N-Q 1 g21084_nq.txt RBB FUND UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-05518 ---------- The RBB Fund, Inc. -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 400 Bellevue Parkway, 4th Floor Wilmington, DE 19809 -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Edward J. Roach, President & Treasurer 400 Bellevue Parkway, 4th Floor Wilmington, DE 19809 -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 302-792-2555 ------------- Date of fiscal year end: August 31 ---------- Date of reporting period: November 30, 2005 ------------------ Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. SCHEDULE OF INVESTMENTS. The Schedules of Investments are attached herewith. THE RBB FUND, INC. MONEY MARKET PORTFOLIO STATEMENT OF NET ASSETS NOVEMBER 30, 2005 PAR (000) VALUE ------------ --------------- CERTIFICATES OF DEPOSIT--9.0% DOMESTIC CERTIFICATES OF DEPOSIT--4.8% Credit Suisse First Boston New York (A-1,P-1) 4.040%, 12/07/05 $ 3,500 $ 3,500,000 First Tennessee Bank (A-1,P-1) 4.280%, 01/30/06 10,000 10,000,000 --------------- 13,500,000 --------------- YANKEE DOLLAR CERTIFICATES OF DEPOSIT--4.2% Banque Nationale de Paris (A-1+,P-1) 4.505%, 10/19/06 1,900 1,900,000 Barclays Bank P.L.C. (A-1+,P-1) 4.035%, 12/08/05 10,000 10,000,000 --------------- 11,900,000 --------------- TOTAL CERTIFICATES OF DEPOSIT (Cost $25,400,000) 25,400,000 --------------- COMMERCIAL PAPER--61.5% ASSET BACKED SECURITIES--32.7% Brahms Funding Corp. (A-1,P-1) 4.100%, 12/08/05 7,884 7,877,715 Citigroup Funding, Inc. (A-1+,P-1) 4.240%, 01/30/06 10,000 9,929,333 Crown Point Capital Co. (A-1,P-1) 4.200%, 02/06/06 8,000 7,937,467 Emerald Certificates MBNA (A-1+, P-1) 4.330%, 02/08/06 8,000 7,933,607 Giro Funding US Corp. (A-1,P-1) 3.820%, 12/06/05 10,000 9,994,694 Greenwich Capital Holdings (A-1+,P-1) (A-1+, P-1) 4.160%, 12/27/05 10,000 10,000,000 Lake Constance Funding LLC (A-1+,P-1) 3.770%, 12/01/05 4,700 4,700,000 Liberty Street Funding Co. (A-1,P-1) 4.020%, 12/05/05 13,826 13,819,824 Sigma Finance, Inc. (A-1+,P-1) 4.230%, 01/31/06 4,600 4,567,029 Silver Tower US Funding (A-1,P-1) 3.880%, 12/07/05 5,000 4,996,767 Victory Receivables Corp. (A-1,P-1) 4.040%, 12/06/05 10,000 9,994,389 --------------- 91,750,825 --------------- PAR (000) VALUE ------------ --------------- BANKS--16.3% Banco Santander Puerto Rico (A-1,P-1) 4.000%, 12/15/05 $ 9,100 $ 9,085,844 Bank of America Corp. (A-1+,P-1) 3.960%, 12/13/05 5,000 4,993,400 4.213%, 01/31/06 10,000 9,928,613 Barclays US Funding LLC (A-1+,P-1) 4.300%, 02/27/06 2,300 2,275,825 Depfa Bank P.L.C. (A-1+,P-1) 4.210%, 01/18/06 12,510 12,439,777 Deutsche Bank Financial LLC (A-1+,P-1) 3.910%, 12/13/05 7,000 6,990,877 --------------- 45,714,336 --------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT--4.6% General Electric Capital Services (A-1+,P-1) 3.975%, 12/13/05 9,000 8,988,075 4.230%, 01/27/06 4,000 3,973,210 --------------- 12,961,285 --------------- FINANCE SERVICES--2.5% Credit Suisse First Boston USA, Inc. (A-1,P-1) 4.150%, 01/26/06 7,175 7,128,681 --------------- MORTGAGE BANKERS & CORRESPONDENTS--5.4% Countrywide Financial Corp. (A-1,P-2) 4.070%, 12/09/05 15,000 14,986,433 --------------- TOTAL COMMERCIAL PAPER (Cost $172,541,560) 172,541,560 --------------- MUNICIPAL BONDS--0.7% PENNSYLVANIA--0.7% Franklin County, PA IDR (A-1, A+) 4.240%, 12/01/05 1,945 1,945,000 --------------- TOTAL MUNICIPAL BONDS (Cost $1,945,000) 1,945,000 --------------- VARIABLE RATE OBLIGATIONS--8.2% ASSET BACKED SECURITIES--2.1% Racers Trust 2004-6-MM (A1,P1) (P-1)++ 4.166%, 12/22/05 1,000 1,000,000 Racers-2005-17-0 (A-1,P-1)++ 4.390%, 02/21/06 5,000 5,000,000 --------------- 6,000,000 --------------- 1 THE RBB FUND, INC. MONEY MARKET PORTFOLIO STATEMENT OF NET ASSETS (CONCLUDED) NOVEMBER 30, 2005 (UNAUDITED) PAR (000) VALUE ------------ --------------- BANKS--3.6% HBOS Treasury Services P.L.C. (AA, Aa2)++ 4.011%, 12/27/05 $ 8,000 $ 8,000,000 Westpac Banking Corp. (AA-, Aa3)++ 3.844%, 12/12/05 2,000 2,000,000 --------------- 10,000,000 --------------- LIFE INSURANCE--1.8% MetLife Global Funding, Inc. (AA, Aa2) 4.261%, 12/28/05 5,000 5,000,000 --------------- SECURITY BROKERS & DEALERS--0.7% Morgan Stanley (A-1, P-1)++ 4.143%, 12/01/05 2,000 2,000,000 --------------- TOTAL VARIABLE RATE OBLIGATIONS (Cost $23,000,000) 23,000,000 --------------- MEDIUM TERM NOTES--0.7% Toyota Motor Credit Corp. (AAA,AAA) 3.854%, 11/02/06 2,000 1,988,344 --------------- TOTAL MEDIUM TERM NOTES (Cost $1,988,344) 1,988,344 --------------- MASTER NOTES--5.0% Merrill Lynch Mortgage Capital, Inc. 4.100%, 12/06/05 8,000 8,000,000 Morgan Stanley Mortgage Capital, Inc. (A1, P1) 4.233%, 12/01/05 6,000 6,000,000 --------------- TOTAL MASTER NOTES (Cost $14,000,000) 14,000,000 --------------- REPURCHASE AGREEMENTS--14.9% Morgan Stanley & Co. (Tri- Party Agreement dated 11/30/05 to be repurchased at $38,004,254 collateralized by $41,138,731 Federal National Mortgage Association Bonds at a rate of 5.50% to 6.50%, due 08/01/34 to 09/01/35. Market value of collateral is $39,563,434.) 4.030%, 12/01/05 38,000 38,000,000 PAR (000) VALUE ------------ --------------- REPURCHASE AGREEMENTS (Continued) Morgan Stanley & Co. (Tri- Party Agreement dated 11/30/05 to be repurchased at $3,800,416 collateralized by $4,068,666 Federal National Mortgage Association Bonds at a rate of 5.50% to 6.50%, due 08/01/34 to 09/01/35. Market value of collateral is $3,912,867.) 3.940%, 12/01/05 ........................... $ 3,800 $ 3,800,000 --------------- TOTAL REPURCHASE AGREEMENTS (Cost $41,800,000) 41,800,000 --------------- TOTAL INVESTMENTS AT VALUE--100.0% (Cost $280,674,904) 280,674,904 --------------- LIABILITIES IN EXCESS OF OTHER ASSETS--0.0% (80,552) --------------- NET ASSETS (APPLICABLE TO 115,412,542 BEDFORD SHARES AND 165,185,526 SANSOM STREET SHARES)--100.0% $ 280,594,352 =============== NET ASSET VALUE, Offering and Redemption Price Per Share ($280,594,352 / 280,597,068) $ 1.00 =============== NET ASSET VALUE, Offering and Redemption Price Per Bedford Shares ($115,410,470/ 115,412,542) $ 1.00 =============== NET ASSET VALUE, Offering and Redemption Price Per Sansom Shares ($165,183,882 / 165,185,526) $ 1.00 =============== INVESTMENT ABBREVIATIONS IDR Industrial Development Revenue ++ Variable Rate Obligations -- The interest rate shown is the rate as of November 30, 2005 and the maturity date shown is the next interest rate readjustment date or the maturity date. For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 2 [N/I NUMERIC INVESTORS FAMILY OF FUNDS LOGO] EMERGING GROWTH FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- COMMON STOCKS--97.4% AEROSPACE & DEFENSE--0.5% 23,700 Allied Defense Group, Inc. (The)* $ 533,961 12,400 Kaman Corp., Class A 238,204 --------------- 772,165 --------------- AIRLINES--1.9% 105,500 ExpressJet Holdings, Inc.* 919,960 74,267 Republic Airways Holdings, Inc.* 1,079,099 101,100 World Air Holdings, Inc.* 1,063,572 --------------- 3,062,631 --------------- APPAREL--2.3% 13,997 Buckle, Inc. (The) 459,102 31,900 Children's Place Retail Stores, Inc. (The)* 1,582,240 34,100 Guess?, Inc.*+ 1,155,308 91,700 Wilsons The Leather Experts, Inc.* 408,065 --------------- 3,604,715 --------------- AUTOMOBILE PARTS & EQUIPMENT--1.2% 62,100 Accuride Corp.* 807,300 75,056 Audiovox Corp., Class A* 1,039,526 --------------- 1,846,826 --------------- BANKS--2.0% 7,600 Community Bancorp* 246,012 22,300 Corus Bankshares, Inc.+ 1,310,794 42,400 First BanCorp. 513,040 16,700 First Busey Corp 351,034 28,691 Intervest Bancshares Corp.* 729,612 2,900 Wilshire Bancorp, Inc. 49,329 --------------- 3,199,821 --------------- BIOTECH--3.5% 11,400 Abgenix, Inc.* 156,294 11,900 Alkermes, Inc.* 216,342 12,000 Amylin Pharmaceuticals, Inc.* 448,920 17,060 Anika Therapeutics, Inc.* 201,479 14,800 Arena Pharmaceuticals, Inc.* 159,544 44,623 BioMarin Pharmaceutical, Inc.* 434,628 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- BIOTECH--(CONTINUED) 5,700 CV Therapeutics, Inc.* $ 140,961 95,500 Gene Logic, Inc.* 343,800 17,500 Human Genome Sciences, Inc.*+ 161,875 7,100 ICOS Corp.* 202,279 60,600 Medarex, Inc.* 633,876 13,200 Myogen, Inc.* 286,968 4,800 Neurocrine Biosciences, Inc.*+ 285,696 31,832 Regeneron Pharmaceuticals, Inc.* 355,563 15,300 Strategic Diagnostics, Inc.* 50,490 74,700 SuperGen, Inc.*+ 418,320 61,765 ViroPharma, Inc.* 1,079,035 --------------- 5,576,070 --------------- BUILDING & BUILDING MATERIALS--1.4% 59,309 Builders FirstSource, Inc.* 1,180,249 26,552 Cavco Industries, Inc.* 1,042,166 --------------- 2,222,415 --------------- BUILDING SUPPLIES--0.3% 42,900 BlueLinx Holdings, Inc. 478,764 --------------- BUSINESS SERVICES--2.1% 43,850 Barrett Business Services, Inc.* 1,105,020 36,600 Fargo Electronics*+ 699,426 24,200 Forrester Research, Inc.* 451,088 21,100 Marlin Business Services, Inc.* 479,181 23,100 On Assignment, Inc.* 255,255 13,600 Plexus Corp.* 292,400 --------------- 3,282,370 --------------- CELLULAR COMMUNICATIONS--0.4% 29,700 Syniverse Holdings, Inc.* 574,398 --------------- CHEMICALS - DIVERSIFIED--0.3% 25,500 Rockwood Holdings, Inc.* 465,120 --------------- CHEMICALS - SPECIALTY--1.0% 14,500 Balchem Corp. 399,910 64,165 UAP Holding Corp.+ 1,217,852 --------------- 1,617,762 --------------- 1 [N/I NUMERIC INVESTORS FAMILY OF FUNDS LOGO] EMERGING GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- COMMERCIAL SERVICES--1.3% 34,700 Jackson Hewitt Tax Service, Inc. $ 834,188 30,674 Steiner Leisure Ltd.* 1,152,729 --------------- 1,986,917 --------------- COMPUTER NETWORKING PRODUCTS--0.7% 23,900 Black Box Corp. 1,116,369 --------------- COMPUTER PERIPHERALS--0.8% 144,500 Lexar Media, Inc.*+ 1,232,585 --------------- COMPUTER SERVICES--2.7% 66,700 Advanced Digital Information Corp.* 700,350 5,900 CACI International, Inc., Class A* 326,624 96,235 Radiant Systems, Inc.* 1,253,942 87,105 Sykes Enterprises, Inc.* 1,202,049 40,435 Syntel, Inc. 831,344 --------------- 4,314,309 --------------- COMPUTER SOFTWARE--2.7% 45,800 American Reprographics Co.* 985,158 28,600 Aspen Technology, Inc.* 211,640 29,200 Embarcadero Technologies, Inc* 220,168 131,494 Informatica Corp.* 1,477,993 10,200 LaserCard Corp.+ 108,120 91,400 Parametric Technology Corp.* 534,690 24,500 SSA Global Technologies, Inc.*+ 445,410 19,100 StarTek, Inc. 317,251 --------------- 4,300,430 --------------- COMPUTERS, SOFTWARE & SERVICING--1.3% 99,830 Peerless Systems Corp.* 702,803 151,900 RealNetworks, Inc.* 1,313,935 --------------- 2,016,738 --------------- CONSTRUCTION & BUILDING MATERIALS--0.4% 37,700 Insteel Industries, Inc. 609,609 --------------- CONSUMER PRODUCTS--0.4% 46,700 Playtex Products, Inc.* 653,800 --------------- -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- DATA PROCESSING--2.4% 51,759 CSG Systems International, Inc.* $ 1,242,216 106,132 infoUSA, Inc. 1,075,117 47,700 Transaction Systems Architects, Inc.* 1,388,070 --------------- 3,705,403 --------------- DRUGS & MEDICAL PRODUCTS--0.1% 9,500 Matrixx Initiatives, Inc.* 206,720 --------------- ELECTRICAL EQUIPMENT--0.4% 17,300 Regal-Beloit Corp. 610,517 --------------- ELECTRONIC COMPONENTS--0.0% 1,100 Sunpower Corp.* 27,500 --------------- ELECTRONIC COMPONENTS & ACCESSORIES--1.5% 18,400 ANADIGICS, Inc. 96,508 24,315 Exar Corp.* 300,533 28,000 Multi-Fineline Electronix, Inc.* 1,036,000 74,300 Nu Horizons Electronics Corp.* 742,257 23,300 Planar Systems, Inc.* 226,010 --------------- 2,401,308 --------------- ELECTRONIC MEASUREMENTS - INSTRUMENTS--1.0% 6,800 Hypercom Corp.* 42,160 31,100 Itron, Inc.* 1,453,925 --------------- 1,496,085 --------------- ENERGY--0.2% 4,600 Headwaters, Inc.* 163,898 9,753 Hoku Scientific, Inc.* 85,826 --------------- 249,724 --------------- FINANCIAL SERVICES--1.6% 26,785 GFI Group, Inc.*+ 1,193,004 13,100 Hercules Technology Growth Capital, Inc.* 148,685 1,700 IntercontinentalExchange, Inc.* 54,910 26,600 Investment Technology Group, Inc.* 1,034,474 2 [N/I NUMERIC INVESTORS FAMILY OF FUNDS LOGO] EMERGING GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- FINANCIAL SERVICES--(CONTINUED) 12,655 Nicholas Financial, Inc. $ 131,865 --------------- 2,562,938 --------------- FOOD & AGRICULTURE--1.6% 60,900 Gold Kist, Inc.* 969,528 4,901 Nash Finch Co. 131,690 26,800 Performance Food Group Co.* 761,120 7,400 Premium Standard Farms, Inc.* 123,210 50,900 Spartan Stores, Inc.* 509,509 --------------- 2,495,057 --------------- FOOD & BEVERAGE--0.2% 22,100 Mgp Ingredients, Inc. 249,067 --------------- HEALTH CARE--3.0% 20,770 Allied Healthcare International, Inc.* 124,620 32,890 IntegraMed America, Inc.* 359,159 44,887 Kendle International, Inc.* 1,072,799 9,800 Magellan Health Services, Inc.* 286,356 44,181 NovaMed, Inc.* 302,198 65,263 Odyssey HealthCare, Inc.* 1,208,671 34,000 WellCare Health Plans, Inc.* 1,342,320 --------------- 4,696,123 --------------- HOSPITALS--0.5% 21,600 United Surgical Partners International, Inc.* 749,736 --------------- INDUSTRIAL PARTS--0.2% 34,400 Gerber Scientific, Inc.* 328,176 --------------- INSURANCE - PROPERTY & CASUALTY--1.5% 11,600 Affirmative Insurance Holdings, Inc. 156,600 13,900 Arch Capital Group Ltd.* 729,194 150,350 Capital Title Group, Inc. 929,163 2,200 James River Group, Inc.* 41,272 2,700 Platinum Underwriters Holdings Ltd. 82,242 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- INSURANCE - PROPERTY & CASUALTY--(CONTINUED) 16,200 Procentury Corp.* $ 171,882 6,999 Safety Insurance Group, Inc. 280,730 --------------- 2,391,083 --------------- INTERNET CONTENT--1.7% 165,300 24/7 Real Media, Inc.* 1,223,220 86,600 TriZetto Group, Inc. (The)* 1,407,250 --------------- 2,630,470 --------------- INTERNET SOFTWARE--0.1% 31,143 AsiaInfo Holdings, Inc.* 118,032 13,000 SonicWALL, Inc.* 96,590 --------------- 214,622 --------------- LABORATORY ANALYTICAL INSTRUMENTS--0.0% 1,900 Varian, Inc.* 79,724 --------------- LEISURE & ENTERTAINMENT--2.5% 67,800 Bluegreen Corp.* 1,008,186 53,500 Dover Downs Gaming & Entertainment, Inc. 671,960 11,800 Escala Group, Inc.* 195,290 16,300 Monarch Casino & Resort, Inc.* 348,657 19,200 Speedway Motorsports, Inc. 747,072 183,138 Youbet.com, Inc.* 1,021,910 --------------- 3,993,075 --------------- MACHINERY--4.7% 41,300 Advanced Energy Industries, Inc.* 551,768 53,700 Columbus McKinnon Corp.* 1,126,626 10,800 DXP Enterprises, Inc.* 176,472 118,600 Flow International Corp.* 1,002,170 41,700 JLG Industries, Inc.+ 1,897,350 20,100 Terex Corp.*+ 1,238,562 54,100 Wabtec Corp. 1,397,403 --------------- 7,390,351 --------------- 3 [N/I NUMERIC INVESTORS FAMILY OF FUNDS LOGO] EMERGING GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- MANUFACTURING--1.2% 27,500 Albany International Corp., Class A $ 1,048,575 25,500 Valmont Industries, Inc.+ 850,935 --------------- 1,899,510 --------------- MEDICAL & MEDICAL SERVICES--3.3% 9,200 Accelrys, Inc. 74,520 64,188 AMICAS, Inc.* 304,893 119,951 Durect Corp.*+ 628,543 17,600 Iridex Corp.* 126,894 11,000 Nitinol Medical Technologies +* 203,170 20,200 Pediatrix Medical Group, Inc.* 1,708,112 42,000 PRA International*+ 1,165,080 48,700 U.S. Physical Therapy, Inc.* 963,773 --------------- 5,174,985 --------------- MEDICAL INSTRUMENTS & SUPPLIES--5.8% 12,317 AngioDynamics, Inc.* 253,853 15,100 Bruker Daltonics, Inc.** 75,047 71,400 Candela Corp.* 1,028,160 126,163 Cerus Corp.* 1,127,897 62,604 Cholestech Corp.* 593,486 28,600 Cutera, Inc.*+ 1,131,988 32,700 ICU Medical, Inc.*+ 1,176,546 18,826 Lifecore Biomedical, Inc.* 282,014 64,497 Natus Medical, Inc.* 1,066,780 17,900 Neurometrix, Inc.* 556,511 84,400 Quidel Corp.*+ 1,178,224 24,300 Thoratec Corp.* 496,935 3,164 Vital Signs, Inc. 151,018 --------------- 9,118,459 --------------- METALS--0.6% 91,500 Earle M. Jorgensen Co.* 878,400 --------------- MORTGAGE--0.6% 38,900 Fremont General Corp.+ 910,649 --------------- -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- MUSICAL INSTRUMENTS--0.1% 6,200 Steinway Musical Instruments, Inc. $ 155,000 --------------- OFFICE & BUSINESS EQUIPMENT--0.6% 20,800 United Stationers, Inc.* 1,019,200 --------------- OIL & GAS EQUIPMENT & SERVICES--1.6% 163,800 Abraxas Petroleum Corp.*+ 1,085,994 900 Dresser-Rand Group, Inc.* 19,953 56,800 Mitcham Industries, Inc.* 834,392 57,600 Parker Drilling Co.* 546,048 --------------- 2,486,387 --------------- OIL & GAS FIELD EXPLORATION--3.9% 25,600 Bois D'arc Energy, Inc.* 403,456 11,300 Cabot Oil & Gas Corp. 476,973 49,800 NATCO Group, Inc., Class A* 1,155,360 28,200 RPC, Inc. 936,240 13,600 St. Mary Ld & Expl Co. 484,432 34,000 Todco, Class A* 1,413,380 71,100 VAALCO Energy, Inc.* 286,533 32,300 W&T Offshore, Inc. 944,775 --------------- 6,101,149 --------------- OIL REFINING--2.0% 54,400 Alon USA Energy, Inc.* 1,062,432 46,000 Frontier Oil Corp. 1,733,280 5,600 Giant Industries, Inc.* 300,440 --------------- 3,096,152 --------------- OIL, GAS FIELD SERVICES, NEC--0.0% 2,600 Superior Well Services* 54,756 --------------- PACKAGING--0.6% 1,300 Greif, Inc., Class A 78,065 22,700 Silgan Holdings, Inc. 801,083 --------------- 879,148 --------------- PAPER & ALLIED PRODUCTS--0.3% 61,400 Xerium Technologies, Inc.* 545,232 --------------- 4 [N/I NUMERIC INVESTORS FAMILY OF FUNDS LOGO] EMERGING GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- PHARMACEUTICALS--3.0% 67,200 Albany Molecular Research, Inc.* $ 822,528 44,600 Alpharma, Inc., Class A 1,178,332 30,900 Anadys Pharmaceuticals, Inc.* 293,859 52,300 Isis Pharmaceuticals, Inc.* 265,161 10,200 Nektar Therapeutics* 171,564 13,500 New River Pharmaceuticals, Inc.* 637,875 44,900 PetMed Express, Inc.* 528,922 12,100 Rigel Pharmaceuticals, Inc.* 265,232 81,000 Savient Pharmaceuticals, Inc.* 302,940 66,495 SciClone Pharmaceuticals, Inc.*+ 260,660 --------------- 4,727,073 --------------- PROPERTY & CASUALITY INSURANCE--0.3% 32,699 Republic Companies Group, Inc. 474,135 --------------- REAL ESTATE INVESTMENT TRUSTS--2.9% 26,500 Equity Lifestyle Properties, Inc.+ 1,228,540 34,500 Glimcher Realty Trust 885,960 38,500 OMEGA Healthcare Investors, Inc. 462,770 23,600 Tanger Factory Outlet Centers, Inc. 648,764 39,700 Taubman Centers, Inc.+ 1,390,294 --------------- 4,616,328 --------------- RESIDENTIAL CONSTRUCTION--1.3% 13,500 Brookfield Homes Corp.+ 667,305 86,100 Champion Enterprises, Inc.*+ 1,245,867 8,589 Comstock Homebuilding Cos., Inc., Class A* 132,013 --------------- 2,045,185 --------------- RESTAURANTS--1.8% 46,500 Domino's Pizza, Inc. 1,162,500 111,000 Main Street Restaurant Group, Inc.* 546,120 20,949 Papa John's International, Inc.* 1,140,883 --------------- 2,849,503 --------------- -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- RETAIL - SPECIALTY--3.8% 35,572 Conn's, Inc.* $ 1,202,689 9,900 Deb Shops, Inc. 287,892 61,850 EZCORP, Inc., Class A* 930,843 6,900 FTD Group, Inc.*+ 75,900 12,900 REX Stores Corp.* 192,081 45,200 Sportsman's Guide, Inc. (The)* 1,186,048 41,000 Steven Madden Ltd.* 1,116,430 81,000 United Retail Group, Inc.* 835,110 14,500 Wet Seal, Inc. (The), Class A 72,790 --------------- 5,899,783 --------------- RUBBER & MISC PLASTICS--0.6% 47,300 Pw Eagle, Inc.*+ 886,402 --------------- SAVINGS & LOAN ASSOCIATIONS--0.0% 2,500 Provident Financial Holdings, Inc. 68,725 --------------- SEMICONDUCTORS--5.7% 38,002 BTU International, Inc.* 579,911 174,307 Cirrus Logic, Inc.* 1,317,761 50,251 Cohu, Inc. 1,340,194 37,148 Cymer, Inc.* 1,419,797 19,300 Genesis Microchip, Inc.* 432,320 6,600 Mattson Technology, Inc.* 65,472 8,100 Netlogic Microsystems, Inc.* 211,086 43,200 Standard Microsystems Corp.*+ 1,291,680 29,188 Supertex, Inc.* 1,232,901 24,087 White Electronic Designs Corp.* 121,639 64,500 Zygo Corp.* 908,805 --------------- 8,921,566 --------------- SERVICES - MANAGEMENT CONSULTING--0.5% 11,200 Exponent, Inc.* 306,320 42,200 Spherion Corp.* 413,560 --------------- 719,880 --------------- 5 [N/I NUMERIC INVESTORS FAMILY OF FUNDS LOGO] EMERGING GROWTH FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- SERVICES - MEDICAL--0.1% 5,100 Pediatric Svcs* $ 82,722 --------------- TELECOMMUNICATIONS EQUIPMENT--0.4% 60,476 Tollgrade Communications, Inc. 659,188 --------------- TELECOMMUNICATIONS EQUIPMENT & SERVICES--3.3% 51,700 CalAmp Corp.* 599,720 2,200 Commonwealth Telephone Enterprises, Inc.* 76,252 2,500 EMS Technologies, Inc.* 42,400 44,200 InterDigital Communications Corp.* 861,016 128,600 Lightbridge, Inc.* 1,269,282 80,000 Radyne Corp.* 1,213,600 81,800 Tekelec* 1,063,400 --------------- 5,125,670 --------------- TRANSPORTATION--2.7% 20,300 Atlas Air Worldwide Holding-Wi* 700,858 12,900 EGL, Inc.* 479,106 62,316 Genco Shipping & Trading Ltd. 1,076,820 5,300 Maritrans, Inc. 153,117 45,300 OMI Corp. 878,820 3,100 Overseas Shipholding Group, Inc. 157,976 30,705 Pacer International, Inc.* 811,533 --------------- 4,258,230 --------------- Total Common Stocks (Cost $138,923,557) 153,064,910 --------------- -------------------------------------------------------------------------------- PRINCIPAL AMOUNT (000'S) VALUE -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS--2.7% 522 Bear Stearns & Co., Inc. (Agreement dated 11/30/05 to be repurchased at $521,535), 2.03%, 12/01/05, collaterized by $542,314 in U.S. Government Securities (Cost $521,506)** 521,506 -------------------------------------------------------------------------------- PRINCIPAL AMOUNT (000'S) VALUE -------------------------------------------------------------------------------- 3,656 Bear Stearns & Co., Inc. (Agreement dated 11/30/05 to be repurchased at $3,655,987), 3.94%, 12/01/05, collaterized by $3,765,728 in U.S. Government Securities (Cost $3,655,587) $ 3,655,587 --------------- Total Repurchase Agreements (Cost $4,177,093) 4,177,093 --------------- Total Investments -- 100.1% (Cost $143,100,650)*** 157,242,003 --------------- Liabilities in Excess of Other Assets -- (0.1)% (178,601) --------------- Net Assets -- 100.0% $ 157,063,402 =============== ---------- * Non-income producing. ** Investment purchased with collateral received for securities on loan. + Security position is either entirely or partially out on loan. *** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 143,649,980 Gross unrealized appreciation $ 18,771,565 Gross unrealized depreciation (5,179,542) --------------- Net unrealized appreciation/(depreciation) $ 13,592,023 For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 6 [N/I NUMERIC INVESTORS FAMILY OF FUNDS LOGO] GROWTH FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- COMMON STOCKS--97.6% AEROSPACE & DEFENSE--0.1% 3,000 Kaman Corp., Class A $ 57,630 --------------- AIRLINES--1.0% 14,900 ExpressJet Holdings, Inc.* 129,928 9,700 Republic Airways Holdings, Inc.* 140,941 19,200 World Air Holdings, Inc.* 201,984 --------------- 472,853 --------------- APPAREL--2.0% 4,000 American Eagle Outfitters, Inc. 91,040 3,900 Buckle, Inc. (The) 127,920 8,675 Children's Place Retail Stores, Inc. (The)* 430,280 4,700 Guess?, Inc.* 159,236 1,600 Polo Ralph Lauren Corp. 85,760 --------------- 894,236 --------------- AUTOMOBILE PARTS & EQUIPMENT--1.2% 5,000 Accuride Corp.* 65,000 11,969 Audiovox Corp., Class A* 165,771 13,100 TRW Automotive Holdings Corp.* 330,120 --------------- 560,891 --------------- AUTOMOBILES & TRUCKS--0.9% 14,900 Navistar International Corp.* 422,713 --------------- BANKS--1.1% 6,300 Corus Bankshares, Inc. 370,314 11,400 First BanCorp. 137,940 --------------- 508,254 --------------- BIOTECH--1.9% 3,600 Alkermes, Inc.* 65,448 1,600 Amylin Pharmaceuticals, Inc.* 59,856 2,463 Anika Therapeutics, Inc.* 29,088 1,700 Arena Pharmaceuticals, Inc.* 18,326 3,100 ArQule, Inc.* 21,483 3,100 Gene Logic, Inc.* 11,160 12,100 Kendle International, Inc.* 289,190 9,700 Medarex, Inc.* 101,462 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- BIOTECH--(CONTINUED) 12,900 Millennium Pharmaceuticals, Inc.* $ 135,579 500 Momenta Pharmaceutical, Inc.* 11,050 1,800 Myogen, Inc.* 39,132 1,500 Protein Design Labs, Inc.* 41,775 2,008 Regeneron Pharmaceuticals, Inc.* 22,429 --------------- 845,978 --------------- BROKERAGE--0.3% 3,100 Investment Technology Group* 120,559 --------------- BUILDING & BUILDING MATERIALS--1.5% 1,870 BlueLinx Holdings, Inc. 20,869 16,900 Builders FirstSource, Inc.* 336,310 5,500 USG Corp.* 336,600 --------------- 693,779 --------------- BUSINESS SERVICES--0.3% 4,500 Barrett Business Services, Inc.* 113,400 900 Harte-Hanks, Inc. 23,634 --------------- 137,034 --------------- CHEMICALS - DIVERSIFIED--0.1% 1,600 Rockwood Holdings, Inc.* 29,184 --------------- CHEMICALS - SPECIALTY--0.6% 13,100 UAP Holding Corp. 248,638 --------------- COMMERCIAL SERVICES--0.6% 7,400 Steiner Leisure Ltd.* 278,092 --------------- COMPUTER NETWORKING PRODUCTS--0.9% 5,900 Advanced Digital Information Corp.* 61,950 7,720 Black Box Corp. 360,601 --------------- 422,551 --------------- COMPUTER PERIPHERALS--0.4% 21,400 Lexar Media, Inc.*+ 182,542 --------------- COMPUTER SERVICES--3.8% 6,242 American Reprographics Co.* 134,265 3,400 CACI International, Inc., Class A* 188,224 1,100 CalAmp Corp.* 12,760 7,100 Ceridian Corp.* 170,400 1 [N/I NUMERIC INVESTORS FAMILY OF FUNDS LOGO] GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- COMPUTER SERVICES--(CONTINUED) 8,500 DST Systems, Inc.* $ 505,495 16,381 Radiant Systems, Inc.* 213,445 13,600 Sykes Enterprises, Inc.* 187,680 7,569 Tech Data Corp.* 297,537 --------------- 1,709,806 --------------- COMPUTER SOFTWARE--3.6% 20,800 BMC Software, Inc.* 426,192 26,100 Cadence Design Systems, Inc.* 447,354 32,800 Informatica Corp.* 368,672 11,500 Parametric Technology Corp.* 67,275 3,370 Peerless Systems Corp.* 23,725 13,735 Synopsys, Inc.* 268,107 --------------- 1,601,325 --------------- CONSUMER PRODUCTS--0.9% 10,200 American Greetings Corp., Class A+ 267,240 6,135 Playtex Products, Inc.* 85,890 500 Scotts Co. (The), Class A* 23,460 1,200 Toro Co. (The) 48,228 --------------- 424,818 --------------- DATA PROCESSING--1.8% 12,170 CSG Systems International, Inc.* 292,080 11,900 infoUSA, Inc. 120,547 14,000 Transaction Systems Architects, Inc.* 407,400 --------------- 820,027 --------------- ELECTRICAL EQUIPMENT--0.8% 10,300 A.O. Smith Corp. 374,920 --------------- ELECTRONIC COMPONENTS & ACCESSORIES--0.6% 3,500 ANADIGICS, Inc. 18,358 8,611 Exar Corp.* 106,432 1,100 Plexus Corp.* 23,650 23,200 Solectron Corp.* 83,288 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- ELECTRONIC COMPONENTS & ACCESSORIES--(CONTINUED) 300 Sunpower Corp.* $ 7,500 600 Thomas & Betts Corp.* 24,024 --------------- 263,252 --------------- ELECTRONIC MEASUREMENTS - INSTRUMENTS--1.2% 8,400 Itron, Inc.* 392,700 10,227 Zygo Corp.* 144,099 --------------- 536,799 --------------- ENERGY & RAW MATERIALS--0.1% 5,500 TransMontaigne, Inc.* 34,320 --------------- ENTERTAINMENT--0.7% 16,800 Warner Music Group Corp. 303,240 --------------- FINANCIAL SERVICES--1.4% 8,083 GFI Group, Inc.* 360,017 500 IntercontinentalExchange, Inc.* 16,150 9,900 Jackson Hewitt Tax Service, Inc. 237,996 --------------- 614,163 --------------- FOOD & AGRICULTURE--1.4% 11,470 Gold Kist, Inc.* 182,603 1,167 Nash Finch Co. 31,357 800 Performance Food Group Co.* 22,720 5,700 Pilgrim's Pride Corp. 182,400 6,362 Premium Standard Farms, Inc.* 105,927 10,278 Spartan Stores, Inc.* 102,883 --------------- 627,890 --------------- HEALTH CARE--3.2% 3,200 Health Net, Inc.* 163,296 2,368 Magellan Health Services, Inc.* 69,193 11,300 Manor Care, Inc. 445,559 17,710 Odyssey HealthCare, Inc.* 327,989 600 Sierra Health Services, Inc.* 46,932 9,700 WellCare Health Plans, Inc.* 382,956 --------------- 1,435,925 --------------- 2 [N/I NUMERIC INVESTORS FAMILY OF FUNDS LOGO] GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- HOSPITALS--1.9% 11,300 Community Health Systems, Inc.*+ $ 453,017 4,050 United Surgical Partners International, Inc.* 140,576 5,500 Universal Health Services, Inc., Class B 263,560 --------------- 857,153 --------------- HOTELS & MOTELS--0.9% 11,100 Choice Hotels International, Inc. 402,153 --------------- INSURANCE - HEALTH & LIFE--1.3% 6,000 Protective Life Corp. 265,080 6,400 Reinsurance Group of America, Inc. 302,592 --------------- 567,672 --------------- INSURANCE - PROPERTY & CASUALTY--2.7% 9,200 American Financial Group, Inc. 341,780 5,000 Arch Capital Group Ltd.* 262,300 5,468 Capital Title Group, Inc. 33,792 11,200 Platinum Underwriters Holdings Ltd. 341,152 4,600 RenaissanceRe Holdings Ltd. 206,678 1,000 Safety Insurance Group, Inc. 40,110 --------------- 1,225,812 --------------- INTERNET CONTENT--0.9% 4,300 AMICAS, Inc.* 20,425 23,614 TriZetto Group, Inc. (The)* 383,728 --------------- 404,153 --------------- INTERNET SOFTWARE--1.1% 10,400 McAfee, Inc.* 289,224 13,500 RealNetworks, Inc.* 116,775 12,406 SonicWALL, Inc.* 92,177 --------------- 498,176 --------------- LABORATORY ANALYTICAL INSTRUMENTS--0.1% 600 Varian, Inc.* 25,176 --------------- -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- LEISURE & ENTERTAINMENT--1.9% 17,700 Bluegreen Corp.* $ 263,199 2,275 Escala Group, Inc* 37,651 7,600 GTECH Holdings Corp.* 232,560 700 Monarch Casino & Resort, Inc.* 14,973 1,300 Penn National Gaming, Inc.* 43,121 2,700 Speedway Motorsports, Inc. 105,057 31,062 Youbet.com, Inc.* 173,326 --------------- 869,887 --------------- MACHINERY--4.0% 16,253 Columbus McKinnon Corp.* 340,988 1,200 DXP Enterprises, Inc.* 19,608 14,400 Flow International Corp.* 121,680 10,500 JLG Industries, Inc. 477,750 2,200 Regal Beloit Corp. 77,638 6,500 Terex Corp.* 400,530 13,800 Wabtec Corp. 356,454 --------------- 1,794,648 --------------- MANUFACTURING--3.0% 2,900 Advanced Energy Industries, Inc.* 38,744 8,900 Albany International Corp., Class A 339,357 18,700 Earle M. Jorgensen Co.* 179,520 2,161 Fargo Electronics* 41,297 6,100 Oshkosh Truck Corp. 274,073 1,000 Superior Essex, Inc.* 18,850 5,200 Teleflex, Inc. 344,084 2,200 Valmont Industries, Inc. 73,414 900 Walter Industries, Inc. 45,315 --------------- 1,354,654 --------------- MEDICAL & MEDICAL SERVICES--2.8% 14,300 24/7 Real Media, Inc.* 105,820 9,200 Durect Corp.*+ 48,208 523 Lincare Holdings, Inc.* 22,452 3 [N/I NUMERIC INVESTORS FAMILY OF FUNDS LOGO] GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- MEDICAL & MEDICAL SERVICES--(CONTINUED) 700 Millipore Corp.* $ 44,702 5,500 Pediatrix Medical Group, Inc.* 465,080 5,700 Pharmaceutical Product Development, Inc.* 332,253 8,416 PRA International* 233,460 1,000 U.S. Physical Therapy, Inc.* 19,790 --------------- 1,271,765 --------------- MEDICAL INSTRUMENTS & SUPPLIES--4.6% 2,402 AngioDynamics, Inc.* 49,505 10,900 Candela Corp.* 156,960 13,300 Cerus Corp.* 118,902 9,000 Cutera, Inc.* 356,220 6,200 DENTSPLY International, Inc. 344,906 4,483 ICU Medical, Inc.* 161,299 2,160 Lifecore Biomedical, Inc.* 32,357 6,100 Natus Medical, Inc.* 100,894 3,790 Neurometrix, Inc.* 117,831 14,700 Quidel Corp.* 205,212 11,500 Respironics, Inc.* 444,820 --------------- 2,088,906 --------------- MORTGAGE--1.2% 14,800 Fremont General Corp. 346,468 5,100 IndyMac Bancorp, Inc. 195,228 --------------- 541,696 --------------- MULTIMEDIA/PUBLISHING--1.0% 700 John Wiley & Sons, Inc., Class A 28,931 2,896 Meredith Corp. 147,696 4,005 R.H. Donnelley Corp.*+ 252,235 --------------- 428,862 --------------- OFFICE & BUSINESS EQUIPMENT--0.4% 3,328 United Stationers, Inc.* 163,072 --------------- OFFICE FURNISHINGS--0.5% 5,643 Herman Miller, Inc. 172,619 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- OFFICE FURNISHINGS--(CONTINUED) 4,500 Knoll, Inc. $ 74,880 --------------- 247,499 --------------- OIL & GAS EQUIPMENT & SERVICES--3.2% 500 Cooper Cameron Corp.* 39,815 3,000 Dresser-Rand Group, Inc.* 66,510 13,100 Grant Prideco, Inc.* 502,909 1,000 McDermott International, Inc.* 41,860 9,300 NATCO Group, Inc., Class A* 215,760 4,000 Parker Drilling Co.* 37,920 16,100 Pride International, Inc.* 479,619 2,100 RPC, Inc. 69,720 --------------- 1,454,113 --------------- OIL & GAS FIELD EXPLORATION--3.2% 19,700 Abraxas Petroleum Corp.*+ 130,611 3,600 Cabot Oil & Gas Corp. 151,956 18,600 Harvest Natural Resources, Inc.* 170,748 3,000 Helmerich & Payne, Inc. 174,060 2,800 Patterson-UTI Energy, Inc.* 87,472 1,900 Swift Energy Co.* 87,761 8,600 Todco, Class A* 357,502 15,100 VAALCO Energy, Inc.* 60,853 7,700 W&T Offshore, Inc. 225,225 --------------- 1,446,188 --------------- OIL REFINING--2.3% 9,800 Alon USA Energy, Inc.* 191,394 11,700 Frontier Oil Corp. 440,856 7,100 Tesoro Corp. 390,997 --------------- 1,023,247 --------------- PACKAGING--0.4% 4,625 Silgan Holdings, Inc. 163,216 --------------- PHARMACEUTICALS--4.1% 6,160 Albany Molecular Research, Inc.* 75,398 12,723 Alpharma, Inc., Class A 336,142 4 [N/I NUMERIC INVESTORS FAMILY OF FUNDS LOGO] GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- PHARMACEUTICALS--(CONTINUED) 1,700 Anadys Pharmaceuticals, Inc.* $ 16,167 14,700 Endo Pharmaceuticals Holdings, Inc.* 439,824 23,200 King Pharmaceuticals, Inc.* 364,936 2,200 Kos Pharmaceuticals, Inc.* 146,476 3,474 New River Pharmaceuticals, Inc.* 164,146 3,300 SciClone Pharmaceuticals, Inc.*+ 12,936 16,250 ViroPharma, Inc.* 283,888 --------------- 1,839,913 --------------- REAL ESTATE INVESTMENT TRUSTS--2.7% 6,300 Equity Lifestyle Properties, Inc. 2,92,068 1,700 Glimcher Realty Trust 43,656 700 Macerich Co. (The) 47,586 9,300 Mills Corp. (The) 398,970 4,400 Tanger Factory Outlet Centers, Inc. 120,956 9,600 Taubman Centers, Inc. 336,192 --------------- 1,239,428 --------------- RESIDENTIAL CONSTRUCTION--0.9% 4,300 Brookfield Homes Corp. 212,549 2,142 Cavco Industries, Inc.* 84,074 6,100 Champion Enterprises, Inc.* 88,267 2,447 Comstock Homebuilding Cos., Inc., Class A* 37,610 --------------- 422,500 --------------- RESTAURANTS--1.3% 14,400 Domino's Pizza, Inc. 360,000 4,000 Papa John's International, Inc.* 217,840 --------------- 577,840 --------------- RETAIL - SPECIALTY--4.8% 2,200 Advance Auto Parts, Inc.* 93,148 9,500 Barnes & Noble, Inc.* 383,230 16,500 Claire's Stores, Inc. 470,745 5,400 Conn's, Inc.* 182,574 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- RETAIL - SPECIALTY--(CONTINUED) 10,607 EZCORP, Inc., Class A* $ 159,635 13,200 Rent-A-Center, Inc.* 258,060 1,200 Shoe Carnival, Inc.* 24,612 10,700 Sonic Automotive, Inc.+ 222,560 2,850 Sportsman's Guide, Inc.(The)* 74,784 10,926 Steven Madden Ltd.* 297,515 --------------- 2,166,863 --------------- RUBBER & MISC PLASTICS--0.2% 5,160 Pw Eagle, Inc* 96,698 --------------- SCHOOLS--2.0% 12,200 Career Education Corp.* 455,060 12,800 Education Management Corp.*+ 432,000 --------------- 887,060 --------------- SEMICONDUCTORS--5.9% 46,822 Cirrus Logic, Inc.* 353,974 13,894 Cohu, Inc. 370,553 7,800 Cymer, Inc.* 298,116 4,900 EMCOR Group, Inc. 346,675 14,200 Lam Research Corp.* 533,068 23,400 LSI Logic Corp.* 192,114 400 Netlogic Microsystems, Inc.* 10,424 11,630 Standard Microsystems Corp.* 347,737 5,100 Supertex, Inc.* 215,424 --------------- 2,668,085 --------------- SERVICES - MANAGEMENT CONSULTING--0.6% 2,900 Corporate Executive Board Co., (The)* 250,879 2,200 Spherion Corp.* 21,560 --------------- 272,439 --------------- STEEL--0.1% 1,212 Olympic Steel, Inc.* 25,694 --------------- TELECOMMUNICATIONS EQUIPMENT & SERVICES--2.8% 11,400 Harris Corp. 508,212 5 [N/I NUMERIC INVESTORS FAMILY OF FUNDS LOGO] GROWTH FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- TELECOMMUNICATIONS EQUIPMENT & SERVICES-- (CONTINUED) 3,500 InterDigital Communications Corp.* $ 68,180 5,438 Talk America Holdings, Inc.* 52,205 23,700 Tekelec* 308,100 8,526 West Corp.* 338,226 --------------- 1,274,923 --------------- TRANSPORTATION--1.7% 3,800 Atlas Air Worldwide Holding-Wi* 1,31,195 1,200 EGL, Inc.* 44,568 2,600 Genco Shipping & Trading Ltd. 44,928 6,100 Laidlaw International, Inc.* 131,882 7,700 OMI Corp. 149,380 3,900 Overseas Shipholding Group, Inc 198,744 3,330 Pacer International, Inc.* 88,012 --------------- 788,709 --------------- UTILITIES--0.7% 8,400 Energen Corp. 308,280 --------------- Total Common Stocks (Cost $41,162,983) 44,017,899 --------------- -------------------------------------------------------------------------------- PRINCIPAL AMOUNT (000'S) VALUE -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS--3.2% 1,099 Bear Stearns & Co., Inc. (Agreement dated 11/30/05 to be repurchased at $1,099,099) 3.94%,12/01/05, collaterized by $1,133,374 in U.S. Government Securities (Cost $1,098,979) 1,098,979 322 Bear Stearns & Co., Inc. (Agreement dated 11/30/05 to be repurchased at $322,115) 2.03%, 12/01/05, collaterized by $335,138 in U.S. Government Securities (Cost $322,097)** 322,097 --------------- Total Repurchase Agreements (Cost $1,421,076) 1,421,076 --------------- Total Investments -- 100.8% (Cost $42,584,059)*** $ 45,438,975 --------------- Liabilities In Excess Of Other Assets -- (0.8)% (357,502) --------------- Net Assets -- 100.0% $ 45,081,473 =============== ---------- * Non-income producing. ** Investment purchased with collateral received for securities on loan. + Security position is either entirely or partially out on loan. *** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 42,924,776 Gross unrealized appreciation $ 3,800,569 Gross unrealized depreciation (1,286,370) ------------- Net unrealized appreciation/(depreciation) $ 2,514,199 For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 6 [N/I NUMERIC INVESTORS FAMILY OF FUNDS LOGO] MID CAP FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- COMMON STOCKS--97.3% ADVERTISING--1.0% 4,300 Omnicom Group, Inc. $ 363,608 --------------- AEROSPACE & DEFENSE--3.5% 3,000 General Dynamics Corp. 342,900 2,700 Lockheed Martin Corp. 163,620 6,500 Northrop Grumman Corp. 372,905 10,200 Raytheon Co. 391,884 --------------- 1,271,309 --------------- APPAREL--3.5% 14,000 Coach, Inc.* 482,020 12,800 Jones Apparel Group, Inc. 368,128 7,400 VF Corp. 419,210 --------------- 1,269,358 --------------- AUTOMOBILE PARTS & EQUIPMENT--3.0% 5,300 Johnson Controls, Inc. 368,085 12,600 Navistar International Corp.* 357,462 14,300 TRW Automotive Holdings Corp.* 360,360 --------------- 1,085,907 --------------- BANKS--6.0% 12,147 Associated Banc-Corp. 398,179 4,300 Colonial BancGroup, Inc. (The) 107,113 19,200 North Fork Bancorporation, Inc. 518,400 4,800 SunTrust Banks, Inc. 349,152 14,200 Synovus Financial Corp. 399,730 6,000 UnionBanCal Corp. 415,200 --------------- 2,187,774 --------------- BIOTECH--1.0% 7,500 Gilead Sciences, Inc.* 380,175 --------------- BUILDING & BUILDING MATERIALS--0.8% 4,900 USG Corp.* 299,880 --------------- CHEMICALS - DIVERSIFIED--1.0% 20,500 Celanese Corp., Series A 354,650 --------------- CHEMICALS - SPECIALTY--1.2% 8,000 Eastman Chemical Co. 442,640 --------------- -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- COMMERCIAL SERVICES--1.3% 11,800 Monster Worldwide, Inc.* $ 459,020 --------------- COMPUTER NETWORKING PRODUCTS--2.2% 21,700 Seagate Technology* 410,564 20,100 Synopsys, Inc.* 392,352 --------------- 802,916 --------------- COMPUTER SERVICES--0.6% 4,500 Computer Sciences Corp.* 226,035 --------------- COMPUTER SOFTWARE--1.0% 3,000 Cadence Design Systems, Inc.* 51,420 4,100 Intuit, Inc.* 219,637 18,100 Parametric Technology Corp.* 105,885 --------------- 376,942 --------------- CONSUMER PRODUCTS--2.3% 4,700 Black & Decker Corp. (The) 412,707 4,300 Harman International Industries, Inc.+ 419,250 --------------- 831,957 --------------- ELECTRONIC COMPONENTS & ACCESSORIES--2.0% 12,300 Jabil Circuit, Inc.* 407,376 8,200 Thomas & Betts Corp.* 328,328 --------------- 735,704 --------------- ENERGY--1.0% 3,700 TXU Corp. 379,731 --------------- FINANCIAL SERVICES--1.3% 9,300 CIT Group, Inc. 460,350 --------------- FOOD--1.1% 12,000 Hormel Foods Corp. 393,600 --------------- HAZARDOUS WASTE MANAGEMENT--1.1% 11,000 Republic Services, Inc. 394,350 --------------- HEALTH CARE--1.0% 4,800 Sierra Health Services, Inc.* 375,456 --------------- HOTELS & MOTELS--1.1% 11,200 Choice Hotels International, Inc. 405,776 --------------- 1 [N/I NUMERIC INVESTORS FAMILY OF FUNDS LOGO] MID CAP FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- INSURANCE - HEALTH & LIFE--2.3% 8,800 Lincoln National Corp. $ 457,424 9,100 Nationwide Financial Services, Inc., Class A 383,565 --------------- 840,989 --------------- INSURANCE - PROPERTY & CASUALTY--4.7% 6,200 Commerce Group, Inc. (The) 359,972 16,600 Fidelity National Title Group, Inc.+ 378,480 7,800 IPC Holdings Ltd. 227,760 15,300 Old Republic International Corp. 407,133 7,700 RenaissanceRe Holdings Ltd. 345,961 --------------- 1,719,306 --------------- INTERNET SOFTWARE--0.9% 18,200 Symantec Corp.* 321,594 --------------- LEISURE & ENTERTAINMENT--2.0% 1,200 GTECH Holdings Corp.* 36,720 5,800 Harley-Davidson, Inc. 312,388 11,900 Penn National Gaming, Inc.* 394,723 --------------- 743,831 --------------- MACHINERY--1.2% 9,600 JLG Industries, Inc. 436,800 --------------- MANUFACTURING--2.3% 9,200 Ingersoll Rand Co. Ltd., Class A 364,596 6,700 Parker-Hannifin Corp. 458,347 --------------- 822,943 --------------- MEDICAL & MEDICAL SERVICES--1.5% 4,300 Manor Care, Inc. 169,549 4,400 Pediatrix Medical Group, Inc.* 372,064 --------------- 541,613 --------------- MEDICAL INSTRUMENTS & SUPPLIES--4.8% 9,200 Baxter International, Inc. 357,788 7,000 Becton, Dickinson & Co. 407,610 3,900 DENTSPLY International, Inc. 216,957 10,800 McKesson Corp. 543,240 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- MEDICAL INSTRUMENTS & SUPPLIES--(CONTINUED) 6,000 Respironics, Inc.* $ 232,080 -------------- 1,757,675 -------------- METALS--0.2% 1,800 Precision Castparts Corp. 91,782 --------------- MULTIMEDIA/PUBLISHING--0.9% 5,400 Gannett Co., Inc. 332,748 --------------- OFFICE & BUSINESS EQUIPMENT--0.2% 1,800 Pitney Bowes, Inc. 74,988 --------------- OFFICE FURNISHINGS--0.3% 3,300 Herman Miller, Inc. 100,947 --------------- OIL & GAS FIELD EXPLORATION--6.6% 1,200 Anadarko Petroleum Corp. 108,732 5,300 Burlington Resources, Inc. 382,925 3,400 Devon Energy Corp. 204,680 10,800 Grant Prideco, Inc.* 414,612 15,500 Pride International, Inc.* 461,745 7,900 Todco, Class A* 328,403 7,400 Ultra Petroleum Corp.* 397,972 3,700 W&T Offshore, Inc. 108,225 --------------- 2,407,294 --------------- OIL REFINING--0.7% 1,500 Sunoco, Inc. 115,800 2,700 Tesoro Corp. 148,689 --------------- 264,489 --------------- PAPER & ALLIED PRODUCTS--1.9% 11,600 Louisiana-Pacific Corp.* 312,852 10,000 Rayonier, Inc. 397,400 --------------- 710,252 --------------- PHARMACEUTICALS--5.7% 5,800 AmerisourceBergen Corp. 466,030 14,000 Endo Pharmaceuticals Holdings, Inc.* 418,880 5,700 Express Scripts, Inc.* 481,422 2 [N/I NUMERIC INVESTORS FAMILY OF FUNDS LOGO] MID CAP FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- PHARMACEUTICALS--(CONTINUED) 4,400 Hospira, Inc.* $ 194,260 10,700 King Pharmaceuticals, Inc.* 168,311 6,400 Pharmaceutical Product Development, Inc.* 373,056 --------------- 2,101,959 --------------- REAL ESTATE INVESTMENT TRUSTS--4.4% 9,200 CBL & Associates Properties, Inc. 370,300 10,200 General Growth Properties, Inc. 465,324 21,500 Host Marriott Corp. 384,850 9,000 Mills Corp. (The) 386,100 --------------- 1,606,574 --------------- RESTAURANTS--1.9% 4,700 Panera Bread Co., Class A 319,600 7,500 Yum! Brands, Inc. 365,925 --------------- 685,525 --------------- RETAIL - SPECIALTY--1.6% 9,450 Advance Auto Parts, Inc.* 400,113 6,400 Claire's Stores, Inc. 182,592 --------------- 582,705 --------------- SCHOOLS--2.3% 11,400 Career Education Corp.* 425,220 11,851 Education Management Corp.*+ 399,971 --------------- 825,191 --------------- SEMICONDUCTORS--3.1% 6,700 Broadcom Corp., Class A* 311,818 12,500 Lam Research Corp.* 469,250 2,100 National Semiconductor Corp. 54,348 12,400 Novellus Systems, Inc.* 305,908 --------------- 1,141,324 --------------- SERVICES - MANAGEMENT CONSULTING--0.5% 6,300 Accenture Ltd., Class A* 179,172 --------------- TELECOMMUNICATIONS EQUIPMENT & SERVICES--2.1% 9,700 Harris Corp. 432,426 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- TELECOMMUNICATIONS EQUIPMENT & SERVICES-- (CONTINUED) 8,700 West Corp.* $ 345,129 --------------- 777,555 --------------- TRANSPORTATION--1.3% 9,900 CSX Corp. 481,536 --------------- UTILITIES--5.7% 13,900 Alliant Energy Corp. 394,065 6,900 American Electric Power Co., Inc. 252,126 9,600 DTE Energy Co. 418,944 10,200 Energen Corp. 374,340 17,100 Energy East Corp.+ 400,995 9,500 Vectren Corp.+ 257,925 --------------- 2,098,395 --------------- WHOLESALE - DISTRIBUTION--1.2% 13,000 SUPERVALU, Inc. 425,360 --------------- Total Common Stocks (Cost $33,115,012) 35,569,685 --------------- -------------------------------------------------------------------------------- PRINCIPAL AMOUNT (000'S) VALUE -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS--5.4% 1,644 Bear Stearns & Co., Inc. (Agreement dated 11/30/05 to be repurchased at $1,643,827), 3.94%, 12/01/05, collaterized by $1,693,968 in U.S. Government Securities (Cost $1,643,647) 1,643,647 315 Bear Stearns & Co., Inc. (Agreement dated 11/30/05 to be repurchased at $315,467), 2.03%, 12/01/05, collaterized by $329,044 in U.S. Government Securities (Cost $315,449)** 315,449 --------------- Total Repurchase Agreements (Cost $1,959,096) 1,959,096 --------------- 3 [N/I NUMERIC INVESTORS FAMILY OF FUNDS LOGO] MID CAP FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2005 (UNAUDITED) Total Investments -- 102.7% (Cost $35,074,108)*** $ 37,528,781 --------------- Liabilities in Excess of Other Assets -- (2.7)% (975,270) --------------- Net Assets -- 100.0% $ 36,553,511 =============== ---------- * Non-income producing. ** Investment purchased with collateral received for securities on loan. + Security position is either entirely or partially out on loan. *** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 35,329,715 Gross unrealized appreciation $ 2,769,028 Gross unrealized depreciation (569,962) ------------- Net unrealized appreciation/(depreciation) $ 2,199,066 For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 4 [N/I NUMERIC INVESTORS FAMILY OF FUNDS LOGO] SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- COMMON STOCKS--96.4% AEROSPACE & DEFENSE--0.2% 21,400 Kaman Corp., Class A $ 411,094 --------------- AIRLINES--1.1% 69,200 ExpressJet Holdings, Inc.* 603,424 63,700 Republic Airways Holdings, Inc.* 925,561 101,919 World Air Holdings, Inc.* 1,072,188 --------------- 2,601,173 --------------- APPAREL--1.1% 25,000 Buckle, Inc. (The) 820,000 27,162 Children's Place Retail Stores, Inc. (The)* 1,347,235 15,500 Guess?, Inc.* 525,140 --------------- 2,692,375 --------------- AUTOMOBILE PARTS & EQUIPMENT--0.6% 54,900 TRW Automotive Holdings Corp.* 1,383,480 --------------- AUTOMOBILES & TRUCKS--0.6% 51,400 Navistar International Corp.* 1,458,218 --------------- BANKS--6.1% 23,893 Banner Corp. 753,585 12,630 Berkshire Bancorp, Inc. 411,612 15,745 Capitol Bancorp Ltd. 588,233 4,828 Community Bancorp* 156,282 47,600 Corus Bankshares, Inc. 2,797,928 42,900 Cullen/Frost Bankers, Inc. 2,310,594 44,500 Digital Insight Corp.* 1,473,840 115,300 First BanCorp. 1,395,130 1,710 First Regional Bancorp* 121,684 17,240 Intervest Bancshares Corp.* 438,413 6,200 MainSource Financial Group, Inc.+ 112,158 6,300 Nara Bancorp, Inc. 117,936 18,800 Preferred Bank 824,380 53,820 Southwest Bancorp, Inc. 1,214,717 9,020 TriCo Bancshares 213,594 3,400 Virginia Financial Group, Inc. 127,840 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- BANKS--(CONTINUED) 70,774 Wilshire Bancorp, Inc. $ 1,203,866 --------------- 14,261,792 --------------- BUILDING & BUILDING MATERIALS--1.4% 76,509 Builders FirstSource, Inc.* 1,522,529 29,000 U.S. Concrete, Inc.* 238,380 23,700 USG Corp.* 1,450,440 --------------- 3,211,349 --------------- BUILDING SUPPLIES--0.1% 22,300 BlueLinx Holdings, Inc. 248,868 --------------- CHEMICALS - DIVERSIFIED--0.5% 65,400 Rockwood Holdings, Inc.* 1,192,896 --------------- CHEMICALS - SPECIALTY--1.7% 9,100 Balchem Corp. 250,978 14,800 H. B. Fuller Co. 458,504 7,900 Lubrizol Corp. (The) 333,459 152,750 UAP Holding Corp. 2,899,195 4,800 Valspar Corp. (The)+ 120,720 --------------- 4,062,856 --------------- COMMERCIAL BANKS, NEC--0.5% 6,946 City Bank+ 239,290 15,585 Community Trust Bancorp, Inc. 512,747 7,043 Lakeland Bancorp, Inc. 106,701 12,100 Umpqua Holdings Corp. 319,682 --------------- 1,178,420 --------------- COMMERCIAL SERVICES--0.8% 15,300 Interactive Data Corp.* 338,742 38,329 Steiner Leisure Ltd.* 1,440,404 --------------- 1,779,146 --------------- COMPUTER NETWORKING PRODUCTS--1.4% 69,711 Black Box Corp. 3,256,201 --------------- COMPUTER PERIPHERALS--0.4% 103,900 Lexar Media, Inc.*+ 886,267 --------------- COMPUTER SERVICES--2.2% 42,028 Advanced Digital Information Corp.* 441,294 1 [N/I NUMERIC INVESTORS FAMILY OF FUNDS LOGO] SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- COMPUTER SERVICES--(CONTINUED) 21,500 CACI International, Inc., Class A* $ 1,190,240 31,800 Radiant Systems, Inc.* 414,354 106,315 Sykes Enterprises, Inc.* 1,467,147 13,900 Syntel, Inc. 285,784 35,096 Tech Data Corp.* 1,379,624 --------------- 5,178,443 --------------- COMPUTER SOFTWARE--1.6% 55,295 American Reprographics Co.* 1,189,395 124,500 Informatica Corp.* 1,399,380 16,916 Parametric Technology Corp.* 98,959 14,861 SSA Global Technologies, Inc.*+ 270,173 5,400 StarTek, Inc. 89,694 39,081 Synopsys, Inc.* 762,861 --------------- 3,810,462 --------------- COMPUTERS, SOFTWARE & SERVICING--0.3% 92,786 Peerless Systems Corp.* 653,213 --------------- CONSTRUCTION & BUILDING MATERIALS--0.1% 15,387 Insteel Industries, Inc. 248,808 --------------- CONSUMER PRODUCTS--0.6% 36,000 American Greetings Corp., Class A+ 943,200 32,100 Playtex Products, Inc.* 449,400 --------------- 1,392,600 --------------- DATA PROCESSING--1.7% 64,653 CSG Systems International, Inc.* 1,551,672 95,803 infoUSA, Inc. 970,484 50,700 Transaction Systems Architects, Inc.* 1,475,370 --------------- 3,997,526 --------------- ELECTRICAL EQUIPMENT--0.2% 9,400 Regal-Beloit Corp. 331,726 10,400 Superior Essex, Inc.* 196,040 --------------- 527,766 --------------- -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- ELECTRONIC COMPONENTS & ACCESSORIES--1.8% 86,600 A.O. Smith Corp. $ 3,152,240 41,900 Exar Corp.* 517,884 6,244 Multi-Fineline Electronix, Inc.* 231,028 22,500 Nu Horizons Electronics Corp.* 224,775 5,100 Planar Systems, Inc.* 49,470 6,900 Plexus Corp.* 148,350 --------------- 4,323,747 --------------- ELECTRONIC MEASUREMENTS - INSTRUMENTS--0.6% 30,000 Itron, Inc.* 1,402,500 --------------- FINANCE-CONSUMER--0.1% 9,300 ASTA Funding, Inc. 230,454 --------------- FINANCIAL SERVICES--2.1% 2,600 IntercontinentalExchange, Inc.* 83,980 51,100 Investment Technology Group, Inc.* 1,987,279 60,100 Jackson Hewitt Tax Service, Inc. 1,444,804 101,200 Knight Capital Group, Inc.* 1,024,144 6,900 Marlin Business Services, Inc.* 156,699 1,600 Nelnet, Inc., Class A* 60,880 9,046 Nicholas Financial, Inc. 94,259 2,700 Triad Guaranty, Inc.* 117,072 --------------- 4,969,117 --------------- FOOD & AGRICULTURE--1.3% 52,603 Gold Kist, Inc.* 837,440 16,708 Nash Finch Co. 448,944 18,300 Pilgrim's Pride Corp. 585,600 34,439 Premium Standard Farms, Inc.* 573,409 58,660 Spartan Stores, Inc.* 587,187 --------------- 3,032,580 --------------- HEALTH CARE--1.2% 11,463 Magellan Health Services, Inc.* 334,949 59,900 Odyssey HealthCare, Inc.* 1,109,348 2 [N/I NUMERIC INVESTORS FAMILY OF FUNDS LOGO] SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- HEALTH CARE--(CONTINUED) 37,600 WellCare Health Plans, Inc.* $ 1,484,448 --------------- 2,928,745 --------------- HOTELS & MOTELS--1.2% 81,100 Choice Hotels International, Inc. 2,938,253 --------------- INSURANCE--0.7% 62,100 Assured Guaranty Ltd. 1,634,472 --------------- INSURANCE - HEALTH & LIFE--1.3% 40,100 FBL Financial Group, Inc., Class A 1,257,135 300 Protective Life Corp. 13,254 40,100 Reinsurance Group of America, Inc. 1,895,928 --------------- 3,166,317 --------------- INSURANCE - PROPERTY & CASUALTY--5.4% 78,700 American Financial Group, Inc. 2,923,705 26,600 Arch Capital Group Ltd.* 1,395,436 85,700 Capital Title Group, Inc. 529,626 6,100 Commerce Group, Inc. (The) 354,166 36,309 EMC Insurance Group, Inc. 710,204 23,395 Harleysville Group, Inc. 638,918 24,152 IPC Holdings Ltd. 705,238 8,940 National Atlantic Holdings Corp.* 92,618 94,100 Platinum Underwriters Holdings Ltd. 2,866,286 10,500 RenaissanceRe Holdings Ltd. 471,765 30,747 Safety Insurance Group, Inc. 1,233,262 9,200 Stewart Information Services Corp.* 465,152 11,360 United America Indemnity Ltd., Class A* 215,272 --------------- 12,601,648 --------------- INTERNET SOFTWARE--0.3% 4,057 AsiaInfo Holdings, Inc.* 15,376 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- INTERNET SOFTWARE--(CONTINUED) 83,500 SonicWALL, Inc.* $ 620,405 --------------- 635,781 --------------- LABORATORY ANALYTICAL INSTRUMENTS--0.1% 2,900 Varian, Inc.* 121,684 --------------- LEISURE & ENTERTAINMENT--0.9% 77,000 Bluegreen Corp.* 1,144,990 12,025 Escala Group, Inc.* 199,014 3,900 Monarch Casino & Resort, Inc.* 83,421 19,900 Speedway Motorsports, Inc. 774,309 --------------- 2,201,734 --------------- MACHINERY--3.7% 65,258 Columbus McKinnon Corp.* 1,369,113 10,300 DXP Enterprises, Inc.* 168,302 24,618 Flow International Corp.* 208,022 64,000 JLG Industries, Inc. 2,912,000 22,400 Terex Corp.*+ 1,380,288 98,800 Wabtec Corp. 2,552,004 --------------- 8,589,729 --------------- MANUFACTURING--2.7% 21,400 Advanced Energy Industries, Inc.* 285,904 11,100 Albany International Corp., Class A 423,243 25,528 Cavco Industries, Inc.* 1,001,974 131,200 Earle M. Jorgensen Co.* 1,259,520 12,358 Fargo Electronics* 236,161 40,500 Teleflex, Inc. 2,679,885 17,300 Valmont Industries, Inc. 577,301 --------------- 6,463,988 --------------- MEDICAL & MEDICAL SERVICES--1.8% 51,922 Kendle International, Inc.* 1,240,936 18,200 Pediatrix Medical Group, Inc.* 1,538,992 49,681 PRA International* 1,378,151 --------------- 4,158,079 --------------- 3 [N/I NUMERIC INVESTORS FAMILY OF FUNDS LOGO] SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- MEDICAL INSTRUMENTS & SUPPLIES--1.3% 34,093 Candela Corp.* $ 490,939 31,136 ICU Medical, Inc.* 1,120,273 36,300 Respironics, Inc.* 1,404,084 --------------- 3,015,296 --------------- METALS--0.2% 9,500 Quanex Corp. 587,575 --------------- MORTGAGE--2.4% 131,200 Fremont General Corp. 3,071,392 69,600 IndyMac Bancorp, Inc. 2,664,288 --------------- 5,735,680 --------------- MULTIMEDIA/PUBLISHING--0.8% 18,400 Meredith Corp. 938,400 13,800 R.H. Donnelley Corp.*+ 869,124 --------------- 1,807,524 --------------- OFFICE & BUSINESS EQUIPMENT--0.4% 18,800 United Stationers, Inc.* 921,200 --------------- OFFICE FURNISHINGS--0.4% 21,734 Herman Miller, Inc. 664,843 11,700 Knoll, Inc. 194,688 --------------- 859,531 --------------- OIL & GAS EQUIPMENT & SERVICES--0.3% 30,600 Dresser-Rand Group, Inc.* 678,402 4,000 Laclede Group, Inc. 119,840 --------------- 798,242 --------------- OIL & GAS FIELD EXPLORATION--3.0% 159,671 Abraxas Petroleum Corp.*+ 1,058,619 20,300 Brigham Exploration Co.* 248,472 19,700 Cabot Oil & Gas Corp. 831,537 122,300 Harvest Natural Resources, Inc.*+ 1,122,714 6,900 Helmerich & Payne, Inc. 400,338 11,100 RPC, Inc. 368,520 15,600 Swift Energy Co.* 720,564 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- OIL & GAS FIELD EXPLORATION--(CONTINUED) 8,400 VAALCO Energy, Inc.* $ 33,852 80,100 W&T Offshore, Inc. 2,342,925 --------------- 7,127,541 --------------- OIL REFINING--1.7% 48,600 Alon USA Energy, Inc.* 949,158 81,200 Frontier Oil Corp. 3,059,616 --------------- 4,008,774 --------------- PACKAGING--0.4% 27,450 Silgan Holdings, Inc. 968,710 --------------- PAPER & ALLIED PRODUCTS--0.4% 97,200 Xerium Technologies, Inc.* 863,136 --------------- PHARMACEUTICALS--1.7% 107,700 Alpharma, Inc., Class A 2,845,434 3,500 Nutraceutical International Corp.* 45,010 67,300 ViroPharma, Inc.* 1,175,731 --------------- 4,066,175 --------------- PRINTING--0.0% 1,932 Cadmus Communications Corp. 38,988 --------------- PROPERTY & CASUALITY INSURANCE--0.2% 24,400 Republic Companies Group, Inc. 353,800 3,400 State Auto Financial Corp. 117,062 --------------- 470,862 --------------- PUBLISHING--0.1% 13,800 Warner Music Group Corp. 249,090 --------------- REAL ESTATE INVESTMENT TRUSTS--10.2% 70,600 Associated Estates Realty Corp. 645,990 53,100 Brandywine Realty Trust 1,538,838 66,800 CBL & Associates Properties, Inc. 2,688,700 64,100 Colonial Properties Trust 2,815,913 61,500 Equity Lifestyle Properties, Inc. 2,851,140 2,700 Essex Property Trust, Inc. 247,590 37,800 Felcor Lodging Trust, Inc. 641,844 4 [N/I NUMERIC INVESTORS FAMILY OF FUNDS LOGO] SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS--(CONTINUED) 22,900 First Industrial Realty Trust, Inc.+ $ 930,885 24,100 Highwoods Properties, Inc. 694,803 52,800 HRPT Properties Trust 577,632 28,200 Innkeepers USA Trust 491,808 56,800 Mills Corp. (The) 2,436,720 55,000 OMEGA Healthcare Investors, Inc. 661,100 44,200 PS Business Parks, Inc.-CA 2,081,820 68,300 Tanger Factory Outlet Centers, Inc. 1,877,567 81,200 Taubman Centers, Inc. 2,843,624 --------------- 24,025,974 --------------- RESIDENTIAL CONSTRUCTION--0.7% 25,500 Brookfield Homes Corp.+ 1,260,465 19,500 Champion Enterprises, Inc.* 282,165 --------------- 1,542,630 --------------- RESTAURANTS--2.0% 127,000 Domino's Pizza, Inc. 3,175,000 102,906 Main Street Restaurant Group, Inc.* 506,298 16,701 Papa John's International, Inc.* 909,536 --------------- 4,590,834 --------------- RETAIL - SPECIALTY--4.9% 71,000 Barnes & Noble, Inc.* 2,864,140 93,800 Claire's Stores, Inc. 2,676,114 32,822 Conn's, Inc.* 1,109,712 5,100 Deb Shops, Inc. 148,308 9,800 REX Stores Corp.* 145,922 14,500 Shoe Carnival, Inc.* 297,395 91,900 Sonic Automotive, Inc.+ 1,911,520 32,500 Sportsman's Guide, Inc. (The)* 852,800 53,800 Steven Madden Ltd.* 1,464,974 --------------- 11,470,885 --------------- -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- RUBBER & MISC PLASTICS--0.3% 41,512 PW Eagle, Inc.* $ 777,935 --------------- SAVINGS & LOAN ASSOCIATIONS--2.9% 9,300 BankUnited Financial Corp., Class A* 237,057 7,500 Commercial Capital Bancorp, Inc. 125,100 6,000 First Financial Holdings, Inc. 183,240 33,377 First Place Financial Corp. 796,375 23,200 FirstFed Financial Corp.*+ 1,214,288 7,995 ITLA Capital Corp.* 419,338 18,900 MAF Bancorp, Inc. 804,573 29,282 PFF Bancorp, Inc. 894,565 4,900 Provident Financial Services, Inc. 88,151 68,204 TierOne Corp. 2,044,074 --------------- 6,806,761 --------------- SCHOOLS--0.6% 41,893 Education Management Corp.*+ 1,413,889 --------------- SEMICONDUCTORS--4.1% 187,399 Cirrus Logic, Inc.* 1,416,736 107,533 Cohu, Inc. 2,867,905 32,600 Cymer, Inc.* 1,245,972 26,200 EMCOR Group, Inc. 1,853,650 3,700 Netlogic Microsystems, Inc.* 96,422 55,147 Standard Microsystems Corp.* 1,648,895 44,996 Zygo Corp.* 633,994 --------------- 9,763,574 --------------- SERVICES - MANAGEMENT CONSULTING--0.1% 25,400 Spherion Corp.* 248,920 --------------- STEEL--0.2% 8,000 Olympic Steel, Inc.* 169,600 9,400 Ryerson Tull, Inc. 212,346 --------------- 381,946 --------------- TELECOMMUNICATIONS EQUIPMENT & SERVICES--2.4% 26,800 Audiovox Corp., Class A* 371,180 5 [N/I NUMERIC INVESTORS FAMILY OF FUNDS LOGO] SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- TELECOMMUNICATIONS EQUIPMENT & SERVICES-- (CONTINUED) 26,800 CalAmp Corp.* $ 310,880 27,900 Commonwealth Telephone Enterprises, Inc.* 967,014 59,300 Iowa Telecommunications Services, Inc. 999,205 164,900 Talk America Holdings, Inc.* 1,583,040 33,595 West Corp.* 1,332,714 --------------- 5,564,033 --------------- TRANSPORTATION--2.5% 17,800 Atlas Air Worldwide Holding-Wi* 614,545 6,400 EGL, Inc.* 237,696 68,639 Genco Shipping & Trading Ltd. 1,186,082 72,300 Laidlaw International, Inc.* 1,563,126 32,500 OMI Corp. 630,500 20,800 Overseas Shipholding Group, Inc. 1,059,968 19,510 Pacer International, Inc.* 515,649 --------------- 5,807,566 --------------- UTILITIES--3.8% 24,100 Avista Corp. 425,365 77,500 Energen Corp. 2,844,250 69,400 National Fuel Gas Co. 2,238,150 38,079 Northeast Utilities 707,508 103,500 Vectren Corp.+ 2,810,025 --------------- 9,025,298 --------------- Total Common Stocks (Cost $213,335,090) 226,770,350 --------------- WARRANTS--0.0% SAVINGS & LOAN ASSOCIATIONS--0.0% 4,100 Dime Community Bancshares, Litigation Tracking Warrants* 451 Total Warrants (Cost $768) 451 --------------- -------------------------------------------------------------------------------- PRINCIPAL AMOUNT (000'S) VALUE -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS--4.3% 2,300 Bear Stearns & Co., Inc. (Agreement dated 11/30/05 to be repurchased at $2,300,226) 2.03%, 12/01/05, collaterized by $2,370,337 in U.S. Government Securities (Cost $2,300,096)** $ 2,300,096 7,679 Bear Stearns & Co., Inc. (Agreement dated 11/30/05 to be repurchased at $7,679,806) 3.94%, 12/01/05, collaterized by $7,903,154 in U.S. Government Securities (Cost $7,678,966) 7,678,966 --------------- Total Repurchase Agreements (Cost $9,979,062) 9,979,062 --------------- Total Investments -- 100.7% (Cost $223,314,920)*** 236,749,863 --------------- Liabilities in Excess of Other Assets -- (0.7)% (1,537,305) --------------- Net Assets -- 100.0% $ 235,212,558 =============== ---------- * Non-income producing. ** Investment purchased with collateral received for securities on loan. + Security position is either entirely or partially out on loan. *** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 224,794,457 Gross unrealized appreciation $ 18,285,363 Gross unrealized depreciation (6,329,957) -------------- Net unrealized appreciation/(depreciation) $ 11,955,406 For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 6 SENBANC FUND SCHEDULE OF INVESTMENTS NOVEMBER 30, 2005 MARKET SHARES DESCRIPTION VALUE -------- ----------- ------ COMMON STOCK -- 97.0% ------------------------------------------------------------------------------- SAVINGS, CREDIT & OTHER FINANCIAL INSTITUTIONS -- 86.4% ---------------------------------------------------------------- 10,800 ABC Bancorp $ 217,296 20,100 Auburn National Bancorporation, Inc. 438,180 176,400 Bank of America Corp. 8,094,996 32,000 BB&T Corp. 1,361,600 113,000 BNCCORP, Inc.* 1,462,220 147,000 C&F Financial Corp. 5,659,500 40,200 Camden National Corp. 1,434,738 202,300 Capital Bank Corp. 3,054,730 22,700 Citigroup, Inc. 1,102,085 27,100 Citizens Holding Co. 588,070 28,700 City Holding Co. 1,046,976 35,700 Comerica, Inc. 2,058,819 115,600 Community Bank System, Inc. 2,781,336 10,500 Corus Bankshares, Inc. 617,190 28,555 Dearborn Bancorp, Inc.* 688,170 16,900 First Community Bancorp 874,744 37,600 FNB Corp. 1,159,960 200,231 FNB Financial Services Corp. 3,151,636 514,100 Fremont General Corp. 12,035,081 342,400 Greater Bay Bancorp 9,121,536 269,600 Intervest Bancshares Corp.* 6,855,928 324,000 J.P. Morgan Chase & Co. 12,393,000 360,400 KeyCorp 11,950,864 62,093 MainSource Financial Group, Inc. 1,123,262 130,200 National Bankshares, Inc. 5,998,965 346,300 National City Corp. 11,743,033 77,300 North Fork Bancorporation, Inc. 2,087,100 302,018 Northrim BanCorp, Inc. 7,263,533 16,375 Ohio Valley Banc Corp. 412,241 23,393 Old Point Financial Corp. 686,117 304,600 Oriental Financial Group, Inc.(1) 4,048,134 442,200 PAB Bankshares, Inc. 7,937,490 40,800 Pacific Mercantile Bancorp* 697,272 94,500 Pacific Premier Bancorp, Inc.* 1,116,725 117,840 Penns Woods Bancorp, Inc. 4,540,964 27,000 Peoples Financial Corp. 470,070 221,800 Regions Financial Corp. 7,472,442 35,000 Royal Bancshares of Pennsylvania, Inc., Class A 836,850 528,193 Sun Bancorp, Inc.* (NJ) 10,474,067 327,000 U.S. Bancorp 9,901,560 102,900 UnionBanCal Corp. 7,120,680 121,395 United Security Bancshares, Inc. 3,565,371 69,600 Vail Banks, Inc. 971,616 238,942 Wachovia Corp. 12,759,503 --------------- 189,375,650 --------------- 1 SENBANC FUND SCHEDULE OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2005 STATE & NATIONAL BANKS -- 10.6% ---------------------------------------------------------------- 332,600 Capital Crossing Bank* $ 10,905,954 418,000 South Financial Group, Inc. (The) 12,402,060 --------------- 23,308,014 --------------- TOTAL COMMON STOCK (COST $188,865,503) 212,683,664 --------------- MARKET PRINCIPAL VALUE --------- ------ U.S. GOVERNMENT AGENCY OBLIGATIONS -- 3.1% ---------------------------------------------------------------- FED HOME LN DISCOUNT NT 6,855,000 3.88%, 12/01/05 6,855,000 --------------- TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST $6,855,000) 6,855,000 --------------- TOTAL INVESTMENTS -- 100.1% (COST $195,720,503)** 219,538,664 --------------- LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.1%) (272,586) --------------- NET ASSETS -- 100% $ 219,266,078 =============== The percentage shown for each investment category is the value of that category as a percentage of the total net assets of the Fund. * Non-income producing security. (1) Incorporated in Puerto Rico. ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 196,108,541 Gross unrealized appreciation $ 25,705,015 Gross unrealized depreciation (2,274,892) -------------- Net unrealized appreciation/(depreciation) $ 23,430,123 For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 2 BOSTON PARTNERS FAMILY OF FUNDS SMALL CAP VALUE FUND II Portfolio of Investments NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- COMMON STOCK--92.2% AEROSPACE & DEFENSE--0.7% DRS Technologies, Inc. 58,125 $ 2,871,375 --------------- AIR TRANSPORT--1.3% EGL, Inc.* 101,300 3,762,282 ExpressJet Holdings, Inc.* 46,945 409,360 Pinnacle Airlines Corp.* 185,810 1,291,380 --------------- 5,463,022 --------------- APPAREL--7.4% Brown Shoe Co., Inc. 88,050 3,623,257 Charming Shoppes, Inc.* 242,600 2,850,550 Children's Place Retail Stores, Inc., (The)* 52,500 2,604,000 Dress Barn, Inc., (The)* 119,200 3,978,896 Finish Line, Inc., (The), Class A 127,020 2,192,365 Gymboree Corp., (The)* 88,100 1,987,536 Hartmarx Corp.* 117,235 860,505 Kellwood Co. 68,570 1,585,338 Kenneth Cole Productions, Inc., Class A 38,100 1,069,848 Oxford Industries, Inc. 101,630 5,733,965 Steven Madden Ltd.* 88,300 2,404,409 Warnaco Group, Inc., (The)* 77,650 1,907,861 --------------- 30,798,530 --------------- AUTOMOTIVE & TRUCKS--0.7% Group 1 Automotive, Inc.* 36,355 1,122,279 Lithia Motors, Inc., Class A 57,000 1,627,350 --------------- 2,749,629 --------------- BANKS - REGIONAL--0.6% Bancorp, Inc., (The)* 44,725 818,468 First Community Bancorp 10,500 543,480 UMB Financial Corp. 18,000 1,194,840 --------------- 2,556,788 --------------- BUILDING & CONSTRUCTION--3.6% Champion Enterprises, Inc.* 336,910 4,875,088 Dycom Industries, Inc.* 45,100 921,393 Granite Construction, Inc. 25,000 928,000 NUMBER OF SHARES VALUE ------------ --------------- BUILDING & CONSTRUCTION--(CONTINUED) Infrasource Services, Inc.* 136,015 $ 1,595,456 Palm Harbor Homes, Inc.* 116,043 2,185,089 Perini Corp.* 165,020 4,274,018 --------------- 14,779,044 --------------- BUILDING MATERIALS--2.1% Drew Industries, Inc.* 198,000 5,963,760 ElkCorp 84,345 2,882,912 --------------- 8,846,672 --------------- BUILDING PRODUCTS-AIR & HEATING--1.1% Lennox International, Inc. 150,900 4,407,789 --------------- BUSINESS & PUBLIC SERVICES--1.9% Gevity HR, Inc. 203,900 5,776,487 Service Corporation International 253,600 2,082,056 --------------- 7,858,543 --------------- CHEMICALS - SPECIALTY--1.4% Spartech Corp. 33,715 715,095 UAP Holding Corp. 244,600 4,642,508 Wellman, Inc. 33,880 262,570 --------------- 5,620,173 --------------- COMMERCIAL SERVICES--0.8% CBIZ, Inc.* 278,400 1,742,784 Steiner Leisure Ltd.* 38,600 1,450,588 --------------- 3,193,372 --------------- COMPUTER EQUIPMENT & SERVICES--2.3% Imation Corp. 59,800 2,628,808 Insight Enterprises, Inc.* 211,085 4,396,900 Keane, Inc.* 135,800 1,420,468 Pomeroy IT Solutions, Inc.* 56,296 453,183 Tier Technologies, Inc., Class B* 63,100 524,992 --------------- 9,424,351 --------------- CONSULTING SERVICES--1.9% FTI Consulting, Inc.* 58,500 1,659,060 MAXIMUS, Inc. 65,350 2,378,740 Watson Wyatt & Co. Holdings 148,335 3,993,178 --------------- 8,030,978 --------------- 1 BOSTON PARTNERS FAMILY OF FUNDS SMALL CAP VALUE FUND II Portfolio of Investments (Continued) NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- CONSUMER NON-CYCLICAL--0.2% Natuzzi S.p.A. - ADR 129,700 $ 953,295 --------------- CONSUMER PRODUCTS--1.1% Playtex Products, Inc.* 278,850 3,903,900 Spectrum Brands, Inc.* 28,600 514,800 --------------- 4,418,700 --------------- CONTAINERS--0.8% Silgan Holdings, Inc. 89,900 3,172,571 --------------- DIVERSIFIED OPERATIONS--0.3% Olin Corp. 62,500 1,203,125 --------------- ELECTRONICS--1.9% Hypercom Corp.* 165,500 1,026,100 Paxar Corp.* 100,600 1,924,478 Planar Systems, Inc.* 80,900 784,730 Schawk, Inc. 14,980 276,980 Technitrol, Inc. 221,330 3,917,541 --------------- 7,929,829 --------------- ENGINEERING & CONSTRUCTION--2.4% Engineered Support Systems, Inc. 57,400 2,319,534 Integrated Electrical Services, Inc.* 241,700 132,935 URS Corp.* 117,914 4,966,538 Washington Group International, Inc.* 50,295 2,600,754 --------------- 10,019,761 --------------- ENVIRONMENTAL SERVICES--0.7% Tetra Tech, Inc.* 192,790 3,007,524 --------------- FINANCIAL SERVICES--3.4% Advanta Corp., Class B 173,800 5,627,644 Affiliated Managers Group, Inc.* 15,500 1,222,020 Ares Capital Corp. 129,045 1,998,907 CMET Finance Holdings, Inc. 144A* 15,000 608,850 Federal Agricultural Mortgage Corp., Class C 159,800 4,453,626 --------------- 13,911,047 --------------- NUMBER OF SHARES VALUE ------------ --------------- FOODS--1.5% Chiquita Brands International, Inc. 70,100 $ 1,458,080 Gold Kist, Inc.* 8,470 134,842 NBTY, Inc.* 112,980 2,216,668 Premium Standard Farms, Inc.* 156,281 2,602,079 --------------- 6,411,669 --------------- HEALTH CARE - SERVICES--5.1% Amedisys, Inc.* 92,600 4,109,588 First Consulting Group, Inc.* 66,440 388,674 ICON PLC - ADR* 34,600 1,433,478 Kindred Healthcare, Inc.* 225,030 6,240,082 LifePoint Hospitals, Inc.* 37,890 1,441,715 Option Care, Inc. 211,125 2,645,396 Per-Se Technologies, Inc.* 104,000 2,379,520 RehabCare Group, Inc.* 73,370 1,420,443 Res-Care, Inc.* 62,100 1,074,951 --------------- 21,133,847 --------------- HEALTH CARE - SUPPLIES--0.8% Herbalife Ltd.* 92,010 2,663,690 Owens & Minor, Inc. 26,300 745,868 --------------- 3,409,558 --------------- INDUSTRIAL EQUIPMENT & SUPPLIES--1.0% Nordson Corp. 85,400 3,400,628 Rofin-Sinar Technologies, Inc.* 13,870 598,768 --------------- 3,999,396 --------------- INSURANCE - LIFE--1.7% AmerUs Group Co. 31,000 1,820,630 Scottish Re Group Ltd. 205,200 5,177,196 --------------- 6,997,826 --------------- INSURANCE - OTHER--11.3% Allmerica Financial Corp.* 26,790 1,070,261 Arch Capital Group Ltd.* 12,900 676,734 Aspen Insurance Holdings Ltd. 58,515 1,464,630 Assured Guaranty Ltd. 290,000 7,632,800 Bristol West Holdings, Inc. 54,225 1,004,789 CNA Surety Corp.* 163,925 2,421,172 Hilb, Rogal & Hobbs Co. 31,400 1,223,972 Hub International Ltd. 126,900 3,058,290 Infinity Property & Casualty Corp. 31,400 1,160,230 2 BOSTON PARTNERS FAMILY OF FUNDS SMALL CAP VALUE FUND II Portfolio of Investments (Continued) NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- INSURANCE - OTHER--(CONTINUED) IPC Holdings Ltd. 222,400 $ 6,494,080 KMG America Corp.* 243,060 2,126,775 Max Re Capital Ltd. 105,100 2,806,170 Navigators Group, Inc., (The)* 122,270 4,940,931 Odyssey Re Holdings Corp. 36,920 946,629 Platinum Underwriters Holdings Ltd. 221,060 6,733,488 Quanta Capital Holdings Ltd.* 284,700 1,192,893 Seabright Insurance Holdings* 52,630 707,347 United America Indemnity Ltd., Class A* 73,440 1,391,688 --------------- 47,052,879 --------------- INTERNET SERVICES--1.4% EarthLink, Inc.* 251,000 2,871,440 United Online, Inc. 198,030 2,794,203 --------------- 5,665,643 --------------- IRON & STEEL--0.3% Ryerson Tull, Inc. 61,100 1,380,249 --------------- LEISURE & LODGING--1.7% Alliance Gaming Corp.* 82,400 983,032 Interstate Hotels & Resorts, Inc.* 82,950 375,764 Intrawest Corp. 77,500 2,160,700 La Quinta Corp.* 131,865 1,445,240 MTR Gaming Group, Inc.* 47,960 357,782 Pinnacle Entertainment, Inc.* 67,800 1,619,742 --------------- 6,942,260 --------------- MACHINERY--1.2% Actuant Corp., Class A 17,700 938,985 CIRCOR International, Inc. 30,200 786,710 Manitowoc Co., Inc., (The) 26,600 1,332,660 Terex Corp.* 34,000 2,095,080 --------------- 5,153,435 --------------- MANUFACTURING--3.1% Acuity Brands, Inc. 70,000 2,176,300 EnerSys* 65,425 946,045 Federal Signal Corp. 153,815 2,513,337 Griffon Corp.* 58,500 1,425,060 NN, Inc. 83,900 833,966 NUMBER OF SHARES VALUE ------------ --------------- MANUFACTURING--(CONTINUED) RBC Bearings, Inc.* 144,585 $ 2,256,972 Tempur-Pedic International, Inc.* 247,600 2,810,260 --------------- 12,961,940 --------------- MEDIA & ENTERTAINMENT--0.5% 4Kids Entertainment, Inc.* 44,700 730,845 Journal Communications, Inc., Class A 83,600 1,129,436 Liberty Corp., (The) 6,700 312,354 --------------- 2,172,635 --------------- MEDICAL EQUIPMENT AND SUPPLIES--1.6% Analogic Corp. 19,500 935,220 CONMED Corp.* 133,300 3,011,247 Medical Action Industries, Inc.* 101,700 1,919,079 PAREXEL International Corp.* 38,064 782,976 --------------- 6,648,522 --------------- MOTOR HOMES--1.0% Monaco Coach Corp. 103,800 1,539,354 Winnebago Industries, Inc. 81,635 2,743,752 --------------- 4,283,106 --------------- OFFICE EQUIPMENT & SUPPLIES--2.5% Acco Brands Corp.* 149,200 3,439,060 Ennis, Inc. 105,000 1,863,750 Global Imaging Systems, Inc.* 94,675 3,448,064 John H. Harland Co. 48,530 1,834,434 --------------- 10,585,308 --------------- OIL & GAS - EXPLORATION--1.6% InterOil Corp.* 31,000 576,600 Stone Energy Corp.* 42,900 1,904,760 Swift Energy Co.* 90,900 4,198,671 --------------- 6,680,031 --------------- OIL SERVICES--1.3% Key Energy Services, Inc.* 171,065 2,412,016 Parker Drilling Co.* 116,200 1,101,576 Trico Marine Services, Inc.* 79,035 1,968,762 --------------- 5,482,354 --------------- 3 BOSTON PARTNERS FAMILY OF FUNDS SMALL CAP VALUE FUND II Portfolio of Investments (Continued) NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- PAPER FOREST PRODUCTS & PACKAGING--0.6% Neenah Paper, Inc. 56,400 $ 1,582,584 Schweitzer-Mauduit International, Inc. 37,100 883,351 --------------- 2,465,935 --------------- PUBLISHING & INFORMATION SERVICES--2.4% Banta Corp. 57,200 2,888,600 Bowne & Co., Inc. 223,800 3,310,002 Journal Register Co. 105,600 1,650,528 Reader's Digest Association, Inc., (The) 100,000 1,553,000 Scholastic Corp.* 16,900 562,263 --------------- 9,964,393 --------------- RAILROAD & BULK SHIPPING--0.3% RailAmerica, Inc.* 109,695 1,194,579 --------------- REAL ESTATE--0.9% Trammell Crow Co.* 148,700 3,845,382 --------------- REAL ESTATE INVESTMENT TRUST (REIT)--5.1% American Financial Realty Trust 203,925 2,549,062 Ashford Hospitality Trust 36,125 385,454 Bimini Mortgage Management, Inc., Class A 144A 122,425 1,126,310 Capital Lease Funding, Inc. 159,875 1,571,571 Digital Realty Trust, Inc. 140,100 3,149,448 Fieldstone Investment Corp. 144A 82,300 921,760 Gladstone Commercial Corp. 88,775 1,483,475 Government Properties Trust, Inc. 95,375 861,236 Jer Investors Trust, Inc. 32,400 518,400 Lexington Corporate Properties Trust 53,650 1,142,209 Medical Properties Trust, Inc. 144A 87,500 799,750 Medical Properties Trust, Inc. 102,800 939,592 MFA Mortgage Investments, Inc. 187,650 1,144,665 Origen Financial, Inc. 311,825 2,111,055 Redwood Trust, Inc. 54,600 2,355,444 --------------- 21,059,431 --------------- RETAIL - HARD GOODS--0.8% GameStop Corp., Class A* 68,015 2,288,025 NUMBER OF SHARES VALUE ------------ --------------- RETAIL - HARD GOODS--(CONTINUED) School Specialty, Inc.* 33,100 $ 1,219,404 --------------- 3,507,429 --------------- SAVINGS & LOANS--0.4% Franklin Bank Corp.* 99,700 1,844,450 --------------- SEMICONDUCTOR EQUIPMENT & PRODUCTS--0.5% Axcelis Technologies, Inc.* 50,400 238,896 OmniVision Technologies, Inc.* 103,600 1,833,720 --------------- 2,072,616 --------------- SERVICES - BUSINESS--4.6% Clark, Inc. 208,450 2,945,398 Cornell Companies, Inc.* 62,280 882,508 Geo Group, Inc., (The)* 35,000 855,750 Integrated Alarm Services Group, Inc.* 471,613 1,485,581 Kforce, Inc.* 95,476 1,184,857 MPS Group, Inc.* 294,700 3,704,379 PRG-Schultz International, Inc.* 215,785 196,364 ProQuest Co.* 15,250 426,238 Spherion Corp.* 151,100 1,480,780 Standard Parking Corp.* 116,355 2,228,198 World Fuel Services Corp. 111,500 3,830,025 --------------- 19,220,078 --------------- SOAPS & TOILETRIES--0.3% Nu Skin Enterprises, Inc., Class A 68,800 1,195,744 --------------- TOBACCO--0.4% Alliance One International, Inc. 279,500 855,270 Universal Corp. 19,700 795,486 --------------- 1,650,756 --------------- TRANSPORT - SERVICES--0.4% Quintana Maritime Ltd. 109,105 1,159,786 Stonepath Group, Inc.* 559,600 419,700 --------------- 1,579,486 --------------- TRAVEL SERVICES--0.6% Ambassadors International, Inc. 16,300 241,558 Navigant International, Inc.* 210,100 2,295,342 --------------- 2,536,900 --------------- 4 BOSTON PARTNERS FAMILY OF FUNDS SMALL CAP VALUE FUND II Portfolio of Investments (Concluded) NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- TRUCKING--0.2% Marten Transport Ltd.* 12,500 $ 333,625 Quality Distribution, Inc.* 82,005 501,871 --------------- 835,496 --------------- UTILITIES - ELECTRIC--0.5% Sierra Pacific Resources* 159,400 2,148,712 --------------- TOTAL COMMON STOCK (Cost $303,393,114) 383,298,163 --------------- EXCHANGE TRADED FUNDS--3.0% FINANCE--3.0% iShares Russell 2000 Value Index Fund 185,900 12,446,005 --------------- TOTAL EXCHANGE TRADED FUNDS (Cost $12,235,975) 12,446,005 --------------- INVESTMENT COMPANY--0.8% FINANCIAL SERVICES--0.8% Apollo Investment Corp. 166,200 3,152,814 --------------- TOTAL INVESTMENT COMPANY (Cost $2,493,000) 3,152,814 --------------- SHORT TERM INVESTMENTS--4.0% PNC Bank Money Market Deposit Account 4.03% 12/01/05 16,658,625 16,658,625 --------------- TOTAL SHORT TERM INVESTMENTS (Cost $16,658,625) 16,658,625 --------------- TOTAL INVESTMENTS--100.0% (COST $334,780,714)** 415,555,607 --------------- LIABILITIES IN EXCESS OF OTHER ASSETS--0.0% (54,559) --------------- NET ASSETS--100.0% $ 415,501,048 =============== * -- Non-income producing. ADR -- American Depository Receipt. 144A -- Security was purchased pursuant to Rule 144A under Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of November 30, 2005, these securities amounted to 0.83% of net assets. ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 335,739,775 Gross unrealized appreciation $ 100,915,842, Gross unrealized depreciation (21,100,010) --------------- Net unrealized appreciation/(depreciation) $ 79,815,832 For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 5 BOSTON PARTNERS FAMILY OF FUNDS LONG/SHORT EQUITY FUND Portfolio of Investments NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- LONG POSITIONS--105.7% DOMESTIC COMMON STOCK--93.9% AEROSPACE & DEFENSE--3.3% Aerosonic Corp.* 46,065 $ 341,342 Allied Defense Group, Inc., (The) +* 96,435 2,172,680 Triumph Group, Inc. +* 43,375 1,646,081 --------------- 4,160,103 --------------- AGRICULTURE--1.4% Hines Horticulture, Inc.* 479,204 1,797,015 --------------- AIRLINES--0.3% Kitty Hawk, Inc.* 364,915 313,827 --------------- APPAREL--1.4% Ashworth, Inc.* 75,482 642,352 Benetton Group S.p.A. - ADR + 18,600 413,850 Mossimo, Inc.* 36,123 200,844 Orange 21, Inc.* 110,810 456,537 --------------- 1,713,583 --------------- AUTOMOTIVE & TRUCKS--0.6% Motorcar Parts of America, Inc.* 12,410 123,790 Strattec Security Corp. +* 12,806 621,731 --------------- 745,521 --------------- BUSINESS & PUBLIC SERVICES--0.7% BB Holdings Ltd. 119,337 829,392 --------------- CHEMICALS - SPECIALTY--1.6% SGL Carbon AG - ADR* 202,270 1,114,508 Texas Petrochemicals, Inc. +* 42,200 938,950 --------------- 2,053,458 --------------- COMMERCIAL SERVICES--2.6% NCO Group, Inc. +* 36,400 627,536 PeopleSupport, Inc.* 15,900 134,196 StarTek, Inc. 9,370 155,636 Steiner Leisure Ltd. +* 63,025 2,368,479 --------------- 3,285,847 --------------- NUMBER OF SHARES VALUE ------------ --------------- COMPUTER EQUIPMENT & SERVICES--5.6% Acxiom Corp. + 46,600 $ 1,033,588 Carreker Corp.* 112,561 565,056 Dynamics Research Corp. +* 39,280 624,945 Ness Technologies, Inc. +* 145,600 1,454,544 Perot Systems Corp., Class A +* 91,500 1,271,850 Pomeroy IT Solutions, Inc. +* 77,795 626,250 Rimage Corp. +* 13,225 378,896 Segue Software, Inc.* 97,610 628,608 SimpleTech, Inc.* 121,870 459,450 --------------- 7,043,187 --------------- COMPUTER SOFTWARE--0.3% Overland Storage, Inc.* 14,840 118,127 Phoenix Technologies Ltd.* 42,992 272,139 --------------- 390,266 --------------- CONSULTING SERVICES--3.5% Accenture Ltd., Class A + 54,495 1,549,838 MAXIMUS, Inc. + 43,700 1,590,680 Opinion Research Corp. +* 207,082 1,302,546 --------------- 4,443,064 --------------- CONTAINERS--1.3% AEP Industries, Inc. +* 72,579 1,669,317 --------------- DIVERSIFIED OPERATIONS--0.1% Volt Information Sciences, Inc.* 6,230 122,669 --------------- ELECTRONIC EQUIPMENT & PRODUCTS--0.5% Arbinet-thexchange, Inc.* 36,500 239,440 Ionatron, Inc.* 27,090 284,445 NVE Corp.* 4,815 73,429 --------------- 597,314 --------------- ELECTRONICS--4.4% LeCroy Corp.* 63,200 1,031,424 Merix Corp.* 82,330 549,141 PerkinElmer, Inc. + 33,880 772,803 Spectrum Control, Inc. +* 80,150 511,357 Superior Essex, Inc. +* 88,220 1,662,947 Technitrol, Inc. + 58,200 1,030,140 --------------- 5,557,812 --------------- 1 BOSTON PARTNERS FAMILY OF FUNDS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- ENERGY EQUIPMENT & SERVICES--1.4% KFx, Inc.* 35,075 $ 443,699 Powell Industries, Inc. +* 65,686 1,259,857 --------------- 1,703,556 --------------- FINANCIAL SERVICES--1.8% BKF Capital Group, Inc. + 9,675 199,788 Federal Agricultural Mortgage Corp., Class C + 46,540 1,297,070 Tac Acquisition Corp.* 60,600 324,210 U.S. Global Investors, Inc., Class A* 38,097 472,784 --------------- 2,293,852 --------------- FOODS--1.4% M & F Worldwide Corp. +* 58,655 997,135 Nestle S.A. + ADR 10,400 771,308 --------------- 1,768,443 --------------- HAZARDOUS WASTE DISPOSAL--0.6% Synagro Techonologies, Inc. 170,345 681,380 --------------- HEALTH & PERSONAL CARE--1.5% Johnson & Johnson + 30,100 1,858,675 --------------- HEALTH CARE - DRUGS--2.7% Pfizer, Inc. + 83,900 1,778,680 Shire PLC - ADR + 43,200 1,578,528 --------------- 3,357,208 --------------- HEALTH CARE - SERVICES--2.5% American Dental Partners, Inc. +* 87,232 1,628,621 AMERIGROUP Corp.* 11,300 210,858 Hanger Orthopedic Group, Inc.* 63,625 402,746 Molina Healthcare, Inc.* 3,605 96,254 National Home Health Care Corp. + 30,711 303,118 Sun Healthcare Group, Inc.* 32,025 234,423 TLC Vision Corp.* 40,200 257,280 --------------- 3,133,300 --------------- HEALTH CARE - SUPPLIES--1.2% CONMED Corp.* 16,100 363,699 Diagnostic Products Corp. 14,900 678,695 NUMBER OF SHARES VALUE ------------ --------------- Unilens Vision, Inc.* 102,555 $ 461,497 --------------- 1,503,891 --------------- HOME PRODUCTS--0.1% Mity Enterprises, Inc. +* 6,175 113,126 --------------- HUMAN RESOURCES--0.1% Carlisle Group Ltd.* (United Kingdom) 47,735 93,338 --------------- INSURANCE - LIFE--0.6% Scottish Re Group Ltd. + 29,795 751,728 --------------- INSURANCE - OTHER--15.9% American International Group, Inc. + 13,100 879,534 Aspen Insurance Holdings Ltd. + 42,500 1,063,775 Assured Guaranty Ltd. + 50,992 1,342,110 Bristol West Holdings, Inc. + 45,900 850,527 Hooper Holmes, Inc. 205,145 599,024 Investors Title Co. + 13,384 575,378 IPC Holdings Ltd. + 25,400 741,680 MBIA, Inc. + 42,200 2,607,116 MGIC Investment Corp. 10,000 651,000 Nationwide Financial Services, Inc., Class A + 19,400 817,710 PartnerRe Ltd. + 26,800 1,829,904 Platinum Underwriters Holdings Ltd. + 67,240 2,048,130 Primus Guaranty Ltd.* 72,100 716,674 Protective Life Corp. + 24,200 1,069,156 PXRE Group Ltd. + 67,795 863,030 Radian Group, Inc. + 31,700 1,792,952 RenaissanceRe Holdings Ltd. 13,100 588,583 Wesco Financial Corp. + 2,375 852,625 --------------- 19,888,908 --------------- INTERNET SERVICES--1.1% Knot, Inc., (The) +* 46,502 567,325 Pacific Internet Ltd.* 131,662 813,671 --------------- 1,380,996 --------------- LEISURE & LODGING--1.8% Escalade, Inc. + 37,165 470,137 Interstate Hotels & Resorts, Inc.* 307,175 1,391,503 2 BOSTON PARTNERS FAMILY OF FUNDS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- Intrawest Corp. + 14,200 $ 395,896 --------------- 2,257,536 --------------- MACHINERY--2.4% Hardinge, Inc. 42,014 730,203 Key Technology, Inc. +* 51,075 681,851 Stewart & Stevenson Services, Inc. 56,690 1,162,145 TurboChef Technologies, Inc.* 36,833 483,986 --------------- 3,058,185 --------------- MANUFACTURING--2.8% Bolt Technology Corp.* 35,185 291,332 Matthews International Corp., Class A + 44,675 1,755,281 Velcro Industries N.V. + 103,990 1,403,865 --------------- 3,450,478 --------------- MEDIA & ENTERTAINMENT--1.1% CanWest Global Communications Corp. +* 72,815 644,413 New Frontier Media, Inc.* 124,600 773,766 --------------- 1,418,179 --------------- MEDICAL EQUIPMENT AND SUPPLIES--1.4% MTS Medication Technologies +* 149,105 909,541 Orthofix International N.V.* 24,326 890,088 --------------- 1,799,629 --------------- METALS & MINING--1.2% Haynes International, Inc. +* 24,675 542,850 International Coal Group, Inc.* 57,000 627,000 Wolverine Tube, Inc.* 70,965 366,179 --------------- 1,536,029 --------------- OFFICE EQUIPMENT & SUPPLIES--2.1% Ennis, Inc. + 88,915 1,578,241 Xerox Corp. +* 75,200 1,067,840 --------------- 2,646,081 --------------- OIL & GAS - EXPLORATION--2.5% Chaparral Resources, Inc.* 141,595 750,454 Eden Energy Corp.* 22,345 55,192 InterOil Corp. +* 22,600 420,360 Nelson Resources Ltd.* 487,300 1,046,701 NUMBER OF SHARES VALUE ------------ --------------- Pogo Producing Co. + 17,800 $ 872,200 --------------- 3,144,907 --------------- OIL & GAS - INTEGRATED MAJORS--0.5% Marathon Oil Corp. + 10,004 593,137 --------------- OIL SERVICES--1.0% T-3 Energy Services, Inc. +* 50,247 523,574 Trico Marine Services, Inc.* 31,265 778,811 --------------- 1,302,385 --------------- PAPER FOREST PRODUCTS & PACKAGING--0.5% Graphic Packaging Corp.* 226,900 617,168 --------------- PRINTING SERVICES--1.5% Cadmus Communications Corp. + 95,350 1,924,163 --------------- PUBLISHING & INFORMATION SERVICES--0.7% Bowne & Co., Inc. + 62,355 922,230 --------------- REAL ESTATE--0.8% United Capital Corp. +* 41,730 1,021,550 --------------- RESTAURANTS--2.0% Benihana, Inc., Class A +* 50,721 922,108 Dave & Buster's, Inc.* 47,200 713,192 O'Charley's, Inc.* 61,980 899,330 --------------- 2,534,630 --------------- RETAIL--2.6% Children's Place Retail Stores, Inc., (The) +* 44,000 2,182,400 Kenneth Cole Productions, Inc., Class A + 35,910 1,008,353 --------------- 3,190,753 --------------- SEMICONDUCTOR EQUIPMENT & PRODUCTS--1.4% Axcelis Technologies, Inc.* 198,745 942,051 hi / fn, Inc.* 36,100 204,326 inTEST Corp.* 101,160 352,037 Virage Logic Corp.* 18,150 190,394 --------------- 1,688,808 --------------- SERVICES - CONSUMER--1.0% Coinstar, Inc. +* 52,100 1,266,030 --------------- 3 BOSTON PARTNERS FAMILY OF FUNDS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- TELECOMMUNICATIONS--2.4% First Avenue Networks, Inc.* 40,560 $ 214,968 Premiere Global Services, Inc. +* 130,105 983,594 West Corp. +* 46,275 1,835,729 --------------- 3,034,291 --------------- TELECOMMUNICATIONS EQUIPMENT--1.1% Nokia OyJ - ADR + 59,000 1,007,720 Ulticom, Inc.* 35,100 404,352 --------------- 1,412,072 --------------- TELEPHONE - INTEGRATED--1.8% CT Communications, Inc. 64,634 796,291 Telefonos de Mexico SA de CV - ADR + 65,300 1,464,679 --------------- 2,260,970 --------------- TOBACCO--0.6% Loews Corp. - Carolina Group + 19,500 784,875 --------------- TRANSPORT - SERVICES--0.1% AirNet Systems, Inc.* 13,135 53,591 --------------- TRAVEL SERVICES--0.6% Navigant International, Inc. +* 66,972 731,669 --------------- VITAMINS & NUTRITION PRODUCTS--1.5% Nutraceutical International Corp. +* 148,339 1,907,639 --------------- TOTAL DOMESTIC COMMON STOCK (Cost $109,649,337) 117,807,761 --------------- PREFERRED STOCK--0.5% OIL & GAS - EXPLORATION--0.5% Whittier Energy Corp. 144A* 10,892 653,520 --------------- TOTAL PREFERRED STOCK (Cost $653,520) 653,520 --------------- PAR (000) VALUE ------------ --------------- CONVERTIBLE BONDS--0.1% Interpool, Inc. 9.25% 12/27/22 ++ 75 73,781 --------------- TOTAL CONVERTIBLE BONDS--0.1% (Cost $75,000) 73,781 --------------- PAR (000) VALUE ------------ --------------- CORPORATE BONDS--0.1% Mueller Industries, Inc. Senior Subordinated Debentures 6.00% 11/01/14 118 $ 113,870 --------------- TOTAL CORPORATE BONDS--0.1% (Cost $118,000) 113,870 --------------- NUMBER OF SHARES VALUE ------------ --------------- WARRANTS--0.0% DIVERSIFIED OPERATIONS--0.0% Tac Acquisition Corp. $5.00 expires 6/28/10* 121,200 48,480 --------------- TOTAL WARRANTS (Cost $0) 48,480 --------------- SHORT TERM INVESTMENTS--11.1% SHORT-TERM INVESTMENTS--11.1% PNC Bank Money Market Deposit Account 4.03% 12/01/05 13,896,679 13,896,679 --------------- TOTAL SHORT TERM INVESTMENTS (Cost $13,896,679) 13,896,679 --------------- TOTAL LONG POSITIONS--105.7% (COST $124,392,536)** 132,594,091 --------------- NUMBER OF SHARES VALUE ------------ --------------- SECURITIES SOLD SHORT--(55.3%) ADVERTISING SERVICES--(0.3%) Ventiv Health, Inc.* (14,400) (355,104) --------------- AEROSPACE & DEFENSE--(0.1%) Metal Storm Ltd.* (23,380) (73,881) --------------- AIRLINES--(0.1%) Northwest Airlines Corp.* (46,725) (21,891) UAL Corp.* (74,165) (44,499) --------------- (66,390) --------------- APPAREL--(1.1%) Guess?, Inc.* (24,500) (830,060) True Religion Apparel, Inc.* (37,595) (498,134) --------------- (1,328,194) --------------- 4 BOSTON PARTNERS FAMILY OF FUNDS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- AUTOMOTIVE & TRUCKS--(0.7%) A.S.V., Inc.* (13,080) $ (327,262) Midas, Inc.* (15,510) (292,829) Sonic Automotive, Inc. (14,800) (307,840) --------------- (927,931) =============== BIOTECHNOLOGY--(0.3%) Crucell NV - ADR* (15,100) (397,734) --------------- BROADCASTING--(0.6%) Sirius Satellite Radio, Inc.* (80,300) (574,145) XM Satellite Radio Holdings, Inc., Class A* (7,800) (228,228) --------------- (802,373) --------------- BUILDING & CONSTRUCTION--(0.2%) Home Solutions of America, Inc.* (39,800) (228,850) --------------- BUILDING MATERIALS--0.0% Trex Co., Inc.* (5) (114) --------------- CHEMICALS - COMMODITY--0.0% Lumera Corp.* (15,425) (58,923) --------------- COMMERCIAL SERVICES--(0.9%) Intersections, Inc.* (22,400) (202,496) Labor Ready, Inc.* (28,200) (622,656) LML Payment Systems, Inc.* (19,210) (108,152) Rewards Network, Inc.* (33,695) (194,083) --------------- (1,127,387) --------------- COMPUTER EQUIPMENT & SERVICES--(3.6%) 3D Systems Corp.* (27,024) (480,757) ConSyGen, Inc.* (200) 0 Covansys Corp.* (30,385) (446,660) DataTRAK International, Inc.* (25,070) (290,561) Komag, Inc.* (13,200) (461,208) NETGEAR, Inc.* (23,000) (443,900) Rackable Systems, Inc.* (22,600) (417,422) Research In Motion Ltd.* (12,400) (758,012) Satellite Newspapers Corp.* (8,615) (775) Sigma Designs, Inc.* (52,200) (732,366) Trident Microsystems, Inc.* (25,430) (479,101) NUMBER OF SHARES VALUE ------------ --------------- Xybernaut Corp.* (35,000) $ (2,135) --------------- (4,512,897) --------------- COMPUTER SOFTWARE--(2.2%) Ants Software, Inc.* (42,634) (112,980) Computer Associates International, Inc. (17,500) (498,925) Convera Corp.* (84,572) (1,319,323) Nestor, Inc.* (23,200) (156,600) Ultimate Software Group, Inc., (The)* (40,810) (702,340) --------------- (2,790,168) --------------- COMPUTERS & PERIPHERALS--(0.2%) Immersion Corp.* (44,685) (294,921) --------------- CONSTRUCTION & HOUSING--(0.3%) Cavalier Homes, Inc.* (69,280) (405,288) --------------- CONSUMER PRODUCTS--(0.2%) Omega Protein Corp.* (32,600) (196,578) --------------- CONTAINERS--0.0% CryoPort, Inc.* (4,960) (22,816) --------------- DISTRIBUTION--(0.2%) Beacon Roofing Supply, Inc.* (6,600) (179,652) SniffEX, Inc.* (27,390) (85,731) --------------- (265,383) --------------- DIVERSIFIED OPERATION--(0.3%) Seaboard Corp. (200) (344,000) --------------- ELECTRONIC COMPONENTS & INSTRUMENTS--(1.9%) Electro Scientific Industries, Inc.* (17,600) (442,816) Flexpoint Sensor Systems, Inc.* (4,837) (11,222) International DisplayWorks, Inc.* (60,810) (349,049) Multi-Fineline Electronix, Inc.* (13,200) (488,400) NVE Corp.* (13,805) (210,526) SiRF Technology Holdings, Inc.* (33,100) (917,532) --------------- (2,419,545) --------------- 5 BOSTON PARTNERS FAMILY OF FUNDS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- ELECTRONIC EQUIPMENT & PRODUCTS--(4.7%) American Science & Engineering, Inc.* (9,900) $ (667,854) Electro Rent Corp.* (33,237) (464,653) Fiberstars, Inc.* (56,745) (560,640) Garmin Ltd. (12,500) (688,750) ICOS Vision Systems Corp., N.V.* (9,072) (300,782) Ionatron, Inc.* (82,870) (870,135) iRobot Corp.* (10,985) (320,103) Measurement Specialties, Inc.* (3,123) (77,700) QSound Labs, Inc.* (26,140) (99,071) SpatiaLight, Inc.* (34,460) (142,320) Tiger Telematics, Inc.* (16,610) (91,355) Universal Display Corp.* (73,948) (861,494) Video Display Corp. (23,800) (322,728) Vicor Corp.* (24,525) (398,041) Wherify Wireless, Inc.* (13,947) (31,381) --------------- (5,897,007) =============== ENERGY--(3.0%) Distributed Energy Systems Corp.* (50,700) (469,989) Energy Conversion Devices, Inc.* (8,000) (234,800) Evergreen Solar, Inc.* (78,100) (937,981) FuelCell Energy, Inc.* (23,000) (193,890) Hoku Scientific, Inc.* (16,600) (146,080) KFx, Inc.* (70,150) (887,397) Medis Technologies Ltd.* (23,524) (325,337) Rentech, Inc.* (154,185) (477,973) Ultralife Batteries, Inc.* (10,825) (140,942) --------------- (3,814,389) --------------- ENVIRONMENTAL SERVICES--(0.3%) Flanders Corp.* (33,900) (343,746) Global Development & Environmental Resources, Inc.* (5,446) (21,239) --------------- (364,985) --------------- NUMBER OF SHARES VALUE ------------ --------------- FINANCIAL SERVICES--(2.0%) First Marblehead Corp., (The) (17,695) $ (598,091) Franklin Credit Managment Corp.* (32,234) (283,015) Harris & Harris Group, Inc. (35,600) (473,836) LaBranche & Co., Inc.* (110,100) (1,175,868) Ladenburg Thalmann Financial Services, Inc.* (1) 0 NextCard, Inc.* (128,500) (1,285) --------------- (2,532,095) --------------- FOODS--(0.7%) Cuisine Solutions, Inc. (28,390) (234,217) Hansen Natural Corp.* (8,800) (683,320) --------------- (917,537) --------------- GAMING--(0.2%) PokerTek, Inc.* (20,345) (200,398) --------------- HEALTH & PERSONAL CARE--(0.2%) Parlux Fragrances, Inc.* (4,815) (138,576) Tasker Capital Corp.* (84,875) (101,001) --------------- (239,577) --------------- HEALTH CARE - BIOTECH--(0.7%) ICOS Corp.* (15,000) (427,350) Martek Biosciences Corp.* (18,600) (487,506) --------------- (914,856) --------------- HEALTH CARE - DRUGS--(1.2%) Adams Respiratory Therapeutics, Inc.* (18,200) (806,078) CollaGenex Pharmaceuticals, Inc.* (32,780) (319,933) Quigley Corp., (The)* (15,884) (223,964) Trimeris, Inc.* (16,600) (181,604) --------------- (1,531,579) --------------- HEALTH CARE - SERVICES--(1.4%) Allscripts Healthcare Solutions, Inc.* (22,900) (306,860) CPC of America, Inc.* (4,745) (81,377) Eclipsys Corp.* (25,800) (462,594) USANA Health Sciences, Inc.* (11,700) (461,916) 6 BOSTON PARTNERS FAMILY OF FUNDS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- VCA Antech, Inc.* (14,400) $ (402,624) --------------- (1,715,371) --------------- HEALTH CARE - SUPPLIES--(0.3%) HemoSense, Inc.* (4,160) (33,613) Quidel Corp.* (27,400) (382,504) --------------- (416,117) --------------- INDUSTRIAL EQUIPMENT & SUPPLIES--(0.3%) Sun Hydraulics Corp. (17,050) (325,144) --------------- INTERNET SERVICES--(3.5%) Answers Corp.* (17,475) (213,195) Concur Technologies, Inc.* (40,400) (510,252) drugstore.com, Inc.* (101,120) (310,438) Health Grades, Inc.* (57,275) (274,920) Interliant, Inc.* (600) 0 Marchex, Inc., Class B* (37,635) (880,659) Neutron Enterprises, Inc.* (775) (1,930) Provide Commerce, Inc.* (8,600) (248,196) Rediff.com India Ltd. - ADR* (33,515) (567,744) Salesforce.com, Inc.* (15,900) (506,415) WebSideStory, Inc.* (32,400) (583,200) Website Pros, Inc.* (18,800) (180,668) WorldGate Communications, Inc.* (40,410) (88,902) --------------- (4,366,519) --------------- MACHINERY--(0.6%) AirTrax, Inc.* (11,520) (30,528) Intevac, Inc.* (18,100) (222,449) Raser Technologies, Inc.* (3,420) (38,749) SureBeam Corp., Class A* (111,800) (268) TurboChef Technologies, Inc.* (36,833) (483,986) --------------- (775,980) --------------- MANUFACTURING--(2.7%) Ceradyne, Inc.* (11,300) (532,117) Charles & Colvard Ltd. (47,180) (1,271,973) Encore Wire Corp.* (13,000) (309,530) Imax Corp.* (46,500) (397,575) Nanophase Technologies Corp.* (49,000) (295,960) NS Group, Inc.* (14,600) (599,476) --------------- (3,406,631) --------------- NUMBER OF SHARES VALUE ------------ --------------- MARINE--(0.2%) Odyssey Marine Exploration, Inc.* (83,930) $ (264,380) --------------- MEDIA & ENTERTAINMENT--(0.7%) CKX, Inc.* (49,605) (642,881) TiVo, Inc.* (33,800) (181,844) --------------- (824,725) --------------- MEDICAL EQUIPMENT AND SUPPLIES--(3.6%) Advanced Magnetics, Inc.* (22,685) (239,100) Advanced Medical Optics, Inc.* (8,800) (373,208) Aspect Medical Systems, Inc.* (7,700) (290,059) BSD Medical Corp.* (25,335) (133,769) Conceptus, Inc.* (25,900) (400,673) deCODE genetics, Inc.* (27,000) (224,100) Illumina, Inc.* (39,200) (617,400) Isonics Corp.* (29,125) (62,327) LCA-Vision, Inc. (7,700) (367,521) Luminex Corp.* (26,300) (275,624) Microvision, Inc.* (57,130) (204,240) Penwest Pharmaceuticals Co.* (23,640) (400,698) Stereotaxis, Inc.* (36,200) (255,572) ThermoGenesis Corp.* (79,910) (341,216) Vision-Sciences, Inc.* (22,670) (43,526) Zila, Inc.* (96,453) (323,118) --------------- (4,552,151) --------------- METALS & MINING--(0.7%) Dynamic Materials Corp. (36,850) (896,192) Hawk Corp., Class A* (2,940) (40,690) --------------- (936,882) --------------- METALS - STEEL--(1.2%) IPSCO, Inc. (9,620) (744,396) Oregon Steel Mills, Inc.* (28,400) (776,740) --------------- (1,521,136) --------------- OIL & GAS - EXPLORATION--(0.5%) Eden Energy Corp.* (53,530) (132,219) Energy Finders, Inc.* (12,368) (1,979) Energytec, Inc.* (1) (2) Gasco Energy, Inc.* (41,300) (281,666) TGC Industries, Inc.* (25,400) (155,448) 7 BOSTON PARTNERS FAMILY OF FUNDS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- Tri-Valley Corp.* (8,990) $ (90,259) --------------- (661,573) --------------- OIL & GAS - REFINING & MARKETING--(0.5%) SulphCo, Inc.* (134,505) (664,455) --------------- OIL FIELD MACHINERY & EQUIPMENT--(0.4%) Flotek Industries, Inc.* (24,850) (447,300) --------------- OIL SERVICES--(0.3%) Lone Star Technologies, Inc.* (8,000) (392,000) --------------- PHARMACEUTICALS & BIOTECHNOLOGY--(1.3%) BioMarin Pharmaceutical, Inc.* (35,415) (344,942) Immtech International, Inc.* (23,910) (190,084) Mannkind Corp.* (29,500) (382,615) Nuvelo, Inc.* (24,100) (209,911) Oncolytics Biotech, Inc.* (11,480) (47,872) Progenics Pharmaceuticals, Inc.* (13,800) (365,286) RegeneRx Biopharmaceuticals, Inc.* (1,500) (4,950) Tapestry Pharmaceuticals, Inc.* (94,100) (29,171) --------------- (1,574,831) --------------- PRINTING SERVICES--(0.3%) Document Securities Systems, Inc.* (36,945) (360,953) --------------- REAL ESTATE--(0.2%) HouseValues, Inc.* (16,600) (212,148) --------------- RESTAURANTS--(0.3%) Texas Roadhouse, Inc., Class A* (23,600) (356,360) --------------- RETAIL--(0.4%) Urban Outfitters, Inc.* (15,900) (490,674) --------------- RETAIL - FOOD & DRUG--(0.5%) Wild Oats Markets, Inc.* (48,500) (585,880) --------------- RETAIL - HARD GOODS--(1.4%) REX Stores Corp.* (51,000) (759,390) Select Comfort Corp.* (15,300) (366,741) Streicher Mobile Fueling, Inc.* (63,990) (181,092) Zumiez, Inc.* (10,400) (411,528) --------------- (1,718,751) --------------- NUMBER OF SHARES VALUE ------------ --------------- RUBBER AND PLASTIC--(0.2%) PW Eagle, Inc.* (13,695) $ (256,644) --------------- SEMICONDUCTOR EQUIPMENT & PRODUCTS--(2.2%) Brillian Corp.* (84,900) (478,836) FormFactor, Inc.* (10,200) (286,212) MathStar, Inc.* (20,380) (124,114) Microsemi Corp.* (26,200) (727,050) Nano-Proprietary, Inc.* (46,685) (102,240) Power Integrations, Inc.* (16,400) (357,684) Tessera Technologies, Inc.* (11,525) (316,937) Tvia, Inc.* (154,030) (331,165) --------------- (2,724,238) --------------- TECHNOLOGY HARDWARE & EQUIPMENT--(1.0%) Altair Nanotechnologies, Inc.* (51,180) (124,111) American Tire Corp.* (44,430) (239,922) Cogent, Inc.* (20,400) (481,848) Guardian Technologies International, Inc.* (27,243) (87,178) ParkerVision, Inc.* (42,307) (349,456) --------------- (1,282,515) --------------- TELECOMMUNICATION SERVICES--(0.4%) First Avenue Networks, Inc.* (89,269) (473,125) GlobeTel Communications Corp.* (10,455) (32,829) --------------- (505,954) --------------- TELECOMMUNICATIONS--(1.1%) Choice One Communications, Inc. o*++ (37,790) (4) CTC Communications Group, Inc. o*++ (98,900) (10) Global Crossing Ltd.* (22,480) (383,059) Sierra Wireless, Inc.* (41,300) (540,617) Telkonet, Inc.* (83,905) (390,158) --------------- (1,313,848) --------------- TELECOMMUNICATIONS EQUIPMENT--(1.7%) Arris Group, Inc.* (33,500) (325,620) Aware, Inc.* (79,730) (475,191) InterDigital Communications Corp.* (17,830) (347,328) JAMDAT Mobile, Inc.* (21,800) (498,566) 8 BOSTON PARTNERS FAMILY OF FUNDS LONG/SHORT EQUITY FUND Portfolio of Investments (Concluded) NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- TELECOMMUNICATIONS EQUIPMENT (CONTINUED) JDS Uniphase Corp.* (144,500) $ (371,365) Phazar Corp.* (11,825) (153,370) --------------- (2,171,440) --------------- TEXTILES & APPAREL--(0.2%) Forward Industries, Inc.* (16,595) (296,553) --------------- TOBACCO--(0.6%) Vector Group Ltd. (39,396) (742,221) --------------- TRANSPORT - SERVICES--(0.4%) OMI Corp. (27,000) (523,800) --------------- TOTAL SECURITIES SOLD SHORT (Proceeds $65,266,607) (69,418,074) --------------- OTHER ASSETS IN EXCESS OF LIABILITIES--49.6% 62,275,887 --------------- NET ASSETS--100.0% $ 125,451,904 =============== * -- Non-income producing. o -- Security is valued at fair market value as determined in good faith by or under the direction of RBB's Board of Directors. + -- Security position is either entirely or partially held in a segregated account as collateral for securities sold short. ++ Illiquid ADR -- American Depository Receipt. 144A -- Security was purchased pursuant to Rule 144A under Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of November 30, 2005, these securities amounted to 0.52% of net assets. ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 59,422,049 Gross unrealized appreciation $ 19,770,156 Gross unrealized depreciation (16,016,188) --------------- Net unrealized appreciation/(depreciation) $ 3,753,968 For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 9 BOSTON PARTNERS FAMILY OF FUNDS LARGE CAP FUND Portfolio of Investments NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- COMMON STOCK--96.5% AEROSPACE & DEFENSE--2.0% Northrop Grumman Corp. 16,100 $ 923,657 --------------- APPAREL--3.4% American Eagle Outfitters, Inc. 14,700 334,572 Gap, Inc., (The) 20,200 351,076 Jones Apparel Group, Inc. 11,500 330,740 Liz Claiborne, Inc. 5,362 187,027 NIKE, Inc., Class B 4,400 375,320 --------------- 1,578,735 --------------- BANKS - MAJOR--4.3% Bank of New York Co., Inc., (The) 24,600 797,040 Comerica, Inc. 9,509 548,384 Commerce Bancorp, Inc. 7,300 245,937 Mellon Financial Corp. 11,698 393,521 --------------- 1,984,882 --------------- BUSINESS & PUBLIC SERVICES--0.8% Manpower, Inc. 7,800 362,310 --------------- CHEMICALS - SPECIALTY--2.0% Agrium, Inc. 20,600 420,446 Ashland, Inc. 9,100 507,325 --------------- 927,771 --------------- COMPUTER EQUIPMENT & SERVICES--2.5% Hewlett-Packard Co. 22,853 678,048 Ingram Micro, Inc., Class A* 26,900 505,182 --------------- 1,183,230 --------------- COMPUTER SOFTWARE--2.1% Microsoft Corp. 26,679 739,275 Oracle Corp.* 18,500 232,545 --------------- 971,820 --------------- CONSULTING SERVICES--1.6% Accenture Ltd., Class A 25,400 722,376 --------------- CONTAINERS--1.0% Crown Holdings, Inc.* 25,000 463,500 --------------- NUMBER OF SHARES VALUE ------------ --------------- DISTRIBUTION--0.6% W.W. Grainger, Inc. 3,800 $ 266,874 --------------- ELECTRONICS--0.9% Arrow Electronics, Inc.* 13,900 430,900 --------------- FINANCIAL SERVICES--11.1% Ameriprise Financial, Inc. 10,500 441,525 Amvescap PLC- ADR 35,800 492,250 Citigroup, Inc. 42,833 2,079,542 Countrywide Financial Corp. 13,206 459,701 Freddie Mac 15,727 982,151 Goldman Sachs Group, Inc., (The) 3,472 447,749 State Street Corp. 4,200 242,298 --------------- 5,145,216 --------------- FOOD & HOUSEHOLD PRODUCTS--0.8% Hormel Foods Corp. 900 29,520 Pilgrim's Pride Corp. 10,400 332,800 --------------- 362,320 --------------- HEALTH & PERSONAL CARE--1.3% Johnson & Johnson 9,756 602,433 --------------- HEALTH CARE - DRUGS--3.8% Pfizer, Inc. 41,682 883,658 Shire PLC - ADR 24,640 900,346 --------------- 1,784,004 --------------- HEALTH CARE - SERVICES--0.9% Aetna, Inc. 4,800 443,952 --------------- INSURANCE - OTHER--14.9% ACE Ltd. 17,339 962,314 Ambac Financial Group, Inc. 9,115 699,029 American International Group, Inc. 12,598 845,830 Assurant, Inc. 5,800 255,896 Berkshire Hathaway, Inc., Class B* 483 1,427,265 Conseco, Inc.* 21,800 488,756 MBIA, Inc. 20,536 1,268,714 1 BOSTON PARTNERS FAMILY OF FUNDS LARGE CAP FUND Portfolio of Investments (Continued) NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- INSURANCE - OTHER--(CONTINUED) Nationwide Financial Services, Inc., Class A 5,444 $ 229,465 Radian Group, Inc. 6,276 354,971 St. Paul Travelers Companies, Inc., (The) 7,644 355,675 --------------- 6,887,915 --------------- LEISURE & LODGING--1.2% GTECH Holdings Corp. 18,495 565,947 --------------- MANUFACTURING--3.7% Ingersoll-Rand Co. Ltd., Class A 26,600 1,054,158 Tyco International Ltd. 22,623 645,208 --------------- 1,699,366 --------------- MEDIA & ENTERTAINMENT--4.8% Clear Channel Communications, Inc. 7,100 231,176 Liberty Media Corp., Class A* 65,644 504,146 Time Warner, Inc. 63,866 1,148,311 Viacom, Inc., Class B (Non Voting Shares) 9,900 330,660 --------------- 2,214,293 --------------- MEDICAL EQUIPMENT AND SUPPLIES--0.4% Guidant Corp. 3,000 185,040 --------------- METALS & MINING--0.7% Freeport-McMoRan Copper & Gold, Inc., Class B 6,627 345,333 --------------- OFFICE EQUIPMENT & SUPPLIES--2.6% Xerox Corp.* 84,124 1,194,561 --------------- OIL & GAS - EXPLORATION--2.8% Burlington Resources, Inc. 9,300 671,925 Chesapeake Energy Corp. 13,300 385,035 Spinnaker Exploration Co.* 3,600 234,972 --------------- 1,291,932 --------------- OIL & GAS - INTEGRATED MAJORS--9.5% Chevron Corp. 17,616 1,009,573 ConocoPhillips 13,400 810,834 Exxon Mobil Corp. 23,314 1,352,911 NUMBER OF SHARES VALUE ------------ --------------- OIL & GAS - INTEGRATED MAJORS--(CONTINUED) Marathon Oil Corp. 9,132 $ 541,436 Petroleo Brasileiro S.A. - ADR 3,246 219,430 Valero Energy Corp. 5,117 492,256 --------------- 4,426,440 --------------- OIL SERVICES--1.1% Diamond Offshore Drilling, Inc. 4,100 256,578 Tenaris S.A. - ADR 1,600 178,880 Transocean, Inc.* 915 58,414 --------------- 493,872 --------------- PRINTING SERVICES--0.9% R. R. Donnelley & Sons Co. 11,700 400,140 --------------- REAL ESTATE--0.8% CB Richard Ellis Group, Inc., Class A* 6,700 371,850 --------------- RETAIL - HARD GOODS--4.1% Claire's Stores, Inc. 14,500 413,685 Federated Department Stores, Inc. 5,800 373,694 J.C. Penney Co., Inc. 12,100 634,887 Sherwin-Williams Co., (The) 11,300 495,392 --------------- 1,917,658 --------------- SAVINGS & LOANS--0.9% Hudson City Bancorp, Inc. 35,300 420,423 --------------- SEMICONDUCTOR EQUIPMENT & PRODUCTS--2.5% Freescale Semiconductor, Inc., Class A* 21,894 563,770 Teradyne, Inc.* 39,700 580,811 --------------- 1,144,581 --------------- TELECOMMUNICATIONS--2.3% AT&T, Inc. 31,800 792,138 Vodafone Group PLC - ADR 12,126 261,315 --------------- 1,053,453 --------------- TELECOMMUNICATIONS EQUIPMENT--1.6% Motorola, Inc. 21,200 510,708 Sprint Nextel Corp. 9,103 227,939 --------------- 738,647 --------------- 2 BOSTON PARTNERS FAMILY OF FUNDS LARGE CAP FUND Portfolio of Investments (Concluded) NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- TOBACCO--2.0% Altria Group, Inc. 7,392 $ 538,064 UST, Inc. 9,723 375,113 --------------- 913,177 --------------- UTILITIES - GAS & WATER--0.6% Energen Corp. 7,500 275,250 --------------- TOTAL COMMON STOCK 44,693,858 (Cost $40,222,409) --------------- SHORT TERM INVESTMENTS--3.0% PNC Bank Money Market Deposit Account 4.03% 1,402,948 1,402,948 12/01/05 TOTAL SHORT TERM INVESTMENTS (Cost $1,402,948) 1,402,948 --------------- TOTAL INVESTMENTS--99.5% (COST $41,625,357)** 46,096,806 --------------- OTHER ASSETS IN EXCESS OF LIABILITIES--0.5% 237,656 --------------- NET ASSETS--100.0% $ 46,334,462 =============== * -- Non-income producing. ADR -- American Depository Receipt. ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 41,715,619 Gross unrealized appreciation $ 5,072,122 Gross unrealized depreciation (690,936) --------------- Net unrealized appreciation/(depreciation) $ 4,381,186 For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 3 BOSTON PARTNERS FAMILY OF FUNDS MID CAP VALUE FUND Portfolio of Investments NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- COMMON STOCK--95.3% ADVERTISING--0.8% Lamar Advertising Co., Class A* 9,805 $ 454,462 --------------- APPAREL--6.0% Aeropostale, Inc.* 17,100 425,277 Finish Line, Inc., (The), Class A 47,800 825,028 Foot Locker, Inc. 24,100 525,862 Jones Apparel Group, Inc. 15,200 437,152 Polo Ralph Lauren Corp. 16,300 873,680 V F Corp. 5,700 322,905 --------------- 3,409,904 --------------- AUTOMOTIVE PARTS & EQUIPMENT--1.4% BorgWarner, Inc. 8,900 534,000 Lear Corp. 8,200 228,288 --------------- 762,288 --------------- BANKS - REGIONAL--1.8% Commerce Bancorp, Inc. 14,500 488,505 UMB Financial Corp. 8,100 537,678 --------------- 1,026,183 --------------- BROADCASTING--0.7% Citadel Broadcasting Co. 19,100 257,468 Hearst-Argyle Television, Inc. 6,200 149,048 --------------- 406,516 --------------- BUILDING & CONSTRUCTION--0.6% Dycom Industries, Inc.* 17,000 347,310 --------------- BUSINESS & PUBLIC SERVICES--2.4% G & K Services, Inc., Class A 14,800 567,432 Manpower, Inc. 16,300 757,135 --------------- 1,324,567 --------------- CHEMICALS - COMMODITY--0.4% Georgia Gulf Corp. 9,000 250,740 --------------- CHEMICALS - SPECIALTY--1.5% UAP Holding Corp. 43,400 823,732 --------------- COMPUTER EQUIPMENT & SERVICES--4.1% BISYS Group, Inc., (The)* 42,300 566,820 NUMBER OF SHARES VALUE ------------ --------------- COMPUTER EQUIPMENT & SERVICES--(CONTINUED) Diebold, Inc. 13,600 $ 528,496 DST Systems, Inc.* 6,700 398,449 Ingram Micro, Inc., Class A* 43,700 820,686 --------------- 2,314,451 --------------- COMPUTER SOFTWARE--1.8% McAfee, Inc.* 15,187 422,351 Sybase, Inc.* 11,845 265,920 Take-Two Interactive Software, Inc.* 16,700 304,775 --------------- 993,046 --------------- CONTAINERS--2.3% Crown Holdings, Inc.* 48,200 893,628 Sealed Air Corp.* 7,400 382,654 --------------- 1,276,282 --------------- DATA PROCESSING SERVICES--0.6% CSG Systems International, Inc.* 12,900 309,600 --------------- DISTRIBUTION--2.0% W.W. Grainger, Inc. 15,695 1,102,260 --------------- ELECTRONICS--2.8% AMIS Holdings, Inc.* 15,800 157,526 Amphenol Corp., Class A 10,600 442,762 Arrow Electronics, Inc.* 14,900 461,900 Avnet, Inc.* 22,000 495,000 --------------- 1,557,188 --------------- FINANCIAL SERVICES--3.8% A.G. Edwards, Inc. 10,800 475,956 Affiliated Managers Group, Inc.* 7,250 571,590 Student Loan Corp., (The) 500 105,555 TNS, Inc.* 18,100 326,705 Westcorp 9,700 652,228 --------------- 2,132,034 --------------- FOODS--4.5% Bunge Ltd. 10,800 577,800 Corn Products International, Inc. 32,400 720,900 NBTY, Inc.* 25,300 496,386 1 BOSTON PARTNERS FAMILY OF FUNDS MID CAP VALUE FUND Portfolio of Investments (Continued) NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- FOODS--(CONTINUED) Smithfield Foods, Inc.* 25,100 $ 733,673 --------------- 2,528,759 --------------- HEALTH CARE - DRUGS--1.1% Hospira, Inc.* 14,200 626,930 --------------- HEALTH CARE - SERVICES--4.6% Apria Healthcare Group, Inc.* 14,405 352,346 Kindred Healthcare, Inc.* 23,200 643,336 LifePoint Hospitals, Inc.* 22,400 852,320 Manor Care, Inc. 8,600 339,098 Tenet Healthcare Corp.* 29,800 233,036 WellChoice, Inc.* 2,400 185,880 --------------- 2,606,016 --------------- HEALTH CARE - SUPPLIES--0.3% C.R. Bard, Inc. 2,700 175,149 --------------- INSURANCE - LIFE--1.3% Scottish Re Group Ltd. 29,900 754,377 --------------- INSURANCE - OTHER--10.3% Allmerica Financial Corp.* 12,570 502,172 Assurant, Inc. 9,800 432,376 Assured Guaranty Ltd. 43,200 1,137,024 Bristol West Holdings, Inc. 18,600 344,658 Conseco, Inc.* 37,700 845,234 MBIA, Inc. 6,000 370,680 Platinum Underwriters Holdings Ltd. 7,700 234,542 PMI Group, Inc., (The) 16,900 686,140 Radian Group, Inc. 20,900 1,182,104 White Mountains Insurance Group Ltd. 155 94,302 --------------- 5,829,232 --------------- INTERNET SERVICES--1.8% InfoSpace, Inc.* 17,900 471,844 United Online, Inc. 39,000 550,290 --------------- 1,022,134 --------------- LEISURE & LODGING--3.8% GTECH Holdings Corp. 40,100 1,227,060 Hilton Hotels Corp. 18,600 407,712 NUMBER OF SHARES VALUE ------------ --------------- LEISURE & LODGING--(CONTINUED) Pinnacle Entertainment, Inc.* 21,700 $ 518,413 --------------- 2,153,185 --------------- MACHINERY--0.9% Terex Corp.* 8,520 525,002 --------------- MANUFACTURING--4.4% Dover Corp. 9,800 396,410 Federal Signal Corp. 55,000 898,700 Pall Corp. 8,900 247,064 Stanley Works, (The) 12,200 585,600 Toro Co., (The) 8,900 357,691 --------------- 2,485,465 --------------- MARKETING--1.1% Nu Skin Enterprises, Inc., Class A 36,800 639,584 --------------- MEDIA--1.3% Media General, Inc., Class A 3,400 172,380 Meredith Corp. 10,900 555,900 --------------- 728,280 --------------- OIL & GAS - EXPLORATION--3.9% Pogo Producing Co. 16,400 803,600 Vintage Petroleum, Inc. 26,500 1,388,070 --------------- 2,191,670 --------------- OIL SERVICES--1.9% Diamond Offshore Drilling, Inc. 7,700 481,866 ENSCO International, Inc. 12,900 610,944 --------------- 1,092,810 --------------- PAPER FOREST PRODUCTS & PACKAGING--1.4% Neenah Paper, Inc. 27,800 780,068 --------------- PUBLISHING & INFORMATION SERVICES--2.3% Bowne & Co., Inc. 49,000 724,710 Valassis Communications, Inc.* 18,000 547,560 --------------- 1,272,270 --------------- REAL ESTATE INVESTMENT TRUST (REIT)--1.9% American Financial Realty Trust 22,700 283,750 Maguire Properties, Inc. 9,925 317,600 2 BOSTON PARTNERS FAMILY OF FUNDS MID CAP VALUE FUND Portfolio of Investments (Concluded) NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- REAL ESTATE INVESTMENT TRUST (REIT)--(CONTINUED) Ventas, Inc. 15,125 $ 476,891 --------------- 1,078,241 --------------- RESTAURANTS--1.6% Outback Steakhouse, Inc. 22,300 898,244 --------------- RETAIL - HARD GOODS--5.0% Claire's Stores, Inc. 34,200 975,726 Fossil, Inc.* 19,100 380,854 GameStop Corp., Class A* 11,239 378,080 Michaels Stores, Inc. 29,500 1,103,300 --------------- 2,837,960 --------------- SAVINGS & LOANS--1.3% Hudson City Bancorp, Inc. 44,500 529,995 People's Bank 5,700 177,384 --------------- 707,379 --------------- TELECOMMUNICATIONS--1.2% CenturyTel, Inc. 8,900 294,590 West Corp.* 10,300 408,601 --------------- 703,191 --------------- TELECOMMUNICATIONS EQUIPMENT--0.7% Scientific-Atlanta, Inc. 8,900 376,648 --------------- TOBACCO--0.5% Loews Corp. - Carolina Group 7,000 281,750 --------------- TRANSPORT - SERVICES--1.7% Laidlaw International, Inc. 18,600 402,132 Offshore Logistics, Inc.* 18,000 551,700 --------------- 953,832 --------------- TRAVEL SERVICES--1.0% Sabre Holdings Corp., Class A 25,600 585,472 --------------- TRUCKING--0.5% J.B. Hunt Transport Services, Inc. 12,500 279,875 --------------- UTILITIES - ELECTRIC--2.0% NSTAR 9,300 261,237 NUMBER OF SHARES VALUE ------------ --------------- UTILITIES - ELECTRIC--(CONTINUED) Sierra Pacific Resources* 62,900 $ 847,892 --------------- 1,109,129 --------------- TOTAL COMMON STOCK (Cost $44,341,746) 53,713,215 --------------- INVESTMENT COMPANY--1.7% FINANCIAL SERVICES--1.7% Apollo Investment Corp. 50,488 957,757 --------------- TOTAL INVESTMENT COMPANY (Cost $739,488) 957,757 --------------- SHORT-TERM INVESTMENTS--3.0% SHORT-TERM INVESTMENTS--3.0% PNC Bank Money Market Deposit Account 4.03% 12/01/05 1,680,813 1,680,813 --------------- TOTAL SHORT-TERM INVESTMENTS (Cost $1,680,813) 1,680,813 --------------- TOTAL INVESTMENTS--100.0% (COST $46,762,047)** 56,351,785 --------------- OTHER ASSETS IN EXCESS OF LIABILITIES--0.0% 19,410 --------------- NET ASSETS--100.0% $ 56,371,195 =============== * -- Non-income producing. ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 46,987,886 Gross unrealized appreciation $ 10,792,247 Gross unrealized depreciation (1,428,348) -------------- Net unrealized appreciation/(depreciation) $ 9,363,899 For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 3 BOSTON PARTNERS FAMILY OF FUNDS ALL-CAP VALUE FUND Portfolio of Investments NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- COMMON STOCK--94.5% AIRLINES--0.3% ExpressJet Holdings, Inc.* 3,790 $ 33,049 --------------- APPAREL--6.6% Jones Apparel Group, Inc. 2,840 81,678 Liz Claiborne, Inc. 2,770 96,618 NIKE, Inc., Class B 1,040 88,712 Pacific Sunwear of California* 6,250 165,375 Polo Ralph Lauren Corp. 1,545 82,812 Reebok International Ltd. 2,840 163,527 VF Corp. 1,415 80,160 --------------- 758,882 --------------- CHEMICALS - SPECIALTY--1.1% Ashland, Inc. 1,510 84,182 Sigma-Aldrich Corp. 570 37,643 --------------- 121,825 --------------- COMPUTER EQUIPMENT & SERVICES--2.1% Hewlett-Packard Co. 6,230 184,844 Lexmark International, Inc., Class A* 1,300 61,906 --------------- 246,750 --------------- COMPUTER SOFTWARE--1.7% Geac Computer Corp. Ltd.* 3,690 39,557 Microsoft Corp. 5,500 152,405 --------------- 191,962 --------------- CONSUMER NON-CYCLICAL--0.8% Blyth, Inc. 2,260 44,748 National Presto Industries, Inc. 1,060 47,223 --------------- 91,971 --------------- DISTRIBUTION--1.3% W.W. Grainger, Inc. 1,000 70,230 Watsco, Inc. 1,340 84,085 --------------- 154,315 --------------- DIVERSIFIED OPERATION--0.7% Leggett & Platt, Inc. 1,840 43,203 NUMBER OF SHARES VALUE ------------ --------------- DIVERSIFIED OPERATION--(CONTINUED) Tac Acquisition Corp.* 7,180 $ 38,413 --------------- 81,616 --------------- ELECTRONIC COMPONENTS & INSTRUMENTS--0.6% Amphenol Corp., Class A 1,045 43,650 Bel Fuse, Inc., Class B 925 31,015 --------------- 74,665 --------------- FINANCE--0.7% CBRE Realty Finance, Inc. 144A* 4,310 64,650 Peoples Choice Financial Corp. 144A 1,640 12,300 --------------- 76,950 --------------- FINANCIAL SERVICES--4.3% Ameriprise Financial, Inc. 2,595 109,120 Countrywide Financial Corp. 2,834 98,652 Fannie Mae 1,605 77,120 Freddie Mac 3,445 215,140 --------------- 500,032 --------------- FOODS--0.5% Nestle S.A. - ADR 715 53,027 --------------- HEALTH & PERSONAL CARE--1.3% Johnson & Johnson 2,390 147,582 --------------- HEALTH CARE - DRUGS--3.7% Pfizer, Inc. 14,621 309,965 Shire PLC - ADR 3,140 114,736 --------------- 424,701 --------------- HEALTH CARE - SERVICES--3.0% Laboratory Corp. of America Holdings* 665 34,507 Lincare Holdings, Inc.* 2,390 102,602 Renal Care Group, Inc.* 4,505 211,510 --------------- 348,619 --------------- INSURANCE - LIFE--1.0% Scottish Re Group Ltd. 4,340 109,498 --------------- 1 BOSTON PARTNERS FAMILY OF FUNDS ALL-CAP VALUE FUND Portfolio of Investments (Continued) NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- INSURANCE - OTHER--27.1% ACE Ltd. 7,965 $ 442,057 Alleghany Corp.* 627 184,457 Allmerica Financial Corp.* 2,900 115,855 Ambac Financial Group, Inc. 820 62,886 American International Group, Inc. 1,945 130,587 Assurant, Inc. 2,715 119,786 Assured Guaranty Ltd. 6,193 163,000 Everest Re Group Ltd. 620 65,174 IPC Holdings Ltd. 3,500 102,200 Loews Corp. 4,455 430,264 MBIA, Inc. 5,825 359,869 Merchants Group, Inc. 95 2,805 Millea Holdings, Inc. - ADR 430 35,325 National Atlantic Holdings Corp., Class A* 2,570 26,625 PartnerRe Ltd. 1,030 70,328 Quanta Capital Holdings Ltd.* 18,405 77,117 Radian Group, Inc. 2,460 139,138 Specialty Underwriters' Alliance, Inc.* 2,030 13,114 St. Paul Travelers Companies, Inc., (The) 2,395 111,439 Torchmark Corp. 1,250 67,650 Wesco Financial Corp. 270 96,930 White Mountains Insurance Group Ltd. 425 258,570 Willis Group Holdings Ltd. 1,435 53,511 --------------- 3,128,687 --------------- INTERNET SERVICES, INC.--1.1% IAC/InterActiveCorp* 4,580 126,454 --------------- LEISURE & LODGING--1.4% GTECH Holdings Corp. 5,445 166,617 --------------- MANUFACTURING--2.1% Lancaster Colony Corp. 1,655 64,545 Makita Corp. - ADR 5,335 131,774 Tyco International Ltd. 1,465 41,782 --------------- 238,101 --------------- NUMBER OF SHARES VALUE ------------ --------------- MARKETING--0.3% FTD Group, Inc.* 2,650 $ 29,150 --------------- MEDIA & ENTERTAINMENT--1.4% 4Kids Entertainment, Inc.* 1,245 20,356 Liberty Global, Inc., Class A* 1,849 41,251 Liberty Global, Inc., Class C* 1,849 38,404 Liberty Media Corp., Class A* 8,249 63,352 --------------- 163,363 --------------- MEDICAL EQUIPMENT AND SUPPLIES--3.7% Becton, Dickinson and Co. 2,090 121,701 C.R. Bard, Inc. 1,160 75,249 Guidant Corp. 3,075 189,666 STERIS Corp. 1,685 42,327 --------------- 428,943 --------------- OIL & GAS - EXPLORATION--7.2% Anadarko Petroleum Corp. 1,990 180,314 Burlington Resources, Inc. 1,700 122,825 CNX Gas Corp. 144A* 1,315 27,286 EOG Resources, Inc. 1,540 110,495 Kerr-McGee Corp. 913 78,929 Mariner Energy, Inc. 144A* 1,875 33,750 Occidental Petroleum Corp. 2,540 201,422 Quest Resource Corp.* 2,430 31,590 Quest Resource Corp. 144A* 323 4,199 Rosetta Resources, Inc. 144A* 2,035 36,630 --------------- 827,440 --------------- OIL & GAS - INTEGRATED MAJORS--3.8% Eni S.p.A. - ADR 790 107,132 Marathon Oil Corp. 1,336 79,211 Petroleo Brasileiro S.A. - ADR 2,370 160,212 Royal Dutch Shell PLC, Class A - ADR 1,575 97,052 --------------- 443,607 --------------- REAL ESTATE--0.4% Consolidated-Tomoka Land Co. 650 41,853 --------------- REAL ESTATE INVESTMENT TRUST (REIT)--3.7% American Financial Realty Trust 11,470 143,375 Ashford Hospitality Trust 2,615 27,902 2 BOSTON PARTNERS FAMILY OF FUNDS ALL-CAP VALUE FUND Portfolio of Investments (Continued) NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- REAL ESTATE INVESTMENT TRUST (REIT)--(CONTINUED) DiamondRock Hospitality Co. 225 $ 2,700 DiamondRock Hospitality Co. 144A 2,070 24,840 Fieldstone Investment Corp. 290 3,248 Fieldstone Investment Corp. 144A 1,175 13,160 Friedman, Billings, Ramsey Group, Inc., Class A 3,460 36,814 KKR Financial Corp. 90 2,138 KKR Financial Corp. 144A 790 18,763 Luminent Mortgage Capital, Inc. 2,130 17,040 Medical Properties Trust, Inc. 245 2,239 Medical Properties Trust, Inc. 144A 2,225 20,337 National Health Investors, Inc. 2,305 63,733 Saxon Capital, Inc. 1,260 15,120 Taberna Realty Finance Trust 144A * 2,970 36,828 --------------- 428,237 --------------- RETAIL - HARD GOODS--1.9% Claire's Stores, Inc. 4,755 135,660 Home Depot, Inc., (The) 630 26,322 Sherwin-Williams Co., (The) 1,280 56,115 --------------- 218,097 --------------- SAVINGS & LOANS--0.6% Hudson City Bancorp, Inc. 6,255 74,497 --------------- SERVICES - BUSINESS--2.3% Deluxe Corp. 1,955 63,401 Dun & Bradstreet Corp., (The)* 1,195 77,675 John H. Harland Co. 3,370 127,386 --------------- 268,462 --------------- TELECOMMUNICATIONS--2.4% CenturyTel, Inc. 1,435 47,498 Vodafone Group PLC - ADR 5,830 125,637 West Corp.* 2,610 103,539 --------------- 276,674 --------------- TELECOMMUNICATIONS EQUIPMENT--1.4% Motorola, Inc. 6,715 161,764 --------------- NUMBER OF SHARES VALUE ------------ --------------- TOBACCO--2.3% Universal Corp. 1,420 $ 57,340 UST, Inc. 5,425 209,296 --------------- 266,636 --------------- TRAVEL SERVICES--0.5% Sabre Holdings Corp., Class A 2,455 56,146 --------------- UTILITIES - ELECTRIC--1.2% Korea Electric Power Corp. (KEPCO) - ADR 8,345 140,530 --------------- TOTAL COMMON STOCK (Cost $9,146,142) 10,900,702 --------------- PREFERRED STOCK--1.0% FOODS--0.1% Constellation Brands, Inc. 5.75% 09/01/06 315 11,182 --------------- INSURANCE - OTHER--0.7% Hartford Financial Services Group, Inc., (The) 7.00% 8/16/06 260 20,517 Scottish Re Group 5.875% 05/21/07 390 11,197 UnumProvident Corp. 8.25% 5/15/06 1,230 51,660 --------------- 83,374 --------------- OFFICE EQUIPMENT & SUPPLIES--0.2% Xerox Corp. 6.25% 07/01/06 150 18,105 --------------- TOTAL PREFERRED STOCK (Cost $89,582) 112,661 --------------- PAR (000) VALUE ------------ --------------- INVESTMENT COMPANY--0.4% Apollo Investment Corp. 2,115 40,122 Morgan Stanley Asia-Pacific Fund, Inc. 595 8,919 --------------- TOTAL INVESTMENT COMPANY (Cost $37,370) 49,041 --------------- 3 BOSTON PARTNERS FAMILY OF FUNDS ALL-CAP VALUE FUND Portfolio of Investments (Concluded) NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- SHORT TERM INVESTMENTS--4.7% PNC Bank Money Market Deposit Account 4.03% 12/01/05 542,800 $ 542,800 --------------- TOTAL SHORT TERM INVESTMENTS (Cost $542,800) 542,800 --------------- OPTIONS WRITTEN--(0.8%) GTECH Holdings Corp. Call Options Expire 01/21/06 $23.50 (22) (15,739) Guidant Corp. Call Options Expire 04/06/06 $55.00 (11) (9,130) Lexmark International, Inc. Call Options Expire 01/21/06 $40.00 (13) (12,017) MBIA, Inc. Call Options Expire 01/24/06 $50.00 (10) (12,500) Motorola, Inc. Call Options Expire 01/21/06 $15.00 (32) (29,760) Pacific Sunwear of California, Inc Call Options Expire 06/17/06 $22.50* (25) (13,695) --------------- TOTAL OPTIONS WRITTEN (Cost $(47,002)) (92,841) --------------- WARRANTS--0.1% Tac Acquisition Corp.* 14,360 5,744 TOTAL WARRANTS (Cost $62) 5,744 --------------- TOTAL INVESTMENTS--99.9% (COST $9,768,954)** 11,518,107 --------------- OTHER ASSETS IN EXCESS OF LIABILITIES--0.1% 13,756 --------------- NET ASSETS--100.0% $ 11,531,863 =============== * -- Non-income producing. ADR -- American Depository Receipt. 144A -- Security was purchased pursuant to Rule 144A under Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of November 30, 2005, these securities amounted to 2.54% of net assets. ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 9,777,786 Gross unrealized appreciation $ 2,146,843 Gross unrealized depreciation (406,522) ------------ Net unrealized appreciation/(depreciation) $ 1,740,321 For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 4 ROBECO INVESTMENT FUNDS ROBECO WPG TUDOR FUND Portfolio of Investments NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- COMMON STOCK--93.5% AEROSPACE & DEFENSE--0.5% Hexcel Corp.* 16,200 $ 269,406 --------------- AIRLINES--0.8% Republic Airways Holdings, Inc.* 26,200 380,686 --------------- APPAREL--5.1% Lakeland Industries, Inc. #* 35,750 708,923 Maidenform Brands, Inc.* 92,570 1,190,450 Quiksilver, Inc.* 51,300 629,964 --------------- 2,529,337 --------------- BANKS - REGIONAL--10.5% AMCORE Financial, Inc. 12,800 400,256 Bank Mutual Corp. 55,000 581,900 BankFinancial Corp.* 16,800 247,128 BankUnited Financial Corp., Class A 19,700 502,153 Berkshire Hills Bancorp, Inc. 13,050 425,299 Commercial Capital Bancorp, Inc. 22,600 376,968 First Financial Bankshares, Inc. 16,300 606,197 Jefferson Bancshares, Inc. 27,800 373,076 Macatawa Bank Corp. 15,699 598,760 PFF Bancorp, Inc. 18,900 577,395 Synergy Financial Group, Inc. 44,300 542,232 --------------- 5,231,364 --------------- BROADCASTING--1.0% Westwood One, Inc. 26,900 487,966 --------------- CHEMICALS - COMMODITY--4.6% Hercules, Inc.* 45,000 529,200 Lubrizol Corp., (The) 7,000 295,470 Methanex Corp. 45,300 793,656 Rockwood Holdings, Inc.* 21,900 399,456 UAP Holding Corp. 14,300 271,414 --------------- 2,289,196 --------------- COMMERCIAL SERVICES--0.1% PeopleSupport, Inc.* 6,500 54,860 --------------- NUMBER OF SHARES VALUE ------------ --------------- COMPUTER EQUIPMENT & SERVICES--1.8% Neoware Systems, Inc. #* 25,300 $ 553,311 Tier Technologies, Inc., Class B* 41,800 347,776 --------------- 901,087 --------------- COMPUTER SOFTWARE--0.4% Borland Software Corp.* 30,600 185,742 --------------- CONSULTING SERVICES--4.4% BearingPoint, Inc.* 53,400 388,752 First Consulting Group, Inc.* 214,000 1,251,900 FTI Consulting, Inc.* 19,900 564,364 --------------- 2,205,016 --------------- CONSUMER DURABLES--0.9% Applica, Inc.* 354,500 457,305 --------------- CONSUMER PRODUCTS--2.1% Flanders Corp. #* 52,503 532,380 Libbey, Inc. 44,900 532,514 --------------- 1,064,894 --------------- DATA PROCESSING SERVICES--1.0% MoneyGram International, Inc. 19,400 502,072 --------------- DIVERSIFIED OPERATION--0.6% Jacuzzi Brands, Inc.* 35,100 283,257 --------------- ELECTRONIC COMPONENTS & INSTRUMENTS--1.8% Pemstar, Inc. #* 272,420 375,940 Tektronix, Inc. 10,600 271,254 Vishay Intertechnology, Inc.* 20,200 259,166 --------------- 906,360 --------------- FINANCIAL SERVICES--2.3% Ares Capital Corp. 34,039 527,264 Gladstone Capital Corp. # 15,000 351,900 Technology Investment Capital Corp. 15,700 239,896 --------------- 1,119,060 --------------- FOODS--1.4% Del Monte Foods Co.* 69,400 685,672 --------------- 1 ROBECO INVESTMENT FUNDS ROBECO WPG TUDOR FUND Portfolio of Investments (Continued) NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- GAS UTILITIES--1.9% New Jersey Resources Corp. 9,400 $ 399,594 UGI Corp. 10,700 235,400 Vectren Corp. 12,200 331,230 --------------- 966,224 --------------- HEALTH CARE - DRUGS--1.7% K-V Pharmaceutical Co., Class A* 18,100 358,380 Valeant Pharmaceuticals International 30,100 496,048 --------------- 854,428 --------------- HEALTH CARE - SERVICES--2.1% Apria Healthcare Group, Inc.* 8,000 195,680 Endocare, Inc.* 5,320 15,162 LifePoint Hospitals, Inc.* 17,000 646,850 Odyssey HealthCare, Inc.* 9,700 179,644 --------------- 1,037,336 --------------- HEALTH CARE - SUPPLIES--0.3% HealthTronics, Inc.* 17,300 126,982 --------------- INSURANCE - OTHER--5.4% Aspen Insurance Holdings Ltd. 18,800 470,564 Brooke Corp. 34,400 490,204 Endurance Specialty Holdings Ltd. 10,600 365,170 IPC Holdings Ltd. 15,400 449,680 Max Re Capital Ltd. 17,050 455,235 National Interstate Corp.* 22,400 408,576 Platinum Underwriters Holdings Ltd. 2,300 70,058 --------------- 2,709,487 --------------- INTERNET SERVICES--6.7% Packeteer, Inc.* 60,600 557,520 SafeNet, Inc.* 30,700 1,091,385 WatchGuard Technologies, Inc.* 308,400 1,097,904 webMethods, Inc.* 74,700 603,576 --------------- 3,350,385 --------------- MANUFACTURING--3.8% GrafTech International Ltd.* 208,150 1,361,301 NUMBER OF SHARES VALUE ------------ --------------- MANUFACTURING--(CONTINUED) Olin Corp. 28,400 $ 546,700 --------------- 1,908,001 --------------- MEDIA & ENTERTAINMENT--1.4% New Frontier Media, Inc.* 109,000 676,890 --------------- METALS & MINING--1.7% Apex Silver Mines Ltd.* 6,460 108,657 Coeur d'Alene Mines Corp.* 52,700 227,137 Uranium Resources, Inc.* 828,550 497,130 --------------- 832,924 --------------- OIL & GAS - EXPLORATION--3.1% Bronco Drilling Co., Inc.* 24,510 600,495 InterOil Corp. #* 10,500 195,300 Rosetta Resources, Inc. 144A* 27,100 487,800 Warren Resources, Inc.* 17,100 268,299 --------------- 1,551,894 --------------- OIL SERVICES--0.4% Newpark Resources, Inc.* 29,010 212,643 --------------- PAPER FOREST PRODUCTS & PACKAGING--0.9% Schweitzer-Mauduit International, Inc. 19,610 466,914 --------------- PUBLISHING & INFORMATION SERVICES--5.6% Banta Corp. 8,000 404,000 MDC Partners, Inc.* 354,440 2,002,586 Princeton Review, Inc., (The)* 69,000 369,150 --------------- 2,775,736 --------------- REAL ESTATE INVESTMENT TRUST (REIT)--6.6% Colonial Properties Trust 12,500 549,125 Deerfield Triarc Captial Corp. 35,700 507,297 Education Realty Trust, Inc. 23,500 293,515 Federal Realty Investment Trust 8,780 552,964 KKR Financial Corp. 16,800 399,000 MFA Mortgage Investments, Inc. 31,320 191,052 New Century Financial Corp. 6,600 238,722 Newcastle Investment Corp. 20,400 553,452 --------------- 3,285,127 --------------- 2 ROBECO INVESTMENT FUNDS ROBECO WPG TUDOR FUND Portfolio of Investments (Concluded) NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- SEMICONDUCTOR EQUIPMENT & PRODUCTS--0.5% Brooks Automation, Inc.* 19,000 $ 244,340 --------------- SERVICES - BUSINESS--2.0% Fortress America Acquisition Corp.* 37,000 222,000 Marlin Business Services, Inc.* 33,900 769,869 --------------- 991,869 --------------- SOFTWARE & SERVICES--0.7% SYNNEX Corp.* 21,600 338,040 --------------- TELECOMMUNICATIONS EQUIPMENT--2.1% Axesstel, Inc.* 272,700 539,946 Plantronics, Inc. 18,800 519,256 --------------- 1,059,202 --------------- TRANSPORT - SERVICES--1.6% Excel Maritime Carriers Ltd. #* 18,600 246,450 OMI Corp. # 27,600 535,440 --------------- 781,890 --------------- TRANSPORTATION - SHIPPING--2.6% Overseas Shipholding Group, Inc. 10,200 519,792 Seaspan Corp. 17,800 344,964 StealthGas, Inc.* 36,840 433,975 --------------- 1,298,731 --------------- TRUCKING--0.7% Marten Transport Ltd.* 13,440 358,714 --------------- UTILITIES - ELECTRIC--2.4% El Paso Electric Co.* 25,800 558,054 Great Plains Energy, Inc. 11,200 325,472 Hawaiian Electric Industries, Inc. # 12,400 327,856 --------------- 1,211,382 --------------- TOTAL COMMON STOCK (Cost $43,643,348) 46,592,419 --------------- INVESTMENT COMPANY--0.6% DIVERSIFIED OPERATION--0.6% Gladstone Investment Corp. 21,500 300,785 --------------- NUMBER OF SHARES VALUE ------------ --------------- TOTAL INVESTMENT COMPANY (Cost $322,644) 300,785 --------------- RIGHTS/WARRANTS--0.5% TRANSPORT - SERVICES--0.5% Navios Maritime Holdings, Inc. $5.00 expire 12/9/08* 308,950 $ 250,250 --------------- TOTAL RIGHTS/WARRANTS (Cost $0) 250,250 --------------- SHORT TERM INVESTMENTS--3.8% Dreyfus Gov't Cash Mgmt. Fund 3.848% 12/01/05 1,913,005 1,913,005 --------------- TOTAL SHORT TERM INVESTMENTS (Cost $1,913,005) 1,913,005 --------------- TOTAL INVESTMENTS--98.4% (COST $45,878,997)** 49,056,459 --------------- OTHER ASSETS IN EXCESS OF LIABILITIES--1.6% 800,607 --------------- NET ASSETS--100.0% $ 49,857,066 =============== * -- Non-income producing. # Portion of security out on loan. 144A -- Security was purchased pursuant to Rule 144A under Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of November 30, 2005, these securities amounted to 1.0% of net assets. ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 46,855,857 Gross unrealized appreciation $ 5,548,703 Gross unrealized depreciation (3,348,101) ------------ Net unrealized appreciation/(depreciation) $ 2,200,602 For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 3 ROBECO INVESTMENT FUNDS ROBECO WPG LARGE CAP GROWTH FUND Portfolio of Investments NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- COMMON STOCK--99.1% AEROSPACE/DEFENSE--1.6% General Dynamics Corp. 2,900 $ 331,470 --------------- BIOTECHNOLOGY--1.1% Genentech, Inc.* 2,300 219,926 --------------- BUILDING & CONSTRUCTION--0.9% Toll Brothers, Inc.* 5,400 185,760 --------------- CHEMICALS - COMMODITY--1.1% Dow Chemical Co., (The) 5,300 239,825 --------------- COMPUTER EQUIPMENT & SERVICES--11.9% Allstate Corp., (The) 5,000 280,500 Apple Computer, Inc.* 7,100 481,522 BMC Software, Inc.* 15,800 323,742 Global Payments, Inc. 6,800 297,704 Hewlett-Packard Co. 22,500 667,575 International Business Machines Corp. 4,800 426,720 --------------- 2,477,763 --------------- CONSUMER CYCLICAL SERVICES--8.5% Black & Decker Corp., (The) 3,000 263,430 Coach, Inc.* 15,400 530,222 Home Depot, Inc., (The) 18,600 777,108 Wal Mart Stores, Inc. 4,200 203,952 --------------- 1,774,712 --------------- CONSUMER NON-CYCLICAL--3.4% Colgate-Palmolive Co. 4,500 245,340 Pepsi Bottling Group, Inc., (The) 9,000 265,500 Procter & Gamble Co., (The) 3,277 187,411 --------------- 698,251 --------------- ENERGY--0.7% TXU Corp. 1,400 143,682 --------------- FINANCIAL SERVICES--8.4% American Express Co. 9,000 462,780 Ameriprise Financial, Inc. 1,660 69,803 Capital One Financial Corp. 4,700 390,382 General Electric Co. 10,300 367,916 NUMBER OF SHARES VALUE ------------ --------------- FINANCIAL SERVICES--(CONTINUED) Genworth Financial, Inc., Class A 4,900 $ 168,805 Legg Mason, Inc. 2,300 282,095 --------------- 1,741,781 --------------- FOODS--5.6% Altria Group, Inc. 2,900 211,091 Hershey Co., (The) 7,800 422,916 PepsiCo, Inc. 8,900 526,880 --------------- 1,160,887 --------------- HEALTH CARE - SERVICES--5.1% Aetna, Inc. 3,530 326,490 Amgen, Inc.* 6,600 534,138 McKesson Corp. 4,000 201,200 --------------- 1,061,828 --------------- HEALTHCARE FACILITIES/SUPPLIES--11.0% Alcon, Inc. 1,400 196,280 GlaxoSmithKline PLC - ADR 10,800 535,356 Hospira, Inc.* 6,000 264,900 IMS Health, Inc. 10,700 261,615 Johnson & Johnson 4,600 284,050 Kinetic Concepts, Inc.* 5,300 206,435 UnitedHealth Group, Inc. 9,200 550,712 --------------- 2,299,348 --------------- INSURANCE - OTHER--1.0% St. Paul Travelers Companies, Inc., (The) 4,300 200,079 --------------- INTERNET SOFTWARE--1.9% Google, Inc., Class A* 300 121,497 Novell, Inc.* 34,700 269,966 --------------- 391,463 --------------- MANUFACTURING--4.0% American Standard Companies, Inc. 11,200 426,496 McGraw-Hill Companies, Inc., (The) 7,700 408,485 --------------- 834,981 --------------- 1 ROBECO INVESTMENT FUNDS ROBECO WPG LARGE CAP GROWTH FUND Portfolio of Investments (Concluded) NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- MEDIA & ENTERTAINMENT--1.7% Viacom, Inc., Class B (Non Voting Shares) 10,900 $ 364,060 --------------- MEDICAL EQUIPMENT AND SUPPLIES--1.9% AstraZeneca PLC - ADR 4,700 216,435 Techne Corp.* 3,300 182,358 --------------- 398,793 --------------- METALS--2.1% Phelps Dodge Corp. 3,200 434,144 --------------- OIL & GAS - EXPLORATION--1.9% Canadian Natural Resources Ltd. 8,500 385,985 --------------- OIL & GAS - REFINING & MARKETING--1.2% Marathon Oil Corp. 4,200 249,018 --------------- RESTAURANTS--1.4% Yum! Brands, Inc. 6,100 297,619 --------------- RETAIL--3.0% Advance Auto Parts, Inc.* 4,050 171,477 J.C. Penney Company, Inc. 8,800 461,736 --------------- 633,213 --------------- SEMICONDUCTOR EQUIPMENT & PRODUCTS--5.8% Advanced Micro Devices, Inc.* 10,900 285,362 Intel Corp. 23,100 616,308 Intersil Corp., Class A 11,900 305,235 --------------- 1,206,905 --------------- SERVICES - BUSINESS--1.0% Waters Corp.* 5,500 215,765 --------------- TECHNOLOGY--8.0% Harris Corp. 4,000 178,320 Microsoft Corp. 24,900 689,979 Motorola, Inc. 19,100 460,119 Seagate Technology* 17,300 327,316 --------------- 1,655,734 --------------- TELECOMMUNICATIONS--0.6% NII Holdings, Inc.* 2,800 121,660 --------------- NUMBER OF SHARES VALUE ------------ --------------- TELECOMMUNICATIONS EQUIPMENT--1.3% Nokia OyJ 15,700 $ 268,156 --------------- TRANSPORTATION - SHIPPING--3.0% Burlington Northern Santa Fe Corp. 5,700 377,226 Ryder System, Inc. 5,900 250,337 --------------- 627,563 --------------- TOTAL COMMON STOCK (Cost $17,645,300) 20,620,371 --------------- EXCHANGE TRADED FUNDS --0.6% iShares Russell 1000 Growth Index Fund 2,300 118,289 --------------- TOTAL EXCHANGE TRADED FUNDS (Cost $115,694) 118,289 --------------- TOTAL INVESTMENTS--99.7% (COST $17,760,994)** 20,738,660 --------------- OTHER ASSETS IN EXCESS OF LIABILITIES--0.3% 62,323 --------------- NET ASSETS--100.0% $ 20,800,983 =============== * -- Non-income producing. ADR -- American Depository Receipt. ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 17,828,259 Gross unrealized appreciation $ 3,325,765 Gross unrealized depreciation (415,364) -------------- Net unrealized appreciation/(depreciation) $ 2,910,401 For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 2 ROBECO INVESTMENT FUNDS ROBECO WPG CORE BOND FUND Portfolio of Investments NOVEMBER 30, 2005 (UNAUDITED) MOODY'S/S&P PAR (000'S) VALUE ------------- ----------- -------------- GOVERNMENT AGENCIES--67.6% FEDERAL HOME LOAN MORTGAGE CORP.--12.4% 3.350% 04/01/08 Aaa/AAA 570 $ 552,910 3.500% 04/01/08 Aaa/AAA 1,330 1,294,480 4.125% 09/01/09 Aaa/AAA 635 620,810 4.375% 03/17/10 Aaa/AAA 4,525 4,458,695 4.125% 10/18/10 Aaa/AAA 5,835 5,659,810 6.500% 12/01/14 Aaa/AAA 545 561,503 4.375% 07/17/15 Aaa/AAA 3,650 3,501,737 5.500% 09/01/19 Aaa/AAA 2,756 2,768,369 7.500% 02/01/31 Aaa/AAA 52 54,686 7.500% 02/01/31 Aaa/AAA 28 29,769 7.500% 02/01/31 Aaa/AAA 19 20,366 -------------- 19,523,135 -------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION--54.6% 3.90% 12/13/05 (e) Aaa/AAA 32,213 32,171,738 2.250% 05/17/06 Aaa/AAA 520 514,892 3.250% 08/15/08 Aaa/AAA 700 674,633 9.000% 11/01/10 Aaa/AAA 70 75,680 4.500% 12/15/20 (c) Aaa/AAA 6,105 5,900,861 5.000% 12/01/20 (c) Aaa/AAA 5,195 5,117,075 5.500% 12/01/20 (c) Aaa/AAA 2,490 2,500,114 MOODY'S/S&P PAR (000'S) VALUE ------------- ----------- -------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION--(CONTINUED) 5.500% 07/01/34(d) Aaa/AAA 4,448 $ 4,382,359 5.000% 12/01/35 (c) Aaa/AAA 10,860 10,445,962 5.500% 12/01/35 (c) Aaa/AAA 9,610 9,462,852 6.000% 12/01/35 (c) Aaa/AAA 9,910 9,965,744 6.500% 12/01/35 (c) Aaa/AAA 4,740 4,852,575 -------------- 86,064,485 -------------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION--0.6% 7.500% 09/15/07 Aaa/AAA 71 71,064 6.500% 02/15/24 Aaa/AAA 241 250,359 6.500% 04/15/24 Aaa/AAA 135 139,931 6.500% 10/15/24 Aaa/AAA 432 448,662 -------------- 910,016 -------------- TOTAL GOVERNMENT AGENCIES (Cost $106,467,934) 106,497,636 -------------- ASSET BACKED SECURITIES--21.0% BANKS - MAJOR--0.4% First Union-Lehman Brothers- Bank Of America Series 1998-C2 Class A2 6.560% 11/18/35 Aaa/AAA 598 614,845 -------------- CREDIT CARDS--2.4% Citibank Credit Card Issuance Trust Series 2003-A11 Class A11 4.200% 10/15/09(d) Aaa/AAA 1,200 1,200,650 1 ROBECO INVESTMENT FUNDS ROBECO WPG CORE BOND FUND Portfolio of Investments (Continued) NOVEMBER 30, 2005 (UNAUDITED) MOODY'S/S&P PAR (000'S) VALUE ------------- ----------- -------------- CREDIT CARDS--(CONTINUED) Citibank Credit Card Issuance Trust Series 2003-A3 Class A3 3.100% 03/10/10(d) Aaa/AAA 1,750 $ 1,685,642 Citibank Credit Card Issuance Trust Series 2003-A6 Class A6 2.900% 05/17/10(d) Aaa/AAA 1,000 956,719 -------------- 3,843,011 -------------- FINANCE--3.0% Banc of America Funding Corp. Series 2005-E Class 4A1 4.105% 03/20/35(d) Aaa/AAA 2,043 1,996,330 BMW Vehicle Owner Trust Series 2003-A Class A4 2.530% 02/25/08(d) Aaa/AAA 493 488,118 Saxon Asset Securities Trust Series 2005-3 Class A2A 4.311% 11/25/35(a) Aaa/AAA 1,402 1,401,500 Specialty Underwriting & Residential Finance Series 2005-AB2 Class A1A 4.301% 06/25/36(a) Aaa/AAA 816 815,635 -------------- 4,701,583 -------------- MORTGAGE BACKED SECURITIES--15.2% Aames Mortgage Investment Trust 4.311% 10/25/35 Aaa/AAA 1,727 1,727,079 AEGIS 2005-4 4.301% 10/25/35(a) Aaa/AAA 767 766,948 MOODY'S/S&P PAR (000'S) VALUE ------------- ----------- -------------- MORTGAGE BACKED SECURITIES--(CONTINUED) American Home Mortgage Investment Trust Series 2005-3 Class 2A1 4.371% 09/25/35(a) Aaa/AAA 1,503 $ 1,489,241 Citigroup/Deutsche Bank Commercial Mortgage Series 2005-CD1 Class A4 5.225% 09/15/20 Aaae/AAA 1,500 1,501,174 Commerical Mortgage Asset Trust Series 1999-C2 Class A2 7.546% 11/17/32 Aaa/AAA 325 350,115 GE-WMC Mortgage Securities Series 2005-1 Class A2A 4.311% 11/25/35(a) Aaa/AAA 1,254 1,254,286 Greenpoint Mortgage Funding Trust Series 2005-HE4 Class 2A1C 4.301% 07/25/30(a) Aaa/AAA 1,401 1,401,320 Greenwich Capital Commercial Funding Corp. Series 2005-GG5 Class A5 5.224% 04/10/37 Aaa/AAA 400 397,643 Gsamp Trust 2005-HE4 Class A2A 4.311% 07/25/45(a) Aaa/AAA 678 678,358 JP Morgan Mortgage Acquisition Corp. Series 2005-WMC1 Class A2 4.311% 09/25/35(a) Aaa/AAA 1,221 1,221,098 2 ROBECO INVESTMENT FUNDS ROBECO WPG CORE BOND FUND Portfolio of Investments (Continued) NOVEMBER 30, 2005 (UNAUDITED) MOODY'S/S&P PAR (000'S) VALUE ------------- ----------- -------------- MORTGAGE BACKED SECURITIES--(CONTINUED) JP Morgan Mortgage Trust Series 2004-S2 Class 4A5 6.000% 11/25/34(f) Aaa/AAA 1,547 $ 1,550,704 Long Beach Mortgage Loan Trust Series 2005-3 Class 2A1 4.311% 09/25/35(a) Aaa/AAA 1,268 1,268,389 Morgan Stanley Capital Series 2005-HQ7 Class A4 5.205% 11/14/42 Aaa/AAA 1,590 1,589,515 Novastar Home Equity Loan Series 2005-3 Class A2A 4.321% 01/25/36(a) Aaa/AAA 1,617 1,616,900 Residential Asset Mortgage Products, Inc. Series 2005-EFC4 Class A1 4.301% 09/25/35(a) Aaa/AAA 1,165 1,165,003 USAA Auto Owner Trust Series 2005-3 Class A3 4.550% 02/16/10(d) Aaa/AAA 1,100 1,095,353 Wachovia Bank Commerical Mortgage Trust Series 2005-C21 Class A1 5.058% 10/15/44 Aaa/AAA 640 640,678 Washington Mutual Series 2005-AR12 Class 1A8 4.844% 10/25/35(d) (f) Aaa/AAA 1,703 1,679,113 MOODY'S/S&P PAR (000'S) VALUE ------------- ----------- -------------- MORTGAGE BACKED SECURITIES--(CONTINUED) Wells Fargo Mortgage Backed Securities Trust Series 2005-AR16 Class 6A3 5.001% 10/25/35 Aaa/AAA 2,613 $ 2,589,957 -------------- 23,982,874 -------------- TOTAL ASSET BACKED SECURITIES (Cost $33,389,164) 33,142,313 -------------- CORPORATE BONDS--11.8% ALCOHOL--0.1% Diageo Capital PLC 3.375% 03/20/08 A3/A- 95 91,801 -------------- BANKING--3.6% Bank of America Corp. 5.875% 02/15/09 Aa2/AA- 1,625 1,669,221 Barclays Bank PLC 6.278% 12/15/49(d) (a) Aa3/A+ 1,065 1,031,490 Credit Suisse First Boston USA, Inc. 6.125% 11/15/11 Aa3/A+ 515 540,259 Credit Suisse First Boston USA, Inc. 5.125% 08/15/15 Aa3/A+ 730 715,516 HBOS PLC 6.413% 10/01/35(d) (b) (a) A1e/A 300 293,409 JP Morgan Chase & Co. 7.000% 11/15/09 A1/A 465 498,152 RBS Capital Trust I 4.709% 12/29/49(a) (d) A1/A 570 538,042 Skandinaviska Enskilda 5.471% 03/29/49(a) (b) (d) A2/BBB+ 330 324,653 -------------- 5,610,742 -------------- 3 ROBECO INVESTMENT FUNDS ROBECO WPG CORE BOND FUND Portfolio of Investments (Continued) NOVEMBER 30, 2005 (UNAUDITED) MOODY'S/S&P PAR (000'S) VALUE ------------- ----------- -------------- CHEMICALS - SPECIALTY--0.4% Methanex Corp. Senior Note 6.000% 08/15/15 Ba1/BBB- 690 $ 665,489 -------------- COMMUNICATIONS & MEDIA--0.3% Comcast Corp. 6.500% 11/15/35 Baa2/ BBB+ 550 553,453 -------------- FINANCE--2.3% AMBAC Financial Group, Inc. 5.950% 12/05/35 Aa2/AA 340 339,857 American General Finance 4.875% 05/15/10 A1/A+ 660 652,874 Ameriprise Financial, Inc. 5.650% 11/15/15 A3/A- 280 282,578 Bear Stearns Co., Inc. 5.300% 10/30/15 A1/A 265 262,590 Countrywide Home Loan 2.875% 02/15/07 A3/A 125 121,991 Ford Motor Credit Co. 8.625% 11/01/10 Baa3/BB+ 680 650,472 HSBC Financial Capital Trust IX 5.911% 11/30/35(a) (d) A2e/BBB+ 700 698,820 Morgan Stanley 5.375% 10/15/15 Aa3/A+ 605 600,697 -------------- 3,609,879 -------------- HOME BUILDERS--0.4% Pulte Homes, Inc. 6.375% 05/15/33 Baa3/BBB- 265 242,263 Pulte Homes, Inc. 6.000% 02/15/35 Baa3/BBB- 505 439,675 -------------- 681,938 -------------- MOODY'S/S&P PAR (000'S) VALUE ------------- ----------- -------------- INSURANCE - OTHER--0.2% Liberty Mutual Group 7.000% 03/15/34 Baa3/BBB 350 $ 353,404 -------------- METALS--1.2% Noranda, Inc. 6.200% 06/15/35 Baa3/BBB- 1,200 1,133,186 Teck Cominco Ltd. 6.125% 10/01/35 Baa2/BBB 775 743,523 -------------- 1,876,709 -------------- OIL & GAS - EXPLORATION--0.2% Pemex Project Funding Master Trust 6.625% 06/15/35(b) Baa1/BBB 270 264,600 -------------- REAL ESTATE--0.4% First Industrial LP 7.600% 07/15/28 Baa2/BBB 550 618,108 -------------- REAL ESTATE INVESTMENT TRUST (REIT)--0.5% Brandywine Operating Partnership 4.500% 11/01/09 Baa3/BBB- 525 506,541 Prologis 5.625% 11/15/15(b) Baa1/BBB+ 290 288,604 -------------- 795,145 -------------- REINSURANCE--0.3% Aspen Insurance Holdings Ltd. 6.000% 08/15/14 Baa2/BBB+ 185 182,270 Axis Capital Holdings Ltd. 5.750% 12/01/14 Baa1/BBB+ 240 238,372 -------------- 420,642 -------------- SPECIAL PURPOSE ENTITY--1.3% Comcast Corp. 5.650% 06/15/35 Baa2/BBB 400 361,779 Glencore Funding LLC 6.000% 04/15/14(b) Baa3/BBB- 295 274,687 News America Holdings 7.750% 12/01/45 Baa2/BBB 560 643,212 4 ROBECO INVESTMENT FUNDS ROBECO WPG CORE BOND FUND Portfolio of Investments (Continued) NOVEMBER 30, 2005 (UNAUDITED) MOODY'S/S&P PAR (000'S) VALUE ------------- ----------- -------------- SPECIAL PURPOSE ENTITY--(CONTINUED) Weyerhauser Co., Senior Debentures 7.375% 03/15/32 Baa2/BBB 740 $ 795,200 -------------- 2,074,878 -------------- TELEPHONE - INTEGRATED--0.6% GTE Corp. 6.940% 04/15/28 A3/A+ 685 718,373 Verizon Virginia, Inc. 4.625% 03/15/13 A1/A+ 200 186,215 -------------- 904,588 -------------- TOTAL CORPORATE BONDS (Cost $18,998,496) 18,521,376 -------------- U.S. TREASURY OBLIGATIONS--28.6% U.S. TREASURY BONDS--1.8% 5.375% 02/15/31# Aaa/AAA 2,660 2,922,675 -------------- U.S. TREASURY NOTES--26.8% 2.875% 11/30/06 Aaa/AAA 615 605,583 4.000% 08/31/07# Aaa/AAA 2,545 2,526,908 2.625% 05/15/08# Aaa/AAA 7,385 7,081,809 3.750% 05/15/08# Aaa/AAA 11,525 11,348,979 3.375% 11/15/08 Aaa/AAA 1,350 1,311,663 3.375% 12/15/08 Aaa/AAA 2,975 2,888,305 3.125% 04/15/09 Aaa/AAA 2,205 2,116,370 3.375% 10/15/09# Aaa/AAA 1,070 1,030,419 4.875% 02/15/12 Aaa/AAA 835 852,776 4.000% 02/15/15 Aaa/AAA 8,090 7,765,453 4.125% 05/15/15# Aaa/AAA 2,105 2,037,903 MOODY'S/S&P PAR (000'S) VALUE ------------- ----------- -------------- U.S. TREASURY NOTES--(CONTINUED) 4.250% 08/15/15# Aaa /AAA 1,485 $ 1,451,472 4.500% 11/15/15 Aaa /AAA 1,180 1,180,184 -------------- 42,197,824 -------------- TOTAL U.S. TREASURY OBLIGATIONS (Cost $45,612,336) 45,120,499 -------------- MOODY'S/S&P SHARES VALUE ------------- ----------- -------------- SHORT TERM INVESTMENTS--2.4% FEDERAL NATIONAL MORTGAGE ASSOCIATION--0.9% 2.125% 06/05/06 (d) 1,455,000 1,437,214 -------------- SHORT-TERM INVESTMENTS--1.5% Dreyfus Government Cash Management 3.848% 12/01/05 2,415 2,414,769 -------------- TOTAL SHORT TERM INVESTMENTS (Cost $3,866,698) 3,851,983 -------------- TOTAL INVESTMENTS--131.4% (COST $208,334,628)* 207,133,807 -------------- LIABILITIES IN EXCESS OF OTHER ASSETS--(31.4)% (49,463,058) -------------- NET ASSETS--100.0% $ 157,670,749 ============== # Portion of security out on loan. (a) Adjustable rate security. (b) Security was purchased pursuant to Rule 144A under Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of November 30, 2005, these securities amounted to 0.83% of net assets (c) When issued security. (d) Callable security. (e) The rate shown is the effective yield at purchase date (f) Fitch rating. 5 ROBECO INVESTMENT FUNDS ROBECO WPG CORE BOND FUND Portfolio of Investments (Concluded) NOVEMBER 30, 2005 (UNAUDITED) * The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 208,853,211 Gross unrealized appreciation $ 329,513 Gross unrealized depreciation (2,048,917) --------------- Net unrealized appreciation/(depreciation) $ (1,719,404) For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 6 SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2005 (UNAUDITED) SHARES VALUE ------------ --------------- DOMESTIC COMMON STOCKS -- 96.3% AEROSPACE & DEFENSE -- 7.1% AAR Corp.* 61,950 $ 1,297,233 BE Aerospace, Inc.* 113,625 1,990,710 CAE, Inc. 87,400 613,548 --------------- 3,901,491 --------------- AGRICULTURAL CHEMICALS -- 0.6% Mosaic Co., (The)* 23,050 312,097 --------------- AGRICULTURE -- 1.1% Corn Products International, Inc. 26,925 599,081 --------------- AIRCRAFT PARTS & AUXILIARY EQUIPMENT, NEC -- 1.4% Triumph Group, Inc.* 20,900 793,155 --------------- AIRLINES -- 2.0% AirTran Holdings, Inc.* 75,175 1,129,128 --------------- AUTOMOBILE PARTS & EQUIPMENT -- 1.4% Exide Technologies* 11,050 39,890 Visteon Corp.* 112,075 757,627 --------------- 797,517 --------------- BANKS -- 0.7% W. Holding Co., Inc 45,625 376,406 --------------- BROADCASTING & CABLE TELEVISION -- 1.2% TV Azteca, S.A. de C.V. - ADR 1,071,200 678,023 --------------- CHEMICALS -- 0.2% PolyOne Corp.* 4,475 25,821 Westlake Chemical Corp. 2,725 76,354 --------------- 102,175 --------------- CHEMICALS & PLASTIC -- 1.2% A. Schulman, Inc. 24,950 521,205 Spartech Corp. 6,200 131,502 --------------- 652,707 --------------- CHEMICALS - SPECIALTY -- 1.2% Cytec Industries, Inc. 14,050 636,324 Ferro Corp. 2,600 49,140 --------------- 685,464 --------------- COMMERCIAL SERVICES -- 0.7% Convergys Corp.* 24,275 402,965 --------------- COMPUTER COMPONENTS -- 2.8% Lexar Media, Inc.* 98,450 839,778 Silicon Storage Technology, Inc.* 123,650 681,312 --------------- 1,521,090 --------------- COMPUTER NETWORKING PRODUCTS -- 0.7% 3Com Corp.* 99,600 360,552 --------------- COMPUTER SOFTWARE -- 2.1% Insight Enterprises, Inc.* 26,550 553,036 NetIQ Corp.* 10,275 122,786 SHARES VALUE ------------ --------------- COMPUTER SOFTWARE (CONTINUED) Synnex Corp.* 8,950 $ 140,068 Take-Two Interactive Software, Inc. 17,350 316,638 --------------- 1,132,528 --------------- CONSTRUCTION -- 0.9% Drew Industries, Inc. 6,500 195,780 Infrasource Services, Inc.* 27,725 325,214 --------------- 520,994 --------------- DIVERSIFIED -- 1.9% Acuity Brands, Inc. 17,100 531,639 Viad Corp. 17,025 518,411 --------------- 1,050,050 --------------- DRUGS & MEDICAL PRODUCTS -- 0.4% Par Pharmaceutical Cos., Inc.* 9,250 246,142 --------------- ELECTRICAL EQUIPMENT -- 5.1% EMCOR Group, Inc.* 20,725 1,466,294 GameStop Corp., Class A* 9,150 307,806 General Cable Corp.* 54,075 981,461 GrafTech International, Ltd.* 7,225 47,251 --------------- 2,802,812 --------------- ELECTRICAL WORK -- 0.3% Integrated Electrical Services, Inc.* 262,030 144,116 --------------- ELECTRONICS -- 0.9% Curtiss-Wright Corp. 7,575 443,895 Orbotech, Ltd.* 1,600 37,104 ProQuest Company* 1,350 37,732 --------------- 518,731 --------------- ENERGY & UTILITIES -- 2.3% Reliant Energy, Inc.* 136,450 1,249,882 --------------- FARM MACHINERY & EQUIPMENT -- 1.1% AGCO Corp.* 34,950 591,704 --------------- FERTILIZERS -- 0.7% LESCO, Inc.* 23,900 378,815 --------------- FINANCE-DIVERSIFIED -- 0.4% Doral Financial Corp. 19,425 196,193 --------------- FOOD -- 0.1% TreeHouse Foods, Inc.* 4,100 80,852 --------------- FOOD DISTRIBUTION WHOLESALERS -- 0.1% Performance Food Group Co.* 1,100 31,240 --------------- FOOTWEAR -- 0.7% Barry (R.G) Corp.* 60,150 369,923 --------------- HOME FURNISHINGS -- 0.3% La-Z-Boy, Inc. 11,850 158,435 --------------- HOTELS & RESTAURANTS -- 1.0% Interstate Hotels & Resorts, Inc.* 74,075 335,560 1 SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2005 (UNAUDITED) SHARES VALUE ------------ --------------- HOTELS & RESTAURANTS (CONTINUED) Orient-Express Hotels Ltd., Class A 6,825 $ 215,124 --------------- 550,684 --------------- INSURANCE -- 2.6% Assured Guaranty, Ltd. 8,350 219,772 Platinum Underwriters Holdings Ltd. 14,100 429,486 Platinum Underwriters Holdings Ltd. 1,150 35,029 ProAssurance Corp.* 15,631 778,111 --------------- 1,462,398 --------------- LEISURE & ENTERTAINMENT -- 1.1% Intrawest Corp. 21,175 590,359 --------------- MACHINERY -- 1.3% Terex Corp.* 11,325 697,847 --------------- MANUFACTURED HOUSING -- 4.0% Champion Enterprises, Inc.* 80,375 1,163,026 Fleetwood Enterprises, Inc.* 93,500 1,066,835 --------------- 2,229,861 --------------- MANUFACTURING -- 4.3% Griffon Corp.* 13,650 332,514 Jacuzzi Brands, Inc.* 12,600 101,682 Navistar International Corp.* 24,625 698,611 York International Corp. 21,900 1,232,751 --------------- 2,365,558 --------------- METALS & MINING -- 0.8% Brush Engineered Materials, Inc.* 27,100 430,619 --------------- OFFICE FURNISHINGS -- 1.6% Interface, Inc., Class A* 103,695 863,779 --------------- OIL & GAS EXPLORATION -- 0.2% Aquila, Inc.* 27,600 97,980 --------------- OIL & GAS FIELD SERVICES -- 0.4% Willbros Group, Inc.* 14,525 220,635 --------------- PAPER & ALLIED PRODUCTS -- 0.5% Schweitzer-Mauduit International, Inc. 11,300 269,053 --------------- PAPER & FORESTRY PRODUCTS -- 2.0% Longview Fibre Co. 25,900 550,634 Neenah Paper, Inc. 19,425 545,066 --------------- 1,095,700 --------------- PIPES LINES (NO NAT. GAS) -- 1.2% Hudson Highland Group, Inc.* 25,400 641,350 --------------- REAL ESTATE -- 5.0% American Real Estate Partners, L.P. 12,000 394,800 Jones Lang LaSalle, Inc. 24,150 1,207,017 MI Developments, Inc., Class A 34,650 1,176,368 --------------- 2,778,185 --------------- REAL ESTATE INVESTMENT TRUST -- 9.3% American Financial Realty Trust 36,975 462,187 SHARES VALUE ------------ --------------- REAL ESTATE INVESTMENT TRUST (CONTINUED) Anworth Mortgage Asset Corp. 123,475 $ 980,391 Bedford Property Investors, Inc. 6,375 146,625 Boykin Lodging Co.* 107,325 1,287,900 Deerfield Triarc Capital Corp. 1,550 22,026 Highwoods Properties, Inc. 28,625 825,259 MeriStar Hospitality Corp.* 141,250 1,382,838 --------------- 5,107,226 --------------- RESTAURANTS -- 1.6% Triarc Companies., Inc., Class A* 5,825 95,239 Triarc Companies., Inc., Class B* 51,500 769,410 --------------- 864,649 --------------- RETAIL - SPECIALTY STORES -- 4.3% Casual Male Retail Group, Inc.* 70,964 438,558 Eddie Bauer Holdings, Inc.* 10,725 239,167 MarineMax, Inc.* 20,125 528,482 Pep Boys-Manny, Moe & Jack, (The) 30,625 439,469 West Marine, Inc.* 35,175 467,124 Zale Corp.* 9,800 273,420 --------------- 2,386,220 --------------- SAVINGS & LOAN ASSOCIATIONS -- 2.6% First Niagara Financial Group, Inc. 37,950 549,895 Flagstar Bancorp, Inc. 20,300 305,921 Partners Trust Financial Group, Inc. 15,225 182,700 Provident Financial Services, Inc. 19,050 342,710 Provident New York Bancorp 4,900 56,791 --------------- 1,438,017 --------------- SCHOOLS -- 1.0% Corinthian Colleges, Inc.* 47,025 569,473 --------------- SEMICONDUCTOR EQUIPMENT -- 4.2% Actions Semiconductor Co., Ltd.* 3,850 30,800 Advanced Energy Industries, Inc.* 15,050 201,068 Alliance Semiconductor Corp.* 191,175 558,231 Axcelis Technologies, Inc.* 13,275 62,923 BE Semiconductor Industries N.V.* 302,368 1,449,855 --------------- 2,302,877 --------------- SEMICONDUCTORS & RELATED -- 4.0% ASM International N.V.* 94,700 1,383,567 STATS ChipPAC, Ltd. -- ADR* 106,300 704,769 ZiLOG, Inc.* 49,275 130,579 --------------- 2,218,915 --------------- SERVICES - COMPUTER PROCESSING & DATA PREPARATION -- 0.8% Source Interlink Companies., Inc.** 39,975 438,926 --------------- SERVICES - ENGINEERING SERVICES -- 1.0% Washington Group International, Inc. 11,175 577,859 --------------- 2 SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2005 (UNAUDITED) SHARES VALUE ------------ --------------- TELECOMMUNICATIONS & EQUIPMENT -- 0.0% CommScope, Inc.* 850 $ 17,434 --------------- TEXTILES -- 0.1% G & K Services, Inc 800 30,672 --------------- TRANSPORTATION -- 0.9% Alexander & Baldwin, Inc. 10,500 525,210 --------------- UTILITIES -- 0.9% Avista Corp. 29,775 525,529 --------------- TOTAL DOMESTIC COMMON STOCKS (Cost $40,678,597) 53,081,283 --------------- CANADIAN COMMON STOCKS -- 0.7% REAL ESTATE INVESTMENT TRUST -- 0.7% Boardwalk Real Estate Investment Trust 1,450 24,817 Trizec Canada, Inc. 17,575 374,346 --------------- 399,163 --------------- TOTAL CANADIAN COMMON STOCK (Cost $283,391) 399,163 --------------- PAR (000) VALUE ------------ --------------- CORPORATE BONDS -- 0.9% Mercer International, Inc.144A 8.50%, 10/15/10 500 534,375 --------------- TOTAL CORPORATE BONDS (Cost $500,000) 534,375 --------------- SHARES VALUE ------------ --------------- EXCHANGE TRADED FUNDS -- 0.1% FINANCE -- 0.1% iShares Russell 2000 Value Index Fund 600 40,170 --------------- TOTAL EXCHANGE TRADED FUNDS (Cost $31,468) 40,170 --------------- TEMPORARY INVESTMENTS -- 2.5% PNC Bank Money Market Account - 3.53% 12/01/05 1,367,159 1,367,159 --------------- TOTAL TEMPORARY INVESTMENTS (Cost $1,367,159) 1,367,159 --------------- TOTAL INVESTMENTS -- 100.5% (Cost $42,860,615) ** $ 55,422,150 --------------- LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.5)% (299,462) --------------- NET ASSETS -- 100.0% $ 55,122,688 =============== * Non-income producing. 144A -- Security was purchased pursuant to Rule 144A under Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of November 30, 2005, these securities amounted to 1.0% of net assets. ADR -- American Depository Receipt ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 44,211,984 ============= Gross unrealized appreciation $ 14,107,941 Gross unrealized depreciation (3,467,179) ------------- Net unrealized appreciation/(depreciation) $ 10,640,762 ============= For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 3 SCHNEIDER VALUE FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2005 (UNAUDITED) Shares Value ------------ --------------- DOMESTIC COMMON STOCKS -- 89.1% AEROSPACE & DEFENSE -- 4.5% Boeing Co., (The) 33,175 $ 2,262,203 Goodrich Corp. 12,075 465,129 --------------- 2,727,332 --------------- AGRICULTURAL CHEMICALS -- 2.4% Mosaic Co., (The)* 104,500 1,414,931 --------------- AIRLINES -- 0.7% Southwest Airlines Co. 26,350 434,775 --------------- AUTOMOBILE PARTS & EQUIPMENT -- 1.2% Visteon Corp.* 106,200 717,912 --------------- AUTOMOBILES -- 2.4% HONDA MOTOR Co., Ltd. -- ADR 51,750 1,446,930 --------------- BANKS -- 3.9% Hudson City Bancorp, Inc. 23,030 274,287 North Fork Bancorporation, Inc. 76,700 2,070,900 --------------- 2,345,187 --------------- BROADCASTING & CABLE TELEVISION -- 3.5% Liberty Global, Inc. Class A* 184,670 1,418,266 Liberty Global, Inc. Series C* 31,692 707,048 --------------- 2,125,314 --------------- CHEMICALS - DIVERSIFIED -- 0.6% Bayer AG -- ADR 5,150 204,712 Lyondell Chemical Co. 5,200 132,236 --------------- 336,948 --------------- CHEMICALS - SPECIALTY -- 0.4% Chemtura Corp. 4,950 59,647 Cytec Industries, Inc. 4,150 187,954 --------------- 247,601 --------------- COMMERCIAL SERVICES -- 0.2% Convergys Corp.* 5,975 99,185 --------------- COMPUTERS, SOFTWARE & SERVICING -- 1.6% BearingPoint, Inc.* 129,875 945,490 --------------- DAIRY PRODUCTS -- 0.7% Dean Foods Co.* 11,450 437,275 --------------- ELECTRONIC COMPONENTS -- 0.8% Celestica, Inc.* 43,775 465,328 --------------- ELECTRONIC COMPONENTS & ACCESSORIES -- 4.8% AU Optronics Corp. -- ADR 96,392 1,392,864 Avnet, Inc.* 53,125 1,195,312 Sanmina-SCI Corp.* 67,025 277,484 --------------- 2,865,660 --------------- ELECTRONICS -- 1.7% Agilent Technologies, Inc.* 28,975 1,033,248 --------------- Shares Value ------------ --------------- ENERGY & UTILITIES -- 4.1% Reliant Energy, Inc.* 269,025 $ 2,464,269 --------------- ENGINEERING & CONSTRUCTION -- 0.5% ABB, Ltd. -- ADR* 32,650 285,688 --------------- FINANCIAL SERVICES -- 8.6% Fannie Mae 57,575 2,766,479 JPMorgan Chase & Co. 57,650 2,205,112 Washington Mutual, Inc. 4,650 191,534 --------------- 5,163,125 --------------- FOOD -- 3.1% Tate & Lyle P.L.C. -- ADR 48,600 1,845,099 --------------- GAMBLING - NON HOTEL -- 0.4% GTECH Holdings Corp. 8,475 259,335 --------------- HOME FURNISHINGS & HOUSEWARES -- 1.3% Newell Rubbermaid, Inc. 32,750 755,543 --------------- HOTELS & RESTAURANTS -- 2.4% Hilton Hotels Corp. 40,800 894,336 Starwood Hotels & Resorts Worldwide, Inc. 9,050 547,525 --------------- 1,441,861 --------------- INDUSTRIAL GOODS & MATERIALS -- 3.7% Tyco International, Ltd. 78,175 2,229,551 --------------- INSURANCE -- 6.8% Aon Corp. 50,175 1,826,872 Genworth Financial, Inc. Class A 40,550 1,396,947 PMI Group, Inc. (The) 3,250 131,950 RenaissanceRe Holdings, Ltd. 13,775 618,911 UnumProvident Corp. 3,625 79,750 --------------- 4,054,430 --------------- LEISURE & ENTERTAINMENT -- 2.7% Carnival Corp. 30,300 1,651,047 --------------- MANUFACTURING -- 2.6% Deere & Co. 300 20,805 Navistar International Corp.* 54,100 1,534,817 --------------- 1,555,622 --------------- MEDICAL & MEDICAL SERVICES -- 1.9% Triad Hospitals, Inc.* 26,400 1,126,224 --------------- MISCELLANEOUS -- 1.1% Liberty Global, Inc. Series C* 32,667 678,494 --------------- PACKAGING & CONTAINERS -- 0.7% Pactiv Corp.* 22,150 448,316 --------------- PAPER & FORESTRY PRODUCTS -- 2.3% Abitibi-Consolidated, Inc. 56,100 187,935 International Paper Co. 38,379 1,210,090 --------------- 1,398,025 --------------- 1 SCHNEIDER VALUE FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2005 (UNAUDITED) Shares Value ------------ --------------- REAL ESTATE -- 0.2% St. Joe Co., (The) 2,155 $ 143,092 --------------- REAL ESTATE INVESTMENT TRUST -- 3.6% Annaly Mortgage Management, Inc. 57,725 678,269 Host Marriott Corp. 32,000 572,800 Trizec Properties, Inc. 40,425 908,754 --------------- 2,159,823 --------------- RETAIL - CONSUMER ELECTRONICS STORES -- 1.1% Circuit City Stores, Inc. 6,505 136,150 GameStop Corp., Class A* 15,075 507,123 --------------- 643,273 --------------- RETAIL - DEPARTMENT STORES -- 1.9% Kohl's Corp.* 24,675 1,135,050 --------------- SAVINGS & LOAN ASSOCIATIONS -- 0.2% Sovereign Bancorp, Inc. 4,600 100,556 --------------- SEMI-CONDUCTORS & RELATED -- 1.5% International Rectifier Corp.* 26,200 929,052 --------------- TELECOMMUNICATIONS & EQUIPMENT -- 1.5% Sprint Nextel Corp. 5,975 149,614 Telephone and Data Systems, Inc. 4,850 177,267 Telephone and Data Systems, Inc. Special Common Shares 15,625 547,656 --------------- 874,537 --------------- TRANSPORTATION -- 3.7% CSX Corp. 38,325 1,864,128 Swift Transportation Co., Inc.* 17,250 337,755 --------------- 2,201,883 --------------- WHOLESALE - DISTRIBUTION -- 1.4% Hughes Supply, Inc. 22,150 858,091 --------------- WHOLESALE - DRUG DISTRIBUTION -- 2.4% AmerisourceBergen Corp. 17,800 1,430,230 --------------- TOTAL DOMESTIC COMMON STOCKS (Cost $46,889,012) 53,475,332 --------------- CANADIAN COMMON STOCKS -- 0.8% MANUFACTURING -- 0.8% Bombardier, Inc., Class B* 241,525 498,118 --------------- TOTAL CANADIAN COMMON STOCK (Cost $592,144) 498,118 --------------- Par (000) Value ------------ --------------- CORPORATE BONDS -- 0.5% AMR Corp. (Government Securities LOC) (Caa2, CCC) 4.25%, 09/23/23 $ 257 $ 288,161 --------------- TOTAL CORPORATE BONDS (Cost $217,276) 288,161 --------------- Shares Value ------------ --------------- EXCHANGE TRADED FUNDS -- 2.3% FINANCE -- 2.3% iShares Russell 1000 Value Index Fund 19,725 1,368,520 --------------- TOTAL EXCHANGE TRADED FUNDS (Cost $1,305,623) 1,368,520 --------------- TEMPORARY INVESTMENTS -- 7.1% PNC Bank Money Market Account - 3.53% 11/30/05 4,271,483 4,271,483 --------------- TOTAL TEMPORARY INVESTMENTS (Cost $4,271,483) 4,271,483 --------------- TOTAL INVESTMENTS -- 99.8% (Cost $53,275,538)** 59,901,614 --------------- OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.2% 108,045 --------------- NET ASSETS -- 100.0% $ 60,009,659 =============== ADR -- American Depository Receipt * Non-income producing. ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 53,961,036 ============= Gross unrealized appreciation $ 7,649,889 Gross unrealized depreciation (1,997,472) ------------- Net unrealized appreciation/(depreciation) $ 5,652,417 ============= For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 2 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- COMMON STOCKS--98.7% BASIC INDUSTRY--3.4% Braskem S.A. - ADR 92,400 $ 1,664,124 Chemtura Corp. 116,100 1,399,005 Crown Holdings, Inc.* 178,300 3,305,682 H.B. Fuller Co. 75,600 2,342,088 IPSCO, Inc. 30,800 2,383,304 NL Industries, Inc. 13,500 199,800 --------------- 11,294,003 --------------- CONSUMER CYCLICAL--13.8% Ameristar Casinos, Inc. 68,600 1,618,274 Barnes & Noble, Inc. 37,100 1,496,614 Building Materials Holding Corp. 12,500 1,029,125 Cache, Inc.* 95,800 1,612,314 CKE Restaurants, Inc. 130,400 1,644,344 Conn's, Inc.* 56,300 1,903,503 CSK Auto Corp.* 116,200 1,801,100 Domino's Pizza, Inc. 92,000 2,300,000 Furniture Brands International, Inc. 91,800 1,831,410 Genesco, Inc.* 56,100 2,224,365 Gymboree Corp., (The)* 98,200 2,215,392 Intrawest Corp. 81,700 2,277,796 Jack in the Box, Inc.* 52,500 1,764,000 Leapfrog Enterprises, Inc.* 3,900 50,856 Lions Gate Entertainment Corp.* 152,200 1,391,108 LoJack Corp.* 61,200 1,724,616 Longs Drug Stores Corp. 26,500 1,129,695 Pantry, Inc. (The)* 49,000 2,013,900 Phillips-Van Heusen Corp. 76,700 2,599,363 Ryder System, Inc. 26,400 1,120,152 Skechers U.S.A., Inc., Class A* 124,000 1,855,040 Sonic Automotive, Inc. 98,000 2,038,400 Sportsman's Guide, Inc. (The)* 68,900 1,807,936 Stein Mart, Inc. 83,000 1,435,900 Steven Madden Ltd.* 76,100 2,072,203 Vail Resorts, Inc.* 66,800 2,488,968 --------------- 45,446,374 --------------- CONSUMER GROWTH--13.4% Alpharma, Inc., Class A 139,700 3,690,874 AMN Healthcare Services, Inc.* 58,600 1,116,330 AngioDynamics, Inc.* 107,900 2,223,819 Bright Horizons Family Solutions, Inc.* 14,400 509,472 NUMBER OF SHARES VALUE ------------ --------------- CONSUMER GROWTH--(CONTINUED) Chemed Corp. 15,700 $ 795,990 CNS, Inc. 70,100 1,612,300 Cutera, Inc.* 86,100 3,407,838 Dade Behring Holdings, Inc. 83,800 3,426,582 Education Management Corp.* 68,300 2,305,125 Genesis HealthCare Corp.* 28,591 1,202,251 Haemonetics Corp.* 22,800 1,165,764 Hi-Tech Pharmacal Co., Inc.* 74,800 2,858,108 Kendle International, Inc.* 101,800 2,433,020 Magellan Health Services, Inc.* 49,300 1,440,546 Meridian Bioscience, Inc. 78,100 1,458,127 Natus Medical, Inc.* 149,500 2,472,730 Nutri/System, Inc.* 82,500 3,211,725 PerkinElmer, Inc. 79,700 1,817,957 Pharmion Corp.* 37,800 656,586 Playtex Products, Inc.* 172,000 2,408,000 Respironics, Inc.* 53,500 2,069,380 Steiner Leisure Ltd.* 55,370 2,080,805 --------------- 44,363,329 --------------- ENERGY--7.1% Advanced Energy Industries, Inc.* 145,600 1,945,216 Core Laboratories N.V.* 93,400 3,409,100 Distributed Energy Systems Corp.* 263,800 2,445,426 Frontier Oil Corp. 77,100 2,905,128 Giant Industries, Inc.* 50,200 2,693,230 NATCO Group, Inc., Class A* 83,800 1,944,160 RPC, Inc. 61,400 2,038,480 Tesoro Corp. 57,600 3,172,032 Vintage Petroleum, Inc. 57,300 3,001,374 --------------- 23,554,146 --------------- FINANCIAL--17.2% Allmerica Financial Corp.* 44,900 1,793,755 American Physicians Capital, Inc.* 33,400 1,518,030 Arch Capital Group Ltd.* 52,400 2,748,904 Aspen Insurance Holdings Ltd. 98,400 2,462,952 Banco Itau Holding Financeira S.A. - ADR 119,400 3,027,984 Calamos Asset Management, Inc., Class A 96,200 2,607,020 Cash America International, Inc. 65,900 1,492,635 Commerce Group, Inc., (The) 11,300 656,078 Corus Bankshares, Inc. 39,800 2,339,444 1 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- FINANCIAL--(CONTINUED) EZCORP, Inc., Class A* 134,200 $ 2,019,710 First American Corp. 67,100 3,157,055 First Cash Financial Services, Inc.* 39,900 1,157,100 GFI Group, Inc.* 67,800 3,019,812 Investment Technology Group, Inc.* 85,900 3,340,651 Janus Capital Group, Inc. 25,200 483,084 LandAmerica Financial Group, Inc. 42,300 2,738,925 Max Re Capital Ltd. 102,000 2,723,400 Nationwide Financial Services, Inc., Class A 7,000 295,050 Ohio Casualty Corp. 35,100 1,038,960 Platinum Underwriters Holdings Ltd. 73,300 2,232,718 Quanta Capital Holdings Ltd.* 154,100 645,679 Safety Insurance Group, Inc. 26,200 1,050,882 Selective Insurance Group, Inc. 29,800 1,667,906 StanCorp Financial Group, Inc. 31,200 3,214,848 Stewart Information Services Corp. 50,200 2,538,112 TierOne Corp. 3,500 104,895 TradeStation Group, Inc.* 148,900 1,773,399 UICI 59,600 2,122,952 United Fire & Casualty Co. 26,800 1,224,760 Zenith National Insurance Corp. 34,150 1,618,710 --------------- 56,815,410 --------------- INDUSTRIAL--14.9% Administaff, Inc. 15,800 711,790 AMERCO* 46,200 3,267,264 Brink's Co., (The) 43,600 2,012,576 Celadon Group, Inc.* 90,600 2,510,526 CNF, Inc. 14,500 826,500 Columbus McKinnon Corp.* 163,300 3,426,034 CommScope, Inc.* 118,900 2,438,639 Consolidated Graphics, Inc.* 20,100 1,028,919 Herman Miller, Inc. 18,200 556,738 Hub Group, Inc., Class A* 89,100 3,613,005 Ingram Micro, Inc., Class A* 106,200 1,994,436 Laidlaw International, Inc. 37,700 815,074 LSI Industries, Inc. 132,000 2,376,000 McDermott International, Inc.* 52,400 2,193,464 MPS Group, Inc.* 159,800 2,008,686 On Assignment, Inc.* 114,400 1,264,120 Pacer International, Inc. 93,600 2,473,848 NUMBER OF SHARES VALUE ------------ --------------- INDUSTRIAL--(CONTINUED) R.H. Donnelley Corp.* 31,000 $ 1,952,380 Rollins, Inc. 69,200 1,408,220 Stamps.com, Inc.* 90,700 2,126,915 Stewart & Stevenson Services, Inc. 30,200 619,100 Tennant Co. 46,700 2,191,164 Thomas & Betts Corp.* 48,400 1,937,936 Universal Forest Products, Inc. 43,200 2,482,272 WESCO International, Inc.* 71,200 2,972,600 --------------- 49,208,206 --------------- TECHNOLOGY--28.1% 24/7 Real Media, Inc.* 291,600 2,157,840 Advent Software, Inc.* 70,200 2,010,528 Agere Systems, Inc.* 202,800 2,672,904 Ansoft Corp.* 52,200 1,810,818 Arris Group, Inc.* 289,800 2,816,856 Aspen Technology, Inc.* 209,100 1,547,340 Asyst Technologies, Inc.* 50,900 316,598 Brightpoint, Inc.* 83,800 2,358,132 CalAmp Corp.* 169,200 1,962,720 Captiva Software Corp.* 90,600 2,003,166 CryptoLogic, Inc. 96,800 1,952,456 Ctrip.com International Ltd. - ADR* 40,500 2,360,745 Cymer, Inc.* 54,700 2,090,634 ECI Telecom Ltd.* 248,800 2,142,168 Emulex Corp.* 93,800 1,869,434 Extreme Networks, Inc.* 96,200 473,304 Genesis Microchip, Inc.* 32,300 723,520 Hologic, Inc.* 34,400 2,444,808 Hypercom Corp.* 229,900 1,425,380 Hyperion Solutions Corp.* 38,100 2,017,395 Informatica Corp.* 138,300 1,554,492 InfoSpace, Inc.* 83,000 2,187,880 McDATA Corp., Class A* 175,000 637,000 MTS Systems Corp. 58,200 2,052,714 Nam Tai Electronics, Inc. 1,000 21,840 Netlogic Microsystems, Inc.* 77,000 2,006,620 NICE Systems Ltd. - ADR* 49,900 2,238,015 ON Semiconductor Corp.* 197,300 1,144,340 Orbotech Ltd.* 64,000 1,484,160 PAR Technology Corp.* 51,700 1,659,570 Parametric Technology Corp.* 81,500 476,775 2 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------ --------------- TECHNOLOGY--(CONTINUED) Plexus Corp.* 129,800 $ 2,790,700 Progress Software Corp.* 66,500 2,057,510 Quidel Corp.* 91,600 1,278,736 Rackable Systems, Inc.* 65,700 1,213,479 RADVision Ltd.* 38,300 651,100 RealNetworks, Inc.* 254,700 2,203,155 Silicon Image, Inc.* 181,300 1,760,423 Skyworks Solutions, Inc.* 117,800 634,942 SonicWALL, Inc.* 294,300 2,186,649 SPSS, Inc.* 89,300 2,578,984 Standard Microsystems Corp.* 77,900 2,329,210 Supertex, Inc.* 24,400 1,030,656 Sykes Enterprises, Inc.* 178,700 2,466,060 Tekelec* 135,800 1,765,400 TriQuint Semiconductor, Inc.* 226,100 1,017,450 TriZetto Group, Inc., (The)* 188,700 3,066,375 United Online, Inc. 95,300 1,344,683 Vignette Corp.* 155,200 2,748,592 Xyratex Ltd.* 146,200 2,295,340 Zoran Corp.* 159,700 2,702,124 Zygo Corp.* 157,200 2,214,948 --------------- 92,956,668 --------------- UTILITY--0.8% Compania Anonima Nacional Telefonos de Venezuela (CANTV) - ADR 133,400 1,899,616 Embratel Participacoes S.A. - ADR 44,700 604,344 --------------- 2,503,960 --------------- TOTAL COMMON STOCKS (Cost $257,920,755) 326,142,096 --------------- SHORT TERM INVESTMENTS--1.5% Galaxy Institutional Money Market Fund 4.07% 12/01/05 5,034,264 5,034,264 --------------- TOTAL SHORT TERM INVESTMENTS (Cost $5,034,264) 5,034,264 --------------- TOTAL INVESTMENTS--100.2% (Cost $262,955,019) ** $ 331,176,360 --------------- LIABILITIES IN EXCESS OF OTHER ASSETS--(0.2)% (563,591) --------------- NET ASSETS--100.0% $ 330,612,769 =============== * Non-income producing. ADR -- American Depository Receipt. ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 263,711,329 Gross unrealized appreciation $ 72,179,266 Gross unrealized depreciation (4,714,235) -------------- Net unrealized appreciation/(depreciation) $ 67,465,031 ============== For information regarding the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 3 ITEM 2. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) The RBB Fund, Inc. -------------------------------------------------------------------- By (Signature and Title)* /s/ Edward J. Roach ------------------------------------------------------- Edward J. Roach, President & Treasurer (principal executive officer) Date January 18, 2006 ---------------------------------------------------------------------------- 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/ Edward J. Roach ------------------------------------------------------- Edward J. Roach, President & Treasurer (principal executive officer & principal financial officer) Date January 18, 2006 --------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature.