N-Q 1 g15431rbb_nq.txt RBB 11-30-04 NQ 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) 300 EAST LOMBARD STREET BALTIMORE, MD 21202 -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) THE CORPORATION TRUST INCORPORATED 300 EAST LOMBARD STREET BALTIMORE, MD 21202 -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 302-792-2555 ------------ Date of fiscal year end: AUGUST 31 --------- Date of reporting period: NOVEMBER 30, 2004 ----------------- Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. SCHEDULE OF INVESTMENTS. The Schedules of Investments are attached herewith. THE RBB FUND, INC. MONEY MARKET PORTFOLIO STATEMENT OF NET ASSETS NOVEMBER 30, 2004 (UNAUDITED)
PAR (000) VALUE ------------ ------------- CERTIFICATES OF DEPOSIT--23.3% DOMESTIC CERTIFICATES OF DEPOSIT--5.2% First Tennessee Bank N.A. 1.850%, 12/20/04 $ 11,000 $ 10,998,631 ------------- YANKEE DOLLAR CERTIFICATES OF DEPOSIT--18.1% Eurohypo AG 2.065%, 12/14/04 11,000 11,000,000 ForeningsSparbanken AB (Swedbank) 1.440%, 03/01/05 6,000 5,999,779 Natexis Banques Populaires NY 2.050%, 02/02/05 10,000 10,000,000 Societe Generale 1.440%, 05/09/05 3,000 2,999,805 Toronto-Dominion Bank (The) 1.905%, 12/23/04 8,000 8,000,024 ------------- 37,999,608 ------------- TOTAL CERTIFICATES OF DEPOSIT (Cost $48,998,239) 48,998,239 ------------- COMMERCIAL PAPER--37.6% ASSET BACKED SECURITIES--19.0% Amstel Funding Corp. 1.840%, 12/15/04 9,000 8,993,560 Daimler Chrysler Revolving Auto Co. 2.030%, 12/08/04 9,310 9,306,325 Emerald Certificates 2.060%, 12/08/04 6,950 6,947,216 Lexington Parker Capital 2.220%, 02/08/05 4,750 4,729,789 Lockhart Funding LLC 2.240%, 02/03/05 10,000 9,960,178 ------------- 39,937,068 ------------- BANKS--8.8% Rabobank USA Finance Corp. 2.040%, 12/01/04 9,500 9,500,000 Skandinaviska Enskilda Banken AB 2.260%, 01/27/05 7,100 7,074,594 2.290%, 02/01/05 2,000 1,992,112 ------------- 18,566,706 ------------- MISCELLANEOUS BUSINESS CREDIT INSTITUTIONS--5.5% National Rural Utilities Cooperative 2.050%, 12/14/04 11,500 11,491,487 ------------- PAR (000) VALUE ------------ ------------- PERSONAL CREDIT INSTITUTIONS--4.3% Countrywide Home Loans, Inc. 2.100%, 12/01/04 $ 9,000 $ 9,000,000 ------------- TOTAL COMMERCIAL PAPER (Cost $78,995,261) 78,995,261 ------------- VARIABLE RATE OBLIGATIONS--14.2% ASSET BACKED SECURITIES--0.9% Racers Trust 2004-6-MM++ 2.140%, 12/22/04 1,000 1,000,000 SMM Trust 2004-G++ 1.800%, 12/03/04 887 887,010 ------------- 1,887,010 ------------- BANKS--5.7% HBOS Treasury Services P.L.C.++ 1.961%, 12/27/04 10,000 10,000,000 Westpac Banking Corp.++ 1.850%, 12/13/04 2,000 2,000,000 ------------- 12,000,000 ------------- LIFE INSURANCE--2.4% MetLife Global Funding++ 2.234%, 12/28/04 5,000 5,000,000 ------------- SECURITY BROKERS & DEALERS--5.2% Merrill Lynch & Co., Inc.++ 1.978%, 01/05/05 11,000 11,000,000 ------------- TOTAL VARIABLE RATE OBLIGATIONS (Cost $29,887,010) 29,887,010 ------------- AGENCY OBLIGATIONS--9.7% Federal Home Loan Bank 1.745%, 12/13/04 8,000 7,996,243 1.425%, 04/04/05 2,500 2,500,000 Federal National Mortgage Association 2.230%, 02/18/05 10,000 9,999,465 ------------- TOTAL AGENCY OBLIGATIONS (Cost $20,495,708) 20,495,708 ------------- MASTER NOTES--2.9% Morgan Stanley Mortgage Capital 2.233%, 12/01/04 6,000 6,000,000 ------------- TOTAL MASTER NOTES (Cost $6,000,000) 6,000,000 -------------
1 THE RBB FUND, INC. MONEY MARKET PORTFOLIO STATEMENT OF NET ASSETS (CONCLUDED) NOVEMBER 30, 2004 (UNAUDITED)
PAR (000) VALUE ------------ ------------- REPURCHASE AGREEMENTS--12.2% Goldman Sachs & Co. 2.070%, 12/01/04 $ 21,000 $ 21,000,000 Morgan Stanley & Co. 1.950%, 12/01/04 4,600 4,600,000 ------------- TOTAL REPURCHASE AGREEMENTS (Cost $25,600,000) 25,600,000 ------------- TOTAL INVESTMENTS AT VALUE--99.9% (Cost $209,976,218)** 209,976,218 ------------- OTHER ASSETS IN EXCESS OF LIABILITIES--0.1% 248,093 ------------- NET ASSETS (APPLICABLE TO 86,238,956 BEDFORD SHARES AND 123,988,402 SANSOM STREET SHARES)--100.0% $210,224,311 ============= NET ASSET VALUE, Offering and Redemption Price Per Share ($210,224,311 / 210,227,358) $ 1.00 =============
++ Variable Rate Obligations -- The interest rate shown is the rate as of November 30, 2004 and the maturity date shown is the next interest rate readjustment date or the maturity date. ** There are no differences between book cost and federal income tax cost. INVESTMENT ABBREVIATIONS IDR Industrial Development Revenue LOC Letter of Credit RAN Revenue Anticipation Note RB Revenue Bond VRDN Variable Rate Demand Note 2 [GRAPHIC OMITTED] N/I NUMERIC INVESTORS FAMILY OF FUNDS MID CAP FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- COMMON STOCKS--93.4% AEROSPACE & DEFENSE--2.8% 3,300 General Dynamics Corp. $ 357,588 6,200 Northrop Grumman Corp. 349,246 5,600 United Defense Industries, Inc.* 253,680 ------------ 960,514 ------------ APPAREL--1.3% 2,000 Coach, Inc.* 99,680 6,200 V.F. Corp. 334,738 ------------ 434,418 ------------ AUTOMOBILE--0.3% 2,400 General Motors Corp. 92,616 ------------ AUTOMOBILE PARTS & EQUIPMENT--0.8% 16,500 Dana Corp. 269,775 ------------ BANKS--4.1% 7,900 BB&T Corp. 335,355 3,400 Compass Bancshares, Inc. 158,304 4,200 SunTrust Banks, Inc. 299,460 10,600 Synovus Financial Corp. 286,200 5,200 UnionBanCal Corp. 321,516 ------------ 1,400,835 ------------ BUILDING SUPPLIES--1.0% 6,600 Lafarge North America, Inc. 330,990 ------------ CHEMICALS - DIVERSIFIED--1.4% 3,300 PPG Industries, Inc. 222,651 7,600 Westlake Chemical Corp. 238,564 ------------ 461,215 ------------ CHEMICALS - SPECIALTY--2.4% 2,600 Engelhard Corp. 77,714 22,400 RPM International, Inc. 414,176 7,300 Sherwin-Williams Co. (The) 325,580 ------------ 817,470 ------------ -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- COMMERCIAL SERVICES--2.0% 15,100 Cendant Corp. $ 342,317 3,600 FedEx Corp. 342,108 ------------ 684,425 ------------ COMPUTER NETWORKING PRODUCTS--1.2% 25,600 EMC Corp.* 343,552 2,600 Network Appliance, Inc.* 78,416 ------------ 421,968 ------------ COMPUTER SERVICES--1.5% 2,600 Computer Sciences Corp.* 140,660 19,600 Ingram Micro Inc., Class A* 377,104 ------------ 517,764 ------------ COMPUTER SOFTWARE--3.7% 2,300 Adobe Systems, Inc. 139,288 5,800 Autodesk, Inc. 379,378 15,600 Citrix Systems, Inc.* 368,316 11,600 Computer Associates International, Inc. 354,148 ------------ 1,241,130 ------------ COMPUTERS--0.6% 2,900 Apple Computer, Inc.* 194,445 ------------ CONSUMER PRODUCTS--2.4% 12,200 American Greetings Corp., Class A* 324,764 2,400 Brown-Forman Corp., Class B 115,248 600 Clorox Co. (The) 33,072 4,300 Fortune Brands, Inc. 337,464 ------------ 810,548 ------------ DATA PROCESSING--1.6% 3,100 Dun & Bradstreet Corp. (The)* 184,016 11,700 Thermo Electron Corp.* 353,925 ------------ 537,941 ------------ ELECTRONIC COMPONENTS & ACCESSORIES--2.1% 11,200 Amphenol Corp., Class A* 393,232 1 [GRAPHIC OMITTED] N/I NUMERIC INVESTORS FAMILY OF FUNDS MID CAP FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- ELECTRONIC COMPONENTS & ACCESSORIES--(CONTINUED) 13,100 Jabil Circuit, Inc.* $ 328,286 ------------ 721,518 ------------ ENERGY--1.0% 5,200 TXU Corp. 326,664 ------------ FINANCIAL SERVICES--2.7% 8,200 CIT Group, Inc. 350,550 1,800 First Marblehead Corp. (The)* 102,168 12,500 MBNA Corp. 332,000 4,000 Nuveen Investments, Class A 142,800 ------------ 927,518 ------------ FOOD & AGRICULTURE--1.2% 5,800 H.J. Heinz Co. 215,528 7,800 Sara Lee Corp. 183,144 ------------ 398,672 ------------ HEALTH CARE--1.1% 2,900 Humana, Inc.* 71,978 6,000 WellChoice, Inc.* 293,940 ------------ 365,918 ------------ HOTELS & MOTELS--1.0% 16,200 Hilton Hotels Corp. 334,692 ------------ INSURANCE--0.6% 3,500 Assurant, Inc. 105,000 2,600 Nationwide Financial Services, Inc. 97,708 ------------ 202,708 ------------ INSURANCE - PROPERTY & CASUALTY--5.3% 9,000 ACE, Ltd. 363,780 2,200 Allstate Corp. (The) 111,100 5,900 Everest Re Group, Ltd. 497,193 4,700 IPC Holdings, Ltd. 200,079 18,800 Old Republic International Corp. 469,812 2,000 XL Capital, Ltd., Class A 150,720 ------------ 1,792,684 ------------ -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- INTERNET SOFTWARE--1.5% 18,000 McAfee, Inc.* $ 520,200 ------------ MANUFACTURING--2.8% 5,100 Harman International Industries, Inc. 626,535 3,400 United Technologies Corp. 331,772 ------------ 958,307 ------------ MEDICAL & MEDICAL SERVICES--2.1% 6,500 Cardinal Health, Inc. 339,820 7,500 Laboratory Corp. of America Holdings* 359,625 ------------ 699,445 ------------ MEDICAL INSTRUMENTS & SUPPLIES--4.2% 6,400 Becton, Dickinson & Co. 350,592 6,200 Dade Behring Holdings, Inc.* 332,878 3,400 Hillenbrand Industries, Inc. 187,000 3,400 Kinetic Concepts, Inc.* 215,628 5,800 Respironics, Inc.* 321,204 ------------ 1,407,302 ------------ MULTIMEDIA/PUBLISHING--1.7% 2,500 McGraw-Hill Cos., Inc. (The) 219,325 3,900 Pixar Cos.* 353,613 ------------ 572,938 ------------ OFFICE & BUSINESS EQUIPMENT--0.8% 5,800 Pitney Bowes, Inc. 253,866 ------------ OIL & GAS EQUIPMENT & SERVICES--1.2% 7,700 FMC Technologies, Inc.* 252,945 3,330 Questar Corp. 169,197 ------------ 422,142 ------------ OIL & GAS FIELD EXPLORATION--2.4% 2,100 Anadarko Petroleum Corp. 146,160 8,200 Burlington Resources, Inc. 380,562 3,100 Marathon Oil Corp. 122,264 2 [GRAPHIC OMITTED] N/I NUMERIC INVESTORS FAMILY OF FUNDS MID CAP FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- OIL & GAS FIELD EXPLORATION--(CONTINUED) 2,900 Occidental Petroleum Corp. $ 174,609 ------------ 823,595 ------------ OIL REFINING--2.6% 4,300 Sunoco, Inc. 355,008 11,200 Tesoro Petroleum Corp.* 370,944 3,100 Valero Energy Corp. 145,049 ------------ 871,001 ------------ PACKAGING--0.2% 3,300 Owens-Illinois, Inc.* 69,036 ------------ PHARMACEUTICALS--2.3% 5,900 AmerisourceBergen Corp. 347,746 2,300 Cephalon, Inc.* 109,319 8,900 Medicis Pharmaceutical Corp., Class A* 327,431 ------------ 784,496 ------------ REAL ESTATE INVESTMENT TRUSTS--3.1% 2,800 CBL & Associates Properties, Inc. 205,212 9,800 General Growth Properties, Inc. 336,238 6,200 Mills Corp. (The) 368,032 7,900 Trizec Properties, Inc. 130,113 ------------ 1,039,595 ------------ RESIDENTIAL CONSTRUCTION--2.6% 11,800 Lennar Corp. 530,174 500 NVR, Inc.* 345,450 ------------ 875,624 ------------ RESTAURANTS--1.0% 11,400 McDonalds Corp. 350,436 ------------ RETAIL - DISCOUNT--1.5% 6,600 Costco Wholesale Corp.* 320,760 1,800 Kmart Holding Corp.* 185,094 ------------ 505,854 ------------ RETAIL - SPECIALTY--3.7% 13,500 7-Eleven, Inc.* 318,600 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 7,300 Abercrombie & Fitch Co., Class A $ 332,515 5,900 Aeropostale, Inc.* 168,150 6,000 Federated Department Stores, Inc. 328,800 2,500 J.C. Penney Co., Inc. 96,500 ------------ 1,244,565 ------------ SAVINGS & LOAN ASSOCIATIONS--4.1% 6,200 Astoria Financial Corp. 257,300 5,100 East West Bancorp, Inc. 211,497 3,600 Independence Community Bank Corp. 152,928 11,800 North Fork Bancorporation, Inc. 339,840 8,300 Webster Financial Corp. 415,415 ------------ 1,376,980 ------------ SCHOOLS--0.7% 1,900 Career Education Corp.* 73,910 4,600 Education Management Corp.* 152,444 ------------ 226,354 ------------ SEMICONDUCTORS--1.4% 9,400 Cree, Inc.* 336,332 4,300 Microchip Technology, Inc. 121,174 ------------ 457,506 ------------ SERVICES - MANAGEMENT CONSULTING--0.9% 12,000 Accenture, Ltd., Class A* 311,280 ------------ TELECOMMUNICATIONS--1.0% 18,500 AT&T Corp. 338,550 ------------ TELECOMMUNICATIONS EQUIPMENT & SERVICES--1.1% 21,200 Crown Castle International Corp.* 357,856 ------------ TOYS--0.2% 2,800 Marvel Enterprises, Inc.* 51,604 ------------ TRANSPORTATION--3.5% 8,500 Burlington Northern Santa Fe Corp. 382,840 3 [GRAPHIC OMITTED] N/I NUMERIC INVESTORS FAMILY OF FUNDS MID CAP FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- TRANSPORTATION--(CONTINUED) 10,900 Norfolk Southern Corp. $ 374,197 6,600 Overseas Shipholding Group, Inc. 433,554 ------------ 1,190,591 ------------ UTILITIES--3.6% 13,300 Alliant Energy Corp. 362,824 5,200 Equitable Resources, Inc. 309,400 5,200 MDU Resources Group, Inc. 142,012 11,100 Northeast Utilities 202,353 6,600 ONEOK, Inc. 184,272 ------------ 1,200,861 ------------ WHOLESALE - GROCERIES & GENERAL LINE--1.1% 11,400 SUPERVALU, Inc. 360,126 ------------ Total Common Stocks (Cost $28,223,669) 31,516,538 ------------ -------------------------------------------------------------------------------- PRINCIPAL AMOUNT (000'S) VALUE -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS--6.7% 124 Bear, Stearns & Co., Inc. (Agreement dated 11/30/04 to be repurchased at $123,518), 1.03%, 12/01/04** 123,514 2,151 Bear, Stearns & Co., Inc. (Agreement dated 11/30/04 to be repurchased at $2,150,911), 1.95%, 12/01/04 2,150,794 ------------ Total Repurchase Agreements (Cost $2,274,308) 2,274,308 ------------ Total Investments -- 100.1% (Cost $30,497,977)*** 33,790,846 ------------ Liabilities in Excess of Other Assets -- (0.1)% (45,963) ------------ Net Assets -- 100.0% $33,744,883 ============ ---------------------------------- * Non-income producing. ** Investment purchased with collateral received for securities on loan. *** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 30,547,185 ============= Gross unrealized appreciation $ 3,436,166 Gross unrealized depreciation (192,505) ------------- Net unrealized appreciation $ 3,243,661 ============= 4 [GRAPHIC OMITTED] N/I NUMERIC INVESTORS FAMILY OF FUNDS GROWTH FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- COMMON STOCKS--95.8% AEROSPACE & DEFENSE--1.6% 6,412 Innovative Solutions and Support, Inc.* $ 196,271 2,900 Titan International, Inc. 36,192 8,600 United Defense Industries, Inc.* 389,580 ------------ 622,043 ------------ AIRLINES--1.5% 8,500 Alaska Air Group, Inc.* 265,455 22,800 ExpressJet Holdings, Inc.* 265,848 4,042 Pinnacle Airlines Corp.* 50,727 ------------ 582,030 ------------ APPAREL--1.0% 3,600 Deckers Outdoor Corp.* 156,672 6,200 Guess?, Inc.* 89,900 9,200 Hartmarx Corp.* 74,244 6,000 Skechers U.S.A., Inc., Class A* 69,660 ------------ 390,476 ------------ AUTOMOBILE PARTS & EQUIPMENT--0.8% 5,100 Aftermarket Technology Corp.* 88,842 14,000 Dana Corp. 228,900 ------------ 317,742 ------------ BANKS--0.8% 2,600 International Bancshares Corp. 102,830 5,600 Sterling Financial Corp.* 223,720 ------------ 326,550 ------------ BIOTECH--1.4% 4,000 Array BioPharma, Inc.* 33,440 1,000 Idenix Pharmaceuticals, Inc.* 14,450 2,700 Lexicon Genetics, Inc.* 18,981 2,700 NitroMed, Inc.* 56,430 2,300 OSI Pharmaceuticals, Inc.* 109,434 3,200 Pharmion Corp.* 135,488 1,800 Sepracor, Inc.* 80,118 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 12,500 Third Wave Technologies* $ 100,750 ------------ 549,091 ------------ BUILDING & BUILDING MATERIALS--0.5% 1,900 Eagle Materials, Inc. 148,903 3,700 Perini Corp.* 55,315 ------------ 204,218 ------------ CHEMICALS - DIVERSIFIED--0.5% 6,500 Westlake Chemical Corp. 204,035 ------------ CHEMICALS - SPECIALTY--0.7% 8,900 OM Group, Inc.* 273,586 ------------ COMMERCIAL SERVICES--0.4% 1,400 McGrath Rentcorp 59,164 4,100 Steiner Leisure, Ltd.* 110,372 ------------ 169,536 ------------ COMMUNICATION EQUIPMENT--1.1% 7,100 Digi International, Inc.* 109,269 14,400 Novatel Wireless, Inc.* 303,264 ------------ 412,533 ------------ COMPUTER NETWORKING PRODUCTS--0.2% 1,800 Black Box Corp. 76,824 ------------ COMPUTER PERIPHERALS--1.2% 11,500 America Movil S.A. de C.V. - ADR 202,975 9,300 TransAct Technologies, Inc.* 207,855 900 Zebra Technologies Corp., Class A* 45,252 ------------ 456,082 ------------ COMPUTER SERVICES--1.4% 700 CACI International Inc., Class A 43,491 1,700 Gartner, Inc., Class A* 20,230 17,600 Ingram Micro Inc., Class A* 338,624 2,300 SRA International, Inc., Class A* 133,492 ------------ 535,837 ------------ 1 [GRAPHIC OMITTED] N/I NUMERIC INVESTORS FAMILY OF FUNDS GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- COMPUTER SOFTWARE--4.1% 6,400 ANSYS, Inc.* $ 196,416 4,700 Autodesk, Inc. 307,427 1,400 Citrix Systems, Inc.* 33,054 4,800 MICROS Systems, Inc.* 352,176 300 MicroStrategy, Inc., Class A* 19,365 56,700 Parametric Technology Corp.* 331,695 13,000 Ulticom, Inc. 233,350 2,800 Verint Systems, Inc.* 115,192 ------------ 1,588,675 ------------ CONSUMER PRODUCTS--1.3% 11,500 American Greetings Corp., Class A* 306,130 10,600 Playtex Products, Inc.* 79,500 1,600 Toro Co. (The) 116,000 ------------ 501,630 ------------ DATA PROCESSING--1.8% 7,900 Alliance Data Systems Corp.* 338,910 900 Dun & Bradstreet Corp. (The)* 53,424 9,600 Thermo Electron Corp.* 290,400 ------------ 682,734 ------------ ELECTRICAL EQUIPMENT--0.8% 10,400 WESCO International, Inc.* 292,448 ------------ ELECTRONIC COMPONENTS & ACCESSORIES--3.9% 6,401 Agilysys, Inc. 105,809 10,100 Amphenol Corp., Class A* 354,611 600 BEI Technologies, Inc. 17,610 1,500 Belden CDT, Inc. 34,785 14,200 Electro Scientific Industries, Inc.* 275,764 11,400 Jabil Circuit, Inc.* 285,684 13,700 Macrovision Corp.* 363,735 4,000 Universal Electronics, Inc. 73,000 ------------ 1,510,998 ------------ -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- ELECTRONIC MEASUREMENTS - INSTRUMENTS--0.6% 7,300 MTS Systems Corp. $ 221,555 ------------ ENGINEERING--0.7% 9,700 URS Corp.* 291,388 ------------ FINANCIAL SERVICES--0.2% 200 Calamos Asset Management, Inc., Class A* 4,744 2,600 First Cash Financial Services, Inc.* 67,704 ------------ 72,448 ------------ FOOD & AGRICULTURE--1.3% 5,000 Nash Finch Co. 185,550 9,500 Pilgrim's Pride Corp. 318,250 ------------ 503,800 ------------ FUNERAL SERVICES--0.5% 24,600 Stewart Enterprises, Inc., Class A* 182,532 ------------ HEALTH CARE--2.4% 1,900 Coventry Health Care, Inc.* 94,297 7,500 Genesis HealthCare Corp.* 241,875 300 Molina Healthcare, Inc.* 13,035 5,100 Sierra Health Services, Inc.* 283,713 3,600 Sunrise Assisted Living, Inc.* 154,620 4,900 WellCare Health Plans, Inc.* 160,573 ------------ 948,113 ------------ HOTELS & MOTELS--0.1% 700 Choice Hotels International, Inc. 35,840 ------------ INSURANCE--0.7% 15,100 Assured Guaranty, Ltd. 278,142 ------------ INSURANCE - HEALTH & LIFE--0.7% 5,900 AmerUs Group Co. 257,063 ------------ INSURANCE - PROPERTY & CASUALTY--2.9% 6,300 Arch Capital Group, Ltd.* 245,385 3,800 Bristol West Holdings, Inc. 76,646 2 [GRAPHIC OMITTED] N/I NUMERIC INVESTORS FAMILY OF FUNDS GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- INSURANCE - PROPERTY & CASUALTY--(CONTINUED) 3,500 Everest Re Group, Ltd. $ 294,945 5,465 IPC Holdings, Ltd. 232,645 8,600 Platinum Underwriters Holdings, Ltd. 256,366 1,600 PXRE Group, Ltd. 38,608 ------------ 1,144,595 ------------ INTERNET CONTENT--2.0% 4,387 eCOST.com, Inc.* 84,669 7,100 InfoSpace, Inc.* 314,530 16,500 LookSmart, Ltd.* 32,819 27,000 ValueClick, Inc.* 348,300 ------------ 780,318 ------------ INTERNET SOFTWARE--2.3% 7,900 F5 Networks, Inc.* 340,095 14,100 McAfee, Inc.* 407,490 8,400 RightNow Technologies, Inc.* 152,796 ------------ 900,381 ------------ LEISURE & ENTERTAINMENT--1.6% 5,500 Ameristar Casinos, Inc. 221,375 2,500 Monarch Casino & Resort, Inc.* 87,300 700 Penn National Gaming, Inc.* 36,939 1,700 Scientific Games Corp., Class A* 40,630 6,100 Speedway Motorsports, Inc. 224,114 ------------ 610,358 ------------ MACHINERY--2.1% 4,650 Middleby Corp. (The)* 267,003 5,000 Stewart & Stevenson Services, Inc. 100,000 800 Tecumseh Products Co., Class A 36,632 7,300 Terex Corp.* 334,632 3,500 Wabtec Corp. 71,995 ------------ 810,262 ------------ -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- MANUFACTURING--2.1% 6,900 Albany International Corp., Class A $ 230,805 1,500 CLARCOR, Inc. 78,780 2,600 ESCO Technologies, Inc.* 190,320 1,900 Harman International Industries, Inc. 233,415 1,200 Kennametal, Inc. 61,560 1,500 Walter Industries, Inc. 37,770 ------------ 832,650 ------------ MEDICAL & MEDICAL SERVICES--3.3% 2,500 Covance, Inc.* 98,650 6,700 Lincare Holdings, Inc.* 258,553 5,400 NeighborCare, Inc.* 151,686 5,600 Pediatrix Medical Group, Inc.* 348,880 8,600 Pharmaceutical Product Development, Inc.* 362,146 400 PRA International* 9,064 2,000 Ventiv Health, Inc.* 38,720 ------------ 1,267,699 ------------ MEDICAL INSTRUMENTS & SUPPLIES--4.9% 4,500 Cantel Medical Corp.* 134,820 6,700 Dade Behring Holdings, Inc.* 359,723 1,000 Edwards Lifesciences Corp.* 37,610 8,400 Haemonetics Corp.* 293,160 11,400 Immucor, Inc.* 366,510 9,250 Intuitive Surgical, Inc.* 332,352 1,400 Owens & Minor, Inc. 38,850 6,300 Respironics, Inc.* 348,894 1,000 Vnus Medical Technologies* 15,000 ------------ 1,926,919 ------------ METALS--0.1% 600 Cleveland-Cliffs, Inc. 58,140 ------------ MORTGAGE--2.5% 6,750 Doral Financial Corp. 313,200 3 [GRAPHIC OMITTED] N/I NUMERIC INVESTORS FAMILY OF FUNDS GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- MORTGAGE--(CONTINUED) 14,800 Fremont General Corp. $ 352,240 6,100 LandAmerica Financial Group, Inc. 325,740 ------------ 991,180 ------------ MULTIMEDIA/PUBLISHING--1.8% 4,000 Pixar Cos.* 362,680 4,600 R.H. Donnelley Corp.* 251,620 4,100 Thomas Nelson, Inc. 101,270 ------------ 715,570 ------------ OIL & GAS EQUIPMENT & SERVICES--0.9% 2,700 Hydril* 126,657 1,000 Offshore Logistics, Inc.* 37,900 9,900 Oil States International, Inc.* 201,663 ------------ 366,220 ------------ OIL & GAS FIELD EXPLORATION--2.3% 5,800 Goodrich Petroleum Corp.* 93,670 5,000 Houston Exploration Co. (The)* 299,500 2,800 KCS Energy, Inc.* 40,124 2,400 Petroleum Development Corp.* 98,688 6,600 Stone Energy Corp.* 316,668 7,800 VAALCO Energy, Inc.* 34,320 ------------ 882,970 ------------ OIL & GAS FIELD SERVICES--0.2% 3,100 Dawson Geophysical Co.* 72,385 ------------ OIL REFINING--1.6% 11,600 Giant Industries, Inc.* 324,800 9,200 Tesoro Petroleum Corp.* 304,704 ------------ 629,504 ------------ PACKAGING--0.7% 4,700 Silgan Holdings, Inc.* 255,210 ------------ PHARMACEUTICALS--2.4% 1,900 Connetics Corp.* 39,729 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 14,400 First Horizon Pharmaceutical Corp.* $ 281,664 14,400 LifeCell Corp.* 148,896 10,200 Medicis Pharmaceutical Corp., Class A* 375,258 5,400 Noven Pharmaceuticals, Inc.* 98,712 ------------ 944,259 ------------ PRINTING--0.3% 2,500 Consolidated Graphics, Inc.* 118,250 ------------ REAL ESTATE--0.0% 300 ZipRealty, Inc.* 5,067 ------------ REAL ESTATE INVESTMENT TRUSTS--3.2% 5,400 CBL & Associates Properties, Inc. 395,766 6,200 Mills Corp. (The) 368,032 15,800 OMEGA Healthcare Investors, Inc. 197,658 17,600 Trizec Properties, Inc. 289,872 ------------ 1,251,328 ------------ RESIDENTIAL CONSTRUCTION--1.6% 6,100 Brookfield Homes Corp. 189,100 1,200 M.D.C. Holdings, Inc. 90,840 400 NVR, Inc.* 276,360 700 Standard Pacific Corp. 39,207 1,500 WCI Communities, Inc.* 38,430 ------------ 633,937 ------------ RESTAURANTS--1.6% 10,200 Denny's Corp.* 44,880 16,800 Domino's Pizza, Inc. 301,560 7,400 Jack in the Box, Inc.* 279,572 ------------ 626,012 ------------ RETAIL--0.4% 6,000 New York & Co., Inc.* 139,500 ------------ 4 [GRAPHIC OMITTED] N/I NUMERIC INVESTORS FAMILY OF FUNDS GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- RETAIL - SPECIALTY--5.4% 12,900 7-Eleven, Inc.* $ 304,440 11,000 Abercrombie & Fitch Co., Class A 501,050 8,600 American Eagle Outfitters, Inc. 359,222 7,200 Cato Corp. (The), Class A 192,096 10,198 Coldwater Creek, Inc.* 267,188 1,400 Michaels Stores, Inc. 38,262 15,700 Stein Mart, Inc.* 261,091 1,700 Trans World Entertainment Corp.* 19,176 5,100 Wolverine World Wide, Inc. 152,745 ------------ 2,095,270 ------------ SAVINGS & LOAN ASSOCIATIONS--0.7% 2,100 FirstFed Financial Corp.* 110,502 300 ITLA Capital Corp.* 16,389 4,900 Oriental Financial Group, Inc. 148,568 ------------ 275,459 ------------ SCHOOLS--1.7% 8,200 Career Education Corp.* 318,980 10,700 Education Management Corp.* 354,598 ----------- 673,578 ----------- SEMICONDUCTORS--4.0% 8,200 ATMI, Inc.* 188,764 22,500 Axcelis Technologies, Inc.* 164,250 10,300 Cree, Inc.* 368,534 29,300 MEMC Electronic Materials, Inc.* 311,459 18,700 MIPS Technologies, Inc.* 163,625 22,700 Silicon Image, Inc.* 381,360 ------------ 1,577,992 ------------ SERVICES - MANAGEMENT CONSULTING--0.7% 3,100 DiamondCluster International, Inc.* 37,913 1,700 Heidrick & Struggles International, Inc.* 58,480 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 8,300 PDI, Inc.* $ 193,141 ------------ 289,534 ------------ STEEL--0.8% 8,300 Schnitzer Steel Industries, Inc., Class A 313,159 ------------ TELECOMMUNICATIONS EQUIPMENT & SERVICES--3.7% 9,900 Catapult Communications Corp.* 268,686 20,500 Crown Castle International Corp.* 346,040 10,683 Ditech Communications Corp.* 168,364 5,400 Dycom Industries, Inc.* 157,356 500 Harris Corp. 33,095 8,400 InterDigital Communications Corp.* 170,940 500 Iowa Telecommunications Services, Inc.* 10,605 30,300 SBA Communications Corp., Class A* 290,880 ------------ 1,445,966 ------------ TOBACCO--0.7% 9,400 Loews Corp. - Carolina Group 276,360 ------------ TOYS--0.7% 13,750 JAKKS Pacific, Inc.* 256,025 ------------ TRANSPORTATION--4.3% 6,700 CNF, Inc. 313,225 1,300 Dynamex, Inc.* 26,156 3,500 General Maritime Corp.* 159,075 4,300 Heartland Express, Inc. 94,428 3,680 Hub Group, Inc., Class A* 160,080 16,100 Laidlaw International, Inc.* 304,290 6,700 OMI Corp. 143,179 2,200 Overnite Corp. 77,748 4,800 Overseas Shipholding Group, Inc. 315,312 1,400 Yellow Roadway Corp.* 73,990 ------------ 1,667,483 ------------ 5 [GRAPHIC OMITTED] N/I NUMERIC INVESTORS FAMILY OF FUNDS GROWTH FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- UTILITIES--0.1% 600 AGL Resources, Inc. $ 19,914 ------------ Total Common Stocks (Cost $32,540,097) 37,341,403 ------------ -------------------------------------------------------------------------------- PRINCIPAL AMOUNT (000'S) VALUE -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS--4.6% 1,025 Bear, Stearns & Co., Inc. (Agreement dated 11/30/04 to be repurchased at $1,025,490), 1.95%, 12/01/04 1,025,433 745 Bear, Stearns & Co., Inc. (Agreement dated 11/30/04 to be repurchased at $745,147), 1.03%, 12/01/04** 745,126 ------------ Total Repurchase Agreements (Cost $1,770,559) 1,770,559 ------------ Total Investments -- 100.4% (Cost $34,310,656)*** 39,111,962 ------------ Liabilities in Excess of Other Assets -- (0.4)% (151,173) ------------ Net Assets -- 100.0% $38,960,789 ============ ---------------------------------- * Non-income producing. ** Investment purchased with collateral received for securities on loan. *** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 34,561,085 ============= Gross unrealized appreciation $ 4,932,609 Gross unrealized depreciation (381,732) ------------- Net unrealized appreciation $ 4,550,877 ============= 6 [GRAPHIC OMITTED] N/I NUMERIC INVESTORS FAMILY OF FUNDS EMERGING GROWTH FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- COMMON STOCKS--95.4% AEROSPACE & DEFENSE--1.3% 8,100 DRS Technologies, Inc. $ 346,032 26,840 Innovative Solutions and Support, Inc.* 821,572 68,200 Titan International, Inc. 851,136 ------------- 2,018,740 ------------- AIRLINES--1.3% 95,800 ExpressJet Holdings, Inc.* 1,117,028 59,500 Pinnacle Airlines Corp.* 746,725 13,046 Republic Airways Holdings, Inc.* 150,029 ------------- 2,013,782 ------------- APPAREL--1.9% 10,800 Cherokee, Inc. 317,520 42,600 Cutter & Buck, Inc. 633,888 21,435 Deckers Outdoor Corp.* 932,851 72,300 Hartmarx Corp.* 583,461 37,800 Skechers U.S.A., Inc., Class A* 438,858 ------------- 2,906,578 ------------- AUTOMOBILE PARTS & EQUIPMENT--0.9% 54,400 Aftermarket Technology Corp.* 947,648 15,600 Midas, Inc.* 301,236 13,200 Spartan Motors, Inc. 156,829 ------------- 1,405,713 ------------- BANKS--1.8% 11,900 CVB Financial Corp. 323,442 36,500 Glacier Bancorp, Inc. 1,263,265 16,310 MBT Financial Corp. 388,994 22,897 Sterling Financial Corp.* 914,735 ------------- 2,890,436 ------------- BIOTECH--2.7% 13,900 Alkermes, Inc.* 191,681 53,300 Array BioPharma, Inc.* 445,588 16,800 Cypress Bioscience, Inc.* 195,720 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 5,900 ILEX Oncology, Inc.* $ 146,674 81,800 Lexicon Genetics, Inc.* 575,054 8,100 Myriad Genetics, Inc.* 155,844 21,700 Neurogen Corp.* 189,875 22,100 NitroMed, Inc.* 461,890 19,800 Pharmion Corp.* 838,332 12,200 Star Scientific, Inc.* 80,398 8,100 Theravance, Inc.* 142,560 39,000 Third Wave Technologies* 314,340 19,507 ZymoGenetics, Inc.* 443,589 ------------- 4,181,545 ------------- BROADCASTING--0.2% 33,300 Nexstar Broadcasting Group, Inc., Class A* 278,055 ------------- BUILDING & BUILDING MATERIALS--1.1% 13,600 Eagle Materials, Inc. 1,065,832 38,000 Perini Corp.* 568,100 1,700 Trex Co., Inc.* 79,815 ------------- 1,713,747 ------------- CHEMICALS - DIVERSIFIED--0.8% 39,800 Westlake Chemical Corp. 1,249,322 ------------- CHEMICALS - SPECIALTY--0.5% 5,500 Georgia Gulf Corp. 316,690 28,200 Mosaic Co. (The)* 490,116 ------------- 806,806 ------------- COMMERCIAL SERVICES--0.9% 11,000 McGrath Rentcorp 464,860 34,200 PeopleSupport, Inc.* 302,670 25,300 Steiner Leisure, Ltd.* 681,076 ------------- 1,448,606 ------------- COMMUNICATION EQUIPMENT--1.4% 66,624 Digi International, Inc.* 1,025,343 1 [GRAPHIC OMITTED] N/I NUMERIC INVESTORS FAMILY OF FUNDS EMERGING GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- COMMUNICATION EQUIPMENT--(CONTINUED) 57,200 Novatel Wireless, Inc.* $ 1,204,632 ------------- 2,229,975 ------------- COMPUTER PERIPHERALS--1.3% 58,100 America Movil S.A. de C.V. - ADR 1,025,465 42,700 TransAct Technologies, Inc.* 954,345 ------------- 1,979,810 ------------- COMPUTER SERVICES--1.5% 8,700 CACI International Inc., Class A 540,531 21,100 SRA International, Inc., Class A* 1,224,644 47,257 Tier Technologies, Inc., Class B* 417,279 12,900 Wind River Systems, Inc.* 156,090 ------------- 2,338,544 ------------- COMPUTER SOFTWARE--4.9% 38,500 Ansoft Corp.* 693,770 37,536 ANSYS, Inc.* 1,151,980 19,100 MICROS Systems, Inc.* 1,401,367 9,700 MicroStrategy, Inc., Class A* 626,135 226,700 Parametric Technology Corp.* 1,326,195 73,900 Ulticom, Inc. 1,326,505 25,903 Verint Systems, Inc.* 1,065,649 ------------- 7,591,601 ------------- CONSUMER PRODUCTS--1.4% 123,300 Playtex Products, Inc.* 924,750 6,600 Toro Co. (The) 478,500 28,200 Wolverine World Wide, Inc. 844,590 ------------- 2,247,840 ------------- CORRECTIONAL REHABILITAION--0.2% 16,800 Geo Group, Inc. (The)* 387,240 ------------- DATA PROCESSING--0.1% 11,500 CAM Commerce Solutions, Inc.* 185,369 ------------- ELECTRICAL EQUIPMENT--0.8% 45,500 WESCO International, Inc.* 1,279,460 ------------- -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- ELECTRONIC COMPONENTS & ACCESSORIES--5.0% 52,400 Agilysys, Inc. $ 866,172 10,321 BEI Technologies, Inc. 302,921 3,700 Bel Fuse, Inc., Class B 126,651 6,400 Belden CDT, Inc. 148,416 40,100 Electro Scientific Industries, Inc.* 778,742 53,500 Macrovision Corp.* 1,420,425 127,800 MIPS Technologies, Inc.* 1,118,250 23,400 Multi-Fineline Electronix, Inc.* 427,518 26,500 Rofin-Sinar Technologies, Inc.* 1,033,500 55,936 Universal Electronics, Inc. 1,020,832 39,500 Virage Logic Corp.* 593,685 ------------- 7,837,112 ------------- ELECTRONIC MEASUREMENTS - INSTRUMENTS--0.7% 36,334 MTS Systems Corp. 1,102,737 ------------- FINANCIAL SERVICES--1.4% 600 Calamos Asset Management, Inc., Class A* 14,232 13,700 First Cash Financial Services, Inc.* 356,748 48,400 Interactive Data Corp.* 993,168 37,200 Nelnet, Inc., Class A* 902,100 ------------- 2,266,248 ------------- FOOD & AGRICULTURE--0.8% 32,200 Nash Finch Co. 1,194,942 ------------- FUNERAL SERVICES--0.7% 141,300 Stewart Enterprises, Inc., Class A* 1,048,446 ------------- HAZARDOUS WASTE MANAGEMENT--0.2% 13,300 American Ecology Corp. 160,664 52,300 Darling International, Inc.* 215,476 ------------- 376,140 ------------- HEALTH CARE--3.0% 9,100 America Service Group, Inc.* 227,955 5,800 Centene Corp.* 310,300 2 [GRAPHIC OMITTED] N/I NUMERIC INVESTORS FAMILY OF FUNDS EMERGING GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- HEALTH CARE--(CONTINUED) 35,500 Genesis HealthCare Corp.* $ 1,144,875 5,900 Molina Healthcare, Inc.* 256,355 17,800 Sierra Health Services, Inc.* 990,214 10,900 Sunrise Assisted Living, Inc.* 468,155 37,300 WellCare Health Plans, Inc.* 1,222,321 ------------- 4,620,175 ------------- INSURANCE--0.7% 78,600 Universal American Financial Corp.* 1,049,310 ------------- INSURANCE - PROPERTY & CASUALTY--1.7% 22,900 Affirmative Insurance Holdings, Inc. 382,888 26,900 Arch Capital Group, Ltd.* 1,047,755 27,300 Bristol West Holdings, Inc. 550,641 53,250 Capital Title Group, Inc. 266,250 16,800 PXRE Group, Ltd. 405,384 ------------- 2,652,918 ------------- INTERNET CONTENT--3.5% 20,600 eCOST.com, Inc.* 397,580 34,706 InfoSpace, Inc.* 1,537,476 189,700 LookSmart, Ltd.* 377,314 66,000 Register.com, Inc.* 384,120 54,400 RightNow Technologies, Inc.* 989,536 44,315 TriZetto Group, Inc. (The)* 313,750 111,657 ValueClick, Inc.* 1,440,375 ------------- 5,440,151 ------------- INTERNET SOFTWARE--1.4% 34,300 F5 Networks, Inc.* 1,476,615 96,315 PC-Tel, Inc.* 777,262 ------------- 2,253,877 ------------- LEISURE & ENTERTAINMENT--3.1% 27,300 Ameristar Casinos, Inc. 1,098,825 39,300 Century Casinos, Inc.* 312,828 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 25,800 Monarch Casino & Resort, Inc.* $ 900,936 17,400 Riviera Holdings Corp.* 469,800 23,100 Scientific Games Corp., Class A* 552,090 28,400 Speedway Motorsports, Inc. 1,043,416 128,709 Youbet.com, Inc.* 548,300 ------------- 4,926,195 ------------- MACHINERY--3.0% 20,155 Middleby Corp. (The)* 1,157,300 44,800 Stewart & Stevenson Services, Inc. 896,000 30,400 Terex Corp.* 1,393,536 57,500 Wabtec Corp. 1,182,775 ------------- 4,629,611 ------------- MANUFACTURING--2.1% 32,400 Albany International Corp., Class A 1,083,780 21,100 CLARCOR, Inc. 1,108,172 10,700 ESCO Technologies, Inc.* 783,240 11,600 Gaming Partners International Corp.* 266,220 7,700 LSI Industries, Inc. 76,538 ------------- 3,317,950 ------------- MEDICAL & MEDICAL SERVICES--2.8% 38,100 Alliance Imaging, Inc.* 358,140 37,200 American Retirement Corp.* 295,740 15,500 Gentiva Health Services, Inc.* 258,075 34,700 NeighborCare, Inc.* 974,723 23,800 Pediatrix Medical Group, Inc.* 1,482,740 2,000 PRA International* 45,320 7,700 Quality Systems, Inc.* 472,857 36,500 Res-Care, Inc.* 547,500 ------------- 4,435,095 ------------- MEDICAL INSTRUMENTS & SUPPLIES--4.9% 35,000 Cantel Medical Corp.* 1,048,600 3 [GRAPHIC OMITTED] N/I NUMERIC INVESTORS FAMILY OF FUNDS EMERGING GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- MEDICAL INSTRUMENTS & SUPPLIES--(CONTINUED) 33,000 CNS, Inc.* $ 398,310 35,800 Haemonetics Corp.* 1,249,420 45,777 Immucor, Inc.* 1,471,731 41,500 Intuitive Surgical, Inc.* 1,491,095 30,535 Lifecore Biomedical, Inc.* 311,762 12,800 Lifeline Systems, Inc.* 346,240 38,300 Natus Medical, Inc.* 275,760 36,400 Owens & Minor, Inc. 1,010,100 3,900 Vnus Medical Technologies* 58,500 ------------- 7,661,518 ------------- METALS--0.8% 13,900 A.M. Castle & Co.* 176,808 11,300 Cleveland-Cliffs, Inc. 1,094,970 ------------- 1,271,778 ------------- MORTGAGE--1.1% 9,925 Doral Financial Corp. 460,520 54,100 Fremont General Corp. 1,287,580 ------------- 1,748,100 ------------- MULTIMEDIA/PUBLISHING--0.2% 12,800 Thomas Nelson, Inc. 316,160 ------------- OIL & GAS EQUIPMENT & SERVICES--2.9% 16,600 Atlas America, Inc.* 526,884 25,200 Hornbeck Offshore Services, Inc.* 509,040 23,600 Hydril* 1,107,076 27,771 Lufkin Industries, Inc. 1,118,061 45,300 Mitcham Industries, Inc.* 339,750 8,400 Offshore Logistics, Inc.* 318,360 30,400 Oil States International, Inc.* 619,248 ------------- 4,538,419 ------------- OIL & GAS FIELD EXPLORATION--1.7% 20,500 KCS Energy, Inc.* 293,765 21,400 Petroleum Development Corp.* 879,968 27,100 Stone Energy Corp.* 1,300,258 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 9,700 Toreador Resources Corp.* $ 149,671 ------------- 2,623,662 ------------- OIL & GAS FIELD SERVICES--0.6% 37,200 Dawson Geophysical Co.* 868,620 ------------- OIL REFINING--0.8% 42,900 Giant Industries, Inc.* 1,201,200 ------------- PACKAGING--0.9% 24,700 Silgan Holdings, Inc.* 1,341,210 ------------- PHARMACEUTICALS--2.8% 42,089 Anika Therapeutics, Inc.* 397,741 15,400 Connetics Corp.* 322,014 41,100 Enzon Pharmaceuticals, Inc.* 556,494 60,600 First Horizon Pharmaceutical Corp.* 1,185,336 112,100 LifeCell Corp.* 1,159,114 38,600 Noven Pharmaceuticals, Inc.* 705,608 36,800 Savient Pharmaceuticals, Inc.* 80,960 ------------- 4,407,267 ------------- PRINTING--0.5% 11,900 Consolidated Graphics, Inc.* 562,870 12,700 Ennis, Inc. 252,095 ------------- 814,965 ------------- REAL ESTATE--0.0% 1,000 ZipRealty, Inc.* 16,890 ------------- REAL ESTATE INVESTMENT TRUSTS--1.1% 23,200 Tanger Factory Outlet Centers, Inc. 1,162,552 21,600 Taubman Centers, Inc. 635,040 ------------- 1,797,592 ------------- RESIDENTIAL CONSTRUCTION--0.5% 24,800 Brookfield Homes Corp. 768,800 ------------- RESTAURANTS--1.5% 74,400 Denny's Corp.* 327,360 4 [GRAPHIC OMITTED] N/I NUMERIC INVESTORS FAMILY OF FUNDS EMERGING GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- RESTAURANTS--(CONTINUED) 66,600 Domino's Pizza, Inc. $ 1,195,470 36,600 Famous Dave's of America, Inc.* 406,992 26,000 Rubio's Restaurants, Inc* 345,280 ------------- 2,275,102 ------------- RETAIL--0.1% 30,400 Wilsons The Leather Experts, Inc.* 152,000 ------------- RETAIL - SPECIALTY--3.1% 47,300 7-Eleven, Inc.* 1,116,280 39,143 Coldwater Creek, Inc.* 1,025,547 23,900 Gottschalks, Inc.* 215,100 8,500 Movado Group, Inc. 156,400 31,400 Party City Corp.* 401,606 31,100 REX Stores Corp.* 547,360 15,400 Sportsman's Guide, Inc. (The)* 373,912 58,570 Stein Mart, Inc.* 974,019 ------------- 4,810,224 ------------- SAVINGS & LOAN ASSOCIATIONS--1.9% 7,083 Great Southern Bancorp, Inc. 290,403 9,900 ITLA Capital Corp.* 540,837 37,700 Oriental Financial Group, Inc. 1,143,064 20,900 PFF Bancorp, Inc. 944,680 ------------- 2,918,984 ------------- SCHOOLS--0.5% 12,469 Bright Horizons Family Solutions, Inc.* 782,430 ------------- SEMICONDUCTORS--3.6% 53,400 ATMI, Inc.* 1,229,268 134,897 Axcelis Technologies, Inc.* 984,748 51,400 PowerDsine, Ltd.* 695,956 93,000 Silicon Image, Inc.* 1,562,400 19,800 Siliconix, Inc.* 732,402 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 17,000 Volterra Semiconductor Corp.* $ 358,870 ------------- 5,563,644 ------------- SERVICES - ADVERTISING--0.1% 8,300 Ventiv Health, Inc.* 160,688 ------------- SERVICES - EMPLOYMENT AGENCIES--0.2% 9,200 Heidrick & Struggles International, Inc.* 316,480 ------------- SERVICES - MANAGEMENT CONSULTING--1.6% 22,613 American Dental Partners, Inc.* 414,044 39,323 DiamondCluster International, Inc.* 480,920 40,100 Gartner, Inc., Class A* 477,190 46,400 PDI, Inc.* 1,079,728 ------------- 2,451,882 ------------- STEEL--1.1% 33,000 Schnitzer Steel Industries, Inc., Class A 1,245,090 42,100 Shiloh Industries, Inc.* 546,458 ------------- 1,791,548 ------------- TELECOMMUNICATIONS EQUIPMENT & SERVICES--3.8% 41,500 Catapult Communications Corp.* 1,126,310 54,900 Crown Castle International Corp.* 926,712 35,798 Ditech Communications Corp.* 564,176 29,900 Dycom Industries, Inc.* 871,286 60,100 InterDigital Communications Corp.* 1,223,035 1,800 Iowa Telecommunications Services, Inc.* 38,178 125,956 SBA Communications Corp., Class A* 1,209,178 ------------- 5,958,875 ------------- TOBACCO--0.4% 108,300 DIMON, Inc. 705,033 ------------- TOYS--0.7% 55,296 JAKKS Pacific, Inc.* 1,029,612 ------------- 5 [GRAPHIC OMITTED] N/I NUMERIC INVESTORS FAMILY OF FUNDS EMERGING GROWTH FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- TRANSPORTATION--2.9% 36,900 Celadon Group, Inc.* $ 789,660 13,400 Dynamex, Inc.* 269,608 46,100 Heartland Express, Inc. 1,012,356 27,600 Hub Group, Inc., Class A* 1,200,600 11,500 OMI Corp. 245,755 27,200 Overnite Corp. 961,248 ------------- 4,479,227 ------------- Total Common Stocks (Cost $130,367,446) 149,075,986 ------------- -------------------------------------------------------------------------------- PRINCIPAL AMOUNT (000'S) VALUE -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS--5.7% 2,077 Bear, Stearns & Co., Inc. (Agreement dated 11/30/04 to be repurchased at $2,076,787), 1.03%, 12/01/04 2,076,728 6,727 Bear, Stearns & Co., Inc. (Agreement dated 11/30/04 to be repurchased at $6,726,959), 1.95%, 12/01/04 6,726,595 ------------- Total Repurchase Agreements (Cost $8,803,323) 8,803,323 ------------- Total Investments -- 101.1% (Cost $139,170,769)*** 157,879,309 ------------- Liabilities in Excess of Other Assets -- (1.1)% (1,661,450) ------------- Net Assets -- 100.0% $156,217,859 ============= ---------------------------------- * Non-income producing. ** Investment purchased with collateral received for securities on loan. *** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $140,053,932 ============= Gross unrealized appreciation $ 20,238,554 Gross unrealized depreciation (2,413,177) ------------- Net unrealized appreciation $ 17,825,377 ============= 6 [GRAPHIC OMITTED] N/I NUMERIC INVESTORS FAMILY OF FUNDS SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- COMMON STOCKS--95.9% AEROSPACE & DEFENSE--1.6% 31,900 Innovative Solutions and Support, Inc.* $ 976,459 121,900 Titan International, Inc. 1,521,312 32,500 United Defense Industries, Inc.* 1,472,250 ------------- 3,970,021 ------------- AIRLINES--0.8% 126,600 ExpressJet Holdings, Inc.* 1,476,156 24,100 Northwest Airlines Corp.* 246,784 14,329 Republic Airways Holdings, Inc.* 164,784 ------------- 1,887,724 ------------- APPAREL--0.3% 15,100 Hartmarx Corp.* 121,857 63,700 Skechers U.S.A., Inc., Class A* 739,557 ------------- 861,414 ------------- AUTOMOBILE PARTS & EQUIPMENT--3.8% 72,400 Aftermarket Technology Corp.* 1,261,208 60,900 American Axle & Manufacturing Holdings, Inc. 1,775,844 175,100 Dana Corp. 2,862,885 80,200 Midas, Inc.* 1,548,662 53,800 Sonic Automotive, Inc. 1,335,854 33,000 TRW Automotive Holdings Corp.* 698,940 ------------- 9,483,393 ------------- BANKS--4.6% 20,900 Capitol Bancorp, Ltd. 725,230 51,200 Community Bank System, Inc. 1,418,240 5,400 First Financial Bankshares, Inc. 234,900 40,000 Glacier Bancorp, Inc. 1,384,400 51,500 Independent Bank Corp.-MA 1,779,840 27,000 Independent Bank Corp.-MI 812,700 93,104 Pacific Capital Bancorp 3,073,363 3,700 Sterling Financial Corp.* 147,815 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- 39,400 Vineyard National Bancorp Co. $ 1,309,656 16,935 West Coast Bancorp 445,560 ------------- 11,331,704 ------------- BUILDING & BUILDING MATERIALS--0.8% 93,500 Perini Corp.* 1,397,825 13,000 Trex Co., Inc.* 610,350 ------------- 2,008,175 ------------- BUSINESS SERVICES--0.1% 13,800 Acxiom Corp. 349,002 ------------- CHEMICALS - DIVERSIFIED--1.2% 97,400 Westlake Chemical Corp. 3,057,386 ------------- CHEMICALS - SPECIALTY--2.7% 69,000 Lubrizol Corp. (The) 2,383,950 30,800 OM Group, Inc.* 946,792 163,100 RPM International, Inc. 3,015,719 19,000 UAP Holding Corp.* 310,650 ------------- 6,657,111 ------------- COMMERCIAL SERVICES--1.5% 50,220 McGrath Rentcorp 2,122,297 93,800 Sotheby's Holdings, Inc., Class A* 1,470,784 ------------- 3,593,081 ------------- COMMUNICATION EQUIPMENT--0.3% 44,500 Digi International, Inc.* 684,855 ------------- COMPUTER PERIPHERALS--0.6% 21,400 MICROS Systems, Inc.* 1,570,118 ------------- COMPUTER SERVICES--0.2% 13,300 Ingram Micro Inc., Class A* 255,892 30,600 Tier Technologies, Inc., Class B* 270,198 ------------- 526,090 ------------- COMPUTER SOFTWARE--0.7% 78,600 THQ, Inc.* 1,686,756 ------------- 1 [GRAPHIC OMITTED] N/I NUMERIC INVESTORS FAMILY OF FUNDS SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- CONSUMER PRODUCTS--1.6% 89,500 American Greetings Corp., Class A* $ 2,382,490 17,500 CSS Industries, Inc. 562,275 63,500 Department 56, Inc.* 1,075,055 ------------- 4,019,820 ------------- DATA PROCESSING--0.6% 57,084 NCO Group, Inc.* 1,433,379 ------------- ELECTRICAL EQUIPMENT--0.7% 61,000 WESCO International, Inc.* 1,715,320 ------------- ELECTRONIC COMPONENTS & ACCESSORIES--2.0% 38,400 Bel Fuse, Inc., Class B 1,314,432 51,200 Macrovision Corp.* 1,359,360 58,100 Multi-Fineline Electronix, Inc.* 1,061,487 31,671 Rofin-Sinar Technologies, Inc.* 1,235,169 ------------- 4,970,448 ------------- ELECTRONIC MEASUREMENTS - INSTRUMENTS--0.7% 53,100 MTS Systems Corp. 1,611,585 ------------- ELECTRONICS--0.1% 13,800 Technitrol, Inc.* 238,050 ------------- ENGINEERING--0.3% 28,600 URS Corp.* 859,144 ------------- FINANCIAL SERVICES--0.2% 11,300 Archipelago Holdings, Inc.* 251,425 900 Calamos Asset Management, Inc., Class A* 21,348 8,800 Cash America International, Inc. 225,720 ------------- 498,493 ------------- FOOD & AGRICULTURE--1.0% 64,605 Nash Finch Co. 2,397,492 ------------- HEALTH CARE--0.7% 40,575 Genesis HealthCare Corp.* 1,308,544 8,200 Sierra Health Services, Inc.* 456,166 ------------- 1,764,710 ------------- -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- HOTELS & MOTELS--0.2% 8,300 Choice Hotels International, Inc. $ 424,960 ------------- INSURANCE--1.2% 165,800 Assured Guaranty, Ltd. 3,054,036 ------------- INSURANCE - HEALTH & LIFE--0.8% 34,200 AmerUs Group Co. 1,490,094 48,700 Phoenix Cos., Inc. (The) 594,140 ------------- 2,084,234 ------------- INSURANCE - PROPERTY & CASUALTY--5.5% 44,800 American Physicians Capital, Inc.* 1,492,288 156,100 Bristol West Holdings, Inc. 3,148,537 68,823 IPC Holdings, Ltd. 2,929,795 99,700 Platinum Underwriters Holdings, Ltd. 2,972,057 83,100 PXRE Group, Ltd. 2,005,203 36,400 Safety Insurance Group, Inc. 1,001,000 ------------- 13,548,880 ------------- INTERNET CONTENT--0.1% 28,300 EarthLink, Inc.* 306,772 ------------- INTERNET SOFTWARE--0.6% 30,200 Websense, Inc.* 1,451,412 ------------- LEISURE & ENTERTAINMENT--2.5% 32,100 Ameristar Casinos, Inc. 1,292,025 76,600 Marvel Enterprises, Inc.* 1,411,738 39,000 Monarch Casino & Resort, Inc.* 1,361,880 16,200 Scientific Games Corp., Class A* 387,180 45,100 Speedway Motorsports, Inc. 1,656,974 ------------- 6,109,797 ------------- MACHINERY--0.4% 46,200 Stewart & Stevenson Services, Inc. 924,000 ------------- MANUFACTURING--2.4% 43,600 Albany International Corp., Class A 1,458,420 2 [GRAPHIC OMITTED] N/I NUMERIC INVESTORS FAMILY OF FUNDS SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- MANUFACTURING--(CONTINUED) 11,000 ESCO Technologies, Inc.* $ 805,200 25,200 Harsco Corp. 1,339,380 95,100 Walter Industries, Inc. 2,394,618 ------------- 5,997,618 ------------- MEDICAL & MEDICAL SERVICES--0.4% 2,800 PRA International* 63,448 63,300 Res-Care, Inc.* 949,500 ------------- 1,012,948 ------------- MEDICAL INSTRUMENTS & SUPPLIES--2.6% 46,500 Cantel Medical Corp.* 1,393,140 24,300 Dade Behring Holdings, Inc.* 1,304,667 39,500 Haemonetics Corp.* 1,378,550 50,600 Owens & Minor, Inc. 1,404,150 16,100 Respironics, Inc.* 891,618 ------------- 6,372,125 ------------- METALS--2.2% 21,000 Cleveland-Cliffs, Inc. 2,034,900 77,600 Commercial Metals Co. 3,518,384 ------------- 5,553,284 ------------- MISCELLANEOUS--0.3% 74,300 LSI Industries, Inc. 738,542 ------------- MORTGAGE--2.6% 122,400 Flagstar Bancorp, Inc. 2,667,096 5,100 IndyMac Bancorp, Inc. 165,699 66,700 LandAmerica Financial Group, Inc. 3,561,780 ------------- 6,394,575 ------------- MULTIMEDIA/PUBLISHING--0.2% 16,600 Journal Register Co.* 313,906 10,800 Thomas Nelson, Inc. 266,760 ------------- 580,666 ------------- OFFICE FURNISHINGS--0.6% 146,100 Interface, Inc. Class A* 1,446,390 ------------- -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- OIL & GAS EQUIPMENT & SERVICES--0.8% 51,100 Dril-Quip, Inc.* $ 1,219,757 2,800 Hydril* 131,348 77,800 Mitcham Industries, Inc.* 583,500 ------------- 1,934,605 ------------- OIL & GAS FIELD EXPLORATION--2.2% 3,400 Berry Petroleum Co., Class A 157,420 17,400 Comstock Resources, Inc.* 377,754 9,200 Goodrich Petroleum Corp.* 148,580 37,500 Petroleum Development Corp.* 1,542,000 10,700 Remington Oil & Gas Corp.* 309,765 116,700 Vintage Petroleum, Inc. 2,829,975 ------------- 5,365,494 ------------- OIL REFINING--1.5% 44,300 Giant Industries, Inc.* 1,240,400 71,800 Tesoro Petroleum Corp.* 2,378,016 ------------- 3,618,416 ------------- PACKAGING--1.3% 59,113 Silgan Holdings, Inc.* 3,209,836 ------------- PAPER & ALLIED PRODUCTS--1.8% 136,100 Buckeye Technologies, Inc.* 1,686,279 197,200 Glatfelter 2,835,736 ------------- 4,522,015 ------------- PHARMACEUTICALS--0.1% 6,900 Medicis Pharmaceutical Corp., Class A* 253,851 ------------- PRINTING--1.6% 34,100 Consolidated Graphics, Inc.* 1,612,930 116,300 Ennis, Inc. 2,308,555 ------------- 3,921,485 ------------- REAL ESTATE INVESTMENT TRUSTS--11.3% 182,700 Associated Estates Realty Corp. 1,794,114 42,400 CBL & Associates Properties, Inc. 3,107,496 49,900 Colonial Properties Trust 1,976,040 3 [GRAPHIC OMITTED] N/I NUMERIC INVESTORS FAMILY OF FUNDS SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS--(CONTINUED) 117,400 Highwoods Properties, Inc. $ 3,037,138 130,600 HRPT Properties Trust 1,578,954 50,400 Inland Real Estate Corp. 781,200 15,700 Innkeepers USA Trust 211,636 141,500 LTC Properties, Inc. 2,667,275 265,500 OMEGA Healthcare Investors, Inc. 3,321,405 22,000 PS Business Parks, Inc. 986,700 51,200 SL Green Realty Corp. 2,950,656 63,300 Tanger Factory Outlet Centers, Inc. 3,171,963 138,700 Trizec Properties, Inc. 2,284,389 ------------- 27,868,966 ------------- REAL ESTATE MANAGEMENT--0.3% 21,000 W. P. Carey & Co. LLC 698,250 ------------- RESIDENTIAL CONSTRUCTION--0.8% 63,700 Brookfield Homes Corp. 1,974,700 ------------- RETAIL--0.4% 32,800 Buckle, Inc. (The) 1,010,240 200 New York & Co., Inc.* 4,650 ------------- 1,014,890 ------------- RETAIL - SPECIALTY--3.8% 63,400 7-Eleven, Inc.* 1,496,240 45,100 Barnes & Noble, Inc.* 1,221,308 87,600 Books-A-Million, Inc. 807,672 69,700 Brown Shoe Co., Inc. 1,987,844 5,500 Cato Corp. (The), Class A 146,740 24,025 J. Jill Group, Inc.* 414,912 27,600 REX Stores Corp.* 485,760 109,500 Ruddick Corp. 2,388,195 38,100 Trans World Entertainment Corp.* 429,768 ------------- 9,378,439 ------------- -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- SAVINGS & LOAN ASSOCIATIONS--5.8% 4,100 Dime Bancorp, Inc., Litigation Tracking Warrants* $ 656 11,000 Downey Financial Corp. 635,140 37,400 East West Bancorp, Inc. 1,550,978 10,500 FirstFed Financial Corp.* 552,510 16,193 Flushing Financial Corp. 344,101 44,400 Hudson United Bancorp 1,804,860 18,066 ITLA Capital Corp.* 986,946 77,099 MAF Bancorp, Inc. 3,538,844 37,000 PFF Bancorp, Inc. 1,672,400 20,580 Republic Bancorp, Inc. 319,813 70,500 Westcorp 2,980,740 ------------- 14,386,988 ------------- SEMICONDUCTORS--0.8% 87,700 Axcelis Technologies, Inc.* 640,210 36,700 MEMC Electronic Materials, Inc.* 390,121 25,200 Photronics, Inc.* 474,768 10,600 Siliconix, Inc.* 392,094 ------------- 1,897,193 ------------- STEEL--0.2% 7,300 Schnitzer Steel Industries, Inc., Class A 275,429 25,700 Shiloh Industries, Inc.* 333,586 ------------- 609,015 ------------- TELECOMMUNICATIONS--0.3% 66,500 Ptek Holdings, Inc.* 700,245 ------------- TELECOMMUNICATIONS EQUIPMENT & SERVICES--2.0% 97,400 Aspect Communications Corp.* 1,056,790 53,600 Catapult Communications Corp.* 1,454,704 40,554 CT Communications, Inc. 536,529 33,500 Dycom Industries, Inc.* 976,190 47,900 InterDigital Communications Corp.* 974,765 4 [GRAPHIC OMITTED] N/I NUMERIC INVESTORS FAMILY OF FUNDS SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2004 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- TELECOMMUNICATIONS EQUIPMENT & SERVICES--(CONTINUED) 2,800 Iowa Telecommunications Services, Inc.* $ 59,388 ------------- 5,058,366 ------------- TOBACCO--0.1% 8,200 Loews Corp. - Carolina Group 241,080 ------------- TOYS--0.4% 59,000 JAKKS Pacific, Inc.* 1,098,580 ------------- TRANSPORTATION--4.5% 13,390 Celadon Group, Inc.* 286,546 8,100 CNF, Inc. 378,675 71,000 Dynamex, Inc.* 1,428,520 27,400 General Maritime Corp.* 1,245,330 38,400 Hub Group, Inc., Class A* 1,670,400 118,400 Laidlaw International, Inc.* 2,237,760 61,000 Overseas Shipholding Group, Inc. 4,007,090 ------------- 11,254,321 ------------- UTILITIES--6.2% 17,800 AGL Resources, Inc. 590,782 163,300 Avista Corp. 2,906,740 188,800 CMS Energy Corp.* 1,925,760 42,400 Energen Corp. 2,453,264 120,800 Northeast Utilities 2,202,184 11,400 ONEOK, Inc. 318,288 58,300 UGI Corp. 2,365,814 116,000 Westar Energy, Inc. 2,569,400 ------------- 15,332,232 ------------- Total Common Stocks (Cost $207,817,949) 237,514,477 ------------- -------------------------------------------------------------------------------- PRINCIPAL AMOUNT (000'S) VALUE -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS--4.8% $ 2,905 Bear, Stearns & Co., Inc. (Agreement dated 11/30/04 to be repurchased at $2,905,386), 1.03%, 12/01/04** $ 2,905,303 8,900 Bear, Stearns & Co., Inc. (Agreement dated 11/30/04 to be repurchased at $8,900,332), 1.95%, 12/01/04 8,899,850 ------------- Total Repurchase Agreements (Cost $11,805,153) 11,805,153 ------------- Total Investments -- 100.7% (Cost $219,623,102)*** 249,319,630 ------------- Liabilities in Excess of Other Assets -- (0.7)% (1,704,330) ------------- Net Assets -- 100.0% $247,615,300 ============= ---------------------------------- * Non-income producing. ** Investment purchased with collateral received for securities on loan. *** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $220,751,520 ============= Gross unrealized appreciation $ 30,086,185 Gross unrealized depreciation (1,518,075) ------------- Net unrealized appreciation $ 28,568,110 ============= 5 BOSTON PARTNERS FAMILY OF FUNDS LARGE CAP FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2004 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- COMMON STOCK--95.5% AEROSPACE & DEFENSE--2.4% Alliant Techsystems, Inc.* 5,996 $ 394,956 Lockheed Martin Corp. 12,545 763,238 ------------- 1,158,194 ------------- APPAREL--2.6% Jones Apparel Group, Inc. 6,700 238,051 Liz Claiborne, Inc. 11,862 487,172 Reebok International Ltd. 13,402 521,070 ------------- 1,246,293 ------------- BANKS - MAJOR--2.4% Comerica, Inc. 11,009 677,053 Mellon Financial Corp. 15,198 444,086 ------------- 1,121,139 ------------- BUILDING MATERIALS--1.4% Masco Corp. 11,862 418,373 Vulcan Materials Co. 4,864 252,198 ------------- 670,571 ------------- COMPUTER EQUIPMENT & SERVICES--1.6% Hewlett-Packard Co. 23,553 471,060 Ingram Micro Inc., Class A* 14,300 275,132 ------------- 746,192 ------------- COMPUTER SOFTWARE--1.8% BMC Software, Inc.* 12,374 229,909 Microsoft Corp. 23,779 637,515 ------------- 867,424 ------------- ELECTRONICS--2.6% Arrow Electronics, Inc.* 18,900 463,617 Xerox Corp.* 50,824 778,624 ------------- 1,242,241 ------------- FINANCIAL SERVICES--13.6% Amvesco PLC- ADR 39,200 486,864 Citigroup, Inc. 42,433 1,898,877 Countrywide Financial Corp. 29,506 979,894 Fannie Mae 7,254 498,350 Freddie Mac 23,127 1,578,649 NUMBER OF SHARES VALUE ------------ ------------- Goldman Sachs Group, Inc. (The) 3,072 $ 321,823 J.P. Morgan Chase & Co. 11,547 434,744 State Street Corp. 5,500 245,080 ------------- 6,444,281 ------------- FOODS--3.1% H.J. Heinz Co. 11,521 428,120 PepsiCo, Inc. 11,624 580,154 Smithfield Foods, Inc.* 15,969 463,900 ------------- 1,472,174 ------------- HEALTH CARE - DRUGS--4.8% Johnson & Johnson 6,656 401,490 Pfizer, Inc. 45,382 1,260,258 Shire Pharmaceuticals Group PLC - ADR* 20,140 604,804 ------------- 2,266,552 ------------- HEALTH CARE - SUPPLIES--1.0% Becton, Dickinson and Co. 8,449 462,836 ------------- INSURANCE - OTHER--15.7% ACE Ltd. 33,339 1,347,562 Ambac Financial Group, Inc. 6,315 513,599 American International Group, Inc. 9,298 589,028 Berkshire Hathaway, Inc., Class B* 468 1,301,040 MBIA, Inc. 23,636 1,417,215 Nationwide Financial Services, Inc., Class A 9,744 366,180 Radian Group, Inc. 15,276 782,895 St. Paul Travelers Cos., Inc., (The) 18,644 680,133 Willis Group Holdings Ltd. 11,500 435,275 ------------- 7,432,927 ------------- LEISURE & LODGING--1.2% GTECH Holdings Corp. 23,895 577,064 ------------- MANUFACTURING--3.4% ITT Industries, Inc. 5,632 479,396 1 BOSTON PARTNERS FAMILY OF FUNDS LARGE CAP FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2004 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- MANUFACTURING--(CONTINUED) Tyco International Ltd. 33,623 $ 1,142,173 ------------- 1,621,569 ------------- MEDIA & ENTERTAINMENT--5.0% Liberty Media Corp., Class A* 54,644 564,473 Liberty Media International, Inc., Class A* 3,291 141,710 Time Warner, Inc.* 48,166 853,020 Viacom Inc. Class B (Non Voting Shares) 22,700 787,690 ------------- 2,346,893 ------------- METALS & MINING--0.6% Freeport-McMoRan Copper & Gold, Inc., Class B 6,827 267,141 ------------- OFFICE EQUIPMENT & SUPPLIES--1.5% Office Depot, Inc.* 42,792 701,789 ------------- OIL & GAS - EXPLORATION--2.1% Canadian Natural Resources Ltd. 5,702 247,581 EnCana Corp. 4,950 282,298 Pioneer Natural Resources Co. 13,800 485,760 ------------- 1,015,639 ------------- OIL & GAS - INTEGRATED MAJORS--5.2% ChevronTexaco Corp. 9,216 503,194 ConocoPhillips 5,803 528,015 Exxon Mobil Corp. 16,214 830,967 Petroleo Brasileiro S.A. - ADR 15,446 589,419 ------------- 2,451,595 ------------- OIL & GAS - REFINING & MARKETING--2.5% Marathon Oil Corp. 30,210 1,191,482 ------------- OIL SERVICES--4.1% Premcor, Inc.* 11,515 512,993 Transocean, Inc.* 35,415 1,426,162 ------------- 1,939,155 ------------- PAPER FOREST PRODUCTS & PACKAGING--1.2% Abitibi-Consolidated, Inc. 57,859 389,970 Smurfit-Stone Container Corp.* 10,753 193,124 ------------- 583,094 ------------- NUMBER OF SHARES VALUE ------------ ------------- RECREATIONAL PRODUCTS - TOYS--1.2% Hasbro, Inc. 29,356 $ 558,645 ------------- RESTAURANTS--1.0% McDonald's Corp. 8,961 275,461 Outback Steakhouse, Inc. 4,438 192,166 ------------- 467,627 ------------- RETAIL - FOOD & DRUG--1.3% J.C. Penney Company, Inc. (Holding Co.) 6,400 247,040 May Department Stores Co. (The) 12,800 359,936 ------------- 606,976 ------------- RETAIL - HARD GOODS--1.5% Home Depot, Inc., (The) 6,144 256,512 RadioShack Corp. 15,105 476,865 ------------- 733,377 ------------- SEMICONDUCTOR EQUIPMENT & PRODUCTS--1.4% Freescale Semiconductor Inc.* 21,194 374,286 Teradyne, Inc.* 16,000 272,960 ------------- 647,246 ------------- SOAPS & TOILETRIES--1.0% Procter & Gamble Co., (The) 9,046 483,780 ------------- TELECOMMUNICATIONS--3.8% MCI, Inc. 13,200 248,952 Nextel Communications, Inc., Class A* 29,186 830,634 Vodafone Group PLC - ADR 26,626 726,091 ------------- 1,805,677 ------------- TELECOMMUNICATIONS EQUIPMENT--1.5% Nokia Oyj - ADR 17,238 278,738 Scientific-Atlanta, Inc. 15,100 447,262 ------------- 726,000 ------------- TOBACCO--2.0% Altria Group, Inc. 8,192 470,958 UST, Inc. 10,923 480,940 ------------- 951,898 ------------- 2 BOSTON PARTNERS FAMILY OF FUNDS LARGE CAP FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2004 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- UTILITIES - ELECTRIC--1.0% NSTAR 4,395 $ 222,607 Scottish Power PLC - ADR 7,766 230,961 ------------- 453,568 ------------- TOTAL COMMON STOCK (Cost $37,997,927) 45,261,039 ------------- SHORT TERM INVESTMENTS--4.7% PNC Bank Money Market Deposit Account 1.62% 12/01/04 1.620% 12/01/04 2,232,120 2,232,120 TOTAL SHORT TERM INVESTMENTS (Cost $2,232,120) 2,232,120 ------------- TOTAL INVESTMENTS--100.2% (Cost $40,230,047)** 47,493,159 ------------- LIABILITIES IN EXCESS OF OTHER ASSETS--(0.2)% (110,677) ------------- NET ASSETS--100.0% $ 47,382,482 ============= * -- Non-income producing. ADR -- American Depository Receipt. ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 40,348,448 ============= Gross unrealized appreciation $ 7,656,079 Gross unrealized depreciation (511,368) ------------- Net unrealized appreciation/(depreciation) $ 7,144,711 ============= 3 BOSTON PARTNERS FAMILY OF FUNDS MID CAP VALUE FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2004 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- COMMON STOCK--96.3% APPAREL--5.9% Finish Line, Inc., (The) 24,600 $ 452,640 Foot Locker, Inc. 25,300 657,294 Jones Apparel Group, Inc. 23,800 845,614 Reebok International Ltd. 18,300 711,504 V. F. Corp. 6,800 367,132 ------------- 3,034,184 ------------- AUTOMOTIVE PARTS & EQUIPMENT--1.0% Lear Corp. 8,700 504,600 ------------- BANKS - MAJOR--0.5% UMB Financial Corp. 4,300 240,843 ------------- BUSINESS & PUBLIC SERVICES--2.0% Bowne & Co., Inc. 43,000 662,200 Spherion Corp.* 49,600 390,848 ------------- 1,053,048 ------------- CHEMICALS - COMMODITY--0.3% Eastman Chemical Co. 3,000 163,140 ------------- CHEMICALS - SPECIALTY--3.1% Ferro Corp. 17,600 402,688 Georgia Gulf Corp.* 10,700 616,106 UAP Holding Corp.* 36,700 600,045 ------------- 1,618,839 ------------- CLOSED END INVESTMENT COMPANY--1.7% Apollo Investment Corp.* 58,988 870,073 ------------- COMMUNICATIONS EQUIPMENT--0.2% TNS, Inc.* 4,400 97,680 ------------- COMPUTER EQUIPMENT & SERVICES--4.3% BearingPoint, Inc.* 40,915 355,960 BISYS Group, Inc., (The)* 59,700 955,797 Ceridian Corp.* 13,600 257,176 iPass, Inc.* 34,900 226,501 Western Digital Corp.* 42,700 417,179 ------------- 2,212,613 ------------- NUMBER OF SHARES VALUE ------------ ------------- COMPUTER SOFTWARE--1.6% McAfee Inc.* 21,587 $ 623,864 Sybase, Inc.* 12,445 214,428 ------------- 838,292 ------------- CONSUMER PRODUCTS--0.5% Newell Rubbermaid, Inc. 10,000 230,800 ------------- DATA PROCESSING SERVICES--1.0% MoneyGram International, Inc.* 25,200 539,028 ------------- ELECTRONICS--4.3% Amis Holdings, Inc.* 25,000 379,000 Arrow Electronics, Inc.* 28,700 704,011 Avnet, Inc.* 23,100 425,040 Diebold, Inc. 13,700 728,840 ------------- 2,236,891 ------------- FINANCIAL SERVICES--3.3% A.G. Edwards, Inc. 23,500 918,850 Affiliated Managers Group, Inc.* 8,150 516,547 Student Loan Corp., (The) 1,500 264,615 ------------- 1,700,012 ------------- FOODS--2.1% Bunge Ltd. 5,500 289,960 Smithfield Foods, Inc.* 28,000 813,400 ------------- 1,103,360 ------------- HEALTH CARE - DRUGS--1.2% Hospira, Inc.* 18,800 605,924 ------------- HEALTH CARE - SERVICES--4.7% Apria Healthcare Group, Inc.* 28,105 861,980 Express Scripts, Inc.* 8,200 590,072 Lincare Holdings, Inc.* 6,100 235,399 Manor Care, Inc. 10,600 365,170 WellChoice, Inc.* 7,700 377,223 ------------- 2,429,844 ------------- HEALTH CARE - SUPPLIES--1.7% C.R. Bard, Inc. 4,300 257,613 Pall Corp. 23,100 625,779 ------------- 883,392 ------------- 1 BOSTON PARTNERS FAMILY OF FUNDS MID CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2004 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- INSURANCE - LIFE--0.7% Conseco, Inc.* 18,700 $ 355,113 ------------- INSURANCE - OTHER--12.0% Allmerica Financial Corp.* 15,370 500,293 Assurant, Inc.* 10,300 309,000 Assured Guaranty Ltd. 43,500 801,270 Bristol West Holdings, Inc.* 40,900 824,953 IPC Holdings Ltd. 7,100 302,247 Max Re Capital Ltd. 14,400 274,464 MBIA, Inc. 5,600 335,776 Platinum Underwriters Holdings Ltd. 12,600 375,606 PMI Group, Inc., (The) 6,800 280,024 Radian Group, Inc. 25,000 1,281,250 White Mountains Insurance Group Ltd. 755 465,835 Willis Group Holdings Ltd. 11,400 431,490 ------------- 6,182,208 ------------- INTERNET SERVICES--1.9% United Online, Inc.* 91,900 980,573 ------------- LEISURE & LODGING--4.6% Argosy Gaming Co.* 6,400 297,984 GTECH Holdings Corp. 36,500 881,475 Harrah's Entertainment, Inc. 6,100 374,540 Hilton Hotels Corp. 38,400 793,344 ------------- 2,347,343 ------------- MACHINERY--2.8% Terex Corp.* 12,920 592,253 W.W. Grainger, Inc. 13,695 847,173 ------------- 1,439,426 ------------- MANUFACTURING--7.4% Dover Corp. 10,300 416,635 Federal Signal Corp. 45,100 775,720 GrafTech International Ltd.* 40,300 384,462 ITT Industries, Inc. 6,700 570,304 Spartech Corp. 35,400 989,430 York International Corp. 19,000 700,530 ------------- 3,837,081 ------------- NUMBER OF SHARES VALUE ------------ ------------- METALS & MINING--0.7% Freeport-McMoRan Copper & Gold, Inc., Class B 9,400 $ 367,822 ------------- OIL & GAS - EXPLORATION--1.9% Kerr-McGee Corp. 4,900 304,927 Vintage Petroleum, Inc. 27,000 654,750 ------------- 959,677 ------------- OIL SERVICES--3.3% Diamond Offshore Drilling, Inc. 12,100 453,266 ENSCO International, Inc. 27,100 848,501 Nabors Industries Ltd.* 7,300 379,600 ------------- 1,681,367 ------------- PAPER FOREST PRODUCTS & PACKAGING--1.9% Pactiv Corp.* 9,200 228,620 Sealed Air Corp.* 14,600 750,586 ------------- 979,206 ------------- PUBLISHING--2.6% Lamar Advertising Co.* 12,205 481,365 Media General, Inc., Class A 5,700 354,540 Valassis Communications, Inc.* 15,000 509,250 ------------- 1,345,155 ------------- REAL ESTATE--1.5% Maguire Properties, Inc. (REIT) 10,425 274,282 Ventas, Inc. (REIT) 19,025 515,577 ------------- 789,859 ------------- RECREATIONAL PRODUCTS - TOYS--1.5% Hasbro, Inc. 20,600 392,018 WMS Industries, Inc.* 13,575 403,721 ------------- 795,739 ------------- RESTAURANTS--1.4% Wendy's International, Inc. 19,600 699,132 ------------- RETAIL - HARD GOODS--3.0% Hollywood Entertainment Corp.* 16,700 211,923 Maytag Corp. 33,500 673,350 Michaels Stores, Inc. 24,400 666,852 ------------- 1,552,125 ------------- 2 BOSTON PARTNERS FAMILY OF FUNDS MID CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2004 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- SAVINGS & LOANS--0.9% People's Bank 4,000 $ 159,040 Westcorp 7,700 325,556 ------------- 484,596 ------------- SEMICONDUCTOR EQUIPMENT & PRODUCTS--0.4% Advanced Micro Devices, Inc.* 8,800 187,264 ------------- SERVICES - BUSINESS--0.8% Sirva, Inc.* 21,300 423,870 ------------- TELECOMMUNICATIONS--1.9% CenturyTel, Inc. 21,200 697,904 UnitedGlobalCom, Inc.* 33,500 279,055 ------------- 976,959 ------------- TELECOMMUNICATIONS EQUIPMENT--1.0% Scientific-Atlanta, Inc. 16,600 491,692 ------------- TOBACCO--0.7% Loews Corp. - Carolina Group 11,400 335,160 ------------- TRUCKING--0.9% Laidlaw International, Inc.* 23,400 442,260 ------------- UTILITIES - ELECTRIC--3.1% Constellation Energy Group, Inc. 9,300 406,410 NSTAR 4,900 248,185 Sierra Pacific Resources* 90,300 925,575 ------------- 1,580,170 ------------- TOTAL COMMON STOCK (Cost $39,567,688) 49,596,360 ------------- SHORT-TERM INVESTMENTS--5.5% SHORT-TERM INVESTMENTS--5.5% PNC Bank Money Market Deposit Account 1.62% 12/01/04 2,830,668 2,830,668 ------------- TOTAL SHORT-TERM INVESTMENTS (Cost $2,830,668) 2,830,668 ------------- TOTAL INVESTMENTS--101.8% (Cost $42,398,356)** 52,427,028 ------------- LIABILITIES IN EXCESS OF OTHER ASSETS--(1.8)% (905,836) ------------- NET ASSETS--100.0% $ 51,521,192 ============= * -- Non-income producing. ADR -- American Depository Receipt. REIT -- Real Estate Investment Trust ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 42,700,881 ============= Gross unrealized appreciation $ 9,982,179 Gross unrealized depreciation (256,032) ------------- Net unrealized appreciation/(depreciation) $ 9,726,147 ============= 3 BOSTON PARTNERS FAMILY OF FUNDS SMALL CAP VALUE FUND II PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2004 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- COMMON STOCK--94.8% AEROSPACE & DEFENSE--0.4% DRS Technologies, Inc.* 41,725 $ 1,782,492 ------------- AIR TRANSPORT--0.8% ExpressJet Holdings, Inc.* 64,845 756,093 Pinnacle Airlines Corp.* 257,310 3,229,240 ------------- 3,985,333 ------------- APPAREL--1.7% Brown Shoe Co., Inc. 89,800 2,561,096 Kellwood Co. 37,070 1,290,407 Steven Madden Ltd.* 122,400 2,308,464 Warnaco Group, Inc., (The)* 107,350 2,133,044 ------------- 8,293,011 ------------- BANKS - REGIONAL--0.3% Bancorp Bank, (The)* 53,800 965,172 First Community Bancorp 14,400 605,088 ------------- 1,570,260 ------------- BROADCASTING--0.3% 4Kids Entertainment, Inc.* 62,000 1,266,660 Liberty Corp., (The) 9,300 405,480 ------------- 1,672,140 ------------- BUILDING & CONSTRUCTION--2.8% Champion Enterprises, Inc.* 635,910 7,300,247 Infrasource Services, Inc.* 218,300 2,696,005 Monaco Coach Corp.* 57,200 1,138,280 Palm Harbor Homes, Inc.* 160,743 2,509,198 ------------- 13,643,730 ------------- BUILDING MATERIALS--2.0% Drew Industries, Inc.* 77,400 2,578,194 ElkCorp 116,945 3,461,572 Lennox International, Inc. 209,100 3,761,709 ------------- 9,801,475 ------------- BUSINESS & PUBLIC SERVICES--0.6% Gevity HR, Inc. 151,900 2,690,149 ------------- NUMBER OF SHARES VALUE ------------ ------------- CHEMICALS - COMMODITY--0.5% UAP Holding Corp.* 153,400 $ 2,508,090 ------------- COMPUTER EQUIPMENT & SERVICES--2.3% Insight Enterprises, Inc.* 126,385 2,556,769 iPass, Inc.* 483,600 3,138,564 Keane, Inc.* 121,100 1,877,050 Pinnacle Systems, Inc.* 112,200 585,684 Tier Technologies, Inc., Class B* 87,300 770,859 Xyratex Ltd.* 163,125 2,316,375 ------------- 11,245,301 ------------- COMPUTER SOFTWARE--0.4% NetIQ Corp.* 166,400 2,041,728 ------------- CONSULTING SERVICES--0.9% FTI Consulting, Inc.* 81,000 1,633,770 MAXIMUS, Inc.* 90,350 2,830,665 ------------- 4,464,435 ------------- CONSUMER PRODUCTS--0.4% Natuzzi S.p.A. - ADR 179,700 2,003,655 ------------- CONSUMER SPECIALTIES--1.8% Rayovac Corp.* 76,200 2,261,616 Sola International, Inc.* 304,655 6,580,548 ------------- 8,842,164 ------------- ELECTRONICS--2.8% Bell Microproducts, Inc.* 9,200 78,660 Engineered Support Systems, Inc. 78,600 4,323,000 Hypercom Corp.* 229,000 1,392,320 Paxar Corp.* 139,100 3,220,165 Planar Systems, Inc.* 112,100 1,194,986 Pomeroy IT Solutions, Inc.* 77,796 1,062,693 Rofin-Sinar Technologies, Inc.* 19,170 747,630 Technitrol, Inc.* 87,900 1,516,275 ------------- 13,535,729 ------------- ENGINEERING & CONSTRUCTION--3.0% EMCOR Group, Inc.* 91,500 4,229,130 Granite Construction, Inc. 34,600 918,284 Integrated Electrical Services, Inc.* 334,400 1,009,888 1 BOSTON PARTNERS FAMILY OF FUNDS SMALL CAP VALUE FUND II PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2004 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- ENGINEERING & CONSTRUCTION--(CONTINUED) Modtech Holdings, Inc.* 65,300 $ 532,848 URS Corp.* 163,314 4,905,953 Washington Group International, Inc.* 69,695 2,718,105 ------------- 14,314,208 ------------- ENVIRONMENTAL CONTROL--1.2% Tetra Tech, Inc.* 395,200 6,022,848 ------------- FINANCIAL SERVICES--4.2% Advanta Corp., Class B 234,000 5,587,920 Affiliated Managers Group, Inc.* 21,600 1,369,008 Bay View Capital Corp.* 31,470 541,284 BKF Capital Group, Inc.* 21,100 679,420 CMET Finance Holdings, Inc. 144A* 15,000 1,500,000 Delta Financial Corp. 66,900 675,690 Federal Agricultural Mortgage Corp., Class C* 319,600 7,242,136 MCG Capital Corp. 53,900 916,300 NetBank, Inc. 128,900 1,323,803 Value Line, Inc. 5,700 228,006 ------------- 20,063,567 ------------- FOODS--0.7% NBTY, Inc.* 41,080 1,070,545 Performance Food Group Co.* 92,100 2,416,704 ------------- 3,487,249 ------------- GAMBLING--0.2% Alliance Gaming Corp.* 67,540 816,559 ------------- HEALTH CARE - SERVICES--8.4% American Medical Security Group, Inc.* 42,300 1,367,559 Apria Healthcare Group, Inc.* 449,300 13,780,031 First Consulting Group, Inc.* 92,040 503,459 Kendle International, Inc.* 72,200 598,538 Kindred Healthcare, Inc.* 187,630 5,122,299 LifePoint Hospitals, Inc.* 52,390 1,926,904 Option Care, Inc.* 303,850 5,232,297 Radiation Therapy Services, Inc.* 249,465 3,679,609 RehabCare Group, Inc.* 158,400 4,169,088 NUMBER OF SHARES VALUE ------------ ------------- Renal Care Group, Inc.* 81,000 $ 2,697,300 Res-Care, Inc.* 85,800 1,287,000 ------------- 40,364,084 ------------- HEALTH CARE - SUPPLIES--1.6% Analogic Corp. 27,000 1,223,640 CONMED Corp.* 184,400 5,342,068 Owens & Minor, Inc. 36,600 1,015,650 ------------- 7,581,358 ------------- INSURANCE - LIFE--1.7% AmerUs Group Co. 42,800 1,864,796 Scottish Re Group Ltd. 283,900 6,529,700 ------------- 8,394,496 ------------- INSURANCE - OTHER--14.0% Allmerica Financial Corp.* 37,190 1,210,534 Arch Capital Group Ltd.* 17,900 697,205 Aspen Insurance Holdings Ltd. 81,115 2,007,596 Assured Guaranty Ltd. 401,400 7,393,788 Bristol West Holdings, Inc.* 177,625 3,582,696 CNA Surety Corp.* 226,925 2,963,640 Hilb, Rogal & Hamilton Co. 136,300 4,728,247 Hub International Ltd. 175,800 3,025,518 Infinity Property & Casualty Corp. 131,100 4,850,700 IPC Holdings Ltd. 307,800 13,103,046 Max Re Capital Ltd. 145,400 2,771,324 Navigators Group, Inc., (The)* 169,270 4,781,878 Odyssey Re Holdings Corp. 51,020 1,232,133 Platinum Underwriters Holdings Ltd. 305,760 9,114,706 Quanta Capital Holdings Ltd.* 346,700 3,252,046 RLI Corp. 27,750 1,155,788 United National Group Ltd., Class A* 101,440 1,800,560 ------------- 67,671,405 ------------- INTERNET SERVICES--2.7% EarthLink, Inc.* 493,000 5,344,120 Stonepath Group, Inc.* 559,600 430,892 United Online, Inc.* 680,900 7,265,203 ------------- 13,040,215 ------------- 2 BOSTON PARTNERS FAMILY OF FUNDS SMALL CAP VALUE FUND II PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2004 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- IRON & STEEL--0.7% GrafTech International Ltd.* 185,800 $ 1,772,532 Ryerson Tull, Inc. 84,700 1,370,446 ------------- 3,142,978 ------------- LEISURE & LODGING--1.9% Argosy Gaming Co.* 53,800 2,504,928 Interstate Hotels & Resorts, Inc.* 110,950 527,012 Intrawest Corp. 107,200 2,142,928 La Quinta Corp.* 182,565 1,469,648 MTR Gaming Group, Inc.* 66,560 669,594 Pinnacle Entertainment, Inc.* 93,700 1,703,466 ------------- 9,017,576 ------------- MACHINERY--2.9% Actuant Corp., Class A* 24,500 1,151,990 CIRCOR International, Inc. 41,800 871,530 Global Power Equipment Group, Inc.* 288,470 2,506,804 Manitowoc Co., Inc., (The) 36,900 1,378,215 Terex Corp.* 172,100 7,889,064 ------------- 13,797,603 ------------- MANUFACTURING--1.2% EnerSys* 90,525 1,244,719 NN, Inc. 116,000 1,477,840 Spartech Corp. 69,775 1,950,211 Tredegar Corp. 63,890 1,190,271 ------------- 5,863,041 ------------- MEDICAL EQUIPMENT AND SUPPLIES--0.2% Medical Property Trust 103,800 1,038,000 ------------- METALS & MINING--0.4% Olin Corp. 86,300 1,958,147 ------------- MOTOR HOMES--0.5% Winnebago Industries, Inc. 62,435 2,368,160 ------------- OFFICE EQUIPMENT & SUPPLIES--0.2% Global Imaging Systems, Inc.* 20,975 784,884 ------------- OIL & GAS - EXPLORATION--0.8% Stone Energy Corp.* 33,000 1,583,340 NUMBER OF SHARES VALUE ------------ ------------- Swift Energy Co.* 72,300 $ 2,193,582 ------------- 3,776,922 ------------- OIL SERVICES--0.9% Hornbeck Offshore Services, Inc.* 38,905 785,881 Key Energy Services, Inc.* 236,865 2,965,550 Parker Drilling Co.* 160,900 703,133 ------------- 4,454,564 ------------- PAPER FOREST PRODUCTS & PACKAGING--1.2% Constar International, Inc.* 69,400 416,400 Schweitzer-Mauduit International, Inc. 51,200 1,769,472 Silgan Holdings, Inc. 62,300 3,382,890 ------------- 5,568,762 ------------- PUBLISHING & INFORMATION SERVICES--2.9% Banta Corp. 33,800 1,504,100 Bowne & Co., Inc. 309,700 4,769,380 infoUSA, Inc.* 261,340 2,877,353 Journal Register Co.* 70,300 1,329,373 Pulitzer, Inc. 19,700 1,253,117 Reader's Digest Association, Inc., (The) 138,500 1,980,550 Scholastic Corp.* 11,500 378,810 ------------- 14,092,683 ------------- RAILROAD & BULK SHIPPING--0.4% RailAmerica, Inc.* 147,495 1,887,936 ------------- REAL ESTATE--9.1% Affordable Residential Communities 153,595 1,981,375 American Financial Realty Trust (REIT) 282,325 4,203,819 Arbor Realty Trust 144A (REIT) 10,100 1,191,800 Ashford Hospitality Trust (REIT) 50,125 496,237 Bimini Mortgage Management 144A (REIT)* 290,025 4,350,375 Brandywine Realty Trust (REIT) 54,700 1,556,215 Capital Lease Funding, Inc. (REIT)* 221,275 2,799,129 Digital Realty Trust, Inc. (REIT)* 194,000 2,475,440 3 BOSTON PARTNERS FAMILY OF FUNDS SMALL CAP VALUE FUND II PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2004 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- REAL ESTATE--(CONTINUED) Falcon Financial Investment Trust (REIT)* 98,555 $ 684,957 Fieldstone Investment Corp. (REIT) 144A 105,000 1,811,250 Gladstone Commercial Corp. (REIT) 122,875 2,056,928 Government Properties Trust, Inc. (REIT)* 131,875 1,397,875 Lexington Corporate Properties Trust (REIT) 74,450 1,672,892 LNR Property Corp. 28,200 1,763,910 MFA Mortgage Investments, Inc. (REIT) 259,650 2,373,201 Origen Financial, Inc. (REIT) 431,525 3,037,936 Redwood Trust, Inc. (REIT) 75,700 4,408,011 Trammell Crow Co.* 331,900 5,675,490 ------------- 43,936,840 ------------- RECREATIONAL PRODUCTS - TOYS--0.2% Leapfrog Enterprises, Inc., Class A* 60,012 840,168 ------------- RETAIL - FOOD & DRUG--1.2% Finish Line, Inc., (The) 327,920 6,033,728 ------------- RETAIL - HARD GOODS--2.0% Friedman's, Inc., Class A 552,900 901,227 GameStop Corp., Class A* 131,615 2,775,760 Hollywood Entertainment Corp.* 194,555 2,468,903 Lithia Motors, Inc., Class A 79,000 2,005,020 School Specialty, Inc.* 45,800 1,740,400 ------------- 9,891,310 ------------- RETAIL - SOFT GOODS--0.6% Charming Shoppes, Inc.* 335,800 3,139,730 ------------- SAVINGS & LOANS--0.5% Franklin Bank Corp.* 137,900 2,518,054 ------------- SERVICES - BUSINESS--6.9% Century Business Services, Inc.* 385,300 1,656,790 Clark, Inc.* 156,980 2,613,717 Cornell Companies, Inc.* 85,980 1,259,607 NUMBER OF SHARES VALUE ------------ ------------- Geo Group, Inc., (The)* 48,400 $ 1,115,620 Harland (John H.) Co. 67,230 2,373,891 Insurance Auto Auctions, Inc.* 48,714 1,080,964 Integrated Alarm Services Group, Inc.* 652,613 2,747,501 Kforce, Inc.* 131,976 1,581,072 MPS Group, Inc.* 407,900 4,592,954 Navigant International, Inc.* 290,800 3,192,984 PRG-Schultz International, Inc.* 534,200 2,884,680 ProQuest Co.* 21,250 574,813 Spherion Corp.* 209,400 1,650,072 Standard Parking Corp.* 161,055 2,586,543 World Fuel Services Corp. 77,100 3,176,520 ------------- 33,087,728 ------------- SERVICES - CONSUMER--1.4% Ambassadors International, Inc. 22,500 309,150 Service Corporation International* 695,200 4,908,112 Steiner Leisure Ltd.* 53,400 1,437,528 ------------- 6,654,790 ------------- SOAPS & TOILETRIES--0.7% Playtex Products, Inc.* 386,050 2,895,375 Sykes Enterprises, Inc.* 79,910 539,393 ------------- 3,434,768 ------------- TELECOMMUNICATIONS EQUIPMENT--0.2% Adaptec, Inc.* 93,200 726,960 ------------- TOBACCO--0.8% DIMON, Inc. 168,900 1,099,539 Standard Commercial Corp. 72,600 1,366,332 Universal Corp. 27,200 1,324,096 ------------- 3,789,967 ------------- TRUCKING--0.3% Marten Transport Ltd.* 17,500 384,125 Quality Distribution, Inc.* 113,605 921,337 ------------- 1,305,462 ------------- UTILITIES - ELECTRIC--1.0% Sierra Pacific Resources* 486,900 4,990,725 ------------- 4 BOSTON PARTNERS FAMILY OF FUNDS SMALL CAP VALUE FUND II PORTFOLIO OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2004 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- TOTAL COMMON STOCK (Cost $373,412,084) 457,937,167 ------------- MUTUAL FUNDS--0.7% FINANCIAL SERVICES--0.7% Apollo Investment Corp.* 229,800 $ 3,389,550 ------------- TOTAL MUTUAL FUNDS (Cost $3,447,000) 3,389,550 ------------- SHORT TERM INVESTMENTS--4.3% PNC Bank Money Market Deposit Account 1.62% 12/01/04 20,774,841 20,774,841 ------------- TOTAL SHORT TERM INVESTMENTS (Cost $20,774,841) 20,774,841 ------------- TOTAL INVESTMENTS--99.8% (Cost $397,633,925)** 482,101,558 ------------- OTHER ASSETS IN EXCESS OF LIABILITIES--0.2% 878,978 ------------- NET ASSETS--100.0% $482,980,536 ============= * -- Non-income producing. ADR -- American Depository Receipt. 144A -- Security was purchased pursuant to Rule 144A under Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of November 30, 2004, these securities amounted to 1.83% of net assets. REIT -- Real Estate Investment Trust ** 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 $399,080,633 ============= Gross unrealized appreciation $102,470,756 Gross unrealized depreciation (19,449,831) ------------- Net unrealized appreciation/(depreciation) $ 83,020,925 ============= 5 BOSTON PARTNERS FAMILY OF FUNDS ALL-CAP VALUE FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2004 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ COMMON STOCK--91.3% AIRLINES--0.4% ExpressJet Holdings, Inc.* 2,580 $ 30,083 ------------ APPAREL--3.9% Jones Apparel Group, Inc. 1,930 68,573 Liz Claiborne, Inc. 1,890 77,622 Polo Ralph Lauren Corp. 675 26,588 Reebok International Ltd. 1,930 75,039 V. F. Corp. 600 32,394 ------------ 280,216 ------------ BEVERAGES--0.6% Constellation Brands, Inc., Class A* 880 39,336 ------------ BUILDING MATERIALS--1.2% Makita Corp. - ADR 3,635 56,560 Watsco, Inc. 910 30,094 ------------ 86,654 ------------ COMPUTER EQUIPMENT & SERVICES--3.0% Global Payments, Inc. 1,130 62,331 GTECH Holdings Corp. 3,605 87,061 Hewlett-Packard Co. 3,070 61,400 ------------ 210,792 ------------ COMPUTER SOFTWARE--0.4% Microsoft Corp. 1,155 30,966 ------------ CONSUMER PRODUCTS--0.9% Blyth, Inc. 945 27,698 National Presto Industries, Inc. 725 32,915 ------------ 60,613 ------------ DIVERSIFIED OPERATIONS--0.1% Viad Corp. 380 9,116 ------------ ELECTRONICS--0.4% Amphenol Corp., Class A 715 25,104 ------------ FINANCIAL SERVICES--8.0% BKF Capital Group, Inc.* 675 21,735 Countrywide Financial Corp. 5,084 168,840 NUMBER OF SHARES VALUE ----------- ------------ Fannie Mae 1,100 $ 75,570 Freddie Mac 2,350 160,411 Leucadia National Corp. 1,030 64,581 MCG Capital Corp. 430 7,310 Wesco Financial Corp. 180 69,345 ------------ 567,792 ------------ FOODS--1.1% Lancaster Colony Corp. 1,130 49,358 Nestle S.A. - ADR 505 32,453 ------------ 81,811 ------------ HEALTH CARE - DRUGS--5.8% Bristol-Myers Squibb Co. 1,655 38,893 Johnson & Johnson 485 29,255 Pfizer, Inc. 8,326 231,213 Shire Pharmaceuticals Group PLC - ADR* 3,670 110,210 ------------ 409,571 ------------ HEALTH CARE - SERVICES--2.4% Lincare Holdings, Inc.* 1,850 71,391 Renal Care Group, Inc.* 3,070 102,231 ------------ 173,622 ------------ HEALTH CARE - SUPPLIES--1.8% Becton, Dickinson and Co. 1,420 77,787 C.R. Bard, Inc. 790 47,329 ------------ 125,116 ------------ INSURANCE - LIFE--1.0% Scottish Re Group Ltd. 2,950 67,850 ------------ INSURANCE - OTHER--19.8% ACE Ltd. 5,435 219,683 Alleghany Corp.* 466 131,678 Allmerica Financial Corp.* 1,980 64,449 Assurant, Inc.* 1,850 55,500 Assured Guaranty Ltd. 4,213 77,603 Everest Re Group Ltd. 420 35,393 IPC Holdings Ltd. 2,390 101,742 MBIA, Inc. 2,740 164,290 1 BOSTON PARTNERS FAMILY OF FUNDS ALL-CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2004 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ INSURANCE - OTHER--(CONTINUED) Merchants Group, Inc. 70 $ 1,698 Millea Holdings, Inc. - ADR 300 21,261 PartnerRe Ltd. 380 23,264 Quanta Capital Holdings Ltd.* 9,020 84,608 Radian Group, Inc. 2,525 129,406 Specialty Underwriters' Alliance, Inc.* 1,390 13,358 St. Paul Travelers Cos., Inc., (The) 1,015 37,027 White Mountains Insurance Group Ltd. 330 203,610 Willis Group Holdings Ltd. 975 36,904 ------------ 1,401,474 ------------ MANUFACTURING--1.0% Tyco International Ltd. 2,025 68,789 ------------ MEDIA & ENTERTAINMENT--2.1% 4Kids Entertainment, Inc.* 850 17,365 Gamestop Corp., Class B* 904 19,183 Liberty Media Corp., Class A* 5,629 58,148 Liberty Media International, Inc., Class A* 1,254 53,997 ------------ 148,693 ------------ METALS & MINING--0.5% CONSOL Energy, Inc. 895 38,217 ------------ OIL & GAS - EXPLORATION--6.4% Anadarko Petroleum Corp. 1,760 122,496 Burlington Resources, Inc. 1,150 53,371 EOG Resources, Inc. 795 59,681 Kerr-McGee Corp. 1,420 88,367 Occidental Petroleum Corp. 2,195 132,161 ------------ 456,076 ------------ OIL & GAS - INTEGRATED MAJORS--2.7% Eni S.p.A. - ADR 535 65,939 Petroleo Brasileiro S.A. - ADR 1,615 61,628 Royal Dutch Petroleum Co. - ADR 1,080 61,841 ------------ 189,408 ------------ NUMBER OF SHARES VALUE ----------- ------------ OIL & GAS - REFINING & MARKETING--1.2% Marathon Oil Corp. 2,185 $ 86,176 ------------ REAL ESTATE--5.5% American Financial Realty Trust (REIT) 6,555 97,604 Ashford Hospitality Trust (REIT) 1,785 17,671 Consolidated-Tomoka Land Co. 440 17,653 Diamondrock Hospitality Co. 144A (REIT) 2,070 20,700 Fieldstone Investment Corp. (REIT) 144A 1,175 20,269 Friedman, Billings, Ramsey Group, Inc., Class A (REIT) 3,709 70,916 KKR Financial Corp. 144A (REIT) 1,580 16,037 Luminent Mortgage Capital, Inc. (REIT) 144A 685 8,597 Luminent Mortgage Capital, Inc. (REIT) 765 9,601 Medical Property Trust (REIT) 144A 2,225 22,250 National Health Investors, Inc. (REIT) 1,575 45,596 Provident Senior Trust 144A (REIT) 1,725 27,600 Saxon Capital Inc. (REIT)* 575 13,052 ------------ 387,546 ------------ RECREATIONAL PRODUCTS - TOYS--1.0% Mattel, Inc. 3,585 67,936 ------------ RESTAURANTS--0.9% CEC Entertainment, Inc.* 615 25,024 Yum! Brands, Inc.* 890 40,406 ------------ 65,430 ------------ RETAIL - HARD GOODS--1.6% Barnes & Noble, Inc.* 2,130 57,680 Borders Group, Inc.* 1,590 36,220 Home Depot, Inc., (The) 425 17,744 ------------ 111,644 ------------ 2 BOSTON PARTNERS FAMILY OF FUNDS ALL-CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2004 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ RETAIL - SOFT GOODS--1.9% Abercrombie & Fitch Co., Class A* 1,565 $ 71,286 BJ's Wholesale Club, Inc. 830 24,643 Claire's Stores, Inc. 1,830 37,240 ------------ 133,169 ------------ SERVICES - BUSINESS--1.8% D & B Corp.* 820 48,675 Harland (John H.) Co. 2,295 81,037 ------------ 129,712 ------------ TELECOMMUNICATIONS--1.8% CenturyTel, Inc. 975 32,097 Vodafone Group PLC - ADR 1,360 37,087 West Corp.* 1,780 61,659 ------------ 130,843 ------------ TELECOMMUNICATIONS EQUIPMENT--1.3% Nokia Oyj - ADR 2,500 40,425 Tellabs, Inc.* 5,700 48,735 ------------ 89,160 ------------ TOBACCO--7.0% Loews Corp. 3,040 212,527 Universal Corp. 1,080 52,574 UST, Inc. 5,335 234,900 ------------ 500,001 ------------ UTILITIES - ELECTRIC--2.4% Korea Electric Power (KEPCO) Corp. - ADR 5,685 76,634 Sierra Pacific Resources* 9,380 96,145 ------------ 172,779 ------------ UTILITIES - GAS & WATER--1.4% El Paso Corp. 7,700 80,388 Nalco Holding Co.* 965 18,556 ------------ 98,944 ------------ TOTAL COMMON STOCK (Cost $5,116,491) 6,474,639 ------------ NUMBER OF SHARES VALUE ----------- ------------ PREFERRED STOCK--1.3% BUILDING & CONSTRUCTION--0.3% Fleetwood Capital Trust 6.0% 10/10/03 $51.12 410 $ 18,552 ------------ FOODS--0.1% Constellation Brands, Inc. 5.75% 09/01/06 230 8,291 ------------ INSURANCE - OTHER--0.7% Hartford Financial Services Group, Inc., (The) 7.00% 8/16/06 190 11,729 Scottish Re Group 5.875% 05/21/07 310 8,807 UnumProvident Corp. 8.25% 5/15/06 865 27,836 ------------ 48,372 ------------ OFFICE EQUIPMENT & SUPPLIES--0.2% Xerox Corp. 6.25% 07/01/06 115 15,767 ------------ TOTAL PREFERRED STOCK (Cost $71,570) 90,982 ------------ PAR (000) VALUE ----------- ------------ CORPORATE BONDS--0.6% Sierra Pacific Resources 144A 7.25% 02/14/10 19 46,550 ------------ TOTAL CORPORATE BONDS (Cost $19,318) 46,550 ------------ NUMBER OF SHARES VALUE ----------- ------------ RIGHTS/WARRANTS--0.2% BANKS - MAJOR--0.2% Citigroup, Inc. Litigation Tracking Warrants 9,875 13,924 ------------ TOTAL RIGHTS/WARRANTS (Cost $11,552) 13,924 ------------ 3 BOSTON PARTNERS FAMILY OF FUNDS ALL-CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2004 (UNAUDITED) PAR (000) VALUE ----------- ------------ MUTUAL FUNDS--0.7% Apollo Investment Corp.* $ 2,970 $ 43,807 Morgan Stanley Asia-Pacific Fund, Inc 405 5,063 ------------ TOTAL MUTUAL FUNDS (Cost $46,488) 48,870 ------------ NUMBER OF SHARES VALUE ----------- ------------ SHORT TERM INVESTMENTS--6.5% PNC Bank Money Market Deposit Account 1.620% 12/01/04 458,560 458,560 ------------ TOTAL SHORT TERM INVESTMENTS (Cost $458,560) 458,560 ------------ OPTIONS--(0.7%) El Paso Corp. Call Option $7.00 expires (53) (18,583) El Paso Corp. Call Option $7.00 expires (24) (8,548) GTECH Holdings Corp. Call Option $22.5 expires (14) (2,874) Nokia Oyj Call Option $12.5 expires (25) (9,513) Tellabs, Inc. Call Option $7.50 expires (57) (6,555) ------------ TOTAL OPTIONS (Cost $(31,266)) (46,073) ------------ TOTAL INVESTMENTS--99.9% (Cost $5,692,713)** 7,087,452 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES--0.1% 4,956 ------------ NET ASSETS--100.0% $ 7,092,408 ============ * -- Non-income producing. ADR -- American Depository Receipt. 144A -- Security was purchased pursuant to Rule 144A under Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of November 30, 2004, these sucurities amounted to 1.63% of net assets. REIT -- Real Estate Investment Trust ** 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 $ 5,693,350 ============= Gross unrealized appreciation $ 1,450,582 Gross unrealized depreciation (56,480) ------------- Net unrealized appreciation/(depreciation) $ 1,394,102 ============= 4 BOSTON PARTNERS FAMILY OF FUNDS LONG/SHORT EQUITY FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2004 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- LONG POSITIONS--112.5% DOMESTIC COMMON STOCK--95.1% AEROSPACE & DEFENSE--0.5% Allied Defense Group, Inc. (The)* 19,000 $ 389,120 ------------- AIRLINES--0.4% ExpressJet Holdings, Inc.* 26,700 311,322 ------------- AUTOMOTIVE PARTS & EQUIPMENT--0.4% Intier Automotive, Inc., Class A 1,855 55,223 Superior Industries International, Inc. 9,700 274,025 ------------- 329,248 ------------- BEVERAGES--0.2% National Beverage Corp.* 12,240 115,178 ------------- BUILDING & CONSTRUCTION--0.5% U.S. Concrete, Inc.* 55,800 405,666 ------------- BUSINESS & PUBLIC SERVICES--2.7% 4Kids Entertainment, Inc. +* 28,240 576,943 Corrections Corp. of America +* 17,200 679,400 Digital Generation Systems, Inc.* 197,700 266,895 On Assignment, Inc.* 94,450 493,029 ------------- 2,016,267 ------------- CHEMICALS - SPECIALTY--0.9% LESCO, Inc. OH 28,800 345,600 Stepan Co. 12,500 318,375 ------------- 663,975 ------------- COMMERCIAL SERVICES--2.9% Century Business Services, Inc.* 109,600 471,280 Rewards Network, Inc.* 32,000 201,600 Steiner Leisure Ltd. +* 56,370 1,517,480 ------------- 2,190,360 ------------- COMMUNICATIONS EQUIPMENT--0.8% Globecom Systems, Inc.* 51,100 320,908 TESSCO Technologies, Inc.* 23,885 317,670 ------------- 638,578 ------------- NUMBER OF SHARES VALUE ------------ ------------- COMPUTER EQUIPMENT & SERVICES--3.7% BISYS Group, Inc., (The) +* 32,800 $ 525,128 Computer Horizons Corp.* 70,565 268,147 PEC Soulutions, Inc. +* 34,100 483,879 Performance Technolgies, Inc. +* 79,725 568,439 Pomeroy IT Solutions, Inc. +* 38,795 529,940 Rimage Corp. +* 29,580 449,912 ------------- 2,825,445 ------------- COMPUTER SOFTWARE--4.5% Datastream Systems, Inc.* 39,603 233,657 EPIQ Systems, Inc. +* 34,700 520,153 Geac Computer Corp., Ltd.* 87,500 686,000 Hummingbird Ltd.* 15,600 375,024 Pervasive Software, Inc. +* 43,900 175,161 Phoenix Technologies Ltd.* 48,490 393,254 Sybase, Inc. +* 58,190 1,002,614 ------------- 3,385,863 ------------- CONSULTING SERVICES--1.5% Accenture Ltd., Class A +* 20,695 536,828 Clark, Inc. +* 35,175 585,664 Opinion Research Corp.* 5,060 31,954 ------------- 1,154,446 ------------- CONSUMER PRODUCTS--2.7% Blyth, Inc. + 12,900 378,099 Reebok International Ltd. + 26,200 1,018,656 Silgan Holdings, Inc. + 12,200 662,460 ------------- 2,059,215 ------------- CONTAINERS--0.4% Crown Holdings, Inc.* 26,400 337,920 ------------- ELECTRONICS--1.1% Checkpoint Systems, Inc.* 19,400 358,124 Spectrum Control, Inc. +* 62,550 466,623 ------------- 824,747 ------------- ENGINEERING & CONSTRUCTION--0.6% Washington Group International, Inc.* 10,900 425,100 ------------- 1 BOSTON PARTNERS FAMILY OF FUNDS LONG/SHORT EQUITY FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2004 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- ENVIRONMENTAL CONTROL--1.0% Darling International, Inc.* 88,425 $ 364,311 Waste Industries USA, Inc. 31,600 362,452 ------------- 726,763 ------------- FINANCIAL SERVICES--7.0% BKF Capital Group, Inc. +* 8,700 280,140 Countrywide Financial Corp. + 33,600 1,115,856 Fannie Mae + 8,100 556,470 Freddie Mac + 20,200 1,378,852 MBIA, Inc. + 27,200 1,630,912 U.S. Global Investors, Inc., Class A* 91,150 314,468 ------------- 5,276,698 ------------- FOODS--1.7% Interstate Bakeries Corp. 36,220 209,171 M & F Worldwide Corp. +* 56,000 730,800 Spartan Stores, Inc.* 62,395 324,454 ------------- 1,264,425 ------------- HEALTH CARE - BIOTECH--0.2% Savient Pharmaceuticals, Inc. 84,000 184,800 ------------- HEALTH CARE - DRUGS--2.7% Pfizer, Inc. + 33,500 930,295 Shire Pharmaceuticals Group PLC - ADR +* 23,200 696,696 Watson Pharmaceuticals, Inc. +* 14,900 432,845 ------------- 2,059,836 ------------- HEALTH CARE - SERVICES--5.8% American Dental Partners, Inc. +* 26,285 481,278 Apria Healthcare Group, Inc. +* 34,105 1,046,000 Horizon Health Corp. * 6,875 164,931 Kendle International, Inc.* 26,295 217,986 Medco Health Solutions, Inc. +* 17,915 675,754 RehabCare Group, Inc. +* 31,900 839,608 Renal Care Group, Inc. +* 28,200 939,060 ------------- 4,364,617 ------------- HEALTH CARE - SUPPLIES--0.9% Cantel Medical Corp. +* 13,800 413,448 NUMBER OF SHARES VALUE ------------ ------------- Osteotech, Inc. +* 49,065 $ 266,914 ------------- 680,362 ------------- INSURANCE - OTHER--13.1% ACE Ltd. 26,900 1,087,298 Aspen Insurance Holdings Ltd. + 32,400 801,900 Assured Guaranty Ltd. + 37,492 690,603 Bristol West Holdings, Inc. +* 27,535 555,381 Infinity Property & Casualty Corp. + 17,700 654,900 IPC Holdings Ltd. + 18,500 787,545 Nationwide Financial Services, Inc., Class A + 10,600 398,348 PartnerRe Ltd. + 14,100 863,202 Platinum Underwriters Holdings Ltd. + 33,240 990,884 ProCentury Corp. + 58,205 584,960 Protective Life Corp. + 17,900 749,115 Radian Group, Inc. + 24,400 1,250,500 Wesco Financial Corp. + 1,300 500,825 ------------- 9,915,461 ------------- INTERNET SERVICES--2.1% Apropos Technology, Inc.* 31,685 94,738 EarthLink, Inc. +* 54,500 590,780 iPass, Inc. +* 75,200 488,048 Knot, Inc., (The)* 92,922 404,211 ------------- 1,577,777 ------------- LEISURE & LODGING--2.5% GTECH Holdings Corp. + 16,000 386,400 Intrawest Corp. + 10,500 209,895 MTR Gaming Group, Inc. +* 36,470 366,888 Multimedia Games, Inc.* 29,900 391,092 Penn National Gaming, Inc. +* 10,100 532,977 ------------- 1,887,252 ------------- MACHINERY--0.8% Global Power Equipment Group, Inc. +* 68,235 592,962 ------------- MANUFACTURING--1.4% Mueller Industries, Inc. + 13,900 427,147 NN, Inc. + 32,360 412,266 2 BOSTON PARTNERS FAMILY OF FUNDS LONG/SHORT EQUITY FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2004 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- Velcro Industries N.V 15,532 $ 194,150 ------------- 1,033,563 ------------- MEDIA & ENTERTAINMENT--1.0% Time Warner, Inc. +* 43,400 768,614 ------------- MEDICAL EQUIPMENT AND SUPPLIES--0.8% Bio-Logic Systems Corp.* 19,200 156,672 MTS Medication Technologies* 72,845 459,652 ------------- 616,324 ------------- OFFICE EQUIPMENT & SUPPLIES--2.0% Ennis, Inc. + 21,000 416,850 Xerox Corp. +* 73,900 1,132,148 ------------- 1,548,998 ------------- OIL & GAS - EXPLORATION--5.7% EnCana Corp. + 14,900 849,747 Marathon Oil Corp. + 18,755 739,697 PetroQuest Energy, Inc.* 109,410 551,427 Pogo Producing Co. + 13,100 661,550 Tesoro Petroleum Corp. +* 30,800 1,020,096 Transocean, Inc.* 12,400 499,348 ------------- 4,321,865 ------------- OIL SERVICES--1.6% Global Industries Ltd.* 37,800 324,324 Superior Energy Services, Inc. +* 32,530 477,540 Todco, Class A +* 16,725 292,855 Trico Marine Services, Inc.* 317,555 111,144 ------------- 1,205,863 ------------- PAPER FOREST PRODUCTS & PACKAGING--0.7% Schweitzer-Mauduit International, Inc. + 15,500 535,680 ------------- REAL ESTATE--2.0% American Financial Realty Trust (REIT) + 51,500 766,835 United Capital Corp. +* 31,630 767,028 ------------- 1,533,863 ------------- RECREATIONAL PRODUCTS - TOYS--1.0% Hasbro, Inc. + 39,000 742,170 ------------- NUMBER OF SHARES VALUE ------------ ------------- RETAIL--1.9% Dress Barn, Inc. (The)* 36,700 $ 630,139 Kenneth Cole Productions, Inc., Class A 28,490 841,025 ------------- 1,471,164 ------------- RETAIL - HARD GOODS--5.2% Barnes & Noble, Inc. +* 34,500 934,260 Claire's Stores, Inc. + 43,380 882,783 GameStop Corp., Class A +* 17,500 369,075 Limited Brands + 19,900 486,356 Rent-A-Center, Inc. +* 19,835 505,594 Zale Corp. +* 24,900 728,325 ------------- 3,906,393 ------------- SAVINGS & LOANS--0.8% Franklin Bank Corp. +* 34,000 620,840 ------------- SEMICONDUCTOR EQUIPMENT & PRODUCTS--0.7% Atmel Corp.* 61,800 219,390 White Electronic Designs Corp. +* 48,875 327,463 ------------- 546,853 ------------- SERVICES - BUSINESS--1.1% MAXIMUS, Inc.* 26,800 839,644 ------------- TELECOMMUNICATIONS--2.6% MCI, Inc. + 27,400 516,764 PTEK Holdings, Inc. +* 45,200 475,956 SBC Communications, Inc. 29,600 386,576 West Corp. +* 16,800 581,952 ------------- 1,961,248 ------------- TELECOMMUNICATIONS EQUIPMENT--2.6% C-COR Inc.* 35,300 315,935 Comtech Telecommunications Corp. +* 52,000 1,636,960 ------------- 1,952,895 ------------- TEXTILES & APPAREL--0.8% Lakeland Industries, Inc. +* 31,800 624,870 ------------- TOBACCO--0.6% Universal Corp. 9,800 477,064 ------------- 3 BOSTON PARTNERS FAMILY OF FUNDS LONG/SHORT EQUITY FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2004 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- TRAVEL SERVICES--0.5% Navigant International, Inc.* 34,600 $ 379,908 ------------- UTILITIES - ELECTRIC--0.5% Central Vermont Public Service Corp. 16,700 377,086 ------------- TOTAL DOMESTIC COMMON STOCK (Cost $64,391,910) 72,068,308 ------------- PAR (000) VALUE ------------ ------------- CONVERTIBLE BONDS--0.1% Interpool, Inc. 9.25% 12/27/22 75 79,875 ------------- TOTAL CONVERTIBLE BONDS--0.1% (Cost $75,000) 79,875 ------------- NUMBER OF SHARES VALUE ------------ ------------- CORPORATE BONDS--0.2% PREFERRED STOCK--0.2% Mueller Industries, Inc. 6% Senior Subordinated Debentures (Metal Fabricate LOC) 118,000 116,230 ------------- TOTAL CORPORATE BONDS--0.2% (Cost $118,000) 116,230 ------------- SHORT-TERM INVESTMENTS--17.1% PNC Bank Money Market Deposit Account 1.62% 12/01/04 1.620% 12/01/04 12,934,970 12,934,970 ------------- TOTAL SHORT-TERM INVESTMENTS--17.1% (Cost $12,934,970) 12,934,970 ------------- TOTAL LONG POSITIONS--112.5% (Cost $77,519,880)** 85,199,383 ------------- SECURITIES SOLD SHORT--(56.9%) AEROSPACE & DEFENSE--(0.5%) Innovative Solutions and Support, Inc.* (8,100) (247,941) NUMBER OF SHARES VALUE ------------ ------------- TransTechnology Corp.* (19,500) $ (147,225) ------------- (395,166) ------------- AIRLINES--(0.7%) AMR Corp.* (20,800) (187,824) Northwest Airlines Corp.* (27,000) (276,480) UAL Corp.* (74,165) (73,423) ------------- (537,727) ------------- AUTOMOTIVE PARTS & EQUIPMENT--(0.5%) A.S.V., Inc.* (3,840) (161,011) Goodyear Tire & Rubber Co., (The)* (19,130) (241,421) ------------- (402,432) ------------- BANKS - REGIONAL--(0.8%) First Horizon National Corp. (6,500) (284,050) First Indiana Corp. (13,000) (301,210) ------------- (585,260) ------------- BROADCASTING--(1.2%) Crown Media Holdings, Inc., Class A* (24,650) (218,399) Cumulus Media, Inc., Class A* (6,810) (104,057) NTN Communications, Inc.* (42,900) (118,404) Spanish Broadcasting System, Inc., Class A (24,700) (264,043) XM Satellite Radio Holdings, Inc., Class A* (5,400) (199,314) ------------- (904,217) ------------- BUILDING & CONSTRUCTION--(0.5%) Shaw Group, Inc., (The)* (23,680) (348,806) Trex Co., Inc.* (5) (235) ------------- (349,041) ------------- BUSINESS & PUBLIC SERVICES--(0.7%) Learning Tree International, Inc.* (7,430) (97,556) Mobile Mini, Inc.* (13,000) (393,770) ------------- (491,326) ------------- CHEMICALS - SPECIALTY--(1.0%) NOVA Chemicals Corp. (10,520) (487,707) Zoltek Cos., Inc.* (25,550) (235,060) ------------- (722,767) ------------- 4 BOSTON PARTNERS FAMILY OF FUNDS LONG/SHORT EQUITY FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2004 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- COMMERCIAL SERVICES--(0.7%) Euronet Worldwide, Inc.* (12,055) $ (296,553) Iron Mountain, Inc.* (4,635) (139,652) LML Payment Systems, Inc.* (19,210) (83,756) ------------- (519,961) ------------- COMPUTER EQUIPMENT & SERVICES--(3.7%) ConSyGen, Inc.* (200) 0 DataTRAK International, Inc.* (21,600) (246,240) Digital River, Inc.* (4,400) (184,448) Kronos, Inc.* (3,710) (187,503) Maxwell Technologies, Inc. (18,300) (196,542) Mobility Electronics, Inc.* (31,390) (304,797) National Instruments Corp. (5,290) (151,294) PDF Solutions, Inc.* (15,580) (200,515) Research In Motion Ltd.* (2,900) (258,013) Satellite Enterprises Corp.* (8,615) (2,154) Stratasys, Inc.* (7,600) (245,480) Trident Microsystems, Inc.* (25,100) (391,560) Tyler Technologies, Inc.* (23,500) (184,240) Viewpoint Corp.* (83,900) (219,818) Xybernaut Corp.* (35,000) (42,000) ------------- (2,814,604) ------------- COMPUTER SOFTWARE--(1.7%) Magma Design Automation, Inc.* (7,100) (96,276) Mercury Interactive Corp.* (5,880) (268,187) Red Hat, Inc.* (10,800) (156,384) Smith Micro Software, Inc.* (24,300) (170,343) Take-Two Interactive Software, Inc.* (6,600) (230,670) Ultimate Software Group, Inc., (The)* (29,310) (374,288) ------------- (1,296,148) ------------- CONSUMER PRODUCTS--(0.6%) Central Garden & Pet Co.* (4,600) (178,020) Omega Protein Corp.* (17,400) (146,334) Senomyx, Inc.* (15,600) (154,440) ------------- (478,794) ------------- CONSUMER SPECIALTIES--(0.3%) Greg Manning Auctions, Inc.* (19,370) (222,174) ------------- NUMBER OF SHARES VALUE ------------ ------------- DATA PROCESSING SERVICES--(0.8%) Dawson Geophysical Co.* (7,600) $ (177,460) FalconStor Software, Inc.* (18,100) (141,723) Total Systems Services, Inc. (11,760) (303,526) ------------- (622,709) ------------- ELECTRONIC EQUIPMENT & PRODUCTS--(3.0%) Electro Rent Corp.* (22,000) (311,960) FLIR Systems, Inc.* (2,500) (140,875) ICOS Vision Systems Corp., N.V.* (6,272) (147,016) Interlink Electronics, Inc.* (17,600) (157,872) Magal Security Systems Ltd.* (21,000) (273,840) Measurement Specialities, Inc.* (9,400) (239,794) NVE Corp.* (6,300) (185,409) QSound Labs, Inc.* (22,440) (169,422) Taser International, Inc.* (13,400) (367,696) Video Display Corp. (17,700) (241,605) ------------- (2,235,489) ------------- ELECTRONICS--(2.9%) FEI Co.* (12,380) (264,808) Fiberstars, Inc.* (18,645) (167,805) Identix, Inc.* (26,630) (211,176) Ionatron, Inc.* (23,615) (226,704) SonoSite, Inc.* (7,100) (211,935) SpatiaLight, Inc.* (65,660) (588,970) Universal Display Corp.* (29,160) (284,310) Veeco Instruments, Inc.* (12,810) (248,386) ------------- (2,204,094) ------------- ENERGY--(2.2%) Ballard Power Systems, Inc.* (14,600) (98,112) Energy Conversion Devices, Inc.* (16,900) (376,194) KFx, Inc.* (31,750) (478,155) Medis Technologies Ltd.* (17,609) (286,146) Plug Power, Inc.* (28,750) (169,913) Power-One, Inc.* (19,860) (182,513) Valence Technology, Inc.* (30,650) (110,340) ------------- (1,701,373) ------------- ENVIRONMENTAL SERVICES--(0.6%) Clean Harbors, Inc.* (14,935) (187,136) Flanders Corp.* (20,700) (206,586) 5 BOSTON PARTNERS FAMILY OF FUNDS LONG/SHORT EQUITY FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2004 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- Pure Cycle Corp.* (12,115) $ (93,285) ------------- (487,007) ------------- FINANCIAL SERVICES--(1.8%) Fremont General Corp. (10,500) (249,900) Harris & Harris Group, Inc. (20,600) (304,056) LaBranche & Co., Inc.* (30,300) (242,703) NextCard, Inc.* (128,500) (1,928) W.P. Stewart & Co. Ltd. (25,940) (592,729) ------------- (1,391,316) ------------- FOODS--(1.0%) Lifeway Foods, Inc.* (8,135) (75,899) Safeway, Inc.* (17,700) (341,256) Sanderson Farms, Inc. (3,700) (137,825) Wimm-Bill-Dann Foods OJSC - ADR* (13,530) (186,579) ------------- (741,559) ------------- HEALTH CARE - BIOTECH--(5.3%) Abgenix, Inc.* (9,290) (94,293) Amylin Pharmaceuticals, Inc.* (10,000) (203,800) AtheroGenics, Inc.* (7,200) (170,712) Bioenvision, Inc.* (20,900) (215,270) BioSante Pharmaceuticals, Inc.* (18,855) (189,870) Compugen Ltd.* (11,555) (53,731) Discovery Laboratories, Inc.* (23,000) (160,540) Hemispherx Biopharma, Inc.* (35,285) (55,397) ICOS Corp.* (7,090) (171,223) Immtech International, Inc.* (13,700) (191,937) Isis Pharmaceuticals, Inc.* (18,590) (87,745) Isolagen, Inc.* (18,200) (138,138) Ista Pharmaceuticals, Inc.* (18,600) (186,186) Martek Biosciences Corp.* (6,210) (241,383) Medicines Co., (The)* (10,580) (263,865) Myriad Genetics, Inc.* (8,670) (166,811) Neurocrine Biosciences, Inc.* (4,700) (216,200) Northfield Laboratories, Inc.* (12,970) (242,539) Nuvelo, Inc.* (17,700) (172,575) Star Scientific, Inc.* (29,815) (196,481) Tapestry Pharmaceuticals, Inc.* (94,100) (91,183) Transkaryotic Therapies, Inc.* (15,900) (362,679) NUMBER OF SHARES VALUE ------------ ------------- Vertex Pharmaceuticals, Inc.* (13,630) $ (144,751) ------------- (4,017,309) ------------- HEALTH CARE - DRUGS--(1.2%) Cubist Pharmaceuticals, Inc.* (12,600) (151,200) Dendreon Corp.* (18,730) (183,741) Indevus Pharmaceuticals, Inc.* (22,400) (154,784) Inspire Pharmaceuticals, Inc.* (12,010) (215,099) Interpharm Holdings, Inc.* (4,470) (13,634) North Biopharmaceuticals, Inc. (12,300) (177,120) ------------- (895,578) ------------- HEALTH CARE - SERVICES--(0.6%) CPC of America, Inc.* (865) (31,573) Eclipsys Corp.* (14,400) (280,080) TriZetto Group, Inc., (The)* (21,680) (153,494) ------------- (465,147) ------------- HEALTH CARE - SUPPLIES--(3.4%) Align Technology, Inc.* (13,590) (143,646) BriteSmile, Inc.* (20,590) (142,689) Conceptus, Inc.* (23,350) (208,515) Cyberonics, Inc.* (11,700) (217,269) Digene Corp.* (6,190) (149,693) EPIX Medical, Inc.* (7,860) (138,336) I-Flow Corp. ** (10,805) (221,827) Ivax Diagnostics, Inc.* (23,655) (101,716) Penwest Pharmaceuticals Co.* (16,640) (207,168) Q-Med, Inc.* (12,390) (143,104) STAAR Surgical Co.* (17,130) (101,581) ThermoGenesis Corp.* (59,010) (358,191) TriPath Imaging, Inc. (18,500) (132,830) Zila, Inc.* (65,088) (289,642) ------------- (2,556,207) ------------- INTERNET CONTENT--(0.2%) Autobytel, Inc.* (15,300) (111,384) ------------- INTERNET SERVICES--(4.0%) Ask Jeeves, Inc.* (3,700) (95,608) Concur Technologies, Inc.* (24,000) (225,600) eResearch Technology, Inc.* (5,290) (77,974) Interliant, Inc.* (600) (1) IPIX Corp.* (24,800) (161,200) 6 BOSTON PARTNERS FAMILY OF FUNDS LONG/SHORT EQUITY FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2004 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- j2 Global Communications, Inc.* (3,600) $ (125,460) Juniper Networks, Inc.* (5,500) (151,415) Kintera, Inc.* (31,500) (256,095) Lionbridge Technologies, Inc.* (16,790) (92,513) Monster Worldwide, Inc.* (7,900) (222,701) Netflix, Inc.* (15,600) (177,528) Openwave Systems, Inc.* (20,310) (267,686) Overstock.com, Inc.* (3,600) (256,536) Shopping.com Ltd.* (5,400) (165,353) Travelzoo, Inc.* (5,115) (475,695) Tumbleweed Communications Corp.* (49,900) (174,650) Zix Corp. (20,050) (91,829) ------------- (3,017,844) ------------- LEISURE & LODGING--(0.2%) RC2 Corp.* (5,200) (162,708) ------------- MACHINERY--0.0% SureBeam Corp., Class A* (111,800) (783) ------------- MANUFACTURING--(1.1%) Ceradyne, Inc.* (3,300) (163,020) Charles & Colvard Ltd.* (19,000) (181,241) Foamex International, Inc.* (28,800) (117,216) Nanophase Technologies Corp.* (37,100) (228,907) Trinity Industries, Inc. (4,330) (153,066) ------------- (843,450) ------------- MARKETING--(0.2%) aQuantive, Inc.* (15,000) (130,350) ------------- MEDIA & ENTERTAINMENT--(0.7%) Martha Stewart Living Omnimedia, Inc., Class A* (19,230) (454,213) TiVo, Inc.* (23,200) (109,272) ------------- (563,485) ------------- MEDICAL EQUIPMENT AND SUPPLIES--(1.2%) DepoMed, Inc.* (27,600) (128,616) Luminex Corp.* (18,900) (170,289) Microvision, Inc.* (46,930) (357,137) Specialty Labortories, Inc.* (14,020) (153,940) NUMBER OF SHARES VALUE ------------ ------------- Urologix, Inc.* (13,600) $ (96,832) ------------- (906,814) ------------- METALS & MINING--(0.8%) Allegheny Technologies, Inc. (26,100) (574,200) ------------- OFFICE EQUIPMENT & SUPPLIES--(0.5%) Herman Miller, Inc. (4,610) (113,235) Interface, Inc., Class A* (28,700) (284,130) ------------- (397,365) ------------- OIL SERVICES--(0.2%) SEACOR Holdings, Inc.* (3,090) (171,495) ------------- PAPER FOREST PRODUCTS & PACKAGING--(0.2%) Graphic Packaging Corp.* (21,900) (178,704) ------------- PHARMACEUTICALS & BIOTECHNOLOGY--(0.3%) Pain Therapeutics, Inc.* (12,695) (95,593) Progenics Pharmaceuticals, Inc.* (10,300) (153,985) ------------- (249,578) ------------- RESTAURANTS--(1.6%) BJ's Restaurants, Inc.* (13,000) (194,480) Cheesecake Factory, Inc., (The)* (3,090) (151,070) Cosi, Inc.* (36,800) (241,040) P.F. Chang's China Bistro, Inc.* (5,380) (302,571) Panera Bread Co., Class A* (7,270) (290,364) ------------- (1,179,525) ------------- RETAIL--(0.3%) Bombay Co., Inc., (The)* (20,800) (143,936) Wilsons The Leather Experts, Inc.* (22,100) (110,500) ------------- (254,436) ------------- RETAIL - FOOD & DRUG--(0.3%) bebe stores, Inc.* (7,100) (257,588) ------------- RETAIL - HARD GOODS--(0.3%) AutoNation, Inc.* (12,900) (238,908) ------------- RETAIL - SOFT GOODS--(0.8%) Pantry, Inc., (The)* (9,600) (264,192) REX Stores Corp.* (19,400) (341,440) ------------- (605,632) ------------- 7 BOSTON PARTNERS FAMILY OF FUNDS LONG/SHORT EQUITY FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2004 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- SAVINGS & LOANS--(0.4%) Charter Financial Corp. (7,662) $ (313,452) ------------- SEMICONDUCTOR EQUIPMENT & PRODUCTS--(2.6%) American Superconductor Corp.* (14,150) (195,921) FormFactor, Inc.* (7,600) (183,236) Micrel, Inc.* (20,270) (216,484) Photon Dynamics, Inc.* (5,690) (125,464) PLX Technology, Inc.* (18,800) (169,388) Rambus, Inc.* (13,100) (302,741) Rudolph Technologies, Inc.* (13,500) (216,000) Tessera Technologies, Inc.* (8,600) (305,730) Volterra Semiconductor Corp.* (10,500) (221,655) ------------- (1,936,619) ------------- SOAPS & TOILETRIES--(0.4%) Jarden Corp.* (5,800) (222,546) Revlon, Inc., Class A* (44,300) (93,473) ------------- (316,019) ------------- TELECOMMUNICATIONS--(0.7%) Choice One Communications, Inc.* (37,790) (4) CTC Communications Group, Inc. o* (98,900) (10) First Avenue Networks, Inc.* (24,985) (183,640) Level 3 Communications, Inc.* (101,540) (350,313) WorldCom, Inc. - WorldCom Group o* (147,900) (1,035) ------------- (535,002) ------------- TELECOMMUNICATIONS EQUIPMENT--(2.7%) Avanex Corp.* (70,700) (219,170) Corning, Inc.* (14,100) (177,378) Endwave Corp.* (16,700) (256,846) Extreme Networks, Inc.* (16,120) (110,099) JDS Uniphase Corp.* (30,400) (96,368) Novatel Wireless, Inc.* (6,400) (134,784) Paradyne Networks, Inc.* (51,200) (198,656) SBA Communications Corp., Class A* (47,470) (455,712) Symmetricom, Inc.* (13,010) (140,508) NUMBER OF SHARES VALUE ------------ ------------- TippingPoint Technologies, Inc.* (6,265) $ (217,709) ------------- (2,007,230) ------------- TEXTILES & APPAREL--(0.3%) Cherokee, Inc. (6,500) (191,100) ------------- TOBACCO--(0.6%) Vector Group Ltd. (27,720) (454,608) ------------- TRANSPORT - SERVICES--(0.6%) Excel Maritime Carriers Ltd.* (12,480) (453,274) ------------- TOTAL SECURITIES SOLD SHORT (Proceeds $41,577,854)** (43,088,958) ------------- OTHER ASSETS IN EXCESS OF LIABILITIES--44.4% 33,632,634 ------------- NET ASSETS--100.0% $ 75,743,059 ============= * -- Non-income producing. o -- Security is valued at fair market value as determined in good faith by or under the direction of RBB's Board of Directors. ADR -- American Depository Receipt. REIT -- Real Estate Investment Trust + -- Security position is either entirely or partially held in a segregated account as collateral for securities sold short. ** 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 $ 36,265,373 ============= Gross unrealized appreciation $ 14,669,070 Gross unrealized depreciation (8,824,018) ------------- Net unrealized appreciation/(depreciation) $ 5,845,052 ============= 8 SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2004 (UNAUDITED)
SHARES VALUE ----------- ------------ DOMESTIC COMMON STOCKS -- 90.7% AEROSPACE & DEFENSE -- 4.8% AAR Corp.* 35,675 $ 487,677 BE Aerospace, Inc.* 159,225 1,687,307 CAE, Inc. 107,675 405,935 GenCorp, Inc.* 6,800 114,308 ------------ 2,695,227 ------------ AGRICULTURAL CHEMICALS -- 1.5% Mosaic Co. (The)* 49,775 865,089 ------------ AGRICULTURE -- 1.5% Corn Products International, Inc. 15,575 847,591 ------------ AIRCRAFT PARTS & AUXILIARY EQUIPMENT, NEC -- 2.6% HEICO Corp. 20,837 341,935 Triumph Group, Inc.* 26,875 1,090,050 ------------ 1,431,985 ------------ ALUMINUM -- 0.6% Commonwealth Industries, Inc.* 23,425 306,633 ------------ AUTOMOBILE PARTS & EQUIPMENT -- 2.6% Exide Technologies* 42,375 527,569 Visteon Corp. 110,375 933,772 ------------ 1,461,341 ------------ BANKS -- 0.4% Integra Bank Corp. 9,800 224,224 ------------ BIOTECH -- 0.1% Telik, Inc.* 3,700 70,707 ------------ CHEMICALS -- 2.1% Millennium Chemicals, Inc.* 9,250 245,865 PolyOne Corp.* 40,425 373,123 Sensient Technologies Corp. 1,350 31,117 Westlake Chemical Corp.* 16,550 519,505 ------------ 1,169,610 ------------ COMPUTER COMPONENTS -- 0.2% Lexar Media, Inc.* 16,150 127,423 ------------ COMPUTER SOFTWARE -- 0.4% MSC.Software Corp.* 25,125 238,939 ------------ CONSTRUCTION -- 1.7% Shaw Group, Inc. (The)* 64,900 955,977 ------------ DIVERSIFIED -- 1.9% Acuity Brands, Inc. 19,375 570,206 Viad Corp. 20,700 496,593 ------------ 1,066,799 ------------ DRUGS & MEDICAL PRODUCTS -- 0.0% Par Pharmaceutical Cos., Inc.* 350 13,811 ------------ SHARES VALUE ----------- ------------ ELECTRIC PRODUCTS -- 0.4% Encore Wire Corp.* 16,750 $ 225,706 ------------ ELECTRICAL EQUIPMENT -- 4.2% EMCOR Group, Inc.* 23,525 1,087,325 General Cable Corp.* 61,350 834,360 GrafTech International, Ltd.* 45,975 438,602 ------------ 2,360,287 ------------ ELECTRICAL WORK -- 0.8% Integrated Electrical Services, Inc.* 144,150 435,333 ------------ ELECTRONIC COMPONENTS & ACCESSORIES -- 0.0% KEMET Corp.* 1,850 16,391 ------------ ELECTRONICS -- 0.6% Curtiss-Wright Corp. 4,200 250,320 Plexus Corp.* 4,850 66,687 ------------ 317,007 ------------ ENERGY & UTILITIES -- 5.1% Allegheny Energy, Inc.* 31,075 594,775 Reliant Resources, Inc.* 189,775 2,254,527 ------------ 2,849,302 ------------ ENTERTAINMENT -- 0.5% Gaylord Entertainment Co.* 7,500 264,300 ------------ FERTILIZERS -- 0.7% LESCO, Inc. 30,450 365,400 ------------ FOOTWEAR -- 0.5% Barry (R.G.) Corp.* 72,075 252,262 ------------ GENERAL INDUSTRIAL MACHINERY & EQUIPMENT -- 1.4% Manitowoc Co., Inc. (The) 10,350 386,572 Metso Corp. 25,300 407,330 ------------ 793,902 ------------ HEALTH CARE DIVERSIFIED -- 0.2% NeighborCare, Inc.* 4,175 117,276 ------------ HOMEBUILDING -- 2.9% Champion Enterprises, Inc.* 141,175 1,620,689 ------------ HOTELS & RESTAURANTS -- 0.8% Interstate Hotels & Resorts, Inc.* 93,775 445,431 ------------ HOUSEHOLD APPLIANCES -- 0.6% Maytag Corp. 16,550 332,655 ------------ INSURANCE -- 2.8% Assured Guaranty, Ltd. 6,800 125,256 NCRIC Group, Inc.* 10,450 100,425 ProAssurance Corp.* 20,000 781,000 Scottish Annuity & Life Holdings, Ltd. 16,050 369,150 U.S.I. Holdings Corp.* 17,300 198,604 ------------ 1,574,435 ------------
1 SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2004 (UNAUDITED)
SHARES VALUE ----------- ------------ MACHINERY -- 2.4% Flowserve Corp.* 23,100 $ 582,582 Terex Corp.* 14,700 673,848 UNOVA, Inc.* 4,400 97,504 ------------ 1,353,934 ------------ MANUFACTURED HOUSING -- 0.9% Fleetwood Enterprises, Inc.* 36,450 493,898 ------------ MANUFACTURING -- 4.4% Navistar International Corp.* 23,100 950,565 Trinity Industries, Inc. 25,089 886,896 York International Corp. 17,225 635,086 ------------ 2,472,547 ------------ MEDICAL & MEDICAL SERVICES -- 0.1% Per-Se Technologies, Inc.* 4,300 59,297 ------------ METALS & MINING -- 1.3% Brush Engineered Materials, Inc.* 37,750 736,125 ------------ OFFICE FURNISHINGS -- 1.6% Interface, Inc.* 88,995 881,051 ------------ OIL & GAS FIELD SERVICES -- 1.3% Willbros Group, Inc.* 40,450 728,505 ------------ OIL REFINING -- 0.8% Premcor, Inc.* 10,125 451,069 ------------ PAPER -- 1.5% Glatfelter 57,750 830,445 ------------ PAPER & FORESTRY PRODUCTS -- 2.0% Longview Fibre Co. 35,900 623,942 Neenah Paper, Inc.* 13,600 480,352 Votorantim Celulose e Papel S.A. -- ADR 550 20,708 ------------ 1,125,002 ------------ RACETRACKS -- 0.3% Magna Entertainment Corp.* 28,050 168,300 ------------ REAL ESTATE -- 7.1% American Real Estate Partners, L.P.* 59,575 1,448,864 Jones Lang LaSalle, Inc.* 38,450 1,380,355 MI Developments, Inc.* 39,225 1,113,990 ------------ 3,943,209 ------------ REAL ESTATE INVESTMENT TRUST -- 7.3% Affordable Residential Communities 30,700 396,030 Boykin Lodging Co. 175,775 1,539,789 CRT Properties, Inc. 40,875 1,003,073 MeriStar Hospitality Corp.* 168,900 1,148,520 ------------ 4,087,412 ------------ RESTAURANTS -- 1.6% Triarc Cos., Inc., Class A 14,450 187,127 SHARES VALUE ----------- ------------ Triarc Cos., Inc., Class B 55,050 $ 701,888 ------------ 889,015 ------------ RETAIL -- 1.2% MarineMax, Inc.* 17,750 521,850 Warnaco Group, Inc. (The)* 8,075 160,450 ------------ 682,300 ------------ RETAIL - SPECIALTY STORES -- 1.9% Casual Male Retail Group, Inc.* 77,239 333,672 Pep Boys-Manny, Moe & Jack (The) 20,050 315,788 Zale Corp.* 13,500 394,875 ------------ 1,044,335 ------------ RETAIL MERCHANDISING -- 0.9% Dillard's, Inc. 7,225 181,926 Great Atlantic & Pacific Tea Company, Inc. (The)* 39,850 301,266 ------------ 483,192 ------------ SEMICONDUCTOR EQUIPMENT -- 6.4% Alliance Semiconductor Corp.* 167,700 586,950 Axcelis Technologies, Inc.* 18,800 137,240 BE Semiconductor Industries N.V.* 353,293 1,950,177 Integrated Silicon Solution, Inc.* 97,400 746,084 Kulicke and Soffa Industries, Inc.* 21,200 158,576 LTX Corp.* 2,650 18,921 ------------ 3,597,948 ------------ SEMICONDUCTORS & RELATED -- 2.9% Amkor Technology, Inc.* 30,750 169,125 ASM International N.V.* 72,375 1,150,762 STATS ChipPAC, Ltd. -- ADR* 5,800 32,544 ZiLOG, Inc.* 39,150 256,433 ------------ 1,608,864 ------------ TELECOMMUNICATIONS & EQUIPMENT -- 0.2% Boston Communications Group, Inc.* 8,750 77,875 Triton PCS Holdings, Inc.* 17,475 43,688 ------------ 121,563 ------------ TRANSPORTATION -- 1.3% Alexander & Baldwin, Inc. 5,575 235,879 Covenant Transport, Inc., Class A* 5,350 102,827 Stolt-Nielsen S.A. -- ADR 14,275 400,699 ------------ 739,405 ------------ TRUCK TRAILERS -- 0.3% Wabash National Corp.* 7,500 186,525 ------------ UTILITIES -- 1.1% Avista Corp. 33,400 594,520 ------------
2 SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2004 (UNAUDITED)
SHARES VALUE ----------- ------------ TOTAL DOMESTIC COMMON STOCKS (Cost $37,498,707) 50,724,193 ------------ CANADIAN COMMON STOCKS -- 1.3% MANUFACTURING -- 0.1% Bombardier, Inc., Class B $ 27,600 $ 53,387 ------------ METALS & MINING -- 1.0% Cameco Corp. 6,000 590,135 ------------ REAL ESTATE INVESTMENT TRUST -- 0.2% Trizec Canada, Inc. 6,100 86,751 ------------ TOTAL CANADIAN COMMON STOCK (Cost $263,426) 730,273 ------------ PREFERRED STOCKS -- 0.3% UTILITIES -- 0.3% Sierra Pacific Resources 9.00% 3,600 149,760 ------------ TOTAL PREFERRED STOCKS (Cost $121,200) 149,760 ------------ PAR (000) VALUE ----------- ------------ CORPORATE BONDS -- 1.3% Mercer International, Inc. SR SB CV144A 8.50%, 10/15/10 500 741,250 ------------ TOTAL CORPORATE BONDS (Cost $500,000) 741,250 ------------ SHARES VALUE ----------- ------------ EXCHANGE TRADED FUNDS -- 0.5% FINANCE -- 0.5% iShares Russell 2000 Value Index Fund 1,475 280,766 ------------ TOTAL EXCHANGE TRADED FUNDS (Cost $232,076) 280,766 ------------ SHORT-TERM INVESTMENTS -- 5.6% Galaxy Money Market Fund 2,815,711 2,815,711 Wilmington Prime Money Market Portfolio 309,167 309,167 ------------ TOTAL SHORT-TERM INVESTMENTS (Cost $3,124,878) 3,124,878 ------------ TOTAL INVESTMENTS -- 99.7% (Cost $41,740,287) 55,751,120 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.3% 190,178 ------------ NET ASSETS -- 100.0% $55,941,298 ============
* Non-income producing. 144A -- Security was purchased pursuant to Rule 144A under Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of November 30, 2004, these securities amounted to 1.33% of net assets. ADR -- American Depository Receipt ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 43,392,630 ============= Gross unrealized appreciation $ 14,414,197 Gross unrealized depreciation (2,055,707) ------------- Net unrealized appreciation/(depreciation) $ 12,358,490 ============= 3 SCHNEIDER VALUE FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2004 (UNAUDITED)
SHARES VALUE ------------ ------------- DOMESTIC COMMON STOCKS -- 87.9% AEROSPACE & DEFENSE -- 5.7% Boeing Co. (The) 55,450 $ 2,970,456 ------------- AGRICULTURAL CHEMICALS -- 3.2% Mosaic Co. (The)* 96,775 1,681,949 ------------- AGRICULTURE -- 0.4% Archer-Daniels-Midland Co. 10,625 225,250 ------------- AUTOMOBILE PARTS & EQUIPMENT -- 1.2% Visteon Corp. 74,900 633,654 ------------- AUTOMOBILES -- 1.9% HONDA MOTOR Co., Ltd. -- ADR 42,200 1,010,690 ------------- BANKS -- 2.7% J.P. Morgan Chase & Co. 37,225 1,401,521 ------------- BROADCASTING & CABLE TELEVISION -- 5.4% Liberty Media Corp.* 147,270 1,521,299 Liberty Media International, Inc., Class A* 30,167 1,298,991 ------------- 2,820,290 ------------- CHEMICALS - DIVERSIFIED -- 1.1% Bayer AG -- ADR 18,375 584,876 ------------- CHEMICALS - SPECIALTY -- 0.6% Dow Chemical Co. (The) 6,675 336,887 ------------- COMPUTERS, SOFTWARE & SERVICING -- 2.9% BearingPoint, Inc.* 90,950 791,265 Electronic Data Systems Corp. 32,850 737,482 ------------- 1,528,747 ------------- DRUGS & MEDICAL PRODUCTS -- 0.1% Bristol-Meyers Squibb Co. 750 17,625 IVAX Corp.* 1,650 25,756 ------------- 43,381 ------------- ELECTRONIC COMPONENTS & ACCESSORIES -- 5.2% Avnet, Inc.* 46,250 851,000 Sanmina-SCI Corp.* 208,525 1,841,276 Vishay Intertechnology, Inc.* 2,050 29,950 ------------- 2,722,226 ------------- ELECTRONICS -- 0.9% Agilent Technologies, Inc.* 20,450 468,100 ------------- ENERGY & UTILITIES -- 3.0% Reliant Resources, Inc.* 134,250 1,594,890 ------------- FINANCIAL SERVICES -- 2.2% CIT Group, Inc. 15,650 669,038 PMI Group, Inc. (The) 11,350 467,393 ------------- 1,136,431 ------------- FOOD -- 3.4% H.J. Heinz Co. 300 11,148 SHARES VALUE ------------ ------------- Tate & Lyle P.L.C. -- ADR 47,575 $ 1,790,599 ------------- 1,801,747 ------------- FOOD & BEVERAGE -- 1.1% Smithfield Foods, Inc.* 19,400 563,570 ------------- GAMBLING - NON HOTEL -- 0.2% GTECH Holdings Corp. 3,700 89,355 ------------- HOME FURNISHINGS & HOUSEWARES -- 1.2% Newell Rubbermaid, Inc. 27,375 631,815 ------------- HOSPITALS -- 0.4% Triad Hospitals, Inc.* 6,000 220,140 ------------- HOTELS & RESTAURANTS -- 3.8% Starwood Hotels & Resorts Worldwide, Inc. 37,675 1,970,026 ------------- INDUSTRIAL GOODS & MATERIALS -- 4.7% Tyco International, Ltd. 72,800 2,473,016 ------------- INSURANCE -- 2.7% Aon Corp. 48,200 1,017,984 Loews Corp. 5,875 410,721 ------------- 1,428,705 ------------- LEISURE & ENTERTAINMENT -- 2.7% Carnival Corp. 27,075 1,435,246 ------------- LIFE & HEALTH INSURANCE -- 1.6% Genworth Financial, Inc., Class A* 31,775 835,683 ------------- MANUFACTURING -- 3.2% Brunswick Corp. 6,650 324,653 Navistar International Corp.* 33,100 1,362,065 ------------- 1,686,718 ------------- MEDICAL & MEDICAL SERVICES -- 1.2% Tenet Healthcare Corp.* 56,850 616,823 ------------- METALS & MINING -- 1.9% Freeport-McMoRan Copper & Gold, Inc., Class B 25,191 985,724 ------------- OIL REFINING -- 2.0% Premcor, Inc.* 23,250 1,035,788 ------------- PAPER & FORESTRY PRODUCTS -- 3.4% Abitibi-Consolidated, Inc. 77,525 522,519 Domtar, Inc. 43,850 530,585 International Paper Co. 17,025 706,878 ------------- 1,759,982 ------------- POWER, DISTRIBUTION & SPECIALTY TRANSFORMERS -- 2.1% NRG Energy, Inc.* 34,327 1,098,464 ------------- REAL ESTATE -- 3.0% CB Richard Ellis Group, Inc., Class A* 29,850 808,636 St. Joe Co. (The) 14,330 786,001 ------------- 1,594,637 -------------
1 SCHNEIDER VALUE FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2004 (UNAUDITED)
SHARES VALUE ------------ ------------- REAL ESTATE INVESTMENT TRUST -- 1.2% Trizec Properties, Inc. 37,775 $ 622,154 ------------- RETAIL - CONSUMER ELECTRONICS STORES -- 0.4% Circuit City Stores, Inc. 14,780 230,420 ------------- RETAIL - DEPARTMENT STORES -- 3.0% J.C. Penney Co., Inc. 28,375 1,095,275 Kohl's Corp.* 10,650 491,604 ------------- 1,586,879 ------------- SEMI-CONDUCTORS & RELATED -- 0.5% Teradyne, Inc.* 14,575 248,650 ------------- TELECOMMUNICATIONS & EQUIPMENT -- 1.5% Telephone & Data Systems, Inc. 10,325 800,188 ------------- TRANSPORTATION -- 4.3% CSX Corp. 33,125 1,263,056 Swift Transportation Co.* 19,025 370,797 Werner Enterprises, Inc. 26,737 601,583 ------------- 2,235,436 ------------- UTILITIES -- 0.6% First Energy Corp. 7,675 324,115 ------------- WHOLESALE - DRUG DISTRIBUTION -- 1.3% AmerisourceBergen Corp. 11,625 685,178 ------------- TOTAL DOMESTIC COMMON STOCKS (Cost $37,897,760) 46,119,807 ------------- CANADIAN COMMON STOCKS -- 0.7% MANUFACTURING -- 0.7% Bombardier, Inc., Class B 199,475 385,848 ------------- TOTAL CANADIAN COMMON STOCK (Cost $588,680) 385,848 ------------- PAR (000) VALUE ------------ ------------- CORPORATE BONDS -- 0.3% Delta Air Lines, Inc. (Caa2, B-) 8.00%, 06/03/23 276 168,015 ------------- TOTAL CORPORATE BONDS (Cost $194,219) 168,015 ------------- EXCHANGE TRADED FUNDS -- 4.2% FINANCE -- 4.2% iShares Russell 1000 Value Index Fund 33,785 2,182,511 ------------- TOTAL EXCHANGE TRADED FUNDS (Cost $2,121,144) 2,182,511 ------------- SHARES VALUE ------------ ------------- SHORT-TERM INVESTMENTS -- 6.9% Galaxy Money Market Fund 2,642,628 $ 2,642,628 Wilmington Prime Money Market Portfolio 954,123 954,123 ------------- TOTAL SHORT-TERM INVESTMENTS (Cost $3,596,751) 3,596,751 ------------- TOTAL INVESTMENTS -- 100.0% (Cost $44,398,554)** 52,452,932 ------------- LIABILITIES IN EXCESS OF OTHER ASSETS -- 0.0% (1,787) ------------- NET ASSETS -- 100.0% $ 52,451,145 =============
* Non-income producing. ADR -- American Depository Receipt ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $44,733,694 ============ Gross unrealized appreciation $ 8,354,967 Gross unrealized depreciation (635,729) ------------ Net unrealized appreciation/(depreciation) $ 7,719,238 ============ 2 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2004 (UNAUDITED)
NUMBER OF SHARES VALUE ------------- -------------- COMMON STOCKS--99.3% BASIC INDUSTRY--6.3% Carpenter Technology Corp. 59,700 $ 3,489,465 Crompton Corp. 353,300 3,960,493 Crown Holdings, Inc.* 231,900 2,968,320 IPSCO, Inc. 75,500 3,049,445 Lone Star Technologies, Inc.* 105,800 3,322,120 OM Group, Inc.* 29,300 900,682 Ryerson Tull, Inc. 163,600 2,647,048 Steel Technologies, Inc. 11,400 333,792 -------------- 20,671,365 -------------- CONSUMER CYCLICAL--15.9% 7-Eleven, Inc.* 124,900 2,947,640 Aaron Rents, Inc. 91,200 2,212,512 Ameristar Casinos, Inc. 43,800 1,762,950 Barnes & Noble, Inc.* 79,700 2,158,276 Building Materials Holding Corp. 95,400 3,477,330 Carlisle Cos., Inc. 16,000 956,960 Charlotte Russe Holding, Inc.* 51,300 597,645 Charming Shoppes, Inc.* 252,700 2,362,745 CKE Restaurants, Inc.* 186,800 2,336,868 CNF, Inc. 52,500 2,454,375 Guess?, Inc.* 157,100 2,277,950 Intrawest Corp. 106,300 2,124,937 Jacuzzi Brands, Inc.* 310,800 2,902,872 JAKKS Pacific, Inc.* 128,900 2,400,118 Monarch Casino & Resort, Inc.* 74,000 2,584,080 Navarre Corp.* 75,300 1,282,359 Pantry, Inc. (The)* 89,100 2,452,032 Penn National Gaming, Inc.* 66,300 3,498,651 Phillips-Van Heusen Corp. 90,300 2,465,190 Pinnacle Systems, Inc.* 237,200 1,238,184 RC2 Corp.* 65,200 2,040,108 Rocky Shoes and Boots, Inc.* 5,800 120,640 Smart & Final, Inc.* 140,500 2,034,440 Stanley Furniture Co., Inc. 17,400 800,400 Stein Mart, Inc.* 163,600 2,720,668 -------------- 52,209,930 -------------- CONSUMER GROWTH--15.2% Alpharma, Inc., Class A 135,000 2,242,350 America Service Group, Inc.* 109,800 2,750,490 Apollo Group, Inc., Class A* 24,977 1,990,667 NUMBER OF SHARES VALUE ------------- -------------- CONSUMER GROWTH--(CONTINUED) Applera Corp. - Celera Genomics Group* 56,700 $ 798,336 Boston Beer Co., Inc., (The) Class A* 46,500 1,012,770 Bright Horizons Family Solutions, Inc.* 50,000 3,137,500 Dade Behring Holdings, Inc.* 59,900 3,216,031 DRAXIS Health, Inc. 211,200 971,520 Elizabeth Arden, Inc.* 57,000 1,299,600 Gen-Probe, Inc.* 63,600 2,537,640 Genencor International, Inc.* 141,800 2,297,160 Genesis HealthCare Corp.* 69,900 2,254,275 Haemonetics Corp.* 82,900 2,893,210 HealthExtras, Inc.* 112,600 1,798,222 Medical Action Industries, Inc.* 35,942 710,933 Molecular Devices Corp.* 97,200 2,044,116 National Medical Health Card Systems, Inc.* 47,800 1,022,442 NeighborCare, Inc.* 88,000 2,471,920 Noven Pharmaceuticals, Inc.* 77,500 1,416,700 Ocular Sciences, Inc.* 54,400 2,628,281 PDI, Inc.* 87,000 2,024,490 PerkinElmer, Inc. 154,600 3,297,618 Respironics, Inc.* 40,300 2,231,814 Steiner Leisure Ltd.* 38,300 1,031,036 Vail Resorts, Inc.* 14,400 327,600 WellCare Health Plans, Inc.* 33,500 1,097,795 West Pharmaceutical Services, Inc. 19,400 453,572 -------------- 49,958,088 -------------- ENERGY--5.0% Core Laboratories N.V.* 104,300 2,456,265 Giant Industries, Inc.* 97,400 2,727,200 Petroleum Development Corp.* 74,600 3,067,552 Tesoro Petroleum Corp.* 118,500 3,924,720 Vintage Petroleum, Inc. 171,700 4,163,725 -------------- 16,339,462 -------------- FINANCIAL--17.4% Advanta Corp., Class B 103,800 2,478,744 American Physicians Capital, Inc.* 78,500 2,614,835 Arch Capital Group Ltd.* 63,000 2,453,850 Assured Guaranty Ltd. 123,800 2,280,396
1 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2004 (UNAUDITED)
NUMBER OF SHARES VALUE ------------- -------------- FINANCIAL--(CONTINUED) Banco Itau Holding Financeira S.A. - ADR 49,800 $ 3,210,108 BankAtlantic Bancorp, Inc., Class A 138,700 2,635,300 Capital Crossing Bank* 25,600 683,776 Cash America International, Inc. 71,700 1,839,105 Euronet Worldwide, Inc.* 38,100 937,260 First American Corp. 88,300 2,909,485 First Cash Financial Services, Inc.* 151,850 3,954,174 First Republic Bank 51,600 2,651,724 Infinity Property & Casual Corp. 68,800 2,545,600 LandAmerica Financial Group, Inc. 51,000 2,723,400 Max Re Capital Ltd. 119,700 2,281,482 National Financial Partners Corp. 65,000 2,258,100 Ohio Casualty Corp.* 135,900 2,919,132 R & G Financial Corp., Class B 50,400 1,955,520 Selective Insurance Group, Inc. 60,600 2,714,274 StanCorp Financial Group, Inc. 37,600 2,972,280 Stewart Information Services Corp. 64,000 2,793,600 UICI* 73,500 2,454,900 United Fire & Casualty Co. 7,100 472,860 Westcorp 63,000 2,663,640 -------------- 57,403,545 -------------- INDUSTRIAL--19.3% Aftermarket Technology Corp.* 69,400 1,208,948 AMERCO* 53,900 2,217,985 Applied Industrial Technologies, Inc. 65,000 2,707,250 Astec Industries, Inc.* 122,700 2,041,728 BEI Technologies, Inc. 79,400 2,330,390 Brink's Co., (The) 88,900 3,432,429 Bucyrus International, Inc., Class A 59,900 2,366,050 Consolidated Graphics, Inc.* 64,900 3,069,770 Duratek, Inc.* 35,000 805,350 Dynamex, Inc.* 100,600 2,024,072 Flowserve Corp.* 87,500 2,206,750 Genlyte Group, Inc., (The)* 32,600 2,613,542 Gevity HR, Inc. 79,400 1,406,174 Heidrick & Struggles International, Inc.* 65,500 2,253,200 Hexcel Corp.* 129,000 1,967,250 Hub Group, Inc., Class A* 67,500 2,936,250 Hughes Supply, Inc. 44,000 1,446,720 NUMBER OF SHARES VALUE ------------- -------------- Kennametal, Inc. 33,700 $ 1,728,810 McDermott International, Inc.* 150,500 2,483,250 NCI Building Systems, Inc.* 78,700 2,919,770 Overnite Corp. 85,000 3,003,900 Pacer International, Inc.* 112,100 2,192,676 Perini Corp.* 142,700 2,133,365 Rofin-Sinar Technologies, Inc.* 76,500 2,983,500 Sirva, Inc.* 24,200 481,580 Stewart & Stevenson Services, Inc. 113,200 2,264,000 TeleTech Holdings, Inc.* 233,200 2,278,364 WESCO International, Inc.* 136,100 3,827,132 -------------- 63,330,205 -------------- TECHNOLOGY--19.4% Aladdin Knowledge Systems Ltd.* 114,500 3,329,775 Alvarion Ltd.* 144,300 2,116,881 AMX Corp.* 130,700 2,306,855 Applied Signal Technology, Inc. 15,700 595,972 Artesyn Technologies, Inc.* 239,500 2,280,040 Aspect Communications Corp.* 265,300 2,878,505 Atmel Corp.* 50,800 180,340 Avaya, Inc.* 136,800 2,246,256 Axcelis Technologies, Inc.* 45,000 328,500 BE Aerospace, Inc.* 216,300 2,292,131 Borland Software Corp.* 142,600 1,666,994 Brightpoint, Inc.* 59,700 1,140,867 Catapult Communications Corp.* 85,900 2,331,326 Coherent, Inc.* 91,200 2,634,768 Ctrip.com International Ltd. - ADR* 54,700 2,643,651 Digi International, Inc.* 195,700 3,011,823 ECI Telecom Ltd.* 285,500 2,369,650 Entravision Communications Corp., Class A* 183,600 1,505,520 ESCO Technologies, Inc.* 11,600 849,120 FileNET Corp.* 94,200 2,525,502 Hypercom Corp.* 251,300 1,527,904 II-VI, Inc.* 45,300 1,954,695 McDATA Corp., Class A* 172,500 974,625 Orbotech Ltd.* 77,100 1,461,816 Parametric Technology Corp.* 482,500 2,822,625 Progress Software Corp.* 109,200 2,478,840 Quality Systems, Inc.* 9,000 552,690
2 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2004 (UNAUDITED)
NUMBER OF SHARES VALUE ------------- -------------- TECHNOLOGY--(CONTINUED) Skyworks Solutions, Inc. 229,100 $ 2,274,963 Standard Microsystems Corp.* 62,300 1,531,334 SYNNEX Corp.* 36,900 789,660 TransAct Technologies, Inc.* 42,100 940,935 Transaction Systems Architects, Inc., Class A* 94,400 1,937,088 Ulticom, Inc.* 142,500 2,557,875 Witness Systems, Inc.* 187,900 2,816,621 -------------- 63,856,147 -------------- UTILITY--0.8% Compania Anonima Nacional Telefonos de Venezuela (CANTV) - ADR 106,300 2,406,632 Yak Communications, Inc.* 55,100 323,437 -------------- 2,730,069 -------------- TOTAL COMMON STOCKS (Cost $263,358,041) 326,498,811 -------------- SHORT TERM INVESTMENTS--0.9% Galaxy Institutional Money Market Fund 1.86% 12/01/04 3,042,465 3,042,465 -------------- TOTAL SHORT TERM INVESTMENTS (Cost $3,042,465) 3,042,465 -------------- TOTAL INVESTMENTS--100.2% (Cost $266,400,506)** 329,541,276 -------------- LIABILITIES IN EXCESS OF OTHER ASSETS--(0.2)% (520,856) -------------- NET ASSETS--100.0% $ 329,020,420 ==============
* Non-income producing. ADR -- American Depository Receipt. ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $266,749,328 ============= Gross unrealized appreciation $ 67,209,050 Gross unrealized depreciation (4,417,102) ------------- Net unrealized appreciation/(depreciation) $ 62,791,948 ============= 3 BAKER 500 GROWTH FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2004 (UNAUDITED) NUMBER OF SHARES VALUE ---------- ------------ COMMON STOCKS--98.5% COMMUNICATIONS EQUIPMENT--10.2% Adobe Systems, Inc. 17,780 1,076,757 Avaya, Inc.* 58,825 965,906 ------------ 2,042,663 ------------ ELECTRONIC EQUIPMENT & INSTRUMENTS--10.3% Autodesk, Inc. 16,650 1,089,076 Waters Corp.* 20,600 961,196 ------------ 2,050,272 ------------ ENERGY EQUIPMENT & SERVICES--4.4% Schlumberger Ltd. 13,290 872,223 ------------ FOOD & STAPLES RETAILING--5.3% CVS Corp. 23,415 1,062,339 ------------ HEALTH CARE EQUIPMENT & SUPPLIES--13.0% Medtronic, Inc. 17,200 826,460 St. Jude Medical, Inc.* 24,000 915,360 Stryker Corp. 19,150 842,408 ------------ 2,584,228 ------------ HEALTH CARE PROVIDERS & SERVICES--3.8% Humana, Inc. * 30,800 764,456 ------------ HOTELS, RESTAURANTS & LEISURE--4.3% International Game Technology 24,200 855,470 ------------ INTERNET RETAIL--5.7% e Bay Inc.* 10,050 1,130,123 ------------ MACHINERY--9.4% Danaher Corp. 16,100 915,768 Phelps Dodge Corp. 9,800 951,874 ------------ 1,867,642 ------------ OTHER SECURITIES--7.4% Nasdaq-100 Index Tracking Stock 24,600 963,090 SPDR Trust Series 1 4,325 509,874 ------------ 1,472,964 ------------ PAPER & FOREST PRODUCTS--4.5% Georgia-Pacific Corp. 24,400 893,284 ------------ RAILROADS--5.3% Norfolk Southern Corp. 30,750 1,055,648 ------------ TELECOMMUNICATIONS EQUIPMENT--14.9% Motorola, Inc. 51,100 984,186 QUALCOMM, Inc. 29,050 1,209,061 Tellabs, Inc.* 92,200 788,310 ------------ 2,981,557 ------------ TOTAL COMMON STOCKS (Cost $16,174,834) 19,632,869 ------------ NUMBER OF SHARES VALUE ---------- ------------ SHORT TERM INVESTMENTS--0.7% MONEY MARKET FUNDS--0.7% Galaxy Money Market Fund 1.86% 12/01/04 143,969 143,969 ------------ TOTAL SHORT TERM INVESTMENTS (Cost $143,969) 143,969 ------------ TOTAL INVESTMENTS--99.2% (Cost $16,318,803)** 19,776,838 ------------ OTHE ASSETS IN EXCESS OF LIABILITIES--0.8% 156,318 ------------ NET ASSETS--100.0% $19,933,156 ============ * -- 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 $ 16,318,803 ============= Gross unrealized appreciation $ 3,553,411 Gross unrealized depreciation (95,376) ------------- Net unrealized appreciation/(depreciation) $ 3,458,035 ============= 1 ITEM 2. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) THE RBB FUND, INC. By (Signature and Title)* /S/ EDWARD J. ROACH ------------------------------------------------------ Edward J. Roach, President & Treasurer (principal executive officer) Date JANUARY 19, 2005 --------------------------------------------------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /S/ EDWARD J. ROACH ------------------------------------------------------ Edward J. Roach, President & Treasurer (principal executive officer & principal financial officer) Date JANUARY 19, 2005 --------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature.