N-Q 1 g45498rbb_nq.txt RBB FUNDS N-Q 11_07 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) 103 Bellevue Parkway, 4th Floor Wilmington, DE 19809 --------------------------------------------------- (Address of principal executive offices) (Zip code) Edward J. Roach, President & Treasurer 103 Bellevue Parkway, 4th Floor Wilmington, DE 19809 --------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 302-791-1112 ------------ Date of fiscal year end: August 31 --------- Date of reporting period: November 30, 2007 ----------------- 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, 2007 (UNAUDITED) PAR (000) VALUE ------- ------------ CERTIFICATES OF DEPOSIT--31.5% DOMESTIC CERTIFICATES OF DEPOSIT--11.6% American Express Bank FSB 4.590%, 12/14/07 $ 3,000 $ 3,000,000 Branch Banking and Trust Co. 4.530%, 12/21/07 8,000 8,000,000 Chase Bank USA 4.700%, 05/07/08 2,765 2,765,000 Citibank NA 4.950%, 01/16/08 7,000 7,000,000 Wachovia Bank NA 5.320%, 02/06/08 2,100 2,100,000 Wells Fargo Bank NA 4.510%, 12/14/07 8,000 8,000,000 ------------ 30,865,000 ------------ YANKEE DOLLAR CERTIFICATES OF DEPOSIT--19.9% Banco Bilbao Vizcaya Argentina S.A., New York (a) 5.065%, 04/02/08 935 935,015 Bank of Ireland, Stamford (a) 4.745%, 12/26/07 5,000 5,000,016 Bank of Montreal, Chicago (a) 5.100%, 04/01/08 910 910,000 Banque Nationale de Paris, New York (a) 5.100%, 02/27/08 4,405 4,405,000 Barclays Bank PLC, New York (a) 5.700%, 12/10/07 5,000 5,000,000 Calyon, New York (a) 4.820%, 02/01/08 2,000 2,000,000 Canadian Imperial Bank of Commerce (a) 5.090%, 04/01/08 2,585 2,585,000 Deutsche Bank AG, New York (a) 5.385%, 03/11/08 2,600 2,600,000 Fortis Bank SA/NV, New York (a) 5.300%, 02/11/08 2,990 2,990,000 Natixis, New York (a) 5.420%, 07/10/08 775 776,757 Nordea Bank Finland PLC, New York B (a) 4.910%, 06/23/08 835 835,045 4.820%, 10/17/08 2,820 2,820,239 Royal Bank of Scotland, New York (a) 5.700%, 12/07/07 6,500 6,500,000 PAR (000) VALUE ------- ------------ Swedbank AB, New York (a) 5.150%, 12/21/07 $ 2,000 $ 2,000,000 Toronto Dominion Bank, New York (a) 5.050%, 03/25/08 5,000 5,000,000 5.000%, 03/25/08 5,000 5,000,000 UBS AG, Stamford (a) 5.050%, 03/20/08 2,500 2,500,000 Unicredito Italiano, New York (a) 5.385%, 03/20/08 1,435 1,435,021 ------------ 53,292,093 ------------ TOTAL CERTIFICATES OF DEPOSIT (Cost $84,157,093) 84,157,093 ------------ COMMERCIAL PAPER--44.7% ASSET BACKED SECURITIES--22.3% Atlantic Asset Securitization Corp. 4.950%, 12/21/07 2,000 1,995,050 CAFCO LLC 4.920%, 01/24/08 4,000 3,971,573 Chariot Funding LLC 5.000%, 12/26/07 1,000 996,806 Charta LLC 4.880%, 02/12/08 4,000 3,961,502 Concord Minutemen Capital Co. LLC 5.300%, 01/10/08 4,000 3,977,622 CRC Funding LLC 4.970%, 01/14/08 9,000 8,947,815 Falcon Asset Securitization Corp. 4.950%, 12/20/07 5,000 4,988,313 Liberty Street Funding LLC 4.860%, 01/25/08 5,000 4,964,225 Scaldis Capital LLC 5.080%, 12/20/07 7,000 6,983,208 Ticonderoga Funding LLC 5.120%, 01/25/08 10,000 9,924,622 Windmill Funding Corp. 5.060%, 01/15/08 7,000 6,957,693 Yorktown Capital LLC 4.850%, 01/24/08 2,000 1,985,989 ------------ 59,654,418 ------------ 1 THE RBB FUND, INC. MONEY MARKET PORTFOLIO STATEMENT OF NET ASSETS (CONTINUED) NOVEMBER 30, 2007 (UNAUDITED) PAR (000) VALUE ------- ------------ BANKS--14.7% Bank of America Corp. 5.520%, 12/10/07 $ 2,000 $ 1,997,853 5.520%, 12/12/07 6,000 5,991,720 4.690%, 05/27/08 1,000 977,071 Bank of Ireland (b) 5.080%, 01/15/08 3,000 2,981,797 Raiffeisen Zentralbank Osterreich AG (b) 5.130%, 12/19/07 7,000 6,984,040 5.140%, 12/27/07 5,500 5,481,153 Royal Bank of Scotland PLC (b) 4.790%, 06/04/08 2,790 2,721,695 Societe Generale North America, Inc. 5.140%, 01/10/08 2,000 1,989,149 5.130%, 02/05/08 6,000 5,945,280 5.165%, 02/08/08 3,000 2,971,162 Unicredito Italiano Banks Ireland PLC (b) 5.245%, 03/20/08 1,200 1,181,118 ------------ 39,222,038 ------------ FINANCE SERVICES--5.8% Citigroup Funding, Inc. 4.730%, 05/02/08 1,160 1,136,986 General Electric Capital Corp. 4.780%, 03/17/08 5,000 4,930,291 UBS Finance Delaware LLC 5.250%, 03/18/08 9,500 9,353,146 ------------ 15,420,423 ------------ INSURANCE--1.9% MetLife Funding, Inc. 4.500%, 12/18/07 5,000 4,990,625 ------------ TOTAL COMMERCIAL PAPER (Cost $119,287,504) 119,287,504 ------------ MUNICIPAL BONDS--0.4% PENNSYLVANIA--0.4% Franklin County IDR (Manufacturers & Traders LOC) (c)(e) 4.870%, 12/07/07 1,120 1,120,000 ------------ TOTAL MUNICIPAL BONDS (Cost $1,120,000) 1,120,000 ------------ PAR (000) VALUE ------- ------------ VARIABLE RATE OBLIGATIONS--11.9% ASSET BACKED SECURITIES--0.8% Cullinan Finance Corp. (c)(d) 4.769%, 06/25/08 $ 1,115 $ 1,114,937 Racers Trust 2004-6 MM (c)(d) 4.833%, 01/22/08 1,000 1,000,000 ------------ 2,114,937 ------------ BANKS--9.2% Bank of Montreal, Chicago(a)(c) 4.996%, 11/10/08 2,425 2,425,000 Bank of Nova Scotia, New York (a)(c) 5.170%, 07/03/08 2,200 2,199,489 Commonwealth Bank of Australia (b)(c) 4.960%, 01/31/08 10,000 10,000,630 HBOS Treasury Services PLC (b)(c)(d) 5.280%, 06/24/08 8,000 8,000,000 Westpac Banking Corp.(b)(c) 5.785%, 10/10/08 2,000 2,000,000 ------------ 24,625,119 ------------ INSURANCE--1.9% MetLife Global Funding I (c)(d) 4.910%, 04/28/08 5,000 5,000,000 ------------ TOTAL VARIABLE RATE OBLIGATIONS (Cost $31,740,056) 31,740,056 ------------ MASTER NOTES--1.5% Bank of America Securities LLC (c) 4.768%, 01/31/08 4,000 4,000,000 ------------ TOTAL MASTER NOTES (Cost $4,000,000) 4,000,000 ------------ 2 THE RBB FUND, INC. MONEY MARKET PORTFOLIO STATEMENT OF NET ASSETS (CONTINUED) NOVEMBER 30, 2007 (UNAUDITED) PAR (000) VALUE ------- ------------ REPURCHASE AGREEMENT--9.9% Deutsche Bank Securities, Inc. (Tri-Party Agreement dated 11/30/07 to be repurchased at $26,422,015, collateralized by $8,950,000 par value, Federal Home Loan Bank, 5.54%, due 04/30/18; $8,950,000 par value, Federal Farm Credit Bank, 3.80%, due 12/17/07; $8,799,000 par value, Federal National Mortgage Association, 4.50%, due 02/15/11; Market Value of the collateral is $27,207,773) 4.550%, 12/03/07 $26,412 $ 26,412,000 ------------ TOTAL REPURCHASE AGREEMENT (Cost $26,412,000) 26,412,000 ------------ TOTAL INVESTMENTS AT VALUE--99.9% (Cost $266,716,653*) 266,716,653 OTHER ASSETS IN EXCESS OF LIABILITIES--0.1% 307,782 ------------ NET ASSETS (APPLICABLE TO 243,939,479 BEDFORD SHARES AND 23,091,387 SANSOM STREET SHARES )--100.0% $267,024,435 ============ NET ASSET VALUE, Offering and Redemption Price Per Bedford Share ($243,935,299 / 243,939,479) $1.00 ===== NET ASSET VALUE, Offering and Redemption Price Per Sansom Street Share ($23,089,136 / 23,091,387) $1.00 ===== * Aggregate cost is the same for financial reporting and Federal tax purposes. (a) Security is a foreign domiciled issuer which is registered with the Securities and Exchange Commission. (b) U.S. dollar denominated security issued by foreign domiciled entity. (c) Variable Rate Obligations -- The interest rate shown is the rate as of November 30, 2007 and the maturity date shown is the next interest rate readjustment date or the maturity date. (d) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional investors. (e) Security has a 7 day put obligation. INVESTMENT ABBREVIATIONS IDR - Industrial Development Revenue LOC - Letter of Credit 3 SENBANC FUND SCHEDULE OF INVESTMENTS NOVEMBER 30, 2007 (UNAUDITED) MARKET SHARES DESCRIPTION VALUE -------- ----------- -------- COMMON STOCK -- 99.4% -------------------------------------------------------------------------------- SAVINGS, CREDIT & OTHER FINANCIAL INSTITUTIONS -- 97.9% ------------------------------------------------------------ 26,900 Associated Banc-Corp. $ 731,949 176,400 Bank of America Corp. 8,137,332 46,224 C&F Financial Corp. 1,680,243 3,600 Camden National Corp. 106,920 86,000 Capital Bank Corp. 1,118,860 40,400 Central Pacific Financial Corp. 816,484 22,700 Citigroup, Inc. 755,910 12,300 Citizens Banking Corp. 174,906 37,000 City Holding Co. 1,331,260 35,700 Comerica, Inc. 1,634,346 19,400 Community Bankshares, Inc. 251,230 109,900 Corus Bankshares, Inc. 1,042,951 42,600 Financial Institutions, Inc. 768,078 40,500 First United Corp. 818,100 139,900 Fremont General Corp. 351,149 294,000 JPMorgan Chase & Co. 13,412,280 210,400 KeyCorp 5,541,936 3,917 MainSource Financial Group, Inc. 58,990 176,744 National Bankshares, Inc. 3,391,717 246,300 National City Corp. 4,866,888 242,166 Northrim BanCorp, Inc. 4,535,769 312,200 PAB Bankshares, Inc. 4,679,878 172,900 Pacific Premier Bancorp, Inc.* 1,618,344 12,000 Peoples Financial Corp. 257,040 50,194 Premier Financial Bancorp 652,522 186,800 Regions Financial Corp. 4,937,124 156,000 U.S. Bancorp 5,162,040 11,700 Umpqua Holdings Corp. 188,838 102,900 UnionBanCal Corp. 5,555,571 238,942 Wachovia Corp. 10,274,506 ----------- 84,853,161 ----------- STATE & NATIONAL BANKS -- 1.5% ------------------------------------------------------------ 25,500 Huntington Bancshares, Inc. 400,095 31,884 Rurban Financial Corp. 412,260 18,600 Taylor Capital Group, Inc. 411,804 5,000 Virginia Financial Group, Inc. 86,300 ----------- 1,310,459 ----------- TOTAL COMMON STOCK (COST $94,572,045) 86,163,620 ----------- 1 SENBANC FUND SCHEDULE OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2007 (UNAUDITED) MARKET SHARES DESCRIPTION VALUE -------- ----------- -------- SHORT TERM INVESTMENT -- 0.9% ------------------------------------------------------------ $782,254 PNC Bank Money Market $ 782,254 ----------- TOTAL INVESTMENTS -- 100.3% (COST $95,354,299)** 86,945,874 ----------- LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.3%) (276,815) ----------- NET ASSETS -- 100% $86,669,059 =========== 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. ** 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 $95,354,299 ----------- Gross unrealized appreciation $ 4,835,178 Gross unrealized depreciation (13,243,603) ----------- Net unrealized depreciation $(8,408,425) =========== For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. See notes to financial statements. 2 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II Portfolio of Investments NOVEMBER 30, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ COMMON STOCK--97.5% BASIC INDUSTRIES--4.3% Neenah Paper, Inc. 24,870 $ 750,576 Olin Corp. 27,555 577,002 Rock-Tenn Co., Class A 19,555 515,861 Schweitzer-Mauduit International, Inc. 16,300 435,210 Silgan Holdings, Inc. 40,870 2,191,858 UAP Holding Corp. 60,130 1,798,488 USEC, Inc.* 270,885 2,223,966 ------------ 8,492,961 ------------ CAPITAL GOODS--8.4% Actuant Corp., Class A 25,515 808,060 Acuity Brands, Inc. 40,925 1,616,128 Beacon Roofing Supply, Inc.* 70,005 644,746 Brady Corp., Class A 37,953 1,519,259 CIRCOR International, Inc. 13,360 579,690 Drew Industries, Inc.* 48,110 1,314,365 DRS Technologies, Inc. 32,421 1,919,647 Federal Signal Corp. 41,525 477,538 Griffon Corp.* 50,590 653,623 Lennox International, Inc. 54,125 1,831,590 LSI Industries, Inc. 46,460 959,864 NN, Inc. 80,620 715,099 Nordson Corp. 8,905 470,184 RBC Bearings, Inc.* 17,400 639,972 Rofin-Sinar Technologies, Inc.* 10,365 943,630 Trimas Corp.* 55,105 611,666 WD-40 Co. 20,220 802,127 ------------ 16,507,188 ------------ COMMUNICATIONS--0.4% EarthLink, Inc.* 110,810 752,400 ------------ CONSUMER DURABLES--4.0% Champion Enterprises, Inc.* 148,845 1,342,582 MDC Holdings, Inc. 55,755 1,973,169 Natuzzi S.p.A. - ADR* 57,265 297,205 Sealy Corp. 145,565 1,898,168 NUMBER OF SHARES VALUE ----------- ------------ CONSUMER DURABLES--(CONTINUED) Tempur-Pedic International, Inc. 30,275 $ 898,865 Winnebago Industries, Inc. 67,500 1,452,600 ------------ 7,862,589 ------------ CONSUMER NON-DURABLES--5.7% Alliance One International, Inc.* 123,505 510,076 Brown Shoe Co., Inc. 31,732 538,492 Hartmarx Corp.* 181,065 724,260 Matthews International Corp., Class A 39,005 1,721,681 Nu Skin Enterprises, Inc., Class A 147,515 2,609,540 Oxford Industries, Inc. 42,895 1,062,509 Tupperware Corp. 28,010 976,989 Universal Corp. 8,705 467,284 Warnaco Group, Inc., (The)* 73,145 2,699,051 ------------ 11,309,882 ------------ CONSUMER SERVICES--21.0% ABM Industries, Inc. 50,760 1,035,504 ACCO Brands Corp.* 65,910 1,101,356 Asbury Automative Group, Inc. 53,010 887,387 Asset Acceptance Capital Corp. 59,405 671,277 Bowne & Co., Inc. 59,820 1,080,349 Build-A-Bear-Workshop, Inc.* 56,935 897,865 CBIZ, Inc.* 122,990 1,136,428 Charlotte Russe Holding, Inc.* 58,895 969,412 Charming Shoppes, Inc.* 177,525 981,713 Children's Place Retail Stores, Inc., (The)* 29,260 832,740 Cornell Companies, Inc.* 27,415 644,801 Dress Barn, Inc., (The)* 53,345 754,298 Ennis, Inc. 46,340 850,802 Finish Line, Inc., (The), Class A 62,855 235,706 FTI Consulting, Inc.* 17,740 1,011,180 G&K Services, Inc., Class A 30,710 1,248,976 Gevity HR, Inc. 107,405 456,471 Golfsmith International Holdings, Inc.* 113,770 455,080 Group 1 Automotive, Inc. 38,910 1,045,901 1 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II Portfolio of Investments (Continued) NOVEMBER 30, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ CONSUMER SERVICES--(CONTINUED) IKON Office Solutions, Inc. 105,050 $ 1,326,781 infoUSA, Inc. 106,560 919,613 Journal Communications, Inc., Class A 36,910 335,881 Kforce, Inc.* 42,136 457,176 Knoll, Inc. 87,410 1,527,927 Lithia Motors, Inc., Class A 25,200 393,120 Live Nation, Inc.* 159,370 2,138,745 MAXIMUS, Inc. 26,305 1,025,895 Mothers Work, Inc.* 38,155 649,398 MPS Group, Inc.* 79,190 879,009 Performance Food Group Co.* 55,960 1,549,532 PetMed Express, Inc.* 56,296 717,211 Rent-A-Center, Inc.* 39,100 553,656 Restoration Hardware, Inc.* 313,525 2,213,486 Schawk, Inc. 49,460 710,740 Scholastic Corp.* 43,565 1,535,231 School Specialty, Inc.* 19,285 688,282 Spherion Corp.* 66,690 518,848 Standard Parking Corp.* 17,415 807,534 Steiner Leisure Ltd.* 17,145 732,091 Universal Technical Institute, Inc.* 45,120 795,466 Valassis Communications, Inc.* 157,975 1,947,832 Watson Wyatt Worldwide, Inc., Class A 32,645 1,503,302 World Fuel Services Corp. 36,140 1,143,470 ------------ 41,367,472 ------------ ENERGY--4.2% Bristow Group, Inc.* 42,475 2,336,125 Compton Petroleum Corp.* 94,445 747,060 Comstock Resources, Inc.* 26,755 896,292 Hornbeck Offshore Services, Inc.* 18,035 742,501 Newpark Resources, Inc.* 161,260 867,579 Petrohawk Energy Corp.* 50,920 829,996 Rosetta Resources, Inc.* 32,725 598,868 Whiting Petroleum Corp.* 25,700 1,354,904 ------------ 8,373,325 ------------ NUMBER OF SHARES VALUE ----------- ------------ FINANCE--17.2% Advanta Corp., Class B 75,962 $ 760,380 American Equity Investment Life Holding Co. 80,860 728,549 Amerisafe, Inc.* 76,470 1,166,932 Apollo Investment Corp. 73,430 1,300,445 Aspen Insurance Holdings Ltd. 43,405 1,250,064 BankUnited Financial Corp., Class A 159,373 1,271,797 CNA Surety Corp.* 72,335 1,492,271 Cowen Group., Inc.* 59,535 638,811 FBR Capital Markets Corp.* 31,550 317,709 Federal Agricultural Mortgage Corp., Class C 70,685 1,923,339 Hanover Insurance Group, Inc., (The) 11,980 540,298 Hilb Rogal & Hobbs Co. 13,875 593,156 Horace Mann Educators Corp. 55,445 1,084,504 IndyMac Bancorp, Inc. 110,090 1,051,360 Infinity Property & Casualty Corp. 13,875 542,374 IPC Holdings Ltd. 98,375 2,907,965 KMG America Corp.* 237,000 1,469,400 LandAmerica Financial Group, Inc. 31,245 822,368 Max Re Capital Ltd. 115,650 3,274,051 Navigators Group, Inc., (The)* 19,305 1,133,203 Platinum Underwriters Holdings Ltd. 114,685 4,165,359 ProAssurance Corp.* 30,180 1,655,071 Quanta Capital Holdings Ltd.* 125,735 345,771 Safety Insurance Group, Inc. 32,235 1,176,900 SeaBright Insurance Holdings, Inc.* 39,380 610,784 State Auto Financial Corp. 39,690 1,106,557 United America Indemnity Ltd., Class A* 32,495 643,401 ------------ 33,972,819 ------------ HEALTH CARE--14.8% Alpharma, Inc., Class A* 63,165 1,326,465 Amedisys, Inc.* 14,553 620,845 2 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II Portfolio of Investments (Continued) NOVEMBER 30, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ HEALTH CARE--(CONTINUED) Conmed Corp.* 58,905 $ 1,465,556 Haemonetics Corp.* 24,610 1,427,626 Healthspring, Inc.* 74,610 1,410,129 Home Diagnostics, Inc.* 100,730 782,672 ICU Medical, Inc.* 16,965 629,741 Invacare Corp. 65,320 1,698,320 Kindred Healthcare, Inc.* 76,855 1,888,327 LifePoint Hospitals, Inc.* 73,425 2,323,167 Lincare Holdings, Inc.* 42,190 1,442,476 Magellan Health Services, Inc.* 14,660 666,297 Medical Action Industries, Inc.* 27,940 559,079 Mentor Corp. 46,040 1,730,644 Odyssey HealthCare, Inc.* 87,380 873,800 Owens & Minor, Inc. 41,485 1,629,116 Perrigo Co. 92,030 2,843,727 PRA International* 23,700 718,110 RehabCare Group, Inc.* 46,175 1,066,643 Res-Care, Inc.* 27,355 623,147 Symmetry Medical, Inc.* 107,075 1,803,143 U.S. Physical Therapy, Inc.* 77,955 1,070,322 Vital Signs, Inc. 12,890 682,010 ------------ 29,281,362 ------------ OTHER--6.8% Anworth Mortgage Asset Corp. (REIT) 273,100 1,917,162 Ares Capital Corp. 78,685 1,184,996 Ashford Hospitality Trust, Inc. (REIT) 59,415 459,872 CapLease, Inc. (REIT) 70,665 621,852 Friedman, Billings, Ramsey Group, Inc., Class A 398,990 1,192,980 Gladstone Capital Corp. 33,985 665,766 Gladstone Commercial Corp. (REIT) 39,190 674,460 KKR Financial Holdings LLC 62,442 950,992 Lexington Realty Trust (REIT) 55,070 974,188 Meruelo Maddux Properties, Inc.* 113,905 478,401 NUMBER OF SHARES VALUE ----------- ------------ OTHER--(CONTINUED) MFA Mortgage Investments, Inc. (REIT) 274,525 $ 2,410,329 Origen Financial, Inc. (REIT) 137,725 676,230 Redwood Trust, Inc. (REIT) 37,100 1,132,663 ------------ 13,339,891 ------------ TECHNOLOGY--9.1% Acxiom Corp. 47,000 579,040 Avid Technology, Inc.* 34,000 902,020 Bel Fuse, Inc., Class B 19,030 569,378 Benchmark Electronics, Inc.* 29,610 531,500 CIBER, Inc.* 96,210 656,152 Electronics For Imaging, Inc.* 61,550 1,411,957 Emulex Corp.* 80,900 1,355,075 EnerSys* 28,815 670,525 Gilat Satellite Networks Ltd.* 76,010 809,506 Goldleaf Financial Solutions, Inc.* 131,365 229,889 Hypercom Corp.* 120,270 643,445 Ikanos Communications, Inc.* 76,780 455,305 Imation Corp. 26,375 529,346 Insight Enterprises, Inc.* 42,460 841,133 Mercury Computer Systems, Inc.* 36,405 533,697 PAR Technology Corp.* 85,220 623,810 Photronics, Inc.* 65,455 673,532 Planar Systems, Inc.* 95,685 543,491 Smart Modular Technologies* 114,670 963,228 Sycamore Networks, Inc.* 191,865 738,680 Technitrol, Inc. 78,560 2,103,051 Verigy Ltd.* 60,405 1,530,059 ------------ 17,893,819 ------------ TRANSPORTATION--0.7% Pacer International, Inc. 80,835 1,112,290 Quality Distribution, Inc.* 73,540 364,758 ------------ 1,477,048 ------------ UTILITIES--0.9% Puget Energy, Inc. 64,375 1,807,006 ------------ TOTAL COMMON STOCK (Cost $192,849,847) 192,437,762 ------------ 3 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II Portfolio of Investments (Continued) NOVEMBER 30, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ SHORT-TERM INVESTMENT--2.0% PNC Bank Money Market Deposit Account 3,921,529 $ 3,921,529 ------------ TOTAL SHORT-TERM INVESTMENT (Cost $3,921,529) 3,921,529 ------------ TOTAL INVESTMENTS--99.5% (COST $196,771,376)** 196,359,291 OTHER ASSETS IN EXCESS OF LIABILITIES--0.5% 899,149 ------------ NET ASSETS--100.0% $197,258,440 ============ ADR --- American Depository Receipt. REIT --- Real Estate Investment Trust * --- 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 $196,771,376 ------------ Gross unrealized appreciation $ 28,786,581 Gross unrealized depreciation (29,198,666) ------------ Net unrealized depreciation $ (412,085) ============ For information regarding the Fund's policy for 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 BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments NOVEMBER 30, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ LONG POSITIONS--114.5% DOMESTIC COMMON STOCK--99.7% BASIC INDUSTRIES--2.2% Graphic Packaging Corp.* 313,885 $ 1,286,928 Kapstone Paper And Packaging Corp.* 71,475 492,463 ------------ 1,779,391 ------------ CAPITAL GOODS--7.3% Dynamics Research Corp.* 54,037 591,705 Keystone Consolidated Industries, Inc.* 12,115 164,158 KHD Humboldt Wedag International Ltd.* 31,535 1,003,444 Lockheed Martin Corp. 6,020 666,233 LSB Industries, Inc.* 37,225 844,263 Research Frontiers, Inc.* 22,711 222,341 Superior Essex, Inc. +* 26,450 641,677 Thermadyne Holdings Corp.* 85,387 1,045,991 TurboSonic Technologies, Inc.* 252,083 226,875 WD-40 Co. 14,853 589,218 ------------ 5,995,905 ------------ COMMUNICATIONS--4.2% Check Point Software Technologies Ltd.* 45,215 1,031,806 Copernic, Inc.* 44,553 78,413 HireRight, Inc.* 73,543 920,023 Optio Software, Inc.* 136,395 204,593 Quepasa Corp.* 23,015 49,252 Vodafone Group PLC - ADR 30,710 1,143,948 ------------ 3,428,035 ------------ CONSUMER DURABLES--2.0% Crown Crafts, Inc.* 48,374 185,756 STRATTEC SECURITY CORP. 4,941 219,380 Toll Brothers, Inc.* 47,150 974,591 Wescast Industries, Inc. 23,500 238,173 ------------ 1,617,900 ------------ NUMBER OF SHARES VALUE ----------- ------------ CONSUMER NON-DURABLES--10.2% Brown Shoe Co., Inc. 49,165 $ 834,330 CCA Industries, Inc. 65,793 640,824 Coca-Cola Femsa S.A. de C.V. - ADR 19,610 888,921 Female Health Co., (The)* 72,710 186,138 Hines Horticulture, Inc.* 359,679 28,774 Loews Corp. 45,160 2,158,196 Mattel, Inc. 45,410 907,292 Nestle S.A. - ADR 10,595 1,273,877 Overhill Farms, Inc.* 75,025 231,077 Skechers U.S.A., Inc., Class A* 38,115 863,305 Tandy Brand Accessories, Inc. 37,701 357,783 ------------ 8,370,517 ------------ CONSUMER SERVICES--8.3% Alloy, Inc.* 28,260 190,755 Children's Place Retail Stores, Inc., (The)* 21,075 599,794 China Finance Online Co., Ltd - ADR* 17,302 405,559 Coinstar, Inc.* 29,205 763,127 Cornell Companies, Inc.* 23,810 560,011 Ennis, Inc. 19,195 352,420 Gmarket, Inc. - ADR* 25,955 602,675 Hiedrick & Struggles International, Inc. 24,680 895,144 Local.com Corp.* 57,241 239,267 Lululemon Athletica, Inc.* 15,692 575,426 McGraw-Hill Companies, Inc., (The) 8,615 422,824 Moody's Corp. 9,850 370,951 Premier Exhibitions, Inc.* 14,425 156,944 SumTotal Systems, Inc.* 98,480 474,674 Thermoenergy Corp.* 137,231 137,231 ------------ 6,746,802 ------------ 1 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) NOVEMBER 30, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ ENERGY--0.1% Particle Drilling Technologies, Inc.* 28,605 $ 87,245 ------------ FINANCE--17.4% Aegon N.V. 40,655 722,439 American International Group, Inc. 32,900 1,912,477 Citigroup, Inc. 25,265 841,325 Comerica, Inc. 11,110 508,616 Countrywide Financial Corp. 37,675 407,644 Freddie Mac 45,660 1,601,296 Investors Title Co. 6,710 253,303 IPC Holdings Ltd. 16,560 489,514 Legg Mason, Inc. 14,150 1,079,786 Life Partners Holdings, Inc. 8,300 292,990 Merrill Lynch & Co., Inc. 8,790 526,873 PHH Corp.* 29,600 655,936 Platinum Underwriters Holdings Ltd. 12,595 457,450 Reinsurance Group of America, Inc. 15,750 852,232 State Street Corp. 10,820 864,410 Stewart Information Services Corp.* 17,935 485,500 TFS Financial Corp.* 75,035 926,682 Torchmark Corp. 11,325 698,526 Wesco Financial Corp. 1,590 686,880 ------------ 14,263,879 ------------ HEALTH CARE--25.0% Alpha Pro Tech Ltd.* 438,940 737,419 American BIO Medica Corp.* 298,625 188,134 American Dental Partners, Inc.* 50,517 1,006,804 E-Z-Em, Inc.* 59,554 1,232,768 GlaxoSmithKline PLC - ADR 17,720 933,490 Health Grades, Inc.* 67,655 367,367 Health Net, Inc.* 11,480 557,698 Hi-Tech Pharmacal Co., Inc.* 36,678 368,247 Home Diagnostics, Inc.* 122,970 955,477 iLinc Communications, Inc.* 197,415 104,630 Johnson & Johnson 33,175 2,247,274 NUMBER OF SHARES VALUE ----------- ------------ Lincare Holdings, Inc.* 14,435 $ 493,533 Matrixx Initiatives, Inc.* 27,570 446,358 McKesson Corp. 14,660 978,262 MEDecision, Inc.* 109,300 309,319 MTS Medication Technologies, Inc.* 60,730 756,088 Orthofix International N.V.* 30,801 1,799,086 Osteotech, Inc.* 99,015 813,903 Pfizer, Inc. 101,950 2,422,332 Pharsight Corp. 38,073 201,787 PHC, Inc., Class A* 375,905 1,052,534 Sanofi-Aventis - ADR 24,745 1,174,398 Span-America Medical Systems, Inc. 16,805 200,652 Unilens Vision, Inc. 113,802 422,774 Vital Signs, Inc. 12,210 646,031 ------------ 20,416,365 ------------ OTHER--1.1% Friedman, Billings, Ramsey Group, Inc., Class A 125,430 375,036 SWA Ltd.* 55,850 0 United Capital Corp.* 21,125 536,575 ------------ 911,611 ------------ TECHNOLOGY--21.9% Accenture Ltd., Class A 22,120 764,467 Advanced Battery Technologies, Inc.* 17,635 79,710 Akeena Solar, Inc.* 27,175 142,125 Avnet, Inc.* 11,280 389,160 Bel Fuse, Inc., Class A 30,245 1,057,063 Brocade Communications Systems, Inc.* 111,855 815,423 CAM Commerce Solutions, Inc. 33,291 1,500,758 Captaris, Inc.* 117,591 477,419 CGI Group, Inc. Class A* 72,125 820,782 DIGI International, Inc.* 91,426 1,406,132 DivX, Inc. 27,665 468,368 Electronic Clearing House, Inc.* 38,183 382,212 McAfee, Inc.* 25,925 1,009,779 Metalink Ltd.* 24,360 116,684 2 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) NOVEMBER 30, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ MIPS Technologies, Inc.* 64,870 $ 368,462 MoneyGram International, Inc. 65,655 1,013,713 NetList, Inc.* 27,168 64,660 NU Horizons Electronics Corp.* 89,316 602,883 Optical Cable Corp.* 33,772 135,426 PLATO Learning, Inc.* 73,220 298,738 Radyne Corp.* 30,545 280,403 Richardson Electronics Ltd. 82,785 538,930 Sigmatel, Inc.* 33,175 65,023 SourceForge, Inc.* 305,135 704,862 Sykes Enterprises, Inc.* 77,310 1,427,143 Symantec Corp.* 46,215 822,627 Telular Corp.* 165,463 1,108,602 Tier Technologies, Inc., Class B* 98,245 892,065 Wireless Ronin Technologies, Inc.* 65,515 192,614 ------------ 17,946,233 ------------ TOTAL DOMESTIC COMMON STOCK (Cost $83,886,712) 81,563,883 ------------ WARRANTS--0.3% CONSUMER SERVICES--0.3% Endeavor Acquisition Corp.* 31,045 236,253 ------------ TOTAL WARRANTS (Cost $91,123) 236,253 ------------ SHORT-TERM INVESTMENT--14.5% SHORT-TERM INVESTMENT--14.5% PNC Bank Money Market Deposit Account 11,886,707 11,886,707 ------------ TOTAL SHORT-TERM INVESTMENT (Cost $11,886,707) 11,886,707 ------------ TOTAL LONG POSITIONS--114.5% (COST $95,864,542) 93,686,843 ------------ SECURITIES SOLD SHORT--(39.2%) BASIC INDUSTRIES--(2.6%) Allegheny Technologies, Inc. (5,930) (579,657) Bucyrus International, Inc. (3,275) (287,250) Carpenter Technology Corp. (7,990) (602,846) NUMBER OF SHARES VALUE ----------- ------------ Ener1, Inc.* (39,670) $ (28,166) Ethanex Energy, Inc.* (10,880) (2,600) Hybrid Technologies, Inc.* (31,322) (68,282) Titanium Metals Corp. (15,640) (464,039) Uranium Energy Corp.* (19,125) (70,571) ------------ (2,103,411) ------------ CAPITAL GOODS--(4.3%) Astronics Corp.* (5,700) (300,333) DynaMotive Energy Systems Corp.* (42,618) (34,094) Fortress International Group, Inc.* (7,845) (41,186) ICF International, Inc.* (12,220) (315,887) Ionatron, Inc.* (71,170) (246,248) Ladish Co., Inc.* (5,110) (225,657) Layne Christensen Co.* (4,865) (277,062) Medefile International, Inc.* (1,902) (1,075) Microvision, Inc.* (55,980) (227,279) Nano-Proprietary, Inc.* (12,485) (13,234) Research Frontiers, Inc.* (22,711) (222,341) Smith & Wesson Holding Corp.* (13,635) (135,804) Sulphco, Inc.* (71,071) (376,676) Sun Hydraulics Corp. (8,415) (244,456) Terra Nostra Resources Corp.* (1,475) (7,427) Titan International, Inc. (16,230) (445,676) TurboChef Technologies, Inc.* (11,933) (177,444) Vicor Corp. (15,455) (223,170) ------------ (3,515,049) ------------ COMMUNICATIONS--(3.0%) Acme Packet, Inc. (27,060) (332,838) China Finance Online Co., Ltd. - ADR* (17,302) (405,559) Copernic, Inc.* (71,428) (125,713) CTC Communications Group, Inc.* (98,900) (10) Dealertrack Holdings, Inc. (5,214) (221,804) DigitalFX International, Inc.* (906) (2,283) Gaiam, Inc.* (13,380) (315,099) Globalstar, Inc* (30,137) (273,343) Imergent, Inc. (24,040) (297,134) Interliant, Inc.* (600) 0 3 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) NOVEMBER 30, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ Netflix, Inc.* (11,015) $ (254,447) NETGEAR, Inc.* (5,150) (174,533) One Communications Corp.* (37,790) (4) Quepasa Corp.* (23,015) (49,252) Zingo, Inc.* (835) (426) ------------ (2,452,445) ------------ CONSUMER DURABLES--(1.4%) Digital Theater Systems, Inc.* (11,825) (292,669) iRobot Corp. +* (16,005) (256,400) Media Sciences International, Inc.* (29,417) (119,433) PMC-Sierra, Inc.* (32,075) (225,166) QSound Labs, Inc.* (6,740) (14,828) Raser Technologies, Inc.* (19,232) (239,823) ------------ (1,148,319) ------------ CONSUMER NON-DURABLES--(4.8%) Amish Naturals, Inc.* (11,454) (13,745) Andersons, Inc., (The) (6,700) (284,214) Cal-Maine Foods, Inc. (17,205) (423,759) Crocs, Inc.* (6,380) (249,011) Guess?, Inc. (5,185) (243,332) Hansen Natural Corp.* (15,030) (652,452) Imperial Sugar Co. (11,901) (271,581) Javo Beverage Co., Inc.* (41,595) (35,356) Jones Soda Co.* (23,460) (154,836) Skins, Inc.* (22,913) (5,385) Star Scientific, Inc.* (143,137) (135,980) SunOpta, Inc.* (29,865) (427,368) True Religion Apparel, Inc.* (13,985) (243,619) USANA Health Sciences, Inc.* (5,400) (225,072) Valence Technology, Inc.* (57,915) (133,205) Volcom, Inc.* (15,225) (410,618) ------------ (3,909,533) ------------ CONSUMER SERVICES--(10.8%) Advanced Battery Technologies, Inc.* (17,635) (79,710) Aero Grow International, Inc. (22,092) (113,774) Buffalo Wild Wings, Inc.* (10,630) (307,313) CarMax, Inc.* (11,755) (268,837) NUMBER OF SHARES VALUE ----------- ------------ China International Tourism Holdings Ltd.* (13,984) $ (531) Concur Technologies, Inc.* (8,690) (326,396) Crown Media Holdings, Inc., Class A* (30,315) (220,390) Document Securities Systems, Inc.* (13,285) (93,792) Escala Group, Inc.* (7,966) (16,729) FTD Group, Inc. (25,655) (343,777) GameStop Corp., Class A* (9,790) (562,436) Genius Products, Inc.* (64,300) (120,241) Industrial Services of America, Inc. (10,110) (74,106) Iron Mountain, Inc.* (13,650) (497,952) L-1 Identity Soloutions, Inc.* (20,810) (386,646) Liquidity Services, Inc.* (20,235) (241,606) Local.com Corp.* (57,241) (239,267) Lululemon Athletica, Inc. (15,692) (575,426) Medis Technologies Ltd.* (18,384) (234,764) Medis Technologies Ltd. Rights (1,988) 0 Neutron Enterprises, Inc.* (1,423) (398) Nutri/System, Inc.* (12,365) (310,980) Overstock.com, Inc.* (11,265) (261,010) PokerTek, Inc.* (11,545) (85,318) Premier Exhibitions, Inc.* (45,582) (495,932) Rewards Network, Inc.* (79,155) (413,981) Ritchie Bros. Auctioneers, Inc. (6,000) (444,600) Riverbed Technology, Inc.* (11,220) (317,302) Satellite Newspapers Corp.* (8,615) (5) Urban Outfitters, Inc.* (12,740) (333,788) Vail Resorts, Inc.* (7,145) (396,619) Voyant International Corp.* (23,230) (3,020) Watsco, Inc. (5,890) (213,512) Wynn Resorts Ltd. (3,825) (485,545) Zumiez, Inc.* (13,500) (375,300) ------------ (8,841,003) ------------ ENERGY--(1.4%) Akeena Solar, Inc.* (40,380) (211,188) Clean Energy Fuels Corp.* (12,840) (191,573) Energytec, Inc.* (1) 0 4 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) NOVEMBER 30, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ PowerSecure International, Inc.* (53,010) $ (728,357) ------------ (1,131,118) ------------ FINANCE--(1.6%) First Marblehead Corp., (The) (7,490) (224,775) Franklin Credit Management Corp.* (19,934) (20,931) Ladenburg Thalmann Financial Services, Inc.* (1) (1) Life Partners Holdings, Inc. (15,458) (545,650) OptionsXpress Holdings, Inc. (16,740) (509,063) ------------ (1,300,420) ------------ HEALTH CARE--(2.8%) Align Technology, Inc.* (20,465) (345,654) Conceptus, Inc.* (11,400) (229,026) CPC of America, Inc.* (3,045) (22,076) InterMune, Inc.* (7,700) (125,048) Isolagen, Inc.* (35,030) (99,836) Medivation, Inc.* (8,190) (111,384) Minrad International, Inc.* (30,110) (81,598) ReGeneRx Biopharmaceuticals, Inc.* (200) (288) RemoteMDX, Inc.* (110,430) (441,720) Spectranetics Corp.* (13,685) (207,601) ThermoGenesis Corp.* (38,310) (82,366) Third Wave Technologies, Inc.* (20,295) (163,781) Uluru, Inc. (44,490) (153,491) Volcano Corp.* (16,995) (248,297) ------------ (2,312,166) ------------ TECHNOLOGY--(6.2%) American Superconductor Corp.* (10,265) (247,797) ANTS Software, Inc.* (21,184) (18,430) Axis Technologies Group, Inc.* (7,145) (4,358) Ciena Corp.* (6,355) (279,493) ConSyGen, Inc.* (200) 0 Convera Corp., Class A* (29,462) (76,307) Exlservice Holdings, Inc.* (18,420) (441,527) Foldera, Inc.* (11,875) (1,188) Garmin Ltd. (5,290) (567,882) Infinera Corp.* (7,970) (173,826) NUMBER OF SHARES VALUE ----------- ------------ Integral Technologies, Inc.* (36,965) $ (57,296) Interactive Intelligence, Inc.* (10,000) (260,800) Juniper Networks, Inc.* (8,990) (267,183) LML Payment Systems, Inc.* (11,808) (39,321) MDI, Inc.* (17,085) (11,784) Metalink Ltd.* (48,110) (230,447) Multi-Fineline Electronix, Inc.* (12,230) (223,442) Neomagic Corp.* (5,548) (17,310) Nestor, Inc.* (21,900) (15,549) NVE Corp.* (5,305) (148,964) Palm, Inc. (42,860) (298,734) ParkerVision, Inc.* (25,007) (245,819) Raining Data Corp.* (17,933) (81,595) Sapient Corp.* (27,835) (201,525) SPSS, Inc.* (6,845) (247,378) Supertex, Inc.* (14,785) (501,951) Tiger Telematics, Inc.* (16,610) (50) Universal Display Corp.* (8,075) (133,722) Vyyo, Inc.* (23,618) (108,879) Western Digital Corp.* (7,315) (202,113) WorldWater & Solar Technologies Corp.* (2,658) (5,369) Xybernaut Corp.* (35,000) (980) ------------ (5,111,019) ------------ UTILITIES--(0.3%) SJW Corp. (6,310) (211,133) ------------ TOTAL SECURITIES SOLD SHORT (Proceeds $35,827,064) (32,035,616) ------------ NET INVESTMENTS IN SECURITIES--75.3% (COST $60,037,478**) 61,651,227 OTHER ASSETS IN EXCESS OF LIABILITIES--24.7% 20,183,904 ------------ NET ASSETS--100.0% $ 81,835,131 ============ ADR -- American Depository Receipt. + -- Security position is either entirely or partially held in a segregated account as collateral for securities sold short. * -- Non-income producing. 5 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) NOVEMBER 30, 2007 (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 $ 60,037,478 ------------ Gross unrealized appreciation $ 11,403,659 Gross unrealized depreciation (9,789,910) ------------ Net unrealized appreciation $ 1,613,749 ============ For information regarding the Fund's policy for 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 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LARGE CAP VALUE FUND Portfolio of Investments NOVEMBER 30, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ----------- COMMON STOCK--102.9% BASIC INDUSTRIES--0.8% PPG Industries, Inc. 7,440 $ 510,682 ----------- CAPITAL GOODS--8.3% Emerson Electric Co. 7,305 416,531 Honeywell International, Inc. 14,560 824,387 Lockheed Martin Corp. 22,720 2,514,423 United Technologies Corp. 20,865 1,560,076 ----------- 5,315,417 ----------- COMMUNICATIONS--2.9% Telecom Corp. New Zealand Ltd. - ADR 16,320 267,974 Vodafone Group PLC - ADR 30,937 1,152,403 Windstream Corp. 34,353 444,872 ----------- 1,865,249 ----------- CONSUMER NON-DURABLES--11.4% Altria Group, Inc. 20,912 1,621,935 Loews Corp. 21,450 1,025,095 Loews Corp. - Carolina Group 5,035 447,863 Mattel, Inc. 15,970 319,081 Molson Coors Brewing Co., Class B 10,690 575,550 NIKE, Inc., Class B 14,615 959,475 Procter & Gamble Co., (The) 28,255 2,090,870 Scientific Games Corp., Class A* 9,265 300,093 ----------- 7,339,962 ----------- CONSUMER SERVICES--7.7% Advance Auto Parts, Inc. 9,430 339,103 Avis Budget Group, Inc.* 13,135 197,419 CBS Corp., Class B 15,965 437,920 Clear Channel Communications, Inc. 15,995 574,220 Liberty Media Holding Capital, Series A* 4,897 583,037 Omnicom Group, Inc. 13,160 641,550 NUMBER OF SHARES VALUE ----------- ----------- CONSUMER SERVICES--(CONTINUED) R. R. Donnelley & Sons Co. 19,550 $ 716,703 Ross Stores, Inc. 14,410 380,136 Time Warner, Inc. 61,286 1,057,796 ----------- 4,927,884 ----------- ENERGY--14.7% Apache Corp. 12,360 1,196,324 Chesapeake Energy Corp. 19,230 727,856 Chevron Corp. 13,696 1,202,098 ConocoPhillips 29,000 2,321,160 Dresser-Rand Group, Inc.* 13,270 472,412 Exxon Mobil Corp. 23,294 2,076,893 Total SA - ADR 17,520 1,417,718 ----------- 9,414,461 ----------- FINANCE--22.8% ACE Ltd. 17,649 1,055,940 American International Group, Inc. 28,888 1,679,259 Bank of New York Mellon Corp., (The) 14,627 701,511 Berkshire Hathaway, Inc., Class B* 578 2,710,820 Citigroup, Inc. 43,358 1,443,821 Commerce Bancorp, Inc. 23,715 944,331 Freddie Mac 22,932 804,225 JPMorgan Chase & Co. 21,930 1,000,447 Lincoln National Corp. 7,305 449,769 MBIA, Inc. 18,781 685,694 Merrill Lynch & Co., Inc. 22,090 1,324,075 State Street Corp. 5,065 404,643 Travelers Companies, Inc., (The) 21,029 1,116,850 Wells Fargo & Co. 9,160 297,059 ----------- 14,618,444 ----------- HEALTH CARE--15.3% Amgen, Inc.* 7,515 415,204 CIGNA Corp. 13,640 731,240 Covidien Ltd. 10,202 409,202 DaVita, Inc.* 12,835 795,257 Johnson & Johnson 38,961 2,639,218 1 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LARGE CAP VALUE FUND Portfolio of Investments (Continued) NOVEMBER 30, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ----------- HEALTH CARE--(CONTINUED) Lincare Holdings, Inc.* 8,870 $ 303,265 McKesson Corp. 9,245 616,919 Pfizer, Inc. 70,012 1,663,485 Quest Diagnostics, Inc. 10,375 571,248 WellPoint, Inc.* 11,420 961,678 Wyeth 14,515 712,686 ----------- 9,819,402 ----------- TECHNOLOGY--17.9% Accenture Ltd., Class A 10,860 375,322 Broadridge Financial Solutions, Inc. 26,290 598,623 CA, Inc. 19,650 481,228 Cadence Design Systems, Inc.* 16,195 268,837 CGI Group, Inc. Class A* 54,605 621,405 Harris Corp. 18,590 1,166,894 Hewlett-Packard Co. 29,118 1,489,677 Ingram Micro, Inc., Class A* 21,625 430,338 International Business Machines Corp. 8,885 934,524 McAfee, Inc.* 11,355 442,277 Microsoft Corp. 23,684 795,782 Motorola, Inc. 23,600 376,892 Nokia OYJ - ADR 32,090 1,262,100 Oracle Corp.* 29,385 592,989 Sun Microsystems, Inc.* 25,547 530,867 Symantec Corp.* 46,960 835,888 Taiwan Semiconductor Manufacturing Co., Ltd. - ADR 32,154 318,965 ----------- 11,522,608 ----------- UTILITIES--1.1% DTE Energy Co. 4,080 200,124 PG&E Corp. 10,955 506,888 ----------- 707,012 ----------- TOTAL COMMON STOCK (Cost $58,543,926) 66,041,121 ----------- TOTAL INVESTMENTS--102.9% (COST $58,543,926)** 66,041,121 LIABILITIES IN EXCESS OF OTHER ASSETS--(2.9)% (1,867,966) ----------- NET ASSETS--100.0% $64,173,155 =========== 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 $58,543,926 ----------- Gross unrealized appreciation $10,332,817 Gross unrealized depreciation (2,835,622) ----------- Net unrealized appreciation $ 7,497,195 =========== For information regarding the Fund's policy for 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 BOSTON PARTNERS MID CAP VALUE FUND Portfolio of Investments NOVEMBER 30, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ COMMON STOCK--96.9% BASIC INDUSTRIES--5.7% Albemarle Corp. 15,780 $ 696,529 Crown Holdings, Inc.* 24,670 633,032 Lubrizol Corp., (The) 12,445 798,222 PPG Industries, Inc. 5,870 402,917 Valspar Corp., (The) 13,075 294,711 ------------ 2,825,411 ------------ CAPITAL GOODS--6.7% Cooper Industries Ltd., Class A 5,930 297,805 Ingersoll-Rand Co. Ltd., Class A 7,585 391,689 Lennox International, Inc. 6,925 234,342 Stanley Works, (The) 12,680 661,262 Terex Corp.* 6,910 445,350 Thomas & Betts Corp.* 12,515 680,315 W.W. Grainger, Inc. 7,150 631,345 ------------ 3,342,108 ------------ COMMUNICATIONS--2.6% CenturyTel, Inc. 10,625 452,944 Embarq Corp. 8,070 411,166 Windstream Corp. 32,145 416,278 ------------ 1,280,388 ------------ CONSUMER DURABLES--0.9% BorgWarner, Inc. 4,660 450,202 ------------ CONSUMER NON-DURABLES--5.3% General Mills, Inc. 14,055 845,408 Loews Corp. - Carolina Group 4,590 408,280 Mattel, Inc. 34,195 683,216 Scientific Games Corp., Class A* 14,845 480,830 VF Corp. 2,800 209,412 ------------ 2,627,146 ------------ CONSUMER SERVICES--14.9% Burger King Holdings, Inc. 9,815 258,135 CBS Corp., Class B 18,030 494,563 Dun & Bradstreet Corp., (The) 5,565 496,565 Equifax, Inc. 17,025 633,841 NUMBER OF SHARES VALUE ----------- ------------ CONSUMER SERVICES--(CONTINUED) Expedia, Inc.* 9,304 $ 303,310 Family Dollar Stores, Inc. 16,180 381,039 Hewitt Associates, Inc., Class A* 10,325 387,187 Knoll, Inc. 17,380 303,802 Kohl's Corp.* 10,120 498,714 Kroger Co., (The) 12,970 372,888 Live Nation, Inc.* 18,535 248,740 McGraw-Hill Companies, Inc., (The) 7,490 367,609 Meredith Corp. 13,045 718,127 Omnicom Group, Inc. 13,850 675,187 R. R. Donnelley & Sons Co. 10,525 385,847 Staples, Inc. 30,495 722,731 The TJX Companies, Inc. 6,600 193,644 ------------ 7,441,929 ------------ ENERGY--5.9% Anadarko Petroleum Corp. 7,360 416,576 Bristow Group, Inc.* 7,270 399,850 Chesapeake Energy Corp. 9,780 370,173 Helix Energy Solutions Group, Inc.* 8,455 343,188 Murphy Oil Corp. 3,440 246,029 Noble Energy, Inc. 7,540 543,182 Petrohawk Energy Corp.* 36,860 600,818 ------------ 2,919,816 ------------ FINANCE--20.3% ACE Ltd. 8,410 503,170 Affiliated Managers Group, Inc.* 1,960 243,530 Allied World Assurance Holdings Ltd. Bermuda 5,005 231,632 AMBAC Financial Group, Inc. 7,170 195,239 Assurant, Inc. 11,845 775,018 CNA Financial Corp. 13,980 495,451 Comerica, Inc. 5,435 248,814 Commerce Bancorp, Inc. 22,315 888,583 Everest Re Group Ltd. 3,095 324,758 Federated Investors, Inc., Class B 17,190 701,180 1 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS MID CAP VALUE FUND Portfolio of Investments (Continued) NOVEMBER 30, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ FINANCE--(CONTINUED) First American Corp. 8,120 $ 277,542 Hanover Insurance Group, Inc., (The) 14,090 635,459 Lincoln National Corp. 11,560 711,749 Marsh & McLennan Cos., Inc. 21,880 549,626 MBIA, Inc. 8,445 308,327 Mercury General Corp. 13,220 685,986 Nationwide Financial Services, Inc., Class A 7,465 334,134 Progressive Corp., (The) 18,220 335,248 SLM Corp.* 5,905 224,863 State Street Corp. 3,915 312,769 Student Loan Corp., (The) 1,585 222,708 Unum Group 35,670 886,043 ------------ 10,091,829 ------------ HEALTH CARE--9.8% C.R. Bard, Inc. 5,080 429,412 CIGNA Corp. 5,580 299,144 Coventry Health Care, Inc.* 9,400 544,072 DaVita, Inc.* 10,180 630,753 Hospira, Inc.* 13,155 569,612 Lincare Holdings, Inc.* 15,460 528,577 McKesson Corp. 12,915 861,818 Mentor Corp. 13,825 519,682 Quest Diagnostics, Inc. 9,085 500,220 ------------ 4,883,290 ------------ OTHER--5.1% Annaly Capital Management, Inc. (REIT) 65,761 1,131,747 AvalonBay Communities, Inc. (REIT) 2,585 257,052 Nationwide Health Properties, Inc. (REIT) 8,680 271,510 Prologis (REIT) 4,185 273,783 SL Green Realty Corp. (REIT) 2,685 278,972 Ventas, Inc. (REIT) 7,290 317,844 ------------ 2,530,908 ------------ NUMBER OF SHARES VALUE ----------- ------------ TECHNOLOGY--15.7% Acxiom Corp. 38,550 $ 474,936 Amdocs Ltd.* 12,280 406,345 Arrow Electronics, Inc.* 15,280 565,513 Avid Technology, Inc.* 15,650 415,194 Broadridge Financial Solutions, Inc. 32,815 747,198 Brocade Communications Systems, Inc.* 58,600 427,194 CACI International, Inc., Class A* 8,935 405,560 Comverse Tecnology, Inc.* 24,880 403,056 Cymer, Inc.* 15,220 625,085 Emulex Corp.* 12,170 203,847 Harris Corp. 10,275 644,962 Ingram Micro, Inc., Class A* 28,695 571,030 McAfee, Inc.* 15,587 607,114 SRA International, Inc., Class A* 8,915 243,736 Sybase, Inc.* 13,540 347,166 Symantec Corp.* 41,635 741,103 ------------ 7,829,039 ------------ TRANSPORTATION--0.6% Norfolk Southern Corp. 5,570 285,240 ------------ UTILITIES--3.4% American Electric Power Co., Inc. 4,965 236,682 DTE Energy Co. 7,280 357,084 Edison International 4,690 262,546 NiSource, Inc. 9,975 184,637 PG&E Corp. 8,900 411,803 Sierra Pacific Resources 13,665 235,038 ------------ 1,687,790 ------------ TOTAL COMMON STOCK (Cost $45,635,790) 48,195,096 ------------ SHORT-TERM INVESTMENT--4.0% PNC Bank Money Market Deposit Account 2,004,672 2,004,672 ------------ TOTAL SHORT-TERM INVESTMENT (Cost $2,004,672) 2,004,672 ------------ 2 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS MID CAP VALUE FUND Portfolio of Investments (Continued) NOVEMBER 30, 2007 (UNAUDITED) TOTAL INVESTMENTS--100.9% (COST $47,640,462)** $ 50,199,768 ------------ LIABILITIES IN EXCESS OF OTHER ASSETS--(0.9)% (446,672) ------------ NET ASSETS--100.0% $ 49,753,096 ============ REIT -- Real Estate Investment Trust. * --- 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 $ 47,640,462 ------------ Gross unrealized appreciation $ 4,711,790 Gross unrealized depreciation (2,152,484) ------------ Net unrealized appreciation $ 2,559,306 ============ For information regarding the Fund's policy for 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 BOSTON PARTNERS ALL-CAP VALUE FUND Portfolio of Investments NOVEMBER 30, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ COMMON STOCK--99.7% CAPITAL GOODS--3.4% Dover Corp. 3,960 $ 183,269 Parker-Hannifin Corp. 1,762 139,956 United Technologies Corp. 1,530 114,398 W.W. Grainger, Inc. 2,550 225,165 ------------ 662,788 ------------ COMMUNICATIONS--2.4% Embarq Corp. 2,265 115,402 Vodafone Group PLC - ADR 9,723 362,182 ------------ 477,584 ------------ CONSUMER DURABLES--1.7% Lennar Corp., Class A 3,905 61,855 National Presto Industries, Inc. 1,615 87,469 Pulte Homes, Inc. 17,700 180,894 ------------ 330,218 ------------ CONSUMER NON-DURABLES--13.6% Loews Corp. 20,515 980,412 Mattel, Inc. 13,675 273,227 Nestle S.A. - ADR 2,260 271,728 NIKE, Inc., Class B 4,350 285,577 Oxford Industries, Inc. 1,865 46,196 Procter & Gamble Co. 6,190 458,060 Tupperware Corp. 6,515 227,243 VF Corp. 1,615 120,786 ------------ 2,663,229 ------------ CONSUMER SERVICES--7.0% BancTec, Inc. 144A ++* 7,030 42,180 Career Education Corp.* 4,300 123,539 Clear Channel Communications, Inc. 2,755 98,905 Dun & Bradstreet Corp., (The) 1,170 104,399 Expedia, Inc.* 4,814 156,936 Omnicom Group, Inc. 4,395 214,256 Pacific Sunwear of California, Inc.* 10,695 175,184 Rent-A-Center, Inc.* 3,955 56,003 NUMBER OF SHARES VALUE ----------- ------------ CONSUMER SERVICES--(CONTINUED) Wal-Mart Stores, Inc. 8,535 $ 408,827 ------------ 1,380,229 ------------ ENERGY--8.9% Apache Corp. 3,075 297,629 ConocoPhillips 5,011 401,081 Devon Energy Corp. 2,680 221,931 Pioneer Natural Resources Co. 4,195 186,971 Quest Resource Corp.* 1,988 16,023 Quest Resource Corp. 144A ++* 2,430 19,586 Royal Dutch Shell PLC - ADR 1,245 101,380 Total SA - ADR 6,310 510,605 ------------ 1,755,206 ------------ FINANCE--26.0% ACE Ltd. 12,780 764,627 Alleghany Corp.* 922 377,098 Allied World Assurance Holdings Ltd. Bermuda 2,555 118,245 American International Group, Inc. 3,820 222,057 AON Corp. 3,545 177,144 Aspen Insurance Holdings Ltd. 3,900 112,320 CastlePoint Holdings Ltd. 490 5,762 CastlePoint Holdings Ltd. 144A ++* 3,725 43,806 Citigroup, Inc. 3,800 126,540 Countrywide Financial Corp. 1,609 17,409 First American Corp. 1,380 47,168 Flagstone Reinsurance Holdings Ltd. 12,215 172,842 Hanover Insurance Group, Inc., (The) 4,365 196,862 IndyMac Bancorp, Inc. 1,970 18,814 IPC Holdings Ltd. 6,605 195,244 J.G. Wentworth, Inc. 144A ++* 4,470 53,640 Legg Mason, Inc. 2,200 167,882 Maiden Holdings Ltd. 144A ++ 3,315 26,520 Marsh & McLennan Cos., Inc. 6,390 160,517 MBIA, Inc. 7,545 275,468 1 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND Portfolio of Investments (Continued) NOVEMBER 30, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ FINANCE--(CONTINUED) Morgan Stanley Dean Witter & Co. 2,500 $ 131,800 National Atlantic Holdings Corp., Class A* 2,695 13,637 Peoples Choice Financial Corp. 144A ++* 1,465 0 Platinum Underwriters Holdings Ltd. 4,200 152,544 Quanta Capital Holdings Ltd.* 22,160 60,940 SLM Corp. 2,575 98,056 Solar Capital LLC 144A ++* 6,075 91,125 Specialty Underwriters' Alliance, Inc.* 3,380 20,280 Travelers Companies, Inc., (The) 5,885 312,552 Unum Group 13,561 336,855 Wesco Financial Corp. 200 86,400 White Mountains Insurance Group Ltd. 1,015 522,725 ------------ 5,106,879 ------------ HEALTH CARE--18.0% Amgen, Inc.* 5,670 313,267 AstraZeneca PLC - ADR 4,550 215,579 Becton, Dickinson & Co. 2,660 220,062 Covidien Ltd. 2,590 103,885 DaVita, Inc.* 4,465 276,651 Johnson & Johnson 7,710 522,275 Lincare Holdings, Inc.* 5,885 201,208 Medtronic, Inc. 3,870 196,790 Mentor Corp. 2,425 91,156 Pfizer, Inc. 24,341 578,342 Sanofi-Aventis - ADR 8,045 381,816 UnitedHealth Group, Inc. 2,600 143,000 Wyeth 6,035 296,318 ------------ 3,540,349 ------------ OTHER--3.4% Annaly Capital Management, Inc. (REIT) 19,895 342,393 NUMBER OF SHARES VALUE ----------- ------------ OTHER--(CONTINUED) Ashford Hospitality Trust, Inc. (REIT) 4,345 $ 33,630 CBRE Realty Finance, Inc. (REIT) 144A ++* 210 1,491 CBRE Realty Finance, Inc. (REIT) 11,095 78,774 Friedman, Billings, Ramsey Group, Inc., Class A (REIT) 10,950 32,741 Hatteras Financial Corp. (REIT) 144A ++* 2,955 59,100 Meruelo Maddux Properties, Inc.* 3,470 14,574 National Health Investors, Inc. (REIT) 3,830 108,849 Tac Acquisition Corp. 6,900 0 ------------ 671,552 ------------ TECHNOLOGY--13.8% Acxiom Corp. 6,875 84,700 Avnet, Inc.* 2,450 84,525 Bel Fuse, Inc., Class B 1,495 44,730 Broadridge Financial Solutions, Inc. 7,200 163,944 Fidelity National Information Serives, Inc. 2,460 106,321 GSI Group, Inc.* 6,000 57,960 Hewlett-Packard Co. 9,980 510,577 International Business Machines Corp. 6,180 650,012 Microsoft Corp. 14,710 494,256 Nokia OYJ - ADR 2,815 110,714 Sybase, Inc.* 5,840 149,738 Tech Data Corp.* 1,830 68,826 Tyco Electronics Ltd. 4,790 179,098 ------------ 2,705,402 ------------ UTILITIES--1.5% Korea Electric Power Corp. - ADR 13,885 292,696 ------------ TOTAL COMMON STOCK (Cost $17,907,768) 19,586,131 ------------ 2 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND Portfolio of Investments (Continued) NOVEMBER 30, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ SHORT-TERM INVESTMENT--0.9% PNC Bank Money Market Deposit Account 183,270 $ 183,270 ------------ TOTAL SHORT-TERM INVESTMENT (Cost $183,270) 183,270 ------------ TOTAL INVESTMENTS--100.6% (COST $18,091,038) 19,769,401 ------------ OPTIONS WRITTEN--(1.0%) Amgen, Inc. Call Options Expires 01/19/08 Strike Price $50 (18) (11,250) Career Education Corp. Call Options Expires 04/19/08 Strike Price $22.50 (43) (34,406) Microsoft Corp. Call Options Expires 01/19/08 Strike Price $30 (36) (14,223) Morgan Stanley Call Options Expires 07/19/08 Strike Price $45 (25) (30,000) Pacific Sunwear of California, Inc. Call Options Expires 03/22/08 Strike Price $12.50 (77) (36,964) Pulte Homes, Inc. Call Options Expires 01/17/09 Strike Price $10 (120) (40,800) Pulte Homes, Inc. Call Options Expires 01/17/09 Strike Price $20 (57) (5,133) SML Corporation Call Options Expires 01/19/08 Strike Price $50 (19) (665) Vodaphone Group Call Options Expires 01/19/08 Strike Price $31 (35) (27,481) ------------ TOTAL OPTIONS WRITTEN (Cost $(217,278)) (200,922) ------------ TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN--99.6% (COST $17,873,760) 19,568,479 OTHER ASSETS IN EXCESS OF LIABILITIES--0.4% 80,591 ------------ NET ASSETS--100.0% $ 19,649,070 ============ ADR -- American Depository Receipt. 144A -- Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. REIT -- Real Estate Investment Trust. ++ -- Security has been valued at fair market value as determined in good faith by or under the direction of RBB's Board of Directors. * -- 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 $ 17,873,760 ------------ Gross unrealized appreciation $ 2,862,745 ------------ Gross unrealized depreciation (1,168,026) ------------ Net unrealized appreciation $ 1,694,719 ============ For information regarding the Fund's policy for 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 WPG SMALL CAP VALUE FUND Portfolio of Investments NOVEMBER 30, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ COMMON STOCK--99.3% BASIC INDUSTRIES--0.4% Uranium Resources, Inc. #* 15,077 $ 178,813 ------------ CAPITAL GOODS--4.0% Altra Holdings, Inc.* 15,100 242,053 Beacon Roofing Supply, Inc. #* 41,100 378,531 ICF International, Inc.* 12,000 310,200 Lakeland Industries, Inc. #* 72,264 780,448 OMNOVA Solutions, Inc.* 55,300 284,795 ------------ 1,996,027 ------------ COMMUNICATIONS--1.5% Journal Register Co. # 44,800 98,560 Lee Enterprises, Inc. 44,100 617,400 ------------ 715,960 ------------ CONSUMER DURABLES--6.7% Cavco Industries, Inc.* 7,400 279,276 Champion Enterprises, Inc.* 20,900 188,518 Jarden Corp.* 28,400 748,624 Libbey, Inc. 75,500 1,171,005 Lifetime Brands, Inc. # 71,000 910,220 ------------ 3,297,643 ------------ CONSUMER NON-DURABLES--6.9% Alliance One International, Inc.* 115,400 476,602 Chiquita Brands International, Inc. #* 40,000 767,600 Del Monte Foods Co. 50,700 446,160 Quiksilver, Inc.* 64,100 679,460 Skechers U.S.A., Inc., Class A* 22,900 518,685 Universal Corp. 9,700 520,696 ------------ 3,409,203 ------------ CONSUMER SERVICES--21.2% California Pizza Kitchen, Inc.* 15,100 240,241 Carrols Restaurant Group, Inc.* 46,100 491,887 Cheesecake Factory, Inc. (The)* 17,100 398,259 CKE Restaurants, Inc. 16,300 238,306 Collective Brands, Inc.* 18,500 283,605 NUMBER OF SHARES VALUE ----------- ------------ CONSUMER SERVICES--(CONTINUED) Dress Barn, Inc. (The)* 23,800 $ 336,532 Gymboree Corp. (The)* 14,200 473,712 Jos. A. Bank Clothiers, Inc. #* 6,300 163,107 LECG Corp.* 74,100 1,175,226 Maidenform Brands, Inc.* 9,000 117,630 MDC Partners, Inc., Class A* 272,710 2,579,837 P.F. Chang's China Bistro, Inc.* 14,200 363,378 Pantry, Inc. (The)* 19,600 564,284 PeopleSupport, Inc.* 106,000 1,489,300 Princeton Review, Inc. (The)* 43,900 333,201 Providence Service Corp. (The)* 12,400 346,952 Shoe Carnival, Inc.* 22,500 261,900 Tween Brands, Inc.* 7,900 198,922 Valassis Communications, Inc.* 33,000 406,890 ------------ 10,463,169 ------------ ENERGY--5.2% American Oil & Gas, Inc. #* 45,600 293,664 Aurora Oil & Gas Corp.* 159,100 214,785 Edge Petroleum Corp. #* 79,700 470,230 GeoMet, Inc. #* 126,600 615,276 Newpark Resources, Inc.* 178,000 957,640 ------------ 2,551,595 ------------ FINANCE--15.1% AmCOMP, Inc.* 17,100 169,119 Aspen Insurance Holdings Ltd. 15,100 434,880 Berkshire Hills Bancorp, Inc. 15,100 366,477 Darwin Professional Underwriters, Inc.* 11,600 266,800 Dearborn Bancorp, Inc.* 26,250 268,275 Delphi Financial Group, Inc., Class A 6,900 265,236 Encore Bancshares, Inc.* 9,900 202,950 First Financial Bankshares, Inc. 6,901 269,139 First State Bancorporation 12,800 187,136 FirstFed Financial Corp. #* 4,000 140,080 Investors Bancorp, Inc. #* 17,800 261,126 Marlin Business Services Corp.* 30,000 405,000 1 ROBECO INVESTMENT FUNDS WPG SMALL CAP VALUE FUND Portfolio of Investments (Continued) NOVEMBER 30, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ FINANCE--(CONTINUED) Meadowbrook Insurance Group, Inc.* 70,100 $ 644,219 New York Community Bancorp, Inc. 35,440 659,538 ProCentury Corp. 11,600 163,212 Renasant Corp. 11,500 224,365 Superior Bancorp* 46,100 276,139 United Financial Bancorp, Inc.* 25,300 272,481 Validus Holdings Ltd.* 25,200 627,480 Westfield Financial, Inc. 55,700 538,062 WSFS Financial Corp. 11,700 653,796 Zenith National Insurance Corp. 3,200 134,496 ------------ 7,430,006 ------------ HEALTH CARE--12.0% Cross Country Healthcare, Inc.* 9,200 133,952 DexCom, Inc. #* 32,300 279,395 First Consulting Group, Inc.* 109,400 1,400,320 HealthTronics, Inc.* 109,200 463,008 ICU Medical, Inc.* 14,100 523,392 Kensey Nash Corp.* 37,700 1,016,392 LifePoint Hospitals, Inc.* 54,100 1,711,724 Matrixx Initiatives, Inc.* 16,200 262,278 NovaMed, Inc. # 30,700 143,369 ------------ 5,933,830 ------------ OTHER--6.9% Ares Capital Corp. 24,700 371,982 Ashford Hospitality Trust, Inc. (REIT) 28,000 216,720 CapLease, Inc. (REIT) # 116,900 1,028,720 Meruelo Maddux Properties, Inc.* 10,100 42,420 MFA Mortgage Investments, Inc. (REIT) 30,200 265,156 Pennantpark Investment Corp. 19,300 221,757 Sun Communities, Inc. (REIT) 37,900 927,792 Technology Investment Capital Corp. 30,645 320,240 ------------ 3,394,787 ------------ NUMBER OF SHARES VALUE ----------- ------------ TECHNOLOGY--9.5% ACI Worldwide, Inc.* 8,600 $ 196,338 Axesstel, Inc.* 300,760 81,205 Computer Programs and Systems, Inc. 27,800 619,106 CPI International, Inc.* 40,950 687,551 Foundry Networks, Inc.* 18,300 322,629 Genesis Microchip, Inc.* 30,000 151,200 OmniVision Technologies, Inc. #* 10,400 193,648 Rackable Systems, Inc. #* 96,900 1,031,985 RADWARE Ltd.* 43,800 588,234 Trident Microsystems, Inc.* 97,600 612,928 WidePoint Corp.* 195,900 199,818 ------------ 4,684,642 ------------ TRANSPORTATION--3.4% Celadon Group, Inc.* 5,900 46,020 Double Hull Tankers, Inc. # 51,100 677,586 JetBlue Airways Corp.* 58,500 409,500 Mesa Air Group, Inc.* 106,100 401,058 Navios Maritime Holdings, Inc. 9,600 140,064 ------------ 1,674,228 ------------ UTILITIES--6.5% El Paso Electric Co.* 20,600 529,626 Great Plains Energy, Inc. 9,700 287,896 Hawaiian Electric Industries, Inc. 10,200 236,130 Portland General Electric Co. 24,600 658,542 Synthesis Energy Systems, Inc.* 33,100 364,100 UGI Corp. 33,500 885,740 Vectren Corp. 9,000 264,240 ------------ 3,226,274 ------------ TOTAL COMMON STOCK (Cost $51,564,106) 48,956,177 ------------ SHORT-TERM INVESTMENT--0.9% Dreyfus Government Cash Management 442,078 442,078 ------------ TOTAL SHORT-TERM INVESTMENT (Cost $442,078) 442,078 ------------ 2 ROBECO INVESTMENT FUNDS WPG SMALL CAP VALUE FUND Portfolio of Investments (Continued) NOVEMBER 30, 2007 (UNAUDITED) TOTAL INVESTMENTS(a)--100.2% (COST $52,006,184)** $ 49,398,255 LIABILITIES IN EXCESS OF OTHER ASSETS--(0.2)% (93,597) ------------ NET ASSETS--100.0% $ 49,304,658 ============ REIT -- Real Estate Investment Trust (a) At November 30, 2007, the market value of securities on loan was $5,222,750 # Portion of security out on loan. * -- 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 $ 52,006,184 ------------ Gross unrealized appreciation $ 4,187,705 Gross unrealized depreciation (6,795,634) ------------ Net unrealized depreciation $ (2,607,929) ============ For information regarding the Fund's policy for 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 WPG 130/30 LARGE CAP CORE FUND (FORMERLY ROBECO WPG LARGE CAP GROWTH FUND) Portfolio of Investments NOVEMBER 30, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ----------- COMMON STOCK--129.2% BASIC INDUSTRIES--6.8% Celanese Corp. Series A 8,223 $ 326,289 Freeport-McMoRan Copper & Gold, Inc., Class B 3,359 332,306 Nucor Corp. 3,350 198,353 PPG Industries, Inc. 3,200 219,648 United States Steel Corp. 1,930 188,561 ----------- 1,265,157 ----------- CAPITAL GOODS--11.5% Caterpillar, Inc. 3,153 226,701 General Electric Co. 7,830 299,811 Northrop Grumman Corp. 2,606 205,327 Oshkosh Truck Corp. 2,008 96,565 Parker-Hannifin Corp. 4,571 363,074 Raytheon Co. 5,639 348,772 Shaw Group, Inc., (The)* 1,467 93,037 Toro Co. 4,611 256,602 Tyco International Ltd. 5,797 232,633 ----------- 2,122,522 ----------- COMMUNICATIONS--4.1% Embarq Corp. 4,883 248,789 Qwest Communications International, Inc.* 30,658 203,263 Sprint Nextel Corp. 13,572 210,637 Telephone and Data Systems, Inc. 1,489 92,690 ----------- 755,379 ----------- CONSUMER DURABLES--2.0% BorgWarner, Inc. 2,210 213,508 Ford Motor Co.* 20,091 150,884 ----------- 364,392 ----------- CONSUMER NON-DURABLES--9.4% Altria Group, Inc. 5,085 394,393 Coca-Cola Enterprises, Inc. 13,497 350,517 NUMBER OF SHARES VALUE ----------- ----------- CONSUMER NON-DURABLES--(CONTINUED) Estee Lauder Cos., Inc.,( The) 2,092 $ 93,889 General Mills, Inc. 5,146 309,532 Hasbro, Inc. 2,150 59,706 Kraft Foods, Inc., Class A -- 0 Loews Corp. 1,757 83,967 Pepsi Bottling Group, Inc. 7,550 322,158 Procter & Gamble Co. 1,678 124,172 ----------- 1,738,334 ----------- CONSUMER SERVICES--16.0% American Eagle Outfitters, Inc. 8,858 202,760 AutoZone, Inc.* 1,150 128,375 Avis Budget Group, Inc.* 8,735 131,287 Big Lots, Inc.* 6,809 127,124 Brinker International, Inc. 5,887 135,578 CBS Corp., Class B 5,124 140,551 Darden Restaurants, Inc. 6,004 238,899 Expedia, Inc.* 11,500 374,900 Kroger Co., (The) 3,432 98,670 Omnicom Group, Inc. 3,127 152,441 RadioShack Corp. 12,145 224,682 Royal Caribbean Cruises Ltd. 3,854 156,318 Safeway, Inc. 7,850 273,180 Wal-Mart Stores, Inc. 4,495 215,311 Walt Disney Co., (The) 11,129 368,926 ----------- 2,969,002 ----------- ENERGY--13.8% Chesapeake Energy Corp. 1,938 73,353 ConocoPhillips 877 70,195 EnCana Corp. 4,184 273,006 ENSCO International, Inc. 5,034 271,081 Exxon Mobil Corp. 11,764 1,048,878 McDermott International, Inc.* 4,318 225,832 Sunoco, Inc. 3,967 266,186 Valero Energy Corp. 5,116 332,898 ----------- 2,561,429 ----------- 1 ROBECO INVESTMENT FUNDS WPG 130/30 LARGE CAP CORE FUND (FORMERLY ROBECO WPG LARGE CAP GROWTH FUND) Portfolio of Investments (Continued) NOVEMBER 30, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ----------- FINANCE--22.7% ACE Ltd. 4,807 $ 287,603 American Express Co. 5,300 312,594 AmeriCredit Corp.* 11,450 131,331 Bank of America Corp. 4,341 200,250 Chubb Corp., (The) 6,223 339,465 CIT Group, Inc. 8,311 221,073 Endurance Specialty Holdings Ltd. 3,081 124,442 GATX Corp. 7,419 274,726 Goldman Sachs Group, Inc., (The) 1,874 424,723 JPMorgan Chase & Co. 11,296 515,323 MetLife, Inc. 5,494 360,351 Northern Trust Corp. 3,108 251,717 Prudential Financial, Inc. 2,936 276,395 State Street Corp. 4,284 342,249 W.R. Berkley Corp. 4,460 136,387 ----------- 4,198,629 ----------- HEALTH CARE--14.3% Aetna, Inc. 4,178 233,467 AstraZeneca PLC - ADR 5,748 272,340 Boston Scientific Corp.* 16,161 204,113 Humana, Inc.* 3,085 237,638 Invitrogen Corp.* 2,933 284,530 Medco Health Solutions, Inc.* 3,450 344,966 Merck & Co., Inc. 2,250 133,560 Pfizer, Inc. 21,338 506,991 Sanofi-Aventis - ADR 6,779 321,731 Watson Pharmaceuticals, Inc.* 3,558 104,285 ----------- 2,643,621 ----------- INVESTMENT COMPANY--0.5% SPDR Trust Series 1 645 95,886 ----------- OTHER--2.9% CB Richard Ellis Group, Inc., Class A* 9,496 225,530 ProLogis (REIT) 4,777 312,511 ----------- 538,041 ----------- NUMBER OF SHARES VALUE ----------- ----------- TECHNOLOGY--19.0% Apple, Inc.* 2,721 $ 495,821 CA, Inc. 8,939 218,916 Ciena Corp.* 7,471 328,575 Computer Sciences Corp.* 1,711 90,375 Diebold, Inc. 1,261 42,823 Electronic Data Systems Corp. 6,838 138,538 Hewlett-Packard Co. 10,400 532,064 Intel Corp.* 21,704 566,040 International Business Machines Corp. 1,800 189,324 NVIDIA Corp.* 5,610 176,939 STMicroelectronics N.V. 14,960 227,691 Symantec Corp.* 16,705 297,349 Taiwan Semiconductor Manufacturing Co., Ltd. 22,340 221,613 ----------- 3,526,068 ----------- TRANSPORTATION--1.5% Delta Air Lines, Inc.* 10,667 210,780 Union Pacific Corp. 613 77,324 ----------- 288,104 ----------- UTILITIES--4.7% DTE Energy Co. 5,488 269,186 Edison International 3,477 194,642 Pepco Holdings, Inc. 3,985 111,979 Public Service Enterprise Group, Inc. 3,051 292,103 ----------- 867,910 ----------- TOTAL COMMON STOCK (Cost $23,118,663) 23,934,474 ----------- SECURITIES SOLD SHORT--(29.8%) BASIC INDUSTRIES--(3.2%) Arch Coal, Inc. (2,382) (90,182) Crown Holdings, Inc.* (2,430) (62,354) Goldcorp, Inc. (2,779) (90,067) Louisiana-Pacific Corp.* (4,378) (67,334) Owens Corning, Inc.* (3,513) (77,321) 2 ROBECO INVESTMENT FUNDS WPG 130/30 LARGE CAP CORE FUND (FORMERLY ROBECO WPG LARGE CAP GROWTH FUND) Portfolio of Investments (Continued) NOVEMBER 30, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ----------- BASIC INDUSTRIES--(CONTINUED) Peabody Energy Corp. (2,025) $ (112,671) Titanium Metals Corp. (3,059) (90,761) ----------- (590,690) ----------- CAPITAL GOODS--(1.2%) Alliant Techsystems, Inc.* (855) (99,890) Graco, Inc. (1,690) (62,936) Roper Industries, Inc. (1,052) (66,749) ----------- (229,575) ----------- COMMUNICATIONS--(1.2%) Akamai Technologies, Inc.* (2,099) (79,888) Crown Castle International Corp.* (1,478) (62,002) SBA Communications Corp., Class A* (2,090) (78,250) ----------- (220,140) ----------- CONSUMER DURABLES--(1.7%) Centex Corp. (3,592) (74,929) General Motors Corp. (3,415) (101,870) Pulte Homes, Inc. (5,536) (56,578) Toll Brothers, Inc.* (4,420) (91,361) ----------- (324,738) ----------- CONSUMER NON-DURABLES--(2.2%) Dean Foods Co.* (3,617) (90,208) Hansen Natural Corp.* (1,536) (66,678) Sara Lee Corp. (5,267) (88,644) Scientific Games Corp., Class A* (2,095) (67,857) Smithfield Foods, Inc.* (2,970) (89,248) ----------- (402,635) ----------- CONSUMER SERVICES--(4.3%) Burlington Northern Santa Fe Corp. (529) (44,182) CH Robinson Worldwide, Inc. (2,005) (103,358) Chico's Fas, Inc.* (5,113) (57,828) Dreamworks Animation SKG, Inc., Class A* (2,310) (60,753) NUMBER OF SHARES VALUE ----------- ----------- CONSUMER SERVICES--(CONTINUED) Expeditors International of Washington, Inc. (1,993) $ (93,512) Foot Locker, Inc. (4,487) (58,555) H&R Block, Inc. (3,997) (78,661) Lamar Advertising Co., Class A* (1,396) (72,606) Las Vegas Sands Corp. (508) (57,607) Rite Aid Corp.* (17,911) (66,629) Starwood Hotels & Resorts Worldwide, Inc. (1,168) (62,698) Steelcase, Inc., Class A (3,141) (47,523) ----------- (803,912) ----------- ENERGY--(2.2%) Denbury Resources, Inc.* (780) (41,590) Oceaneering International, Inc.* (1,418) (90,482) Patriot Coal Corp.* (1) (17) Quicksilver Resources, Inc.* (1,412) (71,447) Range Resources Corp. (2,364) (96,167) Southwestern Energy Co.* (1,506) (74,954) Weatherford International Ltd.* (629) (39,388) ----------- (414,045) ----------- FINANCE--(4.7%) Arthur J. Gallagher & Co. (2,776) (72,953) Brookfield Asset Management, Inc., Class A (2,718) (98,473) Conseco, Inc.* (6,591) (84,628) Countrywide Financial Corp. (8,733) (94,491) Fidelity National Financial, Inc., Class A (5,475) (85,520) Huntington Bancshares, Inc. (6,460) (101,357) Macerich Co., (The) (545) (42,319) Marsh & McLennan Cos., Inc. (3,596) (90,332) Old Republic International Corp. (6,675) (100,192) PMI Group, Inc., (The) (8,052) (106,528) ----------- (876,793) ----------- HEALTH CARE--(3.1%) Covance, Inc.* (1,236) (107,940) 3 ROBECO INVESTMENT FUNDS WPG 130/30 LARGE CAP CORE FUND (FORMERLY ROBECO WPG LARGE CAP GROWTH FUND) Portfolio of Investments (Continued) NOVEMBER 30, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ----------- HEALTH CARE--(CONTINUED) Elan Corp PLC - ADR (3,642) $ (83,875) IMS Health, Inc. (2,766) (64,586) Mylan, Inc.* (5,745) (82,613) Stericycle, Inc.* (1,560) (91,806) Tenet Healthcare Corp.* (25,146) (138,555) ----------- (569,375) ----------- OTHER--(0.7%) Colonial Properties Trust (REIT) (3,368) (82,482) Kilroy Realty Corp. (REIT) (732) (40,912) ----------- (123,394) ----------- TECHNOLOGY--(4.0%) Advanced Micro Devices, Inc.* (3,637) (35,497) Altera Corp. (4,305) (80,848) Amphenol Corp., Class A (2,189) (94,893) Broadcom Corp., Class A* (1,527) (40,832) Linear Technology Corp. (1,877) (57,173) Marvell Technology Group Ltd.* (5,526) (82,559) MEMC Electronic Materials, Inc.* (1,271) (98,604) NeuStar, Inc., Class A* (2,902) (92,197) salesforce.com, inc.* (1,126) (63,878) Zebra Technologies Corp., Class A* (2,253) (86,898) ----------- (733,379) ----------- UTILITIES--(1.3%) Covanta Holding Corp.* (4,121) (111,226) El Paso Corp. (1,835) (29,507) Great Plains Energy, Inc. (3,153) (93,581) ----------- (234,314) ----------- TOTAL SECURITIES SOLD SHORT (Cost $(5,539,910)) (5,522,990) ----------- TOTAL INVESTMENTS--99.4% (COST $17,578,753**) 18,411,484 OTHER ASSETS IN EXCESS OF LIABILITES--0.6% 107,467 ----------- NET ASSETS--100.0% $18,518,951 =========== ADR -- American Depository Receipt. REIT -- Real Estate Investment Trust * -- 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 $17,578,753 ----------- Gross unrealized appreciation $ 1,601,017 Gross unrealized depreciation (768,286) ----------- Net unrealized appreciation $ 832,731 =========== For information regarding the Fund's policy for 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 WPG CORE BOND FUND Portfolio of Investments NOVEMBER 30, 2007 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE --------------- ---------- ------------ GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS--41.0% FEDERAL HOME LOAN MORTGAGE CORP.--9.6% 5.500% 09/01/19 Aaa/AAA $ 1,898 $ 1,918,145 6.000% 08/01/22 Aaa/AAA 3,119 3,185,727 5.000% 11/01/22 Aaa/AAA 1,230 1,228,527 5.500% 02/01/37 Aaa/AAA 1,840 1,840,867 6.000% 09/01/37 Aaa/AAA 2,097 2,128,591 ------------ 10,301,857 ------------ FEDERAL NATIONAL MORTGAGE ASSOCIATION--24.6% 9.000% 11/01/10 Aaa/AAA 17 18,350 6.500% 12/01/14 Aaa/AAA 278 286,500 5.000% 05/01/20 Aaa/AAA 1,019 1,018,361 5.000% 06/01/20 Aaa/AAA 526 525,866 5.000% 04/01/22 Aaa/AAA 4,348 4,345,115 7.500% 02/01/31 Aaa/AAA 11 11,989 7.500% 02/01/31 Aaa/AAA 22 23,469 7.500% 02/01/31 Aaa/AAA 14 14,281 5.500% 07/01/34 Aaa/AAA 3,484 3,489,966 5.000% 03/01/36 Aaa/AAA 10,086 9,885,162 6.000% 09/01/36 Aaa/AAA 1,682 1,709,645 5.500% 12/01/36 Aaa/AAA 3,084 3,089,579 6.000% 04/01/37 Aaa/AAA 2,045 2,078,519 ------------ 26,496,802 ------------ GOVERNMENT NATIONAL MORTGAGE ASSOCIATION--6.8% 6.500% 02/15/24 Aaa/AAA 158 163,359 6.500% 04/15/24 Aaa/AAA 94 96,925 6.500% 10/15/24 Aaa/AAA 293 303,206 3.999% 05/16/27(c) Aaa/AAA 1,588 1,563,583 5.000% 09/15/36 Aaa/AAA 2,270 2,254,447 5.500% 02/15/37 Aaa/AAA 2,858 2,897,058 ------------ 7,278,578 ------------ TOTAL GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS (Cost $43,589,137) 44,077,237 ------------ MOODY'S / S&P PAR (000'S) VALUE --------------- ---------- ------------ GOVERNMENT AGENCY OBLIGATIONS--19.1% FEDERAL HOME LOAN BANKS--7.9% 4.875% 11/18/11 Aaa/AAA $ 8,185 $ 8,474,921 ------------ FEDERAL HOME LOAN MORTGAGE CORP.--1.1% 3.350% 04/01/08(c) Aaa/AAA 570 568,107 4.125% 10/18/10 Aaa/AAA 645 652,079 ------------ 1,220,186 ------------ FEDERAL NATIONAL MORTGAGE ASSOCIATION--10.1% 6.625% 09/15/09 Aaa/AAA 2,935 3,080,644 5.000% 10/15/11 Aaa/AAA 4,005 4,165,576 5.000% 02/13/17 Aaa/AAA 3,450 3,562,646 ------------ 10,808,866 ------------ TOTAL GOVERNMENT AGENCY OBLIGATIONS (Cost $20,015,463) 20,503,973 ------------ ASSET BACKED SECURITIES--4.3% AUTOMOBILES--3.5% BMW Vehicle Owner Trust Series 2006-A Class A3 5.130% 09/27/10(c) Aaa/AAA 350 350,571 Daimler Chrysler Auto Trust Series 2006-C A4 4.980% 11/08/11(c) Aaa/AAA 510 513,537 Honda Auto Receivables Owner Trust Series 2006-2 Class A4 5.280% 01/23/12(c) Aaa/AAA 1,460 1,477,808 USAA Auto Owner Trust Series 2006-3 Class A4 5.360% 06/15/12(c) Aaa/AAA 645 654,358 1 ROBECO INVESTMENT FUNDS WPG CORE BOND FUND Portfolio of Investments (Continued) NOVEMBER 30, 2007 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE --------------- ---------- ------------ AUTOMOBILES--(CONTINUED) Volkswagen Auto Lease Trust Series 2006-A Class A3 5.500% 09/21/09(c) Aaa/AAA $ 795 $ 798,276 ------------ 3,794,550 ------------ Credit Cards--0.8% Citibank Credit Card Issuance Trust Series 2006-A5 Class A5 5.300% 05/20/11(c) Aaa/AAA 790 801,198 ------------ TOTAL ASSET BACKED SECURITIES (Cost $4,547,276) 4,595,748 ------------ COLLATERALIZED MORTGAGE OBLIGATIONS--4.0% Commerical Mortgage Asset Trust Series 1999-C2 Class A2 7.546% 11/17/32(a)(c) Aaa/AAA 309 318,196 GSR Mortgage Loan Trust Series 2005-AR6 Class 3A1 4.561% 09/25/35(a)(c) Aaa/AAA 1,562 1,545,708 JP Morgan Mortgage Trust Series 2004-S2 Class 4A5 6.000% 11/25/34(c) Aaa/AAA 986 988,776 Washington Mutual Series 2005-AR12 Class 1A8 4.834% 10/25/35(a)(c) Aaa/AAA 1,426 1,414,725 ------------ TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $4,307,689) 4,267,405 ------------ MOODY'S / S&P PAR (000'S) VALUE --------------- ---------- ------------ CORPORATE BONDS--22.2% BASIC MATERIALS--0.5% BHP Billiton Finance USA Ltd. 5.000% 12/15/10 A1/A+ $ 425 $ 435,741 Nucor Corp. 6.400% 12/01/37 A1/A+ 115 116,697 ------------ 552,438 ------------ COMMUNICATIONS--3.7% AT&T, Inc. 4.125% 09/15/09(c) A2/A 1,220 1,210,986 BellSouth Corp. 4.200% 09/15/09(c) A2/A 865 858,249 Motorola, Inc. 6.000% 11/15/17(c) Baa1/A- 830 824,574 Motorola, Inc. 6.625% 11/15/37(c) Baa1/A- 370 358,621 Time Warner, Inc. 6.500% 11/15/36(c) Baa2/BBB+ 725 689,874 ------------ 3,942,304 ------------ CONSUMER CYCLICAL--0.4% Wal-Mart Stores, Inc. 6.500% 08/15/37 Aa2/AA 465 476,742 ------------ CONSUMER NON-CYCLICAL--0.9% Aetna, Inc. 6.750% 12/15/37 A3/A- 585 577,545 Diageo Capital PLC 3.375% 03/20/08 A3/A- 95 94,657 Schering-Plough Corp. 6.000% 09/15/17(c) Baa1/A- 335 345,765 ------------ 1,017,967 ------------ ENERGY--1.5% Encana Corp. 6.500% 02/01/38 Baa2/A- 365 372,372 Norsk Hydro ASA 6.360% 01/15/09(c) Aa2/AA- 1,185 1,208,700 ------------ 1,581,072 ------------ 2 ROBECO INVESTMENT FUNDS WPG CORE BOND FUND Portfolio of Investments (Continued) NOVEMBER 30, 2007 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE --------------- ---------- ------------ FINANCE--10.9% American Express Centurion Bank 5.550% 10/17/12 Aa3/A+ $ 1,070 $ 1,081,166 American Express Co. 5.250% 09/12/11 A1/A+ 920 924,317 American General Finance Corp. 4.875% 05/15/10 A1/A+ 1,985 1,999,310 Bank of America Corp. 5.750% 12/01/17 Aa1/AA 260 259,995 Caterpillar Financial Services Corp. 4.300% 06/01/10(c) A2/A 1,185 1,183,047 CIT Group Funding Co. of Canada 4.650% 07/01/10 A2/A 600 569,930 First Tennessee Bank NA 5.316% 12/08/08(c) A2/A 560 561,231 General Electric Capital Corp. 5.250% 10/19/12 Aaa1/AAA 1,085 1,111,942 General Electric Capital Corp. 9.500% 12/11/14 Aaa/AAA 2,350 223,965 Goldman Sachs Group, Inc., (The) 5.450% 11/01/12 Aa3/AA- 295 299,601 HSBC Holdings PLC 6.500% 09/15/37 Aa3/A+ 585 550,594 M&T Bank Corp. 6.625% 12/04/17 A2/A- 835 838,302 Santander 7.625% 11/03/09 Aa2/AA- 390 411,554 Santander 144A 4.750% 10/21/08(b) Aa1/AA 800 803,957 Wachovia Bank NA 6.600% 01/15/38 Aa2/AA- 900 898,128 ------------ 11,717,039 ------------ MOODY'S / S&P PAR (000'S) VALUE --------------- ---------- ------------ INDUSTRIAL--3.1% CSX Corp. 6.250% 03/15/18(c) Baa3/BBB- $ 720 $ 735,778 Northrop Grumman Corp. 7.125% 02/15/11(c) Baa1/BBB+ 780 844,797 Textron, Inc. 5.600% 12/01/17 A3/A- 420 419,990 Union Pacific Corp. 6.650% 01/15/11(c) Baa2/BBB 1,240 1,317,830 ------------ 3,318,395 ------------ TECHNOLOGY--0.5% Hewlett-Packard Co. 3.625% 03/15/08(c) A2/A 485 482,897 ------------ UTILITIES--0.7% American Water Capital Corp. 144A 6.085% 10/15/17(c) Baa2/A- 760 794,626 ------------ TOTAL CORPORATE BONDS (Cost $23,606,950) 23,883,480 ------------ U.S. TREASURY OBLIGATIONS--8.2% U.S. TREASURY BONDS--0.5% 4.500% 02/15/36 Aaa/AAA 580 588,745 ------------ U.S. TREASURY NOTES--7.5% 4.875% 08/31/08 Aaa/AAA 60 60,642 4.625% 07/31/09 Aaa/AAA 625 640,234 4.000% 02/15/14 Aaa/AAA 2,000 2,045,468 4.625% 02/15/17 Aaa/AAA 285 299,206 4.500% 05/15/17 Aaa/AAA 465 484,181 4.250% 11/15/17 Aaa/AAA 1,460 1,493,535 4.750% 02/15/37 Aaa/AAA 2,910 3,072,550 ------------ 8,095,816 ------------ U.S. TREASURY STRIP--0.2% 4.846% 05/15/17 Aaa/AAA 285 192,068 ------------ TOTAL U.S. TREASURY OBLIGATIONS (Cost $8,828,414) 8,876,629 ------------ 3 ROBECO INVESTMENT FUNDS WPG CORE BOND FUND Portfolio of Investments (Continued) NOVEMBER 30, 2007 (UNAUDITED) SHARES VALUE ---------- ------------ SHORT-TERM INVESTMENTS--4.3% SWEEP ACCOUNT--4.3% Dreyfus Government Cash Management 4,690,765 $ 4,690,765 ------------ TOTAL SHORT-TERM INVESTMENTS (Cost $4,690,765) 4,690,765 ------------ TOTAL INVESTMENTS--103.1% (COST $109,585,694*) 110,895,237 ------------ LIABILITIES IN EXCESS OF OTHER ASSETS (d) --(3.1)% (3,363,471) ------------ NET ASSETS--100.0% $107,531,766 ============ (a) Adjustable rate security. (b) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that Rule except to qualified institutional buyers. (c) Callable security. (d) Liabilities in excess of other assets include credit default swaps as follows: Protection purchased:
Notional Annual Unrealized Reference Termination Amount Protection Appreciation Counterparty Obligation Date (000) Payments (Depreciation) ------------ ---------- ---- ----- --------- ------------- Goldman CDX North America Sachs High Yield Index 12/20/12 $ 890 1.40% $(23,153) Goldman CDX North America Sachs Investment Grade High Volatility Index 12/20/12 880 1.40% (49,237) Goldman Sachs Limited Brands 12/20/12 1,600 2.10% 3,376 Goldman Sachs Williams Co. 12/20/12 1,800 0.90% (15,745) -------- $ 84,759 ========
* The cost and unrealized appreciation and depreciation in the value of the investments owned by the portfolio, as computed on a federal income tax basis are as follows: Aggregate cost $109,585,694 ------------ Gross unrealized appreciation $ 1,461,459 Gross unrealized depreciation (150,916) ------------ Net unrealized appreciation $ 1,310,543 ============ For information regarding the Fund's policy for 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 SAM SUSTAINABLE CLIMATE FUND Portfolio of Investments NOVEMBER 30, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ---------- COMMON STOCK--94.9% AUSTRALIA--0.7% Origin Energy Ltd. (Energy) 3,600 $ 27,676 ---------- AUSTRIA--3.0% Verbund - Oesterreichische Elektrizitaetswirtschafts AG (Utilities) 1,800 122,066 ---------- BELGIUM--1.2% Umicore (Basic Materials) 200 46,956 ---------- Brazil--3.1% Aracruz Celulose SA - ADR (Basic Materials) 900 68,958 Cia Energetica de Minas Gerais - ADR (Utilities) 2,600 54,470 ---------- 123,428 ---------- CANADA--3.3% Canadian Hydro Developers, Inc. (Energy)* 4,400 27,115 Intermap Technologies Corp. (Consumer Non-Cyclical)* 10,100 106,092 ---------- 133,207 ---------- CHINA--4.9% Trina Solar Ltd. - ADR (Energy)* 3,000 128,550 Yingli Green Energy Holding Co. Ltd. - ADR (Energy)* 2,600 69,186 ---------- 197,736 ---------- DENMARK--6.9% Greentech Energy Systems (Energy)* 7,200 134,770 Novozymes A/S (Consumer Non-Cyclical) 500 55,164 Vestas Wind Systems A/S (Industrial)* 900 86,281 ---------- 276,215 ---------- NUMBER OF SHARES VALUE ----------- ---------- FINLAND--4.5% Fortum Oyj (Utilities) 1,100 $ 47,438 Vaisala Oyj (Industrial) 1,200 56,647 Wartsila Oyj (Industrial) 1,000 76,768 ---------- 180,853 ---------- FRANCE--1.4% Schneider Electric SA (Industrial) 400 56,001 ---------- GERMANY--10.7% Q-Cells AG (Energy)* 900 127,245 Siemens AG (Industrial) 700 106,572 Solon AG Fuer Solartechnik (Industrial)* 700 75,007 Steico AG (Energy)* 1,800 33,555 Vossloh AG (Industrial) 800 86,896 ---------- 429,275 ---------- GREECE--1.6% Terna Energy SA (Energy)* 4,800 63,411 ---------- ITALY--0.8% Trevi Finanziaria SpA (Industrial) 1,900 33,467 ---------- JAPAN--2.7% Mitsubishi Rayon Co. Ltd. (Consumer Cyclical) 11,000 59,301 Miura Co. Ltd. (Industrial) 1,200 28,939 Nichias Corp. (Industrial) 3,000 10,061 Yamatake Corp. (Industrial) 400 11,287 ---------- 109,588 ---------- NETHERLANDS--2.6% Boskalis Westminster (Industrial) 900 54,243 Smit Internationale NV (Industrial) 500 50,494 ---------- 104,737 ---------- NORWAY--1.6% Renewable Energy Corp. AS (Energy)* 1,300 63,770 ---------- 1 ROBECO INVESTMENT FUNDS ROBECO SAM SUSTAINABLE CLIMATE FUND Portfolio of Investments (Continued) NOVEMBER 30, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ---------- SPAIN--4.1% Gamesa Corp. Tecnologica SA (Industrial) 700 $ 31,873 Iberdrola SA (Utilities) 8,000 132,341 ---------- 164,214 ---------- SWEDEN--1.6% Munters AB (Industrial) 5,300 63,467 ---------- SWITZERLAND--2.9% Georg Fischer AG (Consumer Cyclical)* 100 66,664 Syngenta AG (Basic Materials) 200 49,841 ---------- 116,505 ---------- UNITED STATES--37.3% BorgWarner, Inc. (Consumer Cyclical) 1,000 96,610 Covanta Holding Corp. (Energy)* 3,100 83,669 Ecolab, Inc. (Basic Materials) 1,500 71,850 Emerson Electric Co. (Industrial) 2,200 125,444 Fluor Corp. (Industrial) 300 44,151 FPL Group Inc. (Utilities) 900 62,784 General Electric Co. (Industrial) 1,800 68,922 Global Industries Ltd. (Energy)* 3,500 77,595 Honeywell International, Inc. (Industrial) 900 50,958 Houston Wire & Cable Co. (Consumer Cyclical) 2,600 38,506 ITT Corp. (Industrial) 600 38,664 Jacobs Engineering Group, Inc. (Industrial)* 1,300 108,901 Johnson Controls, Inc. (Consumer Cyclical) 2,700 104,274 Kaydon Corp. (Industrial) 1,400 70,854 Kingspan Group PLC (Industrial) 2,600 54,956 Quanta Services, Inc. (Consumer Non-Cyclical)* 4,500 123,210 Sunpower Corp. Class A (Energy)* 700 87,108 Tetra Tech, Inc. (Industrial)* 4,000 82,880 Tetra Technologies, Inc. (Energy)* 4,400 69,564 NUMBER OF SHARES VALUE ----------- ---------- UNITED STATES--(CONTINUED) U.S. BioEnergy Corp. (Energy)* 4,400 $ 39,908 ---------- 1,500,808 ---------- TOTAL COMMON STOCK (Cost $3,829,981) 3,813,380 ---------- RIGHTS--0.0% GERMANY--0.0% Solon AG Expiration 12/3/07* 700 0 ---------- TOTAL RIGHTS (Cost $0) 0 ---------- SHORT-TERM INVESTMENTS--3.6% PNC Bank Money Market Deposit Account 143,292 143,292 ---------- TOTAL SHORT-TERM INVESTMENTS (Cost $143,292) 143,292 ---------- TOTAL INVESTMENTS--98.5% (COST $3,973,273)** 3,956,672 ---------- OTHER ASSETS IN EXCESS OF LIABILITIES--1.5% 60,031 ---------- NET ASSETS--100.0% $4,016,703 ========== 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 $3,973,273 ---------- Gross unrealized appreciation $ 237,874 Gross unrealized depreciation (254,475) ---------- Net unrealized depreciation $ (16,601) ========== For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent prospectus. 2 ROBECO INVESTMENT FUNDS ROBECO SAM SUSTAINABLE WATER FUND Portfolio of Investments NOVEMBER 30, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ---------- COMMON STOCK--93.4% AUSTRALIA--0.3% Boart Longyear Group(Industrial)* 6,500 $ 13,842 ---------- AUSTRIA--2.3% Andritz AG(Industrial) 1,000 61,943 BWT AG(Industrial) 400 26,099 Christ Water Technology AG(Industrial)* 300 5,064 ---------- 93,106 ---------- BRAZIL--1.7% Cia de Saneamento Basico do Estado de Sao Paulo - (Utilities)ADR 1,400 69,286 ---------- CANADA--3.7% Bioteq Environmental Tech, Inc.(Industrial)* 8,000 32,413 Intermap Technologies Corp. (Consumer Non-Cyclical)* 5,000 52,521 Stantec, Inc.(Consumer Non-Cyclical)* 1,000 33,764 SunOpta, Inc.(Consumer Non-Cyclical)* 2,400 34,344 ---------- 153,042 ---------- CHINA--1.0% Bio-Treat Technology Ltd.(Industrial) 30,000 14,906 Celestial Nutrifoods Ltd.(Consumer Non-Cyclical) 27,000 22,172 Xinjiang Tianye Water Saving Irrigation System Co. Ltd.(Industrial) 16,000 5,426 ---------- 42,504 ---------- DENMARK--1.1% Novozymes A/S, Class B(Consumer Non-Cyclical) 400 44,131 ---------- NUMBER OF SHARES VALUE ----------- ---------- FINLAND--0.6% Uponor Oyj(Industrial) 1,000 $ 24,029 ---------- FRANCE--14.1% Foraco International(Basic Materials)* 5,900 17,707 Groupe Danone(Consumer Non-Cyclical) 1,000 88,452 Suez SA(Utilities)* 3,700 247,003 Veolia Environnement(Utilities) 2,490 230,883 ---------- 584,045 ---------- GERMANY--5.3% Henkel KGaA(Consumer Non-Cyclical) 800 44,341 Krones AG(Industrial) 250 20,810 KSB AG(Industrial) 125 84,930 Siemens AG(Industrial) 300 45,673 Washtec AG(Industrial)* 1,500 24,704 ---------- 220,458 ---------- HONG KONG--4.7% Chaoda Modern Agriculture (Consumer Non-Cyclical) 117,450 110,429 China Water Affairs Group Ltd.(Industrial)* 38,000 22,648 Guangdong Investment Ltd.(Finance) 105,000 60,825 ---------- 193,902 ---------- JAPAN--0.9% Kurita Water Industries Ltd.(Industrial) 1,200 35,267 ---------- NETHERLANDS--5.3% Boskalis Westminster(Industrial) 900 54,243 Unilever NV(Consumer Non-Cyclical) 1,500 53,173 Wavin NV(Industrial) 8,600 113,611 ---------- 221,027 ---------- 1 ROBECO INVESTMENT FUNDS ROBECO SAM SUSTAINABLE WATER FUND Portfolio of Investments (Continued) NOVEMBER 30, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ---------- PHILIPPINES--0.1% Manila Water Co., Inc.(Utilities) 11,000 $ 4,307 ---------- SINGAPORE--0.5% Hyflux Ltd.(Industrial) 4,500 10,807 Sinomem Technology Ltd.(Industrial)* 15,000 9,523 ---------- 20,330 ---------- SPAIN--2.3% Fluidra SA(Industrial)* 2,600 22,631 Sociedad General de Aguas de Barcelona SA, Class A(Utilities) 1,800 72,870 ---------- 95,501 ---------- SWITZERLAND--6.5% Geberit AG(Industrial) 1,100 153,353 Georg Fischer AG(Consumer Cyclical)* 40 26,666 Nestle SA(Consumer Non-Cyclical) 180 87,459 ---------- 267,478 ---------- UNITED KINGDOM--3.5% Kelda Group PLC(Utilities) 1,800 39,897 Pennon Group PLC(Utilities) 1,500 20,818 PuriCore PLC(Consumer Non-Cyclical)* 14,300 8,968 RPS Group PLC(Consumer Non-Cyclical) 2,500 15,524 Severn Trent PLC(Utilities) 1,900 61,217 ---------- 146,424 ---------- UNITED STATES--39.5% Danaher Corp.(Industrial) 2,500 217,050 Dionex Corp.(Industrial)* 200 16,894 Ecolab, Inc.(Basic Materials) 1,800 86,220 Hain Celestial Group, Inc. (Consumer Non-Cyclical)* 800 26,464 IDEX Corp.(Industrial) 1,300 46,410 NUMBER OF SHARES VALUE ----------- ---------- UNITED STATES--(CONTINUED) Insituform Technologies, Inc., Class A(Industrial)* 800 $ 10,392 Itron, Inc.(Industrial)* 800 62,040 ITT Corp.(Industrial) 3,600 231,984 Layne Christensen Co.(Industrial)* 700 39,865 Millipore Corp.(Consumer Non-Cyclical)* 900 73,692 Mueller Water Products, Inc., Class B(Industrial) 4,100 41,041 Nalco Holding Co.(Industrial) 3,000 71,880 Pall Corp.(Industrial) 2,200 84,150 Pentair, Inc.(Industrial) 1,900 64,448 Procter & Gamble Co.(Consumer Non-Cyclical) 600 44,400 Robbins & Myers, Inc.(Industrial) 100 6,850 Roper Industries, Inc.(Industrial) 2,400 152,280 Tetra Tech, Inc.(Industrial)* 700 14,504 Thermo Fisher Scientific, Inc.(Industrial)* 2,800 161,392 Toro Co.(Consumer Cyclical) 500 27,825 TyraTech, Inc.(Basic Materials)* 1,500 14,804 URS Corp.(Industrial)* 700 40,243 Valmont Industries, Inc.(Industrial) 1,000 78,490 Watts Water Technologies, Inc.(Industrial) 600 17,556 ---------- 1,630,874 ---------- TOTAL COMMON STOCK (Cost $3,922,082) 3,859,553 ---------- SHORT-TERM INVESTMENT--5.0% PNC Bank Money Market Deposit Account 208,759 208,759 ---------- TOTAL SHORT-TERM INVESTMENT (Cost $208,759) 208,759 ---------- 2 ROBECO INVESTMENT FUNDS ROBECO SAM SUSTAINABLE WATER FUND Portfolio of Investments (Continued) NOVEMBER 30, 2007 (UNAUDITED) TOTAL INVESTMENTS--98.4% (COST $4,130,841**) $4,068,312 OTHER ASSETS IN EXCESS OF LIABILITIES--1.6% 64,129 ---------- NET ASSETS--100.0% $4,132,441 ========== 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 $4,130,841 ---------- Gross unrealized appreciation $ 159,732 Gross unrealized depreciation (222,261) ---------- Net unrealized depreciation $ (62,529) ========== For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent prospectus. 3 SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2007 (UNAUDITED) Shares Value ---------- ----------- DOMESTIC COMMON STOCKS -- 84.9% AEROSPACE & DEFENSE -- 5.3% AAR Corp.* 97,980 $ 3,235,300 Triumph Group, Inc. 16,235 1,319,256 ----------- 4,554,556 ----------- AIRLINES -- 1.4% AirTran Holdings, Inc.* 144,850 1,229,777 ----------- AUTO COMPONENTS -- 1.8% American Axle & Manufacturing Holdings, Inc. 68,800 1,590,656 ----------- AUTOMOBILES -- 1.7% Fleetwood Enterprises, Inc.* 264,750 1,448,183 ----------- BIOTECHNOLOGY -- 1.7% Human Genome Sciences, Inc.* 137,850 1,435,019 ----------- BUILDING PRODUCTS -- 0.6% Builders FirstSource, Inc.* 10,700 74,044 Griffon Corp.* 26,125 337,535 Universal Forest Products, Inc. 2,300 65,803 ----------- 477,382 ----------- CHEMICALS -- 0.0% Spartech Corp. 1,950 26,637 ----------- COMMERCIAL BANKS -- 3.0% First BanCorp. 344,425 2,252,539 W. Holding Co., Inc. 278,100 325,377 ----------- 2,577,916 ----------- COMMERCIAL SERVICES & SUPPLIES -- 3.4% Administaff, Inc. 22,975 750,823 Hudson Highland Group, Inc.* 231,800 2,065,338 Viad Corp. 3,950 122,489 ----------- 2,938,650 ----------- COMPUTERS & PERIPHERALS -- 0.5 Xyratex Ltd.* 31,850 469,469 ----------- CONSTRUCTION & ENGINEERING -- 0.0% Integrated Electrical Services, Inc.* -- 9 ----------- DISTRIBUTORS -- 0.9% Building Materials Holding Corp. 136,700 781,924 ----------- DIVERSIFIED CONSUMER SERVICES -- 1.6% Corinthian Colleges, Inc.* 77,725 1,357,079 ----------- ELECTRIC UTILITIES -- 1.6% Reliant Energy, Inc.* 51,700 1,346,268 ----------- Shares Value ---------- ----------- ELECTRONIC EQUIPMENT & INSTRUMENTS -- 1.1% Celestica, Inc.* 94,250 $ 553,247 Insight Enterprises, Inc.* 11,950 236,730 Mercury Computer Systems, Inc.* 8,975 131,574 ----------- 921,551 ----------- FOOD PRODUCTS -- 0.2% Sanderson Farms, Inc. 5,600 173,936 ----------- HEALTH CARE EQUIPMENT & SUPPLIES -- 2.3% American Medical Systems Holdings, Inc.* 102,050 1,395,023 Orthofix International NV* 10,275 600,163 ----------- 1,995,186 ----------- HEALTH CARE PROVIDERS & SERVICE -- 1.0% Assisted Living Concepts, Inc. Class A* 3,150 21,672 Matria Healthcare, Inc.* 20,075 456,104 Pharmerica Corp.* 26,525 390,713 ----------- 868,489 ----------- HOUSEHOLD DURABLES -- 3.1% Centex Corp. 51,550 1,075,333 D.R. Horton, Inc. 43,800 524,286 KB Home 10,900 227,701 NVR, Inc.* 1,775 873,300 ----------- 2,700,620 ----------- INSURANCE -- 3.6% LandAmerica Financial Group, Inc. 35,725 940,282 ProAssurance Corp.* 35,556 1,949,891 RAM Holdings Ltd.* 35,524 206,039 ----------- 3,096,212 ----------- INTERNET SOFTWARE & SERVICES -- 3.1% Internet Capital Group, Inc.* 166,500 1,859,805 Openwave Systems, Inc. 297,850 819,087 ----------- 2,678,892 ----------- IT SERVICES -- 1.0% BearingPoint, Inc.* 98,250 358,613 Ness Technologies, Inc.* 50,700 477,087 ----------- 835,700 ----------- LEISURE EQUIPMENT & PRODUCTS -- 1.3% MarineMax, Inc.* 69,550 1,137,143 ----------- MACHINERY -- 3.5% Federal Signal Corp. 3,900 44,850 Navistar International Corp.* 49,775 2,585,811 1 SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2007 (UNAUDITED) Shares Value ---------- ----------- Wabash National Corp. 52,875 $ 365,366 ----------- 2,996,027 ----------- MARINE -- 1.3% Alexander & Baldwin, Inc. 21,500 1,104,670 ----------- METALS & MINING -- 1.8% Golden Star Resources Ltd.* 501,425 1,514,303 ----------- OIL, GAS & CONSUMABLE FUELS -- 5.7% Massey Energy Co. 143,625 4,876,069 ----------- PAPER & FOREST PRODUCTS -- 0.1% Neenah Paper, Inc. 2,350 70,923 ----------- PHARMACEUTICALS -- 1.0% Salix Pharmaceuticals Ltd.* 77,375 878,980 ----------- REAL ESTATE INVESTMENT TRUSTS -- 9.5% Anworth Mortgage Asset Corp. 855,331 6,004,424 Arbor Realty Trust, Inc. 4,300 73,530 Capstead Mortgage Corp. 33,450 408,090 Chimera Investment Corp.* 47,125 730,909 Colonial Properties Trust 1,200 29,388 Maguire Properties, Inc. 2,450 61,936 U-Store-It Trust 81,450 818,572 Winthrop Realty Trust 3,625 19,357 ----------- 8,146,206 ----------- REAL ESTATE MANAGEMENT & DEVELOPMENT -- 3.8% MI Developments, Inc., Class A 54,275 1,508,302 St. Joe Co. (The) 11,200 318,640 Thomas Properties Group, Inc. 137,075 1,428,322 ----------- 3,255,264 ----------- ROAD & RAIL -- 0.9% Avis Budget Group, Inc.* 4,975 74,774 Genesee & Wyoming, Inc. Class A* 26,650 698,230 Ryder System, Inc. 200 8,672 ----------- 781,676 ----------- SEMICONDUCTORS -- 6.5% Advanced Energy Industries, Inc.* 12,175 176,659 Alliance Semiconductor Corp. 190,825 297,687 ASM International N.V. 29,325 684,739 Axcelis Technologies, Inc.* 166,525 789,328 BE Semiconductor Industries N.V.* 315,768 1,464,658 International Rectifier Corp.* 14,350 466,662 Qimonda AG ADR* 44,525 326,814 Silicon Storage Technology, Inc.* 329,275 935,141 Shares Value ---------- ----------- Zilog, Inc.* 135,400 $ 426,510 ----------- 5,568,198 ----------- SOFTWARE -- 3.1% Take-Two Interactive Software, Inc.* 179,900 2,694,902 ----------- SPECIALTY RETAIL -- 1.4% AC Moore Arts & Crafts, Inc.* 11,486 182,283 Chico's FAS, Inc.* 55,725 630,250 Foot Locker, Inc. 8,200 107,010 Stein Mart, Inc. 56,950 308,669 ----------- 1,228,212 ----------- TEXTILES, APPAREL & LUXURY GOODS -- 0.8% Barry (R.G.) Corp.* 92,850 674,091 ----------- THRIFTS & MORTGAGE FINANCE -- 5.3% First Niagara Financial Group, Inc. 92,650 1,151,639 FirstFed Financial Corp.* 44,450 1,556,639 Flagstar Bancorp, Inc. 21,900 137,970 PMI Group, Inc. (The) 83,050 1,098,751 Washington Federal, Inc. 26,050 611,394 ----------- 4,556,393 ----------- TOTAL DOMESTIC COMMON STOCKS (Cost $77,475,813) 72,987,168 ----------- MEXICAN COMMON STOCKS -- 0.0% MEDIA -- 0.0% TV Azteca, S.A. de C.V. 11,425 6,442 ----------- WIRELESS TELECOMMUNICATION SERVICES -- 0.0% Grupo Iusacell S.A. de C.V.* 1 8 ----------- TOTAL MEXICAN COMMON STOCKS (Cost $4,169) 6,450 ----------- Shares Value ---------- ----------- EXCHANGE TRADED FUND -- 3.6% FINANCE -- 3.6% iShares Russell 2000 Value Index Fund 42,900 3,080,220 ----------- TOTAL EXCHANGE TRADED FUND (Cost $3,042,545) 3,080,220 ----------- Par (000) Value ---------- ----------- CORPORATE BONDS -- 0.4% HEALTH CARE EQUIPMENT & SUPPLIES -- 0.3% Advanced Medical Optics, Inc. 3.25%, 08/01/26 $ 362 290,958 ----------- TOTAL CORPORATE BONDS (Cost $299,506) 290,958 ----------- 2 SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2007 (UNAUDITED) Shares Value ---------- ----------- TEMPORARY INVESTMENT -- 10.7% PNC Bank Money Market Account 9,202,952 $ 9,202,952 ----------- TOTAL TEMPORARY INVESTMENT (Cost $9,202,952) 9,202,952 ----------- TOTAL INVESTMENTS -- 99.6% (Cost $90,024,985)** 85,567,748 OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.4% 374,983 ----------- NET ASSETS -- 100.0% $85,942,731 =========== ADR -- American Depository Receipt * Non-incoming 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 $ 90,024,985 ------------ Gross appreciation $ 9,879,480 Gross depreciation (14,336,717) ------------ Net unrealized depreciation $ (4,457,237) ============ For information regarding the Fund's policy for 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, 2007 (UNAUDITED) Shares Value ---------- ------------ DOMESTIC COMMON STOCKS -- 86.6% AEROSPACE & DEFENSE -- 1.8% Boeing Co. 59,975 $ 5,550,087 ------------ AUTO COMPONENTS -- 0.5% Visteon Corp.* 338,775 1,490,610 ------------ CHEMICALS -- 0.7% Chemtura Corp. 550 4,125 Cytec Industries, Inc. 35,625 2,185,238 ------------ 2,189,363 ------------ COMMERCIAL BANKS -- 2.3% Wachovia Corp. 169,450 7,286,350 ------------ COMMUNICATION EQUIPMENT -- 0.8% Motorola, Inc. 158,625 2,533,241 ------------ COMPUTERS & PERIPHERALS -- 3.6% Dell, Inc.* 453,553 11,130,191 ------------ DIVERSIFIED FINANCIAL SERVICES -- 2.4% Citigroup, Inc. 221,575 7,378,447 ------------ ELECTRIC UTILITIES -- 5.0% Reliant Energy, Inc.* 598,400 15,582,336 ------------ ELECTRONIC EQUIPMENT & INSTRUMENTS -- 4.7% AU Optronics Corp. -- ADR 637,201 12,482,767 Celestica, Inc.* 357,563 2,098,895 ------------ 14,581,662 ------------ FOOD PRODUCTS -- 0.8% Smithfield Foods, Inc.* 721 21,666 Tyson Foods, Inc., Class A 157,292 2,345,224 ------------ 2,366,890 ------------ HEALTH CARE EQUIPMENT & SUPPLIES -- 1.3% Boston Scientific Corp.* 194,075 2,451,167 Covidien, Ltd. 38,868 1,558,996 ------------ 4,010,163 ------------ HEALTH CARE PROVIDERS & SERVICE -- 2.0% Omnicare, Inc. 247,650 6,310,122 ------------ HOTELS RESTAURANTS & LEISURE -- 0.9% Carnival Corp. 65,600 2,959,872 ------------ HOUSEHOLD DURABLES -- 3.0% Centex Corp. 271,565 5,664,846 NVR, Inc.* 7,600 3,739,200 Pulte Homes, Inc. 8,880 90,753 ------------ 9,494,799 ------------ INSURANCE -- 5.8% Fidelity National Financial, Inc., Class A 149,630 2,337,221 First American Corp. 58,168 1,988,182 Genworth Financial, Inc., Class A 288,625 7,573,520 Shares Value ---------- ------------ RenaissanceRe Holdings, Ltd. 74,100 $ 4,380,051 Unum Group 74,775 1,857,411 ------------ 18,136,385 ------------ IT SERVICES -- 0.9% BearingPoint, Inc.* 765,228 2,793,082 ------------ MACHINERY -- 5.4% Navistar International Corp.* 326,775 16,975,961 ------------ MEDIA -- 5.1% Liberty Media Corp. - Capital Series A* 55,381 6,593,662 XM Satellite Radio Holdings, Inc., Class A* 601,550 9,384,180 ------------ 15,977,842 ------------ OIL, GAS & CONSUMABLE FUELS -- 16.3% Arch Coal, Inc. 493,525 18,684,856 Cameco Corp. 85,825 3,550,580 Consol Energy, Inc. 409,775 24,291,462 Massey Energy Co. 130,568 4,432,784 ------------ 50,959,682 ------------ REAL ESTATE INVESTMENT TRUSTS -- 8.8% Annaly Capital Management, Inc. 1,309,738 22,540,591 iStar Financial, Inc. 26,250 768,337 Redwood Trust, Inc. 137,813 4,207,431 ------------ 27,516,359 ------------ ROAD & RAIL -- 1.9% CSX Corp. 81,550 3,425,100 J.B. Hunt Transport Services, Inc. 98,200 2,581,678 ------------ 6,006,778 ------------ SEMICONDUCTORS -- 2.0% International Rectifier Corp.* 138,475 4,503,207 Qimonda AG -- ADR* 241,550 1,772,977 ------------ 6,276,184 ------------ SPECIALTY RETAIL -- 0.7% Chico's FAS, Inc.* 97,800 1,106,118 Staples, Inc. 43,725 1,036,283 ------------ 2,142,401 ------------ THRIFTS & MORTGAGE FINANCE -- 9.1% Federal National Mortgage Association 272,650 10,475,213 Freddie Mac 462,701 16,226,924 PMI Group, Inc. (The) 119,100 1,575,693 ------------ 28,277,830 ------------ WIRELESS TELECOMMUNICATION SERVICES -- 0.8% Sprint Nextel Corp. 171,250 2,657,802 ------------ TOTAL DOMESTIC COMMON STOCKS (Cost $251,562,853) 270,584,439 ------------ 1 SCHNEIDER VALUE FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2007 (UNAUDITED) Shares Value ---------- ------------ CANADIAN COMMON STOCKS -- 2.2% AEROSPACE & DEFENSE -- 2.2% Bombardier, Inc., Class B* 1,133,475 $ 6,860,268 ------------ TOTAL CANADIAN COMMON STOCK (Cost $3,792,119) 6,860,268 ------------ PREFERRED STOCKS -- 0.0% SAVINGS & LOAN ASSOCIATIONS -- 0.0% Washington Mutual Capital Trust 2001 250 8,625 ------------ TOTAL PREFERRED STOCKS (Cost $8,034) 8,625 ------------ EXCHANGE TRADED FUND -- 2.3% FINANCE -- 2.3% iShares Russell 1000 Value Index Fund 90,025 7,361,344 ------------ TOTAL EXCHANGE TRADED FUND (Cost $7,234,854) 7,361,344 ------------ TEMPORARY INVESTMENT -- 7.9% PNC Bank Money Market Account 24,621,050 24,621,050 ------------ TOTAL TEMPORARY INVESTMENT (Cost $24,621,050) 24,621,050 ------------ TOTAL INVESTMENTS -- 99.0% (Cost $287,218,910)** 309,435,726 ------------ OTHER ASSETS IN EXCESS OF LIABLITIES -- 1.0% 2,993,748 ------------ NET ASSETS -- 100.0% $312,429,474 ============ 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 $287,218,910 ------------ Gross unrealized appreciation $ 51,160,508 Gross unrealized depreciation (28,943,692) ------------ Net unrealized appreciation $ 22,216,816 ============ For information regarding the Fund's policy for 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, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ COMMON STOCKS--97.5% BASIC INDUSTRY--2.0% Brush Engineered Materials, Inc.* 16,200 $ 724,626 General Steel Holdings, Inc.* 50,900 505,946 ICO, Inc.* 157,800 1,712,130 Methanex Corp. 92,100 2,740,896 Zep, Inc.* 20,400 267,852 ------------ 5,951,450 ------------ CONSUMER CYCLICAL--10.4% Bidz.com, Inc.* 37,800 435,456 Brown Shoe Co., Inc. 90,100 1,528,997 Buckle, Inc. (The) 24,700 872,157 Callaway Golf Co. 118,600 2,023,316 Casey's General Stores, Inc. 52,100 1,510,900 Cooper Tire & Rubber Co. 118,700 1,825,606 FTD Group, Inc. 131,200 1,758,080 G & K Services, Inc., Class A 32,000 1,301,440 Gmarket, Inc. - ADR* 101,500 2,356,830 Interstate Hotels & Resorts, Inc.* 379,700 1,773,199 J. Crew Group, Inc.* 18,800 903,340 Jack in the Box, Inc.* 18,700 560,065 Longs Drug Stores Corp. 10,800 571,536 Mesa Air Group, Inc.* 427,800 1,617,084 Monarch Casino & Resort, Inc.* 54,300 1,388,994 Netflix, Inc.* 52,900 1,221,990 Pantry, Inc., (The)* 31,600 909,764 PC Connection, Inc.* 158,800 2,031,052 PC Mall, Inc.* 26,200 284,794 Polaris Industries, Inc. 35,400 1,612,824 Rush Enterprises, Inc., Class A* 127,200 2,004,672 Town Sports International Holdings, Inc.* 78,900 796,890 United Stationers, Inc.* 37,600 1,904,816 ------------ 31,193,802 ------------ CONSUMER GROWTH--18.4% Air Methods Corp.* 8,000 421,200 AMERIGROUP Corp.* 66,300 2,278,731 Apria Healthcare Group, Inc.* 74,900 1,623,083 Aspreva Pharmaceuticals Corp.* 72,500 1,866,875 Axcan Pharma, Inc.* 122,500 2,766,050 Capella Education Co.* 44,800 3,154,816 Centene Corp.* 106,700 2,667,500 Chemed Corp. 44,700 2,420,505 NUMBER OF SHARES VALUE ----------- ------------ CONSUMER GROWTH--(CONTINUED) Chindex International, Inc.* 17,300 $ 580,934 Conmed Corp.* 78,400 1,950,592 Cubist Pharmaceuticals, Inc.* 97,200 2,064,528 Cutera, Inc.* 28,100 425,434 Cynosure, Inc., Class A* 71,400 2,119,866 Elizabeth Arden, Inc.* 43,900 1,054,917 Flowers Foods, Inc. 77,800 1,807,294 Greatbatch, Inc.* 20,600 423,948 Healthspring, Inc.* 103,200 1,950,480 Herbalife Ltd. 62,400 2,612,688 Imperial Sugar Co. 69,600 1,588,272 Kinetic Concepts, Inc.* 25,000 1,466,000 Medcath Corp.* 82,000 2,084,440 Medtox Scientific, Inc.* 85,800 1,560,702 Molina Healthcare, Inc.* 34,200 1,282,158 NBTY, Inc.* 65,700 1,962,459 Pall Corp. 53,900 2,061,675 PerkinElmer, Inc. 74,300 2,026,904 Synovis Life Technologies, Inc.* 99,900 1,879,119 WellCare Health Plans, Inc.* 37,800 1,470,798 West Pharmaceutical Services, Inc. 3,600 135,252 Wimm Bill Dann Foods OJSC - ADR 22,700 2,600,739 Winn-Dixie Stores, Inc.* 91,800 1,735,938 Zoll Medical Corp.* 39,800 926,544 ------------ 54,970,441 ------------ ENERGY--1.4% Aventine Renewable Energy Holdings, Inc.* 63,200 622,520 Core Laboratories N.V.* 5,700 668,325 Dawson Geophysical Co.* 33,400 2,238,468 Delek US Holdings, Inc. 36,300 669,372 ------------ 4,198,685 ------------ FINANCIAL--17.9% Allied World Assurance Holdings Ltd. 51,300 2,374,164 Amerisafe, Inc.* 155,900 2,379,034 Amtrust Financial Services, Inc. 162,900 2,068,830 Arch Capital Group Ltd.* 41,500 2,895,870 Assured Guaranty Ltd. 86,200 1,945,534 Boston Private Financial Holdings, Inc. 83,500 2,299,590 1 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ FINANCIAL--(CONTINUED) Calamos Asset Management, Inc., Class A 104,200 $ 3,085,362 CNA Surety Corp.* 84,300 1,739,109 Cohen & Steers, Inc. 26,400 748,968 Evercore Partners, Inc., Class A 84,500 1,771,965 EZCORP, Inc., Class A* 153,700 1,930,472 FCStone Group, Inc.* 49,800 2,102,058 Greenhill & Co., Inc. 39,000 2,819,310 Hanover Insurance Group, Inc. 33,900 1,528,890 Heartland Payment Systems, Inc. 61,900 1,998,132 Interactive Data Corp. 94,600 2,954,358 Labranche & Co., Inc.* 198,000 1,051,380 Navigators Group, Inc.* 29,800 1,749,260 Nelnet, Inc., Class A 28,100 387,499 Odyssey Re Holdings Corp. 45,300 1,745,862 Penson Worldwide, Inc.* 138,100 2,117,073 Philadelphia Consolidated Holding Corp.* 52,600 2,239,708 Phoenix Cos, Inc., (The) 39,600 475,992 Prospect Capital Corp. 44,300 621,086 Reinsurance Group of America, Inc. 47,800 2,586,458 Safety Insurance Group, Inc. 64,500 2,354,895 SeaBright Insurance Holdings, Inc.* 48,700 755,337 Security Capital Assurance Ltd. 144,000 1,019,520 United America Indemnity Ltd., Class A* 80,400 1,591,920 ------------ 53,337,636 ------------ INDUSTRIAL--17.8% Acuity Brands, Inc. 40,800 1,611,192 American Railcar Industries, Inc. 81,800 1,258,084 AZZ, Inc.* 78,000 2,088,840 Consolidated Graphics, Inc.* 10,900 563,857 CRA International, Inc.* 41,000 1,896,660 Cubic Corp. 71,400 2,818,872 Darling International, Inc.* 132,400 1,357,100 Encore Wire Corp. 81,500 1,393,650 EnerSys* 57,100 1,328,717 Gardner Denver, Inc.* 65,100 2,155,461 Global Industries Ltd.* 101,900 2,259,123 H&E Equipment Services, Inc.* 23,300 402,391 Herman Miller, Inc. 83,400 2,289,330 NUMBER OF SHARES VALUE ----------- ------------ INDUSTRIAL--(CONTINUED) HNI Corp. 56,500 $ 2,063,945 ICF International, Inc.* 105,000 2,714,250 Intevac, Inc.* 28,500 447,450 L.B. Foster Co., Class A* 53,100 2,432,511 Michael Baker Corp. 42,400 1,481,032 Mueller Industries, Inc. 67,900 2,052,617 Pacer International, Inc. 126,700 1,743,392 PeopleSupport, Inc.* 136,800 1,922,040 Perini Corp.* 41,800 2,223,342 Robbins & Myers, Inc. 60,000 4,110,000 Rollins, Inc. 13,500 397,440 Source Interlink Cos, Inc.* 100,600 202,206 Steelcase, Inc., Class A 111,500 1,686,995 Sun Hydraulics Corp. 70,100 2,036,405 TeleTech Holdings, Inc.* 56,400 1,168,044 Thomas & Betts Corp.* 44,400 2,413,584 TransDigm Group, Inc.* 18,400 877,312 Waste Industries USA, Inc. 52,400 1,771,120 ------------ 53,166,962 ------------ TECHNOLOGY--29.6% Actuate Corp.* 220,500 1,669,185 Alvarion Ltd.* 183,600 1,790,100 Amkor Technology, Inc.* 135,800 1,118,992 Analogic Corp. 5,800 312,156 Aspen Technology, Inc.* 191,300 3,244,448 Audible, Inc.* 105,000 1,210,650 Avici Systems, Inc. 207,400 1,540,982 C-COR, Inc.* 152,100 1,867,788 Ceragon Networks Ltd.* 214,200 2,767,464 Checkpoint Systems, Inc.* 19,000 451,440 Chordiant Software, Inc.* 171,500 1,720,145 ClickSoftware Technologies Ltd.* 213,300 934,254 COMSYS IT Partners, Inc.* 129,000 1,722,150 Credence Systems Corp.* 382,444 784,010 Double-Take Software, Inc.* 84,100 2,085,680 Genesis Microchip, Inc.* 302,000 1,522,080 GigaMedia Ltd.* 172,100 3,244,085 Global Sources Ltd.* 92,680 2,820,252 Globecomm Systems, Inc.* 134,600 1,514,250 Greenfield Online, Inc.* 97,000 1,458,880 Interwoven, Inc.* 36,600 449,448 2 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ TECHNOLOGY--(CONTINUED) JDA Software Group, Inc.* 96,000 $ 2,010,240 LoopNet, Inc.* 86,300 1,325,568 Mattson Technology, Inc.* 70,600 581,744 Mellanox Technologies Ltd.* 100,900 1,789,966 MicroStrategy, Inc., Class A* 20,000 2,017,000 Move, Inc.* 623,070 1,464,215 Network Equipment Technologies, Inc.* 155,000 1,928,200 Novell, Inc.* 213,500 1,498,770 Omnicell, Inc.* 40,800 1,075,896 Plantronics, Inc. 71,100 1,909,035 QLogic Corp.* 149,100 2,015,832 Quidel Corp.* 137,000 2,589,300 Radiant Systems, Inc.* 82,700 1,320,719 RF Micro Devices, Inc.* 243,700 1,408,586 S1 Corp.* 298,200 2,212,644 Sapient Corp.* 224,900 1,628,276 Shanda Interactive Entertainment Ltd. - ADR* 91,500 3,354,390 Shutterfly, Inc.* 35,200 1,002,848 Sierra Wireless, Inc.* 126,800 2,040,212 SonicWALL, Inc.* 230,200 2,329,624 Spansion, Inc., Class A* 141,200 754,008 SPSS, Inc.* 57,400 2,074,436 Switch & Data Facilities Co., Inc.* 38,400 729,216 Synchronoss Technologies, Inc.* 74,600 2,455,832 Taleo Corp., Class A* 65,800 1,857,534 Tessera Technologies, Inc.* 46,600 1,799,692 TriZetto Group, Inc., (The)* 114,800 1,771,364 ValueClick, Inc.* 26,600 628,824 Verigy Ltd.* 99,700 2,525,401 Vignette Corp.* 112,100 1,724,098 Zoran Corp.* 113,900 2,485,298 ------------ 88,537,207 ------------ TOTAL COMMON STOCKS (Cost $290,768,549) 291,356,183 ------------ EXCHANGE TRADED FUNDS--1.8% MISCELLANEOUS--1.8% iShares Russell 2000 Index Fund 71,300 5,460,154 ------------ TOTAL EXCHANGE TRADED FUNDS (Cost $5,814,960) 5,460,154 ------------ NUMBER OF SHARES VALUE ----------- ------------ SHORT TERM INVESTMENTS--0.9% Columbia Prime Reserves Fund 4.91% 12/03/07 2,810,607 $ 2,810,607 ------------ TOTAL SHORT TERM INVESTMENTS (Cost $2,810,607) 2,810,607 ------------ TOTAL INVESTMENTS--100.2% (Cost $299,394,116)** 299,626,944 ------------ LIABILITIES IN EXCESS OF OTHER ASSETS--(0.2)% (689,554) ------------ NET ASSETS--100.0% $298,937,390 ============ 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 $299,394,116 ------------ Gross unrealized appreciation $ 30,488,375 Gross unrealized depreciation (30,255,547) ------------ Net unrealized appreciation $ 232,828 ============ For information regarding the Fund's policy for 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 BEAR STEARNS CUFS MLP MORTGAGE PORTFOLIO Portfolio of Investments NOVEMBER 30, 2007 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE --------------- ---------- ------------ GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS--34.1% FEDERAL HOME LOAN MORTGAGE CORPORATION--12.7% 5.938% 08/01/36 (a) Aaa/AAA $ 7,775 $ 7,901,284 5.969% 09/01/36 (a) Aaa/AAA 3,822 3,886,481 5.870% 11/01/36 (a) Aaa/AAA 3,662 3,719,008 5.826% 08/01/37 (a) Aaa/AAA 4,978 5,044,408 ------------ 20,551,181 ------------ FEDERAL NATIONAL MORTGAGE ASSOCIATION--21.4% 6.055% 10/01/36 (a) Aaa/AAA 3,361 3,429,051 6.095% 10/01/36 (a) Aaa/AAA 1,795 1,833,874 5.500% 12/01/36 Aaa/AAA 14,098 14,140,301 5.865% 12/01/36 (a) Aaa/AAA 1,889 1,923,859 5.556% 09/01/37 (a) Aaa/AAA 2,944 2,979,590 6.000% 12/07/37 TBA Aaa/AAA 10,000 10,162,500 ------------ 34,469,175 ------------ TOTAL GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS (Cost $54,328,625) 55,020,356 ------------ MORTGAGE DERIVATIVES--14.2% FANNIE MAE (IO)--11.0% 4.500% 12/01/18 Aaa/AAA 8,406 1,249,558 4.500% 01/01/19 Aaa/AAA 8,405 1,252,506 4.500% 03/01/20 Aaa/AAA 3,132 467,961 4.500% 03/01/20 Aaa/AAA 3,198 485,872 5.000% 10/01/33 Aaa/AAA 11,235 2,646,549 5.500% 04/01/36 Aaa/AAA 8,454 1,924,121 5.500% 05/25/23 Aaa/AAA 1,640 474,448 5.500% 07/25/28 Aaa/AAA 33,001 2,330,762 5.500% 04/01/36 Aaa/AAA 14,324 3,248,628 5.000% 12/01/33 Aaa/AAA 3,515 648,191 5.000% 12/01/33 (a) Aaa/AAA 2,087 373,294 5.000% 08/01/34 Aaa/AAA 3,469 856,066 6.000% 08/01/36 Aaa/AAA 8,554 1,729,876 ------------ 17,687,832 ------------ FANNIE MAE (PO)--0.6% 0.000% 06/25/36 Aaa/AAA 1,392 921,542 ------------ FREDDIE MAC (IO)--0.6% 5.500% 05/15/24 Aaa/AAA 6,225 259,062 5.500% 12/15/24 Aaa/AAA 3,277 150,427 MOODY'S / S&P PAR (000'S) VALUE --------------- ---------- ------------ 5.000% 07/15/23 Aaa/AAA $ 9,486 $ 280,896 5.500% 07/15/16 Aaa/AAA 1,293 200,395 ------------ 890,780 ------------ FREDDIE MAC (PO)--1.0% 0.000% 09/15/35 Aaa/AAA 1,193 754,826 0.000% 09/15/36 Aaa/AAA 1,372 912,316 ------------ 1,667,142 ------------ NON-AGENCY--1.0% CWALT Series 2006-43CB IO 6.000% 02/25/37 Aaa/AAA 1,677 1,685,054 ------------ TOTAL MORTGAGE DERIVATIVES (Cost $23,390,469) 22,852,350 ------------ COLLATERALIZED MORTGAGE OBLIGATIONS--51.8% Banc of America Mortgage Securities, Inc. Series 2005-H (a) 4.802% 09/25/35 Aaa/AAA 2,000 1,966,215 Banc of America Mortgage Securities, Inc. Series 2007-3 6.000% 09/25/37 Aaa/AAA 4,924 4,942,104 Citigroup Mortgage Loan Trust, Inc. Series 2007-AR8 (a) * 5.925% 07/25/37 Aaa/AAA 4,812 4,814,857 Countrywide Asset-Backed Certificates Series 2004-AB2 (a) 5.389% 05/25/36 Aa3/AA 500 441,013 Countrywide Home Loan Mortgage Pass Through Trust Series 2007-HY1 (a) 5.695% 04/25/37 Aaa/AAA 2,728 2,689,229 1 BEAR STEARNS CUFS MLP MORTGAGE PORTFOLIO Portfolio of Investments (Continued) NOVEMBER 30, 2007 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE --------------- ---------- ------------ CWALT Series 2003-3 (a) 5.373% 04/25/18 Aaa/AAA $ 1,537 $ 1,538,466 CWALT Series 2006-2CB 5.500% 03/25/36 Aaa/AAA 870 865,425 CWALT Series 2006-43CB 0.000% 02/25/37 Aaa/AAA 5,113 1,545,687 CWALT Series 2006-HY13 (a) 5.903% 02/25/37 Aaa/AAA 12,340 12,086,316 CWALT Series 2006-J2 6.000% 04/25/36 Aaa/AAA 8,561 8,586,273 CWALT Series 2007-2CB 5.750% 03/25/37 Aaa/AAA 5,383 5,334,686 CWALT Series 2007-J2 6.000% 07/25/37 Aaa/AAA 1,938 1,952,820 Fannie Mae REMICS Series 2005-25 (a) 5.133% 04/25/35 Aaa/AAA 2,450 2,417,485 First Horizon Asset Securities, Inc. Series 2006-AR1 (a) 5.858% 05/25/36 Aaa/AAA 4,256 4,233,773 Freddie Mac REMIC Series 2995 (a) 5.052% 06/15/35 Aaa/AAA 2,287 2,271,351 JP Morgan Mortgage Trust Series 2005-A4 (a) 5.177% 07/25/35 Aaa/AAA 1,384 1,362,171 JP Morgan Mortgage Trust Series 2005-A6 (a) 4.974% 08/25/35 Aaa/AAA 912 905,748 Residential Asset Securitiation Trust Series 2007-A5 6.000% 05/25/37 Aaa/AAA 1,826 1,826,739 MOODY'S / S&P PAR (000'S) VALUE --------------- ---------- ------------ Residential Funding Mortgage Securities I Series 2006-SA4 (a) 6.120% 11/25/36 Aaa/AAA $ 7,996 $ 8,062,285 Residential Funding Mortgage Securities I Series 2007-SA2 * (a) 5.677% 04/25/37 Aa1/AAA 4,646 4,511,387 Washington Mutual, Inc. Series 2007-HY3 (a) 5.349% 03/25/37 Aaa/AA 1,652 1,562,021 Washington Mutual, Inc. Series 2007-HY4 (a) 5.556% 04/25/37 Aaa/AAA 4,504 4,475,629 Wells Fargo Morgage Backed Securities Trust Series 2006-AR16 IO 0.450% 10/25/36 Aaa/AAA 51,062 424,836 Wells Fargo Mortgage Backed Securities Trust Series 2007-10 6.250% 07/25/37 Aaa/AAA 4,661 4,732,522 ------------ TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $84,167,533) 83,549,038 ------------ CONTRACTS/ NOTIONAL AMOUNT (000) VALUE ------------ ------------ OPTIONS PURCHASED--0.3% CALL OPTIONS--0.3% U.S. Treasury Note, 10 Year 283 496,875 ------------ TOTAL OPTIONS PURCHASED (Cost $282,225) 496,875 ------------ 2 BEAR STEARNS CUFS MLP MORTGAGE PORTFOLIO Portfolio of Investments (Continued) NOVEMBER 30, 2007 (UNAUDITED) PAR (000'S) VALUE --------- ------------ SHORT TERM OBLIGATIONS--6.1% GOVERNMENT AGENCIES--0.1% Federal Farm Credit Bank 4.344% 12/03/07 $ 60 $ 60,000 Federal Farm Credit Bank (c) 4.345% 12/03/07 60 60,000 Federal Home Loan Bank (c) 4.333% 12/05/07 20 19,995 ------------ 139,995 ------------ REPURCHASE AGREEMENT--6.0% Lehman Brothers, Inc. (Tri Party Agreement dated 11/30/07 to be repurchased at $9,603,200, collateralized by $9,600,000 par value, Federal National Mortgage Association, 5.931%, due 06/05/17, Market Value of collateral is $9,659,131) 4.000% 12/03/07 9,600 $ 9,600,000 ------------ TOTAL SHORT TERM OBLIGATIONS (Cost $9,739,995) 9,739,995 ------------ SECURITIES SOLD SHORT--(6.8%) FEDERAL NATIONAL MORTGAGE ASSOCIATION--(6.8%) 5.500% 12/07/37 TBA (11,000) (11,017,182) ------------ TOTAL SECURITIES SOLD SHORT (Cost $(10,809,805)) (11,017,182) ------------ TOTAL INVESTMENTS--99.7% (COST $161,099,042**) 160,641,432 OTHER ASSETS IN EXCESS OF LIABILITIES(b)--0.3% 531,200 ------------ NET ASSETS--100.0% $161,172,632 ============ CWALT --Countrywide Alternative Loan Trust IO --Interest Only TBA --To Be Announced (a) --Adjustable rate security. (b) Other assets in excess of liabilities include interest rate swaps as follows: Notional Unrealized Termination Amount Fixed Floating Appreciation Counterparty Date (000) Rate Rate (Depreciation) ------------ ---- ---- ---- ----- ------------- Deutsche Bank 12/14/09 $25,000 4.550% 3 month $(313,038) LIBOR Deutsche Bank 12/14/12 $20,000 4.735% 3 month $(489,171) LIBOR (c) All or a portion of the security held as collateral for the following Futures contracts open at November 30, 2007: Number Expir- Value Value Unrealized of ation at Trade at Appreciation Contracts Type Month Date 5/31/2007 (Depreciation) ----------- ------- ------- ---- --------- -------------- Long Positions: 465 U.S. Treasury 10 Year Note 03/2008 $52,993,348 $52,639,453 $(353,895) Short Positions: (77) U.S. Treasury 2 Year Note 03/2008 ($16,229,907) ($16,178,422) 51,485 (163) U.S. Treasury 5 Year Note 03/2008 ($17,391,957) ($17,991,125) (599,168) --------- $(901,578) ========= * -- Security has been valued at fair market value as determined in good faith by or under the direction of RBB's Board of Directors. ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the portfolio, as computed on a federal income tax basis are as follows: Aggregate cost $161,099,042 ------------ Gross unrealized appreciation $ 1,633,926 Gross unrealized depreciation (2,091,536) ------------ Net unrealized depreciation $ (457,610) ============ For information regarding the Porfolio's policy for valuation of investments and other significant accounting policies, please refer to the Portfolio's most recent financial statements as contained in its annual report. 3 BEAR STEARNS ENHANCED INCOME FUND Portfolio of Investments NOVEMBER 30, 2007 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE --------------- ---------- ------------ GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS--10.7% FEDERAL HOME LOAN MORTGAGE CORPORATION--5.1% 5.750% 07/15/11 Aaa/AAA $ 1,080 $ 1,081,838 3.000% 03/15/20 Aaa/AAA 546 544,055 2.500% 06/15/22 Aaa/AAA 953 946,888 ------------ 2,572,781 ------------ FEDERAL NATIONAL MORTGAGE ASSOCIATION--5.2% 5.000% 12/25/25 Aaa/AAA 362 361,153 4.733% 09/01/35 (a) Aaa/AAA 2,295 2,309,929 ------------ 2,671,082 ------------ GOVERNMENT NATIONAL MORTGAGE ASSOCIATION--0.4% 3.000% 07/20/25 Aaa/AAA 205 204,369 ------------ TOTAL GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS (Cost $5,415,300) 5,448,232 ------------ NON-GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES--19.2% Countrywide Home Loan Mortgage Pass Through Trust Series 2003-HYB1 (a) 3.828% 05/19/33 Aaa/AAA 1,558 1,554,650 Merrill Lynch Mortgage Investors, Inc. Series 2005-A8 (a) 5.250% 08/25/36 Aaa/AAA 1,593 1,594,335 Residential Asset Securitization Trust Series 2007-A5 (a) 5.531% 05/25/37 Aaa/AAA 3,437 3,392,290 Structured Asset Securities Corp. Series 2003-34A (a) 7.490% 11/25/33 Aaa/AAA 588 600,066 Structured Asset Securities Corp. Series 2005-6 5.000% 05/25/35 Aaa/AAA 1,684 1,682,116 MOODY'S / S&P PAR (000'S) VALUE --------------- ---------- ------------ Washington Mutual, Inc. Series 2002-S8 4.500% 01/25/18 Aaa/AAA $ 921 $ 918,101 ------------ TOTAL NON-GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $9,760,566) 9,741,558 ------------ COMMERCIAL MORTGAGE-BACKED SECURITIES--2.9% JP Morgan Chase Commercial Mortgage Securities Corp. Series 2005-CB13 (a) 5.666% 01/12/43 Aaa/AAA 900 883,624 LB-UBS Commercial Mortgage Trust Series 2003-C3 2.599% 05/15/27 Aaa/AAA 571 567,674 ------------ TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $1,469,137) 1,451,298 ------------ GOVERNMENT AGENCY OBLIGATIONS--4.9% FEDERAL HOME LOAN BANKS--4.9% 5.400% 03/27/09 Aaa/AAA 1,000 1,000,994 3.000% 04/15/09 Aaa/AAA 1,500 1,484,818 ------------ 2,485,812 ------------ TOTAL GOVERNMENT AGENCY OBLIGATIONS (Cost $2,475,340) 2,485,812 ------------ ASSET BACKED SECURITIES--16.0% Ameriquest Mortgage Securities, Inc. Series 2005-R3 (a) 4.989% 05/25/35 Aaa/AAA 1,531 1,500,323 Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (a) 5.039% 02/25/35 Aaa/AAA 1,778 1,742,384 1 BEAR STEARNS ENHANCED INCOME FUND Portfolio of Investments (Continued) NOVEMBER 30, 2007 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE --------------- ---------- ------------ Countrywide Asset-Backed Certificates Series 2004-15 (a) 4.025% 01/25/31 Aaa/AAA $ 297 $ 295,493 Fieldstone Mortgage Investment Corp. Series 2006-1 (a) 4.869% 05/25/36 Aaa/AAA 1,045 1,030,561 Long Beach Mortgage Loan Trust Series 2005-WL2 (a) 5.311% 08/25/35 Aaa/AAA 1,622 1,590,681 Long Beach Mortgage Loan Trust Series 2006-2 (a) 4.859% 03/25/36 Aaa/AAA 299 298,552 People's Choice Home Loan Securities Trust Series 2005-3 (a) 5.401% 08/25/35 Aaa/AAA 1,658 1,648,546 ------------ TOTAL ASSET BACKED SECURITIES (Cost $8,229,389) 8,106,540 ------------ CORPORATE BONDS--35.8% BANKS--3.9% Bank of America Corp. (a) 5.360% 06/19/09 Aa1/AA 1,000 996,225 Wachovia Corp. (a) 5.034% 10/28/08 Aa3/AA- 1,000 996,732 ------------ 1,992,957 ------------ DIVERSIFIED FINANCIAL SERVICES--24.0% American Honda Finance Corp. (a) 144A 5.784% 03/09/09 Aa3/A+ 2,000 1,998,978 CIT Group, Inc. (a) 5.570% 02/21/08 A2/A 2,300 2,275,891 General Electric Capital Corp. (a) 5.044% 02/02/09 Aaa/AAA 2,000 1,998,100 MOODY'S / S&P PAR (000'S) VALUE --------------- ---------- ------------ IBM International Group Capital LLC (a) 4.959% 02/13/09 A1/A+ $ 1,000 $ 998,443 Lehman Brothers Holdings, Inc. (a) 5.320% 04/03/09 A1/A+ 2,000 1,963,796 Morgan Stanley (a) 5.006% 02/09/09 Aa3/AA- 2,000 1,991,126 SLM Corp. 144A (a) 5.784% 03/16/09 A2/BBB+ 1,000 937,539 ------------ 12,163,873 ------------ ELECTRIC--4.0% FPL Group Capital, Inc. 5.551% 02/16/08 A2/A- 2,000 2,000,994 ------------ TELECOMMUNICATIONS--3.9% AT&T, Inc. (a) 5.648% 05/15/08 Ba1/BBB- 2,000 1,996,352 ------------ TOTAL CORPORATE BONDS (Cost $18,302,560) 18,154,176 ------------ MUNICIPAL BONDS--2.9% Alabama Power Co. 3.125% 05/01/08 A2/A 1,500 1,488,086 ------------ TOTAL MUNICIPAL BONDS (Cost $1,486,036) 1,488,086 ------------ SHORT TERM OBLIGATIONS--7.5% COMMERCIAL PAPER--7.1% Ebbets Fundings LLC 5.300% 12/05/07 B1/B+ 1,800 1,799,470 UBS Finance 4.430% 12/14/07 B3/B- 1,800 1,797,563 ------------ 3,597,033 ------------ NUMBER OF SHARES VALUE ----------- ------------ INVESTMENT COMPANY--0.4% PNC Bank Money Market 219,000 219,105 ------------ TOTAL SHORT TERM OBLIGATIONS (Cost $3,816,138) 3,816,138 ------------ 2 BEAR STEARNS ENHANCED INCOME FUND Portfolio of Investments (Continued) NOVEMBER 30, 2007 (UNAUDITED) VALUE ------------ TOTAL INVESTMENTS--99.9% (COST $50,954,466)* $ 50,691,840 OTHER ASSETS IN EXCESS OF LIABILITIES--0.1% 58,287 ------------ NET ASSETS--100.0% $ 50,750,127 ============ (a) Adjustable rate security. 144A -- Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. * The cost and unrealized appreciation and depreciation in the value of the investments owned by the portfolio, as computed on a federal income tax basis are as follows: Aggregate cost $50,954,466 ----------- Gross unrealized appreciation $ 89,920 Gross unrealized depreciation (352,546) ----------- Net unrealized depreciation $ (262,626) =========== For information regarding the Porfolio's policy for valuation of investments and other significant accounting policies, please refer to the Portfolio's most recent financial statements as contained in its annual report. 3 MARVIN & PALMER LARGE CAP GROWTH FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2007 (UNAUDITED) Shares Value -------- ---------- DOMESTIC COMMON STOCKS -- 96.5% CAPITAL GOODS -- 24.1% Deere & Co. 4,760 $ 817,768 Emerson Electric Co. 3,100 176,762 First Solar, Inc.* 1,700 403,155 Fluor Corp. 4,140 609,283 General Dynamics Corp. 5,010 444,788 Parker Hannifin Corp. 3,960 314,543 Precision Castparts Corp. 3,950 581,993 Rockwell Collins, Inc. 2,840 204,821 SunPower Corp., Class A* 4,400 547,536 ----------- 4,100,649 ----------- CONSUMER DURABLES & APPAREL -- 1.6% Nike, Inc., Class B 4,100 269,165 ----------- CONSUMER SERVICES -- 0.7% Yum! Brands, Inc. 3,200 118,880 ----------- DIVERSIFIED FINANCIALS -- 2.5% CME Group, Inc. 650 428,090 ----------- ENERGY -- 8.5% Apache Corp. 1,700 164,543 Chesapeake Energy Corp. 10,500 397,425 National Oilwell Varco, Inc.* 8,460 576,549 Schlumberger Ltd. 1,800 168,210 Transocean, Inc. 1,049 144,072 ----------- 1,450,799 ----------- FOOD & STAPLES RETAILING -- 2.0% CVS Corp. 8,400 336,756 ----------- FOOD, BEVERAGES & TOBACCO -- 3.7% Bunge Ltd. 1,700 190,978 Coca-Cola Co. 7,200 447,120 ----------- 638,098 ----------- HEALTH CARE EQUIPMENT & SERVICES -- 8.2% Express Scripts, Inc.* 3,200 216,800 Intuitive Surgical, Inc.* 600 196,608 Medco Health Solutions, Inc.* 7,460 745,926 Thermo Fisher Scientific, Inc.* 4,000 230,560 ----------- 1,389,894 ----------- HOUSEHOLD & PERSONAL PRODUCTS -- 1.0% Colgate Palmolive Co. 2,200 176,176 ----------- INSURANCE -- 1.6% AFLAC, Inc. 4,300 269,352 ----------- MATERIALS -- 11.6% Freeport-McMoRan Copper & Gold, Inc. 3,730 369,009 Shares Value -------- ----------- Monsanto Co. 8,110 $ 805,891 Mosaic Co.* 9,510 657,616 Newmont Mining Corp. 2,700 134,163 ----------- 1,966,679 ----------- PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 1.6% Gilead Sciences, Inc.* 5,760 268,070 ----------- RETAILING -- 1.3% Amazon.Com, Inc.* 2,400 217,344 ----------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 4.6% Intel Corp.* 14,300 372,944 MEMC Electronic Materials, Inc.* 2,700 209,466 Nvidia Corp.* 6,220 196,179 ----------- 778,589 ----------- SOFTWARE & SERVICES -- 10.1% Google, Inc., Class A* 1,175 814,275 Salesforce.com, Inc.* 5,600 317,688 VMware, Inc., Class A* 6,500 593,905 ----------- 1,725,868 ----------- TECHNOLOGY HARDWARE & EQUIPMENT -- 13.4% Amphenol Corp., Class A 4,000 173,400 Apple Computer, Inc.* 4,130 752,569 Cisco Systems, Inc.* 15,350 430,107 EMC Corp.* 22,500 433,575 Hewlett-Packard Co. 5,400 276,264 International Business Machines Corp. 2,000 210,360 ----------- 2,276,275 ----------- TOTAL DOMESTIC COMMON STOCKS (Cost $14,273,646) 16,410,684 ----------- TEMPORARY INVESTMENT -- 3.1% PNC Bank Money Market Account 522,986 522,986 ----------- TOTAL TEMPORARY INVESTMENT (Cost $522,986) 522,986 ----------- TOTAL INVESTMENTS -- 99.6% (Cost $14,796,632)** 16,933,670 OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.4% 64,860 ----------- NET ASSETS -- 100.0% $16,998,530 =========== * --- Non-income producing 1 MARVIN & PALMER LARGE CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2007 (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 $14,796,632 ----------- Gross unrealized appreciation $ 2,256,338 Gross unrealized depreciation (119,300) ----------- Net unrealized appreciation $ 2,137,038 =========== For information regarding the Fund's policy for 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 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 24, 2008 ---------------------------------------------------------------------------- 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 24, 2008 ---------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature.