-----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, E//4A1KDclVtZM8P4b9MhIJfQaw359+7ybiKNDIbFE+/gHE+3CJ6YGCXPDP2lV4y ZRPYfb2ZW64h2xhegNIbwg== 0000935069-09-000107.txt : 20090126 0000935069-09-000107.hdr.sgml : 20090126 20090126133330 ACCESSION NUMBER: 0000935069-09-000107 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20081130 FILED AS OF DATE: 20090126 DATE AS OF CHANGE: 20090126 EFFECTIVENESS DATE: 20090126 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: 09544878 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 S000001097 ROBECO WPG SMALL CAP VALUE FUND C000002987 INSTITUTIONAL WPGTX 0000831114 S000001098 SENBANC FUND C000002988 SENBANC FUND SENBX 0000831114 S000001099 SCHNEIDER SMALL CAP VALUE FUND C000002989 SCHNEIDER SMALL CAP VALUE FUND SCMVX 0000831114 S000001100 SCHNEIDER VALUE FUND C000002990 SCHNEIDER VALUE FUND SCMLX 0000831114 S000001101 BOGLE SMALL CAP GROWTH C000002991 INSTITUTIONAL BOGIX C000002992 INVESTOR BOGLX 0000831114 S000001106 ROBECO BP ALL-CAP C000002997 INSTITUTIONAL BPAIX C000002998 INVESTOR BPAVX 0000831114 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 0000831114 S000013665 Bear Stearns CUFS MLP Mortgage Portfolio C000037423 Bear Stearns CUFS MLP Mortgage Portfolio 0000831114 S000015913 Marvin & Palmer Large Cap Growth Fund C000043700 Marvin & Palmer Large Cap Growth Fund MPAUX 0000831114 S000018555 Free Market U.S. Equity Fund C000051460 Institutional Class 0000831114 S000018556 Free Market International Equity Fund C000051461 Institutional Class 0000831114 S000018557 Free Market Fixed Income Fund C000051462 Institutional Class 0000831114 S000019098 SAM Sustainable Water Fund C000052814 INSTITUTIONAL C000052815 INVESTOR C000052816 CLASS A C000052817 CLASS C 0000831114 S000019099 SAM Sustainable Climate Fund C000052818 INSTITUTIONAL C000052819 INVESTOR C000052820 CLASS A C000052821 CLASS C N-Q 1 g49890combined_nq.txt RBB N-Q 11_08 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-05518 ----------------- The RBB Fund, Inc. ------------------------------------------------------------- (Exact name of registrant as specified in charter) 103 Bellevue Parkway, 4th Floor Wilmington, DE 19809 ------------------------------------------------------------- (Address of principal executive offices) (Zip code) Edward J. Roach, President & Treasurer 103 Bellevue Parkway, 4th Floor Wilmington, DE 19809 ------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 302-791-1112 ------------- Date of fiscal year end: August 31 ---------- Date of reporting period: November 30, 2008 ------------------ Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. SCHEDULE OF INVESTMENTS. The Schedules of Investments are attached herewith. THE RBB FUND, INC. MONEY MARKET PORTFOLIO STATEMENT OF NET ASSETS NOVEMBER 30, 2008 (UNAUDITED) PAR (000) VALUE ------- ------------ CERTIFICATES OF DEPOSIT--24.2% DOMESTIC CERTIFICATES OF DEPOSIT--2.8% Bank of America N.A. 2.450%, 05/19/09 $ 1,000 $ 1,000,000 Citibank N.A. 3.280%, 01/29/09 3,527 3,527,000 State Street Bank & Trust Co. 3.180%, 12/22/08 6,000 6,000,000 ------------ 10,527,000 ------------ YANKEE DOLLAR CERTIFICATES OF DEPOSIT--21.4% Banco Bilbao Vizcaya Argentaria S.A., New York 3.185%, 12/24/08 1,980 1,980,000 3.610%, 01/30/09 4,850 4,850,080 2.710%, 04/14/09 3,000 3,000,111 2.770%, 05/12/09 3,500 3,500,155 Banco Santander, New York 3.700%, 02/24/09 6,000 6,000,000 2.780%, 05/12/09 3,000 3,000,000 BNP Paribas SA, New York 2.850%, 12/04/08 5,000 5,000,000 2.845%, 12/08/08 3,000 3,000,000 DnB NOR BANK ASA, New York 2.840%, 12/05/08 550 550,000 2.380%, 02/10/09 9,000 9,000,000 Nordea Bank Finland PLC, New York 3.410%, 02/24/09 1,000 1,000,000 Rabobank Nederland NV, New York 3.010%, 02/19/09 1,850 1,850,000 3.020%, 03/09/09 3,500 3,509,561 Royal Bank of Scotland, New York 3.150%, 02/20/09 2,000 2,000,000 3.140%, 03/09/09 3,000 3,000,000 Sanpaolo Imi SpA, New York 2.860%, 12/04/08 1,485 1,485,000 2.860%, 12/05/08 2,335 2,335,000 3.240%, 03/04/09 3,000 3,000,000 2.850%, 05/12/09 3,000 3,000,000 Societe Generale, New York 3.180%, 12/23/08 6,000 6,000,036 PAR (000) VALUE ------- ------------ Svenska Handelsbanken, New York 2.960%, 02/03/09 $ 3,000 $ 3,000,053 Toronto Dominion Bank, New York 2.830%, 12/05/08 800 800,000 2.800%, 12/08/08 1,000 1,000,000 3.000%, 12/16/08 450 450,000 3.110%, 12/30/08 6,000 6,000,000 3.030%, 02/11/09 800 800,000 ------------ 79,109,996 ------------ TOTAL CERTIFICATES OF DEPOSIT (Cost $89,636,996) 89,636,996 ------------ COMMERCIAL PAPER--54.9% ASSET BACKED SECURITIES--19.2% Charta LLC 2.112%, 02/12/09 1,300 1,294,464 CRC Funding LLC 2.111%, 02/02/09 3,000 2,988,975 3.132%, 02/17/09 10,000 9,932,833 Fairway Finance Co. LLC 1.696%, 02/10/09 5,000 4,983,335 Jupiter Securitization Co. LLC 3.216%, 12/17/08 3,000 2,995,733 Kitty Hawk Funding Corp. 2.822%, 02/02/09 8,000 7,960,800 2.263%, 02/03/09 4,500 4,482,000 Old Line Funding LLC 2.010%, 02/02/09 10,000 9,965,000 Ranger Funding Co. LLC 1.404%, 02/02/09 7,500 7,481,625 2.975%, 02/04/09 5,000 4,973,368 2.011%, 02/05/09 2,000 1,992,667 Solitaire Funding LLC 1.452%, 12/24/08 4,000 3,996,294 Yorktown Capital LLC 1.607%, 02/18/09 4,000 3,987,272 1.456%, 02/18/09 4,000 3,985,956 ------------ 71,020,322 ------------ BANKS--31.2% Bank of America Corp. 2.950%, 12/16/08 1,320 1,318,398 3.000%, 12/31/08 4,000 3,990,150 3.005%, 03/12/09 4,000 3,966,782 1 THE RBB FUND, INC. MONEY MARKET PORTFOLIO STATEMENT OF NET ASSETS (CONTINUED) NOVEMBER 30, 2008 (UNAUDITED) PAR (000) VALUE ------- ------------ BNP Paribas Finance, Inc. 2.202%, 02/05/09 $ 5,000 $ 4,979,925 Citigroup Funding Corp. 2.240%, 02/23/09 4,000 3,979,093 Danske Corp. 1.906%, 01/12/09 3,000 2,993,350 3.537%, 02/09/09 5,000 4,965,972 Dexia Delaware LLC 2.789%, 12/10/08 5,000 4,996,538 DnB NOR BANK ASA 1.957%, 01/20/09 5,000 4,986,458 JPMorgan Chase & Co. 2.775%, 12/10/08 3,000 2,997,938 Lloyds TSB Bank PLC 1.602%, 12/05/08 6,000 5,998,933 3.145%, 01/27/09 8,000 7,960,480 Nordea North America, Inc. 3.258%, 12/22/08 3,000 2,994,330 1.963%, 03/05/09 7,500 7,461,813 Rabobank USA Financial Corp. %, 12/19/08 10,000 9,989,000 Raiffeisen Zentralbank Osterreich AG 2.839%, 12/05/08 7,000 6,997,807 Sanpaolo Imi US Financial Co. 2.374%, 02/02/09 8,000 7,966,960 Skandinaviska Enskilda Banken AB 1.993%, 12/04/08 7,000 6,998,839 1.603%, 12/22/08 4,000 3,996,267 Societe Generale North America, Inc. 1.502%, 12/22/08 10,000 9,991,250 Svenska Handelsbanken, Inc. 3.266%, 01/22/09 6,000 5,971,920 ------------ 115,502,203 ------------ CHEMICALS--2.1% BASF SE 1.806%, 01/20/09 8,000 7,980,000 ------------ FINANCIAL SERVICES--2.4% General Electric Capital Corp. 1.900%, 12/09/08 4,000 3,998,311 PAR (000) VALUE ------- ------------ State Street Corp. 2.647%, 12/09/08 $ 5,000 $ 4,997,078 ------------ 8,995,389 ------------ TOTAL COMMERCIAL PAPER (Cost $203,497,914) 203,497,914 ------------ VARIABLE RATE OBLIGATIONS--4.9% BANKS--4.9% Bank of America Securities LLC (b) 1.050%, 01/22/09 4,000 4,000,000 Bank of Montreal, Chicago (a)(b) 2.858%, 10/05/09 2,850 2,850,000 Deutsche Bank AG, New York (a)(b) 3.414%, 01/21/09 2,135 2,135,000 HSBC USA, Inc. (b) 5.219%, 10/15/09 525 525,000 ING Bank NV (b)(c) 2.473%, 08/24/09 1,750 1,750,000 ING USA Global Funding Trust VI (b) 3.514%, 09/18/09 855 855,000 Lloyds TSB Group PLC (a)(b)(c) 2.806%, 08/07/09 2,250 2,250,000 Nordea Bank AB (b)(c) 3.891%, 10/23/09 2,050 2,050,000 Wachovia Bank NA (b) 4.608%, 08/04/09 1,600 1,600,000 ------------ 18,015,000 ------------ TOTAL VARIABLE RATE OBLIGATIONS (Cost $18,015,000) 18,015,000 ------------ AGENCY OBLIGATIONS--7.0% Federal Home Loan Bank 2.361%, 12/10/08 5,000 4,997,063 3.024%, 03/20/09(b) 1,605 1,605,447 1.403%, 08/13/09(b) 1,600 1,600,000 1.314%, 08/14/09(b) 2,495 2,494,825 Federal Home Loan Mortgage Corp. (b) 3.076%, 09/25/09 4,760 4,758,857 1.361%, 09/28/09 2,950 2,949,397 Federal National Mortgage Assoc. 2.191%, 01/15/09 6,000 5,983,650 2 THE RBB FUND, INC. MONEY MARKET PORTFOLIO STATEMENT OF NET ASSETS (CONTINUED) NOVEMBER 30, 2008 (UNAUDITED) PAR (000) VALUE ------- ------------ Federal National Mortgage Assoc. 2.021%, 05/14/09 $ 1,500 $ 1,486,333 ------------ TOTAL AGENCY OBLIGATIONS (Cost $25,875,572) 25,875,572 ------------ REPURCHASE AGREEMENTS--9.0% Deutsche Bank Securities, Inc. (Tri-Party Agreement dated 11/28/08 to be repurchased at $33,262,430, collateralized by $9,478,000 par value, Resolution Funding Corp., 0.25%, due 07/15/27; $30,000,000 par value, Federal Home Loan Bank, 0.25%, due 01/02/09 Market Value of the collateral is $34,262,430) 0.250%, 12/01/08 33,262 33,262,000 ------------ TOTAL REPURCHASE AGREEMENTS (Cost $33,262,000) 33,262,000 ------------ TOTAL INVESTMENTS AT VALUE--100.0% (Cost $370,287,482)* 370,287,482 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES--0.0% 109,723 ------------ NET ASSETS (APPLICABLE TO 357,341,232 BEDFORD SHARES AND 13,034,518 SANSOM STREET SHARES)--100.0% $370,397,205 ============ NET ASSET VALUE, Offering and Redemption Price Per Bedford Share ($357,363,531 / 357,341,232) $1.00 ===== NET ASSET VALUE, Offering and Redemption Price Per Sansom Street Share ($13,033,674 / 13,034,518) $1.00 ===== * Aggregate cost is the same for financial reporting and Federal tax purposes. (a) Security is a foreign domiciled issuer which is registered with the Securities and Exchange Commission. (b) Variable Rate Obligations -- The interest rate shown is the rate as of November 30, 2008. (c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional investors. 3 SENBANC FUND SCHEDULE OF INVESTMENTS NOVEMBER 30, 2008 (UNAUDITED) FAIR SHARES DESCRIPTION VALUE - ------ ----------- ------------ COMMON STOCK -- 92.8% - ------------------------------------------------------------------------------- SAVINGS, CREDIT & OTHER FINANCIAL INSTITUTIONS -- 80.1% ----------------------------------------------------------------- 14,910 American River Bankshares $ 171,465 26,900 Associated Banc-Corp. 584,537 71,600 Bank Holdings (The)* 105,968 116,400 Bank of America Corp. 1,891,500 42,478 C&F Financial Corp. 679,648 87,500 Capital Bank Corp. 612,500 52,398 Centrue Financial Corp. 457,435 72,800 Citizens Republic Bancorp, Inc. 171,808 45,400 CityBank 299,186 35,700 Comerica, Inc. 805,035 331,300 Corus Bankshares, Inc. 394,247 4,630 Crescent Banking Co. 21,506 42,600 Financial Institutions, Inc. 697,362 40,500 First United Corp. 606,488 234,000 JPMorgan Chase & Co. 7,408,440 180,400 KeyCorp 1,692,152 3,917 MainSource Financial Group, Inc. 61,066 172,111 National Bankshares, Inc. 3,291,623 186,199 Northrim BanCorp, Inc. 2,385,209 276,928 PAB Bankshares, Inc. 1,379,101 15,000 Pacific Capital Bancorp N.A. 237,000 122,900 Pacific Premier Bancorp, Inc.* 503,276 25,200 PacWest Bancorp 670,320 26,600 Peoples Bancorp of North Carolina, Inc. 255,892 12,000 Peoples Financial Corp. 226,800 101,094 Premier Financial Bancorp 804,708 186,800 Regions Financial Corp. 1,903,492 11,700 Umpqua Holdings Corp. 154,908 5,472 United Security Bancshares, Inc. 97,949 ------------ 28,570,621 ------------ 1 SENBANC FUND SCHEDULE OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2008 (UNAUDITED) FAIR VALUE ------------ STATE & NATIONAL BANKS -- 12.7% ----------------------------------------------------------------- 55,899 Bancorp, Inc. (The)* $ 173,846 14,296 Bay National Corp.* 41,744 40,700 Cascade Financial Corp. 213,675 18,186 Central Virginia Bankshares, Inc. 106,024 106,100 Community Bancorp* 229,176 11,801 Cowlitz Bancorp* 69,036 59,900 East West Bancorp, Inc. 886,520 58,600 First Regional Bancorp* 223,266 130,400 Gateway Financial Holdings, Inc. 576,368 68,200 Rainier Pacific Financial Group, Inc. 115,940 67,897 Rurban Financial Corp. 577,124 50,400 Summit Financial Group, Inc. 447,300 26,100 Synovus Financial Corp. 217,152 18,600 Taylor Capital Group, Inc. 153,450 100,499 Temecula Valley Bancorp, Inc. 140,699 118,032 Vineyard National Bancorp 6,917 23,700 Yadkin Valley Financial Corp. 357,396 ------------ 4,535,633 ------------ TOTAL COMMON STOCK (COST $64,243,552) 33,106,254 ------------ TEMPORARY INVESTMENTS -- 7.5% - ------------------------------------------------------------------------------- 2,674,606 PNC Bank Money Market 2,674,606 ------------ TOTAL TEMPORARY INVESTMENTS (COST $2,674,606) 2,674,606 ------------ TOTAL INVESTMENTS -- 100.3% (COST $66,918,158)** 35,780,860 ------------ LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.3%) (122,059) ------------ NET ASSETS -- 100.0% $ 35,658,801 ============ *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 $ 66,918,158 ------------ Gross unrealized appreciation 156,702 Gross unrealized depreciation (31,294,000) ------------ Net unrealized depreciation $(31,137,298) ============ 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. See notes to financial statements. 2 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II Portfolio of Investments NOVEMBER 30, 2008 (UNAUDITED) NUMBER OF SHARES VALUE --------- ------------ COMMON STOCK--97.6% BASIC INDUSTRIES--2.8% Ashland, Inc. 9,435 $ 90,104 Massey Energy Co. 8,810 137,612 Neenah Paper, Inc. 11,870 97,096 Rock-Tenn Co., Class A 6,110 206,335 Schweitzer-Mauduit International, Inc. 27,175 501,107 USEC, Inc.* 166,135 639,620 ------------ 1,671,874 ------------ CAPITAL GOODS--10.9% Actuant Corp., Class A 12,175 218,420 Acuity Brands, Inc. 19,530 526,529 Beacon Roofing Supply, Inc.* 80,860 955,765 Brady Corp., Class A 11,578 239,086 Drew Industries, Inc.* 22,955 322,747 Gardner Denver, Inc.* 12,855 318,161 Granite Construction, Inc. 13,465 577,514 Griffon Corp.* 40,175 321,400 Lennox International, Inc. 12,715 351,443 LSI Industries, Inc. 22,160 152,239 Manitowoc Co., Inc., (The) 24,055 189,553 Mueller Industries, Inc. 11,565 269,464 Oshkosh Corp. 43,215 302,505 Perini Corp.* 13,140 251,631 RBC Bearings, Inc.* 8,305 188,690 Rofin-Sinar Technologies, Inc.* 6,810 161,669 RTI International Metals, Inc.* 21,135 254,043 Toro Co. 10,525 299,331 Trimas Corp.* 26,300 46,288 WD-40 Co. 9,650 275,990 Wesco International, Inc.* 21,280 314,731 ------------ 6,537,199 ------------ COMMUNICATIONS--0.6% EarthLink, Inc.* 52,875 352,147 ------------ CONSUMER DURABLES--3.5% Champion Enterprises, Inc.* 140,200 102,346 NUMBER OF SHARES VALUE --------- ------------ CONSUMER DURABLES--(CONTINUED) MDC Holdings, Inc. 11,355 $ 352,005 Natuzzi SpA - ADR* 26,695 52,856 Tempur-Pedic International, Inc. 132,435 925,721 Thor Industries, Inc. 28,130 439,953 Winnebago Industries, Inc. 37,100 218,148 ------------ 2,091,029 ------------ CONSUMER NON-DURABLES--5.2% Alliance One International, Inc.* 134,175 415,942 Brown Shoe Co., Inc. 41,192 232,323 Brunswick Corp. 64,535 174,890 NBTY, Inc.* 9,400 136,958 Nu Skin Enterprises, Inc., Class A 39,120 420,931 RC2 Corp.* 26,650 283,289 Skechers U.S.A., Inc., Class A* 39,870 480,035 Steven Madden Ltd.* 26,310 450,164 Tupperware Brands Corp. 15,325 301,443 Universal Corp. 4,150 132,676 Warnaco Group, Inc., (The)* 6,175 110,533 ------------ 3,139,184 ------------ CONSUMER SERVICES--22.0% ABM Industries, Inc. 13,075 220,575 American Eagle Outfitters, Inc. 20,580 197,568 Asbury Automative Group, Inc. 54,980 276,549 Asset Acceptance Capital Corp.* 28,345 183,676 Build-A-Bear-Workshop, Inc.* 27,165 120,884 Charming Shoppes, Inc.* 213,900 320,850 Corporate Executive Board Co., (The) 14,255 328,720 Dress Barn, Inc. (The)* 43,515 340,722 Ennis, Inc. 22,115 224,910 Foot Locker, Inc. 48,090 323,646 G&K Services, Inc., Class A 18,672 436,925 Gevity HR, Inc. 51,250 81,488 Group 1 Automotive, Inc. 18,565 194,747 Gymboree Corp. (The)* 7,475 187,996 Heidrick & Struggles International, Inc. 18,185 376,429 1 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II Portfolio of Investments (Continued) NOVEMBER 30, 2008 (UNAUDITED) NUMBER OF SHARES VALUE --------- ------------ CONSUMER SERVICES--(CONTINUED) Hertz Global Holdings, Inc.* 202,130 $ 705,434 InfoGROUP, Inc. 50,840 199,801 International Speedway Corp., Class A 26,128 678,022 Jackson Hewitt Tax Service, Inc. 54,470 701,029 Kenexa Corp.* 26,725 161,419 Knoll, Inc. 61,768 665,241 Live Nation, Inc.* 76,050 371,884 MAXIMUS, Inc. 9,810 308,034 Men's Wearhouse, Inc., (The) 26,270 279,513 MPS Group, Inc.* 37,785 250,137 PetMed Express, Inc.* 16,056 287,884 Regis Corp. 26,140 287,279 Rent-A-Center, Inc.* 32,160 527,746 Schawk, Inc. 23,605 322,680 School Specialty, Inc.* 9,205 147,464 Service Corp. International 105,720 615,290 Spherion Corp.* 114,015 256,534 Steiner Leisure Ltd.* 8,180 197,874 Steinway Musical Instruments* 10,675 190,228 Universal Technical Institute, Inc.* 21,530 414,022 Watson Wyatt Worldwide, Inc., Class A 13,605 548,554 World Fuel Services Corp. 36,011 1,307,199 ------------ 13,238,953 ------------ ENERGY--5.5% Approach Resources, Inc.* 28,620 248,708 Bristow Group, Inc.* 37,475 848,059 Concho Resources, Inc.* 24,830 585,740 Flotek Industries, Inc.* 41,420 124,674 Helix Energy Solutions Group, Inc.* 100,105 643,675 Hornbeck Offshore Services, Inc.* 8,615 145,421 Petroleum Development Corp.* 7,580 145,536 Rosetta Resources, Inc.* 15,615 117,581 Whiting Petroleum Corp.* 12,105 463,622 ------------ 3,323,016 ------------ NUMBER OF SHARES VALUE --------- ------------ FINANCE--18.5% Advanta Corp., Class B 36,247 $ 106,929 Affiliated Managers Group, Inc.* 8,085 226,380 Amerisafe, Inc.* 19,130 309,906 Apollo Investment Corp. 35,035 297,447 Ares Capital Corp. 37,550 186,999 CNA Surety Corp.* 14,825 179,531 Cowen Group., Inc.* 28,415 165,091 FBR Capital Markets Corp.* 34,455 172,275 Fidelity National Financial, Inc., Class A 32,505 400,787 Fifth Street Finance Corp. 65,580 480,701 First American Corp. 23,665 568,433 First Citizens Bancshares, Inc. 3,460 486,303 Gladstone Capital Corp. 16,215 97,290 Hanover Insurance Group, Inc., (The) 5,720 230,630 Horace Mann Educators Corp. 26,455 225,397 Infinity Property & Casualty Corp. 6,620 303,792 IPC Holdings Ltd. 31,615 885,220 JMP Group, Inc. 69,605 255,450 KKR Financial Holdings LLC 74,550 73,059 Max Capital Group Ltd. 45,560 526,674 Navigators Group, Inc., (The)* 9,210 500,103 PHH Corp.* 55,530 423,139 Platinum Underwriters Holdings Ltd. 31,205 958,930 ProAssurance Corp.* 4,360 238,012 Reinsurance Group of America, Inc. 8,650 351,190 Safety Insurance Group, Inc. 10,455 366,761 SeaBright Insurance Holdings, Inc.* 18,800 198,528 State Auto Financial Corp. 13,280 285,254 United America Indemnity Ltd., Class A* 15,505 200,014 United Rentals, Inc.* 13,780 111,205 Unitrin, Inc. 19,485 372,943 Washington Federal, Inc. 35,195 594,444 2 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II Portfolio of Investments (Continued) NOVEMBER 30, 2008 (UNAUDITED) NUMBER OF SHARES VALUE --------- ------------ FINANCE--(CONTINUED) Webster Financial Corp. 21,980 $ 329,700 ------------ 11,108,517 ------------ HEALTH CARE--9.4% Affymetrix, Inc.* 58,570 160,482 Centene Corp.* 18,690 345,765 Conmed Corp.* 9,245 217,350 Healthspring, Inc.* 43,920 640,793 Home Diagnostics, Inc.* 49,870 250,846 ICU Medical, Inc.* 8,095 244,874 Invacare Corp. 15,505 229,164 Kindred Healthcare, Inc.* 45,975 493,312 LifePoint Hospitals, Inc.* 24,230 486,054 Lincare Holdings, Inc.* 36,830 881,342 Maxygen, Inc.* 38,865 190,438 Medical Action Industries, Inc.* 21,070 181,413 Odyssey HealthCare, Inc.* 41,695 340,648 Owens & Minor, Inc. 5,215 216,579 Res-Care, Inc.* 13,050 170,302 U.S. Physical Therapy, Inc.* 49,120 594,352 ------------ 5,643,714 ------------ REAL ESTATE INVESTMENT TRUSTS--9.6% Anworth Mortgage Asset Corp. 218,407 1,382,516 Capstead Mortgage Corp. 83,100 871,719 Friedman, Billings, Ramsey Group, Inc., Class A* 190,385 38,077 Gladstone Commercial Corp. 18,705 239,611 Hatteras Financial Corp. 40,800 1,051,416 Jones Lang LaSalle, Inc. 17,320 412,736 MFA Mortgage Investments, Inc. 262,690 1,626,051 Redwood Trust, Inc. 9,880 128,934 ------------ 5,751,060 ------------ TECHNOLOGY--7.5% Acxiom Corp. 35,770 268,633 Bel Fuse, Inc., Class B 16,545 322,462 Belden, Inc. 20,170 351,361 NUMBER OF SHARES VALUE --------- ------------ TECHNOLOGY--(CONTINUED) Benchmark Electronics, Inc.* 14,130 $ 179,168 Brocade Communications Systems, Inc.* 40,635 130,845 CIBER, Inc.* 45,905 196,932 Coherent, Inc.* 7,540 187,671 Electronics For Imaging, Inc.* 29,370 286,945 Emulex Corp.* 42,165 300,637 EnerSys* 40,955 349,346 Entegris, Inc.* 61,725 85,798 Gilat Satellite Networks Ltd.* 36,265 88,487 Goldleaf Financial Solutions, Inc.* 21,530 17,009 Imation Corp. 31,730 421,374 Insight Enterprises, Inc.* 20,260 82,458 Ness Technologies, Inc.* 38,040 179,168 NETGEAR, Inc.* 29,940 362,274 OmniVision Technologies, Inc.* 36,240 217,440 PAR Technology Corp.* 40,660 134,178 Technitrol, Inc. 37,480 131,180 Verigy Ltd.* 23,090 212,659 ------------ 4,506,025 ------------ TRANSPORTATION--0.8% Pacer International, Inc. 52,375 507,514 ------------ UTILITIES--1.3% PNM Resources, Inc. 73,660 769,747 ------------ TOTAL INVESTMENTS--97.6% (COST $86,845,602)** 58,639,979 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES--2.4% 1,446,872 ------------ NET ASSETS--100.0% $ 60,086,851 ============ ADR -- American Depositary Receipt * --- Non-income Producing ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 86,845,602 ------------ Gross unrealized appreciation 3,031,233 3 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II Portfolio of Investments (Continued) NOVEMBER 30, 2008 (UNAUDITED) Gross unrealized depreciation (31,236,856) ------------ Net unrealized depreciation $(28,205,623) ============ 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. ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments NOVEMBER 30, 2008 (UNAUDITED) NUMBER OF SHARES VALUE --------- ----------- LONG POSITIONS--108.8% DOMESTIC COMMON STOCK--108.3% BASIC INDUSTRIES--1.7% Carpenter Technology Corp. 7,995 $ 133,197 Freeport-McMoRan Copper & Gold, Inc., Class B 4,835 115,992 Kapstone Paper and Packaging Corp. +* 36,745 162,780 Kapstone Paper and Packaging Corp.* 48,420 16,947 ----------- 428,916 ----------- CAPITAL GOODS--10.0% Dynamics Research Corp. +* 24,017 145,783 Griffon Corp.* 33,646 269,168 Hubbell, Inc., Class B + 8,630 258,037 Key Technology, Inc.* 14,302 225,256 Keystone Consolidated Industries, Inc.* 10,528 66,326 KHD Humboldt Wedag International Ltd. +* 22,860 241,859 LSB Industries, Inc. +* 30,065 269,984 Manitowoc Co., Inc., (The) 18,595 146,529 Mohawk Industries, Inc.* 7,035 216,256 RTI International Metals, Inc.* 23,450 281,869 Thermadyne Holdings Corp. +* 15,532 100,958 Triumph Group, Inc.* 7,745 264,879 ----------- 2,486,904 ----------- COMMUNICATIONS--2.0% Check Point Software Technologies Ltd. +* 11,395 234,851 RRsat Global Communications Network Ltd. 27,143 257,044 ----------- 491,895 ----------- CONSUMER DURABLES--1.4% Amerigon, Inc.* 19,335 72,120 Magna International, Inc., Class A 2,950 82,924 NUMBER OF SHARES VALUE --------- ----------- Pulte Homes, Inc. 17,555 $ 186,961 ----------- 342,005 ----------- CONSUMER NON-DURABLES--4.7% Coca-Cola Femsa S.A. de C.V. - ADR + 7,095 246,906 Female Health Co., (The)* 24,836 61,593 Skechers U.S.A., Inc., Class A +* 14,195 170,908 Steven Madden Ltd. +* 14,985 256,393 Tupperware Brands Corp. 10,580 208,109 VF Corp. 4,225 220,925 ----------- 1,164,834 ----------- CONSUMER SERVICES--13.6% AFC Enterprises, Inc.* 52,165 210,225 American Apparel, Inc.* 37,580 159,717 BB Holdings Ltd.* 49,134 141,260 Bebe Stores, Inc. 10,925 67,516 Coinstar, Inc. +* 13,505 250,653 Cornell Companies, Inc. +* 13,430 316,948 Dress Barn, Inc. (The) +* 25,510 199,743 eBay, Inc. +* 13,865 182,047 G&K Services, Inc., Class A 5,945 139,113 H&R Block, Inc. + 15,230 291,350 Harte-Hanks, Inc. 25,645 153,101 Heidrick & Struggles International, Inc. + 17,925 371,047 Ituran Location and Control Ltd. 25,125 199,995 Monster Worldwide, Inc.* 15,095 173,140 Ross Stores, Inc. 5,120 135,680 Steiner Leisure Ltd.* 6,920 167,395 Unifirst Corp. 8,665 240,107 ----------- 3,399,037 ----------- ENERGY--7.2% Approach Resources, Inc. +* 65,955 573,149 Bristow Group, Inc.* 15,620 353,481 CE Franklin Ltd.* 21,435 58,089 Concho Resources, Inc.* 9,965 235,074 Petrohawk Energy Corp.* 17,115 298,999 1 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) NOVEMBER 30, 2008 (UNAUDITED) NUMBER OF SHARES VALUE --------- ----------- Talisman Energy, Inc. 30,525 $ 282,661 ----------- 1,801,453 ----------- FINANCE--23.3% Ace Ltd. + 8,885 464,241 BAC Capital Trust IV 13,240 211,840 Capital One Capital II 19,970 269,595 Citigroup Capital XVI 19,970 268,397 E*TRADE Financial Corp.* 31,440 42,444 Fidelity National Financial, Inc., Class A + 31,330 386,299 Fifth Third Capital Trust V 10,270 150,456 First American Corp. 13,335 320,307 Goldman Sachs Group, Inc., (The) + 2,690 212,483 Investors Title Co. + 3,385 112,213 JPMorgan Chase & Co. + 23,590 746,859 KeyCorp Capital LX 5,965 81,422 KKR Financial Holdings LLC + 93,380 91,512 Maiden Holdings Ltd. 83,167 345,143 Morgan Stanley 5,305 78,249 SLM Corp.* 29,950 275,840 Sovereign Capital Trust V 17,655 275,418 State Street Corp. 8,125 342,144 SWA Reit and Investments Ltd.* 51,355 22,184 TFS Financial Corp. + 19,175 246,015 Travelers Companies, Inc., (The) 5,825 254,261 Waddell & Reed Financial, Inc. 23,335 313,622 Wesco Financial Corp. + 480 142,560 XL Capital Ltd., Class A 30,955 155,704 ----------- 5,809,208 ----------- HEALTH CARE--16.1% A.D.A.M., Inc.* 20,130 66,429 Alpha Pro Tech Ltd.* 669,800 703,290 American BIO Medica Corp.* 179,645 41,318 Anika Therapeutics, Inc.* 37,935 132,393 Charles River Laboratories International, Inc.* 11,150 254,220 Health Grades, Inc. +* 148,817 261,918 Lincare Holdings, Inc. +* 12,330 295,057 McKesson Corp. + 7,615 266,068 NUMBER OF SHARES VALUE --------- ----------- MTS Medication Technologies, Inc. +* 160,765 $ 417,989 NovaMed, Inc.* 25,645 91,553 Orthofix International N.V. +* 25,351 303,452 PHC, Inc., Class A* 289,490 341,598 RehabCare Group, Inc.* 14,295 207,992 Schering-Plough Corp. 14,040 236,013 Span-America Medical Systems, Inc. 7,101 72,430 Unilens Vision, Inc. 106,467 319,401 ----------- 4,011,121 ----------- REAL ESTATE INVESTMENT TRUSTS--0.1% Friedman, Billings, Ramsey Group, Inc., Class A* 123,525 24,705 ----------- TECHNOLOGY--28.2% Accenture Ltd., Class A + 11,045 342,174 Amdocs Ltd.* 6,355 119,410 Analog Devices, Inc. 5,140 87,894 BluePhoenix Solutions Ltd.* 49,890 90,301 Brocade Communications Systems, Inc. +* 41,220 132,728 CGI Group, Inc. Class A +* 38,505 287,632 ClickSoftware Technologies Ltd.* 117,811 254,472 Digi International, Inc. +* 63,421 584,742 DivX, Inc. +* 38,595 186,028 Gilat Satellite Networks Ltd.* 88,395 215,684 Hewlett-Packard Co. 16,165 570,301 MIPS Technologies, Inc. +* 66,650 89,978 MoneyGram International, Inc. + 33,130 34,124 NetList, Inc.* 74,624 27,611 NU Horizons Electronics Corp. +* 47,501 65,076 NVIDIA Corp.* 11,155 83,328 Oracle Corp.* 21,230 341,591 PLATO Learning, Inc.* 290,684 305,218 Richardson Electronics Ltd. + 57,975 177,403 Sourcefire, Inc.* 47,900 276,862 SourceForge, Inc.* 357,297 239,389 Sykes Enterprises, Inc.* 7,760 143,948 Symantec Corp. +* 30,705 369,381 TeleTech Holdings, Inc.* 69,700 614,754 2 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) NOVEMBER 30, 2008 (UNAUDITED) NUMBER OF SHARES VALUE --------- ----------- Telular Corp. +* 605,191 $ 853,319 Tier Technologies, Inc., Class B +* 58,355 268,433 Virtusa Corp.* 55,610 275,826 ----------- 7,037,607 ----------- TOTAL DOMESTIC COMMON STOCK (Cost $39,020,065) 26,997,685 ----------- PREFERRED STOCK--0.6% FINANCE--0.6% Wachovia Capital Trust IV Pfd. 6.375% 8,940 143,845 ----------- TOTAL PREFERRED STOCK (Cost $112,031) 143,845 ----------- TOTAL LONG POSITIONS--108.8% (COST $39,132,095)** 27,141,530 ----------- SECURITIES SOLD SHORT--(10.9%) BASIC INDUSTRIES--0.0% Ethanex Energy, Inc.* (648) (39) Uranium Energy Corp.* (11,655) (3,263) ----------- (3,302) ----------- CAPITAL GOODS--(1.0%) Applied Nanotech Holdings, Inc.* (8,285) (3,314) Axsys Technologies, Inc. (1,570) (109,602) Broadwind Energy, Inc.* (8,725) (59,330) DynaMotive Energy Systems Corp.* (72,185) (8,301) PACCAR, Inc. (2,575) (71,765) ----------- (252,312) ----------- COMMUNICATIONS--(0.4%) CTC Communications Group, Inc. ++* (98,900) (10) GSI Commerce, Inc.* (12,225) (97,311) Interliant, Inc. ++* (600) 0 One Communications Corp.* (36,619) (3) Superlattice Power, Inc. (1,125) (377) ----------- (97,701) ----------- NUMBER OF SHARES VALUE --------- ----------- CONSUMER DURABLES--0.0% QSound Labs, Inc.* (4,440) $ (2,264) ----------- CONSUMER NON-DURABLES--(1.3%) Amish Naturals, Inc.* (25,959) (908) Cal-Maine Foods, Inc. (6,275) (158,193) Lifeway Foods, Inc.* (1,882) (12,760) Skins, Inc.* (16,913) (1,015) Under Armour, Inc., Class A* (3,623) (83,293) Valence Technology, Inc.* (27,585) (54,342) ----------- (310,511) ----------- CONSUMER SERVICES--(3.5%) Constant Contact, Inc.* (6,350) (88,582) Escala Group, Inc.* (4,616) (8,540) Genmed Holding Corp.* (5) (7) Iron Mountain, Inc.* (6,630) (144,070) Kforce, Inc.* (19,615) (133,382) Netflix, Inc.* (3,595) (82,613) PokerTek, Inc.* (6,110) (9,287) Ritchie Bros. Auctioneers, Inc. (13,430) (250,738) Tim Hortons, Inc. (3,040) (75,666) Ultimate Software Group, Inc., (The)* (4,945) (75,708) ----------- (868,593) ----------- FINANCE--(0.3%) China International Tourism Holdings Ltd.* (5,084) (48) Life Partners Holdings, Inc. (1,835) (65,510) ----------- (65,558) ----------- HEALTH CARE--(1.3%) Bodytel Scientific, Inc.* (4,840) (242) Conceptus, Inc.* (8,565) (125,906) Cyberonics, Inc.* (8,855) (121,579) Pure Bioscience* (26,140) (69,271) RemoteMDX, Inc.* (49,350) (15,792) ----------- (332,790) ----------- TECHNOLOGY--(2.7%) ANTS Software, Inc.* (10,334) (4,134) 3 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments (Continued) NOVEMBER 30, 2008 (UNAUDITED) NUMBER OF SHARES VALUE --------- ----------- Axis Technologies Group, Inc.* (5,845) $ (1,227) Commvault Systems, Inc.* (10,135) (103,884) ConSyGen, Inc. ++* (200) 0 Data Domain, Inc.* (8,200) (133,250) Ener1, Inc.* (16,978) (136,503) Infosys Technologies Ltd. - ADR (2,180) (54,827) IPG Photonics Corp.* (5,835) (79,298) LML Payment Systems, Inc.* (7,808) (6,481) Monolithic Power Systems, Inc.* (3,450) (33,016) Nestor, Inc.* (15,200) (304) Tiger Telematics, Inc.* (6,510) (16) VMware, Inc. Class A* (5,935) (114,842) Vyyo, Inc.* (15,518) (2,328) Xybernaut Corp.* (35,000) (980) ----------- (671,090) ----------- TRANSPORTATION--(0.4%) Allegiant Travel Co.* (2,425) (104,615) ----------- TOTAL SECURITIES SOLD SHORT (Proceeds $4,786,124) (2,708,736) ----------- WARRANTS--0.0% UTILITIES--0.0% Greenhunter Energy, Inc. Exercise Price $27.50, Exp. 09/15/11 (423) 0 ----------- TOTAL WARRANTS (Proceeds $0) 0 ----------- OTHER ASSETS IN EXCESS OF LIABILITIES--2.0% 503,648 ----------- NET ASSETS--100.0% $24,936,442 =========== ADR -- American Depositary Receipt + -- Security position is either entirely or partially held in a segregated account as collateral for securities sold short. ++ -- Security has been valued at fair market value as determined in good faith by or under the direction of RBB's Board of Directors. * -- 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 $ 39,132,095 ------------ Gross unrealized appreciation 958,950 Gross unrealized depreciation (12,949,515) ------------ Net unrealized depreciation $(11,990,565) ============ 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 LARGE CAP VALUE FUND Portfolio of Investments NOVEMBER 30, 2008 (UNAUDITED) NUMBER OF SHARES VALUE --------- ----------- COMMON STOCK--98.3% BASIC INDUSTRIES--0.8% Allegheny Technologies, Inc. 2,190 $ 50,261 PPG Industries, Inc. 6,250 274,500 United States Steel Corp. 1,585 48,184 ----------- 372,945 ----------- CAPITAL GOODS--6.4% Cummins, Inc. 2,205 56,404 General Electric Co. 30,650 526,260 Honeywell International, Inc. 15,695 437,263 Illinois Tool Works, Inc. 6,665 227,410 Ingersoll-Rand Co., Ltd., Class A 3,200 50,176 Jacobs Engineering Group, Inc.* 1,540 68,946 KBR, Inc. 3,540 48,746 Lockheed Martin Corp. 5,365 413,695 Mohawk Industries, Inc.* 10,780 331,377 Precision Castparts Corp. 830 52,041 Siemens AG 4,335 258,800 United Technologies Corp. 10,080 489,182 ----------- 2,960,300 ----------- COMMUNICATIONS--0.9% Vodafone Group PLC - ADR 21,187 414,841 ----------- CONSUMER DURABLES--0.3% BorgWarner, Inc. 1,870 44,244 Johnson Controls, Inc. 3,130 55,276 NVR, Inc.* 105 45,596 ----------- 145,116 ----------- CONSUMER NON-DURABLES--7.1% Clorox Co., (The) 15,180 898,049 Dr. Pepper Snapple Group, Inc.* 34,135 550,939 NIKE, Inc., Class B 12,400 660,300 Philip Morris International, Inc. 22,947 967,445 UST, Inc. 3,395 233,406 ----------- 3,310,139 ----------- CONSUMER SERVICES--9.6% Advance Auto Parts, Inc. 19,260 584,734 NUMBER OF SHARES VALUE --------- ----------- CONSUMER SERVICES--(CONTINUED) eBay, Inc.* 17,610 $ 231,219 Expedia, Inc.* 6,235 52,374 Home Depot, Inc. (The) 28,895 667,763 International Game Technology 4,210 45,089 Liberty Media Corp - Entertainment Series A* 22,188 263,372 Macy's, Inc. 14,725 109,259 McGraw-Hill Companies, Inc., (The) 15,595 389,875 Moody's Corp. 20,120 436,805 Omnicom Group, Inc. 21,825 617,429 Ross Stores, Inc. 3,565 94,473 Safeway, Inc. 14,870 324,166 Staples, Inc. 20,110 349,110 TJX Companies, Inc. (The) 13,595 310,238 ----------- 4,475,906 ----------- ENERGY--13.4% Canadian Natural Resources Ltd. 11,780 487,103 Devon Energy Corp. 10,510 760,293 Dresser-Rand Group, Inc.* 11,755 196,426 EOG Resources, Inc. 12,240 1,040,645 Exxon Mobil Corp. 23,074 1,849,381 Halliburton Co. 17,410 306,416 Helix Energy Solutions Group, Inc.* 29,630 190,521 McDermott International, Inc.* 5,985 58,354 Petrohawk Energy Corp.* 9,460 165,266 Pride International, Inc.* 9,475 153,590 Talisman Energy, Inc. 81,655 756,125 Whiting Petroleum Corp.* 6,490 248,567 ----------- 6,212,687 ----------- FINANCE--30.2% Ace Ltd. 28,654 1,497,171 Assurant, Inc. 9,925 216,067 Bank of America Corp. 25,370 412,263 Bank of New York Mellon Corp., (The) 28,232 852,889 1 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LARGE CAP VALUE FUND Portfolio of Investments (Continued) NOVEMBER 30, 2008 (UNAUDITED) NUMBER OF SHARES VALUE --------- ----------- FINANCE--(CONTINUED) Berkshire Hathaway, Inc., Class B* 480 $ 1,679,520 Capital One Financial Corp. 11,240 386,768 Discover Financial Services 31,140 318,562 Franklin Resources, Inc. 12,035 731,126 JPMorgan Chase & Co. 58,540 1,853,376 KeyCorp. 19,450 182,441 Loews Corp. 44,925 1,230,496 Marsh & McLennan Cos., Inc. 10,065 256,658 Marshall & Ilsley Corp. 16,340 252,453 National City Corp. 131,125 263,561 Nationwide Financial Services, Inc., Class A 5,200 264,160 NYSE Euronext 1,850 44,049 Reinsurance Group of America, Inc. 16,840 683,704 SEI Investments Co. 2,965 45,839 SLM Corp.* 33,065 304,529 State Street Corp. 13,510 568,906 Travelers Companies, Inc., (The) 15,519 677,404 Wells Fargo & Co. 45,400 1,311,606 ----------- 14,033,548 ----------- HEALTH CARE--11.0% DaVita, Inc.* 12,505 628,376 Johnson & Johnson 34,036 1,993,829 Lincare Holdings, Inc.* 20,480 490,087 McKesson Corp. 14,765 515,889 Schering-Plough Corp. 34,705 583,391 WellPoint, Inc.* 5,655 201,318 Wyeth 18,910 680,949 ----------- 5,093,839 ----------- REAL ESTATE INVESTMENT TRUSTS--1.6% Annaly Capital Management, Inc. 52,015 747,456 ----------- TECHNOLOGY--13.3% Accenture Ltd., Class A 8,900 275,722 Adobe Systems, Inc.* 4,805 111,284 Analog Devices, Inc. 15,830 270,693 Arrow Electronics, Inc.* 10,210 140,898 NUMBER OF SHARES VALUE --------- ----------- TECHNOLOGY--(CONTINUED) Flextronics International Ltd.* 15,565 $ 36,422 Harris Corp. 24,510 854,909 Hewlett-Packard Co. 27,348 964,838 International Business Machines Corp. 7,700 628,320 MEMC Electronic Materials, Inc.* 2,895 43,483 Microsoft Corp. 53,759 1,087,007 NVIDIA Corp.* 6,420 47,957 Oracle Corp.* 46,900 754,621 Seagate Technology, Inc. 9,935 41,826 Symantec Corp.* 21,630 260,209 Taiwan Semiconductor Manufacturing Co., Ltd. - ADR 56,515 404,082 Texas Instruments, Inc. 16,845 262,277 ----------- 6,184,548 ----------- UTILITIES--3.7% Allegheny Energy, Inc. 22,600 796,650 Edison International 13,505 451,067 PG&E Corp. 12,405 471,886 ----------- 1,719,603 ----------- TOTAL COMMON STOCK (Cost $57,453,885) 45,670,928 ----------- SHORT-TERM INVESTMENT--1.8% PNC Bank Money Market Deposit Account 848,119 848,119 ----------- TOTAL SHORT-TERM INVESTMENTS (Cost $848,119) 848,119 ----------- TOTAL INVESTMENTS--100.1% (COST $58,302,004)** 46,519,047 LIABILITIES IN EXCESS OF OTHER ASSETS--(0.1)% (47,328) ----------- NET ASSETS--100.0% $46,471,719 =========== ADR -- American Depositary Receipt * -- Non-income producing. ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 58,302,004 ------------ Gross unrealized appreciation 704,285 2 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS LARGE CAP VALUE FUND Portfolio of Investments (Continued) NOVEMBER 30, 2008 (UNAUDITED) Gross unrealized depreciation (12,487,242) ------------ Net unrealized depreciation $(11,782,957) ============ 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 MID CAP VALUE FUND Portfolio of Investments NOVEMBER 30, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ----------- COMMON STOCK--97.4% BASIC INDUSTRIES--5.3% Albemarle Corp. 15,010 $ 305,153 Allegheny Technologies, Inc. 1,680 38,556 Cliffs Natural Resources, Inc. 1,625 38,594 Crown Holdings, Inc.* 16,395 263,140 Freeport-McMoRan Copper & Gold, Inc., Class B 1,405 33,706 GrafTech International Ltd.* 6,815 45,592 Lubrizol Corp., (The) 13,800 484,656 Mosaic Co., (The) 1,035 31,412 OM Group, Inc.* 2,135 42,124 PPG Industries, Inc. 11,530 506,398 ------------ 1,789,331 ------------ CAPITAL GOODS--6.9% AGCO Corp.* 1,205 29,667 Cooper Industries Ltd., Class A 10,605 256,005 Cummins, Inc. 1,570 40,161 Ingersoll-Rand Co., Ltd., Class A 8,405 131,790 Jacobs Engineering Group, Inc.* 1,070 47,904 KBR, Inc. 2,580 35,527 Kennametal, Inc. 2,030 37,961 Lennox International, Inc. 7,080 195,691 Manitowoc Co., Inc., (The) 4,430 34,908 Mohawk Industries, Inc.* 4,220 129,723 Rockwell Automation, Inc. 1,265 39,405 Spirit Aerosystems Holdings, Inc., Class A* 3,035 27,467 Stanley Works, (The) 17,895 568,882 Terex Corp.* 8,760 124,917 Thomas & Betts Corp.* 12,570 238,704 W.W. Grainger, Inc. 5,330 376,138 ------------ 2,314,850 ------------ COMMUNICATIONS--2.3% CenturyTel, Inc. 17,265 458,558 Embarq Corp. 7,720 251,981 Telephone and Data Systems, Inc. 1,150 37,318 NUMBER OF SHARES VALUE ----------- ----------- COMMUNICATIONS--(CONTINUED) United States Cellular Corp.* 1,015 $ 40,021 ------------ 787,878 ------------ CONSUMER DURABLES--2.8% BorgWarner, Inc. 10,360 245,118 NVR, Inc.* 720 312,660 Pulte Homes, Inc. 18,320 195,108 Ryland Group, Inc., (The) 11,860 201,264 ------------ 954,150 ------------ CONSUMER NON-DURABLES--5.0% Dr. Pepper Snapple Group, Inc.* 19,880 320,863 Fossil, Inc.* 2,215 33,668 General Mills, Inc. 4,975 314,271 Guess?, Inc. 2,395 31,686 Lorillard, Inc. 5,095 307,891 Mattel, Inc. 37,910 518,229 VF Corp. 3,110 162,622 ------------ 1,689,230 ------------ CONSUMER SERVICES--17.3% Best Buy Co., Inc. 1,520 31,479 Burger King Holdings, Inc. 14,500 311,895 Dun & Bradstreet Corp., (The) 4,415 353,200 eBay, Inc.* 9,125 119,811 Equifax, Inc. 18,870 480,241 Expedia, Inc.* 50,479 424,024 GameStop Corp., Class A* 1,490 32,556 Herbalife Ltd. 13,855 246,342 International Game Technology 11,035 118,185 Kohl's Corp.* 14,100 460,506 Kroger Co., (The) 16,580 458,603 Manpower, Inc. 16,665 524,614 McGraw-Hill Companies, Inc., (The) 14,380 359,500 Meredith Corp. 6,705 108,219 Monster Worldwide, Inc.* 16,070 184,323 Omnicom Group, Inc. 15,355 434,393 Robert Half International, Inc. 14,935 311,992 Safeway, Inc. 22,210 484,178 1 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS MID CAP VALUE FUND Portfolio of Investments (Continued) NOVEMBER 30, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ----------- CONSUMER SERVICES--(CONTINUED) Staples, Inc. 18,950 $ 328,972 Tiffany & Co. 1,625 32,159 ------------ 5,805,192 ------------ ENERGY--4.7% Baker Hughes, Inc. 1,090 37,965 Dresser-Rand Group, Inc.* 13,840 231,266 Helix Energy Solutions Group, Inc.* 15,045 96,739 National Oilwell Varco, Inc.* 1,330 37,626 Noble Energy, Inc. 11,490 600,697 Petrohawk Energy Corp.* 17,535 306,337 Pride International, Inc.* 2,260 36,635 Talisman Energy, Inc. 23,570 218,258 ------------ 1,565,523 ------------ FINANCE--18.7% Ace Ltd. 8,495 443,864 Affiliated Managers Group, Inc.* 3,375 94,500 Alleghany Corp.* 1,700 450,500 AON Corp. 8,825 399,772 Assurant, Inc. 15,990 348,102 Capital One Financial Corp. 3,760 129,382 Federated Investors, Inc., Class B 12,515 248,423 Franklin Resources, Inc. 7,555 458,966 Hanover Insurance Group, Inc., (The) 15,615 629,597 Loews Corp. 15,320 419,615 Marsh & McLennan Cos., Inc. 19,370 493,935 Marshall & Ilsley Corp. 14,735 227,656 Mercury General Corp. 3,555 161,717 NYSE Euronext 1,415 33,691 Reinsurance Group of America, Inc. 9,400 381,640 SEI Investments Co. 8,155 126,076 SLM Corp.* 31,660 291,589 State Street Corp. 5,790 243,817 Student Loan Corp., (The) 1,820 68,923 Travelers Companies, Inc., (The) 5,780 252,297 Unum Group 19,275 287,197 NUMBER OF SHARES VALUE ----------- ----------- FINANCE--(CONTINUED) XL Capital Ltd., Class A 19,900 $ 100,097 ------------ 6,291,356 ------------ HEALTH CARE--6.2% Coventry Health Care, Inc.* 7,200 89,784 DaVita, Inc.* 12,045 605,261 Hospira, Inc.* 12,300 369,369 McKesson Corp. 14,320 500,341 Quest Diagnostics, Inc. 10,070 468,960 WellPoint, Inc.* 1,005 35,778 ------------ 2,069,493 ------------ REAL ESTATE INVESTMENT TRUSTS--4.0% Annaly Capital Management, Inc. 65,176 936,579 AvalonBay Communities, Inc. 2,865 173,820 Kimco Realty Corp. 8,510 120,416 Nationwide Health Properties, Inc. 5,555 125,710 ------------ 1,356,525 ------------ TECHNOLOGY--13.4% Acxiom Corp. 42,735 320,940 Amdocs Ltd.* 10,190 191,470 Arrow Electronics, Inc.* 24,390 336,582 Avnet, Inc.* 11,575 164,828 Broadridge Financial Solutions, Inc. 28,640 326,496 Brocade Communications Systems, Inc.* 43,785 140,988 CACI International, Inc., Class A* 7,905 351,061 Cymer, Inc.* 12,975 304,783 Emulex Corp.* 13,495 96,219 Flextronics International Ltd.* 37,385 87,481 Harris Corp. 11,655 406,526 Ingram Micro, Inc., Class A* 9,635 103,769 McAfee, Inc.* 14,682 445,305 Molex, Inc. 2,680 36,448 NetApp, Inc.* 2,900 39,150 NVIDIA Corp.* 4,530 33,839 Seagate Technology, Inc. 6,870 28,923 SRA International, Inc., Class A* 9,885 148,473 Sun Microsystems, Inc.* 48,770 154,601 2 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS MID CAP VALUE FUND Portfolio of Investments (Continued) NOVEMBER 30, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ----------- TECHNOLOGY--(CONTINUED) Sybase, Inc.* 9,520 $ 234,573 Symantec Corp.* 44,115 530,703 Western Digital Corp.* 2,440 29,768 ------------ 4,512,926 ------------ TRANSPORTATION--1.5% CSX Corp. 3,705 137,974 Norfolk Southern Corp. 7,500 371,025 ------------ 508,999 ------------ UTILITIES--9.3% Allegheny Energy, Inc. 12,770 450,143 Alliant Energy Corp. 20,110 640,906 American Electric Power Co., Inc. 11,425 357,488 Edison International 13,120 438,208 FirstEnergy Corp. 4,840 283,527 Mirant Corp* 2,015 34,698 NV Energy, Inc. 30,170 286,012 PG&E Corp. 16,610 631,844 ------------ 3,122,826 ------------ TOTAL INVESTMENTS--97.4% (COST $46,358,761)** 32,768,279 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES--2.6% 886,809 ------------ NET ASSETS--100.0% $ 33,655,088 ============ * -- 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 $ 46,358,761 ------------ Gross unrealized appreciation 578,284 Gross unrealized depreciation (14,168,766) ------------ Net unrealized depreciation $(13,590,482) ============ 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 NOVEMBER 30, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ----------- COMMON STOCK--96.6% BASIC INDUSTRIES--1.0% Allegheny Technologies, Inc. 2,240 $ 51,408 Brush Engineered Materials, Inc.* 4,560 52,805 Carpenter Technology Corp. 2,785 46,398 CONSOL Energy, Inc. 1,725 49,973 Freeport-McMoRan Copper & Gold, Inc., Class B 1,845 44,262 GrafTech International Ltd.* 9,390 62,819 OM Group, Inc.* 2,620 51,693 Thompson Creek Metals Co., Inc.* 9,000 29,790 Yanzhou Coal Mining Co., Ltd. 8,835 48,857 ----------- 438,005 ----------- CAPITAL GOODS--4.7% AGCO Corp.* 1,590 39,146 Comfort Systems USA, Inc.* 5,395 45,048 Dover Corp. 16,425 489,958 General Electric Co. # 19,000 326,230 Illinois Tool Works, Inc. 5,725 195,337 Jacobs Engineering Group, Inc.* 1,300 58,201 Kennametal, Inc. 2,475 46,282 Manitowoc Co., Inc., (The) 6,835 53,860 Parker-Hannifin Corp. 7,812 320,917 Precision Castparts Corp. 715 44,830 Shaw Group, Inc., (The)* 2,905 53,452 Spirit Aerosystems Holdings, Inc., Class A* 4,035 36,517 W.W. Grainger, Inc. 1,940 136,906 Wolseley PLC - ADR 25,365 118,962 ----------- 1,965,646 ----------- COMMUNICATIONS--2.9% Embarq Corp. 7,355 240,067 Vodafone Group PLC - ADR 50,258 984,052 ----------- 1,224,119 ----------- CONSUMER DURABLES--1.0% Harman International Industries, Inc. 2,810 42,290 NUMBER OF SHARES VALUE ----------- ----------- CONSUMER DURABLES--(CONTINUED) Lennar Corp., Class A 17,300 $ 123,003 Magna International, Inc., Class A 1,590 44,695 Pulte Homes, Inc. # 17,780 189,357 ----------- 399,345 ----------- CONSUMER NON-DURABLES--5.9% Blyth, Inc. 3,995 33,119 Fossil, Inc.* 3,145 47,804 Lorillard, Inc. 9,179 554,687 Mattel, Inc. 42,725 584,051 Nestle S.A.- ADR 11,740 425,575 NIKE, Inc., Class B 6,375 339,469 Oxford Industries, Inc. 5,805 34,830 THQ, Inc.* 7,795 36,948 Tupperware Brands Corp. 21,765 428,117 ----------- 2,484,600 ----------- CONSUMER SERVICES--10.6% BancTec, Inc. 144A ++ 47,195 119,875 Best Buy Co., Inc. 2,010 41,627 Career Education Corp.* 4,370 80,758 Charming Shoppes, Inc.* 25,880 38,820 eBay, Inc. #* 49,855 654,596 Equifax, Inc. 8,400 213,780 Expedia, Inc.* 47,013 394,909 Harte-Hanks, Inc. 24,120 143,996 Herbalife Ltd. 11,880 211,227 HSN, Inc.* 5,340 19,972 IAC/Interactivecorp* 13,345 197,373 Innerworkings, Inc.* 7,740 43,421 Interval Leisure Group, Inc.* 5,340 28,302 Lender Processing Services, Inc. 7,705 169,972 Manpower, Inc. 4,425 139,299 Monster Worldwide, Inc.* 16,305 187,018 Omnicom Group, Inc. 13,595 384,603 Penske Auto Group, Inc. 5,785 43,850 Regis Corp. 21,605 237,439 Rent-A-Center, Inc.* 12,175 199,792 Safeway, Inc. 19,210 418,778 1 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND Portfolio of Investments (Continued) NOVEMBER 30, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ----------- CONSUMER SERVICES--(CONTINUED) Steelcase, Inc., Class A 5,580 $ 35,991 Ticketmaster Entertainment, Inc.* 12,360 49,316 Valueclick, Inc.* 7,400 45,658 Watson Wyatt Worldwide, Inc., Class A 8,455 340,906 ----------- 4,441,278 ----------- ENERGY--10.1% Apache Corp. 3,955 305,722 Baker Hughes, Inc. 1,210 42,144 Chevron Corp. 6,640 524,626 Devon Energy Corp. # 12,605 911,846 Dresser-Rand Group, Inc.* 5,065 84,636 EOG Resources, Inc. 3,435 292,044 Marathon Oil Corp. 11,205 293,347 Pioneer Natural Resources Co. 8,085 162,347 Quest Resource Corp.* 10,318 3,405 Talisman Energy, Inc. 61,660 570,972 Total SA -ADR 19,650 1,036,537 ----------- 4,227,626 ----------- FINANCE--25.6% Ace Ltd. 18,855 985,174 Alleghany Corp.* 3,271 866,815 Allied World Assurance Co. Holdings Ltd. 7,980 282,173 AON Corp. 10,885 493,090 Castlepoint Holdings Ltd. 2,035 20,879 Castlepoint Holdings Ltd. 144A ++* 12,880 132,149 Citigroup Capital XV* 15,545 214,987 Comerica, Inc. 3,090 69,680 East West Bancorp, Inc. 6,560 97,088 Federated Investors, Inc., Class B 6,300 125,055 Fifth Third Bancorp 7,765 74,233 First American Corp. 4,175 100,283 First Horizon National Corp. 7,720 82,527 Flagstone Reinsurance Holdings Ltd. 36,260 372,753 Franklin Resources, Inc. 735 44,651 NUMBER OF SHARES VALUE ----------- ----------- FINANCE--(CONTINUED) Hanover Insurance Group, Inc., (The) 12,155 $ 490,090 Huntington Bancshares, Inc. 5,695 45,560 IPC Holdings Ltd. 20,515 574,420 J.G. Wentworth, Inc. 144A ++* 15,165 47,466 JPMorgan Chase & Co. # 20,705 655,520 KeyCorp. 8,250 77,385 Kohlberg Capital Corp. 16,385 67,179 Loews Corp. 41,009 1,123,237 M&T Bank Corp. 1,340 86,095 Maiden Holdings Ltd. 1,570 6,516 Maiden Holdings Ltd. 144A ++* 9,925 41,189 Morgan Stanley 20,515 302,596 Peoples Choice Financial Corp. 144A ++* 1,465 0 SLM Corp.* 45,295 417,167 Solar Cayman Ltd. 144A ++* 19,375 107,725 Specialty Underwriters' Alliance, Inc.* 8,645 24,206 SunTrust Banks, Inc. 2,130 67,585 Synovus Financial Corp. 9,255 77,002 Travelers Companies, Inc., (The) 17,955 783,736 Tree.Com, Inc.* 768 1,405 Unum Group 37,716 561,968 Wachovia Capital Trust X* 4,190 83,171 Wesco Financial Corp. 110 32,670 White Mountains Insurance Group Ltd. 3,630 980,100 Zions Bancorporation 3,300 105,237 ----------- 10,720,762 ----------- HEALTH CARE--16.0% Aetna, Inc. 9,440 205,981 Amgen, Inc.* 20,805 1,155,510 Charles River Laboratories International, Inc.* 1,750 39,900 DaVita, Inc.* 13,560 681,390 Johnson & Johnson 23,315 1,365,793 Lincare Holdings, Inc.* 17,325 414,587 Mentor Corp. 7,450 120,317 2 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND Portfolio of Investments (Continued) NOVEMBER 30, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ----------- HEALTH CARE--(CONTINUED) Omnicell, Inc.* 2,725 $ 30,902 Pfizer, Inc. 73,246 1,203,432 Sanofi-Aventis- ADR 14,340 396,644 UnitedHealth Group, Inc. 10,135 212,936 WellPoint, Inc.* 6,165 219,474 Wyeth 18,625 670,686 ----------- 6,717,552 ----------- REAL ESTATE INVESTMENT TRUSTS--3.2% Annaly Capital Management, Inc. 57,450 825,557 Ashford Hospitality Trust, Inc. 43,975 68,601 CBRE Realty Finance, Inc. 30,480 3,810 Cypress Sharpridge Investments, Inc.144A* 10,771 103,509 Friedman, Billings, Ramsey Group, Inc., Class A* 28,740 5,748 Hatteras Financial Corp. 1,870 48,190 Hatteras Financial Corp.144A ++* 11,825 304,730 ----------- 1,360,145 ----------- TECHNOLOGY--12.5% Accenture Ltd., Class A 13,570 420,399 Acxiom Corp. 21,560 161,916 Analog Devices, Inc. 6,850 117,135 ASML Holding 2,820 43,231 Avnet, Inc.* 2,770 39,445 Belden, Inc. 4,095 71,335 Cadence Design Systems, Inc.* 11,025 42,556 Ciena Corp.* 6,735 49,839 EnerSys* 5,645 48,152 Euronet Worldwide, Inc.* 4,810 41,029 Fidelity National Information Services, Inc. 7,540 129,537 GSI Group, Inc.* 15,905 17,018 Hewlett-Packard Co. 22,935 809,147 International Business Machines Corp. 11,480 936,768 JDS Uniphase Corp.* 14,490 39,413 KLA-Tencor Corp.* 6,915 130,071 Microsoft Corp. 45,625 922,537 NUMBER OF SHARES VALUE ----------- ----------- TECHNOLOGY--(CONTINUED) Molex, Inc. 3,175 $ 43,180 NetApp, Inc.* 3,190 43,065 NETGEAR, Inc.* 3,940 47,674 NVIDIA Corp.* 6,000 44,820 Seagate Technology, Inc. 9,560 40,248 Sonus Networks, Inc.* 10,780 16,709 Sun Microsystems, Inc.* 11,430 36,233 Symantec Corp.* 24,780 298,103 Tech Data Corp.* 11,200 195,328 Tellabs, Inc.* 10,680 44,536 Tyco Electronics Ltd. 17,065 281,231 Verigy Ltd.* 4,510 41,537 Western Digital Corp.* 3,315 40,443 Xilinx, Inc.* 2,550 41,718 ----------- 5,234,353 ----------- UTILITIES--3.1% Allegheny Energy, Inc. 17,325 610,706 Alliant Energy Corp. 15,535 495,100 Korea Electric Power Corp.- ADR 22,435 208,646 ----------- 1,314,452 ----------- TOTAL COMMON STOCK (Cost $52,268,579) 40,527,883 ----------- PREFERRED STOCK--0.7% FINANCE--0.7% Federal National Mortgage Association Pfd. 8.750% 9,697 17,843 Wachovia Capital Trust IV Pfd. 6.375% 8,135 130,892 Wachovia Capital Trust IX Pfd. 6.375% 9,150 148,230 ----------- 296,965 ----------- TOTAL PREFERRED STOCK (Cost $705,321) 296,965 ----------- 3 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND Portfolio of Investments (Continued) NOVEMBER 30, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ----------- WARRANTS--0.0% Cypress Sharpridge Investment, Inc. Strike Price $1.56, Exp. 4/30/11 ++ 32,315 $ 323 ----------- TOTAL WARRANTS (Cost $0) 323 ----------- PAR (000) VALUE ----------- ----------- CORPORATE BONDS--2.4% Comverse Technology, Inc.o 0.0% 05/15/23 $ 200 188,250 MBIA Insurance Corp.144A+ o 14.00% 01/15/33 151 67,950 Prudential Financial, Inc.+ o 0.419% 12/12/36 495 490,099 Sepracor, Inc.o 0.0% 10/15/24 194 173,145 Thornburg Mortgage, Inc. 18.00% 03/31/15 74 8,343 Thornburg Mortgage, Inc. 18.00% 03/31/15 824 92,700 ----------- TOTAL CORPORATE BONDS (Cost $1,813,928) 1,020,487 ----------- NUMBER OF SHARES VALUE ----------- ----------- SHORT-TERM INVESTMENTS--0.9% PNC Bank Money Market Deposit Account 384,275 384,275 ----------- TOTAL SHORT-TERM INVESTMENTS (Cost $384,275) 384,275 ----------- TOTAL INVESTMENTS--100.7% (COST $55,172,103) 42,229,933 ----------- OPTIONS WRITTEN--(1.1%) Devon Energy Corp. Call Options Expires 01/16/10 Strike Price $50 (52) (162,760) eBay, Inc. Call Options Expires 01/16/10 Strike Price $15 (194) (56,260) NUMBER OF SHARES VALUE ----------- ------------- General Electric Co. Call Options Expires 01/16/10 Strike Price $17.50 (89) $ (32,040) General Electric Co. Call Options Expires 01/17/09 Strike Price $17.50 (101) (13,938) JPMorgan Chase & Co. Call Options Expires 01/16/10 Strike Price $25 (134) (156,110) Pulte Homes, Inc. Call Options Expires 01/17/09 Strike Price $10 (120) (25,200) Pulte Homes, Inc. Call Options Expires 01/17/09 Strike Price $15 (57) (21,090) ------------ TOTAL OPTIONS WRITTEN (Premiums received $(589,512)) (467,398) ------------ TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN--99.5% (COST $54,582,591)** 41,762,535 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES--0.5% 193,714 ------------ NET ASSETS--100.0% $ 41,956,249 ============ 144A -- Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. ADR -- American Depositary Receipt * -- Non-income producing. ++ -- Security has been valued at fair market value as determined in good faith by or under the direction of RBB's Board of Directors. + Adjustable rate security. # Security segregated as collateral for options written. o Callable 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 $ 54,582,591 ------------ Gross unrealized appreciation 1,408,860 Gross unrealized depreciation (14,228,916) ------------ Net unrealized depreciation $(12,820,056) ============ 4 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND Portfolio of Investments (Continued) NOVEMBER 30, 2008 (UNAUDITED) 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 WPG SMALL CAP VALUE FUND Portfolio of Investments NOVEMBER 30, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ COMMON STOCK--99.4% BASIC MATERIALS--3.8% Carpenter Technology Corp. 16,100 $ 268,226 Horsehead Holding Corp.* 37,400 115,940 Methanex Corp. 16,000 170,080 OM Group, Inc.* 8,200 161,786 OMNOVA Solutions, Inc.* 50,400 53,424 RTI International Metals, Inc.* 10,100 121,402 Solutia, Inc.* 15,200 103,360 ------------ 994,218 ------------ COMMERCIAL SERVICES--12.7% Geo Group, Inc., (The)* 5,000 96,500 ICF International, Inc.* 43,400 850,640 LECG Corp.* 77,100 405,546 MDC Partners, Inc., Class A* 282,200 829,668 Ness Technologies, Inc.* 65,200 307,092 PLATO Learning, Inc.* 39,600 41,580 Princeton Review, Inc. (The)* 99,200 514,848 RADWARE Ltd.* 41,400 280,278 ------------ 3,326,152 ------------ CONSUMER CYCLICAL--5.3% Beacon Roofing Supply, Inc.* 9,400 111,108 Big 5 Sporting Goods Corp. 31,000 117,490 Brown Shoe Co., Inc. 33,500 188,940 Casual Male Retail Group, Inc.* 261,900 167,616 Dress Barn, Inc. (The)* 21,900 171,477 DSW, Inc., Class A* 18,700 187,935 Jarden Corp.* 17,300 215,904 Shoe Carnival, Inc.* 15,400 144,452 Smith & Wesson Holding Corp.* 41,100 84,666 ------------ 1,389,588 ------------ CONSUMER NON-CYCLICAL--10.0% Alliance One International, Inc.* 306,800 951,080 Del Monte Foods Co. 72,100 426,832 Delek US Holdings, Inc. 57,000 313,500 Libbey, Inc. 67,200 134,400 Lifetime Brands, Inc. 101,500 360,325 Tyson Foods, Inc., Class A 26,000 174,460 NUMBER OF SHARES VALUE ----------- ------------ CONSUMER NON-CYCLICAL--(CONTINUED) Universal Corp. 7,900 $ 252,563 ------------ 2,613,160 ------------ CONSUMER SERVICES--2.1% Carrols Restaurant Group, Inc.* 63,800 126,324 Cheesecake Factory, Inc. (The)* 8,900 64,792 Jack in the Box, Inc.* 12,500 218,750 New Frontier Media, Inc. 64,100 91,663 Valassis Communications, Inc.* 26,500 39,220 ------------ 540,749 ------------ ENERGY--7.3% American Oil & Gas, Inc.* 40,000 38,000 Approach Resources, Inc.* 75,400 655,226 Geokinetics, Inc.* 21,000 78,120 GeoMet, Inc.* 189,900 389,295 Hercules Offshore, Inc.* 17,900 104,178 Holly Corp. 28,900 525,691 Natural Gas Services Group, Inc.* 10,500 108,150 ------------ 1,898,660 ------------ FINANCE--35.5% Apollo Investment Corp. 18,300 155,367 Ares Capital Corp. 33,600 167,328 Aspen Insurance Holdings Ltd. 20,300 374,129 Bancorp Rhode Island, Inc. 3,600 81,864 Berkshire Hills Bancorp, Inc. 20,000 580,000 CapLease, Inc. (REIT) 37,500 78,375 Capstead Mortgage Corp. 29,800 312,602 Danvers Bancorp, Inc. 36,000 458,640 Delphi Financial Group, Inc., Class A 12,000 145,200 Encore Bancshares, Inc.* 15,395 221,688 ESSA Bancorp, Inc. 19,600 264,012 Flushing Financial Corp. 11,300 154,358 Glacier Bancorp, Inc. 12,500 222,250 Hatteras Financial Corp. 20,100 517,977 Home Financial Bancorp, Inc. 16,200 170,262 Investors Bancorp, Inc.* 16,300 228,200 Meadowbrook Insurance Group, Inc. 162,800 913,308 1 ROBECO INVESTMENT FUNDS ROBECO WPG SMALL CAP VALUE FUND Portfolio of Investments (Continued) NOVEMBER 30, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ FINANCE--(CONTINUED) MFA Mortgage Investments, Inc. 89,100 $ 551,529 Nelnet, Inc., Class A 30,600 402,696 New York Community Bancorp, Inc. 9,800 127,890 Renasant Corp. 18,700 361,845 SeaBright Insurance Holdings, Inc.* 13,800 145,728 Sun Communities, Inc. (REIT) 33,900 371,205 United Financial Bancorp, Inc. 33,400 440,212 Validus Holdings Ltd. 23,500 546,140 Viewpoint Financial Group 13,400 214,266 Westfield Financial, Inc. 48,300 498,456 WSFS Financial Corp. 7,500 328,200 Zenith National Insurance Corp. 7,500 247,425 ------------ 9,281,152 ------------ HEALTH CARE--6.6% ICU Medical, Inc.* 11,100 335,775 Lakeland Industries, Inc.* 53,600 378,416 Life Sciences Research, Inc.* 31,200 306,696 LifePoint Hospitals, Inc.* 22,200 445,332 NovaMed, Inc.* 45,700 163,149 Providence Service Corp. (The)* 57,300 93,972 ------------ 1,723,340 ------------ INDUSTRIAL--2.9% General Cable Corp.* 12,000 198,120 GrafTech International Ltd.* 32,400 216,756 Titan Machinery, Inc.* 28,400 331,996 ------------ 746,872 ------------ TECHNOLOGY--6.7% Actuate Corp.* 90,800 238,804 Axesstel, Inc.* 189,620 66,367 Ciena Corp.* 20,900 154,660 CPI International, Inc.* 17,300 161,582 Digi International, Inc.* 40,300 371,566 Lionbridge Technologies, Inc.* 27,400 26,578 OmniVision Technologies, Inc.* 16,400 98,400 Plantronics, Inc. 9,200 116,932 Qlogic Corp.* 13,200 140,184 Rackable Systems, Inc.* 50,200 200,298 NUMBER OF SHARES VALUE ----------- ------------ TECHNOLOGY--(CONTINUED) Zoran Corp.* 22,200 $ 166,944 ------------ 1,742,315 ------------ TRANSPORTATION--2.4% Airtran Holdings, Inc.* 42,900 146,289 DHT Maritime, Inc. 59,700 319,395 Diana Shipping, Inc. 9,500 83,980 Paragon Shipping, Inc., Class A 20,000 89,200 ------------ 638,864 ------------ UTILITIES--4.1% El Paso Electric Co.* 11,000 198,220 Great Plains Energy, Inc. 8,000 150,320 Portland General Electric Co. 10,400 190,424 Synthesis Energy Systems, Inc.* 42,900 42,042 UGI Corp. 12,600 294,336 Vectren Corp. 6,900 194,304 ------------ 1,069,646 ------------ TOTAL COMMON STOCK (Cost $38,338,016) 25,964,716 ------------ SHORT-TERM INVESTMENTS--0.1% PNC Bank Money Market Deposit Account 26,051 26,051 ------------ TOTAL SHORT-TERM INVESTMENTS (Cost $26,051) 26,051 ------------ TOTAL INVESTMENTS--99.5% (COST $38,364,067)** 25,990,767 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES--0.5% 133,734 ------------ NET ASSETS--100.0% $ 26,124,501 ============ REIT -- Real Estate Investment Trust * -- 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 $ 38,364,067 ------------ Gross unrealized appreciation 930,623 Gross unrealized depreciation (13,303,923) ------------ Net unrealized depreciation $(12,373,300) ============ ROBECO INVESTMENT FUNDS ROBECO WPG SMALL CAP VALUE FUND Portfolio of Investments (Continued) NOVEMBER 30, 2008 (UNAUDITED) 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 WPG 130/30 LARGE CAP CORE FUND Portfolio of Investments NOVEMBER 30, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ------------ -------------- LONG POSITIONS--143.1% DOMESTIC COMMON STOCK--130.5% BASIC MATERIALS--5.4% 3M Co. 941 $ 62,981 Celanese Corp. Series A # 5,458 63,040 CF Industries Holdings, Inc. 455 23,947 Crown Holdings, Inc. #* 5,807 93,202 International Paper Co. 3,475 43,264 Monsanto Co. # 1,232 97,575 Mosaic Co., (The) # 1,621 49,197 Potash Corp. of Saskatchewan, Inc. 767 47,278 ------------ 480,484 ------------ COMMERCIAL SERVICES--2.6% Accenture Ltd., Class A 1,311 40,615 Apollo Group, Inc., Class A* 241 18,518 Computer Sciences Corp. #* 1,527 42,542 Hewitt Associates, Inc., Class A #* 1,732 49,501 Omnicom Group, Inc. # 2,753 77,882 ------------ 229,058 ------------ CONSUMER CYCLICAL--10.1% AutoZone, Inc. #* 1,012 110,530 Best Buy Co., Inc. # 2,380 49,290 Big Lots, Inc.* 3,306 57,921 Cemex S.A. de C.V. ADR #* 4,745 32,978 Fastenal Co. # 1,753 67,508 Jarden Corp. #* 6,032 75,279 Liz Claiborne, Inc. 6,669 19,007 RadioShack Corp. # 10,695 105,346 Ross Stores, Inc. 2,410 63,865 TJX Companies, Inc. (The) # 2,401 54,791 Wal-Mart Stores, Inc. # 4,588 256,377 ------------ 892,892 ------------ CONSUMER NON-CYCLICAL--11.1% Archer-Daniels-Midland Co. 1,392 38,113 Campbell Soup Co. 1,604 51,408 NUMBER OF SHARES VALUE ------------ -------------- CONSUMER NON-CYCLICAL--(CONTINUED) Constellation Brands, Inc., Class A* 9,324 $ 118,974 General Mills, Inc. 696 43,966 H.J. Heinz Co. 439 17,051 Kraft Foods, Inc., Class A # 3,301 89,820 Kroger Co., (The) # 3,062 84,695 Pepsi Bottling Group, Inc. # 7,549 136,561 Philip Morris International, Inc. # 3,331 140,435 Procter & Gamble Co. # 2,647 170,335 Safeway, Inc. # 2,711 59,100 SUPERVALU, Inc. 2,217 26,405 ------------ 976,863 ------------ CONSUMER SERVICES--6.0% Brinker International, Inc. # 3,324 22,071 CBS Corp., Class B # 4,573 30,456 Comcast Corp., Class A 1,521 26,374 Dish Network Corp.* 2,877 31,877 Hasbro, Inc. # 2,549 68,313 McDonald's Corp. # 1,453 85,364 Royal Caribbean Cruises Ltd. # 3,440 32,405 Walt Disney Co., (The) # 7,367 165,905 Yum! Brands, Inc. # 2,339 63,013 ------------ 525,778 ------------ ENERGY--15.6% ConocoPhillips # 1,735 91,122 ENSCO International, Inc. # 3,376 109,416 EXCO Resources, Inc.* 16,125 123,679 Exxon Mobil Corp. # 7,338 588,141 Helmerich & Payne, Inc. 2,414 61,219 Murphy Oil Corp. 909 40,042 Occidental Petroleum Corp. # 3,415 184,888 Plains Exploration & Production Co.* 4,701 108,828 Talisman Energy, Inc. # 6,166 57,097 Unit Corp.* 480 13,766 ------------ 1,378,198 ------------ 1 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS WPG 130/30 LARGE CAP CORE FUND Portfolio of Investments (Continued) NOVEMBER 30, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ------------ -------------- FINANCE--17.7% Annaly Capital Management, Inc. 5,115 $ 73,503 Bank of America Corp. # 4,028 65,455 CapitalSource, Inc. 11,443 59,618 CBL & Associates Properties, Inc. 7,119 28,974 Charles Schwab Corp., (The) # 7,971 146,108 Chubb Corp., (The) # 3,281 168,512 Citigroup, Inc. # 3,658 30,325 Goldman Sachs Group, Inc., (The) 408 32,228 H&R Block, Inc. 2,869 54,884 Hudson City Bancorp, Inc. # 2,914 48,693 JPMorgan Chase & Co. # 2,806 88,838 Mastercard, Inc., Class A # 409 59,428 MetLife, Inc. # 3,813 109,662 Morgan Stanley 917 13,526 Northern Trust Corp. # 2,737 125,601 TD Ameritrade Holding Corp. #* 8,014 106,586 US Bancorp 1,975 53,285 W.R. Berkley Corp. # 3,927 111,645 Wells Fargo & Co. # 6,386 184,491 ------------ 1,561,362 ------------ HEALTH CARE--18.1% Abbott Laboratories 2,428 127,203 Aetna, Inc. # 3,679 80,276 Amgen, Inc. #* 3,557 197,556 CIGNA Corp. # 2,825 34,211 Covidien Ltd. 765 28,190 Johnson & Johnson # 3,829 224,303 Life Technologies Corp. #* 1,798 46,928 Medco Health Solutions, Inc. #* 3,259 136,878 Merck & Co., Inc. # 3,187 85,157 Pfizer, Inc. # 15,586 256,078 Schering-Plough Corp. # 9,434 158,585 Varian Medical Systems, Inc. #* 1,877 75,756 Watson Pharmaceuticals, Inc. #* 3,175 75,406 WellPoint, Inc. #* 2,079 74,012 ------------ 1,600,539 ------------ INDUSTRIAL--7.9% Allied Waste Industries, Inc. #* 5,706 61,282 NUMBER OF SHARES VALUE ------------ -------------- INDUSTRIAL--(CONTINUED) Caterpillar, Inc. # 3,914 $ 160,435 Flowserve Corp. # 1,025 51,588 Foster Wheeler Ltd. #* 4,282 95,317 General Electric Co. # 8,121 139,438 Shaw Group, Inc., (The) #* 6,014 110,658 Snap-On, Inc. 1,274 45,928 United Technologies Corp. 734 35,621 ------------ 700,267 ------------ OTHER--1.4% SPDR Trust Series 1 # 1,403 126,396 ------------ TECHNOLOGY--22.0% Broadcom Corp., Class A #* 2,215 33,912 CA, Inc. # 7,862 132,396 General Dynamics Corp. # 2,165 111,866 Goodrich Corp. 1,421 47,817 Hewlett-Packard Co. # 6,006 211,892 IAC/Interactivecorp* 3,442 50,907 Intel Corp. # 7,833 108,095 International Business Machines Corp. # 2,055 167,688 Lexmark International, Inc., Class A #* 5,386 141,005 Motorola, Inc. # 23,544 101,475 Novell, Inc. #* 30,104 136,973 Priceline.com, Inc.* 1,529 105,501 Qlogic Corp.* 7,738 82,178 QUALCOMM, Inc. 3,813 128,002 Raytheon Co. # 3,809 185,879 STMicroelectronics N.V. # 12,513 82,711 Taiwan Semiconductor Manufacturing Co., Ltd. - ADR 15,719 112,391 ------------ 1,940,688 ------------ TELECOMMUNICATIONS--4.8% AT&T, Inc. 551 15,737 Embarq Corp. # 5,122 167,182 Qwest Communications International, Inc. 33,200 106,240 2 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS WPG 130/30 LARGE CAP CORE FUND Portfolio of Investments (Continued) NOVEMBER 30, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ------------ -------------- TELECOMMUNICATIONS--(CONTINUED) Verizon Communications, Inc. 4,156 $ 135,693 ------------ 424,852 ------------ TRANSPORTATION--2.7% CSX Corp. # 1,473 54,854 J.B. Hunt Transport Services, Inc. 2,452 65,738 Ryder System, Inc. 769 27,615 Southwest Airlines Co. 5,557 48,068 Union Pacific Corp. 797 39,882 ------------ 236,157 ------------ UTILITIES--5.1% AES Corp., (The)* 8,032 61,766 Edison International # 4,765 159,151 FirstEnergy Corp. 1,270 74,397 SCANA Corp. # 3,560 123,710 Sempra Energy 752 35,096 ------------ 454,120 ------------ TOTAL DOMESTIC COMMON STOCK (Cost $16,038,971) 11,527,654 ------------ SHORT-TERM INVESTMENTS--12.6% PNC Bank Money Market Deposit Account 1,112,639 1,112,639 ------------ TOTAL SHORT-TERM INVESTMENTS (Cost $1,112,639) 1,112,639 ------------ TOTAL LONG POSITIONS--143.1% (COST $17,151,610) 12,640,293 ------------ SECURITIES SOLD SHORT--(30.8%) BASIC MATERIALS--(1.8%) Aptargroup, Inc. (1,306) (43,673) Cameco Corp. (1,967) (33,891) Goldcorp, Inc. (1,668) (44,986) Titanium Metals Corp. (4,341) (36,681) ------------ (159,231) ------------ COMMERCIAL SERVICES--(1.5%) Career Education Corp.* (1,453) (26,852) Fidelity National Information Services, Inc. (2,900) (49,822) NUMBER OF SHARES VALUE ------------ -------------- COMMERCIAL SERVICES--(CONTINUED) Monster Worldwide, Inc.* (2,609) $ (29,925) Moody's Corp. (1,031) (22,383) ------------ (128,982) ------------ CONSUMER CYCLICAL--(3.7%) Chico's FAS, Inc.* (10,579) (26,976) Cooper Tire & Rubber Co. (6,671) (31,954) J.C. Penney Co., Inc. (2,344) (44,513) Jones Lang LaSalle, Inc. (792) (18,873) KBR, Inc. (2,976) (40,980) O'Reilly Automotive, Inc.* (2,030) (52,922) Toll Brothers, Inc.* (2,670) (53,213) Walgreen Co. (1,896) (46,907) Weight Watchers International, Inc. (502) (14,207) ------------ (330,545) ------------ CONSUMER NON-CYCLICAL--(0.8%) Altria Group, Inc. (2,307) (37,097) Dean Foods Co.* (2,434) (35,439) ------------ (72,536) ------------ CONSUMER SERVICES--(2.0%) Harman International Industries, Inc. (1,683) (25,329) Liberty Media Holding Capital, Series A* (4,138) (13,697) Marriott International, Inc., Class A (1,211) (20,333) Penn National Gaming, Inc.* (2,658) (56,349) Scientific Games Corp., Class A* (1,867) (28,024) Starbucks Corp.* (3,997) (35,693) ------------ (179,425) ------------ ENERGY--(1.6%) Anadarko Petroleum Corp. (535) (21,962) CNX Gas Corp.* (1,379) (42,845) Frontier Oil Corp. (3,698) (44,154) Plains All American Pipeline LP (1,082) (36,994) ------------ (145,955) ------------ 3 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS WPG 130/30 LARGE CAP CORE FUND Portfolio of Investments (Continued) NOVEMBER 30, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ------------ -------------- FINANCE--(4.7%) Brown & Brown, Inc. (2,454) $ (48,835) Fidelity National Financial, Inc., Class A (4,742) (58,469) First American Corp. (1,826) (43,860) First Horizon National Corp. (4,356) (46,566) Franklin Resources, Inc. (293) (17,800) Janus Capital Group, Inc. (1,769) (14,417) KeyCorp. (4,074) (38,214) Kilroy Realty Corp. (REIT) (653) (19,897) Legg Mason, Inc. (1,450) (26,129) Old Republic International Corp. (4,673) (47,945) Plum Creek Timber Co., Inc. (902) (32,102) Taubman Centers, Inc. (964) (22,982) ------------ (417,216) ------------ HEALTH CARE--(4.2%) Allergan, Inc. (1,278) (48,155) Covance, Inc.* (785) (30,678) Coventry Health Care, Inc.* (1,948) (24,292) Elan Corp. PLC - ADR* (1,632) (10,233) Health Net, Inc.* (4,142) (37,319) Hill-Rom Holdings, Inc. (1,858) (38,163) Hologic, Inc.* (1,632) (22,946) Intuitive Surgical, Inc.* (282) (37,374) Inverness Medical Innovations, Inc.* (1,927) (33,857) Sepracor, Inc.* (3,219) (37,855) VCA Antech, Inc.* (2,409) (45,891) ------------ (366,763) ------------ INDUSTRIAL--(2.7%) Crane Co. (2,589) (38,369) Graco, Inc. (1,082) (23,220) Pall Corp. (1,627) (44,759) Rockwell Automation, Inc. (1,118) (34,825) SPX Corp. (1,366) (50,979) Stericycle, Inc.* (736) (42,173) ------------ (234,325) ------------ TECHNOLOGY--(5.5%) Akamai Technologies, Inc.* (2,249) (27,595) NUMBER OF SHARES VALUE ------------ -------------- TECHNOLOGY--(CONTINUED) Alliant Techsystems, Inc.* (596) $ (48,991) Citrix Systems, Inc.* (1,060) (28,260) Compuware Corp.* (7,375) (46,831) Linear Technology Corp. (1,675) (33,416) MEMC Electronic Materials, Inc.* (1,367) (20,532) Novellus Systems, Inc.* (2,989) (37,034) Rambus, Inc.* (4,103) (42,302) Roper Industries, Inc. (939) (42,978) Spirit Aerosystems Holdings, Inc., Class A* (4,746) (42,951) Texas Instruments, Inc. (2,323) (36,169) Tyco Electronics Ltd. (2,154) (35,498) Zebra Technologies Corp., Class A* (2,010) (42,532) ------------ (485,089) ------------ TELECOMMUNICATIONS--(0.9%) MetroPCS Communications, Inc.* (3,410) (49,922) SBA Communications Corp., Class A* (1,864) (29,433) ------------ (79,355) ------------ TRANSPORTATION--(0.4%) Kirby Corp.* (1,357) (34,509) ------------ UTILITIES--(1.0%) Covanta Holding Corp.* (1,903) (37,965) Great Plains Energy, Inc. (1,883) (35,381) Nicor, Inc. (419) (17,087) ------------ (90,433) ------------ TOTAL SECURITIES SOLD SHORT (Proceeds $4,078,423) (2,724,364) ------------ TOTAL INVESTMENTS--112.3% (COST $13,073,187)** 9,915,929 ------------ LIABILITIES IN EXCESS OF OTHER ASSETS--(12.3)% (1,084,159) ------------ NET ASSETS--100.0% $ 8,831,770 ============ ADR -- American Depositary Receipt REIT -- Real Estate Investment Trust 4 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS WPG 130/30 LARGE CAP CORE FUND Portfolio of Investments (Continued) NOVEMBER 30, 2008 (UNAUDITED) # Security portion 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 $ 13,073,187 ------------ Gross unrealized appreciation 1,645,607 Gross unrealized depreciation (4,802,865) ------------ Net unrealized depreciation $ (3,157,258) ============ 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 SAM SUSTAINABLE CLIMATE FUND Portfolio of Investments NOVEMBER 30, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ COMMON STOCK--86.1% AUSTRIA--9.8% Verbund - Oesterreichische Elektrizitaetswirtschafts AG (Utilities) 2,300 $ 101,399 Wienerberger AG (Basic Materials) 2,800 39,487 Zumtobel AG (Technology) 6,600 59,536 ------------ 200,422 ------------ BRAZIL--7.2% Cia Energetica de Minas Gerais - ADR (Utilities) 9,352 148,042 ------------ CANADA--2.8% Canadian Hydro Developers, Inc. (Utilities)* 9,200 19,287 Canadian Solar, Inc. (Industrial)* 4,500 25,020 Intermap Technologies Corp. (Capital Goods)* 10,100 12,542 ------------ 56,849 ------------ CHINA--6.0% Trina Solar Ltd. - ADR (Energy)* 6,300 59,913 Yingli Green Energy Holding Co. Ltd. - ADR (Technology)* 15,500 63,860 ------------ 123,773 ------------ DENMARK--2.9% Greentech Energy Systems (Utilities)* 7,200 23,702 Novozymes A/S, Class B (Health Care) 500 35,008 ------------ 58,710 ------------ FINLAND--4.4% Fortum Oyj (Utilities) 2,950 58,956 Vaisala Oyj Class A (Technology) 1,200 31,605 ------------ 90,561 ------------ GERMANY--0.5% Steico AG (Capital Goods) 4,000 9,402 ------------ NUMBER OF SHARES VALUE ----------- ------------ GREECE--1.0% Terna Energy SA (Utilities) 4,800 $ 21,467 ------------ JAPAN--2.6% Mitsubishi Rayon Co. Ltd. (Basic Industries) 11,000 27,969 Miura Co. Ltd. (Capital Goods) 1,200 26,368 ------------ 54,337 ------------ UNITED KINGDOM--6.1% Smit Internationale NV (Transportation) 2,250 124,636 ------------ SPAIN--16.9% EDP Renovaveis SA (Energy)* 13,100 81,387 Gamesa Corp. Tecnologica SA (Technology) 2,600 43,339 Iberdrola Renovables SA (Utilities)* 26,600 88,882 Union Fenosa SA (Utilities) 6,100 132,759 ------------ 346,367 ------------ SWEDEN--0.6% Munters AB (Capital Goods) 3,299 12,583 ------------ UNITED STATES--25.3% Covanta Holding Corp. (Energy)* 5,700 113,715 Ecolab, Inc. (Basic Industries) 1,500 57,585 First Solar, Inc. (Industrial)* 780 97,375 FPL Group, Inc. (Utilities) 1,410 68,752 ITC Holdings Corp. (Utilities) 1,500 63,000 Kingspan Group PLC (Capital Goods) 2,000 8,099 Quanta Services, Inc. (Consumer Non-Durables)* 1,100 17,886 Sunpower Corp., Class A (Technology)* 1,330 46,191 Tetra Tech, Inc. (Consumer Services)* 2,300 46,092 ------------ 518,695 ------------ TOTAL COMMON STOCK (Cost $2,767,616) 1,765,844 ------------ 1 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS ROBECO SAM SUSTAINABLE CLIMATE FUND Portfolio of Investments (Continued) NOVEMBER 30, 2008 (UNAUDITED) NUMBER OF SHARES VALUE ----------- ------------ SHORT-TERM INVESTMENTS--13.2% PNC Bank Money Market Deposit Account 271,526 $ 271,526 ------------ TOTAL SHORT-TERM INVESTMENTS (Cost $271,526) 271,526 ------------ TOTAL INVESTMENTS--99.3% (COST $3,039,142)** 2,037,370 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES--0.7% 13,809 ------------ NET ASSETS--100.0% $ 2,051,179 ============ ADR -- American Depositary Receipt * --- Non-income Producing ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 3,039,142 ------------ Gross unrealized appreciation 37,178 Gross unrealized depreciation (1,038,950) ------------ Net unrealized depreciation $ (1,001,772) ============ 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 SAM SUSTAINABLE WATER FUND Portfolio of Investments NOVEMBER 30, 2008 (UNAUDITED) NUMBER OF SHARES VALUE --------- ----------- COMMON STOCK--91.1% AUSTRALIA--0.4% Boart Longyear Group (Industrial) 56,610 $ 10,024 ----------- AUSTRIA--2.2% Andritz AG (Industrial) 2,200 50,536 BWT AG (Industrial) 500 8,652 ----------- 59,188 ----------- BRAZIL--1.9% Cia de Saneamento Basico do Estado de Sao Paulo - ADR (Utilities) 2,500 52,300 ----------- CANADA--2.2% BioteQ Environmental Tech, Inc. (Industrial)* 10,285 5,888 Hanfeng Evergreen, Inc. (Basic Materials)* 3,900 13,648 Intermap Technologies Corp. (Consumer Non-Cyclical)* 6,000 7,450 Stantec, Inc. (Consumer Non-Cyclical)* 1,450 27,008 SunOpta, Inc. (Consumer Non-Cyclical)* 3,300 6,237 ----------- 60,231 ----------- CHINA--0.9% Celestial Nutrifoods Ltd. (Consumer Non-Cyclical) 51,000 11,976 Epure International Ltd. (Industrial) 100,000 11,245 Xinjiang Tianye Water Saving Irrigation System Co. Ltd. (Industrial) 32,000 1,878 ----------- 25,099 ----------- FINLAND--0.4% Uponor Oyj (Industrial) 1,250 11,530 ----------- FRANCE--7.3% Foraco International SA (Basic Materials) 7,700 5,339 NUMBER OF SHARES VALUE --------- ----------- FRANCE--(CONTINUED) Suez Environnement SA (Utilities)* 5,200 $ 89,057 Veolia Environnement (Utilities) 4,150 103,185 ----------- 197,581 ----------- GERMANY--3.1% Krones AG (Industrial) 240 9,702 KSB AG (Industrial) 175 60,029 Washtec AG (Industrial)* 1,840 15,172 ----------- 84,903 ----------- HONG KONG--7.6% Chaoda Modern Agriculture (Consumer Non-Cyclical)* 176,000 101,965 China Water Affairs Group Ltd. (Industrial)* 138,000 16,204 Guangdong Investment Ltd. (Diversified Operation) 266,000 87,865 ----------- 206,034 ----------- JAPAN--2.5% Kitz Corp. (Industrial) 4,000 12,096 Kurita Water Industries Ltd. (Industrial) 2,400 56,629 ----------- 68,725 ----------- NETHERLANDS--9.9% Aalberts Industries NV (Industrial) 6,490 47,247 Arcadis NV (Industrial) 4,160 37,843 Cascal NV (Utilities) 1,700 7,514 Grontmij NV (Industrial) 1,255 24,300 Koninklijke Boskalis Westminster NV (Industrial) 2,750 78,228 Ten Cate NV (Industrial) 1,160 20,530 Wavin NV (Industrial) 15,300 52,484 ----------- 268,146 ----------- PHILIPPINES--0.3% Manila Water Co., Inc. (Utilities) 31,900 8,793 ----------- 1 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS ROBECO SAM SUSTAINABLE WATER FUND Portfolio of Investments (Continued) NOVEMBER 30, 2008 (UNAUDITED) NUMBER OF SHARES VALUE --------- ----------- SINGAPORE--1.8% Boustead Singapore Ltd. (Diversified Operation) 48,000 $ 22,225 Hyflux Ltd. (Industrial) 22,000 22,265 Sinomem Technology Ltd. (Industrial)* 40,000 2,910 ----------- 47,400 ----------- SPAIN--0.5% Fluidra SA (Industrial) 4,000 12,298 ----------- SWITZERLAND--3.7% Geberit AG (Industrial) 540 49,641 Nestle SA (Consumer Non-Cyclical) 1,355 49,043 ----------- 98,684 ----------- UNITED KINGDOM--3.4% Pennon Group PLC (Utilities) 1,740 12,149 PuriCore PLC (Consumer Non-Cyclical)* 28,900 3,445 RPS Group PLC (Consumer Non-Cyclical) 2,500 4,844 Severn Trent PLC (Utilities) 2,650 46,543 United Utilities Group PLC (Diversified Operation) 2,600 24,232 ----------- 91,213 ----------- UNITED STATES--43.0% American States Water Co. (Utilities) 400 14,012 Aqua America, Inc. (Industrial) 1,380 29,932 Calgon Carbon Corp. (Utilities) 640 8,173 California Water Service Group (Utilities) 290 12,325 Danaher Corp. (Industrial) 2,250 125,190 Dionex Corp. (Industrial)* 415 21,285 Ecolab, Inc. (Basic Materials) 1,360 52,210 IDEX Corp. (Industrial) 2,500 57,500 Insituform Technologies, Inc., Class A (Industrial)* 1,065 17,264 Itron, Inc. (Industrial)* 2,000 94,760 NUMBER OF SHARES VALUE --------- ----------- UNITED STATES--(CONTINUED) ITT Corp. (Industrial) 3,250 $ 136,045 Layne Christensen Co. (Industrial)* 400 9,032 Lindsay Manufacturing Co. (Industrial) 290 11,284 Mueller Water Products, Inc., Class B (Industrial) 4,950 29,354 Nalco Holding Co. (Industrial) 3,500 39,935 Pall Corp. (Industrial) 3,965 109,077 Pentair, Inc. (Industrial) 900 22,374 Robbins & Myers, Inc. (Industrial) 700 15,750 Roper Industries, Inc. (Industrial) 2,600 119,002 Tetra Tech, Inc. (Industrial)* 965 19,339 Thermo Fisher Scientific, Inc. (Industrial)* 3,580 127,734 Toro Co. (Consumer Cyclical) 300 8,532 TyraTech, Inc. (Basic Materials)* 3,500 2,288 URS Corp. (Industrial)* 1,200 45,552 Valmont Industries, Inc. (Industrial) 675 37,327 ----------- 1,165,276 ----------- TOTAL COMMON STOCK (Cost $4,466,464) 2,467,425 ----------- SHORT-TERM INVESTMENTS--8.4% PNC Bank Money Market Deposit Account 229,039 229,039 ----------- TOTAL SHORT-TERM INVESTMENTS (Cost $229,039) 229,039 ----------- TOTAL INVESTMENTS--99.5% (COST $4,695,503)** 2,696,464 ----------- OTHER ASSETS IN EXCESS OF LIABILITIES--0.5% 13,077 ----------- NET ASSETS--100.0% $ 2,709,541 =========== ADR -- American Depositary Receipt * --- Non-income Producing ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $ 4,695,503 ----------- 2 ROBECO INVESTMENT FUNDS ROBECO BOSTON PARTNERS ROBECO SAM SUSTAINABLE WATER FUND Portfolio of Investments (Continued) NOVEMBER 30, 2008 (UNAUDITED) Gross unrealized appreciation 16,746 Gross unrealized depreciation (2,015,785) ----------- Net unrealized depreciation $(1,999,039) =========== For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 3 SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2008 (UNAUDITED) Shares Value ------- ----------- DOMESTIC COMMON STOCKS -- 95.8% AEROSPACE & DEFENSE -- 5.5% AAR Corp.* 127,995 $ 2,168,235 Triumph Group, Inc. 23,835 815,157 ----------- 2,983,392 ----------- AIRLINES -- 1.5% AirTran Holdings, Inc.* 240,625 820,531 ----------- AUTOMOBILE -- 0.0% Fleetwood Enterprises, Inc.* 58,850 8,828 ----------- AUTOMOBILE PARTS & EQUIPMENT -- 1.1% American Axle & Manufacturing Holdings, Inc. 139,475 351,477 Magna International, Inc., Class A 5,350 150,388 Visteon Corp.* 100,550 75,413 ----------- 577,278 ----------- BANKS -- 4.9% Citizens Republic Bancorp, Inc. 1,118,674 2,640,071 ----------- BIOTECHNOLOGY -- 0.4% Human Genome Sciences, Inc.* 133,725 231,344 ----------- BUILDING PRODUCTS -- 0.2% Builders FirstSource, Inc.* 102,275 119,662 ----------- CHEMICALS -- 0.4% Chemtura Corp. 17,150 28,641 Spartech Corp. 36,675 212,715 ----------- 241,356 ----------- COMMERCIAL BANKS -- 12.3% Colonial Bancgroup, Inc. (The) 361,250 906,738 First BanCorp. 296,375 3,242,342 Huntington Bancshares, Inc. 265,849 2,126,792 Sterling Financial Corp. 76,550 407,246 ----------- 6,683,118 ----------- COMMERCIAL SERVICES & SUPPLIES -- 4.1% Administaff, Inc. 64,475 1,101,233 Hudson Highland Group, Inc.* 355,580 1,116,521 ----------- 2,217,754 ----------- COMPUTERS & PERIPHERALS -- 3.3% Ness Technologies, Inc.* 81,175 382,334 Silicon Storage Technology, Inc.* 340,950 1,033,078 Sun Microsystems, Inc.* 6,800 21,556 Xyratex Ltd.* 122,201 336,053 ----------- 1,773,021 ----------- CONSTRUCTION & ENGINEERING -- 0.6% Centex Corp. 32,300 295,868 Integrated Electrical Services, Inc.* 3 ----------- 295,871 ----------- Shares Value ------- ----------- DISTRIBUTORS -- 0.5% Building Materials Holding Corp. 619,475 $ 205,046 Wolseley PLC 9,150 42,914 ----------- 247,960 ----------- ELECTRIC UTILITIES -- 2.0% Reliant Energy, Inc.* 192,350 1,104,089 ----------- ELECTRONIC EQUIPMENT & INSTRUMENTS -- 2.1% Avnet, Inc.* 29,250 416,520 FARO Technologies, Inc.* 48,975 704,750 ----------- 1,121,270 ----------- ENERGY & UTILITIES -- 1.8% Allegheny Energy, Inc. 27,850 981,713 ----------- FOOD-MEAT PROCESSING -- 1.0% Pilgrim's Pride Corp. 262,840 302,266 Tyson Foods, Inc., Class A 31,550 211,701 ----------- 513,967 ----------- HEALTH CARE EQUIPMENT & SUPPLIES -- 1.5% American Medical Systems Holdings, Inc.* 28,775 253,220 Orthofix International N.V.* 47,575 569,473 ----------- 822,693 ----------- HEALTH CARE PROVIDERS & SERVICE -- 1.2% Emeritus Corp.* 98,002 668,374 ----------- INSURANCE -- 4.8% Brown & Brown, Inc. 59,800 1,190,020 Fidelity National Financial, Inc., Class A 13,800 170,154 LandAmerica Financial Group, Inc. 52,775 5,278 ProAssurance Corp.* 8,256 450,695 RenaissanceRe Holdings, Ltd. 16,300 768,219 ----------- 2,584,366 ----------- INTERNET SOFTWARE & SERVICES -- 3.2% Internet Capital Group, Inc.* 208,625 767,740 ModusLink Global Solution, Inc.* 88,227 391,728 Openwave Systems, Inc.* 1,016,036 548,659 ----------- 1,708,127 ----------- IT SERVICES -- 1.2% Netgear, Inc.* 55,400 670,340 ----------- LEISURE EQUIPMENT & PRODUCTS -- 0.5% Brunswick Corp. 48,650 131,842 MarineMax, Inc.* 53,675 149,216 ----------- 281,058 ----------- MACHINERY -- 1.6% Navistar International Corp.* 22,300 487,255 Wabash National Corp. 80,125 395,016 ----------- 882,271 ----------- 1 SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2008 (UNAUDITED) Shares Value ------- ----------- MANUFACTURING -- 0.3% Freightcar America, Inc. 850 $ 18,479 Griffon Corp.* 19,700 157,600 ----------- 176,079 ----------- MARINE -- 1.5% Aegean Marine Petroleum Network, Inc. 35,000 424,900 Alexander & Baldwin, Inc. 15,225 393,566 ----------- 818,466 ----------- METALS & MINING -- 5.0% Foundation Coal Holdings, Inc. 157,100 2,241,817 Golden Star Resources Ltd.* 608,775 456,581 ----------- 2,698,398 ----------- OIL & GAS FIELD EXPLORATION -- 2.7% Goodrich Petroleum Corp.* 30,750 1,109,152 Sandridge Energy, Inc. 38,600 341,996 ----------- 1,451,148 ----------- REAL ESTATE INVESTMENT TRUSTS -- 12.9% Anworth Mortgage Asset Corp. 842,131 5,330,689 Arbor Realty Trust, Inc. 118,325 323,027 Chimera Investment Corp. 39,275 117,040 Redwood Trust, Inc. 43,900 572,895 Winthrop Realty Trust 273,210 639,311 ----------- 6,982,962 ----------- REAL ESTATE MANAGEMENT & DEVELOPMENT -- 5.5% MI Developments, Inc., Class A 37,250 366,540 NVR, Inc.* 5,290 2,297,182 Thomas Properties Group, Inc. 147,700 298,354 ----------- 2,962,076 ----------- SEMICONDUCTORS -- 7.3% Alliance Semiconductor Corp. 386,125 231,675 ASM International N.V.* 41,900 356,569 Axcelis Technologies, Inc.* 184,900 109,091 BE Semiconductor Industries N.V.* 317,168 740,524 Entegris, Inc.* 422,750 587,623 International Rectifier Corp.* 68,950 806,025 LAM Research Corp.* 29,500 595,900 ZiLog, Inc.* 189,400 526,532 ----------- 3,953,939 ----------- Shares Value ------- ----------- SOFTWARE -- 1.7% Take-Two Interactive Software, Inc.* 74,875 $ 909,731 ----------- SPECIALTY RETAIL -- 1.1% AC Moore Arts & Crafts, Inc.* 247,586 252,538 Chico's Fas, Inc.* 87,225 222,424 Insight Enterprises, Inc.* 35,550 144,688 ----------- 619,650 ----------- TEXTILES, APPAREL & LUXURY GOODS -- 1.3% Barry (R.G.) Corp.* 133,503 718,246 ----------- THRIFTS & MORTGAGE FINANCE -- 0.8% FirstFed Financial Corp.* 119,100 449,007 ----------- TOTAL DOMESTIC COMMON STOCKS (Cost $95,975,596) 51,918,156 ----------- Par (000) Value ------- ----------- CORPORATE BONDS -- 0.2% Landamerica Financial Group, Inc.* + 3.25%, 05/15/23 $ 57 7,839 Qimonda Finance LLC - CONV 6.75%, 03/22/13 741 87,068 ----------- TOTAL CORPORATE BONDS (Cost $744,922) 94,907 ----------- Shares Value ------- ----------- EXCHANGE TRADED FUND -- 2.7% FINANCE -- 2.7% iShares Russell 2000 Value Index Fund 31,175 1,470,213 ----------- TOTAL EXCHANGE TRADED FUND (Cost $1,687,551) 1,470,213 ----------- SHORT-TERM INVESTMENTS -- 0.0% PNC Bank Money Market Account 26,314 26,314 ----------- TOTAL SHORT-TERM INVESTMENTS (Cost $26,314) 26,314 ----------- TOTAL INVESTMENTS -- 98.7% (Cost $98,434,383) 53,509,590 ----------- ASSETS IN EXCESS OF OTHER LIABILITIES -- 1.3% 708,862 ----------- NET ASSETS -- 100.0% $54,218,452 =========== 2 SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2008 (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, are as follows. Aggregate Cost $ 98,434,383 ------------ Gross unrealized appreciation 1,448,400 Gross Unrealized Depreciation (50,427,712) ------------ Net unrealized Depreciation $(48,979,312) ============ 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. * Non-income producing + Security in default []Security was purchased pursuant to Rule 144A under Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of November 30, 2008, these sucurities amounted to 0.01% of net assets. 3 SCHNEIDER VALUE FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2008 (UNAUDITED) Shares Value -------- ------------ DOMESTIC COMMON STOCKS -- 94.0% AEROSPACE & DEFENSE -- 1.8% Boeing Co. (The) 46,475 $ 1,981,229 ------------ AUTOMOBILE PARTS & EQUIPMENT -- 1.9% Magna International, Inc., Class A 68,400 1,922,724 Visteon Corp.* 158,975 119,231 ------------ 2,041,955 ------------ CHEMICALS -- 0.4% Cytec Industries, Inc. 17,900 394,337 ------------ COMMERCIAL BANKS -- 12.4% Bank of America Corp. 474,150 7,704,938 Huntington Bancshares, Inc. 531,575 4,252,600 Wells Fargo & Co. 53,425 1,543,448 ------------ 13,500,986 ------------ COMMUNICATION EQUIPMENT -- 0.8% Motorola, Inc. 192,900 831,399 ------------ COMPUTERS & PERIPHERALS -- 4.3% Dell, Inc.* 422,053 4,714,332 ------------ CONSUMER FINANCE -- 1.6% Capital One Financial Corp. 50,075 1,723,081 ------------ ELECTRIC UTILITIES -- 5.5% Allegheny Energy, Inc. 63,125 2,225,156 Reliant Energy, Inc.* 647,954 3,719,256 ------------ 5,944,412 ------------ ELECTRONIC COMPONENTS & ACCESSORIES -- 2.7% Avnet, Inc.* 208,400 2,967,616 ------------ FOOD PRODUCTS -- 1.9% Tyson Foods, Inc., Class A 311,246 2,088,461 ------------ HEALTH CARE EQUIPMENT & SUPPLIES -- 0.7% Boston Scientific Corp.* 128,500 792,845 ------------ HEALTH CARE PROVIDERS & SERVICE -- 2.6% Brookdale Senior Living, Inc. 194,130 790,109 Omnicare, Inc. 85,500 2,061,405 ------------ 2,851,514 ------------ HOTELS RESTAURANTS & LEISURE -- 1.8% Carnival Corp. 92,300 1,938,300 ------------ INSURANCE -- 9.0% Brown & Brown, Inc. 47,600 947,240 Fidelity National Financial, Inc., Class A 202,046 2,491,227 Genworth Financial, Inc., Class A 286,611 415,586 RenaissanceRe Holdings, Ltd. 64,250 3,028,103 Unum Group 24,225 360,953 Willis Group Holdings Ltd. 110,806 2,556,294 ------------ 9,799,403 ------------ Shares Value -------- ------------ IT SERVICES -- 0.0% BearingPoint, Inc.* 571,866 $ 24,018 ------------ MACHINERY -- 2.2% Navistar International Corp.* 107,025 2,338,496 ------------ MEDIA -- 0.5% Liberty Media Corp., Series A* 63,482 210,125 Sirius XM Radio, Inc.* 1,787,775 372,394 ------------ 582,519 ------------ OIL, GAS & CONSUMABLE FUELS -- 12.7% Arch Coal, Inc. 340,875 5,242,657 Cameco Corp. 22,830 393,361 Chesapeake Energy Corp. 315,050 5,412,559 CONSOL Energy, Inc. 94,975 2,751,426 ------------ 13,800,003 ------------ REAL ESTATE INVESTMENT TRUSTS -- 12.5% Annaly Capital Management, Inc. 825,988 11,869,447 Redwood Trust, Inc. 128,292 1,674,211 ------------ 13,543,658 ------------ REAL ESTATE MANAGEMENT & DEVELOPMENT -- 7.2% Centex Corp. 341,640 3,129,423 NVR, Inc.* 10,789 4,685,123 ------------ 7,814,546 ------------ RETAIL - DEPARTMENT STORES -- 2.0% J.C. Penney Co., Inc. 114,561 2,175,513 ------------ SEMICONDUCTORS -- 7.8% ASML Holding N.V. 286,800 4,396,644 International Rectifier Corp.* 345,163 4,034,956 Qimonda AG -- ADR* 82,358 15,648 ------------ 8,447,248 ------------ SPECIALTY RETAIL -- 1.7% Best Buy Co, Inc. 71,275 1,476,105 Chico's Fas, Inc.* 145,160 370,158 ------------ 1,846,263 ------------ TOTAL DOMESTIC COMMON STOCKS (Cost $160,767,786) 102,142,134 ------------ PREFERRED STOCK -- 1.0% AUTOMOBILE PARTS & EQUIPMENT -- 1.0% General Motors Corp., Series C 269,300 1,104,130 ------------ TOTAL PREFERRED STOCK (Cost $4,218,335) 1,104,130 ------------ 1 SCHNEIDER VALUE FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2008 (UNAUDITED) Par (000) Value -------- ------------ CORPORATE BONDS -- 0.1% Qimonda Finance LLC CONV 6.75%, 03/22/13 $ 1,475 $ 173,313 ------------ TOTAL CORPORATE BONDS (Cost $1,475,000) 173,313 ------------ Shares -------- EXCHANGE TRADED FUND -- 2.9% FINANCE -- 2.9% iShares Russell 1000 Value Index Fund 63,595 3,128,238 ------------ TOTAL EXCHANGE TRADED FUND (Cost $2,880,173) 3,128,238 ------------ TEMPORARY INVESTMENTS -- 0.9% PNC Bank Money Market Account 992 991,974 ------------ TOTAL TEMPORARY INVESTMENTS (Cost $991,974) 991,974 ------------ TOTAL INVESTMENTS -- 98.9% (Cost $170,333,268)** 107,539,789 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES -- 1.1% 1,151,481 ------------ NET ASSETS -- 100.0% $108,691,270 ============ ADR -- American Depository Receipt. CONV -- Convertible * 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 $170,333,268 Gross unrealized appreciation 2,523,413 Gross unrealized depreciation (79,863,610) ------------ Net unrealized depreciation $(77,340,197) ============ For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements as contained in its annual report. 2 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2008 (UNAUDITED) NUMBER OF SHARES VALUE --------- ----------- COMMON STOCKS--99.8% BASIC INDUSTRY--3.1% Brush Engineered Materials, Inc.* 34,500 $ 399,510 Carpenter Technology Corp. 15,700 261,562 Chemtura Corp. 174,300 291,081 Innophos Holdings, Inc. 31,900 525,712 LaBarge, Inc.* 22,700 283,750 Trex Co, Inc.* 42,000 569,520 Xerium Technologies, Inc.* 154,900 184,331 ----------- 2,515,466 ----------- CONSUMER CYCLICAL--9.2% Avis Budget Group, Inc.* 190,600 144,856 Brink's Home Security Holdings, Inc.* 16,100 322,000 Brunswick Corp. 28,400 76,964 Carter's, Inc.* 50,700 958,737 Centex Corp. 67,300 616,468 Charlotte Russe Holding, Inc.* 30,900 154,500 Discovery Communications, Inc., Class A* 38,000 570,000 Harman International Industries, Inc. 41,700 627,585 Hertz Global Holdings, Inc.* 103,500 361,215 Interstate Hotels & Resorts, Inc.* 173,300 173,300 Pantry, Inc., (The)* 59,900 1,158,466 Quiksilver, Inc.* 77,800 108,920 Ross Stores, Inc. 13,600 360,400 Tenneco, Inc.* 115,300 378,184 Timberland Co., (The), Class A* 42,841 434,836 Town Sports International Holdings, Inc.* 115,000 325,450 Wolverine World Wide, Inc. 14,900 287,123 World Fuel Services Corp. 14,100 511,830 ----------- 7,570,834 ----------- CONSUMER GROWTH--21.9% Advanced Medical Optics, Inc.* 69,300 402,633 Alkermes, Inc.* 77,000 568,260 BioScrip, Inc.* 315,315 441,441 Cardiac Science Corp.* 19,600 127,988 Catalyst Health Solutions, Inc.* 32,400 729,000 Centene Corp.* 38,900 719,650 Chemed Corp. 10,800 440,208 Conmed Corp.* 24,200 568,942 Corn Products International, Inc. 13,400 367,160 NUMBER OF SHARES VALUE --------- ----------- CONSUMER GROWTH--(CONTINUED) CRA International, Inc.* 18,300 $ 531,066 Depomed, Inc.* 254,100 393,855 Diamond Foods, Inc. 39,600 1,196,712 Emergency Medical Services Corp., Class A* 3,200 108,544 Emergent Biosolutions, Inc.* 13,400 303,108 Genoptix, Inc.* 8,900 282,397 Hanger Orthopedic Group, Inc.* 47,200 757,560 Health Management Associates, Inc., Class A* 68,200 99,572 Herbalife Ltd. 9,200 163,576 Icon PLC - ADR* 18,900 400,491 Lender Processing Services, Inc. 31,600 697,096 LHC Group, Inc.* 14,800 494,024 Lincare Holdings, Inc.* 37,400 894,982 Martek Bioscience Corp. 24,500 684,775 Matrixx Initiatives, Inc.* 37,100 557,984 Medicines Co., (The)* 19,000 244,910 Medicis Pharmaceutical Corp., Class A 21,100 258,053 Myriad Genetics, Inc.* 9,400 557,232 NBTY, Inc.* 18,400 268,088 Owens & Minor, Inc. 12,200 506,666 PDL Biopharma, Inc. 41,300 395,654 PerkinElmer, Inc. 43,100 778,386 PharMerica Corp.* 10,600 176,172 Questcor Pharmaceuticals, Inc.* 25,500 218,025 STERIS Corp. 16,600 458,990 Tyson Foods, Inc., Class A 41,600 279,136 Viropharma, Inc.* 48,500 548,050 Vivus, Inc.* 69,100 410,454 WellCare Health Plans, Inc.* 23,800 213,248 Winn-Dixie Stores, Inc.* 43,100 644,345 ----------- 17,888,433 ----------- ENERGY--3.2% Aventine Renewable Energy Holdings, Inc.* 140,100 112,080 Clayton Williams Energy, Inc.* 13,000 596,960 Dresser-Rand Group, Inc.* 26,800 447,828 Mariner Energy, Inc.* 36,400 400,036 McMoRan Exploration Co.* 35,100 394,875 Rosetta Resources, Inc.* 55,500 417,915 1 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2008 (UNAUDITED) NUMBER OF SHARES VALUE --------- ----------- ENERGY--(CONTINUED) RPC, Inc. 14,000 $ 120,400 W&T Offshore, Inc. 11,000 154,000 ----------- 2,644,094 ----------- FINANCIAL--18.4% Allied World Assurance Holdings Ltd. 27,400 968,864 Amerisafe, Inc.* 33,373 540,642 Amtrust Financial Services, Inc. 19,000 169,860 Arch Capital Group Ltd.* 14,700 996,513 Aspen Insurance Holdings Ltd. 16,100 296,723 Assurant, Inc. 30,100 655,277 Astoria Financial Corp. 22,100 407,966 Calamos Asset Management, Inc., Class A 51,900 211,233 Cash America International, Inc. 22,800 615,828 Center Financial Corp. 80,300 565,312 Coinstar, Inc.* 20,700 384,192 Conseco, Inc.* 274,600 925,402 Federated Investors, Inc. 26,100 518,085 GFI Group, Inc. 34,630 131,248 Hanover Insurance Group, Inc. (The) 10,300 415,296 Imperial Capital Bancorp, Inc. 95,500 295,095 Interactive Brokers Group, Inc., Class A* 33,900 618,336 Investment Technology Group, Inc.* 40,100 670,873 Knight Capital Group, Inc., Class A* 41,000 678,550 LaBranche & Co., Inc.* 85,200 417,480 Nelnet, Inc., Class A 48,500 638,260 Penson Worldwide, Inc.* 98,900 652,740 Reinsurance Group of America, Inc. 16,500 669,900 StanCorp Financial Group, Inc. 18,300 609,573 Unitrin, Inc. 33,500 641,190 Validus Holdings Ltd. 22,300 518,252 Waddell & Reed Financial, Inc. 60,700 815,808 ----------- 15,028,498 ----------- INDUSTRIAL--17.9% AerCap Holdings N.V.* 85,000 393,550 Armstrong World Industries, Inc. 19,400 329,800 AZZ, Inc.* 34,900 839,694 Brink's Co., (The) 20,300 441,931 Circor International, Inc. 8,600 187,738 NUMBER OF SHARES VALUE --------- ----------- INDUSTRIAL--(CONTINUED) Darling International, Inc.* 101,400 $ 507,000 Dycom Industries, Inc.* 79,700 473,418 Elbit Systems Ltd. 8,200 302,498 Fuel Systems Solutions, Inc.* 28,400 982,356 Gardner Denver, Inc.* 20,500 507,375 Horizon Lines, Inc., Class A 48,500 194,000 Knoll, Inc. 61,600 663,432 Manitowoc Co, Inc. (The) 16,700 131,596 Manpower, Inc. 6,600 207,768 Michael Baker Corp.* 23,000 756,700 Navios Maritime Holdings, Inc. 41,400 72,036 Navistar International Corp.* 27,800 607,430 NN, Inc. 86,700 121,380 OceanFreight, Inc. 77,900 268,755 Raven Industries, Inc. 5,100 130,305 Riskmetrics Group, Inc.* 39,900 596,106 Robbins & Myers, Inc. 19,600 441,000 SPX Corp. 7,900 294,828 Stamps.com, Inc.* 55,500 491,730 TAL International Group, Inc. 40,000 451,600 TBS International Ltd. Class A* 39,000 183,300 Tredegar Corp. 39,100 614,652 Triumph Group, Inc. 16,500 564,300 UniFirst Corp. 15,600 432,276 United Rentals, Inc.* 71,700 578,619 Vishay Intertechnology, Inc.* 76,900 335,284 WABCO Holdings, Inc. 32,200 478,492 WESCO International, Inc.* 31,500 465,885 Woodward Governor Co. 28,400 603,216 ----------- 14,650,050 ----------- TECHNOLOGY--26.1% Acme Packet, Inc.* 53,300 207,870 Advent Software, Inc.* 13,900 309,970 Alvarion Ltd.* 131,950 422,240 Applied Micro Circuits Corp.* 76,900 284,530 Avocent Corp.* 40,500 761,805 Brocade Communications Systems, Inc.* 64,400 207,368 CIBER, Inc.* 68,500 293,865 ClickSoftware Technologies Ltd.* 51,150 110,484 Coherent, Inc.* 23,300 579,937 2 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2008 (UNAUDITED) NUMBER OF SHARES VALUE --------- ----------- TECHNOLOGY--(CONTINUED) Computer Programs & Systems, Inc. 23,700 $ 663,126 Conexant Systems, Inc.* 136,800 139,536 EarthLink, Inc.* 110,200 733,932 Emulex Corp.* 62,400 444,912 GigaMedia Ltd.* 95,300 466,970 Himax Technologies, Inc. ADR 122,800 173,148 Insight Enterprises, Inc.* 9,600 39,072 Integrated Device Technology, Inc.* 111,700 577,489 Interactive Intelligence, Inc.* 14,700 109,515 InterDigital, Inc.* 23,400 620,568 JDA Software Group, Inc.* 51,300 676,134 JDS Uniphase Corp.* 150,200 408,544 Liquidity Services, Inc.* 78,100 574,816 LTX-Credence Corp. 234,399 86,728 Magma Design Automation, Inc.* 53,000 94,340 MicroStrategy, Inc., Class A* 14,100 503,088 MSCI, Inc., Class A* 26,800 413,524 Net Servicos de Comunicacao SA - ADR 51,700 299,343 NTELOS Holdings Corp. 22,400 497,504 Orbital Sciences Corp.* 25,100 431,720 QLogic Corp.* 74,000 785,880 RadiSys Corp.* 103,700 622,200 RealNetworks, Inc.* 159,700 606,860 S1 Corp.* 140,000 1,047,200 Sapient Corp.* 131,500 518,110 Shanda Interactive Entertainment Ltd. - ADR* 43,200 927,072 Sierra Wireless, Inc.* 24,100 197,138 Silicon Image, Inc.* 68,100 257,418 Soapstone Networks, Inc.* 154,500 339,900 Sohu.com, Inc.* 14,100 684,414 Take-Two Interactive Software, Inc. 49,100 596,565 TeleCommunication Systems, Inc. Class A* 115,400 911,660 Teradyne, Inc.* 132,000 500,280 TIBCO Software, Inc.* 104,000 503,360 TradeStation Group, Inc.* 91,900 645,138 Verigy Ltd.* 13,500 124,335 VisionChina Media, Inc. ADR* 46,800 316,836 Vocus, Inc.* 11,800 214,406 NUMBER OF SHARES VALUE --------- ----------- TECHNOLOGY--(CONTINUED) Volterra Semiconductor Corp.* 54,800 $ 409,904 ----------- 21,340,754 ----------- TOTAL COMMON STOCKS (Cost $129,358,807) 81,638,129 ----------- SHORT TERM INVESTMENTS--0.0% Columbia Prime Reserves Fund 80 80 ----------- TOTAL SHORT TERM INVESTMENTS (Cost $80) 80 ----------- TOTAL INVESTMENTS--99.8% (Cost $129,358,887)** 81,638,209 ----------- OTHER ASSETS IN EXCESS OF LIABILITIES--0.2% 169,623 ----------- NET ASSETS--100.0% $81,807,832 =========== 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 $129,358,887 ------------ Gross unrealized appreciation 2,866,730 Gross unrealized depreciation (50,587,408) ------------ Net unrealized depreciation $(47,720,678) ============ 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 NOVEMBER 30, 2008 (UNAUDITED) MOODY'S / S&P(b) PAR (000'S) FAIR VALUE ---------------- ----------- ------------ GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES--56.9% FEDERAL HOME LOAN MORTGAGE CORPORATION--16.3% 5.923% 08/01/36 (a) Aaa/AAA $ 5,885 $ 5,976,681 5.969% 09/01/36 (a) Aaa/AAA 3,819 3,900,599 5.871% 11/01/36 (a) Aaa/AAA 2,950 3,009,804 5.807% 08/01/37 (a) Aaa/AAA 4,517 4,596,287 ------------ 17,483,371 ------------ FEDERAL NATIONAL MORTGAGE ASSOCIATION--40.6% 6.027% 10/01/36 (a) Aaa/AAA 2,848 2,912,625 6.095% 10/01/36 (a) Aaa/AAA 1,562 1,599,125 5.500% 12/01/36 Aaa/AAA 612 622,767 5.865% 12/01/36 (a) Aaa/AAA 1,868 1,911,968 5.557% 09/01/37 (a) Aaa/AAA 2,680 2,718,459 5.500% 12/07/37 TBA Aaa/AAA 10,000 10,165,620 6.000% 12/07/37 TBA Aaa/AAA 23,000 23,510,324 ------------ 43,440,888 ------------ TOTAL GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $60,159,837) 60,924,259 ------------ MORTGAGE DERIVATIVES--14.2% FANNIE MAE (IO)--10.2% 4.500% 12/01/18 Aaa/AAA 7,154 623,621 4.500% 01/01/19 Aaa/AAA 7,123 633,618 4.500% 03/01/20 Aaa/AAA 2,615 236,448 4.500% 03/01/20 Aaa/AAA 2,705 247,450 5.500% 05/25/23 Aaa/AAA 1,640 470,547 5.500% 07/25/28 * Aaa/AAA 21,232 736,999 5.000% 02/01/33 Aaa/AAA 3,127 417,671 5.000% 02/01/33 (a) Aaa/AAA 1,834 222,095 5.000% 10/01/33 Aaa/AAA 10,041 1,470,166 5.000% 08/01/34 * Aaa/AAA 3,191 541,710 5.500% 04/01/36 Aaa/AAA 7,655 1,088,476 5.500% 04/01/36 Aaa/AAA 12,843 1,725,795 6.000% 08/01/36 * Aaa/AAA 3,608 516,835 5.000% 10/01/36 * Aaa/AAA 8,407 1,389,682 5.500% 05/01/37 Aaa/AAA 4,356 670,307 ------------ 10,991,420 ------------ FANNIE MAE (PO)--1.0% 4.000% 06/25/36 Aaa/AAA 1,329 1,069,283 ------------ MOODY'S / S&P(b) PAR (000'S) FAIR VALUE ---------------- ----------- ------------ FREDDIE MAC (IO)--0.2% 5.500% 07/15/16 Aaa/AAA $ 1,175 $ 93,843 5.000% 07/15/23 Aaa/AAA 3,254 33,636 5.500% 05/15/24 Aaa/AAA 2,709 51,984 5.500% 12/15/24 Aaa/AAA 1,785 41,527 ------------ 220,990 ------------ FREDDIE MAC (PO)--1.8% 5.500% 09/15/35 Aaa/AAA 1,190 887,392 5.500% 09/15/36 Aaa/AAA 1,228 1,021,205 ------------ 1,908,597 ------------ NON-AGENCY--1.0% CWALT Series 2006-43CB * IO 6.000% 02/25/37 Aaa/AAA 5,113 1,071,147 ------------ TOTAL MORTGAGE DERIVATIVES (Cost $21,166,909) 15,261,437 ------------ COLLATERALIZED MORTGAGE OBLIGATIONS--47.2% Banc of America Mortgage Securities, Inc. Series 2005-H (a) 4.802% 09/25/35 Aaa/AAA 2,000 1,263,030 Banc of America Mortgage Securities, Inc. Series 2006-B (a) 6.153% 10/20/46 Aaa/AAA 4,222 2,114,124 Banc of America Mortgage Securities, Inc. Series 2007-3 6.000% 09/25/37 Aaa/AAA 4,514 2,988,867 Citigroup Mortgage Loan Trust, Inc. Series 2007-AR8 (a) 5.912% 07/25/37 Baa3/AAA 4,116 2,392,720 Countrywide Asset- Backed Certificates Series 2004-AB2 (a) 1.995% 05/25/36 Aa3/AA 500 150,768 1 BEAR STEARNS CUFS MLP MORTGAGE PORTFOLIO Portfolio of Investments (Continued) NOVEMBER 30, 2008 (UNAUDITED) MOODY'S / S&P(b) PAR (000'S) FAIR VALUE ---------------- ----------- ------------ Countrywide Home Loan Mortgage Pass-Through Trust Series 2003-3 (a) 1.895% 04/25/18 Aaa/AAA $ 1,182 $ 1,172,794 Countrywide Home Loan Mortgage Pass-Through Trust Series 2007-HY1 (a) 5.692% 04/25/37 Aaa/AAA 2,371 945,073 CWALT Series 2006-43CB 6.000% 02/25/37 Aaa/BBB- 1,318 1,028,334 CWALT Series 2006-HY13 (a) 5.895% 02/25/37 Aaa/A 10,890 3,621,948 CWALT Series 2006-J2 6.000% 04/25/36 Aa3/AAA 7,461 6,737,465 CWALT Series 2007-2CB 5.750% 03/25/37 Aa1/AAA 5,142 2,860,188 CWALT Series 2007-J2 6.000% 07/25/37 A2/AAA 1,791 791,915 Fannie Mae REMICS Series 2002-77 5.500% 11/25/27 Aaa/AAA 3,938 3,943,680 Fannie Mae REMICS Series 2005-25 (a) 1.745% 04/25/35 Aaa/AAA 2,182 2,028,222 First Horizon Asset Securities, Inc. Series 2006-AR1 (a) 5.851% 05/25/36 Aaa/BBB 3,806 1,461,532 Freddie Mac REMIC Series 2995 (a) 1.823% 06/15/35 Aaa/AAA 1,812 1,776,977 JPMorgan Mortgage Trust Series 2005-A4 (a) 5.166% 07/25/35 Aaa/AAA 1,209 895,824 MOODY'S / S&P(b) PAR (000'S) FAIR VALUE ---------------- ----------- ------------ JPMorgan Mortgage Trust Series 2005-A6 (a) 4.970% 08/25/35 Aaa/AAA $ 794 $ 410,105 Residential Asset Securitiation Trust Series 2007-A5 6.000% 05/25/37 Aaa/AAA 1,612 1,158,407 Residential Funding Mortgage Securities I Series 2006-SA4 (a) 6.128% 11/25/36 A2/AAA 6,976 3,552,560 Residential Funding Mortgage Securities I Series 2007-SA2 (a) 5.666% 04/25/37 B3/B 4,151 2,914,514 Washington Mutual, Inc. Series 2007-HY3 (a) 5.349% 03/25/37 Aaa/BBB 1,648 523,976 Washington Mutual, Inc. Series 2007-HY4 (a) 5.531% 04/25/37 Aaa/BBB 3,965 2,058,991 Wells Fargo Mortgage Backed Securities Trust Series 2007-10 6.250% 07/25/37 Aaa/AAA 4,144 3,728,539 ------------ TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $81,542,056) 50,520,553 ------------ U.S. TREASURY OBLIGATIONS--0.2% U.S. TREASURY NOTE--0.2% U.S. Treasury Notes 1.500% 10/31/10 $ 250 $ 252,539 ------------ 252,539 ------------ TOTAL U.S. TREASURY OBLIGATIONS (Cost $251,341) 252,539 ------------ 2 BEAR STEARNS CUFS MLP MORTGAGE PORTFOLIO Portfolio of Investments (Continued) NOVEMBER 30, 2008 (UNAUDITED) FAIR VALUE ------------ TOTAL INVESTMENTS--118.5% (COST $163,120,143)** $126,958,788 ------------ LIABILITIES IN EXCESS OF OTHER ASSETS--(18.5)% (19,821,753) ------------ NET ASSETS--100.0% $107,137,035 ============ CWALT Countrywide Alternative Loan Trust IO Interest Only PO Principal Only TBA To Be Announced (a) Adjustable rate security. Interest rate varies due to interest rate fluctuations, or, in the case of certain asset-backed securities, interest payment shortfalls. (b) Where S&P rating is not available, Fitch rating is substituted, if available. (c) Liabilities in excess of other assets include interest rate swaps as follows:
Termination Notional Amount Fixed Floating Unrealized Counterparty Date (000) Rate Rate Depreciation ------------------ ------------- ----------------- --------- --------------- ---------------- Deutsche Bank + 09/17/13 $20,000 4.52% 3 month LIBOR $ 1,682,330 =========== + Portfolio pays the fixed rate and receives the floating rate.
(d) All or a portion of the security was held as collateral for the following Futures contracts open at November 30, 2008:
Number Value Value Unrealized Of Expiration At Trade At Appreciation Contracts Type Month Date 11/30/08 (Depreciation) --------------------- --------------------- ----------------- ---------------- -------------------- -------------- Long Positions: 30 90 Day Euro 3/2009 $ 7,326,847 $ 7,356,000 $ 29,153 62 U.S. Treasury 10 Year Note 3/2009 7,260,684 7,500,063 239,379 Short Positions: 58 U.S. Treasury 2 Year Note 3/2009 (12,435,881) (12,575,125) (139,244) 111 U.S. Treasury 5 Year Note 3/2009 (12,771,349) (12,954,914) (183,565) --------- $ (54,277) =========
* Security has been valued at fair market value as determined in good faith by or under the direction of RBB's Board of Directors. ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $163,120,143 ------------ Gross unrealized appreciation 1,022,821 Gross unrealized depreciation (37,184,176) ------------ Net unrealized depreciation $(36,161,355) ============ 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 MARVIN & PALMER LARGE CAP GROWTH FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2008 (UNAUDITED) Shares Value ------- ----------- DOMESTIC COMMON STOCKS -- 96.7% CAPITAL GOODS -- 3.6% Danaher Corp. 3,299 $ 183,612 General Dynamics Corp. 5,499 284,185 Lockheed Martin Corp. 2,500 192,775 ----------- 660,572 ----------- CONSUMER SERVICES -- 6.3% Apollo Group, Inc., Class A* 8,899 683,876 McDonald's Corp. 8,099 475,875 ----------- 1,159,751 ----------- DIVERSIFIED FINANCIALS -- 4.2% Charles Schwab Corp. (The) 23,599 432,588 Northern Trust Corp. 7,299 334,997 ----------- 767,585 ----------- ENERGY -- 5.6% Chevron Corp. 4,599 363,446 Devon Energy Corp. 2,600 188,084 Exxon Mobil Corp. 3,200 256,480 XTO Energy, Inc. 5,699 217,968 ----------- 1,025,978 ----------- FOOD & STAPLES RETAILING -- 10.2% Costco Wholesale Corp. 9,300 478,671 CVS Caremark Corp. 9,200 266,156 Kroger Co. (The) 9,399 260,004 Wal-Mart Stores, Inc. 15,499 866,140 ----------- 1,870,971 ----------- FOOD, BEVERAGES & TOBACCO -- 7.2% General Mills, Inc. 12,599 795,942 Heinz (H.J.) Co. 13,399 520,456 ----------- 1,316,398 ----------- HEALTH CARE EQUIPMENT & SERVICES -- 2.8% Baxter International, Inc. 6,799 359,720 Medco Health Solutions, Inc.* 3,699 155,400 ----------- 515,120 ----------- HOUSEHOLD PRODUCTS -- 0.8% Colgate-Palmolive Co. 2,399 156,168 ----------- MATERIALS -- 5.3% Monsanto Co. 7,999 633,600 Vulcan Materials Co. 5,799 347,884 ----------- 981,484 ----------- MEDIA -- 1.2% Comcast Corp. 12,898 223,686 ----------- PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 20.7% Abbott Laboratories 13,600 712,504 Amgen, Inc.* 6,500 361,010 Shares Value ------- ----------- Celgene Corp.* 13,699 $ 713,770 Genzyme Corp.* 6,000 384,120 Gilead Sciences, Inc.* 16,839 754,264 Johnson & Johnson 11,600 679,528 Schering-Plough Corp. 11,600 194,996 ----------- 3,800,192 ----------- RETAILING -- 5.6% Lowe's Cos, Inc. 39,999 826,400 Staples, Inc. 12,199 211,792 ----------- 1,038,192 ----------- SOFTWARE & SERVICES -- 6.3% Automatic Data Processing, Inc. 4,099 168,346 Oracle Corp.* 49,899 802,891 Visa, Inc., Class A 3,700 194,472 ----------- 1,165,709 ----------- TECHNOLOGY HARDWARE & EQUIPMENT -- 7.3% Apple, Inc.* 1,900 176,073 Cisco Systems, Inc.* 11,199 185,248 Flir Systems, Inc.* 7,100 220,242 Hewlett-Packard Co. 9,699 342,216 International Business Machines Corp. 5,100 416,160 ----------- 1,339,939 ----------- TELECOMMUNICATIONS -- 3.0% Verizon Communications, Inc. 16,998 555,050 ----------- TRANSPORTATION -- 4.9% Fedex Corp. 3,699 261,405 Union Pacific Corp. 8,699 435,348 United Parcel Service, Inc., Class B 3,700 213,120 ----------- 909,873 ----------- UTILITIES -- 1.7% Dominion Resources, Inc. 4,199 154,644 Exelon Corp. 2,799 157,388 ----------- 312,032 ----------- TOTAL DOMESTIC COMMON STOCKS (Cost $20,000,587) 17,798,700 ----------- SHORT-TERM INVESTMENTS -- 3.6% PNC Bank Money Market Account 649 649,934 ----------- TOTAL SHORT-TERM INVESTMENTS (Cost $649,934) 649,934 ----------- 1 MARVIN & PALMER LARGE CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2008 (UNAUDITED) Value ----------- TOTAL INVESTMENTS -- 100.3% (Cost $20,650,521)** $18,448,634 LIABILITIES IN EXCESS OF OTHER ASSETS -- (0.3)% (46,551) ----------- NET ASSETS -- 100.0% $18,402,083 ----------- * 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 $20,650,521 ----------- Gross unrealized appreciation 484,263 Gross unrealized depreciation (2,686,150) ----------- Net unrealized depreciation $(2,201,887) =========== 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. FREE MARKET FIXED INCOME FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2008 (UNAUDITED) Number of Shares Value ----------- ------------- FIXED INCOME FUNDS -- 99.6% DFA Five-Year Global Fixed Income Portfolio 3,303,840 $ 35,813,625 DFA Five-Year Government Portfolio 3,041,854 32,699,937 DFA One-Year Fixed Income Series 3,381,006 33,945,300 DFA Two-Year Global Fixed Income Series 3,287,133 34,219,052 ------------ Total Fixed Income Funds (Cost $134,822,833) 136,677,914 ------------ SHORT-TERM INVESTMENT -- 0.2% PNC Bank Money Market Account 302,344 302,344 ------------ TOTAL SHORT-TERM INVESTMENT (Cost $302,344) 302,344 ------------ TOTAL INVESTMENTS -- 99.8% (Cost $135,125,177)* 136,980,258 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.2% 224,270 ------------ NET ASSETS -- 100.0% $137,204,528 ============ * The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $135,125,177 ------------ Gross unrealized appreciation 1,931,281 Gross unrealized depreciation (260,622) ------------ Net unrealized appreciation $ 1,670,659 ============ 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. 1 FREE MARKET INTERNATIONAL EQUITY FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2008 (UNAUDITED) Number of Shares Value ------------- ------------ INTERNATIONAL EQUITY FUNDS -- 99.5% Asia Pacific Small Company Portfolio 232,543 $ 2,455,653 Continental Small Company Portfolio 455,295 4,502,868 DFA International Small Cap Value Portfolio 4,740,026 48,443,063 DFA International Value Portfolio III 3,444,056 37,919,061 Emerging Markets Portfolio 422,916 6,555,196 Emerging Markets Small Cap Portfolio 661,062 5,784,297 Emerging Markets Value Portfolio 342,631 6,129,662 Japanese Small Company Portfolio 208,847 2,564,641 Large Cap International Portfolio 437,405 6,088,679 United Kingdom Small Company Portfolio 188,172 2,493,275 ------------ Total International Equity Funds (Cost $197,047,381) 122,936,395 ------------ SHORT-TERM INVESTMENT -- 0.2% PNC Bank Money Market Account 248,148 248,148 ------------ TOTAL SHORT-TERM INVESTMENT (Cost $248,148) 248,148 ------------ TOTAL INVESTMENTS -- 99.7% (Cost $197,295,529)* 123,184,543 OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.3% 362,573 ------------ NET ASSETS -- 100.0% $123,547,116 ============ * 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 $197,295,529 ------------ Gross unrealized appreciation -- Gross unrealized depreciation (74,232,977) ------------ Net unrealized depreciation $(74,232,977) ============ 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. 1 FREE MARKET US EQUITY FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2008 (UNAUDITED) Number of Shares Value ----------- ------------ EQUITY FUNDS -- 99.6% U.S. Large Cap Value Portfolio III 5,042,693 $ 50,729,496 U.S. Large Company Institutional Index Portfolio 3,523,765 24,948,256 U.S. Micro Cap Portfolio 3,150,848 25,238,290 U.S. Small Cap Portfolio 2,159,187 25,305,675 U.S. Small Cap Value Portfolio 2,961,896 42,058,916 ------------ Total Equity Funds (Cost $244,011,485) 168,280,633 ------------ SHORT-TERM INVESTMENT -- 0.1% PNC Bank Money Market Account 231,110 231,110 ------------ TOTAL SHORT-TERM INVESTMENT (Cost $231,110) 231,110 ------------ TOTAL INVESTMENTS -- 99.7% (Cost $244,242,595)* 168,511,743 OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.3% 467,396 ------------ NET ASSETS -- 100.0% $168,979,139 ============ * 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 $244,242,595 ------------ Gross unrealized appreciation - Gross unrealized depreciation (75,863,201) ------------ Net unrealized depreciation $(75,863,201) ============ 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. 1 In September 2006, the Financial Accounting Standards Board issued FAS 157 effective for the fiscal years beginning after November 15, 2007. This standard clarifies the definition of fair value for financial reporting, establishes a framework for measuring fair value and requires additional disclosure about the use of fair value measurements. The Funds have adopted FAS 157 as of September 1, 2008. The three levels of the fair value hierarchy under FAS 157 are described below: o Level 1 - quoted prices in active markets for identical securities o Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) o Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investment) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A summary of the inputs used to value the Funds' net assets as of November 30, 2008 is as follows:
LEVEL 1 - LEVEL 2 - LEVEL 3 - QUOTED SIGNIFICANT SIGNIFICANT FUND PRICES OBSERVABLE INPUTS UNOBSERVABLE INPUTS ------ -------------------------------------------------------------------- INVESTMENTS IN SECURITIES MARKET VALUE - ---------------------------------------------------------------- Money Market Portfolio $ - $ 370,287,482 $ - Senbanc Fund 35,780,860 - - Robeco Boston Partners Small Cap Value Fund II 58,639,979 - - Robeco Boston Partners Long/Short Equity Fund 24,432,794 - - Robeco Boston Partners Large Cap Value Fund 46,519,047 - - Robeco Boston Partners Mid Cap Fund 32,768,279 - - Robeco Boston Partners All-Cap Fund 40,363,150 919,444 479,941 Robeco WPG Small Cap Value Fund 25,990,767 - - Robeco WPG 130/30 Large Cap Core Fund 9,915,929 - - Robeco SAM Sustainable Climate Fund 2,037,370 - - Robeco SAM Sustainable Water Fund 2,696,464 - - Schneider Small Cap Value Fund 53,414,683 94,907 - Schneider Value Fund 107,366,476 173,313 - Bogle Small Cap Growth Fund 81,638,209 - - Bear Stearns CUFS MLP Mortgage Portfolio - 126,958,788 - Marvin & Palmer Large Cap Growth Fund 18,448,634 - - Free Market Fixed Income Fund 136,980,258 - - Free Market International Equity Fund 123,184,543 - - Free Market US Equity Fund 168,511,743 - - OTHER FINANCIAL INSTRUMENTS* - ---------------------------------------------------------------- Bear Stearns CUFS $ (54,277) $ 126,958,788 $ (1,682,330) *Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.
The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:
INVESTMENTS IN SECURITIES AND OTHER FINANCIAL INSTRUMENTS ------------------------------------------------------------ ROBECO BOSTON PARTNERS BEAR STEARNS MLP ALL-CAP FUND MORTGAGE PORTFOLIO ------------------------------------------------------------ BALANCE AS OF 08/31/08 $ 1,661,009 $ (431,281) Accrued discounts/premiums 2,380 -- Realized gain/(loss) 28 -- Change in unrealized appreciation/(depreciation) (1,109,363) (1,251,049) Net purchases/(sales) (170,000) -- Transfers in and/or out of Level 3 167,542 -- Maturities/Expirations (71,655) ------------ ----------- BALANCE AS OF 11/30/08 $ 479,941 $(1,682,330) ============ ===========
ITEM 2. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) The RBB Fund, Inc. ------------------------------------------------------- By (Signature and Title)* /s/ Edward J. Roach ----------------------------------------------------- Edward J. Roach, President & Treasurer (principal executive officer) Date January 20, 2009 -------------------------------------------------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Edward J. Roach ----------------------------------------------------- Edward J. Roach, President & Treasurer (principal executive officer & principal financial officer) Date January 20, 2009 -------------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature. EX-99.CERT 2 g49890_302cert.txt 302 CERTIFICATION CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT I, Edward J. Roach, certify that: 1. I have reviewed this report on Form N-Q of The RBB Fund, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: January 20, 2009 /s/ Edward J. Roach ---------------------- ---------------------------------------- Edward J. Roach, President & Treasurer (principal executive officer & principal financial officer) -----END PRIVACY-ENHANCED MESSAGE-----