-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HnG/37nuyDtYmaNFENSPxqGLUIhcP8T4hiYTp6SWVCDhka5qM1ZlWY2Bx9i7Nq4I ZfrXXMzIYNiLRMhvIh00lA== 0000935069-07-000151.txt : 20070126 0000935069-07-000151.hdr.sgml : 20070126 20070126144556 ACCESSION NUMBER: 0000935069-07-000151 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20061130 FILED AS OF DATE: 20070126 DATE AS OF CHANGE: 20070126 EFFECTIVENESS DATE: 20070126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RBB FUND INC CENTRAL INDEX KEY: 0000831114 IRS NUMBER: 510312196 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-05518 FILM NUMBER: 07556074 BUSINESS ADDRESS: STREET 1: 400 BELLEVUE PKWY STE 100 CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 3027911700 MAIL ADDRESS: STREET 1: 400 BELLEVUE PKWY STREET 2: SUITE 152 CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: FUND INC /DE/ DATE OF NAME CHANGE: 19600201 0000831114 S000001093 RBB MONEY MARKET PORTFOLIO C000002980 BEDFORD BDMXX C000002981 SANSOM SANXX 0000831114 S000001094 ROBECO BP SMALL CAP VALUE II C000002982 INSTITUTIONAL BPSIX C000002983 INVESTOR BPSCX 0000831114 S000001095 ROBECO WPG LARGE CAP GROWTH FUND C000002984 INSTITUTIONAL WPGLX 0000831114 S000001096 ROBECO WPG CORE BOND FUND C000002985 INSTITUTIONAL WPGCX C000002986 RETIREMENT WPGIX C000010816 INVESTOR WPGBX 0000831114 S000001097 ROBECO WPG SMALL CAP VALUE FUND C000002987 INSTITUTIONAL WPGTX 0000831114 S000001098 SENBANC FUND C000002988 SENBANC FUND SENBX 0000831114 S000001099 SCHNEIDER SMALL CAP VALUE FUND C000002989 SCHNEIDER SMALL CAP VALUE FUND SCMVX 0000831114 S000001100 SCHNEIDER VALUE FUND C000002990 SCHNEIDER VALUE FUND SCMLX 0000831114 S000001101 BOGLE SMALL CAP GROWTH C000002991 INSTITUTIONAL BOGIX C000002992 INVESTOR BOGLX 0000831114 S000001102 n/i EMERGING GROWTH FUND C000002993 n/i EMERGING GROWTH FUND NIMCX 0000831114 S000001103 n/i GROWTH FUND C000002994 n/i GROWTH FUND NISGX 0000831114 S000001104 n/i MID CAP FUND C000002995 n/i MID CAP FUND NIGVX 0000831114 S000001105 n/i SMALL CAP FUND C000002996 n/i SMALL CAP FUND NISVX 0000831114 S000001106 ROBECO BP ALL-CAP C000002997 INSTITUTIONAL BPAIX C000002998 INVESTOR BPAVX 0000831114 S000001107 ROBECO BP LARGE CAP VALUE C000002999 INSTITUTIONAL BPLAX C000003000 INVESTOR BPLIX 0000831114 S000001108 ROBECO BP LONG/SHORT EQUITY C000003001 INSTITUTIONAL BPLSX C000003002 INVESTOR BPLEX 0000831114 S000001109 ROBECO BP MID CAP VALUE FUND C000003003 INSTITUTIONAL BPMIX C000003004 INVESTOR BPMCX N-Q 1 g32167rbb_nq.txt RBB NQ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-05518 --------- The RBB Fund, Inc. ------------------------------------------------------- (Exact name of registrant as specified in charter) 103 Bellevue Parkway, 4th Floor Wilmington, DE 19809 ------------------------------------------------------- (Address of principal executive offices) (Zip code) Edward J. Roach, President & Treasurer 103 Bellevue Parkway, 4TH Floor Wilmington, DE 19809 ------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 302-791-1112 ------------ Date of fiscal year end: August 31 --------- Date of reporting period: November 30, 2006 ----------------- Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. SCHEDULE OF INVESTMENTS. The Schedules of Investments are attached herewith. THE RBB FUND, INC. MONEY MARKET PORTFOLIO STATEMENT OF NET ASSETS NOVEMBER 30, 2006 (UNAUDITED) PAR (000) VALUE --------- ------------ CERTIFICATES OF DEPOSIT--15.0% DOMESTIC CERTIFICATES OF DEPOSIT--9.7% Barclay Bank PLC (New York Branch) 5.340%, 12/11/06 $ 6,000 $ 6,000,000 Washington Mutual Bank 5.330%, 02/16/07 9,000 9,000,000 Wells Fargo Bank 4.865%, 01/31/07 3,500 3,500,028 ------------ 18,500,028 ------------ YANKEE DOLLAR CERTIFICATES OF DEPOSIT--5.3% Barclays Bank PLC (New York Branch) (a) 5.330%, 02/14/07 3,000 3,000,000 Credit Industriel Et Commercial (a) 5.375%, 04/30/07 1,780 1,780,000 Royal Bank of Scotland PLC (New York Branch) (a) 4.810%, 01/16/07 2,950 2,950,000 Societe Generale (New York Branch) (a) 4.780%, 12/06/06 2,500 2,500,000 ------------ 10,230,000 ------------ TOTAL CERTIFICATES OF DEPOSIT (Cost $28,730,028) 28,730,028 ------------ COMMERCIAL PAPER--67.5% ASSET BACKED SECURITIES--10.9% Concord Minutemen Capital 5.280%, 01/23/07 5,000 4,961,133 Dorada Finance, Inc. 5.260%, 01/22/07 7,000 6,946,815 Sigma Finance, Inc. 5.250%, 02/27/07 5,040 4,975,320 Strand Capital 5.300%, 01/03/07 4,000 3,980,567 ------------ 20,863,835 ------------ BANKS--17.1% Banco Bilbao Vizcaya Argentaria Puerto Rico 5.260%, 12/26/06 1,445 1,439,722 5.260%, 02/21/07 7,935 7,839,930 HBOS Treasury Services PLC 5.250%, 02/01/07 980 971,139 HSH Nordbank AG 5.250%, 01/24/07 8,000 7,937,000 PAR (000) VALUE --------- ------------ COMMERCIAL PAPER--(CONTINUED) BANKS--(CONTINUED) Norddeutsche Landesbank 5.275%, 12/18/06 $ 770 $ 768,082 5.250%, 02/08/07 5,000 4,949,687 UniCredito Italiano Bank 5.260%, 02/08/07 9,000 8,909,265 ------------ 32,814,825 ------------ FINANCE SERVICES--25.4% Brahms Funding Corp. 5.290%, 12/06/06 3,000 2,997,796 Citigroup Funding, Inc. 5.260%, 02/20/07 9,000 8,893,485 Countrywide Financial Corp. 5.350%, 12/01/06 8,000 8,000,000 5.300%, 01/12/07 3,080 3,060,955 5.270%, 01/30/07 4,000 3,964,867 Lockhart Funding LLC 5.270%, 02/13/07 2,200 2,176,168 5.280%, 02/14/07 1,645 1,626,905 Nationwide Building Society 5.270%, 12/18/06 5,000 4,987,557 5.250%, 01/30/07 4,100 4,064,125 Newport Funding Corp. 5.260%, 02/22/07 9,000 8,890,855 ------------ 48,662,713 ------------ INSURANCE--9.1% ING America Insurance Holdings 5.250%, 01/11/07 8,000 7,952,167 Irish Life & Permanent 5.275%, 12/11/06 6,000 5,991,208 5.240%, 12/28/06 3,515 3,501,186 ------------ 17,444,561 ------------ SECURITY BROKERS & DEALERS--5.0% Bear Stearns Co. 5.250%, 02/09/07 9,630 9,531,694 ------------ TOTAL COMMERCIAL PAPER (Cost $129,317,628) 129,317,628 ------------ 1 THE RBB FUND, INC. MONEY MARKET PORTFOLIO STATEMENT OF NET ASSETS NOVEMBER 30, 2006 (UNAUDITED) PAR (000) VALUE --------- ------------ MUNICIPAL BONDS--0.8% PENNSYLVANIA--0.8% Franklin County IDR (Manufacturers & Traders LOC) 5.370%, 12/01/06 $ 1,540 $ 1,540,000 ------------ TOTAL MUNICIPAL BONDS (Cost $1,540,000) 1,540,000 ------------ VARIABLE RATE OBLIGATIONS(b)--13.8% ASSET BACKED SECURITIES--2.6% Cullinan Finance Corp. 5.280%, 12/26/06 3,000 2,999,653 5.280%, 12/26/06 1,000 999,886 Racers Trust 2004-6-MM (c) 5.340%, 12/22/06 1,000 1,000,000 ------------ 4,999,539 ------------ BANKS--5.5% Bank of America 5.310%, 12/01/06 500 500,000 HBOS Treasury Services PLC 5.459%, 12/26/06 8,000 8,000,000 Westpac Banking Corp. New York 5.430%, 12/11/06 2,000 2,000,000 ------------ 10,500,000 ------------ LIFE INSURANCE--2.6% MetLife Global Funding, Inc. (c) 5.420%, 12/28/06 5,000 5,000,000 ------------ SECURITY BROKERS & DEALERS--3.1% Merrill Lynch & Company, Inc. 5.335%, 02/28/07 6,000 6,000,000 ------------ TOTAL VARIABLE RATE OBLIGATIONS (Cost $26,499,539) 26,499,539 ------------ MASTER NOTES--1.0% Morgan Stanley Mortgage Capital, Inc. 5.483%, 12/01/06 1,950 1,950,000 ------------ TOTAL MASTER NOTES (Cost $1,950,000) 1,950,000 ------------ PAR (000) VALUE --------- ------------ REPURCHASE AGREEMENTS--1.7% Morgan Stanley & Co., Inc. (Tri-Party Agreement dated 11/30/06 to be repurchased at $3,300,483 collateralized by $3,500,000 U.S. Treasury Bill, due 12/07/06, Market Value of the collateral is $3,496,535) 5.270%, 12/01/06 $ 3,300 $ 3,300,000 ------------ TOTAL REPURCHASE AGREEMENTS (Cost $3,300,000) 3,300,000 ------------ TOTAL INVESTMENTS AT VALUE--99.8% (Cost $191,337,195*) 191,337,195 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES--0.2% 433,091 ------------ NET ASSETS (APPLICABLE TO 176,518,161 BEDFORD SHARES AND 15,256,754 SANSOM STREET SHARES )--100.0% $191,770,286 ============ NET ASSET VALUE, Offering and Redemption Price Per Bedford Share ($176,515,634 / 176,518,161) $1.00 ===== NET ASSET VALUE, Offering and Redemption Price Per Sansom Street Share ($15,254,652 / 15,256,754) $1.00 ===== * Aggregate cost is the same for financial reporting and Federal tax purposes. (a) Security is a foreign domiciled issuer which is registered with the Securities and Exchange Commission. (b) Variable Rate Obligations -- The interest rate shown is the rate as of November 30, 2006 and the maturity date shown is the next interest rate readjustment date or the maturity date. (c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional investors. INVESTMENT ABBREVIATIONS IDR Industrial Development Revenue LOC Letter of Credit 2 [LOGO]N/I NUMERIC INVESTORS FAMILY OF FUNDS EMERGING GROWTH FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) - -------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - -------------------------------------------------------------------------------- COMMON STOCKS--98.9% AEROSPACE & DEFENSE--1.2% 3,900 Ducommun, Inc.* $ 89,583 23,700 K&F Industries Holdings, Inc.*+ 493,671 51,900 Orbital Sciences Corp.* 940,428 ------------ 1,523,682 ------------ AIRLINES--0.7% 111,300 ExpressJet Holdings, Inc.* 879,270 ------------ APPAREL--1.4% 18,600 Gymboree Corp. (The)*+ 740,280 12,100 Maidenform Brands, Inc.* 231,352 12,700 Oxford Industries, Inc. 645,414 44,600 Unifi, Inc.* 96,782 ------------ 1,713,828 ------------ AUTOMOBILE PARTS & EQUIPMENT--1.2% 59,500 Accuride Corp.*+ 669,970 15,200 Group 1 Automotive, Inc. 775,048 3,700 Midas, Inc.* 81,363 ------------ 1,526,381 ------------ AUTOMOBILES & TRUCKS--1.0% 36,900 Navistar International Corp.* 1,180,431 ------------ BANKS--1.2% 27,900 Corus Bankshares, Inc.+ 625,239 6,800 First Regional Bancorp* 228,888 17,496 Vineyard National Bancorp Co.+ 378,264 9,800 Wilshire Bancorp, Inc.+ 187,278 ------------ 1,419,669 ------------ BEVERAGES--0.4% 8,700 Coca Cola Bottling Co. 549,231 ------------ BIOTECHNOLOGY--6.5% 7,300 Acorda Therapeutics*+ 141,328 12,100 Alkermes, Inc.*+ 183,678 7,400 Array BioPharma, Inc.*+ 97,532 8,200 BioMarin Pharmaceutical, Inc.*+ 140,302 34,000 Depomed, Inc.* 114,920 39,092 Diversa Corp.*+ 444,867 - -------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - -------------------------------------------------------------------------------- BIOTECHNOLOGY--(CONTINUED) 52,700 Exelixis, Inc.*+ $ 454,274 18,000 Hana Biosciences, Inc.*+ 124,200 13,500 Human Genome Sciences, Inc.*+ 169,020 6,200 ICOS Corp. 200,198 8,300 Keryx Biopharmaceuticalc, Inc*+ 114,540 87,093 Lexicon Genetics, Inc.*+ 323,115 11,800 Medarex, Inc.*+ 159,182 42,612 Medicines Co. (The)*+ 1,216,572 3,300 Myriad Genetics, Inc.* 100,320 9,700 Nektar Therapeutics*+ 160,147 5,900 Neurocrine Biosciences, Inc.* 54,516 14,400 New River Pharmaceuticals, Inc.*+ 706,752 10,195 Omrix Biopharmaceuticals, Inc.* 301,568 3,300 OSI Pharmaceuticals, Inc.*+ 121,044 54,600 Pain Therapeutics, Inc.* 467,376 2,500 Pharmion Corp.* 61,900 19,900 Progenics Pharmaceuticals, Inc.* 544,862 27,600 Regeneron Pharmaceuticals, Inc.* 593,676 8,900 SuperGen, Inc.*+ 42,275 6,700 Telik, Inc.*+ 113,967 5,900 Theravance, Inc.* 184,611 11,932 Thermogenesis Corp* 57,274 18,000 Xenoport, Inc.* 482,760 3,300 ZymoGenetics, Inc.* 51,843 ------------ 7,928,619 ------------ BUILDING & BUILDING MATERIALS--0.8% 11,409 Builders FirstSource, Inc.*+ 189,846 23,897 Infrasource Services, Inc.*+ 516,414 10,197 Perini Corp.* 331,606 ------------ 1,037,866 ------------ BUSINESS SERVICES--0.4% 15,900 Forrester Research, Inc.*+ 447,108 ------------ CELLULAR COMMUNICATIONS--0.1% 6,000 Syniverse Holdings Inc.* 83,100 ------------ 1 [LOGO]N/I NUMERIC INVESTORS FAMILY OF FUNDS EMERGING GROWTH FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) - -------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - -------------------------------------------------------------------------------- CHEMICALS - SPECIALTY--0.4% 12,800 Hercules, Inc.* $ 238,464 9,500 ICO, Inc.* 58,615 15,500 Landec Corp.* 148,490 5,000 LESCO, Inc.* 41,050 ------------ 486,619 ------------ COMMERCIAL BANKS--0.5% 700 Bancorp, Inc. (The)* 18,767 7,892 City Bank 422,064 4,400 Dollar Financial Corp.*+ 128,744 ------------ 569,575 ------------ COMMERCIAL SERVICES--2.3% 8,721 Compass Diversified Trust 149,129 29,600 Jackson Hewitt Tax Service, Inc. 1,070,928 40,000 Live Nation, Inc.* 857,600 25,800 Rewards Network, Inc.* 144,480 11,803 Steiner Leisure Ltd.* 528,774 ------------ 2,750,911 ------------ COMPUTER COMPONENTS--0.2% 4,900 Komag, Inc.* 193,452 ------------ COMPUTER NETWORKING PRODUCTS--3.2% 11,600 Avici Systems Inc.* 82,592 122,400 Brocade Communications Systems, Inc.* 1,132,200 63,012 Datalink Corp.* 511,657 81,400 Foundry Networks, Inc.* 1,164,834 22,900 Performance Technologies, Inc.* 124,805 14,700 Simple Tech, Inc.*+ 132,300 48,600 Smart Modular Technologies, Inc.* 577,854 35,500 Sonus Networks, Inc.*+ 222,940 ------------ 3,949,182 ------------ COMPUTER PERIPHERALS--0.1% 8,000 TransAct Technologies, Inc.* 69,840 ------------ - -------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - -------------------------------------------------------------------------------- COMPUTER SERVICES--0.3% 14,925 Carreker Corp.* $ 108,505 2,700 COMSYS IT Partners, Inc.* 49,707 22,500 Liveperson, Inc.* 109,125 12,500 Rainmaker Systems, Inc.* 96,875 ------------ 364,212 ------------ COMPUTER SOFTWARE--2.5% 13,800 American Software, Inc. Class A 113,298 27,289 Ansoft Corp.* 754,268 56,600 Captaris, Inc.* 413,180 6,144 Docucorp International, Inc.*+ 45,650 8,700 Inter-Tel, Inc. 193,923 3,900 Interactive Intelligence, Inc.* 68,328 5,500 INVESTools, Inc.* 70,785 80,622 Magma Design Automation, Inc.* 722,373 8,300 ManTech International Corp., Class A* 301,124 12,700 OPNET Technologies, Inc.* 204,851 13,234 Packeteer, Inc.* 157,088 ------------ 3,044,868 ------------ COMPUTERS, SOFTWARE & SERVICING--0.3% 36,022 TheStreet.com, Inc.* 352,295 ------------ CONSTRUCTION & BUILDING MATERIALS--1.4% 14,900 EMCOR Group, Inc.*+ 889,083 42,122 Insteel Industries, Inc. 810,427 ------------ 1,699,510 ------------ CONSUMER PRODUCTS--0.6% 35,800 Tempur-Pedic International, Inc.*+ 754,664 ------------ DATA PROCESSING--1.2% 25,900 Commvault Systems, Inc.*+ 516,964 74,339 infoUSA, Inc. + 902,475 ------------ 1,419,439 ------------ DRUGS & MEDICAL PRODUCTS--0.4% 5,200 Cubist Pharmaceuticals, Inc.* 105,872 2 [LOGO]N/I NUMERIC INVESTORS FAMILY OF FUNDS EMERGING GROWTH FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) - -------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - -------------------------------------------------------------------------------- DRUGS & MEDICAL PRODUCTS--(CONTINUED) 6,350 Zoll Medical Corp.* $ 329,311 ------------ 435,183 ------------ ELECTRICAL EQUIPMENT--1.9% 10,900 Acuity Brands, Inc. 574,103 6,069 Craftmade International, Inc. 112,034 23,100 General Cable Corp.*+ 981,750 62,300 Graftech International Ltd.* 420,525 41,800 Magnatek, Inc.* 229,064 ------------ 2,317,476 ------------ ELECTRONIC COMPONENTS--0.3% 4,600 Spansion, Inc.* 67,206 46,287 White Electronic Designs Corp.* 256,430 ------------ 323,636 ------------ ELECTRONIC COMPONENTS & ACCESSORIES--3.2% 41,493 CEVA, Inc.* 278,833 9,499 Hittite Microwave Corp.*+ 371,126 9,900 Innovex, Inc.* 18,117 44,500 Planar Systems, Inc.* 445,890 33,800 Richardson Electronics, Ltd. 338,000 39,692 Silicon Storage Technology, Inc.* 182,980 30,151 Sypris Solutions, Inc. 224,926 33,101 Technitrol, Inc.+ 909,616 83,308 TiVo, Inc.*+ 474,856 49,300 TTM Technologies, Inc.*+ 621,673 ------------ 3,866,017 ------------ ELECTRONIC MEASUREMENTS - INSTRUMENTS--1.1% 33,398 Aehr Test Systems*+ 165,320 34,875 Eagle Test Systems, Inc.* 539,865 18,400 II-VI, Inc.*+ 475,088 3,100 MTS Systems Corp. 118,854 ------------ 1,299,127 ------------ ENERGY & RAW MATERIALS--0.8% 39,852 Headwaters, Inc.* 953,260 ------------ - -------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - -------------------------------------------------------------------------------- FINANCIAL SERVICES--2.5% 25,400 Cash America International, Inc. $ 1,121,156 17,975 Delta Financial Corp.+ 169,864 30,500 eSPEED, Inc., Class A* 286,090 21,900 Hercules Technology Growth Capital, Inc. 297,621 31,500 Knight Capital Group, Inc.* 554,715 4,955 Nicholas Financial, Inc. 55,545 11,300 World Acceptance Corp.* 512,907 ------------ 2,997,898 ------------ FOOD & AGRICULTURE--0.3% 7,600 Performance Food Group Co.*+ 205,656 4,300 Ralcorp Holdings, Inc.* 217,795 ------------ 423,451 ------------ HEALTH CARE--2.9% 24,974 AMERIGROUP Corp.* 853,861 11,183 CorVel Corp.* 640,338 37,307 Healthspring, Inc.* 720,398 29,887 IntegraMed America, Inc.*+ 400,486 18,910 LHC Group, Inc.*+ 523,240 31,716 Odyssey HealthCare, Inc.* + 392,644 ------------ 3,530,967 ------------ HOSPITALS--1.9% 23,200 AmSurg Corp.* 476,296 35,800 Apria Healthcare Group, Inc.*+ 893,926 35,700 MedCath Corp.* 923,916 ------------ 2,294,138 ------------ HOTELS & MOTELS--0.4% 61,400 Interstate Hotels & Resorts, Inc.* 479,534 ------------ INSURANCE - PROPERTY & CASUALTY--1.6% 18,127 American Safety Insurance Holdings, Ltd.* 336,256 1,700 First Mercury Financial Corp.* 35,853 14,200 Procentury Corp.* 251,198 3 [LOGO]N/I NUMERIC INVESTORS FAMILY OF FUNDS EMERGING GROWTH FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) - -------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - -------------------------------------------------------------------------------- INSURANCE - PROPERTY & CASUALTY--(CONTINUED) 40,865 Specialty Underwriters' Alliance, Inc.* $ 424,179 19,600 Zenith National Insurance Corp. 904,736 ------------ 1,952,222 ------------ INTERNET CONTENT--1.8% 47,956 Alloy, Inc.* 579,788 39,600 Greenfield Online, Inc.* 503,316 9,398 Keynote Systems, Inc.* 97,457 11,900 LodgeNet Entertainment Corp.* 281,435 13,400 Napster, Inc.* 50,250 48,555 United Online, Inc. 652,094 4,600 ValueVision Media, Inc., Class A* 60,812 ------------ 2,225,152 ------------ INTERNET SOFTWARE--2.0% 108,185 Actividentity Corp.* 545,252 13,700 Dealertrack Holdings, Inc.* 374,421 6,300 Internap Network Services Corp.* 122,535 12,700 Interwoven, Inc.* 179,959 96,200 SonicWALL, Inc.* 966,810 11,400 SupportSoft, Inc.* 65,664 19,900 TIBCO Software, Inc.* 185,269 ------------ 2,439,910 ------------ LEISURE & ENTERTAINMENT--1.4% 56,987 Dover Downs Gaming & Entertainment, Inc. 761,347 12,700 Gametech International, Inc.+ 136,017 5,033 Gaming Partners International Corp.* 86,819 25,700 Marvel Entertainment, Inc.* 722,170 ------------ 1,706,353 ------------ MACHINERY--1.0% 36,700 Wabtec Corp. 1,205,595 ------------ MANUFACTURING--2.7% 2,400 AZZ, Inc.*+ 102,288 - -------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - -------------------------------------------------------------------------------- MANUFACTURING--(CONTINUED) 34,142 Chart Industries, Inc.*+ $ 503,936 12,400 Freightcar America, Inc.+ 683,240 18,200 Lydall, Inc.* 191,100 56,900 Myers Industries, Inc. 919,504 4,200 Park-Ohio Holdings Corp.*+ 70,014 19,900 Sun Hydraulics Corp. 416,308 19,100 Tredegar Corp. 379,899 ------------ 3,266,289 ------------ MEDICAL & MEDICAL SERVICES--2.2% 16,100 Advocat, Inc.* 267,260 35,200 Alliance Imaging, Inc.* 209,792 4,100 Illumina, Inc.* 157,973 8,425 Infinity Pharmaceuticals, Inc.* 118,708 17,700 IRIDEX Corp.* 201,426 84,044 Osteotech, Inc.* 473,168 22,302 Pediatric Services of America, Inc.* 282,343 19,500 Pediatrix Medical Group, Inc.* 938,925 ------------ 2,649,595 ------------ MEDICAL INSTRUMENTS & SUPPLIES--2.6% 113,548 Bruker BioSciences Corp.* 877,726 45,895 Cholestech Corp.* 843,550 4,617 Cutera, Inc.*+ 129,922 43,200 Harvard Bioscience, Inc.*+ 198,288 8,600 HealthTronics, Inc.* 57,792 21,600 Home Diagnostics, Inc* 252,720 13,846 Immucor, Inc.* 372,458 26,000 Luminex Corp.* 333,060 1,100 MEDTOX Scientific, Inc.* 14,553 2,400 Mentor Corp. 119,880 ------------ 3,199,949 ------------ MORTGAGE--0.6% 44,600 Fremont General Corp. 758,646 ------------ 4 [LOGO]N/I NUMERIC INVESTORS FAMILY OF FUNDS EMERGING GROWTH FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) - -------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - -------------------------------------------------------------------------------- OFFICE & BUSINESS EQUIPMENT--0.6% 37,400 Global Imaging Systems, Inc.*+ $ 796,994 ------------ OFFICE FURNISHINGS--0.2% 8,700 Interface, Inc., Class A*+ 129,282 8,800 Knoll, Inc. 183,128 ------------ 312,410 ------------ OIL & GAS EQUIPMENT & SERVICES--1.4% 5,400 Gulf Island Fabrication, Inc. 203,202 39,600 Input/Output, Inc.*+ 429,660 15,400 Lone Star Technologies, Inc.* 807,884 4,600 Lufkin Industries, Inc.+ 269,100 ------------ 1,709,846 ------------ OIL & GAS FIELD EXPLORATION--3.8% 27,100 Complete Production Services, Inc.* 596,471 2,400 EV Energy Partner LP* 52,272 12,600 Exploration Company of Delaware (The)*+ 173,628 17,000 FX Energy, Inc.* 119,000 42,000 Harvest Natural Resources, Inc.* 430,500 28,905 NATCO Group, Inc., Class A*+ 996,355 12,639 Penn Virginia Corp. 952,854 106,650 VAALCO Energy, Inc.* 894,794 6,500 W&T Offshore, Inc. 225,290 5,700 Western Refining, Inc.+ 161,424 ------------ 4,602,588 ------------ OIL & GAS FIELD SERVICES--2.0% 9,500 Basic Energy Services, Inc.* 240,065 1,900 Hercules Offshore, Inc.* 64,733 11,187 Horizon Offshore, Inc.*+ 185,704 66,097 Matrix Service Co.* 1,056,230 26,021 Trico Marine Services, Inc.* 945,864 ------------ 2,492,596 ------------ - -------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - -------------------------------------------------------------------------------- OIL REFINING--0.1% 6,800 Delek US Holdings, Inc.* $ 115,872 ------------ PACKAGING--0.0% 6,682 UFP Technologiies, Inc.* 31,673 ------------ PAPER & ALLIED PRODUCTS--0.4% 53,200 Xerium Technologies, Inc.+ 542,108 ------------ PHARMACEUTICALS--1.7% 10,300 Auxilium Pharmaceuticals, Inc.* 171,804 107,343 Enzon Pharmaceuticals, Inc.*+ 894,167 7,204 Isis Pharmaceuticals, Inc.*+ 73,553 12,900 Noven Pharmaceuticals, Inc.* 305,859 8,900 Panacos Pharmaceuticals, Inc.* 57,672 44,731 Savient Pharmaceuticals, Inc.*+ 522,011 ------------ 2,025,066 ------------ POWER, DISTRIBUTION & SPECIALTY TRANSFORMERS--0.0% 200 Ormat Technologies, Inc.+ 7,368 ------------ PRINTING--0.3% 6,700 Consolidated Graphics, Inc.* 391,950 ------------ PUBLISHING--0.1% 11,400 Saga Communications, Inc., Class A* 101,802 ------------ REAL ESTATE INVESTMENT TRUSTS--3.7% 10,900 Entertainment Properties Trust 661,630 9,400 Equity Lifestyle Properties, Inc. 488,518 42,900 FelCor Lodging Trust, Inc. 944,229 6,900 Lasalle Hotel Properties+ 304,290 12,800 PS Business Parks, Inc. 912,000 21,500 Resource Capital Corp. 356,900 20,500 Tanger Factory Outlet Centers, Inc. 808,110 ------------ 4,475,677 ------------ RECREATIONAL--0.5% 38,800 Town Sports International Holdings, Inc.*+ 631,276 ------------ 5 [LOGO]N/I NUMERIC INVESTORS FAMILY OF FUNDS EMERGING GROWTH FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) - -------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - -------------------------------------------------------------------------------- RESTAURANTS--0.4% 7,800 CEC Entertainment, Inc.* $ 310,518 7,000 Domino's Pizza, Inc. 192,220 ------------ 502,738 ------------ RETAIL - SPECIALTY--7.9% 35,100 Aeropostale, Inc.*+ 1,061,424 21,688 Bon-Ton Stores, Inc. (The) 810,914 13,000 Brown Shoe Co., Inc. 616,720 25,547 Cato Corp. (The), Class A 606,486 28,600 Charlotte Russe Holding, Inc.* 862,862 18,800 Christopher & Banks Corp.+ 353,252 22,800 EZCORP, Inc., Class A* 1,065,216 49,901 FTD Group, Inc.* 874,266 6,900 Longs Drug Stores Corp. 283,521 900 Mothers Work, Inc.* 36,918 26,700 NBTY, Inc.* 970,545 4,700 New York & Co., Inc.*+ 60,912 4,100 Pantry, Inc. (The)*+ 200,982 13,387 REX Stores Corp.* 224,902 25,048 Shoe Carnival, Inc.* 675,294 6,700 Steven Madden Ltd.* 246,359 21,368 United Retail Group, Inc.* 311,545 6,603 USANA Health Sciences, Inc.* 319,453 ------------ 9,581,571 ------------ SAVINGS & LOAN ASSOCIATIONS--0.7% 25,047 Sterling Financial Corp.+ 840,327 ------------ SEMICONDUCTORS--4.4% 10,836 Advanced Energy Industries, Inc.* 186,704 12,000 Amkor Technology, Inc.*+ 122,640 39,800 Applied Micro Circuits Corp.*+ 139,300 11,500 AXT, Inc.* 59,570 4,753 Coherent, Inc.* 153,569 48,000 Emulex Corp.* 1,001,760 19,688 FSI International, Inc.* 110,450 - -------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - -------------------------------------------------------------------------------- SEMICONDUCTORS--(CONTINUED) 17,657 Integrated Silicon Solution, Inc.* $ 109,826 21,846 LTX Corp.*+ 113,818 6,192 Mattson Technology, Inc.* 58,886 11,900 Silicon Image, Inc.* 149,583 128,700 Skyworks Solutions, Inc.*+ 934,362 4,900 Techwell, Inc.* 84,770 31,200 Varian Semiconductor Equipment Associates, Inc.* 1,239,576 64,300 Zoran Corp.* 958,713 ------------ 5,423,527 ------------ SERVICES - EMPLOYMENT AGENCIES--0.3% 6,600 Kelly Services, Inc.+ 192,324 4,100 Volt Information Sciences, Inc.* 191,306 ------------ 383,630 ------------ SERVICES - MANAGEMENT CONSULTING--0.5% 8,900 American Dental Partners, Inc.* 157,708 11,500 First Consulting Group, Inc.* 143,060 25,249 PDI, Inc.*+ 257,540 7,700 Spherion Corp.* 55,440 ------------ 613,748 ------------ STEEL--0.9% 24,000 Chaparral Steel Co. 1,116,000 ------------ TECHNOLOGY--0.1% 11,700 Digimarc Corp.* 105,417 ------------ TELECOMMUNICATIONS EQUIPMENT & SERVICES--2.9% 66,936 Carrier Access Corp.* 418,350 3,700 Cbeyond, Inc.* 121,582 26,400 Ditech Networks, Inc.* 184,800 32,538 Glenayre Technologies, Inc.* 78,742 3,500 IHS, Inc.* 129,675 46,704 Lightbridge, Inc.* 616,493 9,100 Network Equipment Tech., Inc.* 55,783 35,954 Polycom, Inc.* 1,036,913 6 [LOGO]N/I NUMERIC INVESTORS FAMILY OF FUNDS EMERGING GROWTH FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) - -------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - -------------------------------------------------------------------------------- TELECOMMUNICATIONS EQUIPMENT & SERVICES--(CONTINUED) 6,100 Tessco Technologies, Inc.*+ $ 131,028 15,854 Tollgrade Communications, Inc.* + 139,040 59,100 UTStarcom, Inc.*+ 524,808 62,400 WJ Communications, Inc.* 131,040 ------------- 3,568,254 ------------- TOBACCO--1.4% 127,200 Alliance One International, Inc.* 824,256 18,400 Universal Corp.+ 856,888 ------------- 1,681,144 ------------- TRANSPORTATION--4.6% 68,382 ABX Air, Inc.*+ 432,858 7,001 Atlas Air Worldwide Holdings, Inc.* 296,562 21,510 Celadon Group, Inc.* 398,365 20,110 Genco Shipping & Trading Ltd.+ 477,613 23,800 General Maritime Corp.+ 838,236 33,500 Navios Maritime Holdings, Inc.+ 176,880 31,300 OMI Corp. 731,168 8,200 Overseas Shipholding Group, Inc. 471,992 1,671 P.A.M. Transportation Services, Inc.* 40,087 16,649 Pacer International, Inc.* 498,638 36,700 Quality Distribution, Inc.* 489,578 29,423 Saia, Inc.* 729,396 ------------- 5,581,373 ------------- WHOLESALE - DISTRIBUTION--0.5% 73,100 Handleman Co. 576,759 6,100 Rentrak Corp.* 89,914 ------------- 666,673 ------------- Total Common Stocks (Cost $111,407,845) 120,569,778 ------------- - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE (000'S) (NOTE 1) - -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS--2.6% $2,209 Bear, Stearns & Co., Inc. (Agreement dated 11/30/06 to be repurchased at $2,209,161, collateralized by $1,645,000 par amount of U.S. Treasury Bond, at a rate of 9.25%, due 2/15/16, market value of collateral is $2,277,891) 5.27%, 12/01/06 $ 2,208,838 951 Bear, Stearns & Co., Inc. (Agreement dated 11/30/06 to be repurchased at $951,530, collateralized by $710,000 par amount of U.S. Treasury Bond, at a rate of 9.25%, due 2/15/16, market value of collateral is $983,163) 2.66%, 12/01/06** 951,460 -------------- Total Repurchase Agreements (Cost $3,160,298) 3,160,298 -------------- Total Investments -- 101.5% (Cost $114,568,143)*** 123,730,076 -------------- Liabilities in excess of other assets -- (1.5)% (1,867,250) -------------- Net Assets -- 100.0% $ 121,862,826 ============== - ------------ + Security position is either entirely or partially out on loan. * Non-income producing. ** Investment purchased with collateral received for securities on loan. *** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 115,480,115 ------------- Gross unrealized appreciation $ 11,993,056 Gross unrealized depreciation (3,743,095) ------------- Net unrealized appreciation/(depreciation) $ 8,249,961 ============= For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 7 [LOGO]N/I NUMERIC INVESTORS FAMILY OF FUNDS GROWTH FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- COMMON STOCKS--99.7% AEROSPACE & DEFENSE--0.6% 1,200 Alliant Techsystems, Inc.*+ $ 92,772 4,700 Orbital Sciences Corp.* 85,164 ----------- 177,936 ----------- AIRLINES--0.3% 11,800 ExpressJet Holdings, Inc.* 93,220 ----------- APPAREL--1.4% 3,400 American Eagle Outfitters, Inc.+ 153,612 4,400 Gymboree Corp. (The)* 175,120 2,400 Maidenform Brands, Inc.* 45,888 1,843 Perry Ellis International, Inc.* 69,942 ----------- 444,562 ----------- AUTOMOBILE PARTS & EQUIPMENT--1.3% 2,200 Accuride Corp.* 24,772 12,800 American Axle & Manufacturing Holdings, Inc. 234,240 3,300 Group 1 Automotive, Inc. 168,267 ----------- 427,279 ----------- AUTOMOBILE RENTALS--0.3% 4,000 United Rentals, Inc.* 100,240 ----------- AUTOMOBILES & TRUCKS--1.7% 8,600 Navistar International Corp.* 275,114 5,200 Oshkosh Truck Corp.+ 249,652 ----------- 524,766 ----------- BANKS--1.1% 7,000 Corus Bankshares, Inc.+ 156,870 6,700 TCF Financial Corp.+ 175,004 300 Vineyard National Bancorp Co.+ 6,486 ----------- 338,360 ----------- BIOTECHNOLOGY--3.0% 3,200 Alkermes, Inc.*+ 48,576 1,100 Diversa Corp.*+ 12,518 2,925 Exelixis, Inc.*+ 25,213 1,400 Medarex, Inc.*+ 18,886 10,585 Medicines Co. (The)*+ 302,202 - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- BIOTECHNOLOGY--(CONTINUED) 1,700 MGI Pharma, Inc.* $ 32,249 2,300 Millennium Pharmaceuticals, Inc.*+ 25,875 1,395 New River Pharmaceuticals, Inc.*+ 68,467 2,900 Omrix Biopharmaceuticals, Inc.* 85,782 4,500 Pain Therapeutics, Inc.* 38,520 3,400 Progenics Pharmaceuticals, Inc.* 93,092 3,100 Regeneron Pharmaceuticals, Inc.* 66,681 1,700 Theravance, Inc.* 53,193 1,400 Vertex Pharmaceuticals, Inc.* 62,020 1,000 Xenoport, Inc.* 26,820 ----------- 960,094 ----------- BUILDING & BUILDING MATERIALS--0.1% 797 Perini Corp.* 25,918 ----------- BUSINESS SERVICES--0.0% 500 Forrester Research, Inc.* 14,060 ----------- CHEMICALS - DIVERSIFIED--0.9% 13,600 Celanese Corp., Series A 299,200 ----------- CHEMICALS - SPECIALTY--3.4% 1,200 Cabot Corp. 49,356 5,500 International Flavors & Fragrances, Inc. 259,105 5,097 Lubrizol Corp. (The)+ 241,292 4,900 OM Group, Inc.* 230,545 4,972 RPM International, Inc. 100,285 5,300 Spartech Corp. 158,576 1,777 Valspar Corp. (The) 49,721 ----------- 1,088,880 ----------- COMMERCIAL SERVICES--3.2% 11,800 Convergys Corp.*+ 284,616 1,800 Deluxe Corp. 44,316 25,999 Emdeon Corp.* 308,088 9,200 Equifax, Inc. 349,508 700 Steiner Leisure Ltd.* 31,360 ----------- 1,017,888 ----------- 1 [LOGO]N/I NUMERIC INVESTORS FAMILY OF FUNDS GROWTH FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- COMPUTER COMPONENTS--0.6% 1,024 Komag, Inc.* $ 40,428 7,000 Western Digital Corp.* 143,640 ----------- 184,068 ----------- COMPUTER NETWORKING PRODUCTS--1.2% 29,100 Brocade Communications Systems, Inc.* 269,175 4,900 Foundry Networks, Inc.* 70,119 7,400 Sonus Networks, Inc.*+ 46,472 ----------- 385,766 ----------- COMPUTER SERVICES--0.1% 700 COMSYS IT Partners, Inc.* 12,887 4,500 Unisys Corp.* 32,445 ----------- 45,332 ----------- COMPUTER SOFTWARE--2.2% 3,104 Ansoft Corp.* 85,795 5,500 Captaris, Inc.* 40,150 6,100 Magma Design Automation, Inc.* 54,656 700 ManTech International Corp., Class A* 25,396 9,500 SYNNEX Corp.* 215,745 11,135 Synopsys, Inc.* 284,499 ----------- 706,241 ----------- COMPUTER STORAGE DEVICES--0.4% 1,800 Datalink Corp.* 14,616 9,859 Smart Modular Technologies, Inc.* 117,224 ----------- 131,840 ----------- CONSTRUCTION & BUILDING MATERIALS--0.1% 900 Infrasource Services, Inc.* 19,449 ----------- CONSUMER PRODUCTS--0.3% 1,400 Helen of Troy Ltd.* 33,082 3,000 Tempur-Pedic International, Inc.*+ 63,240 ----------- 96,322 ----------- - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- CORRECTIONAL REHABILITAION--0.4% 2,900 Corrections Corporation of America*+ $ 131,805 ----------- DATA PROCESSING--2.5% 1,700 Commvault Systems, Inc.* 33,932 700 Dun & Bradstreet Corp. (The)* 57,554 6,200 Fair Isaac Corp. 258,044 2,300 Global Payments, Inc.+ 105,340 9,600 infoUSA, Inc.+ 116,544 8,825 Total System Services, Inc. 229,185 ----------- 800,599 ----------- ELECTRICAL EQUIPMENT--0.5% 1,000 Acuity Brands, Inc. 52,670 1,900 General Cable Corp.*+ 80,750 500 WESCO International, Inc.* 33,450 ----------- 166,870 ----------- ELECTRONIC COMPONENTS & ACCESSORIES--3.9% 8,700 Arrow Electronics, Inc.* 276,312 10,500 Avnet, Inc.*+ 260,295 3,000 AVX Corp. 46,620 2,000 Graftech International Ltd.* 13,500 2,027 Hittite Microwave Corp.*+ 79,195 6,021 Planar Systems, Inc.* 60,330 1,200 Spansion, Inc.* 17,532 8,624 Technitrol, Inc.+ 236,988 1,900 Thomas & Betts Corp.* 98,553 9,872 TTM Technologies, Inc.* 124,486 2,300 Vishay Intertechnology, Inc.* 30,130 ----------- 1,243,941 ----------- ELECTRONIC MEASUREMENTS - INSTRUMENTS--0.7% 6,305 Eagle Test Systems, Inc.* 97,601 4,000 Tektronix, Inc. 122,240 ----------- 219,841 ----------- 2 [LOGO]N/I NUMERIC INVESTORS FAMILY OF FUNDS GROWTH FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- ENERGY & RAW MATERIALS--0.4% 5,561 Headwaters, Inc.* $ 133,019 ----------- ENGINEERING--0.4% 1,600 Jacobs Engineering Group, Inc.* 134,192 ----------- ENTERTAINMENT--0.3% 3,800 Live Nation, Inc.* 81,472 ----------- FINANCIAL SERVICES--1.1% 6,400 Cash America International, Inc. 282,496 500 Dollar Financial Corp.*+ 14,630 1,100 Jackson Hewitt Tax Service, Inc. 39,798 ----------- 336,924 ----------- FOOD & AGRICULTURE--0.8% 5,300 J. M. Smucker Co. (The) 254,824 ----------- HEALTH CARE--3.3% 6,700 AMERIGROUP Corp.* 229,073 100 CorVel Corp.* 5,726 10,900 Healthspring, Inc.* 210,479 6,500 Herbalife Ltd.* 253,240 300 LHC Group, Inc.* 8,301 2,710 Odyssey HealthCare, Inc.*+ 33,550 4,700 WellCare Health Plans, Inc.* 303,479 ----------- 1,043,848 ----------- HOSPITALS--1.6% 6,300 Apria Healthcare Group, Inc.* 157,311 1,013 LifePoint Hospitals, Inc. 35,161 2,200 MedCath Corp.* 56,936 4,700 Universal Health Services, Inc., Class B+ 259,487 ----------- 508,895 ----------- HOTELS & MOTELS--0.9% 5,932 Choice Hotels International, Inc. 270,499 3,200 Interstate Hotels & Resorts, Inc.* 24,992 ----------- 295,491 ----------- - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- INSURANCE--1.6% 5,800 Allied World Assurance Holdings $ 246,210 6,500 Endurance Specialty Holdings 243,945 800 Max Re Capital Ltd. 19,200 ----------- 509,355 ----------- INSURANCE - PROPERTY & CASUALTY--2.8% 7,690 Commerce Group, Inc. (The) 234,622 5,066 IPC Holdings Ltd. 158,059 4,400 RenaissanceRe Holdings Ltd.+ 259,072 5,400 Zenith National Insurance Corp.+ 249,264 ----------- 901,017 ----------- INTERNET CONTENT--0.2% 5,815 United Online, Inc. 78,095 ----------- INTERNET SOFTWARE--2.2% 2,500 Internap Network Services Corp.* 48,625 2,400 Interwoven, Inc.* 34,008 11,600 McAfee, Inc.* 338,836 22,026 SonicWALL, Inc.* 221,361 4,216 TheStreet.com, Inc.* 41,233 ----------- 684,063 ----------- INVESTMENT MANAGEMENT--0.1% 900 Eaton Vance Corp. 28,710 ----------- LEISURE & ENTERTAINMENT--0.6% 3,800 Dover Downs Gaming & Entertainment, Inc. 50,768 2,500 International Speedway Corp., Class A 129,575 200 Speedway Motorsports, Inc. 7,580 ----------- 187,923 ----------- MACHINERY--2.0% 2,017 Chart Industries, Inc.*+ 29,771 1,100 Gardner Denver, Inc.* 42,064 5,300 Terex Corp.*+ 296,906 3 [LOGO]N/I NUMERIC INVESTORS FAMILY OF FUNDS GROWTH FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- MACHINERY--(CONTINUED) 7,800 Wabtec Corp. $ 256,230 ----------- 624,971 ----------- MANUFACTURING--2.4% 720 Carlisle Companies, Inc. 58,961 2,800 Freightcar America, Inc.+ 154,280 3,260 Insteel Industries, Inc. 62,722 800 Manitowoc Co., Inc. (The) 48,192 11,900 Myers Industries, Inc. 192,304 3,700 Teleflex, Inc. 239,131 ----------- 755,590 ----------- MEDICAL & MEDICAL SERVICES--2.1% 500 Illumina, Inc.* 19,265 8,950 Lincare Holdings, Inc.* 337,147 6,300 Pediatrix Medical Group, Inc.* 303,345 800 Res-Care, Inc.* 14,712 ----------- 674,469 ----------- MEDICAL INSTRUMENTS & SUPPLIES--4.3% 1,600 Bruker BioSciences Corp.* 12,368 1,612 Cholestech Corp.* 29,629 959 Cutera, Inc.*+ 26,986 1,135 Cytyc Corp.* 29,760 11,200 DENTSPLY International, Inc. 357,616 3,300 Henry Schein, Inc.* 170,049 500 Hillenbrand Industries, Inc. 28,930 2,600 IDEXX Laboratories, Inc.*+ 220,090 2,678 Immucor, Inc.* 72,038 7,488 Kinetic Concepts, Inc.* 271,814 2,100 Techne Corp* 112,917 600 Waters Corp.*+ 30,024 ----------- 1,362,221 ----------- MORTGAGE--1.1% 7,300 Fremont General Corp. 124,173 - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- MORTGAGE--(CONTINUED) 5,000 IndyMac Bancorp, Inc.+ $ 229,750 ----------- 353,923 ----------- OFFICE & BUSINESS EQUIPMENT--0.4% 1,600 Global Imaging Systems, Inc.*+ 34,096 4,900 IKON Office Solutions, Inc.+ 79,233 ----------- 113,329 ----------- OIL & GAS EQUIPMENT & SERVICES--1.9% 300 Gulf Island Fabrication, Inc. 11,289 2,400 Input/Output, Inc.*+ 26,040 1,600 Lone Star Technologies, Inc.* 83,936 5,400 NATCO Group, Inc., Class A* 186,138 5,300 Tidewater, Inc. 293,249 ----------- 600,652 ----------- OIL & GAS FIELD EXPLORATION--4.1% 600 Complete Production Services, Inc.* 13,206 10,500 Harvest Natural Resources, Inc.* 107,625 3,200 Penn Virginia Corp. 241,248 7,500 St. Mary Land & Exploration Co.+ 300,600 6,200 Unit Corp.* 316,386 23,740 VAALCO Energy, Inc.* 199,179 3,600 W&T Offshore, Inc. 124,776 ----------- 1,303,020 ----------- OIL & GAS FIELD SERVICES--1.4% 1,000 Basic Energy Services, Inc.* 25,270 10,714 Matrix Service Co.* 171,210 7,100 Trico Marine Services, Inc.* 258,085 ----------- 454,565 ----------- OIL REFINING--0.1% 1,000 Delek US Holdings, Inc. 17,040 900 Western Refining, Inc.+ 25,488 ----------- 42,528 ----------- 4 [LOGO]N/I NUMERIC INVESTORS FAMILY OF FUNDS GROWTH FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- OIL SERVICES--0.2% 2,200 Horizon Offshore, Inc.* $ 36,520 1,000 Superior Energy Services, Inc.* 32,570 ----------- 69,090 ----------- PAPER & ALLIED PRODUCTS--0.8% 6,000 Rayonier, Inc.+ 250,200 ----------- PHARMACEUTICALS--1.2% 23,889 Enzon Pharmaceuticals, Inc.*+ 198,995 3,100 Mylan Laboratories, Inc.+ 62,899 1,100 Noven Pharmaceuticals, Inc.* 26,081 5,100 Prestige Brands Holdings, Inc.* 61,098 1,800 Savient Pharmaceuticals, Inc.*+ 21,006 ----------- 370,079 ----------- PRINTING--0.2% 1,300 Consolidated Graphics, Inc.* 76,050 ----------- PUBLISHING--0.7% 6,451 Scholastic Corp. 214,947 ----------- REAL ESTATE INVESTMENT TRUSTS--3.0% 2,900 Entertainment Properties Trust 176,030 11,700 FelCor Lodging Trust, Inc. 257,517 400 Lasalle Hotel Properties+ 17,640 3,209 PS Business Parks, Inc. 228,641 600 SL Green Realty Corp.+ 81,144 1,700 Tanger Factory Outlet Centers, Inc. 67,014 3,300 Ventas, Inc. 128,535 ----------- 956,521 ----------- RECREATIONAL--0.1% 1,000 Town Sports International Holdings, Inc.* 16,270 ----------- RESTAURANTS--1.3% 8,000 Brinker International, Inc. 363,760 500 CEC Entertainment, Inc.* 19,905 - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- RESTAURANTS--(CONTINUED) 900 Domino's Pizza, Inc. $ 24,714 ----------- 408,379 ----------- RETAIL - SPECIALTY--9.6% 1,100 Advance Auto Parts, Inc. 39,160 8,598 Aeropostale, Inc.*+ 260,003 8,200 AnnTaylor Stores Corp.* 282,900 7,700 Asbury Automotive Group, Inc. 181,258 428 Bon-Ton Stores, Inc. (The) 16,003 2,800 Brown Shoe Co., Inc. 132,832 3,800 Cato Corp. (The), Class A 90,212 1,900 Charlotte Russe Holding, Inc.* 57,323 1,000 Christopher & Banks Corp.+ 18,790 7,537 Dollar Tree Stores, Inc.* 226,185 5,455 EZCORP, Inc., Class A* 254,858 10,400 Family Dollar Stores, Inc. 290,056 5,420 FTD Group, Inc.* 94,958 700 Longs Drug Stores Corp. 28,763 2,691 Mothers Work, Inc.* 110,385 7,000 NBTY, Inc.* 254,450 5,499 Officemax, Inc. 258,838 400 Pantry, Inc. (The)*+ 19,608 2,800 Rent-A-Center, Inc.*+ 76,552 11,100 Ross Stores, Inc. 343,989 800 Shoe Carnival, Inc.* 21,568 205 Steven Madden Ltd.* 7,538 ----------- 3,066,229 ----------- SAVINGS & LOAN ASSOCIATIONS--1.7% 5,700 BankUnited Financial Corp., Class A 145,350 1,800 Downey Financial Corp.+ 131,040 3,500 FirstFed Financial Corp.*+ 227,570 961 Sterling Financial Corp.+ 32,242 ----------- 536,202 ----------- 5 [LOGO]N/I NUMERIC INVESTORS FAMILY OF FUNDS GROWTH FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- SCHOOLS--1.0% 4,400 ITT Educational Services, Inc.*+ $ 301,708 ----------- SEMICONDUCTORS--5.9% 3,700 Agere Systems, Inc. Class A* 66,304 8,200 Applied Micro Circuits Corp.*+ 28,700 3,800 EMCOR Group, Inc.*+ 226,746 11,700 Emulex Corp.* 244,179 11,568 Integrated Device Technology, Inc.* 190,872 3,200 LTX Corp.*+ 16,672 6,700 Novellus Systems, Inc.* 209,174 1,608 OmniVision Technologies, Inc.*+ 26,194 35,900 Skyworks Solutions, Inc.*+ 260,634 20,262 Teradyne, Inc.* 301,904 2,000 Varian Semiconductor Equipment Associates, Inc.* 79,460 16,200 Zoran Corp.* 241,542 ----------- 1,892,381 ----------- STEEL--0.5% 3,700 Chaparral Steel Co. 172,050 ----------- TELECOMMUNICATIONS EQUIPMENT & SERVICES--1.7% 1,900 Carrier Access Corp.* 11,875 8,200 Lightbridge, Inc.* 108,240 1,200 MasTec, Inc.* 13,536 9,100 Polycom, Inc.* 262,444 2,058 TiVo, Inc.*+ 11,731 15,300 UTStarcom, Inc.*+ 135,864 ----------- 543,690 ----------- TOBACCO--0.4% 6,600 Alliance One International, Inc.* 42,768 1,953 Universal Corp.+ 90,951 ----------- 133,719 ----------- TRANSPORTATION--2.6% 2,600 ABX Air, Inc.*+ 16,458 - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- TRANSPORTATION--(CONTINUED) 317 Atlas Air Worldwide Holdings, Inc.* $ 13,428 800 Celadon Group, Inc.* 14,816 6,300 General Maritime Corp.+ 221,886 7,600 OMI Corp. 177,536 3,800 Overseas Shipholding Group, Inc. 218,728 1,100 Pacer International, Inc.* 32,945 1,263 Saia, Inc.* 31,310 2,700 YRC Worldwide, Inc.*+ 104,625 ----------- 831,732 ----------- UTILITIES--1.6% 5,500 Energen Corp. 249,480 8,700 UGI Corp.+ 245,166 ----------- 494,646 ----------- WASTE MANAGEMENT--0.8% 7,000 Metal Management, Inc. 256,550 ----------- WHOLESALE - DISTRIBUTION--0.1% 2,700 Handleman Co. 21,303 ----------- Total Common Stocks (Cost $29,400,621) 31,719,319 ----------- - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE (000'S) (NOTE 1) - -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS--3.8% $610 Bear, Stearns & Co., Inc. (Agreement dated 11/30/06 to be repurchased at $610,244, collateralized by $455,000 par amount of U.S. Treasury Bond, at a rate of 9.25%, due 2/15/16, market value of collateral is $630,055) 2.66%, 12/01/06** 610,199 6 [LOGO]N/I NUMERIC INVESTORS FAMILY OF FUNDS GROWTH FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE (000'S) (NOTE 1) - -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS--(CONTINUED) $614 Bear, Stearns & Co., Inc. (Agreement dated 11/30/06 to be repurchased at $613,999, collateralized by $460,000 par amount of U.S. Treasury Bond, at a rate of 9.25%, due 2/15/16, market value of collateral is $636,979) 5.27%, 12/01/06 $ 613,909 ------------ Total Repurchase Agreements (Cost $1,224,108) 1,224,108 ------------ Total Investments -- 103.5% (Cost $30,624,729)*** 32,943,427 ------------ Liabilites in Excess of Other Assets -- (3.5)% (1,121,561) ------------ Net Assets -- 100.0% $31,821,866 ============ - ------------- + Security position is either entirely or partially out on loan. * Non-income producing. ** Investment purchased with collateral received for securities on loan. *** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 30,883,685 ------------ Gross unrealized appreciation $ 2,586,057 Gross unrealized depreciation (526,315) ------------ Net unrealized appreciation/(depreciation) $ 2,059,742 ============ For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 7 [LOGO]N/I NUMERIC INVESTORS FAMILY OF FUNDS MID CAP FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- COMMON STOCKS--94.7% ADVERTISING--0.9% 5,600 Omnicom Group, Inc. $ 572,096 ----------- AEROSPACE & DEFENSE--2.0% 9,100 Northrop Grumman Corp. 609,063 11,800 Raytheon Co. + 602,272 800 Spirit Aerosystems Holdings, Inc.* 23,320 ----------- 1,234,655 ----------- AIRLINES--0.2% 7,652 Southwest Airlines Co. 120,213 ----------- APPAREL--1.1% 19,600 Jones Apparel Group, Inc. 658,560 ----------- AUTOMOBILE PARTS & EQUIPMENT--1.0% 7,300 Johnson Controls, Inc. 593,709 ----------- BANKS--5.2% 9,400 City National Corp. 637,508 12,400 Comerica, Inc. 722,300 11,400 Regions Financial Corp. 417,810 21,900 Synovus Financial Corp. 657,438 9,300 UnionBanCal Corp.+ 535,308 2,300 Zions Bancorp. 179,952 ----------- 3,150,316 ----------- BROADCASTING / CABLE TV--0.9% 22,900 CTC Media, Inc.* 517,540 ----------- CHEMICALS - DIVERSIFIED--1.0% 28,200 Celanese Corp., Series A 620,400 ----------- CHEMICALS - SPECIALTY--2.1% 13,497 Lubrizol Corp. (The)+ 638,948 30,200 RPM International, Inc. 609,134 ----------- 1,248,082 ----------- COMMERCIAL SERVICES--2.4% 16,000 Convergys Corp.*+ 385,920 12,200 Equifax, Inc. 463,478 17,200 IAC InterActiveCorp.+ 627,628 ----------- 1,477,026 ----------- - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- COMPUTER NETWORKING PRODUCTS--1.1% 27,100 Synopsys, Inc.* $ 692,405 ----------- COMPUTER SERVICES--1.0% 30,700 Ingram Micro, Inc., Class A* 625,666 ----------- COMPUTER SOFTWARE--1.1% 21,500 Intuit, Inc.* 676,820 ----------- CORRECTIONAL REHABILITAION--0.9% 12,600 Corrections Corporation of America*+ 572,670 ----------- DATA PROCESSING--0.1% 3,429 Total System Services, Inc. 89,051 ----------- ELECTRONIC COMPONENTS & ACCESSORIES--3.2% 18,500 Dolby Laboratories, Inc.* 527,990 23,700 Jabil Circuit, Inc. 672,132 9,000 Thomas & Betts Corp.* 466,830 9,500 Xilinx, Inc. 254,600 ----------- 1,921,552 ----------- ENERGY--0.9% 9,800 TXU Corp. 562,422 ----------- ENGINEERING--0.0% 600 KBR, Inc.*+ 13,284 ----------- ENVIRONMENTAL SERVICES--2.1% 16,000 Republic Services, Inc. 663,680 16,100 Waste Management, Inc. 589,421 ----------- 1,253,101 ----------- FINANCIAL SERVICES--3.3% 14,600 CIT Group, Inc. 759,346 14,400 Countrywide Financial Corp. 571,968 6,700 IntercontinentalExchange, Inc.* 658,275 ----------- 1,989,589 ----------- FOOD--0.3% 4,800 Hormel Foods Corp. 181,824 ----------- FOOD & AGRICULTURE--2.1% 11,200 General Mills, Inc. 626,640 ----------- 1 [LOGO]N/I NUMERIC INVESTORS FAMILY OF FUNDS MID CAP FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- FOOD & AGRICULTURE--(CONTINUED) 13,800 J. M. Smucker Co. (The) $ 663,504 ----------- 1,290,144 ----------- GAS UTILITIES--0.1% 1,800 Atmos Energy Corp. 58,986 ----------- HEALTH--0.9% 14,600 Herbalife Ltd.* 568,816 ----------- HEALTH CARE--1.9% 13,800 Humana, Inc.*+ 746,580 6,800 WellCare Health Plans, Inc.* 439,076 ----------- 1,185,656 ----------- HOSPITALS--0.2% 2,000 Universal Health Services, Inc., Class B+ 110,420 ----------- HOTELS & MOTELS--1.0% 13,100 Choice Hotels International, Inc. 597,360 ----------- INSURANCE--2.0% 13,500 Allied World Assurance Holdings 573,075 17,000 Axis Capital Holdings Ltd. 581,910 2,300 Endurance Specialty Holdings 86,319 ----------- 1,241,304 ----------- INSURANCE - PROPERTY & CASUALTY--1.6% 11,800 Commerce Group, Inc. (The) 360,018 10,200 RenaissanceRe Holdings Ltd.+ 600,576 ----------- 960,594 ----------- INTERNET CONTENT--0.5% 26,700 Emdeon Corp.* 316,395 ----------- INTERNET SOFTWARE--1.1% 23,300 McAfee, Inc.* 680,593 ----------- LEISURE & ENTERTAINMENT--2.6% 20,000 CBS Corp. 595,000 7,416 International Speedway Corp., Class A 384,371 - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- LEISURE & ENTERTAINMENT--(CONTINUED) 13,500 Royal Caribbean Cruises Ltd. $ 573,075 ----------- 1,552,446 ----------- MACHINERY--0.3% 3,000 Terex Corp.* 168,060 ----------- MANUFACTURING--1.7% 9,900 Eaton Corp. 763,092 4,400 Teleflex, Inc. 284,372 ----------- 1,047,464 ----------- MEDICAL & MEDICAL SERVICES--2.3% 18,000 Lincare Holdings, Inc.* 678,060 2,000 New Aetna, Inc 82,620 13,232 Pediatrix Medical Group, Inc.* 637,121 ----------- 1,397,801 ----------- MEDICAL INSTRUMENTS & SUPPLIES--4.0% 11,400 Baxter International, Inc. 510,036 8,600 Becton, Dickinson & Co. 616,792 5,600 Hillenbrand Industries, Inc. 324,016 12,000 Kinetic Concepts, Inc.* 435,600 10,700 McKesson Corp. + 528,580 ----------- 2,415,024 ----------- METALS - DIVERSIFIED--0.3% 1,400 Phelps Dodge Corp. 172,200 ----------- MORTGAGE--0.9% 11,700 IndyMac Bancorp, Inc.+ 537,615 ----------- MULTIMEDIA/PUBLISHING--2.3% 11,400 Gannett Co., Inc. 678,528 20,200 R.R. Donnelley & Sons Co. 712,454 ----------- 1,390,982 ----------- OFFICE & BUSINESS EQUIPMENT--1.1% 10,000 Avery Dennison Corp. 674,700 ----------- OIL & GAS FIELD EXPLORATION--5.0% 14,100 Ensco International, Inc. 731,226 ----------- 2 [LOGO]N/I NUMERIC INVESTORS FAMILY OF FUNDS MID CAP FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- OIL & GAS FIELD EXPLORATION--(CONTINUED) 4,300 Grant Prideco, Inc.* $ 188,426 21,900 Pride International, Inc.*+ 707,151 11,900 Ultra Petroleum Corp.* 641,410 13,000 Unit Corp.* 663,390 3,038 W&T Offshore, Inc. 105,297 ----------- 3,036,900 ----------- OIL REFINING--0.2% 2,200 Sunoco, Inc. 149,952 ----------- PAPER & ALLIED PRODUCTS--1.1% 16,300 Rayonier, Inc.+ 679,710 ----------- PHARMACEUTICALS--1.0% 11,700 Biogen Idec, Inc.* 611,442 ----------- REAL ESTATE INVESTMENT TRUSTS--3.3% 7,900 Camden Property 629,867 15,400 CBL & Associates Properties, Inc.+ 663,740 5,200 SL Green Realty Corp.+ 703,248 ----------- 1,996,855 ----------- RESIDENTIAL CONSTRUCTION--1.1% 1,150 NVR, Inc.* 684,250 ----------- RESTAURANTS--2.2% 14,400 Brinker International, Inc. 654,768 13,160 Darden Restaurants, Inc. 528,374 2,900 Yum! Brands, Inc. 177,451 ----------- 1,360,593 ----------- RETAIL - SPECIALTY--5.9% 16,300 AnnTaylor Stores Corp.* 562,350 6,000 AutoZone, Inc.* 681,660 10,400 Family Dollar Stores, Inc. 290,056 17,500 NBTY, Inc.* 636,125 19,000 Office Depot, Inc.* 719,340 21,600 Ross Stores, Inc. 669,384 ----------- 3,558,915 ----------- - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- SAVINGS & LOAN ASSOCIATIONS--1.1% 24,600 TCF Financial Corp.+ $ 642,552 ----------- SCHOOLS--1.0% 8,700 ITT Educational Services, Inc.*+ 596,559 ----------- SEMICONDUCTORS--3.3% 3,100 Altera Corp.* 61,659 13,800 Integrated Device Technology, Inc.* 227,700 8,827 Lam Research Corp.*+ 464,300 1,600 MEMC Electronic Materials, Inc.* 63,680 16,500 Novellus Systems, Inc.* 515,130 44,100 Teradyne, Inc.* 657,090 ----------- 1,989,559 ----------- SERVICES - MANAGEMENT CONSULTING--0.9% 17,000 Accenture Ltd., Class A 572,900 ----------- TELECOMMUNICATIONS--1.2% 13,800 Embarq Corp. 710,010 ----------- TELECOMMUNICATIONS EQUIPMENT & SERVICES--1.3% 4,000 Amdocs Ltd.* 154,200 21,100 Polycom, Inc.* 608,524 ----------- 762,724 ----------- TRANSPORTATION--2.1% 3,100 CSX Corp. 111,166 11,600 Norfolk Southern Corp.+ 571,300 6,500 Union Pacific Corp. 588,380 ----------- 1,270,846 ----------- UTILITIES--5.5% 10,300 AGL Resources, Inc. 395,623 1,455 Alliant Energy Corp.+ 56,600 19,500 American Electric Power Co., Inc. 809,445 13,600 Energen Corp.+ 616,896 2,200 National Fuel Gas Co.+ 83,380 14,000 Pinnacle West Capital Co. 690,760 3 [LOGO]N/I NUMERIC INVESTORS FAMILY OF FUNDS MID CAP FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- UTILITIES--(CONTINUED) 900 Public Service Enterprise Group, Inc. $ 60,498 22,000 UGI Corp.+ 619,960 ----------- 3,333,162 ----------- WHOLESALE - DISTRIBUTION--0.8% 14,200 SUPERVALU, Inc.+ 486,492 ----------- Total Common Stocks (Cost $53,560,306) 57,580,962 ----------- - -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE (000'S) (NOTE 1) - -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS--8.1% $1,385 Bear, Stearns & Co., Inc. (Agreement dated 11/30/06 to be repurchased at $1,385,443, collateralized by $1,030,000 par amount of U.S. Treasury Bond, at a rate of 9.25%, due 2/15/16, market value of collateral is $1,426,278) 2.66%, 12/01/06** 1,385,341 3,550 Bear, Stearns & Co., Inc. (Agreement dated 11/30/06 to be repurchased at $3,550,073, collateralized by $2,640,000 par amount of U.S. Treasury Bond, at a rate of 9.25%, due 2/15/16, market value of collateral is $3,655,703) 5.27%, 12/01/06 3,549,553 ----------- Total Repurchase Agreements (Cost $4,934,895) 4,934,894 ------------ Total Investments -- 102.8% (Cost $58,495,201)*** 62,515,856 ------------ Liabilities in Excess of Other Assets -- (2.8)% (1,686,135) ------------ Net Assets -- 100.0% $60,829,721 =========== - ------------- + Security position is either entirely or partially out on loan. * Non-income producing. ** Investment purchased with collateral received for securities on loan. *** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 58,885,939 ------------ Gross unrealized appreciation $ 3,977,880 Gross unrealized depreciation (347,963) ------------ Net unrealized appreciation/(depreciation) $ 3,629,917 ============ For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 4 [LOGO]N/I NUMERIC INVESTORS FAMILY OF FUNDS SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- COMMON STOCKS--97.8% AEROSPACE & DEFENSE--0.4% 5,500 Alliant Techsystems, Inc.*+ $ 425,205 10,400 K&F Industries Holdings, Inc.* 216,632 19,500 Orbital Sciences Corp.* 353,340 ----------- 995,177 ----------- AIRLINES--0.7% 195,394 ExpressJet Holdings, Inc.* 1,543,613 9,000 Midwest Air Group, Inc.* 74,520 ----------- 1,618,133 ----------- APPAREL--1.3% 25,884 Gymboree Corp. (The)* 1,030,183 15,100 Maidenform Brands, Inc.* 288,712 9,100 Oxford Industries, Inc. 462,462 34,712 Perry Ellis International, Inc.* 1,317,321 ----------- 3,098,678 ----------- AUTOMOBILE PARTS & EQUIPMENT--2.7% 15,334 Accuride Corp.* 172,661 172,200 American Axle & Manufacturing Holdings, Inc.+ 3,151,260 38,200 Group 1 Automotive, Inc. 1,947,818 51,000 United Rentals, Inc.* 1,278,060 ----------- 6,549,799 ----------- AUTOMOBILES & TRUCKS--0.3% 24,400 Navistar International Corp.* 780,556 ----------- BANKS--5.2% 7,406 BancFirst Corp. 394,518 1,400 Bancorp, Inc. (The)* 37,534 55,200 Bank of Hawaii Corp. 2,849,976 9,634 Banner Corp. 439,888 10,845 Community Bancorp* 329,580 87,800 Corus Bankshares, Inc.+ 1,967,598 8,795 First Community Bancorp 475,018 18,541 First Regional Bancorp* 624,090 40,801 Hanmi Financial Corp. 890,686 12,286 Horizon Financial Corp. 303,341 - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- BANKS--(CONTINUED) 13,343 MB Financial, Inc. $ 479,281 6,900 Pacific Capital Bancorp 224,871 1,500 Preferred Bank 85,455 11,694 Southwest Bancorp, Inc. 312,347 44,391 Vineyard National Bancorp Co.+ 959,733 153,432 W Holding Company, Inc.+ 942,072 60,094 Wilshire Bancorp, Inc. 1,148,396 ----------- 12,464,384 ----------- BEVERAGES--0.0% 1,692 Coca Cola Bottling Co. 106,816 ----------- BUILDING & BUILDING MATERIALS--0.2% 10,700 Infrasource Services, Inc.* 231,227 6,900 Perini Corp.* 224,388 ----------- 455,615 ----------- BUSINESS SERVICES--0.1% 8,100 Forrester Research, Inc.*+ 227,772 ----------- CHEMICALS - DIVERSIFIED--1.1% 123,900 Celanese Corp., Series A 2,725,800 ----------- CHEMICALS - SPECIALTY--3.7% 8,600 Cabot Corp. 353,718 37,000 OM Group, Inc.* 1,740,850 138,117 RPM International, Inc. 2,785,820 84,200 Spartech Corp. 2,519,264 58,111 Valspar Corp. ( The ) 1,625,946 ----------- 9,025,598 ----------- COMMERCIAL BANKS--0.9% 5,008 Alabama National BanCorp. 342,948 25,027 City Bank 1,338,444 8,200 Dollar Financial Corp.*+ 239,932 5,900 Scbt Financial Corp. 238,537 ----------- 2,159,861 ----------- COMMERCIAL SERVICES--1.4% 6,400 Central Parking Corp. 116,864 7,626 Compass Diversified Trust+ 130,405 63,400 Convergys Corp.*+ 1,529,208 1 [LOGO]N/I NUMERIC INVESTORS FAMILY OF FUNDS SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- COMMERCIAL SERVICES--(CONTINUED) 35,325 Deluxe Corp. $ 869,701 14,800 Interactive Data Corp.* 346,024 24,700 Rewards Network, Inc.* 138,320 4,300 Steiner Leisure Ltd.* 192,640 ----------- 3,323,162 ----------- COMMUNICATION EQUIPMENT--0.0% 1,967 Tessco Technologies, Inc.* 42,251 ----------- COMPUTER NETWORKING PRODUCTS--1.1% 161,100 Brocade Communications Systems, Inc.* 1,490,175 73,900 Foundry Networks, Inc.* 1,057,509 ----------- 2,547,684 ----------- COMPUTER SOFTWARE--1.4% 81,923 Captaris, Inc.* 598,038 15,326 Magma Design Automation, Inc.* 137,321 6,556 ManTech International Corp., Class A* 237,852 47,849 SYNNEX Corp.* 1,086,651 53,473 Synopsys, Inc.* 1,366,235 ----------- 3,426,097 ----------- COMPUTER STORAGE DEVICES--0.4% 26,768 Datalink Corp.* 217,356 63,125 Smart Modular Technologies, Inc.* 750,556 ----------- 967,912 ----------- CONSTRUCTION & BUILDING MATERIALS--0.2% 23,274 Insteel Industries, Inc. 447,792 ----------- CONSUMER PRODUCTS--0.2% 18,900 Helen of Troy Ltd.* 446,607 ----------- CORRECTIONAL REHABILITAION--0.3% 16,200 Corrections Corporation of America*+ 736,290 ----------- DATA PROCESSING--1.4% 57,210 Fair Isaac Corp. 2,381,080 - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- DATA PROCESSING--(CONTINUED) 76,703 infoUSA, Inc.+ $ 931,175 ----------- 3,312,255 ----------- ELECTRIC & OTHER SERVICES--0.1% 9,500 Empire District Electric Co.+ 228,380 ----------- ELECTRIC PRODUCTS--0.1% 18,900 Graftech International Ltd.* 127,575 ----------- ELECTRICAL EQUIPMENT--0.1% 4,600 Acuity Brands, Inc. 242,282 20,800 Magnatek, Inc.* 113,984 ----------- 356,266 ----------- ELECTRICAL WORK--0.2% 11,100 IDACORP, Inc. 443,889 ----------- ELECTRONIC COMPONENTS & ACCESSORIES--0.6% 35,200 AVX Corp. 547,008 78,972 TTM Technologies, Inc.* 995,837 ----------- 1,542,845 ----------- ELECTRONIC MEASUREMENTS - INSTRUMENTS--0.2% 11,700 Tektronix, Inc. 357,552 ----------- ELECTRONICS--0.2% 21,700 Technitrol, Inc.+ 596,316 ----------- ELECTRONICS AND INSTRUMENTATION--0.3% 51,663 Eagle Test Systems, Inc.* 799,743 ----------- ENERGY--0.1% 6,300 Headwaters, Inc.* 150,696 ----------- FINANCIAL SERVICES--3.3% 65,000 Cash America International, Inc. 2,869,100 45,900 eSPEED, Inc., Class A* 430,542 16,500 Hercules Technology Growth Capital, Inc. 224,235 6,000 Jackson Hewitt Tax Service, Inc. 217,080 110,300 Knight Capital Group, Inc.* 1,942,383 20,900 MCG Capital Corp. 408,386 2 [LOGO]N/I NUMERIC INVESTORS FAMILY OF FUNDS SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- FINANCIAL SERVICES--(CONTINUED) 38,597 Sky Financial Group, Inc. $ 955,276 3,541 Triad Guaranty, Inc.*+ 190,506 17,090 World Acceptance Corp.* 775,715 ----------- 8,013,223 ----------- FOOD & AGRICULTURE--1.2% 60,896 J. M. Smucker Co. (The) 2,927,880 ----------- GAS UTILITIES--0.8% 59,100 Atmos Energy Corp. 1,936,707 ----------- HEALTH CARE--2.5% 52,000 AMERIGROUP Corp.* 1,777,880 48,500 Healthspring, Inc.* 936,535 39,000 Herbalife Ltd.* 1,519,440 4,500 LHC Group, Inc.* 124,515 15,446 Odyssey HealthCare, Inc.*+ 191,222 22,800 WellCare Health Plans, Inc.* 1,472,196 ----------- 6,021,788 ----------- HOME FURNISHINGS--0.3% 35,493 Tempur-Pedic International, Inc.*+ 748,192 ----------- HOSPITALS--0.7% 49,700 Apria Healthcare Group, Inc.* 1,241,009 21,500 MedCath Corp.* 556,420 ----------- 1,797,429 ----------- HOTELS & MOTELS--0.6% 22,323 Choice Hotels International, Inc. 1,017,929 62,500 Interstate Hotels & Resorts, Inc.* 488,125 ----------- 1,506,054 ----------- INSURANCE--1.4% 70,000 Endurance Specialty Holdings 2,627,100 7,900 First Mercury Financial Corp.* 166,611 10,100 Max Re Capital Ltd. 242,400 22,600 Specialty Underwriters' Alliance, Inc.* 234,588 ----------- 3,270,699 ----------- - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- INSURANCE - HEALTH & LIFE--0.1% 5,500 Reinsurance Group of America, Inc. $ 303,435 ----------- INSURANCE - PROPERTY & CASUALTY--3.7% 110,000 Commerce Group, Inc. (The) 3,356,100 49,152 IPC Holdings Ltd. 1,533,542 4,525 Safety Insurance Group, Inc. 237,020 15,260 United America Indemnity, Ltd., Class A* 382,873 73,200 Zenith National Insurance Corp. 3,378,912 ----------- 8,888,447 ----------- INTERNET CONTENT--0.6% 112,283 United Online, Inc. 1,507,961 ----------- INTERNET SOFTWARE--0.8% 12,500 Internap Network Services Corp.* 243,125 159,867 SonicWALL, Inc.* 1,606,663 ----------- 1,849,788 ----------- INVESTMENT MANAGEMENT--0.1% 7,300 Gamco Investors, Inc.+ 285,065 ----------- LEISURE & ENTERTAINMENT--2.0% 78,500 Dover Downs Gaming & Entertainment, Inc. 1,048,760 41,920 International Speedway Corp., Class A 2,172,714 41,500 Live Nation, Inc.* 889,760 8,600 Marvel Entertainment, Inc.* 241,660 14,637 Speedway Motorsports, Inc. 554,742 ----------- 4,907,636 ----------- MACHINERY--0.8% 58,500 Wabtec Corp. 1,921,725 ----------- MANUFACTURING--2.0% 21,200 Chart Industries, Inc.*+ 312,912 40,700 Freightcar America, Inc.+ 2,242,570 7,300 Myers Industries, Inc. 117,968 3 [LOGO]N/I NUMERIC INVESTORS FAMILY OF FUNDS SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- MANUFACTURING--(CONTINUED) 10,440 Tecumseh Products Co., Class A+ $ 169,232 25,000 Teleflex, Inc. 1,615,750 12,700 Tredegar Corp. 252,603 ----------- 4,711,035 ----------- MEDICAL & MEDICAL SERVICES--0.7% 31,700 Pediatrix Medical Group, Inc.* 1,526,355 4,200 Res-Care, Inc.* 77,238 ----------- 1,603,593 ----------- MEDICAL INSTRUMENTS & SUPPLIES--0.8% 35,400 Kinetic Concepts, Inc.* 1,285,020 13,700 Techne Corp* 736,649 ----------- 2,021,669 ----------- METALS--0.0% 2,400 USEC, Inc. 29,904 ----------- MORTGAGE--2.1% 20,287 Delta Financial Corp.+ 191,712 143,200 Fremont General Corp. 2,435,832 50,300 IndyMac Bancorp, Inc.+ 2,311,285 ----------- 4,938,829 ----------- MULTIMEDIA/PUBLISHING--0.8% 57,188 Scholastic Corp. 1,905,504 ----------- OFFICE & BUSINESS EQUIPMENT--0.3% 11,100 Global Imaging Systems, Inc.*+ 236,541 23,000 IKON Office Solutions, Inc.+ 371,910 ----------- 608,451 ----------- OIL & GAS EQUIPMENT & SERVICES--0.3% 12,200 Lone Star Technologies, Inc.* 640,012 300 Northwest Natural Gas Co. 12,372 ----------- 652,384 ----------- OIL & GAS FIELD EXPLORATION--3.8% 90,100 Harvest Natural Resources, Inc.* 923,525 37,800 Penn Virginia Corp. 2,849,742 - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- OIL & GAS FIELD EXPLORATION--(CONTINUED) 72,900 St. Mary Land & Exploration Co.+ $ 2,921,832 150,845 VAALCO Energy, Inc.* 1,265,590 45,379 Western Refining, Inc.+ 1,285,133 ----------- 9,245,822 ----------- OIL & GAS FIELD SERVICES--0.1% 8,000 Trico Marine Services, Inc.* 290,800 ----------- OIL EQUIPMENT & SERVICES--0.1% 20,300 Horizon Offshore, Inc.* 336,980 ----------- PAPER & ALLIED PRODUCTS--0.1% 32,600 Xerium Technologies, Inc.+ 332,194 ----------- PAPER & ALLIED PRODUCTS--0.5% 29,220 Potlatch Corp. 1,218,182 ----------- PHARMACEUTICALS--0.2% 47,100 Prestige Brands Holdings, Inc.* 564,258 ----------- POWER, DISTRIBUTION & SPECIALTY TRANSFORMERS--0.3% 17,900 Ormat Technologies, Inc.+ 659,436 ----------- PRINTING--0.2% 7,500 Consolidated Graphics, Inc.* 438,750 ----------- PROPERTY & CASUALITY INSURANCE--0.5% 29,357 21st Century Holding Co. 774,438 11,160 American Safety Insurance Holdings, Ltd.* 207,018 3,756 NYMAGIC, Inc. 127,591 ----------- 1,109,047 ----------- REAL ESTATE INVESTMENT TRUSTS--11.0% 21,000 Brandywine Realty Trust 738,150 67,400 CBL & Associates Properties, Inc.+ 2,904,940 45,250 Entertainment Properties Trust 2,746,675 7,162 Equity Lifestyle Properties, Inc. 372,209 148,100 FelCor Lodging Trust, Inc. 3,259,681 121,300 HRPT Properties Trust+ 1,524,741 55,700 Innkeepers USA Trust 891,200 4 [LOGO]N/I NUMERIC INVESTORS FAMILY OF FUNDS SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- REAL ESTATE INVESTMENT TRUSTS--(CONTINUED) 5,500 Lasalle Hotel Properties+ $ 242,550 27,100 LTC Properties, Inc. 748,502 17,500 Medical Properties Trust, Inc.+ 259,875 45,319 Parkway Properties, Inc.+ 2,351,150 48,500 PS Business Parks, Inc. 3,455,625 20,400 Realty Income Corp. 560,184 53,574 Resource Capital Corp. 889,328 252,500 Spirit Finance Corp. 3,083,025 60,800 Tanger Factory Outlet Centers, Inc. 2,396,736 ----------- 26,424,571 ----------- RECREATIONAL--0.2% 23,200 Town Sports International Holdings, Inc.*+ 377,464 ----------- REINSURANCE--1.2% 67,000 Allied World Assurance Holdings 2,844,150 ----------- RESTAURANTS--0.3% 3,600 CEC Entertainment, Inc.* 143,316 21,600 Domino's Pizza, Inc. 593,136 ----------- 736,452 ----------- RETAIL - SPECIALTY--6.6% 47,100 Aeropostale, Inc.*+ 1,424,304 42,700 AnnTaylor Stores Corp.* 1,473,150 109,550 Asbury Automotive Group, Inc. 2,578,807 20,600 Brown Shoe Co., Inc. 977,264 50,146 Cato Corp. (The), Class A 1,190,466 21,324 Charlotte Russe Holding, Inc.* 643,345 10,700 Christopher & Banks Corp.+ 201,053 30,625 EZCORP, Inc., Class A* 1,430,800 76,090 FTD Group, Inc.* 1,333,097 22,449 Mothers Work, Inc.* 920,858 57,900 NBTY, Inc.* 2,104,665 30,367 Rent-A-Center, Inc.*+ 830,234 - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- RETAIL - SPECIALTY--(CONTINUED) 24,457 Shoe Carnival, Inc.* $ 659,360 4,600 Steven Madden Ltd.* 169,142 ----------- 15,936,545 ----------- RETAIL - SPECIALTY STORES--0.0% 1,252 Bon-Ton Stores, Inc. (The) 46,812 ----------- SAVINGS & LOAN ASSOCIATIONS--4.2% 68,400 BankUnited Financial Corp., Class A 1,744,200 33,500 Downey Financial Corp.+ 2,438,800 3,200 East West Bancorp, Inc. 113,952 7,545 First Place Financial Corp. 183,721 29,300 FirstFed Financial Corp.*+ 1,905,086 21,199 ITLA Capital Corp. 1,123,971 7,377 PFF Bancorp, Inc. 243,441 69,152 Sterling Financial Corp.+ 2,320,049 ----------- 10,073,220 ----------- SCHOOLS--0.6% 20,700 ITT Educational Services, Inc. *+ 1,419,399 ----------- SEISMIC DATA COLLECTION--0.1% 10,800 Input/Output, Inc.*+ 117,180 ----------- SEMICONDUCTORS & RELATED--0.1% 13,100 Agere Systems, Inc. Class A* 234,752 ----------- SEMICONDUCTORS--4.3% 77,500 Applied Micro Circuits Corp.*+ 271,250 29,000 EMCOR Group, Inc.*+ 1,730,430 91,500 Emulex Corp.* 1,909,605 8,109 Integrated Silicon Solution, Inc.* 50,438 12,655 LTX Corp.*+ 65,933 253,300 Skyworks Solutions, Inc.*+ 1,838,958 98,003 Teradyne, Inc.* 1,460,245 38,100 Varian Semiconductor Equipment Associates, Inc.* 1,513,713 5 [LOGO]N/I NUMERIC INVESTORS FAMILY OF FUNDS SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- SEMICONDUCTORS--(CONTINUED) 95,950 Zoran Corp.* $ 1,430,614 ----------- 10,271,186 ----------- SERVICES - EMPLOYMENT AGENCIES--0.1% 2,600 Volt Information Sciences, Inc.* 121,316 ----------- SERVICES - MANAGEMENT CONSULTING--0.1% 34,626 PDI, Inc.*+ 353,185 ----------- STEEL--1.0% 50,262 Chaparral Steel Co. 2,337,183 ----------- TELECOMMUNICATIONS EQUIPMENT & SERVICES--1.7% 40,887 Carrier Access Corp.* 255,544 104,700 Cincinnati Bell Inc.* 473,244 7,100 CT Communications, Inc. 144,698 62,700 Glenayre Technologies, Inc.* 151,734 91,367 Lightbridge, Inc.* 1,206,044 61,400 Polycom, Inc.* 1,770,776 19,900 UTStarcom, Inc.*+ 176,712 ----------- 4,178,752 ----------- TOBACCO--0.5% 61,100 Alliance One International, Inc.* 395,928 19,523 Universal Corp.+ 909,186 ----------- 1,305,114 ----------- TRANSPORTATION--3.3% 40,500 ABX Air, Inc.*+ 256,365 4,713 Atlas Air Worldwide Holdings, Inc.* 199,643 65,500 General Maritime Corp.+ 2,306,910 99,863 OMI Corp. 2,332,799 43,300 Overseas Shipholding Group, Inc. 2,492,348 15,824 Saia, Inc.* 392,277 ----------- 7,980,342 ----------- UTILITIES--4.4% 67,400 AGL Resources, Inc. 2,588,834 17,800 Avista Corp.+ 479,354 - ------------------------------------------------------------------------------- VALUE SHARES (NOTE 1) - ------------------------------------------------------------------------------- UTILITIES--(CONTINUED) 56,900 Energen Corp. $ 2,580,984 71,100 Puget Energy, Inc. 1,766,124 103,900 UGI Corp.+ 2,927,902 9,108 Westar Energy, Inc.+ 242,182 ----------- 10,585,380 ----------- WASTE MANAGEMENT--1.3% 84,628 Metal Management, Inc. 3,101,616 ----------- WHOLESALE - DISTRIBUTION--0.2% 62,108 Handleman Co. 490,032 ----------- Total Common Stocks (Cost $216,688,063) 235,549,019 ----------- WARRANTS--0.0% SAVINGS & LOAN ASSOCIATIONS--0.0% 4,100 Dime Community Bancshares, Litigation Tracking Warrants 636 ----------- - ------------------------------------------------------------------------------- Total Warrants (Cost $768) 636 ----------- PRINCIPAL AMOUNT VALUE (000'S) (NOTE 1) - ------------------------------------------------------------------------------- REPURCHASE AGREEMENTS--4.1% $ 3,020 Bear, Stearns & Co., Inc. (Agreement dated 11/30/06 to be repurchased at $3,020,083, collateralized by $2,245,000 par amount of U.S. Treasury Bond, at a rate of 9.25%, due 2/15/16, market value of collateral is $3,108,733) 2.66%, 12/01/06** 3,019,860 6,761 Bear, Stearns & Co., Inc. (Agreement dated 11/30/06 to be repurchased at $6,761,536, collateralized by $5,025,000 par amount of U.S. Treasury Bond, at a rate of 9.25%, due 2/15/16, market value of collateral is $6,958,299) 5.27%, 12/01/06 6,760,546 ----------- Total Repurchase Agreements (Cost $9,780,406) 9,780,406 ----------- 6 [LOGO]N/I NUMERIC INVESTORS FAMILY OF FUNDS SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) VALUE (NOTE 1) - -------------------------------------------------------------------------------- Total Investments -- 101.9% (Cost $226,469,237)*** $ 245,330,061 -------------- Liabilities in Excess of Other Assets -- (1.9)% (4,499,465) -------------- Net Assets -- 100.0% $ 240,830,596 ============== - ------------ + Security position is either entirely or partially out on loan. * Non-income producing. ** Investment purchased with collateral received for securities on loan. *** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 227,189,313 ------------- Gross unrealized appreciation $ 23,077,555 Gross unrealized depreciation (4,936,807) ------------- Net unrealized appreciation/(depreciation) $ 18,140,748 ============= For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 7 SENBANC FUND SCHEDULE OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED)
MARKET SHARES DESCRIPTION VALUE - -------- ----------- ------ COMMON STOCK -- 96.0% - ------------------------------------------------------------------------------------------------ SAVINGS, CREDIT & OTHER FINANCIAL INSTITUTIONS -- 91.9% ------------------------------------------------------------------------------- 9,500 Associated Banc-Corp $ 315,780 20,100 Auburn National Bancorporation, Inc. 556,770 176,400 Bank of America Corp. 9,499,140 39,200 BB&T Corp. 1,685,992 147,000 C&F Financial Corp. 5,953,500 23,200 Camden National Corp. 1,041,912 22,700 Citigroup, Inc. 1,125,693 12,300 Citizens Banking Corp. 330,132 37,000 City Holding Co. 1,461,500 35,700 Comerica, Inc. 2,079,525 53,500 Community Bank System, Inc. 1,286,140 32,500 Corus Bankshares, Inc. 728,325 29,982 Dearborn Bancorp, Inc.* 635,319 16,300 Desert Community Bank* 290,140 37,600 FNB Corp. 1,470,160 342,400 Greater Bay Bancorp 8,813,376 294,000 JPMorgan Chase & Co. 13,606,320 360,400 KeyCorp 13,010,440 13,000 Leesport Financial Corp. 318,370 62,093 MainSource Financial Group, Inc. 1,133,818 260,400 National Bankshares, Inc. 6,231,372 286,300 National City Corp. 10,335,430 302,943 Northrim BanCorp, Inc. 8,279,432 339,600 Oriental Financial Group, Inc.(a) 3,912,192 442,200 PAB Bankshares, Inc. 9,754,932 120,500 Pacific Premier Bancorp, Inc.* 1,427,925 117,840 Penns Woods Bancorp, Inc. 4,365,972 9,900 Pinnacle Financial Partners, Inc.* 324,324 221,800 Regions Financial Corp. 8,128,970 35,700 Royal Bancshares of Pennsylvania, Inc., Class A 885,717 554,602 Sun Bancorp, Inc. (NJ)* 11,158,592 327,000 U.S. Bancorp 11,000,280 11,700 Umpqua Holdings Corp. 351,234 102,900 UnionBanCal Corp. 5,922,924 121,395 United Security Bancshares, Inc. 3,338,362 238,942 Wachovia Corp. 12,948,267 -------------- 163,708,277 -------------- STATE & NATIONAL BANKS -- 4.1% -------------------------------------------------------------------------------- 246,552 Capital Crossing Bank* 7,273,284 -------------- 7,273,284 -------------- TOTAL COMMON STOCK (COST $143,515,566) 170,981,561 --------------
1 SENBANC FUND SCHEDULE OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED)
MARKET PRINCIPAL VALUE - --------- ------ U.S. GOVERNMENT AGENCY OBLIGATION -- 4.2% -------------------------------------------------------------------------------- $ 7,542,000 Federal Home Loan Bank Discount Note 5.18%, 12/01/06(b) $ 7,542,000 -------------- TOTAL U.S. GOVERNMENT AGENCY OBLIGATION (COST $7,542,000) 7,542,000 -------------- TOTAL INVESTMENTS -- 100.2% (COST $151,057,566)** 178,523,561 -------------- LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.2%) (358,576) -------------- NET ASSETS -- 100% $ 178,164,985 ==============
The percentage shown for each investment category is the value of that category as a percentage of the total net assets of the Fund. (a) Incorporated in Puerto Rico. (b) Rate shown is the effective yield at purchase. * Non-income producing security. ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 151,057,566 ------------- Gross unrealized appreciation $ 28,864,546 Gross unrealized depreciation (1,398,551) ------------- Net unrealized appreciation/(depreciation) $ 27,465,995 ============= For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 2 ROBECO INVESTMENT FUNDS BOSTON PARTNERS SMALL CAP VALUE FUND II Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------ COMMON STOCK--93.5% AEROSPACE & DEFENSE--1.5% DRS Technologies, Inc. 53,736 $ 2,670,142 K&F Industries Holdings, Inc. 129,700 2,701,651 ------------ 5,371,793 ------------ APPAREL--5.5% Brown Shoe Co., Inc. 44,125 2,093,290 Charming Shoppes, Inc.* 178,100 2,409,693 Children's Place Retail Stores, Inc., (The)* 25,000 1,613,000 Dress Barn, Inc., (The)* 88,600 2,145,892 Finish Line, Inc., (The), Class A 104,325 1,454,291 Hartmarx Corp.* 300,535 1,977,520 Kellwood Co. 36,870 1,152,188 Kenneth Cole Productions, Inc., Class A 28,000 669,200 Oxford Industries, Inc. 82,920 4,213,994 Warnaco Group, Inc., (The)* 56,950 1,476,144 ------------ 19,205,212 ------------ AUTOMOTIVE & TRUCKS--2.4% Adesa, Inc. 141,965 3,750,715 Asbury Automative Group, Inc. 88,095 2,073,756 Group 1 Automotive, Inc. 26,555 1,354,040 Lithia Motors, Inc., Class A 41,900 1,083,534 ------------ 8,262,045 ------------ BUILDING & CONSTRUCTION--2.2% Champion Enterprises, Inc.* 247,110 2,310,479 Infrasource Services, Inc.* 56,315 1,216,967 Palm Harbor Homes, Inc.* 45,443 623,478 Perini Corp.* 74,520 2,423,390 Washington Group International, Inc.* 21,395 1,257,598 ------------ 7,831,912 ------------ BUILDING MATERIALS--1.5% Drew Industries, Inc.* 109,600 3,040,304 ElkCorp 61,845 2,223,328 ------------ 5,263,632 ------------ NUMBER OF SHARES VALUE ------------ ------------ BUILDING PRODUCTS-AIR & HEATING--1.2% Lennox International, Inc. 141,700 $ 4,143,308 ------------ BUSINESS & PUBLIC SERVICES--1.2% Gevity HR, Inc. 149,600 3,267,264 Service Corp. International 105,100 1,037,337 ------------ 4,304,601 ------------ CHEMICALS - SPECIALTY--1.7% Spartech Corp. 24,815 742,465 UAP Holding Corp. 217,200 5,214,972 ------------ 5,957,437 ------------ COMMERCIAL SERVICES--0.8% CBIZ, Inc.* 204,200 1,429,400 Steiner Leisure Ltd.* 28,400 1,272,320 ------------ 2,701,720 ------------ COMPUTER EQUIPMENT & SERVICES--3.1% CIBER, Inc.* 159,800 1,109,012 Electronics For Imaging, Inc.* 69,200 1,695,400 Imation Corp. 43,800 2,028,378 Insight Enterprises, Inc.* 154,885 3,113,189 Keane, Inc.* 99,600 1,235,040 Mercury Computer Systems, Inc.* 60,515 791,536 PAR Technology Corp. 78,300 663,984 Pomeroy IT Solutions, Inc.* 41,296 305,590 ------------ 10,942,129 ------------ COMPUTER SOFTWARE--0.5% Neoware, Inc.* 52,100 581,957 Open Text Corp.* 66,300 1,255,059 ------------ 1,837,016 ------------ CONSULTING SERVICES--1.9% First Consulting Group, Inc.* 48,740 606,326 FTI Consulting, Inc.* 42,900 1,153,152 MAXIMUS, Inc. 85,050 2,488,563 Watson Wyatt Worldwide, Inc., Class A 54,280 2,518,592 ------------ 6,766,633 ------------ 1 ROBECO INVESTMENT FUNDS BOSTON PARTNERS SMALL CAP VALUE FUND II Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------ CONSUMER NON-CYCLICAL--2.4% Natuzzi S.p.A. - ADR* 95,100 $ 697,083 Sealy Corp.* 356,400 5,303,232 Tempur-Pedic International, Inc.* 114,500 2,413,660 ------------ 8,413,975 ------------ CONSUMER PRODUCTS--1.3% Playtex Products, Inc.* 159,350 2,367,941 Tupperware Brands Corp. 46,500 987,195 WD-40 Co. 33,600 1,092,000 ------------ 4,447,136 ------------ CONTAINERS--1.4% Silgan Holdings, Inc. 111,400 4,805,796 ------------ DATA PROCESSING SERVICES--0.2% Goldleaf Financial Solutions, Inc.* 127,075 749,742 ------------ ELECTRONIC COMPONENTS & INSTRUMENTS--0.5% Bel Fuse, Inc., Class B 19,500 715,650 Ikanos Communications, Inc.* 127,400 1,147,874 ------------ 1,863,524 ------------ ELECTRONICS--2.5% Hypercom Corp.* 121,500 804,330 Paxar Corp.* 110,800 2,365,580 Planar Systems, Inc.* 59,400 595,188 Schawk, Inc. 82,160 1,575,007 Technitrol, Inc. 130,430 3,584,217 ------------ 8,924,322 ------------ ENVIRONMENTAL SERVICES--0.4% Tetra Tech, Inc.* 84,490 1,474,350 ------------ FINANCIAL SERVICES--2.8% Advanta Corp., Class B 84,065 3,835,045 CMET Finance Holdings, Inc. 144A ++* 15,000 430,050 Cowen Group. Inc.* 98,855 1,673,615 Federal Agricultural Mortgage Corp., Class C 117,400 3,062,966 RAM Holdings Ltd.* 48,800 681,248 ------------ 9,682,924 ------------ NUMBER OF SHARES VALUE ------------ ------------ FOODS--2.0% Gold Kist, Inc.* 100,370 $ 1,988,330 NBTY, Inc.* 83,080 3,019,958 Premium Standard Farms, Inc. 114,681 2,177,792 ------------ 7,186,080 ------------ HEALTH CARE - DRUGS--0.6% Alpharma, Inc. 104,900 2,297,310 ------------ HEALTH CARE - SERVICES--5.6% Amedisys, Inc.* 67,900 2,659,643 Healthspring, Inc.* 65,300 1,260,943 Kindred Healthcare, Inc.* 127,530 3,280,072 LifePoint Hospitals, Inc.* 121,990 4,234,273 Magellan Health Services, Inc.* 24,400 1,073,112 Option Care, Inc. 154,925 2,181,344 Per-Se Technologies, Inc.* 76,300 2,103,591 PRA International* 39,400 1,141,024 RehabCare Group, Inc.* 53,870 674,991 Res-Care, Inc.* 45,500 836,745 ------------ 19,445,738 ------------ HEALTH CARE - SUPPLIES--0.2% Owens & Minor, Inc. 19,400 601,982 ------------ INDUSTRIAL EQUIPMENT & SUPPLIES--0.6% LSI Industries, Inc. 39,045 667,279 Nordson Corp. 14,800 714,692 Rofin-Sinar Technologies, Inc.* 10,170 591,080 ------------ 1,973,051 ------------ INSURANCE - OTHER--12.3% American Equity Investment Life Holding Co. 74,145 963,885 Amerisafe, Inc.* 126,930 1,733,864 Aspen Insurance Holdings Ltd. 42,915 1,156,559 Assured Guaranty Ltd. 212,700 5,498,295 Bristol West Holdings, Inc. 39,825 616,889 CNA Surety Corp.* 120,125 2,397,695 Hanover Insurance Group, Inc. 19,790 937,650 Hilb, Rogal & Hobbs Co. 23,000 956,800 Hub International Ltd. 93,100 2,840,481 Infinity Property & Casualty Corp. 23,000 1,038,450 IPC Holdings Ltd. 163,300 5,094,960 2 ROBECO INVESTMENT FUNDS BOSTON PARTNERS SMALL CAP VALUE FUND II Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------ INSURANCE - OTHER--(CONTINUED) KMG America Corp.* 393,410 $ 3,304,644 Max Re Capital Ltd. 192,000 4,608,000 Navigators Group, Inc., (The)* 65,310 3,021,894 Platinum Underwriters Holdings Ltd. 208,860 6,355,610 Quanta Capital Holdings Ltd.* 208,800 473,976 Seabright Insurance Holdings, Inc.* 38,530 614,553 United America Indemnity Ltd., Class A* 53,940 1,353,355 ------------ 42,967,560 ------------ INTERNET SERVICES--0.9% EarthLink, Inc.* 184,000 1,197,840 United Online, Inc. 145,230 1,950,439 ------------ 3,148,279 ------------ IRON & STEEL--0.3% Ryerson, Inc. 44,800 997,248 ------------ LEISURE & LODGING--0.1% MTR Gaming Group, Inc.* 35,060 389,166 ------------ MACHINERY--0.4% Actuant Corp., Class A 13,000 702,780 CIRCOR International, Inc. 22,200 815,850 ------------ 1,518,630 ------------ MANUFACTURING--3.7% Acuity Brands, Inc. 31,700 1,669,639 EnerSys* 47,925 799,389 Federal Signal Corp. 112,915 1,831,482 Griffon Corp.* 42,900 1,022,736 Matthews International Corp., Class A 64,795 2,601,519 NN, Inc. 61,600 704,088 Olin Corp. 45,800 766,234 RBC Bearings, Inc.* 117,020 3,400,601 ------------ 12,795,688 ------------ MARKETING--0.3% Nu Skin Enterprises, Inc., Class A 50,500 968,590 ------------ NUMBER OF SHARES VALUE ------------ ------------ MEDIA--0.2% Media General, Inc., Class A 19,100 $ 705,745 ------------ MEDIA & ENTERTAINMENT--0.4% 4Kids Entertainment, Inc.* 32,800 588,104 Journal Communications, Inc., Class A 61,300 725,792 ------------ 1,313,896 ------------ MEDICAL EQUIPMENT AND SUPPLIES--2.0% CONMED Corp.* 97,800 2,164,314 Medical Action Industries, Inc.* 74,500 2,340,790 Symmetry Medical, Inc.* 177,800 2,416,302 ------------ 6,921,406 ------------ MOTOR HOMES--1.4% Monaco Coach Corp. 76,200 983,742 Winnebago Industries, Inc. 112,035 3,898,818 ------------ 4,882,560 ------------ OFFICE EQUIPMENT & SUPPLIES--2.8% ACCO Brands Corp.* 109,400 2,777,666 Ennis, Inc. 77,000 1,756,370 Global Imaging Systems, Inc.* 138,850 2,958,893 Knoll, Inc. 118,585 2,467,754 ------------ 9,960,683 ------------ OIL & GAS - EXPLORATION--2.0% Comstock Resources, Inc.* 55,100 1,681,652 InterOil Corp.* 22,600 675,740 Stone Energy Corp.* 31,400 1,225,228 Swift Energy Co.* 66,600 3,403,926 ------------ 6,986,546 ------------ OIL SERVICES--1.4% Key Energy Services, Inc.* 125,565 1,933,701 Parker Drilling Co.* 85,300 821,439 Trico Marine Services, Inc.* 58,035 2,109,572 ------------ 4,864,712 ------------ PAPER FOREST PRODUCTS & PACKAGING--1.0% Neenah Paper, Inc. 41,300 1,410,808 Rock-Tenn Co. 57,970 1,460,844 3 ROBECO INVESTMENT FUNDS BOSTON PARTNERS SMALL CAP VALUE FUND II Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------ PAPER FOREST PRODUCTS & PACKAGING--(CONTINUED) Schweitzer-Mauduit International, Inc. 27,100 $ 671,809 ------------ 3,543,461 ------------ PUBLISHING & INFORMATION SERVICES--3.2% Banta Corp. 31,700 1,148,174 Bowne & Co., Inc. 99,300 1,570,926 infoUSA, Inc. 176,900 2,147,566 Journal Register Co. 77,400 602,172 Reader's Digest Association, Inc., (The) 73,300 1,227,775 Scholastic Corp.* 104,700 3,488,604 Valassis Communications, Inc.* 56,000 865,760 ------------ 11,050,977 ------------ RAILROAD & BULK SHIPPING--0.4% RailAmerica, Inc.* 80,495 1,283,895 ------------ REAL ESTATE--1.5% Trammell Crow Co.* 109,000 5,373,700 ------------ REAL ESTATE INVESTMENT TRUST (REIT)--4.7% Anworth Mortgage Asset Corp. 147,035 1,388,010 Ashford Hospitality Trust 65,275 856,408 Capital Lease Funding, Inc. 117,375 1,412,021 Digital Realty Trust, Inc. 29,125 1,061,315 Gladstone Commercial Corp. 65,075 1,307,357 Government Properties Trust, Inc. 69,975 746,633 Lexington Corporate Properties Trust 39,250 867,425 Medical Properties Trust, Inc. 144A 143,700 2,133,945 MFA Mortgage Investments, Inc. 278,145 2,163,968 MortgageIT Holdings, Inc. 13,645 197,853 Opteum, Inc., Class A 144A 92,725 691,729 Origen Financial, Inc. 228,625 1,257,437 Redwood Trust, Inc. 40,000 2,288,400 ------------ 16,372,501 ------------ RETAIL--0.2% Golfsmith International Holdings, Inc.* 80,365 742,573 ------------ NUMBER OF SHARES VALUE ------------ ------------ RETAIL - HARD GOODS--0.3% School Specialty, Inc.* 24,300 $ 900,315 ------------ SAVINGS & LOANS--0.4% Franklin Bank Corp.* 73,000 1,432,260 ------------ SCHOOLS--0.9% Universal Technical Institute, Inc.* 150,925 3,101,509 ------------ SEMICONDUCTOR EQUIPMENT & PRODUCTS--1.6% Emulex Corp.* 134,400 2,804,928 Photronics, Inc.* 55,600 876,812 Verigy Ltd.* 100,400 1,791,136 ------------ 5,472,876 ------------ SERVICES - BUSINESS--5.8% Clark, Inc. 152,950 2,508,380 Cornell Companies, Inc.* 45,580 820,440 Geo Group, Inc., (The)* 17,250 647,910 IKON Office Solutions, Inc. 174,500 2,821,665 Integrated Alarm Services Group, Inc.* 334,943 1,001,480 John H. Harland Co. 60,530 2,595,526 Kforce, Inc.* 69,976 931,381 MPS Group, Inc.* 131,500 1,971,185 Spherion Corp.* 110,800 797,760 Standard Parking Corp.* 85,355 3,228,126 World Fuel Services Corp. 59,910 2,905,635 ------------ 20,229,488 ------------ TOBACCO--0.6% Alliance One International, Inc. 205,000 1,328,400 Universal Corp. 14,500 675,265 ------------ 2,003,665 ------------ TRANSPORT - SERVICES--0.4% Quintana Maritime Ltd. 131,730 1,388,434 ------------ TRUCKING--0.3% Marten Transport Ltd.* 13,750 251,762 Quality Distribution, Inc.* 60,305 804,469 ------------ 1,056,231 ------------ TOTAL COMMON STOCK (Cost $256,989,835) 326,825,962 ------------ 4 ROBECO INVESTMENT FUNDS BOSTON PARTNERS SMALL CAP VALUE FUND II Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------ INVESTMENT COMPANY--1.5% FINANCIAL SERVICES--1.5% Apollo Investment Corp. 121,900 $ 2,739,093 Ares Capital Corp. 130,625 2,462,282 ------------ 5,201,375 ------------ TOTAL INVESTMENT COMPANY (Cost $3,856,841) 5,201,375 ------------ SHORT-TERM INVESTMENTS--0.7% PNC Bank Money Market Deposit Account 4.810% 12/01/06 2,463,941 2,463,941 ------------ TOTAL SHORT-TERM INVESTMENTS (Cost $2,463,941) 2,463,941 ------------ TOTAL INVESTMENTS--95.7% (COST $263,310,617)** 334,491,278 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES--4.3% 15,179,763 ------------ NET ASSETS--100.0% $349,671,041 ============ ADR -- American Depository Receipt. 144A -- Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. ++ -- Security has been valued at fair market value as determined in good faith by or under the direction of RBB's Board of Directors. * --- Non-income Producing ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 263,310,617 ------------- Gross unrealized appreciation $ 84,715,981 Gross unrealized depreciation (13,535,320) ------------- Net unrealized appreciation/(depreciation) $ 71,180,661 ============= For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 5 ROBECO INVESTMENT FUNDS BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) NUMBER OF SHARES VALUE ---------- ------------ LONG POSITIONS--111.4% DOMESTIC COMMON STOCK--99.6% AEROSPACE & DEFENSE--1.4% Allied Defense Group, Inc., (The) +* 93,615 $ 1,619,539 ------------ AGRICULTURE--0.6% Hines Horticulture, Inc. + 484,981 654,724 ------------ APPAREL--1.5% Ashworth, Inc.* 112,226 785,582 Crocs, Inc.* 9,535 409,528 Tefron, Ltd. 46,670 511,037 ------------ 1,706,147 ------------ AUTOMOTIVE & TRUCKS--0.5% Strattec Security Corp. +* 13,276 575,913 ------------ BEVERAGES--0.5% Molson Coors Brewing Co., Class B 7,870 559,400 ------------ BUILDING & CONSTRUCTION--4.9% Comstock Homebuilding Companies, Inc.* 222,600 1,133,034 Khd Humboldt Wedag International Ltd. +* 70,273 2,881,193 Toll Brothers, Inc.* 47,500 1,529,500 ------------ 5,543,727 ------------ COMMERCIAL SERVICES--1.3% American Physicians Service Group, Inc. + 23,150 367,159 Conrad Industries, Inc.* 21,310 105,484 Cornell Companies, Inc.* 58,585 1,054,530 ------------ 1,527,173 ------------ COMPUTER EQUIPMENT & SERVICES--3.3% Dynamics Research Corp. +* 53,755 511,210 Electronics For Imaging, Inc.* 49,300 1,207,850 Neoware, Inc.* 24,200 270,314 Perot Systems Corp., Class A +* 40,000 628,800 Pomeroy IT Solutions, Inc. +* 64,195 475,043 NUMBER OF SHARES VALUE ---------- ------------ Tier Technologies, Inc., Class B* 94,180 $ 668,678 ------------ 3,761,895 ------------ COMPUTER SOFTWARE--2.4% Efuture Information Technology, Inc.* 10,000 366,800 etrials World, Inc.* 32,365 127,842 Optio Software, Inc.* 157,560 231,613 Progress Software Corp.* 43,600 1,181,996 Quest Software, Inc.* 58,700 839,997 ------------ 2,748,248 ------------ CONSULTING SERVICES--3.4% Accenture Ltd., Class A + 33,795 1,138,891 Answerthink, Inc. +* 118,335 341,988 MAXIMUS, Inc. + 41,385 1,210,925 Opinion Research Corp. +* 92,927 1,110,478 ------------ 3,802,282 ------------ CONSUMER NON-CYCLICAL--0.4% Natuzzi S.p.A. - ADR* 64,530 473,005 ------------ CONSUMER PRODUCTS--1.7% CSS Industries, Inc. + 22,100 682,006 WD-40 Co. + 38,330 1,245,725 ------------ 1,927,731 ------------ DATA PROCESSING SERVICES--0.0% Cam Commerce Solutions, Inc. 1,858 42,883 ------------ ELECTRONIC COMPONENTS & INSTRUMENTS--2.6% Bel Fuse, Inc., Class A 65,766 2,141,341 Richardson Electronics Ltd. 80,190 801,900 ------------ 2,943,241 ------------ ELECTRONIC EQUIPMENT--1.5% NU Horizons Electronics Corp.* 115,501 1,301,696 Planar Systems, Inc.* 37,345 374,197 ------------ 1,675,893 ------------ ENERGY EQUIPMENT & SERVICES--0.2% Rentech, Inc.* 51,385 206,568 ------------ ENVIRONMENTAL CONTROL--0.3% TurboSonic Technologies, Inc.* 286,798 301,138 ------------ 1 ROBECO INVESTMENT FUNDS BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) NUMBER OF SHARES VALUE ---------- ------------ FINANCIAL SERVICES--5.1% Citigroup, Inc. + 30,700 $ 1,522,413 Federal Agricultural Mortgage Corp., Class C + 36,140 942,893 IndyMac Bancorp, Inc. + 21,500 987,925 Legg Mason, Inc. + 17,000 1,621,120 U.S. Global Investors, Inc., Class A* 13,175 663,493 ------------ 5,737,844 ------------ FOODS--1.0% Nestle S.A. + 12,500 1,103,355 ------------ HEALTH & PERSONAL CARE--4.1% CCA Industries, Inc. 78,030 909,050 Female Health Co., (The)* 273,167 352,385 Johnson & Johnson + 40,700 2,682,537 Natrol, Inc.* 354,450 737,256 ------------ 4,681,228 ------------ HEALTH CARE - DRUGS--5.0% Hi-Tech Pharmacal Co., Inc. 48,554 691,894 Pfizer, Inc. + 131,800 3,623,182 Sanofi-Aventis - ADR 30,100 1,324,701 ------------ 5,639,777 ------------ HEALTH CARE - SERVICES--3.0% American Dental Partners, Inc. +* 65,332 1,157,683 Amicas, Inc.* 67,000 184,250 Health Fitness Corp.* 14,649 33,693 National Medical Health Card Systems, Inc.* 35,600 359,204 Pediatric Services of America, Inc. +* 47,415 600,274 PHC, Inc., Class A* 468,445 1,044,632 ------------ 3,379,736 ------------ HEALTH CARE - SUPPLIES--4.0% MTS Medication Technologies +* 135,705 1,207,775 Orthofix International N.V. +* 46,596 2,026,460 Specialized Health Products International, Inc.* 160,143 97,687 Unilens Vision, Inc.* 113,980 487,834 NUMBER OF SHARES VALUE ---------- ------------ Vital Signs, Inc. + 12,115 $ 668,627 ------------ 4,488,383 ------------ HOME PRODUCTS--0.2% Chromcraft Revington, Inc.* 29,180 240,151 ------------ INSURANCE - OTHER--15.8% Aegon NV 46,700 848,072 AMBAC Financial Group, Inc. + 11,900 1,019,116 American International Group, Inc. + 21,100 1,483,752 Assured Guaranty Ltd. + 19,192 496,113 Bristol West Holdings, Inc. 45,500 704,795 Commerce Group, Inc., (The) + 35,600 1,086,156 Investors Title Co. + 12,030 622,793 IPC Holdings Ltd. + 22,700 708,240 Loews Corp. + 51,200 2,043,904 MBIA, Inc. + 51,900 3,614,835 PartnerRe Ltd. + 14,300 996,996 Platinum Underwriters Holdings Ltd. + 37,040 1,127,128 PMI Group, Inc., (The) 13,200 571,692 Quanta Capital Holdings Ltd.* 211,830 480,854 RenaissanceRe Holdings Ltd. + 10,700 630,016 Torchmark Corp. 8,250 521,565 Wesco Financial Corp. + 1,975 948,000 ------------ 17,904,027 ------------ INTERNET SERVICES--4.3% Check Point Software Technologies Ltd. +* 48,900 1,119,810 EarthLink, Inc.* 131,900 858,669 Health Grades, Inc.* 170,980 817,284 Shutterly, Inc.* 18,075 276,909 Symantec Corp.* 81,900 1,736,280 ------------ 4,808,952 ------------ INTERNET SOFTWARE--1.1% McAfee, Inc.* 43,260 1,263,625 ------------ LEISURE & LODGING--0.8% Escalade, Inc. + 89,950 912,993 ------------ 2 ROBECO INVESTMENT FUNDS BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) NUMBER OF SHARES VALUE ---------- ------------ MACHINERY--1.5% Kadant, Inc. +* 73,290 $ 1,732,576 ------------ MANUFACTURING--2.1% Matthews International Corp., Class A + 28,845 1,158,127 Velcro Industries N.V. + 89,690 1,261,041 ------------ 2,419,168 ------------ MEDIA & ENTERTAINMENT--1.0% New Frontier Media, Inc. +* 123,100 1,104,207 ------------ MEDICAL EQUIPMENT & SUPPLIES--1.1% CONMED Corp. +* 28,700 635,131 Span-America Medical Systems, Inc. 1,049 14,686 Theragenics Corp.* 99,090 331,951 Zevex International, Inc.* 33,200 283,196 ------------ 1,264,964 ------------ METALS & STEEL--0.5% Ryerson, Inc. 24,200 538,692 ------------ OFFICE EQUIPMENT & SUPPLIES--1.4% Ennis, Inc. + 69,015 1,574,232 ------------ OIL & GAS - EXPLORATION--0.8% Chesapeake Energy Corp. + 15,500 527,465 Infinity Energy Resources, Inc.* 42,900 160,875 Whittier Energy Corp. +* 23,575 175,634 ------------ 863,974 ------------ PAPER FOREST PRODUCTS & PACKAGING--1.5% Graphic Packaging Corp. 405,900 1,721,016 ------------ PRINTING SERVICES--1.3% Cadmus Communications Corp. 84,240 1,467,461 ------------ REAL ESTATE--0.9% United Capital Corp.* 36,830 963,841 ------------ RESTAURANTS--0.9% McDonald's Corp. 25,200 1,057,644 ------------ RETAIL--3.4% Blair Corp. 10,700 326,885 NUMBER OF SHARES VALUE ---------- ------------ Conn's, Inc.* 42,400 $ 905,664 Genesco, Inc.* 30,500 1,168,760 Hancock Fabrics, Inc. 133,700 426,503 Talbots, Inc., (The) 41,600 1,036,672 ------------ 3,864,484 ------------ SEMICONDUCTOR EQUIPMENT & PRODUCTS--2.5% Emulex Corp.* 98,000 2,045,260 OmniVision Technologies, Inc.* 36,800 599,472 Sigmatel, Inc.* 42,900 193,908 ------------ 2,838,640 ------------ SERVICES - CONSUMER--1.2% Coinstar, Inc. +* 40,195 1,311,965 ------------ TECHNOLOGY HARDWARE & EQUIPMENT--0.2% On Track Innovations Ltd.* 31,000 201,190 ------------ TELECOMMUNICATION SERVICES--0.7% Kongzhong Corp.* 97,440 796,085 ------------ TELECOMMUNICATIONS EQUIPMENT--1.6% Optical Cable Corp. +* 39,260 192,374 Orckit Communications Ltd. +* 950 10,849 Preformed Line Products Co. + 28,620 926,429 Terayon Communication Systems, Inc.* 240,115 408,195 Tollgrade Communications, Inc.* 28,915 253,585 ------------ 1,791,432 ------------ TELEPHONE - INTEGRATED--0.6% Telefonos de Mexico SA de CV - ADR + 25,100 655,110 ------------ TOBACCO--2.7% Altria Group, Inc. + 13,800 1,162,098 Loews Corp. - Carolina Group + 25,200 1,571,724 Star Scientific, Inc.* 92,400 339,108 ------------ 3,072,930 ------------ TRANSPORT - SERVICES--1.1% Excel Maritime Carriers Ltd.* 70,280 959,322 Vitran Corp., Inc.* 19,575 328,860 ------------ 1,288,182 ------------ 3 ROBECO INVESTMENT FUNDS BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) NUMBER OF SHARES VALUE ---------- ------------ VITAMINS & NUTRITION PRODUCTS--1.4% Nutraceutical International Corp. +* 105,239 $ 1,595,423 ------------ WIRELESS EQUIPMENT--0.3% EFJ, Inc.* 59,400 332,640 ------------ TOTAL DOMESTIC COMMON STOCK (Cost $101,645,441) 112,685,434 ------------ SHORT-TERM INVESTMENTS--11.8% SHORT-TERM INVESTMENTS--11.8% PNC Bank Money Market Deposit Account 13,333,800 13,333,800 ------------ TOTAL SHORT-TERM INVESTMENTS (Cost $13,333,800) 13,333,800 ------------ TOTAL LONG POSITIONS--111.4% (COST $114,979,241)** 126,019,234 ------------ SECURITIES SOLD SHORT--(32.7%) AIRLINES--(0.1%) Northwest Airlines Corp.* (29,725) (100,173) ------------ APPAREL--(1.7%) Crocs, Inc.* (45,315) (1,946,279) ------------ AUTOMOBILE MANUFACTURING/VEHICLE PARTS--(0.3%) China Automotive Systems, Inc.* (17,591) (186,465) Hybrid Technologies, Inc.* (21,076) (111,915) ------------ (298,380) ------------ BEVERAGES--(0.1%) National Beverage Corp. (10,040) (126,906) ------------ CHEMICALS - SPECIALTY--(0.2%) Bodisen Biotech, Inc. (35,787) (189,671) ------------ COMMERCIAL BANKS - EUROPE--(0.2%) Yardville National Bancorp (6,886) (267,383) ------------ COMMERCIAL SERVICES--(2.0%) Central Parking Corp. (22,900) (418,154) Escala Group, Inc.* (1,700) (8,143) Iron Mountain, Inc.* (8,900) (383,590) LML Payment Systems, Inc.* (21,008) (81,931) NUMBER OF SHARES VALUE ---------- ------------ Rewards Network, Inc.* (234,470) $ (1,313,032) ------------ (2,204,850) ------------ COMPUTER EQUIPMENT & SERVICES--(3.3%) Apple Computer, Inc.* (6,100) (559,248) ConSyGen, Inc. (200) 0 Foldera, Inc.* (19,075) (24,225) Komag, Inc.* (5,700) (225,036) NETGEAR, Inc.* (28,905) (751,530) Research In Motion Ltd.* (15,700) (2,179,631) Satellite Newspapers Corp.* (8,615) (35) Xybernaut Corp.* (35,000) (105) ------------ (3,739,810) ------------ COMPUTER SOFTWARE--(1.6%) Ants Software, Inc.* (49,384) (120,497) Cognos, Inc.* (14,400) (589,104) Convera Corp.* (51,362) (240,374) Efuture Information Technology, Inc.* (10,000) (366,800) L-1 Identity Solutions, Inc.* (29,610) (496,260) Nestor, Inc.* (23,200) (31,088) ------------ (1,844,123) ------------ COMPUTERS & PERIPHERALS--(0.3%) Cambridge Display Technology, Inc.* (27,783) (161,141) Immersion Corp.* (27,025) (189,716) ------------ (350,857) ------------ CONSTRUCTION & HOUSING--(0.5%) Brookfield Homes Corp. (14,555) (531,258) ------------ DISTRIBUTION--(0.6%) Beacon Roofing Supply, Inc.* (34,100) (700,073) ------------ DIVERSIFIED OPERATIONS--(0.3%) Dark Dynamite, Inc.* (13,984) (2,447) Seaboard Corp. (200) (335,600) ------------ (338,047) ------------ ELECTRONIC COMPONENTS & INSTRUMENTS--(0.8%) Broadcom Corp., Class A (18,700) (613,921) Syntax-Brillian Corp.* (35,835) (299,939) ------------ (913,860) ------------ 4 ROBECO INVESTMENT FUNDS BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) NUMBER OF SHARES VALUE ---------- ------------ ELECTRONIC EQUIPMENT & PRODUCTS--(1.1%) Garmin Ltd. (14,040) $ (714,496) Ionatron, Inc.* (35,870) (139,534) NVE Corp.* (7,605) (300,017) QSound Labs, Inc.* (11,240) (55,751) Tiger Telematics, Inc.* (16,610) (166) ------------ (1,209,964) ------------ ELECTRONICS--(0.3%) Universal Display Corp.* (23,200) (286,056) ------------ ENERGY--(0.7%) Dynamotive Energy* (42,618) (40,061) Medis Technologies Ltd.* (27,684) (559,217) Valence Technology, Inc.* (102,015) (220,352) ------------ (819,630) ------------ ENERGY EQUIPMENT & SERVICES--(0.5%) Rentech, Inc.* (150,485) (604,950) ------------ ENERGY SOURCES--0.0% Ethanex Energy, Inc. (12,580) (28,305) ------------ FINANCIAL SERVICES--(2.2%) First Marblehead Corp., (The) (16,960) (1,269,286) Franklin Credit Management Corp.* (29,034) (166,946) LaBranche & Co., Inc.* (37,535) (405,378) Ladenburg Thalmann Financial Services, Inc.* (1) (1) U.S. Global Investors, Inc., Class A* (13,175) (663,493) ------------ (2,505,104) ------------ FOODS--(0.5%) Imperial Sugar Co. (11,800) (271,872) SunOpta, Inc.* (26,000) (255,060) ------------ (526,932) ------------ GAMING--(0.2%) PokerTek, Inc.* (18,945) (198,922) ------------ HEALTH & PERSONAL CARE--0.0% Medefile International, Inc.* (1,902) (1,712) ------------ NUMBER OF SHARES VALUE ---------- ------------ HEALTH CARE - DRUGS--(0.3%) Santarus, Inc.* (43,800) $ (328,938) ------------ HEALTH CARE - SERVICES--(0.3%) Quality Systems, Inc. (9,900) (378,279) ------------ HEALTH CARE - SUPPLIES--(0.5%) Align Technology, Inc.* (44,400) (582,972) ------------ INDUSTRIAL EQUIPMENT & SUPPLIES--(0.3%) Sun Hydraulics Corp. (16,450) (344,134) ------------ INTERNET--(0.3%) Sify Ltd. - ADR* (29,100) (289,254) ------------ INTERNET CONTENT--(0.7%) Baidu.Com - ADR* (6,500) (752,570) ------------ INTERNET SERVICES--(2.3%) Concur Technologies, Inc.* (21,500) (329,810) GigaMedia Ltd.* (50,000) (488,000) Imergent, Inc.* (11,443) (263,074) Interliant, Inc.* (600) (1) Neutron Enterprises, Inc.* (3,523) (8,103) Quepasa Corp* (34,915) (314,235) Rediff.com India Ltd.* (19,960) (368,462) Shutterly, Inc.* (32,535) (498,436) Terremark Worldwide, Inc.* (56,865) (325,268) ------------ (2,595,389) ------------ MACHINERY--(0.2%) TurboChef Technologies, Inc.* (18,233) (264,196) ------------ MANUFACTURING--(0.9%) Freightcar America, Inc. (4,200) (231,420) Nanophase Technologies Corp.* (10,625) (71,294) Volcom, Inc.* (21,525) (697,625) ------------ (1,000,339) ------------ MEDIA & ENTERTAINMENT--(0.2%) Genius Products, Inc.* (95,700) (242,121) ------------ MEDICAL EQUIPMENT AND SUPPLIES--(1.8%) BSD Medical Corp.* (25,335) (136,809) Conceptus, Inc.* (23,000) (527,390) CPC of America, Inc.* (4,745) (96,086) 5 ROBECO INVESTMENT FUNDS BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) NUMBER OF SHARES VALUE ---------- ------------- InterMune, Inc.* (11,600) $ (248,240) Intuitive Surgical, Inc.* (5,600) (569,072) Sirona Dental Systems, Inc.* (4,300) (158,928) ThermoGenesis Corp.* (67,810) (325,488) ------------- (2,062,013) ------------- METALS & STEEL--(1.4%) Allegheny Technologies, Inc. (6,600) (591,690) Carpenter Technology Corp. (3,400) (363,154) IPSCO, Inc. (6,000) (613,980) ------------- (1,568,824) ------------- OIL & GAS - EXPLORATION--(0.3%) Energytec, Inc.* (1) 0 Strata Oil & Gas, Inc.* (26,213) (108,260) TGC Industries, Inc.* (24,445) (190,182) ------------- (298,442) ------------- OIL & GAS - REFINING & MARKETING--(0.4%) SulphCo, Inc.* (92,850) (464,250) ------------- PHARMACEUTICALS & BIOTECHNOLOGY--(0.1%) Pain Therapeutics, Inc.* (16,200) (138,672) RegeneRx Biopharmaceuticals, Inc.* (1,200) (3,180) ------------- (141,852) ------------- PRINTING SERVICES--(0.3%) Document Securities Systems, Inc.* (35,840) (376,320) ------------- RETAIL--(1.3%) EZCORP, Inc., Class A* (9,115) (425,853) Guitar Center, Inc.* (12,300) (540,216) Under Armour, Inc., Class A* (10,900) (511,428) ------------- (1,477,497) ------------- RUBBER AND PLASTIC--(0.4%) Amerityre Corp.* (45,225) (235,170) PW Eagle, Inc. (6,595) (225,153) ------------- (460,323) ------------- SEMICONDUCTOR EQUIPMENT & PRODUCTS--(0.4%) Nano-Proprietary, Inc.* (21,385) (25,448) NUMBER OF SHARES VALUE ---------- ------------- Volterra Semiconductor Corp.* (26,495) $ (449,090) ------------- (474,538) ------------- TECHNOLOGY HARDWARE & EQUIPMENT--(0.3%) ParkerVision, Inc.* (35,407) (360,089) ------------- TELECOMMUNICATION SERVICES--(0.1%) FiberTower Corp.* (27,949) (152,043) ------------- TELECOMMUNICATIONS--(0.8%) Choice One Communications, Inc.* (37,790) (4) CTC Communications Group, Inc.* (98,900) (10) Sierra Wireless, Inc.* (67,800) (819,702) Vonage Holdings Corp.* (11,115) (72,248) Zingo, Inc.* (3,035) (5,766) ------------- (897,730) ------------- TELECOMMUNICATIONS EQUIPMENT--(1.3%) JDS Uniphase Corp.* (23,100) (426,888) Telefonaktiebolaget LM Ericsson (25,800) (1,002,846) ------------- (1,429,734) ------------- TOBACCO--(0.3%) Star Scientific, Inc.* (92,400) (339,108) ------------- TOTAL SECURITIES SOLD SHORT (Proceeds $33,420,880)** (37,014,200) ------------- OTHER ASSETS IN EXCESS OF LIABILITIES--21.3% 24,102,783 ------------- NET ASSETS--100.0% $ 113,107,817 ============= + -- Security position is either entirely or partially held in a segregated account as collateral for securities sold short. ADR -- American Depository Receipt. * -- Non-income producing. ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 81,558,361 ------------ Gross unrealized appreciation $ 14,351,068 Gross unrealized depreciation (6,904,395) ------------ Net unrealized appreciation/(depreciation) $ 7,446,673 ============ For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 6 ROBECO INVESTMENT FUNDS BOSTON PARTNERS LARGE CAP VALUE FUND Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) NUMBER OF SHARES VALUE --------- ------------ COMMON STOCK--97.4% AEROSPACE & DEFENSE--2.3% Lockheed Martin Corp. 16,000 $ 1,447,200 ------------ APPAREL--2.1% NIKE, Inc., Class B 13,300 1,316,035 ------------ BANKS - MAJOR--1.7% Bank of New York Co., Inc., (The) 21,800 774,772 Comerica, Inc. 5,209 303,424 ------------ 1,078,196 ------------ BANKS - REGIONAL--0.7% Commerce Bancorp, Inc. 12,800 444,928 ------------ BUSINESS & PUBLIC SERVICES--0.8% Idearc, Inc. 7,700 212,058 Manpower, Inc. 4,400 312,400 ------------ 524,458 ------------ CHEMICALS - COMMODITY--1.0% PPG Industries, Inc. 9,700 623,710 ------------ COMPUTER EQUIPMENT & SERVICES--4.5% CGI Group, Inc., Class A* 55,300 378,805 Hewlett-Packard Co. 25,553 1,008,321 Ingram Micro, Inc., Class A* 40,100 817,238 International Business Machines Corp. 7,100 652,632 ------------ 2,856,996 ------------ COMPUTER SOFTWARE--3.6% McAfee, Inc.* 23,100 674,751 Microsoft Corp. 34,479 1,011,269 Oracle Corp.* 31,500 599,445 ------------ 2,285,465 ------------ CONSULTING SERVICES--1.5% Accenture Ltd., Class A 28,500 960,450 ------------ CONSUMER PRODUCTS--0.5% Fortune Brands, Inc. 3,800 307,420 ------------ NUMBER OF SHARES VALUE --------- ------------ DATA PROCESSING SERVICES--0.7% First Data Corp. 16,100 $ 406,525 ------------ ELECTRONICS--2.0% Arrow Electronics, Inc.* 15,600 495,456 Koninklijke (Royal) Philips Electronics N.V 21,000 783,720 ------------ 1,279,176 ------------ ENERGY--0.5% Dominion Resources, Inc. 3,700 298,738 ------------ FINANCIAL SERVICES--13.9% Ameriprise Financial, Inc. 6,200 335,420 Citigroup, Inc. 47,933 2,376,998 Countrywide Financial Corp. 13,906 552,346 Federated Investors, Inc., Class B 8,700 288,666 Freddie Mac 17,727 1,190,545 Goldman Sachs Group, Inc., (The) 3,972 773,746 Hertz Global Holdings 20,400 326,400 JPMorgan Chase & Co. 53,300 2,466,724 Western Union Co.* 18,500 421,800 ------------ 8,732,645 ------------ FOODS--2.0% Coca-Cola Co., (The) 10,100 472,983 Molson Coors Brewing Co. Class B 11,100 788,988 ------------ 1,261,971 ------------ HEALTH & PERSONAL CARE--1.4% Johnson & Johnson 13,456 886,885 ------------ HEALTH CARE - DRUGS--3.6% Pfizer, Inc. 81,882 2,250,936 ------------ HEALTH CARE - SERVICES--1.8% Aetna, Inc. 19,900 822,069 Coventry Health Care, Inc.* 6,000 288,780 ------------ 1,110,849 ------------ INSURANCE - OTHER--17.7% ACE Ltd.* 19,839 1,127,649 AMBAC Financial Group, Inc. 10,315 883,377 1 ROBECO INVESTMENT FUNDS BOSTON PARTNERS LARGE CAP VALUE FUND Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) NUMBER OF SHARES VALUE --------- ------------ INSURANCE - OTHER--(CONTINUED) American International Group, Inc. 15,398 $ 1,082,787 Berkshire Hathaway, Inc., Class B* 553 1,965,915 CIGNA Corp. 7,200 907,560 CNA Financial Corp.* 8,300 319,550 Conseco, Inc.* 32,700 650,403 Genworth Financial, Inc., Class A 14,700 482,160 Loews Corp. 15,400 614,768 MBIA, Inc. 18,136 1,263,172 MGIC Investment Corp. 5,100 295,596 Nationwide Financial Services, Inc., Class A 6,144 319,488 Radian Group, Inc. 5,476 291,378 St. Paul Travelers Companies, Inc., (The) 18,044 934,860 ------------ 11,138,663 ------------ MANUFACTURING--3.3% Honeywell International, Inc. 13,300 571,634 Mettler-Toledo International, Inc.* 4,500 348,390 Stanley Works, (The) 5,800 295,916 Tomkins PLC - ADR 12,500 236,750 Tyco International Ltd. 20,723 627,700 ------------ 2,080,390 ------------ MEDIA & ENTERTAINMENT--4.4% Clear Channel Communications, Inc. 16,200 569,592 Liberty Media Holding Corp., Capital Series A* 4,957 435,820 Liberty Media Holding Corp., Interactive Class A* 12,486 284,181 Time Warner, Inc. 71,666 1,443,353 ------------ 2,732,946 ------------ METALS & MINING--0.7% Freeport-McMoRan Copper & Gold, Inc., Class B 7,427 466,936 ------------ OIL & GAS - EXPLORATION--1.4% Anadarko Petroleum Corp. 7,100 350,456 NUMBER OF SHARES VALUE --------- ------------ OIL & GAS - EXPLORATION--(CONTINUED) Chesapeake Energy Corp. 14,900 $ 507,047 ------------ 857,503 ------------ OIL & GAS - INTEGRATED MAJORS--10.3% Chevron Corp. 21,616 1,563,269 ConocoPhillips 24,630 1,657,599 Exxon Mobil Corp. 35,614 2,735,511 Valero Energy Corp. 9,534 525,038 ------------ 6,481,417 ------------ PUBLISHING & INFORMATION SERVICES--1.6% R. R. Donnelley & Sons Co. 28,500 1,005,195 ------------ RETAIL - HARD GOODS--1.5% Federated Department Stores, Inc. 15,100 635,559 Ross Stores, Inc. 10,000 309,900 ------------ 945,459 ------------ SAVINGS & LOANS--0.8% Hudson City Bancorp, Inc. 39,600 525,492 ------------ SEMICONDUCTOR EQUIPMENT & PRODUCTS--2.2% Qimonda AG* 20,300 382,655 Taiwan Semiconductor Manufacturing Co., Ltd. - ADR 32,400 348,300 Teradyne, Inc.* 44,600 664,540 ------------ 1,395,495 ------------ TELECOMMUNICATION SERVICES--1.5% ALLTEL Corp. 8,500 482,290 Windstream Corp. 34,788 484,945 ------------ 967,235 ------------ TELECOMMUNICATIONS--1.7% AT&T, Inc. 20,100 681,591 Vodafone Group PLC - ADR 14,297 376,869 ------------ 1,058,460 ------------ TELECOMMUNICATIONS EQUIPMENT--2.3% Harris Corp. 10,400 437,944 Motorola, Inc. 23,900 529,863 Nokia Oyj 22,900 463,038 ------------ 1,430,845 ------------ 2 ROBECO INVESTMENT FUNDS BOSTON PARTNERS LARGE CAP VALUE FUND Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) NUMBER OF SHARES VALUE --------- ----------- TOBACCO--2.9% Altria Group, Inc. 17,492 $ 1,473,001 Loews Corp. - Carolina Group 5,100 318,087 ----------- 1,791,088 ----------- UTILITIES - ELECTRIC--0.5% DTE Energy Co. 6,900 324,921 ----------- TOTAL COMMON STOCK (Cost $52,569,909) 61,274,628 ----------- SHORT-TERM INVESTMENTS--2.5% PNC Bank Money Market Deposit Account 4.810% 12/01/06 1,573,040 1,573,040 ----------- TOTAL SHORT-TERM INVESTMENTS (Cost $1,573,040) 1,573,040 ----------- TOTAL INVESTMENTS--99.9% (COST $54,142,949)** 62,847,668 ----------- OTHER ASSETS IN EXCESS OF LIABILITIES--0.1% 93,173 ----------- NET ASSETS--100.0% $62,940,841 =========== ADR -- American Depository Receipt. * -- Non-income producing. ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 54,142,949 ------------ Gross unrealized appreciation $ 8,934,764 Gross unrealized depreciation (230,045) ------------ Net unrealized appreciation/(depreciation) $ 8,704,719 ============ For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 3 ROBECO INVESTMENT FUNDS BOSTON PARTNERS MID CAP VALUE FUND Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ COMMON STOCK--97.6% APPAREL--3.5% NIKE, Inc., Class B 2,900 $ 286,955 Polo Ralph Lauren Corp. 9,000 703,800 VF Corp. 3,200 250,848 ------------ 1,241,603 ------------ AUTOMOTIVE PARTS & EQUIPMENT--0.8% BorgWarner, Inc. 4,900 283,220 ------------ BANKS - MAJOR--2.7% Comerica, Inc. 6,300 366,975 Mellon Financial Corp. 14,800 595,404 ------------ 962,379 ------------ BANKS - REGIONAL--1.8% Commerce Bancorp, Inc. 14,600 507,496 UMB Financial Corp. 3,700 136,086 ------------ 643,582 ------------ BUILDING PRODUCTS--0.8% Masco Corp. 9,300 266,817 ------------ BUSINESS & PUBLIC SERVICES--1.1% ARAMARK Corp., Class B 6,600 220,110 Manpower, Inc. 2,600 184,600 ------------ 404,710 ------------ CHEMICALS - SPECIALTY--4.2% Lubrizol Corp., (The) 9,305 440,499 PPG Industries, Inc. 4,900 315,070 UAP Holding Corp. 7,500 180,075 Valspar Corp., (The) 19,600 548,408 ------------ 1,484,052 ------------ COMPUTER EQUIPMENT & SERVICES--3.8% CACI International, Inc., Class A* 4,700 281,248 Diebold, Inc. 3,600 165,600 Ingram Micro, Inc., Class A* 31,700 646,046 SRA International, Inc., Class A* 9,400 274,292 ------------ 1,367,186 ------------ COMPUTER SOFTWARE--2.8% McAfee, Inc.* 15,887 464,059 NUMBER OF SHARES VALUE ----------- ------------ COMPUTER SOFTWARE--(CONTINUED) Sybase, Inc.* 10,045 $ 240,478 Take-Two Interactive Software, Inc.* 16,400 284,704 ------------ 989,241 ------------ CONSULTING SERVICES--0.8% Accenture Ltd., Class A 8,400 283,080 ------------ CONTAINERS--1.4% Crown Holdings, Inc.* 24,700 508,820 ------------ DATA PROCESSING SERVICES--0.9% Dun & Bradstreet Corp. (The)* 3,800 312,436 ------------ DISTRIBUTION--1.2% W.W. Grainger, Inc. 5,795 419,326 ------------ ELECTRONIC COMPONENTS & INSTRUMENTS--0.6% Thermo Fisher Scientific, Inc.* 4,800 210,384 ------------ ELECTRONICS--3.7% Amphenol Corp., Class A 2,500 170,325 Arrow Electronics, Inc.* 14,900 473,224 Avnet, Inc.* 27,000 669,330 ------------ 1,312,879 ------------ FINANCIAL SERVICES--5.8% A.G. Edwards, Inc. 6,000 347,100 Affiliated Managers Group, Inc.* 2,350 239,958 E*TRADE Financial Corp.* 9,600 231,072 Federated Investors, Inc., Class B 16,900 560,742 IndyMac Bancorp, Inc. 2,400 110,280 Student Loan Corp., (The) 910 188,370 Western Union Co. 16,900 385,320 ------------ 2,062,842 ------------ FOODS--0.7% Kroger Co., (The) 11,500 246,790 ------------ GAS UTILITIES--1.8% Energen Corp. 14,200 644,112 ------------ HEALTH CARE - SERVICES--4.5% Coventry Health Care, Inc.* 11,900 572,747 1 ROBECO INVESTMENT FUNDS BOSTON PARTNERS MID CAP VALUE FUND Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ HEALTH CARE - SERVICES--(CONTINUED) DaVita, Inc.* 7,400 $ 393,754 Lincare Holdings, Inc.* 16,900 636,623 ------------ 1,603,124 ------------ INSURANCE - OTHER--12.8% AMBAC Financial Group, Inc. 3,300 282,612 Assurant, Inc. 7,100 390,216 Assured Guaranty Ltd. 12,600 325,710 CIGNA Corp. 3,300 415,965 CNA Financial Corp.* 11,100 427,350 Conseco, Inc.* 9,300 184,977 Everest Re Group Ltd. 2,500 246,025 Hanover Insurance Group, Inc. 6,970 330,238 Marsh & McLennan Companies, Inc. 9,200 289,064 MBIA, Inc. 7,600 529,340 Nationwide Financial Services, Inc., Class A 8,300 431,600 PMI Group, Inc., (The) 10,000 433,100 Radian Group, Inc. 2,100 111,741 White Mountains Insurance Group Ltd. 265 158,934 ------------ 4,556,872 ------------ LEISURE & LODGING--1.6% Hilton Hotels Corp. 11,900 390,677 Scientific Games Corp., Class A* 6,200 180,110 ------------ 570,787 ------------ MACHINERY--0.9% Terex Corp.* 5,540 310,351 ------------ MANUFACTURING--5.7% Dover Corp. 11,000 553,300 Ingersoll-Rand Co. Ltd., Class A 8,000 312,080 Knoll, Inc. 25,500 530,655 Mettler-Toledo International, Inc.* 1,700 131,614 Stanley Works, (The) 9,700 494,894 ------------ 2,022,543 ------------ MEDIA--1.7% Meredith Corp. 11,000 595,100 ------------ NUMBER OF SHARES VALUE ----------- ------------ MEDICAL EQUIPMENT & SUPPLIES--1.2% C.R. Bard, Inc. 5,300 $ 436,137 ------------ OIL & GAS - EXPLORATION--5.6% Chesapeake Energy Corp. 15,900 541,077 Murphy Oil Corp. 5,600 303,968 Newfield Exploration Co.* 9,300 462,861 Pioneer Natural Resources Co. 4,500 195,975 Pogo Producing Co. 9,300 492,156 ------------ 1,996,037 ------------ OIL & GAS - REFINING & MARKETING--1.4% Tesoro Corp. 6,900 486,105 ------------ PUBLISHING & INFORMATION SERVICES--2.5% McGraw-Hill Companies, Inc., (The) 7,900 526,535 R. R. Donnelley & Sons Co. 10,500 370,335 ------------ 896,870 ------------ REAL ESTATE INVESTMENT TRUST (REIT)--2.8% AvalonBay Communities, Inc. 1,900 252,852 Equity Residential 4,600 244,996 SL Green Realty Corp. 2,100 284,004 Ventas, Inc. 5,925 230,779 ------------ 1,012,631 ------------ RECREATIONAL PRODUCTS - TOYS--1.8% Hasbro, Inc. 8,400 224,700 Mattel, Inc. 19,500 428,025 ------------ 652,725 ------------ RESTAURANTS--1.6% Burger King Holdings, Inc.* 30,100 553,840 ------------ RETAIL - HARD GOODS--2.9% Claire's Stores, Inc. 12,200 389,302 Federated Department Stores, Inc. 11,900 500,871 Sherwin-Williams Co., (The) 2,200 137,610 ------------ 1,027,783 ------------ RETAIL - SOFT GOODS--0.6% Gamestop Corp., Class B* 3,600 197,496 ------------ 2 ROBECO INVESTMENT FUNDS BOSTON PARTNERS MID CAP VALUE FUND Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ SAVINGS & LOANS--0.7% Hudson City Bancorp, Inc. 18,200 $ 241,514 ------------ SEMICONDUCTOR EQUIPMENT & PRODUCTS--1.8% Emulex Corp.* 18,800 392,356 Teradyne, Inc.* 16,300 242,870 ------------ 635,226 ------------ TELECOMMUNICATIONS--2.0% CenturyTel, Inc. 9,000 382,950 Embarq Corp. 6,300 324,135 ------------ 707,085 ------------ TELECOMMUNICATIONS EQUIPMENT--2.1% Comverse Tecnology, Inc.* 20,600 402,112 Harris Corp. 8,600 362,146 ------------ 764,258 ------------ TOBACCO--0.7% Loews Corp. - Carolina Group 3,800 237,006 ------------ TRANSPORT - SERVICES--0.6% Laidlaw International, Inc. 7,400 214,970 ------------ TRANSPORTATION - ROAD & RAIL--1.0% Hertz Global Holdings, Inc.* 23,200 371,200 ------------ TRAVEL SERVICES--1.3% Expedia, Inc.* 14,200 258,014 Sabre Holdings Corp., Class A 8,100 222,183 ------------ 480,197 ------------ UTILITIES - ELECTRIC--1.4% Sierra Pacific Resources* 30,600 502,452 ------------ TOTAL COMMON STOCK (Cost $29,572,635) 34,715,768 ------------ INVESTMENT COMPANY--0.3% FINANCIAL SERVICES--0.3% Apollo Investment Corp. 5,188 116,574 ------------ TOTAL INVESTMENT COMPANY (Cost $79,432) 116,574 ------------ NUMBER OF SHARES VALUE ----------- ------------ SHORT-TERM INVESTMENTS--1.5% PNC Bank Money Market Deposit Account 4.81% 12/01/06 535,055 $ 535,055 TOTAL SHORT-TERM INVESTMENTS (Cost $535,055) 535,055 ------------ TOTAL INVESTMENTS--99.4% (COST $30,187,122)** 35,367,397 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES--0.6% 200,962 ------------ NET ASSETS--100.0% $ 35,568,359 ============ * -- Non-income producing. ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 30,187,122 ------------ Gross unrealized appreciation $ 5,373,330 Gross unrealized depreciation (193,055) ------------ Net unrealized appreciation/(depreciation) $ 5,180,275 ============ For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 3 ROBECO INVESTMENT FUNDS BOSTON PARTNERS ALL-CAP VALUE FUND Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) NUMBER OF SHARES VALUE -------------- -------------- COMMON STOCK--95.9% APPAREL--5.1% Jones Apparel Group, Inc. 4,235 $ 142,296 Liz Claiborne, Inc. 4,125 176,344 NIKE, Inc., Class B 1,945 192,458 Pacific Sunwear of California, Inc.* 11,780 231,830 VF Corp. 2,100 164,619 -------------- 907,547 -------------- BUSINESS & PUBLIC SERVICES--0.5% ARAMARK Corp., Class B 2,940 98,049 -------------- COMPUTER EQUIPMENT & SERVICES--4.6% Agilysys, Inc. 5,200 79,664 Hewlett-Packard Co. 9,280 366,189 International Business Machines Corp. 4,160 382,387 -------------- 828,240 -------------- COMPUTER SOFTWARE--2.4% Microsoft Corp. 11,535 338,321 Sybase, Inc.* 3,685 88,219 -------------- 426,540 -------------- CONSUMER NON-CYCLICAL--0.5% National Presto Industries, Inc. 1,555 95,648 -------------- CONSUMER PRODUCTS--1.0% Tupperware Brands Corp. 8,035 170,583 -------------- DISTRIBUTION--1.4% Avnet, Inc.* 4,240 105,110 W.W. Grainger, Inc. 2,000 144,720 -------------- 249,830 -------------- DIVERSIFIED OPERATION--5.4% Leggett & Platt, Inc. 2,745 65,276 Loews Corp. 19,925 795,406 Rent-A-Center, Inc.* 3,550 97,057 -------------- 957,739 -------------- ELECTRONIC COMPONENTS & INSTRUMENTS--0.3% Bel Fuse, Inc., Class B 1,355 49,728 -------------- NUMBER OF SHARES VALUE -------------- -------------- FINANCIAL SERVICES--6.4% Castlepoint Holdings Ltd. 144A ++* 3,725 $ 40,975 Citigroup, Inc. 3,400 168,606 Countrywide Financial Corp. 4,229 167,976 Fannie Mae 2,395 136,587 Freddie Mac 6,525 438,219 Highland Financial Trust 144A ++ 2,755 45,458 Peoples Choice Financial Corp. 144A ++ 1,720 5,160 Tac Acquisition Corp.* 7,355 40,967 TD Ameritrade Holding Corp.* 6,100 107,116 -------------- 1,151,064 -------------- FOODS--0.8% Boulder Specialty Brands, Inc.* 2,675 29,264 Constellation Brands, Inc., Class A* 662 18,523 Nestle S.A. - ADR 1,065 94,006 -------------- 141,793 -------------- HEALTH & PERSONAL CARE--2.5% Johnson & Johnson 6,900 454,779 -------------- HEALTH CARE - DRUGS--7.4% AstraZeneca PLC 4,075 235,902 Pfizer, Inc. 21,796 599,172 Sanofi-Aventis - ADR 7,205 317,092 Wyeth 3,580 172,842 -------------- 1,325,008 -------------- HEALTH CARE - SERVICES--2.0% DaVita, Inc.* 1,525 81,145 Laboratory Corp. of America Holdings* 985 69,738 Lincare Holdings, Inc.* 5,265 198,333 -------------- 349,216 -------------- INSURANCE - LIFE--1.0% Torchmark Corp. 1,860 117,589 UnumProvident Corp. 3,446 70,574 -------------- 188,163 -------------- 1 ROBECO INVESTMENT FUNDS BOSTON PARTNERS ALL-CAP VALUE FUND Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) NUMBER OF SHARES VALUE -------------- -------------- INSURANCE - OTHER--23.5% ACE Ltd.* 11,885 $ 675,543 Alleghany Corp.* 1,521 521,095 AMBAC Financial Group, Inc. 1,220 104,481 American International Group, Inc. 3,420 240,494 AmTrust Financial Services 144A ++* 4,740 36,972 Assured Guaranty Ltd. 6,758 174,694 CNA Financial Corp.* 5,250 202,125 Hanover Insurance Group, Inc. 4,315 204,445 Hartford Financial Services Group, Inc. 334 28,644 Marsh & McLennan Companies, Inc. 4,445 139,662 MBIA, Inc. 7,185 500,435 Millea Holdings, Inc. - ADR 1,600 57,136 National Atlantic Holdings Corp., Class A* 3,825 50,872 Quanta Capital Holdings Ltd.* 23,520 53,390 Radian Group, Inc. 3,665 195,015 RAM Holdings Ltd.* 3,470 48,441 Security Capital Assurance 5,480 138,754 Specialty Underwriters' Alliance, Inc.* 3,025 31,400 St. Paul Travelers Companies, Inc., (The) 5,270 273,039 Wesco Financial Corp. 290 139,200 White Mountains Insurance Group Ltd. 635 380,841 -------------- 4,196,678 -------------- INTERNET SERVICES--2.1% Expedia, Inc.* 9,705 176,340 IAC/InterActiveCorp* 2,470 90,130 Symantec Corp.* 5,300 112,360 -------------- 378,830 -------------- LEISURE & LODGING--0.5% International Speedway Corp., Class A 1,710 88,629 -------------- MANUFACTURING--3.3% Dover Corp. 2,770 139,331 NUMBER OF SHARES VALUE -------------- -------------- MANUFACTURING--(CONTINUED) Makita Corp. - ADR 5,655 $ 163,260 Tyco International Ltd. 9,280 281,091 -------------- 583,682 -------------- MARKETING--0.4% FTD Group, Inc.* 3,955 69,292 -------------- MEDIA & ENTERTAINMENT--0.5% Clear Channel Communications, Inc. 2,465 86,669 -------------- MEDICAL EQUIPMENT AND SUPPLIES--1.0% Becton, Dickinson and Co. 2,375 170,335 -------------- OFFICE EQUIPMENT & SUPPLIES--0.5% Avery Dennison Corp. 1,410 95,133 Xerox Corp.* -- 0 -------------- 95,133 -------------- OIL & GAS - EXPLORATION--3.8% Anadarko Petroleum Corp. 2,490 122,906 Apache Corp. 1,535 107,343 Devon Energy Corp. 2,395 175,721 Pioneer Natural Resources Co. 3,755 163,530 Quest Resource Corp.* 2,118 23,870 Quest Resource Corp. 144A ++* 2,430 27,386 Rosetta Resources, Inc. 144A ++* 2,035 38,238 Rosetta Resources, Inc.* 605 11,368 -------------- 670,362 -------------- OIL & GAS - INTEGRATED MAJORS--3.9% Chevron Corp. 4,060 293,619 ConocoPhillips 4,686 315,368 Royal Dutch Shell PLC, Class A - ADR 1,120 79,554 -------------- 688,541 -------------- REAL ESTATE INVESTMENT TRUST (REIT)--2.5% Alesco Financial, Inc. 144A ++ 5,222 52,742 Ashford Hospitality Trust 3,890 51,037 CBRE Realty Finance, Inc. 2,155 34,803 CBRE Realty Finance, Inc. 144A ++ 4,520 72,998 2 ROBECO INVESTMENT FUNDS BOSTON PARTNERS ALL-CAP VALUE FUND Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) NUMBER OF SHARES VALUE -------------- -------------- REAL ESTATE INVESTMENT TRUST (REIT)--(CONTINUED) KKR Financial Corp. 144A 1,260 $ 33,718 Luminent Mortgage Capital, Inc. 3,180 32,818 National Health Investors, Inc. 3,430 114,905 Taberna Realty Finance Trust 144A ++ 3,115 50,151 -------------- 443,172 -------------- RECREATIONAL PRODUCTS - TOYS--2.4% Hasbro, Inc. 8,745 233,929 Mattel, Inc. 9,290 203,915 -------------- 437,844 -------------- RESTAURANTS--0.8% Yum! Brands, Inc. 2,305 141,043 -------------- RETAIL - HARD GOODS--0.6% Claire's Stores, Inc. 3,275 104,505 -------------- SCHOOLS--0.4% Career Education Corp.* 2,800 70,700 -------------- SERVICES - BUSINESS--1.1% Dun & Bradstreet Corp. (The)* 2,350 193,217 -------------- TELECOMMUNICATION SERVICES--2.4% Embarq Corp. 2,030 104,443 Vodafone Group PLC 12,258 323,121 -------------- 427,564 -------------- TELECOMMUNICATIONS EQUIPMENT--1.5% Motorola, Inc. 6,690 148,317 Nokia Oyj 5,835 117,984 -------------- 266,301 -------------- TOBACCO--1.0% UST, Inc. 3,265 182,775 -------------- TRANSPORTATION - SHIPPING--0.3% Danaos Corp. 2,380 53,360 -------------- TRAVEL SERVICES--0.6% Sabre Holdings Corp., Class A 3,660 100,394 -------------- NUMBER OF SHARES VALUE -------------- -------------- UTILITIES - ELECTRIC--1.5% Korea Electric Power Corp. - ADR 12,430 $ 267,121 -------------- TOTAL COMMON STOCK (Cost $14,614,775) 17,110,074 -------------- WARRANTS--0.0% Tac Acquisition Corp. $5.00 Expires 06/28/10* 14,710 3,824 TOTAL WARRANTS (Cost $219) 3,825 -------------- INVESTMENT COMPANY--0.1% Morgan Stanley Asia-Pacific Fund, Inc. 620 11,197 -------------- TOTAL INVESTMENT COMPANY (Cost $6,643) 11,197 -------------- SHORT-TERM INVESTMENTS--4.2% PNC Bank Money Market Deposit Account 4.810% 12/01/06 758,541 758,541 -------------- TOTAL SHORT-TERM INVESTMENTS (Cost $758,541) 758,541 -------------- TOTAL INVESTMENTS--100.2% (COST $15,380,178) 17,883,637 -------------- OPTIONS WRITTEN--(0.6%) Career Education Corp. Call Options Expire 09/20/07 $25.00 (28) (5,463) Pacific Sunwear of California, Inc. Call Options Expire 03/17/07 $15.00 (48) (24,009) Pacific Sunwear of California, Inc. Call Options Expire 06/16/07 $20.00 (43) (9,688) Symantec Corp. Call Options Expire 04/25/07 $17.00 (53) (25,493) 3 ROBECO INVESTMENT FUNDS BOSTON PARTNERS ALL-CAP VALUE FUND Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) NUMBER OF SHARES VALUE -------------- -------------- OPTIONS WRITTEN--(CONTINUED) TD Ameritrade Holding Corp. Call Options Expire 02/17/07 $11.50 (61) $ (37,991) -------------- TOTAL OPTIONS WRITTEN (Cost $(80,551)) (102,644) -------------- TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN--99.7% (COST $15,299,627)** 17,780,992 -------------- OTHER ASSETS IN EXCESS OF LIABIITIES--0.3% 59,278 -------------- NET ASSETS--100.0% $ 17,840,270 ============== 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. ++ -- Security has been valued at fair market value as determined in good faith by or under the direction of RBB's Board of Directors. * -- Non-income producing. ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 15,299,627 ------------ Gross unrealized appreciation $ 2,697,548 Gross unrealized depreciation (216,182) ------------ Net unrealized appreciation/(depreciation) $ 2,481,366 ============ For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 4 ROBECO INVESTMENT FUNDS WPG TUDOR FUND Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) NUMBER OF SHARES VALUE --------- ------------ COMMON STOCK--93.4% AIRLINES--1.4% JetBlue Airways Corp.*+ 19,700 $ 269,102 Republic Airways Holdings, Inc.* 14,580 251,797 World Air Holdings, Inc.* 28,800 245,088 ------------ 765,987 ------------ APPAREL--3.5% Genesco, Inc.* 6,800 260,576 Lakeland Industries, Inc.*+ 65,515 913,930 Quiksilver, Inc.* 46,000 669,300 ------------ 1,843,806 ------------ BANKS - REGIONAL--4.9% Bank Mutual Corp. 55,200 669,024 Berkshire Hills Bancorp, Inc. 10,900 367,657 Citizens Banking Corp. 22,100 593,164 First Financial Bankshares, Inc. 1 42 PFF Bancorp, Inc. 7,500 247,500 Synergy Financial Group, Inc. 44,300 713,230 ------------ 2,590,617 ------------ BUILDING & CONSTRUCTION--0.1% WCI Communities, Inc.* 3,000 55,740 ------------ CHEMICALS - COMMODITY--2.3% Hercules, Inc.* 26,900 501,147 Methanex Corp. 29,100 721,389 ------------ 1,222,536 ------------ CHEMICALS - SPECIALTY--1.5% Omnova Solutions, Inc.* 55,300 264,334 UAP Holding Corp. 21,800 523,418 ------------ 787,752 ------------ COMPUTER EQUIPMENT & SERVICES--3.5% Foundry Networks, Inc.* 27,000 386,370 Neoware, Inc.*+ 86,200 962,854 WidePoint Corp.* 214,600 487,142 ------------ 1,836,366 ------------ CONSULTING SERVICES--8.8% BearingPoint, Inc.* 52,000 435,760 NUMBER OF SHARES VALUE --------- ------------ CONSULTING SERVICES--(CONTINUED) First Consulting Group, Inc.* 67,740 $ 842,685 FTI Consulting, Inc.* 31,200 838,656 ICF International, Inc.* 86,030 1,496,062 Navigant Consulting, Inc.* 57,500 1,095,375 ------------ 4,708,538 ------------ CONSUMER PRODUCTS--3.1% Flanders Corp.* 26,303 260,137 Jarden Corp.* 21,800 806,164 Libbey, Inc. 51,600 602,172 ------------ 1,668,473 ------------ DATA PROCESSING SERVICES--1.0% MoneyGram International, Inc. 17,230 525,515 ------------ ELECTRONIC EQUIPMENT & PRODUCTS--0.9% Measurement Specialties, Inc.* 13,200 319,176 SonoSite, Inc.* 4,300 137,385 ------------ 456,561 ------------ ENGINE MANUFACTURING--0.2% Briggs & Stratton Corp. 4,100 111,069 ------------ FINANCIAL SERVICES--2.0% Technology Investment Capital Corp. 29,800 477,098 WSFS Financial Corp. 9,400 606,958 ------------ 1,084,056 ------------ FOODS--1.2% Del Monte Foods Co. 58,300 658,207 ------------ GAS UTILITIES--1.8% New Jersey Resources Corp. 4,800 248,400 UGI Corp. 13,100 369,158 Vectren Corp. 11,100 316,905 ------------ 934,463 ------------ HEALTH CARE - DRUGS--0.4% Durect Corp.*+ 44,900 210,132 ------------ HEALTH CARE - SERVICES--0.7% LifePoint Hospitals, Inc.* 11,100 385,281 ------------ 1 ROBECO INVESTMENT FUNDS WPG TUDOR FUND Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) NUMBER OF SHARES VALUE --------- ------------ HOUSEHOLD PRODUCTS--1.8% Lifetime Brands, Inc.+ 47,300 $ 950,730 ------------ INSURANCE - OTHER--6.7% AmCOMP, Inc.* 59,540 643,032 Amerisafe, Inc.* 23,960 327,294 Amtrust Financial Services, Inc.* 33,200 258,960 Aspen Insurance Holdings Ltd. 15,100 406,945 Assured Guaranty Ltd. 26,900 695,365 Darwin Professional Underwriters, Inc.* 23,100 542,388 Endurance Specialty Holdings Ltd. 10,300 386,559 Hallmark Financial Services, Inc.* 2,300 22,655 Hooper Holmes, Inc.* 81,840 274,982 ------------ 3,558,180 ------------ INTERNET SERVICES--2.3% SafeNet, Inc.* 52,400 1,219,872 ------------ MANUFACTURING--2.4% Hexcel Corp.* 51,200 916,480 Olin Corp. 20,300 339,619 ------------ 1,256,099 ------------ MEDIA & ENTERTAINMENT--0.9% New Frontier Media, Inc.* 50,600 453,882 ------------ MEDICAL EQUIPMENT AND SUPPLIES--0.9% Dexcom, Inc.*+ 43,600 490,936 ------------ METALS & MINING--3.6% Hecla Mining Co.* 42,100 293,437 Massey Energy Co. 11,100 305,472 Uranium Resources, Inc.* 194,877 1,336,856 ------------ 1,935,765 ------------ OIL & GAS - EXPLORATION--4.3% Aurora Oil & Gas Corp.* 133,500 456,570 Bronco Drilling Co., Inc.* 21,520 415,766 Endeavor International Corp.* 88,200 202,860 Geomet, Inc.*+ 51,700 540,782 Rosetta Resources, Inc.* 17,700 332,583 Rosetta Resources, Inc. 144A ++* 18,000 338,220 ------------ 2,286,781 ------------ NUMBER OF SHARES VALUE --------- ------------ OIL SERVICES--2.3% Newpark Resources, Inc.* 197,010 $ 1,211,611 ------------ PAPER FOREST PRODUCTS & PACKAGING--0.7% Schweitzer-Mauduit International, Inc. 15,310 379,535 ------------ PUBLISHING & INFORMATION SERVICES--4.2% MDC Partners, Inc.* 254,980 1,810,358 Princeton Review, Inc., (The)*+ 84,954 450,256 ------------ 2,260,614 ------------ RAILROAD & BULK SHIPPING--1.1% RailAmerica, Inc.* 35,500 566,225 ------------ REAL ESTATE INVESTMENT TRUST (REIT)--9.8% Annaly Capital Management, Inc. 25,800 360,684 Anworth Mortgage Asset Corp. 54,300 512,592 Capital Lease Funding, Inc. 75,500 908,265 CBRE Realty Finance, Inc.+ 32,400 523,260 Colonial Properties Trust 4,400 215,424 Federal Realty Investment Trust 4,400 374,792 KKR Financial Corp. 14,100 377,316 Luminent Mortgage Capital, Inc. 109,000 1,124,880 MFA Mortgage Investments, Inc. 106,800 830,904 ------------ 5,228,117 ------------ RESTAURANTS--0.5% Cheesecake Factory, Inc., (The)* 10,200 282,540 ------------ RETAIL--0.4% 1-800-FLOWERS.COM, Inc., Class A* 41,900 235,478 ------------ SAVINGS & LOANS--2.0% Dearborn Bancorp, Inc.* 25,000 529,750 Newalliance Bancshares, Inc. 31,800 519,930 ------------ 1,049,680 ------------ SERVICES - BUSINESS--3.9% Macquarie Infrastucture Co. Trust 10,100 327,240 Marlin Business Services Corp.* 24,000 520,320 Pre-Paid Legal Services, Inc.+ 7,180 298,114 The Providence Service Corp.* 35,100 937,521 ------------ 2,083,195 ------------ 2 ROBECO INVESTMENT FUNDS WPG TUDOR FUND Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) NUMBER OF SHARES VALUE --------- ------------ TELECOMMUNICATIONS EQUIPMENT--2.8% Axesstel, Inc.* 298,650 $ 630,151 CPI International, Inc.* 41,350 579,314 Plantronics, Inc. 14,500 304,500 ------------ 1,513,965 ------------ TOBACCO--0.8% Universal Corp. 9,100 423,787 ------------ TRANSPORTATION - SHIPPING--1.6% Omega Navigation Enterprises, Inc. 9,400 148,050 Seaspan Corp. 32,310 713,405 ------------ 861,455 ------------ TRUCKING--1.0% Marten Transport Ltd.* 29,410 538,497 ------------ UTILITIES - ELECTRIC--2.1% El Paso Electric Co.* 21,800 541,512 Great Plains Energy, Inc. 9,700 306,617 Hawaiian Electric Industries, Inc. 10,200 276,012 ------------ 1,124,141 ------------ TOTAL COMMON STOCK (Cost $42,249,101) 49,756,184 ------------ RIGHTS/WARRANTS--0.3% TRANSPORT - SERVICES--0.3% Navios Maritime Holdings, Inc. Expires 12/09/08 $5.00* 261,750 185,843 ------------ TOTAL RIGHTS/WARRANTS (Cost $0) 185,843 ------------ TOTAL INVESTMENTS--93.7% (COST $42,249,101)** 49,942,027 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES--6.3% 3,354,523 ------------ NET ASSETS--100.0% $ 53,296,550 ============ 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. ++ -- Security has been valued at fair market value as determined in good faith by or under the direction of RBB's Board of Directors. + Portion of security out on loan. * -- 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 $ 42,249,101 ------------ Gross unrealized appreciation $ 8,417,624 Gross unrealized depreciation (724,698) ------------ Net unrealized appreciation/(depreciation) $ 7,692,926 ============ For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 3 ROBECO INVESTMENT FUNDS WPG LARGE CAP GROWTH FUND Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) NUMBER OF SHARES VALUE --------- ------------ COMMON STOCK--98.7% AEROSPACE/DEFENSE--1.9% General Dynamics Corp. 4,950 $ 370,458 ------------ AIRLINES--0.9% US Airways Group, Inc.* 2,950 167,442 ------------ APPAREL--1.8% VF Corp. 4,500 352,755 ------------ CEMENT MANUFACTURING--0.8% Cemex S.A. de C.V. - ADR 4,990 162,375 ------------ CHEMICALS - COMMODITY--2.2% Dow Chemical Co., (The) 2,000 80,020 Lyondell Chemical Co. 13,850 342,095 ------------ 422,115 ------------ COMPUTER EQUIPMENT & SERVICES--6.0% Hewlett-Packard Co. 16,300 643,198 International Business Machines Corp. 5,700 523,944 ------------ 1,167,142 ------------ COMPUTER SOFTWARE--3.2% Microsoft Corp. 21,350 626,196 ------------ CONSUMER CYCLICAL SERVICES--0.6% Wal-Mart Stores, Inc. 2,300 106,030 ------------ CONSUMER NON-CYCLICAL--3.8% Energizer Holdings, Inc.* 5,250 346,972 Procter & Gamble Co., (The) 6,200 389,298 ------------ 736,270 ------------ DIVERSIFIED OPERATIONS--1.2% General Electric Co. 6,300 222,264 ------------ ENERGY--1.2% TXU Corp. 3,900 223,821 ------------ FINANCIAL SERVICES--6.5% American Express Co. 7,150 419,848 Ameriprise Financial, Inc. 1,760 95,216 Goldman Sachs Group, Inc., (The) 2,250 438,300 NUMBER OF SHARES VALUE --------- ------------ FINANCIAL SERVICES--(CONTINUED) JPMorgan Chase & Co. 6,450 $ 298,506 ------------ 1,251,870 ------------ FOODS--5.0% Altria Group, Inc. 2,400 202,104 General Mills, Inc. 6,150 344,092 Safeway, Inc. 13,600 419,016 ------------ 965,212 ------------ HEALTH & PERSONAL CARE--1.6% Becton, Dickinson and Co. 2,800 200,816 Johnson & Johnson 1,500 98,865 ------------ 299,681 ------------ HEALTH CARE - SERVICES--5.5% Express Scripts, Inc.* 3,100 211,420 Humana, Inc.* 3,700 200,170 McKesson Corp. 6,450 318,630 UnitedHealth Group, Inc. 6,950 341,106 ------------ 1,071,326 ------------ HEALTHCARE FACILITIES/SUPPLIES--2.7% GlaxoSmithKline PLC - ADR 3,400 180,642 Pfizer, Inc. 12,400 340,876 ------------ 521,518 ------------ INSURANCE - OTHER--3.1% Allstate Corp., (The) 4,450 282,486 Principal Financial Group, Inc. (The) 2,100 121,275 St. Paul Travelers Companies, Inc., (The) 3,800 196,878 ------------ 600,639 ------------ INTERNET SERVICES--2.0% Expedia, Inc.* 20,900 379,753 ------------ INTERNET SOFTWARE--1.8% Google, Inc., Class A* 300 145,476 Novell, Inc.* 30,800 193,424 ------------ 338,900 ------------ 1 ROBECO INVESTMENT FUNDS WPG LARGE CAP GROWTH FUND Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) NUMBER OF SHARES VALUE --------- ------------ MACHINERY--2.0% Terex Corp.* 6,900 $ 386,538 ------------ MEDIA & ENTERTAINMENT--2.2% CBS Corp., Class B 14,100 419,475 ------------ MEDICAL EQUIPMENT AND SUPPLIES--4.4% AstraZeneca PLC - ADR 4,650 269,188 Cephalon, Inc.* 2,600 194,636 Waters Corp.* 7,900 395,316 ------------ 859,140 ------------ METALS--1.8% Phelps Dodge Corp. 2,850 350,550 ------------ OIL & GAS - EXPLORATION--2.8% Anadarko Petroleum Corp. 4,550 224,588 Marathon Oil Corp. 3,400 320,892 ------------ 545,480 ------------ OIL & GAS - REFINING & MARKETING--1.2% Wainoco Oil Corp. 7,250 229,390 ------------ PHARMACEUTICALS & BIOTECHNOLOGY--2.8% Idec Pharmaceutical Corp. 10,450 546,117 ------------ PUBLISHING & INFORMATION SERVICES--1.8% McGraw-Hill Companies, Inc., (The) 5,350 356,578 ------------ RESTAURANTS--1.7% Yum! Brands, Inc. 5,450 333,486 ------------ RETAIL--7.5% J.C. Penney Co., Inc. 7,600 587,784 Limited Brands, Inc. 15,750 499,117 Office Depot, Inc.* 9,750 369,135 ------------ 1,456,036 ------------ SEMICONDUCTOR EQUIPMENT & PRODUCTS--6.7% Advanced Micro Devices, Inc.* 5,350 115,400 Intel Corp. 29,650 633,027 Intersil Corp., Class A 10,250 253,892 Micron Technology, Inc.* 20,050 292,730 ------------ 1,295,049 ------------ NUMBER OF SHARES VALUE --------- ------------ SERVICES - BUSINESS--2.3% Accenture Ltd., Class A 13,000 $ 438,100 ------------ TECHNOLOGY--2.4% Seagate Technology, Inc. 18,100 466,256 ------------ TELECOMMUNICATIONS--0.8% AT&T, Inc. 4,300 145,813 ------------ TELECOMMUNICATIONS EQUIPMENT--3.6% Motorola, Inc. 15,950 353,612 Nokia Oyj - ADR 17,050 344,751 ------------ 698,363 ------------ TRANSPORTATION - SHIPPING--2.9% Burlington Northern Santa Fe Corp. 4,550 341,978 Ryder System, Inc. 4,100 213,897 ------------ 555,875 ------------ TOTAL COMMON STOCK (Cost $15,874,802) 19,068,013 ------------ INVESTMENT COMPANY--1.0% INVESTMENT--1.0% iShares Russell 1000 Growth Index Fund 3,500 192,745 ------------ TOTAL INVESTMENT COMPANY (Cost $189,629) 192,745 ------------ TOTAL INVESTMENTS--99.7% (COST $16,064,431)** 19,260,758 ------------ OTHER ASSETS IN EXCESS OF LIABILITES--0.3% 67,248 ------------ NET ASSETS--100.0% $ 19,328,006 ============ ADR -- American Depository Receipt. * -- Non-income producing. ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 16,064,431 ------------ Gross unrealized appreciation $ 3,391,618 Gross unrealized depreciation (195,291) ------------ Net unrealized appreciation/(depreciation) $ 3,196,327 ============ For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 2 ROBECO INVESTMENT FUNDS WPG CORE BOND FUND Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE ------------- ----------- ------------ GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS--9.8% FEDERAL HOME LOAN MORTGAGE CORP.--6.7% 5.500% 09/01/19 Aaa/AAA $ 2,321 $ 2,332,609 6.000% 01/01/36 Aaa/AAA 2,916 2,948,376 6.500% 10/01/36 Aaa/AAA 6,095 6,219,286 FEDERAL NATIONAL MORTGAGE ASSOCIATION--2.7% 9.000% 11/01/10 Aaa/AAA 38 41,365 6.500% 12/01/14 Aaa/AAA 409 418,633 5.000% 12/15/21(TBA) Aaa/AAA 8,470 8,390,594 7.500% 02/01/31 Aaa/AAA 72 74,462 5.500% 07/01/34 Aaa/AAA 4,014 3,999,569 5.000% 12/15/36(TBA) Aaa/AAA 10,880 10,628,400 5.500% 12/15/36(TBA) Aaa/AAA 7,170 7,143,112 6.000% 12/15/36(TBA) Aaa/AAA 6,115 6,179,972 6.500% 12/15/36(TBA) Aaa/AAA 2,195 2,239,585 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION--0.4% 7.500% 09/15/07 Aaa/AAA 9 8,721 6.500% 02/15/24 Aaa/AAA 230 236,500 6.500% 04/15/24 Aaa/AAA 97 99,502 6.500% 10/15/24 Aaa/AAA 346 356,074 ------------ TOTAL GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS (Cost $16,748,174) 16,735,097 ------------ GOVERNMENT AGENCY OBLIGATIONS--23.0% FEDERAL HOME LOAN MORTGAGE CORP.--1.3% 3.350% 04/01/08 Aaa/AAA 570 558,905 4.375% 03/17/10 Aaa/AAA 1,700 1,682,072 FEDERAL NATIONAL MORTGAGE ASSOCIATION--20.7% 3.250% 08/15/08 Aaa/AAA 700 682,150 GOVERNMENT NATIONAL MORTGAGE ASSOCIATION--1.0% 3.999% 05/16/27 Aaa/AAA 1,695 1,657,010 ------------ TOTAL GOVERNMENT AGENCY OBLIGATIONS (Cost $38,895,740) 39,161,800 ------------ MOODY'S / S&P PAR (000'S) VALUE ------------- ----------- ------------ ASSET BACKED SECURITIES--30.8% AUTOMOBILES--5.5% BMW Vehicle Owner Trust Series 2006-A Class A3 5.130% 09/27/10(c) Aaa/AAA $ 350 $ 351,140 Daimler Chrysler Auto Trust Series 2006-C A4 4.980% 11/08/11(c) Aaa/AAA 510 511,792 Honda Auto Receivables Owner Trust Series 2006-2 Class A4 5.280% 01/23/12 Aaa/AAA 1,460 1,476,485 Honda Auto Receivables Owner Trust Series 2006-3 Class A4 5.110% 04/15/12(c) (d) Aaa/AAA 1,850 1,856,717 Nissan Auto Receivables Owner Trust Series 2006-C Class A3 5.440% 04/15/10 Aaa/AAA 1,840 1,855,571 USAA Auto Owner Trust Series 2006-3 Class A4 5.360% 06/15/12 Aaa/AAA 645 654,343 USAA Auto Owner Trust Series 2006-4 Class A4 4.980% 10/15/12(c) Aaa/AAA 1,890 1,895,046 Volkswagen Auto Lease Trust Series 2006-A Class A3 5.500% 09/21/09 Aaa/AAA 795 801,056 ------------ 9,402,150 ------------ 1 ROBECO INVESTMENT FUNDS WPG CORE BOND FUND Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE ------------- ----------- ------------ CREDIT CARDS--4.0% Chase Issuance Trust Series 2005-A10 Class A10 4.650% 12/17/12 Aaa/AAA $ 1,470 $ 1,463,741 Citibank Credit Card Issuance Trust Series 2003-A11 Class A11 5.424% 10/15/09 Aaa/AAA 1,200 1,200,691 Citibank Credit Card Issuance Trust Series 2003-A3 Class A3 3.100% 03/10/10 Aaa/AAA 1,750 1,707,545 Citibank Credit Card Issuance Trust Series 2003-A6 Class A6 2.900% 05/17/10 Aaa/AAA 1,000 970,475 Citibank Credit Card Issuance Trust Series 2006-A5 Class A5 5.300% 05/20/11 Aaa/AAA 790 797,935 MBNA Credit Card Master Note Trust Series 2005-A1 Class A1 4.200% 09/15/10 Aaa/AAA 670 662,995 ------------ 6,803,382 ------------ MORTGAGE BACKED SECURITIES--21.3% Aames Mortgage Investment Trust Series 2005-4 Class 2A1 (a)(c) 5.440% 10/25/35 Aaa/AAA 49 48,664 MOODY'S / S&P PAR (000'S) VALUE ------------- ----------- ------------ MORTGAGE BACKED SECURITIES--(CONTINUED) AEGIS Asset Backed Securities Trust Series 2005-4 Class 1A1(a)(c) 5.430% 10/25/35 Aaa/AAA $ 188 $ 187,571 American Home Mortgage Investment Trust Series 2005-3 Class 2A1(a)(c) 5.504% 09/25/35 Aaa/AAA 722 719,028 Banc of America Commercial Mortgage, Inc. Series 2005-5 Class A4 5.115% 10/10/45 Aaa/AAA 1,500 1,499,282 Banc of America Commercial Mortgage, Inc. Series 2005-6 Class A4 5.354% 09/10/47 Aaa/AAA 820 827,013 Banc of America Funding Corp. Series 2005-E Class 4A1 (a) 4.106% 03/20/35 Aaa/AAA 1,719 1,697,705 Centex Home Equity Series 2006-A Class AV1 (a) 5.370% 06/25/36 Aaa/AAA 497 496,774 Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2005-CD1 Class A4 5.400% 07/15/44 Aaa/AAA 1,500 1,518,687 2 ROBECO INVESTMENT FUNDS WPG CORE BOND FUND Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE ------------- ----------- ------------ MORTGAGE BACKED SECURITIES--(CONTINUED) Commerical Mortgage Asset Trust Series 1999-C2 Class A2 7.546% 11/17/32 Aaa/AAA $ 325 $ 341,791 CS First Boston Mortgage Securities Corp. Series 2005- C4 Class A5 5.104% 08/15/38 Aaa/AAA 810 808,628 First Union-Lehman Brothers-Bank of America Series 1998-C2 Class A2 6.560% 11/18/35 Aaa/AAA 502 508,832 GE Capital Commercial Mortgage Corp. Series 2005-C4 Class A4 5.511% 11/10/45 Aaa/AAA 790 805,325 GE-WMC Mortgage Securities Series 2005-1 Class A2A 5.440% 10/25/35(a) Aaa/AAA 548 547,920 Greenwich Capital Commercial Funding Corp. Series 2005-GG5 Class A5 5.224% 04/10/37 Aaa/AAA 400 403,057 GSAMP Trust Series 2005-HE4 Class A2A(a) 5.440% 08/25/35 Aaa/AAA 101 100,850 GSR Mortgage Loan Trust Series 2005- AR6 Class 3A1(a) (d)4.561% 09/25/35 Aaa/AAA 1,751 1,735,157 IXIS Real Estate Capital Trust Series 2006-HE2 Class A1(a) 5.380% 08/25/36 Aaa/AAA 704 703,880 MOODY'S / S&P PAR (000'S) VALUE ------------- ----------- ------------ MORTGAGE BACKED SECURITIES--(CONTINUED) JP Morgan Alternative Loan Trust Series 2006-S2 Class A1B 5.400% 05/25/36(a) Aaa/AAA $ 1,239 $ 1,239,311 JP Morgan Chase Commercial Mortgage Securities Corp. Series 2005- CB13 Class A4(d) 5.472% 01/12/43 Aaa/AAA 1,370 1,391,683 JP Morgan Chase Commercial Mortgage Securities Corp. Series 2005- LDP5 Class A4 5.345% 12/15/44 Aaa/AAA 1,600 1,617,885 JP Morgan Mortgage Acquisition Corp. Series 2005-WMC1 Class A2 (a) 5.440% 09/25/35 Aaa/AAA 298 297,731 JP Morgan Mortgage Trust Series 2004- S2 Class 4A5(d) 6.000% 11/25/34 Aaa/AAA 1,238 1,246,096 Long Beach Mortgage Loan Trust Series 2005-3 Class 2A1 5.440% 09/25/35(a) Aaa/AAA 120 119,944 Long Beach Mortgage Loan Trust Series 2006-4 Class 2A1 5.370% 05/25/36(a) Aaa/AAA 285 284,748 Merrill Lynch Mortgage Investors Trust Series 2006 WMC1 Class A2A(a) 5.400% 01/25/37 Aaa/AAA 372 371,520 3 ROBECO INVESTMENT FUNDS WPG CORE BOND FUND Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE ------------- ----------- ------------ MORTGAGE BACKED SECURITIES--(CONTINUED) Merrill Lynch Mortgage Investors Trust Series 2006-RM2 Class A2A(a) 5.350% 05/25/37 Aaa/AAA $ 1,324 $ 1,323,563 Merrill Lynch Mortgage Trust Series 2005- CKI1 Class A6 5.417% 11/12/37 Aaa/AAA 710 719,407 Morgan Stanley Capital I Series 2005-HQ7 Class A4 5.374% 11/14/42 Aaa/AAA 1,590 1,607,269 Morgan Stanley Capital I Series 2006-HE4 Class A1(a) 5.364% 06/25/36 Aaa/AAA 1,133 1,133,251 Morgan Stanley Capital I Series 2006-HQ8 Class A4 5.561% 03/12/44 Aaa/AAA 1,300 1,333,934 Morgan Stanley Home Equity Loans Series 2006-3 Class A1(a) 5.370% 04/25/36 Aaa/AAA 634 634,475 NovaStar Home Equity Loan Series 2005-3 Class A2A(a) 5.450% 01/25/36 Aaa/AAA 172 172,134 Residential Asset Mortgage Products, Inc. Series 2005- EFC4 Class A1(a) 5.430% 09/25/35 Aaa/AAA 475 474,712 Saxon Asset Securities Trust Series 2005-3 Class A2A 5.440% 10/25/35 Aaa/AAA 184 183,999 MOODY'S / S&P PAR (000'S) VALUE ------------- ----------- ------------ MORTGAGE BACKED SECURITIES--(CONTINUED) Securitized Asset Backed Receivables, LLC Series 2006-FR1 Class A2A(a) 5.390% 11/25/35 Aaa/AAA $ 765 $ 764,802 Soundview Home Equity Loan Trust Series 2006-OPT3 Class 2A1(a) 5.380% 06/25/36 Aaa/AAA 590 590,124 Soundview Home Equity Loan Trust Series 2006-OPT5 Class 2A1(a) 5.370% 07/25/36 Aaa/AAA 1,471 1,471,393 Specialty Underwriting & Residential Finance Series 2005-AB2 Class A1A(a) 5.430% 06/25/36 Aaa/AAA 312 311,697 Wachovia Bank Commerical Mortgage Trust Series 2005-C21 Class A1 5.058% 10/15/44 Aaa/AAA 567 566,817 Washington Mutual Series 2005-AR12 Class 1A8(a) 4.840% 10/25/35 Aaa/AAA 1,564 1,553,003 Wells Fargo Mortgage Backed Securities Trust Series 2004- EE Class 2A1 3.989% 01/25/35 Aaa/AAA 1,535 1,510,084 4 ROBECO INVESTMENT FUNDS WPG CORE BOND FUND Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE ------------- ----------- ------------ MORTGAGE BACKED SECURITIES--(CONTINUED) Wells Fargo Mortgage Backed Securities Trust Series 2005- AR16 Class 6A3 5.000% 10/25/35 Aaa/AAA $ 2,338 $ 2,320,368 ------------ 36,190,114 ------------ TOTAL ASSET BACKED SECURITIES (Cost $52,240,759) 52,395,646 ------------ CORPORATE BONDS--35.4% AEROSPACE/DEFENSE--0.5% Northrop Grumman Corp. 7.125% 02/15/11 Baa2/BBB+ 780 839,772 ------------ AEROSPACE/DEFENSE--0.2% Embraer Overseas Ltd. 6.375% 01/24/17(b) (c) Baa3/BBB- 410 411,435 ------------ BANKING--1.0% ANZ Capital Trust II 5.360% 12/29/49 A2/A- 905 894,054 Popular North America, Inc. 4.700% 06/30/09 A3/BBB+ 835 821,540 ------------ 1,715,594 ------------ BANKS - MAJOR--0.8% Comerica Bank 5.750% 11/21/16(d) A2e/A 1,310 1,328,178 ------------ BANKS - REGIONAL--2.9% Banco Santander Central Hispano Issuances, Ltd. 7.625% 11/03/09(d) A1/A+ 1,000 1,068,001 Barclays Bank PLC 5.926% 12/15/16(b) (d) (c) Aa3/A+ 1,220 1,245,474 MOODY'S / S&P PAR (000'S) VALUE ------------- ----------- ------------ BANKS - REGIONAL--(CONTINUED) Barclays Bank PLC 6.860% 06/15/32(b) (c) (d) Aa3/A+ $ 1,265 $ 1,407,716 First Tennessee Bank NA 5.316% 12/08/08(c) (d) A1/A 560 558,752 Lloyds TSB Group PLC 6.267% 11/14/16(b) (c) Aa3e/A 570 577,862 ------------ 4,857,805 ------------ BEVERAGES--0.1% Diageo Capital PLC 3.375% 03/20/08 A2/A 95 92,857 ------------ BUILDING & CONSTRUCTION--1.1% Owens Corning, Inc. 6.500% 12/01/16(b) (c) Baa3/BBB- 520 536,086 7.000% 12/01/36(b) (c) Baa3/BBB- 1,230 1,278,832 ------------ 1,814,918 ------------ BUILDING MATERIALS--0.5% CRH America, Inc. 6.000% 09/30/16(c) (d) Baa1/BBB+ 800 818,346 ------------ COMMUNICATIONS & MEDIA--0.3% Time Warner Entertainment 8.375% 07/15/33 Baa1/BBB+ 375 465,592 ------------ COMPUTERS--0.3% Hewlett-Packard Co. 3.625% 03/15/08(c) (d) A3/A- 485 474,334 ------------ 5 ROBECO INVESTMENT FUNDS WPG CORE BOND FUND Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE ------------- ----------- ------------ ELECTRIC--1.3% Abu Dhabi National Energy Co. 6.500% 10/27/36(b) Aa3/A+ $ 520 $ 552,050 Dominion Resources, Inc. 6.300% 09/30/66(c) Baa3/BB+ 335 340,641 Duke Energy Indiana, Inc. 6.120% 10/15/35(c) (d) Baa1/BBB 295 306,812 Energy East Corp. 6.750% 07/15/36(c) (d) Baa2/BBB 375 409,222 ITC Holdings Corp. 5.875% 09/30/16(b) (c) Baa3/BBB- 600 606,408 ------------ 2,215,133 ------------ FINANCE--13.0% American Express Co. 5.250% 09/12/11(d) A1/A+ 920 929,965 American General Finance Corp. 4.875% 05/15/10 A1/A+ 1,985 1,973,439 Bear Stearns & Co., Inc. 4.550% 06/23/10(d) A1/A+ 745 734,110 5.550% 01/22/17 A2/A 630 636,117 Capital One Financial Corp. 5.700% 09/15/11(d) Bbb+/BBB+ 1,130 1,154,545 Caterpillar Financial Services Corp. 4.300% 06/01/10 A2/A 1,185 1,159,473 CIT Group Funding Co. of Canada 4.650% 07/01/10 A2/A 1,045 1,029,707 CIT Group, Inc. 4.750% 08/15/08(d) A2/A 715 710,555 MOODY'S / S&P PAR (000'S) VALUE ------------- ----------- ------------ FINANCE--(CONTINUED) Countrywide Home Loans, Inc. 2.875% 02/15/07 A3/A $ 125 $ 124,397 Genworth Global Funding Trust 5.375% 09/15/11 Aa3e/AA- 1,500 1,519,714 Goldman Sachs Group, Inc. 5.950% 01/15/27(c) (d) A1e/A+ 635 644,449 HSBC Finance Corp. 4.125% 11/16/09 Aa3/AA- 815 793,631 5.700% 06/01/11 Aa3/AA- 805 825,932 International Lease Finance Corp. 6.375% 03/15/09(d) A1/AA- 1,610 1,652,494 JP Morgan Chase Capital XX 6.550% 09/29/36(c) (d) A2/A- 1,645 1,736,321 Merrill Lynch & Co., Inc. 6.220% 09/15/26(d) A1/A+ 400 421,224 Morgan Stanley 4.000% 01/15/10 Aa3/A+ 900 873,617 5.050% 01/21/11 Aa3/A+ 715 715,448 5.625% 01/09/12 Aa3/A+ 955 977,175 Resona Preferred Global Securities 7.191% 07/30/49(a) (b) Baa3/BBB- 410 434,714 SLM Corp. 4.000% 01/15/09(d) A2/A 2,410 2,355,254 Swiss Reinvestment Capital I LP 6.854% 05/25/16(b) (c) A1/A- 355 377,980 6 ROBECO INVESTMENT FUNDS WPG CORE BOND FUND Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE ------------- ----------- ------------ FINANCE--(CONTINUED) Textron Financial Corp. 4.600% 05/03/10 A3/A- $ 440 $ 433,562 ------------ 22,213,823 ------------ HEALTH & PERSONAL CARE--0.9% Health Care Property Investors, Inc. 6.300% 09/15/16(c) (d) Baa3/BBB 1,410 1,458,538 ------------ INSURANCE - LIFE--0.6% Lincoln National Corp. 7.000% 05/17/16(c) (d) Baa2/A- 900 965,504 ------------ INSURANCE - OTHER--3.1% AON Capital Trust 8.205% 01/01/27 Baa3/BBB- 585 693,620 Chubb Corp. 4.934% 11/16/07 A2/A 980 977,404 Hartford Life Global Funding Trust 5.200% 02/15/11 Aa3e/AA- 595 601,187 ING Groep NV 5.775% 12/29/49(c) A2/A 605 608,996 Metropolitan Life Global Funding I 5.750% 07/25/11 Aa2/AA 1,330 1,368,984 Monumental Global Funding II 5.650% 07/14/11 Aa3e/AA 1,090 1,114,800 ------------ 5,364,991 ------------ MEDIA--1.0% Comcast Corp. 5.875% 02/15/18(c) (d) Baa2/BBB+ 425 426,861 Time Warner, Inc. 6.500% 11/15/36(c) (d) Baa2/BBB+ 395 403,357 MOODY'S / S&P PAR (000'S) VALUE ------------- ----------- ------------ MEDIA--(CONTINUED) Viacom, Inc. 6.250% 04/30/16(c) (d) Baa3/BBB $ 900 $ 910,770 ------------ 1,740,988 ------------ MINING & METALS--0.4% BHP Billiton Finance USA Ltd. 5.000% 12/15/10 A1/A+ 710 710,909 ------------ OIL & GAS - EXPLORATION--1.1% Canadian Natural Resources Ltd. 6.500% 02/15/37(c) Baa2/BBB+ 750 776,169 Encana Corp. 6.300% 11/01/11 Baa2/A- 1,045 1,090,429 ------------ 1,866,598 ------------ OIL & GAS - INTEGRATED MAJORS--1.4% Norsk Hydro ASA 6.360% 01/15/09 A2/A- 1,185 1,213,922 Oneok Partners LP 6.650% 10/01/36(c) (d) Baa2/BBB 1,060 1,118,230 ------------ 2,332,152 ------------ OIL & GAS - INTEGRATED MAJORS--0.7% Plains All American Pipelines LP 6.125% 01/15/17(b) (c) Baa3/BBB- 530 542,462 6.650% 01/15/37(b) (c) Baa3/BBB- 660 692,596 ------------ 1,235,058 ------------ OIL FIELD MACHINERY & EQUIPMENT--0.5% Halliburton Co. 5.500% 10/15/10 Baa1/BBB+ 800 809,495 ------------ 7 ROBECO INVESTMENT FUNDS WPG CORE BOND FUND Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE ------------- ----------- ------------ PHARMACEUTICALS & BIOTECHNOLOGY--0.6% Abbott Laboratories 3.750% 03/15/11(c) (d) A1/AA $ 1,090 $ 1,038,447 ------------ REAL ESTATE--1.0% Duke Reality LP 5.625% 08/15/11 Baa1/BBB+ 380 385,610 WEA Finance, LLC 5.700% 10/01/16(b) (c) (d) A2/A- 650 660,694 Westfield Group 5.400% 10/01/12(b) (c) (d) A2/A- 610 614,308 ------------ 1,660,612 ------------ REAL ESTATE INVESTMENT TRUST (REIT)--0.3% Simon Property Group LP 5.875% 03/01/17 Baa1/A- 490 509,148 ------------ RETAIL STORES--0.3% Federated Department Stores, Inc. 6.900% 04/01/29(c) (d) Baa1/BBB 360 376,360 May Department Stores Co. 6.700% 07/15/34(c) (d) Baa1/BBB 190 194,582 ------------ 570,942 ------------ TELECOMMUNICATIONS--0.2% America Movil SA De CV 6.375% 03/01/35(c) (d) A3/BBB+ 350 345,623 ------------ TELEPHONE - INTEGRATED--1.3% AT&T, Inc. 4.125% 09/15/09(c) (d) A2/A 1,220 1,189,873 BellSouth Corp. 4.200% 09/15/09 A2/A 865 845,300 MOODY'S / S&P PAR (000'S) VALUE ------------- ----------- ------------ TELEPHONE - INTEGRATED--(CONTINUED) Telecom Italia Capital SA 5.250% 10/01/15 Baa2/BBB+ $ 270 $ 255,376 ------------ 2,290,549 ------------ TOTAL CORPORATE BONDS (Cost $58,939,811) 60,147,341 ------------ U.S. TREASURY OBLIGATIONS--8.1% U.S. TREASURY BONDS--0.3% 4.500% 02/15/36 Aaa/AAA 605 598,997 ------------ U.S. TREASURY NOTES--7.8% 4.875% 08/31/08 Aaa/AAA 60 60,216 0.875% 04/15/10 Aaa/AAA 735 749,938 2.375% 04/15/11 Aaa/AAA 3,495 3,592,970 2.000% 01/15/16 Aaa/AAA 4,275 4,311,725 2.500% 07/15/16 Aaa/AAA 4,370 4,523,489 ------------ 13,238,338 ------------ TOTAL U.S. TREASURY OBLIGATIONS (Cost $13,638,912) 13,837,335 ------------ SHORT-TERM INVESTMENTS--13.1% FEDERAL NATIONAL MORTGAGE ASSOCIATION--11.6% 5.01% 12/12/06 11,343 11,325,324 5.06% 12/12/06 6,243 6,233,329 5.11% 12/12/06 2,187 2,183,585 ------------ 19,742,238 ------------ SHARES VALUE ------------- ----------- ------------ SHORT-TERM INVESTMENT--1.5% Dreyfus Government Cash Management 5.135% 12/01/06 2,611,330 2,611,330 ------------ TOTAL SHORT-TERM INVESTMENTS (Cost $22,353,587) 22,353,568 ------------ TOTAL INVESTMENTS--120.2% (COST $202,816,983)* 204,630,787 ------------ LIABILITIES IN EXCESS OF OTHER ASSETS-- (20.2)% (34,399,333) ------------ NET ASSETS--100.0% $170,231,454 ============ 8 ROBECO INVESTMENT FUNDS WPG CORE BOND FUND Portfolio of Investments NOVEMBER 30, 2006 (UNAUDITED) - ---- TBA - To Be Announced. (a) Adjustable rate security. (b) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. (c) Callable security. (d) Fitch rating. (e) Futures contracts open at November 30, 2006:
Number Value Value Unrealized of Expiration at Trade at Appreciation Contracts Type Month Date 11/30/06 (Depreciation) --------- ------------- ---------- ----------- ----------- -------------- Long Positions: 102 U.S. Treasury 30 Year Bond 3/2007 $11,520,422 $11,666,250 $ 145,828 32 U.S. Treasury 2 Year Note 4/2007 6,546,000 6,560,000 14,000 -------------- $ 159,828 -------------- Short Positions: (186) U.S. Treasury 10 Year Note 3/2007 ($20,150,484) ($20,308,875) ($ 158,391) --------------
* 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 $ 202,816,983 ------------- Gross unrealized appreciation $ 2,095,130 Gross unrealized depreciation (281,326) ------------- Net unrealized appreciation $ 1,813,804 ============= For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 9 SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) SHARES VALUE ---------- ------------ DOMESTIC COMMON STOCKS -- 90.7% AEROSPACE & DEFENSE -- 5.3% AAR Corp.* 114,880 $ 3,054,659 BE Aerospace, Inc.* 82,924 2,173,438 CAE, Inc. 104,150 947,765 ------------ 6,175,862 ------------ AIRCRAFT PARTS & AUXILIARY EQUIPMENT -- 1.2% Triumph Group, Inc.* 27,175 1,441,905 ------------ AIRLINES -- 1.4% AirTran Holdings, Inc.* 130,050 1,616,521 ------------ AUTOMOBILE PARTS & EQUIPMENT -- 2.1% American Axle & Manufacturing Holdings, Inc. 109,250 1,999,275 Visteon Corp.* 57,425 461,697 ------------ 2,460,972 ------------ BANKS -- 6.1% First BanCorp 443,125 4,440,112 W. Holding Co., Inc. 446,075 2,738,901 ------------ 7,179,013 ------------ BUILDING PRODUCTS - WOOD -- 0.8% Building Materials Holding Corp. 33,925 835,912 Norbord, Inc. 12,925 102,427 ------------ 938,339 ------------ COMPUTER COMPONENTS -- 1.3% Silicon Storage Technology, Inc.* 339,225 1,563,827 ------------ COMPUTER SOFTWARE -- 5.5% Dendrite International, Inc.* 42,850 449,925 Insight Enterprises, Inc.* 46,975 944,198 Internet Capital Group, Inc.* 180,050 1,856,315 Take-Two Interactive Software, Inc. 183,475 3,185,126 ------------ 6,435,564 ------------ DIVERSIFIED -- 0.7% Viad Corp. 21,325 838,286 ------------ ELECTRICAL WORK -- 0.8% Integrated Electrical Services, Inc.* 61,134 959,812 ------------ ELECTRONICS -- 0.9% Curtiss-Wright Corp. 30,125 1,070,944 ------------ ENERGY & UTILITIES -- 5.5% Massey Energy Co. 54,200 1,491,584 Reliant Energy, Inc.* 367,100 4,926,482 ------------ 6,418,066 ------------ FARM MACHINERY & EQUIPMENT -- 2.2% AGCO Corp.* 84,400 2,635,812 ------------ FERTILIZERS -- 0.4% LESCO, Inc.* 59,525 488,700 ------------ SHARES VALUE ---------- ------------ FINANCE -- 0.4% Friedman, Billings, Ramsey Group, Inc.* 54,450 $ 426,344 ------------ FINANCE DIVERSIFIED -- 0.0% Doral Financial Corp. 625 2,531 ------------ FOOD -- 0.2% Interstate Bakeries Corp. 34,850 97,580 Lance, Inc. 6,900 131,928 ------------ 229,508 ------------ FOOD-MEAT PROCESSING -- 0.9% Sanderson Farms, Inc. 36,650 1,013,372 ------------ FOOTWEAR -- 0.4% Barry (R.G.) Corp.* 72,875 524,700 ------------ HEALTHCARE -- 1.4% Amedisys, Inc.* 24,675 966,519 Matria Healthcare, Inc.* 22,475 657,394 ------------ 1,623,913 ------------ HEALTHCARE FACILITIES -- 0.5% American Medical Systems Holdings, Inc* 35,550 611,816 ------------ HOME FURNISHINGS -- 0.4% Furniture Brands International, Inc. 16,400 282,408 La-Z-Boy, Inc. 14,500 170,810 ------------ 453,218 ------------ HOMEBUILDING -- 0.1% Technical Olympic USA, Inc. 6,200 57,784 ------------ HOTELS & RESTAURANTS -- 1.9% Orient-Express Hotels, Ltd., Class A 50,975 2,182,240 ------------ HOUSEHOLD APPLIANCES -- 0.3% Central Garden & Pet Co.* 7,600 396,720 ------------ INSURANCE -- 2.8% Assured Guaranty, Ltd. 12,075 312,139 IPC Holdings, Ltd. 36,975 1,153,620 ProAssurance Corp.* 26,156 1,339,972 Ram Holdings, Ltd. 35,975 502,211 ------------ 3,307,942 ------------ INTERNET SOFTWARE -- 0.8% Openwave Systems, Inc.* 111,075 933,030 ------------ LEISURE & ENTERTAINMENT -- 0.9% Nautilus, Inc. 66,750 1,037,295 ------------ MANUFACTURED HOUSING -- 2.1% Champion Enterprises, Inc.* 46,975 439,216 Fleetwood Enterprises, Inc.* 265,675 2,037,727 ------------ 2,476,943 ------------ MANUFACTURING -- 3.0% Griffon Corp.* 31,550 752,152 1 SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) SHARES VALUE ---------- ------------ Navistar International Corp.* 85,475 $ 2,734,345 ------------ 3,486,497 ------------ MORTGAGE -- 1.9% Luminent Mortgage Capital, Inc. 218,150 2,251,308 ------------ OIL & GAS EXPLORATION -- 0.2% Aquila, Inc.* 41,125 188,353 ------------ PAPER & FORESTRY PRODUCTS -- 0.1% Neenah Paper, Inc. 4,575 156,282 ------------ PIPES LINES (NO NATURAL GAS) -- 3.9% Hudson Highland Group, Inc.* 254,375 4,540,594 ------------ PROPERTY & CASUALITY INSURANCE -- 0.8% Landamerica Financial Group, Inc. 15,725 960,955 ------------ REAL ESTATE -- 2.5% MI Developments, Inc., Class A 59,950 2,174,986 Trammell Crow Co.* 15,025 740,732 ------------ 2,915,718 ------------ REAL ESTATE INVESTMENT TRUST -- 11.2% American Financial Realty Trust 7,025 82,614 American Home Mortgage Investment Corp. 168,075 5,944,813 Anworth Mortgage Asset Corp. 583,175 5,505,172 Arbor Realty Trust, Inc. 30,625 864,850 IPC US Real Estate, Inc. 800 8,350 Republic Property Trust 30,600 352,206 Winthrop Realty Trust 67,850 434,919 ------------ 13,192,924 ------------ RESIDENTIAL CONSTRUCTION -- 2.4% WCI Communities, Inc.* 151,400 2,813,012 ------------ RESTAURANTS -- 1.4% Triarc Companies, Inc., Class A* 86,350 1,618,199 ------------ RETAIL - SPECIALTY STORES -- 2.1% Eddie Bauer Holdings, Inc.* 18,050 165,158 MarineMax, Inc.* 49,725 1,335,613 Stein Mart, Inc. 63,800 1,001,660 ------------ 2,502,431 ------------ SAVINGS & LOAN ASSOCIATIONS -- 2.7% First Niagara Financial Group, Inc. 64,900 932,613 Firstfed Financial Corp.* 6,900 448,638 Flagstar Bancorp, Inc. 53,200 800,660 Partners Trust Financial Group, Inc. 20,725 235,229 Provident Financial Services, Inc. 15,450 281,035 Washington Federal, Inc. 18,100 420,644 ------------ 3,118,819 ------------ SHARES VALUE ---------- ------------ SCHOOLS -- 0.9% Corinthian Colleges, Inc.* 84,900 $ 1,095,210 ------------ SEMICONDUCTOR EQUIPMENT -- 3.2% Alliance Semiconductor Corp.* 213,325 797,835 Axcelis Technologies, Inc.* 39,825 254,482 BE Semiconductor Industries N.V.* 441,218 2,695,842 ------------ 3,748,159 ------------ SEMICONDUCTORS & RELATED -- 3.5% ASM International N.V.* 110,200 2,321,914 STATS ChipPAC, Ltd. ADR* 164,075 1,379,871 ZiLOG, Inc.* 97,650 392,553 ------------ 4,094,338 ------------ SERVICES - COMPUTER PROCESSING & DATA PREPARATION -- 1.1% Source Interlink Companies, Inc.* 142,075 1,267,309 ------------ TECHNOLOGY -- 0.1% Mercury Computer Systems, Inc.* 11,350 148,458 ------------ TRANSPORTATION -- 2.3% Alexander & Baldwin, Inc. 26,500 1,169,975 Florida East Coast, Inc. 7,250 434,058 Genesee & Wyoming, Inc.* 41,875 1,124,762 ------------ 2,728,795 ------------ TRUCK TRAILERS -- 0.1% Wabash National Corp.* 6,650 97,755 ------------ TOTAL DOMESTIC COMMON STOCKS (Cost $91,341,913) 106,426,095 ------------ CANADIAN COMMON STOCKS -- 1.1% REAL ESTATE INVESTMENT TRUST -- 1.1% Retirement Residences 173,650 1,254,477 ------------ TOTAL CANADIAN COMMON STOCK (Cost $1,129,291) 1,254,477 ------------ MEXICAN COMMON STOCKS -- 0.6% BROADCASTING & CABLE TELEVISION -- 0.6% TV Azteca, S.A. de C.V 1,152,300 762,693 ------------ TOTAL MEXICAN COMMON STOCKS (Cost $581,683) 762,693 ------------ EXCHANGE TRADED FUND -- 1.1% FINANCE -- 1.1% iShares Russell 2000 Value Index Fund 16,300 1,299,110 ------------ TOTAL EXCHANGE TRADED FUND (Cost $1,246,468) 1,299,110 ------------ 2 SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) SHARES VALUE ---------- ------------ TEMPORARY INVESTMENT -- 5.8% PNC Bank Money Market Account - 4.81% 12/01/06 $6,780,465 $ 6,780,465 ------------ TOTAL TEMPORARY INVESTMENT (Cost $6,780,465) 6,780,465 ------------ TOTAL INVESTMENTS -- 99.3% (Cost $101,079,820)** 116,522,840 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.7% 857,461 ------------ NET ASSETS -- 100.0% $117,380,301 ------------ ADR -- American Depository Receipt * Non-income producing. ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 101,079,820 -------------- Gross unrealized appreciation $ 18,512,513 Gross unrealized depreciation (3,069,493) -------------- Net unrealized appreciation/(depreciation) $ 15,443,020 ============== For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 3 SCHNEIDER VALUE FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) Shares Value ---------- ------------ DOMESTIC COMMON STOCKS -- 87.5% AEROSPACE & DEFENSE -- 2.7% Boeing Co., (The) 39,125 $ 3,463,736 Goodrich Corp. 45,375 2,041,875 ------------ 5,505,611 ------------ AGRICULTURAL CHEMICALS -- 0.1% Mosaic Co., (The)* 12,735 271,256 ------------ AIRLINES -- 0.4% Southwest Airlines Co. 52,850 830,274 ------------ AUTOMOBILE PARTS & EQUIPMENT -- 1.4% Visteon Corp.* 355,100 2,855,004 ------------ BANKS -- 3.2% Capital One Financial Corp. 6,100 475,068 Hudson City Bancorp, Inc. 68,230 905,412 North Fork Bancorporation, Inc. 182,316 5,117,610 ------------ 6,498,090 ------------ BROADCASTING & CABLE TELEVISION -- 3.2% Liberty Global, Inc., Series A* 74,688 2,014,335 Liberty Global, Inc., Series C* 81,399 2,129,398 Liberty Media Holding Corp. - Capital, Series A* 26,024 2,288,030 ------------ 6,431,763 ------------ CHEMICALS - SPECIALTY -- 0.7% Cytec Industries, Inc. 24,825 1,323,917 ------------ COMPUTERS, SOFTWARE & SERVICING -- 4.6% Activision, Inc.* 18,240 310,992 BearingPoint, Inc.* 357,820 2,998,532 Dell, Inc.* 217,650 5,928,786 ------------ 9,238,310 ------------ ELECTRONIC COMPONENTS -- 1.0% Celestica, Inc.* 210,000 1,917,300 ------------ ELECTRONIC COMPONENTS & ACCESSORIES -- 2.3% AU Optronics Corp. 343,000 4,589,340 ------------ ENERGY & UTILITIES -- 9.0% Massey Energy Co. 235,768 6,488,335 Reliant Energy, Inc.* 873,725 11,725,390 ------------ 18,213,725 ------------ FARM MACHINERY & EQUIPMENT -- 2.8% AGCO Corp.* 179,950 5,619,838 ------------ FINANCE DIVERSIFIED -- 0.1% Travelers Group, Inc. 4,550 225,635 ------------ FINANCIAL SERVICES -- 14.5% Countrywide Financial Corp. 261,975 10,405,647 Fannie Mae 175,000 9,980,250 Indymac Bancorp, Inc. 12,175 559,441 Shares Value ---------- ------------ JPMorgan Chase & Co. 170,400 $ 7,886,112 Washington Mutual, Inc. 13,575 592,956 ------------ 29,424,406 ------------ FOOD -- 0.7% Tyson Foods, Inc. 89,625 1,424,141 ------------ HOMEBUILDING -- 4.4% Centex Corp. 88,955 4,922,770 Pulte Homes, Inc. 117,950 3,979,633 ------------ 8,902,403 ------------ HOTELS & RESTAURANTS -- 3.5% Hilton Hotels Corp. 216,350 7,102,770 ------------ INDUSTRIAL GOODS & MATERIALS -- 2.8% Tyco International Ltd. 184,875 5,599,864 ------------ INSURANCE -- 3.9% Genworth Financial, Inc., Class A 137,100 4,496,880 RenaissanceRe Holdings, Ltd. 40,375 2,377,280 UnumProvident Corp. 46,250 947,200 ------------ 7,821,360 ------------ LEISURE & ENTERTAINMENT -- 0.8% Carnival Corp. 34,425 1,686,481 ------------ MANUFACTURING -- 3.1% Navistar International Corp.* 194,700 6,228,453 ------------ MEDICAL & MEDICAL SERVICES -- 3.9% Boston Scientific Corp.* 61,650 975,303 Omnicare, Inc. 97,325 3,862,829 Triad Hospitals, Inc.* 73,150 3,110,338 ------------ 7,948,470 ------------ METALS & MINING -- 1.4% Cameco Corp.* 76,700 2,916,134 ------------ PAPER & FORESTRY PRODUCTS -- 0.1% Louisiana-Pacific Corp. 11,275 237,903 ------------ POWER, DISTRIBUTION & SPECIALTY TRANSFORMERS -- 2.0% American Power Conversion Corp. 130,350 3,956,122 ------------ PROPERTY & CASUALITY INSURANCE -- 1.7% Fidelity National Financial, Inc. 13,480 305,187 First American Corp. 83,500 3,223,935 ------------ 3,529,122 ------------ RADIO BROADCASTING -- 2.5% Xm Satellite Radio Holdings, Inc.* 350,475 5,060,859 ------------ REAL ESTATE INVESTMENT TRUST -- 2.7% Annaly Mortgage Management, Inc. 394,400 5,513,712 ------------ RETAIL - CONSUMER ELECTRONICS STORES -- 1.1% GameStop Corp., Class A* 39,350 2,205,568 ------------ SEMI-CONDUCTORS & RELATED -- 1.3% International Rectifier Corp.* 67,025 2,681,000 ------------ 1 SCHNEIDER VALUE FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) Shares Value ---------- ------------ TELECOMMUNICATIONS & EQUIPMENT -- 2.1% Alcatel SA 27,325 $ 362,876 Lucent Technologies, Inc.* 178,200 454,410 Sprint Nextel Corp. 175,575 3,425,468 ------------ 4,242,754 ------------ TRANSPORTATION -- 3.5% CSX Corp. 199,450 7,152,277 ------------ TOTAL DOMESTIC COMMON STOCKS (Cost $154,396,387) 177,153,862 ------------ CANADIAN COMMON STOCKS -- 1.1% MANUFACTURING -- 1.1% Bombardier, Inc., Class B* 681,575 2,267,938 ------------ TOTAL CANADIAN COMMON STOCK (Cost $1,934,291) 2,267,938 ------------ BRITISH COMMON STOCKS -- 0.8% ADVERTISING -- 0.8% YELL GROUP P.L.C. 148,950 1,684,690 ------------ TOTAL BRITISH COMMON STOCKS (Cost $1,473,745) 1,684,690 ------------ PREFERRED STOCKS -- 0.7% AUTOMOBILE PARTS & EQUIPMENT -- 0.7% General Motors Corp., 6.25% 07/15/33 65,075 1,467,441 ------------ TOTAL PREFERRED STOCKS (Cost $1,164,882) 1,467,441 ------------ EXCHANGE TRADED FUND -- 2.4% FINANCE -- 2.4% iShares Russell 1000 Value Index Fund 58,850 4,785,682 ------------ TOTAL EXCHANGE TRADED FUND (Cost $4,584,553) 4,785,682 ------------ TEMPORARY INVESTMENT -- 7.7% PNC Bank Money Market Account - 4.81% 12/01/06 15,548,538 15,548,538 ------------ TOTAL TEMPORARY INVESTMENT (Cost $15,548,538) 15,548,538 ------------ TOTAL INVESTMENTS -- 100.2% (Cost $179,102,396)** 202,908,151 ------------ LIABILITIES IN EXCESS OF OTHER ASSETS. -- (0.2)% (466,960) ------------ NET ASSETS -- 100.0% $202,441,191 ------------ * 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 $179,102,396 ------------ Gross unrealized appreciation $ 24,741,120 Gross unrealized depreciation (935,365) ------------ Net unrealized appreciation/(depreciation) $ 23,805,755 ============ For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 2 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------- COMMON STOCKS--99.4% BASIC INDUSTRY--2.0% Chaparral Steel Co. 43,700 $ 2,032,050 H.B. Fuller Co. 82,300 2,145,561 Spartech Corp. 99,000 2,962,080 ------------- 7,139,691 ------------- CONSUMER CYCLICAL--18.0% Ameristar Casinos, Inc. 46,200 1,406,328 Charlotte Russe Holding, Inc.* 84,200 2,540,314 CKE Restaurants, Inc. 117,400 2,164,856 CSK Auto Corp.* 116,900 1,946,385 Dover Downs Gaming & Entertainment, Inc. 32,950 440,212 Dress Barn, Inc.* 101,100 2,448,642 Group 1 Automotive, Inc. 44,500 2,269,055 Gymboree Corp., (The)* 41,800 1,663,640 Interstate Hotels & Resorts, Inc.* 248,900 1,943,909 J. Crew Group, Inc.* 67,200 2,644,320 Jack in the Box, Inc.* 72,100 4,433,429 John Wiley & Sons, Inc. 70,000 2,784,600 K2, Inc.* 152,000 2,055,040 Kimball International, Inc. Class B 90,600 2,173,494 Leapfrog Enterprises, Inc., Class A* 195,200 1,752,896 Lions Gate Entertainment Corp.* 194,300 2,156,730 Longs Drug Stores Corp. 35,000 1,438,150 Maidenform Brands, Inc. 113,200 2,164,384 Mothers Work, Inc.* 69,800 2,863,196 Movado Group, Inc. 91,400 2,285,914 Oxford Industries, Inc. 35,900 1,824,438 Pantry, Inc., (The)* 35,600 1,745,112 Phillips-Van Heusen Corp.* 35,300 1,741,349 Radio One, Inc., Class D 185,200 1,201,948 Reinsurance Group of America, Inc. 53,900 2,973,663 Ryder System, Inc. 55,300 2,885,001 Steven Madden Ltd.* 90,050 3,311,138 Town Sports International Holdings Club, Inc.* 96,900 1,576,563 WMS Industries, Inc.* 78,800 2,740,664 ------------- 63,575,370 ------------- CONSUMER GROWTH--17.8% AMERIGROUP Corp.* 75,700 2,588,183 Apria Healthcare Group, Inc. 64,200 1,603,074 Aspreva Pharmaceuticals Corp.* 118,000 2,344,660 NUMBER OF SHARES VALUE ----------- ------------- CONSUMER GROWTH--(CONTINUED) Axcan Pharma, Inc.* 177,800 $ 2,640,330 Blyth, Inc. 97,000 2,465,740 Cholestech Corp. 90,700 1,667,066 CorVel Corp. 38,800 2,221,688 Cutera, Inc.* 67,000 1,885,380 Dade Behring Holdings, Inc. 79,000 2,990,940 Endo Pharmaceuticals Holdings, Inc.* 43,100 1,168,441 Healthspring, Inc.* 112,600 2,174,306 Herbalife Ltd.* 61,500 2,396,040 ICT Group, Inc.* 95,000 3,185,350 Illumina, Inc.* 73,800 2,843,514 Immucor, Inc.* 73,200 1,969,080 Imperial Sugar Co. 78,500 1,808,640 Kinetic Concepts, Inc.* 61,800 2,243,340 MedCath Corp.* 95,400 2,468,952 Medifast, Inc.* 152,400 1,988,820 Mentor Corp. 25,400 1,268,730 Molina Healthcare, Inc.* 5,400 183,546 NBTY, Inc.* 91,300 3,318,755 NMT Medical, Inc.* 76,300 1,110,165 PerkinElmer, Inc. 79,800 1,729,266 Savient Pharmaceuticals, Inc.* 167,800 1,958,226 Visicu, Inc.* 215,800 2,158,000 Volcano Corp. 43,000 764,970 West Pharmaceutical Services, Inc. 43,600 2,140,760 Wimm-Bill-Dann Foods OJSC - ADR* 52,500 2,496,375 Zoll Medical Corp.* 62,400 3,236,064 ------------- 63,018,401 ------------- ENERGY--5.7% Advanced Energy Industries, Inc.* 128,400 2,212,332 Allis-Chalmers Energy, Inc.* 97,200 2,050,920 Alon USA Energy, Inc. 56,700 1,765,638 Aventine Renewable Energy Holdings, Inc.* 60,100 1,533,151 Core Laboratories N.V.* 42,300 3,741,858 Frontier Oil Corp. 38,000 1,202,320 Harvest Natural Resources, Inc.* 35,200 360,800 NATCO Group, Inc., Class A* 54,400 1,875,168 Tesoro Corp. 39,300 2,768,685 1 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------- ENERGY--(CONTINUED) Trico Marine Services, Inc.* 71,800 $ 2,609,930 ------------- 20,120,802 ------------- FINANCIAL--17.5% 21st Century Holding Co. 85,600 2,258,128 Allied World Assurance Holdings Ltd. 55,600 2,360,220 Arch Capital Group Ltd.* 49,100 3,279,880 Argonaut Group, Inc. 71,700 2,429,196 Banco Itau Holding Financeira S.A. - ADR 42,500 1,422,900 Calamos Asset Management, Inc., Class A 98,500 2,706,780 Commerce Group, Inc., (The) 76,700 2,340,117 Dollar Financial Corp.* 64,600 1,890,196 Endurance Specialty Holdings, Ltd. 69,200 2,597,076 EZCORP, Inc., Class A* 38,332 1,790,871 First American Corp. 19,300 745,173 Interactive Data Corp.* 93,100 2,176,678 IntercontinentalExchange, Inc.* 43,600 4,283,700 Investment Technology Group, Inc.* 46,200 1,732,500 Lazard Ltd., Class A 48,600 2,207,412 Meadowbrook Insurance Group, Inc.* 242,400 2,363,400 Nelnet, Inc. 96,700 2,552,880 Ocwen Financial Corp. 104,900 1,578,745 Odyssey Re Holdings Corp. 74,000 2,609,980 Phoenix Companies, Inc., (The) 177,300 2,863,395 Platinum Underwriters Holdings Ltd. 97,700 2,973,011 Safety Insurance Group, Inc. 53,300 2,791,854 Seabright Insurance Holdings* 149,500 2,384,525 Selective Insurance Group, Inc. 32,800 1,821,056 SWS Group, Inc. 69,500 2,249,715 Thomas Weisel Partners Group, Inc.* 31,000 660,920 Zenith National Insurance Corp. 60,150 2,776,524 ------------- 61,846,832 ------------- INDUSTRIAL--12.4% Acuity Brands, Inc. 41,300 2,175,271 ASE Test Ltd.* 234,500 2,518,530 Celadon Group, Inc.* 151,225 2,800,687 Consolidated Graphics, Inc.* 48,300 2,825,550 Gardner Denver, Inc.* 49,300 1,885,232 NUMBER OF SHARES VALUE ----------- ------------- INDUSTRIAL--(CONTINUED) General Cable Corp. 49,600 $ 2,108,000 Greif, Inc., Class A 25,100 2,488,665 H&E Equipment Services, Inc.* 79,300 1,920,646 Horizon Lines, Inc., Class A 101,600 2,794,000 Houston Wire & Cable Co.* 67,500 1,522,125 Hub Group, Inc., Class A* 79,100 2,257,514 Interface, Inc., Class A* 90,300 1,341,858 Intevac, Inc. 73,000 1,992,170 Mueller Industries, Inc. 46,100 1,572,010 NovAtel, Inc.* 7,700 317,471 On Assignment, Inc.* 225,400 2,461,368 Pacer International, Inc. 11,900 356,405 Robbins & Myers, Inc. 65,100 2,785,629 Saia, Inc.* 71,300 1,767,527 Snap-On, Inc. 53,200 2,527,000 Tennant Co. 28,600 830,830 Thomas & Betts Corp.* 51,200 2,655,744 ------------- 43,904,232 ------------- TECHNOLOGY--25.1% 24/7 Real Media, Inc.* 235,700 2,055,304 Altiris, Inc.* 127,800 3,168,162 Amkor Technology, Inc.* 93,700 957,614 ANADIGICS, Inc.* 276,000 2,663,400 Ansoft Corp.* 99,400 2,747,416 Ariba, Inc.* 168,900 1,276,884 Arris Group, Inc.* 152,300 1,816,939 ASM International N.V 91,200 1,921,584 Aspen Technology, Inc.* 214,800 2,094,300 Asyst Technologies, Inc.* 298,300 1,965,797 Avici Systems, Inc.* 187,700 1,336,424 Captaris, Inc. 112,300 819,790 Covansys Corp.* 87,800 2,000,084 Cray, Inc. 109,100 1,239,376 CryptoLogic, Inc. 103,600 2,109,296 Datalink Corp. 148,500 1,205,820 DealerTrack Holdings, Inc.* 64,100 1,751,853 Eagle Test Systems, Inc.* 33,600 520,128 ECI Telecom Ltd.* 248,800 2,209,344 Embarcadero Technologies, Inc.* 164,700 1,139,724 Forrester Research, Inc.* 54,500 1,532,540 Gigamedia Ltd.* 181,000 1,766,560 2 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2006 (UNAUDITED) NUMBER OF SHARES VALUE ----------- -------------- TECHNOLOGY--(CONTINUED) Hyperion Solutions Corp. 73,050 $ 2,685,318 InfoSpace, Inc.* 68,300 1,342,095 Interactive Intelligence, Inc.* 157,700 2,762,904 Interwoven, Inc.* 133,700 1,894,529 Kronos, Inc.* 19,000 669,940 Manhattan Associates, Inc.* 91,100 2,641,900 McDATA Corp., Class A* 172,900 1,084,083 Nam Tai Electronics, Inc. 61,000 1,013,820 Newport Corp.* 94,600 2,055,658 Omnicell, Inc.* 113,500 2,133,800 ON Semiconductor Corp.* 362,700 2,335,788 Orbotech Ltd.* 79,200 2,023,560 PortalPlayer, Inc.* 118,500 1,587,900 RADVision Ltd.* 107,200 2,161,152 Redback Networks, Inc.* 144,700 2,129,984 SonicWALL, Inc.* 189,300 1,902,465 Stratex Networks, Inc.* 119,400 511,032 Synchronoss Technologies, Inc. 94,300 1,410,728 Techwell, Inc. 109,600 1,896,080 TheStreet.com, Inc. 251,000 2,454,780 TIBCO Software, Inc.* 229,100 2,132,921 TradeStation Group, Inc.* 158,800 2,316,892 Travelzoo, Inc.* 53,500 1,655,825 TriQuint Semiconductor, Inc.* 188,300 949,032 United Online, Inc. 94,400 1,267,792 VA Software Corp.* 252,800 1,152,768 Vignette Corp.* 125,000 2,103,750 Zoran Corp.* 122,900 1,832,439 Zygo Corp.* 38,900 640,683 -------------- 89,047,957 -------------- UTILITY--0.9% Compania Anonima Nacional Telefonos de Venezuela - ADR 115,800 2,281,260 CT Communications, Inc. 43,000 876,340 -------------- 3,157,600 -------------- TOTAL COMMON STOCKS (Cost $301,024,148) 351,810,885 -------------- NUMBER OF SHARES VALUE ----------- -------------- SHORT TERM INVESTMENTS--0.9% Columbia Prime Reserves Fund 5.23% 12/01/06 3,283,452 $ 3,283,452 -------------- TOTAL SHORT TERM INVESTMENTS (Cost $3,283,452) 3,283,452 -------------- TOTAL INVESTMENTS--100.3% (Cost $304,307,600)** 355,094,337 -------------- LIABILITIES IN EXCESS OF OTHER ASSETS--(0.3)% (930,379) -------------- NET ASSETS--100.0% $ 354,163,958 ============== ADR -- American Depository Receipt. * Non-income producing. ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 304,307,600 -------------- Gross unrealized appreciation $ 57,604,325 Gross unrealized depreciation (6,817,588) -------------- Net unrealized appreciation/(depreciation) $ 50,786,737 ============== For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 3 ITEM 2. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) The RBB Fund, Inc. -------------------------------------------------------------------- By (Signature and Title)* /s/ Edward J. Roach ------------------------------------------------------- Edward J. Roach, President & Treasurer (principal executive officer) Date January , 2007 ---------------------------------------------------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Edward J. Roach -------------------------------------------------------- Edward J. Roach, President & Treasurer (principal executive officer & principal financial officer) Date January , 2007 -------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature. EX-99.CERT 2 g302_cert.txt 302 CERTIFICATION CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT I, Edward J. Roach, certify that: 1. I have reviewed this report on Form N-Q of The RBB Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: January , 2007 /s/ Edward J. Roach ------------------ -------------------------------------------- Edward J. Roach, President & Treasurer (principal executive officer & principal financial officer) -----END PRIVACY-ENHANCED MESSAGE-----