N-Q 1 b54137combined_nq.txt RBB N-Q 5_09 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) Salvatore Faia 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, 2009 ------------- 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, 2009 (UNAUDITED)
PAR (000) VALUE ----------- ------------- CERTIFICATES OF DEPOSIT--42.5% DOMESTIC CERTIFICATES OF DEPOSIT--7.3% Bank of America N.A. 0.400%, 08/21/09 $ 10,000 $ 10,000,000 Chase Bank USA, N.A. 0.520%, 07/15/09 5,000 5,000,000 RBS Securities, Inc. 1.060%, 08/03/09 3,000 3,000,000 State Street Bank and Trust Co. 1.050%, 06/15/09 10,000 10,000,000 0.610%, 07/27/09 10,000 10,000,000 ------------- 38,000,000 ------------- YANKEE DOLLAR CERTIFICATES OF DEPOSIT--35.2% Banco Bilbao Vizcaya Argentaria S.A., New York 0.970%, 07/01/09 4,950 4,950,041 0.855%, 07/15/09 3,000 3,000,018 1.150%, 08/03/09 5,000 5,000,087 1.070%, 10/29/09 4,000 4,000,166 Bank of Montreal, Chicago 0.880%, 06/11/09 5,000 5,000,000 Barclays Bank PLC, New York 0.850%, 06/03/09 10,000 10,000,000 0.700%, 06/16/09 10,000 10,000,000 BNP Paribas SA, New York 2.290%, 06/08/09 3,600 3,600,000 0.870%, 06/12/09 6,000 6,000,000 0.740%, 07/06/09 3,000 3,000,000 1.170%, 07/08/09 2,000 2,000,000 0.740%, 07/10/09 3,000 3,000,000 0.330%, 07/20/09 5,000 5,000,000 0.650%, 11/20/09 3,000 3,000,000 Deutsche Bank AG, New York 0.620%, 07/15/09 7,000 7,000,000 0.620%, 07/17/09 5,000 5,000,000 0.500%, 08/11/09 8,000 8,000,000 Dexia Credit Local, New York (b)(d) 1.013%, 06/17/09 6,000 6,000,000 0.610%, 06/19/09 2,000 2,000,010 DnB NOR BANK ASA, New York 0.870%, 06/09/09 7,000 7,000,000
PAR (000) VALUE ----------- ------------- Lloyds TSB Bank PLC, New York 1.040%, 07/23/09 $ 8,000 $ 8,000,000 Mizuho Corporate Bank Ltd., New York 0.650%, 08/06/09 3,250 3,250,000 Rabobank Nederland NV, New York 0.750%, 06/09/09 3,500 3,500,000 0.650%, 06/25/09 3,000 3,000,000 0.700%, 07/13/09 5,000 5,000,000 0.850%, 08/03/09 5,000 5,000,000 Royal Bank of Scotland, New York 1.070%, 06/15/09 5,000 5,000,019 1.320%, 06/30/09 3,500 3,500,000 1.250%, 07/09/09 5,000 5,000,000 Societe Generale, New York 1.050%, 07/13/09 2,500 2,500,000 0.820%, 07/14/09 5,000 5,000,000 0.800%, 11/06/09 10,000 10,000,000 Svenska Handelsbanken, New York 1.000%, 06/11/09 2,400 2,400,000 Toronto Dominion Bank, New York 2.500%, 06/09/09 1,350 1,350,000 2.420%, 06/11/09 2,250 2,250,000 0.440%, 09/15/09 4,000 4,000,059 UBS AG, Stamford 1.250%, 07/06/09 3,000 3,000,000 1.250%, 07/07/09 10,000 10,000,000 ------------- 184,300,400 ------------- TOTAL CERTIFICATES OF DEPOSIT (Cost $222,300,400) 222,300,400 ------------- COMMERCIAL PAPER--29.1% Atlantis One Funding Corp. 0.751%, 06/10/09 5,000 4,999,062 Banco Bilbao Vizcaya Argentaria S.A. 1.005%, 11/13/09 6,500 6,470,208 Barclays US Funding Corp. 0.701%, 06/16/09 3,000 2,999,125 BASF AG 0.360%, 08/04/09 5,000 4,996,800 Cancara Asset Securitisation LLC 0.801%, 06/15/09 5,000 4,998,444
1 THE RBB FUND, INC. MONEY MARKET PORTFOLIO STATEMENT OF NET ASSETS (CONTINUED) MAY 31, 2009 (UNAUDITED)
PAR (000) VALUE ----------- ------------- CBA (Delaware) Finance Inc. 0.0%, 08/04/09 $ 12,000 $ 11,990,827 Charta LLC 0.500%, 07/15/09 5,000 4,996,944 CRC Funding LLC 0.500%, 07/13/09 8,000 7,995,333 Danske Corp. 1.053%, 06/15/09 4,000 3,998,367 0.832%, 06/30/09 3,000 2,997,994 0.701%, 07/16/09 3,000 2,997,375 0.748%, 11/05/09 9,000 8,970,955 Dexia Delaware LLC 0.250%, 06/01/09 2,000 2,000,000 DnB NOR BANK ASA 1.248%, 07/21/09 2,000 1,996,556 1.613%, 10/08/09 5,000 4,971,333 Erasmus Capital Corp. 0.400%, 07/01/09 2,500 2,499,167 Fairway Finance Co. LLC 0.501%, 07/06/09 1,000 999,514 Galleon Capital LLC 0.701%, 06/01/09 3,000 3,000,000 ING US Funding LLC 0.681%, 07/22/09 2,000 1,998,073 Intesa Funding LLC 0.691%, 07/06/09 5,000 4,996,646 Mont Blanc Capital Corp. 0.571%, 06/09/09 5,000 4,999,367 Nieuw Amsterdam Receivables Corp. 1.103%, 06/15/09 7,000 6,997,006 Old Line Funding LLC 0.480%, 06/03/09 2,354 2,353,937 Royal Bank of Scotland PLC (The) 0.836%, 06/23/09 3,000 2,998,469 San Paolo IMI US Financial Co. 1.106%, 07/15/09 8,000 7,989,244 Santander Central Hispano Finance (Delaware) Inc. 1.664%, 08/03/09 3,000 2,991,338
PAR (000) VALUE ----------- ------------- Societe Generale North America, Inc. 1.400%, 07/07/09 $ 6,500 $ 6,490,965 Straight-A Funding LLC 0.501%, 08/03/09 3,200 3,197,200 0.390%, 08/18/09 2,500 2,497,888 Svenska Handelsbanken, Inc. 0.491%, 08/06/09 10,000 9,991,017 Tempo Finance Corp. 0.551%, 07/06/09 1,031 1,030,449 UBS Finance (Delaware) LLC 1.214%, 07/09/09 4,000 3,994,891 1.254%, 07/09/09 2,000 1,997,361 1.113%, 07/29/09 4,000 3,992,847 ------------- TOTAL COMMERCIAL PAPER (Cost $152,394,702) 152,394,702 ------------- VARIABLE RATE OBLIGATIONS--7.0% BANKS--4.9% Bank of America Securities LLC (b) 0.520%, 06/01/09 4,000 4,000,000 Bank of Montreal, Chicago (a)(b)(c) 0.911%, 10/05/09 2,850 2,850,000 HSBC USA Inc. (b) 1.559%, 10/15/09 525 525,000 ING Bank NV (a)(b)(c) 0.981%, 08/24/09 1,750 1,750,000 ING USA Global Funding Trust VI (b) 1.751%, 09/18/09 855 855,000 Lloyds TSB Group PLC (a)(b)(c) 1.286%, 08/07/09 2,250 2,250,000 Nordea Bank (b)(c) 1.449%, 10/23/09 2,050 2,050,000 Rabobank Nederland NV (b)(c)(d) 0.560%, 07/07/09 4,900 4,900,000 1.016%, 05/04/10 5,000 5,000,000 Wachovia Bank N.A. (b) 1.586%, 08/04/09 1,600 1,600,000 ------------- 25,780,000 -------------
2 THE RBB FUND, INC. MONEY MARKET PORTFOLIO STATEMENT OF NET ASSETS (CONTINUED) MAY 31, 2009 (UNAUDITED)
PAR (000) VALUE ----------- ------------- COSMETICS-TOILETRY--2.1% Procter & Gamble International Funding SCA (b) 0.996%, 05/07/10 $ 11,000 $ 11,000,000 ------------- TOTAL VARIABLE RATE OBLIGATIONS (Cost $36,780,000) 36,780,000 ------------- AGENCY OBLIGATIONS--15.6% Federal Home Loan Bank 0.279%, 08/13/09(b) 1,600 1,600,000 0.254%, 08/14/09(b) 2,495 2,494,949 0.592%, 08/21/09 3,500 3,495,354 0.592%, 08/25/09 1,500 1,497,910 0.602%, 08/28/09 1,000 998,533 0.582%, 09/02/09 3,000 2,995,505 0.592%, 09/09/09 10,000 9,983,611 0.730%, 02/05/10(b) 2,385 2,385,000 0.815%, 02/26/10(b) 2,385 2,385,000 0.999%, 07/09/10(b) 4,265 4,264,055 1.107%, 10/08/10(b) 3,100 3,098,737 Federal Home Loan Mortgage Corp. 0.246%, 09/28/09(b) 2,950 2,949,762 1.039%, 07/14/10(b) 2,500 2,499,024 0.641%, 08/24/10(b) 1,895 1,895,100 1.244%, 09/03/10(b) 2,865 2,864,278 0.419%, 02/14/11(b) 12,825 12,821,554 1.268%, 04/01/11(b) 5,000 5,009,256 0.896%, 05/05/11(b) 10,000 9,994,187 Federal National Mortgage Assoc. 0.592%, 08/12/09 3,000 2,996,460 0.602%, 08/26/09 3,000 2,995,700 0.966%, 08/05/10(b) 2,300 2,299,013 ------------- TOTAL AGENCY OBLIGATIONS (Cost $81,522,988) 81,522,988 ------------- U.S. TREASURY OBLIGATIONS--2.5% U.S. Treasury Bills 0.391%, 08/06/09 2,600 2,598,141 0.446%, 08/13/09 2,500 2,497,744 0.471%, 08/20/09 3,000 2,996,870 0.492%, 08/27/09 2,450 2,447,096
PAR (000) VALUE ----------- ------------- 0.321%, 09/03/09 $ 2,800 $ 2,797,660 ------------- 13,337,511 ------------- TOTAL U.S. TREASURY OBLIGATIONS (Cost $13,337,511) 13,337,511 ------------- REPURCHASE AGREEMENTS--3.2% Deutsche Bank Securities Inc. (Tri-Party Agreement dated 05/29/09 to be repurchased at $16,674,250, collateralized by $16,674,000 par value, Federal National Mortgage Assoc.,6.25%, due 05/15/29; Federal Home Loan Mortgage Corp., 5.00%, due 01/30/14 Market Value of the collateral is $17,175,116 0.180%, 06/01/09 16,674 16,674,000 ------------- TOTAL REPURCHASE AGREEMENTS (Cost $16,674,000) 16,674,000 ------------- TOTAL INVESTMENTS AT VALUE--99.9% (Cost $523,009,601)* 523,009,601 ------------- OTHER ASSETS IN EXCESS OF LIABILITIES--0.1% 334,008 ------------- NET ASSETS (APPLICABLE TO 474,730,712 BEDFORD SHARES AND 48,553,890 SANSOM STREET SHARES)--100.0% $ 523,343,609 ============= NET ASSET VALUE, Offering and Redemption Price Per Bedford Share ($474,787,537 / 474,730,712) $ 1.00 ============= NET ASSET VALUE, Offering and Redemption Price Per Sansom Street Share ($48,556,072 / 48,553,890) $ 1.00 =============
* Aggregate cost is the same for financial reporting and Federal tax purposes. (a) Issuer is a US branch of a foreign domiciled bank. (b) Variable Rate Security. Rate shown is as of report date. (c) 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. (d) Rate shown is as of report date and the date shown is date on which principal and accrued interest may be recovered through demand. 3 SENBANC FUND SCHEDULE OF INVESTMENTS MAY 31, 2009 (UNAUDITED)
FAIR SHARES DESCRIPTION VALUE ------- ------------------------------------------------------- ------------ COMMON STOCK -- 99.1% SAVINGS, CREDIT & OTHER FINANCIAL INSTITUTIONS -- 90.5% 15,655 American River Bankshares $ 187,703 26,900 Associated Banc-Corp. 389,243 71,600 Bank Holdings (The)* 50,832 116,400 Bank of America Corp. 1,311,828 42,478 C&F Financial Corp. 689,843 87,500 Capital Bank Corp. 489,125 52,398 Centrue Financial Corp. 261,990 72,800 Citizens Republic Bancorp, Inc.* 82,992 45,400 CityBank 136,200 35,700 Comerica, Inc. 773,976 331,300 Corus Bankshares, Inc.* 96,077 4,630 Crescent Banking Co. 10,418 42,600 Financial Institutions, Inc. 492,030 40,500 First United Corp. 490,050 87,368 Hampton Roads Bankshares, Inc. 681,470 234,000 JPMorgan Chase & Co. 8,634,600 180,400 KeyCorp 902,000 3,917 MainSource Financial Group, Inc. 31,219 172,111 National Bankshares, Inc. 4,127,222 186,199 Northrim BanCorp, Inc. 2,815,329 276,928 PAB Bankshares, Inc. 991,402 15,000 Pacific Capital Bancorp N.A. 75,150 122,900 Pacific Premier Bancorp, Inc.* 600,981 25,200 PacWest Bancorp 356,076 26,600 Peoples Bancorp of North Carolina, Inc. 172,900 12,000 Peoples Financial Corp. 216,000 101,094 Premier Financial Bancorp 600,498 186,800 Regions Financial Corp. 782,692 11,700 Umpqua Holdings Corp. 99,450 5,472 United Security Bancshares, Inc. 76,116 ------------ 26,625,412 ------------
1 SENBANC FUND SCHEDULE OF INVESTMENTS (CONTINUED) MAY 31, 2009 (UNAUDITED) STATE & NATIONAL BANKS -- 8.6% 55,899 Bancorp, Inc. (The)* $ 344,897 40,700 Cascade Financial Corp. 141,636 106,100 Community Bancorp* 122,015 11,801 Cowlitz Bancorp* 42,011 59,900 East West Bancorp, Inc. 483,393 58,600 First Regional Bancorp* 102,550 68,200 Rainier Pacific Financial Group, Inc. 49,104 67,897 Rurban Financial Corp. 558,792 50,400 Summit Financial Group, Inc. 303,408 26,100 Synovus Financial Corp. 85,347 13,606 Taylor Capital Group, Inc.* 84,085 100,499 Temecula Valley Bancorp, Inc. 40,200 118,032 Vineyard National Bancorp* 11,803 23,700 Yadkin Valley Financial Corp. 152,865 ------------ 2,522,106 ------------ TOTAL COMMON STOCK (COST $63,776,856) 29,147,518 ------------ TEMPORARY INVESTMENTS -- 1.4% 397,235 PNC Bank Money Market 397,235 ------------ TOTAL TEMPORARY INVESTMENTS (COST $397,235) 397,235 ------------ TOTAL INVESTMENTS -- 100.5% (COST $64,174,091) 29,544,753 ------------ LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.5%) (143,274) ------------ NET ASSETS -- 100% $ 29,401,479 ============
* 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 $ 64,174,091 ------------ Gross unrealized appreciation 412,147 Gross unrealized depreciation (35,041,485) ------------ Net unrealized appreciation $(34,629,338) ============
For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 2 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II Portfolio of Investments MAY 31, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE ----------- ------------- COMMON STOCK--98.1% BASIC INDUSTRIES--3.6% Ashland, Inc. 7,610 $ 203,948 Massey Energy Co. 7,105 162,634 Rock-Tenn Co., Class A 4,925 189,022 Schweitzer-Mauduit International, Inc. 21,915 492,430 Sensient Technologies Corp. 12,845 294,407 USEC, Inc.* 133,995 716,873 ------------- 2,059,314 ------------- CAPITAL GOODS--9.6% Actuant Corp., Class A 9,815 120,528 Acuity Brands, Inc. 15,745 427,949 Beacon Roofing Supply, Inc.* 39,725 576,012 Brady Corp., Class A 9,333 231,272 Drew Industries, Inc.* 18,515 265,690 Gardner Denver, Inc.* 10,370 293,886 Granite Construction, Inc. 6,325 231,179 Griffon Corp.* 32,400 313,956 Lennox International, Inc. 10,260 318,163 Lincoln Electric Holdings, Inc. 13,470 549,576 LSI Industries, Inc. 17,875 87,051 Mueller Industries, Inc. 9,325 204,870 Oshkosh Corp. 34,850 413,669 Perini Corp.* 10,600 218,890 RBC Bearings, Inc.* 6,700 123,615 Rofin-Sinar Technologies, Inc.* 5,495 123,912 RTI International Metals, Inc.* 17,050 243,986 Toro Co. 8,485 261,338 Wesco International, Inc.* 17,160 458,687 ------------- 5,464,229 ------------- COMMUNICATIONS--0.6% EarthLink, Inc.* 42,650 334,376 ------------- CONSUMER DURABLES--1.5% MDC Holdings, Inc. 9,155 281,150 Tempur-Pedic International, Inc. 49,475 545,709 ------------- 826,859 -------------
NUMBER OF SHARES VALUE ----------- ------------- CONSUMER NON-DURABLES--7.8% Alliance One International, Inc.* 108,220 $ 515,127 Brown Shoe Co., Inc. 33,222 269,763 Fresh Del Monte Produce, Inc.* 20,785 368,726 Matthews International Corp., Class A 8,880 253,524 NBTY, Inc.* 20,845 514,663 Nu Skin Enterprises, Inc., Class A 31,555 457,863 RC2 Corp.* 21,495 258,585 Skechers U.S.A., Inc., Class A* 32,160 305,520 Steven Madden Ltd.* 9,140 248,791 Take-Two Interactive Software, Inc.* 16,885 146,224 Tupperware Brands Corp. 12,360 300,595 Universal Corp. 18,560 687,277 Warnaco Group, Inc., (The)* 4,985 157,526 ------------- 4,484,184 ------------- CONSUMER SERVICES--22.5% ABM Industries, Inc. 18,000 291,240 Asbury Automative Group, Inc. 44,345 421,277 Asset Acceptance Capital Corp.* 22,860 196,596 Charming Shoppes, Inc.* 118,895 447,045 Corporate Executive Board Co., (The) 17,955 312,237 Dress Barn, Inc. (The)* 35,100 555,633 Ennis, Inc. 17,835 192,618 Foot Locker, Inc. 12,065 134,042 G&K Services, Inc., Class A 15,062 322,929 Gevity HR, Inc. 41,335 164,927 Group 1 Automotive, Inc. 14,975 320,615 Gymboree Corp. (The)* 6,030 222,206 Heidrick & Struggles International, Inc. 32,435 595,182 Hillenbrand, Inc. 39,190 672,500 InfoGROUP, Inc.* 41,000 229,600 International Speedway Corp., Class A 21,068 522,276 Jackson Hewitt Tax Service, Inc. 43,940 174,442
1 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II Portfolio of Investments (Continued) MAY 31, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE ----------- ------------- CONSUMER SERVICES--(CONTINUED) Kenexa Corp.* 21,560 $ 208,485 Knoll, Inc. 49,823 345,273 Live Nation, Inc.* 139,255 796,539 MAXIMUS, Inc. 7,910 315,609 Men's Wearhouse, Inc., (The) 21,190 362,137 Monster Worldwide, Inc.* 42,875 500,780 MPS Group, Inc.* 30,470 231,267 Navigant Consulting, Inc.* 21,790 259,519 PetMed Express, Inc.* 12,951 189,344 Regis Corp. 21,080 369,532 Rent-A-Center, Inc.* 25,935 506,511 School Specialty, Inc.* 7,425 141,224 Service Corp. International 182,915 978,595 Spherion Corp.* 91,960 316,342 Steiner Leisure Ltd.* 6,595 192,244 Steinway Musical Instruments* 8,610 94,452 Watson Wyatt Worldwide, Inc., Class A 14,005 531,350 World Fuel Services Corp. 17,461 741,045 ------------- 12,855,613 ------------- ENERGY--5.3% Approach Resources, Inc.* 23,080 206,335 Bristow Group, Inc.* 33,730 1,066,880 Dril-Quip, Inc.* 12,215 504,724 Flotek Industries, Inc.* 33,405 70,150 Helix Energy Solutions Group, Inc.* 65,300 734,625 Hornbeck Offshore Services, Inc.* 6,945 192,654 Petroleum Development Corp.* 6,115 110,743 Whiting Petroleum Corp.* 3,295 154,404 ------------- 3,040,515 ------------- FINANCE--19.1% Affiliated Managers Group, Inc.* 13,030 731,113 AMERISAFE, Inc.* 15,430 249,195 Apollo Investment Corp. 28,255 155,685 Ares Capital Corp. 30,290 231,719 CNA Surety Corp.* 11,960 181,433
NUMBER OF SHARES VALUE ----------- ------------- FINANCE--(CONTINUED) Cowen Group., Inc.* 22,915 $ 116,179 FBR Capital Markets Corp.* 27,790 140,340 Fifth Street Finance Corp. 52,895 506,734 First American Corp. 19,085 435,520 First Citizens Bancshares, Inc. 2,790 369,647 Gladstone Capital Corp. 13,080 93,260 Hanover Insurance Group, Inc., (The) 4,615 158,341 Horace Mann Educators Corp. 21,340 192,700 Infinity Property & Casualty Corp. 5,345 196,749 IPC Holdings Ltd. 25,505 633,799 JMP Group, Inc. 56,140 392,980 KKR Financial Holdings LLC 60,130 75,163 Maiden Holdings Ltd. 83,660 427,503 Max Capital Group Ltd. 61,750 976,267 Navigators Group, Inc., (The)* 7,430 324,988 Nelnet, Inc., Class A* 54,341 459,725 PHH Corp.* 44,785 689,689 Platinum Underwriters Holdings Ltd. 25,165 725,507 ProAssurance Corp.* 3,515 158,913 Reinsurance Group of America, Inc. 19,815 728,796 Safety Insurance Group, Inc. 8,435 263,256 SeaBright Insurance Holdings, Inc.* 15,165 122,685 State Auto Financial Corp. 10,710 178,964 SVB Financial Group 9,015 242,954 United America Indemnity Ltd., Class A* 23,782 113,678 United Rentals, Inc.* 11,110 52,773 Unitrin, Inc. 15,720 228,254 Washington Federal, Inc. 28,390 372,477 ------------- 10,926,986 ------------- HEALTH CARE--9.7% Centene Corp.* 15,070 273,973 Charles River Laboratories International, Inc.* 10,400 326,872
2 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II Portfolio of Investments (Continued) MAY 31, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE ----------- ------------- HEALTH CARE Conmed Corp.* 16,095 $ 253,496 Haemonetics Corp.* 5,945 316,452 Home Diagnostics, Inc.* 40,225 242,959 ICU Medical, Inc.* 6,530 236,125 Invacare Corp. 12,510 212,420 Kindred Healthcare, Inc.* 37,075 486,795 LifePoint Hospitals, Inc.* 19,540 532,465 Lincare Holdings, Inc.* 17,525 381,694 Medical Action Industries, Inc.* 16,995 173,519 Odyssey HealthCare, Inc.* 33,625 330,197 Perrigo Co. 5,690 152,833 PharMerica Corp.* 16,490 289,235 RehabCare Group, Inc.* 9,875 215,473 Res-Care, Inc.* 10,525 148,929 U.S. Physical Therapy, Inc.* 53,594 724,055 Zoll Medical Corp.* 16,375 274,936 ------------- 5,572,428 ------------- REAL ESTATE INVESTMENT TRUSTS--10.3% Anworth Mortgage Asset Corp. 176,157 1,173,206 Capstead Mortgage Corp. 67,025 799,608 Friedman, Billings, Ramsey Group, Inc., Class A* 153,555 58,351 Gladstone Commercial Corp. 15,085 176,645 Hatteras Financial Corp. 32,910 820,117 Jones Lang LaSalle, Inc. 34,895 1,223,070 MFA Financial, Inc. 211,870 1,326,306 Redwood Trust, Inc. 20,455 325,644 ------------- 5,902,947 ------------- TECHNOLOGY--5.9% Bel Fuse, Inc., Class B 13,345 180,158 Belden, Inc. 16,270 298,066 CIBER, Inc.* 73,120 234,715 Coherent, Inc.* 6,085 118,779 Diebold, Inc. 11,775 291,078 Electronics For Imaging, Inc.* 23,685 240,876 EnerSys* 33,035 535,167 Gilat Satellite Networks Ltd.* 29,250 100,913
NUMBER OF SHARES VALUE ----------- ------------- TECHNOLOGY Imation Corp. 25,585 $ 247,151 Insight Enterprises, Inc.* 16,335 123,329 Ness Technologies, Inc.* 30,680 104,926 NETGEAR, Inc.* 24,145 338,754 PAR Technology Corp.* 32,795 206,609 Technitrol, Inc. 30,230 106,107 Verigy Ltd.* 18,620 223,440 ------------- 3,350,068 ------------- TRANSPORTATION--0.7% Landstar System, Inc. 8,000 304,000 Pacer International, Inc. 42,245 109,837 ------------- 413,837 ------------- UTILITIES--1.5% Great Plains Energy, Inc. 20,670 311,497 PNM Resources, Inc. 59,415 549,589 ------------- 861,086 ------------- TOTAL COMMON STOCK (Cost $66,111,739) 56,092,442 ------------- SHORT-TERM INVESTMENTS--1.9% PNC Bank Money Market Deposit Account 1,104,543 1,104,543 ------------- TOTAL SHORT-TERM INVESTMENTS (Cost $1,104,543) 1,104,543 ------------- TOTAL INVESTMENTS--100.0% (COST $67,216,282)** 57,196,985 ------------- LIABILITIES IN EXCESS OF OTHER ASSETS--0.0% (8,486) ------------- NET ASSETS--100.0% $ 57,188,499 =============
* -- 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 $ 67,216,282 ------------- Gross unrealized appreciation 5,739,651 Gross unrealized depreciation (15,758,948) ------------- Net unrealized depreciation $ (10,019,297) =============
3 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II Portfolio of Investments (Continued) MAY 31, 2009 (UNAUDITED) For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 4 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments MAY 31, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE ----------- ------------- LONG POSITIONS--119.3% DOMESTIC COMMON STOCK--101.8% BASIC INDUSTRIES--6.7% Calumet Specialty Products Partners LP 8,400 $ 110,838 Carpenter Technology Corp. 5,260 118,245 Cytec Industries, Inc. + 14,370 308,668 Freeport-McMoRan Copper & Gold, Inc., + 4,050 220,441 Harry Winston Diamond Corp. 70,675 474,229 Haynes International, Inc. +* 8,670 198,977 Innospec, Inc. 39,390 350,965 Kapstone Paper and Packaging Corp. +* 51,105 217,196 Kapstone Paper and Packaging Corp.* 53,080 12,208 Thompson Creek Metals Co., Inc.* 48,890 469,344 ------------- 2,481,111 ------------- CAPITAL GOODS--9.1% Acuity Brands, Inc. + 9,415 255,900 Drew Industries, Inc. +* 9,550 137,043 Ducommun, Inc. 10,180 193,522 Dynamics Research Corp. +* 28,272 268,867 Griffon Corp.* 23,361 226,368 Hubbell, Inc., Class B + 8,948 297,163 Key Technology, Inc.* 6,427 66,005 Keystone Consolidated Industries, Inc.* 10,528 30,794 KHD Humboldt Wedag International Ltd. +* 13,255 108,956 LSB Industries, Inc. +* 12,825 214,819 Manitowoc Co., Inc., (The) 23,470 153,024 Mohawk Industries, Inc. +* 4,425 169,345 MTS Medication Technologies, Inc. +* 160,765 752,380 RTI International Metals, Inc. +* 15,565 222,735 Thermadyne Holdings Corp. +* 62,135 260,346 ------------- 3,357,267 -------------
NUMBER OF SHARES VALUE ----------- ------------- COMMUNICATIONS--1.3% Check Point Software Technologies Ltd. +* 8,170 $ 190,770 SourceForge, Inc.* 279,962 277,162 ------------- 467,932 ------------- CONSUMER DURABLES--4.0% Amerigon, Inc.* 24,325 108,003 D.R. Horton, Inc. 24,685 227,349 Gentex Corp. + 16,575 195,419 Hooker Furniture Corp. 8,631 107,024 Magna International, Inc., Class A 4,100 132,963 Pulte Homes, Inc. + 30,575 269,060 Stanley Furniture Co., Inc. 12,247 122,593 Thor Industries, Inc. 15,810 317,939 ------------- 1,480,350 ------------- CONSUMER NON-DURABLES--6.4% Coach, Inc. +* 9,833 258,313 Coca-Cola Femsa S.A. de C.V. - Sponsored ADR + 5,920 244,378 Matthews International Corp., Class A 8,710 248,670 Overhill Farms, Inc.* 41,910 227,571 Polo Ralph Lauren Corp. + 5,445 293,050 Skechers U.S.A., Inc., Class A +* 33,305 316,397 Steven Madden Ltd. +* 11,180 304,320 Tupperware Brands Corp. + 10,875 264,480 VF Corp. + 3,595 204,268 ------------- 2,361,447 ------------- CONSUMER SERVICES--13.7% AFC Enterprises, Inc.* 71,455 497,327 BB Holdings Ltd.* 49,134 100,725 Bebe Stores, Inc. 13,405 108,044 Coinstar, Inc. +* 7,875 233,258 Cornell Companies, Inc. +* 10,300 174,894 Corrections Corp. of America +* 22,055 338,544 Deluxe Corp. 12,515 176,962
1 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) MAY 31, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE ----------- ------------- CONSUMER SERVICES Dover Downs Gaming & Entertainment, Inc. 23,640 $ 140,185 Dress Barn, Inc. (The) +* 18,890 299,029 eBay, Inc. +* 11,270 198,577 Ennis, Inc. 18,695 201,906 Global Traffic Network, Inc.* 28,386 88,564 H&R Block, Inc. + 15,242 222,533 Hackett Group, Inc. (The)* 134,320 315,652 Harte-Hanks, Inc. 29,835 251,509 Heidrick & Struggles International, Inc. + 10,920 200,382 Herbalife Ltd. + 10,460 305,537 ICT Group, Inc.* 14,775 130,463 Lincoln Educational Services Corp.* 13,990 257,976 Monster Worldwide, Inc. +* 24,410 285,109 Ross Stores, Inc. + 6,291 246,356 Steiner Leisure Ltd. +* 9,275 270,366 ------------- 5,043,898 ------------- ENERGY--5.9% Approach Resources, Inc. +* 59,764 534,290 Bristow Group, Inc. ++* 6,605 208,916 Concho Resources, Inc. +* 10,445 334,762 Devon Energy Corp. + 5,820 368,057 EOG Resources, Inc. + 4,010 293,492 Talisman Energy, Inc. + 25,811 420,461 ------------- 2,159,978 ------------- FINANCE--17.3% Ace Ltd. + 8,420 370,396 Berkshire Hathaway, Inc., Class B* 94 279,368 Capital One Financial Corp. + 9,550 233,402 E*TRADE Financial Corp.* 41,085 59,162 Fidelity National Financial, Inc., Class A + 26,710 372,338 Fifth Third Bancorp 25,445 175,571 First American Corp. + 19,805 451,950
NUMBER OF SHARES VALUE ----------- ------------- FINANCE Goldman Sachs Group, Inc., (The) + 2,058 $ 297,525 Investors Title Co. + 5,614 171,227 JPMorgan Chase & Co. + 15,956 588,777 KKR Financial Holdings LLC + 63,285 79,106 Loews Corp. + 13,185 356,654 Maiden Holdings Ltd. 157,467 804,656 Mass Financial Corp. Class A* 3,020 18,694 Morgan Stanley + 8,188 248,260 SLM Corp.* 34,730 229,565 State Street Corp. + 9,175 426,179 TFS Financial Corp. + 24,125 275,266 Travelers Companies, Inc., (The) + 7,485 304,340 Wesco Financial Corp. + 560 166,320 White Mountains Insurance Group Ltd. + 1,350 297,000 XL Capital Ltd., Class A 16,425 166,221 ------------- 6,371,977 ------------- HEALTH CARE--14.9% A.D.A.M., Inc.* 25,515 76,545 Alpha PRO Tech Ltd.* 447,620 693,811 American BIO Medica Corp.* 179,645 32,336 Anika Therapeutics, Inc.* 56,265 284,138 Cardiac Science Corp.* 15,240 62,941 Charles River Laboratories International, Inc. +* 15,675 492,665 Exactech, Inc. +* 15,940 255,040 Health Grades, Inc. +* 111,426 424,533 ICON PLC* 10,290 179,458 Lincare Holdings, Inc. +* 9,710 211,484 McKesson Corp. + 5,700 234,555 MedQuist, Inc. +* 180,447 712,766 Orthofix International N.V. +* 14,746 373,369 PHC, Inc., Class A* 289,490 347,388 RehabCare Group, Inc. +* 11,180 243,948 Schering-Plough Corp. + 18,354 447,837 Theragenics Corp.* 130,460 156,552
2 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) MAY 31, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE ----------- ------------- HEALTH CARE Unilens Vision, Inc. 83,377 $ 258,469 ------------- 5,487,835 ------------- REAL ESTATE INVESTMENT TRUSTS--0.1% Friedman, Billings, Ramsey Group, Inc., Class A* 123,525 46,939 ------------- TECHNOLOGY--21.1% Accenture Ltd., Class A + 10,349 309,745 Adobe Systems, Inc. +* 11,860 334,215 Amdocs Ltd. +* 9,790 211,856 Analog Devices, Inc. + 6,785 165,622 BluePhoenix Solutions Ltd.* 90,150 200,133 Brocade Communications Systems, Inc. +* 40,800 299,472 CGI Group, Inc. Class A +* 30,990 289,137 ClickSoftware Technologies Ltd.* 22,011 86,943 Digi International, Inc. +* 58,101 503,155 Gilat Satellite Networks Ltd.* 80,375 277,294 Hewlett-Packard Co. + 9,148 314,234 NU Horizons Electronics Corp. +* 41,611 154,793 Oracle Corp. +* 17,679 346,332 PLATO Learning, Inc.* 239,566 742,654 Richardson Electronics Ltd. + 72,965 287,482 Sourcefire, Inc. +* 40,660 496,052 Sybase, Inc. +* 6,505 211,608 Symantec Corp. +* 17,201 268,163 TeleTech Holdings, Inc. +* 32,070 369,767 Telular Corp. +* 405,846 848,218 Tier Technologies, Inc., Class B +* 72,040 486,270 Varian, Inc. +* 7,390 257,320 Virtusa Corp.* 40,470 285,718 ------------- 7,746,183 ------------- TRANSPORTATION--1.3% Dynamex, Inc.* 9,490 147,285 FedEx Corp. + 5,195 287,959
NUMBER OF SHARES VALUE ----------- ------------- TRANSPORTATION Pacer International, Inc. 15,685 $ 40,781 ------------- 476,025 ------------- TOTAL DOMESTIC COMMON STOCK (Cost $35,490,457) 37,480,942 ------------- PREFERRED STOCK--5.9% FINANCE--5.9% Bank of America Corp. Capital Trust IV Pfd. 5.875% 19,755 303,239 Capital One Capital II Pfd. 7.500% 16,760 311,066 Citigroup Capital XVI Pfd. 6.450% 22,680 351,994 Fifth Third Capital Trust V Pfd. 7.250% 11,475 190,829 KeyCorp Capital LX Pfd. 6.750% 14,645 254,530 SLM Corp. Pfd. 6.970%* 3,815 95,375 Sovereign Capital Trust V Pfd. 7.750% 15,805 323,054 Wachovia Capital Trust IV Pfd. 6.375% 17,880 327,919 ------------- 2,158,006 ------------- TOTAL PREFERRED STOCK (Cost $1,475,631) 2,158,006 ------------- SHORT-TERM INVESTMENTS--11.6% MONEY MARKET ACCOUNT--11.6% PNC Bank Money Market Deposit Account 4,250,260 4,250,260 ------------- TOTAL SHORT-TERM INVESTMENTS (Cost $4,250,260) 4,250,260 ------------- TOTAL LONG POSITIONS--119.3% (COST $41,216,348)** 43,889,208 ------------- SECURITIES SOLD SHORT--(12.0%) BASIC INDUSTRIES--(0.1%) Ethanex Energy, Inc.* (648) (23) Uranium Energy Corp.* (11,655) (27,389) ------------- (27,412) -------------
3 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) MAY 31, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE ----------- ------------- CAPITAL GOODS--(0.3%) Applied Nanotech Holdings, Inc.* (8,285) $ (2,486) Broadwind Energy, Inc.* (8,725) (78,351) DynaMotive Energy Systems Corp.* (72,185) (24,759) ------------- (105,596) ------------- COMMUNICATIONS--(1.8%) Baidu, Inc. - Sponsored ADR* (375) (98,981) CTC Communications Group, Inc. ++* (98,900) (10) Equinix, Inc.* (2,795) (207,948) GSI Commerce, Inc.* (12,555) (161,457) Interliant, Inc.* (600) 0 Omniture, Inc.* (11,480) (135,694) One Communications Corp. ++* (36,619) (4) Rostelecom - Sponsored ADR* (2,100) (72,366) ------------- (676,460) ------------- CONSUMER DURABLES--0.0% QSound Labs, Inc.* (4,440) (2,109) ------------- CONSUMER NON-DURABLES--(0.9%) Amish Naturals, Inc.* (25,959) (818) Cal-Maine Foods, Inc. (7,475) (182,689) Smart Balance, Inc.* (12,730) (94,202) Valence Technology, Inc.* (27,585) (48,549) ------------- (326,258) ------------- CONSUMER SERVICES--(3.4%) Advent Software, Inc.* (4,870) (149,460) Constant Contact, Inc.* (8,850) (155,671) Escala Group, Inc.* (4,616) (11,540) Iron Mountain, Inc.* (10,650) (290,213) Kforce, Inc.* (12,515) (116,515) New Oriental Education & Technology Group ADR* (2,320) (127,507) Panera Bread Co., Class A* (2,650) (141,086) PokerTek, Inc.* (6,110) (6,050) RiskMetrics Group, Inc.* (5,670) (91,117) Sturm Ruger & Co., Inc. (6,935) (82,318)
NUMBER OF SHARES VALUE ----------- ------------- CONSUMER SERVICES Ultimate Software Group, Inc., (The)* (4,320) $ (87,739) ------------- (1,259,216) ------------- FINANCE--0.0% China International Tourism Holdings Ltd. (26) (198) Genmed Holding Corp.* (5) (3) ------------- (201) ------------- HEALTH CARE--(1.3%) Bodytel Scientific, Inc.* (4,840) (9) Conceptus, Inc.* (5,095) (80,756) Intuitive Surgical, Inc.* (820) (122,738) Mindray Medical International Ltd. (11,650) (268,066) Volu-Sol Reagents Corp. (421) (42) ------------- (471,611) ------------- TECHNOLOGY--(4.2%) ANSYS, Inc.* (3,400) (101,524) ANTS Software, Inc.* (10,334) (5,684) Axis Technologies Group, Inc.* (5,845) (1,052) ConSyGen, Inc.* (200) 0 F5 Networks, Inc.* (7,250) (230,260) Infinera Corp.* (19,235) (164,652) Infosys Technologies Ltd. - Sponsored ADR (2,430) (84,030) LML Payment Systems, Inc.* (7,808) (5,231) Monolithic Power Systems, Inc.* (6,730) (139,378) Nestor, Inc.* (15,200) (228) Netezza Corp.* (5,665) (39,542) NetSuite, Inc.* (10,120) (116,987) Palm, Inc.* (20,850) (254,370) SuccessFactors, Inc.* (11,085) (86,906) Syntel, Inc. (6,530) (187,607) Tiger Telematics, Inc.* (6,510) (11) VMware, Inc. Class A* (3,620) (112,365)
4 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) MAY 31, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE ----------- ------------- TECHNOLOGY Xybernaut Corp. ++* (35,000) $ (980) ------------- (1,530,807) ------------- TOTAL SECURITIES SOLD SHORT (Proceeds $5,221,485) (4,399,670) ------------- WARRANTS--0.0% UTILITIES--0.0% Greenhunter Energy, Inc. Exercise Price $27.50, Exp. 09/15/11 (423) 0 ------------- TOTAL WARRANTS (Proceeds $0) 0 ------------- LIABILITIES IN EXCESS OF OTHER ASSETS--(7.3)% (2,688,888) ------------- NET ASSETS--100.0% $ 36,800,650 =============
ADR -- American Depositary Receipt + -- Security position is either entirely or partially held in a segregated account as collateral for securities sold short. ++ -- Security has been valued at fair market value as determined in good faith by or under the direction of RBB's Board of Directors. * -- Non-income producing. ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 41,216,348 ------------ Gross unrealized appreciation 6,270,990 Gross unrealized depreciation (3,598,130) ------------ Net unrealized appreciation $ 2,672,860 ============
For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 5 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS MID CAP VALUE FUND Portfolio of Investments MAY 31, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE ----------- ---------- COMMON STOCK--97.1% BASIC INDUSTRIES--6.4% Albemarle Corp. 15,010 $ 423,582 Allegheny Technologies, Inc. 5,345 189,266 Cliffs Natural Resources, Inc. 8,480 231,080 Crown Holdings, Inc.* 16,395 385,283 Lubrizol Corp., (The) 13,800 616,446 Mosaic Co., (The) 2,890 158,083 PPG Industries, Inc. 11,530 512,739 ---------- 2,516,479 ---------- CAPITAL GOODS--7.9% AGCO Corp.* 12,320 355,555 Cooper Industries Ltd., Class A 10,605 348,056 Ingersoll-Rand Co., Ltd., Class A 8,405 170,033 Kennametal, Inc. 2,030 38,327 Lennox International, Inc. 7,080 219,551 Mettler-Toledo International, Inc.* 5,685 404,715 Mohawk Industries, Inc.* 10,205 390,545 Rockwell Automation, Inc. 1,265 38,823 Stanley Works, (The) 10,190 363,783 Terex Corp.* 9,365 125,678 Thomas & Betts Corp.* 12,570 385,648 W.W. Grainger, Inc. 3,550 279,847 ---------- 3,120,561 ---------- COMMUNICATIONS--1.5% CenturyTel, Inc. 8,340 257,289 Embarq Corp. 7,720 324,394 ---------- 581,683 ---------- CONSUMER DURABLES--3.5% Ford Motor Co.* 66,630 383,123 Gentex Corp. 27,375 322,751 Lennar Corp., Class A 18,630 177,171 NVR, Inc.* 720 356,328 Pulte Homes, Inc. 18,320 161,216 ---------- 1,400,589 ---------- CONSUMER NON-DURABLES--3.2% Dr. Pepper Snapple Group, Inc.* 7,150 155,370
NUMBER OF SHARES VALUE ----------- ---------- CONSUMER NON-DURABLES Electronic Arts, Inc.* 6,210 $ 142,768 Lorillard, Inc. 5,095 348,141 Mattel, Inc. 27,480 428,963 VF Corp. 3,110 176,710 ---------- 1,251,952 ---------- CONSUMER SERVICES--18.2% Abercrombie & Fitch Co., Class A 14,565 438,552 Burger King Holdings, Inc. 8,860 146,722 Dun & Bradstreet Corp., (The) 3,465 283,402 eBay, Inc.* 15,435 271,965 Equifax, Inc. 18,870 513,641 Expedia, Inc.* 26,674 461,727 GameStop Corp., Class A* 4,155 103,667 Gap, Inc., (The) 20,245 361,373 Herbalife Ltd. 13,855 404,704 Kohl's Corp.* 5,495 233,373 Kroger Co., (The) 16,580 378,024 Manpower, Inc. 16,665 708,429 McGraw-Hill Companies, Inc., (The) 17,330 521,460 Monster Worldwide, Inc.* 16,070 187,698 Moody's Corp. 8,520 233,363 Omnicom Group, Inc. 15,355 468,327 Robert Half International, Inc. 14,935 319,460 Safeway, Inc. 22,955 465,068 Staples, Inc. 9,475 193,764 Starwood Hotels & Resorts Worldwide, Inc. 7,315 178,998 Washington Post Co., Class B (The) 850 306,000 ---------- 7,179,717 ---------- ENERGY--6.1% Concho Resources, Inc.* 9,815 314,571 EOG Resources, Inc. 3,230 236,404 Helix Energy Solutions Group, Inc.* 15,045 169,256
1 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS MID CAP VALUE FUND Portfolio of Investments (Continued) MAY 31, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE ----------- ---------- COMMON STOCK ENERGY Noble Energy, Inc. 11,490 $ 683,425 Petrohawk Energy Corp.* 14,525 366,030 Pride International, Inc.* 11,240 272,233 Talisman Energy, Inc. 23,570 383,955 ---------- 2,425,874 ---------- FINANCE--18.1% Ace Ltd. 8,495 373,695 Affiliated Managers Group, Inc.* 3,375 189,371 Alleghany Corp.* 1,734 450,840 AON Corp. 8,825 317,700 Assurant, Inc. 15,990 377,844 BB&T Corp. 17,325 388,427 Capital One Financial Corp. 14,960 365,622 Federated Investors, Inc., Class B 8,405 210,377 Franklin Resources, Inc. 7,555 505,052 Hanover Insurance Group, Inc., (The) 11,620 398,682 KeyCorp. 17,190 85,950 Loews Corp. 15,320 414,406 M&T Bank Corp. 6,010 302,303 Marsh & McLennan Cos., Inc. 22,325 422,389 Mercury General Corp. 6,030 199,834 NYSE Euronext 1,415 42,450 People's United Financial, Inc. 5,955 94,089 Reinsurance Group of America, Inc. 9,400 345,732 SEI Investments Co. 8,155 125,832 SLM Corp.* 55,735 368,408 State Street Corp. 8,870 412,012 SunTrust Banks, Inc. 9,985 131,502 Travelers Companies, Inc., (The) 5,780 235,015 Unum Group 24,200 414,062 ---------- 7,171,594 ---------- HEALTH CARE--5.3% Cardinal Health, Inc. 6,945 248,284 DaVita, Inc.* 10,825 488,316 Hospira, Inc.* 12,300 424,350
NUMBER OF SHARES VALUE ----------- ---------- COMMON STOCK HEALTH CARE Laboratory Corp. of America Holdings* 5,950 $ 362,712 McKesson Corp. 9,320 383,518 Varian Medical Systems, Inc.* 4,825 172,542 ---------- 2,079,722 ---------- REAL ESTATE INVESTMENT TRUSTS--6.0% Annaly Capital Management, Inc. 42,526 592,813 AvalonBay Communities, Inc. 2,955 181,673 Equity Residential 11,705 284,900 Kimco Realty Corp. 21,715 253,848 Nationwide Health Properties, Inc. 5,555 147,596 Regency Centers Corp. 7,630 271,857 Simon Property Group, Inc. 4,405 235,535 Ventas, Inc. 13,510 410,164 ---------- 2,378,386 ---------- TECHNOLOGY--13.2% Acxiom Corp. 42,735 456,837 Amdocs Ltd.* 10,190 220,512 Arrow Electronics, Inc.* 18,745 453,441 Avnet, Inc.* 11,575 266,341 Broadridge Financial Solutions, Inc. 24,610 407,541 CACI International, Inc., Class A* 7,905 303,315 Cymer, Inc.* 12,975 360,186 Flextronics International Ltd.* 37,385 148,045 Harris Corp. 11,655 362,237 Harris Stratex Networks, Inc., Class A* 2,895 13,809 Ingram Micro, Inc., Class A* 19,450 321,314 McAfee, Inc.* 5,977 234,478 SRA International, Inc., Class A* 9,885 175,360 Sybase, Inc.* 7,140 232,264 Symantec Corp.* 44,115 687,753 Western Digital Corp.* 7,415 184,263 Western Union Co. (The) 23,140 407,958 ---------- 5,235,654 ----------
2 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS MID CAP VALUE FUND Portfolio of Investments (Continued) MAY 31, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE ----------- ---------- COMMON STOCK TRANSPORTATION--1.0% CSX Corp. 3,705 $ 117,671 Norfolk Southern Corp. 7,500 279,000 ----------- 396,671 ----------- UTILITIES--6.7% Allegheny Energy, Inc. 18,905 472,625 Alliant Energy Corp. 20,110 477,210 American Electric Power Co., Inc. 11,425 300,935 Edison International 13,120 383,629 FirstEnergy Corp. 2,865 108,268 NV Energy, Inc. 30,170 301,700 PG&E Corp. 16,610 609,753 ----------- 2,654,120 ----------- TOTAL COMMON STOCK (Cost $44,034,881) 38,393,002 ----------- SHORT-TERM INVESTMENT--2.5% PNC Bank Money Market Deposit Account 1,000,578 1,000,578 ----------- TOTAL SHORT-TERM INVESTMENTS (Cost $1,000,578) 1,000,578 ----------- TOTAL INVESTMENTS--99.6% (COST $45,035,459)** 39,393,580 OTHER ASSETS IN EXCESS OF LIABILITIES--0.4% 154,680 ----------- NET ASSETS--100.0% $39,548,260 ===========
* -- 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 $ 45,035,459 ------------- Gross unrealized appreciation 2,383,453 Gross unrealized depreciation (8,025,332) ------------- Net unrealized depreciation $ (5,641,879) =============
For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 3 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND Portfolio of Investments MAY 31, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE ----------- ------------- COMMON STOCK--96.3% BASIC INDUSTRIES--1.0% Carpenter Technology Corp. 4,960 $ 111,501 Cytec Industries, Inc. 15,740 338,095 GrafTech International Ltd.* 1,625 16,526 ------------- 466,122 ------------- CAPITAL GOODS--2.6% Dover Corp. 16,630 522,847 General Electric Co. # 10,100 136,148 Illinois Tool Works, Inc. 5,795 187,120 Parker-Hannifin Corp. 7,912 334,361 Wolseley PLC - ADR 25,680 42,886 ------------- 1,223,362 ------------- COMMUNICATIONS--2.0% Vodafone Group PLC - Sponsored ADR 50,888 957,712 ------------- CONSUMER DURABLES--1.7% Lennar Corp., Class A 17,515 166,568 Magna International, Inc., Class A 7,640 247,765 Pulte Homes, Inc. # 5,780 50,864 Toll Brothers, Inc.* 19,000 353,020 ------------- 818,217 ------------- CONSUMER NON-DURABLES--7.5% Electronic Arts, Inc.* 26,415 607,281 Lorillard, Inc. 11,754 803,151 Mattel, Inc. 37,515 585,609 Matthews International Corp., Class A 4,635 132,329 Nestle S.A.- Sponsored ADR 11,885 433,446 NIKE, Inc., Class B 4,560 260,148 Oxford Industries, Inc. 5,880 54,508 Skechers U.S.A., Inc., Class A* 6,215 59,043 Steven Madden Ltd.* 2,265 61,653 Tupperware Brands Corp. 22,035 535,891 ------------- 3,533,059 -------------
NUMBER OF SHARES VALUE ----------- ------------- COMMON STOCK CONSUMER SERVICES--14.6% DSW, Inc., Class A* 4,525 $ 51,449 eBay, Inc. #* 50,480 889,458 Equifax, Inc. 8,505 231,506 Expedia, Inc.* 32,863 568,859 GameStop Corp., Class A* 30,510 761,224 Gap, Inc., (The) 9,625 171,806 Harte-Hanks, Inc. 24,420 205,861 Herbalife Ltd. 12,030 351,396 Hewitt Associates, Inc., Class A* 5,830 169,070 HSN, Inc.* 25,175 284,477 IAC/Interactivecorp* 13,510 218,322 Interval Leisure Group, Inc.* 23,675 226,570 Lender Processing Services, Inc. 14,160 411,348 Manpower, Inc. 4,480 190,445 McGraw-Hill Companies, Inc., (The) 7,245 218,002 Monster Worldwide, Inc.* 16,510 192,837 Moody's Corp. 7,730 211,725 Omnicom Group, Inc. 13,765 419,832 Regis Corp. 21,875 383,469 Rent-A-Center, Inc.* 16,815 328,397 Shoe Carnival, Inc.* 4,325 45,975 Watson Wyatt Worldwide, Inc., Class A 8,560 324,766 ------------- 6,856,794 ------------- ENERGY--11.2% Apache Corp. # 4,005 337,461 Chevron Corp. 6,725 448,356 Devon Energy Corp. # 12,765 807,258 Dresser-Rand Group, Inc.* 5,130 143,640 EOG Resources, Inc. # 3,480 254,701 Marathon Oil Corp. # 11,345 361,679 Noble Energy, Inc. 8,480 504,390 Pioneer Natural Resources Co. 8,185 230,162 Talisman Energy, Inc. 62,430 1,016,985
1 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND Portfolio of Investments (Continued) MAY 31, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE ----------- ------------- COMMON STOCK ENERGY Total SA -ADR 19,895 $ 1,146,947 ------------- 5,251,579 ------------- FINANCE--24.1% Ace Ltd. 9,550 420,105 Alleghany Corp.* 2,046 531,960 Allied World Assurance Co. Holdings Ltd. 8,080 305,020 American Express Co. 13,055 324,417 AON Corp. 6,350 228,600 Arch Capital Group Ltd.* 2,260 128,617 Bank of America Corp. 49,970 563,162 BB&T Corp. 20,890 468,354 Capital One Financial Corp. 13,035 318,575 Comerica, Inc. 3,130 67,858 East West Bancorp, Inc. 6,640 53,585 Federated Investors, Inc., Class B 6,380 159,691 Fifth Third Bancorp 32,285 222,767 First American Corp. 4,225 96,415 Flagstone Reinsurance Holdings Ltd. 42,510 407,246 Hanover Insurance Group, Inc., (The) 12,305 422,185 Hatteras Financial Corp.144A ++* 7,015 174,814 IPC Holdings Ltd. 20,770 516,134 JPMorgan Chase & Co. # 44,815 1,653,673 Kohlberg Capital Corp. 16,590 69,014 Loews Corp. 41,524 1,123,224 Maiden Holdings Ltd. 1,715 8,764 Maiden Holdings Ltd. 144A ++* 9,925 50,717 Peoples Choice Financial Corp. 144A ++* 1,465 0 SLM Corp.* 63,110 417,157 Solar Cayman Ltd. 144A ++* 19,375 121,094 Specialty Underwriters' Alliance, Inc.* 8,645 31,554 Travelers Companies, Inc., (The) 18,180 739,199 Unum Group 38,186 653,362
NUMBER OF SHARES VALUE ----------- ------------- COMMON STOCK FINANCE Wells Fargo & Co. 19,235 $ 490,492 Wesco Financial Corp. 285 84,645 White Mountains Insurance Group Ltd. 2,100 462,000 ------------- 11,314,400 ------------- HEALTH CARE--14.7% Aetna, Inc. 9,560 256,017 Amgen, Inc.* 21,065 1,051,986 Becton, Dickinson & Co. 7,345 497,110 Cardinal Health, Inc. 7,810 279,207 DaVita, Inc.* 13,730 619,360 Johnson & Johnson 15,265 842,017 Lincare Holdings, Inc.* 17,540 382,021 Pfizer, Inc. 74,161 1,126,506 Sanofi-Aventis- ADR 14,520 460,139 UnitedHealth Group, Inc. 10,260 272,916 WellPoint, Inc.* 6,240 290,597 Wyeth 18,860 846,060 ------------- 6,923,936 ------------- REAL ESTATE INVESTMENT TRUSTS--2.3% Annaly Capital Management, Inc. 58,170 810,890 Ashford Hospitality Trust, Inc. 44,525 180,326 Cypress Sharpridge Investments, Inc.144A ++* 10,771 70,873 Friedman, Billings, Ramsey Group, Inc., Class A* 28,740 10,921 Hatteras Financial Corp. 720 17,942 Realty Finance Corp. 30,480 2,347 Thornburg Mortgage, Inc.* 191,097 2,198 ------------- 1,095,497 ------------- TECHNOLOGY--12.9% Accenture Ltd., Class A 13,740 411,238 Acxiom Corp. 21,830 233,363 Banctec, Inc., 144A ++* 15,732 112,956 Belden, Inc. 4,145 75,936
2 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND Portfolio of Investments (Continued) MAY 31, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE ----------- ------------- COMMON STOCK TECHNOLOGY Fidelity National Information Services, Inc. 7,635 $ 147,050 Heartland Payment Systems, Inc. 15,925 121,826 Hewlett-Packard Co. 23,220 797,607 International Business Machines Corp. 11,625 1,235,505 KLA-Tencor Corp. 7,000 189,000 Microsoft Corp. # 62,195 1,299,254 Symantec Corp.* 30,475 475,105 Tech Data Corp.* 11,340 363,107 Tyco Electronics Ltd. 17,280 300,154 Western Union Co. (The) 17,115 301,737 ------------- 6,063,838 ------------- UTILITIES--1.7% Allegheny Energy, Inc. 17,540 438,500 Alliant Energy Corp. 15,730 373,273 ------------- 811,773 ------------- TOTAL COMMON STOCK (Cost $51,568,854) 45,316,289 ------------- PREFERRED STOCK--2.5% FINANCE--2.5% Citigroup Capital XV Pfd. 6.500% 19,545 351,615 Fleet Capital Trust VIII Pfd. 7.200% 850 14,764 Merrill Lynch Capital Trust III Pfd. 7.000% 825 13,398 Merrill Lynch Preferred Capital Trust V Pfd. 7.280% 875 14,735 Wachovia Capital Trust IV Pfd. 6.375% 15,250 279,685 Wachovia Capital Trust IX Pfd. 6.375% 20,615 379,934
NUMBER OF SHARES VALUE ----------- ------------- PREFERRED STOCK FINANCE Wachovia Capital Trust X Pfd. 7.850% 4,860 $ 109,156 ------------- 1,163,287 ------------- TOTAL PREFERRED STOCK (Cost $812,712) 1,163,287 ------------- WARRANTS--0.0% REAL ESTATE INVESTMENT TRUSTS--0.0% Cypress Sharpridge Investment, Inc. Strike Price $1.56, Exp. 4/30/11 ++ 32,315 323 ------------- TOTAL WARRANTS (Cost $0) 323 -------------
PAR (000) VALUE ----------- ------------- CORPORATE BONDS--0.8% Eastman Kodak Co.## 3.375% 10/15/33 399 326,183 MBIA Insurance Corp.144A+ ## 14.00% 01/15/33 151 61,910 Thornburg Mortgage, Inc. (PIK)++ @ 18.00% 03/31/15 74 0 Thornburg Mortgage, Inc. 144A++ @ 18.00% 03/31/15 824 0 ------------- TOTAL CORPORATE BONDS (Cost $1,288,321) 388,093 -------------
NUMBER OF SHARES VALUE ----------- ------------- SHORT-TERM INVESTMENTS--1.7% PNC Bank Money Market Deposit Account 792,758 792,758 ------------- TOTAL SHORT-TERM INVESTMENTS (Cost $792,758) 792,758 -------------
3 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND Portfolio of Investments (Continued) MAY 31, 2009 (UNAUDITED) TOTAL INVESTMENTS--101.3% (COST $54,462,645) 47,660,750 ------------- OPTIONS WRITTEN--(1.6%) Apache Corp. Call Options Expires 10/17/09 Strike Price $85 (40) $ (34,000) Devon Energy Corp. Call Options Expires 01/15/10 Strike Price $50 (52) (85,280) eBay, Inc. Call Options Expires 01/15/10 Strike Price $15 (194) (73,720) EOG Resources, Inc. Call Options Expires 10/17/09 Strike Price $80 (34) (18,360) General Electric Co. Call Options Expires 06/23/09 Strike Price $5 (101) (85,850) JPMorgan Chase & Co. Call Options Expires 01/16/10 Strike Price $25 (134) (177,148) JPMorgan Chase & Co. Call Options Expires 09/21/09 Strike Price $50 (189) (13,419) Marathon Oil Corp. Call Options Expires 10/17/09 Strike Price $32.50 (113) (35,030) Microsoft Corp. Call Options Expires 07/21/09 Strike Price $15 (158) (90,060) Pulte Homes, Inc. Call Options Expires 01/20/10 Strike Price $15 (57) (1,995) Toll Brothers, Inc. Call Options Expires 01/20/10 Strike Price $12.50 (190) (133,950) ------------- TOTAL OPTIONS WRITTEN (Premiums received $(805,498)) (748,812) ------------- TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN--99.7% (COST $53,657,147)** 46,911,938 ------------- OTHER ASSETS IN EXCESS OF LIABILITIES--0.3% 145,683 ------------- NET ASSETS--100.0% $ 47,057,621 =============
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. ADR -- American Depositary Receipt PIK -- Payment In Kind @ Security in default. * -- 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. + Adjustable rate security. # Security segregated as collateral for options written. ## 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 $54,462,645 ----------- Gross unrealized appreciation 2,709,358 Gross unrealized depreciation (9,511,253) ----------- Net unrealized depreciation $(6,801,895) ===========
For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 4 ROBECO INVESTMENT FUNDS ROBECO WPG SMALL CAP VALUE FUND Portfolio of Investments MAY 31, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE ----------- ------------- COMMON STOCK--98.4% BASIC INDUSTRIES--0.7% Schweitzer-Mauduit International, Inc. 8,000 $ 179,760 Synthesis Energy Systems, Inc.* 39,900 21,546 ------------- 201,306 ------------- CAPITAL GOODS--5.9% BE Aerospace, Inc.* 14,100 209,808 Beacon Roofing Supply, Inc.* 5,200 75,400 Columbus McKinnon Corp.* 11,100 154,179 ICF International, Inc.* 11,500 305,900 Lakeland Industries, Inc.* 54,000 442,800 RTI International Metals, Inc.* 8,100 115,911 Teleflex, Inc. 9,300 417,105 ------------- 1,721,103 ------------- COMMUNICATIONS--0.6% Entrust, Inc.* 59,500 125,545 Lionbridge Technologies, Inc.* 36,000 59,400 ------------- 184,945 ------------- CONSUMER DURABLES--0.6% Lifetime Brands, Inc. 53,100 177,885 ------------- CONSUMER NON-DURABLES--10.1% Alliance One International, Inc.* 143,200 681,632 Brown Shoe Co., Inc. 30,600 248,472 Chiquita Brands International, Inc.* 50,300 525,635 Del Monte Foods Co. 78,900 645,402 NBTY, Inc.* 7,800 192,582 Skechers U.S.A., Inc., Class A* 14,100 133,950 Universal Corp. 13,800 511,014 ------------- 2,938,687 ------------- CONSUMER SERVICES--19.4% America's Car-Mart, Inc.* 14,300 233,805 Big 5 Sporting Goods Corp. 28,200 305,970 Carrols Restaurant Group, Inc.* 32,700 245,250 Casual Male Retail Group, Inc.* 177,800 311,150 Corrections Corp. of America* 20,000 307,000
NUMBER OF SHARES VALUE ----------- ------------- COMMON STOCK CONSUMER SERVICES Dress Barn, Inc. (The)* 19,900 $ 315,017 DSW, Inc., Class A* 11,400 129,618 Geo Group, Inc., (The)* 14,100 230,394 International Speedway Corp., Class A 7,100 176,009 Jack in the Box, Inc.* 5,600 147,280 LECG Corp.* 59,900 174,908 Lions Gate Entertainment Corp.* 66,300 411,060 MDC Partners, Inc., Class A* 233,300 1,283,150 New Frontier Media, Inc.* 99,200 218,240 Princeton Review, Inc. (The)* 161,400 755,352 Providence Service Corp. (The)* 4,100 44,690 Retail Ventures, Inc.* 8,700 22,707 Shoe Carnival, Inc.* 5,400 57,402 Titan Machinery, Inc.* 23,400 293,904 ------------- 5,662,906 ------------- ENERGY--2.7% Approach Resources, Inc.* 52,800 472,032 GeoMet, Inc.* 197,500 246,875 Holly Corp. 2,600 62,894 ------------- 781,801 ------------- FINANCE--26.2% Allied World Assurance Co. Holdings Ltd. 6,300 237,825 Ares Capital Corp. 58,400 446,760 Aspen Insurance Holdings Ltd. 18,600 429,474 Bancorp Rhode Island, Inc. 5,800 118,842 Berkshire Hills Bancorp, Inc. 14,900 318,860 Brookline Bancorp, Inc. 19,000 186,960 Danvers Bancorp, Inc. 24,800 366,544 Delphi Financial Group, Inc., Class A 17,500 333,200 Encore Bancshares, Inc.* 13,395 90,014 ESSA Bancorp, Inc. 14,400 200,880 Home Financial Bancorp, Inc. 14,900 140,954 Investors Bancorp, Inc.* 14,900 129,928 KBW, Inc.* 5,500 143,165
1 ROBECO INVESTMENT FUNDS ROBECO WPG SMALL CAP VALUE FUND Portfolio of Investments (Continued) MAY 31, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE ----------- ------------- COMMON STOCK FINANCE Max Capital Group Ltd. 17,000 $ 268,770 MB Financial, Inc. 14,000 142,940 Meadowbrook Insurance Group, Inc. 150,700 1,113,673 Nelnet, Inc., Class A* 22,000 186,120 Renasant Corp. 10,800 147,960 SCBT Financial Corp. 13,800 311,190 SeaBright Insurance Holdings, Inc.* 24,300 196,587 Texas Capital Bancshares, Inc.* 20,000 307,000 United Financial Bancorp, Inc. 23,700 295,776 Validus Holdings Ltd. 22,800 520,068 ViewPoint Financial Group 16,700 244,321 Western Alliance Bancorp* 27,400 189,608 Westfield Financial, Inc. 29,800 274,160 WSFS Financial Corp. 12,100 321,013 ------------- 7,662,592 ------------- HEALTH CARE--3.0% HealthTronics, Inc.* 27,600 44,436 ICU Medical, Inc.* 5,700 206,112 Inverness Medical Innovations, Inc.* 3,800 123,614 Life Sciences Research, Inc.* 29,600 198,320 Natus Medical, Inc.* 14,300 146,146 NovaMed, Inc.* 42,062 161,518 ------------- 880,146 ------------- REAL ESTATE INVESTMENT TRUSTS--4.3% Capstead Mortgage Corp. 12,700 151,511 Chimera Investment Corp. (REIT) 94,100 328,409 Hatteras Financial Corp. 10,300 256,676 MFA Financial, Inc. 30,200 189,052 Redwood Trust, Inc. 12,800 203,776 Sun Communities, Inc. (REIT) 8,500 120,020 ------------- 1,249,444 ------------- TECHNOLOGY--12.2% Actuate Corp.* 33,000 159,720 Axesstel, Inc.* 35,420 8,147 CIBER, Inc.* 52,500 168,525
NUMBER OF SHARES VALUE ----------- ------------- COMMON STOCK TECHNOLOGY Ciena Corp.* 12,700 $ 139,700 CPI International, Inc.* 10,200 111,486 Digi International, Inc.* 43,900 380,174 Emulex Corp.* 12,800 140,672 ManTech International Corp., Class A* 16,800 644,280 Ness Technologies, Inc.* 66,200 226,404 OmniVision Technologies, Inc.* 10,000 113,900 Plantronics, Inc. 17,900 319,336 PLATO Learning, Inc.* 36,100 111,910 Qlogic Corp.* 10,100 137,865 RADWARE Ltd.* 34,100 259,501 Silicon Graphics International Corp.* 30,600 155,142 Synaptics, Inc.* 4,400 154,528 Techwell, Inc.* 20,500 132,020 Zoran Corp.* 16,900 187,252 ------------- 3,550,562 ------------- TRANSPORTATION--6.9% Airtran Holdings, Inc.* 23,800 120,666 Arkansas Best Corp. 5,400 151,794 Celadon Group, Inc.* 58,500 444,015 DHT Maritime, Inc. 82,900 478,333 Diana Shipping, Inc. 6,300 113,589 Knight Transportation, Inc. 8,300 147,242 Paragon Shipping, Inc., Class A 12,500 66,000 Rand Logistics, Inc.* 13,400 43,550 Werner Enterprises, Inc. 25,100 451,549 ------------- 2,016,738 ------------- UTILITIES--5.8% Aegean Marine Petroleum Network, Inc. 24,000 382,800 Black Hills Corp. 10,100 216,140 El Paso Electric Co.* 11,900 157,556 Great Plains Energy, Inc. 10,900 164,263 Portland General Electric Co. 11,100 199,689 StealthGas, Inc. 9,700 48,015 UGI Corp. 11,500 277,265
2 ROBECO INVESTMENT FUNDS ROBECO WPG SMALL CAP VALUE FUND Portfolio of Investments (Continued) MAY 31, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE ----------- ------------- COMMON STOCK UTILITIES Vectren Corp. 10,300 $ 234,325 ------------- 1,680,053 ------------- TOTAL COMMON STOCK (Cost $29,732,729) 28,708,168 ------------- SHORT-TERM INVESTMENTS--0.9% PNC Bank Money Market Deposit Account 276,556 276,556 ------------- TOTAL SHORT-TERM INVESTMENTS (Cost $276,556) 276,556 ------------- TOTAL INVESTMENTS--99.3% (COST $30,009,285)** 28,984,724 ------------- OTHER ASSETS IN EXCESS OF LIABILITIES--0.7% 200,045 ------------- NET ASSETS--100.0% $ 29,184,769 =============
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 $30,009,285 ----------- Gross unrealized appreciation 2,970,073 Gross unrealized depreciation (3,994,634) ----------- Net unrealized depreciation $(1,024,561) ===========
For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 3 ROBECO INVESTMENT FUNDS ROBECO SAM SUSTAINABLE CLIMATE FUND Portfolio of Investments MAY 31, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE ----------- ------------- COMMON STOCK--99.5% AUSTRIA--8.5% Verbund - Oesterreichische Elektrizitaetswirtschafts AG (Utilities) 1,501 $ 80,614 Wienerberger AG (Industrials)* 5,250 73,700 Zumtobel AG (Industrials) 7,840 96,315 ------------ 250,629 ------------ BRAZIL--3.8% Cia Energetica de Minas Gerais - ADR (Utilities) 8,465 111,992 ------------ CANADA--5.8% Canadian Hydro Developers, Inc. (Utilities)* 16,620 47,040 Canadian Solar, Inc. (Industrials)* 8,100 107,163 Intermap Technologies Corp. (Industrials)* 10,100 16,652 ------------ 170,855 ------------ CHINA--6.8% Trina Solar Ltd. - ADR (Industrials)* 4,200 104,034 Yingli Green Energy Holding Co. Ltd. - ADR (Industrials)* 7,400 94,720 ------------ 198,754 ------------ DENMARK--2.8% Novozymes A/S, Class B (Materials) 1,050 83,121 ------------ FINLAND--3.5% Fortum Oyj (Utilities) 2,420 59,015 Vaisala Oyj, Class A (Industrials) 1,200 44,108 ------------ 103,123 ------------ FRANCE--2.3% Veolia Environnement (Utilities) 2,350 68,670 ------------ GERMANY--2.5% Steico AG (Industrials) 4,000 17,473
NUMBER OF SHARES VALUE ----------- ------------- COMMON STOCK GERMANY Vossloh AG (Industrials) 510 $ 56,699 ------------ 74,172 ------------ GREECE--2.1% Terna Energy SA (Utilities) 8,500 60,563 ------------ IRELAND--2.3% CRH PLC (Industrials) 2,270 53,271 Kingspan Group, PLC (Industrials) 2,000 13,049 ------------ 66,320 ------------ ITALY--3.2% Ansaldo STS SPA (Industrials) 1,520 25,550 Terna Rete Elettrica Nazionale SpA (Utilities) 19,100 70,137 ------------ 95,687 ------------ NETHERLANDS--5.1% Smit Internationale N.V. (Industrials) 2,530 148,969 ------------ SPAIN--13.4% EDP Renovaveis SA (Utilities)* 11,700 123,722 Gamesa Corp. Tecnologica SA (Industrials) 5,381 119,813 Iberdrola Renovables SA (Utilities)* 30,500 150,051 ------------ 393,586 ------------ SWEDEN--0.6% Munters AB (Industrials)* 3,299 16,523 ------------ SWITZERLAND--3.7% ABB Ltd. (Industrials)* 3,240 53,039 Syngenta AG (Materials) 230 55,788 ------------ 108,827 ------------ UNITED STATES--33.1% Apogee Enterprises, Inc. (Industrials) 3,200 39,424 Covanta Holding Corp. (Industrials)* 5,560 84,012
1 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS ROBECO SAM SUSTAINABLE CLIMATE FUND Portfolio of Investments (Continued) MAY 31, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE ----------- ------------- COMMON STOCK UNITED STATES--(CONTINUED) Ecolab, Inc. (Materials) 2,520 $ 94,122 First Solar, Inc. (Industrials)* 290 55,100 FPL Group, Inc. (Utilities) 510 28,830 Fuel Systems Solutions, Inc. (Consumer Cyclical)* 3,200 67,648 Insituform Technologies, Inc., Class A (Industrials)* 3,654 53,312 ITC Holdings Corp. (Utilities) 2,340 100,362 LSB Industries, Inc. (Industrials)* 7,705 129,059 PG&E Corp. (Utilities) 2,220 81,496 Quanta Services, Inc. (Industrials)* 3,860 88,047 Regal-Beloit Corp. (Industrials) 1,100 43,461 SunPower Corp., Class B (Industrials)* 1,100 28,292 Tetra Tech, Inc. (Industrials)* 3,130 80,347 ------------ 973,512 ------------ TOTAL COMMON STOCK (Cost $2,830,419) 2,925,303 ------------ SHORT-TERM INVESTMENTS--1.4% PNC Bank Money Market Deposit Account 41,987 41,987 ------------ TOTAL SHORT-TERM INVESTMENTS (Cost $41,987) 41,987 ------------ TOTAL INVESTMENTS--100.9% (COST $2,872,406)** 2,967,290 ------------ LIABILITIES IN EXCESS OF OTHER ASSETS--(0.9)% (25,550) ------------ NET ASSETS--100.0% $ 2,941,740 ============
ADR -- American Depositary 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 $2,872,406 ---------- Gross unrealized appreciation 515,260 Gross unrealized depreciation (420,376) ---------- Net unrealized appreciation $ 94,884 ==========
For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 2 ROBECO INVESTMENT FUNDS ROBECO SAM SUSTAINABLE WATER FUND Portfolio of Investments MAY 31, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE ----------- ------------- COMMON STOCK--96.0% AUSTRIA--1.0% Andritz AG (Industrials) 495 $ 19,972 BWT AG (Industrials) 820 17,736 ------------- 37,708 ------------- BRAZIL--1.9% Cia de Saneamento Basico do Estado de Sao Paulo - ADR (Utilities) 2,200 68,750 ------------- CANADA--3.1% BioteQ Environmental Tech, Inc. (Industrials)* 12,285 6,639 Hanfeng Evergreen, Inc. (Materials)* 6,400 43,380 Intermap Technologies Corp. (Industrials)* 8,500 14,014 Stantec, Inc. (Industrials)* 1,600 41,607 SunOpta, Inc. (Consumer Staples)* 3,900 6,864 ------------- 112,504 ------------- CHINA--1.3% Epure International Ltd. (Industrials) 135,000 42,528 Xinjiang Tianye Water Saving Irrigation System Co. Ltd. (Industrials)* 48,000 5,325 ------------- 47,853 ------------- FINLAND--1.1% Uponor Oyj (Industrials) 3,100 40,056 ------------- FRANCE--10.4% Foraco International SA (Industrials) 7,700 8,464 Suez Environnement SA (Utilities) 12,200 220,678 Veolia Environnement (Utilities) 5,200 151,951 ------------- 381,093 -------------
NUMBER OF SHARES VALUE ----------- ------------- COMMON STOCK GERMANY--3.4% Henkel AG & Co. KGaA (Consumer Staples) 1,250 $ 38,435 KSB AG (Industrials) 190 76,552 Washtec AG (Industrials)* 1,000 10,660 ------------- 125,647 ------------- HONG KONG--11.0% Chaoda Modern Agriculture (Consumer Staples) 251,040 157,705 China Green Holdings Ltd. Bermuda (Consumer Staples) 57,000 52,204 China Water Affairs Group Ltd. (Utilities)* 160,000 41,691 Guangdong Investment Ltd. (Utilities) 300,000 151,311 ------------- 402,911 ------------- ITALY--1.1% Hera SpA (Utilities) 17,000 38,933 ------------- JAPAN--2.4% Kitz Corp. (Industrials) 5,000 16,740 Kurita Water Industries Ltd. (Industrials) 2,600 71,767 ------------- 88,507 ------------- NETHERLANDS--5.6% Aalberts Industries N.V. (Industrials) 5,900 57,719 Arcadis N.V. (Industrials) 900 13,995 Grontmij N.V. (Industrials) 1,355 34,059 Ten Cate N.V. (Industrials) 1,395 33,319 Wavin N.V. (Industrials) 21,000 68,282 ------------- 207,374 ------------- PHILIPPINES--0.5% Manila Water Co., Inc. (Utilities) 69,100 20,437 ------------- SINGAPORE--1.8% Boustead Singapore Ltd. (Industrials) 60,000 30,741
1 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS ROBECO SAM SUSTAINABLE WATER FUND Portfolio of Investments (Continued) MAY 31, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE ----------- ------------- COMMON STOCK SINGAPORE Hyflux Ltd. (Industrials) 23,000 $ 33,759 ------------- 64,500 ------------- SOUTH KOREA--0.9% Woongjin Coway Co. Ltd. (Industrials) 1,420 32,244 ------------- SPAIN--0.4% Fluidra SA (Industrials) 4,200 16,566 ------------- SWITZERLAND--4.3% Geberit AG (Industrials) 820 100,446 Nestle SA (Consumer Staples) 1,571 56,937 ------------- 157,383 ------------- UNITED KINGDOM--3.5% Cascal N.V. (Utilities) 1,700 6,069 Pennon Group PLC (Utilities) 2,900 22,030 PuriCore PLC (Health Care)* 28,900 6,423 RPS Group PLC (Industrials) 4,800 14,702 Severn Trent PLC (Utilities) 2,700 48,877 Spice PLC (Industrials) 2,000 2,230 United Utilities Group PLC (Utilities) 3,100 26,831 ------------- 127,162 ------------- UNITED STATES--42.3% American States Water Co. (Utilities) 1,100 34,485 American Water Works Co., Inc. (Utilities) 850 14,688 Aqua America, Inc. (Utilities) 1,600 26,384 Calgon Carbon Corp. (Materials)* 1,400 16,142 California Water Service Group (Utilities) 500 17,410 Danaher Corp. (Industrials) 3,400 205,190 Dionex Corp. (Health Care)* 300 16,908 Ecolab, Inc. (Materials) 1,560 58,266 ICF International, Inc. (Industrials)* 700 18,620
NUMBER OF SHARES VALUE ----------- ------------- COMMON STOCK UNITED STATES IDEX Corp. (Industrials) 2,800 $ 65,380 Insituform Technologies, Inc., Class A (Industrials)* 2,400 35,016 Itron, Inc. (Industrials)* 1,450 84,593 ITT Corp. (Industrials) 4,000 164,720 Layne Christensen Co. (Industrials)* 500 10,690 Lindsay Manufacturing Co. (Industrials) 200 6,372 Millipore Corp. (Health Care)* 600 37,734 Mueller Water Products, Inc., Class A (Industrials) 18,700 67,507 Nalco Holding Co. (Materials) 5,597 97,164 Pall Corp. (Industrials) 3,700 95,016 Pentair, Inc. (Industrials) 1,200 30,036 Roper Industries, Inc. (Industrials) 2,900 124,642 Tetra Tech, Inc. (Industrials)* 765 19,638 Thermo Fisher Scientific, Inc. (Health Care)* 5,100 198,441 Toro Co. (Industrials) 1,350 41,580 TyraTech, Inc. (Materials)* 3,500 3,592 URS Corp. (Industrials)* 850 40,868 Valmont Industries, Inc. (Industrials) 300 20,583 ------------- 1,551,665 ------------- TOTAL COMMON STOCK (Cost $4,476,210) 3,521,293 ------------- PREFERRED STOCK--0.0% UNITED KINGDOM--0.0% PuriCore PLC 4,867 0 ------------- TOTAL PREFERRED STOCK (Cost $0) 0 ------------- SHORT-TERM INVESTMENTS--5.8% PNC Bank Money Market Deposit Account 211,760 211,760 ------------- TOTAL SHORT-TERM INVESTMENTS (Cost $211,760) 211,760 -------------
2 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS ROBECO SAM SUSTAINABLE WATER FUND Portfolio of Investments (Continued) MAY 31, 2009 (UNAUDITED) TOTAL INVESTMENTS--101.8% (COST $4,687,970)** 3,733,053 ------------- LIABILITIES IN EXCESS OF OTHER ASSETS--(1.8)% (67,619) ------------- NET ASSETS--100.0% $ 3,665,434 =============
ADR -- American Depositary 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 $ 4,687,970 ----------- Gross unrealized appreciation 120,549 Gross unrealized depreciation (1,075,466) ----------- Net unrealized depreciation $ (954,917) ===========
For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 3 SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS MAY 31, 2009 (UNAUDITED)
Shares Value ----------- ------------- DOMESTIC COMMON STOCKS -- 95.6% AEROSPACE & DEFENSE -- 5.5% AAR Corp.* 223,890 $ 3,291,183 BE Aerospace, Inc.* 116,200 1,729,056 Triumph Group, Inc. 19,860 782,683 ------------- 5,802,922 ------------- AIRLINES -- 0.9% AirTran Holdings, Inc.* 182,360 924,565 ------------- APPAREL -- 0.8% Barry (R.G.) Corp.* 146,639 873,968 ------------- AUTOMOBILE MANUFACTURERS -- 0.8% Navistar International Corp.* 16,045 638,751 Wabash National Corp. 162,752 203,440 ------------- 842,191 ------------- AUTOMOBILE PARTS & EQUIPMENT -- 1.4% American Axle & Manufacturing Holdings, Inc. 322,119 657,123 Magna International, Inc., Class A 26,600 862,638 ------------- 1,519,761 ------------- BANKS -- 5.5% Citizens Republic Bancorp, Inc.* 838,552 955,949 East West Bancorp, Inc. 37,890 305,772 First BanCorp. 419,950 2,053,556 Sterling Financial Corp. 624,243 2,590,609 ------------- 5,905,886 ------------- BUILDING MATERIALS -- 1.2% Builders FirstSource, Inc.* 189,938 780,645 Louisiana-Pacific Corp. 124,875 541,958 ------------- 1,322,603 ------------- CHEMICALS -- 0.9% A. Schulman, Inc. 58,550 874,152 Cytec Industries, Inc. 5,250 112,770 ------------- 986,922 ------------- COAL -- 8.4% Foundation Coal Holdings, Inc. 277,710 8,150,789 Massey Energy Co. 35,770 818,775 ------------- 8,969,564 ------------- COMMERCIAL SERVICES -- 5.2% Administaff, Inc. 105,270 2,263,305 Aegean Marine Petroleum Network, Inc. 118,150 1,884,492 Alliance Semiconductor Corp. 641,600 266,264 Hudson Highland Group, Inc.* 597,435 1,170,973 ------------- 5,585,034 ------------- COMMERCIAL SERVICES & SUPPLIES -- 0.1% Viad Corp. 8,700 127,803 -------------
Shares Value ----------- ------------- DOMESTIC COMMON STOCKS COMPUTERS -- 4.0% Insight Enterprises, Inc.* 185,685 $ 1,401,922 Ness Technologies, Inc.* 204,328 698,802 Silicon Storage Technology, Inc.* 352,958 649,442 Xyratex Ltd.* 446,236 1,472,579 ------------- 4,222,745 ------------- DISTRIBUTION/WHOLESALE -- 0.1% Building Materials Holding Corp.* 481,608 144,482 ------------- ELECTRONICS -- 2.7% Arrow Electronics, Inc.* 32,910 796,093 Avnet, Inc.* 54,725 1,259,222 FARO Technologies, Inc.* 52,903 816,293 ------------- 2,871,608 ------------- ENERGY & UTILITIES -- 3.3% Allegheny Energy, Inc. 41,950 1,048,750 RRI Energy, Inc. 443,935 2,432,764 ------------- 3,481,514 ------------- FINANCIAL -- 1.2% Central Pacific Financial Corp. 205,942 1,231,533 ------------- FOOD -- 0.8% Tyson Foods, Inc., Class A 63,555 846,553 ------------- HEALTHCARE - PRODUCTS -- 2.6% American Medical Systems Holdings, Inc.* 50,600 767,602 Orthofix International N.V.* 79,025 2,000,913 ------------- 2,768,515 ------------- HEALTHCARE - SERVICES -- 0.2% Emeritus Corp.* 11,307 162,482 ------------- HOME BUILDERS -- 4.3% NVR, Inc.* 8,515 4,214,073 Ryland Group, Inc. 22,625 386,435 ------------- 4,600,508 ------------- INDUSTRIAL -- 0.3% FreightCar America, Inc. 20,345 340,372 ------------- INSURANCE -- 2.7% Brown & Brown, Inc. 59,550 1,148,124 Fidelity National Financial, Inc., Class A 9,275 129,294 Genworth Financial, Inc., Class A 232,670 1,377,406 RenaissanceRe Holdings, Ltd. 4,071 186,330 ------------- 2,841,154 ------------- INTERNET -- 6.6% Internet Capital Group, Inc.* 351,350 2,044,857 ModusLink Global Solutions, Inc.* 476,190 2,023,807 Openwave Systems, Inc.* 1,649,675 2,903,428 ------------- 6,972,092 -------------
1 SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONTINUED) MAY 31, 2009 (UNAUDITED)
Shares Value ----------- ------------- DOMESTIC COMMON STOCKS LEISURE TIME -- 0.6% Brunswick Corp. 145,695 $ 673,111 ------------- OIL & GAS -- 8.0% Forest Oil Corp.* 173,780 3,303,558 SandRidge Energy, Inc.* 477,389 5,198,766 ------------- 8,502,324 ------------- REAL ESTATE -- 0.7% MI Developments, Inc., Class A 56,150 448,077 Thomas Properties Group, Inc. 197,900 294,871 ------------- 742,948 ------------- REAL ESTATE INVESTMENT TRUSTS -- 8.3% Anworth Mortgage Asset Corp. 695,100 4,629,366 Chimera Investment Corp. 248,575 867,526 Redwood Trust, Inc. 151,940 2,418,885 Winthrop Realty Trust 95,071 918,386 ------------- 8,834,163 ------------- RETAIL -- 1.8% AC Moore Arts & Crafts, Inc.* 405,722 1,363,226 MarineMax, Inc.* 187,149 553,961 ------------- 1,917,187 ------------- RETAIL - SPECIALTY STORES -- 0.1% AnnTaylor Stores Corp. 20,480 149,914 ------------- SAVINGS & LOANS -- 0.9% Washington Federal, Inc. 72,550 951,856 ------------- SEMICONDUCTORS -- 11.6% ASM International N.V.* 114,916 1,624,912 Axcelis Technologies, Inc.* 1,487,953 639,820 BE Semiconductor Industries N.V.* 472,443 1,294,494 Entegris, Inc.* 1,758,154 5,063,484 International Rectifier Corp.* 116,775 1,689,734 Lam Research Corp.* 56,000 1,466,640 Zilog, Inc.* 243,595 531,037 ------------- 12,310,121 ------------- SOFTWARE -- 1.2% Take-Two Interactive Software, Inc. 147,570 1,277,956 ------------- STATE COMMERCIAL BANKS -- 1.2% Regions Financial Corp. 295,690 1,238,941 ------------- TELECOMMUNICATIONS -- 0.6% Netgear, Inc.* 43,775 614,163 ------------- TRANSPORTATION -- 1.1% Alexander & Baldwin, Inc. 15,725 389,194 Atlas Air Worldwide Holdings, Inc. 17,100 442,548
Shares Value ----------- ------------- DOMESTIC COMMON STOCKS TRANSPORTATION Con-Way, Inc. 10,845 $ 348,124 ------------- 1,179,866 ------------- TOTAL DOMESTIC COMMON STOCKS (Cost $107,495,191) 101,737,327 -------------
Par (000) Value ----------- ------------- CORPORATE BONDS -- 0.0% LandAmerica Financial Group, Inc.@ + CONV 3.25%, 05/15/34 168 13,400 Qimonda Finance LLC -CONV 6.75%, 03/22/13 450 11,813 ------------- TOTAL CORPORATE BONDS (Cost $470,068) 25,213 -------------
Shares Value ----------- ------------- EXCHANGE TRADED FUND -- 3.7% iShares Russell 2000 Value Index Fund 67,430 3,142,912 Vanguard Small-Cap Value ETF 18,650 804,188 ------------- 3,947,100 ------------- TOTAL EXCHANGE TRADED FUND (Cost $3,300,853) 3,947,100 ------------- TEMPORARY INVESTMENT -- 0.9% PNC Bank Money Market Account 920 920,249 ------------- TOTAL TEMPORARY INVESTMENT (Cost $920,249) 920,249 ------------- TOTAL INVESTMENTS -- 100.2% (Cost $112,186,361)** 106,629,889 ------------- LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.2)% (183,073) ------------- NET ASSETS -- 100.0% $ 106,446,816 =============
* 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 $ 112,186,361 ------------- Gross unrealized appreciation 15,646,100 Gross unrealized depreciation (21,202,572) ------------- Net unrealized depreciation $ (5,556,472) =============
+ Security in default. 2 SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONTINUED) MAY 31, 2009 (UNAUDITED) @ -- Security was purchased pursuant to Rule 144A under Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of May 31, 2009, these sucurities amounted to 0.01% of net assets. CONV -- Convertible For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 3 SCHNEIDER VALUE FUND PORTFOLIO OF INVESTMENTS MAY 31, 2009 (UNAUDITED)
Shares Value ----------- ------------- DOMESTIC COMMON STOCKS -- 98.0% AEROSPACE & DEFENSE -- 1.3% Boeing Co. (The) 29,785 $ 1,335,857 ------------- AUTOMOBILE MANUFACTURERES -- 1.9% Navistar International Corp.* 49,200 1,958,652 ------------- AUTOMOBILE PARTS & EQUIPMENT -- 2.1% Magna International, Inc., Class A 68,300 2,214,969 ------------- BANKS -- 7.5% Bank of America Corp. 366,950 4,135,526 Capital One Financial Corp. 131,950 3,224,858 JPMorgan Chase & Co. 12,245 451,841 ------------- 7,812,225 ------------- CHEMICALS -- 0.3% Cytec Industries, Inc. 15,375 330,255 ------------- COAL -- 9.0% Arch Coal, Inc. 314,890 5,834,912 Consol Energy, Inc. 87,900 3,617,964 ------------- 9,452,876 ------------- COMPUTERS -- 5.1% Dell, Inc.* 456,683 5,288,389 ------------- ELECTRONICS -- 3.5% Avnet, Inc.* 160,430 3,691,494 ------------- ENERGY & UTILITIES -- 7.9% Allegheny Energy, Inc. 106,325 2,658,125 RRI Energy, Inc. 1,021,644 5,598,609 ------------- 8,256,734 ------------- FOOD -- 3.2% Tyson Foods, Inc., Class A 254,746 3,393,217 ------------- HEALTH CARE - PRODUCTS -- 1.0% Boston Scientific Corp.* 109,275 1,027,185 ------------- HEALTH CARE - SERVICES -- 1.8% Brookdale Senior Living, Inc. 161,595 1,872,886 ------------- HOME BUILDERS -- 6.1% Centex Corp. 257,635 2,171,863 NVR, Inc.* 8,414 4,164,089 ------------- 6,335,952 ------------- INSURANCE -- 8.7% Allstate Corp., (The) 113,590 2,922,671 Brown & Brown, Inc. 111,300 2,145,864 Fidelity National Financial, Inc., Class A 45,996 641,184 Genworth Financial, Inc., Class A 250,296 1,481,752 Hartford Financial Services Group, Inc. 36,950 529,863 RenaissanceRe Holdings, Ltd. 29,145 1,333,967 ------------- 9,055,301 -------------
Shares Value ----------- ------------- DOMESTIC COMMON STOCKS LEISURE TIME -- 1.0% Carnival Corp. 41,800 $ 1,063,392 ------------- LIFE & HEALTH INSURANCE -- 0.7% AFLAC, Inc. 21,225 753,487 ------------- MANUFACTURING -- 1.9% PACCAR, Inc. 66,050 1,971,592 ------------- MEDIA -- 0.8% Liberty Media Corp., Series A* 58,857 817,524 ------------- OIL & GAS -- 13.4% Chesapeake Energy Corp. 363,206 8,230,248 EQT Corp. 17,085 636,416 Forest Oil Corp.* 273,059 5,190,852 ------------- 14,057,516 ------------- PHARMACEUTICALS -- 1.5% Omnicare, Inc. 59,225 1,600,852 ------------- REAL ESTATE INVESTMENT TRUSTS -- 7.5% Annaly Capital Management, Inc. 435,863 6,075,930 Redwood Trust, Inc. 110,927 1,765,958 ------------- 7,841,888 ------------- RETAIL -- 2.4% Best Buy Co, Inc. 25,920 909,792 J.C. Penney Co., Inc. 59,371 1,548,989 ------------- 2,458,781 ------------- SEMICONDUCTORS -- 8.5% ASML Holding N.V. 177,040 3,664,728 International Rectifier Corp.* 249,173 3,605,534 Lam Research Corp.* 60,875 1,594,316 ------------- 8,864,578 ------------- TELECOMMUNICATIONS -- 0.9% Motorola, Inc. 163,035 987,992 ------------- TOTAL DOMESTIC COMMON STOCKS (Cost $112,785,899) 102,443,594 ------------- PREFERRED STOCK -- 0.4% AUTOMOBILE MANUFACTURERES -- 0.4% General Motors Corp., Series C 170,177 452,671 ------------- TOTAL PREFERRED STOCK (Cost $2,570,472) 452,671 ------------- EXCHANGE TRADED FUND -- 1.4% FINANCE -- 1.4% iShares Russell 1000 Value Index Fund 29,320 1,408,240 ------------- TOTAL EXCHANGE TRADED FUND (Cost $1,215,619) 1,408,240 -------------
1 SCHNEIDER VALUE FUND PORTFOLIO OF INVESTMENTS (CONTINUED) MAY 31, 2009 (UNAUDITED)
Shares Value ----------- ------------- SHORT-TERM INVESTMENTS -- 0.7% PNC Bank Money Market Account 753 $ 753,470 ------------- TOTAL SHORT-TERM INVESTMENTS (Cost $753,470) 753,470 ------------- TOTAL INVESTMENTS -- 100.5% (Cost $117,325,460)** 105,057,975 ------------- LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.5)% (526,836) ------------- NET ASSETS -- 100.0% $ 104,531,139 =============
* 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 $ 117,325,460 ------------- Gross unrealized appreciation 10,290,740 Gross unrealized depreciation (22,558,225) ------------- Net unrealized depreciation $ (12,267,485) =============
For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 2 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS MAY 31, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE ----------- ------------- COMMON STOCKS--99.6% BASIC INDUSTRY--1.9% Innophos Holdings, Inc. 38,100 $ 593,979 OM Group, Inc.* 10,600 280,900 Schulman (A.), Inc. 34,700 518,071 Xerium Technologies, Inc.* 148,900 107,208 ------------- 1,500,158 ------------- CONSUMER CYCLICAL--15.7% ATC Technology Corp. Il 8,000 116,640 Avis Budget Group, Inc.* 145,000 696,000 Bally Technologies, Inc. 25,000 700,000 Carter's, Inc.* 37,000 875,050 Centex Corp. 28,000 236,040 Core-Mark Holding Co., Inc. 21,100 550,921 Discovery Communications, Inc., Class A* 10,400 233,480 Hawaiian Holdings, Inc. 84,000 441,840 IPCS, Inc. 37,000 670,440 Kirkland's, Inc. 88,200 703,836 Lions Gate Entertainment Corp.* 68,300 423,460 Modine Manufacturing Co. 43,500 194,445 Pantry, Inc., (The)* 48,400 964,128 Papa John's International, Inc. 21,000 569,100 RC2 Corp.* 7,000 84,210 Stage Stores, Inc. 43,100 522,803 Tenneco, Inc.* 113,300 693,396 Ticketmaster Entertainment, Inc. 85,900 668,302 TRW Automotive Holdings Corp. 64,300 573,556 Tupperware Brands Corp. 25,600 622,592 WMS Industries, Inc.* 25,600 908,032 Wolverine World Wide, Inc. 11,200 221,872 World Fuel Services Corp. 11,600 492,304 ------------- 12,162,447 ------------- CONSUMER GROWTH--24.3% America Service Group, Inc.* 39,800 625,258 American Italian Pasta Co., Class A* 19,800 547,470 American Medical Systems Holdings, Inc. 38,900 590,113 BioScrip, Inc.* 232,515 976,563 Bruker Corp. 47,400 309,522 Cantel Medical Corp.* 38,800 528,068 Cardiac Science Corp.* 125,000 516,250 Catalyst Health Solutions, Inc.* 11,000 235,290
NUMBER OF SHARES VALUE ----------- ------------- COMMON STOCKS CONSUMER GROWTH Centene Corp.* 19,200 $ 349,056 Cott Corp. 108,600 638,568 Coventry Health Care, Inc.* 34,700 626,335 CRA International, Inc.* 25,700 677,195 Depomed, Inc.* 200,500 431,075 Emergency Medical Services Corp., Class A* 13,900 430,900 Endo Pharmaceuticals Holdings, Inc.* 32,000 509,760 Gentiva Health Services, Inc.* 6,900 109,917 ICON PLC - ADR* 13,100 228,464 Invacare Corp. 21,200 359,976 J&J Snack Foods Corp. 14,100 529,032 King Pharmaceuticals, Inc. 51,900 490,974 Lancaster Colony Corp. 12,300 566,661 LHC Group, Inc.* 23,900 551,373 Lincare Holdings, Inc.* 8,200 178,596 Lincoln Educational Services Corp.* 30,400 560,576 Noven Pharmaceuticals, Inc.* 55,600 617,160 Orthofix International, N.V.* 18,800 476,016 Par Pharmaceutical Cos., Inc.* 57,700 770,295 PDL BioPharma, Inc. 30,300 210,585 PerkinElmer, Inc. 44,500 724,015 Questcor Pharmaceuticals, Inc.* 109,100 464,766 Rehabcare Group, Inc. 29,200 637,144 STERIS Corp. 1,500 35,445 SXC Health Solutions Corp.* 30,900 768,174 Tyson Foods, Inc., Class A 34,600 460,872 Valeant Pharmaceuticals International 23,400 537,966 Viropharma, Inc.* 16,400 113,980 WellCare Health Plans, Inc.* 27,700 526,300 Winn-Dixie Stores, Inc.* 31,400 479,164 Zoll Medical Corp.* 26,600 446,614 ------------- 18,835,488 ------------- ENERGY--2.0% Dresser-Rand Group, Inc.* 29,700 831,600 Rosetta Resources, Inc.* 80,800 705,384 ------------- 1,536,984 -------------
1 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) MAY 31, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE ----------- ------------- COMMON STOCKS FINANCIAL--18.3% Allied World Assurance Co. Holdings Ltd. 20,800 $ 785,200 American Financial Group, Inc. 36,200 775,404 Amerisafe, Inc.* 9,700 156,655 Arch Capital Group Ltd.* 11,600 660,156 Assurant, Inc. 29,600 699,448 Bank Mutual Corp. 68,800 624,016 Calamos Asset Management, Inc., Class A 45,200 561,384 Center Financial Corp. 131,800 413,852 Coinstar, Inc.* 22,600 669,412 Conseco, Inc.* 194,000 467,540 Delphi Financial Group, Inc. Class A 11,800 224,672 Federated Investors, Inc., Class B 9,700 242,791 First Mercury Financial Corp.* 45,700 670,876 Hanover Insurance Group, Inc. (The) 17,300 593,563 Imperial Capital Bancorp, Inc. 88,500 38,055 Interactive Brokers Group, Inc., Class A* 12,000 178,440 Knight Capital Group, Inc., Class A* 35,700 614,397 LaBranche & Co., Inc.* 38,800 167,228 Lender Processing Services, Inc. 21,000 610,050 Maiden Holdings Ltd. 92,000 470,120 Nelnet, Inc., Class A* 61,300 518,598 Penson Worldwide, Inc.* 79,298 783,464 SeaBright Insurance Holdings, Inc.* 32,600 263,734 StanCorp Financial Group, Inc. 5,300 164,406 Transatlantic Holdings, Inc. 15,400 596,134 Tree.com, Inc. 42,900 441,012 Unitrin, Inc. 17,400 252,648 Waddell & Reed Financial, Inc., Class A 12,800 312,320 White Mountains Insurance Group Ltd. 2,800 616,000 Wright Express Corp.* 26,400 656,568 ------------- 14,228,143 ------------- INDUSTRIAL--15.6% AerCap Holdings N.V.* 73,300 469,120 Brink's Co., (The) 21,500 571,685 Chart Industries, Inc.* 25,200 534,996
NUMBER OF SHARES VALUE ----------- ------------- COMMON STOCKS INDUSTRIAL CIRCOR International, Inc. 15,500 $ 378,200 Consolidated Graphics, Inc.* 6,200 100,626 Crane Co. 3,500 82,530 Diebold, Inc. 27,500 679,800 Dycom Industries, Inc.* 41,200 481,628 DynCorp International, Inc., Class A* 40,100 580,247 Horizon Lines, Inc., Class A 29,700 158,004 Ingram Micro, Inc., Class A* 42,900 708,708 Manpower, Inc. 16,000 680,160 MYR Group, Inc.* 6,100 116,510 Navistar International Corp.* 21,800 867,858 NN, Inc. 31,000 47,740 OceanFreight, Inc. 106,900 180,661 Powell Industries, Inc.* 15,100 593,279 Saia, Inc.* 20,800 286,000 SPX Corp. 10,000 459,100 Sturm Ruger & Co, Inc. 53,600 636,232 Tech Data Corp.* 10,900 349,018 Thomas & Betts Corp.* 21,500 659,620 Timken Co. 34,600 585,086 Tredegar Corp. 16,300 228,526 Ultralife Corp.* 49,700 344,918 UniFirst Corp. 900 30,735 Viad Corp. 16,900 248,261 WABCO Holdings, Inc. 36,100 612,978 WESCO International, Inc.* 15,800 422,334 ------------- 12,094,560 ------------- TECHNOLOGY--21.8% 3Com Corp.* 137,900 595,728 Acxiom Corp. 54,200 579,398 Alvarion Ltd.* 96,250 281,050 Applied Micro Circuits Corp.* 51,500 402,730 Art Technology Group, Inc. 144,000 518,400 Checkpoint Systems, Inc.* 8,300 116,532 ClickSoftware Technologies Ltd.* 63,050 249,047 Conexant Systems, Inc.* 107,200 124,352 CTC Media, Inc. 8,000 79,280 Fairchild Semiconductor International, Inc. 99,600 703,176
2 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) MAY 31, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE ----------- ------------- COMMON STOCKS TECHNOLOGY GigaMedia Ltd.* 44,000 $ 267,080 Himax Technologies, Inc. ADR 112,900 409,827 i2 Technologies, Inc.* 80,600 989,768 Integrated Device Technology, Inc.* 100,100 563,563 JDS Uniphase Corp.* 66,500 358,435 Mercury Computer Systems, Inc. 54,300 409,422 MicroStrategy, Inc., Class A* 8,200 383,760 MIPS Technologies, Inc.* 122,800 477,692 NCR Corp.* 65,900 707,766 Net Servicos de Comunicacao SA - ADR* 40,000 395,200 Novatel Wireless, Inc.* 42,100 491,728 NTELOS Holdings Corp. 9,400 167,978 OSI Systems, Inc.* 33,100 609,040 Pegasystems, Inc. 21,100 559,994 Photronics, Inc.* 84,400 266,704 QLogic Corp.* 11,100 151,515 Rackspace Hosting, Inc. 13,000 151,710 RadiSys Corp.* 82,300 712,718 RealNetworks, Inc.* 141,600 362,496 S1 Corp.* 111,700 757,326 Shanda Interactive Entertainment Ltd. - ADR* 2,000 115,240 Sierra Wireless, Inc.* 11,700 75,992 Soapstone Networks, Inc.* 21,100 79,969 Synopsys, Inc.* 7,900 153,892 Take-Two Interactive Software, Inc. 48,800 422,608 TeleCommunication Systems, Inc. Class A* 61,900 462,393 Teradyne, Inc.* 90,800 649,220 Tessera Technologies, Inc.* 34,700 816,491 TIBCO Software, Inc.* 101,800 674,934 TNS, Inc. 35,800 674,830 ------------- 16,968,984 ------------- TOTAL COMMON STOCKS (Cost $79,205,651) 77,326,764 ------------- SHORT TERM INVESTMENTS--0.2% Columbia Prime Reserves Fund 189,011 189,011 ------------- TOTAL SHORT TERM INVESTMENTS (Cost $189,011) 189,011 ------------- TOTAL INVESTMENTS--99.8% (Cost $79,394,662)** 77,515,775 ------------- OTHER ASSETS IN EXCESS OF LIABILITIES--0.2% 151,618 ------------- NET ASSETS--100.0% $ 77,667,393 =============
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 $ 79,394,662 ------------ Gross unrealized appreciation 11,009,073 Gross unrealized depreciation (12,887,960) ------------ Net unrealized depreciation $ (1,878,887) ============
For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 3 BEAR STEARNS CUFS MLP MORTGAGE PORTFOLIO Portfolio of Investments MAY 31, 2009 (UNAUDITED)
MOODY'S / S&P(B) PAR (000'S) FAIR VALUE ---------------- ----------- ------------ GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES--56.0% FEDERAL HOME LOAN MORTGAGE CORPORATION--15.7% 5.928% 08/01/36 (a) Aaa/AAA $ 5,117 $ 5,356,731 5.968% 09/01/36 (a) Aaa/AAA 3,631 3,802,256 5.863% 11/01/36 (a) Aaa/AAA 2,731 2,849,136 5.809% 08/01/37 (a) Aaa/AAA 4,339 4,523,671 ------------ 16,531,794 ------------ FEDERAL NATIONAL MORTGAGE ASSOCIATION--40.3% 5.500% 12/25/24 Aaa/AAA 7,044 585,003 5.500% 10/25/31 Aaa/AAA 15,812 1,517,744 7.541% 04/25/32 (a) Aaa/AAA 3,239 375,407 4.500% 06/01/34 Aaa/AAA 14,200 14,306,500 4.790% 12/01/34 (a) Aaa/AAA 4,406 4,441,600 6.028% 10/01/36 (a) Aaa/AAA 2,708 2,837,900 6.088% 10/01/36 (a) Aaa/AAA 1,529 1,604,460 5.500% 12/01/36 Aaa/AAA 481 498,422 5.865% 12/01/36 (a) Aaa/AAA 1,856 1,941,224 5.000% 06/01/37 TBA Aaa/AAA 11,300 11,568,375 5.554% 09/01/37 (a) Aaa/AAA 2,494 2,596,514 ------------ 42,273,149 ------------ TOTAL GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $57,819,343) 58,804,943 ------------ MORTGAGE DERIVATIVES--13.5% FANNIE MAE (IO)--8.1% 4.500% 12/01/18 Aaa/AAA 6,515 538,694 4.500% 01/01/19 Aaa/AAA 6,483 532,433 4.500% 03/01/20 Aaa/AAA 2,369 179,299 4.500% 03/01/20 Aaa/AAA 2,451 188,785 5.500% 05/25/23 Aaa/AAA 1,640 262,615 5.500% 07/25/28 Aaa/AAA 15,551 450,184 5.000% 10/01/33 Aaa/AAA 9,090 1,501,126 5.000% 12/01/33 (a) Aaa/AAA 1,670 215,339 5.000% 12/01/33 Aaa/AAA 2,842 342,120 5.000% 08/01/34 Aaa/AAA 2,962 530,634 5.500% 04/01/36 Aaa/AAA 6,934 709,775 5.500% 04/01/36 Aaa/AAA 11,444 1,134,197 6.991% 08/25/36 (a) Aaa/AAA 5,583 569,663 5.000% 10/01/36 Aaa/AAA 7,711 1,340,343 ------------ 8,495,207 ------------
MOODY'S / S&P(B) PAR (000'S) FAIR VALUE ---------------- ----------- ------------ MORTGAGE DERIVATIVES FANNIE MAE (PO)--0.8% 5.500% 06/25/36 Aaa/AAA 1,187 $ 907,864 ------------ FREDDIE MAC (IO)--2.0% 5.500% 07/15/16 Aaa/AAA 1,113 50,170 5.500% 05/15/24 Aaa/AAA 1,057 6,993 5.500% 12/15/24 Aaa/AAA 848 7,449 6.841% 02/25/32 (a) Aaa/AAA 6,021 653,842 6.141% 06/15/36 (a) Aaa/AAA 3,089 284,746 6.236% 09/15/36 (a) Aaa/AAA 5,822 560,459 6.306% 11/15/36 (a) Aaa/AAA 5,793 582,953 ------------ 2,146,612 ------------ FREDDIE MAC (PO)--1.8% 4.000% 09/15/35 Aaa/AAA 1,136 998,048 5.896% 09/15/36 Aaa/AAA 994 884,318 ------------ 1,882,366 ------------ NON-AGENCY (IO)--0.8% CWALT Series 2006-43CB IO 6.000% 02/25/37 Aaa/AAA 5,112 825,160 ------------ TOTAL MORTGAGE DERIVATIVES (Cost $19,484,154) 14,257,209 ------------ COLLATERALIZED MORTGAGE OBLIGATIONS--52.4% Banc of America Mortgage Securities, Inc. Series 2005-H (a) 4.802% 09/25/35 Aaa/AAA 2,000 1,106,739 Banc of America Mortgage Securities, Inc. Series 2006-B (a) 6.158% 10/20/46 Aaa/BB 3,560 1,587,638
1 BEAR STEARNS CUFS MLP MORTGAGE PORTFOLIO Portfolio of Investments (Continued) MAY 31, 2009 (UNAUDITED)
MOODY'S / S&P(B) PAR (000'S) FAIR VALUE ---------------- ----------- ------------ COLLATERALIZED MORTGAGE OBLIGATIONS Banc of America Mortgage Securities, Inc. Series 2007-3 6.000% 09/25/37 Aaa/BBB $ 4,318 $ 3,397,958 Citigroup Mortgage Loan Trust, Inc. Series 2007-AR8 (a) 5.913% 07/31/37 Baa3/BB 3,888 2,344,427 Countrywide Asset-Backed Certificates Series 2004-AB2 (a) 0.909% 05/25/36 Baa3/A 500 20,095 Countrywide Home Loan Mortgage Pass-Through Trust Series 2003-3 (a) 0.809% 04/25/18 Aaa/AAA 904 867,646 Countrywide Home Loan Mortgage Pass-Through Trust Series 2007-HY1 (a) 5.679% 04/25/37 Aaa/AAA 2,249 557,370 CWALT Series 2006-43CB 6.000% 02/25/37 Aaa/BBB- 1,134 921,934 CWALT Series 2006-HY13 (a) 5.890% 02/25/37 Aaa/AAA 10,689 2,801,941 CWALT Series 2006-J2 6.000% 04/25/36 Caa1/CCC 6,990 4,429,431 CWALT Series 2007-2CB 5.750% 03/25/37 Ca/AAA 4,742 1,093,940 CWALT Series 2007-J2 6.000% 07/25/37 Caa1/Aaa 1,718 939,228 Fannie Mae REMICS Series 2003-1 5.500% 04/25/28 Aaa/AAA 5,369 5,391,343
MOODY'S / S&P(B) PAR (000'S) FAIR VALUE ---------------- ----------- ------------ COLLATERALIZED MORTGAGE OBLIGATIONS Fannie Mae REMICS Series 2005-25 (a) 0.659% 04/25/35 Aaa/AAA $ 2,048 $ 2,003,442 Fannie Mae REMICS Series 2005-47 5.500% 09/25/24 Aaa/AAA 1,643 1,659,913 Fannie Mae REMICS Series 2005-57 5.500% 05/25/27 Aaa/AAA 872 887,426 Fannie Mae REMICS Series 2006-61 6.000% 10/25/30 Aaa/AAA 3,701 3,779,784 Fannie Mae REMICS Series 2009-40 3.000% 02/25/26 Aaa/AAA 2,050 2,053,811 First Horizon Asset Securities, Inc. Series 2006-AR1 (a) 5.856% 05/25/36 Baa1/AAA 3,508 1,030,855 Freddie Mac REMICS Series 2590 5.000% 04/15/16 Aaa/AAA 3,679 3,718,289 Freddie Mac REMICS Series 2752 (a) 0.694% 12/15/30 Aaa/AAA 836 831,272 Freddie Mac REMICS Series 2995 (a) 0.744% 06/15/35 Aaa/AAA 1,411 1,404,919 JPMorgan Mortgage Trust Series 2005-A4 (a) 5.161% 07/25/35 Aaa/AAA 1,104 941,396 JPMorgan Mortgage Trust Series 2005-A6 (a) 4.974% 08/25/35 Aaa/AAA 739 493,985 Residential Asset Securitiation Trust Series 2007-A5 6.000% 05/25/37 Caa2/B- 1,492 909,339
2 BEAR STEARNS CUFS MLP MORTGAGE PORTFOLIO Portfolio of Investments (Continued) MAY 31, 2009 (UNAUDITED) Residential Funding Mortgage Securities I Series 2006-SA4 (a) 6.116% 11/25/36 B3/A 6,142 3,680,508
MOODY'S / S&P(B) PAR (000'S) FAIR VALUE ---------------- ----------- ------------ COLLATERALIZED MORTGAGE OBLIGATIONS Residential Funding Mortgage Securities I Series 2007-SA2 (a) 5.661% 04/25/37 Ca/B $ 3,922 $ 922,997 Washington Mutual, Inc. Series 2007-HY3 (a) 5.331% 03/25/37 Aaa/B 1,646 184,089 Washington Mutual, Inc. Series 2007-HY4 (a) 5.478% 04/25/37 Aaa/B 3,741 2,212,740 Wells Fargo Mortgage Backed Securities Trust Series 2007-10 6.250% 07/25/37 B1/AAA 3,708 2,832,725 ------------ TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $90,314,173) 55,007,180 ------------ U.S. TREASURY OBLIGATIONS--0.4% U.S. TREASURY NOTE--0.4% U.S. Treasury Notes 1.500% 10/31/10 400 404,750 ------------ 404,750 ------------ TOTAL U.S. TREASURY OBLIGATIONS (Cost $401,984) 404,750 ------------ TOTAL INVESTMENTS--122.3% (COST $168,019,654)** 128,474,082 ------------ LIABILITIES IN EXCESS OF OTHER ASSETS(c)(d)--(22.3)% (23,454,879) ------------ NET ASSETS--100.0% $105,019,203 ============
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) Where S&P rating is not available, Fitch rating is substituted, if available. (c) Liabilities in excess of other assets include interest rate swaps as follows:
NOTIONAL UNREALIZED AMOUNT FIXED APPRECIATION COUNTERPARTY TERMINATION DATE (000) RATE FLOATING RATE (DEPRECIATION) ------------ ---------------- -------- ----- ------------- -------------- Deutsche Bank* 09/17/2013 $20,000 4.52% 3 Month LIBOR $(1,633,740)
* Portfolio pays the fixed rate and receives the floating rate. (d) All or a portion of the security was held as collateral for the following Futures contracts open at May 31, 2009:
UNREALIZED NUMBER OF EXPIRATION VALUE AT VALUE AT APPRECIATION CONTRACTS TYPE MONTH TRADE DATE 05/31/2009 (DEPRECIATION) --------- --------------------------- ---------- ----------- ----------- -------------- LONG POSITIONS: 25 90 Day Euro 03/2010 $ 6,127,580 $ 6,182,188 $54,608 120 U.S. Treasury 10 Year Notes 09/2009 14,025,336 14,040,000 14,664 SHORT POSITIONS: 43 U.S. Treasury 2 Year Notes 09/2009 9,316,771 9,322,938 (6,167) 53 U.S. Treasury 5 Year Notes 09/2009 6,138,797 6,119,844 18,953 ------- $82,058 =======
** 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 $168,019,654 ------------ Gross unrealized appreciation 1,821,789 Gross unrealized depreciation (41,367,361) ------------ Net unrealized depreciation $(39,545,572) ============
For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 3 MARVIN & PALMER LARGE CAP GROWTH FUND PORTFOLIO OF INVESTMENTS MAY 31, 2009 (UNAUDITED)
Shares Value ----------- ------------- DOMESTIC COMMON STOCKS -- 97.5% BANKING -- 0.7% Wells Fargo & Co. 5,000 $ 127,500 ------------- CAPITAL GOODS -- 4.5% Danaher Corp. 5,500 331,925 First Solar, Inc.* 1,000 190,000 Precision Castparts Corp. 3,000 247,710 ------------- 769,635 ------------- CONSUMER SERVICES -- 2.2% Yum! Brands, Inc. 10,900 377,467 ------------- DIVERSIFIED FINANCIALS -- 9.5% CME Group, Inc. 700 225,148 Goldman Sachs Group, Inc., (The) 5,600 809,592 IntercontinentalExchange, Inc.* 1,700 183,243 Morgan Stanley 13,700 415,384 ------------- 1,633,367 ------------- ENERGY -- 11.3% Anadarko Petroleum Corp. 5,300 253,234 National Oilwell Varco, Inc.* 6,600 254,892 Schlumberger Ltd. 5,100 291,873 Transocean Ltd.* 1,800 143,064 Weatherford International Ltd.* 25,300 523,710 XTO Energy, Inc. 11,000 470,470 ------------- 1,937,243 ------------- FOOD & STAPLES RETAILING -- 3.5% CVS Caremark Corp. 8,000 238,400 Wal-Mart Stores, Inc. 7,300 363,102 ------------- 601,502 ------------- FOOD, BEVERAGES & TOBACCO -- 0.8% Coca-Cola Co., (The) 2,900 142,564 ------------- HEALTH CARE EQUIPMENT & SERVICES -- 1.5% Life Technologies Corp.* 3,700 143,486 Medco Health Solutions, Inc.* 2,400 110,136 ------------- 253,622 ------------- INSURANCE -- 1.2% Allstate Corp., (The) 4,100 105,493 Prudential Financial, Inc. 2,500 99,775 ------------- 205,268 ------------- MATERIALS -- 10.5% Freeport-McMoRan Copper & Gold, Inc. 9,400 511,642 Monsanto Co. 7,300 599,695 Mosaic Co., (The) 10,200 557,940 Newmont Mining Corp. 2,700 131,949 ------------- 1,801,226 -------------
Shares Value ----------- ------------- DOMESTIC COMMON STOCKS PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 3.3% Genzyme Corp.* 3,000 $ 177,420 Gilead Sciences, Inc.* 4,140 178,434 Johnson & Johnson 3,700 204,092 ------------- 559,946 ------------- RETAILING -- 14.8% Amazon.com, Inc.* 9,200 717,508 Bed Bath & Beyond, Inc.* 4,000 112,440 Best Buy Co., Inc. 7,300 256,230 Home Depot, Inc. 9,700 224,652 Kohl's Corp.* 12,700 539,369 Lowe's Cos., Inc. 18,900 359,289 Staples, Inc. 8,300 169,735 Target Corp. 4,200 165,060 ------------- 2,544,283 ------------- SEMICONDUCTORS & SEMICONDUCTORS EQUIPMENT -- 6.5% Broadcom Corp., Class A* 20,200 514,696 NVIDIA Corp.* 15,100 157,493 Texas Instruments, Inc. 16,100 312,340 Xilinx, Inc. 6,200 128,588 ------------- 1,113,117 ------------- SOFTWARE & SERVICES -- 8.9% Cognizant Technology Solutions Corp., Class A* 17,900 450,901 Google, Inc., Class A* 1,700 709,291 Visa, Inc., Class A 5,400 365,634 ------------- 1,525,826 ------------- TECHNOLOGY HARDWARE & EQUIPMENT -- 16.4% Apple, Inc.* 3,300 448,173 Cisco Systems, Inc.* 14,900 275,650 Corning, Inc. 20,600 302,820 EMC Corp.* 17,300 203,275 International Business Machines Corp. 1,900 201,932 Juniper Networks, Inc.* 9,300 229,989 NetApp, Inc.* 24,700 481,650 QUALCOMM, Inc. 15,300 666,927 ------------- 2,810,416 ------------- TELECOMMUNICATIONS -- 0.9% Verizon Communications, Inc. 5,300 155,078 ------------- TRANSPORTATION -- 1.0% United Parcel Service, Inc., Class B 3,200 163,648 ------------- TOTAL DOMESTIC COMMON STOCKS (Cost $14,858,331) 16,721,708 -------------
1 MARVIN & PALMER LARGE CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) MAY 31, 2009 (UNAUDITED)
Shares Value ----------- ------------- SHORT-TERM INVESTMENTS -- 2.5% PNC Bank Money Market Account 433,941 $ 433,941 ------------- TOTAL SHORT-TERM INVESTMENTS (Cost $433,941) 433,941 ------------- TOTAL INVESTMENTS -- 100.0% (Cost $15,292,272)** 17,155,649 ASSETS IN EXCESS OF OTHER LIABILITIES -- 0.0% 639 ------------- NET ASSETS -- 100.0% $ 17,156,288 =============
* 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 $ 15,292,911 ------------- Gross unrealized appreciation 2,084,857 Gross unrealized depreciation (221,480) ------------- Net unrealized appreciation $ 1,863,377 =============
For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 2 FREE MARKET FIXED INCOME FUND PORTFOLIO OF INVESTMENTS MAY 31, 2009 (UNAUDITED)
Number of Shares Value ----------- ------------- FIXED INCOME FUNDS -- 99.9% DFA Five-Year Global Fixed Income Portfolio 3,898,249 $ 43,114,629 DFA Five-Year Government Portfolio 2,384,344 25,870,134 DFA Intermediate Government Fixed Income Portfolio 1,420,221 17,340,903 DFA One-Year Fixed Income Series 4,169,748 42,781,615 DFA Two-Year Global Fixed Income Series 4,048,768 43,038,398 ------------- Total Fixed Income Funds (Cost $168,344,924) 172,145,679 ------------- TEMPORARY INVESTMENT -- 0.2% PNC Bank Money Market Account 257,868 257,868 ------------- TOTAL TEMPORARY INVESTMENT (Cost $257,868) 257,868 ------------- TOTAL INVESTMENTS -- 100.1% (Cost $168,602,792)* $ 172,403,547 LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.1)% (108,361) ------------- NET ASSETS -- 100.0% $ 172,295,186 =============
* 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 $ 168,602,792 ------------- Gross unrealized appreciation 4,004,104 Gross unrealized depreciation (203,349) ------------- Net unrealized depreciation $ 3,800,755 =============
For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 1 FREE MARKET INTERNATIONAL EQUITY FUND PORTFOLIO OF INVESTMENTS MAY 31, 2009 (UNAUDITED)
Number of Shares Value ----------- ------------- INTERNATIONAL EQUITY FUNDS -- 100.3% Asia Pacific Small Company Portfolio 271,952 $ 4,277,802 Continental Small Company Portfolio 601,899 7,583,934 DFA International Small Cap Value Portfolio 6,389,095 80,758,161 DFA International Value Portfolio III 4,536,247 60,649,618 Emerging Markets Portfolio 489,136 10,584,894 Emerging Markets Small Cap Portfolio 683,764 9,832,527 Emerging Markets Value Portfolio 405,167 9,817,186 Japanese Small Company Portfolio 310,931 4,116,734 Large Cap International Portfolio 627,141 10,078,153 United Kingdom Small Company Portfolio 238,147 3,960,387 ------------- Total International Equity Funds (Cost $233,724,277) 201,659,396 ------------- SHORT-TERM INVESTMENT -- 0.1% PNC Bank Money Market Account 182,473 182,473 ------------- TOTAL SHORT-TERM INVESTMENT (Cost $182,473) 182,473 ------------- TOTAL INVESTMENTS -- 100.4% (Cost $233,906,750)* $ 201,841,869 LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.4)% (730,076) ------------- NET ASSETS -- 100.0% $ 201,111,793 =============
* 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 $ 233,906,750 ------------- Gross unrealized appreciation 0 Gross unrealized depreciation (32,064,881) ------------- Net unrealized depreciation $ (32,064,881) =============
For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 1 FREE MARKET U.S. EQUITY FUND PORTFOLIO OF INVESTMENTS MAY 31, 2009 (UNAUDITED)
Number of Shares Value ----------- ------------- EQUITY FUNDS -- 100.0% U.S. Large Cap Value Portfolio III 6,756,143 $ 71,209,749 U.S. Large Company Institutional Index Portfolio 4,815,529 34,960,742 U.S. Micro Cap Portfolio 4,200,236 35,491,993 U.S. Small Cap Portfolio 2,749,403 35,439,799 U.S. Small Cap Value Portfolio 3,916,992 59,068,239 ------------- Total Equity Funds (Cost $295,085,030) 236,170,522 ------------- SHORT-TERM INVESTMENT -- 0.1% PNC Bank Money Market Account 160,806 160,806 ------------- TOTAL SHORT-TERM INVESTMENT (Cost $160,806) 160,806 ------------- TOTAL INVESTMENTS -- 100.1% (Cost $295,245,836)* $ 236,331,328 LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.1)% (122,223) ------------- NET ASSETS -- 100.0% $ 236,209,105 =============
* 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 $ 295,245,836 ------------- Gross unrealized appreciation 0 Gross unrealized depreciation (58,914,508) ------------- Net unrealized depreciation $ (58,914,508) =============
For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 1 In September 2006, the Financial Accounting Standards Board issued FAS 157 effective for the fiscal years beginning after November 15, 2007. This standard clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosure about the use of fair value measurements. The Funds have adopted FAS 157 as of September 1, 2008. The three levels of the fair value hierarchy under FAS 157 are described below: - Level 1 - quoted price in active markets for identical securities - Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates , prepayment speeds, credit risk, etc.) - Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investment) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A summary of the inputs used to value the Funds' net assets as of May 31, 2009 is as follows:
LEVEL 1 - LEVEL 2 - LEVEL 3 - FUND QUOTED SIGNIFICANT SIGNIFICANT INVESTMENTS IN SECURITIES MARKET VALUE PRICES OBSERVABLE INPUTS UNOBSERVABLE INPUTS ---------------------------------------------- ------------ ----------------- -------------------- Money Market Portfolio $ -- $523,009,601 $ -- Senbanc Fund 29,544,753 Robeco Boston Partners Small Cap Value Fund II 57,196,985 Robeco Boston Partners Long/Short Equity Fund 39,489,538 Robeco Boston Partners Mid Cap Fund 39,393,580 Robeco Boston Partners All-Cap Fund 47,355,504 (748,812) 305,246 Robeco WPG Small Cap Value Fund 28,984,724 Robeco SAM Sustainable Climate Fund 2,967,290 Robeco SAM Sustainable Water Fund 3,733,053 Schneider Small Cap Value Fund 106,604,676 25,213 Schneider Value Fund 105,057,975 Bogle Small Cap Growth Fund 77,515,775 Bear Stearns CUFS MLP Mortgage Portfolio 128,474,082 Marvin & Palmer Large Cap Growth Fund 17,155,649 Free Market Fixed Income Fund 172,403,547 Free Market International Equity Fund 201,841,869 Free Market US Equity Fund 236,331,328 OTHER FINANCIAL INSTRUMENTS* ---------------------------------------------- Bear Stearns CUFS MLP Mortgage Portfolio $ -- $ (1,551,682) $ --
* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument. The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value: ROBECO BP ALL-CAP FUND Balance as of August 31, 2008 $ 1,661,009 Accrued discounts/premiums 1,495 Realized Gain/(Loss) 28 Change in unrealized appreciation (depreciation) (1,283,175) Net purchases (sales) (409,196) Transfers in and/or out of Level 3 335,085 ----------- Balance as of May 31, 2009 $ 305,246 ===========
In March 2008, FASB released Statement of Financial Accounting Standards No. 161, "Disclosures about Derivative Instruments and Hedging Activities" ("SFAS 161"). SFAS 161 requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements. The application of SFAS 161 is required for fiscal years beginning after November 15, 2008 and interim periods within those fiscal years. At this time, the Adviser is evaluating the implications of SFAS 161 and its impact on the financial statements has not yet been determined. 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/ Salvatore Faia ------------------------------------------------------- Salvatore Faia, President (principal executive officer) Date July 23, 2009 ---------------------------------------------------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Salvatore Faia ------------------------------------------------------- Salvatore Faia, President (principal executive officer) Date July 23, 2009 ---------------------------------------------------------------------------- By (Signature and Title)* /s/ Joel Weiss ------------------------------------------------------- Joel Weiss, Treasurer (principal financial officer) Date July 23, 2009 ---------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature.