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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

811-05518

Investment Company Act file number:

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

615 East Michigan Street,

Milwaukee, WI 53202

(Address of principal executive offices) (Zip code)

Salvatore Faia, President

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

615 East Michigan Street

Milwaukee, WI 53202

(Name and address of agent for service)

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

Date of fiscal year end: August 31

Date of reporting period: May 31, 2018

Item 1. Schedule of Investments.

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS

May 31, 2018

(UNAUDITED)

	COUPON*	MATURITY DATE	PAR (000's)		VALUE
SHORT-TERM INVESTMENTS - 84.9%
U.S. TREASURY OBLIGATIONS - 84.9%
U.S. Treasury Bills	1.438%	06/07/18	$	40,754	$	40,743,446
U.S. Treasury Bills	1.477%	06/14/18		70,880		70,839,687
U.S. Treasury Bills	1.509%	06/21/18		18,150		18,132,858
U.S. Treasury Bills	1.549%	06/28/18		7,487		7,477,300
U.S. Treasury Bills	1.563%	07/05/18		9,518		9,502,291
U.S. Treasury Bills	1.601%	07/12/18		77,940		77,785,105
U.S. Treasury Bills	1.610%	07/19/18		97,200		96,969,636
U.S. Treasury Bills	1.613%	07/26/18		42,912		42,794,976
U.S. Treasury Bills	1.651%	08/02/18		33,337		33,231,358
U.S. Treasury Bills	1.746%	08/09/18		27,306		27,209,047
U.S. Treasury Bills	1.826%	08/16/18		12,858		12,807,647
U.S. Treasury Bills	1.831%	08/23/18		90,319		89,932,984
U.S. Treasury Bills	1.866%	08/30/18		12,304		12,246,017
U.S. Treasury Bills	1.928%	09/06/18		7,186		7,149,417
U.S. Treasury Bills	1.914%	09/13/18		24,316		24,182,357
U.S. Treasury Bills	1.912%	09/20/18		2,990		2,972,507
U.S. Treasury Bills	1.885%	09/27/18		21,930		21,794,413
U.S. Treasury Bills	1.923%	10/04/18		8,934		8,874,207
U.S. Treasury Bills	1.970%	10/11/18		14,656		14,552,150
U.S. Treasury Bills	2.004%	10/18/18		21,896		21,730,296
U.S. Treasury Bills	2.006%	10/25/18		2,590		2,569,386
U.S. Treasury Bills	2.038%	11/01/18		57,543		57,060,916
U.S. Treasury Bills	2.059%	11/08/18		66,186		65,600,622
U.S. Treasury Bills	2.074%	11/15/18		67,064		66,444,517
U.S. Treasury Bills	2.031%	11/23/18		8,649		8,565,123
						841,168,263
TOTAL SHORT-TERM INVESTMENTS
(Cost $841,269,654)						841,168,263
TOTAL PURCHASED OPTIONS - 0.6%**
(Cost $3,997,122)						5,616,488
TOTAL INVESTMENTS - 85.5%
(Cost $845,266,776)						846,784,751
OTHER ASSETS IN EXCESS OF LIABILITIES - 14.5%						143,825,149
NET ASSETS - 100.0%					$	990,609,900

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

** See page 6 for detailed information regarding the Purchased Options.

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

1 

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

May 31, 2018

 (UNAUDITED)

Futures contracts outstanding as of May 31, 2018 were as follows:

LONG CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS		NOTIONAL AMOUNT		VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION)
10-Year Mini Japanese Government Bond Futures	Jun-18		17	$	1,562,715	$	3,034
2-Year Euro Swapnote Futures	Jun-18		47		5,494,505		8,516
3-Month Euro Euribor	Jun-18		10		2,922,609		1,607
3-Month Euro Euribor	Sep-18		4		1,169,044		468
3-Month Euro Euribor	Dec-18		4		1,169,044		307
3-Month Euro Euribor	Mar-19		649		189,677,344		(33,537	)
3-Month Euro Euribor	Jun-19		395		115,443,068		74,687
3-Month Euro Euribor	Sep-19		863		252,221,183		167,641
3-Month Euro Euribor	Dec-19		52		15,197,568		10,931
3-Month Euro Euribor	Mar-20		55		16,074,351		17,273
3-Month Euro Euribor	Jun-20		25		7,306,523		2,529
3-Month Euro Euribor	Sep-20		21		6,137,480		1,827
3-Month Euro Euribor	Dec-20		9		2,630,348		15
3-Month Euro Euribor	Mar-21		5		1,461,305		234
5-Year Euro Swapnote Futures	Jun-18		12		1,402,852		15,852
90-DAY Bank Bill	Dec-18		535		404,594,989		(12,318	)
90-DAY Bank Bill	Mar-19		27		20,418,813		535
90-DAY Bank Bill	Jun-19		14		10,587,532		941
90-DAY Eurodollar Futures	Dec-18		699		174,750,000		(616,313	)
90-DAY Eurodollar Futures	Sep-21		5		1,250,000		1,800
90-DAY Eurodollar Futures	Dec-21		1		250,000		738
90-DAY Sterling Futures	Mar-19		324		53,838,485		(3,157	)
90-DAY Sterling Futures	Mar-20		133		22,100,366		(21,134	)
Amsterdam Index Futures	Jun-18		150		19,366,378		(360,126	)
Australian 3-Year Bond Futures	Jun-18		791		59,819,558		(62,449	)
Bank Acceptance Futures	Jun-19		1		192,812		116
Bank Acceptance Futures	Sep-19		1		192,812		318
Brent Crude Futures	Aug-18		223		17,295,880		10,840
Brent Crude Futures	Sep-18		25		1,931,250		74,520
Brent Crude Futures	Oct-18		1		76,900		9,750
Brent Crude Futures	Nov-18		3		229,590		30,290
CAC40 10 Euro Futures	Jun-18		1,113		69,975,614		(1,604,945	)
Cocoa Futures	Jul-18		28		687,120		(76,170	)
Cocoa Futures	Sep-18		36		902,520		(36,700	)
Cocoa Futures	Dec-18		6		151,980		(12,910	)
Cocoa Futures ICE	Jul-18		76		1,791,266		(38,897	)
Cocoa Futures ICE	Sep-18		21		507,238		(11,791	)
Cocoa Futures ICE	Dec-18		2		48,973		(1,555	)
COP/USD Futures	Jun-18		37		1,280,159		(6,327	)
Copper Futures	Sep-18		18		1,388,250		(11,375	)
Copper Futures	Dec-18		3		233,288		(138	)
Corn Futures	Jul-18		757		14,912,900		(102,600	)
Corn Futures	Sep-18		6		120,975		(1,725	)
Corn Futures	Dec-18		133		2,751,438		(10,300	)
Corn Futures	Mar-19		2		42,250		(175	)
Cotton No.2 Futures	Jul-18		49		2,282,175		129,420
Cotton No.2 Futures	Dec-18		302		13,837,640		890,080
DAX Index Futures	Jun-18		83		30,593,757		(756,707	)
DJIA Mini E-CBOT	Jun-18		18		2,197,530		(173,650	)
Dollar Index	Jun-18		388		38,800,000		391,713
Euro BUXL 30-Year Bond Futures	Jun-18		68		7,949,497		209,423
Euro STOXX 50	Jun-18		973		38,753,928		(923,954	)
Euro/CHF 3-Month Futures ICE	Sep-18		5		1,268,263		304
Euro/CHF 3-Month Futures ICE	Dec-18		17		4,312,094		2,739
Euro/CHF 3-Month Futures ICE	Mar-19		14		3,551,136		3,653
Euro/CHF 3-Month Futures ICE	Jun-19		5		1,268,263		1,395
Euro-Bobl Futures	Jun-18		1,197		139,934,534		1,855,880
Euro-Bobl Futures	Sep-18		500		58,452,186		130,793
Euro-Bund Futures	Jun-18		904		105,681,553		2,566,507
Euro-Bund Futures	Sep-18		345		40,332,008		43,547
Euro-Oat Futures	Jun-18		310		36,240,355		587,807
Euro-Oat Futures	Sep-18		15		1,753,566		7,283
Euro-Schatz Futures	Jun-18		923		107,902,736		146,575
Euro-Schatz Futures	Sep-18		8		935,235		175
FTSE 100 Index Futures	Jun-18		867		88,400,000		726,154
FTSE 250 Index Futures	Jun-18		12		663,864		31,155
FTSE/JSE TOP 40	Jun-18		46		1,805,599		(83,216	)
FTSE/MIB Index Futures	Jun-18		42		5,345,990		(450,772	)
Gasoline RBOB Futures	Jul-18		427		38,746,407		(329,051	)
Gasoline RBOB Futures	Aug-18		86		7,775,914		52,937
Gold 100 Oz Futures	Dec-18		3		395,130		(320	)
Hang Seng China Enterprises Index Futures	Jun-18		122		9,278,483		(42,215	)

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

2 

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

May 31, 2018

 (UNAUDITED)

LONG CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS		NOTIONAL AMOUNT		VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION)
Hang Seng Index Futures	Jun-18		160		31,106,691		(22,453	)
IBEX 35 Index Futures	Jun-18		21		2,319,255		(187,981	)
JPN 10-Year Bond (Osaka Securities Exchange)	Jun-18		218		200,395,275		264,742
Kansas City Hard Red Winter Wheat Futures	Jul-18		102		2,766,750		91,825
LME Aluminum Forward	Jun-18		2		114,913		(2,883,408	)
LME Aluminum Forward	Jul-18		31		1,790,250		(143,234	)
LME Aluminum Forward	Aug-18		10		572,375		(148,271	)
LME Aluminum Forward	Sep-18		251		14,385,438		95,571
LME Copper Forward	Jun-18		2		342,375		(1,558,399	)
LME Copper Forward	Jul-18		23		3,937,025		(75,381	)
LME Copper Forward	Aug-18		1		171,288		(638	)
LME Copper Forward	Sep-18		38		6,515,575		(82,303	)
LME Lead Forward	Jul-18		2		122,813		(11,568	)
LME Nickel Forward	Jun-18		12		1,091,916		215,937
LME Nickel Forward	Jul-18		34		3,098,556		151,018
LME Nickel Forward	Aug-18		11		1,003,992		34,236
LME Nickel Forward	Sep-18		76		6,948,984		321,638
Long Gilt Futures	Sep-18		623		82,818,212		593,473
Low Sulphur Gasoil G Futures	Jul-18		272		18,543,600		582,425
Low Sulphur Gasoil G Futures	Aug-18		48		3,267,600		81,375
Low Sulphur Gasoil G Futures	Sep-18		2		136,100		475
Mini HSI Index Futures	Jun-18		24		933,201		(4,405	)
MSCI EAFE Index Futures	Jun-18		46		4,570,100		(112,880	)
MSCI Emerging Markets Index Futures	Jun-18		27		1,514,295		(110,555	)
MSCI Singapore Exchange ETS	Jun-18		104		3,041,117		(81,361	)
MSCI Taiwan Index Futures	Jun-18		35		1,382,150		(13,315	)
MXN Currency Futures	Jun-18		22		552,411		(98,520	)
Nasdaq 100 E-Mini	Jun-18		294		41,024,760		287,283
Natural Gas Futures	Aug-18		48		1,423,100		8,330
Natural Gas Futures	Sep-18		12		353,300		8,380
Natural Gas Futures	Oct-18		6		176,900		4,400
Natural Gas Futures	Nov-18		3		89,600		1,990
Natural Gas Futures	Dec-18		3		92,600		2,130
Natural Gas Futures	Jan-19		11		348,300		7,500
Natural Gas Futures	Feb-19		2		62,600		1,430
Natural Gas Futures	Mar-19		2		60,500		680
Nikkei 225 (Chicago Mercantile Exchange)	Jun-18		29		3,204,500		(57,950	)
Nikkei 225 (Singapore Exchange)	Jun-18		211		21,539,321		149,166
Nikkei 225 Mini	Jun-18		314		6,404,982		24,902
Nikkie 225 (Osaka Securities Exchange)	Jun-18		44		8,975,134		(3,309	)
NY Harbor Ultra-Low Sulfur Diesel Futures	Jul-18		385		35,648,382		(12,993	)
NY Harbor Ultra-Low Sulfur Diesel Futures	Aug-18		79		7,323,490		161,507
OMX Stockholm 30 Index Futures	Jun-18		1,235		21,614,706		(821,780	)
Palladium Futures	Sep-18		13		1,276,210		22,840
Rapeseed Euro	Aug-18		7		146,379		(2,207	)
Rapeseed Euro	Nov-18		3		63,830		(921	)
Rapeseed Euro	Feb-19		1		21,452		(263	)
Red Wheat Futures (Minneapolis Grain Exchange)	Jul-18		1		30,600		100
RUB Currency Futures	Jun-18		4		160,298		(11,437	)
Russell 2000 E-Mini	Jun-18		309		25,248,390		532,270
S&P 500 E-Mini Futures	Jun-18		266		35,983,150		(93,928	)
S&P Mid 400 E-Mini Futures	Jun-18		65		12,655,500		62,490
S&P/TSX 60 IX Futures	Jun-18		244		35,728,706		443,157
SGX Nifty 50	Jun-18		156		3,343,392		20,026
Silver Futures	Sep-18		1		82,700		(60	)
Soybean Futures	Jul-18		161		8,198,925		(95,539	)
Soybean Futures	Aug-18		8		409,300		(4,613	)
Soybean Futures	Sep-18		7		359,538		(5,875	)
Soybean Futures	Nov-18		24		1,241,100		(70,325	)
Soybean Meal Futures	Jul-18		52		1,951,560		(61,080	)
Soybean Meal Futures	Aug-18		2		75,240		(580	)
Soybean Meal Futures	Sep-18		1		37,580		(270	)
Soybean Oil Futures	Jul-18		72		1,344,384		6,954
Soybean Oil Futures	Aug-18		5		93,720		(1,854	)
Soybean Oil Futures	Sep-18		2		37,668		(732	)
SPI 200 Futures	Jun-18		355		40,377,824		(127,580	)
Sugar No. 11 (World)	Mar-19		1		15,456		392
Swiss Federal Bond Futures	Jun-18		8		811,688		26,786
Topix Index Futures	Jun-18		160		25,657,949		(318,656	)
USD/HUF Futures	Jun-18		1		100,000		62
USD/SEK Futures	Jun-18		18		1,800,000		67,367
Wheat (Chicago Board of Trade)	Jul-18		225		5,920,313		3,538
WTI Crude Futures	Jul-18		424		28,424,960		(1,266,870	)
WTI Crude Futures	Aug-18		51		3,412,410		(212,220	)
						$	(2,001,537	)

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

3 

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

May 31, 2018

 (UNAUDITED)

SHORT CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS		NOTIONAL AMOUNT			VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION)
90-DAY Bank Bill	Sep-18		6	$	(4,537,514	)	$	(240	)
90-DAY Eurodollar Futures	Jun-18		175		(43,750,000	)		2,644
90-DAY Eurodollar Futures	Sep-18		340		(85,000,000	)		197,075
90-DAY Eurodollar Futures	Mar-19		501		(125,250,000	)		26,188
90-DAY Eurodollar Futures	Jun-19		1,371		(342,750,000	)		1,627,471
90-DAY Eurodollar Futures	Sep-19		171		(42,750,000	)		8,950
90-DAY Eurodollar Futures	Dec-19		1,272		(318,000,000	)		772,400
90-DAY Eurodollar Futures	Mar-20		258		(64,500,000	)		(40,238	)
90-DAY Eurodollar Futures	Jun-20		116		(29,000,000	)		(30,613	)
90-DAY Eurodollar Futures	Sep-20		101		(25,250,000	)		(26,063	)
90-DAY Eurodollar Futures	Dec-20		3		(750,000	)		(1,162	)
90-DAY Eurodollar Futures	Mar-21		113		(28,250,000	)		(10,888	)
90-DAY Eurodollar Futures	Jun-21		2		(500,000	)		(875	)
90-DAY Sterling Futures	Dec-18		7		(1,163,177	)		(3,340	)
90-DAY Sterling Futures	Jun-19		511		(84,911,931	)		(216,966	)
90-DAY Sterling Futures	Sep-19		151		(25,091,392	)		(51,363	)
90-DAY Sterling Futures	Dec-19		133		(22,100,366	)		(65,271	)
90-DAY Sterling Futures	Jun-20		128		(21,269,525	)		(63,293	)
90-DAY Sterling Futures	Sep-20		130		(21,601,861	)		(60,319	)
90-DAY Sterling Futures	Mar-21		172		(28,580,924	)		(76,886	)
AUD/USD Currency Futures	Jun-18		898		(67,938,689	)		(225,643	)
Australian 10-Year Bond Futures	Jun-18		59		(4,461,889	)		(238,987	)
Bank Acceptance Futures	Dec-18		9		(1,735,308	)		(1,986	)
Bank Acceptance Futures	Mar-19		14		(2,699,368	)		(2,478	)
GBP Currency Futures	Jun-18		230		(19,107,561	)		(872,326	)
CAD Currency Futures	Jun-18		689		(53,173,838	)		195,430
Canadian 10-Year Bond Futures	Sep-18		531		(40,953,262	)		(1,016,620	)
Cattle Feeder Futures	Aug-18		30		(2,211,000	)		(105,575	)
Cattle Feeder Futures	Sep-18		3		(220,950	)		(4,800	)
Cattle Feeder Futures	Oct-18		1		(73,500	)		338
CHF Currency Futures	Jun-18		733		(92,982,545	)		1,582,231
Coffee 'C' Futures	Jul-18		138		(6,401,475	)		(264,694	)
Coffee 'C' Futures	Sep-18		56		(2,643,900	)		(82,350	)
Coffee 'C' Futures	Dec-18		1		(48,544	)		(2,212	)
Coffee Robusta Futures	Jul-18		28		(490,560	)		(2,390	)
Coffee Robusta Futures	Sep-18		14		(244,160	)		(1,450	)
Coffee Robusta Futures	Nov-18		6		(104,880	)		(800	)
Copper Futures	Jul-18		3		(229,875	)		20,975
EUR Foreign Exchange Currency Futures	Jun-18		876		(128,037,230	)		5,418,573
Euro E-Mini Futures	Jun-18		28		(2,046,257	)		68,863
Euro/JPY Futures	Jun-18		53		(7,746,545	)		178,000
Euro-BTP Futures	Jun-18		47		(5,494,506	)		(104,548	)
Gold 100 Oz Futures	Aug-18		191		(24,919,770	)		(52,590	)
ILS/USD Futures	Jun-18		14		(3,927,069	)		(45,445	)
INR/USD Futures	Jun-18		10		(296,540	)		(1,682	)
JPY Currency Futures	Jun-18		471		(54,122,075	)		(953,213	)
Kansas City Hard Red Winter Wheat Futures	Sep-18		8		(224,300	)		(6,262	)
Kansas City Hard Red Winter Wheat Futures	Dec-18		7		(204,575	)		(6,062	)
Lean Hogs Futures	Jun-18		3		(91,952	)		(4,080	)
Lean Hogs Futures	Jul-18		78		(2,435,160	)		(55,640	)
Lean Hogs Futures	Aug-18		112		(3,450,720	)		(43,440	)
Live Cattle Futures	Aug-18		157		(6,528,060	)		(93,740	)
Live Cattle Futures	Oct-18		40		(1,712,800	)		(26,040	)
Live Cattle Futures	Dec-18		4		(178,840	)		(110	)
LME Lead Forward	Jun-18		1		(61,375	)		2,421
LME Zinc Forward	Jun-18		2		(155,275	)		(631,712	)
LME Zinc Forward	Jul-18		10		(774,375	)		(29,884	)
LME Zinc Forward	Sep-18		8		(620,000	)		(55,181	)
Mill Wheat Euro	Sep-18		47		(502,060	)		(41,823	)
Natural Gas Futures	Jul-18		40		(1,180,800	)		(73,820	)
NZD Currency Futures	Jun-18		552		(38,628,682	)		(259,448	)
Platinum Futures	Jul-18		3		(136,515	)		(1,925	)
PLN/USD Futures	Jun-18		1		(135,400	)		(20	)
Silver Futures	Jul-18		81		(6,665,500	)		70,576
Sugar No. 11 (World)	Jun-18		10		(143,248	)		(40,567	)
Sugar No. 11 (World)	Oct-18		208		(3,033,139	)		(180,634	)
TRY/USD Futures	Jun-18		35		(3,864,244	)		135,965
U.S. Treasury 10-Year Notes (Chicago Board of Trade)	Sep-18		1,144		(114,881,381	)		(1,140,062	)
U.S. Treasury 5-Year Notes (Chicago Board of Trade)	Sep-18		1,114		(108,401,282	)		(637,226	)
U.S. Treasury 2-Year Notes (Chicago Board of Trade)	Sep-18		983		(193,667,887	)		(275,095	)
U.S. Treasury Long Bond (Chicago Board of Trade)	Sep-18		193		(23,530,479	)		(487,513	)
U.S. Treasury Ultra Long Bond (Chicago Board of Trade)	Sep-18		6		(679,949	)		(16,625	)
USD/NOK Futures	Jun-18		2		(200,000	)		(4,452	)
Wheat (Chicago Board of Trade)	Sep-18		5		(135,750	)		(6,375	)
Wheat (Chicago Board of Trade)	Dec-18		10		(281,375	)		(12,550	)
White Sugar ICE	Aug-18		7		(124,110	)		(5,275	)
WTI Crude Futures	Sep-18		1		(66,540	)		(5,260	)
WTI Crude Futures	Oct-18		1		(66,110	)		(5,280	)
							$	1,534,693
Total Futures Contracts							$	(466,844	)

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

4 

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

May 31, 2018

 (UNAUDITED)

Forward foreign currency contracts outstanding as of May 31, 2018 were as follows:

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION DATE	COUNTERPARTY	UNREALIZED APPRECIATION/ (DEPRECIATION)
AUD	39,025,939	USD	29,535,222	Jun 01 2018	BOA	$	(21,638	)
AUD	38,959,173	USD	29,496,008	Jun 04 2018	BOA		(32,534	)
AUD	37,323,576	USD	28,780,811	Jun 20 2018	BOA		(551,503	)
AUD	7,457,000	USD	5,762,257	Jun 22 2018	BOA		(122,157	)
AUD	11,771,000	USD	8,896,640	Jun 25 2018	BOA		6,530
AUD	5,507,000	USD	4,181,713	Jun 28 2018	BOA		(16,330	)
BRL	17,875,456	USD	5,280,382	Jun 20 2018	BOA		(489,765	)
CAD	14,580,737	USD	11,259,019	Jun 01 2018	BOA		(13,465	)
CAD	38,373,386	USD	30,019,385	Jun 20 2018	BOA		(407,479	)
CAD	14,774,000	USD	11,534,258	Jun 22 2018	BOA		(132,715	)
CHF	43,958,858	USD	44,411,859	Jun 01 2018	BOA		192,714
CHF	43,958,858	USD	44,640,972	Jun 04 2018	BOA		(26,019	)
CHF	5,175,000	USD	5,384,044	Jun 22 2018	BOA		(122,781	)
CHF	8,923,000	USD	9,001,811	Jun 28 2018	BOA		75,321
CLP	8,654,659,353	USD	14,563,346	Jun 20 2018	BOA		(825,697	)
CNH	37,503,646	USD	5,900,000	Jun 20 2018	BOA		(55,443	)
EUR	76,012,154	USD	88,492,898	Jun 01 2018	BOA		374,421
EUR	1,694,916	JPY	214,847,540	Jun 04 2018	BOA		6,532
EUR	71,860,287	USD	83,997,543	Jun 04 2018	BOA		32,166
EUR	15,200,000	HUF	4,801,823,071	Jun 20 2018	BOA		221,313
EUR	3,050,000	NOK	29,446,525	Jun 20 2018	BOA		(30,301	)
EUR	6,450,000	PLN	27,601,602	Jun 20 2018	BOA		79,047
EUR	37,700,000	SEK	386,246,948	Jun 20 2018	BOA		275,458
EUR	39,561,260	USD	48,947,805	Jun 20 2018	BOA		(2,625,810	)
EUR	30,307,000	USD	37,644,636	Jun 22 2018	BOA		(2,152,244	)
GBP	19,175,082	USD	25,408,028	Jun 01 2018	BOA		83,294
GBP	18,853,721	USD	25,030,570	Jun 04 2018	BOA		36,535
GBP	18,657,543	USD	24,798,804	Jun 05 2018	BOA		8,460
GBP	30,707,223	USD	43,163,754	Jun 20 2018	BOA		(2,301,140	)
GBP	28,111,000	USD	39,418,802	Jun 22 2018	BOA		(2,006,698	)
HUF	1,058,341,584	EUR	3,400,000	Jun 20 2018	BOA		(107,156	)
HUF	708,936,305	USD	2,824,646	Jun 20 2018	BOA		(229,705	)
ILS	21,732,045	USD	6,300,000	Jun 20 2018	BOA		(194,694	)
INR	1,164,044,454	USD	17,621,717	Jun 20 2018	BOA		(411,118	)
JPY	976,743,619	USD	8,971,381	Jun 01 2018	BOA		7,781
JPY	1,558,062,682	USD	14,336,859	Jun 04 2018	BOA		(11,257	)
JPY	10,551,564,011	USD	99,746,355	Jun 20 2018	BOA		(2,615,491	)
JPY	8,124,473,000	USD	75,843,548	Jun 22 2018	BOA		(1,043,254	)
JPY	354,390,874	EUR	2,748,000	Jun 28 2018	BOA		44,484
JPY	400,833,000	USD	3,680,088	Jun 28 2018	BOA		12,022
KRW	16,839,622,053	USD	15,756,855	Jun 20 2018	BOA		(124,682	)
MXN	166,847,040	USD	8,832,190	Jun 20 2018	BOA		(496,773	)
MXN	280,189,000	USD	15,086,590	Jun 22 2018	BOA		(1,093,836	)
NOK	3,443,870	USD	419,981	Jun 01 2018	BOA		906
NOK	128,517,930	EUR	13,400,000	Jun 20 2018	BOA		28,716
NOK	63,692,354	USD	8,174,848	Jun 20 2018	BOA		(384,809	)
NZD	766,078	USD	534,160	Jun 01 2018	BOA		1,940
NZD	380,136	USD	266,590	Jun 05 2018	BOA		(574	)
NZD	16,143,066	USD	11,696,007	Jun 20 2018	BOA		(399,115	)
NZD	14,848,000	USD	10,861,195	Jun 22 2018	BOA		(470,570	)
NZD	2,311,000	USD	1,612,618	Jun 28 2018	BOA		4,628
PHP	188,582,822	USD	3,600,000	Jun 20 2018	BOA		(14,405	)
PLN	45,042,275	EUR	10,700,000	Jun 20 2018	BOA		(333,230	)
PLN	19,711,983	USD	5,795,969	Jun 20 2018	BOA		(458,893	)
RUB	662,602,386	USD	11,600,000	Jun 20 2018	BOA		(1,012,042	)
SEK	5,824,845	USD	659,063	Jun 01 2018	BOA		1,462
SEK	195,336,557	EUR	18,900,000	Jun 20 2018	BOA		55,073
SEK	36,714,023	USD	4,357,908	Jun 20 2018	BOA		(188,189	)
SGD	24,641,473	USD	18,392,000	Jun 06 2018	BOA		14,368
SGD	17,473,263	USD	13,306,606	Jun 20 2018	BOA		(251,014	)
SGD	9,543,000	USD	7,138,294	Jun 28 2018	BOA		(6,832	)
THB	198,988,239	USD	6,350,000	Jun 20 2018	BOA		(125,621	)
TRY	85,723,017	USD	20,925,866	Jun 20 2018	BOA		(2,145,288	)
TWD	27,765,748	USD	958,955	Jun 20 2018	BOA		(30,916	)
USD	29,289,165	AUD	39,025,939	Jun 01 2018	BOA		(224,419	)
USD	29,485,627	AUD	38,959,173	Jun 04 2018	BOA		22,152
USD	28,260,603	AUD	37,329,804	Jun 05 2018	BOA		29,242
USD	31,451,688	AUD	41,183,942	Jun 20 2018	BOA		302,631
USD	23,914,724	AUD	31,513,000	Jun 22 2018	BOA		79,873
USD	4,128,345	AUD	5,507,000	Jun 28 2018	BOA		(37,038	)
USD	16,186,076	BRL	56,494,193	Jun 20 2018	BOA		1,045,651
USD	11,315,725	CAD	14,580,737	Jun 01 2018	BOA		70,171
USD	10,072,015	CAD	13,051,740	Jun 04 2018	BOA		5,200
USD	36,691,692	CAD	47,257,729	Jun 20 2018	BOA		223,933
USD	34,156,027	CAD	44,065,000	Jun 22 2018	BOA		149,734
USD	44,536,767	CHF	43,958,858	Jun 01 2018	BOA		(67,806	)
USD	44,421,284	CHF	43,958,858	Jun 04 2018	BOA		(193,669	)
USD	44,644,146	CHF	43,958,858	Jun 05 2018	BOA		25,732
USD	21,591,479	CHF	20,857,000	Jun 22 2018	BOA		386,810
USD	8,961,706	CHF	8,923,000	Jun 28 2018	BOA		(115,426	)
USD	11,786,562	CLP	7,326,880,236	Jun 20 2018	BOA		156,513
USD	2,550,000	CNH	16,217,112	Jun 20 2018	BOA		22,730
USD	87,663,845	EUR	76,012,154	Jun 01 2018	BOA		(1,203,474	)
USD	85,679,322	EUR	73,555,203	Jun 04 2018	BOA		(332,335	)
USD	83,039,030	EUR	71,035,884	Jun 05 2018	BOA		(32,077	)
USD	52,461,940	EUR	43,182,227	Jun 20 2018	BOA		1,900,181
USD	52,439,900	EUR	44,006,000	Jun 22 2018	BOA		904,670
USD	9,270,843	EUR	7,896,000	Jun 28 2018	BOA		19,068
USD	25,452,818	GBP	19,175,082	Jun 01 2018	BOA		(38,504	)
USD	25,058,322	GBP	18,853,721	Jun 04 2018	BOA		(8,782	)
USD	47,118,737	GBP	33,883,968	Jun 20 2018	BOA		2,028,777
USD	28,720,800	GBP	21,009,000	Jun 22 2018	BOA		760,539
USD	7,853,073	GBP	5,878,000	Jun 28 2018	BOA		27,498
USD	4,347,270	HUF	1,129,752,543	Jun 20 2018	BOA		212,003
USD	9,900,000	ILS	35,311,203	Jun 20 2018	BOA		(20,176	)
USD	16,737,973	INR	1,121,852,168	Jun 20 2018	BOA		151,195
USD	9,020,356	JPY	976,743,619	Jun 01 2018	BOA		41,194
USD	12,347,365	JPY	1,343,215,141	Jun 04 2018	BOA		(2,822	)
USD	10,713,518	JPY	1,164,018,420	Jun 05 2018	BOA		10,358
USD	91,202,484	JPY	9,833,745,258	Jun 20 2018	BOA		679,394
USD	43,941,652	JPY	4,769,082,000	Jun 22 2018	BOA		33,729
USD	3,652,633	JPY	400,833,000	Jun 28 2018	BOA		(39,478	)
USD	7,564,688	KRW	8,112,774,825	Jun 20 2018	BOA		33,622
USD	10,083,787	MXN	192,650,453	Jun 20 2018	BOA		459,272
USD	9,942,001	MXN	190,136,000	Jun 22 2018	BOA		446,530
USD	416,656	NOK	3,443,870	Jun 01 2018	BOA		(4,230	)
USD	11,860,588	NOK	93,860,541	Jun 20 2018	BOA		380,759
USD	530,066	NZD	766,078	Jun 01 2018	BOA		(6,035	)
USD	265,981	NZD	380,136	Jun 05 2018	BOA		(35	)
USD	17,242,382	NZD	24,272,249	Jun 20 2018	BOA		256,702
USD	10,689,956	NZD	15,370,000	Jun 22 2018	BOA		(65,964	)
USD	1,594,860	NZD	2,311,000	Jun 28 2018	BOA		(22,385	)
USD	1,400,000	PHP	73,667,974	Jun 20 2018	BOA		(677	)
USD	7,596,672	PLN	26,646,928	Jun 20 2018	BOA		381,941
USD	8,950,000	RUB	553,164,275	Jun 20 2018	BOA		110,792
USD	655,360	SEK	5,824,845	Jun 01 2018	BOA		(5,166	)
USD	10,300,023	SEK	87,539,686	Jun 20 2018	BOA		357,883
USD	18,392,000	SGD	24,733,194	Jun 06 2018	BOA		(82,881	)
USD	8,291,763	SGD	10,956,515	Jun 20 2018	BOA		105,325
USD	10,168,297	SGD	13,690,000	Jun 28 2018	BOA		(62,209	)
USD	2,500,000	THB	79,274,551	Jun 20 2018	BOA		20,282
USD	23,204,889	TRY	96,102,586	Jun 20 2018	BOA		2,150,309
USD	1,900,000	TRY	8,909,177	Sep 19 2018	BOA		20,580
USD	7,509,858	TWD	222,029,667	Jun 20 2018	BOA		88,762
USD	10,645,056	ZAR	131,298,523	Jun 20 2018	BOA		358,944
USD	1,376,779	ZAR	17,402,000	Jun 28 2018	BOA		14,981
ZAR	141,980,399	USD	11,828,781	Jun 20 2018	BOA		(705,836	)
Total Forward Foreign Currency Contracts						$	(11,315,774	)

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

5 

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

May 31, 2018

 (UNAUDITED)

	PUT/CALL	COUNTERPARTY	NUMBER OF CONTRACTS		NOTIONAL AMOUNT		VALUE
PURCHASED OPTIONS - 0.6%
3-Month Euro Euribor, Expires 12/16/19, Strike Price $99.50	Put	BAML		4,356	EUR	174,353,256	$	350,099
3-Month Euro Euribor, Expires 3/18/19, Strike Price $100.25	Put	BAML		2,646	EUR	106,094,016		560,659
IMM Eurodollar Futures, Expires 12/17/18, Strike Price $97.625	Put	BAML		2,420	EUR	94,321,920		1,452,000
IMM Eurodollar Futures, Expires 12/17/18, Strike Price $97.375	Put	BAML		2,207	EUR	86,020,032		468,988
IMM Eurodollar Futures, Expires 12/17/18, Strike Price $97.25	Put	BAML		2,192	EUR	85,435,392		219,200
AUD/USD Currency Futures, Expires 9/07/18, Strike Price $0.73	Put	BAML		73,566,000	AUD	73,566,000		293,694
EUR/NOK Currency Futures, Expires 6/12/18, Strike Price $9.45	Put	BAML		42,300,000	EUR	42,300,000		58,698
EURO Currency Futures, Expires 6/08/18, Strike Price $1.15	Put	BAML		1,098	EUR	137,250,000		96,075
EURO Currency Futures, Expires 6/08/18, Strike Price $1.21	Put	BAML		402	EUR	50,250,000		2,010,000
EURO Currency Futures, Expires 6/08/18, Strike Price $1.16	Put	BAML		373	EUR	46,625,000		97,913
JPY Currency Futures, Expires 6/08/18, Strike Price $90	Put	BAML		733	JPY	9,162,500,000		9,162
TOTAL PURCHASED OPTIONS (COST $3,997,122)							$	5,616,488

	PUT/CALL	COUNTERPARTY	NUMBER OF CONTRACTS		NOTIONAL AMOUNT		VALUE
WRITTEN OPTIONS - (0.1)%
3-Month Euro Euribor, Expires 12/16/19, Strike Price $99.375	Put	BAML		4,356	EUR	174,353,256	$	(254,618	)
IMM Eurodollar Futures, Expires 12/17/18, Strike Price $97.5	Put	BAML		2,420	EUR	94,321,920		(922,625	)
IMM Eurodollar Futures, Expires 12/17/18, Strike Price $97.125	Put	BAML		4,399	EUR	171,455,424		(164,962	)
EURO Currency Futures, Expires 6/08/18, Strike Price $1.14	Put	BAML		367	EUR	45,875,000		(11,469	)
TOTAL WRITTEN OPTIONS (PREMIUMS RECEIVED $1,220,631)							$	(1,353,674	)

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

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

6 

ABBEY CAPITAL MULTI-ASSET FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS

May 31, 2018

(UNAUDITED)

	COUPON*	MATURITY DATE	PAR (000's)		VALUE
SHORT-TERM INVESTMENTS - 72.9%
U.S. TREASURY OBLIGATIONS - 72.9%
U.S. Treasury Bills	1.715%	06/21/18	$	2,154	$	2,151,966
U.S. Treasury Bills	1.851%	07/26/18		2,300		2,293,728
U.S. Treasury Bills	1.894%	08/23/18		2,300		2,290,170
U.S. Treasury Bills	1.958%	09/20/18		882		876,840
U.S. Treasury Bills	1.969%	09/27/18		2,300		2,285,780
U.S. Treasury Bills	2.022%	10/18/18		2,421		2,402,678
U.S. Treasury Bills	2.072%	11/15/18		2,354		2,332,255
						14,633,417
TOTAL SHORT-TERM INVESTMENTS
(Cost $14,632,902)						14,633,417
TOTAL INVESTMENTS - 72.9%
(Cost $14,632,902)						14,633,417
OTHER ASSETS IN EXCESS OF LIABILITIES - 27.1%						5,430,448
NET ASSETS - 100.0%					$	20,063,865

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

Futures contracts outstanding as of May 31, 2018 were as follows:

LONG CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT		VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION)
10-Year Mini Japanese Government Bond Futures	Jun-18	16	$	1,470,791	$	(689	)
3-Month Euro Euribor	Mar-19	24		7,014,262		(1,067	)
3-Month Euro Euribor	Sep-19	31		9,060,089		5,889
90-DAY Bank Bill	Dec-18	16		12,100,037		(129	)
90-DAY Sterling Futures	Mar-19	10		1,661,682		17
90-DAY Sterling Futures	Mar-20	3		498,504		(631	)
Amsterdam Index Futures	Jun-18	4		516,437		(10,369	)
Australian 10-Year Bond Futures	Jun-18	5		378,126		(423	)
Australian 3-Year Bond Futures	Jun-18	31		2,344,382		(2,055	)
Brent Crude Futures	Aug-18	3		232,680		10,200
Brent Crude Futures	Sep-18	1		77,250		2,370
CAC40 10 Euro Futures	Jun-18	39		2,451,976		(55,074	)
Corn Futures	Jul-18	14		275,800		2,750
Corn Futures	Dec-18	4		82,750		(725	)
Cotton No.2 Futures	Dec-18	8		366,560		32,515
DAX Index Futures	Jun-18	5		1,842,997		(54,507	)
DJIA Mini E-CBOT	Jun-18	3		366,255		(6,600	)
Dollar Index	Jun-18	12		1,200,000		13,264
Euro STOXX 50	Jun-18	31		1,234,709		(23,697	)
Euro-Bobl Futures	Jun-18	9		1,052,139		4,653
Euro-Bobl Futures	Sep-18	15		1,753,566		3,834
Euro-Bund Futures	Jun-18	12		1,402,852		37,129
Euro-Bund Futures	Sep-18	10		1,169,044		2,782
Euro-Oat Futures	Jun-18	8		935,235		11,866
Euro-Oat Futures	Sep-18	1		116,904		538
Euro-Schatz Futures	Jun-18	26		3,039,514		4,437
FTSE 100 Index Futures	Jun-18	32		3,262,745		(5,271	)
FTSE/MIB Index Futures	Jun-18	1		127,285		(9,960	)
Gasoline RBOB Futures	Jul-18	8		725,928		(10,361	)
Gasoline RBOB Futures	Aug-18	6		542,506		(5,594	)
Hang Seng China Enterprises Index Futures	Jun-18	2		152,106		(363	)
Hang Seng Index Futures	Jun-18	5		972,084		(1,262	)
JPN 10-Year Bond (Osaka Securities Exchange)	Jun-18	1		919,244		(184	)
LME Aluminum Forward	Jun-18	18		1,034,213		(23,211	)
LME Aluminum Forward	Sep-18	8		458,500		2,463
LME Copper Forward	Jun-18	2		342,375		169
LME Copper Forward	Sep-18	1		171,463		(3,106	)
LME Nickel Forward	Jun-18	6		545,958		47,242
LME Nickel Forward	Sep-18	6		548,604		21,720
Long Gilt Futures	Sep-18	10		1,329,345		4,347
Low Sulphur Gasoil G Futures	Jul-18	2		136,350		8,450
Low Sulphur Gasoil G Futures	Aug-18	1		68,075		2,350
MSCI EAFE Index Futures	Jun-18	2		198,700		(4,310	)
MSCI Emerging Markets Index Futures	Jun-18	1		56,085		(2,735	)
MSCI Singapore Exchange ETS	Jun-18	2		58,483		(1,591	)
MSCI Taiwan Index Futures	Jun-18	1		39,490		(440	)
MXN Currency Futures	Jun-18	3		75,328		(6,220	)
Nasdaq 100 E-Mini	Jun-18	6		837,240		20,665
Natural Gas Futures	Aug-18	2		59,300		(20	)
Nikkei 225 (Chicago Mercantile Exchange)	Jun-18	1		110,500		(1,800	)
Nikkei 225 (Singapore Exchange)	Jun-18	10		1,020,821		(919	)
NY Harbor Ultra-Low Sulfur Diesel Futures	Jul-18	9		833,339		(8,203	)
NY Harbor Ultra-Low Sulfur Diesel Futures	Aug-18	7		648,917		23,482
OMX Stockholm 30 Index Futures	Jun-18	42		735,075		(28,136	)
Russell 2000 E-Mini	Jun-18	2		163,420		6,635
S&P 500 E-Mini Futures	Jun-18	87		11,768,925		237,713
S&P Mid 400 E-Mini Futures	Jun-18	1		194,700		960
S&P/TSX 60 IX Futures	Jun-18	5		732,146		14,530
SGX Nifty 50	Jun-18	5		107,160		600
Soybean Futures	Jul-18	3		152,775		(5,213	)
SPI 200 Futures	Jun-18	10		1,137,403		1,002
Topix Index Futures	Jun-18	1		160,362		(6,205	)
Wheat (Chicago Board of Trade)	Jul-18	4		105,250		(2,475	)
WTI Crude Futures	Jul-18	8		536,320		(17,230	)
WTI Crude Futures	Aug-18	1		66,910		(3,980	)
					$	219,817

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

7 

ABBEY CAPITAL MULTI-ASSET FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

May 31, 2018

(UNAUDITED)

SHORT CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT			VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION)
90-DAY Eurodollar Futures	Dec-18	2	$	(500,000	)	$	(363	)
90-DAY Eurodollar Futures	Mar-19	10		(2,500,000	)		(63	)
90-DAY Eurodollar Futures	Jun-19	5		(1,250,000	)		(738	)
90-DAY Eurodollar Futures	Sep-19	5		(1,250,000	)		(688	)
90-DAY Eurodollar Futures	Dec-19	4		(1,000,000	)		(1,125	)
90-DAY Eurodollar Futures	Mar-20	8		(2,000,000	)		(500	)
90-DAY Eurodollar Futures	Jun-20	4		(1,000,000	)		(525	)
90-DAY Eurodollar Futures	Sep-20	3		(750,000	)		(863	)
90-DAY Eurodollar Futures	Mar-21	3		(750,000	)		325
90-DAY Sterling Futures	Jun-19	1		(166,168	)		(249	)
90-DAY Sterling Futures	Sep-19	6		(997,009	)		(2,725	)
90-DAY Sterling Futures	Dec-19	4		(664,673	)		(1,861	)
90-DAY Sterling Futures	Jun-20	4		(664,673	)		(1,795	)
90-DAY Sterling Futures	Sep-20	4		(664,673	)		(1,612	)
90-DAY Sterling Futures	Mar-21	6		(997,009	)		(2,642	)
AUD/USD Currency Futures	Jun-18	17		(1,286,144	)		(930	)
Australian 10-Year Bond Futures	Jun-18	5		(378,126	)		(8,138	)
GBP Currency Futures	Jun-18	7		(581,534	)		(29,013	)
CAD Currency Futures	Jun-18	23		(1,775,034	)		15,600
Canadian 10-Year Bond Futures	Sep-18	12		(925,497	)		(20,423	)
CHF Currency Futures	Jun-18	31		(3,932,413	)		32,313
Coffee 'C' Futures	Jul-18	3		(139,163	)		(4,463	)
Copper Futures	Jul-18	2		(153,250	)		3,888
EUR Foreign Exchange Currency Futures	Jun-18	25		(3,654,031	)		28,969
Euro/JPY Futures	Jun-18	1		(146,161	)		3,183
Euro-BTP Futures	Jun-18	1		(116,904	)		6,184
Gold 100 Oz Futures	Aug-18	10		(1,304,700	)		(3,690	)
JPY Currency Futures	Jun-18	14		(1,608,724	)		(28,069	)
Lean Hogs Futures	Aug-18	5		(154,052	)		(2,150	)
Live Cattle Futures	Aug-18	5		(207,900	)		1,140
LME Aluminum Forward	Jun-18	18		(1,034,213	)		(10,710	)
LME Copper Forward	Jun-18	2		(342,375	)		(2,069	)
LME Nickel Forward	Jun-18	6		(545,958	)		(21,672	)
MXN Currency Futures	Jun-18	3		(75,328	)		1,200
Natural Gas Futures	Jul-18	2		(59,100	)		(90	)
NZD Currency Futures	Jun-18	16		(1,119,672	)		(7,520	)
Silver Futures	Jul-18	2		(164,600	)		3,250
Soybean Futures	Nov-18	2		(103,425	)		(2,775	)
Sugar No. 11 (World)	Jun-18	9		(128,923	)		(9,139	)
Sugar No. 11 (World)	Oct-18	4		(58,330	)		(4,390	)
U.S. Treasury 10-Year Notes (Chicago Board of Trade)	Sep-18	16		(1,606,733	)		(15,047	)
U.S. Treasury 5-Year Notes (Chicago Board of Trade)	Sep-18	7		(681,153	)		(3,742	)
U.S. Treasury 2-Year Notes (Chicago Board of Trade)	Sep-18	17		(3,349,288	)		(5,547	)
U.S. Treasury Long Bond (Chicago Board of Trade)	Sep-18	5		(609,602	)		(15,805	)
						$	(115,079	)
Total Futures Contracts						$	104,738

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

8 

ABBEY CAPITAL MULTI-ASSET FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

May 31, 2018

(UNAUDITED)

Forward foreign currency contracts outstanding as of May 31, 2018 were as follows:

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION DATE	COUNTERPARTY	UNREALIZED APPRECIATION/ (DEPRECIATION)
AUD	1,398,120	USD	1,059,495	Jun 01 2018	SOCIETE GENERALE	$	(2,159	)
AUD	1,398,120	USD	1,058,097	Jun 04 2018	SOCIETE GENERALE		(747	)
BRL	188,447	USD	50,000	Jun 20 2018	SOCIETE GENERALE		504
CAD	488,829	USD	377,183	Jun 01 2018	SOCIETE GENERALE		(168	)
CHF	1,646,399	USD	1,663,702	Jun 01 2018	SOCIETE GENERALE		6,882
CHF	1,646,399	USD	1,671,811	Jun 04 2018	SOCIETE GENERALE		(839	)
CLP	239,573,860	USD	400,000	Jun 20 2018	SOCIETE GENERALE		(19,721	)
CNH	947,861	USD	150,000	Jun 20 2018	SOCIETE GENERALE		(2,286	)
EUR	2,808,600	USD	3,273,660	Jun 01 2018	SOCIETE GENERALE		9,930
EUR	63,480	JPY	8,046,730	Jun 04 2018	SOCIETE GENERALE		245
EUR	2,660,520	USD	3,109,084	Jun 04 2018	SOCIETE GENERALE		1,991
EUR	500,000	HUF	157,676,921	Jun 20 2018	SOCIETE GENERALE		8,297
EUR	50,000	NOK	485,180	Jun 20 2018	SOCIETE GENERALE		(797	)
EUR	150,000	PLN	642,330	Jun 20 2018	SOCIETE GENERALE		1,721
EUR	1,400,000	SEK	14,428,883	Jun 20 2018	SOCIETE GENERALE		519
GBP	698,785	USD	925,932	Jun 01 2018	SOCIETE GENERALE		3,031
GBP	698,785	USD	928,301	Jun 04 2018	SOCIETE GENERALE		774
GBP	698,785	USD	929,213	Jun 05 2018	SOCIETE GENERALE		(101	)
HUF	31,049,851	EUR	100,000	Jun 20 2018	SOCIETE GENERALE		(3,437	)
ILS	348,602	USD	100,000	Jun 20 2018	SOCIETE GENERALE		(2,065	)
INR	13,181,500	USD	200,000	Jun 20 2018	SOCIETE GENERALE		(5,109	)
JPY	35,549,510	USD	326,382	Jun 01 2018	SOCIETE GENERALE		423
JPY	43,596,240	USD	401,254	Jun 04 2018	SOCIETE GENERALE		(408	)
KRW	321,380,281	USD	300,000	Jun 20 2018	SOCIETE GENERALE		(1,664	)
NOK	3,849,937	EUR	400,000	Jun 20 2018	SOCIETE GENERALE		2,518
PHP	5,220,250	USD	100,000	Jun 20 2018	SOCIETE GENERALE		(745	)
PLN	1,260,187	EUR	300,000	Jun 20 2018	SOCIETE GENERALE		(10,068	)
RUB	12,471,000	USD	200,000	Jun 20 2018	SOCIETE GENERALE		(722	)
SEK	8,272,880	EUR	800,000	Jun 20 2018	SOCIETE GENERALE		2,861
SGD	261,271	USD	200,000	Jun 20 2018	SOCIETE GENERALE		(4,785	)
THB	4,666,545	USD	150,000	Jun 20 2018	SOCIETE GENERALE		(4,030	)
TRY	452,498	USD	100,000	Jun 20 2018	SOCIETE GENERALE		(865	)
USD	1,049,149	AUD	1,398,120	Jun 01 2018	SOCIETE GENERALE		(8,187	)
USD	1,059,481	AUD	1,398,120	Jun 04 2018	SOCIETE GENERALE		2,132
USD	1,058,103	AUD	1,398,120	Jun 05 2018	SOCIETE GENERALE		749
USD	350,000	BRL	1,244,463	Jun 20 2018	SOCIETE GENERALE		16,484
USD	379,592	CAD	488,829	Jun 01 2018	SOCIETE GENERALE		2,577
USD	377,197	CAD	488,829	Jun 04 2018	SOCIETE GENERALE		163
USD	1,666,699	CHF	1,646,399	Jun 01 2018	SOCIETE GENERALE		(3,884	)
USD	1,664,071	CHF	1,646,399	Jun 04 2018	SOCIETE GENERALE		(6,900	)
USD	1,671,929	CHF	1,646,399	Jun 05 2018	SOCIETE GENERALE		828
USD	300,000	CLP	187,307,730	Jun 20 2018	SOCIETE GENERALE		2,684
USD	50,000	CNH	321,037	Jun 20 2018	SOCIETE GENERALE		(30	)
USD	3,240,226	EUR	2,808,600	Jun 01 2018	SOCIETE GENERALE		(43,364	)
USD	3,176,783	EUR	2,724,000	Jun 04 2018	SOCIETE GENERALE		(8,522	)
USD	3,109,270	EUR	2,660,520	Jun 05 2018	SOCIETE GENERALE		(2,008	)
USD	928,196	GBP	698,785	Jun 01 2018	SOCIETE GENERALE		(767	)
USD	929,174	GBP	698,785	Jun 04 2018	SOCIETE GENERALE		100
USD	200,000	ILS	717,566	Jun 20 2018	SOCIETE GENERALE		(1,590	)

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

9 

ABBEY CAPITAL MULTI-ASSET FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

May 31, 2018

(UNAUDITED)

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION DATE	COUNTERPARTY	UNREALIZED APPRECIATION/ (DEPRECIATION)
USD	150,000	INR	10,197,391	Jun 20 2018	SOCIETE GENERALE		(770	)
USD	328,329	JPY	35,549,510	Jun 01 2018	SOCIETE GENERALE		1,524
USD	326,434	JPY	35,549,510	Jun 04 2018	SOCIETE GENERALE		(426	)
USD	401,276	JPY	43,596,240	Jun 05 2018	SOCIETE GENERALE		408
USD	50,000	KRW	53,645,787	Jun 20 2018	SOCIETE GENERALE		201
USD	50,000	PHP	2,637,313	Jun 20 2018	SOCIETE GENERALE		(144	)
USD	100,000	RUB	6,178,014	Jun 20 2018	SOCIETE GENERALE		1,279
USD	50,000	SGD	67,292	Jun 20 2018	SOCIETE GENERALE		(279	)
USD	50,000	THB	1,600,721	Jun 20 2018	SOCIETE GENERALE		(71	)
USD	100,000	TRY	415,537	Jun 20 2018	SOCIETE GENERALE		8,962
USD	100,000	TRY	468,972	Sep 19 2018	SOCIETE GENERALE		1,069
USD	200,000	TWD	5,938,165	Jun 20 2018	SOCIETE GENERALE		1,523
USD	100,000	ZAR	1,242,568	Jun 20 2018	SOCIETE GENERALE		2,656
ZAR	1,823,787	USD	150,000	Jun 20 2018	SOCIETE GENERALE		(7,122	)
Total Forward Foreign Currency Contracts						$	(61,745	)

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

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

10 

ABBEY CAPITAL LIMITED

NOTES TO CONSOLIDATED PORTFOLIOS OF INVESTMENTS

May 31, 2018

(Unaudited)

CONSOLIDATION OF SUBSIDIARY — The Abbey Capital Futures Strategy Fund (the "ACFSF") 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 ACFSF investing up to 25% of its total assets in Abbey Capital Futures Strategy Offshore Fund Limited, a wholly-owned and controlled subsidiary of the ACFSF organized under the laws of the Cayman Islands (the “Subsidiary”). The consolidated financial statements of the ACFSF include the Subsidiary. The ACFSF consolidates the results of subsidiaries in which the ACFSF holds a controlling financial interest (greater than 50%). All inter-company accounts and transactions have been eliminated. As of May 31, 2018, the net assets of the Subsidiary were $206,620,081, which represented 20.86% of the ACFSF's net assets.

The Abbey Capital Mulit-Asset Fund (the "ACMAF") seeks to achieve its investment objective by allocating its assets between a “Managed Futures” strategy, a "Long U.S. Equity" strategy and a “Fixed Income” strategy. The Managed Futures strategy will be achieved by the ACMAF investing up to 25% of its total assets in Abbey Capital Multi-Asset Offshore Fund Limited, a wholly-owned and controlled subsidiary of the ACMAF organized under the laws of the Cayman Islands (the “Subsidiary”). The consolidated financial statements of the ACMAF include the Subsidiary. The ACMAF consolidates the results of subsidiaries in which the ACMAF holds a controlling financial interest (greater than 50%). All inter-company accounts and transactions have been eliminated. As of May 31, 2018, the net assets of the Subsidiary were $4,216,445 which represented 21.02% of the ACMAF's net assets.

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

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure the 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.).

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

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

The following is a summary of inputs used, as of May 31, 2018, in valuing the Funds' investments carried at fair value.

ABBEY CAPITAL FUTURES STRATEGY FUND

ASSETS	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Short-Term Investments	$	841,168,263	$	841,168,263	$	-	$	-
Commodity Contracts
Futures Contracts		3,096,818		3,096,818		-		-
Equity Contracts
Futures Contracts		2,276,603		2,276,603		-		-
Foreign Exchange Contracts
Forward Foreign Currency Contracts		16,038,833		-		16,038,833		-
Futures Contracts		8,038,204		8,038,204		-		-
Purchased Options		2,565,542		2,565,542		-		-
Interest Rate Contracts
Futures Contracts		9,385,179		9,385,179		-		-
Purchased Options		3,050,946		3,050,946		-		-
Total Assets	$	885,620,388	$	869,581,555	$	16,038,833	$	-

LIABILITIES	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Commodity Contracts
Futures Contracts	$	(9,115,832	)	$	(9,115,832	)	$	-		$	-
Equity Contracts
Futures Contracts		(6,351,738	)		(6,351,738	)		-			-
Foreign Exchange Contracts
Forward Foreign Currency Contracts		(27,354,607	)		-			(27,354,607	)		-
Futures Contracts		(2,478,513	)		(2,478,513	)		-			-
Written Options		(11,469	)		(11,469	)		-			-
Interest Rate Contracts
Futures Contracts		(5,317,565	)		(5,317,565	)		-			-
Written Options		(1,342,205	)		(1,342,205	)		-			-
Total Liabilities	$	(51,971,929	)	$	(24,617,322	)	$	(27,354,607	)	$	-

ABBEY CAPITAL MULTI-ASSET FUND

ASSETS	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Short-Term Investments	$	14,633,417	$	14,633,417	$	-	$	-
Commodity Contracts
Futures Contracts		161,989		161,989		-		-
Equity Contracts
Futures Contracts		282,105		282,105		-		-
Foreign Exchange Contracts
Forward Foreign Currency Contracts		83,035		-		83,035		-
Futures Contracts		94,529		94,529		-		-
Interest Rate Contracts
Futures Contracts		82,001		82,001		-		-
Total Assets	$	15,337,076	$	15,254,041	$	83,035	$	-

LIABILITIES	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Commodity Contracts
Futures Contracts	$	(141,266	)	$	(141,266	)	$	-		$	-
Equity Contracts
Futures Contracts		(213,239	)		(213,239	)		-			-
Foreign Exchange Contracts
Forward Foreign Currency Contracts		(144,780	)		-			(144,780	)		-
Futures Contracts		(71,752	)		(71,752	)		-			-
Interest Rate Contracts
Futures Contracts		(89,629	)		(89,629	)		-			-
Total Liabilities	$	(660,666	)	$	(515,886	)	$	(144,780	)	$	-

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

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

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

For the period ended May 31, 2018, the Funds had no transfers between Levels 1, 2 and 3.

DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The following tables list the fair values of the Funds' derivative holdings as of May 31, 2018, grouped by contract type and risk exposure category.

ABBEY CAPITAL FUTURES STRATEGY FUND

				INTEREST			FOREIGN
	EQUITY			RATE			CURRENCY			COMMODITY
DERIVATIVE TYPE	CONTRACTS			CONTRACTS			CONTRACTS			CONTRACTS			TOTAL
Asset Derivatives
Purchased Options	$	-		$	3,050,946		$	2,565,542		$	-		$	5,616,488
Forward Contracts		-			-			16,038,833			-			16,038,833
Futures Contracts		2,276,603			9,385,179			8,038,204			3,096,818			22,796,804
Total Value- Assets	$	2,276,603		$	12,436,125		$	26,642,579		$	3,096,818		$	44,452,125
Liability Derivatives
Written Options	$	-		$	(1,342,205	)	$	(11,469	)	$	-		$	(1,353,674	)
Forward Contracts		-			-			(27,354,607	)		-			(27,354,607	)
Futures Contracts		(6,351,738	)		(5,317,565	)		(2,478,513	)		(9,115,832	)		(23,263,648	)
Total Value- Liabilities	$	(6,351,738	)	$	(6,659,770	)	$	(29,844,589	)	$	(9,115,832	)	$	(51,971,929	)

11 

ABBEY CAPITAL LIMITED

NOTES TO CONSOLIDATED PORTFOLIOS OF INVESTMENTS (CONTINUED)

MAY 31, 2018

(Unaudited)

ABBEY CAPITAL MULTI-ASSET FUND

				INTEREST			FOREIGN
	EQUITY			RATE			CURRENCY			COMMODITY
DERIVATIVE TYPE	CONTRACTS			CONTRACTS			CONTRACTS			CONTRACTS			TOTAL
Asset Derivatives
Forward Contracts	$	-		$	-		$	83,035		$	-		$	83,035
Futures Contracts		282,105			82,001			94,529			161,989			620,624
Total Value- Assets	$	282,105		$	82,001		$	177,564		$	161,989		$	703,659
Liability Derivatives
Forward Contracts	$	-		$	-		$	(144,780	)	$	-		$	(144,780	)
Futures Contracts		(213,239	)		(89,629	)		(71,752	)		(141,266	)		(515,886	)
Total Value- Liabilities	$	(213,239	)	$	(89,629	)	$	(216,532	)	$	(141,266	)	$	(660,666	)

For the period ended May 31, 2018, the Funds' average volume of derivatives was as follows:

ABBEY CAPITAL FUTURES STRATEGY FUND

PURCHASED OPTIONS (COST)		WRITTEN OPTIONS (PROCEEDS)			LONG FUTURES NOTIONAL AMOUNT		SHORT FUTURES NOTIONAL AMOUNT			FORWARD FOREIGN CURRENCY CONTRACTS - PAYABLE (VALUE AT TRADE DATE)			FORWARD FOREIGN CURRENCY CONTRACTS - RECEIVABLE (VALUE AT TRADE DATE)
$	2,724,266	$	(1,092,155	)	$	3,093,300,400	$	(2,457,035,476	)	$	(1,989,966,751	)	$	1,987,402,954

ABBEY CAPITAL MULTI-ASSET FUND

LONG FUTURES NOTIONAL AMOUNT		SHORT FUTURES NOTIONAL AMOUNT			FORWARD FOREIGN CURRENCY CONTRACTS - PAYABLE (VALUE AT TRADE DATE)			FORWARD FOREIGN CURRENCY CONTRACTS - RECEIVABLE (VALUE AT TRADE DATE)
$	83,779,971	$	(41,396,538	)	$	(45,470,176	)	$	45,408,431

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

FUTURES CONTRACTS — Each Fund is subject to equity and other risk exposure in the normal course of pursuing its investment objectives. Each Fund may use futures contracts for hedging or speculative purposes consistent with its investment objective. Upon entering into a futures contract, the Funds 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 Funds 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 Funds as an unrealized gain or loss. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Funds' 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 Funds 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 Funds to unlimited risk of loss.

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

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

12 

ADARA SMALLER COMPANIES FUND

Portfolio of Investments

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
Administrative and Support Services — 0.8%
ASGN, Inc.*		3,035	$	233,695
Conduent, Inc.*		26,050		501,463
Premier, Inc., Class A*		51,913		1,693,402
				2,428,560
Aerospace/Defense — 1.1%
Aerojet Rocketdyne Holdings, Inc.*		27,073		783,493
Aerovironment, Inc.*		1,433		82,913
Cubic Corp.		19,644		1,366,240
Curtiss-Wright Corp.		2,004		255,009
Kaman Corp.		2,787		197,236
Moog, Inc., Class A		1,762		143,656
National Presto Industries, Inc.		1,073		121,142
Orbital ATK, Inc.		1,778		237,754
Triumph Bancorp, Inc.*		10,856		445,639
				3,633,082
Agriculture — 0.1%
Andersons, Inc., (The)		3,403		109,917
Universal Corp.		1,451		95,984
				205,901
Airlines — 0.2%
Hawaiian Holdings, Inc.		2,251		83,287
SkyWest, Inc.		8,137		463,809
				547,096
Apparel — 0.8%
Citi Trends, Inc.		8,061		241,911
Crocs, Inc.*		36,639		653,640
Lakeland Industries, Inc.*		23,652		338,224
Oxford Industries, Inc.		1,483		122,377
Skechers U.S.A., Inc., Class A*		6,336		184,124
Steven Madden Ltd.		3,222		170,283
Stitch Fix, Inc., Class A*		26,293		499,041
Unifi, Inc.*		2,830		89,173
Wolverine World Wide, Inc.		5,464		183,208
				2,481,981
Auto Parts & Equipment — 1.3%
American Axle & Manufacturing Holdings, Inc.*		12,536		198,320
Briggs & Stratton Corp.		2,307		42,564
Carvana Co., Class A*		21,361		616,265
Gentherm, Inc.*		3,355		118,767
Motorcar Parts of America, Inc.*		34,876		748,090
Spartan Motors, Inc.		73,986		1,146,783
Superior Industries International, Inc.		3,595		62,913
Unique Fabricating, Inc.		82,960		766,550
Westport Fuel Systems, Inc.*		118,665		312,089
				4,012,341

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

13 

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
Banks — 7.1%
American River Bankshares		45,350		707,460
Atlantic Capital Bancshares, Inc.*		26,552		557,592
Bank of Commerce Holdings		57,490		684,131
Banner Corp.		1,722		103,234
Boston Private Financial Holdings, Inc.		14,098		239,666
Central Pacific Financial Corp.		4,851		142,813
City Holding Co.		4,208		312,612
CoBiz Financial, Inc.		13,008		290,339
Community Bank System, Inc.		1,997		119,580
CVB Financial Corp.		8,715		202,101
Esquire Financial Holdings, Inc.*		44,236		1,156,771
Farmers National Bancorp		40,980		647,484
FCB Financial Holdings, Inc.*		14,534		885,847
First BanCorp*		46,257		358,492
First Bancshares, Inc., (The)		15,680		538,608
First Citizens BancShares, Inc., Class A		859		377,350
First Commonwealth Financial Corp.		11,374		178,458
First Financial Bancorp		7,350		231,158
First Financial Bankshares, Inc.		6,581		346,161
First Northwest Bancorp*		23,460		382,633
First of Long Island Corp.		11,253		286,952
Glacier Bancorp, Inc.		3,879		151,242
Heritage Commerce Corp.		21,264		362,764
Home BancShares, Inc.		11,434		263,211
Hope Bancorp, Inc.		14,673		263,967
Horizon Bancorp		25,585		802,601
Independent Bank Corp.		1,226		96,057
Live Oak Bancshares, Inc.		25,568		755,534
MB Financial, Inc.		6,569		324,443
Metropolitan Bank Holding Corp.*		11,610		592,807
Midland States Bancorp, Inc.		22,550		731,522
MidSouth Bancorp, Inc.		41,570		577,823
Northeast Bancorp		32,430		706,974
Northrim BanCorp, Inc.		13,010		516,497
OFG Bancorp		8,517		120,090
Opus Bank		3,209		94,986
Oritani Financial Corp.		3,178		50,530
Orrstown Financial Services, Inc.		15,980		414,681
Parke Bancorp, Inc.		17,072		374,730
People's Utah Bancorp		23,360		851,472
Preferred Bank		7,915		504,186
Premier Financial Bancorp, Inc.		35,180		788,032
Southside Bancshares, Inc.		4,513		154,119
Sterling Bancorp, Inc.		24,740		336,959
Summit Financial Group, Inc.		25,940		668,733
Texas Capital Bancshares, Inc.*		1,396		134,505
Tompkins Financial Corp.		1,660		139,888
TriState Capital Holdings, Inc.*		14,512		372,958
TrustCo Bank Corp.		22,076		192,061
UMB Financial Corp.		3,746		288,629
United Bankshares, Inc.		5,943		216,622
United Community Banks, Inc.		28,851		936,503
Walker & Dunlop, Inc.		1,239		69,533
West Bancorporation, Inc.		22,130		552,144
Westamerica Bancorp		2,698		154,407
				22,310,652

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

14 

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
Beverages — 0.5%
Farmer Brothers Co.*		21,549		629,231
MGP Ingredients, Inc.		7,582		671,386
Primo Water Corp.*		22,698		385,412
				1,686,029
Biotechnology — 1.5%
Acorda Therapeutics, Inc.*		3,666		96,232
ANI Pharmaceuticals, Inc.*		2,019		127,783
Blueprint Medicines Corp.*		6,911		581,077
Cambrex Corp.*		1,154		52,276
ChromaDex Corp.*		78,373		264,117
Foundation Medicine, Inc.*		7,019		695,934
Ligand Pharmaceuticals, Inc.*		1,187		228,177
Loxo Oncology, Inc.*		7,739		1,372,357
Medicines Co., (The)*		4,827		163,442
Momenta Pharmaceuticals, Inc.*		8,455		199,538
Myriad Genetics, Inc.*		2,083		76,050
NeoGenomics, Inc.*		75,842		879,767
Ovid Therapeutics, Inc.*		14,613		115,297
				4,852,047
Building Materials — 1.5%
AAON, Inc.		2,382		72,651
Apogee Enterprises, Inc.		1,956		85,379
Armstrong Flooring, Inc.*		43,760		573,256
Armstrong World Industries, Inc.*		19,738		1,196,123
Aspen Aerogels, Inc.*		62,996		316,240
Gibraltar Industries, Inc.*		4,141		164,191
Griffon Corp.		4,619		104,851
M/I Homes, Inc.*		4,319		119,982
New Relic, Inc.*		6,375		647,636
PGT Innovations, Inc.*		17,852		369,536
Simpson Manufacturing Co., Inc.		2,069		130,988
Summit Materials, Inc., Class A*		21,712		617,055
Universal Forest Products, Inc.		8,103		298,028
				4,695,916
Chemicals — 1.0%
A Schulman, Inc.		1,631		71,356
AdvanSix, Inc.*		3,845		140,381
Balchem Corp.		1,142		110,123
CARBO Ceramics, Inc.*		4,304		41,404
Chemours Co., (The)		9,276		454,431
HB Fuller Co.		4,743		244,502
Innophos Holdings, Inc.		3,318		157,705
Innospec, Inc.		1,121		85,981
KMG Chemicals, Inc.		6,213		415,339
Koppers Holdings, Inc.*		2,012		81,084
Kraton Corp.*		2,728		132,363
Landec Corp.*		72,398		1,020,812
Rayonier Advanced Materials, Inc.		6,815		122,057
Stepan Co.		2,701		196,363
				3,273,901

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

15 

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
Coal — 0.0%
SunCoke Energy, Inc.*		4,934		66,806
Commercial Services — 5.6%
ABM Industries, Inc.		2,589		73,683
AMN Healthcare Services, Inc.*		3,294		186,111
ARC Document Solutions, Inc.*		128,170		249,931
AstroNova, Inc.		31,917		603,231
Barrett Business Services, Inc.		15,314		1,320,373
BG Staffing, Inc.		49,490		914,080
Brink's Co., (The)		4,054		321,280
CAI International, Inc.*		23,610		566,876
Capella Education Co.		1,954		185,532
Care.com, Inc.*		60,707		1,259,063
Chegg, Inc.*		41,874		1,171,216
CRA International, Inc.		8,340		451,194
Everi Holdings, Inc.*		38,220		286,268
Global Medical REIT, Inc.		68,760		614,714
Green Dot Corp.*		4,948		352,644
Healthcare Services Group, Inc.		3,392		122,621
HealthEquity, Inc.*		9,686		719,767
HMS Holdings Corp.*		9,256		200,207
Hostess Brands, Inc., Class A*		135,570		1,847,819
Insperity, Inc.		2,292		210,864
Kelly Services, Inc., Class A		19,482		436,592
Korn/Ferry International		4,210		230,203
MarketAxess Holdings, Inc.		2,439		521,092
Matthews International Corp.		1,608		88,440
Medifast, Inc.		7,530		1,103,070
Monro Muffler Brake, Inc.		1,316		73,827
Navigant Consulting, Inc.*		3,071		74,810
Quanta Services, Inc.*		17,469		629,059
Resources Connection, Inc.		48,811		812,703
SP Plus Corp.*		10,791		388,476
Strayer Education, Inc.		1,101		120,339
Team, Inc.*		16,431		349,159
Teladoc, Inc.*		16,678		848,910
Viad Corp.		7,710		407,859
				17,742,013
Computers — 3.3%
CACI International, Inc.*		1,145		190,814
Computer Services, Inc.		19,369		946,176
DMC Global, Inc.		49,263		2,209,446
Engility Holdings, Inc.*		3,736		117,460
ExlService Holdings, Inc.*		1,497		84,865
Insight Enterprises, Inc.*		2,176		102,054
Lumentum Holdings, Inc.*		11,918		700,182
MAXIMUS, Inc.		1,853		112,848
Mercury Systems, Inc.*		2,290		84,570
Mitek Systems, Inc.*		80,435		695,763
MTS Systems Corp.		1,771		92,800
Nutanix, Inc., Class A*		11,216		599,495
PAR Technology Corp.*		48,139		674,427
Quantum Corp.*		152,383		460,197
SendGrid, Inc.*		21,432		568,805
Sykes Enterprises, Inc.*		20,699		582,677
USA Technologies, Inc.*		40,759		548,209
Varonis Systems, Inc.*		13,193		1,024,436
WNS Holdings Ltd., ADR*		12,410		634,647
				10,429,871

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

16 

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
Cosmetics/Personal Care — 0.0%
Inter Parfums, Inc.		2,289		122,004
Distribution/Wholesale — 0.9%
Anixter International, Inc.*		1,549		94,876
Essendant, Inc.		14,289		199,903
Fossil Group, Inc.*		7,293		159,571
G-III Apparel Group Ltd.*		13,694		573,779
Pool Corp.		2,106		300,990
ScanSource, Inc.*		3,047		119,290
SiteOne Landscape Supply, Inc.*		12,597		952,963
Titan Machinery, Inc.*		16,928		306,227
				2,707,599
Diversified Financial Services — 2.7%
Alcentra Capital Corp.		76,900		515,230
Baycom Corp.*		7,498		180,102
Encore Capital Group, Inc.*		4,540		179,103
Enova International, Inc.*		41,598		1,397,693
Evercore Partners, Inc., Class A		6,651		694,364
Fidelity Southern Corp.		2,036		49,719
Financial Engines, Inc.		3,587		160,160
First Business Financial Services, Inc.		11,450		296,326
First Merchants Corp.		16,476		749,493
Greenhill & Co., Inc.		3,731		98,312
Interactive Brokers Group, Inc., Class A		3,063		222,925
Investment Technology Group, Inc.		2,378		52,173
LendingTree, Inc.*		2,205		570,875
Moelis & Co., Class A		10,417		617,207
Oaktree Specialty Lending Corp.		167,830		825,724
OP Bancorp*		30,150		373,860
PRA Group, Inc.*		3,304		127,534
Silvercrest Asset Management Group, Inc., Class A		65,382		1,039,574
WageWorks, Inc.*		1,878		89,111
World Acceptance Corp.*		2,155		232,417
				8,471,902
Education Services — 0.1%
Career Education Corp.*		19,976		307,431
Electric — 0.2%
ALLETE, Inc.		4,232		325,102
Avista Corp.		1,395		73,154
El Paso Electric Co.		1,366		80,048
				478,304
Electrical Components & Equipment — 0.7%
Advanced Energy Industries, Inc.*		2,466		161,597
Encore Wire Corp.		1,278		61,855
EnerSys		3,171		253,395
General Cable Corp.		4,266		126,487
Insteel Industries, Inc.		2,584		80,828
Littelfuse, Inc.		4,492		974,989
Powell Industries, Inc.		10,135		342,664
SPX Corp.*		4,521		154,889
				2,156,704

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

17 

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
Electronics — 2.0%
Brady Corp., Class A		2,928		114,192
Coherent, Inc.*		1,014		169,389
ESCO Technologies, Inc.		1,920		107,712
FARO Technologies, Inc.*		8,085		433,760
II-VI, Inc.*		17,448		766,840
Itron, Inc.*		4,655		265,801
Ituran Location and Control Ltd.		22,211		732,963
Methode Electronics, Inc.		2,476		99,411
Napco Security Technologies, Inc.*		51,080		605,298
OSI Systems, Inc.*		8,106		555,909
Plexus Corp.*		2,641		153,574
Rogers Corp.*		7,831		892,421
Sanmina Corp.*		6,648		191,462
TTM Technologies, Inc.*		8,548		154,120
ZAGG, Inc.*		70,440		1,070,688
				6,313,540
Energy-Alternate Sources — 0.4%
Green Plains, Inc.		3,277		69,964
Hydrogenics Corp.*		39,346		318,703
REX American Resources Corp.*		1,231		93,581
SolarEdge Technologies, Inc.*		9,603		536,328
TPI Composites, Inc.*		14,357		377,589
				1,396,165
Engineering & Construction — 2.0%
Aegion Corp.*		5,582		143,458
Argan, Inc.		12,270		474,849
Comfort Systems USA, Inc.		4,006		187,681
Dycom Industries, Inc.*		5,670		528,217
EMCOR Group, Inc.		4,741		359,984
Exponent, Inc.		1,390		136,637
Granite Construction, Inc.		11,185		636,091
MasTec, Inc.*		14,179		661,450
MYR Group, Inc.*		4,168		162,719
NV5 Global, Inc.*		25,898		1,626,394
Primoris Services Corp.		21,599		563,086
Sterling Construction Co., Inc.*		55,296		702,812
TopBuild Corp.*		2,707		227,253
				6,410,631
Entertainment — 1.1%
Eldorado Resorts, Inc.*		12,325		557,090
Gaia, Inc., Class A*		27,239		517,541
Golden Entertainment, Inc.*		16,255		496,103
International Speedway Corp., Class B		8,389		349,821
Pinnacle Entertainment, Inc.*		3,069		104,070
PlayAGS, Inc.*		19,411		491,486
Red Rock Resorts, Inc., Class A		17,175		591,507
Scientific Games Corp.*		6,167		365,703
				3,473,321
Environmental Control — 0.2%
Tetra Tech, Inc.		3,198		175,730
Xerium Technologies, Inc.*		59,876		441,885
				617,615

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

18 

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
Food — 1.2%
B&G Foods, Inc.		2,659		74,851
Biglari Holdings, Inc., Class A*		230		246,100
Biglari Holdings, Inc., Class B*		2,300		494,937
Calavo Growers, Inc.		5,688		500,544
Cal-Maine Foods, Inc.*		1,158		55,642
Chefs' Warehouse, Inc. (The)*		16,063		436,914
Darling Ingredients, Inc.*		8,943		168,039
DineEquity, Inc.		3,392		215,222
Ingles Markets, Inc., Class A		32,020		918,974
J&J Snack Foods Corp.		681		96,443
John B Sanfilippo & Son, Inc.		548		37,165
Noodles & Co.*		8,805		76,163
Potbelly Corp.*		13,416		178,433
Sanderson Farms, Inc.		1,371		134,193
SpartanNash Co.		2,453		60,736
SUPERVALU, Inc.*		10,669		197,270
				3,891,626
Forest Products & Paper — 0.2%
Neenah Paper, Inc.		1,332		108,092
PH Glatfelter Co.		2,957		51,718
Schweitzer-Mauduit International, Inc.		1,486		65,102
Skyline Corp.		12,093		383,832
				608,744
Gas — 0.3%
New Jersey Resources Corp.		2,340		103,896
Northwest Natural Gas Co.		2,390		142,922
South Jersey Industries, Inc.		4,502		149,106
Southwest Gas Holdings, Inc.		1,612		122,028
Spire, Inc.		5,337		380,261
				898,213
Hand / Machine Tools — 0.0%
Franklin Electric Co., Inc.		1,615		74,694
Healthcare-Products — 6.0%
Abaxis, Inc.		1,761		145,811
ABIOMED, Inc.*		1,544		588,480
Alpha Pro Tech Ltd.*		44,141		154,493
Aratana Therapeutics, Inc.*		35,099		179,005
AxoGen, Inc.*		13,530		664,323
Axon Enterprise, Inc.*		18,628		1,186,231
BioLife Solutions, Inc.*		97,759		1,046,999
Cantel Medical Corp.		1,814		197,889
Cerus Corp.*		67,162		442,598
CRH Medical Corp.*		287,280		991,116
CryoLife, Inc.*		25,961		715,226
Cutera, Inc.*		12,654		531,468
Haemonetics Corp.*		3,260		294,541
ICU Medical, Inc.*		578		168,227
Inogen, Inc.*		6,320		1,154,601
Integra LifeSciences Holdings Corp.*		3,088		199,300
Intersect ENT, Inc.*		11,147		475,420
Invacare Corp.		5,623		92,779
iRadimed Corp.*		31,317		580,930
iRhythm Technologies, Inc.*		21,470		1,632,364
Masimo Corp.*		3,409		337,661
Merit Medical Systems, Inc.*		9,315		477,859
Natus Medical, Inc.*		2,393		88,302
Novocure Ltd.*		22,241		699,479
NuVasive, Inc.*		1,651		84,630
OraSure Technologies, Inc.*		37,836		643,590
Owens & Minor, Inc.		10,072		164,174
Quidel Corp.*		9,643		604,616
Repligen Corp.*		22,842		997,739
Sientra, Inc.*		31,638		571,382
Tactile Systems Technology, Inc.*		30,385		1,508,008
ViewRay, Inc.*		71,580		516,092
West Pharmaceutical Services, Inc.		9,032		839,976
				18,975,309

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

19 

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
Healthcare-Services — 1.0%
Amedisys, Inc.*		10,917		833,513
Chemed Corp.		621		202,446
Ensign Group, Inc., (The)		2,070		75,783
Kindred Healthcare, Inc.*		5,940		53,163
LHC Group, Inc.*		2,720		209,358
Magellan Health, Inc.*		2,346		214,542
Natera, Inc.*		35,677		415,994
OrthoPediatrics Corp.*		21,320		448,999
Providence Service Corp., (The)*		2,212		159,264
Psychemedics Corp.		22,388		445,521
Select Medical Holdings Corp.*		2,823		51,096
US Physical Therapy, Inc.		1,232		115,007
				3,224,686
Home Builders — 0.7%
Cavco Industries, Inc.*		3,041		631,312
LGI Homes, Inc.*		10,333		629,383
Meritage Homes Corp.*		3,035		137,334
PICO Holdings, Inc.*		49,348		545,296
William Lyon Homes, Class A*		2,272		54,187
Winnebago Industries, Inc.		5,231		189,624
				2,187,136
Home Furnishings — 1.0%
American Woodmark Corp.*		1,043		107,533
Aspen Group, Inc.*		66,749		500,618
At Home Group, Inc.*		16,452		569,404
Cactus, Inc., Class A*		8,602		290,059
DXP Enterprises, Inc.*		1,117		43,585
EnviroStar, Inc.		12,357		475,744
Floor & Decor Holdings, Inc.*		13,210		620,870
Hooker Furniture Corp.		8,270		308,471
iRobot Corp.*		968		60,413
RH*		2,622		256,248
				3,232,945
Household Products / Wares — 0.6%
Acme United Corp.		11,359		256,713
Lifetime Brands, Inc.		49,780		542,602
Roku, Inc., Class A*		20,424		765,083
Toro Co., (The)		5,348		310,184
WD-40 Co.		995		136,862
				2,011,444
Insurance — 2.0%
American Equity Investment Life Holding Co.		11,107		393,632
American National Insurance Co.		4,400		523,600
AMERISAFE, Inc.		628		37,460
Atlas Financial Holdings, Inc.*		29,800		320,350
Employers Holdings, Inc.		3,729		147,668
Genworth Financial, Inc.*		115,950		398,868
Goosehead Insurance, Inc., Class A*		21,657		349,761
HCI Group, Inc.		2,004		83,086
Heritage Insurance Holdings, Inc.		46,130		778,674
Horace Mann Educators Corp.		2,570		113,594
Infinity Property & Casualty Corp.		1,346		194,766
Kinsale Capital Group, Inc.		5,943		314,741
RLI Corp.		1,478		97,075
Safety Insurance Group, Inc.		1,926		165,636
Selective Insurance Group, Inc.		3,866		219,782
Stewart Information Services Corp.		1,513		63,833
White Mountains Insurance Group Ltd.		2,358		2,127,105
				6,329,631

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

20 

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
Internet — 3.1%
8x8, Inc.*		4,788		89,536
Blucora, Inc.*		3,569		135,444
Boingo Wireless, Inc.*		45,803		985,223
Cars.com, Inc.*		48,100		1,235,208
ePlus, Inc.*		6,646		604,454
Etsy, Inc.*		20,785		672,187
HealthStream, Inc.		2,625		73,106
magicJack VocalTec Ltd.*		121,490		1,026,590
Mimecast Ltd.*		40,942		1,824,785
New Media Investment Group, Inc.		4,294		71,710
One Stop Systems, Inc.*		87,560		401,900
PC-Tel, Inc.*		44,392		295,207
Q2 Holdings, Inc.*		6,681		381,819
Rosetta Stone, Inc.*		60,006		973,297
Stamps.com, Inc.*		1,004		251,803
Zendesk, Inc.*		11,290		630,998
				9,653,267
Investment Companies — 1.2%
Acacia Research Corp.*		127,690		491,606
Cannae Holdings, Inc.*		98,379		1,966,596
Capital Southwest Corp.		34,226		581,842
PennantPark Floating Rate Capital Ltd.		48,447		660,333
				3,700,377
Iron / Steel — 0.0%
AK Steel Holding Corp.*		14,144		63,931
Leisure Time — 1.1%
Callaway Golf Co.		50,105		948,989
Century Casinos, Inc.*		38,775		329,200
Lindblad Expeditions Holdings, Inc.*		51,954		623,448
Malibu Boats, Inc., Class A*		22,730		974,662
MCBC Holdings, Inc.*		25,421		749,665
				3,625,964
Lodging — 0.7%
Belmond Ltd., Class A*		10,812		129,203
Boyd Gaming Corp.		25,756		972,289
Civeo Corp.*		97,393		360,354
ILG, Inc.		8,186		280,289
Marcus Corp., (The)		10,257		323,608
Monarch Casino & Resort, Inc.*		3,416		152,149
				2,217,892
Machinery-Diversified — 3.1%
Albany International Corp., Class A		1,126		69,249
Altra Industrial Motion Corp.		6,800		281,180
Applied Industrial Technologies, Inc.		1,045		72,889
ASV Holdings, Inc.*		49,340		318,243
Blackline, Inc.*		14,233		592,377
Chart Industries, Inc.*		2,562		165,070
Columbus McKinnon Corp.		28,379		1,175,742
ExOne Co., (The)*		36,509		247,166
Hurco Cos., Inc.		17,690		848,235
Kadant, Inc.		3,821		372,739
Manitex International, Inc.*		105,790		1,231,396
Newpark Resources, Inc.*		4,506		48,890
NN, Inc.		35,300		762,480
Nova Measuring Instruments Ltd.*		7,392		215,551
SPX FLOW, Inc.*		10,543		459,359
Tennant Co.		1,504		118,515
Twin Disc, Inc.*		64,547		1,789,243
Vuzix Corp.*		53,344		338,734
Welbilt, Inc.*		30,129		586,612
				9,693,670

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

21 

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
Management Consulting — 0.1%
Cardlytics, Inc.*		10,732		219,147
Sandstorm Gold Ltd.*		35,145		159,207
				378,354
Media — 0.4%
Gannett Co., Inc.		8,195		86,621
Liberty Latin America Ltd., Class C*		42,120		904,738
Scholastic Corp.		1,251		56,282
TiVo Corp.		7,248		104,371
				1,152,012
Medical Equipment and Supplies Manufacturing — 0.5%
AngioDynamics, Inc.*		1,976		41,555
Argenx SE, ADR*		5,376		513,408
Inspire Medical Systems, Inc.*		11,000		330,000
Mirati Therapeutics, Inc.*		13,705		582,462
				1,467,425
Metal Fabricate/Hardware — 0.8%
CIRCOR International, Inc.		889		42,788
Haynes International, Inc.		19,234		818,984
Lawson Products, Inc.*		13,438		323,184
Mueller Industries, Inc.		4,223		127,535
Northwest Pipe Co.*		41,860		881,153
Quanex Building Products Corp.		3,917		65,806
TimkenSteel Corp.*		8,182		143,430
				2,402,880
Mining — 1.0%
A-Mark Precious Metals, Inc.		22,692		312,923
Astec Industries, Inc.		8,877		519,393
Century Aluminum Co.*		18,637		330,248
Compass Minerals International, Inc.		7,580		495,732
Kaiser Aluminum Corp.		1,039		114,560
Liberty Oilfield Services, Inc., Class A*		36,305		771,844
Materion Corp.		1,920		104,736
Penn Virginia Corp.*		2,566		176,951
United States Lime & Minerals, Inc.		4,143		327,297
US Silica Holdings, Inc.		3,074		95,079
				3,248,763
Miscellaneous Manufacturing — 2.7%
Accuray, Inc.*		71,520		314,688
Actuant Corp.		1,678		39,181
Boise Cascade Co.		3,023		144,197
CryoPort, Inc.*		60,901		791,104
Dean Foods Co.		15,470		148,048
EnPro Industries, Inc.		2,498		184,003
Fabrinet*		3,054		107,287
FreightCar America, Inc.		44,382		759,820
Harsco Corp.*		14,378		352,261
Hillenbrand, Inc.		2,960		138,084
IntriCon Corp.*		9,634		306,843
John Bean Technologies Corp.		2,493		220,132
Kornit Digital Ltd.*		19,228		329,760
LCI Industries		1,629		142,863
Luxfer Holdings, PLC		20,060		380,939
Mobile Mini, Inc.		1,196		54,538
Movado Group, Inc.		14,209		697,662
Nautilus, Inc.*		6,521		97,489
Nuvectra Corp.*		59,017		994,436
Proto Labs, Inc.*		5,740		692,244
Pure Storage, Inc., Class A*		26,793		574,978
Restoration Robotics, Inc.*		65,256		210,124
Sleep Number Corp.*		28,299		791,523
Sturm Ruger & Co., Inc.		968		59,290
Vista Outdoor, Inc.*		2,883		48,838
				8,580,332

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

22 

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
Office Furnishings — 0.0%
Interface, Inc.		3,053		69,303
Oil & Gas — 1.7%
Callon Petroleum Co.*		62,372		738,484
Carrizo Oil & Gas, Inc.*		3,085		77,927
Denbury Resources, Inc.*		47,546		202,071
Evolution Petroleum Corp.		31,294		297,293
Gran Tierra Energy, Inc.*		92,840		303,587
HighPoint Resources Corp.*		13,256		94,648
Matador Resources Co.*		22,781		639,463
Murphy USA, Inc.*		17,065		1,139,259
PBF Energy, Inc., Class A		18,400		868,112
PDC Energy, Inc.*		2,969		179,595
QEP Resources, Inc.*		20,000		241,800
Ring Energy, Inc.*		21,281		293,891
SRC Energy, Inc.*		19,542		252,873
Unit Corp.*		9,170		200,273
				5,529,276
Oil & Gas Services — 0.7%
Archrock, Inc.		12,215		141,083
Bristow Group, Inc.		6,128		72,494
Helix Energy Solutions Group, Inc.*		31,897		242,417
Mammoth Energy Services, Inc.*		14,233		537,438
Natural Gas Services Group, Inc.*		21,640		498,802
Profire Energy, Inc.*		127,936		598,740
Solaris Oilfield Infrastructure, Inc., Class A*		13,282		205,074
TETRA Technologies, Inc.*		9,279		39,157
				2,335,205
Packaging & Containers — 0.1%
KapStone Paper and Packaging Corp.		4,714		162,162
Multi-Color Corp.		610		42,334
				204,496
Pharmaceuticals — 3.9%
Aclaris Therapeutics, Inc.*		17,106		309,105
Adamas Pharmaceuticals, Inc.*		8,695		249,025
Adaptimmune Therapeutics PLC, ADR*		22,698		300,522
Adverum Biotechnologies, Inc.*		64,364		402,275
Amneal Pharmaceuticals, Inc.*		6,603		130,343
Anika Therapeutics, Inc.*		1,077		43,791
Arena Pharmaceuticals, Inc.*		11,154		509,961
Array BioPharma, Inc.*		72,763		1,189,675
Atara Biotherapeutics, Inc.*		10,283		512,093
Catalent, Inc.*		18,545		728,077
Champions Oncology, Inc.*		122,421		552,119
Chimerix, Inc.*		34,364		157,043
Clementia Pharmaceuticals, Inc.*		20,892		296,040
Coherus Biosciences, Inc.*		30,506		475,894
Collegium Pharmaceutical, Inc.*		22,029		498,296
CTI BioPharma Corp.*		29,749		127,921
Depomed, Inc.*		10,628		66,106
Diplomat Pharmacy, Inc.*		29,166		686,568
Emergent BioSolutions, Inc.*		3,096		159,630
Enanta Pharmaceuticals, Inc.*		4,093		408,440
Foamix Pharmaceuticals Ltd.*		30,338		158,971
G1 Therapeutics, Inc.*		4,103		177,701
Global Blood Therapeutics, Inc.*		11,872		571,637
Imprimis Pharmaceuticals, Inc.*		150,831		336,353
Innoviva, Inc.*		9,226		136,453
Melinta Therapeutics, Inc.*		30,513		199,860
MyoKardia, Inc.*		7,639		363,616
Nektar Therapeutics*		5,506		441,967
Neogen Corp.*		2,310		174,890
Optinose, Inc.*		12,104		279,239
Phibro Animal Health Corp., Class A		2,922		132,074
Prestige Brands Holdings, Inc.*		1,398		46,735
REGENXBIO, Inc.*		9,660		523,572
Savara, Inc.*		13,647		138,108
SESEN BIO, Inc.*		115,346		261,835
Strongbridge Biopharma, PLC*		46,097		299,631
Synergy Pharmaceuticals, Inc.*		89,319		142,017
Viking Therapeutics, Inc.*		28,149		281,209
				12,468,792

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

23 

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
Real Estate — 0.5%
Community Healthcare Trust, Inc.		2,769		76,701
Great Ajax Corp.		31,450		415,454
HFF, Inc.		2,032		68,519
Newmark Group, Inc., Class A		16,320		219,178
RE/MAX Holdings, Inc., Class A		1,360		70,856
Redfin Corp.*		25,498		563,506
Whitestone REIT		3,857		47,210
				1,461,424
REITS — 0.9%
Acadia Realty Trust		4,655		119,866
Agree Realty Corp.		1,641		86,875
Armada Hoffler Properties, Inc.		7,336		105,638
CareTrust REIT, Inc.		3,664		60,419
CBL & Associates Properties, Inc.		37,238		188,424
Cedar Realty Trust, Inc.		9,557		41,955
Chatham Lodging Trust		2,101		43,680
CoreSite Realty Corp.		1,355		143,847
DiamondRock Hospitality Co.		8,155		103,813
EastGroup Properties, Inc.		2,590		241,466
Getty Realty Corp.		5,173		135,067
Government Properties Income Trust		3,430		49,838
Healthcare Realty Trust, Inc.		7,137		194,412
Hersha Hospitality Trust		8,177		173,925
Kite Realty Group Trust		14,493		227,395
Lexington Realty Trust		12,112		104,527
LTC Properties, Inc.		1,853		76,232
Medical Properties Trust, Inc.		5,867		79,615
PS Business Parks, Inc.		1,242		152,219
Retail Opportunity Investments Corp.		3,666		66,428
Summit Hotel Properties, Inc.		6,963		106,464
Universal Health Realty Income Trust		3,469		215,668
Urstadt Biddle Properties, Inc., Class A		3,640		79,534
				2,797,307
Retail — 4.9%
Abercrombie & Fitch Co.		5,117		122,040
Asbury Automotive Group, Inc.*		15,983		1,111,618
Ascena Retail Group, Inc.*		24,230		78,990
Barnes & Noble, Inc.		9,163		53,604
Big 5 Sporting Goods Corp.		86,835		712,047
BJ's Restaurants, Inc.		7,242		405,552
Boot Barn Holdings, Inc.*		25,929		613,999
Buckle, Inc., (The)		4,527		114,307
Build-A-Bear Workshop, Inc.*		70,840		566,720
Casey's General Stores, Inc.		9,068		877,783
Cato Corp., (The), Class A		6,451		147,276
Children's Place, Inc., (The)		1,027		132,226
Chuy's Holdings, Inc.*		4,399		129,551
Cracker Barrel Old Country Store, Inc.		790		123,801
El Pollo Loco Holdings, Inc.*		9,027		95,686
Express, Inc.*		20,245		172,285
EZCORP, Inc., Class A*		6,969		86,416
FirstCash, Inc.		2,930		265,898
Five Below, Inc.*		3,696		261,344
Francesca's Holdings Corp.*		7,667		45,312
Freshpet, Inc.*		25,426		579,713
Genesco, Inc.*		4,461		194,946

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

24 

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
Retail — 4.9% (continued)
Group 1 Automotive, Inc.		953		66,958
Guess?, Inc.		6,372		124,891
Hibbett Sports, Inc.*		15,890		420,290
Ingevity Corp.*		2,186		166,442
J Alexander's Holdings, Inc.*		43,816		525,792
Liberty Expedia Holdings, Inc., Class A*		34,884		1,514,314
Lumber Liquidators Holdings, Inc.*		5,091		107,726
MarineMax, Inc.*		4,583		107,471
Ollie's Bargain Outlet Holdings, Inc.*		8,809		622,796
Papa John's International, Inc.		1,043		53,558
PC Connection, Inc.		26,540		785,319
PCM, Inc.*		68,800		839,360
PetMed Express, Inc.		3,582		128,845
Red Robin Gourmet Burgers, Inc.*		1,719		86,552
Regis Corp.*		8,392		145,098
Shoe Carnival, Inc.		2,090		67,319
Tailored Brands, Inc.		6,230		204,406
Texas Roadhouse, Inc.		12,887		798,607
Tile Shop Holdings, Inc.		8,676		62,467
Vitamin Shoppe, Inc.*		12,924		65,912
Wingstop, Inc.		19,330		978,291
Winmark Corp.		2,588		370,602
World Fuel Services Corp.		15,749		328,839
Zumiez, Inc.*		3,678		89,192
				15,552,161
Savings & Loans — 0.6%
BofI Holding, Inc.*		3,461		142,628
Brookline Bancorp, Inc.		9,875		179,725
Dime Community Bancshares, Inc.		9,884		201,140
FS Bancorp, Inc.		8,480		492,688
Meta Financial Group, Inc.		5,514		623,909
Sterling Bancorp		11,846		290,819
				1,930,909
Scientific Research and Development Services — 0.5%
Codexis, Inc.*		35,534		533,010
CytoSorbents Corp.*		51,679		583,973
TTEC Holdings, Inc.		3,501		123,585
Vericel Corp.*		34,870		469,002
				1,709,570

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

25 

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
Semiconductors — 3.7%
Adesto Technologies Corp.*		32,293		293,866
Amtech Systems, Inc.*		105,690		1,042,103
AXT, Inc.*		118,200		856,950
Cabot Microelectronics Corp.		1,581		178,922
Cavium, Inc.*		567		47,407
Cirrus Logic, Inc.*		3,525		132,117
Cohu, Inc.		35,780		859,436
FGL Holdings*		75,050		622,165
Impinj, Inc.*		24,619		440,680
Kulicke & Soffa Industries, Inc.*		6,419		154,570
MKS Instruments, Inc.		1,371		153,826
Monolithic Power Systems, Inc.		1,952		257,293
nLight, Inc.*		18,449		685,380
NVE Corp.		5,577		616,537
Photronics, Inc.*		6,100		53,070
Power Integrations, Inc.		11,510		864,976
Rambus, Inc.*		3,550		47,783
Rudolph Technologies, Inc.*		3,770		126,295
Semtech Corp.*		17,775		860,310
Silicon Laboratories, Inc.*		5,820		614,592
SMART Global Holdings, Inc.*		9,869		439,467
Tower Semiconductor Ltd.*		12,608		326,799
Ultra Clean Holdings, Inc.*		49,280		868,314
Veeco Instruments, Inc.*		3,748		63,903
Xcerra Corp.*		87,390		1,203,360
Xperi Corp.		2,456		48,506
				11,858,627
Software — 9.8%
ACI Worldwide, Inc.*		25,270		610,270
Altair Engineering, Inc., Class A*		51,590		1,815,452
Alteryx, Inc., Class A*		30,161		1,026,077
American Software, Inc., Class A		41,399		545,225
Apptio, Inc.*		21,156		698,783
Asure Software, Inc.*		90,744		1,590,742
Blackbaud, Inc.		2,160		210,535
Bottomline Technologies de, Inc.*		19,245		915,292
Box, Inc., Class A*		13,949		358,210
Carbon Black, Inc.*		9,896		232,655
Computer Programs & Systems, Inc.		24,976		812,969
Coupa Software, Inc.*		9,055		483,356
CSG Systems International, Inc.		28,178		1,166,006
Ebix, Inc.		2,006		149,648
eGain Corp.*		57,533		736,422
Everbridge, Inc.*		39,335		1,812,163
Evolent Health, Inc., Class A*		38,142		780,004
Five9, Inc.*		20,253		706,627
InnerWorkings, Inc.*		78,830		692,916
Instructure, Inc.*		27,223		1,170,589
j2 Global, Inc.		1,848		156,045
LivePerson, Inc.*		49,549		958,773
Manhattan Associates, Inc.*		1,938		84,342
ManTech International Corp., Class A		12,123		653,551
Medidata Solutions, Inc.*		2,714		209,412
Mitel Networks Corp.*		129,310		1,427,582
MiX Telematics Ltd., SP ADR		29,769		581,091
Omnicell, Inc.*		15,234		709,143
Progress Software Corp.		5,306		200,991
QAD, Inc., Class A		21,362		1,107,620
Quality Systems, Inc.*		3,902		68,675
SharpSpring, Inc.*		118,088		950,608
Shutterfly, Inc.*		7,002		659,168
Simulations Plus, Inc.		31,897		612,422
Smartsheet, Inc., Class A*		35,376		881,570
SYNNEX Corp.		1,652		176,467
Tabula Rasa HealthCare, Inc.*		26,474		1,444,157
Take-Two Interactive Software, Inc.*		3,989		447,087
Talend S.A., ADR*		23,224		1,318,659
Upland Software, Inc.*		18,329		655,812
Virtusa Corp.*		14,423		700,237
Zscaler, Inc.*		21,166		555,819
				31,073,172

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

26 

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
Telecommunications — 3.0%
Acacia Communications, Inc.*		16,571		535,906
AMC Networks, Inc., Class A*		11,720		670,032
ATN International, Inc.		13,966		751,790
Avaya Holdings Corp.*		63,190		1,394,603
Bandwidth, Inc.*		12,839		479,023
CalAmp Corp.*		4,959		105,230
Comtech Telecommunications Corp.		37,580		1,176,254
Consolidated Communications Holdings, Inc.		3,437		38,529
Entercom Communications Corp., Class A		41,880		286,878
Frontier Communications Corp.		25,157		186,916
Fusion Connect, Inc.*		12,323		48,182
Iridium Communications, Inc.*		9,628		146,346
LogMeIn, Inc.		1,382		149,118
NETGEAR, Inc.*		2,616		158,137
ORBCOMM, Inc.*		75,383		728,200
Quantenna Communications, Inc.*		39,425		630,800
QuinStreet, Inc.*		45,195		619,623
RADCOM Ltd.*		23,823		453,828
Viavi Solutions, Inc.*		23,640		224,816
Vonage Holdings Corp.*		62,408		714,572
				9,498,783
Textiles — 0.6%
UniFirst Corp.		11,496		2,041,690
Transportation — 2.5%
Air Transport Services Group, Inc.*		59,945		1,258,845
ArcBest Corp.		4,606		218,555
Atlas Air Worldwide Holdings, Inc.*		8,587		585,204
Echo Global Logistics, Inc.*		14,115		392,397
Forward Air Corp.		15,302		907,715
Heartland Express, Inc.		8,734		163,151
Knight-Swift Transportation Holdings, Inc.		3,275		133,227
Marten Transport Ltd.		32,608		743,463
PAM Transportation Services, Inc.*		26,800		1,088,080
Radiant Logistics, Inc.*		68,987		279,397
Saia, Inc.*		16,441		1,354,738
Stoneridge, Inc.*		21,205		668,594
				7,793,366
Trucking & Leasing — 0.1%
Greenbrier Cos, Inc., (The)		3,222		160,133
Water — 0.1%
American States Water Co.		1,758		98,940
California Water Service Group		1,969		79,252
				178,192
Wholesale Distributors — 0.2%
Patterson Cos, Inc.		31,210		652,913
TOTAL COMMON STOCKS
(Cost $220,238,096)				305,756,026

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

27 

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
SHORT-TERM INVESTMENTS - 3.7%
STIT-Treasury Portfolio, 1.64% (a)		11,651,980		11,651,980
TOTAL SHORT-TERM INVESTMENTS
(Cost $11,651,980)				11,651,980
TOTAL INVESTMENTS - 100.3%
(Cost $231,890,076)				317,408,006
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%				(999,021	)
NET ASSETS - 100.0%			$	316,408,985

* Non-income producing security.

(a) Seven-day yield as of May 31, 2018.

ADR American Depositary Receipt

PLC Public Limited Company

REIT Real Estate Investment Trust

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

28 

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
COMMON STOCKS - 84.9%
Advertising — 0.6%
Multiplus SA		20,800	$	145,109
Publicis Groupe SA		995		69,447
WPP, PLC		26,233		432,321
WPP, PLC, SP ADR		885		73,367
				720,244
Aerospace/Defense — 0.5%
Airbus Group SE		1,361		155,267
BAE Systems, PLC		10,411		88,377
CAE, Inc.		3,531		74,328
Rolls-Royce Holdings, PLC*		5,420		59,318
Safran SA		941		112,238
Ultra Electronic Holdings, PLC		9,035		193,731
				683,259
Agriculture — 1.0%
British American Tabacco, PLC, SP ADR		5,051		258,611
Imperial Brands, PLC, SP ADR		3,128		113,202
Japan Tobacco, Inc.		3,042		81,959
Origin Enterprises, PLC		112,483		710,087
Swedish Match AB		1,713		81,247
				1,245,106
Airlines — 0.8%
Ryanair Holding, PLC, SP ADR*		8,336		966,226
Wizz Air Holdings Ltd., PLC*(a)		1,612		72,803
				1,039,029
Apparel — 0.6%
Adidas AG, SP ADR		928		105,597
Gildan Activewear, Inc.		2,385		68,998
Kering SA		220		126,261
LVMH Moet Hennessy Louis Vuitton SE		364		126,744
LVMH Moet Hennessy Louis Vuitton SE, ADR		3,015		210,688
Puma SE		18		11,104
Shenzhou International Group Holdings Ltd.		11,604		135,050
				784,442
Auto Manufacturers — 1.3%
Bayerische Motoren Werke AG		744		74,343
Bayerische Motoren Werke AG		3,581		313,723
Daimler AG		1,975		142,674
Daimler AG		483		35,106
Fiat Chrysler Automobiles NV*		3,069		71,293
Geely Automobile Holdings Ltd.		29,000		81,436
Honda Motor Ltd., SP ADR		4,262		135,361
Hyundai Motor Co.		822		105,741
Porsche Auto SE		687		50,609
Renault SA		566		54,885
Tata Motors Ltd., SP ADR*		5,138		107,282
Toyota Motor Corp., SP ADR		2,712		347,055
Volkswagen AG, SP ADR		2,630		97,862
				1,617,370
Auto Parts & Equipment — 0.6%
Bridgestone Corp.		1,700		68,036
Continental AG		234		59,258
Continental AG, SP ADR		485		24,672
Denso Corp.		1,400		67,873
Fuyao Glass Industrials Group Ltd.(a)		83,600		308,456
Hyundai Mobis Co., Ltd.		382		77,051
Magna International, Inc.		1,416		90,723
Michelin		473		61,151
				757,220

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

29 

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments (Continued)

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
Banks — 9.2%
Abu Dhabi Community Bank.		43,022		82,339
Aozora Bank Ltd.		2,000		78,951
Australia & New Zealand Banking Group Ltd.		6,820		140,163
Banco Bilbao Vizcaya Argentaria, SP ADR		15,861		109,124
Banco de Chile, ADR		1,357		127,151
Banco Santander Chile, ADR		2,479		79,725
Banco Santander SA, SP ADR		35,959		196,336
Bangkok Bank		68,400		411,584
Bank Montreal		1,318		102,013
Bank of Nova Scotia, (The)		2,084		125,728
Bank Of East Asia Ltd., (The)		17,200		71,205
Bank of Ireland Group, PLC		80,052		660,619
Barclays, PLC, SP ADR		8,852		94,539
BDO Unibank, Inc.		26,613		66,140
Bank Central Asia Tbk PT		102,057		166,203
Bank Leumi Le Israel		106,143		661,573
Bank of Queensland Ltd.		7,844		59,886
BNP Paribas SA		2,292		142,415
BOC Hong Kong Holdings Ltd.		15,000		75,085
Canadian Imperial Bank of Commerce		1,014		88,532
China Construction Bank Corp.		470,132		473,198
China Merchants Bank Co., Ltd.		25,500		104,203
Commercial International Bank Egypt SAE		10,732		50,560
Commerzbank AG*		5,200		53,122
Commonwealth Bank Of Australia		3,763		196,776
Commonweatlh Bank Of Australia, SP ADR		627		32,748
Credicorp Ltd.		648		143,480
Credit Suisse Group AG, SP ADR*		8,737		134,550
Dah Sing Financial Holdings Ltd.		70,400		463,765
Danske Bank		2,287		75,879
DBS Group Holdings Ltd.		42,500		894,219
Deutsche Bank AG		5,795		64,209
DNB ASA		3,459		61,996
Erste Group Bank AG		2,868		118,774
FirstRand Ltd.		23,278		109,524
Grupo Financiero Banorte SAB de CV		13,421		71,100
Grupo Financiero Galicia SA, ADR		1,188		50,241
Hang Seng Bank Ltd.		4,000		99,728
HDFC Bank Ltd., ADR		3,724		396,308
HSBC Holdings, PLC, SP ADR		8,652		418,584
ICICI Bank Ltd., SP ADR		17,855		149,803
Industrial & Commerical Bank China Ltd.		474,172		391,656
ING Groep NV, SP ADR		8,055		117,845
Intesa Sanpaolo		32,627		96,286
Itau Unibanco Holdings, SP ADR		31,130		359,551
KBC Group NV		836		64,273
Macquarie Group, Ltd.		1,304		112,359
Mitsubishi UFJ Financial Group Inc., SP ADR		25,528		153,423
National Australia Bank Ltd.		6,358		128,163
Nordea Bank AB		8,509		81,832
OTP Bank, PLC		2,978		106,719
Oversea-Chinese Bank Corp., Ltd		12,000		111,882
Public Bank		11,818		70,827
Royal Bank Canada		2,345		177,259
Sberbank Russia, SP ADR		22,351		320,737
Societe Generale SA		1,880		81,145
Standard Bank Group Ltd.		14,012		227,961
Standard Chart, PLC		8,862		88,738
Sumitomo Mitsui Financial Group Inc., SP ADR		16,425		136,163
Sumitomo Mitsui Trust Holding, Inc.		2,000		83,226
Swedbank AB, Class A		3,683		76,565
Toronto-Dominion Bank, (The)		4,158		242,786
UBS Group AG*		8,024		122,125
UniCredit SpA		5,570		92,400
United Overseas Bank Ltd.		20,300		424,827
Westpac Bank Corp., SP ADR		7,463		157,768
				11,728,594

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

30 

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments (Continued)

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
Beverages — 3.0%
Ambev SA, ADR		21,728		114,289
Anheuser-Busch InBev SA NV		6,096		571,705
Anheuser-Busch InBev SA NV, SP ADR		1,633		152,833
Arca Continental SAB de CV		6,833		41,112
Asahi Group Holdings Ltd.		1,500		78,220
Coca-Cola Amatil Ltd.		53,926		361,675
Coca-Cola European Partners, PLC		1,617		61,398
Coca-Cola Femsa SA De CV, SP ADR		1,183		69,158
Compania Cervecerias Unidas SA, SP ADR		2,672		67,762
Diageo, PLC		33,223		1,220,717
Diageo, PLC, SP ADR		1,319		193,260
Fomento Economico Mexicano SAB de CV, SP ADR		1,061		88,403
Kirin Holdings Co.		3,000		84,985
Pernod Ricard SA		956		160,381
Thai Beverage, PLC		988,500		564,143
				3,830,041
Biotechnology — 0.3%
CSL Ltd., SP ADR		2,116		148,575
Medy-Tox, Inc.		84		58,526
Shire, PLC, ADR		763		125,315
				332,416
Building Materials — 1.4%
Anhui Conch Cement Co., Ltd.		13,777		84,124
Cemex SAB de CV, SP ADR*		9,458		56,370
Cie de Saint-Gobain		1,323		66,251
CRH, PLC		16,499		608,774
CRH, PLC, SP ADR		2,676		98,985
Daikin Industries Ltd.		800		92,060
Geberit AG		144		62,403
LafargeHolcim Ltd.*		1,232		63,282
Sika AG		83		663,793
				1,796,042
Chemicals — 3.5%
Air Liquide SA, ADR		1,240		30,740
Air Liquide SA		8,818		1,088,647
Akzo Nobel NV		799		70,146
Arkema SA		493		60,129
Asahi Kasei Corp.		5,000		68,359
BASF SE		1,618		159,752
BASF SE, SP ADR		1,256		31,186
Brenntag AG		1,089		62,717
Croda International, PLC		15,677		970,088
Formosa Plastic Corp.		35,426		126,765
Fuchs Petrolub SE		7,938		398,561
Fuchs Petrolub SE		5,874		308,042
Givaudan SA		35		77,994
Indorama Ventures		65,875		119,741
Koninklijke DSM NV		732		72,929
Koninklijke DSM NV, SP ADR		1,004		25,050
Kuraray Co., Ltd.		4,200		64,109
LG Chem Ltd.		307		96,189
Linde AG		488		100,951
Mitsubishi Chemical Holdings Corp.		7,500		69,070
Nutrien Ltd.		2,258		114,368
PTT Global Chemicals, NVDR		27,686		77,080
Shin-Etsu Chemical Co., Ltd.		1,100		109,383
Shin Etsu Chemical Co., Ltd., ADR		956		23,819
Symrise AG		924		74,995
				4,400,810

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

31 

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments (Continued)

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
Commercial Services — 3.7%
ALD SA*(a)		30,856		518,862
Ashtead Group, PLC		2,350		72,631
Bureau Veritas SA		11,453		284,134
DP World Ltd.		2,523		56,767
Experian, PLC		3,178		77,853
IHS Markit Ltd.*		6,700		330,176
Intertek Group, PLC		21,979		1,594,047
ISS AS		2,127		72,755
IWG, PLC		82,639		341,226
New Oriental Education & Tech Group Inc., SP ADR		756		75,199
Recruit Holdings Co., Ltd.		3,100		85,906
RELX, PLC		31,065		681,392
RELX NV		3,201		69,794
RELX, PLC, SP ADR		3,976		88,705
Secom Co., Ltd.		1,100		81,791
TAL Education Group, ADR*		3,748		159,140
Transurban Group		9,742		87,253
				4,677,631
Computers — 0.4%
EPAM Systems, Inc.*		898		110,616
CGI Group, Inc., Class A*		1,206		74,048
Infosys Ltd., SP ADR		8,905		161,982
SK Holdings Co., Ltd.		105		26,896
TDK Corp.		700		62,551
Wipro Ltd., ADR		23,160		106,536
				542,629
Cosmetics/Personal Care — 1.4%
Beiersdorf AG		769		88,154
Kao Corp.		2,000		154,480
LG Household & Health Care Ltd.		29		36,131
L'Oreal SA		483		116,325
Shiseido Co., Ltd.		1,300		102,693
Unilever NV		18,013		1,004,559
Unilever NV		5,572		310,750
				1,813,092
Distribution/Wholesale — 0.4%
Bunzl, PLC		2,264		68,853
Itochu Corp.		5,000		93,559
Mitsubishi Corp.		4,100		113,638
Mitsui & Co., Ltd.		5,000		87,743
Sumitomo Corp.		4,200		70,203
Wolseley, PLC		1,148		89,014
				523,010
Diversified Financial Services — 2.1%
ASX Ltd.		1,949		89,036
Credit Saison Co., Ltd.		4,900		80,958
Deutsche Boerse AG		5,484		732,545
Hong Kong Exchanges & Clearing Ltd.		4,500		144,749
Japan Exchange Group, Inc.		33,000		624,697
Julius Baer Group Ltd.*		1,215		71,042
KB Financial Group, Inc., ADR		2,330		112,306
London Stock Exchange Group, PLC		1,173		69,728
ORIX Corp.		5,000		83,521
Rathbone Brothers, PLC		12,237		395,314
Shinhan Financial Group Co., Ltd.		3,350		136,738
Singapore Exchange Ltd.		15,000		80,960
				2,621,594
Electric — 0.6%
Chubu Electric Power Co., Inc.		4,900		75,808
CLP Holdings Ltd.		9,000		94,497
E.ON SE		6,106		64,682
Enel SpA		12,783		70,253
Engie SA		4,096		64,613
Iberdrola SA		10,334		73,385
Korea Electric Power Corp., SP ADR		5,494		83,509
Power Assets Holdings Ltd.		9,000		62,596
SSE, PLC		4,150		75,387
Tohoku Electric Power Co., Inc.		5,100		65,018
				729,748

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

32 

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments (Continued)

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
Electrical Component & Equipment — 0.2%
Legrand SA		1,068		80,537
Prysmian SpA		2,209		61,811
Schneider Electric SE		1,287		111,254
				253,602
Electronics — 1.8%
Assa Abloy AB, Class B		23,342		501,815
AU Optronics Corp., SP ADR		23,945		103,921
Halma, PLC		47,164		845,439
Hirose Electric Co., Ltd.		500		64,898
Hon Hai Precision Industry Co., Ltd.		19,810		56,519
Hoya Corp.		1,200		71,067
Koninklijke Philips NV		2,345		96,473
Kyocera Corp.		1,500		88,520
LG Display Co., Ltd., ADR		5,421		55,674
Murata Manufacturing Co., Ltd.		600		88,807
Nidec Corp.		700		108,076
Omron Corp.		1,200		62,720
Samsung Electronic-Mechanics Co., Ltd.		695		86,041
				2,229,970
Energy-Alternate Sources — 0.0%
Vestas Wind System		916		60,018
Engineering & Construction — 0.4%
Ferrovial SA		3,163		64,660
Grupo Aeroportuario del Sureste SAB de CV, ADR		428		68,381
Larsen & Toubro Ltd.		3,759		76,336
Obayashi Corp.		6,000		60,366
Skanska AB		3,510		64,648
Taisei Corp.		1,000		54,789
Vinci SA		1,125		110,646
Vinci SA, ADR		1,284		31,741
				531,567
Entertainment — 0.1%
Oriental Land Co., Ltd.		800		81,741
Food — 3.0%
Bidvest Group Ltd., (The)		4,361		69,123
Casino Guichard Perrachon SA		1,328		57,476
Chr Hansen Holdings		690		66,255
Danone SA, SP ADR		6,920		106,257
Dino Polska SA*(a)		3,895		116,986
Glanbia, PLC		34,720		642,933
Kerry Group, Class A, PLC		748		78,569
Kerry Group, Class A, PLC		3,670		386,779
Koninklijke Ahold Delhaize NV		4,294		98,645
Magnit PJSC		2,647		53,170
Marine Harvest		2,794		55,899
Meiji Holdings Co., Ltd.		900		76,431
Nestle SA, SP ADR		6,309		477,402
Orkla Asa		6,398		57,711
Seven & i Holdings Co., Ltd.		23,800		1,052,693
Shoprite Holdings Ltd.		2,669		49,066
Tesco, PLC		27,440		89,571
Wesfarmers Ltd.		3,360		115,606
Woolworths Group Ltd.		4,754		102,099
				3,752,671
Food Service — 0.1%
Compass Group, PLC		4,590		98,634
Sodexo SA		745		72,438
				171,072

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

33 

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments (Continued)

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
Forest Products & Paper — 0.1%
UPM-Kymmene Corp.		2,025		74,331
Gas — 0.4%
China Gas Holdings Ltd.		26,795		110,433
Enagas SA		2,457		65,537
ENN Energy Holdings Ltd.		8,000		82,003
National Grid, PLC, SP ADR		1,852		103,360
Osaka Gas Co., Ltd.		4,000		87,093
				448,426
Hand/Machine Tools — 0.2%
Makita Corp.		1,400		62,213
Sandvik AB		4,756		82,488
Techtronic Industrials Co., Ltd.		11,500		68,412
				213,113
Healthcare-Products — 0.4%
Cochlear Ltd.		534		79,035
Essilor International Cie Generale d'Optique SA		587		80,331
Lifco AB		1,888		67,417
Lonza Group AG*		310		83,005
Smith & Nephew, PLC, SP ADR		1,946		70,951
Terumo Corp.		1,300		76,927
				457,666
Healthcare-Services — 0.6%
Bangkok Dusit Medical, NVDR		94,876		79,103
Fresenius Medical Care AG & Co., KGaA		4,496		448,920
Fresenius Medical Care AG & Co., KGaA, ADR		1,524		76,078
Fresenius SE & Co., KGaA		1,198		91,988
NMC Health, PLC		1,827		85,402
				781,491
Holding Companies-Diversified — 0.3%
CK Hutchison Holdings Ltd.		12,500		140,753
Jardine Matheson Holdings Ltd.		1,000		62,174
Keppel Corp., Ltd		16,000		91,723
Swire Pacific Ltd., Class A		8,500		87,385
				382,035
Home Builders — 0.2%
Daiwa House Industry Co., Ltd		2,000		72,242
Daiwa House Industry Co., Ltd, ADR		905		32,874
Persimmon, PLC		1,722		64,792
Sekisui House Ltd.		4,000		71,098
				241,006
Home Furnishings — 0.2%
Haier Electronics Group, Co., Ltd.		21,000		75,284
Panasonic Corp.		6,200		84,069
Sony Corp., SP ADR		3,004		141,458
				300,811
Household Products/Wares — 0.5%
Henkel AG & Co., KGaA		824		92,910
Reckitt Benckiser Group, PLC, SP ADR		9,280		143,190
Societe BIC SA		4,583		445,763
				681,863

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

34 

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments (Continued)

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
Insurance — 4.7%
Admiral Group, PLC		2,311		59,101
AIA Group Ltd.		28,187		257,277
AIA Group Ltd., SP ADR		7,059		258,465
Allianz SE, SP ADR		7,310		151,098
Aon, PLC		10,900		1,524,583
Assic Generali SpA		3,881		66,243
Aviva, PLC		10,665		72,262
Aviva, PLC, SP ADR		2,614		35,472
AXA SA		4,608		115,455
Baloise Holding AG		512		75,217
Cathay Financials Holdings Co., Ltd.		69,070		123,124
China Life Insurance Co., Ltd., ADR		7,870		109,629
Dai-ichi Life Holdings, Inc.		3,820		70,970
Lancashire Holdings Ltd.		124,105		989,046
Manulife Financial Corp.		5,727		107,839
Muenchener Rueckversicherungs-Gesellschaft AG		379		77,907
NN Group NV		1,549		66,553
PICC Property & Casualty Co., Ltd.		36,000		63,155
Ping An Insurance Group Co., of China Ltd.		27,422		267,140
Prudential, PLC, ADR		2,957		143,060
Sampo, PLC		11,901		587,717
Sun Life Financial, Inc.		2,333		96,423
Suncorp Group Ltd.		6,502		65,853
Swiss Re AG		852		73,264
Tokio Marine Holdings, Inc.		1,900		91,132
Topdanmark AS		8,492		380,804
Zurich Insurance Group AG*		320		94,836
				6,023,625
Internet — 4.2%
Alibaba Group Holdings Ltd., SP ADR*		5,351		1,059,552
Auto Trader Group, PLC(a)		62,089		290,751
Baidu, Inc., SP ADR*		1,196		290,102
Baozun, Inc., SP ADR*		945		57,938
Ctrip.com International Ltd., ADR*		4,633		208,902
JD.com, Inc., ADR*		13,835		486,715
Mercadolibre, Inc.		202		58,748
Naver Corp.		348		215,658
Rightmove, PLC		6,628		432,426
Tencent Holdings Ltd., ADR		14,188		724,546
Tencent Holdings Ltd.		24,814		1,266,808
Yandex NV*		4,781		160,259
				5,252,405
Investment Companies — 2.7%
EXOR NV		908		65,947
Groupe Bruxelles Lambert SA		14,856		1,571,144
Macquarie Korea Infrastructure Fund		4,665		38,559
Melrose Industries, PLC		529,469		1,663,194
Pargesa Holdings SA		926		81,172
				3,420,016
Iron/Steel — 0.4%
ArcelorMittal		2,546		81,981
Posco, SP ADR		1,660		131,024
Vale SA, SP ADR		17,073		232,193
				445,198
Leisure Time — 0.1%
Shimano, Inc.		500		70,465
Lodging — 0.8%
China Lodging Group Ltd., SP ADR		1,480		65,135
Galaxy Entertainment Group Ltd.		6,342		55,581
InterContinental Hotels Group, PLC		10,279		657,291
InterContinental Hotels Group, PLC, ADR		1,104		71,219
Sands China Ltd.		29,294		174,545
				1,023,771
Machinery-Construction & Mining — 0.4%
ABB Ltd., SP ADR		3,884		88,322
Atlas Copco AB, Class A, SP ADR		3,245		129,670
Hitachi Ltd.		13,000		94,650
Komatsu Ltd.		3,200		104,408
Mitsubishi Electical Corp.		6,000		85,031
				502,081

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

35 

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments (Continued)

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
Machinery-Diversified — 1.2%
Amada Co., Ltd.		35,800		387,200
Fanuc Corp., ADR		5,220		110,377
Hexagon AB, Class B		1,182		66,700
Keyence Corp.		300		183,242
Kone OYJ., Class B		10,145		501,907
Kubota Corp.		4,000		67,158
SMC Corp.		200		75,471
Spirax-Sarco Engineering, PLC		873		71,650
				1,463,705
Media — 1.3%
Naspers Ltd., SP ADR*		5,295		256,649
Shaw Communications, Inc.		3,474		69,827
Sky, PLC		4,730		84,726
Thomson Reuters Corp.		1,860		72,205
Vivendi SA		2,951		74,612
Wolters Kluwer		18,593		1,044,478
				1,602,497
Metal Fabricate/Hardware — 0.1%
Tenaris SA, ADR		1,886		67,707
Mining — 1.1%
Agnico Eagle Mines Ltd.		1,615		72,594
Alrosa PJSC		39,409		55,780
Anglo American, PLC		5,044		120,450
Barrick Gold Corp.		5,339		70,421
BHP Billiton Ltd., SP ADR		5,150		256,367
Cia de Minas Buenaventura, ADR		7,986		123,543
Franco-Nevada Corp.		1,145		80,780
Glencore, PLC		30,678		151,506
Groupo Mexico SAB de CV SA		7,819		19,437
Rio Tinto, PLC, SP ADR		3,681		208,713
Teck Resources Ltd., Class B		2,322		63,089
Vedanta Ltd., ADR		8,351		122,760
				1,345,440
Miscellaneous Manufacturing — 1.3%
Fujifilm Holdings Corp.		2,100		80,359
Siemens AG, SP ADR		2,906		189,733
Smiths Group, PLC		56,323		1,316,132
				1,586,224
Office/Business Equipment — 0.1%
Canon, Inc., SP ADR		2,789		94,938
Oil & Gas — 4.1%
BP, PLC, SP ADR		6,834		313,134
Caltex Australia Ltd.		2,760		61,210
Canadian Natural Resources Ltd.		2,988		103,265
CNOOC Ltd., SP ADR		682		115,374
DCC, PLC		19,488		1,866,564
Encana Corp.		5,478		69,571
Eni SpA		20,083		364,447
Eni SpA, SP ADR		2,461		89,728
Equinor ASA, SP ADR		3,682		96,652
Imperial Oil Ltd.		2,264		73,965
Inpex Corp.		5,146		57,020
JXTG Holdings, Inc.		12,300		79,018
Lukoil PJSC, SP ADR		2,428		161,850
Novatek PJSC		178		23,938
OMV AG		1,165		66,754
Petrobras Distribuidora SA*		8,561		41,839
Petroleo Brasileiro, SP ADR		9,748		115,611
Repsol SA		4,714		89,839
Royal Dutch Shell, PLC, Class A, SP ADR		9,239		642,850
Sasol Ltd.		863		31,132
Sasol Ltd., SP ADR		2,670		97,135
Suncor Energy Inc.		4,158		165,405
Total SA, SP ADR		4,214		255,579
Ultrapar Participacoes SA, SP ADR		4,190		56,230
Woodside Petroleum Ltd.		3,539		86,478
				5,124,588

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

36 

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments (Continued)

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
Oil & Gas Services — 0.1%
Core Laboratories NV		745		92,514
Packaging & Containers — 0.1%
Amcor Ltd.		5,993		63,596
Pharmaceuticals — 6.3%
Alfresa Holdings Corp.		38,900		980,324
Astellas Pharma, Inc.		5,600		86,720
AstraZeneca, PLC, SP ADR		5,836		216,107
Bayer AG		3,856		460,226
Bayer AG, SP ADR		6,832		204,550
Celltrion, Inc.*		304		74,365
CSPC Pharmaceutical Group Ltd.		35,786		111,234
Daiichi Sankyo Co., Ltd.		2,000		64,007
Dr. Reddy's Laboratories Ltd., ADR		2,943		83,846
Eisai Co., Ltd.		1,000		72,166
Glaxosmithkline, PLC		61,923		1,254,546
Glaxosmithkline, PLC, SP ADR		5,820		235,826
Hypera SA		1,968		14,867
Novartis AG		12,692		943,559
Novartis AG, SP ADR		8,600		640,872
Novo-Nordisk AS, SP ADR		4,119		195,817
Otsuka Holdings Co., Ltd.		1,400		69,482
Roche Holdings AG		2,154		461,843
Roche Holdings AG, SP ADR		10,904		292,336
Sanofi		14,752		1,130,792
Sanofi, ADR		4,864		186,145
Shionogi & Co., Ltd.		1,400		73,208
Takeda Pharmaceutical Co., Ltd.		2,100		85,369
Teva Pharmaceutical  Industries Ltd., SP ADR		3,504		75,336
Wuxi Biologics Cayman, Inc.*(a)		5,000		55,631
				8,069,174
Pipelines — 0.3%
APA Group		11,153		73,146
Enbridge, Inc.		6,151		191,112
TransCanada Corp.		3,075		128,627
				392,885
Private Equity — 0.1%
Eurazeo SA		979		76,585
Real Estate — 1.3%
China Overseas Land & Investment Ltd.		26,062		86,598
Cyrela Brazil Realty SA		13,817		43,329
Daito Trust Construction Co., Ltd.		400		65,196
Deutsche Wohnen SE		1,601		75,053
Great Eagle Holdings Ltd.		118,000		601,213
Henderson Land Development Co., Ltd.		13,000		85,212
Hysan Development Co., Ltd.		13,000		74,999
Kerry Properties Ltd.		14,000		74,662
Mitsubishi Estate Co., Ltd.		5,000		90,471
Mitsui Fudosan Co., Ltd.		3,000		75,014
Sun Hung Kai Properties Ltd.		7,000		112,601
Swiss Prime Site AG*		1,015		94,755
UOL Group Ltd.		13,000		78,614
Vonovia SE		1,863		87,808
				1,645,525
REITS — 1.1%
Fonciere Des Regions		653		68,070
Gecina SA		397		68,636
Klepierre SA		1,566		61,000
Link REIT		11,500		101,323
Merlin Properties Socimi SA*		57,028		787,769
Segro, PLC		8,675		75,390
Unibail-Rodamco SE		402		90,509
Unibail-Rodamco SE, ADR		1,400		31,661
Westfield Corp.		9,938		66,515
				1,350,873

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

37 

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments (Continued)

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
Retail — 2.9%
Ace Hardware Indonesia Tbk PT		699,657		62,941
Aeon Co., Ltd.		4,600		91,024
Cie Financiere Richemont SA		1,197		109,619
Clicks Group Ltd.		24,445		388,308
Fast Retailing Co., Ltd		200		87,198
Industria de Diseno Textil SA		3,055		96,565
Li Ning Co., Ltd.*		48,283		57,563
Magazine Luiza SA		1,552		45,098
Mr. Price Group Ltd.		5,565		109,981
Restaurant Brands International, Inc.		1,377		81,271
Swatch Group AG, (The)		2,289		1,113,624
Tsuruha Holdings Inc.		7,300		1,082,692
Via Varejo SA		4,368		27,357
Wal-Mart de Mexico SAB de CV		43,553		109,687
Xiabuxiabu Catering Management China Holdings Co., Ltd.(a)		26,782		56,536
Yum China Holdings, Inc.		2,233		87,757
				3,607,221
Semiconductors — 2.9%
ASML Holding NV		786		154,567
Chipbond Technology Corp.		20,420		42,827
Infineon Technologies AG		3,748		103,009
Mediatek, Inc.		11,988		123,961
Parade Technologies Ltd.		2,894		47,972
Samsung Electronic Co., Ltd.		263		311,176
Samsung Electronic Co., Ltd.		21,558		1,012,312
Siltronic AG		358		60,343
SK Hynix, Inc.		3,300		285,347
Taiwan Semiconductor Manufacturing Co. Ltd.		52,000		388,258
Taiwan Semiconductor Manufacturing Co. Ltd., SP ADR		22,162		857,669
Tokyo Electron Ltd.		400		74,644
United Microelectronics Corp., SP ADR		49,606		137,905
				3,599,990
Software — 1.3%
Amadeus IT Holdings SA		11,295		896,873
Dassault Systemes SE		509		71,455
HUYA, Inc., ADR*		2,140		54,463
NetEase, Inc., ADR		306		69,866
Onemarket Ltd.*		497		575
Open Text Corp.		2,156		75,180
Playtech, PLC		26,861		279,038
SAP SE, SP ADR		1,707		192,533
				1,639,983
Telecommunications — 4.6%
America Movil SAB de CV, SP ADR		4,598		71,315
China Mobile Ltd.		69,500		622,191
China Mobile Ltd., SP ADR		6,412		288,027
Chunghwa Telecom Co., Ltd., SP ADR		8,313		301,180
Deutsche Telekom AG*		4,203		65,109
GDS Holdings Ltd., ADR*		2,966		112,144
KDDI Corp.		46,489		1,253,970
KT Corp., SP ADR		7,153		93,347
MTN Group Ltd.		9,540		85,808
Nice Ltd., SP ADR		759		80,264
Nippon Telegraph & Telephone Corp.		1,400		65,404
Nokia OYJ., SP ADR		17,277		100,034
PLDT, Inc., SP ADR		3,144		75,959
Proximus		14,346		383,861
Rogers Communications, Inc., Class B		1,552		72,820
SK Telecom Co., Ltd., SP ADR		2,774		63,303
Softbank Group Corp., ADR		3,570		126,913
Telefonaktiebolaget LM Ericsson		136,813		993,141
Telefonaktiebolaget LM Ericsson, SP ADR		10,461		75,424
Telefonica SA, SP ADR		9,635		84,788
Telekomunikasi Indonesia Persero Tbk PT, SP ADR		5,863		144,875
Tim Participacoes SA, ADR		3,347		59,911
Turkcell Iletisim Hizmetleri AS, ADR		13,486		90,086
Vodafone Group, PLC		178,703		456,664
Vodafone Group, PLC, SP ADR		3,840		99,571
				5,866,109

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

38 

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments (Continued)

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
Toys/Games/Hobbies — 0.1%
Nintendo Co., Ltd., ADR		2,048		104,530
Transportation — 0.7%
AP Moller-Maersk, Class B		44		65,605
Canadian National Railway Co.		1,594		133,067
Canadian Pacific Railway Ltd.		424		81,743
Central Japan Railway Co.		419		86,432
Deutsche Post AG, SP ADR		1,749		66,602
DSV AS		876		72,745
East Japan Railway Co.		900		88,835
Hankyu Hanshin Holdings, Inc.		2,000		82,274
Nagoya Railroad Co., Ltd.		3,000		76,988
Rumo SA*		27,059		100,262
Tobu Railway Co., Ltd.		2,000		61,829
				916,382
Trucking & Leasing — 0.1%
AerCap Holdings NV*		1,335		73,839
Water — 0.6%
Severn Trent, PLC		2,529		66,756
United Utilities Group, PLC		62,734		645,786
				712,542
TOTAL COMMON STOCKS
(Cost $109,106,329)				106,738,068
EXCHANGE TRADED FUNDS - 0.5%
Diversified Financial Services — 0.5%
iShares MSCI India ETF		6,865		231,007
Powershares India Portfolio		14,672		363,866
				594,873
TOTAL EXCHANGE TRADED FUNDS
(Cost $614,901)				594,873
PREFERRED STOCKS - 1.0%
Banks — 0.2%
Banco Bradesco SA, ADR		17,050		133,842
Bancolombia SA, SP ADR		1,986		92,111
				225,953
Cosmetics/Personal Care — 0.4%
LG Household & Health Care Ltd.		722		490,956
Iron/Steel — 0.0%
Gerdau SA		13,777		54,646
Semiconductors — 0.4%
Samsung Electronic Co., Ltd.		12,298		459,976
TOTAL PREFERRED STOCKS
(Cost $1,319,105)				1,231,531
SHORT-TERM INVESTMENTS - 12.4%
First American Government Obligations Fund, 1.64% (b)		15,530,930		15,530,930
TOTAL SHORT-TERM INVESTMENTS
(Cost $15,530,930)				15,530,930
TOTAL INVESTMENTS - 98.8%
(Cost $126,571,265)				124,095,402
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.2%				1,509,339
NET ASSETS - 100.0%			$	125,604,741

* Non-income producing security.

ADR American Depositary Receipt

NVDR Non-Voting Depository Receipt

PLC Public Limited Company

REIT Real Estate Investment Trust

SP ADR Sponsored ADR

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of May 31, 2018, total market value of Rule 144A securities is $1,420,025 and represents 1.1% of net assets.

(b) Seven-day yield as of May 31, 2018.

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

39 

Altair Advisers LLC

Notes to Portfolio of Investments

May 31, 2018 (Unaudited)

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

FAIR VALUE MEASUREMENTS – The inputs and valuation techniques used to measure the fair value of the Funds' investments are summarized into three levels as

described in the hierarchy below:

• Level 1 — Prices are determined using quoted prices in active markets for identical securities.

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

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

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

The following is a summary of the inputs used, as of May 31, 2018, in valuing each Fund's investments carried at fair value:

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
ADARA SMALLER COMPANIES FUND
Common Stocks	$	305,756,026	$	305,756,026	$	-	$	-
Short-Term Investments		11,651,980		11,651,980		-		-
Total Investments*	$	317,408,006	$	317,408,006	$	-	$	-
AQUARIUS INTERNATIONAL FUND
Common Stocks	$	106,738,068	$	33,746,073	$	72,991,995	$	-
Exchange Traded Funds		594,873		594,873		-		-
Preferred Stocks		1,231,531		1,176,885		54,646		-
Short-Term Investments		15,530,930		15,530,930		-		-
Total Investments*	$	124,095,402	$	51,048,761	$	73,046,641	$	-

* Please refer to Portfolio of Investments for further details.

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

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

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Funds to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. U.S. GAAP also requires the Funds to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when 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 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, 2018, the Funds had no transfers between Levels 1, 2 and 3.

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

40 

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS

MAY 31, 2018 (UNAUDITED)

	Number
	of Shares		Value
COMMON STOCKS—97.8%
COMMERCIAL SERVICES—5.0%
Etsy, Inc.*		55,642	$	1,799,462
Grand Canyon Education, Inc.*		8,410		934,351
ICF International, Inc.		14,145		999,344
Insperity, Inc.		4,885		449,420
Providence Service Corp., (The)*		13,280		956,160
QuinStreet, Inc.*		30,319		415,674
				5,554,411
CONSUMER DURABLES—3.0%
GoPro, Inc., Class A*		201,657		1,117,180
Movado Group, Inc.		24,244		1,190,380
Vista Outdoor, Inc.*		59,478		1,007,557
				3,315,117
CONSUMER NON-DURABLES—2.6%
Crocs, Inc.*		85,548		1,526,176
Deckers Outdoor Corp.*		11,723		1,326,575
				2,852,751
CONSUMER SERVICES—7.1%
American Public Education, Inc.*		25,971		1,106,365
Bloomin' Brands, Inc.		43,834		930,157
Boyd Gaming Corp.		26,209		989,390
Care.com, Inc.*		52,875		1,096,627
H&R Block, Inc.		31,713		870,522
Houghton Mifflin Harcourt Co.*		154,122		1,048,030
Liberty Expedia Holdings, Inc., Class A*		1,377		59,776
Liberty TripAdvisor Holdings, Inc., Class A*		1,779		26,062
Weight Watchers International, Inc.*		22,339		1,682,573
				7,809,502
DISTRIBUTION SERVICES—2.5%
Performance Food Group Co.*		27,844		995,423
Univar, Inc.*		35,113		957,532
US Foods Holding Corp.*		23,000		820,640
				2,773,595
ELECTRONIC TECHNOLOGY—5.0%
Axon Enterprise, Inc.*		12,884		820,453
F5 Networks, Inc.*		5,000		865,550
Fortinet, Inc.*		14,020		857,744
Kemet Corp.*		22,426		448,071
Pure Storage, Inc., Class A*		40,600		871,276
Radware Ltd.*		15,418		359,702
SMART Global Holdings, Inc.*		7,018		312,512
SolarEdge Technologies, Inc.*		18,061		1,008,707
				5,544,015
ENERGY MINERALS—4.6%
Delek US Holdings, Inc.		19,151		1,068,243
HighPoint Resources Corp.*		138,448		988,519
PBF Energy, Inc., Class A		26,792		1,264,046
SunCoke Energy, Inc.*		85,755		1,161,123
W&T Offshore, Inc.*		92,014		630,296
				5,112,227
FINANCE—20.7%
BGC Partners, Inc., Class A		70,866		812,124
BrightSphere Investment Group PLC		64,525		1,000,783
Corporate Capital Trust, Inc.		16,522		271,787
East West Bancorp, Inc.		10,390		721,897
Enova International, Inc.*		40,535		1,361,976
Evercore, Inc., Class A		12,980		1,355,112

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

41 

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number
	of Shares		Value
FINANCE—20.7% (CONTINUED)
First BanCorp Puerto Rico*		152,284		1,180,201
Green Dot Corp., Class A*		13,961		995,000
H&E Equipment Services, Inc.		27,756		959,525
Hamilton Lane, Inc., Class A		23,761		1,111,064
Hilltop Holdings, Inc.		24,050		563,973
Hilton Grand Vacations, Inc.*		11,500		457,240
Houlihan Lokey, Inc., Class A		19,823		969,146
Interactive Brokers Group, Inc., Class A		22,148		1,611,931
INTL FCStone, Inc.*		9,277		463,850
Investment Technology Group, Inc.		52,827		1,159,024
LPL Financial Holdings, Inc.		23,645		1,626,067
Mobile Mini, Inc.		4,100		186,960
Moelis & Co., Class A		17,192		1,018,626
Newmark Group, Inc., Class A		31,157		418,439
Piper Jaffray Companies		13,015		973,522
Popular, Inc.		19,826		896,928
Synovus Financial Corp.		15,533		840,491
Triumph Bancorp, Inc.*		24,433		1,002,975
United Community Banks, Inc.		28,193		915,145
				22,873,786
HEALTH SERVICES—2.3%
Global Cord Blood Corp.*		6,914		66,582
RadNet, Inc.*		79,585		1,010,730
Tenet Healthcare Corp.*		39,659		1,405,118
				2,482,430
HEALTH TECHNOLOGY—12.8%
Adverum Biotechnologies, Inc.*		160,611		1,003,819
Catalyst Biosciences, Inc.*		27,414		676,578
Concert Pharmaceuticals, Inc.*		42,540		869,092
CytomX Therapeutics, Inc.*		38,181		980,106
Emergent BioSolutions, Inc.*		14,333		739,009
Enanta Pharmaceuticals, Inc.*		9,506		948,604
Five Prime Therapeutics, Inc.*		14,185		249,089
Haemonetics Corp.*		13,611		1,229,754
Hill-Rom Holdings, Inc.		10,836		996,912
ICU Medical, Inc.*		3,267		950,860
ImmunoGen, Inc.*		35,063		401,822
NewLink Genetics Corp.*		41,140		216,396
Ophthotech Corp.*		16,765		46,271
Pieris Pharmaceuticals, Inc.*		178,489		1,003,108
PTC Therapeutics, Inc.*		31,815		1,078,529
QIAGEN NV*		24,695		896,675
Retrophin, Inc.*		23,264		651,625
uniQure NV*		31,841		1,115,709
Versartis, Inc.*		21,128		29,579
				14,083,537
INDUSTRIAL SERVICES—3.6%
Casella Waste Systems, Inc., Class A*		41,673		982,649
ION Geophysical Corp.*		42,229		1,034,611
Ocean Rig UDW, Inc.*		36,416		965,752
SEACOR Holdings, Inc.*		18,940		989,236
				3,972,248
NON-ENERGY MINERALS—3.2%
AngloGold Ashanti Ltd. ADR		116,702		1,005,971
Coeur Mining, Inc.*		72,143		581,473
Louisiana-Pacific Corp.		39,025		1,138,749
United States Steel Corp.		22,900		844,323
				3,570,516
PROCESS INDUSTRIES—0.6%
Huntsman Corp.		5,378		171,935
Orion Engineered Carbons SA		17,738		509,080
				681,015

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

42 

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number
	of Shares		Value
PRODUCER MANUFACTURING—5.8%
Commercial Metals Co.		16,260		384,386
DMC Global, Inc.		22,927		1,028,276
Harsco Corp.*		52,764		1,292,718
Integer Holdings Corp.*		13,873		915,618
Milacron Holdings Corp.*		47,241		931,120
SPX FLOW, Inc.*		21,124		920,373
TriMas Corp.*		4,245		121,407
Watts Water Technologies, Inc., Class A		10,989		845,604
				6,439,502
RETAIL TRADE—3.4%
Boot Barn Holdings, Inc.*		54,770		1,296,954
Medifast, Inc.		9,819		1,438,385
Tailored Brands, Inc.		31,043		1,018,521
				3,753,860
TECHNOLOGY SERVICES—12.7%
AppFolio, Inc., Class A*		21,644		1,281,325
Apptio, Inc., Class A*		36,830		1,216,495
CyberArk Software Ltd.*		15,391		936,542
FireEye, Inc.*		54,751		913,794
Hortonworks, Inc.*		4,568		81,219
Imperva, Inc.*		2,892		140,262
Mimecast Ltd.*		18,501		824,589
New Relic, Inc.*		13,337		1,354,906
Okta, Inc.*		12,252		688,685
Qualys, Inc.*		14,702		1,131,319
RingCentral, Inc., Class A*		10,956		829,917
SendGrid, Inc.*		19,638		521,192
Varonis Systems, Inc.*		21,118		1,639,813
Veeva Systems, Inc., Class A*		12,680		980,925
Web.com Group, Inc.*		51,518		1,007,177
Workiva, Inc., Class A*		15,814		411,164
				13,959,324
TRANSPORTATION—1.5%
ArcBest Corp.		9,989		473,978
Echo Global Logistics, Inc.*		36,080		1,003,024
Star Bulk Carriers Corp.*		9,417		124,210
YRC Worldwide, Inc.*		380		4,074
				1,605,286
UTILITIES—1.4%
NRG Energy, Inc.		23,186		793,657
Pampa Energia SA, SP ADR*		15,334		731,432
				1,525,089
TOTAL COMMON STOCKS
(Cost $93,166,840)				107,908,211
SHORT-TERM INVESTMENTS—1.8%
Fidelity Investments Money Market Funds - Government Portfolio, 1.64% (a)				1,991,726
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,991,726)				1,991,726
TOTAL INVESTMENTS—99.6%
(Cost $95,158,566)				109,899,937
OTHER ASSETS IN EXCESS OF LIABILITIES—0.4%				472,598
NET ASSETS—100.0%			$	110,372,535

* Non-income producing security.

(a) Seven-day yield as of May 31, 2018.

ADR - American Depositary Receipt.

PLC - Public Limited Company.

SP ADR - Sponsored American Depositary Receipt.

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

43 

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

NOTES TO PORTFOLIO OF INVESTMENTS

MAY 31, 2018 (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 ("OTC") market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Investments in other open-end investment companies are valued based on the NAV of those investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by RBB’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

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

• Level 1 — Prices are determined using quoted prices in active markets for identical securities.

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

• Level 3 — Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

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

securities.

The following is a summary of inputs used, as of May 31, 2018, in valuing the Fund’s investments carried at fair value:

	Total		Level 1		Level 2		Level 3
Common Stocks	$	107,908,211	$	107,908,211	$	-	$	-
Short-Term Investments		1,991,726		1,991,726		-		-
Total Investments*	$	109,899,937	$	109,899,937	$	-	$	-

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

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

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

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

For the period ended May 31, 2018, the Fund had no transfers between Levels 1, 2 and 3.

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

44 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS SMALL CAP VALUE FUND II

PORTFOLIO OF INVESTMENTS

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
COMMON STOCKS—95.0%
Basic Industries—7.6%
Cambrex Corp.(a)*		79,179	$	3,586,809
Ferro Corp.(a)*		95,020		1,944,109
Graphic Packaging Holding Co.(a)		398,055		5,763,837
Innophos Holdings, Inc.		72,283		3,435,611
Orchids Paper Products Co.(a)*		97,532		388,177
Orion Engineered Carbons SA		131,613		3,777,293
Owens-Illinois, Inc.*		194,557		3,618,760
PolyOne Corp.		35,389		1,483,507
PQ Group Holdings, Inc.*		228,962		3,759,556
Schweitzer-Mauduit International, Inc.		128,026		5,608,819
SunCoke Energy, Inc.(a)*		499,847		6,767,928
Valvoline, Inc.(a)		286,781		5,861,804
				45,996,210
Capital Goods—9.4%
Aegion Corp.*		114,746		2,948,972
Ampco-Pittsburgh Corp.		33,747		367,842
BMC Stock Holdings, Inc.*		294,123		5,985,403
Cabot Corp.		26,683		1,607,651
Continental Building Products, Inc.*		72,624		2,196,876
Engility Holdings, Inc.*		82,205		2,584,525
Ferroglobe PLC*		298,748		3,056,192
Ferroglobe Representation & Warranty Insurance*‡		276,005		0
Foundation Building Materials, Inc.*		107,060		1,643,371
Granite Construction, Inc.(a)		65,075		3,700,815
Hillenbrand, Inc.		40,867		1,906,445
LCI Industries(a)		50,168		4,399,734
Minerals Technologies, Inc.		76,702		5,599,246
Orion Group Holdings, Inc.*		249,300		1,934,568
Trinseo SA		37,042		2,678,137
Tutor Perini Corp.(a)*		143,336		2,838,053
WESCO International, Inc.*		137,762		8,176,175
World Fuel Services Corp.		267,710		5,589,785
				57,213,790
Communications—0.8%
AMC Networks, Inc. Class A(a)*		86,066		4,920,393
Consumer Durables—2.0%
Cooper Tire & Rubber Co.(a)		120,947		3,108,338
La-Z-Boy, Inc.(a)		100,021		3,120,655
Standard Motor Products, Inc.		35,112		1,588,818
Strattec Security Corp.		17,441		657,526
Tower International, Inc.		125,418		3,687,289
				12,162,626
Consumer Non-Durables—3.6%
Energizer Holdings, Inc.(a)		53,120		3,226,509
Fresh Del Monte Produce, Inc.(a)		85,215		3,827,005
Skechers U.S.A., Inc. Class A*		135,432		3,935,654
Steven Madden Ltd.(a)		131,034		6,925,147
Universal Corp.		54,499		3,605,109
				21,519,424

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

45 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS SMALL CAP VALUE FUND II

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
Consumer Services—10.7%
ABM Industries, Inc.(a)		81,083		2,307,622
ACCO Brands Corp.		303,106		3,910,067
ASGN, Inc.*		68,472		5,272,344
Booz Allen Hamilton Holding Corp.		41,730		1,881,606
CBIZ, Inc.*		114,563		2,365,726
Civeo Corp.*		409,139		1,513,814
Ennis, Inc.(a)		45,679		833,642
Entercom Communications Corp. Class A(a)		263,382		1,804,167
FTI Consulting, Inc.*		71,740		4,447,163
Group 1 Automotive, Inc.(a)		21,962		1,543,050
Huron Consulting Group, Inc.*		79,953		3,238,096
ICF International, Inc.		59,519		4,205,017
Lithia Motors, Inc. Class A(a)		97,971		9,576,665
MAXIMUS, Inc.		41,729		2,541,296
Navigant Consulting, Inc.*		126,695		3,086,290
PRA Group, Inc.(a)*		78,881		3,044,807
Scholastic Corp.(a)		55,322		2,488,937
Tetra Tech, Inc.		109,259		6,003,782
TravelCenters of America LLC*		167,404		544,063
Viad Corp.		31,303		1,655,929
XO Group, Inc.*		91,250		2,961,975
				65,226,058
Energy—8.1%
Cactus, Inc., Class A(a)*		80,738		2,722,485
Dril-Quip, Inc.(a)*		79,997		3,843,856
Enerplus Corp.		451,825		5,516,783
Extraction Oil & Gas, Inc.(a)*		238,683		4,048,064
Forum Energy Technologies, Inc.(a)*		206,362		2,920,022
Gulfport Energy Corp.*		152,027		1,689,020
Jagged Peak Energy, Inc.(a)*		247,358		2,980,664
Key Energy Services, Inc.*		110,394		1,868,970
Kosmos Energy Ltd.*		378,687		2,942,398
Nine Energy Service, Inc.*		132,451		4,611,944
ProPetro Holding Corp.*		105,080		1,709,652
RSP Permian, Inc.*		157,878		6,905,584
Superior Energy Services, Inc.*		250,095		2,733,538
WildHorse Resource Development Corp.(a)*		178,645		4,798,405
				49,291,385
Finance—30.5%
Air Lease Corp.		181,196		8,046,914
AMERISAFE, Inc.		39,503		2,356,354
Aspen Insurance Holdings Ltd.		56,220		2,439,948
Assured Guaranty Ltd.		260,744		9,253,805
Axis Capital Holdings Ltd.		34,158		1,941,882
BankUnited, Inc.		139,645		5,888,830
Cadence BanCorp		140,158		4,094,015
CenterState Banks, Inc.		116,915		3,595,136
Columbia Banking System, Inc.(a)		23,556		1,001,601
Essent Group Ltd.*		168,282		5,772,073
FCB Financial Holdings, Inc., Class A*		72,047		4,391,265
Federal Agricultural Mortgage Corp., Class C		48,588		4,543,464
First Citizens BancShares Inc., Class A		7,050		3,096,994
First Merchants Corp.		78,450		3,568,690
First Midwest Bancorp Inc.(a)		96,412		2,532,743
FirstCash, Inc.(a)		82,348		7,473,081

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

46 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS SMALL CAP VALUE FUND II

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
Finance—30.5% (continued)
Flushing Financial Corp.		57,353		1,530,752
Gladstone Capital Corp.		32,829		298,416
Global Indemnity Ltd.		30,583		1,156,955
Greenhill & Co, Inc.(a)		62,166		1,638,074
Hanmi Financial Corp.		117,938		3,532,243
Hanover Insurance Group Inc., (The)		33,714		4,087,485
Heritage Financial Corp.		73,778		2,371,963
Hope Bancorp, Inc.		118,036		2,123,468
Infinity Property & Casualty Corp.		19,816		2,867,375
James River Group Holdings Ltd.		88,843		3,369,815
Luther Burbank Corp.(a)		191,928		2,351,118
Maiden Holdings Ltd.		654,001		5,722,509
Merchants Bancorp		84,784		2,162,840
National General Holdings Corp.(a)		214,825		5,881,908
Navient Corp.		594,879		8,215,279
Navigators Group, Inc. (The)		38,089		2,239,633
Nelnet, Inc., Class A		135,560		8,328,806
NMI Holdings, Inc. Class A*		126,022		2,098,266
Peapack Gladstone Financial Corp.		68,111		2,349,829
PennyMac Financial Services, Inc. Class A*		156,246		3,140,545
Preferred Bank(a)		26,945		1,716,397
Radian Group, Inc.		260,421		4,140,694
RBB Bancorp		64,370		1,956,204
Silvercrest Asset Management Group, Inc. Class A		171,770		2,731,143
SLM Corp.*		1,000,674		11,437,704
South State Corp.		13,099		1,172,688
State Auto Financial Corp.		48,043		1,490,294
Stewart Information Services Corp.		54,868		2,314,881
Stifel Financial Corp.(a)		115,639		6,799,573
Validus Holdings Ltd.		26,026		1,763,522
Walker & Dunlop, Inc.(a)		168,932		9,480,464
Washington Federal, Inc.		61,253		1,987,660
White Mountains Insurance Group Ltd.		2,952		2,662,940
				185,118,238
Health Care—5.2%
Chemed Corp.		15,574		5,077,124
Envision Healthcare Corp.*		131,607		5,643,308
ICON PLC*		38,983		5,028,027
Integra LifeSciences Holdings Corp.(a)*		32,912		2,124,141
LHC Group, Inc.*		36,930		2,842,502
LifePoint Health, Inc.(a)*		109,727		5,799,072
Select Medical Holdings Corp.*		108,545		1,964,665
Syneos Health, Inc.(a)*		75,977		3,267,011
				31,745,850

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

47 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS SMALL CAP VALUE FUND II

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
Real Estate Investment Trusts—6.4%
Ares Commercial Real Estate Corp.		286,182		3,955,035
Blackstone Mortgage Trust, Inc. Class A(a)		178,111		5,626,527
Chatham Lodging Trust		74,799		1,555,071
CYS Investments, Inc.		774,555		5,669,743
Front Yard Residential Corp.		55,346		582,240
Gladstone Commercial Corp.(a)		38,624		726,131
MFA Financial, Inc.		615,871		4,791,476
MTGE Investment Corp.		62,714		1,251,144
Realogy Holdings Corp.(a)		221,375		5,266,511
Starwood Property Trust, Inc.(a)		170,932		3,710,934
Two Harbors Investment Corp.		374,776		5,827,767
				38,962,579
Technology—10.2%
Bel Fuse, Inc., Class B		123,480		2,383,164
Belden, Inc.(a)		87,275		4,822,817
Brooks Automation, Inc.(a)		259,360		8,475,885
Ciena Corp.(a)*		246,764		5,687,910
Convergys Corp.(a)		103,506		2,446,882
EnerSys		69,199		5,529,692
EVERTEC, Inc.		90,043		1,962,937
Insight Enterprises, Inc.*		41,827		1,961,686
NCR Corp.(a)*		119,341		3,592,164
NETGEAR, Inc.*		55,778		3,371,780
PC Connection, Inc.(a)		27,877		824,880
SMART Global Holdings, Inc.*		101,983		4,541,303
Sykes Enterprises, Inc.*		151,060		4,252,339
SYNNEX Corp.(a)		42,368		4,525,750
TTEC Holdings, Inc.		151,603		5,351,586
Versum Materials, Inc.(a)		61,149		2,444,126
				62,174,901
Utilities—0.5%
Portland General Electric Co.		33,806		1,442,164
Pure Cycle Corp.(a)*		182,659		1,707,862
				3,150,026
TOTAL COMMON STOCKS
(Cost $442,932,259)				577,481,480
SHORT-TERM INVESTMENTS—26.1%
Fidelity Investments Money Market Funds - Government Portfolio, 1.64%		30,564,227		30,564,227
Mount Vernon Liquid Assets Portfolio, LLC, 2.02%		128,200,307		128,200,306
TOTAL SHORT-TERM INVESTMENTS
(Cost $158,764,533)				158,764,533
TOTAL INVESTMENTS—121.1%
(Cost $601,696,792)				736,246,013
LIABILITIES IN EXCESS OF OTHER ASSETS—(21.1)%				(128,212,343	)
NET ASSETS—100.0%			$	608,033,670

PLC Public Limited Company

* Non-income producing.

(a) All or a portion of the security is on loan. At May 31, 2018, the market value of securities on loan was $123,093,401.

‡ 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, 2018, these securities amounted to $0 or 0.0% of net assets.

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

48 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS SMALL CAP VALUE FUND II

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

A summary of the inputs used to value the Fund's investments carried at fair value as of May 31, 2018 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Common Stocks	$	577,481,480	$	577,481,480	$	-	$	-
Short-Term Investments		158,764,533		158,764,533		-		-
Total Assets	$	736,246,013	$	736,246,013	$	-	$	-

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

49 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT EQUITY FUND

PORTFOLIO OF INVESTMENTS

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
LONG POSITIONS—110.9%
COMMON STOCKS—96.5%
Basic Industries—5.1%
Alcoa Corp.*		34,740	$	1,669,952
American Vanguard Corp.		119,522		2,575,699
BHP Billiton Ltd. - SP ADR(a)		50,553		2,516,528
CF Industries Holdings, Inc.(a)		51,359		2,112,909
Freeport-McMoRan, Inc.Ɨ		295,785		4,998,767
Mosaic Co., (The)		137,409		3,777,373
Nucor Corp.		51,805		3,325,363
Nutrien Ltd.		55,517		2,811,936
POSCO - SP ADRƗ		58,379		4,607,855
Rio Tinto PLC - SP ADRƗ		73,959		4,193,475
RPM International, Inc.		35,041		1,734,530
Tahoe Resources, Inc.		428,705		2,246,414
Ternium SA - SP ADR		72,118		2,576,055
Universal Forest Products, Inc.		90,990		3,346,612
				42,493,468
Capital Goods—10.0%
Aegion Corp.*		97,203		2,498,117
American Woodmark Corp.*		20,038		2,065,918
Argan, Inc.		67,563		2,614,688
BMC Stock Holdings, Inc.*Ɨ		199,246		4,054,656
Builders FirstSource, Inc.*		171,697		3,361,827
CECO Environmental Corp.		306,655		1,751,000
Colfax Corp.*		66,881		2,045,221
Columbus McKinnon Corp.Ɨ		97,629		4,044,770
Daqo New Energy Corp. - ADR*Ɨ		51,364		2,961,648
DMC Global, Inc.		92,638		4,154,814
Ferroglobe PLC*		160,925		1,646,263
Ferroglobe Representation & Warranty Insurance*‡		386,647		0
Fluor Corp.Ɨ		94,424		4,602,226
FreightCar America, Inc.		146,177		2,502,550
General Electric Co.		359,257		5,058,339
Graham Corp.		83,399		2,127,509
Gulf Island Fabrication, Inc.(a)		69,279		727,429
Harsco Corp.*		69,209		1,695,621
Hexcel Corp.(a)		29,586		2,095,576
Jacobs Engineering Group, Inc.		77,736		5,037,293
KBR, Inc.(a)		204,442		3,765,822
Manitex International, Inc.*		357,377		4,159,868
NCI Building Systems, Inc.(a)*		197,206		3,776,495
NOW, Inc.(a)*		177,221		2,491,727
Quanta Services, Inc.*		46,902		1,688,941
Safran SA - ADR		156,113		4,670,120
Tutor Perini Corp.(a)*Ɨ		166,594		3,298,561
WESCO International, Inc.*		37,155		2,205,149
World Fuel Services Corp.Ɨ		119,266		2,490,274
				83,592,422

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

50 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT EQUITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
Communications—2.4%
Charter Communications, Inc.(a)*		17,601		4,594,565
Comcast Corp., Class AƗ		175,909		5,484,843
KT Corp. - SP ADR		193,779		2,528,816
Liberty Global PLC, Series C*		91,061		2,520,569
Liberty Latin America Ltd. Class C*		132,736		2,851,169
Mobile TeleSystems PJSC - SP ADR		216,726		2,076,235
				20,056,197
Consumer Durables—0.9%
Honda Motor Co., Ltd. - SP ADRƗ		132,790		4,217,411
La-Z-Boy, Inc.(a)		92,367		2,881,850
				7,099,261
Consumer Non-Durables—2.3%
Coca-Cola Co., (The)		82,407		3,543,501
Coca-Cola European Partners PLC		77,300		2,935,081
Fresh Del Monte Produce, Inc.(a)		46,448		2,085,980
Hasbro, Inc.(a)		24,223		2,101,345
Hostess Brands, Inc.(a)*		184,622		2,516,398
Molson Coors Brewing Co., Class B(a)		42,712		2,633,195
Nomad Foods Ltd.*Ɨ		215,823		3,755,320
				19,570,820
Consumer Services—14.9%
ACCO Brands Corp.		214,622		2,768,624
AMC Entertainment Holdings, Inc. Class A(a)		100,767		1,491,352
Atento SA		276,194		2,085,265
AutoZone, Inc.*		5,161		3,351,140
Barrett Business Services, Inc.Ɨ		28,996		2,500,035
CDK Global, Inc.		25,987		1,672,263
Civeo Corp.*		563,443		2,084,739
comScore, Inc.*		31,238		780,950
Conduent, Inc.(a)*		109,614		2,110,069
Constellium NV, Class A*		204,712		2,487,251
Ctrip.com International Ltd. - ADR*		34,144		1,539,553
CVS Health Corp.(a)Ɨ		90,218		5,718,919
Dollar Tree, Inc.*		34,262		2,829,698
Drive Shack, Inc.*Ɨ		450,525		2,941,928
DSW, Inc., Class A(a)		182,385		4,355,354
eBay, Inc.*Ɨ		127,929		4,825,482
Francesca's Holdings Corp.(a)*		351,925		2,079,877
Gray Television, Inc.(a)*		155,583		1,711,413
Hackett Group Inc., (The)		130,469		2,100,551
Heidrick & Struggles International, Inc.		87,550		3,309,390
ICF International, Inc.		53,826		3,802,807
IHS Markit Ltd.*		61,402		3,025,890
International Game Technology PLC(a)Ɨ		202,383		5,087,909
JD.com, Inc. - ADR*		47,631		1,675,658
Jones Lang LaSalle, Inc.		12,762		2,089,905
KAR Auction Services, Inc.(a)		47,447		2,503,778
Korn/Ferry International		60,238		3,293,814
Kroger Co., (The)		185,994		4,525,234
Lions Gate Entertainment Corp. Class B		93,496		2,041,018
Liquidity Services, Inc.*		177,515		1,002,960
ManpowerGroup, Inc.		18,418		1,657,620
Nielsen Holdings PLC(a)		55,994		1,689,339
Perficient, Inc.(a)*		96,888		2,529,746
Points International Ltd.*		68,553		997,446
Signet Jewelers Ltd.(a)		40,704		1,750,272
Sirius XM Holdings, Inc.(a)		294,194		2,088,777
Stars Group Inc., (The)*		145,932		4,940,934
Tailored Brands, Inc.Ɨ		86,323		2,832,258
Tetra Tech, Inc.		60,561		3,327,827

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

51 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT EQUITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
Consumer Services—14.9% (continued)
Time Warner, Inc.Ɨ		49,598		4,670,148
Twenty-First Century Fox, Inc., Class AƗ		109,216		4,210,277
Walgreens Boots Alliance, Inc.		57,989		3,617,934
Walt Disney Co. (The)		42,292		4,206,785
Western Union Co. (The)(a)		190,294		3,784,948
				124,097,137
Energy—15.4%
Anadarko Petroleum Corp.Ɨ		71,631		4,999,844
AndeavorƗ		24,281		3,506,905
Andeavor Logistics LP(a)		67,524		2,896,780
Archrock, Inc.(a)		390,866		4,514,505
Baker Hughes a GE Co.(a)		195,214		6,752,452
Basic Energy Services, Inc.*Ɨ		161,496		2,133,362
Canadian Natural Resources Ltd.Ɨ		120,594		4,167,729
Chevron Corp.Ɨ		92,687		11,520,994
CNX Resources Corp.(a)*		156,908		2,535,633
Dawson Geophysical Co.(a)*		202,362		1,436,772
Dril-Quip, Inc.(a)*		53,252		2,558,759
Energen Corp.*		55,076		3,736,356
Enerplus Corp.		269,584		3,291,621
EOG Resources, Inc.(a)		37,555		4,424,355
EQT Corp.Ɨ		136,397		7,029,901
Gulfport Energy Corp.(a)*		95,073		1,056,261
Halliburton Co.(a)Ɨ		135,623		6,745,888
Key Energy Services, Inc.*		128,721		2,179,247
LUKOIL PJSC - SP ADR		25,137		1,675,632
Marathon Oil Corp.		174,473		3,738,956
Mitcham Industries, Inc.*		382,408		1,533,456
National Oilwell Varco, Inc.(a)		60,426		2,502,845
Oceaneering International, Inc.(a)		126,583		3,016,473
Parsley Energy, Inc., Class A*		110,609		3,260,753
PBF Energy, Inc. Class A		68,996		3,255,231
PetroChina Co., Ltd. - ADR		36,358		3,024,986
Phillips 66Ɨ		51,243		5,969,297
Pioneer Natural Resources Co.		26,095		5,038,945
ProPetro Holding Corp.*		96,262		1,566,183
SandRidge Energy, Inc.(a)*		95,410		1,387,261
Schlumberger Ltd.Ɨ		119,463		8,203,524
Superior Energy Services, Inc.*		260,103		2,842,926
Valero Energy Corp.Ɨ		27,056		3,279,187
Viper Energy Partners LP(a)Ɨ		79,221		2,581,020
				128,364,039

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

52 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT EQUITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
Finance—15.8%
AerCap Holdings NV*Ɨ		68,675		3,798,414
Affiliated Managers Group, Inc.Ɨ		15,775		2,512,326
AMERCO(a)		6,631		2,141,415
American International Group, Inc.(a)Ɨ		97,808		5,163,284
Bank of America Corp.Ɨ		371,311		10,782,871
Bank of the Ozarks(a)		71,281		3,388,699
Bar Harbor Bankshares		19,990		602,499
Berkshire Hathaway, Inc., Class B*Ɨ		41,914		8,027,788
BGC Partners, Inc., Class A		106,629		1,221,968
Century Bancorp, Inc., Class AƗ		19,221		1,535,758
Charles Schwab Corp., (The)Ɨ		67,556		3,757,465
Citigroup, Inc.Ɨ		161,842		10,793,243
Discover Financial Services(a)Ɨ		67,537		4,988,283
Fanhua, Inc. - SP ADR		57,222		1,657,721
Federated National Holding Co.(a)		125,656		2,859,931
Fortress Transportation & Infrastructure Investors LLC		105,377		1,821,968
Jefferies Financial Group, Inc.Ɨ		176,101		3,853,090
JPMorgan Chase & Co.Ɨ		59,920		6,412,039
Lazard Ltd., Class AƗ		65,475		3,368,034
Loews Corp.		75,911		3,709,771
Maiden Holdings Ltd.Ɨ		747,620		6,541,675
MetLife, Inc.(a)Ɨ		174,058		8,004,927
Morgan StanleyƗ		152,365		7,639,581
Oaktree Capital Group LLC		62,167		2,545,739
Sandstorm Gold Ltd.(a)*		363,439		1,646,379
State Street Corp.Ɨ		39,501		3,796,441
Stifel Financial Corp.(a)		73,096		4,298,045
SVB Financial Group*Ɨ		9,336		2,914,046
Synchrony Financial(a)Ɨ		125,171		4,334,672
Travelers Cos., Inc., (The)		36,676		4,713,600
White Mountains Insurance Group Ltd.		3,549		3,201,482
				132,033,154
Health Care—10.3%
Allergan PLC		17,006		2,564,505
ANI Pharmaceuticals, Inc.*		29,279		1,853,068
Anthem, Inc.Ɨ		24,370		5,396,005
Carriage Services, Inc.		118,670		2,984,550
Cigna Corp.Ɨ		36,683		6,213,000
DaVita, Inc.*		41,258		2,757,685
Five Star Senior Living, Inc.*		574,019		746,225
Fresenius Medical Care AG & Co. KGaA - ADRƗ		65,854		3,287,432
HCA Healthcare, Inc.Ɨ		46,314		4,776,826
Jazz Pharmaceuticals PLC*		21,842		3,691,298
Johnson & JohnsonƗ		63,705		7,620,392
Keryx Biopharmaceuticals, Inc.(a)*		237,851		1,253,475
Laboratory Corp. of America Holdings*Ɨ		39,605		7,152,267
LHC Group, Inc.*Ɨ		53,583		4,124,284
Medtronic PLCƗ#		77,144		6,659,070
Mylan NV*Ɨ		77,829		2,993,303
Novartis AG - SP ADRƗ		78,531		5,852,130
Paratek Pharmaceuticals, Inc.(a)*		98,587		1,030,234
Quest Diagnostics, Inc.(a)		51,091		5,442,724
Stericycle, Inc.*		31,149		1,977,961
UnitedHealth Group, Inc.Ɨ		33,476		8,084,789
				86,461,223

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

53 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT EQUITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
Real Estate Investment Trusts—1.3%
Marcus & Millichap, Inc.(a)*		32,851		1,230,598
MedEquities Realty Trust, Inc.		307,222		3,219,687
New Residential Investment Corp.Ɨ		163,084		2,915,942
Realogy Holdings Corp.(a)Ɨ		70,174		1,669,439
Wheeler Real Estate Investment Trust, Inc.(a)		372,885		1,547,473
				10,583,139
Technology—10.6%
51job, Inc. - ADR(a)*		27,423		2,917,807
Avnet, Inc.(a)		76,599		2,919,954
Baidu, Inc. - SP ADR*		13,804		3,348,298
Capgemini SE - ADR		141,660		3,691,660
CDW Corp.		41,654		3,334,403
Citrix Systems, Inc.		27,734		2,929,265
Cognizant Technology Solutions Corp., Class AƗ#		49,847		3,755,972
Coherent, Inc.(a)*		10,066		1,681,525
Dolby Laboratories, Inc. Class AƗ		53,701		3,372,423
Electronics For Imaging, Inc.(a)*		75,153		2,512,365
Euronet Worldwide, Inc.(a)*		30,562		2,561,401
EVERTEC, Inc.		152,103		3,315,845
First Data Corp., Class A*		176,196		3,347,724
Flex Ltd.*Ɨ		180,934		2,513,173
Generac Holdings, Inc.*		58,342		2,922,351
Hollysys Automation Technologies, Ltd.		104,162		2,486,347
Infosys Ltd. - SP ADR(a)		161,263		2,933,374
Insight Enterprises, Inc.(a)*		94,768		4,444,619
InterDigital Inc.		52,670		4,153,030
Net 1 UEPS Technologies, Inc.*		176,886		1,726,407
NetEase, Inc. - ADR		6,779		1,547,781
PayPal Holdings, Inc.*Ɨ		32,230		2,645,116
Powell Industries, Inc.		58,036		1,962,197
Rubicon Project Inc., (The)*		484,638		1,138,899
Sabre Corp.(a)		123,424		3,025,122
SINA Corp.*		18,517		1,681,714
Sogou, Inc. - ADR(a)*		176,872		1,685,590
SYNNEX Corp.		28,461		3,040,204
VeriSign, Inc.*		25,446		3,319,176
YY, Inc. - ADR*		29,775		3,469,681
Zebra Technologies Corp., Class A*		24,229		3,719,394
				88,102,817
Transportation—5.3%
AP Moller - Maersk A/S - ADR		254,183		1,879,683
Atlas Air Worldwide Holdings, Inc.(a)*		48,962		3,336,760
Daseke, Inc.(a)*		278,062		2,647,150
Dorian LPG Ltd.*		228,589		1,846,999
Expeditors International of Washington, Inc.		37,172		2,768,571
Forward Air Corp.(a)		36,352		2,156,401
Gener8 Maritime, Inc.*		319,082		2,131,468
Golar LNG Partners LP		98,190		1,646,646
Overseas Shipholding Group, Inc., Class A*		494,333		1,799,372
Ryanair Holdings PLC - SP ADR*		22,134		2,565,552
Safe Bulkers, Inc.*		877,230		3,131,711
Scorpio Bulkers, Inc.(a)		252,587		1,856,515
Scorpio Tankers, Inc.(a)		602,268		1,746,577
SEACOR Marine Holdings, Inc.(a)*		72,579		1,704,155
Teekay LNG Partners LP		151,095		2,613,944
Teekay Offshore Partners LP		662,312		1,788,242
United Parcel Service, Inc., Class BƗ		52,562		6,103,499
XPO Logistics, Inc.*		25,461		2,679,770
				44,403,015

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

54 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT EQUITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares			Value
Utilities—2.2%
Cheniere Energy, Inc.*		68,891			4,589,518
Enterprise Products Partners LP		148,391			4,288,500
EQT Midstream Partners LP		43,072			2,404,710
MPLX LP		116,200			4,172,742
TerraForm Power, Inc.(a)		240,539			2,672,388
					18,127,858
TOTAL COMMON STOCKS
(Cost $624,080,870)					804,984,550
SHORT-TERM INVESTMENTS—14.4%
Mount Vernon Liquid Assets Portfolio, LLC, 2.02%		120,456,380			120,456,380
TOTAL SHORT-TERM INVESTMENTS
(Cost $120,456,380)					120,456,380
TOTAL LONG POSITIONS—110.9%
(Cost $744,537,250)					925,440,930
SECURITIES SOLD SHORT—(40.6%)
COMMON STOCKS—(38.2%)
Basic Industries—(0.2%)
Mountain Province Diamonds, Inc.*		(44,753	)		(113,900	)
Tanzanian Royalty Exploration Corp.*		(171,865	)		(94,526	)
Uranium Energy Corp.*		(903,172	)		(1,354,758	)
					(1,563,184	)
Capital Goods—(1.0%)
Applied Energetics, Inc.*		(369,725	)		(44,404	)
Axon Enterprise, Inc.*		(64,538	)		(4,109,780	)
DynaMotive Energy Systems Corp.*‡		(72,185	)		(7	)
Tennant Co.		(49,811	)		(3,925,107	)
					(8,079,298	)
Communications—(1.5%)
CTC Communications Group, Inc.*‡		(98,900	)		0
Netflix, Inc.*		(35,785	)		(12,582,006	)
					(12,582,006	)
Consumer Durables—(4.0%)
iRobot Corp.*		(48,354	)		(3,017,773	)
Kandi Technologies Group, Inc.*		(269,581	)		(1,482,696	)
Qsound Labs, Inc.*‡		(4,440	)		0
Sharp Corp.		(83,200	)		(2,203,479	)
SodaStream International Ltd.*		(40,177	)		(3,345,137	)
Tesla Motors, Inc.*		(77,525	)		(22,073,693	)
Universal Electronics, Inc.*		(57,933	)		(1,717,714	)
					(33,840,492	)
Consumer Non-Durables—(3.1%)
Amish Naturals, Inc.*‡		(25,959	)		0
Canada Goose Holdings, Inc.*		(96,005	)		(4,037,010	)
elf Beauty, Inc.*		(172,085	)		(3,243,802	)
Freshpet, Inc.*		(153,060	)		(3,489,768	)
Funko, Inc., Class A*		(323,549	)		(3,216,077	)
Monster Beverage Corp.*		(59,396	)		(3,038,699	)
National Beverage Corp.		(37,077	)		(3,495,620	)
Primo Water Corp.*		(330,131	)		(5,605,625	)
Valence Technology, Inc.*‡		(27,585	)		(3	)
					(26,126,604	)

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

55 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT EQUITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares			Value
Consumer Services—(4.4%)
Brink's Co. (The)		(44,121	)		(3,496,589	)
Cimpress NV*		(31,110	)		(4,331,445	)
Corporate Resource Services, Inc.*		(218,896	)		(274	)
HelloFresh SE*		(175,022	)		(2,461,439	)
Jamba, Inc.*		(111,949	)		(1,113,892	)
Lands' End, Inc.*		(110,361	)		(2,179,630	)
Noodles & Co.*		(157,721	)		(1,364,287	)
Red Robin Gourmet Burgers, Inc.*		(94,636	)		(4,764,923	)
Shake Shack, Inc. Class A*		(75,049	)		(4,474,421	)
Stitch Fix, Inc., Class A*		(47,110	)		(894,148	)
TransEnterix, Inc.*		(490,466	)		(1,741,154	)
TripAdvisor, Inc.*		(110,261	)		(5,749,008	)
Wayfair, Inc. Class A*		(45,733	)		(4,223,443	)
					(36,794,653	)
Energy—0.0%
Beard Co.*		(9,710	)		(7	)
Finance—(1.7%)
Farmers & Merchants Bancorp Inc.		(74,082	)		(3,063,291	)
RLI Corp.		(70,631	)		(4,639,044	)
Trupanion, Inc.*		(115,705	)		(3,675,948	)
Willscot Corp.*		(202,361	)		(2,468,804	)
					(13,847,087	)
Health Care—(8.5%)
AtriCure, Inc.*		(177,612	)		(4,211,180	)
AxoGen, Inc.*		(118,714	)		(5,828,857	)
BodyTel Scientific, Inc.*‡		(4,840	)		0
CareView Communications, Inc.*		(207,465	)		(7,241	)
Corindus Vascular Robotics, Inc.*		(671,428	)		(503,638	)
Cross Country Healthcare, Inc.*		(384,908	)		(4,692,029	)
Endologix, Inc.*		(220,031	)		(1,234,374	)
Exact Sciences Corp.*		(66,326	)		(3,949,050	)
Heska Corp.*		(61,731	)		(6,601,513	)
Illumina, Inc.*		(10,623	)		(2,894,130	)
Invacare Corp.		(215,590	)		(3,557,235	)
iRhythm Technologies, Inc.*		(44,055	)		(3,349,502	)
K2M Group Holdings, Inc.*		(169,726	)		(4,020,809	)
Mazor Robotics Ltd.*		(53,279	)		(3,171,699	)
Mesa Laboratories, Inc.		(10,299	)		(1,638,365	)
Momenta Pharmaceuticals, Inc.*		(192,245	)		(4,536,982	)
OraSure Technologies, Inc.*		(242,485	)		(4,124,670	)
Quidel Corp.*		(75,144	)		(4,711,529	)
Surgery Partners, Inc.*		(221,412	)		(3,597,945	)
Tactile Systems Technology, Inc.*		(90,084	)		(4,470,869	)
ViewRay, Inc.*		(331,087	)		(2,387,137	)
Vital Therapies, Inc.*		(231,231	)		(1,179,278	)
					(70,668,032	)
Real Estate Investment Trusts—(0.5%)
Redfin Corp.*		(189,131	)		(4,179,795	)
Technology—(10.8%)
2U, Inc.*		(32,388	)		(3,070,382	)
8x8, Inc.*		(195,663	)		(3,658,898	)
Alarm.com Holdings, Inc.*		(84,350	)		(3,747,670	)
ANTs software, Inc.*‡		(10,334	)		(1	)
Arista Networks, Inc.*		(13,472	)		(3,389,016	)
Benefitfocus, Inc.*		(38,851	)		(1,303,451	)
Capstone Turbine Corp.*		(30,848	)		(48,740	)
Carbonite, Inc.*		(146,389	)		(5,679,893	)
Cloudera, Inc.*		(130,733	)		(2,120,489	)
Consygen, Inc.*‡		(200	)		0
Ellie Mae, Inc.*		(37,471	)		(3,982,793	)

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

56 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT EQUITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares			Value
Technology—(10.8%) (continued)
Ener1, Inc.*‡		(102,820	)		(10	)
Enphase Energy, Inc.*		(878,387	)		(5,033,158	)
FireEye, Inc.*		(172,303	)		(2,875,737	)
Harmonic, Inc.*		(858,956	)		(3,306,981	)
Inseego Corp.*		(749,083	)		(1,370,822	)
Interliant, Inc.*‡		(600	)		0
Internap Corp.*		(169,436	)		(1,836,689	)
LivePerson, Inc.*		(177,104	)		(3,426,962	)
Manhattan Associates, Inc.*		(76,329	)		(3,321,838	)
Match Group, Inc.*		(55,262	)		(2,274,031	)
Materialise NV - ADR*		(187,274	)		(2,262,270	)
Medidata Solutions, Inc.*		(45,499	)		(3,510,703	)
Nestor, Inc.*‡		(15,200	)		(2	)
New Relic, Inc.*		(45,110	)		(4,582,725	)
Proofpoint, Inc.*		(26,413	)		(3,087,416	)
PROS Holdings, Inc.*		(136,343	)		(4,818,362	)
Snap, Inc. Class A*		(198,520	)		(2,261,143	)
Spotify Technology SA*		(22,407	)		(3,533,808	)
SunPower Corp.*		(254,583	)		(2,135,951	)
Tiger Telematics, Inc.*‡		(6,510	)		0
TrueCar, Inc.*		(334,768	)		(3,284,074	)
Twilio, Inc., Class A*		(66,990	)		(3,615,450	)
Uni-Pixel, Inc.*		(19,665	)		(28	)
Vicor Corp.*		(75,252	)		(3,299,800	)
Worldgate Communications, Inc.*‡		(582,655	)		(58	)
XRiver Corp.*‡		(34,156	)		0
Zendesk, Inc.*		(59,700	)		(3,336,633	)
					90,175,984
Utilities—(2.5%)
Cadiz, Inc.*		(103,035	)		(1,334,303	)
California Water Service Group		(76,765	)		(3,089,791	)
Chesapeake Utilities Corp.		(36,133	)		(2,885,220	)
El Paso Electric Co.		(67,512	)		(3,956,203	)
MGE Energy, Inc.		(38,020	)		(2,267,893	)
New Jersey Resources Corp.		(40,828	)		(1,812,763	)
ONE Gas, Inc.		(24,573	)		(1,844,204	)
PNM Resources, Inc.		(45,577	)		(1,820,801	)
WGL Holdings, Inc.		(21,323	)		(1,880,689	)
					(20,891,867	)
TOTAL COMMON STOCKS
(Proceeds $(272,712,834))					(318,749,009	)
EXCHANGE TRADED FUNDS—(2.4%)
Finance—(2.4%)
Direxion Daily Financial Bear 3X		(163,162	)		(1,793,150	)
iPATH S&P 500 VIX Short-Term Futures ETN*		(259,602	)		(9,550,758	)
iShares 20+ Year Treasury Bond ETF		(69,103	)		(8,376,666	)
					(19,720,574	)
TOTAL EXCHANGE TRADED FUNDS
(Proceeds $(22,655,254))					(19,720,574	)
TOTAL SECURITIES SOLD SHORT—(40.6%)
(Proceeds $(295,368,088))					(338,469,583	)

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

57 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT EQUITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number			Notional
	of Contracts			Amount			Value
OPTIONS WRITTENƗƗ—0.0%
Call Options Written—(0.0%)
Sears Holdings Corp.
Expiration: 01/18/2019, Exercise Price: $10.00		(3,315	)		(931,515	)		(19,890	)
TOTAL CALL OPTIONS WRITTEN
(Premiums received $(933,466))								(19,890	)
Put Options Written—(0.0%)
Cognizant Technology Solutions Corp., Class A
Expiration: 01/18/2019, Exercise Price: $45.00		(694	)		(5,229,290	)		(22,555	)
Medtronic PLC
Expiration: 01/18/2019, Exercise Price: $70.00		(695	)		(5,999,240	)		(77,145	)
Wells Fargo & Co.
Expiration: 01/18/2019, Exercise Price: $40.00		(1,692	)		(9,135,108	)		(62,604	)
TOTAL PUT OPTIONS WRITTEN
(Premiums received $(1,937,914))								(162,304	)
TOTAL OPTIONS WRITTEN
(Premiums received $(2,871,380))								(182,194	)
OTHER ASSETS IN EXCESS OF LIABILITIES—29.7%								247,881,222
NET ASSETS—100.0%							$	834,670,375

ADR American Depositary Receipt

PLC Public Limited Company

SP ADR Sponsored American Depositary Receipt

* Non-income producing.

(a) All or a portion of the security is on loan. At May 31, 2018, the market value of securities on loan was $116,141,846.

Ɨ 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.

ƗƗ 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, 2018, short securities amounted to $(81) or 0.0% of net assets.

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

58 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT EQUITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

A summary of the inputs used to value the Fund's investments carried at fair value as of May 31, 2018 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Common Stock
Basic Industries	$	42,493,468	$	42,493,468	$	-	$	-
Capital Goods		83,592,422		83,592,422		-		-
Communications		20,056,197		20,056,197		-		-
Consumer Durables		7,099,261		7,099,261		-		-
Consumer Non-Durables		19,570,820		19,570,820		-		-
Consumer Services		124,097,137		124,097,137		-		-
Energy		128,364,039		128,364,039		-		-
Finance		132,033,154		132,033,154		-		-
Health Care		86,461,223		86,461,223		-		-
Real Estate Investment Trusts		10,583,139		10,583,139		-		-
Technology		88,102,817		88,102,817		-		-
Transportation		44,403,015		44,403,015		-		-
Utilities		18,127,858		18,127,858		-		-
Short-Term Investments		120,456,380		120,456,380		-		-
Total Assets	$	925,440,930	$	925,440,930	$	-	$	-

	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Securities Sold Short
Basic Industries	$	(1,563,184	)	$	(1,563,184	)	$	-		$	-
Capital Goods		(8,079,298	)		(8,079,291	)		-			(7	)
Communications		(12,582,006	)		(12,582,006	)		-			-
Consumer Durables		(33,840,492	)		(31,637,013	)		(2,203,479	)		-
Consumer Non-Durables		(26,126,604	)		(26,126,601	)		-			(3	)
Consumer Services		(36,794,653	)		(36,794,379	)		(274	)		-
Energy		(7	)		-			(7	)		-
Finance		(13,847,087	)		(13,847,087	)		-			-
Health Care		(70,668,032	)		(70,668,032	)		-			-
Real Estate Investment Trusts		(4,179,795	)		(4,179,795	)		-			-
Technology		(90,175,984	)		(90,175,913	)		-			(71	)
Utilities		(20,891,867	)		(20,891,867	)		-			-
Exchange Traded Funds		(19,720,574	)		(19,720,574	)		-			-
Options Written
Equity Contracts		(182,194	)		(19,890	)		(162,304	)		-
Total Liabilities	$	(338,651,777	)	$	(336,285,632	)	$	(2,366,064	)	$	(81	)

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

59 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

PORTFOLIO OF INVESTMENTS

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
LONG POSITIONS—100.1%
COMMON STOCKS—95.2%
Basic Industries—6.3%
Berry Global Group, Inc.*Ɨ		447,061	$	21,588,576
Celanese Corp., Series A		277,169		31,297,924
DowDuPont, Inc.		403,962		25,898,004
FMC Corp.		316,779		27,588,283
Glencore PLC		7,732,711		38,188,655
Graphic Packaging Holding Co.Ɨ		3,912,322		56,650,423
Ivanhoe Mines Ltd., Class A*		4,157,276		10,484,569
Mosaic Co., (The)		893,903		24,573,393
Nutrien Ltd.		772,264		39,115,172
Peabody Energy Corp.		512,682		22,183,750
PQ Group Holdings, Inc.*		952,928		15,647,078
Rio Tinto PLC - SP ADR		239,273		13,566,779
RPC Group PLC		3,447,321		36,195,794
Steel Dynamics, Inc.		220,896		10,918,889
Stornoway Diamond Corp.*		26,913,645		10,067,189
Warrior Met Coal, Inc.		648,252		17,613,007
WestRock Co.Ɨ		602,521		35,476,436
				437,053,921
Capital Goods—9.9%
AMETEK, Inc.		628,574		45,904,759
Bunzl PLC		313,944		9,547,715
Cemex SAB de CV -  SP ADR*		3,843,495		22,907,230
CRH PLC		626,353		23,127,320
Cummins, Inc.		190,877		27,178,976
Curtiss-Wright Corp.		282,084		35,895,189
Dover Corp.		247,950		19,144,219
General Dynamics Corp.Ɨ		181,514		36,613,189
HD Supply Holdings, Inc.*		556,139		22,651,541
Honeywell International, Inc.Ɨ		250,708		37,082,220
Huntington Ingalls Industries, Inc.		131,412		29,051,251
Lockheed Martin Corp.Ɨ		85,767		26,977,152
Masco Corp.Ɨ		1,058,851		39,463,377
Northrop Grumman Corp.Ɨ		84,598		27,684,696
Owens Corning		417,990		26,425,328
PACCAR, Inc.		275,176		17,124,202
Parker-Hannifin Corp.		232,989		39,817,820
Raytheon Co.Ɨ		173,887		36,429,327
Textron, Inc.Ɨ		565,896		37,677,356
Trinseo SA		513,143		37,100,239
Tutor Perini Corp.*		679,911		13,462,238
United Technologies Corp.Ɨ		367,250		45,840,145
Weichai Power Co. Ltd.		19,623,000		26,146,512
				683,252,001

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

60 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
Communications—2.8%
Comcast Corp., Class AƗ		1,889,470		58,913,675
Liberty Global PLC, Series C*Ɨ		1,862,536		51,554,997
Liberty Latin America Ltd. Class C*Ɨ		570,715		12,258,958
Verizon Communications, Inc.Ɨ		893,966		42,615,359
Vodafone Group PLC		11,070,195		28,289,164
				193,632,153
Consumer Durables—1.7%
BorgWarner, Inc.		560,359		27,334,312
Fiat Chrysler Automobiles NV*		866,539		20,129,701
Lear Corp.		94,964		18,802,872
PulteGroup, Inc.		1,039,962		31,458,851
Sony Corp.		420,500		19,838,728
				117,564,464
Consumer Non-Durables—4.7%
Altria Group, Inc.Ɨ		628,352		35,024,340
Asahi Group Holdings Ltd.		629,300		32,816,003
Coca-Cola European Partners PLC		1,007,455		38,253,066
Hasbro, Inc.		150,339		13,041,908
Heineken Holding NV		557,958		54,354,444
Imperial Brands PLC		786,561		28,305,794
Kirin Holdings Co. Ltd.		301,200		8,532,526
Nomad Foods Ltd.*Ɨ		3,324,933		57,853,834
PepsiCo, Inc.		316,196		31,698,649
Philip Morris International, Inc.		293,042		23,308,561
				323,189,125
Consumer Services—9.5%
Alibaba Group Holding Ltd. - SP ADR*		128,477		25,439,731
CVS Health Corp.Ɨ		579,505		36,734,822
Dun & Bradstreet Corp. (The)		292,402		35,909,890
eBay, Inc.*Ɨ		1,980,318		74,697,595
Equiniti Group PLC		2,371,153		8,195,917
Hays PLC		10,236,440		24,941,166
Interpublic Group of Cos., Inc., (The)		892,990		20,181,574
Koninklijke Ahold Delhaize NV		818,591		18,805,285
Lowe's Cos., Inc.		351,561		33,401,811
ManpowerGroup, Inc.		144,426		12,998,340
Moody's Corp.		112,142		19,128,061
Omnicom Group, Inc.Ɨ		251,657		18,139,436
Qurate Retail, Inc.*		1,680,628		34,167,167
Robert Half International, Inc.Ɨ		594,734		37,872,661
S&P Global, Inc.		137,256		27,108,060
ServiceMaster Global Holdings, Inc.*		138,659		7,922,975
Six Flags Entertainment Corp.Ɨ		606,513		39,132,219
Teleperformance		121,336		19,186,882
Tesco PLC		6,472,991		21,129,297
Time Warner, Inc.Ɨ		383,189		36,081,076
TJX Cos., Inc., (The)		205,806		18,588,398
Twenty-First Century Fox, Inc., Class AƗ		567,750		21,886,762
Western Union Co. (The)		1,771,658		35,238,278
Wyndham Worldwide Corp.		282,546		30,639,288
				657,526,691

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

61 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
Energy—9.4%
Anadarko Petroleum Corp.		787,296		54,953,261
AndeavorƗ		314,458		45,417,169
Apergy Corp.*		407,556		17,602,344
Cactus, Inc., Class A*		776,991		26,200,136
Chevron Corp.Ɨ		287,257		35,706,045
Cimarex Energy Co.		272,476		25,318,470
ConocoPhillips		518,550		34,945,084
Diamondback Energy, Inc.		169,959		20,524,249
Energen Corp.*Ɨ		261,559		17,744,163
Enerplus Corp.		2,755,543		33,684,526
EQT Corp.Ɨ		746,768		38,488,423
Hurricane Energy PLC*		38,920,937		23,365,497
Jagged Peak Energy, Inc.*		1,354,578		16,322,665
Marathon Oil Corp.		1,333,780		28,582,905
Marathon Petroleum Corp.		112,942		8,925,806
Parsley Energy, Inc., Class A*Ɨ		856,117		25,238,329
Pioneer Natural Resources Co.		282,427		54,536,654
Royal Dutch Shell PLC, Class A		1,464,997		50,794,358
Superior Energy Services, Inc.*		2,584,281		28,246,191
Targa Resources Corp.		426,865		20,758,445
Viper Energy Partners LPƗ		670,036		21,829,773
Vista Oil & Gas SAB de CV*ǂ		2,686,746		24,113,110
				653,297,603
Finance—18.4%
Air Lease Corp.		232,766		10,337,138
Alleghany Corp.		52,837		30,146,679
Allstate Corp., (The)Ɨ		368,585		34,455,326
American Express Co.		151,957		14,937,373
American International Group, Inc.		670,327		35,386,562
Aon PLCƗ		213,573		29,872,456
Aviva PLC		4,552,358		30,845,180
Bank of America Corp.Ɨ		2,803,541		81,414,831
BB&T Corp.Ɨ		305,939		16,061,798
Berkshire Hathaway, Inc., Class B*Ɨ		221,797		42,480,779
Capital One Financial Corp.Ɨ		154,171		14,492,074
Charles Schwab Corp., (The)		547,598		30,457,401
Chubb Ltd.Ɨ		291,167		38,052,615
Citigroup, Inc.Ɨ		1,123,751		74,942,954
Citizens Financial Group, Inc.Ɨ		785,261		32,077,912
Discover Financial ServicesƗ		696,856		51,469,784
DNB ASA		1,217,328		21,818,271
East West Bancorp, Inc.		345,041		23,973,449
Everest Re Group Ltd.		100,245		22,584,196
Fifth Third BancorpƗ		663,772		20,298,148
Goldman Sachs Group, Inc., (The)Ɨ		91,222		20,605,225
Huntington Bancshares, Inc.Ɨ		2,424,651		36,054,560
ING Groep NV - SP ADR		957,818		14,012,877
JPMorgan Chase & Co.Ɨ		726,416		77,733,776
KeyCorp		1,764,514		34,302,152
Lloyds Banking Group PLC		22,576,859		18,936,770
Marsh & McLennan Cos., Inc.		387,410		31,136,142
Morgan Stanley		361,341		18,117,638
Navient Corp.Ɨ		1,128,573		15,585,593
Raymond James Financial, Inc.		351,722		33,962,276
Regions Financial Corp.		1,788,223		32,617,188
SLM Corp.*		2,781,386		31,791,242
Sompo Holdings, Inc.		633,800		27,448,127

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

62 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
Finance—18.4% (continued)
State Street Corp.Ɨ		238,694		22,940,880
Sumitomo Mitsui Financial Group, Inc.		319,400		13,168,008
SunTrust Banks, Inc.Ɨ		262,241		17,703,890
Swiss Re AG		244,895		21,058,723
Synchrony Financial		1,012,221		35,053,213
TD Ameritrade Holding Corp.Ɨ		513,425		30,394,760
Travelers Cos., Inc., (The)Ɨ		194,609		25,011,149
United Overseas Bank Ltd.		737,300		15,429,808
Wells Fargo & Co.Ɨ		885,907		47,830,119
				1,276,999,042
Health Care—9.3%
Abbott Laboratories		212,808		13,094,076
Anthem, Inc.Ɨ		175,912		38,950,435
Biogen, Inc.*		96,951		28,499,716
Cardinal Health, Inc.Ɨ		444,427		23,150,202
Cigna Corp.Ɨ		207,433		35,132,927
Express Scripts Holding Co.*		438,582		33,248,901
Fresenius SE & Co. KGaA		242,413		18,613,547
Gilead Sciences, Inc.		207,666		13,996,688
ICON PLC*		118,393		15,270,329
Jazz Pharmaceuticals PLC*		133,315		22,530,235
Johnson & Johnson		796,953		95,331,518
Laboratory Corp. of America Holdings*Ɨ		255,433		46,128,646
McKesson Corp.		220,739		31,331,694
Medtronic PLC		192,777		16,640,511
Merck & Co., Inc.Ɨ		697,882		41,544,915
Novartis AG - SP ADR		488,951		36,436,629
Pfizer, Inc.Ɨ		1,021,899		36,716,831
Roche Holding AG		65,884		14,126,309
UnitedHealth Group, Inc.		151,733		36,645,037
Universal Health Services, Inc., Class B		200,155		23,013,822
Waters Corp.*		119,002		22,922,165
				643,325,133
Technology—22.2%
ABB Ltd.		974,763		22,166,111
Alliance Data Systems Corp.		61,935		13,057,137
Alphabet, Inc., Class A*Ɨ		128,836		141,719,600
Alphabet, Inc., Class C*		12,296		13,341,037
Amdocs Ltd.Ɨ		673,242		45,416,905
Arrow Electronics, Inc.*Ɨ		540,024		40,026,579
Atos SE		159,939		21,712,776
Avnet, Inc.		631,041		24,055,283
Baidu, Inc. - SP ADR*Ɨ		249,850		60,603,616
Belden, Inc.		500,940		27,681,944
Booking Holdings, Inc.*		9,692		20,439,653
Broadcom, Inc.Ɨ		243,201		61,303,676
Capgemini SA		318,685		42,028,468
CDW Corp.Ɨ		265,040		21,216,452
Cisco Systems, Inc.Ɨ		1,377,600		58,837,296
DXC Technology Co.Ɨ		740,762		68,231,588
Eaton Corp. PLC		517,765		39,650,444
EnerSys		235,458		18,815,449
Flex Ltd.*Ɨ		2,991,471		41,551,532
GrafTech International Ltd.*		2,182,159		40,042,618
Harris Corp.Ɨ		242,250		36,451,357
Hewlett Packard Enterprise Co.Ɨ		2,029,357		30,927,401
HP, Inc.Ɨ		1,674,164		36,881,833
Jabil, Inc.Ɨ		332,971		9,416,420

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

63 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
Technology—22.2% (continued)
KLA-Tencor Corp.		292,222		33,088,297
Leidos Holdings, Inc.Ɨ		542,505		32,582,850
Marvell Technology Group Ltd.Ɨ		2,336,340		50,324,764
Micro Focus International PLC - SP ADRƗ		364,398		6,449,845
Microsoft Corp.Ɨ		825,284		81,571,070
NetApp, Inc.		1,051,890		71,865,125
NetEase, Inc. - ADRƗ		58,005		13,243,702
ON Semiconductor Corp.*Ɨ		1,417,264		35,615,844
Oracle Corp.Ɨ		1,319,299		61,637,649
Qorvo, Inc.*		126,477		10,149,779
Samsung Electronics Co., Ltd.ǂ		1,771,850		83,201,835
TE Connectivity Ltd.Ɨ		606,051		56,411,227
Versum Materials, Inc.		783,465		31,315,096
Xerox Corp.		1,308,745		35,571,689
				1,538,603,947
Transportation—1.0%
Delta Air Lines, Inc.Ɨ		407,660		22,034,023
Southwest Airlines Co.		278,605		14,231,143
Union Pacific Corp.		133,145		19,007,780
United Continental Holdings, Inc.*		201,686		14,035,329
				69,308,275
TOTAL COMMON STOCKS
(Cost $5,282,355,455)				6,593,752,355
WARRANTS—0.0%
Energy—0.0%
Vista Oil & Gas SAB de CV*ǂ		1,204,819		299,020
TOTAL WARRANTS
(Cost $0)				299,020
SHORT-TERM INVESTMENTS—4.9%
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 1.61%		338,148,476		338,148,476
TOTAL SHORT-TERM INVESTMENTS
(Cost $338,148,476)				338,148,476
TOTAL LONG POSITIONS—100.1%
(Cost $5,620,503,931)				6,932,199,851

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

64 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares			Value
SECURITIES SOLD SHORT—(41.2%)
COMMON STOCKS—(41.2%)
Basic Industries—(2.8%)
Air Liquide SA		(135,080	)		(16,676,625	)
Amcor Ltd.		(1,712,270	)		(18,170,172	)
Antofagasta PLC		(1,593,099	)		(22,307,297	)
AptarGroup, Inc.		(91,891	)		(8,483,377	)
Balchem Corp.		(241,772	)		(23,314,074	)
Boliden AB		(506,202	)		(17,850,729	)
Compass Minerals International, Inc.		(245,246	)		(16,039,088	)
First Quantum Minerals Ltd.		(712,321	)		(11,179,803	)
Greif, Inc., Class A		(174,448	)		(10,172,063	)
NewMarket Corp.		(53,751	)		(20,655,972	)
Quaker Chemical Corp.		(105,731	)		(16,160,983	)
Sonoco Products Co.		(163,143	)		(8,341,502	)
Yara International ASA		(196,610	)		(8,115,833	)
					(197,467,518	)
Capital Goods—(3.0%)
AAON, Inc.		(613,434	)		(18,709,737	)
Flowserve Corp.		(829,839	)		(34,305,544	)
HB Fuller Co.		(342,043	)		(17,632,317	)
James Hardie Industries PLC		(1,613,110	)		(26,943,432	)
John Bean Technologies Corp.		(246,883	)		(21,799,769	)
Manitowoc Co. Inc. (The)*		(949,004	)		(23,241,108	)
MTU Aero Engines AG		(89,113	)		(16,807,219	)
SiteOne Landscape Supply, Inc.*		(226,546	)		(17,138,205	)
Sun Hydraulics Corp.		(222,217	)		(11,057,518	)
Wabtec Corp.		(242,984	)		(23,693,370	)
					(211,328,219	)
Communications—(1.1%)
Altice USA, Inc., Class A*		(665,563	)		(13,018,412	)
Cogent Communications Holdings, Inc.		(515,751	)		(26,406,451	)
SES SA		(1,025,922	)		(17,778,857	)
Telefonica SA		(962,899	)		(8,493,432	)
Telefonica SA - SP ADR		(933,865	)		(8,218,012	)
					(73,915,164	)
Consumer Durables—(1.6%)
Brembo SpA		(1,575,804	)		(22,530,309	)
Harley-Davidson, Inc.		(624,650	)		(25,660,622	)
Tesla Motors, Inc.*		(148,331	)		(42,234,286	)
Thor Industries, Inc.		(190,997	)		(17,686,322	)
					(108,111,539	)

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

65 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares			Value
Consumer Non-Durables—(3.9%)
Aryzta AG*		(594,216	)		(8,879,415	)
B&G Foods, Inc.		(388,566	)		(10,938,133	)
Calbee, Inc.		(476,600	)		(17,336,998	)
China Resources Beer Holdings Co., Ltd.		(3,746,000	)		(18,116,531	)
Cie Financiere Richemont SA		(104,988	)		(9,614,593	)
Coty, Inc. Class A		(889,808	)		(11,789,956	)
Gildan Activewear, Inc.		(503,185	)		(14,557,142	)
Hain Celestial Group Inc., (The)*		(193,961	)		(4,949,885	)
Hormel Foods Corp.		(465,152	)		(16,694,305	)
Industria de Diseno Textil SA		(447,718	)		(14,151,838	)
International Flavors & Fragrances, Inc.		(80,263	)		(9,802,520	)
Kimberly-Clark de Mexico SAB de CV, Class A		(4,644,700	)		(7,771,189	)
Lancaster Colony Corp.		(116,184	)		(14,650,802	)
Marine Harvest ASA		(796,260	)		(15,930,707	)
Mattel, Inc.		(551,194	)		(8,554,531	)
Nissin Foods Holdings Co. Ltd.		(170,200	)		(12,635,540	)
PRADA SpA		(2,949,800	)		(15,477,170	)
Societe BIC SA		(149,259	)		(14,517,593	)
Treasury Wine Estates Ltd.		(1,076,400	)		(13,446,975	)
Tsingtao Brewery Co., Ltd. Class H		(1,456,000	)		(9,204,634	)
Under Armour, Inc., Class A*		(1,152,150	)		(24,079,935	)
					(273,100,392	)
Consumer Services—(7.1%)
CarMax, Inc.*		(212,941	)		(14,675,894	)
Casey's General Stores, Inc.		(196,147	)		(18,987,030	)
Chegg, Inc.*		(1,328,278	)		(37,151,936	)
Chipotle Mexican Grill, Inc.*		(41,387	)		(17,803,860	)
Cimpress NV*		(53,068	)		(7,388,658	)
Cracker Barrel Old Country Store, Inc.		(83,874	)		(13,143,895	)
Dentsu, Inc.		(269,300	)		(12,831,717	)
Edenred		(418,145	)		(13,409,758	)
Eutelsat Communications SA		(460,052	)		(8,846,835	)
Evoqua Water Technologies Corp.*		(929,846	)		(17,936,729	)
FactSet Research Systems, Inc.		(78,837	)		(15,847,025	)
Floor & Decor Holdings, Inc. Class A*		(275,956	)		(12,969,932	)
Jack in the Box, Inc.		(126,146	)		(10,176,198	)
Just Eat PLC*		(1,628,166	)		(18,237,678	)
Kingfisher PLC		(3,069,077	)		(12,453,798	)
L Brands, Inc.		(385,185	)		(13,061,623	)
Meredith Corp.		(291,354	)		(14,669,674	)
Multi-Color Corp.		(206,168	)		(14,308,059	)
Murphy USA, Inc.*		(154,326	)		(10,302,804	)
Norwegian Cruise Line Holdings Ltd.*		(335,328	)		(17,551,068	)
Ocado Group PLC*		(1,956,471	)		(23,331,028	)
Pearson PLC		(2,719,835	)		(32,601,600	)
Ritchie Bros. Auctioneers, Inc.		(783,256	)		(26,693,364	)
Rollins, Inc.		(277,590	)		(13,815,654	)
Shake Shack, Inc. Class A*		(235,539	)		(14,042,835	)
Thomson Reuters Corp.		(383,371	)		(14,882,462	)
Ulta Beauty, Inc.*		(33,276	)		(8,216,177	)
Wayfair, Inc. Class A*		(244,767	)		(22,604,232	)
Wendy's Co. (The)		(817,029	)		(13,162,337	)
Zalando SE*		(386,864	)		(20,601,826	)
					(491,705,686	)

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

66 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares			Value
Energy—(3.8%)
Antero Resources Corp.*		(962,581	)		(18,394,923	)
Apache Corp.		(651,607	)		(26,064,280	)
Cenovus Energy, Inc.		(2,540,579	)		(26,777,703	)
Core Laboratories NV		(109,837	)		(13,639,559	)
Helmerich & Payne, Inc.		(370,796	)		(24,613,438	)
Hess Corp.		(553,267	)		(33,428,392	)
Imperial Oil Ltd.		(416,643	)		(13,631,032	)
Murphy Oil Corp.		(959,426	)		(29,502,350	)
National Oilwell Varco, Inc.		(510,290	)		(21,136,212	)
Oasis Petroleum, Inc.*		(879,253	)		(11,456,667	)
PrairieSky Royalty Ltd.		(1,322,172	)		(27,257,178	)
Range Resources Corp.		(1,182,360	)		(18,728,582	)
					(264,630,316	)
Finance—(6.3%)
Aozora Bank Ltd.		(264,600	)		(10,445,181	)
Bank of East Asia Ltd., (The)		(3,033,526	)		(12,558,215	)
Bankinter SA		(1,497,065	)		(14,480,670	)
CaixaBank SA		(2,243,921	)		(9,655,453	)
Canadian Western Bank		(561,522	)		(14,611,871	)
Cincinnati Financial Corp.		(134,836	)		(9,353,573	)
Commonwealth Bank of Australia		(221,820	)		(11,599,497	)
Community Bank System, Inc.		(350,852	)		(21,009,018	)
Credit Suisse Group AG*		(867,338	)		(13,298,456	)
Cullen/Frost Bankers, Inc.		(82,533	)		(9,427,745	)
CVB Financial Corp.		(711,691	)		(16,504,114	)
Erie Indemnity Co. Class A		(6,826	)		(771,406	)
First Financial Bankshares, Inc.		(763,107	)		(40,139,428	)
First Republic Bank		(142,997	)		(14,242,501	)
Glacier Bancorp, Inc.		(441,956	)		(17,231,864	)
Independent Bank Corp.		(173,527	)		(13,595,841	)
Investors Bancorp, Inc.		(835,047	)		(11,139,527	)
MarketAxess Holdings, Inc.		(87,244	)		(18,639,681	)
Metro Bank PLC*		(259,698	)		(11,458,136	)
New York Community Bancorp, Inc.		(860,944	)		(9,978,341	)
People's United Financial, Inc.		(584,727	)		(10,764,824	)
Prosperity Bancshares, Inc.		(245,968	)		(17,815,462	)
RLI Corp.		(347,511	)		(22,824,523	)
Standard Chartered PLC		(807,450	)		(8,085,297	)
Suruga Bank Ltd.		(537,300	)		(6,171,771	)
Trustmark Corp.		(494,555	)		(15,909,834	)
UMB Financial Corp.		(191,426	)		(14,749,373	)
United Bankshares, Inc.		(374,899	)		(13,665,069	)
Valley National Bancorp		(652,764	)		(8,296,630	)
Westamerica Bancorporation		(465,289	)		(26,628,490	)
WisdomTree Investments, Inc.		(830,064	)		(9,097,501	)
					(434,149,292	)
Health Care—(1.1%)
Insulet Corp.*		(146,294	)		(13,720,914	)
Penumbra, Inc.*		(108,847	)		(17,513,483	)
Teladoc, Inc.*		(359,517	)		(18,299,415	)
West Pharmaceutical Services, Inc.		(123,217	)		(11,459,181	)
Wright Medical Group NV*		(498,706	)		(12,447,702	)
					(73,440,695	)

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

67 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares			Value
Real Estate Investment Trusts—(1.5%)
Extra Space Storage, Inc.		(298,031	)		(28,685,484	)
Iron Mountain, Inc.		(490,582	)		(16,331,475	)
Lamar Advertising Co. Class A		(228,130	)		(15,791,158	)
Public Storage		(87,318	)		(18,497,445	)
Washington Prime Group, Inc.		(3,225,469	)		(23,449,160	)
					(102,754,722	)
Technology—(7.5%)
2U, Inc.*		(254,912	)		(24,165,658	)
ACI Worldwide, Inc.*		(1,118,625	)		(27,014,794	)
Blackbaud, Inc.		(235,492	)		(22,953,405	)
CoStar Group, Inc.*		(85,001	)		(32,404,081	)
Cree, Inc.*		(567,774	)		(26,469,624	)
Dassault Systemes SA		(177,408	)		(24,904,985	)
Ellie Mae, Inc.*		(281,785	)		(29,950,928	)
Guidewire Software, Inc.*		(166,259	)		(15,435,485	)
HubSpot, Inc.*		(224,937	)		(27,262,364	)
Infineon Technologies AG		(659,102	)		(18,114,607	)
Knowles Corp.*		(1,329,493	)		(19,277,648	)
Manhattan Associates, Inc.*		(481,730	)		(20,964,890	)
Medidata Solutions, Inc.*		(413,413	)		(31,898,947	)
MercadoLibre, Inc.		(90,402	)		(26,291,614	)
MINDBODY, Inc. Class A*		(576,199	)		(22,702,241	)
National Instruments Corp.		(449,952	)		(18,727,002	)
Oracle Corp.		(223,100	)		(16,930,074	)
Proofpoint, Inc.*		(194,981	)		(22,791,329	)
Ultimate Software Group Inc., (The)*		(103,987	)		(27,260,192	)
ViaSat, Inc.*		(200,601	)		(12,559,629	)
Workday, Inc., Class A*		(193,189	)		(25,300,031	)
Zendesk, Inc.*		(446,083	)		(24,931,579	)
					(518,311,107	)
Transportation—(0.4%)
Heartland Express, Inc.		(570,632	)		(10,659,406	)
Panalpina Welttransport Holding AG		(140,280	)		(17,392,670	)
					(28,052,076	)
Utilities—(1.1%)
El Paso Electric Co.		(262,029	)		(15,354,899	)
IDACORP, Inc.		(247,680	)		(22,875,725	)
Keyera Corp.		(663,470	)		(18,600,289	)
Kinder Morgan Canada Ltd.		(720,259	)		(8,843,532	)
TransCanada Corp.		(268,143	)		(11,216,422	)
					(76,890,867	)
TOTAL COMMON STOCKS
(Proceeds $(2,552,216,600))					(2,853,857,593	)
TOTAL SECURITIES SOLD SHORT—(41.2%)
(Proceeds $(2,552,216,600))					(2,853,857,593	)
OTHER ASSETS IN EXCESS OF LIABILITIES—41.1%					2,850,497,265
NET ASSETS—100.0%				$	6,928,839,523

ADR American Depositary Receipt

PLC Public Limited Company

SP ADR Sponsored American Depositary Receipt

* Non-income producing.

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

ǂ 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, 2018, these securities amounted to $107,613,965 or 1.6% of net assets.

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

68 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

REFERENCE COMPANY	COUNTERPARTY	EXPIRATION DATE	FINANCING DATE	PAYMENT FREQUENCY	NUMBER OF CONTRACTS LONG/(SHORT)			NOTIONAL AMOUNT			UNREALIZED APPRECIATION/ (DEPRECIATION)
Long
China
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A	Goldman Sachs	9/15/2020	1.94%	Monthly		1,816,000		$	40,653,860		$	2,656,205
Kweichow Moutai	Goldman Sachs	9/15/2020	1.94	Monthly		225,800			26,383,268			(12,672	)
Qingdao Haier Co. Ltd.	Goldman Sachs	9/15/2020	1.94	Monthly		9,775,544			30,605,832			1,708,547
Wuliangye Yibin Co., Ltd., Class A	Goldman Sachs	12/31/2021	1.94	Monthly		4,113,812			50,659,993			(788,942	)
									148,302,953			3,563,137
Total Long									148,302,953		$	3,563,137
Short
Brazil
Raia Drogasil SA	Goldman Sachs	9/15/2020	1.70	Monthly		(455,400	)	$	(7,610,908	)	$	988,960
China
Semiconductor Manufacturing	Goldman Sachs	12/31/2020	0.12	Monthly		(19,013,600	)		(24,714,020	)		1,038,908
Indonesia
Unilever Indonesia TBK PT	Macquarie	9/19/2018	1.71	Monthly		(3,231,700	)		(10,571,948	)		345,264
South Korea
Amorepacific Corp.	Macquarie	9/15/2020	1.71	Monthly		(63,347	)		(19,501,172	)		(410,558	)
Celltrion Inc.	Goldman Sachs	9/15/2020	1.70	Monthly		(98,720	)		(24,149,100	)		437,331
									(43,650,272	)		26,773
Taiwan
AU Optronics Corp.	Goldman Sachs	9/15/2020	1.70	Monthly		(50,614,000	)		(22,170,785	)		(481,343	)
Eclat Textile Co., Ltd.	Macquarie	12/31/2021	1.71	Monthly		(869,000	)		(10,587,474	)		186,414
Feng Tay Enterprise	Macquarie	9/15/2020	1.71	Monthly		(2,344,000	)		(10,365,633	)		(61,278	)
Innolux Corp.	Goldman Sachs	9/15/2020	1.70	Monthly		(34,122,000	)		(13,169,540	)		(31,580	)
									(56,293,432	)		(387,787	)
United States
CarMax, Inc.	Goldman Sachs	9/15/2020	1.70	Monthly		(173,557	)		(11,961,549	)		(673,528	)
Total Short									(154,802,129	)		1,338,589
Net unrealized gain/(loss) on Contracts For Difference											$	4,901,726

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

69 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

A summary of the inputs used to value the Fund's investments carried at fair value as of May 31, 2018 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Common Stock
Basic Industries	$	437,053,921	$	362,669,472	$	74,384,449	$	-
Capital Goods		683,252,001		624,430,454		58,821,547		-
Communications		193,632,153		165,342,989		28,289,164		-
Consumer Durables		117,564,464		97,725,736		19,838,728		-
Consumer Non-Durables		323,189,125		199,180,358		124,008,767		-
Consumer Services		657,526,691		565,268,144		92,258,547		-
Energy		653,297,603		602,503,245		50,794,358		-
Finance		1,276,999,042		1,128,294,155		148,704,887		-
Health Care		643,325,133		610,585,277		32,739,856		-
Technology		1,538,603,947		1,474,862,703		63,741,244		-
Transportation		69,308,275		69,308,275		-		-
Warrants		299,020		299,020		-		-
Short-Term Investments		338,148,476		338,148,476		-		-
Contracts For Difference
Equity Contracts		7,361,628		-		7,361,628		-
Total Assets	$	6,939,561,479	$	6,238,618,304	$	700,943,175	$	-

	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Securities Sold Short
Basic Industries	$	(197,467,518	)	$	(114,346,862	)	$	(83,120,656	)	$	-
Capital Goods		(211,328,219	)		(167,577,568	)		(43,750,651	)		-
Communications		(73,915,164	)		(47,642,875	)		(26,272,289	)		-
Consumer Durables		(108,111,539	)		(85,581,230	)		(22,530,309	)		-
Consumer Non-Durables		(273,100,392	)		(138,305,991	)		(134,794,401	)		-
Consumer Services		(491,705,686	)		(349,391,446	)		(142,314,240	)		-
Energy		(264,630,316	)		(264,630,316	)		-			-
Finance		(434,149,292	)		(336,396,616	)		(97,752,676	)		-
Health Care		(73,440,695	)		(73,440,695	)		-			-
Real Estate Investment Trusts		(102,754,722	)		(102,754,722	)		-			-
Technology		(518,311,107	)		(458,361,441	)		(59,949,666	)		-
Transportation		(28,052,076	)		(28,052,076	)		-			-
Utilities		(76,890,867	)		(76,890,867	)		-			-
Contracts For Difference
Equity Contracts		(2,459,902	)		-			(2,459,902	)		-
Total Liabilities	$	(2,856,317,495	)	$	(2,243,372,705	)	$	(612,944,790	)	$	-

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

70 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS ALL-CAP VALUE FUND

PORTFOLIO OF INVESTMENTS

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
COMMON STOCKS—97.3%
Basic Industries—1.4%
Crown Holdings, Inc.*		153,491	$	6,652,300
FMC Corp.		74,956		6,527,918
Graphic Packaging Holding Co.		740,513		10,722,629
Mosaic Co., (The)		252,884		6,951,781
				30,854,628
Capital Goods—7.3%
AMETEK, Inc.		147,384		10,763,454
Cemex SAB de CV -  SP ADR*		1,142,900		6,811,684
CRH PLC - SP ADR(a)		329,786		12,198,784
Cummins, Inc.		89,046		12,679,260
Dover Corp.		161,583		12,475,823
General Dynamics Corp.		82,594		16,660,036
PACCAR, Inc.		319,267		19,867,985
Spirit AeroSystems Holdings, Inc. Class A(a)		112,879		9,561,980
Textron, Inc.		146,921		9,782,000
Trinseo SA		113,786		8,226,728
United Technologies Corp.		170,338		21,261,589
WESCO International, Inc.*		209,237		12,418,216
World Fuel Services Corp.		308,728		6,446,241
				159,153,780
Communications—0.4%
Comcast Corp., Class A		274,942		8,572,692
Consumer Durables—1.0%
Fiat Chrysler Automobiles NV*		299,770		6,963,657
Lear Corp.		77,419		15,328,962
				22,292,619
Consumer Non-Durables—1.7%
Altria Group, Inc.		196,676		10,962,720
Electronic Arts, Inc.*		59,339		7,768,068
PepsiCo, Inc.		178,326		17,877,181
				36,607,969
Consumer Services—6.5%
Best Buy Co, Inc.		85,818		5,857,078
CVS Health Corp.(a)		216,240		13,707,454
eBay, Inc.*		983,703		37,105,277
Huron Consulting Group, Inc.*		118,464		4,797,792
Interpublic Group of Cos., Inc., (The)(a)		737,888		16,676,269
Lowe's Cos., Inc.		258,655		24,574,812
ManpowerGroup, Inc.		114,959		10,346,310
Nielsen Holdings PLC(a)		228,302		6,887,871
Omnicom Group, Inc.(a)		98,099		7,070,976
Robert Half International, Inc.		108,135		6,886,037
Tractor Supply Co.(a)		106,026		7,878,792
				141,788,668

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

71 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS ALL-CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
Energy—8.3%
Anadarko Petroleum Corp.		128,914		8,998,197
Andeavor		170,247		24,588,774
Apergy Corp.*		80,792		3,489,406
Cimarex Energy Co.		102,817		9,553,756
Diamondback Energy, Inc.(a)		90,086		10,878,785
Energen Corp.*		117,424		7,966,044
EQT Corp.		205,718		10,602,706
Gulfport Energy Corp.(a)*		297,572		3,306,025
Marathon Oil Corp.		1,098,604		23,543,084
Newfield Exploration Co.*		201,761		5,899,492
Parsley Energy, Inc., Class A(a)*		680,211		20,052,620
Phillips 66		141,911		16,531,212
Pioneer Natural Resources Co.		116,605		22,516,426
Targa Resources Corp.		132,256		6,431,609
WildHorse Resource Development Corp.(a)*		238,144		6,396,548
				180,754,684
Finance—29.9%
Aflac, Inc.		496,165		22,357,195
Air Lease Corp.		378,210		16,796,306
Alleghany Corp.		29,704		16,947,914
Allstate Corp., (The)		201,468		18,833,229
American International Group, Inc.(a)		498,093		26,294,330
Aon PLC		128,855		18,022,949
Bank of America Corp.		1,626,150		47,223,396
BB&T Corp.(a)		490,824		25,768,260
Capital One Financial Corp.		196,411		18,462,634
Charles Schwab Corp., (The)		173,145		9,630,325
Chubb Ltd.		216,181		28,252,695
Citigroup, Inc.		606,526		40,449,219
Discover Financial Services(a)		167,847		12,397,179
FCB Financial Holdings, Inc., Class A*		98,666		6,013,693
Fifth Third Bancorp(a)		370,734		11,337,046
Goldman Sachs Group, Inc., (The)		73,981		16,710,828
Huntington Bancshares, Inc.		1,167,121		17,355,089
JPMorgan Chase & Co.		606,937		64,948,328
KeyCorp		1,130,895		21,984,599
Loews Corp.		463,409		22,646,798
MetLife, Inc.(a)		378,010		17,384,680
Navient Corp.(a)		587,483		8,113,140
Prudential Financial, Inc.		194,519		18,837,220
Raymond James Financial, Inc.		144,268		13,930,518
SLM Corp.*		387,254		4,426,313
State Street Corp.		166,608		16,012,695
Synchrony Financial(a)		172,249		5,964,983
TD Ameritrade Holding Corp.(a)		170,196		10,075,603
Torchmark Corp.		109,653		9,301,864
Travelers Cos., Inc., (The)		122,233		15,709,385
Wells Fargo & Co.		192,425		10,389,026
White Mountains Insurance Group Ltd.		22,767		20,537,655
WR Berkley Corp.(a)		152,210		11,639,499
XL Group Ltd.		433,514		24,094,708
				648,849,301

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

72 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS ALL-CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
Health Care—15.5%
Abbott Laboratories		378,141		23,267,016
Anthem, Inc.		94,234		20,865,292
Cardinal Health, Inc.		153,283		7,984,512
Cigna Corp.		69,171		11,715,492
Gilead Sciences, Inc.		435,621		29,360,855
Jazz Pharmaceuticals PLC*		75,519		12,762,711
Johnson & Johnson		257,970		30,858,371
Laboratory Corp. of America Holdings*		123,088		22,228,462
McKesson Corp.		176,108		24,996,770
Medtronic PLC		398,888		34,432,012
Merck & Co., Inc.		601,031		35,779,375
Novartis AG - SP ADR		343,546		25,601,048
Pfizer, Inc.		656,697		23,595,123
Roche Holding AG - SP ADR		332,192		8,906,068
UnitedHealth Group, Inc.		96,774		23,371,889
				335,724,996
Technology—24.7%
Alliance Data Systems Corp.(a)		57,807		12,186,872
Allscripts Healthcare Solutions, Inc.(a)*		287,734		3,639,835
Alphabet, Inc., Class A*		21,808		23,988,800
Amdocs Ltd.		151,929		10,249,130
Analog Devices, Inc.		123,692		12,020,389
Arrow Electronics, Inc.*		196,093		14,534,413
Belden, Inc.(a)		205,103		11,333,992
Booking Holdings, Inc.*		9,507		20,049,502
Cisco Systems, Inc.		1,116,231		47,674,226
Cognizant Technology Solutions Corp., Class A		158,457		11,939,735
DXC Technology Co.		376,858		34,712,390
EnerSys		186,954		14,939,494
Fidelity National Information Services, Inc.(a)		64,894		6,633,465
Flex Ltd.*		866,348		12,033,574
Fortive Corp.		163,102		11,855,884
GrafTech International Ltd.(a)*		523,824		9,612,170
Hewlett Packard Enterprise Co.		985,250		15,015,210
HP, Inc.		947,607		20,875,782
Jabil, Inc.		469,441		13,275,791
KLA-Tencor Corp.(a)		105,408		11,935,348
Leidos Holdings, Inc.		102,307		6,144,558
Microsoft Corp.		349,153		34,510,283
Momo, Inc. - SP ADR(a)*		258,474		11,869,126
NetApp, Inc.(a)		332,453		22,713,189
NetEase, Inc. - ADR		27,222		6,215,327
ON Semiconductor Corp.(a)*		412,473		10,365,447
Oracle Corp.		842,439		39,358,750
Qorvo, Inc.(a)*		287,742		23,091,296
Symantec Corp.		567,371		11,789,969
TE Connectivity Ltd.		254,284		23,668,755
Versum Materials, Inc.(a)		224,383		8,968,589
Xerox Corp.		369,624		10,046,380
YY, Inc. - ADR*		80,688		9,402,573
				536,650,244

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

73 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS ALL-CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
Transportation—0.6%
Delta Air Lines, Inc.		256,105		13,842,475
TOTAL COMMON STOCKS
(Cost $1,654,783,247)				2,115,092,056
RIGHTS—0.0%
Technology—0.0%
CVR Banctec Inc. - Escrow Shares*ǂ		14,327		0
TOTAL RIGHTS
(Cost $0)				0
SHORT-TERM INVESTMENTS—12.0%
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 1.61%		34,227,831		34,227,831
Mount Vernon Liquid Assets Portfolio, LLC, 2.02%		226,445,917		226,445,917
TOTAL SHORT-TERM INVESTMENTS
(Cost $260,673,748)				260,673,748
TOTAL INVESTMENTS—109.3%
(Cost $1,915,456,995)				2,375,765,804
LIABILITIES IN EXCESS OF OTHER ASSETS—(9.3)%				(201,473,588	)
NET ASSETS—100.0%			$	2,174,292,216

ADR American Depositary Receipt

PLC Public Limited Company

SP ADR Sponsored American Depositary Receipt

* Non-income producing.

(a) All or a portion of the security is on loan. At May 31, 2018, the market value of securities on loan was $219,778,871.

ǂ 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, 2018, these securities amounted to $0 or 0.0% of net assets.

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

74 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS ALL-CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

A summary of the inputs used to value the Fund's investments carried at fair value as of May 31, 2018 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Common Stock
Basic Industries	$	30,854,628	$	30,854,628	$	-	$	-
Capital Goods		159,153,780		159,153,780		-		-
Communications		8,572,692		8,572,692		-		-
Consumer Durables		22,292,619		22,292,619		-		-
Consumer Non-Durables		36,607,969		36,607,969		-		-
Consumer Services		141,788,668		141,788,668		-		-
Energy		180,754,684		180,754,684		-		-
Finance		648,849,301		648,849,301		-		-
Health Care		335,724,996		335,724,996		-		-
Technology		536,650,244		536,650,244		-		-
Transportation		13,842,475		13,842,475		-		-
Rights		-		-		-		-
Short-Term Investments		260,673,748		260,673,748		-		-
Total Assets	$	2,375,765,804	$	2,375,765,804	$	-	$	-

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

75 

BOSTON PARTNERS INVESTMENT FUNDS

WPG PARTNERS SMALL/MICRO CAP VALUE FUND

PORTFOLIO OF INVESTMENTS

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
COMMON STOCKS—98.6%
Basic Industries—5.7%
Allegheny Technologies, Inc.(a)*		30,600	$	872,712
Green Plains, Inc.(a)		15,600		333,060
Haynes International, Inc.		11,300		481,154
Schweitzer-Mauduit International, Inc.		3,800		166,478
				1,853,404
Capital Goods—12.9%
BMC Stock Holdings, Inc.*		8,100		164,835
Carpenter Technology Corp.		2,700		161,838
Ferroglobe PLC*		6,800		69,564
Foundation Building Materials, Inc.*		6,200		95,170
FreightCar America, Inc.		38,100		652,272
Great Lakes Dredge & Dock Corp.(a)*		83,100		417,577
KBR, Inc.		44,700		823,374
KeyW Holding Corp., (The)(a)*		19,300		182,385
Landec Corp.(a)*		11,900		167,790
Matrix Service Co.*		13,200		256,080
Orion Group Holdings, Inc.*		51,800		401,968
Smart Sand, Inc.(a)*		35,900		219,708
Tutor Perini Corp.(a)*		28,300		560,340
				4,172,901
Communications—0.6%
Ooma, Inc.*		16,400		194,340
Consumer Durables—2.3%
Century Communities, Inc.*		3,900		117,390
Libbey, Inc.(a)		55,400		360,654
Tower International, Inc.		200		5,880
TRI Pointe Group, Inc.(a)*		15,700		270,982
				754,906
Consumer Non-Durables—0.8%
Matthews International Corp., Class A		4,300		236,500
Sequential Brands Group, Inc.*		10,275		21,167
				257,667
Consumer Services—9.2%
Covanta Holding Corp.(a)		18,600		303,180
Del Taco Restaurants, Inc.*		20,700		249,228
Hibbett Sports, Inc.(a)*		7,500		198,375
ICF International, Inc.		7,400		522,810
MDC Partners, Inc., Class A*		82,300		341,545
SUPERVALU, Inc.(a)*		37,400		691,526
Team, Inc.(a)*		24,500		520,625
Tile Shop Holdings, Inc.		22,900		164,880
				2,992,169

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

76 

BOSTON PARTNERS INVESTMENT FUNDS

WPG PARTNERS SMALL/MICRO CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
Energy—11.4%
Carrizo Oil & Gas, Inc.*		3,400		85,884
Eclipse Resources Corp.*		66,200		107,244
Extraction Oil & Gas, Inc.(a)*		13,500		228,960
Flotek Industries, Inc.(a)*		31,000		97,030
Gulfport Energy Corp.*		64,000		711,040
HighPoint Resources Corp.*		84,500		603,330
Mammoth Energy Services, Inc.*		1,000		37,760
McDermott International, Inc.(a)*		21,366		464,283
NCS Multistage Holdings, Inc.(a)*		9,200		140,024
Resolute Energy Corp.(a)*		6,200		221,092
Select Energy Services, Inc. Class A*		9,400		134,138
Solaris Oilfield Infrastructure, Inc. Class A*		19,500		301,080
Superior Energy Services, Inc.*		14,100		154,113
TETRA Technologies, Inc.*		77,200		325,784
WildHorse Resource Development Corp.*		3,100		83,266
				3,695,028
Finance—28.6%
Ameris Bancorp(a)		9,300		518,010
Banner Corp.		7,900		473,605
Central Pacific Financial Corp.		13,400		394,496
CNO Financial Group, Inc.		19,600		392,392
Essent Group Ltd.*		5,500		188,650
First Foundation, Inc.(a)*		23,600		457,604
FirstCash, Inc.		2,500		226,875
Fulton Financial Corp.		25,700		448,465
Hanover Insurance Group Inc., (The)		1,800		218,232
HomeStreet, Inc.*		23,300		624,440
Investors Bancorp, Inc.		15,800		210,772
Kearny Financial Corp.		16,500		238,425
Kemper Corp.		7,200		557,640
Kennedy-Wilson Holdings, Inc.		24,700		503,880
Meridian Bancorp, Inc.		21,100		412,505
MGIC Investment Corp.*		26,600		276,374
National Bank Holdings Corp., Class A		12,100		471,174
Northfield Bancorp, Inc.		24,100		393,794
Origin Bancorp, Inc.(a)		5,800		225,272
Popular, Inc.		16,900		764,556
State Bank Financial Corp.		13,300		446,215
United Community Banks, Inc.		9,300		301,878
United Financial Bancorp, Inc.(a)		32,100		559,182
				9,304,436
Health Care—2.8%
Accuray, Inc.*		110,200		484,880
Lantheus Holdings, Inc.*		11,800		165,200
LifePoint Health, Inc.(a)*		1,500		79,275
Trinity Biotech PLC - SP ADR*		41,600		193,440
				922,795
Real Estate Investment Trusts—7.4%
Cedar Realty Trust, Inc.		57,600		252,864
GEO Group Inc., (The)		13,600		337,280
Getty Realty Corp.		17,300		451,703
Gramercy Property Trust		15,900		438,363
Ladder Capital Corp.		23,600		366,272
NexPoint Residential Trust, Inc.		5,900		163,548
Seritage Growth Properties, Class A(a)		5,300		220,798
UMH Properties, Inc.(a)		11,800		173,578
				2,404,406

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

77 

BOSTON PARTNERS INVESTMENT FUNDS

WPG PARTNERS SMALL/MICRO CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
Technology—7.9%
Acacia Communications, Inc.(a)*		4,800		155,232
Aerohive Networks, Inc.*		31,800		127,518
CommVault Systems, Inc.*		2,600		177,710
Generac Holdings, Inc.*		10,300		515,927
NeoPhotonics Corp.(a)*		66,600		434,232
QAD, Inc., Class A		6,600		342,210
Quantenna Communications, Inc.(a)*		11,700		187,200
Ribbon Communications, Inc.*		40,500		245,430
ServiceSource International, Inc.*		36,700		153,773
VASCO Data Security International, Inc.*		10,500		227,325
				2,566,557
Transportation—6.0%
Ardmore Shipping Corp.*		65,900		533,790
Scorpio Tankers, Inc.(a)		144,000		417,600
Spirit Airlines, Inc.(a)*		8,600		315,534
StealthGas, Inc.*		56,100		222,717
YRC Worldwide, Inc.*		41,700		447,024
				1,936,665
Utilities—3.0%
ALLETE, Inc.		2,800		215,096
El Paso Electric Co.		3,100		181,660
NorthWestern Corp.		3,400		185,232
PNM Resources, Inc.		3,900		155,805
Portland General Electric Co.		5,400		230,364
				968,157
TOTAL COMMON STOCKS
(Cost $27,420,882)				32,023,431
WARRANTS—0.1%
Energy—0.1%
TETRA Technologies, Inc. *‡		20,950		15,922
TOTAL WARRANTS
(Cost $4,475)				15,922
SHORT-TERM INVESTMENTS—24.9%
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 1.61%		293,810		293,810
Mount Vernon Liquid Assets Portfolio, LLC, 2.02%		7,810,546		7,810,546
TOTAL SHORT-TERM INVESTMENTS
(Cost $8,104,356)				8,104,356
TOTAL INVESTMENTS—123.6%
(Cost $35,529,713)				40,143,709
LIABILITIES IN EXCESS OF OTHER ASSETS—(23.6)%				(7,653,949	)
NET ASSETS—100.0%			$	32,489,760

ADR American Depositary Receipt

PLC Public Limited Company

SP ADR Sponsored American Depositary Receipt

* Non-income producing.

(a) All or a portion of the security is on loan. At May 31, 2018, the market value of securities on loan was $7,520,875.

‡ 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, 2018, these securities amounted to $15,922 or 0.1% of net assets.

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

78 

BOSTON PARTNERS INVESTMENT FUNDS

WPG PARTNERS SMALL/MICRO CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

A summary of the inputs used to value the Fund's investments carried at fair value as of May 31, 2018 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Common Stocks	$	32,023,431	$	32,023,431	$	-	$	-
Warrants		15,922		-		-		15,922
Short-Term Investments		8,104,356		8,104,356		-		-
Total Assets	$	40,143,709	$	40,127,787	$	-	$	15,922

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

79 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS GLOBAL EQUITY FUND

PORTFOLIO OF INVESTMENTS

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
LONG POSITIONS—103.9%
COMMON STOCKS—95.9%
Argentina—0.2%
YPF SA - SP ADR		80,602	$	1,463,732
Australia—0.9%
Woodside Petroleum Ltd.		237,839		5,811,739
Bermuda—1.2%
Everest Re Group Ltd.		34,769		7,833,108
Canada—0.9%
Nutrien Ltd.		106,419		5,390,122
France—4.4%
Capgemini SA		50,810		6,700,869
Renault SA		32,191		3,121,540
Schneider Electric SE		35,917		3,104,826
Teleperformance SA		18,311		2,895,521
TOTAL SA		143,273		8,710,074
Vinci SA		31,795		3,127,115
				27,659,945
Germany—2.6%
Allianz SE		15,943		3,284,755
E.ON SE		366,178		3,878,990
Fresenius SE & Co. KGaA		50,565		3,882,605
Siemens AG		39,861		5,195,029
				16,241,379
Hong Kong—1.3%
CK Hutchison Holdings Ltd.		350,000		3,941,084
WH Group Ltd.		4,124,000		4,225,138
				8,166,222
Ireland—1.3%
CRH PLC		227,657		8,405,957
Japan—10.9%
Alps Electric Co., Ltd.		148,300		3,492,886
Asahi Group Holdings Ltd.		88,200		4,599,351
Fuji Electric Co., Ltd.		1,200,000		8,505,948
Haseko Corp.		214,900		3,253,520
KDDI Corp.		204,100		5,505,286
Matsumotokiyoshi Holdings Co., Ltd.		67,600		3,255,425
Mitsubishi Electric Corp.		189,500		2,685,550
Nippon Telegraph & Telephone Corp.		79,500		3,713,994
Nomura Holdings, Inc.		652,000		3,360,761
Seven & i Holdings Co., Ltd.		118,200		5,228,082
Sony Corp.		84,500		3,986,617
SUMCO Corp.		186,900		4,512,379
Sumitomo Electric Industries Ltd.		210,400		3,164,545
Sumitomo Mitsui Financial Group, Inc.		100,100		4,126,855
Suzuki Motor Corp.		56,500		3,237,658
Tokuyama Corp.		96,700		3,433,986
Zenkoku Hosho Co., Ltd.		67,000		3,216,667
				69,279,510
Luxembourg—0.3%
Ternium SA - SP ADR		60,028		2,144,200
Mexico—0.6%
Cemex SAB de CV - SP ADR*		595,430		3,548,763
Netherlands—2.0%
Koninklijke Ahold NV		104,262		2,395,185
Royal Dutch Shell PLC, Class A		296,892		10,293,836
				12,689,021
Singapore—1.1%
Flex Ltd.*		510,435		7,089,942
South Korea—1.4%
KT Corp. - SP ADR		106,884		1,394,836
LG Uplus Corp.		113,427		1,227,226
Samsung Electronics Co., Ltd.ǂ		130,350		6,120,924
				8,742,986

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

80 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS GLOBAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
Switzerland—3.4%
ABB Ltd.		184,328		4,170,052
Glencore PLC		905,394		4,471,366
Roche Holding AG		32,552		6,979,534
Swiss Re AG		68,380		5,880,052
				21,501,004
United Kingdom—6.5%
Aviva PLC		1,016,312		6,886,173
Coca-Cola European Partners PLC		122,718		4,659,603
Direct Line Insurance Group PLC		1,025,747		4,868,939
Imperial Brands PLC		86,636		3,117,750
Lloyds Banking Group PLC		5,123,580		4,297,500
Nomad Foods Ltd.*		166,213		2,892,106
RPC Group PLC		417,446		4,383,053
Tullow Oil PLC*		578,346		1,933,107
Vodafone Group PLC		1,861,297		4,756,424
WPP PLC		203,836		3,359,226
				41,153,881
United States—56.9%
Advance Auto Parts, Inc.(a)		20,586		2,647,771
Air Lease Corp.		96,838		4,300,576
Allstate Corp. (The)		40,183		3,756,307
Alphabet, Inc., Class C*		7,500		8,137,425
American Express Co.		60,539		5,950,984
American International Group, Inc.(a)		82,400		4,349,896
Andeavor		20,510		2,962,259
Anthem, Inc.		49,642		10,991,732
Apergy Corp.*		67,979		2,936,013
Bank of America Corp.		429,871		12,483,454
Berkshire Hathaway, Inc., Class B*		101,240		19,390,497
Biogen, Inc.*		11,335		3,332,037
Booking Holdings, Inc.(a)*		1,437		3,030,518
Chubb Ltd.		57,957		7,574,400
Cigna Corp.		18,189		3,080,671
Cisco Systems, Inc.		131,840		5,630,886
Citigroup, Inc.		82,705		5,515,596
Comcast Corp., Class A		186,575		5,817,409
Diamondback Energy, Inc.(a)		23,417		2,827,837
DowDuPont, Inc.(a)		90,640		5,810,930
DXC Technology Co.		86,255		7,944,948
East West Bancorp, Inc.		56,395		3,918,325
Eaton Corp. PLC		117,198		8,975,023
eBay, Inc.*		138,328		5,217,732
EQT Corp.		83,425		4,299,725
Goldman Sachs Group Inc., (The)		40,784		9,212,290

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

81 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS GLOBAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
United States—56.9% (continued)
GrafTech International Ltd.(a)*		87,391		1,603,625
Honeywell International, Inc.		22,225		3,287,300
HP, Inc.		257,747		5,678,166
Jagged Peak Energy, Inc.(a)*		142,308		1,714,811
Johnson & Johnson		57,524		6,881,021
Laboratory Corp. of America Holdings*		67,133		12,123,548
Leidos Holdings, Inc.		94,178		5,656,331
Loews Corp.(a)		60,856		2,974,033
Lowe's Cos., Inc.		61,094		5,804,541
Marvell Technology Group Ltd.(a)		204,376		4,402,259
Masco Corp.		159,982		5,962,529
McKesson Corp.		39,466		5,601,804
Microsoft Corp.		189,525		18,732,651
Morgan Stanley		119,338		5,983,607
Mosaic Co. (The)		149,172		4,100,738
NetApp, Inc.(a)		77,612		5,302,452
Northrop Grumman Corp.		9,976		3,264,646
Oracle Corp.		272,400		12,726,528
Parsley Energy, Inc., Class A(a)*		191,617		5,648,869
Peabody Energy Corp.		86,562		3,745,538
Pfizer, Inc.		120,729		4,337,793
Pioneer Natural Resources Co.		36,848		7,115,349
Raytheon Co.		15,472		3,241,384
Steel Dynamics, Inc.		109,175		5,396,520
SunTrust Banks, Inc.(a)		61,198		4,131,477
SYNNEX Corp.(a)		27,460		2,933,277
TE Connectivity Ltd.		58,743		5,467,798
Time Warner, Inc.		52,352		4,929,464
TJX Cos. Inc., (The)		66,300		5,988,216
Trinseo SA		73,992		5,349,622
Twenty-First Century Fox, Inc. Class A		86,050		3,317,228
United Parcel Service, Inc., Class B		44,842		5,207,053
United Technologies Corp.		50,694		6,327,625
Verizon Communications, Inc.		98,982		4,718,472
Vistra Energy Corp.*		179,539		4,404,092
Wells Fargo & Co.		59,157		3,193,886
WestRock Co.		52,167		3,071,593
				360,421,087
TOTAL COMMON STOCKS
(Cost $539,821,110)				607,542,598
PREFERRED STOCKS—0.7%
Germany—0.7%
Volkswagen AG, 2.445%		24,409		4,584,457
TOTAL PREFERRED STOCKS
(Cost $4,257,565)				4,584,457
SHORT-TERM INVESTMENTS—7.3%
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 1.61%		22,323,705		22,323,705
Mount Vernon Liquid Assets Portfolio, LLC, 2.02%		23,856,722		23,856,722
TOTAL SHORT-TERM INVESTMENTS
(Cost $46,180,427)				46,180,427
TOTAL INVESTMENTS—103.9%
(Cost $590,259,102)				658,307,482
LIABILITIES IN EXCESS OF OTHER ASSETS—(3.9)%				(24,863,308	)
NET ASSETS—100.0%			$	633,444,174

PLC Public Limited Company

SP ADR Sponsored American Depositary Receipt

* Non-income producing.

(a) All or a portion of the security is on loan. At May 31, 2018, the market value of securities on loan was $23,052,966.

ǂ 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, 2018, these securities amounted to $6,120,924 or 1.0% of net assets.

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

82 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS GLOBAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

A summary of the inputs used to value the Fund's investments carried at fair value as of May 31, 2018 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Common Stock
Argentina	$	1,463,732	$	1,463,732	$	-	$	-
Australia		5,811,739		-		5,811,739		-
Bermuda		7,833,108		7,833,108		-		-
Canada		5,390,122		5,390,122		-		-
France		27,659,945		-		27,659,945		-
Germany		16,241,379		-		16,241,379		-
Hong Kong		8,166,222		-		8,166,222		-
Ireland		8,405,957		-		8,405,957		-
Japan		69,279,510		-		69,279,510		-
Luxembourg		2,144,200		2,144,200		-		-
Mexico		3,548,763		3,548,763		-		-
Netherlands		12,689,021		-		12,689,021		-
Singapore		7,089,942		7,089,942		-		-
South Korea		8,742,986		7,515,760		1,227,226		-
Switzerland		21,501,004		-		21,501,004		-
United Kingdom		41,153,881		7,551,709		33,602,172		-
United States		360,421,087		360,421,087		-		-
Preferred Stock
Germany		4,584,457		-		4,584,457		-
Short-Term Investments		46,180,427		46,180,427		-		-
Total Assets	$	658,307,482	$	449,138,850	$	209,168,632	$	-

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

83 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS GLOBAL LONG/SHORT FUND

PORTFOLIO OF INVESTMENTS

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
LONG POSITIONS—100.1%
COMMON STOCKS—97.1%
Argentina—0.3%
YPF SA - SP ADR		128,924	$	2,341,260
Australia—0.9%
Woodside Petroleum Ltd.		361,059		8,822,693
Bermuda—1.1%
Everest Re Group Ltd.		44,587		10,045,005
Canada—0.9%
Nutrien Ltd.		164,706		8,342,359
France—4.5%
Capgemini SA		80,401		10,603,357
Renault SA		48,113		4,665,486
Schneider Electric SE		53,683		4,640,598
Teleperformance SA		29,439		4,655,194
TOTAL SA		222,378		13,519,148
Vinci SA		49,110		4,830,086
				42,913,869
Germany—2.7%
Allianz SE		24,252		4,996,668
E.ON SE		581,399		6,158,865
Fresenius SE & Co. KGaA		80,275		6,163,871
Siemens AG		62,126		8,096,796
				25,416,200
Hong Kong—1.3%
CK Hutchison Holdings Ltd.		544,500		6,131,200
WH Group Ltd.		6,342,000		6,497,533
				12,628,733
India—0.5%
Dish TV India Ltd.*Ɨ		4,909,997		5,069,572
Ireland—1.4%
CRH PLC		367,868		13,583,077
Japan—10.8%
Alps Electric Co., Ltd.		225,900		5,320,586
Asahi Group Holdings Ltd.		136,300		7,107,614
Fuji Electric Co., Ltd.		1,807,000		12,808,540
Haseko Corp.		378,200		5,725,832
KDDI Corp.		317,500		8,564,078
Matsumotokiyoshi Holdings Co., Ltd.		107,500		5,176,897
Mitsubishi Electric Corp.		294,900		4,179,254
Nippon Telegraph & Telephone Corp.		122,100		5,704,134
Nomura Holdings, Inc.		908,700		4,683,931
Seven & i Holdings Co., Ltd.		187,300		8,284,432
Sony Corp.		128,700		6,071,925
SUMCO Corp.		290,800		7,020,865
Sumitomo Electric Industries Ltd.		327,400		4,924,297
Sumitomo Mitsui Financial Group, Inc.		137,800		5,681,125
Suzuki Motor Corp.		91,400		5,237,556
Tokuyama Corp.		142,200		5,049,771
				101,540,837

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

84 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS GLOBAL LONG/SHORT FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
Luxembourg—0.4%
Ternium SA - SP ADRƗ		98,232		3,508,847
Mexico—0.6%
Cemex SAB de CV - SP ADR*		960,801		5,726,374
Netherlands—1.7%
Royal Dutch Shell PLC, Class A		460,423		15,963,781
Singapore—1.1%
Flex Ltd.*Ɨ#		777,947		10,805,684
South Korea—1.5%
KT Corp. - SP ADR		170,796		2,228,888
LG Uplus Corp.		198,145		2,143,835
Samsung Electronics Co., Ltd.Ɨ		210,000		9,861,097
				14,233,820
Switzerland—3.3%
ABB Ltd.		284,317		6,432,103
Glencore PLC		917,788		4,532,574
Roche Holding AG		54,226		11,626,696
Swiss Re AG		95,930		8,249,100
				30,840,473
United Kingdom—6.3%
Aviva PLC		1,277,085		8,653,080
Coca-Cola European Partners PLCƗ		190,146		7,219,844
Direct Line Insurance Group PLC		1,501,524		7,127,322
Imperial Brands PLC		130,098		4,681,807
Lloyds Banking Group PLC		7,203,865		6,042,379
Nomad Foods Ltd.*Ɨ		302,850		5,269,590
RPC Group PLC		420,176		4,411,717
Tullow Oil PLC*		883,729		2,953,842
Vodafone Group PLC		2,922,170		7,467,415
WPP PLC		330,909		5,453,394
				59,280,390
United States—57.8%
Advance Auto Parts, Inc.		30,768		3,957,380
Air Lease Corp.Ɨ		158,205		7,025,884
Allstate Corp. (The)Ɨ		57,369		5,362,854
Alphabet, Inc., Class C*Ɨ		12,119		13,148,994
American Express Co.Ɨ		90,553		8,901,360
American International Group, Inc.		114,268		6,032,208
AndeavorƗ		30,524		4,408,581
Anthem, Inc.Ɨ		79,834		17,676,844
Apergy Corp.*		101,700		4,392,423
Bank of America Corp.Ɨ		645,160		18,735,446
Berkshire Hathaway, Inc., Class B*Ɨ		65,204		12,488,522
Biogen, Inc.*		16,942		4,980,270
Booking Holdings, Inc.*		2,256		4,757,724
Chubb Ltd.Ɨ		88,012		11,502,288
Cigna Corp.Ɨ		27,811		4,710,349
Cisco Systems, Inc.Ɨ		218,385		9,327,223
Citigroup, Inc.Ɨ		119,969		8,000,733
Comcast Corp., Class AƗ		297,862		9,287,337
Diamondback Energy, Inc.Ɨ		35,335		4,267,055
DowDuPont, Inc.Ɨ		143,849		9,222,159
DXC Technology Co.Ɨ		131,342		12,097,912
East West Bancorp, Inc.		86,059		5,979,379
Eaton Corp. PLCƗ		180,671		13,835,785
eBay, Inc.*Ɨ		215,700		8,136,204
EQT Corp.Ɨ		132,175		6,812,300
Goldman Sachs Group Inc., (The)		59,721		13,489,780
GrafTech International Ltd.*		249,072		4,570,471
Honeywell International, Inc.		36,817		5,445,603
HP, Inc.Ɨ		420,954		9,273,617
Jagged Peak Energy, Inc.*		237,237		2,858,706
Johnson & JohnsonƗ		89,438		10,698,574
Laboratory Corp. of America Holdings*Ɨ		112,458		20,308,790
Leidos Holdings, Inc.Ɨ		140,418		8,433,505
Loews Corp.		86,906		4,247,096
Lowe's Cos, Inc.		93,037		8,839,445
Marvell Technology Group Ltd.		311,892		6,718,154
Masco Corp.Ɨ		243,464		9,073,903

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

85 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS GLOBAL LONG/SHORT FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
United States—57.8% (continued)
McKesson Corp.		60,371		8,569,060
Microsoft Corp.Ɨ		292,742		28,934,619
Morgan Stanley		176,114		8,830,356
Mosaic Co. (The)		227,058		6,241,824
NetApp, Inc.Ɨ		115,710		7,905,307
Northrop Grumman Corp.Ɨ		15,275		4,998,744
Oracle Corp.Ɨ#		420,753		19,657,580
Parsley Energy, Inc., Class A*Ɨ		290,931		8,576,646
Peabody Energy Corp.		134,582		5,823,363
Pfizer, Inc.Ɨ		201,173		7,228,146
Pioneer Natural Resources Co.Ɨ		56,879		10,983,335
Raytheon Co.		23,658		4,956,351
Steel Dynamics, Inc.Ɨ		169,952		8,400,727
SunTrust Banks, Inc.Ɨ#		113,400		7,655,634
SYNNEX Corp.		42,156		4,503,104
TE Connectivity Ltd.		93,536		8,706,331
Time Warner, Inc.		80,441		7,574,325
TJX Cos. Inc., (The)		101,061		9,127,830
Trinseo SAƗ		117,348		8,484,260
Twenty-First Century Fox, Inc. Class A		132,394		5,103,789
United Parcel Service, Inc., Class B		67,824		7,875,723
United Technologies Corp.Ɨ		75,578		9,433,646
Verizon Communications, Inc.		150,774		7,187,397
Vistra Energy Corp.*		268,217		6,579,363
Warrior Met Coal, Inc.		169,307		4,600,071
Wells Fargo & Co.Ɨ		80,856		4,365,415
WestRock Co.Ɨ		80,015		4,711,283
				546,019,087
TOTAL COMMON STOCKS
(Cost $815,876,510)				917,082,061
PREFERRED STOCKS—0.7%
Germany—0.7%
Volkswagen AG, 2.445%		37,349		7,014,825
TOTAL PREFERRED STOCKS
(Cost $6,515,437)				7,014,825
SHORT-TERM INVESTMENTS—2.3%
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 1.61%		22,071,466		22,071,466
TOTAL SHORT-TERM INVESTMENTS
(Cost $22,071,466)				22,071,466
TOTAL INVESTMENTS—100.1%
(Cost $844,463,413)				946,168,352

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

86 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS GLOBAL LONG/SHORT FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares			Value
SECURITIES SOLD SHORT—(41.7%)
COMMON STOCKS—(41.7%)
Argentina—(0.3%)
MercadoLibre, Inc.		(11,400	)		(3,315,462	)
Australia—(1.6%)
Challenger Ltd.		(363,142	)		(3,523,844	)
Domino's Pizza Enterprises Ltd.		(51,882	)		(1,927,304	)
National Australia Bank Ltd.		(132,419	)		(2,669,276	)
Ramsay Health Care Ltd.		(61,379	)		(2,841,673	)
Treasury Wine Estates Ltd.		(141,820	)		(1,771,693	)
WiseTech Global Ltd.		(199,312	)		(2,205,946	)
					(14,939,736	)
Belgium—(0.4%)
Colruyt SA		(64,662	)		(3,430,572	)
Canada—(1.2%)
First Quantum Minerals Ltd.		(94,323	)		(1,480,389	)
PrairieSky Royalty Ltd.		(195,777	)		(4,036,032	)
Ritchie Bros. Auctioneers, Inc.		(86,247	)		(2,939,298	)
Thomson Reuters Corp.		(62,867	)		(2,440,497	)
					(10,896,216	)
Chile—(0.5%)
Latam Airlines Group SA		(248,272	)		(2,979,264	)
Sociedad Quimica y Minera de Chile SA - SP ADR		(42,787	)		(2,230,486	)
					(5,209,750	)
China—(0.2%)
Shanghai Electric Group Co. Ltd., Class H*		(5,336,000	)		(2,034,535	)
Finland—(0.4%)
Huhtamaki OYJ		(101,480	)		(4,141,094	)
France—(1.3%)
Air Liquide SA		(22,914	)		(2,828,903	)
Dassault Systemes SE		(16,778	)		(2,355,338	)
JCDecaux SA		(61,759	)		(1,929,234	)
Societe Generale SA		(74,517	)		(3,216,325	)
Vallourec SA*		(306,095	)		(1,891,819	)
					(12,221,619	)
Germany—(2.6%)
Axel Springer SE		(52,104	)		(3,786,258	)
Infineon Technologies AG		(94,859	)		(2,607,083	)
Jenoptik AG		(76,340	)		(3,154,639	)
Krones AG		(29,557	)		(3,794,541	)
MTU Aero Engines AG		(16,153	)		(3,046,548	)
Siemens Healthineers AG*		(92,357	)		(3,671,498	)
Symrise AG		(28,701	)		(2,329,486	)
Zalando SE*		(36,197	)		(1,927,614	)
					(24,317,667	)
Hong Kong—(0.8%)
Hang Seng Bank Ltd.		(115,600	)		(2,882,148	)
Hong Kong & China Gas Co. Ltd.		(1,312,000	)		(2,829,602	)
VTech Holdings Ltd.		(183,500	)		(2,236,416	)
					(7,948,166	)

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

87 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS GLOBAL LONG/SHORT FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares			Value
Italy—(0.4%)
Brembo SpA		(257,097	)		(3,675,886	)
Japan—(5.1%)
Aozora Bank Ltd.		(97,500	)		(3,848,848	)
Asics Corp.		(234,700	)		(3,895,653	)
Calbee, Inc.		(54,100	)		(1,967,964	)
FamilyMart UNY Holdings Co., Ltd.		(35,200	)		(3,646,496	)
Ito En Ltd.		(85,200	)		(3,489,456	)
JINS, Inc.		(54,200	)		(3,019,630	)
Nidec Corp.		(12,100	)		(1,868,170	)
Nintendo Co., Ltd.		(6,000	)		(2,456,016	)
Nippon Paint Holdings Co., Ltd.		(92,600	)		(3,858,540	)
Nippon Paper Industries Co. Ltd.		(126,800	)		(2,130,959	)
Nissin Foods Holdings Co., Ltd.		(27,900	)		(2,071,278	)
Olympus Corp.		(82,500	)		(2,915,127	)
Sharp Corp.		(165,800	)		(4,391,068	)
Suruga Bank Ltd.		(270,500	)		(3,107,136	)
Yamazaki Baking Co., Ltd.		(92,700	)		(2,003,206	)
Yokogawa Electric Corp.		(200,300	)		(3,641,301	)
					(48,310,848	)
Mexico—(0.3%)
Kimberly-Clark de Mexico SAB de CV, Class A		(1,481,200	)		(2,478,241	)
Netherlands—(0.3%)
Cimpress NV*		(18,038	)		(2,511,431	)
Norway—(0.7%)
Gjensidige Forsikring ASA		(182,256	)		(2,812,108	)
Yara International ASA		(103,756	)		(4,282,927	)
					(7,095,035	)
Singapore—(0.2%)
SATS Ltd.		(597,600	)		(2,293,309	)
Spain—(0.3%)
Bankinter SA		(298,508	)		(2,887,380	)
Sweden—(0.6%)
Securitas AB, Class B		(140,958	)		(2,270,958	)
Skanska AB, Class B		(167,647	)		(3,087,754	)
					(5,358,712	)
Switzerland—(1.8%)
Chocoladefabriken Lindt & Spruengli AG		(63	)		(4,765,013	)
Credit Suisse Group AG*		(246,228	)		(3,775,290	)
Georg Fischer AG		(2,156	)		(2,787,219	)
LafargeHolcim, Ltd.*		(64,458	)		(3,310,907	)
Panalpina Welttransport Holding AG		(17,154	)		(2,126,845	)
					(16,765,274	)
United Kingdom—(3.0%)
Antofagasta PLC		(282,868	)		(3,960,847	)
Blue Prism Group PLC*		(48,398	)		(1,054,263	)
Kingfisher PLC		(624,362	)		(2,533,556	)
Metro Bank PLC*		(74,749	)		(3,298,001	)
Ocado Group PLC*		(264,171	)		(3,150,254	)
Pearson PLC		(311,666	)		(3,735,819	)
Pennon Group PLC		(413,456	)		(4,096,054	)
Rolls-Royce Holdings PLC*		(216,099	)		(2,365,058	)
Severn Trent PLC		(91,296	)		(2,409,885	)
Standard Chartered PLC		(184,736	)		(1,849,830	)
					(28,453,567	)

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

88 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS GLOBAL LONG/SHORT FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares			Value
United States—(19.7%)
2U, Inc.*		(39,985	)		(3,790,578	)
AAON, Inc.		(168,370	)		(5,135,285	)
Antero Resources Corp.*		(242,111	)		(4,626,741	)
Apache Corp.		(83,280	)		(3,331,200	)
Badger Meter, Inc.		(54,342	)		(2,377,462	)
Balchem Corp.		(29,071	)		(2,803,317	)
Blackbaud, Inc.		(28,274	)		(2,755,867	)
CarMax, Inc.*		(29,074	)		(2,003,780	)
Chegg, Inc.*		(93,740	)		(2,621,908	)
Community Bank System, Inc.		(52,644	)		(3,152,323	)
Cracker Barrel Old Country Store, Inc.		(18,605	)		(2,915,590	)
Cree, Inc.*		(51,885	)		(2,418,879	)
Cullen/Frost Bankers, Inc.		(20,382	)		(2,328,236	)
Ellie Mae, Inc.*		(37,762	)		(4,013,723	)
Exact Sciences Corp.*		(41,478	)		(2,469,600	)
FactSet Research Systems, Inc.		(17,966	)		(3,611,346	)
First Financial Bankshares, Inc.		(115,819	)		(6,092,079	)
Flowserve Corp.		(47,406	)		(1,959,764	)
Greif, Inc.		(39,905	)		(2,326,861	)
HB Fuller Co.		(40,384	)		(2,081,795	)
Helmerich & Payne, Inc.		(46,080	)		(3,058,790	)
Hess Corp.		(65,488	)		(3,956,785	)
IPG Photonics Corp.*		(14,153	)		(3,414,694	)
iRobot Corp.*		(13,782	)		(860,135	)
Jack in the Box, Inc.		(41,878	)		(3,378,298	)
John Bean Technologies Corp.		(38,503	)		(3,399,815	)
Manhattan Associates, Inc.*		(79,653	)		(3,466,499	)
MarketAxess Holdings, Inc.		(12,203	)		(2,607,171	)
Matador Resources Co.*		(74,248	)		(2,084,141	)
Mattel, Inc.		(190,336	)		(2,954,015	)
Medidata Solutions, Inc.*		(54,542	)		(4,208,461	)
Middleby Corp., (The)*		(29,125	)		(2,901,432	)
MINDBODY, Inc., Class A*		(81,314	)		(3,203,772	)
Multi-Color Corp.		(54,288	)		(3,767,587	)
Myriad Genetics, Inc.*		(65,434	)		(2,388,995	)
National Instruments Corp.		(69,857	)		(2,907,448	)
National Oilwell Varco, Inc.		(78,558	)		(3,253,872	)
Netflix, Inc.*		(7,540	)		(2,651,064	)
NewMarket Corp.		(9,256	)		(3,556,988	)
Norwegian Cruise Line Holdings Ltd.*		(54,554	)		(2,855,356	)
Power Integrations, Inc.		(47,630	)		(3,579,394	)
Proofpoint, Inc.*		(18,783	)		(2,195,545	)
Prosperity Bancshares, Inc.		(32,645	)		(2,364,477	)
Public Storage		(12,479	)		(2,643,551	)
Quaker Chemical Corp.		(23,730	)		(3,627,131	)
Range Resources Corp.		(154,273	)		(2,443,684	)
RLI Corp.		(66,473	)		(4,365,947	)
Rollins, Inc.		(49,449	)		(2,461,077	)
Tesla, Inc.*		(22,082	)		(6,287,408	)
Tootsie Roll Industries, Inc.		(70,151	)		(2,041,401	)
Ulta Beauty, Inc.*		(5,667	)		(1,399,239	)
Ultimate Software Group Inc. (The)*		(8,641	)		(2,265,238	)
Under Armour, Inc.*		(145,871	)		(3,048,704	)
Vulcan Materials Co.		(19,050	)		(2,433,447	)
Wabtec Corp.		(41,663	)		(4,062,559	)
Wayfair, Inc. Class A*		(37,597	)		(3,472,083	)
Wendy's Co. (The)		(159,314	)		(2,566,549	)
Westamerica Bancorporation		(36,416	)		(2,084,088	)
WEX, Inc.*		(16,482	)		(2,897,700	)
Workday, Inc., Class A*		(23,234	)		(3,042,725	)
Zendesk, Inc.*		(52,893	)		(2,956,190	)
					(185,929,789	)
TOTAL COMMON STOCKS
(Proceeds $(377,619,349))					(394,214,289	)
TOTAL SECURITIES SOLD SHORT—(41.7%)
(Proceeds $(377,619,349))					(394,214,289	)

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

89 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS GLOBAL LONG/SHORT FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number			Notional
	of Contracts			Amount
OPTIONS WRITTENƗƗ—(0.1%)
Call Options Written—(0.1%)
Flex Ltd.
Expiration: 07/20/2018, Exercise Price: $14.00		(6,249	)		(8,679,861	)		(287,454	)
Oracle Corp.
Expiration: 06/15/2018, Exercise Price: $46.00		(2,079	)		(9,713,088	)		(249,480	)
SunTrust Banks, Inc.
Expiration: 07/20/2018, Exercise Price: $65.00		(1,134	)		(7,655,634	)		(453,600	)
TOTAL CALL OPTIONS WRITTEN
(Premiums received $(1,619,597))								(990,534	)
TOTAL OPTIONS WRITTEN
(Premiums received $(1,619,597))								(990,534	)
OTHER ASSETS IN EXCESS OF LIABILITIES—41.7%								393,656,998
NET ASSETS—100.0%							$	944,620,527

PLC Public Limited Company

SP ADR Sponsored American Depositary Receipt

* Non-income producing.

Ɨ 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.

ƗƗ Primary risk exposure is equity contracts.

ǂ 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, 2018, these securities amounted to $14,930,669 or 1.6% of net assets.

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

90 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS GLOBAL LONG/SHORT FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

REFERENCE COMPANY	COUNTERPARTY	EXPIRATION DATE	FINANCING DATE	PAYMENT FREQUENCY	NUMBER OF CONTRACTS LONG/(SHORT)			NOTIONAL AMOUNT			UNREALIZED APPRECIATION/ (DEPRECIATION)
Short
Brazil
Raia Drogasil SA	Morgan Stanley	9/15/2020	1.70%	Monthly		(125,400	)	$	(2,095,758	)	$	302,900
Indonesia
Unilever Indonesia TBK PT	Goldman Sachs	9/19/2018	1.70	Monthly		(1,235,100	)		(4,040,416	)		131,948
South Korea
Celltrion Inc.	Goldman Sachs	9/15/2020	3.36	Monthly		(17,772	)		(4,347,425	)		77,668
Kakao Corp.	Goldman Sachs	12/31/2021	1.70	Monthly		(18,212	)		(1,742,526	)		199,322
LG Chem Ltd.	Goldman Sachs	12/31/2021	1.70	Monthly		(9,863	)		(3,090,269	)		111,904
									(9,180,220	)		388,894
Taiwan
Cheng Shin Rubber	Goldman Sachs	9/15/2020	1.70	Monthly		(2,059,000	)		(3,125,427	)		(20,132	)
Feng Tay Enterprise	Goldman Sachs	9/15/2020	1.70	Monthly		(536,000	)		(2,370,298	)		(19,413	)
									(5,495,725	)		(39,545	)
Total Short									(20,812,119	)		784,198
Net unrealized gain/(loss) on Contracts For Difference											$	784,198

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

91 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS GLOBAL LONG/SHORT FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

A summary of the inputs used to value the Fund's investments carried at fair value as of May 31, 2018 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Common Stock
Argentina	$	2,341,260	$	2,341,260	$	-	$	-
Australia		8,822,693		-		8,822,693		-
Bermuda		10,045,005		10,045,005		-		-
Canada		8,342,359		8,342,359		-		-
France		42,913,869		-		42,913,869		-
Germany		25,416,200		-		25,416,200		-
Hong Kong		12,628,733		-		12,628,733		-
India		5,069,572		5,069,572		-		-
Ireland		13,583,077		-		13,583,077		-
Japan		101,540,837		-		101,540,837		-
Luxembourg		3,508,847		3,508,847		-		-
Mexico		5,726,374		5,726,374		-		-
Netherlands		15,963,781		-		15,963,781		-
Singapore		10,805,684		10,805,684		-		-
South Korea		14,233,820		12,089,985		2,143,835		-
Switzerland		30,840,473		-		30,840,473		-
United Kingdom		59,280,390		12,489,434		46,790,956		-
United States		546,019,087		546,019,087		-		-
Preferred Stock
Germany		7,014,825		-		7,014,825		-
Short-Term Investments		22,071,466		22,071,466		-		-
Contracts For Difference
Equity Contracts		823,743		-		823,743		-
Total Assets	$	946,992,095	$	638,509,073	$	308,483,022	$	-

	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Securities Sold Short
Argentina	$	(3,315,462	)	$	(3,315,462	)	$	-		$	-
Australia		(14,939,736	)		-			(14,939,736	)		-
Belgium		(3,430,572	)		-			(3,430,572	)		-
Canada		(10,896,216	)		(10,896,216	)		-			-
Chile		(5,209,750	)		(5,209,750	)		-			-
China		(2,034,535	)		-			(2,034,535	)		-
Finland		(4,141,094	)		-			(4,141,094	)		-
France		(12,221,619	)		-			(12,221,619	)		-
Germany		(24,317,667	)		(3,671,498	)		(20,646,169	)		-
Hong Kong		(7,948,166	)		-			(7,948,166	)		-
Italy		(3,675,886	)		-			(3,675,886	)		-
Japan		(48,310,848	)		-			(48,310,848	)		-
Mexico		(2,478,241	)		(2,478,241	)		-			-
Netherlands		(2,511,431	)		(2,511,431	)		-			-
Norway		(7,095,035	)		-			(7,095,035	)		-
Singapore		(2,293,309	)		-			(2,293,309	)		-
Spain		(2,887,380	)		-			(2,887,380	)		-
Sweden		(5,358,712	)		-			(5,358,712	)		-
Switzerland		(16,765,274	)		(2,126,845	)		(14,638,429	)		-
United Kingdom		(28,453,567	)		-			(28,453,567	)		-
United States		(185,929,789	)		(185,929,789	)		-			-
Options Written
Equity Contracts		(990,534	)		(990,534	)		-			-
Contracts For Difference
Equity Contracts		(39,545	)		-			(39,545	)		-
Total Liabilities	$	(395,244,368	)	$	(217,129,766	)	$	(178,114,602	)	$	-

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

92 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND

PORTFOLIO OF INVESTMENTS

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
LONG POSITIONS—95.4%
COMMON STOCKS—57.1%
Argentina—1.3%
Banco Macro SA - ADR		1,381	$	108,560
Grupo Financiero Galicia SA - ADR		986		41,698
Grupo Supervielle SA - SP ADR		8,674		148,933
Pampa Energia SA - SP ADR*		4,892		233,348
YPF SA - SP ADRƗ		17,478		317,401
				849,940
Australia—0.3%
Syrah Resources Ltd.*		83,447		197,534
Brazil—4.8%
BK Brasil Operacao e Assessoria a Restaurantes SA*		110,818		508,851
Cia de Saneamento Basico do Estado de Sao Paulo		15,500		108,584
Localiza Rent a Car SA		99,900		662,894
Minerva SA*		308,200		585,054
Petroleo Brasileiro SA		32,600		165,683
Qualicorp SA		123,000		628,364
Tupy SA		58,500		281,639
Vale SA - SP ADR		12,341		167,838
				3,108,907
Canada—0.9%
Ivanhoe Mines Ltd., Class A*		59,647		150,428
Lundin Mining Corp.		74,413		466,588
				617,016
Chile—0.5%
Geopark Ltd.*		19,170		299,435
China—9.9%
Alibaba Group Holding Ltd. - SP ADR*		13,337		2,640,860
China Construction Bank Corp., Class H		506,000		509,300
China Meidong Auto Holdings Ltd.		908,000		425,605
Industrial & Commercial Bank of China Ltd.		447,000		369,212
JD.com, Inc. - ADR*		3,918		137,835
Ping An Insurance Group Co. of China Ltd., Class H		28,500		277,641
Tencent Holdings Ltd.		7,600		387,996
Tencent Holdings Ltd. - ADR		10,597		541,162
Vipshop Holdings Ltd. - ADR*		29,396		343,345
West China Cement Ltd.		1,784,000		332,877
YY, Inc. - ADR*		4,406		513,431
				6,479,264
Hong Kong—2.6%
China Mobile Ltd. - SP ADR		27,761		1,247,024
Jardine Matheson Holdings Ltd.		2,700		167,869
Melco Resorts & Entertainment Ltd.		9,584		313,013
				1,727,906
Hungary—1.1%
OTP Bank PLC		14,460		518,186
Waberer's International Nyrt*		12,255		169,772
				687,958

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

93 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
India—3.4%
Bharti Airtel Ltd.		21,054		116,527
Dish TV India Ltd.*ǂ		823,133		849,885
Gujarat State Petronet Ltd.		106,997		284,450
Indiabulls Housing Finance Ltd.		3,739		68,748
Infosys Ltd.		21,278		385,786
Tata Consultancy Services Ltd.		10,608		273,533
Westlife Development Ltd.*		11,784		67,286
Yes Bank Ltd.		31,274		160,263
				2,206,478
Indonesia—0.7%
Bank Danamon Indonesia Tbk PT		435,300		182,410
Bank Negara Indonesia Persero Tbk PT		173,300		105,380
Bank Rakyat Indonesia Persero Tbk PT		891,000		196,813
				484,603
Luxembourg—0.8%
Adecoagro SA*		63,873		519,288
Mexico—4.2%
Alpek SAB de CV		343,100		511,606
Banco del Bajio SA		134,900		254,722
Bolsa Mexicana de Valores SAB de CV		158,400		257,320
Cemex SAB de CV - SP ADR*		44,159		263,188
CFE Capital S de RL de CV*ǂ		226,454		219,134
Credito Real SAB de CV SOFOM ER		170,800		207,327
Gentera SAB de CV		337,800		260,320
Gruma SAB de CV		28,970		304,782
Vista Oil & Gas SAB de CV*ǂ		52,529		471,439
				2,749,838
Netherlands—0.2%
DP Eurasia NV*		74,201		157,822
Philippines—0.3%
Filinvest Land, Inc.		5,633,000		172,629
Portugal—0.5%
Jeronimo Martins SGPS SA		19,161		300,745
Russia—2.4%
LUKOIL PJSC - SP ADR		2,468		164,517
Mobile TeleSystems PJSC - SP ADR		20,554		196,907
Rosneft Oil Co. PJSC		62,055		377,008
Sberbank of Russia PJSC - SP ADR		58,659		841,757
				1,580,189
Singapore—0.5%
BOC Aviation Ltd.		30,700		190,339
DBS Group Holdings Ltd.		7,700		162,011
				352,350
South Africa—3.3%
Clover Industries Ltd.		264,707		371,796
Naspers Ltd., Class N		4,093		973,383
RMB Holdings Ltd.		86,597		494,203
Telkom SA SOC Ltd.		82,333		333,951
				2,173,333

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

94 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
South Korea—5.1%
DB Insurance Co. Ltd.		1,654		89,717
DGB Financial Group, Inc.		33,720		322,994
Hanwha Corp.		11,160		371,731
Hyundai Marine & Fire Insurance Co. Ltd.		2,950		93,185
Industrial Bank of Korea		8,990		130,103
KB Financial Group, Inc.		8,280		398,257
Korea Aerospace Industries Ltd.*		1,475		59,946
KT Corp. - SP ADRƗ		45,520		594,036
LG Uplus Corp.		55,900		604,811
Lotte Chemical Corp.		656		223,335
Meritz Fire & Marine Insurance Co. Ltd.		5,160		97,974
NCSoft Corp.		299		97,677
SFA Engineering Corp.		7,203		242,851
				3,326,617
Switzerland—0.7%
Glencore PLC		86,817		428,753
Taiwan—2.6%
Compeq Manufacturing Co. Ltd.		119,000		132,900
CTBC Financial Holding Co. Ltd.		311,000		223,169
Fubon Financial Holding Co. Ltd.		132,000		228,782
Hon Hai Precision Industry Co., Ltd.		57,000		162,624
Pegatron Corp.		176,000		370,499
Primax Electronics Ltd.		212,000		411,665
Taiwan Semiconductor Manufacturing Co., Ltd. - SP ADR		3,766		145,744
				1,675,383
Turkey—2.0%
Akbank Turk AS		141,377		250,695
Mavi Giyim Sanayi Ve Ticaret AS, Class B		34,076		366,828
Migros Ticaret AS*		34,375		150,835
Turk Traktor ve Ziraat Makineleri AS		28,069		363,251
Turkiye Sinai Kalkinma Bankasi AS		605,580		163,263
				1,294,872
United Arab Emirates—0.9%
Abu Dhabi Commercial Bank PJSC		148,421		284,061
Emaar Malls PJSC*		539,802		301,266
				585,327
United Kingdom—2.5%
Atrium European Real Estate Ltd.		122,901		578,021
Cairn Energy PLC*		59,324		181,387
Petra Diamonds Ltd.*		425,933		350,541
Rio Tinto PLC		9,220		520,018
				1,629,967

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

95 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares			Value
United States—5.6%
Air Lease Corp.		24,492			1,087,690
Broadcom, Inc.		692			174,432
Kosmos Energy Ltd.*		28,495			221,406
Lam Research Corp.		893			176,975
Las Vegas Sands Corp.		2,888			232,802
Liberty Latin America Ltd., Class C*Ɨ		36,583			785,803
Micron Technology, Inc.*		5,740			330,566
Philip Morris International, Inc.		8,209			652,944
					3,662,618
TOTAL COMMON STOCKS
(Cost $38,259,961)					37,268,772
PREFERRED STOCKS—2.2%
Brazil—0.7%
Itau Unibanco Holding SA, 6.867%		39,300			452,824
Russia—0.3%
Sberbank of Russia PJSC, 3.056%		64,300			202,268
South Korea—1.2%
Samsung Electronics Co., Ltd., 2.630%ǂ		21,759			813,841
TOTAL PREFERRED STOCKS
(Cost $1,119,025)					1,468,933
WARRANTS—0.0%
Mexico—0.0%
Vista Oil & Gas SAB de CV*ǂ		13,133			3,260
TOTAL WARRANTS
(Cost $0)					3,260
SHORT-TERM INVESTMENTS—36.1%
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 1.61%		23,554,190			23,554,190
TOTAL SHORT-TERM INVESTMENTS
(Cost $23,554,190)					23,554,190
TOTAL INVESTMENTS—95.4%
(Cost $62,933,176)					62,295,155
SECURITIES SOLD SHORT—0.0%
RIGHTS—0.0%
South Africa—0.0%
Sun International Ltd.*		(3,608	)		(2,885	)
TOTAL RIGHTS
(Proceeds $(2,329))					(2,885	)
TOTAL SECURITIES SOLD SHORT—0.0%
(Proceeds $(2,329))					(2,885	)
OTHER ASSETS IN EXCESS OF LIABILITIES—4.6%					2,987,199
NET ASSETS—100.0%				$	65,279,469

ADR American Depositary Receipt

PLC Public Limited Company

SP ADR Sponsored American Depositary Receipt

* Non-income producing.

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

ǂ 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, 2018, these securities amounted to $2,357,559 or 3.6% of net assets.

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

96 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

REFERENCE COMPANY	COUNTERPARTY	EXPIRATION DATE	FINANCING DATE	PAYMENT FREQUENCY	NUMBER OF CONTRACTS LONG/(SHORT)		NOTIONAL AMOUNT		UNREALIZED APPRECIATION/ (DEPRECIATION)
Long
China
Agricultural Bank of China	Goldman Sachs	9/15/2020	0.99%	Monthly		955,000	$	490,245	$	(39,547	)
Alibaba Group Holding Ltd. - SP ADR	Goldman Sachs	12/31/2021	1.94	Monthly		4,030		797,980		4,871
Baidu Inc. - SP ADR	Goldman Sachs	12/31/2021	1.94	Monthly		4,592		1,113,836		(136,036	)
China Lesso Group	Goldman Sachs	9/15/2020	0.99	Monthly		422,000		297,490		(29,548	)
China Petroleum, Class H	Goldman Sachs	9/15/2020	0.99	Monthly		388,000		377,438		(297	)
China Telecom Corp. Ltd., Class H	Goldman Sachs	12/31/2021	0.99	Monthly		992,000		461,201		(1,155	)
China Vanke Co., Class H	Goldman Sachs	9/15/2020	0.99	Monthly		51,800		184,119		(23,084	)
ENN Energy Holdings Ltd.	Goldman Sachs	9/15/2020	0.99	Monthly		29,000		297,262		24,012
Guangzhou Automobile, Class H	Goldman Sachs	9/15/2020	0.99	Monthly		192,000		324,734		(34,054	)
Henan Shuang Inv.	Goldman Sachs	9/15/2020	1.94	Monthly		93,900		428,377		30,670
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A	Goldman Sachs	9/15/2020	1.94	Monthly		20,900		467,878		30,537
Kweichow Moutai	Goldman Sachs	9/15/2020	1.94	Monthly		8,100		946,433		(526	)
PetroChina Co., Ltd.	Goldman Sachs	9/15/2020	0.99	Monthly		256,000		211,048		10,362
Qingdao Haier Co., Ltd.	Goldman Sachs	9/15/2020	1.94	Monthly		147,000		460,236		25,659
Shanghai Haohai Biological Technology Co., Ltd., Class H	Goldman Sachs	12/31/2021	0.99	Monthly		64,200		466,637		32,095
SINOPEC Engineering	Goldman Sachs	9/15/2020	0.99	Monthly		264,000		282,486		26,701
Sunny Optical Technology Group Co., Ltd.	Goldman Sachs	9/15/2020	0.99	Monthly		12,600		252,656		12,384
Tencent Holdings Ltd.	Goldman Sachs	12/31/2021	0.99	Monthly		57,500		2,935,497		24,839
Weichai Power Co.	Goldman Sachs	9/15/2020	0.99	Monthly		339,000		451,698		29,087
Wuliangye Yibin Co., Ltd., Class A	Goldman Sachs	9/15/2020	1.94	Monthly		80,800		995,021		(14,105	)
								12,242,272		(27,135	)
Egypt
Commercial International Bank Egypt SAE	Goldman Sachs	12/31/2021	1.94	Monthly		27,797		130,955		(5,046	)
Greece
Motor Oil SA	Goldman Sachs	9/15/2020	-0.37	Monthly		15,988		324,096		(40,521	)
Hong Kong
AIA Group Ltd.	Goldman Sachs	9/15/2020	0.99	Monthly		33,000		301,208		(3,154	)
Brilliance China	Goldman Sachs	9/15/2020	0.99	Monthly		136,000		252,801		(2,726	)
Haier Electronics Group Co. Ltd.	Goldman Sachs	9/15/2020	0.99	Monthly		104,000		372,835		11,590
								926,844		5,710
Israel
Gazit Globe Ltd.	Goldman Sachs	9/15/2020	0.10	Monthly		70,046		675,292		23,896
Israel Discount Bank	Goldman Sachs	9/15/2020	0.10	Monthly		120,444		363,114		24,065
Tamar Petroleum Ltd. NPV	Goldman Sachs	9/15/2020	0.10	Monthly		160,090		748,274		(3,971	)
								1,786,680		43,990
Japan
Suzuki Motor Co.	Goldman Sachs	9/15/2020	-0.04	Monthly		7,700		441,238		5,208
Mexico
Grupo GicSA SA de CV	Goldman Sachs	12/31/2021	1.94	Monthly		1,175,300		543,906		(22,304	)
South Korea
Bnk Financial Group	Goldman Sachs	9/15/2020	1.94	Monthly		41,740		368,010		(30,794	)
Eugene Technology	Goldman Sachs	9/15/2020	1.94	Monthly		12,766		217,099		2,308
Hana Financial Group, Inc.	Goldman Sachs	12/31/2021	1.94	Monthly		14,180		546,511		(53,218	)
Kiwoom Securities	Goldman Sachs	9/15/2020	1.94	Monthly		1,370		158,560		1,484
KT Corp.	Goldman Sachs	12/31/2021	1.94	Monthly		2,596		64,994		(947	)
Samsung Electronics Co., Ltd.	Goldman Sachs	12/31/2021	1.94	Monthly		68,843		3,232,702		82,422
Samsung SDI Co., Ltd.	Goldman Sachs	12/31/2021	1.94	Monthly		2,940		545,248		8,109
SK Hynix Inc.	Goldman Sachs	9/15/2020	1.94	Monthly		2,970		256,812		22,599
								5,389,936		31,962
Taiwan
Taiwan Semiconductor Manufacturing Co., Ltd.	Goldman Sachs	12/31/2021	1.94	Monthly		242,000		1,806,892		(64,114	)
Turkey
Yatas	Goldman Sachs	9/15/2020	1.94	Monthly		63,255		350,404		(14,000	)
United Kingdom
Bank of Georgia	Goldman Sachs	9/15/2020	0.50	Monthly		10,480		260,547		(57,384	)
Georgia Capital	Goldman Sachs	9/15/2020	0.50	Monthly		10,480		140,040		(11,942	)
Georgia Healthcare Group PLC	Goldman Sachs	12/31/2021	0.50	Monthly		19,574		73,175		3,342
Petra Diamonds Ltd.	Goldman Sachs	12/31/2021	0.50	Monthly		382,778		315,025		(94,145	)
TBC Bank Group PLC	Goldman Sachs	9/15/2020	0.50	Monthly		20,465		450,329		(19,626	)
								1,239,116		(179,756	)
Total Long								25,182,339	$	(266,006	)

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

97 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

REFERENCE COMPANY	COUNTERPARTY	EXPIRATION DATE	FINANCING DATE	PAYMENT FREQUENCY	NUMBER OF CONTRACTS LONG/(SHORT)			NOTIONAL AMOUNT			UNREALIZED APPRECIATION/ (DEPRECIATION)
Short
Brazil
B2W Cia Digital	Goldman Sachs	9/15/2020	1.70	Monthly		(42,400	)	$	(288,052	)	$	37,433
Natura Cosmeticos SA	Goldman Sachs	9/15/2020	1.70	Monthly		(18,300	)		(165,536	)		22,615
Raia Drogasil SA	Goldman Sachs	9/15/2020	1.70	Monthly		(8,200	)		(137,043	)		17,836
									(590,631	)		77,884
Chile
LATAM Airlines	Goldman Sachs	9/15/2020	1.70	Monthly		(21,124	)		(253,488	)		29,913
Sociedad Quimica Mineral	Goldman Sachs	9/15/2020	1.70	Monthly		(6,497	)		(338,689	)		26,642
									(592,177	)		56,555
China
China Life Insurance Co., Ltd., Class H	Goldman Sachs	12/31/2021	0.12	Monthly		(80,000	)		(222,932	)		6,801
China Pacific Insurance Group, Ltd., Class H	Goldman Sachs	12/31/2021	0.12	Monthly		(45,800	)		(196,487	)		15,815
Cosco Shipping Holdings Co., Ltd.	Goldman Sachs	9/15/2020	0.12	Monthly		(485,500	)		(271,608	)		(12,871	)
Dongfang Electric Corp. Ltd., Class H	Goldman Sachs	12/31/2021	0.12	Monthly		(497,400	)		(376,440	)		(494	)
Huadian Power International Corp. Ltd., Class H	Goldman Sachs	12/31/2021	0.12	Monthly		(868,000	)		(398,968	)		(31,070	)
Huaneng Power International Inc., Class H	Goldman Sachs	12/31/2021	0.12	Monthly		(380,000	)		(293,966	)		(38,291	)
Maanshan Iron & Steel	Goldman Sachs	9/15/2020	0.12	Monthly		(570,000	)		(273,654	)		14,399
New China Life Insurance Co., Ltd., Class H	Goldman Sachs	12/31/2021	0.12	Monthly		(36,000	)		(162,360	)		10,932
Parkson Retail Group Ltd.	Goldman Sachs	12/31/2021	0.12	Monthly		(1,312,500	)		(188,607	)		(29,889	)
Semiconductor Manufacturing Co., Ltd.	Goldman Sachs	12/31/2020	0.12	Monthly		(275,000	)		(357,447	)		8,019
Shanhai Electric, Class H	Goldman Sachs	9/15/2020	0.12	Monthly		(1,132,000	)		(431,614	)		(4,789	)
Tian Ge Interactive Holdings Ltd.	Goldman Sachs	12/31/2021	0.12	Monthly		(388,000	)		(345,518	)		4,804
Tsingtao Brewery Co., Ltd., Class H	Goldman Sachs	12/31/2021	0.12	Monthly		(50,000	)		(316,093	)		(10,780	)
Zhaojin Mining	Goldman Sachs	9/15/2020	0.12	Monthly		(206,500	)		(172,193	)		(10,998	)
Zhaojin Mining	Morgan Stanley	9/15/2020	0.22	Monthly		(45,000	)		(37,524	)		(1,619	)
									(4,045,411	)		(80,031	)
France
Edenred	Goldman Sachs	9/15/2020	-0.35	Monthly		(4,953	)		(158,841	)		3,391
Hong Kong
Bank Of East Asia Ltd. (The)	Goldman Sachs	12/31/2021	0.12	Monthly		(51,109	)		(211,581	)		11,336
China Aircraft Leasing Group Holdings Ltd.	Morgan Stanley	9/15/2020	0.22	Monthly		(184,000	)		(194,268	)		(14,516	)
China Power International	Goldman Sachs	9/15/2020	0.12	Monthly		(1,489,000	)		(412,538	)		1,661
China Resources Beer Holdings Co., Ltd.	Goldman Sachs	12/31/2021	0.12	Monthly		(92,000	)		(444,934	)		(42,330	)
China Taiping Insurance Holdings Co., Ltd.	Goldman Sachs	12/31/2021	0.12	Monthly		(76,600	)		(272,585	)		7,376
Fullshare Holdings	Goldman Sachs	9/15/2020	0.12	Monthly		(712,500	)		(336,119	)		(6,952	)
HK Electric Investments & HK Electric Investments Ltd.	Goldman Sachs	12/31/2021	0.12	Monthly		(468,000	)		(452,295	)		(17,914	)
Hong Kong & China Gas Co., Ltd.	Goldman Sachs	12/31/2021	0.12	Monthly		(91,200	)		(196,692	)		1,209
Imperial Pacific International Holdings Ltd.	Morgan Stanley	12/31/2021	0.22	Monthly		(3,740,000	)		(44,716	)		(758	)
MTR Corp.	Goldman Sachs	9/15/2020	0.12	Monthly		(50,056	)		(281,298	)		8,605
Vision Fame International Holdings Ltd.	Macquarie	9/19/2018	0.12	Monthly		(124,000	)		(3,142	)		1,202
									(2,850,168	)		(51,081	)
Indonesia
Jasa Marga	Macquarie	9/18/2018	1.71	Monthly		(230,600	)		(73,829	)		(6,524	)
Unilever Indonesia TBK PT	Macquarie	9/19/2018	1.71	Monthly		(115,500	)		(377,838	)		12,236
									(451,667	)		5,711
Italy
Prada S.P.A.	Goldman Sachs	12/31/2021	0.12	Monthly		(79,500	)		(417,125	)		7,982
Malaysia
Digi.com. Bhd	Morgan Stanley	9/15/2020	1.70	Monthly		(181,400	)		(201,544	)		7,664
Maxis Bhd	Morgan Stanley	9/15/2020	1.70	Monthly		(183,600	)		(268,056	)		(9,307	)
									(469,600	)		(1,643	)
Mexico
El Puerto de Liver	Goldman Sachs	9/15/2020	1.70	Monthly		(44,500	)		(253,261	)		(837	)
Fresnillo PLC	Goldman Sachs	12/31/2021	0.45	Monthly		(7,861	)		(138,922	)		(9,427	)
Grupo Televisa SAB - SP ADR	Goldman Sachs	9/15/2020	1.70	Monthly		(7,461	)		(125,046	)		8,148
Kimberly-Clark MXC	Goldman Sachs	9/15/2020	1.70	Monthly		(163,700	)		(273,892	)		10,582
Telesites SAB CV	Goldman Sachs	9/15/2020	1.70	Monthly		(354,100	)		(249,978	)		5,637
									(1,041,099	)		14,103
Norway
Yara International	Goldman Sachs	9/15/2020	0.49	Monthly		(9,485	)		(391,530	)		5,714
Poland
KGHM Polska Miedz	Goldman Sachs	9/15/2020	1.70	Monthly		(6,412	)		(147,518	)		15,052
Singapore
Sats Ltd. NPV	Goldman Sachs	9/15/2020	0.94	Monthly		(87,000	)		(333,865	)		25,851
SembCorp. Marine Ltd.	Morgan Stanley	12/31/2021	1.71	Monthly		(180,900	)		(286,434	)		9,766
Singapore Press Holdings Ltd.	Goldman Sachs	9/15/2020	0.94	Monthly		(171,600	)		(336,776	)		1,591
									(957,075	)		37,208
South Africa
MTN Group Ltd.	Goldman Sachs	9/15/2020	6.31	Monthly		(40,107	)		(360,743	)		25,321
Nampak	Goldman Sachs	9/15/2020	6.31	Monthly		(156,547	)		(186,536	)		(12,922	)
Sun International Ltd.	Goldman Sachs	9/15/2020	6.31	Monthly		(18,200	)		(97,219	)		(826	)
									(644,498	)		11,572

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

98 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

REFERENCE COMPANY	COUNTERPARTY	EXPIRATION DATE	FINANCING DATE	PAYMENT FREQUENCY	NUMBER OF CONTRACTS LONG/(SHORT)			NOTIONAL AMOUNT			UNREALIZED APPRECIATION/ (DEPRECIATION)
South Korea
Amorepacific Group	Goldman Sachs	9/15/2020	1.70	Monthly		(3,190	)		(372,142	)		8,252
Celltrion Health	Goldman Sachs	9/19/2018	1.70	Monthly		(230	)		(21,144	)		(1,231	)
Celltrion Health	Macquarie	9/19/2018	1.71	Monthly		(2,926	)		(268,988	)		(15,707	)
Celltrion Health	Morgan Stanley	9/19/2018	1.70	Monthly		(1,377	)		(126,588	)		(7,386	)
Celltrion Inc.	Goldman Sachs	9/15/2020	1.70	Monthly		(692	)		(169,278	)		3,059
CJ CGV Co., Ltd.	Morgan Stanley	9/15/2020	1.70	Monthly		(4,568	)		(279,321	)		43,801
CJ Logistics	Goldman Sachs	9/15/2020	1.70	Monthly		(731	)		(101,164	)		15,568
Hanwha Life Insurance	Goldman Sachs	9/15/2020	1.70	Monthly		(45,423	)		(234,617	)		22,243
Kakao Corp.	Goldman Sachs	12/31/2021	1.70	Monthly		(1,161	)		(111,085	)		12,706
LG Display Co., Ltd.	Goldman Sachs	9/15/2020	1.70	Monthly		(12,940	)		(266,297	)		12,777
Nexen Tire	Morgan Stanley	9/15/2020	1.70	Monthly		(17,513	)		(182,774	)		23,027
Paradise Co. Ltd.	Morgan Stanley	12/31/2021	1.70	Monthly		(17,490	)		(313,635	)		10,360
Posco Daewoo Corp.	Macquarie	9/18/2018	1.71	Monthly		(8,520	)		(180,649	)		22,545
Samsung BioLogics	Goldman Sachs	9/15/2020	1.70	Monthly		(644	)		(259,556	)		(26,272	)
Seah Besteel Corp.	Goldman Sachs	12/31/2021	1.70	Monthly		(11,960	)		(259,308	)		38,617
Tongyang Life Insurance Co., Ltd.	Morgan Stanley	12/31/2021	1.70	Monthly		(19,710	)		(129,945	)		6,482
									(3,276,491	)		168,842
Switzerland
Cie Financiere Richemont SA	Goldman Sachs	9/15/2020	6.31	Monthly		(14,375	)		(132,114	)		7,975
Taiwan
AU Optronics Corp.	Goldman Sachs	9/15/2020	1.70	Monthly		(744,000	)		(325,900	)		(7,074	)
Cheng Shin Rubber	Goldman Sachs	9/15/2020	1.70	Monthly		(234,000	)		(355,197	)		(1,345	)
Eclat Textile Co., Ltd.	Goldman Sachs	12/31/2021	1.70	Monthly		(26,500	)		(322,863	)		5,722
Feng Tay Enterprise	Goldman Sachs	9/15/2020	1.70	Monthly		(96,000	)		(424,531	)		(3,477	)
Ginko International	Goldman Sachs	9/15/2020	1.70	Monthly		(19,000	)		(169,264	)		(18,167	)
Innolux Corp.	Goldman Sachs	9/15/2020	1.70	Monthly		(677,000	)		(261,291	)		(635	)
Kinsus Interconnect Technology Corp.	Goldman Sachs	9/15/2020	1.70	Monthly		(59,000	)		(112,731	)		(3,231	)
Nien Made Enterprise Co., Ltd.	Goldman Sachs	9/15/2020	1.70	Monthly		(40,000	)		(315,582	)		19,081
United Microelectronics Corp. - SP ADR	Goldman Sachs	9/15/2020	1.70	Monthly		(97,745	)		(271,731	)		(4,735	)
									(2,559,090	)		(13,861	)
Thailand
Airports of Thailand PCL	Morgan Stanley	9/15/2020	1.70	Monthly		(114,800	)		(245,951	)		9,336
Thai Airways International PCL - NVDR	Morgan Stanley	12/31/2021	1.70	Monthly		(630,900	)		(309,675	)		25,082
									(555,626	)		34,418
United Kingdom
Antofagasta PLC	Goldman Sachs	12/31/2021	0.45	Monthly		(12,280	)		(171,950	)		(2,849	)
Total Short									(19,452,611	)		296,941
Net unrealized gain/(loss) on Contracts For Difference											$	30,936

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

99 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

A summary of the inputs used to value the Fund's investments carried at fair value as of May 31, 2018 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Common Stock
Argentina	$	849,940	$	849,940	$	-	$	-
Australia		197,534		-		197,534		-
Brazil		3,108,907		676,689		2,432,218		-
Canada		617,016		617,016		-		-
Chile		299,435		299,435		-		-
China		6,479,264		4,176,633		2,302,631		-
Hong Kong		1,727,906		1,560,037		167,869		-
Hungary		687,958		169,772		518,186		-
India		2,206,478		849,885		1,356,593		-
Indonesia		484,603		-		484,603		-
Luxembourg		519,288		519,288		-		-
Mexico		2,749,838		2,749,838		-		-
Netherlands		157,822		157,822		-		-
Philippines		172,629		172,629		-		-
Portugal		300,745		-		300,745		-
Russia		1,580,189		1,203,181		377,008		-
Singapore		352,350		-		352,350		-
South Africa		2,173,333		371,796		1,801,537		-
South Korea		3,326,617		724,139		2,602,478		-
Switzerland		428,753		-		428,753		-
Taiwan		1,675,383		145,744		1,529,639		-
Turkey		1,294,872		-		1,294,872		-
United Arab Emirates		585,327		585,327		-		-
United Kingdom		1,629,967		-		1,629,967		-
United States		3,662,618		3,662,618		-		-
Preferred Stock
Brazil		452,824		-		452,824		-
Russia		202,268		-		202,268		-
South Korea		813,841		813,841		-		-
Warrant		3,260		3,260		-		-
Short-Term Investments		23,554,190		23,554,190		-		-
Contracts For Difference
Equity Contracts		1,088,403		-		1,088,403		-
Total Assets	$	63,383,558	$	43,863,080	$	19,520,478	$	-

	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Securities Sold Short
South Africa	$	(2,885	)	$	(2,885	)	$	-		$	-
Contracts For Difference
Equity Contracts		(1,057,468	)		-			(1,057,468	)		-
Total Liabilities	$	(1,060,353	)	$	(2,885	)	$	(1,057,468	)	$	-

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

100 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS FUND

PORTFOLIO OF INVESTMENTS

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
COMMON STOCKS—85.9%
Argentina—1.3%
Banco Macro SA - ADR		195	$	15,329
Grupo Financiero Galicia SA - ADR		139		5,878
Grupo Supervielle SA - SP ADR		1,231		21,136
Pampa Energia SA - SP ADR*		694		33,104
YPF SA - SP ADR		2,481		45,055
				120,502
Australia—0.3%
Syrah Resources Ltd.*		11,847		28,044
Brazil—4.6%
BK Brasil Operacao e Assessoria a Restaurantes SA*		15,450		70,943
Cia de Saneamento Basico do Estado de Sao Paulo		2,200		15,412
Localiza Rent a Car SA		13,800		91,571
Minerva SA*		43,700		82,956
Qualicorp SA		17,100		87,358
Tupy SA		8,300		39,959
Vale SA - SP ADR		1,752		23,827
				412,026
Canada—1.0%
Ivanhoe Mines Ltd., Class A*		8,468		21,356
Lundin Mining Corp.		10,564		66,239
				87,595
Chile—0.5%
Geopark Ltd.*		2,721		42,502
China—24.1%
Agricultural Bank of China Ltd.		134,000		68,788
Alibaba Group Holding Ltd. - SP ADR*		2,470		489,085
Baidu, Inc. - SP ADR*		652		158,149
China Construction Bank Corp., Class H		71,000		71,463
China Lesso Group Holdings Ltd.		58,000		40,887
China Meidong Auto Holdings Ltd.		124,000		58,122
China Petroleum & Chemical Corp.		54,000		52,530
China Telecom Corp. Ltd.		140,000		65,089
China Vanke Co Ltd.		7,300		25,947
ENN Energy Holdings Ltd.		4,000		41,002
Guangzhou Automobile Group Co. Ltd.		28,000		47,357
Industrial & Commercial Bank of China Ltd.		63,000		52,037
JD.com, Inc. - ADR*		556		19,560
PetroChina Co. Ltd.		36,000		29,679
Ping An Insurance Group Co. of China Ltd., Class H		4,000		38,967
Shanghai Haohai Biological Technology Co., Ltd., Class H		9,000		65,416
Sinopec Engineering Group Co. Ltd.		38,000		40,661
Sunny Optical Technology Group Co., Ltd.		1,700		34,088
Tencent Holdings Ltd.		8,800		449,259
Tencent Holdings Ltd. - ADR		1,950		99,582
Vipshop Holdings Ltd. - ADR*		4,173		48,741
Weichai Power Co. Ltd.		48,000		63,957
West China Cement Ltd.		252,000		47,021
YY, Inc. - ADR*		625		72,831
				2,180,218

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

101 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
Egypt—0.2%
Commercial International Bank Egypt SAE		3,936		18,543
Greece—0.5%
Motor Oil Hellas Corinth Refineries SA		2,225		45,104
Hong Kong—4.2%
AIA Group Ltd.		4,600		41,986
Brilliance China Automotive Holdings Ltd.		20,000		37,177
China Mobile Ltd. - SP ADR		3,941		177,030
Haier Electronics Group Co. Ltd.		14,000		50,189
Jardine Matheson Holdings Ltd.		400		24,869
Melco Resorts & Entertainment Ltd. - ADR		1,360		44,418
				375,669
Hungary—1.1%
OTP Bank PLC		2,007		71,923
Waberer's International Nyrt*		1,739		24,091
				96,014
India—1.9%
Dish TV India Ltd.*‡		114,155		117,865
Infosys Ltd. - SP ADR		3,045		55,389
				173,254
Indonesia—0.8%
Bank Danamon Indonesia Tbk PT		61,800		25,897
Bank Negara Indonesia Persero Tbk PT		24,100		14,655
Bank Rakyat Indonesia Persero Tbk PT		126,400		27,920
				68,472
Japan—0.7%
Suzuki Motor Corp.		1,100		63,034
Luxembourg—0.8%
Adecoagro SA*		9,068		73,723
Mexico—5.1%
Alpek SAB de CV		48,700		72,618
Banco del Bajio SA		18,800		35,499
Bolsa Mexicana de Valores SAB de CV		22,100		35,901
Cemex SAB de CV -  SP ADR*		6,269		37,363
CFE Capital S de RL de CV*‡		32,075		31,038
Credito Real SAB de CV SOFOM ER		24,200		29,376
Gentera SAB de CV		47,900		36,913
Gruma SAB de CV		4,110		43,240
Grupo GICSA SA de CV*		167,200		77,377
Vista Oil & Gas SAB de CV*‡		6,624		59,449
				458,774
Netherlands—0.2%
DP Eurasia NV*		10,534		22,405
Philippines—0.3%
Filinvest Land, Inc.		799,000		24,486
Portugal—0.5%
Jeronimo Martins SGPS SA		2,720		42,692
Russia—2.5%
LUKOIL PJSC - SP ADR		350		23,331
Mobile TeleSystems PJSC - SP ADR		2,918		27,955
Rosneft Oil Co. PJSC		8,862		53,840
Sberbank of Russia PJSC - SP ADR		8,237		118,201
				223,327
Singapore—0.5%
BOC Aviation Ltd.		4,300		26,660
DBS Group Holdings Ltd.		1,100		23,144
				49,804

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

102 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
South Africa—3.2%
Clover Industries Ltd.		37,581		52,785
Naspers Ltd.		581		138,171
RMB Holdings Ltd.		9,779		55,808
Telkom SA SOC Ltd.		11,689		47,412
				294,176
South Korea—11.8%
BNK Financial Group, Inc.		5,960		52,548
DB Insurance Co. Ltd.		234		12,693
DGB Financial Group, Inc.		4,650		44,541
Eugene Technology Co. Ltd.		1,804		30,679
Hana Financial Group, Inc.		1,970		75,926
Hanwha Corp.		1,550		51,629
Hyundai Marine & Fire Insurance Co., Ltd.		410		12,951
Industrial Bank of Korea		1,240		17,945
KB Financial Group, Inc.		1,150		55,313
KIWOOM Securities Co. Ltd.		196		22,684
Korea Aerospace Industries Ltd.*		209		8,494
KT Corp. - SP ADR		7,123		92,955
LG Uplus Corp.		7,770		84,068
Lotte Chemical Corp.		91		30,981
Meritz Fire & Marine Insurance Co., Ltd.		730		13,861
NCSoft Corp.		45		14,700
Samsung Electronics Co., Ltd.		6,250		293,485
Samsung SDI Co. Ltd.		418		77,522
SFA Engineering Corp.		1,022		34,457
SK Hynix, Inc.		420		36,317
				1,063,749
Switzerland—0.7%
Glencore PLC		12,325		60,868
Taiwan—5.4%
Compeq Manufacturing Co., Ltd.		16,000		17,869
CTBC Financial Holding Co. Ltd.		44,000		31,574
Fubon Financial Holding Co. Ltd.		18,000		31,198
Hon Hai Precision Industry Co. Ltd.		8,000		22,824
Pegatron Corp.		25,000		52,628
Primax Electronics Ltd.		30,000		58,254
Taiwan Semiconductor Manufacturing Co. Ltd.		36,000		268,794
Taiwan Semiconductor Manufacturing Co., Ltd. - SP ADR		222		8,591
				491,732
Turkey—2.6%
Akbank Turk AS		19,889		35,268
Mavi Giyim Sanayi Ve Ticaret AS, Class B		4,837		52,070
Migros Ticaret AS*		4,880		21,413
Turk Traktor ve Ziraat Makineleri AS		3,896		50,420
Turkiye Sinai Kalkinma Bankasi AS		87,139		23,492
Yatas Yatak ve Yorgan Sanayi ve Ticaret AS*		9,030		50,022
				232,685
United Arab Emirates—0.9%
Abu Dhabi Commercial Bank PJSC		20,949		40,094
Emaar Malls PJSC*		75,543		42,161
				82,255

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

103 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number of
	Shares		Value
United Kingdom—4.5%
Atrium European Real Estate Ltd.		17,448		82,060
Bank of Georgia Group PLC		1,488		36,994
Cairn Energy PLC*		8,422		25,751
Georgia Capital PLC*		1,488		19,883
Georgia Healthcare Group PLC*		2,865		10,711
Petra Diamonds Ltd.*		114,816		94,493
Rio Tinto PLC		1,309		73,829
TBC Bank Group PLC		2,905		63,924
				407,645
United States—5.7%
Air Lease Corp.		3,477		154,413
Broadcom, Inc.		98		24,703
Kosmos Energy Ltd.*		4,045		31,430
Lam Research Corp.		126		24,971
Las Vegas Sands Corp.		410		33,050
Liberty Latin America Ltd. Class C*		5,193		111,545
Micron Technology, Inc.*		815		46,936
Philip Morris International, Inc.		1,146		91,153
				518,201
TOTAL COMMON STOCKS
(Cost $8,104,022)				7,757,499
EXCHANGE TRADED FUNDS—1.7%
United States—1.7%
iShares MSCI India ETF		4,714		158,626
TOTAL EXCHANGE TRADED FUNDS
(Cost $165,592)				158,626
PREFERRED STOCKS—1.0%
Brazil—1.0%
Itau Unibanco Holding SA, 6.867%		5,500		63,372
Petroleo Brasileiro SA, 0.263%		4,600		23,379
				86,751
TOTAL PREFERRED STOCKS
(Cost $104,236)				86,751
SHORT-TERM INVESTMENTS—10.7%
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 1.61%		965,587		965,587
TOTAL SHORT-TERM INVESTMENTS
(Cost $965,587)				965,587
TOTAL INVESTMENTS—99.3%
(Cost $9,339,437)				8,968,463
OTHER ASSETS IN EXCESS OF LIABILITIES—0.7%				67,004
NET ASSETS—100.0%			$	9,035,467

ADR American Depositary Receipt

PLC Public Limited Company

SP ADR Sponsored American Depositary Receipt

* Non-income producing.

ǂ 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, 2018, these securities amounted to $208,352 or 2.3% of net assets.

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

104 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

REFERENCE COMPANY	COUNTERPARTY	EXPIRATION DATE	FINANCING DATE	PAYMENT FREQUENCY	NUMBER OF CONTRACTS LONG/(SHORT)		NOTIONAL AMOUNT		UNREALIZED APPRECIATION/ (DEPRECIATION)
Long
China
Henan Shuang Inv.	Goldman Sachs	9/15/2020	1.94%	Monthly		13,300	$	60,675	$	4,344
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A	Goldman Sachs	9/15/2020	1.94	Monthly		2,900		64,921		4,239
Kweichow Moutai	Goldman Sachs	9/15/2020	1.94	Monthly		1,100		128,528		(70	)
Qingdao Haier Co. Ltd.	Goldman Sachs	9/15/2020	1.94	Monthly		21,800		68,253		3,806
Wuliangye Yibin Co., Ltd., Class A	Goldman Sachs	9/15/2020	1.94	Monthly		11,400		140,386		(1,988	)
								462,763		10,332
Israel
Gazit-Globe Ltd.	Goldman Sachs	9/15/2020	0.10	Monthly		9,743		93,929		3,355
Israel Discount Bank	Goldman Sachs	9/15/2020	0.10	Monthly		17,099		51,550		3,416
Tamar Petroleum Ltd.	Goldman Sachs	9/15/2020	0.10	Monthly		22,411		104,751		(556	)
								250,230		6,215
Russia
Sberbank of Russia PJSC	Goldman Sachs	9/15/2020	1.94	Monthly		9,500		29,884		(460	)
South Korea
Samsung Electronics Co.	Goldman Sachs	9/15/2020	1.94	Monthly		2,950		110,338		5,326
Samsung Electronics Co., Ltd.	Goldman Sachs	12/31/2021	1.94	Monthly		3,250		152,612		4,468
								262,950		9,795
Total Long								1,005,827		25,882
Net unrealized gain/(loss) on Contracts For Difference									$	25,882

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

105 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

A summary of the inputs used to value the Fund's investments carried at fair value as of May 31, 2018 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Common Stock
Argentina	$	120,502	$	120,502	$	-	$	-
Australia		28,044		-		28,044		-
Brazil		412,026		94,770		317,256		-
Canada		87,595		87,595		-		-
Chile		42,502		42,502		-		-
China		2,180,218		887,948		1,292,270		-
Egypt		18,543		-		18,543		-
Greece		45,104		45,104		-		-
Hong Kong		375,669		221,448		154,221		-
Hungary		96,014		24,091		71,923		-
India		173,254		173,254		-		-
Indonesia		68,472		-		68,472		-
Japan		63,034		-		63,034		-
Luxembourg		73,723		73,723		-		-
Mexico		458,774		458,774		-		-
Netherlands		22,405		22,405		-		-
Philippines		24,486		24,486		-		-
Portugal		42,692		-		42,692		-
Russia		223,327		169,487		53,840		-
Singapore		49,804		-		49,804		-
South Africa		294,176		52,785		241,391		-
South Korea		1,063,749		404,385		659,364		-
Switzerland		60,868		-		60,868		-
Taiwan		491,732		8,591		483,141		-
Turkey		232,685		50,022		182,663		-
United Arab Emirates		82,255		82,255		-		-
United Kingdom		407,645		19,883		387,762		-
United States		518,201		518,201		-		-
Exchange Traded Funds		158,626		158,626		-		-
Preferred Stock
Brazil		86,751		-		86,751		-
Short-Term Investments		965,587		965,587		-		-
Contracts For Difference
Equity Contracts		28,955		-		28,955		-
Total Assets	$	8,997,418	$	4,706,424	$	4,290,994	$	-

	TOTAL			LEVEL 1		LEVEL 2			LEVEL 3
Contracts For Difference
Equity Contracts	$	(3,073	)	$	-	$	(3,073	)	$	-
Total Liabilities	$	(3,073	)	$	-	$	(3,073	)	$	-

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

106 

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS

MAY 31, 2018 (UNAUDITED)

PORTFOLIO VALUATION — Each Boston Partners Investment Fund’s, Boston Partners Small Cap Value Fund II (“ BP Small Cap Value Fund II”), Boston Partners Long/Short Equity Fund (“ BP Long/Short Equity Fund”), Boston Partners Long/Short Research Fund (“ BP Long/Short Research Fund”), Boston Partners All-Cap Value Fund (“ BP All-Cap Value Fund”), Boston Partners Global Equity Fund (“ BP Global Equity Fund”), Boston Partners Global Long/Short Fund (“ BP Global Long/Short Fund”), Boston Partners Emerging Markets Long/Short Fund (“ BP Emerging Markets Long/Short Fund”), Boston Partners Emerging Markets Fund (“BP Emerging Markets Fund”) (collectively “BP Funds”), and WPG Partners Small/Micro Cap Value Fund (“WPG Small/Micro Cap Value Fund”), and collectively with the BP Funds, the “Funds”) net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by a Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter ("OTC") market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies, if any, are valued based on the NAV of 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 (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. 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 – Prices are determined using quoted prices in active markets for identical securities.

• Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 – Prices are determined using significant unobservable inputs (including the 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, 2018 is included in each Fund’s Portfolio of Investments.

107 

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (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 investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

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

Foreign securities that utilize international fair pricing are categorized as Level 2 in the hierarchy. For the BP Long/Short Research Fund, securities held as long positions with an end of period value of $130,979,463 transferred from Level 2 into Level 1. For the BP Global Long/Short Fund, securities held as long positions with an end of period value of $9,861,097 transferred from Level 2 into Level 1. For the BP Emerging Markets Long/Short Fund, securities held as long positions with an end of period value of $1,572,601 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, 2018. For the BP Emerging Markets Long/Short Fund, securities held as long positions with an end of period value of $1,665,511 transferred from Level 1 into Level 2. These transfers occurred as a result of these securities being valued utilizing the international fair value pricing at May 31, 2018.

OPTIONS WRITTEN — The Funds may enter into options written for: bona fide hedging; attempting to offset changes in the value of securities held or expected to be acquired or be disposed of; attempting to minimize fluctuations in foreign currencies; attempting to gain exposure to a particular market, index or instrument; or other risk management purposes. Such options may relate to particular securities or domestic stock indices, and may or may not be listed on exchanges regulated by the Commodity Futures Trading Commission or on other non-U.S. exchanges. An option on a futures contract gives the purchaser the right, in return for the premium paid, to assume a position in the contract (a long position if the option is a call and a short position if the option is a put) at a specified exercise price at any time during the option exercise period. The writer of the option is required upon exercise to assume a short futures position (if the option is a call) or a long futures position (if the option is a put). Upon exercise of the option, the accumulated cash balance in the writer’s futures margin account is delivered to the holder of the option. That balance represents the amount by which the market price of the futures contract at exercise exceeds, in the case of a call, or is less than, in the case of a put, the exercise price of the option. 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 Funds also have 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 Funds also may write OTC options where completing the obligation depends upon the credit standing of the other party. Option contracts also involve the risk that they may result in loss due to unanticipated developments in market conditions or other causes. Written options are initially recorded as liabilities to the extent of premiums received and subsequently marked to market to reflect the current value of the option written. Gains or losses are realized when the option transaction expires or closes. When an option is exercised, the proceeds on sales for a written call option or the purchase cost for a written put option is adjusted by the amount of the premium received. Listed option contracts present minimal counterparty credit risk since they are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. As of the end of the reporting period, all of the Funds' written options are exchange-traded options.

108 

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

During the current fiscal period, the Funds’ average quarterly volume of derivatives was as follows:

FUND	PURCHASED OPTIONS (COST)		WRITTEN OPTIONS (PROCEEDS)
BP Long/Short Equity Fund	$	—	$	2,871,380
BP Global Long/Short Fund		—		1,207,227

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

109 

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

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

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

During the current fiscal period, the average volume of CFDs was as follows:

FUND	NOTIONAL AMOUNT LONG		NOTIONAL AMOUNT SHORT
BP Long/Short Research Fund	$	130,594,690	$	95,639,682
BP Global Long/Short Fund		—		15,188,629
BP Emerging Markets Long/Short Fund		22,963,874		20,683,399
BP Emerging Markets Fund		1,772,591		N/A

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

110 

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

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

As of the end of the reporting period, the Funds did not hold any restricted securities that were illiquid.

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

111 

CAMPBELL DYNAMIC TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS

MAY 31, 2018 (UNAUDITED)

		MATURITY
	COUPON*	DATE	PAR		VALUE
SHORT-TERM INVESTMENTS — 88.8%
U.S. TREASURY OBLIGATIONS — 88.8%
United States Treasury Bill	1.476%	06/21/18	$	890,000	$	889,159
United States Treasury Bill	1.581%	07/19/18		895,000		892,879
United States Treasury Bill	1.795%	08/23/18		1,760,000		1,752,478
United States Treasury Bill	1.878%	09/27/18		1,390,000		1,381,406
United States Treasury Bill	1.972%	10/25/18		1,260,000		1,249,972
United States Treasury Bill	2.063%	11/23/18		1,950,000		1,931,089
						8,096,983
TOTAL SHORT-TERM INVESTMENTS
(Cost $8,097,776)						8,096,983
TOTAL INVESTMENTS — 88.8%
(Cost $8,097,776)						8,096,983
OTHER ASSETS IN EXCESS OF LIABILITIES — 11.2%						1,023,099
NET ASSETS — 100.0%					$	9,120,082

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

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

112 

CAMPBELL DYNAMIC TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

Futures contracts outstanding as of May 31, 2018 were as follows:

					VALUE AND
					UNREALIZED
	EXPIRATION	NUMBER OF	NOTIONAL		APPRECIATION/
LONG CONTRACTS	DATE	CONTRACTS	AMOUNT		(DEPRECIATION)
10 Year Mini Japanese Government Bond	Jun-18	11	$	1,011,169	$	3,023
3-Month Euro Euribor	Jun-19	20		5,845,219		2,268
90-DAY Bank Bill	Sep-18	14		10,587,532		(669	)
90-Day Sterling	Jun-19	1		166,168		15
Amsterdam Index	Jun-18	2		258,218		(3,429	)
Brent Crude	Sep-18	3		231,750		(3,665	)
CAC40 10 Euro	Jun-18	3		188,614		(2,354	)
Cocoa	Jul-18	2		49,080		(1,006	)
Cotton No.2	Dec-18	2		91,640		144
DJIA Mini E-CBOT	Jun-18	1		122,085		(2,037	)
Euro BUXL 30-Year Bond Futures	Jun-18	1		116,904		(188	)
Euro Stoxx 50	Jun-18	3		119,488		(1,676	)
Euro-Bobl	Jun-18	7		818,331		5,591
Euro-Bund	Jun-18	3		350,713		4,708
Euro-Oat	Jun-18	5		584,522		5,149
Euro-Schatz	Jun-18	39		4,559,271		8,791
FTSE 100 Index	Jun-18	2		203,922		7,156
FTSE/JSE TOP 40	Jun-18	1		39,252		(1,508	)
FTSE/MIB Index	Jun-18	1		127,285		(435	)
Gasoline RBOB	Jul-18	2		181,482		(517	)
Hang Seng Index	Jun-18	1		194,417		(430	)
London Metals Exchange Aluminum	Jun-18	5		287,281		2,046
London Metals Exchange Copper	Jun-18	1		171,188		(7,265	)
London Metals Exchange Nickel	Jun-18	1		90,993		10,098
London Metals Exchange Nickel	Sep-18	1		91,434		8,247
London Metals Exchange Zinc	Jun-18	2		155,275		(18,981	)
Long Gilt	Sep-18	1		132,935		(68	)
Low Sulphur Gasoil G Futures	Jul-18	4		272,700		8,893
MSCI Singapore Exchange ETS	Jun-18	4		116,966		(3,052	)
MSCI Taiwan Index	Jun-18	2		78,980		(1,274	)
Nasdaq 100 E-Mini	Jun-18	1		139,540		524
Nikkie 225 (Osaka Securities Exchange)	Jun-18	1		102,082		4,118
OMX Stockholm 30 Index	Jun-18	5		87,509		(2,986	)
Palladium	Sep-18	1		98,170		1,938
Russell 2000 E-Mini	Jun-18	2		163,420		2,708
S&P 500 E-Mini	Jun-18	1		135,275		(1,142	)
S&P Mid 400 E-Mini	Jun-18	1		194,700		2,138
S&P/TSX 60 Index	Jun-18	1		146,429		5,300
SPI 200 Index	Jun-18	2		227,481		(1,081	)
Topix Index	Jun-18	1		160,362		3,340
WTI Crude	Jul-18	2		134,080		(8,505	)
					$	23,927

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

113 

CAMPBELL DYNAMIC TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

						VALUE AND
						UNREALIZED
	EXPIRATION	NUMBER OF	NOTIONAL			APPRECIATION/
SHORT CONTRACTS	DATE	CONTRACTS	AMOUNT			(DEPRECIATION)
90-Day Euro	Jun-19	31	$	(7,750,000	)	$	(3,080	)
Australian 10-Year Bond	Jun-18	1		(75,625	)		(1,335	)
Australian 3-Year Bond	Jun-18	7		(529,377	)		(2,430	)
Canadian 10-Year Bond	Sep-18	3		(231,374	)		(5,999	)
Cattle Feeder Futures	Aug-18	1		(73,700	)		(1,890	)
Coffee	Jul-18	2		(92,775	)		(3,269	)
Lean Hogs	Jul-18	2		(62,440	)		(206	)
Live Cattle	Aug-18	4		(166,320	)		1,388
London Metals Exchange Aluminum	Jun-18	5		(287,281	)		(28,619	)
London Metals Exchange Copper	Jun-18	1		(171,188	)		(2,595	)
London Metals Exchange Nickel	Jun-18	1		(90,993	)		(8,196	)
London Metals Exchange Zinc	Jun-18	2		(155,275	)		(2,251	)
Platinum	Jul-18	2		(91,010	)		560
Sugar No. 11 (World)	Jul-18	3		(42,974	)		(4,377	)
U.S. Treasury 10-Year Notes	Sep-18	7		(702,943	)		(8,105	)
U.S. Treasury 5-Year Notes	Sep-18	15		(1,459,623	)		(11,157	)
U.S. Treasury 2-Year Notes	Sep-18	25		(4,925,430	)		(12,536	)
U.S. Treasury Long Bond (Chicago Board of Trade)	Sep-18	1		(121,924	)		(3,759	)
						$	(97,856	)
Total Futures Contracts						$	(73,929	)

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

114 

CAMPBELL DYNAMIC TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

Forward foreign currency contracts outstanding as of May 31, 2018 were as follows:

						UNREALIZED
				EXPIRATION		APPRECIATION/
CURRENCY PURCHASED		CURRENCY SOLD		DATE	COUNTERPARTY	(DEPRECIATION)
AUD	450,000	USD	350,938	Jun 20 2018	UBS	$	(10,585	)
CAD	800,000	USD	630,694	Jun 20 2018	UBS		(13,351	)
CHF	500,000	USD	514,056	Jun 20 2018	UBS		(5,822	)
EUR	550,000	USD	686,049	Jun 20 2018	UBS		(42,058	)
GBP	500,000	USD	701,854	Jun 20 2018	UBS		(36,495	)
JPY	115,500,000	USD	1,085,396	Jun 20 2018	UBS		(22,178	)
NOK	6,000,000	USD	774,171	Jun 20 2018	UBS		(40,327	)
NZD	800,000	USD	584,015	Jun 20 2018	UBS		(24,176	)
SEK	3,000,000	USD	363,332	Jun 20 2018	UBS		(22,613	)
USD	645,548	AUD	850,000	Jun 20 2018	UBS		2,659
USD	1,163,044	CAD	1,500,000	Jun 20 2018	UBS		5,527
USD	878,593	CHF	850,000	Jun 20 2018	UBS		14,595
USD	1,135,675	EUR	950,000	Jun 20 2018	UBS		23,326
USD	951,029	GBP	700,000	Jun 20 2018	UBS		19,527
USD	1,164,311	JPY	126,000,000	Jun 20 2018	UBS		4,436
USD	709,906	NOK	5,700,000	Jun 20 2018	UBS		12,754
USD	883,133	NZD	1,250,000	Jun 20 2018	UBS		8,385
USD	718,827	SEK	6,150,000	Jun 20 2018	UBS		20,353
Total Forward Foreign Currency Contracts						$	(106,043	)

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

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

115 

CAMPBELL DYNAMIC TREND FUND

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS

MAY 31, 2018 (UNAUDITED)

CONSOLIDATION OF SUBSIDIARY —The Adviser’s Campbell Dynamic Trend Program will be achieved by the Fund investing up to 25% of its total assets in the Campbell Core Offshore Limited (the “Subsidiary”), a wholly-owned and controlled subsidiary for the Fund organized under the laws of the Cayman Islands. 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 financial interest (greater than 50%). All inter-company accounts and transactions have been eliminated. As of May 31, 2018, the net assets of the Subsidiary were $ 292,195, which represented 3.20% 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 sales price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. 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). 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 (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 the fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

• Level 1 – Prices are determined using quoted prices in active markets for identical securities.

• Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 – Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

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

The following is a summary of the inputs used, as of the end of the reporting period, in valuing the Fund’s investments carried at fair value:

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Short-Term Investments	$	8,096,983	$	8,096,983	$	-	$	-
Commodity Contracts
Futures Contracts		33,314		33,314		-		-
Equity Contracts
Futures Contracts		25,284		25,284		-		-
Interest Rate Contracts
Futures Contracts		29,545		29,545		-		-
Foreign Currency Contracts
Forward Foreign Currency Contracts		111,562		-		111,562		-
Total Assets	$	8,296,688	$	8,185,126	$	111,562	$	-

	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Commodity Contracts
Futures Contracts	$	(91,342	)	$	(91,342	)	$	-		$	-
Equity Contracts
Futures Contracts		(21,404	)		(21,404	)		-			-
Interest Rate Contracts
Futures Contracts		(49,326	)		(49,326	)		-			-
Foreign Currency Contracts
Forward Foreign Currency Contracts		(217,605	)		-			(217,605	)		-
Total Liabilities	$	(379,677	)	$	(162,072	)	$	(217,605	)	$	-

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

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

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

For the period ended May 31, 2018 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, 2018, grouped by contract type and risk exposure category.

116 

CAMPBELL DYNAMIC TREND FUND

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

DERIVATIVE TYPE		COMMODITY CONTRACTS			EQUITY CONTRACTS			INTEREST RATE CONTRACTS			FOREIGN CURRENCY CONTRACTS			TOTAL
Asset Derivatives
Futures Contracts (a)	Unrealized appreciation on futures contracts	$	33,314		$	25,284		$	29,545		$	-		$	88,143
Forward Contracts (a)	Unrealized appreciation on forward foreign currency contracts		-			-			-			111,562			111,562
Total Value - Assets		$	33,314		$	25,284		$	29,545		$	111,562		$	199,705
Liability Derivatives
Futures Contracts (a)	Unrealized depreciation on futures contracts	$	(91,342	)	$	(21,404	)	$	(49,326	)	$	-		$	(162,072	)
Forward Contracts (a)	Unrealized depreciation on forward foreign currency contracts		-			-			-			(217,605	)		(217,605	)
Total Value - Liabilities		$	(91,342	)	$	(21,404	)	$	(49,326	)	$	(217,605	)	$	(379,677	)

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

117 

CAMPBELL DYNAMIC TREND FUND

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

For the period ended May 31 2018, the Fund's quarterly average volume of derivatives is as follows:

LONG FUTURES NOTIONAL AMOUNT		SHORT FUTURES NOTIONAL AMOUNT			FORWARD FOREIGN CURRENCY CONTRACTS- PAYABLE (VALUE AT TRADE DATE)			FORWARD FOREIGN CURRENCY CONTRACTS- RECEIVABLE (VALUE AT TRADE DATE)
$	46,384,400	$	(14,178,004	)	$	(11,034,990	)	$	10,979,788

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

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

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

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

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 may use 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 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 — The Fund uses forward foreign currency contracts (“forward 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 off setting 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. The 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 the Fund and the counterparty is in place and to the extent the Fund obtains collateral to cover the Fund’s exposure to the counterparty.

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

118 

CAMPBELL MULTI-ASSET CARRY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS

MAY 31, 2018 (UNAUDITED)

		MATURITY
	COUPON*	DATE	PAR		VALUE
SHORT-TERM INVESTMENTS — 51.0%
U.S. TREASURY OBLIGATIONS — 51.0%
United States Treasury Bill	1.469%	06/21/18	$	1,525,000	$	1,523,560
United States Treasury Bill	1.569%	07/19/18		1,525,000		1,521,386
United States Treasury Bill	1.795%	08/23/18		1,580,000		1,573,247
United States Treasury Bill	1.878%	09/27/18		1,280,000		1,272,086
United States Treasury Bill	1.965%	10/25/18		1,510,000		1,497,982
						7,388,261
TOTAL SHORT-TERM INVESTMENTS
(Cost $7,389,665)						7,388,261
TOTAL INVESTMENTS — 51.0%
(Cost $7,389,665)						7,388,261
OTHER ASSETS IN EXCESS OF LIABILITIES — 49.0%						7,093,911
NET ASSETS — 100.0%					$	14,482,172

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

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

119 

CAMPBELL MULTI-ASSET CARRY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

Futures contracts outstanding as of May 31, 2018 were as follows:

					VALUE AND
					UNREALIZED
	EXPIRATION	NUMBER OF	NOTIONAL		APPRECIATION/
LONG CONTRACTS	DATE	CONTRACTS	AMOUNT		(DEPRECIATION)
3-Month Euro Euribor	Jun-19	61	$	17,827,917	$	5,106
90-Day Euro	Jun-19	212		53,000,000		46,615
90-Day Sterling	Jun-19	118		19,607,843		36,730
Amsterdam Index	Jun-18	1		129,109		(633	)
Australian 10-Year Bond	Jun-18	2		151,250		950
Australian 3-Year Bond	Jun-18	85		6,428,145		15,006
Bank Acceptance	Jun-18	43		33,163,659		4,810
Brent Crude	Sep-18	10		772,500		(10,347	)
CAC40 10 Euro	Jun-18	5		314,356		(5,618	)
Canadian 10-Year Bond	Sep-18	1		77,125		1,988
Cotton No.2	Dec-18	11		504,020		222
Euro Stoxx 50	Jun-18	8		318,635		(3,109	)
Euro-Bobl	Jun-18	68		7,949,497		138,520
Euro-Bund	Jun-18	11		1,285,948		9,666
Euro-Schatz	Jun-18	29		3,390,227		9,955
FTSE 100 Index	Jun-18	6		611,765		16,696
Gasoline RBOB	Jul-18	4		362,964		(5,008	)
Hang Seng Index	Jun-18	1		194,417		424
IBEX 35 Index	Jun-18	10		1,104,407		(88,729	)
JPN 10-Year Bond (Osaka Securities Exchange)	Jun-18	4		3,676,978		10,319
London Metals Exchange Aluminum	Jun-18	32		1,838,600		(14,385	)
London Metals Exchange Aluminum	Sep-18	13		745,063		(14,721	)
London Metals Exchange Copper	Jun-18	1		171,188		(1,071	)
London Metals Exchange Nickel	Jun-18	2		181,986		16,575
London Metals Exchange Zinc	Jun-18	12		931,650		(99,068	)
London Metals Exchange Zinc	Sep-18	8		620,000		2,570
MSCI Taiwan Index	Jun-18	7		276,430		(4,458	)
Natural Gas	Jul-18	19		560,900		23,014
OMX Stockholm 30 Index	Jun-18	1		17,502		(597	)
Soybean	Jul-18	7		356,475		(6,745	)
Soybean Meal	Jul-18	28		1,050,840		(33,080	)
SPI 200 Index	Jun-18	12		1,364,884		9,301
U.S. Treasury 10-Year Notes	Sep-18	1		100,423		1,076
U.S. Treasury 5-Year Notes	Sep-18	1		97,308		811
U.S. Treasury 2-Year Notes	Sep-18	133		26,203,291		60,070
WTI Crude	Jul-18	18		1,206,720		(76,584	)
					$	46,271

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

120 

CAMPBELL MULTI-ASSET CARRY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

						VALUE AND
						UNREALIZED
	EXPIRATION	NUMBER OF	NOTIONAL			APPRECIATION/
SHORT CONTRACTS	DATE	CONTRACTS	AMOUNT			(DEPRECIATION)
Coffee	Jul-18	10	$	(463,875	)	$	(17,674	)
Copper	Jul-18	14		(1,072,750	)		15,629
Corn	Jul-18	69		(1,359,300	)		15,615
Gold 100 Oz	Aug-18	14		(1,826,580	)		(184	)
Kansas City Hard Red Winter Wheat	Jul-18	11		(298,375	)		(15,919	)
London Metals Exchange Aluminum	Jun-18	32		(1,838,600	)		(23,334	)
London Metals Exchange Aluminum	Sep-18	9		(515,813	)		(5,225	)
London Metals Exchange Copper	Jun-18	1		(171,188	)		7,666
London Metals Exchange Nickel	Jun-18	2		(181,986	)		(19,812	)
London Metals Exchange Zinc	Jun-18	12		(931,650	)		36,219
London Metals Exchange Zinc	Sep-18	1		(77,500	)		(1,003	)
Nasdaq 100 E-Mini	Jun-18	5		(697,700	)		(9,217	)
S&P 500 E-Mini	Jun-18	5		(676,375	)		1,377
Silver	Jul-18	4		(329,150	)		2,105
Soybean Oil	Jul-18	18		(336,096	)		6,050
Sugar No. 11 (World)	Jul-18	81		(1,160,309	)		(53,310	)
Wheat	Jul-18	18		(473,625	)		(28,227	)
						$	(89,244	)
Total Futures Contracts						$	(42,973	)

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

121 

CAMPBELL MULTI-ASSET CARRY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

Forward foreign currency contracts outstanding as of May 31, 2018 were as follows:

						UNREALIZED
				EXPIRATION		APPRECIATION/
CURRENCY PURCHASED		CURRENCY SOLD		DATE	COUNTERPARTY	(DEPRECIATION)
AUD	50,000	USD	39,112	Jun 20 2018	UBS	$	(1,295	)
CAD	1,650,000	USD	1,283,123	Jun 20 2018	UBS		(9,854	)
CHF	750,000	USD	765,800	Jun 20 2018	UBS		(3,449	)
EUR	3,500,000	USD	4,230,040	Jun 20 2018	UBS		(131,915	)
GBP	150,000	USD	203,303	Jun 20 2018	UBS		(3,695	)
JPY	144,000,000	USD	1,345,441	Jun 20 2018	UBS		(19,871	)
NOK	6,000,000	USD	756,980	Jun 20 2018	UBS		(23,136	)
NZD	2,950,000	USD	2,148,988	Jun 20 2018	UBS		(84,583	)
SEK	17,550,000	USD	2,020,103	Jun 20 2018	UBS		(26,898	)
USD	1,363,415	CAD	1,750,000	Jun 20 2018	UBS		12,978
USD	2,007,802	CHF	1,900,000	Jun 20 2018	UBS		76,513
USD	7,067,353	EUR	5,750,000	Jun 20 2018	UBS		334,719
USD	1,021,477	GBP	750,000	Jun 20 2018	UBS		23,440
USD	5,809,648	JPY	616,500,000	Jun 20 2018	UBS		134,549
USD	970,089	NOK	7,650,000	Jun 20 2018	UBS		34,438
USD	2,038,456	NZD	2,900,000	Jun 20 2018	UBS		9,041
USD	2,297,403	SEK	19,200,000	Jun 20 2018	UBS		116,802
Total Forward Foreign Currency Contracts						$	437,784

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

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

122 

CAMPBELL MULTI-ASSET CARRY FUND

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS

MAY 31, 2018 (UNAUDITED)

CONSOLIDATION OF SUBSIDIARY —The Adviser’s Campbell Multi-Asset Carry Program will be achieved by the Fund investing up to 25% of its total assets in the Campbell Core Carry Offshore Limited (the “Subsidiary”), a wholly-owned and controlled subsidiary for the Fund organized under the laws of the Cayman Islands. 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 financial interest (greater than 50%). All inter-company accounts and transactions have been eliminated. As of May 31, 2018, the net assets of the Subsidiary were $ 1,111,237, which represented 7.67% 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 sales price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. 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). 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 (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 the fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

• Level 1 – Prices are determined using quoted prices in active markets for identical securities.

• Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 – Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

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

The following is a summary of the inputs used, as of the end of the reporting period, in valuing the Fund’s investments carried at fair value:

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Short-Term Investments	$	7,388,261	$	7,388,261	$	-	$	-
Commodity Contracts
Futures Contracts		125,665		125,665		-		-
Equity Contracts
Futures Contracts		27,798		27,798		-		-
Interest Rate Contracts
Futures Contracts		341,622		341,622		-		-
Foreign Currency Contracts
Forward Foreign Currency Contracts		742,480		-		742,480		-
Total Assets	$	8,625,826	$	7,883,346	$	742,480	$	-

	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Commodity Contracts
Futures Contracts	$	(425,697	)	$	(425,697	)	$	-		$	-
Equity Contracts
Futures Contracts		(112,361	)		(112,361	)		-			-
Interest Rate Contracts
Futures Contracts		-			-			-			-
Foreign Currency Contracts
Forward Foreign Currency Contracts		(304,696	)		-			(304,696	)		-
Total Liabilities	$	(842,754	)	$	(538,058	)	$	(304,696	)	$	-

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

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

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

For the period ended May 31, 2018 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, 2018, grouped by contract type and risk exposure category.

123 

CAMPBELL MULTI-ASSET CARRY FUND

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

DERIVATIVE TYPE		COMMODITY CONTRACTS			EQUITY CONTRACTS			INTEREST RATE CONTRACTS		FOREIGN CURRENCY CONTRACTS			TOTAL
Asset Derivatives
Futures Contracts (a)	Unrealized appreciation on futures contracts	$	125,665		$	27,798		$	341,622	$	-		$	495,085
Forward Contracts (a)	Unrealized appreciation on forward foreign currency contracts		-			-			-		742,480			742,480
Total Value - Assets		$	125,665		$	27,798		$	341,622	$	742,480		$	1,237,565
Liability Derivatives
Futures Contracts (a)	Unrealized depreciation on futures contracts	$	(425,697	)	$	(112,361	)	$	-	$	-		$	(538,058	)
Forward Contracts (a)	Unrealized depreciation on forward foreign currency contracts		-			-			-		(304,696	)		(304,696	)
Total Value - Liabilities		$	(425,697	)	$	(112,361	)	$	-	$	(304,696	)	$	(842,754	)

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

124 

CAMPBELL MULTI-ASSET CARRY FUND

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

For the period ended May 31 2018, the Fund's quarterly average volume of derivatives is as follows:

LONG FUTURES NOTIONAL AMOUNT		SHORT FUTURES NOTIONAL AMOUNT			FORWARD FOREIGN CURRENCY CONTRACTS- PAYABLE (VALUE AT TRADE DATE)			FORWARD FOREIGN CURRENCY CONTRACTS- RECEIVABLE (VALUE AT TRADE DATE)
$	240,546,742	$	(13,104,214	)	$	(39,726,614	)	$	39,748,765

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

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

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

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

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 may use 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 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 — The Fund uses forward foreign currency contracts (“forward 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 off setting 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. The 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 the Fund and the counterparty is in place and to the extent the Fund obtains collateral to cover the Fund’s exposure to the counterparty.

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

125 

FREE MARKET FUNDS

FREE MARKET U.S. EQUITY FUND

Portfolio of Investments

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
DOMESTIC EQUITY FUNDS — 99.9%
iShares Core S&P 500 ETF		133,321	$	36,360,636
U.S. Large Cap Value Portfolio III (a)		35,217,641		935,028,356
U.S. Large Company Portfolio (a)		21,177,969		446,219,815
U.S. Micro Cap Portfolio (b)		20,898,363		487,976,788
U.S. Small Cap Portfolio (b)		12,952,127		485,445,721
U.S. Small Cap Value Portfolio (b)		20,613,790		822,077,928
TOTAL DOMESTIC EQUITY FUNDS
(Cost $2,263,566,630)				3,213,109,244
SHORT-TERM INVESTMENTS — 0.1%
STIT-Government & Agency Portfolio, 1.64%*		3,467,654		3,467,654
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,467,654)				3,467,654
TOTAL INVESTMENTS — 100.0%
(Cost $2,267,034,284)				3,216,576,898
LIABILITIES IN EXCESS OF OTHER ASSETS — 0.0%				(760,419	)
NET ASSETS — 100.0%			$	3,215,816,479

* Seven-day yield as of May 31, 2018.

(a) A portfolio of Dimensional Investment Group Inc.

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

ETF Exchange-Traded Fund

Portfolio holdings are subject to change at any time.

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

126 

FREE MARKET FUNDS

FREE MARKET INTERNATIONAL EQUITY FUND

Portfolio of Investments

May 31, 2018 (Unaudited)

	Number of Shares/ Beneficial Interest		Value
INTERNATIONAL EQUITY FUNDS — 99.8%
Asia Pacific Small Company Portfolio (a)		1,309,892	$	31,476,710
Canadian Small Company Series (b)		2,609,326		29,838,010
Continental Small Company Portfolio (a)		1,120,343		31,705,710
Continental Small Company Series (b)		435,675		41,725,500
DFA International Small Cap Value Portfolio (a)		41,473,629		922,373,518
DFA International Value Portfolio III (c)		32,500,315		550,230,332
DFA International Value Series (b)		5,333,935		133,988,447
Emerging Markets Portfolio (a)		4,164,137		122,508,919
Emerging Markets Small Cap Portfolio (a)		4,964,407		116,365,709
Emerging Markets Value Portfolio (a)		3,688,822		113,062,387
Japanese Small Company Portfolio (a)		1,776,678		51,843,453
Large Cap International Portfolio (a)		4,915,420		116,298,838
United Kingdom Small Company Portfolio (a)		139,396		4,367,274
United Kingdom Small Company Series (b)		539,121		39,871,061
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $1,886,141,729)				2,305,655,868
SHORT-TERM INVESTMENTS — 0.1%
STIT-Government & Agency Portfolio, 1.64%*		2,282,096		2,282,096
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,282,096)				2,282,096
TOTAL INVESTMENTS — 99.9%
(Cost $1,888,423,825)				2,307,937,964
LIABILITIES IN EXCESS OF OTHER ASSETS — 0.1%				1,740,457
NET ASSETS — 100.0%			$	2,309,678,421

* Seven-day yield as of May 31, 2018.

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

(b) A portfolio of DFA Investment Trust Company.

(c) A portfolio of Dimensional Investment Group Inc.

Portfolio holdings are subject to change at any time.

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

127 

FREE MARKET FUNDS

FREE MARKET FIXED INCOME FUND

Portfolio of Investments

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
FIXED INCOME FUNDS — 99.4%
DFA Five-Year Global Fixed Income Portfolio (a)		64,364,291	$	700,283,485
DFA Inflation-Protected Securities Portfolio (a)		12,118,274		141,056,709
DFA Intermediate Government Fixed Income Portfolio (a)		14,022,739		169,394,688
DFA One-Year Fixed Income Portfolio (a)		39,490,017		405,167,577
DFA Short-Term Government Portfolio (a)		10,724,781		112,073,964
DFA Two-Year Global Fixed Income Portfolio (a)		42,289,238		419,509,246
iShares 1-3 Year Credit Bond ETF		6,456,264		670,612,141
iShares Intermediate Credit Bond ETF		1,577,033		168,159,029
TOTAL FIXED INCOME FUNDS
(Cost $2,820,485,869)				2,786,256,839
SHORT-TERM INVESTMENTS — 0.5%
STIT-Government & Agency Portfolio, 1.64%*		14,603,842		14,603,842
TOTAL SHORT-TERM INVESTMENTS
(Cost $14,603,842)				14,603,842
TOTAL INVESTMENTS — 99.9%
(Cost $2,835,089,711)				2,800,860,681
LIABILITIES IN EXCESS OF OTHER ASSETS — 0.1%				1,372,065
NET ASSETS — 100.0%			$	2,802,232,746

* Seven-day yield as of May 31, 2018.

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

ETF Exchange-Traded Fund

Portfolio holdings are subject to change at any time.

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

128 

FREE MARKET FUNDS

Notes to Portfolio of Investments

May 31, 2018 (Unaudited)

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

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

• Level 1 — Prices are determined using quoted prices in active markets for identical securities.

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

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

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

The following is a summary of inputs used, as of May 31, 2018, in valuing the Funds' investments carried at fair value:

FREE MARKET U.S. EQUITY FUND

	Total		Level 1		Level 2		Level 3
Domestic Equity Funds	$	3,213,109,244	$	3,213,109,244	$	-	$	-
Short-Term Investments		3,467,654		3,467,654		-		-
Total Investments*	$	3,216,576,898	$	3,216,576,898	$	-	$	-

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

FREE MARKET INTERNATIONAL EQUITY FUND

	Total		Level 1		Level 2		Level 3
International Equity Funds	$	2,305,655,868	$	2,060,232,850	$	245,423,018	$	-
Short-Term Investments		2,282,096		2,282,096		-		-
Total Investments*	$	2,307,937,964	$	2,062,514,946	$	245,423,018	$	-

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

FREE MARKET FIXED INCOME FUND

	Total		Level 1		Level 2		Level 3
Fixed Income Funds	$	2,786,256,839	$	2,786,256,839	$	-	$	-
Short-Term Investments		14,603,842		14,603,842		-		-
Total Investments*	$	2,800,860,681	$	2,800,860,681	$	-	$	-

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

129 

FREE MARKET FUNDS

Notes to Portfolio of Investments (Continued)

May 31, 2018 (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 investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

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

For the period ended May 31, 2018, there were no transfers between Levels 1, 2 and 3 for the Funds.

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

130 

MATSON MONEY VI PORTFOLIOS

MATSON MONEY U.S. EQUITY VI PORTFOLIO

Portfolio of Investments

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
DOMESTIC EQUITY FUNDS — 98.9%
U.S. Large Cap Value Portfolio III (b)		241,332	$	6,407,366
U.S. Large Company Portfolio (b)		159,164		3,353,581
U.S. Micro Cap Portfolio (a)		161,064		3,760,846
U.S. Small Cap Portfolio (a)		100,244		3,757,130
U.S. Small Cap Value Portfolio (a)		62,847		2,506,325
VA U.S. Large Value Portfolio (a)		37,228		987,293
VA U.S. Targeted Value Portfolio (a)		183,130		3,737,689
TOTAL DOMESTIC EQUITY FUNDS
(Cost $21,503,857)				24,510,230
SHORT-TERM INVESTMENTS — 1.3%
STIT-Government & Agency Portfolio, 1.64%*		322,203		322,203
TOTAL SHORT-TERM INVESTMENTS
(Cost $322,203)				322,203
TOTAL INVESTMENTS — 100.2%
(Cost $21,826,060)				24,832,433
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%				(53,582	)
NET ASSETS — 100.0%			$	24,778,851

* Seven-day yield as of May 31, 2018.

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

(b) A portfolio of Dimensional Investment Group Inc.

Portfolio holdings are subject to change at any time.

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

131 

MATSON MONEY VI PORTFOLIOS

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO

Portfolio of Investments

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
INTERNATIONAL EQUITY FUNDS — 99.4%
DFA International Small Cap Value Portfolio (a)		214,974	$	4,781,020
DFA International Value Portfolio III (b)		301,791		5,109,319
Emerging Markets Portfolio (a)		30,858		907,835
Emerging Markets Small Cap Portfolio (a)		36,341		851,842
Emerging Markets Value Portfolio (a)		27,449		841,310
Large Cap International Portfolio (a)		29,097		688,435
VA International Small Portfolio (a)		209,567		2,929,747
VA International Value Portfolio (a)		63,816		852,579
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $14,997,885)				16,962,087
SHORT-TERM INVESTMENTS — 0.9%
STIT-Government & Agency Portfolio, 1.64%*		154,756		154,756
TOTAL SHORT-TERM INVESTMENTS
(Cost $154,756)				154,756
TOTAL INVESTMENTS — 100.3%
(Cost $15,152,641)				17,116,843
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)%				(45,030	)
NET ASSETS — 100.0%			$	17,071,813

* Seven-day yield as of May 31, 2018.

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

(b) A portfolio of Dimensional Investment Group Inc.

Portfolio holdings are subject to change at any time.

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

132 

MATSON MONEY VI PORTFOLIOS

MATSON MONEY FIXED INCOME VI PORTFOLIO

Portfolio of Investments

May 31, 2018 (Unaudited)

	Number
	of Shares		Value
FIXED INCOME FUNDS — 98.9%
DFA Five-Year Global Fixed Income Portfolio (a)		269,952	$	2,937,074
DFA Inflation-Protected Securities Portfolio (a)		126,591		1,473,524
DFA Intermediate Government Fixed Income Portfolio (a)		146,478		1,769,453
DFA One-Year Fixed Income Portfolio (a)		328,330		3,368,662
DFA Short-Term Government Portfolio (a)		112,579		1,176,455
DFA Two-Year Global Fixed Income Portfolio (a)		443,333		4,397,864
iShares 1-3 Year Credit Bond ETF		67,670		7,028,883
iShares Intermediate Credit Bond ETF		16,541		1,763,767
VA Global Bond Portfolio (a)		414,162		4,406,681
VA Short-Term Fixed Income Portfolio (a)		57,508		587,154
TOTAL FIXED INCOME FUNDS
(Cost $29,329,463)				28,909,517
SHORT-TERM INVESTMENTS — 1.3%
STIT-Government & Agency Portfolio, 1.64%*		388,025		388,025
TOTAL SHORT-TERM INVESTMENTS
(Cost $388,025)				388,025
TOTAL INVESTMENTS — 100.2%
(Cost $29,717,488)				29,297,542
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%				(54,752	)
NET ASSETS — 100.0%			$	29,242,790

* Seven-day yield as of May 31, 2018.

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

ETF Exchange-Traded Fund

Portfolio holdings are subject to change at any time.

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

133 

MATSON MONEY VI PORTFOLIOS

Notes to Portfolio of Investments

May 31, 2018 (Unaudited)

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

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

• Level 1 — Prices are determined using quoted prices in active markets for identical securities.

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

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

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

The following is a summary of inputs used, as of May 31, 2018, in valuing the Portfolios' investments carried at fair value:

MATSON MONEY U.S. EQUITY VI PORTFOLIO

	Total		Level 1		Level 2		Level 3
Domestic Equity Funds	$	24,510,230	$	24,510,230	$	-	$	-
Short-Term Investments		322,203		322,203		-		-
Total Investments*	$	24,832,433	$	24,832,433	$	-	$	-

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

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO

	Total		Level 1		Level 2		Level 3
International Equity Funds	$	16,962,087	$	16,962,087	$	-	$	-
Short-Term Investments		154,756		154,756		-		-
Total Investments*	$	17,116,843	$	17,116,843	$	-	$	-

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

MATSON MONEY FIXED INCOME VI PORTFOLIO

	Total		Level 1		Level 2		Level 3
Fixed Income Funds	$	28,909,517	$	28,909,517	$	-	$	-
Short-Term Investments		388,025		388,025		-		-
Total Investments*	$	29,297,542	$	29,297,542	$	-	$	-

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

134 

MATSON MONEY VI PORTFOLIOS

Notes to Portfolio of Investments (Continued)

May 31, 2018 (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 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”) requires each Portfolio to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. U.S. GAAP also requires the Portfolios to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when a Portfolio had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each level within the three-tier hierarchy are disclosed when a Portfolio had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the period ended May 31, 2018, there were no transfers between Levels 1, 2 and 3 for the Portfolios.

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.

135 

Motley Fool Global Opportunities Fund

Portfolio of Investments

May 31, 2018 (Unaudited)

	Number of
	Shares		Value
Common Stocks — 97.2%
Air Freight & Logistics — 4.4%
XPO Logistics, Inc. (United States)*		186,000	$	19,576,500
Auto Components — 2.1%
Gentex Corp. (United States)		200,000		4,806,000
LCI Industries (United States)		55,000		4,823,500
				9,629,500
Banks — 5.9%
Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		343,129		9,137,525
Bank of Georgia Group PLC (United Kingdom)		263,132		6,541,813
HDFC Bank Ltd. ADR (India)		100,000		10,642,000
				26,321,338
Beverages — 0.8%
Anheuser-Busch InBev SA/NV, SP ADR (Belgium)		40,500		3,790,395
Capital Markets — 0.8%
Georgia Capital PLC (United Kingdom)*		263,132		3,516,122
Commercial Services & Supplies — 1.4%
KAR Auction Services, Inc. (United States)		117,708		6,211,451
Communications Equipment — 1.3%
Infinera Corp. (United States)*		661,100		5,817,680
Consumer Finance — 1.2%
Gentera SAB de CV (Mexico)		7,200,000		5,548,556
Diversified Financial Services — 1.9%
Berkshire Hathaway, Inc., Class A (United States)*		30		8,616,000
Electronic Equipment, Instruments & Components — 3.9%
IPG Photonics Corp. (United States)*		72,000		17,371,440
Equity Real Estate Investment Trusts — 4.1%
American Tower Corp. (United States)		64,000		8,855,680
SBA Communications Corp. (United States)*		60,000		9,484,200
				18,339,880
Food & Staples Retailing — 1.8%
Costco Wholesale Corp. (United States)		40,000		7,929,600
Food Products — 2.1%
Nestle SA (Switzerland)		68,694		5,192,062
Nippon Indosari Corpindo Tbk PT (Indonesia)		54,234,800		4,254,475
				9,446,537
Health Care Equipment & Supplies — 10.2%
Align Technology, Inc. (United States)*		53,000		17,593,350
Medtronic PLC (Ireland)		205,272		17,719,079
ResMed, Inc. (United States)		102,000		10,486,620
				45,799,049
Health Care Providers & Services — 4.5%
NMC Health PLC (United Arab Emirates)		435,482		20,356,468
Hotels, Restaurants & Leisure — 4.0%
Starbucks Corp. (United States)		195,000		11,050,650
Yum China Holdings, Inc. (China)		171,251		6,730,164
				17,780,814

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

136 

Motley Fool Global Opportunities Fund

Portfolio of Investments (Continued)

May 31, 2018 (Unaudited)

	Number of
	Shares		Value
Household Durables — 1.1%
Tupperware Brands Corp. (United States)		120,000		5,059,200
Internet & Direct Marketing Retail — 8.9%
Amazon.com, Inc. (United States)*		15,100		24,607,262
Ctrip.com International Ltd., ADR (China)*		200,752		9,051,907
zooplus AG (Germany)*		33,000		6,328,757
				39,987,926
Internet Software & Services — 7.8%
Alphabet, Inc., Class C (United States)*		9,024		9,790,950
GrubHub, Inc. (United States)*		50,000		5,360,500
MercadoLibre, Inc. (Argentina)		36,437		10,596,973
Tencent Holdings Ltd. (China)		180,000		9,189,383
				34,937,806
IT Services — 5.9%
Mastercard, Inc., Class A (United States)		95,500		18,156,460
PayPal Holdings, Inc. (United States)*		100,000		8,207,000
				26,363,460
Life Sciences Tools & Services — 1.1%
Horizon Discovery Group PLC (United Kingdom)*		2,135,499		4,740,822
Machinery — 0.7%
FANUC Corp. (Japan)		16,000		3,384,807
Media — 1.0%
Multiplus SA (Brazil)		278,600		1,943,618
System1 Group PLC (United Kingdom)		700,000		2,791,625
				4,735,243
Multiline Retail — 1.7%
Mitra Adiperkasa Tbk PT (Indonesia)		12,301,000		7,458,756
Real Estate Management & Development — 1.1%
Jones Lang LaSalle, Inc. (United States)		30,000		4,912,800
Semiconductors & Semiconductor Equipment — 1.9%
Taiwan Semiconductor Manufacturing Co., Ltd., SP ADR (Taiwain)		215,000		8,320,500
Software — 8.9%
Atlassian Corp PLC, Class A (United Kingdom)*		92,000		5,868,680
Douzone Bizon Co., Ltd. (South Korea)		149,798		6,081,085
Paycom Software, Inc. (United States)*		100,530		10,602,899
Splunk, Inc. (United States)*		97,500		10,803,975
Ultimate Software Group, Inc. (The) (United States)*		26,000		6,815,900
				40,172,539
Technology Hardware, Storage & Peripherals — 1.9%
Apple, Inc. (United States)		45,000		8,409,150
Trading Companies & Distributors — 2.0%
Watsco, Inc. (United States)		50,000		9,201,000
Transportation Infrastructure — 1.3%
International Container Terminal Services, Inc. (Philippines)		3,750,000		6,031,636
Wireless Telecommunication Services — 1.5%
SoftBank Group Corp. (Japan)		96,000		6,812,174
Total Common Stocks (Cost $275,262,654)				436,579,149

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

137 

Motley Fool Global Opportunities Fund

Portfolio of Investments (Continued)

May 31, 2018 (Unaudited)

	Number of
	Shares		Value
Participatory Notes — 0.7%
Air Freight & Logistics — 0.7%
Aramex PJSC (United Arab Emirates)(a)		3,134,000		3,216,634
Total Participatory Notes (Cost $2,790,802)				3,216,634
Short-Term Investments — 2.0%
U.S. Bank Money Market Deposit Account, 1.67% (United States)(b)		9,207,562		9,207,562
Total Short-Term Investments (Cost $9,207,562)				9,207,562
Total Investments (Cost $287,261,018) — 99.9%				449,003,345
Other Assets in Excess of Liabilities — 0.1%				269,641
NET ASSETS — 100.0%
(Applicable to 18,590,501 shares outstanding)			$	449,272,986

* Non-income producing security.

ADR American Depositary Receipt

PLC Public Limited Company

SP ADR Sponsored ADR

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of May 31, 2018, the total market value of Rule 144A securities was $3,216,634 and represents 0.7% of net assets.

(b) Seven-day yield as of May 31, 2018.

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

138 

Motley Fool Small-Mid Cap Growth Fund

Portfolio of Investments

May 31, 2018 (Unaudited)

	Number of
	Shares		Value
Common Stocks — 98.0%
Air Freight & Logistics — 8.7%
CH Robinson Worldwide, Inc. (United States)		46,000	$	4,002,000
XPO Logistics, Inc. (United States)*		215,000		22,628,750
				26,630,750
Auto Components — 7.0%
Dorman Products, Inc. (United States)*		35,938		2,318,720
Gentex Corp. (United States)		300,000		7,209,000
LCI Industries (United States)		135,670		11,898,259
				21,425,979
Automobiles — 3.5%
Thor Industries, Inc. (United States)		115,000		10,649,000
Banks — 4.8%
Access National Corp. (United States)		124,832		3,573,940
Carter Bank & Trust (United States)*		199,600		3,493,000
Huntington Bancshares, Inc. (United States)		100,000		1,487,000
Lakeland Financial Corp. (United States)		60,000		2,927,400
SVB Financial Group (United States)*		10,000		3,121,300
				14,602,640
Biotechnology — 1.4%
Ionis Pharmaceuticals, Inc. (United States)*		89,100		4,156,515
Building Products — 1.7%
American Woodmark Corp. (United States)*		50,736		5,230,882
Capital Markets — 2.8%
Diamond Hill Investment Group, Inc. (United States)		43,959		8,613,326
Chemicals — 0.9%
Eastman Chemical Co. (United States)		25,000		2,607,750
Commercial Services & Supplies — 1.5%
KAR Auction Services, Inc. (United States)		85,000		4,485,450
Electronic Equipment, Instruments & Components — 3.9%
IPG Photonics Corp. (United States)*		49,500		11,942,865
Equity Real Estate Investment Trusts — 4.6%
SBA Communications Corp. (United States)*		55,000		8,693,850
STAG Industrial, Inc. (United States)		195,000		5,194,800
				13,888,650
Food Products — 1.1%
McCormick & Co, Inc. (United States)		34,000		3,434,000
Health Care Equipment & Supplies — 15.2%
Align Technology, Inc. (United States)*		41,000		13,609,950
Cooper Companies, Inc. (The) (United States)		46,400		10,500,784
NuVasive, Inc. (United States)*		81,449		4,175,076
ResMed, Inc. (United States)		99,000		10,178,190
Varian Medical Systems, Inc. (United States)*		67,000		7,897,290
				46,361,290

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

139 

Motley Fool Small-Mid Cap Growth Fund

Portfolio of Investments (Continued)

May 31, 2018 (Unaudited)

	Number of
	Shares		Value
Health Care Technology — 0.8%
Teladoc, Inc. (United States)*		50,000		2,545,000
Hotels, Restaurants & Leisure — 5.1%
Papa John's International, Inc. (United States)		80,000		4,108,000
Texas Roadhouse, Inc. (United States)		184,929		11,460,050
				15,568,050
Household Durables — 0.7%
TRI Pointe Group, Inc. (United States)*		120,000		2,071,200
Household Products — 2.2%
Church & Dwight Co., Inc. (United States)		141,600		6,648,120
Insurance — 2.8%
Markel Corp. (United States)*		7,900		8,666,932
Internet Software & Services — 3.2%
GrubHub, Inc. (United States)*		90,000		9,648,900
IT Services — 1.5%
Broadridge Financial Solutions, Inc. (United States)		40,000		4,618,000
Leisure Products — 2.0%
Hasbro, Inc. (United States)		68,615		5,952,351
Machinery — 1.6%
Proto Labs, Inc. (United States)*		40,000		4,824,000
Paper & Forest Products — 1.2%
KapStone Paper and Packaging Corp. (United States)		110,400		3,797,760
Real Estate Management & Development — 3.9%
Jones Lang LaSalle, Inc. (United States)		72,500		11,872,600
Road & Rail — 1.3%
Genesee & Wyoming, Inc., Class A (United States)*		50,000		3,905,500
Software — 8.7%
Paycom Software, Inc. (United States)*		85,000		8,964,950
Paylocity Holding Corp. (United States)*		40,000		2,390,000
Splunk, Inc. (United States)*		87,000		9,640,470
Ultimate Software Group, Inc. (The) (United States)*		21,000		5,505,150
				26,500,570
Specialty Retail — 2.7%
AutoZone, Inc. (United States)*		7,300		4,740,036
Tractor Supply Co. (United States)		44,800		3,329,088
				8,069,124
Trading Companies & Distributors — 3.2%
Fastenal Co. (United States)		76,750		4,085,403
Watsco, Inc. (United States)		30,000		5,520,600
				9,606,003
Total Common Stocks (Cost $174,716,272)				298,323,207
Short-Term Investments — 2.2%
U.S. Bank Money Market Deposit Account, 1.67% (United States)(a)		6,706,149		6,706,149
Total Short-Term Investments (Cost $6,706,149)				6,706,149
Total Investments (Cost $181,422,421) — 100.2%				305,029,356
Liabilities in Excess of Other Assets — (0.2%)				(628,333	)
NET ASSETS — 100.0%
(Applicable to 12,015,944 shares outstanding)			$	304,401,023

* Non-income producing security.

(a) Seven-day yield as of May 31, 2018.

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

140 

Motley Fool Emerging Markets Fund

Portfolio of Investments

May 31, 2018 (Unaudited)

	Number of
	Shares		Value
Common Stocks — 93.5%
Banks — 13.0%
Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		45,000	$	1,198,350
Bank of Georgia Group PLC (United Kingdom)		30,000		745,840
Credicorp Ltd. (Peru)		7,500		1,660,650
HDFC Bank Ltd., ADR (India)		13,350		1,420,707
				5,025,547
Beverages — 1.5%
Coca-Cola Icecek AS (Turkey)		75,000		590,338
Capital Markets — 1.0%
Georgia Capital PLC (United Kingdom)*		30,000		400,877
Consumer Finance — 2.7%
Gentera SAB de CV (Mexico)		1,350,000		1,040,354
Diversified Telecommunication Services — 1.1%
Telkom SA SOC Ltd. (South Africa)		100,000		405,611
Food & Staples Retailing — 1.2%
CP ALL PCL, NVDR (Thailand)		190,000		478,874
Food Products — 2.0%
Nippon Indosari Corpindo Tbk PT (Indonesia)		10,022,700		786,236
Health Care Equipment & Supplies — 5.3%
Top Glove Corp. Bhd (Malaysia)		800,000		2,056,776
Health Care Providers & Services — 10.3%
Georgia Healthcare Group PLC (Georgia)*(a)		90,000		336,456
NMC Health PLC (United Arab Emirates)		50,000		2,337,234
Odontoprev SA (Brazil)		350,000		1,287,577
				3,961,267
Hotels, Restaurants & Leisure — 4.4%
Yum China Holdings, Inc. (China)		43,500		1,709,550
Internet & Direct Marketing Retail — 3.9%
Ctrip.com International Ltd., ADR (China)*		33,300		1,501,497
Internet Software & Services — 18.5%
Alibaba Group Holding Ltd., SP ADR (China)*		9,200		1,821,692
Baidu, Inc. SP, ADR (China)*		5,250		1,273,440
MercadoLibre, Inc. (Argentina)		5,500		1,599,565
Tencent Holdings Ltd. (China)		45,600		2,327,977
				7,022,674
Media — 1.1%
Multiplus SA (Brazil)		60,000		418,582
Multiline Retail — 3.7%
Mitra Adiperkasa Tbk PT (Indonesia)		2,342,000		1,420,080
Real Estate Management & Development — 0.7%
Lippo Karawaci Tbk PT (Indonesia)		10,000,000		271,132
Semiconductors & Semiconductor Equipment — 3.3%
Taiwan Semiconductor Manufacturing Co., Ltd., SP ADR (Taiwain)		32,500		1,257,750
Software — 4.0%
Douzone Bizon Co., Ltd. (South Korea)		38,000		1,542,619
Transportation Infrastructure — 11.5%
DP World Ltd. (United Arab Emirates)		42,000		945,000
Grupo Aeroportuario del Pacifico SAB de CV, ADR (Mexico)		11,500		979,225
Grupo Aeroportuario del Sureste SAB de CV, ADR (Mexico)		6,400		1,022,528
International Container Terminal Services, Inc. (Philippines)		645,000		1,037,441
TAV Havalimanlari Holding AS (Turkey)		95,000		460,999
				4,445,193
Wireless Telecommunication Services — 4.3%
Safaricom Ltd. (Kenya)		4,000,000		1,112,197
Vodacom Group Ltd. (South Africa)		50,000		563,381
				1,675,578
Total Common Stocks (Cost $28,289,988)				36,010,535
Short-Term Investments — 6.4%
U.S. Bank Money Market Deposit Account, 1.67% (United States)(b)		2,466,680		2,466,680
Total Short-Term Investments (Cost $2,466,680)				2,466,680
Total Investments (Cost $30,756,668) — 99.9%				38,477,215

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

141 

Motley Fool Emerging Markets Fund

Portfolio of Investments (Continued)

May 31, 2018 (Unaudited)

	Value
Other Assets in Excess of Liabilities — 0.1%		56,692
NET ASSETS — 100.0%
(Applicable to 2,724,165 shares outstanding)	$	38,533,907

* Non-income producing security.

ADR American Depositary Receipt

NVDR Non-Voting Depository Receipt

PLC Public Limited Company

SP ADR Sponsored ADR

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of May 31, 2018, the total market value of Rule 144A securities was $336,456 and represents 0.9% of net assets.

(b) Seven-day yield as of May 31, 2018.

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

142 

Motley Fool Funds

Notes to Portfolio of Investments

May 31, 2018 (Unaudited)

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

• Level 1 — Prices are determined using quoted prices in active markets for identical securities.

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

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

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

The following is a summary of inputs used, as of May 31, 2018, in valuing the Funds' investments carried at fair value:

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Global Opportunities Fund
Common Stocks	$	436,579,149	$	363,290,227	$	73,288,922	$	-
Participatory Notes		3,216,634		3,216,634		-		-
Short-Term Investments		9,207,562		9,207,562		-		-
Total Investments*	$	449,003,345	$	375,714,423	$	73,288,922	$	-
Small-Mid Cap Growth Fund
Common Stocks	$	298,323,207	$	298,323,207	$	-	$	-
Short-Term Investments		6,706,149		6,706,149		-		-
Total Investments*	$	305,029,356	$	305,029,356	$	-	$	-
Emerging Markets Fund
Common Stocks	$	36,010,535	$	20,942,439	$	15,068,096	$	-
Short-Term Investments		2,466,680		2,466,680		-		-
Total Investments*	$	38,477,215	$	23,409,119	$	15,068,096	$	-

* Please refer to Portfolio of Investments for further details.

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

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

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

For the period ended May 31, 2018, the Global Opportunities Fund and the Emerging Markets Fund had significant transfers from Level 1 to Level 2 of $9,402,374 and $5,007,635 respectively, due to fair value pricing. The Small-Mid Cap Growth Fund did not have any transfers between Level 1 and Level 2.

143 

Motley Fool 100 Index ETF

Portfolio of Investments

May 31, 2018 (Unaudited)

	Number of
	Shares		Value
Common Stocks — 99.6%
Air Freight & Logistics — 0.6%
FedEx Corp. (United States)		2,662	$	663,157
Airlines — 0.5%
Delta Air Lines, Inc. (United States)		6,854		370,459
United Continental Holdings, Inc. (United States)*		2,724		189,563
				560,022
Automobiles — 0.9%
Ford Motor Co. (United States)		37,821		436,833
Tesla, Inc. (United States)*		1,952		555,793
				992,626
Beverages — 0.3%
Monster Beverage Corp. (United States)*		5,471		279,896
Biotechnology — 2.3%
Biogen, Inc. (United States)*		2,068		607,909
Celgene Corp. (United States)*		7,059		555,402
Gilead Sciences, Inc. (United States)		12,952		872,965
Vertex Pharmaceuticals, Inc. (United States)*		2,591		399,014
				2,435,290
Capital Markets — 1.9%
Charles Schwab Corp. (The) (United States)		13,660		759,769
CME Group, Inc. (United States)		3,278		533,986
Intercontinental Exchange, Inc. (United States)		5,631		399,182
Moody's Corp. (United States)		1,857		316,749
				2,009,686
Chemicals — 0.7%
Ecolab, Inc. (United States)		2,725		388,612
Sherwin-Williams Co. (The) (United States)		918		348,152
				736,764
Commercial Services & Supplies — 0.4%
Cintas Corp. (United States)		1,003		182,797
Republic Services, Inc. (United States)		3,196		215,506
				398,303
Communications Equipment — 2.3%
Arista Networks, Inc. (United States)*		810		203,764
Cisco Systems, Inc. (United States)		48,265		2,061,398
Palo Alto Networks, Inc. (United States)*		900		187,281
				2,452,443
Consumer Finance — 1.2%
American Express Co. (United States)		8,266		812,548
Discover Financial Services (United States)		3,562		263,089
Synchrony Financial (United States)		7,484		259,171
				1,334,808
Containers & Packaging — 0.1%
WestRock Co. (United States)		2,451		144,315
Diversified Financial Services — 4.3%
Berkshire Hathaway, Inc., Class B (United States)*		24,166		4,628,514
Diversified Telecommunication Services — 1.8%
Verizon Communications, Inc. (United States)		40,077		1,910,471
Electronic Equipment, Instruments & Components — 0.2%
Corning, Inc. (United States)		8,561		232,602
Equity Real Estate Investment Trusts — 1.4%
American Tower Corp. (United States)		4,056		561,229
Crown Castle International Corp. (United States)		3,896		405,768
Equinix, Inc. (United States)		734		291,288
Welltower, Inc. (United States)		3,383		195,030
				1,453,315
Food & Staples Retailing — 1.4%
Costco Wholesale Corp. (United States)		4,118		816,352
CVS Health Corp. (United States)		10,118		641,380
				1,457,732
Health Care Equipment & Supplies — 1.8%
Align Technology, Inc. (United States)*		803		266,556

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

144 

Motley Fool 100 Index ETF

Portfolio of Investments (CONTINUED)

May 31, 2018 (Unaudited)

	Number of
	Shares		Value
Common Stocks — 99.6% (continued)
Health Care Equipment & Supplies — 1.8% (continued)
Baxter International, Inc. (United States)		5,316		376,585
Becton Dickinson and Co. (United States)		2,594		574,805
IDEXX Laboratories, Inc. (United States)*		875		182,184
Intuitive Surgical, Inc. (United States)*		1,132		520,346
				1,920,476
Health Care Providers & Services — 3.2%
Express Scripts Holding Co. (United States)*		5,669		429,767
HCA Healthcare, Inc. (United States)		3,455		356,349
McKesson Corp. (United States)		2,073		294,241
UnitedHealth Group, Inc. (United States)		9,727		2,349,168
				3,429,525
Health Care Technology — 0.2%
Cerner Corp. (United States)*		3,210		191,573
Hotels, Restaurants & Leisure — 1.2%
Marriott International, Inc., Class A (United States)		3,494		472,948
Starbucks Corp. (United States)		13,523		766,348
				1,239,296
Industrial Conglomerates — 1.4%
3M Co. (United States)		6,048		1,192,847
Roper Technologies, Inc. (United States)		984		271,377
				1,464,224
Insurance — 0.4%
Aflac, Inc. (United States)		7,497		337,815
Markel Corp. (United States)*		121		132,747
				470,562
Internet & Direct Marketing Retail — 10.1%
Amazon.com, Inc. (United States)*		4,963		8,087,804
Booking Holdings, Inc. (United States)*		471		993,301
Expedia, Inc. (United States)		1,505		182,150
Netflix, Inc. (United States)*		4,416		1,552,666
				10,815,921
Internet Software & Services — 14.2%
Alphabet, Inc., Class C (United States)*		7,220		7,833,628
Altaba, Inc. (United States)*		8,904		687,033
eBay, Inc. (United States)*		9,933		374,673
Facebook, Inc., Class A (United States)*		31,770		6,092,850
Twitter, Inc. (United States)*		8,673		300,953
				15,289,137
IT Services — 6.8%
Automatic Data Processing, Inc. (United States)		4,309		560,256
Cognizant Technology Solutions Corp., Class A (United States)		5,779		435,448
Global Payments, Inc. (United States)		1,563		173,743
Mastercard, Inc., Class A (United States)		10,360		1,969,643
PayPal Holdings, Inc. (United States)*		12,175		999,202
Square, Inc., Class A (United States)*		4,247		247,388
Visa, Inc., Class A (United States)		22,184		2,899,893
				7,285,573
Life Sciences Tools & Services — 0.6%
Illumina, Inc. (United States)*		1,462		398,307
IQVIA Holdings, Inc. (United States)*		2,062		203,994
				602,301
Machinery — 0.2%
Cummins, Inc. (United States)		1,551		220,847
Media — 3.5%
Comcast Corp., Class A (United States)		46,366		1,445,692
Omnicom Group, Inc. (United States)		2,173		156,630
Time Warner, Inc. (United States)		7,387		695,560
Walt Disney Co. (The) (United States)		14,549		1,447,189
				3,745,071
Metals & Mining — 0.2%
Nucor Corp. (United States)		3,305		212,148
Multi-Utilities — 0.4%
Dominion Energy, Inc. (United States)		6,290		403,755
Oil, Gas & Consumable Fuels — 1.3%
Enterprise Products Partners LP (United States)		21,153		611,322
Kinder Morgan, Inc. (United States)		22,664		378,035
ONEOK, Inc. (United States)		3,952		269,368
Spectra Energy Partners LP (United States)		4,949		149,163
				1,407,888
Pharmaceuticals — 3.0%
Johnson & Johnson (United States)		26,420		3,160,360

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

145 

Motley Fool 100 Index ETF

Portfolio of Investments (CONTINUED)

May 31, 2018 (Unaudited)

	Number of
	Shares		Value
Common Stocks — 99.6% (continued)
Professional Services — 0.2%
Verisk Analytics, Inc. (United States)*		1,571		166,903
Semiconductors & Semiconductor Equipment — 3.9%
Intel Corp. (United States)		43,414		2,396,453
NVIDIA Corp. (United States)		6,176		1,557,525
Skyworks Solutions, Inc. (United States)		1,883		185,683
				4,139,661
Software — 13.3%
Activision Blizzard, Inc. (United States)		7,638		541,610
Adobe Systems, Inc. (United States)*		4,856		1,210,504
Electronic Arts, Inc. (United States)*		3,069		401,763
Intuit, Inc. (United States)		2,475		498,960
Microsoft Corp. (United States)		75,354		7,447,989
Oracle Corp. (United States)		44,608		2,084,086
Red Hat, Inc. (United States)*		1,730		280,986
Salesforce.com, Inc. (United States)*		7,478		967,130
VMware, Inc., Class A (United States)*		3,885		534,110
Workday, Inc., Class A (United States)*		2,150		281,564
				14,248,702
Specialty Retail — 3.1%
Home Depot, Inc. (The) (United States)		11,083		2,067,534
Lowe's Cos, Inc. (United States)		7,795		740,603
TJX Cos, Inc. (The) (United States)		5,910		533,791
				3,341,928
Technology Hardware, Storage & Peripherals — 8.9%
Apple, Inc. (United States)		50,832		9,498,976
Textiles, Apparel & Luxury Goods — 1.0%
NIKE, Inc., Class B (United States)		15,188		1,090,498
Wireless Telecommunication Services — 0.4%
T-Mobile US, Inc. (United States)*		8,428		469,440
Total Common Stocks (Cost $103,088,338)				106,504,709
Short-Term Investments — 0.3%
First American Treasury Obligations Fund Class X, 1.64% (United States)(a)		273,075		273,075
Total Short-Term Investments (Cost $273,075)				273,075
Total Investments (Cost $103,361,413) — 99.9%				106,777,784
Other Assets in Excess of Liabilities — 0.1%				79,499
NET ASSETS — 100.0%
(Applicable to 5,375,000 shares outstanding)			$	106,857,283

* Non-income producing security.

(a) Seven-day yield as of May 31, 2018.

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

146 

Motley Fool 100 Index ETF

Notes to Portfolio of Investments

May 31, 2018 (Unaudited)

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

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

• Level 1 — Prices are determined using quoted prices in active markets for identical securities.

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

• Level 3 — Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

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

The following is a summary of inputs used, as of May 31, 2018, in valuing the Fund’s investments carried at fair value:

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Common Stocks	$	106,504,709	$	106,504,709	$	-	$	-
Short-Term Investments		273,075		273,075		-		-
Total Investments*	$	106,777,784	$	106,777,784	$	-	$	-

* Please refer to Portfolio of Investments for further details.

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

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

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

For the period ended May 31, 2018, 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.

147 

ORINDA INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

MAY 31, 2018 (UNAUDITED)

COMMON STOCKS - 2.1%	NUMBER OF SHARES		VALUE
Real Estate - 1.4%
Landmark Infrastructure Partners LP		212,661	$	2,839,025
Summit Industrial Income REIT (c)		50,000		338,192
				3,177,217
Utilities - 0.7%
Pattern Energy Group, Inc.(d)		85,000		1,579,300
TOTAL COMMON STOCKS				4,756,517
(Cost $5,027,860)
REITS - 72.8%
Financials - 19.7%
AGNC Investment Corp. - Series C, 7.00% (3 Month LIBOR USD +5.11%) (b)(d)		65,651		1,693,139
Annaly Capital Management, Inc. - Series F, 6.95% (3 Month LIBOR USD +4.99%) (b)(d)		151,174		3,803,538
Annaly Capital Management, Inc. - Series G, 6.50% (3 Month LIBOR USD +4.17%) (b)		34,270		811,856
Arbor Realty Trust, Inc. (d)		404,930		3,871,131
ARMOUR Residential REIT, Inc. - Series B, 7.88%		98,120		2,448,977
Chimera Investment Corp. - Series A, 8.00% (d)		130,625		3,307,425
Chimera Investment Corp. - Series B, 8.00% (3 Month LIBOR USD +5.79%) (b)(d)		214,512		5,472,201
Exantas Capital Corp., 8.63% (3 Month LIBOR USD +5.93%) (b)(d)		190,912		4,915,984
Great Ajax Corp., 7.25%		24,350		604,798
Invesco Mortgage Capital, Inc. - Series C, 7.50% (3 Month LIBOR USD +5.29%) (b)(d)		143,016		3,523,914
New Residential Investment Corp.		50,000		894,000
New York Mortgage Trust, Inc. - Series D, 8.00% (3 Month LIBOR USD +5.70%) (b)		2,350		55,530
PennyMac Mortgage Investment Trust - Series A, 8.13% (3 Month LIBOR USD +5.83%) (b)(d)		88,379		2,232,454
PennyMac Mortgage Investment Trust - Series B, 8.00% (3 Month LIBOR USD +5.99%) (b)(d)		164,395		4,103,299
Sutherland Asset Management Corp., 7.00%		49,941		1,277,990
Two Harbors Investment Corp. - Series A, 8.13% (3 Month LIBOR USD +5.66%) (b)(d)		84,000		2,215,080
Two Harbors Investment Corp. - Series C, 7.25% (3 Month LIBOR USD +5.01%) (b)(d)		130,240		3,186,973
				44,418,289
Real Estate - 53.1%
Ashford Hospitality Trust, Inc. - Series D, 8.45% (d)		99,644		2,571,812
Ashford Hospitality Trust, Inc. - Series F, 7.38% (d)		176,356		4,131,139
Ashford Hospitality Trust, Inc. - Series H, 7.50%		180,000		4,271,400
Ashford Hospitality Trust, Inc. - Series I, 7.50% (d)		231,254		5,413,656
Bluerock Residential Growth REIT, Inc. (d)		110,464		980,920
Bluerock Residential Growth REIT, Inc. - Series C, 7.63% (d)		161,553		3,882,119
Bluerock Residential Growth REIT, Inc. - Series D, 7.13% (d)		77,899		1,710,039
CBL & Associates Properties, Inc. - Series D, 7.38% (d)		320,972		5,889,836
City Office REIT, Inc. (d)		206,225		2,557,190
City Office REIT, Inc. - Series A, 6.63%		54,767		1,298,526
Colony NorthStar, Inc. - Series B, 8.25%		60,852		1,532,862
Colony NorthStar, Inc. - Series D, 8.50% (d)		96,952		2,437,373
Colony NorthStar, Inc. - Series E, 8.75% (d)		433,587		11,156,194
Colony NorthStar, Inc. - Series G, 7.50%		77,495		1,807,958
Colony NorthStar, Inc. - Series H, 7.13% (d)		380,309		8,735,698
Colony NorthStar, Inc. - Series I, 7.15% (d)		247,000		5,668,650
Colony NorthStar, Inc. - Series J, 7.13%		223,254		5,132,610
Global Medical REIT, Inc. - Series A, 7.50% (d)		101,381		2,513,235
Global Net Lease, Inc. - Series A, 7.25% (d)		106,352		2,617,323
Independence Realty Trust, Inc. (d)		193,719		1,879,074

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

148 

ORINDA INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

COMMON STOCKS - 2.1% (continued)	NUMBER OF SHARES		VALUE
Real Estate - 53.1% (continued)
iStar, Inc. - Series D, 8.00% (d)		182,736		4,568,400
iStar, Inc. - Series I, 7.50% (d)		197,585		4,850,712
Jernigan Capital, Inc. - Series B, 7.00% (d)		191,400		4,333,296
Lexington Realty Trust		281,068		2,425,617
Macerich Co. (The)		50,000		2,781,500
QTS Realty Trust, Inc. - Series A, 7.13%		80,000		2,003,200
RAIT Financial Trust, 7.13%		13,225		284,007
RAIT Financial Trust, 7.63% (d)		25,984		424,838
RLJ Lodging Trust - Series A, 1.95% (d)		432,368		11,059,973
Sabra Health Care REIT, Inc.		108,996		2,259,487
Seritage Growth Properties - Series A, 7.00% (d)		71,800		1,698,070
UMH Properties, Inc. - Series C, 6.75%		68,500		1,737,845
UMH Properties, Inc. - Series D, 6.38% (d)		80,665		1,873,848
Uniti Group, Inc. (d)		70,958		1,487,989
Washington Prime Group, Inc. - Series H, 7.50% (d)		82,420		1,855,274
WPT Industrial Real Estate Investment Trust (c)		12,300		172,815
				120,004,485
TOTAL REITS				164,422,774
(Cost $158,714,955)
CONVERTIBLE PREFERRED STOCKS - 5.8%
Real Estate - 5.8%
CorEnergy Infrastructure Trust, Inc. - Series A, 7.38%		212,948		5,289,628
Wheeler Real Estate Investment Trust, Inc. - Series B, 9.00% (d)		176,631		2,755,444
Wheeler Real Estate Investment Trust, Inc. - Series D, 8.75% (d)		284,182		5,068,386
				13,113,458
TOTAL CONVERTIBLE PREFERRED STOCKS				13,113,458
(Cost $15,753,498)
PREFERRED STOCKS - 33.9%
Energy - 7.4%
DCP Midstream LP - Series B, 7.88% (3 Month LIBOR USD +4.92%) (a) (b)		95,000		2,366,450
Energy Transfer Partners LP - Series C, 7.38% (3 Month LIBOR USD +4.53%) (a)(b)		105,000		2,633,400
GasLog Partners LP - Series A, 8.63% (3 Month LIBOR USD +6.31%) (b)(c)(d)		43,500		1,148,400
GasLog Partners LP - Series B, 8.20% (3 Month LIBOR USD +5.84%) (b)(c)(d)		48,500		1,264,880
NGL Energy Partners LP - Series B, 9.00% (3 Month LIBOR USD +7.21%) (b)		74,000		1,777,406
NuStar Energy LP - Series A, 8.50% (3 Month LIBOR USD +6.77%) (b)(d)		60,000		1,387,200
NuStar Energy LP - Series B, 7.63% (3 Month LIBOR USD +5.64%) (b)(d)		25,000		538,750
NuStar Energy LP - Series C, 9.00% (3 Month LIBOR USD +6.88%) (b)(d)		50,000		1,169,500
Teekay LNG Partners LP - Series B, 8.50% (3 Month LIBOR USD +6.24%) (b)(c)(d)		107,500		2,525,175
Tsakos Energy Navigation Ltd. - Series D, 8.75% (c)		19,150		473,963
Tsakos Energy Navigation Ltd. - Series E, 9.25% (3 Month LIBOR USD +6.88%) (b)(c)		52,600		1,320,260
				16,605,384
Financials - 15.8%
AG Mortgage Investment Trust, Inc. - Series A, 8.25%		11,000		280,060
AG Mortgage Investment Trust, Inc. - Series B, 8.00%		40,819		1,038,844
AGNC Investment Corp. - Series B, 7.75% (d)		119,083		3,081,868
Annaly Capital Management, Inc. - Series C, 7.63%		12,425		314,974
Annaly Capital Management, Inc. - Series D, 7.50% (d)		34,984		880,197
Apollo Commercial Real Estate Finance, Inc. - Series C, 8.00% (d)		344,586		8,786,943
Arbor Realty Trust, Inc. - Series A, 8.25%		46,261		1,189,833
Arbor Realty Trust, Inc. - Series B, 7.75%		18,323		462,931
Arbor Realty Trust, Inc. - Series C, 8.50% (d)		78,873		2,044,782
Capstead Mortgage Corp. - Series E, 7.50%		50,393		1,265,368
Compass Diversified Holdings - Series A, 7.25%		37,400		808,214
Cowen, Inc., 7.35% (d)		65,000		1,640,600
CYS Investments, Inc. - Series B, 7.50% (d)		89,017		2,188,038
GMAC Capital Trust I - Series 2, 8.13% (3 Month LIBOR USD +5.79%) (b)		67,500		1,762,425
Invesco Mortgage Capital, Inc. - Series A, 7.75% (d)		80,553		2,030,741
Invesco Mortgage Capital, Inc. - Series B, 7.75% (3 Month LIBOR USD +5.18%) (b)(d)		165,097		4,257,852
MFA Financial, Inc. - Series B, 7.50% (d)		62,681		1,598,365
National General Holdings Corp., 7.63%		27,133		683,480
Oaktree Capital Group LLC - Series A, 6.63% (a)		55,000		1,368,400
				35,683,915

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

149 

ORINDA INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

PREFERRED STOCKS - 33.9% (continued)	NUMBER OF SHARES		VALUE
Industrials - 0.5%
Seaspan Corp. - Series H, 7.88% (c)		46,500		1,136,460
Real Estate - 10.2%
Ashford Hospitality Trust, Inc. - Series G , 7.38% (d)		236,514		5,542,706
Bluerock Residential Growth REIT, Inc. - Series A, 8.25% (d)		201,020		5,103,898
Hersha Hospitality Trust - Series D, 6.50% (d)		159,249		3,662,727
iStar, Inc. - Series G, 7.65%		60,046		1,483,136
Landmark Infrastructure Partners LP - Series B, 7.90% (d)		76,800		1,824,000
STAG Industrial, Inc. - Series C, 6.88% (d)		10,700		272,636
Summit Hotel Properties, Inc. - Series D, 6.45%		24,143		590,779
UMH Properties, Inc. - Series B, 8.00% (d)		33,751		888,326
VEREIT, Inc. - Series F, 6.70% (d)		142,960		3,616,888
				22,985,096
TOTAL PREFERRED STOCKS				76,410,855
(Cost $73,340,629)
		PRINCIPAL AMOUNT
MORTGAGE-BACKED SECURITIES - 1.0%
COMM 2014-UBS4 Mortgage Trust Series 2014-UBS4, 4.69%, 08/12/2047 (a)(b)	$	2,500,000		2,193,472
TOTAL MORTGAGE-BACKED SECURITIES				2,193,472
(Cost $2,164,906)
CONVERTIBLE BONDS - 1.6%
Financials - 1.6%
Western Asset Mortgage Capital Corp. 6.75%, 10/01/2022 (a)(d)		3,500,000		3,551,279
TOTAL CONVERTIBLE BONDS				3,551,279
(Cost $3,500,000)
CORPORATE BONDS - 0.8%
Financials - 0.4%
Uniti Group LP / Uniti Fiber Holdings Inc. / CSL Capital LLC, 7.13%, 12/15/2024 (a)(f)		1,000,000		937,200
Real Estate - 0.4%
CBL & Associates Properties, Inc. 5.25%, 12/01/2023 (a)		1,000,000		854,624
TOTAL CORPORATE BONDS				1,791,824
(Cost $1,838,474)
EXCHANGE TRADED FUNDS - 0.9%
Direxion Daily 20+ Year Treasury Bear 3x Shares (a)		105,087		2,044,993
TOTAL EXCHANGE TRADED FUNDS				2,044,993
(Cost $2,156,356)
PURCHASED OPTIONS - 0.1%	CONTRACTS
Put Options - 0.1%
iShares US Preferred Stock ETF (a)
Expiration: June 2018, Exercise Price: $37.00		635		7,937
Vanguard Index FDS Real Estate ETF (a)
Expiration: July 2018, Exercise Price: $79.00		1,350		236,250
				244,187
TOTAL PURCHASED OPTIONS				244,187
(Cost $236,490)

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

150 

ORINDA INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

SHORT-TERM INVESTMENTS - 2.6%	NUMBER OF SHARES		VALUE
STIT-Treasury Obligations Portfolio, 1.65% (e)		5,872,902	$	5,872,902
TOTAL SHORT-TERM INVESTMENTS				5,872,902
(Cost $5,872,902)
TOTAL INVESTMENTS
(Cost $268,606,070) - 121.6%				274,402,261
Liabilities in Excess of Other Assets - (21.6%)				(48,693,867	)
TOTAL NET ASSETS - 100.0%			$	225,708,394

Percentages are stated as a percent of net assets.

(a) Non-income producing.

(b) Variable rate security. The rate shown represents the rate at May 31, 2018.

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

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

(e) Seven-day yield as of May 31, 2018.

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of May 31, 2018, the total market value of Rule 144A securities was $937,200 and represents 0.4% of net assets.

The Global Industry Classification Standard (GICS^®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by US Bancorp Fund Services, LLC.

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

151 

ORINDA INCOME OPPORTUNITIES FUND

SCHEDULE OF SECURITIES SOLD SHORT

MAY 31, 2018 (UNAUDITED)

COMMON STOCKS - (0.1%)	NUMBER OF SHARES			VALUE
Consumer Discretionary - (0.1%)
TravelCenters Of America LLC (a)		(26,148	)	$	(84,981	)
Telecommunication Services - (0.0%)
Windstream Holdings, Inc.		(12,463	)		(68,671	)
TOTAL COMMON STOCKS					(153,652	)
(Proceeds $251,351)
REITS - (1.8%)
Real Estate - (1.8%)
Jernigan Capital, Inc.		(67,324	)		(1,329,649	)
Seritage Growth Properties		(41,118	)		(1,712,976	)
Washington Prime Group, Inc.		(147,611	)		(1,073,132	)
					(4,115,757	)
TOTAL REITS					(4,115,757	)
(Proceeds $3,709,132)
TOTAL SECURITIES SOLD SHORT				$	(4,269,409	)
(Proceeds $3,960,483) - (1.9%)

Percentages are stated as a percent of net assets.

Portfolio holdings are subject to change at any time.

(a) Non-income producing.

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

152 

ORINDA INCOME OPPORTUNITIES FUND

SCHEDULE OF OPTIONS WRITTEN

MAY 31, 2018 (UNAUDITED)

	COUNTERPARTY	CONTRACTS			NOTIONAL COST			VALUE
PUT OPTIONS
Vanguard Index FDS Real Estate ETF
Expiration: July 2018, Exercise Price: $75.00	N/A		(600	)	$	(4,733,400	)	$	(27,000	)
Expiration: July 2018, Exercise Price: $76.00	N/A		(300	)		(2,366,700	)		(20,250	)
TOTAL PUT OPTIONS									(47,250	)
TOTAL OPTIONS WRITTEN								$	(47,250	)
(Premiums received $37,425)

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

153 

ORINDA INCOME OPPORTUNITIES FUND

NOTES TO PORTFOLIO OF INVESTMENTS

MAY 31, 2018 (UNAUDITED)

PORTFOLIO VALUATION — The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as 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 (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. 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 Fund 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 Fund values its 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 Fund 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 the fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

• Level 1 — Prices are determined using quoted prices in active markets for identical securities.

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

• Level 3 — Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

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

154 

ORINDA INCOME OPPORTUNITIES FUND

NOTES TO PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets
Common Stocks
Real Estate	$	3,177,217	$	3,177,217	$	-	$	-
Utilities		1,579,300		1,579,300		-		-
Total Common Stocks		4,756,517		4,756,517		-		-
REITs
Financials		44,418,289		43,813,491		604,798		-
Real Estate		120,004,485		115,589,339		4,415,146		-
Total REITs		164,422,774		159,402,830		5,019,944		-
Convertible Preferred Stocks
Real Estate		13,113,458		8,045,072		5,068,386		-
Total Convertible Preferred Stocks		13,113,458		8,045,072		5,068,386		-
Preferred Stocks
Energy		16,605,384		16,605,384		-		-
Financials		35,683,915		31,986,369		3,697,546		-
Industrials		1,136,460		1,136,460		-		-
Real Estate		22,985,096		17,442,390		5,542,706		-
Total Preferred Stocks		76,410,855		67,170,603		9,240,252		-
Mortgage-Backed Securities		2,193,472		-		2,193,472		-
Convertible Bonds
Financials		3,551,279		-		3,551,279		-
Total Convertible Bonds		3,551,279		-		3,551,279		-
Corporate Bonds
Financials		937,200		-		937,200		-
Real Estate		854,624		-		854,624		-
Total Corporate Bonds		1,791,824		-		1,791,824		-
Exchanged Traded Funds		2,044,993		2,044,993		-		-
Purchased Options
Put Options		244,187		236,250		7,937		-
Total Purchased Options		244,187		236,250		7,937		-
Short-Term Investments		5,872,902		5,872,902		-		-
Total Investments in Securities	$	274,402,261	$	247,529,167	$	26,873,094	$	-
Total Assets	$	274,402,261	$	247,529,167	$	26,873,094	$	-
Liabilities
Securities Sold Short	$	4,269,409	$	4,269,409	$	-	$	-
Written Options		47,250		27,000		20,250		-
Total Liabilities	$	4,316,659	$	4,296,409	$	20,250	$	-

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

155 

ORINDA INCOME OPPORTUNITIES FUND

NOTES TO PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (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 Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

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

Foreign securities that utilize international fair pricing are categorized as Level 2 in the hierarchy.

Transfers between levels are recognized at the end of the reporting period. The Fund transferred $2,080,594 from Level 2 to Level 1 at May 31, 2018 because these securities were now being priced at the official market close. The Fund transferred $16,216,071 from Level 1 to Level 2 at May 31, 2018 because these securities were priced at the mean of the last bid and ask prices prior to the market close.

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.

156 

THE SCHNEIDER FUNDS

SCHNEIDER SMALL CAP VALUE FUND

PORTFOLIO OF INVESTMENTS

May 31, 2018 (UNAUDITED)

	Number of Shares		Value
COMMON STOCKS — 96.5%
Auto Parts & Equipment — 3.7%
Adient PLC		32,702	$	1,741,055
Banks — 7.4%
Dundee Corp., Class A*		2,233		3,126
HomeStreet, Inc.*		82,350		2,206,980
KeyCorp		28,861		561,062
MidWestOne Financial Group, Inc.		1,570		52,328
OFG Bancorp		43,227		609,500
				3,432,996
Building Materials — 0.1%
Builders FirstSource, Inc.*		1,501		29,390
Chemicals — 1.2%
Venator Materials PLC*		32,323		569,531
Commercial Services — 4.4%
Herc Holdings, Inc.*		31,777		1,736,613
Hudson Global, Inc.*		197,902		322,580
				2,059,193
Insurance — 8.1%
Assured Guaranty Ltd.		59,698		2,118,682
Brighthouse Financial, Inc.*		26,337		1,240,736
Enstar Group Ltd*		2,073		421,337
				3,780,755
Machinery - Diversified — 3.8%
Intevac, Inc.*		380,889		1,790,178
				1,790,178
Manufacturing — 1.6%
Arconic, Inc.		900		15,885
Intrepid Potash, Inc.*		10,000		44,800
Manitowoc Company, Inc., (The)*		27,838		681,753
				742,438
Mining — 0.1%
Cameco Corp.		5,612		57,972
Oil & Gas — 30.3%
Chesapeake Energy Corp.*(a)		1,462,288		6,536,427
Halcon Resources Corp.*		95,475		462,099
MRC Global, Inc.*		18,970		391,731
NOW, Inc.*(a)		107,722		1,514,571
Oasis Petroleum, Inc.*		29,525		384,711
QEP Resources, Inc.*		176,036		2,128,275
Range Resources Corp.		9,882		156,531
Whiting Petroleum Corp.*		48,267		2,530,156
				14,104,501
Oil & Gas Services — 9.2%
Weatherford International PLC*(a)		1,244,253		4,218,018
Willbros Group, Inc.*		86,400		51,235
				4,269,253
Pharmaceuticals — 3.8%
Mallinckrodt PLC*(a)		104,887		1,767,346
Real Estate Investment Trust — 6.3%
Alexander & Baldwin, Inc.		35,562		757,827
Boardwalk Real Estate Investment Trust(a)		48,991		1,795,275
Forest City Realty Trust, Inc., Class A		18,969		386,399
				2,939,501

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

157 

THE SCHNEIDER FUNDS

SCHNEIDER SMALL CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

May 31, 2018 (UNAUDITED)

	Number of Shares		Value
COMMON STOCKS — 96.5% (continued)
Retail — 2.0%
Tuesday Morning Corp.*(a)		355,727		942,677
Savings & Loans — 0.1%
Flagstar Bancorp, Inc.*		1,600		55,664
Semiconductors — 1.8%
Veeco Instruments, Inc.*		47,885		816,439
Telecommunications — 7.9%
Aviat Networks, Inc.*		183,442		3,217,567
UTStarcom Holdings Corp.*		97,160		443,049
				3,660,616
Transportation — 4.7%
Aegean Marine Petroleum Network, Inc.(a)		185,118		573,866
Ardmore Shipping Corp.*		82,543		668,598
Scorpio Tankers, Inc.(a)		244,775		709,847
Stolt-Nielsen Ltd.		15,875		227,965
				2,180,276
TOTAL COMMON STOCKS
(Cost $42,864,118)				44,939,781
SECURITIES LENDING COLLATERAL — 34.7%
Mount Vernon Liquid Assets Portfolio, LLC, 2.02%		16,157,823		16,157,823
TOTAL SECURITIES LENDING COLLATERAL
(Cost $16,157,823)				16,157,823
SHORT-TERM INVESTMENTS — 3.8%
STIT-Treasury Obligations Portfolio, 1.65%(b)		1,778,248		1,778,248
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,778,248)				1,778,248
TOTAL INVESTMENTS — 135.0%
(Cost $60,800,189)				62,875,852
LIABILITIES IN EXCESS OF OTHER ASSETS — (35.0)%				(16,314,734	)
NET ASSETS — 100.0%			$	46,561,118

^* Non-income producing security.

^(a) All or a portion of the security is on loan. At May 31, 2018, the market value of securities on loan was $15,152,095.

^(b) Seven-day yield as of May 31, 2018.

PLC Public Limited Company

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

158 

THE SCHNEIDER FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS

May 31, 2018 (UNAUDITED)

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

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

• Level 1 — Prices are determined using quoted prices in active markets for identical securities.

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

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

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

A summary of the inputs used to value the Fund's investments as of May 31, 2018 is as follows:

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Common Stocks*	$	44,939,781	$	44,939,781	$	-	$	-
Securities Lending Collateral		16,157,823		16,157,823		-		-
Short-Term Investments		1,778,248		1,778,248		-		-
Total	$	62,875,852	$	62,875,852	$	-	$	-

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

159 

THE SCHNEIDER FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS (CONTINUED)

May 31, 2018 (UNAUDITED)

At the end of each period, 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 an active market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

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

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

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

160 

SUMMIT GLOBAL INVESTMENTS

U.S. LOW VOLATILITY EQUITY FUND

PORTFOLIO OF INVESTMENTS

MAY 31, 2018 (UNAUDITED)

	Number
	of Shares		Value
COMMON STOCKS - 99.1%
Aerospace & Defense — 0.4%
Lockheed Martin Corp.		5,000	$	1,572,700
Air Freight & Logistics — 0.2%
CH Robinson Worldwide, Inc.		9,600		835,200
Banks — 0.7%
BB&T Corp.		14,300		750,750
Citigroup, Inc.		16,800		1,120,392
Regions Financial Corp.		41,000		747,840
				2,618,982
Beverages — 2.1%
PepsiCo, Inc.		79,700		7,989,925
Biotechnology — 1.1%
AbbVie, Inc.		32,300		3,195,762
Biogen, Inc.*		3,600		1,058,256
				4,254,018
Capital Markets — 6.3%
Moody's Corp.		23,900		4,076,623
Northern Trust Corp.		26,200		2,686,024
S&P Global, Inc.		72,100		14,239,750
T Rowe Price Group, Inc.		27,000		3,278,340
				24,280,737
Chemicals — 2.4%
Air Products & Chemicals, Inc.		12,200		1,969,202
Ecolab, Inc.		33,800		4,820,218
International Flavors & Fragrances, Inc.		14,000		1,709,820
PPG Industries, Inc.		7,500		756,900
				9,256,140
Commercial Services & Supplies — 0.7%
Republic Services, Inc.		28,900		1,948,727
Waste Management, Inc.		9,100		752,661
				2,701,388
Communications Equipment — 2.9%
Cisco Systems, Inc.		117,200		5,005,612
F5 Networks, Inc.*		35,100		6,076,161
				11,081,773
Diversified Financial Services — 0.7%
Berkshire Hathaway, Inc., Class B*		14,800		2,834,644
Diversified Telecommunication Services — 1.8%
AT&T, Inc.		184,600		5,966,272
Verizon Communications, Inc.		15,800		753,186
				6,719,458
Electric Utilities — 1.6%
Edison International		32,800		2,038,848
Pinnacle West Capital Corp.		9,500		756,295
Xcel Energy, Inc.		72,300		3,291,096
				6,086,239
Electronic Equipment, Instruments & Components — 0.4%
Corning, Inc.		29,900		812,383
TE Connectivity Ltd., (Switzerland)		8,600		800,488
				1,612,871

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

161 

SUMMIT GLOBAL INVESTMENTS

U.S. LOW VOLATILITY EQUITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number
	of Shares		Value
COMMON STOCKS - 99.1% (continued)
Food & Staples Retailing — 6.0%
Costco Wholesale Corp.		15,300		3,033,072
Sysco Corp.		108,800		7,075,264
Wal-Mart Stores, Inc.		157,900		13,033,066
				23,141,402
Food Products — 1.0%
Hershey Co., (The)		30,200		2,719,208
Ingredion, Inc.		10,100		1,125,039
				3,844,247
Health Care Equipment & Supplies — 4.0%
Baxter International, Inc.		70,000		4,958,800
Edwards Lifesciences Corp.*		14,900		2,045,919
IDEXX Laboratories, Inc.*		16,200		3,373,002
Intuitive Surgical, Inc.*		11,300		5,194,271
				15,571,992
Health Care Providers & Services — 2.6%
Humana, Inc.		2,600		756,548
Quest Diagnostics, Inc.		29,100		3,100,023
UnitedHealth Group, Inc.		25,500		6,158,505
				10,015,076
Hotels, Restaurants & Leisure — 0.6%
Starbucks Corp.		41,800		2,368,806
Household Durables — 0.2%
Garmin Ltd., (Switzerland)		13,000		781,170
Household Products — 1.5%
Colgate-Palmolive Co.		46,600		2,939,994
Procter & Gamble Co., (The)		40,200		2,941,434
				5,881,428
Independent Power and Renewable Electricity Producers — 0.3%
AES Corp.		80,000		1,020,000
Industrial Conglomerates — 1.3%
Roper Technologies, Inc.		18,400		5,074,536
Insurance — 3.0%
Allstate Corp., (The)		8,100		757,188
American International Group, Inc.		55,800		2,945,682
Aon PLC		8,100		1,132,947
Assurant, Inc.		8,700		812,145
Marsh & McLennan Cos, Inc.		49,900		4,010,463
Progressive Corp., (The)		32,000		1,986,880
				11,645,305
Internet Software & Services — 2.2%
Alphabet, Inc., Class A*		7,600		8,360,000
IT Services — 6.0%
Accenture PLC, Class A, (Ireland)		20,200		3,145,948
Cognizant Technology Solutions Corp.		76,200		5,741,670
Fidelity National Information Services, Inc.		59,300		6,061,646
Fiserv, Inc.*		21,800		1,582,680
Mastercard, Inc., Class A		20,800		3,954,496
Paychex, Inc.		30,100		1,973,958
Total System Services, Inc.		9,500		809,305
				23,269,703
Life Sciences Tools & Services — 3.4%
Agilent Technologies, Inc.		97,500		6,037,200
Bio-Techne Corp.		34,800		5,231,136
Mettler-Toledo International, Inc.*		3,500		1,927,590
				13,195,926
Machinery — 0.4%
Snap-on, Inc.		9,700		1,433,854

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

162 

SUMMIT GLOBAL INVESTMENTS

U.S. LOW VOLATILITY EQUITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number
	of Shares		Value
COMMON STOCKS - 99.1% (continued)
Media — 1.8%
Madison Square Garden Co., Class A, (The)*		24,000		6,288,960
Walt Disney Co., (The)		7,600		755,972
				7,044,932
Metals & Mining — 0.3%
Nucor Corp.		19,100		1,226,029
Multiline Retail — 0.5%
Dollar General Corp.		8,200		717,336
Kohl's Corp.		19,700		1,314,975
				2,032,311
Multi-Utilities — 0.6%
Consolidated Edison, Inc.		9,600		736,608
Public Service Enterprise Group, Inc.		14,600		773,508
Sempra Energy		6,800		724,404
				2,234,520
Oil, Gas & Consumable Fuels — 6.7%
EOG Resources, Inc.		6,900		812,889
Exxon Mobil Corp.		50,900		4,135,116
HollyFrontier Corp.		32,500		2,508,350
Occidental Petroleum Corp.		9,800		825,160
Phillips 66		50,600		5,894,394
Valero Energy Corp.		95,900		11,623,080
				25,798,989
Personal Products — 1.1%
Estee Lauder Cos, Inc., Class A, (The)		28,900		4,318,816
Pharmaceuticals — 5.0%
Bristol-Myers Squibb Co.		15,500		815,610
Eli Lilly & Co.		86,800		7,381,472
Johnson & Johnson		47,600		5,693,912
Zoetis, Inc.		63,500		5,314,950
				19,205,944
Professional Services — 3.9%
Equifax, Inc.		26,200		2,985,752
Robert Half International, Inc.		188,900		12,029,152
				15,014,904
Real Estate Investment Trusts (REITs) — 2.8%
American Tower Corp.		9,400		1,300,678
Duke Realty Corp.		139,400		3,919,928
Iron Mountain, Inc.		113,500		3,778,415
Public Storage		5,200		1,101,568
UDR, Inc.		20,800		758,576
				10,859,165
Semiconductors & Semiconductor Equipment — 0.5%
Texas Instruments, Inc.		16,800		1,880,088
Software — 10.4%
Adobe Systems, Inc.*		3,500		872,480
Cadence Design Systems, Inc.*		19,800		840,510
Citrix Systems, Inc.*		74,200		7,837,004
Intuit, Inc.		73,000		14,716,800
Microsoft Corp.		31,300		3,093,692
Salesforce.com, Inc.*		6,400		827,712
Synopsys, Inc.*		68,100		5,997,567
Ultimate Software Group, Inc., (The)*		23,600		6,186,740
				40,372,505

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

163 

SUMMIT GLOBAL INVESTMENTS

U.S. LOW VOLATILITY EQUITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number
	of Shares		Value
COMMON STOCKS - 99.1% (continued)
Specialty Retail — 5.3%
Best Buy Co., Inc.		37,500		2,559,375
Home Depot, Inc., (The)		23,300		4,346,615
Lowe's Cos, Inc.		9,600		912,096
Ross Stores, Inc.		9,800		773,024
Tiffany & Co.		19,300		2,524,054
TJX Cos, Inc., (The)		103,400		9,339,088
				20,454,252
Technology Hardware, Storage & Peripherals — 1.3%
Apple, Inc.		21,800		4,073,766
HP, Inc.		35,600		784,268
				4,858,034
Textiles, Apparel & Luxury Goods — 4.7%
Lululemon Athletica, Inc.*		23,400		2,458,170
Michael Kors Holdings Ltd.*		43,300		2,484,987
Ralph Lauren Corp., Class A		36,200		4,871,796
Tapestry, Inc.		84,000		3,672,480
VF Corp.		51,500		4,179,740
				17,667,173
Trading Companies & Distributors — 0.2%
Fastenal Co.		16,100		857,003
Water Utilities — 0.2%
American Water Works Co, Inc.		11,000		914,540
TOTAL COMMON STOCKS
(Cost $355,255,352)				382,186,725
SHORT-TERM INVESTMENTS - 0.8%
Fidelity Investments Money Market Funds - Government Portfolio, 1.64% (a)		3,202,199		3,202,199
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,202,199)				3,202,199
TOTAL INVESTMENTS - 99.9%
(Cost $358,457,551)				385,388,924
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%				380,152
NET ASSETS - 100.0%			$	385,769,076

* Non-income producing security.

(a) Seven-day yield as of May 31, 2018.

PLC Public Limited Company

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

164 

SUMMIT GLOBAL INVESTMENTS

SMALL CAP LOW VOLATILITY FUND

PORTFOLIO OF INVESTMENTS

MAY 31, 2018 (UNAUDITED)

	Number
	of Shares		Value
COMMON STOCKS - 97.8%
Air Freight & Logistics — 1.0%
Forward Air Corp.		4,700	$	278,804
Airlines — 1.0%
Hawaiian Holdings, Inc.		7,100		262,700
Auto Components — 3.0%
Dorman Products, Inc.*		4,000		258,080
Fox Factory Holding Corp.*		7,300		290,175
LCI Industries		2,800		245,560
				793,815
Banks — 9.9%
Bryn Mawr Bank Corp.		5,600		262,920
Carolina Financial Corp.		6,400		280,128
CenterState Bank Corp.		8,300		255,225
FCB Financial Holdings, Inc.*		4,400		268,180
First Bancshares, Inc., (The)		7,700		264,495
Great Southern Bancorp, Inc.		4,500		258,750
Heritage Commerce Corp.		14,200		242,252
National Commerce Corp.*		5,800		267,090
Preferred Bank		4,100		261,170
QCR Holdings, Inc.		5,500		264,275
				2,624,485
Beverages — 1.0%
MGP Ingredients, Inc.		2,900		256,795
Biotechnology — 3.2%
BioSpecifics Technologies Corp.*		6,100		263,886
Emergent BioSolutions, Inc.*		5,300		273,268
Ligand Pharmaceuticals, Inc.*		1,700		326,791
				863,945
Building Products — 2.1%
PGT Innovations, Inc.*		13,800		285,660
Trex Co, Inc.*		2,400		282,792
				568,452
Capital Markets — 1.0%
Evercore, Inc., Class A		2,500		261,000
Chemicals — 2.9%
Ingevity Corp.*		3,300		251,262
Quaker Chemical Corp.		1,800		275,130
Sensient Technologies Corp.		3,800		255,550
				781,942
Commercial Services & Supplies — 2.9%
InnerWorkings, Inc.*		26,800		235,572
SP Plus Corp.*		7,000		252,000
UniFirst Corp.		1,600		284,160
				771,732
Communications Equipment — 3.0%
InterDigital, Inc.		3,300		260,205
Ituran Location and Control Ltd., (Israel)		8,100		267,300
Quantenna Communications, Inc.*		16,600		265,600
				793,105

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

165 

SUMMIT GLOBAL INVESTMENTS

SMALL CAP LOW VOLATILITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number
	of Shares		Value
COMMON STOCKS - 97.8% (continued)
Construction & Engineering — 1.1%
Comfort Systems USA, Inc.		6,100		285,785
Diversified Consumer Services — 0.9%
Tarena International, Inc., Class A, ADR		24,500		235,445
Electric Utilities — 2.0%
El Paso Electric Co.		4,700		275,420
PNM Resources, Inc.		6,400		255,680
				531,100
Electronic Equipment, Instruments & Components — 2.1%
ePlus, Inc.*		3,010		273,759
Orbotech Ltd., (Israel)*		4,300		275,372
				549,131
Energy Equipment & Services — 1.1%
Cactus, Inc., Class A*		8,700		293,364
Food & Staples Retailing — 1.0%
PriceSmart, Inc.		3,000		253,950
Food Products — 2.0%
J&J Snack Foods Corp.		1,900		269,078
Lancaster Colony Corp.		2,000		252,200
				521,278
Gas Utilities — 1.0%
Chesapeake Utilities Corp.		3,300		263,505
Health Care Equipment & Supplies — 6.7%
CONMED Corp.		3,900		267,735
Cutera, Inc.*		4,800		201,600
Inogen, Inc.*		1,500		274,035
LeMaitre Vascular, Inc.		7,460		254,237
Neogen Corp.*		3,500		264,985
NuVasive, Inc.*		5,200		266,552
Orthofix International*		4,700		256,855
				1,785,999
Health Care Providers & Services — 4.3%
Amedisys, Inc.*		4,000		305,400
Ensign Group, Inc., (The)		7,600		278,236
HealthEquity, Inc.*		3,700		274,947
LHC Group, Inc.*		3,700		284,789
				1,143,372
Hotels, Restaurants & Leisure — 1.8%
Jack in the Box, Inc.		2,900		233,943
Ruth's Hospitality Group, Inc.		8,900		236,295
				470,238
Household Durables — 0.9%
Helen of Troy Ltd., (Bermuda)*		2,800		251,440
Independent Power and Renewable Electricity Producers — 0.9%
Ormat Technologies, Inc.		4,400		228,008
Internet & Direct Marketing Retail — 0.8%
Despegar.com Corp.*		8,900		207,281
Internet Software & Services — 8.2%
Alarm.com Holdings, Inc.*		6,300		279,909
Appfolio, Inc., Class A*		4,700		278,240
Five9, Inc.*		7,900		275,631
Mimecast Ltd.*		6,300		280,791
SPS Commerce, Inc.*		3,700		275,391
Wix.com Ltd.*		3,000		260,850
XO Group, Inc.*		9,100		295,386
Yelp, Inc.*		5,500		235,675
				2,181,873

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

166 

SUMMIT GLOBAL INVESTMENTS

SMALL CAP LOW VOLATILITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number
	of Shares		Value
COMMON STOCKS - 97.8% (continued)
IT Services — 2.0%
CoreLogic, Inc.*		5,100		267,393
WNS Holdings Ltd., (India) ADR*		5,400		276,156
				543,549
Leisure Products — 3.0%
Callaway Golf Co.		14,500		274,630
MCBC Holdings, Inc.*		9,799		288,973
Nautilus, Inc.*		16,400		245,180
				808,783
Machinery — 0.9%
Meritor, Inc.*		12,200		253,150
Media — 2.4%
Scholastic Corp.		6,200		278,938
World Wrestling Entertainment, Inc., Class A		6,200		358,918
				637,856
Multi-Utilities — 0.9%
Unitil Corp.		5,198		250,907
Oil, Gas & Consumable Fuels — 1.1%
Delek US Holdings, Inc.		5,200		290,056
Paper & Forest Products — 1.0%
Boise Cascade Co.		5,800		276,660
Pharmaceuticals — 1.0%
Phibro Animal Health Corp., Class A		6,100		275,720
Professional Services — 4.9%
Forrester Research, Inc.		6,200		261,950
GP Strategies Corp.*		12,200		234,850
ICF International, Inc.		4,000		282,600
Korn/Ferry International		4,700		256,996
Willdan Group, Inc.*		9,700		276,450
				1,312,846
Real Estate Investment Trusts — 1.9%
Cherry Hill Mortgage Investment Corp.		14,000		251,720
First Industrial Realty Trust, Inc.		7,900		260,147
				511,867
Real Estate Management & Development — 1.9%
Marcus & Millichap, Inc.*		7,200		269,712
RMR Group Inc., Class A, (The)		3,100		234,360
				504,072
Semiconductors & Semiconductor Equipment — 1.9%
Advanced Energy Industries, Inc.*		4,100		268,673
Rambus, Inc.*		17,300		232,858
				501,531
Software — 2.9%
Imperva, Inc.*		5,400		261,900
Manhattan Associates, Inc.*		5,800		252,416
MicroStrategy, Inc., Class A*		2,000		259,140
				773,456
Specialty Retail — 1.0%
Michaels Cos, Inc., (The)*		13,900		255,204
Textiles, Apparel & Luxury Goods — 2.1%
Oxford Industries, Inc.		3,300		272,316
Steven Madden Ltd.		5,400		285,390
				557,706
Trading Companies & Distributors — 3.1%
Applied Industrial Technologies, Inc.		3,900		272,025
BMC Stock Holdings, Inc.*		14,100		286,935
Foundation Building Materials, Inc.*		18,000		276,300
				835,260

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

167 

SUMMIT GLOBAL INVESTMENTS

SMALL CAP LOW VOLATILITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number
	of Shares		Value
COMMON STOCKS - 97.8% (continued)
TOTAL COMMON STOCKS
(Cost $23,806,176)				26,047,167
SHORT-TERM INVESTMENTS - 2.1%
Fidelity Investments Money Market Funds - Government Portfolio, 1.64% (a)		554,969		554,970
TOTAL SHORT-TERM INVESTMENTS
(Cost $554,970)				554,970
TOTAL INVESTMENTS - 99.9%
(Cost $24,361,146)				26,602,137
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%				41,035
NET ASSETS - 100.0%			$	26,643,172

* Non-income producing security.

(a) Seven-day yield as of May 31, 2018.

ADR American Depository Recipt

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

168 

SUMMIT GLOBAL INVESTMENTS

GLOBAL LOW VOLATILITY FUND

PORTFOLIO OF INVESTMENTS

MAY 31, 2018 (UNAUDITED)

	Number
	of Shares		Value
COMMON STOCKS - 98.6%
Aerospace & Defense — 6.1%
General Dynamics Corp.		1,950	$	393,335
Raytheon Co.		1,930		404,335
United Technologies Corp.		3,210		400,672
				1,198,342
Air Freight & Logistics — 2.0%
CH Robinson Worldwide, Inc.		4,600		400,200
Banks — 4.1%
Bank of Montreal, (Canada)		5,400		417,960
Royal Bank of Canada, (Canada)		5,200		393,068
				811,028
Beverages — 2.0%
Coca-Cola Co., (The)		9,400		404,200
Capital Markets — 2.1%
T Rowe Price Group, Inc.		3,500		424,970
Chemicals — 2.1%
Nutrien Ltd., (Canada)		8,300		420,395
Diversified Financial Services — 2.0%
Berkshire Hathaway, Inc., Class B*		2,100		402,213
Diversified Telecommunication Services — 5.8%
BCE, Inc., (Canada)		9,180		382,531
Telekomunikasi Indonesia Persero Tbk PT, (Indonesia) SP ADR		14,200		350,882
TELUS Corp.		11,500		404,455
				1,137,868
Food & Staples Retailing — 2.0%
Wal-Mart Stores, Inc.		4,760		392,890
Food Products — 1.9%
Hershey Co., (The)		4,100		369,164
Health Care Equipment & Supplies — 6.4%
ResMed, Inc.		4,140		425,633
Smith & Nephew PLC, (United Kingdom) SP ADR		10,900		397,414
Stryker Corp.		2,420		421,128
				1,244,175
Hotels, Restaurants & Leisure — 6.2%
Carnival PLC, (United Kingdom) ADR		6,100		391,193
McDonald's Corp.		2,520		403,225
Starbucks Corp.		7,400		419,358
				1,213,776
Household Products — 5.7%
Clorox Co., (The)		3,200		386,656
Colgate-Palmolive Co.		5,800		365,922
Procter & Gamble Co., (The)		5,080		371,704
				1,124,282
Insurance — 2.0%
Chubb Ltd.		3,020		394,684
Internet Software & Services — 4.3%
Alibaba Group Holding Ltd. SP ADR*		2,200		435,622
Tencent Holdings Ltd. ADR		8,000		408,540
				844,162
IT Services — 4.2%
Mastercard, Inc., Class A		2,200		418,264
Visa, Inc., Class A		3,180		415,690
				833,954
Machinery — 1.8%
FANUC Corp., (Japan) ADR		16,500		348,892
Media — 2.0%
Walt Disney Co., (The)		4,000		397,880
Oil, Gas & Consumable Fuels — 2.1%
TransCanada Corp., (Canada)		9,700		405,751
Personal Products — 4.3%
Estee Lauder Cos, Inc., Class A, (The)		2,770		413,949
Unilever, (Netherlands)		7,600		423,852
				837,801
Pharmaceuticals — 10.4%
Bayer AG, (Germany) SP ADR		13,900		416,166
Eli Lilly & Co.		4,970		422,649
Novo Nordisk, (Denmark) SP ADR		8,300		394,582
Roche Holding AG, (Switzerland) SP ADR		14,200		380,702
Sanofi, (France) ADR		10,470		400,687
				2,014,786

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

169 

SUMMIT GLOBAL INVESTMENTS

GLOBAL LOW VOLATILITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2018 (UNAUDITED)

	Number
	of Shares		Value
COMMON STOCKS - 98.6% (continued)
Real Estate Investment Trusts (REITs) — 4.1%
Crown Castle International Corp.		3,900		406,185
Equinix, Inc.		1,000		396,850
				803,035
Road & Rail — 4.2%
Canadian National Railway Co., (Canada)		5,000		417,400
Union Pacific Corp.		2,910		415,432
				832,832
Software — 8.6%
Adobe Systems, Inc.*		1,710		426,269
Check Point Software Technologies Ltd., (Israel)*		4,190		407,938
Microsoft Corp.		4,200		415,128
SAP SE, (Germany) SP ADR		3,800		428,602
				1,677,937
Specialty Retail — 2.2%
TJX Cos, Inc., (The)		4,700		424,504
TOTAL COMMON STOCKS
(Cost $17,672,909)				19,359,721
TOTAL INVESTMENTS - 98.6%
(Cost $17,672,909)				19,359,721
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.4%				273,912
NET ASSETS - 100.0%			$	19,633,633

* Non-income producing security.

ADR American Depository Receipt

PLC Public Limited Company

SP ADR Sponsored ADR

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

170 

SUMMIT GLOBAL INVESTMENTS FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS

MAY 31, 2018 (UNAUDITED)

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

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

described in the hierarchy below:

• Level 1 — Prices are determined using quoted prices in active markets for identical securities.

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

• Level 3 — Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

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

The following is a summary of inputs used, as of May 31, 2018, in valuing the Fund’s investments carried at fair value:

Summit Global Investments U.S. Low Volatility Equity Fund	Total		Level 1		Level 2		Level 3
Common Stocks	$	382,186,725	$	382,186,725	$	-	$	-
Short-Term Investments		3,202,199		3,202,199		-		-
Total Investments*	$	385,388,924	$	385,388,924	$	-	$	-
Summit Global Investments Small Cap Low Volatility Fund
Common Stocks	$	26,047,167	$	26,047,167	$	-	$	-
Short-Term Investments		554,970		554,970		-		-
Total Investments*	$	26,602,137	$	26,602,137	$	-	$	-
Summit Global Investments Global Low Volatility Fund
Common Stocks	$	19,359,721	$	19,359,721	$	-	$	-
Short-Term Investments		-		-		-		-
Total Investments*	$	19,359,721	$	19,359,721	$	-	$	-

* Please refer to Portfolio of Investments for further details.

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

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

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

For the period ended May 31, 2018, there were no transfers between Levels 1, 2 and 3 for the Funds.

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

171 

Item 2. Controls and Procedures.

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

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

Item 3. Exhibits.

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

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	7/26/2018

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

By (Signature and Title)*	/s/ Salvatore Faia
	Salvatore Faia, President
	(principal executive officer)
Date	7/26/2018
By (Signature and Title)*	/s/ James Shaw
	James Shaw, Treasurer
	(principal financial officer)
Date	7/26/2018

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