-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, H0VhD/fxOFnieVHZZNtFpchJT8Wf+IrLsQ+blGdlop2kHuxT0DpKjxgee3ePB5DB 6yCmFH9Ubs9djGgT98g/0g== 0000950123-10-005198.txt : 20100126 0000950123-10-005198.hdr.sgml : 20100126 20100126134926 ACCESSION NUMBER: 0000950123-10-005198 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20091130 FILED AS OF DATE: 20100126 DATE AS OF CHANGE: 20100126 EFFECTIVENESS DATE: 20100126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RBB FUND INC CENTRAL INDEX KEY: 0000831114 IRS NUMBER: 510312196 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-05518 FILM NUMBER: 10547105 BUSINESS ADDRESS: STREET 1: 400 BELLEVUE PKWY STE 100 CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 3027911700 MAIL ADDRESS: STREET 1: 400 BELLEVUE PKWY STREET 2: SUITE 152 CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: FUND INC /DE/ DATE OF NAME CHANGE: 19600201 0000831114 S000001093 RBB MONEY MARKET PORTFOLIO C000002980 BEDFORD BDMXX C000002981 SANSOM SANXX 0000831114 S000001094 ROBECO BP SMALL CAP VALUE II C000002982 INSTITUTIONAL BPSIX C000002983 INVESTOR BPSCX 0000831114 S000001097 ROBECO WPG SMALL CAP VALUE FUND C000002987 INSTITUTIONAL WPGTX 0000831114 S000001098 SENBANC FUND C000002988 SENBANC FUND SENBX 0000831114 S000001099 SCHNEIDER SMALL CAP VALUE FUND C000002989 SCHNEIDER SMALL CAP VALUE FUND SCMVX 0000831114 S000001100 SCHNEIDER VALUE FUND C000002990 SCHNEIDER VALUE FUND SCMLX 0000831114 S000001101 BOGLE SMALL CAP GROWTH C000002991 INSTITUTIONAL BOGIX C000002992 INVESTOR BOGLX 0000831114 S000001106 ROBECO BP ALL-CAP C000002997 INSTITUTIONAL BPAIX C000002998 INVESTOR BPAVX 0000831114 S000001108 ROBECO BP LONG/SHORT EQUITY C000003001 INSTITUTIONAL BPLSX C000003002 INVESTOR BPLEX 0000831114 S000001109 ROBECO BP MID CAP VALUE FUND C000003003 INSTITUTIONAL BPMIX C000003004 INVESTOR BPMCX 0000831114 S000013665 Bear Stearns CUFS MLP Mortgage Portfolio C000037423 Bear Stearns CUFS MLP Mortgage Portfolio 0000831114 S000015913 Marvin & Palmer Large Cap Growth Fund C000043700 Marvin & Palmer Large Cap Growth Fund MPAUX 0000831114 S000018555 Free Market U.S. Equity Fund C000051460 Institutional Class 0000831114 S000018556 Free Market International Equity Fund C000051461 Institutional Class 0000831114 S000018557 Free Market Fixed Income Fund C000051462 Institutional Class 0000831114 S000019098 SAM Sustainable Water Fund C000052814 INSTITUTIONAL C000052815 INVESTOR 0000831114 S000019099 SAM Sustainable Climate Fund C000052818 INSTITUTIONAL C000052819 INVESTOR 0000831114 S000025304 SAM Sustainable Global Active Fund C000075423 Institutional C000075424 Investor N-Q 1 wrapper.txt TEMPLATE 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: 302-791-2670 Date of fiscal year end: August 31 Date of reporting period: November 30, 2009 Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (Sections 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. Section 3507. ITEM 1. SCHEDULE OF INVESTMENTS. The Schedules of Investments are attached herewith. FREE MARKET FUNDS FREE MARKET U.S. EQUITY FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE --------- ------------ EQUITY FUNDS -- 100.0% U.S. Large Cap Value Portfolio III 8,383,805 $107,145,032 U.S. Large Company Institutional Index Portfolio 6,179,931 53,456,397 U.S. Micro Cap Portfolio 5,458,060 53,161,504 U.S. Small Cap Portfolio 3,478,265 53,113,108 U.S. Small Cap Value Portfolio 4,874,836 88,917,012 ------------ Total Equity Funds (Cost $362,811,369) 355,793,053 ------------ TOTAL INVESTMENTS -- 100.0% (Cost $362,811,369)* 355,793,053 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.0% 126,102 ------------ NET ASSETS -- 100.0% $355,919,155 ============
* 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 $362,811,369 ------------ Gross unrealized appreciation -- Gross unrealized depreciation (7,018,316) ------------ Net unrealized depreciation $ (7,018,316) ============
The following is a summary of the inputs used, as of November 30, 2009, in valuing the Fund's assets carried at value (See Notes to Portfolio of Investments):
Level 2 Level 3 Total Level 1 Significant Significant Value at Quoted Observable Unobservable 11/30/09 Price Input Input ------------ ------------ ----------- ------------ Investments in Securities* $355,793,053 $355,793,053 $-- $-- ============ ============ === ===
* Please refer to the Portfolio of Investments for further details. The accompanying notes are an integral part of the portfolio of investments. 1 FREE MARKET FUNDS FREE MARKET U.S. EQUITY FUND PORTFOLIO HOLDINGS SUMMARY TABLE (UNAUDITED)
% OF NET ASSETS VALUE -------- ------------ Equity Funds 100.0% $355,793,053 Other Assets In Excess Of Liabilities 0.0 126,102 ----- ------------ NET ASSETS 100.0% $355,919,155 ===== ============
- ---------- Portfolio holdings are subject to change at any time. The accompanying notes are an integral part of the portfolio of investments. 2 FREE MARKET FUNDS FREE MARKET INTERNATIONAL EQUITY FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE --------- ------------ INTERNATIONAL EQUITY FUNDS -- 99.9% Asia Pacific Small Company Portfolio 262,912 $ 5,665,757 Continental Small Company Portfolio 686,617 10,621,967 DFA International Small Cap Value Portfolio 7,398,478 110,903,185 DFA International Value Portfolio III 5,247,572 83,226,488 Emerging Markets Portfolio 547,946 14,646,601 Emerging Markets Small Cap Portfolio 739,962 13,674,489 Emerging Markets Value Portfolio 444,615 13,667,472 Japanese Small Company Portfolio 413,688 5,684,071 Large Cap International Portfolio 739,493 13,821,126 United Kingdom Small Company Portfolio 274,173 5,417,666 ------------ Total International Equity Funds (Cost $261,247,974) 277,328,822 ------------ TOTAL INVESTMENTS -- 99.9% (Cost $261,247,974)* 277,328,822 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.1% 177,425 ------------ NET ASSETS -- 100.0% $277,506,247 ============
* 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 $261,247,974 ------------ Gross unrealized appreciation 16,080,848 Gross unrealized depreciation -- ------------ Net unrealized appreciation $ 16,080,848 ============
The following is a summary of the inputs used, as of November 30, 2009, in valuing the Fund's assets carried at value (See Notes to Portfolio of Investments):
Level 2 Level 3 Total Level 1 Significant Significant Value at Quoted Observable Unobservable 11/30/09 Price Input Input ------------ ------------ ----------- ------------ Investments in Securities* $277,328,822 $277,328,822 $-- $-- ============ ============ === ===
* Please refer to the Portfolio of Investments for further details. The accompanying notes are an integral part of the portfolio of investments. 3 FREE MARKET FUNDS FREE MARKET INTERNATIONAL EQUITY FUND PORTFOLIO HOLDINGS SUMMARY TABLE (UNAUDITED)
% OF NET ASSETS VALUE -------- ------------ International Equity Funds 99.9% $277,328,822 Other Assets In Excess Of Liabilities 0.1 177,425 ----- ------------ NET ASSETS 100.0% $277,506,247 ===== ============
- ---------- Portfolio holdings are subject to change at any time. The accompanying notes are an integral part of the portfolio of investments. 4 FREE MARKET FUNDS FREE MARKET FIXED INCOME FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE --------- ------------ FIXED INCOME FUNDS -- 99.9% DFA Five-Year Global Fixed Income Portfolio 6,134,017 $ 69,989,132 DFA Five-Year Government Portfolio 2,644,921 29,199,926 DFA Intermediate Government Fixed Income Portfolio 3,265,363 40,784,384 DFA One-Year Fixed Income Portfolio 6,735,773 69,715,249 DFA Two-Year Global Fixed Income Portfolio 6,789,087 69,995,492 ------------ Total Fixed Income Funds (Cost $273,992,357) 279,684,183 ------------ TOTAL INVESTMENTS -- 99.9% (Cost $273,992,357)* 279,684,183 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.1% 180,261 ------------ NET ASSETS -- 100.0% $279,864,444 ============
* 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 $273,992,357 ------------ Gross unrealized appreciation 5,691,826 Gross unrealized depreciation -- ------------ Net unrealized appreciation $ 5,691,826 ============
The following is a summary of the inputs used, as of November 30, 2009, in valuing the Fund's assets carried at value (See Notes to Portfolio of Investments):
Level 2 Level 3 Total Level 1 Significant Significant Value at Quoted Observable Unobservable 11/30/09 Price Input Input ------------ ------------ ----------- ------------ Investments in Securities* $279,684,183 $279,684,183 $-- $-- ============ ============ === ===
* Please refer to the Portfolio of Investments for further details. The accompanying notes are an integral part of the portfolio of investments. 5 FREE MARKET FUNDS FREE MARKET FIXED INCOME FUND PORTFOLIO HOLDINGS SUMMARY TABLE (UNAUDITED)
% OF NET ASSETS VALUE -------- ------------ Fixed Income Funds 99.9% $279,684,183 Other Assets In Excess Of Liabilities 0.1 180,261 ----- ------------ NET ASSETS 100.0% $279,864,444 ===== ============
- ---------- Portfolio holdings are subject to change at any time. The accompanying notes are an integral part of the portfolio of investments. 6 FREE MARKET FUNDS NOTES TO PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2009 (UNAUDITED) SECURITY VALUATION - Investments in the underlying funds are valued at each fund's net asset value determined as of the close of business on the New York Stock Exchange (generally 4:00 p.m. Eastern time). As required, some securities and assets may be valued at fair value as determined in good faith by the Company's Board of Directors. Direct investments in fixed income securities having a remaining maturity of 60 days or less are valued at amortized cost, which approximates market value. FAIR VALUE MEASUREMENTS - The inputs and valuation techniques used to measure fair value of the Funds' investments are summarized into three levels as described in the hierarchy below: - Level 1 - unadjusted quoted prices in active markets for identical assets or liabilities - 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 investments) The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A summary of inputs used to value the Funds' net assets as of November 30, 2009 is included with each Fund's Portfolio of Investments. For more information with regard to significant accounting policies, see the most recent annual report filed with the Securities and Exchange Commission. 7 BEAR STEARNS CUFS(R) MLP MORTGAGE PORTFOLIO Portfolio of Investments NOVEMBER 30, 2009 (UNAUDITED)
MOODY'S / PAR MARKET S&P(b) (000'S) VALUE ---------- ---------- ---------------- GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES--59.0% FEDERAL HOME LOAN MORTGAGE CORPORATION--21.3% 5.000% 05/01/18 Aaa/AAA $ 1,361 $ 1,462,034 5.000% 09/01/19 Aaa/AAA 2,014 2,154,556 5.000% 09/01/20 Aaa/AAA 2,800 2,992,129 4.500% 11/01/20 Aaa/AAA 1,199 1,268,889 4.500% 12/01/21 Aaa/AAA 1,778 1,880,364 5.900% 08/01/36 (a) Aaa/AAA 4,629 4,879,352 5.966% 09/01/36 (a) Aaa/AAA 3,062 3,250,788 5.857% 11/01/36 (a) Aaa/AAA 2,670 2,820,522 5.808% 08/01/37 (a) Aaa/AAA 4,158 4,410,835 --------------- 25,119,469 --------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION--37.7% 5.000% 06/01/18 Aaa/AAA 2,217 2,358,457 5.000% 02/01/19 Aaa/AAA 2,130 2,265,610 5.000% 07/01/19 Aaa/AAA 1,642 1,757,111 5.000% 04/01/21 Aaa/AAA 2,107 2,249,175 4.500% 01/15/33 TBA Aaa/AAA 1,600 1,636,750 4.500% 12/01/33 TBA Aaa/AAA 20,700 21,246,604 3.206% 12/01/34 (a) Aaa/AAA 3,980 4,095,804 6.026% 10/01/36 (a) Aaa/AAA 2,458 2,604,350 6.089% 10/01/36 (a) Aaa/AAA 1,380 1,463,601 5.500% 12/01/36 Aaa/AAA 394 419,927 5.866% 12/01/36 (a) Aaa/AAA 1,844 1,955,234 5.512% 09/01/37 (a) Aaa/AAA 2,161 2,288,245 --------------- 44,340,868 --------------- TOTAL GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $67,475,326) 69,460,337 --------------- MORTGAGE DERIVATIVES--14.2% FANNIE MAE (IO)--9.7% 4.500% 12/01/18 Aaa/AAA 5,811 546,688 4.500% 01/01/19 Aaa/AAA 5,763 537,686 4.500% 03/01/20 Aaa/AAA 2,071 183,791 4.500% 03/01/20 Aaa/AAA 2,156 201,260 5.500% 05/25/23 Aaa/AAA 1,634 219,029 5.500% 12/25/24 Aaa/AAA 5,989 628,637 5.500% 07/25/28 Aaa/AAA 10,108 218,399 5.500% 10/25/31 Aaa/AAA 14,217 1,500,760
MOODY'S / PAR MARKET S&P(b) (000'S) VALUE ---------- ---------- ---------------- MORTGAGE DERIVATIVES--(CONTINUED) FANNIE MAE (IO)--(CONTINUED) 7.614% 04/25/32 (a) Aaa/AAA $ 2,851 $ 448,119 6.814% 09/25/32 (a) Aaa/AAA 4,612 301,096 5.000% 10/01/33 Aaa/AAA 8,156 1,434,389 5.000% 12/01/33 (a) Aaa/AAA 1,540 181,572 5.000% 12/01/33 Aaa/AAA 2,577 385,360 5.000% 08/01/34 Aaa/AAA 2,683 520,320 5.500% 04/01/36 Aaa/AAA 6,101 814,202 5.500% 04/01/36 Aaa/AAA 9,788 1,310,770 7.064% 08/25/36 (a) Aaa/AAA 5,313 661,051 5.000% 10/01/36 Aaa/AAA 6,901 1,277,228 --------------- 11,370,357 --------------- FANNIE MAE (PO)--0.7% 5.500% 06/25/36 Aaa/AAA 927 804,125 --------------- FREDDIE MAC (IO)--1.6% 5.500% 07/15/16 Aaa/AAA 1,049 53,108 6.914% 02/25/32 (a) Aaa/AAA 4,937 477,775 6.246% 06/15/36 (a) Aaa/AAA 2,804 317,946 6.341% 09/15/36 (a) Aaa/AAA 5,217 485,268 6.411% 11/15/36 (a) Aaa/AAA 5,299 560,965 --------------- 1,895,062 --------------- FREDDIE MAC (PO)--1.4% 4.000% 09/15/35 Aaa/AAA 982 874,946 5.896% 09/15/36 Aaa/AAA 845 807,843 --------------- 1,682,789 --------------- NON-AGENCY (IO)--0.8% CWALT Series 2006- 43CB 6.000% 02/25/37 Cc/CCC 5,112 913,318 --------------- TOTAL MORTGAGE DERIVATIVES (Cost $18,920,696) 16,665,651 --------------- COLLATERALIZED MORTGAGE OBLIGATIONS--41.0% Banc of America Mortgage Securities, Inc. Series 2005-H (a) 4.801% 09/25/35 Bbb/A 2,000 1,452,130
The accompanying notes are an integral part of the portfolio of investments. 1 BEAR STEARNS CUFS(R) MLP MORTGAGE PORTFOLIO Portfolio of Investments (continued) NOVEMBER 30, 2009 (UNAUDITED)
MOODY'S / PAR MARKET S&P(b) (000'S) VALUE ---------- ---------- ---------------- COLLATERALIZED MORTGAGE OBLIGATIONS--(CONTINUED) Banc of America Mortgage Securities, Inc. Series 2006-B (a) 4.210% 10/20/46 Cc/CCC $ 3,306 $ 2,181,179 Banc of America Mortgage Securities, Inc. Series 2007-3 6.000% 09/25/37 Ccc/CCC 4,048 3,468,932 Citigroup Mortgage Loan Trust, Inc. Series 2007-AR8(a) 5.891% 07/25/37 Caa2/BB 3,636 2,449,767 Countrywide Asset- Backed Certificates Series 2004-AB2(a) 0.836% 05/25/36 Baa3/B- 500 60,804 Countrywide Home Loan Mortgage Pass-Through Trust Series 2003-3(a) 0.736% 04/25/18 Aaa/AAA 575 557,767 Countrywide Home Loan Mortgage Pass-Through Trust Series 2007-HY1(a) 5.657% 04/25/37 C/CCC 2,090 420,176 CWALT Series 2006-43CB 6.000% 02/25/37 C/CCC 952 777,707 CWALT Series 2006-HY13(a) 5.088% 02/25/37 C/CCC 10,060 2,537,455 CWALT Series 2006-J2 6.000% 04/25/36 Caa1/CCC 6,231 5,220,432
MOODY'S / PAR MARKET S&P(b) (000'S) VALUE ---------- ---------- ---------------- COLLATERALIZED MORTGAGE OBLIGATIONS--(CONTINUED) CWALT Series 2007-2CB 5.750% 03/25/37 Ca/CCC $ 4,332 $ 1,029,240 CWALT Series 2007-J2 6.000% 07/25/37 Caa1/C 1,618 1,087,028 Fannie Mae REMICS Series 2005-25(a) 0.586% 04/25/35 Aaa/AAA 1,927 1,894,102 Fannie Mae REMICS Series 2005-47 5.500% 09/25/24 Aaa/AAA 217 216,691 Fannie Mae REMICS Series 2005-57 5.500% 05/25/27 Aaa/AAA 524 531,340 Fannie Mae REMICS Series 2006-61 6.000% 10/25/30 Aaa/AAA 2,928 3,002,679 Fannie Mae REMICS Series 2009-40 3.000% 02/25/26 Aaa/AAA 947 947,422 Fannie Mae REMICS Series 2009-68 5.000% 11/25/24 Aaa/AAA 3,602 3,658,608 First Horizon Asset Securities, Inc. Series 2006-AR1(a) 5.839% 05/25/36 B/B- 3,259 999,003 Freddie Mac REMICS Series 2590 5.000% 04/15/16 Aaa/AAA 1,182 1,187,684 Freddie Mac REMICS Series 2752(a) 0.589% 12/15/30 Aaa/AAA 669 664,898 Freddie Mac REMICS Series 2995(a) 0.639% 06/15/35 Aaa/AAA 892 880,820
The accompanying notes are an integral part of the portfolio of investments. 2 BEAR STEARNS CUFS(R) MLP MORTGAGE PORTFOLIO Portfolio of Investments (continued) NOVEMBER 30, 2009 (UNAUDITED)
MOODY'S / PAR MARKET S&P(b) (000'S) VALUE ---------- ---------- ---------------- COLLATERALIZED MORTGAGE OBLIGATIONS--(CONTINUED) Government National Mortgage Association REMICS Series 2008-72 5.250% 12/20/32 Aaa/AAA $ 641 $ 642,249 JPMorgan Mortgage Trust Series 2005-A4(a) 5.165% 07/25/35 Baa1/AAA 934 843,654 JPMorgan Mortgage Trust Series 2005-A6(a) 4.969% 08/25/35 Aa/AA+ 655 556,154 Residential Asset Securitiation Trust Series 2007-A5 6.000% 05/25/37 Caa2/CCC 1,352 1,041,728 Residential Funding Mortgage Securities I Series 2006-SA4(a) 6.089% 11/25/36 B3/CCC 5,583 4,045,730 Residential Funding Mortgage Securities I Series 2007-SA2(a) 5.653% 04/25/37 Ca/CCC 3,495 499,326 Washington Mutual, Inc. Series 2007-HY3(a) 5.318% 03/25/37 Cc/CCC 1,644 152,877 Washington Mutual, Inc. Series 2007-HY4(a) 5.452% 04/25/37 Cc/CCC 3,502 2,271,540
MOODY'S / PAR MARKET S&P(b) (000'S) VALUE ---------- ---------- ---------------- COLLATERALIZED MORTGAGE OBLIGATIONS--(CONTINUED) Wells Fargo Mortgage Backed Securities Trust Series 2007-10 6.250% 07/25/37 B1/CCC $ 3,267 $ 2,981,198 --------------- TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $76,532,974) 48,260,320 --------------- U.S. TREASURY OBLIGATIONS--0.3% U.S. TREASURY NOTE--0.3% U.S. Treasury Notes(c) 1.500% 10/31/10 Aaa/AAA 400 404,516 --------------- TOTAL U.S. TREASURY OBLIGATIONS (Cost $401,284) 404,516 --------------- TOTAL INVESTMENTS--114.5% (COST $163,330,280)** 134,790,824 --------------- LIABILITIES IN EXCESS OF OTHER ASSETS--(14.5)% (17,035,634) --------------- NET ASSETS--100.0% $ 117,755,190 ===============
CWALT Countrywide Alternative Loan Trust IO Interest Only PO Principal Only TBA To Be Announced (a) Adjustable rate security. Interest rate varies due to interest rate fluctuations, or, in the case of certain asset-backed securities, interest payment shortfalls. (b) Where Moody's or S&P rating is not available, Fitch rating is substituted, if available. The accompanying notes are an integral part of the portfolio of investments. 3 BEAR STEARNS CUFS(R) MLP MORTGAGE PORTFOLIO Portfolio of Investments (continued) NOVEMBER 30, 2009 (UNAUDITED) (c) All or a portion of the security held as collateral for the following Futures contracts open at November 30, 2009:
NUMBER VALUE VALUE UNREALIZED OF EXPIRATION AT TRADE AT APPRECIATION/ CONTRACTS TYPE MONTH DATE 11/30/2009 (DEPRECIIATION) - ---------------- ------------- ---------- ----------- ----------- --------------- Long Positions: 151 U.S. Treasury 10 Year Note 03/2010 $17,875,775 $18,110,563 $234,788 Short Positions: 81 U.S. Treasury 2 Year Note 03/2010 17,598,617 17,649,141 (50,524) 36 U.S. Treasury 5 Year Note 03/2010 4,179,555 4,221,562 (42,007) -------- $142,257 ========
(d) Liabilities in excess of other assets include interest rate swaps as follows:
NOTIONAL VALUE TERMINATION AMOUNT FLOATING AT UNREALIZED COUNTERPARTY DATE (000) FIXED RATE RATE 11/30/2009 (DEPRECIATION) - ------------ ----------- -------- ---------- ------------- ------------ -------------- Deutsche Bank* 09/17/2013 $20,000 4.520% 3 MONTH LIBOR $(2,110,295) $(2,110,295) =========== ===========
* Portfolio pays the fixed rate and receives the floating rate. ** 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 $ 163,330,280 ------------- Gross unrealized appreciation 3,546,860 Gross unrealized depreciation (32,086,316) ------------- Net unrealized depreciation $ (28,539,456) =============
The following is a summary of the inputs used, as of November 30, 2009, in valuing the Portfolio's investments carried at market value (See Notes to Portfolio of Investments):
LEVEL 2 LEVEL 3 TOTAL MARKET LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE NOVEMBER 30, 2009 PRICE INPUTS INPUTS ----------------- -------- ------------ ------------ GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES $ 69,460,337 $ -- $ 69,460,337 $-- MORTGAGE DERIVATIVES 16,665,651 -- 16,665,651 -- COLLATERALIZED MORTGAGE OBLIGATIONS 48,260,320 -- 48,260,320 -- U.S. TREASURY OBLIGATIONS 404,516 -- 404,516 -- INVESTMENTS IN OTHER FINANCIAL INSTRUMENTS* 234,788 234,788 -- -- ------------ -------- ------------ --- TOTAL ASSETS $135,025,612 $234,788 $134,790,824 $-- ============ ======== ============ ===
The accompanying notes are an integral part of the portfolio of investments. 4 BEAR STEARNS CUFS(R) MLP MORTGAGE PORTFOLIO Portfolio of Investments (concluded) NOVEMBER 30, 2009 (UNAUDITED)
LEVEL 2 LEVEL 3 TOTAL MARKET LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE NOVEMBER 30, 2009 PRICE INPUTS INPUTS ----------------- -------- ----------- ------------ INVESTMENTS IN OTHER FINANCIAL INSTRUMENTS* $(2,202,826) $(92,531) $(2,110,295) $ ----------- -------- ----------- --- TOTAL LIABILITIES $(2,202,826) $(92,531) $(2,110,295) $-- =========== ======== =========== ===
* Other financial instruments include open futures contracts and swap contracts. The accompanying notes are an integral part of the portfolio of investments. 5 BEAR STEARNS CUFS(R) MLP MORTGAGE PORTFOLIO Notes to Portfolio of Investments NOVEMBER 30, 2009 (UNAUDITED) PORTFOLIO VALUATION -- The Portfolio's net asset value ("NAV") is calculated once daily at the close of regular trading hours on the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. These fixed income securities are valued by pricing services approved by the Board of Directors based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may materially vary from the actual amounts realized upon sale of the securities, and the potential material variation may be greater for those securities valued using fundamental analysis. Fixed income securities having a remaining maturity of 60 days or less are valued at amortized cost, which approximates market value. Investments in other open-end investment companies, if held, are valued based on the NAV of the investment companies (which may use fair value pricing as discussed in their prospectuses). If price quotes are unavailable or deemed unreliable, securities will be fair valued in accordance with procedures adopted by the Company's Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. FAIR VALUE MEASUREMENTS -- The inputs and valuation techniques used to measure fair value of the Portfolio's investments are summarized into three levels as described in the hierarchy below: - Level 1 -- quoted prices 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 investments) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A summary of the inputs used to value the Portfolio's investments as of November 30, 2009 is included with the Portfolio of Investments. TBAS COMMITMENTS -- The Portfolio may purchase securities on a to-be-announced ("TBA") basis, with payment and delivery scheduled for a future date. These transactions are subject to market fluctuations and are subject to the risk that their value at delivery may be more or less than the trade date purchase price. Although the Portfolio may purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Portfolio may dispose of when-issued securities or forward commitments prior to settlement if the Adviser deems it appropriate. MORTGAGE DOLLAR ROLLS - During the period ended August 31, 2009, the Portfolio entered into dollar roll transactions, pursuant to which it sells a mortgage-backed TBA or security and simultaneously purchase a similar, but not identical, TBA with the same issuer, rate and terms. The Portfolio may execute a "roll" to obtain better underlying mortgage securities or to increase yield. The Portfolio accounts for dollar roll transactions as purchases and sales, which has the effect of increasing it's portfolio turnover rates. Risks associated with dollar rolls are that actual mortgages received by the Portfolio may be less favorable than those anticipated or that counterparties may fail to perform under the terms of the contracts. 6 BEAR STEARNS CUFS(R) MLP MORTGAGE PORTFOLIO (CONCLUDED) Notes to Portfolio of Investments NOVEMBER 30, 2009 (UNAUDITED) FINANCIAL FUTURES CONTRACTS -- The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. The Portfolio may enter into futures contracts to hedge against changes in interest rates and securities prices, or to otherwise manage its term structure, sector selections and duration. Upon entering into a futures contract, the Portfolio is required to deposit with the broker an amount of cash or cash equivalents equal to a certain percentage of the contract amount. This is known as the "initial margin." Subsequent payments ("variation margin") are made or received by the Portfolio each day, depending on the daily fluctuation of the value of the contract. The daily changes in the contract are recorded as unrealized gain or loss. The Portfolio recognizes a realized gain or loss when the contract is closed. The risks associated with entering into financial futures contracts include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. In addition, investing in financial futures contracts involves the risk that the Fund could lose more than the original margin deposit and subsequent payments required for a futures transaction. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. For open futures contracts, see the Portfolio of Investments, which is also indicative of activity for the period ended November 30, 2009. SWAP AGREEMENTS -- The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. The Portfolio may invest in swap agreements for the purpose of hedging against changes in interest rates. Swap agreements involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest with respect to a notional amount of principal. Swaps are marked to market daily based upon quotations from independent market makers and the change, if any, is recorded as unrealized gain or loss in the statement of operations. Net payments of interest are recorded as realized gain or loss. The Portfolio is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Portfolio such as swap contracts, option contracts, and TBA securities. The Portfolio is party to various derivative contracts governed by International Swaps and Derivatives Association Master Agreements (ISDA agreements). The Portfolio's ISDA agreements, which are separately negotiated with each dealer counterparty, typically contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Portfolio in the event the Portfolio's net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. Such rights often include the ability to terminate (i.e., close out) open contracts at prices which may favor the counterparty, which could have an adverse impact on the Portfolio. For open swap contracts, see the Portfolio of Investments, which is also indicative of activity for the year ended November 30, 2009. For more information with regard to significant accounting policies, see the most recent annual report filed with the Securities and Exchange Commission. 7 THE RBB FUND, INC. MONEY MARKET PORTFOLIO SCHEDULE OF INVESTMENTS NOVEMBER 30, 2009 (UNAUDITED)
PAR (000) VALUE ------- ------------ CERTIFICATES OF DEPOSIT--40.7% DOMESTIC CERTIFICATES OF DEPOSIT--1.8% State Street Bank & Trust Co. 0.210%, 01/06/10 $ 5,000 $ 5,000,000 0.210%, 01/25/10 5,000 5,000,000 ------------ 10,000,000 ------------ YANKEE DOLLAR CERTIFICATES OF DEPOSIT--38.9% Abbey National Treasury Service, Connecticut (b) 0.530%, 07/20/10 3,555 3,555,000 0.258%, 11/17/10 5,000 5,000,000 Banco Bilbao Vizcaya Argentaria S.A., New York 0.525%, 12/30/09 2,000 2,000,008 0.320%, 03/31/10 5,000 5,000,083 Bank of Montreal, Chicago 0.220%, 01/08/10 6,000 6,000,000 Bank of Nova Scotia, Houston 0.210%, 01/14/10 4,000 4,000,000 0.310%, 05/04/10 5,500 5,500,000 Bank of Tokyo-Mitsubishi UFJ, Ltd., New York 0.250%, 01/26/10 3,000 3,000,000 Barclays Bank PLC, New York 0.650%, 02/26/10 5,000 5,000,000 0.575%, 03/15/10 3,000 3,000,000 0.500%, 04/20/10 3,000 3,000,000 BNP Paribas SA, New York 0.470%, 01/08/10 5,000 5,000,000 0.450%, 01/19/10 6,000 6,000,000 0.220%, 02/23/10 5,000 5,000,000 0.320%, 04/28/10 8,000 8,000,000 Credit Industriel Et Commercial, London 0.380%, 02/26/10 5,000 5,000,119 Dexia Credit Local, GTD, New York (b)(d) 0.534%, 01/19/10 6,000 6,000,000 DnB NOR BANK ASA, New York 0.670%, 12/10/09 3,000 3,000,000 0.500%, 01/07/10 7,000 7,000,000 0.460%, 01/08/10 6,000 6,000,000 KBC Bank NV, New York 0.510%, 01/27/10 4,000 4,000,000
PAR (000) VALUE ------- ------------ CERTIFICATES OF DEPOSIT--(CONTINUED) YANKEE DOLLAR CERTIFICATES OF DEPOSIT--(CONTINUED) Lloyds TSB Bank PLC, New York 0.200%, 12/10/09 $10,000 $ 10,000,000 0.220%, 01/11/10 6,000 6,000,000 Rabobank Nederland NV, New York 0.400%, 02/05/10 5,000 5,000,000 0.279%, 05/04/10(b) 5,000 5,000,000 Royal Bank of Scotland, Connecticut 0.350%, 12/04/09 7,000 7,000,000 0.320%, 12/21/09 5,000 5,000,000 0.300%, 12/30/09 7,000 7,000,000 0.518%, 05/18/10(b) 6,000 6,000,000 Societe Generale, New York 0.520%, 01/08/10 5,000 5,000,000 0.440%, 01/11/10 4,000 4,000,000 0.240%, 02/10/10 8,000 8,000,000 0.264%, 06/07/10(b) 5,000 5,000,000 Svenska Handelsbanken, New York 0.570%, 12/14/09 4,000 4,000,014 0.310%, 04/23/10 3,000 3,000,119 Toronto Dominion Bank, New York 0.242%, 11/05/10 (b) 4,500 4,500,000 UBS AG, Stamford 0.360%, 01/06/10 5,000 5,000,000 0.345%, 01/15/10 2,000 2,000,000 0.250%, 02/12/10 3,000 3,000,000 0.270%, 03/15/10 5,000 5,000,000 Unicredito Italiano, New York 0.450%, 01/29/10 3,500 3,500,000 0.350%, 02/22/10 7,000 7,000,000 Westpac Banking Corp., New York 0.400%, 01/28/10 5,000 5,000,000 0.287%, 10/19/10(b) 3,220 3,220,000 0.297%, 10/21/10(b) 3,700 3,700,000 ------------ 221,975,343 ------------ TOTAL CERTIFICATES OF DEPOSIT (Cost $231,975,343) 231,975,343 ------------ COMMERCIAL PAPER--31.0% ASSET BACKED--23.0% Antalis US Funding Corp. 0.260%, 01/13/10 5,000 4,998,447
The accompanying notes are an integral part of the schedule of investments. 1 THE RBB FUND, INC. MONEY MARKET PORTFOLIO SCHEDULE OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2009 (UNAUDITED)
PAR (000) VALUE ------- ------------ COMMERCIAL PAPER--(CONTINUED) ASSET BACKED--(CONTINUED) 0.240%, 01/25/10 $ 5,000 $ 4,998,167 Atlantis One Funding Corp. 0.260%, 12/07/09 10,000 9,999,567 0.230%, 02/01/10 10,000 9,996,039 0.250%, 02/26/10 5,000 4,996,979 Barton Capital Corp. 0.230%, 01/11/10 5,000 4,998,690 Cancara Asset Securitisation LLC 0.270%, 02/17/10 10,000 9,994,150 Clipper Receivables Co. LLC 0.250%, 02/04/10 10,000 9,995,486 Mont Blanc Capital Corp. 0.260%, 12/08/09 6,000 5,999,697 0.270%, 12/14/09 7,000 6,999,318 Nieuw Amsterdam Receivables Corp. 0.280%, 01/08/10 3,000 2,999,113 Romulus Funding Corp. 0.350%, 01/08/10 10,000 9,996,306 Scaldis Capital LLC 0.290%, 01/15/10 5,000 4,998,188 Solitaire Funding LLC 0.270%, 12/10/09 7,000 6,999,528 0.300%, 02/16/10 7,000 6,995,508 0.260%, 02/26/10 7,000 6,995,602 Straight-A Funding LLC 0.200%, 02/01/10 7,000 6,997,589 Surrey Funding Corp. 0.220%, 01/15/10 2,500 2,499,313 Sydney Capital Corp. 0.600%, 12/16/09 1,965 1,964,509 Tempo Finance Corp. 0.280%, 01/04/10 8,000 7,997,884 ------------ 131,420,080 ------------ BANKS--7.1% ASB Finance Ltd., London 0.258%, 05/18/10 (b) 16,000 16,000,742 Banco Bilbao Vizcaya Argentina S.A., London 0.351%, 04/30/10 3,000 2,995,625
PAR (000) VALUE ------- ------------ COMMERCIAL PAPER--(CONTINUED) BANKS--(CONTINUED) BPCE SA 0.270%, 01/11/10 $ 3,000 $ 2,999,077 Dexia Delaware LLC 0.210%, 12/02/09 5,500 5,499,968 ING US Funding LLC 0.220%, 02/08/10 4,000 3,998,313 Societe Generale North America, Inc. 0.420%, 01/27/10 4,000 3,997,340 Westpac Trust Securities New Zealand LTD 0.362%, 11/05/10 4,950 4,950,000 ------------ 40,441,065 ------------ MANUFACTURING--0.9% General Electric Co. 0.160%, 12/16/09 5,000 4,999,667 ------------ TOTAL COMMERCIAL PAPER (Cost $176,860,812) 176,860,812 ------------ MUNICIPAL BONDS--4.1% Massachusetts Bay Transportation Authority, General Transportation System, RB (b)(d) 0.280%, 12/02/09 4,000 4,000,000 Metropolitan Water District, Southern California Waterworks Revenue, Series C, RB (b)(d) 0.250%, 12/03/09 3,000 3,000,000 North Carolina Housing Finance Agency, Home Ownership, Series 15, Class C, RB (b)(d) 0.300%, 12/02/09 12,300 12,300,000 Texas State, Veterans Housing Assessment Project, Series A-2, GO (b)(d) 0.270%, 12/02/09 3,900 3,900,000 ------------ TOTAL MUNICIPAL BONDS (Cost $23,200,000) 23,200,000 ------------
The accompanying notes are an integral part of the schedule of investments. 2 THE RBB FUND, INC. MONEY MARKET PORTFOLIO SCHEDULE OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2009 (UNAUDITED)
PAR (000) VALUE ------- ------------ VARIABLE RATE OBLIGATIONS--3.8% BANKS--1.9% Commonwealth Bank of Australia, MTN (b)(c) 0.301%, 11/22/10 $ 3,000 $ 3,000,000 HSBC Bank Middle East Ltd. (b) 0.883%, 04/22/10 3,000 3,000,000 Rabobank Nederland NV 0.284%, 01/07/10 (b)(c)(d) 4,900 4,900,000 ------------ 10,900,000 ------------ COSMETICS-TOILETRY--1.9% Procter & Gamble International Funding SCA (b) 0.285%, 05/07/10 11,000 11,000,000 ------------ TOTAL VARIABLE RATE OBLIGATIONS (Cost $21,900,000) 21,900,000 ------------ AGENCY OBLIGATIONS--9.9% Federal Home Loan Bank 0.300%, 01/20/10 2,000 1,999,167 0.680%, 02/05/10(b) 2,385 2,385,000 0.765%, 02/26/10(b) 2,385 2,385,000 0.134%, 07/09/10(b) 4,265 4,264,484 0.234%, 10/08/10(b) 3,100 3,099,205 Federal Home Loan Mortgage Corp. 0.510%, 07/06/10 4,800 4,785,244 0.184%, 07/14/10(b) 2,500 2,499,462 0.242%, 08/24/10(b) 1,895 1,895,059 0.314%, 09/03/10(b) 2,865 2,864,566 0.309%, 02/14/11(b) 12,825 12,822,566 0.350%, 04/01/11(b) 5,000 5,006,724 0.158%, 05/05/11(b) 10,000 9,995,700 Federal National Mortgage Assoc. (b) 0.228%, 08/05/10 2,300 2,299,433 ------------ TOTAL AGENCY OBLIGATIONS (Cost $56,301,610) 56,301,610 ------------ U.S. TREASURY OBLIGATIONS--7.0% U.S. Treasury Bills 0.230%, 06/10/10 3,000 2,996,339 0.250%, 06/17/10 5,000 4,993,125 0.315%, 07/15/10 4,000 3,992,090 0.310%, 07/15/10 12,000 11,976,647
PAR (000) VALUE ------- ------------ U.S. TREASURY OBLIGATIONS--(CONTINUED) 0.385%, 07/15/10 $11,900 $ 11,871,238 0.470%, 07/29/10 1,000 996,867 0.315%, 08/26/10 2,900 2,893,199 ------------ TOTAL U.S. TREASURY OBLIGATIONS (Cost $39,719,505) 39,719,505 ------------ MASTER NOTE--0.7% Bank of America Securities LLC (b)(d) 0.290%, 12/01/09 4,000 4,000,000 ------------ TOTAL MASTER NOTE (Cost $4,000,000) 4,000,000 ------------ REPURCHASE AGREEMENT--3.3% Deutsche Bank Securities Inc. (Tri-Party Agreement dated 11/30/09 to be repurchased at $19,098,085, collateralized by $39,706,401 par value, U.S. Treasury STRIPS, 0.00%, due 05/15/26, Fair Value of the collateral is $19,479,960) 0.160%, 12/01/09 19,098 19,098,000 ------------ TOTAL REPURCHASE AGREEMENT (Cost $19,098,000) 19,098,000 ------------ TOTAL INVESTMENTS AT VALUE--100.5% (Cost $573,055,270)* 573,055,270 ------------ LIABILITIES IN EXCESS OF OTHER ASSETS--(0.5)% (2,903,701) ------------ NET ASSETS (APPLICABLE TO 540,331,297 BEDFORD SHARES AND 29,797,239 SANSOM STREET SHARES)--100.0% $570,151,569 ============
* 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. At November 30, 2009, these securities amounted to $7,900,000 or 1.4% of net assets. These securities have been determined by the Adviser to be liquid securities. (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. (e) Discount Note. Rate disclosed represents the yield at the time of purchase. The accompanying notes are an integral part of the schedule of investments. 3 THE RBB FUND, INC. MONEY MARKET PORTFOLIO SCHEDULE OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2009 (UNAUDITED) The following is a summary of the inputs used, as of November 30, 2009, in valuing the Portfolio's investments carried at value (See Notes to Schedule of Investments):
Total Level 2 Level 3 Value at Level 1 Significant Significant November 30, Quoted Observable Unobservable 2009 Price Inputs Inputs ------------ ------- ------------ ------------ Investments in Securities* $573,055,270 $-- $573,055,270 $-- ============ === ============ ===
* Please refer to the Schedule of Investments for industry and security type breakouts. The accompanying notes are an integral part of the schedule of investments. 4 THE RBB FUND, INC. MONEY MARKET PORTFOLIO NOTES TO SCHEDULE OF INVESTMENTS NOVEMBER 30, 2009 (UNAUDITED) SECURITY VALUATION -- Securities held in the Portfolio are valued under the amortized cost method, which approximates fair value. Under this method, securities are valued at cost when purchased and thereafter a constant accretion of discount or amortization of premium is recorded until maturity of the security. Regular review and monitoring of the valuation is performed to ensure that cost continues to approximate fair value and to avoid dilution or other unfair results to shareholders. The Portfolio seeks to maintain net asset value per share at $1.00. FAIR VALUE MEASUREMENT -- The inputs and valuation techniques used to measure fair value of the Portfolio's investments are summarized into three levels as described in the hierarchy below: - - Level 1 -- quoted prices 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 Portfolio's own assumptions in determining the fair value of investments) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A summary of the inputs used to value the Portfolio's investments as of November 30, 2009 is included with the Portfolio's Schedule of Investments. For more information with regard to significant accounting policies, see the most recent annual report filed with the Securities and Exchange Commission. 5 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE --------- ------------ COMMON STOCKS--100.3% BASIC INDUSTRY--3.7% Aurizon Mines Ltd. * 121,400 $ 600,930 H.B. Fuller Co. 32,000 651,520 NewMarket Corp. 7,000 733,040 Schulman (A.), Inc. 16,300 266,016 Stillwater Mining Co. * 91,900 874,888 ------------ 3,126,394 ------------ CONSUMER CYCLICAL--14.8% American Greetings Corp., Class A 31,800 658,260 ATC Technology Corp. * 34,800 766,296 Carter's, Inc. * 30,400 661,200 Cooper Tire & Rubber Co. 20,700 370,944 G & K Services, Inc., Class A 15,400 340,340 Griffon Corp. * 45,200 470,080 Pantry, Inc., (The) * 40,200 594,156 Pinnacle Airlines Corp. * 92,900 561,116 RC2 Corp. * 50,800 695,960 Scholastic Corp. 30,500 768,905 Smith & Wesson Holding Corp. * 79,300 391,742 Standard Motor Products, Inc. 71,400 641,886 Sturm Ruger & Co., Inc. 40,200 432,552 Tam SA, SP ADR 47,600 834,428 Tenneco, Inc. * 43,600 628,712 THQ Inc. * 132,500 649,250 Ticketmaster Entertainment, Inc. * 16,200 170,586 TRW Automotive Holdings Corp. * 42,200 918,272 Ulta Salon, Cosmetics & Fragrance, Inc. * 42,300 694,989 United Stationers, Inc. * 12,800 652,032 Valassis Communications, Inc. * 36,000 533,880 ------------ 12,435,586 ------------ CONSUMER GROWTH--25.5% American Medical Systems Holdings, Inc. * 32,500 571,025 AMN Healthcare Services, Inc. * 81,700 652,783 BioScrip, Inc. * 111,415 837,841 Cantel Medical Corp. * 38,700 692,730 Cardtronics, Inc. * 56,200 621,010 Catalyst Health Solutions, Inc. * 3,800 129,238 Corinthian Colleges, Inc. * 46,300 686,166 Cott Corp. * 93,100 789,488 Coventry Health Care, Inc. * 34,500 777,975
NUMBER OF SHARES VALUE --------- ------------ CONSUMER GROWTH--(CONTINUED) Cubist Pharmaceuticals, Inc. * 35,700 $ 595,476 Emergency Medical Services Corp., Class A * 11,000 530,750 Emergent Biosolutions, Inc. * 20,700 297,252 Exelixis, Inc. * 97,500 666,900 Given Imaging Ltd. 40,500 693,360 HEALTHSOUTH Corp. * 37,300 654,242 Hi-Tech Pharmacal Co., Inc. * 40,400 757,500 ICON PLC- SP ADR * 11,100 251,970 Kendle International Inc. * 38,700 579,339 King Pharmaceuticals, Inc. * 55,300 654,199 Lincoln Educational Services Corp. * 31,500 696,780 MDS, Inc. * 79,700 599,344 Medicines Co., (The) * 35,000 274,400 Medicis Pharmaceutical Corp., Class A 23,300 549,647 Medifast, Inc. * 32,700 882,246 Nu Skin Enterprises, Inc., Class A 25,700 688,246 Odyssey Healthcare, Inc. * 40,100 582,653 Orthofix International, N.V. * 21,900 662,475 Par Pharmaceutical Cos., Inc. * 39,200 929,824 Prestige Brands Holdings Inc. * 92,200 642,634 Providence Service Corp. * 50,000 699,000 RehabCare Group, Inc. * 28,800 811,296 SXC Health Solutions Corp. * 18,800 952,972 Symmetry Medical Inc. * 11,000 88,220 Tyson Foods, Inc., Class A 29,700 356,994 WellCare Health Plans, Inc. * 15,900 524,541 ------------ 21,380,516 ------------ ENERGY--2.1% Dresser-Rand Group, Inc. * 14,400 404,352 Geokinetics, Inc. * 43,900 450,414 Rosetta Resources, Inc. * 55,600 875,700 ------------ 1,730,466 ------------ FINANCIAL--19.9% Allied World Assurance Co. Holdings Ltd. 12,200 583,038 American Financial Group, Inc. 29,800 722,948 Arch Capital Group Ltd. * 11,200 782,208 Argo Group International Holdings Ltd. 12,400 361,708
1 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE --------- ------------ FINANCIAL--(CONTINUED) Artio Global Investors, Inc. * 18,400 $ 421,360 Bancolumbia SA, SP ADR 18,900 810,810 BGC Partners, Inc. 151,600 641,268 Calamos Asset Management, Inc., Class A 61,600 647,416 Center Financial Corp. 151,000 685,540 CNinsure, Inc., ADR 35,000 735,350 Coinstar, Inc. * 20,600 551,874 Delphi Financial Group, Inc., Class A 25,000 546,500 FBL Financial Group, Inc., Class A 38,900 685,807 FBR Capital Markets Corp. * 92,700 581,229 GFI Group, Inc. 75,900 368,874 Lender Processing Services, Inc. 18,400 768,752 Max Capital Group Ltd. 29,700 647,163 Nara Bancorp, Inc. 85,600 865,416 National Financial Partners Corp. * 55,400 484,196 Nelnet, Inc., Class A 59,300 1,030,041 Piper Jaffray Cos., Inc. * 2,900 125,715 Pzena Investment Management, Inc., Class A * 27,500 196,075 Raymond James Financial, Inc. 8,500 206,465 Rodman & Renshaw Capital Group, Inc. * 170,900 550,298 Safety Insurance Group, Inc. 9,100 324,142 Transatlantic Holdings, Inc. 14,200 767,368 United Western Bancorp, Inc. 168,900 515,145 Unitrin, Inc. 41,300 921,403 Validus Holdings Ltd. 6,700 177,550 ------------ 16,705,659 ------------ INDUSTRIAL--11.1% Aircastle Ltd. 77,900 690,194 AMERCO * 2,200 112,772 Dycom Industries, Inc. * 63,300 493,107 DynCorp International, Inc., Class A * 41,700 582,966 IESI-BFC Ltd. 54,900 777,384 Ingram Micro, Inc., Class A * 33,400 567,466 Manpower, Inc. 6,900 339,894 Mueller Industries, Inc. 27,900 655,929 Navistar International Corp. * 17,400 574,374
NUMBER OF SHARES VALUE --------- ------------ INDUSTRIAL--(CONTINUED) Powell Industries, Inc. * 19,200 $ 673,920 R.R. Donnelley & Sons Co. 37,100 763,518 Tech Data Corp. * 18,700 787,457 TeleTech Holdings, Inc. * 39,700 765,813 Tredegar Corp. 52,000 749,320 UniFirst Corp. 18,600 817,470 ------------ 9,351,584 ------------ TECHNOLOGY--21.8% 3Com Corp. * 145,500 1,072,335 ACI Worldwide, Inc. * 34,800 573,504 Alvarion Ltd. * 51,250 198,338 Art Technology Group, Inc. * 120,300 486,012 Bottomline Technologies, Inc. * 55,900 899,431 Checkpoint Systems, Inc. * 36,200 513,316 Cirrus Logic, Inc. * 118,000 640,740 Conexant Systems, Inc. * 117,800 268,584 Cray, Inc. * 31,000 216,690 EchoStar Corp., Class A * 30,200 586,786 Harris Stratex Networks, Inc., Class A * 100,700 632,396 Himax Technologies, Inc. ADR 72,000 187,920 Insight Enterprises, Inc. * 14,400 146,160 Integrated Device Technology, Inc. * 90,600 512,796 Jabil Circuit, Inc. 55,700 741,367 JDA Software Group, Inc. * 5,300 124,444 JDS Uniphase Corp. * 92,000 679,880 LaserCard Corp. * 65,700 352,809 Manhattan Associates, Inc. * 25,400 598,424 ManTech International Corp., Class A * 7,700 333,256 NETGEAR, Inc. * 12,600 250,110 Newport Corp. * 37,800 276,318 Oplink Communications, Inc. * 34,700 598,228 Quidel Corp. * 55,600 698,892 RADVision Ltd. * 90,300 559,860 RealNetworks, Inc. * 151,100 494,097 RightNow Technologies, Inc. * 17,300 244,622 S1 Corp. * 84,800 505,408 Sanmina-SCI Corp. * 71,700 579,336 Sierra Wireless, Inc. * 48,500 438,440
2 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE --------- ------------ TECHNOLOGY--(CONTINUED) SonicWALL, Inc. * 76,800 $ 598,272 Telvent GIT, SA 21,800 696,292 TIBCO Software, Inc. * 52,600 452,360 TNS, Inc. * 14,600 365,730 USA Mobility, Inc. 27,300 272,454 VeriFone Holdings, Inc. * 47,700 632,502 Vishay Intertechnology, Inc. * 88,100 638,725 Zoran Corp. * 27,100 247,694 ------------ 18,314,528 ------------ UTILITY--1.4% IPCS, Inc. * 8,900 213,689 Net Servicos de Comunicacao SA - ADR 20,800 297,648 NV Energy, Inc. 59,600 693,743 ------------ 1,205,080 ------------ TOTAL COMMON STOCKS (Cost $76,571,076) 84,249,813 ------------ SHORT-TERM INVESTMENTS--0.2% Columbia Prime Reserves Fund 167,927 167,927 ------------ TOTAL SHORT-TERM INVESTMENTS (Cost $167,927) 167,927 ------------ TOTAL INVESTMENTS--100.5% (Cost $76,739,003)** 84,417,740 ------------ LIABILITIES IN EXCESS OF OTHER ASSETS--(0.5)% (407,442) ------------ NET ASSETS--100.0% $ 84,010,298 ============
* 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 $ 76,739,003 ------------ Gross unrealized appreciation 13,292,861 Gross unrealized depreciation (5,614,124) ------------ Net unrealized appreciation $ 7,678,737 ============
ADR -- American Depositary Receipt. SP ADR -- Sponsored American Depositary Receipt. 3 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND Portfolio of Investments (Concluded) NOVEMBER 30, 2009 (UNAUDITED) The following is a summary of inputs used, as of November 30, 2009, in valuing the Fund's investments carried at market value (see Notes to Portfolio of Investments):
LEVEL 2 LEVEL 3 TOTAL MARKET LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE NOVEMBER 30, 2009 PRICE INPUTS INPUTS ----------------- ----------- ----------- ------------ Investments in Securities* $84,417,740 $84,417,740 $-- $-- =========== =========== === ===
* See Portfolio of Investments detail for security type and sector classifcation breakout. The accompanying notes are an integral part of the portfolio of investments 4 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND NOTES TO PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2009 (UNAUDITED) PORTFOLIO VALUATION -- The Fund's net asset value ("NAV") is calculated once daily at the close of regular trading hours on the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System ("NASDAQ") market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are amortized to maturity based on their cost. Investments in other open-end investment companies are valued based on the NAV of those investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. FAIR VALUE MESAUREMENTS - THE inputs and valuations techniques used to measure fair value of the Funds' investments are summarized into three levels as described in the hierarchy below: - - Level 1 -- unadjusted quoted prices in active markets for identical assets or liabilities - - 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 investments.) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A summary of the inputs used to value the Fund's investments as of November 30, 2009 is included with the Fund's Portfolio of Investments. For more information with regard to accounting policies, see the most recent annual report filed with the Securities and Exchange Commission. 5 MARVIN & PALMER LARGE CAP GROWTH FUND PORTFOLIO OF INVESMENTS NOVEMBER 30, 2009 (UNAUDITED)
Shares Value ------- ----------- DOMESTIC COMMON STOCKS -- 95.5% BANKING -- 1.3% Wells Fargo & Co. 9,500 $ 266,380 ----------- CAPITAL GOODS -- 5.6% Caterpillar, Inc. 4,100 239,399 Cummins, Inc. 6,300 282,870 McDermott International, Inc.* 5,200 108,888 Precision Castparts Corp. 3,200 331,776 United Technologies Corp. 3,200 215,168 ----------- 1,178,101 ----------- CONSUMER DURABLES & APPAREL -- 2.2% NIKE, Inc., Class B 3,700 240,093 VF Corp. 3,100 225,432 ----------- 465,525 ----------- CONSUMER SERVICES -- 1.9% Carnival Corp.* 6,700 214,601 Las Vegas Sands Corp.* 11,600 177,712 ----------- 392,313 ----------- DIVERSIFIED FINANCIALS -- 5.3% Goldman Sachs Group, Inc., (The) 4,700 797,402 Morgan Stanley 10,000 315,800 ----------- 1,113,202 ----------- ENERGY -- 5.5% National Oilwell Varco, Inc. 4,400 189,288 Schlumberger Ltd. 9,000 575,010 Transocean Ltd.* 2,100 179,319 Ultra Petroleum Corp.* 2,700 126,873 Weatherford International Ltd.* 5,200 86,840 ----------- 1,157,330 ----------- FOOD & STAPLES RETAILING -- 0.8% Walgreen Co. 4,200 163,338 ----------- FOOD, BEVERAGES & TOBACCO -- 2.3% Coca-Cola Co., (The) 3,300 188,760 Coca-Cola Enterprises, Inc. 8,400 165,060 PepsiCo, Inc. 1,900 118,218 ----------- 472,038 ----------- HEALTH CARE EQUIPMENT & SERVICES -- 2.9% Cerner Corp.* 1,300 97,877 Medco Health Solutions, Inc.* 5,400 341,064 WellPoint, Inc.* 3,300 178,299 ----------- 617,240 ----------- HOUSEHOLD PRODUCTS -- 2.1% Colgate-Palmolive Co. 5,200 437,788 -----------
Shares Value ------- ----------- MATERIALS -- 3.6% Freeport-McMoRan Copper & Gold, Inc. 6,400 $ 529,920 Newmont Mining Corp. 2,100 112,644 Owens-Illinois, Inc.* 3,900 121,953 ----------- 764,517 ----------- PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 5.0% Celgene Corp.* 2,900 160,805 Gilead Sciences, Inc.* 8,040 370,242 Life Technologies Corp.* 7,500 373,350 Warner Chilcott PLC, Class A* 6,200 152,396 ----------- 1,056,793 ----------- RETAILING -- 7.6% Amazon.com, Inc.* 4,500 611,595 Kohl's Corp.* 6,900 366,666 Priceline.com, Inc.* 2,000 428,240 Target Corp. 4,200 195,552 ----------- 1,602,053 ----------- SEMICONDUCTORS & SEMICONDUCTORS EQUIPMENT -- 3.7% Broadcom Corp., Class A* 6,000 175,200 Micron Technology, Inc.* 47,700 358,704 Texas Instruments, Inc. 9,700 245,313 ----------- 779,217 ----------- SOFTWARE & SERVICES -- 18.2% Adobe Systems, Inc.* 8,100 284,148 Cognizant Technology Solutions Corp., Class A* 20,700 909,351 Google, Inc., Class A* 1,670 973,610 Microsoft Corp. 5,400 158,814 Red Hat, Inc.* 9,700 258,990 Salesforce.com, Inc.* 8,800 551,584 Visa, Inc., Class A 3,000 243,000 VMware, Inc., Class A* 6,900 289,662 Yahoo!, Inc.* 11,100 166,167 ----------- 3,835,326 ----------- TECHNOLOGY HARDWARE & EQUIPMENT -- 20.8% Apple, Inc.* 4,600 919,586 Cisco Systems, Inc.* 25,100 587,340 EMC Corp.* 29,000 488,070 Juniper Networks, Inc.* 18,100 472,953 Motorola, Inc. 72,000 576,720 NetApp, Inc.* 19,900 613,318 QUALCOMM, Inc. 4,100 184,500 Seagate Technology 35,600 538,628 ----------- 4,381,115 -----------
The accompanying notes are an integral part of the portfolio of investments. 1 MARVIN & PALMER LARGE CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2009 (UNAUDITED)
Shares Value ------- ----------- TRANSPORTATION -- 6.7% CSX Corp. 17,100 $ 811,908 Union Pacific Corp. 9,400 594,644 ----------- 1,406,552 ----------- TOTAL DOMESTIC COMMON STOCKS (Cost $16,241,725) 20,088,828 ----------- TOTAL INVESTMENTS -- 95.5% (Cost $16,241,725)** 20,088,828 ----------- OTHER ASSETS IN EXCESS OF LIABILITIES -- 4.5% 949,617 ----------- NET ASSETS -- 100.0% $21,038,445 ===========
* 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 $16,241,725 ----------- Gross unrealized appreciation 3,963,387 Gross unrealized depreciation (116,284) ----------- Net unrealized appreciation $ 3,847,103 ===========
The accompanying notes are an integral part of the portfolio of investments. 2 MARVIN & PALMER LARGE CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2009 (UNAUDITED) The following is a summary of the inputs used, as of November 30, 2009, in valuing the Fund's investments carried at market value (See Notes to Portfolio of Investments):
Total Level 2 Level 3 Value at Level 1 Significant Significant November 30, Quoted Observable Unobservable 2009 Price Inputs Inputs ------------ ----------- ----------- ------------ Investments in Securities* $20,088,828 $20,088,828 $-- $-- =========== =========== === ===
* Please refer to the Portfolio of Investments for industry and security type breakouts. The accompanying notes are an integral part of the portfolio of investments. 3 MARVIN & PALMER LARGE CAP GROWTH FUND NOTES TO PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2009 (UNAUDITED) PORTFOLIO VALUATION -- The Fund's net asset value ("NAV") is calculated once daily at the close of regular trading hours on the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System ("NASDAQ") market system where they are primarily traded. Equity securities traded in the over-thecounter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are amortized to maturity based on their cost. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other openend investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company's Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. FAIR VALUE MEASUREMENTS -- The inputs and valuation techniques used to measure fair value of the Fund's investments are summarized into three levels as described in the hierarchy below: - Level 1 -- quoted prices 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 investments) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A summary of the inputs used to value the Fund's investments as of November 30, 2009 is included with the Fund's Portfolio of Investments. For more information with regard to significant accounting policies, see the most recent annual report filed with the Securities and Exchange Commission. 4 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2009 (unaudited) ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II PORTFOLIO OF INVESTMENTS
Number of Shares Value --------------- --------------- COMMON STOCK--98.3% BASIC INDUSTRIES--2.4% Rock-Tenn Co., Class A 4,450 $ 201,007 Schweitzer-Mauduit International, Inc. 10,940 673,466 Sensient Technologies Corp. 11,600 293,944 USEC, Inc.* 121,005 442,878 --------------- 1,611,295 --------------- CAPITAL GOODS--8.7% Actuant Corp., Class A 8,860 144,684 Acuity Brands, Inc. 14,215 458,860 Beacon Roofing Supply, Inc.* 35,875 551,399 Brady Corp., Class A 8,428 250,143 Drew Industries, Inc.* 16,725 323,629 Gardner Denver, Inc. 9,370 350,719 Granite Construction, Inc. 5,710 171,129 Griffon Corp.* 47,075 489,580 Lennox International, Inc. 5,255 195,066 Lincoln Electric Holdings, Inc. 4,765 244,826 LSI Industries, Inc. 16,140 116,854 Mueller Industries, Inc. 8,420 197,954 Mueller Water Products, Inc., Class A 73,560 370,742 Olin Corp. 13,160 220,693 RBC Bearings, Inc.* 6,050 140,118 Rofin-Sinar Technologies, Inc.* 4,965 113,103 RTI International Metals, Inc.* 32,935 652,442 Toro Co. 7,660 305,174 Tutor Perini Corp* 9,570 159,053 WESCO International, Inc.* 15,500 404,550 --------------- 5,860,718 --------------- COMMUNICATIONS--0.5% EarthLink, Inc. 38,515 316,978 --------------- CONSUMER DURABLES--1.4% Tempur-Pedic International, Inc.* 44,675 962,746 --------------- CONSUMER NON-DURABLES--9.5% Alliance One International, Inc.* 65,265 311,314 Bowne & Co., Inc. 125,320 759,439 Brown Shoe Co., Inc. 30,002 307,821 Callaway Golf Co. 64,245 460,637
Number of Shares Value --------------- --------------- CONSUMER NON-DURABLES--(CONTINUED) Dole Food Co., Inc.* 71,920 $ 826,361 Fresh Del Monte Produce, Inc.* 18,770 407,872 Matthews International Corp., Class A 8,015 277,640 Nu Skin Enterprises, Inc., Class A 28,495 763,096 RC2 Corp.* 35,010 479,637 Skechers U.S.A., Inc., Class A* 29,045 641,314 Steven Madden Ltd.* 8,250 294,360 Take-Two Interactive Software, Inc.* 15,250 171,563 Universal Corp. 10,970 470,723 Warnaco Group, Inc., (The)* 4,500 183,195 --------------- 6,354,972 --------------- CONSUMER SERVICES--23.4% ABM Industries, Inc. 16,260 299,672 Arbitron Inc. 17,065 367,409 Asbury Automative Group, Inc.* 40,045 426,880 Asset Acceptance Capital Corp.* 20,645 120,567 BJ's Wholesale Club, Inc.* 14,245 494,444 Charming Shoppes, Inc.* 107,370 517,523 Corporate Executive Board Co., (The) 16,215 339,866 Dress Barn, Inc. (The)* 31,695 680,492 Ennis, Inc. 16,105 233,361 Finish Line, Inc., (The), Class A 74,165 656,360 Franklin Covey Co.* 30,550 164,664 G&K Services, Inc., Class A 13,597 300,494 Group 1 Automotive, Inc. 13,525 341,371 Gymboree Corp. (The)* 5,450 217,564 Heidrick & Struggles International, Inc. 29,290 827,443 Hillenbrand, Inc. 35,390 647,637 InfoGROUP, Inc.* 37,030 299,943 International Speedway Corp., Class A 19,023 513,050 Jackson Hewitt Tax Service, Inc. 39,680 164,275 Knoll, Inc. 44,993 437,332 Live Nation, Inc.* 125,760 900,442 MAXIMUS, Inc. 15,840 736,402 Men's Wearhouse, Inc., (The) 19,140 390,456 Monster Worldwide, Inc.* 27,435 400,825
The accompanying notes are an integral part of the portfolio of investments. 1 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2009 (unaudited) ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II (continued) PORTFOLIO OF INVESTMENTS
Number of Shares Value --------------- --------------- CONSUMER SERVICES--(CONTINUED) MPS Group, Inc.* 27,520 $ 375,648 Navigant Consulting, Inc.* 33,440 443,080 Regis Corp. 29,930 468,704 Rent-A-Center, Inc.* 23,420 414,300 School Specialty, Inc.* 6,710 152,988 Service Corp. International 165,180 1,275,190 Spherion Corp.* 83,050 434,352 Steiner Leisure Ltd.* 5,955 235,520 Steinway Musical Instruments* 7,775 111,183 Watson Wyatt Worldwide, Inc., Class A 12,650 522,951 World Fuel Services Corp. 15,771 838,702 --------------- 15,751,090 --------------- ENERGY--2.7% Approach Resources, Inc.* 20,840 145,880 Bristow Group, Inc.* 30,460 1,045,387 Helix Energy Solutions Group, Inc.* 24,915 293,000 Petroleum Development Corp.* 5,520 99,194 Rosetta Resources, Inc.* 13,660 215,145 --------------- 1,798,606 --------------- FINANCE--20.3% AMERISAFE, Inc.* 13,930 235,278 Apollo Investment Corp. 42,865 412,361 Ares Capital Corp. 41,515 482,404 Centerstate Banks, Inc. 26,330 217,223 CNA Surety Corp.* 10,800 145,260 Cowen Group, Inc., Class A* 20,695 136,380 Cypress Sharpridge Investments, Inc. 43,665 572,011 East West Bancorp, Inc. 62,870 917,273 FBR Capital Markets Corp.* 92,135 577,686 Fifth Street Finance Corp. 47,765 466,664 First Citizens Bancshares, Inc. 2,525 397,561 First Financial Bancorp 22,810 303,145 Flagstone Reinsurance Holdings Ltd. 17,890 193,391 Gladstone Capital Corp. 11,810 92,236 Heritage Financial Corp. 5,650 71,981 Horace Mann Educators Corp. 19,270 231,625 Infinity Property & Casualty Corp. 8,425 336,663
Number of Shares Value --------------- --------------- FINANCE--(CONTINUED) JMP Group, Inc. 50,700 $ 456,300 Maiden Holdings Ltd. 75,550 569,647 Max Capital Group Ltd. 55,770 1,215,228 Nara Bancorp, Inc. 114,655 1,159,162 Navigators Group, Inc., (The)* 6,715 312,986 Nelnet, Inc., Class A 54,566 947,811 PHH Corp.* 40,440 558,881 Platinum Underwriters Holdings Ltd. 29,455 1,039,467 ProAssurance Corp.* 3,170 168,803 Safety Insurance Group, Inc. 7,620 271,424 SeaBright Insurance Holdings, Inc.* 13,695 150,645 State Auto Financial Corp. 9,675 157,025 SVB Financial Group* 8,145 308,370 TradeStation Group, Inc.* 42,655 313,941 United America Indemnity Ltd., Class A* 21,477 147,762 United Rentals, Inc.* 10,035 92,523 --------------- 13,659,117 --------------- HEALTH CARE--12.8% Addus HomeCare Corp.* 38,225 315,356 Amedisys, Inc.* 7,720 285,949 AmSurg Corp.* 15,935 330,014 Centene Corp.* 13,605 256,046 Conmed Corp.* 18,970 394,386 Haemonetics Corp.* 5,365 286,384 Hanger Orthopedic Group, Inc.* 22,940 306,020 Home Diagnostics, Inc.* 36,330 209,624 Invacare Corp. 11,295 281,246 Kindred Healthcare, Inc.* 33,485 497,587 LHC Group, Inc.* 13,010 400,318 LifePoint Hospitals, Inc.* 17,645 512,234 Lincare Holdings, Inc.* 9,720 345,254 Medical Action Industries, Inc.* 15,350 195,866 Odyssey HealthCare, Inc.* 30,370 441,276 PharMerica Corp.* 14,890 224,095 RehabCare Group, Inc.* 21,925 617,627 Res-Care, Inc.* 9,505 121,949 Select Medical Holdings Corp.* 67,385 609,834 Symmetry Medical, Inc.* 90,040 722,121
The accompanying notes are an integral part of the portfolio of investments. 2 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2009 (unaudited) ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II (continued) PORTFOLIO OF INVESTMENTS
Number of Shares Value --------------- --------------- HEALTH CARE--(CONTINUED) U.S. Physical Therapy, Inc.* 57,854 $ 845,247 Zoll Medical Corp.* 14,790 363,982 --------------- 8,562,415 --------------- REAL ESTATE INVESTMENT TRUSTS--6.6% Anworth Mortgage Asset Corp. 159,087 1,145,426 Capstead Mortgage Corp. 23,480 335,294 Colony Financial, Inc.* 16,840 317,097 Gladstone Commercial Corp. 13,620 182,917 Hatteras Financial Corp. 8,800 269,280 Jones Lang LaSalle, Inc. 13,575 690,560 MFA Financial, Inc. 129,790 982,510 Redwood Trust, Inc. 34,955 502,303 --------------- 4,425,387 --------------- TECHNOLOGY--7.0% Bel Fuse, Inc., Class B 12,050 214,972 Belden, Inc. 30,440 673,333 CIBER, Inc.* 66,035 209,331 Coherent, Inc.* 5,500 139,810 Electronics For Imaging, Inc.* 21,385 256,834 EnerSys* 39,215 892,533 Gilat Satellite Networks Ltd.* 26,410 115,676 Heartland Payment Systems, Inc. 44,730 478,164 Imation Corp. 23,105 202,631 Insight Enterprises, Inc.* 14,755 149,763 Ness Technologies, Inc.* 27,710 140,213 NETGEAR, Inc.* 21,810 432,929 PAR Technology Corp.* 29,620 160,244 Technitrol, Inc. 27,300 138,138 Verigy Ltd.* 16,815 174,876 Zoran Corp.* 34,485 315,193 --------------- 4,694,640 --------------- TRANSPORTATION--2.1% Arkansas Best Corp. 14,285 351,697 Pacer International, Inc. 38,150 108,346 UTI Worldwide, Inc. 74,105 968,552 --------------- 1,428,595 --------------- UTILITIES--0.9% PNM Resources, Inc. 53,655 597,717 --------------- TOTAL COMMON STOCK (Cost $62,203,605) 66,024,276 --------------- TOTAL INVESTMENTS--98.3% (Cost $62,203,605)** $ 66,024,276 --------------- OTHER ASSETS IN EXCESS OF LIABILITIES--1.7% 1,173,426 --------------- NET ASSETS--100.0% $ 67,197,702 ===============
* -- 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 $62,203,605 ----------- Gross unrealized appreciation 11,719,162 Gross unrealized depreciation (7,898,491) ----------- Net unrealized appreciation $ 3,820,671 ===========
The accompanying notes are an integral part of the portfolio of investments. 3 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2009 (unaudited) ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II (concluded) PORTFOLIO OF INVESTMENTS A summary of the inputs used to value the Fund's investments as of November 30, 2009 is as follows (see notes to portfolio of invesments):
LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 11/30/09 PRICE INPUTS INPUTS ----------- ----------- ----------- ------------ Common Stock * $66,024,276 $66,024,276 $-- $-- ----------- ----------- --- --- Total Assets $66,024,276 $66,024,276 $-- $-- =========== =========== === ===
* see portfolio of investments detail for industry breakout. The accompanying notes are an integral part of the portfolio of investments. 4 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2009 (unaudited) ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND PORTFOLIO OF INVESTMENTS
Number of Shares Value --------------- --------------- LONG POSITIONS--97.4% DOMESTIC COMMON STOCK--92.8% BASIC INDUSTRIES--2.2% Cytec Industries, Inc. + 32,125 $ 1,091,607 Haynes International, Inc. +* 33,325 893,110 Material Sciences Corp.* 49,582 89,248 Thompson Creek Metals Co., Inc.* 107,185 1,284,076 --------------- 3,358,041 --------------- CAPITAL GOODS--5.7% Ducommun, Inc. + 92,075 1,717,199 Griffon Corp. +* 152,621 1,587,258 Hubbell, Inc., Class B + 34,948 1,586,989 Innovative Solutions and Support, Inc.* 198,285 830,814 Key Technology, Inc.* 21,257 233,189 Mohawk Industries, Inc. +* 20,950 860,626 MTS Medication Technologies, Inc. +* 149,390 851,523 Thermadyne Holdings Corp. +* 135,625 854,438 --------------- 8,522,036 --------------- COMMUNICATIONS--2.5% Check Point Software Technologies Ltd. +* 27,815 878,676 Clarus Corp.* 169,083 776,091 PRIMEDIA, Inc. 193,582 607,847 RRSat Global Communications Network Ltd. 58,125 665,531 Web.com Group, Inc.* 145,125 863,494 --------------- 3,791,639 --------------- CONSUMER DURABLES--3.1% D.R. Horton, Inc. + 90,185 927,102 Gentex Corp. + 42,250 702,195 Hooker Furniture Corp. 31,816 388,155 Magna International, Inc., Class A + 12,660 612,491 Pulte Homes, Inc. + 97,220 888,591 Stanley Furniture Co., Inc. 37,827 281,055 Thor Industries, Inc. + 26,570 755,917 --------------- 4,555,506 ---------------
Number of Shares Value --------------- --------------- CONSUMER NON-DURABLES--7.8% Brunswick Corp. 56,465 $ 566,909 Coach, Inc. + 21,643 752,094 Coca-Cola Femsa S.A. de C.V. - Sponsored ADR + 18,315 1,046,336 Lorillard, Inc. + 34,200 2,664,522 Matthews International Corp., Class A + 28,490 986,894 Overhill Farms, Inc.* 164,750 948,960 Polo Ralph Lauren Corp. + 13,755 1,057,072 Steven Madden Ltd. +* 27,295 973,886 Tupperware Brands Corp. + 21,065 980,576 VF Corp. + 22,325 1,623,474 --------------- 11,600,723 --------------- CONSUMER SERVICES--17.5% AFC Enterprises, Inc. +* 245,821 1,924,778 BCB Holdings Ltd.* 53,148 102,310 Bebe Stores, Inc. 61,925 334,395 Career Education Corp.* 60,405 1,572,342 Casual Male Retail Group, Inc.* 412,750 1,077,277 Century Casinos, Inc.* 692,751 1,745,733 Cornell Cos., Inc. +* 27,525 604,449 CRA International, Inc.* 31,560 784,897 Deluxe Corp. + 102,145 1,317,670 Dress Barn, Inc. (The) +* 42,455 911,509 eBay, Inc. +* 34,835 852,412 Family Dollar Stores, Inc. + 42,215 1,287,980 Famous Dave's of America, Inc. +* 119,381 697,185 Finish Line, Inc., (The), Class A + 65,640 580,914 Foot Locker, Inc. + 61,520 583,825 GameStop Corp., Class A* 28,615 698,492 Genesco, Inc. +* 42,890 1,121,145 Global Traffic Network, Inc.* 80,950 344,038 H&R Block, Inc. + 49,302 1,000,831 Hackett Group, Inc. (The)* 426,494 1,134,474 Harte-Hanks, Inc. + 50,140 481,845 Heidrick & Struggles International, Inc. + 33,920 958,240 Ross Stores, Inc. + 19,451 855,455 Schawk, Inc. 184,380 2,079,806 Steiner Leisure Ltd. +* 28,660 1,133,503
The accompanying notes are an integral part of the portfolio of investments. 5 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2009 (unaudited) ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued) PORTFOLIO OF INVESTMENTS
Number of Shares Value --------------- --------------- CONSUMER SERVICES--(CONTINUED) Systemax, Inc.* 127,240 $ 1,959,496 --------------- 26,145,001 --------------- ENERGY--1.6% Approach Resources, Inc. +* 177,439 1,242,073 Devon Energy Corp. + 17,970 1,210,279 --------------- 2,452,352 --------------- FINANCE--18.8% ACE Ltd. + 28,660 1,396,029 Berkshire Hathaway, Inc., Class B* 292 979,076 Capital One Financial Corp. + 31,050 1,191,078 FBR Capital Markets Corp.* 215,335 1,350,150 Fidelity National Financial, Inc., Class A + 87,080 1,209,541 First American Corp. + 45,760 1,451,507 Goldman Sachs Group, Inc., (The) + 6,728 1,141,472 Investors Title Co. + 5,869 173,135 JPMorgan Chase & Co. + 76,226 3,238,843 KKR Financial Holdings LLC + 149,535 828,424 Loews Corp. + 40,770 1,444,073 Maiden Holdings Ltd. + 437,687 3,300,160 Morgan Stanley + 25,298 798,911 NBH Holdings Corp., Class A, 144A ++* 79,735 1,656,096 SLM Corp.* 128,430 1,408,877 State Street Corp. + 34,515 1,425,470 TradeStation Group, Inc. +* 99,405 731,621 Travelers Companies, Inc., (The) + 24,215 1,268,624 Validus Holdings, Ltd. + 46,242 1,225,413 WESCO Financial Corp. + 1,535 523,435 White Mountains Insurance Group Ltd. + 4,240 1,381,519 --------------- 28,123,454 --------------- HEALTH CARE--15.0% Alpha PRO Tech Ltd.* 636,050 3,167,529 AmSurg Corp.* 43,675 904,509 Anika Therapeutics, Inc.* 153,225 1,227,332 Baxter International, Inc. 21,210 1,157,005
Number of Shares Value --------------- --------------- HEALTH CARE--(CONTINUED) BioClinica, Inc.* 230,720 $ 897,501 BioCryst Pharmaceuticals 41,955 340,255 Cardiac Science Corp.* 133,105 299,486 Cooper Cos., Inc., (The) 32,570 1,090,769 Exactech, Inc. +* 49,265 778,387 Hooper Holmes, Inc.* 609,853 579,360 Lincare Holdings, Inc. +* 47,245 1,678,142 MedQuist, Inc. +* 222,673 1,576,525 Merck & Co., Inc. + 43,063 1,559,311 Orthofix International N.V. +* 45,581 1,378,825 PHC, Inc., Class A* 302,535 335,814 RehabCare Group, Inc. +* 34,550 973,273 RINO International Corp. + 30,646 1,049,626 Synergetics USA, Inc.* 304,668 432,629 Theragenics Corp.* 426,900 559,239 Unilens Vision, Inc. 87,132 339,815 Varian Medical Systems, Inc. +* 45,525 2,127,839 --------------- 22,453,171 --------------- TECHNOLOGY--17.1% Amdocs Ltd. +* 30,250 799,507 Aware, Inc.* 45,465 96,386 BluePhoenix Solutions Ltd.* 267,375 697,849 CGI Group, Inc. Class A +* 62,175 772,835 Coleman Cable, Inc.* 188,040 584,804 Compuware Corp.* 236,905 1,644,121 Concurrent Computer Corp.* 266,207 929,062 Digi International, Inc. +* 134,241 1,059,161 EZchip Semiconductor Ltd. + 38,215 480,363 Hewlett-Packard Co. + 21,433 1,051,503 MRV Communications, Inc.* 422,490 323,205 NU Horizons Electronics Corp. +* 56,381 216,503 NumereX Corp., Class A* 158,040 640,062 Oracle Corp. + 114,119 2,519,748 PLATO Learning, Inc.* 692,646 2,902,187 Richardson Electronics Ltd. + 201,321 1,195,847 Salary.com, Inc.* 208,910 595,394 SL Industries, Inc.* 71,440 499,366 Sourcefire, Inc. +* 47,925 940,768 Sybase, Inc. +* 17,810 716,674 Telular Corp. +* 889,224 3,112,284
The accompanying notes are an integral part of the portfolio of investments. 6 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2009 (unaudited) ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued) PORTFOLIO OF INVESTMENTS
Number of Shares Value --------------- --------------- TECHNOLOGY--(CONTINUED) Tier Technologies, Inc., Class B +* 222,620 $ 1,703,043 Versant Corp. +* 46,100 866,680 Virtusa Corp. +* 129,975 1,139,881 --------------- 25,487,233 --------------- TRANSPORTATION--1.5% Dynamex, Inc. +* 48,200 838,680 FedEx Corp. + 16,080 1,357,956 --------------- 2,196,636 --------------- TOTAL DOMESTIC COMMON STOCK (Cost $129,894,799) 138,685,792 --------------- PREFERRED STOCK--4.6% FINANCE--4.6% Bank of America Corp. Capital Trust IV Pfd. 5.875% 58,765 1,019,573 Bank of America Corp. Pfd. 6.375% 52,695 903,192 Capital One Capital II Pfd. 7.500% + 19,965 464,186 Citigroup Capital XVI Pfd. 6.450% 81,905 1,410,404 Fifth Third Capital Trust V Pfd. 7.250% 27,305 515,245 KeyCorp Capital LX Pfd. 6.750% 45,285 857,698 SLM Corp. Pfd. 6.970% 4,585 150,755 Sovereign Capital Trust V Pfd. 7.750% 24,945 619,883 Wachovia Capital Trust IV Pfd. 6.375% 44,980 953,126 --------------- TOTAL PREFERRED STOCK (Cost $5,986,285) 6,894,062 --------------- TOTAL LONG POSITIONS--97.4% (Cost $135,881,084)** 145,579,854 --------------- SECURITIES SOLD SHORT--(21.5%) BASIC INDUSTRIES--(0.3%) Stepan Co. (6,960) (436,531) Uranium Energy Corp.* (11,655) (36,946) --------------- (473,477) --------------- CAPITAL GOODS--(1.6%) Applied Nanotech Holdings, Inc.* (8,285) (2,154)
Number of Shares Value --------------- --------------- CAPITAL GOODS--(CONTINUED) Broadwind Energy, Inc.* (134,960) $ (964,964) DynaMotive Energy Systems Corp.* (72,185) (12,560) Hawkins, Inc. (36,465) (796,396) Maxwell Technologies, Inc.* (17,600) (289,344) Smith & Wesson Holding Corp.* (56,505) (279,135) SulphCo, Inc.* (34,495) (27,596) --------------- (2,372,149) --------------- COMMUNICATIONS--(1.1%) CTC Communications Group, Inc.* (98,900) (10) Equinix, Inc.* (7,710) (741,625) GSI Commerce, Inc.* (42,005) (938,392) Interliant, Inc.* (600) 0 One Communications Corp.* (36,619) (4) SPEEDUS Corp.* (3,695) (15,519) --------------- (1,695,550) --------------- CONSUMER DURABLES--(0.3%) Middleby Corp., (The)* (8,385) (376,067) QSound Labs, Inc.* (4,440) (666) --------------- (376,733) --------------- CONSUMER NON-DURABLES--(1.6%) Amish Naturals, Inc.* (25,959) (649) Cal-Maine Foods, Inc. (42,320) (1,161,261) Lifeway Foods, Inc.* (33,780) (381,714) Smart Balance, Inc.* (81,925) (441,576) Under Armour, Inc., Class A* (14,680) (375,808) Valence Technology, Inc.* (27,585) (29,516) --------------- (2,390,524) --------------- CONSUMER SERVICES--(5.2%) Bally Technologies, Inc.* (10,430) (433,158) Constant Contact, Inc.* (25,590) (457,037) Iron Mountain, Inc.* (42,180) (1,012,320) Martha Stewart Living Omnimedia, Inc., Class A* (97,760) (449,696) Medifast, Inc.* (21,085) (568,873) New Oriental Education & Technology Group-ADR* (10,060) (717,379) Peet's Coffee & Tea, Inc.* (7,445) (242,409)
The accompanying notes are an integral part of the portfolio of investments. 7 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2009 (unaudited) ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued) PORTFOLIO OF INVESTMENTS
Number of Shares Value --------------- --------------- CONSUMER SERVICES--(CONTINUED) PokerTek, Inc.* (6,110) $ (4,705) Sharps Compliance Corp.* (135,440) (1,223,023) Spectrum Group International, Inc.* (4,616) (11,263) Sturm Ruger & Co., Inc. (156,845) (1,687,652) Tetra Tech, Inc.* (8,110) (213,617) Ultimate Software Group, Inc., (The)* (25,750) (693,448) --------------- (7,714,580) --------------- ENERGY--0.0% Ethanex Energy, Inc.* (648) (8) --------------- FINANCE--(0.8%) China Logistics, Inc.* (26) (3) Genmed Holding Corp.* (5) (30) Value Line, Inc. (46,895) (1,242,718) --------------- (1,242,751) --------------- HEALTH CARE--(3.5%) ActiveCare, Inc.* (421) (25) BioCryst Pharmaceuticals, Inc.* (41,955) (340,255) Bodytel Scientific, Inc.* (4,840) (22) Conceptus, Inc.* (14,565) (246,585) Dexcom, Inc.* (56,195) (407,414) IDEXX Laboratories, Inc.* (7,925) (396,646) Merge Healthcare, Inc.* (211,675) (647,726) Mindray Medical International Ltd.-ADR (31,540) (955,031) NuVasive, Inc.* (14,225) (461,601) RINO International Corp.* (45,191) (1,547,792) Rockwell Medical Technologies, Inc.* (38,615) (239,799) --------------- (5,242,896) --------------- TECHNOLOGY--(6.8%) American Superconductor Corp.* (10,135) (336,482) ANSYS, Inc.* (14,715) (573,002) ANTS Software, Inc.* (10,334) (6,510) Applied Micro Circuits Corp.* (71,780) (533,325) Arris Group, Inc.* (24,585) (245,604) China Fire & Security Group, Inc.* (70,820) (895,873) ConSyGen, Inc.* (200) 0
Number of Shares Value --------------- --------------- TECHNOLOGY--(CONTINUED) Cray, Inc.* (86,705) $ (606,068) EZchip Semiconductor Ltd.* (58,900) (740,373) First Solar, Inc.* (3,755) (447,258) Informatica Corp.* (21,710) (487,390) Innodata Isogen, Inc.* (36,455) (190,660) Itron, Inc.* (8,880) (539,815) LML Payment Systems, Inc.* (7,808) (6,090) Microvision, Inc.* (73,045) (238,127) Nestor, Inc.* (15,200) (32) Netezza Corp.* (40,355) (409,200) NetSuite, Inc.* (29,520) (412,099) Palm, Inc.* (91,255) (995,592) Quality Systems, Inc. (10,015) (595,792) Rubicon Technology, Inc.* (29,370) (511,625) Tiger Telematics, Inc.* (6,510) (8) Universal Display Corp.* (28,085) (299,948) VMware, Inc. Class A* (21,010) (882,000) WorldGate Communications, Inc.* (171,655) (152,773) Xybernaut Corp.* (35,000) (980) --------------- (10,106,626) --------------- TRANSPORTATION--(0.3%) Allegiant Travel Co.* (11,945) (492,492) --------------- TOTAL SECURITIES SOLD SHORT (Proceeds $33,424,050) (32,107,786) --------------- WARRANTS--0.0% UTILITIES--0.0% Greenhunter Energy, Inc. Exercise Price $27.50, Exp. 09/15/11 (423) 0 --------------- TOTAL WARRANTS (Proceeds $0) 0 --------------- OTHER ASSETS IN EXCESS OF LIABILITIES--24.1% 35,963,300 --------------- NET ASSETS--100.0% $ 149,435,368 ===============
ADR -- American Depositary Receipt 144A -- Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. + -- 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. The accompanying notes are an integral part of the portfolio of investments. 8 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2009 (unaudited) ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND (concluded) PORTFOLIO OF INVESTMENTS * -- 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 $135,881,084 ------------ Gross unrealized appreciation 14,380,492 Gross unrealized depreciation (4,681,722) ------------ Net unrealized appreciation $ 9,698,770 ============
A summary of the inputs used to value the Fund's investments as of November 30, 2009 is as follows (see notes to portfolio of invesments):
LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 11/30/09 PRICE INPUTS INPUTS ------------ ------------ ----------- ------------ Common Stock * $138,685,792 $137,029,696 $-- $1,656,096 Preferred Stock * 6,894,062 6,894,062 -- -- ------------ ------------ --- ---------- Total Assets $145,579,854 $143,923,758 $-- $1,656,096 ============ ============ === ==========
LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 11/30/09 PRICE INPUTS INPUTS ----------- ----------- ----------- ------------ Securities Sold Short * $32,107,786 $32,107,786 $-- $-- ----------- ----------- --- --- Total Liabilities $32,107,786 $32,107,786 $-- $-- =========== =========== === ===
* see portfolio of investments detail for industry breakout. The following is a reconciliation of the Fund's Level 3 investments for which significant unobservable inputs were used to determine fair value.
COMMON STOCKS ------------------------ TOTAL INVESTMENTS FINANCE ----------- ---------- Balance as of August 31, 2009 $ -- $ -- Accrued discounts/premiums -- -- Net realized gain/(loss) -- -- Change in unrealized appreciation (depreciation) 61,396 61,396 Net purchases/(sales) 1,594,700 1,594,700 Transfers in and/or out of Level 3 -- -- ---------- ---------- Balance as of November 30, 2009 $1,656,096 $1,656,096 ========== ==========
The accompanying notes are an integral part of the portfolio of investments. 9 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2009 (unaudited) ROBECO BOSTON PARTNERS MID CAP VALUE FUND PORTFOLIO OF INVESTMENTS
Number of Shares Value --------------- --------------- COMMON STOCK--95.6% BASIC INDUSTRIES--8.7% Albemarle Corp. 13,320 $ 449,550 Allegheny Technologies, Inc. 12,015 408,870 Ashland, Inc. 9,955 357,683 Cliffs Natural Resources, Inc. 14,720 648,563 Crown Holdings, Inc.* 17,935 451,424 Lubrizol Corp., (The) 9,310 675,161 PPG Industries, Inc. 12,610 749,412 Reliance Steel & Aluminum Co. 19,035 778,151 --------------- 4,518,814 --------------- CAPITAL GOODS--9.1% AGCO Corp.* 13,480 408,579 Cooper Industries PLC 11,600 495,204 Ingersoll-Rand PLC 14,755 521,884 Lennox International, Inc. 7,745 287,494 Mettler-Toledo International, Inc.* 1,300 129,324 Mohawk Industries, Inc.* 11,160 458,453 Stanley Works, (The) 11,145 541,313 Terex Corp.* 16,120 303,540 Thomas & Betts Corp.* 17,975 656,088 W.W. Grainger, Inc. 2,745 268,187 WESCO International, Inc.* 25,205 657,851 --------------- 4,727,917 --------------- COMMUNICATIONS--1.4% CenturyTel, Inc. 19,951 710,056 --------------- CONSUMER DURABLES--1.7% Gentex Corp. 14,215 236,253 Lennar Corp., Class A 19,645 248,902 NVR, Inc.* 635 427,450 --------------- 912,605 --------------- CONSUMER NON-DURABLES--3.8% Dr. Pepper Snapple Group, Inc.* 7,820 204,806 Electronic Arts, Inc.* 37,455 632,615 Lorillard, Inc. 3,950 307,745 Mattel, Inc. 23,115 449,818 VF Corp. 5,270 383,234 --------------- 1,978,218 --------------- CONSUMER SERVICES--20.0% Abercrombie & Fitch Co., Class A 15,930 636,085 Acxiom Corp.* 24,265 280,018
Number of Shares Value --------------- --------------- CONSUMER SERVICES--(CONTINUED) Bed Bath & Beyond, Inc.* 9,440 $ 352,678 Burger King Holdings, Inc. 9,685 164,645 Career Education Corp.* 18,595 484,028 Dun & Bradstreet Corp., (The) 2,710 212,979 Equifax, Inc. 27,900 799,335 Expedia, Inc.* 17,934 456,958 GameStop Corp., Class A* 15,435 376,768 Gap, Inc., (The) 20,245 433,648 Herbalife Ltd. 15,155 635,601 Hewitt Associates, Inc., Class A* 1,550 62,279 Kroger Co., (The) 20,170 458,666 Manpower, Inc. 18,140 893,576 McGraw-Hill Companies, Inc., (The) 18,955 567,892 Monster Worldwide, Inc.* 17,580 256,844 Moody's Corp. 9,320 216,504 Omnicom Group, Inc. 16,795 616,712 Robert Half International, Inc. 23,295 520,177 Safeway, Inc. 25,105 564,863 Staples, Inc. 9,475 220,957 Starwood Hotels & Resorts Worldwide, Inc. 8,000 256,160 Washington Post Co., Class B (The) 930 384,657 Watson Wyatt Worldwide, Inc., Class A 14,380 594,469 --------------- 10,446,499 --------------- ENERGY--5.5% Concho Resources, Inc.* 15,070 616,062 Noble Energy, Inc. 12,570 820,193 Pride International, Inc.* 8,740 276,446 Smith International, Inc. 19,395 527,156 Ultra Petroleum Corp.* 13,945 655,276 --------------- 2,895,133 --------------- FINANCE--15.8% ACE Ltd. 8,495 413,791 Affiliated Managers Group, Inc.* 3,690 240,625 Alleghany Corp.* 2,469 659,124 AON Corp. 12,095 468,439 Assurant, Inc. 15,880 485,452 BB&T Corp. 17,325 431,392 Capital One Financial Corp. 14,960 573,866
The accompanying notes are an integral part of the portfolio of investments. 10 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2009 (unaudited) ROBECO BOSTON PARTNERS MID CAP VALUE FUND (continued) PORTFOLIO OF INVESTMENTS
Number of Shares Value --------------- --------------- FINANCE--(CONTINUED) Discover Financial Services 46,150 $ 713,479 East West Bancorp, Inc. 33,085 482,710 Hanover Insurance Group, Inc., (The) 12,710 529,117 Loews Corp. 7,355 260,514 M&T Bank Corp. 4,155 272,485 Marsh & McLennan Cos., Inc. 32,120 724,306 People's United Financial, Inc. 6,515 106,129 Reinsurance Group of America, Inc. 7,855 365,258 SEI Investments Co. 26,490 463,840 SLM Corp.* 60,960 668,731 Travelers Companies, Inc., (The) 3,815 199,868 Unum Group 9,325 177,548 --------------- 8,236,674 --------------- HEALTH CARE--6.2% Cardinal Health, Inc. 7,595 244,787 DaVita, Inc.* 11,840 701,402 Hospira, Inc.* 8,990 422,081 Laboratory Corp. of America Holdings* 6,510 474,970 McKesson Corp. 9,320 578,026 Omnicare, Inc. 19,660 455,719 Varian Medical Systems, Inc.* 7,980 372,985 --------------- 3,249,970 --------------- REAL ESTATE INVESTMENT TRUSTS--5.3% Annaly Capital Management, Inc. 30,486 561,247 AvalonBay Communities, Inc. 1,565 113,056 Equity Residential 12,345 397,632 Kimco Realty Corp. 41,750 514,360 Regency Centers Corp. 8,045 269,266 Taubman Centers, Inc. 11,220 385,519 Ventas, Inc. 11,680 501,422 --------------- 2,742,502 --------------- TECHNOLOGY--12.0% Amdocs Ltd.* 11,145 294,562 Arrow Electronics, Inc.* 24,650 647,802 Avnet, Inc.* 17,685 481,916 Broadridge Financial Solutions, Inc. 26,915 591,592
Number of Shares Value --------------- --------------- TECHNOLOGY--(CONTINUED) CACI International, Inc., Class A* 4,840 $ 224,673 Cymer, Inc.* 14,190 474,514 Flextronics International Ltd.* 40,885 289,057 Harris Corp. 17,315 760,128 Ingram Micro, Inc., Class A* 21,275 361,462 McAfee, Inc.* 4,502 171,751 SRA International, Inc., Class A* 10,815 195,211 STMicroelectronics N.V. 31,365 254,057 Sybase, Inc.* 7,810 314,274 Symantec Corp.* 44,115 783,041 Western Union Co. (The) 23,140 426,933 --------------- 6,270,973 --------------- TRANSPORTATION--0.7% Norfolk Southern Corp. 7,500 385,500 --------------- UTILITIES--5.4% Allegheny Energy, Inc. 19,935 438,171 Alliant Energy Corp. 11,785 323,852 American Electric Power Co., Inc. 11,425 367,771 Edison International 13,835 471,082 NV Energy, Inc. 31,815 370,327 PG&E Corp. 10,875 460,448 Westar Energy, Inc. 19,065 392,548 --------------- 2,824,199 --------------- TOTAL COMMON STOCK (Cost $47,307,403) 49,899,060 --------------- TOTAL INVESTMENTS--95.6% (Cost $47,307,403)** 49,899,060 --------------- OTHER ASSETS IN EXCESS OF LIABILITIES--4.4% 2,293,297 --------------- NET ASSETS--100.0% $ 52,192,357 ===============
* -- Non-income producing. ** -- The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis are as follows: Aggregate cost $47,307,403 ----------- Gross unrealized appreciation 5,735,224 Gross unrealized depreciation (3,143,567) ----------- Net unrealized appreciation $ 2,591,657 ===========
The accompanying notes are an integral part of the portfolio of investments. 11 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2009 (unaudited) ROBECO BOSTON PARTNERS MID CAP VALUE FUND (concluded) PORTFOLIO OF INVESTMENTS A summary of the inputs used to value the Fund's investments as of November 30, 2009 is as follows (see notes to portfolio of invesments):
LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 11/30/09 PRICE INPUTS INPUTS ----------- ----------- ----------- ------------ Common Stock * $49,899,060 $49,899,060 $-- $-- ----------- ----------- --- --- Total Assets $49,899,060 $49,899,060 $-- $-- =========== =========== === ===
* see portfolio of investments detail for industry breakout. The accompanying notes are an integral part of the portfolio of investments. 12 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2009 (unaudited) ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND PORTFOLIO OF INVESTMENTS
Number of Shares Value --------------- --------------- COMMON STOCK--98.1% BASIC INDUSTRIES--1.1% Carpenter Technology Corp. 7,030 $ 162,955 Cytec Industries, Inc. 22,325 758,604 --------------- 921,559 --------------- CAPITAL GOODS--2.9% Actuant Corp., Class A 20,325 331,907 Dover Corp. 23,580 963,950 Illinois Tool Works, Inc. 8,220 399,821 Parker-Hannifin Corp. 11,227 605,809 Wolseley PLC - ADR 36,415 71,009 --------------- 2,372,496 --------------- COMMUNICATIONS--2.0% Vodafone Group PLC - Sponsored ADR 72,163 1,637,378 --------------- CONSUMER DURABLES--2.0% Lennar Corp., Class A # 21,485 272,215 Magna International, Inc., Class A 10,830 523,955 Pulte Homes, Inc. # 5,780 52,829 Toll Brothers, Inc. #* 40,000 779,600 --------------- 1,628,599 --------------- CONSUMER NON-DURABLES--7.5% Electronic Arts, Inc.* 37,465 632,784 Lorillard, Inc. 16,669 1,298,682 Mattel, Inc. 53,205 1,035,369 Matthews International Corp., Class A 6,570 227,585 Nestle S.A.- Sponsored ADR 16,855 799,264 NIKE, Inc., Class B # 5,645 366,304 Oxford Industries, Inc. 18,480 396,396 Timberland Co., (The), Class A* 14,615 244,071 Tupperware Brands Corp. 25,200 1,173,060 --------------- 6,173,515 --------------- CONSUMER SERVICES--16.3% Apollo Group, Inc., Class A* 9,115 520,193 Career Education Corp. #* 26,505 689,925 CEC Entertainment, Inc.* 14,335 418,009 eBay, Inc. #* 67,110 1,642,182 Equifax, Inc. 22,435 642,763 Expedia, Inc. #* 46,603 1,187,444 GameStop Corp., Class A* 53,745 1,311,915
Number of Shares Value --------------- --------------- CONSUMER SERVICES--(CONTINUED) Gap, Inc., (The) 13,645 $ 292,276 Harte-Hanks, Inc. 34,630 332,794 Herbalife Ltd. 17,065 715,706 Hewitt Associates, Inc., Class A* 11,660 468,499 HSN, Inc.* 24,960 447,283 Interval Leisure Group, Inc.* 33,580 384,155 Lender Processing Services, Inc. 20,080 838,942 Manpower, Inc. 9,890 487,181 Omnicom Group, Inc. 19,515 716,591 Pantry, Inc. (The)* 15,245 225,321 Regis Corp. 45,145 706,971 Rent-A-Center, Inc.* 34,755 614,816 Watson Wyatt Worldwide, Inc., Class A 12,910 533,699 Wright Express Corp.* 7,360 214,691 --------------- 13,391,356 --------------- ENERGY--9.9% Apache Corp. # 11,465 1,092,385 Chevron Corp. 19,075 1,488,613 Devon Energy Corp. # 11,905 801,802 EOG Resources, Inc. # 4,930 426,396 Marathon Oil Corp. # 16,085 524,693 Noble Energy, Inc. 20,165 1,315,766 Total SA -ADR 28,215 1,754,691 XTO Energy, Inc. 18,290 776,228 --------------- 8,180,574 --------------- FINANCE--28.8% ACE Ltd. 13,540 659,533 Alleghany Corp.* 4,371 1,166,882 Allied World Assurance Co. Holdings Ltd. 11,460 547,673 American Express Co. 23,995 1,003,711 AON Corp. 9,000 348,570 Arch Capital Group Ltd.* 3,195 223,139 Bank of America Corp. 70,860 1,123,131 BB&T Corp. 29,615 737,413 Bond Street Holdings LLC, Class A 144A* 29,895 599,694 Capital One Financial Corp. 18,485 709,085 Cypress Sharpridge Investments, Inc. 21,300 279,030 East West Bancorp, Inc. 42,955 626,713
The accompanying notes are an integral part of the portfolio of investments. 13 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2009 (unaudited) ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND (continued) PORTFOLIO OF INVESTMENTS
Number of Shares Value --------------- --------------- FINANCE--(CONTINUED) Federated Investors, Inc., Class B 9,045 $ 233,180 Fifth Third Bancorp 45,785 461,513 First American Corp. 12,480 395,866 Flagstone Reinsurance Holdings Ltd. 60,280 651,627 Hanover Insurance Group, Inc., (The) 17,450 726,443 J.G. Wentworth, Inc. ++ +/-* -- 0 JPMorgan Chase & Co. 68,825 2,924,374 Kohlberg Capital Corp. 19,315 92,712 Loews Corp. 58,889 2,085,848 Maiden Holdings Ltd. 13,530 102,016 Monster Worldwide, Inc.* 23,410 342,020 Morgan Stanley 26,500 836,870 NBH Holdings Corp., Class A,* 40,025 831,319 Peoples Choice Financial Corp. 144A ++* 1,465 0 SLM Corp.* 89,495 981,760 Solar Cayman Ltd. 144A ++* 19,375 171,663 Travelers Companies, Inc., (The) 25,785 1,350,876 Unum Group 54,146 1,030,940 Validus Holdings, Ltd. 28,647 759,146 Wells Fargo & Co. 27,275 764,791 White Mountains Insurance Group Ltd. 2,975 969,344 --------------- 23,736,882 --------------- HEALTH CARE--13.6% Aetna, Inc. 13,555 394,586 Amgen, Inc.* 29,875 1,683,456 Becton, Dickinson & Co. 10,420 779,416 Cardinal Health, Inc. 22,860 736,778 DaVita, Inc.* 15,340 908,742 Johnson & Johnson 21,635 1,359,543 Lincare Holdings, Inc.* 24,875 883,560 Patterson Companies, Inc.* 15,015 386,036 Pfizer, Inc. 131,511 2,389,555 Sanofi-Aventis- ADR 20,595 781,786 UnitedHealth Group, Inc. 14,550 417,149 WellPoint, Inc.* 8,855 478,436 --------------- 11,199,043 ---------------
Number of Shares Value --------------- --------------- REAL ESTATE INVESTMENT TRUSTS--1.3% Annaly Capital Management, Inc. 33,260 $ 612,317 Ashford Hospitality Trust, Inc.* 63,135 263,273 Colony Financial, Inc.* 11,335 213,438 TMST, Inc. ++* 191,097 0 --------------- 1,089,028 --------------- TECHNOLOGY--12.3% Accenture PLC 24,515 1,006,096 Avnet, Inc.* 8,205 223,586 BancTec, Inc., 144A ++* 15,732 92,661 Fidelity National Information Services, Inc. 10,825 244,645 Heartland Payment Systems, Inc. 22,590 241,487 Hewlett-Packard Co. 31,735 1,556,919 International Business Machines Corp. 16,490 2,083,512 Microsoft Corp. 66,925 1,968,264 Sykes Enterprises, Inc.* 10,755 264,035 Symantec Corp.* 43,210 766,978 Tech Data Corp.* 16,080 677,129 Tyco Electronics Ltd. 24,505 568,761 Western Union Co. (The) 24,270 447,782 --------------- 10,141,855 --------------- UTILITIES--0.4% Allegheny Energy, Inc. 15,290 336,074 --------------- TOTAL COMMON STOCK (Cost $74,120,382) 80,808,359 ---------------
Par (000) Value --------------- --------------- CORPORATE BONDS--0.1% MBIA Insurance Corp.144A## + 14.00% 01/15/33 $ 151 58,890 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 $981,289) 58,890 --------------- TOTAL INVESTMENTS--98.1% (Cost $75,101,671)** 80,867,249 ---------------
The accompanying notes are an integral part of the portfolio of investments. 14 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2009 (unaudited) ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND (continued) PORTFOLIO OF INVESTMENTS
Number of Contracts Value --------------- --------------- OPTIONS WRITTEN--(1.0%) Apache Corp. Call Options Expires 04/17/10 Strike Price $110 (105) $ (29,400) Career Education Corp. Call Options Expires 04/17/10 Strike Price $22 (181) (93,215) Devon Energy Corp. Call Options Expires 01/16/10 Strike Price $50 (52) (91,000) eBay, Inc. Call Options Expires 01/16/10 Strike Price $15 (194) (173,630) EOG Resources, Inc. Call Options Expires 04/17/10 Strike Price $95 (45) (18,900) Expedia, Inc. Call Options Expires 04/17/10 Strike Price $25 (86) (23,220) Expedia, Inc. Call Options Expires 04/17/10 Strike Price $30 (86) (7,568) Lennar Corp., Class A Call Options Expires 02/20/10 Strike Price $15 (209) (12,540) Marathon Oil Corp. Call Options Expires 04/17/10 Strike Price $38 (147) (12,495) Nike, Inc., Class B Call Options Expires 01/16/10 Strike Price $60 (54) (30,240) Pulte Homes, Inc. Call Options Expires 01/16/10 Strike Price $15 (57) (285) Toll Brothers, Inc. Call Options Expires 01/16/10 Strike Price $12.50 (400) (280,000) --------------- TOTAL OPTIONS WRITTEN (Premiums received $(795,562)) (772,493) --------------- TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN--97.2% (Cost $74,306,109) $ 80,094,756 --------------- OTHER ASSETS IN EXCESS OF LIABILITIES--2.8% 2,308,007 --------------- NET ASSETS--100.0% $ 82,402,763 ===============
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 * -- 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 $75,101,671 ----------- Gross unrealized appreciation 9,389,160 Gross unrealized depreciation (3,623,582) ----------- Net unrealized appreciation $ 5,765,578 ===========
@ -- Security in default. ++ -- Security has been valued at fair market value as determined in good faith by or under the direction of RBB's Board of Directors. +/- -- Total shares owned by the Fund as of November 30, 2009 were less than one share. + -- Adjustable rate security. # -- Security segregated as collateral for options written. ## -- Callable security. The accompanying notes are an integral part of the portfolio of investments. 15 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2009 (unaudited) ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND (continued) PORTFOLIO OF INVESTMENTS A summary of the inputs used to value the Fund's investments as of November 30, 2009 is as follows (see notes to portfolio of invesments):
LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 11/30/09 PRICE INPUTS INPUTS ----------- ----------- ----------- ------------ Common Stock Basic Industries $ 921,559 $ 921,559 $ -- $ -- Capital Goods 2,372,496 2,372,496 -- -- Communications 1,637,378 1,637,378 -- -- Consumer Durables 1,628,599 1,628,599 -- -- Consumer Non-Durables 6,816,845 6,816,845 -- -- Consumer Services 13,706,674 12,875,355 -- 831,319 Energy 8,180,574 8,180,574 -- -- Finance 22,284,513 21,513,156 -- 771,357 Health Care 11,199,043 11,199,043 -- -- Real Estate Investment Trusts 1,368,058 1,368,058 -- -- Technology 10,356,546 10,263,885 -- 92,661 Utilities 336,074 336,074 -- -- Corporate Bonds 58,890 -- 58,890 -- ----------- ----------- ------- ---------- Total Assets $80,867,249 $79,113,022 $58,890 $1,695,337 =========== =========== ======= ==========
LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 11/30/09 PRICE INPUTS INPUTS --------- ------- ----------- ------------ Options Written $(772,493) $-- $(772,493) $-- --------- --- --------- --- Total Liabilities $(772,493) $-- $(772,493) $-- ========= === ========= ===
The following is a reconciliation of the Fund's Level 3 investments for which significant unobservable inputs were used to determine fair value.
COMMON STOCKS ---------------------------------------------- TOTAL CONSUMER INVESTMENTS SERVICES FINANCE TECHNOLOGY ----------- -------- -------- ---------- Balance as of August 31, 2009 $ 239,717 $ -- $147,056 $92,661 Accrued discounts/premiums -- -- -- -- Net realized gain/(loss) -- -- -- -- Change in unrealized appreciation (depreciation) 57,220 30,819 26,401 -- Net purchases/(sales) 1,398,400 800,500 597,900 -- Transfers in and/or out of Level 3 -- -- -- -- ---------- -------- -------- ------- Balance as of November 30, 2009 $1,695,337 $831,319 $771,357 $92,661 ========== ======== ======== =======
The accompanying notes are an integral part of the portfolio of investments. 16 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2009 (unaudited) ROBECO WPG SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS
Number of Shares Value --------------- --------------- COMMON STOCK--98.8% BASIC INDUSTRIES--0.6% Glatfelter 4,400 $ 48,928 Schweitzer-Mauduit International, Inc. 3,000 184,680 --------------- 233,608 --------------- CAPITAL GOODS--6.9% BE Aerospace, Inc.* 12,000 231,240 Beacon Roofing Supply, Inc.* 22,500 345,825 Columbus McKinnon Corp.* 14,700 230,790 Granite Construction, Inc. 13,100 392,607 Hexcel Corp.* 22,300 235,265 Lakeland Industries, Inc.* 50,000 336,000 Mistras Group, Inc.* 7,600 92,644 RTI International Metals, Inc.* 13,200 261,492 Teleflex, Inc. 7,000 364,630 --------------- 2,490,493 --------------- COMMUNICATIONS--0.8% Digital River, Inc.* 12,100 305,283 --------------- CONSUMER DURABLES--0.6% Lifetime Brands, Inc.* 32,500 201,500 --------------- CONSUMER NON-DURABLES--7.5% Alliance One International, Inc.* 146,100 696,897 Brown Shoe Co., Inc. 18,400 188,784 Chiquita Brands International, Inc.* 36,500 620,135 Del Monte Foods Co. 61,000 639,890 Fresh Del Monte Produce, Inc.* 8,900 193,397 Iconix Brand Group, Inc.* 32,500 365,950 --------------- 2,705,053 --------------- CONSUMER SERVICES--16.8% America's Car-Mart, Inc.* 9,500 229,805 Casual Male Retail Group, Inc.* 110,800 289,188 Cornell Cos., Inc.* 25,700 564,372 Foot Locker, Inc. 10,600 100,594 Geo Group, Inc., (The)* 16,800 333,984 Hillenbrand, Inc. 9,700 177,510 Jack in the Box, Inc.* 9,500 177,365 LECG Corp.* 111,000 338,550 Lincoln Educational Services Corp.* 5,900 130,508
Number of Shares Value --------------- --------------- CONSUMER SERVICES--(CONTINUED) Lions Gate Entertainment Corp.* 64,500 $ 321,855 MDC Partners, Inc., Class A* 198,800 1,636,124 New Frontier Media, Inc.* 111,000 204,240 Pantry, Inc. (The)* 30,600 452,268 Princeton Review, Inc. (The)* 185,300 718,964 Regis Corp. 22,900 358,614 --------------- 6,033,941 --------------- ENERGY--3.0% Approach Resources, Inc.* 65,000 455,000 Boots & Coots, Inc.* 48,100 68,783 GeoMet, Inc.* 127,300 143,849 Holly Corp. 16,200 412,290 --------------- 1,079,922 --------------- FINANCE--29.5% A.B. Whatley Group, Inc.* 93,855 1,281 Allied World Assurance Co. Holdings Ltd. 6,700 320,193 Ares Capital Corp. 16,800 195,216 Aspen Insurance Holdings Ltd. 17,500 453,425 Bancorp Rhode Island, Inc. 6,600 166,452 Berkshire Hills Bancorp, Inc. 15,500 292,330 Centerstate Banks, Inc. 19,500 160,875 Delphi Financial Group, Inc., Class A 26,600 581,476 Encore Bancshares, Inc.* 33,300 278,388 ESSA Bancorp, Inc. 15,400 194,964 FBR Capital Markets Corp.* 126,740 794,660 First Financial Bancorp 38,100 506,349 Great American Group, Inc.* 107,200 391,280 Home Bancshares, Inc. 16,900 386,841 Home Federal Bancorp, Inc. 15,800 192,602 KBW, Inc.* 5,900 145,081 Max Capital Group Ltd. 22,800 496,812 MB Financial, Inc. 16,700 311,455 Meadowbrook Insurance Group, Inc. 150,500 1,030,925 Nelnet, Inc., Class A 23,000 399,510 Old National Bancorp 26,500 308,460 PMA Capital Corp., Class A* 29,400 187,278 Renasant Corp. 19,800 281,754 SCBT Financial Corp. 12,800 332,800
The accompanying notes are an integral part of the portfolio of investments. 17 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2009 (unaudited) ROBECO WPG SMALL CAP VALUE FUND (continued) PORTFOLIO OF INVESTMENTS
Number of Shares Value --------------- --------------- FINANCE--(CONTINUED) SeaBright Insurance Holdings, Inc.* 25,400 $ 279,400 Texas Capital Bancshares, Inc.* 20,900 303,468 Thomas Weisel Partners Group, Inc.* 41,400 186,300 Union Bankshares Corp. 13,500 159,300 United Financial Bancorp, Inc. 12,600 161,784 Validus Holdings, Ltd. 19,600 519,400 ViewPoint Financial Group 17,800 232,824 WSFS Financial Corp. 12,700 338,709 --------------- 10,591,592 --------------- HEALTH CARE--7.1% Assisted Living Concepts, Inc., Class A* 14,100 329,799 Cantel Medical Corp.* 11,600 207,640 Exactech, Inc.* 23,500 371,300 Healthcare Services Group, Inc. 5,100 100,419 HealthTronics, Inc.* 108,500 236,530 ICU Medical, Inc.* 15,600 514,800 Inverness Medical Innovations, Inc.* 3,800 159,790 NovaMed, Inc.* 43,800 166,440 Psychiatric Solutions, Inc.* 17,500 387,800 Somanetics Corp.* 5,200 74,516 --------------- 2,549,034 --------------- REAL ESTATE INVESTMENT TRUSTS--6.1% American Campus Communities, Inc. 8,300 223,685 Chimera Investment Corp. 95,900 386,477 Hatteras Financial Corp. 9,100 278,460 Highwoods Properties, Inc. 11,700 358,137 Kenndy-Wilson Holdings, Inc.* 18,400 167,440 MFA Financial, Inc. 22,500 170,325 Starwood Property Trust, Inc. 22,800 442,320 Washington Real Estate Investment Trust 5,700 148,770 --------------- 2,175,614 --------------- TECHNOLOGY--9.6% Actuate Corp.* 24,100 97,123 CDC Software Corp. - ADR* 77,300 742,080 CIBER, Inc.* 100,700 319,219
Number of Shares Value --------------- --------------- TECHNOLOGY--(CONTINUED) CPI International, Inc.* 4,900 $ 47,334 Digi International, Inc.* 64,400 508,116 Double-Take Software, Inc.* 27,100 238,480 ManTech International Corp., Class A* 5,800 251,024 Ness Technologies, Inc.* 18,600 94,116 OmniVision Technologies, Inc.* 15,500 216,380 Plantronics, Inc. 5,100 118,065 Qlogic Corp.* 4,000 71,760 RADWARE Ltd.* 15,000 196,200 Safeguard Scientifics, Inc.* 11,700 108,108 Techwell, Inc.* 22,000 256,520 Zoran Corp.* 18,400 168,176 --------------- 3,432,701 --------------- TRANSPORTATION--3.9% Airtran Holdings, Inc.* 138,600 571,032 Arkansas Best Corp. 5,800 142,796 Celadon Group, Inc.* 29,000 277,530 Rand Logistics, Inc.* 13,400 42,076 Werner Enterprises, Inc. 19,600 365,736 --------------- 1,399,170 --------------- UTILITIES--6.4% Aegean Marine Petroleum Network, Inc. 5,300 142,464 Black Hills Corp. 5,400 127,278 El Paso Electric Co.* 12,600 249,480 Great Plains Energy, Inc. 11,600 206,480 Portland General Electric Co. 25,100 492,211 StealthGas, Inc. 56,200 338,886 UGI Corp. 19,000 446,120 Vectren Corp. 13,100 307,719 --------------- 2,310,638 --------------- TOTAL COMMON STOCK (Cost $32,524,617) 35,508,549 --------------- TOTAL INVESTMENTS--98.8% (Cost $32,524,617)** 35,508,549 --------------- OTHER ASSETS IN EXCESS OF LIABILITIES--1.2% 418,777 --------------- NET ASSETS--100.0% $ 35,927,326 ===============
ADR -- American Depositary Receipt * -- Non-income Producing The accompanying notes are an integral part of the portfolio of investments. 18 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2009 (unaudited) ROBECO WPG SMALL CAP VALUE FUND (concluded) PORTFOLIO OF INVESTMENTS ** -- 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 $32,524,617 ----------- Gross unrealized appreciation 4,924,840 Gross unrealized depreciation (1,940,908) ----------- Net unrealized appreciation $ 2,983,932 ===========
A summary of the inputs used to value the Fund's investments as of November 30, 2009 is as follows (see notes to portfolio of invesments):
LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 11/30/09 PRICE INPUTS INPUTS ----------- ----------- ----------- ------------ Common Stock * $35,508,549 $35,508,549 $-- $-- ----------- ----------- --- --- Total Assets $35,508,549 $35,508,549 $-- $-- =========== =========== === ===
* see portfolio of investments detail for industry breakout. The accompanying notes are an integral part of the portfolio of investments. 19 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2009 (unaudited) SAM SUSTAINABLE CLIMATE FUND PORTFOLIO OF INVESTMENTS
Number of Shares Value --------------- --------------- COMMON STOCK--95.8% AUSTRIA--6.7% Verbund - Oesterreichische Elektrizitaetswirtschafts AG (Utilities) 1,821 $ 82,029 Wienerberger AG (Industrials)* 3,550 60,821 Zumtobel AG (Industrials)* 5,750 109,391 --------------- 252,241 --------------- BRAZIL--3.1% Cia Energetica de Minas Gerais - ADR (Utilities) 6,465 116,241 --------------- CANADA--7.9% Canadian Solar, Inc. (Industrials)* 7,230 159,205 Intermap Technologies Corp. (Industrials)* 10,100 18,948 Ram Power Corp. (Utilities)* 38,300 117,578 --------------- 295,731 --------------- CHINA--6.7% JA Solar Holdings Co. Ltd. - ADR (Industrials)* 20,500 79,745 Trina Solar Ltd. - ADR (Industrials)* 1,700 79,186 Yingli Green Energy Holding Co. Ltd. - ADR (Industrials)* 6,500 92,365 --------------- 251,296 --------------- DENMARK--2.3% Novozymes A/S, Class B (Materials) 850 86,095 --------------- FINLAND--1.1% Vaisala Oyj, Class A (Information Technology) 1,200 43,064 --------------- FRANCE--5.7% Compagnie de Saint-Gobain (Industrials) 1,700 92,469 Veolia Environnement (Utilities) 3,570 120,853 --------------- 213,322 --------------- GERMANY--2.5% Steico AG (Materials)* 4,000 42,824
Number of Shares Value --------------- --------------- GERMANY--(CONTINUED) Vossloh AG (Industrials) 510 $ 51,308 --------------- 94,132 --------------- GREECE--2.0% Terna Energy SA (Utilities) 8,600 74,897 --------------- IRELAND--2.8% CRH PLC (Materials) 3,480 87,682 Kingspan Group PLC (Industrials)* 2,000 17,508 --------------- 105,190 --------------- ITALY--6.0% Ansaldo STS SpA (Industrials) 1,520 30,355 Landi Renzo SpA (Consumer Discretionary) 21,050 95,771 Terna Rete Elettrica Nazionale SpA (Utilities) 23,580 97,987 --------------- 224,113 --------------- JAPAN--3.7% East Japan Railway Co. (Industrials) 500 35,285 Yamatake Corp. (Information Technology) 4,900 103,000 --------------- 138,285 --------------- NETHERLANDS--2.9% Smit Internationale NV (Industrials) 1,193 107,481 --------------- SPAIN--9.3% EDP Renovaveis SA (Utilities)* 12,030 118,190 Gamesa Corp. Tecnologica SA (Industrials) 5,511 105,093 Iberdrola Renovables SA (Utilities) 26,390 126,406 --------------- 349,689 --------------- SWEDEN--0.9% Munters AB (Industrials)* 5,069 33,156 --------------- SWITZERLAND--4.0% ABB Ltd. (Industrials) 4,390 80,418 Syngenta AG (Materials) 260 68,931 --------------- 149,349 ---------------
The accompanying notes are an integral part of the portfolio of investments. 20 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2009 (unaudited) SAM SUSTAINABLE CLIMATE FUND (continued) PORTFOLIO OF INVESTMENTS
Number of Shares Value --------------- --------------- UNITED KINGDOM--0.5% SIG PLC (Industrials)* 10,000 $ 17,734 --------------- UNITED STATES--27.7% Acuity Brands, Inc. (Industrials) 2,120 68,434 Aecom Technology Corp. (Industrials)* 3,310 84,074 Apogee Enterprises, Inc. (Industrials) 3,370 46,135 Covanta Holding Corp. (Industrials)* 6,770 115,564 Ecolab, Inc. (Materials) 1,010 45,359 Ener1, Inc. (Industrials)* 7,420 43,481 Fuel Systems Solutions, Inc. (Consumer Discretionary)* 2,230 107,575 Insituform Technologies, Inc., Class A (Industrials)* 3,051 63,156 ITC Holdings Corp. (Utilities) 1,914 85,116 LSB Industries, Inc. (Materials)* 6,465 79,002 PG&E Corp. (Utilities) 1,960 82,986 Quanta Services, Inc. (Industrials)* 3,450 64,688 Regal-Beloit Corp. (Industrials) 770 36,544 Tetra Tech, Inc. (Industrials)* 3,140 82,708 UQM Technologies, Inc. (Industrials)* 6,600 32,010 --------------- 1,036,832 --------------- TOTAL COMMON STOCK (Cost $3,160,392) 3,588,848 --------------- TOTAL INVESTMENTS--95.8% (Cost $3,160,392)** 3,588,848 --------------- OTHER ASSETS IN EXCESS OF LIABILITIES--4.2% 157,073 --------------- NET ASSETS--100.0% $ 3,745,921 ===============
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 $3,160,392 ---------- Gross unrealized appreciation 634,204 Gross unrealized depreciation (205,748) ---------- Net unrealized appreciation $ 428,456 ==========
% OF NET SECURITY TYPE/SECTOR CLASSIFICATION ASSETS - ----------------------------------- ------ COMMON STOCK Industrials 48.3% Utilities 27.3 Materials 10.9 Consumer Discretionary 5.4 Information Technology 3.9 OTHER ASSETS IN EXCESS OF LIABILITIES 4.2 ----- NET ASSETS 100.0% =====
The accompanying notes are an integral part of the portfolio of investments. 21 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2009 (unaudited) SAM SUSTAINABLE CLIMATE FUND (concluded) PORTFOLIO OF INVESTMENTS A summary of the inputs used to value the Fund's investments as of November 30, 2009 is as follows (see notes to portfolio of invesments):
LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 11/30/09 PRICE INPUTS INPUTS ---------- ---------- ----------- ------------ Common Stock * $3,588,848 $3,588,848 $-- $-- ---------- ---------- --- --- Total Assets $3,588,848 $3,588,848 $-- $-- ========== ========== === ===
* see portfolio of investments detail for industry breakout. The accompanying notes are an integral part of the portfolio of investments. 22 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2009 (unaudited) SAM SUSTAINABLE WATER FUND PORTFOLIO OF INVESTMENTS
Number of Shares Value --------------- --------------- COMMON STOCK--95.6% AUSTRALIA--0.1% G.U.D. Holdings Ltd. (Industrials) 400 $ 3,121 --------------- AUSTRIA--0.5% BWT AG (Industrials) 820 23,887 --------------- BRAZIL--1.9% Cia de Saneamento Basico do Estado de Sao Paulo - ADR (Utilities) 1,600 58,528 Cia de Saneamento de Minas Gerais-Copasa MG (Utilities) 1,700 29,148 --------------- 87,676 --------------- CANADA--3.5% BioteQ Environmental Tech, Inc. (Industrials)* 15,785 19,443 Hanfeng Evergreen, Inc. (Materials)* 7,600 45,367 Intermap Technologies Corp. (Industrials)* 9,500 17,823 Newalta, Inc. (Industrials) 1,800 13,439 Stantec, Inc. (Industrials)* 2,400 60,830 SunOpta, Inc. (Consumer Staples)* 2,600 8,736 --------------- 165,638 --------------- CHINA--1.1% Epure International Ltd. (Industrials) 106,000 45,188 Xinjiang Tianye Water Saving Irrigation System Co. Ltd. (Industrials)* 48,000 5,512 --------------- 50,700 --------------- DENMARK--2.0% Danisco A/S (Consumer Staples) 1,500 92,839 --------------- FINLAND--0.7% Uponor Oyj (Industrials) 1,750 34,738 --------------- FRANCE--7.7% Foraco International SA (Industrials) 7,700 16,416 Suez Environnement SA (Utilities) 8,450 187,974
Number of Shares Value --------------- --------------- FRANCE--(CONTINUED) Veolia Environnement (Utilities) 4,720 $ 159,783 --------------- 364,173 --------------- GERMANY--3.5% Henkel AG & Co. KGaA (Consumer Staples) 1,120 56,422 KSB AG (Industrials) 105 60,922 Siemens AG (Industrials) 495 48,506 --------------- 165,850 --------------- HONG KONG--12.5% Beijing Enterprises Water Group Ltd. (Industrials)* 168,000 53,976 Chaoda Modern Agriculture (Consumer Staples) 269,040 236,407 China Everbright International, Ltd. (Industrials) 6,000 2,864 China Green Holdings Ltd. Bermuda (Consumer Staples) 67,000 64,665 China Water Affairs Group Ltd. (Utilities) 93,000 29,400 Guangdong Investment Ltd. (Utilities) 360,000 200,205 --------------- 587,517 --------------- ITALY--1.3% Hera SpA (Utilities) 26,500 63,825 --------------- JAPAN--1.7% Kitz Corp. (Industrials) 5,000 23,832 Kurita Water Industries Ltd. (Industrials) 1,800 56,849 --------------- 80,681 --------------- NETHERLANDS--5.3% Aalberts Industries N.V. (Industrials) 2,250 29,193 Grontmij N.V. (Industrials) 800 19,892 Ten Cate N.V. (Industrials) 1,400 36,052 Wavin N.V. (Industrials) 68,000 166,738 --------------- 251,875 --------------- PHILIPPINES--0.7% Manila Water Co., Inc. (Utilities) 103,700 35,141 ---------------
The accompanying notes are an integral part of the portfolio of investments. 23 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2009 (unaudited) SAM SUSTAINABLE WATER FUND (continued) PORTFOLIO OF INVESTMENTS
Number of Shares Value --------------- --------------- SINGAPORE--1.0% Boustead Singapore Ltd. (Industrials) 54,000 $ 28,092 Hyflux Ltd. (Industrials) 8,000 17,688 --------------- 45,780 --------------- SOUTH KOREA--1.9% Woongjin Coway Co., Ltd. (Industrials) 2,710 89,028 --------------- SPAIN--0.3% Fluidra SA (Industrials) 2,700 13,359 --------------- SWITZERLAND--3.5% Geberit AG (Industrials) 685 118,116 Nestle SA (Consumer Staples) 965 45,615 --------------- 163,731 --------------- THAILAND--0.5% Thai Tap Water Supply Co., Ltd. (Utilities) 206,000 25,157 --------------- UNITED KINGDOM--5.5% Pennon Group PLC (Utilities) 2,900 23,730 PuriCore PLC (Health Care)* 28,900 7,369 Severn Trent PLC (Utilities) 4,100 70,821 Spice PLC (Industrials) 25,000 29,509 United Utilities Group PLC (Utilities) 16,000 125,474 --------------- 256,903 --------------- UNITED STATES--40.4% Aecom Technology Corp. (Industrials)* 2,050 52,070 American States Water Co. (Utilities) 1,100 36,388 American Water Works Co., Inc. (Utilities) 10,105 224,735 Aqua America, Inc. (Utilities) 2,900 47,328 Calgon Carbon Corp. (Materials)* 2,400 33,576 California Water Service Group (Utilities) 800 29,264 Danaher Corp. (Industrials) 3,600 255,312 Ecolab, Inc. (Materials) 1,600 71,856 ICF International, Inc. (Industrials)* 600 16,200
Number of Shares Value --------------- --------------- UNITED STATES--(CONTINUED) IDEX Corp. (Industrials) 1,700 $ 50,371 Insituform Technologies, Inc., Class A (Industrials)* 2,400 49,680 ITT Corp. (Industrials) 4,800 248,256 Layne Christensen Co. (Industrials)* 578 15,040 Millipore Corp. (Health Care)* 500 34,050 Mueller Water Products, Inc., Class A (Industrials) 5,416 27,297 Nalco Holding Co. (Materials) 1,547 37,840 Pall Corp. (Industrials) 6,700 213,261 Pentair, Inc. (Industrials) 1,200 36,120 Roper Industries, Inc. (Industrials) 2,600 135,304 Tetra Tech, Inc. (Industrials)* 1,300 34,242 Thermo Fisher Scientific, Inc. (Health Care)* 4,900 231,427 Toro Co. (Industrials) 510 20,318 TyraTech, Inc. (Materials)* 3,500 779 --------------- 1,900,714 --------------- TOTAL COMMON STOCK (Cost $4,157,431) 4,502,333 --------------- PREFERRED STOCK--0.0% UNITED KINGDOM--0.0% PuriCore PLC * 4,867 0 --------------- TOTAL PREFERRED STOCK (Cost $0) 0 --------------- TOTAL INVESTMENTS--95.6% (COST $4,157,431)** 4,502,333 --------------- OTHER ASSETS IN EXCESS OF LIABILITIES--4.4% 205,698 --------------- NET ASSETS--100.0% $ 4,708,031 ===============
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 $4,157,431 ---------- Gross unrealized appreciation 552,571 Gross unrealized depreciation (207,669) ---------- Net unrealized appreciation $ 344,902 ==========
The accompanying notes are an integral part of the portfolio of investments. 24 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2009 (unaudited) SAM SUSTAINABLE WATER FUND (concluded) PORTFOLIO OF INVESTMENTS
% OF NET SECURITY TYPE/SECTOR CLASSIFICATION ASSETS - ----------------------------------- -------- COMMON STOCK Industrials 46.5% Utilities 28.6 Consumer Staples 10.7 Health Care 5.8 Materials 4.0 OTHER ASSETS IN EXCESS OF LIABILITIES 4.4 ----- NET ASSETS 100.0% =====
A summary of the inputs used to value the Fund's investments as of November 30, 2009 is as follows (see notes to portfolio of invesments):
LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 11/30/09 PRICE INPUTS INPUTS ---------- ---------- ----------- ------------ Common Stock * $4,502,333 $4,502,333 $-- $-- ---------- ---------- --- --- Total Assets $4,502,333 $4,502,333 $-- $-- ========== ========== === ===
* see portfolio of investments detail for industry breakout. The accompanying notes are an integral part of the portfolio of investments. 25 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2009 (unaudited) SAM SUSTAINABLE GLOBAL ACTIVE FUND PORTFOLIO OF INVESTMENTS
Number of Shares Value --------------- --------------- COMMON STOCK--98.4% AUSTRALIA--4.5% GPT Group (Financial) 205,000 $ 111,717 National Australia Bank Ltd. (Financial) 14,300 374,848 Westpac Banking Corp. (Financial) 4,402 97,328 --------------- 583,893 --------------- BERMUDA--2.0% RenaissanceRe Holdings Ltd. (Financial) 4,925 262,404 --------------- CANADA--6.9% BCE, Inc. (Telecommunication Services) 3,469 91,770 Goldcorp, Inc. (Materials) 1,600 66,811 National Bank of Canada (Financial) 2,641 158,100 Nexen, Inc. (Energy) 12,864 302,647 Sherritt International Corp. (Materials) 14,000 89,009 Teck Resources Ltd., Class B (Materials)* 5,004 173,011 --------------- 881,348 --------------- CYPRUS--1.8% Prosafe SE (Energy) 42,000 224,605 --------------- GERMANY--1.9% Henkel AG & Co. KGaA (Consumer Staples) 2,176 109,620 Muenchener Rueckversicherungs- Gesellschaft AG (Financial) 832 130,463 --------------- 240,083 --------------- JAPAN--11.1% Chiba Bank, Ltd. (Financial) 13,000 85,574 Daito Trust Construction Co., Ltd. (Financial) 10,300 489,739 Fast Retailing Co., Ltd. (Consumer Discretionary) 1,700 308,376 ITOCHU Corp. (Industrials) 27,000 185,227 Mitsubishi Corp. (Industrials) 6,400 144,378 Mitsui O.S.K. Lines, Ltd. (Industrials) 22,000 122,929
Number of Shares Value --------------- --------------- JAPAN--(CONTINUED) Nitori Co., Ltd. (Consumer Discretionary) 1,000 $ 83,758 --------------- 1,419,981 --------------- NETHERLANDS--0.9% Koninklijke Ahold N.V. (Consumer Staples) 8,463 114,101 --------------- NORWAY--0.9% Aker Solutions ASA (Energy) 9,000 111,800 --------------- PORTUGAL--3.5% EDP - Energias de Portugal, SA (Utilities) 21,000 96,300 Portugal Telecom, SGPS SA (Telecommunication Services) 29,401 355,427 --------------- 451,727 --------------- SPAIN--7.3% Banco Santander SA (Financial) 11,878 203,502 Iberdrola Renovables SA (Utilities) 77,854 372,915 Telefonica SA (Telecommunication Services) 12,607 361,942 --------------- 938,359 --------------- SWEDEN--2.8% Boliden AB (Materials) 8,802 110,727 Telefonaktiebolaget LM Ericsson, Class B (Information Technology) 26,098 250,815 --------------- 361,542 --------------- SWITZERLAND--1.6% Baloise Holding AG (Financial) 2,420 201,777 --------------- UNITED KINGDOM--10.1% AstraZeneca PLC (Health Care) 4,437 198,321 Barclays PLC (Financial)* 69,160 332,619 BG Group PLC (Energy) 9,731 176,572 Logica PLC (Information Technology) 65,000 125,537 Travis Perkins PLC (Industrials)* 37,447 466,956 --------------- 1,300,005 --------------- UNITED STATES--43.1% Aetna, Inc. (Health Care) 4,674 136,060
The accompanying notes are an integral part of the portfolio of investments. 26 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2009 (unaudited) SAM SUSTAINABLE GLOBAL ACTIVE FUND (continued) PORTFOLIO OF INVESTMENTS
Number of Shares Value --------------- --------------- UNITED STATES--(CONTINUED) American Water Works Co., Inc. (Utilities) 4,000 $ 88,960 Bristol-Myers Squibb Co. (Health Care) 3,231 81,777 Celanese Corp., Series A (Materials) 5,643 167,936 Chevron Corp. (Energy) 1,831 142,891 CIGNA Corp. (Health Care) 2,700 86,616 Forest Oil Corp. (Energy)* 8,911 163,250 General Cable Corp. (Industrials)* 7,000 205,520 Hartford Financial Services Group, Inc. (Financial) 8,000 195,680 Health Net, Inc. (Health Care)* 11,781 249,993 Hewlett-Packard Co. (Information Technology) 8,448 414,459 International Business Machines Corp. (Information Technology) 3,115 393,580 JPMorgan Chase & Co. (Financial)* 1,306 55,492 Kimberly-Clark Corp. (Consumer Staples) 4,266 281,428 Limited Brands, Inc. (Consumer Discretionary) 16,436 272,673 McDonald's Corp. (Consumer Discretionary) 1,306 82,605 McKesson Corp. (Health Care) 1,964 121,807 Newmont Mining Corp. (Materials) 7,566 405,840 Occidental Petroleum Corp. (Energy) 3,821 308,699 Pfizer, Inc. (Health Care) 20,956 380,771 PG&E Corp. (Utilities) 1,872 79,260 Procter & Gamble Co. (Consumer Staples) 5,362 334,321 Reynolds American, Inc. (Consumer Staples) 3,500 174,860 Target Corp. (Consumer Discretionary) 2,670 124,315 Temple-Inland Inc. (Materials) 10,000 179,900 Texas Instruments, Inc. (Information Technology) 3,276 82,850
Number of Shares Value --------------- --------------- UNITED STATES--(CONTINUED) UnitedHealth Group, Inc. (Health Care) 11,413 $ 327,206 --------------- 5,538,749 --------------- TOTAL COMMON STOCK (Cost $11,307,516) 12,630,374 --------------- TOTAL INVESTMENTS--98.4% (COST $11,307,516)** 12,630,374 --------------- OTHER ASSETS IN EXCESS OF LIABILITIES--1.6% 207,644 --------------- NET ASSETS--100.0% $ 12,838,018 ===============
* -- 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 $11,307,516 ----------- Gross unrealized appreciation 1,491,059 Gross unrealized depreciation (168,201) ----------- Net unrealized appreciation $ 1,322,858 ===========
% OF NET SECURITY TYPE/SECTOR CLASSIFICATION ASSETS - ----------------------------------- ------ COMMON STOCK Financials 21.0% Health Care 12.3 Energy 11.1 Information Technology 9.9 Materials 9.3 Industrial 8.8 Consumer Staples 7.9 Consumer Discretionary 6.8 Telecommunciation Services 6.3 Utilities 5.0 OTHER ASSETS IN EXCESS OF LIABILITIES 1.6 ----- NET ASSETS 100.0% =====
The accompanying notes are an integral part of the portfolio of investments. 27 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2009 (unaudited) SAM SUSTAINABLE GLOBAL ACTIVE FUND (continued) PORTFOLIO OF INVESTMENTS A summary of the inputs used to value the Fund's investments as of November 30, 2009 is as follows (see notes to portfolio of invesments):
LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 11/30/09 PRICE INPUTS INPUTS ----------- ----------- ----------- ------------ Common Stock * $12,630,374 $12,630,374 $-- $-- ----------- ----------- --- --- Total Assets $12,630,374 $12,630,374 $-- $-- =========== =========== === ===
* see portfolio of investments detail for industry breakout. The accompanying notes are an integral part of the portfolio of investments. 28 ROBECO INVESTMENT FUNDS NOTES TO PORFOLIO OF INVESTMENTS NOVEMBER 30, 2009 (UNAUDITED) PORTFOLIO VALUATION -- Each Fund's net asset value ("NAV") is calculated once daily at the close of regular trading hours on the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by a Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System ("NASDAQ") market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are valued at amortized cost. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company's Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. FAIR VALUE MEASUREMENTS -- The inputs and valuation techniques used to measure fair value of the Funds' investments are summarized into three levels as described in the hierarchy below: - Level 1 - unadjusted quoted prices in active markets for identical assets or liabilities - 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 investments) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A summary of the inputs used to value each of Fund's investments as of November 30, 2009 is included with each Fund's Portfolio of Investments. OPTIONS WRITTEN --The Funds are subject to equity price risk in the normal course of pursuing their investment objectives and may enter into options written to hedge against changes in the value of equities. The BP All-Cap Value Fund, the WPG Small Cap Value Fund and the SAM Funds write covered call and secured put options. Such options may relate to particular securities or domestic stock indices, and may or may not be listed on a domestic securities exchange or issued by the Options Clearing Corporation. The risk in writing a call option is that a Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that a Fund may incur a loss if the market price of the security decreases and the option is exercised. A Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. A Fund also may write over-thecounter options where completing the obligation depends upon the credit standing of the other party. Option contracts also involve the risk that they may result in loss due to unanticipated developments in market conditions or other causes. The BP All-Cap Value Fund had transactions in options written during the period ended November 30, 2009 as follows:
Number of Premiums Contracts Received --------- -------- Options outstanding at August 31, 2009 1,704 $ 900,977 Options written 478 141,273 Options closed (377) (228,662) Options expired (189) (18,026 ----- --------- Options outstanding at November 30, 2009 1,616 $ 795,562 ===== =========
SHORT SALES -- When the investment adviser believes that a security is overvalued, the BP Long/Short Equity Fund and the BP All-Cap Value Fund may sell the security short by borrowing the same security from a broker or other institution and selling the security. A Fund will incur a loss as a result of a short sale if the price of the borrowed security increases between the date of the short sale and the date on which the Fund buys and replaces such borrowed security. A Fund will realize a gain if there is a decline in price of the security between those dates where the decline in price exceeds the costs of borrowing the security and other transaction costs. There can be no assurance that a Fund will be able to close out a short position at any particular time or at an acceptable price. Although a Fund's gain is limited to the amount at which it sold a security short, its potential loss is unlimited. Until a Fund replaces a borrowed security, it will maintain at all times cash, U.S. Government securities, or other liquid securities in an amount which, when added to any amount deposited with a broker as collateral, will at least equal the current market value of the security sold short. Depending on arrangements made with brokers, a Fund may not receive any payments (including interest) on collateral deposited with them. For more information with regard to accounting policies, see the most recent annual report filed with the Securities and Exchange Commission. 29 THE SCHNEIDER FUNDS SCHNEIDER VALUE FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2009 (UNAUDITED)
SHARES VALUE --------- ------------ DOMESTIC COMMON STOCKS -- 96.5% AEROSPACE & DEFENSE -- 2.0% Boeing Co. (The) 43,330 $ 2,270,925 ------------ AUTOMOBILE MANUFACTURERS -- 0.9% Navistar International Corp.* 32,590 1,075,796 ------------ AUTOMOBILE PARTS & EQUIPMENT -- 2.8% Magna International, Inc., Class A 66,610 3,222,592 ------------ BANKS -- 9.7% Bank of America Corp. 384,485 6,094,087 JPMorgan Chase & Co. 6,300 267,687 Regions Financial Corp. 294,610 1,726,415 Synovus Financial Corp. 1,535,955 2,995,112 ------------ 11,083,301 ------------ COAL -- 10.1% Arch Coal, Inc. 358,845 7,485,507 Consol Energy, Inc. 88,295 4,054,506 ------------ 11,540,013 ------------ COMPUTERS -- 4.9% Dell, Inc.* 394,993 5,577,301 ------------ ELECTRONICS -- 3.4% Avnet, Inc.* 144,265 3,931,221 ------------ ENERGY & UTILITIES -- 9.4% Allegheny Energy, Inc. 255,545 5,616,879 RRI Energy, Inc.* 1,036,249 5,098,345 ------------ 10,715,224 ------------ FOOD -- 2.8% Smithfield Foods, Inc.* 27,535 426,242 Tyson Foods, Inc., Class A 236,446 2,842,081 ------------ 3,268,323 ------------ HEALTH CARE - PRODUCTS -- 1.0% Boston Scientific Corp.* 142,605 1,193,604 ------------ HEALTH CARE - SERVICES -- 1.6% Brookdale Senior Living, Inc.* 87,110 1,357,174 Omnicare, Inc. 18,155 420,833 ------------ 1,778,007 ------------ HOME BUILDERS -- 6.0% NVR, Inc.* 6,869 4,623,867 Pulte Homes, Inc. 242,748 2,218,717 ------------ 6,842,584 ------------ INSURANCE -- 8.5% Allstate Corp., (The) 106,830 3,035,040 Brown & Brown, Inc. 98,220 1,753,227 Fidelity National Financial, Inc., Class A 31,796 441,646 Genworth Financial, Inc., Class A* 236,421 2,546,254
SHARES VALUE --------- ------------ INSURANCE -- (CONTINUED) Hartford Financial Services Group, Inc. 32,160 $ 786,634 RenaissanceRe Holdings, Ltd. 21,360 1,138,061 ------------ 9,700,862 ------------ LEISURE TIME -- 1.2% Carnival Corp.* 43,655 1,398,270 ------------ LIFE & HEALTH INSURANCE -- 0.6% AFLAC, Inc. 13,925 640,968 ------------ MEDIA -- 1.1% Liberty Media Corp., Series A* 57,447 1,269,004 ------------ OIL & GAS -- 13.4% Chesapeake Energy Corp. 337,106 8,063,575 EXCO Resources, Inc. 9,910 167,677 Forest Oil Corp.* 352,809 6,463,461 Patterson-UTI Energy, Inc. 41,005 631,067 ------------ 15,325,780 ------------ REAL ESTATE INVESTMENT TRUSTS -- 6.6% Annaly Capital Management, Inc. 269,638 4,964,036 MFA Financial, Inc. 153,270 1,160,254 Redwood Trust, Inc. 102,977 1,479,779 ------------ 7,604,069 ------------ RETAIL -- 2.2% Best Buy Co, Inc. 23,160 991,943 J.C. Penney Co., Inc. 55,121 1,584,178 ------------ 2,576,121 ------------ SEMICONDUCTORS -- 8.3% ASML Holding N.V. 72,090 2,234,069 International Rectifier Corp.* 229,883 4,303,410 Lam Research Corp.* 86,625 2,944,384 ------------ 9,481,863 ------------ TOTAL DOMESTIC COMMON STOCKS (Cost $104,917,447) 110,495,828 ------------ CONVERTIBLE PREFERRED STOCK -- 0.5% AUTOMOBILE MANUFACTURERS -- 0.5% Motors Liquidation Co., Series C 105,922 522,460 ------------ TOTAL CONVERTIBLE PREFERRED STOCK (Cost $1,515,914) 522,460 ------------ EXCHANGE TRADED FUND -- 1.5% FINANCE -- 1.5% iShares Russell 1000 Value Index Fund 30,520 1,733,231 ------------ TOTAL EXCHANGE TRADED FUND (Cost $1,710,814) 1,733,231 ------------
The accompanying notes are an integral part of the portfolio of investments. 1 THE SCHNEIDER FUNDS SCHNEIDER VALUE FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2009 (UNAUDITED) TOTAL INVESTMENTS -- 98.5% (Cost $108,144,175)** $112,751,519 ------------ ASSETS IN EXCESS OF OTHER LIABILITIES -- 1.5% 1,738,750 ------------ NET ASSETS -- 100.0% $114,490,269 ============
* 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 $108,144,175 ------------ Gross unrealized appreciation 16,898,207 Gross unrealized depreciation (12,290,863) ------------ Net unrealized appreciation $ 4,607,344 ============
The following is a summary of inputs used, as of November 30, 2009, in valuing the Fund's investments carried at market value (See Notes to Portfolio of Investments):
LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE NOVEMBER 30, 2009 PRICE INPUTS INPUTS ----------------- ------------ ----------- ------------ Domestic Commnon Stocks * $110,495,828 $110,495,828 $ -- $-- Convertible Preferred Stock 522,460 -- 522,460 -- Exchange Traded Fund 1,733,231 1,733,231 -- -- ------------ ------------ -------- --- Total $112,751,519 $112,229,059 $522,460 $-- ============ ============ ======== ===
* Please refer to the Portfolio of Investments for industry and security type breakouts. The accompanying notes are an integral part of the portfolio of investments. 2 THE SCHNEIDER FUNDS SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2009 (UNAUDITED)
SHARES VALUE --------- ------------ DOMESTIC COMMON STOCKS -- 95.9% AEROSPACE & DEFENSE -- 5.5% AAR Corp.* 169,865 $ 3,169,681 BE Aerospace, Inc.* 77,620 1,495,737 Triumph Group, Inc. 14,735 707,133 ------------ 5,372,551 ------------ AIRLINES -- 0.8% AirTran Holdings, Inc.* 192,045 791,225 ------------ APPAREL -- 1.2% Barry (R.G.) Corp. 129,059 1,075,061 Liz Claiborne, Inc. 21,275 88,717 ------------ 1,163,778 ------------ AUTOMOBILE MANUFACTURERS -- 1.0% Wabash National Corp.* 571,384 942,784 ------------ AUTOMOBILE PARTS & EQUIPMENT -- 0.9% American Axle & Manufacturing Holdings, Inc. 26,399 164,994 Commercial Vehicle Group, Inc.* 760 4,051 Magna International, Inc., Class A 15,600 754,728 ------------ 923,773 ------------ BANKS -- 7.9% Banner Corp. 165,975 463,070 Boston Private Financial Holdings, Inc. 8,598 40,325 Cathay General Bancorp 10,730 83,801 Central Pacific Financial Corp. 57,385 46,482 Citizens Republic Bancorp, Inc.* 988,332 553,466 First BanCorp. 556,280 862,234 Regions Financial Corp. 410,845 2,407,552 Sandy Spring Bancorp, Inc. 2,457 22,875 South Financial Group, Inc. (The) 613,670 374,339 Susquehanna Bancshares, Inc. 364,021 2,089,481 Synovus Financial Corp. 354,750 691,763 United Community Banks, Inc.* 9,320 36,068 ------------ 7,671,456 ------------ BUILDING MATERIALS -- 1.1% Builders FirstSource, Inc.* 140,008 533,430 Louisiana-Pacific Corp.* 81,970 511,493 ------------ 1,044,923 ------------ CHEMICALS -- 0.5% A. Schulman, Inc. 24,945 407,102 Ferro Corp. 18,780 121,507 ------------ 528,609 ------------ COAL -- 12.5% Arch Coal, Inc. 267,935 5,589,124
SHARES VALUE --------- ------------ COAL -- (CONTINUED) Massey Energy Co. 173,755 $ 6,543,613 ------------ 12,132,737 ------------ COMMERCIAL SERVICES -- 6.6% Administaff, Inc. 78,295 1,745,196 Aegean Marine Petroleum Network, Inc. 87,850 2,361,408 Hudson Highland Group, Inc.* 576,965 2,319,399 ------------ 6,426,003 ------------ COMPUTERS -- 6.1% Insight Enterprises, Inc.* 121,240 1,230,586 Ness Technologies, Inc.* 180,548 913,573 Xyratex Ltd.* 334,648 3,771,483 ------------ 5,915,642 ------------ ELECTRONICS -- 0.7% Arrow Electronics, Inc.* 4,955 130,217 FARO Technologies, Inc.* 26,383 514,732 ------------ 644,949 ------------ ENERGY & UTILITIES -- 4.2% Allegheny Energy, Inc. 105,615 2,321,418 RRI Energy, Inc.* 354,725 1,745,247 ------------ 4,066,665 ------------ FOOD -- 0.7% Sanderson Farms, Inc. 8,340 335,018 Tyson Foods, Inc., Class A 29,785 358,016 ------------ 693,034 ------------ HEALTHCARE - PRODUCTS -- 1.4% Orthofix International N.V.* 45,958 1,390,229 ------------ HOME BUILDERS -- 4.2% KB HOME 36,805 498,708 NVR, Inc.* 5,275 3,550,866 ------------ 4,049,574 ------------ HOME FURNISHINGS -- 0.0% Furniture Brands International, Inc.* 4,520 18,894 ------------ INDUSTRIAL -- 0.9% FreightCar America, Inc. 47,715 870,799 ------------ INSURANCE -- 3.1% Brown & Brown, Inc. 9,760 174,216 Genworth Financial, Inc., Class A* 173,020 1,863,425 Stewart Information Services Corp. 91,065 944,344 ------------ 2,981,985 ------------ INTERNET -- 6.1% Internet Capital Group, Inc.* 266,920 1,716,296
The accompanying notes are an integral part of the portfolio of investments. 1 THE SCHNEIDER FUNDS SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2009 (UNAUDITED)
SHARES VALUE --------- ------------ INTERNET -- (CONTINUED) ModusLink Global Solutions, Inc.* 343,825 $ 2,778,106 Openwave Systems, Inc.* 618,855 1,460,498 ------------ 5,954,900 ------------ LEISURE TIME -- 1.2% Brunswick Corp. 111,960 1,124,078 ------------ MACHINERY - DIVERSIFIED -- 0.1% Flow International Corp.* 38,488 96,605 ------------ OIL & GAS -- 7.0% Forest Oil Corp.* 190,014 3,481,056 SandRidge Energy, Inc.* 354,989 3,329,797 ------------ 6,810,853 ------------ REAL ESTATE -- 0.6% MI Developments, Inc., Class A 20,905 281,381 Thomas Properties Group, Inc. 102,115 315,535 ------------ 596,916 ------------ REAL ESTATE INVESTMENT TRUSTS -- 3.0% Anworth Mortgage Asset Corp. 31,455 226,476 Chimera Investment Corp. 10,540 42,476 Redwood Trust, Inc. 108,850 1,564,174 Walter Investment Management Corp. 17,770 216,439 Winthrop Realty Trust 95,132 860,945 ------------ 2,910,510 ------------ RETAIL -- 2.5% AC Moore Arts & Crafts, Inc.* 299,812 932,415 Brown Shoe Co.,Inc. 16,480 169,085 Casual Male Retail Group, Inc.* 70 188 MarineMax, Inc.* 148,229 1,037,603 Pacific Sunwear of California, Inc.* 93,505 312,307 ------------ 2,451,598 ------------ SAVINGS & LOANS -- 0.8% United Western Bancorp, Inc. 258,480 788,364 ------------ SEMICONDUCTORS -- 13.1% Alliance Semiconductor Corp. 586,665 146,666 ASM International N.V.* 27,419 625,153 Atmi , Inc.* 87,315 1,357,748 Axcelis Technologies, Inc.* 2,590,276 2,927,012 BE Semiconductor Industries N.V.* 401,388 1,565,413 Entegris, Inc.* 916,224 3,820,654 International Rectifier Corp.* 79,825 1,494,324 Lam Research Corp.* 13,120 445,949 Zilog, Inc.* 112,848 340,801 ------------ 12,723,720 ------------
SHARES VALUE --------- ------------ SOFTWARE -- 1.4% Take-Two Interactive Software, Inc.* 119,515 $ 1,344,544 ------------ TRANSPORTATION -- 0.8% Atlas Air Worldwide Holdings, Inc.* 25,395 744,073 ------------ TOTAL DOMESTIC COMMON STOCKS (Cost $69,164,361) 93,175,771 ------------ EXCHANGE TRADED FUND -- 1.8% FINANCE -- 1.8% iShares Russell 2000 Value Index Fund 31,555 1,712,174 ------------ TOTAL EXCHANGE TRADED FUND (Cost $1,565,296) 1,712,174 ------------
PAR (000) --------- CORPORATE BONDS -- 0.1% LandAmerica Financial Group, Inc. CONV # + 3.25%, 05/15/34 $ 168 51,297 ------------ TOTAL CORPORATE BONDS (Cost $47,437) 51,297 ------------ TOTAL INVESTMENTS -- 97.8% (Cost $70,777,094) ** 94,939,242 ------------ ASSETS IN EXCESS OF OTHER LIABILITIES -- 2.2% 2,166,688 ------------ NET ASSETS -- 100.0% $ 97,105,930 ============
* Non-income producing # Security was purchased pursuant to Rule 144A under Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of November 30, 2009, this security amounted to 0.1% of net assets. + Security in default. CONV Convertible ** 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 $70,777,094 ----------- Gross unrealized appreciation 31,058,815 Gross unrealized depreciation (6,896,667) ----------- Net unrealized appreciation $24,162,148 ===========
The accompanying notes are an integral part of the portfolio of investments. 2 THE SCHNEIDER FUNDS SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2009 (UNAUDITED) The following is a summary of inputs used, as of November 30, 2009, in valuing the Fund's investments carried at market value (See Notes to Portfolio of Investments):
LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE NOVEMBER 30, 2009 PRICE INPUTS INPUTS ----------------- ----------- ----------- ------------ Domestic Common Stocks* $93,175,771 $93,175,771 $ -- $-- Corporate Bonds 51,297 -- 51,297 -- Exchange Traded Fund 1,712,174 1,712,174 -- -- ----------- ----------- ------- --- Total $94,939,242 $94,887,945 $51,297 $-- =========== =========== ======= ===
* Please refer to the Portfolio of Investments for industry and security type breakouts. The accompanying notes are an integral part of the portfolio of investments. 3 THE SCHNEIDER FUNDS NOTES TO PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2009 (UNAUDITED) PORTFOLIO VALUATION -- Each Fund's net asset value ("NAV") is calculated once daily at the close of regular trading hours on the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Funds are valued using the closing price or the last sale price on a national securities Exchange or the National Association of Securities Dealers Automatic Quotation System ("NASDAQ") market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed Income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed Income securities having a remaining maturity of 60 days or less are amortized to maturity based on their cost. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use Fair Value Pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. FAIR VALUE MEASUREMENTS.The inputs and valuation techniques used to measure fair value of the Funds' investments are summarized into three levels as described in the hierachy below: - - Level 1 -- quoted prices 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 investments) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A summary of the inputs used to value the Funds' investments as of November 30, 2009 is included with each Fund's Portfolio of Investments. For more information with regard to significant accounting policies, see the most recent annual report filed with the Securities and Exchange Commission. 6 SENBANC FUND SCHEDULE OF INVESTMENTS NOVEMBER 30, 2009 (UNAUDITED) COMMON STOCK - 97.7%
SHARES DESCRIPTION VALUE ------ ----------- ----------- SAVINGS, CREDIT & OTHER FINANCIAL INSTITUTIONS - 93.3% 15,655 American River Bankshares $ 98,000 26,900 Associated Banc-Corp. 305,046 116,400 Bank of America Corp. 1,844,940 42,478 C&F Financial Corp. 743,365 87,500 Capital Bank Corp. 365,750 52,398 Centrue Financial Corp. 68,117 72,800 Citizens Republic Bancorp, Inc.* 40,768 45,400 CityBank 83,082 35,700 Comerica, Inc. 1,016,379 4,630 Crescent Banking Co.* 4,437 42,600 Financial Institutions, Inc. 476,268 40,500 First United Corp. 269,730 87,368 Hampton Roads Bankshares, Inc. 181,726 224,000 JPMorgan Chase & Co. 9,517,760 180,400 KeyCorp 1,057,144 3,917 MainSource Financial Group, Inc. 20,643 164,111 National Bankshares, Inc. 4,288,221 186,199 Northrim BanCorp, Inc. 2,992,218 276,928 PAB Bankshares, Inc.* 426,469 15,000 Pacific Capital Bancorp N.A. 14,100 122,900 Pacific Premier Bancorp, Inc.* 415,402 25,200 PacWest Bancorp 463,680 26,600 Peoples Bancorp of North Carolina, Inc. 126,616 12,000 Peoples Financial Corp. 190,800 101,094 Premier Financial Bancorp 616,673 186,800 Regions Financial Corp. 1,094,648 11,700 Umpqua Holdings Corp. 137,592 5,472 United Security Bancshares, Inc. 89,631 ----------- 26,949,205 ----------- STATE & NATIONAL BANKS - 4.4% 55,899 Bancorp, Inc. (The)* 324,773 40,700 Cascade Financial Corp. 77,330 11,801 Cowlitz Bancorp* 7,907 58,600 First Regional Bancorp* 27,542 68,200 Rainier Pacific Financial Group, Inc.* 17,739 67,897 Rurban Financial Corp. 473,242 50,400 Summit Financial Group, Inc. 197,568 26,100 Synovus Financial Corp. 50,895 23,700 Yadkin Valley Financial Corp. 85,557 ----------- 1,262,553 ----------- TOTAL COMMON STOCK (COST $55,866,773) $28,211,758 -----------
The accompanying notes are an integral part of the schedule of investments. 1 SENBANC FUND SCHEDULE OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2009 (UNAUDITED)
VALUE ----------- TOTAL INVESTMENTS - 97.7% (COST $55,866,773) ** $28,211,758 ----------- OTHER ASSETS IN EXCESS OF LIABILITIES - 2.3% 673,940 ----------- NET ASSETS - 100% $28,885,698 ===========
* 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 $ 55,866,773 ------------ Gross unrealized appreciation 1,854,087 Gross unrealized depreciation (29,509,102) ------------ Net unrealized depreciation $(27,655,015) ============
The following is a summary of inputs used, as of November 30, 2009, in valuing the Fund's investments carried at value (See Notes to Schedule of Investments):
Level 2 Level 3 Total Level 1 Significant Significant Value at Quoted Observable Unobservable November 30, 2009 Prices Inputs Inputs ----------------- ----------- ----------- ------------ Investments in Securities* $28,211,758 $28,211,758 $-- $-- =========== =========== === ===
* Please refer to the Schedule of Investments for industry and security type breakouts. The accompanying notes are an integral part of the schedule of investments. 2 SENBANC FUND NOTES TO SCHEDULE OF INVESTMENTS NOVEMBER 30, 2009 (UNAUDITED) PORTFOLIO VALUATION - The Fund's net asset value ("NAV") is calculated once daily at the close of regular trading hours on the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System ("NASDAQ") market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are valued under the amortized cost method, which approximates fair value. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. FAIR VALUE MEASUREMENTS - The inputs and valuation techniques used to measure fair value of the Fund's investments are summarized into three levels as described in the hierarchy below: - - Level 1 - quoted prices 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 investments) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A summary of the inputs used to value the Fund's investments as of November 30, 2009 is included with the Fund's Schedule of Investments. For more information with regard to significant accounting policies, see the most recent annual report filed with the Securities and Exchange Commission. 3 ITEM 2. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) The RBB Fund, Inc. By (Signature and Title)* /s/ Salvatore Faia ---------------------------------- Salvatore Faia, President (principal executive officer) Date January 22, 2010 ------------------ 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 January 22, 2010 ------------------ By (Signature and Title)* /s/ Joel Weiss ---------------------------------- Joel Weiss, Treasurer (principal financial officer) Date January 22, 2010 ------------------ * Print the name and title of each signing officer under his or her signature. EX-99.CERT 2 cert.txt CERT CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT I, Salvatore Faia, certify that: 1. I have reviewed this report on Form N-Q of The RBB Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: January 22, 2010 /s/ Salvatore Faia ---------------- ---------------------------------------- Salvatore Faia, President (principal executive officer) CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT I, Joel Weiss, certify that: 1. I have reviewed this report on Form N-Q of The RBB Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: January 22, 2010 /s/ Joel Weiss -------------------- ---------------------------------------- Joel Weiss, Treasurer (principal financial officer) -----END PRIVACY-ENHANCED MESSAGE-----