N-Q 1 g17871rbb_nq.txt THE RBB FUND, INC. N-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-05518 -------------- The RBB Fund, Inc. --------------------------------------------------- (Exact name of registrant as specified in charter) 400 Bellevue Parkway, 4th Floor Wilmington, DE 19809 --------------------------------------------------- (Address of principal executive offices) (Zip code) Edward J. Roach, President & Treasurer 400 Bellevue Parkway, 4th Floor Wilmington, DE 19809 --------------------------------------------------- (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: May 31, 2005 ------------- 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 Schedule(s) of Investments is attached herewith. THE BEDFORD FAMILY THE RBB FUND, INC. MONEY MARKET PORTFOLIO STATEMENT OF NET ASSETS MAY 31, 2005 (UNAUDITED) PAR (000) VALUE ---------- ------------- CERTIFICATES OF DEPOSIT--13.5% DOMESTIC CERTIFICATES OF DEPOSIT--8.9% Banco Santander Puerto Rico 3.050%, 06/20/05 $ 7,000 $ 7,000,000 Banque Nationale de Paris, New York (A-1+, P-1) 2.905%, 06/13/05 3,335 3,335,006 Washington Mutual Bank (A-1, P-1) 3.050%, 06/22/05 12,800 12,800,000 ------------- 23,135,006 ------------- YANKEE DOLLAR CERTIFICATES OF DEPOSIT--4.6% Credit Suisse First Boston New York (A-1, P-1) 3.050%, 06/30/05 12,000 12,000,000 ------------- TOTAL CERTIFICATES OF DEPOSIT (Cost $35,135,006) 35,135,006 ------------- COMMERCIAL PAPER--47.1% ASSET BACKED SECURITIES--22.3% Chariot Funding LLC (A-1, P-1) 3.030%, 06/01/05 10,156 10,156,000 Emerald Certificates MBNA (A-1+, P-1) 3.040%, 06/29/05 6,400 6,384,867 3.120%, 07/19/05 3,675 3,659,712 Mitten Residential Funding Corp. 3.068%, 06/24/05 8,885 8,867,630 Newcastle Certificates (A-1+, P-1) 3.088%, 06/06/05 7,430 7,426,822 3.081%, 06/13/05 4,699 4,694,191 Park Granda LLC (A-1+, P-1) 3.074%, 06/24/05 10,000 9,980,450 Sedna Finance, Inc. (A-1+, P-1) 3.020%, 06/22/05 6,800 6,788,021 ------------- 57,957,693 ------------- BANKS--3.8% Alliance & Leicester PLC 4-2 3.260%, 09/19/05 10,000 9,900,389 ------------- CANNED, FROZEN, PRESERVED FRUIT--4.6% Sara Lee Corp. (A-1, P-2) 3.070%, 06/28/05 12,000 11,972,370 ------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT--0.9% General Electric Company (A-1+, P-1) 3.000%, 06/28/05 1,425 1,421,794 PAR (000) VALUE ---------- ------------- 3.000%, 06/29/05 $ 875 $ 872,958 ------------- 2,294,752 ------------- FINANCE SERVICES--5.0% UBS Finance Delaware LLC 3-A-3 3.040%, 06/01/05 13,000 13,000,000 ------------- PERSONAL CREDIT INSTITUTIONS--3.8% Countrywide Home Loans, Inc. (A-1, P-2) 3.070%, 06/24/05 10,000 9,980,386 ------------- SECURITY BROKERS & DEALERS--2.9% Citigroup Global Markets Holdings 3-A-3 3.050%, 06/01/05 5,000 5,000,000 Morgan Stanley Mortgage Capital, Inc.(A-1, P-1) 2.930%, 06/07/05 2,620 2,618,721 ------------- 7,618,721 ------------- SHORT-TERM BUSINESS CREDIT INSTITUTIONS--3.8% General Electric Capital Corp. (A-1+, P-1) 2.880%, 06/08/05 10,000 9,994,400 ------------- TOTAL COMMERCIAL PAPER (Cost $122,718,711) 122,718,711 ------------- MUNICIPAL BONDS--0.9% PENNSYLVANIA--0.9% Franklin County, PA IDR (A-1, A+) 3.280%, 06/02/05 2,330 2,330,000 ------------- TOTAL MUNICIPAL BONDS (Cost $2,330,000) 2,330,000 ------------- VARIABLE RATE OBLIGATIONS--9.3% ASSET BACKED SECURITIES--0.5% Racers Trust 2004-6-MM (P-1) 3.090%, 06/22/05 1,000 1,000,000 SMM Trust 2004-G 2.910%, 06/03/05 271 271,031 ------------- 1,271,031 ------------- BANKS--6.9% Citigroup Global Markets (A-1+, P-1) 3.041%, 06/03/05 8,000 8,000,000 HBOS Treasury Services P.L.C. (AA, Aa2) 3.080%, 06/24/05 8,000 8,000,000 Westpac Banking Corp. (AA-, Aa3) 2.990%, 06/13/05 2,000 2,000,000 ------------- 18,000,000 ------------- 1 THE BEDFORD FAMILY THE RBB FUND, INC. MONEY MARKET PORTFOLIO STATEMENT OF NET ASSETS (CONCLUDED) MAY 31, 2005 (UNAUDITED) PAR (000) VALUE ---------- ------------- LIFE INSURANCE--1.9% Met Life Global Funding, Inc. (AA, Aa2) 3.171%, 06/29/05 $ 5,000 $ 5,000,000 ------------- TOTAL VARIABLE RATE OBLIGATIONS (Cost $24,271,031) 24,271,031 ------------- AGENCY OBLIGATIONS--3.1% Federal Home Loan Bank (AAA, Aaa) 2.875%, 06/13/05 8,000 7,998,642 ------------- TOTAL AGENCY OBLIGATIONS (Cost $7,998,642) 7,998,642 ------------- MASTER NOTES--7.3% Merrill Lynch Mortgage Capital, Inc. 3.100%, 06/06/05 13,100 13,100,000 Morgan Stanley Mortgage Capital, Inc. (A1, P1) 3.233%, 06/01/05 6,000 6,000,000 ------------- TOTAL MASTER NOTES (Cost $19,100,000) 19,100,000 ------------- REPURCHASE AGREEMENTS--18.8% Morgan Stanley & Co. 3.060%, 06/01/05 45,000 45,000,000 2.950%, 06/01/05 3,900 3,900,000 ------------- TOTAL REPURCHASE AGREEMENTS (Cost $48,900,000) 48,900,000 ------------- TOTAL INVESTMENTS AT VALUE--100.0% (Cost $260,453,389)** 260,453,389 ------------- OTHER ASSETS IN EXCESS OF LIABILITIES--0.0% 103,440 ------------- NET ASSETS (APPLICABLE TO 99,297,637 BEDFORD SHARES AND 161,262,650 SANSOM STREET SHARES )--100.0% $ 260,556,829 ============= NET ASSET VALUE, Offering and Redemption Price Per Share ($260,556,829 / 260,560,287) $ 1.00 ============= ** There are no differences between book cost and federal income tax cost. INVESTMENT ABBREVIATIONS IDR Industrial Development Revenue RB Revenue Bond VRDN Variable Rate Demand Note 2 [LOGO] NUMERIC INVESTORS FAMILY OF FUNDS EMERGING GROWTH FUND PORTFOLIO OF INVESTMENTS MAY 31, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- COMMON STOCKS--97.7% AEROSPACE & DEFENSE--0.9% 7,200 Allied Defense Group, Inc. (The)* $ 171,648 300 Esterline Technologies Corp.* 11,670 18,900 GenCorp, Inc.* 357,210 23,165 Innovative Solutions and Support, Inc.* 802,436 -------------- 1,342,964 -------------- AIRLINES--0.9% 69,200 ExpressJet Holdings, Inc.* 597,196 2,100 Republic Airways Holdings, Inc.* 26,796 19,800 SkyWest, Inc. 361,152 30,500 World Air Holdings, Inc.* 259,860 -------------- 1,245,004 -------------- APPAREL--2.1% 23,500 Children's Place Retail Stores, Inc. (The)* 1,097,685 200 Citi Trends, Inc.* 3,270 18,800 Guess?, Inc.* 316,592 40,000 Hartmarx Corp.* 379,200 57,900 Russell Corp. 1,082,730 4,000 UniFirst Corp. 146,400 -------------- 3,025,877 -------------- AUTOMOBILE--0.5% 45,100 Rush Enterprises, Inc., Class A* 648,989 -------------- BANKS--0.9% 2,000 Community Bancorp* 56,920 500 First Regional Bancorp* 32,375 10,400 Preferred Bank 402,376 14,081 Western Sierra Bancorp* 480,303 21,800 Wilshire Bancorp, Inc. 290,594 -------------- 1,262,568 -------------- BIOTECH--2.8% 3,300 Alexion Pharmaceuticals, Inc.* 75,075 13,900 Alkermes, Inc.* 161,240 58,289 Anika Therapeutics, Inc.* 881,912 40,800 Array BioPharma, Inc.* 254,592 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- BIOTECH--(CONTINUED) 27,400 CV Therapeutics, Inc.* $ 554,028 2,700 Idenix Pharmaceuticals, Inc.* 55,134 68,800 Medarex, Inc.* 521,504 8,000 Myriad Genetics, Inc.* 131,680 21,500 Regeneron Pharmaceuticals, Inc.* 133,945 90,800 StemCells, Inc.* 376,820 15,300 Strategic Diagnostics, Inc.* 42,993 18,100 Theravance, Inc.* 318,379 31,007 ZymoGenetics, Inc.* 539,832 -------------- 4,047,134 -------------- BUILDING & BUILDING MATERIALS--1.1% 11,000 Eagle Materials, Inc. 964,370 3,800 Interline Brands, Inc.* 76,342 33,300 Perini Corp.* 502,164 -------------- 1,542,876 -------------- BUSINESS SERVICES--1.2% 60,750 Barrett Business Services, Inc.* 878,445 49,503 Fargo Electronics* 893,529 -------------- 1,771,974 -------------- CELLULAR COMMUNICATIONS--0.7% 76,400 Centennial Communications Corp.* 1,000,076 -------------- CHEMICALS - DIVERSIFIED--0.7% 43,100 Westlake Chemical Corp. 1,033,538 -------------- CHEMICALS - SPECIALTY--0.2% 4,800 Balchem Corp. 132,960 1,400 Hercules, Inc.* 19,348 18,600 Landec Corp.* 111,414 -------------- 263,722 -------------- COMMERCIAL SERVICES--1.7% 23,700 Chemed Corp. 1,002,036 36,316 McGrath Rentcorp 837,084 22,600 PeopleSupport, Inc.* 220,350 9,781 Steiner Leisure, Ltd.* 332,358 -------------- 2,391,828 -------------- 1 [LOGO] NUMERIC INVESTORS FAMILY OF FUNDS EMERGING GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) MAY 31, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- COMPUTER COMPONENTS--0.8% 38,200 Komag, Inc.* $ 1,102,070 -------------- COMPUTER NETWORKING PRODUCTS--1.6% 66,700 Ixia* 1,226,613 32,600 SafeNet, Inc.* 1,024,292 -------------- 2,250,905 -------------- COMPUTER SERVICES--1.5% 40,800 PAR Technology Corp.* 1,168,920 101,735 Radiant Systems, Inc.* 1,064,148 -------------- 2,233,068 -------------- COMPUTER SOFTWARE--6.4% 51,700 American Reprographics Co.* 770,330 40,187 Ansoft Corp.* 896,170 35,636 ANSYS, Inc.* 1,188,104 40,400 Blackboard, Inc.* 796,284 143,094 Informatica Corp.* 1,227,747 43,249 InterVideo, Inc.* 656,520 33,800 ManTech International Corp., Class A* 971,074 192,100 Parametric Technology Corp.* 1,156,442 35,193 Phoenix Technologies, Ltd.* 285,767 3,600 PLATO Learning, Inc.* 27,504 43,800 SERENA Software, Inc.* 857,166 12,300 Verint Systems, Inc.* 430,500 -------------- 9,263,608 -------------- CONSUMER PRODUCTS--1.5% 44,100 Parlux Fragrances, Inc.* 1,101,618 90,100 Playtex Products, Inc.* 971,278 7,400 Water Pik Technologies, Inc.* 137,492 -------------- 2,210,388 -------------- DATA PROCESSING--1.4% 59,000 infoUSA, Inc. 712,720 60,000 Innodata Isogen, Inc.* 179,400 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- DATA PROCESSING--(CONTINUED) 50,800 Transaction Systems Architects, Inc.* $ 1,157,224 -------------- 2,049,344 -------------- ELECTRICAL EQUIPMENT--0.8% 39,600 WESCO International, Inc.* 1,156,320 -------------- ELECTRONIC COMPONENTS & ACCESSORIES--0.2% 18,100 Exar Corp.* 260,640 8,400 Planar Systems, Inc.* 67,536 -------------- 328,176 -------------- ELECTRONIC MEASUREMENTS - INSTRUMENTS--0.8% 28,400 Itron, Inc.* 1,167,524 -------------- ENERGY & RAW MATERIALS--0.1% 18,600 TransMontaigne, Inc.* 154,008 -------------- ENGINEERING--0.2% 13,000 Keith Companies, Inc. (The)* 274,950 1,200 Michael Baker Corp.* 20,712 -------------- 295,662 -------------- FINANCE--1.0% 15,700 International Securities Exchange, Inc.* 403,176 60,900 Nasdaq Stock Market, Inc.* 1,045,044 -------------- 1,448,220 -------------- FINANCIAL SERVICES--0.9% 29,500 Nelnet, Inc., Class A* 1,088,550 7,770 Nicholas Financial, Inc. 143,201 -------------- 1,231,751 -------------- FOOD & AGRICULTURE--2.0% 50,600 Gold Kist, Inc.* 1,056,528 19,400 Nash Finch Co. 690,252 14,300 Sanderson Farms, Inc. 541,970 50,800 Spartan Stores, Inc.* 655,320 -------------- 2,944,070 -------------- 2 [LOGO] NUMERIC INVESTORS FAMILY OF FUNDS EMERGING GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) MAY 31, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- FOOTWEAR--0.4% 19,100 K-Swiss, Inc., Class A $ 613,110 -------------- FUNERAL SERVICES--0.6% 63,100 Alderwoods Group, Inc.* 873,935 -------------- HAZARDOUS WASTE MANAGEMENT--0.1% 14,200 American Ecology Corp. 179,772 -------------- HEALTH CARE--3.7% 99,300 Allied Healthcare International, Inc.* 687,156 5,500 Genesis HealthCare Corp.* 239,195 25,300 IntegraMed America, Inc.* 264,385 10,600 Kendle International, Inc.* 122,218 24,200 Magellan Health Services, Inc.* 785,774 24,400 Molina Healthcare, Inc.* 1,044,320 128,000 NovaMed, Inc.* 792,320 81,900 Nutri/System, Inc.* 1,004,094 10,500 WellCare Health Plans, Inc.* 364,350 -------------- 5,303,812 -------------- HOSPITALS--1.0% 28,700 United Surgical Partners International, Inc.* 1,381,618 -------------- INSURANCE--0.7% 51,700 Assured Guaranty, Ltd. 1,062,435 -------------- INSURANCE - HEALTH & LIFE--0.5% 25,900 UICI 651,385 -------------- INSURANCE - PROPERTY & CASUALTY--2.2% 31,541 Affirmative Insurance Holdings, Inc. 406,879 113,450 Capital Title Group, Inc. 727,214 16,800 PXRE Group, Ltd. 402,024 27,800 Safety Insurance Group, Inc. 876,256 43,492 United America Indemnity, Ltd., Class A* 741,539 -------------- 3,153,912 -------------- -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- INTERNET CONTENT--1.8% 87,400 Intermix Media, Inc.* $ 518,282 66,000 Register.com, Inc.* 412,500 78,000 TriZetto Group, Inc. (The)* 1,082,640 33,485 United Online, Inc. 433,296 13,457 ValueClick, Inc.* 144,259 -------------- 2,590,977 -------------- INTERNET SOFTWARE--1.0% 70,146 Plumtree Software, Inc.* 322,672 106,300 VASCO Data Security International, Inc.* 1,057,685 -------------- 1,380,357 -------------- LEISURE & ENTERTAINMENT--4.0% 4,100 Ambassadors Group, Inc. 148,215 69,800 Bluegreen Corp.* 1,176,828 132,144 Century Casinos, Inc.* 909,151 59,900 Dover Downs Gaming & Entertainment, Inc. 708,617 7,400 Gaming Partners International Corp.* 111,740 52,384 Monarch Casino & Resort, Inc.* 1,052,918 11,400 Penn National Gaming, Inc.* 371,298 18,808 Sands Regent (The)* 177,924 10,100 Speedway Motorsports, Inc. 346,430 167,538 Youbet.com, Inc.* 812,559 -------------- 5,815,680 -------------- MACHINERY--2.8% 16,500 Alamo Group, Inc. 336,600 93,500 Flow International Corp.* 607,750 16,100 JLG Industries, Inc. 410,389 7,900 Joy Global, Inc. 296,566 29,300 Terex Corp.* 1,157,936 59,600 Wabtec Corp. 1,233,720 -------------- 4,042,961 -------------- 3 [LOGO] NUMERIC INVESTORS FAMILY OF FUNDS EMERGING GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) MAY 31, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- MANUFACTURING--1.0% 13,900 Barnes Group, Inc. $ 426,452 20,700 LSI Industries, Inc. 281,313 19,015 Sun Hydraulics Corp. 702,034 -------------- 1,409,799 -------------- MEDICAL & MEDICAL SERVICES--2.6% 69,800 American Retirement Corp.* 955,562 22,256 Bio-logic Systems Corp.* 133,305 3,200 Kindred Healthcare, Inc.* 123,456 19,900 Pediatrix Medical Group, Inc.* 1,465,237 28,600 PRA International* 744,458 4,500 U.S. Physical Therapy, Inc.* 72,135 14,200 Ventiv Health, Inc.* 288,260 -------------- 3,782,413 -------------- MEDICAL INSTRUMENTS & SUPPLIES--7.3% 51,684 AngioDynamics, Inc.* 1,021,276 11,800 Cantel Medical Corp.* 362,260 103,500 Cepheid, Inc.* 941,850 4,400 Cholestech Corp.* 40,260 51,960 CNS, Inc. 1,091,160 58,200 Cutera, Inc.* 931,200 11,700 ICU Medical, Inc.* 385,749 25,365 Immucor, Inc.* 849,727 27,600 Intuitive Surgical, Inc.* 1,366,200 65,426 Lifecore Biomedical, Inc.* 834,836 2,500 Medical Action Industries, Inc.* 44,325 35,200 Owens & Minor, Inc. 1,091,200 4,484 Palomar Medical Technologies, Inc.* 102,459 41,000 Quidel Corp.* 179,580 7,675 Vital Signs, Inc. 323,655 33,100 West Pharmaceutical Services, Inc. 921,504 -------------- 10,487,241 -------------- -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- METALS--0.4% 4,900 Cleveland-Cliffs, Inc. $ 287,287 8,400 NN, Inc. 106,596 4,200 Quanex Corp. 217,938 -------------- 611,821 -------------- MORTGAGE--0.6% 41,400 Fremont General Corp. 890,514 -------------- OIL & GAS EQUIPMENT & SERVICES--3.0% 13,900 Cal Dive International, Inc.* 631,060 1,900 Dril-Quip, Inc.* 51,965 118,300 Global Industries, Ltd.* 1,011,465 11,800 Hydril* 612,538 44,700 McDermott International, Inc.* 953,451 56,800 Mitcham Industries, Inc.* 398,736 22,200 Veritas DGC, Inc.* 599,400 -------------- 4,258,615 -------------- OIL & GAS FIELD EXPLORATION--2.9% 6,700 Atwood Oceanics, Inc.* 383,843 2,100 Berry Petroleum Co., Class A 99,876 34,400 Cabot Oil & Gas Corp. 1,078,440 11,200 Petroleum Development Corp.* 292,656 9,900 Remington Oil & Gas Corp.* 306,900 43,400 Todco, Class A* 989,086 49,300 W&T Offshore, Inc. 1,062,908 -------------- 4,213,709 -------------- OIL REFINING--0.3% 9,000 Frontier Oil Corp. 440,190 -------------- PACKAGING--1.3% 45,800 Graphic Packaging Corp.* 171,750 10,200 Greif, Inc., Class A 741,336 18,000 Silgan Holdings, Inc. 1,026,000 -------------- 1,939,086 -------------- 4 [LOGO] NUMERIC INVESTORS FAMILY OF FUNDS EMERGING GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) MAY 31, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- PHARMACEUTICALS--2.5% 15,600 Barrier Therapeutics, Inc.* $ 248,976 9,300 DOV Pharmaceutical, Inc.* 140,430 4,300 Encysive Pharmaceuticals, Inc.* 43,860 87,500 Enzon Pharmaceuticals, Inc.* 531,125 38,900 ImmunoGen, Inc.* 231,844 19,000 Kos Pharmaceuticals, Inc.* 1,096,870 12,300 Nabi Biopharmaceuticals* 151,167 18,600 New River Pharmaceuticals, Inc.* 609,150 4,900 Onyx Pharmaceuticals, Inc.* 122,451 6,700 Orphan Medical, Inc.* 71,288 7,100 PetMed Express, Inc.* 50,126 102,600 Savient Pharmaceuticals, Inc.* 344,736 -------------- 3,642,023 -------------- PRINTING--0.6% 21,000 Consolidated Graphics, Inc.* 888,930 -------------- REAL ESTATE--0.0% 3,100 HouseValues, Inc.* 41,850 -------------- REAL ESTATE INVESTMENT TRUSTS--2.9% 66,700 Digital Realty Trust, Inc. 1,000,500 12,600 Essex Property Trust, Inc. 1,008,000 40,700 Tanger Factory Outlet Centers, Inc. 985,347 36,900 Taubman Centers, Inc. 1,171,206 -------------- 4,165,053 -------------- RESIDENTIAL CONSTRUCTION--0.9% 19,200 Brookfield Homes Corp. 880,512 22,100 Technical Olympic USA, Inc. 483,990 -------------- 1,364,502 -------------- RESTAURANTS--1.2% 49,700 Denny's Corp.* 197,309 53,900 Domino's Pizza, Inc. 1,233,771 33,490 Famous Dave's of America, Inc.* 363,366 -------------- 1,794,446 -------------- -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- RETAIL - SPECIALTY--3.3% 19,400 7-Eleven, Inc.* $ 579,090 65,650 EZCORP, Inc., Class A* 624,332 25,100 Genesco, Inc.* 859,675 52,200 Gottschalks, Inc.* 561,150 24,000 Hibbett Sporting Goods, Inc.* 842,880 9,100 Movie Gallery, Inc. 290,836 16,800 REX Stores Corp.* 235,200 3,000 Select Comfort Corp.* 72,900 28,421 Stein Mart, Inc.* 683,809 -------------- 4,749,872 -------------- SAVINGS & LOAN ASSOCIATIONS--0.5% 2,500 Provident Financial Holdings, Inc. 69,550 19,097 Sterling Financial Corp.* 675,079 -------------- 744,629 -------------- SEMICONDUCTORS--5.5% 33,200 ADE Corp.* 744,676 2,400 Cascade Microtech, Inc.* 32,400 47,751 Cohu, Inc. 917,774 36,600 DSP Group, Inc.* 860,832 13,300 Emulex Corp.* 251,370 23,100 Integrated Device Technology, Inc.* 282,513 85,400 IXYS Corp.* 1,181,082 31,700 Micrel, Inc.* 367,720 100,990 MIPS Technologies, Inc.* 870,534 43,484 MKS Instruments, Inc.* 726,183 67,300 Netlogic Microsystems, Inc.* 907,877 33,400 Sigmatel, Inc.* 756,176 -------------- 7,899,137 -------------- SERVICES - EMPLOYMENT AGENCIES--0.4% 17,400 Administaff, Inc. 371,664 9,900 AMN Healthcare Services, Inc.* 142,956 -------------- 514,620 -------------- 5 [LOGO] NUMERIC INVESTORS FAMILY OF FUNDS EMERGING GROWTH FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) MAY 31, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- SERVICES - MANAGEMENT CONSULTING--1.0% 17,513 American Dental Partners, Inc.* $ 420,837 74,123 DiamondCluster International, Inc.* 969,529 -------------- 1,390,366 -------------- STEEL--0.1% 2,623 Shiloh Industries, Inc.* 29,666 3,200 Universal Stainless & Alloy Products, Inc.* 40,160 -------------- 69,826 -------------- TECHNOLOGY--0.0% 6,100 Fastclick, Inc.* 45,750 -------------- TELECOMMUNICATIONS EQUIPMENT & SERVICES--4.0% 133,200 Arris Group, Inc.* 1,153,512 32,787 Comtech Telecommunications Corp.* 1,185,906 36,600 Crown Castle International Corp.* 650,748 34,650 EFJ, Inc.* 246,015 62,200 InterDigital Communications Corp.* 1,148,212 64,400 Lightbridge, Inc.* 404,432 64,300 SBA Communications Corp., Class A* 718,874 52,200 Westell Technologies, Inc., Class A* 312,678 -------------- 5,820,377 -------------- TOYS--0.7% 45,896 JAKKS Pacific, Inc.* 948,670 -------------- TRANSPORTATION--3.0% 19,504 Arkansas Best Corp. 638,366 37,900 Dynamex, Inc.* 681,821 17,400 Heartland Express, Inc. 348,870 35,400 Hub Group, Inc., Class A* 972,792 3,400 Kirby Corp.* 145,044 11,900 Maritrans, Inc. 284,291 17,800 Overseas Shipholding Group, Inc. 1,087,580 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- TRANSPORTATION--(CONTINUED) 11,700 U.S. Xpress Enterprises, Inc., Class A* $ 142,857 -------------- 4,301,621 -------------- Total Common Stocks (Cost $132,877,571) 140,876,678 -------------- -------------------------------------------------------------------------------- PRINCIPAL AMOUNT (000'S) -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS--2.6% $ 1,098 Bear, Stearns & Co. Inc. (Agreement dated 05/31/05 to be repurchased at $1,098,529), 1.53%, 06/01/05**, collateralized by $1,134,323 in U.S. Government Securities (Cost $1,098,483) 1,098,483 2,663 Bear, Stearns & Co. Inc. (Agreement dated 05/31/05 to be repurchased at $2,663,637), 2.97%, 06/01/05, collateralized by $2,742,781 in U.S. Government Securities (Cost $2,663,417) 2,663,417 -------------- Total Repurchase Agreements (Cost $3,761,900) 3,761,900 -------------- Total Investments -- 100.3% (Cost $136,639,471)*** 144,638,578 -------------- Liabilities in Excess of Other Assets -- (0.3)% (387,607) -------------- Net Assets -- 100.0% $ 144,250,971 ============== ------------------- * Non-income producing. ** Investment purchased with cash 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 $ 137,489,926 Gross unrealized appreciation $ 12,708,575 Gross unrealized depreciation (5,559,923) -------------- Net unrealized appreciation/(depreciation) $ 7,148,652 ============== 6 [LOGO] NUMERIC INVESTORS FAMILY OF FUNDS GROWTH FUND PORTFOLIO OF INVESTMENTS MAY 31, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- COMMON STOCKS--96.9% AEROSPACE & DEFENSE--1.0% 1,200 Esterline Technologies Corp.* $ 46,680 5,300 GenCorp, Inc.* 100,170 7,531 Innovative Solutions and Support, Inc.* 260,874 ------------- 407,724 ------------- AIRLINES--1.1% 10,700 Alaska Air Group, Inc.* 315,864 14,100 ExpressJet Holdings, Inc.* 121,683 1,400 SkyWest, Inc. 25,536 1,900 World Air Holdings, Inc.* 16,188 ------------- 479,271 ------------- APPAREL--2.6% 3,200 Abercrombie & Fitch Co., Class A 183,456 8,900 American Eagle Outfitters, Inc. 251,870 4,700 Buckle, Inc. (The) 185,462 7,149 Children's Place Retail Stores, Inc. (The)* 333,930 100 Citi Trends, Inc.* 1,635 2,400 Guess?, Inc.* 40,416 800 Hartmarx Corp.* 7,584 3,400 Russell Corp. 63,580 ------------- 1,067,933 ------------- AUTOMATION SYSTEMS--0.0% 93 Cogent, Inc.* 1,866 ------------- AUTOMOBILE PARTS & EQUIPMENT--0.4% 8,500 TRW Automotive Holdings Corp.* 173,145 ------------- BANKS--0.6% 5,307 BOK Financial Corp. 239,983 ------------- BIOTECH--2.2% 9,045 Anika Therapeutics, Inc.* 136,851 6,500 Array BioPharma, Inc.* 40,560 900 Charles River Laboratories International, Inc.* 43,281 4,900 CV Therapeutics, Inc.* 99,078 19,600 Medarex, Inc.* 148,568 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- BIOTECH--(CONTINUED) 1,500 Myriad Genetics, Inc.* $ 24,690 800 OSI Pharmaceuticals, Inc.* 29,736 3,100 Regeneron Pharmaceuticals, Inc.* 19,313 2,700 Sepracor, Inc.* 164,052 22,300 StemCells, Inc.* 92,545 6,018 ZymoGenetics, Inc.* 104,773 ------------- 903,447 ------------- BUILDING & BUILDING MATERIALS--0.5% 1,200 Eagle Materials, Inc. 105,204 6,800 Perini Corp.* 102,544 ------------- 207,748 ------------- BUILDING SUPPLIES--0.5% 7,400 Hughes Supply, Inc. 192,400 ------------- CELLULAR COMMUNICATIONS--0.8% 11,432 Centennial Communications Corp.* 149,645 36,700 US Unwired, Inc.* 185,702 ------------- 335,347 ------------- CHEMICALS - DIVERSIFIED--0.7% 12,600 Westlake Chemical Corp. 302,148 ------------- CHEMICALS - SPECIALTY--0.0% 700 Hercules, Inc.* 9,674 ------------- COMMERCIAL SERVICES--1.1% 1,100 Alliance Data Systems Corp.* 41,492 7,100 Chemed Corp. 300,188 2,190 McGrath Rentcorp 50,479 2,000 PeopleSupport, Inc.* 19,500 1,600 Steiner Leisure, Ltd.* 54,368 ------------- 466,027 ------------- COMPUTER COMPONENTS--0.9% 12,500 Komag, Inc.* 360,625 ------------- COMPUTER NETWORKING PRODUCTS--1.5% 20,338 Ixia* 374,016 7,736 SafeNet, Inc.* 243,065 ------------- 617,081 ------------- 1 [LOGO] NUMERIC INVESTORS FAMILY OF FUNDS GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) MAY 31, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- COMPUTER SERVICES--1.0% 13,100 Ingram Micro, Inc., Class A* $ 207,111 2,400 PAR Technology Corp.* 68,760 11,900 Radiant Systems, Inc.* 124,474 ------------- 400,345 ------------- COMPUTER SOFTWARE--5.7% 10,500 American Reprographics Co.* 156,450 1,373 Ansoft Corp.* 30,618 9,890 ANSYS, Inc.* 329,733 5,200 Blackboard, Inc.* 102,492 17,100 Citrix Systems, Inc.* 430,236 12,500 Compuware Corp.* 85,625 23,500 Informatica Corp.* 201,630 3,300 ManTech International Corp., Class A* 94,809 55,500 Parametric Technology Corp.* 334,110 12,900 SERENA Software, Inc.* 252,453 18,036 Synopsys, Inc.* 325,910 1,500 Verint Systems, Inc.* 52,500 ------------- 2,396,566 ------------- CONSUMER PRODUCTS--0.8% 1,400 Harman International Industries, Inc. 116,004 4,400 Parlux Fragrances, Inc.* 109,912 8,800 Playtex Products, Inc.* 94,864 ------------- 320,780 ------------- DATA PROCESSING--1.9% 5,183 infoUSA, Inc. 62,611 9,100 NAVTEQ Corp.* 347,165 1,600 Thermo Electron Corp.* 42,112 14,700 Transaction Systems Architects, Inc.* 334,866 ------------- 786,754 ------------- ELECTRICAL EQUIPMENT--0.8% 11,700 WESCO International, Inc.* 341,640 ------------- -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- ELECTRONIC COMPONENTS & ACCESSORIES--0.2% 3,100 Avnet, Inc.* $ 64,852 1,897 Exar Corp.* 27,317 ------------- 92,169 ------------- ELECTRONIC MEASUREMENTS - INSTRUMENTS--0.8% 8,200 Itron, Inc.* 337,102 ------------- ENGINEERING--0.0% 600 Michael Baker Corp.* 10,356 ------------- FINANCE--0.9% 1,500 International Securities Exchange, Inc.* 38,520 20,045 Nasdaq Stock Market, Inc.* 343,972 ------------- 382,492 ------------- FINANCIAL SERVICES--0.2% 1,900 Nelnet, Inc., Class A* 70,110 900 Nuveen Investments, Class A 32,445 ------------- 102,555 ------------- FOOD & AGRICULTURE--2.4% 8,800 Chiquita Brands International, Inc. 255,904 9,018 Gold Kist, Inc.* 188,296 6,800 Nash Finch Co. 241,944 3,821 Sanderson Farms, Inc. 144,816 14,100 Spartan Stores, Inc.* 181,890 ------------- 1,012,850 ------------- FOOTWEAR--0.2% 2,304 K-Swiss, Inc., Class A 73,958 ------------- FUNERAL SERVICES--0.3% 5,314 Alderwoods Group, Inc.* 73,599 6,685 Stewart Enterprises, Inc., Class A 39,575 ------------- 113,174 ------------- HEALTH CARE--2.4% 2,400 Genesis HealthCare Corp.* 104,376 2 [LOGO] NUMERIC INVESTORS FAMILY OF FUNDS GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) MAY 31, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- HEALTH CARE--(CONTINUED) 8,400 Magellan Health Services, Inc.* $ 272,748 6,400 Molina Healthcare, Inc.* 273,920 15,900 Nutri/System, Inc.* 194,934 4,100 WellCare Health Plans, Inc.* 142,270 ------------- 988,248 ------------- HOSPITALS--0.8% 7,300 United Surgical Partners International, Inc.* 351,422 ------------- HOTELS & MOTELS--0.3% 1,900 Choice Hotels International, Inc. 124,640 ------------- INSURANCE--0.6% 11,400 Assured Guaranty, Ltd. 234,270 ------------- INSURANCE - PROPERTY & CASUALTY--2.7% 6,400 American Financial Group, Inc. 207,488 6,600 Arch Capital Group, Ltd.* 294,690 300 Everest Re Group, Ltd. 26,847 10,900 Platinum Underwriters Holdings, Ltd. 331,360 7,400 PXRE Group, Ltd. 177,082 800 Safety Insurance Group, Inc. 25,216 3,100 United America Indemnity, Ltd., Class A* 52,855 ------------- 1,115,538 ------------- INTERNET CONTENT--1.1% 10,700 Intermix Media, Inc.* 63,451 11,314 TriZetto Group, Inc. (The)* 157,039 9,680 United Online, Inc.* 125,259 9,800 ValueClick, Inc.* 105,056 ------------- 450,805 ------------- INTERNET SOFTWARE--1.9% 18,400 McAfee, Inc.* 527,712 27,200 VASCO Data Security International, Inc.* 270,640 ------------- 798,352 ------------- -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- LEISURE & ENTERTAINMENT--2.5% 22,600 Bluegreen Corp.* $ 381,036 16,400 Monarch Casino & Resort, Inc.* 329,640 900 Penn National Gaming, Inc.* 29,313 3,850 Sands Regent (The)* 36,421 3,500 Speedway Motorsports, Inc. 120,050 31,062 Youbet.com, Inc.* 150,651 ------------- 1,047,111 ------------- MACHINERY--2.4% 300 Cascade Corp. 10,566 3,800 JLG Industries, Inc. 96,862 3,900 Joy Global, Inc. 146,406 1,000 Manitowoc Co., Inc. (The) 40,530 8,400 Terex Corp.* 331,968 17,400 Wabtec Corp. 360,180 ------------- 986,512 ------------- MANUFACTURING--0.9% 1,500 Barnes Group, Inc. 46,020 8,000 EnPro Industries, Inc.* 216,560 3,314 Sun Hydraulics Corp. 122,353 ------------- 384,933 ------------- MEDICAL & MEDICAL SERVICES--3.5% 17,500 American Retirement Corp.* 239,575 1,200 Kindred Healthcare, Inc.* 46,296 7,600 Lincare Holdings, Inc.* 334,096 5,200 Pediatrix Medical Group, Inc.* 382,876 6,600 Pharmaceutical Product Development, Inc.* 319,308 2,200 PRA International* 57,266 1,200 Res-Care, Inc.* 15,996 4,411 Ventiv Health, Inc.* 89,543 ------------- 1,484,956 ------------- MEDICAL INSTRUMENTS & SUPPLIES--5.1% 9,437 AngioDynamics, Inc.* 186,475 3 [LOGO] NUMERIC INVESTORS FAMILY OF FUNDS GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) MAY 31, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- MEDICAL INSTRUMENTS & SUPPLIES--(CONTINUED) 3,750 Cantel Medical Corp.* $ 115,125 21,200 Cepheid, Inc.* 192,920 2,790 CNS, Inc. 58,590 10,300 Cutera, Inc.* 164,800 2,200 ICU Medical, Inc.* 72,534 7,300 Immucor, Inc.* 244,550 8,150 Intuitive Surgical, Inc.* 403,425 8,200 Lifecore Biomedical, Inc.* 104,632 5,124 Owens & Minor, Inc. 158,844 300 Palomar Medical Technologies, Inc.* 6,855 8,100 PerkinElmer, Inc. 154,953 300 Vital Signs, Inc. 12,651 8,800 West Pharmaceutical Services, Inc. 244,992 ------------- 2,121,346 ------------- METALS--0.5% 300 Cleveland-Cliffs, Inc. 17,589 2,600 Precision Castparts Corp. 202,098 ------------- 219,687 ------------- MORTGAGE--1.3% 14,800 Fremont General Corp. 318,348 5,000 IndyMac Bancorp, Inc. 205,750 ------------- 524,098 ------------- MULTIMEDIA/PUBLISHING--1.8% 8,026 Pixar* 423,211 5,305 R.H. Donnelley Corp.* 326,151 ------------- 749,362 ------------- OIL & GAS EQUIPMENT & SERVICES--3.2% 3,406 Cal Dive International, Inc.* 154,632 32,605 Global Industries, Ltd.* 278,773 3,700 Hydril* 192,067 13,900 McDermott International, Inc.* 296,487 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- OIL & GAS EQUIPMENT & SERVICES--(CONTINUED) 15,900 Pride International, Inc.* $ 358,545 1,900 Veritas DGC, Inc.* 51,300 ------------- 1,331,804 ------------- OIL & GAS FIELD EXPLORATION--3.1% 300 Berry Petroleum Co., Class A 14,268 1,600 Cabot Oil & Gas Corp. 50,160 23,200 Harvest Natural Resources, Inc.* 251,488 1,700 Petroleum Development Corp.* 44,421 1,100 Remington Oil & Gas Corp.* 34,100 12,400 Todco, Class A* 282,596 10,100 Ultra Petroleum Corp.* 274,821 15,100 W&T Offshore, Inc.* 325,556 ------------- 1,277,410 ------------- OIL REFINING--0.6% 1,300 Frontier Oil Corp. 63,583 3,900 Tesoro Corp.* 170,040 ------------- 233,623 ------------- PACKAGING--1.6% 4,300 Greif, Inc., Class A 312,524 6,000 Silgan Holdings, Inc. 342,000 ------------- 654,524 ------------- PAPER & ALLIED PRODUCTS--0.2% 1,600 Rayonier, Inc. 83,984 ------------- PHARMACEUTICALS--1.9% 2,100 Barrier Therapeutics, Inc.* 33,516 1,300 DOV Pharmaceutical, Inc.* 19,630 6,300 Enzon Pharmaceuticals, Inc.* 38,241 6,500 King Pharmaceuticals, Inc.* 61,490 5,800 Kos Pharmaceuticals, Inc.* 334,834 11,600 Medicis Pharmaceutical Corp., Class A 326,888 ------------- 814,599 ------------- 4 [LOGO] NUMERIC INVESTORS FAMILY OF FUNDS GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) MAY 31, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- PRINTING--0.2% 2,100 Consolidated Graphics, Inc.* $ 88,893 ------------- REAL ESTATE--0.0% 800 HouseValues, Inc.* 10,800 ------------- REAL ESTATE INVESTMENT TRUSTS--2.3% 4,000 CBL & Associates Properties, Inc. 325,880 6,000 Mills Corp. (The) 344,880 1,300 SL Green Realty Corp. 80,535 7,500 Ventas, Inc. 214,050 ------------- 965,345 ------------- RESIDENTIAL CONSTRUCTION--3.2% 4,900 Brookfield Homes Corp. 224,714 4,800 M.D.C. Holdings, Inc. 346,608 400 NVR, Inc.* 303,600 4,500 Standard Pacific Corp. 360,540 4,400 Technical Olympic USA, Inc. 96,360 ------------- 1,331,822 ------------- RESTAURANTS--1.3% 2,600 Darden Restaurants, Inc. 84,448 8,400 Denny's Corp.* 33,348 16,000 Domino's Pizza, Inc. 366,240 6,000 Famous Dave's of America, Inc.* 65,100 ------------- 549,136 ------------- RETAIL - SPECIALTY--4.6% 8,100 7-Eleven, Inc.* 241,785 2,900 Advance Auto Parts, Inc.* 171,883 7,700 Barnes & Noble, Inc.* 291,445 11,307 EZCORP, Inc., Class A* 107,530 700 Genesco, Inc.* 23,975 1,300 Hibbett Sporting Goods, Inc.* 45,656 13,600 Michaels Stores, Inc. 572,696 6,700 Rent-A-Center, Inc.* 158,522 1,900 Retail Ventures, Inc.* 21,413 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- RETAIL - SPECIALTY--(CONTINUED) 3,300 Sonic Automotive, Inc. $ 70,356 9,300 Stein Mart, Inc.* 223,758 ------------- 1,929,019 ------------- SAVINGS & LOAN ASSOCIATIONS--1.8% 3,600 Downey Financial Corp. 270,072 5,400 FirstFed Financial Corp.* 292,572 200 ITLA Capital Corp.* 9,964 5,400 Sterling Financial Corp.* 190,890 ------------- 763,498 ------------- SCHOOLS--1.4% 10,700 Career Education Corp.* 370,969 7,233 Education Management Corp.* 234,711 ------------- 605,680 ------------- SEMICONDUCTORS--3.9% 1,800 ADE Corp.* 40,374 600 Cascade Microtech, Inc.* 8,100 9,000 Cohu, Inc. 172,980 12,200 DSP Group, Inc.* 286,944 3,000 Emulex Corp.* 56,700 6,600 Integrated Device Technology, Inc.* 80,718 5,154 IXYS Corp.* 71,280 3,500 Lam Research Corp.* 107,380 10,400 MEMC Electronic Materials, Inc.* 142,480 3,700 Micrel, Inc.* 42,920 15,600 MIPS Technologies, Inc.* 134,472 3,400 MKS Instruments, Inc.* 56,780 12,291 Netlogic Microsystems, Inc.* 165,805 10,900 Sigmatel, Inc.* 246,776 ------------- 1,613,709 ------------- SERVICES - EMPLOYMENT AGENCIES--0.3% 3,100 Administaff, Inc. 66,216 5 [LOGO] NUMERIC INVESTORS FAMILY OF FUNDS GROWTH FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) MAY 31, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- SERVICES - EMPLOYMENT AGENCIES--(CONTINUED) 4,300 AMN Healthcare Services, Inc.* $ 62,092 ------------- 128,308 ------------- SERVICES - MANAGEMENT CONSULTING--0.6% 300 Charles River Laboratories International, Inc.* 17,097 18,224 DiamondCluster International, Inc.* 238,370 ------------- 255,467 ------------- TECHNOLOGY--0.0% 1,700 Fastclick, Inc.* 12,750 ------------- TELECOMMUNICATIONS EQUIPMENT & SERVICES--3.9% 5,800 American Tower Corp., Class A* 104,632 29,200 Arris Group, Inc.* 252,872 9,800 Comtech Telecommunications Corp.* 354,466 20,000 Crown Castle International Corp.* 355,600 17,953 InterDigital Communications Corp.* 331,412 2,900 SBA Communications Corp., Class A* 32,422 4,900 Scientific-Atlanta, Inc. 163,170 3,400 Westell Technologies, Inc., Class A* 20,366 ------------- 1,614,940 ------------- TOBACCO--0.6% 9,000 Loews Corp. - Carolina Group 268,920 ------------- TOYS--0.6% 13,050 JAKKS Pacific, Inc.* 269,743 ------------- TRANSPORTATION--4.0% 5,900 Arkansas Best Corp. 193,107 7,800 CNF, Inc. 347,490 4,000 Dynamex, Inc.* 71,960 3,100 Heartland Express, Inc. 62,155 10,960 Hub Group, Inc., Class A* 301,181 1,000 Kirby Corp.* 42,660 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- TRANSPORTATION--(CONTINUED) 13,400 Laidlaw International, Inc.* $ 298,016 6,000 Overseas Shipholding Group, Inc. 366,600 ------------- 1,683,169 ------------- UTILITIES--0.7% 4,600 Energen Corp. 299,828 ------------- Total Common Stocks (Cost $37,981,169) 40,503,411 ------------- -------------------------------------------------------------------------------- PRINCIPAL AMOUNT (000'S) -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS--4.7% $ 637 Bear, Stearns & Co. Inc. (Agreement dated 05/31/05 to be repurchased at $636,537), 1.53%, 06/01/05**, collateralized by $660,188 in U.S. Government Securities (Cost $636,510) 636,510 1,351 Bear, Stearns & Co. Inc. (Agreement dated 05/31/05 to be repurchased at $1,351,221), 2.97%, 06/01/05, collateralized by $1,392,397 in U.S. Government Securities (Cost $1,351,110) 1,351,110 ------------- Total Repurchase Agreements (Cost $1,987,620) 1,987,620 ------------- Total Investments -- 101.6% (Cost $39,968,789)*** 42,491,031 ------------- Liabilities In Excess Of Other Assets -- (1.6)% (676,963) ------------- Net Assets -- 100.0% $ 41,814,068 ============= ___________________ * Non-income producing. ** Investment purchased with cash 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 $ 40,268,124 Gross unrealized appreciation $ 3,553,070 Gross unrealized depreciation (1,330,163) ------------- Net unrealized appreciation/(depreciation) $ 2,222,907 ============= 6 [LOGO] NUMERIC INVESTORS FAMILY OF FUNDS MID CAP FUND PORTFOLIO OF INVESTMENT MAY 31, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- COMMON STOCKS--98.5% ADVERTISING--0.1% 400 Omnicom Group, Inc. $ 32,756 ------------- AEROSPACE & DEFENSE--2.0% 3,100 General Dynamics Corp. 334,738 5,800 Northrop Grumman Corp. 323,176 ------------- 657,914 ------------- APPAREL--1.6% 2,600 bebe stores, Inc. 100,126 1,600 Coach, Inc.* 46,464 6,800 V.F. Corp. 383,724 ------------- 530,314 ------------- AUTOMOBILE PARTS & EQUIPMENT--1.5% 7,300 Johnson Controls, Inc. 413,618 4,000 TRW Automotive Holdings Corp.* 81,480 ------------- 495,098 ------------- BANKS--6.7% 3,600 Associated Banc-Corp. 120,312 5,800 BOK Financial Corp. 262,276 7,500 Comerica, Inc. 419,100 3,800 National City Corp. 131,328 4,700 SunTrust Banks, Inc. 345,967 14,500 Synovus Financial Corp. 421,515 6,000 UnionBanCal Corp. 376,620 1,800 Zions Bancorporation 127,512 ------------- 2,204,630 ------------- BIOTECH--1.0% 8,100 Gilead Sciences, Inc.* 330,480 ------------- BUILDING & BUILDING MATERIALS--1.1% 6,100 Lafarge North America, Inc. 368,257 ------------- CHEMICALS - BASIC--0.3% 1,900 Eastman Chemical Co. 111,682 ------------- CHEMICALS - DIVERSIFIED--2.8% 5,200 Dow Chemical Co. (The) 235,508 6,200 PPG Industries, Inc. 405,418 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- CHEMICALS - DIVERSIFIED--(CONTINUED) 11,600 Westlake Chemical Corp. $ 278,168 ------------- 919,094 ------------- CHEMICALS - SPECIALTY--1.2% 1,500 Lyondell Chemical Co. 35,610 8,400 Sherwin-Williams Co. (The) 373,380 ------------- 408,990 ------------- COMMERCIAL SERVICES--1.5% 3,900 Alliance Data Systems Corp.* 147,108 16,300 Cendant Corp. 345,723 ------------- 492,831 ------------- COMPUTER NETWORKING PRODUCTS--2.9% 25,600 EMC Corp.* 359,936 7,600 Network Appliance, Inc.* 218,576 18,100 Seagate Technology* 384,082 ------------- 962,594 ------------- COMPUTER SOFTWARE--2.7% 14,100 Cadence Design Systems, Inc.* 196,977 50,100 Compuware Corp.* 343,185 19,400 Synopsys, Inc.* 350,558 ------------- 890,720 ------------- COMPUTERS--1.0% 8,100 Apple Computer, Inc.* 321,651 ------------- CONSUMER PRODUCTS--1.1% 4,300 Black & Decker Corp. (The) 375,476 ------------- DATA PROCESSING--1.0% 9,000 NAVTEQ Corp.* 343,350 ------------- DRILLING OIL & GAS WELLS--1.1% 7,300 Transocean, Inc.* 363,613 ------------- ELECTRONIC COMPONENTS & ACCESSORIES--1.0% 15,500 Avnet, Inc.* 324,260 ------------- ENERGY--2.8% 10,600 NRG Energy, Inc.* 378,950 6,800 TXU Corp. 545,904 ------------- 924,854 ------------- 1 [LOGO] NUMERIC INVESTORS FAMILY OF FUNDS MID CAP FUND PORTFOLIO OF INVESTMENT(CONTINUED) MAY 31, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- FINANCIAL SERVICES--2.4% 10,500 CIT Group, Inc. $ 445,410 15,900 MBNA Corp. 335,331 ------------- 780,741 ------------- FOOD & AGRICULTURE--1.3% 5,700 Archer-Daniels-Midland Co. 113,145 5,000 Bunge, Ltd. 310,200 ------------- 423,345 ------------- HAZARDOUS WASTE MANAGEMENT--1.1% 10,500 Republic Services, Inc. 372,540 ------------- HEALTH CARE--1.2% 7,400 Caremark Rx, Inc.* 330,484 1,100 WellChoice, Inc.* 62,810 ------------- 393,294 ------------- HOME FURNISHINGS--0.1% 1,500 Tempur-Pedic International, Inc.* 34,995 ------------- HOTELS & MOTELS--2.3% 4,500 Choice Hotels International, Inc. 295,200 18,600 Hilton Hotels Corp. 450,678 ------------- 745,878 ------------- INSURANCE--1.2% 10,200 Nationwide Financial Services, Inc., Class A 389,436 ------------- INSURANCE - PROPERTY & CASUALTY--3.9% 8,100 ACE, Ltd. 350,082 7,200 IPC Holdings, Ltd. 275,256 15,300 Old Republic International Corp. 380,358 4,000 XL Capital, Ltd., Class A 301,120 ------------- 1,306,816 ------------- INTERNET SOFTWARE--1.3% 15,400 McAfee, Inc.* 441,672 ------------- LEISURE & ENTERTAINMENT--0.8% 8,000 Penn National Gaming, Inc.* 260,560 ------------- -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- MACHINERY--0.9% 7,800 Terex Corp.* $ 308,256 ------------- MEDICAL & MEDICAL SERVICES--3.3% 5,900 Cardinal Health, Inc. 341,787 2,800 Express Scripts, Inc.* 258,692 6,600 Laboratory Corp. of America Holdings* 319,770 2,900 Lincare Holdings, Inc.* 127,484 1,000 Pharmaceutical Product Development, Inc.* 48,380 ------------- 1,096,113 ------------- MEDICAL INSTRUMENTS & SUPPLIES--1.6% 8,900 Baxter International, Inc. 328,410 2,900 Hillenbrand Industries, Inc. 146,334 1,000 Intuitive Surgical, Inc.* 49,500 ------------- 524,244 ------------- METALS--1.1% 4,800 Precision Castparts Corp. 373,104 ------------- MULTIMEDIA/PUBLISHING--4.8% 3,900 Gannett Co., Inc. 290,394 4,700 McClatchy Co. (The), Class A 324,300 7,500 McGraw-Hill Cos., Inc. (The) 327,450 7,000 Pixar* 369,110 4,300 R.H. Donnelley Corp.* 264,364 ------------- 1,575,618 ------------- OFFICE & BUSINESS EQUIPMENT--1.2% 9,300 Pitney Bowes, Inc. 414,873 ------------- OIL & GAS EQUIPMENT & SERVICES--1.9% 5,300 Cal Dive International, Inc.* 240,620 16,900 Pride International, Inc.* 381,095 ------------- 621,715 ------------- OIL & GAS FIELD EXPLORATION--2.1% 6,800 Burlington Resources, Inc. 344,624 2 [LOGO] NUMERIC INVESTORS FAMILY OF FUNDS MID CAP FUND PORTFOLIO OF INVESTMENT(CONTINUED) MAY 31, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- OIL & GAS FIELD EXPLORATION--(CONTINUED) 12,400 Ultra Petroleum Corp.* $ 337,404 ------------- 682,028 ------------- OIL REFINING--0.3% 2,300 Tesoro Corp. 100,280 ------------- PAPER & ALLIED PRODUCTS--0.4% 2,500 Rayonier, Inc. 131,225 ------------- PHARMACEUTICALS--2.9% 6,000 AmerisourceBergen Corp. 387,420 9,700 Hospira, Inc.* 369,376 3,400 Kos Pharmaceuticals, Inc.* 196,282 ------------- 953,078 ------------- REAL ESTATE INVESTMENT TRUSTS--6.0% 1,600 AMB Property Corp. 64,496 4,600 CBL & Associates Properties, Inc. 374,762 11,000 General Growth Properties, Inc. 428,230 6,500 Mills Corp. (The) 373,620 2,000 Simon Property Group, Inc. 137,440 4,300 SL Green Realty Corp. 266,385 7,300 Ventas, Inc. 208,342 1,600 Vornado Realty Trust 125,920 ------------- 1,979,195 ------------- RESIDENTIAL CONSTRUCTION--1.1% 500 NVR, Inc.* 379,500 ------------- RETAIL - SPECIALTY--3.4% 6,400 7-Eleven, Inc.* 191,040 3,100 Advance Auto Parts, Inc.* 183,737 9,700 Michaels Stores, Inc. 408,467 15,200 Staples, Inc. 327,256 ------------- 1,110,500 ------------- SAVINGS & LOAN ASSOCIATIONS--1.3% 15,300 North Fork Bancorporation, Inc. 417,078 ------------- -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- SCHOOLS--1.1% 10,500 Career Education Corp.* $ 364,035 ------------- SEMICONDUCTORS--1.9% 9,900 Altera Corp.* 219,681 13,500 Lam Research Corp.* 414,180 ------------- 633,861 ------------- TELECOMMUNICATIONS EQUIPMENT & SERVICES--3.4% 17,900 American Tower Corp., Class A* 322,916 22,700 Crown Castle International Corp.* 403,606 11,700 Scientific-Atlanta, Inc. 389,610 ------------- 1,116,132 ------------- TOBACCO--0.9% 10,400 Loews Corp. - Carolina Group 310,752 ------------- TRANSPORTATION--4.4% 9,400 Burlington Northern Santa Fe Corp. 464,548 10,600 CSX Corp. 440,748 14,700 Laidlaw International, Inc.* 326,928 7,000 Norfolk Southern Corp. 223,440 ------------- 1,455,664 ------------- UTILITIES--4.5% 7,200 AES Corp. (The)* 107,208 5,500 Energen Corp. 358,490 13,100 MDU Resources Group, Inc. 377,149 18,000 Northeast Utilities 356,580 4,900 Pepco Holdings, Inc. 110,446 4,200 Sempra Energy 166,614 ------------- 1,476,487 ------------- WHOLESALE - DISTRIBUTION--1.0% 10,200 SUPERVALU, Inc. 334,152 ------------- Total Common Stocks (Cost $30,793,309) 32,565,731 ------------- 3 [LOGO] NUMERIC INVESTORS FAMILY OF FUNDS MID CAP FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) MAY 31, 2005 (UNAUDITED) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT (000'S) VALUE -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS--2.3% $ 284 Bear, Stearns & Co. Inc. (Agreement dated 05/31/05 to be repurchased at $284,243), 1.53%, 06/01/05**, collateralized by $294,084 in U.S. Government Securities (Cost $284,231) $ 284,231 477 Bear, Stearns & Co. Inc. (Agreement dated 05/31/05 to be repurchased at $477,525), 2.97%, 06/01/05, collateralized by $492,140 in U.S. Government Securities (Cost $477,486) 477,486 ------------- Total Repurchase Agreements (Cost $761,717) 761,717 ------------- Total Investments -- 100.8% (Cost $31,555,026)*** 33,327,448 ------------- Liabilities in Excess of Other Assets -- (0.8)% (260,943) ------------- Net Assets -- 100.0% $ 33,066,505 ============= _______________ * Non-income producing. ** Investment purchased with cash 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 $ 31,613,383 Gross unrealized appreciation $ 2,209,320 Gross unrealized depreciation (495,255) ------------- Net unrealized appreciation/(depreciation) $ 1,714,065 ============= 4 [LOGO] NUMERIC INVESTORS FAMILY OF FUNDS SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS MAY 31, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- COMMON STOCKS--97.5% AEROSPACE & DEFENSE--0.9% 6,500 Esterline Technologies Corp.* $ 252,850 30,100 GenCorp, Inc.* 568,890 32,164 Innovative Solutions and Support, Inc.* 1,114,161 ------------- 1,935,901 ------------- AIRLINES--1.3% 57,000 Alaska Air Group, Inc.* 1,682,640 17,100 Continental Airlines, Inc., Class B* 237,006 55,700 ExpressJet Holdings, Inc.* 480,691 2,600 Republic Airways Holdings, Inc.* 33,176 25,000 SkyWest, Inc. 456,000 10,700 World Air Holdings, Inc.* 91,164 ------------- 2,980,677 ------------- APPAREL--1.8% 38,000 Buckle, Inc. (The) 1,499,480 26,400 Children's Place Retail Stores, Inc. (The)* 1,233,144 400 Citi Trends, Inc.* 6,540 13,500 Guess?, Inc.* 227,340 63,100 Russell Corp. 1,179,970 ------------- 4,146,474 ------------- AUTOMOBILE PARTS & EQUIPMENT--0.6% 65,000 TRW Automotive Holdings Corp.* 1,324,050 ------------- BANKING--0.5% 2,900 BancFirst Corp. 228,346 4,300 First Indiana Corp. 115,885 20,600 Preferred Bank 797,014 ------------- 1,141,245 ------------- BANKS--3.4% 13,800 Bank of Hawaii Corp. 672,474 55,252 BOK Financial Corp. 2,498,495 3,200 Community Bancorp* 91,072 19,023 CVB Financial Corp. 350,784 20,400 First BanCorp. 781,932 24,129 Glacier Bancorp, Inc. 563,406 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- BANKS--(CONTINUED) 58,485 Mid-State Bancshares $ 1,565,644 26,300 R&G Financial Corp., Class B 379,246 12,843 Western Sierra Bancorp* 438,075 34,300 Wilshire Bancorp, Inc.* 457,219 ------------- 7,798,347 ------------- BUILDING & BUILDING MATERIALS--1.3% 20,400 Eagle Materials, Inc. 1,788,468 12,200 Interline Brands, Inc.* 245,098 57,700 Perini Corp.* 870,116 ------------- 2,903,682 ------------- BUILDING SUPPLIES--0.6% 50,700 Hughes Supply, Inc. 1,318,200 ------------- CELLULAR COMMUNICATIONS--0.0% 1,500 Centennial Communications Corp.* 19,635 ------------- CHEMICALS - DIVERSIFIED--1.2% 118,500 Westlake Chemical Corp. 2,841,630 ------------- CHEMICALS - SPECIALTY--1.8% 71,400 H. B. Fuller Co. 2,313,360 35,900 Hercules, Inc.* 496,138 53,900 OM Group, Inc.* 1,358,280 ------------- 4,167,778 ------------- COMMERCIAL SERVICES--1.7% 66,700 Chemed Corp. 2,820,076 28,158 McGrath Rentcorp 649,042 14,833 Steiner Leisure, Ltd.* 504,025 ------------- 3,973,143 ------------- COMPUTER COMPONENTS--0.8% 62,100 Komag, Inc.* 1,791,585 ------------- COMPUTER NETWORKING PRODUCTS--0.7% 56,300 Ixia* 1,035,357 19,018 SafeNet, Inc.* 597,546 ------------- 1,632,903 ------------- COMPUTER SERVICES--0.8% 30,900 Ingram Micro, Inc., Class A* 488,529 1 [LOGO] NUMERIC INVESTORS FAMILY OF FUNDS SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONTINUED) MAY 31, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- COMPUTER SERVICES--(CONTINUED) 47,200 PAR Technology Corp.* $ 1,352,280 ------------- 1,840,809 ------------- COMPUTER SOFTWARE--2.9% 72,300 American Reprographics Co.* 1,077,270 39,000 ANSYS, Inc.* 1,300,260 78,400 Informatica Corp.* 672,672 68,200 InterVideo, Inc.* 1,035,276 39,400 Parametric Technology Corp.* 237,188 45,700 SERENA Software, Inc.* 894,349 77,580 Synopsys, Inc.* 1,401,871 ------------- 6,618,886 ------------- CONSUMER PRODUCTS--0.4% 66,300 Playtex Products, Inc.* 714,714 6,700 Water Pik Technologies, Inc.* 124,486 ------------- 839,200 ------------- DATA PROCESSING--0.6% 58,700 Transaction Systems Architects, Inc., Class A* 1,337,186 ------------- ELECTRICAL EQUIPMENT--0.6% 48,400 WESCO International, Inc.* 1,413,280 ------------- ELECTRONIC COMPONENTS & ACCESSORIES--0.1% 11,300 Avnet, Inc.* 236,396 ------------- ENGINEERING--0.4% 16,100 Keith Companies, Inc. (The)* 340,515 27,600 Michael Baker Corp.* 476,376 ------------- 816,891 ------------- FINANCE--0.9% 23,600 International Securities Exchange, Inc.* 606,048 79,295 Nasdaq Stock Market, Inc.* 1,360,702 ------------- 1,966,750 ------------- FINANCIAL SERVICES--0.7% 35,400 Nelnet, Inc., Class A* 1,306,260 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- FINANCIAL SERVICES--(CONTINUED) 5,900 Nicholas Financial, Inc. $ 108,737 4,100 optionsXpress Holdings, Inc.* 55,350 8,687 World Acceptance Corp.* 226,296 ------------- 1,696,643 ------------- FOOD & AGRICULTURE--2.4% 20,300 Chiquita Brands International, Inc.* 590,324 60,654 Gold Kist, Inc.* 1,266,456 39,123 Nash Finch Co. 1,391,996 26,700 Sanderson Farms, Inc. 1,011,930 99,696 Spartan Stores, Inc.* 1,286,078 ------------- 5,546,784 ------------- FOOTWEAR--0.3% 20,022 K-Swiss, Inc., Class A 642,706 ------------- FUNERAL SERVICES--0.1% 20,100 Alderwoods Group, Inc.* 278,385 ------------- HEALTH CARE--1.2% 36,580 Allied Healthcare International, Inc.* 253,134 5,531 Genesis HealthCare Corp.* 240,543 18,900 Magellan Health Services, Inc.* 613,683 29,100 Molina Healthcare, Inc.* 1,245,480 13,400 WellCare Health Plans, Inc.* 464,980 ------------- 2,817,820 ------------- HOTELS & MOTELS--0.3% 8,900 Choice Hotels International, Inc. 583,840 ------------- INSURANCE--1.3% 141,100 Assured Guaranty, Ltd. 2,899,605 ------------- INSURANCE - HEALTH & LIFE--1.2% 108,000 UICI 2,716,200 ------------- INSURANCE - PROPERTY & CASUALTY--5.6% 1,100 Affirmative Insurance Holdings, Inc. 14,190 2 [LOGO] NUMERIC INVESTORS FAMILY OF FUNDS SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONTINUED) MAY 31, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- INSURANCE - PROPERTY & CASUALTY--(CONTINUED) 80,500 American Financial Group, Inc. $ 2,609,810 31,600 Arch Capital Group, Ltd.* 1,410,940 23,100 Capital Title Group, Inc. 148,071 30,071 IPC Holdings, Ltd. 1,149,614 93,100 Platinum Underwriters Holdings, Ltd. 2,830,240 105,400 PXRE Group, Ltd. 2,522,222 40,256 Safety Insurance Group, Inc. 1,268,869 46,148 United America Indemnity, Ltd., Class A* 786,824 ------------- 12,740,780 ------------- INTERNET CONTENT--0.1% 19,300 TriZetto Group, Inc. (The)* 267,884 ------------- LEISURE & ENTERTAINMENT--2.2% 96,700 Bluegreen Corp.* 1,630,362 20,300 Dover Downs Gaming & Entertainment, Inc. 240,149 67,419 Monarch Casino & Resort, Inc.* 1,355,122 18,500 Sands Regent (The)* 175,010 45,500 Speedway Motorsports, Inc. 1,560,650 ------------- 4,961,293 ------------- MACHINERY--2.7% 10,600 Alamo Group, Inc. 216,240 20,300 JLG Industries, Inc. 517,447 12,400 Joy Global, Inc. 465,496 2,800 Manitowoc Co., Inc. (The) 113,484 50,500 Terex Corp.* 1,995,760 131,900 Wabtec Corp. 2,730,330 ------------- 6,038,757 ------------- MANUFACTURING--1.7% 3,600 Albany International Corp., Class A 112,572 20,500 Barnes Group, Inc. 628,940 52,300 CIRCOR International, Inc. 1,294,425 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- MANUFACTURING--(CONTINUED) 45,500 EnPro Industries, Inc.* $ 1,231,685 11,000 Fargo Electronics* 198,550 27,800 LSI Industries, Inc. 377,802 ------------- 3,843,974 ------------- MEDICAL & MEDICAL SERVICES--1.5% 89,400 American Retirement Corp.* 1,223,886 18,100 Pediatrix Medical Group, Inc.* 1,332,703 24,581 PRA International* 639,843 9,000 Res-Care, Inc.* 119,970 ------------- 3,316,402 ------------- MEDICAL INSTRUMENTS & SUPPLIES--1.2% 14,900 Owens & Minor, Inc. 461,900 9,400 PerkinElmer, Inc. 179,822 72,180 West Pharmaceutical Services, Inc. 2,009,491 ------------- 2,651,213 ------------- METALS--2.0% 31,800 Cleveland-Cliffs, Inc. 1,864,434 22,700 Commercial Metals Co. 593,832 17,300 NN, Inc. 219,537 34,600 Quanex Corp. 1,795,394 ------------- 4,473,197 ------------- MORTGAGE--1.2% 67,200 IndyMac Bancorp, Inc. 2,765,280 ------------- MULTIMEDIA/PUBLISHING--0.9% 31,500 R.H. Donnelley Corp.* 1,936,620 ------------- NATURAL GAS--0.3% 22,521 Copano Energy, LLC 672,252 ------------- OIL & GAS EQUIPMENT & SERVICES--2.0% 184,133 Global Industries, Ltd.* 1,574,337 2,100 Hydril* 109,011 66,400 Northwest Natural Gas Co. 2,403,680 3 [LOGO] NUMERIC INVESTORS FAMILY OF FUNDS SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONTINUED) MAY 31, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- OIL & GAS EQUIPMENT & SERVICES--(CONTINUED) 13,300 Veritas DGC, Inc.* $ 359,100 ------------- 4,446,128 ------------- OIL & GAS FIELD EXPLORATION--3.6% 2,500 Berry Petroleum Co., Class A 118,900 62,300 Cabot Oil & Gas Corp. 1,953,105 3,600 Forest Oil Corp.* 143,136 135,000 Harvest Natural Resources, Inc.* 1,463,400 18,566 Petroleum Development Corp.* 485,130 29,500 Remington Oil & Gas Corp.* 914,500 4,700 Todco, Class A* 107,113 6,800 Vintage Petroleum, Inc. 187,816 133,100 W&T Offshore, Inc.* 2,869,636 ------------- 8,242,736 ------------- OIL REFINING--1.5% 18,800 Frontier Oil Corp. 919,508 19,700 Holly Corp. 753,131 41,200 Tesoro Corp. 1,796,320 ------------- 3,468,959 ------------- PACKAGING--2.6% 42,500 Greif, Inc., Class A 3,088,900 48,363 Silgan Holdings, Inc. 2,756,691 ------------- 5,845,591 ------------- PAPER & ALLIED PRODUCTS--1.0% 43,500 Rayonier, Inc. 2,283,315 ------------- PHARMACEUTICALS--0.2% 2,000 Kos Pharmaceuticals, Inc.* 115,460 14,300 Medicis Pharmaceutical Corp., Class A 402,974 ------------- 518,434 ------------- PRINTING--0.5% 26,300 Consolidated Graphics, Inc.* 1,113,279 ------------- REAL ESTATE INVESTMENT TRUSTS--12.2% 123,900 Associated Estates Realty Corp. 1,071,735 -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS--(CONTINUED) 34,700 CBL & Associates Properties, Inc. $ 2,827,009 77,700 Colonial Properties Trust 3,170,160 147,700 Digital Realty Trust, Inc. 2,215,500 25,900 Essex Property Trust, Inc. 2,072,000 134,900 Innkeepers USA Trust 1,822,499 24,700 Lexington Corporate Properties Trust 568,841 85,900 LTC Properties, Inc. 1,702,538 45,200 PS Business Parks, Inc.-CA 1,855,008 44,800 SL Green Realty Corp. 2,775,360 74,900 Tanger Factory Outlet Centers, Inc. 1,813,329 97,600 Taubman Centers, Inc. 3,097,824 97,000 Ventas, Inc. 2,768,380 ------------- 27,760,183 ------------- RESIDENTIAL CONSTRUCTION--2.4% 45,200 Brookfield Homes Corp. 2,072,872 33,800 Standard Pacific Corp. 2,708,056 32,625 Technical Olympic USA, Inc. 714,488 ------------- 5,495,416 ------------- RESTAURANTS--1.3% 133,800 Domino's Pizza, Inc. 3,062,682 ------------- RETAIL - SPECIALTY--2.4% 35,700 Barnes & Noble, Inc.* 1,351,245 46,600 Books-A-Million, Inc. 392,372 16,500 Cato Corp. (The), Class A 476,190 21,100 Genesco, Inc.* 722,675 13,900 Hibbett Sporting Goods, Inc.* 488,168 17,200 Rent-A-Center, Inc.* 406,952 9,800 REX Stores Corp.* 137,200 67,600 Sonic Automotive, Inc. 1,441,232 ------------- 5,416,034 ------------- 4 [LOGO] NUMERIC INVESTORS FAMILY OF FUNDS SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONTINUED) MAY 31, 2005 (UNAUDITED) -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- SAVINGS & LOAN ASSOCIATIONS--3.4% 46,100 Downey Financial Corp. $ 3,458,422 34,700 FirstFed Financial Corp.* 1,880,046 15,195 ITLA Capital Corp.* 757,015 43,620 Sterling Financial Corp.* 1,541,967 ------------- 7,637,450 ------------- SEMICONDUCTORS--1.3% 16,300 ADE Corp.* 365,609 3,800 Cascade Microtech, Inc.* 51,300 70,364 Cohu, Inc. 1,352,396 3,800 MKS Instruments, Inc.* 63,460 90,100 Netlogic Microsystems, Inc.* 1,215,449 ------------- 3,048,214 ------------- SERVICES - EMPLOYMENT AGENCIES--0.3% 22,500 Administaff, Inc. 480,600 7,800 AMN Healthcare Services, Inc.* 112,632 ------------- 593,232 ------------- STEEL--0.1% 5,161 Northwest Pipe Co.* 114,368 ------------- TELECOMMUNICATIONS--0.7% 96,700 FairPoint Communications, Inc.* 1,505,619 ------------- TELECOMMUNICATIONS EQUIPMENT & SERVICES--2.2% 40,640 Comtech Telecommunications Corp.* 1,469,949 129,500 Iowa Telecommunications Services, Inc. 2,434,600 134,500 Talk America Holdings, Inc.* 1,195,705 ------------- 5,100,254 ------------- TELEPHONE--0.0% 8,100 Valor Communications Group, Inc. 110,160 ------------- TOBACCO--0.7% 57,000 Loews Corp. - Carolina Group 1,703,160 ------------- -------------------------------------------------------------------------------- SHARES VALUE -------------------------------------------------------------------------------- TOYS--0.6% 63,300 JAKKS Pacific, Inc.* $ 1,308,411 ------------- TRANSPORTATION--5.0% 10,250 Arkansas Best Corp. 335,482 59,100 CNF, Inc. 2,632,905 45,500 Dynamex, Inc.* 818,545 11,718 Heartland Express, Inc. 234,946 48,400 Hub Group, Inc., Class A* 1,330,032 8,200 Kirby Corp.* 349,812 94,000 Laidlaw International, Inc.* 2,090,560 12,000 Maritrans, Inc. 286,680 55,000 Overseas Shipholding Group, Inc. 3,360,500 ------------- 11,439,462 ------------- UTILITIES--3.3% 57,500 Energen Corp. 3,747,850 129,000 Northeast Utilities 2,555,490 34,000 UGI Corp. 901,340 8,500 WGL Holdings, Inc. 276,590 ------------- 7,481,270 ------------- Total Common Stocks (Cost $209,773,372) 221,588,640 ------------- WARRANTS--0.0% SAVINGS & LOAN ASSOCIATIONS--0.0% 4,100 Dime Community Bancshares, Litigation Tracking Warrants* (Cost $768) 615 ------------- -------------------------------------------------------------------------------- PRINCIPAL AMOUNT (000'S) -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS--2.4% $ 1,355 Bear, Stearns & Co. Inc. (Agreement dated 05/31/05 to be repurchased at $1,354,570), 1.53%, 06/01/05**, collateralized by $1,398,398 in U.S. Government Securities (Cost $1,354,512) 1,354,512 5 [LOGO] NUMERIC INVESTORS FAMILY OF FUNDS SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) MAY 31, 2005 (UNAUDITED) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT (000'S) VALUE -------------------------------------------------------------------------------- 4,082 Bear, Stearns & Co. Inc. (Agreement dated 05/31/05 to be repurchased at $4,082,173), 2.97%, 06/01/05, collateralized by $4,201,197 in U.S. Government Securities (Cost $4,081,837) $ 4,081,837 ------------- Total Repurchase Agreements (Cost $5,436,349) 5,436,349 ------------- Total Investments -- 99.9% (Cost $215,210,489)*** 227,025,604 ------------- Other Assets in Excess of Liabilities -- 0.1% 286,410 ------------- Net Assets -- 100.0% $ 227,312,014 ============= __________________ * Non-income producing. ** Investment purchased with cash 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 $ 217,644,291 Gross unrealized appreciation $ 15,008,624 Gross unrealized depreciation (5,627,311) ------------- Net unrealized appreciation/(depreciation) $ 9,381,313 ============= 6 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II Portfolio of Investments MAY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE -------------- -------------- COMMON STOCK--96.4% AEROSPACE & DEFENSE--0.4% DRS Technologies, Inc. 34,025 $ 1,601,897 -------------- AIR TRANSPORT--1.4% EGL, Inc.* 162,800 3,098,084 ExpressJet Holdings, Inc.* 53,045 457,778 Pinnacle Airlines Corp.* 209,910 2,057,118 -------------- 5,612,980 -------------- APPAREL--5.9% Brown Shoe Co., Inc. 99,550 3,494,205 Charming Shoppes, Inc.* 274,000 2,474,220 Dress Barn, Inc., (The)* 134,700 2,438,070 Finish Line, Inc., (The), Class A 267,620 5,330,990 Gymboree Corp., (The)* 99,600 1,318,704 Kellwood Co. 30,270 761,593 Kenneth Cole Productions, Inc., Class A 43,000 1,294,300 Oxford Industries, Inc. 83,330 2,979,881 Steven Madden Ltd.* 99,800 1,772,448 Warnaco Group, Inc., (The)* 87,650 1,870,451 -------------- 23,734,862 -------------- AUTOMOTIVE & TRUCKS--0.7% Group 1 Automotive, Inc.* 41,155 1,099,250 Lithia Motors, Inc., Class A 64,400 1,713,040 -------------- 2,812,290 -------------- BANKS - REGIONAL--0.6% Bancorp, Inc., (The)* 50,545 793,556 First Community Bancorp 11,800 521,324 UMB Financial Corp. 20,300 1,130,710 -------------- 2,445,590 -------------- BUILDING & CONSTRUCTION--3.3% Champion Enterprises, Inc.* 519,010 5,049,967 Dycom Industries, Inc.* 51,000 1,001,640 Infrasource Services, Inc.* 178,100 1,959,100 Palm Harbor Homes, Inc.* 131,143 2,456,308 Perini Corp.* 186,420 2,811,214 -------------- 13,278,229 -------------- NUMBER OF SHARES VALUE -------------- -------------- BUILDING MATERIALS--1.9% Drew Industries, Inc.* 111,800 $ 4,583,800 ElkCorp 95,345 3,146,385 -------------- 7,730,185 -------------- BUILDING PRODUCTS-AIR & HEATING--0.9% Lennox International, Inc. 170,500 3,621,420 -------------- BUSINESS & PUBLIC SERVICES--1.5% Gevity HR, Inc. 230,300 3,949,645 Service Corporation International 286,500 2,171,670 -------------- 6,121,315 -------------- CHEMICALS - SPECIALTY--1.3% Spartech Corp. 38,115 771,067 UAP Holding Corp. 276,300 4,020,165 Wellman, Inc. 38,280 430,267 -------------- 5,221,499 -------------- COMMERCIAL SERVICES--0.3% Sykes Enterprises, Inc.* 165,410 1,369,595 -------------- COMPUTER EQUIPMENT & SERVICES--2.9% Adaptec, Inc.* 76,100 302,878 Imation Corp. 67,500 2,548,800 Insight Enterprises, Inc.* 238,485 4,669,536 Keane, Inc.* 153,500 2,059,970 NETGEAR, Inc.* 35,065 689,728 Pomeroy IT Solutions, Inc.* 63,496 799,415 Tier Technologies, Inc., Class B* 71,300 630,292 -------------- 11,700,619 -------------- CONSULTING SERVICES--1.0% FTI Consulting, Inc.* 66,100 1,453,539 MAXIMUS, Inc. 73,750 2,528,887 -------------- 3,982,426 -------------- CONSUMER NON-CYCLICAL--0.3% Natuzzi S.p.A. - ADR 146,600 1,326,730 -------------- CONSUMER PRODUCTS--1.1% Playtex Products, Inc.* 314,950 3,395,161 Spectrum Brands, Inc.* 32,300 1,194,131 -------------- 4,589,292 -------------- 1 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II Portfolio of Investments (Continued) MAY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE -------------- -------------- CONTAINERS--0.7% Constar International, Inc.* 41,005 $ 131,216 Silgan Holdings, Inc. 50,800 2,895,600 -------------- 3,026,816 -------------- DIVERSIFIED OPERATIONS--0.3% Olin Corp. 70,500 1,323,285 -------------- ELECTRONICS--1.3% Bell Microproducts, Inc.* 7,500 61,500 Hypercom Corp.* 186,900 1,186,815 Paxar Corp.* 113,600 2,001,632 Planar Systems, Inc.* 91,400 734,856 Technitrol, Inc. 110,440 1,450,077 -------------- 5,434,880 -------------- ENGINEERING--0.9% Engineered Support Systems, Inc. 96,200 3,751,800 -------------- ENGINEERING & CONSTRUCTION--2.1% Granite Construction, Inc. 28,200 661,290 Integrated Electrical Services, Inc.* 273,000 414,960 URS Corp.* 133,214 4,506,630 Washington Group International, Inc.* 56,795 2,726,728 -------------- 8,309,608 -------------- ENVIRONMENTAL SERVICES--0.7% Tetra Tech, Inc.* 217,690 2,623,165 -------------- FINANCIAL SERVICES--3.6% Advanta Corp., Class B 196,400 4,845,188 Affiliated Managers Group, Inc.* 17,600 1,173,920 Bay View Capital Corp.* 25,770 408,455 BKF Capital Group, Inc. 17,100 620,730 CMET Finance Holdings, Inc. 144A* 15,000 1,500,000 Delta Financial Corp. 55,725 504,311 Federal Agricultural Mortgage Corp., Class C 260,900 4,821,432 MCG Capital Corp. 44,000 704,000 Value Line, Inc. 4,600 167,072 -------------- 14,745,108 -------------- NUMBER OF SHARES VALUE -------------- -------------- FOODS--1.8% Chiquita Brands International, Inc. 79,100 $ 2,300,228 NBTY, Inc.* 33,480 744,595 Performance Food Group Co.* 154,700 4,186,182 -------------- 7,231,005 -------------- HEALTH CARE - SERVICES--7.0% Amedisys, Inc.* 56,800 1,715,928 Apria Healthcare Group, Inc.* 227,500 7,166,250 First Consulting Group, Inc.* 75,040 388,707 Kendle International, Inc.* 59,000 680,270 Kindred Healthcare, Inc.* 153,130 5,907,755 LifePoint Hospitals, Inc.* 42,690 1,920,196 Option Care, Inc. 238,525 3,172,383 Radiation Therapy Services, Inc.* 192,865 3,992,306 RehabCare Group, Inc.* 96,825 2,690,767 Res-Care, Inc.* 70,100 934,433 -------------- 28,568,995 -------------- HEALTH CARE - SUPPLIES--0.6% Herbalife Ltd.* 77,600 1,406,888 Owens & Minor, Inc. 29,800 923,800 -------------- 2,330,688 -------------- INDUSTRIAL EQUIPMENT & SUPPLIES--0.1% Rofin-Sinar Technologies, Inc.* 15,670 506,141 -------------- INSURANCE - LIFE--1.8% AmerUs Group Co. 35,000 1,665,650 Scottish Re Group Ltd. 231,800 5,419,484 -------------- 7,085,134 -------------- INSURANCE - OTHER--12.4% Allmerica Financial Corp.* 30,290 1,057,727 Arch Capital Group Ltd.* 14,600 651,890 Aspen Insurance Holdings Ltd. 66,115 1,818,162 Assured Guaranty Ltd. 327,700 6,734,235 Bristol West Holdings, Inc. 61,225 1,059,193 CNA Surety Corp.* 185,225 2,559,810 Hilb, Rogal & Hobbs Co. 35,400 1,206,786 Hub International Ltd. 143,400 2,562,558 Infinity Property & Casualty Corp. 35,400 1,132,800 IPC Holdings Ltd. 251,200 9,603,376 KMG America Corp.* 140,860 1,273,374 2 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II Portfolio of Investments (Continued) MAY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE -------------- -------------- INSURANCE - OTHER--(CONTINUED) Max Re Capital Ltd. 118,700 $ 2,624,457 Navigators Group, Inc., (The)* 138,170 4,592,771 Odyssey Re Holdings Corp. 41,720 1,005,869 Platinum Underwriters Holdings Ltd. 249,660 7,589,664 Quanta Capital Holdings Ltd.* 302,100 1,873,020 RLI Corp. 22,650 990,711 Seabright Insurance Holdings* 59,430 673,342 United America Indemnity Ltd., Class A* 82,840 1,412,422 -------------- 50,422,167 -------------- INTERNET SERVICES--3.6% EarthLink, Inc.* 684,000 7,257,240 United Online, Inc. 555,800 7,192,052 -------------- 14,449,292 -------------- IRON & STEEL--0.3% Ryerson Tull, Inc. 69,000 1,050,180 -------------- LEISURE & LODGING--2.5% Alliance Gaming Corp.* 93,100 1,209,369 Argosy Gaming Co.* 43,900 2,035,643 Interstate Hotels & Resorts, Inc.* 90,550 416,530 Intrawest Corp. 87,500 1,951,250 La Quinta Corp.* 148,865 1,290,659 MTR Gaming Group, Inc.* 54,260 556,708 Pinnacle Entertainment, Inc.* 76,600 1,335,138 Steiner Leisure Ltd.* 43,600 1,481,528 -------------- 10,276,825 -------------- MACHINERY--1.6% Actuant Corp., Class A* 20,000 900,000 CIRCOR International, Inc. 34,100 843,975 Manitowoc Co., Inc., (The) 30,100 1,219,953 Terex Corp.* 91,800 3,627,936 -------------- 6,591,864 -------------- MANUFACTURING--2.5% Acuity Brands, Inc. 79,000 1,939,450 EnerSys* 73,925 769,559 Federal Signal Corp. 173,815 2,716,729 Griffon Corp.* 66,100 1,317,373 NUMBER OF SHARES VALUE -------------- -------------- MANUFACTURING--(CONTINUED) Modtech Holdings, Inc.* 53,400 $ 331,080 Monaco Coach Corp. 117,200 1,923,252 NN, Inc. 94,600 1,200,474 -------------- 10,197,917 -------------- MEDIA & ENTERTAINMENT--0.3% 4Kids Entertainment, Inc.* 50,500 959,500 Liberty Corp., (The) 7,600 274,436 -------------- 1,233,936 -------------- MEDICAL EQUIPMENT AND SUPPLIES--2.3% Analogic Corp. 22,000 934,780 CONMED Corp.* 150,600 4,719,804 Medical Action Industries, Inc.* 114,900 2,037,177 Medical Property Trust, Inc. 144A 87,500 879,375 PAREXEL International Corp.* 43,064 785,918 -------------- 9,357,054 -------------- MOTOR HOMES--0.7% Winnebago Industries, Inc. 92,335 3,018,431 -------------- OFFICE EQUIPMENT & SUPPLIES--0.6% Ennis, Inc. 118,600 1,884,554 Global Imaging Systems, Inc.* 17,075 542,814 -------------- 2,427,368 -------------- OIL & GAS - EXPLORATION--1.6% InterOil Corp.* 35,000 875,000 Stone Energy Corp.* 48,400 2,082,652 Swift Energy Co.* 102,600 3,503,790 -------------- 6,461,442 -------------- OIL SERVICES--0.7% Key Energy Services, Inc.* 193,265 2,123,982 Parker Drilling Co.* 131,300 748,410 -------------- 2,872,392 -------------- PAPER FOREST PRODUCTS & PACKAGING--0.8% Neenah Paper, Inc. 63,600 1,903,548 Schweitzer-Mauduit International, Inc. 41,900 1,255,743 -------------- 3,159,291 -------------- 3 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II Portfolio of Investments (Continued) MAY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE -------------- -------------- PUBLISHING & INFORMATION SERVICES--3.6% Banta Corp. 64,600 $ 2,837,232 Bowne & Co., Inc. 252,800 3,349,600 infoUSA, Inc.* 213,240 2,575,939 Journal Register Co.* 119,400 1,983,234 Pulitzer, Inc. 16,100 1,029,756 Reader's Digest Association, Inc., (The) 113,000 1,914,220 Scholastic Corp.* 19,100 716,632 -------------- 14,406,613 -------------- RAILROAD & BULK SHIPPING--0.4% RailAmerica, Inc.* 120,395 1,405,010 -------------- REAL ESTATE--7.2% American Financial Realty Trust (REIT) 230,325 3,535,489 Arbor Realty Trust, Inc. 144A (REIT) 10,100 1,345,825 Ashford Hospitality Trust (REIT) 40,925 407,613 Bimini Mortgage Management, Inc., Class A 144A (REIT) 138,325 1,933,783 Capital Lease Funding, Inc. (REIT) 180,575 1,991,742 Digital Realty Trust, Inc. (REIT) 158,300 2,374,500 Fieldstone Investment Corp. 144A (REIT) 90,300 1,206,408 Gladstone Commercial Corp. (REIT) 100,275 1,536,113 Government Properties Trust, Inc. (REIT) 107,775 980,752 Lexington Corporate Properties Trust (REIT) 60,650 1,396,770 MFA Mortgage Investments, Inc. (REIT) 211,950 1,502,726 Origen Financial, Inc. (REIT) 352,225 2,550,109 Redwood Trust, Inc. (REIT) 61,800 3,196,914 Trammell Crow Co.* 231,600 5,222,580 -------------- 29,181,324 -------------- RETAIL - HARD GOODS--0.9% GameStop Corp., Class A* 76,815 2,239,925 NUMBER OF SHARES VALUE -------------- -------------- RETAIL - HARD GOODS--(CONTINUED) School Specialty, Inc.* 37,400 $ 1,466,828 -------------- 3,706,753 -------------- SAVINGS & LOANS--0.5% Franklin Bank Corp.* 112,600 1,925,460 -------------- SEMICONDUCTOR EQUIPMENT & PRODUCTS--0.5% OmniVision Technologies, Inc.* 117,000 1,850,940 -------------- SERVICES - BUSINESS--5.7% Century Business Services, Inc.* 314,400 1,260,744 Clark, Inc. 235,450 3,414,025 Cornell Companies, Inc.* 70,280 902,395 Geo Group, Inc., (The)* 39,500 958,665 Harland (John H.) Co. 54,830 2,065,446 Integrated Alarm Services Group, Inc.* 532,713 2,157,488 Kforce, Inc.* 107,876 867,323 MPS Group, Inc.* 332,900 3,122,602 PRG-Schultz International, Inc.* 436,000 1,682,960 ProQuest Co.* 17,250 553,725 Spherion Corp.* 170,800 934,276 Standard Parking Corp.* 131,455 1,973,140 World Fuel Services Corp. 126,000 3,320,100 -------------- 23,212,889 -------------- TOBACCO--0.7% Alliance One International, Inc. 315,700 2,023,637 Universal Corp. 22,200 985,680 -------------- 3,009,317 -------------- TRANSPORT - SERVICES--0.1% Stonepath Group, Inc.* 559,600 391,720 -------------- TRAVEL SERVICES--0.8% Ambassadors International, Inc. 18,400 235,888 Navigant International, Inc.* 237,400 3,005,484 -------------- 3,241,372 -------------- TRUCKING--0.5% Marten Transport Ltd.* 14,200 278,462 Quality Distribution, Inc.* 92,705 736,078 4 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II Portfolio of Investments (Concluded) MAY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE -------------- -------------- TRUCKING--(CONTINUED) SCS Transportation, Inc.* 58,400 $ 1,065,800 -------------- 2,080,340 -------------- UTILITIES - ELECTRIC--1.2% Sierra Pacific Resources* 397,300 4,747,735 -------------- TOTAL COMMON STOCK (Cost $329,178,837) 390,763,186 -------------- INVESTMENT COMPANIES--0.7% FINANCIAL SERVICES--0.7% Apollo Investment Corp. 187,600 3,074,764 -------------- TOTAL INVESTMENT COMPANIES (Cost $2,814,000) 3,074,764 -------------- SHORT TERM INVESTMENTS--2.8% PNC Bank Money Market Deposit Account 2.69% 6/01/05 11,419,903 11,419,903 -------------- TOTAL SHORT TERM INVESTMENTS (Cost $11,419,903) 11,419,903 -------------- TOTAL INVESTMENTS--99.9% (COST $343,412,740)** 405,257,853 -------------- OTHER ASSETS IN EXCESS OF LIABILITIES--0.1% 249,078 -------------- NET ASSETS--100.0% $ 405,506,931 ============== * -- 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 May 31, 2005, these securities amounted to 1.69% 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 $ 344,621,435 ============= Gross unrealized appreciation $ 79,245,302 Gross unrealized depreciation (18,608,884) ------------- Net unrealized appreciation/(depreciation) $ 60,636,418 ============= 5 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments MAY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------- ------------- LONG POSITIONS--102.6% DOMESTIC COMMON STOCK--96.8% AEROSPACE & DEFENSE--2.2% Allied Defense Group, Inc., (The) +* 84,295 $ 2,009,593 Orbital Sciences Corp.* 53,600 520,456 ------------- 2,530,049 ------------- AGRICULTURE--0.7% Hines Horticulture, Inc.* 211,824 751,975 ------------- AIR TRANSPORT--1.3% ExpressJet Holdings, Inc. +* 55,700 480,691 Kitty Hawk, Inc.* 355,515 440,839 Pinnacle Airlines Corp.* 59,170 579,866 ------------- 1,501,396 ------------- APPAREL--0.9% Haggar Corp. 31,088 573,884 Hampshire Group Ltd.* 3,435 136,576 Lakeland Industries, Inc. +* 23,510 306,100 ------------- 1,016,560 ------------- AUTOMOTIVE & TRUCKS--0.7% Aftermarket Technology Corp. +* 49,413 757,995 ------------- BUSINESS & PUBLIC SERVICES--1.0% Manpower, Inc. 10,390 413,833 On Assignment, Inc. +* 148,909 789,218 ------------- 1,203,051 ------------- CHEMICALS - SPECIALTY--4.4% Agrium, Inc. + 95,180 1,797,950 Ashland, Inc. 12,600 860,580 ICO, Inc.* 134,477 314,676 LESCO, Inc. +* 74,825 1,010,138 Stepan Co. 22,500 477,225 Texas Petrochemicals, Inc.* 41,100 589,785 ------------- 5,050,354 ------------- COMMERCIAL SERVICES--3.3% Carlisle Holdings Ltd. 99,531 610,125 NCO Group, Inc.* 35,500 705,030 NUMBER OF SHARES VALUE ------------- ------------- Perceptron, Inc.* 58,385 $ 381,254 Steiner Leisure Ltd. +* 60,085 2,041,688 ------------- 3,738,097 ------------- COMMUNICATIONS EQUIPMENT--0.4% TESSCO Technologies, Inc.* 37,780 481,317 ------------- COMPUTER EQUIPMENT & SERVICES--4.2% Microsoft Corp. 31,200 804,960 Parametric Technology Corp. +* 163,000 981,260 Perot Systems Corp., Class A* 89,100 1,151,172 Pomeroy IT Solutions, Inc. +* 49,395 621,883 Rimage Corp. +* 27,280 576,972 Sykes Enterprises, Inc.* 80,950 670,266 ------------- 4,806,513 ------------- COMPUTER SOFTWARE--0.7% Document Sciences Corp.* 22,145 153,908 Hummingbird Ltd. +* 28,400 601,796 ------------- 755,704 ------------- CONSULTING SERVICES--3.4% Accenture Ltd., Class A +* 53,095 1,236,052 MAXIMUS, Inc. + 42,600 1,460,754 Opinion Research Corp.* 164,262 1,156,404 ------------- 3,853,210 ------------- CONSUMER PRODUCTS--0.6% Blyth, Inc. + 23,000 651,820 ------------- CONSUMER SERVICES--0.5% Rent-A-Center, Inc. +* 23,935 566,302 ------------- CONTAINERS--2.7% AEP Industries, Inc. +* 70,679 1,217,799 Crown Holdings, Inc. +* 65,600 976,784 Silgan Holdings, Inc. + 15,700 894,900 ------------- 3,089,483 ------------- ELECTRONICS--2.2% PerkinElmer, Inc. 32,980 630,907 Spectrum Control, Inc. +* 78,050 552,594 Superior Essex, Inc.* 35,100 588,627 1 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) MAY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------- ------------- Technitrol, Inc. 56,700 $ 744,471 ------------- 2,516,599 ------------- FINANCIAL SERVICES--5.0% BKF Capital Group, Inc. + 11,400 413,820 Fannie Mae + 10,600 627,944 Federal Agricultural Mortgage Corp., Class C 19,800 365,904 Freddie Mac + 17,200 1,118,688 MBIA, Inc. + 42,800 2,393,804 U.S. Global Investors, Inc., Class A* 144,367 814,230 ------------- 5,734,390 ------------- FOODS--1.8% Interstate Bakeries Corp.* 63,900 417,906 M & F Worldwide Corp. +* 77,345 989,243 Nestle S.A. - ADR + 10,100 666,235 ------------- 2,073,384 ------------- HEALTH CARE - DRUGS--4.5% Pfizer, Inc. + 116,900 3,261,510 Shire Pharmaceuticals Group PLC - ADR + 42,100 1,347,621 Watson Pharmaceuticals, Inc. +* 19,600 589,176 ------------- 5,198,307 ------------- HEALTH CARE - SERVICES--6.6% American Dental Partners, Inc. +* 69,955 1,681,019 Apria Healthcare Group, Inc. +* 45,105 1,420,807 IntegraMed America, Inc.* 24,920 260,414 Kendle International, Inc.* 63,335 730,253 National Home Health Care Corp. 21,058 279,440 RehabCare Group, Inc. +* 57,700 1,603,483 Renal Care Group, Inc. +* 20,200 934,048 U.S. Physical Therapy, Inc.* 41,515 665,485 ------------- 7,574,949 ------------- HEALTH CARE - SUPPLIES--0.2% Unilens Vision, Inc.* 63,091 204,415 ------------- INSURANCE - LIFE--0.6% Scottish Re Group Ltd. 28,995 677,903 ------------- NUMBER OF SHARES VALUE ------------- ------------- INSURANCE - OTHER--13.0% ACE Ltd. + 23,700 $ 1,024,314 American International Group, Inc. 46,300 2,571,965 Aspen Insurance Holdings Ltd. + 41,400 1,138,500 Assured Guaranty Ltd. + 49,692 1,021,171 Bristol West Holdings, Inc. 44,700 773,310 Hooper Holmes, Inc. 174,945 699,780 IPC Holdings Ltd. + 24,700 944,281 Nationwide Financial Services, Inc., Class A + 13,500 515,430 PartnerRe Ltd. + 26,100 1,724,427 Platinum Underwriters Holdings Ltd. + 43,540 1,323,616 Protective Life Corp. + 23,600 948,484 Radian Group, Inc. + 30,900 1,417,692 Wesco Financial Corp. + 2,275 815,087 ------------- 14,918,057 ------------- INTERNET SERVICES--2.9% Corillian Corp.* 109,585 352,316 EarthLink, Inc. +* 71,700 760,737 iPass, Inc. +* 95,500 589,235 Knot, Inc., (The) +* 156,632 1,002,445 Pacific Internet Ltd.* 106,002 596,791 ------------- 3,301,524 ------------- LEISURE & LODGING--0.9% Escalade, Inc.* 36,165 523,308 GameTech International, Inc. 79,308 220,476 Intrawest Corp. + 13,800 307,740 ------------- 1,051,524 ------------- MACHINERY--0.7% K-Tron International, Inc.* 27,164 776,890 ------------- MANUFACTURING--3.5% Bolt Technology Corp.* 127,650 746,753 Chart Industries, Inc.* 6,593 352,066 Matthews International Corp., Class A 43,475 1,608,140 Velcro Industries N.V. 101,290 1,315,757 ------------- 4,022,716 ------------- 2 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) MAY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------- ------------- MEDIA & ENTERTAINMENT--3.0% CanWest Global Communications Corp.* 70,915 $ 801,340 Clear Channel Communications, Inc. 26,400 771,672 New Frontier Media, Inc.* 78,305 469,830 Time Warner, Inc. +* 82,500 1,435,500 ------------- 3,478,342 ------------- MEDICAL EQUIPMENT AND SUPPLIES--0.7% MTS Medication Technologies +* 145,205 816,052 ------------- METALS & MINING--0.2% International Coal Group, Inc.* 18,100 228,513 ------------- OFFICE EQUIPMENT & SUPPLIES--3.1% Ennis, Inc. + 86,615 1,376,312 OfficeMax, Inc. + 29,700 901,395 Xerox Corp. +* 97,800 1,327,146 ------------- 3,604,853 ------------- OIL & GAS - EXPLORATION--1.7% Chaparral Resources, Inc.* 260,900 498,319 InterOil Corp. +* 22,000 550,000 Pogo Producing Co. + 17,300 855,312 ------------- 1,903,631 ------------- OIL & GAS - INTEGRATED MAJORS--0.5% Marathon Oil Corp. + 12,455 603,943 ------------- OIL & GAS - REFINING & MARKETING--0.5% Tesoro Corp. + 14,300 623,480 ------------- OIL SERVICES--1.7% Global Industries Ltd. +* 47,100 402,705 Superior Energy Services, Inc. +* 36,130 565,434 T-3 Energy Services, Inc.* 32,917 233,711 Todco, Class A +* 35,125 800,499 ------------- 2,002,349 ------------- PAPER FOREST PRODUCTS & PACKAGING--1.3% Graphic Packaging Corp.* 221,000 828,750 Neenah Paper, Inc. + 21,000 628,530 ------------- 1,457,280 ------------- NUMBER OF SHARES VALUE ------------- ------------- PRINTING SERVICES--2.4% Bowne & Co., Inc. 45,700 $ 605,525 Cadmus Communications Corp. 117,950 1,875,405 Outlook Group Corp. 37,060 292,774 ------------- 2,773,704 ------------- PUBLISHING & INFORMATION SERVICES--0.6% Gannett Co., Inc. 9,100 677,586 ------------- REAL ESTATE--0.8% United Capital Corp. +* 40,630 969,026 ------------- RESTAURANTS--0.5% Benihana, Inc., Class A* 39,755 587,976 ------------- RETAIL--1.3% Kenneth Cole Productions, Inc., Class A + 31,310 942,431 Party City Corp.* 41,635 556,660 ------------- 1,499,091 ------------- RETAIL - HARD GOODS--1.2% Claire's Stores, Inc. + 57,280 1,350,662 ------------- SAVINGS & LOANS--0.4% Franklin Bank Corp. +* 26,300 449,730 ------------- SCHOOLS--0.5% Career Education Corp.* 17,100 592,857 ------------- TELECOMMUNICATIONS--2.4% Premiere Global Services, Inc. +* 90,405 1,017,056 Shenandoah Telecommunications Co. 15,156 484,992 West Corp. +* 36,055 1,266,973 ------------- 2,769,021 ------------- TELECOMMUNICATIONS EQUIPMENT--1.8% Communications Systems, Inc. 52,040 525,604 Nokia Oyj - ADR 94,100 1,586,526 ------------- 2,112,130 ------------- TELEPHONE - INTEGRATED--1.2% CT Communications, Inc. 44,394 537,167 3 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) MAY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------- ------------- Telefonos de Mexico SA de CV - ADR 46,400 $ 865,824 ------------- 1,402,991 ------------- TOBACCO--0.5% Loews Corp. - Carolina Group 19,000 567,720 ------------- TRAVEL SERVICES--1.6% Navigant International, Inc. +* 65,272 826,344 Sabre Holdings Corp., Class A + 49,900 1,001,493 ------------- 1,827,837 ------------- TOTAL DOMESTIC COMMON STOCK (Cost $106,775,154) 111,103,258 ------------- PAR (000) VALUE ------------- ------------- CONVERTIBLE BONDS--0.0% Interpool, Inc. 9.25% 12/27/22 75 69,000 ------------- TOTAL CONVERTIBLE BONDS--0.0% (Cost $75,000) 69,000 ------------- CORPORATE BONDS--0.1% Mueller Industries, Inc. Senior Subordinated Debentures 6.00% 11/01/14 118 115,050 ------------- TOTAL CORPORATE BONDS--0.1% (Cost $118,000) 115,050 ------------- NUMBER OF SHARES VALUE ------------- ------------- SHORT-TERM INVESTMENTS--5.7% PNC Bank Money Market Deposit Account 2.690% 06/01/05 6,526,877 6,526,877 ------------- TOTAL SHORT-TERM INVESTMENTS--5.7% (Cost $6,526,877) 6,526,877 ------------- TOTAL LONG POSITIONS--102.6% (COST $113,495,031)** 117,814,185 ------------- NUMBER OF SHARES VALUE ------------- ------------- SECURITIES SOLD SHORT--(41.7%) AEROSPACE & DEFENSE--(0.7%) Innovative Solutions and Support, Inc.* (21,285) $ (737,312) TransTechnology Corp.* (8,618) (64,420) ------------- (801,732) ------------- AIRLINES--(0.1%) UAL Corp.* (74,165) (98,639) ------------- APPAREL--(0.8%) bebe stores, Inc.* (13,450) (517,959) Shoe Pavilion, Inc.* (4,804) (22,771) True Religion Apparel, Inc.* (24,600) (351,780) ------------- (892,510) ------------- AUDIO & VIDEO PRODUCTS--(0.2%) Digital Theater Systems, Inc.* (11,000) (187,990) ------------- AUTOMOTIVE & TRUCKS--(0.7%) A.S.V., Inc.* (6,340) (230,142) Rush Enterprises, Inc., Class B* (18,400) (267,720) Sonic Automotive, Inc. (14,100) (300,612) ------------- (798,474) ------------- BIOTECHNOLOGY--(0.1%) Solexa, Inc.* (26,035) (158,814) ------------- BROADCASTING--(0.6%) NTN Communications, Inc.* (60,300) (131,454) Sirius Satellite Radio, Inc.* (53,800) (324,952) XM Satellite Radio Holdings, Inc., Class A* (7,500) (240,825) ------------- (697,231) ------------- BUILDING MATERIALS--0.0% Trex Co., Inc.* (5) (193) ------------- BUSINESS & PUBLIC SERVICES--(0.3%) 51job, Inc. - ADR* (14,600) (204,254) Learning Tree International, Inc.* (10,830) (139,382) ------------- (343,636) ------------- 4 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) MAY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------- ------------- COMMERCIAL SERVICES--(0.5%) Competitive Technologies, Inc.* (27,300) $ (298,662) LML Payment Systems, Inc.* (19,210) (99,892) Team, Inc. (11,555) (219,545) ------------- (618,099) ------------- COMPUTER EQUIPMENT & SERVICES--(2.1%) 3D Systems Corp.* (8,724) (184,949) ConSyGen, Inc.* (200) 0 DataTRAK International, Inc.* (27,500) (528,000) Maxwell Technologies, Inc. (39,863) (409,791) Research In Motion Ltd.* (5,800) (480,356) Satellite Enterprises Corp.* (8,615) (1,034) Stratasys, Inc.* (10,600) (343,016) Trident Microsystems, Inc.* (18,415) (390,030) Xybernaut Corp.* (35,000) (2,660) Zanett, Inc.* (9,894) (31,760) ------------- (2,371,596) ------------- COMPUTER SOFTWARE--(1.7%) Computer Associates International, Inc. (16,700) (455,409) Convera Corp.* (64,572) (278,306) Nestor, Inc.* (22,100) (153,374) Peregrine Systems, Inc.* (11,100) (255,300) Red Hat, Inc.* (14,300) (180,752) Ultimate Software Group, Inc., (The)* (38,910) (619,447) ------------- (1,942,588) ------------- COMPUTERS & PERIPHERALS--(0.4%) Cambridge Display Technology, Inc.* (20,610) (156,636) Immersion Corp.* (42,885) (251,306) ------------- (407,942) ------------- CONSUMER PRODUCTS--(0.1%) Mannatech, Inc. (10,200) (164,322) ------------- CONSUMER SPECIALTIES--(0.2%) Greg Manning Auctions, Inc.* (19,370) (184,596) ------------- DATA PROCESSING SERVICES--(0.4%) FalconStor Software, Inc.* (25,600) (187,136) NUMBER OF SHARES VALUE ------------- ------------- Phase Forward, Inc.* (34,500) $ (227,700) ------------- (414,836) ------------- DIVERSIFIED OPERATION--(0.2%) Seaboard Corp. (200) (269,000) ------------- ELECTRONIC COMPONENTS & INSTRUMENTS--(0.6%) International DisplayWorks, Inc.* (13,275) (112,572) Multi-Fineline Electronix, Inc.* (12,600) (205,632) SiRF Technology Holdings, Inc.* (24,800) (351,168) ------------- (669,372) ------------- ELECTRONIC EQUIPMENT & PRODUCTS--(3.0%) Electro Rent Corp.* (31,737) (372,910) Fiberstars, Inc.* (49,845) (471,035) FLIR Systems, Inc.* (7,700) (206,360) Garmin Ltd. (7,400) (328,190) ICOS Vision Systems Corp., N.V.* (8,972) (240,629) Ionatron, Inc.* (27,430) (244,127) Measurement Specialties, Inc.* (16,100) (312,340) NVE Corp.* (13,405) (267,698) QSound Labs, Inc.* (26,140) (100,352) SpatiaLight, Inc.* (32,360) (196,425) Taser International, Inc.* (15,400) (174,636) Tiger Telematics, Inc.* (2,365) (32,755) Veeco Instruments, Inc.* (15,510) (233,736) Video Display Corp. (22,700) (292,830) ------------- (3,474,023) ------------- ENERGY--(1.7%) Energy Conversion Devices, Inc.* (22,600) (435,728) Evergreen Solar, Inc.* (50,400) (254,520) KFx, Inc.* (53,950) (710,521) Medis Technologies Ltd.* (18,409) (253,492) Plug Power, Inc.* (39,050) (242,891) Valence Technology, Inc.* (30,650) (90,724) ------------- (1,987,876) ------------- ENVIRONMENTAL SERVICES--(0.1%) Pure Cycle Corp.* (16,715) (130,210) ------------- FINANCIAL SERVICES--(2.0%) First Marblehead Corp., (The)* (19,600) (875,140) Harris & Harris Group, Inc. (34,100) (437,844) 5 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) MAY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------- ------------- LaBranche & Co., Inc.* (104,700) $ (578,991) Ladenburg Thalmann Financial Services, Inc.* (1) 0 NextCard, Inc.* (128,500) (4,498) W.P. Stewart & Co. Ltd. (15,840) (341,510) ------------- (2,237,983) ------------- FOODS--(1.2%) Great Atlantic & Pacific Tea Company, Inc., (The)* (21,000) (523,530) Hansen Natural Corp.* (4,200) (313,068) Wimm-Bill-Dann Foods OJSC - ADR* (25,530) (494,006) ------------- (1,330,604) ------------- HEALTH CARE - SERVICES--(0.8%) CPC of America, Inc.* (4,560) (125,354) Eclipsys Corp.* (24,700) (331,474) Hythiam, Inc.* (9,200) (53,176) TriZetto Group, Inc., (The)* (27,300) (378,924) ------------- (888,928) ------------- INDUSTRIAL EQUIPMENT & SUPPLIES--(0.3%) Sun Hydraulics Corp. (10,700) (395,044) ------------- INTERNET SERVICES--(2.5%) 724 Solutions, Inc.* (15,300) (137,853) aQuantive, Inc.* (25,900) (398,601) ClickSoftware Technologies Ltd.* (54,900) (96,075) Concur Technologies, Inc.* (27,400) (262,766) GuruNet Corp.* (16,775) (205,494) i2 Technologies, Inc.* (10,855) (84,940) INTAC International, Inc.* (4,175) (25,259) Interliant, Inc.* (600) 0 Marchex, Inc., Class B* (16,835) (251,178) Overstock.com, Inc.* (4,900) (187,621) Provide Commerce, Inc.* (8,400) (194,124) Sapient Corp.* (51,000) (428,400) Travelzoo, Inc.* (6,015) (197,954) WebSideStory, Inc.* (20,700) (237,015) WorldGate Communications, Inc.* (28,595) (144,719) ------------- (2,851,999) ------------- NUMBER OF SHARES VALUE ------------- ------------- LEISURE & LODGING--(1.3%) Aldila, Inc. (14,345) $ (333,378) Gaming Partners International Corp.* (18,370) (277,387) Great Wolf Resorts, Inc.* (16,500) (363,660) Lakes Entertainment, Inc.* (12,300) (152,889) Wynn Resorts Ltd.* (9,000) (421,650) ------------- (1,548,964) ------------- MACHINERY--(0.8%) Middleby Corp., (The) (10,295) (568,284) SureBeam Corp., Class A* (111,800) (1,006) TurboChef Technologies, Inc.* (35,233) (391,087) ------------- (960,377) ------------- MANUFACTURING--(1.2%) Charles & Colvard Ltd.* (36,800) (744,096) Foamex International, Inc.* (46,400) (70,992) Imax Corp.* (28,400) (271,504) Nanophase Technologies Corp.* (47,000) (306,440) ------------- (1,393,032) ------------- MEDIA & ENTERTAINMENT--(1.0%) CKX, Inc.* (19,665) (519,156) Martha Stewart Living Omnimedia, Inc., Class A* (22,930) (593,887) ------------- (1,113,043) ------------- MEDICAL EQUIPMENT AND SUPPLIES--(3.4%) Abaxis, Inc.* (37,560) (392,502) Advanced Medical Optics, Inc.* (8,500) (328,185) BriteSmile, Inc.* (17,325) (60,638) Conceptus, Inc.* (29,950) (159,634) Digene Corp.* (8,790) (221,156) Isonics Corp.* (20,740) (64,294) Laserscope* (5,700) (196,251) Luminex Corp.* (25,400) (252,984) Microvision, Inc.* (57,130) (369,631) Penwest Pharmaceuticals Co.* (22,540) (272,283) Schick Technologies, Inc.* (15,700) (299,870) Stereotaxis, Inc.* (28,000) (219,800) ThermoGenesis Corp.* (66,810) (267,908) TriPath Imaging, Inc. (24,200) (207,878) 6 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) MAY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------- ------------- Vision-Sciences, Inc.* (66,440) $ (178,724) Zila, Inc.* (134,388) (389,725) ------------- (3,881,463) ------------- METALS & MINING--(0.5%) Dynamic Materials Corp.* (14,325) (627,435) ------------- OIL & GAS - EXPLORATION--(0.1%) Gasco Energy, Inc.* (43,400) (137,144) ------------- OIL & GAS - REFINING & MARKETING--(0.2%) SulphCo, Inc.* (67,075) (248,178) ------------- PHARMACEUTICALS & BIOTECHNOLOGY--(1.5%) Compugen Ltd.* (12,155) (39,747) Geron Corp.* (22,900) (183,200) Immtech International, Inc.* (22,010) (279,967) Ista Pharmaceuticals, Inc.* (23,900) (189,288) Northfield Laboratories, Inc.* (17,370) (226,852) Nuvelo, Inc.* (23,300) (172,886) Oncolytics Biotech, Inc.* (11,480) (38,917) Progenics Pharmaceuticals, Inc.* (13,300) (266,000) RegeneRX Biopharmaceuticals, Inc.* (1,500) (4,470) Star Scientific, Inc.* (36,815) (213,527) Tapestry Pharmaceuticals, Inc.* (94,100) (52,696) ------------- (1,667,550) ------------- REAL ESTATE--(0.6%) MortgageIT Holdings, Inc. (REIT) (12,100) (205,095) ZipRealty, Inc.* (38,620) (531,797) ------------- (736,892) ------------- RESTAURANTS--(1.0%) Buffalo Wild Wings, Inc.* (7,300) (234,695) Cosi, Inc.* (44,700) (240,039) Red Robin Gourmet Burgers, Inc.* (5,500) (301,840) Texas Roadhouse, Inc., Class A* (11,300) (346,458) ------------- (1,123,032) ------------- RETAIL--(0.7%) Innovo Group, Inc.* (76,800) (450,048) Tuesday Morning Corp. (11,800) (358,602) ------------- (808,650) ------------- NUMBER OF SHARES VALUE ------------- ------------- RETAIL - FOOD & DRUG--(0.4%) Wild Oats Markets, Inc.* (36,300) $ (408,012) ------------- RETAIL - HARD GOODS--(0.4%) REX Stores Corp.* (33,700) (471,800) ------------- SCHOOLS--(0.5%) Laureate Education, Inc.* (12,600) (588,420) ------------- SEMICONDUCTOR EQUIPMENT & PRODUCTS--(1.4%) FormFactor, Inc.* (9,800) (254,996) Microsemi Corp.* (6,340) (130,794) Nano-Proprietary, Inc.* (46,685) (114,845) PortalPlayer, Inc.* (22,300) (453,359) Rambus, Inc.* (20,000) (306,600) Tessera Technologies, Inc.* (12,100) (356,224) ------------- (1,616,818) ------------- TECHNOLOGY HARDWARE & EQUIPMENT--(0.8%) Altair Nanotechnologies, Inc.* (51,180) (150,981) Amerityre Corp.* (475) (3,515) I.D. Systems, Inc.* (24,100) (360,536) KVH Industries, Inc.* (37,100) (344,659) ParkerVision, Inc.* (7,100) (31,950) ------------- (891,641) ------------- TELECOMMUNICATIONS--(1.0%) Choice One Communications, Inc. o* (37,790) (4) CTC Communications Group, Inc. o* (98,900) (10) First Avenue Networks, Inc.* (56,285) (334,896) Level 3 Communications, Inc.* (101,540) (211,203) Telkonet, Inc.* (55,325) (232,365) Vyyo, Inc.* (59,640) (368,575) WorldCom, Inc. - WorldCom Group o* (147,900) (1,035) ------------- (1,148,088) ------------- TELECOMMUNICATIONS EQUIPMENT--(1.7%) Alvarion Ltd.* (20,400) (184,824) Corning, Inc.* (17,300) (271,264) Endwave Corp.* (25,705) (926,665) Phazar Corp.* (15,435) (410,571) 7 BOSTON PARTNERS FAMILY OF FUNDS LONG/SHORT EQUITY FUND Portfolio of Investments (Concluded) MAY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------- ------------- Tut Systems, Inc.* (38,800) $ (117,176) ------------- (1,910,500) ------------- TEXTILES & APPAREL--(0.3%) Forward Industries, Inc.* (17,700) (370,284) ------------- TOBACCO--(0.5%) Vector Group Ltd. (35,720) (612,598) ------------- TRANSPORT - SERVICES--(1.1%) Excel Maritime Carriers Ltd.* (16,180) (258,071) Frozen Food Express Industries, Inc.* (38,500) (413,875) OMI Corp. (18,300) (353,922) Top Tankers, Inc. (18,100) (288,512) ------------- (1,314,380) ------------- TOTAL SECURITIES SOLD SHORT (Proceeds $49,053,223) (47,896,538) ------------- OTHER ASSETS IN EXCESS OF LIABILITIES--39.1% 44,861,938 ------------- NET ASSETS--100.0% $ 114,779,585 ============= * -- 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 $ 64,549,681 ============= Gross unrealized appreciation $ 14,018,878 Gross unrealized depreciation (8,650,912) ------------- Net unrealized appreciation/(depreciation) $ 5,367,966 ============= 8 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LARGE CAP VALUE FUND Portfolio of Investments MAY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------- ------------- COMMON STOCK--95.5% AEROSPACE & DEFENSE--2.9% Lockheed Martin Corp. 2,745 $ 178,123 Northrop Grumman Corp. 18,900 1,053,108 ------------- 1,231,231 ------------- AGRICULTURE--0.7% Agrium, Inc. 16,500 311,685 ------------- APPAREL--2.7% Jones Apparel Group, Inc. 12,000 382,920 Liz Claiborne, Inc. 5,462 205,098 NIKE, Inc., Class B 2,500 205,500 Reebok International Ltd. 7,902 321,690 ------------- 1,115,208 ------------- BANKS - MAJOR--3.3% Bank of New York Co., Inc., (The) 17,500 504,350 Comerica, Inc. 9,809 548,127 Mellon Financial Corp. 12,098 335,840 ------------- 1,388,317 ------------- BUILDING MATERIALS--0.7% Masco Corp. 9,462 302,973 ------------- BUSINESS & PUBLIC SERVICES--0.5% Manpower, Inc. 4,900 195,167 ------------- CHEMICALS - SPECIALTY--1.0% Ashland, Inc. 6,100 416,630 ------------- COMPUTER EQUIPMENT & SERVICES--4.3% Accenture Ltd., Class A* 23,400 544,752 Hewlett-Packard Co. 18,753 422,130 Ingram Micro, Inc., Class A* 11,400 180,234 Lexmark International, Inc., Class A* 4,500 307,980 Storage Technology Corp.* 10,600 342,168 ------------- 1,797,264 ------------- COMPUTER SOFTWARE--1.9% BMC Software, Inc.* 9,874 168,056 Microsoft Corp. 25,279 652,198 ------------- 820,254 ------------- NUMBER OF SHARES VALUE ------------- ------------- CONSUMER PRODUCTS--1.4% Procter & Gamble Co., (The) 10,346 $ 570,582 ------------- CONTAINERS--0.7% Crown Holdings, Inc.* 19,800 294,822 ------------- ELECTRONICS--1.9% Arrow Electronics, Inc.* 19,700 550,615 Avnet, Inc.* 11,300 236,396 ------------- 787,011 ------------- FINANCIAL SERVICES--9.2% Amvescap PLC- ADR 37,000 440,670 Citigroup, Inc. 28,933 1,363,034 Countrywide Financial Corp. 8,206 305,017 Fannie Mae 3,754 222,387 Freddie Mac 14,827 964,348 Goldman Sachs Group, Inc., (The) 3,472 338,520 State Street Corp. 4,400 211,200 ------------- 3,845,176 ------------- FOOD & HOUSEHOLD PRODUCTS--0.9% Hormel Foods Corp. 6,400 189,568 Unilever NV- NY Shares 3,000 199,620 ------------- 389,188 ------------- HEALTH & PERSONAL CARE--1.0% Johnson & Johnson 6,256 419,778 ------------- HEALTH CARE - DRUGS--4.3% Pfizer, Inc. 36,182 1,009,478 Shire Pharmaceuticals Group PLC - ADR 25,540 817,535 ------------- 1,827,013 ------------- INSURANCE - OTHER--12.1% ACE Ltd. 17,039 736,426 Ambac Financial Group, Inc. 5,915 426,767 American International Group, Inc. 10,598 588,719 Assurant, Inc. 6,100 214,415 Berkshire Hathaway, Inc., Class B* 413 1,160,530 1 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LARGE CAP VALUE FUND Portfolio of Investments (Continued) MAY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------- ------------- INSURANCE - OTHER--(CONTINUED) MBIA, Inc. 18,836 $ 1,053,497 Nationwide Financial Services, Inc., Class A 7,744 295,666 Radian Group, Inc. 6,476 297,119 St. Paul Travelers Cos., Inc., (The) 7,844 297,131 ------------- 5,070,270 ------------- LEISURE & LODGING--1.3% GTECH Holdings Corp. 19,095 539,243 ------------- MANUFACTURING--3.8% Ingersoll-Rand Company Ltd., Class A 5,300 410,273 ITT Industries, Inc. 2,332 221,540 Tyco International Ltd. 33,223 961,141 ------------- 1,592,954 ------------- MEDIA & ENTERTAINMENT--3.3% Liberty Media Corp., Class A* 51,644 536,581 Time Warner, Inc.* 48,566 845,049 ------------- 1,381,630 ------------- METALS & MINING--0.9% Freeport-McMoRan Copper & Gold, Inc., Class B 10,427 368,073 ------------- OFFICE EQUIPMENT & SUPPLIES--1.5% Xerox Corp.* 45,724 620,475 ------------- OIL & GAS - EXPLORATION--1.0% EOG Resources, Inc. 8,700 434,043 ------------- OIL & GAS - INTEGRATED MAJORS--5.4% Chevron Corp. 18,216 979,656 Exxon Mobil Corp. 12,914 725,767 Petroleo Brasileiro S.A. - ADR 12,346 582,731 ------------- 2,288,154 ------------- OIL & GAS - REFINING & MARKETING--4.0% Marathon Oil Corp. 21,810 1,057,567 Premcor, Inc. 8,915 605,061 ------------- 1,662,628 ------------- NUMBER OF SHARES VALUE ------------- ------------- OIL SERVICES--2.2% Diamond Offshore Drilling, Inc. 4,300 $ 203,175 Transocean, Inc.* 14,715 732,954 ------------- 936,129 ------------- PRINTING SERVICES--1.0% R. R. Donnelley & Sons Co. 12,100 402,325 ------------- REAL ESTATE--0.6% CB Richard Ellis Group, Inc., Class A* 6,900 265,374 ------------- RESTAURANTS--0.7% McDonald's Corp. 10,061 311,287 ------------- RETAIL - HARD GOODS--4.0% J.C. Penney Company, Inc. (Holding Co.) 11,500 572,240 Nordstrom, Inc. 6,200 378,448 Office Depot, Inc.* 10,292 202,958 OfficeMax, Inc. 6,600 200,310 RadioShack Corp. 13,505 339,786 ------------- 1,693,742 ------------- RETAIL - SOFT GOODS--1.5% Claire's Stores, Inc. 9,500 224,010 Federated Department Stores, Inc. 3,200 215,840 Gap, Inc., (The) 9,500 199,500 ------------- 639,350 ------------- SEMICONDUCTOR EQUIPMENT & PRODUCTS--1.1% Freescale Semiconductor, Inc., Class A* 22,594 456,399 ------------- TELECOMMUNICATIONS--5.6% BellSouth Corp. 11,100 297,036 Nextel Communications, Inc., Class A* 23,286 702,771 SBC Communications, Inc. 30,000 701,400 Vodafone Group PLC - ADR 25,326 637,709 ------------- 2,338,916 ------------- TELECOMMUNICATIONS EQUIPMENT--3.9% Motorola, Inc. 33,300 578,421 2 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LARGE CAP VALUE FUND Portfolio of Investments (Concluded) MAY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------- ------------- TELECOMMUNICATIONS EQUIPMENT--(CONTINUED) Nokia Oyj - ADR 25,938 $ 437,315 Scientific-Atlanta, Inc. 18,700 622,710 ------------- 1,638,446 ------------- TOBACCO--2.3% Altria Group, Inc. 7,692 516,441 UST, Inc. 10,023 446,625 ------------- 963,066 ------------- TRAVEL SERVICES--0.9% Sabre Holdings Corp., Class A 19,500 391,365 ------------- UTILITIES - ELECTRIC--1.0% Scottish Power PLC - ADR 12,266 414,223 ------------- TOTAL COMMON STOCK (Cost $35,749,939) 40,120,391 ------------- SHORT TERM INVESTMENTS--4.8% PNC Bank Money Market Deposit Account 2.690% 06/01/05 2,003,782 2,003,782 TOTAL SHORT TERM INVESTMENTS (Cost $2,003,782) 2,003,782 ------------- TOTAL INVESTMENTS--100.3% (COST $37,753,721)** 42,124,173 ------------- LIABILITIES IN EXCESS OF OTHER ASSETS--(0.3)% (117,997) ------------- NET ASSETS--100.0% $ 42,006,176 ============= * -- 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 $ 37,860,116 ============= Gross unrealized appreciation $ 4,948,579 Gross unrealized depreciation (684,522) ------------- Net unrealized appreciation/(depreciation) $ 4,264,057 ============= 3 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS MID CAP VALUE FUND Portfolio of Investments MAY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ---------- ------------ COMMON STOCK--93.6% ADVERTISING--0.9% Lamar Advertising Co., Class A* 12,205 $ 510,413 ------------ AGRICULTURE--1.2% UAP Holding Corp. 45,600 663,480 ------------ APPAREL--7.5% Finish Line, Inc., (The), Class A 43,900 874,488 Foot Locker, Inc. 25,300 668,173 Jones Apparel Group, Inc. 23,800 759,458 Polo Ralph Lauren Corp. 20,500 794,375 Reebok International Ltd. 16,100 655,431 V. F. Corp. 6,000 338,580 ------------ 4,090,505 ------------ AUTOMOTIVE PARTS & EQUIPMENT--0.9% Lear Corp. 12,400 467,480 ------------ BANKS - MAJOR--0.9% UMB Financial Corp. 8,500 473,450 ------------ BROADCASTING--0.3% Hearst-Argyle Television, Inc., Class A 6,500 162,240 ------------ BUSINESS & PUBLIC SERVICES--3.1% BearingPoint, Inc.* 23,815 155,988 Bowne & Co., Inc. 59,700 791,025 Manpower, Inc. 17,100 681,093 Spherion Corp.* 10,700 58,529 ------------ 1,686,635 ------------ CHEMICALS - COMMODITY--0.5% Georgia Gulf Corp.* 9,100 289,198 ------------ CHEMICALS - SPECIALTY--0.3% Spartech Corp. 9,000 182,070 ------------ COMPUTER EQUIPMENT & SERVICES--5.7% BISYS Group, Inc., (The)* 52,800 807,840 DST Systems, Inc.* 7,000 338,520 Imation Corp. 21,300 804,288 Ingram Micro, Inc., Class A* 38,600 610,266 NUMBER OF SHARES VALUE ---------- ------------ COMPUTER EQUIPMENT & SERVICES--(CONTINUED) Storage Technology Corp.* 17,100 $ 551,988 ------------ 3,112,902 ------------ COMPUTER SOFTWARE--1.3% McAfee, Inc.* 15,987 458,507 Sybase, Inc.* 12,445 253,878 ------------ 712,385 ------------ CONTAINERS--1.2% Sealed Air Corp.* 12,500 647,375 ------------ ELECTRONICS--4.1% AMIS Holdings, Inc.* 16,600 199,200 Amphenol Corp., Class A 7,500 317,925 Arrow Electronics, Inc.* 34,500 964,275 Avnet, Inc.* 23,100 483,252 Diebold, Inc. 5,500 275,330 ------------ 2,239,982 ------------ ENGINEERING & CONSTRUCTION--1.3% Dycom Industries, Inc.* 34,900 685,436 ------------ FINANCIAL SERVICES--4.5% A.G. Edwards, Inc. 14,700 607,257 Affiliated Managers Group, Inc.* 9,450 630,315 Student Loan Corp., (The) 600 128,778 TNS, Inc.* 19,000 415,720 Westcorp 13,400 649,096 ------------ 2,431,166 ------------ FOODS--3.4% Bunge Ltd. 6,200 384,648 NBTY, Inc.* 18,500 411,440 Performance Food Group Co.* 15,000 405,900 Smithfield Foods, Inc.* 21,300 635,379 ------------ 1,837,367 ------------ HEALTH CARE - DRUGS--1.0% Hospira, Inc.* 14,900 567,392 ------------ HEALTH CARE - SERVICES--4.8% Apria Healthcare Group, Inc.* 26,405 831,758 Express Scripts, Inc.* 4,900 452,711 1 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS MID CAP VALUE FUND Portfolio of Investments (Continued) MAY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ---------- ------------ HEALTH CARE - SERVICES--(CONTINUED) LifePoint Hospitals, Inc.* 11,900 $ 535,262 Lincare Holdings, Inc.* 6,100 268,156 Manor Care, Inc. 9,000 349,740 WellChoice, Inc.* 2,500 142,750 ------------ 2,580,377 ------------ HEALTH CARE - SUPPLIES--0.4% C.R. Bard, Inc. 2,800 191,100 ------------ INSURANCE - LIFE--0.4% Conseco, Inc.* 9,500 190,000 ------------ INSURANCE - OTHER--10.7% Allmerica Financial Corp.* 13,170 459,896 Assurant, Inc. 10,300 362,045 Assured Guaranty Ltd. 45,400 932,970 Bristol West Holdings, Inc. 45,000 778,500 Max Re Capital Ltd. 9,600 212,256 MBIA, Inc. 6,300 352,359 Platinum Underwriters Holdings Ltd. 8,100 246,240 PMI Group, Inc., (The) 13,500 510,300 Radian Group, Inc. 22,000 1,009,360 Scottish Re Group Ltd. 26,400 617,232 White Mountains Insurance Group Ltd. 155 102,998 Willis Group Holdings Ltd. 6,300 215,901 ------------ 5,800,057 ------------ INTERNET SERVICES--2.0% EarthLink, Inc.* 25,100 266,311 United Online, Inc. 64,300 832,042 ------------ 1,098,353 ------------ LEISURE & LODGING--3.6% Argosy Gaming Co.* 6,400 296,768 GTECH Holdings Corp. 42,100 1,188,904 Hilton Hotels Corp. 19,500 472,485 ------------ 1,958,157 ------------ MACHINERY--3.1% Terex Corp.* 19,820 783,287 NUMBER OF SHARES VALUE ---------- ------------ MACHINERY--(CONTINUED) W.W. Grainger, Inc. 16,495 $ 897,163 ------------ 1,680,450 ------------ MANUFACTURING--4.1% Dover Corp. 10,300 390,061 Federal Signal Corp. 57,800 903,414 ITT Industries, Inc. 4,100 389,500 Pall Corp. 19,000 554,610 ------------ 2,237,585 ------------ MARKETING--1.3% Nu Skin Enterprises, Inc., Class A 31,900 720,621 ------------ MEDIA--1.5% Media General, Inc., Class A 3,600 219,960 Meredith Corp. 11,500 570,400 ------------ 790,360 ------------ OIL & GAS - EXPLORATION--2.3% Pogo Producing Co. 9,200 454,848 Vintage Petroleum, Inc. 27,800 767,836 ------------ 1,222,684 ------------ OIL SERVICES--2.8% Diamond Offshore Drilling, Inc. 10,000 472,500 ENSCO International, Inc. 24,000 799,200 Nabors Industries Ltd.* 4,100 225,951 ------------ 1,497,651 ------------ PAPER FOREST PRODUCTS & PACKAGING--1.6% Neenah Paper, Inc. 29,300 876,949 ------------ PUBLISHING--1.0% Valassis Communications, Inc.* 15,000 520,350 ------------ REAL ESTATE--2.0% American Financial Realty Trust (REIT) 23,800 365,330 Maguire Properties, Inc. (REIT) 10,425 272,614 Ventas, Inc. (REIT) 15,925 454,499 ------------ 1,092,443 ------------ RETAIL - HARD GOODS--6.8% Claire's Stores, Inc. 35,900 846,522 2 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS MID CAP VALUE FUND Portfolio of Investments (Concluded) MAY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ---------- ------------ RETAIL - HARD GOODS--(CONTINUED) Electronics Boutique Holdings Corp.* 5,300 $ 314,343 Fossil, Inc.* 20,100 429,135 GameStop Corp., Class A* 24,700 720,252 Michaels Stores, Inc. 20,300 854,833 OfficeMax, Inc. 17,700 537,195 ------------ 3,702,280 ------------ SAVINGS & LOANS--0.3% People's Bank 6,000 169,860 ------------ TELECOMMUNICATIONS--1.5% CenturyTel, Inc. 24,600 806,634 ------------ TELECOMMUNICATIONS EQUIPMENT--0.8% Scientific-Atlanta, Inc. 13,300 442,890 ------------ TOBACCO--0.4% Loews Corp. - Carolina Group 7,400 221,112 ------------ TRANSPORT - SERVICES--0.8% Laidlaw International, Inc.* 19,500 433,680 ------------ TRAVEL SERVICES--1.0% Sabre Holdings Corp., Class A 26,900 539,883 ------------ UTILITIES - ELECTRIC--2.3% Constellation Energy Group, Inc. 3,200 171,040 NSTAR 4,900 286,846 Sierra Pacific Resources* 66,100 789,895 ------------ 1,247,781 ------------ TOTAL COMMON STOCK (Cost $42,647,335) 50,780,733 ------------ INVESTMENT COMPANIES--1.8% FINANCIAL SERVICES--1.8% Apollo Investment Corp. 58,988 966,813 ------------ TOTAL INVESTMENT COMPANIES (Cost $866,988) 966,813 ------------ SHORT-TERM INVESTMENTS--5.5% SHORT-TERM INVESTMENTS--5.5% PNC Bank Money Market Deposit Account 2.690% 06/01/05 2,986,068 2,986,068 ------------ NUMBER OF SHARES VALUE ---------- ------------ TOTAL SHORT-TERM INVESTMENTS (Cost $2,986,068) 2,986,068 ------------ TOTAL INVESTMENTS--100.9% (COST $46,500,391)** 54,733,614 ------------ LIABILITIES IN EXCESS OF OTHER ASSETS--(0.9)% (473,172) ------------ NET ASSETS--100.0% $ 54,260,442 ============ * -- 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 $ 46,700,190 ============ Gross unrealized appreciation $ 9,016,275 Gross unrealized depreciation (982,851) ------------ Net unrealized appreciation/(depreciation) $ 8,033,424 ============ 3 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND Portfolio of Investments MAY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------- ------------- COMMON STOCK--92.5% AIRLINES--0.3% ExpressJet Holdings, Inc.* 3,410 $ 29,428 ------------- APPAREL--5.4% Abercrombie & Fitch Co., Class A 2,065 118,386 Jones Apparel Group, Inc. 2,555 81,530 Liz Claiborne, Inc. 2,490 93,500 Polo Ralph Lauren Corp. 1,390 53,863 Reebok International Ltd. 2,555 104,014 V. F. Corp. 1,275 71,948 ------------- 523,241 ------------- BEVERAGES--0.7% Constellation Brands, Inc., Class A* 2,325 64,658 ------------- CHEMICALS - SPECIALTY--1.0% Ashland, Inc. 1,360 92,888 ------------- COMPUTER EQUIPMENT & SERVICES--2.1% Global Payments, Inc. 775 53,707 Hewlett-Packard Co. 4,055 91,278 Storage Technology Corp.* 1,795 57,943 ------------- 202,928 ------------- COMPUTER SOFTWARE--1.2% Geac Computer Corp. Ltd.* 3,320 28,452 Microsoft Corp. 3,390 87,462 ------------- 115,914 ------------- CONSUMER NON-CYCLICAL--1.0% Blyth, Inc. 2,030 57,530 National Presto Industries, Inc. 955 40,922 ------------- 98,452 ------------- DISTRIBUTION--0.5% Watsco, Inc. 1,205 53,249 ------------- DIVERSIFIED OPERATION--3.6% Leucadia National Corp. 1,080 43,081 Loews Corp. 4,010 301,953 ------------- 345,034 ------------- NUMBER OF SHARES VALUE ------------- ------------- ELECTRONIC COMPONENTS & INSTRUMENTS--0.3% Bel Fuse, Inc., Class B 835 $ 24,966 ------------- ELECTRONICS--0.4% Amphenol Corp., Class A 940 39,847 ------------- FINANCE--0.2% Peoples Choice Financial Corp. 144A 1,640 16,400 ------------- FINANCIAL SERVICES--5.2% BKF Capital Group, Inc. 895 32,488 Citigroup, Inc. 298 14,039 Countrywide Financial Corp. 2,549 94,746 Deluxe Corp. 1,760 71,122 Fannie Mae 1,445 85,602 Freddie Mac 3,100 201,624 MCG Capital Corp. 455 7,280 ------------- 506,901 ------------- FOOD & HOUSEHOLD PRODUCTS--0.6% Unilever NV- NY Shares 830 55,228 ------------- FOODS--0.4% Nestle S.A. - ADR 665 43,866 ------------- HEALTH & PERSONAL CARE--0.4% Johnson & Johnson 640 42,944 ------------- HEALTH CARE - BIOTECH--0.3% Transkaryotic Therapies, Inc.* 825 28,042 ------------- HEALTH CARE - DRUGS--4.7% Bristol-Myers Squibb Co. * 2,195 55,665 Pfizer, Inc. 10,996 306,789 Shire Pharmaceuticals Group PLC - ADR 2,825 90,428 ------------- 452,882 ------------- HEALTH CARE - SERVICES--2.9% Lincare Holdings, Inc.* 2,150 94,514 Renal Care Group, Inc.* 4,055 187,503 ------------- 282,017 ------------- 1 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND Portfolio of Investments (Continued) MAY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------- ------------- HEALTH CARE - SUPPLIES--1.8% Becton, Dickinson and Co. 1,880 $ 108,006 C.R. Bard, Inc. 1,045 71,321 ------------- 179,327 ------------- INSURANCE - LIFE--0.9% Scottish Re Group Ltd. 3,905 91,299 ------------- INSURANCE - OTHER--21.5% ACE Ltd. 7,165 309,671 Alleghany Corp.* 622 174,316 Allmerica Financial Corp.* 2,610 91,141 American International Group, Inc. 1,750 97,212 Assurant, Inc. 2,440 85,766 Assured Guaranty Ltd. 5,568 114,422 Everest Re Group Ltd. 555 49,667 IPC Holdings Ltd. 3,150 120,424 MBIA, Inc. 5,340 298,666 Merchants Group, Inc. 95 2,385 Millea Holdings, Inc. - ADR 390 25,908 National Atlantic Holdings Corp., Class A* 2,315 26,345 PartnerRe Ltd. 925 61,115 Quanta Capital Holdings Ltd.* 11,910 73,842 Radian Group, Inc. 2,215 101,624 Specialty Underwriters' Alliance, Inc.* 1,825 14,399 St. Paul Travelers Cos., Inc., (The) 1,345 50,949 Wesco Financial Corp. 240 85,987 White Mountains Insurance Group Ltd. 385 255,833 Willis Group Holdings Ltd. 1,290 44,208 ------------- 2,083,880 ------------- INTERNET SERVICES, INC.--0.5% DoubleClick, Inc.* 6,250 51,438 ------------- LEISURE & LODGING--1.5% GTECH Holdings Corp. 5,115 144,448 ------------- MANUFACTURING--2.0% Lancaster Colony Corp. 1,490 65,470 NUMBER OF SHARES VALUE ------------- ------------- MANUFACTURING--(CONTINUED) Makita Corp. - ADR 4,800 $ 94,080 Tyco International Ltd. 1,320 38,188 ------------- 197,738 ------------- MARKETING--0.3% FTD Group, Inc.* 2,385 25,520 ------------- MEDIA & ENTERTAINMENT--2.1% 4Kids Entertainment, Inc.* 1,120 21,280 GameStop Corp., Class B* 1,194 32,047 Liberty Global, Inc., Class A* 1,659 69,529 Liberty Media Corp., Class A* 7,424 77,135 ------------- 199,991 ------------- MEDICAL EQUIPMENT AND SUPPLIES--0.4% STERIS Corp. 1,510 36,542 ------------- OFFICE EQUIPMENT & SUPPLIES--0.7% OfficeMax, Inc. 2,365 71,778 ------------- OIL & GAS - EXPLORATION--4.6% Anadarko Petroleum Corp. 2,325 176,002 Burlington Resources, Inc. 1,525 77,287 EOG Resources, Inc. 2,095 104,520 Kerr-McGee Corp. 823 60,787 Mariner Energy, Inc. 144A* 1,875 26,250 ------------- 444,846 ------------- OIL & GAS - INTEGRATED MAJORS--5.4% Eni S.p.A. - ADR 705 90,437 Marathon Oil Corp. 880 42,671 Occidental Petroleum Corp. 2,900 212,019 Petroleo Brasileiro S.A. - ADR 2,130 100,536 Royal Dutch Petroleum Co. - ADR 1,420 83,184 ------------- 528,847 ------------- REAL ESTATE--4.4% American Financial Realty Trust (REIT) 8,655 132,854 Ashford Hospitality Trust (REIT) 2,355 23,456 Consolidated-Tomoka Land Co. 585 44,899 Diamondrock Hospitality Co. 144A (REIT)* 2,070 21,942 2 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND Portfolio of Investments (Continued) MAY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------- ------------- REAL ESTATE--(CONTINUED) Fieldstone Investment Corp. (REIT) 145 $ 1,937 Fieldstone Investment Corp. 144A (REIT) 1,175 15,698 Friedman, Billings, Ramsey Group, Inc., Class A (REIT) 935 12,202 KKR Financial Corp. 144A (REIT) 1,580 16,195 Luminent Mortgage Capital, Inc. 144A (REIT) 685 7,200 Luminent Mortgage Capital, Inc. (REIT) 1,235 12,980 Medical Property Trust, Inc. 144A (REIT) 2,225 22,361 National Health Investors, Inc. (REIT) 2,075 55,340 Provident Senior Living Trust 144A (REIT) 1,725 34,500 Saxon Capital, Inc. (REIT)* 755 12,782 Taberna Realty Finance Trust 144A (REIT) * 1,665 16,650 ------------- 430,996 ------------- RETAIL - HARD GOODS--2.5% Barnes & Noble, Inc.* 1,855 70,212 Borders Group, Inc. 2,090 52,856 Claire's Stores, Inc. 4,280 100,922 Home Depot, Inc., (The) 565 22,233 ------------- 246,223 ------------- SERVICES - BUSINESS--1.9% Dun & Bradstreet Corp., (The)* 1,075 66,048 Harland (John H.) Co. 3,035 114,328 ------------- 180,376 ------------- TELECOMMUNICATIONS--1.7% CenturyTel, Inc. 1,290 42,299 Vodafone Group PLC - ADR 1,790 45,072 West Corp.* 2,350 82,579 ------------- 169,950 ------------- TELECOMMUNICATIONS EQUIPMENT--2.6% Motorola, Inc. 9,125 158,501 NUMBER OF SHARES VALUE ------------- ------------- TELECOMMUNICATIONS EQUIPMENT--(CONTINUED) Nokia Oyj - ADR 5,700 $ 96,102 ------------- 254,603 ------------- TOBACCO--3.6% Universal Corp. 1,420 63,048 UST, Inc. 6,460 287,858 ------------- 350,906 ------------- TRAVEL SERVICES--0.5% Sabre Holdings Corp., Class A 2,210 44,355 ------------- UTILITIES - ELECTRIC--2.4% Korea Electric Power Corp. (KEPCO) - ADR 7,510 111,824 Sierra Pacific Resources* 10,390 124,160 ------------- 235,984 ------------- TOTAL COMMON STOCK (Cost $7,567,970) 8,987,932 ------------- PREFERRED STOCK--1.5% BUILDING & CONSTRUCTION--0.5% Fleetwood Capital Trust 6.0% 02/15/28 $51.12 1,035 45,411 ------------- FOODS--0.1% Constellation Brands, Inc. 5.75% 09/01/06 290 12,035 ------------- INSURANCE - OTHER--0.7% Hartford Financial Services Group, Inc., (The) 7.00% 8/16/06 240 16,466 Scottish Re Group 5.875% 05/21/07 360 9,848 UnumProvident Corp. 8.25% 5/15/06 1,140 41,040 ------------- 67,354 ------------- OFFICE EQUIPMENT & SUPPLIES--0.2% Xerox Corp. 6.25% 07/01/06 140 16,660 ------------- TOTAL PREFERRED STOCK (Cost $118,833) 141,460 ------------- 3 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND Portfolio of Investments (Concluded) MAY 31, 2005 (UNAUDITED) PAR (000) VALUE ------------- ------------- CORPORATE BONDS--0.5% Sierra Pacific Resources144A 7.25% 02/14/10 19 $ 52,606 ------------- TOTAL CORPORATE BONDS (Cost $19,272) 52,606 ------------- INVESTMENT COMPANY--0.7% Apollo Investment Corp. 3,925 64,331 Morgan Stanley Asia-Pacific Fund, Inc. 540 6,804 ------------- TOTAL INVESTMENT COMPANY (Cost $63,749) 71,135 ------------- NUMBER OF SHARES VALUE ------------- ------------- SHORT TERM INVESTMENTS--5.1% PNC Bank Money Market Deposit Account 0.0% 492,207 492,207 ------------- TOTAL SHORT TERM INVESTMENTS (Cost $492,207) 492,207 ------------- OPTIONS--(0.5%) GTECH Holdings Corp. Call Option Expires 01/21/06 $23.50 (22) (12,320) MBIA, Inc. Call Option Expires 01/24/06 $50.00 (10) (9,792) Motorola, Inc. Call Option Expires 01/21/06 $15.00 (32) (10,426) Nokia Oyj - ADR Call Option Expires 07/15/05 $12.50 (25) (11,016) Nokia Oyj - ADR Call Option Expires 07/16/05 $13.75 (32) (10,153) ------------- TOTAL OPTIONS (Cost $(31,430)) (53,707) ------------- TOTAL INVESTMENTS--99.8% (COST $8,230,601)** 9,691,633 ------------- OTHER ASSETS IN EXCESS OF LIABILITIES--0.2% 21,068 ------------- NET ASSETS--100.0% $ 9,712,701 ============= * -- 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 May 31, 2005, these securities amounted to 2.37% 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 $ 8,239,433 ============= Gross unrealized appreciation $ 1,592,937 Gross unrealized depreciation (140,737) ------------- Net unrealized appreciation/(depreciation) $ 1,452,200 ============= 4 ROBECO INVESTMENT FUNDS ROBECO WPG LARGE CAP GROWTH FUND Portfolio of Investments MAY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------- COMMON STOCK--99.4% AEROSPACE/DEFENSE--0.9% General Dynamics Corp. 1,900 $ 205,162 ------------- BANKS - MAJOR--1.0% Goldman Sachs Group, Inc., (The) 2,200 214,500 ------------- BROADCASTING--2.1% Walt Disney Co. (The) 16,800 460,992 ------------- CAPITAL GOODS--0.9% Deere & Co. 2,900 191,835 ------------- COMPUTER EQUIPMENT & SERVICES--8.4% Allstate Corp. (The) 5,600 325,920 Apple Computer, Inc.* 8,000 317,680 BMC Software, Inc.* 17,900 304,658 Cisco Systems, Inc.* 23,200 449,616 International Business Machines Corp. 5,400 407,970 ------------- 1,805,844 ------------- CONSTRUCTION & HOUSING--1.5% Centex Corp. 5,000 327,400 ------------- CONSUMER CYCLICAL SERVICES--10.2% Black & Decker Corp. (The) 1,900 165,908 Coach, Inc.* 15,400 447,216 Home Depot, Inc., (The) 22,100 869,635 Monsanto Co. 8,700 495,900 Wal Mart Stores, Inc. 4,700 221,981 ------------- 2,200,640 ------------- CONSUMER NON-CYCLICAL--6.0% Avon Products, Inc. 8,300 329,842 Gillette Co. (The) 9,700 511,578 Pepsi Bottling Group, Inc. (The) 9,500 269,515 Procter & Gamble Co., (The) 3,500 193,025 ------------- 1,303,960 ------------- ENERGY--1.9% Noble Energy, Inc. 5,400 401,598 ------------- NUMBER OF SHARES VALUE ----------- ------------- FINANCIAL SERVICES--6.7% American Express Co. 8,700 $ 468,495 American International Group, Inc. 3,300 183,315 Capital One Financial Corp. 5,400 407,160 Countrywide Financial Corp. 6,300 234,171 Genworth Financial, Inc., Class A 5,500 159,445 ------------- 1,452,586 ------------- FOODS--3.8% Altria Group, Inc. 3,200 214,848 Hershey Co. (The) 5,400 346,734 SUPERVALU, Inc. 7,700 252,252 ------------- 813,834 ------------- HEALTH CARE - SERVICES--1.5% Amgen, Inc.* 5,100 319,158 ------------- HEALTH CARE - SUPPLIES--1.8% Kinetic Concepts, Inc.* 6,000 385,500 ------------- HEALTHCARE FACILITIES/SUPPLIES--21.6% Boston Scientific Corp.* 12,300 333,207 Eon Labs, Inc.* 9,700 297,208 Gilead Sciences, Inc.* 12,300 501,840 GlaxoSmithKline PLC - ADR 12,200 606,340 HCA, Inc. 1,500 81,000 Hospira, Inc.* 6,800 258,944 IMS Health, Inc. 11,500 282,325 Johnson & Johnson 19,200 1,288,320 Pfizer, Inc. 18,700 521,730 UnitedHealth Group, Inc. 10,200 495,516 ------------- 4,666,430 ------------- INTERNET SOFTWARE--1.1% Novell, Inc.* 39,200 229,320 ------------- MANUFACTURING--1.7% McGraw-Hill Cos., Inc. (The) 8,700 379,842 ------------- MEDICAL EQUIPMENT AND SUPPLIES--1.0% Invitrogen Corp.* 2,700 214,191 ------------- 1 ROBECO INVESTMENT FUNDS ROBECO WPG LARGE CAP GROWTH FUND Portfolio of Investments (Concluded) MAY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------- RESTAURANTS--1.1% Yum! Brands, Inc. 4,500 $ 230,805 ------------- RETAIL--3.1% eBay, Inc.* 4,600 174,846 J.C. Penney Company, Inc. (Holding Co.) 10,000 497,600 ------------- 672,446 ------------- SEMICONDUCTOR EQUIPMENT & PRODUCTS--7.2% Advanced Micro Devices, Inc.* 16,600 272,240 Freescale Semiconductor, Inc., Class A* 13,800 278,760 Freescale Semiconductor, Inc., Class B* 2,425 48,985 Intel Corp. 25,900 697,487 Lam Research Corp.* 8,200 251,576 ------------- 1,549,048 ------------- SERVICES - BUSINESS--2.3% Accenture Ltd., Class A* 13,000 302,640 BCE, Inc. 8,600 197,800 ------------- 500,440 ------------- TECHNOLOGY--10.9% Harris Corp. 10,700 307,518 Microsoft Corp. 29,700 766,260 Motorola, Inc. 21,500 373,455 Seagate Technology* 27,400 581,428 United Technologies Corp. 1,400 149,380 Yahoo! Inc.* 4,900 182,280 ------------- 2,360,321 ------------- TRANSPORTATION - SHIPPING--2.7% Burlington Northern Santa Fe Corp. 2,700 133,434 FedEx Corp. 2,300 205,666 Ryder System, Inc. 6,700 246,158 ------------- 585,258 ------------- TOTAL COMMON STOCK (Cost $18,462,883) 21,471,110 ------------- NUMBER OF SHARES VALUE ----------- ------------- INVESTMENT COMPANY--0.3% IShares Trust-Russell 1000 Growth Index Fund 1,300 $ 62,803 TOTAL INVESTMENT COMPANY (Cost $62,244) 62,803 ------------- TOTAL INVESTMENTS--99.7% (COST $18,525,127)** 21,533,913 ------------- OTHER ASSETS IN EXCESS OF LIABILITIES--0.3% 63,304 ------------- NET ASSETS--100.0% $ 21,597,217 ============= * -- 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 $ 18,609,525 Gross unrealized appreciation $ 3,305,433 Gross unrealized depreciation (381,045) ------------- Net unrealized appreciation/(depreciation) $ 2,924,388 ============= 2 ROBECO INVESTMENT FUNDS ROBECO WPG CORE BOND FUND Portfolio of Investments MAY 31, 2005 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE ------------- ------------- -------------- GOVERNMENT AGENCIES--38.3% FEDERAL HOME LOAN BANKS--0.7% 1.875% 06/15/06 Aaa/AAA 1,110 $ 1,089,837 -------------- FEDERAL HOME LOAN MORTGAGE CORP.--5.7% 3.350% 04/01/08 Aaa/AAA 570 562,294 3.500% 04/01/08 Aaa/AAA 1,330 1,316,269 4.125% 09/01/09 Aaa/AAA 635 632,947 6.500% 12/01/14 Aaa/AAA 627 654,966 5.500% 09/01/19 Aaa/AAA 3,073 3,157,821 7.500% 02/01/31 Aaa/AAA 68 72,258 7.500% 02/01/31 Aaa/AAA 29 30,635 7.500% 02/01/31 Aaa/AAA 35 37,630 4.372% 12/01/34 Aaa/AAA 2,539 2,532,773 -------------- 8,997,593 -------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION--30.9% 4.500% 06/01/20(c) Aaa/AAA 6,105 6,076,380 2.125% 06/05/06(d) Aaa/AAA 1,455 1,432,853 5.250% 06/15/06 Aaa/AAA 2,235 2,270,490 3.250% 08/15/08 Aaa/AAA 700 685,835 9.000% 11/01/10 Aaa/AAA 90 97,714 5.000% 06/01/20(c) Aaa/AAA 2,615 2,644,419 5.500% 07/01/34(d) Aaa/AAA 4,851 4,920,935 MOODY'S / S&P PAR (000'S) VALUE ------------- ------------- -------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION--(CONTINUED) 4.163% 12/01/34 Aaa/AAA 2,287 $ 2,280,572 5.000% 06/01/35(c) Aaa/AAA 4,205 4,201,056 5.500% 06/01/35(c) Aaa/AAA 3,045 3,085,919 6.000% 06/01/35(c) Aaa/AAA 20,565 21,130,537 -------------- 48,826,710 -------------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION--1.0% 7.500% 09/15/07 Aaa/AAA 120 129,028 8.000% 09/15/17 Aaa/AAA 171 184,782 8.000% 11/15/17 Aaa/AAA 85 91,498 8.000% 12/15/17 Aaa/AAA 164 177,453 6.500% 02/15/24 Aaa/AAA 295 309,254 6.500% 04/15/24 Aaa/AAA 174 182,189 6.500% 10/15/24 Aaa/AAA 510 534,627 -------------- 1,608,831 -------------- TOTAL GOVERNMENT AGENCIES (Cost $60,257,665) 60,522,971 -------------- ASSET BACKED SECURITIES--8.4% BANKS - MAJOR--0.9% First Union Bank Of America Series 2001-C1 Class A2 6.136% 03/15/33(f) Aaa/AAA 660 712,773 1 ROBECO INVESTMENT FUNDS ROBECO WPG CORE BOND FUND Portfolio of Investments (Continued) MAY 31, 2005 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE ------------- ------------- -------------- BANKS - MAJOR--(CONTINUED) First Union-Lehman Brothers-Bank Of America Series 1998-C2 Class A2 6.560% 11/18/35 Aaa/AAA 655 $ 691,344 -------------- 1,404,117 -------------- CREDIT CARDS--4.6% Citibank Credit Card Issuance Trust Series 2003-A11 Class A11 3.191% 10/15/09(d) Aaa/AAA 1,200 1,200,600 Citibank Credit Card Issuance Trust Series 2003-A3 Class A3 3.100% 03/10/10(d) Aaa/AAA 1,750 1,708,890 Citibank Credit Card Issuance Trust Series 2003-A6 Class A6 2.900% 05/17/10(d) Aaa/AAA 1,000 968,438 Citibank Credit Card Issuance Trust Series 2003-A7 Class A7 4.150% 07/07/17(d) Aaa/AAA 1,000 969,063 First USA Credit Card Master Trust Series 1998-4 Class A 3.210% 03/18/08(d) Aaa/AAA 210 210,034 Fleet Credit Card Master Trust II Series 2002-C Class A 2.750% 04/15/08(d) Aaa/AAA 500 498,495 MBNA Master Credit Card Trust Series 1995-C Class A 6.450% 02/15/08(d) Aaa/AAA 1,100 1,101,247 MBNA Master Credit Card Trust Series 2000-I Class A 6.900% 01/15/08(d) Aaa/AAA 620 624,353 -------------- 7,281,120 -------------- MOODY'S / S&P PAR (000'S) VALUE ------------- ------------- -------------- FINANCE--0.3% BMW Vehicle Owner Trust Series 2003-A Class A4 2.530% 02/25/08(d) Aaa/AAA 500 $ 494,504 -------------- MORTGAGE BACKED SECURITIES--2.6% Banc Of America Commericial Mortgage Inc. Series 2004-4 ClassA6 4.877% 07/10/42(f) AAA/AAA 1,920 1,951,681 Commerical Mortgage Asset Trust Series 1999-C2 Class A2 7.546% 11/17/32 Aaa/AAA 325 362,053 General Electric Capital Commercial Mortgage Corporation Series 2002-1A Class A3 6.269% 12/10/35(f) Aaa/AAA 1,240 1,364,076 Mortgage Capital Funding Inc. Series 1998-MC3 Class A2 6.337% 11/18/31 Aaa/AAA 485 508,746 -------------- 4,186,556 -------------- TOTAL ASSET BACKED SECURITIES (Cost $13,488,107) 13,366,297 -------------- CORPORATE BONDS--12.0% AGRICULTURE--0.5% Yara International ASA 5.250% 12/15/14 Baa2/BBB 700 705,942 -------------- ALCOHOL--0.1% Diageo Capital PLC 3.375% 03/20/08 A2/A 95 93,034 -------------- BANKING--4.2% ANZ Capital Trust II 5.360% 12/13/49(b) (d) A2/A- 800 816,671 2 ROBECO INVESTMENT FUNDS ROBECO WPG CORE BOND FUND Portfolio of Investments (Continued) MAY 31, 2005 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE ------------- ------------- -------------- BANKING--(CONTINUED) Bank of America Corp. 5.875% 02/15/09 Aa2/AA- 1,625 $ 1,717,332 Credit Suisse First Boston USA Inc. 6.125% 11/15/11 Aa3/A+ 515 558,825 Dresdner Funding Trust I 8.151% 06/30/31 A3/BBB+ 400 503,478 JP Morgan Chase & Co. 7.000% 11/15/09 A1/A 465 514,740 JP Morgan Chase Capital XV 5.875% 03/15/35 A1e/A- 325 329,469 RBS Capital Trust I 4.709% 12/13/49(a) (d) A1/A 570 558,105 RBS Capital Trust III 5.512% 09/29/49(d) (a) A1/A 850 877,195 Wachovia Corp. 4.375% 06/01/10 Aa3e/A+ 700 702,571 -------------- 6,578,386 -------------- DIVERSIFIED OPERATIONS--0.3% Hutchison Whampo International Ltd. 7.450% 11/24/33(b) A3/A- 375 439,169 -------------- FINANCE--1.6% American General Finance 4.875% 05/15/10 A1/A+ 660 665,060 Boeing Capital Corp. 4.750% 08/25/08 A3/A 125 127,237 CIT Group Of Co. Canada 5.200% 06/01/15(b) A2/A 700 705,800 Countrywide Home Loan 2.875% 02/15/07 A3/A 125 122,370 Goldman Sachs Capital I 6.345% 02/15/34 A1/A- 365 390,848 MOODY'S / S&P PAR (000'S) VALUE ------------- ------------- -------------- FINANCE--(CONTINUED) Westfield Capital Corp. 5.125% 11/15/14(b) A2/A- 250 $ 253,527 Westpac Capital Trust III 5.819% 09/30/49(a) (b) (c) (g) A2/A 280 295,243 -------------- 2,560,085 -------------- FINANCIAL SERVICES--0.1% Amvescap PLC 5.375% 12/15/14 A2/BBB+ 200 202,033 -------------- HOME BUILDERS--0.9% Pulte Homes, Inc. 6.375% 05/15/33 Baa3/BBB- 80 79,756 Pulte Homes, Inc. 6.000% 02/15/35 Baa3/BBB- 505 478,875 Ryland Group 5.375% 05/15/12 Baa3/BBB- 890 899,477 -------------- 1,458,108 -------------- INSURANCE - OTHER--0.4% Phoenix Life Insurance 7.150% 12/15/34(b) BBB+/Baa1 620 639,410 -------------- METALS & MINING--0.6% Alcan, Inc. 5.750% 06/01/35 BBB+/Baa1 950 956,579 -------------- OIL & GAS - EXPLORATION--0.3% Nexen, Inc. 5.875% 03/10/35 Baa2/BBB- 460 454,090 Pemex Project Funding Master Trust 7.375% 12/15/14 Baa1/BBB 75 84,038 -------------- 538,128 -------------- PRINTING SERVICES--0.1% Donneley (R.R.) & Sons 5.500% 05/15/15(b) Baa2/A- 125 125,856 -------------- REAL ESTATE--0.7% First Industrial LP 7.600% 07/15/28 Baa2/BBB 550 633,886 3 ROBECO INVESTMENT FUNDS ROBECO WPG CORE BOND FUND Portfolio of Investments (Continued) MAY 31, 2005 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE ------------- ------------- -------------- REAL ESTATE--(CONTINUED) Liberty Property LP 5.125% 03/02/15 Baa2/BBB 475 $ 473,576 -------------- 1,107,462 -------------- REAL ESTATE INVESTMENT TRUST (REIT)--0.5% Brandywine Operating Partners 5.400% 11/01/14 Baa3/BBB- 265 265,742 Brandywine Realty Trust 4.500% 11/01/09 Baa3/BBB- 525 515,729 -------------- 781,471 -------------- REINSURANCE--0.4% Axis Capital Holdings Ltd 5.750% 12/01/14 Baa1/BBB+ 645 662,753 -------------- SPECIAL PURPOSE ENTITY--0.2% Glencore Funding LLC 6.000% 04/15/14(b) Baa3/BBB- 300 287,455 -------------- TELECOMMUNICATIONS--0.5% Verizon Global Funding Corp. 7.750% 12/01/30 A2/A+ 655 835,720 -------------- TELEPHONE - INTEGRATED--0.6% Deutsche Telekom International Finance 8.250% 06/15/30 Baa1/A- 395 536,933 Telecom Italia Capital 4.950% 09/30/14(b) Baa2/BBB+ 255 251,688 Verizon Virginia, Inc. 4.625% 03/15/13 A1/A+ 200 194,998 -------------- 983,619 -------------- TOTAL CORPORATE BONDS (Cost $18,658,565) 18,955,210 -------------- U.S. TREASURY OBLIGATIONS--40.0% U.S. TREASURY BONDS--2.2% 5.375% 02/15/31 Aaa/AAA 3,040 3,520,700 -------------- MOODY'S / S&P PAR (000'S) VALUE ------------- ------------- -------------- U.S. TREASURY NOTES--37.8% 3.375% 02/15/08 Aaa/AAA 7,815 $ 7,761,577 2.625% 05/15/08 Aaa/AAA 2,450 2,380,903 3.375% 12/15/08 Aaa/AAA 2,975 2,944,203 3.875% 05/15/09 Aaa/AAA 85 85,511 4.000% 06/15/09 Aaa/AAA 330 333,558 3.500% 11/15/09 Aaa/AAA 880 871,887 3.500% 12/15/09 Aaa/AAA 1,170 1,158,072 3.500% 02/15/10 Aaa/AAA 7,830 7,745,890 4.000% 03/15/10 Aaa/AAA 16,105 16,271,075 4.000% 04/15/10 Aaa/AAA 975 985,054 3.875% 05/15/10 Aaa/AAA 970 975,305 4.000% 11/15/12 Aaa/AAA 1,440 1,459,293 4.000% 02/15/15 Aaa/AAA 12,820 12,789,950 Inflationary Index 3.875% 01/15/09 Aaa/AAA 1,310 1,692,348 Inflationary Index 1.625% 01/15/15 Aaa/AAA 2,280 2,309,345 -------------- 59,763,971 -------------- TOTAL U.S. TREASURY OBLIGATIONS (Cost $62,857,546) 63,284,671 -------------- SHORT TERM INVESTMENTS--24.6% AGENCY DEBENTURES--20.3% FEDERAL NATIONAL MORTGAGE ASSOCIATION--20.3% 0.000% 6/13/05 32,153,000 32,122,214 -------------- 32,122,214 -------------- 32,122,214 -------------- 4 ROBECO INVESTMENT FUNDS ROBECO WPG CORE BOND FUND Portfolio of Investments (Concluded) MAY 31, 2005 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE ------------- ------------- -------------- ASSET BACKED SECURITIES--2.1% CREDIT CARDS--1.9% American Express Master Trust Series 2000-5 Class A 3.230% 04/15/08(a) (d) Aaa/AAA 340 $ 340,155 American Express Master Trust Series 2001-7 Class A 3.070% 02/16/09(a) (d) Aaa/AAA 305 305,405 Bank One Issuance Trust Series 2002-A4 Class A4 2.940% 06/16/08(a) (d) Aaa/AAA 300 299,286 Bank One Issuance Trust Series 2003-A2 Class A2 3.140% 10/15/08(a) (d) Aaa/AAA 595 595,244 Citibank Credit Card Master Trust Series 2002-A5 Class A5 3.050% 09/17/07(a) (d) Aaa/AAA 450 450,008 First USA Credit Card Master Trust Series 2001-3 Class A 3.230% 11/19/08(a) (d) Aaa/AAA 590 590,696 MBNA Master Credit Card Trust Series 2002- A12 Class A12 3.150% 04/15/08(a) (d) Aaa/AAA 415 415,146 -------------- 2,995,940 -------------- MOODY'S / S&P PAR (000'S) VALUE ------------- ------------- -------------- ASSET BACKED SECURITIES--(CONTINUED) FINANCE--0.2% Student Loan Marketing Association Series 2000-A Class A2 3.380% 10/28/28(a) (d) Aaa/AAA 277 $ 278,089 -------------- 3,274,029 -------------- FEDERAL HOME LOAN BANKS--0.9% 2.500% 03/15/06 Aaa/AAA 1,340 1,328,820 -------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION--0.3% 2.250% 05/17/06 Aaa/AAA 520 513,179 -------------- SHORT-TERM INVESTMENTS--1.0% Dreyfus Government Cash Management 1,583,294 1,583,294 -------------- TOTAL SHORT TERM INVESTMENTS (Cost $38,849,591)* 38,821,536 -------------- TOTAL INVESTMENTS--123.3% (COST $194,111,474) 194,950,685 -------------- LIABILITIES IN EXCESS OF OTHER ASSETS--(23.3)% (36,855,270) -------------- NET ASSETS--100.0% $ 158,095,415 ============== (a) Adjustable rate security. (b) SEC rule 144A security. (c) When issued security. (d) Callable security. (f) Fitch rating. (g) Composite rating. * 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 $ 194,119,558 Gross unrealized appreciation $ 1,319,910 Gross unrealized depreciation (488,783) -------------- Net unrealized appreciation/(depreciation) $ 831,127 ============== 5 ROBECO INVESTMENT FUNDS ROBECO WPG TUDOR FUND Portfolio of Investments MAY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------- ------------- COMMON STOCK--94.6% AIRLINES--0.8% Republic Airways Holdings, Inc.* 32,000 $ 408,320 ------------- APPAREL--0.2% Lakeland Industries, Inc.* 9,570 124,601 ------------- AUTOMOTIVE & TRUCKS--0.2% Aftermarket Technology Corp.* 7,400 113,516 ------------- BANKS - REGIONAL--14.9% Bank Mutual Corp. 60,200 652,568 BankUnited Financial Corp., Class A 15,300 378,063 Berkshire Hills Bancorp, Inc. 15,250 485,713 Brookline Bancorp, Inc. 50,200 763,040 Commercial Capital Bancorp, Inc. 24,300 411,885 First Financial Bankshares, Inc. 13,800 573,252 FirstMerit Corp. 15,700 400,350 Flagstar Bancorp, Inc. 28,900 571,064 Greater Bay Bancorp 17,300 434,749 Jefferson Bancshares, Inc. 30,800 403,018 Macatawa Bank Corp. 25,352 867,790 PFF Bancorp, Inc. 28,600 830,544 SNB Bancshares, Inc.* 32,000 348,480 Synergy Financial Group, Inc. 46,100 556,888 ------------- 7,677,404 ------------- BEVERAGES--0.3% Cott Corp.* 5,800 129,108 ------------- BROADCASTING--0.8% Westwood One, Inc. 20,600 408,910 ------------- CHEMICALS - COMMODITY--2.9% Albemarle Corp. 13,300 505,932 Hercules, Inc.* 33,900 468,498 Lubrizol Corp. (The) 7,000 275,590 UAP Holding Corp. 16,400 238,620 ------------- 1,488,640 ------------- COMPUTER EQUIPMENT & SERVICES--2.5% Lipman* 16,500 535,095 NUMBER OF SHARES VALUE ------------- ------------- COMPUTER EQUIPMENT & SERVICES--(CONTINUED) Neoware Systems, Inc.* 75,400 $ 763,048 ------------- 1,298,143 ------------- COMPUTER SOFTWARE--0.3% Borland Software Corp.* 22,400 143,360 ------------- CONSULTING SERVICES--3.7% First Consulting Group, Inc.* 273,400 1,416,212 FTI Consulting, Inc.* 22,600 496,974 ------------- 1,913,186 ------------- CONSUMER DURABLES--2.0% Applica, Inc.* 351,900 1,006,434 ------------- CONSUMER PRODUCTS--1.1% Flanders Corp.* 57,003 568,320 ------------- DATA PROCESSING SERVICES--0.7% Infocrossing, Inc.* 33,800 370,448 ------------- DISTRIBUTION--0.1% Navarre Corp.* 6,690 60,210 ------------- ELECTRONIC COMPONENTS & INSTRUMENTS--1.6% Multi-Fineline Electronix, Inc.* 8,800 143,616 Pemstar, Inc.* 136,700 161,306 Tektronix, Inc. 11,500 260,705 Vishay Intertechnology, Inc.* 21,600 278,640 ------------- 844,267 ------------- ENGINEERING & CONSTRUCTION--0.8% Dycom Industries, Inc.* 21,350 419,314 ------------- FINANCIAL SERVICES--2.4% Ares Capital Corp. 35,600 601,284 Gladstone Capital Corp. 15,000 340,800 Technology Investment Capital Corp. 20,100 299,490 ------------- 1,241,574 ------------- FOODS--3.4% Del Monte Foods Co.* 126,600 1,321,704 NBTY, Inc.* 18,000 400,320 ------------- 1,722,024 ------------- 1 ROBECO INVESTMENT FUNDS ROBECO WPG TUDOR FUND Portfolio of Investments (Continued) MAY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------- ------------- GAMING--0.9% Alliance Gaming Corp.* 18,100 $ 235,119 Mikohn Gaming Corp.* 19,600 247,156 ------------- 482,275 ------------- GAS UTILITIES--2.2% New Jersey Resources Corp. 10,000 451,000 UGI Corp. 12,000 318,120 Vectren Corp. 12,800 349,312 ------------- 1,118,432 ------------- HEALTH CARE - DRUGS--0.2% Durect Corp.* 32,012 114,923 ------------- HEALTH CARE - SERVICES--2.1% Air Methods Corp.* 68,300 463,074 Apria Healthcare Group, Inc.* 8,600 270,900 Endocare, Inc.* 10,500 32,603 Odyssey Healthcare, Inc.* 11,000 145,860 U.S. Physical Therapy, Inc.* 9,400 150,682 ------------- 1,063,119 ------------- INSURANCE - OTHER--5.6% Aspen Insurance Holdings Ltd. 31,200 858,000 EMC Insurance Group, Inc. 16,700 297,928 Max Re Capital Ltd. 23,400 517,374 National Interstate Corp.* 21,100 411,450 NCRIC Group, Inc.* 43,500 401,940 Quanta Capital Holdings Ltd.* 61,800 383,160 ------------- 2,869,852 ------------- INTERNET SERVICES--3.3% WatchGuard Technologies, Inc.* 339,300 1,231,659 webMethods, Inc.* 90,800 456,724 ------------- 1,688,383 ------------- MACHINERY--0.2% Columbus McKinnon Corp.* 11,870 112,053 ------------- MANUFACTURING--2.9% GrafTech International Ltd.* 342,150 1,505,460 ------------- MEDIA & ENTERTAINMENT--0.9% New Frontier Media, Inc.* 78,600 471,600 ------------- NUMBER OF SHARES VALUE ------------- ------------- METALS & MINING--1.6% Apex Silver Mines Ltd.* 9,960 $ 133,962 Coeur d'Alene Mines Corp.* 51,900 172,827 Hecla Mining Co.* 21,600 96,768 Uranium Resources, Inc.* 935,300 439,591 ------------- 843,148 ------------- OIL & GAS - EXPLORATION--1.7% Harvest Natural Resources, Inc.* 14,500 157,180 InterOil Corp.* 14,500 362,500 Warren Resources, Inc.* 37,600 332,384 ------------- 852,064 ------------- OIL SERVICES--3.2% Newpark Resources, Inc.* 271,660 1,657,126 ------------- PAPER FOREST PRODUCTS & PACKAGING--2.0% Glatfelter 20,900 234,080 Schweitzer-Mauduit International, Inc. 25,700 770,229 ------------- 1,004,309 ------------- PUBLISHING & INFORMATION SERVICES--4.4% Banta Corp. 8,500 373,320 MDC Partners, Inc.* 172,900 1,530,165 Princeton Review, Inc. (The)* 69,090 377,922 ------------- 2,281,407 ------------- REAL ESTATE INVESTMENT TRUST (REIT)--9.7% Alexandria Real Estate Equities, Inc. 8,400 582,120 BRE Properties, Inc., Class A 14,500 558,830 CenterPoint Properties Trust 15,300 639,540 Colonial Properties Trust 13,000 530,400 Corporate Office Properties Trust 12,400 346,332 Education Realty Trust, Inc. 25,400 436,118 Federal Realty Investment Trust 12,000 662,400 Kilroy Realty Corp. 7,000 316,260 LaSalle Hotel Properties 8,400 259,560 Newcastle Investment Corp. 21,600 663,984 ------------- 4,995,544 ------------- 2 ROBECO INVESTMENT FUNDS ROBECO WPG TUDOR FUND Portfolio of Investments (Concluded) MAY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ------------- ------------- RETAIL--2.0% 1-800-FLOWERS.COM, Inc., Class A* 33,400 $ 247,494 Brown Shoe Co., Inc. 12,430 436,293 Casual Male Retail Group, Inc.* 50,800 358,140 ------------- 1,041,927 ------------- SEMICONDUCTOR EQUIPMENT & PRODUCTS--1.5% Atmel Corp.* 161,500 484,500 Brooks Automation, Inc.* 8,900 134,212 Credence Systems Corp.* 18,700 148,104 ------------- 766,816 ------------- SERVICES - BUSINESS--3.4% IDT Corp., Class B* 74,050 1,014,485 Marlin Business Services, Inc.* 36,900 748,332 ------------- 1,762,817 ------------- TELECOMMUNICATIONS EQUIPMENT--0.8% Axesstel, Inc.* 89,800 334,954 Ditech Communications Corp.* 12,700 91,567 ------------- 426,521 ------------- TRANSPORT - SERVICES--3.3% Arlington Tankers Ltd. 26,300 517,321 Dryships, Inc.* 7,100 131,350 Excel Maritime Carriers Ltd.* 24,250 386,788 International Shipping Enterprises, Inc.* 111,700 644,509 ------------- 1,679,968 ------------- TRUCKING--1.5% Covenant Transport, Inc., Class A* 3,800 52,744 Marten Transport Ltd.* 14,340 281,207 U.S. Xpress Enterprises, Inc., Class A* 35,200 429,792 ------------- 763,743 ------------- UTILITIES - ELECTRIC--2.5% El Paso Electric Co.* 28,100 563,967 Great Plains Energy, Inc. 12,000 378,000 NUMBER OF SHARES VALUE ------------- ------------- UTILITIES - ELECTRIC--(CONTINUED) Hawaiian Electric Industries, Inc. 12,400 $ 319,920 ------------- 1,261,887 ------------- TOTAL COMMON STOCK (Cost $46,513,224) 48,701,153 ------------- RIGHTS/WARRANTS--0.8% RIGHTS & WARRANTS--0.8% International Shipping Enterprises, Inc. $5.00 expires 12/9/08* 484,660 397,421 ------------- TOTAL RIGHTS/WARRANTS (Cost $113,742) 397,421 ------------- SHORT TERM INVESTMENTS--3.3% Dreyfus Government Cash Management Fund 2.789% 06/01/05 1,721,340 1,721,340 ------------- TOTAL SHORT TERM INVESTMENTS (Cost $1,721,340) 1,721,340 ------------- TOTAL INVESTMENTS--98.7% (COST $48,348,306)** 50,819,914 ------------- OTHER ASSETS IN EXCESS OF LIABILITIES--1.3% 676,908 ------------- NET ASSETS--100.0% $ 51,496,822 ============= * 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 $ 49,622,719 Gross unrealized appreciation $ 4,735,906 Gross unrealized depreciation (3,538,711) ------------- Net unrealized appreciation/(depreciation) $ 1,197,195 ============= 3 SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS MAY 31, 2005 (UNAUDITED) Shares Value ---------- ------------- DOMESTIC COMMON STOCKS -- 91.9% AEROSPACE & DEFENSE -- 6.7% AAR Corp.* 56,400 $ 904,656 BE Aerospace, Inc.* 138,425 2,003,010 CAE, Inc. 95,100 446,019 GenCorp, Inc.* 1,500 28,350 ------------- 3,382,035 ------------- AGRICULTURAL CHEMICALS -- 1.1% Mosaic Co., (The)* 40,725 532,683 ------------- AGRICULTURE -- 1.2% Corn Products International, Inc. 27,150 599,743 ------------- AIRCRAFT PARTS & AUXILIARY EQUIPMENT, NEC -- 2.0% HEICO Corp., Class A 13,412 225,187 Triumph Group, Inc.* 22,075 783,221 ------------- 1,008,408 ------------- AIRLINES -- 0.5% AirTran Holdings, Inc.* 27,300 266,448 ------------- AUTOMOBILE PARTS & EQUIPMENT -- 1.9% Exide Technologies* 40,675 205,612 Visteon Corp.* 98,125 748,694 ------------- 954,306 ------------- BANKS -- 0.5% Chemical Financial Corp. 1,150 36,777 Integra Bank Corp. 7,675 169,541 W. Holding Co., Inc. 2,550 23,026 ------------- 229,344 ------------- BUILDING SUPPLIES -- 0.1% Comfort Systems USA, Inc.* 5,050 31,764 ------------- CHEMICALS -- 0.6% Airgas, Inc. 3,300 79,200 PolyOne Corp.* 7,750 52,080 Westlake Chemical Corp.* 7,250 173,855 ------------- 305,135 ------------- CHEMICALS & PLASTIC -- 0.6% A. Schulman, Inc. 17,400 284,664 ------------- COMPUTER COMPONENTS -- 2.2% Lexar Media, Inc.* 151,450 760,279 Silicon Storage Technology, Inc.* 101,200 348,128 ------------- 1,108,407 ------------- COMPUTER SOFTWARE -- 0.7% MSC.Software Corp.* 15,100 155,303 NetIQ Corp.* 17,050 188,232 ------------- 343,535 ------------- CONSTRUCTION -- 2.1% Drew Industries, Inc.* 9,100 373,100 Shares Value ---------- ------------- Infrasource Services, Inc.* 24,100 $ 265,100 Shaw Group, Inc., (The)* 19,725 397,459 ------------- 1,035,659 ------------- DIVERSIFIED -- 1.9% Acuity Brands, Inc. 18,075 443,741 Viad Corp. 17,975 499,705 ------------- 943,446 ------------- DRUGS & MEDICAL PRODUCTS -- 0.1% Par Pharmaceutical Cos., Inc.* 2,100 67,200 ------------- ELECTRIC PRODUCTS -- 0.6% Encore Wire Corp.* 27,950 307,450 ------------- ELECTRICAL EQUIPMENT -- 3.8% EMCOR Group, Inc.* 20,400 969,000 General Cable Corp.* 55,875 782,809 GrafTech International Ltd.* 34,700 152,680 ------------- 1,904,489 ------------- ELECTRICAL WORK -- 0.8% Integrated Electrical Services, Inc.* 262,925 399,646 ------------- ELECTRONICS -- 1.1% Curtiss-Wright Corp. 10,125 553,635 ------------- ENERGY & UTILITIES -- 3.8% Allegheny Energy, Inc.* 6,425 155,356 Reliant Energy, Inc.* 143,675 1,767,203 ------------- 1,922,559 ------------- ENTERTAINMENT -- 0.3% Gaylord Entertainment Co.* 3,800 159,714 ------------- FERTILIZERS -- 0.7% LESCO, Inc. 26,800 361,800 ------------- FOOD DISTRIBUTION WHOLESALERS -- 0.2% Performance Food Group Co.* 3,100 83,886 ------------- FOOTWEAR -- 0.6% R.G. Barry Corp.* 63,050 283,725 ------------- GENERAL INDUSTRIAL MACHINERY & EQUIPMENT -- 0.9% Manitowoc Co., Inc., (The) 11,425 463,055 ------------- HOME FURNISHINGS -- 0.3% La-Z-Boy, Inc. 9,950 132,832 ------------- HOMEBUILDING -- 2.0% Champion Enterprises, Inc.* 103,225 1,004,379 ------------- HOTELS & RESTAURANTS -- 1.0% Interstate Hotels & Resorts, Inc.* 79,625 366,275 Orient-Express Hotels Ltd., Class A 5,050 146,652 ------------- 512,927 ------------- INSURANCE -- 2.2% Assured Guaranty Ltd. 6,525 134,088 NCRIC Group, Inc.* 6,525 60,291 1 SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONTINUED) MAY 31, 2005 (UNAUDITED) Shares Value ---------- ------------- ProAssurance Corp.* 17,350 $ 678,732 U.S.I. Holdings Corp.* 19,525 228,638 ------------- 1,101,749 ------------- LEISURE & ENTERTAINMENT -- 0.9% Intrawest Corp. 19,575 436,522 ------------- MACHINERY -- 1.7% Flowserve Corp.* 11,250 331,538 Terex Corp.* 11,975 473,252 UNOVA, Inc.* 2,650 54,537 ------------- 859,327 ------------- MANUFACTURED HOUSING -- 1.6% Fleetwood Enterprises, Inc.* 85,600 819,192 ------------- MANUFACTURING -- 4.8% Griffon Corp.* 12,650 252,115 Navistar International Corp.* 21,425 653,677 Trinity Industries, Inc. 18,439 535,837 York International Corp. 24,100 992,920 ------------- 2,434,549 ------------- METALS & MINING -- 1.0% Brush Engineered Materials, Inc.* 28,650 406,257 Cameco Corp. 2,550 105,443 ------------- 511,700 ------------- OFFICE FURNISHINGS -- 1.7% Interface, Inc., Class A* 109,645 838,784 ------------- OIL & GAS FIELD SERVICES -- 0.6% Willbros Group, Inc.* 26,575 307,739 ------------- OIL REFINING -- 0.2% Premcor, Inc. 1,400 95,018 ------------- PAPER -- 0.9% Glatfelter 39,150 438,480 ------------- PAPER & FORESTRY PRODUCTS -- 2.9% Longview Fibre Co. 32,450 648,026 Neenah Paper, Inc. 27,550 824,572 ------------- 1,472,598 ------------- RACETRACKS -- 0.2% Magna Entertainment Corp., Class A* 23,200 123,424 ------------- REAL ESTATE -- 6.1% American Real Estate Partners, L.P.* 33,550 931,348 Jones Lang LaSalle, Inc.* 25,525 1,082,515 MI Developments, Inc., Class A 35,550 1,075,388 ------------- 3,089,251 ------------- REAL ESTATE INVESTMENT TRUST -- 9.4% American Financial Realty Trust 35,700 547,995 Boykin Lodging Co.* 164,075 1,739,195 CRT Properties, Inc. 50,800 1,167,892 Shares Value ---------- ------------- MeriStar Hospitality Corp.* 149,350 $ 1,253,047 ------------- 4,708,129 ------------- RESTAURANTS -- 1.9% Triarc Cos., Inc., Class A 8,450 132,243 Triarc Cos., Inc., Class B 55,750 802,800 ------------- 935,043 ------------- RETAIL -- 1.2% MarineMax, Inc.* 21,300 586,176 Warnaco Group, Inc., (The)* 1,775 37,879 ------------- 624,055 ------------- RETAIL - DEPARTMENT STORES -- 0.5% Dillard's, Inc., Class A 11,525 275,678 ------------- RETAIL - SPECIALTY STORES -- 3.3% Casual Male Retail Group, Inc.* 69,339 488,840 GameStop Corp., Class A* 1,750 51,030 Linens 'n Things, Inc.* 1,300 31,681 Pep Boys-Manny, Moe & Jack, (The) 32,600 435,536 West Marine, Inc.* 19,050 316,039 Zale Corp.* 10,350 322,713 ------------- 1,645,839 ------------- SEMICONDUCTOR EQUIPMENT -- 5.5% Alliance Semiconductor Corp.* 202,125 339,570 Axcelis Technologies, Inc.* 11,025 73,316 BE Semiconductor Industries N.V.* 319,718 1,604,984 Integrated Silicon Solution, Inc.* 69,500 455,225 Kulicke and Soffa Industries, Inc.* 29,650 172,266 LTX Corp.* 15,250 73,048 Ultratech, Inc.* 1,550 27,172 ------------- 2,745,581 ------------- SEMICONDUCTORS & RELATED -- 3.8% ASM International N.V.* 96,325 1,429,463 STATS ChipPAC Ltd. -- ADR* 46,550 336,091 ZiLOG, Inc.* 41,225 162,839 ------------- 1,928,393 ------------- SERVICES - ENGINEERING SERVICES -- 1.1% Washington Group International., Inc. 11,800 566,518 ------------- TELECOMMUNICATIONS & EQUIPMENT -- 0.3% CommScope, Inc.* 5,700 96,444 Sycamore Networks, Inc.* 13,525 45,715 ------------- 142,159 ------------- TRANSPORTATION -- 0.7% Alexander & Baldwin, Inc. 7,475 332,264 ------------- UTILITIES -- 1.1% Avista Corp. 31,475 554,904 ------------- 2 SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) MAY 31, 2005 (UNAUDITED) Shares Value ---------- ------------- TOTAL DOMESTIC COMMON STOCKS (Cost $36,796,442) 46,169,770 ------------- CANADIAN COMMON STOCKS -- 0.8% REAL ESTATE INVESTMENT TRUST -- 0.8% Boardwalk Real Estate Investment Trust $ 1,800 $ 28,059 Trizec Canada, Inc. 20,075 358,874 ------------- 386,933 ------------- TOTAL CANADIAN COMMON STOCK (Cost $325,104) 386,933 ------------- Par (000) Value ---------- ------------- CORPORATE BONDS -- 1.0% Mercer International, Inc. CV144A 8.50%, 10/15/10 500 506,875 ------------- TOTAL CORPORATE BONDS (Cost $500,000) 506,875 ------------- Shares Value ---------- ------------- EXCHANGE TRADED FUNDS -- 1.1% FINANCE -- 1.1% iShares Russell 2000 Value Index Fund 2,950 546,192 ------------- TOTAL EXCHANGE TRADED FUNDS (Cost $540,408) 546,192 ------------- TEMPORARY INVESTMENTS -- 5.1% PNC Bank Money Market 2.69% 6/01/05 2,537,729 2,537,729 ------------- TOTAL TEMPORARY INVESTMENTS (Cost $2,537,729) 2,537,729 ------------- TOTAL INVESTMENTS -- 99.9% (Cost $40,699,683)** 50,147,499 ------------- OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.1% 74,229 ------------- NET ASSETS -- 100.0% $ 50,221,728 ============= * 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 May 31, 2005, these securities amounted to 1.01% 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 $ 42,546,765 ============= Gross unrealized appreciation $ 11,075,073 Gross unrealized depreciation (3,474,339) ------------- Net unrealized appreciation/(depreciation) $ 7,600,734 ============= 3 SCHNEIDER VALUE FUND PORTFOLIO OF INVESTMENTS MAY 31, 2005 (UNAUDITED) Shares Value ---------- ------------- DOMESTIC COMMON STOCKS -- 91.9% AEROSPACE & DEFENSE -- 7.7% Boeing Co., (The) 64,350 $ 4,111,965 Goodrich Corp. 12,875 538,947 ------------- 4,650,912 ------------- AGRICULTURAL CHEMICALS -- 2.4% Mosaic Co., (The)* 112,800 1,475,424 ------------- AIRLINES -- 0.8% Southwest Airlines Co. 34,350 499,792 ------------- AUTOMOBILE PARTS & EQUIPMENT -- 1.2% Visteon Corp.* 96,350 735,150 ------------- AUTOMOBILES -- 2.4% HONDA MOTOR Co., Ltd. -- ADR 57,925 1,431,906 ------------- BROADCASTING & CABLE TELEVISION -- 5.7% Liberty Global, Inc., Class A* 35,367 1,482,231 Liberty Media Corp., Class A* 186,895 1,941,839 ------------- 3,424,070 ------------- CHEMICALS - DIVERSIFIED -- 1.2% Bayer AG -- ADR 21,125 714,659 ------------- CHEMICALS - SPECIALTY -- 0.3% Dow Chemical Co., (The) 3,600 163,044 ------------- COMMERCIAL SERVICES -- 0.1% Convergys Corp.* 4,650 63,379 ------------- COMPUTERS, SOFTWARE & SERVICING -- 1.8% BearingPoint, Inc.* 135,300 886,215 Electronic Data Systems Corp. 9,200 181,240 ------------- 1,067,455 ------------- DAIRY PRODUCTS -- 1.4% Dean Foods Co.* 21,350 832,009 ------------- DRUGS & MEDICAL PRODUCTS -- 0.8% Bristol-Myers Squibb Co. 19,400 491,984 ------------- ELECTRONIC COMPONENTS & ACCESSORIES -- 4.4% Avnet, Inc.* 56,725 1,186,687 Sanmina-SCI Corp.* 285,725 1,465,769 ------------- 2,652,456 ------------- ELECTRONICS -- 1.3% Agilent Technologies, Inc.* 33,425 802,534 ------------- ENERGY & UTILITIES -- 4.2% Reliant Energy, Inc.* 204,775 2,518,732 ------------- ENGINEERING & CONSTRUCTION -- 0.2% ABB Ltd. -- ADR* 21,625 141,644 ------------- FINANCIAL SERVICES -- 6.2% Fannie Mae 23,200 1,374,368 J.P. Morgan Chase & Co. 60,400 2,159,300 Shares Value ---------- ------------- Washington Mutual, Inc. 4,550 $ 187,915 ------------- 3,721,583 ------------- FOOD -- 3.2% Smithfield Foods, Inc.* 1,375 41,016 Tate & Lyle PLC -- ADR 54,500 1,881,297 ------------- 1,922,313 ------------- GAMBLING - NON HOTEL -- 0.4% GTECH Holdings Corp. 9,050 255,572 ------------- HOME FURNISHINGS & HOUSEWARES -- 1.3% Newell Rubbermaid, Inc. 33,275 758,337 ------------- HOTELS & RESTAURANTS -- 3.0% Starwood Hotels & Resorts Worldwide, Inc. 32,750 1,833,018 ------------- INDUSTRIAL GOODS & MATERIALS -- 4.1% Tyco International Ltd. 85,150 2,463,390 ------------- INSURANCE -- 5.5% Aon Corp. 61,450 1,531,948 Genworth Financial, Inc., Class A 41,050 1,190,040 Loews Corp. 6,550 493,254 PMI Group, Inc., (The) 3,450 130,410 ------------- 3,345,652 ------------- LEISURE & ENTERTAINMENT -- 2.7% Carnival Corp. 30,950 1,637,255 ------------- MANUFACTURING -- 2.2% Brunswick Corp. 650 27,976 Navistar International Corp.* 42,950 1,310,405 ------------- 1,338,381 ------------- MEDICAL & MEDICAL SERVICES -- 2.1% Tenet Healthcare Corp.* 62,325 755,379 Triad Hospitals, Inc.* 9,600 486,912 ------------- 1,242,291 ------------- METALS & MINING -- 1.4% Freeport-McMoRan Copper & Gold, Inc., Class B 23,941 845,117 ------------- OFFICE PRODUCTS -- 0.3% Office Depot, Inc.* 8,550 168,606 ------------- OIL REFINING -- 2.3% Premcor, Inc. 20,675 1,403,212 ------------- PACKAGING & CONTAINERS -- 0.3% Pactiv Corp.* 8,725 199,366 ------------- PAPER & FORESTRY PRODUCTS -- 2.6% Abitibi-Consolidated, Inc. 111,175 500,288 International Paper Co. 33,600 1,082,256 ------------- 1,582,544 ------------- POWER, DISTRIBUTION & SPECIALTY TRANSFORMERS --1.4% NRG Energy, Inc.* 23,452 838,409 ------------- 1 SCHNEIDER VALUE FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) MAY 31, 2005 (UNAUDITED) Shares Value ---------- ------------- REAL ESTATE -- 2.0% CB Richard Ellis Group, Inc., Class A* 16,900 $ 649,974 St. Joe Co., (The) 6,855 540,654 ------------- 1,190,628 ------------- REAL ESTATE INVESTMENT TRUST -- 1.7% Host Marriott Corp. 10,000 167,500 Trizec Properties, Inc. 43,125 841,369 ------------- 1,008,869 ------------- RETAIL - CONSUMER ELECTRONICS STORES -- 0.4% Circuit City Stores, Inc. 13,405 219,708 ------------- RETAIL - DEPARTMENT STORES -- 3.6% J.C. Penney Co., Inc. 30,875 1,536,340 Kohl's Corp.* 12,500 608,625 ------------- 2,144,965 ------------- RETAIL - SHOE STORES -- 0.4% Foot Locker, Inc. 10,150 268,062 ------------- SEMI-CONDUCTORS & RELATED -- 1.1% Teradyne, Inc.* 51,675 672,292 ------------- TELECOMMUNICATIONS & EQUIPMENT -- 1.7% Telephone and Data Systems, Inc. 13,150 509,563 Telephone and Data Systems, Inc.-Special Shares 13,150 499,700 ------------- 1,009,263 ------------- TRANSPORTATION -- 3.6% CSX Corp. 40,275 1,674,634 Swift Transportation Co.* 19,725 484,249 ------------- 2,158,883 ------------- WHOLESALE - DISTRIBUTION -- 0.9% Hughes Supply, Inc. 21,975 571,350 ------------- WHOLESALE - DRUG DISTRIBUTION -- 1.6% AmerisourceBergen Corp. 15,200 981,464 ------------- TOTAL DOMESTIC COMMON STOCKS (Cost $48,108,236) 55,445,680 ------------- CANADIAN COMMON STOCKS -- 0.9% MANUFACTURING -- 0.9% Bombardier, Inc., Class B* 271,750 522,200 ------------- TOTAL CANADIAN COMMON STOCK (Cost $722,216) 522,200 ------------- Par (000) Value ---------- ------------- CORPORATE BONDS -- 0.1% Delta Air Lines, Inc. (Ca, C) 8.00%, 06/03/23 $ 189 $ 73,474 ------------- TOTAL CORPORATE BONDS (Cost $129,475) 73,474 ------------- Shares Value ---------- ------------- EXCHANGE TRADED FUNDS -- 1.9% FINANCE -- 1.9% iShares Russell 1000 Value Index Fund 17,245 1,141,792 ------------- TOTAL EXCHANGE TRADED FUNDS (Cost $1,108,609) 1,141,792 ------------- TEMPORARY INVESTMENTS -- 4.9% PNC Bank Money Market 2.69% 6/01/05 2,961,553 2,961,5 ------------- TOTAL TEMPORARY INVESTMENTS (Cost $2,961,553) 2 ,961,553 ------------- TOTAL INVESTMENTS -- 99.7% (Cost $53,030,089)** 60,144,699 ------------- ASSETS IN EXCESS OF OTHER LIABILITIES -- 0.3% 197,656 ------------- NET ASSETS 100.0% $ 60,342,355 ============= * 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 $ 53,400,570 ============= Gross unrealized appreciation $ 9,297,697 Gross unrealized depreciation (2,553,568) ------------- Net unrealized appreciation/(depreciation) $ 6,744,129 ============= 2 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS MAY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------- COMMON STOCKS--98.4% BASIC INDUSTRY--4.9% Braskem S.A. - ADR 92,400 $ 1,748,208 Crompton Corp. 187,400 2,876,590 Crown Holdings, Inc.* 204,200 3,040,538 H.B. Fuller Co. 67,100 2,174,040 IPSCO, Inc. 59,300 3,046,241 Lone Star Technologies, Inc.* 37,900 1,570,955 ------------- 14,456,572 ------------- CONSUMER CYCLICAL--14.3% 7-Eleven, Inc.* 110,100 3,286,485 Aaron Rents, Inc. 77,100 1,743,231 Ameristar Casinos, Inc. 17,300 888,182 Argosy Gaming Co.* 9,500 440,515 Barnes & Noble, Inc.* 69,400 2,626,790 Bluegreen Corp.* 94,600 1,594,956 Building Materials Holding Corp. 48,800 3,027,064 CKE Restaurants, Inc. 116,300 1,918,950 Domino's Pizza, Inc. 79,700 1,824,333 Furniture Brands International, Inc. 58,500 1,176,435 Hartmarx Corp.* 139,800 1,325,304 Jack in the Box, Inc.* 49,100 2,036,668 JAKKS Pacific, Inc.* 28,700 593,229 Longs Drug Stores Corp. 59,000 2,421,360 Media General, Inc., Class A 18,200 1,112,020 Monarch Casino & Resort, Inc.* 134,400 2,701,440 O'Charley's, Inc.* 85,300 1,584,021 Phillips-Van Heusen Corp. 88,700 2,748,813 Progressive Gaming Corp.* 37,700 475,397 Retail Ventures, Inc.* 102,000 1,149,540 Ryder System, Inc. 26,400 969,936 Shoe Carnival, Inc.* 44,700 819,351 Stein Mart, Inc. 133,200 3,204,792 THQ, Inc.* 76,900 2,144,741 ------------- 41,813,553 ------------- CONSUMER GROWTH--16.4% Alliance Imaging, Inc.* 41,800 419,254 Alpharma, Inc., Class A 185,300 2,384,811 America Service Group, Inc.* 26,900 529,661 AngioDynamics, Inc.* 112,500 2,223,000 Bright Horizons Family Solutions, Inc.* 58,300 2,157,683 Chattem, Inc.* 14,100 604,890 NUMBER OF SHARES VALUE ----------- ------------- CONSUMER GROWTH--(CONTINUED) CNS, Inc. 21,600 $ 453,600 Cutera, Inc.* 114,200 1,827,200 Dade Behring Holdings, Inc. 49,100 3,282,335 Education Management Corp.* 68,700 2,229,315 Genesis HealthCare Corp.* 59,591 2,591,612 Gentiva Health Services, Inc.* 11,800 187,502 Haemonetics Corp.* 63,600 2,588,520 Hi-Tech Pharmacal Co., Inc.* 50,300 1,512,018 IntraLase Corp.* 25,500 494,445 Lifecore Biomedical, Inc.* 116,200 1,482,712 Magellan Health Services, Inc.* 52,800 1,714,416 Medical Action Industries, Inc.* 32,542 576,970 Natus Medical, Inc.* 37,200 375,720 Nu Skin Enterprises, Inc., Class A 70,400 1,590,336 Nutri/System, Inc.* 110,300 1,352,278 Orthofix International, N.V.* 35,100 1,608,984 PerkinElmer, Inc. 126,600 2,421,858 Pilgrim's Pride Corp. 20,000 705,000 Playtex Products, Inc.* 142,100 1,531,838 Radiation Therapy Services, Inc.* 82,700 1,711,890 Res-Care, Inc.* 7,372 98,269 Respironics, Inc.* 35,000 2,339,400 Steiner Leisure Ltd.* 65,900 2,239,282 Ventiv Health, Inc.* 91,300 1,853,390 VistaCare, Inc., Class A* 51,600 920,544 West Pharmaceutical Services, Inc. 76,500 2,129,760 ------------- 48,138,493 ------------- ENERGY--4.6% Advanced Energy Industries, Inc.* 91,000 868,140 Core Laboratories N.V.* 95,600 2,399,560 Frontier Oil Corp. 41,600 2,034,656 Giant Industries, Inc.* 64,600 1,861,126 Holly Corp. 31,900 1,219,537 Tesoro Corp. 70,000 3,052,000 Vintage Petroleum, Inc. 69,800 1,927,876 ------------- 13,362,895 ------------- FINANCIAL--18.2% Advance America Cash Advance Centers, Inc. 65,000 793,650 Allmerica Financial Corp.* 50,800 1,773,936 American Physicians Capital, Inc.* 58,200 2,016,630 Arch Capital Group Ltd.* 59,000 2,634,350 1 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) MAY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------- FINANCIAL--(CONTINUED) Banco Itau Holding Financeira S.A. - ADR 35,200 $ 3,095,136 BankAtlantic Bancorp, Inc., Class A 64,900 1,151,326 Calamos Asset Management, Inc., Class A 95,500 2,309,190 Capital Crossing Bank* 17,600 571,648 Center Financial Corp. 51,130 1,092,648 Euronet Worldwide, Inc.* 56,700 1,589,868 EZCORP, Inc., Class A* 172,500 1,640,475 First American Corp. 75,300 2,914,110 First Cash Financial Services, Inc.* 94,250 1,639,950 First Republic Bank 21,200 680,096 GFI Group, Inc.* 19,100 532,890 Infinity Property & Casualty Corp. 47,300 1,513,600 Investment Technology Group, Inc.* 110,600 2,183,244 LandAmerica Financial Group, Inc. 47,900 2,691,980 MarketAxess Holdings, Inc.* 2,400 24,000 Max Re Capital Ltd. 102,000 2,255,220 National Financial Partners Corp. 55,000 2,103,200 Ohio Casualty Corp. 101,800 2,433,020 Safety Insurance Group, Inc. 71,600 2,256,832 Selective Insurance Group, Inc. 35,200 1,694,176 StanCorp Financial Group, Inc. 31,200 2,335,320 Stewart Information Services Corp. 40,700 1,597,475 UICI 79,000 1,986,850 Unitrin, Inc. 41,700 2,076,243 Universal American Financial Corp.* 46,600 882,604 World Acceptance Corp.* 34,180 890,389 Zenith National Insurance Corp. 31,500 1,995,525 ------------- 53,355,581 ------------- INDUSTRIAL--15.9% Administaff, Inc. 96,700 2,065,512 Aftermarket Technology Corp.* 74,841 1,148,061 AMERCO* 53,900 2,866,402 Blount International, Inc.* 89,300 1,577,038 Brink's Co., (The) 72,100 2,250,241 Bucyrus International, Inc., Class A 41,000 1,462,880 CNF, Inc. 47,500 2,116,125 Columbus McKinnon Corp.* 157,100 1,483,024 Consolidated Graphics, Inc.* 53,200 2,251,956 CP Ships Ltd. 49,400 856,596 NUMBER OF SHARES VALUE ----------- ------------- INDUSTRIAL--(CONTINUED) Flowserve Corp.* 39,600 $ 1,167,012 Genlyte Group, Inc., (The)* 42,200 1,880,432 Greenbrier Cos., Inc., (The) 48,500 1,344,420 Greif, Inc., Class A 30,000 2,180,400 Heidrick & Struggles International, Inc.* 31,000 778,410 Hub Group, Inc., Class A* 95,600 2,627,088 Ingram Micro, Inc., Class A* 117,800 1,862,418 Kennametal, Inc. 16,700 734,800 Laidlaw International, Inc.* 94,700 2,106,128 McDermott International, Inc.* 129,600 2,764,368 Pacer International, Inc.* 100,200 2,285,562 Rollins, Inc. 104,400 2,129,760 Snap-On, Inc. 51,300 1,770,363 Stewart & Stevenson Services, Inc. 98,500 2,353,165 WESCO International, Inc.* 91,600 2,674,720 ------------- 46,736,881 ------------- TECHNOLOGY--23.4% ADE Corp.* 43,100 966,733 Advanced Digital Information Corp.* 168,500 1,157,595 Airspan Networks, Inc.* 251,600 1,202,648 Ansoft Corp.* 65,242 1,454,897 Arris Group, Inc.* 289,800 2,509,668 Artesyn Technologies, Inc.* 53,800 442,774 Aspect Communications Corp.* 32,700 313,920 BE Aerospace, Inc.* 53,800 778,486 BEA Systems, Inc.* 25,700 216,651 Brightpoint, Inc.* 85,900 1,614,920 Coherent, Inc.* 21,100 692,713 Comtech Telecommunications Corp.* 52,100 1,884,457 CryptoLogic, Inc. 56,500 1,904,615 Ctrip.com International Ltd. - ADR* 39,000 1,981,200 Deltathree, Inc.* 173,760 703,728 DSP Group, Inc.* 61,900 1,455,888 ECI Telecom Ltd.* 227,500 2,008,825 Emulex Corp.* 125,800 2,377,620 Energy Conversion Devices, Inc.* 24,300 468,504 Extreme Networks, Inc.* 250,500 1,144,785 FairPoint Communications, Inc. 66,100 1,029,177 FileNET Corp.* 76,100 2,120,146 2 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) MAY 31, 2005 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------- TECHNOLOGY--(CONTINUED) Hologic, Inc.* 63,300 $ 2,330,073 Hypercom Corp.* 214,100 1,359,535 Informatica Corp.* 242,100 2,077,218 Integrated Device Technology, Inc.* 101,900 1,246,237 IXYS Corp.* 161,300 2,230,779 ManTech International Corp., Class A* 37,300 1,071,629 McDATA Corp., Class A* 368,800 1,405,128 Micromuse, Inc.* 246,300 1,546,764 MTS Systems Corp. 48,500 1,547,635 Nam Tai Electronics, Inc. 13,300 287,147 NetIQ Corp.* 107,300 1,184,592 NICE Systems Ltd. - ADR* 51,200 1,866,240 ON Semiconductor Corp.* 216,200 972,900 Optimal Group, Inc., Class A* 117,600 1,921,584 PAR Technology Corp.* 36,000 1,031,400 Parametric Technology Corp.* 416,900 2,509,738 Pinnacle Systems, Inc.* 121,700 719,247 Progress Software Corp.* 69,400 2,024,398 Skyworks Solutions, Inc.* 264,600 1,674,918 SPSS, Inc.* 83,600 1,461,328 Transaction Systems Architects, Inc.* 88,900 2,025,142 TriQuint Semiconductor, Inc.* 226,100 766,479 TriZetto Group, Inc., (The)* 206,400 2,864,832 ValueClick, Inc.* 56,400 604,608 Witness Systems, Inc.* 118,200 2,054,316 Xyratex Ltd.* 83,400 1,508,706 ------------- 68,722,523 ------------- UTILITY--0.7% Compania Anonima Nacional Telefonos de Venezuela (CANTV) - ADR 106,300 2,028,204 ------------- TOTAL COMMON STOCKS (Cost $248,780,827) 288,614,702 ------------- SHORT TERM INVESTMENTS--1.8% Galaxy Institutional Money Market Fund 2.97% 06/01/05 5,219,949 5,219,949 ------------- TOTAL SHORT TERM INVESTMENTS (Cost $5,219,949) 5,219,949 ------------- TOTAL INVESTMENTS--100.2% (Cost $254,000,776)** 293,834,651 ------------- LIABILITIES IN EXCESS OF OTHER ASSETS--(0.2)% (676,441) ------------- NET ASSETS--100.0% $ 293,158,210 ============= * 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 $ 254,561,513 ============= Gross unrealized appreciation $ 50,576,196 Gross unrealized depreciation (11,303,058) ------------- Net unrealized appreciation/(depreciation) $ 39,273,138 ============= 3 ITEM 2. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) The RBB Fund, Inc. -------------------------------------------------------------------- By (Signature and Title)* /s/ Edward J. Roach ------------------------------------------------------- Edward J. Roach, President & Treasurer (principal executive officer) Date July 25, 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) Date July 25, 2005 ---------------------------------------------------------------------------- By (Signature and Title)* /s/ Edward J. Roach ------------------------------------------------------- Edward J. Roach, President & Treasurer (principal financial officer) Date July 25, 2005 ---------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature.