UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number        811-05518                 

                                              The RBB Fund, Inc.                                             

(Exact name of registrant as specified in charter)

Bellevue Park Corporate Center

103 Bellevue Parkway

                             Wilmington, DE 19809                            

(Address of principal executive offices) (Zip code)

Salvatore Faia

BNY Mellon Investment Servicing (US) Inc.

103 Bellevue Parkway

                             Wilmington, DE 19809                            

(Name and address of agent for service)

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

Date of fiscal year end: August 31

Date of reporting period: May 31, 2016

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

MAY 31, 2016

(UNAUDITED)

	COUPON*		MATURITY DATE		PAR (000’S)		VALUE
SHORT-TERM INVESTMENTS — 84.3%
U.S. TREASURY OBLIGATIONS—84.3%
U.S. Treasury Bills		0.430%		06/16/16	$	24,300	$	24,298,493
U.S. Treasury Bills		0.440%		06/30/16		44,953		44,943,875
U.S. Treasury Bills		0.400%		07/14/16		25,362		25,355,406
U.S. Treasury Bills		0.390%		07/28/16		23,660		23,650,394
U.S. Treasury Bills		0.335%		08/11/16		69,814		69,775,951
U.S. Treasury Bills		0.362%		08/18/16		140,270		140,180,508
U.S. Treasury Bills		0.423%		08/25/16		31,103		31,081,166
U.S. Treasury Bills		0.420%		09/01/16		35,866		35,834,976
U.S. Treasury Bills		0.382%		09/22/16		63,136		63,070,780
U.S. Treasury Bills		0.335%		10/13/16		33,115		33,064,500
U.S. Treasury Bills		0.410%		11/17/16		49,300		49,197,505
								540,453,554
TOTAL SHORT-TERM INVESTMENTS (Cost $ 540,389,824)								540,453,554
TOTAL PURCHASED OPTIONS — 0.3%** (Cost $ 2,983,867)								1,686,517
TOTAL INVESTMENTS — 84.6% (Cost $ 543,373,691)***								542,140,071
OTHER ASSETS IN EXCESS OF LIABILITIES — 15.4%								98,834,061
NET ASSETS — 100.0%							$	640,974,132

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

** See page 9 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	$	543,373,691
Gross unrealized appreciation	$	291,980
Gross unrealized depreciation		(1,525,600	)
Net unrealized depreciation	$	(1,233,620	)

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

1

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2016

(UNAUDITED)

FUTURES CONTRACTS

LONG CONTRACTS	EXPIRATION DATE	NUMBER OF              CONTRACTS	NOTIONAL COST		UNREALZED APPRECIATION (DEPRECIATION)
10-Year Mini Japanese Government Bond Futures	06/10/16	139	$	19,037,016	$	32,727
2-Year Euro Swapnote Futures	06/13/16	8		1,000,790		(701	)
3-Month Euro Euribor	12/19/16	1		278,982		(14	)
3-Month Euro Euribor	03/13/17	311		86,763,444		(167	)
3-Month Euro Euribor	06/19/17	332		92,619,637		6,871
3-Month Euro Euribor	09/18/17	115		32,086,653		(2,170	)
3-Month Euro Euribor	12/18/17	131		36,537,591		8,999
3-Month Euro Euribor	03/19/18	72		20,081,265		2,406
3-Month Euro Euribor	06/18/18	5		1,394,226		195
3-Month Euro Euribor	09/17/18	5		1,393,768		236
3-Month Euro Euribor	12/17/18	4		1,114,466		348
3-Month Euro Euribor	03/18/19	3		835,624		195
3-Month Euroyen Futures	12/19/16	1		225,934		(56	)
5-Year Euro Swapnote Futures	06/13/16	46		6,649,261		5,374
90-Day Bank Bill	09/08/16	2		1,438,835		(71	)
90-Day Bank Bill	12/08/16	6		4,317,564		(636	)
90-Day Bank Bill	03/09/17	15		10,794,987		(1,873	)
90-DAY Eurodollar Futures	12/19/16	1,143		282,970,053		93,897
90-DAY Eurodollar Futures	06/18/18	9		2,222,112		(2,262	)
90-DAY Eurodollar Futures	09/17/18	12		2,960,838		(2,689	)
90-DAY Eurodollar Futures	12/17/18	8		1,972,700		(1,700	)
90-DAY Eurodollar Futures	03/18/19	12		2,957,950		(2,650	)
90-DAY Eurodollar Futures	06/17/19	14		3,447,325		(1,225	)
90-DAY Eurodollar Futures	09/16/19	13		3,199,838		(1,512	)
90-DAY Eurodollar Futures	12/16/19	8		1,967,488		(388	)
90-DAY Sterling Futures	09/21/16	14		2,514,574		5,341
90-DAY Sterling Futures	12/21/16	17		3,050,718		8,563
90-DAY Sterling Futures	03/15/17	1,254		225,641,131		(87,680	)
90-DAY Sterling Futures	06/21/17	470		84,500,337		(22,323	)
90-DAY Sterling Futures	09/20/17	55		9,879,588		(833	)
90-DAY Sterling Futures	12/20/17	48		8,630,692		(15,316	)
90-DAY Sterling Futures	03/21/18	27		4,848,846		(5,630	)
90-DAY Sterling Futures	06/20/18	1		179,596		(308	)
Amsterdam Index Futures	06/17/16	36		3,521,875		63,465
Australian 10-Year Futures	06/15/16	43		4,317,394		(187,534	)
Australian 3-Year Bond Futures	06/15/16	41		3,341,404		(1,407	)
Brent Crude Futures	06/30/16	61		2,992,350		50,940
Brent Crude Futures	07/29/16	5		235,040		16,410
Brent Crude Futures	08/31/16	5		240,950		11,950
Brent Crude Futures	10/14/16	6		290,500		14,660
Brent Crude Futures	11/15/16	5		242,360		13,690
Brent Crude Futures	11/30/16	4		204,410		1,470
CAC40 Euro Futures	06/17/16	296		14,510,025		244,526
Canola Futures (Winnipeg Commodity Exchange)	07/14/16	48		375,079		(1,431	)
Canola Futures (Winnipeg Commodity Exchange)	11/14/16	196		1,516,425		29,036
Canola Futures (Winnipeg Commodity Exchange)	01/13/17	27		210,243		4,011
Cocoa Futures (Intercontinental Exchange)	07/14/16	70		2,163,809		105,179
Cocoa Futures (Intercontinental Exchange)	09/15/16	24		791,365		(24,202	)
Cocoa Futures (Intercontinental Exchange)	12/13/16	7		219,223		(435	)
Coffee Robusta Futures	07/29/16	27		450,120		(5,160	)
Coffee Robusta Futures	09/30/16	29		489,890		(6,170	)
Coffee Robusta Futures	11/30/16	19		320,190		(800	)
Corn Futures	07/14/16	127		2,756,188		(186,025	)
Corn Futures	09/14/16	27		540,712		8,400
Corn Futures	12/14/16	26		526,875		4,175
Corn Futures	03/14/17	32		660,100		4,300
Cotton No.2 Futures	07/07/16	4		128,625		(745	)

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

2

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2016

(UNAUDITED)

LONG CONTRACTS	EXPIRATION DATE	NUMBER OF              CONTRACTS	NOTIONAL COST		UNREALZED APPRECIATION (DEPRECIATION)
Cotton No.2 Futures	12/07/16	20	$	642,115	$	(6,615	)
DAX Index Futures	06/17/16	75		21,380,458		31,335
DJIA Mini E-CBOT	06/17/16	168		14,700,175		229,985
E-Mini Crude Oil	07/19/16	6		142,088		6,502
E-Mini Crude Oil	08/19/16	6		143,512		6,277
EUR/AUD Futures	06/13/16	21		2,952,791		(25,373	)
EUR/CHF Futures	06/13/16	90		12,423,504		95,234
EUR/GBP Futures	06/13/16	1		140,119		(833	)
Euro BUXL 30-Year Bond Futures	06/08/16	23		4,312,453		(5,007	)
Euro STOXX 50	06/17/16	397		13,530,920		(45,218	)
Euro-Bobl Futures	06/08/16	1,280		186,982,843		126,508
Euro-BTP Futures	06/08/16	18		2,781,799		13,652
Euro-Bund Futures	06/08/16	1,768		321,826,995		727,369
Euro-Oat Futures	06/08/16	17		2,995,260		4,083
Euro-Schatz Futures	06/08/16	115		14,310,995		(1,891	)
FTSE 100 Index Futures	06/17/16	219		19,707,889		19,683
FTSE 250 Index Futures	06/17/16	45		2,178,030		57,827
FTSE/JSE TOP 40	06/15/16	23		706,350		(878	)
Gasoline RBOB Futures	06/30/16	102		6,685,127		226,678
Gasoline RBOB Futures	07/29/16	6		399,966		6,359
Gasoline RBOB Futures	08/31/16	11		724,450		13,411
Gasoline RBOB Futures	09/30/16	11		681,265		(7,438	)
GBP Currency Futures	06/13/16	21		1,929,384		(30,590	)
GBP/AUD Futures	06/13/16	8		1,453,337		(3,713	)
GBP/CAD Futures	06/13/16	2		364,081		(1,897	)
GBP/CHF Futures	06/13/16	8		1,443,725		2,754
GBP/NZD Futures	06/13/16	5		926,772		(20,298	)
Gold 100 Oz Futures	08/29/16	48		6,159,840		(315,840	)
Gold 100 Oz Futures	10/27/16	6		762,200		(30,020	)
Gold 100 Oz Futures	12/28/16	1		124,890		(2,580	)
H-Shares Index Futures	06/29/16	8		434,585		(753	)
IBEX 35 Index Futures	06/17/16	21		2,077,240		29,910
JPN 10-Year Bond (Osaka Securities Exchange)	06/13/16	83		113,758,884		193,254
JPY E-Mini Futures	06/13/16	10		574,944		(9,662	)
Lean Hogs Futures	08/12/16	19		626,420		(11,960	)
London Mercantile Exchange Aluminum Forward	06/15/16	795		47,760,047		(1,503,479	)
London Mercantile Exchange Aluminum Forward	09/21/16	81		3,190,667		(34,705	)
London Mercantile Exchange Copper Forward	06/15/16	278		33,969,294		(1,441,556	)
London Mercantile Exchange Tin Forward Spot	06/15/16	3		331,890		(86,850	)
London Mercantile Exchange Tin Forward Spot	07/20/16	4		433,045		(106,565	)
London Mercantile Exchange Tin Forward Spot	08/17/16	2		217,475		(54,385	)
London Mercantile Exchange Zinc Forward ($)	06/15/16	11		619,143		(91,212	)
London Mercantile Exchange Zinc Forward ($)	07/20/16	18		870,834		(6,272	)
London Mercantile Exchange Zinc Forward ($)	08/17/16	16		762,238		7,062
London Mercantile Exchange Zinc Forward ($)	09/21/16	37		1,752,062		28,794
Long Gilt Futures	09/28/16	689		122,094,201		399,789
Low Sulphur Gasoil G Futures	07/12/16	57		2,464,525		121,850
Low Sulphur Gasoil G Futures	08/11/16	12		507,725		38,875
Low Sulphur Gasoil G Futures	09/12/16	12		515,475		34,425
Nasdaq 100 E-Mini	06/17/16	371		33,188,365		381,570
Natural Gas Futures	10/27/16	13		348,530		5,330
Natural Gas Futures	11/28/16	15		447,350		2,200
Natural Gas Futures	12/28/16	8		246,000		4,080
Natural Gas Futures	01/27/17	7		218,150		320
Natural Gas Futures	02/24/17	8		243,960		2,360
New York Harbor Ultra-Low Sulfur Diesel Futures	06/30/16	117		7,252,841		103,908
New York Harbor Ultra-Low Sulfur Diesel Futures	07/29/16	6		360,977		18,484
New York Harbor Ultra-Low Sulfur Diesel Futures	08/31/16	6		366,794		15,994
New York Harbor Ultra-Low Sulfur Diesel Futures	09/30/16	5		320,897		949

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

3

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2016

(UNAUDITED)

LONG CONTRACTS	EXPIRATION DATE	NUMBER OF              CONTRACTS	NOTIONAL COST			UNREALZED APPRECIATION (DEPRECIATION)
Nikkei 225 (Chicago Mercantile Exchange)	06/09/16	3	$	253,350		$	2,925
Nikkei 225 (Singapore Exchange)	06/09/16	11		843,726			11,062
Nikkei 225 Mini	06/09/16	12		181,758			4,958
OMX Stockholm 30 Index Futures	06/17/16	9		148,567			(1,154	)
Platinum Futures	07/27/16	3		158,015			(10,955	)
Rapeseed Euro	07/29/16	47		944,732			40,361
Rapeseed Euro	10/31/16	86		1,753,903			66,550
Rapeseed Euro	01/31/17	25		520,968			10,320
Red Wheat Futures (Minneapolis Grain Exchange)	07/14/16	4		107,825			(3,775	)
Red Wheat Futures (Minneapolis Grain Exchange)	12/14/16	1		27,500			(388	)
Russell 2000 Mini	06/17/16	102		11,422,810			341,870
S&P 500 E-Mini Futures	06/17/16	288		29,599,725			566,835
S&P Mid 400 E-Mini	06/17/16	27		3,934,840			93,020
SGX Nifty 50	06/30/16	18		287,324			7,462
Silver Futures	07/27/16	63		5,452,040			(413,930	)
Silver Futures	09/28/16	8		692,775			(51,055	)
Silver Futures	12/28/16	7		619,550			(55,700	)
Soybean Futures	07/14/16	149		7,335,162			699,662
Soybean Futures	08/12/16	24		1,211,200			80,600
Soybean Futures	09/14/16	28		1,356,600			133,350
Soybean Futures	11/14/16	29		1,510,638			20,200
Soybean Meal Futures	07/14/16	76		2,651,660			362,500
Soybean Meal Futures	08/12/16	27		935,680			104,630
Soybean Meal Futures	09/14/16	30		1,012,230			123,870
Soybean Oil Futures	07/14/16	41		887,910			(105,138	)
Soybean Oil Futures	09/14/16	1		20,148			(918	)
SPI 200 Futures	06/16/16	268		25,848,475			213,537
Sugar No. 11 (World)	06/30/16	106		1,927,442			148,971
Sugar No. 11 (World)	09/30/16	136		2,583,459			106,512
Sugar No. 11 (World)	02/28/17	76		1,431,214			94,987
Swiss Federal Bond Futures	06/08/16	2		325,493			644
U.S. Treasury 5-Year Notes (Chicago Board of Trade)	09/30/16	71		8,568,680			(40,359	)
U.S. Treasury Long Bond (Chicago Board of Trade)	09/21/16	154		25,092,258			57,867
U.S. Treasury Ultra Long Bond (Chicago Board of Trade)	09/21/16	6		1,041,836			8,914
USD/SEK Futures	06/13/16	8		781,936			18,429
White Sugar (Intercontinental Exchange)	07/15/16	56		1,276,380			78,260
White Sugar (Intercontinental Exchange)	09/15/16	63		1,406,630			121,120
White Sugar (Intercontinental Exchange)	11/15/16	33		758,150			43,090
WTI Crude Futures	06/21/16	93		4,384,120			182,180
WTI Crude Futures	07/20/16	4		189,820			8,300
WTI Crude Futures	08/22/16	5		234,070			15,580
WTI Crude Futures	09/20/16	5		231,790			19,560
WTI Crude Futures	10/20/16	7		338,190			16,010
WTI Crude Futures	11/21/16	8		386,520			20,360
WTI Crude Futures	12/20/16	7		331,910			25,580
WTI Crude Futures	01/20/17	7		349,070			9,400
			$	2,169,384,951		$	2,460,576
SHORT CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL COST			UNREALZED APPRECIATION (DEPRECIATION)
90-Day Bank Bill	12/08/16	6	$	(4,313,434	)	$	(3,494	)
90-DAY Eurodollar Futures	09/19/16	10		(2,478,500	)		(625	)
90-DAY Eurodollar Futures	03/13/17	8		(1,978,700	)		(1,000	)
90-DAY Eurodollar Futures	06/19/17	420		(103,817,325	)		(43,425	)
90-DAY Eurodollar Futures	09/18/17	3		(739,762	)		(1,575	)
90-DAY Eurodollar Futures	12/18/17	1,147		(283,027,190	)		(195,785	)

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

4

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2016

(UNAUDITED)

SHORT CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL COST			UNREALZED APPRECIATION (DEPRECIATION)
90-DAY Eurodollar Futures	03/19/18	1	$	(244,525	)	$	(2,262	)
AUD/CAD Futures	06/13/16	28		(4,067,274	)		22,343
AUD/JPY Futures	06/13/16	20		(2,874,123	)		(6,628	)
AUD/NZD Futures	06/13/16	27		(3,934,938	)		29,933
AUD/USD Currency Futures	06/13/16	198		(14,313,133	)		31,393
Bank Acceptance Futures	09/19/16	52		(9,827,944	)		8,674
Bank Acceptance Futures	12/19/16	86		(16,254,089	)		18,626
Bank Acceptance Futures	03/13/17	48		(9,067,764	)		7,940
CAD Currency Futures	06/14/16	124		(9,538,644	)		96,044
CAD/JPY Futures	06/13/16	4		(604,994	)		(3,233	)
Canadian 10-Year Bond Futures	09/21/16	992		(109,150,715	)		(484,821	)
Cattle Feeder Futures	08/25/16	13		(945,488	)		(10,662	)
Cattle Feeder Futures	09/29/16	16		(1,151,700	)		(10,900	)
Cattle Feeder Futures	10/27/16	8		(566,550	)		(7,450	)
CBOE VIX Futures	06/15/16	1		(17,200	)		1,925
CBOE VIX Futures	07/20/16	4		(70,650	)		750
CHF Currency Futures	06/13/16	221		(27,949,812	)		153,537
CHF/JPY Futures	06/13/16	22		(5,617,126	)		91,547
Cocoa Futures	07/14/16	22		(645,570	)		(27,410	)
Cocoa Futures	09/15/16	21		(621,400	)		(14,060	)
Cocoa Futures	12/14/16	12		(353,040	)		(6,840	)
Coffee ’C’ Futures	07/19/16	26		(1,187,906	)		2,794
Coffee ’C’ Futures	09/20/16	43		(1,997,306	)		6,675
Coffee ’C’ Futures	12/19/16	11		(517,669	)		(2,700	)
Copper Futures	07/27/16	446		(23,469,375	)		104,550
Copper Futures	09/28/16	34		(1,789,188	)		2,062
Copper Futures	12/28/16	19		(998,612	)		(3,638	)
Dollar Index	06/13/16	122		(11,612,750	)		(84,366	)
E-Mini Natural Gas	06/27/16	73		(391,488	)		(26,072	)
E-Mini Natural Gas	07/26/16	32		(179,825	)		(10,815	)
E-Mini Natural Gas	08/26/16	20		(113,950	)		(7,950	)
EUR/CAD Futures	06/13/16	10		(1,391,014	)		(2,207	)
EUR/CHF 3-Month Futures (Intercontinental Exchange)	06/13/16	1		(253,496	)		101
EUR/CHF 3-Month Futures (Intercontinental Exchange)	09/19/16	10		(2,536,192	)		1,232
EUR/CHF 3-Month Futures (Intercontinental Exchange)	12/19/16	12		(3,044,014	)		1,459
EUR/JPY Futures	06/13/16	27		(3,763,365	)		12,722
Euro E-Mini Futures	06/13/16	15		(1,043,306	)		(131	)
Euro Foreign Exchange Currency Future	06/13/16	346		(47,901,702	)		(235,548	)
Fed Fund 30-Day Futures	07/29/16	2,255		(935,816,630	)		245,645
Fed Fund 30-Day Futures	01/31/17	1,028		(426,260,827	)		720,454
FTSE/MIB Index Futures	06/17/16	17		(1,633,834	)		(72,199	)
GBP/JPY Futures	06/13/16	2		(354,969	)		(6,141	)
Hang Seng Index Futures	06/29/16	66		(8,405,733	)		(288,949	)
JPY Currency Futures	06/13/16	50		(5,628,398	)		(24,414	)
Kansas City Hard Red Winter Wheat Futures	07/14/16	154		(3,581,012	)		137,188
Kansas City Hard Red Winter Wheat Futures	09/14/16	75		(1,807,362	)		68,300
Kansas City Hard Red Winter Wheat Futures	12/14/16	67		(1,671,138	)		38,850
Lean Hogs Futures	07/15/16	2		(55,430	)		(9,730	)
Live Cattle Futures	08/31/16	29		(1,350,190	)		(19,190	)
Live Cattle Futures	10/31/16	19		(860,940	)		(30,730	)
Live Cattle Futures	12/30/16	6		(279,440	)		(940	)
London Mercantile Exchange Aluminum Forward	06/15/16	813		(46,843,101	)		(109,055	)
London Mercantile Exchange Aluminum Forward	07/20/16	24		(718,832	)		(210,718	)
London Mercantile Exchange Aluminum Forward	08/17/16	33		(1,244,822	)		(37,022	)
London Mercantile Exchange Copper Forward	06/15/16	286		(33,499,452	)		35,664
London Mercantile Exchange Copper Forward	07/20/16	30		(3,356,413	)		(150,587	)

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

5

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2016

(UNAUDITED)

SHORT CONTRACTS	EXPIRATION DATE	NUMBER OF              CONTRACTS	NOTIONAL COST			UNREALZED APPRECIATION (DEPRECIATION)
London Mercantile Exchange Copper Forward	08/17/16	13	$	(1,515,594	)	$	(3,131	)
London Mercantile Exchange Copper Forward	09/21/16	47		(5,386,156	)		(102,856	)
London Mercantile Exchange Lead Forward	06/15/16	9		(211,459	)		(170,028	)
London Mercantile Exchange Lead Forward	07/20/16	36		(1,452,358	)		(75,392	)
London Mercantile Exchange Lead Forward	08/17/16	29		(1,221,094	)		(11,044	)
London Mercantile Exchange Nickel Forward	06/15/16	10		(388,857	)		(115,053	)
London Mercantile Exchange Nickel Forward	07/20/16	30		(1,489,782	)		(24,738	)
London Mercantile Exchange Nickel Forward	08/17/16	23		(1,183,677	)		20,613
Mill Wheat Euro	09/12/16	172		(1,554,364	)		(22,086	)
Mill Wheat Euro	12/12/16	152		(1,417,550	)		(22,100	)
Mill Wheat Euro	03/10/17	13		(124,282	)		(2,281	)
Mini HSI Index Futures	06/29/16	47		(1,213,264	)		(25,070	)
MSCI Singapore Exchange ETS	06/29/16	36		(809,832	)		(2,004	)
MSCI Taiwan Index	06/29/16	36		(1,101,000	)		(21,480	)
MXN Futures	06/13/16	159		(4,343,140	)		46,960
Natural Gas Futures	06/28/16	320		(7,150,490	)		(171,110	)
Natural Gas Futures	07/27/16	36		(813,110	)		(44,770	)
Natural Gas Futures	08/29/16	26		(599,480	)		(34,400	)
Natural Gas Futures	09/28/16	6		(144,050	)		(7,690	)
Nikkei 225 (Osaka Securities Exchange)	06/09/16	98		(14,544,182	)		(704,294	)
NZD Futures	06/13/16	3		(199,206	)		(3,264	)
NZD/JPY Futures	06/13/16	26		(3,502,795	)		(1,282	)
Palladium Futures	09/28/16	10		(539,200	)		(8,150	)
Red Wheat Futures (Minneapolis Grain Exchange)	09/14/16	2		(53,112	)		262
S&P/TSX 60 IX Futures	06/16/16	54		(6,714,174	)		(37,525	)
Topix Indx Futures	06/09/16	5		(578,444	)		(43,311	)
U.S. Treasury 10-Year Notes (Chicago Board of Trade)	09/21/16	429		(55,526,000	)		(109,938	)
U.S. Treasury 2-Year Notes (Chicago Board of Trade)	09/30/16	10		(2,180,641	)		1,578
Wheat (Chicago Board of Trade)	07/14/16	190		(4,468,262	)		55,512
Wheat (Chicago Board of Trade)	09/14/16	30		(716,038	)		2,788
Wheat (Chicago Board of Trade)	12/14/16	19		(467,212	)		(1,612	)
			$	(2,311,340,076	)	$	(1,949,760	)
Total Futures Contracts			$	(141,955,125	)	$	510,816

Forward foreign currency contracts outstanding as of May 31, 2016 were as follows:

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION	COUNTERPARTY	UNREALIZED APPRECIATION (DEPRECIATION)
AUD	1,132,382	USD	820,005	06/02/16	BOA	$	(1,574	)
AUD	11,149,639	USD	8,389,772	06/15/16	BOA		(335,555	)
AUD	28,853,000	USD	21,562,736	06/17/16	BOA		(721,735	)
AUD	25,200,000	USD	18,234,493	06/22/16	BOA		(35,774	)
BRL	9,642,125	USD	2,632,782	06/15/16	BOA		24,713
CAD	105,271	USD	80,372	06/01/16	BOA		(95	)
CAD	5,777,775	USD	4,468,638	06/15/16	BOA		(62,706	)
CAD	27,085,152	USD	20,528,406	06/17/16	BOA		125,762
CAD	19,204,736	USD	14,750,000	06/22/16	BOA		(105,212	)
CHF	17,137,539	USD	17,880,222	06/17/16	BOA		(626,469	)
CHF	6,092,000	USD	6,173,152	06/27/16	BOA		(36,815	)
CLP	41,791,319	USD	62,356	06/15/16	BOA		(2,114	)
CZK	32,434,234	USD	1,366,055	06/15/16	BOA		(30,001	)
EUR	12,560,000	JPY	1,547,682,820	06/17/16	BOA		(446,192	)

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

6

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2016

(UNAUDITED)

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION	COUNTERPARTY	UNREALIZED APPRECIATION (DEPRECIATION)
EUR	4,106,000	JPY	506,829,171	06/27/16	BOA	$	(8,482	)
EUR	638,040	USD	710,365	06/02/16	BOA		(454	)
EUR	8,469,396	USD	9,572,305	06/15/16	BOA		(144,105	)
GBP	1,980,000	JPY	315,766,765	06/17/16	BOA		(155,859	)
GBP	123,978	USD	180,273	06/02/16	BOA		(709	)
GBP	5,329,929	USD	7,696,479	06/15/16	BOA		23,957
GBP	4,660,000	USD	6,852,414	06/27/16	BOA		(101,709	)
HUF	382,053,345	USD	1,389,510	06/15/16	BOA		(34,140	)
INR	427,752,840	USD	6,353,541	06/15/16	BOA		(11,734	)
JPY	3,242,222,815	EUR	6,190,000	06/17/16	BOA		2,008
JPY	373,065,673	EUR	3,033,000	06/27/16	BOA		(5,634	)
JPY	1,745,812,285	GBP	2,575,000	06/17/16	BOA		18,392
JPY	60,105,140	USD	541,732	06/02/16	BOA		1,052
JPY	1,163,864,060	USD	10,454,945	06/15/16	BOA		60,778
KRW	1,754,463,227	USD	1,502,520	06/15/16	BOA		(30,810	)
MXN	25,234,675	USD	1,424,524	06/15/16	BOA		(59,412	)
MXN	27,083,000	USD	1,518,758	06/17/16	BOA		(54,007	)
MYR	2,159,383	USD	536,860	06/15/16	BOA		(14,390	)
NOK	1,273,360	USD	152,188	06/02/16	BOA		25
NOK	24,208,406	USD	2,909,068	06/15/16	BOA		(15,372	)
NOK	6,551,941	USD	785,000	06/17/16	BOA		(1,833	)
NOK	52,246,637	USD	6,300,000	06/22/16	BOA		(54,944	)
NZD	371,061	USD	250,798	06/02/16	BOA		261
NZD	17,167,307	USD	11,635,160	06/15/16	BOA		(27,935	)
NZD	16,078,000	USD	10,902,419	06/17/16	BOA		(32,876	)
NZD	40,400,000	USD	27,286,320	06/22/16	BOA		18,742
PLN	8,570,929	USD	2,243,199	06/15/16	BOA		(70,593	)
SEK	890,809	USD	107,089	06/02/16	BOA		(294	)
SEK	40,600,787	USD	4,961,631	06/15/16	BOA		(91,371	)
SGD	1,706,383	USD	1,259,913	06/15/16	BOA		(21,084	)
SGD	2,276,000	USD	1,652,566	06/27/16	BOA		(547	)
TRY	16,232,783	USD	5,523,143	06/15/16	BOA		(43,333	)
TWD	34,010,397	USD	1,043,215	06/15/16	BOA		(53	)
USD	818,788	AUD	1,132,382	06/02/16	BOA		356
USD	5,738,243	AUD	7,971,000	06/08/16	BOA		(21,426	)
USD	7,322,205	AUD	9,792,948	06/15/16	BOA		248,027
USD	21,859,127	AUD	29,973,000	06/17/16	BOA		209,132
USD	2,955,514	BRL	11,141,515	06/15/16	BOA		(115,231	)
USD	80,628	CAD	105,271	06/01/16	BOA		351
USD	7,571,545	CAD	9,936,295	06/15/16	BOA		(5,529	)
USD	16,985,709	CAD	22,221,813	06/17/16	BOA		40,150
USD	32,893,920	CHF	32,228,868	06/17/16	BOA		446,500
USD	8,188,465	CHF	8,105,000	06/27/16	BOA		24,478
USD	95,249	CLP	65,819,014	06/15/16	BOA		371
USD	1,396,849	CZK	33,564,587	06/15/16	BOA		14,234
USD	800,000	DKK	5,318,637	06/17/16	BOA		3,902
USD	710,119	EUR	638,040	06/02/16	BOA		207
USD	11,228,548	EUR	9,948,477	06/15/16	BOA		153,824
USD	75,493,189	EUR	67,522,000	06/17/16	BOA		321,298

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

7

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2016

(UNAUDITED)

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION	COUNTERPARTY	UNREALIZED APPRECIATION (DEPRECIATION)
USD	23,257,039	EUR	20,700,000	06/22/16	BOA	$	207,347
USD	6,666,589	EUR	5,977,000	06/27/16	BOA		9,833
USD	181,280	GBP	123,978	06/02/16	BOA		1,716
USD	7,795,631	GBP	5,495,451	06/15/16	BOA		(164,564	)
USD	54,978,352	GBP	38,053,000	06/17/16	BOA		(142,565	)
USD	3,486,474	GBP	2,400,000	06/22/16	BOA		9,859
USD	8,157,307	GBP	5,608,000	06/27/16	BOA		33,283
USD	1,605,964	HUF	447,733,037	06/15/16	BOA		17,590
USD	9,361,548	INR	634,827,134	06/15/16	BOA		(50,315	)
USD	540,762	JPY	60,105,140	06/02/16	BOA		(2,021	)
USD	8,229,668	JPY	902,403,833	06/15/16	BOA		76,285
USD	18,647,007	JPY	2,039,430,450	06/17/16	BOA		218,934
USD	24,250,000	JPY	2,661,885,991	06/22/16	BOA		192,763
USD	3,986,000	KRW	4,697,703,489	06/13/16	BOA		45,223
USD	2,391,951	KRW	2,848,079,743	06/15/16	BOA		2,873
USD	3,521,788	MXN	63,676,537	06/15/16	BOA		77,099
USD	7,636,576	MXN	136,587,000	06/17/16	BOA		249,438
USD	653,073	MYR	2,634,897	06/15/16	BOA		15,550
USD	152,236	NOK	1,273,360	06/02/16	BOA		22
USD	2,877,409	NOK	23,999,288	06/15/16	BOA		8,709
USD	249,235	NZD	371,061	06/02/16	BOA		(1,824	)
USD	4,612,069	NZD	6,805,359	06/15/16	BOA		10,804
USD	8,126,140	NZD	12,074,000	06/17/16	BOA		(36,496	)
USD	4,129,673	PLN	16,052,075	06/15/16	BOA		60,704
USD	106,861	SEK	890,810	06/02/16	BOA		66
USD	13,105,922	SEK	109,158,702	06/15/16	BOA		11,808
USD	715,000	SEK	5,953,120	06/17/16	BOA		830
USD	29,600,000	SEK	245,409,506	06/22/16	BOA		152,673
USD	7,972,000	SGD	11,003,002	06/08/16	BOA		(17,134	)
USD	1,182,552	SGD	1,612,822	06/15/16	BOA		11,649
USD	1,649,055	SGD	2,276,000	06/27/16	BOA		(2,963	)
USD	6,518,023	TRY	19,348,758	06/15/16	BOA		(13,669	)
USD	3,986,000	TWD	130,268,427	06/13/16	BOA		(9,399	)
USD	1,107,282	TWD	35,987,842	06/15/16	BOA		3,468
USD	3,620,593	ZAR	56,849,642	06/15/16	BOA		13,714
ZAR	31,354,954	USD	2,053,305	06/15/16	BOA		(63,960	)
Total Forward Foreign Currency Contracts						$	(862,258	)

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

8

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2016

(UNAUDITED)

	NUMBER OF CONTRACTS		VALUE
PURCHASED OPTIONS — 0.3%
CALL OPTIONS PURCHASED—0.1%
USD CNH Currency Futures Expires 08/22/16 Strike Price 6.77		62,119,000	$	287,611
USD CNH Currency Futures Expires 08/22/16 Strike Price 6.77		22,639,000		104,819
USD CNH Currency Futures Expires 08/22/16 Strike Price 7.09		10,343,000		14,315
TOTAL CALL OPTIONS PURCHASED (Cost $ 1,618,202)				406,745
PUT OPTIONS PURCHASED—0.2%
EUR Foreign Exchange Currency Futures Expires 06/03/16 Strike Price 1.12		293		347,937
Gold 100-oz Futures Expires 06/27/16 Strike Price 170		266		95,760
IMM Eurodollar Futures Expires 06/19/17 Strike Price 98.75		2,381		773,825
U.S. 10-Year Treasury Bond Futures Expires 06/24/16 Strike Price 127		1,328		62,250
TOTAL PUT OPTIONS PURCHASED (Cost $ 1,365,665)				1,279,772
TOTAL PURCHASED OPTIONS — 0.3% (Cost $ 2,983,867)				1,686,517

	NUMBER OF CONTRACTS		VALUE
WRITTEN OPTIONS — 0.0%
CALL OPTIONS WRITTEN—0.0%
USD CNH Currency Futures Expires 08/22/16 Strike Price 7.09		62,119,000	$	(85,973	)
USD CNH Currency Futures Expires 08/22/16 Strike Price 7.09		22,639,000		(31,332	)
USD CNH Currency Futures Expires 08/22/16 Strike Price 6.77		10,343,000		(47,888	)
TOTAL CALL OPTIONS WRITTEN (Premiums Received $ 1,038,284)				(165,193	)
PUT OPTIONS WRITTEN—0.0%
U.S. 10-Year Treasury Bond Futures Expires 06/24/16 Strike Price 126		1,328		(20,750	)
TOTAL PUT OPTIONS WRITTEN (Premiums Received $ 95,453)				(20,750	)
TOTAL WRITTEN OPTIONS — 0.0% (Premiums Received $ 1,133,737)				(185,943	)

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

9

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONCLUDED)

MAY 31, 2016

(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
CBOT	Chicago Board of Trade	MYR	Malaysian Ringgit
CHF	Swiss Franc	NOK	Norwegian Krone
CLP	Chilean Peso	NZD	New Zealand Dollar
CNH	Chinese Renminbi	PLN	Polish Zloty
CZK	Czech Koruna	RBOB	Reformulated Blendstock for Oxygenate Blending
DAX	Deutscher Aktienindex	SEK	Swedish Krona
DJIA	Doe Jones Industrial Average	SGD	Singapore Dollar
DKK	Danish Krone	SGX	Singapore Exchange
EUR	Euro	TRY	Turkish Lira
FTSE	Financial Times Stock Exchange	TSX	Toronto Stock Exchange
GBP	British Pound	TWD	Taiwan Dollar
HUF	Hungarian Forint	USD	United States Dollar
IBEX	Index of the Bolsa de Madrid	WTI	West Texas Intermediate
IMM	International Monetary Market	ZAR	South African Rand

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

10

ABBEY CAPITAL FUTURES STRATEGY FUND

NOTES TO PORTOFOLIO OF INVESTMENTS

MAY 31, 2016

(UNAUDITED)

CONSOLIDATION OF SUBSIDIARY — The Abbey Capital Futures Strategy Fund (the “Fund”) seeks to achieve its investment objective by allocating its assets between a “Managed Futures” strategy and a “Fixed Income” strategy. The Managed Futures strategy will be achieved by the Fund investing up to 25% of its total assets in Abbey Capital Offshore Fund Limited, a wholly-owned and controlled subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). The consolidated financial statements of the Fund include the Subsidiary. The Fund consolidates the results of subsidiaries in which the Fund holds a controlling economic interest (greater than 50%). All inter-company accounts and transactions have been eliminated. As of May 31, 2016, the net assets of the Subsidiary were $133,293,315, which represented 20.81% 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.

11

ABBEY CAPITAL FUTURES STRATEGY FUND

NOTES TO PORTOFOLIO OF INVESTMENTS

MAY 31, 2016

(UNAUDITED) (CONTINUED)

The following is a summary of inputs used, as of May 31, 2016, in valuing the Fund’s investments carried at fair value.

	TOTAL FAIR VALUE AT MAY 31, 2016			LEVEL 1 QUOTED PRICE			LEVEL 2 SIGNIFICANT OBSERVABLE INPUTS			LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS
Short-Term Investments	$	540,453,554		$	540,453,554		$	—		$—
Commodity Contracts
Futures		3,915,290			3,915,290			—		—
Purchased Options		95,760			95,760			—		—
Equity Contracts
Futures		2,302,645			2,302,645			—		—
Foreign Exchange Contracts
Forward Foreign Currency Contracts		3,170,760			—			3,170,760		—
Futures		600,896			600,896			—		—
Purchased Options		754,682			467,071			287,611		—
Interest Rate Contracts
Futures		2,702,941			2,702,941			—		—
Purchased Options		836,075			836,075			—		—
Total Assets	$	554,832,603		$	551,374,232		$	3,458,371		$—
	TOTAL FAIR VALUE AT MAY 31, 2016			LEVEL 1 QUOTED PRICE			LEVEL 2 SIGNIFICANT OBSERVABLE INPUTS			LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS
Commodity Contracts
Futures	$	(6,079,214	)	$	(6,079,214	)	$	—		$—
Equity Contracts
Futures		(1,242,835	)		(1,242,835	)		—		—
Foreign Exchange Contracts
Forward Foreign Currency Contracts		(4,033,018	)		—			(4,033,018	)	—
Futures		(459,580	)		(459,580	)		—		—
Written Options		(165,193	)		(79,220	)		(85,973	)	—
Interest Rate Contracts
Futures		(1,229,327	)		(1,229,327	)		—		—
Written Options		(20,750	)		(20,750	)		—		—
Total Liabilities	$	(13,229,917	)	$	(9,110,926	)	$	(4,118,991	)	$—

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.

12

ABBEY CAPITAL FUTURES STRATEGY FUND

NOTES TO PORTOFOLIO OF INVESTMENTS

MAY 31, 2016

(UNAUDITED) (CONTINUED)

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

For the period ended May 31, 2016, the Fund had no transfers between Levels 1, 2 and 3.

DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The following table lists the fair values of the Fund’s derivative holdings as of May 31, 2016 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	$		—		$		836,075		$		754,682		$		95,760		$		1,686,517
Forward Contracts			—				—				3,170,760				—				3,170,760
Futures Contracts			2,302,645				2,702,941				600,896				3,915,290				9,521,772
Total Value - Assets	$		2,302,645		$		3,539,016		$		4,526,338		$		4,011,050		$		14,379,049
			Liability Derivatives
Written Options	$		—		$		(20,750	)	$		(165,193	)	$		—		$		(185,943)
Forward Contracts			—				—				(4,033,018	)			—				(4,033,018)
Futures Contracts			(1,242,835	)			(1,229,327	)			(459,580	)			(6,079,214	)			(9,010,956)
Total Value - Liabilities	$		(1,242,835	)	$		(1,250,077	)	$		(4,657,791	)	$		(6,079,214	)	$		(13,229,917)

For the period ended May 31, 2016, 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)
$2,692,542	$(550,640)	$1,620,550,479	$(1,169,258,995)	$(626,270,826)	$626,546,347

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

OPTIONS WRITTEN — The Fund is subject to equity and other risk exposure in the normal course of pursuing its investment objectives and may enter into options written to hedge against changes in interest rates, foreign exchange

13

ABBEY CAPITAL FUTURES STRATEGY FUND

NOTES TO PORTOFOLIO OF INVESTMENTS

MAY 31, 2016

(UNAUDITED) (CONTINUED)

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

The Fund had transactions in options written during the period ended May 31, 2016 as follows:

	NUMBER OF CONTRACTS			PREMIUMS RECEIVED
Options outstanding at August 31, 2015		95,153,327		$	1,131,083
Options written		129,180,064			4,395,950
Options closed		(27,865,019	)		(3,263,195	)
Options expired		(101,366,044	)		(1,130,101	)
Options outstanding at May 31, 2016		95,102,328		$	1,133,737

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

FORWARD FOREIGN CURRENCY CONTRACTS — In the normal course of pursuing their investment objectives, the Fund is subject to foreign investment and currency risk. The Fund may enter into forward foreign currency contracts

14

ABBEY CAPITAL FUTURES STRATEGY FUND

NOTES TO PORTOFOLIO OF INVESTMENTS

MAY 31, 2016

(UNAUDITED) (CONCLUDED)

(“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.

15

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments

May 31, 2016

(Unaudited)

	Number of Shares		Value
COMMON STOCKS - 96.0%
Advertising — 0.0%
Xcel Brands, Inc.*		16,178	$	97,068
Aerospace/Defense — 1.6%
Aerojet Rocketdyne Holdings, Inc.*		21,515		370,919
Aerovironment, Inc.*		8,330		239,987
Cubic Corp.		18,362		749,170
Curtiss-Wright Corp.		2,004		166,773
HEICO Corp.		7,150		475,832
Kaman Corp.		2,787		119,033
KLX, Inc.*		27,164		893,424
Moog, Inc., Class A*		1,762		95,025
National Presto Industries, Inc.		728		65,083
Orbital ATK, Inc.		1,778		154,739
				3,329,985
Agriculture — 0.1%
Andersons, Inc., (The)		3,403		121,759
Universal Corp.		1,451		79,370
				201,129
Airlines — 0.5%
Allegiant Travel Co.		3,050		424,011
Controladora Vuela Cia de Aviacion SAB de CV, ADR (Mexico)*		5,936		114,624
Hawaiian Holdings, Inc.*		2,251		91,075
SkyWest, Inc.		22,277		525,737
				1,155,447
Apparel — 0.7%
Crocs, Inc.*		5,596		55,065
Iconix Brand Group, Inc.*		4,844		37,347
Oxford Industries, Inc.		1,003		63,560
Perry Ellis International, Inc.*		1,781		34,480
Rocky Brands, Inc.		34,000		387,600
Sequential Brands Group, Inc.*		12,915		104,095
Skechers U.S.A., Inc., Class A*		6,336		197,493
Steven Madden Ltd.*		3,222		110,547
Superior Uniform Group, Inc.		17,022		301,289
Unifi, Inc.*		1,604		40,309
Wolverine World Wide, Inc.		4,497		81,890
				1,413,675
Auto Manufacturers — 0.1%
Wabash National Corp.*		13,991		198,392
Auto Parts & Equipment — 1.0%
Gentherm, Inc.*		2,033		74,367
Motorcar Parts of America, Inc.*		31,506		943,920
Spartan Motors, Inc.		91,560		585,984
Superior Industries International, Inc.		2,929		79,493

	Number of Shares		Value
Auto Parts & Equipment — (Continued)
Unique Fabricating, Inc.		33,154	$	449,237
				2,133,001
Banks — 6.6%
1st Source Corp.		9,059		307,013
American River Bankshares*		51,230		555,846
Atlantic Capital Bancshares, Inc.*		29,792		423,642
Bank of Commerce Holdings		75,720		476,279
Bank of the Ozarks, Inc.		5,189		201,904
BankUnited, Inc.		11,983		396,637
Banner Corp.		1,722		76,612
BB&T Corp.		1		19
BBCN Bancorp, Inc.		8,040		130,730
Boston Private Financial Holdings, Inc.		14,098		177,494
Cardinal Financial Corp.		4,668		105,964
CB Financial Services, Inc.		7,770		170,940
Central Pacific Financial Corp.		3,233		77,495
City Holding Co.		4,208		206,865
CoBiz Financial, Inc.		19,947		252,330
Community Bank System, Inc.		1,997		82,356
CU Bancorp*		12,021		277,685
CVB Financial Corp.		8,715		152,948
Farmers National Banc Corp.		42,260		399,780
FCB Financial Holdings, Inc., Class A*		13,396		495,250
First BanCorp (Puerto Rico)*		46,257		194,742
First Citizens BancShares, Inc., Class A		899		232,895
First Commonwealth Financial Corp.		11,374		106,802
First Financial Bancorp		7,350		145,310
First Financial Bankshares, Inc.		6,581		220,529
First NBC Bank Holding Co.*		3,196		59,669
Glacier Bancorp, Inc.		3,879		106,052
Home BancShares, Inc.		5,717		251,262
Horizon Bancorp		19,230		474,981
Independent Bank Corp. Rockland MA		1,226		60,430
Live Oak Bancshares, Inc.		12,834		207,141
MB Financial, Inc.		6,569		237,469
MidSouth Bancorp, Inc.		46,750		484,798
Northrim BanCorp, Inc.		12,280		326,034
OFG Bancorp (Puerto Rico)		9,765		89,252
Orrstown Financial Services, Inc.		23,590		444,554
Pacific Continental Corp.		34,950		579,820
Pacific Mercantile Bancorp*		80,200		581,450
Park Sterling Corp.		92,020		685,549

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

1

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2016

(Unaudited)

	Number of Shares		Value
Banks — (Continued)
People’s Utah Bancorp		29,050	$	498,208
Premier Financial Bancorp, Inc.		36,100		585,181
PrivateBancorp, Inc.		2,852		126,486
S&T Bancorp, Inc.		1,326		34,304
Southside Bancshares, Inc.		4,403		129,834
Suffolk Bancorp		11,840		299,434
Texas Capital Bancshares, Inc.*		1,816		93,052
Tompkins Financial Corp.		1,660		110,456
TrustCo Bank Corp. NY		19,058		125,211
UMB Financial Corp.		3,746		215,582
United Bankshares, Inc.		5,281		210,237
United Community Banks, Inc.		3,164		63,691
Webster Financial Corp.		5,268		206,295
Westamerica Bancorporation		1,711		83,240
Western Alliance Bancorp*		11,766		443,578
Wilshire Bancorp, Inc.		9,430		107,785
				13,789,102
Beverages — 0.8%
DavidsTea, Inc. (Canada)*		24,763		292,451
Farmer Brothers Co.*		21,549		608,759
Primo Water Corp.*		58,321		661,943
Reed’s, Inc.*		53,398		178,349
				1,741,502
Biotechnology — 3.1%
Acorda Therapeutics, Inc.*		2,678		76,189
Alder Biopharmaceuticals, Inc.*		5,868		176,451
ANI Pharmaceuticals, Inc.*		2,019		109,329
Blueprint Medicines Corp.*		15,628		296,776
Cambrex Corp.*		1,323		64,708
Celator Pharmaceuticals, Inc.*		23,636		710,971
ChromaDex Corp.*		7,325		38,237
Dynavax Technologies Corp.*		7,302		121,140
Emergent BioSolutions, Inc.*		2,245		98,511
Exelixis, Inc.*		49,331		320,158
Five Prime Therapeutics, Inc.*		9,607		439,232
KemPharm, Inc.*		8,122		57,585
Ligand Pharmaceuticals, Inc.*		1,187		141,953
Loxo Oncology, Inc.*		14,218		383,886
Medicines Co., (The)*		4,827		181,543
Momenta Pharmaceuticals, Inc.*		5,897		69,467
Myriad Genetics, Inc.*		11,070		375,162
NeoGenomics, Inc.*		210,899		1,891,764
Otonomy, Inc.*		11,422		167,789
Pacific Biosciences of California, Inc.*		16,585		159,879
Paratek Pharmaceuticals, Inc.*		8,807		142,409
Pfenex, Inc.*		21,603		150,357
Sage Therapeutics, Inc.*		4,832		159,021

	Number of Shares		Value
Biotechnology — (Continued)
Second Sight Medical Products, Inc.*		21,064	$	82,150
Spectrum Pharmaceuticals, Inc.*		12,758		95,557
Sunesis Pharmaceuticals, Inc.*		73,727		36,864
				6,547,088
Building Materials — 2.0%
AAON, Inc.		2,382		65,362
Apogee Enterprises, Inc.		10,054		454,642
Aspen Aerogels, Inc.*		65,124		261,147
Drew Industries, Inc.		1,629		126,019
Gibraltar Industries, Inc.*		20,565		614,482
Griffon Corp.		4,619		77,830
Headwaters, Inc.*		4,288		81,429
LSI Industries, Inc.		14,118		157,416
Patrick Industries, Inc.*		18,759		1,002,293
PGT, Inc.*		13,787		147,797
Ply Gem Holdings, Inc.*		14,161		212,981
Quanex Building Products Corp.		3,053		60,816
Simpson Manufacturing Co., Inc.		2,069		81,870
Summit Materials, Inc., Class A*		16,792		365,226
Trex Co., Inc.*		1,373		62,018
Universal Forest Products, Inc.		2,701		226,722
US Concrete, Inc.*		4,698		301,330
				4,299,380
Chemicals — 1.5%
A Schulman, Inc.		3,625		91,749
American Vanguard Corp.		5,818		76,216
Balchem Corp.		1,142		68,463
Calgon Carbon Corp.		3,952		58,806
Chemours Co., (The)		13,402		116,731
Codexis, Inc.*		69,438		263,864
Hawkins, Inc.		7,480		291,870
HB Fuller Co.		4,743		216,565
Innophos Holdings, Inc.		2,039		78,175
Innospec, Inc.		1,341		65,119
KMG Chemicals, Inc.		18,500		397,380
Koppers Holdings, Inc.*		2,012		50,924
Kraton Performance Polymers, Inc.*		2,728		74,174
Landec Corp.*		87,049		1,008,027
Rayonier Advanced Materials, Inc.		6,815		88,322
Stepan Co.		2,701		155,821
				3,102,206
Commercial Services — 7.6%
ABM Industries, Inc.		3,179		108,626
Albany Molecular Research, Inc.*		3,609		52,403
American Public Education, Inc.*		2,385		67,400

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

2

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2016

(Unaudited)

	Number   of Shares		Value
Commercial Services — (Continued)
AMN Healthcare Services, Inc.*		24,333	$	908,594
ARC Document Solutions, Inc.*		102,400		434,176
AstroNova, Inc.		18,890		271,072
Barrett Business Services, Inc.		20,470		764,759
BG Staffing, Inc.		23,250		329,685
Booz Allen Hamilton Holding Corp.		12,969		379,603
Bright Horizons Family Solutions, Inc.*		5,466		354,142
Brink’s Co., (The)		4,054		118,174
Capella Education Co.		1,954		102,526
Cardtronics, Inc.*		1,985		77,991
CorVel Corp.*		1,091		52,521
Cotiviti Holdings, Inc.*		10,079		184,043
CRA International, Inc.*		25,680		605,021
Cross Country Healthcare, Inc.*		14,728		200,595
Electro Rent Corp.		37,310		488,761
ExamWorks Group, Inc.*		4,429		154,616
Global Payments, Inc.		1		70
Green Dot Corp., Class A*		4,948		109,153
Hackett Group, Inc., (The)		35,249		515,340
Healthcare Services Group, Inc.		12,881		502,359
HealthEquity, Inc.*		1,801		46,484
HMS Holdings Corp.*		20,239		334,449
ICF International, Inc.*		9,277		378,316
Insperity, Inc.		10,913		785,409
Kelly Services, Inc., Class A		28,112		557,180
Korn Ferry International		14,830		427,846
Landauer, Inc.		693		27,464
LendingTree, Inc.*		3,297		274,475
MarketAxess Holdings, Inc.		5,927		829,424
Matthews International Corp., Class A		1,608		88,231
Medifast, Inc.		17,440		556,510
Monro Muffler Brake, Inc.		1,672		105,252
Navigant Consulting, Inc.*		3,071		48,921
Nord Anglia Education, Inc. (Cayman Islands)*		18,125		402,738
Nutrisystem, Inc.		15,677		425,474
On Assignment, Inc.*		3,035		114,328
PAREXEL International Corp.*		2,105		132,383
PFSweb, Inc.*		59,585		743,323
Rent-A-Center, Inc., Class A		5,965		78,559
ServiceSource International, Inc.*		95,527		355,360
SP Plus Corp.*		38,864		867,444
Strayer Education, Inc.*		1,382		66,571
TriNet Group, Inc.*		36,500		735,475
Viad Corp.		22,687		721,673

	Number   of Shares		Value
Commercial Services — (Continued)
Weight Watchers International, Inc.*		7,515	$	113,927
				15,998,846
Computers — 4.7%
Brocade Communications
Systems, Inc.		4,279		38,765
CACI International, Inc., Class A*		1,145		115,382
Computer Services, Inc.		16,069		594,553
CSRA, Inc.		7,773		192,537
Datalink Corp.*		93,230		752,366
Digimarc Corp.*		10,621		293,777
Electronics For Imaging, Inc.*		10,593		464,291
Engility Holdings, Inc.*		2,262		53,225
ExlService Holdings, Inc.*		15,319		793,524
Globant S.A. (Luxembourg)*		18,004		722,681
Icad, Inc.*		71,137		431,802
Insight Enterprises, Inc.*		2,176		59,057
Leidos Holdings, Inc.		7,945		392,483
LivePerson, Inc.*		7,116		49,670
Manhattan Associates, Inc.*		9,897		652,509
MAXIMUS, Inc.		1,853		106,825
Maxwell Technologies, Inc.*		29,956		159,665
Mercury Systems, Inc.*		45,250		961,563
Mitek Systems, Inc.*		99,042		900,292
MTS Systems Corp.		1,224		58,507
Quantum Corp.*		518,070		197,747
Radisys Corp.*		201,540		896,853
Super Micro Computer, Inc.*		3,359		88,140
Sykes Enterprises, Inc.*		1,995		59,491
TeleTech Holdings, Inc.		3,501		95,577
USA Technologies, Inc.*		15,628		68,763
Vocera Communications, Inc.*		43,246		499,491
Xplore Technologies Corp.*		61,112		194,947
				9,894,483
Cosmetics/Personal Care — 0.0%
Inter Parfums, Inc.		2,289		66,930
Distribution/Wholesale — 0.4%
Beacon Roofing Supply, Inc.*		8,547		368,803
Pool Corp.		2,106		192,846
ScanSource, Inc.*		1,959		75,186
SiteOne Landscape Supply, Inc.*		6,122		172,212
				809,047
Diversified Financial Services — 2.6%
Blackhawk Network Holdings, Inc.*		35,088		1,207,729
Encore Capital Group, Inc.*		2,368		63,676
Enova International, Inc.*		14,782		107,613

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

3

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2016

(Unaudited)

	Number   of Shares		Value
Diversified Financial Services — (Continued)
Evercore Partners, Inc., Class A		8,670	$	450,840
Financial Engines, Inc.		2,244		62,024
FNFV Group*		127,843		1,536,673
Hennessy Advisors, Inc.		15,299		508,845
Interactive Brokers Group, Inc., Class A		3,063		123,071
Investment Tech. Group, Inc.		3,420		63,065
PRA Group, Inc.*		2,490		68,500
Silvercrest Asset Management Group, Inc., Class A		20,822		255,070
WageWorks, Inc.*		11,621		651,357
Westwood Holdings Group, Inc.		5,337		305,917
World Acceptance Corp.*		1,659		72,465
				5,476,845
Electric — 0.2%
ALLETE, Inc.		4,232		244,356
Avista Corp.		1,395		56,107
El Paso Electric Co.		1,366		61,006
				361,469
Electrical Components & Equipment — 0.8%
Advanced Energy Industries, Inc.*		2,466		94,127
Encore Wire Corp.		1,956		76,264
EnerSys		3,171		190,641
Insteel Industries, Inc.		17,256		478,336
Littelfuse, Inc.		1,079		123,578
Powell Industries, Inc.		9,099		323,924
Research Frontiers, Inc.*		53,359		217,171
SPX Corp.		4,521		74,913
Universal Display Corp.*		3,081		206,889
				1,785,843
Electronics — 2.1%
Brady Corp., Class A		2,928		93,081
Coherent, Inc.*		1,014		95,945
ESCO Technologies, Inc.		1,920		77,318
FARO Technologies, Inc.*		2,255		79,804
FLIR Systems, Inc.		11,108		346,014
II-VI, Inc.*		3,812		77,689
IMAX Corp. (Canada)*		14,756		491,965
Itron, Inc.*		4,655		205,053
Ituran Location and Control Ltd. (Israel)		22,201		484,870
Methode Electronics, Inc.		1,987		58,636
Napco Security Technologies, Inc.*		51,481		338,745
Orbotech Ltd. (Israel)*		15,185		423,510
Plexus Corp.*		2,641		115,993
Rogers Corp.*		1,868		124,166
Sanmina Corp.*		6,648		178,100

	Number   of Shares		Value
Electronics — (Continued)
TASER International, Inc.*		15,538	$	347,585
Tech Data Corp.*		4,830		365,003
TTM Technologies, Inc.*		8,548		66,931
ZAGG, Inc.*		83,810		405,640
				4,376,048
Energy-Alternate Sources — 0.2%
Green Plains, Inc.		3,277		60,821
REX American Resources Corp.*		6,135		358,407
				419,228
Engineering & Construction — 1.6%
Aegion Corp.*		5,582		111,584
Argan, Inc.		11,630		403,561
Comfort Systems USA, Inc.		20,625		660,000
Dycom Industries, Inc.*		2,682		227,675
EMCOR Group, Inc.		4,741		225,435
Exponent, Inc.		1,390		74,935
MasTec, Inc.*		16,971		390,333
MYR Group, Inc.*		3,312		80,117
NV5 Global, Inc.*		26,596		724,741
Sterling Construction Co., Inc.*		77,660		392,183
TopBuild Corp.*		2,707		97,831
				3,388,395
Entertainment — 1.2%
Dolby Laboratories, Inc., Class A		8,300		393,835
Gaming and Leisure Properties, Inc.		1		21
International Speedway Corp., Class A		28,578		945,360
Pinnacle Entertainment, Inc.*		3,069		34,557
Scientific Games Corp., Class A*		6,167		60,375
SeaWorld Entertainment, Inc.		56,969		994,679
				2,428,827
Environmental Control — 0.4%
Casella Waste Systems, Inc., Class A*		15,319		109,990
Tetra Tech, Inc.		3,198		97,859
US Ecology, Inc.		12,740		577,249
				785,098
Food — 1.5%
B&G Foods, Inc.		4,803		206,481
Blue Buffalo Pet Products, Inc.*		16,461		425,352
Calavo Growers, Inc.		7,096		401,705
Cal-Maine Foods, Inc.		1,158		51,531
Darling Ingredients, Inc.*		8,943		137,275
Ingles Markets, Inc., Class A		22,338		832,761
J&J Snack Foods Corp.		681		71,846
Lifeway Foods, Inc.*		31,140		294,896
Sanderson Farms, Inc.		1,371		122,992

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

4

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2016

(Unaudited)

	Number   of Shares		Value
Food — (Continued)
Snyder’s-Lance, Inc.		3,587	$	110,882
SpartanNash Co.		2,270		67,442
United Natural Foods, Inc.*		10,170		378,934
				3,102,097
Forest Products & Paper — 0.1%
Clearwater Paper Corp.*		1,300		81,393
Neenah Paper, Inc.		743		51,557
PH Glatfelter Co.		2,957		60,619
				193,569
Gas — 0.5%
New Jersey Resources Corp.		2,340		82,251
Northwest Natural Gas Co.		2,390		131,211
Piedmont Natural Gas Co., Inc.		5,397		324,144
South Jersey Industries, Inc.		4,502		130,063
Southwest Gas Corp.		1,612		111,921
Spire, Inc.		5,337		339,326
				1,118,916
Hand / Machine Tools — 0.3%
Franklin Electric Co., Inc.		1,615		53,909
Hardinge, Inc.		49,320		514,901
				568,810
Healthcare-Products — 4.3%
Abaxis, Inc.		1,761		81,041
ABIOMED, Inc.		1,897		188,391
Alpha Pro Tech Ltd.*		118,190		297,839
Analogic Corp.		998		81,836
Avinger, Inc.*		11,380		128,253
BioTelemetry, Inc.*		13,855		241,354
Cantel Medical Corp.		1,814		120,504
Cerus Corp.*		145,195		807,284
CryoLife, Inc.		13,593		156,999
Cynosure, Inc., Class A*		8,543		408,099
Digirad Corp.		63,955		321,054
Endologix, Inc.*		15,820		200,439
Glaukos Corp.*		12,559		305,812
ICU Medical, Inc.*		578		60,106
Inogen, Inc.*		4,909		234,356
Integra LifeSciences Holdings Corp.*		1,544		115,352
LDR Holding Corp.*		4,947		104,035
LeMaitre Vascular, Inc.		27,107		378,685
Luminex Corp.*		3,344		68,853
Masimo Corp.*		3,409		169,564
Meridian Bioscience, Inc.		4,835		94,186
Merit Medical Systems, Inc.*		17,091		320,798
NanoString Technologies, Inc.*		43,720		593,718
Nevro Corp.*		5,331		371,677
NuVasive, Inc.*		9,801		532,880

	Number   of Shares			Value
Healthcare-Products — (Continued)
Nuvectra Corp.*		—	^	$	3
Orthofix International N.V. (CW)*		4,151			183,599
Spectranetics Corp., (The)*		20,867			382,283
TransEnterix, Inc.*		28,525			52,201
Trinity Biotech, PLC, SP ADR (Ireland)*		29,640			342,638
Vascular Solutions, Inc.*		8,237			313,747
West Pharmaceutical Services, Inc.		10,563			793,070
Zeltiq Aesthetics, Inc.*		20,514			583,828
					9,034,484
Healthcare-Services — 2.1%
Air Methods Corp.*		18,728			634,317
Almost Family, Inc.*		11,070			462,837
Amedisys, Inc.*		10,248			521,316
American Renal Associates Holdings, Inc.*		10,223			286,142
Amsurg Corp.*		8,200			613,278
Chemed Corp.		621			80,985
Ensign Group, Inc., (The)		2,537			50,359
Kindred Healthcare, Inc.		5,768			68,466
LHC Group, Inc.*		12,441			522,522
Magellan Health, Inc.*		1,789			118,521
Natera, Inc.*		12,757			175,919
Providence Service Corp., (The)*		927			44,088
Psychemedics Corp.		22,388			311,417
Surgical Care Affiliates, Inc.*		8,255			369,576
US Physical Therapy, Inc.		3,765			217,504
					4,477,247
Holding Companies-Diversified — 0.1%
KLR Energy Acquisition Corp.*		13,432			135,663
Home Builders — 1.2%
Cavco Industries, Inc.*		6,379			633,562
Installed Building Products, Inc.*		18,994			634,969
LGI Homes, Inc.*		14,126			381,685
Meritage Homes Corp.*		1,223			44,627
PICO Holdings, Inc.*		50,178			464,648
UCP, Inc., Class A*		37,040			267,799
Winnebago Industries, Inc.		5,231			117,802
					2,545,092
Home Furnishings — 1.5%
American Woodmark Corp.*		10,791			871,481
DTS, Inc.*		1,353			34,975
Ethan Allen Interiors, Inc.		13,344			450,627
Hooker Furniture Corp.		10,752			260,091
iRobot Corp.*		968			37,268
La-Z-Boy, Inc.		2,225			58,918
Select Comfort Corp.*		2,991			67,058

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

5

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2016

(Unaudited)

	Number   of Shares		Value
Home Furnishings — (Continued)
Skullcandy, Inc.*		75,953	$	295,457
Tempur Sealy International, Inc.*		6,470		376,683
Universal Electronics, Inc.*		9,394		609,952
				3,062,510
Household Products / Wares — 0.6%
Acme United Corp.		16,512		298,207
SodaStream International Ltd. (Israel)*		31,070		644,081
Tumi Holdings, Inc.*		5,247		140,777
WD-40 Co.		995		110,813
				1,193,878
Housewares — 0.6%
Lifetime Brands, Inc.		40,260		586,991
Scotts Miracle-Gro Co., (The), Class A		5,570		387,115
Toro Co., (The)		2,674		238,815
				1,212,921
Information Technology — 0.3%
Inphi Corp.*		22,259		694,258
Insurance — 2.4%
Allied World Assurance Co. Holdings AG (Switzerland)		20,960		777,197
American Equity Investment Life Holding Co.		5,730		92,883
American National Insurance Co.		5,650		675,232
Atlas Financial Holdings, Inc. (Cayman Islands)*		17,151		308,546
Conifer Holdings, Inc.*		61,960		412,654
eHealth, Inc.*		18,644		257,660
Employers Holdings, Inc.		3,729		111,311
Horace Mann Educators Corp.		2,570		87,534
Infinity Property & Casualty Corp.		1,164		90,711
ProAssurance Corp.		2,565		134,637
RLI Corp.		1,478		97,711
Safety Insurance Group, Inc.		1,702		101,116
Selective Insurance Group, Inc.		3,866		143,622
Universal Insurance Holdings, Inc.		2,712		52,721
White Mountains Insurance Group Ltd. (Bermuda)		1,988		1,601,095
				4,944,630
Internet — 3.6%
8x8, Inc.*		60,378		771,027
Autobytel, Inc.*		17,599		252,194
Blue Nile, Inc.		1,475		38,896
Boingo Wireless, Inc.*		45,803		338,942
ePlus, Inc.*		8,558		749,082

	Number   of Shares		Value
Internet — (Continued)
FTD Cos, Inc.*		1,657	$	45,137
HealthStream, Inc.*		11,070		260,034
magicJack VocalTec Ltd. (Israel)*		89,650		536,107
Marketo, Inc.*		7,473		263,274
Match Group, Inc.*		41,774		584,836
NIC, Inc.		3,334		66,180
Q2 Holdings, Inc.*		7,466		186,501
Quotient Tech., Inc.*		63,212		705,446
Reis, Inc.		17,428		408,164
Rightside Group Ltd.*		23,261		210,512
RingCentral, Inc., Class A*		21,211		418,705
Shopify, Inc., Class A (Canada)*		13,428		393,306
Stamps.com, Inc.*		2,547		231,752
VASCO Data Security International, Inc.*		3,368		55,673
WebMD Health Corp.*		6,289		413,502
Zendesk, Inc.*		23,044		564,348
				7,493,618
Investment Companies — 0.6%
Acacia Research Corp.		102,780		530,345
Capital Southwest Corp.		27,931		387,403
PennantPark Floating Rate Capital Ltd.		32,797		393,892
				1,311,640
Iron / Steel — 0.1%
AK Steel Holding Corp.*		14,144		60,536
Cliffs Natural Resources, Inc.*		20,015		85,664
				146,200
Leisure Time — 0.6%
Arctic Cat, Inc.		22,536		355,618
Callaway Golf Co.		4,678		47,061
MCBC Holdings, Inc.		11,524		177,239
Nautilus, Inc.*		10,111		208,590
Planet Fitness, Inc., Class A*		26,230		468,468
				1,256,976
Lodging — 1.1%
Belmond Ltd., Class A (Bermuda)*		10,812		102,822
Boyd Gaming Corp.*		4,776		90,314
Interval Leisure Group, Inc.		7,200		103,392
La Quinta Holdings, Inc.*		49,330		586,040
Marcus Corp., (The)		19,503		378,358
Monarch Casino & Resort, Inc.*		19,659		415,198
Red Lion Hotels Corp.*		40,780		327,871
Red Rock Resorts, Inc., Class A*		18,870		384,759
				2,388,754

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

6

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2016

(Unaudited)

	Number   of Shares		Value
Machinery-Construction & Mining — 0.1%
Astec Industries, Inc.		5,899	$	314,653
Machinery-Diversified — 1.5%
Albany International Corp.		1,126		44,286
Applied Industrial Technologies, Inc.		1,045		47,234
Briggs & Stratton Corp.		4,802		107,181
Chart Industries, Inc.*		9,610		249,476
Columbus McKinnon Corp.		21,850		327,313
Hurco Cos, Inc.		15,770		508,267
Manitex International, Inc.*		69,230		484,610
NN, Inc.		38,709		644,892
SPX FLOW, Inc.*		10,543		315,974
Tennant Co.		1,232		66,158
Twin Disc, Inc.		40,640		390,144
				3,185,535
Media — 0.7%
Gannett Co., Inc.		9,737		152,092
Scholastic Corp.		1,251		48,852
Starz, Class A*		18,830		508,410
Tribune Media Co., Class A		19,837		798,439
				1,507,793
Metal Fabricate/Hardware — 0.8%
CIRCOR International, Inc.		889		49,820
Dynamic Materials Corp.		93,498		982,664
Lawson Products, Inc.*		4,691		90,489
Mueller Industries, Inc.		4,223		131,293
Northwest Pipe Co.*		43,620		405,666
TimkenSteel Corp.		6,106		54,710
				1,714,642
Mining — 0.8%
A-Mark Precious Metals, Inc.		22,692		362,618
Century Aluminum Co.*		22,999		148,574
Fairmount Santrol Holdings, Inc.*		29,606		159,280
Kaiser Aluminum Corp.		1,268		108,680
Materion Corp.		2,345		56,726
Stillwater Mining Co.*		8,970		90,776
United States Lime & Minerals, Inc.		5,566		297,725
US Silica Holdings, Inc.		13,438		383,386
				1,607,765
Miscellaneous Manufacturing — 1.3%
Actuant Corp., Class A		4,632		126,407
EnPro Industries, Inc.		2,498		126,324
Fabrinet (Cayman Islands)*		22,830		810,465
Harsco Corp.		14,378		94,607
Hexcel Corp.		8,220		358,967
Hillenbrand, Inc.		2,960		92,411
John Bean Technologies Corp.		2,493		151,275

	Number   of Shares		Value
Miscellaneous Manufacturing — (Continued)
LSB Industries, Inc.*		3,470	$	45,631
Lydall, Inc.*		19,610		742,435
Proto Labs, Inc.*		1,042		68,564
Sturm Ruger & Co., Inc.		1,620		107,293
				2,724,379
Office Furnishings — 0.2%
Interface, Inc.		5,654		95,892
Kimball International, Inc., Class B		25,481		298,128
				394,020
Oil & Gas — 2.4%
Atwood Oceanics, Inc.		28,400		303,028
Callon Petroleum Co.*		25,440		289,762
Carrizo Oil & Gas, Inc.*		3,151		121,314
Energen Corp.		4,220		200,956
Evolution Petroleum Corp.		82,461		460,957
Gran Tierra Energy, Inc.*		118,870		354,233
Gulfport Energy Corp.*		12,907		396,761
Murphy USA, Inc.*		11,999		815,812
Parsley Energy, Inc., Class A*		17,504		456,329
PBF Energy, Inc., Class A		14,270		376,300
PDC Energy, Inc.*		6,579		381,911
QEP Resources, Inc.		12,130		225,982
Ring Energy, Inc.*		22,048		178,368
RSP Permian, Inc.*		11,842		389,957
Unit Corp.*		4,358		60,881
				5,012,551
Oil & Gas Services — 0.9%
Dawson Geophysical Co.*		58,588		423,005
Flotek Industries, Inc.*		5,288		62,187
Helix Energy Solutions Group, Inc.*		42,013		336,524
Matrix Service Co.*		3,897		64,573
Natural Gas Services Group, Inc.*		31,151		631,431
PHI, Inc.*		6,007		102,720
Profire Energy, Inc.*		226,750		242,622
TETRA Technologies, Inc.*		13,636		74,589
				1,937,651
Packaging & Containers — 0.2%
AEP Industries, Inc.		6,570		394,266
KapStone Paper and Packaging Corp.		4,714		71,889
				466,155
Pharmaceuticals — 2.1%
Akorn, Inc.*		15,599		466,254
Anika Therapeutics, Inc.*		1,077		50,964
Depomed, Inc.*		2,979		60,861

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

7

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2016

(Unaudited)

	Number   of Shares		Value
Pharmaceuticals — (Continued)
Diplomat Pharmacy, Inc.*		1,589	$	51,770
Flexion Therapeutics, Inc.*		18,372		320,408
Foamix Pharmaceuticals Ltd. (Israel)*		33,899		247,124
Global Blood Therapeutics, Inc.*		7,992		191,169
Heska Corp.*		3,352		121,577
Impax Laboratories, Inc.*		3,480		118,842
Imprimis Pharmaceuticals, Inc.*		28,859		112,550
Intra-Cellular Therapies, Inc.*		5,032		194,738
Lannett Co., Inc.*		1,626		39,658
MyoKardia, Inc.*		15,184		187,674
Nektar Therapeutics*		7,708		119,012
Neogen Corp.*		1,733		85,558
Ophthotech Corp.*		7,882		423,263
PharMerica Corp.*		2,016		53,565
PRA Health Sciences, Inc.*		8,623		407,264
Prestige Brands Holdings, Inc.*		4,121		222,699
Revance Therapeutics, Inc.*		6,430		131,815
Sagent Pharmaceuticals, Inc.*		3,972		51,398
Sorrento Therapeutics, Inc.*		23,105		160,811
Supernus Pharmaceuticals, Inc.* .		16,350		318,989
uniQure N.V. (Netherlands)*		18,765		254,172
				4,392,135
Real Estate — 0.2%
Farmland Partners, Inc.		27,757		310,046
HFF, Inc., Class A		1,536		49,459
RMR Group, Inc., (The), Class A		94		2,796
				362,301
REITS — 1.8%
Acadia Realty Trust		3,764		127,600
Agree Realty Corp.		1,641		69,857
American Assets Trust, Inc.		1,089		43,571
CareTrust REIT, Inc.		3,664		49,061
Cedar Realty Trust, Inc.		15,667		106,379
CoreSite Realty Corp.		1,355		102,777
Cousins Properties, Inc.		17,427		187,166
EastGroup Properties, Inc.		2,590		165,838
GEO Group, Inc., (The)		27,262		906,734
Getty Realty Corp.		5,174		104,609
Government Properties Income Trust		6,612		129,595
Healthcare Realty Trust, Inc.		7,137		226,885
Kite Realty Group Trust		4,619		124,113
Lexington Realty Trust		12,112		114,458
LTC Properties, Inc.		3,774		175,944
Medical Properties Trust, Inc.		7,925		116,498
Parkway Properties, Inc. Md		5,402		94,265
Post Properties, Inc.		2,005		121,443
PS Business Parks, Inc.		1,242		122,623

	Number   of Shares		Value
REITS — (Continued)
Retail Opportunity Investments Corp.		3,666	$	74,127
Sabra Health Care REIT, Inc.		8,635		180,817
Sovran Self Storage, Inc.		1,313		142,159
Summit Hotel Properties, Inc.		6,963		81,467
Universal Health Realty Income Trust		3,063		163,871
Urstadt Biddle Properties, Inc., Class A		4,968		105,123
				3,836,980
Retail — 5.5%
Asbury Automotive Group, Inc.*		1,247		69,957
Barnes & Noble Education, Inc.*		3,876		36,822
Barnes & Noble, Inc.		8,365		97,285
Big 5 Sporting Goods Corp		62,080		520,230
Biglari Holdings, Inc.*		1,956		783,006
BJ’s Restaurants, Inc.*		1,180		52,864
Bloomin’ Brands, Inc.		36,060		686,943
BMC Stock Holdings, Inc.*		14,744		289,277
Bob Evans Farms, Inc.		2,128		94,930
Build-A-Bear Workshop, Inc., Class A*		44,710		618,786
Carrols Restaurant Group, Inc.*		20,383		247,042
Casey’s General Stores, Inc.		6,155		739,893
Children’s Place, Inc., (The)		1,027		72,383
Chuy’s Holdings, Inc.*		15,112		497,940
Cracker Barrel Old Country Store, Inc.		790		119,669
Del Taco Restaurants, Inc.*		27,899		260,577
Duluth Holdings, Inc., Class B*		11,240		297,860
EZCORP, Inc., Class A*		6,969		47,250
Finish Line, Inc., (The), Class A		5,591		101,365
First Cash Financial Services, Inc.		2,930		128,012
Five Below, Inc.*		3,696		154,715
Fred’s, Inc., Class A		3,725		54,683
Genesco, Inc.*		1,453		93,864
GMS, Inc.*		1,220		27,828
Good Times Restaurants, Inc.*		25,915		87,593
Gordmans Stores, Inc.*		146,790		251,011
Group 1 Automotive, Inc.		995		61,869
Habit Restaurants, Inc., (The), Class A*		15,314		273,967
Hibbett Sports, Inc.*		2,854		98,577
J Alexander’s Holdings, Inc.*		39,316		408,886
Kona Grill, Inc.*		33,852		426,874
Krispy Kreme Doughnuts, Inc.*		3,242		69,314
Lithia Motors, Inc., Class A		1,218		100,290

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

8

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2016

(Unaudited)

	Number   of Shares		Value
Retail — (Continued)
Lumber Liquidators Holdings, Inc.*		5,091	$	66,692
MarineMax, Inc.*		31,403		533,223
Movado Group, Inc.		1,906		39,111
Ollie’s Bargain Outlet Holdings, Inc.*		7,484		187,624
Outerwall, Inc.		1,472		60,720
Papa John’s International, Inc.		1,043		66,064
PC Connection, Inc.		23,470		539,575
PCM, Inc.*		45,830		494,964
Popeyes Louisiana Kitchen, Inc.*		1,059		61,549
Regis Corp.*		5,388		70,260
Ruth’s Hospitality Group, Inc.		3,265		54,232
Sonic Corp.		2,263		67,415
Stage Stores, Inc.		49,700		274,841
Texas Roadhouse, Inc.		13,637		611,074
Tile Shop Holdings, Inc.*		16,421		299,683
Vitamin Shoppe, Inc.*		2,514		76,023
Wingstop, Inc.*		3,864		107,806
				11,482,418
Savings & Loans — 0.8%
Astoria Financial Corp.		5,686		90,862
Brookline Bancorp, Inc.		9,875		114,846
Dime Community Bancshares, Inc.		8,292		152,241
FS Bancorp, Inc.		8,510		208,495
Meta Financial Group, Inc.		10,270		511,960
Pacific Premier Bancorp, Inc.*		4,777		119,425
Sterling Bancorp		32,745		538,983
				1,736,812
Semiconductors — 3.6%
Amtech Systems, Inc.*		61,790		432,530
AXT, Inc.*		125,830		447,955
Cabot Microelectronics Corp.		1,281		55,262
CEVA, Inc.*		24,497		662,399
Cirrus Logic, Inc.*		3,525		126,900
Cohu, Inc.		44,650		526,870
GigPeak, Inc.*		233,060		654,899
Kulicke & Soffa Industries, Inc.*		6,419		80,173
MACOM Tech. Solutions Holdings, Inc.*		5,395		194,220
Magnachip Semiconductor Corp.*		55,899		310,239
MaxLinear, Inc., Class A*		8,472		175,540
Microsemi Corp.*		4,990		168,812
MKS Instruments, Inc.		1,371		56,184
Monolithic Power Systems, Inc.		8,123		555,045
Power Integrations, Inc.		3,164		157,852
QLogic Corp.*		5,793		80,291

	Number   of Shares		Value
Semiconductors — (Continued)
Rovi Corp.*		7,248	$	121,839
Rudolph Technologies, Inc.*		58,150		848,990
Semtech Corp.*		5,218		122,832
Silicon Motion Tech. Corp., Class A, ADR (Cayman Islands)		20,630		917,004
Synaptics, Inc.*		2,264		153,567
Tessera Technologies, Inc.		1,105		35,658
Ultra Clean Holdings, Inc.*		106,140		604,998
Ultratech, Inc.*		2,172		49,543
Veeco Instruments, Inc.*		3,707		65,948
				7,605,550
Software — 5.8%
Amber Road, Inc.*		70,756		423,828
American Software, Inc.		29,780		287,079
Apigee Corp.*		34,156		369,909
Blackbaud, Inc.		8,360		523,921
Bottomline Technologies de, Inc.*		1,127		28,243
BroadSoft, Inc.*		12,325		537,370
Callidus Software, Inc.*		52,041		965,881
CommVault Systems, Inc.*		9,265		419,519
Computer Programs & Systems, Inc.		1,017		42,053
CSG Systems International, Inc.		17,760		754,978
Ebix, Inc.		2,006		90,731
Evolent Health, Inc., Class A*		7,694		117,872
Five9, Inc.*		33,027		336,545
HubSpot, Inc.*		11,016		526,124
InnerWorkings, Inc.*		73,290		631,760
Instructure, Inc.*		9,560		165,866
Interactive Intelligence Group, Inc.*		6,897		284,363
j2 Global, Inc.		1,848		123,761
ManTech International Corp., Class A		2,301		82,675
Medidata Solutions, Inc.*		2,714		124,681
MicroStrategy, Inc., Class A*		396		73,870
Model N, Inc.*		36,293		446,404
Monotype Imaging Holdings, Inc.		3,426		81,813
Omnicell, Inc.*		2,230		72,141
Paycom Software, Inc.*		9,065		366,589
Press Ganey Holdings, Inc.*		15,047		512,049
Progress Software Corp.*		5,306		139,707
Proofpoint, Inc.*		12,490		732,164
PROS Holdings, Inc.*		22,753		318,314
QAD, Inc., Class A		13,177		247,596
Quality Systems, Inc.		2,906		36,935
Rackspace Hosting, Inc.*		31,720		793,000
SharpSpring, Inc.*		25,968		99,977

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

9

ALTAIR SMALLER COMPANIES FUND

Portfolio of Investments (Concluded)

May 31, 2016

(Unaudited)

	Number   of Shares		Value
Software — (Continued)
Simulations Plus, Inc.		55,587	$	424,685
Synchronoss Technologies, Inc.*		2,561		90,326
SYNNEX Corp.		1,652		150,497
Take-Two Interactive Software, Inc.*		14,069		547,425
Xactly Corp.*		12,004		118,359
				12,089,010
Storage / Warehousing — 0.0%
Mobile Mini, Inc.		2,660		91,637
Telecommunications — 3.0%
Acacia Communications, Inc.*		19,624		770,831
ADTRAN, Inc.		5,633		109,562
Anixter International, Inc.*		1,549		93,250
ATN International, Inc.		952		70,914
Calix, Inc.*		38,465		260,023
Cincinnati Bell, Inc.*		13,236		52,679
Comtech Telecommunications Corp.		3,428		78,981
General Communication, Inc., Class A*		4,528		70,592
Gigamon, Inc.*		21,839		680,285
GTT Communications, Inc.*		20,088		376,449
Infinera Corp.*		24,368		319,464
Iridium Communications, Inc.*		9,628		84,052
Ixia*		6,177		62,758
LogMeIn, Inc.*		1,382		84,675
NETGEAR, Inc.*		2,616		117,720
NeuStar, Inc., Class A*		20,860		491,253
Oclaro, Inc.*		64,150		321,392
ORBCOMM, Inc.*		85,952		807,949
RigNet, Inc.*		11,586		144,014
Sonus Networks, Inc.*		48,738		446,440
Telephone & Data Systems, Inc.		20,783		598,343
ViaSat, Inc.*		2,176		150,209
Viavi Solutions, Inc.*		23,640		161,461
				6,353,296
Textiles — 0.7%
G&K Services, Inc., Class A		693		51,947
UniFirst Corp.		13,046		1,509,031
				1,560,978
Transportation — 2.2%
Air Transport Services Group, Inc.*		105,269		1,331,653
Atlas Air Worldwide Holdings, Inc.*		1,046		45,857
CAI International, Inc.*		50,860		390,605
Covenant Transportation Group, Inc., Class A*		15,144		323,173

	Number   of Shares		Value
Transportation — (Continued)
Echo Global Logistics, Inc.*		8,773	$	198,796
Forward Air Corp.		15,622		710,645
Heartland Express, Inc.		8,734		161,404
Hub Group, Inc., Class A*		1,332		53,307
Knight Transportation, Inc.		3,275		85,543
Marten Transport Ltd.		2,931		58,092
Matson, Inc.		1,542		51,395
Old Dominion Freight Line, Inc.*		5,695		366,473
PAM Transportation Services, Inc.*		15,310		315,233
Roadrunner Transportation Systems, Inc.*		4,567		36,764
Saia, Inc.*		4,008		104,489
Swift Transportation Co.*		19,024		296,394
				4,529,823
Trucking & Leasing — 0.0%
Greenbrier Cos, Inc., (The)		3,222		92,471
Water — 0.1%
American States Water Co.		2,811		109,798
California Water Service Group		1,969		57,396
				167,194
TOTAL COMMON STOCKS (Cost $ 182,618,912)				201,846,046
TOTAL INVESTMENTS - 96.0% (Cost $ 182,618,912)**				201,846,046
OTHER ASSETS IN EXCESS OF LIABILITIES - 4.0%				8,363,141
NET ASSETS - 100.0%			$	210,209,187

* 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	$	182,618,912
Gross unrealized appreciation	$	29,109,913
Gross unrealized depreciation		(9,882,779	)
Net unrealized appreciation	$	19,227,134

^ Amount is less than 0.5 Shares

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

May 31, 2016

(Unaudited)

A. Portfolio Valuation:

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

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

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

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

The following is a summary of the inputs used, as of May 31, 2016, in valuing the Fund’s investments carried at fair value:

					Level 2
					Other		Level 3
			Level 1		Significant		Significant
	Total Value		Quoted		Observable		Unobservable
	at May 31, 2016		Price		Inputs		Inputs
Investments in Securities*	$	201,846,046	$	201,846,046	$	—	$	—

* 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)

May 31, 2016

(Unaudited)

investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

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

For the period ended May 31, 2016, 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

MAY 31, 2016 (UNAUDITED)

	Number Of Shares		Value
Common Stocks—98.0%
Commercial Services—3.7%
Bankrate, Inc. *		9,044	$	82,210
Civeo Corp. *		89,571		180,038
comScore, Inc. *		16,718		541,329
DigitalGlobe, Inc. *		42,501		889,546
Etsy, Inc. *		127,888		1,182,964
H&E Equipment Services, Inc.		8,469		162,774
Marcus & Millichap, Inc. *		11,811		300,236
Navigant Consulting, Inc. *		31,399		500,186
Quad/Graphics, Inc.		3,457		66,409
RetailMeNot, Inc. *		13,012		93,947
RPX Corp. *		101,191		1,016,970
				5,016,609
Communications—0.8%
FairPoint Communications, Inc. *		27,055		366,595
Inteliquent, Inc.		206		3,444
ShoreTel, Inc. *		107,399		708,833
				1,078,872
Consumer Durables—2.1%
Cooper Tire & Rubber Co.		17,835		573,039
Helen of Troy Ltd. *		10,820		1,112,621
HRG Group, Inc. *		80,711		1,059,735
iRobot Corp. *		1,014		39,039
Libbey, Inc.		1,424		24,336
				2,808,770
Consumer Non-Durables—1.0%
Avon Products, Inc.		70,886		276,455
Central Garden & Pet Co., Class A *		1,043		19,014
Cott Corp.		7,965		115,333
Nomad Foods Ltd. *		6,138		59,661
Pinnacle Foods, Inc.		19,973		841,462
				1,311,925
Consumer Services—5.8%
American Public Education, Inc. *		9,039		255,442
Ascent Capital Group, Inc., Class A *		7,154		134,066
Capella Education Co.		22,046		1,156,754
DeVry Education Group, Inc.		69,184		1,252,230
Eldorado Resorts, Inc. *		309		4,604
Graham Holdings Co., Class B		2,354		1,172,174
Grand Canyon Education, Inc. *		26,161		1,092,483
Houghton Mifflin Harcourt Co. *		63,013		1,083,824
International Game Technology PLC		7,477		141,764
K12, Inc. *		22,701		269,461
MoneyGram International, Inc. *		64,370		417,761

	Number Of Shares		Value
Consumer Services—(continued)
Time, Inc.		51,726	$	820,892
				7,801,455
Distribution Services—2.6%
HD Supply Holdings, Inc. *		24,977		881,688
MRC Global, Inc. *		107,146		1,520,402
Univar, Inc. *		61,472		1,147,068
				3,549,158
Electronic Technology—6.8%
ADTRAN, Inc.		14,426		280,586
Alpha & Omega Semiconductor Ltd. *		423		5,791
ARRIS International PLC *		47,073		1,134,459
Bruker Corp.		34,192		902,669
BWX Technologies, Inc.		44,200		1,554,514
EchoStar Corp., Class A *		24,146		966,806
Engility Holdings, Inc. *		49,376		1,161,817
Itron, Inc. *		1,756		77,352
Kratos Defense & Security Solutions, Inc. *		54,762		228,905
MaxLinear, Inc., Class A *		40,375		836,570
NeoPhotonics Corp. *		12,629		113,787
Orbotech Ltd. *		11,902		331,947
Sonus Networks, Inc. *		148,038		1,356,028
SunEdison Semiconductor Ltd. *		41,597		237,103
				9,188,334
Energy Minerals—4.2%
Bill Barrett Corp. *		30,667		218,042
Contango Oil & Gas Co. *		3,118		33,737
Energen Corp.		29,910		1,424,314
Gulfport Energy Corp. *		41,000		1,260,340
Newfield Exploration Co. *		25,581		1,042,937
Parsley Energy, Inc., Class A *		44,038		1,148,071
Sanchez Energy Corp. *		62,860		492,822
				5,620,263
Finance—24.3%
Ambac Financial Group, Inc. *		9,524		157,051
Brown & Brown, Inc.		24,602		887,148
Cash America International, Inc.		43,388		1,573,683
CenterState Banks, Inc.		24,909		394,060
Central Pacific Financial Corp.		17,617		422,279
East West Bancorp, Inc.		24,199		934,081
Employers Holdings, Inc.		32,868		981,110
Enova International, Inc. *		17,924		130,487
EverBank Financial Corp.		78,681		1,205,393
EZCORP, Inc., Class A *		211,988		1,437,279

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

1

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2016 (UNAUDITED)

	Number Of Shares		Value
Finance—(continued)
FCB Financial Holdings, Inc., Class A *		1,331	$	49,207
First BanCorp Puerto Rico *		266,148		1,120,483
First Citizens BancShares, Inc., Class A		26		6,736
First Defiance Financial Corp.		13,382		540,231
First Interstate BancSystem, Inc., Class A		21,190		613,874
First Midwest Bancorp, Inc.		61,031		1,141,280
First NBC Bank Holding Co. *		64,003		1,194,936
Genworth Financial, Inc., Class A *		320,611		1,186,261
Great Southern Bancorp, Inc.		5,247		205,840
Great Western Bancorp, Inc.		11,681		397,388
Hanmi Financial Corp.		51,438		1,252,001
Heartland Financial USA, Inc.		28,487		999,894
Heritage Insurance Holdings, Inc.		6,184		81,381
Hertz Global Holdings, Inc. *		140,556		1,361,988
Independent Bank Group, Inc.		1,439		54,711
INTL. FCStone, Inc. *		17,260		481,381
Investment Technology Group, Inc.		4,184		77,153
Jones Lang LaSalle, Inc.		8,157		961,384
KCG Holdings, Inc., Class A *		6,849		96,365
Legg Mason, Inc.		36,151		1,247,210
McGrath RentCorp		4,404		125,646
National General Holdings Corp.		14,183		294,014
Nelnet, Inc., Class A		12,892		472,879
Pacific Premier Bancorp, Inc. *		30,498		762,450
Piper Jaffray Cos. *		12,922		545,696
Popular, Inc.		38,908		1,219,377
PrivateBancorp, Inc.		23,300		1,033,355
Reinsurance Group of America, Inc.		18,736		1,857,487
SVB Financial Group *		9,510		1,048,002
Tompkins Financial Corp.		4,249		282,728
Union Bankshares Corp.		26,562		720,893
United Community Banks, Inc.		32,092		646,012
Virtu Financial, Inc., Class A		66,706		1,188,034
Voya Financial, Inc.		30,866		1,014,257
Xinyuan Real Estate Co., Ltd. ADR		39,446		200,780
				32,603,885
Health Services—5.7%
Advisory Board Co., (The) *		19,223		631,091
Alliance HealthCare Services, Inc. *		12,343		89,487
Community Health Systems, Inc. *		93,288		1,253,791
HMS Holdings Corp. *		66,617		1,100,846
National HealthCare Corp.		4,505		278,995
Quorum Health Corp. *		103,787		1,375,178

	Number Of Shares		Value
Health Services—(continued)
Surgical Care Affiliates, Inc. *		18,954	$	848,571
Tenet Healthcare Corp. *		38,298		1,108,344
VCA, Inc. *		13,780		894,735
				7,581,038
Health Technology—10.9%
Accuray, Inc. *		33,794		184,177
Aegerion Pharmaceuticals, Inc. *		28,727		51,134
Applied Genetic Technologies Corp. *		973		16,736
BioTelemetry, Inc. *		10,378		180,785
Cantel Medical Corp.		6,901		458,433
Cepheid, Inc. *		20,641		578,154
Chimerix, Inc. *		36,404		178,380
Clovis Oncology, Inc. *		18,232		306,844
Concert Pharmaceuticals, Inc. *		40,878		544,086
Cynosure, Inc., Class A *		9,791		467,716
Enanta Pharmaceuticals, Inc. *		4,493		110,213
Enzon Pharmaceuticals, Inc.		58,661		23,230
Five Prime Therapeutics, Inc. *		26,952		1,232,245
Fluidigm Corp. *		44,988		442,682
Haemonetics Corp. *		35,344		989,632
HeartWare International, Inc. *		14,066		413,540
Infinity Pharmaceuticals, Inc. *		494		2,618
Invacare Corp.		19,789		211,742
Luminex Corp. *		56,216		1,157,487
Merit Medical Systems, Inc. *		23,649		443,892
NewLink Genetics Corp. *		34,439		403,969
OraSure Technologies, Inc. *		73,476		564,296
Orthofix International N.V. *		18,105		800,784
Pacira Pharmaceuticals, Inc. *		23,557		1,095,636
Puma Biotechnology, Inc. *		35,091		1,326,089
QIAGEN N.V. *		42,636		920,085
Rigel Pharmaceuticals, Inc. *		44,066		113,690
RTI Surgical, Inc. *		11,731		44,226
Syneron Medical Ltd. *		3,386		24,989
Tetraphase Pharmaceuticals, Inc. *		1,071		4,766
VWR Corp. *		44,987		1,298,325
				14,590,581
Industrial Services—0.9%
Pacific Drilling SA *		19,037		106,988
TETRA Technologies, Inc. *		199,029		1,088,689
				1,195,677
Non-Energy Minerals—3.4%
AngloGold Ashanti Ltd. SP ADR *		53,596		719,794

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

2

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2016 (UNAUDITED)

	Number Of Shares		Value
Non-Energy Minerals—(continued)
Boise Cascade Co. *		25,060	$	575,378
Coeur Mining, Inc. *		209,371		1,576,564
Fortuna Silver Mines, Inc. *		36,410		202,804
Gerdau SA, SP ADR		225,150		346,731
Owens Corning		21,022		1,073,594
Richmont Mines, Inc. *		968		7,560
				4,502,425
Process Industries—5.5%
AEP Industries, Inc.		197		11,822
Cabot Corp.		28,418		1,298,987
Chemours Co., (The)		26,099		227,322
Chemtura Corp. *		44,287		1,181,577
Clearwater Paper Corp. *		2,725		170,612
Graphic Packaging Holding Co.		72,918		977,101
Omega Protein Corp. *		32,038		632,430
PH Glatfelter Co.		22,627		463,854
Resolute Forest Products, Inc. *		33,413		203,485
Stepan Co.		18,850		1,087,457
Trinseo SA *		24,986		1,176,591
				7,431,238
Producer Manufacturing—8.3%
AAON, Inc.		18,687		512,771
ACCO Brands Corp. *		61,759		613,884
American Woodmark Corp. *		15,596		1,259,533
Armstrong World Industries, Inc. *		27,681		1,144,609
Chart Industries, Inc. *		45,393		1,178,402
Continental Building Products, Inc. *		51,912		1,189,304
Energy Recovery, Inc. *		85		914
Gibraltar Industries, Inc. *		362		10,817
Global Brass & Copper Holdings, Inc.		999		27,263
Harsco Corp.		11,600		76,328
Insteel Industries, Inc.		688		19,071
Interface, Inc.		67,550		1,145,648
Masonite International Corp. *		10,319		720,576
Mueller Water Products, Inc., Class A		51,533		567,378
NCI Building Systems, Inc. *		54,433		876,371
Nortek, Inc. *		2,044		100,708
SPX FLOW, Inc. *		39,581		1,186,243
TopBuild Corp. *		12,292		444,233
				11,074,053
Retail Trade—0.4%
Barnes & Noble, Inc.		31,225		363,147
Chico’s FAS, Inc.		7,017		76,134

	Number Of Shares		Value
Retail Trade—(continued)
Kirkland’s, Inc. *		2,446	$	32,507
Tile Shop Holdings, Inc. *		2,733		49,877
				521,665
Technology Services—8.7%
Apigee Corp. *		2,784		30,151
ChannelAdvisor Corp. *		3,478		43,127
CSG Systems International, Inc.		7,628		324,266
CSRA, Inc.		37,300		923,921
DHI Group, Inc. *		10,193		71,861
EarthLink Holdings Corp.		57,593		377,810
Instructure, Inc. *		36,114		626,578
Intralinks Holdings, Inc. *		6,006		47,087
LivePerson, Inc. *		1,722		12,020
MeetMe, Inc. *		16,476		62,279
Nuance Communications, Inc. *		3,787		63,319
PFSweb, Inc. *		16,797		209,543
PROS Holdings, Inc. *		24,515		342,965
Qualys, Inc. *		7,512		234,299
RingCentral, Inc., Class A *		57,786		1,140,696
Rubicon Project, Inc., (The) *		64,220		940,823
Science Applications International Corp.		14,483		790,337
Sohu.com, Inc. *		26,117		1,090,907
Tableau Software, Inc., Class A *		20,394		1,049,067
TriNet Group, Inc. *		58,098		1,170,675
Unisys Corp. *		77,873		657,248
VeriFone Systems, Inc. *		39,233		1,035,751
Verint Systems, Inc. *		13,778		454,536
				11,699,266
Transportation—1.1%
Teekay Corp.		108,943		1,146,080
YRC Worldwide, Inc. *		35,788		329,607
				1,475,687
Utilities—1.8%
Middlesex Water Co.		2,115		78,149
NRG Energy, Inc.		120,879		1,979,998
Pampa Energia SA, SP ADR *		15,334		359,889
				2,418,036
TOTAL COMMON STOCKS (Cost $128,686,185)				131,468,937

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

3

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (CONCLUDED)

MAY 31, 2016 (UNAUDITED)

	Number Of Shares		Value
Short-Term Investment—1.7%
BlackRock Liquidity Funds TempFund Portfolio, Institutional Shares		2,233,145	$	2,233,145
TOTAL SHORT-TERM INVESTMENT (Cost $2,233,145)				2,233,145
Total Investments—99.7% (Cost $130,919,330)**				133,702,082
OTHER ASSETS IN EXCESS OF LIABILITIES—0.3%				373,854
NET ASSETS—100.0%			$	134,075,936

* 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	$	130,919,330
Gross unrealized appreciation	$	10,088,799
Gross unrealized depreciation		(7,306,047	)
Net unrealized appreciation	$	2,782,752

ADR	— American Depository Receipt.
PLC	— Public Limited Company.
SP ADR	— Sponsored American Depository Receipt.

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

4

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

NOTES TO PORTFOLIO OF INVESTMENTS

MAY 31, 2016 (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 RBB’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

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

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

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

The following is a summary of inputs used, as of May 31, 2016, in valuing the Fund’s investments carried at fair value:

	Total Value at May 31, 2016		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Total Investments*	$	133,702,082	$	133,702,082	$	—	$	—

* See Portfolio of Investments for detail on portfolio holdings.

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

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

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

5

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

NOTES TO PORTFOLIO OF INVESTMENTS (CONCLUDED)

MAY 31, 2016 (UNAUDITED)

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

For the period ended May 31, 2016, there were no transfers between Levels 1, 2 and 3 for the Fund that require disclosure.

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

6

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS SMALL CAP VALUE FUND II	Portfolio of Investments

	Number of Shares		Value
COMMON STOCK—96.9%
Basic Industries—5.4%
AgroFresh Solutions, Inc. * (a)		200,450	$	1,006,259
Graphic Packaging Holding Co.		352,489		4,723,353
Innophos Holdings, Inc.		64,009		2,454,105
Multi Packaging Solutions International Ltd. *		93,521		1,479,502
Orchids Paper Products Co. (a)		86,083		2,733,996
PolyOne Corp.		27,329		1,024,018
Schweitzer-Mauduit International, Inc.		71,135		2,447,044
Sensient Technologies Corp.		17,081		1,165,266
Steel Dynamics, Inc.		130,850		3,230,687
				20,264,230
Capital Goods—14.3%
Aegion Corp. *		101,611		2,031,204
Ampco-Pittsburgh Corp.		29,878		429,944
BMC Stock Holdings, Inc. *		171,786		3,370,441
Cabot Corp.		47,617		2,176,573
CECO Environmental Corp.		144,859		1,180,601
Continental Building Products, Inc. *		64,310		1,473,342
Cubic Corp.		87,820		3,583,056
Curtiss-Wright Corp.		22,570		1,878,275
Drew Industries, Inc.		85,812		6,638,416
Ferroglobe PLC (a)		264,550		2,412,696
Granite Construction, Inc.		57,623		2,473,755
Hillenbrand, Inc.		37,762		1,178,930
Minerals Technologies, Inc.		52,717		3,036,499
Olin Corp.		103,492		2,381,351
Orion Group Holdings, Inc. *		220,763		1,030,963
Rofin-Sinar Technologies, Inc. *		46,195		1,475,930
Tutor Perini Corp. *		84,633		1,914,397
WESCO International, Inc. * (a)		121,993		7,115,852
World Fuel Services Corp.		172,288		7,920,079
				53,702,304
Consumer Durables—2.4%
Strattec Security Corp.		15,368		710,924
Thor Industries, Inc.		56,189		3,652,285
Tower International, Inc.		110,794		2,400,906

	Number of Shares		Value
Consumer Durables—(continued)
Winnebago Industries, Inc.		94,884	$	2,136,788
				8,900,903
Consumer Non-Durables—2.1%
Nu Skin Enterprises, Inc., Class A (a)		52,718		2,079,725
Steven Madden Ltd. *		116,036		3,981,195
Universal Corp.		34,141		1,867,513
				7,928,433
Consumer Services—18.1%
ABM Industries, Inc.		97,947		3,346,849
American Eagle Outfitters, Inc. (a)		170,796		2,671,249
Ascena Retail Group, Inc. *		110,665		799,001
Barnes & Noble Education, Inc. *		117,563		1,116,849
Booz Allen Hamilton Holding Corp.		88,209		2,581,877
Brink’s Co., (The)		36,406		1,061,235
CBIZ, Inc. *		101,449		1,071,301
Civeo Corp. *		362,307		728,237
Clubcorp Holdings, Inc.		105,043		1,267,869
Ennis, Inc.		40,447		738,562
Finish Line, Inc., (The), Class A		209,492		3,798,090
FTD Cos., Inc. *		79,484		2,165,144
FTI Consulting, Inc. *		63,528		2,658,647
G&K Services, Inc., Class A		34,152		2,560,034
Group 1 Automotive, Inc.		33,955		2,111,322
Heidrick & Struggles International, Inc.		73,558		1,357,881
Hibbett Sports, Inc. * (a)		35,375		1,221,853
ICF International, Inc. *		52,706		2,149,351
International Speedway Corp., Class A		53,398		1,766,406
KAR Auction Services, Inc.		65,634		2,693,619
Knoll, Inc.		88,900		2,206,498
Korn/Ferry International		34,882		1,006,346
Live Nation Entertainment, Inc. *		45,363		1,095,515
MAXIMUS, Inc.		44,422		2,560,928
Monster Worldwide, Inc. *		338,810		897,847
Navigant Consulting, Inc. *		229,433		3,654,868
Office Depot, Inc. *		499,232		1,787,251
Papa Murphy’s Holdings, Inc. * (a)		227,349		1,705,118

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

1

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS SMALL CAP VALUE FUND II (continued)	Portfolio of Investments

	Number of Shares		Value
Consumer Services—(continued)
PRA Group, Inc. *		42,841	$	1,178,556
RPX Corp. *		197,521		1,985,086
Scholastic Corp.		13,337		520,810
Starz, Class A *		98,894		2,670,138
Tailored Brands, Inc.		211,039		2,910,228
Tetra Tech, Inc.		96,752		2,960,611
TravelCenters of America LLC *		148,173		1,047,583
Viad Corp.		27,716		881,646
XO Group, Inc. *		80,803		1,367,995
				68,302,400
Energy—3.9%
Bristow Group, Inc.		144,767		1,941,324
Dril-Quip, Inc. *		18,433		1,124,966
Forum Energy Technologies, Inc. *		82,651		1,386,884
Parsley Energy, Inc., Class A *		185,015		4,823,341
RSP Permian, Inc. *		139,810		4,603,943
Western Refining, Inc. (a)		44,979		955,354
				14,835,812
Finance—22.7%
Air Lease Corp. (a)		134,767		4,049,748
AMERISAFE, Inc.		34,978		2,124,214
Assured Guaranty Ltd.		140,963		3,790,495
BBCN Bancorp, Inc.		104,525		1,699,577
CenterState Banks, Inc.		103,533		1,637,892
Columbia Banking System, Inc.		20,855		635,452
Essent Group Ltd. *		229,415		5,015,012
Federal Agricultural Mortgage Corp., Class C		108,973		3,930,656
Fifth Street Finance Corp.		106,876		526,899
First American Financial Corp.		165,699		6,336,330
First Cash Financial Services, Inc.		59,528		2,600,778
First Citizens BancShares, Inc., Class A		6,239		1,616,275
Flushing Financial Corp.		50,786		1,059,396
Gladstone Capital Corp. (a)		29,066		210,729
Global Indemnity PLC *		26,989		812,909
Greenhill & Co., Inc.		12,082		249,131
Heritage Financial Corp.		65,329		1,192,908
Infinity Property & Casualty Corp.		21,164		1,649,311

	Number of Shares		Value
Finance—(continued)
James Rivers Group Holdings Ltd.		78,672	$	2,781,055
Maiden Holdings Ltd.		303,989		3,988,336
Nationstar Mortgage Holdings, Inc. * (a)		147,104		1,877,047
Navient Corp.		241,529		3,311,363
Navigators Group, Inc., (The)		16,863		1,535,882
Nelnet, Inc., Class A		111,905		4,104,675
OneBeacon Insurance Group Ltd., Class A		117,027		1,523,692
Park Sterling Corp.		82,853		617,255
PennyMac Financial Services, Inc., Class A *		115,796		1,594,511
Radian Group, Inc.		271,599		3,370,544
Safety Insurance Group, Inc.		19,113		1,135,503
Silvercrest Asset Management Group, Inc., Class A		151,811		1,859,685
SLM Corp. *		886,116		6,087,617
State Auto Financial Corp.		41,405		848,803
Stewart Information Services Corp.		103,493		3,852,008
Stifel Financial Corp. *		62,454		2,359,512
Walker & Dunlop, Inc. *		176,542		4,242,304
Washington Federal, Inc.		54,241		1,355,483
				85,582,987
Health Care—8.8%
Amsurg Corp. *		40,014		2,992,647
Chemed Corp.		31,372		4,091,223
ICON PLC *		36,160		2,547,110
Integra LifeSciences Holdings Corp. *		34,719		2,593,855
Kindred Healthcare, Inc.		157,002		1,863,614
LHC Group, Inc. *		32,700		1,373,400
LifePoint Health, Inc. *		28,533		1,891,453
Owens & Minor, Inc.		50,390		1,879,043
PAREXEL International Corp. *		75,052		4,720,020
Select Medical Holdings Corp. *		169,182		2,143,536
Symmetry Surgical, Inc. *		244,935		3,174,358
U.S. Physical Therapy, Inc.		65,591		3,789,192
				33,059,451
Real Estate Investment Trusts—8.9%
Altisource Residential Corp.		49,008		491,060
American Capital Mortgage Investment Corp.		55,533		879,087

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

2

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS SMALL CAP VALUE FUND II (continued)	Portfolio of Investments

	Number of Shares		Value
American Homes 4 Rent, Class A		155,130	$	2,845,084
Anworth Mortgage Asset Corp.		232,973		1,078,665
Ares Commercial Real Estate Corp.		253,218		3,033,552
Chatham Lodging Trust		111,055		2,408,783
Colony Capital, Inc., Class A		42,261		774,222
CYS Investments, Inc.		680,292		5,557,986
Gladstone Commercial Corp.		34,201		568,763
Hatteras Financial Corp.		175,353		2,821,430
LaSalle Hotel Properties		72,963		1,686,175
MFA Financial, Inc.		545,368		3,932,103
Silver Bay Realty Trust Corp.		79,102		1,237,155
Starwood Property Trust, Inc.		90,009		1,855,986
Two Harbors Investment Corp.		498,510		4,227,365
				33,397,416
Technology—9.0%
Bel Fuse, Inc., Class B		107,540		1,944,323
Belden, Inc.		76,440		4,943,375
Brooks Automation, Inc.		176,870		1,942,033
Coherent, Inc. *		28,592		2,705,375
Convergys Corp.		51,289		1,445,837
EnerSys		61,278		3,684,033
Insight Enterprises, Inc. *		37,037		1,005,184
NETGEAR, Inc. *		54,755		2,463,975
PC Connection, Inc.		24,635		566,359
Sykes Enterprises, Inc. *		155,666		4,641,960
SYNNEX Corp.		42,020		3,828,022
TeleTech Holdings, Inc.		133,197		3,636,278
Teradyne, Inc.		52,410		1,038,242
				33,844,996
Transportation—0.8%
Landstar System, Inc.		16,285		1,104,937
Virgin America, Inc. *		32,977		1,846,052
				2,950,989
Utilities—0.5%
PNM Resources, Inc.		33,038		1,084,968
Pure Cycle Corp. *		160,848		722,208
				1,807,176
TOTAL COMMON STOCK (Cost $309,462,169)				364,577,097

	Number of Shares		Value
SECURITIES LENDING COLLATERAL—5.6%
BlackRock Liquidity TempFund, Institutional Shares		20,953,743	$	20,953,743
TOTAL SECURITIES LENDING COLLATERAL (Cost $20,953,743)				20,953,743
TOTAL INVESTMENTS—102.5% (Cost $330,415,912)**				385,530,840
LIABILITIES IN EXCESS OF OTHER ASSETS—(2.5)%				(9,298,072	)
NET ASSETS—100.0%			$	376,232,768

PLC	—	Public Limited Company
*	—	Non-income producing.
(a)	—	All or a portion of the security is on loan. At May 31, 2016, the market value of securities on loan was $20,421,530.
**	—	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	$	330,415,912
Gross unrealized appreciation	$	73,775,009
Gross unrealized depreciation		(18,660,081)
Net unrealized appreciation	$	55,114,928

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

3

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS SMALL CAP VALUE FUND II (concluded)	Portfolio of Investments

A summary of the inputs used to value the Fund’s investments as of May 31, 2016 is as follows (see Notes to Portfolio of Investments):

	Total Value as of         May 31, 2016		Level 1              Quoted              Price		Level 2 Significant          Observable          Inputs		Level 3 Significant        Unobservable        Inputs
Common Stock *	$	364,577,097	$	364,577,097	$	—	$	—
Securities Lending Collateral		20,953,743		20,953,743		—		—
Total Assets	$	385,530,840	$	385,530,840	$	—	$	—

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

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

4

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND	Portfolio of Investments

	Number of   Shares		Value
LONG POSITIONS—104.7%
COMMON STOCK—97.6%
Basic Industries—7.1%
Alcoa, Inc.		343,154	$	3,181,038
American Vanguard Corp.		161,286		2,112,847
CF Industries Holdings, Inc.		93,245		2,579,157
Compass Minerals International, Inc.		45,213		3,524,353
Dominion Diamond Corp.		229,168		2,406,264
Freeport-McMoRan Copper & Gold, Inc.		324,220		3,592,358
Goldcorp, Inc.		101,541		1,707,920
Monsanto Co. †		38,225		4,299,166
Mosaic Co., (The)		130,805		3,300,210
Pan American Silver Corp.		144,531		2,043,668
POSCO - ADR		64,963		2,834,985
Potash Corp. of Saskatchewan, Inc.		167,257		2,731,307
Praxair, Inc.		40,879		4,490,967
Reliance Steel & Aluminum Co. †		47,673		3,544,488
Rio Tinto PLC - ADR (a)		140,996		3,953,528
Silver Wheaton Corp.		114,397		2,130,072
UFP Technologies, Inc. * †		160,490		3,458,560
Universal Stainless & Alloy Products, Inc. *		71,555		853,651
US Silica Holdings, Inc.		116,187		3,314,815
				56,059,354
Capital Goods—9.2%
Actuant Corp., Class A †		179,840		4,907,834
AECOM Technology Corp. * †		90,992		2,921,753
Aerojet Rocketdyne Holdings, Inc. * (a)		124,378		2,144,277
Ampco-Pittsburgh Corp.		138,104		1,987,317
Caterpillar, Inc.		48,896		3,545,449
CECO Environmental Corp.		232,958		1,898,608
Chicago Bridge & Iron Co. NV †		87,149		3,332,578
Colfax Corp. *		107,660		2,916,509
Crane Co. †		40,105		2,302,027
Fluor Corp. †		86,320		4,555,970
FreightCar America, Inc.		138,071		1,989,603
Global Brass & Copper Holdings, Inc.		91,250		2,490,213
Graham Corp.		111,797		2,019,054
Jacobs Engineering Group, Inc. *		83,804		4,248,025

	Number of   Shares		Value
Capital Goods—(continued)
KEYW Holding Corp., (The) * (a)		242,377	$	2,162,003
LSB Industries, Inc. * (a)		144,081		1,894,665
NCI Building Systems, Inc. *		201,895		3,250,510
NOW, Inc. * (a)		39,099		677,977
Preformed Line Products Co. †		48,826		2,132,720
Quanta Services, Inc. *		95,929		2,305,174
Raven Industries, Inc.		207,214		4,177,434
Safran SA - ADR (a)		171,358		2,992,425
United Technologies Corp.		49,134		4,941,898
WESCO International, Inc. * (a)		52,305		3,050,951
World Fuel Services Corp. †		82,802		3,806,408
				72,651,382
Communications—3.5%
Alaska Communications Systems Group, Inc. *		711,135		1,251,598
Baidu, Inc. - Sponsored ADR *		16,821		3,003,221
GoldMoney, Inc. *		523,464		2,167,545
Hawaiian Telcom Holdco, Inc. *		53,475		1,090,355
Liberty Global PLC, Series C *		84,323		3,046,590
Marchex, Inc., Class B		140,902		469,204
Meetme, Inc. *		678,214		2,563,649
New Media Investment Group, Inc.		174,921		3,048,873
Unwired Planet, Inc. *		102,613		613,626
Verisign, Inc * (a)		56,263		4,808,236
Videocon d2h Ltd. ADR * (a)		341,708		3,048,035
Yandex NV, Class A *		131,305		2,704,883
				27,815,815
Consumer Durables—0.7%
CLARCOR Inc.		43,005		2,550,197
Gentherm, Inc. *		88,632		3,242,159
				5,792,356
Consumer Non-Durables—5.4%
Coca-Cola Co., (The)		84,072		3,749,611
Johnson Outdoors, Inc., Class A		79,324		2,090,981
Kraft Heinz Co., (The)		47,455		3,947,781
Leucadia National Corp. †		270,158		4,889,860
Michael Kors Holdings Ltd. *		91,985		3,929,599
Nomad Foods Ltd. *		232,862		2,263,419
Procter & Gamble Co.		85,290		6,911,902
Ralph Lauren Corp.		54,516		5,142,494
Skechers U.S.A., Inc., Class A *		68,586		2,137,826
Tumi Holdings, Inc. *		103,032		2,764,349

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

5

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued)	Portfolio of Investments

	Number of   Shares		Value
Consumer Non-Durables—(continued)
Unilever NV †		117,239	$	5,247,618
				43,075,440
Consumer Services—12.7%
Amaya, Inc *		186,400		2,770,379
Barrett Business Services, Inc.		126,013		4,707,846
Biglari Holdings, Inc. *		2,356		943,130
Boot Barn Holdings, Inc. * (a)		233,829		1,779,439
CarMax, Inc. * (a)		45,997		2,468,199
CDI Corp.		254,281		1,614,684
Cenveo, Inc. *		557,114		533,548
Civeo Corp. *		518,140		1,041,461
Ctrip.com International Ltd. - ADR * (a)		33,071		1,513,329
CVS Health Corp.		55,898		5,391,362
Deluxe Corp.		58,082		3,782,881
DSW, Inc., Class A		137,104		2,901,121
eBay, Inc. *		89,689		2,193,793
Eros International PLC * (a)		265,228		3,898,852
ICF International, Inc. *		55,525		2,264,310
International Game Technology PLC		109,095		2,068,441
Interval Leisure Group, Inc.		179,651		2,579,788
JD.com, Inc. - ADR *		132,619		3,263,754
Landauer, Inc.		139,326		5,521,489
Liberty Interactive Corp., Class A * †		135,885		3,666,177
Liberty Ventures, Series A * †		19,315		720,643
Markit Ltd. *		59,472		2,044,053
McDonald’s Corp.		19,777		2,413,981
New Oriental Education & Technology Group, Inc. - Sponsored ADR †		86,560		3,657,160
PRGX Global, Inc. *		161,819		804,240
Priceline Group, Inc., (The) *		2,421		3,060,943
Realogy Holdings Corp. * †		129,628		4,251,798
Scripps Networks Interactive, Inc., Class A (a)		60,421		3,887,487
Tailored Brands, Inc.		218,569		3,014,067
Team, Inc. *		23,250		704,941
Tetra Tech, Inc.		64,608		1,977,005
Tiffany & Co.		30,571		1,894,179
Time Warner, Inc. †		95,420		7,219,477
Tropicana Entertainment, Inc. *		88,833		1,750,010

	Number of   Shares		Value
Consumer Services—(continued)
Walgreens Boots Alliance, Inc.		51,865	$	4,014,351
Wyndham Worldwide Corp.		37,966		2,558,529
Wynn Resorts Ltd. (a)		15,452		1,486,173
				100,363,020
Energy—11.2%
Anadarko Petroleum Corp.		79,172		4,105,860
Baker Hughes, Inc.		82,206		3,812,714
Canadian Natural Resources Ltd. †		94,023		2,796,244
Core Laboratories NV (a)		23,067		2,796,874
Dawson Geophysical Co. *		536,061		3,870,360
Energen Corp.		94,539		4,501,947
EOG Resources, Inc.		58,145		4,730,677
EQT Corp.		105,469		7,725,604
Exxon Mobil Corp.		87,100		7,753,642
Gazprom OAO - Sponsored ADR		307,798		1,338,921
Gulf Island Fabrication, Inc.		67,102		464,346
Halliburton Co. †		67,251		2,836,647
Kosmos Energy Ltd. *		625,688		3,591,449
Lukoil PJSC - Sponsored ADR		26,865		1,033,497
Mitcham Industries, Inc. *		381,308		1,494,727
National Oilwell Varco, Inc.		104,422		3,440,705
Occidental Petroleum Corp.		60,704		4,579,510
Parsley Energy, Inc., Class A * †		141,005		3,676,000
Phillips 66		67,327		5,410,398
Rice Energy, Inc. *		190,662		3,860,906
Schlumberger Ltd.		62,528		4,770,886
Suncor Energy, Inc. †		131,184		3,627,238
TransGlobe Energy Corp.		339,486		573,731
Valero Energy Corp.		68,543		3,749,302
Viper Energy Partners LP		110,844		2,148,157
				88,690,342
Finance—22.5%
AerCap Holdings NV * †		87,012		3,401,299
Affiliated Managers Group, Inc. *		13,824		2,398,740
American International Group, Inc. †		103,988		6,018,826
Ameriprise Financial, Inc.		31,057		3,157,565
Aspen Insurance Holdings Ltd. †		71,095		3,401,896
Axis Capital Holdings Ltd. †		41,628		2,295,784
Bank of America Corp. †		692,447		10,241,291
Berkshire Hathaway, Inc., Class B * †		80,861		11,364,205

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

6

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued)	Portfolio of Investments

	Number of   Shares		Value
Finance—(continued)
BGC Partners Inc., Class A		165,444	$	1,536,975
Boulevard Acquisition, Corp. II *		227,000		2,233,680
Century Bancorp, Inc., Class A †		33,518		1,431,889
Charles Schwab Corp., (The)		149,126		4,560,273
Chubb Ltd. †		53,905		6,824,912
Citigroup, Inc.		215,880		10,053,532
CNinsure, Inc. - ADR *		141,405		975,695
CNO Financial Group, Inc.		127,363		2,584,195
Discover Financial Services		83,251		4,729,489
East West Bancorp, Inc.		119,064		4,595,870
Endurance Specialty Holdings Ltd. †		65,598		4,455,416
Ezcorp, Inc., Class A *		379,316		2,571,762
Flushing Financial Corp. †		94,950		1,980,657
JPMorgan Chase & Co. †		154,513		10,085,064
Lake Sunapee Bank Group		26,815		440,839
Lazard Ltd., Class A		103,787		3,651,227
Loews Corp.		94,942		3,843,252
Maiden Holdings Ltd. †		693,276		9,095,781
Morgan Stanley		199,408		5,457,797
National Western Life Group, Inc. †		8,322		1,776,830
Nationstar Mortgage Holdings, Inc. * (a)		205,332		2,620,036
NorthStar Asset Management Group, Inc.		147,971		1,851,117
PennyMac Financial Services, Inc., Class A *		292,471		4,027,326
Renaissance Holdings Ltd. †		32,540		3,758,695
Sprott, Inc.		3,861,234		7,478,960
State Street Corp.		74,943		4,725,906
Stifel Financial Corp. *		66,362		2,507,156
SVB Financial Group *		41,158		4,535,612
Synchrony Financial *		187,683		5,855,710
Unum Group		148,577		5,485,463
Validus Holdings Ltd. †		116,153		5,655,490
White Mountains Insurance Group Ltd.		5,233		4,214,554
				177,880,766
Health Care—10.9%
Amag Pharmaceuticals, Inc. * (a)		155,640		3,336,922
Carriage Services Inc.		84,546		1,990,213
Cigna Corp.		36,857		4,721,750

	Number of   Shares		Value
Health Care—(continued)
Clovis Oncology, Inc. *		96,695	$	1,627,377
DaVita HealthCare Partners, Inc. * †		73,427		5,677,376
Dynavax Technologies Corp. * (a)		105,017		1,742,232
Express Scripts Holding Co. * †		83,676		6,321,722
Fresenius Medical Care AG & Co. KGaA - ADR †		140,873		6,119,523
HCA Holdings, Inc. *		47,935		3,739,889
Laboratory Corp. of America Holdings * †		45,727		5,850,770
LHC Group, Inc. * †		96,741		4,063,122
McKesson Corp.		27,301		4,999,905
Merck & Co., Inc.		140,442		7,901,267
Mylan NV *		44,504		1,928,803
PharMerica Corp. * †		206,751		5,493,374
Sanofi - ADR †		70,660		2,911,192
Sucampo Pharmaceuticals, Inc., Class A *		203,636		2,394,759
Taro Pharmaceutical Industries, Ltd. *		9,791		1,430,661
Teva Pharmaceutical Industries, Ltd. - Sponsored ADR †		116,949		6,066,145
Theravance Biopharma, Inc. * (a)		81,355		1,871,165
UnitedHealth Group, Inc.		43,664		5,836,567
				86,024,734
Real Estate Investment Trusts—1.4%
Blackstone Mortgage Trust, Inc., Class A †		78,284		2,206,826
CareTrust REIT, Inc.		178,700		2,392,793
New Residential Investment Corp.		319,713		4,341,703
Select Income		100,670		2,479,502
				11,420,824
Technology—10.6%
Alliance Data Systems Corp. *		14,602		3,244,418
ARRIS International PLC *		157,185		3,788,159
CDW Corp.		43,354		1,845,146
Cognizant Technology Solutions Corp., Class A * †		44,064		2,707,292
CSG Systems International, Inc. †		117,846		5,009,633
Dolby Laboratories, Inc. Class A †		123,708		5,869,945
Fairchild Semiconductor International, Inc. *		120,746		2,399,223
First Data Corp., Class A *		223,048		2,794,791

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

7

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued)	Portfolio of Investments

	Number of Shares		Value
Technology—(continued)
First Solar, Inc. *		34,735	$	1,724,593
Flextronics International Ltd. * †		312,145		3,886,205
Generac Holdings, Inc. * (a)		67,062		2,542,320
Hollysys Automation Technologies, Ltd. * (a)		120,202		2,042,232
Houston Wire & Cable Co.		184,527		996,446
Ingram Micro, Inc., Class A †		106,733		3,696,164
International Business Machines Corp. †		52,418		8,058,743
Jabil Circuit, Inc. †		116,244		2,217,936
Methode Electronics, Inc.		59,952		1,769,184
Microsoft Corp.		137,515		7,288,295
Net 1 UEPS Technologies, Inc. *		199,904		2,196,945
Oracle Corp. †		107,802		4,333,640
PayPal Holdings, Inc. *		137,360		5,190,834
Quality Systems, Inc.		202,152		2,569,352
Science Applications International Corp.		59,569		3,250,680
Vishay Intertechnology, Inc.		350,832		4,546,783
				83,968,959
Transportation—1.8%
AP Moeller - Maersk AS - ADR		326,848		2,108,170
ArcBest Corp.		69,492		1,197,347
CH Robinson Worldwide, Inc.		65,150		4,884,947
Costamare, Inc.		187,407		1,844,085
Expeditors International of Washington, Inc.		41,878		2,033,171
XPO Logistics, Inc. * (a)		63,367		1,854,118
				13,921,838
Utilities—0.6%
AES Corp. †		402,968		4,468,910
TOTAL COMMON STOCK (Cost $680,721,939)				772,133,740
EXCHANGE TRADED FUND—0.7%
Alerian MLP ETF (a)		478,522		5,842,754
TOTAL EXCHANGE TRADED FUND (Cost $4,903,840)				5,842,754

	Number of Shares			Value
SECURITIES LENDING COLLATERAL—6.4%
BlackRock Liquidity TempFund, Institutional Shares		50,810,894		$	50,810,894
TOTAL SECURITIES LENDING COLLATERAL (Cost $50,810,894)					50,810,894
TOTAL INVESTMENTS—104.7% (Cost $736,436,673) **					828,787,388
SECURITIES SOLD SHORT—(26.9%)
COMMON STOCK—(26.9%)
Basic Industries—(0.5%)
Kennady Diamonds, Inc. *		(45,900	)		(150,509	)
NewMarket Corp.		(8,597	)		(3,481,785	)
Tanzanian Royalty Exploration Corp. *		(171,865	)		(73,902	)
					(3,706,196	)
Capital Goods—(1.0%)
Applied Energetics, Inc. *		(238,070	)		(15,236	)
DynaMotive Energy Systems Corp. * ‡		(72,185	)		(7	)
Griffon Corp.		(199,972	)		(3,369,528	)
Manitowoc Foodservice, Inc. *		(140,141	)		(2,308,122	)
Smith & Wesson Holding Corp. *		(96,172	)		(2,343,712	)
					(8,036,605	)
Communications—(0.9%)
Check Point Software Technologies Ltd. *		(25,818	)		(2,193,755	)
Criteo SA - Sponsored ADR *		(35,248	)		(1,581,578	)
CTC Communications Group, Inc. * ‡		(98,900	)		0
Grubhub, Inc. *		(149,265	)		(3,819,691	)
Interliant, Inc. * ‡		(600	)		0
					(7,595,024	)
Consumer Durables—(1.2%)
Mobileye NV *		(160,546	)		(6,095,932	)
Qsound Labs, Inc. * ‡		(4,440	)		0
Tesla Motors, Inc. *		(14,522	)		(3,241,746	)
					(9,337,678	)
Consumer Non-Durables—(2.6%)
Amish Naturals, Inc. * ‡		(25,959	)		0
Amplify Snack Brands, Inc. *		(160,969	)		(2,100,645	)
Blue Buffalo Pet Products, Inc. *		(122,842	)		(3,174,237	)
Hain Celestial Group, Inc., (The) *		(71,534	)		(3,536,641	)
Industrias Bachoco SAB de CV - Sponsored ADR		(53,575	)		(2,654,641	)

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

8

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued)	Portfolio of Investments

	Number of   Shares			Value
Consumer Non-Durables—(continued)
MGP Ingredients, Inc.		(128,925	)	$	(4,218,426	)
National Beverage Corp. *		(50,032	)		(2,605,667	)
Valence Technology, Inc. * ‡		(27,585	)		(3	)
Whitewave Foods Co., (The) *		(60,340	)		(2,694,181	)
					(20,984,441	)
Consumer Services—(5.4%)
AMN Healthcare Services, Inc. *		(89,528	)		(3,342,976	)
Blackhawk Network Holdings, Inc. *		(79,363	)		(2,731,674	)
Buffalo Wild Wings, Inc. *		(16,414	)		(2,386,431	)
Corporate Resource Services, Inc. *		(218,896	)		(252	)
Foot Locker, Inc.		(39,496	)		(2,208,616	)
Jamba, Inc. *		(111,749	)		(1,275,056	)
Netflix, Inc. *		(98,312	)		(10,083,862	)
Quotient Technology, Inc. *		(168,741	)		(1,883,150	)
Red Robin Gourmet Burgers, Inc. *		(38,918	)		(1,973,532	)
Sturm Ruger & Co., Inc.		(33,396	)		(2,211,817	)
TripAdvisor, Inc. *		(47,027	)		(3,185,609	)
VistaPrint NV *		(47,657	)		(4,773,802	)
Wayfair, Inc., Class A *		(48,407	)		(1,993,400	)
Wingstop, Inc. *		(51,177	)		(1,427,838	)
Zoe’s Kitchen, Inc. *		(84,177	)		(3,107,815	)
					(42,585,830	)
Energy—0.0%
Beard Co. *		(9,710	)		(6	)
Finance—(0.8%)
Credit Acceptance Corp. *		(17,000	)		(3,184,780	)
RLI Corp.		(52,791	)		(3,490,013	)
					(6,674,793	)
Health Care—(4.6%)
Accelerate Diagnostics, Inc. *		(279,660	)		(3,554,479	)
Alexion Pharmaceuticals, Inc. *		(10,426	)		(1,573,283	)
Blueprint Medicines Corp. *		(60,134	)		(1,141,945	)
BodyTel Scientific, Inc. * ‡		(4,840	)		0
CareView Communications, Inc. *		(207,465	)		(41,493	)
Corindus Vascular Robotics, Inc. *		(624,000	)		(698,880	)
Cross Country Healthcare, Inc. *		(231,651	)		(3,155,087	)
DexCom, Inc. *		(32,079	)		(2,068,775	)
Endologix, Inc. *		(213,502	)		(2,705,070	)
Entellus Medical, Inc. *		(8,592	)		(154,140	)

	Number of   Shares			Value
Health Care—(continued)
GW Pharmaceuticals PLC - ADR *		(24,950	)	$	(2,223,544	)
Immunomedics, Inc. *		(590,744	)		(2,859,201	)
Inogen, Inc. *		(54,158	)		(2,585,503	)
Insulet Corp. *		(96,555	)		(2,898,581	)
Intersect ENT Inc. *		(98,020	)		(1,287,003	)
NanoString Technologies, Inc *		(68,094	)		(924,717	)
Nevro Corp. *		(18,664	)		(1,301,254	)
Penumbra Inc. *		(28,839	)		(1,522,411	)
Synergy Pharmaceuticals, Inc. *		(168,403	)		(618,039	)
Wright Medical Group NV *		(184,965	)		(3,577,223	)
Zeltiq Aesthetics, Inc. *		(48,269	)		(1,373,736	)
					(36,264,364	)
Real Estate Investment Trusts—(0.4%)
Digital Realty Trust, Inc.		(32,932	)		(3,143,359	)
Technology—(6.8%)
2U Inc. *		(86,168	)		(2,398,917	)
3D Systems Corp. *		(173,294	)		(2,320,407	)
ANTs Software, Inc. * ‡		(10,334	)		(1	)
Arista Networks, Inc. *		(25,406	)		(1,862,006	)
Atlassian Corp. PLC Class A *		(87,645	)		(1,978,148	)
Benefitfocus, Inc. *		(37,700	)		(1,383,967	)
Box, Inc., Class A *		(366,588	)		(4,604,345	)
Capstone Turbine Corp. *		(33,777	)		(52,692	)
Cavium, Inc. *		(34,283	)		(1,705,579	)
Consygen, Inc. * ‡		(200	)		0
Digimarc Corp. *		(53,507	)		(1,480,004	)
Ellie Mae, Inc. *		(63,281	)		(5,360,534	)
Ener1, Inc. * ‡		(102,820	)		(10	)
Guidewire Software, Inc. *		(19,530	)		(1,146,411	)
HubSpot, Inc. *		(57,821	)		(2,761,531	)
Inphi Corp. *		(57,364	)		(1,789,183	)
Nestor, Inc. * ‡		(15,200	)		(2	)
NetSuite, Inc. *		(29,062	)		(2,304,907	)
Palo Alto Networks, Inc. *		(23,391	)		(3,051,590	)
Proofpoint, Inc. *		(56,743	)		(3,326,275	)
Q2 Holdings, Inc. *		(85,617	)		(2,138,713	)
RealPage, Inc. *		(119,145	)		(2,591,404	)
Shopify, Inc. *		(72,495	)		(2,123,379	)
Tiger Telematics, Inc. * ‡		(6,510	)		0
Uni-Pixel, Inc. *		(19,665	)		(34,217	)
Veeva Systems, Inc., Class A *		(36,823	)		(1,213,318	)
ViaSat, Inc. *		(27,747	)		(1,915,375	)

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

9

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued)	Portfolio of Investments

	Number of   Shares			Value
Technology—(continued)
Workday, Inc., Class A *		(80,364	)	$	(6,094,806	)
WorldGate Communications, Inc. * ‡		(582,655	)		(58	)
Xybernaut Corp. * ‡		(34,156	)		0
					(53,637,779)
Transportation—(0.5%)
Hawaiian Holdings, Inc. *		(91,371	)		(3,696,871	)
Utilities—(2.2%)
Avista Corp.		(35,541	)		(1,429,459	)
California Water Service Group		(53,420	)		(1,557,193	)
Chesapeake Utilities Corp.		(30,598	)		(1,765,199	)
El Paso Electric Co.		(65,507	)		(2,925,543	)
MGE Energy, Inc.		(29,366	)		(1,489,150	)
New Jersey Resources Corp.		(40,857	)		(1,436,124	)
NorthWestern Corp.		(24,381	)		(1,413,123	)
ONE Gas, Inc.		(24,589	)		(1,442,145	)
PNM Resources, Inc.		(45,604	)		(1,497,635	)
Spire, Inc.		(22,065	)		(1,402,893	)
WGL Holdings, Inc.		(21,334	)		(1,391,614	)
					(17,750,078	)
TOTAL COMMON STOCK (Proceeds $205,202,792)					(213,413,024	)
TOTAL SECURITIES SOLD SHORT —(26.9%) (Proceeds $205,202,792)					(213,413,024	)
	Number of Contracts
OPTIONS WRITTEN ††—(0.1%)
Anadarko Petroleum Corp. Put Options Expires 01/20/17 Strike Price $25		(13,973	)		(419,190	)
McDonald’s Corp. Call Options Expires 09/16/16 Strike Price $120		(179	)		(92,185	)

	Number of   Contracts			Value
TransEnterix, Inc. Call Options Expires 07/15/16 Strike Price $5		(1,674	)	$	(8,370	)
TOTAL OPTIONS WRITTEN (Premiums received $6,041,328)					(519,745	)
OTHER ASSETS IN EXCESS OF LIABILITIES—22.3%					176,542,402
NET ASSETS—100.0%				$	791,397,021

ADR	—	American Depository Receipt
PLC	—	Public Limited Company
*	—	Non-income producing.
(a)	—	All or a portion of the security is on loan. At May 31, 2016, the market value of securities on loan was $ 49,534,484.
†	—	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 has been valued at fair market value as determined in good faith by or under the direction of The RBB Fund, Inc.‘s Board of Directors. As of May 31, 2016, short positions amounted to $81 or 0.0%, of net assets.
**	—	The cost and unrealized appreciation and depreciation in the value of the investstments owned by the Fund, as computed on a federal income tax basis, are as follows:

Aggregate cost	$	736,436,673
Gross unrealized appreciation	$	116,663,935
Gross unrealized depreciation		(24,313,220	)
Net unrealized appreciation	$	92,350,715

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

10

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND (concluded)	Portfolio of Investments

A summary of the inputs used to value the Fund’s investments as of May 31, 2016 is as follows (see Notes to Portfolio of Investments):

	Total Value as of May 31, 2016		Level 1 Quoted Price		Level 2 Significant       Observable       Inputs		Level 3 Significant       Unobservable       Inputs
Common Stock
Basic Industries	$	56,059,354	$	56,059,354	$	—	$	—
Capital Goods		72,651,382		72,651,382		—		—
Communications		27,815,815		27,815,815		—		—
Consumer Durables		5,792,356		5,792,356		—		—
Consumer Non-Durables		43,075,440		43,075,440		—		—
Consumer Services		100,363,020		100,363,020		—		—
Energy		88,690,342		88,690,342		—		—
Finance		177,880,766		177,880,766		—		—
Health Care		86,024,734		86,024,734		—		—
Real Estate Investment Trusts		11,420,824		11,420,824		—		—
Technology		83,968,959		83,968,959		—		—
Transportation		13,921,838		13,921,838		—		—
Utilities		4,468,910		4,468,910		—		—
Exchange Traded		5,842,754		5,842,754		—		—
Securities Lending Collateral		50,810,894		50,810,894		—		—
Total Assets	$	828,787,388	$	828,787,388	$	—	$	—
	Total Value as of May 31, 2016		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Securities Sold Short
Basic Industries	$	(3,706,196)	$	(3,706,196)	$	—	$	—
Capital Goods		(8,036,605)		(8,036,598)		—		(7)
Communications		(7,595,024)		(7,595,024)		—		—
Consumer Durables		(9,337,678)		(9,337,678)		—		—
Consumer Non-Durables		(20,984,441)		(20,984,438)		—		(3)
Consumer Services		(42,585,830)		(42,585,830)		—		—
Energy		(6)		(6)		—		—
Finance		(6,674,793)		(6,674,793)		—		—
Health Care		(36,264,364)		(36,264,364)		—		—
Real Estate Investment Trust		(3,143,359)		(3,143,359)		—		—
Technology		(53,637,779)		(53,637,708)		—		(71)
Transportation		(3,696,871)		(3,696,871)		—		—
Utilities		(17,750,078)		(17,750,078)		—		—
Options Written
Equity Contracts		(519,745)		(511,375)		(8,370)		—
Total Liabilities	$	(213,932,769)	$	(213,924,318)	$	(8,370)	$	(81)

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

11

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Portfolio of Investments

	Number of Shares		Value
LONG POSITIONS—96.4%
RIGHTS—0.0%
Consumer Services—0.0%
Liberty Braves Group	$	26,293	$	57,583
				57,583
TOTAL RIGHTS —0.0% (Cost $0)				57,583
COMMON STOCK—96.4%
Basic Industries—6.6%
Avery Dennison Corp. †		465,662		34,635,944
Barrick Gold Corp.		1,585,699		26,592,172
Berry Plastics Group, Inc. * †		1,734,883		67,955,367
Graphic Packaging Holding Co. †		5,508,697		73,816,540
Lintec Corp.		512,600		10,067,906
Packaging Corp. of America †		569,491		38,856,371
PPG Industries, Inc. †		441,447		47,535,013
Sealed Air Corp.		836,074		38,827,277
Stornoway Diamond Corp. *		19,386,145		14,192,015
Valspar Corp., (The) †		406,019		43,979,978
WestRock Co. †		1,301,588		51,555,901
				448,014,484
Capital Goods—12.1%
AMETEK, Inc.		564,755		27,006,584
BAE Systems PLC		4,165,856		29,136,876
Continental Building Products, Inc. *		1,187,948		27,215,889
CRH PLC		1,111,498		33,396,626
Danaher Corp. †		524,173		51,557,656
Dorma+Kaba Holding AG, Registered Shares B		16,810		11,048,857
General Dynamics Corp. †		353,052		50,087,487
Haseko Corp.		953,200		10,399,148
Honeywell International, Inc. †		311,208		35,424,807
Huntington Ingalls Industries, Inc. †		347,682		53,337,896
Ingersoll-Rand PLC †		593,498		39,651,601
KION Group AG		337,645		18,695,967
L-3 Communications Holdings, Inc.		68,650		9,419,467
Lockheed Martin Corp. †		260,790		61,606,422
Masco Corp. †		1,062,325		34,674,288
Nitto Denko Corp.		96,100		6,296,711
Northrop Grumman Corp. †		183,160		38,952,637
Raytheon Co. †		415,516		53,879,960

	Number of Shares		Value
Capital Goods—(continued)
Safran SA		744,266	$	52,226,222
Sanwa Holdings Corp.		718,300		6,233,607
Siemens AG, Registered Shares		224,415		24,175,219
Stanley Black & Decker, Inc. †		357,156		40,422,916
Sumitomo Osaka Cement Co., Ltd.		2,380,000		9,647,962
Textron, Inc. †		1,359,924		51,758,707
TopBuild Corp.		—		0
United Technologies Corp. †		330,682		33,259,996
Vinci SA		170,419		12,834,231
				822,347,739
Communications—5.8%
Alphabet Inc., Class A * †		85,320		63,891,882
Baidu, Inc. - Sponsored ADR * †		162,900		29,084,166
Comcast Corp., Class A †		944,583		59,792,104
DeNA Co. Ltd.		573,300		11,452,400
IAC/InterActiveCorp.		310,025		17,324,197
Liberty Broadband Corp., Class C * †		158,905		9,189,476
Liberty Global PLC LiLAC, Class C * †		213,629		9,124,095
Liberty Global PLC, Series C * †		1,779,095		64,278,702
Liberty Media Group, Class C * †		1		14
NetEase, Inc. - ADR †		150,259		26,722,061
Priceline Group, Inc., (The) *		13,544		17,124,086
Verizon Communications, Inc. †		874,292		44,501,463
Vodafone Group PLC		9,457,569		31,585,724
Yandex NV, Class A *		342,928		7,064,317
				391,134,687
Consumer Durables—1.8%
Lear Corp.		185,354		22,012,641
Newell Rubbermaid, Inc. †		630,497		30,068,402
PulteGroup, Inc.		1,831,902		34,366,482
Tenneco, Inc. * †		637,284		34,234,896
				120,682,421
Consumer Non-Durables—4.4%
Activision Blizzard, Inc.		301,557		11,839,128
Britvic PLC		3,854,698		37,709,659
Coca-Cola West Co., Ltd.		568,300		15,742,088
Constellation Brands, Inc., Class A †		148,581		22,755,180
Dr. Pepper Snapple Group, Inc.		147,838		13,512,393
Electronic Arts, Inc. *		153,313		11,766,773

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

12

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND (continued)	Portfolio of Investments

	Number of Shares		Value
Consumer Non-Durables—(continued)
Global Brands Group Holding Ltd. *		35,030,000	$	3,476,723
Henkel AG & Co. KGaA		98,725		10,362,876
Imperial Brands PLC		1,110,150		60,375,132
Ontex Group NV		452,542		14,727,301
PepsiCo, Inc.		343,506		34,752,502
Pilgrim’s Pride Corp.		675,025		16,787,872
Reynolds American, Inc. †		505,059		25,101,432
Tyson Foods, Inc., Class A †		284,117		18,120,982
				297,030,041
Consumer Services—9.8%
Alibaba Group Holding Ltd. - Sponsored ADR *		329,345		27,006,290
CBS Corp., Class B non-voting shares †		687,067		37,926,098
CVS Health Corp. †		214,422		20,681,002
eBay, Inc. *		1,661,467		40,639,483
Foot Locker, Inc.		300,386		16,797,585
Interpublic Group of Cos., Inc., (The)		1,066,536		25,490,210
ITV PLC		13,581,828		42,143,344
Liberty Braves Group, Class C *		1		8
Liberty SiriusXM Group, Class C *		559,435		17,594,231
Live Nation Entertainment, Inc. *		579,881		14,004,126
Lowe’s Cos., Inc. †		361,257		28,947,523
ManpowerGroup, Inc. †		376,627		30,036,003
Nielsen Holdings PLC		195,362		10,430,377
Omnicom Group, Inc. †		248,587		20,714,755
Phoenix New Media Ltd. - ADR *		1,284,537		5,125,303
ProSiebenSat.1 Media SE		793,754		39,933,712
Randstad Holding NV		665,906		35,976,263
Robert Half International, Inc. †		565,189		23,506,211
Scripps Networks Interactive, Inc., Class A		398,079		25,612,403
Six Flags Entertainment Corp. †		647,837		37,373,717
Starz, Class A *		875,590		23,640,930
Target Corp. †		311,447		21,421,325
TEGNA, Inc. †		1,393,995		32,006,125
Time Warner, Inc. †		452,584		34,242,505
Walgreens Boots Alliance, Inc.		248,030		19,197,522
WPP PLC		1,463,601		33,753,426
				664,200,477

	Number of Shares		Value
Energy—8.6%
Anadarko Petroleum Corp. †		196,271	$	10,178,614
California Resources Corp.		—		0
Canadian Natural Resources Ltd.		1,520,787		45,228,205
Diamondback Energy, Inc. * #		943,974		85,854,435
Energen Corp. †		617,188		29,390,493
EOG Resources, Inc. #		390,718		31,788,816
EQT Corp. †		793,831		58,148,121
Exxon Mobil Corp. #		90,851		8,087,556
Inpex Corp.		1,509,100		12,299,612
Kosmos Energy Ltd. * †		2,061,427		11,832,591
Marathon Petroleum Corp. †		565,278		19,688,633
Occidental Petroleum Corp.		726,126		54,778,945
Parsley Energy, Inc., Class A * †		3,731,116		97,270,194
Phillips 66		458,092		36,812,273
Rice Energy, Inc. * †		1,823,905		36,934,076
RSP Permian, Inc. * †		903,070		29,738,095
Viper Energy Partners LP		687,217		13,318,265
				581,348,924
Finance—18.1%
Alleghany Corp. * †		36,197		19,721,212
Allstate Corp., (The) †		592,871		40,024,721
Ally Financial, Inc. * †		1,583,302		28,404,438
American International Group, Inc. †		300,614		17,399,538
Aon PLC †		335,479		36,657,790
Bank of America Corp. †		3,237,038		47,875,792
BB&T Corp. †		895,300		32,562,061
Berkshire Hathaway, Inc., Class B * †		305,374		42,917,262
Capital One Financial Corp. †		984,334		72,092,622
Charles Schwab Corp., (The) †		955,724		29,226,040
Chubb Ltd. †		319,220		40,416,444
Citigroup, Inc. †		1,357,180		63,203,873
Citizens Financial Group, Inc. †		948,204		22,330,204
CNO Financial Group, Inc.		1,392,343		28,250,639
Discover Financial Services †		1,214,046		68,969,953
Fifth Third Bancorp †		2,836,181		53,518,735
Goldman Sachs Group, Inc., (The) †		177,719		28,342,626
Huntington Bancshares, Inc. †		2,509,878		26,228,225
JPMorgan Chase & Co. †		1,047,813		68,390,755
MetLife, Inc. †		927,171		42,232,639
Morgan Stanley		499,520		13,671,862

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

13

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND (continued)	Portfolio of Investments

	Number of Shares		Value
Finance—(continued)
Navient Corp. †		2,148,146	$	29,451,082
Raymond James Financial, Inc.		553,188		31,017,251
SLM Corp. *		3,279,001		22,526,737
Standard Chartered PLC		1,368,715		10,455,675
State Street Corp. †		281,298		17,738,652
SunTrust Banks, Inc. †		669,039		29,317,289
Synchrony Financial *		1,051,850		32,817,720
TD Ameritrade Holding Corp. †		854,563		27,918,573
Travelers Cos., Inc., (The) †		227,817		26,003,032
Unum Group †		1,332,545		49,197,561
Validus Holdings Ltd.		374,103		18,215,075
Wells Fargo & Co. †		1,201,803		60,955,448
WR Berkley Corp. †		323,913		18,472,758
XL Group PLC †		927,769		31,868,865
				1,228,393,149
Health Care—9.4%
AbbVie, Inc. †		476,501		29,986,208
Anthem, Inc. †		200,831		26,541,825
Cardinal Health, Inc. †		490,615		38,734,054
CIGNA Corp. †		308,976		39,582,915
DaVita HealthCare Partners, Inc. *		366,076		28,304,996
Express Scripts Holding Co. * †		618,295		46,712,187
Gilead Sciences, Inc. †		465,658		40,540,185
ICON PLC *		379,839		26,755,859
Johnson & Johnson †		497,913		56,109,816
Laboratory Corp. of America Holdings * †		400,338		51,223,247
McKesson Corp. †		227,013		41,575,161
Merck & Co., Inc. †		855,257		48,116,759
Novartis AG - Sponsored ADR		232,916		18,519,151
Perrigo Co., PLC		209,307		20,059,983
Pfizer, Inc. †		751,450		26,075,315
St. Jude Medical, Inc. †		219,528		17,202,214
Teva Pharmaceutical Industries Ltd. - Sponsored ADR †		479,687		24,881,365
UnitedHealth Group, Inc.		289,752		38,731,150
Zimmer Biomet Holdings, Inc. †		137,765		16,822,484
				636,474,874
Real Estate Investment Trusts—0.5%
American Homes 4 Rent, Class A		758,825		13,916,849
Boston Properties, Inc. †		77,233		9,702,782
SL Green Realty Corp.		110,688		11,219,336

	Number of Shares		Value
Real Estate Investment Trusts—(continued)
Sunstone Hotel Investors, Inc.		1	$	11
				34,838,978
Technology—17.6%
Alliance Data Systems Corp. *		166,586		37,013,743
Amdocs Ltd. †		733,224		42,519,660
Apple, Inc.		238,535		23,820,105
Arrow Electronics, Inc. * †		1,008,517		65,170,369
Avnet, Inc. †		904,683		37,119,143
Broadcom Ltd. †		440,021		67,921,642
Brocade Communications Systems, Inc. †		2,597,223		23,530,840
CDW Corp. †		1,265,115		53,843,294
Cisco Systems, Inc. †		766,948		22,279,839
Computer Sciences Corp.		612,740		30,146,808
CoreLogic, Inc. *		274,152		10,217,645
EMC Corp. †		2,378,542		66,480,249
EVERTEC, Inc. †		688,058		10,534,168
Fidelity National Information Services, Inc. †		318,145		23,628,629
Flextronics International Ltd. * †		5,678,834		70,701,483
Harris Corp. †		699,074		55,066,059
Hewlett Packard Enterprise Co. †		3,166,614		58,487,361
Hollysys Automation Technologies, Ltd. *		519,451		8,825,472
HP, Inc. †		2,871,494		38,420,590
Jabil Circuit, Inc. †		1,926,249		36,752,831
Microsoft Corp. †		1,315,318		69,711,854
ON Semiconductor Corp. *		3,791,479		37,042,750
Oracle Corp. †		2,344,254		94,239,011
PayPal Holdings, Inc. * †		274,933		10,389,718
Qorvo Inc. *		475,766		24,249,793
Samsung Electronics Co., Ltd.		58,637		63,467,935
TE Connectivity Ltd. †		478,094		28,685,640
Texas Instruments, Inc. †		1,057,945		64,111,467
Total System Services, Inc.		274,931		14,763,795
				1,189,141,893
Transportation—0.9%
Delta Air Lines, Inc. †		945,074		41,072,916
United Continental Holdings, Inc. *		457,869		20,645,313
				61,718,229
Utilities—0.8%
AES Corp.		2,353,637		26,101,834

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

14

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND (continued)	Portfolio of Investments

	Number of Shares			Value
Utilities—(continued)
Boardwalk Pipeline Partners, LP		1,722,720		$	30,423,235
					56,525,069
TOTAL COMMON STOCK—96.4% (Cost $5,839,636,655)					6,531,850,965
WARRANTS—0.0%
Basic Industries—0.0%
Stornoway Diamond Corp. Exercise Price CAD 0.90, Expires 07/08/16 *		7,527,500			401,819
					401,819
TOTAL WARRANTS—0.0% (Cost $773,078)					401,819
TOTAL INVESTMENTS—96.4%
(Cost $5,840,409,733)**					6,532,310,367
SECURITIES SOLD SHORT—(49.7%)
COMMON STOCK——
Capital Goods—0.0%
Rolls Royce Holdings Entitlement		(124,749,698	)		(180,681	)
					(180,681	)
TOTAL COMMON STOCK (Proceeds $181,293)					(180,681	)
COMMON STOCK—(49.7%)
Basic Industries—(2.7%)
Air Liquide SA		(191,113	)		(20,562,554	)
AptarGroup, Inc.		(165,502	)		(12,786,685	)
Balchem Corp.		(193,993	)		(11,629,880	)
Ball Corp.		(240,223	)		(17,368,123	)
Bemis Co., Inc.		(260,648	)		(13,121,020	)
Detour Gold Corp. *		(565,009	)		(11,163,597	)
FMC Corp.		(441,416	)		(20,962,846	)
Goldcorp, Inc.		(1,105,536	)		(18,595,116	)
International Flavors & Fragrances, Inc.		(156,167	)		(20,145,543	)
NewMarket Corp.		(61,679	)		(24,979,995	)
Vale SA - Sponsored ADR		(3,029,277	)		(11,905,059	)
					(183,220,418	)
Capital Goods—(3.8%)
Actuant Corp., Class A		(510,317	)		(13,926,551	)
Atlas Copco AB, Class A		(791,621	)		(20,457,097	)
Axalta Coating Systems Ltd. *		(600,963	)		(16,917,108	)
Caterpillar, Inc.		(289,573	)		(20,996,938	)
CNH Industrial NV		(1,479,711	)		(10,461,557	)
Deere & Co.		(267,708	)		(22,029,691	)
Flowserve Corp.		(338,900	)		(16,311,257	)

	Number of Shares			Value
Capital Goods—(continued)
Fortune Brands Home & Security, Inc.		(194,125	)	$	(11,389,314	)
GEA Group AG		(379,057	)		(17,587,926	)
KUKA AG		(55,325	)		(6,528,955	)
MTU Aero Engines Holding AG		(128,063	)		(12,104,722	)
Rolls-Royce Holdings PLC		(1,757,038	)		(15,755,109	)
Rotork PLC		(2,880,706	)		(8,192,622	)
Sun Hydraulics Corp.		(300,619	)		(8,799,118	)
TOTO Ltd.		(289,300	)		(10,899,720	)
Trex Co., Inc. *		(160,027	)		(7,228,420	)
Wabtec Corp.		(264,691	)		(20,481,790	)
WW Grainger, Inc.		(82,316	)		(18,796,859	)
Zardoya Otis SA		(130,815	)		(1,355,837	)
					(260,220,591	)
Communications—(2.9%)
58.Com, Inc. - ADR *		(216,863	)		(11,721,445	)
CenturyLink, Inc.		(591,390	)		(16,038,497	)
Cogent Communications Group, Inc.		(611,942	)		(24,367,530	)
CoStar Group, Inc. *		(66,438	)		(13,725,426	)
Eutelsat Communications SA		(325,154	)		(6,486,150	)
Frontier Communications Corp		(3,403,978	)		(17,598,566	)
Mercadolibre, Inc.		(161,727	)		(22,075,736	)
Millicom International Cellular SA - SDR		(239,744	)		(13,970,032	)
SES SA		(588,823	)		(13,198,558	)
Sprint Corp. *		(6,523,931	)		(24,790,938	)
Synchronoss Technologies, Inc. *		(382,789	)		(13,500,968	)
TalkTalk Telecom Group PLC		(3,007,413	)		(10,462,612	)
Telefonica SA - Sponsored ADR		(905,632	)		(9,445,742	)
					(197,382,200	)
Consumer Durables—(1.3%)
Autoliv, Inc.		(215,894	)		(26,470,763	)
Dorman Products, Inc. *		(177,076	)		(9,776,366	)
Ferrari NV		(420,411	)		(17,838,039	)
Leggett & Platt, Inc.		(248,918	)		(12,510,619	)
Tesla Motors, Inc. *		(107,938	)		(24,095,000	)
					(90,690,787	)
Consumer Non-Durables—(3.7%)
B&G Foods, Inc.		(610,375	)		(26,240,021	)
C&C Group PLC		(2,527,645	)		(11,628,719	)
Campbell Soup Co.		(327,938	)		(19,863,205	)
Colgate-Palmolive Co.		(304,934	)		(21,470,403	)

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

15

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND (continued)	Portfolio of Investments

	Number of Shares			Value
Consumer Non-Durables—(continued)
Gildan Activewear, Inc.		(529,990	)	$	(15,809,602	)
Kagome Co. Ltd.		(562,400	)		(13,501,168	)
Luxottica Group SpA		(312,797	)		(16,958,040	)
McCormick & Co., Inc., non-voting shares		(181,553	)		(17,623,350	)
Monster Beverage Corp. *		(155,633	)		(23,344,950	)
Remy Cointreau SA		(197,329	)		(16,394,317	)
TreeHouse Foods, Inc. *		(222,279	)		(21,049,821	)
Tsingtao Brewery Co., Ltd. Class H		(3,622,000	)		(13,027,235	)
Under Armour, Inc., Class A *		(241,380	)		(9,107,267	)
Whitewave Foods Co., (The) *		(524,505	)		(23,419,148	)
					(249,437,246	)
Consumer Services—(9.1%)
Acxiom Corp. *		(856,191	)		(18,134,125	)
Amazon.com, Inc. *		(16,050	)		(11,600,780	)
Aramark		(762,499	)		(25,383,592	)
Bob Evans Farms, Inc.		(458,128	)		(20,437,090	)
Buffalo Wild Wings, Inc. *		(159,207	)		(23,147,106	)
Casey’s General Stores, Inc.		(145,407	)		(17,479,375	)
Cheesecake Factory, Inc., (The)		(340,274	)		(16,969,464	)
Chipotle Mexican Grill, Inc. *		(33,578	)		(14,840,133	)
Cimpress NV *		(241,733	)		(24,214,395	)
Coach, Inc.		(413,991	)		(16,319,525	)
Dixons Carphone PLC		(2,600,988	)		(16,553,294	)
Dollar Tree, Inc. *		(187,808	)		(17,004,136	)
FactSet Research Systems, Inc.		(103,206	)		(16,416,978	)
GrainCorp, Ltd., Class A		(3,600,324	)		(23,126,474	)
Hennes & Mauritz AB, Class B		(771,515	)		(23,681,806	)
Jack in the Box, Inc.		(205,672	)		(17,523,254	)
Kroger Co., (The)		(447,837	)		(16,014,651	)
Lululemon Athletica, Inc. *		(370,135	)		(24,069,879	)
Medidata Solutions, Inc. *		(630,489	)		(28,964,665	)
Monro Muffler Brake, Inc.		(403,554	)		(25,403,724	)
Netflix, Inc. *		(195,799	)		(20,083,103	)
Nord Anglia Education, Inc. *		(609,006	)		(13,532,113	)
Nordstrom, Inc.		(339,206	)		(12,883,044	)
Norwegian Cruise Line Holdings Ltd. *		(204,820	)		(9,505,696	)
PriceSmart, Inc.		(285,729	)		(25,312,732	)
Qunar Cayman Islands Ltd. - ADR *		(165,045	)		(5,360,662	)
Rollins, Inc.		(502,105	)		(14,269,824	)

	Number of Shares			Value
Consumer Services—(continued)
SeaWorld Entertainment, Inc.		(427,080	)	$	(7,456,817	)
SEEK Ltd.		(1,687,596	)		(19,854,008	)
Television Francaise 1		(1,564,588	)		(19,781,447	)
Texas Roadhouse, Inc.		(533,091	)		(23,887,808	)
Wayfair, Inc., Class A *		(300,587	)		(12,378,173	)
Whitbread PLC		(183,303	)		(11,170,740	)
Zillow Group, Inc., Class A *		(747,488	)		(21,856,549	)
					(614,617,162	)
Energy—(3.2%)
Cabot Oil & Gas Corp.		(856,867	)		(20,539,102	)
Chevron Corp.		(333,237	)		(33,656,937	)
Continental Resources, Inc. *		(730,605	)		(30,729,246	)
Helmerich & Payne, Inc.		(210,924	)		(12,898,003	)
Hess Corp.		(365,070	)		(21,878,645	)
Matador Resources Co. *		(1,113,887	)		(25,307,513	)
National Oilwell Varco, Inc.		(792,472	)		(26,111,952	)
Southwestern Energy Co. *		(1,745,740	)		(23,864,266	)
Transocean Ltd.		(967,279	)		(9,469,661	)
Weatherford International PLC *		(1,814,109	)		(10,177,151	)
					(214,632,476	)
Finance—(6.9%)
Aberdeen Asset Management PLC		(3,423,621	)		(13,807,506	)
Arch Capital Group Ltd. *		(232,131	)		(16,866,638	)
BancorpSouth, Inc.		(475,116	)		(11,350,521	)
Bank of East Asia Ltd., (The)		(3,818,136	)		(14,077,272	)
Bank of Hawaii Corp.		(138,806	)		(9,973,211	)
Bankia SA		(4,968,007	)		(4,314,531	)
Bankinter SA		(1,627,309	)		(12,368,457	)
BOK Financial Corp.		(164,481	)		(10,484,019	)
Canadian Western Bank		(496,474	)		(9,771,605	)
Community Bank System, Inc.		(442,590	)		(18,252,412	)
Credit Acceptance Corp. *		(23,703	)		(4,440,520	)
Cullen/Frost Bankers, Inc.		(224,441	)		(15,015,103	)
CVB Financial Corp.		(1,120,698	)		(19,668,250	)
Eaton Vance Corp.		(610,727	)		(22,206,034	)
Financial Engines, Inc.		(410,715	)		(11,352,163	)
First Financial Bankshares, Inc.		(709,372	)		(23,771,056	)
Glacier Bancorp, Inc.		(497,219	)		(13,593,967	)
Hang Seng Bank Ltd.		(629,300	)		(11,180,314	)
HDFC Bank Ltd. - ADR		(127,963	)		(8,235,699	)
Home Bancshares, Inc.		(132,440	)		(5,820,738	)
IBERIABANK Corp.		(158,747	)		(9,842,314	)

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

16

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND (continued)	Portfolio of Investments

	Number of Shares			Value
Finance—(continued)
MB Financial, Inc.		(240,470	)	$	(8,692,991	)
Mercury General Corp.		(286,049	)		(15,037,596	)
New York Community Bancorp, Inc.		(904,665	)		(14,239,427	)
Oversea-Chinese Banking Corp. Ltd.		(1,830,300	)		(11,460,493	)
Prosperity Bancshares, Inc.		(199,848	)		(10,761,815	)
RLI Corp.		(261,975	)		(17,319,167	)
Texas Capital Bancshares, Inc. *		(228,512	)		(11,708,955	)
Trustmark Corp.		(554,085	)		(13,730,226	)
UMB Financial Corp.		(184,004	)		(10,589,430	)
United Bankshares, Inc.		(635,365	)		(25,293,881	)
Valley National Bancorp		(1,363,198	)		(12,991,277	)
Verisk Analytics, Inc. *		(232,750	)		(18,478,023	)
Westamerica Bancorporation		(444,734	)		(21,636,309	)
WisdomTree Investments, Inc.		(1,030,063	)		(12,772,781	)
					(471,104,701	)
Health Care—(4.5%)
athenahealth, Inc. *		(147,327	)		(18,691,376	)
Baxter International, Inc.		(234,879	)		(10,137,378	)
Bristol-Myers Squibb Co.		(380,714	)		(27,297,194	)
Brookdale Senior Living, Inc. *		(888,118	)		(15,932,837	)
BTG PLC *		(940,220	)		(9,244,074	)
Carl Zeiss Meditec AG		(486,432	)		(18,813,699	)
Coloplast A/S, Class B		(150,156	)		(11,357,682	)
Concordia Healthcare Corp.		(259,171	)		(7,972,668	)
Cooper Cos., Inc., (The)		(95,579	)		(15,561,217	)
DexCom, Inc. *		(175,046	)		(11,288,717	)
Edwards Lifesciences Corp. *		(129,534	)		(12,759,099	)
Elekta AB, Class B		(2,047,201	)		(16,143,263	)
Henry Schein, Inc. *		(100,059	)		(17,383,250	)
IDEXX Laboratories, Inc. *		(190,282	)		(16,662,995	)
Illumina, Inc. *		(75,440	)		(10,925,975	)
Intuitive Surgical, Inc. *		(27,046	)		(17,166,367	)
Nevro Corp. *		(166,564	)		(11,612,842	)
Seattle Genetics, Inc. *		(213,831	)		(8,645,187	)
Sonova Holding AG		(81,528	)		(10,887,860	)
Takeda Pharmaceutical Co., Ltd.		(231,500	)		(9,962,859	)
West Pharmaceutical Services, Inc.		(247,919	)		(18,613,759	)
Wright Medical Group NV *		(498,706	)		(9,644,974	)
					(306,705,272	)

	Number of Shares			Value
Real Estate Investment Trusts—(1.3%)
Equinix, Inc.		(116,183	)	$	(42,058,246	)
Iron Mountain, Inc.		(643,115	)		(23,628,045	)
Realty Income Corp.		(340,582	)		(20,465,572	)
					(86,151,863	)
Technology—(7.9%)
2U Inc. *		(396,274	)		(11,032,268	)
ACI Worldwide, Inc. *		(689,977	)		(14,254,925	)
Arista Networks, Inc. *		(265,888	)		(19,486,932	)
Blackbaud, Inc.		(464,917	)		(29,136,348	)
Cavium, Inc. *		(391,160	)		(19,460,210	)
Cognex Corp.		(642,059	)		(27,653,481	)
Dassault Systemes SA		(295,144	)		(23,511,260	)
Demandware, Inc. *		(150,192	)		(7,207,714	)
Electronics For Imaging, Inc. *		(482,245	)		(21,136,798	)
F5 Networks, Inc. *		(142,853	)		(15,742,401	)
Finisar Corp. *		(848,620	)		(14,273,788	)
Guidewire Software, Inc. *		(455,453	)		(26,735,091	)
Hexagon AB, Class B		(695,622	)		(27,019,951	)
Infineon Technologies AG		(703,046	)		(10,527,529	)
Itron, Inc. *		(988,823	)		(43,557,653	)
National Instruments Corp.		(1,302,847	)		(37,222,339	)
NetSuite, Inc. *		(400,990	)		(31,802,517	)
Nidec Corp.		(190,200	)		(14,570,066	)
Proofpoint, Inc. *		(276,892	)		(16,231,409	)
Telefonaktiebolaget LM Ericsson, Class B		(1,281,678	)		(9,893,646	)
Unisys, Corp. *		(1,154,790	)		(9,746,428	)
Veeva Systems, Inc., Class A *		(877,709	)		(28,920,512	)
ViaSat, Inc. *		(179,367	)		(12,381,704	)
Wipro Ltd. - ADR		(2,948,507	)		(35,411,569	)
Workday, Inc., Class A *		(365,427	)		(27,713,984	)
					(534,630,523	)
Transportation—(1.3%)
Heartland Express, Inc.		(755,426	)		(13,960,272	)
J.B. Hunt Transport Services, Inc.		(129,545	)		(10,715,962	)
Keikyu Corp.		(1,188,220	)		(11,204,095	)
Kintetsu Group Holdings, Co., Ltd.		(1,994,000	)		(7,988,240	)
Norwegian Air Shuttle ASA *		(301,513	)		(12,317,907	)
Old Dominion Freight Line, Inc. *		(150,728	)		(9,699,347	)
Panalpina Welttransport Holding AG, Registered Shares		(100,625	)		(12,058,974	)
Tobu Railway Co., Ltd.		(1,857,000	)		(9,389,932	)
					(87,334,729	)

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

17

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND (continued)	Portfolio of Investments

	Number of Shares			Value
Utilities—(1.1%)
Kinder Morgan, Inc.		(1,381,191	)	$	(24,971,933	)
Ormat Technologies, Inc.		(504,513	)		(22,001,812	)
Sembcorp Industries Ltd.		(3,028,700	)		(6,130,253	)
Spectra Energy Corp.		(615,359	)		(19,605,338	)
					(72,709,336	)
TOTAL COMMON STOCK (Proceeds $3,230,844,723)					(3,368,837,304	)
TOTAL SECURITIES SOLD SHORT —(49.7%) (Proceeds $3,231,026,016)					(3,369,017,985	)
	Number of Contracts
OPTIONS WRITTEN ††—(0.3%)
Diamondback Energy, Inc. Call Options Expires 06/17/16 Strike Price $65.00		(4,000	)		(10,420,000	)
Diamondback Energy, Inc. Call Options Expires 06/17/16 Strike Price $85.00		(2,260	)		(1,548,100	)
EOG Resources Call Options Expires 07/15/16 Strike Price $70.00		(3,633	)		(4,443,159	)
Exxon Mobil Corp. Call Options Expires 07/15/16 Strike Price $75.00		(3	)		(4,433	)
TOTAL OPTIONS WRITTEN (Premiums received $(5,901,931))					(16,415,692	)
OTHER ASSETS IN EXCESS OF LIABILITIES—53.6%					3,630,404,736
NET ASSETS—100.0%				$	6,777,281,426

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.
††	—	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	$	5,840,409.733
Gross unrealized appreciation	$	847,327,606
Gross unrealized depreciation		(155,426,972	)
Net unrealized appreciation	$	691,900,634

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

18

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND (continued)	Portfolio of Investments

Contracts for Difference held by the Fund at May 31, 2016, are as follows:

Reference Company	Counterparty		Number of Contracts Long		Notional Amount		Unrealized Appreciation
Long
Kweichow Moutai Co., Ltd., Class A		Goldman Sachs		552,020		$21,118,422		$    1,242,977
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A		Goldman Sachs		1,389,911		14,380,590		175,950
								1,418,927
Reference Company	Counterparty		Number of Contracts (Short)		Notional Amount		Unrealized Appreciation (Depreciation)
Short
First Financial Holding Co., Ltd.		Goldman Sachs		(19,190,000)		$9,395,631		$     (286,193)
Semiconductor Manufacturing International Corp.		Goldman Sachs		(238,736,000)		20,291,399		313,368
								27,175
Net unrealized gain on Contracts for Difference								$    1,446,102

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

19

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND (concluded)	Portfolio of Investments

A summary of the inputs used to value the Fund’s investments as of May 31, 2016 is as follows (see Notes to Portfolio of Investments):

	Total Value as of May 31, 2016			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Common Stock
Basic Industries	$	448,014,484		$	437,946,578		$	10,067,906		$	—
Capital Goods		822,347,739			608,256,313			214,091,426			—
Communications		391,134,687			348,096,563			43,038,124			—
Consumer Durables		120,682,421			120,682,421			—			—
Consumer Non-Durables		297,030,041			154,636,262			142,393,779			—
Consumer Services		664,200,477			512,393,732			151,806,745			—
Energy		581,348,924			569,049,312			12,299,612			—
Finance		1,228,393,149			1,217,937,474			10,455,675			—
Health Care		636,474,874			636,474,874			—			—
Real Estate Investment Trusts		34,838,978			34,838,978			—			—
Technology		1,189,141,893			1,125,673,958			63,467,935			—
Transportation		61,718,229			61,718,229			—			—
Utilities		56,525,069			56,525,069			—			—
Rights		57,583			57,583			—			—
Warrants		401,819			401,819			—			—
Contracts for difference		1,732,295			—			1,732,295			—
Total Assets	$	6,534,042,662		$	5,884,689,165		$	649,353,497		$	—
	Total Value as of May 31, 2016			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Securities Sold Short
Basic Industries	$	(183,220,418	)	$	(162,657,864	)	$	(20,562,554	)	$	—
Capital Goods		(260,220,591	)		(167,338,603	)		(92,881,988	)		—
Communications		(197,382,200	)		(163,727,460	)		(33,654,740	)		—
Consumer Durables		(90,690,787	)		(90,690,787	)		—			—
Consumer Non-Durables		(249,437,246	)		(177,927,767	)		(71,509,479	)		—
Consumer Services		(614,617,162	)		(500,449,393	)		(114,167,769	)		—
Energy		(214,632,476	)		(214,632,476	)		—			—
Finance		(471,104,701	)		(403,896,128	)		(67,208,573	)		—
Health Care		(306,705,272	)		(230,295,835	)		(76,409,437	)		—
Real Estate Investment Trusts		(86,151,863	)		(86,151,863	)		—			—
Technology		(534,630,523	)		(449,108,071	)		(85,522,452	)		—
Transportation		(87,334,729	)		(34,375,581	)		(52,959,148	)		—
Utilities		(72,709,336	)		(66,579,083	)		(6,130,253	)		—
Preferred Stock		(180,681	)		—			(180,681	)		—
Options
Equity Contracts		(16,415,692	)		(16,415,692	)		—			—
Contracts for difference		(286,193	)		—			(286,193	)		—
Total Liabilities	$	(3,385,719,870	)	$	(2,764,246,603	)	$	(621,473,267	)	$	—

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

20

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (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—97.9%
Basic Industries—1.5%
Avery Dennison Corp.		54,090		4,023,214
Crown Holdings, Inc. *		127,725		6,663,413
Graphic Packaging Holding Co.		379,215		5,081,481
Mosaic Co., (The)		143,273		3,614,778
				19,382,886
Capital Goods—8.8%
CRH PLC — Sponsored ADR		120,153		3,677,883
General Dynamics Corp.		68,730		9,750,725
General Electric Co.		800,998		24,214,170
Huntington Ingalls Industries, Inc.		31,551		4,840,239
Ingersoll-Rand PLC		67,543		4,512,548
Masco Corp.		153,838		5,021,271
Oshkosh Corp.		135,827		6,235,818
Raytheon Co.		158,858		20,599,117
Stanley Black & Decker, Inc.		90,834		10,280,592
Textron, Inc.		122,259		4,653,177
Timken Co.		163,796		5,446,217
United Technologies Corp.		108,251		10,887,886
WESCO International, Inc. * (a)		128,430		7,491,322
				117,610,965
Communications—1.9%
Comcast Corp., Class A		114,397		7,241,330
IAC/InterActiveCorp.		203,752		11,385,661
NetEase, Inc. - ADR		39,691		7,058,647
				25,685,638
Consumer Durables—1.9%
Brunswick Corp.		70,001		3,350,948
Lear Corp.		64,425		7,651,113
Newell Rubbermaid, Inc.		104,605		4,988,612
Thor Industries, Inc.		137,582		8,942,830
				24,933,503
Consumer Non-Durables—3.7%
Activision Blizzard, Inc.		486,008		19,080,674
Electronic Arts, Inc. *		152,644		11,715,427
PepsiCo, Inc.		112,460		11,377,578
Reynolds American, Inc.		137,614		6,839,416
				49,013,095

	Number of   Shares		Value
Consumer Services—6.1%
Bed Bath & Beyond, Inc.		92,468	$	4,137,943
Best Buy Co., Inc.		303,987		9,779,262
eBay, Inc. *		643,276		15,734,531
Lowe’s Cos., Inc.		95,391		7,643,680
ManpowerGroup, Inc.		95,660		7,628,885
New Oriental Education & Technology Group, Inc. — Sponsored ADR		117,251		4,953,855
Office Depot, Inc. *		477,233		1,708,494
Omnicom Group, Inc.		203,359		16,945,905
Robert Half International, Inc.		102,471		4,261,769
Sportsman’s Warehouse Holdings, Inc. *		316,165		2,731,666
TEGNA, Inc.		274,349		6,299,053
				81,825,043
Energy—6.6%
Anadarko Petroleum Corp.		75,732		3,927,462
Canadian Natural Resources Ltd. (a)		248,751		7,397,855
Cimarex Energy Co.		41,161		4,786,201
Diamondback Energy, Inc. *		74,965		6,818,067
Energen Corp.		92,519		4,405,755
EOG Resources, Inc.		59,784		4,864,026
EQT Corp.		81,881		5,997,783
Marathon Petroleum Corp.		77,937		2,714,546
Occidental Petroleum Corp.		178,779		13,487,088
Parsley Energy, Inc., Class A *		276,490		7,208,094
Phillips 66		195,556		15,714,880
QEP Resources, Inc.		187,206		3,487,648
Rice Energy, Inc. *		271,491		5,497,693
RSP Permian, Inc. *		69,243		2,280,172
				88,587,270
Finance—28.2%
AFLAC, Inc.		207,990		14,446,985
Alleghany Corp. *		17,784		9,689,257
Allstate Corp., (The)		167,651		11,318,119
Ally Financial, Inc. *		297,366		5,334,746
American Express Co. #		101,816		6,695,420
American International Group, Inc.		233,928		13,539,753
Aon PLC		67,646		7,391,678
Bank of America Corp.		1,353,177		20,013,488
BB&T Corp.		408,431		14,854,635
Capital One Financial Corp.		322,370		23,610,379

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

21

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS ALL-CAP VALUE FUND (continued)	Portfolio of Investments

	Number of   Shares		Value
Finance—(continued)
Chubb Ltd.		166,456	$	21,074,994
Citigroup, Inc.		504,712		23,504,438
FCB Financial Holdings, Inc., Class A *		82,104		3,035,385
Fifth Third Bancorp		1,030,534		19,446,177
Goldman Sachs Group, Inc., (The)		67,723		10,800,464
JPMorgan Chase & Co.		650,556		42,461,790
Loews Corp.		275,382		11,147,463
MetLife, Inc.		198,546		9,043,770
Navient Corp.		488,867		6,702,367
OneBeacon Insurance Group Ltd., Class A		245,630		3,198,103
Peoples Choice Financial Corp. 144A * ‡		1,465		0
Prudential Financial, Inc.		161,867		12,827,960
Raymond James Financial, Inc.		173,135		9,707,679
SLM Corp. *		322,251		2,213,864
Solar Cayman Ltd. 144A * ‡		19,375		0
State Street Corp.		153,249		9,663,882
Torchmark Corp.		91,247		5,623,553
Travelers Cos., Inc., (The)		129,330		14,761,726
Wells Fargo & Co.		248,152		12,586,269
White Mountains Insurance Group Ltd.		18,899		15,220,877
WR Berkley Corp.		211,325		12,051,865
XL Group PLC		169,716		5,829,745
				377,796,831
Health Care—18.8%
AbbVie, Inc.		123,450		7,768,709
Allscripts Healthcare Solutions, Inc. *		239,434		3,229,965
Amgen, Inc.		154,184		24,353,363
Anthem, Inc.		29,901		3,951,716
Cardinal Health, Inc.		168,086		13,270,390
Cigna Corp.		82,760		10,602,384
Express Scripts Holding Co. *		153,706		11,612,488
Gilead Sciences, Inc.		162,577		14,153,954
Johnson & Johnson		224,270		25,272,986
McKesson Corp.		111,759		20,467,543
Medtronic PLC		167,099		13,448,128
Merck & Co., Inc.		500,141		28,137,933
Novartis AG — Sponsored ADR		209,212		16,634,446
Perrigo Co., PLC		50,521		4,841,933
Pfizer, Inc.		374,309		12,988,522
St. Jude Medical, Inc.		278,931		21,857,033

	Number of   Shares		Value
Health Care—(continued)
Teva Pharmaceutical Industries Ltd. — Sponsored ADR		186,856	$	9,692,221
UnitedHealth Group, Inc.		72,113		9,639,345
				251,923,059
Real Estate Investment Trusts—0.0%
TMST, Inc. ‡		191,097		0
Technology—20.4%
Amdocs Ltd.		126,426		7,331,443
Arrow Electronics, Inc. *		163,176		10,544,433
Avnet, Inc.		201,613		8,272,181
Brocade Communications Systems, Inc.		655,788		5,941,439
Cisco Systems, Inc.		782,202		22,722,968
Computer Sciences Corp.		301,168		14,817,466
CSRA, Inc.		104,577		2,590,372
EMC Corp.		926,748		25,902,607
Fidelity National Information Services, Inc.		91,638		6,805,954
Flextronics International Ltd. *		720,917		8,975,417
Hewlett Packard Enterprise Co.		1,265,797		23,379,271
HP, Inc.		595,775		7,971,470
Jabil Circuit, Inc.		712,472		13,593,965
Linear Technology Corp.		97,662		4,621,366
Microsemi Corp. *		245,493		8,305,028
Microsoft Corp.		335,480		17,780,440
ON Semiconductor Corp. *		796,768		7,784,423
Oracle Corp.		660,685		26,559,537
PayPal Holdings, Inc. *		88,553		3,346,418
Qorvo Inc. *		268,746		13,697,984
Symantec Corp.		334,224		5,802,129
TE Connectivity Ltd.		177,137		10,628,220
Texas Instruments, Inc.		114,485		6,937,790
Total System Services, Inc.		160,011		8,592,591
				272,904,912
TOTAL COMMON STOCK (Cost $1,091,043,207)				1,309,663,202
SECURITIES LENDING COLLATERAL—0.2%
BlackRock Liquidity TempFund, Institutional Shares		2,334,500		2,334,500
TOTAL SECURITIES LENDING COLLATERAL (Cost $2,334,500)				2,334,500
TOTAL INVESTMENTS—98.0% (Cost $1,093,377,707) **				1,311,997,702

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

22

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS ALL-CAP VALUE FUND (continued)	Portfolio of Investments

	Number of   Contracts			Value
OPTIONS WRITTEN††—(0.1%)
American Express Co. Call Options Expires 01/20/2017 Strike Price $62.50		(1,017	)	$	(610,200	)
TOTAL OPTIONS WRITTEN (Premiums received $649,870)					(610,200	)
OTHER ASSETS IN EXCESS OF LIABILITIES—2.0%					26,881,991
NET ASSETS—100.0%				$	1,338,269,493

ADR	—	American Depository Receipt
PLC	—	Public Limited Company
144A	—	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of May 31, 2016, 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 May 31, 2016, these securities amounted to $0 or 0% of net assets.
#	—	Security segregated as collateral for options written.
(a)	—	All or a portion of the security is on loan. At May 31, 2016, the market value of securities on loan was $702,015.
††	—	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	$	1,093,377,707
Gross unrealized appreciation	$	254,711,325
Gross unrealized depreciation		(36,091,330	)
Net unrealized appreciation	$	218,619,995

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

23

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS ALL-CAP VALUE FUND (concluded)	Portfolio of Investments

A summary of the inputs used to value the Fund’s investments as of May 31, 2016 is as follows: (see Notes to Portfolio of Investments):

	Total Value as of         May 31, 2016		Level 1       Quoted       Price		Level 2 Significant         Observable         Inputs		Level 3 Significant         Unobservable         Inputs
Rights	$	—	$	—	$	—	$	—
Common Stock *		1,309,663,202		1,309,663,202		—		—
Securities Lending Collateral		2,334,500		2,334,500		—		—
Total Assets	$	1,311,997,702	$	1,311,997,702	$	—	$	—
	Total Value as of May 31, 2016		Level 1 Quoted Price		Level 2 Significant         Observable         Inputs		Level 3 Significant         Unobservable         Inputs
Options Written
Equity Contracts	$	(610,200)	$	(610,200)	$	—	$	—
Total Liabilities	$	(610,200)	$	(610,200)	$	—	$	—

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

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

24

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
WPG PARTNERS SMALL/MICRO CAP VALUE FUND	Portfolio of Investments

	Number of   Shares		Value
COMMON STOCK—97.2%
Basic Industries—2.7%
Allegheny Technologies, Inc. (a)		15,100	$	186,938
Schweitzer-Mauduit International, Inc.		13,300		457,520
Westmoreland Coal Co. *(a)		34,000		275,060
				919,518
Capital Goods—12.6%
Carpenter Technology Corp. (a)		6,600		211,464
Engility Holdings, Inc. *		6,400		150,592
FreightCar America, Inc.		35,500		511,555
Great Lakes Dredge & Dock Corp. *		169,600		773,376
KBR, Inc.		23,700		344,835
KEYW Holding Corp., (The) *(a)		37,200		331,824
Landec Corp. *		29,900		346,242
Matrix Service Co. *		16,700		276,719
Orion Group Holdings, Inc. *		48,000		224,160
Primoris Services Corp.		10,700		230,264
SiteOne Landscape, Inc. *		5,000		140,650
Sterling Construction Co., Inc. *		25,200		127,260
Tutor Perini Corp. *		26,300		594,906
				4,263,847
Communications—0.0%
Ooma Inc. *		2,200		15,180
Consumer Durables—2.9%
Century Communities Inc. *		16,700		302,437
LGI Homes, Inc. *(a)		600		16,212
Libbey, Inc.		39,500		675,055
				993,704
Consumer Non-Durables—3.9%
Callaway Golf Co.		21,400		215,284
Crocs, Inc. *		12,900		126,936
Freshpet, Inc. *(a)		22,200		205,572
Matthews International Corp., Class A		7,100		389,577
Performance Sports Group, Ltd. *		21,900		71,175
Sequential Brands Group, Inc. *		36,900		297,414
				1,305,958

	Number of   Shares		Value
Consumer Services—6.5%
ARC Document Solutions, Inc. *		63,000	$	267,120
Destination XL Group, Inc. *		14,600		68,328
ICF International, Inc. *		19,500		795,210
InnerWorkings, Inc. *		18,400		158,608
Korn/Ferry International		6,800		196,180
Lumber Liquidators Holdings, Inc.*(a)		13,900		182,090
MDC Partners, Inc., Class A		14,300		256,542
Shoe Carnival, Inc.		2,400		55,920
Titan Machinery, Inc. *		21,600		230,472
				2,210,470
Energy—5.4%
Approach Resources, Inc. *		39,000		104,130
Bill Barrett Corp. *		23,600		167,796
Flotek Industries, Inc.* (a)		11,900		139,944
Gulfport Energy Corp. *		10,000		307,400
Pacific Ethanol, Inc. *(a)		66,500		420,945
Synergy Resources Corp. *		53,900		325,556
TETRA Technologies, Inc. *		64,400		352,268
				1,818,039
Finance—27.8%
Central Pacific Financial Corp.		19,900		477,003
CNO Financial Group, Inc.		24,600		499,134
Customers Bancorp, Inc *		21,200		570,068
Employers Holdings, Inc.		9,700		289,545
FBR & Co.		17,195		330,488
First Foundation, Inc. *		10,000		229,500
FNFV Group *(a)		24,500		294,490
Fulton Financial Corp.		28,500		406,125
Hanover Insurance Group, Inc., (The)		2,400		208,032
Investors Bancorp, Inc.		42,700		511,119
Kearny Financial Corp.		18,200		238,238
Kemper Corp.		18,800		607,428
Kennedy-Wilson Holdings, Inc.		25,000		533,000
Maiden Holdings Ltd.		35,200		461,824
Meridian Bancorp, Inc.		36,600		549,000
National Bank Holdings Corp., Class A		24,200		514,250
Northfield Bancorp, Inc.		35,100		545,805

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

25

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
WPG PARTNERS SMALL/MICRO CAP VALUE FUND (continued)	Portfolio of Investments

	Number of   Shares		Value
Finance—(continued)
Popular, Inc.		17,000	$	532,780
Real Industry, Inc. *(a)		9,900		67,073
State Bank Financial Corp.		29,300		636,982
THL Credit, Inc.		11,800		129,682
United Community Banks, Inc.		20,200		406,626
Yadkin Financial Corp.		15,500		410,285
				9,448,477
Health Care—4.5%
Accuray, Inc. *(a)		141,400		770,630
Invacare Corp. (a)		15,300		163,710
Trinity Biotech PLC - Sponsored ADR *(a)		50,600		584,936
				1,519,276
Real Estate Investment Trusts—11.9%
CatchMark Timber Trust, Inc., Class A		44,100		476,721
Cedar Realty Trust, Inc.		66,400		450,856
Colony Starwood Homes		19,900		541,678
Equity Commonwealth *		20,300		586,467
FelCor Lodging Trust, Inc.		32,500		214,825
Geo Group, Inc., (The)		25,600		851,456
Gramercy Property Trust, Inc.		61,900		552,767
Seritage Growth Properties		4,700		217,187
Two Harbors Investment Corp.		18,200		154,336
				4,046,293
Technology—10.0%
Applied Micro Circuits Corp. *		34,700		228,326
CIBER, Inc. *		153,800		190,712
Digi International, Inc. *		29,000		320,160
Exar Corp. *		95,800		654,314
Finisar Corp. *		3,400		57,188
Generac Holdings, Inc. *(a)		6,700		253,997
Mercury Systems, Inc. *		5,900		125,375
Plantronics, Inc.		4,100		182,532
QAD, Inc., Class A		11,800		221,722
SuperCom Ltd. *(a)		29,700		113,157
Ultratech, Inc. *		19,600		447,076
Viavi Solutions Inc. *		24,300		165,969
Vocera Communications, Inc. *		18,100		209,055
Xcerra Corp. *		36,900		240,957
				3,410,540

	Number of   Shares		Value
Transportation—3.8%
Air Transport Services Group, Inc. *		12,000	$	151,800
Ardmore Shipping Corp.		20,200		191,496
Celadon Group, Inc.		12,700		125,476
Navigator Holdings Ltd. *		9,500		132,335
Rand Logistics, Inc. *		22,200		19,447
Scorpio Tankers, Inc.		80,000		470,400
StealthGas, Inc. *		44,400		208,236
				1,299,190
Utilities—5.2%
ALLETE Inc.		5,100		294,474
Cadiz, Inc. *(a)		17,300		105,357
California Water Service Group		8,000		233,200
Chesapeake Utilities Corp.		3,200		184,608
Covanta Holding Corp.		13,500		225,045
PNM Resources, Inc.		6,800		223,312
Portland General Electric Co.		6,100		251,198
South Jersey Industries, Inc.		8,800		254,232
				1,771,426
TOTAL COMMON STOCK (Cost $30,192,505)				33,021,918
SECURITIES LENDING COLLATERAL—10.0%
TOTAL SECURITIES LENDING COLLATERAL (Cost $3,398,540)				3,398,540
TOTAL INVESTMENTS—107.2% (Cost $33,591,045) **				36,420,458
LIABILITIES IN EXCESS OF OTHER ASSETS—(7.2)%				(2,454,640)
NET ASSETS—100.0%			$	33,965,818

ADR	—	American Depository Receipt
PLC	—	Public Limited Company
*	—	Non-income Producing
(a)	—	All or a portion of the security is on loan. At May 31, 2016, the market value of securities on loan was $3,286,993.
**	—	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	$	33,591,045
Gross unrealized appreciation	$	5,047,714
Gross unrealized depreciation		(2,218,301)
Net unrealized appreciation	$	2,829,413

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

26

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
WPG PARTNERS SMALL/MICRO CAP VALUE FUND (concluded)	Portfolio of Investments

A summary of the inputs used to value the Fund’s investments as of May 31, 2016 is as follows (see Notes to Portfolio of Investments):

	Total Value as of May 31, 2016		Level 1     Quoted     Price		Level 2 Significant Observable Inputs		Level 3 Significant     Unobservable     Inputs
Common Stock *	$	33,021,918	$	33,021,918	$	—	$	—
Securities Lending Collateral		3,398,540		3,398,540		—		—
Total Assets	$	36,420,458	$	36,420,458	$	—	$	—

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

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

27

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (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	19.5%	$	72,887,753
Industrials	15.5		58,155,509
Information Technology	13.9		51,920,021
Health Care	13.2		49,451,762
Consumer Discretionary	10.1		37,600,274
Materials	7.7		28,956,507
Consumer Staples	7.2		26,960,484
Energy	6.1		22,646,229
Telecommunication Services	2.0		7,473,158
PREFERRED STOCK	0.5		1,836,500
OTHER ASSETS IN EXCESS OF LIABILITIES	4.3		16,153,057
NET ASSETS	100.0%	$	374,041,254

Portfolio holdings are subject to change at any time.

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

28

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS GLOBAL EQUITY FUND	Portfolio of Investments

	Number of   Shares		Value
PREFERRED STOCK—0.5%
South Korea—0.5%
Samsung Electronics Co., Ltd.		2,063	$	1,836,500
TOTAL PREFERRED STOCK (Cost $2,024,692)				1,836,500
COMMON STOCK—95.5%
Australia—0.6%
Australia & New Zealand Banking Group Ltd.		119,691		2,197,688
Bermuda—0.7%
Validus Holdings Ltd.		51,132		2,489,617
Canada—1.7%
Barrick Gold Corp.		80,572		1,351,192
Canadian Natural Resources Ltd.		86,000		2,555,702
Cenovus Energy Inc.		158,844		2,394,743
				6,301,637
France—5.4%
Bollore SA		404,953		1,464,534
Cap Gemini SA		41,349		3,943,642
Havas SA		296,794		2,504,647
Safran SA		81,771		5,737,989
Teleperformance SA		41,772		3,643,391
Vinci SA		36,557		2,753,103
				20,047,306
Germany—8.2%
Allianz SE, Registered Shares		16,798		2,743,530
Aurelius AG		66,387		3,991,348
Bayer AG, Registered Shares		30,596		2,913,846
Henkel AG & Co. KGaA		33,535		3,520,072
KION Group AG		57,116		3,162,608
Merck KGaA		58,867		5,895,943
Muenchener Rueckversicherungs AG, Registered Shares		15,254		2,867,788
NORMA Group AG		27,333		1,358,432
Siemens AG, Registered Shares		39,319		4,235,659
				30,689,226
Hong Kong—0.7%
WH Group Ltd.		3,521,000		2,705,047

	Number of   Shares		Value
Ireland—4.8 %
CRH PLC		170,293	$	5,116,709
Eaton Corp. PLC #		23,370		1,440,293
Greencore Group PLC		301,071		1,501,367
Ingersoll-Rand PLC		78,066		5,215,589
Medtronic PLC		57,073		4,593,235
				17,867,193
Italy—0.4%
Prysmian SpA		61,995		1,517,314
Japan—5.0%
Alpine Electronics, Inc.		78,200		886,490
Citizen Holdings Co., Ltd.		351,200		1,956,468
Coca-Cola West Co., Ltd.		69,800		1,933,482
Inpex Corp.		192,200		1,566,487
Lintec Corp.		145,400		2,855,782
Nippon Telegraph & Telephone Corp.		36,100		1,579,922
Nippon Television Holdings, Inc.		129,200		2,267,378
Nitto Denko Corp.		37,800		2,476,750
Tokio Marine Holdings Inc.		89,700		3,078,834
				18,601,593
Netherlands—2.7%
Koninklijke Ahold NV		247,206		5,480,496
LyondellBasell Industries NV, Class A		17,495		1,423,393
Randstad Holding NV		60,660		3,277,219
				10,181,108
Singapore—1.0%
Flextronics International Ltd. *		301,296		3,751,135
South Korea—0.7%
Samsung Electronics Co., Ltd.		2,485		2,689,732
Switzerland—2.9%
Credit Suisse Group AG, Registered Shares		53,696		739,368
Dufry AG, Registred Shares *		15,424		2,072,515
Georg Fischer AG, Registered Shares		4,810		3,841,272

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

29

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS GLOBAL EQUITY FUND (continued)	Portfolio of Investments

	Number of   Shares		Value
Switzerland—(continued)
Roche Holding AG, Participation Certificate		16,067	$	4,220,095
				10,873,250
Taiwan—0.5%
Casetek Holdings Ltd.		200,000		758,060
Hon Hai Precision Industry Co., Ltd.		541,000		1,325,791
				2,083,851
United Kingdom—7.8%
BAE Systems PLC		505,452		3,535,238
Berendsen PLC		106,123		1,856,214
Dialog Semiconductor PLC *		39,293		1,249,685
HSBC Holdings PLC		120,789		780,717
Imperial Brands PLC		123,368		6,709,327
Liberty Global PLC LiLAC, Class C *		13,969		596,616
Liberty Global PLC, Series C *		96,803		3,497,492
Rightmove PLC		23,620		1,444,237
Standard Chartered PLC		116,573		890,506
Vodafone Group PLC		1,085,674		3,625,858
WH Smith PLC		53,949		1,367,036
WPP PLC		150,403		3,468,580
				29,021,506
United States—52.4%
Activision Blizzard, Inc.		59,133		2,321,562
Allstate Corp., (The)		34,947		2,359,272
Alphabet, Inc., Class C *		15,445		11,363,196
Amgen, Inc.		23,394		3,695,082
Anadarko Petroleum Corp. #		50,124		2,599,431
Apple, Inc.		29,728		2,968,638
Bank of America Corp.		137,103		2,027,753
Berkshire Hathaway, Inc., Class B *		57,581		8,092,434
Berry Plastics Group, Inc. *		152,769		5,983,962
Brocade Communications Systems, Inc.		231,222		2,094,871
Brunswick Corp.		76,360		3,655,353
Builders FirstSource, Inc. *		93,667		1,101,524
Capital One Financial Corp.		45,451		3,328,831

	Number of   Shares		Value
United States—(continued)
Chubb Ltd.		44,304	$	5,609,330
CIGNA Corp.		20,065		2,570,527
Cisco Systems, Inc.		48,489		1,408,605
Comcast Corp., Class A		152,598		9,659,453
CVS Health Corp.		52,988		5,110,693
Diamondback Energy, Inc. *		37,812		3,439,001
Dow Chemical Co., (The)		33,495		1,720,303
eBay, Inc. *		107,046		2,618,345
EQT Corp.		43,888		3,214,796
FedEx Corp.		11,275		1,860,037
Fifth Third Bancorp		163,934		3,093,435
Graphic Packaging Holding Co.		150,923		2,022,368
Hewlett Packard Enterprise Co.		318,773		5,887,737
Honeywell International, Inc.		35,795		4,074,545
Huntington Bancshares, Inc.		182,166		1,903,635
Ingevity Corp. *		1		15
Johnson & Johnson		58,522		6,594,844
Laboratory Corp. of America Holdings *		41,387		5,295,467
Loews Corp.		120,986		4,897,513
Marathon Petroleum Corp.		46,223		1,609,947
McKesson Corp.		13,827		2,532,277
Merck & Co., Inc.		98,372		5,534,409
Michaels Cos., Inc., (The) *		52,914		1,550,909
Minerals Technologies, Inc.		12,396		714,010
Northrop Grumman Corp.		7,348		1,562,699
Occidental Petroleum Corp.		7,007		528,608
ON Semiconductor Corp. *		226,615		2,214,029
Oracle Corp.		62,998		2,532,520
Parsley Energy, Inc., Class A *		150,900		3,933,963
PayPal Holdings, Inc. *		36,829		1,391,768
Pfizer, Inc.		136,010		4,719,547
Phillips 66		22,359		1,796,769
PPG Industries, Inc.		20,215		2,176,751
Priceline Group, Inc., (The) *		1,460		1,845,922
PulteGroup, Inc.		157,772		2,959,803
Raytheon Co. #		52,154		6,762,809
Scripps Networks Interactive, Inc., Class A		27,840		1,791,226
SunTrust Banks, Inc.		77,392		3,391,317
Synchrony Financial *		78,641		2,453,599
Tenneco, Inc. *		48,971		2,630,722
United Parcel Service, Inc., Class B		48,105		4,959,144

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

30

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS GLOBAL EQUITY FUND (continued)	Portfolio of Investments

	Number of   Shares			Value
United States—(continued)
United Technologies Corp.		20,628		$	2,074,764
Unum Group		45,857			1,693,040
Wells Fargo & Co.		75,393			3,823,933
WestRock Co.		78,649			3,115,287
WR Berkley Corp.		59,624			3,400,357
					196,272,687
TOTAL COMMON STOCK (Cost $328,201,071)					357,289,890
TOTAL INVESTMENTS—96.0% (Cost $330,225,763) **					359,126,390
	Number of Contracts
OPTIONS WRITTEN ††—(0.3%)
Anadarko Petroleum Corp. Call Options Expires 08/19/2016 Strike Price $32.50		(501	)		(993,233	)
Eaton Corp. PLC Call Options Expires 07/15/2016 Strike Price $57.50		(185	)		(86,950	)
Raytheon Co. Call Options Expires 08/19/2016 Strike Price $125.00		(229	)		(158,010	)
TOTAL OPTIONS WRITTEN (Premiums received $447,606)					(1,238,193	)
OTHER ASSETS IN EXCESS OF LIABILITIES—4.3%					16,153,057
NET ASSETS—100.0%				$	374,041,254

PLC	—	Public Limited Company
*	—	Non-income producing.
#	—	Security segregated as collateral for options written.
††	—	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	$	330,225,763
Gross unrealized appreciation	$	38,326,265
Gross unrealized depreciation		(9,425,638)
Net unrealized appreciation	$	28,900,627

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

31

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS GLOBAL EQUITY FUND (concluded)	Portfolio of Investments

A summary of the inputs used to value the Fund’s investments as of May 31, 2016 is as follows (see Notes to Portfolio of Investments):

	Total Value as of May 31, 2016		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stock
Australia	$	2,197,688	$	—	$	2,197,688	$	—
Bermuda		2,489,617		2,489,617		—		—
Canada		6,301,637		6,301,637		—		—
France		20,047,306		—		20,047,306		—
Germany		30,689,226		—		30,689,226		—
Hong Kong		2,705,047		—		2,705,047		—
Ireland		17,867,193		11,249,117		6,618,076		—
Italy		1,517,314		—		1,517,314		—
Japan		18,601,593		—		18,601,593		—
Netherlands		10,181,108		1,423,393		8,757,715		—
Singapore		3,751,135		3,751,135		—		—
South Korea		2,689,732		—		2,689,732		—
Switzerland		10,873,250		—		10,873,250		—
Taiwan		2,083,851		—		2,083,851		—
United Kingdom		29,021,506		4,094,108		24,927,398		—
United States		196,272,687		196,272,687		—		—
Preferred Stock		1,836,500		—		1,836,500		—
Total Assets	$	359,126,390	$	225,581,694	$	133,544,696	$	—
	Total Value as of May 31, 2016		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Options Written
Equity Contracts	$	(1,238,193)	$	(1,238,193)	$	—	$	—
Total Liabilities	$	(1,238,193)	$	(1,238,193)	$	—	$	—

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

32

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (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
Financial		14.4	%	$	119,566,274
Industrial		14.0			116,115,736
Health Care		12.9			106,567,872
Information Technology		8.2			68,236,275
Energy		8.1			67,212,100
Capital Goods		6.2			51,225,805
Technology		6.2			51,035,110
Consumer Discretionary		5.5			45,324,827
Consumer Staples		4.2			35,142,765
Communications		3.7			30,805,614
Consumer Non-Durables		3.5			28,770,489
Consumer Services		3.2			26,923,516
Materials		3.0			24,497,955
Consumer Durables		1.5			12,448,353
Utilities		0.5			4,446,594
Telecommunication Services		0.4			3,509,791
WARRANTS		0.0			2,468
SHORT POSITIONS:
Common Stock
Transportation		(0.4)	%		(3,734,359)
Utilities		(0.6)			(5,107,667)
Communications		(1.1)			(9,005,369)
Consumer Non-Durables		(1.3)			(11,082,585)
Consumer Durables		(1.5)			(12,579,214)
Consumer Staples		(1.6)			(13,478,793)
Capital Goods		(1.8)			(14,916,195)
Materials		(2.7)			(22,194,658)
Consumer Services		(2.9)			(24,080,492)
Energy		(3.1)			(25,626,540)
Technology		(3.7)			(30,639,790)
Information Technology		(4.0)			(33,192,355)
Health Care		(5.0)			(41,351,514)
Financial		(6.4)			(52,887,571)
Industrial		(7.5)			(61,947,101)
Consumer Discretionary		(8.3)			(68,859,514)
WRITTEN OPTIONS		(0.6)			(4,502,278)
OTHER ASSETS IN EXCESS OF LIABILITIES		57.0			472,554,412
NET ASSETS		100.0	%	$	829,199,961

Portfolio holdings are subject to change at any time.

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

33

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Portfolio of Investments

	Number of   Shares		Value
LONG POSITIONS—95.5%
COMMON STOCK—95.5%
Australia—0.6%
Australia & New Zealand Banking Group Ltd.		272,420	$	5,001,997
				5,001,997
Canada—1.9%
Barrick Gold Corp. †		176,197		2,954,824
Canadian Natural Resources Ltd.		189,506		5,631,638
Cenovus Energy Inc.		355,449		5,358,773
Stornoway Diamond Corp. *		2,220,777		1,625,764
				15,570,999
France—4.5%
Bollore SA		1,162,242		4,203,310
Cap Gemini SA †		95,531		9,111,226
Havas SA		663,811		5,601,907
Safran SA †		102,026		7,159,312
Teleperformance †		59,747		5,211,186
Vinci SA		81,422		6,131,880
				37,418,821
Germany—6.9%
Aurelius AG †		72,351		4,349,918
Bayer AG, Registered Shares		68,545		6,527,963
Henkel AG & Co. KGaA		76,544		8,034,601
KION Group AG †		96,535		5,345,304
Merck KGaA †		130,406		13,061,076
Muenchener Rueckversicherungs- Gesellschaft AG, Registered Shares		37,432		7,037,305
Norma Group SE		67,728		3,366,037
Siemens AG, Registered Shares		87,942		9,473,596
				57,195,800
Hong Kong—1.2%
NewOcean Energy Holdings Ltd.		10,359,101		3,670,258
WH Group Ltd. 144A		7,935,000		6,096,151
				9,766,409
India—0.8%
Videocon d2h Ltd. ADR * †		758,617		6,766,864
Ireland—4.2%
CRH PLC †		380,877		11,444,021
Eaton Corp. PLC #		54,087		3,333,382
Greencore Group PLC †		756,710		3,773,527
Ingersoll-Rand PLC †		118,405		7,910,638

	Number of   Shares		Value
Ireland—(continued)
Medtronic PLC †		100,908	$	8,121,076
				34,582,644
Italy—0.4%
Prysmian SpA		135,275		3,310,825
				3,310,825
Japan—7.0%
Alpine Electronics, Inc.		248,000		2,811,376
Amano Corp.		528,233		8,870,288
Coca-Cola West Co., Ltd.		159,100		4,407,120
cocokara fine Inc.		167,500		8,831,627
Haseko Corp.		476,400		5,197,392
Inpex Corp.		480,453		3,915,834
Lintec Corp.		275,856		5,418,050
Nippon Telegraph & Telephone Corp.		80,196		3,509,791
Nippon Television Holdings, Inc.		293,200		5,145,473
Nitto Denko Corp.		85,842		5,624,581
Tokio Marine Holdings Inc.		120,000		4,118,842
				57,850,374
Netherlands—2.7%
Koninklijke Ahold NV †		542,827		12,034,340
LyondellBasell Industries NV, Class A † #		41,997		3,416,876
Randstad Holding NV		137,658		7,437,116
				22,888,332
Russia—1.1%
PhosAgro OAO - GDR		204,525		2,971,482
Yandex NV, Class A *		290,043		5,974,886
				8,946,368
Singapore—1.1%
Flextronics International Ltd. * †		737,825		9,185,921
South Korea—1.3%
Samsung Electronics Co., Ltd.		5,715		6,185,843
Samsung Electronics Co., Ltd. — Pref.		4,840		4,308,610
				10,494,453
Switzerland—3.8%
ACE Ltd.		94,846		12,008,452
Credit Suisse Group AG, Registered Shares		123,515		1,700,741
Dufry AG *		34,705		4,663,294
Georg Fischer AG, Registered Shares †		6,182		4,936,953

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

34

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND (continued)	Portfolio of Investments

	Number of   Shares		Value
Switzerland—(continued)
Roche Holding AG, Participation Certificate †		31,638	$	8,309,912
				31,619,352
Taiwan—0.9%
Casetek Holdings Ltd.		464,000		1,758,700
Hon Hai Precision Industry Co., Ltd.		1,203,000		2,948,108
Pegatron Corp.		1,202,000		2,496,488
				7,203,296
United Kingdom—6.4%
BAE Systems PLC †		1,149,130		8,037,258
Dialog Semiconductor PLC *		89,688		2,852,462
HSBC Holdings PLC †		277,842		1,795,825
Imperial Tobacco Group PLC †		283,367		15,410,819
Liberty Global PLC LiLAC, Class C * †		36,542		1,560,709
Liberty Global PLC, Series C * †		149,063		5,385,646
Rightmove PLC		56,740		3,469,349
Standard Chartered PLC		268,145		2,048,372
Vodafone Group PLC †		2,105,697		7,032,459
WH Smith PLC †		46,631		1,181,602
WPP PLC †		191,585		4,418,315
				53,192,816
United States—50.7%
Activision Blizzard, Inc. †		135,636		5,325,069
Alphabet, Inc., Class C * †		29,165		21,457,274
Amgen, Inc. †		52,734		8,329,335
Anadarko Petroleum Corp. † #		122,875		6,372,298
Apple, Inc. †		53,706		5,363,081
Bank of America Corp. †		301,273		4,455,828
Berkshire Hathaway, Inc., Class B * †		161,004		22,627,502
Berry Plastics Group, Inc. * †		343,745		13,464,492
Boardwalk Pipeline Partners LP †		251,789		4,446,594
Brocade Communications Systems, Inc. †		527,365		4,777,927
Brunswick Corp. †		171,264		8,198,408
Builders FirstSource, Inc. * †		200,137		2,353,611
California Resources Corp.		1		1
Capital One Financial Corp. †		104,253		7,635,490
Cigna Corp. †		31,600		4,048,276
Cisco Systems, Inc. †		106,532		3,094,755
Coherent, Inc. * †		58,109		5,498,274

	Number of   Shares		Value
United States—(continued)
Comcast Corp., Class A †		224,749	$	14,226,612
CVS Health Corp. †		96,961		9,351,888
Diamondback Energy, Inc. * † #		127,237		11,572,205
Dow Chemical Co., (The) †		107,483		5,520,327
eBay, Inc. * †		138,935		3,398,350
EQT Corp.		97,492		7,141,289
FedEx Corp. †		25,946		4,280,312
Fifth Third Bancorp †		371,031		7,001,355
Gener8 Maritime Inc. * †		439,162		3,175,141
Graphic Packaging Holding Co. †		341,511		4,576,247
Hewlett Packard Enterprise Co. †		761,221		14,059,752
Honeywell International, Inc. †		65,706		7,479,314
Ingevity Corp. *		29,027		845,856
International Speedway Corp., Class A †		174,803		5,782,483
Johnson & Johnson †		135,300		15,246,957
Laboratory Corp. of America Holdings * †		101,853		13,032,091
Loews Corp. †		277,512		11,233,686
Marathon Petroleum Corp.		20,620		718,195
McKesson Corp. †		32,888		6,023,108
Merck & Co., Inc. †		238,205		13,401,413
Michaels Cos, Inc. (The) * †		119,282		3,496,155
Minerals Technologies, Inc.		26,781		1,542,586
Northrop Grumman Corp.		8,547		1,817,690
Occidental Petroleum Corp.		22,791		1,719,353
ON Semiconductor Corp. * †		516,277		5,044,026
Oracle Corp. †		139,505		5,608,101
Parsley Energy, Inc., Class A * †		324,875		8,469,491
PayPal Holdings, Inc. * †		84,181		3,181,200
Pfizer, Inc. †		301,633		10,466,665
Phillips 66 †		59,562		4,786,402
Priceline Group, Inc., (The) *		3,231		4,085,050
PulteGroup, Inc. †		355,009		6,659,969
Raytheon Co. † #		96,037		12,453,118
Rice Energy, Inc. * †		231,805		4,694,051
Scripps Networks Interactive, Inc., Class A †		61,742		3,972,480
SunTrust Banks, Inc. †		178,626		7,827,391
Synchrony Financial *		174,042		5,430,110
Tenneco, Inc. * †		107,751		5,788,384
United Parcel Service, Inc., Class B † #		78,405		8,082,771

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

35

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND (continued)	Portfolio of Investments

	Number of   Shares			Value
United States—(continued)
United Technologies Corp. †		48,117		$	4,839,608
Unum Group †		110,669			4,085,899
Viper Energy Partners LP †		163,174			3,162,312
Wells Fargo & Co. †		170,634			8,654,556
WestRock Co †		174,164			6,898,636
WR Berkley Corp.		44,766			2,553,005
					420,833,805
TOTAL COMMON STOCK (Cost $719,380,600)					791,829,076
WARRANTS—0.0%
Canada—0.0%
Stornoway Diamond Corp. Exercise Price CAD 0.90 Expires 7/08/16 *		46,241			2,468
TOTAL WARRANTS (Cost $4,833)					2,468
TOTAL INVESTMENTS—95.5%
(Cost $719,385,433)**					791,831,544
SECURITIES SOLD SHORT—(51.9%)
COMMON STOCK—(51.9%)
Australia—(0.3%)
Blackmores Ltd.		(5,866	)		(640,527	)
Seek Ltd.		(161,964	)		(1,905,453	)
					(2,545,980	)
Bermuda—(0.6%)
Arch Capital Group Ltd. *		(40,313	)		(2,929,143	)
Norwegian Cruise Line Holdings Ltd. *		(51,459	)		(2,388,212	)
					(5,317,355	)
Brazil—(0.1%)
Vale SA — Sponsored ADR		(280,515	)		(1,102,424	)
					(1,102,424	)
Canada—(0.7%)
Dollarama, Inc.		(19,248	)		(1,325,424	)
Goldcorp, Inc.		(127,782	)		(2,149,293	)
Teck Resources Ltd., Class B		(222,232	)		(2,136,993	)
					(5,611,710	)
China—(1.0%)
58.Com, Inc. — ADR *		(34,784	)		(1,880,075	)
Qunar Cayman Islands Ltd. — ADR *		(50,724	)		(1,647,516	)
Semiconductor Manufacturing International, Corp. *		(29,644,000	)		(2,478,869	)

	Number of   Shares			Value
China—(continued)
Tsingtao Brewery Co., Ltd., H Shares		(758,000	)	$	(2,726,296	)
					(8,732,756	)
Denmark—(0.3%)
Coloplast A/S, Class B		(32,519	)		(2,459,712	)
Finland—(0.8%)
Neste Oil Oyj		(73,327	)		(2,469,192	)
Stora Enso OYJ		(452,570	)		(3,881,510	)
					(6,350,702	)
France—(2.1%)
Air Liquide SA		(14,346	)		(1,543,539	)
Essilor International SA		(21,668	)		(2,830,824	)
Ingenico Group SA		(31,583	)		(3,848,912	)
Kering		(17,598	)		(2,843,224	)
Korian SA		(76,540	)		(2,493,074	)
Pernod Ricard SA		(25,430	)		(2,771,398	)
Societe Television Francaise 1		(64,653	)		(817,423	)
					(17,148,394	)
Germany—(1.3%)
Axel Springer SE		(51,323	)		(2,920,731	)
GEA Group AG		(70,433	)		(3,268,032	)
KUKA AG		(23,712	)		(2,798,275	)
Zalando SE * 144A		(73,998	)		(2,170,476	)
					(11,157,514	)
Hong Kong—(1.4%)
ASM Pacific Technology Ltd.		(300,600	)		(2,203,606	)
Bank of East Asia Ltd. (The)		(881,411	)		(3,249,717	)
Cathay Pacific Airways Ltd.		(1,722,000	)		(2,694,102	)
Hang Seng Bank Ltd.		(71,400	)		(1,268,512	)
Noble Group Ltd. *		(8,628,986	)		(1,848,894	)
					(11,264,831	)
Italy—(0.6%)
Luxottica Group SpA		(44,530	)		(2,414,159	)
Tod’s SpA		(44,126	)		(2,655,709	)
					(5,069,868	)
Japan—(3.5%)
Asics Corp.		(111,000	)		(2,505,195	)
Casio Computer Co. Ltd.		(186,500	)		(2,883,787	)
Marubeni Corp.		(706,400	)		(3,373,378	)
McDonald’s Holdings Co., Ltd.		(63,723	)		(1,673,839	)
Nidec Corp.		(53,400	)		(4,090,649	)
Sanrio Co., Ltd.		(62,700	)		(1,152,753	)
Shimano, Inc.		(34,000	)		(5,259,462	)

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

36

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND (continued)	Portfolio of Investments

	Number of   Shares			Value
Japan—(continued)
Takeda Pharmaceutical Co., Ltd.		(57,700	)	$	(2,483,183	)
TOTO Ltd.		(81,700	)		(3,078,144	)
Unicharm Corp.		(132,800	)		(2,579,925	)
					(29,080,315	)
Netherlands—(1.3%)
Airbus Group SE		(60,329	)		(3,754,011	)
Ferrari NV		(47,468	)		(2,014,067	)
Fugro NV *		(88,973	)		(1,585,409	)
Gemalto NV		(60,386	)		(3,689,671	)
					(11,043,158	)
Singapore—(2.1%)
DBS Group Holdings Ltd.		(304,000	)		(3,420,823	)
Jardine Cycle & Carriage		(91,500	)		(2,245,664	)
Keppel Corp. Ltd.		(705,000	)		(2,752,473	)
Oversea-Chinese Banking Corp. Ltd.		(527,304	)		(3,301,734	)
Sembcorp Industries Ltd.		(1,015,800	)		(2,056,034	)
Sembcorp Marine Ltd.		(3,298,000	)		(3,708,841	)
					(17,485,569	)
Spain—(0.4%)
Industria de Diseno Textil SA		(88,577	)		(2,992,506	)
Sweden—(1.3%)
Atlas Copco AB, A Shares		(112,814	)		(2,915,343	)
Autoliv, Inc.		(17,237	)		(2,113,428	)
Elekta AB, B Shares		(327,848	)		(2,585,255	)
Hexagon AB, B Shares		(73,681	)		(2,861,981	)
					(10,476,007	)
Switzerland—(1.2%)
Cie Financiere Richemont		(77,322	)		(4,557,562	)
Nestle SA		(55,485	)		(4,100,324	)
Transocean Ltd.		(130,486	)		(1,277,458	)
					(9,935,344	)
United Kingdom—(3.4%)
Aberdeen Asset Management PLC		(908,612	)		(3,664,443	)
CNH Industrial NV		(345,426	)		(2,442,162	)
Dixons Carphone PLC		(348,326	)		(2,216,828	)
DS Smith PLC		(409,444	)		(2,305,827	)
GW Pharmaceuticals PLC — ADR *		(21,947	)		(1,955,917	)
IMI PLC		(161,064	)		(2,342,840	)
Ocado Group PLC *		(706,862	)		(2,770,246	)
PZ Cussons PLC		(667,127	)		(3,386,619	)

	Number of   Shares			Value
United Kingdom—(continued)
Rolls-Royce Holdings PLC		(307,099	)	$	(2,753,713	)
Rotork PLC		(322,333	)		(916,703	)
Spirax-Sarco Engineering PLC		(65,456	)		(3,266,861	)
					(28,022,159	)
United States—(29.5%)
3D Systems Corp. *		(198,335	)		(2,655,706	)
ACI Worldwide, Inc. *		(162,045	)		(3,347,850	)
Advisory Board Co., (The) *		(73,709	)		(2,419,866	)
Air Products & Chemicals, Inc.		(23,167	)		(3,304,541	)
AmerisourceBergen Corp.		(39,129	)		(2,933,892	)
AptarGroup, Inc.		(41,806	)		(3,229,931	)
Automatic Data Processing, Inc.		(54,391	)		(4,777,705	)
AutoZone, Inc. *		(3,208	)		(2,445,138	)
Axalta Coating Systems Ltd. *		(99,827	)		(2,810,130	)
Ball Corp.		(71,609	)		(5,177,331	)
Bemis Co., Inc.		(78,106	)		(3,931,856	)
Blackbaud, Inc.		(49,899	)		(3,127,170	)
BlackRock, Inc.		(9,405	)		(3,422,009	)
Buffalo Wild Wings, Inc. *		(24,392	)		(3,546,353	)
Cabot Oil & Gas Corp.		(86,075	)		(2,063,218	)
Casey’s General Stores, Inc.		(18,175	)		(2,184,817	)
Caterpillar, Inc.		(67,347	)		(4,883,331	)
Cavium, Inc. *		(45,330	)		(2,255,168	)
Cheesecake Factory, Inc. (The)		(49,252	)		(2,456,197	)
Chevron Corp.		(20,297	)		(2,049,997	)
Chipotle Mexican Grill, Inc. *		(9,626	)		(4,254,307	)
Cogent Communications Holdings, Inc.		(104,627	)		(4,166,247	)
Cognex Corp.		(70,468	)		(3,035,057	)
Colgate-Palmolive Co.		(39,114	)		(2,754,017	)
Continental Resources, Inc. *		(78,590	)		(3,305,495	)
Cullen/Frost Bankers, Inc.		(64,173	)		(4,293,174	)
Dollar Tree, Inc. *		(30,843	)		(2,792,525	)
Dorman Products, Inc. *		(68,170	)		(3,763,666	)
Eaton Vance Corp.		(123,766	)		(4,500,132	)
Ecolab, Inc.		(32,926	)		(3,860,244	)
FactSet Research Systems, Inc.		(23,271	)		(3,701,718	)
First Financial Bankshares, Inc.		(106,937	)		(3,583,459	)
G-III Apparel Group Ltd. *		(44,380	)		(1,736,146	)
Guidewire Software, Inc. *		(56,295	)		(3,304,517	)
Halyard Health, Inc. *		(53,136	)		(1,651,998	)
Hess Corp.		(63,574	)		(3,809,990	)
HSN, Inc.		(75,039	)		(3,929,792	)

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

37

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND (continued)	Portfolio of Investments

	Number of   Shares			Value
United States—(continued)
IDEXX Laboratories, Inc. *		(59,063	)	$	(5,172,147	)
Illumina, Inc. *		(23,130	)		(3,349,918	)
j2 Global , Inc.		(27,368	)		(1,832,835	)
Kinder Morgan, Inc.		(168,785	)		(3,051,633	)
Kite Pharma, Inc. *		(33,932	)		(1,739,015	)
Kroger Co., (The)		(73,770	)		(2,638,015	)
lululemon athletica, Inc. *		(26,525	)		(1,724,921	)
Matador Resources Co. *		(135,901	)		(3,087,671	)
Mercadolibre, Inc.		(21,678	)		(2,959,047	)
Mercury General Corp.		(87,125	)		(4,580,161	)
MiMedx Group, Inc. *		(339,256	)		(2,669,945	)
Monro Muffler Brake, Inc.		(17,208	)		(1,083,244	)
Monster Beverage Corp. *		(26,361	)		(3,954,150	)
National Instruments Corp.		(121,589	)		(3,473,798	)
National Oilwell Varco, Inc.		(92,688	)		(3,054,070	)
Netflix, Inc. *		(57,089	)		(5,855,619	)
NetSuite, Inc. *		(37,413	)		(2,967,225	)
NewMarket Corp.		(11,250	)		(4,556,250	)
Nordstrom, Inc.		(63,584	)		(2,414,920	)
Old Dominion Freight Line, Inc. *		(58,032	)		(3,734,359	)
Palo Alto Networks, Inc. *		(29,592	)		(3,860,572	)
ResMed, Inc.		(41,939	)		(2,476,917	)
Rockwell Automation, Inc.		(25,067	)		(2,909,025	)
Seattle Genetics, Inc. *		(74,158	)		(2,998,208	)
SeaWorld Entertainment, Inc.		(115,217	)		(2,011,689	)
Semtech Corp. *		(111,511	)		(2,624,969	)
Skyworks Solutions, Inc.		(43,467	)		(2,901,857	)
Southwestern Energy Co. *		(213,902	)		(2,924,040	)
Tesla Motors, Inc. *		(21,001	)		(4,688,053	)
Texas Capital Bancshares, Inc. *		(47,932	)		(2,456,036	)
TransDigm Group, Inc. *		(10,861	)		(2,862,308	)
UMB Financial Corp.		(72,554	)		(4,175,483	)
Under Armour, Inc., Class A *		(43,682	)		(1,648,122	)
VF Corp.		(33,711	)		(2,100,870	)
Wabtec Corp.		(52,724	)		(4,079,783	)
West Pharmaceutical Services, Inc.		(47,303	)		(3,551,509	)
Westamerica Bancorporation		(63,125	)		(3,071,031	)
WisdomTree Investments, Inc.		(102,419	)		(1,269,996	)
Workday, Inc., Class A *		(39,484	)		(2,994,467	)
World Wrestling Entertainment, Inc., Class A		(137,694	)		(2,419,284	)

	Number of   Shares			Value
United States—(continued)
Yelp, Inc. *		(57,257	)	$	(1,499,561	)
					(244,887,413	)
TOTAL COMMON STOCK (Proceeds $425,954,953)					(430,683,717	)
TOTAL SECURITIES SOLD SHORT —(51.9%) (Proceeds $425,954,953)					(430,683,717	)
	Number of Contracts
OPTIONS WRITTEN—(0.6%)
Anadarko Petroleum Corp. Call Options Expires 08/19/2016 Strike Price $32.50		(1,105	)		(2,190,663	)
Diamondback Energy, Inc. Call Options Expires 06/17/2017 Strike Price $70.00		(340	)		(725,900	)
Diamondback Energy, Inc. Call Options Expires 09/16/16 Strike Price $80.00		(400	)		(562,000	)
Eaton Corp., PLC. Call Options Expires 07/15/2016 Strike Price $57.50		(392	)		(184,240	)
LyondellBasell Industries Call Options Expires 06/17/2016 Strike Price $75.00		(397	)		(265,990	)
Raytheon Co. Call Options Expires 08/19/2016 Strike Price $125.00		(525	)		(362,250	)

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

38

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND (continued)	Portfolio of Investments

	Number of   Contracts			Value
United Parcel Service, Inc. Call Options Expires 07/15/2016 Strike Price $100.00		(509	)	$	(211,235	)
TOTAL OPTIONS WRITTEN (Premiums received $(1,926,594))					(4,502,278	)
OTHER ASSETS IN EXCESS OF LIABILITIES—57.0%					472,554,412
NET ASSETS—100.0%				$	829,199,961

ADR	—	American Depository Receipt
LiLAC	—	Liberty Global Latin America and the Caribbean
PLC	—	Public Limited Company
144A	—	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of May 31, 2016, these securities amounted to $6,096,151 or 0.73% of net assets. These 144A securities have not been deemed illiquid.
*	—	Non-income producing.
†	—	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
††	—	Primary risk exposure is equity contracts.
#	—	Security segregated as collateral for options written.
**	—	The cost and unrealized appreciation and depreciation in the value of the investstments owned by the Fund, as computed on a federal income tax basis, are as follows:

Aggregate cost	$	719,385,433
Gross unrealized appreciation	$	81,966,436
Gross unrealized depreciation		(9,520,325	)
Net unrealized appreciation	$	72,446,111

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

39

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND (continued)	Portfolio of Investments

Contracts for Difference held by the Fund at May 31, 2016, are as follows:

Reference Company	Counterparty	Number of     Contracts (Short)			Notional     Amount			Unrealized Appreciation     (Depreciation)
Short
Eclat Textile Co., Ltd.	Goldman Sachs		(323,048	)	$	(2,891,507	)	$	(572,184)
Feng Tay Enterprise Co., Ltd.	Goldman Sachs		(23,000	)		(90,792	)		(5,272)
KaKao Corp.	Goldman Sachs		(35,882	)		(3,188,635	)		99,002
Unilever Indonesia Tbk PT	Goldman Sachs		(418,600	)		(1,346,717	)		26,511
Net unrealized loss on Contracts for Difference								$	(451,943)

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

40

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND (concluded)	Portfolio of Investments

A summary of the inputs used to value the Fund’s investments as of May 31, 2016 is as follows: (see Notes to Portfolio of Investments):

	Total Value as of     May 31, 2016		Level 1     Quoted     Price		Level 2 Significant     Observable     Inputs		Level 3 Significant     Unobservable     Inputs
Common Stock
Australia	$	5,001,997	$	—	$	5,001,997	$	—
Canada		15,570,999		15,570,999		—		—
France		37,418,821		—		37,418,821		—
Germany		57,195,800		—		57,195,800		—
Hong Kong		9,766,409		—		9,766,409		—
India		6,766,864		6,766,864		—		—
Ireland		34,582,644		19,365,096		15,217,548		—
Italy		3,310,825		—		3,310,825		—
Japan		57,850,374		—		57,850,374		—
Netherlands		22,888,332		3,416,876		19,471,456		—
Russia		8,946,368		8,946,368		—		—
Singapore		9,185,921		9,185,921		—		—
South Korea		10,494,453		—		10,494,453		—
Switzerland		31,619,352		12,008,452		19,610,900		—
Taiwan		7,203,296		—		7,203,296		—
United Kingdom		53,192,816		6,946,355		46,246,461		—
United States		420,833,805		420,833,805		—		—
Warrants		2,468		2,468		—		—
Contracts for Difference		125,513		—		125,513		—
Total Assets	$	791,957,057	$	503,043,204	$	288,913,853	$	—
	Total Value as of     May 31, 2016		Level 1     Quoted     Price		Level 2 Significant     Observable     Inputs		Level 3 Significant     Unobservable     Inputs
Securities Sold Short
Australia	$	(2,545,980)	$	—	$	(2,545,980)	$	—
Bermuda		(5,317,355)		(5,317,355)		—		—
Brazil		(1,102,424)		(1,102,424)		—		—
Canada		(5,611,710)		(5,611,710)		—		—
China		(8,732,756)		(3,527,591)		(5,205,165)		—
Denmark		(2,459,712)		—		(2,459,712)		—
Finland		(6,350,702)		—		(6,350,702)		—
France		(17,148,394)		—		(17,148,394)		—
Germany		(11,157,514)		—		(11,157,514)		—
Hong Kong		(11,264,831)		—		(11,264,831)		—
Italy		(5,069,868)		—		(5,069,868)		—
Japan		(29,080,319)		—		(29,080,319)		—
Netherlands		(11,043,158)		(3,599,476)		(7,443,682)		—
Singapore		(17,485,569)		—		(17,485,569)		—
Spain		(2,992,506)		—		(2,992,506)		—
Sweden		(10,476,008)		(2,113,429)		(8,362,579)		—
Switzerland		(9,935,344)		(1,277,458)		(8,657,886)		—
United Kingdom		(28,022,159)		(4,398,079)		(23,624,080)		—
United States		(244,887,414)		(244,887,414)		—		—
Options
Equity Contracts		(4,502,278)		(4,502,278)		—		—
Contracts for Difference		(577,456)		—		(577,456)		—
Total Liabilities	$	(435,763,457)	$	(276,337,214)	$	(159,426,243)	$	—

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

41

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND	Portfolio of Investments

	Number of Shares		Value
LONG POSITIONS—25.7%
RIGHTS—0.0%
Thailand—0.0%
True Corp. PCL *		78,807	$	22
TOTAL RIGHTS (Cost $0)				22
COMMON STOCK—23.8%
Argentina—1.6%
Pampa Energia SA — Sponsored ADR * †		5,129		120,378
YPF SA — Sponsored ADR		1,843		38,537
				158,915
Brazil—0.7%
Tegma Gestao Logistica		49,100		65,492
Canada—0.7%
Africa Oil Corp. *		43,007		66,576
China—3.1%
China Mobile Ltd.		8,000		91,092
Hollysys Automation Technologies Ltd. *		3,352		56,950
Lenovo Group Ltd.		36,000		22,086
NetEase, Inc. — ADR †		687		122,176
Phoenix New Media Ltd. — ADR *		3,451		13,769
				306,073
Hong Kong—2.9%
Galaxy Entertainment Group Ltd.		15,000		50,330
Melco Crown Entertainment Ltd. — ADR		3,287		47,563
NewOcean Energy Holdings Ltd.		228,000		80,781
PAX Global Technology Ltd.		43,000		36,267
Sands China Ltd.		13,600		52,050
WH Group Ltd.		30,500		23,432
				290,423
India—2.2%
Dr Reddy’s Laboratories Ltd. — ADR		1,640		77,342
EID Parry India Ltd.		1,930		6,728
Eros International Media Ltd. *		3,693		10,986
Greenply Industries Ltd.		1,936		6,136
Indo Count Industries Ltd.		427		5,964
Jain Irrigation Systems Ltd.		5,979		5,731
KRBL Ltd.		1,422		5,958
Mahindra Holidays & Resorts India Ltd.		1,288		7,934
Minda Industries Ltd.		452		8,052
Navneet Education Ltd.		4,331		5,602

	Number of Shares		Value
India—(continued)
Sanofi India Ltd.		92	$	5,729
Sun TV Network Ltd.		1,065		5,931
Tata Motors Ltd. — Sponsored ADR * †		1,637		54,823
Vardhman Textiles Ltd.		645		8,110
				215,026
Indonesia—0.1%
Surya Toto Indonesia Tbk PT		20,300		8,508
Israel—1.6%
Gazit-Globe Ltd.		18,460		158,387
Malaysia—0.2%
Malaysian Pacific Industries Bhd		13,200		23,590
Mexico—0.9%
Fomento Economico Mexicano SAB de CV — Sponsored ADR		272		24,665
Grupo Televisa SAB — Sponsored ADR †		2,561		68,481
				93,146
Netherlands—0.2%
VimpelCom Ltd. — Sponsored ADR		4,136		15,717
Philippines—0.1%
Philippine Seven Corp.		3,840		10,223
Russia—2.2%
PhosAgro OJSC — GDR †		7,807		113,426
Yandex NV, Class A * †		4,966		102,300
				215,726
South Africa—2.7%
Imperial Holdings Ltd.		3,497		31,134
JSE Ltd.		6,019		64,688
Naspers Ltd., Class N		842		123,888
Net 1 UEPS Technologies, Inc. *		4,408		48,444
				268,154
South Korea—1.5%
KT&G Corp.		525		56,204
Mando Corp.		262		48,767
SK Hynix, Inc.		640		15,401
Woori Bank		3,870		32,276
				152,648
Taiwan—0.2%
TPK Holding Co., Ltd.		7,000		14,028
Thailand—1.0%
Krungthai Card PCL		1,200		2,977
Krungthai Card PCL — NVDR		39,100		96,997
				99,974

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

42

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND (continued)	Portfolio of Investments

	Number of Shares			Value
Turkey—0.3%
TAV Havalimanlari Holding AS		2,695		$	13,815
Turkcell Iletisim Hizmetleri AS *		5,314			19,420
					33,235
United Kingdom—1.3%
Firestone Diamonds PLC *		44,322			19,650
Liberty Global PLC LiLAC, Class C *		829			35,407
Ophir Energy PLC *		17,638			18,282
Standard Chartered PLC		6,617			50,548
					123,887
United States—0.3%
Cobalt International Ener *		7,082			15,864
Kosmos Energy Ltd. *		3,071			17,628
					33,492
TOTAL COMMON STOCK (Cost $2,204,756)					2,353,220
PREFERRED STOCK—1.9%
South Korea—1.9%
Samsung Electronics Co., Ltd.		215			191,395
TOTAL PREFERRED STOCK (Cost $188,932)					191,395
TOTAL INVESTMENTS—25.7% (Cost $2,393,688) **					2,544,637
SECURITIES SOLD SHORT—(1.7%)
COMMON STOCK—(1.7%)
China—(1.2%)
58.com, Inc. — ADR *		(830	)		(44,861	)
Qunar Cayman Islands Ltd. — ADR *		(590	)		(19,163	)
Yirendai Ltd. — ADR *		(3,973	)		(57,609	)
					(121,633	)
United States—(0.5%)
PriceSmart, Inc.		(486	)		(43,055	)
TOTAL COMMON STOCK (Proceeds $153,186)					(164,688	)
TOTAL SECURITIES SOLD SHORT —(1.7%) (Proceeds $153,186)					(164,688	)
OTHER ASSETS IN EXCESS OF LIABILITIES—76.0%					7,532,638
NET ASSETS—100.0%				$	9,912,587

ADR	—	American Depositary Receipt
ADR	—	American Depository Receipt
GDR	—	Global Depository Receipt
NVDR	—	Non-Voting Depository Receipt
PLC	—	Public Limited Company
Sponsored ADR	—	Sponsored American Depository Receipt
*	—	Non-income producing.
†	—	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
**	—	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	$	2,393,688
Gross unrealized appreciation	$	195,820
Gross unrealized depreciation		(44,871	)
Net unrealized appreciation	$	150,949

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

43

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND (continued)	Portfolio of Investments

Contracts for Difference held by the Fund at May 31, 2016, are as follows:

Reference Company	Counterparty		Number of Contracts Long/(Short)		Notional Amount		Unrealized Appreciation (Depreciation)
Long
51job, Inc. — ADR		Goldman Sachs		2,638	$	77,109	$	4,696
Aarti Industries Ltd.		Goldman Sachs		727		5,553		80
Adcock Ingram Holdings Ltd.		Goldman Sachs		18,831		48,896		(661	)
Alibaba Group Holding Ltd. — Sponsored ADR		Goldman Sachs		2,269		179,933		6,125
Allcargo Logistics Ltd.		Goldman Sachs		6,532		14,401		1,307
Ambev SA		Goldman Sachs		4,600		24,424		249
ANTA Sports Products Ltd.		Goldman Sachs		35,000		84,163		(7,881	)
Apar Industries Ltd.		Goldman Sachs		2,021		14,403		290
Astral Foods Ltd.		Goldman Sachs		13,242		103,609		(842	)
Ayala Land, Inc.		Goldman Sachs		102,200		80,355		(2,259	)
Baidu, Inc. — Sponsored ADR		Goldman Sachs		734		125,543		5,505
Banco Bradesco SA		Goldman Sachs		2,150		15,414		(1,606	)
Bank Mandiri Persero Tbk PT		Goldman Sachs		91,400		59,934		1,806
Bank Rakyat Indonesia Persero Tbk PT		Goldman Sachs		164,400		119,914		6,786
BB Seguridade Participacoes SA		Goldman Sachs		9,700		72,593		2,228
Bharti Infratel Ltd.		Goldman Sachs		11,668		67,467		(2,340	)
Bloomage BioTechnology Corp. Ltd.		Goldman Sachs		15,000		28,164		(740	)
BR Malls Participacoes SA		Goldman Sachs		21,820		74,033		(2,939	)
Capevin Holdings Ltd.		Goldman Sachs		44,269		23,268		873
Catcher Technology Co., Ltd.		Goldman Sachs		6,000		42,443		2,941
Century Pacific Food, Inc.		Goldman Sachs		58,600		26,509		1,238
China Coal Energy Co., Ltd., Class H		Goldman Sachs		46,000		18,483		2,222
China Overseas Land & Investment Ltd.		Goldman Sachs		16,000		45,846		2,298
China Overseas Property Holdings Ltd.		Goldman Sachs		12,666		1,827		29
China Resources Land Ltd.		Goldman Sachs		40,000		91,280		4,499
Cia de Gas de Sao Paulo — COMGAS, Class A		Goldman Sachs		1,800		21,272		1,863
Cleanaway Co., Ltd.		Goldman Sachs		4,000		21,634		(299	)
Dishman Pharmaceuticals & Chemicals Ltd.		Goldman Sachs		6,092		14,403		(618	)
Egis Technology, Inc.		Goldman Sachs		6,000		24,017		2,079
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		Goldman Sachs		98,855		91,083		(2,086	)
Finolex Industries Ltd.		Goldman Sachs		1,037		6,146		(143	)
Firstsource Solutions Ltd.		Goldman Sachs		24,594		13,754		829
Foschini Group Ltd., (The)		Goldman Sachs		6,029		51,184		1,927
Gentera SAB de CV		Goldman Sachs		52,500		94,525		765
Global Brands Group Holding Ltd.		Goldman Sachs		786,000		79,025		(957	)
Global Mediacom Tbk PT		Goldman Sachs		340,400		29,948		(4,589	)
Gree Electric Appliances Inc, Class A		Goldman Sachs		12,700		37,422		(73	)
Grindrod Ltd.		Goldman Sachs		90,425		69,043		(8,286	)
Grupo GICSA SA de CV		Goldman Sachs		188,500		135,241		755
Gujarat Gas Ltd.		Goldman Sachs		1,839		14,466		(165	)
Hana Financial Group, Inc.		Goldman Sachs		1,830		37,426		2,366
Hanwha Corp.		Goldman Sachs		2,410		81,317		(2,976	)
Heineken Malaysia Bhd		Goldman Sachs		13,100		47,783		5
Hindustan Media Ventures Ltd.		Goldman Sachs		3,422		14,211		(766	)
Hon Hai Precision Industry Co., Ltd.		Goldman Sachs		20,000		45,560		3,360
HSBC Holdings PLC		Goldman Sachs		21,792		138,179		3,681
HT Media Ltd.		Goldman Sachs		10,836		14,432		(1,361	)
HwaSung Industrial Co., Ltd.		Goldman Sachs		7,250		75,669		(2,831	)
Hyundai Mobis Co., Ltd.		Goldman Sachs		371		78,095		1,851
Iguatemi Empresa de Shopping Centers SA		Goldman Sachs		9,100		70,237		(3,766	)
Indraprastha Gas Ltd.		Goldman Sachs		1,667		14,731		(826	)
Itau Unibanco Holding SA		Goldman Sachs		2,000		17,313		(973	)
Jagran Prakashan Ltd.		Goldman Sachs		5,630		14,322		(119	)
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A		Goldman Sachs		9,400		97,019		1,330
Jubilant Life Sciences Ltd.		Goldman Sachs		2,470		14,427		(1,055	)
KAP Industrial Holdings Ltd.		Goldman Sachs		235,284		92,416		(1,214	)
Kimberly-Clark de Mexico SAB de CV, Class A		Goldman Sachs		10,700		24,252		1,144
Kingenta Ecological Engineering Group Co., Ltd., Class A		Goldman Sachs		12,500		14,260		247
Koh Young Technology, Inc.		Goldman Sachs		470		17,219		26
Korea United Pharm, Inc.		Goldman Sachs		4,358		78,902		(932	)

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

44

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND (continued)	Portfolio of Investments

Reference Company	Counterparty		Number of Contracts Long/(Short)		Notional Amount		Unrealized Appreciation (Depreciation)
Long—(continued)
KPIT Technologies Ltd.		Goldman Sachs		5,933	$	14,238	$	1,764
KT Corp.		Goldman Sachs		2,891		78,575		44
Kweichow Moutai Co., Ltd., Class A		Goldman Sachs		3,168		121,437		6,895
Lee & Man Paper Manufacturing Ltd.		Goldman Sachs		67,000		42,504		1,864
LG Chem Ltd.		Goldman Sachs		484		117,732		(6,963	)
Lupin Ltd.		Goldman Sachs		3,378		81,367		(6,977	)
Massmart Holdings Ltd.		Goldman Sachs		12,122		90,717		1,058
Meritz Securities Co., Ltd.		Goldman Sachs		27,530		79,374		(5,376	)
Metro Pacific Investments Corp.		Goldman Sachs		399,800		53,972		(2,356	)
MNC Land Tbk PT		Goldman Sachs		103,300		7,768		1,688
Mphasis Ltd.		Goldman Sachs		2,065		14,289		1,846
New Oriental Education & Technology Group, Inc. — Sponsored ADR		Goldman Sachs		1,671		66,355		4,244
Nine Dragons Paper Holdings Ltd.		Goldman Sachs		141,000		97,710		4,460
PC Jeweller Ltd.		Goldman Sachs		2,765		14,375		645
Pegatron Corp.		Goldman Sachs		46,000		88,173		7,017
Persistent Systems Ltd.		Goldman Sachs		526		5,681		100
Petra Diamonds Ltd.		Goldman Sachs		78,615		135,632		(2,562	)
Petroleo Brasileiro SA — Sponsored ADR		Goldman Sachs		6,156		33,119		(5,971	)
Petronet LNG Ltd.		Goldman Sachs		3,464		14,411		(273	)
Phoenix Healthcare Group Co., Ltd.		Goldman Sachs		10,500		14,874		(7	)
PICC Property & Casualty Co., Ltd., Class H		Goldman Sachs		134,000		231,238		13,779
Playmates Toys Ltd.		Goldman Sachs		380,000		93,958		7,582
PTT PCL — NVDR		Goldman Sachs		16,100		141,538		(6,020	)
Redington India Ltd.		Goldman Sachs		3,720		6,162		182
Remgro Ltd.		Goldman Sachs		5,682		84,208		2,747
Rosneft PJSC		Goldman Sachs		14,400		71,719		(3,083	)
Samsonite International SA		Goldman Sachs		25,200		74,521		937
Samsung Electronics Co., Ltd.		Goldman Sachs		265		285,388		3,624
Samsung SDI Co., Ltd.		Goldman Sachs		242		22,680		312
Sberbank of Russia PJSC — Sponsored ADR		Goldman Sachs		1,864		14,688		932
Shanghai Haohai Biological Technology Co., Ltd., Class H		Goldman Sachs		5,800		30,363		(1,484	)
Sinopec Shanghai Petrochemical Co., Ltd., Class H		Goldman Sachs		82,000		38,333		1,925
Sinopharm Group Co., Ltd., Class H		Goldman Sachs		14,400		63,494		3,391
SKS Microfinance Ltd.		Goldman Sachs		1,528		14,269		548
Soulbrain Co., Ltd.		Goldman Sachs		1,843		76,006		335
SpiceJet Ltd.		Goldman Sachs		11,661		14,106		(2,230	)
Sunny Optical Technology Group Co., Ltd.		Goldman Sachs		22,000		70,495		5,464
Surgutneftegas OJSC		Goldman Sachs		73,900		48,433		(2,252	)
Taiwan Semiconductor Manufacturing Co., Ltd.		Goldman Sachs		45,000		202,811		12,087
Tech Mahindra Ltd.		Goldman Sachs		9,886		71,026		8,471
Tencent Holdings Ltd.		Goldman Sachs		15,400		323,067		20,338
Tongaat Hulett Ltd.		Goldman Sachs		4,704		33,459		(317	)
Tongyang Life Insurance Co., Ltd.		Goldman Sachs		8,660		80,806		(2,388	)
Torrent Pharmaceuticals Ltd.		Goldman Sachs		684		14,186		(488	)
True Corp PCL — NVDR		Goldman Sachs		234,566		48,909		(938	)
Via Varejo SA		Goldman Sachs		20,400		40,852		(4,312	)
Videocon d2h Ltd. — ADR		Goldman Sachs		20,887		173,989		12,323
VST Industries Ltd.		Goldman Sachs		563		14,225		(309	)
Welspun Corp. Ltd.		Goldman Sachs		9,242		14,219		(3,414	)
Welspun India Ltd.		Goldman Sachs		10,073		14,755		910
Wuliangye Yibin Co., Ltd., Class A		Goldman Sachs		32,100		143,075		4,035
Wynn Macau Ltd.		Goldman Sachs		33,200		47,886		4,235
Zhengzhou Yutong Bus Co., Ltd., Class A		Goldman Sachs		22,204		73,529		(7,027	)
								83,132

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

45

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND (continued)	Portfolio of Investments

Reference Company	Counterparty		Number of Contracts Long/(Short)			Notional Amount			Unrealized Appreciation (Depreciation)
Short
13 Holdings Ltd., (The)		Goldman Sachs		(114,500	)	$	(47,922	)	$	1,321
Acer, Inc.		Goldman Sachs		(62,000	)		(21,670	)		(2,589	)
Advanced Info Service PCL — NVDR		Goldman Sachs		(5,100	)		(22,921	)		(672	)
Astra International Tbk PT		Goldman Sachs		(97,400	)		(46,012	)		(1,913	)
B2W Cia Digital		Goldman Sachs		(13,600	)		(40,229	)		1,271
Bank of East Asia Ltd., (The)		Goldman Sachs		(16,742	)		(61,232	)		(539	)
Barclays Africa Group Ltd.		Goldman Sachs		(2,910	)		(24,849	)		(1,900	)
Beijing Properties Holdings Ltd.		Goldman Sachs		(892,000	)		(58,585	)		(987	)
Brilliance China Automotive Holdings Ltd.		Goldman Sachs		(10,000	)		(9,710	)		(13	)
Capital Environment Holdings Ltd.		Goldman Sachs		(256,000	)		(9,725	)		(824	)
China Everbright International Ltd.		Goldman Sachs		(9,000	)		(9,376	)		(270	)
China Huishan Dairy Holdings Co., Ltd.		Goldman Sachs		(140,000	)		(51,924	)		(3,290	)
China Life Insurance Co., Ltd., Class H		Goldman Sachs		(8,000	)		(17,308	)		(597	)
China Modern Dairy Holdings Ltd.		Goldman Sachs		(159,000	)		(28,462	)		(423	)
China Pacific Insurance Group Co., Ltd., Class H		Goldman Sachs		(8,400	)		(27,909	)		(976	)
China Power International Development Ltd.		Goldman Sachs		(115,000	)		(47,304	)		(1,301	)
China Resources Power Holdings Co., Ltd.		Goldman Sachs		(30,000	)		(47,443	)		295
China Shenhua Energy Co., Ltd., Class H		Goldman Sachs		(40,500	)		(61,857	)		(2,543	)
China Shipping Container Lines Co., Ltd., Class H		Goldman Sachs		(139,000	)		(30,073	)		(171	)
China Smarter Energy Group Holdings Ltd., Class H		Goldman Sachs		(162,000	)		(9,597	)		(1,287	)
China Taiping Insurance Holdings Co., Ltd.		Goldman Sachs		(14,800	)		(27,636	)		(1,020	)
China Traditional Chinese Medicine Co., Ltd.		Goldman Sachs		(20,000	)		(9,349	)		267
Cia Brasileira de Distribuicao		Goldman Sachs		(3,000	)		(36,629	)		2,636
Copa Holdings SA — Class A		Goldman Sachs		(505	)		(27,169	)		1,126
COSON Co., Ltd.		Goldman Sachs		(540	)		(9,018	)		331
CTCI Corp.		Goldman Sachs		(7,000	)		(10,035	)		(11	)
Digital Domain Holdings Ltd.		Goldman Sachs		(130,000	)		(10,380	)		643
Dongfang Electric Corp. Ltd., Class H		Goldman Sachs		(39,200	)		(29,027	)		(686	)
Doosan Heavy Industries & Construction Co., Ltd.		Goldman Sachs		(470	)		(9,470	)		(161	)
e-LITECOM Co., Ltd.		Goldman Sachs		(4,550	)		(43,683	)		(904	)
E-MART, Inc.		Goldman Sachs		(62	)		(9,882	)		343
Fila Korea Ltd.		Goldman Sachs		(113	)		(9,194	)		437
FirstRand Ltd.		Goldman Sachs		(10,328	)		(26,908	)		(707	)
FNC Entertainment Co., Ltd.		Goldman Sachs		(662	)		(9,306	)		721
Gamevil, Inc.		Goldman Sachs		(809	)		(66,997	)		2,701
Genel Energy PLC		Goldman Sachs		(7,737	)		(14,675	)		557
Genting Malaysia Bhd		Goldman Sachs		(22,100	)		(23,795	)		(268	)
Gol Linhas Aereas Inteligentes SA — ADR		Goldman Sachs		(6,287	)		(49,290	)		8,802
Greentown China Holdings Ltd.		Goldman Sachs		(14,500	)		(9,766	)		(429	)
Hiwin Technologies Corp.		Goldman Sachs		(11,000	)		(44,011	)		(2,369	)
Holcim Indonesia Tbk PT		Goldman Sachs		(106,600	)		(8,056	)		(766	)
Hong Kong Exchanges and Clearing Ltd.		Goldman Sachs		(2,500	)		(58,885	)		(1,023	)
Hotel Shilla Co., Ltd.		Goldman Sachs		(771	)		(45,195	)		2,247
Huadian Power International Corp. Ltd., Class H		Goldman Sachs		(96,000	)		(46,879	)		(3,989	)
Huaneng Power International, Inc., Class H		Goldman Sachs		(70,000	)		(46,876	)		(1,012	)
Huaneng Renewables Corp. Ltd., Class H		Goldman Sachs		(98,000	)		(29,911	)		117
Hyundai Rotem Co., Ltd.		Goldman Sachs		(3,494	)		(49,119	)		(2,347	)
Imperial Pacific International Holdings Ltd.		Goldman Sachs		(3,700,000	)		(72,903	)		2,753
Infosys Ltd. — Sponsored ADR		Goldman Sachs		(1,291	)		(23,833	)		(1,264	)
Intime Retail Group Co., Ltd.		Goldman Sachs		(11,500	)		(10,219	)		(210	)
JHSF Participacoes SA		Goldman Sachs		(104,200	)		(37,262	)		5,014
Kakao Corp.		Goldman Sachs		(107	)		(9,581	)		295
Kangwon Land, Inc.		Goldman Sachs		(656	)		(23,782	)		187
KEPCO Engineering & Construction Co., Inc.		Goldman Sachs		(990	)		(26,190	)		2,258
KuangChi Science Ltd.		Goldman Sachs		(62,000	)		(27,866	)		(742	)
Kumho Tire Co., Inc.		Goldman Sachs		(9,970	)		(68,805	)		(2,280	)
Latam Airlines Group SA — Sponsored ADR		Goldman Sachs		(4,804	)		(31,178	)		2,306
Localiza Rent a Car SA		Goldman Sachs		(5,000	)		(47,804	)		994
Matahari Department Store Tbk PT		Goldman Sachs		(24,600	)		(34,777	)		(18	)
Mr Price Group Ltd.		Goldman Sachs		(4,349	)		(45,761	)		(4,776	)
Nedbank Group Ltd.		Goldman Sachs		(2,129	)		(22,333	)		(1,394	)

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

46

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND (continued)	Portfolio of Investments

Reference Company	Counterparty		Number of Contracts Long/(Short)			Notional Amount			Unrealized Appreciation (Depreciation)
Short—(continued)
Neo Solar Power Corp.		Goldman Sachs		(44,589	)	$	(23,377	)	$	(976	)
New China Life Insurance Co., Ltd., Class H		Goldman Sachs		(21,000	)		(66,663	)		(5,578	)
Noble Group Ltd.		Goldman Sachs		(63,800	)		(15,232	)		1,618
Paradise Co., Ltd.		Goldman Sachs		(4,940	)		(69,026	)		(3,077	)
People’s Insurance Co. Group of China Ltd., (The), Class H		Goldman Sachs		(100,000	)		(38,634	)		(1,584	)
Perusahaan Gas Negara Persero Tbk		Goldman Sachs		(29,100	)		(5,055	)		(323	)
Petroleo Brasileiro SA — Sponsored ADR		Goldman Sachs		(4,876	)		(34,571	)		7,119
PGE Polska Grupa Energetyczna SA		Goldman Sachs		(7,110	)		(23,698	)		846
Ping An Insurance Group Co. of China Ltd., Class H		Goldman Sachs		(11,500	)		(50,353	)		(1,287	)
Poly Property Group Co., Ltd.		Goldman Sachs		(177,000	)		(44,677	)		(1,538	)
Prada SpA		Goldman Sachs		(7,300	)		(25,571	)		1,567
Precious Shipping PCL — NVDR		Goldman Sachs		(400,200	)		(68,786	)		1,425
Realord Group Holdings Ltd.		Goldman Sachs		(20,000	)		(10,122	)		(360	)
Ruentex Industries Ltd.		Goldman Sachs		(7,000	)		(9,636	)		(626	)
Samsung Heavy Industries Co., Ltd.		Goldman Sachs		(6,150	)		(46,735	)		(2,451	)
Sany Heavy Equipment International Holdings Co., Ltd.		Goldman Sachs		(265,000	)		(52,555	)		1,289
Sasol Ltd. — Sponsored ADR		Goldman Sachs		(1,378	)		(40,541	)		(1,089	)
Seah Besteel Corp.		Goldman Sachs		(920	)		(19,804	)		(61	)
Sembcorp Marine Ltd.		Goldman Sachs		(56,400	)		(66,511	)		3,332
Shangri-La Asia Ltd.		Goldman Sachs		(68,000	)		(77,413	)		(220	)
Sincere Watch Hong Kong Ltd.		Goldman Sachs		(170,000	)		(12,041	)		889
SJM Holdings Ltd.		Goldman Sachs		(78,000	)		(48,517	)		(1,583	)
Ssangyong Motor Co.		Goldman Sachs		(6,910	)		(42,860	)		1,455
Sun International Ltd.		Goldman Sachs		(3,893	)		(18,612	)		842
Sunac China Holdings Ltd.		Goldman Sachs		(69,000	)		(41,941	)		(991	)
Sungwoo Hitech Co., Ltd.		Goldman Sachs		(5,451	)		(40,963	)		4,334
Surya Citra Media Tbk PT		Goldman Sachs		(124,200	)		(31,007	)		3
Taigen Biopharmaceuticals Holdings Ltd.		Goldman Sachs		(7,160	)		(5,740	)		(166	)
Tingyi Cayman Islands Holding Corp.		Goldman Sachs		(60,000	)		(68,769	)		14,145
Total Access Communication PCL — NVDR		Goldman Sachs		(62,300	)		(57,929	)		(7,217	)
Towngas China Co., Ltd.		Goldman Sachs		(18,000	)		(9,597	)		(236	)
Trinity Ltd.		Goldman Sachs		(176,000	)		(14,506	)		1,126
Tsingtao Brewery Co., Ltd., Class H		Goldman Sachs		(3,000	)		(10,740	)		(58	)
Tsogo Sun Holdings Ltd.		Goldman Sachs		(20,598	)		(33,063	)		(1,900	)
Unilever Indonesia Tbk PT		Goldman Sachs		(14,300	)		(46,319	)		300
Universal Medical Financial & Technical Advisory Services Co., Ltd.		Goldman Sachs		(13,224	)		(9,486	)		118
Value Partners Group Ltd.		Goldman Sachs		(10,000	)		(9,504	)		(470	)
Vinda International Holdings Ltd.		Goldman Sachs		(5,000	)		(9,517	)		665
Wijaya Karya Persero Tbk PT		Goldman Sachs		(49,200	)		(8,583	)		(224	)
Xinyi Solar Holdings Ltd.		Goldman Sachs		(24,000	)		(9,519	)		(194	)
Yang Ming Marine Transport Corp.		Goldman Sachs		(40,000	)		(9,572	)		55
Yashili International Holdings Ltd.		Goldman Sachs		(238,000	)		(55,170	)		2,321
YuanShengTai Dairy Farm Ltd.		Goldman Sachs		(167,000	)		(9,893	)		4
Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H		Goldman Sachs		(59,800	)		(17,558	)		(1,675	)
										520
Net unrealized gain on Contracts for Difference									$	83,652

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

47

BOSTON PARTNERS INVESTMENT FUNDS	MAY 31, 2016 (unaudited)
BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND (concluded)	Portfolio of Investments

A summary of the inputs used to value the Fund’s investments as of May 31, 2016 is as follows (see Notes to Portfolio of Investments):

	Total Value as of     May 31, 2016		Level 1     Quoted     Price		Level 2 Significant     Observable     Inputs		Level 3 Significant     Unobservable     Inputs
Rights	$	22	$	—	$	22	$	—
Common Stock
Argentina		158,915		158,915		—		—
Brazil		65,492		65,492		—		—
Canada		66,576		66,576		—		—
China		306,073		192,895		113,178		—
Hong Kong		290,423		47,563		242,860		—
India		215,026		132,165		82,861		—
Indonesia		8,508		8,508		—		—
Israel		158,387		158,387		—		—
Malaysia		23,590		—		23,590		—
Mexico		93,146		93,146		—		—
Netherlands		15,717		15,717		—		—
Philippines		10,223		10,223		—		—
Russia		215,726		215,726		—		—
South Africa		268,154		48,444		219,710		—
South Korea		152,648		—		152,648		—
Taiwan		14,028		—		14,028		—
Thailand		99,974		—		99,974		—
Turkey		33,235		—		33,235		—
United Kingdom		123,887		55,057		68,830		—
United States		33,492		33,492		—		—
Preferred Stocks		191,395		—		191,395		—
Contracts for Difference		282,257		—		282,257		—
Total Assets	$	2,826,894	$	1,302,306	$	1,524,588	$	—
	Total Value as of May 31, 2016		Level 1 Quoted Price		Level 2 Significant     Observable     Inputs		Level 3 Significant Unobservable Inputs
Securities Sold Short
China	$	(121,633)	$	(121,633)	$	—	$	—
United States		(43,055)		(43,055)		—		—
Contracts for Difference		(198,605)		—		(198,605)		—
Total Liabilities	$	(363,293)	$	(164,688)	$	(198,605)	$	—

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

48

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO PORFOLIO OF INVESTMENTS

May 31, 2016 (unaudited)

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

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

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

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

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

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

A summary of the inputs used to value each Fund’s investments as of May 31, 2016 is included in each Fund’s Portfolio of Investments.

49

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO PORFOLIO OF INVESTMENTS (continued)

May 31, 2016 (unaudited)

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 invest-ments 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 Emerging Markets Long/Short Fund, security held as long positions with an end of period value of $56,204 transferred from Level 1 into Level 2. This transfer occurred as a result of this security being valued utilizing the international fair value pricing at May 31, 2016. For the BP Long/Short Research Fund and the BP Global Long/Short Fund, securities held as short positions with an end of period value of $10,462,612 and $1,585,409, respectively, transferred from Level 2 into Level 1. These transfers occurred as a result of these securities no longer being valued utilizing the international fair value pricing at May 31, 2016.

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

Written options are initially recorded as liabilities to the extent of premiums received and subsequently marked to market to reflect the current value of the option written. Gains or losses are realized when the option transaction expires or closes. When an option is exercised, the proceeds on sales for a written call option or the purchase cost for a written put option is adjusted by the amount of the premium received. Listed option contracts present minimal counterparty credit risk since they are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. A Fund’s maximum risk of loss from counterparty credit risk related to OTC option contracts is limited to the premium paid. As of May 31, 2016, all of each Fund’s written options were exchanged-traded options.

50

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO PORFOLIO OF INVESTMENTS (continued)

May 31, 2016 (unaudited)

The BP Long/Short Equity Fund, BP Long/Short Research Fund, BP All-Cap Value Fund, the BP Global Long/Short Fund and BP Global Equity Fund had transactions in options written during the period ended May 31, 2016 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		15,826		6,041,328		49,298		23,657,704
Options closed		(1,052)		(649,513)		(20,335)		(7,142,682)
Options expired		—		—		(26,693)		(9,935,645)
Options exercised		—		—		(32,028)		(18,460,533)
Option outstanding at May 31, 2016		15,826	$	6,041,328		9,896	$	5,901,931
	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		1,066		663,171		7,189		3,855,118
Options closed		(144)		(571,982)		(2,756)		(1,788,565)
Options expired		—		—		(2,497)		(1,195,624)
Options exercised		—		—		—		—
Options outstanding at May 31, 2016		1,017		$  649,870		3,668		$    1,926,594
	BP Global Equity Fund
	Number of Contracts		Premiums Received
Options outstanding at
August 31, 2015		—	$	—
Options written		1,200		562,017
Options closed		—		—
Options expired		(285)		(114,411)
Options exercised		—		—
Options outstanding at May 31, 2016		915	$	447,606

For the period ended May 31, 2016, the average quarterly volume of derivatives is as follows:

Fund	Purchased Options     (Cost)				Written Options (Proceeds)
BP Long/Short Equity Fund		$	662,078	$		3,183,042
BP Long/Short Research Fund			—			15,375,237
BP All-Cap Value Fund			—			601,056
BP Global Equity Fund			—			252,406
BP Global Long/Short Fund			343,315			1,880,140

51

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO PORFOLIO OF INVESTMENTS (continued)

May 31, 2016 (unaudited)

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 or unwilling to make payments or to otherwise honor its financial obligations under the terms of the contract. It is also possible that the market price of the CFD will move between the time the order is placed by a Fund and when it is executed by the issuer, which can result in the trade being executed at a less favorable price. CFDs, like many other derivative instruments, involve the risk that, if the derivative security declines in value, additional margin would be required to maintain the margin level. The seller may require a Fund to deposit additional sums to cover this decline in value, and the margin call may be at short notice. If additional margin is not provided in time, the seller may liquidate the positions at a loss for which a Fund is liable. The potential for margin calls and large losses are much greater in CFDs than in other leveraged products. Most CFDs are traded over-the-counter. CFDs are not registered with the SEC or any U.S. regulator, and are not subject to U.S. regulation. In a short position, the Fund will receive or pay an amount based upon the amount, if any, by which the notional amount of the CFD would have decreased or increased in value had it sold the particular stocks short, less the dividends that would have been paid on those stocks, plus a floating rate of interest on the notional amount of the CFD. All of these components are reflected in the market value of the CFD.

CFDs are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as an unrealized gain or loss in the Statement of Operations. Periodic payments made or received are recorded as realized gains or losses. Entering into CFDs involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these contracts, that the counterparty to the contract may default on its obligation to perform and that there may be unfavorable changes in market conditions. CFDs outstanding at period end, if any, are listed on the Schedule of Investments. In connection with CFDs, cash or securities may be segregated as collateral by the Funds’ custodian. As of May 31, 2016, the BP Long/Short Research Fund, the BP Global Long/Short Fund and the BP Emerging Markets Long/Short Fund held CFDs.

For the period ended May 31, 2016, the average volume of CFD was as follows:

Fund	Notional Amount Long		Notional Amount Short
BP Long/Short Research Fund		$32,783,046		$33,627,633
BP Global Long/Short Fund		—		8,770,510
BP Emerging Markets Long/Short Fund		4,004,033		2,131,985

52

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO PORFOLIO OF INVESTMENTS (concluded)

May 31, 2016 (unaudited)

Securities Lending — Securities may be loaned to financial institutions, such as broker-dealers, and are required to be secured continuously by collateral in cash, cash equivalents, letter of credit or U.S. Government securities maintained on a current basis at an amount at least equal to the market value of the securities loaned. Cash collateral received, pursuant to investment guidelines established by the Funds and approved by the Company’s Board of Directors, is invested in short-term investments. All such investments are made at the risk of the Funds and, as such, the Funds are liable for investment losses. Such loans would involve risks of delay in receiving additional collateral in the event the value of the collateral decreased below the value of the securities loaned or of delay in recovering the securities loaned or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers deemed by Robeco to be of good standing and only when, in Robeco’s judgment, the income to be earned from the loans justifies the attendant risks. Any loans of a Fund’s securities will be fully collateralized and marked to market daily. During the nine month period ended May 31, 2016, 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.

    At May 31, 2016, 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.

53

CAMPBELL CORE CARRY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS

MAY 31, 2016

(UNAUDITED)

	COUPON*		MATURITY		PAR		VALUE
SHORT-TERM INVESTMENTS — 68.3%
U.S. TREASURY OBLIGATIONS—68.3%
United States Treasury Bill		0.220%		07/21/16	$	5,000,000	$	4,997,778
United States Treasury Bill		0.440%		09/22/16		5,400,000		5,394,422
								10,392,200
TOTAL SHORT-TERM INVESTMENTS (Cost $ 10,393,202)								10,392,200
TOTAL INVESTMENTS — 68.3% (Cost $ 10,393,202)**								10,392,200
OTHER ASSETS IN EXCESS OF LIABILITIES — 31.7%								4,820,320
NET ASSETS — 100.0%							$	15,212,520

* 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	$	10,393,202
Gross unrealized appreciation	$	—
Gross unrealized depreciation		(1,002	)
Net unrealized depreciation	$	(1,002	)

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

1

CAMPBELL CORE CARRY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2016

(UNAUDITED)

FUTURES CONTRACTS

LONG CONTRACTS	EXPIRATION DATE	NUMBER OF         CONTRACTS	NOTIONAL         COST			UNREALIZED APPRECIATION       (DEPRECIATION)
90-DAY Eurodollar	06/19/17	220	$	54,444,411		$	(41,161	)
90-DAY Sterling	06/21/17	81		14,563,064			(4,087	)
Amsterdam Index	06/17/16	3		285,898			12,880
Australian 10-Year Bond	06/16/16	6		574,982			1,278
Australian 3-Year Bond	06/16/16	123		9,963,731			56,259
Bank Acceptance	09/19/16	16		3,020,738			576
CAC 40 10 Euro	06/20/16	1		47,083			2,764
Canadian 10-Year Bond	09/30/16	16		1,760,691			7,624
Euro STOXX 50	06/17/16	6		198,223			5,591
Euro-Bund	06/10/16	11		2,004,808			2,035
FTSE 100 Index	06/20/16	13		1,158,510			12,533
Hang Seng Index	06/30/16	6		774,719			15,707
IBEX 35 Index	06/17/16	4		385,647			15,715
London Metals Exchange Aluminum	06/13/16	50		1,989,635			(57,447	)
London Metals Exchange Copper	06/13/16	23		2,791,571			(100,428	)
London Metals Exchange Nickel	06/13/16	2		108,783			(8,001	)
London Metals Exchange Zinc	06/13/16	8		368,988			14,962
Long Gilt	09/30/16	1		177,931			(146	)
MSCI Taiwan Index	06/29/16	31		947,410			19,170
OMX Stockholm 30 Index	06/17/16	57		918,131			15,486
S&P/TSX 60 Index	06/17/16	5		607,384			17,773
Soybean	07/18/16	32		1,632,617			92,983
Soybean Meal	07/18/16	21		684,460			148,400
SPI 200 Index	06/17/16	6		577,435			6,043
Sugar No. 11 (World)	09/15/16	8		157,462			(482	)
U.S. Treasury 10-Year Notes	09/30/16	26		3,364,401			7,474
U.S. Treasury 2-Year Notes	10/05/16	151		32,883,280			20,564
U.S. Treasury 5-Year Notes	10/05/16	44		5,273,808			11,348
			$	141,665,801		$	275,413
SHORT CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL COST			UNREALIZED APPRECIATION (DEPRECIATION)
3-Month Euro Euribor	06/19/17	-95	$	(26,505,177	)	$	604
Brent Crude	06/30/16	-8		(390,206	)		(8,914	)
CBOE Volatility Index	06/15/16	-21		(362,860	)		42,085
Coffee	07/29/16	-16		(762,872	)		33,572
Copper	07/29/16	-11		(584,361	)		8,099
Corn	07/18/16	-30		(550,576	)		(56,549	)
Cotton No. 2	07/21/16	-1		(31,197	)		(773	)
Gold 100 Oz	08/29/16	-1		(124,938	)		3,188
Kansas City Hard Red Winter Wheat	07/29/16	-14		(325,034	)		11,959
London Metals Exchange Aluminum	06/13/16	-84		(3,271,510	)		25,435
London Metals Exchange Copper	06/13/16	-12		(1,446,649	)		42,574
London Metals Exchange Nickel	06/13/16	-8		(421,637	)		18,509
London Metals Exchange Zinc	06/13/16	-14		(643,877	)		(28,036	)
Natural Gas	07/31/16	-41		(933,243	)		(4,837	)
NY Harbor Ultra-Low Sulfur Diesel	07/28/16	-4		(224,493	)		(27,020	)
Silver	07/29/16	-6		(526,586	)		46,766
Wheat	07/18/16	-39		(912,101	)		6,326
WTI Crude	07/31/16	-3		(143,643	)		(3,657	)
			$	(38,160,960	)	$	109,331
Total Futures Contracts			$	103,504,841		$	384,744

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

2

CAMPBELL CORE CARRY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2016

(UNAUDITED)

Forward foreign currency contracts outstanding as of May 31, 2016 were as follows:

CURRENCY PURCHASED		CURRENCY SOLD			EXPIRATION		COUNTERPARTY		UNREALIZED APPRECIATION (DEPRECIATION)
AUD	3,700,000		USD	2,729,120		06/15/16		UBS		$  (56,550)
AUD	400,000		USD	303,709		06/15/16		UBS		(14,783)
AUD	200,000		USD	148,837		06/15/16		UBS		(4,374)
AUD	100,000		USD	71,833		06/15/16		UBS		399
EUR	600,000		USD	673,166		06/15/16		UBS		(5,189)
EUR	250,000		USD	279,759		06/15/16		UBS		(1,436)
EUR	50,000		USD	56,010		06/15/16		UBS		(345)
GBP	200,000		USD	290,038		06/15/16		UBS		(332)
JPY	90,000,000		USD	823,828		06/15/16		UBS		(10,598)
JPY	84,900,000		USD	764,828		06/15/16		UBS		2,319
JPY	62,200,000		USD	561,207		06/15/16		UBS		825
JPY	9,500,000		USD	85,763		06/15/16		UBS		78
JPY	800,000		USD	7,314		06/15/16		UBS		(85)
NZD	2,000,000		USD	1,344,000		06/15/16		UBS		8,101
NZD	400,000		USD	271,618		06/15/16		UBS		(1,198)
NZD	300,000		USD	203,243		06/15/16		UBS		(428)
NZD	300,000		USD	203,685		06/15/16		UBS		(870)
SEK	8,300,000		USD	1,019,580		06/15/16		UBS		(23,866)
SEK	3,100,000		USD	375,359		06/15/16		UBS		(3,466)
SEK	700,000		USD	84,175		06/15/16		UBS		(199)
USD	841,263		AUD	1,100,000		06/15/16		UBS		46,715
USD	527,882		AUD	700,000		06/15/16		UBS		22,261
USD	441,992		AUD	600,000		06/15/16		UBS		8,603
USD	152,101		AUD	200,000		06/15/16		UBS		7,638
USD	72,117		AUD	100,000		06/15/16		UBS		(114)
USD	100,341		CHF	100,000		06/15/16		UBS		(337)
USD	885,392		EUR	800,000		06/15/16		UBS		(5,244)
USD	337,670		EUR	300,000		06/15/16		UBS		3,682
USD	226,938		EUR	200,000		06/15/16		UBS		4,279
USD	225,279		EUR	200,000		06/15/16		UBS		2,620
USD	113,928		EUR	100,000		06/15/16		UBS		2,598
USD	424,974		GBP	300,000		06/15/16		UBS		(9,585)
USD	142,744		GBP	100,000		06/15/16		UBS		(2,109)
USD	2,143,110		JPY	242,600,000		06/15/16		UBS		(48,997)
USD	181,404		JPY	19,900,000		06/15/16		UBS		1,589
USD	106,529		JPY	11,600,000		06/15/16		UBS		1,713
USD	76,963		JPY	8,400,000		06/15/16		UBS		1,062
USD	57,190		JPY	6,300,000		06/15/16		UBS		264
USD	608,505		NZD	900,000		06/15/16		UBS		60
USD	402,592		NZD	600,000		06/15/16		UBS		(3,038)
USD	132,259		NZD	200,000		06/15/16		UBS		(2,951)
USD	1,432,223		SEK	12,100,000		06/15/16		UBS		(19,360)
USD	1,204,065		SEK	9,900,000		06/15/16		UBS		16,406
USD	920,944		SEK	7,500,000		06/15/16		UBS		21,202
USD	159,970		SEK	1,300,000		06/15/16		UBS		4,015
Total Forward Foreign Currency Contracts										$  (59,025)

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

3

CAMPBELL CORE CARRY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONCLUDED)

MAY 31, 2016

(UNAUDITED)

AUD	Australian Dollar	MSCI	Morgan Stanley Capital International
CAC	Cotation Assistée en Continu (Continuous Assisted Quotation)	NZD	New Zealand Dollar
CHF	Swiss Franc	OMX	Option Market Index
EUR	Euro	SEK	Swedish Krona
FTSE	Financial Times Stock Exchange	TSX	Toronto Stock Exchange
GBP	British Pound	UBS	UBS AG
IBEX	Index of the Bolsa de Madrid	USD	United States Dollar
JPY	Japanese Yen	WTI	West Texas Intermediate

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

4

CAMPBELL CORE CARRY FUND

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS

MAY 31, 2016

(UNAUDITED)

CONSOLIDATION OF SUBSIDIARY —The Campbell Core Carry Fund (the “Fund”) pursues its investment objective by (i) investing its assets pursuant to the Campbell Core Carry Program; (ii) allocating up to 25% of its assets in its wholly-owned subsidiary, Campbell Core Carry Offshore Limited (the “Subsidiary”), which is organized under the laws of the Cayman Islands and employs the Manager’s Campbell Core Carry Program, and (iii) allocating the remainder of its assets directly in an actively managed investment grade securities portfolio (including government securities) for cash management purposes. Securities rated in the four highest categories by the ratings agencies are considered investment grade. The consolidated financial statements of the Fund include the financial statements of the Subsidiary. The Fund consolidates the results of subsidiaries in which the Fund holds a controlling economic interest (greater than 50%). All inter-company accounts and transactions have been eliminated. As of May 31, 2015, the net assets of the Subsidiary were $1,570,707, which represented 10.3% of the Fund’s net assets.

PORTFOLIO VALUATION — The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Fixed income securities 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 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.

5

CAMPBELL CORE CARRY FUND

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS

MAY 31, 2016

(UNAUDITED) (CONTINUED)

    The following is a summary of inputs used, as of May 31, 2016, in valuing the Fund’s investments carried at fair value.

	TOTAL FAIR VALUE AT MAY 31, 2016			LEVEL 1 QUOTED PRICE			LEVEL 2 SIGNIFICANT OBSERVABLE INPUTS			LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS
Short-Term Investments	$	10,392,200		$	—		$	10,392,200		$	—
Commodity Contracts
Futures		452,773			452,773			—			—
Equity Contracts
Futures		165,747			165,747			—			—
Interest Rate Contracts
Futures		107,762			107,762			—			—
Foreign Exchange Contracts
Forward Foreign Currency Contracts		156,429			—			156,429			—
Total Assets	$	11,274,911		$	726,282		$	10,548,629		$	—
	TOTAL FAIR VALUE AT MAY 31, 2016			LEVEL 1 QUOTED PRICE			LEVEL 2 SIGNIFICANT OBSERVABLE INPUTS			LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS
Commodity Contracts
Futures	$	(296,144	)	$	(296,144	)	$	—		$	—
Interest Rate Contracts
Futures		(45,394	)		(45,394	)		—			—
Foreign Exchange Contracts
Forward Foreign Currency Contracts		(215,454	)		—			(215,454	)		—
Total Liabilities	$	(556,992	)	$	(341,538	)	$	(215,454	)	$	—

    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

6

CAMPBELL CORE CARRY FUND

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS

MAY 31, 2016

(UNAUDITED) (CONTINUED)

an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the period ended May 31, 2016, the Fund had no transfers between Levels 1, 2 and 3.

DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The following table lists the fair values of the Fund’s derivative holdings as of May 31, 2016 grouped by contract type and risk exposure category.

DERIVATIVE TYPE	CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES LOCATION		EQUITY CONTRACTS		INTEREST RATE CONTRACTS			FOREIGN CURRENCY CONTRACTS			COMMODITY CONTRACTS			TOTAL
Asset Derivatives
Forward Contracts		Unrealized appreciation on forward foreign currency contracts	$	—	$	—		$	156,429		$	—		$	156,429
Futures Contracts(a)		Receivable: Variation Margin		165,747		107,762			—			452,773			726,282
Total Value - Assets			$	165,747	$	107,762		$	156,429		$	452,773		$	882,711
Liability Derivatives
Forward Contracts		Unrealized depreciation on forward foreign currency contracts	$	—	$	—		$	(215,454	)	$	—		$	(215,454	)
Futures Contracts(a)		Receivable: Variation Margin		—		(45,394	)		—			(296,144	)		(341,538	)
Total Value - Liabilities			$	—	$	(45,394	)	$	(215,454	)	$	(296,144	)	$	(556,992	)

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

    For the period ended May 31, 2016, 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)
$102,003,911	$(25,099,542)	$(20,016,360)	$20,016,360

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

7

CAMPBELL CORE CARRY FUND

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS

MAY 31, 2016

(UNAUDITED) (CONTINUED)

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

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

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

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

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

    FUTURES CONTRACTS — The Fund uses futures contracts in the normal course of pursuing its investment objectives. Upon entering into a futures contract, the Fund must deposit initial margin in addition to segregating cash or liquid assets sufficient to meet its obligation to purchase or provide securities, or to pay the amount owed at the expiration of an index-based futures contract. Such liquid assets may consist of cash, cash equivalents, liquid debt or equity securities or other acceptable assets. Pursuant to the futures contract, the Fund agrees to receive from, or pay to the broker, an amount of cash equal to the daily fluctuation in value of the contract. Such a receipt of payment is known as a “variation margin” and is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the

8

CAMPBELL CORE CARRY FUND

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS

MAY 31, 2016

(UNAUDITED) (CONCLUDED)

Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contract. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. Use of long futures contracts subjects the Fund to risk of loss in excess of the amount shown on the Consolidated Portfolio of Investments, up to the notional value of the futures contract. Use of short futures contracts subjects the Fund to unlimited risk of loss.

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

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

9

CAMPBELL CORE TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS

MAY 31, 2016

(UNAUDITED)

	COUPON*		MATURITY		PAR		VALUE
SHORT-TERM INVESTMENTS — 72.6%
U.S. TREASURY OBLIGATIONS—72.6%
United States Treasury Bill		0.220%		07/21/16	$	3,250,000	$	3,248,556
United States Treasury Bill		0.440%		09/22/16		3,350,000		3,346,539
								6,595,095
TOTAL SHORT-TERM INVESTMENTS (Cost $ 6,595,716)								6,595,095
TOTAL INVESTMENTS — 72.6% (Cost $ 6,595,716)**								6,595,095
OTHER ASSETS IN EXCESS OF LIABILITIES — 27.4%								2,493,530
NET ASSETS — 100.0%							$	9,088,625

* 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	$	6,595,716
Gross unrealized appreciation	$	—
Gross unrealized depreciation		(621	)
Net unrealized depreciation	$	(621	)

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

1

CAMPBELL CORE TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2016

(UNAUDITED)

FUTURES CONTRACTS

LONG CONTRACTS	EXPIRATION DATE	NUMBER OF         CONTRACTS	NOTIONAL           COST			UNREALIZED APPRECIATION       (DEPRECIATION)
10-Year Mini Japanese Government Bond	06/10/16	1	$	136,931		$	261
3-Month Euro Euribor	06/19/17	23		6,416,484			413
90-DAY Bank Bill	09/09/16	4		2,877,993			(465	)
90-DAY Eurodollar	06/19/17	17		4,207,638			(3,750	)
90-DAY Sterling	06/21/17	30		5,395,077			(2,683	)
Amsterdam Index	06/17/16	1		98,971			622
Australian 10-Year Bond	06/16/16	11		1,049,709			6,766
Australian 3-Year Bond	06/16/16	20		1,629,938			(671	)
Brent Crude	06/30/16	1		48,542			1,348
CAC 40 10 Euro	06/20/16	1		50,192			(318	)
Canadian 10-Year Bond	09/30/16	8		880,589			3,568
Corn	07/18/16	7		141,670			(8	)
Dow Jones E-Mini	06/17/16	6		529,192			4,028
Euro Buxl 30-Year Bond	06/10/16	3		553,944			7,896
Euro-Bobl	06/10/16	12		1,751,927			2,223
Euro-BTP	06/10/16	9		1,388,423			9,303
Euro-Bund	06/10/16	12		2,181,742			7,541
Euro-OAT	06/10/16	12		2,107,395			9,789
Euro-Schatz	06/10/16	12		1,493,082			42
FTSE 100 Index	06/20/16	1		88,141			1,940
FTSE/JSE Top 40	06/15/16	3		91,404			614
Gold 100 Oz	08/29/16	2		247,304			(3,804	)
London Metals Exchange Aluminum	06/13/16	18		706,890			(11,302	)
London Metals Exchange Copper	06/13/16	4		494,634			(26,609	)
London Metals Exchange Nickel	06/13/16	6		321,760			(19,414	)
London Metals Exchange Zinc	06/13/16	14		651,410			20,502
Long Gilt	09/30/16	8		1,421,132			1,149
MSCI Taiwan Index	06/29/16	1		30,852			88
NASDAQ 100 E-Mini	06/17/16	2		177,929			3,041
Platinum	07/29/16	1		50,662			(1,642	)
Russell 2000 Index	06/17/16	1		113,880			1,460
S&P 500 E-Mini	06/17/16	4		413,171			5,809
S&P Mid 400 E-Mini	06/17/16	2		290,441			7,919
S&P/TSX 60 Index	06/17/16	3		368,832			6,262
SGX Nifty 50 Index	06/30/16	1		16,344			(3	)
Silver	07/29/16	2		166,730			(6,790	)
Soybean	07/18/16	11		572,069			21,106
SPI 200 Index	06/17/16	2		192,328			2,165
Sugar No. 11 (World)	09/15/16	18		333,622			18,976
U.S. Treasury 10-Year Notes	09/30/16	9		1,164,108			3,079
U.S. Treasury 5-Year Notes	10/05/16	11		1,319,157			2,132
U.S. Treasury Long Bond	09/30/16	5		813,406			3,156
U.S. Treasury Ultra Bond	09/30/16	3		523,575			1,800
			$	43,509,220		$	77,539
SHORT CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL COST			UNREALIZED APPRECIATION (DEPRECIATION)
Cattle Feeder	08/25/16	-2	$	(147,582	)	$	482
Cocoa	07/29/16	-5		(145,485	)		(7,464	)
Coffee	07/29/16	-3		(137,354	)		610
Cotton No.2	07/21/16	-2		(60,859	)		(3,081	)
Euro STOXX 50	06/17/16	-1		(32,343	)		(1,626	)
FTSE/MIB Index	06/17/16	-1		(96,742	)		(3,613	)
Hang Seng Index	06/30/16	-1		(128,685	)		(3,053	)
IBEX 35 Index	06/17/16	-1		(97,044	)		(3,297	)
Live Cattle	09/16/16	-7		(325,589	)		(4,951	)
London Metals Exchange Aluminum	06/13/16	-22		(846,412	)		(3,751	)

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

2

CAMPBELL CORE TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2016

(UNAUDITED)

SHORT CONTRACTS	EXPIRATION DATE	NUMBER OF         CONTRACTS	NOTIONAL           COST			UNREALIZED APPRECIATION       (DEPRECIATION)
London Metals Exchange Copper	06/13/16	-7	$	(846,077	)	$	27,034
London Metals Exchange Nickel	06/13/16	-12		(635,911	)		31,219
London Metals Exchange Zinc	06/13/16	-10		(452,696	)		(27,241	)
MSCI Singapore Index	06/30/16	-3		(67,394	)		(259	)
Natural Gas	07/31/16	-13		(294,969	)		(2,471	)
Nikkei 225	06/10/16	-1		(75,540	)		(2,168	)
OMX Stockholm 30 Index	06/17/16	-1		(15,952	)		(427	)
U.S. Treasury 2-Year Notes	10/05/16	-1		(217,670	)		(236	)
Wheat	07/18/16	-6		(139,658	)		308
WTI Crude	07/31/16	-1		(48,958	)		(142	)
			$	(4,812,920	)	$	(4,127	)
Total Futures Contracts			$	38,696,300		$	73,412

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

3

CAMPBELL CORE TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2016

(UNAUDITED)

Forward foreign currency contracts outstanding as of May 31, 2016 were as follows:

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION	COUNTERPARTY	UNREALIZED APPRECIATION (DEPRECIATION)
AUD	800,000	USD	604,564	06/15/16	UBS	$	(26,711	)
AUD	600,000	USD	458,021	06/15/16	UBS		(24,631	)
AUD	500,000	USD	372,198	06/15/16	UBS		(11,040	)
AUD	100,000	USD	73,760	06/15/16	UBS		(1,528	)
CAD	1,000,000	USD	771,546	06/15/16	UBS		(8,982	)
CAD	400,000	USD	305,782	06/15/16	UBS		(756	)
CAD	100,000	USD	75,773	06/15/16	UBS		483
CAD	100,000	USD	77,969	06/15/16	UBS		(1,713	)
EUR	1,150,000	USD	1,292,107	06/15/16	UBS		(11,819	)
EUR	550,000	USD	620,732	06/15/16	UBS		(8,420	)
EUR	200,000	USD	229,019	06/15/16	UBS		(6,360	)
EUR	100,000	USD	114,252	06/15/16	UBS		(2,922	)
GBP	400,000	USD	575,310	06/15/16	UBS		4,102
GBP	200,000	USD	285,878	06/15/16	UBS		3,828
GBP	200,000	USD	287,816	06/15/16	UBS		1,890
JPY	43,800,000	USD	403,643	06/15/16	UBS		(7,871	)
JPY	37,200,000	USD	335,686	06/15/16	UBS		449
JPY	36,200,000	USD	319,788	06/15/16	UBS		7,311
JPY	31,400,000	USD	286,903	06/15/16	UBS		(3,176	)
JPY	2,500,000	USD	22,586	06/15/16	UBS		4
JPY	100,000	USD	937	06/15/16	UBS		(34	)
MXN	4,700,000	USD	268,492	06/15/16	UBS		(14,300	)
MXN	3,300,000	USD	188,323	06/15/16	UBS		(9,848	)
MXN	1,700,000	USD	97,672	06/15/16	UBS		(5,730	)
MXN	1,000,000	USD	57,190	06/15/16	UBS		(3,106	)
NOK	5,600,000	USD	672,673	06/15/16	UBS		(3,294	)
NOK	4,000,000	USD	484,484	06/15/16	UBS		(6,356	)
NOK	2,400,000	USD	287,522	06/15/16	UBS		(645	)
NOK	200,000	USD	23,522	06/15/16	UBS		385
NZD	700,000	USD	479,948	06/15/16	UBS		(6,713	)
NZD	300,000	USD	204,412	06/15/16	UBS		(1,597	)
NZD	200,000	USD	136,444	06/15/16	UBS		(1,234	)
NZD	100,000	USD	68,929	06/15/16	UBS		(1,324	)
SEK	7,800,000	USD	956,640	06/15/16	UBS		(20,908	)
SEK	6,500,000	USD	792,447	06/15/16	UBS		(12,670	)
SEK	4,600,000	USD	554,547	06/15/16	UBS		(2,705	)
SEK	600,000	USD	74,303	06/15/16	UBS		(2,324	)
SEK	100,000	USD	12,343	06/15/16	UBS		(346	)
SGD	800,000	USD	586,891	06/15/16	UBS		(6,114	)
SGD	600,000	USD	433,479	06/15/16	UBS		2,104
SGD	500,000	USD	361,862	06/15/16	UBS		1,124
SGD	300,000	USD	221,715	06/15/16	UBS		(3,924	)
USD	746,666	AUD	1,000,000	06/15/16	UBS		24,350
USD	455,947	AUD	600,000	06/15/16	UBS		22,557
USD	223,347	AUD	300,000	06/15/16	UBS		6,652

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

4

CAMPBELL CORE TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2016

(UNAUDITED)

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION	COUNTERPARTY	UNREALIZED APPRECIATION (DEPRECIATION)
USD	75,317	AUD	100,000	06/15/16	UBS	$	3,086
USD	306,555	CAD	400,000	06/15/16	UBS		1,530
USD	224,500	CAD	300,000	06/15/16	UBS		(4,269	)
USD	156,147	CAD	200,000	06/15/16	UBS		3,634
USD	151,340	CAD	200,000	06/15/16	UBS		(1,173	)
USD	76,318	CAD	100,000	06/15/16	UBS		62
USD	75,545	CAD	100,000	06/15/16	UBS		(712	)
USD	1,009,745	EUR	900,000	06/15/16	UBS		7,780
USD	452,155	EUR	400,000	06/15/16	UBS		6,837
USD	451,295	EUR	400,000	06/15/16	UBS		5,977
USD	115,026	EUR	100,000	06/15/16	UBS		3,697
USD	113,182	EUR	100,000	06/15/16	UBS		1,853
USD	569,609	GBP	400,000	06/15/16	UBS		(9,803	)
USD	566,632	GBP	400,000	06/15/16	UBS		(12,780	)
USD	142,744	GBP	100,000	06/15/16	UBS		(2,109	)
USD	141,791	GBP	100,000	06/15/16	UBS		(3,062	)
USD	141,047	GBP	100,000	06/15/16	UBS		(3,806	)
USD	294,925	JPY	32,400,000	06/15/16	UBS		2,162
USD	245,567	JPY	27,300,000	06/15/16	UBS		(1,113	)
USD	208,718	JPY	23,200,000	06/15/16	UBS		(914	)
USD	43,922	JPY	4,800,000	06/15/16	UBS		549
USD	344,818	MXN	6,200,000	06/15/16	UBS		9,500
USD	280,126	MXN	5,100,000	06/15/16	UBS		4,299
USD	279,266	MXN	5,000,000	06/15/16	UBS		8,848
USD	128,099	MXN	2,300,000	06/15/16	UBS		3,707
USD	110,549	MXN	2,000,000	06/15/16	UBS		2,381
USD	10,766	MXN	200,000	06/15/16	UBS		(50	)
USD	469,464	NOK	3,900,000	06/15/16	UBS		3,289
USD	387,236	NOK	3,200,000	06/15/16	UBS		4,734
USD	363,036	NOK	3,100,000	06/15/16	UBS		(7,514	)
USD	109,691	NOK	900,000	06/15/16	UBS		2,113
USD	271,028	NZD	400,000	06/15/16	UBS		608
USD	265,744	NZD	400,000	06/15/16	UBS		(4,676	)
USD	66,762	NZD	100,000	06/15/16	UBS		(843	)
USD	65,820	NZD	100,000	06/15/16	UBS		(1,785	)
USD	1,008,640	SEK	8,300,000	06/15/16	UBS		12,926
USD	683,394	SEK	5,600,000	06/15/16	UBS		11,587
USD	269,894	SEK	2,200,000	06/15/16	UBS		5,969
USD	158,076	SEK	1,300,000	06/15/16	UBS		2,120
USD	60,568	SEK	500,000	06/15/16	UBS		585
USD	732,766	SGD	1,000,000	06/15/16	UBS		6,794
USD	294,948	SGD	400,000	06/15/16	UBS		4,560
USD	145,790	SGD	200,000	06/15/16	UBS		596
USD	289,236	ZAR	4,500,000	06/15/16	UBS		3,858
USD	268,211	ZAR	4,200,000	06/15/16	UBS		1,859
USD	149,542	ZAR	2,300,000	06/15/16	UBS		3,682
USD	122,360	ZAR	1,900,000	06/15/16	UBS		1,868
ZAR	3,800,000	USD	251,665	06/15/16	UBS		(10,680	)
ZAR	3,600,000	USD	237,993	06/15/16	UBS		(9,691	)

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

5

CAMPBELL CORE TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONCLUDED)

MAY 31, 2016

(UNAUDITED)

CURRENCY PURCHASED		CURRENCY  SOLD		EXPIRATION	COUNTERPARTY	UNREALIZED APPRECIATION (DEPRECIATION)
ZAR	900,000	USD	59,106	06/15/16	UBS		$      (2,031	)
ZAR	400,000	USD	27,755	06/15/16	UBS		(2,388	)
ZAR	300,000	USD	19,951	06/15/16	UBS		(926	)
Total Forward Foreign Currency Contracts							$    (91,137	)

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	TSX	Toronto Stock Exchange
IBEX	Index of the Bolsa de Madrid	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.

6

CAMPBELL CORE TREND FUND

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS

MAY 31, 2016

(UNAUDITED)

CONSOLIDATION OF SUBSIDIARY — The Campbell Core Trend Fund (the “Fund”) pursues its investment objective by (i) investing its assets pursuant to the Campbell Core Trend Program; (ii) allocating up to 25% of its assets in its wholly-owned subsidiary, Campbell Core Offshore Limited (the “Subsidiary”), which is organized under the laws of the Cayman Islands and employs the Manager’s Campbell Core Trend Program, and (iii) allocating the remainder of its assets directly in a portfolio of investment grade securities (including government securities) for cash management purposes. Securities rated in the four highest categories by the ratings agencies are considered investment grade. The consolidated financial statements of the Fund include the financial statements of the Subsidiary. The Fund consolidates the results of subsidiaries in which the Fund holds a controlling economic interest (greater than 50%). All inter-company accounts and transactions have been eliminated. As of May 31, 2016, the net assets of the Subsidiary were $865,317, which represented 9.5% of the Fund’s net assets.

PORTFOLIO VALUATION — The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Fixed income securities having a remaining maturity of 60 days or less are valued at amortized cost, which approximates 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.

7

CAMPBELL CORE TREND FUND

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS

MAY 31, 2016

(UNAUDITED) (CONTINUED)

The following is a summary of inputs used, as of May 31, 2016, in valuing the Fund’s investments carried at fair value.

	TOTAL FAIR VALUE AT MAY 31, 2016			LEVEL 1 QUOTED PRICE			LEVEL 2 SIGNIFICANT OBSERVABLE INPUTS			LEVEL 3 SIGNIFICANT     UNOBSERVABLE     INPUTS
Short-Term Investments	$	6,595,095		$	—		$	6,595,095		$	—
Commodity Contracts
Futures		121,585			121,585			—			—
Equity Contracts
Futures		33,948			33,948			—			—
Interest Rate Contracts
Futures		59,118			59,118			—			—
Foreign Exchange Contracts
Forward Foreign Currency Contracts		208,289			—			208,289			—
Total Assets	$	7,018,035		$	214,651		$	6,803,384		$	—
	TOTAL FAIR VALUE AT MAY 31, 2016			LEVEL 1 QUOTED PRICE			LEVEL 2 SIGNIFICANT OBSERVABLE INPUTS			LEVEL 3 SIGNIFICANT     UNOBSERVABLE     INPUTS
Commodity Contracts
Futures	$	(118,670	)	$	(118,670	)	$	—		$	—
Equity Contracts
Futures		(14,764	)		(14,764	)		—			—
Interest Rate Contracts
Futures		(7,805	)		(7,805	)		—			—
Foreign Exchange Contracts
Forward Foreign Currency Contracts		(299,426	)		—			(299,426	)		—
Total Liabilities	$	(440,665	)	$	(141,239	)	$	(299,426	)	$	—

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

8

CAMPBELL CORE TREND FUND

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS

MAY 31, 2016

(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 May 31, 2016, the Fund had no transfers between Levels 1, 2 and 3.

DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The following table lists the fair values of the Fund’s derivative holdings as of May 31, 2016 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	$	—		$	—		$	208,289		$	—		$	208,289
Futures Contracts(a)		33,948			59,118			—			121,585			214,651
Total Value - Assets	$	33,948		$	59,118		$	208,289		$	121,585		$	422,940
		Liability Derivatives
Forward Contracts	$	—		$	—		$	(299,426	)	$	—		$	(299,426	)
Futures Contracts(a)		(14,764	)		(7,805	)		—			(118,670	)		(141,239	)
Total Value - Liabilities	$	(14,764	)	$	(7,805	)	$	(299,426	)	$	(118,670	)	$	(440,665	)

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

For the period ended May 31, 2016, 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)
$28,993,293	$(7,543,450)	$(41,644,350)	$41,644,350

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.

9

CAMPBELL CORE TREND FUND

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS

MAY 31, 2016

(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.

10

CAMPBELL CORE TREND FUND

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS

MAY 31, 2016

(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.

11

FREE MARKET FUNDS

FREE MARKET U.S. EQUITY FUND

Portfolio of Investments

May 31, 2016

(Unaudited)

	Number of Shares		Value
EQUITY FUNDS — 99.9%
U.S. Large Cap Value Portfolio III(a)		29,098,463	$	659,371,159
U.S. Large Company Portfolio(a)		19,843,875		326,233,305
U.S. Micro Cap Portfolio(b)		18,216,412		328,077,579
U.S. Small Cap Portfolio(b)		11,166,209		328,844,864
U.S. Small Cap Value Portfolio(b)		17,240,596		547,906,136
TOTAL EQUITY FUNDS (Cost $1,795,497,829)				2,190,433,043
TOTAL INVESTMENTS — 99.9% (Cost $1,795,497,829)*				2,190,433,043
OTHER ASSETS IN EXCESS OF     LIABILITIES — 0.1%				1,899,000
NET ASSETS — 100.0%			$	2,192,332,043

* 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	$	1,795,497,829
Gross unrealized appreciation	$	394,935,214
Gross unrealized depreciation		—
Net unrealized appreciation	$	394,935,214

(a) A portfolio of Dimensional Investment Group Inc.

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

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

1

FREE MARKET FUNDS

FREE MARKET INTERNATIONAL EQUITY FUND

Portfolio of Investments

May 31, 2016

(Unaudited)

	Number of Shares		Value
INTERNATIONAL EQUITY FUNDS — 99.8%
Asia Pacific Small Company Portfolio(a)		1,055,935	$	20,875,839
Canadian Small Company Series(b)		2,062,525		19,758,228
Continental Small Company Portfolio(a)		1,431,264		30,815,111
Continental Small Company Series(b)		304,874		21,101,753
DFA International Small Cap Value Portfolio(a)		34,243,415		648,227,851
DFA International Value Portfolio III(c)		34,440,820		459,784,940
Emerging Markets Portfolio(a)		3,921,205		84,070,645
Emerging Markets Small Cap Portfolio(a)		4,310,496		78,019,975
Emerging Markets Value Portfolio(a)		3,662,093		77,929,336
Japanese Small Company Portfolio(a)		1,727,892		35,957,433
Large Cap International Portfolio(a)		4,076,339		79,651,668
United Kingdom Small Company Portfolio(a)		186,330		5,906,648
United Kingdom Small Company Series(b)		396,855		24,857,429
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $1,604,510,910)				1,586,956,856
TOTAL INVESTMENTS — 99.8% (Cost $1,604,510,910)*				1,586,956,856
OTHER ASSETS IN EXCESS OF     LIABILITIES — 0.2%				2,385,446
NET ASSETS — 100.0%			$	1,589,342,302

* 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	$	1,604,510,910
Gross unrealized appreciation	$	101,898,239
Gross unrealized depreciation		(119,452,293	)
Net unrealized depreciation	$	(17,554,054	)

(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

May 31, 2016

(Unaudited)

	Number of Shares		Value
FIXED INCOME FUNDS — 99.5%
DFA Five-Year Global Fixed Income Portfolio(a)		46,959,919	$	521,255,108
DFA Inflation-Protected Securities Portfolio(a)		8,762,403		104,097,350
DFA Intermediate Government Fixed Income Portfolio(a)		9,756,962		125,279,387
DFA One-Year Fixed Income Portfolio(a)		29,310,453		301,897,665
DFA Short-Term Government Portfolio(a)		7,754,715		83,285,641
DFA Two-Year Global Fixed Income Portfolio(a)		31,372,632		312,785,138
iShares 1-3 Year Credit Bond ETF		4,734,302		499,468,861
iShares Intermediate Credit Bond ETF		1,145,755		125,872,644
TOTAL FIXED INCOME FUNDS (Cost $2,065,858,877)				2,073,941,794
TOTAL INVESTMENTS — 99.5% (Cost $2,065,858,877)*				2,073,941,794
OTHER ASSETS IN EXCESS OF     LIABILITIES — 0.5%				10,151,602
NET ASSETS — 100.0%			$	2,084,093,396

* 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	$	2,065,858,877
Gross unrealized appreciation	$	10,503,023
Gross unrealized depreciation		(2,420,106	)
Net unrealized appreciation	$	8,082,917

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

ETF Exchange-Traded Fund

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

3

FREE MARKET FUNDS

Portfolio of Investments

May 31, 2016

(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 valuations techniques used to measure fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:

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

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

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

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

The following is a summary of the inputs used, as of May 31, 2016, in valuing the Funds’ investments carried at fair value:

FREE MARKET U.S. EQUITY FUND

	Total Value at May 31, 2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
Investments in Securities*	$	2,190,433,043	$	2,190,433,043	$	—	$	—

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

FREE MARKET INTERNATIONAL EQUITY FUND

	Total Value at May 31, 2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
Investments in Securities*	$	1,586,956,856	$	1,586,956,856	$	—	$	—

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

FREE MARKET FIXED INCOME FUND

	Total Value at May 31, 2016		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
Investments in Securities*	$	2,073,941,794	$	2,073,941,794	$	—	$	—

*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

Portfolio of Investments (Concluded)

May 31, 2016

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

For the period ended May 31, 2016, 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

May 31, 2016

(Unaudited)

	Number of Shares	Value
EQUITY FUNDS — 98.5%
U.S. Large Cap Value Portfolio III(a)	188,908	$	4,280,652
U.S. Large Company Portfolio(a)	135,506		2,227,719
U.S. Micro Cap Portfolio(b)	136,395		2,456,470
U.S. Small Cap Portfolio(b)	83,682		2,464,448
U.S. Small Cap Value Portfolio(b)	51,383		1,632,951
VA U.S. Large Value Portfolio(b)	30,585		658,494
VA U.S. Targeted Value Portfolio(b)	148,266		2,465,665
TOTAL EQUITY FUNDS (Cost $16,856,537)			16,186,399
TOTAL INVESTMENTS — 98.5% (Cost $16,856,537)*			16,186,399
OTHER ASSETS IN EXCESS OF     LIABILITIES — 1.5%			238,638
NET ASSETS — 100.0%		$	16,425,037

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

Aggregate cost	$	16,856,537
Gross unrealized appreciation	$	110,554
Gross unrealized depreciation		(780,692)
Net unrealized depreciation	$	(670,138)

(a) A portfolio of Dimensional Investment Group Inc.

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

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

1

MATSON MONEY VI PORTFOLIOS

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO

Portfolio of Investments

May 31, 2016

(Unaudited)

	Number of Shares	Value
INTERNATIONAL EQUITY FUNDS — 99.2%
DFA International Small Cap Value Portfolio(a)	174,681	$	3,306,713
DFA International Value Portfolio III(b)	265,095		3,539,016
Emerging Markets Portfolio(a)	28,198		604,563
Emerging Markets Small Cap Portfolio(a)	30,974		560,624
Emerging Markets Value Portfolio(a)	25,703		546,960
Large Cap International Portfolio(a)	23,921		467,413
VA International Small Portfolio(b)	174,502		1,998,053
VA International Value Portfolio(b)	55,880		583,391
TOTAL INTERNATIONAL EQUITY FUNDS (Cost $12,784,850)			11,606,733
TOTAL INVESTMENTS — 99.2% (Cost $12,784,850)*			11,606,733
OTHER ASSETS IN EXCESS OF     LIABILITIES — 0.8%			93,763
NET ASSETS — 100.0%		$	11,700,496

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

Aggregate cost	$	12,784,850
Gross unrealized appreciation	$	—
Gross unrealized depreciation		(1,178,117)
Net unrealized depreciation	$	(1,178,117)

(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

May 31, 2016

(Unaudited)

	Number of Shares	Value
FIXED INCOME FUNDS — 98.5%
DFA Five-Year Global Fixed Income Portfolio(a)	183,102	$	2,032,435
DFA Inflation Protected Securities Portfolio(a)	85,463		1,015,305
DFA Intermediate Government Fixed Income Portfolio(a)	189,924		2,438,623
DFA One-Year Fixed Income Portfolio(a)	423,450		4,361,530
DFA Short-Term Fixed Portfolio(a)	39,545		404,150
DFA Short-Term Government Portfolio(a)	151,255		1,624,481
DFA Two-Year Global Fixed Income Portfolio(a)	509,686		5,081,568
VA Global Bond Portfolio(a)	279,694		3,051,459
TOTAL FIXED INCOME FUNDS (Cost $19,921,423)			20,009,551
TOTAL INVESTMENTS — 98.5% (Cost $19,921,423)			20,009,551
OTHER ASSETS IN EXCESS OF     LIABILITIES — 1.5%			310,189
NET ASSETS — 100.0%		$	20,319,740

* 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	$	19,921,423
Gross unrealized appreciation	$	97,244
Gross unrealized depreciation		(9,116)
Net unrealized appreciation	$	88,128

(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

Portfolio of Investments

May 31, 2016

(Unaudited)

PORTFOLIO VALUATION — Investments in the underlying funds are valued at the Matson Money U.S. Equity VI Portfolio, the Matson Money International Equity VI Portfolio, and the Matson Money Fixed Income VI Portfolio (each a Portfolio, collectively the “Portfolios”) net asset value determined as of the close of business on the New York Stock Exchange (generally 4:00 p.m. Eastern time). As required, some securities and assets may be valued at fair value as determined in good faith by the RBB Fund, Inc. s Board of Directors. Direct investments in fixed income securities having a remaining maturity of 60 days or less are valued at amortized cost, which approximates market value.

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

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

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

The following is a summary of the inputs used, as of May 31, 2016, in valuing the Portfolios’ investments carried at fair value:

MATSON MONEY U.S. EQUITY VI PORTFOLIO

	Total Value at         May 31, 2016		Level 1         Quoted Price		Level 2 Significant     Observable     Input		Level 3 Significant     Unobservable     Input
Investments in Securities*	$	16,186,399	$	16,186,399	$	—	$	—

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

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO

	Total Value at         May 31, 2016		Level 1         Quoted Price		Level 2 Significant     Observable     Input		Level 3 Significant     Unobservable     Input
Investments in Securities*	$	11,606,733	$	11,606,733	$	—	$	—

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

MATSON MONEY FIXED INCOME VI PORTFOLIO

	Total Value at         May 31, 2016		Level 1         Quoted Price		Level 2 Significant     Observable     Input		Level 3 Significant     Unobservable     Input
Investments in Securities*	$	20,009,551	$	20,009,551	$	—	$	—

* 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

MATSON MONEY VI PORTFOLIOS

Portfolio of Investments (Concluded)

May 31, 2016

(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 Portfolios investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Portfolios may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

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

For the period ended May 31, 2016, 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

May 31, 2016

(Unaudited)

	Shares		Value
COMMON STOCKS — 96.5%
Auto Parts & Equipment — 0.2%
Commercial Vehicle Group, Inc. *		14,199	$	52,536
Banks — 12.7%
Bancorp, Inc., (The) *		45,960		310,230
Dundee Corp., Class A *		4,300		21,887
Hancock Holding Co. (a)		5,350		147,071
OFG Bancorp		109,312		999,112
Regions Financial Corp.		178,486		1,754,517
				3,232,817
Coal — 3.1%
Cloud Peak Energy, Inc. * (a)		17,148		33,610
CONSOL Energy, Inc. (a)		48,700		748,032
				781,642
Commercial Services — 4.7%
Aegean Marine Petroleum Network, Inc.		116,568		776,343
Ardmore Shipping Corp. (a)		23,134		219,310
Genco Shipping & Trading Ltd. *		1		1
Hudson Global, Inc.		74,340		163,548
Viad Corp.		1,658		52,741
				1,211,943
Electronics — 2.1%
Kemet Corp. *		202,944		545,919
TTM Technologies, Inc. *				2
				545,921
Healthcare - Products — 0.6%
Invacare Corp.		14,965		160,126
Healthcare - Services — 0.3%
Five Star Quality Care, Inc. *		41,173		82,758
Home Builders — 2.5%
PulteGroup, Inc.		340		6,378
Taylor Morrison Home Corp., Class A *		42,696		636,170
				642,548
Insurance — 2.7%
Assured Guaranty Ltd.		17,037		458,125
Genworth Financial, Inc., Class A *		61,151		226,259
				684,384
Internet — 0.5%
ModusLink Global Solutions, Inc. * (a)		93,770		129,403
Machinery - Construction & Mining — 3.1%
Terex Corp.		37,614		796,665
Machinery - Diversified — 4.8%
DXP Enterprises Inc. *		45,436		630,652
Intevac, Inc. *		120,322		588,375
				1,219,027

	Shares		Value
Mining — 0.2%
Ur-Energy, Inc. *		131,055	$	61,294
Oil & Gas — 30.9%
Approach Resources, Inc. *		258,715		690,769
Chesapeake Energy Corp. * (a)		914		3,921
Eclipse Resources Corp. * (a)		1,635		4,365
MRC Global, Inc. *		82,869		1,175,911
Scorpio Tankers, Inc.		4,745		27,901
SM Energy Co. (a)		91,630		2,888,178
Unit Corp. * (a)		6,090		85,077
Weatherford International PLC *		250,035		1,402,696
Willbros Group, Inc. *		276,895		897,140
WPX Energy, Inc. *		68,863		708,600
				7,884,558
Real Estate — 0.7%
Forestar Group, Inc. *		13,808		169,010
Real Estate Investment Trusts — 5.3%
NorthStar Realty Europe Corp.		72,410		814,613
NorthStar Realty Finance Corp. (a)		13,710		185,085
Parkway Properties, Inc.		15,385		268,468
RAIT Financial Trust		26,682		88,584
Sunstone Hotel Investors, Inc.		—^		4
				1,356,754
Savings & Loans — 10.8%
First Niagara Financial Group, Inc.		117,425		1,282,281
Flagstar Bancorp, Inc. *		61,067		1,480,264
				2,762,545
Semiconductors — 3.4%
Axcelis Technologies, Inc. *		128,921		348,087
SunEdison Semiconductor Ltd. * (a)		90,524		515,987
Veeco Instruments, Inc. *		595		10,585
				874,659
Software — 1.5%
Xura, Inc. *		15,380		381,732
Telecommunications — 6.4%
Aviat Networks, Inc. *		1,607,576		924,356
UTStarcom Holdings Corp. * (a)		349,605		702,706
				1,627,062
TOTAL COMMON STOCKS (Cost $24,717,717)				24,657,384

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

1

THE SCHNEIDER FUNDS

SCHNEIDER SMALL CAP VALUE FUND

Portfolio of Investments (concluded)

May 31, 2016

(Unaudited)

	Shares		Value
EXCHANGE TRADED FUND — 0.2%
Finance — 0.2%
iShares Russell 2000 Value Index Fund (a)		619	$	59,993
TOTAL EXCHANGE TRADED FUND (Cost $52,844)				59,993
SECURITIES LENDING COLLATERAL — 16.3%
BlackRock Liquidity TempFund, Institutional Shares		4,176,494		4,176,494
TOTAL SECURITIES LENDING COLLATERAL (Cost $4,176,494)				4,176,494
TOTAL INVESTMENTS — 113.0% (Cost $28,947,055)**				28,893,871
LIABILITIES IN EXCESS OF OTHER ASSETS — (13.0)%				(3,329,297	)
NET ASSETS — 100.0%			$	25,564,574

* Non-income producing.

(a) All or a portion of the security is on loan. At May 31, 2016, the market value of securities on loan was $4,198,436.

^ Amount is less than 0.5 shares.

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	$	28,947,055
Gross unrealized appreciation	$	4,739,500
Gross unrealized depreciation		(4,792,684	)
Net unrealized depreciation	$	(53,184	)

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

2

THE SCHNEIDER FUNDS

SCHNEIDER VALUE FUND

Portfolio of Investments

May 31, 2016

(unaudited)

	Shares		Value
COMMON STOCKS — 94.9%
Banks — 22.3%
Citigroup, Inc.		22,599	$	1,052,435
JPMorgan Chase & Co.		4,370		285,230
Regions Financial Corp.		115,890		1,139,199
State Street Corp.		9,532		601,088
SunTrust Banks, Inc.		32,179		1,410,084
				4,488,036
Coal — 5.8%
CONSOL Energy, Inc. (a)		75,666		1,162,230
Commercial Services — 4.1%
Aegean Marine Petroleum Network, Inc.		87,482		582,630
Avis Budget Group, Inc. *		5,967		179,010
Scorpio Tankers, Inc.		11,276		66,303
				827,943
Healthcare - Products — 0.5%
Endo International PLC *		6,550		103,555
Home Builders — 4.2%
PulteGroup, Inc.		34,291		643,299
Taylor Morrison Home Corp., Class A *		13,070		194,743
				838,042
Insurance — 9.9%
Assured Guaranty Ltd.		23,558		633,475
Genworth Financial, Inc., Class A *		119,509		442,183
Hartford Financial Services Group, Inc., (The)		15,786		713,054
Old Republic International Corp.		10,429		199,820
				1,988,532
Machinery - Construction & Mining — 2.8%
Terex Corp.		26,750		566,565
Oil & Gas — 32.3%
Chesapeake Energy Corp. *(a)		153,289		657,610
Marathon Oil Corp.		47,840		625,269
MRC Global, Inc. *		43,766		621,040
SM Energy Co. (a)		80,999		2,553,088
Weatherford International PLC *		192,595		1,080,458
WPX Energy, Inc. *		92,284		949,602
				6,487,067
Real Estate — 0.8%
Alexander & Baldwin, Inc.		4,154		156,440
Real Estate Investment Trusts — 7.1%
Equity Commonwealth *		8,500		245,565
NorthStar Realty Europe Corp.		77,821		875,482
NorthStar Realty Finance Corp. (a)		16,725		225,787

	Shares		Value
Real Estate Investment Trusts — (Continued)
Parkway Properties, Inc.		4,481	$	78,193
				1,425,027
Retail — 0.6%
Office Depot, Inc. *		31,951		114,385
Savings & Loans — 4.5%
First Niagara Financial Group, Inc.		82,665		902,702
TOTAL COMMON STOCKS (Cost $15,708,564)				19,060,524
EXCHANGE TRADED FUND — 0.5%
Finance — 0.5%
iShares Russell 1000 Value Index Fund		870		89,062
TOTAL EXCHANGE TRADED FUND (Cost $79,944)				89,062
SECURITIES LENDING COLLATERAL — 22.7%
BlackRock Liquidity TempFund, Institutional Shares		4,564,890		4,564,890
TOTAL SECURITIES LENDING COLLATERAL (Cost $4,564,890)				4,564,890
TOTAL INVESTMENTS — 118.1% (Cost $20,353,398)**				23,714,476
LIABILITIES IN EXCESS OF OTHER ASSETS — (18.1)%				(3,633,363	)
NET ASSETS — 100.0%			$	20,081,113

* Non-income producing.

(a) All or a portion of the security is on loan. At May 31, 2016, the market value of securities on loan was $4,598,716.

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	$	20,353,398
Gross unrealized appreciation	$	4,695,578
Gross unrealized depreciation		(1,334,500)
Net unrealized appreciation	$	3,361,078

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

3

THE SCHNEIDER FUNDS

Notes to Portfolio of Investments

May 31, 2016

(Unaudited)

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

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

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

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

The following summary of the inputs used, as of May 31, 2016, in valuing the Funds investments carried at fair value:

Small Cap Value Fund

	Total Value as of May 31, 2016		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stocks*	$	24,657,384	$	24,657,384	$	—	$	—
Exchange Traded Fund		59,993		59,993		—		—
Securities Lending Collateral		4,176,494		4,176,494		—		—
Total	$	28,893,871	$	28,893,871	$	—	$	—

4

THE SCHNEIDER FUNDS

Notes to Portfolio of Investments (Continued)

May 31, 2016

(Unaudited)

Value Fund

	Total Value as of May 31, 2016		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stocks*		$  19,060,524	$	19,060,524	$	—	$	—
Exchange Traded Fund		89,062		89,062		—		—
Securities Lending Collateral		4,564,890		4,564,890		—		—
Total	$	23,714,476	$	23,714,476	$	—	$	—

*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 May 31, 2016, there were no significant transfers between levels 1, 2 and 3 for the Small Cap Value Fund and the Value Fund.

5

THE SCHNEIDER FUNDS

Notes to Portfolio of Investments (Concluded)

May 31, 2016

(Unaudited)

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

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

6

SCOTIA DYNAMIC U.S. GROWTH FUND

Portfolio of Investments

May 31, 2016

(Unaudited)

	Number of Shares		Value
COMMON STOCKSD - 100.2%
Consumer Discretionary — 33.1%
Amazon.com, Inc.*		6,500	$	4,698,135
Five Below, Inc.*		47,500		1,988,350
Netflix, Inc.*		6,400		656,448
O’Reilly Automotive, Inc.*		7,400		1,956,782
Priceline Group, Inc., (The)*		2,000		2,528,660
Tesla Motors, Inc.*		8,900		1,986,747
Ulta Salon Cosmetics & Fragrance, Inc.*		18,500		4,310,685
Zoe’s Kitchen, Inc.*		89,300		3,296,956
				21,422,763
Health Care — 15.5%
ABIOMED, Inc.*		36,900		3,664,539
DexCom, Inc.*		9,900		638,451
Intuitive Surgical, Inc.*		4,700		2,983,137
Ligand Pharmaceuticals, Inc.*		23,200		2,774,488
				10,060,615
Information Technology — 51.6%
Activision Blizzard, Inc.		72,500		2,846,350
Adobe Systems, Inc.*		40,500		4,028,535
Alphabet, Inc.*		2,800		2,060,016
Arista Networks, Inc.*		13,400		982,086
Ellie Mae, Inc.*		31,500		2,668,365
Facebook, Inc., Class A*		27,200		3,231,632
Inphi Corp.*		10,400		324,376
NVIDIA Corp.		43,100		2,013,632
PayPal Holdings, Inc.*		67,200		2,539,488
salesforce.com, Inc.*		54,800		4,587,308

	Number of Shares		Value
Information Technology — (Continued)
ServiceNow, Inc.*		32,100	$	2,299,323
Splunk, Inc.*		18,600		1,068,570
Ultimate Software Group, Inc., (The)*		16,300		3,333,024
Veeva Systems, Inc., Class A*		43,100		1,420,145
				33,402,850
TOTAL COMMON STOCKS     (Cost $59,430,214)				64,886,228
TOTAL INVESTMENTS - 100.2% (Cost $59,430,214)**				64,886,228
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%				(151,821	)
NET ASSETS - 100.0%			$	64,734,407

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	$	59,430,214
Gross unrealized appreciation	$	5,607,365
Gross unrealized depreciation		(151,351	)
Net unrealized appreciation	$	5,456,014

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

1

SCOTIA DYNAMIC U.S. GROWTH FUND

Notes to Portfolio of Investments

May 31, 2016

(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.

The following is a summary of the inputs used, as of May 31, 2016, in valuing the Fund’s investments carried at fair value:

	Total Value at May 31, 2016		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Investments in Securities*	$	64,886,228	$	64,886,228	$	—	$	—

* 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

2

SCOTIA DYNAMIC U.S. GROWTH FUND

Notes to Portfolio of Investments (Concluded)

May 31, 2016

(Unaudited)

investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise be less liquid than publicly traded securities.

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

For the period ended May 31, 2016, there were no transfers between Levels 1, 2 and 3 for the Fund.

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

3

SUMMIT GLOBAL INVESTMENTS U.S. LOW VOLATILITY EQUITY FUND

Portfolio of Investments

May 31, 2016

(Unaudited)

	Number   of Shares		Value
COMMON STOCKS - 96.0%
Advertising — 2.3%
Omnicom Group, Inc.		29,800	$	2,483,234
				2,483,234
Apparel — 0.5%
VF Corp.		9,100		567,112
				567,112
Auto Parts & Equipment — 0.1%
Goodyear Tire & Rubber Co., (The)		5,300		148,241
				148,241
Banks — 1.5%
US Bancorp		27,400		1,173,268
Wells Fargo & Co.		8,500		431,120
				1,604,388
Biotechnology — 1.7%
Gilead Sciences, Inc		21,900		1,906,614
				1,906,614
Building Materials — 2.4%
Masco Corp.		79,200		2,585,088
				2,585,088
Chemicals — 0.2%
Monsanto Co.		1,900		213,693
				213,693
Commercial Services — 1.6%
Cintas Corp.		4,500		426,600
Total System Services, Inc.		21,700		1,165,290
Western Union Co., (The)		8,500		165,325
				1,757,215
Computers — 4.7%
Accenture, PLC, Class A		10,100		1,201,597
Apple, Inc.		16,400		1,637,704
EMC Corp.		6,000		167,700
International Business Machines Corp.		14,100		2,167,734
				5,174,735
Cosmetics/Personal Care — 2.6%
Colgate-Palmolive Co.		10,000		704,100
Procter & Gamble Co., (The)		26,300		2,131,352
				2,835,452
Diversified Financial Services — 1.9%
American Express Co.		31,300		2,058,288
				2,058,288
Electric — 7.0%
CMS Energy Corp.		5,700		238,374
DTE Energy Co.		8,600		779,848
Duke Energy Corp.		13,400		1,048,282
Edison International		29,300		2,098,759

	Number   of Shares		Value
Electric — (Continued)
PG&E Corp.		2,600	$	156,208
PPL Corp.		29,900		1,152,346
Southern Co., (The)		4,500		222,480
WEC Energy Group, Inc.		20,000		1,202,800
Xcel Energy, Inc.		19,300		798,441
				7,697,538
Environmental Control — 2.6%
Republic Services, Inc.		32,100		1,549,788
Waste Management, Inc.		21,200		1,292,140
				2,841,928
Food — 7.8%
ConAgra Foods, Inc.		3,700		169,090
General Mills, Inc.		26,200		1,644,836
Hershey Co., (The)		1,700		157,845
Hormel Foods Corp.		58,300		2,006,103
Kellogg Co.		17,700		1,316,349
McCormick & Co., Inc.		5,100		495,057
Sysco Corp.		56,900		2,737,459
				8,526,739
Healthcare-Products — 4.2%
Baxter International, Inc.		20,500		884,780
DENTSPLY SIRONA, Inc.		8,600		534,576
Medtronic, PLC		3,600		289,728
Patterson Cos, Inc.		45,800		2,235,498
St Jude Medical, Inc.		2,700		211,572
Thermo Fisher Scientific, Inc.		1,000		151,770
Varian Medical Systems, Inc.*		3,100		256,649
				4,564,573
Healthcare-Services — 2.6%
Anthem, Inc.		10,900		1,440,544
UnitedHealth Group, Inc.		10,600		1,416,902
				2,857,446
Insurance — 6.4%
Berkshire Hathaway, Inc., CLass B*		3,800		534,052
Chubb Ltd.		6,500		822,965
Cincinnati Financial Corp.		41,200		2,846,920
Principal Financial Group, Inc.		8,000		356,480
Progressive Corp., (The)		75,200		2,504,160
				7,064,577
Internet — 0.5%
VeriSign, Inc.*		6,800		581,128
				581,128
Media — 1.2%
Scripps Networks Interactive, Inc., Class A		2,500		160,850
Walt Disney Co., (The)		11,900		1,180,718
				1,341,568

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

1

SUMMIT GLOBAL INVESTMENTS U.S. LOW VOLATILITY EQUITY FUND

Portfolio of Investments (Concluded)

May 31, 2016

(Unaudited)

	Number   of Shares		Value
Oil & Gas — 4.1%
California Resources Corp.		169	$	256
Chevron Corp.		11,900		1,201,900
ConocoPhillips		4,000		175,160
Exxon Mobil Corp.		32,700		2,910,954
Occidental Petroleum Corp.		2,400		181,056
				4,469,326
Pharmaceuticals — 8.4%
Eli Lilly & Co.		17,300		1,298,019
Express Scripts Holding Co.*		12,000		906,600
Johnson & Johnson		25,500		2,873,595
McKesson Corp.		2,800		512,792
Merck & Co., Inc.		21,600		1,215,216
Pfizer, Inc.		64,800		2,248,560
Zoetis, Inc.		3,500		165,970
				9,220,752
REITS — 4.9%
Apartment Investment & Management Co., Class A		4,000		170,600
Crown Castle International Corp.		1,800		163,458
Equity Residential		2,300		159,183
General Growth Properties, Inc.		7,100		190,777
HCP, Inc.		4,100		134,767
Prologis, Inc.		4,900		232,897
Public Storage		3,800		964,098
Simon Property Group, Inc.		5,100		1,007,964
Ventas, Inc.		10,500		696,465
Welltower, Inc.		2,300		158,493
Weyerhaeuser Co.		48,700		1,534,050
				5,412,752
Retail — 11.8%
Bed Bath & Beyond, Inc.		15,100		675,725
Costco Wholesale Corp.		14,600		2,172,042
Dollar General Corp.		18,900		1,699,110
GameStop Corp., Class A		16,000		465,600
Gap, Inc., (The)		21,400		384,986
Genuine Parts Co.		20,900		2,025,628
McDonald’s Corp.		8,100		988,686
Target Corp.		33,200		2,283,496
TJX Cos, Inc., (The)		15,300		1,164,636
Wal-Mart Stores, Inc.		16,100		1,139,558
				12,999,467

	Number   of Shares		Value
Semiconductors — 0.1%
Intel Corp.		4,900	$	154,791
				154,791
Software — 7.8%
Cerner Corp.*		2,400		133,464
Electronic Arts, Inc.*		29,000		2,225,750
Fidelity National Information Services, Inc.		2,500		185,675
Fiserv, Inc.*		20,500		2,159,265
Microsoft Corp.		38,600		2,045,800
Paychex, Inc.		34,600		1,876,012
				8,625,966
Telecommunications — 4.6%
AT&T, Inc.		55,600		2,176,740
Cisco Systems, Inc.		24,700		717,535
Verizon Communications, Inc.		41,600		2,117,440
				5,011,715
Transportation — 2.5%
CH Robinson Worldwide, Inc.		37,100		2,781,758
				2,781,758
TOTAL COMMON STOCKS (Cost $93,716,965)				105,486,084
TOTAL INVESTMENTS - 96.0% (Cost $93,716,965)**				105,486,084
OTHER ASSETS IN EXCESS OF LIABILITIES - 4.0%				4,430,222
NET ASSETS - 100.0%			$	109,916,306

* 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	$	93,716,965
Gross unrealized appreciation		13,290,892
Gross unrealized depreciation		(1,521,773	)
Net unrealized appreciation	$	11,769,119

PLC   Public Limited Company

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

2

SUMMIT GLOBAL INVESTMENTS SMALL CAP LOW VOLATILITY FUND

Portfolio of Investments

May 31, 2016

(Unaudited)

	Number   of Shares		Value
COMMON STOCKS - 92.0%
Airlines — 0.9%
Allegiant Travel Co.		700	$	97,314
				97,314
Apparel — 0.9%
Unifi, Inc.*		4,200		105,546
				105,546
Auto Parts & Equipment — 0.9%
Douglas Dynamics, Inc.		4,700		102,084
				102,084
Banks — 4.0%
Community Trust Bancorp, Inc.		2,900		104,632
Financial Institutions, Inc.		92		2,572
First Busey Corp.		4,900		108,731
Great Southern Bancorp, Inc.		2,300		90,229
Preferred Bank Los Angeles CA		2,600		85,592
Stock Yards Bancorp, Inc.		1,800		52,254
Univest Corp of Pennsylvania		137		2,766
				446,776
Chemicals — 5.5%
Aceto Corp.		4,900		109,319
Calgon Carbon Corp.		6,800		101,184
Innospec, Inc.		2,100		101,976
Quaker Chemical Corp.		1,200		103,692
Sensient Technologies Corp.		1,500		102,330
Stepan Co.		1,800		103,842
				622,343
Commercial Services — 5.7%
CBIZ, Inc.*		10,000		105,600
Deluxe Corp.		43		2,800
Healthcare Services Group, Inc.		2,700		105,300
INC Research Holdings Inc.*		2,300		100,073
Matthews International Corp.		2,000		109,740
McGrath RentCorp.		3,800		108,414
Viad Corp.		3,400		108,154
				640,081
Computers — 3.7%
Convergys Corp.		3,700		104,303
MTS Systems Corp.		2,100		100,380
TeleTech Holdings, Inc.		3,900		106,470
WNS Holdings Ltd., ADR*		3,400		103,700
				414,853
Distribution/Wholesale — 0.9%
Core-Mark Holding Co., Inc.		1,200		102,744
				102,744
Electric — 8.1%
ALLETE, Inc.		1,800		103,932
Avista Corp.		2,500		100,550
El Paso Electric Co.		2,300		102,718

	Number   of Shares		Value
Electric — (Continued)
MGE Energy, Inc.		2,000	$	101,420
NorthWestern Corp.		1,800		104,328
Otter Tail Corp.		3,500		103,530
PNM Resources, Inc.		3,100		101,804
Spark Energy, Inc., Class A		3,400		102,306
Unitil Corp.		2,398		95,009
				915,597
Electronics — 3.0%
Benchmark Electronics, Inc.*		5,100		105,723
Orbotech Ltd.*		4,100		114,349
Tech Data Corp.*		1,600		120,912
				340,984
Engineering & Construction — 1.0%
Exponent, Inc.		2,000		107,820
				107,820
Entertainment — 0.9%
International Speedway Corp., Class A		3,200		105,856
				105,856
Food — 4.5%
B&G Foods, Inc.		2,400		103,176
Cal-Maine Foods, Inc.		2,100		93,450
Fresh Del Monte Produce, Inc.		2,000		104,740
J&J Snack Foods Corp.		1,000		105,500
Sanderson Farms, Inc.		1,100		98,681
				505,547
Forest Products & Paper — 0.9%
Neenah Paper, Inc.		1,500		104,085
				104,085
Gas — 2.7%
Chesapeake Utilities Corp.		1,700		98,073
Northwest Natural Gas Co.		1,800		98,820
South Jersey Industries, Inc.		3,600		104,004
				300,897
Healthcare-Products — 2.8%
Analogic Corp.		1,300		106,600
ICU Medical, Inc.*		1,000		103,990
Masimo Corp.*		2,100		104,454
				315,044
Healthcare-Services — 3.7%
Chemed Corp.		800		104,328
Ensign Group, Inc., (The)		5,000		99,250
Surgical Care Affiliates, Inc.*		2,400		107,448
US Physical Therapy, Inc.		1,800		103,986
				415,012

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

3

SUMMIT GLOBAL INVESTMENTS SMALL CAP LOW VOLATILITY FUND

Portfolio of Investments (Continued)

May 31, 2016

(Unaudited)

	Number   of Shares		Value
Home Furnishings — 0.9%
Hooker Furniture Corp.		4,200	$	101,598
				101,598
Household Products / Wares — 0.9%
WD-40 Co.		900		100,233
				100,233
Household Products/Wares — 1.0%
Helen of Troy Ltd.*		1,100		113,113
				113,113
Insurance — 4.8%
Argo Group International Holdings Ltd.		1,980		104,247
Aspen Insurance Holdings Ltd.		2,200		105,270
Enstar Group Ltd.*		700		109,109
Maiden Holdings Ltd.		8,200		107,584
Navigators Group, Inc., (The)		1,200		109,296
				535,506
Internet — 2.0%
ePlus, Inc.*		1,300		113,789
FTD Cos, Inc.*		4,000		108,960
				222,749
Investment Companies — 1.8%
Compass Diversified Holdings L.P.†		6,500		103,285
TPG Specialty Lending, Inc.		6,200		101,680
				204,965
Machinery-Diversified — 1.9%
Applied Industrial Technologies, Inc.		2,300		103,960
Kadant, Inc.		2,100		104,496
				208,456
Metal Fabricate/Hardware — 0.9%
Global Brass & Copper Holdings, Inc.		3,900		106,431
				106,431
Mining — 1.8%
Compass Minerals International, Inc.		1,300		101,335
Kaiser Aluminum Corp.		1,200		102,852
				204,187
Miscellaneous Manufacturing — 2.8%
Azz, Inc.		1,800		106,236
Hillenbrand, Inc.		3,300		103,026
Standex International Corp.		1,200		104,004
				313,266
Office Furnishings — 1.9%
Herman Miller, Inc.		3,300		104,478

	Number   of Shares		Value
Office Furnishings — (Continued)
Knoll, Inc.		4,400	$	109,208
				213,686
Pharmaceuticals — 0.9%
Owens & Minor, Inc.		2,800		104,412
				104,412
Real Estate — 0.9%
RE/MAX Holdings, Inc., Class A		2,600		105,014
				105,014
REITS — 3.5%
LTC Properties, Inc.		2,100		97,902
Potlatch Corp.		2,900		99,122
Urban Edge Properties		3,700		99,345
Urstadt Biddle Properties, Inc.		4,800		101,568
				397,937
Retail — 3.8%
Cheesecake Factory, Inc., (The)		2,100		104,727
PetMed Express, Inc .		5,400		101,682
Popeyes Louisiana Kitchen, Inc.*		2,000		116,240
Ruth’s Hospitality Group, Inc.		6,100		101,321
				423,970
Savings & Loans — 0.9%
First Defiance Financial Corp.		2,600		104,962
				104,962
Semiconductors — 1.9%
Cabot Microelectronics Corp.		2,400		103,536
MKS Instruments, Inc.		2,800		114,744
				218,280
Software — 0.9%
CSG Systems International, Inc.		2,500		106,275
				106,275
Telecommunications — 1.9%
ATN International, Inc.		1,400		104,286
Plantronics, Inc.		2,400		106,848
				211,134
Textiles — 0.9%
UniFirst Corp.		900		104,103
				104,103
Transportation — 1.9%
Forward Air Corp.		2,400		109,176
Landstar System, Inc.		1,600		108,560
				217,736
Water — 3.7%
American States Water Co.		2,600		101,556
California Water Service Group		3,600		104,940
Connecticut Water Service, Inc.		2,100		101,283
Middlesex Water Co.		85		3,141

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

4

SUMMIT GLOBAL INVESTMENTS SMALL CAP LOW VOLATILITY FUND

Portfolio of Investments (Concluded)

May 31,2016

(Unaudited)

	Number   of Shares		Value
Water — (Continued)
SJW Corp.		3,000	$	103,470
				414,390
TOTAL COMMON STOCKS (Cost $10,206,771)				10,374,986
TOTAL INVESTMENTS - 92.0% (Cost $10,206,771)**				10,374,986
OTHER ASSETS IN EXCESS OF LIABILITIES - 8.0%				898,862
NET ASSETS - 100.0%			$	11,273,848

† Master Limited Partnerships

* 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	$	10,206,771
Gross unrealized appreciation	$	235,497
Gross unrealized depreciation		(67,282	)
Net unrealized appreciation	$	168,215

ADR   American Depository Receipt

REIT   Real Estate Investment Trust

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

5

SUMMIT GLOBAL INVESTMENTS FUNDS

Notes to Portfolio of Investments

May 31, 2016

(Unaudited)

A. Portfolio Valuation:

Portfolio Valuation – The Summit Global Investments U.S. Low Volatility Equity and the Summit Global Investments Small Cap Low Volatility Fund (each a “Fund” and together the “Funds”) 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 each 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 Funds’ investments are summarized into three levels as described in the hierarchy below:

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

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

The following is a summary of the inputs used, as of May 31, 2016, in valuing the Funds’ investments carried at fair value:

	Total Value at May 31, 2016		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Summit Global Investments
U.S Low Volatility Equity Fund
Investments in Securities*	$	105,486,084	$	105,486,084	$	—	$	—
Summit Global Investments
Small Cap Low Volatility Equity Fund
Investments in Securities*	$	10,374,986	$	10,374,986	$	—	$	—
* 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

6

SUMMIT GLOBAL INVESTMENTS FUNDS

Notes to Portfolio of Investments (Concluded)

May 31, 2016

(Unaudited)

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

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

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires 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 each period. Transfers in and out between Levels are based on values at the end of the period. U.S. GAAP also requires each 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 each 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 each Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the period ended May 31, 2016, there were no transfers between Levels 1, 2 and 3 for the Funds.

MLP Common Units — Master Limited Partnership (“MLP”) common units represent limited partnership interests in the MLP. Common units are generally listed and traded on the U.S. securities exchanges or OTC with their value fluctuating predominantly based on the success of the MLP. Unlike owners of common stock of a corporation, owners of MLP common units have limited voting rights and have no ability to annually elect directors. MLPs generally distribute all available cash flow (cash flow from operations less maintenance capital expenditures) in the form of quarterly distributions. Common unit holders have first priority to receive quarterly cash distributions up to the minimum quarterly distribution and have arrearage rights. In the event of liquidation, common unit holders have preference over subordinated units, but not debt holders or preferred unit holders, to remaining assets of the MLP.

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

7

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     07/27/16

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     07/27/16

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

Date     07/27/16

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