-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ST1Xfrd6LinsIQRYIlP4rlnPL6gbaeDyQqBgYPo04HM1Rxu1boD9kq8OhFIxsRpQ X/Fi/salxKd+niXbF5YugQ== 0000935069-08-001698.txt : 20080730 0000935069-08-001698.hdr.sgml : 20080730 20080730105221 ACCESSION NUMBER: 0000935069-08-001698 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080531 FILED AS OF DATE: 20080730 DATE AS OF CHANGE: 20080730 EFFECTIVENESS DATE: 20080730 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RBB FUND INC CENTRAL INDEX KEY: 0000831114 IRS NUMBER: 510312196 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-05518 FILM NUMBER: 08977753 BUSINESS ADDRESS: STREET 1: 400 BELLEVUE PKWY STE 100 CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 3027911700 MAIL ADDRESS: STREET 1: 400 BELLEVUE PKWY STREET 2: SUITE 152 CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: FUND INC /DE/ DATE OF NAME CHANGE: 19600201 0000831114 S000001093 RBB MONEY MARKET PORTFOLIO C000002980 BEDFORD BDMXX C000002981 SANSOM SANXX 0000831114 S000001094 ROBECO BP SMALL CAP VALUE II C000002982 INSTITUTIONAL BPSIX C000002983 INVESTOR BPSCX 0000831114 S000001095 ROBECO WPG 130/30 LARGE CAP CORE FUND (Formerly Robeco WPG Large Cap Growth Fund) C000002984 INSTITUTIONAL WPGLX 0000831114 S000001097 ROBECO WPG SMALL CAP VALUE FUND C000002987 INSTITUTIONAL WPGTX 0000831114 S000001098 SENBANC FUND C000002988 SENBANC FUND SENBX 0000831114 S000001099 SCHNEIDER SMALL CAP VALUE FUND C000002989 SCHNEIDER SMALL CAP VALUE FUND SCMVX 0000831114 S000001100 SCHNEIDER VALUE FUND C000002990 SCHNEIDER VALUE FUND SCMLX 0000831114 S000001101 BOGLE SMALL CAP GROWTH C000002991 INSTITUTIONAL BOGIX C000002992 INVESTOR BOGLX 0000831114 S000001106 ROBECO BP ALL-CAP C000002997 INSTITUTIONAL BPAIX C000002998 INVESTOR BPAVX 0000831114 S000001107 ROBECO BP LARGE CAP VALUE C000002999 INSTITUTIONAL BPLAX C000003000 INVESTOR BPLIX 0000831114 S000001108 ROBECO BP LONG/SHORT EQUITY C000003001 INSTITUTIONAL BPLSX C000003002 INVESTOR BPLEX 0000831114 S000001109 ROBECO BP MID CAP VALUE FUND C000003003 INSTITUTIONAL BPMIX C000003004 INVESTOR BPMCX 0000831114 S000013665 Bear Stearns CUFS MLP Mortgage Portfolio C000037423 Bear Stearns CUFS MLP Mortgage Portfolio 0000831114 S000015912 Bear Stearns Ultra Short Income Fund C000043699 Bear Stearns Ultra Short Income Fund 0000831114 S000015913 Marvin & Palmer Large Cap Growth Fund C000043700 Marvin & Palmer Large Cap Growth Fund MPAUX 0000831114 S000018555 Free Market U.S. Equity Fund C000051460 Institutional Class 0000831114 S000018556 Free Market International Equity Fund C000051461 Institutional Class 0000831114 S000018557 Free Market Fixed Income Fund C000051462 Institutional Class 0000831114 S000019098 SAM Sustainable Water Fund C000052814 INSTITUTIONAL C000052815 INVESTOR C000052816 CLASS A C000052817 CLASS C 0000831114 S000019099 SAM Sustainable Climate Fund C000052818 INSTITUTIONAL C000052819 INVESTOR C000052820 CLASS A C000052821 CLASS C N-Q 1 g48581rbb_nq.txt RBB FUNDS N-Q 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: May 31, 2008 ------------ 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 MAY 31, 2008 (UNAUDITED) PAR (000) VALUE ------- ------------ CERTIFICATES OF DEPOSIT--24.5% DOMESTIC CERTIFICATES OF DEPOSIT--3.8% HSBC Bank USA 2.910%, 06/09/08 $ 5,000 $ 5,000,000 2.630%, 08/01/08 6,000 6,000,000 State Street Bank and Trust Co. 2.800%, 06/10/08 2,000 2,000,000 ------------ 13,000,000 ------------ YANKEE DOLLAR CERTIFICATES OF DEPOSIT--20.7% Banco Bilbao Vizcaya Argentaria S.A., New York 3.000%, 10/24/08 3,325 3,325,000 Bank of Montreal, Chicago (a) 4.870%, 06/02/08 750 750,000 Bank of Nova Scotia, Houston 2.780%, 06/30/08 5,000 5,000,520 Bank of Scotland PLC, New York (a) 2.720%, 10/02/08 3,000 3,000,000 2.680%, 10/02/08 1,800 1,800,000 2.930%, 11/17/08 3,850 3,850,000 Barclays Bank PLC, New York (a) 2.770%, 07/08/08 4,000 4,000,000 2.950%, 07/24/08 5,000 5,000,000 BNP Paribas, New York (a) 4.800%, 06/05/08 3,155 3,155,000 2.630%, 10/02/08 2,685 2,685,000 2.950%, 10/28/08 5,000 5,000,000 Canadian Imperial Bank of Commerce, New York (a) 4.870%, 06/10/08 2,295 2,295,000 Natixis, New York (a) 5.420%, 07/10/08 775 775,311 Nordea Bank Finland PLC, New York B (a) 4.910%, 06/23/08 835 835,005 2.650%, 10/15/08 1,000 1,000,000 4.820%, 10/17/08 2,820 2,820,103 Rabobank Nederland NV (a) 2.620%, 07/17/08 8,000 8,000,051 Royal Bank of Scotland, New York (a) 2.680%, 10/02/08 3,085 3,085,000 Svenska Handelsbanken, New York (a) 2.610%, 10/01/08 2,040 2,040,000 PAR (000) VALUE ------- ------------ 2.660%, 10/09/08(a) $ 4,000 $ 4,000,072 Toronto Dominion Bank, New York (a) 4.850%, 06/06/08 1,510 1,510,000 4.850%, 06/06/08 755 755,000 2.650%, 10/06/08 5,000 5,000,000 UBS AG, Stamford (a) 4.895%, 06/04/08 755 755,000 ------------ 70,436,062 ------------ TOTAL CERTIFICATES OF DEPOSIT (Cost $83,436,062) 83,436,062 ------------ COMMERCIAL PAPER--53.9% ASSET BACKED SECURITIES--23.5% CAFCO LLC 2.710%, 06/05/08 2,000 1,999,398 2.600%, 06/19/08 13,000 12,983,100 Chariot Funding LLC 2.650%, 07/08/08 7,000 6,980,935 2.420%, 07/11/08 5,000 4,986,555 CRC Funding LLC 2.900%, 07/21/08 7,000 6,971,806 Old Line Funding LLC 2.750%, 06/10/08 5,000 4,996,562 Park Avenue Receivables Co. LLC 2.850%, 06/26/08 7,000 6,986,146 Scaldis Capital LLC 2.570%, 07/15/08 3,279 3,268,700 Thames Asset Global Securitization No. 1, Inc. 2.950%, 06/18/08 7,000 6,990,249 2.580%, 07/18/08 6,000 5,979,790 Windmill Funding Corp. 2.700%, 06/20/08 6,035 6,026,400 2.720%, 07/02/08 5,000 4,988,289 Yorktown Capital LLC 2.850%, 07/23/08 7,000 6,971,183 ------------ 80,129,113 ------------ BANKS--24.9% Bank of America Corp. 3.673%, 06/12/08 1,515 1,513,300 2.840%, 07/07/08 1,000 997,160 3.800%, 07/11/08 2,040 2,031,387 2.610%, 08/04/08 5,000 4,976,800 1 THE RBB FUND, INC. MONEY MARKET PORTFOLIO STATEMENT OF NET ASSETS (CONTINUED) MAY 31, 2008 (UNAUDITED) PAR (000) VALUE ------- ------------ Danske Corp. 2.400%, 07/15/08 $ 8,000 $ 7,976,533 Dexia Delaware LLC 2.920%, 07/18/08 5,000 4,980,939 Fortis Banque Luxembourg SA 2.650%, 10/08/08 8,000 7,924,033 JPMorgan Chase & Co. 2.860%, 07/07/08 4,000 3,988,560 Raiffeisen Zentralbank Osterreich (b) 2.940%, 07/22/08 5,000 4,979,175 Royal Bank of Scotland PLC (b) 4.790%, 06/04/08 2,790 2,788,886 2.630%, 09/11/08(b) 8,000 7,940,387 Skandinaviska Enskilda Banken AB 2.550%, 06/17/08 15,000 14,983,000 Unicredito Italiano Bank Ireland PLC (b) 2.940%, 06/05/08 7,000 6,997,713 Westpac Banking Corp. 2.750%, 07/09/08 7,000 6,979,681 2.710%, 09/17/08 6,000 5,951,220 ------------ 85,008,774 ------------ FINANCIAL SERVICES--4.0% General Electric Capital Corp. 3.830%, 07/10/08 1,700 1,692,946 UBS Finance Delaware LLC 2.500%, 07/16/08 7,000 6,978,125 2.905%, 07/24/08 5,000 4,978,616 ------------ 13,649,687 ------------ FIRE, MARINE & CASUALTY INSURANCE--1.5% AIG Funding, Inc. 2.570%, 06/09/08 5,000 4,997,145 ------------ TOTAL COMMERCIAL PAPER (Cost $183,784,719) 183,784,719 ------------ VARIABLE RATE OBLIGATIONS--6.9% BANKS--6.9% Bank of Montreal Chicago (a)(c) 2.834%, 11/10/08 2,425 2,425,000 Bank of Montreal Chicago Branch (a)(c) 3.224%, 05/29/09 2,850 2,850,000 Bank of Nova Scotia, New York (a)(c) 2.669%, 07/03/08 2,200 2,199,923 PAR (000) VALUE ------- ------------ Deutsche Bank AG, New York (c) 2.809%, 01/21/09 $ 2,135 $ 2,135,000 HBOS Treasury Services PLC (b)(c)(d) 2.669%, 06/24/08 8,000 8,000,000 HSBC USA, Inc. (c) 3.218%, 05/15/09 525 525,000 ING USA Global Funding (a)(c) 3.125%, 06/19/09 855 855,000 Mazarin Funding Corp (c) 2.373%, 06/25/08 1,115 1,115,000 Wachovia Bank NA (c) 2.910%, 05/01/09 1,600 1,600,000 Westpac Banking Corp. (c)(d) 2.999%, 11/10/08 2,000 2,000,000 ------------ 23,704,923 ------------ TOTAL VARIABLE RATE OBLIGATIONS (Cost $23,704,923) 23,704,923 ------------ AGENCY OBLIGATIONS--7.1% Federal Home Loan Bank 2.100%, 06/18/08 5,000 4,995,042 2.500%, 08/06/08 2,160 2,150,100 2.362%, 03/20/09(c) 1,605 1,606,198 2.475%, 08/13/09(c) 1,600 1,600,000 2.434%, 08/14/09(c) 2,495 2,494,700 Federal Home Loan Mortgage Corp. 2.500%, 08/18/08 725 721,073 2.464%, 09/25/09(c) 4,760 4,758,155 2.313%, 09/28/09(c) 2,950 2,949,030 Federal National Mortgage Assoc. 2.495%, 08/20/08 670 666,285 2.490%, 09/08/08 1,440 1,430,140 2.490%, 09/10/08 885 878,817 ------------ TOTAL AGENCY OBLIGATIONS (Cost $24,249,540) 24,249,540 ------------ MASTER NOTES--1.2% Bank of America Securities LLC (c) 2.455%, 01/22/09 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) MAY 31, 2008 (UNAUDITED) PAR (000) VALUE ------- ------------ REPURCHASE AGREEMENTS--6.2% Deutsche Bank Securities, Inc. (Tri-Party agreement dated 05/30/08 to be repurchased at $21,272,076, collaterlized by $13,283,000 par value, Federal National Mortgage Association, 3.55%, due 02/08/11; $8,547,000 par value, Tennessee Valley Authority, 5.375%, due 04/01/56; Market Value of the collateral is $21,906,962) 2.300%, 06/02/08 $21,268 $ 21,268,000 ------------ TOTAL REPURCHASE AGREEMENTS (Cost $21,268,000) 21,268,000 ------------ TOTAL INVESTMENTS AT VALUE--99.8% (Cost $340,443,244*) 340,443,244 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES--0.2% 529,401 ------------ NET ASSETS (APPLICABLE TO 317,806,848 BEDFORD SHARES AND 23,151,816 SANSOM STREET SHARES)--100.0% $340,972,645 ============ NET ASSET VALUE, Offering and Redemption Price Per Bedford Share ($317,821,964/317,806,848) $1.00 ===== NET ASSET VALUE, Offering and Redemption Price Per Sansom Street Share ($23,150,681/23,151,816) $1.00 ===== Footnote Legend * 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 May 31, 2008 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. 3 SENBANC FUND SCHEDULE OF INVESTMENTS MAY 31, 2008 (UNAUDITED)
MARKET SHARES DESCRIPTION VALUE - ------ ----------- -------- COMMON STOCK -- 91.1% - ------------------------------------------------------------------------------------------ SAVINGS, CREDIT & OTHER FINANCIAL INSTITUTIONS -- 86.1% ----------------------------------------------------------------------------- 26,900 Associated Banc-Corp. $ 734,639 116,400 Bank of America Corp. 3,958,764 42,478 C&F Financial Corp. 1,231,437 87,500 Capital Bank Corp. 910,875 72,800 Citizens Republic Bancorp, Inc. 403,312 37,000 City Holding Co. 1,591,740 35,700 Comerica, Inc. 1,327,326 19,400 Community Bankshares, Inc. 219,705 181,600 Corus Bankshares, Inc. 1,044,200 42,600 Financial Institutions, Inc. 784,266 40,500 First United Corp. 752,490 234,000 JPMorgan Chase & Co. 10,062,000 180,400 KeyCorp 3,512,388 3,917 MainSource Financial Group, Inc. 65,727 172,111 National Bankshares, Inc. 3,063,576 186,199 Northrim BanCorp, Inc. 3,491,231 271,498 PAB Bankshares, Inc. 3,138,517 122,900 Pacific Premier Bancorp, Inc.* 891,025 25,200 PacWest Bancorp 531,216 12,000 Peoples Financial Corp. 264,960 74,994 Premier Financial Bancorp 861,681 186,800 Regions Financial Corp. 3,328,776 11,700 Umpqua Holdings Corp. 163,098 102,900 UnionBanCal Corp. 5,151,174 238,942 Wachovia Corp. 5,686,820 ---------------- 53,170,943 ---------------- STATE & NATIONAL BANKS -- 5.0% ----------------------------------------------------------------------------- 14,296 Bay National Corp.* 135,741 49,100 Community Bancorp* 392,309 11,801 Cowlitz Bancorp* 116,594 38,000 East West Bancorp, Inc. 503,120 56,700 Gateway Financial Holdings, Inc. 563,031 47,810 Rurban Financial Corp. 507,264 18,600 Taylor Capital Group, Inc. 239,010 89,500 Vineyard National Bancorp 271,185 23,700 Yadkin Valley Financial Corp. 360,003 ---------------- 3,088,257 ---------------- TOTAL COMMON STOCK (COST $73,325,795) 56,259,200 ----------------
1 SENBANC FUND SCHEDULE OF INVESTMENTS (CONTINUED) MAY 31, 2008 (UNAUDITED)
MARKET PRINCIPAL VALUE - --------- -------- U.S. GOVERNMENT AGENCY OBLIGATION -- 9.3% ----------------------------------------------------------------------------- Federal Home Loan Bank Discount Note 5,740,000 1.90%, 06/02/08(a) 5,739,394 ---------------- TOTAL U.S. GOVERNMENT AGENCY OBLIGATION (COST $5,739,697) 5,739,394 ---------------- MARKET SHARES DESCRIPTION VALUE - ------ ----------- -------- TEMPORARY INVESTMENTS -- 0.0% ----------------------------------------------------------------------------- PNC Bank Money Market $ 1,943 1.48%, 06/01/08 $ 1,943 ---------------- TOTAL TEMPORARY INVESTMENTS (COST $1,943) 1,943 ---------------- TOTAL INVESTMENTS -- 100.4% (COST $79,067,435**) 62,000,537 ---------------- LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.4%) (232,015) ---------------- NET ASSETS -- 100% $61,768,522 ================ The percentage shown for each investment category is the value of that category as a percentage of the total net assets of the Fund. (a)Rate shown is the effective yield at purchase. *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 $ 79,067,435 ------------ Gross unrealized appreciation 1,799,948 Gross unrealized deprecation (18,866,543) ------------ Net unrealized depreciation $(17,066,595) ============ 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 semi-annual report.
See notes to financial statements. 2 ROBECO INVESTMENT FUNDS SMALL CAP VALUE FUND II Portfolio of Investments MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ COMMON STOCK--99.3% BASIC INDUSTRIES--3.1% Neenah Paper, Inc. 17,305 $ 367,731 Olin Corp. 19,170 431,325 Rock-Tenn Co., Class A 28,720 1,025,017 Schweitzer-Mauduit International, Inc. 11,340 231,336 Silgan Holdings, Inc. 7,670 438,954 USEC, Inc.* 242,225 1,688,308 ------------ 4,182,671 ------------ CAPITAL GOODS--10.3% Actuant Corp., Class A 17,750 648,052 Acuity Brands, Inc. 28,470 1,516,027 Beacon Roofing Supply, Inc.* 133,110 1,625,273 Brady Corp., Class A 26,403 1,022,060 CIRCOR International, Inc. 9,290 496,179 Drew Industries, Inc.* 33,470 735,670 DRS Technologies, Inc. 15,551 1,225,108 Gardner Denver, Inc.* 11,120 590,027 Granite Construction, Inc. 19,640 718,235 Griffon Corp.* 35,195 318,163 Lennox International, Inc. 37,650 1,213,083 LSI Industries, Inc. 32,320 343,885 NN, Inc. 56,085 729,666 RBC Bearings, Inc.* 12,105 456,116 Rofin-Sinar Technologies, Inc.* 9,930 351,423 Toro Co. 23,910 934,403 Trimas Corp.* 38,335 313,197 WD-40 Co. 14,070 487,385 Wesco International, Inc.* 9,715 430,472 ------------ 14,154,424 ------------ COMMUNICATIONS--0.5% EarthLink, Inc.* 77,090 740,064 ------------ CONSUMER DURABLES--3.7% Champion Enterprises, Inc.* 131,940 1,101,699 MDC Holdings, Inc. 23,740 964,556 Natuzzi S.p.A. - ADR* 39,835 146,991 NUMBER OF SHARES VALUE ----------- ------------ CONSUMER DURABLES--(CONTINUED) Sealy Corp. 69,465 $ 432,073 Steinway Musical Instruments* 15,565 427,259 Tempur-Pedic International, Inc. 120,060 1,289,445 Winnebago Industries, Inc. 46,960 700,643 ------------ 5,062,666 ------------ CONSUMER NON-DURABLES--6.0% Alliance One International, Inc.* 85,920 516,379 Brown Shoe Co., Inc. 22,077 372,880 Crocs, Inc.* 67,520 689,379 Matthews International Corp., Class A 780 37,136 Nu Skin Enterprises, Inc., Class A 102,635 1,759,164 Oxford Industries, Inc. 29,840 815,826 Pilgrim's Pride Corp. 25,865 672,490 RC2 Corp.* 38,865 750,483 Skechers U.S.A., Inc., Class A* 20,170 485,088 Steven Madden Ltd.* 38,365 786,099 Tupperware Brands Corp. 10,075 385,872 Universal Corp. 6,055 300,389 Warnaco Group, Inc., (The)* 14,645 705,743 ------------ 8,276,928 ------------ CONSUMER SERVICES--21.7% ABM Industries, Inc. 35,310 770,817 ACCO Brands Corp.* 45,860 703,492 Asbury Automative Group, Inc. 36,880 607,414 Asset Acceptance Capital Corp. 41,330 582,340 Avis Budget Group, Inc.* 47,195 656,954 Bowne & Co., Inc. 41,625 639,776 Build-A-Bear-Workshop, Inc.* 39,610 362,432 CBIZ, Inc.* 42,110 358,777 Charlotte Russe Holding, Inc.* 40,980 768,785 Charming Shoppes, Inc.* 123,505 717,564 Cornell Companies, Inc.* 19,070 424,117 Domino's Pizza, Inc.* 57,655 776,036 Dress Barn, Inc. (The)* 37,110 574,092 Ennis, Inc. 32,240 609,014 G&K Services, Inc., Class A 24,642 862,224 1 ROBECO INVESTMENT FUNDS SMALL CAP VALUE FUND II Portfolio of Investments (Continued) MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ CONSUMER SERVICES--(CONTINUED) Gevity HR, Inc. 74,725 $ 558,196 Golfsmith International Holdings, Inc.* 76,780 165,077 Group 1 Automotive, Inc. 27,070 704,903 Gymboree Corp. (The)* 12,375 570,983 IKON Office Solutions, Inc. 73,085 883,598 infoUSA, Inc. 74,130 415,869 Jamba, Inc.* 117,395 272,356 Kenexa Corp.* 38,975 784,956 Knoll, Inc. 130,928 1,941,662 Lithia Motors, Inc., Class A 17,530 119,730 Live Nation, Inc.* 110,880 1,679,832 MAXIMUS, Inc. 18,300 672,891 Mothers Work, Inc.* 26,540 322,726 MPS Group, Inc.* 55,090 632,433 PetMed Express, Inc.* 39,171 546,435 Regis Corp. 51,895 1,574,494 Rent-A-Center, Inc.* 71,565 1,501,434 Restoration Hardware, Inc.* 128,520 508,939 Schawk, Inc. 34,410 576,023 Scholastic Corp.* 18,985 590,433 School Specialty, Inc.* 13,420 421,254 Spherion Corp.* 46,395 233,367 Steiner Leisure Ltd.* 11,930 461,214 Universal Technical Institute, Inc.* 31,390 405,559 Valassis Communications, Inc.* 109,905 1,746,390 Watson Wyatt Worldwide, Inc., Class A 12,015 703,719 World Fuel Services Corp. 55,375 1,333,984 ------------ 29,742,291 ------------ ENERGY--4.8% Approach Resources, Inc.* 22,660 508,490 Bristow Group, Inc.* 17,060 891,726 Compton Petroleum Corp.* 65,710 754,351 Flotek Industries, Inc.* 60,390 1,034,481 Hornbeck Offshore Services, Inc.* 12,550 661,385 Newpark Resources, Inc.* 112,190 790,940 Rosetta Resources, Inc.* 22,770 613,196 NUMBER OF SHARES VALUE ----------- ------------ ENERGY--(CONTINUED) Whiting Petroleum Corp.* 14,430 $ 1,349,638 ------------ 6,604,207 ------------ FINANCE--16.7% Advanta Corp., Class B 52,852 459,812 American Equity Investment Life Holding Co. 56,255 594,615 Amerisafe, Inc.* 53,210 845,507 Apollo Investment Corp. 51,085 922,084 Aspen Insurance Holdings Ltd. 30,200 771,912 Assured Guaranty Ltd. 31,180 720,258 BankUnited Financial Corp., Class A 110,883 349,281 CNA Surety Corp.* 21,615 316,227 Cowen Group., Inc.* 41,425 328,915 FBR Capital Markets Corp.* 21,950 112,604 Federal Agricultural Mortgage Corp., Class C 32,645 945,399 Hanmi Financial Corp. 44,755 286,432 Hanover Insurance Group, Inc., (The) 8,335 384,244 Hatteras Financial Corp.* 38,710 1,031,622 Hilb, Rogal & Hobbs Co. 9,650 298,764 Horace Mann Educators Corp. 38,575 628,387 Infinity Property & Casualty Corp. 9,650 389,088 IPC Holdings Ltd. 46,095 1,309,098 JMP Group, Inc. 101,485 735,766 LandAmerica Financial Group, Inc. 21,740 647,417 Max Capital Group Ltd. 66,425 1,602,171 MBIA, Inc. 43,620 303,595 National Financial Partners Corp. 52,470 1,281,317 Navigators Group, Inc., (The)* 13,430 678,081 PHH Corp.* 62,150 1,170,284 Platinum Underwriters Holdings Ltd. 45,495 1,613,708 ProAssurance Corp.* 20,995 1,075,574 Quanta Capital Holdings Ltd. 87,475 233,558 Safety Insurance Group, Inc. 22,430 867,144 2 ROBECO INVESTMENT FUNDS SMALL CAP VALUE FUND II Portfolio of Investments (Continued) MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ FINANCE--(CONTINUED) SeaBright Insurance Holdings, Inc.* 27,400 $ 419,768 State Auto Financial Corp. 27,610 760,656 United America Indemnity Ltd., Class A* 22,610 329,428 United Rentals, Inc.* 20,095 413,756 ------------ 22,826,472 ------------ HEALTH CARE--12.4% Alpharma, Inc., Class A* 27,300 687,687 Centene Corp.* 27,245 575,142 Conmed Corp.* 26,805 715,426 Healthspring, Inc.* 64,035 1,189,770 Home Diagnostics, Inc.* 112,100 890,074 ICU Medical, Inc.* 11,805 300,791 Invacare Corp. 22,610 411,050 Kindred Healthcare, Inc.* 53,470 1,475,237 LifePoint Hospitals, Inc.* 35,325 1,130,047 Lincare Holdings, Inc.* 63,905 1,665,364 Medical Action Industries, Inc.* 30,730 408,094 Mentor Corp. 32,035 1,009,423 Odyssey HealthCare, Inc.* 60,795 663,274 Omnicare, Inc. 68,990 1,688,875 Owens & Minor, Inc. 15,670 744,012 Res-Care, Inc.* 19,035 362,997 Symmetry Medical, Inc.* 74,495 1,103,271 U.S. Physical Therapy, Inc.* 88,680 1,521,749 Vital Signs, Inc. 8,970 509,406 ------------ 17,051,689 ------------ OTHER--7.4% Anworth Mortgage Asset Corp. (REIT) 318,437 2,251,350 Ares Capital Corp. 54,740 678,229 Capstead Mortgage Corp. 121,165 1,659,960 Friedman, Billings, Ramsey Group, Inc., Class A 277,580 532,954 Gladstone Capital Corp. 23,645 420,408 Gladstone Commercial Corp. (REIT) 27,265 491,588 NUMBER OF SHARES VALUE ----------- ------------ OTHER--(CONTINUED) KKR Financial Holdings LLC 108,690 $ 1,321,670 Meruelo Maddux Properties, Inc.* 79,245 221,886 MFA Mortgage Investments, Inc. (REIT) 266,870 1,940,145 Origen Financial, Inc. (REIT) 95,820 143,730 Redwood Trust, Inc. (REIT) 13,040 440,100 ------------ 10,102,020 ------------ TECHNOLOGY--9.2% Acxiom Corp. 80,495 1,180,862 Bel Fuse, Inc., Class B 13,240 346,756 Belden, Inc. 8,315 348,315 Benchmark Electronics, Inc.* 20,600 366,062 Brocade Communications Systems, Inc.* 59,240 477,474 CIBER, Inc.* 66,935 469,884 Electronics For Imaging, Inc.* 42,820 709,528 Emulex Corp.* 56,285 789,116 Gilat Satellite Networks Ltd.* 52,875 581,096 Goldleaf Financial Solutions, Inc.* 91,390 187,350 Ikanos Communications, Inc.* 53,415 190,157 Imation Corp. 46,270 1,210,423 Insight Enterprises, Inc.* 29,540 395,836 Mercury Computer Systems, Inc.* 28,990 257,141 Ness Technologies, Inc.* 39,530 447,480 OmniVision Technologies, Inc.* 52,835 855,927 PAR Technology Corp.* 59,290 557,326 Photronics, Inc.* 45,540 408,949 Smart Modular Technologies, Inc.* 79,780 429,216 Sycamore Networks, Inc.* 133,480 452,497 Technitrol, Inc. 54,655 1,090,367 Verigy Ltd.* 33,670 859,932 ------------ 12,611,694 ------------ TRANSPORTATION--1.4% Pacer International, Inc. 76,365 1,715,158 Quality Distribution, Inc.* 51,165 179,077 ------------ 1,894,235 ------------ 3 ROBECO INVESTMENT FUNDS SMALL CAP VALUE FUND II Portfolio of Investments (Concluded) MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ UTILITIES--2.1% PNM Resources, Inc. 107,395 $ 1,594,816 Puget Energy, Inc. 44,785 1,253,532 ------------ 2,848,348 ------------ TOTAL COMMON STOCK (Cost $141,086,580) 136,097,709 ------------ SHORT-TERM INVESTMENTS--1.2% PNC Bank Money Market Deposit Account 1,583,878 1,583,878 ------------ TOTAL SHORT-TERM INVESTMENTS (Cost $1,583,878) 1,583,878 ------------ TOTAL INVESTMENTS--100.5% (COST $142,670,458**) 137,681,587 ------------ LIABILITIES IN EXCESS OF OTHER ASSETS--(0.5)% (654,308) ------------ NET ASSETS--100.0% $137,027,279 ============ 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 $142,670,458 ------------ Gross unrealized appreciation 17,173,212 Gross unrealized depreciation (22,162,083) ------------ Net unrealized depreciation $ (4,988,871) ============ 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 semi-annual report. 4 ROBECO INVESTMENT FUNDS LONG/SHORT EQUITY FUND Portfolio of Investments MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ LONG POSITIONS--116.6% DOMESTIC COMMON STOCK--104.8% BASIC INDUSTRIES--2.1% Graphic Packaging Holding Co.* 132,690 $ 396,743 Kapstone Paper and Packaging Corp.* 132,390 642,631 ------------ 1,039,374 ------------ CAPITAL GOODS--8.7% Dynamics Research Corp.* 29,047 311,384 General Electric Co. 15,545 477,542 Griffon Corp. +* 27,630 249,775 Hubbell, Inc., Class B 11,615 543,234 KHD Humboldt Wedag International Ltd.* 12,935 454,019 Lockheed Martin Corp. 3,930 430,099 LSB Industries, Inc.* 14,680 267,763 Research Frontiers, Inc.* 14,811 86,792 Sulphco, Inc.* 23,325 85,836 Thermadyne Holdings Corp.* 56,007 952,679 TurboSonic Technologies, Inc.* 145,015 87,009 WD-40 Co. 11,998 415,611 ------------ 4,361,743 ------------ COMMUNICATIONS--3.6% Check Point Software Technologies Ltd.* 17,045 423,227 Copernic, Inc.* 24,948 15,468 HireRight, Inc.* 45,113 457,446 Imergent, Inc. 11,999 137,989 Vodafone Group PLC - ADR 24,180 775,936 ------------ 1,810,066 ------------ CONSUMER DURABLES--2.5% Pulte Homes, Inc. 47,560 581,659 Toll Brothers, Inc.* 27,535 580,162 Wescast Industries, Inc. Class A 15,335 120,303 ------------ 1,282,124 ------------ NUMBER OF SHARES VALUE ----------- ------------ CONSUMER NON-DURABLES--6.3% Brown Shoe Co., Inc. 32,085 $ 541,916 Coca-Cola Femsa S.A. de C.V. - ADR 8,855 552,552 Female Health Co., (The)* 72,710 185,411 Mattel, Inc. 17,860 359,700 Movado Group, Inc. 18,560 412,032 Oxford Industries, Inc. 10,475 286,386 Skechers U.S.A., Inc., Class A* 13,045 313,732 Star Scientific, Inc.* 63,737 123,650 Steven Madden Ltd.* 19,435 398,223 ------------ 3,173,602 ------------ CONSUMER SERVICES--18.5% Alloy, Inc.* 41,015 352,729 American Apparel, Inc.* 36,000 240,842 China Finance Online Co., Ltd - ADR* 11,302 277,690 Coinstar, Inc.* 21,520 819,912 Cornell Companies, Inc.* 19,855 441,575 CRA International, Inc.* 7,610 265,361 Dollar Tree, Inc.* 13,270 489,663 Dress Barn, Inc. (The) +* 25,560 395,413 eBay, Inc.* 20,560 617,006 Gmarket, Inc. - ADR* 18,615 464,258 H&R Block, Inc. 18,805 438,909 Hiedrick & Struggles International, Inc. 22,210 636,316 Kenexa Corp.* 35,300 710,942 LECG Corp.* 54,985 555,349 Local.Com Corp.* 27,691 128,763 Lululemon Athletica, Inc.* 3,127 100,033 McGraw-Hill Companies., Inc., (The) 6,355 263,669 PetMed Express, Inc.* 67,615 943,229 Royal Caribbean Cruises Ltd. 8,680 257,970 Steiner Leisure Ltd. +* 10,520 406,703 SumTotal Systems, Inc.* 109,345 508,454 ------------ 9,314,786 ------------ 1 ROBECO INVESTMENT FUNDS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ ENERGY--3.8% Approach Resources, Inc.* 16,845 $ 378,002 CE Franklin Ltd.* 26,305 261,735 Flotek Industries, Inc.* 19,235 329,496 LDK Solar Co. Ltd. - ADR* 7,210 332,020 Particle Drilling Technologies, Inc.* 30,575 92,336 Terra Nostra Resources Corp.* 875 1,803 Total SA 5,990 522,687 ------------ 1,918,079 ------------ FINANCE--21.5% American International Group, Inc. 19,315 695,340 Capital One Financial Corp. 12,960 623,635 Fidelity National Financial, Inc., Class A 36,645 626,629 Freddie Mac 13,085 332,621 Genworth Financial, Inc., Class A 22,395 494,929 Goldman Sachs Group, Inc., (The) 1,830 322,830 Investors Title Co. 4,380 211,423 JPMorgan Chase & Co. 29,540 1,270,220 Lehman Brothers Holdings, Inc. 8,645 318,222 Merrill Lynch & Co., Inc. 11,615 510,131 Old Republic International Corp. 24,235 364,737 PHH Corp.* 28,420 535,149 Reinsurance Group of America, Inc. 14,970 769,757 SLM Corp.* 15,555 352,632 Stewart Information Services Corp. 15,670 370,596 SWA Reit and Investments Ltd.* 55,850 33,886 Synovus Financial Corp. 36,205 415,995 TFS Financial Corp. 66,560 827,341 Torchmark Corp. 8,085 512,670 Wachovia Corp. 21,445 510,391 Wesco Financial Corp. 1,035 440,910 Zions Bancorporation 6,385 275,130 ------------ 10,815,174 ------------ HEALTH CARE--14.9% Alpha Pro Tech Ltd.* 543,075 564,798 NUMBER OF SHARES VALUE ----------- ------------ American BIO Medica Corp.* 191,810 $ 124,677 Health Grades, Inc.* 70,407 397,096 Health Net, Inc.* 13,375 414,625 Home Diagnostics, Inc.* 51,700 410,498 iLinc Communications, Inc.* 128,845 27,057 LHC Group, Inc.* 44,510 964,532 Lincare Holdings, Inc.* 15,155 394,939 McKesson Corp. 10,715 617,720 MEDecision, Inc.* 71,340 129,125 MTS Medication Technologies, Inc.* 56,265 506,385 NovaMed, Inc.* 76,825 301,922 Orthofix International N.V.* 22,171 721,444 Pharsight Corp.* 37,558 183,659 PHC, Inc., Class A* 320,195 896,546 RehabCare Group, Inc. +* 17,550 297,824 Span-America Medical Systems, Inc. 10,965 131,799 Unilens Vision, Inc. 113,802 386,927 ------------ 7,471,573 ------------ OTHER--2.1% Friedman, Billings, Ramsey Group, Inc., Class A 118,675 227,856 Keystone Consolidated Industries, Inc.* 13,613 132,046 KKR Financial Holdings LLC 29,515 358,903 United Capital Corp.* 13,790 317,170 ------------ 1,035,975 ------------ TECHNOLOGY--20.8% Accenture Ltd., Class A 14,435 589,237 Advanced Battery Technologies, Inc.* 11,435 43,453 Brocade Communications Systems, Inc.* 97,375 784,842 CAM Commerce Solutions, Inc. 34,411 1,246,711 Captaris, Inc.* 76,751 334,634 CGI Group, Inc. Class A* 47,075 511,235 Digi International, Inc.* 91,236 822,949 DivX, Inc.* 39,985 391,453 McAfee, Inc.* 20,550 744,937 2 ROBECO INVESTMENT FUNDS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ MIPS Technologies, Inc.* 130,035 $ 496,734 MoneyGram International, Inc. 42,850 58,276 NetList, Inc.* 74,912 115,364 NU Horizons Electronics Corp.* 58,291 335,173 PLATO Learning, Inc.* 68,709 180,705 Richardson Electronics Ltd. 48,915 276,370 SourceForge, Inc.* 242,690 378,596 Sykes Enterprises, Inc.* 23,010 476,537 Symantec Corp.* 30,165 655,485 Telular Corp.* 366,073 1,328,845 Tier Technologies, Inc., Class B* 80,455 667,777 ------------ 10,439,313 ------------ TOTAL DOMESTIC COMMON STOCK (Cost $55,452,758) 52,661,809 ------------ SHORT-TERM INVESTMENTS--11.8% MONEY MARKET ACCOUNT--11.8% PNC Bank Money Market Deposit Account 5,906,532 5,906,532 ------------ TOTAL SHORT-TERM INVESTMENTS (Cost $5,906,532) 5,906,532 ------------ TOTAL LONG POSITIONS--116.6% (COST $61,359,290) 58,568,341 ------------ SECURITIES SOLD SHORT--(31.1%) BASIC INDUSTRIES--(2.1%) Allegheny Technologies, Inc. (4,575) (343,125) Carpenter Technology Corp. (2,440) (134,688) Century Aluminum Co.* (3,675) (268,275) Ethanex Energy, Inc.* (648) (107) Foundation Coal Holdings, Inc. (2,685) (179,170) Synthesis Energy Systems, Inc.* (10,780) (118,795) Uranium Energy Corp.* (12,625) (31,689) ------------ (1,075,849) ------------ CAPITAL GOODS--(3.5%) Applied Energetics, Inc.* (46,770) (94,943) Bucyrus International, Inc. (4,150) (293,737) Dynamic Materials Corp. (8,980) (389,552) DynaMotive Energy Systems Corp.* (84,075) (37,834) NUMBER OF SHARES VALUE ----------- ------------ Lindsay Manufacturing Co. (2,275) $ (238,875) Nano-Proprietary, Inc.* (8,285) (9,279) Research Frontiers, Inc.* (14,811) (86,793) Sulphco, Inc.* (46,671) (171,749) Titan International, Inc. (6,165) (243,702) TurboChef Technologies, Inc.* (7,733) (52,043) Watsco, Inc. (2,255) (104,858) WorldWater & Solar Technologies Corp.* (46,745) (35,994) ------------ (1,759,359) ------------ COMMUNICATIONS--(1.9%) Akamai Technologies, Inc.* (7,505) (293,070) Copernic, Inc.* (47,028) (29,157) CTC Communications Group, Inc. ++* (98,900) (10) HSW International, Inc.* (31,565) (116,475) Imergent, Inc. (11,999) (137,988) Interliant, Inc. ++* (600) 0 One Communications Corp.* (37,790) (4) TechTarget, Inc.* (16,435) (199,521) TigerLogic Corp.* (34,456) (178,138) ------------ (954,363) ------------ CONSUMER DURABLES--(0.4%) iRobot Corp. +* (13,340) (187,027) QSound Labs, Inc.* (4,440) (6,660) ------------ (193,687) ------------ CONSUMER NON-DURABLES--(3.0%) Aero Grow International, Inc.* (14,492) (37,679) Amish Naturals, Inc.* (25,959) (13,758) Andersons, Inc., (The) (4,400) (186,384) Bunge Ltd. (1,295) (154,584) Cal-Maine Foods, Inc. (11,205) (349,596) Hansen Natural Corp.* (7,905) (246,952) Skins, Inc.* (16,913) (5,074) Star Scientific, Inc.* (63,737) (123,650) Under Armour, Inc., Class A* (4,045) (144,811) USANA Health Sciences, Inc.* (3,500) (89,075) Valence Technology, Inc.* (38,015) (153,961) ------------ (1,505,524) ------------ 3 ROBECO INVESTMENT FUNDS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ CONSUMER SERVICES--(5.9%) China Finance Online Co., Ltd. - ADR* (11,302) $ (277,690) Constant Contact, Inc.* (8,190) (157,248) Escala Group, Inc.* (5,066) (14,843) GameStop Corp., Class A* (6,390) (316,944) Genmed Holding Corp.* (5) (7) Iron Mountain, Inc.* (5,890) (176,877) Local.com Corp.* (37,541) (174,566) Lululemon Athletica, Inc.* (10,192) (326,042) Medis Technologies Ltd.* (18,472) (114,342) Netflix, Inc.* (3,470) (105,349) Peet's Coffee & Tea, Inc.* (6,035) (140,978) PokerTek, Inc.* (8,680) (22,568) Rewards Network, Inc.* (51,855) (259,275) Ritchie Bros. Auctioneers, Inc. (12,555) (346,141) Shutterly, Inc.* (10,740) (154,763) Tim Hortons, Inc. (6,370) (211,420) Vail Resorts, Inc.* (3,150) (156,839) ------------ (2,955,892) ------------ ENERGY--(1.8%) Delta Petroleum Corp.* (6,710) (148,291) Dril-Quip, Inc.* (2,670) (155,768) LDK Solar Co. Ltd. - ADR* (11,346) (522,483) PowerSecure International, Inc.* (8,905) (89,762) Terra Nostra Resources Corp* (875) (1,803) ------------ (918,107) ------------ HEALTH CARE--(0.9%) Bodytel Scientific, Inc.* (4,840) (6,050) Conceptus, Inc.* (11,960) (227,001) Isolagen, Inc.* (23,230) (13,938) Pure Bioscience* (23,595) (102,402) RemoteMDX, Inc.* (72,530) (126,202) ------------ (475,593) ------------ INDUSTRIAL--(2.0%) China Security & Surveillance Technology, Inc.* (545) (11,320) Ener1, Inc.* (22,188) (119,815) Gencor Industries, Inc.* (9,735) (139,795) NUMBER OF SHARES VALUE ----------- ------------ Graco, Inc. (3,625) $ (146,522) Kforce, Inc. +* (18,530) (171,402) Stanley, Inc.* (6,790) (214,292) Titan Machinery, Inc.* (7,515) (182,615) ------------ (985,761) ------------ OTHER--0.0% China International Tourism Holdings Ltd.* (5,084) (69) ------------ TECHNOLOGY--(8.4%) Acme Packet, Inc.* (39,055) (351,886) Advanced Battery Technologies, Inc.* (11,435) (43,453) Akeena Solar, Inc.* (23,005) (151,833) American Superconductor Corp.* (6,565) (231,613) ANTS Software, Inc.* (13,984) (15,382) Axis Technologies Group, Inc.* (5,845) (3,916) AXT, Inc.* (44,675) (206,399) ConSyGen, Inc. ++* (200) 0 Data Domain, Inc.* (7,355) (176,520) Exlservice Holdings, Inc.* (7,590) (151,345) IPG Photonics Corp.* (6,320) (126,969) LML Payment Systems, Inc.* (7,808) (20,067) MEMC Electronic Materials, Inc.* (2,605) (178,859) Nestor, Inc.* (15,200) (2,584) NETGEAR, Inc.* (9,755) (185,247) Netscout Systems, Inc.* (12,510) (159,002) NVE Corp.* (3,405) (122,342) Palm, Inc. (20,225) (122,563) ParkerVision, Inc.* (8,905) (99,380) Rubicon Technology, Inc.* (15,255) (348,882) Sierra Wireless, Inc.* (12,070) (206,759) STEC, Inc.* (15,200) (193,800) SuccessFactors, Inc.* (17,720) (196,692) Synaptics, Inc.* (3,025) (129,379) Tiger Telematics, Inc.* (6,510) (21) Universal Display Corp.* (5,275) (80,233) Vicor Corp. (10,055) (113,521) VMware, Inc. Class A* (5,490) (376,998) Vyyo, Inc.* (15,518) (3,104) Western Digital Corp.* (5,405) (202,850) 4 ROBECO INVESTMENT FUNDS LONG/SHORT EQUITY FUND Portfolio of Investments (Concluded) MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ Xybernaut Corp.* (35,000) $ (980) ------------ (4,202,579) ------------ TRANSPORTATION--(0.7%) Genco Shipping & Trading Ltd. (4,660) (327,319) ------------ UTILITIES--(0.5%) Clean Energy Fuels Corp.* (8,440) (126,178) SJW Corp.* (4,010) (124,551) ------------ (250,729) ------------ TOTAL SECURITIES SOLD SHORT (Proceeds $17,274,350) (15,604,831) ------------ NET INVESTMENTS IN SECURITIES--100.0% (COST $44,084,940**) 42,963,510 OTHER ASSETS IN EXCESS OF LIABILITIES--14.5% 7,288,631 ------------ NET ASSETS--100.0% $ 50,252,141 ============ 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. ++ -- 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 Fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 44,084,940 ------------- Gross unrealized appreciation 5,627,852 Gross unrealized depreciation (6,749,282) ------------- Net unrealized depreciation $ (1,121,430) ------------- 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 semi-annual report. 5 ROBECO INVESTMENT FUNDS LARGE CAP VALUE FUND Portfolio of Investments MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ----------- COMMON STOCK--98.6% BASIC INDUSTRIES--1.7% Alcoa, Inc. 15,215 $ 617,577 PPG Industries, Inc. 8,070 508,652 ----------- 1,126,229 ----------- CAPITAL GOODS--6.1% Honeywell International, Inc. 13,770 820,967 Illinois Tool Works, Inc. 6,385 342,875 Lockheed Martin Corp. 14,725 1,611,504 Siemens AG 2,685 305,526 United Technologies Corp. 13,180 936,307 ----------- 4,017,179 ----------- COMMUNICATIONS--4.4% Liberty Media Corp - Entertainment* 21,258 573,966 McGraw-Hill Companies., Inc., (The) 8,070 334,824 Omnicom Group, Inc. 20,910 1,024,799 Vodafone Group PLC - ADR 15,692 503,556 Windstream Corp. 32,198 429,522 ----------- 2,866,667 ----------- CONSUMER DURABLES--0.5% Mohawk Industries, Inc.* 4,350 326,598 ----------- CONSUMER NON-DURABLES--9.0% Altria Group, Inc. 18,247 406,178 Dr. Pepper Snapple Group, Inc.* 21,705 546,532 Macy's, Inc. 14,110 333,984 Mattel, Inc. 17,330 349,026 Molson Coors Brewing Co., Class B 6,960 403,680 Nike, Inc., Class B 11,880 812,236 Philip Morris International, Inc.* 25,757 1,356,364 Procter & Gamble Co. 26,005 1,717,630 ----------- 5,925,630 ----------- CONSUMER SERVICES--9.3% Advance Auto Parts, Inc. 18,455 743,737 NUMBER OF SHARES VALUE ----------- ----------- CONSUMER SERVICES--(CONTINUED) Avis Budget Group, Inc.* 32,325 $ 449,964 eBay, Inc.* 16,875 506,419 Home Depot, Inc., (The) 31,850 871,416 Moody's Corp. 19,280 714,902 R. R. Donnelley & Sons Co. 21,210 696,324 Ross Stores, Inc. 21,455 785,682 Safeway, Inc. 10,190 324,755 Staples, Inc. 14,045 329,355 Time Warner, Inc. 43,846 696,275 ----------- 6,118,829 ----------- ENERGY--14.6% Chevron Corp. 7,706 764,050 ConocoPhillips 8,865 825,332 Dresser-Rand Group, Inc.* 11,265 454,205 Exxon Mobil Corp. 20,674 1,835,024 Helix Energy Solutions Group, Inc.* 14,640 565,543 Marathon Oil Corp. 33,590 1,726,190 Talisman Energy, Inc. 78,240 1,819,863 Total SA - ADR 18,505 1,614,746 ----------- 9,604,953 ----------- FINANCE--27.3% ACE Ltd. 19,149 1,150,280 Bank of America Corp. 54,895 1,866,979 Bank of New York Mellon Corp., (The) 15,872 706,780 Berkshire Hathaway, Inc., Class B* 356 1,601,288 Capital One Financial Corp. 20,320 977,798 Citigroup, Inc. 37,403 818,752 Franklin Resources, Inc. 11,530 1,167,067 JPMorgan Chase & Co. 54,225 2,331,675 Loews Corp. 35,865 1,777,828 Marsh & McLennan Cos., Inc. 12,320 335,474 Marshall & Ilsley Corp. 13,250 307,930 Merrill Lynch & Co., Inc. 26,815 1,177,715 Morgan Stanley 20,485 906,051 1 ROBECO INVESTMENT FUNDS LARGE CAP VALUE FUND Portfolio of Investments (Concluded) MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ----------- FINANCE--(CONTINUED) Reinsurance Group of America, Inc. 6,135 $ 315,462 Synovus Financial Corp. 58,120 667,799 Travelers Companies, Inc., (The) 19,444 968,506 Wells Fargo & Co. 23,430 645,965 Zions Bancorporation 6,495 279,869 ----------- 18,003,218 ----------- HEALTH CARE--11.7% CIGNA Corp. 7,475 303,485 Covidien Ltd. 12,797 641,002 DaVita, Inc.* 16,385 850,054 Johnson & Johnson 38,181 2,548,200 Lincare Holdings, Inc.* 19,625 511,427 McKesson Corp. 14,145 815,459 Pfizer, Inc. 27,582 533,988 Schering-Plough Corp. 18,645 380,358 WellPoint, Inc.* 8,140 454,375 Wyeth 15,750 700,402 ----------- 7,738,750 ----------- TECHNOLOGY--12.5% Accenture Ltd., Class A 11,785 481,064 Analog Devices, Inc. 15,170 532,619 Harris Corp. 18,325 1,205,418 Hewlett-Packard Co. 18,223 857,574 International Business Machines Corp. 6,855 887,243 McAfee, Inc.* 12,320 446,600 Microsoft Corp. 42,459 1,202,439 Oracle Corp.* 44,940 1,026,430 Symantec Corp.* 20,725 450,354 Taiwan Semiconductor Manufacturing Co., Ltd. - ADR 53,879 616,914 Texas Instruments, Inc. 16,140 524,227 ----------- 8,230,882 ----------- TRANSPORTATION--0.5% United Parcel Service, Inc. 4,695 333,439 ----------- NUMBER OF SHARES VALUE ----------- ----------- UTILITIES--1.0% DTE Energy Co. 4,425 $ 195,762 PG&E Corp. 11,885 470,527 ----------- 666,289 ----------- TOTAL COMMON STOCK (Cost $60,684,445) 64,958,663 ----------- SHORT-TERM INVESTMENT--1.1% PNC Bank Money Market Deposit Account 746,276 746,276 ----------- TOTAL SHORT-TERM INVESTMENTS (Cost $746,276) 746,276 ----------- TOTAL INVESTMENTS--99.7% (COST $61,430,721**) 65,704,939 ----------- OTHER ASSETS IN EXCESS OF LIABILITIES--0.3% 166,651 ----------- NET ASSETS--100.0% $65,871,590 =========== 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 $ 61,430,721 ------------ Gross unrealized appreciation 7,164,338 Gross unrealized depreciation (2,890,120) ------------ Net unrealized appreciation $ 4,274,218 ============ 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 semi-annual report. 2 ROBECO INVESTMENT FUNDS MID CAP VALUE FUND Portfolio of Investments MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ----------- COMMON STOCK--96.6% BASIC INDUSTRIES--5.0% Albemarle Corp. 17,335 $ 770,887 Crown Holdings, Inc.* 21,940 632,969 Lubrizol Corp., (The) 13,675 767,168 PPG Industries, Inc. 8,570 540,167 ----------- 2,711,191 ----------- CAPITAL GOODS--7.5% Cooper Industries Ltd., Class A 13,120 611,786 Ingersoll-Rand Co. Ltd., Class A 8,330 366,853 Lennox International, Inc. 7,015 226,023 Mohawk Industries, Inc.* 2,130 159,920 Stanley Works, (The) 17,735 861,566 Terex Corp.* 7,590 541,547 Thomas & Betts Corp.* 16,640 706,701 W.W. Grainger, Inc. 6,125 558,968 ----------- 4,033,364 ----------- COMMUNICATIONS--1.9% CenturyTel, Inc. 17,110 605,865 Embarq Corp. 9,010 426,353 ----------- 1,032,218 ----------- CONSUMER DURABLES--2.1% BorgWarner, Inc. 7,105 367,400 Lennar Corp., Class A 15,980 269,742 NVR, Inc.* 290 163,957 Pulte Homes, Inc. 15,615 190,972 Ryland Group, Inc., (The) 5,620 156,236 ----------- 1,148,307 ----------- CONSUMER NON-DURABLES--4.7% General Mills, Inc. 13,555 856,676 Loews Corp. - Carolina Group 5,045 366,015 Mattel, Inc. 37,565 756,559 Robert Half International, Inc. 13,000 319,540 VF Corp. 3,080 233,156 ----------- 2,531,946 ----------- NUMBER OF SHARES VALUE ----------- ----------- CONSUMER SERVICES--15.8% Burger King Holdings, Inc. 10,780 $ 307,769 CBS Corp., Class B 20,680 446,274 Dun & Bradstreet Corp., (The) 6,115 560,256 Equifax, Inc. 18,700 713,592 Expedia, Inc.* 14,999 363,726 Family Dollar Stores, Inc. 10,305 220,527 Knoll, Inc. 20,570 305,053 Kohl's Corp.* 13,975 626,080 Kroger Co., (The) 20,460 565,515 Manpower, Inc. 6,705 422,415 McGraw-Hill Companies., Inc., (The) 14,250 591,233 Meredith Corp. 10,785 353,856 Monster Worldwide, Inc.* 11,045 272,701 Omnicom Group, Inc. 15,215 745,687 R. R. Donnelley & Sons Co. 11,565 379,679 Safeway, Inc. 31,390 1,000,399 Staples, Inc. 27,320 640,654 ----------- 8,515,416 ----------- ENERGY--5.6% Anadarko Petroleum Corp. 4,920 368,852 Dresser-Rand Group, Inc.* 19,320 778,983 Helix Energy Solutions Group, Inc.* 14,130 545,842 Noble Energy, Inc. 7,550 735,748 PetroHawk Energy Corp.* 20,630 606,109 ----------- 3,035,534 ----------- FINANCE--20.7% ACE Ltd. 9,240 555,047 Affiliated Managers Group, Inc.* 2,150 220,375 Allied World Assurance Co. Holdings Ltd. 5,495 250,572 AON Corp. 8,745 412,676 Assurant, Inc. 7,180 488,455 Capital One Financial Corp. 5,230 251,668 CNA Financial Corp. 7,120 216,377 Fannie Mae 18,255 493,250 1 ROBECO INVESTMENT FUNDS MID CAP VALUE FUND Portfolio of Investments (Continued) MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ----------- FINANCE--(CONTINUED) Federated Investors, Inc., Class B 12,370 $ 455,340 Franklin Resources, Inc. 4,330 438,283 Hanover Insurance Group, Inc., (The) 15,475 713,397 Lincoln National Corp. 6,565 362,125 Loews Corp. 15,180 752,473 Marsh & McLennan Cos., Inc. 34,415 937,120 Mercury General Corp. 11,715 595,825 Nationwide Financial Services, Inc., Class A 6,005 306,435 Progressive Corp., (The) 11,585 232,395 Reinsurance Group of America, Inc. 13,470 692,627 SLM Corp.* 16,195 367,141 State Street Corp. 7,005 504,500 Student Loan Corp., (The) 1,740 208,800 SunTrust Banks, Inc. 5,410 282,456 Synovus Financial Corp. 21,210 243,703 Unum Group 27,200 654,976 Willis Group Holdings Ltd. 8,105 290,402 Zions Bancorporation 5,295 228,162 ----------- 11,154,580 ----------- HEALTH CARE--7.1% CIGNA Corp. 6,130 248,878 Coventry Health Care, Inc.* 15,430 710,243 DaVita, Inc.* 15,440 801,027 Hospira, Inc.* 14,450 606,033 Lincare Holdings, Inc.* 5,695 148,412 McKesson Corp. 14,190 818,053 Quest Diagnostics, Inc. 9,980 503,092 ----------- 3,835,738 ----------- OTHER--5.3% Annaly Capital Management, Inc. (REIT) 64,396 1,146,893 AvalonBay Communities, Inc. (REIT) 2,840 287,408 Nationwide Health Properties, Inc. (REIT) 9,535 325,429 NUMBER OF SHARES VALUE ----------- ----------- OTHER--(CONTINUED) ProLogis (REIT) 6,935 $ 429,484 SL Green Realty Corp. (REIT) 2,950 294,115 Ventas, Inc. (REIT) 8,010 381,757 ----------- 2,865,086 ----------- TECHNOLOGY--15.2% Acxiom Corp. 42,350 621,274 Amdocs Ltd.* 19,260 622,291 Arrow Electronics, Inc.* 24,170 741,052 Avnet, Inc.* 11,470 338,594 Broadridge Financial Solutions, Inc. 28,380 639,685 Brocade Communications Systems, Inc.* 64,375 518,863 CACI International, Inc., Class A* 9,815 500,271 Comverse Tecnology, Inc.* 15,810 294,857 Cymer, Inc.* 16,715 516,828 Emulex Corp.* 13,370 187,447 Harris Corp. 11,550 759,759 Ingram Micro, Inc., Class A* 15,320 277,752 McAfee, Inc.* 17,122 620,672 SRA International, Inc., Class A* 9,795 230,966 Sybase, Inc.* 9,435 302,109 Symantec Corp.* 45,740 993,930 ----------- 8,166,350 ----------- TRANSPORTATION--1.1% Norfolk Southern Corp. 8,810 593,618 ----------- UTILITIES--4.6% American Electric Power Co., Inc. 5,455 230,910 DTE Energy Co. 11,700 517,608 Edison International 8,300 441,809 NiSource, Inc. 10,960 198,266 PG&E Corp. 16,460 651,652 Sierra Pacific Resources 29,895 405,675 ----------- 2,445,920 ----------- TOTAL COMMON STOCK (Cost $49,466,354) 52,069,268 ----------- 2 ROBECO INVESTMENT FUNDS MID CAP VALUE FUND Portfolio of Investments (Concluded) MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ----------- SHORT-TERM INVESTMENT--3.0% PNC Bank Money Market Deposit Account 1,612,273 $ 1,612,273 ----------- TOTAL SHORT-TERM INVESTMENTS (Cost $1,612,273) 1,612,273 ----------- TOTAL INVESTMENTS--99.6% (COST $51,078,627**) 53,681,541 ----------- OTHER ASSETS IN EXCESS OF LIABILITIES--0.4% 221,540 ----------- NET ASSETS--100.0% $53,903,081 =========== 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 $ 51,078,627 ------------ Gross unrealized appreciation 4,458,229 Gross unrealized depreciation (1,855,315) ------------ Net unrealized appreciation $ 2,602,914 ============ 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 semi-annual report. 3 ROBECO INVESTMENT FUNDS ALL-CAP VALUE FUND Portfolio of Investments MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ----------- COMMON STOCK--95.9% CAPITAL GOODS--4.8% Dover Corp. 16,155 $ 873,663 General Electric Co. 10,100 310,272 Parker-Hannifin Corp. 7,687 650,858 W.W. Grainger, Inc. 7,485 683,081 Wolseley PLC - ADR 24,940 271,075 ----------- 2,788,949 ----------- COMMUNICATIONS--3.3% Embarq Corp. 7,235 342,360 Vodafone Group PLC - ADR 49,413 1,585,663 ----------- 1,928,023 ----------- CONSUMER DURABLES--0.9% Lennar Corp., Class A 17,300 292,024 Pulte Homes, Inc. 17,700 216,471 ----------- 508,495 ----------- CONSUMER NON-DURABLES--7.2% Mattel, Inc. 42,010 846,081 Nestle S.A. - ADR 4,620 566,583 Nike, Inc., Class B 9,070 620,116 Oxford Industries, Inc. 5,710 156,111 Procter & Gamble Co. 18,730 1,237,117 Tupperware Brands Corp. 11,850 453,855 VF Corp. 4,855 367,524 ----------- 4,247,387 ----------- CONSUMER SERVICES--8.7% BancTec, Inc. ++ 144A 47,195 167,542 Career Education Corp.* 4,300 78,647 Equifax, Inc. 4,760 181,642 Expedia, Inc.* 18,648 452,214 Harte-Hanks, Inc. 15,730 213,142 Herbalife Ltd. 7,465 287,701 IAC/InterActiveCorp* 26,235 591,599 Manpower, Inc. 4,345 273,735 Omnicom Group, Inc. 13,370 655,264 Rent-A-Center, Inc.* 11,975 251,235 Safeway, Inc. 18,890 602,024 NUMBER OF SHARES VALUE ----------- ----------- CONSUMER SERVICES--(CONTINUED) Wal-Mart Stores, Inc. 19,635 $ 1,133,725 Watson Wyatt Worldwide, Inc., Class A 3,815 223,445 ----------- 5,111,915 ----------- ENERGY--10.7% Apache Corp. 3,890 521,493 Chevron Corp. 6,530 647,450 Devon Energy Corp. 4,600 533,324 Dresser-Rand Group, Inc.* 4,985 200,995 Marathon Oil Corp. 11,020 566,318 Pioneer Natural Resources Co. 7,945 570,372 Quest Resource Corp.* 12,123 134,687 Quest Resource Corp. 144A ++* 2,430 26,997 Talisman Energy, Inc. 60,625 1,410,137 Total SA - ADR 19,325 1,686,299 ----------- 6,298,072 ----------- FINANCE--30.9% ACE Ltd. 38,210 2,295,275 Alleghany Corp.* 2,946 1,106,223 Allied World Assurance Co. Holdings Ltd. 7,845 357,732 AMBAC Financial Group, Inc. 30,300 94,839 AON Corp. 10,700 504,933 Aspen Insurance Holdings Ltd. 8,740 223,394 Capital One Financial Corp. 12,500 601,500 Castlepoint Holdings Ltd. 144A ++* 14,425 155,646 Castlepoint Holdings Ltd. 20 216 Countrywide Financial Corp. 4,844 25,479 Fannie Mae 14,610 394,762 First American Corp. 4,105 137,805 Flagstone Reinsurance Holdings Ltd. 35,650 463,450 Hanover Insurance Group, Inc., (The) 13,605 627,190 Hatteras Financial Corp. (REIT) 144A ++* 3,890 103,668 IndyMac Bancorp, Inc. 5,880 11,113 1 ROBECO INVESTMENT FUNDS ALL-CAP VALUE FUND Portfolio of Investments MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ----------- FINANCE--(CONTINUED) IPC Holdings Ltd. 20,175 $ 572,970 J.G. Wentworth, Inc. 144A ++* 15,165 181,980 JPMorgan Chase & Co. 6,960 299,280 Kohlberg Capital Corp. 9,370 125,089 Loews Corp. 63,910 3,168,019 Maiden Holdings Ltd. 144A ++* 11,110 84,103 Marsh & McLennan Cos., Inc. 19,225 523,497 MBIA, Inc. 22,585 157,192 Merrill Lynch & Co., Inc. 11,315 496,955 Morgan Stanley 20,165 891,898 Peoples Choice Financial Corp. 144A ++* 1,465 0 Quanta Capital Holdings Ltd. 19,670 52,519 SLM Corp.* 21,330 483,551 Solar Cayman Ltd. 144A ++* 19,375 290,625 Specialty Underwriters' Alliance, Inc.* 9,845 46,862 Travelers Companies, Inc., (The) 17,655 879,396 Unum Group 41,166 991,277 Wesco Financial Corp. 180 76,680 White Mountains Insurance Group Ltd. 3,570 1,702,890 ----------- 18,128,008 ----------- HEALTH CARE--13.4% Amgen, Inc.* 23,365 1,028,761 AstraZeneca PLC - ADR 6,615 289,009 DaVita, Inc.* 13,335 691,820 Johnson & Johnson 22,930 1,530,348 Lincare Holdings, Inc.* 17,035 443,932 Medtronic, Inc. 12,030 609,560 Mentor Corp. 7,325 230,811 Pfizer, Inc. 72,016 1,394,230 Sanofi-Aventis - ADR 14,100 526,212 UnitedHealth Group, Inc. 7,850 268,549 Wyeth 18,315 814,468 ----------- 7,827,700 ----------- NUMBER OF SHARES VALUE ----------- ----------- OTHER--3.6% Annaly Capital Management, Inc. (REIT) 56,740 $ 1,010,540 Ashford Hospitality Trust, Inc. (REIT) 43,235 265,463 CBRE Realty Finance, Inc. (REIT) 34,705 139,167 Cypress Sharpridge Investments, Inc. (REIT) 144A ++ 32,315 168,038 Friedman, Billings, Ramsey Group, Inc., Class A (REIT) 32,720 62,822 National Health Investors, Inc. (REIT) 11,865 367,815 Thornburg Mortgage PSCA Units (REIT) ++ 71,655 71,655 ----------- 2,085,500 ----------- TECHNOLOGY--11.2% Accenture Ltd., Class A 7,850 320,437 Acxiom Corp. 21,205 311,077 Belden, Inc. 4,025 168,607 Dell, Inc.* 23,585 543,870 Fidelity National Information Services, Inc. 7,410 298,475 GSI Group, Inc.* 18,110 146,148 Hewlett-Packard Co. 22,550 1,061,203 International Business Machines Corp. 11,290 1,461,265 Microsoft Corp. 44,865 1,270,577 Tech Data Corp.* 11,015 403,039 Tyco Electronics Ltd. 14,620 586,554 ----------- 6,571,252 ----------- UTILITIES--1.2% Korea Electric Power Corp. - ADR 42,050 679,528 ----------- TOTAL COMMON STOCK (Cost $53,489,632) 56,174,829 ----------- PREFERRED STOCK--0.9% FINANCE--0.9% Fannie Mae 11,091 553,164 ----------- 2 ROBECO INVESTMENT FUNDS ALL-CAP VALUE FUND Portfolio of Investments (Concluded) MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ----------- TOTAL PREFERRED STOCK (Cost $552,761) 553,164 ----------- WARRANTS--0.0% Thornburg Mortgage Warrants (exercise price $0.01, expiration date 03/31/15) ++ 120,815 $ 0 ----------- TOTAL WARRANTS (Cost $0) 0 ----------- PAR (000) VALUE ----------- ----------- CORPORATE BONDS--1.8% MBIA Insurance Corp.(a) 144A 14.00% 01/15/33 151 132,880 Thornburg Mortgage, Inc. 144A ++ 18.00% 03/31/15 824 702,460 Thornburg W. I.++ 0.0% 03/31/15 244 244,000 ----------- TOTAL CORPORATE BONDS (Cost $1,147,208) 1,079,340 ----------- NUMBER OF SHARES VALUE ----------- ----------- SHORT-TERM INVESTMENTS--2.2% PNC Bank Money Market Deposit Account 1,286,004 1,286,004 ----------- TOTAL SHORT-TERM INVESTMENTS (Cost $1,286,004) 1,286,004 ----------- TOTAL INVESTMENTS--100.9% (COST $56,475,606**) 59,093,337 ----------- NUMBER OF CONTRACTS VALUE ------------ ----------- OPTIONS WRITTEN--(0.2%) General Electric Call Options Expires 01/21/09 Strike Price $30 (101) (26,489) Lennear Corp. Call Options Expires 11/22/08 Strike Price $25 (173) (10,380) Morgan Stanley Call Options Expires 07/23/08 Strike Price $45 (25) (5,813) NUMBER OF CONTRACTS VALUE ------------ ----------- Pulte Homes, Inc. Call Options Expires 01/21/09 Strike Price $20 (57) $ (3,070) Pulte Homes, Inc. Call Options Expires 01/21/09 Strike Price $10 (120) (44,058) ----------- TOTAL OPTIONS WRITTEN (Premiums received $(212,529)) (89,810) ----------- LIABIITIES IN EXCESS OF OTHER ASSETS--(0.7)% (427,092) ----------- NET ASSETS--100.0% $58,576,435 =========== ADR -- American Depository Receipt. REIT -- Real Estate Investment Trust. * -- Non-income producing. ++ -- Security has been valued at fair market value as determined in good faith by or under the direction of RBB Fund, Inc.'s Board of Directors. 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. (a) Callable 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 $ 56,475,606 ------------ Gross unrealized appreciation 4,509,273 Gross unrealized depreciation (1,891,542) ------------ Net unrealized appreciation $ 2,617,731 ============ 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 semi-annual report. 3 ROBECO INVESTMENT FUNDS ROBECO WPG SMALL CAP VALUE FUND Portfolio of Investments MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ----------- COMMON STOCK--93.1% BASIC MATERIALS--0.7% Omnova Solutions, Inc.* 54,800 $ 197,828 Uranium Resources, Inc. #* 27,777 123,608 ----------- 321,436 ----------- CAPITAL GOODS--1.1% Trimas Corp.* 60,600 495,102 ----------- COMMUNICATIONS--6.7% LodgeNet Interactive Corp.* 30,900 201,159 MDC Partners, Inc., Class A* 298,600 2,314,150 RADWARE Ltd.* 52,900 517,362 ----------- 3,032,671 ----------- CONSUMER CYCLICAL--15.5% Airtran Holdings, Inc. # 132,500 397,500 Beacon Roofing Supply, Inc. #* 26,800 327,228 Big 5 Sporting Goods Corp. 27,000 242,730 Brown Shoe Co., Inc. 12,500 211,125 Casual Male Retail Group, Inc. #* 73,000 298,570 Champion Enterprises, Inc.* 20,900 174,515 Collective Brands, Inc. #* 16,300 184,679 Dress Barn, Inc. (The)* 23,800 368,186 DSW, Inc., Class A #* 26,000 384,020 Hot Topic, Inc.* 19,800 103,950 Jack in the Box, Inc.* 14,300 351,351 Lakeland Industries, Inc.* 53,401 666,978 Libbey, Inc. 111,900 1,290,207 Lifetime Brands, Inc. # 61,100 428,311 Pantry, Inc. (The)* 83,400 1,017,480 Shoe Carnival, Inc.* 37,600 548,960 ----------- 6,995,790 ----------- CONSUMER NON-CYCLICAL--6.8% Alliance One International, Inc.* 141,400 849,814 Del Monte Foods Co. 24,700 215,137 ICF International, Inc.* 52,900 971,773 LECG Corp.* 100,500 1,015,050 ----------- 3,051,774 ----------- NUMBER OF SHARES VALUE ----------- ----------- CONSUMER SERVICES--5.1% American Dental Partners, Inc. #* 24,500 $ 294,490 Carrols Restaurant Group, Inc.* 46,300 321,322 Children's Place Retail Stores, Inc., (The) #* 6,100 209,962 CKE Restaurants, Inc. 16,100 190,624 Lee Enterprises, Inc. # 82,500 561,000 Princeton Review, Inc. (The) #* 14,300 109,824 Valassis Communications, Inc.* 38,500 611,765 ----------- 2,298,987 ----------- ENERGY--2.3% American Oil & Gas, Inc. #* 49,200 183,516 Delek US Holdings, Inc. 8,900 115,967 Geokinetics, Inc.* 8,400 161,028 Holly Corp. 13,400 568,830 ----------- 1,029,341 ----------- FINANCE--34.0% Apollo Investment Corp. 26,144 471,899 Ares Capital Corp. 36,666 454,292 Ashford Hospitality Trust, Inc. (REIT) 28,200 173,148 Aspen Insurance Holdings Ltd. 13,600 347,616 Assured Guaranty Ltd. 35,700 824,670 Bancorp Rhode Island, Inc. 3,900 129,636 Berkshire Hills Bancorp, Inc. 22,500 569,475 CapLease, Inc. (REIT) # 127,500 1,056,975 Capstead Mortgage Corp. (REIT) 17,800 243,860 Danvers Bancorp, Inc.* 53,700 647,085 Darwin Professional Underwriters, Inc.* 12,200 346,968 Delphi Financial Group, Inc., Class A 24,000 693,360 Encore Bancshares, Inc.* 19,400 344,156 ESSA Bancorp, Inc.* 21,700 271,250 First Financial Bankshares, Inc. # 5,401 247,366 Flushing Financial Corp. 17,600 345,312 Hatteras Financial Corp.* 18,100 482,365 Home Financial Bancorp, Inc. 26,500 310,050 Investors Bancorp, Inc. #* 17,300 247,217 1 ROBECO INVESTMENT FUNDS ROBECO WPG SMALL CAP VALUE FUND Portfolio of Investments (Continued) MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ----------- FINANCE--(CONTINUED) Jackson Hewitt Tax Service, Inc. 7,500 $ 105,150 Marlin Business Services Corp.* 39,300 280,602 Meadowbrook Insurance Group, Inc. 148,900 1,022,943 MFA Mortgage Investments, Inc. (REIT) 96,000 697,920 Nelnet, Inc., Class A 18,100 238,739 New York Community Bancorp, Inc. 11,900 244,188 PennantPark Investment Corp. # 58,000 472,700 Renasant Corp. # 20,500 476,010 Sun Communities, Inc. # (REIT) 35,200 705,760 United Financial Bancorp, Inc. 44,900 549,127 Validus Holdings Ltd. 22,300 466,516 Viewpoint Financial Group # 14,700 237,993 Westfield Financial, Inc. 63,000 618,660 WSFS Financial Corp. 13,800 703,110 Zenith National Insurance Corp. 8,100 326,835 ----------- 15,352,953 ----------- HEALTH CARE--4.8% Eastern Insurance Holdings, Inc. 16,000 261,600 ICU Medical, Inc.* 24,400 621,712 Kensey Nash Corp.* 15,900 467,142 LifePoint Hospitals, Inc.* 12,300 393,477 NovaMed, Inc. #* 30,600 120,258 Providence Service Corp. (The)* 12,300 325,335 ----------- 2,189,524 ----------- INDUSTRIAL--3.3% Altra Holdings, Inc.* 15,000 261,300 Briggs & Stratton Corp. # 7,800 115,050 Double Hull Tankers, Inc. 39,000 400,920 Smith & Wesson Holding Corp. #* 85,000 490,450 Teleflex, Inc. 3,800 225,302 ----------- 1,493,022 ----------- TECHNOLOGY--8.7% Actuate Corp.* 46,200 229,152 Axesstel, Inc.* 284,420 230,380 Computer Programs & Systems, Inc. 27,900 556,605 NUMBER OF SHARES VALUE ----------- ----------- TECHNOLOGY--(CONTINUED) CPI International, Inc.* 46,550 $ 567,445 Digi International, Inc.* 62,000 559,240 Plantronics, Inc. 9,900 240,471 Qlogic Corp.* 13,800 217,902 Rackable Systems, Inc.* 53,500 730,810 Trident Microsystems, Inc.* 82,600 387,394 WidePoint Corp.* 153,600 195,072 ----------- 3,914,471 ----------- UTILITIES--4.1% El Paso Electric Co.* 16,300 352,243 Great Plains Energy, Inc. 10,600 278,038 Portland General Electric Co. 10,700 250,487 UGI Corp. 26,200 706,876 Vectren Corp. 8,900 262,550 ----------- 1,850,194 ----------- TOTAL COMMON STOCK (Cost $44,285,699) 42,025,265 ----------- SHORT-TERM INVESTMENTS--7.0% Dreyfus Government Cash Management 3,156,799 3,156,799 ----------- TOTAL SHORT-TERM INVESTMENTS (Cost $3,156,799) 3,156,799 ----------- TOTAL INVESTMENTS--100.1% (COST $47,442,498**) 45,182,064 ----------- LIABILITIES IN EXCESS OF OTHER ASSETS--(0.1)% (47,655) ----------- NET ASSETS--100.0% $45,134,409 =========== REIT -- Real Estate Investment Trust * -- Non-income producing. # Portion of security out on loan. 2 ROBECO INVESTMENT FUNDS ROBECO WPG SMALL CAP VALUE FUND Portfolio of Investments (Concluded) MAY 31, 2008 (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 $47,442,498 ----------- Gross unrealized appreciation 2,822,709 Gross unrealized depreciation (5,083,143) ----------- Net unrealized depreciation $(2,260,434) =========== 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 semi-annual report. 3 ROBECO INVESTMENT FUNDS ROBECO WPG 130/30 LARGE CAP CORE FUND Portfolio of Investments MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ----------- LONG POSITIONS--128.6% DOMESTIC COMMON STOCK--128.6% BASIC MATERIALS--7.6% AK Steel Holding Corp. 1,010 $ 71,710 Celanese Corp. Series A 5,939 289,229 Freeport-McMoRan Copper & Gold, Inc., Class B 3,088 357,313 Mosaic Co., (The)* 2,266 283,975 Nucor Corp. 3,210 240,108 ----------- 1,242,335 ----------- COMMERCIAL SERVICES--3.3% Avis Budget Group, Inc.* 17,302 240,844 Computer Sciences Corp.* 1,596 78,443 Hewitt Associates, Inc., Class A* 1,809 70,841 Omnicom Group, Inc. 2,996 146,834 ----------- 536,962 ----------- CONSUMER CYCLICAL--8.4% AutoZone, Inc.* 1,071 135,546 Best Buy Co., Inc. 1,463 68,307 BorgWarner, Inc. 3,430 177,365 Cemex S.A. de C.V. - ADR 5,096 144,930 Coach, Inc.* 2,184 79,279 Fastenal Co. 1,832 90,574 Lennar Corp., Class A 1,983 33,473 Oshkosh Corp. 1,872 75,648 RadioShack Corp. 11,638 170,497 TJX Companies, Inc. (The) 2,511 80,503 Toro Co. 1,472 57,526 Wal-Mart Stores, Inc. 4,308 248,744 ----------- 1,362,392 ----------- CONSUMER NON-CYCLICAL--9.1% Avon Products, Inc. 6,507 254,163 Coca-Cola Enterprises, Inc. 12,194 245,587 ConAgra Foods, Inc. 5,517 130,091 Kroger Co., (The) 3,200 88,448 Pepsi Bottling Group, Inc. 7,170 232,451 Philip Morris International, Inc.* 3,775 198,792 Procter & Gamble Co. 2,373 156,737 NUMBER OF SHARES VALUE ----------- ----------- CONSUMER NON-CYCLICAL--(CONTINUED) Safeway, Inc. 2,848 $ 90,766 SUPERVALU, Inc. 2,312 81,082 ----------- 1,478,117 ----------- CONSUMER SERVICES--5.5% Brinker International, Inc. 3,474 76,185 CBS Corp., Class B 4,779 103,131 Hasbro, Inc. 2,663 96,507 McDonald's Corp. 1,001 59,379 Royal Caribbean Cruises Ltd. 3,595 106,843 Walt Disney Co., (The) 10,664 358,311 Yum! Brands, Inc. 2,446 97,106 ----------- 897,462 ----------- ENERGY--15.5% Chesapeake Energy Corp. 1,807 98,969 ConocoPhillips 1,483 138,067 EnCana Corp. 1,930 174,414 ENSCO International, Inc. 3,674 263,903 Exxon Mobil Corp. 9,856 874,819 Murphy Oil Corp. 950 88,018 Occidental Petroleum Corp. 3,694 339,590 Royal Dutch Shell PLC - ADR 3,184 272,200 Unit Corp.* 496 38,038 Valero Energy Corp. 4,902 249,218 ----------- 2,537,236 ----------- EXCHANGE TRADED FUNDS--1.2% SPDR Trust Series 1 1,435 201,402 ----------- FINANCE--20.4% ACE Ltd. 4,606 276,682 American Express Co. 5,991 277,683 Bank of America Corp. 4,160 141,482 BB&T Corp. 4,728 148,790 Capital One Financial Corp. 1,050 50,526 Charles Schwab Corp., (The) 11,505 255,181 Chubb Corp., (The) 5,006 269,123 Citigroup, Inc. 1,947 42,620 Endurance Specialty Holdings Ltd. 2,873 96,705 Keycorp 2,604 50,700 1 ROBECO INVESTMENT FUNDS ROBECO WPG 130/30 LARGE CAP CORE FUND Portfolio of Investments (Continued) MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ----------- FINANCE--(CONTINUED) Mastercard, Inc., Class A 629 $ 194,141 MetLife, Inc. 5,264 315,998 Northern Trust Corp. 2,978 226,328 ProLogis (REIT) 4,577 283,454 Regions Financial Corp. 11,241 200,315 State Street Corp. 1,303 93,842 T. Rowe Price Group, Inc. 2,460 142,483 TD. Ameritrade Holding Corp.* 2,039 36,926 W.R. Berkley Corp. 4,159 112,667 Wells Fargo & Co. 4,164 114,801 ----------- 3,330,447 ----------- HEALTH CARE--13.9% Aetna, Inc. 4,004 188,829 AstraZeneca PLC - ADR 5,507 240,601 Boston Scientific Corp.* 15,485 205,796 Invitrogen Corp.* 5,615 258,065 Medco Health Solutions, Inc.* 5,070 245,641 Pfizer, Inc. 20,422 395,370 Sanofi-Aventis - ADR 6,495 242,393 Schering-Plough Corp. 5,655 115,362 Tenet Healthcare Corp.* 15,484 91,356 Thermo Fisher Scientific, Inc.* 3,277 193,409 Watson Pharmaceuticals, Inc.* 3,318 94,762 ----------- 2,271,584 ----------- INDUSTRIAL--7.5% Allied Waste Industries, Inc.* 5,999 80,806 Black & Decker Corp., (The) 3,645 235,831 Caterpillar, Inc. 4,259 351,964 First Solar, Inc.* 242 64,745 General Electric Co. 7,504 230,523 Parker-Hannifin Corp. 3,161 267,642 ----------- 1,231,511 ----------- TECHNOLOGY--24.9% Apple, Inc.* 1,289 243,299 Boeing Co. (The) 2,671 221,079 Broadcom Corp., Class A* 2,316 66,446 CA, Inc. 8,555 227,050 Ciena Corp.* 7,159 218,779 Expedia, Inc.* 10,902 264,374 NUMBER OF SHARES VALUE ----------- ----------- TECHNOLOGY--(CONTINUED) Hewlett-Packard Co. 8,184 $ 385,139 Intel Corp. 9,245 214,299 International Business Machines Corp. 2,222 287,593 JDS Uniphase Corp.* 18,901 233,805 Lexmark International, Inc., Class A* 5,861 216,036 LSI Corp.* 32,428 235,752 Novell, Inc.* 15,403 109,053 Raytheon Co. 4,120 263,103 STMicroelectronics N.V. 21,900 285,357 Symantec Corp.* 16,007 347,832 Taiwan Semiconductor Manufacturing Co., Ltd. - ADR 21,407 245,110 ----------- 4,064,106 ----------- TELECOMMUNICATIONS--4.0% Embarq Corp. 5,539 262,106 Qwest Communications International, Inc. 44,584 216,232 Telephone and Data Systems, Inc. 1,387 66,118 Verizon Communications, Inc. 2,641 101,599 ----------- 646,055 ----------- TRANSPORTATION--2.6% CSX Corp. 1,539 106,283 GATX Corp. 5,064 249,706 Kirby Corp.* 1,314 73,137 ----------- 429,126 ----------- UTILITIES--4.7% Duke Energy Corp. 8,787 162,384 Edison International 5,154 274,347 Oneok, Inc. 1,861 93,162 Public Service Enterprise Group, Inc. 5,467 241,969 ----------- 771,862 ----------- TOTAL DOMESTIC COMMON STOCK (Cost $20,670,459) 21,000,597 ----------- 2 ROBECO INVESTMENT FUNDS ROBECO WPG 130/30 LARGE CAP CORE FUND Portfolio of Investments (Continued) MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ----------- TOTAL LONG POSITIONS--128.6% (COST $20,670,459) 21,000,597 ----------- SECURITIES SOLD SHORT--(29.0%) BASIC MATERIALS--(3.3%) Ashland, Inc. (1,647) $ (88,394) Cameco Corp. (2,112) (86,486) Foundation Coal Holdings, Inc. (1,249) (83,346) Goldcorp, Inc. (1,328) (53,306) Louisiana-Pacific Corp. (5,633) (68,385) Peabody Energy Corp. (1,089) (80,499) Titanium Metals Corp. (4,560) (79,344) ----------- (539,760) ----------- COMMERCIAL SERVICES--(1.9%) Apollo Group, Inc., Class A* (1,553) (74,218) DST Systems, Inc.* (493) (31,256) Lamar Advertising Co., Class A* (1,879) (78,636) Monster Worldwide, Inc.* (2,802) (69,181) Robert Half International, Inc. (2,587) (63,589) ----------- (316,880) ----------- CONSUMER CYCLICAL--(2.2%) Chico's FAS, Inc.* (8,075) (61,451) General Motors Corp. (3,180) (54,378) Jones Lang LaSalle, Inc. (529) (37,316) O'Reilly Automotive, Inc.* (2,667) (69,742) Owens Corning, Inc.* (2,237) (57,782) Toll Brothers, Inc.* (3,389) (71,406) ----------- (352,075) ----------- CONSUMER NON-CYCLICAL--(0.8%) Dean Foods Co.* (3,123) (67,925) Whole Foods Market, Inc. (2,130) (61,770) ----------- (129,695) ----------- CONSUMER SERVICES--(1.4%) Cheesecake Factory, Inc. (The)* (2,506) (50,195) Harman International Industries, Inc. (1,342) (60,014) Las Vegas Sands Corp.* (723) (50,205) Scientific Games Corp., Class A* (1,951) (63,076) ----------- (223,490) ----------- NUMBER OF SHARES VALUE ----------- ----------- ENERGY--(1.7%) Dresser-Rand Group, Inc.* (984) $ (39,675) Frontier Oil Corp. (1,952) (58,775) Plains All American Pipeline Lp (1,118) (54,625) Tesoro Corp. (2,086) (51,837) Tetra Technologies, Inc.* (3,781) (81,367) ----------- (286,279) ----------- FINANCE--(4.5%) Arthur J. Gallagher & Co. (2,580) (65,867) Brown & Brown, Inc. (4,291) (83,546) CNA Financial Corp. (2,930) (89,043) Conseco, Inc.* (5,376) (62,738) East West Bancorp, Inc. (4,144) (54,866) First American Corp. (1,909) (64,085) Huntington Bancshares, Inc. (6,017) (53,611) Kilroy Realty Corp. (REIT) (682) (37,183) Marsh & McLennan Cos., Inc. (1,734) (47,217) Merrill Lynch & Co., Inc. (772) (33,906) Old Republic International Corp. (6,374) (95,929) Plum Creek Timber Co., Inc. (940) (43,851) ----------- (731,842) ----------- HEALTH CARE--(2.7%) Covance, Inc.* (555) (45,499) Elan Corp PLC - ADR* (3,485) (87,264) Gen-Probe, Inc.* (1,453) (82,734) Hill-Rom Holdings, Inc. (2,494) (76,691) Mylan, Inc. (5,357) (71,516) VCA Antech, Inc.* (2,587) (81,154) ----------- (444,858) ----------- INDUSTRIAL--(1.9%) Energizer Holdings, Inc.* (1,037) (84,609) Graco, Inc. (1,131) (45,715) Pall Corp. (2,111) (86,150) Stericycle, Inc.* (1,495) (87,158) ----------- (303,632) ----------- TECHNOLOGY--(6.4%) Alliant Techsystems, Inc.* (820) (89,019) Amphenol Corp., Class A (1,704) (79,458) Compuware Corp.* (9,965) (101,543) 3 ROBECO INVESTMENT FUNDS ROBECO WPG 130/30 LARGE CAP CORE FUND Portfolio of Investments (Concluded) MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ----------- TECHNOLOGY--(CONTINUED) Cypress Semiconductor Corp.* (2,734) $ (76,224) Ingram Micro, Inc., Class A* (4,903) (88,891) Linear Technology Corp. (1,751) (64,384) Marvell Technology Group Ltd.* (5,154) (89,474) MEMC Electronic Materials, Inc.* (967) (66,394) Rambus, Inc.* (3,321) (68,612) Roper Industries, Inc. (981) (63,804) Spirit Aerosystems Holdings, Inc., Class A* (2,927) (87,313) Varian Semiconductor Equipment Associates, Inc.* (2,387) (90,778) Zebra Technologies Corp., Class A* (2,100) (78,960) ----------- (1,044,854) ----------- TELECOMMUNICATIONS--(0.4%) SBA Communications Corp., Class A* (1,948) (72,505) ----------- TRANSPORTATION--(0.5%) Teekay Corp. (1,550) (77,934) ----------- UTILITIES--(1.3%) Covanta Holding Corp.* (2,512) (70,261) Great Plains Energy, Inc. (2,941) (77,142) Nicor, Inc. (1,471) (60,061) ----------- (207,464) ----------- TOTAL SECURITIES SOLD SHORT (Cost $(4,719,143)) (4,731,268) ----------- TOTAL INVESTMENTS--99.6% (COST $15,951,316**) 16,269,329 ----------- OTHER ASSETS IN EXCESS OF LIABILITIES--0.4% 66,852 ----------- NET ASSETS--100.0% $16,336,181 =========== 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 $ 15,951,316 ------------ Gross unrealized appreciation 1,669,255 Gross unrealized depreciation (1,351,242) ------------ Net unrealized appreciation $ 318,013 ============ 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 semi-annual report. 4 ROBECO INVESTMENT FUNDS ROBECO SAM SUSTAINABLE CLIMATE FUND Portfolio of Investments MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ---------- COMMON STOCK--95.1% AUSTRIA--7.6% Verbund - Oesterreichische Elektrizitaetswirtschafts AG (Utilities) 2,300 $ 194,297 Wienerberger AG (Basic Materials) 1,600 84,856 Zumtobel AG (Technology) 1,500 46,836 ---------- 325,989 ---------- BELGIUM--1.9% Umicore (Basic Industries) 1,500 82,050 ---------- BRAZIL--3.4% Aracruz Celulose SA - (Basic Industries) ADR 900 81,666 Cia Energetica de Minas Gerais - (Utilities) ADR 2,652 62,693 ---------- 144,359 ---------- CANADA--5.7% Agrium, Inc. (Basic Materials) 900 78,587 Canadian Hydro Developers, Inc. (Utilities)* 4,400 26,526 Intermap Technologies Corp. (Capital Goods)* 10,100 61,499 Potash Corp. of Saskatchewan (Basic Materials) 400 79,440 ---------- 246,052 ---------- CHINA--3.9% Trina Solar Ltd. - (Energy) ADR* 2,500 112,350 Yingli Green Energy Holding Co. Ltd. - (Technology) ADR* 2,600 53,508 ---------- 165,858 ---------- DENMARK--7.3% Greentech Energy Systems (Utilities)* 7,200 133,653 Novozymes A/S, Class B (Health Care) 500 53,395 NUMBER OF SHARES VALUE ----------- ---------- DENMARK--(CONTINUED) Vestas Wind Systems A/S (Technology)* 900 $ 123,892 ---------- 310,940 ---------- FINLAND--4.8% Fortum Oyj (Utilities) 1,700 82,146 Vaisala Oyj, Class A (Technology) 1,200 53,207 Wartsila Oyj (Capital Goods) 1,000 70,677 ---------- 206,030 ---------- FRANCE--1.2% Schneider Electric SA (Technology) 400 50,244 ---------- GERMANY--7.9% Q-Cells AG (Technology)* 900 109,423 Siemens AG (Capital Goods) 700 79,411 Solon AG Fuer Solartechnik (Technology)* 700 50,552 Steico AG (Capital Goods)* 1,800 13,526 Vossloh AG (Capital Goods) 600 86,904 ---------- 339,816 ---------- GREECE--1.4% Terna Energy SA (Utilities)* 4,800 59,740 ---------- ITALY--3.6% Prysmian SpA (Technology) 4,000 105,790 Trevi Finanziaria SpA (Capital Goods) 1,900 48,773 ---------- 154,563 ---------- JAPAN--1.6% Mitsubishi Rayon Co. Ltd. (Basic Industries) 11,000 39,755 Miura Co. Ltd. (Capital Goods) 1,200 29,710 ---------- 69,465 ---------- NETHERLANDS--2.6% Koninklijke Boskalis Westminster NV (Industrial) 900 54,592 1 ROBECO INVESTMENT FUNDS ROBECO SAM SUSTAINABLE CLIMATE FUND Portfolio of Investments (Continued) MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ---------- NETHERLANDS--(CONTINUED) Smit Internationale NV (Transportation) 500 $ 55,929 ---------- 110,521 ---------- NORWAY--2.7% Renewable Energy Corp. AS (Technology)* 1,300 38,590 Yara International ASA (Diversified Operation) 1,000 75,829 ---------- 114,419 ---------- SPAIN--0.8% Gamesa Corp. Tecnologica SA (Technology) 700 36,232 ---------- SWEDEN--1.4% Munters AB (Capital Goods) 5,300 60,062 ---------- SWITZERLAND--3.8% Bucher Industries AG (Capital Goods) 200 52,338 Georg Fischer AG (Capital Goods)* 100 51,811 Syngenta AG (Basic Industries) 200 60,926 ---------- 165,075 ---------- UNITED STATES--33.5% Apogee Enterprises, Inc. (Industrial) 2,300 54,602 BorgWarner, Inc. (Consumer Durables) 1,600 82,736 Covanta Holding Corp. (Energy)* 3,100 86,707 Ecolab, Inc. (Basic Industries) 1,500 67,245 Fluor Corp. (Capital Goods) 300 55,965 FPL Group, Inc. (Utilities) 1,500 101,280 General Electric Co. (Capital Goods) 1,800 55,296 Global Industries Ltd. (Energy)* 3,500 60,375 Honeywell International, Inc. (Capital Goods) 900 53,658 NUMBER OF SHARES VALUE ----------- ---------- UNITED STATES--(CONTINUED) Jacobs Engineering Group, Inc. (Capital Goods)* 1,300 $ 123,214 Johnson Controls, Inc. (Consumer Durables) 3,300 112,398 Kaydon Corp. (Capital Goods) 1,400 85,554 Kingspan Group PLC (Capital Goods) 4,200 44,890 Quanta Services, Inc. (Consumer Non-Durables)* 4,500 144,180 Sunpower Corp., Class A (Technology)* 1,000 81,900 Tetra Tech, Inc. (Consumer Services)* 4,000 105,760 Tetra Technologies, Inc. (Energy)* 4,400 94,688 Verasun Energy Corp. (Energy)* 3,564 24,235 ---------- 1,434,683 ---------- TOTAL COMMON STOCK (Cost $4,100,246) 4,076,098 ---------- RIGHTS--0.0% NETHERLANDS--0.0% Smit Internationale NV (Transportation) 500 0 ---------- TOTAL RIGHTS (Cost $0) 0 ---------- SHORT-TERM INVESTMENTS--3.8% PNC Bank Money Market Deposit Account 163,398 163,398 ---------- TOTAL SHORT-TERM INVESTMENTS (Cost $163,398) 163,398 ---------- TOTAL INVESTMENTS--98.9% (COST $4,263,644**) 4,239,496 ---------- OTHER ASSETS IN EXCESS OF LIABILITIES--1.1% 47,861 ---------- NET ASSETS--100.0% $4,287,357 ========== ADR -- American Depository Receipt. * -- Non-income Producing 2 ROBECO INVESTMENT FUNDS ROBECO SAM SUSTAINABLE CLIMATE FUND Portfolio of Investments (Concluded) MAY 31, 2008 (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 $ 4,263,644 ----------- Gross unrealized appreciation 384,342 Gross unrealized depreciation (408,490) ----------- Net unrealized depreciation $ (24,148) =========== 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 semi-annual report. 3 ROBECO INVESTMENT FUNDS ROBECO SAM SUSTAINABLE WATER FUND Portfolio of Investments MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ---------- COMMON STOCK--92.3% AUSTRALIA--0.3% Boart Longyear Group (Industrial) 6,500 $ 12,860 ---------- AUSTRIA--3.3% Andritz AG (Industrial) 2,150 145,467 BWT AG (Industrial) 400 16,939 ---------- 162,406 ---------- BRAZIL--2.1% Cia de Saneamento Basico do Estado de Sao Paulo - (Utilities) ADR 1,800 101,430 ---------- CANADA--2.8% Bioteq Environmental Tech, Inc. (Industrial)* 10,000 36,836 Intermap Technologies Corp. (Consumer Non-Cyclical)* 6,000 36,534 Stantec, Inc. (Consumer Non-Cyclical)* 1,200 35,024 SunOpta, Inc. (Consumer Non-Cyclical)* 4,600 30,452 ---------- 138,846 ---------- CHINA--0.9% Bio-Treat Technology Ltd. (Industrial) 59,000 13,433 Celestial Nutrifoods Ltd. (Consumer Non-Cyclical) 39,000 25,493 Xinjiang Tianye Water Saving Irrigation System Co. Ltd. (Industrial) 30,000 8,073 ---------- 46,999 ---------- DENMARK--0.8% Novozymes A/S, Class B (Consumer Non-Cyclical) 350 37,376 ---------- FINLAND--0.4% Uponor Oyj (Industrial) 1,000 21,718 ---------- NUMBER OF SHARES VALUE ----------- ---------- FRANCE--10.2% Foraco International SA (Basic Materials)* 7,700 $ 24,954 Groupe Danone (Consumer Non-Cyclical) 550 48,148 Suez SA (Utilities) 2,700 201,204 Veolia Environnement (Utilities) 3,200 228,059 ---------- 502,365 ---------- GERMANY--4.4% Henkel AG & Co. KgaA (Consumer Non-Cyclical) 900 43,027 Krones AG (Industrial) 390 32,685 KSB AG (Industrial) 160 108,528 Washtec AG (Industrial)* 2,100 35,546 ---------- 219,786 ---------- HONG KONG--6.4% Chaoda Modern Agriculture (Consumer Non-Cyclical) 148,000 208,235 China Water Affairs Group Ltd. (Industrial)* 62,000 22,245 Guangdong Investment Ltd. (Diversified Operation) 184,000 85,588 ---------- 316,068 ---------- JAPAN--1.6% Kitz Corp. (Industrial) 4,000 22,463 Kurita Water Industries Ltd. (Industrial) 1,600 59,040 ---------- 81,503 ---------- NETHERLANDS--9.4% Aalberts Industries NV (Industrial) 2,300 50,453 Arcadis NV (Industrial) 2,500 59,974 Cascal NV (Utilities)* 2,700 31,050 Grontmij (Industrial) 260 11,997 Koninklijke Boskalis Westminster NV (Industrial) 2,200 133,448 1 ROBECO INVESTMENT FUNDS ROBECO SAM SUSTAINABLE WATER FUND Portfolio of Investments (Continued) MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ---------- NETHERLANDS--(CONTINUED) Unilever NV (Consumer Non-Cyclical) 1,500 $ 49,018 Wavin NV (Industrial) 10,700 129,343 ---------- 465,283 ---------- PHILIPPINES--0.2% Manila Water Co., Inc. (Utilities) 20,000 7,997 ---------- SINGAPORE--0.7% Hyflux Ltd. (Industrial) 6,000 14,806 Sinomem Technology Ltd. (Industrial)* 35,000 18,123 ---------- 32,929 ---------- SPAIN--0.6% Fluidra SA (Industrial)* 3,700 31,659 ---------- SWITZERLAND--5.8% Geberit AG (Industrial) 1,130 191,685 Nestle SA (Consumer Non-Cyclical) 190 93,428 ---------- 285,113 ---------- UNITED KINGDOM--3.7% Pennon Group PLC (Utilities) 1,500 19,269 PuriCore PLC (Consumer Non-Cyclical)* 14,300 6,445 RPS Group PLC (Consumer Non-Cyclical) 2,500 16,491 Severn Trent PLC (Utilities) 2,100 60,610 United Utilities PLC (Utilities) 5,400 80,066 ---------- 182,881 ---------- UNITED STATES--38.7% American States Water Co. (Utilities) 200 6,750 California Water Service Group (Utilities) 600 21,864 Danaher Corp. (Industrial) 2,900 226,722 Ecolab, Inc. (Basic Materials) 2,000 89,660 IDEX Corp. (Industrial) 1,400 54,376 NUMBER OF SHARES VALUE ----------- ---------- UNITED STATES--(CONTINUED) Insituform Technologies, Inc., Class A (Industrial)* 1,100 $ 20,284 Itron, Inc. (Industrial)* 1,000 97,580 ITT Corp. (Industrial) 3,700 244,200 Layne Christensen Co. (Industrial)* 900 46,017 Millipore Corp. (Consumer Non-Cyclical)* 200 14,530 Mueller Water Products, Inc., Class A (Industrial) 200 2,026 Mueller Water Products, Inc., Class B (Industrial) 4,600 45,540 Nalco Holding Co. (Industrial) 3,900 94,848 Pall Corp. (Industrial) 4,100 167,321 Pentair, Inc. (Industrial) 1,900 71,117 Procter & Gamble Co. (Consumer Non-Cyclical) 700 46,235 Robbins & Myers, Inc. (Industrial) 1,446 58,549 Roper Industries, Inc. (Industrial) 3,100 201,624 Thermo Fisher Scientific, Inc. (Industrial)* 3,200 188,864 Toro Co. (Consumer Cyclical) 1,200 46,896 TyraTech, Inc. (Basic Materials)* 3,500 29,986 URS Corp. (Industrial)* 1,100 52,591 Valmont Industries, Inc. (Industrial) 700 80,388 ---------- 1,907,968 ---------- TOTAL COMMON STOCK (Cost $4,583,721) 4,555,187 ---------- RIGHTS--0.0% NETHERLANDS--0.0% Unilever NV (Consumer Non-Cyclical) 1,500 0 ---------- TOTAL RIGHTS (Cost $0) 0 ---------- 2 ROBECO INVESTMENT FUNDS ROBECO SAM SUSTAINABLE WATER FUND Portfolio of Investments (Concluded) MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ---------- SHORT-TERM INVESTMENTS--7.5% PNC Bank Money Market Deposit Account 369,149 $ 369,149 ---------- TOTAL SHORT-TERM INVESTMENTS (Cost $369,149) 369,149 ---------- TOTAL INVESTMENTS--99.8% (COST $4,952,870**) 4,924,336 ---------- OTHER ASSETS IN EXCESS OF LIABILITIES--0.2% 8,803 ---------- NET ASSETS--100.0% $4,933,139 ========== 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 $ 4,952,870 ----------- Gross unrealized appreciation 286,872 Gross unrealized depreciation (315,406) ----------- Net unrealized depreciation $ (28,534) =========== 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 semi-annual report. 3 SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS MAY 31, 2008 (UNAUDITED) SHARES VALUE -------- ------------ DOMESTIC COMMON STOCKS -- 94.2% AEROSPACE & DEFENSE -- 3.7% AAR Corp.* 117,055 $ 2,256,820 Triumph Group, Inc. 23,835 1,482,299 ------------ 3,739,119 ------------ AIRLINES -- 1.0% AirTran Holdings, Inc.* 340,900 1,022,700 ------------ AUTO COMPONENTS -- 1.8% American Axle & Manufacturing Holdings, Inc. 96,925 1,801,836 ------------ AUTOMOBILE PARTS & EQUIPMENT -- 0.4% Visteon Corp.* 100,200 404,808 ------------ AUTOMOBILES -- 0.9% Fleetwood Enterprises, Inc.* 221,525 921,544 ------------ BANKS -- 1.4% Citizens Republic Bancorp, Inc. 263,075 1,457,436 ------------ BIOTECHNOLOGY -- 1.0% Human Genome Sciences, Inc.* 176,625 1,038,555 ------------ BUILDING PRODUCTS -- 1.3% Builders FirstSource, Inc.* 114,975 841,617 Griffon Corp.* 54,750 494,940 ------------ 1,336,557 ------------ CHEMICALS -- 0.2% Spartech Corp. 15,225 163,973 ------------ COMMERCIAL BANKS -- 10.7% First BanCorp. 420,725 4,232,494 Huntington Bancshares, Inc. 503,650 4,487,521 Sterling Financial Corp. 255,550 2,269,284 ------------ 10,989,299 ------------ COMMERCIAL SERVICES & SUPPLIES -- 6.0% Administaff, Inc. 56,925 1,589,346 Hudson Highland Group, Inc.* 341,330 4,276,865 Viad Corp. 7,225 238,280 ------------ 6,104,491 ------------ COMPUTERS & PERIPHERALS -- 0.8% Xyratex Ltd.* 43,000 857,850 ------------ CONSTRUCTION & ENGINEERING -- 0.0% Integrated Electrical Services, Inc.* 9 ------------ DISTRIBUTORS -- 1.1% Building Materials Holding Corp. 401,725 1,076,623 ------------ ELECTRIC UTILITIES -- 2.6% PNM Resources, Inc. 65,175 967,849 Reliant Energy, Inc.* 67,750 1,731,690 ------------ 2,699,539 ------------ SHARES VALUE -------- ------------ ELECTRONIC EQUIPMENT & INSTRUMENTS -- 1.8% Insight Enterprises, Inc.* 92,000 $ 1,232,800 Mercury Computer Systems, Inc.* 72,625 644,184 ------------ 1,876,984 ------------ FINANCIAL -- 0.5% Central Pacific Financial Corp. 32,000 477,440 ------------ FOOD-MEAT PROCESSING -- 1.3% Pilgrim's Pride Corp. 51,500 1,339,000 ------------ HEALTH CARE EQUIPMENT & SUPPLIES -- 2.9% American Medical Systems Holdings, Inc.* 124,575 1,882,328 Orthofix International N.V.* 32,925 1,071,380 ------------ 2,953,708 ------------ HEALTH CARE PROVIDERS & SERVICE -- 1.6% Assisted Living Concepts, Inc., Class A* 30,875 206,863 Emeritus Corp.* 27,002 573,252 Omnicare, Inc. 5,125 125,460 Pharmerica Corp.* 33,950 694,956 ------------ 1,600,531 ------------ HOUSEHOLD DURABLES -- 2.8% NVR, Inc.* 4,990 2,821,196 ------------ INSURANCE -- 3.5% Landamerica Financial Group, Inc. 63,225 1,882,840 Old Republic International Corp. 41,950 631,348 ProAssurance Corp.* 20,656 1,058,207 ------------ 3,572,395 ------------ INSURANCE AGENTS, BROKERS & SERVICES -- 1.0% Hilb Rogal & Hobbs Co. 34,550 1,069,668 ------------ INTERNET SOFTWARE & SERVICES -- 3.6% CMGI, Inc.* 28,700 429,926 Internet Capital Group, Inc.* 204,325 2,055,509 Openwave Systems, Inc.* 602,636 1,193,219 ------------ 3,678,654 ------------ IT SERVICES -- 2.2% BearingPoint, Inc.* 36,675 49,878 Ness Technologies, Inc.* 85,025 962,483 Netgear, Inc.* 67,250 1,277,078 ------------ 2,289,439 ------------ LEISURE EQUIPMENT & PRODUCTS -- 1.7% Brunswick Corp. 63,800 874,060 MarineMax, Inc.* 91,725 897,988 ------------ 1,772,048 ------------ MACHINERY -- 4.1% Navistar International Corp.* 45,300 3,440,535 1 SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONTINUED) MAY 31, 2008 (UNAUDITED) SHARES VALUE -------- ------------ Wabash National Corp. 83,875 $ 719,647 ------------ 4,160,182 ------------ MARINE -- 1.3% Alexander & Baldwin, Inc. 26,275 1,352,374 ------------ MEDIA -- 0.2% Liberty Media Corp. - Capital, Series A* 14,075 208,592 ------------ METALS & MINING -- 1.7% Golden Star Resources Ltd.* 575,925 1,704,738 ------------ OIL, GAS & CONSUMABLE FUELS -- 3.0% Massey Energy Co. 46,875 3,029,062 ------------ PAPER & FOREST PRODUCTS -- 0.4% Louisiana-Pacific Corp. 36,125 438,558 ------------ REAL ESTATE INVESTMENT TRUSTS -- 10.7% Anworth Mortgage Asset Corp. 938,281 6,633,647 Arbor Realty Trust, Inc. 115,675 1,625,234 Chimera Investment Corp. 63,325 877,684 Colonial Properties Trust 42,975 1,033,549 Glimcher Realty Trust 1,300 16,835 U-Store-It Trust 28,225 358,740 Winthrop Realty Trust 99,860 441,381 ------------ 10,987,070 ------------ REAL ESTATE MANAGEMENT & DEVELOPMENT -- 4.7% D.R. Horton, Inc. 128,425 1,632,282 MI Developments, Inc., Class A 37,250 942,797 St. Joe Co. (The)* 10,850 416,423 Thomas Properties Group, Inc. 180,325 1,868,167 ------------ 4,859,669 ------------ ROAD & RAIL -- 0.0% Avis Budget Group, Inc.* 1,200 16,704 ------------ SEMICONDUCTORS -- 7.0% Advanced Energy Industries, Inc.* 27,225 431,244 Alliance Semiconductor Corp.* 384,425 365,204 ASM International N.V. 34,950 896,467 Axcelis Technologies, Inc.* 206,825 1,180,971 BE Semiconductor Industries N.V.* 329,418 1,699,599 International Rectifier Corp.* 22,500 521,550 Qimonda AG -- ADR* 29,625 114,353 Silicon Storage Technology, Inc.* 428,500 1,392,625 ZiLog, Inc.* 156,750 617,595 ------------ 7,219,608 ------------ SOFTWARE -- 0.9% Take-Two Interactive Software, Inc.* 35,525 961,662 ------------ SPECIALTY RETAIL -- 2.6% AC Moore Arts & Crafts, Inc.* 204,036 1,426,211 Chico's Fas, Inc.* 93,975 715,150 SHARES VALUE -------- ------------ Coldwater Creek, Inc.* 80,900 $ 529,086 ------------ 2,670,447 ------------ TEXTILES, APPAREL & LUXURY GOODS -- 1.1% Barry (R.G.) Corp.* 135,103 1,071,367 ------------ THRIFTS & MORTGAGE FINANCE -- 0.7% PMI Group, Inc. (The) 125,666 748,969 ------------ TOTAL DOMESTIC COMMON STOCKS (Cost $100,160,849) 96,494,404 ------------ PREFERRED STOCK -- 0.2% HEALTH CARE EQUIPMENT & SUPPLIES -- 0.2% Inverness Medical Innovations, Inc. - Series B 948 245,532 ------------ TOTAL PREFERRED STOCK (Cost $218,093) 245,532 ------------ PAR SHARES VALUE -------- ------------ CORPORATE BONDS -- 1.0% Advanced Medical Optics, Inc. (B-) 3.25%, 08/01/26 418 325,518 Qimonda Finance LLC 6.75%, 03/22/13 741 653,006 ------------ TOTAL CORPORATE BONDS (Cost $1,057,556) 978,524 ------------ SHARES VALUE -------- ------------ EXCHANGE TRADED FUND -- 0.4% FINANCE -- 0.4% iShares Russell 2000 Value Index Fund 5,700 400,596 ------------ TOTAL EXCHANGE TRADED FUND (Cost $387,968) 400,596 ------------ TEMPORARY INVESTMENT -- 4.7% PNC Bank Money Market Account 1.48 %, 06/02/08 4,862 4,861,965 ------------ TOTAL TEMPORARY INVESTMENT (Cost $4,861,965) 4,861,965 ------------ TOTAL INVESTMENTS -- 100.5% (Cost $106,686,431**) 102,981,021 LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.5)% (488,319) ------------ NET ASSETS -- 100.0% $102,492,702 ============ ADR -- American Depository Receipt. * Non-income producing. 2 SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) MAY 31, 2008 (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 $106,686,431 ------------ Gross unrealized appreciation 10,597,532 Gross unrealized depreciation (14,302,942) ------------ Net unrealized depreciation $ (3,705,410) ============ 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 semi-annual report. 3 SCHNEIDER VALUE FUND PORTFOLIO OF INVESTMENTS MAY 31, 2008 (UNAUDITED) SHARES VALUE -------- ------------ DOMESTIC COMMON STOCKS -- 88.8% AEROSPACE & DEFENSE -- 1.6% Boeing Co. (The) 57,950 $ 4,796,522 ------------ AIRLINES -- 0.0% Southwest Airlines Co. 9,850 128,641 ------------ AUTO COMPONENTS -- 0.3% Visteon Corp.* 259,100 1,046,764 ------------ AUTOMOBILE PARTS & EQUIPMENT -- 0.1% Magna International, Inc. 2,500 179,000 ------------ CHEMICALS -- 0.5% Cytec Industries, Inc. 26,150 1,651,634 ------------ COMMERCIAL BANKS -- 7.4% Huntington Bancshares, Inc. 433,900 3,866,049 National City Corp. 1,755,970 10,254,865 Wachovia Corp. 363,100 8,641,780 ------------ 22,762,694 ------------ COMMUNICATION EQUIPMENT -- 0.7% Motorola, Inc. 239,775 2,237,101 ------------ COMPUTERS & PERIPHERALS -- 3.4% Dell, Inc.* 451,953 10,422,036 ------------ CONSUMER FINANCE -- 2.2% Capital One Financial Corp. 142,575 6,860,709 ------------ DIVERSIFIED FINANCIAL SERVICES -- 1.4% Citigroup, Inc. 184,475 4,038,158 Legg Mason, Inc. 2,700 145,287 ------------ 4,183,445 ------------ ELECTRIC UTILITIES -- 4.0% Reliant Energy, Inc.* 480,850 12,290,526 ------------ ELECTRONIC COMPONENTS & ACCESSORIES -- 0.2% Avnet, Inc.* 15,350 453,132 ------------ ELECTRONIC EQUIPMENT & INSTRUMENTS -- 1.0% AU Optronics Corp. -- ADR 152,741 2,908,189 Celestica, Inc.* 9,187 81,580 ------------ 2,989,769 ------------ FOOD PRODUCTS -- 1.1% Tyson Foods, Inc., Class A 170,766 3,217,231 ------------ HEALTH CARE EQUIPMENT & SUPPLIES -- 0.8% Boston Scientific Corp.* 176,675 2,348,011 ------------ HEALTH CARE PROVIDERS & SERVICE -- 1.9% Omnicare, Inc. 239,475 5,862,348 ------------ HOTELS RESTAURANTS & LEISURE -- 1.4% Carnival Corp. 103,250 4,136,195 ------------ HOUSEHOLD DURABLES -- 4.8% Centex Corp. 373,840 7,039,407 ------------ SHARES VALUE -------- ------------ NVR, Inc.* 13,364 $ 7,555,605 ------------ 14,595,012 ------------ INSURANCE -- 7.2% American International Group, Inc. 118,550 4,267,800 Brown & Brown, Inc. 11,250 219,037 Fidelity National Financial, Inc., Class A 279,071 4,772,114 Genworth Financial, Inc., Class A 338,236 7,475,016 RenaissanceRe Holdings, Ltd. 78,250 4,081,520 Unum Group 55,375 1,333,430 ------------ 22,148,917 ------------ IT SERVICES -- 0.3% BearingPoint, Inc.* 746,028 1,014,598 ------------ MACHINERY -- 5.9% Navistar International Corp.* 238,775 18,134,961 ------------ MEDIA -- 3.8% Liberty Media Corp. - Capital, Series A* 72,506 1,074,539 Liberty Media Corp. - Entertainment, Series A* 191,074 5,158,998 XM Satellite Radio Holdings, Inc., Class A* 505,650 5,375,059 ------------ 11,608,596 ------------ OIL, GAS & CONSUMABLE FUELS -- 13.5% Arch Coal, Inc. 339,975 22,067,777 Cameco Corp. 61,990 2,538,491 Consol Energy, Inc. 172,025 16,782,759 ------------ 41,389,027 ------------ REAL ESTATE INVESTMENT TRUSTS -- 9.1% Annaly Capital Management, Inc. 1,258,213 22,408,774 Redwood Trust, Inc. 156,992 5,298,480 ------------ 27,707,254 ------------ REAL ESTATE MANAGEMENT & DEVELOPMENT -- 0.9% Brookdale Senior Living, Inc. 15,825 417,464 D.R. Horton, Inc. 146,975 1,868,052 St. Joe Co. (The)* 9,150 351,177 ------------ 2,636,693 ------------ RETAIL - DEPARTMENT STORES -- 0.6% J.C. Penney Co., Inc. 47,711 1,919,891 ------------ ROAD & RAIL -- 1.1% J.B. Hunt Transport Services, Inc. 95,925 3,342,027 ------------ SEMICONDUCTORS -- 2.5% International Rectifier Corp.* 273,817 6,347,078 Qimonda AG -- ADR* 341,078 1,316,561 ------------ 7,663,639 ------------ 1 SCHNEIDER VALUE FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) MAY 31, 2008 (UNAUDITED) SHARES VALUE -------- ------------ SPECIALTY RETAIL -- 1.0% Chico's Fas, Inc.* 295,950 $ 2,252,179 Staples, Inc. 39,775 932,724 ------------ 3,184,903 ------------ THRIFTS & MORTGAGE FINANCE -- 10.0% Fannie Mae 525,625 14,202,387 Freddie Mac 612,426 15,567,869 PMI Group, Inc. (The) 127,550 760,198 ------------ 30,530,454 ------------ WHOLESALE - DISTRIBUTION -- 0.1% Wolseley PLC -- ADR 35,150 382,049 ------------ TOTAL DOMESTIC COMMON STOCKS (Cost $274,888,832) 271,823,779 ------------ CANADIAN COMMON STOCK -- 1.2% AEROSPACE & DEFENSE -- 1.2% Bombardier, Inc., Class B* 473,775 3,766,931 ------------ TOTAL CANADIAN COMMON STOCK (Cost $1,230,659) 3,766,931 ------------ PREFERRED STOCK -- 1.4% AUTOMOBILE PARTS & EQUIPMENT -- 1.1% General Motors Corp. 205,550 3,393,630 ------------ SAVINGS & LOAN ASSOCIATIONS -- 0.3% Washington Mutual, Inc. 1,330 1,020,110 ------------ TOTAL PREFERRED STOCK (Cost $4,545,898) 4,413,740 ------------ PAR (000) VALUE -------- ------------ CORPORATE BONDS -- 0.6% Continental Airlines, Inc. (B3, B-) 5.00%, 06/15/23 103 99,137 Istar Financial, Inc. (BBB, Bbb) 3.20%, 10/01/12 342 275,457 Qimonda Finance LLC 6.75%, 03/22/13 1,475 1,299,844 ------------ TOTAL CORPORATE BONDS (Cost $1,828,895) 1,674,438 ------------ SHARES VALUE -------- ------------ EXCHANGE TRADED FUND -- 4.0% FINANCE -- 4.0% iShares Russell 1000 Value Index Fund 161,900 12,356,208 ------------ TOTAL EXCHANGE TRADED FUND (Cost $12,173,395) 12,356,208 ------------ SHARES VALUE -------- ------------ TEMPORARY INVESTMENT -- 3.5% PNC Bank Money Market Account 1.48%, 06/02/08 10,601 $ 10,600,917 ------------ TOTAL TEMPORARY INVESTMENT (Cost $10,600,917) 10,600,917 ------------ TOTAL INVESTMENTS -- 99.5% (Cost $305,268,596**) 304,636,013 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES. -- 0.5% 1,549,420 ------------ NET ASSETS -- 100.0% $306,185,433 ============ 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 $305,268,596 ------------ Gross unrealized appreciation 57,828,148 Gross unrealized depreciation (58,460,731) ------------ Net unrealized depreciation $ (632,583) ============ 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 semi-annual report. 2 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE --------- ------------ COMMON STOCKS--95.9% BASIC INDUSTRY--0.7% Brush Engineered Materials, Inc.* 42,600 $ 1,423,266 ------------ CONSUMER CYCLICAL--9.6% Brunswick Corp. 81,200 1,112,440 Buckle, Inc., (The) 21,700 994,511 Callaway Golf Co. 65,600 833,120 Charlotte Russe Holding, Inc.* 50,800 953,008 Cooper Tire & Rubber Co. 99,000 1,087,020 FTD Group, Inc. 110,900 1,635,775 Harman International Industries, Inc. 27,200 1,216,384 Insight Enterprises, Inc.* 32,700 438,180 Interstate Hotels & Resorts, Inc.* 248,300 876,499 Mesa Air Group, Inc.* 425,200 306,144 Pantry, Inc., (The)* 126,700 1,545,740 Perry Ellis International, Inc.* 50,700 1,382,082 Polaris Industries, Inc. 25,700 1,226,404 Rush Enterprises, Inc., Class A* 20,900 338,162 Skechers U.S.A., Inc., Class A* 50,100 1,204,905 Steven Madden Ltd. 69,200 1,417,908 Town Sports International Holdings, Inc.* 128,100 1,067,073 Wolverine World Wide, Inc. 42,100 1,208,691 ------------ 18,844,046 ------------ CONSUMER GROWTH--20.3% AMERIGROUP Corp.* 48,000 1,325,280 Apria Healthcare Group, Inc.* 73,100 1,231,735 BioScrip, Inc.* 315,900 1,355,211 Boston Beer Co., Inc., (The) Class A* 38,800 1,543,464 Centene Corp.* 69,800 1,473,478 Chemed Corp. 6,300 228,186 China Medical Technologies, Inc. - ADR 27,500 1,084,325 Chindex International, Inc.* 61,850 1,464,608 Conmed Corp.* 35,500 947,495 CorVel Corp.* 18,900 680,589 Cubist Pharmaceuticals, Inc.* 8,700 165,822 Cynosure, Inc., Class A* 44,400 1,089,132 Diamond Foods, Inc. 73,400 1,504,700 Exactech, Inc.* 38,300 1,018,397 Flowers Foods, Inc. 3,300 92,829 NUMBER OF SHARES VALUE --------- ------------ CONSUMER GROWTH--(CONTINUED) Health Management Associates, Inc., Class A 157,700 $ 1,223,752 Herbalife Ltd. 31,400 1,210,156 I-Flow Corp.* 94,300 1,294,739 Kinetic Concepts, Inc.* 21,100 916,373 Lincare Holdings, Inc.* 47,600 1,240,456 Medicines Co., (The)* 66,700 1,220,610 Medicis Pharmaceutical Corp., Class A 51,200 1,217,536 Nash Finch Co. 29,400 1,124,256 NBTY, Inc.* 37,700 1,231,282 Nektar Therapeutics* 216,900 967,374 Noven Pharmaceuticals, Inc.* 99,100 1,212,984 Owens & Minor, Inc. 30,000 1,424,400 Par Pharmaceutical Cos., Inc.* 82,000 1,495,680 PerkinElmer, Inc. 39,900 1,128,372 Pozen, Inc.* 68,600 942,564 Scholastic Corp.* 44,200 1,374,620 Spartan Motors, Inc. 64,200 579,726 Vivus, Inc.* 208,500 1,426,140 WellCare Health Plans, Inc.* 26,900 1,484,342 Winn-Dixie Stores, Inc.* 52,800 953,040 Zoll Medical Corp.* 32,700 1,185,375 ------------ 40,059,028 ------------ ENERGY--2.5% ATP Oil & Gas Corp.* 27,400 1,168,610 Aventine Renewable Energy Holdings, Inc.* 156,200 877,844 Bois D'arc Energy, Inc.* 50,100 1,226,448 Dawson Geophysical Co.* 23,500 1,604,815 ------------ 4,877,717 ------------ FINANCIAL--14.9% Allied World Assurance Holdings Ltd. 26,300 1,199,280 Amerisafe, Inc.* 115,673 1,838,044 Amtrust Financial Services, Inc. 115,000 1,720,400 Arch Capital Group Ltd.* 26,200 1,843,432 Calamos Asset Management, Inc., Class A 70,400 1,424,192 Cash America International, Inc. 37,800 1,351,728 Darwin Professional Underwriters, Inc.* 27,600 784,944 1 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE --------- ------------ FINANCIAL--(CONTINUED) E-House China Holdings Ltd. - ADR* 46,500 $ 697,500 Evercore Partners, Inc., Class A 90,500 1,317,680 EZCORP, Inc., Class A* 17,200 217,236 FCStone Group, Inc.* 37,500 1,467,375 First Mercury Financial Corp.* 18,400 324,944 GFI Group, Inc.* 103,000 1,212,416 GLG Partners, Inc. 171,700 1,426,827 Heartland Payment Systems, Inc. 48,500 1,251,785 Interactive Brokers Group, Inc., Class A* 57,300 1,866,261 Labranche & Co., Inc.* 131,900 883,730 Nelnet, Inc., Class A 41,100 542,109 Oriental Financial Group, Inc. 51,700 940,940 Penson Worldwide, Inc.* 111,000 1,487,400 Philadelphia Consolidated Holding Corp.* 13,500 502,875 Platinum Underwriters Holdings Ltd. 8,600 304,493 Reinsurance Group of America, Inc. 28,200 1,450,044 Stifel Financial Corp.* 5,300 302,577 Universal American Financial Corp.* 141,500 1,634,325 Wintrust Financial Corp. 40,300 1,256,554 ------------ 29,249,091 ------------ INDUSTRIAL--24.2% AerCap Holdings N.V.* 70,400 1,058,112 American Ecology Corp. 23,000 660,560 American Railcar Industries, Inc. 57,400 1,201,382 Armstrong World Industries, Inc. 48,000 1,559,040 AZZ, Inc.* 52,900 1,660,002 Brink's Co., (The) 19,100 1,384,368 Consolidated Graphics, Inc.* 27,500 1,510,575 Cornell Cos., Inc.* 17,900 398,096 Darling International, Inc.* 112,400 1,810,764 Ducommun, Inc.* 50,300 1,593,001 DXP Enterprises, Inc.* 34,400 1,415,216 EMCOR Group, Inc.* 58,100 1,705,235 Gardner Denver, Inc.* 27,100 1,437,926 Global Industries Ltd.* 17,300 298,425 Herman Miller, Inc. 30,600 758,880 Hill International, Inc.* 37,600 607,240 ICF International, Inc.* 87,200 1,601,864 NUMBER OF SHARES VALUE --------- ------------ INDUSTRIAL--(CONTINUED) Kaiser Aluminum Corp. 18,100 $ 1,161,115 Knoll, Inc. 104,700 1,552,701 LSB Industries, Inc.* 42,400 773,376 Michael Baker Corp.* 53,300 1,197,651 Mueller Industries, Inc. 45,900 1,642,761 Navigant Consulting, Inc.* 72,800 1,466,920 NewMarket Corp. 17,300 1,354,071 Olin Corp. 17,700 398,250 Pacer International, Inc. 65,700 1,475,622 Perini Corp.* 32,600 1,254,774 PHH Corp.* 87,000 1,638,210 Robbins & Myers, Inc. 32,200 1,303,778 Rollins, Inc. 44,750 711,972 Stamps.com, Inc.* 90,500 1,321,300 Steelcase, Inc., Class A 15,600 196,560 Sun Hydraulics Corp. 35,900 1,439,949 TBS International Ltd.* 29,400 1,369,452 Tech Data Corp.* 33,200 1,214,788 TeleTech Holdings, Inc.* 400 10,336 TransDigm Group, Inc.* 14,500 632,200 UniFirst Corp. 33,300 1,598,400 WESCO International, Inc.* 35,000 1,550,850 Woodward Governor Co. 45,900 1,848,393 ------------ 47,774,115 ------------ TECHNOLOGY--23.5% Alvarion Ltd.* 136,700 978,772 Amkor Technology, Inc.* 108,100 1,152,346 Applied Micro Circuits Corp.* 32,400 317,844 ASM International N.V.* 70,000 1,795,500 Aspen Technology, Inc.* 19,100 275,040 Avocent Corp.* 57,800 1,140,394 Blue Coat Systems, Inc.* 45,600 826,272 Celestica, Inc.* 128,800 1,143,744 Ceragon Networks Ltd.* 121,592 1,239,022 Chordiant Software, Inc.* 165,700 1,063,794 ClickSoftware Technologies Ltd.* 87,450 264,974 COMSYS IT Partners, Inc.* 15,400 154,616 Credence Systems Corp.* 382,444 413,040 Data Domain, Inc.* 8,100 194,400 EarthLink, Inc.* 122,300 1,174,080 Emulex Corp.* 87,300 1,223,946 2 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) MAY 31, 2008 (UNAUDITED) NUMBER OF SHARES VALUE --------- ------------ TECHNOLOGY--(CONTINUED) eResearch Technology, Inc.* 78,600 $ 1,256,814 GigaMedia Ltd.* 103,000 1,816,920 Greenfield Online, Inc.* 45,000 573,300 JDA Software Group, Inc.* 71,700 1,462,680 Liquidity Services, Inc.* 26,700 296,370 Magma Design Automation, Inc.* 148,700 1,122,685 Mattson Technology, Inc.* 71,300 357,926 MicroStrategy, Inc., Class A* 15,100 1,202,111 NIC, Inc. 136,800 1,116,288 Perfect World Co. Ltd. - ADR* 41,700 1,124,649 Phoenix Technologies Ltd.* 45,400 485,780 Plantronics, Inc. 49,100 1,192,639 Power Integrations, Inc.* 52,000 1,696,760 QLogic Corp.* 115,900 1,830,061 Rackable Systems, Inc.* 29,900 408,434 Radiant Systems, Inc.* 67,900 920,724 RadiSys Corp.* 124,800 1,251,744 RF Micro Devices, Inc.* 178,500 714,000 Rogers Corp.* 36,700 1,438,273 S1 Corp.* 187,700 1,227,558 Sapient Corp.* 190,000 1,254,000 Shanda Interactive Entertainment Ltd. - ADR* 52,700 1,711,169 Sierra Wireless, Inc.* 70,200 1,202,526 Soapstone Networks, Inc. 172,800 921,024 Spansion, Inc., Class A* 141,200 444,780 SPSS, Inc.* 36,400 1,433,068 Verigy Ltd.* 35,500 906,670 Vnus Medical Technologies* 62,100 1,089,855 Volterra Semiconductor Corp.* 88,200 1,402,380 Zoran Corp.* 78,700 1,151,381 ------------ 46,370,353 ------------ UTILITY--0.2% Unisource Energy Corp. 12,200 413,702 TOTAL COMMON STOCKS (Cost $196,359,713) 189,011,318 ------------ SHORT TERM INVESTMENT--0.2% Columbia Prime Reserves Fund 2.01% 06/02/08 402,957 402,957 ------------ TOTAL SHORT TERM INVESTMENT (Cost $402,957) 402,957 ------------ TOTAL INVESTMENTS--96.1% (Cost $196,762,670**) 189,414,275 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES--3.9% 7,726,339 ------------ NET ASSETS--100.0% $197,140,614 ============ 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 $196,762,670 ------------ Gross unrealized appreciation 14,618,389 Gross unrealized depreciation (21,966,784) ------------ Net unrealized depreciation $ (7,348,395) ============ 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 semi-annual report. 3 BEAR STEARNS CUFS MLP MORTGAGE PORTFOLIO Portfolio of Investments MAY 31, 2008 (UNAUDITED) MOODY'S/S&P PAR (000'S) FAIR VALUE ----------- ----------- ------------ GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS--39.6% FEDERAL HOME LOAN MORTGAGE CORPORATION--13.9% 5.922% 08/01/36 (a) Aaa/AAA $ 6,950 $ 7,099,809 5.969% 09/01/36 (a) Aaa/AAA 3,820 3,909,851 5.870% 11/01/36 (a) Aaa/AAA 3,217 3,271,826 5.809% 08/01/37 (a) Aaa/AAA 4,760 4,870,386 ------------ 19,151,872 ------------ FEDERAL NATIONAL MORTGAGE ASSOCIATION--25.7% 6.000% 06/01/31 TBA Aaa/AAA 15,000 15,215,625 5.500% 06/12/32 TBA Aaa/AAA 10,000 9,928,125 6.037% 10/01/36 (a) Aaa/AAA 3,038 3,107,699 6.089% 10/01/36 (a) Aaa/AAA 1,728 1,767,687 5.500% 12/01/36 Aaa/AAA 668 664,409 5.865% 12/01/36 (a) Aaa/AAA 1,879 1,925,669 5.556% 09/01/37 (a) Aaa/AAA 2,845 2,911,695 ------------ 35,520,909 ------------ TOTAL GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS (Cost $54,320,267) 54,672,781 ------------ MORTGAGE DERIVATIVES--15.5% FANNIE MAE (IO)--12.2% 5.500% 04/01/36 Aaa/AAA 13,453 3,119,254 5.000% 12/01/33 Aaa/AAA 3,299 777,316 5.000% 12/01/33 (a) Aaa/AAA 1,935 448,838 4.500% 12/01/18 Aaa/AAA 7,769 1,092,810 4.500% 01/01/19 Aaa/AAA 7,762 1,088,068 4.500% 03/01/20 Aaa/AAA 2,854 418,361 4.500% 03/01/20 Aaa/AAA 2,937 434,947 5.000% 08/01/34 * Aaa/AAA 3,320 861,972 6.000% 08/01/36 * Aaa/AAA 3,844 984,779 5.000% 10/01/36 * Aaa/AAA 4,371 1,122,308 5.000% 10/01/33 Aaa/AAA 10,588 2,496,775 5.500% 04/01/36 Aaa/AAA 7,983 1,860,890 5.500% 05/25/23 Aaa/AAA 1,640 516,497 5.500% 07/25/28 * Aaa/AAA 26,960 1,609,107 ------------ 16,831,922 ------------ FANNIE MAE (PO)--0.6% 0.000% 06/25/36 Aaa/AAA 1,347 769,200 ------------ MOODY'S/S&P PAR (000'S) FAIR VALUE ----------- ----------- ------------ FREDDIE MAC (IO)--0.4% 5.500% 05/15/24 Aaa/AAA $ 4,389 $ 117,579 5.500% 12/15/24 Aaa/AAA 2,430 78,474 5.000% 07/15/23 Aaa/AAA 6,160 102,846 5.500% 07/15/16 Aaa/AAA 1,235 186,957 ------------ 485,856 ------------ FREDDIE MAC (PO)--1.1% 0.000% 09/15/35 Aaa/AAA 1,190 685,729 0.000% 09/15/36 Aaa/AAA 1,291 903,754 ------------ 1,589,483 ------------ NON-AGENCY--1.2% CWALT Series 2006-43CB IO * 6.000% 02/25/37 Aaa/AAA 5,113 1,678,974 ------------ TOTAL MORTGAGE DERIVATIVES (Cost $21,012,682) 21,355,435 ------------ COLLATERALIZED MORTGAGE OBLIGATIONS--54.8% Banc of America Mortgage Securities, Inc. Series 2005-H (a) 4.805% 09/25/35 Aaa/AAA 2,000 1,896,036 Banc of America Mortgage Securities, Inc. Series 2006-B (a) 6.155% 10/20/46 Aaa/AAA 4,663 4,100,640 Banc of America Mortgage Securities, Inc. Series 2007-3 6.000% 09/25/37 Aaa/AAA 4,726 4,529,982 Citigroup Mortgage Loan Trust, Inc. Series 2007-AR8 (a) 5.914% 07/25/37 Aaa/AAA 4,405 4,252,707 1 BEAR STEARNS CUFS MLP MORTGAGE PORTFOLIO Portfolio of Investments (Continued) MAY 31, 2008 (UNAUDITED) MOODY'S/S&P PAR (000'S) FAIR VALUE ----------- ----------- ------------ Countrywide Asset-Backed Certificates Series 2004-AB2 (a) 2.993% 05/25/36 Aa3/AA $ 500 $ 359,267 Countrywide Home Loan Mortgage Pass-Through Trust Series 2007-HY1 (a) 5.694% 04/25/37 Aaa/AAA 2,508 2,202,621 CWALT Series 2003-3 (a) 2.893% 04/25/18 Aaa/AAA 1,324 1,322,398 CWALT Series 2006-43CB 6.000% 02/25/37 Aaa/AAA 1,493 1,373,490 CWALT Series 2006-HY13 (a) 5.904% 02/25/37 Aaa/AAA 11,508 10,336,687 CWALT Series 2006-J2 6.000% 04/25/36 Aaa/AAA 7,983 7,288,091 CWALT Series 2007-2CB 5.750% 03/25/37 Aaa/AAA 5,383 4,275,821 CWALT Series 2007-J2 6.000% 07/25/37 Aaa/AAA 1,842 1,590,000 Fannie Mae REMICS Series 2005-25 (a) 2.743% 04/25/35 Aaa/AAA 2,317 2,247,206 First Horizon Asset Securities, Inc. Series 2006-AR1 (a) 5.852% 05/25/36 Aaa/AAA 4,038 3,731,974 Freddie Mac REMIC Series 2995 (a) 2.914% 06/15/35 Aaa/AAA 2,047 2,017,529 JP Morgan Mortgage Trust Series 2005-A4 (a) 5.170% 07/25/35 Aaa/AAA 1,290 1,263,166 MOODY'S/S&P PAR (000'S) FAIR VALUE ----------- ----------- ------------ JP Morgan Mortgage Trust Series 2005-A6 (a) 4.972% 08/25/35 Aaa/AAA $ 853 $ 822,495 Residential Asset Securitization Trust Series 2007-A5 6.000% 05/25/37 Aaa/AAA 1,702 1,512,537 Residential Funding Mortgage Securities I Series 2006-SA4 (a) 6.123% 11/25/36 Aaa/AAA 7,355 7,088,437 Residential Funding Mortgage Securities I Series 2007-SA2 (a) 5.668% 04/25/37 Aa1/AAA 4,441 4,034,636 Washington Mutual, Inc. Series 2007-HY3 (a) 5.348% 03/25/37 Aa/AA 1,650 1,258,879 Washington Mutual, Inc. Series 2007-HY4 (a) 5.553% 04/25/37 Aaa/AAA 4,188 3,993,407 Wells Fargo Mortgage Backed Securities Trust Series 2007-10 6.250% 07/25/37 Aaa/AAA 4,327 4,136,673 ------------ TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $82,317,753) 75,634,679 ------------ SHORT TERM OBLIGATIONS--7.8% GOVERNMENT AGENCIES--0.1% Federal Home Loan Bank (c) 0.000% 06/09/08 120 119,952 ------------ 2 BEAR STEARNS CUFS MLP MORTGAGE PORTFOLIO Portfolio of Investments (Concluded) MAY 31, 2008 (UNAUDITED) PAR (000'S) FAIR VALUE ----------- ------------ REPURCHASE AGREEMENT--7.7% Lehman Brothers, Inc. (Tri Party Agreement dated 05/30/08 to be repurchased at $10,701,783 collateralized by $10,270,000 par value, Federal Home Loan Mortgage Corporation Note, 5.25% due 04/18/16, Market Value of collateral is $10,719,130) 2.000% 06/02/08 $10,700 $ 10,700,000 ------------ TOTAL SHORT TERM OBLIGATIONS (Cost $10,819,952) 10,819,952 ------------ TOTAL INVESTMENTS--117.7% (COST $168,470,654**) 162,482,847 ------------ LIABILITIES IN EXCESS OF OTHER ASSETS(B)--(17.7)% (24,416,592) ------------ NET ASSETS--100.0% $138,066,255 ============ CWALT Countrywide Alternative Loan Trust IO Interest Only PO Principal Only TBA To Be Announced (a) Adjustable rate security. Interest rate varies due to interest rate fluctuations, or, in the case of certain asset-backed securities, interest payment shortfalls. (b) Liabilities in excess of other assets include interest rate swaps as follows: Notional Unrealized Termination Amount Fixed Floating Appreciation Counterparty Date (000) Rate Rate (Depreciation) - ------------ ---- ---- ---- ----- ------------- Deutsche Bank 12/14/09 $20,000 3.670% 3 month $483,642 LIBOR (c) All or a portion of the security held as collateral for the following Futures contracts open at May 31, 2008:
Number Expir- Value Value Unrealized of ation at Trade at Appreciation Contracts Type Month Date 5/31/2008 (Depreciation) - --------------- ------- ------- ---- --------- -------------- Long Positions: 143 U.S. Treasury 10 Year Note 09/2008 $17,257,922 $17,198,157 $(59,765) Short Positions: (63) U.S. Treasury 2 Year Note 09/2008 ($13,275,281) ($13,269,375) 5,906 (113) U.S. Treasury 5 Year Note 09/2008 ($12,501,516) ($12,422,938) 78,578 -------- $ 24,719 ========
* -- 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 $168,470,654 ------------ Gross unrealized appreciation 1,649,973 Gross unrealized depreciation (7,637,780) ------------ Net unrealized depreciation $ (5,987,807) ============ 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 semi-annual report. 3 BEAR STEARNS ULTRA-SHORT INCOME FUND (FORMERLY BEAR STEARNS ENHANCED INCOME FUND) Portfolio of Investments MAY 31, 2008 (UNAUDITED) MOODY'S/S&P PAR (000'S) FAIR VALUE ----------- ----------- ----------- GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES--1.4% FEDERAL HOME LOAN MORTGAGE CORPORATION--1.2% 5.750% 07/15/11 Aaa/AAA $ 320 $ 319,816 2.500% 06/15/22 Aaa/AAA 321 320,305 ----------- 640,121 ----------- FEDERAL NATIONAL MORTGAGE ASSOCIATION--0.2% 5.000% 12/25/25 Aaa/AAA 87 86,992 ----------- TOTAL GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $727,624) 727,113 ----------- NON-GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES--5.1% Residential Asset Securitization Trust Series 2007-A5 (a) 2.793% 05/25/37 NR/AAA 3,281 2,588,709 ----------- TOTAL NON-GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $3,283,647) 2,588,709 ----------- COMMERCIAL MORTGAGE-BACKED SECURITIES--11.0% DLJ Commercial Mortgage Corp. Series 1999-CG2 (a) 7.300% 06/10/32 Aaa/AAA 1,198 1,223,892 GMAC Commercial Mortgage Securities, Inc. Series 1999-C2 6.945% 09/15/33 Aaa/AAA 1,027 1,043,523 JPMorgan Chase Commercial Mortgage Securities Corp. Series 2005-CB13 (a) 2.715% 01/12/43 Aaa/NR 900 847,793 LB-UBS Commercial Mortgage Trust Series 2004-C2 3.246% 03/15/29 Aaa/AAA 1,250 1,240,678 MOODY'S/S&P PAR (000'S) FAIR VALUE ----------- ----------- ------------ LB-UBS Commercial Mortgage Trust Series 2004-C4 (a) 4.567% 06/15/29 Aaa/AAA $ 1,250 $ 1,251,218 ----------- TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $5,621,738) 5,607,104 ----------- GOVERNMENT AGENCY OBLIGATIONS--7.9% FEDERAL HOME LOAN BANK--7.9% 2.300% 04/03/09 NR/AAA 2,500 2,492,467 3.000% 04/15/09 Aaa/AAA 1,500 1,504,062 TOTAL GOVERNMENT AGENCY OBLIGATIONS (Cost $3,984,328) 3,996,529 ----------- ASSET- BACKED SECURITIES--5.3% Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (a) 2.643% 02/25/35 Aaa/AAA 1,778 1,571,535 Countrywide Asset-Backed Certificates Series 2004-15 (a) 4.025% 01/25/31 Aaa/AAA 92 91,683 Fieldstone Mortgage Investment Corp. Series 2006-1 (a) 2.473% 05/25/36 Aaa/AAA 170 169,163 People's Choice Home Loan Securities Trust Series 2005-3 (a) 2.663% 08/25/35 Aaa/AAA 865 858,600 ----------- TOTAL ASSET-BACKED SECURITIES (Cost $2,905,610) 2,690,981 ----------- 1 BEAR STEARNS ULTRA-SHORT INCOME FUND (FORMERLY BEAR STEARNS ENHANCED INCOME FUND) Portfolio of Investments (Continued) MAY 31, 2008 (UNAUDITED) MOODY'S/S&P PAR (000'S) FAIR VALUE ----------- ----------- ------------ CORPORATE BONDS--23.9% BANKS--2.8% Greater Bay Bancorp 5.125% 04/15/10 Aa1 /AA+ $ 400 $ 410,246 Wachovia Corp. (a) 2.949% 10/28/08 Aa3/AA- 1,000 998,358 ----------- 1,408,604 ----------- DIVERSIFIED FINANCIAL SERVICES--21.1% Allstate Life Global Funding Trusts (a) 3.246% 02/26/10 Aa2/AA 500 495,464 American Honda Finance Corp. 144A (a) 3.050% 03/09/09 Aa3/A+ 2,000 1,997,358 Caterpillar Financial Services Corp. (a) 3.208% 02/08/10 A2/A 250 248,683 General Electric Capital Corp. (a) 3.000% 02/02/09 Aaa/AAA 2,000 1,990,112 Goldman Sachs Group, Inc. (a) 2.971% 06/28/10 Aa3/AA- 500 489,978 Hewlett - Packard Co. (a) 3.476% 09/03/09 A2/A 325 325,144 IBM International Group Capital LLC (a) 2.735% 02/13/09 A1/A+ 1,000 999,808 John Deere Capital Corp. (a) 3.088% 02/26/10 A2/A 250 249,824 Lehman Brothers Holdings, Inc. (a) 2.774% 04/03/09 A1/A+ 2,000 1,950,938 MOODY'S/S&P PAR (000'S) FAIR VALUE ----------- ----------- ------------ Morgan Stanley (a) 2.844% 02/09/09 Aa3/A+ $ 2,000 $ 1,985,724 ----------- 10,733,033 ----------- TOTAL CORPORATE BONDS (Cost $12,232,697) 12,141,637 ----------- MUNICIPAL BONDS--5.9% City of Portland, Maine General Obligation Pension Bonds (a) 2.500% 06/01/26 Aa2/AA 1,000 1,000,000 Colorado Housing & Finance Authority (a) 2.650% 05/01/41 Aaa/AAA 1,000 1,000,000 New York City Transitional Finance Authority (a) 2.450% 05/01/30 Aa1/AAA 1,000 1,000,000 ----------- TOTAL MUNICIPAL BONDS (Cost $3,000,000) 3,000,000 ----------- U.S. TREASURY OBLIGATIONS--2.9% U.S. TREASURY NOTE--2.9% U.S. Treasury Note 2.125% 01/31/10 1,500 1,489,687 ----------- TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,497,749) 1,489,687 ----------- SHORT TERM OBLIGATIONS--36.2% COMMERCIAL PAPER--35.0% ABN Amro North America Finance 2.250% 06/21/08 2,200 2,198,048 AIG Funding, Inc. 2.570% 06/12/08 2,000 1,998,429 John Deere Bank 2.060% 06/16/08 1,700 1,698,541 Lloyds Tsb Bank PLC 2.480% 06/06/08 2,000 1,999,311 2 BEAR STEARNS ULTRA-SHORT INCOME FUND (FORMERLY BEAR STEARNS ENHANCED INCOME FUND) Portfolio of Investments (Continued) MAY 31, 2008 (UNAUDITED) MOODY'S/S&P PAR (000'S) FAIR VALUE ----------- ----------- ------------ NetJets, Inc. 1.980% 06/10/08 $ 2,500 $ 2,498,763 Nordea North America 2.340% 06/13/08 2,100 2,098,362 Societe Generale North America 2.600% 06/16/08 2,000 1,997,833 UBS Finance PLC 2.080% 06/03/08 1,300 1,299,850 Wells Fargo & Co. 2.140% 06/16/08 2,000 1,998,217 ----------- 17,787,354 ----------- SHARES ------- INVESTMENT COMPANY--1.2% PNC Bank Money Market 1.48% expires 06/02/08 613,115 613,115 ----------- TOTAL SHORT TERM OBLIGATIONS (Cost $18,400,469) 18,400,469 ----------- TOTAL INVESTMENTS--99.6% (COST $51,653,862*) 50,642,229 OTHER ASSETS IN EXCESS OF LIABILITIES--0.4% 182,220 ----------- NET ASSETS--100.0% $50,824,449 =========== 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 Fund, as computed on a federal income tax basis, are as follows: Aggregate cost $51,653,862 ----------- Gross unrealized appreciation 58,031 Gross unrealized depreciation (1,069,664) ----------- Net unrealized depreciation $(1,011,633) =========== 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 semi-annual report. (a) Adjustable rate security. Percentage of adjustable rate securities to net assets is as follows: Corporate Bonds 23.1% Commercial Mortgage-Backed Securities 6.5 Asset-Backed Securities 5.3 Non-Government Agency Mortgage-Backed Securities 5.1 Municipal Bonds 5.9 ----- Total 45.9% ===== 3 MARVIN & PALMER LARGE CAP GROWTH FUND PORTFOLIO OF INVESTMENTS MAY 31, 2008 (UNAUDITED) Shares Value --------- ----------- DOMESTIC COMMON STOCKS -- 95.3% BANKING -- 1.1% U.S. Bancorp 11,100 $ 368,409 ----------- CAPITAL GOODS -- 14.7% Caterpillar, Inc. 16,700 1,380,088 Deere & Co. 9,880 803,639 Emerson Electric Co. 6,790 395,042 First Solar, Inc., Class B* 1,925 515,014 Fluor Corp. 3,500 652,925 General Dynamics Corp. 6,180 569,487 Jacobs Engineering Group, Inc.* 5,070 480,535 L-3 Communications Holdings, Inc. 3,500 375,865 ----------- 5,172,595 ----------- CONSUMER DURABLES & APPAREL -- 1.2% NIKE, Inc. 6,350 434,150 ----------- CONSUMER SERVICES -- 1.3% Yum! Brands, Inc. 11,530 457,741 ----------- DIVERSIFIED FINANCIALS -- 3.1% Goldman Sachs Group, Inc. 1,850 326,359 Northern Trust Corp. 5,400 410,400 State Street Corp. 4,900 352,898 ----------- 1,089,657 ----------- ENERGY -- 21.7% Apache Corp. 7,050 945,123 Consol Energy, Inc. 10,000 975,600 Devon Energy Corp. 4,300 498,542 Halliburton Co. 19,700 957,026 National Oilwell Varco, Inc.* 9,800 816,536 Transocean, Inc.* 3,600 540,684 Ultra Petroleum Corp.* 5,800 504,426 Weatherford International, Ltd.* 26,600 1,213,758 XTO Energy, Inc. 18,300 1,164,246 ----------- 7,615,941 ----------- FOOD & STAPLES RETAILING -- 1.3% Wal-Mart Stores, Inc. 7,800 450,372 ----------- FOOD, BEVERAGES & TOBACCO -- 4.4% Bunge, Ltd. 3,500 417,795 Coca-Cola Co., (The) 13,680 783,317 Philip Morris International, Inc.* 6,600 347,556 ----------- 1,548,668 ----------- HEALTH CARE EQUIPMENT & SERVICES -- 1.5% Thermo Fisher Scientific, Inc.* 8,830 521,147 ----------- MATERIALS -- 14.1% Freeport-McMoRan Copper & Gold, Inc. 6,800 786,828 Monsanto Co. 11,000 1,401,400 Shares Value --------- ----------- Mosaic Co., (The)* 6,310 $ 790,769 Nucor Corp. 8,900 665,720 Steel Dynamics, Inc. 8,900 321,290 United States Steel Corp. 5,600 967,176 ----------- 4,933,183 ----------- PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 4.4% Celgene Corp.* 5,800 352,988 Gilead Sciences, Inc.* 21,640 1,197,125 ----------- 1,550,113 ----------- RETAILING -- 2.3% Amazon.Com, Inc.* 6,420 524,000 Urban Outfitters, Inc.* 9,300 299,367 ----------- 823,367 ----------- SEMICONDUCTORS & SEMICONDUCTORS EQUIPMENT -- 2.1% Intel Corp.* 11,800 273,524 NVIDIA Corp.* 19,200 474,240 ----------- 747,764 ----------- SOFTWARE & SERVICES -- 4.4% Google, Inc., Class A* 1,140 667,812 Salesforce.Com, Inc.* 12,320 890,859 ----------- 1,558,671 ----------- TECHNOLOGY HARDWARE & EQUIPMENT -- 12.9% Apple, Inc.* 7,350 1,387,312 Cisco Systems, Inc.* 29,400 785,568 International Business Machines Corp. 11,600 1,501,388 QUALCOMM, Inc. 17,300 839,742 ----------- 4,514,010 ----------- TRANSPORTATION -- 3.4% CSX Corp. 5,800 400,548 Norfolk Southern Corp. 4,500 303,210 Union Pacific Corp. 5,800 477,398 ----------- 1,181,156 ----------- UTILITIES -- 1.4% Exelon Corp. 5,430 477,840 ----------- TOTAL DOMESTIC COMMON STOCKS (Cost $30,088,306) 33,444,784 ----------- TEMPORARY INVESTMENT -- 26.7% PNC Bank Money Market Account 9,350,962 9,350,962 ----------- TOTAL TEMPORARY INVESTMENT (Cost $9,350,962) 9,350,962 ----------- 1 MARVIN & PALMER LARGE CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) MAY 31, 2008 (UNAUDITED) TOTAL INVESTMENTS -- 122.0% (Cost $39,439,268**) 42,795,746 ----------- LIABILITIES IN EXCESS OF OTHER ASSETS -- (22.0)% (7,722,957) ----------- NET ASSETS -- 100.0% $35,072,789 =========== * 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 $39,439,268 ----------- Gross unrealized appreciation 3,483,193 Gross unrealized depreciation (126,715) ----------- Net unrealized appreciation $ 3,356,478 =========== 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 semi-annual report. 2 FREE MARKET FIXED INCOME FUND PORTFOLIO OF INVESTMENTS MAY 31, 2008 (UNAUDITED) Number of Shares Value --------- ----------- FIXED INCOME FUNDS -- 98.0% DFA Five-Year Global Fixed Income Portfolio 1,735,040 $18,582,283 DFA Five-Year Government Portfolio 1,832,666 18,583,231 DFA One-Year Fixed Income Portfolio 1,830,467 18,268,058 DFA Two-Year Global Fixed Income Fund 1,776,565 18,565,100 ----------- Total Fixed Income Funds (Cost $74,447,601) 73,998,672 ----------- TEMPORARY INVESTMENT -- 0.4% PNC Bank Money Market Account 1.48%, 06/02/08 296,952 296,952 ----------- Total TEMPORARY INVESTMENT (Cost $296,952) 296,952 ----------- TOTAL INVESTMENTS -- 98.4% (Cost $74,744,553*) 74,295,624 ----------- OTHER ASSETS IN EXCESS OF LIABILITIES -- 1.6% 1,180,517 ----------- NET ASSETS -- 100.0% $75,476,141 =========== * 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 $74,744,553 ----------- Gross unrealized appreciation 81,289 Gross unrealized depreciation (530,218) ----------- Net unrealized depreciation $ (448,929) =========== 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 semi-annual report. 1 FREE MARKET INTERNATIONAL EQUITY FUND PORTFOLIO OF INVESTMENTS MAY 31, 2008 (UNAUDITED) Number of Shares Value --------- ----------- INTERNATIONAL EQUITY FUNDS -- 96.4% DFA Asia Pacific Small Company Portfolio 62,591 $ 1,708,101 DFA Continental Small Company Portfolio 143,015 3,080,541 DFA Emerging Markets Portfolio 136,067 4,475,232 DFA Emerging Markets Small Cap Portfolio 203,005 4,129,122 DFA Emerging Markets Value Portfolio 94,870 4,142,973 DFA International Small Cap Value Portfolio 1,782,186 34,841,740 DFA International Value Portfolio III 1,175,344 25,634,240 DFA Japanese Small Company Portfolio 107,626 1,718,791 DFA Large Cap International Portfolio 165,499 4,271,533 DFA United Kingdom Small Company Portfolio 38,061 1,026,514 ----------- Total International Equity Funds (Cost $81,553,075) 85,028,787 ----------- TEMPORARY INVESTMENT -- 0.4% PNC Bank Money Market Account 1.48%, 06/02/08 339,422 339,422 ----------- Total TEMPORARY INVESTMENT (Cost $339,422) 339,422 ----------- TOTAL INVESTMENTS -- 96.8% (Cost $81,892,497*) 85,368,209 ----------- OTHER ASSETS IN EXCESS OF LIABILITIES -- 3.2% 2,805,968 ----------- NET ASSETS -- 100.0% $88,174,177 =========== * 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 $81,892,497 ----------- Gross unrealized appreciation 3,475,712 Gross unrealized depreciation -- ----------- Net unrealized appreciation $ 3,475,712 =========== 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 semi-annual report. 1 FREE MARKET US EQUITY FUND PORTFOLIO OF INVESTMENTS MAY 31, 2008 (UNAUDITED) Number of Shares Value --------- ------------ EQUITY FUNDS -- 96.7% DFA US Large Cap Value Portfolio III 1,901,904 $ 33,815,851 DFA US Large Company Institutional Index Portfolio 1,496,285 16,459,140 DFA US Micro Cap Portfolio 1,321,796 16,932,203 DFA US Small Cap Portfolio 896,883 16,933,147 DFA US Small Cap Value Portfolio 1,192,543 28,215,559 ------------ Total Equity Funds (Cost $106,894,158) 112,355,900 ------------ TEMPORARY INVESTMENT -- 1.4% PNC Bank Money Market Account 1.48%, 06/02/08 1,586,536 1,586,536 ------------ Total TEMPORARY INVESTMENT (Cost $1,586,536) 1,586,536 ------------ TOTAL INVESTMENTS -- 98.1% (Cost $108,480,694*) 113,942,436 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES -- 1.9% 2,191,042 ------------ NET ASSETS -- 100.0% $116,133,478 ============ * 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 $108,480,694 ------------ Gross unrealized appreciation 5,461,742 Gross unrealized depreciation -- ------------ Net unrealized appreciation $ 5,461,742 ============ 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 semi-annual report. 1 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 June 30, 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 June 30, 2008 ---------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature. EX-99.CERT 2 g48581_cert.txt RBB FUNDS N-Q CERTIFICATION CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT I, Edward J. Roach, certify that: 1. I have reviewed this report on Form N-Q of The RBB Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: June 30, 2008 /s/ Edward J. Roach ------------------------ ---------------------------------------- Edward J. Roach, President & Treasurer (principal executive officer & principal financial officer) -----END PRIVACY-ENHANCED MESSAGE-----