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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

811-05518

Investment Company Act file number:

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

615 East Michigan Street,

Milwaukee, WI 53202

(Address of principal executive offices) (Zip code)

Salvatore Faia, President

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

615 East Michigan Street

Milwaukee, WI 53202

(Name and address of agent for service)

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

Date of fiscal year end: August 31

Date of reporting period: November 30, 2018

Item 1. Schedule of Investments.

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2018

(UNAUDITED)

	COUPON*	MATURITY DATE	PAR (000’s)		VALUE
SHORT-TERM INVESTMENTS - 62.0%
U.S. TREASURY OBLIGATIONS - 62.0%
U.S. Treasury Bills	2.137%	01/10/19	$	77,681	$	77,498,455
U.S. Treasury Bills	2.153%	01/17/19		43,645		43,521,089
U.S. Treasury Bills	2.195%	01/24/19		18,947		18,884,806
U.S. Treasury Bills	2.214%	01/31/19		22,142		22,059,172
U.S. Treasury Bills	2.205%	02/14/19		47,695		47,471,105
U.S. Treasury Bills	2.252%	02/21/19		6,120		6,088,448
U.S. Treasury Bills	2.267%	02/28/19		20,118		20,005,570
U.S. Treasury Bills	2.310%	03/07/19		20,036		19,914,430
U.S. Treasury Bills	2.335%	03/14/19		5,559		5,522,759
U.S. Treasury Bills	2.352%	03/21/19		19,540		19,403,049
U.S. Treasury Bills	2.381%	03/28/19		28,718		28,501,499
U.S. Treasury Bills	2.431%	04/04/19		23,447		23,257,489
U.S. Treasury Bills	2.467%	04/25/19		12,138		12,020,597
U.S. Treasury Bills	2.499%	05/02/19		43,450		47,315,023
U.S. Treasury Bills	2.494%	05/09/19		47,801		32,609,539
U.S. Treasury Bills	2.506%	05/16/19		57,452		56,811,099
						480,884,129
TOTAL SHORT-TERM INVESTMENTS
(Cost $480,909,219)						480,884,129
TOTAL PURCHASED OPTIONS - 0.0%**
(Cost $435,193)						256,802
TOTAL INVESTMENTS - 62.0%
(Cost $481,344,412)						481,140,931
OTHER ASSETS IN EXCESS OF LIABILITIES - 38.0%						294,029,202
NET ASSETS - 100.0%					$	775,170,133

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

** See page 8 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)

NOVEMBER 30, 2018

(UNAUDITED)

Futures contracts outstanding as of November 30, 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	Dec-18		18	$	1,585,694	$	7,788
2-Year Euro Swapnote Futures	Dec-18		10		1,132,105		1,359
30-Day Federal Funds Futures	Apr-19		1,019		424,583,333		42,462
3-Month Euro Euribor	Jun-19		678		191,891,861		9,439
3-Month Euro Euribor	Sep-19		702		198,684,494		39,992
3-Month Euro Euribor	Dec-19		1,309		370,481,484		111,852
3-Month Euro Euribor	Mar-20		361		102,172,510		36,694
3-Month Euro Euribor	Jun-20		9		2,547,237		1,783
3-Month Euro Euribor	Sep-20		9		2,547,237		1,755
3-Month Euro Euribor	Mar-21		29		8,207,764		5,561
3-Month Euro Euribor	Jun-21		6		1,698,158		1,387
3-Month Euro Euribor	Sep-21		4		1,132,105		920
5-Year Euro Swapnote Futures	Dec-18		1		113,211		702
90-DAY Bank Bill	Mar-19		1		730,898		-
90-DAY Bank Bill	Jun-19		524		382,990,542		35,233
90-DAY Bank Bill	Sep-19		17		12,425,266		785
90-DAY Bank Bill	Dec-19		8		5,847,184		268
90-DAY Bank Bill	Mar-20		32		23,388,735		(1,035	)
90-DAY Bank Bill	Jun-20		2		1,461,796		89
90-DAY Eurodollar Futures	Mar-20		1,042		260,500,000		143,175
90-DAY Eurodollar Futures	Mar-22		1		250,000		150
90-DAY Eurodollar Futures	Jun-22		1		250,000		163
90-DAY Sterling Futures	Sep-19		990		157,687,505		(19,209	)
90-DAY Sterling Futures	Mar-20		925		147,334,285		(2,787	)
90-DAY Sterling Futures	Sep-20		387		61,641,479		(29,817	)
90-DAY Sterling Futures	Mar-21		4		637,121		(112	)
90-DAY Sterling Futures	Jun-21		3		477,841		16
90-DAY Sterling Futures	Sep-21		204		32,493,183		(6,515	)
Amsterdam Index Futures	Dec-18		21		2,468,619		(28,549	)
Australian 10-Year Bond Futures	Dec-18		63		4,604,657		24,878
Australian 3-Year Bond Futures	Dec-18		416		30,405,356		(33,496	)
Brent Crude Futures	Feb-19		2		118,920		(4,330	)
Brent Crude Futures	Jun-19		3		179,820		(43,730	)
Cocoa Futures	Mar-19		57		1,255,710		(80,620	)
Cocoa Futures	May-19		12		265,680		(19,480	)
Cocoa Futures	Jul-19		4		89,080		(3,440	)
Cocoa Futures ICE	May-19		6		124,468		(6,690	)
Corn Futures	Jul-19		4		78,300		(400	)
DJIA Mini E-CBOT	Dec-18		24		3,064,680		40,740
Dollar Index	Dec-18		320		32,000,000		78,842
Euro BUXL 30-Year Bond Futures	Dec-18		32		3,622,737		94,055
Euro/CHF 3-Month Futures ICE	Mar-19		5		1,251,189		125
Euro/CHF 3-Month Futures ICE	Jun-19		8		2,001,902		150
Euro/CHF 3-Month Futures ICE	Sep-19		7		1,751,664		450
Euro/CHF 3-Month Futures ICE	Dec-19		3		750,713		450
Euro-Bobl Futures	Dec-18		660		74,718,955		290,600
Euro-Bobl Futures	Mar-19		392		44,378,531		44,514
Euro-BTP Futures	Mar-19		2		226,421		374
Euro-Bund Futures	Dec-18		959		108,568,906		1,323,284
Euro-Bund Futures	Mar-19		302		34,189,582		168,140
Euro-Oat Futures	Dec-18		274		31,019,687		407,399
Euro-Oat Futures	Mar-19		37		4,188,790		6,521
Euro-Schatz Futures	Dec-18		469		53,095,742		35,152
Euro-Schatz Futures	Mar-19		2		226,421		(6	)
Hang Seng China Enterprises Index Futures	Dec-18		38		2,582,145		21,108
IBEX 35 Index Futures	Dec-18		33		3,377,633		10,066

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

2 

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018

(UNAUDITED)

LONG CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS		NOTIONAL AMOUNT		VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION)
JPN 10-Year Bond (Osaka Securities Exchange)	Dec-18		317		279,258,248		1,104,524
Live Cattle Futures	Feb-19		25		1,205,000		56,320
LME Aluminum Forward	Feb-19		3		146,794		(3,862	)
LME Copper Forward	Dec-18		349		54,330,575		77,106
Long Gilt Futures	Mar-19		554		70,593,032		360,037
Low Sulphur Gasoil G Futures	Feb-19		1		54,600		(11,900	)
MXN Currency Futures	Dec-18		135		3,316,342		(22,900	)
Natural Gas Futures	Jan-19		123		5,672,700		1,137,890
Natural Gas Futures	Feb-19		74		3,270,000		382,010
Natural Gas Futures	Mar-19		35		1,404,900		265,620
Natural Gas Futures	Apr-19		24		692,900		7,640
Natural Gas Futures	May-19		5		138,200		1,660
Natural Gas Futures	Jun-19		5		139,000		2,230
Natural Gas Futures	Jul-19		8		224,400		3,680
Natural Gas Futures	Aug-19		9		252,400		4,750
Natural Gas Futures	Sep-19		8		222,800		5,630
Nikkei 225 (Osaka Securities Exchange)	Dec-18		15		2,953,354		68,713
Nikkei 225 (Singapore Exchange)	Dec-18		7		689,887		4,603
Nikkei 225 Mini	Dec-18		269		5,296,349		126,301
Palladium Futures	Mar-19		3		343,380		6,010
RUB Currency Futures	Dec-18		13		485,075		(6,825	)
Russell 2000 E-Mini	Dec-18		18		1,381,140		25,570
S&P 500 E-Mini Futures	Dec-18		14		1,930,810		59,355
S&P Mid 400 E-Mini Futures	Dec-18		3		563,850		8,490
S&P/TSX 60 IX Futures	Dec-18		12		1,648,651		13,834
Soybean Meal Futures	May-19		7		221,270		1,400
Swiss Federal Bond Futures	Dec-18		3		300,285		(721	)
TRY/USD Futures	Dec-18		12		1,150,748		28,400
USD/HUF Futures	Dec-18		4		400,000		5,554
USD/NOK Futures	Dec-18		7		700,000		11,080
USD/SEK Futures	Dec-18		12		1,200,000		12,855
						$	6,443,259

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

3 

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018

(UNAUDITED)

SHORT CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS		NOTIONAL AMOUNT			VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION)
30-Day Federal Funds Futures	Jul-19		1,019	$	(424,583,333	)	$	(148,616	)
3-Month Euro Euribor	Dec-20		972		(275,101,606	)		(164,467	)
90-DAY Eurodollar Futures	Dec-18		97		(24,250,000	)		15,156
90-DAY Eurodollar Futures	Mar-19		179		(44,750,000	)		1,613
90-DAY Eurodollar Futures	Jun-19		1,474		(368,500,000	)		(142,613	)
90-DAY Eurodollar Futures	Sep-19		348		(87,000,000	)		(107,113	)
90-DAY Eurodollar Futures	Dec-19		1,973		(493,250,000	)		(291,988	)
90-DAY Eurodollar Futures	Jun-20		1,219		(304,750,000	)		(249,325	)
90-DAY Eurodollar Futures	Sep-20		93		(23,250,000	)		(36,350	)
90-DAY Eurodollar Futures	Dec-20		86		(21,500,000	)		(32,038	)
90-DAY Eurodollar Futures	Mar-21		67		(16,750,000	)		(24,088	)
90-DAY Eurodollar Futures	Sep-21		121		(30,250,000	)		(21,200	)
90-DAY Sterling Futures	Jun-19		60		(9,556,818	)		(2,007	)
90-DAY Sterling Futures	Dec-19		469		(74,702,464	)		1,752
90-DAY Sterling Futures	Jun-20		65		(10,353,220	)		(8,314	)
90-DAY Sterling Futures	Dec-20		75		(11,946,023	)		(12,902	)
AUD/USD Currency Futures	Dec-18		704		(51,455,218	)		113,770
Australian 10-Year Bond Futures	Dec-18		63		(4,604,657	)		(77,607	)
Bank Acceptance Futures	Sep-19		1		(188,161	)		(160	)
Brent Crude Futures	Mar-19		1		(59,580	)		250
CAC40 10 Euro Futures	Dec-18		64		(3,615,492	)		(34,224	)
CAD Currency Futures	Dec-18		788		(59,308,320	)		340,880
Canadian 10-Year Bond Futures	Mar-19		66		(4,967,448	)		(92,380	)
Canola Futures WCE	Jan-19		12		(86,596	)		1,556
Canola Futures WCE	Mar-19		5		(36,616	)		736
Canola Futures WCE	May-19		2		(14,878	)		206
Cattle Feeder Futures	Jan-19		24		(1,742,700	)		45,425
Cattle Feeder Futures	Mar-19		10		(714,250	)		14,375
Cattle Feeder Futures	Apr-19		1		(71,815	)		338
CHF Currency Futures	Dec-18		464		(58,055,152	)		(36,538	)
Cocoa Futures ICE	Mar-19		40		(825,709	)		39,654
Coffee ‘C’ Futures	Mar-19		235		(9,477,844	)		658,013
Coffee ‘C’ Futures	May-19		35		(1,449,656	)		61,556
Coffee ‘C’ Futures	Jul-19		23		(975,919	)		114,188
Copper Futures	Mar-19		156		(10,871,250	)		(65,415	)
Copper Futures	May-19		9		(627,975	)		(5,100	)
Corn Futures	Mar-19		769		(14,524,488	)		(96,438	)
Corn Futures	May-19		3		(57,750	)		(5,625	)
Cotton No.2 Futures	Mar-19		134		(5,286,970	)		(50,275	)
Cotton No.2 Futures	May-19		8		(319,800	)		(3,410	)
Cotton No.2 Futures	Jul-19		2		(81,000	)		(1,025	)
DAX Index Futures	Dec-18		84		(26,741,235	)		236,440
EUR Foreign Exchange Currency Futures	Dec-18		1,439		(203,637,455	)		1,606,506
Euro BUXL 30-Year Bond Futures	Mar-19		2		(226,421	)		(2,513	)
Euro STOXX 50	Dec-18		324		(11,601,952	)		15,793
Euro/JPY Futures	Dec-18		116		(16,415,528	)		38,321
Euro-BTP Futures	Dec-18		37		(4,188,790	)		(143,030	)
FTSE 100 Index Futures	Dec-18		287		(25,486,162	)		222,559
FTSE/JSE TOP 40	Dec-18		61		(1,975,944	)		45,328
FTSE/MIB Index Futures	Dec-18		94		(10,202,285	)		(39,743	)
Gasoline RBOB Futures	Jan-19		165		(9,715,167	)		583,387
Gasoline RBOB Futures	Feb-19		79		(4,662,454	)		74,109
Gasoline RBOB Futures	Mar-19		7		(419,185	)		70,560
Gasoline RBOB Futures	Apr-19		3		(204,057	)		1,432
GBP Currency Futures	Dec-18		260		(20,706,440	)		151,438
Gold 100 Oz Futures	Feb-19		517		(63,384,200	)		130,070
Hang Seng Index Futures	Dec-18		113		(19,159,017	)		(212,174	)
ILS/USD Futures	Dec-18		24		(6,454,129	)		29,050
INR/USD Futures	Dec-18		6		(172,179	)		(1,608	)
JPY Currency Futures	Dec-18		853		(93,930,318	)		416,344
Kansas City Hard Red Winter Wheat Futures	Mar-19		189		(4,727,363	)		80,813
Kansas City Hard Red Winter Wheat Futures	May-19		5		(127,813	)		5,113
Lean Hogs Futures	Feb-19		137		(3,701,740	)		(317,140	)
Lean Hogs Futures	Apr-19		34		(978,860	)		(33,060	)
Lean Hogs Futures	Jun-19		1		(33,512	)		(1,110	)
Live Cattle Futures	Apr-19		12		(585,600	)		(490	)

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

4 

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018

(UNAUDITED)

SHORT CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS		NOTIONAL AMOUNT			VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION)
Live Cattle Futures	Jun-19		1		(45,460	)		(230	)
LME Aluminum Forward	Dec-18		11		(540,856	)		171,901
LME Aluminum Forward	Jan-19		32		(1,560,200	)		(87,216	)
LME Aluminum Forward	Mar-19		334		(16,401,488	)		(65,263	)
LME Aluminum Forward	Apr-19		13		(638,219	)		(6,844	)
LME Copper Forward	Dec-18		349		(54,330,575	)		(826,627	)
LME Copper Forward	Jan-19		1		(155,325	)		(33,986	)
LME Copper Forward	Feb-19		2		(310,200	)		(4,413	)
LME Copper Forward	Mar-19		57		(8,830,013	)		(58,886	)
LME Lead Forward	Dec-18		4		(196,800	)		13,810
LME Lead Forward	Jan-19		10		(493,000	)		(4,601	)
LME Lead Forward	Feb-19		10		(493,000	)		(3,200	)
LME Nickel Forward	Dec-18		2		(133,782	)		958,653
LME Nickel Forward	Jan-19		6		(402,264	)		18,541
LME Nickel Forward	Feb-19		4		(268,752	)		300
LME Nickel Forward	Mar-19		113		(7,606,482	)		48,236
LME Zinc Forward	Dec-18		1		(64,875	)		128,622
LME Zinc Forward	Jan-19		16		(1,026,000	)		(27,153	)
LME Zinc Forward	Feb-19		3		(191,250	)		(6,087	)
LME Zinc Forward	Mar-19		62		(3,929,250	)		(130,221	)
Low Sulphur Gasoil G Futures	Dec-18		6		(330,450	)		19,400
Low Sulphur Gasoil G Futures	Jan-19		11		(599,500	)		29,850
Low Sulphur Gasoil G Futures	Mar-19		1		(54,700	)		1,825
MSCI EAFE Index Futures	Dec-18		11		(998,965	)		1,715
MSCI Taiwan Index Futures	Dec-18		14		(508,900	)		(10,850	)
Nasdaq 100 E-Mini	Dec-18		2		(277,980	)		110,015
Nikkei 225 (Chicago Mercantile Exchange)	Dec-18		1		(112,100	)		(2,275	)
NY Harbor Ultra-Low Sulfur Diesel Futures	Jan-19		7		(537,844	)		(172,885	)
NY Harbor Ultra-Low Sulfur Diesel Futures	Feb-19		35		(2,678,928	)		(41,740	)
NZD Currency Futures	Dec-18		194		(13,335,533	)		6,760
OMX Stockholm 30 Index Futures	Dec-18		188		(3,122,440	)		(50,848	)
Platinum Futures	Jan-19		2		(79,980	)		2,820
PLN/USD Futures	Dec-18		6		(791,348	)		2,660
Rapeseed Euro	Feb-19		19		(398,473	)		4,769
Rapeseed Euro	May-19		8		(168,231	)		1,528
Red Wheat Futures (Minneapolis Grain Exchange)	Mar-19		34		(978,775	)		8,075
Red Wheat Futures (Minneapolis Grain Exchange)	May-19		8		(232,600	)		2,300
Silver Futures	Mar-19		271		(19,264,050	)		274,695
Soybean Futures	Jan-19		134		(5,994,825	)		(200,562	)
Soybean Futures	Mar-19		240		(10,890,000	)		(193,750	)
Soybean Futures	May-19		2		(92,050	)		(2,337	)
Soybean Meal Futures	Jan-19		94		(2,918,700	)		2,520
Soybean Meal Futures	Mar-19		17		(532,440	)		5,450
Soybean Oil Futures	Jan-19		39		(656,604	)		18,300
Soybean Oil Futures	Mar-19		132		(2,241,360	)		11,256
Soybean Oil Futures	May-19		16		(274,176	)		(3,162	)
SPI 200 Futures	Dec-18		5		(518,389	)		1,261
Sugar No. 11 (World)	Mar-19		10		(143,808	)		(215,734	)
Sugar No. 11 (World)	May-19		8		(116,032	)		(1,355	)
Topix Index Futures	Dec-18		22		(3,232,701	)		(48,584	)
U.S. Treasury 10-Year Notes (Chicago Board of Trade)	Mar-19		984		(98,793,942	)		(335,797	)
U.S. Treasury 2-Year Notes (Chicago Board of Trade)	Mar-19		622		(122,085,390	)		(77,532	)
U.S. Treasury 5-Year Notes (Chicago Board of Trade)	Mar-19		1,077		(107,266,670	)		(173,039	)
U.S. Treasury Long Bond (Chicago Board of Trade)	Mar-19		312		(36,788,852	)		(148,265	)
U.S. Treasury Ultra Long Bond (Chicago Board of Trade)	Mar-19		23		(2,321,593	)		(3,047	)
Wheat (Chicago Board of Trade)	Mar-19		373		(9,618,738	)		(12,320	)
Wheat (Chicago Board of Trade)	May-19		47		(1,224,938	)		8,425
White Sugar ICE	Mar-19		19		(330,790	)		785
White Sugar ICE	May-19		4		(70,420	)		575
White Sugar ICE	Aug-19		1		(17,855	)		145
WTI Crude Futures	Jan-19		147		(7,486,710	)		363,370
WTI Crude Futures	Feb-19		88		(4,495,920	)		7,790
							$	1,934,188
Total Futures Contracts							$	8,377,447

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

5 

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018

(UNAUDITED)

Forward foreign currency contracts outstanding as of November 30, 2018 were as follows:

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION DATE	COUNTERPARTY	UNREALIZED APPRECIATION/ (DEPRECIATION)
AUD	4,376,622	USD	3,203,958	Dec 03 2018	BOA	$	(4,919	)
AUD	3,608,137	USD	2,635,499	Dec 04 2018	BOA		1,874
AUD	33,159,611	USD	23,925,918	Dec 19 2018	BOA		318,654
AUD	28,789,000	USD	20,669,313	Dec 21 2018	BOA		380,446
BRL	35,407,201	USD	9,077,291	Dec 19 2018	BOA		69,457
CAD	42,454,157	USD	31,925,008	Dec 03 2018	BOA		29,751
CAD	34,358,859	USD	26,438,717	Dec 19 2018	BOA		(564,417	)
CAD	27,383,000	USD	21,024,925	Dec 21 2018	BOA		(402,445	)
CHF	41,563,465	USD	41,705,263	Dec 03 2018	BOA		(91,296	)
CHF	41,563,465	USD	41,567,622	Dec 04 2018	BOA		50,006
CHF	10,601,000	USD	10,788,583	Dec 21 2018	BOA		(150,537	)
CLP	3,326,460,428	USD	4,950,000	Dec 19 2018	BOA		3,214
CNH	11,848,087	USD	1,700,000	Dec 19 2018	BOA		3,651
COP	22,169,071,025	USD	7,000,000	Dec 19 2018	BOA		(152,934	)
CZK	127,375,734	EUR	4,950,000	Dec 19 2018	BOA		(53,654	)
EUR	66,214,937	USD	75,358,661	Dec 03 2018	BOA		(379,641	)
EUR	732,782	GBP	652,468	Dec 04 2018	BOA		(1,714	)
EUR	65,004,012	USD	73,539,090	Dec 04 2018	BOA		74,207
EUR	5,650,000	CZK	146,549,600	Dec 19 2018	BOA		10,546
EUR	5,000,000	HUF	1,625,976,819	Dec 19 2018	BOA		(26,766	)
EUR	21,100,000	NOK	204,353,551	Dec 19 2018	BOA		134,926
EUR	5,500,000	PLN	23,707,485	Dec 19 2018	BOA		(17,947	)
EUR	46,200,000	SEK	486,077,841	Dec 19 2018	BOA		(1,098,292	)
EUR	24,541,675	USD	28,297,707	Dec 19 2018	BOA		(459,903	)
EUR	3,931,000	JPY	507,654,686	Dec 21 2018	BOA		(22,006	)
EUR	26,118,000	USD	30,258,558	Dec 21 2018	BOA		(625,687	)
EUR	100,000	HUF	32,459,456	Mar 20 2019	BOA		(155	)
EUR	9,400,000	SEK	97,056,641	Mar 20 2019	BOA		(19,444	)
GBP	26,078,477	USD	33,478,308	Dec 03 2018	BOA		(243,649	)
GBP	26,278,212	USD	33,582,061	Dec 04 2018	BOA		(91,394	)
GBP	25,426,009	USD	32,399,290	Dec 05 2018	BOA		6,689
GBP	33,446,629	USD	43,943,802	Dec 19 2018	BOA		(1,273,482	)
GBP	20,816,000	USD	27,093,846	Dec 21 2018	BOA		(533,384	)
HUF	1,616,499,290	EUR	5,000,000	Dec 19 2018	BOA		(6,448	)
HUF	546,633,707	USD	1,946,719	Dec 19 2018	BOA		(31,019	)
HUF	32,402,664	EUR	100,000	Mar 20 2019	BOA		(46	)
ILS	26,532,749	USD	7,300,000	Dec 19 2018	BOA		(154,977	)
INR	967,156,444	USD	13,166,771	Dec 19 2018	BOA		679,334
JPY	3,107,681,110	USD	27,394,111	Dec 03 2018	BOA		(11,623	)
JPY	3,025,405,981	USD	26,618,764	Dec 04 2018	BOA		40,614
JPY	5,075,555,705	USD	45,286,428	Dec 19 2018	BOA		(485,975	)
JPY	6,669,031,000	USD	59,310,790	Dec 21 2018	BOA		(430,661	)
KRW	10,490,761,671	USD	9,393,986	Dec 19 2018	BOA		(29,205	)
MXN	117,540,673	USD	6,083,313	Dec 19 2018	BOA		(325,568	)
MXN	157,704,000	USD	8,067,698	Dec 21 2018	BOA		(344,906	)
NOK	312,246,800	EUR	32,750,000	Dec 19 2018	BOA		(784,389	)
NOK	62,371,385	USD	7,570,753	Dec 19 2018	BOA		(306,998	)
NZD	367,764	USD	252,568	Dec 03 2018	BOA		245

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

6 

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018

(UNAUDITED)

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION DATE	COUNTERPARTY	UNREALIZED APPRECIATION/ (DEPRECIATION)
NZD	21,055,044	USD	14,031,904	Dec 19 2018	BOA		445,849
NZD	7,640,000	USD	5,099,004	Dec 21 2018	BOA		154,540
PHP	85,724,694	USD	1,600,000	Dec 19 2018	BOA		33,390
PHP	57,902,737	USD	1,100,000	Mar 20 2019	BOA		(4,176	)
PLN	30,361,939	EUR	7,050,000	Dec 19 2018	BOA		15,947
PLN	44,671,215	USD	12,066,709	Dec 19 2018	BOA		(277,536	)
PLN	14,680,119	EUR	3,400,000	Mar 20 2019	BOA		(3,699	)
RUB	472,499,709	USD	7,104,595	Dec 19 2018	BOA		(70,651	)
SEK	3,441,924	USD	377,735	Dec 04 2018	BOA		459
SEK	335,237,855	EUR	32,400,000	Dec 19 2018	BOA		148,558
SEK	63,923,932	USD	7,109,673	Dec 19 2018	BOA		(73,473	)
SEK	1,033,887	EUR	100,000	Mar 20 2019	BOA		359
SGD	9,444,244	USD	6,887,503	Dec 19 2018	BOA		(1,260	)
SGD	16,449,000	USD	11,995,091	Dec 21 2018	BOA		(832	)
THB	80,896,079	USD	2,500,000	Dec 19 2018	BOA		(38,464	)
TRY	7,573,470	USD	1,300,000	Dec 19 2018	BOA		136,237
TWD	533,285,259	USD	17,350,000	Dec 19 2018	BOA		(9,253	)
USD	3,202,930	AUD	4,376,622	Dec 03 2018	BOA		3,891
USD	2,637,710	AUD	3,608,137	Dec 04 2018	BOA		337
USD	1,387,118	AUD	1,900,656	Dec 05 2018	BOA		(2,195	)
USD	21,983,123	AUD	30,749,965	Dec 19 2018	BOA		(499,641	)
USD	31,346,523	AUD	43,990,000	Dec 21 2018	BOA		(817,806	)
USD	8,430,034	BRL	34,910,149	Dec 19 2018	BOA		(588,310	)
USD	1,450,000	BRL	5,617,600	Mar 20 2019	BOA		7,852
USD	31,981,643	CAD	42,454,157	Dec 03 2018	BOA		26,884
USD	31,619,637	CAD	42,047,097	Dec 04 2018	BOA		(29,363	)
USD	36,059,552	CAD	47,191,472	Dec 19 2018	BOA		521,518
USD	41,987,378	CAD	55,136,000	Dec 21 2018	BOA		463,765
USD	41,858,652	CHF	41,563,465	Dec 03 2018	BOA		244,686
USD	41,708,695	CHF	41,563,465	Dec 04 2018	BOA		91,067
USD	41,570,989	CHF	41,563,465	Dec 05 2018	BOA		(50,300	)
USD	25,663,952	CHF	25,058,000	Dec 21 2018	BOA		518,385
USD	5,190,002	CLP	3,532,614,397	Dec 19 2018	BOA		(70,183	)
USD	2,550,000	CLP	1,718,439,575	Mar 20 2019	BOA		(10,864	)
USD	5,500,000	CNH	38,065,852	Dec 19 2018	BOA		26,465
USD	9,400,000	COP	29,688,889,858	Dec 19 2018	BOA		230,387
USD	5,050,000	COP	16,404,243,925	Mar 20 2019	BOA		1,893
USD	75,310,809	EUR	66,214,937	Dec 03 2018	BOA		331,789
USD	74,819,964	EUR	65,736,794	Dec 04 2018	BOA		376,833
USD	73,252,699	EUR	64,746,155	Dec 05 2018	BOA		(74,047	)
USD	44,425,297	EUR	38,278,228	Dec 19 2018	BOA		1,006,018
USD	55,452,969	EUR	47,885,000	Dec 21 2018	BOA		1,123,770
USD	33,325,686	GBP	26,078,477	Dec 03 2018	BOA		91,027
USD	32,652,582	GBP	25,625,744	Dec 04 2018	BOA		(6,536	)
USD	52,745,354	GBP	40,593,448	Dec 19 2018	BOA		957,313
USD	44,175,664	GBP	33,973,000	Dec 21 2018	BOA		827,347
USD	2,588,871	HUF	723,018,834	Dec 19 2018	BOA		55,021
USD	13,000,000	ILS	46,534,302	Dec 19 2018	BOA		468,744
USD	10,691,091	INR	779,106,992	Dec 19 2018	BOA		(462,841	)
USD	27,376,840	JPY	3,107,681,110	Dec 03 2018	BOA		(5,647	)
USD	26,668,653	JPY	3,025,405,981	Dec 04 2018	BOA		9,275
USD	25,963,873	JPY	2,950,859,030	Dec 05 2018	BOA		(40,401	)
USD	67,971,466	JPY	7,611,830,452	Dec 19 2018	BOA		784,054
USD	100,714,750	JPY	11,272,921,000	Dec 21 2018	BOA		1,187,390
USD	11,603,247	KRW	13,098,488,630	Dec 19 2018	BOA		(89,372	)
USD	5,322,750	MXN	105,054,333	Dec 19 2018	BOA		176,650
USD	3,379,948	MXN	66,992,000	Dec 21 2018	BOA		99,338
USD	9,673,531	NOK	80,507,363	Dec 19 2018	BOA		297,665
USD	252,275	NZD	367,764	Dec 03 2018	BOA		(538	)
USD	12,300,506	NZD	18,763,962	Dec 19 2018	BOA		(601,866	)
USD	10,336,259	NZD	15,834,000	Dec 21 2018	BOA		(551,781	)
USD	1,616,797	PHP	85,724,694	Dec 19 2018	BOA		(16,593	)
USD	12,828,653	PLN	47,628,531	Dec 19 2018	BOA		259,016
USD	6,850,000	RUB	472,499,709	Dec 19 2018	BOA		(183,944	)
USD	50,000	RUB	3,390,455	Mar 20 2019	BOA		50
USD	378,616	SEK	3,441,924	Dec 04 2018	BOA		422
USD	9,096,058	SEK	81,877,684	Dec 19 2018	BOA		83,662
USD	10,810,236	SGD	14,879,493	Dec 19 2018	BOA		(39,105	)
USD	11,948,406	SGD	16,449,000	Dec 21 2018	BOA		(45,853	)
USD	4,700,000	THB	154,239,637	Dec 19 2018	BOA		6,739
USD	1,100,000	TRY	7,559,771	Dec 19 2018	BOA		(333,640	)
USD	17,790,837	TWD	542,720,002	Dec 19 2018	BOA		143,302
USD	7,450,000	TWD	227,423,924	Mar 20 2019	BOA		(1,812	)
USD	6,830,978	ZAR	103,244,419	Dec 19 2018	BOA		(601,483	)
ZAR	144,971,577	USD	10,069,497	Dec 19 2018	BOA		366,860
ZAR	13,976,000	USD	1,017,624	Dec 21 2018	BOA		(11,758	)
Total Forward Foreign Currency Contracts						$	(1,212,336	)

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

7 

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018

(UNAUDITED)

	PUT/CALL	COUNTERPARTY	NUMBER OF CONTRACTS		NOTIONAL AMOUNT			VALUE
PURCHASED OPTIONS - 0.0%
AUD/USD Currency Futures, Expires 12/7/18, Strike Price $72.00	Put	BAML		329		AUD	32,900,000	$	46,060
3-Month Euro Euribor, Expires 12/16/19, Strike Price $99.50	Put	BAML		4,356		EUR	174,614,616		30,822
3-Month Euro Euribor, Expires 3/16/20, Strike Price $99.875	Put	BAML		1,956		EUR	78,357,360		179,920
TOTAL PURCHASED OPTIONS (COST $435,193)								$	256,802

	PUT/CALL	COUNTERPARTY	NUMBER OF CONTRACTS			NOTIONAL AMOUNT			VALUE
WRITTEN OPTIONS - 0.0%
1-Year Euro, Expires 3/15/19, Strike Price $97.00	Call	BAML		(1,045	)		EUR	40,581,530	$	(326,563	)
1-Year Euro, Expires 6/14/19, Strike Price $96.625	Put	BAML		(1,045	)		EUR	40,581,530		(137,156	)
3-Month Euro Euribor, Expires 12/16/19, Strike Price $99.375	Put	BAML		(4,356	)		EUR	174,614,616		(30,822	)
3-Month Euro Euribor, Expires 3/16/20, Strike Price $99.625	Put	BAML		(1,956	)		EUR	78,357,360		(69,200	)
TOTAL WRITTEN OPTIONS (PREMIUMS RECEIVED $610,372)									$	(563,741	)

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

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

8 

ABBEY CAPITAL MULTI ASSET FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS

November 30, 2018

(UNAUDITED)

	COUPON*	MATURITY DATE	PAR (000’s)		VALUE
SHORT-TERM INVESTMENTS - 82.2%
U.S. TREASURY OBLIGATIONS - 82.2%
U.S. Treasury Bills	2.098%	12/13/18	$	1,831	$	1,829,909
U.S. Treasury Bills	2.069%	12/20/18		179		178,819
U.S. Treasury Bills	2.153%	01/17/19		2,319		2,312,416
U.S. Treasury Bills	2.205%	02/14/19		2,348		2,336,978
U.S. Treasury Bills	2.265%	02/28/19		197		195,899
U.S. Treasury Bills	2.362%	03/14/19		116		115,244
U.S. Treasury Bills	2.352%	03/21/19		2,324		2,307,712
U.S. Treasury Bills	2.389%	03/28/19		2,928		2,905,927
U.S. Treasury Bills	2.458%	04/11/19		984		975,476
U.S. Treasury Bills	2.457%	04/18/19		99		98,091
U.S. Treasury Bills	2.473%	04/25/19		312		308,982
U.S. Treasury Bills	2.499%	05/02/19		171		169,262
U.S. Treasury Bills	2.506%	05/09/19		2,927		2,895,787
U.S. Treasury Bills	2.510%	05/16/19		104		102,840
U.S. Treasury Bills	2.530%	05/23/19		297		293,530
						17,026,872
TOTAL SHORT-TERM INVESTMENTS
(Cost $17,027,411)						17,026,872
TOTAL INVESTMENTS - 82.2%
(Cost $17,027,411)						17,026,872
OTHER ASSETS IN EXCESS OF LIABILITIES - 17.8%						3,678,406
NET ASSETS - 100.0%					$	20,705,278

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

Futures contracts outstanding as of November 30, 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	Dec-18		27	$	2,378,540	$	10,298
3-Month Euro Euribor	Jun-19		30		8,490,790		1,259
3-Month Euro Euribor	Sep-19		33		9,339,869		5,731
3-Month Euro Euribor	Mar-20		16		4,528,422		4,571
3-Month Euro Euribor	Mar-21		1		283,026		170
90-DAY Bank Bill	Jun-19		19		13,887,062		1,321
90-DAY Bank Bill	Mar-20		1		730,898		-
90-DAY Eurodollar Futures	Sep-19		1		250,000		(4,037	)
90-DAY Eurodollar Futures	Mar-20		7		1,750,000		(138	)
90-DAY Sterling Futures	Sep-19		44		7,008,334		(4,747	)
90-DAY Sterling Futures	Mar-20		44		7,008,334		(4,651	)
90-DAY Sterling Futures	Sep-20		13		2,070,644		(908	)
90-DAY Sterling Futures	Sep-21		7		1,114,962		(223	)
Australian 10-Year Bond Futures	Dec-18		2		146,180		411
Australian 3-Year Bond Futures	Dec-18		17		1,242,527		(1,446	)
Canadian 10-Year Bond Futures	Mar-19		3		225,793		1,535
Dollar Index	Dec-18		12		1,200,000		21,350
Euro-Bobl Futures	Dec-18		11		1,245,316		2,717
Euro-Bobl Futures	Mar-19		6		679,263		1,585
Euro-Bund Futures	Dec-18		15		1,698,158		15,646
Euro-Bund Futures	Mar-19		10		1,132,105		7,370
Euro-Oat Futures	Dec-18		8		905,684		11,502
Euro-Oat Futures	Mar-19		1		113,211		125
Euro-Schatz Futures	Dec-18		7		792,474		311
JPN 10-Year Bond (Osaka Securities Exchange)	Dec-18		3		2,642,823		7,400
Live Cattle Futures	Feb-19		2		96,400		1,910
LME Aluminum Forward	Dec-18		18		885,038		(32,910	)
LME Copper Forward	Dec-18		14		2,179,450		5,564
LME Nickel Forward	Dec-18		6		401,346		(1,494	)
Long Gilt Futures	Mar-19		12		1,529,091		8,028
MXN Currency Futures	Dec-18		5		122,827		(7,615	)
Natural Gas Futures	Jan-19		1		46,100		10,410
Natural Gas Futures	Feb-19		2		88,400		240
Nikkei 225 (Singapore Exchange)	Dec-18		1		98,555		286
S&P 500 E-Mini Futures	Dec-18		73		10,067,795		(570,512	)
Sugar No. 11 (World)	Mar-19		3		43,142		(2,856	)
						$	(511,797	)

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

9 

ABBEY CAPITAL MULTI ASSET FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

November 30, 2018

(UNAUDITED)

SHORT CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS		NOTIONAL AMOUNT			VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION)
90-DAY Eurodollar Futures	Jun-19		16	$	(4,000,000	)	$	(2,175	)
90-DAY Eurodollar Futures	Dec-19		5		(1,250,000	)		(1,113	)
90-DAY Eurodollar Futures	Jun-20		4		(1,000,000	)		(400	)
90-DAY Eurodollar Futures	Sep-20		3		(750,000	)		(538	)
90-DAY Eurodollar Futures	Dec-20		3		(750,000	)		(588	)
90-DAY Eurodollar Futures	Mar-21		2		(500,000	)		(938	)
90-DAY Eurodollar Futures	Sep-21		4		(1,000,000	)		(2,575	)
90-DAY Sterling Futures	Jun-19		2		(318,561	)		16
90-DAY Sterling Futures	Jun-20		2		(318,561	)		(510	)
90-DAY Sterling Futures	Dec-20		3		(477,841	)		(398	)
AUD/USD Currency Futures	Dec-18		14		(1,023,257	)		(12,500	)
CAC40 10 Euro Futures	Dec-18		2		(112,984	)		(1,149	)
CAD Currency Futures	Dec-18		27		(2,032,138	)		28,740
CHF Currency Futures	Dec-18		19		(2,377,258	)		5,588
Coffee ‘C’ Futures	Mar-19		6		(241,988	)		12,300
Coffee ‘C’ Futures	May-19		1		(41,419	)		1,575
Coffee ‘C’ Futures	Jul-19		1		(42,431	)		6,113
Copper Futures	Mar-19		4		(278,750	)		(613	)
Corn Futures	Mar-19		23		(434,413	)		(4,388	)
Cotton No.2 Futures	Mar-19		2		(78,910	)		(825	)
DAX Index Futures	Dec-18		4		(1,273,392	)		61,813
EUR Foreign Exchange Currency Futures	Dec-18		29		(4,103,882	)		83,606
Euro STOXX 50	Dec-18		3		(107,425	)		6,679
Euro/JPY Futures	Dec-18		4		(566,053	)		(1,310	)
Euro-BTP Futures	Dec-18		3		(339,632	)		(10,257	)
FTSE 100 Index Futures	Dec-18		4		(355,208	)		4,804
FTSE/JSE TOP 40	Dec-18		2		(64,785	)		3,152
FTSE/MIB Index Futures	Dec-18		2		(217,070	)		408
Gasoline RBOB Futures	Jan-19		5		(294,399	)		12,008
Gasoline RBOB Futures	Feb-19		5		(295,092	)		(1,495	)
GBP Currency Futures	Dec-18		8		(637,121	)		17,769
Gold 100 Oz Futures	Feb-19		17		(2,084,200	)		5,200
Hang Seng Index Futures	Dec-18		4		(678,195	)		(9,234	)
JPY Currency Futures	Dec-18		31		(3,413,646	)		45,681
Kansas City Hard Red Winter Wheat Futures	Mar-19		3		(75,038	)		288
Lean Hogs Futures	Feb-19		4		(108,080	)		(10,590	)
LME Aluminum Forward	Dec-18		18		(885,038	)		37,696
LME Aluminum Forward	Mar-19		9		(441,956	)		(4,909	)
LME Copper Forward	Dec-18		14		(2,179,450	)		(47,266	)
LME Copper Forward	Mar-19		4		(619,650	)		819
LME Nickel Forward	Dec-18		6		(401,346	)		87,884
LME Nickel Forward	Mar-19		6		(403,884	)		1,434
Nasdaq 100 E-Mini	Dec-18		2		(277,980	)		(9,010	)
Natural Gas Futures	Jan-19		1		(46,100	)		(510	)
NY Harbor Ultra-Low Sulfur Diesel Futures	Jan-19		1		(76,835	)		386
NY Harbor Ultra-Low Sulfur Diesel Futures	Feb-19		3		(229,622	)		1,205
NZD Currency Futures	Dec-18		6		(412,439	)		(16,320	)
OMX Stockholm 30 Index Futures	Dec-18		5		(83,044	)		(1,584	)
Silver Futures	Mar-19		7		(497,600	)		6,746
Soybean Futures	Jan-19		5		(223,688	)		(6,738	)
Soybean Futures	Mar-19		6		(272,250	)		(3,900	)
Soybean Meal Futures	Jan-19		3		(93,150	)		260
Sugar No. 11 (World)	Mar-19		3		(43,142	)		829
U.S. Treasury 10-Year Notes (Chicago Board of Trade)	Mar-19		25		(2,510,010	)		(9,570	)
U.S. Treasury 2-Year Notes (Chicago Board of Trade)	Mar-19		8		(1,570,235	)		(1,000	)
U.S. Treasury 5-Year Notes (Chicago Board of Trade)	Mar-19		19		(1,892,349	)		(4,195	)
U.S. Treasury Long Bond (Chicago Board of Trade)	Mar-19		6		(707,480	)		(3,703	)
Wheat (Chicago Board of Trade)	Mar-19		10		(257,875	)		(100	)
Wheat (Chicago Board of Trade)	May-19		1		(26,063	)		588
WTI Crude Futures	Jan-19		6		(305,580	)		12,450
WTI Crude Futures	Feb-19		3		(153,270	)		(900	)
							$	274,736
Total Futures Contracts							$	(237,061	)

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

10 

ABBEY CAPITAL MULTI ASSET FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

November 30, 2018

(UNAUDITED)

Forward foreign currency contracts outstanding as of November 30, 2018 were as follows:

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION DATE	COUNTERPARTY	UNREALIZED APPRECIATION/ (DEPRECIATION)
AUD	90,852	USD	66,431	Dec 03 2018	SOCIETE GENERALE	$	(24	)
AUD	90,852	USD	66,349	Dec 04 2018	SOCIETE GENERALE		59
BRL	780,527	USD	200,000	Dec 19 2018	SOCIETE GENERALE		1,634
CAD	2,009,865	USD	1,512,200	Dec 03 2018	SOCIETE GENERALE		602
CHF	1,975,416	USD	1,981,956	Dec 03 2018	SOCIETE GENERALE		(4,140	)
CHF	1,975,416	USD	1,975,811	Dec 04 2018	SOCIETE GENERALE		2,179
CLP	135,148,700	USD	200,000	Dec 19 2018	SOCIETE GENERALE		1,241
CNH	348,975	USD	50,000	Dec 19 2018	SOCIETE GENERALE		180
COP	636,444,300	USD	200,000	Dec 19 2018	SOCIETE GENERALE		(3,430	)
CZK	5,154,660	EUR	200,000	Dec 19 2018	SOCIETE GENERALE		(1,811	)
EUR	3,111,588	USD	3,541,298	Dec 03 2018	SOCIETE GENERALE		(17,866	)
EUR	25,776	GBP	22,952	Dec 04 2018	SOCIETE GENERALE		(62	)
EUR	3,085,812	USD	3,490,053	Dec 04 2018	SOCIETE GENERALE		4,451
EUR	200,000	CZK	5,188,931	Dec 19 2018	SOCIETE GENERALE		315
EUR	100,000	HUF	32,551,956	Dec 19 2018	SOCIETE GENERALE		(649	)
EUR	650,000	NOK	6,299,627	Dec 19 2018	SOCIETE GENERALE		3,647
EUR	150,000	PLN	645,650	Dec 19 2018	SOCIETE GENERALE		(247	)
EUR	1,400,000	SEK	14,742,577	Dec 19 2018	SOCIETE GENERALE		(34,707	)
EUR	300,000	SEK	3,097,320	Mar 20 2019	SOCIETE GENERALE		(595	)
GBP	1,232,983	USD	1,582,720	Dec 03 2018	SOCIETE GENERALE		(11,395	)
GBP	1,232,983	USD	1,575,573	Dec 04 2018	SOCIETE GENERALE		(4,180	)
GBP	1,210,031	USD	1,542,130	Dec 05 2018	SOCIETE GENERALE		80
HUF	32,268,743	EUR	100,000	Dec 19 2018	SOCIETE GENERALE		(344	)
ILS	1,091,826	USD	300,000	Dec 19 2018	SOCIETE GENERALE		(5,981	)
INR	11,053,312	USD	150,000	Dec 19 2018	SOCIETE GENERALE		8,243
JPY	141,438,580	USD	1,246,594	Dec 03 2018	SOCIETE GENERALE		(347	)
JPY	141,438,580	USD	1,244,729	Dec 04 2018	SOCIETE GENERALE		1,604
KRW	112,841,130	USD	101,623	Dec 19 2018	SOCIETE GENERALE		(893	)
NOK	10,004,031	EUR	1,050,000	Dec 19 2018	SOCIETE GENERALE		(25,956	)
PHP	2,652,350	USD	50,000	Dec 19 2018	SOCIETE GENERALE		538
PHP	2,631,300	USD	50,000	Mar 20 2019	SOCIETE GENERALE		(202	)
PLN	861,473	EUR	200,000	Dec 19 2018	SOCIETE GENERALE		490
PLN	431,763	EUR	100,000	Mar 20 2019	SOCIETE GENERALE		(110	)
RUB	13,832,789	USD	208,206	Dec 19 2018	SOCIETE GENERALE		(2,282	)
SEK	9,318,623	EUR	900,000	Dec 19 2018	SOCIETE GENERALE		4,838
SGD	206,043	USD	150,000	Dec 19 2018	SOCIETE GENERALE		236
THB	4,877,876	USD	150,000	Dec 19 2018	SOCIETE GENERALE		(1,574	)
TWD	18,421,111	USD	600,000	Dec 19 2018	SOCIETE GENERALE		(1,004	)
ZAR	1,449,810	USD	100,000	Dec 19 2018	SOCIETE GENERALE		4,370
USD	66,461	AUD	90,852	Dec 03 2018	SOCIETE GENERALE		54
USD	66,432	AUD	90,852	Dec 04 2018	SOCIETE GENERALE		24
USD	66,350	AUD	90,852	Dec 05 2018	SOCIETE GENERALE		(59	)
USD	200,000	BRL	820,958	Dec 19 2018	SOCIETE GENERALE		(12,078	)
USD	50,000	BRL	193,697	Mar 20 2019	SOCIETE GENERALE		274
USD	1,513,877	CAD	2,009,865	Dec 03 2018	SOCIETE GENERALE		1,074
USD	1,512,223	CAD	2,009,865	Dec 04 2018	SOCIETE GENERALE		(610	)
USD	1,989,442	CHF	1,975,416	Dec 03 2018	SOCIETE GENERALE		11,625
USD	1,982,118	CHF	1,975,416	Dec 04 2018	SOCIETE GENERALE		4,127
USD	1,975,969	CHF	1,975,416	Dec 05 2018	SOCIETE GENERALE		(2,195	)
USD	200,000	CLP	135,956,300	Dec 19 2018	SOCIETE GENERALE		(2,444	)

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

11 

ABBEY CAPITAL MULTI ASSET FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

November 30, 2018

(UNAUDITED)

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION DATE	COUNTERPARTY	UNREALIZED APPRECIATION/ (DEPRECIATION)
USD	100,000	CLP	67,407,650	Mar 20 2019	SOCIETE GENERALE		(453	)
USD	200,000	CNH	1,383,943	Dec 19 2018	SOCIETE GENERALE		1,001
USD	300,000	COP	952,954,343	Dec 19 2018	SOCIETE GENERALE		5,674
USD	150,000	COP	487,429,275	Mar 20 2019	SOCIETE GENERALE		3
USD	3,539,587	EUR	3,111,588	Dec 03 2018	SOCIETE GENERALE		16,155
USD	3,541,553	EUR	3,111,588	Dec 04 2018	SOCIETE GENERALE		17,859
USD	3,490,306	EUR	3,085,812	Dec 05 2018	SOCIETE GENERALE		(4,458	)
USD	1,575,506	GBP	1,232,983	Dec 03 2018	SOCIETE GENERALE		4,180
USD	1,542,064	GBP	1,210,031	Dec 04 2018	SOCIETE GENERALE		(79	)
USD	500,000	ILS	1,792,104	Dec 19 2018	SOCIETE GENERALE		17,403
USD	200,000	INR	14,485,928	Dec 19 2018	SOCIETE GENERALE		(7,385	)
USD	1,245,749	JPY	141,438,580	Dec 03 2018	SOCIETE GENERALE		(499	)
USD	1,246,677	JPY	141,438,580	Dec 04 2018	SOCIETE GENERALE		343
USD	1,244,811	JPY	141,438,580	Dec 05 2018	SOCIETE GENERALE		(1,608	)
USD	100,000	KRW	112,841,130	Dec 19 2018	SOCIETE GENERALE		(730	)
USD	50,664	PHP	2,652,350	Dec 19 2018	SOCIETE GENERALE		126
USD	200,000	RUB	13,832,789	Dec 19 2018	SOCIETE GENERALE		(5,924	)
USD	250,000	SGD	344,395	Dec 19 2018	SOCIETE GENERALE		(1,115	)
USD	200,000	THB	6,545,444	Dec 19 2018	SOCIETE GENERALE		833
USD	603,680	TWD	18,421,111	Dec 19 2018	SOCIETE GENERALE		4,684
USD	250,000	TWD	7,627,930	Mar 20 2019	SOCIETE GENERALE		62
USD	50,000	ZAR	763,260	Dec 19 2018	SOCIETE GENERALE		(4,946	)
Total Forward Foreign Currency Contracts						$	(42,174	)

AUD	Australian Dollar	PLN	Polish Zloty
BRL	Brazilian Real	RBOB	Reformulated Blendstock for Oxygenate Blending
CAD	Canadian Dollar	RUB	Russian Ruble
CHF	Swiss Franc	SEK	Swedish Krona
CLP	Chilean Peso	SGD	Singapore Dollar
CNH	Chinese Yuan Renminbi	THB	Thai Baht
COP	Colombian Peso	TWD	Taiwan Dollar
CZK	Czech Koruna	USD	United States Dollar
DAX	Deutscher Aktienindex	WTI	West Texas Intermediate
EUR	Euro
FTSE	Financial Times Stock Exchange
GBP	British Pound
HUF	Hungarian Forint
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.

12 

ABBEY CAPITAL LIMITED

NOTES TO CONSOLIDATED PORTFOLIOS OF INVESTMENTS

November 30, 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 Master Offshore Fund Limited, a wholly-owned and controlled subsidiary of the ACFSF organized under the laws of the Cayman Islands (the “Cayman Subsidiary”). The ACFSF may also invest a portion of its assets in segregated series of the Abbey Capital Onshore Series LLC (the “Onshore Subsidiary”). The consolidated financial statements of the ACFSF include the financial statements of the Cayman Subsidiary and Onshore 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 November 30, 2018, the net assets of the Subsidiaries were $152,055,434, which represented 19.62% of the ACFSF’s net assets.

The Abbey Capital Multi 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 (the “Subsidiary”), a wholly-owned and controlled subsidiary of the ACMAF organized under the laws of the Cayman Islands. The consolidated financial statements of the ACMAF include the financial statements of 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 November 30, 2018, the net assets of the Subsidiary were $4,446,946 which represented 21.48% 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 – 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 November 30, 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	$	480,884,129	$	480,884,129	$	-	$	-
Commodity Contracts
Futures Contracts		5,937,668		5,937,668		-		-
Equity Contracts
Futures Contracts		1,011,891		1,011,891		-		-
Foreign Currency Contracts
Forward Foreign Currency Contracts		13,528,368		-		13,528,368		-
Futures Contracts		2,842,460		2,842,460		-		-
Interest Rate Contracts
Futures Contracts		4,320,747		4,320,747		-		-
Purchased Options		256,802		256,802		-		-
Total Assets	$	508,782,065	$	495,253,697	$	13,528,368	$	-

LIABILITIES	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Commodity Contracts
Futures Contracts	$	(2,852,112	)	$	(2,852,112	)	$	-		$	-
Equity Contracts
Futures Contracts		(427,247	)		(427,247	)		-			-
Foreign Currency Contracts
Forward Foreign Currency Contracts		(14,740,704	)		-			(14,740,704	)		-
Futures Contracts		(67,871	)		(67,871	)		-			-
Interest Rate Contracts
Futures Contracts		(2,388,089	)		(2,388,089	)		-			-
Written Options		(563,741	)		(563,741	)		-			-
Total Liabilities	$	(21,039,764	)	$	(6,299,060	)	$	(14,740,704	)	$	-

ABBEY CAPITAL MULTI ASSET FUND

ASSETS	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Short-Term Investments	$	17,026,872	$	17,026,872	$	-	$	-
Commodity Contracts
Futures Contracts		205,905		205,905		-		-
Equity Contracts
Futures Contracts		77,142		77,142		-		-
Foreign Currency Contracts
Forward Foreign Currency Contracts		120,208		-		120,208		-
Futures Contracts		202,734		202,734		-		-
Interest Rate Contracts
Futures Contracts		79,996		79,996		-		-
Total Assets	$	17,712,857	$	17,592,649	$	120,208	$	-

LIABILITIES	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Commodity Contracts
Futures Contracts	$	(119,494	)	$	(119,494	)	$	-		$	-
Equity Contracts
Futures Contracts		(591,489	)		(591,489	)		-			-
Foreign Currency Contracts
Forward Foreign Currency Contracts		(162,382	)		-			(162,382	)		-
Futures Contracts		(37,745	)		(37,745	)		-			-
Interest Rate Contracts
Futures Contracts		(54,110	)		(54,110	)		-			-
Total Liabilities	$	(965,220	)	$	(802,838	)	$	(162,382	)	$	-

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 November 30, 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 November 30, 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	$	-		$	256,802		$	-		$	-		$	256,802
Forward Contracts*		-			-			13,528,368			-			13,528,368
Futures Contracts*		1,011,891			4,320,747			2,842,460			5,937,668			14,112,766
Total Value- Assets	$	1,011,891		$	4,577,549		$	16,370,828		$	5,937,668		$	27,897,936
Liability Derivatives
Written Options	$	-		$	(563,741	)	$	-		$	-		$	(563,741	)
Forward Contracts*		-			-			(14,740,704	)		-			(14,740,704	)
Futures Contracts*		(427,247	)		(2,388,089	)		(67,871	)		(2,852,112	)		(5,735,319	)
Total Value- Liabilities	$	(427,247	)	$	(2,951,830	)	$	(14,808,575	)	$	(2,852,112	)	$	(21,039,764	)

* This amount represents the cumulative appreciation/(depreciation) of forwards and futures contracts as reported on the Consolidated Portfolio of Investments.

13 

ABBEY CAPITAL LIMITED

NOTES TO CONSOLIDATED PORTFOLIOS OF INVESTMENTS (CONTINUED)

November 30, 2018

(UNAUDITED)

ABBEY CAPITAL MULTI ASSET FUND

				INTEREST			FOREIGN
	EQUITY			RATE			CURRENCY			COMMODITY
DERIVATIVE TYPE	CONTRACTS			CONTRACTS			CONTRACTS			CONTRACTS			TOTAL
Asset Derivatives
Forward Contracts*	$	-		$	-		$	120,208		$	-		$	120,208
Futures Contracts*		77,142			79,996			202,734			205,905			565,777
Total Value- Assets	$	77,142		$	79,996		$	322,942		$	205,905		$	685,985
Liability Derivatives
Forward Contracts*	$	-		$	-		$	(162,382	)	$	-		$	(162,382	)
Futures Contracts*		(591,489	)		(54,110	)		(37,745	)		(119,494	)		(802,838	)
Total Value- Liabilities	$	(591,489	)	$	(54,110	)	$	(200,127	)	$	(119,494	)	$	(965,220	)

* This amount represents the cumulative appreciation/(depreciation) of forwards and futures contracts as reported on the Consolidated Portfolio of Investments.

For the period ended November 30, 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)
$	1,064,763	$	(780,726	)	$	3,375,026,004	$	(3,410,559,589	)	$	(2,218,717,284	)	$	2,219,128,674

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)
$	92,433,139	$	(53,145,517	)	$	(46,577,517	)	$	46,575,826

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.

14 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2018 (UNAUDITED)

	Number of Shares		Value
COMMON STOCKS - 96.2%
Advertising — 0.3%
Telaria, Inc.*		96,056	$	288,168
Trade Desk, Inc., (The), Class A*		5,177		737,464
				1,025,632
Aerospace/Defense — 1.1%
Aerojet Rocketdyne Holdings, Inc.*		9,214		324,425
Aerovironment, Inc.*		1,433		109,768
Cubic Corp.		27,392		1,676,116
Curtiss-Wright Corp.		2,004		221,242
Kaman Corp.		2,787		158,218
Kratos Defense & Security Solutions, Inc.*		32,090		426,797
Moog, Inc.		1,762		154,087
National Presto Industries, Inc.		1,073		137,859
				3,208,512
Agriculture — 0.2%
Andersons, Inc., (The)		3,403		112,503
Limoneira Co.		19,980		482,317
Universal Corp.		1,451		91,993
				686,813
Airlines — 0.5%
Allegiant Travel Co.		527		70,834
Hawaiian Holdings, Inc.		2,251		90,355
Mesa Air Group, Inc.*		42,847		517,592
SkyWest, Inc.		8,137		469,342
Spirit Airlines, Inc.*		6,781		434,798
				1,582,921
Apparel — 0.7%
Crocs, Inc.*		41,716		1,159,705
Lakeland Industries, Inc.*		23,652		313,389
Oxford Industries, Inc.		1,483		119,218
Skechers U.S.A., Inc., Class A*		6,336		171,072
Steven Madden Ltd.		4,833		155,768
Unifi, Inc.*		1,420		39,433
Wolverine World Wide, Inc.		5,464		189,054
				2,147,639
Auto Parts & Equipment — 1.0%
Cooper Tire & Rubber Co.		3,680		125,856
Gentherm, Inc.*		3,355		155,773
Methode Electronics, Inc.		1,987		60,206
Motorcar Parts of America, Inc.*		34,063		611,431
Spartan Motors, Inc.		106,784		859,611
Standard Motor Products, Inc.		1,827		96,228
Unique Fabricating, Inc.		89,400		523,884
Westport Fuel Systems, Inc.*		204,118		428,648
				2,861,637
Banks — 7.1%
American River Bankshares		45,180		669,567
Atlantic Capital Bancshares, Inc.*		26,552		488,822
Bank of Commerce Holdings		65,500		792,550
Banner Corp.		1,722		103,320
Baycom Corp.*		10,448		241,453
Boston Private Financial Holdings, Inc.		14,098		178,904
Capital Bancorp, Inc.*		25,390		315,344
Central Pacific Financial Corp.		2,762		77,446
City Holding Co.		4,208		322,880
Community Bank System, Inc.		1,997		131,123
Customers Bancorp, Inc.*		5,952		116,124
CVB Financial Corp.		8,715		202,537
Esquire Financial Holdings, Inc.*		57,016		1,429,961
Farmers National Bancorp		40,980		574,540
Fidelity Southern Corp.		1,703		40,412
First BanCorp*		46,257		418,626
First Bancshares, Inc., (The)		9,350		329,307
First Business Financial Services, Inc.		22,480		482,196
First Citizens BancShares, Inc., Class A		859		368,915
First Commonwealth Financial Corp.		11,374		158,554
First Financial Bancorp		7,350		205,212
First Financial Bankshares, Inc.		6,581		431,187
First Merchants Corp.		21,840		918,154
First Northwest Bancorp		28,070		434,523
Glacier Bancorp, Inc.		3,879		183,166
Green Bancorp, Inc.		3,338		67,895
Hanmi Financial Corp.		4,704		105,558
Heritage Commerce Corp.		34,487		492,819
Home BancShares, Inc.		11,434		224,221
Hope Bancorp, Inc.		11,164		169,693
Horizon Bancorp		38,377		667,760
Independent Bank Corp.		1,226		98,534
LCNB Corp.		24,620		394,905
Live Oak Bancshares, Inc.		13,929		249,468
MB Financial, Inc.		6,569		301,386
Meta Financial Group, Inc.		7,490		171,221
Metropolitan Bank Holding Corp.*		13,020		468,460
Midland States Bancorp, Inc.		22,550		585,172
Northeast Bancorp		42,790		796,750
Northrim BanCorp, Inc.		13,010		474,475
OFG Bancorp		8,517		154,839
OP Bancorp*		41,190		399,543
Opus Bank		6,972		150,595
Orrstown Financial Services, Inc.		15,980		329,508
Pacific City Financial Corp.		24,090		387,849
Parke Bancorp, Inc.		23,792		451,810
Premier Financial Bancorp, Inc.		43,975		818,375
Southside Bancshares, Inc.		6,218		212,220
Summit Financial Group, Inc.		25,940		545,778
Texas Capital Bancshares, Inc.*		1,396		83,285
Tompkins Financial Corp.		2,118		173,189
TriState Capital Holdings, Inc.*		12,980		325,928
Triumph Bancorp, Inc.*		7,747		296,555
TrustCo Bank Corp.		21,550		170,029
UMB Financial Corp.		3,746		253,492
United Bankshares, Inc.		4,329		156,580
United Community Banks, Inc.		27,880		720,698
Veritex Holdings, Inc.*		3,573		91,790
Walker & Dunlop, Inc.		1,239		58,518
West Bancorporation, Inc.		26,720		547,760
Westamerica Bancorp		3,455		218,356
				21,429,837

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

15 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	Number of Shares		Value
Beverages — 0.5%
Celsius Holdings, Inc.*		87,352		342,420
Farmer Brothers Co.*		21,549		524,718
MGP Ingredients, Inc.		2,137		145,295
Primo Water Corp.*		32,153		466,862
				1,479,295
Biotechnology — 4.3%
Acer Therapeutics, Inc.*		13,967		319,984
Adaptimmune Therapeutics PLC, ADR*		22,698		139,820
Allakos, Inc.*		7,458		439,351
ANI Pharmaceuticals, Inc.*		2,019		112,236
Aratana Therapeutics, Inc.*		35,099		228,143
Argenx SE, ADR*		8,601		832,319
Atara Biotherapeutics, Inc.*		7,712		308,094
Avid Bioservices, Inc.*		116,214		615,934
Avrobio, Inc.*		7,989		214,025
Calyxt, Inc.*		10,196		117,458
Cambrex Corp.*		1,154		55,196
Champions Oncology, Inc.*		90,026		1,140,629
ChromaDex Corp.*		78,373		278,224
Deciphera Pharmaceuticals, Inc.*		8,740		227,852
Emergent BioSolutions, Inc.*		8,317		605,810
Five Prime Therapeutics, Inc.*		15,164		194,706
Guardant Health, Inc.*		17,845		637,602
Innoviva, Inc.*		9,226		168,467
Kindred Biosciences, Inc.*		13,038		177,317
Ligand Pharmaceuticals, Inc.*		1,187		187,273
Loxo Oncology, Inc.*		6,118		859,089
Myriad Genetics, Inc.*		2,083		67,156
NeoGenomics, Inc.*		109,252		1,791,733
Orchard Therapeutics PLC*		20,932		315,236
REGENXBIO, Inc.*		6,918		414,457
Rigel Pharmaceuticals, Inc.*		63,330		179,224
SESEN BIO, Inc.*		115,346		199,549
Spectrum Pharmaceuticals, Inc.*		5,282		76,378
Stemline Therapeutics, Inc.*		41,877		460,228
Twist Bioscience Corp.*		4,407		116,609
Veracyte, Inc.*		36,872		451,313
Vericel Corp.*		46,010		808,856
Zymeworks, Inc.*		12,750		164,092
				12,904,360

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

16 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	Number of Shares		Value
Building Materials — 1.3%
AAON, Inc.		2,783		105,615
American Woodmark Corp.*		2,311		154,583
Apogee Enterprises, Inc.		2,264		82,523
Armstrong Flooring, Inc.*		30,872		482,838
Armstrong World Industries, Inc.		19,738		1,322,249
Boise Cascade Co.		3,023		80,351
Gibraltar Industries, Inc.*		4,141		149,739
Griffon Corp.		4,619		56,167
PGT Innovations, Inc.*		21,893		421,878
Simpson Manufacturing Co., Inc.		2,069		121,037
Summit Materials, Inc., Class A*		45,575		660,838
Universal Forest Products, Inc.		8,103		224,129
				3,861,947
Chemicals — 1.5%
AdvanSix, Inc.*		3,845		110,390
Balchem Corp.		1,142		99,011
Chemours Co., (The)		9,276		264,180
Codexis, Inc.*		41,771		915,620
HB Fuller Co.		4,743		228,802
Ingevity Corp.*		2,186		214,250
Innophos Holdings, Inc.		3,695		102,499
Innospec, Inc.		1,260		92,912
Koppers Holdings, Inc.*		2,012		37,504
Kraton Corp.*		2,728		71,474
Landec Corp.*		72,398		1,115,653
Northern Technologies International Corp.		7,763		259,129
Rayonier Advanced Materials, Inc.		8,012		118,177
Rogers Corp.*		4,306		554,010
Stepan Co.		2,701		218,295
				4,401,906
Coal — 0.0%
CONSOL Energy, Inc.*		1,543		53,017
SunCoke Energy, Inc.*		4,934		48,156
				101,173
Commercial Services — 5.4%
ABM Industries, Inc.		2,589		82,020
Acacia Research Corp.*		127,690		406,054
AMN Healthcare Services, Inc.*		3,294		209,828
ARC Document Solutions, Inc.*		128,280		309,155
ASGN, Inc.*		3,035		210,174
Barrett Business Services, Inc.		21,179		1,489,943
BG Staffing, Inc.		40,680		1,008,050
Bridgepoint Education, Inc.*		69,070		552,560
BrightView Holdings, Inc.*		47,549		599,117
Brink’s Co., (The)		4,054		287,104
CAI International, Inc.*		33,390		818,389
Cardtronics, PLC, Class A*		1,840		59,690
Care.com, Inc.*		30,887		553,495
Civeo Corp.*		97,393		164,594
CRA International, Inc.		8,340		406,575
Edison Nation, Inc.*		30,559		183,354
Green Dot Corp., Class A*		4,948		412,366
Hackett Group, Inc., (The)		22,815		402,685
Healthcare Services Group, Inc.		3,392		160,103
HealthEquity, Inc.*		10,180		902,864
Heidrick & Struggles International, Inc.		1,777		65,145
HMS Holdings Corp.*		9,256		330,809
I3 Verticals, Inc., Class A*		27,137		611,397
Insperity, Inc.		2,292		229,292
Kelly Services, Inc., Class A		19,482		446,527
Korn/Ferry International		4,210		206,164
LSC Communications, Inc.		5,222		52,324
MarketAxess Holdings, Inc.		2,439		531,043
Medifast, Inc.		6,418		953,073
Monro Muffler Brake, Inc.		1,316		107,017
Navigant Consulting, Inc.		3,071		78,679
Resources Connection, Inc.		46,446		782,151
RR Donnelley & Sons Co.		9,085		57,508
SP Plus Corp.*		13,285		402,668
Strategic Education, Inc.		2,810		383,537
Team, Inc.*		5,510		92,072
Viad Corp.		19,061		959,721
Willdan Group, Inc.*		13,028		491,025
				15,998,272

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

17 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	Number of Shares		Value
Computers — 4.2%
3D Systems Corp.*		5,874		72,720
CACI International, Inc., Class A*		1,145		188,822
Computer Services, Inc.		19,369		1,021,715
Conduent, Inc.*		56,831		728,573
Elastic NV*		10,055		718,430
Endava PLC, SP ADR*		20,593		508,647
Engility Holdings, Inc.*		3,736		116,825
ExlService Holdings, Inc.*		1,497		86,766
Insight Enterprises, Inc.*		2,176		97,006
Kornit Digital Ltd.*		25,404		584,800
MAXIMUS, Inc.		1,853		131,785
Mercury Systems, Inc.*		8,302		430,127
Mitek Systems, Inc.*		80,435		769,763
MTS Systems Corp.		1,077		55,412
NCR Corp.*		27,902		773,164
PAR Technology Corp.*		48,139		956,522
PlayAGS, Inc.*		18,976		426,011
Pure Storage, Inc., Class A*		24,202		457,660
Quantum Corp.*		152,383		364,195
Rapid7, Inc.*		19,844		631,039
Sykes Enterprises, Inc.*		26,712		737,785
TTEC Holdings, Inc.		14,265		417,251
USA Technologies, Inc.*		47,187		234,519
Virtusa Corp.*		16,187		717,570
Vocera Communications, Inc.*		16,216		644,424
WNS Holdings Ltd., ADR*		13,384		653,675
				12,525,206
Cosmetics/Personal Care — 0.1%
Avon Products, Inc.*		25,193		53,409
Inter Parfums, Inc.		2,289		141,392
				194,801
Distribution/Wholesale — 0.9%
Anixter International, Inc.*		1,549		99,074
Dorman Products, Inc.*		1,213		106,574
Educational Development Corp.		32,351		315,422
EnviroStar, Inc.		12,357		437,438
Essendant, Inc.		12,263		155,004
Fossil Group, Inc.*		7,293		140,974
G-III Apparel Group Ltd.*		3,296		132,104
Pool Corp.		2,106		342,246
ScanSource, Inc.*		3,047		115,908
SiteOne Landscape Supply, Inc.*		14,267		879,418
Veritiv Corp.*		1,421		43,127
				2,767,289
Diversified Financial Services — 1.7%
Blucora, Inc.*		3,569		110,496
Encore Capital Group, Inc.*		4,540		127,029
Enova International, Inc.*		21,642		479,154
Evercore Partners, Inc., Class A		9,559		789,191
Greenhill & Co., Inc.		3,731		87,790
Interactive Brokers Group, Inc., Class A		3,063		177,195
Investment Technology Group, Inc.		2,378		71,649
LendingTree, Inc.*		2,647		689,120
Moelis & Co., Class A		18,062		730,066
PRA Group, Inc.*		3,304		100,838
Silvercrest Asset Management Group, Inc., Class A		65,382		913,387
WageWorks, Inc.*		13,302		443,356
World Acceptance Corp.*		2,155		234,766
				4,954,037
Electric — 0.3%
ALLETE, Inc.		4,232		344,400
Ameresco, Inc.*		16,598		260,921
Avista Corp.		1,395		72,568
El Paso Electric Co.		1,366		75,608
				753,497

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

18 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	Number of Shares		Value
Electrical Components & Equipment — 0.6%
Encore Wire Corp.		1,848		92,326
EnerSys		3,171		277,050
Insteel Industries, Inc.		3,830		105,478
Littelfuse, Inc.		4,534		867,581
Powell Industries, Inc.		10,135		309,827
SPX Corp.*		4,521		133,731
				1,785,993
Electronics — 2.5%
Brady Corp., Class A		2,928		127,544
Coherent, Inc.*		1,014		140,094
Comtech Telecommunications Corp.		34,160		872,446
Control4 Corp.*		8,741		190,292
Electro Scientific Industries, Inc.		1,489		43,777
FARO Technologies, Inc.*		2,255		112,119
II-VI, Inc.*		3,812		142,645
IntriCon Corp.*		5,999		207,745
Itron, Inc.*		4,655		252,115
Ituran Location and Control Ltd.		25,101		831,094
KEMET Corp.		2,330		47,718
Napco Security Technologies, Inc.*		51,080		844,863
NVE Corp.		3,564		340,505
OSI Systems, Inc.*		8,106		586,874
Plexus Corp.*		2,641		161,207
Sanmina Corp.*		6,648		179,762
ShotSpotter, Inc.*		8,790		334,811
SYNNEX Corp.		830		67,014
Tech Data Corp.*		10,512		945,554
TTM Technologies, Inc.*		8,548		101,636
ZAGG, Inc.*		88,180		886,209
				7,416,024
Energy-Alternate Sources — 0.3%
Green Plains, Inc.		3,277		53,251
REX American Resources Corp.*		893		62,144
SolarEdge Technologies, Inc.*		1,943		75,641
Sunrun, Inc.*		31,404		460,069
TPI Composites, Inc.*		10,803		293,734
				944,839
Engineering & Construction — 2.1%
Aegion Corp.*		5,582		106,616
Argan, Inc.		12,270		533,377
Comfort Systems USA, Inc.		14,299		752,985
Dycom Industries, Inc.*		2,682		177,709
EMCOR Group, Inc.		4,741		345,429
Exponent, Inc.		2,780		139,890
Granite Construction, Inc.		16,885		854,888
MasTec, Inc.*		18,656		841,199
MYR Group, Inc.*		4,168		130,458
NV5 Global, Inc.*		14,076		1,033,038
Primoris Services Corp.		27,346		660,406
Sterling Construction Co., Inc.*		52,595		676,898
TopBuild Corp.*		2,707		137,922
				6,390,815
Entertainment — 0.5%
Eldorado Resorts, Inc.*		7,857		345,551
Marriott Vacations Worldwide Corp.		1		81
Monarch Casino & Resort, Inc.*		6,633		265,320
Penn National Gaming, Inc.*		1		22
Red Rock Resorts, Inc., Class A		14,413		377,044
Scientific Games Corp.*		6,167		120,133
SeaWorld Entertainment, Inc.*		18,466		525,912
				1,634,063
Environmental Control — 0.2%
Casella Waste Systems, Inc., Class A*		11,833		386,347
Tetra Tech, Inc.		3,198		194,950
				581,297

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

19 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	Number of Shares		Value
Food — 1.5%
B&G Foods, Inc.		4,324		131,147
Calavo Growers, Inc.		4,535		445,700
Cal-Maine Foods, Inc.		1,158		54,102
Chefs’ Warehouse, Inc. (The)*		21,851		832,742
Darling Ingredients, Inc.*		8,943		195,673
Hostess Brands, Inc.*		135,570		1,579,390
Ingles Markets, Inc., Class A		32,020		931,462
J&J Snack Foods Corp.		681		106,828
Sanderson Farms, Inc.		1,371		155,142
SpartanNash Co.		3,683		69,056
United Natural Foods, Inc.*		2,215		47,866
				4,549,108
Forest Products & Paper — 0.0%
Clearwater Paper Corp.*		1,290		39,745
Neenah Paper, Inc.		743		51,178
				90,923
Gas — 0.3%
New Jersey Resources Corp.		2,340		113,560
Northwest Natural Holding Co.		2,390		158,529
South Jersey Industries, Inc.		4,502		140,462
Southwest Gas Holdings, Inc.		1,612		126,977
Spire, Inc.		5,337		421,143
				960,671
Hand/Machine Tools — 0.0%
Franklin Electric Co., Inc.		1,896		85,794
Healthcare-Products — 7.4%
ABIOMED, Inc.*		1,453		483,384
Alpha Pro Tech Ltd.*		44,141		165,529
AngioDynamics, Inc.*		1,976		42,464
AxoGen, Inc.*		22,802		763,411
BioLife Solutions, Inc.*		96,238		1,151,969
Cantel Medical Corp.		1,814		155,786
CareDx, Inc.*		51,297		1,501,463
Cerus Corp.*		32,092		168,483
CRH Medical Corp.*		240,060		837,809
CryoLife, Inc.*		33,157		1,005,320
Cutera, Inc.*		12,654		259,407
CytoSorbents Corp.*		51,679		539,529
Establishment Labs Holdings, Inc.*		14,270		369,308
Haemonetics Corp.*		3,260		349,733
ICU Medical, Inc.*		578		139,003
Inogen, Inc.*		4,654		685,813
Inspire Medical Systems, Inc.*		27,639		1,269,736
Insulet Corp.*		7,247		608,241
Integra LifeSciences Holdings Corp.*		3,088		165,609
iRhythm Technologies, Inc.*		15,997		1,185,058
Masimo Corp.*		3,409		376,422
Merit Medical Systems, Inc.*		10,502		662,151
Natus Medical, Inc.*		2,393		84,664
NuVasive, Inc.*		1,651		105,152
Nuvectra Corp.*		73,766		1,473,107
OraSure Technologies, Inc.*		48,281		613,169
OrthoPediatrics Corp.*		21,190		662,611
Patterson Cos, Inc.		31,210		791,798
Quanterix Corp.*		21,444		401,861
Repligen Corp.*		14,897		963,389
Restoration Robotics, Inc.*		82,190		95,340
SI-BONE, Inc.*		26,337		473,013
Sientra, Inc.*		33,687		572,679
STAAR Surgical Co.*		8,423		320,158
Tactile Systems Technology, Inc.*		19,636		1,104,329
Tandem Diabetes Care, Inc.*		10,430		384,033
ViewRay, Inc.*		112,095		752,157
West Pharmaceutical Services, Inc.		5,856		641,583
				22,324,671
Healthcare-Services — 1.7%
Amedisys, Inc.*		2,217		302,066
Catalent, Inc.*		17,173		680,909
Chemed Corp.		621		196,720
Community Health Systems, Inc.*		11,057		52,521
Ensign Group, Inc., (The)		2,070		93,916
Joint Corp., (The)*		69,711		540,260
LHC Group, Inc.*		9,570		1,003,606
Magellan Health, Inc.*		1,789		97,536
Neuronetics, Inc.*		27,164		484,606
Providence Service Corp., (The)*		2,212		156,632
Psychemedics Corp.		22,388		393,133
Select Medical Holdings Corp.*		2,823		54,710
Teladoc, Inc.*		8,141		508,405
US Physical Therapy, Inc.		1,232		146,596
Vapotherm, Inc.*		13,712		252,164
				4,963,780

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

20 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	Number of Shares		Value
Home Builders — 0.8%
Century Communities, Inc.*		33,804		695,348
Installed Building Products, Inc.*		3,100		120,063
LCI Industries		1,629		126,052
LGI Homes, Inc.*		2,657		122,647
M/I Homes, Inc.*		2,624		61,769
MDC Holdings, Inc.		3,763		110,820
Skyline Corp.		35,421		797,681
William Lyon Homes, Class A*		8,102		100,708
Winnebago Industries, Inc.		5,231		130,932
				2,266,020
Home Furnishings — 0.9%
Ethan Allen Interiors, Inc.		3,017		62,693
Hooker Furniture Corp.		8,270		249,175
iRobot Corp.*		968		92,347
Roku, Inc.*		16,319		664,999
Sleep Number Corp.*		28,299		1,084,984
Universal Electronics, Inc.*		13,096		451,550
				2,605,748
Household Products/Wares — 0.5%
Acme United Corp.		11,359		181,744
Rosetta Stone, Inc.*		60,006		1,002,700
WD-40 Co.		995		173,807
				1,358,251
Housewares — 0.3%
Lifetime Brands, Inc.		55,410		661,595
Toro Co., (The)		5,348		331,523
				993,118
Insurance — 2.6%
American Equity Investment Life Holding Co.		11,107		379,082
American National Insurance Co.		4,400		561,484
AMERISAFE, Inc.		1,604		103,602
Atlas Financial Holdings, Inc.*		48,250		450,655
Employers Holdings, Inc.		3,729		167,619
FGL Holdings*		75,050		601,151
Genworth Financial, Inc., Class A*		115,950		540,327
Goosehead Insurance, Inc., Class A*		16,307		414,524
HCI Group, Inc.		2,489		135,277
Heritage Insurance Holdings, Inc.		46,130		740,386
Horace Mann Educators Corp.		2,570		103,520
Kinsale Capital Group, Inc.		5,943		369,714
NMI Holdings, Inc., Class A*		25,054		489,555
RLI Corp.		1,478		112,062
Safety Insurance Group, Inc.		1,965		172,566
Selective Insurance Group, Inc.		3,866		256,586
Stewart Information Services Corp.		1,513		63,637
White Mountains Insurance Group Ltd.		2,358		2,189,993
				7,851,740
Internet — 3.6%
Aspen Group, Inc.*		66,749		378,467
Bandwidth, Inc., Class A*		30,004		1,399,987
Cars.com, Inc.*		21,748		562,621
Eventbrite, Inc.*		15,831		470,339
FireEye, Inc.*		31,818		636,678
HealthStream, Inc.		2,625		64,680
Liberty Expedia Holdings, Inc., Class A*		34,884		1,461,988
Mimecast Ltd.*		16,826		626,432
New Media Investment Group, Inc.		4,294		56,681
OptimizeRx Corp.*		26,987		437,459
Pandora Media, Inc.*		81,772		710,599
Q2 Holdings, Inc.*		5,144		279,268
QuinStreet, Inc.*		64,307		1,037,915
Shutterfly, Inc.*		5,742		287,042
Stamps.com, Inc.*		1,004		172,146
Wix.com Ltd.*		2,009		189,208
Zendesk, Inc.*		10,515		624,907
Zscaler, Inc.*		31,831		1,249,685
				10,646,102

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

21 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	Number of Shares		Value
Investment Companies — 0.9%
Alcentra Capital Corp.		76,900		499,081
Capital Southwest Corp.		34,226		682,124
Oaktree Specialty Lending Corp.		167,830		798,871
PennantPark Floating Rate Capital Ltd.		48,447		623,998
				2,604,074
Iron/Steel — 0.0%
AK Steel Holding Corp.*		14,144		43,564
Leisure Time — 0.8%
Callaway Golf Co.		7,398		126,728
Fox Factory Holding Corp.*		1,913		121,877
Lindblad Expeditions Holdings, Inc.*		27,664		356,312
Malibu Boats, Inc., Class A*		20,062		971,402
MasterCraft Boat Holdings, Inc.*		27,054		700,969
Nautilus, Inc.*		3,353		43,287
				2,320,575
Lodging — 0.7%
Belmond Ltd., Class A*		10,812		196,778
Boyd Gaming Corp.		27,041		671,158
Century Casinos, Inc.*		38,775		289,261
Extended Stay America, Inc.		44,076		802,183
				1,959,380
Machinery-Construction & Mining — 0.1%
ASV Holdings, Inc.*		85,690		253,642
Machinery-Diversified — 1.7%
Albany International Corp., Class A		1,126		81,477
Applied Industrial Technologies, Inc.		1,045		68,165
Briggs & Stratton Corp.		4,893		73,004
Cactus, Inc., Class A*		11,515		332,553
Chart Industries, Inc.*		2,562		162,841
Columbus McKinnon Corp.		26,208		912,038
DXP Enterprises, Inc.*		1,918		69,489
Hurco Cos., Inc.		17,690		675,935
Ichor Holdings Ltd.*		2,325		42,315
Kadant, Inc.		5,040		459,043
Manitex International, Inc.*		105,790		771,209
NN, Inc.		51,290		368,262
SPX FLOW, Inc.*		10,543		395,679
Tennant Co.		1,504		90,014
Twin Disc, Inc.*		41,000		715,450
				5,217,474
Media — 0.3%
AMC Networks, Inc., Class A*		6,612		395,794
Dolphin Entertainment, Inc.*		46,000		58,420
Entercom Communications Corp., Class A		49,937		326,089
Gannett Co., Inc.		8,195		84,982
Scholastic Corp.		1,251		57,809
				923,094
Metal Fabricate/Hardware — 0.4%
CIRCOR International, Inc.*		1,418		46,936
Mueller Industries, Inc.		2,485		59,193
Northwest Pipe Co.*		36,570		862,686
TimkenSteel Corp.*		8,182		90,329
				1,059,144
Mining — 0.4%
Century Aluminum Co.*		18,637		167,360
Compass Minerals International, Inc.		5,441		272,594
Kaiser Aluminum Corp.		1,039		101,541
Materion Corp.		4,571		241,714
United States Lime & Minerals, Inc.		4,143		309,399
				1,092,608
Miscellaneous Manufacturing — 1.2%
Actuant Corp., Class A		2,383		61,005
Axon Enterprise, Inc.*		5,340		232,130
Colfax Corp.*		21,314		531,571
EnPro Industries, Inc.		2,498		175,809
ESCO Technologies, Inc.		8,527		599,278
Fabrinet*		3,054		161,037
FreightCar America, Inc.*		30,550		291,447
Harsco Corp.*		14,378		384,611
Haynes International, Inc.		19,234		634,145
Hillenbrand, Inc.		2,960		131,158
John Bean Technologies Corp.		2,493		205,772
Lydall, Inc.*		1,944		43,021
Proto Labs, Inc.*		1,026		132,036
Sturm Ruger & Co., Inc.		968		51,894
				3,634,914

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

22 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	Number of Shares		Value
Office Furnishings — 0.0%
Interface, Inc.		3,053		49,459
Oil & Gas — 1.5%
Berry Petroleum Corp.		29,762		368,751
Bonanza Creek Energy, Inc.*		2,602		69,031
Denbury Resources, Inc.*		47,546		107,454
Evolution Petroleum Corp.		31,294		272,571
Gran Tierra Energy, Inc.*		92,840		247,883
HighPoint Resources Corp.*		13,256		43,215
Matador Resources Co.*		24,517		558,988
Murphy USA, Inc.*		13,205		1,069,869
Noble Corp., PLC*		9,749		40,653
PBF Energy, Inc., Class A		18,400		711,712
PDC Energy, Inc.*		15,203		515,990
Penn Virginia Corp.*		1,426		82,922
QEP Resources, Inc.*		20,000		160,600
Ring Energy, Inc.*		7,501		52,432
SRC Energy, Inc.*		4,976		28,712
Unit Corp.*		9,170		190,736
				4,521,519
Oil & Gas Services — 1.2%
Archrock, Inc.		12,215		124,593
C&J Energy Services, Inc.*		3,974		68,273
DMC Global, Inc.		38,761		1,410,900
Exterran Corp.*		1,406		31,635
Helix Energy Solutions Group, Inc.*		31,897		261,555
KLX Energy Services Holdings, Inc.*		2,482		50,112
Matrix Service Co.*		3,458		70,682
Natural Gas Services Group, Inc.*		30,110		594,070
Nine Energy Service, Inc.*		8,179		230,484
Profire Energy, Inc.*		155,153		304,100
Solaris Oilfield Infrastructure, Inc., Class A*		20,118		264,149
Superior Energy Services, Inc.*		13,901		75,760
TETRA Technologies, Inc.*		11,949		27,722
US Silica Holdings, Inc.		5,480		77,761
				3,591,796
Pharmaceuticals — 3.3%
Aclaris Therapeutics, Inc.*		9,887		92,147
Amneal Pharmaceuticals, Inc.*		6,603		116,939
Array BioPharma, Inc.*		60,088		957,202
Assertio Therapeutics, Inc.*		10,628		52,981
Clementia Pharmaceuticals, Inc.*		31,342		437,534
Coherus Biosciences, Inc.*		59,975		663,323
Collegium Pharmaceutical, Inc.*		33,891		650,368
Enanta Pharmaceuticals, Inc.*		4,093		323,920
Endo International PLC*		5,666		68,162
Global Blood Therapeutics, Inc.*		6,054		190,943
Heron Therapeutics, Inc.*		24,466		702,908
Imprimis Pharmaceuticals, Inc.*		216,279		1,023,000
Madrigal Pharmaceuticals, Inc.*		1,963		227,021
Mirati Therapeutics, Inc.*		7,830		302,160
Momenta Pharmaceuticals, Inc.*		8,455		100,107
MyoKardia, Inc.*		9,485		588,734
Nektar Therapeutics*		5,506		222,387
Neogen Corp.*		2,310		149,827
Owens & Minor, Inc.		9,591		73,179
Phibro Animal Health Corp., Class A		2,922		99,056
Premier, Inc., Class A*		42,938		1,702,921
Prestige Brands Holdings, Inc.*		1,398		54,270
Principia Biopharma, Inc.*		9,228		257,092
Reata Pharmaceuticals, Inc., Class A*		5,491		346,757
Sutro Biopharma, Inc.*		9,324		97,809
Tricida, Inc.*		8,733		260,680
				9,761,427

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

23 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	Number of Shares		Value
Real Estate — 0.2%
HFF, Inc., Class A		2,032		82,093
Newmark Group, Inc., Class A		26,808		225,187
RE/MAX Holdings, Inc., Class A		1,490		49,125
Whitestone REIT		11,496		161,864
				518,269
REITS — 1.7%
Acadia Realty Trust		4,655		133,459
Agree Realty Corp.		1,641		97,754
Armada Hoffler Properties, Inc.		11,898		180,969
Capstead Mortgage Corp.		14,588		112,765
CareTrust REIT, Inc.		3,664		73,353
CBL & Associates Properties, Inc.		32,608		85,107
Community Healthcare Trust, Inc.		4,034		127,232
CoreSite Realty Corp.		1,355		132,058
DiamondRock Hospitality Co.		8,155		85,954
EastGroup Properties, Inc.		2,590		259,052
Getty Realty Corp.		5,173		158,242
Global Medical REIT, Inc.		68,760		651,157
Government Properties Income Trust		11,095		97,636
Great Ajax Corp.		37,050		479,057
Healthcare Realty Trust, Inc.		7,137		221,247
Hersha Hospitality Trust		5,727		109,386
Innovative Industrial Properties, Inc.		7,332		361,834
iStar, Inc.		6,294		67,220
Kite Realty Group Trust		14,493		239,279
Lexington Realty Trust		12,112		106,343
LTC Properties, Inc.		1,853		86,053
Manhattan Bridge Capital, Inc.		55,566		326,172
Medical Properties Trust, Inc.		5,867		101,323
PS Business Parks, Inc.		1,242		175,147
Retail Opportunity Investments Corp.		3,666		66,355
Summit Hotel Properties, Inc.		6,963		77,637
Universal Health Realty Income Trust		3,469		243,559
Urstadt Biddle Properties, Inc., Class A		4,207		86,580
Washington Prime Group, Inc.		12,631		78,944
				5,020,874
Retail — 7.6%
Abercrombie & Fitch Co., Class A		5,117		106,997
American Eagle Outfitters, Inc.		36,808		770,391
Asbury Automotive Group, Inc.*		14,206		981,919
Ascena Retail Group, Inc.*		24,230		73,175
At Home Group, Inc.*		22,528		642,048
Barnes & Noble, Inc.		9,163		69,364
Big 5 Sporting Goods Corp.		62,500		230,625
Biglari Holdings, Inc., Class A*		230		160,712
Biglari Holdings, Inc., Class B*		1,541		220,440
BJ’s Restaurants, Inc.		4,593		249,492
Boot Barn Holdings, Inc.*		22,865		517,664
Buckle, Inc., (The)		4,527		86,466
Build-A-Bear Workshop, Inc.*		77,640		473,604
Cannae Holdings, Inc.*		98,379		1,714,746
Carvana Co.*		13,274		574,632
Casey’s General Stores, Inc.		13,233		1,713,276
Cato Corp., (The), Class A		6,451		97,475
Children’s Place, Inc., (The)		1,027		133,140
Chuy’s Holdings, Inc.*		4,399		94,139
Cracker Barrel Old Country Store, Inc.		790		142,840
Dave & Buster’s Entertainment, Inc.		10,963		623,356
DineEquity, Inc.		3,392		302,499
Duluth Holdings, Inc.*		11,488		360,493
El Pollo Loco Holdings, Inc.*		9,027		137,842
Express, Inc.*		20,245		126,329
EZCORP, Inc., Class A*		60,767		578,502
FAT Brands, Inc.		49,768		274,719
FirstCash, Inc.		2,930		260,916
Five Below, Inc.*		3,696		387,304
Freshpet, Inc.*		17,505		577,665
Gaia, Inc.*		27,239		355,196
Genesco, Inc.*		4,461		186,291
Guess?, Inc.		6,372		151,654
Hibbett Sports, Inc.*		6,047		93,668
J Alexander’s Holdings, Inc.*		43,816		447,800
Lovesac Co., (The)*		12,278		215,233
Lumber Liquidators Holdings, Inc.*		5,091		64,299
Luxfer Holdings PLC		22,783		523,781
MarineMax, Inc.*		4,583		97,297
Movado Group, Inc.		17,656		664,572
Noodles & Co.*		110,769		876,183
Ollie’s Bargain Outlet Holdings, Inc.*		8,130		721,131
PC Connection, Inc.		13,120		411,181
PCM, Inc.*		68,800		1,303,760
PetIQ, Inc.*		14,606		455,707
PetMed Express, Inc.		1,977		47,626
Potbelly Corp.*		32,904		334,963
Regis Corp.*		8,392		153,322
RH*		2,622		304,519
Shoe Carnival, Inc.		2,090		79,274
Tailored Brands, Inc.		6,230		142,667
Texas Roadhouse, Inc.		2,804		185,148
Tile Shop Holdings, Inc.		59,489		351,580
Vitamin Shoppe, Inc.*		12,924		100,807
Wingstop, Inc.		16,955		1,112,587
Winmark Corp.		2,588		383,826
World Fuel Services Corp.		15,749		406,167
Zumiez, Inc.*		3,678		72,530
				22,925,539

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

24 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	Number of Shares		Value
Savings & Loans — 0.8%
Axos Financial, Inc.*		3,461		107,983
Banc of California, Inc.		4,511		77,589
Brookline Bancorp, Inc.		9,875		152,865
Dime Community Bancshares, Inc.		9,927		181,168
FS Bancorp, Inc.		14,210		680,091
Oritani Financial Corp.		4,159		64,839
Provident Financial Services, Inc.		3,256		83,614
Riverview Bancorp, Inc.		107,781		877,337
Sterling Bancorp		11,846		228,628
				2,454,114
Semiconductors — 2.2%
Advanced Energy Industries, Inc.*		2,466		116,001
Amtech Systems, Inc.*		105,690		581,295
Axcelis Technologies, Inc.*		2,729		54,362
AXT, Inc.*		157,900		870,029
Cabot Microelectronics Corp.		1,581		169,926
Cirrus Logic, Inc.*		3,525		131,976
Cohu, Inc.		35,780		701,288
Impinj, Inc.*		14,336		304,497
Inphi Corp.*		11,129		443,936
Kulicke & Soffa Industries, Inc.		6,419		138,650
MKS Instruments, Inc.		1,371		107,569
Monolithic Power Systems, Inc.		1,952		257,801
Photronics, Inc.*		12,191		118,253
Power Integrations, Inc.		3,164		200,471
Rudolph Technologies, Inc.*		4,666		99,013
Semtech Corp.*		5,218		278,328
Silicon Laboratories, Inc.*		5,456		482,147
SMART Global Holdings, Inc.*		16,103		552,172
Ultra Clean Holdings, Inc.*		97,990		921,106
Xperi Corp.		3,427		48,321
				6,577,141
Software — 9.1%
ACI Worldwide, Inc.*		25,270		729,798
Altair Engineering, Inc., Class A*		20,848		673,599
Alteryx, Inc., Class A*		16,928		1,018,727
American Software, Inc., Class A		41,399		430,550
Appfolio, Inc.*		4,459		273,292
Asure Software, Inc.*		73,600		418,784
Avalara, Inc.*		13,221		422,940
Avaya Holdings Corp.*		63,190		983,868
Blackbaud, Inc.		2,160		158,220
Blackline, Inc.*		8,856		379,657
Bottomline Technologies de, Inc.*		16,386		902,377
Box, Inc., Class A*		34,620		650,510
Computer Programs & Systems, Inc.		24,538		654,674
Coupa Software, Inc.*		4,870		313,774
CSG Systems International, Inc.		28,178		988,202
Ebix, Inc.		2,006		94,723
eGain Corp.*		92,025		683,746
Everbridge, Inc.*		27,947		1,530,657
Evolent Health, Inc., Class A*		30,787		791,226
Five9, Inc.*		38,522		1,651,823
InnerWorkings, Inc.*		78,830		332,663
j2 Global, Inc.		1,848		136,401
LivePerson, Inc.*		9,192		173,453
LiveRamp Holdings, Inc.*		17,269		816,824
Manhattan Associates, Inc.*		1,938		95,989
ManTech International Corp., Class A		8,502		478,663
Materialise NV, ADR*		32,354		455,544
Medidata Solutions, Inc.*		2,714		209,548
MiX Telematics Ltd., SP ADR		29,769		535,247
NextGen Healthcare, Inc.*		3,902		68,480
Omnicell, Inc.*		12,446		961,205
Pivotal Software, Inc.*		37,242		667,004
Progress Software Corp.		5,306		186,559
QAD, Inc., Class A		21,362		906,390
SendGrid, Inc.*		8,735		398,403
SharpSpring, Inc.		96,478		1,211,764
ShiftPixy, Inc.*		313,351		867,982
Simulations Plus, Inc.		31,897		632,198
Smartsheet, Inc., Class A*		40,608		1,092,355
Tabula Rasa HealthCare, Inc.*		19,020		1,435,630
Take-Two Interactive Software, Inc.*		3,989		437,474
Upland Software, Inc.*		20,078		563,790
Yext, Inc.*		34,210		496,729
Zuora, Inc.*		23,273		442,885
				27,354,327

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

25 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	Number of Shares		Value
Telecommunications — 1.9%
8x8, Inc.*		45,147		889,847
ATN International, Inc.		1,700		143,752
CalAmp Corp.*		4,959		87,774
Consolidated Communications Holdings, Inc.		10,405		143,173
ExOne Co., (The)*		56,509		461,113
Finisar Corp.*		6,268		146,358
Iridium Communications, Inc.*		9,628		229,917
Liberty Latin America Ltd., Class C*		71,542		1,322,811
LogMeIn, Inc.		1,382		127,462
NETGEAR, Inc.*		2,616		144,926
One Stop Systems, Inc.*		87,560		236,412
ORBCOMM, Inc.*		75,383		714,631
Sierra Wireless, Inc.*		21,146		339,605
Viavi Solutions, Inc.*		23,640		239,710
Vonage Holdings Corp.*		36,659		388,219
				5,615,710
Textiles — 0.5%
UniFirst Corp.		9,818		1,515,997
Toys/Games/Hobbies — 0.1%
Funko, Inc., Class A*		11,938		179,428
Transportation — 2.2%
Air Transport Services Group, Inc.*		84,315		1,562,357
ArcBest Corp.		4,606		185,438
Atlas Air Worldwide Holdings, Inc.*		12,218		650,608
CryoPort, Inc.*		33,534		362,838
Echo Global Logistics, Inc.*		4,834		122,639
Forward Air Corp.		12,271		801,051
Heartland Express, Inc.		8,734		181,230
Knight-Swift Transportation Holdings, Inc.		3,275		113,512
Marten Transport Ltd.		26,609		518,343
PAM Transportation Services, Inc.*		19,780		1,021,835
Saia, Inc.*		15,415		929,679
				6,449,530
Trucking & Leasing — 0.1%
Greenbrier Cos, Inc., (The)		3,222		157,588
Water — 0.4%
American States Water Co.		1,758		117,927
California Water Service Group		1,969		90,023
Global Water Resources, Inc.		36,066		366,791
PICO Holdings, Inc.*		50,018		487,675
				1,062,416
TOTAL COMMON STOCKS
(Cost $235,543,619)				287,197,334
SHORT-TERM INVESTMENTS - 3.4%
First American Treasury Obligations Fund, 2.16% (a)		10,113,331		10,113,331
TOTAL SHORT-TERM INVESTMENTS- 3.4%
(Cost $10,113,331)				10,113,331
TOTAL INVESTMENTS - 99.6%
(Cost $245,656,950)				297,310,665
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%				1,083,971
NET ASSETS - 100.0%			$	298,394,636

* Non-income producing security.

(a) Seven-day yield as of November 30, 2018.

ADR American Depository Receipt

PLC Public Limited Company

REIT Real Estate Investment Trust

SP ADR Sponsored ADR

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

26 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2018 (UNAUDITED)

	Number of Shares		Value
COMMON STOCKS - 87.3%
Advertising — 0.4%
Multiplus SA		17,076	$	109,954
WPP, PLC		47,425		523,500
WPP, PLC, SP ADR		830		45,799
				679,253
Aerospace/Defense — 0.4%
BAE Systems PLC, SP ADR		2,946		74,003
CAE, Inc.		3,531		71,644
Rolls-Royce Holdings, PLC*		5,036		54,661
Safran SA		941		117,784
Ultra Electronic Holdings, PLC		16,270		299,576
				617,668
Agriculture — 0.7%
Origin Enterprises, PLC		160,461		1,071,787
Airlines — 0.8%
easyJet PLC		2,132		30,324
Ryanair Holding, PLC, SP ADR*		15,028		1,237,255
				1,267,579
Apparel — 0.5%
Adidas AG, SP ADR		1,018		112,713
Eclat Textile Co. Ltd.		5,113		64,436
Gildan Activewear, Inc.		2,385		78,323
Kering SA		204		88,798
LVMH Moet Hennessy Louis Vuitton SE		229		65,549
LVMH Moet Hennessy Louis Vuitton SE, ADR		3,030		172,198
NIKE, Inc., Class B		762		57,241
Puma SE		18		9,027
Shenzhou International Group Holdings, Ltd.		11,500		140,306
				788,591
Auto Manufacturers — 0.5%
BYD Co., Ltd.		6,500		49,160
Geely Automobile Holdings Ltd.		32,000		63,586
Honda Motor Ltd., SP ADR		5,237		147,526
NIO, Inc. ADR*		9,896		76,298
Tata Motors, Ltd., SP ADR*		2,348		28,646
Toyota Motor Corp., SP ADR		2,912		353,750
Volkswagen AG		380		63,198
				782,164
Auto Parts & Equipment — 0.7%
Bridgestone Corp.		2,300		93,517
Continental AG		1,021		154,284
Denso Corp.		2,300		106,632
Fuyao Glass Industrials Group, Ltd.		144,000		445,703
Hyundai Mobis Co., Ltd.		685		110,382
Magna International, Inc.		3,146		156,891
Toyota Industries Corp.		1,200		61,793
				1,129,202
Banks — 8.3%
Abu Dhabi Community Bank.*		72,560		155,137
Australia & New Zealand Banking Group, Ltd.		4,286		84,630
Banco Bilbao Vizcaya Argentaria, SP ADR		24,022		135,965
Banco de Chile, ADR		4,212		122,738
Banco do Brasil SA, SP ADR		12,560		144,314
Banco Santander Brasil SA		13,178		147,594
Banco Santander Chile, ADR		2,830		87,617
Banco Santander SA, SP ADR		51,815		246,639
Bangkok Bank		124,200		802,844
Bank Central Asia Tbk PT		180,504		329,292
Bank Leumi Le Israel		190,182		1,251,509
Bank Mandiri Persero Tbk PT		376,583		195,417
Bank Montreal		1,318		98,191
Bank of China, Ltd.		129,000		56,558
Bank of Ireland Group, PLC		175,976		1,117,331
Bank of Nova Scotia, (The)		221		12,018
BDO Unibank, Inc.		48,260		120,072
BNP Paribas SA ADR		4,648		117,199
CaixaBank SA		1,083		4,474
Canadian Imperial Bank of Commerce		1,014		85,054
China Construction Bank Corp.		403,817		344,781
China Merchants Bank Co., Ltd.		36,000		149,928
CITIC, Ltd.		93,000		149,710
Commercial International Bank Egypt SAE		21,519		89,644
Commerzbank AG*		740		6,411
Commonwealth Bank Of Australia		2,817		147,070
Credicorp, Ltd.		1,027		225,211
Credit Agricole SA		493		6,127
Credit Suisse Group AG, SP ADR*		7,130		84,277
Dah Sing Financial Holdings, Ltd.		126,000		699,194
DBS Group Holdings, Ltd.		60,000		1,071,468
Erste Group Bank AG*		1,647		65,190
FirstRand, Ltd.		59,746		287,409
Grupo Aval Acciones y Valores SA		10,985		69,645
Grupo Financiero Galicia SA, ADR		1,744		48,065
HDFC Bank, Ltd., ADR		5,414		549,088
HSBC Holdings, PLC, SP ADR		12,528		532,941
ICICI Bank, Ltd., SP ADR		48,924		497,557
Industrial & Commerical Bank China, Ltd.		462,879		330,598
ING Groep NV, SP ADR		15,379		185,778
Intesa Sanpaolo		24,509		56,934
Japan Post Bank Co., Ltd.		6,222		72,741
Kasikornbank PCL		37,160		218,954
KBC Group NV		1,317		94,733
Macquarie Group, Ltd.		1,304		109,734
National Australia Bank, Ltd.		3,534		63,901
Nedbank Group Ltd.		1,181		22,603
Nordea Bank Abp		5,920		52,577
OTP Bank, PLC		1,585		63,563
Oversea-Chinese Bank Corp., Ltd.		16,000		131,936
Resona Holdings, Inc.		11,400		60,616
Royal Bank Canada		3,328		243,809
Sberbank Russia, SP ADR		13,122		155,496
Skandinaviska Enskilda Banken AB		14,374		149,936
Societe Generale SA		1,681		61,735
Standard Bank Group Ltd.		25,651		324,058
Standard Chart, PLC		8,658		67,540
Sumitomo Mitsui Financial Group Inc., SP ADR		21,505		157,632
Sumitomo Mitsui Trust Holdings, Inc.		2,000		80,349
Swedbank AB, Class A		3,683		85,680
Toronto-Dominion Bank, (The)		4,158		229,937
UBS Group AG*		7,817		105,764
UniCredit SpA		6,909		89,179
United Overseas Bank, Ltd.		1,027		18,857
Westpac Banking Corp., SP ADR		4,757		90,621
				13,663,570

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

27 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	Number of Shares		Value
Beverages — 3.2%
Anheuser-Busch InBev SA NV		10,866		834,840
Anheuser-Busch InBev SA NV, SP ADR		1,695		130,295
Asahi Group Holdings Ltd.		600		25,202
Carlsberg A/S, SP ADR		4,270		94,410
Coca-Cola Amatil, Ltd.		160,586		1,014,258
Coca-Cola Femsa SA De CV, SP ADR		634		38,351
Compania Cervecerias Unidas SA, SP ADR		2,714		70,510
Diageo, PLC		41,840		1,510,979
Diageo, PLC, SP ADR		1,819		262,573
Fomento Economico Mexicano SAB de CV, SP ADR		525		45,544
Heineken NV		1,965		180,159
Kirin Holdings Co.		3,000		70,709
Pernod Ricard SA		537		85,847
Thai Beverage, PLC		1,823,600		837,727
Treasury Wine Estates Ltd.		3,889		40,368
				5,241,772
Biotechnology — 0.2%
CSL Ltd.		220		28,681
CSL Ltd., SP ADR		2,116		137,868
Genmab A/S*		378		57,740
Shire, PLC, ADR		763		133,967
				358,256
Building Materials — 1.4%
Boral Ltd.		8,387		31,444
Cemex SAB de CV, SP ADR*		15,267		78,472
Cie de Saint-Gobain		1,308		48,615
CRH, PLC		29,711		817,277
CRH, PLC, SP ADR		2,227		61,599
LafargeHolcim, Ltd.*		1,192		53,553
LIXIL Group Corp.		2,700		34,993
Sika AG		9,769		1,212,243
TOTO Ltd.		1,000		38,758
				2,376,954
Chemicals — 3.4%
Air Liquide SA		15,836		1,916,547
BASF SE, SP ADR		13,680		249,113
Croda International, PLC		24,855		1,549,021
Formosa Plastic Corp.		35,372		115,263
Fuchs Petrolub SE		13,875		554,471
Givaudan SA		35		86,413
Israel Chemicals, Ltd.		15,814		92,794
Kansai Paint Co. Ltd.		3,000		56,324
Kingboard Holdings Ltd.		12,000		34,487
Koninklijke DSM NV		1,176		104,430
Kuraray Co., Ltd.		8,200		127,616
Linde AG		465		100,733
Mexichem SAB de CV		27,495		64,166
Mitsubishi Gas Chemical Co, Inc.		3,000		49,406
Mitsui Chemicals, Inc.		2,000		50,910
Nippon Paint Holdings Co. Ltd.		1,100		39,172
Nutrien, Ltd.		2,258		116,422
Shin-Etsu Chemical Co., Ltd.		800		71,441
Sociedad Quimica y Minera de Chile SA SP ADR		536		23,584
Solvay SA		445		48,207
Symrise AG		924		74,906
Yara International ASA		1,073		43,224
				5,568,650

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

28 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	Number of Shares		Value
Coal — 0.1%
China Shenhua Energy Co. Ltd.		62,411		139,803
Commercial Services — 3.8%
Adecco Group AG		2,268		112,509
ALD SA		46,086		607,308
Ashtead Group, PLC		1,869		42,142
Atlantia SpA		5,675		116,585
Bureau Veritas SA		19,478		431,194
Edenred		1,049		40,088
Experian, PLC		3,178		77,528
IHS Markit, Ltd.*		8,280		441,904
Intertek Group, PLC		30,836		1,852,013
ISS AS		2,400		77,947
IWG, PLC		144,299		427,318
Randstad NV		1,390		67,886
Recruit Holdings Co., Ltd.		3,100		85,532
RELX NV*		3,201		66,643
RELX, PLC		62,932		1,313,710
RELX, PLC, SP ADR		3,976		83,417
Secom Co., Ltd.		1,100		93,155
TAL Education Group, ADR*		6,691		187,816
Transurban Group		9,742		81,283
				6,205,978
Computers — 0.4%
Atos SE		693		58,961
Capgemini SE		1,008		117,696
CGI Group, Inc., Class A*		1,206		76,967
EPAM Systems, Inc.*		612		79,713
Infosys Ltd., SP ADR		24,290		239,500
Wipro Ltd., ADR		23,160		120,895
				693,732
Cosmetics/Personal Care — 1.5%
Essity AB		2,405		61,727
Kao Corp.		1,000		73,769
L’Oreal SA		331		78,105
Pola Orbis Holdings, Inc.		1,600		45,234
Shiseido Co., Ltd.		1,300		82,816
Unicharm Corp.		2,400		75,159
Unilever NV		3,639		202,001
Unilever NV-CVA		32,347		1,795,083
				2,413,894
Distribution/Wholesale — 1.0%
Bunzl, PLC		34,133		1,054,361
Ferguson PLC		1,844		118,467
Itochu Corp.		5,000		88,999
Jardine Cycle & Carriage Ltd.		4,000		102,961
Marubeni Corp.		7,000		52,310
Mitsubishi Corp.		4,100		110,808
Mitsui & Co., Ltd.		6,000		94,021
Sumitomo Corp.		4,300		66,157
Travis Perkins PLC		2,457		34,634
				1,722,718
Diversified Financial Services — 2.5%
ASX, Ltd.		1,949		86,149
B3 SA - Brasil Bolsa Balcao		28,761		209,745
Credit Saison Co.*		2,900		37,298
Deutsche Boerse AG		8,695		1,113,765
Hong Kong Exchange & Clearing, Ltd.		5,000		146,691
Japan Exchange Group, Inc., ADR		59,700		1,077,134
KB Financial Group, Inc.		5,914		249,269
Noah Holdings, Ltd.*		1,881		91,567
Old Mutual, Ltd.		36,770		60,223
ORIX Corp.		4,700		76,316
Rathbone Brothers, PLC		22,465		695,442
Shinhan Financial Group Co., Ltd.		1,776		65,527
Shinhan Financial Group Co., Ltd. ADR		3,478		128,721
Standard Life Aberdeen PLC*		12,873		43,732
				4,081,579

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

29 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	Number of Shares		Value
Electric — 0.7%
AGL Energy Ltd.		3,946		54,442
Chubu Electric Power Co., Inc.		4,900		73,574
CLP Holdings, Ltd.		9,000		99,352
Endesa SA		2,756		61,574
Enel SpA		17,216		93,656
Fortis, Inc.		3,234		112,285
Iberdrola SA		10,334		77,307
Korea Electric Power Corp., SP ADR		9,555		126,317
Origin Energy Ltd.		8,181		38,944
Red Electrica Corp. SA		2,769		59,769
Sembcorp Industries, Ltd.		39,000		74,549
SSE, PLC		2,255		31,614
Transmissora Alianca de Energia Eletrica SA		36,215		210,580
				1,113,963
Electrical Components & Equipment — 0.2%
Schneider Electric SE		3,827		278,954
Electronics — 2.2%
AAC Technologies Holdings, Inc.		5,500		39,438
Assa Abloy AB, Class B		74,946		1,395,392
Halma, PLC		81,310		1,427,233
Hirose Electric Co., Ltd.		500		52,902
Hitachi High-Technologies Corp.		1,300		46,415
Hon Hai Precision*		80,000		187,808
Hoya Corp.		1,200		73,343
LG Display Co., Ltd., ADR		9,992		77,838
Murata Manufacturing Co., Ltd.		600		91,950
Nidec Corp.		900		120,437
Omron Corp.		1,500		66,207
Samsung Electronic-Mechanics Co., Ltd.		705		76,139
Venture Corp. Ltd.		3,000		32,848
				3,687,950
Energy-Alternate Sources — 0.1%
Siemens Gamesa Renewable Energy SA*		2,309		32,648
Vestas Wind System		1,083		80,956
				113,604
Engineering & Construction — 0.4%
China Communications Services Corp. Ltd.		20,321		17,020
Ferrovial SA		3,219		66,376
Grupo Aeroportuario del Sureste SAB de CV, ADR		332		44,472
Kajima Corp.		4,000		55,433
Larsen & Toubro, Ltd.		6,080		124,967
LendLease Group		3,473		32,258
Shimizu Corp.		3,000		25,697
Vinci SA		2,507		218,761
				584,984
Entertainment — 0.1%
Oriental Land Co., Ltd.		800		79,799
Paddy Power Betfair PLC		490		43,990
				123,789
Food — 3.4%
Aeon Co., Ltd.		4,600		110,509
Associated British Foods, PLC		2,243		69,450
BIM Birlesik Magazalar AS		8,480		137,451
Carrefour SA		3,203		57,737
China Mengniu Dairy Co. Ltd.*		11,000		34,118
Chr Hansen Holdings		690		62,350
Coles Group Ltd.*		4,501		38,523
Danone SA, SP ADR		9,395		140,314
Foshan Haitian Flavouring & Food Co. Ltd.		5,939		54,329
Glanbia, PLC		67,383		1,210,385
Kerry Group, PLC, Class A		748		77,314
Kerry Group, PLC, Class A		6,113		631,501
Koninklijke Ahold Delhaize NV		4,294		110,658
Marine Harvest		2,429		57,025
Nestle SA, SP ADR		6,309		537,653
NH Foods Ltd.*		1,000		37,167
Orion Corp/Republic of Korea		750		74,713
Orkla Asa		5,920		49,030
Seven & i Holdings Co., Ltd.		41,300		1,802,173
Tesco, PLC		22,671		57,227
Wesfarmers, Ltd.		4,501		104,238
Woolworths Group, Ltd.		4,754		100,784
				5,554,649

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

30 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	Number of Shares		Value
Food Service — 0.1%
Compass Group, PLC		4,590		98,432
Sodexo SA		745		77,100
				175,532
Forest Products & Paper — 0.1%
Mondi, PLC		6,976		152,759
Gas — 0.0%
China Gas Holdings, Ltd.		18,200		62,643
China Resources Gas Group Ltd.		10,000		40,525
ENN Energy Holdings, Ltd.		8,000		71,987
National Grid, PLC, SP ADR		1,205		64,407
				239,562
Hand/Machine Tools — 0.1%
Techtronic Industrials Co., Ltd.		18,333		99,424
Healthcare-Products — 0.5%
Abbott Laboratories		3,022		223,779
Essilor International Cie Generale d’Opitque SA		587		74,218
Hengan International Group Co. Ltd.		5,000		41,036
Koninklijke Philips NV		2,345		88,993
Lifco AB		4,789		180,324
Lonza Group AG*		310		100,551
Smith & Nephew, PLC, SP ADR		2,021		75,302
Terumo Corp.		1,300		76,658
				860,861
Healthcare-Services — 0.8%
Aier Eye Hospital Group Co. Ltd.		32,251		133,216
Bangkok Dusit Medical, NVDR		226,446		184,526
Fresenius Medical Care AG & Co., KGaA		9,780		797,548
NMC Health, PLC		1,651		69,680
Ramsay Health Care Ltd.		1,216		48,281
				1,233,251
Holding Companies-Diversification — 0.1%
Jardine Matheson Holdings, Ltd.		1,000		66,157
Keppel Corp., Ltd.		13,000		57,698
Swire Pacific, Ltd., Class A		8,500		94,253
				218,108
Home Builders — 0.7%
Berkeley Group Holdings, PLC		1,088		44,841
Daiwa House Industry Co., Ltd.		2,000		63,174
Persimmon, PLC		2,119		51,503
Sekisui Chemical Co., Ltd.		61,200		995,716
				1,155,234
Home Furnishings — 0.2%
Electrolux AB		3,102		70,602
Panasonic Corp.		6,800		70,169
Sharp Corp/Japan		2,000		29,843
Sony Corp., SP ADR		3,004		158,671
				329,285
Household Products/Wares — 0.7%
Henkel Ag & Co., KGaA		614		63,635
Reckitt Benckiser Group PLC		466		38,790
Reckitt Benckiser Group, SP ADR		9,280		154,605
Societe BIC SA		8,204		880,061
				1,137,091
Housewares — 0.1%
Zhejiang Supor Co. Ltd.		11,500		89,516
Insurance — 5.9%
AIA Group, Ltd.		39,821		327,145
AIA Group, Ltd., SP ADR		3,123		102,185
Allianz SE, SP ADR		11,610		245,319
Aon, PLC		16,800		2,773,848
Assic Generali SpA		3,285		55,443
Aviva, PLC		15,116		78,579
AXA SA		4,600		112,021
Baloise Holding AG		512		75,341
Cathay Financials Holdings Co., Ltd.		134,244		212,438
Challenger Ltd/Australia		6,576		45,924
Japan Post Holdings Co., Ltd.		4,334		52,772
Lancashire Holdings, Ltd.		223,450		1,822,269
Manulife Finanical Corp.		3,771		62,259
MS&AD Insurance Group Holdings, Inc.		1,500		45,524
Muenchener Rueckversicherungs-Gesellschaft AG		495		107,843
New China Life Insurance Co. Ltd.		7,100		31,288
NN Group NV		2,411		102,834
Ping An Insurance Group Co., of China Ltd.		89,989		876,985
Prudential, PLC, ADR		3,346		132,267
Sampo, PLC		25,465		1,138,498
SCOR SE		1,276		61,311
Sun Life Financial, Inc.		687		25,275
Swiss Life Holding AG*		265		104,121
Swiss Re AG		702		64,219
T&D Holdings, Inc.		5,000		70,970
Tokio Marine Holdings, Inc.		1,900		93,857
Topdanmark AS		18,262		830,349
Zurich Insurance Group AG*		294		92,412
				9,743,296

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

31 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	Number of Shares		Value
Internet — 3.7%
51job, Inc. ADR*		539		36,695
Alibaba Group Holdings, Ltd., SP ADR*		6,447		1,037,064
Auto Trader Group, PLC		95,061		532,677
Baidu, Inc., SP ADR*		1,260		237,233
Baozun, Inc., SP ADR*		878		30,967
China Literature Ltd.*		5,600		29,483
JD.com, Inc., ADR*		17,700		375,771
LINE Corp.*		1,200		42,545
Meituan Dianping*		15,292		102,514
Mercadolibre, Inc.*		523		184,080
Naspers, Ltd., SP ADR		2,420		99,147
Rightmove		110,100		615,409
Tencent Holdings, Ltd.		46,434		1,856,368
Tencent Holdings, Ltd., ADR		11,804		473,104
Vipshop Holdings, Ltd. ADR*		2,664		15,371
Yandex NV*		9,353		275,914
YY, Inc. ADR*		645		43,905
ZOZO, Inc.		1,500		33,426
				6,021,673
Investment Companies — 2.7%
EXOR NV		685		40,398
Groupe Bruxelles Lambert SA		26,836		2,420,120
Melrose Industries, PLC		830,649		1,876,366
Pargesa Holdings SA		715		49,570
Wendel SA		835		101,576
				4,488,030
Iron/Steel — 0.3%
Nippon Steel & Sumitomo Metal Corp.		3,000		54,970
Posco, SP ADR		3,040		167,869
Vale SA, SP ADR		21,223		290,755
				513,594
Leisure Time — 0.0%
Shimano, Inc.		500		73,227
Lodging — 1.1%
City Developments Ltd.		11,000		67,851
Galaxy Entertainment Group Ltd.		29,000		179,429
Huazhu Group, Ltd. ADR		2,531		79,828
InterContinental Hotels Group, PLC		20,375		1,094,813
Melco Resorts & Entertainment Ltd. ADR		3,323		60,047
Sands China, Ltd.		54,309		236,826
Whitbread, PLC		1,127		66,145
				1,784,939
Machinery-Construction & Mining — 0.3%
ABB Ltd., SP ADR		2,603		52,789
Atlas Copco AB*		1,701		41,855
Hitachi Ltd.		4,000		116,486
Komatsu Ltd. SP ADR		2,258		61,101
Mitsubishi Electical Corp.		10,000		132,389
Mitsubishi Heavy Industries, Ltd.		2,000		76,133
				480,753
Machinery-Diversified — 2.3%
Amada Co., Ltd.		73,900		805,264
Fanuc Corp., ADR		4,190		71,356
GEA Group AG		35,928		973,329
Kone Corp., Class B		16,973		841,910
SMC Corp.		100		34,154
Spirax-Sarco Engineering, PLC		13,436		1,053,846
				3,779,859
Media — 1.4%
Grupo Televisa SAB, SP ADR		3,863		52,730
ProSiebenSat.1 Media SE		1,060		21,533
Schibsted ASA		1,258		42,123
Sky, PLC		4,730		104,119
Thomson Reuters Corp.		1,689		84,978
Vivendi SA		663		16,537
Wolters Kluwer		32,592		1,970,391
				2,292,411

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

32 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	Number of Shares		Value
Metal Fabricate/Hardware — 0.0%
Tenaris SA, ADR		1,894		46,081
Mining — 0.7%
Alrosa PJSC		30,874		45,899
Anglo American Platinum Ltd.		3,138		100,946
Anglo American, PLC		4,509		90,832
AngloGold Ashanti, Ltd., SP ADR		3,200		31,744
Barrick Gold Corp.		1,489		18,985
BHP Billiton Ltd., SP ADR		1,177		52,212
Cameco Corp.		2,591		30,781
Cia de Minas Buenaventura, ADR		3,537		50,013
Mitsubishi Materials Corp.		2,000		56,236
Newmont Mining Corp.		4,269		138,059
Randgold Resources, Ltd. ADR		1,011		81,052
Rio Tinto, PLC, SP ADR		2,933		137,147
Southern Copper Corp.		3,540		118,519
Vedanta, Ltd., ADR		14,575		162,511
				1,114,936
Miscellaneous Manufacturing — 1.4%
Fujifilm Holdings Corp.		2,100		83,578
Hiwin Technologies Corp.		16,346		128,734
Siemens AG, SP ADR		2,776		161,119
Smiths Group, PLC		106,385		1,893,419
Sunny Optical Technology Group Co. Ltd.		4,800		46,972
Toshiba Corp.*		1,485		46,081
				2,359,903
Oil & Gas — 4.2%
BP, PLC, SP ADR		10,791		435,417
Caltex Australia Ltd.		1,960		39,551
Canadian Natural Resources, Ltd.		4,006		100,751
Cenovus Energy, Inc.		2,063		15,225
China Petroleum & Chemical Corp. ADR		1,114		95,069
CNOOC, Ltd.		167,426		282,841
CNOOC, Ltd., SP ADR		682		114,869
DCC, PLC		38,955		2,943,308
Encana Corp.		6,840		45,965
Eni SpA		36,119		582,795
Galp Energia SGPS SA		7,101		116,884
Idemitsu Kosan Co. Ltd.		1,500		54,705
Imperial Oil, Ltd.		3,666		109,393
Inpex Corp.		7,058		75,083
JXTG Holdings, Inc.		12,300		74,592
Lukoil , PJSC, SP ADR		3,751		274,573
Lundin Petroleum AB		2,005		52,879
Neste Oyj		575		45,016
Novatek PJSC		1,365		229,809
Oil Search Ltd.		11,661		62,549
OMV AG		1,429		72,378
PetroChina Co. Ltd.		112,651		78,682
PetroChina Co., Ltd. ADR		692		48,094
Petroleo Brasileiro, SP ADR		7,253		105,604
Reliance Industries, Ltd.		7,515		251,787
Repsol SA		4,714		81,205
Royal Dutch Shell, PLC, Class A, SP ADR		1,990		120,196
Santos Ltd.		8,809		35,703
S-Oil Corp.		820		81,001
Tatneft PJSC, SP ADR		1,471		93,556
Woodside Petroleum, Ltd.		4,819		109,838
				6,829,318
Pharmaceuticals — 7.6%
Alfresa Holdings Corp.		72,800		1,938,439
Astellas Pharma, Inc.		5,600		86,295
AstraZeneca, PLC, SP ADR		5,836		232,389
Bayer AG		6,828		501,046
Bayer AG, SP ADR*		9,320		171,740
Celltrion, Inc.*		402		86,296
CSPC Pharmaceutical Group, Ltd.		34,722		70,614
Daiichi Sankyo Co., Ltd.		2,000		73,554
Dr. Reddy’s Laboratories, Ltd., ADR		2,943		113,129
Eisai Co., Ltd.		1,000		92,085
Glaxosmithkline, PLC		66,842		1,385,622
Glaxosmithkline, PLC, SP ADR		5,820		243,683
Kobayashi Pharmaceutical Co. Ltd.		600		41,818
Merck KGaA		1,774		196,379
Novartis AG		22,784		2,080,212
Novartis AG, SP ADR		11,800		1,080,054
Novo-Nordisk AS, SP ADR		2,624		122,331
Roche Holdings AG		3,793		984,603
Roche Holdings AG, SP ADR		10,904		353,617
Sanofi		21,831		1,979,215
Sanofi, ADR		7,168		325,069
Shionogi & Co., Ltd.		1,400		92,853
Teva Pharmaceutical Industries, Ltd., SP ADR*		3,504		75,476
UCB SA		1,192		100,455
				12,426,974

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

33 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	Number of Shares		Value
Pipelines — 0.2%
APA Group		11,153		71,963
Enbridge, Inc.		6,151		201,322
TransCanada Corp.		2,858		116,949
				390,234
Private Equity — 0.0%
Macquarie Korea Infrastructure Fund		9,354		78,190
Real Estate — 1.2%
CapitaLand, Ltd.		26,000		59,320
China Evergrande Group		15,000		47,683
China Overseas Land & Investment, Ltd.		62,000		217,420
China Resources Land Ltd.		12,000		44,670
CK Asset Holdings Ltd.		11,000		79,453
Deutsche Wohnen SE		1,601		76,933
Great Eagle Holdings, Ltd.		211,662		863,412
Henderson Land Development Co., Ltd		300		1,547
REA Group Ltd.		1,135		63,397
SM Prime Holdings, Inc.		156,520		103,801
Sun Hung Kai Properties Ltd.		8,000		114,370
Sunac China Holdings Ltd.		55,788		187,239
Vonovia SE		1,638		79,637
				1,938,882
REITS — 1.1%
British Land Co., PLC, (The)		8,147		58,739
Dexus		5,817		44,618
Hammerson PLC		6,766		33,408
Goodman Group		12,011		90,259
Link		11,500		109,764
Merlin Properties Socimi SA		102,526		1,296,363
Scentre Group		24,524		70,108
Unibail-Rodamco-Westfield/CDI *		3,660		31,753
Unibail-Rodamco-Westfield		642		110,359
				1,845,371
Retail — 2.8%
Ace Hardware Indonesia Tbk PT		1,009,659		114,197
ANTA Sports Products Ltd.		8,000		36,659
Bidvest Group, Ltd., (The)		2,970		43,943
BK Brasil Operacao e Assessoria a Restaurantes SA*		11,859		58,145
Cie Financiere Richemont SA		1,268		82,396
Clicks Group, Ltd.		7,662		103,822
CP ALL PCL		81,862		170,170
Fast Retailing Co., Ltd.		200		104,263
Hennes & Mauritz AB		3,187		58,736
Industria de Diseno Textil SA		1,817		55,846
Li Ning Co., Ltd.*		72,752		78,284
Lojas Renner SA*		17,707		179,222
Mr. Price Group, Ltd.		15,742		273,596
Next, PLC		681		42,521
Nitori Holdings Co., Ltd.		350		46,933
Pandora A/S		660		35,651
Restaurant Brands International, Inc.		1,377		80,320
Swatch Group AG, (The)		4,741		1,409,297
Tsuruha Holdings		13,200		1,306,284
Wal-Mart de Mexico SAB de CV, SP ADR		1,979		48,802
Wal-Mart de Mexico SAB de CV		106,869		264,734
Yum China Holdings, Inc.		84		3,010
				4,596,831
Semiconductors — 2.4%
ASE Technology Holding Co., Ltd.* ADR		28,922		113,085
ASM Pacific Technology Ltd.		5,100		52,348
ASML Holding NV		390		66,826
Infineon Technologies AG		10,768		227,473
Rohm Co. Ltd.		900		63,075
Samsung Electronic Co., Ltd., GDR		469		440,113
Samsung Electronic Co., Ltd.		24,750		927,411
SK Hynix, Inc.		2,348		146,656
SUMCO Corp.		4,300		66,377
Taiwan Semiconductor Manufacturing Co., Ltd.		93,000		686,833
Taiwan Semiconductor Manufacturing Co., Ltd., SP ADR		30,207		1,135,481
United Microelectronics Corp., SP ADR		34,573		62,923
				3,988,601

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

34 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	Number of Shares		Value
Software — 1.3%
Amadeus IT Holdings SA		10,437		749,069
CD Projekt SA*		1,085		40,940
Douzone Bizon Co., Ltd.		1,392		62,088
Micro Focus International Plc		2,989		58,699
Momo, Inc. SP ADR*		6,981		218,854
MSCI, Inc.		298		46,813
NetEase, Inc., ADR		383		86,968
Nexon Co. Ltd.		2,300		27,346
Onemarket, Ltd.*		497		287
Playtech, PLC		148,928		843,340
Sage Group PLC (The)		7,916		58,885
				2,193,289
Telecommunications — 5.2%
America Movil SAB de CV, SP ADR		6,266		84,278
BCE, Inc.		1,890		81,043
Belgacom SA		25,823		716,181
BT Group, PLC, SP ADR		3,886		64,935
China Mobile, Ltd.		108,000		1,076,571
China Mobile, Ltd., SP ADR		5,624		279,738
China Unicom Hong Kong, Ltd. ADR		6,454		75,770
Chunghwa Telecom Co., Ltd., SP ADR		8,206		284,994
Deutsche Telekom AG		9,609		168,960
KDDI Corp.		77,200		1,813,946
KT Corp., SP ADR		12,028		177,052
MTN Group, Ltd.		5,909		37,196
Nice Sys Ltd., SP ADR		759		88,150
Nippon Telegraph & Telephone Corp. ADR		1,369		56,485
Nokia OYJ, SP ADR		18,359		100,424
Rogers Communications, Inc., Class B		1,552		82,799
SK Telecom Ltd., SP ADR		5,716		162,163
Softbank Group Corp., ADR		3,570		150,422
Telefonaktiebolaget LM Ericsson		193,923		1,627,595
Telefonaktiebolaget LM Ericsson, SP ADR		10,461		87,768
Telefonica SA, SP ADR		14,699		132,438
Telekomunikasi Indonesia Persero Tbk PT		761,474		197,051
Telekomunikasi Indonesia Persero Tbk PT, SP ADR		5,863		151,852
Turkcell Iletisim Hizmetleri AS, ADR		16,257		97,867
Vodafone Group, PLC		324,719		701,597
Vodafone Group, PLC, SP ADR		2,503		53,790
				8,551,065

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

35 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	Number of Shares		Value
Transportation — 0.5%
Canadian National Railway Co.		2,544		218,326
Canadian Pacific Railway, Ltd.		679		143,636
Central Japan Railway Co.		419		86,278
Deutsche Post AG, SP ADR		2,115		67,553
DSV AS		876		67,089
East Japan Railway Co.		1,000		90,975
Rumo SA*		20,884		94,246
West Japan Railway Co.		1,061		74,058
				842,161
Water — 0.7%
Guangdong Investment Ltd.		22,000		42,526
Severn Trent, PLC		2,083		48,732
United Utilities Group, PLC		101,060		982,832
				1,074,090
TOTAL COMMON STOCKS
(Cost $151,384,416)				143,405,374
EXCHANGE TRADED FUNDS - 0.6%
Diversified Financial Services — 0.2%
Ishares MSCI India ETF		9,438		314,757
Other Investment Pools and Funds — 0.4%
Invesco India Exchange-Traded Fund Trust		23,070		558,525
iShares MSCI South Korea ETF		1,533		92,931
				651,456
TOTAL EXCHANGE TRADED FUNDS
(Cost $1,012,643)				966,213
PREFERRED STOCKS - 2.0%
Auto Manufacturers — 0.3%
Bayerische Motoren Werke AG, 6.291%		6,311		460,234
Banks — 0.4%
Bancolombia SA, SP ADR, 3.348%		2,519		100,785
Itau Unibanco Holdings, SP ADR, 6.852%		52,419		489,069
				589,854
Chemicals — 0.3%
Braskem SA, SP ADR, 6.264%		845		23,812
Fuchs Petrolub SE, 2.438%		13,628		565,049
				588,861
Cosmetics/Personal Care — 0.5%
LG Household & Health Care, Ltd., 1.351%		1,274		762,327
Electric — 0.0%
Cia Energetica de Minas Gerais, SP ADR*, 5.021%		11,890		38,405
Food — 0.0%
Cia Brasileira de Distribuicao, 1.764%		2,367		51,009
Iron/Steel — 0.1%
Gerdau SA, SP ADR, 2.546%		23,262		93,513
Semiconductors — 0.4%
Samsung Electronic Co., Ltd., 4.424%		21,666		655,274
TOTAL PREFERRED STOCKS
(Cost $3,637,854)				3,239,477
SHORT-TERM INVESTMENTS - 9.8%
First American Government Obligations Fund, 2.12%		16,176,011		16,176,011
TOTAL SHORT-TERM INVESTMENTS
(Cost $16,176,011)				16,176,011
TOTAL INVESTMENTS - 99.7%
(Cost $172,210,924)				163,787,075
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%				554,580
NET ASSETS - 100.0%			$	164,341,655

* Non-income producing security.

(a) Seven-day yield as of November 30, 2018.

ADR American Depository Receipt

GDR Global Depository Receipt

PLC Public Limited Company

REIT Real Estate Investment Trust

SP ADR Sponsored ADR

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

36 

ALTAIR ADVISERS LLC

NOTES TO PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 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 November 30, 2018, in valuing each Fund’s investments carried at fair value:

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
ADARA SMALLER COMPANIES FUND
Common Stocks	$	287,197,334	$	287,197,334	$	-	$	-
Short-Term Investments	$	10,113,331		10,113,331		-		-
Total Investments*	$	297,310,665	$	297,310,665	$	-	$	-
AQUARIUS INTERNATIONAL FUND
Common Stocks	$	143,405,374	$	36,072,214	$	107,333,160
Exchange Traded Funds		966,213		966,213		-		-
Preferred Stocks		3,239,477		796,593		2,442,884		-
Short-Term Investments		16,176,011		16,176,011		-		-
Total Investments*	$	163,787,075	$	54,011,031	$	109,776,044	$	-

* 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.

Transfers between levels are recognized at the end of the reporting period. The Fund transferred $3,902,729 from level 2 to level 1 at November 30, 2018 because these securities were now being priced at the official market close. The Fund transferred $2,479,664 from level 1 to level 2 at November 30, 2018 because the 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.

37 

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
COMMON STOCKS—98.1%
COMMERCIAL SERVICES—4.2%
Bandwidth, Inc.  Class A*		15,571	$	726,543
Cardtronics PLC  Class A*		26,945		874,096
HMS Holdings Corp.*		17,979		642,569
Kforce, Inc.		6,528		206,872
Medpace Holdings, Inc.*		14,360		889,027
				3,339,107
COMMUNICATIONS—2.9%
Intelsat SA*		26,084		648,709
NII Holdings, Inc.*		111,751		604,573
United States Cellular Corp.*		18,557		1,036,594
				2,289,876
CONSUMER DURABLES—2.8%
frontdoor, Inc.*		30,879		719,172
Taylor Morrison Home Corp., Class A*		42,524		719,081
William Lyon Homes, Class A*		63,651		791,182
				2,229,435
CONSUMER NON-DURABLES—4.7%
Coty, Inc., Class A*		61,084		509,441
Crocs, Inc.*		52,234		1,452,105
elf Beauty, Inc.*		42,194		538,395
PVH Corp.		4,886		539,952
Vera Bradley, Inc.*		65,428		721,017
				3,760,910
CONSUMER SERVICES—7.3%
Career Education Corp.*		58,372		787,438
Habit Restaurants, Inc. (The)  Class A*		58,258		728,225
Houghton Mifflin Harcourt Co.*		80,066		796,657
John Wiley & Sons, Inc.  Class A		10,820		598,238
K12, Inc.*		31,604		754,072
Liberty TripAdvisor Holdings, Inc., Class A*		38,630		735,129
Rosetta Stone, Inc.*		43,289		723,359
Tribune Media Co., Class A		17,522		705,436
				5,828,554
DISTRIBUTION SERVICES—0.9%
Core-Mark Holding Co, Inc.		26,045		684,463
ELECTRONIC TECHNOLOGY—6.1%
American Outdoor Brands Corp.*		90,877		1,106,882
Applied Optoelectronics, Inc.*		36,117		743,649
Comtech Telecommunications Corp.		27,589		704,623
Infinera Corp.*		182,231		785,416
NeoPhotonics Corp.*		10,315		79,425
Pure Storage, Inc., Class A*		36,936		698,460
Radware Ltd.*		32,975		752,159
				4,870,614

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

38 

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
ENERGY MINERALS—1.8%
California Resources Corp.*		22,900		548,226
W&T Offshore, Inc.*		147,174		855,081
				1,403,307
FINANCE—22.6%
Affiliated Managers Group, Inc.		5,600		622,272
Ambac Financial Group, Inc.*		30,333		530,221
Barings BDC, Inc.		52,235		523,395
BGC Partners, Inc., Class A		38,938		410,407
BrightSphere Investment Group PLC		56,986		750,506
Customers Bancorp, Inc.*		37,500		731,625
East West Bancorp, Inc.		9,699		520,739
Employers Holdings, Inc.		17,869		803,212
Enova International, Inc.*		29,208		646,665
Essent Group Ltd.*		8,944		344,881
Evercore, Inc., Class A		5,597		462,088
First BanCorp Puerto Rico*		152,284		1,378,170
Green Dot Corp., Class A*		13,961		1,163,510
H&E Equipment Services, Inc.		34,235		758,305
Hanover Insurance Group, Inc. (The)		6,482		743,550
Health Insurance Innovations, Inc., Class A*		29,233		1,076,359
Herc Holdings, Inc.*		19,619		699,810
INTL FCStone, Inc.*		16,577		645,840
McGrath RentCorp		12,748		681,126
On Deck Capital, Inc.*		59,760		468,518
OneMain Holdings, Inc.*		25,995		760,874
Radian Group, Inc.		41,797		769,065
Simply Good Foods Co. (The)*		14,768		300,086
Texas Capital Bancshares, Inc.*		11,278		672,845
Third Point Reinsurance Ltd*		37,826		390,364
United Rentals, Inc.*		4,535		531,184
Washington Federal, Inc.		20,645		594,782
				17,980,399
HEALTH SERVICES—2.5%
Amedisys, Inc.*		6,300		858,375
Invitae Corp.*		60,122		837,499
RadNet, Inc.*		24,611		317,236
				2,013,110
HEALTH TECHNOLOGY—13.2%
BioLife Solutions, Inc.*		41,470		496,396
CareDx, Inc.*		32,743		958,388
CONMED Corp.		10,354		703,658
Cutera, Inc.*		37,577		770,328
Genomic Health, Inc.*		713		56,363
Haemonetics Corp.*		647		69,410
IntriCon Corp.*		22,475		778,309
NanoString Technologies, Inc.*		12,341		213,129
Natera, Inc.*		42,053		728,358
NewLink Genetics Corp.*		35,740		67,548
Nuvectra Corp.*		42,919		857,092
Ophthotech Corp.*		11,071		20,592
OraSure Technologies, Inc.*		57,005		723,964
Pieris Pharmaceuticals, Inc.*		45,353		153,747
STAAR Surgical Co.*		31,099		1,182,073
Surmodics, Inc.*		18,622		1,128,307
Tandem Diabetes Care, Inc.*		23,277		857,059
Veracyte, Inc.*		59,972		734,057
				10,498,778

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

39 

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
INDUSTRIAL SERVICES—2.6%
Advanced Disposal Services, Inc.*		26,828		723,015
Basic Energy Services, Inc.*		103,446		649,641
Casella Waste Systems, Inc., Class A*		22,755		742,951
				2,115,607
NON-ENERGY MINERALS—2.4%
Coeur Mining, Inc.*		181,158		715,574
Eagle Materials, Inc.		9,000		657,000
Randgold Resources Ltd. ADR		6,520		522,708
				1,895,282
PROCESS INDUSTRIES—2.9%
Renewable Energy Group, Inc.*		31,628		852,375
Venator Materials PLC*		132,489		706,166
Verso Corp.*		28,698		723,764
				2,282,305
PRODUCER MANUFACTURING—4.1%
ACCO Brands Corp.		79,617		646,490
Harsco Corp.*		13,848		370,434
Integer Holdings Corp.*		11,892		1,053,393
Milacron Holdings Corp.*		5,106		72,761
NCI Building Systems, Inc.*		62,589		710,385
SPX FLOW, Inc.*		10,840		406,825
				3,260,288
RETAIL TRADE—2.1%
Five Below, Inc.*		5,700		597,303
Medifast, Inc.		4,703		698,395
Tilly’s, Inc., Class A		34,070		392,146
				1,687,844
TECHNOLOGY SERVICES—10.4%
Attunity Ltd.*		44,892		1,003,336
Box, Inc., Class A*		40,950		769,451
CyberArk Software Ltd.*		14,191		1,052,121
ForeScout Technologies, Inc.*		28,346		769,594
New Relic, Inc.*		8,837		770,498
Okta, Inc.*		13,386		852,019
SPS Commerce, Inc.*		1,586		135,175
Talend SA ADR*		20,129		699,281
Twilio, Inc., Class A*		8,700		822,063
Varonis Systems, Inc.*		21,118		1,222,943
Yext, Inc.*		14,794		214,809
				8,311,290

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

40 

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
TRANSPORTATION—3.9%
ArcBest Corp.		18,189		732,289
Hub Group, Inc., Class A*		16,637		739,348
Star Bulk Carriers Corp.*		83,529		799,372
YRC Worldwide, Inc.*		141,363		800,115
				3,071,124
UTILITIES—0.7%
Pampa Energia SA, SP ADR*		15,334		538,990
TOTAL COMMON STOCKS
(Cost $77,492,033)				78,061,283
SHORT-TERM INVESTMENTS—2.0%
Fidelity Investments Money Market Funds - Government Portfolio, 2.10% (a)				1,572,073
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,572,073)				1,572,073
TOTAL INVESTMENTS—100.1%
(Cost $79,064,106)				79,633,356
LIABILITIES IN EXCESS OF OTHER ASSETS—(0.1)%				(70,014	)
NET ASSETS—100.0%			$	79,563,342

* Non-income producing security.

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

41 

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

NOTES TO PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 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 November 30, 2018, in valuing the Fund’s investments carried at fair value:

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Common Stocks	$	78,061,283	$	78,061,283	$	-	$	-
Short-Term Investments		1,572,073		1,572,073		-		-
Total Investments*	$	79,633,356	$	79,633,356	$	-	$	-

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

42 

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

NOTES TO PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 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”) require the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. U.S. GAAP also requires the Fund to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each level within the three-tier hierarchy are disclosed when the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the period ended November 30, 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.

43 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS SMALL CAP VALUE FUND II

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
COMMON STOCKS—96.6%
Basic Industries—6.9%
Cambrex Corp.*		30,532	$	1,460,346
Ferro Corp.*		101,601		1,960,899
Graphic Packaging Holding Co.(a)		420,103		5,037,035
Innophos Holdings, Inc.		77,289		2,143,997
Orion Engineered Carbons SA		140,727		3,675,789
Owens-Illinois, Inc.		208,031		3,825,690
PQ Group Holdings, Inc.*		244,362		3,750,957
Schweitzer-Mauduit International, Inc.(a)		136,891		3,902,762
SunCoke Energy, Inc.*		534,463		5,216,359
Valvoline, Inc.(a)		368,957		7,781,303
				38,755,137
Capital Goods—9.8%
Aegion Corp.*(a)		122,691		2,343,398
Ampco-Pittsburgh Corp.*		36,084		155,161
BMC Stock Holdings, Inc.*		314,492		5,349,509
Continental Building Products, Inc.*		77,654		2,219,351
Engility Holdings, Inc.*		75,338		2,355,819
Ferroglobe PLC(a)		315,888		698,113
Ferroglobe Representation & Warranty Insurance*		276,005		0
Foundation Building Materials, Inc.*‡		114,184		1,116,720
Granite Construction, Inc.(a)		57,354		2,903,833
Hillenbrand, Inc.		43,699		1,936,303
LCI Industries(a)		68,555		5,304,786
Minerals Technologies, Inc.		82,014		4,615,748
NN, Inc.		118,956		854,104
Orion Group Holdings, Inc.*		266,564		1,162,219
Timken Co., (The)		82,596		3,316,229
Trinseo SA		51,985		2,626,802
Tutor Perini Corp.*(a)		153,263		2,852,225
WESCO International, Inc.*(a)		147,302		7,867,400
World Fuel Services Corp.		286,251		7,382,413
				55,060,133
Communications—1.0%
AMC Networks, Inc. Class A*		92,027		5,508,736
Consumer Durables—2.5%
Cooper Tire & Rubber Co.(a)		129,323		4,422,847
La-Z-Boy, Inc.		106,946		3,126,032
Standard Motor Products, Inc.		37,544		1,977,442
Strattec Security Corp.		18,651		569,602
Tower International, Inc.		134,103		3,770,976
				13,866,899
Consumer Non-Durables—3.6%
Energizer Holdings, Inc.(a)		56,799		2,546,299
Fresh Del Monte Produce, Inc.(a)		91,115		3,066,020
Skechers U.S.A., Inc. Class A*		182,368		4,923,936
Steven Madden Ltd.(a)		185,106		5,965,966
Universal Corp.		58,274		3,694,572
				20,196,793
Consumer Services—12.0%
ABM Industries, Inc.(a)		86,698		2,746,593
ACCO Brands Corp.		324,099		2,631,684
ASGN, Inc.*		73,214		5,070,069
Booz Allen Hamilton Holding Corp.		44,621		2,289,504
CBIZ, Inc.*		122,496		2,583,441
Civeo Corp.*		437,478		739,338
Ennis, Inc.		48,844		953,923
Entercom Communications Corp. Class A(a)		281,623		1,838,998
FTI Consulting, Inc.*		76,708		5,388,737
Group 1 Automotive, Inc.(a)		23,484		1,319,801
Huron Consulting Group, Inc.*		85,490		4,759,228
ICF International, Inc.		63,640		4,456,709
Lithia Motors, Inc. Class A(a)		104,755		8,679,999
MAXIMUS, Inc.		44,620		3,173,374
Navigant Consulting, Inc.		135,468		3,470,690
PRA Group, Inc.*(a)		84,344		2,574,179
Scholastic Corp.(a)		59,154		2,733,506
Tetra Tech, Inc.		103,329		6,298,936
TravelCenters of America LLC*		178,074		820,921
Viad Corp.		33,471		1,685,265
XO Group, Inc.*		97,569		3,366,131
				67,581,026

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

44 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS SMALL CAP VALUE FUND II

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Energy—5.5%
Cactus, Inc., Class A*		97,628		2,819,497
Dril-Quip, Inc.*(a)		85,537		3,358,183
Enerplus Corp.		483,118		4,652,426
Extraction Oil & Gas, Inc.*(a)		255,211		1,454,703
Forum Energy Technologies, Inc.*(a)		220,653		1,476,169
Gulfport Energy Corp.*		162,555		1,384,969
Jagged Peak Energy, Inc.*(a)		133,950		1,532,388
Key Energy Services, Inc.*(a)		117,568		685,421
Kosmos Energy Ltd.*		455,026		2,448,040
Nine Energy Service, Inc.*		141,624		3,990,964
ProPetro Holding Corp.*		112,357		1,822,430
Superior Energy Services, Inc.*(a)		267,416		1,457,417
WildHorse Resource Development Corp.*(a)		191,017		3,529,994
				30,612,601
Finance—32.1%
Air Lease Corp.(a)		193,744		7,528,892
AMERISAFE, Inc.		42,240		2,728,282
Aspen Insurance Holdings Ltd.(a)		60,113		2,516,330
Assured Guaranty Ltd.		278,801		11,380,657
Axis Capital Holdings Ltd.		36,525		2,021,659
BankUnited, Inc.		149,315		5,157,340
Boston Private Financial Holdings, Inc.		227,145		2,882,470
Cadence BanCorp		207,843		4,262,860
CenterState Banks, Inc.		125,011		3,126,525
Columbia Banking System, Inc.		25,188		1,024,648
Essent Group Ltd.*		179,935		6,938,294
FCB Financial Holdings, Inc., Class A*		77,036		3,053,707
Federal Agricultural Mortgage Corp., Class C		51,683		3,414,179
First Citizens BancShares Inc., Class A		7,539		3,237,774
First Hawaiian, Inc.(a)		118,012		3,070,672
First Merchants Corp.		83,883		3,526,441
First Midwest Bancorp Inc.		103,088		2,431,846
FirstCash, Inc.		47,525		4,232,101
Flushing Financial Corp.		61,289		1,432,324
Gladstone Capital Corp.		35,103		299,078
Global Indemnity Ltd. Class A		32,519		1,114,101
Greenhill & Co, Inc.(a)		66,472		1,564,086
Hanmi Financial Corp.		126,105		2,829,796
Hanover Insurance Group Inc., (The)		30,057		3,447,838
Heritage Financial Corp.		78,888		2,758,713
Hope Bancorp, Inc.(a)		126,211		1,918,407
James River Group Holdings Ltd.		94,996		3,615,548
Luther Burbank Corp.		202,004		2,100,842
Merchants Bancorp(a)		90,524		2,162,618
National General Holdings Corp.		300,897		7,988,815
Navient Corp.		636,082		7,314,943
Navigators Group, Inc. (The)(a)		40,729		2,829,444
Nelnet, Inc., Class A		144,210		7,852,235
NMI Holdings, Inc. Class A*(a)		134,749		2,632,995
Peapack Gladstone Financial Corp.		98,448		2,816,597
PennyMac Financial Services, Inc.		167,067		3,426,544
Preferred Bank(a)		49,562		2,538,566
ProAssurance Corp.(a)		77,694		3,397,559
Radian Group, Inc.		183,577		3,377,817
RBB Bancorp		68,828		1,495,632
Silvercrest Asset Management Group, Inc. Class A		230,305		3,217,361
SLM Corp.*(a)		1,069,982		10,988,715
South State Corp.(a)		14,008		1,016,421
State Auto Financial Corp.		51,361		1,797,635
Stewart Information Services Corp.		39,640		1,667,258
Stifel Financial Corp.		65,608		3,166,898
Synovus Financial Corp.		45,155		1,707,311
Umpqua Holdings Corp.		89,633		1,724,539
Walker & Dunlop, Inc.		180,631		8,531,202
Washington Federal, Inc.		65,496		1,886,940
White Mountains Insurance Group Ltd.		3,159		2,933,921
				180,087,376

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)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Health Care—4.2%
Chemed Corp.		16,654		5,275,654
ICON PLC*		41,683		6,032,364
Integra LifeSciences Holdings Corp.*		35,192		1,887,347
LHC Group, Inc.*(a)		39,489		4,141,212
Patterson Cos, Inc.(a)		84,725		2,149,473
Syneos Health, Inc.*(a)		81,239		4,201,681
				23,687,731
Real Estate Investment Trusts—6.9%
Ares Commercial Real Estate Corp.		303,316		4,331,352
Blackstone Mortgage Trust, Inc. Class A(a)		190,445		6,684,619
Chatham Lodging Trust		79,980		1,598,800
Front Yard Residential Corp.		59,180		533,212
Gladstone Commercial Corp.(a)		41,300		790,482
MFA Financial, Inc.		658,527		4,774,321
Realogy Holdings Corp.(a)		236,706		4,558,958
Starwood Property Trust, Inc.(a)		182,770		4,088,565
Two Harbors Investment Corp.(a)		788,331		11,336,200
				38,696,509
Technology—11.4%
Bel Fuse, Inc., Class B(a)		131,026		2,949,395
Belden, Inc.(a)		93,319		5,205,334
Brooks Automation, Inc.(a)		192,475		5,843,541
Ciena Corp.*		263,853		8,606,885
EnerSys		73,991		6,464,594
EVERTEC, Inc.		96,279		2,631,305
Insight Enterprises, Inc.*		73,738		3,287,240
NCR Corp.*(a)		127,606		3,535,962
NETGEAR, Inc.*		59,642		3,304,167
PC Connection, Inc.		29,809		934,214
SMART Global Holdings, Inc.*(a)		109,045		3,739,153
Sykes Enterprises, Inc.*		161,521		4,461,210
SYNNEX Corp.		73,569		5,939,925
TTEC Holdings, Inc.		162,100		4,741,425
Versum Materials, Inc.		65,385		2,264,937
				63,909,287
Utilities—0.7%
Portland General Electric Co.		36,149		1,740,574
Pure Cycle Corp.*		193,910		2,036,055
				3,776,629
TOTAL COMMON STOCKS
(Cost $465,427,982)				541,738,857
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—19.2%
Mount Vernon Liquid Assets Portfolio, LLC, 2.40%(b)		107,634,460		107,634,460
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
(Cost $107,634,460)				107,634,460
SHORT-TERM INVESTMENTS—2.9%
Fidelity Investments Money Market Funds - Government Portfolio, 2.10%(b)		16,073,420		16,073,420
TOTAL SHORT-TERM INVESTMENTS
(Cost $16,073,420)				16,073,420
TOTAL INVESTMENTS—118.7%
(Cost $589,135,862)				665,446,737
LIABILITIES IN EXCESS OF OTHER ASSETS—(18.7)%				(104,970,643	)
NET ASSETS—100.0%			$	560,476,094

PLC Public Limited Company

* Non-income producing.

(a) All or a portion of the security is on loan. At November 30, 2018, the market value of securities on loan was $105,146,766.

(b) Seven-day yield as of November 30, 2018.

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)

NOVEMBER 30, 2018 (UNAUDITED)

A summary of the inputs used to value the Fund’s investments carried at fair value as of November 30, 2018 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE*
Common Stock
Basic Industries	$	38,755,137	$	38,755,137	$	-	$	-	$	-
Capital Goods		55,060,133		55,060,133		-		-		-
Communications		5,508,736		5,508,736		-		-		-
Consumer Durables		13,866,899		13,866,899		-		-		-
Consumer Non-Durables		20,196,793		20,196,793		-		-		-
Consumer Services		67,581,026		67,581,026		-		-		-
Energy		30,612,601		30,612,601		-		-		-
Finance		180,087,376		180,087,376		-		-		-
Health Care		23,687,731		23,687,731		-		-		-
Real Estate Investment Trusts		38,696,509		38,696,509		-		-		-
Technology		63,909,287		63,909,287		-		-		-
Utilities		3,776,629		3,776,629		-		-		-
Investments Purchased with Proceeds from Securities Lending Collateral		107,634,460		-		-		-		107,634,460
Short-Term Investments		16,073,420		16,073,420		-		-		-
Total Assets	$	665,446,737	$	557,812,277	$	-	$	-	$	107,634,460

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy to the amounts presented in the Portfolio of Investments

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

47 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT EQUITY FUND

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
LONG POSITIONS—109.4%
COMMON STOCKS—100.6%
Basic Industries—2.6%
BHP Billiton Ltd. - SP ADR(a)		42,106	$	1,867,822
Freeport-McMoRan, Inc.Ɨ		191,790		2,289,973
Mosaic Co., (The)		133,033		4,789,188
Nutrien Ltd.		70,761		3,648,437
Rio Tinto PLC - SP ADRƗ		69,690		3,258,704
				15,854,124
Capital Goods—6.2%
Argan, Inc.		83,804		3,642,960
CECO Environmental Corp.*		278,755		2,316,454
Colfax Corp.*(a)		64,751		1,614,890
DMC Global, Inc.		79,713		2,901,553
Ferroglobe Representation & Warranty Insurance*		386,647		0
Fluor Corp.Ɨ		80,537		3,296,379
Graham Corp.		82,099		2,045,907
Hexcel Corp.		28,644		1,766,476
Jacobs Engineering Group, Inc.(a)Ɨ#		53,784		3,531,995
KBR, Inc.Ɨ		241,403		4,482,854
Manitex International, Inc.*(a)		270,943		1,975,174
Quanta Services, Inc.*		86,881		3,049,523
Safran SA - ADRƗ		131,783		4,127,444
World Fuel Services Corp.Ɨ		115,468		2,977,920
				37,729,529
Communications—3.9%
Charter Communications, Inc.*Ɨ		14,997		4,937,012
Comcast Corp., Class A(a)Ɨ		310,745		12,122,163
KT Corp. - SP ADR		167,241		2,461,788
Liberty Latin America Ltd. Class C*(a)		127,120		2,350,449
Mobile TeleSystems PJSC - SP ADR		238,059		1,764,017
				23,635,429
Consumer Durables—0.5%
Sony Corp. SP ADR		62,476		3,299,982
Consumer Non-Durables—2.9%
Altria Group, Inc.		55,492		3,042,626
Coca-Cola Co., (The)		66,666		3,359,967
Coca-Cola European Partners PLC		74,839		3,632,685
Hasbro, Inc.(a)		23,452		2,134,132
Nomad Foods Ltd.*Ɨ		161,467		3,264,863
Skechers U.S.A., Inc. Class A*		73,637		1,988,199
				17,422,472
Consumer Services—13.6%
Barrett Business Services, Inc.Ɨ		28,073		1,974,936
CDK Global, Inc.		43,496		2,192,198
CVS Health Corp.(a)Ɨ		103,234		8,279,367
Dollar General Corp.		34,374		3,815,170
Dollar Tree, Inc.*		33,171		2,878,248
eBay, Inc.*Ɨ		97,952		2,923,867
Emerald Expositions Events, Inc.		90,056		1,053,655
Gap Inc/The		95,409		2,603,712
Hackett Group Inc., (The)		126,314		2,229,442
ICF International, Inc.		52,112		3,649,403
IHS Markit Ltd.*		59,447		3,172,686
International Game Technology PLC(a)Ɨ		124,969		2,150,716
Jones Lang LaSalle, Inc.		9,223		1,320,734
KAR Auction Services, Inc.(a)		45,936		2,624,783
Korn/Ferry International		43,880		2,148,804
Kroger Co., (The)(a)Ɨ#		85,611		2,539,222
Las Vegas Sands Corp.		43,696		2,400,658
Liquidity Services, Inc.*		175,700		1,138,536
Perficient, Inc.*		107,202		2,713,283
Points International Ltd.*		130,610		1,396,221
QuinStreet, Inc.*		202,616		3,270,222
Qurate Retail, Inc.*		176,181		3,914,742
Stars Group Inc., (The)*		174,342		3,416,901
Tailored Brands, Inc.(a)Ɨ		140,685		3,221,687
Tetra Tech, Inc.		46,256		2,819,766
Walgreens Boots Alliance, Inc.(a)		48,423		4,099,975
Walt Disney Co. (The)Ɨ		36,193		4,179,930
Wyndham Destinations, Inc.Ɨ		95,247		3,949,893
				82,078,757

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

48 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT EQUITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Energy—13.5%
Anadarko Petroleum Corp.Ɨ		71,542		3,784,572
Andeavor Logistics LP		56,372		2,103,803
Apergy Corp.*(a)		39,997		1,371,097
Archrock, Inc.Ɨ		297,181		3,031,248
Baker Hughes a GE Co.Ɨ		108,730		2,481,219
Canadian Natural Resources Ltd.Ɨ		92,086		2,315,963
Chevron Corp.Ɨ		110,487		13,141,324
Dawson Geophysical Co.*(a)		182,116		677,472
Diamondback Energy, Inc.		27,797		3,068,187
Enerplus Corp.		180,778		1,740,892
EOG Resources, Inc.Ɨ		41,807		4,319,081
Halliburton Co.(a)Ɨ		179,745		5,649,385
Marathon Oil Corp.		196,747		3,283,707
Marathon Petroleum Corp.		28,583		1,862,468
Mitcham Industries, Inc.*		372,478		1,318,572
Oceaneering International, Inc.*(a)		158,773		2,665,799
Parsley Energy, Inc., Class A*		83,956		1,690,034
Phillips 66Ɨ		43,437		4,062,228
Pioneer Natural Resources Co.Ɨ		25,264		3,732,756
ProPetro Holding Corp.*		124,880		2,025,554
Schlumberger Ltd.Ɨ		219,300		9,890,430
Solaris Oilfield Infrastructure, Inc. Class A*(a)		89,964		1,181,227
Tidewater, Inc.*(a)		84,005		1,997,639
Valero Energy Corp.Ɨ		26,195		2,092,981
Viper Energy Partners LPƗ		76,698		2,303,241
				81,790,879

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 (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Finance—17.9%
AerCap Holdings NV*Ɨ		60,645		3,206,301
AMERCO(a)		7,704		2,669,051
American International Group, Inc.(a)Ɨ		148,945		6,441,871
Arthur J Gallagher & Co.		46,550		3,587,609
Banco Macro SA - ADR		38,265		1,698,583
Bank of America Corp.Ɨ		306,933		8,716,897
Bar Harbor Bankshares		19,354		497,978
Berkshire Hathaway, Inc., Class B*(a)Ɨ#		60,078		13,111,423
BGC Partners, Inc., Class A		346,891		3,656,231
Citigroup, Inc.Ɨ		160,194		10,378,969
Discover Financial Services(a)Ɨ		55,862		3,982,961
FedNat Holding Co.(a)		123,406		2,700,123
Fortress Transportation & Infrastructure Investors LLC		102,021		1,623,154
GAIN Capital Holdings, Inc.		249,767		1,835,787
Jefferies Financial Group, Inc.Ɨ		116,308		2,541,330
JPMorgan Chase & Co.Ɨ#		50,173		5,578,736
Jupai Holdings Ltd. ADR		132,668		1,208,606
Lazard Ltd., Class AƗ		63,390		2,543,207
Loews Corp.		56,680		2,724,041
MetLife, Inc.Ɨ		128,769		5,746,960
Morgan StanleyƗ		118,955		5,280,412
Nasdaq, Inc.(a)		25,099		2,292,041
Oaktree Capital Group LLC(a)		52,802		2,187,059
State Street Corp.Ɨ		32,025		2,338,466
Stifel Financial Corp.		101,731		4,910,555
Travelers Cos., Inc., (The)Ɨ		28,865		3,763,130
White Mountains Insurance Group Ltd.		2,893		2,686,874
				107,908,355
Health Care—14.1%
Anthem, Inc.Ɨ		21,098		6,119,897
Celgene Corp.*		35,169		2,539,905
Cigna Corp.(a)Ɨ		33,367		7,453,520
DaVita, Inc.*		55,525		3,667,982
DENTSPLY SIRONA, Inc.		41,702		1,575,502
Exelixis, Inc.*(a)		146,230		2,969,931
HCA Healthcare, Inc.Ɨ		40,976		5,900,134
Jazz Pharmaceuticals PLC*		21,147		3,197,426
Johnson & JohnsonƗ		75,861		11,143,981
Laboratory Corp. of America Holdings*Ɨ		32,210		4,691,064
LHC Group, Inc.*(a)Ɨ#		35,796		3,753,927
Medtronic PLCƗ#		51,579		5,030,500
Novartis AG - SP ADRƗ		81,936		7,499,602
Quest Diagnostics, Inc.Ɨ		41,582		3,682,918
Stericycle, Inc.*		49,626		2,385,522
Taro Pharmaceutical Industries Ltd.*(a)		13,439		1,450,337
Teva Pharmaceutical Industries Ltd. - Sponsored ADR(a)*		193,271		4,163,057
UnitedHealth Group, Inc.Ɨ#		28,198		7,933,789
				85,158,994
Real Estate Investment Trusts—0.6%
CatchMark Timber Trust, Inc., Class A		187,337		1,553,024
Marcus & Millichap, Inc.*		31,805		1,160,564
Wheeler Real Estate Investment Trust, Inc.(a)*		343,391		958,061
				3,671,649

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)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Technology—19.3%
Advanced Energy Industries, Inc.*(a)		27,738		1,304,796
Avnet, Inc.		74,160		3,249,691
Baidu, Inc. - SP ADR*Ɨ		27,915		5,255,836
Booking Holdings, Inc.*		1,665		3,149,980
Capgemini SE - ADR		137,149		3,204,486
Casa Systems, Inc.*		98,494		1,531,582
CDW Corp.		40,328		3,737,599
CEVA, Inc.*		52,682		1,369,205
Citrix Systems, Inc.		26,851		2,925,954
Cognizant Technology Solutions Corp., Class AƗ#		57,684		4,108,831
Dolby Laboratories, Inc. Class AƗ		40,671		2,863,238
Electronics For Imaging, Inc.*(a)		62,124		1,719,592
Euronet Worldwide, Inc.*		29,589		3,479,962
EVERTEC, Inc.		147,259		4,024,589
Fabrinet*		55,875		2,946,289
First Data Corp., Class A*Ɨ		170,585		3,254,762
Flex Ltd.*Ɨ		111,509		975,704
Generac Holdings, Inc.*		56,484		3,215,069
Hollysys Automation Technologies, Ltd.		124,834		2,472,962
Infosys Ltd. - SP ADR(a)		272,730		2,689,118
Insight Enterprises, Inc.*Ɨ		78,073		3,480,494
InterDigital Inc.(a)		44,796		3,371,347
LogMeIn, Inc.		30,207		2,785,992
Marvell Technology Group Ltd.		154,767		2,493,296
Maxim Integrated Products, Inc.		53,227		2,976,454
Microchip Technology, Inc.(a)		30,401		2,280,075
Oracle Corp.		62,654		3,055,009
PayPal Holdings, Inc.*Ɨ#		31,204		2,677,615
Powell Industries, Inc.(a)		56,981		1,741,909
Rambus, Inc.*		148,329		1,293,429
Rubicon Project Inc., (The)*		471,519		2,098,260
Sabre Corp.Ɨ		189,385		4,842,574
Sensata Technologies Holding PLC*		40,889		1,891,525
SINA Corp.*		17,927		1,161,132
SMART Global Holdings, Inc.*(a)		54,885		1,882,007
Sogou, Inc. - ADR*(a)		235,402		1,461,846
SYNNEX Corp.		51,987		4,197,430
Tencent Holdings Ltd. - ADR		82,556		3,308,845
VeriSign, Inc.*		21,412		3,341,557
Weibo Corp. - SP ADR*(a)		30,392		1,935,363
YY, Inc. - ADR*		33,345		2,269,794
Zebra Technologies Corp., Class A*Ɨ		23,458		4,217,748
				116,242,946
Transportation—3.3%
Daseke, Inc.*		147,278		592,058
Dorian LPG Ltd.*		198,522		1,395,610
Expeditors International of Washington, Inc.(a)		31,460		2,393,791
Forward Air Corp.(a)		27,924		1,822,879
Golar LNG Partners LP		95,063		1,155,016
Overseas Shipholding Group, Inc., Class A*		482,883		1,033,370
Ryanair Holdings PLC - SP ADR*		16,595		1,366,266
Safe Bulkers, Inc.*		623,419		1,240,604
SEACOR Marine Holdings, Inc.*(a)		54,801		985,870
Teekay LNG Partners LP		138,508		1,875,398
Teekay Offshore Partners LP		581,038		964,523
United Parcel Service, Inc., Class BƗ		42,091		4,852,671
				19,678,056

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)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES			VALUE
Utilities—2.2%
Cheniere Energy, Inc.*		42,372			2,589,776
Enterprise Products Partners LP		115,784			3,039,330
EQT Midstream Partners LP		41,701			1,987,470
MPLX LP		94,976			3,146,555
TerraForm Power, Inc.		214,284			2,464,266
					13,227,397
TOTAL COMMON STOCKS
(Cost $499,405,770)					607,698,569
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—8.8%
Mount Vernon Liquid Assets Portfolio, LLC, 2.15%(b)		52,946,403			52,946,403
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
(Cost $52,946,403)					52,946,403
TOTAL LONG POSITIONS—109.4%
(Cost $552,352,173)					660,644,972
SECURITIES SOLD SHORT—(52.6%)
COMMON STOCKS—(51.8%)
Basic Industries—(1.7%)
Amyris, Inc.*		(244,051	)		(1,205,612	)
AptarGroup, Inc.		(25,099	)		(2,611,551	)
CryoPort, Inc.*		(166,909	)		(1,805,955	)
Mountain Province Diamonds, Inc.		(41,726	)		(53,073	)
Quaker Chemical Corp.		(17,475	)		(3,604,044	)
Tanzanian Royalty Exploration Corp.*		(160,240	)		(57,767	)
Uranium Energy Corp.*		(842,078	)		(1,111,543	)
					(10,449,545	)
Capital Goods—(3.8%)
AAON, Inc.		(86,201	)		(3,271,328	)
Applied Energetics, Inc.*		(363,725	)		(21,824	)
Axon Enterprise, Inc.*		(54,417	)		(2,365,507	)
Blue Bird Corp.*		(180,502	)		(3,453,003	)
DynaMotive Energy Systems Corp.*		(72,185	)		(7	)
GCP Applied Technologies, Inc.*		(105,218	)		(2,872,451	)
KeyW Holding Corp., (The)*		(267,749	)		(2,615,908	)
Kornit Digital Ltd.*		(80,013	)		(1,841,899	)
Kratos Defense & Security Solutions, Inc.*		(200,407	)		(2,665,413	)
WD-40 Co.		(20,308	)		(3,547,402	)
					(22,654,742	)
Communications—(2.1%)
CTC Communications Group, Inc.*		(98,900	)		0
GTT Communications, Inc.*		(72,751	)		(2,448,798	)
Netflix, Inc.*		(36,375	)		(10,407,979	)
					(12,856,777	)

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)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES			VALUE
Consumer Durables—(3.3%)
Ferrari NV		(26,085	)		(2,858,916	)
GoPro, Inc.*		(506,718	)		(2,574,127	)
iRobot Corp.*		(45,084	)		(4,301,014	)
Qsound Labs, Inc.*		(4,440	)		0
Tempur Sealy International, Inc.*		(59,260	)		(3,021,075	)
Tesla Motors, Inc.*		(19,596	)		(6,868,006	)
					(19,623,138	)
Consumer Non-Durables—(4.4%)
Amish Naturals, Inc.*		(25,959	)		0
Canada Goose Holdings, Inc.*		(27,085	)		(1,824,175	)
Crocs, Inc.*		(113,379	)		(3,151,936	)
elf Beauty, Inc.*		(204,935	)		(2,614,970	)
Fitbit, Inc.*		(421,551	)		(2,322,746	)
Freshpet, Inc.*		(80,171	)		(2,645,643	)
Marine Products Corp.		(56,553	)		(1,229,462	)
MGP Ingredients, Inc.		(36,373	)		(2,473,000	)
Monster Beverage Corp.*		(55,379	)		(3,305,019	)
National Beverage Corp.*		(34,569	)		(3,016,837	)
Primo Water Corp.*		(251,130	)		(3,646,408	)
Valence Technology, Inc.*		(27,585	)		(3	)
Vince Holding Corp.*		(34,919	)		(443,471	)
					(26,673,670	)
Consumer Services—(11.3%)
ADT, Inc.		(234,874	)		(1,834,366	)
Brink’s Co. (The)		(41,137	)		(2,913,322	)
Carvana Co.*		(64,151	)		(2,777,097	)
Chegg, Inc.*		(76,950	)		(2,150,753	)
Chuy’s Holdings, Inc.*		(95,824	)		(2,050,634	)
Cimpress NV*		(26,857	)		(3,240,566	)
Corporate Resource Services, Inc.*		(218,896	)		(197	)
Fiesta Restaurant Group, Inc.*		(111,938	)		(2,110,031	)
Foot Locker, Inc.		(62,056	)		(3,499,958	)
GrubHub, Inc.*		(35,457	)		(2,775,929	)
HelloFresh SE*		(163,183	)		(1,671,900	)
K12, Inc.*		(132,261	)		(3,155,748	)
Lands’ End, Inc.*		(146,448	)		(3,109,091	)
MarineMax, Inc.*		(73,095	)		(1,551,807	)
Medifast, Inc.		(9,359	)		(1,389,812	)
Meredith Corp.		(25,552	)		(1,463,108	)
Natural Grocers by Vitamin Cottage, Inc.*		(81,629	)		(1,545,237	)
Noodles & Co.*		(306,058	)		(2,420,919	)
Pinduoduo, Inc. - ADR*		(103,391	)		(2,373,857	)
Red Robin Gourmet Burgers, Inc.*		(88,235	)		(3,060,872	)
Royal Caribbean Cruises Ltd.		(27,863	)		(3,150,469	)
Shake Shack, Inc. Class A*		(69,973	)		(3,887,000	)
Sonic Automotive, Inc.		(104,461	)		(1,649,439	)
Stitch Fix, Inc., Class A*		(103,398	)		(2,825,867	)
Town Sports International Holdings, Inc.*		(242,122	)		(1,721,487	)
TransEnterix, Inc.*		(457,289	)		(1,422,169	)
TripAdvisor, Inc.*		(80,215	)		(5,138,573	)
Wayfair, Inc. Class A*		(31,922	)		(3,390,116	)
					(68,280,324	)

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)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES			VALUE
Energy—0.0%
Beard Co.*		(9,710	)		(5	)
Finance—(2.8%)
Farmers & Merchants Bancorp Inc.		(71,230	)		(2,925,416	)
Kinsale Capital Group, Inc.		(56,651	)		(3,524,259	)
Siebert Financial Corp.*		(105,287	)		(1,359,255	)
Trupanion, Inc.*		(112,595	)		(3,369,968	)
Westamerica Bancorporation		(45,565	)		(2,879,708	)
Willscot Corp.*		(188,673	)		(2,599,914	)
					(16,658,520	)
Health Care—(5.9%)
Align Technology, Inc.*		(12,524	)		(2,879,142	)
Atrion Corp.		(3,421	)		(2,645,186	)
BodyTel Scientific, Inc.*		(4,840	)		(1	)
CareView Communications, Inc.*		(207,165	)		(3,522	)
Corindus Vascular Robotics, Inc.*		(626,010	)		(763,732	)
Cross Country Healthcare, Inc.*		(358,872	)		(3,254,969	)
Diplomat Pharmacy, Inc.*		(180,004	)		(2,786,462	)
Endologix, Inc.*		(547,834	)		(466,316	)
Heska Corp.*		(43,100	)		(4,481,538	)
Invacare Corp.		(201,007	)		(1,105,539	)
iRhythm Technologies, Inc.*		(20,181	)		(1,495,008	)
Momenta Pharmaceuticals, Inc.*		(179,241	)		(2,122,213	)
Quidel Corp.*		(64,985	)		(3,952,388	)
Surgery Partners, Inc.*		(206,435	)		(2,962,342	)
Tactile Systems Technology, Inc.*		(78,613	)		(4,421,195	)
ViewRay, Inc.*		(308,691	)		(2,071,317	)
Vital Therapies, Inc.*		(215,590	)		(68,213	)
					(35,479,083	)
Real Estate Investment Trusts—(0.4%)
Agree Realty Corp.		(44,006	)		(2,621,438	)
Technology—(13.2%)
2U, Inc.*		(30,197	)		(1,763,203	)
500.com Ltd. Class A - ADR*		(93,947	)		(736,544	)
8x8, Inc.*		(182,428	)		(3,595,656	)
Alarm.com Holdings, Inc.*		(26,281	)		(1,336,389	)
ANTs Software, Inc.*		(10,334	)		(1	)
Benefitfocus, Inc.*		(36,224	)		(1,814,822	)
Box, Inc.*		(106,141	)		(1,994,389	)
Capstone Turbine Corp.*		(28,762	)		(20,133	)
Carbonite, Inc.*		(132,339	)		(3,749,164	)
Consygen, Inc.*		(200	)		0
Ellie Mae, Inc.*		(34,937	)		(2,350,212	)
Ener1, Inc.*		(102,820	)		(10	)
Enphase Energy, Inc.*		(818,969	)		(4,422,433	)
FireEye, Inc.*		(160,649	)		(3,214,586	)
Harmonic, Inc.*		(700,664	)		(3,937,732	)
Impinj, Inc.*		(109,632	)		(2,328,584	)
Inseego Corp.*		(717,092	)		(2,667,582	)
Interliant, Inc.*		(600	)		0
Knowles Corp.*		(179,245	)		(2,731,694	)
LivePerson, Inc.*		(93,815	)		(1,770,289	)
Manhattan Associates, Inc.*		(71,166	)		(3,524,852	)
Match Group, Inc.*		(51,525	)		(2,074,912	)
Materialise NV - ADR*		(174,607	)		(2,458,467	)
Medidata Solutions, Inc.*		(42,422	)		(3,275,403	)
Nestor, Inc.*		(15,200	)		(1	)
NetScout Systems, Inc.*		(127,364	)		(3,410,808	)
New Relic, Inc.*		(19,255	)		(1,678,843	)
Proofpoint, Inc.*		(27,921	)		(2,708,616	)
PROS Holdings, Inc.*		(117,274	)		(3,772,705	)
Shopify, Inc.*		(16,891	)		(2,578,580	)
Snap, Inc. Class A*		(391,869	)		(2,551,067	)
Spotify Technology SA*		(29,225	)		(3,985,705	)
Square, Inc.*		(34,159	)		(2,385,665	)
SunPower Corp.*		(237,362	)		(1,625,930	)
Tiger Telematics, Inc.*		(6,510	)		0
TrueCar, Inc.*		(312,124	)		(3,249,211	)
Uni-Pixel, Inc.*		(19,665	)		(28	)
Worldgate Communications, Inc.*		(582,655	)		(58	)
Xybernaut Corp.*		(34,156	)		0
Zendesk, Inc.*		(35,488	)		(2,109,052	)
					(79,823,326	)

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)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES			VALUE
Utilities—(2.9%)
Cadiz, Inc.*		(96,066	)		(1,040,395	)
California Water Service Group		(71,573	)		(3,272,317	)
Chesapeake Utilities Corp.		(33,689	)		(2,898,602	)
El Paso Electric Co.		(62,946	)		(3,484,061	)
MGE Energy, Inc.		(35,449	)		(2,342,824	)
PNM Resources, Inc.		(42,495	)		(1,836,634	)
Sempra Energy		(23,121	)		(2,664,002	)
					(17,538,835	)
TOTAL COMMON STOCKS
(Proceeds $(306,225,994))					(312,659,403	)
EXCHANGE TRADED FUNDS—(0.8%)
Finance—(0.8%)
Direxion Daily Financial Bear 3X		(280,020	)		(2,875,805	)
VelocityShares 3x Long Natural Gas ETN*		(10,630	)		(1,781,801	)
					(4,657,606	)
TOTAL EXCHANGE TRADED FUNDS
(Proceeds $(4,928,044))					(4,657,606	)
TOTAL SECURITIES SOLD SHORT—(52.6%)
(Proceeds $(311,154,038))					(317,317,009	)

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)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF CONTRACTS			NOTIONAL AMOUNT			VALUE
OPTIONS WRITTENƗƗ—(0.5%)
Call Options Written—(0.5%)
Energous Corp.
Expiration:
01/17/2020,
Exercise Price:
20.00		(679	)		(554,743	)		(64,505	)
Jacobs Engineering Group, Inc.
Expiration:
04/18/2019,
Exercise Price:
80.00		(480	)		(3,152,160	)		(30,000	)
JPMorgan Chase & Co.
Expiration:
01/17/2020,
Exercise Price:
110.00		(447	)		(4,970,193	)		(507,345	)
Kroger Co., (The)
Expiration:
01/17/2020,
Exercise Price:
32.00		(703	)		(2,085,098	)		(207,385	)
LHC Group, Inc.
Expiration:
06/21/2019,
Exercise Price:
100.00		(289	)		(3,030,743	)		(381,480	)
Medtronic PLC
Expiration:
01/17/2020,
Exercise Price:
95.00		(434	)		(4,232,802	)		(416,640	)
PayPal Holdings, Inc.
Expiration:
01/17/2020,
Exercise Price:
87.50		(248	)		(2,128,088	)		(278,752	)
Sears Holdings Corp.
Expiration:
01/18/2019,
Exercise Price:
10.00		(3,091	)		(105,094	)		(1,546	)
Tesla, Inc.
Expiration:
08/16/2019,
Exercise Price:
365.00		(76	)		(2,663,648	)		(435,100	)
UnitedHealth Group, Inc.
Expiration:
01/17/2020,
Exercise Price:
280.00		(240	)		(6,752,640	)		(735,600	)
TOTAL CALL OPTIONS WRITTEN
(Premiums received $(4,251,348))								(3,058,353	)
Put Options Written—(0.0%)
Berkshire Hathaway, Inc., Class B
Expiration:
01/17/2020,
Exercise Price:
185.00		(131	)		(2,858,944	)		(68,906	)
Cognizant Technology Solutions Corp., Class A
Expiration:
01/18/2019,
Exercise Price:
45.00		(647	)		(4,608,581	)		(1,617	)
Medtronic PLC
Expiration:
01/18/2019,
Exercise Price:
70.00		(648	)		(6,319,944	)		(3,564	)
Wells Fargo & Co.
Expiration:
01/18/2019,
Exercise Price:
40.00		(1,578	)		(8,565,384	)		(11,046	)
TOTAL PUT OPTIONS WRITTEN
(Premiums received $(1,990,503))								(85,133	)
TOTAL OPTIONS WRITTEN
(Premiums received $(6,241,851))								(3,143,486	)
OTHER ASSETS IN EXCESS OF LIABILITIES—43.7%								263,635,515
NET ASSETS—100.0%							$	603,819,992

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 November 30, 2018, the market value of securities on loan was $51,663,162.

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.

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)

NOVEMBER 30, 2018 (UNAUDITED)

A summary of the inputs used to value the Fund’s investments carried at fair value as of November 30, 2018 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE*
Common Stock
Basic Industries	$	15,854,124	$	15,854,124	$	-	$	-	$	-
Capital Goods		37,729,529		37,729,529		-		-		-
Communications		23,635,429		23,635,429		-		-		-
Consumer Durables		3,299,982		3,299,982		-		-		-
Consumer Non-Durables		17,422,472		17,422,472		-		-		-
Consumer Services		82,078,757		82,078,757		-		-		-
Energy		81,790,879		81,790,879		-		-		-
Finance		107,908,355		107,908,355		-		-		-
Health Care		85,158,994		85,158,994		-		-		-
Real Estate Investment Trusts		3,671,649		3,671,649		-		-		-
Technology		116,242,946		116,242,946		-		-		-
Transportation		19,678,056		19,678,056		-		-		-
Utilities		13,227,397		13,227,397		-		-		-
Investments Purchased with Proceeds from Securities Lending Collateral		52,946,403		-		-		-		52,946,403
Total Assets	$	660,644,972	$	607,698,569	$	-	$	-	$	52,946,403

	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3			INVESTMENTS MEASURED AT NET ASSET VALUE*
Securities Sold Short
Basic Industries	$	(10,449,545	)	$	(10,449,545	)	$	-		$	-		$	-
Capital Goods		(22,654,742	)		(22,654,735	)		-			(7	)		-
Communications		(12,856,777	)		(12,856,777	)		-			-			-
Consumer Durables		(19,623,138	)		(19,623,138	)		-			-			-
Consumer Non-Durables		(26,673,670	)		(26,673,667	)		-			(3	)		-
Consumer Services		(68,280,324	)		(68,280,324	)		-			-			-
Energy		(5	)		-			(5	)		-			-
Finance		(16,658,520	)		(16,658,520	)		-			-			-
Health Care		(35,479,083	)		(35,479,082	)		-			(1	)		-
Real Estate Investment Trusts		(2,621,438	)		(2,621,438	)		-			-			-
Technology		(79,823,326	)		(79,823,256	)		-			(70	)		-
Utilities		(17,538,835	)		(17,538,835	)		-			-			-
Exchange Traded Funds		(4,657,606	)		(4,657,606	)		-			-			-
Options Written
Equity Contracts		(3,143,486	)		(2,082,794	)		(1,060,692	)		-			-
Total Liabilities	$	(320,460,495	)	$	(319,399,717	)	$	(1,060,697	)	$	(81	)	$	-

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy to the amounts presented in the Portfolio of Investments

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

57 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
LONG POSITIONS—99.9%
COMMON STOCKS—96.8%
Basic Industries—4.2%
Celanese Corp., Series A		243,046	$	24,530,633
FMC Corp.		337,852		27,953,875
Graphic Packaging Holding Co.Ɨ		4,019,366		48,192,198
Mexichem SAB de CV		3,707,400		8,652,042
Mosaic Co., (The)Ɨ		1,453,166		52,313,976
Nutrien Ltd.Ɨ		793,394		40,907,395
Rio Tinto PLC - SP ADR		343,840		16,077,958
Stornoway Diamond Corp.*		22,666,101		3,241,304
WestRock Co.Ɨ		830,793		39,138,658
				261,008,039
Capital Goods—9.1%
AMETEK, Inc.Ɨ		689,111		50,601,421
Boeing Co., (The)Ɨ		162,954		56,505,929
Caterpillar, Inc.		224,081		30,401,069
Cemex SAB de CV -  SP ADR*		327,103		1,681,309
CRH PLC		626,353		17,221,425
Cummins, Inc.		69,225		10,457,129
Curtiss-Wright Corp.		170,517		18,825,077
Dover Corp.		400,858		34,028,836
HD Supply Holdings, Inc.*		1,151,900		45,960,810
ITT, Inc.		824,685		45,728,783
Masco Corp.Ɨ		1,058,851		33,554,988
Owens Corning		515,401		26,878,162
Parker-Hannifin Corp.Ɨ		269,145		46,303,706
Raytheon Co.Ɨ		88,221		15,468,670
Timken Co., (The)		733,308		29,442,316
Trinseo SA		576,570		29,134,082
United Technologies Corp.Ɨ		319,449		38,921,666
Weichai Power Co. Ltd.		11,459,000		12,392,375
WESCO International, Inc.*		293,753		15,689,348
				559,197,101
Communications—2.8%
China Mobile Ltd. - SP ADR		392,408		19,518,374
Comcast Corp., Class AƗ		2,305,442		89,935,293
Liberty Global PLC, Series C*		496,500		12,059,985
Verizon Communications, Inc.Ɨ		792,391		47,781,177
				169,294,829
Consumer Durables—2.0%
frontdoor, Inc.*		267,767		6,236,293
Lear Corp.		231,111		31,488,874
Persimmon PLC		1,752,314		42,590,932
Sony Corp.		830,000		43,861,238
				124,177,337
Consumer Non-Durables—5.0%
Altria Group, Inc.Ɨ		1,080,697		59,254,617
Ambev SA - ADR		6,766,034		28,890,965
Anheuser-Busch InBev - SP ADR		285,317		21,932,318
Asahi Group Holdings Ltd.		629,300		26,432,509
British American Tobacco Plc		653,506		22,880,294
Coca-Cola European Partners PLCƗ		697,690		33,865,873
Heineken Holding NV		164,386		14,553,477
Imperial Brands PLC		1,325,695		40,863,147
Nomad Foods Ltd.*Ɨ		2,409,621		48,722,537
PepsiCo, Inc.		91,459		11,152,510
				308,548,247

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

58 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Consumer Services—12.1%
CDK Global, Inc.		513,829		25,896,982
CVS Health Corp.Ɨ		697,735		55,958,347
Dollar Tree, Inc.*		286,299		24,842,164
Dun & Bradstreet Corp. (The)		228,844		32,848,268
eBay, Inc.*Ɨ		1,980,318		59,112,492
Equiniti Group PLC		2,371,153		6,866,861
Expedia Group, Inc.		76,414		9,230,047
GVC Holdings Plc		1,839,030		17,345,037
Hays PLC		10,236,440		20,556,529
Interpublic Group of Cos., Inc., (The)		1,354,055		31,820,292
KAR Auction Services, Inc.		1,010,886		57,762,026
Las Vegas Sands Corp.		676,181		37,149,384
Lowe’s Cos., Inc.		386,406		36,465,134
ManpowerGroup, Inc.		144,426		11,724,503
Melco Resorts & Entertainment Ltd. - ADR		853,701		15,426,377
Moody’s Corp.		143,579		22,839,112
Nordstrom, Inc.		451,241		23,857,112
Omnicom Group, Inc.Ɨ		251,657		19,370,039
Robert Half International, Inc.Ɨ		365,546		22,601,709
S&P Global, Inc.		137,256		25,098,632
Six Flags Entertainment Corp.		466,446		28,621,127
Target Corp.		222,766		15,807,475
Teleperformance		121,336		20,113,496
Tribune Media Co.		1,250,360		50,339,494
Walgreens Boots Alliance, Inc.		192,543		16,302,616
Wyndham Destinations, Inc.		775,391		32,155,465
Wyndham Hotels & Resorts, Inc.		508,701		25,501,181
				745,611,901
Energy—7.6%
Apergy Corp.*		496,836		17,031,538
Cactus, Inc., Class A*		858,575		24,795,646
Chevron Corp.Ɨ		309,402		36,800,274
Cimarex Energy Co.		205,638		16,858,203
ConocoPhillips		396,657		26,250,760
Diamondback Energy, Inc.		274,248		30,271,443
Enerplus Corp.		2,755,543		26,504,979
EQT Corp.Ɨ		254,854		4,768,318
Hurricane Energy PLC*		11,973,377		6,542,806
Kosmos Energy Ltd.*		2,501,022		13,455,499
Marathon Oil Corp.		1,522,299		25,407,170
Marathon Petroleum Corp.		450,469		29,352,560
Noble Energy, Inc.		934,495		22,184,911
Pioneer Natural Resources Co.Ɨ		282,427		41,728,589
Royal Dutch Shell PLC, Class A		1,778,888		53,896,555
Superior Energy Services, Inc.*		1,635,959		8,915,977
TechnipFMC PLC		575,707		13,293,075
TOTAL SA - SP ADR		649,129		36,098,064
Viper Energy Partners LPƗ		385,177		11,566,865
Vista Oil & Gas SAB de CV*		2,686,351		20,457,380
				466,180,612

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 (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Finance—20.5%
Air Lease Corp.		262,722		10,209,377
Alleghany Corp.		67,215		42,414,682
Allstate Corp., (The)Ɨ		506,894		45,209,876
American Express Co.		143,696		16,132,750
American International Group, Inc.		618,117		26,733,560
Ameriprise Financial, Inc.		208,680		27,076,230
Aon PLCƗ		257,666		42,543,233
Bank of America Corp.Ɨ		2,856,652		81,128,917
Bank of Ireland Group Plc		2,050,017		13,016,247
BB&T Corp.Ɨ		447,489		22,866,688
Berkshire Hathaway, Inc., Class B*Ɨ		257,055		56,099,683
Capital One Financial Corp.Ɨ		144,498		12,958,581
Chubb Ltd.Ɨ		280,684		37,538,678
Citigroup, Inc.Ɨ		1,168,313		75,694,999
Citizens Financial Group, Inc.Ɨ		379,196		13,787,567
Discover Financial ServicesƗ		694,117		49,490,542
DNB ASA		802,517		13,787,327
East West Bancorp, Inc.		389,447		20,909,409
Everest Re Group Ltd.		127,523		28,320,308
Fifth Third BancorpƗ		749,198		20,925,100
Goldman Sachs Group, Inc., (The)Ɨ		85,726		16,347,091
Huntington Bancshares, Inc.Ɨ		2,736,699		39,928,438
JPMorgan Chase & Co.Ɨ		746,527		83,006,337
KeyCorp		2,400,868		44,031,919
Marsh & McLennan Cos., Inc.		467,392		41,457,670
Morgan Stanley		460,764		20,453,314
Navient Corp.Ɨ		402,936		4,633,764
PNC Financial Services Group, Inc. (The)		162,384		22,048,500
Raymond James Financial, Inc.		274,957		21,922,322
Regions Financial Corp.		1,839,099		30,253,179
SLM Corp.*		2,732,956		28,067,458
State Street Corp.Ɨ		165,712		12,100,290
Sumitomo Mitsui Financial Group, Inc.		302,100		11,121,758
SunTrust Banks, Inc.Ɨ		380,359		23,844,706
Swiss Re AG		292,885		26,793,237
Synchrony Financial		1,142,492		29,681,942
TD Ameritrade Holding Corp.Ɨ		792,134		42,624,731
Travelers Cos., Inc., (The)Ɨ		227,206		29,620,846
United Overseas Bank Ltd.		763,800		14,024,463
Wells Fargo & Co.Ɨ		1,060,344		57,555,472
Western Union Co. (The)		193,701		3,628,020
				1,259,989,211
Health Care—10.9%
AbbVie, Inc.		509,447		48,025,569
Anthem, Inc.Ɨ		177,474		51,479,883
Biogen, Inc.*		174,040		58,080,629
Cigna Corp.Ɨ		284,418		63,533,293
Gilead Sciences, Inc.		345,423		24,849,731
ICON PLC*		118,393		17,133,835
IQVIA Holdings, Inc.*		254,202		31,793,044
Jazz Pharmaceuticals PLC*		133,315		20,157,228
Johnson & JohnsonƗ		796,953		117,072,396
Laboratory Corp. of America Holdings*Ɨ		204,211		29,741,290
McKesson Corp.		254,119		31,637,815
Merck & Co., Inc.		128,179		10,169,722
Novartis AG - SP ADR		488,951		44,753,685
Novo Nordisk A/S		691,986		32,185,270
Pfizer, Inc.Ɨ		1,021,899		47,242,391
UnitedHealth Group, Inc.		147,826		41,592,323
Waters Corp.*		15,730		3,123,663
				672,571,767

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)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Real Estate Investment Trusts—0.5%
SL Green Realty Corp.		234,227		22,584,167
Retail Properties of America, Inc.		791,420		9,963,977
				32,548,144
Technology—19.0%
ABB Ltd. - SP ADR		980,979		19,894,254
Alliance Data Systems Corp.		110,061		22,051,822
Alphabet, Inc., Class A*Ɨ		75,694		83,993,847
Alphabet, Inc., Class C*		12,296		13,457,111
Amdocs Ltd.Ɨ		372,501		24,179,040
Arrow Electronics, Inc.*Ɨ		540,024		41,565,647
Atos SE		162,782		13,849,629
Avnet, Inc.		631,041		27,652,217
Baidu, Inc. - SP ADR*Ɨ		194,954		36,705,939
Broadcom, Inc.		80,557		19,125,037
Capgemini SA		324,351		37,871,869
CDW Corp.Ɨ		265,040		24,563,907
Cisco Systems, Inc.Ɨ		1,622,746		77,680,851
DXC Technology Co.Ɨ		740,762		46,697,637
Eaton Corp. PLCƗ		517,765		39,836,839
EnerSys		388,872		33,975,747
Flex Ltd.*Ɨ		2,991,471		26,175,371
GrafTech International Ltd.		2,174,136		34,373,090
Hewlett Packard Enterprise Co.Ɨ		2,065,435		30,981,525
HP, Inc.Ɨ		1,703,927		39,190,321
Jabil, Inc.Ɨ		338,890		8,462,083
KLA-Tencor Corp.		292,222		28,801,400
Leidos Holdings, Inc.Ɨ		552,150		34,785,450
Marvell Technology Group Ltd.Ɨ		2,336,340		37,638,437
Microsoft Corp.Ɨ		825,284		91,515,743
NetApp, Inc.Ɨ		709,418		47,438,782
Oracle Corp.Ɨ		1,342,753		65,472,636
Qorvo, Inc.*		126,477		8,323,451
Samsung Electronics Co., Ltd.		1,771,850		66,393,281
TE Connectivity Ltd.Ɨ		306,702		23,594,585
Versum Materials, Inc.		881,835		30,546,765
Xerox Corp.		1,308,745		35,231,416
				1,172,025,729
Transportation—2.8%
Copa Holdings SA		211,523		17,985,801
Delta Air Lines, Inc.Ɨ		280,437		17,025,330
Southwest Airlines Co.		305,689		16,693,676
Union Pacific Corp.		412,050		63,365,049
United Parcel Service, Inc., Class B		470,879		54,287,640
				169,357,496

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)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES			VALUE
Utilities—0.3%
Equitrans Midstream Corp.*		28,912			645,320
Vistra Energy Corp.*		809,153			18,998,913
					19,644,233
TOTAL COMMON STOCKS
(Cost $5,205,286,127)					5,960,154,646
WARRANTS—0.0%
Energy—0.0%
Vista Oil & Gas SAB de CV*		1,204,819			177,582
TOTAL WARRANTS
(Cost $0)					177,582
SHORT-TERM INVESTMENTS—3.1%
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 2.10%(a)		190,782,603			190,782,603
TOTAL SHORT-TERM INVESTMENTS
(Cost $190,782,603)					190,782,603
TOTAL LONG POSITIONS—99.9%
(Cost $5,396,068,730)					6,151,114,831
SECURITIES SOLD SHORT—(43.6%)
COMMON STOCKS—(43.6%)
Basic Industries—(3.7%)
Air Liquide SA		(135,080	)		(16,348,016	)
AptarGroup, Inc.		(91,891	)		(9,561,259	)
Balchem Corp.		(241,772	)		(20,961,632	)
Ball Corp.		(183,723	)		(9,022,637	)
Cleveland-Cliffs, Inc.		(1,147,609	)		(10,649,811	)
Compass Minerals International, Inc.		(245,246	)		(12,286,825	)
Franco-Nevada Corp.		(202,552	)		(14,025,352	)
LyondellBasell Industries NV		(90,609	)		(8,454,726	)
NewMarket Corp.		(46,207	)		(19,429,119	)
Quaker Chemical Corp.		(105,731	)		(21,805,961	)
Sonoco Products Co.		(309,309	)		(17,797,640	)
Stora Enso OYJ		(1,297,888	)		(16,591,341	)
Trex Co., Inc.*		(446,141	)		(28,432,566	)
Yara International ASA		(473,122	)		(19,059,054	)
					(224,425,939	)
Capital Goods—(5.1%)
AAON, Inc.		(398,714	)		(15,131,196	)
Axon Enterprise, Inc.*		(342,675	)		(14,896,082	)
Boral Ltd.		(4,606,734	)		(17,271,027	)
FANUC Corp.		(72,500	)		(12,469,409	)
GCP Applied Technologies, Inc.*		(846,435	)		(23,107,676	)
Geberit AG		(63,674	)		(24,822,607	)
HB Fuller Co.		(173,884	)		(8,388,164	)
John Bean Technologies Corp.		(209,325	)		(17,277,686	)
MasTec, Inc.*		(456,529	)		(20,584,893	)
Rolls-Royce Holdings PLC*		(11,165	)		(121,185	)
Saab AB		(783,795	)		(31,406,570	)
SiteOne Landscape Supply, Inc.*		(144,281	)		(8,893,481	)
TransDigm Group, Inc.*		(138,799	)		(50,199,434	)
Triumph Group, Inc.		(758,833	)		(12,755,983	)
Wabtec Corp.		(278,164	)		(26,314,314	)
Wesco Aircraft Holdings, Inc.*		(1,784,793	)		(16,991,229	)
Yaskawa Electric Corp.		(424,000	)		(13,330,097	)
					(313,961,033	)

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)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES			VALUE
Communications—(0.9%)
Cogent Communications Holdings, Inc.		(515,751	)		(25,008,766	)
GTT Communications, Inc.*		(302,687	)		(10,188,444	)
Telefonica SA		(962,899	)		(8,662,669	)
Telefonica SA - SP ADR		(933,865	)		(8,414,124	)
					(52,274,003	)
Consumer Durables—(1.1%)
Leggett & Platt, Inc.		(637,268	)		(24,687,762	)
LKQ Corp.*		(1,019,634	)		(28,386,611	)
Tesla Motors, Inc.*		(48,237	)		(16,906,104	)
					(69,980,477	)
Consumer Non-Durables—(3.9%)
B&G Foods, Inc.		(518,263	)		(15,718,917	)
Calbee, Inc.*		(476,600	)		(15,848,944	)
Cal-Maine Foods, Inc.		(264,420	)		(12,353,702	)
Campbell Soup Co.		(355,063	)		(13,918,469	)
China Resources Beer Holdings Co., Ltd.		(2,528,000	)		(8,607,539	)
Coty, Inc. Class A*		(1,220,199	)		(10,176,460	)
Fitbit, Inc.*		(2,190,950	)		(12,072,134	)
General Mills, Inc.		(331,773	)		(14,037,316	)
Hain Celestial Group Inc., (The)*		(497,684	)		(10,302,059	)
Hormel Foods Corp.		(465,152	)		(20,973,704	)
Kimberly-Clark de Mexico SAB de CV, Class A*		(4,644,700	)		(6,877,910	)
Lancaster Colony Corp.		(103,050	)		(18,581,976	)
Mattel, Inc.*		(551,194	)		(7,661,597	)
National Beverage Corp.*		(156,071	)		(13,620,316	)
Nissin Foods Holdings Co. Ltd.		(170,200	)		(11,031,334	)
Societe BIC SA		(149,259	)		(16,011,346	)
Treasury Wine Estates Ltd.		(1,076,400	)		(11,173,124	)
Under Armour, Inc., Class A*		(982,757	)		(23,468,237	)
					(242,435,084	)
Consumer Services—(5.9%)
Carvana Co.*		(674,035	)		(29,178,975	)
Casey’s General Stores, Inc.		(196,147	)		(25,395,152	)
Chegg, Inc.*		(772,598	)		(21,594,114	)
Chipotle Mexican Grill, Inc.*		(27,444	)		(12,986,775	)
Cimpress NV*		(53,068	)		(6,403,185	)
Cracker Barrel Old Country Store, Inc.		(110,774	)		(20,029,047	)
FactSet Research Systems, Inc.		(56,754	)		(13,308,246	)
Jack in the Box, Inc.		(126,146	)		(11,187,889	)
Just Eat PLC*		(994,368	)		(7,399,689	)
L Brands, Inc.		(353,225	)		(11,695,280	)
LiveRamp Holdings, Inc.*		(455,480	)		(21,544,204	)
Meredith Corp.		(326,391	)		(18,689,149	)
Multi-Color Corp.		(251,351	)		(11,159,984	)
National Vision Holdings, Inc.*		(283,825	)		(10,436,245	)
Norwegian Cruise Line Holdings Ltd.*		(266,422	)		(13,672,777	)
Ocado Group PLC*		(1,176,993	)		(12,502,228	)
Pearson PLC		(2,719,835	)		(33,490,756	)
Shake Shack, Inc. Class A*		(235,539	)		(13,084,191	)
Sodexo SA		(124,256	)		(12,859,291	)
Texas Roadhouse, Inc.		(277,056	)		(18,294,008	)
TripAdvisor, Inc.*		(390,871	)		(25,039,196	)
Wayfair, Inc. Class A*		(106,049	)		(11,262,404	)
					(361,212,785	)

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)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES			VALUE
Energy—(3.1%)
Apache Corp.		(827,008	)		(29,052,791	)
Cenovus Energy, Inc.		(1,450,569	)		(10,705,199	)
Centennial Resource Development Inc. Class A*		(606,678	)		(9,415,643	)
Continental Resources, Inc.*		(185,185	)		(8,466,658	)
Core Laboratories NV		(175,348	)		(14,573,172	)
Delek US Holdings, Inc.		(397,718	)		(15,825,199	)
Helmerich & Payne, Inc.		(370,796	)		(22,470,238	)
Hess Corp.		(192,664	)		(10,382,663	)
Matador Resources Co.*		(517,562	)		(11,800,414	)
Murphy Oil Corp.		(580,186	)		(18,507,933	)
National Oilwell Varco, Inc.		(443,088	)		(14,227,556	)
Oasis Petroleum, Inc.*		(1,910,824	)		(13,643,283	)
PrairieSky Royalty Ltd.		(866,468	)		(11,842,892	)
					(190,913,641	)
Finance—(6.3%)
Aozora Bank Ltd.		(264,600	)		(8,715,513	)
Banco Bilbao Vizcaya Argentaria SA		(1,239,076	)		(7,039,537	)
Bank of East Asia Ltd., (The)		(3,089,740	)		(10,440,762	)
Bankinter SA		(1,150,778	)		(9,635,319	)
Brighthouse Financial, Inc.*		(260,897	)		(10,503,713	)
Canadian Western Bank		(441,545	)		(9,584,283	)
China International Capital Corp Ltd.		(4,425,200	)		(8,467,052	)
Cohen & Steers, Inc.		(144,861	)		(5,412,007	)
Commonwealth Bank of Australia		(163,869	)		(8,555,296	)
Community Bank System, Inc.		(350,852	)		(23,036,942	)
Credit Suisse Group AG*		(867,338	)		(10,255,192	)
Cullen/Frost Bankers, Inc.		(63,021	)		(6,322,267	)
CVB Financial Corp.		(711,691	)		(16,539,699	)
FGL Holdings*		(502,807	)		(4,027,484	)
First Financial Bankshares, Inc.		(763,107	)		(49,998,771	)
First Republic Bank		(142,997	)		(14,178,153	)
Glacier Bancorp, Inc.		(441,956	)		(20,869,162	)
ICICI Bank Ltd. - SP ADR		(919,596	)		(9,352,291	)
Independent Bank Corp.		(122,290	)		(9,828,447	)
Investors Bancorp, Inc.		(406,623	)		(4,993,330	)
LendingClub Corp.*		(1,966,310	)		(6,744,443	)
MarketAxess Holdings, Inc.		(112,612	)		(24,519,011	)
Mercury General Corp.		(179,113	)		(10,146,751	)
Metro Bank PLC*		(259,698	)		(6,975,731	)
Prosperity Bancshares, Inc.		(143,439	)		(9,953,232	)
RLI Corp.		(169,372	)		(12,841,785	)
Trustmark Corp.		(494,555	)		(15,993,909	)
UMB Financial Corp.		(92,886	)		(6,285,596	)
United Bankshares, Inc.		(374,899	)		(13,560,097	)
Westamerica Bancorporation		(465,289	)		(29,406,265	)
WisdomTree Investments, Inc.		(830,064	)		(5,885,154	)
					(390,067,194	)
Health Care—(2.0%)
Align Technology, Inc.*		(72,508	)		(16,668,864	)
DENTSPLY SIRONA, Inc.		(536,012	)		(20,250,533	)
Genmab A/S*		(102,086	)		(15,593,677	)
Glaukos Corp.*		(241,341	)		(15,899,545	)
Healthcare Services Group, Inc.		(431,097	)		(20,347,779	)
Insulet Corp.*		(146,294	)		(12,278,456	)
Select Medical Holdings Corp.*		(539,401	)		(10,453,591	)
Wright Medical Group NV*		(498,706	)		(13,943,820	)
					(125,436,265	)

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)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES			VALUE
Real Estate Investment Trusts—(1.3%)
Extra Space Storage, Inc.		(183,770	)		(17,638,245	)
Iron Mountain, Inc.		(366,350	)		(12,444,909	)
Public Storage		(87,318	)		(18,621,437	)
Redfin Corp.*		(794,733	)		(13,478,672	)
Washington Prime Group, Inc.		(3,225,469	)		(20,159,181	)
					(82,342,444	)
Technology—(7.9%)
2U, Inc.*		(254,912	)		(14,884,312	)
ACI Worldwide, Inc.*		(1,118,625	)		(32,305,890	)
Avalara, Inc.*		(587,700	)		(18,800,523	)
Blackbaud, Inc.		(148,053	)		(10,844,882	)
CoStar Group, Inc.*		(85,001	)		(31,398,519	)
Cree, Inc.*		(330,940	)		(14,607,692	)
Ellie Mae, Inc.*		(281,785	)		(18,955,677	)
Guidewire Software, Inc.*		(166,259	)		(15,455,437	)
HubSpot, Inc.*		(143,363	)		(19,931,758	)
Infineon Technologies AG		(659,102	)		(13,923,473	)
Inovalon Holdings, Inc.*		(860,044	)		(11,438,585	)
Knowles Corp.*		(1,329,493	)		(20,261,473	)
Manhattan Associates, Inc.*		(481,730	)		(23,860,087	)
Medidata Solutions, Inc.*		(413,413	)		(31,919,618	)
MercadoLibre, Inc.*		(90,402	)		(31,818,792	)
MINDBODY, Inc. Class A*		(576,199	)		(15,995,284	)
National Instruments Corp.		(449,952	)		(22,029,650	)
Oracle Corp.*		(223,100	)		(14,504,174	)
Proofpoint, Inc.*		(117,926	)		(11,440,001	)
Pure Storage, Inc., Class A*		(818,552	)		(15,478,818	)
Shopify, Inc.*		(151,070	)		(23,062,346	)
Ultimate Software Group Inc., (The)*		(66,975	)		(17,676,042	)
ViaSat, Inc.*		(200,601	)		(13,869,553	)
Workday, Inc., Class A*		(148,535	)		(24,359,740	)
Zendesk, Inc.*		(278,652	)		(16,560,288	)
					(485,382,614	)
Transportation—(1.2%)
American Airlines Group, Inc.		(531,284	)		(21,336,365	)
Heartland Express, Inc.		(570,632	)		(11,840,614	)
Panalpina Welttransport Holding AG		(140,280	)		(19,778,519	)
Spirit Airlines, Inc.*		(293,594	)		(18,825,247	)
					(71,780,745	)
Utilities—(1.2%)
El Paso Electric Co.		(262,029	)		(14,503,305	)
IDACORP, Inc.		(247,680	)		(24,332,083	)
Keyera Corp.		(459,838	)		(10,071,340	)
TransCanada Corp.		(268,143	)		(10,972,412	)
Williams Cos, Inc. (The)		(459,969	)		(11,646,415	)
					(71,525,555	)
TOTAL COMMON STOCKS
(Proceeds $(2,548,350,687))					(2,681,737,779	)

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)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES			VALUE
RIGHTS—0.0%
Capital Goods—0.0%
Saab AB		(596,386	)		(2,343,971	)
TOTAL RIGHTS
(Proceeds $(1,793,917))					(2,343,971	)
TOTAL SECURITIES SOLD SHORT—(43.6%)
(Proceeds $(2,550,144,604))					(2,684,081,750	)
OTHER ASSETS IN EXCESS OF LIABILITIES—43.7%					2,688,243,119
NET ASSETS—100.0%				$	6,155,276,200

ADR American Depositary Receipt

PLC Public Limited Company

SP ADR Sponsored American Depositary Receipt

* Non-income producing.

(a) Seven-day yield as of November 30, 2018.

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

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

66 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

Contracts For Difference held by the Fund at November 30, 2018, are as follows:

REFERENCE COMPANY	COUNTERPARTY	EXPIRATION DATE	FINANCING RATE	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	2.31	Monthly		1,816,000		$	26,343,357		$	1,334,539
Kweichow Moutai	Goldman Sachs	9/15/2020	2.31	Monthly		312,900			25,575,355			243,313
Qingdao Haier Co. Ltd.	Goldman Sachs	9/15/2020	2.31	Monthly		2,180,244			4,351,825			(16,927	)
Wuliangye Yibin Co., Ltd., Class A	Goldman Sachs	12/31/2021	2.31	Monthly		4,113,812			31,274,464			1,254,592
Wuliangye Yibin Co., Ltd., Class A	Goldman Sachs	9/15/2020	2.31	Monthly		1,579,000			12,004,044			483,950
									99,549,045			3,299,467
Total Long									99,549,045			3,299,467
Short
Brazil
Raia Drogasil SA	Goldman Sachs	9/15/2020	2.20	Monthly		(455,400	)	$	(7,319,820	)	$	196,539
China
Semiconductor Manufacturing	Goldman Sachs	12/31/2020	0.90	Monthly		(19,013,600	)		(17,629,060	)		(1,491,079	)
Indonesia
Unilever Indonesia TBK PT	Macquarie	9/18/2019	2.18	Monthly		(4,217,100	)		(12,478,971	)		(790,042	)
South Korea
Amorepacific Corp.	Macquarie	9/18/2019	2.18	Monthly		(63,347	)		(9,756,144	)		(1,312,753	)
Celltrion Inc.	Goldman Sachs	9/15/2020	2.20	Monthly		(98,720	)		(21,191,884	)		(1,261,424	)
									(30,948,028	)		(2,574,177	)
Taiwan
AU Optronics Corp.	Goldman Sachs	9/15/2020	2.20	Monthly		(50,614,000	)		(20,754,294	)		(456,910	)
Eclat Textile Co., Ltd.	Macquarie	9/18/2019	2.18	Monthly		(869,000	)		(10,951,508	)		(316,934	)
									(31,705,802	)		(773,844	)
United States
CarMax, Inc.	Goldman Sachs	9/15/2020	2.20	Monthly		(173,557	)		(11,466,911	)		(890,973	)
Total Short									(111,548,592	)		(6,323,576	)
Net unrealized gain/(loss) on Contracts For Difference											$	(3,024,109	)

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)

NOVEMBER 30, 2018 (UNAUDITED)

A summary of the inputs used to value the Fund’s investments carried at fair value as of November 30, 2018 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Common Stock
Basic Industries	$	261,008,039	$	261,008,039	$	-	$	-
Capital Goods		559,197,101		529,583,301		29,613,800		-
Communications		169,294,829		169,294,829		-		-
Consumer Durables		124,177,337		37,725,167		86,452,170		-
Consumer Non-Durables		308,548,247		203,818,820		104,729,427		-
Consumer Services		745,611,901		680,729,978		64,881,923		-
Energy		466,180,612		385,283,871		60,439,361		20,457,380
Finance		1,259,989,211		1,181,246,179		78,743,032		-
Health Care		672,571,767		640,386,497		32,185,270		-
Real Estate Investment Trusts		32,548,144		32,548,144		-		-
Technology		1,172,025,729		1,053,910,950		118,114,779		-
Transportation		169,357,496		169,357,496		-		-
Utilities		19,644,233		19,644,233		-		-
Warrants		177,582		-		-		177,582
Short-Term Investments		190,782,603		190,782,603		-		-
Contracts For Difference
Equity Contracts		3,512,933		-		3,512,933		-
Total Assets	$	6,154,627,764	$	5,555,320,107	$	578,672,695	$	20,634,962

	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Securities Sold Short
Basic Industries	$	(224,425,939	)	$	(172,427,528	)	$	(51,998,411	)	$	-
Capital Goods		(313,961,033	)		(214,540,138	)		(99,420,895	)		-
Communications		(52,274,003	)		(43,611,334	)		(8,662,669	)		-
Consumer Durables		(69,980,477	)		(69,980,477	)		-			-
Consumer Non-Durables		(242,435,084	)		(179,762,797	)		(62,672,287	)		-
Consumer Services		(361,212,785	)		(294,960,821	)		(66,251,964	)		-
Energy		(190,913,641	)		(190,913,641	)		-			-
Finance		(390,067,194	)		(319,982,792	)		(70,084,402	)		-
Health Care		(125,436,265	)		(109,842,588	)		(15,593,677	)		-
Real Estate Investment Trusts		(82,342,444	)		(82,342,444	)		-			-
Technology		(485,382,614	)		(456,954,967	)		(28,427,647	)		-
Transportation		(71,780,745	)		(52,002,226	)		(19,778,519	)		-
Utilities		(71,525,555	)		(71,525,555	)		-			-
Rights		(2,343,971	)		(2,343,971	)		-			-
Contracts For Difference
Equity Contracts		(6,537,042	)		-			(6,537,042	)		-
Total Liabilities	$	(2,690,618,792	)	$	(2,261,191,279	)	$	(429,427,513	)	$	-

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

68 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS ALL-CAP VALUE FUND

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
COMMON STOCKS—98.5%
Basic Industries—1.8%
FMC Corp.		132,890	$	10,995,318
Graphic Packaging Holding Co.(a)		1,367,709		16,398,831
Mosaic Co., (The)(a)		319,356		11,496,816
				38,890,965
Capital Goods—8.6%
AMETEK, Inc.		152,466		11,195,578
Caterpillar, Inc.		87,386		11,855,659
Cemex SAB de CV -  SP ADR*		1,188,154		6,107,112
CRH PLC - SP ADR(a)		334,384		9,249,061
Cummins, Inc.(a)		170,082		25,692,587
Dover Corp.		165,695		14,065,849
General Dynamics Corp.		86,092		15,917,550
Masco Corp.		179,653		5,693,204
Owens Corning		178,882		9,328,696
PACCAR, Inc.		386,778		24,065,327
Spirit AeroSystems Holdings, Inc. Class A		78,329		6,413,578
Trinseo SA		116,682		5,895,941
United Technologies Corp.(a)		177,043		21,570,919
WESCO International, Inc.*(a)		213,695		11,413,450
World Fuel Services Corp.		319,383		8,236,888
				186,701,399
Communications—0.5%
Comcast Corp., Class A(a)		286,774		11,187,054
Consumer Durables—1.6%
Fiat Chrysler Automobiles NV*(a)		308,610		5,119,840
Lear Corp.(a)		81,679		11,128,764
Sony Corp. SP ADR		330,165		17,439,315
				33,687,919
Consumer Non-Durables—3.2%
Altria Group, Inc.		200,094		10,971,154
Ambev SA - ADR		3,509,610		14,986,035
British American Tobacco PLC - SP ADR		306,324		10,681,518
PepsiCo, Inc.		274,075		33,420,705
				70,059,412
Consumer Services—8.0%
CVS Health Corp.		227,596		18,253,199
Dick’s Sporting Goods, Inc.(a)		333,266		11,990,911
Dollar Tree, Inc.*		85,020		7,377,186
eBay, Inc.*		521,886		15,578,297
Huron Consulting Group, Inc.*		125,111		6,964,929
Interpublic Group of Cos., Inc., (The)(a)		776,638		18,250,993
KAR Auction Services, Inc.(a)		118,030		6,744,234
Las Vegas Sands Corp.		117,155		6,436,496
Lowe’s Cos., Inc.		173,040		16,329,785
ManpowerGroup, Inc.		118,779		9,642,479
Melco Resorts & Entertainment Ltd. - ADR		332,978		6,016,913
Nordstrom, Inc.(a)		126,682		6,697,677
Omnicom Group, Inc.(a)		102,448		7,885,423
Robert Half International, Inc.		114,616		7,086,707
Target Corp.		196,823		13,966,560
Tribune Media Co. Class A		183,309		7,380,020
Wyndham Destinations, Inc.		150,238		6,230,370
				172,832,179

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

69 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS ALL-CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Energy—5.7%
Cimarex Energy Co.		196,821		16,135,386
Diamondback Energy, Inc.(a)		171,410		18,920,234
Gulfport Energy Corp.*(a)		311,064		2,650,265
Marathon Oil Corp.		1,136,995		18,976,446
Marathon Petroleum Corp.		284,016		18,506,483
Newfield Exploration Co.*(a)		206,895		3,506,870
Parsley Energy, Inc., Class A*		693,128		13,952,667
Phillips 66		148,962		13,930,926
Pioneer Natural Resources Co.		119,598		17,670,604
				124,249,881
Finance—29.4%
Aflac, Inc.		524,727		24,001,013
Air Lease Corp.		389,906		15,151,747
Alleghany Corp.(a)		36,352		22,939,203
Allstate Corp., (The)		210,474		18,772,176
American International Group, Inc.(a)		652,233		28,209,077
Aon PLC		134,003		22,125,235
Bank of America Corp.		1,703,297		48,373,635
BB&T Corp.		520,314		26,588,045
Capital One Financial Corp.		207,290		18,589,767
Charles Schwab Corp., (The)		176,668		7,914,726
Chubb Ltd.(a)		228,146		30,512,246
Citigroup, Inc.(a)		637,693		41,316,130
Discover Financial Services		172,846		12,323,920
Fifth Third Bancorp		382,049		10,670,629
Goldman Sachs Group, Inc., (The)		78,078		14,888,694
Huntington Bancshares, Inc.(a)		1,212,199		17,685,983
JPMorgan Chase & Co.		404,442		44,969,906
KeyCorp(a)		1,791,753		32,860,750
Loews Corp.(a)		489,235		23,512,634
MetLife, Inc.		385,659		17,211,961
Prudential Financial, Inc.		206,204		19,333,687
Raymond James Financial, Inc.		152,253		12,139,132
Renaissance Holdings Ltd.		88,332		11,713,707
State Street Corp.		170,679		12,462,981
Synchrony Financial		381,032		9,899,211
TD Ameritrade Holding Corp.(a)		174,528		9,391,352
Torchmark Corp.		78,421		6,776,359
Travelers Cos., Inc., (The)		125,421		16,351,136
Wells Fargo & Co.		622,519		33,790,331
White Mountains Insurance Group Ltd.		23,559		21,880,421
WR Berkley Corp.(a)		89,685		7,065,384
				639,421,178
Health Care—17.8%
Abbott Laboratories		389,208		28,820,852
AmerisourceBergen Corp.(a)		122,122		10,856,646
Anthem, Inc.		69,132		20,053,119
Cigna Corp.		71,124		15,887,679
Gilead Sciences, Inc.		447,757		32,211,639
Jazz Pharmaceuticals PLC*		78,189		11,822,177
Johnson & Johnson		261,610		38,430,509
Laboratory Corp. of America Holdings*		128,993		18,786,541
McKesson Corp.		184,353		22,951,948
Medtronic PLC		410,568		40,042,697
Merck & Co., Inc.		631,959		50,139,627
Novartis AG - SP ADR		353,249		32,332,881
Pfizer, Inc.		696,077		32,179,640
Roche Holding AG - SP ADR		347,450		11,267,803
UnitedHealth Group, Inc.		69,996		19,694,075
				385,477,833

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 (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Technology—21.2%
Alliance Data Systems Corp.(a)		102,537		20,544,313
Alphabet, Inc., Class A*		15,005		16,650,298
Amdocs Ltd.		160,026		10,387,288
Analog Devices, Inc.(a)		127,958		11,761,899
Arrow Electronics, Inc.*		198,077		15,245,987
Baidu, Inc. - SP ADR*		43,950		8,274,906
Belden, Inc.(a)		210,138		11,721,498
Cisco Systems, Inc.		1,161,673		55,609,287
Cognizant Technology Solutions Corp., Class A		83,824		5,970,784
DXC Technology Co.		448,335		28,263,038
EnerSys		194,225		16,969,438
Fidelity National Information Services, Inc.(a)		67,417		7,277,665
Flex Ltd.*		904,688		7,916,020
Fortive Corp.(a)		170,369		12,959,970
GrafTech International Ltd.(a)		534,987		8,458,144
Hewlett Packard Enterprise Co.		1,302,363		19,535,445
HP, Inc.		986,183		22,682,209
Jabil, Inc.		486,485		12,147,530
KLA-Tencor Corp.		109,134		10,756,247
Leidos Holdings, Inc.(a)		106,579		6,714,477
Microsoft Corp.		222,148		24,633,992
Momo, Inc. - SP ADR*		266,865		8,366,218
NetApp, Inc.		82,376		5,508,483
NetEase, Inc. - ADR		27,792		6,310,729
Oracle Corp.		448,896		21,888,169
Qorvo, Inc.*(a)		340,987		22,440,354
Symantec Corp.		581,405		12,854,865
TE Connectivity Ltd.		267,729		20,596,392
Versum Materials, Inc.		235,578		8,160,422
Xerox Corp.		378,764		10,196,327
YY, Inc. - ADR*		154,222		10,497,892
				461,300,286
Transportation—0.7%
Delta Air Lines, Inc.(a)		262,623		15,943,842
TOTAL COMMON STOCKS
(Cost $1,769,319,109)				2,139,751,948
RIGHTS—0.0%
Technology—0.0%
CVR Banctec Inc. - Escrow Shares*		14,327		0
TOTAL RIGHTS
(Cost $0)				0

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)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—10.8%
Mount Vernon Liquid Assets Portfolio, LLC, 2.40%(b)		233,855,561		233,855,561
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
(Cost $233,855,561)				233,855,561
SHORT-TERM INVESTMENTS—1.9%
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 2.10%(b)		40,529,240		40,529,240
TOTAL SHORT-TERM INVESTMENTS
(Cost $40,529,240)				40,529,240
TOTAL INVESTMENTS—111.2%
(Cost $2,043,703,910)				2,414,136,749
LIABILITIES IN EXCESS OF OTHER ASSETS—(11.2)%				(242,740,258	)
NET ASSETS—100.0%			$	2,171,396,491

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 November 30, 2018, the market value of securities on loan was $229,554,573.

(b) Seven-day yield as of November 30, 2018.

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)

NOVEMBER 30, 2018 (UNAUDITED)

A summary of the inputs used to value the Fund’s investments carried at fair value as of November 30, 2018 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE*
Common Stock
Basic Industries	$	38,890,965	$	38,890,965	$	-	$	-	$	-
Capital Goods		186,701,399		186,701,399		-		-		-
Communications		11,187,054		11,187,054		-		-		-
Consumer Durables		33,687,919		33,687,919		-		-		-
Consumer Non-Durables		70,059,412		70,059,412		-		-		-
Consumer Services		172,832,179		172,832,179		-		-		-
Energy		124,249,881		124,249,881		-		-		-
Finance		639,421,178		639,421,178		-		-		-
Health Care		385,477,833		385,477,833		-		-		-
Technology		461,300,286		461,300,286		-		-		-
Transportation		15,943,842		15,943,842		-		-		-
Rights		-		-		-		-		-
Investments Purchased with Proceeds from Securities Lending Collateral		233,855,561		-		-		-		233,855,561
Short-Term Investments	$	40,529,240		40,529,240		-		-		-
Total Assets	$	2,414,136,749	$	2,180,281,188	$	-	$	-	$	233,855,561

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy to the amounts presented in the Portfolio of Investments

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

73 

BOSTON PARTNERS INVESTMENT FUNDS

WPG PARTNERS SMALL/MICRO CAP VALUE FUND

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
COMMON STOCKS—99.4%
Basic Industries—5.1%
Allegheny Technologies, Inc.*(a)		29,300	$	769,418.00
Haynes International, Inc.(a)		11,000		362,670
Schweitzer-Mauduit International, Inc.		9,100		259,441
				1,391,529
Capital Goods—11.5%
Carpenter Technology Corp.(a)		6,100		262,788
Ferroglobe PLC		29,600		65,416
FreightCar America, Inc.*		35,600		339,624
Granite Construction, Inc.(a)		3,700		187,331
Great Lakes Dredge & Dock Corp.*		72,500		537,225
KBR, Inc.(a)		36,600		679,662
KeyW Holding Corp., (The)*(a)		16,600		162,182
NN, Inc.(a)		15,600		112,008
Orion Group Holdings, Inc.*		51,500		224,540
Tutor Perini Corp.*(a)		29,600		550,856
				3,121,632
Communications—0.6%
Ooma, Inc.*		11,100		165,834
Consumer Durables—4.7%
Century Communities, Inc.*(a)		13,400		275,638
LGI Homes, Inc.*(a)		6,300		290,808
Libbey, Inc.(a)*		35,000		210,350
Skyline Champion Corp.		5,400		121,608
Tower International, Inc.		9,300		261,516
TRI Pointe Group, Inc.*(a)		9,800		122,304
				1,282,224
Consumer Non-Durables—0.4%
elf Beauty, Inc.*		8,200		104,632
Consumer Services—6.2%
Covanta Holding Corp.(a)		16,100		266,616
Del Taco Restaurants, Inc.*		22,700		243,117
Hibbett Sports, Inc.*(a)		12,600		195,174
ICF International, Inc.		7,800		546,234
MDC Partners, Inc., Class A*		34,000		89,760
Tailored Brands, Inc.		6,600		151,140
Tile Shop Holdings, Inc.(a)		33,100		195,621
				1,687,662
Energy—10.4%
Delek US Holdings, Inc.(a)		3,800		151,202
Eclipse Resources Corp.*(a)		96,200		107,744
Extraction Oil & Gas, Inc.*(a)		14,600		83,220
Gulfport Energy Corp.*(a)		55,400		472,008
HighPoint Resources Corp.*(a)		115,700		377,182
Mammoth Energy Services, Inc.		20,300		510,748
McDermott International, Inc.*(a)		46,200		402,402
NCS Multistage Holdings, Inc.*		6,800		49,640
Resolute Energy Corp.*(a)		1,600		56,896
Solaris Oilfield Infrastructure, Inc. Class A*(a)		18,300		240,279
Superior Energy Services, Inc.*(a)		51,200		279,040
TETRA Technologies, Inc.*		50,100		116,232
				2,846,593

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

74 

BOSTON PARTNERS INVESTMENT FUNDS

WPG PARTNERS SMALL/MICRO CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Finance—26.3%
Ameris Bancorp(a)		8,400		359,772
Banner Corp.		7,200		432,000
Central Pacific Financial Corp.		12,400		347,696
CNO Financial Group, Inc.		9,100		166,530
Essent Group Ltd.*		7,400		285,344
First Foundation, Inc.*		20,100		321,801
Fulton Financial Corp.(a)		21,900		381,279
Hanover Insurance Group Inc., (The)		1,700		195,007
HomeStreet, Inc.*		21,500		572,330
Kearny Financial Corp.(a)		9,700		128,428
Kemper Corp.(a)		6,700		509,870
Kennedy-Wilson Holdings, Inc.		11,100		217,449
MGIC Investment Corp.*		37,100		434,441
National Bank Holdings Corp., Class A		8,800		327,624
Northfield Bancorp, Inc.		18,600		262,074
Origin Bancorp, Inc.(a)		5,300		198,114
Peapack Gladstone Financial Corp.		9,100		260,351
Popular, Inc.		15,600		879,840
State Bank Financial Corp.		7,700		185,570
United Community Banks, Inc.		8,500		219,725
United Financial Bancorp, Inc.(a)		29,700		486,486
				7,171,731
Health Care—0.9%
Accuray, Inc.*		34,700		142,270
Trinity Biotech PLC - SP ADR*		31,400		92,316
				234,586
Real Estate Investment Trusts—10.2%
Brixmor Property Group, Inc.		16,600		273,900
Equity Commonwealth		4,900		155,673
GEO Group Inc., (The)(a)		5,500		127,820
Getty Realty Corp.		14,600		446,614
Industrial Logistics Properties Trust(a)		9,300		195,951
Investors Real Estate Trust		38,100		203,073
Ladder Capital Corp.		21,800		384,770
LTC Properties, Inc.(a)		3,400		157,896
NexPoint Residential Trust, Inc.		5,400		197,046
Piedmont Office Realty Trust, Inc. Class A		9,200		170,476
Seritage Growth Properties, Class A(a)		7,000		265,580
UMH Properties, Inc.(a)		14,700		191,541
				2,770,340
Technology—12.8%
Acacia Communications, Inc.*		11,800		505,984
Aerohive Networks, Inc.*		29,100		106,506
CommVault Systems, Inc.*		3,600		212,184
Extreme Networks, Inc.*		32,800		215,824
Generac Holdings, Inc.*		8,000		455,360
MicroStrategy, Inc.*		2,200		285,208
NeoPhotonics Corp.*(a)		64,600		497,420
NetScout Systems, Inc.*(a)		15,600		417,768
OneSpan, Inc.*		8,300		140,851
QAD, Inc., Class A		4,000		169,720
Ribbon Communications, Inc.*		16,600		88,644
ServiceSource International, Inc.*		43,500		57,420
SMART Global Holdings, Inc.*		9,600		329,184
				3,482,073

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 (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Transportation—7.3%
Air Transport Services Group, Inc.*		7,400		137,122
Ardmore Shipping Corp.*		66,900		394,041
Mesa Air Group, Inc.*(a)		27,700		334,616
Scorpio Tankers, Inc.(a)		102,100		211,347
Spirit Airlines, Inc.*(a)		6,300		403,956
StealthGas, Inc.*		55,200		193,200
YRC Worldwide, Inc.*		54,700		309,602
				1,983,884
Utilities—3.0%
ALLETE, Inc.		2,300		187,174
El Paso Electric Co.		1,900		105,165
NorthWestern Corp.		2,900		185,484
PNM Resources, Inc.(a)		3,600		155,592
Portland General Electric Co.		4,100		197,415
				830,830
TOTAL COMMON STOCKS
(Cost $26,215,862)				27,073,550
WARRANTS—0.0%
Energy—0.0%
TETRA Technologies, Inc. *		20,950		15,922
TOTAL WARRANTS
(Cost $4,475)				15,922
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—33.9%
Mount Vernon Liquid Assets Portfolio, LLC, 2.40%(b)		9,224,637		9,224,637
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
(Cost $9,224,637)				9,224,637
SHORT-TERM INVESTMENTS—0.7%
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 2.10%(b)		180,264		180,264
TOTAL SHORT-TERM INVESTMENTS
(Cost $180,264)				180,264
TOTAL INVESTMENTS—134.0%
(Cost $35,625,238)				36,494,373
LIABILITIES IN EXCESS OF OTHER ASSETS—(34.0)%				(9,253,030	)
NET ASSETS—100.0%			$	27,241,343

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 November 30, 2018, the market value of securities on loan was $8,933,311.

(b) Seven-day yield as of November 30, 2018.

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)

NOVEMBER 30, 2018 (UNAUDITED)

A summary of the inputs used to value the Fund’s investments carried at fair value as of November 30, 2018 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE*
Common Stock
Basic Industries	$	1,391,529	$	1,391,529	$	-	$	-	$	-
Capital Goods		3,121,632		3,121,632		-		-		-
Communications		165,834		165,834		-		-		-
Consumer Durables		1,282,224		1,282,224		-		-		-
Consumer Non-Durables		104,632		104,632		-		-		-
Consumer Services		1,687,662		1,687,662		-		-		-
Energy		2,846,593		2,846,593		-		-		-
Finance		7,171,731		7,171,731		-		-		-
Health Care		234,586		234,586		-		-		-
Real Estate Investment Trusts		2,770,340		2,770,340		-		-		-
Technology		3,482,073		3,482,073		-		-		-
Transportation		1,983,884		1,983,884		-		-		-
Utilities		830,830		830,830		-		-		-
Warrants		15,922		-		-		15,922		-
Investments Purchased with Proceeds from Securities Lending Collateral		9,224,637		-		-		-		9,224,637
Short-Term Investments		180,264		180,264		-		-		-
Total Assets	$	36,494,373	$	27,253,814	$	-	$	15,922	$	9,224,637

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy to the amounts presented in the Portfolio of Investments

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

77 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS GLOBAL EQUITY FUND

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
LONG POSITIONS—103.7%
COMMON STOCKS—94.4%
Australia—0.6%
Woodside Petroleum Ltd.		172,618	$	3,934,414.00
Bermuda—1.8%
Everest Re Group Ltd.		27,376		6,079,662
RenaissanceRe Holdings Ltd.		44,237		5,866,269
				11,945,931
Canada—1.4%
Nutrien Ltd.		122,897		6,336,570
Stars Group, Inc. (The)*		137,471		2,694,272
				9,030,842
Denmark—1.1%
Novo Nordisk A/S Class B		152,586		7,096,996
France—4.2%
Capgemini SA		69,145		8,073,508
Danone SA		90,531		6,759,574
TOTAL SA		151,669		8,435,832
Vinci SA		56,032		4,889,365
				28,158,279
Hong Kong—1.0%
CK Hutchison Holdings Ltd.		501,500		5,260,387
Melco Resorts & Entertainment Ltd. - ADR		97,253		1,757,362
				7,017,749
Ireland—1.8%
Bank of Ireland Group PLC		437,238		2,776,171
CRH PLC		337,158		9,270,078
				12,046,249
Japan—9.8%
Asahi Group Holdings Ltd.		160,100		6,724,686
Fuji Electric Co., Ltd.		142,200		4,483,314
Haseko Corp.		270,100		3,275,346
KDDI Corp.		74,200		1,743,456
Matsumotokiyoshi Holdings Co., Ltd.		52,100		1,941,534
Nippon Telegraph & Telephone Corp.		211,400		8,720,472
Seven & i Holdings Co., Ltd.		174,200		7,601,417
Shionogi & Co Ltd.		25,700		1,704,519
Sony Corp.		223,100		11,789,689
SUMCO Corp.		268,100		4,138,560
Sumitomo Electric Industries Ltd.		135,700		1,909,869
Sumitomo Mitsui Financial Group, Inc.		131,400		4,837,468
Toshiba Corp.*		201,900		6,265,130
				65,135,460
Luxembourg—0.3%
Ternium SA - SP ADR		67,321		1,953,655
Mexico—0.5%
Cemex SAB de CV - SP ADR*		703,902		3,618,056
Netherlands—1.1%
Koninklijke Ahold NV		116,155		2,993,353
Royal Dutch Shell PLC, Class A		143,581		4,350,201
				7,343,554
South Korea—1.1%
KT Corp. - SP ADR		119,437		1,758,113
Samsung Electronics Co., Ltd.		148,212		5,553,676
				7,311,789

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

78 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS GLOBAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Switzerland—3.3%
ABB Ltd.		342,352		6,941,130
Glencore PLC*		1,042,823		3,887,347
Roche Holding AG		23,863		6,194,457
Swiss Re AG		52,476		4,800,526
				21,823,460
United Kingdom—6.4%
Aviva PLC		768,182		3,993,298
Coca-Cola European Partners PLC		142,552		6,919,474
GlaxoSmithKline PLC		365,483		7,576,395
GVC Holdings PLC		227,222		2,143,072
Imperial Brands PLC		270,158		8,327,335
Lloyds Banking Group PLC		7,969,306		5,640,570
Nomad Foods Ltd.*		193,067		3,903,815
Tullow Oil PLC*		642,380		1,515,848
Vodafone Group PLC		1,107,175		2,392,194
				42,412,001
United States—60.0%
Air Lease Corp.(a)		80,341		3,122,051
Allstate Corp. (The)		81,333		7,254,090
Alphabet, Inc., Class C*		10,622		11,625,035
American Express Co.		67,404		7,567,447
American International Group, Inc.		125,225		5,415,981
Anthem, Inc.(a)		57,368		16,640,736
Bank of America Corp.		234,971		6,673,176
Berkshire Hathaway, Inc., Class B*		117,475		25,637,744
Biogen, Inc.*		7,784		2,597,676
Chubb Ltd.(a)		66,897		8,946,805
Cigna Corp.		30,381		6,786,508
Cisco Systems, Inc.		205,168		9,821,392
Citigroup, Inc.		110,650		7,169,013
Comcast Corp., Class A		218,285		8,515,298
CVS Health Corp.(a)		123,074		9,870,535
Diamondback Energy, Inc.(a)		27,934		3,083,355
Dick’s Sporting Goods, Inc.		94,456		3,398,527
DowDuPont, Inc.		112,725		6,521,141
DXC Technology Co.		43,740		2,757,370
Eaton Corp. PLC		101,858		7,836,955
EQT Corp.(a)		93,186		1,743,510
Equitrans Midstream Corp.*		1		18
FMC Corp.		28,600		2,366,364
Goldman Sachs Group Inc., (The)		51,759		9,869,924
GrafTech International Ltd.(a)		246,197		3,892,375
HP, Inc.(a)		113,552		2,611,696
Johnson & Johnson		50,548		7,425,501
KAR Auction Services, Inc.(a)		74,324		4,246,873
KeyCorp(a)		371,437		6,812,155
Laboratory Corp. of America Holdings*		57,701		8,403,574
Lear Corp.		25,759		3,509,664
Loews Corp.		70,709		3,398,275
Lowe’s Cos., Inc.		44,373		4,187,480
Marathon Petroleum Corp.		37,328		2,432,292
Marvell Technology Group Ltd.		237,924		3,832,956
Masco Corp.		172,979		5,481,704
McKesson Corp.		45,129		5,618,560
Microsoft Corp.		220,422		24,442,596

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 (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
United States—60.0% (continued)
Molson Coors Brewing Co.(a)		79,335		5,217,863
Mosaic Co. (The)		114,862		4,135,032
NetApp, Inc.		66,680		4,458,892
Nordstrom, Inc.(a)		132,096		6,983,916
Oracle Corp.		276,441		13,479,263
Owens Corning		114,628		5,977,850
Parsley Energy, Inc., Class A*		144,224		2,903,229
Peabody Energy Corp.		99,116		3,086,472
Pfizer, Inc.		178,405		8,247,663
Pioneer Natural Resources Co.		41,567		6,141,524
PulteGroup, Inc.(a)		163,169		4,327,242
Raytheon Co.		17,034		2,986,742
SYNNEX Corp.		45,559		3,678,434
Tapestry, Inc.		133,581		5,200,308
TE Connectivity Ltd.		41,800		3,215,674
Trinseo SA		83,308		4,209,553
Twenty-First Century Fox, Inc. Class A		95,944		4,746,350
United Technologies Corp.		72,029		8,776,013
Verizon Communications, Inc.		215,249		12,979,515
Vistra Energy Corp.*(a)		353,059		8,289,825
Walmart, Inc.(a)		60,382		5,896,302
Wells Fargo & Co.		184,224		9,999,679
WestRock Co.		74,954		3,531,083
				399,984,776
TOTAL COMMON STOCKS
(Cost $599,216,524)				628,813,211
PREFERRED STOCKS—0.5%
Germany—0.5%
Volkswagen AG, 2.784%		20,463		3,473,141
TOTAL PREFERRED STOCKS
(Cost $3,231,290)				3,473,141
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—4.0%
Mount Vernon Liquid Assets Portfolio, LLC, 2.40%(b)		26,530,219		26,530,219
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
(Cost $26,530,219)				26,530,219
SHORT-TERM INVESTMENTS—4.9%
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 2.10%(b)		32,284,499		32,284,499
TOTAL SHORT-TERM INVESTMENTS
(Cost $32,284,499)				32,284,499
TOTAL INVESTMENTS—103.7%
(Cost $661,262,531)				691,101,069
LIABILITIES IN EXCESS OF OTHER ASSETS—(3.7)%				(24,728,204	)
NET ASSETS—100.0%			$	666,372,865

ADR American Depositary Receipt

SP ADR Sponsored American Depositary Receipt

* Non-income producing.

(a) All or a portion of the security is on loan. At November 30, 2018, the market value of securities on loan was $26,101,501.

(b) 7 day yield as of November 30, 2018

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)

NOVEMBER 30, 2018 (UNAUDITED)

A summary of the inputs used to value the Fund’s investments carried at fair value as of November 30, 2018 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE*
Common Stock
Australia	$	3,934,414	$	-	$	3,934,414	$	-	$	-
Bermuda		11,945,931		11,945,931		-		-		-
Canada		9,030,842		9,030,842		-		-		-
Denmark		7,096,996		-		7,096,996		-		-
France		28,158,279		-		28,158,279		-		-
Hong Kong		7,017,749		1,757,362		5,260,387		-		-
Ireland		12,046,249		-		12,046,249		-		-
Japan		65,135,460		-		65,135,460		-		-
Luxembourg		1,953,655		1,953,655		-		-		-
Mexico		3,618,056		3,618,056		-		-		-
Netherlands		7,343,554		-		7,343,554		-		-
South Korea		7,311,789		1,758,113		5,553,676		-		-
Switzerland		21,823,460		-		21,823,460		-		-
United Kingdom		42,412,001		10,823,289		31,588,712		-		-
United States		399,984,776		399,984,776		-		-		-
Preferred Stock										-
Germany		3,473,141		-		3,473,141		-		-
Investments Purchased with Proceeds from Securities Lending Collateral		26,530,219		-		-		-		26,530,219
Short-Term Investments		32,284,499		32,284,499		-		-		-
Total Assets	$	691,101,070	$	473,156,523	$	191,414,328	$	-	$	26,530,219

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy to the amounts presented in the Portfolio of Investments

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

81 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS GLOBAL LONG/SHORT FUND

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
LONG POSITIONS—98.5%
COMMON STOCKS—93.0%
Australia—0.6%
Woodside Petroleum Ltd.		249,593	$	5,688,875
Bermuda—1.9%
Everest Re Group Ltd.Ɨ		38,453		8,539,642
RenaissanceRe Holdings Ltd.		64,804		8,593,659
				17,133,301
Canada—1.4%
Nutrien Ltd.Ɨ		172,634		8,901,009
Stars Group, Inc. (The)*		205,099		4,019,703
				12,920,712
Denmark—1.1%
Novo Nordisk A/S Class B		214,338		9,969,171
France—4.3%
Capgemini SA		97,127		11,340,742
Danone SA		130,729		9,760,992
TOTAL SA		216,964		12,067,542
Vinci SA		78,635		6,861,708
				40,030,984
Hong Kong—1.1%
CK Hutchison Holdings Ltd.		703,500		7,379,227
Melco Resorts & Entertainment Ltd. - ADR		136,681		2,469,826
				9,849,053
Ireland—1.8%
Bank of Ireland Group PLC		593,271		3,766,877
CRH PLC		470,258		12,929,630
				16,696,507
Japan—10.5%
Asahi Group Holdings Ltd.		224,900		9,446,482
Fuji Electric Co., Ltd.		210,600		6,639,845
Haseko Corp.		379,300		4,599,551
KDDI Corp.		106,900		2,511,798
Matsumotokiyoshi Holdings Co., Ltd.		73,800		2,750,196
Nippon Telegraph & Telephone Corp.		296,800		12,243,311
Seven & i Holdings Co., Ltd.		244,800		10,682,130
Shionogi & Co Ltd.		35,200		2,334,594
Sony Corp.		314,100		16,598,572
SUMCO Corp.		371,900		5,740,881
Sumitomo Electric Industries Ltd.		246,900		3,474,921
Sumitomo Mitsui Financial Group, Inc.		184,800		6,803,379
Toshiba Corp.*		283,800		8,806,558
Ulvac, Inc.*		119,400		4,400,303
				97,032,521
Luxembourg—0.3%
Ternium SA - SP ADRƗ		98,600		2,861,372
Mexico—0.6%
Cemex SAB de CV - SP ADR*		988,758		5,082,216
Netherlands—0.7%
Royal Dutch Shell PLC, Class A		210,715		6,384,220
South Korea—1.1%
KT Corp. - SP ADR		174,940		2,575,117
Samsung Electronics Co., Ltd.		208,190		7,801,121
				10,376,238
Switzerland—1.7%
ABB Ltd.		480,898		9,750,128
Glencore PLC*		1,464,832		5,460,476
				15,210,604
United Kingdom—6.4%
Aviva PLC		1,042,796		5,420,844
Coca-Cola European Partners PLCƗ		200,244		9,719,844
GlaxoSmithKline Plc		507,735		10,525,252
GVC Holdings Plc		315,806		2,978,563
Imperial Brands PLC		363,982		11,219,360
Lloyds Banking Group PLC		11,181,153		7,913,874
Nomad Foods Ltd.*Ɨ		271,199		5,483,644
Tullow Oil PLC*		897,209		2,117,178
Vodafone Group PLC		1,681,903		3,633,967
				59,012,526

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

82 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS GLOBAL LONG/SHORT FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
United States—59.5%
Air Lease Corp.Ɨ		116,368		4,522,060
Allstate Corp. (The)Ɨ#		114,249		10,189,868
Alphabet, Inc., Class C*Ɨ		15,190		16,624,392
American Express Co.Ɨ		94,886		10,652,851
American International Group, Inc.#		175,924		7,608,713
Anthem, Inc.Ɨ		66,037		19,155,353
Bank of America Corp.Ɨ		330,637		9,390,091
Berkshire Hathaway, Inc., Class B*Ɨ#		112,041		24,451,828
Biogen, Inc.*Ɨ		10,935		3,649,228
Chubb Ltd.Ɨ#		93,970		12,567,548
Cigna Corp.Ɨ		42,361		9,462,600
Cisco Systems, Inc.Ɨ		287,869		13,780,289
Citigroup, Inc.Ɨ		155,289		10,061,174
Comcast Corp., Class AƗ#		295,358		11,521,916
CVS Health Corp.		170,341		13,661,348
Diamondback Energy, Inc.		40,428		4,462,443
Dick’s Sporting Goods, Inc.		134,759		4,848,629
DowDuPont, Inc.Ɨ#		158,339		9,159,911
DXC Technology Co.Ɨ		61,462		3,874,564
Eaton Corp. PLCƗ		142,305		10,948,947
EQT Corp.Ɨ		134,741		2,521,004
FMC Corp.		40,095		3,317,460
Goldman Sachs Group Inc., (The)		72,706		13,864,307
GrafTech International Ltd.		341,480		5,398,799
HP, Inc.Ɨ		168,010		3,864,230
Johnson & JohnsonƗ#		71,248		10,466,331
KAR Auction Services, Inc.		104,585		5,975,987
KeyCorpƗ		522,744		9,587,125
Laboratory Corp. of America Holdings*Ɨ		81,004		11,797,423
Lear Corp.		37,217		5,070,816
Loews Corp.		99,326		4,773,608
Lowe’s Cos., Inc.Ɨ		64,661		6,102,059
Marathon Petroleum Corp.		53,972		3,516,816
Marvell Technology Group Ltd.		334,208		5,384,091
Masco Corp.Ɨ		242,983		7,700,131
McKesson Corp.Ɨ		63,391		7,892,179
Microsoft Corp.Ɨ		309,624		34,334,205
Molson Coors Brewing Co.		111,228		7,315,466
Mosaic Co. (The)		159,690		5,748,840
NetApp, Inc.		99,641		6,662,994
Nordstrom, Inc.Ɨ		186,305		9,849,945
Oracle Corp.#		388,327		18,934,825
Owens Corning		159,828		8,335,030
Parsley Energy, Inc., Class A*Ɨ		208,730		4,201,735
Peabody Energy Corp.		139,228		4,335,560
Pfizer, Inc.Ɨ		250,628		11,586,532
Pioneer Natural Resources Co.Ɨ		60,100		8,879,775
PulteGroup, Inc.#		238,965		6,337,352
Raytheon Co.		24,949		4,374,558
SYNNEX Corp.		63,173		5,100,588
Tapestry, Inc.		190,447		7,414,102
TE Connectivity Ltd.Ɨ		58,630		4,510,406
Trinseo SAƗ		120,459		6,086,793
Twenty-First Century Fox, Inc. Class A		140,532		6,952,118
United Technologies Corp.Ɨ		101,180		12,327,771
Verizon Communications, Inc.Ɨ		302,357		18,232,127
Vistra Energy Corp.*Ɨ		496,800		11,664,864
Walmart, Inc.#		84,653		8,266,365
Wells Fargo & Co.Ɨ		258,536		14,033,334
WestRock Co.Ɨ		105,254		4,958,516
				548,269,920
TOTAL COMMON STOCKS
(Cost $806,165,971)				856,518,220

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 (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES			VALUE
PREFERRED STOCKS—0.5%
Germany—0.5%
Volkswagen AG, 2.784%		28,537			4,843,524
TOTAL PREFERRED STOCKS
(Cost $4,448,401)					4,843,524
SHORT-TERM INVESTMENTS—5.0%
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 2.10%(a)		46,472,275			46,472,275
TOTAL SHORT-TERM INVESTMENTS
(Cost $46,472,275)					46,472,275
TOTAL INVESTMENTS—98.5%
(Cost $857,086,647)					907,834,019
SECURITIES SOLD SHORT—(40.2%)
COMMON STOCKS—(40.2%)
Argentina—(0.4%)
MercadoLibre, Inc.*		(9,722	)		(3,421,852	)
Australia—(0.4%)
WiseTech Global Ltd.		(239,714	)		(3,307,237	)
Canada—(0.7%)
First Quantum Minerals Ltd.		(136,744	)		(1,255,618	)
Ritchie Bros. Auctioneers, Inc.		(1,831	)		(63,682	)
Shopify, Inc.*		(12,917	)		(1,971,909	)
TransCanada Corp.		(82,446	)		(3,378,757	)
					(6,669,966	)
Chile—(0.2%)
Latam Airlines Group SA - SP ADR		(138,161	)		(1,439,638	)
China—(0.9%)
China International Capital Corp Ltd.		(1,173,600	)		(2,245,533	)
Pinduoduo, Inc.*		(127,434	)		(2,925,884	)
Uni-President China Holdings Ltd.		(3,571,000	)		(3,263,336	)
					(8,434,753	)
Denmark—(0.3%)
Genmab A/S*		(19,769	)		(3,019,723	)
France—(0.6%)
Credit Agricole SA		(223,653	)		(2,779,546	)
Sodexo SA		(23,813	)		(2,464,415	)
					(5,243,961	)
Germany—(0.2%)
MTU Aero Engines AG		(7,248	)		(1,513,111	)
Hong Kong—(0.6%)
Bank of East Asia Ltd., (The)		(14,308	)		(48,349	)
China Resources Beer Holdings Co. Ltd.		(622,000	)		(2,117,836	)
Hong Kong & China Gas Co. Ltd.		(1,812,200	)		(3,659,067	)
					(5,825,252	)
India—(0.3%)
State Bank of India*		(77,927	)		(3,199,229	)
Italy—(0.5%)
Brembo SpA		(208,760	)		(2,330,957	)
Pirelli & C SpA*		(330,671	)		(2,331,546	)
					(4,662,503	)
Japan—(5.2%)
Aozora Bank Ltd.		(137,900	)		(4,542,212	)
Asics Corp.		(230,800	)		(3,336,727	)
Calbee, Inc.*		(75,500	)		(2,510,691	)
FANUC Corp.		(17,600	)		(3,027,057	)
Hisamitsu Pharmaceutical Co., Inc.		(50,400	)		(3,225,063	)
Ito En, Ltd.		(62,400	)		(2,877,761	)
Makita Corp.		(68,800	)		(2,709,616	)
MISUMI Group, Inc.		(177,300	)		(4,041,734	)
MS&AD Insurance Group Holdings, Inc.		(104,200	)		(3,162,409	)
Nidec Corp.		(21,300	)		(2,850,350	)
Nippon Paint Holdings Co., Ltd.		(40,700	)		(1,449,373	)
Olympus Corp.*		(64,900	)		(1,826,350	)
Sekisui Chemical Co Ltd.		(151,100	)		(2,458,378	)
Skylark Holdings Co Ltd.		(112,600	)		(1,847,363	)
Sony Financial Holdings, Inc.*		(109,400	)		(2,290,036	)
TDK Corp.		(27,100	)		(2,150,512	)
Yaskawa Electric Corp.		(113,100	)		(3,555,740	)
					(47,861,372	)

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)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES			VALUE
Mexico—(0.3%)
Kimberly-Clark de Mexico SAB de CV, Class A*		(1,869,000	)		(2,767,631	)
Netherlands—(0.7%)
Cimpress NV*		(30,812	)		(3,717,776	)
Core Laboratories NV		(33,679	)		(2,799,062	)
					(6,516,838	)
New Zealand—(0.3%)
a2 Milk Co Ltd.*		(396,798	)		(2,856,268	)
Norway—(0.4%)
Yara International ASA		(81,910	)		(3,299,629	)
Singapore—(0.8%)
Golden Agri-Resources Ltd.		(13,985,100	)		(2,495,829	)
SATS Ltd.		(779,100	)		(2,727,472	)
Sembcorp Marine Ltd.		(1,560,500	)		(1,830,313	)
					(7,053,614	)
Sweden—(0.2%)
Saab AB		(58,099	)		(2,328,020	)
Switzerland—(2.0%)
Credit Suisse Group AG*		(375,457	)		(4,439,311	)
Geberit AG		(8,448	)		(3,293,360	)
Givaudan SA		(1,311	)		(3,236,785	)
LafargeHolcim, Ltd.*		(69,973	)		(3,143,655	)
Panalpina Welttransport Holding AG		(30,903	)		(4,357,111	)
					(18,470,222	)
United Kingdom—(3.3%)
ASOS PLC*		(30,697	)		(1,949,474	)
Hargreaves Lansdown PLC		(175,040	)		(4,265,212	)
LyondellBasell Industries NV		(26,495	)		(2,472,249	)
Metro Bank PLC*		(62,234	)		(1,671,663	)
Pearson PLC		(240,450	)		(2,960,787	)
Pennon Group PLC		(299,337	)		(2,756,972	)
Renishaw PLC		(93,686	)		(5,130,536	)
RSA Insurance Group Plc		(456,132	)		(3,161,990	)
Severn Trent PLC		(118,334	)		(2,768,418	)
Weir Group PLC, (The)		(196,652	)		(3,713,856	)
					(30,851,157	)
United States—(21.9%)
2U, Inc.*		(33,699	)		(1,967,685	)
AAON, Inc.		(63,315	)		(2,402,804	)
Align Technology, Inc.*		(16,433	)		(3,777,782	)
Antero Midstream GP LP		(213,390	)		(3,160,306	)
Apache Corp.		(100,214	)		(3,520,518	)
Axon Enterprise, Inc.*		(65,679	)		(2,855,066	)
Badger Meter, Inc.		(38,919	)		(2,160,004	)
Ball Corp.		(50,307	)		(2,470,577	)
Blackbaud, Inc.		(20,281	)		(1,485,583	)
Carvana Co.*		(39,841	)		(1,724,717	)
Casey’s General Stores, Inc.		(21,770	)		(2,818,562	)
Chegg, Inc.*		(78,714	)		(2,200,056	)
Cogent Communications Holdings, Inc.		(47,282	)		(2,292,704	)
Cohen & Steers, Inc.		(49,443	)		(1,847,190	)
Community Bank System, Inc.		(86,545	)		(5,682,545	)
Compass Minerals International, Inc.		(50,495	)		(2,529,799	)
Continental Resources, Inc.*		(63,314	)		(2,894,716	)
Cree, Inc.*		(57,063	)		(2,518,761	)
CVB Financial Corp.		(143,459	)		(3,333,987	)
Ellie Mae, Inc.*		(29,806	)		(2,005,050	)
Exact Sciences Corp.*		(37,152	)		(2,897,113	)
First Financial Bankshares, Inc.		(87,930	)		(5,761,174	)
GCP Applied Technologies, Inc.*		(122,780	)		(3,351,894	)
Graco, Inc.		(12,400	)		(546,220	)
Greif, Inc.		(36,099	)		(1,850,796	)
GTT Communications, Inc.*		(89,276	)		(3,005,030	)
Healthcare Services Group, Inc.		(102,281	)		(4,827,663	)

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)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES			VALUE
United States—(21.9%) (continued)
Heartland Express, Inc.		(176,432	)		(3,660,964	)
Helmerich & Payne, Inc.		(67,667	)		(4,100,620	)
Hess Corp.		(38,603	)		(2,080,316	)
Inovalon Holdings, Inc.*		(165,008	)		(2,194,606	)
IPG Photonics Corp.*		(9,302	)		(1,322,279	)
iRobot Corp.*		(36,867	)		(3,517,112	)
John Bean Technologies Corp.		(21,840	)		(1,802,674	)
Lancaster Colony Corp.		(21,694	)		(3,911,862	)
Leggett & Platt, Inc.		(99,523	)		(3,855,521	)
Manhattan Associates, Inc.*		(61,087	)		(3,025,639	)
MarketAxess Holdings, Inc.		(15,582	)		(3,392,669	)
Matador Resources Co.*		(103,110	)		(2,350,908	)
Mattel, Inc.*		(235,409	)		(3,272,185	)
Medidata Solutions, Inc.*		(45,701	)		(3,528,574	)
MINDBODY, Inc., Class A*		(34,907	)		(969,018	)
Multi-Color Corp.		(31,162	)		(1,383,593	)
National Beverage Corp.*		(20,380	)		(1,778,563	)
National Instruments Corp.		(37,811	)		(1,851,227	)
National Oilwell Varco, Inc.		(80,451	)		(2,583,282	)
Netflix, Inc.*		(5,573	)		(1,594,602	)
NewMarket Corp.		(5,796	)		(2,437,102	)
Oasis Petroleum, Inc.*		(127,356	)		(909,322	)
Power Integrations, Inc.		(65,843	)		(4,171,812	)
Prosperity Bancshares, Inc.		(73,069	)		(5,070,258	)
Public Storage		(8,560	)		(1,825,506	)
Pure Storage, Inc.*		(78,801	)		(1,490,127	)
Quaker Chemical Corp.		(21,534	)		(4,441,172	)
RLI Corp.		(47,951	)		(3,635,645	)
SiteOne Landscape Supply, Inc.*		(35,320	)		(2,177,125	)
Tesla, Inc.*		(24,417	)		(8,557,670	)
Texas Roadhouse, Inc.		(66,571	)		(4,395,683	)
TransDigm Group, Inc.*		(12,771	)		(4,618,888	)
TripAdvisor, Inc.*		(48,760	)		(3,123,566	)
Ultimate Software Group Inc. (The)*		(11,098	)		(2,928,984	)
Wabtec Corp.		(31,956	)		(3,023,038	)
Wayfair, Inc. Class A*		(15,119	)		(1,605,638	)
Wesco Aircraft Holdings, Inc.*		(172,973	)		(1,646,703	)
Westamerica Bancorporation		(61,317	)		(3,875,234	)
Williams Cos, Inc. (The)		(109,498	)		(2,772,489	)
Workday, Inc., Class A*		(19,435	)		(3,187,340	)
Workiva, Inc.*		(87,717	)		(3,281,493	)
World Wrestling Entertainment, Inc., Class A		(31,491	)		(2,329,074	)
Zendesk, Inc.*		(32,504	)		(1,931,713	)
					(201,500,098	)
TOTAL COMMON STOCKS
(Proceeds $(376,197,973))					(370,242,074	)
RIGHTS—0.0%
Sweden—0.0%
Saab AB		(58,099	)		(228,346	)
TOTAL RIGHTS
(Proceeds $(170,741))					(228,346	)
TOTAL SECURITIES SOLD SHORT—(40.2%)
(Proceeds $(376,368,714))					(370,470,420	)

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)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF CONTRACTS			NOTIONAL AMOUNT			VALUE
OPTIONS WRITTENƗƗ—(0.4%)
Call Options Written—(0.4%)
Allstate Corp. (The)
Expiration:
04/18/2019,
Exercise Price:
95.00		(717	)		(6,394,923	)		(138,381	)
American International Group, Inc.
Expiration:
01/18/2019,
Exercise Price:
50.00		(1,028	)		(4,446,100	)		(8,224	)
Berkshire Hathaway, Inc.
Expiration:
03/15/2019,
Exercise Price:
220.00		(425	)		(9,275,200	)		(388,875	)
Chubb Ltd.
Expiration:
02/15/2019,
Exercise Price:
130.00		(615	)		(8,225,010	)		(427,425	)
Comcast Corp.
Expiration:
06/21/2019,
Exercise Price:
40.00		(2,306	)		(8,995,706	)		(601,866	)
DowDuPont, Inc.
Expiration:
01/18/2019,
Exercise Price:
65.00		(1,116	)		(6,456,060	)		(21,204	)
Flex Ltd.
Expiration:
01/18/2019,
Exercise Price:
15.00		(3,592	)		(3,143,000	)		(1,796	)
Johnson & Johnson
Expiration:
04/18/2019,
Exercise Price:
130.00		(603	)		(8,858,070	)		(1,103,490	)
Northrop Grumman Corp.
Expiration:
02/15/2019,
Exercise Price:
275.00		(152	)		(3,950,176	)		(106,400	)
Oracle Corp.
Expiration:
12/21/2018,
Exercise Price:
50.00		(1,915	)		(9,337,540	)		(191,500	)
PulteGroup, Inc.
Expiration:
04/18/2019,
Exercise Price:
26.00		(2,226	)		(5,903,352	)		(550,935	)
Walmart, Inc.
Expiration:
03/15/2019,
Exercise Price:
97.50		(764	)		(7,460,460	)		(336,160	)
TOTAL CALL OPTIONS WRITTEN
(Premiums received $(4,939,300))								(3,876,256	)
TOTAL OPTIONS WRITTEN
(Premiums received $(4,939,300))								(3,876,256	)
OTHER ASSETS IN EXCESS OF LIABILITIES—42.1%								388,032,641
NET ASSETS—100.0%							$	921,519,984

(a) 7 day yield as of Nobember 30, 2018

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.

# Security segregated as collateral for options written.

ƗƗ Primary risk exposure is equity contracts.

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)

NOVEMBER 30, 2018 (UNAUDITED)

Contracts For Difference held by the Fund at November 30, 2018, are as follows:

REFERENCE COMPANY	COUNTERPARTY	EXPIRATION DATE	FINANCING RATE	PAYMENT FREQUENCY	NUMBER OF CONTRACTS LONG/(SHORT)			NOTIONAL AMOUNT			UNREALIZED APPRECIATION (DEPRECIATION)
Short
India
Axis Bank	Morgan Stanley	9/15/2020	2.20	Monthly		(73,901	)	$	(3,277,509	)	$	(139,530	)
Indonesia
Unilever Indonesia TBK PT	Macquarie	9/18/2019	2.17	Monthly		(1,328,000	)		(3,929,732	)		(242,526	)
Philippines
BDO Unibank Inc.	Macquarie	9/18/2019	2.17	Monthly		(1,175,790	)		(2,925,381	)		(29,883	)
Poland
KGHM Polska Miedz	Goldman Sachs	9/15/2020	2.12	Monthly		(112,843	)		(2,675,910	)		(18,260	)
South Korea
Celltrion Inc.	Goldman Sachs	9/15/2020	2.20	Monthly		(12,958	)		(2,781,650	)		(171,697	)
Sillajen Inc.	Goldman Sachs	9/15/2020	2.20	Monthly		(34,178	)		(2,167,729	)		13,990
									(4,949,379	)		(157,707	)
Taiwan
Cheng Shin Rubber	Goldman Sachs	9/15/2020	2.12	Monthly		(1,843,000	)		(2,548,691	)		(144,726	)
Total Short									(20,306,602	)		(732,632	)
Net unrealized gain/(loss) on Contracts For Difference											$	(732,632	)

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)

NOVEMBER 30, 2018 (UNAUDITED)

A summary of the inputs used to value the Fund’s investments carried at fair value as of November 30, 2018 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Common Stock
Australia	$	5,688,875	$	-	$	5,688,875	$	-
Bermuda		17,133,301		17,133,301		-		-
Canada		12,920,712		12,920,712		-		-
Denmark		9,969,171		-		9,969,171		-
France		40,030,984		-		40,030,984		-
Hong Kong		9,849,053		2,469,826		7,379,227		-
Ireland		16,696,507		-		16,696,507		-
Japan		97,032,521		-		97,032,521		-
Luxembourg		2,861,372		2,861,372		-		-
Mexico		5,082,216		5,082,216		-		-
Netherlands		6,384,220		-		6,384,220		-
South Korea		10,376,238		2,575,117		7,801,121		-
Switzerland		15,210,604		-		15,210,604		-
United Kingdom		59,012,526		15,203,488		43,809,038		-
United States		548,269,920		548,269,920		-		-
Preferred Stock
Germany		4,843,524		-		4,843,524		-
Short-Term Investments		46,472,275		46,472,275		-		-
Contracts For Difference
Equity Contracts		13,990		-		13,990		-
Total Assets	$	907,848,009	$	652,988,227	$	254,859,782	$	-

	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Securities Sold Short
Argentina	$	(3,421,852	)	$	(3,421,852	)	$	-		$	-
Australia		(3,307,237	)		-			(3,307,237	)		-
Canada		(6,669,966	)		(6,669,966	)		-			-
Chile		(1,439,638	)		(1,439,638	)		-			-
China		(8,434,753	)		(2,925,884	)		(5,508,869	)		-
Denmark		(3,019,723	)		-			(3,019,723	)		-
France		(5,243,961	)		-			(5,243,961	)		-
Germany		(1,513,111	)		-			(1,513,111	)		-
Hong Kong		(5,825,252	)		-			(5,825,252	)		-
India		(3,199,229	)		-			(3,199,229	)		-
Italy		(4,662,503	)		-			(4,662,503	)		-
Japan		(47,861,372	)		-			(47,861,372	)		-
Mexico		(2,767,631	)		(2,767,631	)		-			-
Netherlands		(6,516,838	)		(6,516,838	)		-			-
New Zealand		(2,856,268	)		-			(2,856,268	)		-
Norway		(3,299,629	)		-			(3,299,629	)		-
Singapore		(7,053,614	)		-			(7,053,614	)		-
Sweden		(2,328,020	)		-			(2,328,020	)		-
Switzerland		(18,470,222	)		-			(18,470,222	)		-
United Kingdom		(30,851,157	)		(2,472,249	)		(28,378,908	)		-
United States		(201,500,098	)		(201,500,098	)		-			-
Rights
Sweden		(228,346	)		(228,346	)		-			-
Options Written
Equity Contracts		(3,876,256	)		(2,789,700	)		(1,086,556	)		-
Contracts For Difference
Equity Contracts		(746,622	)		-			(746,622	)		-
Total Liabilities	$	(375,093,298	)	$	(230,732,202	)	$	(144,361,096	)	$	-

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

89 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
LONG POSITIONS—96.7%
COMMON STOCKS—62.2%
Argentina—0.6%
Banco Macro SA - ADR		2,143	$	95,128
Grupo Financiero Galicia SA - ADR		3,615		99,629
YPF SA - SP ADRƗ		11,698		175,119
				369,876
Belgium—0.7%
Anheuser-Busch InBev SA - SP ADR		5,150		395,881
Brazil—2.7%
Ambev SA		134,100		587,391
Cia de Saneamento Basico do Estado de Sao Paulo		26,100		190,636
Qualicorp SA		95,900		343,635
Tegma Gestao Logistica SA		38,900		241,428
Tupy SA		42,400		216,437
				1,579,527
China—8.1%
Alibaba Group Holding Ltd. - SP ADR*		9,937		1,598,466
China Construction Bank Corp., Class H		209,000		178,445
China Meidong Auto Holdings Ltd.		1,030,000		382,413
Fosun International Ltd.		171,500		274,580
Momo, Inc. - SP ADR*		7,749		242,931
Ping An Insurance Group Co. of China Ltd., Class H		26,000		253,382
Tencent Holdings Ltd.		4,400		175,906
Tencent Holdings Ltd. - ADR		29,212		1,170,817
West China Cement Ltd.		2,682,000		423,309
				4,700,249
Hong Kong—7.3%
China Mobile Ltd. - SP ADR		28,499		1,417,540
China Resources Gas Group Ltd.		38,000		153,995
Galaxy Entertainment Group Ltd.		18,000		111,370
K Wah International Holdings Ltd.		1,237,000		607,652
Luk Fook Holdings International Ltd.		54,000		158,053
SJM Holdings Ltd.		698,000		633,189
Swire Pacific Ltd. Class A		51,000		565,515
Swire Properties Ltd.		65,000		226,991
Xinyi Glass Holdings Ltd.		358,000		387,359
				4,261,664
Hungary—2.0%
OTP Bank PLC		20,825		835,146
Waberer’s International Nyrt*		37,187		323,882
				1,159,028
India—2.6%
Gujarat State Petronet Ltd.*		266,948		716,804
Infosys Ltd.		74,493		715,414
Westlife Development Ltd.		12,211		60,655
				1,492,873
Indonesia—0.8%
Bank Danamon Indonesia Tbk PT		855,100		444,622
Macao—1.4%
Wynn Macau Ltd.		357,600		819,866

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

90 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Mexico—2.8%
Concentradora Fibra Danhos SA de CV		237,600		280,165
Credito Real SAB de CV SOFOM ER		346,800		346,054
Fibra Uno Administracion SA de CV		243,100		244,847
Macquarie Mexico Real Estate Management SA de CV*		369,800		326,672
Qualitas Controladora SAB de CV		95,900		206,889
Vista Oil & Gas SAB de CV*		33,024		251,488
				1,656,115
Netherlands—0.5%
Heineken Holding NV		3,322		294,104
Philippines—0.8%
Melco Resorts And Entertainment Philippines Corp.*		3,245,600		450,162
Portugal—1.0%
Jeronimo Martins SGPS SA		48,868		583,632
Russia—2.6%
Gazprom Neft PJSC		50,350		272,943
Moscow Exchange MICEX-RTS PJSC*		105,390		140,803
Sberbank of Russia PJSC - SP ADR		45,531		539,542
Yandex NV, Class A*		19,510		575,545
				1,528,833
Singapore—1.6%
DBS Group Holdings Ltd.		22,700		405,372
United Overseas Bank Ltd.		21,800		400,279
Venture Corp. Ltd.		10,800		118,253
				923,904
South Africa—6.4%
Adcock Ingram Holdings Ltd.		89,320		373,811
Barloworld Ltd.		67,102		556,849
Clover Industries Ltd.		274,263		352,458
Distell Group Holdings Ltd.		42,645		353,868
Imperial Holdings Ltd.		10,077		46,095
Liberty Holdings Ltd.		35,039		270,528
Motus Holdings Ltd.*		10,077		63,260
Naspers Ltd., Class N		5,051		1,006,933
Pepkor Holdings Ltd.*		197,570		302,512
Telkom SA SOC Ltd.		94,995		388,720
				3,715,034
South Korea—7.8%
Daelim Industrial Co. Ltd.		2,408		203,765
DGB Financial Group, Inc.		41,615		327,472
Hanwha Corp.		20,922		561,945
Hyundai Hy Communications & Network Co. Ltd.		22,842		89,483
Hyundai Mobis Co. Ltd.		3,282		528,867
Industrial Bank of Korea		16,691		221,101
KB Financial Group, Inc.		16,386		690,652
Kia Motors Corp.		6,465		176,012
KT Corp. - SP ADRƗ		72,633		1,069,158
LG Uplus Corp.		20,765		328,335
Lotte Chemical Corp.		552		134,618
LS Industrial Systems Co. Ltd.		4,334		200,102
				4,531,510
Switzerland—1.1%
Glencore PLC*		173,561		646,986
Taiwan—1.8%
Catcher Technology Co. Ltd.		37,000		319,982
CTBC Financial Holding Co. Ltd.		438,000		291,784
Fubon Financial Holding Co. Ltd.		295,000		468,855
				1,080,621
Thailand—0.4%
Tisco Financial Group PCL		104,300		254,236

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

91 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS LONG/SHORT FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Turkey—1.9%
Mavi Giyim Sanayi Ve Ticaret AS, Class B		84,825		612,718
Ulker Biskuvi Sanayi AS*		171,806		514,798
				1,127,516
United Arab Emirates—1.0%
Aramex PJSC*		263,132		304,649
Emaar Malls PJSC*		579,583		284,326
				588,975
United Kingdom—2.1%
Atrium European Real Estate Ltd.*		57,422		221,676
Petra Diamonds Ltd.*		622,060		334,858
Rio Tinto PLC		14,566		665,694
				1,222,228
United States—4.2%
Air Lease Corp.		23,629		918,223
Broadcom, Inc.		367		87,129
Freeport-McMoRan, Inc.		4,060		48,476
Las Vegas Sands Corp.		14,438		793,224
Philip Morris International, Inc.		6,739		583,126
				2,430,178
TOTAL COMMON STOCKS
(Cost $37,302,292)				36,257,620
PREFERRED STOCKS—3.6%
Russia—0.9%
Sberbank of Russia PJSC, 7.077%		204,700		515,950
South Korea—2.7%
Samsung Electronics Co., Ltd., 4.424%		52,580		1,590,249
TOTAL PREFERRED STOCKS
(Cost $1,978,518)				2,106,199
RIGHTS—0.0%
China—0.0%
Fosun International Ltd.*		429		0
TOTAL RIGHTS
(Cost $0)				0
WARRANTS—0.0%
Mexico—0.0%
Vista Oil & Gas SAB de CV*		13,133		1,936
TOTAL WARRANTS
(Cost $0)				1,936
SHORT-TERM INVESTMENTS—30.9%
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 2.10%(a)		17,991,586		17,991,586
TOTAL SHORT-TERM INVESTMENTS
(Cost $17,991,586)				17,991,586
TOTAL INVESTMENTS—96.7%
(Cost $57,272,396)				56,357,341
OTHER ASSETS IN EXCESS OF LIABILITIES—3.3%				1,946,798
NET ASSETS—100.0%			$	58,304,139

ADR American Depositary Receipt

PLC Public Limited Company

NVDR Non-Voting Depository Receipt

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.

^(a) Seven-day yield as of November 30, 2018.

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 (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

Contracts For Difference held by the Fund at November 30, 2018, are as follows:

REFERENCE COMPANY	COUNTERPARTY	EXPIRATION DATE	FINANCING RATE	PAYMENT FREQUENCY	NUMBER OF CONTRACTS LONG/(SHORT)		NOTIONAL AMOUNT		UNREALIZED APPRECIATION (DEPRECIATION)
Long
Brazil
Companhia de Gas	Goldman Sachs	9/15/2020	2.32%	Monthly		12,300	$	186,242	$	8,225
Mahle Metal Leve SA	Goldman Sachs	9/15/2020	2.32	Monthly		45,800		288,998		5,671
								475,240		13,896
China
Agricultural Bank of China	Goldman Sachs	9/15/2020	1.01	Monthly		543,000		246,835		5,430
Anhui Conch Cement	Goldman Sachs	9/15/2020	2.31	Monthly		40,800		188,447		(1,184	)
Baidu Inc. - SP ADR	Goldman Sachs	12/31/2021	2.32	Monthly		2,372		446,600		25,331
China National, Class H	Goldman Sachs	9/15/2020	1.01	Monthly		428,000		336,127		13,514
China Telecom Corp. Ltd., Class H	Goldman Sachs	12/31/2021	1.01	Monthly		1,970,000		1,068,239		46,409
Henan Shuang Inv.	Goldman Sachs	9/15/2020	2.31	Monthly		69,956		231,170		(1,163	)
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A	Goldman Sachs	9/15/2020	2.31	Monthly		55,700		807,998		40,662
Kweichow Moutai Co. Ltd.	Goldman Sachs	9/15/2020	2.31	Monthly		6,300		514,940		4,720
Qingdao Haier Co., Ltd.	Goldman Sachs	9/15/2020	2.31	Monthly		77,700		155,091		(658	)
Shanghai Haohai Biological Technology Co., Ltd., Class H	Goldman Sachs	12/31/2021	1.01	Monthly		55,300		285,000		(24,093	)
SINOPEC Engineering	Goldman Sachs	9/15/2020	1.01	Monthly		407,500		378,787		5,517
Tencent Holdings Ltd.	Goldman Sachs	12/31/2021	1.01	Monthly		29,600		1,183,368		118,464
Weichai Power Co.	Goldman Sachs	9/15/2020	1.01	Monthly		179,000		193,580		1,712
Wuliangye Yibin Co., Ltd., Class A	Goldman Sachs	9/15/2020	2.31	Monthly		123,300		937,365		37,473
								6,973,547		272,134
Egypt
Commercial International Bank Egypt SAE	Goldman Sachs	12/31/2021	2.32	Monthly		29,845		124,329		(10,077	)
Hong Kong
China Traditional Chinese Medicine Co., Ltd.	Goldman Sachs	12/31/2021	1.01	Monthly		562,000		375,058		(6,198	)
CK Hutchison Holdings Ltd.	Goldman Sachs	9/15/2020	1.01	Monthly		20,000		209,786		1,158
Hang Lung Properties	Goldman Sachs	9/15/2020	0.60	Monthly		96,000		194,908		5,806
Link Real Estate I NPV	Goldman Sachs	9/15/2020	1.01	Monthly		23,000		219,528		9,304
WH Group Ltd.	Goldman Sachs	9/15/2020	1.01	Monthly		398,000		290,585		(28,229	)
Wharf Real Estate	Goldman Sachs	9/15/2020	1.01	Monthly		51,000		307,595		(16,884	)
Wheelock & Company NPV	Goldman Sachs	9/15/2020	1.01	Monthly		39,000		224,422		(42	)
								1,821,882		(35,085	)
Israel
Gazit Globe Ltd.	Goldman Sachs	9/15/2020	0.11	Monthly		49,633		396,819		(11,621	)
Tamar Petroleum Ltd. NPV	Goldman Sachs	9/15/2020	0.11	Monthly		26,378		115,897		438
								512,716		(11,183	)
Japan
Suzuki Motor Co.	Goldman Sachs	9/15/2020	-0.11	Monthly		8,600		429,080		23,038
Mexico
Grupo GicSA SA de CV	Goldman Sachs	12/31/2021	2.32	Monthly		1,217,600		413,369		(16,948	)
South Korea
Bnk Financial Group	Goldman Sachs	9/15/2020	2.32	Monthly		62,685		429,995		(12,455	)
FILA Korea Ltd.	Goldman Sachs	9/15/2020	2.32	Monthly		2,929		133,073		(8,571	)
Hana Financial Group, Inc.	Goldman Sachs	12/31/2021	2.32	Monthly		23,898		803,473		(16,555	)
KGInicis Co. Ltd.	Goldman Sachs	9/15/2020	2.32	Monthly		4,718		67,667		4,336
KT Corp.	Goldman Sachs	12/31/2021	2.32	Monthly		2,504		68,113		556
Samsung Electronics Co., Ltd.	Goldman Sachs	12/31/2021	2.32	Monthly		33,087		1,239,808		(19,062	)
SK Hynix Inc.	Goldman Sachs	9/15/2020	2.32	Monthly		6,236		389,501		15,313
								3,131,630		(36,438	)
Taiwan
Foxconn Technology Co. Ltd.	Goldman Sachs	9/15/2020	2.32	Monthly		205,000		415,606		5,461
Taiwan Semiconductor Manufacturing Co., Ltd.	Goldman Sachs	12/31/2021	2.32	Monthly		148,251		1,094,878		48,596
								1,510,484		54,057
Turkey
Yatas	Goldman Sachs	9/15/2020	2.32	Monthly		156,664		131,653		21,873
United Kingdom
Georgia Capital	Goldman Sachs	9/15/2020	0.73	Monthly		37,002		511,572		(37,362	)
HSBC Holdings PLC	Goldman Sachs	12/31/2020	0.73	Monthly		42,040		357,570		11,597
TBC Bank Group PLC	Goldman Sachs	9/15/2020	0.73	Monthly		30,855		588,592		(23,045	)
								1,457,734		(48,812	)
Total Long								16,981,664		226,455

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)

NOVEMBER 30, 2018 (UNAUDITED)

REFERENCE COMPANY	COUNTERPARTY	EXPIRATION DATE	FINANCING RATE	PAYMENT FREQUENCY	NUMBER OF CONTRACTS LONG/(SHORT)			NOTIONAL AMOUNT			UNREALIZED APPRECIATION (DEPRECIATION)
Short
Brazil
Raia Drogasil SA	Goldman Sachs	9/15/2020	2.20	Monthly		(21,200	)	$	(340,756	)		10,193
Canada
Franco Nevada Corp. Com.	Goldman Sachs	9/15/2020	1.79	Monthly		(8,234	)		(570,149	)		(6,860	)
Chile
Sociedad Quimica Mineral	Goldman Sachs	9/15/2020	2.20	Monthly		(7,024	)		(309,056	)		(14,879	)
China
AAC Technologies Holdings	Goldman Sachs	9/15/2020	0.60	Monthly		(43,000	)		(308,330	)		(12,060	)
China International Capital Corp. Ltd. Class H	Goldman Sachs	9/15/2020	0.60	Monthly		(173,200	)		(331,396	)		(10,354	)
China Life Insurance Co., Ltd., Class H	Goldman Sachs	12/31/2021	0.60	Monthly		(230,000	)		(493,533	)		(8,863	)
China Modern Dairy	Goldman Sachs	9/15/2020	0.60	Monthly		(754,000	)		(81,851	)		5,704
China Pacific Insurance Group, Ltd., Class H	Goldman Sachs	12/31/2021	0.60	Monthly		(78,400	)		(279,314	)		14,058
Cosco Shipping Holdings Co., Ltd.	Goldman Sachs	9/15/2020	0.60	Monthly		(710,000	)		(289,995	)		(12,835	)
Dongfang Electric Corp. Ltd., Class H	Goldman Sachs	12/31/2021	0.60	Monthly		(1,005,400	)		(570,156	)		17,673
Huadian Power International Corp. Ltd., Class H	Goldman Sachs	12/31/2021	0.60	Monthly		(848,000	)		(364,669	)		(22,504	)
Huaneng Power International Inc., Class H	Goldman Sachs	12/31/2021	0.60	Monthly		(494,000	)		(309,067	)		(10,651	)
IMAX China Holding Inc.	Goldman Sachs	9/15/2020	0.87	Monthly		(44,400	)		(116,223	)		(966	)
Meituan Dianping	Goldman Sachs	9/15/2020	0.60	Monthly		(59,737	)		(400,461	)		(2,874	)
New China Life Insurance Co., Ltd., Class H	Goldman Sachs	12/31/2021	0.60	Monthly		(63,000	)		(277,625	)		12,832
Parkson Retail Group Ltd.	Goldman Sachs	12/31/2021	0.60	Monthly		(850,000	)		(64,480	)		3,894
Pinduoduo Inc. - SP ADR	Goldman Sachs	9/15/2020	2.20	Monthly		(10,370	)		(238,095	)		(3,014	)
Semiconductor Manufacturing Co., Ltd.	Goldman Sachs	12/31/2020	0.60	Monthly		(418,000	)		(387,562	)		(32,778	)
Shanhai Electric, Class H	Goldman Sachs	9/15/2020	0.60	Monthly		(1,686,000	)		(575,374	)		12,351
Zhaojin Mining	Goldman Sachs	9/15/2020	0.60	Monthly		(471,000	)		(450,153	)		(22,499	)
									(5,538,284	)		(72,886	)
France
Edenred	Goldman Sachs	9/15/2020	-0.36	Monthly		(4,843	)		(185,079	)		(8,033	)
Hong Kong
China Power International	Goldman Sachs	9/15/2020	0.60	Monthly		(2,551,000	)		(598,071	)		(18,370	)
China Resources Beer Holdings Co., Ltd.	Goldman Sachs	12/31/2021	0.60	Monthly		(96,000	)		(326,869	)		33,587
China Taiping Insurance Holdings Co., Ltd.	Goldman Sachs	12/31/2021	0.60	Monthly		(44,400	)		(148,070	)		(1,773	)
Fullshare Holdings	Goldman Sachs	9/15/2020	0.60	Monthly		(932,500	)		(353,639	)		6,211
HK Electric Investments & HK Electric Investments Ltd.	Goldman Sachs	12/31/2021	0.60	Monthly		(505,000	)		(484,087	)		240
Hong Kong & China Gas Co., Ltd.	Goldman Sachs	12/31/2021	0.60	Monthly		(115,320	)		(232,846	)		(7,805	)
Lee & Man Paper	Goldman Sachs	9/15/2020	0.60	Monthly		(97,000	)		(88,413	)		(2,192	)
Nine Dragons Paper	Goldman Sachs	9/15/2020	0.60	Monthly		(85,000	)		(86,793	)		(383	)
Sinofert Holdings Ltd.	Goldman Sachs	9/15/2020	0.60	Monthly		(2,600,000	)		(290,193	)		18,241
									(2,608,981	)		27,756
India
Axis Bank	Goldman Sachs	9/15/2020	2.20	Monthly		(12,894	)		(571,849	)		(26,440	)
Dr. Reddys Labs Ltd.	Goldman Sachs	9/15/2020	2.20	Monthly		(4,286	)		(164,754	)		(8,239	)
ICICI Bank Ltd. - SP ADR	Goldman Sachs	9/15/2020	2.20	Monthly		(61,838	)		(628,892	)		(20,727	)
									(1,365,495	)		(55,406	)
Indonesia
Jasa Marga	Macquarie	9/18/2019	2.18	Monthly		(325,700	)		(94,048	)		(5,544	)
Unilever Indonesia TBK PT	Macquarie	9/18/2019	2.18	Monthly		(189,600	)		(561,052	)		(35,619	)
									(655,100	)		(41,163	)
Malaysia
Telekom Malaysia Berhad	Morgan Stanley	9/15/2020	2.20	Monthly		(497,500	)		(278,018	)		(2,963	)
Mexico
El Puerto de Liver	Goldman Sachs	9/15/2020	2.20	Monthly		(58,200	)		(346,734	)		22,359
Grupo Televisa SAB - SP ADR	Goldman Sachs	9/15/2020	2.20	Monthly		(6,514	)		(88,916	)		5,127
Telesites SAB CV	Goldman Sachs	9/15/2020	2.20	Monthly		(572,700	)		(361,002	)		4,380
									(796,652	)		31,866
Norway
Yara International	Goldman Sachs	9/15/2020	0.75	Monthly		(11,781	)		(474,581	)		(13,555	)
Philippines
BDO Unibank Inc.	Macquarie	9/18/2019	2.18	Monthly		(251,640	)		(626,084	)		(5,290	)
Poland
KGHM Polska Miedz	Goldman Sachs	9/15/2020	2.20	Monthly		(21,518	)		(510,268	)		(4,283	)
mBank SA	Goldman Sachs	9/15/2020	2.20	Monthly		(1,697	)		(182,697	)		(5,280	)
Orange Polska SA	Goldman Sachs	9/15/2020	2.20	Monthly		(91,504	)		(115,483	)		(4,782	)
									(808,448	)		(14,345	)
Singapore
Golden Agri-Resources	Goldman Sachs	9/15/2020	1.44	Monthly		(1,726,900	)		(308,188	)		(12,911	)
Sats Ltd. NPV	Goldman Sachs	9/15/2020	1.44	Monthly		(101,000	)		(353,581	)		(9,665	)
SEA Ltd. Class A - SP ADR	Goldman Sachs	9/15/2020	0	Monthly		(30,661	)		(409,018	)		349
SembCorp. Marine Ltd.	Morgan Stanley	12/31/2021	1.55	Monthly		(344,000	)		(403,478	)		(3,628	)
Singapore Press Holdings Ltd.	Goldman Sachs	9/15/2020	1.44	Monthly		(54,900	)		(105,966	)		(123	)
									(1,580,231	)		(25,978	)
South Africa
Aspen Pharmacare Holdings Ltd.	Goldman Sachs	9/15/2020	6.59	Monthly		(34,404	)		(365,358	)		2,466
South Korea
Amorepacific Group	Goldman Sachs	9/15/2020	2.20	Monthly		(3,708	)		(214,962	)		(19,227	)
Celltrion Health	Macquarie	9/18/2019	2.18	Monthly		(3,957	)		(278,940	)		(7,672	)
Celltrion Inc.	Goldman Sachs	9/15/2020	2.20	Monthly		(1,771	)		(380,174	)		(22,677	)
CJ CGV Co., Ltd.	Morgan Stanley	9/15/2020	2.20	Monthly		(3,321	)		(123,544	)		(6,149	)
Kakao Corp.	Goldman Sachs	12/31/2021	2.20	Monthly		(1,769	)		(178,162	)		(9,977	)
Lotte Confect	Morgan Stanley	9/15/2020	2.20	Monthly		(2,385	)		(117,876	)		2,878
Paradise Co. Ltd.	Morgan Stanley	12/31/2021	2.20	Monthly		(27,040	)		(509,744	)		(43,250	)
Samsung BioLogics Co. Ltd.	Goldman Sachs	9/15/2020	2.20	Monthly		(578	)		(172,480	)		(685	)
Sillajen Inc.	Goldman Sachs	9/15/2020	2.20	Monthly		(2,061	)		(130,718	)		967
SK Networks Co. Ltd.	Morgan Stanley	9/15/2020	2.20	Monthly		(65,511	)		(289,519	)		(6,687	)
									(2,396,119	)		(112,479	)
Taiwan
Advantech Co., Ltd.	Goldman Sachs	9/15/2020	0.00	Monthly		(19,000	)		(144,551	)		(6,135	)
Cheng Shin Rubber	Goldman Sachs	9/15/2020	2.20	Monthly		(387,000	)		(535,184	)		(30,575	)
China Airlines	Goldman Sachs	9/15/2020	2.20	Monthly		(1,110,000	)		(397,393	)		(32,996	)
Eclat Textile Co., Ltd.	Goldman Sachs	9/18/2019	2.20	Monthly		(11,500	)		(144,928	)		(4,154	)
United Microelectronics Corp. - SP ADR	Goldman Sachs	9/15/2020	2.20	Monthly		(104,482	)		(190,157	)		(8,338	)
									(1,412,213	)		(82,198	)
Thailand
Airports of Thailand PCL	Morgan Stanley	9/15/2020	2.20	Monthly		(307,400	)		(597,019	)		(210	)
Total Short									(20,907,623	)		(383,964	)
Net unrealized gain/(loss) on Contracts For Difference											$	(157,509	)

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)

NOVEMBER 30, 2018 (UNAUDITED)

A summary of the inputs used to value the Fund’s investments carried at fair value as of November 30, 2018 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Common Stock
Argentina	$	369,876	$	369,876	$	-	$	-
Belgium		395,881		395,881		-		-
Brazil		1,579,527		241,428		1,338,099		-
China		4,700,249		3,012,214		1,688,035		-
Hong Kong		4,261,664		1,417,540		2,844,124		-
Hungary		1,159,028		323,882		835,146		-
India		1,492,873		-		1,492,873		-
Indonesia		444,622		-		444,622		-
Macao		819,866		-		819,866		-
Mexico		1,656,115		1,404,627		-		251,488
Netherlands		294,104		-		294,104		-
Philippines		450,162		-		450,162		-
Portugal		583,632		-		583,632		-
Russia		1,528,833		1,115,087		413,746		-
Singapore		923,904		-		923,904		-
South Africa		3,715,034		2,105,157		1,609,877		-
South Korea		4,531,510		1,069,158		3,462,352		-
Switzerland		646,986		-		646,986		-
Taiwan		1,080,621		-		1,080,621		-
Thailand		254,236		-		254,236		-
Turkey		1,127,516		-		1,127,516		-
United Arab Emirates		588,975		-		588,975		-
United Kingdom		1,222,228		221,676		1,000,552		-
United States		2,430,178		2,430,178		-		-
Preferred Stock
Russia		515,950		-		515,950		-
South Korea		1,590,249		-		1,590,249		-
Warrant		1,936		-		-		1,936
Short-Term Investments		17,991,586		17,991,586		-		-
Contracts For Difference
Equity Contracts		634,112		-		634,112		-
Total Assets	$	56,991,453	$	32,098,290	$	24,639,739	$	253,424

	TOTAL			LEVEL 1		LEVEL 2			LEVEL 3
Contracts For Difference
Equity Contracts	$	(791,621	)	$	-	$	(791,621	)	$	-
Total Liabilities	$	(791,621	)	$	-	$	(791,621	)	$	-

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

95 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS FUND

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
COMMON STOCKS—81.0%
Argentina—0.6%
Banco Macro SA - ADR		284	$	12,607
Grupo Financiero Galicia SA - ADR		479		13,201
YPF SA - SP ADR		1,551		23,219
				49,027
Belgium—0.7%
Anheuser-Busch InBev - SP ADR		690		53,040
Brazil—3.2%
Ambev SA		17,800		77,968
Cia de Saneamento Basico do Estado de Sao Paulo		3,400		24,834
Mahle-Metal Leve SA		6,000		37,860
Qualicorp SA		12,700		45,508
Tegma Gestao Logistica SA		5,200		32,273
Tupy SA		5,600		28,586
				247,029
China—14.6%
Agricultural Bank of China Ltd.		71,000		32,275
Alibaba Group Holding Ltd. - SP ADR*		1,310		210,727
Baidu, Inc. - SP ADR*		315		59,308
China Construction Bank Corp., Class H		27,000		23,053
China Meidong Auto Holdings Ltd.		136,000		50,493
China Telecom Corp. Ltd.		262,000		142,070
Fosun International Ltd.		23,000		36,824
Momo, Inc. - SP ADR*		1,029		32,259
Ping An Insurance Group Co. of China Ltd., Class H		4,000		38,982
Shanghai Haohai Biological Technology Co., Ltd., Class H		7,400		38,138
Sinopec Engineering Group Co. Ltd.		54,000		50,195
Tencent Holdings Ltd.		4,500		179,904
Tencent Holdings Ltd. - ADR		3,855		154,508
Weichai Power Co. Ltd.		23,000		24,874
West China Cement Ltd.		358,000		56,504
				1,130,114
Egypt—0.2%
Commercial International Bank Egypt SAE		3,936		16,397
Hong Kong—7.9%
China Mobile Ltd. - SP ADR		3,812		189,609
China Resources Gas Group Ltd.		6,000		24,315
Galaxy Entertainment Group Ltd.		2,000		12,374
K Wah International Holdings Ltd.		164,000		80,562
Luk Fook Holdings International Ltd.		7,000		20,488
SJM Holdings Ltd.		93,000		84,365
Swire Pacific Ltd. Class A		7,000		77,620
Swire Properties Ltd.		8,600		30,033
WH Group Ltd.		53,000		38,696
Xinyi Glass Holdings Ltd.		48,000		51,936
				609,998
Hungary—2.0%
OTP Bank PLC		2,783		111,607
Waberer’s International Nyrt*		4,928		42,920
				154,527
India—2.6%
Gujarat State Petronet Ltd.*		35,692		95,839
Infosys Ltd. - SP ADR		9,824		96,865
Westlife Development Ltd.		1,644		8,166
				200,870

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

96 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Indonesia—0.8%
Bank Danamon Indonesia Tbk PT		113,200		58,860
Japan—0.7%
Suzuki Motor Corp.		1,100		54,882
Macao—1.4%
Wynn Macau Ltd.		47,600		109,132
Mexico—3.6%
Concentradora Fibra Danhos SA de CV		31,300		36,907
Credito Real SAB de CV SOFOM ER		45,900		45,801
Grupo GICSA SA de CV*		167,200		56,764
Fibra Uno Administracion SA de CV		32,500		32,734
Macquarie Mexico Real Estate Management SA de CV*		48,900		43,197
Qualitas Controladora SAB de CV		12,700		27,398
Vista Oil & Gas SAB de CV*		4,623		35,206
				278,007
Netherlands—0.5%
Heineken Holding NV		447		39,574
Philippines—0.8%
Melco Resorts And Entertainment Philippines Corp.*		428,200		59,391
Portugal—1.0%
Jeronimo Martins SGPS SA		6,483		77,427
Russia—2.4%
Gazprom Neft PJSC - SP ADR		1,344		36,804
Sberbank of Russia PJSC - SP ADR		2,483		29,614
Sberbank of Russia PJSC - SP ADR		3,541		41,961
Yandex NV, Class A*		2,610		76,995
				185,374
Singapore—1.6%
DBS Group Holdings Ltd.		3,000		53,574
United Overseas Bank Ltd.		2,900		53,248
Venture Corp Ltd.		1,400		15,329
				122,151
South Africa—6.4%
Adcock Ingram Holdings Ltd.		11,978		50,129
Barloworld Ltd.		8,973		74,463
Clover Industries Ltd.		37,581		48,296
Distell Group Holdings Ltd.		5,669		47,041
Imperial Holdings Ltd.		1,340		6,129
Liberty Holdings Ltd.		4,628		35,732
Motus Holdings Ltd.*		1,340		8,412
Naspers Ltd.		668		133,168
Pepkor Holdings Ltd.*		26,189		40,100
Telkom SA SOC Ltd.		12,553		51,367
				494,837
South Korea—13.2%
BNK Financial Group, Inc.		8,386		57,525
Daelim Industrial Co. Ltd.		317		26,825
DGB Financial Group, Inc.		5,595		44,027
Fila Korea Ltd.		390		17,719
Hana Financial Group, Inc.		3,197		107,486
Hanwha Corp.		2,799		75,178
Hyundai Hy Communications & Network Co Ltd.		2,997		11,741
Hyundai Mobis Co. Ltd.		439		70,741
Industrial Bank of Korea		2,212		29,302
KB Financial Group, Inc.		2,191		92,348
Kginicis Co. Ltd.		632		9,064
Kia Motors Corp.		857		23,332
KT Corp. - SP ADR		10,308		151,734
LG Uplus Corp.		2,759		43,625
Lotte Chemical Corp.		74		18,047
LS Industrial Systems Co. Ltd.		574		26,502
Samsung Electronics Co., Ltd.		4,426		165,847
SK Hynix, Inc.		826		51,592
				1,022,635

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

97 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Switzerland—1.1%
Glencore PLC*		23,239		86,628
Taiwan—3.8%
Catcher Technology Co Ltd.		5,000		43,241
CTBC Financial Holding Co. Ltd.		57,000		37,972
Fubon Financial Holding Co. Ltd.		39,000		61,984
Taiwan Semiconductor Manufacturing Co. Ltd.		20,000		147,706
				290,903
Thailand—0.5%
Tisco Financial Group PCL		14,100		34,369
Turkey—2.2%
Mavi Giyim Sanayi Ve Ticaret AS, Class B		11,347		81,963
Ulker Biskuvi Sanayi AS*		22,739		68,135
Yatas Yatak ve Yorgan Sanayi ve Ticaret AS*		20,766		17,451
				167,549
United Arab Emirates—1.0%
Aramex PJSC*		34,695		40,169
Emaar Malls PJSC*		75,543		37,059
				77,228
United Kingdom—4.0%
Atrium European Real Estate Ltd.*		7,619		29,413
Georgia Capital PLC*		4,987		68,948
Petra Diamonds Ltd.*		83,363		44,875
Rio Tinto PLC		1,948		89,027
TBC Bank Group PLC		4,120		78,593
				310,856
United States—4.2%
Air Lease Corp.		3,152		122,487
Broadcom, Inc.		49		11,633
Freeport-McMoRan, Inc.		544		6,495
Las Vegas Sands Corp.		1,912		105,045
Philip Morris International, Inc.		894		77,358
				323,018
TOTAL COMMON STOCKS
(Cost $6,795,401)				6,253,823
RIGHTS—0.0%
China—0.0%
Fosun International Ltd.*		58		0
TOTAL RIGHTS
(Cost $0)				0
SHORT-TERM INVESTMENTS—20.8%
Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio, 2.10%(a)		1,605,522		1,605,522
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,605,522)				1,605,522
TOTAL INVESTMENTS—101.8%
(Cost $8,400,923)				7,859,345
LIABILITIES IN EXCESS OF OTHER ASSETS—(1.8)%				(135,646	)
NET ASSETS—100.0%			$	7,723,699

ADR American Depositary Receipt

PLC Public Limited Company

SP ADR Sponsored American Depositary Receipt

* Non-income producing.

(a) Seven-day yield as of November 30, 2018.

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

98 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

REFERENCE COMPANY	COUNTERPARTY	EXPIRATION DATE	FINANCING RATE	PAYMENT FREQUENCY	NUMBER OF CONTRACTS LONG/(SHORT)		NOTIONAL AMOUNT		UNREALIZED APPRECIATION (DEPRECIATION)
Long
Brazil
Companhia de Gas	Goldman Sachs	9/15/2020	2.32	Monthly		1,600	$	24,227	$	1,070
China
Anhui Conch Cement	Goldman Sachs	9/15/2020	2.31	Monthly		5,300		24,480		(154	)
China National, Class H	Goldman Sachs	9/15/2020	1.01	Monthly		56,000		43,979		1,768
Henan Shuang Inv.	Goldman Sachs	9/15/2020	2.31	Monthly		9,300		30,732		(155	)
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A	Goldman Sachs	9/15/2020	2.31	Monthly		7,400		107,346		5,402
Kweichow Moutai	Goldman Sachs	9/15/2020	2.31	Monthly		800		65,389		599
Qingdao Haier Co. Ltd.	Goldman Sachs	9/15/2020	2.31	Monthly		10,400		20,759		(88	)
Wuliangye Yibin Co., Ltd., Class A	Goldman Sachs	9/15/2020	2.31	Monthly		16,400		124,678		4,985
								417,363		12,357
Hong Kong
China Traditional Chinese	Goldman Sachs	12/31/2021	1.01	Monthly		74,000		49,385		(816	)
CK Hutchison Holdings Ltd.	Goldman Sachs	9/15/2020	1.01	Monthly		2,500		26,223		144
Hang Lung Properties Ltd.	Goldman Sachs	9/15/2020	1.01	Monthly		13,000		26,394		783
Link Real Estate I NPV	Goldman Sachs	9/15/2020	1.01	Monthly		3,000		28,634		1,180
Wharf Real Estate	Goldman Sachs	9/15/2020	1.01	Monthly		7,000		42,219		(2,317	)
Wheelock & Company	Goldman Sachs	9/15/2020	1.01	Monthly		5,000		28,772		(5	)
								201,627		(1,031	)
Israel
Gazit-Globe Ltd.	Goldman Sachs	9/15/2020	0.11	Monthly		6,202		49,585		(1,452	)
Tamar Petroleum Ltd.	Goldman Sachs	9/15/2020	0.11	Monthly		3,508		15,413		58
								64,998		(1,394	)
Russia
Moscow Exchange	Goldman Sachs	9/15/2020	2.32	Monthly		14,100		18,838		(438	)
Sberbank of Russia PJSC	Goldman Sachs	9/15/2020	2.32	Monthly		27,400		69,062		(1,198	)
								87,900		(1,636	)
South Korea
Samsung Electronics Co., Ltd.	Goldman Sachs	9/15/2020	2.32	Monthly		6,913		209,079		(2,321	)
Taiwan
Foxconn Tech Co.	Goldman Sachs	9/15/2020	2.32	Monthly		27,000		54,738		719
United Kingdom
HSBC Holdings PLC	Goldman Sachs	12/31/2020	0.73	Monthly		5,547		47,180		1,521
Total Long								1,107,112		9,285
Net unrealized gain/(loss) on Contracts For Difference									$	9,285

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

99 

BOSTON PARTNERS INVESTMENT FUNDS

BOSTON PARTNERS EMERGING MARKETS FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

A summary of the inputs used to value the Fund’s investments carried at fair value as of November 30, 2018 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Common Stock
Argentina	$	49,027	$	49,027	$	-	$	-
Belgium		53,040		53,040		-		-
Brazil		247,029		32,273		214,756		-
China		1,130,114		456,802		673,312		-
Egypt		16,397		16,397		-		-
Hong Kong		609,998		189,609		420,389		-
Hungary		154,527		42,920		111,607		-
India		200,870		96,865		104,005		-
Indonesia		58,860		-		58,860		-
Macao		109,132		-		109,132		-
Japan		54,882		-		54,882		-
Mexico		278,007		242,801		-		35,206
Netherlands		39,574		-		39,574		-
Philippines		59,391		-		59,391		-
Portugal		77,427		-		77,427		-
Russia		185,374		118,956		66,418		-
Singapore		122,151		-		122,151		-
South Africa		494,837		281,077		213,760		-
South Korea		1,022,635		151,734		870,901		-
Switzerland		86,628		-		86,628		-
Taiwan		290,903		-		290,903		-
Thailand		34,369		-		34,369		-
Turkey		167,549		-		167,549		-
United Arab Emirates		77,228		-		77,228		-
United Kingdom		310,856		98,361		212,495		-
United States		323,018		323,018		-		-
Rights						-		-
China		-		-		-		-
Short-Term Investments		1,605,522		1,605,522		-		-
Contracts For Difference
Equity Contracts		18,229		-		18,229		-
Total Assets	$	7,877,574	$	3,758,402	$	4,083,966	$	35,206

	TOTAL			LEVEL 1		LEVEL 2			LEVEL 3
Contracts For Difference
Equity Contracts	$	(8,944	)	$	-	$	(8,944	)	$	-
Total Liabilities	$	(8,944	)	$	-	$	(8,944	)	$	-

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

100 

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 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 November 30, 2018 is included in each Fund’s Portfolio of Investments.

101 

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 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.

For the BP Emerging Markets Long/Short Fund, securities held as long positions with an end of period value of $2,936,313 transferred from Level 1 into Level 2. For the BP Emerging Markets Fund, securities held as long positions with an end of period value of $426,822 transferred from Level 1 into Level 2. These transfers occurred as a result of these securities being valued utilizing the international fair value pricing at November 30, 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.

102 

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

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

FUND	PURCHASED OPTIONS (COST)		WRITTEN OPTIONS (PROCEEDS)
BP Long/Short Equity Fund	$	71,290	$	4,933,289
BP Global Long/Short Fund		—		3,571,423

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.

103 

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 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	$	97,086,383	$	133,518,682
BP Global Long/Short Fund		—		20,242,384
BP Emerging Markets Long/Short Fund		18,237,937		19,472,859
BP Emerging Markets Fund		1,108,652		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.

104 

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 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.

105 

CAMPBELL DYNAMIC TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2018 (UNAUDITED)

		MATURITY
	COUPON*	DATE	PAR		VALUE
SHORT-TERM INVESTMENTS — 80.2%
U.S. TREASURY OBLIGATIONS — 80.2%
United States Treasury Bill	2.070%	12/20/18	$	2,815,000	$	2,812,147
United States Treasury Bill	2.112%	01/17/19		2,520,000		2,512,845
United States Treasury Bill	2.167%	02/21/19		3,685,000		3,666,002
United States Treasury Bill	2.319%	03/28/19		3,495,000		3,468,651
United States Treasury Bill	2.410%	04/25/19		2,835,000		2,807,579
United States Treasury Bill	2.470%	05/16/19		3,000,000		2,966,534
						18,233,758
TOTAL SHORT-TERM INVESTMENTS
(Cost $18,236,634)						18,233,758
TOTAL INVESTMENTS — 80.2%
(Cost $18,236,634)						18,233,758
OTHER ASSETS IN EXCESS OF LIABILITIES — 19.8%						4,493,096
NET ASSETS — 100.0%					$	22,726,854

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

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

106 

CAMPBELL DYNAMIC TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

Futures contracts outstanding as of November 30, 2018 were as follows:

LONG CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT		VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION)
10 Year Mini Japanese Government Bond	Dec-18	97	$	8,545,126	$	50,466
3-Month Euro Euribor	Dec-19	406		114,908,696		84,087
90-DAY Bank Bill	Mar-19	154		112,558,289		134
Amsterdam Index	Dec-18	3		352,660		(2,465	)
Australian 10-Year Bond	Dec-18	7		511,629		1,446
Australian 3-Year Bond	Dec-18	41		2,996,682		2,428
Brent Crude	Mar-19	1		59,580		(4,122	)
CAC40 10 Euro	Dec-18	3		169,476		(1,321	)
Canadian 10-Year Bond	Mar-19	7		526,851		2,101
DJIA Mini E-CBOT	Dec-18	5		638,475		5,850
Euro BUXL 30-Year Bond Futures	Mar-19	4		452,842		1,445
Euro Stoxx 50	Dec-18	1		35,808		(998	)
Euro-Bobl	Mar-19	32		3,622,737		5,057
Euro-Bund	Mar-19	14		1,584,948		4,354
Euro-Oat	Mar-19	15		1,698,158		1,941
Euro-Schatz	Mar-19	100		11,321,054		(677	)
Lean Hogs	Feb-19	1		27,020		507
Live Cattle	Feb-19	3		144,600		(99	)
London Metals Exchange Aluminum	Dec-18	14		688,363		(24,725	)
London Metals Exchange Copper	Dec-18	3		467,025		1,540
London Metals Exchange Nickel	Dec-18	6		401,346		(60,929	)
London Metals Exchange Zinc	Dec-18	7		454,125		8,526
Long Gilt	Mar-19	7		891,970		3,827
Nasdaq 100 E-Mini	Dec-18	2		277,980		2,241
Natural Gas	Jan-19	5		230,600		31,108
Nikkie 225 (Osaka Securities Exchange)	Dec-18	3		295,666		(15,374	)
Palladium	Mar-19	5		572,300		5,438
Russell 2000 E-Mini	Dec-18	1		76,730		(2,527	)
S&P 500 E-Mini	Dec-18	3		413,745		4,701
S&P/TSX 60 Index	Dec-18	1		137,388		570
SPI 200 Index	Dec-18	1		103,678		(3,309	)
Topix Index	Dec-18	1		146,941		(13,000	)
					$	88,221

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

107 

CAMPBELL DYNAMIC TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

SHORT CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT			VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION)
90-Day Euro	Dec-19	110	$	(27,500,000	)	$	(52,939	)
90-Day Sterling	Dec-19	17		(2,707,765	)		(1,007	)
Cattle Feeder Futures	Jan-19	3		(217,835	)		566
Cocoa	Mar-19	8		(176,240	)		2,446
Coffee	Mar-19	10		(403,313	)		37,395
Corn	Mar-19	31		(585,513	)		2,099
Cotton No.2	Mar-19	15		(591,825	)		8,965
Euro-BTP	Mar-19	1		(113,211	)		(601	)
FTSE/JSE TOP 40	Dec-18	13		(421,103	)		10,913
FTSE/MIB Index	Dec-18	3		(325,605	)		(4,236	)
Gasoline RBOB	Jan-19	4		(235,519	)		26,429
Gold 100 Oz	Feb-19	7		(858,200	)		2,783
IBEX 35 Index	Dec-18	2		(204,705	)		(2,572	)
London Metals Exchange Aluminum	Dec-18	14		(688,363	)		29,225
London Metals Exchange Aluminum	Mar-19	14		(687,488	)		7,680
London Metals Exchange Copper	Dec-18	3		(467,025	)		1,194
London Metals Exchange Copper	Mar-19	2		(309,825	)		(3,831	)
London Metals Exchange Nickel	Dec-18	6		(401,346	)		42,457
London Metals Exchange Nickel	Mar-19	7		(471,198	)		10,063
London Metals Exchange Zinc	Dec-18	7		(454,125	)		(7,023	)
London Metals Exchange Zinc	Mar-19	2		(126,750	)		(5,018	)
MSCI Singapore Exchange ETS	Dec-18	18		(457,315	)		(657	)
MSCI Taiwan Index	Dec-18	1		(36,350	)		(552	)
Platinum	Jan-19	7		(279,930	)		10,138
Silver	Mar-19	9		(639,750	)		17,708
Soybean	Jan-19	15		(671,063	)		(17,806	)
Sugar No. 11 (World)	Mar-19	1		(14,381	)		(93	)
U.S. Treasury 10-Year Notes	Mar-19	15		(1,506,008	)		(4,830	)
U.S. Treasury 2-Year Notes	Mar-19	104		(20,412,996	)		(16,400	)
U.S. Treasury 5-Year Notes	Mar-19	47		(4,681,086	)		(10,721	)
U.S. Treasury Long Bond (Chicago Board of Trade)	Mar-19	3		(353,740	)		(2,490	)
U.S. Treasury Ultra Long Bond (Chicago Board of Trade)	Mar-19	3		(302,817	)		(1,107	)
Wheat	Mar-19	19		(489,963	)		6,008
WTI Crude	Jan-19	1		(50,930	)		488
						$	84,674
Total Futures Contracts						$	172,895

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

108 

CAMPBELL DYNAMIC TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

Forward foreign currency contracts outstanding as of November 30, 2018 were as follows:

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION DATE	COUNTERPARTY	UNREALIZED APPRECIATION (DEPRECIATION)
AUD	2,900,000	USD	2,101,448	12/19/18	UBS	$	18,880
CAD	3,900,000	USD	3,014,980	12/19/18	UBS		(78,043	)
CHF	2,150,000	USD	2,200,016	12/19/18	UBS		(43,096	)
EUR	1,500,000	USD	1,745,847	12/19/18	UBS		(44,385	)
GBP	2,150,000	USD	2,825,551	12/19/18	UBS		(82,638	)
JPY	226,500,000	USD	2,008,770	12/19/18	UBS		(9,521	)
NOK	18,300,000	USD	2,242,487	12/19/18	UBS		(111,274	)
NZD	4,650,000	USD	3,121,259	12/19/18	UBS		76,149
SEK	17,550,000	USD	1,963,868	12/19/18	UBS		(32,114	)
USD	3,429,044	AUD	4,800,000	12/19/18	UBS		(80,464	)
USD	7,209,147	CAD	9,450,000	12/19/18	UBS		92,726
USD	3,419,910	CHF	3,350,000	12/19/18	UBS		59,127
USD	4,394,927	EUR	3,800,000	12/19/18	UBS		84,559
USD	5,361,452	GBP	4,150,000	12/19/18	UBS		66,992
USD	5,743,242	JPY	639,000,000	12/19/18	UBS		102,975
USD	4,650,960	NOK	38,850,000	12/19/18	UBS		126,499
USD	3,894,447	NZD	5,950,000	12/19/18	UBS		(196,860	)
USD	5,162,626	SEK	46,500,000	12/19/18	UBS		44,303
Total Forward Foreign Currency Contracts						$	(6,185	)

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.

109 

CAMPBELL DYNAMIC TREND FUND

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 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 the end of the reporting period, the net assets of the Subsidiary were $740,736, which represented 3.26% 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 currency 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	$	18,233,758	$	18,233,758	$	-	$	-
Commodity Contracts
Futures Contracts		252,763		252,763		-		-
Equity Contracts
Futures Contracts		24,275		24,275		-		-
Interest Rate Contracts
Futures Contracts		157,286		157,286		-		-
Foreign Currency Contracts
Forward Foreign Currency Contracts		672,210		-		672,210		-
Total Assets	$	19,340,292	$	18,668,082	$	672,210	$	-

	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Short-Term Investments	$	-		$	-		$	-		$	-
Commodity Contracts
Futures Contracts		(123,646	)		(123,646	)		-			-
Equity Contracts
Futures Contracts		(47,011	)		(47,011	)		-			-
Interest Rate Contracts
Futures Contracts		(90,772	)		(90,772	)		-			-
Foreign Currency Contracts
Forward Foreign Currency Contracts		(678,395	)		-			(678,395	)		-
Total Liabilities	$	(939,824	)	$	(261,429	)	$	(678,395	)	$	-

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

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

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

For the period ended November 30, 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 November 30, 2018, grouped by contract type and risk exposure category.

DERIVATIVE TYPE	COMMODITY CONTRACTS			EQUITY CONTRACTS			INTEREST RATE CONTRACTS			FOREIGN CURRENCY CONTRACTS			TOTAL
Asset Derivatives
Futures Contracts (a)	$	252,763		$	24,275		$	157,286		$	-		$	434,324
Forward Contracts (a)		-			-			-			672,210			672,210
Total Value - Assets	$	252,763		$	24,275		$	157,286		$	672,210		$	1,106,534
Liability Derivatives
Futures Contracts (a)	$	(123,646	)	$	(47,011	)	$	(90,772	)	$	-		$	(261,429	)
Forward Contracts (a)		-			-			-			(678,395	)		(678,395	)
Total Value - Liabilities	$	(123,646	)	$	(47,011	)	$	(90,772	)	$	(678,395	)	$	(939,824	)

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

110 

CAMPBELL DYNAMIC TREND FUND

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

For the period ended November 30 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)
$	195,886,691	$	(70,865,695	)	$	(52,125,260	)	$	52,210,237

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.

111 

FREE MARKET FUNDS

FREE MARKET U.S. EQUITY FUND

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2018 (UNAUDITED)

	Number of Shares		Value
DOMESTIC EQUITY FUNDS — 99.7%
iShares Core S&P 500 ETF		129,578	$	36,022,684
U.S. Large Cap Value Portfolio III (a)		35,088,000		927,375,838
U.S. Large Cap Value Series (b)		76,984		3,798,408
U.S. Large Company Portfolio (a)		19,963,216		429,009,509
U.S. Micro Cap Portfolio (c)		20,771,931		456,982,477
U.S. Small Cap Portfolio (c)		13,035,324		461,059,425
U.S. Small Cap Value Portfolio (c)		20,936,543		768,789,846
TOTAL DOMESTIC EQUITY FUNDS
(Cost $2,255,276,535)				3,083,038,187
SHORT-TERM INVESTMENTS — 0.2%
STIT-Government & Agency Portfolio, 2.11%*		7,120,875		7,120,875
TOTAL SHORT-TERM INVESTMENTS
(Cost $7,120,875)				7,120,875
TOTAL INVESTMENTS — 100.0%
(Cost $2,262,397,410)				3,090,159,062
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				1,453,536
NET ASSETS — 100.0%			$	3,091,612,598

* Seven-day yield as of November 30, 2018.

(a) A portfolio of Dimensional Investment Group Inc.

(b) A portfolio of DFA Investment Trust Company.

(c) 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.

112 

FREE MARKET FUNDS

FREE MARKET INTERNATIONAL EQUITY FUND

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2018 (UNAUDITED)

	Number of Shares/ Beneficial Interest		Value
INTERNATIONAL EQUITY FUNDS — 99.3%
Asia Pacific Small Company Portfolio (a)		1,300,056	$	27,756,186
Canadian Small Company Series (b)		2,700,087		25,569,038
Continental Small Company Portfolio (a)		1,208,726		28,779,774
Continental Small Company Series (b)		464,912		38,269,417
DFA International Small Cap Value Portfolio (a)		44,665,177		843,278,550
DFA International Value Portfolio III (c)		31,642,560		472,106,998
DFA International Value Series (b)		6,965,778		157,565,903
Emerging Markets Portfolio (a)		4,322,701		114,854,172
Emerging Markets Small Cap Portfolio (a)		5,410,071		107,498,101
Emerging Markets Value Portfolio (a)		3,827,666		106,294,290
Japanese Small Company Portfolio (a)		1,874,263		49,105,699
Large Cap International Portfolio (a)		5,022,220		107,073,724
United Kingdom Small Company Portfolio (a)		139,396		3,652,173
United Kingdom Small Company Series (b)		562,720		35,282,251
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $2,007,134,654)				2,117,086,276
SHORT-TERM INVESTMENTS — 0.6%
STIT-Government & Agency Portfolio, 2.11%*		13,752,438		13,752,438
TOTAL SHORT-TERM INVESTMENTS
(Cost $13,752,438)				13,752,438
TOTAL INVESTMENTS — 99.9%
(Cost $2,020,887,092)				2,130,838,714
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				1,849,991
NET ASSETS — 100.0%			$	2,132,688,705

* Seven-day yield as of November 30, 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.

113 

FREE MARKET FUNDS

FREE MARKET FIXED INCOME FUND

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2018 (UNAUDITED)

	Number of Shares		Value
FIXED INCOME FUNDS — 99.4%
DFA Five-Year Global Fixed Income Portfolio (a)		64,835,364	$	709,298,878
DFA Inflation-Protected Securities Portfolio (a)		12,592,541		142,547,565
DFA Intermediate Government Fixed Income Portfolio (a)		14,206,177		170,474,119
DFA One-Year Fixed Income Portfolio (a)		40,010,658		410,509,352
DFA Short-Term Government Portfolio (a)		10,893,242		113,616,510
DFA Two-Year Global Fixed Income Portfolio (a)		42,593,348		425,081,610
iShares Intermediate-Term Corporate Bond ETF		3,277,494		170,921,312
iShares Short-Term Corporate Bond ETF		13,196,477		679,750,530
TOTAL FIXED INCOME FUNDS
(Cost $2,863,652,142)				2,822,199,876
SHORT-TERM INVESTMENTS — 0.6%
STIT-Government & Agency Portfolio, 2.11%*		17,220,830		17,220,830
TOTAL SHORT-TERM INVESTMENTS
(Cost $17,220,830)				17,220,830
TOTAL INVESTMENTS — 100.0%
(Cost $2,880,872,972)				2,839,420,706
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%				1,259,601
NET ASSETS — 100.0%			$	2,840,680,307

* Seven-day yield as of November 30, 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.

114 

FREE MARKET FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 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 November 30, 2018, in valuing the Funds’ investments carried at fair value:

FREE MARKET U.S. EQUITY FUND

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE*
Domestic Equity Funds	$	3,083,038,187	$	3,079,239,779	$	-	$	-	$	3,798,408
Short-Term Investments		7,120,875		7,120,875		-		-		-
Total Investments*	$	3,090,159,062	$	3,086,360,654	$	-	$	-	$	3,798,408

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Portfolio of Investments.

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

FREE MARKET INTERNATIONAL EQUITY FUND

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE*
International Equity Funds	$	2,117,086,276	$	1,860,399,667	$	-	$	-	$	256,686,609
Short-Term Investments		13,752,438		13,752,438		-		-		-
Total Investments*	$	2,130,838,714	$	1,874,152,105	$	-	$	-	$	256,686,609

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Portfolio of Investments.

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

FREE MARKET FIXED INCOME FUND

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE*
Fixed Income Funds	$	2,822,199,876	$	2,822,199,876	$	-	$	-	$	-
Short-Term Investments		17,220,830		17,220,830		-		-		-
Total Investments*	$	2,839,420,706	$	2,839,420,706	$	-	$	-	$	-

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Portfolio of Investments.

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

115 

FREE MARKET FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 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 November 30, 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.

116 

MATSON MONEY VI PORTFOLIOS

MATSON MONEY U.S. EQUITY VI PORTFOLIO

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2018 (UNAUDITED)

	Number of Shares		Value
DOMESTIC EQUITY FUNDS — 100.9%
U.S. Large Cap Value Portfolio III (a)		232,254	$	6,138,465
U.S. Large Company Portfolio (a)		154,666		3,323,763
U.S. Micro Cap Portfolio (b)		159,599		3,511,180
U.S. Small Cap Portfolio (b)		99,939		3,534,845
U.S. Small Cap Value Portfolio (b)		63,853		2,344,681
VA U.S. Large Value Portfolio (b)		35,449		943,288
VA U.S. Targeted Value Portfolio (b)		185,430		3,526,880
TOTAL DOMESTIC EQUITY FUNDS
(Cost $21,588,459)				23,323,102
SHORT-TERM INVESTMENTS — 1.1%
STIT-Government & Agency Portfolio, 2.11%*		265,258		265,258
TOTAL SHORT-TERM INVESTMENTS
(Cost $265,258)				265,258
TOTAL INVESTMENTS — 102.0%
(Cost $21,853,717)				23,588,360
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.0)%				(461,559	)
NET ASSETS — 100.0%			$	23,126,801

* Seven-day yield as of November 30, 2018.

(a) A portfolio of Dimensional Investment Group Inc.

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

Portfolio holdings are subject to change at any time.

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

117 

MATSON MONEY VI PORTFOLIOS

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2018 (UNAUDITED)

	Number of Shares		Value
INTERNATIONAL EQUITY FUNDS — 100.6%
DFA International Small Cap Value Portfolio (a)		250,969	$	4,738,291
DFA International Value Portfolio III (b)		340,701		5,083,266
Emerging Markets Portfolio (a)		34,421		914,560
Emerging Markets Small Cap Portfolio (a)		43,191		858,204
Emerging Markets Value Portfolio (a)		30,494		846,814
Large Cap International Portfolio (a)		31,831		678,638
VA International Small Portfolio (a)		238,921		2,890,950
VA International Value Portfolio (a)		69,778		840,129
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $17,279,659)				16,850,852
SHORT-TERM INVESTMENTS — 1.1%
STIT-Government & Agency Portfolio, 2.11%*		183,814		183,814
TOTAL SHORT-TERM INVESTMENTS
(Cost $183,814)				183,814
TOTAL INVESTMENTS — 101.7%
(Cost $17,463,473)				17,034,666
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.7)%				(290,616	)
NET ASSETS — 100.0%			$	16,744,050

* Seven-day yield as of November 30, 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.

118 

MATSON MONEY VI PORTFOLIOS

MATSON MONEY FIXED INCOME VI PORTFOLIO

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2018 (UNAUDITED)

	Number of Shares		Value
FIXED INCOME FUNDS — 101.2%
DFA Five-Year Global Fixed Income Portfolio (a)		267,214	$	2,923,321
DFA Inflation Protected Securities Portfolio (a)		129,291		1,463,573
DFA Intermediate Government Fixed Income Portfolio (a)		146,682		1,760,181
DFA One-Year Fixed Income Portfolio (a)		327,973		3,365,007
DFA Short-Term Government Portfolio (a)		112,060		1,168,787
DFA Two-Year Global Fixed Income Portfolio (a)		439,838		4,389,582
iShares 1-3 Year Credit Bond ETF		136,651		7,038,893
iShares Intermediate Credit Bond ETF		33,638		1,754,222
VA Global Bond Portfolio (a)		408,165		4,387,773
VA Short-Term Fixed Income Portfolio (a)		56,804		585,080
TOTAL FIXED INCOME FUNDS
(Cost $29,278,079)				28,836,419
SHORT-TERM INVESTMENTS — 1.6%
STIT-Government & Agency Portfolio, 2.11%*		452,785		452,785
TOTAL SHORT-TERM INVESTMENTS
(Cost $452,785)				452,785
TOTAL INVESTMENTS — 102.8%
(Cost $29,730,864)				29,289,204
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.8)%				(801,579	)
NET ASSETS — 100.0%			$	28,487,625

* Seven-day yield as of November 30, 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.

119 

MATSON MONEY VI PORTFOLIOS

NOTES TO PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 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 November 30, 2018, in valuing the Funds’ investments carried at fair value:

MATSON MONEY U.S. EQUITY VI PORTFOLIO

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Domestic Equity Funds	$	23,323,102	$	23,323,102	$	-	$	-
Short-Term Investments		265,258		265,258		-		-
Total Investments*	$	23,588,360	$	23,588,360	$	-	$	-

* 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	$	16,850,852	$	16,850,852	$	-	$	-
Short-Term Investments		183,814		183,814		-		-
Total Investments*	$	17,034,666	$	17,034,666	$	-	$	-

* 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	$	28,836,419	$	28,836,419	$	-	$	-
Short-Term Investments		452,785		452,785		-		-
Total Investments*	$	29,289,204	$	29,289,204	$	-	$	-

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

120 

MATSON MONEY VI PORTFOLIOS

NOTES TO PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 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 November 30, 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.

121 

MOTLEY FOOL GLOBAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Common Stocks — 96.0%
Aerospace & Defense — 1.6%
Axon Enterprise, Inc. (United States) (a)*		150,000	$	6,520,500
Air Freight & Logistics — 2.2%
XPO Logistics, Inc. (United States)*		124,000		9,406,640
Auto Components — 1.1%
Gentex Corp. (United States) (a)		200,000		4,504,000
Banks — 4.9%
Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		343,129		6,004,757
Bank of Georgia Group PLC (Georgia)		263,132		4,597,103
HDFC Bank Ltd., ADR (India)		100,000		10,142,000
				20,743,860
Beverages — 1.3%
Anheuser-Busch InBev SA/NV, SP ADR (Belgium) (a)		70,500		5,419,335
Capital Markets — 0.9%
Georgia Capital PLC (Georgia)*		263,132		3,637,940
Commercial Services & Supplies — 1.1%
KAR Auction Services, Inc. (United States) (a)		77,708		4,440,235
Consumer Finance — 1.3%
Gentera SAB de CV (Mexico)		7,200,000		5,313,222
Electronic Equipment, Instruments & Components — 2.5%
IPG Photonics Corp. (United States) (a)*		72,000		10,234,800
Lagercrantz Group AB, Class B (Sweden)		29,296		296,928
				10,531,728
Equity Real Estate Investment Trusts — 4.9%
American Tower Corp. (United States)		64,000		10,527,360
SBA Communications Corp. (United States)*		60,000		10,248,600
				20,775,960
Food & Staples Retailing — 2.2%
Costco Wholesale Corp. (United States)		40,000		9,251,200
Food Products — 2.4%
Nestle SA (Switzerland)		68,694		5,860,491
Nippon Indosari Corpindo Tbk PT (Indonesia)		54,234,800		4,294,179
				10,154,670
Health Care Equipment & Supplies — 9.7%
Align Technology, Inc. (United States) (a)*		40,500		9,310,545
Medtronic PLC (Ireland)		205,272		20,020,178
ResMed, Inc. (United States)		102,000		11,402,580
				40,733,303
Health Care Providers & Services — 4.4%
NMC Health PLC (United Arab Emirates)		435,482		18,379,411
Hotels, Restaurants & Leisure — 4.6%
Starbucks Corp. (United States)		195,000		13,010,400
Yum China Holdings, Inc. (China)		171,251		6,135,923
				19,146,323
Internet & Direct Marketing Retail — 8.8%
Amazon.com, Inc. (United States)*		15,100		25,521,567
Ctrip.com International Ltd., ADR (China)*		200,752		5,791,695
Zooplus AG (Germany)*		33,200		5,488,381
				36,801,643

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

122 

MOTLEY FOOL GLOBAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Internet Software & Services — 6.9%
Alphabet, Inc., Class C (United States)*		9,024		9,876,137
GrubHub, Inc. (United States) (a)*		50,000		3,914,500
MercadoLibre, Inc. (Argentina) (a)*		23,287		8,196,325
Tencent Holdings Ltd. (China)		180,000		7,196,156
				29,183,118
IT Services — 6.4%
Mastercard, Inc., Class A (United States)		93,300		18,759,831
PayPal Holdings, Inc. (United States)*		94,900		8,143,369
				26,903,200
Life Sciences Tools & Services — 1.1%
Horizon Discovery Group PLC (United Kingdom)*		2,135,499		4,775,607
Machinery — 0.7%
Fanuc Corp. (Japan)		16,000		2,751,870
Media — 0.9%
Multiplus SA (Brazil)		278,600		1,793,933
System1 Group PLC (United Kingdom)		700,000		2,069,370
				3,863,303
Multiline Retail — 1.8%
Mitra Adiperkasa Tbk PT (Indonesia)		123,010,000		7,531,701
Real Estate Management & Development — 1.0%
Jones Lang LaSalle, Inc. (United States)		30,000		4,296,000
Semiconductors & Semiconductor Equipment — 1.9%
Taiwan Semiconductor Manufacturing Co., Ltd., SP ADR (Taiwan)		215,000		8,081,850
Software — 13.1%
Atlassian Corp. PLC, Class A (Australia)*		132,000		11,344,080
Douzone Bizon Co., Ltd. (South Korea)		149,798		6,681,504
Everbridge, Inc. (United States) (a)*		150,000		8,215,500
Paycom Software, Inc. (United States) (a)*		93,230		12,378,147
Splunk, Inc. (United States)*		93,300		10,424,409
Ultimate Software Group, Inc. (The) (United States)*		24,450		6,452,844
				55,496,484
Trading Companies & Distributors — 3.5%
Fastenal Co. (United States) (a)		84,000		4,977,840
Watsco, Inc. (United States) (a)		62,000		9,529,400
				14,507,240
Transportation Infrastructure — 1.6%
International Container Terminal Services, Inc. (Philippines)		3,750,000		6,688,764
Wireless Telecommunication Services — 3.2%
SoftBank Group Corp. (Japan)		160,000		13,507,146
Total Common Stocks (Cost $272,714,631)				403,346,253
Participatory Notes — 0.9%
Air Freight & Logistics — 0.9%
Aramex PJSC (United Arab Emirates) (b)*		3,134,000		3,628,479
Total Participatory Notes (Cost $2,790,802)				3,628,479
Investments Purchased with Proceeds From Securities Lending Collateral — 14.2%
Mount Vernon Liquid Assets Portfolio, LLC 2.40%		59,769,264		59,769,264
Total Investments Purchased with Proceeds From Securities Lending Collateral (Cost $59,769,264)				59,769,264
Short-Term Investments — 3.1%
U.S. Bank Money Market Deposit Account, 2.15% (United States) (c)		12,958,648		12,958,648
Total Short-Term Investments (Cost $12,958,648)				12,958,648
Total Investments (Cost $348,233,345) — 114.2%				479,702,644
Liabilities in Excess of Other Assets — (14.2)%				(59,644,924	)
NET ASSETS — 100.0%
(Applicable to 17,915,808 shares outstanding)			$	420,057,720

* Non-income producing security.

ADR American Depositary Receipt

PLC Public Limited Company

SP ADR Sponsored ADR

(a) All or a portion of the security is on loan. At November 30, 2018, the market value of securities on loan was $58,790,333.

(b) 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 November 30, 2018, the total market value of Rule 144A securities was $3,628,479 and represents 0.9% of net assets.

(c) The rate shown is as of November 30, 2018.

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

123 

MOTLEY FOOL SMALL-MID CAP GROWTH FUND

SCHEDULE OF INVESTMENTS

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Common Stocks — 98.1%
Air Freight & Logistics — 7.2%
CH Robinson Worldwide, Inc. (United States)		46,000	$	4,247,180
XPO Logistics, Inc. (United States)*		215,000		16,309,900
				20,557,080
Auto Components — 5.7%
Gentex Corp. (United States) (a)		300,000		6,756,000
LCI Industries (United States) (a)		124,670		9,646,964
				16,402,964
Automobiles — 2.7%
Thor Industries, Inc. (United States)		115,000		7,798,150
Banks — 3.1%
Carter Bank & Trust (United States)*		199,600		3,483,020
Lakeland Financial Corp. (United States) (a)		60,000		2,778,000
SVB Financial Group (United States)*		10,000		2,548,100
				8,809,120
Biotechnology — 1.8%
Ionis Pharmaceuticals, Inc. (United States)*		89,100		5,193,639
Capital Markets — 2.6%
Diamond Hill Investment Group, Inc. (United States)		43,959		7,398,300
Commercial Services & Supplies — 1.7%
KAR Auction Services, Inc. (United States)		85,000		4,856,900
Electronic Equipment, Instruments & Components — 4.0%
IPG Photonics Corp. (United States) (a)*		49,500		7,036,425
NLight, Inc. (United States) (a)*		235,000		4,488,500
				11,524,925
Equity Real Estate Investment Trusts — 5.1%
SBA Communications Corp. (United States)*		55,000		9,394,550
STAG Industrial, Inc. (United States)		195,000		5,224,050
				14,618,600
Food Products — 1.8%
McCormick & Co., Inc. (United States) (a)		34,000		5,100,000
Health Care Equipment & Supplies — 16.4%
Align Technology, Inc. (United States) (a)*		41,000		9,425,490
Cooper Companies, Inc. (The) (United States)		46,400		12,937,712
NuVasive, Inc. (United States)*		81,549		5,193,856
ResMed, Inc. (United States)		99,000		11,067,210
Varian Medical Systems, Inc. (United States) (a)*		67,000		8,267,130
				46,891,398
Health Care Technology — 1.6%
Teladoc, Inc. (United States) (a)*		75,000		4,683,750
Hotels, Restaurants & Leisure — 4.3%
Texas Roadhouse, Inc. (United States) (a)		184,929		12,210,862
Household Durables — 0.5%
TRI Pointe Group, Inc. (United States) (a)*		120,000		1,497,600
Household Products — 3.3%
Church & Dwight Co., Inc. (United States)		141,600		9,372,504
Insurance — 3.2%
Markel Corp. (United States) (a)*		7,900		9,038,706

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

124 

MOTLEY FOOL SMALL-MID CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Internet Software & Services — 2.5%
GrubHub, Inc. (United States) (a)*		90,000		7,046,100
IT Services — 1.5%
Broadridge Financial Solutions, Inc. (United States)		40,000		4,234,800
Leisure Products — 2.2%
Hasbro, Inc. (United States) (a)		68,615		6,243,965
Machinery — 1.8%
Proto Labs, Inc. (United States) (a)*		40,000		5,147,600
Real Estate Management & Development — 4.9%
Jones Lang LaSalle, Inc. (United States)		72,500		10,382,000
Newmark Group, Inc., Class A (United States)		437,237		3,672,791
				14,054,791
Software — 15.0%
Alarm.com Holdings, Inc. (United States) (a)*		80,000		4,068,000
Everbridge, Inc. (United States) (a)*		60,000		3,286,200
Paycom Software, Inc. (United States) (a)*		85,000		11,285,450
Paylocity Holding Corp. (United States) (a)*		131,000		8,787,480
Splunk, Inc. (United States)*		87,000		9,720,510
Ultimate Software Group, Inc. (The) (United States)*		21,000		5,542,320
				42,689,960
Specialty Retail — 1.5%
Tractor Supply Co. (United States)		44,800		4,261,824
Trading Companies & Distributors — 3.7%
Fastenal Co. (United States) (a)		96,750		5,733,405
Watsco, Inc. (United States) (a)		31,000		4,764,700
				10,498,105
Total Common Stocks (Cost $182,922,110)				280,131,643
Investments Purchased with Proceeds From Securities Lending Collateral — 23.5%
Mount Vernon Liquid Assets Portfolio, LLC, 2.40%		67,115,882		67,115,882
Total Investments Purchased with Proceeds From Securities Lending Collateral (Cost $67,115,882)				67,115,882
Short-Term Investments — 1.8%
U.S. Bank Money Market Deposit Account, 2.15% (United States) (b)		5,225,699		5,225,699
Total Short-Term Investments (Cost $5,225,699)				5,225,699
Total Investments (Cost $255,263,691) — 123.4%				352,473,224
Liabilities in Excess of Other Assets — (23.4)%				(67,001,148	)
NET ASSETS — 100.0%
(Applicable to 11,878,616 shares outstanding)			$	285,472,076

* Non-income producing security.

(a) All or a portion of the security is on loan. At November 30, 2018, the market value of securities on loan was $65,679,392.

(b) The rate shown is as of November 30, 2018.

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

125 

MOTLEY FOOL EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Common Stocks — 97.7%
Banks — 13.1%
Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		45,000	$	787,500
Bank of Georgia Group PLC (Georgia)		30,000		524,121
Credicorp Ltd. (Peru)		7,500		1,644,675
HDFC Bank Ltd., ADR (India)		13,350		1,353,957
				4,310,253
Beverages — 1.3%
Coca-Cola Icecek AS (Turkey)		75,000		420,576
Capital Markets — 1.3%
Georgia Capital PLC (Georgia)*		30,000		414,766
Consumer Finance — 3.0%
Gentera SAB de CV (Mexico)		1,350,000		996,229
Diversified Telecommunication Services — 1.2%
Telkom SA SOC Ltd. (South Africa)		100,000		409,200
Food & Staples Retailing — 1.2%
CP ALL PCL, NVDR (Thailand)		190,000		394,961
Food Products — 2.4%
Nippon Indosari Corpindo Tbk PT (Indonesia)		10,022,700		793,573
Health Care Equipment & Supplies — 7.0%
Top Glove Corp., Bhd (Malaysia)		1,600,000		2,290,009
Health Care Providers & Services — 11.1%
Georgia Healthcare Group PLC (Georgia) (a)*		90,000		264,342
NMC Health, PLC (United Arab Emirates)		50,000		2,110,238
Odontoprev SA (Brazil)		350,000		1,258,319
				3,632,899
Hotels, Restaurants & Leisure — 4.7%
Yum China Holdings, Inc. (China)		43,500		1,558,605
Internet & Direct Marketing Retail — 2.9%
Ctrip.com International Ltd., ADR (China)*		33,300		960,705
Internet Software & Services — 17.9%
Alibaba Group Holding Ltd., SP ADR (China)*		8,200		1,319,052
Baidu, Inc., SP ADR (China)*		5,250		988,470
MercadoLibre, Inc. (Argentina)*		5,000		1,759,850
Tencent Holdings Ltd. (China)		45,600		1,823,026
				5,890,398

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

126 

MOTLEY FOOL EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Media — 1.2%
Multiplus SA (Brazil)		60,000		386,346
Multiline Retail — 4.4%
Mitra Adiperkasa Tbk PT (Indonesia)		23,420,000		1,433,968
Real Estate Management & Development — 0.6%
Lippo Karawaci Tbk PT (Indonesia)		10,000,000		185,164
Semiconductors & Semiconductor Equipment — 3.1%
Taiwan Semiconductor Manufacturing Co., Ltd., SP ADR (Taiwan)		27,500		1,033,725
Software — 5.2%
Douzone Bizon Co., Ltd. (South Korea)		38,000		1,694,930
Transportation Infrastructure — 11.9%
DP World Ltd. (United Arab Emirates)		42,000		687,120
Grupo Aeroportuario del Pacifico SAB de CV, ADR (Mexico)		11,500		800,630
Grupo Aeroportuario del Sureste SAB de CV, ADR (Mexico)		6,400		857,280
International Container Terminal Services, Inc. (Philippines)		645,000		1,150,468
TAV Havalimanlari Holding AS (Turkey)		95,000		427,190
				3,922,688
Wireless Telecommunication Services — 4.2%
Safaricom Ltd. (Kenya)		4,000,000		928,780
Vodacom Group Ltd. (South Africa)		50,000		452,920
				1,381,700
Total Common Stocks (Cost $27,899,307)				32,110,695
Short-Term Investments — 2.1%
U.S. Bank Money Market Deposit Account, 2.15% (United States) (b)		682,911		682,911
Total Short-Term Investments (Cost $682,911)				682,911
Total Investments (Cost $28,582,218) — 99.8%				32,793,606
Other Assets in Excess of Liabilities — 0.2%				78,193
NET ASSETS — 100.0%
(Applicable to 2,543,655 shares outstanding)			$	32,871,799

* 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 November 30, 2018, the total market value of Rule 144A securities was $264,342 and represents 0.8% of net assets.

(b) The rate shown is as of November 30, 2018.

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

127 

MOTLEY FOOL FUNDS

NOTES TO SCHEDULE OF INVESTMENTS

NOVEMBER 30, 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 the inputs used, as of November 30, 2018, in valuing the Funds’ investments carried at fair value:

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE^
GLOBAL OPPORTUNITIES FUND
Common Stocks	$	403,346,253	$	323,132,906	$	80,213,347	$	-	$	-
Participatory Notes		3,628,479		3,628,479		-		-		-
Investments Purchased with Proceeds From Securities Lending Collateral		59,769,264		-		-		-		59,769,264
Short-Term Investments		12,958,648		12,958,648		-		-		-
Total Investments*	$	479,702,644	$	339,720,033	$	80,213,347	$	-	$	59,769,264
SMALL-MID CAP GROWTH FUND
Common Stocks	$	280,131,643	$	280,131,643	$	-	$	-	$	-
Investments Purchased with Proceeds From Securities Lending Collateral		67,115,882		-		-		-		67,115,882
Short-Term Investments		5,225,699		5,225,699		-		-		-
Total Investments*	$	352,473,224	$	285,357,342	$	-	$	-	$	67,115,882
EMERGING MARKETS FUND
Common Stocks	$	32,110,695	$	18,301,700	$	13,808,995	$	-	$	-
Short-Term Investments		682,911		682,911		-		-		-
Total Investments*	$	32,793,606	$	18,984,611	$	13,808,995	$	-	$	-

* Please refer to Schedule of Investments for further details.

^ Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments.

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

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

For the period ended November 30, 2018, the Global Opportunities Fund had significant transfers from Level 1 to Level 2 of $8,225,581 due to fair value pricing. The Emerging Markets Fund had significant transfers from Level 1 to Level 2 of $1,782,441 and from Level 2 to Level 1 of $1,602,322 due to fair value pricing. The Small-Mid Cap Growth Fund did not have any transfers between Level 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.

128 

MOTLEY FOOL 100 INDEX ETF

SCHEDULE OF INVESTMENTS

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Common Stocks — 99.8%
Aerospace & Defense — 0.3%
Textron, Inc. (United States)		3,247	$	182,287
TransDigm Group, Inc. (United States)*		675		244,127
				426,414
Air Freight & Logistics — 0.6%
FedEx Corp. (United States) (a)		3,727		853,483
Airlines — 1.1%
American Airlines Group, Inc. (United States)		6,028		242,085
Delta Air Lines, Inc. (United States) (a)		9,020		547,604
Southwest Airlines Co. (United States)		7,494		409,247
United Continental Holdings, Inc. (United States)*		3,562		344,445
				1,543,381
Automobiles — 1.0%
Ford Motor Co. (United States)		54,822		515,875
Tesla, Inc. (United States)*		2,532		887,415
				1,403,290
Banks — 6.3%
Bank of America Corp. (United States)		136,846		3,886,426
JPMorgan Chase & Co. (United States)		45,496		5,058,700
SVB Financial Group (United States)*		722		183,973
				9,129,099
Beverages — 0.3%
Monster Beverage Corp. (United States) (a)*		7,538		449,868
Biotechnology — 3.6%
Amgen, Inc. (United States)		8,350		1,738,887
Biogen, Inc. (United States)*		2,541		847,982
BioMarin Pharmaceutical, Inc. (United States)*		2,329		223,654
Celgene Corp. (United States)*		9,180		662,980
Gilead Sciences, Inc. (United States)		16,287		1,171,687
Vertex Pharmaceuticals, Inc. (United States)*		3,132		566,234
				5,211,424
Capital Markets — 1.3%
CME Group, Inc. (United States)		4,579		870,377
Intercontinental Exchange, Inc. (United States)		7,906		646,078
Moody’s Corp. (United States) (a)		2,702		429,807
				1,946,262
Chemicals — 0.8%
Ecolab, Inc. (United States) (a)		3,839		616,121
Sherwin-Williams Co. (The) (United States)		1,270		538,569
				1,154,690

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

129 

MOTLEY FOOL 100 INDEX ETF

SCHEDULE OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Commercial Services & Supplies — 0.2%
Cintas Corp. (United States)		1,518		284,443
Communications Equipment — 0.3%
Arista Networks, Inc. (United States)*		999		238,241
Palo Alto Networks, Inc. (United States) (a)*		1,284		222,068
				460,309
Consumer Finance — 0.9%
American Express Co. (United States)		11,770		1,321,418
Diversified Financial Services — 5.0%
Berkshire Hathaway, Inc., Class B (United States)*		33,228		7,251,679
Electronic Equipment, Instruments & Components — 0.2%
Corning, Inc. (United States)		10,600		341,532
Entertainment — 1.1%
Netflix, Inc. (United States)*		5,432		1,554,258
Equity Real Estate Investment Trusts — 1.4%
American Tower Corp. (United States)		5,972		982,334
Crown Castle International Corp. (United States)		5,588		642,061
Equinix, Inc. (United States)		1,086		418,414
				2,042,809
Food & Staples Retailing — 0.9%
Costco Wholesale Corp. (United States)		5,768		1,334,023
Food Products — 0.2%
McCormick & Co., Inc. (United States) (a)		1,765		264,750
Health Care Equipment & Supplies — 1.7%
ABIOMED, Inc. (United States)*		483		160,684
Align Technology, Inc. (United States) (a)*		1,045		240,235
Becton Dickinson and Co. (United States)		3,511		887,405
IDEXX Laboratories, Inc. (United States)*		1,122		228,619
Intuitive Surgical, Inc. (United States)*		1,473		781,972
ResMed, Inc. (United States)		1,858		207,706
				2,506,621
Health Care Providers & Services — 3.9%
CVS Health Corp. (United States) (a)		13,548		1,086,550
HCA Healthcare, Inc. (United States)		4,394		632,692
McKesson Corp. (United States)		2,613		325,318
UnitedHealth Group, Inc. (United States)		12,721		3,579,181
				5,623,741
Health Care Technology — 0.2%
Cerner Corp. (United States)*		4,373		253,240
Hotels, Restaurants & Leisure — 1.2%
Marriott International, Inc., Class A (United States)		4,542		522,466
Starbucks Corp. (United States)		17,263		1,151,788
				1,674,254
Industrial Conglomerates — 1.4%
3M Co. (United States)		7,768		1,615,123
Roper Technologies, Inc. (United States)		1,446		430,315
				2,045,438

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

130 

MOTLEY FOOL 100 INDEX ETF

SCHEDULE OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Insurance — 0.5%
Aflac, Inc. (United States)		10,044		459,412
Markel Corp. (United States)*		183		209,378
				668,790
Interactive Media & Services — 0.1%
Match Group, Inc. (United States) (a)*		3,586		144,408
Internet & Direct Marketing Retail — 8.0%
Amazon.com, Inc. (United States)*		6,188		10,458,772
Booking Holdings, Inc. (United States)*		601		1,137,020
				11,595,792
Internet Software & Services — 11.3%
Alphabet, Inc., Class C (United States)*		8,989		9,837,831
Altaba, Inc. (United States)*		7,799		511,537
eBay, Inc. (United States)*		13,651		407,482
Facebook, Inc., Class A (United States)*		37,576		5,283,562
Twitter, Inc. (United States)*		10,189		320,444
				16,360,856
IT Services — 6.4%
Broadridge Financial Solutions, Inc. (United States)		1,506		159,440
Cognizant Technology Solutions Corp., Class A (United States)		7,689		547,688
Mastercard, Inc., Class A (United States)		13,464		2,707,207
PayPal Holdings, Inc. (United States)*		15,920		1,366,095
Square, Inc., Class A (United States)*		4,798		335,092
Visa, Inc., Class A (United States) (a)		28,886		4,093,435
				9,208,957
Life Sciences Tools & Services — 0.4%
Illumina, Inc. (United States)*		1,849		624,037
Machinery — 0.2%
Cummins, Inc. (United States)		2,127		321,305
Media — 3.4%
Comcast Corp., Class A (United States)		64,059		2,498,941
Discovery, Inc., Class A (United States)*		8,794		270,152
Walt Disney Co. (The) (United States)		18,538		2,140,954
				4,910,047
Metals & Mining — 0.2%
Nucor Corp. (United States)		4,134		249,735
Oil, Gas & Consumable Fuels — 0.4%
Kinder Morgan, Inc. (United States)		30,143		514,541
Pharmaceuticals — 3.7%
Johnson & Johnson (United States)		36,422		5,350,392
Professional Services — 0.2%
Verisk Analytics, Inc. (United States)*		2,165		266,988
Semiconductors & Semiconductor Equipment — 4.1%
Broadcom, Inc. (United States)		5,238		1,243,553
Intel Corp. (United States)		59,370		2,927,535
Lam Research Corp. (United States) (a)		2,058		323,024
NVIDIA Corp. (United States) (a)		7,895		1,290,280
Skyworks Solutions, Inc. (United States)		2,266		164,897
				5,949,289

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

131 

MOTLEY FOOL 100 INDEX ETF

SCHEDULE OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Software — 14.4%
Activision Blizzard, Inc. (United States)		9,635		480,594
Adobe Systems, Inc. (United States)*		6,482		1,626,269
Electronic Arts, Inc. (United States)*		3,794		318,961
Intuit, Inc. (United States)		3,377		724,468
Microsoft Corp. (United States)		100,589		11,154,314
Oracle Corp. (United States)		50,613		2,467,890
Red Hat, Inc. (United States) (a)*		2,498		446,043
Salesforce.com, Inc. (United States) (a)*		9,813		1,400,904
ServiceNow, Inc. (United States) (a)*		2,307		427,418
Splunk, Inc. (United States)*		1,911		213,516
VMware, Inc., Class A (United States)*		5,415		906,146
Workday, Inc., Class A (United States)*		2,839		465,596
				20,632,119
Specialty Retail — 3.3%
Home Depot, Inc. (The) (United States)		15,336		2,765,387
Lowe’s Cos, Inc. (United States)		10,754		1,014,855
TJX Cos, Inc. (The) (United States)		15,936		778,474
Ulta Beauty, Inc. (United States)*		799		237,934
				4,796,650
Technology Hardware, Storage & Peripherals — 7.7%
Apple, Inc. (United States)		62,319		11,128,927
Textiles, Apparel & Luxury Goods — 1.1%
NIKE, Inc., Class B (United States)		20,958		1,574,365
Wireless Telecommunication Services — 0.5%
T-Mobile US, Inc. (United States) (a)*		10,848		742,546
Total Common Stocks (Cost $138,676,749)				144,116,170
Investments Purchased with Proceeds from Securities Lending Collateral — 6.2%
Mount Vernon Liquid Assets Portfolio, LLC, 2.40%		8,988,216		8,988,216
Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $8,988,216)				8,988,216
Short-Term Investments — 0.1%
First American Treasury Obligations Fund Class X, 2.14% (United States) (b)		85,637		85,637
Total Short-Term Investments (Cost $85,637)				85,637
Total Investments (Cost $147,750,602) — 106.1%				153,190,023
Liabilities in Excess of Other Assets — (6.1)%				(8,849,906	)
NET ASSETS — 100.0%
(Applicable to 7,000,000 shares outstanding)			$	144,340,117

* Non-income producing security.

(a) All or a portion of the security is on loan. At November 30, 2018, the market value of securities on loan was $8,945,574.

(b) Seven-day yield as of November 30, 2018.

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

132 

MOTLEY FOOL 100 INDEX ETF

NOTES TO SCHEDULE OF INVESTMENTS

NOVEMBER 30, 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 November 30, 2018, in valuing the Fund’s investments carried at fair value:

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE^
Common Stocks	$	144,116,170	$	144,116,170	$	-	$	-	$	-
Investments Purchased with Proceeds From Securities Lending Collateral		8,988,216		-		-		-		8,988,216
Short-Term Investments		85,637		85,637		-		-		-
Total Investments*	$	153,190,023	$	144,201,807	$	-	$	-	$	8,988,216

* Please refer to Schedule of Investments for further details.

^ Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments.

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

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

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

For the period ended November 30, 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.

133 

MOTLEY FOOL SMALL-CAP GROWTH ETF

SCHEDULE OF INVESTMENTS

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Common Stocks — 98.1%
Aerospace & Defense — 2.0%
Axon Enterprise, Inc. (United States)*		24,048	$	1,045,367
Auto Components — 2.8%
Fox Factory Holding Corp. (United States)*		23,102		1,471,828
Biotechnology — 8.6%
Editas Medicine, Inc. (United States)*		29,003		903,733
Ionis Pharmaceuticals, Inc. (United States)*		31,700		1,847,793
Miragen Therapeutics, Inc. (United States)*		143,800		500,424
Spark Therapeutics, Inc. (United States)*		29,800		1,255,474
				4,507,424
Building Products — 3.6%
Trex Co, Inc. (United States)*		29,408		1,874,172
Electronic Equipment, Instruments & Components — 5.3%
NLight, Inc. (United States)*		146,300		2,794,330
Equity Real Estate Investment Trusts — 2.9%
STAG Industrial, Inc. (United States)		57,200		1,532,388
Health Care Equipment & Supplies — 13.7%
Globus Medical, Inc., Class A (United States)*		30,506		1,473,135
Inogen, Inc. (United States)*		8,638		1,272,896
iRhythm Technologies, Inc. (United States)*		18,639		1,380,777
NuVasive, Inc. (United States)*		25,009		1,592,823
Penumbra, Inc. (United States)*		10,700		1,489,654
				7,209,285
Health Care Providers & Services — 6.2%
BioTelemetry, Inc. (United States)*		24,418		1,732,213
HealthEquity, Inc. (United States)*		16,900		1,498,861
				3,231,074

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

134 

MOTLEY FOOL SMALL-CAP GROWTH ETF

SCHEDULE OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Health Care Technology — 4.2%
Teladoc, Inc. (United States)*		35,500		2,216,975
Hotels, Restaurants & Leisure — 3.7%
Shake Shack, Inc., Class A (United States)*		34,600		1,922,030
Machinery — 5.4%
John Bean Technologies Corp. (United States)		14,400		1,188,576
Proto Labs, Inc. (United States)*		12,646		1,627,414
				2,815,990
Pharmaceuticals — 3.3%
Akcea Therapeutics, Inc. (United States)*		51,700		1,752,113
Real Estate Management & Development — 8.0%
Jones Lang LaSalle, Inc. (United States)		15,100		2,162,320
Newmark Group, Inc., Class A (United States)		242,137		2,033,951
				4,196,271
Road & Rail — 3.0%
Landstar System, Inc. (United States)		14,500		1,581,660
Software — 20.9%
Alarm.com Holdings, Inc. (United States)*		33,368		1,696,763
Everbridge, Inc. (United States)*		40,006		2,191,128
Paylocity Holding Corp. (United States)*		37,500		2,515,500
Q2 Holdings, Inc. (United States)*		28,600		1,552,694
Smartsheet, Inc., Class A (United States)*		63,202		1,700,134
Zuora, Inc., Class A (United States)*		72,400		1,377,772
				11,033,991
Trading Companies & Distributors — 4.5%
Watsco, Inc. (United States)		15,200		2,336,240
Total Common Stocks (Cost $50,950,046)				51,521,138
Short-Term Investments — 1.9%
First American Treasury Obligations Fund Class X, 2.14% (United States) (a)		970,923		970,923
Total Short-Term Investments (Cost $970,923)				970,923
Total Investments (Cost $51,920,969) — 100.0%				52,492,061
Liabilities in Excess of Other Assets — 0.0%				(10,730	)
NET ASSETS — 100.0%
(Applicable to 2,500,000 shares outstanding)			$	52,481,331

* Non-income producing security.

(a) Seven-day yield as of November 30, 2018.

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

135 

MOTLEY FOOL SMALL-CAP GROWTH ETF

NOTES TO SCHEDULE OF INVESTMENTS

NOVEMBER 30, 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 November 30, 2018, in valuing the Fund’s investments carried at fair value:

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Common Stocks	$	51,521,138	$	51,521,138	$	-	$	-
Short-Term Investments		970,923		970,923		-		-
Total Investments*	$	52,492,061	$	52,492,061	$	-	$	-

* Please refer to Schedule of Investments for further details.

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

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

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

For the period ended November 30, 2018, there were no transfers between Levels 1, 2 and 3 for the Fund.

136 

ORINDA INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
COMMON STOCKS - 0.5%
Real Estate - 0.5%
Landmark Infrastructure Partners LP (a)		55,671	$	752,115
Summit Industrial Income REIT (a)(c)		50,000		350,356
				1,102,471
TOTAL COMMON STOCKS
(Cost $974,425)				1,102,471
REITS - 69.0%
Financials - 23.8%
AGNC Investment Corp. - Series C, 7.00% (3 Month LIBOR USD + 5.11%) (a)(b)		61,800		1,584,552
Annaly Capital Management, Inc. - Series F, 6.95% (3 Month LIBOR USD + 4.99%) (a)(b)		164,481		4,097,222
Annaly Capital Management, Inc. - Series G, 6.50% (3 Month LIBOR USD + 4.17%) (a)(b)		34,270		815,626
Apollo Commercial Real Estate Finance, Inc. (a)		45,000		852,300
Arbor Realty Trust, Inc. (a)(b)		135,000		1,599,750
ARMOUR Residential REIT, Inc. - Series B, 7.88% (a)		97,320		2,431,054
Chimera Investment Corp. - Series A, 8.00% (a)		128,625		3,240,064
Chimera Investment Corp. - Series B, 8.00% (3 Month LIBOR USD + 5.79%) (a)(b)		212,775		5,415,124
Chimera Investment Corp. - Series C, 7.75% (3 Month LIBOR USD + 4.74%) (a)(b)		132,000		3,273,600
Exantas Capital Corp., 8.63% (3 Month LIBOR USD + 5.93%) (a)(b)		190,912		4,789,982
Granite Point Mortgage Trust, Inc. (a)		69,100		1,310,136
Great Ajax Corp., 7.25% (a)		24,350		599,984
Invesco Mortgage Capital, Inc. - Series C, 7.50% (3 Month LIBOR USD + 5.29%) (a)(b)		143,016		3,521,054
KKR Real Estate Finance Trust, Inc. (a)		50,000		975,000
New Residential Investment Corp. (a)		285,409		4,909,035
PennyMac Mortgage Investment Trust - Series A, 8.13% (3 Month LIBOR USD + 5.83%) (a)(b)		88,379		2,194,450
PennyMac Mortgage Investment Trust - Series B, 8.00% (3 Month LIBOR USD + 5.99%) (a)(b)		164,395		4,026,033
Starwood Property Trust, Inc. (a)		40,000		894,800
Sunstone Hotel Investors, Inc. (a)		14,973		228,488
TPG RE Finance Trust, Inc. (a)		104,700		2,063,637
Two Harbors Investment Corp. - Series A, 8.13% (3 Month LIBOR USD + 5.66%) (a)(b)		86,400		2,232,576
Two Harbors Investment Corp. - Series C, 7.25% (3 Month LIBOR USD + 5.01%) (a)(b)		64,139		1,548,957
Two Harbors Investment Corp. - Series E, 7.50% (a)		89,017		2,131,067
				54,734,491
Real Estate - 45.2%
American Homes 4 Rent - Series D		161		3,679
American Homes 4 Rent - Series H		600		13,956
Ashford Hospitality Trust, Inc. - Series D, 8.45% (a)		100,480		2,543,149
Ashford Hospitality Trust, Inc. - Series F, 7.38% (a)		176,356		3,846,324
Ashford Hospitality Trust, Inc. - Series H, 7.50% (a)		180,000		3,936,600
Ashford Hospitality Trust, Inc. - Series I, 7.50% (a)		231,254		5,076,025
Bluerock Residential Growth REIT, Inc. (a)		203,707		1,853,734
Bluerock Residential Growth REIT, Inc. - Series C, 7.63% (a)		156,553		3,827,721
Bluerock Residential Growth REIT, Inc. - Series D, 7.13% (a)		77,899		1,720,789
Braemar Hotels & Resorts, Inc. - Series D, 8.25% (a)		41,600		956,800
CBL & Associates Properties, Inc. - Series D, 7.38% (a)		258,019		3,669,030
City Office REIT, Inc. (a)		141,893		1,552,309
City Office REIT, Inc. - Series A, 6.63% (a)		43,496		1,025,636
Colony Capital, Inc. - Series B, 8.25% (a)		60,349		1,484,585
Colony Capital, Inc. - Series E, 8.75% (a)		438,751		10,815,212
Colony Capital, Inc. - Series G, 7.50% (a)		77,505		1,685,734
Colony Capital, Inc. - Series H, 7.13% (a)		380,309		7,720,273
Colony Capital, Inc. - Series I, 7.15% (a)		247,000		5,038,800
Colony Capital, Inc. - Series J, 7.13% (a)		224,534		4,558,040
Global Medical REIT, Inc. - Series A, 7.50% (a)		101,381		2,502,083
Global Net Lease, Inc. (a)		65,000		1,312,350
Global Net Lease, Inc. - Series A, 7.25% (a)		122,644		3,041,571
Hersha Hospitality Trust - Series E, 6.50% (a)		8,752		178,978
Independence Realty Trust, Inc. (a)		110,000		1,111,000
iStar, Inc. - Series D, 8.00% (a)		177,796		4,284,884
iStar, Inc. - Series I, 7.50% (a)		193,208		4,287,286
Jernigan Capital, Inc. - Series B, 7.00% (a)		141,453		3,362,338
Lexington Realty Trust (a)		65,000		570,700
QTS Realty Trust, Inc. - Series B, 6.50% (a)		25,000		2,537,250
QTS Realty Trust, Inc. - Series A, 7.13% (a)		78,839		1,949,688
RLJ Lodging Trust - Series A, 1.95% (a)		428,980		10,874,643
Seritage Growth Properties - Series A, 7.00% (a)		71,082		1,659,765
UMH Properties, Inc. - Series C, 6.75% (a)		50,600		1,143,560
UMH Properties, Inc. - Series D, 6.38% (a)		76,225		1,699,817
Washington Prime Group, Inc. - Series H, 7.50% (a)		86,420		1,705,931
WPT Industrial Real Estate Investment Trust (c)		12,300		157,686
				103,707,926
TOTAL REITS				158,442,417
(Cost $163,781,421)

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

137 

ORINDA INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
PREFERRED STOCKS - 31.6%
Energy - 7.4%
DCP Midstream LP - Series B, 7.88% (3 Month LIBOR USD + 4.92%) (a)(b)		95,000		2,147,000
Energy Transfer Partners LP - Series C, 7.38% (3 Month LIBOR USD + 4.53%) (a)(b)		95,000		2,137,500
Energy Transfer Partners LP - Series D, 7.625% (3 Month LIBOR USD + 4.74%) (a)(b)		45,000		1,036,350
GasLog Partners LP - Series A, 8.63% (3 Month LIBOR USD + 6.31%) (a)(b)(c)		41,500		1,051,610
GasLog Partners LP - Series B, 8.20% (3 Month LIBOR USD + 5.84%) (a)(b)(c)		46,000		1,108,600
GasLog Partners LP - Series C, 8.50% (3 Month LIBOR USD + 5.32%) (a)(b)		25,000		596,000
NGL Energy Partners LP - Series B, 9.00% (3 Month LIBOR USD + 7.21%) (a)(b)		70,000		1,606,500
NuStar Energy LP - Series A, 8.50% (3 Month LIBOR USD + 6.77%) (a)(b)		60,000		1,291,800
NuStar Energy LP - Series B, 7.63% (3 Month LIBOR USD + 5.64%) (a)(b)		25,000		485,000
NuStar Energy LP - Series C, 9.00% (3 Month LIBOR USD + 6.88%) (a)(b)		50,000		1,101,000
Teekay LNG Partners LP - Series B, 8.50% (3 Month LIBOR USD + 6.24%) (a)(b)(c)		107,500		2,547,750
Tsakos Energy Navigation Ltd. - Series E, 9.25% (3 Month LIBOR USD + 6.88%) (a)(b)(c)		24,300		557,077
Tsakos Energy Navigation Ltd. - Series F, 9.50% (T-BILL 1MO + 6.54%) (a)(b)(c)		59,256		1,387,183
				17,053,370
Financials - 14.1%
AG Mortgage Investment Trust, Inc. - Series A, 8.25% (a)		11,000		278,575
AG Mortgage Investment Trust, Inc. - Series B, 8.00% (a)		40,819		1,019,250
AGNC Investment Corp. - Series B, 7.75% (a)		93,383		2,389,671
Annaly Capital Management, Inc. - Series C, 7.63% (a)		8,425		211,973
Annaly Capital Management, Inc. - Series D, 7.50% (a)		30,984		777,389
Apollo Commercial Real Estate Finance, Inc. - Series C, 8.00% (a)		330,363		8,259,075
Arbor Realty Trust, Inc. - Series A, 8.25% (a)		45,261		1,154,155
Arbor Realty Trust, Inc. - Series B, 7.75% (a)		18,323		461,740
Arbor Realty Trust, Inc. - Series C, 8.50% (a)		77,373		1,955,216
Capstead Mortgage Corp. - Series E, 7.50% (a)		45,293		1,127,796
Compass Diversified Holdings - Series A, 7.25% (a)		34,788		654,362
Cowen, Inc., 7.35% (a)		63,700		1,580,397
GMAC Capital Trust I - Series 2, 8.40% (3 Month LIBOR USD + 5.79%) (a)(b)		67,500		1,721,250
Invesco Mortgage Capital, Inc. - Series A, 7.75% (a)		77,700		1,943,277
Invesco Mortgage Capital, Inc. - Series B, 7.75% (3 Month LIBOR USD + 5.18%) (a)(b)		165,097		4,290,871
MFA Financial, Inc. - Series B, 7.50% (a)		59,000		1,469,690
Oaktree Capital Group LLC - Series A, 6.63% (a)		24,295		590,125
Oaktree Capital Group LLC - Series B, 6.55% (a)		50,000		1,196,500
Ready Capital Corp. 7.00% (a)		49,941		1,252,770
				32,334,082
Industrials - 0.8%
Seaspan Corp. - Series H, 7.88% (a)(c)		44,575		1,054,199
Seaspan Corp. - Series I, 8.00% (3 Month LIBOR USD + 5.01%) (a)(b)		30,000		720,000
				1,774,199
Real Estate - 9.3%
Ashford Hospitality Trust, Inc. - Series G, 7.38% (a)		236,514		5,108,702
Bluerock Residential Growth REIT, Inc. - Series A, 8.25% (a)		185,120		4,639,440
Hersha Hospitality Trust - Series D, 6.50% (a)		139,455		2,843,488
iStar, Inc. - Series G, 7.65% (a)		107,046		2,376,421
Landmark Infrastructure Partners LP - Series B, 7.90% (a)		76,800		1,643,520
STAG Industrial, Inc. - Series C, 6.88% (a)		9,700		250,357
Summit Hotel Properties, Inc. - Series D, 6.45% (a)		11,779		272,684
UMH Properties, Inc. - Series B, 8.00% (a)		29,590		758,392
VEREIT, Inc. - Series F, 6.70% (a)		139,746		3,372,071
				21,265,075
TOTAL PREFERRED STOCKS				72,426,726
(Cost $72,606,776)
CONVERTIBLE PREFERRED STOCKS - 5.0%
Real Estate - 5.0%
CorEnergy Infrastructure Trust, Inc. - Series A, 7.38% (a)		166,446		3,963,079
Wheeler Real Estate Investment Trust, Inc. - Series B, 9.00% (a)		147,961		2,470,949
Wheeler Real Estate Investment Trust, Inc. - Series D, 8.75% (a)		277,607		4,994,150
				11,428,178
TOTAL CONVERTIBLE PREFERRED STOCKS				11,428,178
(Cost $13,815,295)

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

138 

ORINDA INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	PRINCIPAL AMOUNT		VALUE
CONVERTIBLE BONDS - 1.5%
Financials - 1.5%
Western Asset Mortgage Capital Corp.
6.75%, 10/01/2022 (a)		3,500,000		3,409,455
TOTAL CONVERTIBLE BONDS				3,409,455
(Cost $3,500,000)
CORPORATE BONDS - 0.7%
Financials - 0.4%
Uniti Group LP / Uniti Fiber Holdings Inc. / CSL Capital LLC,
7.13%, 12/15/2024 (a)(d)		1,000,000		890,000
Real Estate - 0.3%
CBL & Associates Properties, Inc.
5.25%, 12/01/2023 (a)		1,000,000		832,500
TOTAL CORPORATE BONDS				1,722,500
(Cost $1,850,590)
EXCHANGE TRADED FUNDS - 0.6%
Direxion Daily 20+ Year Treasury Bear 3x Shares (a)		60,000		1,302,600
TOTAL EXCHANGE TRADED FUNDS				1,302,600
(Cost $1,133,577)
MUTUAL FUNDS - 0.6%
Oaktree Specialty Lending Corp. (a)		284,027		1,351,968
TOTAL MUTUAL FUNDS				1,351,968
(Cost $1,366,905)
PURCHASED OPTIONS - 0.0%
		CONTRACTS
Put Options - 0.0%
iShares U.S. Real Estate ETF
Expiration December 2018, Exercise Price: $77.00		2,000		50,000
Vanguard Real Estate ETF
Expiration December 2018, Exercise Price: $78.00		2,000		76,000
TOTAL PURCHASED OPTIONS				126,000
(Cost $961,357)
		NUMBER OF SHARES
SHORT-TERM INVESTMENTS - 0.9%
STIT-Treasury Obligations Portfolio, 2.11% ( e)		2,019,175		2,019,175
TOTAL SHORT-TERM INVESTMENTS				2,019,175
(Cost $2,019,175)
TOTAL INVESTMENTS
(Cost $262,009,521) - 110.4%				253,331,490
LIABILITIES IN EXCESS OF OTHER ASSETS - (10.4)%				(23,839,979	)
TOTAL NET ASSETS - 100.0%			$	229,491,511

Percentages are stated as a percent of net assets.

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

(b) Variable Rate Security. The rate shown represents the rate at November 30, 2018.

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

(d) 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 November 30, 2018 the total market value of Rule 144A securities was $890,000 and represents 0.4% of net assets.

( e) Seven-day yield as of November 30, 2018.

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

139 

ORINDA INCOME OPPORTUNITIES FUND

SCHEDULE OF SECURITIES SOLD SHORT

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES			VALUE
EXCHANGE TRADED FUNDS - (5.2%)
Real Estate - (2.6%)
Invesco KBW Premium Yield Equity REIT ETF		(30,713	)	$	(958,553	)
Vanguard REIT ETF		(60,000	)		(4,918,800	)
					(5,877,353	)
Finance and Insurance - (2.6%)
iShares Mortgage Real Estate ETF		(90,000	)		(3,921,300	)
iShares US Preferred Stock ETF		(60,000	)		(2,110,800	)
					(6,032,100	)
TOTAL EXCHANGE TRADED FUNDS					(11,909,453	)
(Proceeds $11,946,226)
REITS - (1.8%)
Real Estate - (1.8%)
CBL & Associates Properties, Inc.		(424,583	)		(1,108,161	)
Clipper Realty, Inc.		(32,906	)		(424,487	)
Colony Capital, Inc.		(103,718	)		(638,903	)
Seritage Growth Properties		(21,869	)		(829,710	)
Washington Prime Group, Inc.		(197,707	)		(1,235,669	)
					(4,236,930	)
TOTAL REITS					(4,236,930	)
(Proceeds $4,621,573)
TOTAL SECURITIES SOLD SHORT				$	(16,146,383	)
(Proceeds $16,567,799) - (7.0%)

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

140 

ORINDA INCOME OPPORTUNITIES FUND

SCHEDULE OF OPTIONS WRITTEN

NOVEMBER 30, 2018 (UNAUDITED)

	COUNTERPARTY	CONTRACTS			NOTIONAL COST			VALUE
PUT OPTIONS
iShares U.S. Real Estate ETF
Expiration: December 2018, Exercise Price: $71.00	N/A		(500	)	$	(4,089,000	)	$	(1,000	)
Expiration: December 2018, Exercise Price: $72.00	N/A		(1,000	)		(8,178,000	)		(3,000	)
Vanguard Real Estate ETF
Expiration: December 2018, Exercise Price: $73.00	N/A		(1,000	)		(8,198,000	)		(10,000	)
Expiration: December 2018, Exercise Price: $74.00	N/A		(1,000	)		(8,198,000	)		(10,000	)
TOTAL PUT OPTIONS									(24,000	)
TOTAL OPTIONS WRITTEN								$	(24,000	)
(Premiums received $271,776)

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

141 

ORINDA INCOME OPPORTUNITIES FUND

NOTES TO SCHEDULE OF INVESTMENTS

NOVEMBER 30, 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.

The following is a summary of inputs used, as of November 30, 2018, in valuing the Fund’s investments carried at fair value:

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets
Common Stocks
Real Estate	$	1,102,471	$	1,102,471	$	-	$	-
Total Common Stocks		1,102,471		1,102,471		-		-
REITs
Financials		54,734,491		54,734,491		-		-
Real Estate		103,707,926		103,550,240		157,686		-
Total REITs		158,442,417		158,284,731		157,686		-
Preferred Stocks
Energy		17,053,370		16,496,293		557,077		-
Financials		32,334,082		30,802,737		1,531,345		-
Industrials		1,774,199		1,774,199		-		-
Real Estate		21,265,075		21,014,718		250,357		-
Total Preferred Stocks		72,426,726		70,087,947		2,338,779		-
Convertible Preferred Stocks
Real Estate		11,428,178		8,957,229		2,470,949		-
Total Convertible Preferred Stocks		11,428,178		8,957,229		2,470,949		-
Convertible Bonds
Financials		3,409,455		-		3,409,455		-
Total Convertible Bonds		3,409,455		-		3,409,455		-
Corporate Bonds								-
Financials		1,722,500		-		1,722,500		-
Total Corporate Bonds		1,722,500		-		1,722,500		-
Exchange Traded Funds		1,302,600		1,302,600		-		-
Mutual Funds		1,351,968		1,351,968		-		-
Purchased Options		126,000		126,000		-		-
Short-Term Investments		2,019,175		2,019,175		-		-
Total Investments in Securities	$	253,331,490	$	243,232,121	$	10,099,369	$	-
Total Assets	$	253,331,490	$	243,232,121	$	10,099,369	$	-
Liabilities
Securities Sold Short	$	16,146,383	$	16,146,383	$	-	$	-
Written Options		24,000		24,000		-		-
Total Liabilities	$	16,170,383	$	16,170,383	$	-	$	-

142 

ORINDA INCOME OPPORTUNITIES FUND

NOTES TO SCHEDULE OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 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 value pricing are categorized as Level 2 in the hierarchy.

Transfers between levels are recognized at the end of the reporting period. The Fund transferred $3,715,644 from Level 1 to Level 2 at Novemeber 30, 2018, because the securities were priced at the mean of the last bid and ask prices prior to the market close. The Fund transferred $7,627,665 from Level 2 to Level 1 at November 30, 2018, because these securities were now being priced at the official 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.

143 

THE SCHNEIDER FUNDS

SCHNEIDER SMALL CAP VALUE FUND

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2018 (UNAUDITED)

	Number of Shares		Value
COMMON STOCKS — 98.8%
Auto Parts & Equipment — 3.8%
Adient PLC		57,749	$	1,367,496
Banks — 7.2%
HomeStreet, Inc.		65,715		1,749,334
KeyCorp*		30,031		550,772
MidWestOne Financial Group, Inc.		10,081		289,728
				2,589,834
Building Materials — 1.2%
Builders FirstSource, Inc.		31,029		419,822
Chemicals — 1.8%
Koppers Holdings, Inc.		14,866		277,102
Venator Materials PLC*(a)		73,612		392,352
				669,454
Commercial Services — 4.6%
Herc Holdings, Inc.*		34,494		1,230,401
Hudson Global, Inc.		299,138		418,793
				1,649,194
Insurance — 9.1%
Assured Guaranty Ltd.		43,426		1,772,649
Brighthouse Financial, Inc.		37,709		1,518,165
				3,290,814
Machinery - Diversified — 5.9%
Intevac, Inc.		448,933		2,118,964
Manufacturing — 3.5%
Arconic, Inc.*		10,443		224,316
Intrepid Potash, Inc.		111,380		369,782
Manitowoc Company, Inc., (The)		33,438		660,400
				1,254,498
Mining — 10.9%
C&J Energy Services, Inc.		101,664		1,746,588
Cameco Corp.*		28,038		333,091
Transocean Ltd.*(a)		199,550		1,851,824
				3,931,503
Oil & Gas — 20.6%
Chesapeake Energy Corp.*(a)		496,139		1,448,726
Halcon Resources Corp.(a)		1,083,861		3,034,811
MRC Global, Inc.		51,523		810,457
NOW, Inc.		8,571		115,623
Ocean Rig UDW, Inc.*		38,700		1,073,151
QEP Resources, Inc.*		93,315		749,319
WildHorse Resource Development Corp.*		12,500		231,000
				7,463,087
Oil & Gas Services — 2.0%
Weatherford International PLC*(a)		1,244,253		711,712
Pharmaceuticals — 1.1%
Mallinckrodt PLC*(a)		16,936		402,907
Plastics Product Manufacturing — 4.4%
Newell Brands, Inc.		68,793		1,609,756
Real Estate Investment Trust — 6.4%
Alexander & Baldwin, Inc.*		35,562		737,200
Boardwalk Real Estate Investment Trust(a)		49,991		1,564,719
				2,301,919

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

144 

THE SCHNEIDER FUNDS

SCHNEIDER SMALL CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	Number of Shares		Value
Retail — 1.6%
Tuesday Morning Corp.(a)		240,151		588,370
Semiconductors — 1.2%
Veeco Instruments, Inc.*		47,885		419,473
Telecommunications — 8.4%
Aviat Networks, Inc.*		183,442		2,680,083
UTStarcom Holdings Corp.		96,555		344,701
				3,024,784
Transportation — 5.1%
Ardmore Shipping Corp.*		71,196		419,344
Scorpio Tankers, Inc.(a)		590,453		1,222,238
Stolt-Nielsen Ltd*		15,875		191,074
				1,832,656
TOTAL COMMON STOCKS
(Cost $46,254,867)				35,646,243
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL — 32.4%
Mount Vernon Liquid Assets Portfolio, LLC, 2.40%		11,703,065		11,703,065
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
(Cost $11,703,065)				11,703,065
SHORT-TERM INVESTMENTS — 1.1%
First American Government Obligations Fund, 2.12%		410,750		410,750
TOTAL SHORT-TERM INVESTMENTS
(Cost $410,750)				410,750
TOTAL INVESTMENTS — 132.3%
(Cost $58,368,682)				47,760,058
LIABILITIES IN EXCESS OF OTHER ASSETS — (32.3)%				(11,647,492	)
NET ASSETS — 100.0%			$	36,112,566

^* Non-income producing security.

PLC Public Limited Company

^(a) All or a portion of the security is on loan. At November 30, 2018, the market value of securities on loan was $10,139,428.

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

145 

THE SCHNEIDER FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 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 market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use Fair Value Pricing as discussed in the Fund’s prospectus). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors. Relying on prices supplied by by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

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

• Level 1 — 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 the end of the reporting period, in valuing the Fund’s investments carried at fair value:

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE*
Common Stocks	$	35,646,243	$	35,646,243	$	-	$	-	$	-
Investments Purchased with Proceeds from Securities Lending Collateral		11,703,065		-		-		-		11,703,065
Short-Term Investments		410,750		410,750		-		-		-
Total**	$	47,760,058	$	36,056,993	$	-	$	-	$	11,703,065

* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Portfolio of Investments.

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

146 

THE SCHNEIDER FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 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.

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.

147 

SUMMIT GLOBAL INVESTMENTS

SMALL CAP LOW VOLATILITY FUND

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
COMMON STOCKS - 92.2%
Agriculture — 0.9%
Limoneira Co.		12,900	$	311,406
Airlines — 1.0%
Hawaiian Holdings, Inc.		9,100		365,274
Apparel — 3.0%
Oxford Industries, Inc.		4,100		329,599
Steven Madden Ltd.		11,300		364,199
Unifi, Inc.*		12,500		347,125
				1,040,923
Auto Parts & Equipment — 0.9%
Meritor, Inc.*		19,200		316,800
Banks — 8.8%
Bryn Mawr Bank Corp.		8,200		322,424
Carolina Financial Corp.		10,000		343,600
First Bancshares, Inc., (The)		9,600		338,112
Great Southern Bancorp, Inc.		6,700		363,676
Heritage Commerce Corp.		22,800		325,812
National Commerce Corp.*		8,800		363,792
Opus Bank		16,400		354,240
Preferred Bank		5,900		302,198
QCR Holdings, Inc.		8,500		313,225
				3,027,079
Biotechnology — 1.1%
Emergent BioSolutions, Inc.*		5,200		378,768
Building Materials — 1.8%
Boise Cascade Co.		11,400		303,012
PGT Innovations, Inc.*		16,000		308,320
				611,332
Chemicals — 1.9%
Quaker Chemical Corp.		1,700		350,608
Sensient Technologies Corp.		5,000		321,300
				671,908
Commercial Services — 6.0%
Carriage Services, Inc.		20,304		345,980
Forrester Research, Inc.		8,000		373,920
ICF International, Inc.		4,800		336,144
Korn/Ferry International		7,000		342,790
SP Plus Corp.*		10,600		321,286
Willdan Group, Inc.*		9,700		365,593
				2,085,713
Communications Equipment — 1.0%
Ituran Location and Control Ltd., (Israel)		10,210		338,053
Cosmetics & Personal Care — 0.9%
Edgewell Personal Care Co.*		7,600		317,680
Electric — 7.8%
ALLETE, Inc.		4,500		366,210
Atlantica Yield PLC		16,000		313,920
Clearway Energy, Inc.		16,600		303,116
El Paso Electric Co.		5,800		321,030
NorthWestern Corp.		5,400		345,384
PNM Resources, Inc.		8,300		358,726
Portland General Electric Co.		7,100		341,865
Unitil Corp.		6,898		349,728
				2,699,979
Electronics — 0.9%
Celestica, Inc., (Canada)*		31,500		324,135
Engineering & Construction — 1.0%
Comfort Systems USA, Inc.		6,400		337,024
Food — 0.8%
Sprouts Farmers Market, Inc.*		12,400		285,448

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

148 

SUMMIT GLOBAL INVESTMENTS

SMALL CAP LOW VOLATILITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Gas — 2.8%
AmeriGas Partners LP		8,600		319,576
Chesapeake Utilities Corp.		4,000		344,160
Southwest Gas Holdings, Inc.		4,100		322,957
				986,693
Healthcare-Products — 2.9%
NuVasive, Inc.*		5,700		363,033
OraSure Technologies, Inc.*		23,500		298,450
Orthofix Medical, Inc.*		6,000		361,500
				1,022,983
Healthcare-Services — 3.2%
Ensign Group, Inc., (The)		7,900		358,423
LHC Group, Inc.*		3,800		398,506
Triple-S Management Corp.*		19,348		369,160
				1,126,089
Insurance — 2.0%
Essent Group Ltd.*		8,700		335,472
White Mountains Insurance Group Ltd.		400		371,500
				706,972
Internet — 1.8%
Despegar.com Corp.*		19,900		297,306
ePlus, Inc.*		4,010		327,818
				625,124
Investment Companies — 0.9%
Compass Diversified Holdings		21,300		325,677
Leisure Time — 2.1%
Nautilus, Inc.*		27,700		357,607
LCI Industries		4,800		371,424
				729,031
Lodging — 1.8%
Marcus Corp., (The)		8,100		343,926
Playa Hotels & Resorts NV*		37,295		282,696
				626,622
Machinery-Diversified — 1.9%
Applied Industrial Technologies, Inc.		4,900		319,627
Manitowoc Co Inc/The*		16,900		333,775
				653,402
Mining — 0.9%
Materion Corp.		6,220		328,914
Miscellaneous Manufacturing — 0.9%
GP Strategies Corp.*		22,773		301,514
Oil & Gas Services — 0.8%
C&J Energy Services, Inc.*		16,400		281,752
Pharmaceuticals — 1.1%
Taro Pharmaceutical Industries Ltd.*		3,500		377,720
Real Estate — 1.0%
Marcus & Millichap, Inc.*		9,800		357,602
REITS — 17.2%
Apple Hospitality REIT, Inc.		20,700		328,509
Ares Commercial Real Estate Corp.		24,777		353,816
CatchMark Timber Trust, Inc.		38,200		316,678
Cherry Hill Mortgage Investment Corp.		19,700		374,497
Chimera Investment Corp.		19,800		379,962
CoreCivic, Inc.		16,700		366,565
CorEnergy Infrastructure Trust, Inc.		10,425		377,906
EastGroup Properties, Inc.		3,300		330,066
Exantas Capital Corp.		32,970		368,275
First Industrial Realty Trust, Inc.		10,400		333,424
Franklin Street Properties Corp.		41,400		318,780
iStar, Inc.		31,400		335,352
National Health Investors, Inc.		4,600		358,708
PennyMac Mortgage Investment Trust		17,800		374,690
Potlatch Corp.		9,700		359,870
TPG RE Finance Trust, Inc.		18,364		361,954
Two Harbors Investment Corp.		25,400		365,252
				6,004,304
Retail — 7.5%
America’s Car-Mart Inc/TX*		4,800		356,208
BMC Stock Holdings, Inc.*		19,600		333,396
Carrols Restaurant Group, Inc.*		29,400		323,988
Foundation Building Materials, Inc.*		33,800		330,564
Genesco, Inc.*		7,900		329,904
Potbelly Corp.*		28,375		288,858
Ruth’s Hospitality Group, Inc.		12,900		315,663
Suburban Propane Partners LP		14,800		345,728
				2,624,309

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

149 

SUMMIT GLOBAL INVESTMENTS

SMALL CAP LOW VOLATILITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Semiconductors — 0.9%
Rambus, Inc.*		36,600		319,152
Software — 2.0%
Manhattan Associates, Inc.*		6,700		331,851
MicroStrategy, Inc.*		2,700		350,028
				681,879
Telecommunications — 1.7%
InterDigital, Inc.		4,300		323,618
Quantenna Communications, Inc.*		18,900		283,122
				606,740
Textiles — 1.0%
UniFirst Corp.		2,300		355,143
TOTAL COMMON STOCKS
(Cost $32,579,023)				32,153,144
EXCHANGE TRADED FUNDS - 0.6%
iShares Russell 2000 ETF		1,300		198,406
TOTAL EXCHANGE TRADED FUNDS
(Cost $197,523)				198,406
MUTUAL FUNDS - 3.8%
Gladstone Capital Corp.		35,331		301,020
PennantPark Investment Corp.		48,077		352,405
Fidus Investment Corp.		24,648		347,290
Solar Capital Ltd.		15,600		330,564
				1,331,279
TOTAL MUTUAL FUNDS
(Cost $1,354,501)				1,331,279
SHORT-TERM INVESTMENTS - 2.2%
Fidelity Investments Money Market Funds - Government Portfolio, 2.10% (a)		752,133		752,133
TOTAL SHORT-TERM INVESTMENTS
(Cost $752,133)				752,133
TOTAL INVESTMENTS - 98.8%
(Cost $34,883,180)				34,434,962
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.2%				412,397
NET ASSETS - 100.0%			$	34,847,359

* Non-income producing security.

(a) Seven-day yield as of November 30, 2018.

PLC Public Limited Company

REIT Real Estate Investment Trust

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

150 

SUMMIT GLOBAL INVESTMENTS

U.S. LOW VOLATILITY EQUITY FUND

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
COMMON STOCKS - 94.3%
Apparel — 0.8%
VF Corp.		45,600	$	3,706,824
Banks — 4.2%
Commerce Bancshares Inc/MO		55,440		3,493,829
East West Bancorp, Inc.		55,700		2,990,533
Northern Trust Corp.		44,400		4,405,812
Popular, Inc.		121,400		6,846,960
Regions Financial Corp.		57,300		942,585
				18,679,719
Beverages — 2.2%
PepsiCo, Inc.		82,700		10,084,438
Biotechnology — 0.3%
Biogen, Inc.*		4,000		1,334,880
Building Materials — 0.3%
Masco Corp.		36,800		1,166,192
Chemicals — 0.5%
Air Products & Chemicals, Inc.		15,200		2,445,224
Commercial Services — 8.9%
Ecolab, Inc.		37,100		5,954,179
Grand Canyon Education, Inc.*		17,100		2,092,356
Quanta Services, Inc.*		112,400		3,945,240
Robert Half International, Inc.		207,200		12,811,176
S&P Global, Inc.		82,400		15,067,664
				39,870,615
Computers — 3.1%
Accenture PLC, Class A, (Ireland)		14,800		2,434,896
Apple, Inc.		25,000		4,464,500
Cognizant Technology Solutions Corp.		96,000		6,838,080
				13,737,476
Cosmetics & Personal Care — 2.3%
Colgate-Palmolive Co.		48,700		3,093,424
Estee Lauder Cos, Inc., (The)		19,900		2,838,934
Procter & Gamble Co., (The)		47,400		4,479,774
				10,412,132
Distribution & Wholesale — 1.3%
Fastenal Co.		67,300		3,988,198
WW Grainger, Inc.		6,100		1,915,644
				5,903,842
Electric — 5.5%
Consolidated Edison, Inc.		13,600		1,092,760
Evergy, Inc.		172,700		10,253,199
OGE Energy Corp.		178,100		7,056,322
Pinnacle West Capital Corp.		12,800		1,143,808
Sempra Energy		9,200		1,060,024
Xcel Energy, Inc.		75,200		3,944,240
				24,550,353
Electronics — 2.4%
Agilent Technologies, Inc.		52,500		3,798,375
Garmin Ltd., (Switzerland)		16,400		1,093,224
Mettler-Toledo International, Inc.*		3,800		2,419,308
National Instruments Corp.		53,300		2,609,568
TE Connectivity Ltd., (Switzerland)		13,300		1,023,169
				10,943,644
Environmental Control — 1.0%
Republic Services, Inc.		30,900		2,389,806
Waste Management, Inc.		21,600		2,025,000
				4,414,806
Food — 3.9%
Flowers Foods, Inc.		115,300		2,281,787
Hershey Co., (The)		31,800		3,443,940
Sysco Corp.		141,400		9,530,360
US Foods Holding Corp.*		68,400		2,269,512
				17,525,599

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

151 

SUMMIT GLOBAL INVESTMENTS

U.S. LOW VOLATILITY EQUITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Gas — 3.5%
National Fuel Gas Co.		163,600		8,809,860
UGI Corp.		118,400		6,802,080
				15,611,940
Hand & Machine Tools — 0.7%
Snap-on, Inc.		19,900		3,308,176
Healthcare-Products — 2.1%
Baxter International, Inc.		84,500		5,792,475
IDEXX Laboratories, Inc.*		17,400		3,545,424
				9,337,899
Healthcare-Services — 2.0%
Humana, Inc.		3,200		1,054,304
UnitedHealth Group, Inc.		27,600		7,765,536
				8,819,840
Home Builders — 1.8%
NVR, Inc.*		3,300		8,085,000
Housewares — 0.7%
Toro Co/The		50,600		3,136,694
Insurance — 2.4%
Allstate Corp., (The)		24,200		2,158,398
American International Group, Inc.		108,500		4,692,625
Mercury General Corp.		29,724		1,683,864
Progressive Corp., (The)		34,300		2,273,747
				10,808,634
Internet — 2.3%
F5 Networks, Inc.*		59,000		10,146,230
Iron & Steel — 0.5%
Nucor Corp.		38,400		2,319,744
Lodging — 1.0%
Choice Hotels International, Inc.		59,800		4,656,626
Machinery-Diversified — 2.4%
Cummins, Inc.		45,400		6,858,124
Graco, Inc.		84,400		3,717,820
				10,575,944
Media — 0.2%
Walt Disney Co., (The)		9,300		1,074,057
Office & Business Equipment — 1.2%
Xerox Corp.		196,100		5,279,012
Oil & Gas — 5.4%
EOG Resources, Inc.		36,200		3,739,822
Exxon Mobil Corp.		53,500		4,253,250
Phillips 66		102,700		9,604,504
Valero Energy Corp.		81,500		6,511,850
				24,109,426
Pharmaceuticals — 7.4%
Bristol-Myers Squibb Co.		146,300		7,821,198
Eli Lilly & Co.		86,500		10,262,360
Jazz Pharmaceuticals PLC (Ireland)*		6,500		982,800
Johnson & Johnson		48,200		7,080,580
Zoetis, Inc.		74,500		6,993,315
				33,140,253
REITS — 1.5%
Public Storage		14,000		2,985,640
UDR, Inc.		26,700		1,137,954
WP Carey, Inc.		40,900		2,770,975
				6,894,569
Retail — 12.0%
Best Buy Co., Inc.		89,600		5,787,264
Costco Wholesale Corp.		15,300		3,538,584
Dollar General Corp.		20,900		2,319,691
Gap Inc/The		32,400		884,196
Home Depot, Inc., (The)		24,100		4,345,712
Kohl’s Corp.		20,800		1,397,136
Lowe’s Cos, Inc.		11,100		1,047,507
Ross Stores, Inc.		11,100		972,360
Starbucks Corp.		47,300		3,155,856
Tapestry, Inc.		93,900		3,655,527
Target Corp.		12,500		887,000
TJX Cos, Inc., (The)		208,600		10,190,110
Tractor Supply Co.		12,300		1,170,099
Wal-Mart Stores, Inc.		148,000		14,452,200
				53,803,242

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

152 

SUMMIT GLOBAL INVESTMENTS

U.S. LOW VOLATILITY EQUITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Semiconductors — 0.4%
Intel Corp.		31,900		1,572,989
Software — 7.5%
Aspen Technology, Inc.*		33,100		2,856,530
Cadence Design Systems, Inc.*		59,600		2,684,384
CDK Global, Inc.		56,000		2,822,400
Citrix Systems, Inc.		86,100		9,382,317
Fiserv, Inc.*		24,200		1,914,946
Intuit, Inc.		22,000		4,719,660
Paychex, Inc.		32,500		2,299,700
Synopsys, Inc.*		73,900		6,794,366
				33,474,303
Telecommunications — 1.9%
Cisco Systems, Inc.		130,800		6,261,396
EchoStar Corp.*		20,100		840,984
Verizon Communications, Inc.		19,400		1,169,820
				8,272,200
Transportation — 0.2%
CH Robinson Worldwide, Inc.		11,800		1,089,494
Water — 0.5%
American Water Works Co, Inc.		25,800		2,461,578
TOTAL COMMON STOCKS
(Cost $393,890,788)				422,753,594
EXCHANGE TRADED FUNDS - 2.6%
iShares Core S&P 500 ETF		21,200		5,893,600
Vanguard S&P 500 ETF		23,100		5,855,388
				11,748,988
TOTAL EXCHANGE TRADED FUNDS
(Cost $11,777,368)				11,748,988
SHORT-TERM INVESTMENTS - 2.9%
Fidelity Investments Money Market Funds - Government Portfolio, 2.10% (a)		12,956,988		12,956,988
TOTAL SHORT-TERM INVESTMENTS
(Cost $12,956,988)				12,956,988
TOTAL INVESTMENTS - 99.8%
(Cost $418,625,144)				447,459,570
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%				1,119,737
NET ASSETS - 100.0%			$	448,579,307

* Non-income producing security.

(a) Seven-day yield as of November 30, 2018.

PLC Public Limited Company

REIT Real Estate Investment Trust

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

153 

SUMMIT GLOBAL INVESTMENTS

GLOBAL LOW VOLATILITY FUND

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
COMMON STOCKS - 98.6%
Aerospace & Defense — 4.0%
General Dynamics Corp.		2,150	$	397,514
Raytheon Co.		2,130		373,474
				770,988
Banks — 3.9%
Bank of Montreal, (Canada)		5,000		372,500
Royal Bank of Canada, (Canada)		5,200		380,952
				753,452
Beverages — 3.8%
Coca-Cola Co., (The)		7,800		393,120
PepsiCo, Inc.		2,800		341,432
				734,552
Chemicals — 2.0%
Nutrien Ltd., (Canada)		7,300		376,388
Computers — 3.5%
Apple, Inc.		1,600		285,728
Check Point Software Technologies Ltd., (Israel)*		3,390		379,036
				664,764
Cosmetics & Personal Care — 8.0%
Colgate-Palmolive Co.		5,800		368,416
Estee Lauder Cos, Inc., (The)		2,770		395,168
Procter & Gamble Co., (The)		4,180		395,052
Unilever, (Netherlands)		6,700		371,917
				1,530,553
Diversified Financial Services — 6.0%
Mastercard, Inc.		1,900		382,033
T Rowe Price Group, Inc.		3,800		377,568
Visa, Inc.		2,780		393,954
				1,153,555
Electric — 1.7%
Sempra Energy		2,800		322,616
Food — 1.9%
Hershey Co., (The)		3,400		368,220
Healthcare-Products — 6.4%
ResMed, Inc.		3,740		418,095
Smith & Nephew PLC, (United Kingdom), SP ADR		10,900		406,134
Stryker Corp.		2,320		407,067
				1,231,296
Household Products & Wares — 2.3%
Clorox Co., (The)		2,600		430,612
Insurance — 4.3%
Berkshire Hathaway, Inc.*		1,900		414,656
Chubb Ltd.		3,020		403,895
				818,551
Internet — 1.9%
Alibaba Group Holding Ltd, (China), SP ADR*		2,200		353,892
Leisure Time — 1.9%
Carnival PLC, (United Kingdom) ADR		6,100		362,279
Media — 2.1%
Walt Disney Co., (The)		3,400		392,666
Pharmaceuticals — 10.7%
Eli Lilly & Co.		3,570		423,545
Johnson & Johnson		2,300		337,870
Novo Nordisk, (Denmark), SP ADR		8,300		386,946
Roche Holding AG, (Switzerland) SP ADR		14,200		460,506
Sanofi, (France) ADR		9,270		420,394
				2,029,261
Pipelines — 2.1%
TransCanada Corp., (Canada)		9,700		396,924
REITS — 4.2%
Crown Castle International Corp.		3,700		425,130
Equinix, Inc.		1,000		385,280
				810,410
Retail — 9.8%
McDonald’s Corp.		2,120		399,641
Ross Stores, Inc.		3,200		280,320
Starbucks Corp.		6,300		420,336
TJX Cos, Inc., (The)		7,400		361,490
Wal-Mart Stores, Inc.		3,960		386,694
				1,848,481
Software — 5.9%
Adobe Systems, Inc.*		1,510		378,844
Microsoft Corp.		3,700		410,293
SAP SE, (Germany), SP ADR		3,300		342,144
				1,131,281

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

154 

SUMMIT GLOBAL INVESTMENTS

GLOBAL LOW VOLATILITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2018 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Telecommunications — 6.0%
BCE, Inc., (Canada)		9,180		393,638
TELUS Corp.		11,500		412,850
Verizon Communications, Inc.		5,600		337,680
				1,144,168
Transportation — 6.2%
Canadian National Railway Co., (Canada)		4,600		394,772
CH Robinson Worldwide, Inc.		4,300		397,019
Union Pacific Corp.		2,610		401,366
				1,193,157
TOTAL COMMON STOCKS
(Cost $16,329,459)				18,818,066
SHORT-TERM INVESTMENTS - 1.4%
Fidelity Investments Money Market Funds - Government Portfolio, 2.10% (a)		274,599		274,599
TOTAL SHORT-TERM INVESTMENTS
(Cost $274,599)				274,599
TOTAL INVESTMENTS - 100.0%
(Cost $16,604,059)				19,092,665
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%				2,853
NET ASSETS - 100.0%			$	19,095,518

* Non-income producing security.

(a) Seven-day yield as of November 30, 2018.

ADR American Depository Receipt

PLC Public Limited Company

REIT Real Estate Investment Trust

SP ADR Sponsored ADR

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

155 

SUMMIT GLOBAL INVESTMENTS FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 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 November 30, 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	$	422,753,594	$	422,753,594	$	-	$	-
Exchanged Traded Funds		11,748,988		11,748,988		-		-
Short-Term Investments		12,956,988		12,956,988		-		-
Total Investments*	$	447,459,570	$	447,459,570	$	-	$	-
Summit Global Investments Small Cap Low Volatility Fund
Common Stocks	$	32,153,144	$	32,153,144	$	-	$	-
Exchanged Traded Funds		198,406		198,406		-		-
Mutual Funds		1,331,279		1,331,279		-		-
Short-Term Investments		752,133		752,133		-		-
Total Investments*	$	34,434,962	$	34,434,962	$	-	$	-
Summit Global Investments Global Low Volatility Fund
Common Stocks	$	18,818,066	$	18,818,066	$	-	$	-
Short-Term Investments		274,599		274,599		-		-
Total Investments*	$	19,092,665	$	19,092,665	$	-	$	-

* Please refer to Portfolio of Investments for further details.

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

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

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

For the period ended November 30, 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.

156 

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	1/25/19

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

By (Signature and Title)*	/s/ Salvatore Faia
	Salvatore Faia, President
	(principal executive officer)
Date	1/25/19
By (Signature and Title)*	/s/ James Shaw
	James Shaw, Treasurer
	(principal financial officer)
Date	1/25/2019

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