-----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, UkyuAs6P5GlsRq6LUNmF4QfUU4Lici5rkLYXwZaBbPPWyDsHNK7/3w1qXBD5kqLj eqNy2l0UAg+iB8YI2z+fww== 0000935069-07-001622.txt : 20070726 0000935069-07-001622.hdr.sgml : 20070726 20070726153233 ACCESSION NUMBER: 0000935069-07-001622 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070531 FILED AS OF DATE: 20070726 DATE AS OF CHANGE: 20070726 EFFECTIVENESS DATE: 20070726 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: 071002822 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 130/30 LARGE CAP CORE FUND (Formerly 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 g38800rbb_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: May 31, 2007 ------------ Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. SCHEDULE OF INVESTMENTS. The Schedules of Investments are attached herewith. THE RBB FUND, INC. MONEY MARKET PORTFOLIO STATEMENT OF NET ASSETS MAY 31, 2007 (UNAUDITED) PAR (000) VALUE --------- ------------ CERTIFICATES OF DEPOSIT--11.6% DOMESTIC CERTIFICATES OF DEPOSIT--4.9% Citibank N.A. 5.300%, 08/16/07 $ 5,000 $ 5,000,000 5.305%, 08/27/07 6,000 6,000,000 ------------ 11,000,000 ------------ YANKEE DOLLAR CERTIFICATES OF DEPOSIT--6.7% Banque Nationale de Paris, New York (a) 5.270%, 10/03/07 1,880 1,880,000 5.310%, 11/20/07 3,215 3,215,000 5.325%, 11/30/07 2,950 2,950,000 CreditSuisse, New York (a) 5.300%, 08/21/07 5,000 5,000,000 HBOS Treasury Services PLC (a) 5.270%, 10/03/07 2,095 2,095,000 ------------ 15,140,000 ------------ TOTAL CERTIFICATES OF DEPOSIT (Cost $26,140,000) 26,140,000 ------------ COMMERCIAL PAPER--69.5% ASSET BACKED SECURITIES--21.3% Beethoven Funding Corp. 5.250%, 06/15/07 1,038 1,035,881 5.250%, 06/22/07 3,956 3,943,885 Charta LLC 5.250%, 06/28/07 4,000 3,984,250 Erasmus Capital Corp. 5.250%, 06/20/07 6,990 6,970,632 Grampian Funding LLC 5.185%, 11/19/07 4,000 3,901,485 Hudson-Thames LLC 5.240%, 07/06/07 11,160 11,103,146 Nieuw Amsterdam Receivables Corp. 5.150%, 09/27/07 5,000 4,915,597 North Sea Funding LLC 5.250%, 06/20/07 8,400 8,376,725 Tango Finance Corp. 5.240%, 06/25/07 2,750 2,740,393 Valcour Bay Capital Co. LLC 5.310%, 06/11/07 800 798,820 ------------ 47,770,814 ------------ PAR (000) VALUE --------- ------------ BANKS--29.3% Alliance & Leicester PLC 5.230%, 07/19/07 $ 6,000 $ 5,958,160 Allied Irish Banks 5.205%, 08/06/07 1,050 1,039,980 Banco Bilbao Vizcaya Argentaria, S.A. (b) 5.240%, 08/20/07 7,000 6,918,489 Bank of America Corp. 5.230%, 08/13/07 2,000 1,978,790 5.170%, 09/05/07 3,000 2,958,640 Depfa Bank Europe PLC (b) 5.240%, 07/10/07 5,200 5,170,481 5.240%, 08/14/07(b) 3,850 3,808,531 DnB NORBank ASA 5.250%, 06/13/07 4,200 4,192,650 Raiffeisen Zentralbank (b) 5.250%, 08/09/07 5,000 4,949,688 5.250%, 08/22/07 6,000 5,928,250 Societe Generale North America, Inc. 5.195%, 07/23/07 1,230 1,220,770 St. George Bank Ltd. (b) 5.210%, 08/07/07 400 396,121 Svenska Handelsbanken AB (b) 5.245%, 06/22/07 4,000 3,987,762 Swedbank Mortgage AB (b) 5.250%, 06/21/07 2,500 2,492,708 UBS Finance Delaware LLC 5.230%, 07/16/07 5,000 4,967,313 5.230%, 07/24/07 5,000 4,961,501 Unicredito Italiano Bank (b) 5.210%, 08/06/07 435 430,845 5.150%, 08/10/07 4,360 4,316,340 ------------ 65,677,019 ------------ CHEMICALS & ALLIED PRODUCTS--2.2% BASF AG 5.230%, 08/03/07 5,000 4,954,237 ------------ FINANCE SERVICES--10.1% CIT Group, Inc. 5.250%, 06/05/07 5,000 4,997,084 5.270%, 06/07/07 6,000 5,994,730 Countrywide Financial Corp. 5.350%, 06/01/07 10,000 10,000,000 1 THE RBB FUND, INC. MONEY MARKET PORTFOLIO STATEMENT OF NET ASSETS (CONTINUED) MAY 31, 2007 (UNAUDITED) PAR (000) VALUE --------- ------------ FINANCE SERVICES--(CONTINUED) Santander Finance, Inc. 5.200%, 07/23/07 $ 1,635 $ 1,622,719 ------------ 22,614,533 ------------ METALS & MINING--2.2% Rio Tinto Limited 5.270%, 06/20/07 5,000 4,986,093 ------------ SECURITY BROKERS & DEALERS--4.4% Bear Stearns Co. 5.230%, 06/07/07 10,000 9,991,283 ------------ TOTAL COMMERCIAL PAPER (Cost $155,993,979) 155,993,979 ------------ MUNICIPAL BONDS--0.7% PENNSYLVANIA--0.7% Franklin County IDR (Manufacturers & Traders LOC) 5.370%, 06/01/07 1,540 1,540,000 ------------ TOTAL MUNICIPAL BONDS (Cost $1,540,000) 1,540,000 ------------ VARIABLE RATE OBLIGATIONS--13.4% ASSET BACKED SECURITIES--2.3% Cullinan Finance Corp. (c)(d) 5.280%, 06/25/07 3,000 2,999,959 5.280%, 06/25/07(c)(d) 1,000 999,987 Racers Trust 2004-6-MM (c)(d) 5.370%, 06/22/07 1,000 1,000,000 ------------ 4,999,946 ------------ BANKS--8.9% Commonwealth Bank of Australia (b)(c) 5.355%, 07/31/07 10,000 10,002,607 HBOS Treasury Services PLC (b)(c) 5.416%, 06/25/07 8,000 8,000,000 Westpac Banking Corp. New York (b)(c) 5.400%, 06/11/07 2,000 2,000,000 ------------ 20,002,607 ------------ LIFE INSURANCE--2.2% MetLife Global Funding, Inc. (c)(d) 5.430%, 06/28/07 5,000 5,000,000 ------------ TOTAL VARIABLE RATE OBLIGATIONS (Cost $30,002,553) 30,002,553 ------------ PAR (000) VALUE --------- ------------ MASTER NOTES--3.1% Morgan Stanley Mortgage Capital, Inc. (c) 5.483%, 06/01/07 $ 7,020 $ 7,020,000 ------------ TOTAL MASTER NOTES (Cost $7,020,000) 7,020,000 ------------ PURCHASE AGREEMENTS--1.8% Morgan Stanley & Co., Inc. (Tri-Party Agreement dated 05/31/07 to be repurchased at $3,931,555 collateralized by $4,082,000 U.S. Treasury Note, due 07/15/10, Market Value of the collateral is $3,970,684) 5.080%, 06/01/07 3,931 3,931,000 ------------ TOTAL REPURCHASE AGREEMENTS (Cost $3,931,000) 3,931,000 ------------ TOTAL INVESTMENTS AT VALUE--100.1% (Cost $224,627,532*) 224,627,532 ------------ LIABILITIES IN EXCESS OF OTHER ASSETS--(0.1)% (161,095) ------------ NET ASSETS (APPLICABLE TO 205,315,116 BEDFORD SHARES AND 19,156,568 SANSOM STREET SHARES )--100.0% $224,466,437 ============ NET ASSET VALUE, Offering and Redemption Price Per Bedford Share ($205,312,012 / 205,315,116) $1.00 ===== NET ASSET VALUE, Offering and Redemption Price Per Sansom Street Share ($19,154,425 / 19,156,568) $1.00 ===== * Aggregate cost is the same for financial reporting and Federal tax purposes. (a) Issuer is a U.S. Branch of a foreign domiciled Bank. (b) U.S. dollar denominated security issued by foreign domiciled entity. (c) Variable Rate Obligations -- The interest rate shown is the rate as of May 31, 2007 and the maturity date shown is the next interest rate readjustment date or the maturity date. (d) 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 SENBANC FUND SCHEDULE OF INVESTMENTS MAY 31, 2007 (UNAUDITED) MARKET SHARES DESCRIPTION VALUE - ---------- ----------- ------------ COMMON STOCK -- 99.5% - -------------------------------------------------------------------------------- SAVINGS, CREDIT & OTHER FINANCIAL INSTITUTIONS -- 98.8% ------------------------------------------------------------- 26,900 Associated Banc-Corp $ 887,969 176,400 Bank of America Corp. 8,945,244 46,224 C&F Financial Corp. 1,979,312 23,200 Camden National Corp. 888,560 68,600 Capital Bank Corp. 1,186,094 31,600 Central Pacific Financial Corp. 1,072,188 22,700 Citigroup, Inc. 1,236,923 12,300 Citizens Banking Corp. 234,192 37,000 City Holding Co. 1,410,070 35,700 Comerica, Inc. 2,243,031 93,400 Corus Bankshares, Inc. 1,698,946 31,481 Dearborn Bancorp, Inc.* 518,808 42,600 Financial Institutions, Inc. 863,076 40,500 First United Corp. 871,560 37,600 FNB Corp. 1,203,576 19,600 FNB Financial Services Corp. 283,024 117,300 Fremont General Corp. 1,554,225 242,400 Greater Bay Bancorp 6,765,384 294,000 JPMorgan Chase & Co. 15,238,020 360,400 KeyCorp 12,833,844 13,650 Leesport Financial Corp. 292,929 65,197 MainSource Financial Group, Inc. 1,118,128 176,744 National Bankshares, Inc. 3,898,973 246,300 National City Corp. 8,519,517 298,843 Northrim BanCorp, Inc. 8,032,900 339,600 Oriental Financial Group, Inc.(a) 4,105,764 372,200 PAB Bankshares, Inc. 7,414,224 172,900 Pacific Premier Bancorp, Inc.* 1,760,122 88,340 Penns Woods Bancorp, Inc. 3,033,596 9,900 Pinnacle Financial Partners, Inc.* 292,545 50,194 Premier Financial Bancorp 775,497 226,800 Regions Financial Corp. 8,089,956 49,785 Royal Bancshares of Pennsylvania, Inc., Class A 1,051,957 377,310 Sun Bancorp, Inc. (NJ)* 6,712,345 246,000 U.S. Bancorp 8,506,680 11,700 Umpqua Holdings Corp. 292,032 102,900 UnionBanCal Corp. 6,316,002 21,395 United Security Bancshares, Inc. 580,660 238,942 Wachovia Corp. 12,948,267 ------------ 145,656,140 ------------ 1 SENBANC FUND STATEMENT OF NET ASSETS (CONTINUED) MAY 31, 2007 (UNAUDITED) MARKET SHARES DESCRIPTION VALUE - ---------- ----------- ------------ STATE & NATIONAL BANKS -- 0.7% -------------------------------------------------------------- 25,500 Huntington Bancshares, Inc. $ 572,730 8,901 Rurban Financial Corp. 108,637 8,600 Taylor Capital Group, Inc. 259,290 5,000 Virginia Financial Group, Inc. 110,050 ------------ 1,050,707 ------------ TOTAL COMMON STOCK (COST $127,769,207) 146,706,847 ------------ MARKET PRINCIPAL VALUE - ---------- ------------ U.S. GOVERNMENT AGENCY OBLIGATION -- 0.2% -------------------------------------------------------------- Federal Home Loan Bank Discount Note $238,000 5.05%, 06/01/07(b) 238,000 ------------ TOTAL U.S. GOVERNMENT AGENCY OBLIGATION (COST $238,000) 238,000 ------------ TOTAL INVESTMENTS -- 99.7% (COST $128,007,207)** 146,944,847 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.3% 505,951 ------------ NET ASSETS -- 100% $147,450,798 ============ 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 $128,007,207 ------------ Gross appreciation $ 21,993,395 Gross depreciation (3,055,755) ------------ Net unrealized appreciation/(depreciation) $ 18,937,640 ============ For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 2 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II Portfolio of Investments MAY 31, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- COMMON STOCK--96.8% BASIC INDUSTRIES--4.4% Neenah Paper, Inc. 31,675 $ 1,387,365 Olin Corp. 35,095 710,323 Rock-Tenn Co. 24,900 869,508 Ryerson, Inc. 34,350 1,302,896 Schweitzer-Mauduit International, Inc. 20,760 623,630 Silgan Holdings, Inc. 68,275 3,940,833 Spartech Corp. 19,020 509,736 UAP Holding Corp. 133,715 3,939,244 ------------ 13,283,535 ------------ CAPITAL GOODS--8.3% Actuant Corp., Class A 10,005 556,578 Acuity Brands, Inc. 24,340 1,477,681 Brady Corp., Class A 43,968 1,632,972 CIRCOR International, Inc. 17,010 649,612 Drew Industries, Inc.* 84,030 2,830,971 DRS Technologies, Inc. 41,301 2,120,806 Federal Signal Corp. 86,545 1,414,145 Griffon Corp.* 32,930 768,586 Infrasource Services, Inc.* 43,195 1,563,659 K&F Industries Holdings, Inc.* 99,540 2,633,828 Lennox International, Inc. 68,945 2,361,366 LSI Industries, Inc. 29,885 456,045 NN, Inc. 47,265 594,594 Nordson Corp. 11,340 589,567 RBC Bearings, Inc.* 41,945 1,619,077 Rofin-Sinar Technologies, Inc.* 7,815 527,513 Trimas Corp.* 70,185 880,120 Washington Group International, Inc.* 16,420 1,379,280 WD-40 Co. 25,760 858,581 ------------ 24,914,981 ------------ COMMUNICATIONS--1.0% EarthLink, Inc.* 141,135 1,168,598 United Online, Inc. 111,400 1,900,484 ------------ 3,069,082 ------------ NUMBER OF SHARES VALUE ------------ ------------- CONSUMER DURABLES--3.6% Champion Enterprises, Inc.* 189,580 $ 2,155,524 Natuzzi S.p.A. - ADR 72,940 568,932 Palm Harbor Homes, Inc.* 34,803 556,152 Sealy Corp. 185,400 3,068,370 Tempur-Pedic International, Inc. 72,530 1,839,361 Winnebago Industries, Inc. 85,975 2,665,225 ------------ 10,853,564 ------------ CONSUMER NON-DURABLES--5.9% Alliance One International, Inc.* 157,305 1,511,701 Brown Shoe Co., Inc. 40,422 1,198,108 Hartmarx Corp.* 230,610 1,510,496 Kellwood Co. 28,325 816,043 Kenneth Cole Products, Inc., Class A 21,510 537,750 Matthews International Corp., Class A 49,680 2,196,353 Nu Skin Enterprises, Inc., Class A 38,760 679,850 Oxford Industries, Inc. 54,630 2,487,304 Playtex Products, Inc.* 122,170 1,820,333 Tupperware Corp. 35,675 1,031,364 Universal Corp. 11,085 704,674 Warnaco Group, Inc., (The)* 93,160 3,203,772 ------------ 17,697,748 ------------ CONSUMER SERVICES--19.8% ACCO Brands Corp.* 83,945 2,099,464 Asbury Automative Group, Inc. 67,520 1,841,946 Bowne & Co., Inc. 76,190 1,477,324 CBIZ, Inc.* 156,640 1,171,667 Charming Shoppes, Inc.* 226,105 2,817,268 Children's Place Retail Stores, Inc., (The)* 37,265 2,103,982 Cornell Cos, Inc.* 34,915 832,024 Dress Barn, Inc., (The)* 67,940 1,568,735 Ennis, Inc. 59,020 1,410,578 Finish Line, Inc., (The), Class A 80,050 1,024,640 FTI Consulting, Inc.* 69,603 2,580,879 Gevity HR, Inc. 136,800 2,872,800 1 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II Portfolio of Investments (Continued) MAY 31, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- CONSUMER SERVICES--(CONTINUED) Golfsmith International Holdings, Inc.* 61,660 $ 429,770 Group 1 Automotive, Inc. 35,515 1,498,733 IKON Office Solutions, Inc. 133,800 1,949,466 infoUSA, Inc. 135,715 1,449,436 Journal Communications, Inc., Class A 47,015 646,456 Kforce, Inc.* 53,666 862,413 Knoll, Inc. 91,020 2,202,684 Lithia Motors, Inc., Class A 32,095 862,714 Live Nation, Inc.* 91,745 2,055,088 MAXIMUS, Inc. 65,235 2,819,457 Mothers Work, Inc.* 21,345 796,809 MPS Group, Inc.* 100,865 1,386,894 Performance Food Group Co.* 71,275 2,530,262 PetMed Express, Inc.* 71,696 925,595 Restoration Hardware, Inc.* 192,989 1,208,111 Schawk, Inc. 62,995 1,284,468 Scholastic Corp.* 80,275 2,550,337 School Specialty, Inc.* 18,590 649,535 Spherion Corp.* 84,945 836,708 Standard Parking Corp.* 52,400 1,922,032 Steiner Leisure Ltd.* 21,840 1,090,253 Tetra Tech, Inc.* 64,850 1,430,591 Universal Technical Institute, Inc.* 57,460 1,356,631 Valassis Communications, Inc.* 42,930 768,876 Watson Wyatt Worldwide, Inc., Class A 41,580 2,144,281 World Fuel Services Corp. 46,030 1,883,087 ------------ 59,341,994 ------------ ENERGY--4.2% Berry Petroleum Co. 28,425 1,035,523 Bristow Group, Inc.* 54,100 2,664,966 Compton Petroleum Corp* 120,295 1,406,249 Comstock Resources, Inc.* 52,605 1,597,088 LDK Solar Co. Ltd. - ADR 555 14,985 Newpark Resources, Inc.* 205,390 1,620,527 Petrohawk Energy Corp.* 64,860 1,057,218 Rosetta Resources, Inc.* 41,680 1,016,575 NUMBER OF SHARES VALUE ------------ ------------- ENERGY--(CONTINUED) Swift Energy Co.* 51,015 $ 2,195,175 ------------ 12,608,306 ------------ FINANCE--21.2% Advanta Corp., Class B 64,495 3,241,519 American Equity Investment Life Holding Co. 102,985 1,234,790 American Home Mortgage Investment Corp. 176,315 3,850,720 Amerisafe, Inc.* 97,395 1,800,834 Apollo Investment Corp. 93,530 2,200,761 Aspen Insurance Holdings Ltd. 32,945 893,468 Assured Guaranty Ltd. 163,145 4,825,829 BankUnited Financial Corp., Class A 123,098 2,821,406 Bristol West Holdings, Inc. 30,535 673,907 CNA Surety Corp.* 92,130 1,883,137 Cowen Group., Inc.* 75,825 1,351,960 Federal Agricultural Mortgage Corp., Class C 90,030 2,645,982 Franklin Bank Corp.* 55,940 922,451 Hanover Insurance Group, Inc., (The) 15,255 744,291 Hilb, Rogal & Hobbs Co. 17,670 766,701 Horace Mann Educators Corp. 70,620 1,576,238 Hub International Ltd. 71,445 2,952,107 IndyMac Bancorp, Inc. 140,220 4,708,588 Infinity Property & Casualty Corp. 17,670 933,506 IPC Holdings Ltd. 125,295 3,909,204 KMG America Corp.* 301,865 1,657,239 Max Re Capital Ltd. 147,305 4,184,935 Navigators Group, Inc., (The)* 50,115 2,481,194 Platinum Underwriters Holdings Ltd. 184,865 6,366,751 ProAssurance Corp.* 38,435 2,172,346 Quanta Capital Holdings Ltd.* 160,145 325,094 RAM Holdings Ltd.* 37,430 609,360 Seabright Insurance Holdings, Inc.* 29,620 529,902 State Auto Financial Corp. 12,288 380,191 2 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II Portfolio of Investments (Continued) MAY 31, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- FINANCE--(CONTINUED) United America Indemnity Ltd., Class A* 41,385 $ 1,034,211 ------------ 63,678,622 ------------ HEALTH CARE--12.0% Alpharma, Inc., Class A* 80,445 1,954,813 Amedisys, Inc.* 69,473 2,591,355 Conmed Corp.* 75,025 2,349,033 Haemonetics Corp.* 31,345 1,555,966 Healthspring, Inc.* 95,035 2,320,755 Home Diagnostics, Inc.* 128,300 1,429,262 ICU Medical, Inc.* 21,605 867,441 Kindred Healthcare, Inc.* 97,890 3,132,480 LifePoint Hospitals, Inc.* 93,525 3,796,180 Magellan Health Services, Inc.* 18,675 836,640 Medical Action Industries, Inc.* 35,585 718,817 Mentor Corp. 35,425 1,432,587 Obagi Medical Products, Inc.* 100,785 1,813,122 Odyssey HealthCare, Inc.* 111,290 1,443,431 Option Care, Inc. 118,895 1,791,748 Owens & Minor, Inc. 14,920 529,660 Perrigo Co. 117,210 2,292,627 PRA International* 30,180 696,554 RehabCare Group, Inc.* 41,315 651,951 Res-Care, Inc.* 34,840 721,188 Symmetry Medical, Inc.* 136,380 2,090,705 Vital Signs, Inc. 16,425 955,771 ------------ 35,972,086 ------------ OTHER--5.3% Anworth Mortgage Asset Corp. 112,735 1,051,817 Ares Capital Corp. 100,220 1,857,077 Ashford Hospitality Trust, Inc. 50,080 621,493 Capital Lease Funding, Inc. 90,005 1,005,356 Friedman, Billings, Ramsey Group, Inc., Class A 508,180 3,186,289 Gladstone Commercial Corp. 49,920 1,002,893 Lexington Realty Trust 30,050 625,040 Meruelo Maddux Properties, Inc.* 145,075 1,196,869 MFA Mortgage Investments, Inc. 349,660 2,629,443 NUMBER OF SHARES VALUE ------------ ------------- OTHER--(CONTINUED) Origen Financial, Inc. 175,415 $ 1,255,971 Redwood Trust, Inc. 30,675 1,643,873 ------------ 16,076,121 ------------ TECHNOLOGY--10.4% Bel Fuse, Inc., Class B 15,005 544,982 CIBER, Inc.* 122,540 1,091,831 Electronics For Imaging, Inc.* 153,305 4,370,726 Emulex Corp.* 103,040 2,286,458 EnerSys* 36,700 665,004 Gilat Satellite Networks Ltd.* 96,815 951,691 Goldleaf Financial Solutions, Inc.* 97,515 574,363 Hypercom Corp.* 93,195 563,830 Ikanos Communications, Inc.* 97,785 698,185 Imation Corp. 33,595 1,273,586 Insight Enterprises, Inc.* 144,030 3,191,705 Keane, Inc.* 76,445 1,084,755 Mercury Computer Systems, Inc.* 46,365 603,672 Neoware, Inc.* 39,925 484,290 Open Text Corp.* 50,935 1,166,412 PAR Technology Corp.* 60,105 558,375 Paxar Corp.* 84,945 2,569,586 Photronics, Inc.* 83,365 1,225,466 Planar Systems, Inc.* 45,595 330,564 Smart Modular Technologies* 146,050 2,092,897 Technitrol, Inc. 100,060 2,635,580 Verigy Ltd.* 76,940 2,201,253 ------------ 31,165,211 ------------ TRANSPORTATION--0.7% Quality Distribution, Inc.* 46,190 465,133 Quintana Maritime Ltd. 109,815 1,717,507 ------------ 2,182,640 ------------ TOTAL COMMON STOCK (Cost $225,481,306) 290,843,890 ------------ 3 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II Portfolio of Investments (Continued) MAY 31, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- SHORT-TERM INVESTMENTS--4.4% PNC Bank Money Market Deposit Account 5.280% 06/01/07 13,223,705 $ 13,223,705 ------------ TOTAL SHORT-TERM INVESTMENTS (Cost $13,223,705) 13,223,705 ------------ TOTAL INVESTMENTS--101.2% (COST $238,705,011)** 304,067,595 ------------ LIABILITIES IN EXCESS OF OTHER ASSETS--(1.2)% (3,746,242) ------------ NET ASSETS--100.0% $300,321,353 ============ 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. * --- 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 $238,705,011 ----------- Gross unrealized appreciation $72,838,088 Gross unrealized depreciation (7,465,504) ---------- Net unrealized appreciation $65,362,584 =========== For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 4 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments MAY 31, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- LONG POSITIONS--112.4% DOMESTIC COMMON STOCK--98.5% BASIC INDUSTRIES--1.7% Graphic Packaging Corp.* 405,900 $ 2,005,146 ------------ CAPITAL GOODS--8.1% Dynamics Research Corp. +* 54,152 708,850 Graham Corp. 10,740 185,265 KHD Humboldt Wedag International Ltd. + 86,914 4,943,668 LSB Industries, Inc. 35,490 731,094 Preformed Line Products Co. + 16,285 825,975 TurboSonic Technologies, Inc.* 286,798 321,214 WD-40 Co. + 58,530 1,950,805 ------------ 9,666,871 ------------ COMMUNICATIONS--2.7% Check Point Software Technologies Ltd. +* 44,400 1,037,184 Optio Software, Inc.* 157,560 207,979 Progress Software Corp. +* 50,500 1,659,430 Quepasa Corp.* 34,915 179,463 Varsity Group, Inc.* 151,600 156,148 ------------ 3,240,204 ------------ CONSUMER DURABLES--4.3% Chromcraft Revington, Inc.* 29,180 220,309 Comstock Homebuilding Cos., Inc. +* 254,300 801,045 Crown Crafts, Inc.* 29,608 127,907 Natuzzi S.p.A. - ADR 78,520 612,456 Strattec Security Corp. +* 11,176 532,089 Toll Brothers, Inc. +* 80,000 2,346,400 Wescast Industries, Inc. 29,200 469,390 ------------ 5,109,596 ------------ CONSUMER NON-DURABLES--9.8% CCA Industries, Inc. 85,073 782,672 Escalade, Inc. + 58,320 554,040 Female Health Co., (The)* 100,077 241,186 Hines Horticulture, Inc. +* 446,739 486,945 NUMBER OF SHARES VALUE ------------ ------------- CONSUMER NON-DURABLES--(CONTINUED) Loews Corp. + 58,400 $ 2,980,152 Loews Corp. - Carolina Group + 14,985 1,165,084 Matthews International Corp., Class A + 27,735 1,226,164 Natrol, Inc.* 189,992 611,774 Nestle S.A. + 13,700 1,333,163 Overhill Farms, Inc.* 97,020 556,895 Tandy Brand Accessories, Inc. 58,266 692,200 Tefron Ltd. 116,185 1,090,977 ------------ 11,721,252 ------------ CONSUMER SERVICES--7.7% Coinstar, Inc. +* 35,795 1,130,764 Cornell Cos, Inc. +* 62,200 1,482,226 Ennis, Inc. + 50,765 1,213,284 Global Traffic Network, Inc.* 57,200 375,232 Gmarket, Inc. - ADR +* 70,145 1,376,947 Ituran Location and Control Ltd. 84,345 1,174,926 New Frontier Media, Inc. + 90,240 796,819 Premier Exhibitions, Inc.* 20,500 286,590 Shutterly, Inc.* 12,875 240,891 Talbots, Inc., (The) + 41,600 904,800 Thermoenergy Corp.* 138,281 165,937 TRM Corp.* 91,455 129,866 ------------ 9,278,282 ------------ ENERGY--1.0% Bristow Group, Inc. +* 16,160 796,042 Conrad Industries, Inc.* 29,480 384,714 LDK Solar Co. ltd. - ADR 95 2,566 Particle Drilling Technologies* 34,700 91,608 ------------ 1,274,930 ------------ FINANCE--24.5% Aegon N.V. + 76,900 1,572,605 AMBAC Financial Group, Inc. + 21,200 1,899,732 American International Group, Inc. + 43,345 3,135,577 Citigroup, Inc. + 45,140 2,459,679 Commerce Group, Inc., (The) + 20,950 714,186 1 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) MAY 31, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- FINANCE--(CONTINUED) Federal Agricultural Mortgage Corp., Class C + 43,340 $ 1,273,763 IndyMac Bancorp, Inc. + 74,500 2,501,710 Investors Title Co. + 8,030 394,273 IPC Holdings Ltd. + 46,800 1,460,160 Legg Mason, Inc. + 18,300 1,848,849 MBIA, Inc. + 41,600 2,768,480 MGIC Investment Corp. + 24,870 1,616,550 PartnerRe Ltd. + 15,400 1,182,720 Platinum Underwriters Holdings Ltd. + 27,580 949,855 PMI Group, Inc., (The) + 25,825 1,276,788 Quanta Capital Holdings Ltd.* 135,125 274,304 RenaissanceRe Holdings Ltd. + 22,200 1,302,918 Torchmark Corp. + 14,650 1,027,111 United Capital Corp. +* 24,630 767,224 Wesco Financial Corp. + 1,975 851,225 ------------ 29,277,709 ------------ HEALTH CARE--21.1% Albany Molecular Research, Inc.* 85,200 1,212,396 Alpha Pro Tech Ltd.* 479,110 1,269,642 American BIO Medica Corp.* 357,475 393,223 American Dental Partners, Inc. +* 65,332 1,686,872 American Physicians Service Group, Inc. + 23,150 399,106 Amgen, Inc.* 15,940 897,900 E-Z-Em, Inc.* 50,678 865,580 Health Grades, Inc.* 170,980 1,097,692 Hi-Tech Pharmacal Co., Inc.* 80,919 954,844 Home Diagnostics, Inc.* 129,050 1,437,617 Ilinc Communications, Inc. 98,685 72,040 Johnson & Johnson + 42,900 2,714,283 Matrixx Initiatives, Inc.* 35,655 713,457 Medecision, Inc. 53,495 278,709 MTS Medication Technologies +* 105,705 1,377,336 Orthofix International N.V. +* 26,221 1,239,991 Pfizer, Inc. + 131,835 3,624,144 Pharsight Corp.* 138,575 256,364 PHC, Inc., Class A* 571,000 1,884,300 Sanofi-Aventis - ADR + 32,000 1,539,200 NUMBER OF SHARES VALUE ------------ ------------- HEALTH CARE--(CONTINUED) Unilens Vision, Inc. 113,802 $ 419,929 Vital Signs, Inc. + 14,815 862,085 ------------ 25,196,710 ------------ TECHNOLOGY--16.9% Accenture Ltd., Class A + 24,345 996,684 Bel Fuse, Inc., Class A + 50,261 1,909,415 CAM Commerce Solutions, Inc. + 47,258 1,315,663 Communications Systems, Inc. 14,690 145,137 DSP Group, Inc.* 24,400 531,676 Efuture Information Technology, Inc.* 19,440 306,375 Electronic Clearing House, Inc. +* 93,268 1,146,264 Electronics For Imaging, Inc. +* 64,100 1,827,491 Emulex Corp. +* 81,870 1,816,695 Innerworkings, Inc. 18,654 247,911 Lawson Software, Inc.* 92,500 849,150 Mamma.Com, Inc.* 97,928 410,318 McAfee, Inc. +* 38,960 1,432,170 Neoware, Inc.* 50,200 608,926 NU Horizons Electronics Corp. +* 115,501 1,397,562 OmniVision Technologies, Inc.* 41,700 675,540 Optical Cable Corp. +* 39,260 207,685 Planar Systems, Inc.* 27,265 197,671 Quest Software, Inc. +* 27,910 480,610 Radyne Corp. 39,500 366,560 Richardson Electronics Ltd. 80,190 765,814 Sigmatel, Inc.* 42,900 141,570 Syntax-Brillian Corp.* 80,332 486,812 Telular Corp. 82,244 338,023 Tier Technologies, Inc., Class B +* 173,780 1,603,990 ------------ 20,205,712 ------------ UTILITIES--0.7% Maine & Maritimes Corp.* 30,255 822,331 ------------ TOTAL DOMESTIC COMMON STOCK (Cost $102,140,317) 117,798,743 ------------ 2 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) MAY 31, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- WARRANTS--0.2% CONSUMER SERVICES--0.2% Endeavor Acquisition Corp.* 40,150 $ 210,386 ------------ TOTAL WARRANTS (Cost $117,848) 210,386 ------------ SHORT-TERM INVESTMENTS--13.7% SHORT-TERM INVESTMENTS--13.7% PNC Bank Money Market Deposit Account 5.28% 06/01/07 16,448,688 16,448,688 ------------ TOTAL SHORT-TERM INVESTMENTS (Cost $16,448,688) 16,448,688 ------------ TOTAL LONG POSITIONS--112.4% (COST $118,706,853)** 134,457,817 ------------ SECURITIES SOLD SHORT--(62.6%) BASIC INDUSTRIES--(1.5%) Allegheny Technologies, Inc. (4,800) (554,832) Carpenter Technology Corp. (4,400) (583,308) Ethanex Energy, Inc.* (12,580) (9,058) Hybrid Technologies, Inc.* (41,422) (165,688) Titanium Metals Corp. (12,835) (444,091) Uranium Energy Corp.* (1,915) (9,096) ------------ (1,766,073) ------------ CAPITAL GOODS--(5.4%) Altair Nanotechnologies, Inc.* (78,235) (247,223) Ceradyne, Inc.* (13,905) (939,561) Cummins, Inc. (9,685) (912,618) Dynamotive Energy Systems* (42,618) (45,601) Ionatron, Inc.* (96,070) (476,507) Ladish Co., Inc.* (7,310) (324,491) Layne Christensen Co.* (6,665) (299,992) Medefile International, Inc.* (1,902) (371) Microvision, Inc.* (79,825) (442,230) Nano-Proprietary, Inc.* (21,385) (26,731) Nanophase Technologies Corp.* (10,625) (67,362) Research Frontiers, Inc.* (28,161) (294,282) Smith & Wesson Holding Corp.* (22,875) (318,649) SulphCo, Inc.* (99,171) (382,800) Sun Hydraulics Corp. (16,450) (710,311) NUMBER OF SHARES VALUE ------------ ------------- CAPITAL GOODS--(CONTINUED) Titan International, Inc. (22,330) $ (704,288) TurboChef Technologies, Inc.* (18,233) (239,582) ------------ (6,432,599) ------------ COMMUNICATIONS--(4.0%) Baidu.Com - ADR* (12,395) (1,743,109) Choice One Communications, Inc.* (37,790) (4) CTC Communications Group, Inc.* (98,900) (10) DigitalFX International, Inc. (906) (3,624) Globalstar, Inc (60,347) (660,800) Imergent, Inc.* (38,020) (908,678) Interliant, Inc.* (600) (1) j2 Global Communications, Inc.* (14,200) (473,286) Liveperson, Inc. (30,120) (190,057) Quepasa Corp. (34,915) (179,463) Sify Ltd. - ADR* (29,100) (248,805) Terremark Worldwide, Inc.* (56,865) (420,232) Zingo, Inc.* (3,035) (2,126) ------------ (4,830,195) ------------ CONSUMER DURABLES--(0.8%) Amerityre Corp.* (41,515) (199,272) Brookfield Homes Corp.* (14,555) (464,450) QSound Labs, Inc.* (11,240) (51,592) Raser Technologies, Inc.* (26,632) (191,750) ------------ (907,064) ------------ CONSUMER NON-DURABLES--(11.7%) Andersons, Inc., (The) (6,245) (244,180) Crocs, Inc.* (33,820) (2,751,595) Force Protection, Inc.* (43,400) (1,246,448) Guess?, Inc. (13,475) (595,595) Hansen Natural Corp.* (49,935) (1,987,413) Imperial Sugar Co. (68,860) (1,957,001) Javo Beverage Co., Inc.* (33,615) (43,699) Jones Soda Co.* (30,520) (575,302) National Beverage Corp.* (12,048) (168,311) Seaboard Corp. (300) (665,400) Skins, Inc.* (35,813) (38,320) Star Scientific, Inc.* (143,137) (148,862) 3 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) MAY 31, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- CONSUMER NON-DURABLES--(CONTINUED) SunOpta, Inc.* (32,040) $ (378,713) True Religion Apparel, Inc.* (34,000) (638,180) Under Armour, Inc., Class A* (22,165) (1,060,152) USANA Health Sciences, Inc.* (11,800) (458,784) Valence Technology, Inc.* (102,015) (137,720) Volcom, Inc.* (21,525) (936,338) ------------ (14,032,013) ------------ CONSUMER SERVICES--(13.4%) Blockbuster, Inc. Class A (109,040) (481,957) Blue Nile, Inc.* (8,500) (488,495) CarMax, Inc.* (18,950) (454,800) Citi Trends, Inc. (15,410) (624,567) Concur Technologies, Inc.* (34,190) (681,065) CPI Corp. (6,935) (550,292) Document Securities Systems, Inc.* (35,840) (435,098) Escala Group, Inc.* (11,466) (34,742) FTD Group, Inc.* (20,250) (359,032) Genius Products, Inc.* (95,700) (277,530) GigaMedia Ltd.* (50,000) (741,000) Guitar Center, Inc.* (18,700) (1,002,881) Industrial Services of America, Inc.* (31,043) (489,859) Innerworkings, Inc. (46,489) (617,839) Iron Mountain, Inc.* (19,050) (523,685) L-1 Identity Soloutions, Inc.* (29,610) (633,058) Loopnet, Inc.* (14,900) (305,301) Medis Technologies Ltd.* (27,684) (404,463) Neutron Enterprises, Inc.* (3,523) (4,192) Nutri/System, Inc.* (22,240) (1,457,165) Odyssey Marine Exploration, Inc.* (57,130) (377,058) PC Mall, Inc.* (40,200) (493,656) PokerTek, Inc.* (18,945) (236,812) Premier Exhibitions, Inc.* (62,782) (877,692) Rewards Network, Inc.* (107,155) (418,976) Ritchie Bros. Auctioneers, Inc. (8,200) (483,718) Satellite Newspapers Corp.* (8,615) (8) Shutterly, Inc.* (12,875) (240,891) The9 Ltd. - ADR* (17,470) (744,921) Tween Brands, Inc.* (13,000) (565,890) NUMBER OF SHARES VALUE ------------ ------------- CONSUMER SERVICES--(CONTINUED) Urban Outfitters, Inc.* (24,940) $ (662,905) Voyant International, Inc.* (27,730) (19,966) Zumiez, Inc.* (9,510) (367,086) ------------ (16,056,600) ------------ FINANCE--(2.7%) Ezcorp, Inc., Class A* (27,345) (410,995) First Marblehead Corp., (The) (64,950) (2,420,037) Franklin Credit Management Corp.* (29,034) (140,815) Ladenburg Thalmann Financial Services, Inc.* (1) (2) U.S. Global Investors, Inc., Class A* (10,975) (233,548) ------------ (3,205,397) ------------ HEALTH CARE--(4.5%) Align Technology, Inc.* (48,700) (1,109,873) BSD Medical Corp.* (31,335) (249,113) Conceptus, Inc.* (16,300) (302,854) CPC of America, Inc.* (4,745) (85,410) Crucell N.V. - ADR* (13,100) (302,872) Cyberonics, Inc.* (27,870) (523,399) Diversa Corp. (21,100) (137,361) Eclipsys Corp.* (22,145) (451,315) InterMune, Inc.* (11,600) (308,444) Intuitive Surgical, Inc.* (2,700) (371,601) Isolagen, Inc.* (18,399) (83,715) Quality Systems, Inc.* (9,900) (405,405) ReGeneRx Biopharmaceuticals, Inc.* (1,200) (2,580) ThermoGenesis Corp.* (67,810) (183,765) Third Wave Technologies, Inc.* (65,160) (379,231) Volcano Corp. (23,095) (467,905) ------------ (5,364,843) ------------ OTHER--0.0% Dark Dynamite, Inc.* (13,984) (979) ------------ 4 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) MAY 31, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- TECHNOLOGY--(18.6%) American Superconductor Corp.* (13,865) $ (240,419) Anadigics Inc.* (29,200) (367,628) ANTS Software, Inc.* (49,384) (81,484) Atheros Communications, Inc. (10,675) (310,749) Axis Technologies Group, Inc.* (9,945) (5,470) Brightpoint, Inc.* (45,295) (595,176) Cambridge Display Technology, Inc.* (12,484) (74,654) Ciena Corp. (24,100) (827,112) ConSyGen, Inc. (200) 0 Convera Corp.* (51,362) (218,802) Efuture Information Technology, Inc.* (19,440) (306,374) Foldera, Inc.* (19,075) (9,347) Garmin Ltd. (22,040) (1,417,833) Immersion Corp.* (39,000) (475,410) Innovative Card Technologies* (15,849) (74,015) Integral Technologies, Inc.* (48,665) (93,924) Interactive Intelligence* (14,100) (277,489) Intevac, Inc.* (20,200) (389,658) Juniper Networks, Inc.* (50,955) (1,243,812) LML Payment Systems, Inc.* (21,008) (65,125) Mamma.Com, Inc. (97,928) (410,318) MDI, Inc. (6,880) (10,939) Metalink Ltd.* (45,414) (265,218) Neomagic Corp.* (7,848) (25,820) Nestor, Inc.* (23,200) (12,064) Network Equipment Technologies, Inc.* (47,500) (496,375) NVE Corp.* (7,605) (257,201) Opsware, Inc.* (53,515) (484,311) Palm, Inc.* (101,055) (1,646,186) ParkerVision, Inc.* (35,407) (370,357) Research In Motion Ltd.* (15,000) (2,491,200) Solarfun Power Holdings Co.-Sponsored ADR* (13,760) (135,535) Super Micro Computer, Inc.* (51,400) (517,084) Supertex, Inc.* (33,000) (1,106,490) Syntax-Brillian Corp. (148,832) (901,922) NUMBER OF SHARES VALUE ------------ ------------- TECHNOLOGY--(CONTINUED) Telefonaktiebolaget LM Ericsson (47,400) $ (1,800,252) Tiger Telematics, Inc.* (16,610) (66) Total Systems Services, Inc. (19,170) (636,252) Trident Microsystems, Inc.* (23,010) (469,404) Universal Display Corp.* (23,200) (362,152) USA Technologies, Inc. (23,885) (259,152) Volterra Semiconductor Corp.* (90,450) (1,421,874) Vyyo, Inc.* (31,318) (181,957) Xybernaut Corp.* (35,000) (980) Xyratex Ltd.* (41,355) (912,291) ------------ (22,249,881) ------------ TOTAL SECURITIES SOLD SHORT (Proceeds $67,230,792) (74,845,644) ------------ NET INVESTMENTS IN SECURITIES--49.8% (COST $51,476,061) 59,612,173 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES--50.2% 59,971,081 ------------ NET ASSETS--100.0% $119,583,254 ============ ADR -- American Depository Receipt. + -- Security position is either entirely or partially held in a segregated account as collateral for securities sold short. * -- 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 $118,706,853 ------------ Gross unrealized appreciation $ 19,465,562 Gross unrealized depreciation (3,714,598) ------------ Net unrealized appreciation $ 15,750,964 ============ For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 5 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LARGE CAP VALUE FUND Portfolio of Investments MAY 31, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- COMMON STOCK--97.9% BASIC INDUSTRY--0.4% PPG Industries, Inc. 3,710 $ 282,665 ------------ CAPITAL GOODS--8.1% Emerson Electric Co. 7,305 353,927 Honeywell International, Inc. 14,560 843,170 Koninklijke (Royal) Philips Electronics N.V. 17,085 724,746 Lockheed Martin Corp. 15,205 1,491,610 Mettler-Toledo International, Inc.* 1,750 172,025 Tyco International Ltd. 21,608 720,843 United Technologies Corp. 20,865 1,472,026 ------------ 5,778,347 ------------ COMMUNICATIONS--4.2% AT&T, Inc. 19,850 820,599 Telecom Corp. New Zealand Ltd. 19,060 545,497 Time Warner Cable, Inc.* 12,935 496,833 Vodafone Group PLC - ADR 20,287 637,621 Windstream Corp. 34,353 515,982 ------------ 3,016,532 ------------ CONSUMER NON-DURABLES--6.6% Altria Group, Inc. 18,952 1,347,487 Coca-Cola Co., (The) 9,975 528,575 Loews Corp. 16,785 856,539 Loews Corp. - Carolina Group 5,035 391,471 Molson Coors Brewing Co., Class B 8,125 744,006 NIKE, Inc., Class B 14,615 829,402 ------------ 4,697,480 ------------ CONSUMER SERVICES--8.7% Avis Budget Group, Inc.* 13,135 397,334 CBS Corp., Class B 15,965 530,996 Clear Channel Communications, Inc. 15,995 614,208 Gannett Co., Inc. 5,330 313,511 Home Depot, Inc., (The) 23,995 932,686 Idearc, Inc. 7,605 268,076 NUMBER OF SHARES VALUE ------------ ------------- CONSUMER SERVICES--(CONTINUED) Liberty Media Holding Capital, Series A* 4,897 $ 552,871 R. R. Donnelley & Sons Co. 19,550 837,131 Ross Stores, Inc. 14,410 473,224 Time Warner, Inc. 61,286 1,309,682 ------------ 6,229,719 ------------ ENERGY--13.4% Anadarko Petroleum Corp. 25,380 1,260,117 Chesapeake Energy Corp. 26,660 929,368 Chevron Corp. 17,616 1,435,528 ConocoPhillips 33,195 2,570,289 Exxon Mobil Corp. 25,414 2,113,682 Royal Dutch Shell PLC - ADR 7,485 556,136 Total SA - ADR 9,490 716,020 ------------ 9,581,140 ------------ FINANCE--28.3% ACE Ltd. 14,684 904,094 AMBAC Financial Group, Inc. 3,670 328,869 American International Group, Inc. 26,293 1,902,036 Bank of New York Co., Inc., (The) 15,505 628,883 Berkshire Hathaway, Inc., Class B* 548 1,986,500 Citigroup, Inc. 50,688 2,761,989 CNA Financial Corp. 8,195 416,470 Commerce Bancorp, Inc. 19,255 664,683 Countrywide Financial Corp. 18,276 711,667 Federated Investors, Inc. 18,270 711,434 Freddie Mac 20,962 1,400,052 Genworth Financial, Inc., Class A 15,205 548,900 JPMorgan Chase & Co. 54,410 2,820,070 Lincoln National Corp. 7,305 529,612 MBIA, Inc. 17,906 1,191,644 MGIC Investment Corp. 5,035 327,275 Nationwide Financial Services, Inc., Class A 6,069 375,732 Radian Group, Inc. 10,741 664,868 1 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LARGE CAP VALUE FUND Portfolio of Investments (Continued) MAY 31, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- FINANCE--(CONTINUED) St. Paul Travelers Companies, Inc., (The) 17,714 $ 959,567 State Street Corp. 5,065 345,788 ------------ 20,180,133 ------------ HEALTH CARE--9.5% Aetna, Inc. 8,625 456,521 Amgen, Inc.* 4,045 227,855 CIGNA Corp. 2,695 451,763 Coventry Health Care, Inc.* 9,380 559,705 DaVita, Inc.* 12,835 708,877 Johnson & Johnson 13,286 840,605 Lincare Holdings, Inc.* 8,870 355,598 Medco Health Solutions, Inc.* 5,035 391,522 Pfizer, Inc. 56,817 1,561,899 Sanofi-Aventis - ADR 7,605 365,800 Wyeth 14,515 839,548 ------------ 6,759,693 ------------ TECHNOLOGY--17.1% Accenture Ltd., Class A 10,860 444,608 Arrow Electronics, Inc.* 15,405 632,375 Broadridge Financial Solutions, Inc.* 26,290 532,110 CA, Inc. 19,650 521,315 Cadence Design Systems, Inc.* 16,195 367,788 CGI Group, Inc.* 54,605 590,280 First Data Corp. 28,930 946,011 Harris Corp. 18,590 928,013 Hewlett-Packard Co. 43,103 1,970,238 Ingram Micro, Inc., Class A* 21,625 448,070 International Business Machines Corp. 8,885 947,141 McAfee, Inc.* 11,355 417,410 Microsoft Corp. 17,319 531,174 Motorola, Inc. 23,600 429,284 Nokia Oyj - ADR 32,090 878,624 Oracle Corp.* 29,385 569,481 Symantec Corp.* 36,255 724,738 NUMBER OF SHARES VALUE ------------ ------------- TECHNOLOGY--(CONTINUED) Taiwan Semiconductor Manufacturing Co., Ltd. - ADR 31,995 $ 349,065 ------------ 12,227,725 ------------ UTILITIES--1.6% Ameren Corp. 6,890 365,652 Dominion Resources, Inc. 4,740 419,916 DTE Energy Co. 6,595 348,744 ------------ 1,134,312 ------------ TOTAL COMMON STOCK (Cost $57,880,122) 69,887,746 ============ SHORT-TERM INVESTMENTS--2.2% PNC Bank Money Market Deposit Account 5.280% 06/01/07 1,555,434 1,555,434 ------------ TOTAL SHORT-TERM INVESTMENTS (Cost $1,555,434) 1,555,434 ------------ TOTAL INVESTMENTS--100.1% (COST $59,435,556)** 71,443,180 ------------ LIABILITIES IN EXCESS OF OTHER ASSETS--(0.1)% (105,220) ------------ NET ASSETS--100.0% $ 71,337,960 ============ 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 $59,435,556 ----------- Gross unrealized appreciation $12,085,797 Gross unrealized depreciation (78,173) ----------- Net unrealized appreciation $12,007,624 =========== For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 2 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS MID CAP VALUE FUND Portfolio of Investments (Continued) MAY 31, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- COMMON STOCK--95.6% BASIC INDUSTRIES--5.7% Crown Holdings, Inc.* 23,945 $ 596,949 Lubrizol Corp., (The) 10,995 722,592 Peabody Energy Corp. 8,705 470,418 PPG Industries, Inc. 5,700 434,283 Valspar Corp., (The) 23,115 667,792 ------------ 2,892,034 ------------ CAPITAL GOODS--6.3% Dover Corp. 12,855 643,393 Ingersoll-Rand Co. Ltd., Class A 7,360 377,789 Masco Corp. 18,775 567,193 Stanley Works, (The) 9,950 629,138 Terex Corp.* 4,705 398,843 W.W. Grainger, Inc. 6,940 611,067 ------------ 3,227,423 ------------ COMMUNICATIONS--2.0% CenturyTel, Inc. 4,050 200,151 Embarq Corp. 5,700 366,282 Windstream Corp. 31,200 468,624 ------------ 1,035,057 ------------ CONSUMER DURABLES--1.3% BorgWarner, Inc. 5,700 479,712 Sherwin-Williams Co., (The) 2,695 182,290 ------------ 662,002 ------------ CONSUMER NON-DURABLES--3.9% Brunswick Corp. 8,915 306,944 Loews Corp. - Carolina Group 4,455 346,376 Mattel, Inc. 12,400 347,324 Scientific Games Corp., Class A* 19,485 727,570 VF Corp. 2,800 262,584 ------------ 1,990,798 ------------ CONSUMER SERVICES--13.9% Best Buy Co., Inc. 5,345 258,110 Burger King Holdings, Inc. 20,555 526,208 CBS Corp., Class B 21,370 710,766 NUMBER OF SHARES VALUE ------------ ------------- CONSUMER SERVICES--(CONTINUED) Dun & Bradstreet Corp., (The) 3,005 $ 300,891 Expedia, Inc.* 18,379 441,647 Family Dollar Stores, Inc. 19,695 662,737 Foot Locker, Inc. 7,975 174,972 Hertz Global Holdings, Inc.* 9,700 205,446 Hewitt Associates, Inc., Class A* 13,370 401,367 Knoll, Inc. 23,005 556,721 Kroger Co., (The) 19,485 590,785 McGraw-Hill Companies, Inc., (The) 9,055 636,657 Meredith Corp. 12,540 780,113 R. R. Donnelley & Sons Co. 12,335 528,185 Staples, Inc. 12,320 308,739 ------------ 7,083,344 ------------ ENERGY--6.3% Anadarko Petroleum Corp. 17,520 869,868 Chesapeake Energy Corp. 19,800 690,228 Murphy Oil Corp. 8,705 513,595 Pioneer Natural Resources Co. 8,605 444,190 Pogo Producing Co. 12,750 689,392 ------------ 3,207,273 ------------ FINANCE--22.9% Affiliated Managers Group, Inc.* 2,850 371,070 AMBAC Financial Group, Inc. 6,875 616,069 Assurant, Inc. 8,290 492,840 CNA Financial Corp. 7,980 405,544 Comerica, Inc. 7,465 469,026 Commerce Bancorp, Inc. 18,000 621,360 E*TRADE Financial Corp.* 21,595 517,200 Everest Re Group Ltd. 3,005 322,226 Federated Investors, Inc. 11,825 460,466 First American Corp. 7,880 421,974 Hanover Insurance Group, Inc., (The) 5,870 286,397 LandAmerica Financial Group, Inc. 3,010 278,997 Lincoln National Corp. 11,220 813,450 1 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS MID CAP VALUE FUND Portfolio of Investments (Continued) MAY 31, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- FINANCE--(CONTINUED) Marsh & McLennan Companies, Inc. 15,860 $ 520,684 MBIA, Inc. 8,600 572,330 Mellon Financial Corp. 16,160 700,213 Nationwide Financial Services, Inc., Class A 9,950 616,004 PMI Group, Inc., (The) 12,310 608,606 Radian Group, Inc. 8,540 528,626 SLM Corp. 12,260 689,135 State Street Corp. 6,985 476,866 Student Loan Corp., (The) 1,540 316,085 Unum Group 19,560 519,122 ------------ 11,624,290 ------------ HEALTH CARE--9.2% C.R. Bard, Inc. 4,560 384,910 CIGNA Corp. 1,860 311,792 Coventry Health Care, Inc.* 14,095 841,049 DaVita, Inc.* 11,920 658,341 Hospira, Inc.* 9,010 358,958 Kindred Healthcare, Inc.* 9,950 318,400 LifePoint Hospitals, Inc.* 13,285 539,238 Lincare Holdings, Inc.* 19,900 797,791 Mentor Corp. 11,215 453,535 ------------ 4,664,014 ------------ OTHER--3.0% AvalonBay Communities, Inc. 2,510 327,279 Nationwide Health Properties, Inc. 8,425 261,765 Prologis 4,060 262,520 SL Green Realty Corp. 2,605 364,908 Ventas, Inc. 7,075 299,697 ------------ 1,516,169 ------------ TECHNOLOGY--17.3% Accenture Ltd., Class A 9,920 406,125 Amdocs Ltd* 11,920 463,330 Arrow Electronics, Inc.* 17,620 723,301 Avnet, Inc.* 11,195 479,594 Broadridge Financial Solutions, Inc.* 22,580 457,019 NUMBER OF SHARES VALUE ------------ ------------- TECHNOLOGY--(CONTINUED) CA, Inc. 17,620 $ 467,459 CACI International, Inc., Class A* 3,630 187,126 Comverse Tecnology, Inc.* 24,150 553,518 Diebold, Inc. 4,870 241,455 Emulex Corp.* 17,620 390,988 First Data Corp. 33,200 1,085,640 Harris Corp. 14,200 708,864 Ingram Micro, Inc., Class A* 17,520 363,014 McAfee, Inc.* 18,747 689,140 SRA International, Inc., Class A* 7,565 192,075 Sybase, Inc.* 8,960 215,578 Symantec Corp.* 40,410 807,796 Teradyne, Inc.* 20,420 347,548 ------------ 8,779,570 ------------ TRANSPORTATION--1.4% Laidlaw International, Inc. 8,100 277,830 Norfolk Southern Corp. 7,465 432,074 ------------ 709,904 ------------ UTILITIES--2.4% American Electric Power Co., Inc. 4,820 229,577 DTE Energy Co. 4,720 249,594 Edison International 4,550 265,128 Nisource, Inc. 9,680 214,993 Sierra Pacific Resources* 13,265 251,504 ------------ 1,210,796 ------------ TOTAL COMMON STOCK (Cost $40,429,446) 48,602,674 ------------ SHORT-TERM INVESTMENTS--4.5% PNC Bank Money Market Deposit Account 5.280% 06/01/07 2,293,408 2,293,408 ----------- ------------ TOTAL SHORT-TERM INVESTMENTS (Cost $2,293,408) 2,293,408 ------------ 2 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS MID CAP VALUE FUND Portfolio of Investments (Continued) MAY 31, 2007 (UNAUDITED) VALUE ------------- TOTAL INVESTMENTS--100.1% (COST $42,722,854)** $ 50,896,082 ------------ LIABILITIES IN EXCESS OF OTHER ASSETS--(0.1)% (45,064) ------------ NET ASSETS--100.0% $ 50,851,018 ============ * -- Non-income producing. ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a federal income tax basis are as follows: Aggregate cost $42,722,854 ----------- Gross unrealized appreciation $ 8,258,874 Gross unrealized depreciation (85,646) ----------- Net unrealized appreciation $ 8,173,228 =========== For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 3 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND Portfolio of Investments MAY 31, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- COMMON STOCK--98.9% BASIC INDUSTRY--0.5% Avery Dennison Corp. 1,480 $ 96,600 ------------ CAPITAL GOODS--5.6% Aeroflex, Inc.* 4,940 69,852 Dover Corp. 4,035 201,952 Makita Corp. - ADR 2,330 97,767 Parker-Hannifin Corp. 1,105 112,003 Tyco International Ltd. 9,720 324,259 United Technologies Corp. 1,430 100,886 W.W. Grainger, Inc. 2,390 210,439 ------------ 1,117,158 ------------ COMMUNICATIONS--2.7% Embarq Corp. 2,125 136,553 Vodafone Group PLC - ADR 12,838 403,498 ------------ 540,051 ------------ CONSUMER DURABLES--0.9% Leggett & Platt, Inc. 2,875 70,351 National Presto Industries, Inc. 1,625 98,508 ------------ 168,859 ------------ CONSUMER NON-DURABLES--11.9% Hasbro, Inc. 650 20,898 Jones Apparel Group, Inc. 4,435 132,074 Liz Claiborne, Inc. 4,325 150,034 Loews Corp. 20,870 1,064,996 Mattel, Inc. 4,425 123,944 Nestle S.A. - ADR 2,120 206,300 NIKE, Inc., Class B 4,080 231,540 Oxford Industries, Inc. 1,255 57,140 Tupperware Brands Corp. 8,415 243,278 VF Corp. 1,515 142,077 ------------ 2,372,281 ------------ CONSUMER SERVICES--4.9% Clear Channel Communications, Inc. 2,580 99,072 Dun & Bradstreet Corp., (The) 2,460 246,320 NUMBER OF SHARES VALUE ------------ ------------- CONSUMER SERVICES--(CONTINUED) Expedia, Inc.* 4,399 $ 105,708 IAC/InterActiveCorp* 2,585 89,441 International Speedway Corp., Class A 1,790 93,796 Omnicom Group, Inc. 925 97,403 Pacific Sunwear of California, Inc.* 7,110 141,418 Rent-A-Center, Inc.* 3,715 100,676 ------------ 973,834 ------------ ENERGY--8.3% Anadarko Petroleum Corp. 5,210 258,676 Apache Corp. 1,605 129,604 Chevron Corp. 4,250 346,332 ConocoPhillips 4,911 380,259 Devon Energy Corp. 2,510 192,718 Pioneer Natural Resources Co. 3,935 203,125 Quest Resource Corp.* 2,263 19,846 Quest Resource Corp. 144A ++* 2,430 21,311 Royal Dutch Shell PLC - ADR 1,170 86,931 ------------ 1,638,802 ------------ FINANCE--29.5% ACE Ltd. 12,450 766,546 Alleghany Corp.* 1,622 606,628 Allied World Assurance Holdings Ltd. Bermuda 1,295 65,605 AMBAC Financial Group, Inc. 1,280 114,701 American International Group, Inc. 3,585 259,339 AON Corp. 3,325 142,709 Aspen Insurance Holdings Ltd. 2,095 56,816 Castlepoint Holdings Ltd. 144A ++* 3,725 58,855 Citigroup, Inc. 3,565 194,257 Countrywide Financial Corp. 1,504 58,566 First American Corp. 1,295 69,347 Flagstone Reinsurance Holdings Ltd.* 11,455 149,831 Freddie Mac 6,835 456,510 1 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND Portfolio of Investments (Continued) MAY 31, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- FINANCE--(CONTINUED) Hanover Insurance Group, Inc., (The) 4,520 $ 220,531 IndyMac Bancorp, Inc. 1,845 61,955 IPC Holdings Ltd. 1,930 60,216 Marsh & McLennan Companies, Inc. 4,655 152,824 MBIA, Inc. 7,525 500,789 Millea Holdings, Inc. - ADR 1,675 66,849 National Atlantic Holdings Corp., Class A* 4,005 52,626 Peoples Choice Financial Corp. 144A ++* 1,465 0 Platinum Underwriters Holdings Ltd. 2,910 100,220 Quanta Capital Holdings Ltd.* 23,520 47,746 Radian Group, Inc. 3,840 237,696 RAM Holdings Ltd.* 3,635 59,178 SLM Corp. 2,905 163,290 Solar Capital LLC 144A* 6,075 91,125 Specialty Underwriters' Alliance, Inc.* 3,170 25,518 St. Paul Travelers Companies, Inc., (The) 5,520 299,018 Unum Group 9,046 240,081 Wesco Financial Corp. 185 79,735 White Mountains Insurance Group Ltd. 665 399,499 ------------ 5,858,606 ------------ HEALTH CARE--15.4% Amgen, Inc.* 5,430 305,872 AstraZeneca PLC - ADR 4,265 226,813 Becton, Dickinson and Co. 2,490 189,862 DaVita, Inc.* 4,185 231,138 Johnson & Johnson 7,230 457,442 Lincare Holdings, Inc.* 5,515 221,096 Mentor Corp. 2,275 92,001 Pfizer, Inc. 22,826 627,487 Sanofi-Aventis - ADR 7,545 362,914 UnitedHealth Group, Inc. 2,435 133,365 NUMBER OF SHARES VALUE ------------ ------------- HEALTH CARE--(CONTINUED) Wyeth 3,750 $ 216,900 ------------ 3,064,890 ------------ OTHER--2.8% Annaly Capital Management, Inc. (REIT) 10,710 165,362 Ashford Hospitality Trust, Inc. (REIT) 4,075 50,571 CBRE Realty Finance, Inc. (REIT) 2,350 30,949 CBRE Realty Finance, Inc. (REIT) 144A ++* 4,520 59,528 Friedman, Billings, Ramsey Group, Inc., Class A (R 10,270 64,393 Luminent Mortgage Capital, Inc. (REIT) 3,330 30,303 Meruelo Maddux Properties, Inc.* 3,255 26,854 National Health Investors, Inc. (REIT) 3,595 127,551 Tac Acquisition Corp.* 6,900 0 ------------ 555,511 ------------ TECHNOLOGY--14.9% Agilysys, Inc. 6,795 147,587 Avnet, Inc.* 4,440 190,210 Bel Fuse, Inc., Class B 1,415 51,393 Broadridge Financial Solutions, Inc.* 4,630 93,711 Fidelity National Information 2,300 124,016 First Data Corp. 7,510 245,577 GSI Group, Inc.* 5,625 60,750 Hewlett-Packard Co. 9,720 444,301 International Business Machines Corp. 5,795 617,747 Microsoft Corp. 12,080 370,493 Motorola, Inc. 13,210 240,290 Nokia Oyj - ADR 6,110 167,292 Sybase, Inc.* 3,860 92,872 Symantec Corp.* 5,700 113,943 ------------ 2,960,182 ------------ 2 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND Portfolio of Investments (Continued) MAY 31, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- TRANSPORTATION--0.1% Danaos Corp. 820 $ 26,240 ------------ UTILITIES--1.4% Korea Electric Power Corp. - ADR 13,020 284,357 ------------ TOTAL COMMON STOCK (Cost $16,064,093) 19,657,371 ------------ SHORT-TERM INVESTMENTS--1.4% PNC Bank Money Market Deposit Account 5.280% 06/01/07 269,299 269,299 ------------ TOTAL SHORT-TERM INVESTMENTS (Cost $269,299) 269,299 ------------ TOTAL INVESTMENTS--100.3% (COST $16,333,392) 19,926,670 ------------ OPTIONS WRITTEN--(0.5%) Amgen, Inc. Call Options Expire 01/19/08 $50.00 (18) (17,100) Anadarko Petroleum Corp. Call Options Expire 08/18/07 $40.00 (26) (26,530) Microsoft Corp. Call Options Expire 08/18/07 $30.00 (36) (9,637) Motorola, Inc. Call Options Expire 07/21/07 $17.50 (62) (6,826) Pacific Sunwear of California, Inc. Call Options Expire 06/16/07 $20.00 (43) (2,150) Symantec Corp. Call Options Expire 07/21/07 $16.50 (57) (20,589) Vodaphone Group Call Options Expire 01/19/08 $30.00 (35) (8,589) Vodaphone Group Call Options Expire 03/22/08 $31.00 (35) (8,036) ------------ TOTAL OPTIONS WRITTEN (Cost $(78,247)) (99,457) ------------ VALUE ------------- TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN--99.8% (COST $16,255,145)** $ 19,827,213 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES--0.2% 39,516 ------------ NET ASSETS--100.0% $ 19,866,729 ============ ADR -- American Depository Receipt. REIT -- Real Estate Investment Trust. 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 The RBB Fund, Inc.'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 $16,255,145 ----------- Gross unrealized appreciation $ 3,848,028 Gross unrealized depreciation (275,960) ----------- Net unrealized appreciation $ 3,572,068 =========== For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 3 ROBECO INVESTMENT FUNDS ROBECO WPG SMALL CAP VALUE FUND Portfolio of Investments MAY 31, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- COMMON STOCK--96.9% BASIC MATERIALS--3.3% Methanex Corp. 16,000 $ 415,360 Omnova Solutions, Inc.* 55,300 310,233 Rogers Corp.* 7,800 313,872 Uranium Resources, Inc.* 93,977 927,553 ------------ 1,967,018 ------------ COMMERCIAL SERVICES--15.3% BearingPoint, Inc.* 38,900 287,471 ICF International, Inc.* 42,200 777,324 LECG Corp.* 89,900 1,330,520 Marlin Business Services Corp.* 31,300 644,467 MDC Partners, Inc., Class A* 316,910 2,598,662 Navigant Consulting, Inc.* 33,600 700,224 PeopleSupport, Inc.* 68,800 833,168 Princeton Review, Inc., (The)* 229,619 1,499,412 RADWARE Ltd.* 19,500 256,815 WidePoint Corp.* 195,900 197,859 ------------ 9,125,922 ------------ CONSUMER CYCLICAL--3.3% Genesco, Inc.* 5,500 287,925 Quiksilver, Inc.* 59,500 839,545 Shoe Carnival, Inc.* 6,600 193,248 Tween Brands, Inc.* 15,200 661,656 ------------ 1,982,374 ------------ CONSUMER NON-CYCLICAL--9.9% Chiquita Brands International, Inc. 77,000 1,412,180 Del Monte Foods Co. 58,300 702,515 Jarden Corp.* 14,700 626,514 Libbey, Inc. # 51,582 1,156,468 Lifetime Brands, Inc. # 96,130 2,024,498 ------------ 5,922,175 ------------ CONSUMER SERVICES--2.9% Carrols Restaurant Group, Inc.* 70,000 1,106,700 Cheesecake Factory, Inc., (The)* 10,200 287,844 Valassis Communications, Inc.* 20,100 359,991 ------------ 1,754,535 ------------ NUMBER OF SHARES VALUE ------------ ------------- ENERGY--5.4% American Oil & Gas, Inc.* 49,600 $ 255,440 Aurora Oil & Gas Corp.* 201,300 402,600 Edge Petroleum Corp. #* 44,400 642,024 Geomet, Inc.* 136,600 1,084,604 InterOil Corp. #* 17,100 628,425 Rosetta Resources, Inc. 144A++* 7,600 185,364 ------------ 3,198,457 ------------ FINANCIAL--28.5% AmCOMP, Inc.* 12,620 115,978 Annaly Capital Management, Inc. 25,800 398,352 Anworth Mortgage Asset Corp. 69,400 647,502 Ashford Hospitality Trust, Inc. 30,300 376,023 Aspen Insurance Holdings Ltd. 15,100 409,512 Assured Guaranty Ltd. 26,900 795,702 Bank Mutual Corp. 48,000 567,840 Berkshire Hills Bancorp, Inc. 15,100 496,639 Capital Lease Funding, Inc. 112,900 1,261,093 CBRE Realty Finance, Inc. 51,100 672,987 Citizens Banking Corp. 21,000 399,840 Darwin Professional Underwriters, Inc.* 23,100 545,853 Dearborn Bancorp, Inc.* 26,250 432,600 Employers Holdings, Inc. 400 8,480 Endurance Specialty Holdings Ltd. 10,300 410,249 Federal Realty Investment Trust 3,100 274,722 First Financial Bankshares, Inc. 1 40 First State Bancorporation 13,800 305,256 Greenlight Capital Re Ltd.* 12,300 291,510 Hallmark Financial Services, Inc.* 73,600 953,856 Luminent Mortgage Capital, Inc. 132,800 1,208,480 MFA Mortgage Investments, Inc. 106,800 803,136 MoneyGram International, Inc. 13,430 391,350 Newalliance Bancshares, Inc. 39,900 643,188 PFF Bancorp, Inc. 11,700 351,117 Sun Communities, Inc. 48,400 1,497,980 Superior Bancorp* 48,000 489,120 Synergy Financial Group, Inc. 44,300 605,138 1 ROBECO INVESTMENT FUNDS ROBECO WPG SMALL CAP VALUE FUND Portfolio of Investments (Continued) MAY 31, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- FINANCIAL--(CONTINUED) Technology Investment Capital Corp. 30,645 $ 527,707 Westfield Financial, Inc. 49,700 514,892 WSFS Financial Corp. 9,400 621,152 ------------ 17,017,294 ------------ HEALTH CARE--6.9% Dexcom, Inc. #* 36,100 236,816 Flamel Technologies - ADR* 10,300 286,134 HealthTronics, Inc.* 53,800 258,240 Lakeland Industries, Inc. #* 56,914 784,271 LifePoint Hospitals, Inc.* 39,400 1,599,246 Matrixx Initiatives, Inc.* 16,800 336,168 The Providence Service Corp.* 21,800 587,946 ------------ 4,088,821 ------------ INDUSTRIALS--3.7% Altra Holdings, Inc.* 26,600 449,806 Flanders Corp.* 98,700 701,757 Measurement Specialties, Inc.* 13,200 262,548 Trimas Corp.* 60,800 762,432 ------------ 2,176,543 ------------ TECHNOLOGY--9.4% Axesstel, Inc.* 300,760 451,140 CPI International, Inc.* 38,750 793,988 First Consulting Group, Inc.* 78,300 708,615 Foundry Networks, Inc.* 31,200 501,696 Komag, Inc.* 20,400 494,904 Neoware, Inc. #* 87,000 1,055,310 OmniVision Technologies, Inc. #* 19,500 315,900 Rackable Systems, Inc.* 52,400 635,612 Transaction Systems Architects, Inc.* 18,500 629,925 ------------ 5,587,090 ------------ TRANSPORT--5.2% Double Hull Tankers, Inc. 45,400 721,860 JetBlue Airways Corp. #* 46,000 495,880 Marten Transport Ltd.* 29,410 569,378 Mesa Air Group, Inc.* 127,900 901,695 NUMBER OF SHARES VALUE ------------ ------------- TRANSPORT--(CONTINUED) Navios Maritime Holdings, Inc. 38,800 $ 407,400 ------------ 3,096,213 ------------ UTILITY--3.1% El Paso Electric Co.* 21,800 593,178 Great Plains Energy, Inc. 9,700 301,864 Hawaiian Electric Industries, Inc. 10,200 249,900 UGI Corp. 13,100 377,280 Vectren Corp. 11,100 321,456 ------------ 1,843,678 ------------ TOTAL COMMON STOCK (Cost $51,382,503) 57,760,120 ------------ RIGHTS/WARRANTS--0.7% TRANSPORT--0.7% Navios Maritime Holdings, Inc. Expires 12/09/08 $5.00* 75,620 415,910 ------------ TOTAL RIGHTS/WARRANTS (Cost $0) 415,910 ------------ SHORT-TERM INVESTMENTS--2.4% Dreyfus Government Cash Management 5.170% 06/01/07 1,427,966 1,427,966 ------------ TOTAL SHORT-TERM INVESTMENTS (Cost $1,427,966) 1,427,966 ------------ TOTAL INVESTMENTS--100.0% (COST $52,810,469)** 59,603,996 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES--0.0% 4,062 ------------ NET ASSETS--100.0% $ 59,608,058 ============ 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. # --- Portion of security out on loan. ++ -- Security has been valued at fair market value as determined in good faith by or under the direction of The RBB Fund, Inc.'s Board of Directors. * -- Non-income producing. 2 ROBECO INVESTMENT FUNDS ROBECO WPG SMALL CAP VALUE FUND Portfolio of Investments (Continued) MAY 31, 2007 (UNAUDITED) ** 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 $52,810,469 ----------- Gross unrealized appreciation $ 8,561,459 Gross unrealized depreciation (1,767,932) ----------- Net unrealized appreciation $ 6,793,527 =========== For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 3 ROBECO INVESTMENT FUNDS ROBECO WPG LARGE CAP GROWTH FUND Portfolio of Investments MAY 31, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- COMMON STOCK--99.7% BASIC MATERIALS--4.4% Celanese Corp. Series A 6,900 $ 251,091 Lyondell Chemical Co. 13,050 485,069 United States Steel Corp. 1,050 118,818 ------------ 854,978 ------------ COMMERCIAL SERVICES--3.6% Accenture Ltd., Class A 12,200 499,468 Ryder System, Inc. 3,850 207,592 ------------ 707,060 ------------ CONSUMER CYCLICAL--11.2% AutoZone, Inc.* 2,550 328,007 Goodyear Tire & Rubber Co., (The)* 14,950 530,276 J.C. Penney Co., Inc. 7,150 575,432 Kohl's Corp.* 5,650 425,558 Nordstrom, Inc. 4,200 218,106 Wal-Mart Stores, Inc. 2,300 109,480 ------------ 2,186,859 ------------ CONSUMER NON-CYCLICAL--6.7% Coca-Cola Co., (The) 4,900 259,651 General Mills, Inc. 9,000 551,160 Procter & Gamble Co., (The) 4,350 276,442 Safeway, Inc. 6,550 225,844 ------------ 1,313,097 ------------ CONSUMER SERVICES--5.6% CBS Corp., Class B 11,950 397,457 McGraw-Hill Companies, Inc., (The) 5,050 355,065 Yum! Brands, Inc. 5,150 348,758 ------------ 1,101,280 ------------ ENERGY--4.3% Frontier Oil Corp. 6,800 273,768 Marathon Oil Corp. 3,200 396,192 Transocean, Inc.* 1,850 181,744 ------------ 851,704 ------------ NUMBER OF SHARES VALUE ------------ ------------- FINANCIAL--10.9% Allstate Corp., (The) 2,650 $ 162,975 American Express Co. 6,700 435,366 Ameriprise Financial, Inc. 1,710 107,474 General Electric Co. 5,950 223,601 Goldman Sachs Group, Inc., (The) 2,100 484,722 JPMorgan Chase & Co. 6,100 316,163 Merrill Lynch & Co, Inc. 2,300 213,279 St. Paul Travelers Companies, Inc., (The) 3,650 197,720 ------------ 2,141,300 ------------ HEALTH CARE--16.8% AmerisourceBergen Corp. 2,150 110,123 AstraZeneca PLC - ADR 4,400 233,992 Becton, Dickinson and Co. 2,850 217,313 Express Scripts, Inc.* 2,900 296,090 Gilead Sciences, Inc.* 7,200 595,944 Humana, Inc.* 3,500 217,175 Johnson & Johnson 4,850 306,859 Kinetic Concepts, Inc.* 2,750 137,995 McKesson Corp. 6,100 385,093 UnitedHealth Group, Inc. 6,150 336,835 Waters Corp.* 7,450 449,235 ------------ 3,286,654 ------------ INDUSTRIALS--3.9% Energizer Holdings, Inc.* 5,850 579,501 Terex Corp.* 2,250 190,733 ------------ 770,234 ------------ TECHNOLOGY--27.3% Advanced Micro Devices, Inc.* 4,050 57,794 Expedia, Inc.* 14,850 356,845 General Dynamics Corp. 4,650 373,116 Google, Inc., Class A* 300 149,325 Hewlett-Packard Co. 15,300 699,363 Intel Corp. 29,900 662,883 International Business Machines Corp. 5,400 575,640 Intersil Corp., Class A 9,650 290,465 1 ROBECO INVESTMENT FUNDS ROBECO WPG LARGE CAP GROWTH FUND Portfolio of Investments (Continued) MAY 31, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- TECHNOLOGY--(CONTINUED) Micron Technology, Inc.* 18,900 $ 230,202 Microsoft Corp. 20,050 614,933 Motorola, Inc. 17,300 314,687 Nokia Oyj - ADR 12,950 354,571 Novell, Inc.* 41,050 321,011 Seagate Technology, Inc. 16,900 347,971 ------------ 5,348,806 ------------ TELECOMMUNICATIONS--0.9% AT&T, Inc. 4,050 167,427 ------------ TRANSPORT--2.6% GATX Corp. 7,800 401,310 US Airways Group, Inc.* 2,800 99,820 ------------ 501,130 ------------ UTILITY--1.5% AES Corp., (The)* 12,450 295,439 ------------ TOTAL COMMON STOCK (Cost $15,259,706) 19,525,968 ------------ TOTAL INVESTMENTS--99.7% (COST $15,259,706) 19,525,968 ------------ OTHER ASSETS IN EXCESS OF LIABILITES--0.3% 63,985 ------------ NET ASSETS--100.0% $ 19,589,953 ============ 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 $15,259,706 ----------- Gross unrealized appreciation $ 4,405,049 Gross unrealized depreciation (138,787) ----------- Net unrealized appreciation $ 4,266,262 =========== For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 2 ROBECO INVESTMENT FUNDS ROBECO WPG CORE BOND FUND Portfolio of Investments MAY 31, 2007 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE -------------- ---------- ------------- GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS--42.7% FEDERAL HOME LOAN MORTGAGE CORP.--13.9% 3.350% 04/01/08(c) Aaa/AAA $ 570 $ 560,936 5.500% 09/01/19 Aaa/AAA 2,097 2,081,324 6.000% 01/01/36 Aaa/AAA 2,749 2,748,003 6.500% 10/01/36 Aaa/AAA 1,475 1,498,255 6.500% 10/01/36 Aaa/AAA 3,893 3,955,469 6.000% 01/01/37 Aaa/AAA 4,418 4,416,864 6.500% 01/01/37 Aaa/AAA 1,639 1,664,832 5.500% 02/01/37 Nr /NR 1,903 1,858,886 ----------- 18,784,569 ----------- FEDERAL NATIONAL MORTGAGE ASSOCIATION--23.4% 9.000% 11/01/10 Aaa/AAA 28 29,889 6.500% 12/01/14 Aaa/AAA 336 343,048 5.000% 02/13/17 Aaa/AAA 6,665 6,533,506 5.000% 05/01/20 Aaa/AAA 1,094 1,066,566 5.000% 06/01/20 Aaa/AAA 561 546,594 5.000% 04/01/22 Aaa/AAA 4,587 4,471,793 7.500% 02/01/31 Aaa/AAA 22 22,544 7.500% 02/01/31 Aaa/AAA 23 23,527 7.500% 02/01/31 Aaa/AAA 14 14,329 5.500% 07/01/34 Aaa/AAA 3,758 3,669,133 5.000% 03/01/36 Aaa/AAA 10,564 10,053,569 6.000% 09/01/36 Aaa/AAA 1,733 1,731,704 5.500% 12/01/36 Aaa/AAA 3,169 3,093,920 ----------- 31,600,122 ----------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION--5.4% 7.500% 09/15/07 Aaa/AAA 1 595 6.500% 02/15/24 Aaa/AAA 164 168,070 6.500% 04/15/24 Aaa/AAA 95 97,424 6.500% 10/15/24 Aaa/AAA 319 326,340 4.000% 05/16/27(c) Aaa/AAA 1,671 1,619,079 5.000% 09/15/36 Aaa/AAA 2,390 2,294,265 MOODY'S / S&P PAR (000'S) VALUE -------------- ---------- ------------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION--(CONTINUED) 5.500% 02/15/37 Aaa/AAA $ 2,894 $2,844,710 ---------- 7,350,483 ---------- TOTAL GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS (Cost $58,432,572) 57,735,174 ---------- GOVERNMENT AGENCY OBLIGATIONS--7.1% FEDERAL HOME LOAN MORTGAGE CORP.--5.1% 4.625% 12/19/08 Aaa/AAA 970 960,414 5.110% 06/12/07 Aaa/AAA 985 983,462 4.125% 10/18/10 Aaa/AAA 645 625,039 4.875% 11/18/11 Aaa/AAA 3,405 3,364,804 5.000% 02/16/17 Aaa/AAA 1,010 989,828 ---------- 6,923,547 ---------- FEDERAL NATIONAL MORTGAGE ASSOCIATION--2.0% 5.000% 10/15/11 Aaa/AAA 605 600,663 5.000% 06/15/36(TBA) Aaa/AAA 5 4,758 5.500% 06/15/36(TBA) Aaa/AAA 2,180 2,128,225 ---------- 2,733,646 ---------- TOTAL GOVERNMENT AGENCY OBLIGATIONS (Cost $9,771,892) 9,657,193 ---------- ASSET BACKED SECURITIES--8.0% AUTOMOBILES--5.5% BMW Vehicle Owner Trust Series 2006-A Class A3 5.130% 09/27/10(c) Aaa/AAA 350 349,053 Daimler Chrysler Auto Trust Series 2006-C A4 4.980% 11/08/11(c) Aaa/AAA 510 506,428 Honda Auto Receivables Owner Trust Series 2006-2 Class A4 5.280% 01/23/12(c) Aaa/AAA 1,460 1,458,686 1 ROBECO INVESTMENT FUNDS ROBECO WPG CORE BOND FUND Portfolio of Investments (Continued) MAY 31, 2007 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE -------------- ---------- ------------- AUTOMOBILES--(CONTINUED) Honda Auto Receivables Owner Trust Series 2006-3 Class A4 5.110% 04/15/12(c) (d) Aaa/AAA $ 1,850 $1,834,661 USAA Auto Owner Trust Series 2006-3 Class A4 5.360% 06/15/12(c) Aaa/AAA 645 645,797 USAA Auto Owner Trust Series 2006-4 Class A4 4.980% 10/15/12(c) Aaa/AAA 1,890 1,873,392 Volkswagen Auto Lease Trust Series 2006-A Class A3 5.500% 09/21/09(c) Aaa/AAA 795 795,730 ----------- 7,463,747 ----------- CREDIT CARDS--2.5% Chase Issuance Trust Series 2005-A10 Class A10 4.650% 12/17/12(c) Aaa/AAA 1,470 1,442,305 Citibank Credit Card Issuance Trust Series 2003-A11 Class A11 5.406% 10/15/09(a) (c) Aaa/AAA 1,200 1,200,279 Citibank Credit Card Issuance Trust Series 2006-A5 Class A5 5.300% 05/20/11(c) Aaa/AAA 790 789,686 ----------- 3,432,270 ----------- TOTAL ASSET BACKED SECURITIES (Cost $10,925,320) 10,896,017 ----------- MOODY'S / S&P PAR (000'S) VALUE -------------- ---------- ------------- COLLATERALIZED MORTGAGE OBLIGATIONS--11.5% Banc of America Commercial Mortgage, Inc. Series 2005-5 Class A4 5.115% 10/10/45(a) (c) Aaa/AAA $ 1,500 $ 1,449,174 Banc of America Commercial Mortgage, Inc. Series 2005-6 Class A4 5.353% 09/10/47(a) (c) Aaa/AAA 820 800,611 Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2005-CD1 Class A4 5.400% 07/15/44(a) (c) Aaa/AAA 1,500 1,470,129 Commerical Mortgage Asset Trust Series 1999-C2 Class A2 7.546% 11/17/32(a) (c) Aaa/AAA 325 335,333 CS First Boston Mortgage Securities Corp. Series 2005-C4 Class A5 5.104% 08/15/38(a) (c) Aaa/AAA 810 782,767 First Union-Lehman Brothers-Bank of America Series 1998-C2 Class A2 6.560% 11/18/35(c) Aaa/AAA 466 467,869 2 ROBECO INVESTMENT FUNDS ROBECO WPG CORE BOND FUND Portfolio of Investments (Continued) MAY 31, 2007 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE -------------- ---------- ------------- GE Capital Commercial Mortgage Corp. Series 2005-C4 Class A4 5.512% 11/10/45(a) (c) Aaa/AAA $ 790 $ 777,857 Greenwich Capital Commercial Funding Corp. Series 2005-GG5 Class A5 5.224% 04/10/37(a) (c) Aaa/AAA 400 389,851 GSR Mortgage Loan Trust Series 2005-AR6 Class 3A1 4.560% 09/25/35(a) (c) (d) Aaa/AAA 1,645 1,614,485 JP Morgan Chase Commercial Mortgage Securities Corp. Series 2005-CB13 Class A4 5.472% 01/12/43(a) (c) (d) Aaa 1,370 1,344,298 JP Morgan Chase Commercial Mortgage Securities Corp. Series 2005-LDP5 Class A4 5.345% 12/15/44(a) (c) Aaa/AAA 1,600 1,564,645 JP Morgan Mortgage Trust Series 2004-S2 Class 4A5 6.000% 11/25/34(c) Aaa/AAA 1,092 1,091,773 Merrill Lynch Mortgage Trust Series 2005-CKI1 Class A6 5.417% 11/12/37(a) (c) Aaa/AAA 710 695,180 MOODY'S / S&P PAR (000'S) VALUE -------------- ---------- ------------- Morgan Stanley Capital I Series 2006-HQ8 Class A4 5.561% 03/12/44(a) (c) Aaa/AAA $ 1,300 $ 1,286,357 Washington Mutual Series 2005-AR12 Class 1A8 4.836% 10/25/35(a) (c) (d) Aaa/AAA 1,488 1,468,738 ------------ TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $15,857,938) 15,539,067 ------------ CORPORATE BONDS--21.4% AEROSPACE/DEFENSE--0.6% Northrop Grumman Corp. 7.125% 02/15/11(c) Baa2 /BBB+ 780 823,174 ------------ BANKING--2.4% First Tennessee Bank NA 5.316% 12/08/08(c) A1/A 560 558,862 HBOS PLC 144A 6.413% 09/29/49(a) (b) (c) A1/A 630 603,718 Lloyds TSB Group PLC 144A 6.267% 11/14/16(a) (b) (c) Aa3/A 585 569,789 Santander Central Hispano Issuances Ltd. 7.625% 11/03/09(d) A1/A+ 1,000 1,049,208 Standard Chartered Bank 144A 7.014% 07/30/37(a)(b)(c) Baa2/BBB 500 497,424 ------------ 3,279,001 ------------ 3 ROBECO INVESTMENT FUNDS ROBECO WPG CORE BOND FUND Portfolio of Investments (Continued) MAY 31, 2007 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE -------------- ---------- ------------- BEVERAGES--0.1% Diageo Capital PLC 3.375% 03/20/08(d) A2/A $ 95 $ 93,461 ------------ COMPUTERS--0.4% Hewlett-Packard Co. 3.625% 03/15/08(c) A3/A- 485 478,210 ------------ ELECTRIC--0.4% DPL, Inc. 6.875% 09/01/11(c) Baa3/BBB- 520 543,675 ------------ FINANCE--7.7% American Express Co. 5.250% 09/12/11 A1/A+ 920 913,495 American General Finance Corp. 4.875% 05/15/10 A1/A+ 1,985 1,952,349 Caterpillar Financial Services Corp. 4.300% 06/01/10(c) A2/A 1,185 1,150,425 CIT Group Funding Co. of Canada 4.650% 07/01/10 A2/A 1,045 1,015,535 CIT Group, Inc. 4.750% 08/15/08 A2/A 715 708,783 Citigroup, Inc. 5.250% 02/27/12 Aa/AA- 540 535,311 Genworth Global Funding Trusts 5.375% 09/15/11 Aa3/AA- 1,500 1,493,408 International Lease Finance Corp. 6.375% 03/15/09 A1/AA- 1,610 1,635,507 Morgan Stanley 5.625% 01/09/12 Aa3/A+ 955 956,603 ------------ 10,361,416 ------------ INSURANCE - LIFE--1.2% Hartford Life Global Funding Trusts 5.200% 02/15/11 Aa3/AA- 595 587,363 MOODY'S / S&P PAR (000'S) VALUE -------------- ---------- ------------- INSURANCE - LIFE--(CONTINUED) Monumental Global Funding II 5.650% 07/14/11(b) Aa3/AA $ 1,090 $ 1,098,511 ------------ 1,685,874 ------------ INSURANCE - OTHER--2.3% AON Capital Trust 8.205% 01/01/27 Baa3/BBB- 585 638,678 Chubb Corp. 4.934% 11/16/07 A2/A 980 976,973 Liberty Mutual Group, Inc. 7.500% 08/15/36(b) (c) Baa3/NA 660 692,230 White Mountains RE Group 144A 7.506% 06/30/17(a) (b) Ba2/BB 400 396,768 XL Capital Ltd. 6.500% 04/15/17(a) (c) Baa2/BBB 435 417,548 ------------ 3,122,197 ------------ MEDIA--1.0% Time Warner Entertainment Co. 8.375% 07/15/33 Baa1/BBB+ 375 446,397 Time Warner Inc. 6.500% 11/15/36(c) (d) Baa2/BBB+ 985 959,151 ------------ 1,405,548 ------------ MINING & METALS--0.5% BHP Billiton Finance USA Ltd. 5.000% 12/15/10 A1/A+ 710 700,528 ------------ OIL & GAS - EXPLORATION--1.7% Encana Corp. 6.300% 11/01/11(c) Baa2/A- 1,045 1,072,938 4 ROBECO INVESTMENT FUNDS ROBECO WPG CORE BOND FUND Portfolio of Investments (Continued) MAY 31, 2007 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE -------------- ---------- ------------- OIL & GAS - EXPLORATION--(CONTINUED) Norsk Hydro ASA 6.360% 01/15/09(c) A2/A- 1,185 $ 1,199,784 ------------ 2,272,722 ------------ PHARMACEUTICALS & BIOTECHNOLOGY--0.8% Abbott Laboratories 3.750% 03/15/11(c) A1/AA 1,090 1,029,864 ------------ REAL ESTATE--0.5% Duke Realty LP 5.625% 08/15/11(c) Baa1/BBB+ 380 380,182 ERP Operating LLP 4.750% 06/15/09 Baa1/A- 345 339,796 ------------ 719,978 ------------ TELECOMMUNICATIONS--1.8% AT&T, Inc. 4.125% 09/15/09(c) A2/A 1,220 1,185,650 BellSouth Corp. 4.200% 09/15/09(c) A2/A 865 841,836 Spirit Capital Corp. 8.750% 03/15/32 Baa3/BBB- 350 403,454 ------------ 2,430,940 ------------ TOTAL CORPORATE BONDS (Cost $29,151,577) 28,946,588 ------------ U.S. TREASURY OBLIGATIONS--10.1% U.S. TREASURY BONDS--1.7% 5.375% 02/15/31 Aaa/AAA 160 166,863 4.500% 02/15/36 Aaa/AAA 2,355 2,167,888 ------------ 2,334,751 ------------ U.S. TREASURY NOTES--8.4% 3.375% 01/15/08 Aaa /AAA 1,160 1,146,723 4.875% 08/31/08(e) Aaa /AAA 60 59,887 4.625% 02/15/17(e) Aaa /AAA 360 352,266 4.500% 05/15/17 Aaa /AAA 2,080 2,016,300 4.250% 10/15/10 Aaa /AAA 7,855 7,711,403 ------------ 11,286,579 ------------ TOTAL U.S. TREASURY OBLIGATIONS (Cost $13,709,794) 13,621,330 ------------ SHARES VALUE ---------- ------------- SHORT-TERM INVESTMENTS--1.6% Dreyfus Government Cash Management 5.170% 06/01/07 2,162,745 $ 2,162,745 ------------ TOTAL SHORT-TERM INVESTMENTS (Cost $2,162,745) 2,162,745 ------------ TOTAL INVESTMENTS--102.4% (COST $140,011,838)* 138,558,114 ------------ LIABILITIES IN EXCESS OF OTHER ASSETS--(2.4)% (3,306,786) ------------ NET ASSETS--100.0% $135,251,328 ============ (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) All or a portion of the security was held as collateral for the following Futures contracts open at May 31, 2007: Number Expir- Value Value Unrealized of ation at Trade at Appreciation Contracts Type Month Date 05/31/07 (Depreciation) - --------- ---- ----- ---- -------- -------------- Long Positions: 21 U.S. Treasury 20 Year Bond 9/2007 $ 2,291,625 $ 2,291,625 $ -- 146 U.S. Treasury 2 Year Note 9/2007 29,800,531 29,754,344 (46,187) -------- $(46,187) ======== Short Positions: (104) U.S. Treasury 10 Year Note 9/2007 ($11,088,281) ($11,063,000) $ 25,281 ======== * The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $140,011,838 ------------ Gross unrealized appreciation $ 145,725 Gross unrealized depreciation (1,599,449) ------------ Net unrealized depreciation $ (1,453,724) ============ 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 SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS MAY 31, 2007 (UNAUDITED) Shares Value --------- --------------- DOMESTIC COMMON STOCKS -- 86.6% AEROSPACE & DEFENSE -- 2.8% AAR Corp.* 114,880 $ 3,733,600 ------------ AIRCRAFT PARTS & AUXILIARY EQUIPMENT -- 1.0% Triumph Group, Inc. 21,275 1,405,852 ------------ AIRLINES -- 1.2% AirTran Holdings, Inc.* 135,800 1,682,562 ------------ APPAREL -- 0.8% Barry (R.G.) Corp.* 103,875 1,131,199 ------------ AUTOMOBILE PARTS & EQUIPMENT -- 2.0% American Axle & Manufacturing Holdings, Inc. 86,750 2,500,135 Visteon Corp.* 17,425 140,968 ------------ 2,641,103 ------------ AUTOMOBILES & TRUCKS -- 4.4% Navistar International Corp.* 91,725 5,952,035 Wabash National Corp. 850 12,436 ------------ 5,964,471 ------------ BANKS -- 6.5% First BanCorp. 455,725 5,723,906 W. Holding Co., Inc. 557,475 3,060,538 ------------ 8,784,444 ------------ BUILDING PRODUCTS - WOOD -- 0.1% Norbord, Inc. 7,450 63,134 ------------ COMPUTER COMPONENTS -- 1.0% Silicon Storage Technology, Inc.* 339,225 1,339,939 ------------ COMPUTER SOFTWARE -- 5.2% Insight Enterprises, Inc.* 46,975 1,040,966 Internet Capital Group, Inc.* 184,300 2,152,624 Take-Two Interactive Software, Inc.* 187,275 3,855,992 ------------ 7,049,582 ------------ COMPUTERS -- 0.0% Xyratex Ltd.* 2,800 61,768 ------------ DISTRIBUTORS -- 1.2% Building Materials Holding Corp. 110,075 1,686,349 ------------ ELECTRICAL WORK -- 1.4% Integrated Electrical Services, Inc.* 70,934 1,878,345 ------------ ELECTRONIC COMPONENTS -- 1.1% Celestica, Inc.* 232,550 1,530,179 ------------ ELECTRONICS -- 1.0% Curtiss-Wright Corp. 30,125 1,357,734 ------------ ENERGY & UTILITIES -- 4.2% Massey Energy Co. 126,750 3,673,215 Reliant Energy, Inc.* 79,700 2,041,914 ------------ 5,715,129 ------------ FARM MACHINERY & EQUIPMENT -- 1.3% AGCO Corp.* 41,600 1,800,448 ------------ Shares Value --------- --------------- FOOD -- 0.1% Interstate Bakeries Corp.* 32,650 $ 97,950 ------------ HEALTH CARE EQUIPMENT -- 1.2% American Medical Systems Holdings, Inc.* 86,850 1,629,306 ------------ HEALTHCARE -- 0.9% Amedisys, Inc.* 15,400 574,420 Matria Healthcare, Inc.* 20,225 647,200 ------------ 1,221,620 ------------ HOME FURNISHINGS -- 0.5% Furniture Brands International, Inc. 44,350 643,075 ------------ HOMEBUILDING -- 2.2% Standard-Pacific Corp. 142,050 3,028,506 ------------ HOUSEHOLD PRODUCTS -- 0.2% Central Garden and Pet Co.* 7,350 105,473 Central Garden and Pet Co., Class A* 15,200 202,464 ------------ 307,937 ------------ INDUSTRIAL -- 0.0% Intermec, Inc.* 1,000 24,600 ------------ INSURANCE -- 2.6% Assured Guaranty, Ltd. 11,125 329,077 IPC Holdings, Ltd. 4,025 125,580 ProAssurance Corp.* 40,756 2,303,529 Ram Holdings, Ltd. 49,349 803,402 ------------ 3,561,588 ------------ INTERNET SOFTWARE -- 0.8% Openwave Systems, Inc.* 111,075 1,144,073 ------------ LEISURE & ENTERTAINMENT -- 0.7% Nautilus, Inc. 69,850 899,668 ------------ MANUFACTURED HOUSING -- 2.2% Fleetwood Enterprises, Inc.* 316,750 2,948,942 ------------ MANUFACTURING -- 0.4% Griffon Corp.* 22,600 527,484 ------------ PAPER & FORESTRY PRODUCTS -- 0.2% Neenah Paper, Inc. 4,575 200,385 ------------ PHARMACEUTICALS -- 0.8% Salix Pharmaceuticals Ltd.* 77,900 1,035,291 ------------ PIPES LINES (NO NATURAL GAS) -- 4.2% Hudson Highland Group, Inc.* 260,375 5,618,892 ------------ PROPERTY & CASUALITY INSURANCE -- 1.2% Landamerica Financial Group, Inc. 17,425 1,615,123 ------------ PUBLISHING & INFORMATION SERVICES -- 0.2% Scholastic Corp.* 9,350 297,050 ------------ REAL ESTATE -- 1.8% MI Developments, Inc., Class A 61,950 2,413,572 ------------ REAL ESTATE INVESTMENT TRUST -- 16.2% American Home Mortgage Investment Corp. 328,725 7,179,354 1 SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (Continued) MAY 31, 2007 (UNAUDITED) Shares Value --------- --------------- REAL ESTATE INVESTMENT TRUST -- (CONTINUED) Anworth Mortgage Asset Corp. 673,875 $ 6,287,254 Arbor Realty Trust, Inc. 28,775 819,800 Luminent Mortgage Capital, Inc. 425,500 3,872,050 Maguire Properties, Inc. 18,100 653,953 Redwood Trust, Inc. 4,900 262,591 Republic Property Trust 105,300 1,295,190 Thomas Properties Group, Inc. 65,750 1,106,572 Winthrop Realty Trust 68,250 460,005 ------------ 21,936,769 ------------ RESTAURANTS -- 0.4% Triarc Companies, Inc., Class A* 30,850 476,633 ------------ RETAIL -- 0.4% AC Moore Arts & Crafts, Inc.* 26,100 593,775 ------------ RETAIL - SPECIALTY STORES -- 1.6% Eddie Bauer Holdings, Inc.* 2,600 35,724 MarineMax, Inc.* 51,125 1,062,377 Sonic Automotive, Inc., Class A 3,850 119,851 Stein Mart, Inc. 69,750 874,665 ------------ 2,092,617 ------------ SAVINGS & LOAN ASSOCIATIONS -- 2.7% BankUnited Financial Corp., Class A 2,300 52,716 First Niagara Financial Group, Inc. 64,600 886,312 FirstFed Financial Corp.* 17,450 1,125,001 Flagstar Bancorp, Inc. 51,100 657,146 Partners Trust Financial Group, Inc. 20,725 225,281 Provident Financial Services, Inc. 15,450 259,560 Washington Federal, Inc. 19,000 476,520 ------------ 3,682,536 ------------ SCHOOLS -- 0.9% Corinthian Colleges, Inc.* 84,900 1,240,389 ------------ SEMICONDUCTOR EQUIPMENT -- 3.2% Alliance Semiconductor Corp.* 214,325 1,007,328 Axcelis Technologies, Inc.* 142,775 918,043 BE Semiconductor Industries N.V.* 355,018 2,364,739 ------------ 4,290,110 ------------ SEMICONDUCTORS & RELATED -- 2.6% ASM International N.V. 110,200 2,916,994 ZiLOG, Inc.* 108,250 649,500 ------------ 3,566,494 ------------ SERVICES - COMPUTER PROCESSING & DATA PREPARATION -- 0.5% Source Interlink Companies, Inc.* 113,875 618,341 ------------ TECHNOLOGY -- 0.2% Mercury Computer Systems, Inc.* 18,250 237,615 ------------ Shares Value --------- --------------- TRANSPORTATION -- 2.5% Aegean Marine Petroleum Network, Inc. 35,500 $ 656,750 Alexander & Baldwin, Inc. 26,500 1,417,485 Genesee & Wyoming, Inc.* 39,875 1,297,134 ------------ 3,371,369 ------------ TOTAL DOMESTIC COMMON STOCKS (Cost $98,092,541) 117,147,548 ------------ MEXICAN COMMON STOCKS -- 0.1% BROADCASTING & CABLE TELEVISION -- 0.1% TV Azteca, S.A. de C.V. 135,150 129,546 ------------ TOTAL MEXICAN COMMON STOCKS (Cost $64,957) 129,546 ------------ EXCHANGE TRADED FUND -- 2.7% FINANCE -- 2.7% iShares Russell 2000 Value Index Fund 42,575 3,588,221 ------------ TOTAL EXCHANGE TRADED FUND (Cost $3,355,078) 3,588,221 ------------ TEMPORARY INVESTMENT -- 10.6% PNC Bank Money Market Account 5.28% 06/01/07 14,374,495 14,374,495 ------------ TOTAL TEMPORARY INVESTMENT (Cost $14,374,495) 14,374,495 ------------ TOTAL INVESTMENTS -- 100.0% (Cost $115,887,071)** 135,239,810 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.0% 61,195 ------------ NET ASSETS -- 100.0% $135,301,005 ============ * 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 $115,887,071 ------------ Gross unrealized appreciation $ 24,818,633 Gross unrealized depreciation (5,465,894) ------------ Net unrealized appreciation $ 19,352,739 ============ 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 SCHNEIDER VALUE FUND PORTFOLIO OF INVESTMENTS MAY 31, 2007 (UNAUDITED) Shares Value --------- --------------- DOMESTIC COMMON STOCKS -- 85.3% AEROSPACE & DEFENSE -- 2.8% Boeing Co., (The) 62,000 $ 6,236,580 Goodrich Corp. 77,375 4,603,039 ------------ 10,839,619 ------------ AIRLINES -- 0.1% Southwest Airlines Co. 19,425 277,972 ------------ AUTOMOBILE PARTS & EQUIPMENT -- 0.8% Visteon Corp.* 366,650 2,966,198 ------------ BANKS -- 0.3% Hudson City Bancorp, Inc. 94,930 1,252,127 ------------ BROADCASTING & CABLE TELEVISION -- 1.8% Liberty Global, Inc., Series C* 24,624 880,308 Liberty Media Holding Corp. - Capital, Series A* 56,049 6,327,932 ------------ 7,208,240 ------------ CHEMICALS - SPECIALTY -- 0.6% Cytec Industries, Inc. 38,250 2,273,963 ------------ COMPUTERS, SOFTWARE & SERVICING -- 4.3% BearingPoint, Inc.* 588,470 4,348,793 Dell, Inc.* 457,028 12,280,343 ------------ 16,629,136 ------------ ELECTRONIC COMPONENTS -- 0.6% Celestica, Inc.* 366,413 2,410,998 ------------ ELECTRONIC COMPONENTS & ACCESSORIES -- 2.5% AU Optronics Corp. 621,600 9,715,608 ------------ ENERGY & UTILITIES -- 12.7% CONSOL Energy, Inc. 376,850 18,311,142 Massey Energy Co. 403,818 11,702,646 Reliant Energy, Inc.* 760,675 19,488,493 ------------ 49,502,281 ------------ FARM MACHINERY & EQUIPMENT -- 2.8% AGCO Corp.* 257,325 11,137,026 ------------ FINANCE DIVERSIFIED -- 4.2% Citigroup, Inc. 297,400 16,205,326 ------------ FINANCIAL SERVICES -- 13.3% Countrywide Financial Corp. 497,700 19,380,438 Fannie Mae 306,350 19,581,892 Freddie Mac 131,625 8,791,234 IndyMac Bancorp, Inc. 119,525 4,013,649 ------------ 51,767,213 ------------ FOOD -- 1.0% Smithfield Foods, Inc.* 18,100 581,734 Tyson Foods, Inc. 142,600 3,178,554 ------------ 3,760,288 ------------ Shares Value --------- --------------- HOMEBUILDING -- 3.8% Centex Corp. 172,380 $ 8,336,297 Pulte Homes, Inc. 236,450 6,452,720 ------------ 14,789,017 ------------ INDUSTRIAL GOODS & MATERIALS -- 2.4% Tyco International Ltd. 275,675 9,196,518 ------------ INSURANCE -- 3.6% Genworth Financial, Inc., Class A 230,350 8,315,635 RenaissanceRe Holdings, Ltd. 65,450 3,841,260 Unum Group 75,925 2,015,050 ------------ 14,171,945 ------------ LEISURE & ENTERTAINMENT -- 0.8% Carnival Corp. 60,300 3,041,532 ------------ MANUFACTURING -- 5.4% Navistar International Corp.* 324,775 21,074,650 ------------ MEDICAL & MEDICAL SERVICES -- 3.2% Boston Scientific Corp.* 257,950 4,042,076 Omnicare, Inc. 227,250 8,503,695 ------------ 12,545,771 ------------ METALS & MINING -- 1.5% Cameco Corp. 112,850 5,864,814 ------------ MINING QUARRYING NOONMETALLIC -- 3.0% Arch Coal, Inc. 289,050 11,671,839 ------------ PAPER & FORESTRY PRODUCTS -- 0.0% Louisiana-Pacific Corp. 275 5,638 ------------ PROPERTY & CASUALITY INSURANCE -- 2.4% First American Corp. 175,800 9,414,090 ------------ RADIO BROADCASTING -- 1.8% XM Satellite Radio Holdings, Inc.* 612,225 7,089,565 ------------ REAL ESTATE INVESTMENT TRUST -- 3.7% Annaly Capital Management, Inc. 933,803 14,417,918 ------------ RETAIL - CONSUMER ELECTRONICS STORES -- 0.9% GameStop Corp., Class A* 98,650 3,648,077 ------------ RETAIL - OFFICE SUPPLIES -- 0.2% Staples, Inc. 33,450 838,257 ------------ SEMI-CONDUCTORS & RELATED -- 1.2% International Rectifier Corp.* 130,575 4,730,732 ------------ SURETY INSURANCE -- 0.6% MBIA, Inc. 19,950 1,327,672 Radian Group, Inc. 17,950 1,111,105 ------------ 2,438,777 ------------ TELECOMMUNICATIONS & EQUIPMENT -- 1.8% Motorola, Inc. 161,750 2,942,233 Sprint Nextel Corp. 172,225 3,935,341 ------------ 6,877,574 ------------ 1 Shares Value --------- --------------- TRANSPORTATION -- 1.2% CSX Corp. 101,575 $ 4,615,568 ------------ TOTAL DOMESTIC COMMON STOCKS (Cost $275,787,527) 332,378,277 ------------ CANADIAN COMMON STOCKS -- 1.5% MANUFACTURING -- 1.5% Bombardier, Inc., Class B* 1,166,500 5,804,677 ------------ TOTAL CANADIAN COMMON STOCK (Cost $3,770,602) 5,804,677 ------------ EXCHANGE TRADED FUND -- 3.4% FINANCE -- 3.4% iShares Russell 1000 Value Index Fund 148,225 13,233,528 ------------ TOTAL EXCHANGE TRADED FUND (Cost $12,817,564) 13,233,528 ------------ TEMPORARY INVESTMENT -- 10.2% PNC Bank Money Market Account 5.28% 06/01/07 39,631,673 39,631,673 ------------ TOTAL TEMPORARY INVESTMENT (Cost $39,631,673) 39,631,673 ------------ TOTAL INVESTMENTS -- 100.4% (Cost $332,007,366)** 391,048,155 ------------ LIABILITIES IN EXCESS OF OTHER ASSETS. -- (0.4)% (1,665,280) ------------ NET ASSETS -- 100.0% $389,382,875 ============ * 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 $332,007,366 ------------ Gross unrealized appreciation $ 63,414,248 Gross unrealized depreciation (4,373,459) ------------ Net unrealized appreciation $ 59,040,789 ============ For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 2 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS MAY 31, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- COMMON STOCKS--99.7% BASIC INDUSTRY--2.2% Brush Engineered Materials, Inc.* 41,300 $ 2,215,745 Cabot Corp. 19,000 917,890 Methanex Corp. 92,100 2,390,916 Spartech Corp. 99,000 2,653,200 ------------ 8,177,751 ------------ CONSUMER CYCLICAL--11.8% Ameristar Casinos, Inc. 46,200 1,372,140 Asbury Automotive Group, Inc. 81,700 2,228,776 Charlotte Russe Holding, Inc.* 84,500 2,353,325 Columbia Sportswear Co. 39,200 2,733,416 Cooper Tire & Rubber Co. 129,000 3,105,030 Interstate Hotels & Resorts, Inc.* 242,400 1,490,760 J. Crew Group, Inc.* 65,500 2,938,985 Jack in the Box, Inc.* 52,700 4,029,969 Jarden Corp.* 51,700 2,203,454 K2, Inc.* 133,000 2,029,580 Kimball International, Inc., Class B 11,600 158,340 Lions Gate Entertainment Corp.* 194,300 2,302,455 Longs Drug Stores Corp. 40,500 2,319,840 Maidenform Brands, Inc.* 78,700 1,474,838 Midwest Air Group, Inc.* 182,700 2,749,635 Netflix, Inc.* 52,900 1,159,568 PC Connection, Inc.* 150,800 1,740,232 PC Mall, Inc.* 159,800 1,962,344 Ryder System, Inc. 47,300 2,550,416 Steven Madden Ltd. 18,350 597,843 Town Sports International Holdings Club, Inc.* 120,500 2,422,050 ------------ 43,922,996 ------------ CONSUMER GROWTH--20.3% Apria Healthcare Group, Inc.* 71,300 2,064,848 Aspreva Pharmaceuticals Corp.* 129,100 2,601,365 Axcan Pharma, Inc.* 122,500 2,301,775 Centene Corp.* 106,700 2,453,033 Chemed Corp. 51,900 3,477,300 Cholestech Corp.* 113,200 1,896,100 CONMED Corp.* 71,300 2,232,403 Cynosure, Inc., Class A* 86,900 2,777,324 Dade Behring Holdings, Inc. 72,200 3,888,692 DeVry, Inc. 33,800 1,135,680 Elizabeth Arden, Inc.* 116,900 2,737,798 NUMBER OF SHARES VALUE ------------ ------------- CONSUMER GROWTH--(CONTINUED) Emergency Medical Services Corp., Class A* 87,600 $ 3,053,736 Greatbatch, Inc.* 27,000 811,080 Health Management Associates, Inc., Class A 121,700 1,338,700 Healthspring, Inc.* 92,300 2,253,966 Herbalife Ltd. 62,400 2,511,600 Imperial Sugar Co. 78,500 2,230,970 Kinetic Concepts, Inc.* 48,700 2,443,766 MedCath Corp.* 95,400 3,148,200 Medicines Co., (The)* 96,400 1,880,764 MEDTOX Scientific, Inc.* 103,600 2,548,560 Mentor Corp. 13,600 549,984 Nash Finch Co. 60,700 2,855,935 NBTY, Inc.* 72,000 3,782,160 Pall Corp. 53,900 2,412,025 PerkinElmer, Inc. 79,800 2,115,498 Spartan Stores, Inc. 102,400 2,703,360 Viasys Healthcare, Inc.* 69,600 2,989,320 Volcano Corp.* 74,100 1,501,266 West Pharmaceutical Services, Inc. 48,500 2,466,710 Wimm-Bill-Dann Foods OJSC - ADR 46,400 3,736,592 Zoll Medical Corp.* 33,700 756,565 ------------ 75,657,075 ------------ ENERGY--4.3% Advanced Energy Industries, Inc.* 83,400 2,046,636 Core Laboratories N.V.* 33,800 3,107,234 NATCO Group, Inc., Class A* 53,100 2,283,831 Tesoro Corp. 63,000 3,898,440 Trico Marine Services, Inc.* 62,800 2,644,508 W-H Energy Services, Inc.* 34,800 2,220,240 ------------ 16,200,889 ------------ FINANCIAL--16.2% Allied World Assurance Holdings Ltd. 55,600 2,816,696 Amerisafe, Inc.* 161,500 2,986,135 AmTrust Financial Services, Inc. 172,500 2,678,925 Arch Capital Group Ltd.* 44,600 3,206,294 Argonaut Group, Inc. 83,100 2,753,103 Calamos Asset Management, Inc., Class A 114,500 2,856,775 1 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) MAY 31, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- FINANCIAL--(CONTINUED) Commerce Group, Inc., (The) 98,600 $ 3,361,274 Dollar Financial Corp.* 30,000 916,800 Endurance Specialty Holdings, Ltd. 69,200 2,756,236 Evercore Partners, Inc., Class A 28,300 897,393 Interactive Data Corp. 108,700 3,155,561 Investment Technology Group, Inc.* 73,900 3,004,035 Max Capital Group Ltd. 36,600 1,039,806 Meadowbrook Insurance Group, Inc.* 166,400 1,817,088 Nelnet, Inc., Class A 79,100 2,014,677 Odyssey Re Holdings Corp. 49,000 2,101,120 Phoenix Companies, Inc., (The) 194,400 3,059,856 Platinum Underwriters Holdings Ltd. 92,900 3,199,476 Reinsurance Group of America, Inc. 51,400 3,218,668 RLI Corp. 48,400 2,780,580 Safety Insurance Group, Inc. 60,700 2,527,548 Seabright Insurance Holdings* 137,600 2,461,664 Selective Insurance Group, Inc. 108,800 2,977,856 SWS Group, Inc. 8,200 197,948 United America Indemnity, Ltd., Class A* 71,500 1,786,785 ------------ 60,572,299 ------------ INDUSTRIAL--21.2% Acuity Brands, Inc. 41,300 2,507,323 American Railcar Industries, Inc. 64,900 2,603,139 AZZ, Inc.* 83,200 2,824,640 CDI Corp. 86,500 2,892,560 Con-Way, Inc. 47,500 2,693,250 Consolidated Graphics, Inc.* 44,200 3,208,920 Diamond Management & Technology Consultants, Inc. 152,400 1,982,724 Gardner Denver, Inc.* 65,100 2,681,469 General Cable Corp.* 36,000 2,453,400 Genesis Lease Ltd. - ADR 101,500 2,852,150 Global Industries Ltd.* 101,900 2,416,049 GrafTech International Ltd.* 60,400 934,992 H&E Equipment Services, Inc.* 49,000 1,279,880 Haynes International, Inc.* 28,300 2,509,078 Horizon Lines, Inc., Class A 92,900 3,203,192 HUB Group, Inc., Class A* 65,800 2,433,284 Huron Consulting Group, Inc.* 38,100 2,610,612 NUMBER OF SHARES VALUE ------------ ------------- INDUSTRIAL--(CONTINUED) ICF International, Inc.* 127,000 $ 2,339,340 Interface, Inc., Class A 44,500 751,160 Intevac, Inc.* 109,300 2,108,397 Labor Ready, Inc.* 108,700 2,608,800 Littelfuse, Inc.* 54,900 2,200,392 Mueller Industries, Inc. 67,900 2,375,821 On Assignment, Inc.* 214,400 2,336,960 Pacer International, Inc. 56,100 1,510,212 Robbins & Myers, Inc. 65,100 2,924,292 Rollins, Inc. 92,000 2,124,280 Saia, Inc.* 73,600 2,104,224 SAIC, Inc.* 110,500 2,226,575 Steelcase, Inc., Class A 129,300 2,511,006 Sun Hydraulics Corp. 13,300 574,294 TeleTech Holdings, Inc.* 78,100 2,747,558 Thomas & Betts Corp.* 47,600 2,761,752 Tredegar Corp. 122,900 2,840,219 ------------ 79,131,944 ------------ TECHNOLOGY--23.1% Actel Corp.* 91,900 1,283,843 Agile Software Corp.* 185,300 1,486,106 Amkor Technology, Inc.* 188,500 2,680,470 Ariba, Inc.* 229,300 2,134,783 ASM International N.V.* 102,600 2,715,822 Aspen Technology, Inc.* 190,600 2,832,316 Avici Systems, Inc. 216,300 1,966,167 Blackboard, Inc.* 21,900 901,185 C-COR, Inc.* 179,000 2,620,560 Captaris, Inc.* 192,900 993,435 Ceragon Networks Ltd.* 49,800 475,590 COMSYS IT Partners, Inc.* 108,100 2,488,462 Credence Systems Corp.* 365,100 1,212,132 DealerTrack Holdings, Inc.* 10,100 364,509 ECI Telecom Ltd.* 140,700 1,127,007 Gigamedia Ltd.* 186,900 2,769,858 Global Sources Ltd.* 59,880 1,283,827 InfoSpace, Inc. 98,600 2,413,728 Interactive Intelligence, Inc.* 124,200 2,444,256 Interwoven, Inc.* 133,700 2,002,826 Manhattan Associates, Inc.* 86,300 2,507,878 Mindspeed Technologies, Inc.* 352,100 767,578 2 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) MAY 31, 2007 (UNAUDITED) NUMBER OF SHARES VALUE ------------ ------------- TECHNOLOGY--(CONTINUED) Move, Inc.* 472,500 $ 1,984,500 Omnicell, Inc.* 113,500 2,554,885 RADVision Ltd.* 93,400 1,993,156 RF Micro Devices, Inc.* 330,300 2,156,859 S1 Corp.* 261,600 2,145,120 Shanda Interactive Entertaiment Ltd.- ADR* 105,000 2,969,400 Silicon Motion Technology Corp. - ADR* 123,300 2,851,929 SkillSoft PLC - ADR* 254,700 2,335,599 Smart Modular Technologies (WWH), Inc.* 151,700 2,173,861 SonicWALL, Inc.* 68,000 561,680 Spansion, Inc., Class A* 180,300 1,961,664 SPSS, Inc.* 59,900 2,636,199 Synchronoss Technologies, Inc.* 130,700 3,535,435 Techwell, Inc.* 44,000 581,680 TIBCO Software, Inc.* 245,500 2,214,410 TriQuint Semiconductor, Inc.* 188,300 994,224 ValueClick, Inc.* 87,800 2,750,774 Veeco Instruments, Inc.* 44,700 809,964 Verigy Ltd.* 118,000 3,375,980 Vignette Corp.* 133,700 2,488,157 Vocus, Inc.* 62,300 1,497,692 Zoran Corp.* 113,900 2,292,807 ------------ 86,338,313 ------------ UTILITY--0.6% Rural Cellular Corp., Class A* 68,800 2,266,960 ------------ TOTAL COMMON STOCKS (Cost $315,231,280) 372,268,227 ------------ SHORT TERM INVESTMENTS--0.5% Columbia Prime Reserves Fund 5.24% 06/01/07 1,966,604 1,966,604 ------------ TOTAL SHORT TERM INVESTMENTS (Cost $1,966,604) 1,966,604 ------------ VALUE ------------ TOTAL INVESTMENTS--100.2% (Cost $317,197,884)** 374,234,831 ------------ LIABILITIES IN EXCESS OF OTHER ASSETS--(0.2)% (838,195) ------------ NET ASSETS--100.0% $373,396,636 ============ ADR -- American Depository Receipt. * Non-income producing. ** The cost and unrealized appreciation and depreciation in thevalue of the investments owned by the fund, as computed on a federal income tax basis are as follows: Aggregate cost $317,197,884 ------------ Gross unrealized appreciation $ 65,876,684 Gross unrealized depreciation (8,839,737) ------------ Net unrealized appreciation $ 57,036,947 ============ For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 3 BEAR STEARNS CUFS MLP MORTGAGE PORTFOLIO Portfolio of Investments MAY 31, 2007 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE -------------- ---------- ------------- GOVERNMENT AGENCY MORTGAGE-BACKED POOLS & ARMS--33.5% FEDERAL HOME LOAN MORTGAGE CORPORATION--12.3% 5.950% 08/01/36 (a) Aaa/AAA $ 8,709 $ 8,731,734 5.969% 09/01/36 (a) Aaa/AAA 3,823 3,836,509 6.500% 10/01/36 Aaa/AAA 2,052 2,087,151 5.887% 11/01/36 (a) Aaa/AAA 3,866 3,871,271 6.500% 11/01/36 Aaa/AAA 1,212 1,232,398 ------------ 19,759,063 ------------ FEDERAL NATIONAL MORTGAGE ASSOCIATION--21.2% 6.082% 10/01/36 (a) Aaa/AAA 3,782 3,814,492 6.125% 10/01/36 (a) Aaa/AAA 1,852 1,868,423 5.500% 12/01/36 Aaa/AAA 14,629 14,292,491 5.868% 12/01/36 (a) Aaa/AAA 1,900 1,905,989 5.000% 06/01/37 TBA Aaa/AAA 13,000 12,369,297 ------------ 34,250,692 ------------ TOTAL GOVERNMENT AGENCY MORTGAGE-BACKED POOLS & ARMS (Cost $54,412,395) 54,009,755 ------------ MORTGAGE DERIVATIVES--25.0% FANNIE MAE (IO)--11.0% 4.500% 12/01/18 Aaa/AAA 9,064 1,363,646 4.500% 01/01/19 Aaa/AAA 9,051 1,363,941 4.500% 03/01/20 Aaa/AAA 3,472 536,609 4.500% 03/01/20 Aaa/AAA 3,411 520,722 5.500% 05/25/23 Aaa/AAA 1,640 571,671 5.500% 07/25/28 Aaa/AAA 39,105 3,240,827 5.000% 10/01/33 Aaa/AAA 11,886 2,773,912 5.000% 02/01/35 Aaa/AAA 3,758 900,079 5.000% 02/01/35 Aaa/AAA 2,237 490,785 5.500% 04/01/36 Aaa/AAA 8,871 2,157,410 5.500% 04/01/36 Aaa/AAA 14,827 3,761,090 ------------ 17,680,692 ------------ FANNIE MAE (PO)--4.6% 0.000% 06/25/36 Aaa/AAA 1,539 1,035,321 0.000% 01/01/36 Aaa/AAA 4,459 3,211,959 0.000% 07/01/36 Aaa/AAA 4,532 3,277,075 ------------ 7,524,355 ------------ FREDDIE MAC (IO)--4.2% 5.000% 04/15/37 Aaa/AAA 4,986 1,372,818 5.500% 12/15/36 Aaa/AAA 14,467 3,700,408 ------------ MOODY'S / S&P PAR (000'S) VALUE -------------- ---------- ------------- FREDDIE MAC (IO)--(CONTINUED) 5.500% 12/15/24 Aaa/AAA $ 4,113 $ 237,601 5.000% 07/15/23 Aaa/AAA 13,140 554,973 5.500% 05/15/24 * Aaa/AAA 7,718 455,823 5.500% 07/15/16 Aaa/AAA 1,350 245,035 5.000% 02/15/20 Aaa/AAA 912 172,820 ------------ 6,739,478 ------------ FREDDIE MAC (PO)--3.2% 0.000% 04/15/37 Aaa/AAA 4,986 3,373,367 0.000% 09/15/36 Aaa/AAA 1,487 978,233 0.000% 09/15/35 Aaa/AAA 1,271 773,280 ------------ 5,124,880 ------------ NON-AGENCY--2.0% Chase Mortgage Finance Corp. Series 2003-S15, 2A11 IVIO 2.230% 01/25/34 Aaa/AAA 12,499 574,122 Citicorp Mortgage Securities, Inc. Series 2004-2, A3 IVIO 2.230% 03/25/34 Aaa/AAA 16,073 735,196 CWALT Series 2006-43CB IO * 6.000% 02/25/37 Aaa/AAA 5,113 1,891,656 ------------ 3,200,974 ------------ TOTAL MORTGAGE DERIVATIVES (Cost $39,331,945) 40,270,379 ------------ COLLATERALIZED MORTGAGE OBLIGATIONS--56.7% Countrywide Certificates Series 2004-AB2 (a) 5.920% 05/25/36 Aa3/AA 500 500,664 Countrywide Home Loan Mortgage Pass Through Trust Series 2007-HY1, 1A2 5.720% 04/25/37 Aaa/AAA 2,903 2,892,932 1 BEAR STEARNS CUFS MLP MORTGAGE PORTFOLIO Portfolio of Investments (Continued) MAY 31, 2007 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE -------------- ---------- ------------- COLLATERALIZED MORTGAGE OBLIGATIONS--(CONTINUED) CWALT Series 2006-2CB 5.500% 03/25/36 Aaa/AAA $ 960 $ 952,017 CWALT Series 2006-43CB (a) 5.820% 04/25/18 Aaa/AAA 1,746 1,752,249 CWALT Series 2006-43CB 6.000% 02/25/37 Aaa/AAA 1,862 1,863,191 CWALT Series 2006-HY13 (a) 5.909% 02/25/37 Aaa/AAA 12,924 12,926,806 CWALT Series 2006-J2 6.000% 04/25/36 Aaa/AAA 9,168 9,166,041 CWALT Series 2007-2CB 5.750% 03/25/37 Aaa/AAA 5,383 5,347,796 Fannie Mae REMICS Series 2005-25, PF (a) 5.670% 04/25/35 Aaa/AAA 2,593 2,599,420 First Horizon Asset Securities, Inc. Series 2006-AR1 (a) 5.869% 05/25/36 Aaa/AAA 4,584 4,515,185 Freddie Mac REMIC Series 2995, KF (a) 5.720% 06/15/35 Aaa/AAA 2,629 2,642,047 Freddie Mac REMIC Series R008, FK (a) 5.720% 07/15/23 Aaa/AAA 9,018 9,059,167 Freddie Mac Strips Series 242, F29 (a) 5.570% 11/15/36 Aaa/AAA 22,702 22,679,554 JP Morgan Mortgage Trust Series 2005-A4 (a) 5.175% 07/25/35 Aaa/AAA 1,425 1,400,811 JP Morgan Mortgage Trust Series 2005-A6 (a) 4.977% 08/25/35 Aaa/AAA 971 956,296 MOODY'S / S&P PAR (000'S) VALUE -------------- ---------- ------------- COLLATERALIZED MORTGAGE OBLIGATIONS--(CONTINUED) Residential Asset Securitiation Trust Series 2007-A5 6.000% 05/25/37 Aaa/AAA $ 1,954 $ 1,940,054 Residential Funding Mortgage Securities I Series 2006-SA4 6.136% 11/25/36 Aaa/AAA 8,485 8,523,145 Washington Mutual, Inc. Series 2007-HY3 (a) 5.356% 03/25/37 Aa/AA 1,654 1,619,791 ------------ TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $91,661,568) 91,337,166 ------------ CONTRACTS/ NOTIONAL AMOUNT (000) ---------- OPTIONS PURCHASED--0.0% CALL OPTIONS--0.0% U.S. Treasury 10 year Note Expires 09/07 23 34,375 ------------ TOTAL OPTIONS PURCHASED (Cost $23,838) 34,375 ------------ PAR (000'S) ----------- U.S. TREASURY OBLIGATION--0.2% U.S. Treasury Bills (c) 4.664% 08/16/07 $ 345 341,640 ------------ TOTAL U.S. TREASURY OBLIGATION (Cost $341,642) 341,640 ------------ REVERSE REPURCHASE AGREEMENTS--(9.1%) Lehman Brothers 5.330% 06/01/07 (14,250) (14,249,658) Lehman Brothers 5.330% 06/01/07 (507) (507,425) ------------ TOTAL REVERSE REPURCHASE AGREEMENTS (Cost $(14,757,083)) (14,757,083) ------------ 2 BEAR STEARNS CUFS MLP MORTGAGE PORTFOLIO Portfolio of Investments (Continued) MAY 31, 2007 (UNAUDITED) VALUE ------------- TOTAL INVESTMENTS--106.3% (COST $171,014,305)** $171,236,232 ------------ LIABILITIES IN EXCESS OF OTHER ASSETS(b)--(6.3)% (10,176,349) ------------ NET ASSETS--100.0% $161,059,883 ============ - ------------------------- IO Interest Only IVIO Inverse Interest Only PO Principal Only TBA To Be Announced (a) Adjustable rate security. (b) Liabilities in excess of other assets include interest rate swaps as follows: Notional Unrealized Termination Amount Fixed Floating Appreciation Counterparty Date (000) Rate Rate (Depreciation) - ------------ ---- ----- ---- ----- -------------- Deutsche Bank 06/15/09 $50,000 4.997% 3 month $322,886 LIBOR (c) All or a portion of the security held as collateral for the following Futures contracts open at May 31, 2007: Number Expir- Value Value Unrealized Number Expir- Value Value Unrealized of ation at Trade at Appreciation Contracts Type Month Date 05/31/07 (Depreciation) - --------- ---- ----- ---- -------- -------------- Long Positions: 309 U.S. Treasury 10 Year Note 9/2007 $32,897,591 $32,869,875 $(27,716) Short Positions: 119 U.S. Treasury 2 Year Note 9/2007 ($24,286,682) ($24,251,828) 34,854 277 U.S. Treasury 5 Year Note 9/2007 ($28,985,330) ($28,929,188) 56,142 -------- $ 63,280 ======== * Security has been valued at fair market value as determined in good faith by or under the direction of The RBB Fund, Inc.'s Board of Directors. ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the portfolio, as computed on a federal income tax basis are as follows: Aggregate cost $171,014,305 ------------ Gross unrealized appreciation $ 2,226,064 Gross unrealized depreciation (2,004,137) ------------ Net unrealized appreciation $ 221,927 ============ For information regarding the Porfolio's policy for valuation of investments and other significant accounting policies, please refer to the Portfolio's most recent financial statements as contained in its semi-annual report. 3 BEAR STEARNS ENHANCED INCOME FUND Portfolio of Investments MAY 31, 2007 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE ------------- ----------- ------------ GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS--11.3% FEDERAL HOME LOAN MORTGAGE CORPORATION--2.8% 2.500% 06/15/22 Aaa/AAA $ 1,655 $ 1,632,668 3.000% 03/15/20 Aaa/AAA 1,519 1,505,700 5.620% 02/15/36 (a) Aaa/AAA 9,228 9,244,896 5.750% 07/15/11 Aaa/AAA 1,866 1,865,010 ------------ 14,248,274 ------------ FEDERAL NATIONAL MORTGAGE ASSOCIATION--8.2% 5.000% 12/25/25 Aaa/AAA 781 776,561 4.653% 09/01/35 Aaa/AAA 2,829 2,822,524 5.620% 11/25/34 (a) Aaa/AAA 10,542 10,556,243 5.570% 07/25/35 (a) Aaa/AAA 4,935 4,933,431 5.570% 02/25/37 (a) Aaa/AAA 9,651 9,649,694 5.570% 02/25/37 (a) Aaa/AAA 12,961 12,903,231 ------------ 41,641,684 ------------ GOVERNMENT NATIONAL MORTGAGE ASSOCIATION--0.3% 3.000% 07/20/25 Aaa/AAA 1,457 1,446,675 ------------ TOTAL GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS (Cost $57,419,445) 57,336,633 ------------ NON-GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES--12.0% Banc of America Securities, Inc. Series 2005-E 4.969% 06/25/35 Aaa/AAA 306 305,172 Countrywide Alternative Loan Trust Series 2006-OA9 (a) 5.520% 07/20/46 Aaa/AAA 9,334 9,359,532 Countrywide Asset-Backed Certificates Series 2004-15 4.025% 01/25/31 Aaa/AAA 1,011 1,001,043 Countrywide Home Loan Mortgage Pass Through Trust Series 2003-HYB1 (a) 3.685% 05/19/33 Aaa/AAA 2,231 2,225,241 MOODY'S / S&P PAR (000'S) VALUE ------------- ----------- ------------ NON-GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES--(CONTINUED) Harborview Mortgage Loan Trust Series 2006-12 (a) 5.510% 01/19/38 Aaa/AAA $ 9,057 $ 9,064,582 Long Beach Mortgage Loan Trust Series 2006-2 (a) 5.390% 03/25/36 Aaa/AAA 5,248 5,248,702 Master Adjustable Rate Mortgages Trust Series 2006-OA1 (a) 5.530% 04/25/46 Aaa/AAA 8,658 8,672,047 Merrill Lynch Mortgage Investors, Inc. Series 2005-A8 5.250% 08/25/36 Aaa/AAA 2,102 2,086,979 Residential Asset Securitization Trust Series 2007-A5 (a) (b) 5.720% 05/25/37 Aaa/AAA 9,807 9,807,912 Structured Asset Mortgage Investments, Inc. Series 2006-AR7 (a) 5.530% 08/25/36 Aaa/AAA 8,203 8,220,608 Structured Asset Securities Corp. Series 2003-34A 7.347% 11/25/33 Aaa/AAA 765 774,326 Structured Asset Securities Corp. Series 2005-6 5.000% 05/25/35 Aaa/AAA 2,360 2,344,447 Washington Mutual, Inc. Series 2002-S8 (b) 4.500% 01/25/18 Aaa/AAA 1,881 1,872,186 ------------ TOTAL NON-GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $60,919,455) 60,982,777 ------------ 1 BEAR STEARNS ENHANCED INCOME FUND Portfolio of Investments (Continued) MAY 31, 2007 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE ------------- ----------- ------------ COMMERCIAL MORTGAGE-BACKED SECURITIES--6.1% Capco America Securitization Corp. Series 1998-D7 6.260% 10/15/30 Aaa/AAA $ 1,997 $ 2,010,010 CS First Boston Mortgage Securities Corp. Series 1998-C1 6.480% 05/17/40 Aaa/AAA 2,629 2,645,201 First Union-Lehman Brothers-Bank of America Series 1998-C2 6.560% 11/18/35 Aaa/AAA 3,947 3,964,389 GMAC Commerical Mortgage Securities, Inc. Series 1998-C2 6.420% 05/15/35 Aaa/AAA 7,653 7,702,177 GS Mortgage Securities Corp. II Series 1999-C1 6.110% 11/18/30 Aaa/AAA 3,168 3,180,210 JP Morgan Chase Commercial Mortgage Securities Corp. Series 2001-CIBC (b) 6.244% 04/15/35 Aaa/AAA 1,339 1,350,820 JP Morgan Chase Commercial Mortgage Securities Corp. Series 2005-CB13 (a) (b) 5.445% 01/12/43 Aaa/AAA 4,900 4,903,770 JP Morgan Commercial Mortgage Finance Corp. Series 1999-C7 (b) 6.507% 10/15/35 Aaa/AAA 1,703 1,716,001 MOODY'S / S&P PAR (000'S) VALUE ------------- ----------- ------------ COMMERCIAL MORTGAGE-BACKED SECURITIES--(CONTINUED) LB-UBS Commercial Mortgage Trust Series 2003-C3 2.599% 05/15/27 Aaa/AAA $ 690 $ 677,189 LB-UBS Commerical Mortgage Trust Series 2002-C7 (b) 3.899% 12/15/26 Aaa/AAA 3,000 2,975,599 ------------ TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $31,130,268) 31,125,366 ------------ GOVERNMENT AGENCY OBLIGATIONS--18.6% FEDERAL HOME LOAN BANKS--2.0% 5.400% 03/27/09 Aaa/AAA 10,000 9,991,450 ------------ FEDERAL HOME LOAN MORTGAGE CORPORATION--12.7% 5.500% 03/05/09 Aaa/AAA 15,000 14,999,250 5.500% 06/12/09 Aaa/AAA 20,000 20,003,720 5.550% 03/04/10 Aaa/AAA 15,000 14,993,205 5.600% 03/05/10 Aaa/AAA 15,000 14,992,635 ------------ 64,988,810 ------------ FEDERAL NATIONAL MORTGAGE ASSOCIATION--3.9% 5.450% 03/05/09 Aa/AAA 20,000 19,986,680 ------------ TOTAL GOVERNMENT AGENCY OBLIGATIONS (Cost $95,004,539) 94,966,940 ------------ ASSET BACKED SECURITIES--19.5% Ameriquest Mortgage Securities, Inc. Series 2005-R3 (a) 5.520% 05/25/07 Aaa/AAA 2,021 2,020,010 Ameriquest Mortgage Securities, Inc. Series 2005-R8 (a) 5.580% 05/25/07 Aaa/AAA 5,000 5,003,260 Centex Home Equity Series 2003-C 4.810% 09/25/33 Aaa/AAA 3,100 3,041,256 2 BEAR STEARNS ENHANCED INCOME FUND Portfolio of Investments (Continued) MAY 31, 2007 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE ------------- ----------- ------------ ASSET BACKED SECURITIES--(CONTINUED) Chase Funding Mortgage Loan Asset-Backed Certificates Series 2004-2 (a) 5.570% 02/25/35 Aaa/AAA $ 2,136 $ 2,138,483 Fieldstone Mortgage Investment Corp. Series 2006-1 (a) 5.400% 05/25/36 Aaa/AAA 1,516 1,515,739 First Franklin Mortgage Loan Asset Backed Certificates Series 2004-FF11 5.600% 01/25/35 Aaa/AAA 234 234,095 First Franklin Mortgage Loan Asset Backed Certificates Series 2006-FF15 (a) 5.480% 11/25/36 Aaa/AAA 10,000 9,978,078 Honda Auto Receivables Owner Trust Series 2004-2 3.300% 06/16/08 Aaa/AAA 343 341,738 JP Morgan Mortgage Acquisition Corp. Series 2006-ACC1 (a) 5.470% 05/25/36 Aaa/AAA 8,000 7,997,770 Long Beach Mortgage Loan Trust Series 2005-WL2 (a) 5.500% 08/25/35 Aaa/AAA 6,111 6,112,346 Morgan Stanley Home Equity Loans Series 2005-2 5.640% 05/25/35 Aaa/AAA 10,000 10,022,341 People's Choice Home Loan Securities Trust Series 2005-3 (a) 5.590% 08/25/35 Aaa/AAA 5,156 5,159,013 MOODY'S / S&P PAR (000'S) VALUE ------------- ----------- ------------ ASSET BACKED SECURITIES--(CONTINUED) Residential Asset Securities Corp. Series 2006-EMX8 (a) 5.490% 10/25/36 Aaa/AAA $10,000 $ 9,986,584 Soundview Home Equity Loan Trust Series 2005-OPT4 (a) 5.580% 12/25/35 Aaa/AAA 5,000 5,005,331 Soundview Home Equity Loan Trust Series 2006-EQ1 (a) 5.480% 10/25/36 Aaa/AAA 12,000 11,991,171 Washington Mutual Asset-Backed Certificates Series 2006-HE2 (a) 5.470% 05/25/36 Aaa/AAA 10,000 9,994,053 Wells Fargo Home Equity Trust Series 2006-1 (a) 5.470% 05/25/36 Aaa/AAA 9,000 8,994,271 ------------ TOTAL ASSET BACKED SECURITIES (Cost $99,597,228) 99,535,539 ------------ CORPORATE BONDS--27.4% BANKS--7.3% Bank of America Corp. (a) 5.360% 06/19/09 Aa1/AA 10,000 10,009,140 BB&T Corp. (b) 7.250% 06/15/07 A+/A 2,000 2,000,970 Islandsbanki HF 144A (a) (b) 5.480% 02/22/08 A1/A 10,000 9,993,360 Union Bank of California (a) 5.370% 03/23/09 Aa3/A+ 5,000 4,999,795 Wachovia Corp. (a) 5.405% 10/28/08 Aa3/AA- 10,000 10,009,150 ------------ 37,012,415 ------------ 3 BEAR STEARNS ENHANCED INCOME FUND Portfolio of Investments (Continued) MAY 31, 2007 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE ------------- ----------- ------------ DIVERSIFIED FINANCIAL SERVICES--15.1% American Express Credit Corp. (a) 5.380% 03/02/09 Aa3/A+ $ 9,480 $ 9,488,987 CIT Group, Inc. (a) 5.510% 08/15/08 A2/A 5,000 4,999,045 General Electric Capital Corp. (a) 5.505% 02/02/09 Aaa/AAA 10,000 10,019,580 Goldman Sachs Group, Inc. (a) 5.435% 07/25/08 Aa3/AA- 7,500 7,501,927 HSBC Finance Corp. (a) 5.500% 12/05/08 Aa3/AA- 5,950 5,963,459 John Deere Capital Corp. (a) 5.406% 04/15/08 A2/A 2,000 2,000,988 Lehman Brothers Holdings, Inc. (a) 5.440% 04/03/09 A1/A+ 10,000 10,004,720 Merrill Lynch & Co., Inc. (a) 5.450% 08/14/09 Aa3/AA- 3,000 3,001,524 Morgan Stanley (a) 5.467% 02/09/09 Aa3/A+ 9,200 9,210,948 SLM Corp. 144A (a) 5.445% 03/16/09 A2e/A 10,000 9,840,940 Washington Mutual Bank (a) 5.446% 05/01/09 A1/A 5,000 5,002,525 ------------ 77,034,643 ------------ INSURANCE--0.6% Nationwide Life Global Funding I 144A (a) 5.430% 09/23/08 Aa3/AA- 3,000 3,003,615 ------------ MOODY'S / S&P PAR (000'S) VALUE ------------- ----------- ------------ MINING & METALS--1.0% BHP Billiton Finance Ltd. (a) 5.380% 03/27/09 A1/A+ $ 5,000 $ 5,000,845 ------------ TELECOMMUNICATIONS--3.4% AT&T, Inc. (a) 5.450% 05/15/08 A2/A 10,000 10,007,470 Vodafone Group PLC(a) 5.410% 06/29/07 A3/A- 7,400 7,399,904 ------------ 17,407,374 ------------ TOTAL CORPORATE BONDS (Cost $139,621,830) 139,458,892 ------------ MUNICIPAL BONDS--4.9% California Housing Finance Agency(a) 5.350% 02/01/41 Aa3/AA- 2,905 2,905,000 Colorado Housing & Finance Authority (a) 5.350% 11/01/34 Aaa/AAA 1,270 1,270,000 Colorado Housing & Finance Authority (a) 5.350% 10/01/36 Aaa/AAA 8,775 8,775,000 New York City Housing Development Corp. (a) 5.370% 06/01/39 Aaa/AA-1 7,500 7,500,000 New York City Transitional Finance Authority (a) 5.350% 05/01/30 Aaa/AAA 3,355 3,355,000 Utah Housing Finance Agency (a) 5.350% 07/01/31 Aaa/AAA 1,000 1,000,000 ------------ TOTAL MUNICIPAL BONDS (Cost $24,805,000) 24,805,000 ------------ 4 BEAR STEARNS ENHANCED INCOME FUND Portfolio of Investments (Continued) MAY 31, 2007 (UNAUDITED) MOODY'S / S&P PAR (000'S) VALUE ------------- ----------- ------------ SHORT TERM OBLIGATIONS--5.0% COMMERCIAL PAPER--4.9% Chesham Finance LLC 5.330% 06/01/07 Aaa/AAA $12,500 $ 12,500,000 Ebury Finance LLC 5.320% 06/01/07 Aaa/AAA 12,500 12,500,000 ------------ 25,000,000 ------------ U.S. TREASURY BILL(C)--0.1% 4.670% 08/16/07 Aaa/AAA 210 207,955 ------------ SHARES ----------- INVESTMENT COMPANY--0.0% PNC Bank Money Market 5.280% 06/01/07 197,000 197,344 ------------ TOTAL SHORT TERM OBLIGATIONS (Cost $25,405,298) 25,405,299 ------------ TOTAL INVESTMENTS--104.8% (COST $533,903,063)* 533,616,446 ------------ LIABILITIES IN EXCESS OF OTHER ASSETS--(4.8)% (24,277,291) ------------ NET ASSETS--100.0% $509,339,155 ============ (a) Adjustable rate security. Percentage of adjustable rate securities to net assets are as follows: Non U.S. Government Agency Mortgage-Backed Securities 20.6% Asset Backed Securities 15.9 Corporate Bonds 28.4 Municipal Bonds 4.9 ----- Total 69.8% ===== (b) Fitch rating. (c) All or a portion of the security held as collateral for the following Futures contracts open at May 31, 2007: Number Expir- Value Value Unrealized of ation at Trade at Appreciation Contracts Type Month Date 05/31/07 (Depreciation) - --------- ---- ----- ---- -------- -------------- Long Positions: 160 90 Day Euro 3/2008 $38,048,640 $37,914,000 $(134,640) 50 90 Day Euro 3/2008 11,880,200 11,848,125 (32,075) --------- $(166,715) ========= 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. * The cost and unrealized appreciation and depreciation in the value of the investments owned by the portfolio, as computed on a federal income tax basis are as follows: Aggregate cost $533,903,063 ------------ Gross unrealized appreciation $ 157,693 Gross unrealized depreciation (444,310) ------------ Net unrealized depreciation $ (286,617) ============ For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's prospectus and statement of additional information. 5 ITEM 2. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) The RBB Fund, Inc. ------------------------------------------------------------------- By (Signature and Title)* /s/ Edward J. Roach ------------------------------------------------------- Edward J. Roach, President & Treasurer (principal executive officer) Date July 23, 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 July 23, 2007 ---------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature. EX-99.CERT 2 g38800_cert.txt CERTIFICATION 302 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: July 23, 2007 /s/ Edward J. Roach --------------------- -------------------------------------- Edward J. Roach, President & Treasurer (principal executive officer & principal financial officer) -----END PRIVACY-ENHANCED MESSAGE-----