial Group, Inc.		93,005		2,476,723
Comcast Corp., Class A		116,118		7,066,941
CVS Health Corp.		56,017		5,270,640
Diamondback Energy, Inc. *		37,266		2,907,493
eBay, Inc. *		125,146		3,703,070
Energen Corp.		26,437		1,567,450
EOG Resources, Inc.		21,677		1,808,512
Express Scripts Holding Co. *		28,441		2,431,137
Fifth Third Bancorp		335,412		6,932,966
Graphic Packaging Holding Co.		165,631		2,264,176
Honeywell International, Inc.		23,580		2,451,141
Huntington Bancshares, Inc.		256,587		2,999,502
Laboratory Corp. of America Holdings *		31,493		3,827,659
Macy’s, Inc.		23,498		918,302
Marathon Petroleum Corp.		37,187		2,172,093
McKesson Corp.		10,521		1,992,151
Merck & Co., Inc.		96,117		5,095,162
Mosaic Co., (The)		46,413		1,468,507
Northrop Grumman Corp.		8,593		1,601,391
Occidental Petroleum Corp.		39,289		2,969,855
Packaging Corp of America		24,409		1,659,568
Parsley Energy, Inc., Class A *		160,264		3,149,188
Pfizer, Inc.		70,605		2,313,726
Phillips 66		28,836		2,639,359
PPG Industries, Inc.		28,278		2,990,116
Raytheon Co.		39,685		4,922,131
Rofin-Sinar Technologies, Inc. *		69,611		2,000,620
RSP Permian, Inc. *		27,905		791,944
State Street Corp.		23,182		1,682,550
SunTrust Banks, Inc.		79,560		3,454,495

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

32

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 2015 (unaudited)
BOSTON PARTNERS GLOBAL EQUITY FUND (concluded)	Portfolio of Investments

	Number of Shares		Value
United States—(continued)
Target Corp.		23,929	$	1,734,853
Tenneco, Inc. *		25,563		1,377,334
Time Warner, Inc.		22,564		1,579,029
Unum Group		69,181		2,537,559
Wells Fargo & Co.		111,502		6,143,760
WestRock Co.		55,567		2,813,357
WR Berkley Corp.		36,899		2,053,798
				153,830,165
TOTAL COMMON STOCK (Cost $298,282,597)				303,764,273
TOTAL INVESTMENTS—96.2% (Cost $300,115,342) **				305,518,727
OTHER ASSETS IN EXCESS OF LIABILITIES—3.8%				11,995,893
NET ASSETS—100.0%			$	317,514,620

ADR	—	American Depositary Receipt
PLC	—	Public Limited Company
*	—	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	$	300,115,342
Gross unrealized appreciation	$	16,203,032
Gross unrealized depreciation		(10,799,647	)
Net unrealized appreciation	$	5,403,385

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

33

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 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 November 30, 2015 is as follows (see Note 1 in the Notes to Portfolio of Investments.):

	Total Value as of November 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant     Unobservable     Inputs
Common Stock
Australia	$	3,729,768	$	—	$	3,729,768	$	—
Bermuda		1,959,574		1,959,574		—		—
Canada		3,148,042		3,148,042		—		—
Cayman Island		2,446,713		2,446,713		—		—
China		1,707,604		—		1,707,604		—
France		16,008,107		—		16,008,107		—
Germany		15,057,238		—		15,057,238		—
Hong Kong		3,315,406		—		3,315,406		—
Ireland		13,091,709		7,794,517		5,297,192		—
Israel		1,341,416		1,341,416		—		—
Japan		19,479,807		—		19,479,807		—
Netherlands		8,171,625		2,474,839		5,696,786		—
Singapore		1,937,137		1,937,137		—		—
South Korea		3,691,655		—		3,691,655		—
Switzerland		9,605,961		—		9,605,961		—
Taiwan		1,600,733		—		1,600,733		—
United Kingdom		43,641,613		9,226,081		34,415,532		—
United States		153,830,165		153,830,165		—		—
Preferred Stock		1,704,657		—		1,704,657		—
Rights		49,797		49,797		—		—
Total Assets	$	305,518,727	$	184,208,281	$	121,310,446	$	—

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

34

BOSTON PARTNERS INVESTMENTS FUNDS	November 30, 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
Financials		17.5	%	$	100,473,484
Information Technology		16.1			92,371,949
Consumer Discretionary		14.4			83,064,753
Industrials		13.0			74,896,587
Health Care		10.8			61,922,936
Materials		8.3			47,727,387
Energy		7.6			43,628,813
Consumer Staples		3.9			22,205,276
Telecommunication Services		1.9			12,022,341
RIGHTS		0.0			97,573
WARRANTS		0.0			1,558
SHORT POSITIONS:
Common Stock
Telecommunication Services		(0.8)			(4,681,346)
Energy		(1.9)			(10,931,226)
Consumer Staples		(2.5)			(14,304,588)
Materials		(2.7)			(15,799,821)
Health Care		(4.8)			(27,627,255)
Financials		(5.3)			(30,703,389)
Information Technology		(5.8)			(33,197,995)
Industrials		(7.9)			(45,524,946)
Consumer Discretionary		(11.7)			(67,547,842)
RIGHTS		(0.0)			(12,741)
WRITTEN OPTIONS		(0.4)			(2,136,010)
OTHER ASSETS IN EXCESS OF LIABILITIES		50.3			288,996,782
NET ASSETS		100.0	%	$	574,942,280

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	NOVEMBER 30, 2015 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Portfolio of Investments

	Number of Shares		Value
LONG POSITIONS—93.6%
RIGHTS—0.0%
United Kingdom—0.0%
Standard Chartered PLC *		71,193	$	97,573
				97,573
TOTAL RIGHTS (Cost $0)				97,573
COMMON STOCK—93.6%
Australia—0.9%
Australia & New Zealand Banking Group Ltd.		270,715		5,312,695
				5,312,695
Canada—1.3%
Barrick Gold Corp.		252,419		1,852,755
Canadian Natural Resources Ltd. †		106,957		2,590,130
HudBay Minerals, Inc.		420,475		1,867,099
Stornoway Diamond Corp. *		1,476,189		917,471
				7,227,455
France—4.9%
Bollore SA		668,606		3,074,743
Cap Gemini SA		49,487		4,557,694
Havas SA		591,876		4,987,071
Safran SA †		96,502		7,073,552
Saft Groupe SA †		98,695		3,014,605
Teleperformance †		68,002		5,650,637
				28,358,302
Germany—3.8%
Aurelius AG †		72,351		3,195,877
KION Group AG †		119,663		5,910,183
Merck KGaA		65,904		6,737,226
Muenchener Rueckversicherungs- Gesellschaft AG, Registered Shares		19,225		3,865,817
Norma Group SE		38,964		2,126,340
				21,835,443
Hong Kong—2.1%
CK Hutchison Holdings Ltd.		237,701		3,110,367
Global Brands Group Holding Ltd. *		13,328,000		2,584,598
NewOcean Energy Holdings Ltd.		6,505,101		2,765,239
WH Group Ltd. *		6,597,000		3,400,956
				11,861,160

	Number of Shares		Value
India—0.7%
Videocon d2h Ltd. ADR * †		444,969	$	3,857,881
				3,857,881
Ireland—3.6%
CRH PLC †		218,691		6,429,874
Greencore Group PLC †		435,320		2,214,069
Ingersoll-Rand PLC † #		105,339		6,180,239
Medtronic PLC †		74,546		5,616,296
				20,440,478
Israel—0.4%
Teva Pharmaceutical Industries Ltd.—Sponsored ADR		38,435		2,418,715
				2,418,715
Japan—6.1%
Alpine Electronics, Inc.		153,400		2,155,056
Amano Corp.		384,433		5,231,066
Citizen Holdings Co., Ltd.		578,800		4,277,893
Coca-Cola West Co., Ltd.		173,900		3,518,334
Inpex Corp.		311,953		3,096,248
Lintec Corp.		286,856		6,200,176
Nippon Telegraph & Telephone Corp.		86,496		3,210,630
Nippon Television Holdings, Inc.		176,300		3,249,493
Nitto Denko Corp.		60,842		4,096,749
				35,035,645
Netherlands—2.8%
Koninklijke Ahold NV †		376,653		8,197,675
LyondellBasell Industries NV, Class A †		58,038		5,561,201
Randstad Holding NV		38,045		2,380,800
				16,139,676
Singapore—0.6%
Flextronics International Ltd. *		306,123		3,443,884
				3,443,884
South Korea—2.1%
Samsung Electronics Co., Ltd. – Pref.		3,070		2,902,550
Samsung Electronics Co., Ltd.		8,465		9,370,272
				12,272,822
Switzerland—4.2%
ACE Ltd. †		54,564		6,266,675
Credit Suisse Group AG, Registered Shares		135,929		2,921,119

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

36

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 2015 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND (continued)	Portfolio of Investments

	Number of Shares		Value
Switzerland—(continued)
Georg Fischer AG, Registered Shares †		7,352	$	4,790,215
Novartis AG, Registered Shares		62,526		5,334,232
Roche Holding AG, Participation Certificate †		18,201		4,875,340
				24,187,581
Taiwan—0.5%
Casetek Holdings Ltd.		631,000		3,117,478
				3,117,478
United Kingdom—12.7%
BAE Systems PLC		717,533		5,580,841
Cambian Group PLC †		459,767		908,842
HSBC Holdings PLC †		898,539		7,169,321
Imperial Tobacco Group PLC †		148,897		8,042,485
ITV PLC †		1,195,724		4,877,786
Liberty Global PLC LiLAC, Class C * †		21,021		824,444
Liberty Global PLC, Series C * †		343,824		14,096,784
Melrose Industries PLC		1,999,843		8,733,763
Rightmove PLC		32,643		1,966,000
Standard Chartered PLC		349,134		2,927,614
Stock Spirits Group PLC		23,252		35,020
Vodafone Group PLC †		2,618,382		8,811,711
WH Smith PLC †		244,612		6,388,908
WPP PLC †		110,218		2,547,204
				72,910,723
United States—46.9%
Activision Blizzard, Inc. †		134,279		5,056,947
Ally Financial, Inc. *		142,392		2,842,144
Alphabet, Inc., Class C * †		27,427		20,367,290
American International Group, Inc. †		94,415		6,002,906
Amgen, Inc. †		21,038		3,389,222
Apple, Inc. † #		130,521		15,440,634
Baidu, Inc. - Sponsored ADR * †		20,327		4,430,676
BB&T Corp. †		72,641		2,805,395
Berry Plastics Group, Inc. * †		205,714		7,479,761
Builders FirstSource, Inc. *		268,558		3,614,791
Capital One Financial Corp. †		67,104		5,268,335
Cigna Corp. †		34,487		4,655,055
Cisco Systems, Inc. †		110,399		3,008,373
Citizens Financial Group, Inc. †		169,071		4,502,361

	Number of Shares		Value
United States—(continued)
Comcast Corp., Class A †		129,296	$	7,868,954
CVS Health Corp. †		89,227		8,395,368
Diamondback Energy, Inc. * #		118,572		9,250,987
eBay, Inc. * †		234,593		6,941,607
Energen Corp. †		49,469		2,933,017
EOG Resources, Inc. †		56,812		4,739,825
Express Scripts Holding Co. * †		55,870		4,775,768
Fifth Third Bancorp †		357,547		7,390,496
Graphic Packaging Holding Co. †		340,669		4,656,945
Honeywell International, Inc. †		49,145		5,108,623
Huntington Bancshares, Inc.		459,984		5,377,213
International Speedway Corp., Class A †		159,593		5,679,915
Laboratory Corp. of America Holdings * †		58,595		7,121,636
Macy’s, Inc. †		43,239		1,689,780
Marathon Petroleum Corp. †		78,523		4,586,528
McKesson Corp. †		18,920		3,582,502
Merck & Co., Inc. †		145,010		7,686,980
Mosaic Co. (The)		81,894		2,591,126
Northrop Grumman Corp. † #		15,506		2,889,698
Occidental Petroleum Corp. † #		72,496		5,479,973
Packaging Corp. of America †		46,212		3,141,954
Parsley Energy, Inc., Class A * †		289,301		5,684,765
Pfizer, Inc. †		147,120		4,821,122
Phillips 66 #		2,359		215,919
PPG Industries, Inc.		27,731		2,932,276
Raytheon Co. †		75,166		9,322,839
Rofin-Sinar Technologies, Inc. * †		147,028		4,225,585
RSP Permian, Inc. *		50,177		1,424,023
State Street Corp. †		42,716		3,100,327
SunTrust Banks, Inc. †		142,631		6,193,038
Target Corp. †		44,780		3,246,550
Tenneco, Inc. * †		47,878		2,579,667
Time Warner, Inc.		40,955		2,866,031
Unum Group †		123,469		4,528,843
Viper Energy Partners LP †		56,535		862,159
Wells Fargo & Co. †		219,048		12,069,545
WestRock Co †		100,101		5,068,114
				269,893,588
TOTAL COMMON STOCK (Cost $523,271,869)				538,313,526

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

37

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 2015 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND (continued)	Portfolio of Investments

	Number of Shares	Value
WARRANTS—0.0%
Canada—0.0%
Stornoway Diamond Corp. Exercise Price CAD 0.90 Expires 7/08/16 *	46,241	$	1,558
			1,558
TOTAL WARRANTS (Cost $4,833)			1,558
TOTAL INVESTMENTS—93.6%
(Cost $523,276,702) **			538,412,657
SECURITIES SOLD SHORT—(43.5%)
RIGHTS—0.0%
Taiwan—0.0%
Mega Financial Holding Co. *	(279,118)		(12,741	)
			(12,741	)
TOTAL RIGHTS (Cost $0)			(12,741	)
COMMON STOCK—(43.5%)
Australia—(0.7%)
GrainCorp, Ltd., Class C	(326,987)		(1,935,246	)
Seek Ltd.	(221,365)		(2,215,785	)
			(4,151,031	)
Brazil—(0.2%)
Vale SA - Sponsored ADR	(290,948)		(980,495	)
			(980,495	)
Canada—(0.4%)
Goldcorp, Inc.	(198,181)		(2,340,518	)
			(2,340,518	)
China—(0.6%)
Want Want China Holdings Ltd.	(3,207,000)		(2,527,873	)
Zoomlion Heavy Industry Science and Technology Co., Ltd., H Shares	(2,007,200)		(777,242	)
			(3,305,115	)
Denmark—(0.4%)
Coloplast A/S, Class B	(26,169)		(2,120,784	)
			(2,120,784	)
Finland—(0.4%)
Nokian Renkaat OYJ	(53,196)		(2,083,899	)
			(2,083,899	)
France—(2.6%)
Cie de Saint-Gobain	(46,004)		(2,029,869	)
Edenred	(90,861)		(1,883,010	)
Essilor International SA	(19,974)		(2,605,364	)

	Number of Shares			Value
France—(continued)
JCDecaux SA		(58,378	)	$	(2,164,454	)
Remy Cointreau SA		(20,478	)		(1,450,200	)
Societe Television Francaise 1		(175,060	)		(2,133,076	)
Zodiac Aerospace		(91,516	)		(2,478,366	)
					(14,744,339	)
Germany—(0.7%)
GEA Group AG		(42,146	)		(1,745,027	)
OSRAM Licht AG		(49,786	)		(2,097,079	)
					(3,842,106	)
Hong Kong—(0.4%)
AAC Technologies Holdings, Inc.		(122,500	)		(861,069	)
Noble Group Ltd.		(4,164,786	)		(1,251,999	)
					(2,113,068	)
India—(0.2%)
Dr Reddy’s Laboratories Ltd. - ADR		(29,331	)		(1,373,864	)
					(1,373,864	)
Italy—(1.0%)
Luxottica Group SpA		(37,784	)		(2,524,274	)
Tod’s SpA		(23,367	)		(1,859,846	)
UniCredit SpA		(292,934	)		(1,716,608	)
					(6,100,728	)
Japan—(2.9%)
Keikyu Corp.		(289,000	)		(2,341,088	)
McDonald’s Holdings Co., Ltd.		(109,923	)		(2,670,529	)
Nintendo Co., Ltd.		(12,800	)		(1,967,923	)
Nissin Foods Holdings Co., Ltd.		(30,988	)		(1,573,950	)
Oji Holdings Corp.		(363,000	)		(1,572,450	)
Sanrio Co., Ltd.		(102,100	)		(2,440,230	)
Takeda Pharmaceutical Co., Ltd.		(45,400	)		(2,209,154	)
Unicharm Corp.		(82,200	)		(1,736,395	)
					(16,511,719	)
Luxembourg—(0.5%)
SES SA		(96,832	)		(2,686,111	)
					(2,686,111	)
Netherlands—(1.2%)
Ferrari NV *		(43,459	)		(2,014,325	)
Fugro NV *		(125,943	)		(2,335,949	)
Wright Medical Group NV *		(131,705	)		(2,821,121	)
					(7,171,395	)
Norway—0.0%
Norwegian Air Shuttle ASA *		(7,110	)		(238,503	)
					(238,503	)

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

38

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 2015 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND (continued)	Portfolio of Investments

	Number of Shares			Value
Singapore—(0.9%)
Oversea-Chinese Banking Corp. Ltd.		(362,604	)	$	(2,226,340	)
Sembcorp Marine Ltd.		(2,032,200	)		(2,963,688	)
					(5,190,028	)
Spain—(1.4%)
Banco Bilbao Vizcaya Argentaria SA		(215,650	)		(1,786,833	)
Banco de Sabadell SA		(1,271,854	)		(2,343,307	)
Bankia SA		(1,078,679	)		(1,349,531	)
Industria de Diseno Textil SA		(75,555	)		(2,713,654	)
					(8,193,325	)
Sweden—(1.1%)
Autoliv, Inc.		(20,616	)		(2,594,111	)
Elekta AB, B Shares		(296,069	)		(2,457,938	)
Telefonaktiebolaget LM Ericsson, B Shares		(143,986	)		(1,397,661	)
					(6,449,710	)
Switzerland—(0.7%)
SGS SA, Registered Shares		(1,183	)		(2,263,045	)
Transocean Ltd.		(132,710	)		(1,905,716	)
					(4,168,761	)
United Kingdom—(3.4%)
Aberdeen Asset Management PLC		(472,316	)		(2,271,230	)
BTG PLC *		(138,069	)		(1,280,630	)
CNH Industrial NV		(290,981	)		(2,127,071	)
G4S PLC		(461,155	)		(1,575,886	)
GW Pharmaceuticals PLC - ADR *		(5,319	)		(461,104	)
IMI PLC		(75,007	)		(1,076,536	)
Kingfisher PLC		(374,084	)		(1,989,113	)
Ocado Group PLC *		(357,376	)		(1,990,772	)
Pearson PLC		(71,685	)		(892,288	)
PZ Cussons PLC		(400,744	)		(1,905,427	)
Rotork PLC		(790,593	)		(2,165,218	)
Whitbread PLC		(30,366	)		(2,079,064	)
					(19,814,339	)
United States—(23.8%)
Air Products & Chemicals, Inc.		(11,109	)		(1,520,711	)
Akorn, Inc. *		(48,148	)		(1,603,328	)
AptarGroup, Inc.		(33,814	)		(2,518,467	)
Arista Networks, Inc. *		(15,454	)		(1,136,178	)
Axalta Coating Systems Ltd. *		(88,766	)		(2,575,989	)

	Number of Shares			Value
United States—(continued)
Bemis Co., Inc.		(46,913	)	$	(2,210,541	)
Bob Evans Farms, Inc.		(53,000	)		(2,112,050	)
Buffalo Wild Wings, Inc. *		(18,639	)		(2,986,713	)
CarMax, Inc. *		(33,918	)		(1,943,501	)
Cavium, Inc. *		(34,599	)		(2,321,939	)
Coach, Inc.		(74,006	)		(2,351,171	)
Cogent Communications Holdings, Inc.		(55,624	)		(1,866,741	)
Cognex Corp.		(82,017	)		(3,042,831	)
Colgate-Palmolive Co.		(48,348	)		(3,175,497	)
Continental Resources, Inc. *		(32,741	)		(1,188,498	)
Deere & Co.		(15,189	)		(1,208,589	)
Dollar Tree, Inc. *		(34,895	)		(2,633,177	)
Dorman Products, Inc. *		(35,258	)		(1,682,512	)
Eaton Vance Corp.		(66,077	)		(2,373,486	)
FireEye, Inc. *		(59,609	)		(1,363,854	)
First Financial Bankshares, Inc.		(87,911	)		(3,156,884	)
FMC Corp.		(48,421	)		(2,080,650	)
Franklin Electric Co., Inc.		(111,464	)		(3,634,841	)
Gogo, Inc. *		(69,120	)		(1,240,704	)
Guidewire Software, Inc. *		(44,436	)		(2,636,388	)
Halyard Health, Inc. *		(60,356	)		(1,930,788	)
Hess Corp.		(23,729	)		(1,400,011	)
Home Bancshares, Inc.		(47,195	)		(2,129,438	)
Intrexon Corp. *		(32,568	)		(1,182,544	)
Itron, Inc. *		(32,334	)		(1,162,407	)
J.B. Hunt Transport Services, Inc.		(19,067	)		(1,491,802	)
Kite Pharma, Inc. *		(29,979	)		(2,469,370	)
LKQ Corp. *		(81,151	)		(2,393,143	)
lululemon athletica, Inc. *		(37,424	)		(1,789,616	)
Matador Resources Co. *		(100,312	)		(2,578,018	)
Medicines Co., (The) *		(28,836	)		(1,211,400	)
Mercury General Corp.		(47,553	)		(2,460,868	)
Mobile Mini, Inc.		(51,295	)		(1,818,408	)
Monro Muffler Brake, Inc.		(19,842	)		(1,469,102	)
Monster Beverage Corp. *		(13,815	)		(2,135,937	)
National Instruments Corp.		(64,349	)		(2,020,559	)
Netflix, Inc. *		(15,740	)		(1,941,214	)
NetSuite, Inc. *		(31,163	)		(2,661,320	)
Nordstrom, Inc.		(41,506	)		(2,337,203	)
Novavax, Inc. *		(208,813	)		(1,787,439	)
Oasis Petroleum, Inc. *		(132,553	)		(1,523,034	)

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

39

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 2015 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND (continued)	Portfolio of Investments

	Number of Shares			Value
United States—(continued)
Old Dominion Freight Line, Inc. *		(46,204	)	$	(2,943,657	)
Sally Beauty Holdings, Inc. *		(54,182	)		(1,401,147	)
Stratasys Ltd. *		(49,158	)		(1,228,950	)
Sun Hydraulics Corp.		(74,146	)		(2,441,628	)
Tesla Motors, Inc. *		(11,888	)		(2,737,331	)
Texas Capital Bancshares, Inc. *		(32,125	)		(1,904,370	)
TripAdvisor, Inc. *		(21,702	)		(1,787,594	)
Twitter, Inc. *		(90,691	)		(2,303,551	)
Ubiquiti Networks, Inc. *		(65,491	)		(2,284,981	)
UMB Financial Corp.		(38,528	)		(2,030,426	)
Under Armour, Inc., Class A *		(18,381	)		(1,584,810	)
Unisys, Corp. *		(118,857	)		(1,528,501	)
VeriFone Systems, Inc. *		(69,752	)		(2,000,487	)
Wabtec Corp.		(34,406	)		(2,756,609	)
Wayfair, Inc., Class A *		(44,274	)		(1,678,427	)
West Pharmaceutical Services, Inc.		(33,504	)		(2,112,427	)
Westamerica Bancorporation		(61,597	)		(3,018,253	)
Williams-Sonoma, Inc.		(22,515	)		(1,425,875	)
WisdomTree Investments, Inc.		(89,003	)		(1,935,815	)
Workday, Inc., Class A *		(17,287	)		(1,447,095	)
Yelp, Inc. *		(57,344	)		(1,727,775	)
					(136,738,570	)
TOTAL COMMON STOCK (Proceeds $255,457,813)					(250,318,408	)
TOTAL SECURITIES SOLD SHORT —(43.5%) (Proceeds $255,457,813)					(250,331,149	)
	Number of Contracts
OPTIONS WRITTEN††—(0.4%)
Apple, Inc. Call Options Expires 01/15/2016 Strike Price $115.00		(181	)	$	(104,980	)
Diamondback Energy, Inc. Call Options Expires 01/15/2016 Strike Price $70.00		(300	)		(297,000	)
Diamondback Energy, Inc. Call Options Expires 03/18/2016 Strike Price $80.00		(382	)		(252,120	)

	Number of Contracts			Value
Diamondback Energy, Inc. Call Options Expires 12/18/2015 Strike Price $60.00		(281	)	$	(514,230	)
EOG Resources Call Options Expires 01/15/2016 Strike Price $80.00		(386	)		(223,880	)
Ingersoll-Rand PLC Call Options Expires 03/18/2016 Strike Price $55.00		(548	)		(284,960	)
Northrop Grumman Corp. Call Options Expires 01/15/2016 Strike Price $180.00		(135	)		(124,200	)
Occidental Petroleum Corp. Call Options Expires 01/15/2016 Strike Price $70.00		(524	)		(330,120	)
Philips 66 Call Options Expires 01/15/2016 Strike Price $70.00		(2	)		(4,520	)
TOTAL OPTIONS WRITTEN (Premiums received $1,547,711)					(2,136,010	)
OTHER ASSETS IN EXCESS OF LIABILITIES—50.3%					288,996,782
NET ASSETS—100.0%				$	574,942,280

ADR	—	American Depositary Receipt
PLC	—	Public Limited Company
*	—	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 investments owned by the Fund, as computed on a federal income tax basis, are as follows:

Aggregate cost	$	523,276,702
Gross unrealized appreciation	$	29,426,145
Gross unrealized depreciation		(14,290,190	)
Net unrealized appreciation	$	15,135,955

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

40

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 2015
BOSTON PARTNERS GLOBAL LONG/SHORT FUND (continued)	Portfolio of Investments

Contracts For Difference held by the Fund at November 30, 2015, are as follows:

Reference Company	Counterparty	Number of Contracts (Short)			Notional Amount		Unrealized Appreciation/ (Depreciation)
Eclat Textile Co., Ltd.	Goldman Sachs		(115,000	)	$	1,511,382	$	(30,274	)
Feng TAY Enterprise Co., Ltd.	Goldman Sachs		(268,000	)		1,491,211		14,561
Mega Financial Holding Co., Ltd.	Goldman Sachs		(3,891,000	)		2,688,000		5,309
Prada SpA	Goldman Sachs		(554,600	)		2,079,410		130,233
Sun Art Retail Group Ltd	Goldman Sachs		(2,112,500	)		1,545,614		(114,599	)
					$	9,315,617	$	5,230

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

41

BOSTON PARTNERS INVESTMENT FUNDS	NOVEMBER 30, 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 November 30, 2015 is as follows (see Notes to Portfolio of Investments):

	Total Value as of November 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant     Unobservable     Inputs
Common Stock
Australia	$	5,312,695	$	—	$	5,312,695	$	—
Canada		7,227,455		7,227,455		—		—
France		28,358,302		—		28,358,302		—
Germany		21,835,443		—		21,835,443		—
Hong Kong		11,861,160		—		11,861,160		—
India		3,857,881		3,857,881		—		—
Ireland		20,440,478		14,010,604		6,429,874		—
Israel		2,418,715		2,418,715		—		—
Japan		35,035,645		—		35,035,645		—
Netherlands		16,139,676		5,561,201		10,578,475		—
Singapore		3,443,884		3,443,884		—		—
South Korea		12,272,822		—		12,272,822		—
Switzerland		24,187,581		6,266,675		17,920,906		—
Taiwan		3,117,478		—		3,117,478		—
United Kingdom		72,910,723		15,865,090		57,045,633		—
United States		269,893,588		269,893,588		—		—
Rights		97,573		97,573		—		—
Warrants		1,558		1,558		—		—
Contracts for Difference		150,103		19,870		130,233		—
Total Assets	$	538,562,760	$	328,664,094	$	209,898,666	$	—
	Total Value as of November 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant     Unobservable     Inputs
Securities Sold Short
Australia	$	(4,151,031)	$	—	$	(4,151,031)	$	—
Brazil		(980,495)		(980,495)		—		—
Canada		(2,340,518)		(2,340,518)		—		—
China		(3,305,115)		—		(3,305,115)
Denmark		(2,120,784)		—		(2,120,784)		—
Finland		(2,083,899)		—		(2,083,899)		—
France		(14,744,339)		—		(14,744,339)		—
Germany		(3,842,106)		—		(3,842,106)		—
Hong Kong		(2,113,068)		—		(2,113,068)		—
India		(1,373,864)		(1,373,864)		—		—
Italy		(6,100,728)		—		(6,100,728)		—
Japan		(16,511,719)		—		(16,511,719)		—
Luxembourg		(2,686,111)		—		(2,686,111)		—
Netherlands		(7,171,395)		(7,171,395)		—		—
Norway		(238,503)		—		(238,503)		—
Singapore	$	(5,190,028)	$	—	$	(5,190,028)	$	—
Spain		(8,193,325)		—		(8,193,325)		—
Sweden		(6,449,710)		(2,594,111)		(3,855,599)		—
Switzerland		(4,168,761)		(1,905,716)		(2,263,045)		—
United Kingdom		(19,814,339)		(2,588,175)		(17,226,164)		—
United States		(136,738,570)		(136,738,570)		—		—
Rights		(12,741)		—		(12,741)		—
Options				—		—		—
Equity Contracts		(2,136,010)		(2,136,010)		—		—
Contracts for Difference		(144,873)		(144,873)		—		—
Total Liabilities	$	(252,612,032)	$	(157,973,727)	$	(94,638,305)	$	—

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

42

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS

November 30, 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 November 30, 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.

43

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS (continued)

November 30, 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 Research Fund and BP Global Long/Short Fund, securities held as short positions with an end of period value of $27,176,132 and $2,457,938, transferred from Level 1 into Level 2, respectively. This transfer occurred as a result of this security being valued utilizing the international fair value pricing at November 30, 2015. For the BP Global Long/Short Fund, securities with an end of period value of $4,285,127, 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 November 30, 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 November 30, 2015, all of each Fund’s written options were exchanged-traded options.

44

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS (continued)

November 30, 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 November 30, 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, 2015		1,052		$649,513		39,654		$17,783,087
Options written						11,097		5,812,709
Options closed		(1,052)		(649,513)		—		—
Options expired						—		—
Options exercised						(8,140)		(5,170,492)
Options outstanding at November 30, 2015		—		$—		42,611		$18,425,304
	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, 2015		95		$558,681		1,732		$1,055,665
Options written						1,451		810,645
Options closed		—		—		(444)		(318,599)
Options expired		—		—		—		—
Options exercised		—		—		—		—
Options outstanding at November 30, 2015		95		$558,681		2,739		$1,547,711

For the period ended November 30, 2015, the average quarterly volume of derivatives is as follows:

Fund	Purchased Options     (Cost)	Written Options (Proceeds)
BP Long/Short Research Fund	—	$	18,104,196
BP All-Cap Value Fund	—		558,681
BP Global Long/Short Fund	—		1,301,688

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.

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

45

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS (continued)

November 30, 2015 (unaudited)

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 November 30, 2015, the BP Long/Short Research Fund and BP Global Long/Short Fund held CFDs.

For the period ended November 30, 2015, the average volume of Contracts for Difference is as follows:

Fund	Notional Amount
BP Long/Short Research Fund		$33,847,440
BP Global Long/Short Fund		7,563,534

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 three month period ended November 30, 2015, the Funds participated in securities lending.

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.

46

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS (continued)

November 30, 2015 (unaudited)

At November 30, 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		20,840	$	—		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.

47

CAMPBELL CORE TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2015

(UNAUDITED)

	COUPON*		MATURITY		PAR		VALUE
SHORT-TERM INVESTMENTS — 66.4%
U.S. TREASURY OBLIGATIONS—66.4%
U.S. Treasury Bill		0.015%		01/21/16	$	3,250,000	$	3,249,448
U.S. Treasury Bill		0.110%		04/21/16		3,350,000		3,347,209
								6,596,657
TOTAL SHORT-TERM INVESTMENTS (Cost $ 6,598,192)								6,596,657
TOTAL INVESTMENTS — 66.4% (Cost $ 6,598,192)**								6,596,657
OTHER ASSETS IN EXCESS OF LIABILITIES — 33.6%								3,335,010
NET ASSETS — 100.0%							$	9,931,667

* 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	$	6,598,192
Gross unrealized appreciation	$	—
Gross unrealized depreciation		(1,535	)
Net unrealized depreciation	$	(1,535	)

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

1

CAMPBELL CORE TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2015

(UNAUDITED)

FUTURES CONTRACTS

LONG CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL COST			UNREALIZED APPRECIATION (DEPRECIATION)
10-Year Mini Japanese Government Bond	12/11/15	11	$	1,325,265		$	1,527
3-Month Euro Euribor	12/19/16	7		1,849,088			4,675
90-DAY Eurodollar	12/19/16	28		6,928,984			(7,010	)
90-DAY Sterling	12/21/16	28		5,218,040			8,101
CAC 40 10 Euro	12/21/15	1		51,893			469
Cocoa	03/31/16	6		197,928			2,412
Euro Buxl 30-Year Bond	12/10/15	1		163,428			1,541
Euro STOXX 50	12/18/15	1		36,864			168
Euro-Bobl	12/10/15	12		1,637,699			10,894
Euro-Btp	12/10/15	10		1,463,391			25,706
Euro-Bund	12/10/15	6		997,302			6,269
Euro-Oat	12/10/15	6		972,695			6,597
Euro-Schatz	12/10/15	3		353,312			277
FTSE/JSE Top 40	12/17/15	2		64,953			(561	)
London Metals Exchange Aluminum	12/16/15	4		150,375			(5,950	)
London Metals Exchange Nickel	12/16/15	2		120,524			(14,078	)
London Metals Exchange Zinc	12/16/15	3		127,440			(11,040	)
Long Gilt	03/31/16	3		529,109			2,828
Nikkei 225 Index	12/11/15	1		80,102			(772	)
Sugar No. 11 (World)	05/15/16	9		152,772			(2,278	)
U.S. Treasury 10-Year Notes	03/31/16	1		126,486			(49	)
U.S. Treasury 2-Year Notes	04/05/16	2		435,189			(97	)
U.S. Treasury 5-Year Notes	04/05/16	1		118,687			(9	)
			$	23,101,526		$	29,620
SHORT CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL COST			UNREALIZED APPRECIATION (DEPRECIATION)
90-DAY Bank Bill	03/11/16	-1	$	(719,369	)	$	16
Australian 10-Year Bond	12/16/15	-2		(182,529	)		(936	)
Australian 3-Year Bond	12/16/15	-15		(1,205,715	)		(1,472	)
Brent Crude	12/16/15	-3		(141,274	)		7,444
Canadian 10-Year Bond	03/31/16	-2		(207,409	)		(491	)
Cattle Feeder	01/28/16	-1		(81,762	)		385
Coffee	03/31/16	-6		(272,701	)		3,488
Corn	03/16/16	-21		(390,611	)		(261	)
Cotton No.2	03/22/16	-3		(92,766	)		(1,194	)
Gasoline Rbob	01/28/16	-1		(53,350	)		(1,540	)
Gold 100 Oz	02/29/16	-5		(532,830	)		178
Lean Hogs	02/17/16	-8		(180,899	)		(864	)
Live Cattle	03/15/16	-6		(312,282	)		(5,358	)
London Metals Exchange Aluminum	12/16/15	-16		(632,375	)		54,675
London Metals Exchange Copper	12/16/15	-3		(375,560	)		30,392
London Metals Exchange Nickel	12/16/15	-8		(482,300	)		56,517
London Metals Exchange Zinc	12/16/15	-9		(391,772	)		42,572
Low Sulphur Gas Oil	01/31/16	-4		(171,293	)		893
Natural Gas	01/31/16	-16		(389,331	)		31,731
Platinum	01/29/16	-2		(93,913	)		10,623
SGX Nifty 50 Index	12/31/15	-10		(157,270	)		(2,320	)
Silver	03/31/16	-3		(212,393	)		1,103
Soybean	03/16/16	-11		(474,180	)		(11,607	)
U.S. Treasury Long Bond	03/31/16	-1		(153,076	)		(924	)
U.S. Treasury Ultra Bond	03/31/16	-1		(157,436	)		(1,002	)
Wheat	03/16/16	-8		(193,802	)		3,602
WTI Crude	01/31/16	-3		(130,643	)		5,693
			$	(8,388,841	)	$	221,343
Total Futures Contracts			$	14,712,685		$	250,963

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

2

CAMPBELL CORE TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2015

(UNAUDITED)

Forward foreign currency contracts outstanding as of November 30, 2015 were as follows:

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION	COUNTERPARTY	UNREALIZED APPRECIATION (DEPRECIATION)
AUD	600,000	USD	433,555	12/16/15	UBS	$	(19	)
AUD	300,000	USD	213,228	12/16/15	UBS		3,540
AUD	200,000	USD	143,069	12/16/15	UBS		1,443
CAD	500,000	USD	378,401	12/16/15	UBS		(3,998	)
CAD	400,000	USD	304,682	12/16/15	UBS		(5,159	)
CAD	300,000	USD	230,391	12/16/15	UBS		(5,750	)
CAD	200,000	USD	152,031	12/16/15	UBS		(2,270	)
CAD	200,000	USD	152,760	12/16/15	UBS		(2,999	)
CAD	100,000	USD	75,844	12/16/15	UBS		(964	)
EUR	300,000	USD	341,211	12/16/15	UBS		(24,067	)
EUR	200,000	USD	214,973	12/16/15	UBS		(3,544	)
GBP	300,000	USD	462,117	12/16/15	UBS		(10,247	)
GBP	300,000	USD	463,423	12/16/15	UBS		(11,553	)
GBP	100,000	USD	151,858	12/16/15	UBS		(1,234	)
GBP	100,000	USD	151,983	12/16/15	UBS		(1,360	)
GBP	100,000	USD	153,561	12/16/15	UBS		(2,937	)
GBP	100,000	USD	154,833	12/16/15	UBS		(4,210	)
JPY	35,800,000	USD	295,704	12/16/15	UBS		(4,689	)
JPY	25,400,000	USD	209,912	12/16/15	UBS		(3,437	)
JPY	19,700,000	USD	164,091	12/16/15	UBS		(3,952	)
JPY	6,900,000	USD	57,381	12/16/15	UBS		(1,292	)
JPY	1,800,000	USD	15,139	12/16/15	UBS		(507	)
MXN	3,300,000	USD	197,873	12/16/15	UBS		957
MXN	2,500,000	USD	149,606	12/16/15	UBS		1,023
MXN	2,000,000	USD	119,812	12/16/15	UBS		691
MXN	900,000	USD	53,905	12/16/15	UBS		321
MXN	600,000	USD	36,211	12/16/15	UBS		(60	)
MXN	300,000	USD	17,652	12/16/15	UBS		423
MXN	300,000	USD	17,932	12/16/15	UBS		143
MXN	100,000	USD	5,888	12/16/15	UBS		137
NOK	3,100,000	USD	374,104	12/16/15	UBS		(17,474	)
NOK	1,700,000	USD	203,963	12/16/15	UBS		(8,392	)
NOK	1,600,000	USD	192,397	12/16/15	UBS		(8,330	)
NOK	1,600,000	USD	196,302	12/16/15	UBS		(12,235	)
NOK	100,000	USD	12,140	12/16/15	UBS		(636	)
NZD	700,000	USD	454,884	12/16/15	UBS		5,357
NZD	600,000	USD	399,866	12/16/15	UBS		(5,374	)
NZD	200,000	USD	130,225	12/16/15	UBS		1,272
NZD	100,000	USD	68,301	12/16/15	UBS		(2,552	)
SEK	2,400,000	USD	287,853	12/16/15	UBS		(12,488	)
SEK	1,800,000	USD	211,952	12/16/15	UBS		(5,428	)
SEK	1,400,000	USD	171,090	12/16/15	UBS		(10,460	)
SEK	600,000	USD	72,720	12/16/15	UBS		(3,879	)
SEK	100,000	USD	11,907	12/16/15	UBS		(433	)
SEK	100,000	USD	11,910	12/16/15	UBS		(436	)

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

3

CAMPBELL CORE TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2015

(UNAUDITED)

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION	COUNTERPARTY	UNREALIZED APPRECIATION (DEPRECIATION)
SEK	100,000	USD	11,943	12/16/15	UBS	$	(470	)
SGD	700,000	USD	498,034	12/16/15	UBS		(2,048	)
SGD	600,000	USD	430,417	12/16/15	UBS		(5,286	)
SGD	300,000	USD	212,234	12/16/15	UBS		332
SGD	100,000	USD	70,086	12/16/15	UBS		769
USD	636,817	AUD	900,000	12/16/15	UBS		(13,486	)
USD	355,472	AUD	500,000	12/16/15	UBS		(5,808	)
USD	143,693	AUD	200,000	12/16/15	UBS		(819	)
USD	141,753	AUD	200,000	12/16/15	UBS		(2,759	)
USD	754,447	CAD	1,000,000	12/16/15	UBS		5,641
USD	754,292	CAD	1,000,000	12/16/15	UBS		5,487
USD	529,907	CAD	700,000	12/16/15	UBS		5,743
USD	226,735	CAD	300,000	12/16/15	UBS		2,093
USD	225,789	CAD	300,000	12/16/15	UBS		1,147
USD	760,840	EUR	700,000	12/16/15	UBS		20,838
USD	332,105	EUR	300,000	12/16/15	UBS		14,962
USD	324,581	EUR	300,000	12/16/15	UBS		7,437
USD	109,243	EUR	100,000	12/16/15	UBS		3,529
USD	1,066,951	GBP	700,000	12/16/15	UBS		12,588
USD	610,428	GBP	400,000	12/16/15	UBS		7,935
USD	455,707	GBP	300,000	12/16/15	UBS		3,838
USD	305,397	GBP	200,000	12/16/15	UBS		4,150
USD	213,430	JPY	25,850,000	12/16/15	UBS		3,298
USD	177,004	JPY	21,700,000	12/16/15	UBS		606
USD	175,902	JPY	21,500,000	12/16/15	UBS		1,130
USD	143,270	JPY	17,450,000	12/16/15	UBS		1,420
USD	113,315	JPY	13,600,000	12/16/15	UBS		2,762
USD	6,662	JPY	800,000	12/16/15	UBS		159
USD	3,357	JPY	400,000	12/16/15	UBS		105
USD	1,659	JPY	200,000	12/16/15	UBS		33
USD	618,356	MXN	10,500,000	12/16/15	UBS		(14,285	)
USD	166,849	MXN	2,800,000	12/16/15	UBS		(1,856	)
USD	35,575	MXN	600,000	12/16/15	UBS		(576	)
USD	17,845	MXN	300,000	12/16/15	UBS		(231	)
USD	11,954	MXN	200,000	12/16/15	UBS		(96	)
USD	6,029	MXN	100,000	12/16/15	UBS		4
USD	501,927	NOK	4,200,000	12/16/15	UBS		18,751
USD	438,456	NOK	3,700,000	12/16/15	UBS		12,801
USD	411,162	NOK	3,400,000	12/16/15	UBS		20,019
USD	236,025	NOK	2,000,000	12/16/15	UBS		5,942
USD	143,049	NOK	1,200,000	12/16/15	UBS		4,999
USD	84,311	NOK	700,000	12/16/15	UBS		3,782
USD	636,962	NZD	1,000,000	12/16/15	UBS		(20,525	)
USD	263,395	NZD	400,000	12/16/15	UBS		401
USD	196,192	NZD	300,000	12/16/15	UBS		(1,054	)
USD	128,311	NZD	200,000	12/16/15	UBS		(3,186	)
USD	67,422	NZD	100,000	12/16/15	UBS		1,673
USD	704,516	SEK	6,000,000	12/16/15	UBS		16,103
USD	390,646	SEK	3,300,000	12/16/15	UBS		12,019

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

4

CAMPBELL CORE TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONCLUDED)

NOVEMBER 30, 2015

(UNAUDITED)

CURRENCY PURCHASED		CURRENCY  SOLD		EXPIRATION	COUNTERPARTY	UNREALIZED APPRECIATION (DEPRECIATION)
USD	326,233	SEK	2,800,000	12/16/15	UBS	$	4,974
USD	106,587	SEK	900,000	12/16/15	UBS		3,325
USD	81,176	SEK	700,000	12/16/15	UBS		861
USD	986,020	SGD	1,400,000	12/16/15	UBS		(5,953	)
USD	284,990	SGD	400,000	12/16/15	UBS		1,570
USD	213,466	SGD	300,000	12/16/15	UBS		901
USD	72,108	SGD	100,000	12/16/15	UBS		1,253
USD	701,831	ZAR	9,600,000	12/17/15	UBS		39,974
USD	277,983	ZAR	3,900,000	12/17/15	UBS		9,103
USD	149,730	ZAR	2,100,000	12/17/15	UBS		4,949
USD	107,958	ZAR	1,500,000	12/17/15	UBS		4,542
USD	64,471	ZAR	900,000	12/17/15	UBS		2,422
USD	36,335	ZAR	500,000	12/17/15	UBS		1,864
ZAR	3,300,000	USD	242,403	12/17/15	UBS		(14,890	)
ZAR	2,400,000	USD	170,756	12/17/15	UBS		(5,292	)
ZAR	2,200,000	USD	158,141	12/17/15	UBS		(6,466	)
ZAR	2,100,000	USD	151,815	12/17/15	UBS		(7,033	)
ZAR	500,000	USD	36,000	12/17/15	UBS		(1,528	)
ZAR	200,000	USD	14,260	12/17/15	UBS		(471	)
Total Forward Foreign Currency Contracts						$	(2,942	)

AUD	Australian Dollar	NOK	Norwegian Krone
CAC	Cotation Assistée en Continu (Continuous Assisted Quotation)	NZD	New Zealand Dollar
CAD	Canadian Dollar	SEK	Swedish Krona
EUR	Euro	SGD	Singapore Dollar
FTSE	Financial Times Stock Exchange	SGX	Singapore Stock Exchange
GBP	British Pound	UBS	UBS AG
JPY	Japanese Yen	USD	United States Dollar
JSE	Johannesburg Stock Exchange	WTI	West Texas Intermediate
MXN	Mexican Peso	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 PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 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 November 30, 2015, the net assets of the Subsidiary were $1,564,703, which represented 15.8% 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. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Fixed income securities having a remaining maturity of 60 days or less are valued at amortized cost, provided such amount approximates fair value. 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 PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2015

(UNAUDITED) (CONTINUED)

The following is a summary of inputs used, as of November 30, 2015, in valuing the Fund’s investments carried at fair value.

	TOTAL FAIR VALUE AT NOVEMBER 30, 2015			LEVEL 1 QUOTED PRICE			LEVEL 2 SIGNIFICANT OBSERVABLE INPUTS			LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS
Short-Term Investments	$	6,596,657		$	—		$	6,596,657		$	—
Commodity Contracts
Futures		251,708			251,708			—			—
Equity Contracts
Futures		637			637			—			—
Interest Rate Contracts
Futures		68,431			68,431			—			—
Foreign Exchange Contracts
Forward Foreign Currency Contracts		293,541			—			293,541			—
Total Assets	$	7,210,974		$	320,776		$	6,890,198		$	—
	TOTAL FAIR VALUE AT NOVEMBER 30, 2015			LEVEL 1 QUOTED PRICE			LEVEL 2 SIGNIFICANT OBSERVABLE INPUTS			LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS
Commodity Contracts
Futures	$	(54,170	)	$	(54,170	)	$	—		$	—
Equity Contracts
Futures		(3,653	)		(3,653	)		—			—
Interest Rate Contracts
Futures		(11,990	)		(11,990	)		—			—
Foreign Exchange Contracts
Forward Foreign Currency Contracts		(296,483	)		—			(296,483	)		—
Total Liabilities	$	(366,296	)	$	(69,813	)	$	(296,483	)	$	—

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

7

CAMPBELL CORE TREND FUND

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2015

(UNAUDITED) (CONTINUED)

Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each Level within the three-tier hierarchy are disclosed when the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the period ended November 30, 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 November 30, 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	$	—		$	—		$	293,541		$	—		$	293,541
Futures Contracts(a)		637			68,431			—			251,708			320,776
Total Value - Assets	$	637		$	68,431		$	293,541		$	251,708		$	614,317
		Liability Derivatives
Forward Contracts	$	—		$	—		$	(296,483	)	$	—		$	(296,483	)
Futures Contracts(a)		(3,653	)		(11,990	)		—			(54,170	)		(69,813	)
Total Value - Liabilities	$	(3,653	)	$	(11,990	)	$	(296,483	)	$	(54,170	)	$	(366,296	)

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

For the period ended November 30, 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)
$24,493,148	$(7,427,050)	$(48,620,347)	$48,620,347

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.

CURRENCY RISK — Investment in foreign securities involves currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar and which may be affected by fluctuations in currency exchange rates. An increase in the strength of the U.S. dollar relative to a foreign currency may cause the U.S. dollar value of an investment in that country to decline. Foreign currencies also are subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government controls. Forward foreign currency exchange contracts may limit potential gains from a favorable change in value between the U.S. dollar and foreign currencies.

8

CAMPBELL CORE TREND FUND

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2015

(UNAUDITED) (CONTINUED)

Unanticipated changes in currency pricing may result in poorer overall performance for the Fund than if it had not engaged in these contracts.

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

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

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

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

FUTURES CONTRACTS — The Fund uses futures contracts in the normal course of pursuing its investment 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 “variation margin” and is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contract. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. Use of long futures contracts subjects the Fund to risk of loss in excess of the amount shown on the Consolidated Portfolio of Investments, up to the notional value of the futures contract. Use of short futures contracts subjects the Fund to unlimited risk of loss.

9

CAMPBELL CORE TREND FUND

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2015

(UNAUDITED) (CONCLUDED)

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.

10

FREE MARKET FUNDS

FREE MARKET U.S. EQUITY FUND

Portfolio of Investments

November 30, 2015

(Unaudited)

	Number of Shares		Value
EQUITY FUNDS — 100.0%
U.S. Large Cap Value Portfolio III(a)		26,162,877	$	627,909,039
U.S. Large Company Portfolio(a)		19,000,179		313,122,943
U.S. Micro Cap Portfolio(b)		16,356,195		319,600,041
U.S. Small Cap Portfolio(b)		10,054,077		317,909,911
U.S. Small Cap Value Portfolio(b)		15,556,085		530,929,170
TOTAL EQUITY FUNDS (Cost $ 1,603,738,881)				2,109,471,104
TOTAL INVESTMENTS — 100.0% (Cost $ 1,603,738,881)*				2,109,471,104
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%				668,935
NET ASSETS — 100.0%			$	2,110,140,039

* 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	$	1,603,738,881
Gross unrealized appreciation	$	505,732,223
Gross unrealized depreciation		—
Net unrealized appreciation	$	505,732,223

(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

November 30, 2015

(Unaudited)

	Number of Shares	Value
INTERNATIONAL EQUITY FUNDS — 99.9%
Asia Pacific Small Company Portfolio(a)	1,027,680	$	19,515,643
Canadian Small Company Series(b)	2,341,432		18,665,220
Continental Small Company Portfolio(a)	1,454,972		30,117,916
Continental Small Company Series(b)	276,434		18,283,892
DFA International Small Cap Value Portfolio(a)	31,326,143		604,281,296
DFA International Value Portfolio III(c)	31,137,232		450,244,371
Emerging Markets Portfolio(a)	3,651,391		78,139,763
Emerging Markets Small Cap Portfolio(a)	4,001,228		72,542,267
Emerging Markets Value Portfolio(a)	3,396,624		72,517,915
Japanese Small Company Portfolio(a)	1,670,598		34,932,198
Large Cap International Portfolio(a)	3,715,733		74,946,338
United Kingdom Small Company Portfolio(a)	186,330		6,603,520
United Kingdom Small Company Series(b)	346,874		22,421,375
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $ 1,483,110,216)			1,503,211,714
TOTAL INVESTMENTS — 99.9% (Cost $ 1,483,110,216)*			1,503,211,714
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%			1,384,031
NET ASSETS — 100.0%		$	1,504,595,745
*   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		$	1,483,110,216
Gross unrealized appreciation		$	106,745,557
Gross unrealized depreciation			(86,644,059	)
Net unrealized appreciation		$	20,101,498

(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.

2

FREE MARKET FUNDS

FREE MARKET FIXED INCOME FUND

Portfolio of Investments

November 30, 2015

(Unaudited)

	Number of Shares	Value
FIXED INCOME FUNDS — 99.5%
DFA Five-Year Global Fixed Income Portfolio(a)	46,100,142	$	509,867,570
DFA Inflation-Protected Securities Portfolio(a)	8,909,850		102,641,467
DFA Intermediate Government Fixed Income Portfolio(a)	19,385,673		244,841,044
DFA One-Year Fixed Income Portfolio(a)	48,418,877		498,714,435
DFA Short-Term Government Portfolio(a)	15,211,723		162,917,557
DFA Two-Year Global Fixed Income Portfolio(a)	51,248,719		509,412,265
TOTAL FIXED INCOME FUNDS (Cost $2,039,701,610)			2,028,394,338
TOTAL INVESTMENTS — 98.7% (Cost $2,039,701,610) *			2,028,394,338
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%			10,142,372
NET ASSETS — 100.0%		$	2,038,536,710
*   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		$	2,039,701,610
Gross unrealized appreciation		$	1,460,872
Gross unrealized depreciation			(12,768,144	)
Net unrealized depreciation		$	(11,307,272	)

(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

November 30, 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 November 30, 2015, in valuing the Funds’ investments carried at fair value:

FREE MARKET U.S. EQUITY FUND

	Total Value at     November 30, 2015		Level 1         Quoted Price		Level 2 Significant   Observable   Input		Level 3 Significant     Unobservable     Input
Investments in Securities*	$	2,109,471,104	$	2,109,471,104	$	-	$	-

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

FREE MARKET INTERNATIONAL EQUITY FUND

	Total Value at     November 30, 2015		Level 1         Quoted Price		Level 2 Significant   Observable   Input		Level 3 Significant     Unobservable     Input
Investments in Securities*	$	1,503,211,714	$	1,503,211,714	$	-	$	-

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

FREE MARKET FIXED INCOME FUND

	Total Value at     November 30, 2015		Level 1         Quoted Price		Level 2 Significant   Observable   Input		Level 3 Significant     Unobservable     Input
Investments in Securities*	$	2,028,394,338	$	2,028,394,338	$	-	$	-

*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.

4

FREE MARKET FUNDS

Notes to Portfolio of Investments

November 30, 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 November 30, 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.

5

MATSON MONEY VI PORTFOLIOS

MATSON MONEY U.S. EQUITY VI PORTFOLIO

Portfolio of Investments

November 30, 2015

(Unaudited)

	Number of Shares	Value
EQUITY FUNDS — 98.7%
U.S. Large Cap Value Portfolio III(a)	162,763	$	3,906,304
U.S. Large Company Portfolio(a)	122,832		2,024,271
U.S. Micro Cap Portfolio(b)	116,551		2,277,416
U.S. Small Cap Portfolio(b)	71,775		2,269,534
U.S. Small Cap Value Portfolio(b)	44,203		1,508,651
VA U.S. Large Value Portfolio(b)	26,230		600,926
VA U.S. Targeted Value Portfolio(b)	123,016		2,265,949
TOTAL EQUITY FUNDS (Cost $14,819,465)			14,853,051
TOTAL INVESTMENTS — 98.7% (Cost $14,819,465)*			14,853,051
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.3%			201,460
NET ASSETS — 100.0%		$	15,054,511

* 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	$	14,819,465
Gross unrealized appreciation	$	176,473
Gross unrealized depreciation		(142,887)
Net unrealized appreciation	$	33,586

(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

November 30, 2015

(Unaudited)

	Number of Shares	Value
INTERNATIONAL EQUITY FUNDS — 99.3%
DFA International Small Cap Value Portfolio(a)	154,161	$	2,973,764
DFA International Value Portfolio III(b)	219,125		3,168,551
Emerging Markets Portfolio(a)	25,185		538,969
Emerging Markets Small Cap Portfolio(a)	27,978		507,237
Emerging Markets Value Portfolio(a)	23,525		502,266
Large Cap International Portfolio(a)	20,764		418,809
VA International Small Portfolio(b)	154,675		1,808,148
VA International Value Portfolio(b)	46,217		520,871
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $11,364,732)			10,438,615
TOTAL INVESTMENTS — 99.3% (Cost $11,364,732)*			10,438,615
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.7%			77,297
NET ASSETS — 100.0%		$	10,515,912

* 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	$	11,364,732
Gross unrealized appreciation	$	—
Gross unrealized depreciation		(926,117)
Net unrealized depreciation	$	(926,117)

(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

November 30, 2015

(Unaudited)

	Number of Shares	Value
FIXED INCOME FUNDS — 98.2%
DFA Five-Year Global Fixed Income Portfolio(a)	166,402	$	1,840,403
DFA Inflation Protected Securities Portfolio(a)	79,499		915,824
DFA Intermediate Government Fixed Income Portfolio(a)	174,978		2,209,971
DFA One-Year Fixed Income Portfolio(a)	383,442		3,949,454
DFA Short-Term Fixed Portfolio(a)	35,483		362,636
DFA Short-Term Government Portfolio(a)	137,347		1,470,991
DFA Two-Year Global Fixed Income Portfolio(a)	462,459		4,596,846
VA Global Bond Portfolio(a)	253,036		2,760,620
TOTAL FIXED INCOME FUNDS (Cost $18,115,260)			18,106,745
TOTAL INVESTMENTS — 98.2% (Cost $18,115,260)*			18,106,745
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.8%			330,325
NET ASSETS — 100.0%		$	18,437,070
*   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		$	18,115,260
Gross unrealized appreciation		$	37,157
Gross unrealized depreciation			(45,672)
Net unrealized depreciation		$	(8,515)

(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

November 30, 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 November 30, 2015, in valuing the Portfolios’ investments carried at fair value:

MATSON MONEY U.S. EQUITY VI PORTFOLIO

	Total Value at     November 30, 2015		Level 1         Quoted Price		Level 2 Significant   Observable   Input		Level 3 Significant     Unobservable     Input
Investments in Securities*	$	14,853,051	$	14,853,051	$	-	$	-
*Please refer to the Portfolio of Investments for further details. MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO
	Total Value at     November 30, 2015		Level 1         Quoted Price		Level 2 Significant   Observable   Input		Level 3 Significant     Unobservable     Input
Investments in Securities*	$	10,438,615	$	10,438,615	$	-	$	-
*Please refer to the Portfolio of Investments for further details. MATSON MONEY FIXED INCOME VI PORTFOLIO
	Total Value at     November 30, 2015		Level 1         Quoted Price		Level 2 Significant   Observable   Input		Level 3 Significant     Unobservable     Input
Investments in Securities*	$	18,106,745	$	18,106,745	$	-	$	-

*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,

4

MATSON MONEY VI PORTFOLIOS

Notes to Portfolio of Investments

November 30, 2015 (unaudited)

(Concluded)

observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

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

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require each Portfolio to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between Levels are based on values at the end of the period. U.S. GAAP also requires 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 November 30, 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.

5

THE SCHNEIDER FUNDS

SCHNEIDER SMALL CAP VALUE FUND

Portfolio of Investments

November 30, 2015

(Unaudited)

	Shares	Value
COMMON STOCKS — 89.8%
Auto Parts & Equipment — 0.1%
Commercial Vehicle Group, Inc. *	8,842	$	30,063
Banks — 10.7%
Bancorp, Inc., (The) *	90,414		694,380
Dundee Corp., Class A *	4,940		22,168
Hancock Holding Co.	4,067		118,431
MainSource Financial Group, Inc.	4,390		101,058
MidSouth Bancorp, Inc.	3,017		33,036
Regions Financial Corp.	204,806		2,076,733
			3,045,806
Coal — 0.5%
Peabody Energy Corp. (a)	11,555		131,727
Commercial Services — 7.9%
Aegean Marine Petroleum Network, Inc.	128,608		1,211,487
Ardmore Shipping Corp.	29,544		369,891
Avis Budget Group, Inc. *	1,728		64,610
Genco Shipping & Trading, Ltd. *	9,528		15,054
Hudson Global, Inc. *	97,678		232,474
Stolt-Nielsen, Ltd.	10,002		128,926
Viad Corp.	7,344		226,709
			2,249,151
Electronics — 2.4%
FARO Technologies, Inc. *	3,843		115,636
Kemet Corp. *	203,489		575,874
TTM Technologies, Inc. *			2
			691,512
Healthcare - Products — 0.7%
Orthofix International NV *	5,024		198,749
Healthcare - Services — 1.6%
Five Star Quality Care, Inc. *	124,108		445,548
Home Builders — 2.8%
Pulte Homes, Inc.	37,190		724,461
Taylor Morrison Home Corp., Class A *	4,216		73,780
			798,241
Insurance — 2.7%
Assured Guaranty, Ltd.	23,067		609,891
Genworth Financial, Inc., Class A *	30,530		154,177
			764,068
Internet — 1.0%
ModusLink Global Solutions, Inc. *	105,670		288,479
Machinery - Construction & Mining — 2.5%
Terex Corp.	34,324		702,956
Machinery - Diversified — 2.0%
Intevac, Inc. *	114,675		569,935

	Shares	Value
Metals Fabricating — 0.0%
AM Castle & Co. * (a)	2,485	$	5,865
Mining — 0.4%
Alumina Ltd. SP ADR	9,797		31,448
Thompson Creek Metals Co., Inc. *	36,563		6,581
Ur-Energy, Inc. *	150,406		78,211
			116,240
Miscellaneous Manfacturing — 0.0%
Orbotech, Ltd. *	193		3,943
Oil & Gas — 20.6%
Approach Resources, Inc. *	320,203		714,053
Chesapeake Energy Corp. (a)	29,294		154,379
MRC Global, Inc. *	123,246		1,822,808
Scorpio Tankers, Inc.	5,435		47,013
Swift Energy Co. * (a)	1,204		458
Weatherford International PLC *	57,148		617,770
Willbros Group, Inc. *	264,231		784,766
WPX Energy, Inc. *	199,437		1,711,169
			5,852,416
Real Estate — 1.2%
Alexander & Baldwin, Inc.	5,618		212,978
Forestar Group, Inc. *	9,078		123,370
			336,348
Real Estate Investment Trusts — 4.9%
NorthStar Realty Europe Corp.	57,433		656,459
NorthStar Realty Finance Corp.	15,060		271,682
Parkway Properties, Inc.	17,655		301,547
Redwood Trust, Inc. (a)	10,741		148,011
Rexford Industrial Realty, Inc.	845		13,613
Sunstone Hotel Investors, Inc.			5
			1,391,317
Retail — 0.3%
Office Depot, Inc. *	12,526		82,546
Savings & Loans — 13.8%
First Niagara Financial Group, Inc.	119,605		1,289,342
Flagstar Bancorp, Inc. *	75,326		1,850,007
HomeStreet, Inc. *	36,428		789,395
			3,928,744
Semiconductors — 3.9%
Axcelis Technologies, Inc. *	154,673		408,337
SunEdison Semiconductor, Ltd. *	73,392		700,894
Veeco Instruments, Inc. *	685		14,008
			1,123,239

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)

November 30, 2015

(Unaudited)

	Shares	Value
Software — 2.3%
Xura, Inc. *	25,680	$	664,342
Telecommunications — 7.5%
Aviat Networks, Inc. *	1,341,899		1,247,966
UTStarcom Holdings Corp. * (a)	368,755		892,387
			2,140,353
TOTAL COMMON STOCKS (Cost $28,385,852)			25,561,588
	Par (000)
CORPORATE BONDS — 0.6%
LandAmerica Financial Group, Inc. CONV ‡ 3.25%, 05/15/34	$           33		8,068
RAIT Financial Trust CONV 7.00%, 04/01/31	39		169,482
TOTAL CORPORATE BONDS (Cost $227,676)			177,550
	Shares
EXCHANGE TRADED FUND — 1.2%
Finance — 1.2%
iShares Russell 2000 Value Index Fund (a)	3,532		345,747
TOTAL EXCHANGE TRADED FUND (Cost $338,869)			345,747
SECURITIES LENDING COLLATERAL — 2.3%
BlackRock Liquidity TempFund, Institutional Shares	660,222		660,222
TOTAL SECURITIES LENDING COLLATERAL (Cost $660,222)			660,222
TOTAL INVESTMENTS — 93.9% (Cost $29,612,619) **			26,745,107
ASSETS IN EXCESS OF OTHER LIABILITIES — 6.1%			1,737,539
NET ASSETS — 100.0%		$	28,482,646

* Non-income producing.

(a) All or a portion of the security is on loan. At November 30, 2015, the market value of securities on loan was $649,322.

‡ 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 November 30, 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

PLC Public Limited Company

SP ADR Sponsored American Depository 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	$	29,612,619
Gross unrealized appreciation	$	3,398,225
Gross unrealized depreciation		(6,265,737	)
Net unrealized depreciation	$	(2,867,512	)

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

2

THE SCHNEIDER FUNDS

SCHNEIDER VALUE FUND

Portfolio of Investments

November 30, 2015

(Unaudited)

	Shares		Value
COMMON STOCKS — 93.0%
Aircraft — 0.6%
Bombardier, Inc., Class B		133,911	$	128,836
Banks — 25.9%
Citigroup, Inc.		13,289		718,802
JPMorgan Chase & Co.		12,320		821,498
Regions Financial Corp.		126,040		1,278,046
State Street Corp.		16,873		1,224,642
SunTrust Banks, Inc.		43,379		1,883,516
				5,926,504
Coal — 0.4%
Peabody Energy Corp. (a)		8,426		96,058
Commercial Services — 4.2%
Aegean Marine Petroleum Network, Inc.		62,072		584,718
Avis Budget Group, Inc. *		6,897		257,879
Scorpio Tankers, Inc.		13,026		112,675
				955,272
Home Builders — 4.6%
Pulte Homes, Inc.		46,196		899,898
Taylor Morrison Home Corp., Class A *		8,510		148,925
				1,048,823
Insurance — 13.3%
Assured Guaranty, Ltd.		27,213		719,512
Genworth Financial, Inc., Class A *		138,089		697,349
Hartford Financial Services Group, Inc.		22,689		1,035,526
Old Republic International Corp.		31,039		588,499
				3,040,886
Leisure Time — 4.1%
Carnival Corp.		18,577		938,696
Lodging — 0.9%
Marriott International, Inc., Class A (a)		2,969		210,532
Machinery - Construction & Mining — 2.1%
Terex Corp.		23,285		476,877
Mining — 2.7%
US Silica Holdings, Inc. (a)		29,616		629,932
Oil & Gas — 22.0%
Chesapeake Energy Corp. (a)		176,874		932,126
Marathon Oil Corp.		14,096		246,821
MRC Global, Inc. *		80,700		1,193,553
Weatherford International PLC *		128,684		1,391,074
WPX Energy, Inc. *		146,365		1,255,812
				5,019,386

	Shares		Value
Real Estate — 0.8%
Alexander & Baldwin, Inc.		4,789	$	181,551
Real Estate Investment Trusts — 5.8%
Equity Commonwealth *		9,820		271,228
NorthStar Realty Europe Corp.		64,686		739,357
NorthStar Realty Finance Corp.		12,220		220,449
Parkway Properties, Inc.		5,171		88,321
				1,319,355
Retail — 1.1%
Office Depot, Inc. *		36,911		243,243
Savings & Loans — 4.5%
First Niagara Financial Group, Inc.		95,515		1,029,652
TOTAL COMMON STOCKS (Cost $20,386,979)				21,245,603
EXCHANGE TRADED FUND — 0.1%
Finance — 0.1%
iShares Russell 1000 Value Index Fund		360		36,248
TOTAL EXCHANGE TRADED FUND (Cost $36,403)				36,248
SECURITIES LENDING COLLATERAL — 7.1%
BlackRock Liquidity TempFund, Institutional Shares		1,616,950		1,616,950
TOTAL SECURITIES LENDING COLLATERAL (Cost $1,616,950)				1,616,950
TOTAL INVESTMENTS — 100.2% (Cost $22,040,332) **				22,898,801
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%				(50,471	)
NET ASSETS — 100.0%			$	22,848,330

*	Non-income producing.
(a)	All or a portion of the security is on loan. At November 30, 2015, market value of securities on loan was $1,587,425.
PLC	Public Limited Company
**	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	$	22,040,332
Gross unrealized appreciation	$	4,182,408
Gross unrealized depreciation		(3,323,939	)
Net unrealized appreciation	$	858,469

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

3

THE SCHNEIDER FUNDS

Notes to Portfolio of Investments

November 30, 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 November 30, 2015, in valuing the Funds’ investments carried at fair value:

Small Cap Value Fund

	Total Value as of November 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stocks*	$	25,561,588	$	25,561,588	$	—	$	—
Corporate Bonds		177,550		—		169,482		8,068
Exchange Traded Fund		345,747		345,747		—		—
Securities Lending Collateral		660,222		660,222		—		—
Total	$	26,745,107	$	26,567,557	$	169,482	$	8,068

4

THE SCHNEIDER FUNDS

Notes to Portfolio of Investments (Concluded)

November 30, 2015

(Unaudited)

Value Fund

	Total Value as of November 30, 2015		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stocks*	$	21,245,603	$	21,245,603	$	—	$	—
Exchange Traded Fund		36,248		36,248		—		—
Securities Lending Collateral		1,616,950		1,616,950		—		—
Total	$	22,898,801	$	22,898,801	$	—	$	—

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

The fair value of a Fund’s bonds are 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 November 30, 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

November 30, 2015

(Unaudited)

	Number of Shares		Value
COMMON STOCKSD - 98.8%
Consumer Discretionary — 30.5%
Amazon.com, Inc.*		8,500	$	5,650,800
Arista Networks, Inc.*		20,500		1,507,160
Expedia, Inc		30,900		3,804,099
Netflix, Inc.*		32,500		4,008,225
O’Reilly Automotive, Inc.*		13,300		3,509,471
Tesla Motors, Inc.*		7,500		1,726,950
Ulta Salon Cosmetics & Fragrance, Inc.*		18,600		3,106,200
Zoe’s Kitchen, Inc.*		89,300		3,037,986
				26,350,891
Consumer Staples — 2.8%
Monster Beverage Corp.*		15,600		2,411,916
				2,411,916
Health Care — 11.6%
Incyte Corp.*		29,700		3,392,928
Regeneron Pharmaceuticals, Inc.*		7,500		4,083,750
Vertex Pharmaceuticals, Inc.*		19,700		2,548,392
				10,025,070
Information Technology — 53.9%
Activision Blizzard, Inc.		101,300		3,814,958
Adobe Systems, Inc.*		40,100		3,667,546
Alphabet, Inc., Class C*		6,000		4,455,600
Ellie Mae, Inc.*		32,300		2,062,032
Facebook, Inc., Class A*		42,500		4,430,200
Global Payments, Inc.		39,000		2,763,150
LinkedIn Corp., Class A*		10,100		2,455,411
Palo Alto Networks, Inc.*		30,600		5,732,604
Proofpoint, Inc.*		27,700		2,030,687

	Number of Shares		Value
Information Technology — (Continued)
salesforce.com, Inc.*		64,200	$	5,116,098
ServiceNow, Inc.*		49,600		4,315,696
Tableau Software, Inc., Class A* .		35,700		3,463,971
Ultimate Software Group, Inc., (The)*		11,500		2,271,250
				46,579,203
TOTAL COMMON STOCKS (Cost $ 81,311,513)				85,367,080
TOTAL INVESTMENTS - 98.8% (Cost $ 81,311,513)**				85,367,080
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.2%				1,078,902
NET ASSETS - 100.0%			$	86,445,982

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	$	81,311,513
Gross unrealized appreciation	$	5,176,900
Gross unrealized depreciation		(1,121,333	)
Net unrealized appreciation	$	4,055,567

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

1

SCOTIA DYNAMIC U.S. GROWTH FUND

Notes to Portfolio of Investments

November 30, 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)

November 30, 2015

(Unaudited)

The following is a summary of the inputs used, as of November 30, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value at November 30, 2015		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Investments in Securities*	$	85,367,080	$	85,367,080	$	—	$	—
* 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 November 30, 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

November 30, 2015

(Unaudited)

	Number of Shares	Value
COMMON STOCKS—95.6%
Advertising — 1.0%
Omnicom Group, Inc.	10,440	$	771,725
			771,725
Apparel — 0.6%
VF Corp.	6,970		450,959
			450,959
Banks — 1.6%
US Bancorp	21,550		945,830
Wells Fargo & Co.	6,530		359,803
			1,305,633
Chemicals — 0.2%
Monsanto Co.	1,500		142,740
			142,740
Commercial Services — 1.8%
Cintas Corp.	3,640		333,388
H&R Block, Inc.	2,400		88,056
PayPal Holdings, Inc.*	1,200		42,312
Total System Services, Inc.	16,050		898,158
Western Union Co., (The)	3,580		67,519
			1,429,433
Computers — 6.5%
Accenture, PLC, Class A*	19,480		2,088,646
Apple, Inc.	12,770		1,510,691
EMC Corp.	2,700		68,418
Hewlett Packard Enterprise Co.	2,200		32,692
HP, Inc.	2,200		27,588
International Business Machines Corp.	10,820		1,508,524
			5,236,559
Cosmetics/Personal Care — 2.6%
Colgate-Palmolive Co.	8,050		528,724
Procter & Gamble Co., (The)	20,920		1,565,653
			2,094,377
Distribution/Wholesale — 1.8%
Genuine Parts Co.	16,300		1,477,269
			1,477,269
Electric — 7.9%
CMS Energy Corp.	4,550		159,341
DTE Energy Co.	6,960		560,210
Duke Energy Corp.	10,140		687,086
Edison International	23,270		1,381,307
Pepco Holdings, Inc.	38,370		984,958
PG&E Corp.	1,300		68,549
PPL Corp.	23,640		804,706
SCANA Corp.	2,990		176,829
Southern Co., (The)	3,630		161,680
WEC Energy Group, Inc.	15,970		787,640

	Number of Shares	Value
Electric — (Continued)
Xcel Energy, Inc.	15,340	$	547,024
			6,319,330
Environmental Control — 2.2%
Republic Services, Inc.	25,260		1,109,672
Stericycle, Inc.*	4,570		551,690
Waste Management, Inc.	2,220		119,369
			1,780,731
Food — 7.8%
ConAgra Foods, Inc.	2,000		81,860
General Mills, Inc.	20,600		1,189,856
Hershey Co., (The)	1,740		150,179
Hormel Foods Corp.	22,870		1,713,420
Kellogg Co.	13,800		949,026
McCormick & Co., Inc.	3,920		336,806
Sysco Corp.	44,390		1,824,429
			6,245,576
Healthcare-Products — 4.1%
Baxter International, Inc.	8,090		304,589
DENTSPLY International, Inc.	6,740		408,848
Medtronic, PLC	2,750		207,185
Patterson Cos, Inc.	35,340		1,610,444
St Jude Medical, Inc.	1,000		63,100
Thermo Fisher Scientific, Inc.	3,690		510,696
Varian Medical Systems, Inc.*	2,550		205,989
			3,310,851
Healthcare-Services — 3.8%
Anthem, Inc.	2,380		310,304
Laboratory Corp. of America Holdings*	10,700		1,300,478
Quest Diagnostics, Inc.	6,400		437,248
UnitedHealth Group, Inc.	8,590		968,179
			3,016,209
Household Products / Wares — 2.7%
Clorox Co., (The)	15,770		1,960,211
Kimberly-Clark Corp.	1,880		224,002
			2,184,213
Insurance — 7.0%
ACE Ltd.*	900		103,365
Berkshire Hathaway, Inc., Class B*	500		67,045
Cincinnati Financial Corp.	32,300		1,973,853
Marsh & McLennan Cos, Inc.	24,400		1,349,320
Principal Financial Group, Inc.	6,280		323,169
Progressive Corp., (The)	58,450		1,801,429
			5,618,181
Internet — 0.6%
VeriSign, Inc.*	5,380		481,187
			481,187

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)

November 30, 2015

(Unaudited)

	Number of Shares		Value
Media — 1.4%
Scripps Networks Interactive, Inc., Class A		1,050	$	59,640
Walt Disney Co., (The)		9,420		1,068,887
				1,128,527
Oil & Gas — 2.7%
Chevron Corp.		7,330		669,376
ConocoPhillips		1,100		59,455
Exxon Mobil Corp.		16,000		1,306,560
Occidental Petroleum Corp.		1,570		118,676
				2,154,067
Pharmaceuticals — 7.8%
Eli Lilly & Co.		13,800		1,132,152
Express Scripts Holding Co.*		9,060		774,449
Johnson & Johnson		17,390		1,760,564
Merck & Co., Inc.		16,940		897,990
Pfizer, Inc.		50,370		1,650,625
Zoetis, Inc.		1,500		70,050
				6,285,830
Real Estate Investment Trusts — 8.0%
Apartment Investment & Management Co., Class A		5,540		211,130
Crown Castle International Corp.		1,200		103,092
Equity Residential		5,000		399,100
General Growth Properties, Inc.		20,040		510,419
HCP, Inc.		1,340		47,610
Plum Creek Timber Co., Inc.		23,610		1,199,624
Prologis, Inc.		3,800		162,450
Public Storage		9,100		2,184,546
Simon Property Group, Inc.		2,880		536,371
Ventas, Inc.		8,370		446,456
Welltower, Inc.		10,470		661,599
				6,462,397
Retail — 12.1%
Bed Bath & Beyond, Inc.*		11,500		626,980
Costco Wholesale Corp.		11,200		1,807,904
Dollar General Corp.		15,060		985,075
GameStop Corp., Class A		12,410		434,722
Gap, Inc., (The)		32,770		875,942
Home Depot, Inc., (The)		6,500		870,220
Macy’s, Inc.		9,120		356,410
McDonald’s Corp.		6,500		742,040
Nordstrom, Inc.		19,410		1,092,977
Target Corp.		15,500		1,123,750
TJX Cos, Inc., (The)		12,000		847,200
				9,763,220

	Number of Shares		Value
Semiconductors — 0.1%
Intel Corp		2,300	$	79,971
				79,971
Software — 6.0%
Cerner Corp.*		5,100		303,960
Fidelity National Information Services, Inc		1,420		90,411
Fiserv, Inc.*		16,200		1,559,088
Microsoft Corp.		26,160		1,421,796
Paychex, Inc.		27,500		1,491,875
				4,867,130
Telecommunications — 4.4%
AT&T, Inc.		43,990		1,481,143
Cisco Systems, Inc.		19,360		527,560
Motorola Solutions, Inc.		890		63,884
Verizon Communications, Inc.		32,830		1,492,124
				3,564,711
Transportation — 0.9%
CH Robinson Worldwide, Inc.		6,960		469,313
United Parcel Service, Inc., Class B		2,750		283,278
				752,591
TOTAL COMMON STOCKS (Cost $ 69,811,398)				76,923,417
TOTAL INVESTMENTS - 95.6% (Cost $ 69,811,398)**				76,923,417
OTHER ASSETS IN EXCESS OF LIABILITIES - 4.4%				3,567,263
NET ASSETS - 100.0%			$	80,490,680

* 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	$	69,811,398
Gross unrealized appreciation	$	9,546,982
Gross unrealized depreciation		(2,434,963	)
Net unrealized appreciation	$	7,112,019

PLC   Public Limited Company

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

November 30, 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)

November 30, 2015

(Unaudited)

The following is a summary of the inputs used, as of November 30, 2015, in valuing the Fund’s investments carried at fair value:

	Total Value at November 30, 2015		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Investments in Securities*	$	76,923,417	$	76,923,417	$	—	$	—

* 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 November 30, 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 and Section 302 of the Sarbanes-Oxley Act of 2002 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     1/27/16

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

By (Signature and Title)*	/s/ Salvatore Faia
	Salvatore Faia, President     (principal executive officer)

Date     1/27/16

By (Signature and Title)*	/s/ Robert Amweg
	Robert Amweg, Treasurer     (principal financial officer)

Date     1/27/16

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