-----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, U82e/Fi00TK9z1ZAQzA01JXR+kbTNUH9CqJNhRxZJzrqDp+HF2MIstyl7Z2bV0OD mguSXviFHwBv3yw5FTCnvA== 0000950123-11-007139.txt : 20110131 0000950123-11-007139.hdr.sgml : 20110131 20110131132405 ACCESSION NUMBER: 0000950123-11-007139 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20101130 FILED AS OF DATE: 20110131 DATE AS OF CHANGE: 20110131 EFFECTIVENESS DATE: 20110131 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: 11558766 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 S000001097 ROBECO WPG SMALL/MICRO 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 VALUE FUND C000002997 INSTITUTIONAL BPAIX C000002998 INVESTOR BPAVX 0000831114 S000001108 ROBECO BP LONG/SHORT EQUITY FUND C000003001 INSTITUTIONAL BPLSX C000003002 INVESTOR BPLEX 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 S000025304 SAM Sustainable Global Active Fund C000075423 Institutional C000075424 Investor 0000831114 S000026538 Perimeter Small Cap Growth Fund C000079687 Investor Class C000079688 I Shares 0000831114 S000030121 S1 Fund C000092508 I Shares C000092509 R Shares 0000831114 S000030191 Robeco Boston Partners Long/Short Research Fund C000092912 Investor Class C000092913 Institutional Class N-Q 1 g07446nvq.txt N-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-05518 The RBB Fund, Inc. (Exact name of registrant as specified in charter) Bellevue Park Corporate Center 103 Bellevue Parkway Wilmington, DE 19809 (Address of principal executive offices) (Zip code) Salvatore Faia BNY Mellon Investment Servicing (US) Inc. 103 Bellevue Parkway Wilmington, DE 19809 (Name and address of agent for service) Registrant's telephone number, including area code: 302-791-1851 Date of fiscal year end: August 31 Date of reporting period: November 30, 2010 Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (Sections 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. Section 3507. ITEM 1. SCHEDULE OF INVESTMENTS. The Schedules of Investments are attached herewith. BEAR STEARNS CUFS(R) MLP MORTGAGE PORTFOLIO Portfolio of Investments NOVEMBER 30, 2010 (UNAUDITED)
MOODY'S / PAR MARKET S&P (b) (000'S) VALUE --------- ------- ------------ GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES--39.2% FEDERAL HOME LOAN MORTGAGE CORPORATION--17.1% 5.000% 05/01/18 Aaa/AAA $ 1,006 $ 1,075,095 5.000% 09/01/19 Aaa/AAA 1,450 1,554,801 5.000% 09/01/20 Aaa/AAA 1,666 1,783,574 4.500% 11/01/20 Aaa/AAA 892 948,102 4.500% 06/01/21 Aaa/AAA 1,403 1,489,688 4.500% 12/01/21 Aaa/AAA 1,284 1,364,862 4.500% 08/01/22 Aaa/AAA 2,475 2,626,878 4.500% 08/01/22 Aaa/AAA 1,956 2,078,622 5.911% 08/01/36 (a) Aaa/AAA 2,668 2,823,602 5.965% 09/01/36 (a) Aaa/AAA 1,334 1,414,401 5.777% 11/01/36 (a) Aaa/AAA 1,487 1,573,388 5.826% 08/01/37 (a) Aaa/AAA 2,442 2,598,381 ------------ 21,331,394 ------------ FEDERAL NATIONAL MORTGAGE ASSOCIATION--22.1% 5.000% 06/01/18 Aaa/AAA 1,589 1,692,073 5.000% 02/01/19 Aaa/AAA 1,602 1,705,501 5.000% 04/01/19 Aaa/AAA 995 1,069,239 5.000% 07/01/19 Aaa/AAA 1,302 1,406,823 4.500% 03/01/20 Aaa/AAA 2,587 2,754,869 5.000% 04/01/21 Aaa/AAA 1,375 1,467,231 2.028% 12/01/34 (a) Aaa/AAA 3,192 3,313,396 6.002% 10/01/36 (a) Aaa/AAA 1,053 1,112,990 6.022% 10/01/36 (a) Aaa/AAA 495 523,558 5.500% 12/01/36 Aaa/AAA 327 352,425 5.658% 12/01/36 (a) Aaa/AAA 728 769,462 5.513% 09/01/37 (a) Aaa/AAA 1,532 1,630,172 4.500% 04/01/40 Aaa/AAA 9,255 9,644,456 ------------ 27,442,195 ------------ TOTAL GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (COST $47,095,498) 48,773,589 ------------ MORTGAGE DERIVATIVES--10.2% FANNIE MAE (IO)--7.1% 4.500% 12/01/18 Aaa/AAA 4,434 469,623 4.500% 01/01/19 Aaa/AAA 4,365 452,270 4.500% 03/01/20 Aaa/AAA 1,563 167,344 4.500% 03/01/20 Aaa/AAA 1,617 174,128 5.500% 05/25/23 Aaa/AAA 1,266 171,645
MOODY'S / PAR MARKET S&P (b) (000'S) VALUE --------- ------- ------------ MORTGAGE DERIVATIVES--(CONTINUED) FANNIE MAE (IO)--(CONTINUED) 5.500% 12/25/24 Aaa/AAA $ 4,089 $ 387,001 5.500% 10/25/31 Aaa/AAA 10,932 1,166,882 7.597% 04/25/32 (a) Aaa/AAA 2,173 374,783 6.797% 09/25/32 (a) Aaa/AAA 3,270 356,314 5.000% 10/01/33 Aaa/AAA 6,404 1,052,487 5.000% 12/01/33 Aaa/AAA 1,278 204,372 5.000% 12/01/33 Aaa/AAA 2,144 358,739 5.000% 08/01/34 Aaa/AAA 2,079 367,777 5.500% 04/01/36 Aaa/AAA 4,241 691,988 5.500% 04/01/36 Aaa/AAA 6,710 981,094 7.047% 08/25/36 (a) Aaa/AAA 3,577 559,691 5.000% 10/01/36 Aaa/AAA 5,090 898,892 ------------ 8,835,030 ------------ FANNIE MAE (PO)--0.2% 4.000% 06/25/36 (d) Aaa/AAA 286 272,677 ------------ FREDDIE MAC (IO)--1.7% 5.500% 07/15/16 Aaa/AAA 438 6,037 6.897% 02/25/32 (a) Aaa/AAA 3,557 373,201 6.232% 06/15/36 (a) Aaa/AAA 2,260 365,442 6.327% 09/15/36 (a) Aaa/AAA 4,258 659,628 6.397% 11/15/36 (a) Aaa/AAA 4,210 676,433 ------------ 2,080,741 ------------ FREDDIE MAC (PO)--0.4% 4.000% 09/15/35 (d) Aaa/AAA 327 289,080 5.896% 09/15/36 (d) Aaa/AAA 155 153,133 ------------ 442,213 ------------ NON-AGENCY (IO)--0.8% CWALT Series 2006-43CB (b) 6.000% 02/25/37 Cc/CCC 5,113 1,008,949 ------------ TOTAL MORTGAGE DERIVATIVES (COST $12,352,525) 12,639,610 ------------
The accompanying notes are an integral part of the portfolio of investments. 1 BEAR STEARNS CUFS(R) MLP MORTGAGE PORTFOLIO Portfolio of Investments (Continued) NOVEMBER 30, 2010 (UNAUDITED)
MOODY'S / PAR MARKET S&P (b) (000'S) VALUE --------- ------- ------------ COLLATERALIZED MORTGAGE OBLIGATIONS--24.4% Banc of America Mortgage Securities, Inc. Series 2005-H (a)(b) 3.184% 09/25/35 Bbb/B $ 2,000 $ 1,606,602 Banc of America Mortgage Securities, Inc. Series 2006-B (a)(b) 3.197% 10/20/46 C/CCC 2,439 1,418,359 Banc of America Mortgage Securities, Inc. Series 2007-3 (b) 6.000% 09/25/37 Cc/CCC 3,495 3,118,833 Citigroup Mortgage Loan Trust, Inc. Series 2007-AR8 (a) 5.781% 07/25/37 Caa3/CC 3,178 2,346,019 Countrywide Asset-Backed Certificates Series 2004-AB2(a) 0.853% 05/25/36 Baa3/B- 500 106,479 Countrywide Home Loan Mortgage Pass-Through Trust Series 2003-3 (a)(b) 0.753% 04/25/18 Aaa/AAA 167 166,718 Countrywide Home Loan Mortgage Pass-Through Trust Series 2007-HY1 (a) (b) 5.517% 04/25/37 C/CC 1,794 310,365
MOODY'S / PAR MARKET S&P (b) (000'S) VALUE --------- ------- ------------ COLLATERALIZED MORTGAGE OBLIGATIONS--(CONTINUED) CWALT Series 2006-43CB (b) 6.000% 02/25/37 C/CC $ 628 $ 467,006 CWALT Series 2006-HY13 (a) (b) 5.724% 02/25/37 C/CC 8,861 982,596 CWALT Series 2006-J2 6.000% 04/25/36 Caa1/CC 5,007 4,372,980 CWALT Series 2007-2CB 5.750% 03/25/37 C/CC 3,584 423,663 CWALT Series 2007-J2 (b) 6.000% 07/25/37 Caa1/C 1,372 1,083,022 Fannie Mae REMICS Series 2005-25 (a) 0.603% 04/25/35 Aaa/AAA 1,681 1,682,440 Fannie Mae REMICS Series 2006-61 6.000% 10/25/30 Aaa/AAA 591 596,212 First Horizon Asset Securities, Inc. Series 2006-AR1 (a) (b) 5.621% 05/25/36 Cc/CCC 2,662 642,191 Freddie Mac REMICS Series 2752 (a) 0.603% 12/15/30 Aaa/AAA 353 352,895 Freddie Mac REMICS Series 2995 (a) 0.653% 06/15/35 Aaa/AAA 501 500,150 JPMorgan Mortgage Trust Series 2005-A4 (a) (c) 5.159% 07/25/35 Ba1/AAA 681 656,986 JPMorgan Mortgage Trust Series 2005-A6 (a) (b) (c) 3.151% 08/25/35 Aa/B+ 533 471,761
The accompanying notes are an integral part of the portfolio of investments. 2 BEAR STEARNS CUFS(R) MLP MORTGAGE PORTFOLIO Portfolio of Investments (Continued) NOVEMBER 30, 2010 (UNAUDITED)
MOODY'S / PAR MARKET S&P (b) (000'S) VALUE --------- ------- ------------ COLLATERALIZED MORTGAGE OBLIGATIONS--(CONTINUED) Residential Asset Securitiation Trust Series 2007-A5 6.000% 05/25/37 Caa2/CCC $ 1,166 $ 959,726 Residential Funding Mortgage Securities I Series 2006-SA4(a) 6.092% 11/25/36 Caa3/CCC 4,550 3,404,155 Residential Funding Mortgage Securities I Series 2007-SA2(a) 5.616% 04/25/37 C/D 610 17,330 Washington Mutual, Inc. Series 2007-HY3(a) (b) 5.009% 03/25/37 C/CCC 1,638 98,166 Washington Mutual, Inc. Series 2007-HY4(a) (b) 5.299% 04/25/37 C/CCC 2,983 2,224,173 Wells Fargo Mortgage Backed Securities Trust Series 2007- 10 (b) 6.250% 07/25/37 B2/CCC 2,399 2,244,995 ------------ TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $53,234,801) 30,253,822 ------------
PAR MARKET (000'S) VALUE ------- ------------ SHORT TERM OBLIGATIONS--24.3% U.S. TREASURY BILLS--24.3% U.S. Treasury Bill (d) (e) 0.125% 12/16/10 $28,000 $ 27,998,542 0.115% 12/16/10 2,000 1,999,904 0.116% 01/13/11 250 249,970 ------------ 30,248,416 ------------ TOTAL SHORT TERM OBLIGATIONS (COST $30,248,411) 30,248,416 ------------ TOTAL INVESTMENTS--98.1% (Cost $142,931,235)** 121,915,437 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES (f)--1.9% 2,402,366 ------------ NET ASSETS--100.0% $124,317,803 ============
- ---------- CWALT Countrywide Alternative Loan Trust IO Interest Only PO Principal Only (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 Moody's or S&P rating is not available, Fitch rating is substituted, if available. (Unaudited) (c) Security was purchased prior to the Portfolio's affiliation with JPMorgan Chase & Co. (d) Rate represents the yield at the time of purchase. ** 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 $142,931,235 ------------ Unrealized appreciation 4,301,940 Unrealized depreciation (25,317,738) ------------ Net unrealized depreciation $(21,015,798) ============
The accompanying notes are an integral part of the portfolio of investments. 3 BEAR STEARNS CUFS(R) MLP MORTGAGE PORTFOLIO Portfolio of Investments (Concluded) NOVEMBER 30, 2010 (UNAUDITED) (e) All or a portion of the security held as collateral for the following Futures contracts open at November 30, 2010:
UNREALIZED NUMBER OF EXPIRATION VALUE VALUE AT APPRECIATION/ CONTRACTS TYPE MONTH AT TRADE DATE 11/30/2010 (DEPRECIATION)* - --------- -------------------------- ---------- ------------- ----------- --------------- Long Positions: 69 U.S. Treasury 5 Year Note 03/2011 $ 8,260,760 $ 8,269,758 $ 8,998 119 U.S. Treasury 10 Year Note 03/2011 14,797,528 14,769,016 (28,512) Short Positions: 48 U.S. Treasury 2 Year Note 03/2011 10,529,885 10,530,000 (115) -------- $(19,629) ========
(f) Assets in excess of other liabilities include interest rate swaps as follows:
NOTIONAL TERMINATION AMOUNT FIXED FLOATING VALUE AT UNREALIZED COUNTERPARTY DATE (000) RATE RATE 11/30/2010 (DEPRECIATION)* - ------------ ----------- -------- ------ -------- ----------- --------------- 3 MONTH Deutsche Bank** 09/17/2013 $20,000 4.520% LIBOR $(2,146,463) $(2,146,463) =========== ===========
* Primary risk exposure is interest rate contracts. ** Portfolio pays the fixed rate and receives the floating rate. The following is a summary of the inputs used, as of November 30, 2010, in valuing the Portfolio's investments carried at market value (See Notes to Portfolio of Investments):
TOTAL MARKET LEVEL 2 LEVEL 3 VALUE AS OF LEVEL 1 SIGNIFICANT SIGNIFICANT NOVEMBER 30, QUOTED OBSERVABLE UNOBSERVABLE 2010 PRICE INPUTS INPUTS ------------ ------- ------------ ------------ GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES $ 48,773,589 $ -- $ 48,773,589 $-- MORTGAGE DERIVATIVES 12,639,610 -- 12,639,610 -- COLLATERALIZED MORTGAGE OBLIGATIONS 30,253,822 -- 30,253,822 -- SHORT TERM OBLIGATIONS 30,248,416 -- 30,248,416 -- ASSET DERIVATIVES INTEREST RATE CONTRACTS *** 8,998 8,998 -- -- ------------ ------ ------------ --- TOTAL ASSETS $121,924,435 $8,998 $121,915,437 $-- ============ ====== ============ ===
TOTAL MARKET LEVEL 2 LEVEL 3 VALUE AT LEVEL 1 SIGNIFICANT SIGNIFICANT NOVEMBER 30, QUOTED OBSERVABLE UNOBSERVABLE 2010 PRICE INPUTS INPUTS ------------ --------- ------------ ------------ LIABILITY DERIVATIVES INTEREST RATE CONTRACTS *** $(2,175,090) $(28,627) $(2,146,463) $-- ----------- -------- ----------- --- TOTAL LIABILITIES $(2,175,090) $(28,627) $(2,146,463) $-- =========== ======== =========== ===
*** Interest rate contracts include open futures contracts and swap contracts. The accompanying notes are an integral part of the financial statements. 4 BEAR STEARNS CUFS(R) MLP MORTGAGE PORTFOLIO Notes to Portfolio of Investments NOVEMBER 30, 2010 (UNAUDITED) PORTFOLIO VALUATION -- The Bear Stearns CUFS(R) MLP Mortgage Portfolio (The "Portfolio") net asset value ("NAV") is calculated once daily at the close of regular trading hours on the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. These fixed income securities are valued by pricing services approved by the Board of Directors based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may materially vary from the actual amounts realized upon sale of the securities, and the potential material variation may be greater for those securities valued using fundamental analysis. Fixed income securities having a remaining maturity of 60 days or less are valued at amortized cost, which approximates market value. Investments in other open-end investment companies, if held, are valued based on the NAV of the investment companies (which may use fair value pricing as discussed in their prospectuses). If price quotes are unavailable or deemed unreliable, securities will be fair valued in accordance with procedures adopted by the RBB Fund, Inc.'s Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. The inputs and valuation techniques used to measure fair value of the Portfolio's investments are summarized into three levels as described in the hierarchy below: - Level 1 -- quoted prices in active markets for identical securities - Level 2 -- other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) - Level 3 -- significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments) 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 Portfolio's investments as of November 30, 2010 is included in the Portfolio of Investments. FINANCIAL FUTURES CONTRACTS -- The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. The Portfolio may enter into futures contracts to hedge against changes in interest rates and securities prices, or to otherwise manage its term structure, sector selections and duration. Upon entering into a futures contract, the Portfolio is required to deposit with the broker an amount of cash or cash equivalents equal to a certain percentage of the contract amount. This is known as the "initial margin." Subsequent payments ("variation margin") are made or received by the Portfolio each day, depending on the daily fluctuation of the value of the contract. The daily changes in the contract are recorded as unrealized gain or loss. The Portfolio recognizes a realized gain or loss when the contract is closed. The risks associated with entering into financial futures contracts include the possibility that a change in the value of the contract may not correlate with the changes in the value of the underlying instruments. In addition, investing in financial futures contracts involves the risk that 5 BEAR STEARNS CUFS(R) MLP MORTGAGE PORTFOLIO (CONCLUDED) Notes to Portfolio of Investments NOVEMBER 30, 2010 (UNAUDITED) the Portfolio could lose more than the original margin deposit and subsequent payments required for a futures transaction. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. For the period ended November 30, 2010, the Portfolio's average volume is 194 for long position futures contracts and 51 for short position futures contracts. SWAP AGREEMENTS -- The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. The Portfolio may invest in swap agreements for the purpose of hedging against changes in interest rates. Swap agreements involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest with respect to a notional amount of principal. Swaps are marked to market daily based upon quotations from independent market makers and the change, if any, is recorded as unrealized gain or loss in the statement of operations. Net payments of interest are recorded as realized gain or loss. The Portfolio is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Portfolio such as swap contracts, option contracts, and TBA securities. The Portfolio is party to various derivative contracts governed by International Swaps and Derivatives Association Master Agreements (ISDA agreements). The Portfolio's ISDA agreements, which are separately negotiated with each dealer counterparty, typically contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Portfolio in the event the Portfolio's net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. Such rights often include the ability to terminate (i.e., close out) open contracts at prices which may favor the counterparty, which could have an adverse impact on the Portfolio. For open swap contracts, see the Portfolio of Investments, which is also indicative of activity for the period ended November 30, 2010. For more information with regard to significant accounting policies, see the most recent annual report filed with the Securities and Exchange Commission. 6 THE RBB FUND, INC. MONEY MARKET PORTFOLIO SCHEDULE OF INVESTMENTS NOVEMBER 30, 2010 (UNAUDITED)
PAR (000) VALUE ----------- ------------- CERTIFICATES OF DEPOSIT--22.7% DOMESTIC CERTIFICATES OF DEPOSIT--1.5% State Street Bank & Trust Co. 0.250%, 01/12/11 $ 5,000 $ 5,000,000 0.390%, 02/10/11 5,500 5,500,000 ------------- 10,500,000 ------------- YANKEE DOLLAR CERTIFICATES OF DEPOSIT--21.2% Banco Bilbao Vizcaya Argentaria S.A., New York (b) 0.343%, 12/13/10 2,000 2,000,000 Bank of Montreal, Chicago 0.270%, 03/01/11 10,000 10,000,000 0.305%, 08/29/11(b) 4,500 4,500,000 Bank of Nova Scotia, Houston 0.270%, 03/01/11 4,000 4,000,000 Bank of Tokyo-Mitsubishi UFJ, Ltd., New York 0.285%, 02/04/11 7,000 7,000,000 Barclays Bank PLC, New York 0.420%, 02/18/11 5,500 5,500,000 0.400%, 03/04/11 6,000 6,000,000 BNP Paribas SA, New York 0.390%, 05/05/11 8,000 8,000,000 Canadian Imperial Bank of Commerce, New York (b) 0.430%, 01/31/11 4,000 4,000,000 Credit Agricole Corp. & Investment Bank, New York 0.320%, 02/14/11 5,000 5,000,000 Deutsche Bank AG, New York 0.280%, 02/18/11 10,000 10,000,000 Dexia Credit Local, GTD, New York (b)(d) 1.689%, 12/17/10 6,000 6,000,000 KBC Bank NV, New York 0.610%, 12/01/10 6,000 6,000,000 Lloyds TSB Bank PLC, New York 0.615%, 02/11/11 6,000 6,000,000 Mizuho Corporate Bank, New York 0.280%, 02/08/11 7,000 7,000,000 Rabobank Nederland NV, New York 0.253%, 01/10/11 (b) 3,000 3,000,000 0.253%, 01/13/11(b) 4,500 4,500,000
PAR (000) VALUE ----------- ------------- CERTIFICATES OF DEPOSIT--(CONTINUED) YANKEE DOLLAR CERTIFICATES OF DEPOSIT--(CONTINUED) 0.570%, 01/18/11 $ 4,000 $ 4,000,000 0.343%, 09/15/11(b) 5,000 5,000,000 Royal Bank of Canada, New York 0.380%, 10/14/11 5,000 5,000,000 Royal Bank of Scotland PLC, Connecticut 0.510%, 02/24/11 8,000 8,000,000 0.490%, 04/19/11 7,000 7,000,000 Societe Generale, New York (b) 0.420%, 04/21/11 5,000 5,000,000 Toronto Dominion Bank, New York (b) 0.254%, 02/04/11 2,000 2,000,000 Westpac Banking Corp., New York (b) 0.328%, 11/04/11 7,000 7,000,000 0.343%, 12/09/11 5,000 5,000,000 ------------- 146,500,000 ------------- TOTAL CERTIFICATES OF DEPOSIT (Cost $157,000,000) 157,000,000 ------------- COMMERCIAL PAPER--42.7% ASSET BACKED--25.0% Amsterdam Funding Corp. 0.310%, 01/06/11 5,000 4,998,450 Antalis US Funding Corp. 0.330%, 01/18/11 1,500 1,499,340 0.320%, 02/09/11 15,000 14,990,667 Cancara Asset Securitisation LLC 0.300%, 01/24/11 2,000 1,999,100 0.350%, 02/17/11 4,500 4,496,588 Ciesco LLC 0.350%, 01/14/11 5,000 4,997,861 Clipper Receivables Co. LLC 0.440%, 02/15/11 4,000 3,996,284 CRC Funding LLC 0.300%, 01/12/11 11,600 11,595,940 Fairway Finance Co. LLC 0.310%, 01/06/11 5,000 4,998,450 Falcon Asset Securitization Co. LLC 0.270%, 01/12/11 5,000 4,998,425 Gotham Funding Corp. 0.260%, 01/06/11 10,000 9,997,400
The accompanying notes are an integral part of the schedule of investments. 1 THE RBB FUND, INC. MONEY MARKET PORTFOLIO SCHEDULE OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2010 (UNAUDITED)
PAR (000) VALUE ----------- ------------- COMMERCIAL PAPER--(CONTINUED) ASSET BACKED--(CONTINUED) GOVCO LLC 0.280%, 01/14/11 $ 9,000 $ 8,996,920 Grampian Funding LLC 0.300%, 01/18/11 10,000 9,996,000 0.320%, 02/11/11 7,000 6,995,520 Jupiter Securitization Co. LLC 0.240%, 12/13/10 2,000 1,999,840 0.260%, 02/03/11 10,000 9,995,378 Mont Blanc Capital Corp. 0.300%, 01/10/11 7,000 6,997,667 Nieuw Amsterdam Receivables Corp. 0.310%, 01/04/11 7,000 6,997,951 Regency Markets No. 1 LLC 0.250%, 12/15/10 4,000 3,999,611 Romulus Funding Corp. 0.330%, 12/01/10 5,000 5,000,000 0.320%, 12/10/10 2,000 1,999,840 0.330%, 12/13/10 8,000 7,999,120 Scaldis Capital LLC 0.300%, 01/07/11 5,000 4,998,458 0.310%, 01/18/11 14,350 14,344,069 Solitaire Funding LLC 0.280%, 01/11/11 5,000 4,998,406 Sydney Capital Corp. 0.450%, 12/16/10 5,500 5,498,969 0.400%, 01/25/11 3,000 2,998,167 ------------- 172,384,421 ------------- BANKS--13.5% BNP Paribas Finance, Inc. (e) 0.420%, 03/01/11 4,000 3,995,800 BNZ International Funding, Ltd. (b) 0.334%, 02/04/11 4,500 4,500,081 0.380%, 03/22/11 7,000 6,991,798 BPCE SA 0.315%, 01/18/11 15,000 14,993,700 Commonwealth Bank of Australia (b) 0.309%, 10/06/11 7,000 6,999,320 Deutsche Bank Financial LLC (e) 0.250%, 01/18/11 11,000 10,996,333
PAR (000) VALUE ----------- ------------- COMMERCIAL PAPER--(CONTINUED) BANKS--(CONTINUED) Dexia Delaware LLC (e) 0.340%, 12/01/10 $ 15,000 $ 15,000,000 Societe Generale North America, Inc. (e) 0.260%, 12/17/10 10,000 9,998,844 0.290%, 01/18/11 12,000 11,995,360 State Street Corp. (e) 0.310%, 02/22/11 8,000 7,994,282 93,465,518 LIFE INSURANCE--4.2% Metlife Short Term Fund 0.260%, 02/07/11 15,000 14,992,633 0.260%, 02/08/11 14,000 13,993,023 ------------- 28,985,656 ------------- TOTAL COMMERCIAL PAPER (Cost $294,835,595) 294,835,595 ------------- MUNICIPAL BONDS--4.6% California Housing Finance Agency Revenue, Series A, RB (LOC: Fannie Mae, Freddie Mac) (b)(d) 0.250%, 12/07/10 3,800 3,800,000 Connecticut State, Health & Educational Facilities Authority Revenue, New Haven Hospital, Series K-2, RB (LOC: JPMorgan Chase Bank) (b)(d) 0.270%, 12/07/10 5,800 5,800,000 Harris County Texas, Municipal Securities Trust Receipts, Class A, RB (LOC: Societe Generale) (b)(d) 0.300%, 12/07/10 3,695 3,695,000 Massachusetts Bay Transportation Authority, General Transportation System, RB (SBPA: Dexia Credit Local) (b)(d) 0.300%, 12/07/10 4,000 4,000,000 New York City, Housing Development Corp., Multifamily Rent Housing Revenue, Series A, RB (LOC: Fannie Mae) (b)(d) 0.270%, 12/07/10 6,000 6,000,000
The accompanying notes are an integral part of the schedule of investments. 2 THE RBB FUND, INC. MONEY MARKET PORTFOLIO SCHEDULE OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2010 (UNAUDITED)
PAR (000) VALUE ----------- ------------- MUNICIPAL BONDS--(CONTINUED) New York City, Industrial Development Agency Civic Facility Revenue, New York Law School Project, Series A, RB (LOC: JPMorgan Chase Bank) (b)(d) 0.270%, 12/07/10 $ 4,445 $ 4,445,000 Texas State, Veterans Housing Assessment Project, Series A-2, GO (Liquidity Facility: JPMorgan Chase & Co.) (b)(d) 0.270%, 12/07/10 3,900 3,900,000 ------------- TOTAL MUNICIPAL BONDS (Cost $31,640,000) 31,640,000 ------------- VARIABLE RATE OBLIGATIONS--1.3% BANKS--1.3% Merill Lynch, Pierce, Fenner and Smith Inc. (d) 0.380%, 12/01/10 4,000 4,000,000 Rabobank Nederland NV (b)(c)(d) 1.790%, 01/07/11 4,900 4,900,000 ------------- 8,900,000 ------------- TOTAL VARIABLE RATE OBLIGATIONS (Cost $8,900,000) 8,900,000 ------------- AGENCY OBLIGATIONS--10.5% Fannie Mae 0.180%, 12/06/10 (e) 4,000 3,999,900 0.180%, 12/22/10(e) 10,000 9,998,950 0.243%, 07/26/12(b) 6,500 6,497,856 0.283%, 09/17/12(b) 6,000 5,997,819 Federal Home Loan Bank (b) 0.231%, 10/06/11 7,000 6,997,591 Freddie Mac (b) 0.323%, 02/14/11 12,825 12,824,585 0.350%, 04/01/11 5,000 5,001,674 0.166%, 05/05/11 10,000 9,998,718 0.205%, 12/29/11 5,000 4,997,281 0.224%, 04/03/12 6,000 5,996,738 ------------- TOTAL AGENCY OBLIGATIONS (Cost $72,311,112) 72,311,112 -------------
PAR (000) VALUE ----------- ------------- U.S. TREASURY OBLIGATIONS--14.8% U.S. Treasury Bills (e) 0.151%, 12/23/10 $ 7,000 $ 6,999,354 0.200%, 01/27/11 7,000 6,997,784 0.188%, 02/24/11 6,000 5,997,344 0.195%, 03/17/11 6,500 6,496,268 0.195%, 03/31/11 10,000 9,993,517 0.190%, 05/26/11 3,500 3,496,749 0.212%, 06/02/11 7,400 7,392,069 U.S. Treasury Notes 0.875%, 01/31/11 7,000 7,007,274 0.875%, 02/28/11 15,250 15,273,473 4.500%, 02/28/11 6,500 6,567,893 0.875%, 03/31/11 8,500 8,517,654 4.875%, 05/31/11 5,000 5,114,610 1.125%, 06/30/11 4,750 4,773,545 1.000%, 09/30/11 7,500 7,544,943 ------------- TOTAL U.S. TREASURY OBLIGATIONS (Cost $102,172,477) 102,172,477 ------------- REPURCHASE AGREEMENT--4.5% Deutsche Bank Securities Inc. (Tri-Party Agreement dated 11/30/10 to be repurchased at $31,166,208, collateralized by $31,835,000 par value, Federal Home Loan Bank Note, 1.88%, due 09/28/20, Fair Value of the collateral is $31,791,041) 0.240%, 12/01/10 31,166 31,166,000 ------------- TOTAL REPURCHASE AGREEMENT (Cost $31,166,000) 31,166,000 ------------- TOTAL INVESTMENTS AT VALUE--101.1% (Cost $698,025,184)* 698,025,184 ------------- LIABILITIES IN EXCESS OF OTHER ASSETS--(1.1)% (7,351,583) ------------- NET ASSETS (APPLICABLE TO 658,448,443 BEDFORD SHARES AND 32,217,084 SANSOM STREET SHARES)--100.0% $ 690,673,601 =============
The accompanying notes are an integral part of the schedule of investments. 3 THE RBB FUND, INC. MONEY MARKET PORTFOLIO SCHEDULE OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2010 (UNAUDITED) * Aggregate cost is the same for financial reporting and Federal tax purposes. (a) Issuer is a US branch of a foreign domiciled bank. (b) Variable Rate Security. Rate shown is as of report date. (c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional investors. At November 30, 2010, these securities amounted to $4,900,000 or 0.7% of net assets. These securities have been determined by the Adviser to be liquid securities. (d) Rate shown is as of report date and the date shown is date on which principal and accrued interest may be recovered through demand. (e) Rate disclosed represents the discount rate at the time of purchase. GO General Obligation LOC Letter of Credit MTN Medium Term Note RB Revenue Bond SBPA Standby Bond Purchase Agreement The following is a summary of the inputs used, as of November 30, 2010, in valuing the Portfolio's investments carried at value (See Notes to Schedule of Investments):
Level 2 Level 3 Total Level 1 Significant Significant Value at Quoted Observable Unobservable November 30, 2010 Price Inputs Inputs ----------------- ------- ------------- ------------ Investments in Securities* $ 698,025,184 $-- $698,025,184 $-- ============= === ============ ===
* Please refer to the Schedule of Investments for industry and security type breakouts. The accompanying notes are an integral part of the schedule of investments. 4 THE RBB FUND, INC. MONEY MARKET PORTFOLIO NOTES TO SCHEDULE OF INVESTMENTS NOVEMBER 30, 2010 (UNAUDITED) SECURITY VALUATION -- Securities held in the Money Market Portfolio ("Portfolio") are valued under the amortized cost method, which approximates fair value. Under this method, securities are valued at cost when purchased and thereafter a constant accretion of discount or amortization of premium is recorded until maturity of the security. Regular review and monitoring of the valuation is performed to ensure that cost continues to approximate fair value and to avoid dilution or other unfair results to shareholders. The Portfolio seeks to maintain net asset value per share at $1.00. FAIR VALUE MEASUREMENT -- The inputs and valuation techniques used to measure fair value of the Portfolio's investments are summarized into three levels as described below: - - Level 1 -- quoted prices in active markets for identical securities - - Level 2 -- other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) - - Level 3 -- significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments) 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 Portfolio's investments as of November 30, 2010 is included with the Portfolio's Schedule of Investments. For more information with regard to significant accounting policies, see the most recent semi or annual report filed with the Securities and Exchange Commission. 5 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2010 (UNAUDITED)
NUMBER OF SHARES VALUE ----------- ------------- COMMON STOCKS--99.7% BASIC INDUSTRY--6.5% Aurizon Mines Ltd. * 27,000 $ 192,780 Buckeye Technologies, Inc. 39,300 782,856 Cabot Corp. 1,500 53,700 Clearwater Paper Corp. * 5,400 434,700 Ferro Corp. * 50,800 724,916 Gammon Gold, Inc. * 83,400 557,946 Golden Star Resources Ltd. * 97,200 419,904 Harry Winston Diamond Corp. * 55,000 696,850 Innospec, Inc. * 46,100 988,845 Kronos Worldwide, Inc. * 14,100 594,738 Rockwood Holdings, Inc. * 22,000 839,740 ------------- 6,286,975 ------------- CONSUMER CYCLICAL--8.0% American Axle & Manufacturing Holdings, Inc. * 79,100 849,534 Belo Corp., Class A * 79,300 459,940 Bon-Ton Stores, Inc., (The) * 58,000 778,360 Cinemark Holdings, Inc. 39,600 694,980 FirstService Corp. * 3,700 97,421 Harman International Industries, Inc. * 17,100 745,389 Marcus Corp., (The) 29,600 383,616 Pantry, Inc., (The) * 33,900 696,306 Shoe Carnival, Inc. * 14,000 388,360 Signet Jewelers Ltd. * 9,700 386,351 Susser Holdings Corp. * 47,400 637,056 Timberland Co., (The), Class A * 21,000 520,380 Ulta Salon, Cosmetics & Fragrance, Inc. * 21,300 744,435 Warnaco Group, Inc., (The) * 5,800 312,330 ------------- 7,694,458 ------------- CONSUMER GROWTH--17.7% Affymax, Inc. * 91,700 619,892 AMAG Pharmaceuticals, Inc. * 37,700 591,513 AngioDynamics, Inc. * 43,200 603,504 Cardiome Pharma Corp. * 75,700 365,631 Cardtronics, Inc. * 43,400 733,460 Cott Corp. * 81,900 679,770 Coventry Health Care, Inc. * 28,300 716,556 Elizabeth Arden, Inc. * 34,600 737,326 Genomic Health, Inc. * 34,300 632,835
NUMBER OF SHARES VALUE ----------- ------------- CONSUMER GROWTH--(CONTINUED) Healthspring, Inc. * 30,300 $ 812,949 ICON PLC, SP ADR* 2,300 46,299 Impax Laboratories, Inc. * 35,300 631,870 Inter Parfums, Inc. 33,200 606,232 ITT Educational Services, Inc. * 8,600 503,014 Lincoln Educational Services Corp. * 51,500 754,990 Medicines Co., (The) * 64,900 855,382 Medicis Pharmaceutical Corp., Class A 9,000 237,150 Medifast, Inc. * 11,800 287,448 Myriad Genetics, Inc. * 20,500 441,365 Nabi Biopharmaceuticals * 31,100 161,720 Orthofix International, N.V. * 23,700 644,403 Par Pharmaceutical Cos., Inc. * 21,600 776,088 PerkinElmer, Inc. 31,500 733,950 Providence Service Corp. * 44,500 748,045 Sirona Dental Systems, Inc. * 18,600 702,894 SXC Health Solutions Corp. * 19,100 732,485 Tyson Foods, Inc., Class A 28,200 446,406 Universal Technical Institute, Inc. 30,900 639,939 Wright Medical Group, Inc. * 48,800 643,672 ------------- 17,086,788 ------------- ENERGY--2.7% Clayton Williams Energy, Inc. * 12,900 969,564 Complete Production Services, Inc. * 33,400 950,230 CVR Energy, Inc. * 55,400 666,462 ------------- 2,586,256 ------------- FINANCIAL--15.3% Advance America Cash Advance Centers, Inc. 116,200 553,112 Allied World Assurance Co. Holdings Ltd. 7,500 440,550 American Financial Group, Inc. 24,800 763,096 American Safety Insurance Holdings Ltd. * 42,800 844,444 BGC Partners, Inc., Class A 100,300 767,295 Calamos Asset Management, Inc., Class A 67,600 806,468 CNinsure, Inc., ADR 11,100 241,536 Coinstar, Inc. * 8,200 528,408 Credit Acceptance Corp. * 9,700 602,079 E*TRADE Financial Corp. * 46,700 688,825
The accompanying notes are an integral part of the portfolio of investments. 1 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2010 (UNAUDITED)
NUMBER OF SHARES VALUE ----------- ------------- FINANCIAL--(CONTINUED) Encore Capital Group, Inc. * 29,500 $ 548,405 Euronet Worldwide, Inc. * 41,100 672,396 FBL Financial Group, Inc., Class A 28,700 766,864 First Mercury Financial Corp. 47,400 776,412 Global Cash Access Holdings, Inc. * 19,900 45,372 Interactive Brokers Group, Inc., Class A * 12,800 234,752 Lender Processing Services, Inc. 21,300 655,401 Maiden Holdings, Ltd. 83,900 631,767 MBIA, Inc. * 62,300 622,377 Nelnet, Inc., Class A 29,000 619,150 Pzena Investment Management, Inc., Class A 85,794 609,995 Southwest Bancorp, Inc. 30,100 316,652 Transatlantic Holdings, Inc. 13,600 688,160 United Fire & Casualty Co. 31,200 647,088 Unitrin, Inc. 30,100 712,166 ------------- 14,782,770 ------------- INDUSTRIAL--19.2% Administaff, Inc. 8,600 243,294 AerCap Holdings N.V. * 47,100 611,829 Air Transport Services Group, Inc. * 55,600 410,328 AMERCO * 9,000 872,460 Applied Industrial Technologies, Inc. 15,300 457,164 Atlas Air Worldwide Holdings, Inc. * 1,800 98,208 CAI International, Inc. * 41,400 846,630 DXP Enterprises, Inc. * 38,900 837,128 Federal-Mogul Corp. * 3,000 56,100 Great Lakes Dredge & Dock Co. 104,100 799,488 iRobot Corp. * 26,300 533,890 Kadant, Inc. * 32,800 629,432 KEMET Corp. * 54,400 769,760 Navistar International Corp. * 13,400 685,812 OYO Geospace Corp. * 9,000 682,740 Polypore International, Inc. * 11,600 368,648 Powell Industries, Inc. * 21,200 745,816 Power-One, Inc. * 86,500 817,425 Quanex Building Products Corp. 37,200 615,288 R.R. Donnelley & Sons Co. 40,600 639,856 Ryder System, Inc. 14,700 633,717 Sauer-Danfoss, Inc. * 32,700 993,753
NUMBER OF SHARES VALUE ----------- ------------- INDUSTRIAL--(CONTINUED) TAL International Group, Inc. 28,400 $ 804,572 Team, Inc. * 26,400 537,504 Tenneco, Inc. * 17,800 648,988 Timken Co., (The) 21,200 923,472 Tredegar Corp. 25,200 469,476 TriMas Corp. * 46,900 935,655 Twin Disc, Inc. 34,000 829,600 ------------- 18,498,033 ------------- TECHNOLOGY--29.8% Acacia Research * 10,600 288,850 ACI Worldwide, Inc. * 29,500 749,005 Airmedia Group, Inc., ADR * 108,300 748,353 Amtech Systems, Inc. * 18,700 387,090 Analogic Corp. 14,500 673,815 Applied Micro Circuits Corp. * 64,800 601,344 ASM International N.V. * 25,200 624,204 Coherent, Inc. * 14,800 611,388 Compellent Technologies, Inc. * 15,500 403,000 Comtech Telecommunications Corp. 22,600 670,316 HealthStream, Inc. * 83,800 517,046 Insight Enterprises, Inc. * 42,500 535,925 Interactive Intelligence, Inc. * 29,000 784,160 Internap Network Services Corp. * 112,600 588,898 Isilon Systems, Inc. * 26,200 884,250 Jabil Circuit, Inc. 54,600 825,006 Keithley Instruments, Inc. 31,700 683,769 Kenexa Corp. * 34,400 629,864 Lattice Semiconductor Corp. * 126,700 563,815 Liquidity Services, Inc. * 37,900 586,313 LSI Industries, Inc. 47,600 420,308 Manhattan Associates, Inc. * 21,600 671,544 Mindspeed Technologies, Inc. * 23,100 143,913 Monotype Imaging Holdings, Inc. * 44,500 498,400 Nanometrics, Inc. * 33,300 394,605 NetScout Systems, Inc. * 22,000 485,980 Newport Corp. * 55,100 800,603 OPNET Technologies, Inc. 32,300 785,536 Quest Software, Inc. * 25,000 632,500 RealNetworks, Inc. * 147,500 504,450 Renesola Ltd., - ADR* 82,900 682,267 RF Micro Devices, Inc. * 112,200 786,522
The accompanying notes are an integral part of the portfolio of investments. 2 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2010 (UNAUDITED)
NUMBER OF SHARES VALUE ----------- ------------- TECHNOLOGY--(CONTINUED) Rudolph Technologies, Inc. * 25,700 $ 191,722 Silicon Image, Inc. * 53,500 410,345 Spreadtrum Communications, Inc., - ADR* 59,300 969,555 Take-Two Interactive Software, Inc. * 71,000 785,615 Travelzoo, Inc. * 21,200 911,388 TriQuint Semiconductor, Inc. * 78,500 934,935 Unisys Corp. * 27,400 619,514 USA Mobility, Inc. 39,100 665,482 VeriFone Holdings, Inc. * 28,600 993,850 Verigy Ltd. * 72,500 620,600 Verint Systems, Inc. * 27,200 894,880 Vishay Intertechnology, Inc. * 67,300 959,698 Websense, Inc. * 31,100 644,703 ------------- 28,765,326 ------------- UTILITY--0.5% Laclede Group, Inc., (The) 15,000 530,250 ------------- TOTAL COMMON STOCKS (Cost $79,695,432) 96,230,856 -------------
NUMBER OF SHARES VALUE ----------- ------------- SHORT-TERM INVESTMENTS--0.3% Columbia Prime Reserves Fund 246,371 $ 246,371 ------------- TOTAL SHORT-TERM INVESTMENTS (Cost $246,371) 246,371 ------------- TOTAL INVESTMENTS--100.0% (Cost $79,941,803)** 96,477,227 ------------- LIABILITIES IN EXCESS OF OTHER ASSETS--0.0% (22,264) ------------- NET ASSETS--100.0% $ 96,454,963 =============
* 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 $79,941,803 ----------- Gross unrealized appreciation 18,915,127 Gross unrealized depreciation (2,379,703) ----------- Net unrealized appreciation $16,535,424 ===========
ADR -- American Depositary Receipt. SP ADR-- Sponsored American Depositary Receipt. The following is a summary of inputs used, as of November 30, 2010, in valuing the Fund's investments carried at market value (see Notes to Portfolio of Investments):
LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE NOVEMBER 30, 2010 PRICE INPUTS INPUTS ----------------- ----------- ----------- ------------ Total Investments* $96,477,227 $96,477,227 $-- $-- =========== =========== === ===
* See Portfolio of Investments detail for security type and sector classification breakout. The accompanying notes are an integral part of the portfolio of investments. 3 BOGLE INVESTMENT MANAGEMENT SMALL CAP GROWTH FUND NOTES TO PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2010 (UNAUDITED) PORTFOLIO VALUATION -- The Bogle Investment Management Small Cap Growth Fund's (the "Fund") net asset value ("NAV") is calculated once daily at the close of regular trading hours on the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System ("NASDAQ") market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are amortized to maturity based on their cost. Investments in other open-end investment companies are valued based on the NAV of those investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the RBB Fund, Inc.'s Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. FAIR VALUE MEASUREMENTS - THE inputs and valuation techniques used to measure fair value of the Fund's investments are summarized into three levels as described in the hierarchy below: - - Level 1 - unadjusted quoted prices in active markets for identical securities. - - Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) - - Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments.) 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 Fund's investments as of November 30, 2010 is included with the Fund's Portfolio of Investments. For more information with regard to accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission. 4 FREE MARKET FUNDS FREE MARKET U.S. EQUITY FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2010 (UNAUDITED)
NUMBER OF SHARES VALUE ---------- ------------ EQUITY FUNDS -- 100.0% U.S. Large Cap Value Portfolio III(a) 12,779,707 $180,449,465 U.S. Large Company Portfolio(a) 9,513,123 88,852,573 U.S. Micro Cap Portfolio(b) 7,128,229 91,027,488 U.S. Small Cap Portfolio(b) 4,579,231 90,943,528 U.S. Small Cap Value Portfolio(b) 6,434,858 151,219,173 ------------ TOTAL EQUITY FUNDS (Cost $520,783,597) 602,492,227 ------------ TOTAL INVESTMENTS -- 100.0% (Cost $520,783,597)* 602,492,227 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.0% 131,942 ------------ NET ASSETS -- 100.0% $602,624,169 ============
* 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 $520,783,597 ------------ Gross unrealized appreciation 81,708,630 Gross unrealized depreciation -- ------------ Net unrealized appreciation $ 81,708,630 ============
- ---------- (a) A portfolio of Dimensional Investment Group Inc. (b) A portfolio of DFA Investment Dimensions Group Inc. Portfolio holdings are subject to change at any time. The following is a summary of the inputs used, as of November 30, 2010, in valuing the Fund's assets carried at value (See Notes to Portfolio of Investments):
Level 2 Level 3 Total Level 1 Significant Significant Value at Quoted Observable Unobservable 11/30/10 Price Input Input ------------ ------------ ----------- ------------ Investments in Securities* $602,492,227 $602,492,227 $-- $-- ============ ============ === ===
* Please refer to the Portfolio of Investments for further details. The accompanying notes are an integral part of the portfolio of investments. 1 FREE MARKET FUNDS FREE MARKET INTERNATIONAL EQUITY FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2010 (UNAUDITED)
NUMBER OF SHARES VALUE ---------- ------------ INTERNATIONAL EQUITY FUNDS -- 100.0% Asia Pacific Small Company Portfolio(a) 338,370 $ 8,557,373 Continental Small Company Portfolio(a) 1,082,300 16,894,700 DFA International Small Cap Value Portfolio(a) 10,808,627 169,695,449 DFA International Value Portfolio III(b) 8,009,090 126,703,801 Emerging Markets Portfolio(a) 742,853 22,434,162 Emerging Markets Small Cap Portfolio(a) 888,018 20,957,218 Emerging Markets Value Portfolio(a) 593,894 20,839,757 Japanese Small Company Portfolio(a) 608,994 8,818,229 Large Cap International Portfolio(a) 1,135,099 21,078,779 United Kingdom Small Company Portfolio(a) 329,871 7,600,223 ------------ TOTAL INTERNATIONAL EQUITY FUNDS (Cost $384,860,419) 423,579,691 ------------ TOTAL INVESTMENTS -- 100.0% (Cost $384,860,419)* 423,579,691 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.0% 202,860 ------------ NET ASSETS -- 100.0% $423,782,551 ============
* 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 $384,860,419 ------------ Gross unrealized appreciation 38,719,272 Gross unrealized depreciation -- ------------ Net unrealized appreciation $ 38,719,272 ============
- ---------- (a) A portfolio of DFA Investment Dimensions Group Inc. (b) A portfolio of Dimensional Investment Group Inc. Portfolio holdings are subject to change at any time. The accompanying notes are an integral part of the portfolio of investments. 2 FREE MARKET FUNDS FREE MARKET INTERNATIONAL EQUITY FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2010 (UNAUDITED) The following is a summary of the inputs used, as of November 30, 2010, in valuing the Fund's assets carried at value (See Notes to Portfolio of Investments):
Level 2 Level 3 Total Level 1 Significant Significant Value at Quoted Observable Unobservable 11/30/10 Price Input Input ------------ ------------ ----------- ------------ Investments in Securities* $423,579,691 $423,579,691 $-- $-- ============ ============ === ===
* Please refer to the Portfolio of Investments for further details. The accompanying notes are an integral part of the portfolio of investments. 3 FREE MARKET FUNDS FREE MARKET FIXED INCOME FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2010 (UNAUDITED)
NUMBER OF SHARES VALUE ---------- ------------ FIXED INCOME FUNDS -- 100.0% DFA Five-Year Global Fixed Income Portfolio(a) 10,792,829 $124,980,957 DFA Five-Year Government Portfolio(a) 3,603,202 39,923,481 DFA Inflation-Protected Securities Portfolio(a) 2,141,872 24,974,222 DFA Intermediate Government Fixed Income Portfolio(a) 4,708,496 59,939,156 DFA One-Year Fixed Income Portfolio(a) 11,993,635 124,254,060 DFA Two-Year Global Fixed Income Portfolio(a) 12,206,574 124,873,248 ------------ TOTAL FIXED INCOME FUNDS (Cost $488,545,636) 498,945,124 ------------ TOTAL INVESTMENTS -- 100.0% (Cost $488,545,636)* 498,945,124 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.0% 228,373 ------------ NET ASSETS -- 100.0% $499,173,497 ============
* 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 $488,545,636 ------------ Gross unrealized appreciation 10,715,957 Gross unrealized depreciation (316,469) ------------ Net unrealized appreciation $ 10,399,488 ============
- ---------- (a) A portfolio of DFA Investment Dimensions Group Inc. Portfolio holdings are subject to change at any time. The following is a summary of the inputs used, as of November 30, 2010, in valuing the Fund's assets carried at value (See Notes to Portfolio of Investments):
Level 2 Level 3 Total Level 1 Significant Significant Value at Quoted Observable Unobservable 11/30/10 Price Input Input ------------ ------------ ----------- ------------ Investments in Securities* $498,945,124 $498,945,124 $-- $-- ============ ============ === ===
* Please refer to the Portfolio of Investments for further details. The accompanying notes are an integral part of the portfolio of investments. 4 FREE MARKET FUNDS NOTES TO PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2010 (UNAUDITED) PORTFOLIO VALUATION - Investments in the underlying funds are valued at the Free Market U.S. Equity Fund's, Free Market International Fund's and the Free Market Fixed Income Fund's (each a "Fund," collectively the "Funds") net asset value determined as of the close of business on the New York Stock Exchange (generally 4:00 p.m. Eastern time). As required, some securities and assets may be valued at fair value as determined in good faith by the RBB Fund, Inc.'s Board of Directors. Direct investments in fixed income securities having a remaining maturity of 60 days or less are valued at amortized cost, which approximates market value. Fair Value Measurements - The inputs and valuation techniques used to measure fair value of the Funds' investments are summarized into three levels as described in the hierarchy below: - Level 1 - unadjusted quoted prices in active markets for identical assets or liabilities - Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) - Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A summary of inputs used to value the Funds' net assets as of November 30, 2010 is included with each Fund's Portfolio of Investments. At the end of each calendar quarter, management evaluates the Level 2 and 3 assets and liabilities for changes in liquidity, including but not limited to: whether a broker is willing to execute at the quoted price, the depth and consistency of prices from third party services, and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates Level 1 and 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund's investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities. For the period ended November 30, 2010, there were no transfers between Level 1 and 2 for the Fund. For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission. 5 MARVIN & PALMER LARGE CAP GROWTH FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2010 (UNAUDITED)
Shares Value ----------- ------------- COMMON STOCKS -- 97.0% CAPITAL GOODS -- 16.9% Caterpillar, Inc. 3,000 $ 253,800 Cummins, Inc. 3,500 339,920 Deere & Co. 3,200 239,040 Joy Global, Inc. 4,100 312,912 Precision Castparts Corp. 3,000 414,210 Rockwell Collins, Inc. 1,700 95,302 United Technologies Corp. 2,000 150,540 ------------- 1,805,724 ------------- CONSUMER DURABLES & APPAREL -- 7.0% Coach, Inc. 3,800 214,852 Hasbro, Inc. 3,200 152,512 NIKE, Inc., Class B 4,400 378,972 ------------- 746,336 ------------- CONSUMER SERVICES -- 3.3% Starbucks Corp. 4,000 122,400 Yum! Brands, Inc. 4,700 235,376 ------------- 357,776 ------------- ENERGY -- 10.9% Cameron International Corp.* 6,200 298,282 National Oilwell Varco, Inc. 5,800 355,482 Peabody Energy Corp. 4,300 252,883 Schlumberger Ltd. 3,300 255,222 ------------- 1,161,869 ------------- FOOD & STAPLES RETAILING -- 1.5% Costco Wholesale Corp. 2,300 155,503 ------------- FOOD, BEVERAGES & TOBACCO -- 1.2% Altria Group, Inc. 2,800 67,200 PepsiCo, Inc. 900 58,167 ------------- 125,367 ------------- HEALTH CARE EQUIPMENT & SERVICES -- 1.9% CIGNA Corp. 1,500 55,215 Express Scripts, Inc.* 2,800 145,851 ------------- 201,066 ------------- HOUSEHOLD & PERSONAL PRODUCTS -- 0.3% Estee Lauder Cos. Inc., Class A (The) 500 37,460 ------------- MATERIALS -- 7.9% Ball Corp. 800 52,704 CF Industries Holdings, Inc. 1,900 229,463 Cliffs Natural Resources, Inc. 1,900 129,846 Freeport-McMoRan Copper & Gold, Inc. 2,900 293,828 Monsanto Co. 2,400 143,808 ------------- 849,649 -------------
Shares Value ----------- ------------- MEDIA -- 1.2% DIRECTV, Class A* 3,000 $ 124,590 ------------- PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 1.7% Alexion Pharmaceuticals, Inc.* 600 45,870 Illumina, Inc.* 2,300 138,276 ------------- 184,146 ------------- RETAILING -- 6.8% Amazon.com, Inc.* 2,800 491,120 Expedia, Inc. 3,700 97,421 TJX Cos., Inc. (The) 3,000 136,830 ------------- 725,371 ------------- SEMICONDUCTORS & SEMICONDUCTORS EQUIPMENT -- 3.8% Avago Technologies Ltd. (Singapore)* 10,500 274,155 Xilinx, Inc. 5,000 135,600 ------------- 409,755 ------------- SOFTWARE & SERVICES -- 18.5% Akamai Technologies, Inc.* 4,600 240,074 Cognizant Technology Solutions Corp., Class A* 7,000 454,860 Google, Inc., Class A* 460 255,627 Intuit, Inc.* 6,200 278,318 Oracle Corp. 4,000 108,160 Salesforce.com, Inc.* 2,400 334,128 VMware, Inc., Class A* 3,800 309,776 ------------- 1,980,943 ------------- TECHNOLOGY HARDWARE & EQUIPMENT -- 10.5% Amphenol Corp., Class A 2,800 140,084 Apple, Inc.* 1,550 482,283 F5 Networks, Inc.* 1,000 131,880 NetApp, Inc.* 7,300 371,789 ------------- 1,126,036 ------------- TRANSPORTATION -- 3.6% CSX Corp. 1,400 85,134 Union Pacific Corp. 3,300 297,363 ------------- 382,497 ------------- TOTAL COMMON STOCKS (Cost $7,736,272) 10,374,088 ------------- TOTAL INVESTMENTS -- 97.0% (Cost $7,736,272)** 10,374,088 ------------- OTHER ASSETS IN EXCESS OF LIABILITIES --3.0% 316,554 ------------- NET ASSETS -- 100.0% $ 10,690,642 =============
The accompanying notes are an integral part of the portfolio of investments. 1 MARVIN & PALMER LARGE CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2010 (UNAUDITED) * 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 $7,736,272 ---------- Gross unrealized appreciation 2,673,114 Gross unrealized depreciation (35,298) ---------- Net unrealized appreciation $2,637,816 ==========
The following is a summary of the inputs used, as of November 30, 2010, in valuing the Fund's investments carried at market value (See Notes to Portfolio of Investments):
LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE NOVEMBER 30, 2010 PRICE INPUTS INPUTS ----------------- ----------- ----------- ------------ Investments in Securities* $10,374,088 $10,374,088 $-- $-- =========== =========== === ===
* Please refer to the Portfolio of Investments for industry and security type breakouts. The accompanying notes are an integral part of the portfolio of investments. 2 MARVIN & PALMER LARGE CAP GROWTH FUND NOTES TO PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2010 (UNAUDITED) PORTFOLIO VALUATION -- The Marvin & Palmer Fund's (the "Fund") net asset value ("NAV") is calculated once daily at the close of regular trading hours on the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System ("NASDAQ") market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are amortized to maturity based on their cost. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the RBB Fund, Inc's Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. FAIR VALUE MEASUREMENTS -- The inputs and valuation techniques used to measure fair value of the Fund's investments are summarized into three levels as described below: - Level 1 -- quoted prices in active markets for identical securities - Level 2 -- other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) - Level 3 -- significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) 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 Fund's investments as of November 30, 2010 is included with the Fund's Portfolio of Investments. For more information with regard to significant accounting policies, see the most recent semi or annual report filed with the Securities and Exchange Commission. 3 PERIMETER SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2010 (UNAUDITED)
SHARES VALUE ------- ------------ CONSUMER NON-CYCLICAL -- (CONTINUED) Natus Medical*................. 139,812 $ 1,797,982 Nektar Therapeutics*........... 187,217 2,372,039 Onyx Pharmaceuticals*.......... 90,250 2,657,862 Par Pharmaceutical*............ 94,413 3,392,259 PAREXEL International*......... 117,480 2,062,949 Princeton Review*.............. 450,928 428,382 QKL Stores*.................... 93,473 329,025 RehabCare Group*............... 77,416 1,566,126 Salix Pharmaceuticals*......... 72,530 3,238,465 Sirona Dental Systems*......... 76,170 2,878,464 SunOpta*....................... 238,200 1,650,726 Synovis Life Technologies*..... 141,873 2,291,249 TreeHouse Foods*............... 51,164 2,541,828 TrueBlue*...................... 100,779 1,660,838 US Physical Therapy*........... 92,191 1,769,145 Valassis Communications*....... 67,150 2,185,733 VistaPrint NV*................. 41,200 1,661,184 Wright Express*................ 53,990 2,325,349 ------------ 88,555,035 ------------ ENERGY -- 7.4% Brigham Exploration*........... 87,980 2,212,697 Complete Production Services*.. 94,040 2,675,438 Comstock Resources*............ 65,730 1,610,385 Dawson Geophysical*............ 60,485 1,694,790 Georesources*.................. 39,570 788,234 International Coal Group*...... 382,720 2,912,499 Key Energy Services*........... 157,611 1,623,393 Magnum Hunter Resources*....... 418,387 2,568,896 Natural Gas Services Group*.... 40,490 666,060 Newpark Resources*............. 182,790 1,045,559 North American Energy Partners*.................... 272,777 2,534,098 Oil States International*...... 21,770 1,291,614 OYO Geospace*.................. 36,651 2,780,345 Patterson-UTI Energy........... 118,020 2,329,715 Penn Virginia.................. 83,630 1,326,372 Rex Energy*.................... 132,150 1,565,978 Swift Energy*.................. 40,900 1,492,441 ------------ 31,118,514 ------------ FINANCIAL -- 3.4% Altisource Portfolio Solutions SA*.......................... 73,060 1,985,771 Encore Capital Group*.......... 122,426 2,275,899 First Citizens BancShares, Cl A............................ 8,626 1,499,975 Knight Capital Group, CL A*.... 230,380 3,027,193 Pinnacle Financial Partners*... 102,790 1,010,426 Provident Financial Services... 80,770 1,113,011 Stifel Financial*.............. 42,300 2,192,409 Washington Federal............. 85,980 1,269,065 ------------ 14,373,749 ------------ INDUSTRIAL -- 17.8% A.O. Smith..................... 54,750 2,157,698 Applied Industrial Technologies................. 82,694 2,470,897 Atlas Air Worldwide Holdings*.. 48,580 2,650,525 Briggs & Stratton.............. 118,160 2,057,166 Capstone Turbine*.............. 581,046 454,378 Celadon Group*................. 159,200 2,144,424 Columbus McKinnon*............. 105,150 1,725,511 Drew Industries*............... 76,198 1,539,200 DXP Enterprises*............... 54,665 1,176,391 Elster Group SE, ADR*.......... 51,319 812,380 EnerSys*....................... 100,973 3,048,375 EnPro Industries*.............. 74,535 2,731,708 Esterline Technologies*........ 40,872 2,406,543 Fushi Copperweld*.............. 113,643 1,020,514 GrafTech International*........ 160,230 3,140,508 Harbin Electric*............... 128,061 2,084,833 Hexcel*........................ 38,310 657,016 HUB Group, Cl A*............... 97,722 3,188,669 IESI-BFC....................... 60,358 1,315,201 II-VI*......................... 64,616 2,638,271 Kennametal..................... 83,810 2,834,454 L.B. Foster, CL A*............. 21,325 739,764 LMI Aerospace*................. 77,654 1,263,431 Marten Transport............... 73,613 1,582,679 Measurement Specialties*....... 32,652 835,238 Middleby*...................... 27,730 2,231,433 NVE*........................... 50,676 2,583,969 Old Dominion Freight Line*..... 104,010 3,003,809 Orion Marine Group*............ 92,400 1,241,856 OSI Systems*................... 36,200 1,262,294 Power-One*..................... 323,520 3,057,264 Rock-Tenn...................... 53,980 2,919,778 Rofin-Sinar Technologies*...... 84,240 2,418,530 RTI International Metals*...... 67,103 1,903,712 Silgan Holdings................ 69,550 2,381,392 STR Holdings*.................. 134,820 2,420,019 VSE............................ 23,085 701,091 Werner Enterprises............. 99,140 2,139,441 ------------ 74,940,362 ------------ TECHNOLOGY -- 13.5% Ariba*......................... 63,571 1,286,359 Compuware*..................... 351,320 3,618,596 CSG Systems International*..... 112,980 2,126,284 Emulex*........................ 256,850 2,907,542 Entegris*...................... 121,133 787,364 Interactive Intelligence*...... 71,264 1,926,979 LivePerson*.................... 197,916 1,911,869 Manhattan Associates*.......... 73,970 2,299,727 Maxwell Technologies*.......... 80,950 1,308,961 Microsemi*..................... 135,880 3,008,383
The accompanying notes are an integral part of the portfolio of investments. 2 PERIMETER SMALL CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2010 (UNAUDITED)
SHARES VALUE ------- ------------ TECHNOLOGY -- (CONTINUED) O2Micro International*......... 137,771 $ 854,180 Open Text*..................... 52,610 2,240,660 Parametric Technology*......... 99,320 2,127,434 PMC-Sierra*.................... 403,160 2,922,910 Progress Software*............. 46,160 1,780,391 Quality Systems................ 36,420 2,348,726 Quest Software*................ 94,370 2,387,561 Radiant Systems*............... 91,496 1,651,503 RADWARE*....................... 39,650 1,230,339 Riverbed Technology*........... 72,870 2,471,022 Schawk......................... 65,220 1,170,047 Silicon Image*................. 338,450 2,595,912 Smith Micro Software*.......... 175,424 2,620,835 Solera Holdings................ 54,250 2,604,000 STEC*.......................... 151,893 2,581,422 Sykes Enterprises*............. 80,809 1,486,886 Tyler Technologies*............ 26,898 548,988 Ultimate Software Group*....... 41,380 1,815,341 ------------ 56,620,221 ------------ UTILITIES -- 0.5% Avista......................... 93,390 1,995,744 ------------ TOTAL COMMON STOCK (Cost $331,335,945)....... 408,058,415 ------------ EXCHANGE TRADED FUND -- 2.0% iShares Russell 2000 Growth Index Fund................... 104,515 8,512,747 ------------ TOTAL EXCHANGE TRADED FUND (Cost $7,006,605)......... 8,512,747 ------------ TOTAL INVESTMENTS -- 99.1% (Cost $338,342,550)**........ 416,571,162 ------------ OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.9%.......... 3,679,739 ------------ NET ASSETS -- 100.0%........... $420,250,901 ============ - --------------- + More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. * 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, as follows: Aggregate Cost $338,342,550 ------------ Gross unrealized appreciation 89,925,409 Gross unrealized depreciation (11,696,797) ------------ Net unrealized appreciation $ 78,228,612 ============ ADR American Depositary Receipt Cl Class
The following is a summary of the inputs used, as of November 30, 2010, in valuing the Fund's investments carried at market value (See Notes to Portfolio of Investments):
LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 11/30/10 PRICE INPUTS INPUTS ------------ ------------ ----------- ------------ Investments in Securities*................... $416,571,162 $416,571,162 $-- $-- ============ ============ === ===
- --------------- * Please refer to Portfolio of Investments for industry and security type breakouts.
The accompanying notes are an integral part of the portfolio of investments. 3 PERIMETER SMALL CAP GROWTH FUND NOTES TO PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2010 (UNAUDITED) PORTFOLIO VALUATION -- The Perimeter Small Cap Growth Fund's (the "Fund") net asset value ("NAV") is calculated once daily at the close of regular trading hours on the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System ("NASDAQ") market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are amortized to maturity based on their cost. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the RBB Fund Inc.'s Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. As of November 30, 2010, there were no fair valued securities. Fair Value Measurements -- The inputs and valuation techniques used to measure fair value of the Fund's investments are summarized into three levels are described below: - Level 1 -- unadjusted quoted prices in active markets for identical assets and liabilities - Level 2 -- other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) - Level 3 -- significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) 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 Fund's investments as of November 30, 2010 are included with the Fund's Portfolio of Investments. At the end of each calendar quarter, management evaluates the Level 2 and 3 assets and liabilities for changes in liquidity, including but not limited to: whether a broker is willing to execute at the quoted price, the depth and consistency of prices from third party services, and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates Level 1 and 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund's investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities. For the period ended November 30, 2010, there were no transfers between Level 1 and 2 for the Fund. For more information with regard to significant accounting policies, see the most recent semi or annual report filed with the Securities and Exchange Commission. 4 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2010 (unaudited) ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II PORTFOLIO OF INVESTMENTS
Number of Shares Value ----------- ------------- COMMON STOCK--95.7% BASIC INDUSTRIES--4.2% Graham Packaging Co., Inc. * 116,020 $ 1,461,852 International Coal Group, Inc. * 148,990 1,133,814 Schweitzer-Mauduit International, Inc. (a) 14,080 884,365 Sensient Technologies Corp. 14,940 507,512 Spartech Corp. * (a) 44,230 420,627 ------------- 4,408,170 ------------- CAPITAL GOODS--11.0% Actuant Corp., Class A 27,590 651,952 Acuity Brands, Inc. (a) 18,300 985,638 Beacon Roofing Supply, Inc. * 69,790 1,199,690 Brady Corp., Class A 24,833 768,085 Drew Industries, Inc. * (a) 21,535 435,007 Globe Specialty Metals, Inc. 60,940 987,837 Granite Construction, Inc. (a) 20,535 520,973 Griffon Corp. * 78,580 952,390 Hillenbrand, Inc. (a) 29,805 575,535 Insituform Technologies, Inc., Class A * 47,670 1,055,414 LSI Industries, Inc. 20,785 183,532 Mueller Industries, Inc. 10,840 330,512 Mueller Water Products, Inc., Class A 94,705 333,362 Olin Corp. 16,940 309,494 Rofin-Sinar Technologies, Inc. * 6,385 183,313 Tutor Perini Corp. 36,385 693,134 UniTek Global Services, Inc. * 93,190 421,219 WESCO International, Inc. * (a) 19,960 952,491 ------------- 11,539,578 ------------- COMMUNICATIONS--0.7% EarthLink, Inc. (a) 49,580 444,485 Neutral Tandem, Inc. * 19,660 282,514 ------------- 726,999 ------------- CONSUMER DURABLES--1.6% Tempur-Pedic International, Inc. * 24,195 849,486 Tower International, Inc. * (a) 56,820 852,300 ------------- 1,701,786 -------------
Number of Shares Value ----------- ------------- CONSUMER NON-DURABLES--7.2% Alliance One International, Inc. * 84,030 $ 326,036 Brown Shoe Co., Inc. 38,627 549,276 Callaway Golf Co. (a) 82,715 633,597 Dole Food Co., Inc. * (a) 92,595 876,875 Fresh Del Monte Produce, Inc. 24,170 530,773 Matthews International Corp., Class A 10,320 335,194 Nu Skin Enterprises, Inc., Class A 26,140 826,285 RC2 Corp. * 45,070 998,301 Skechers U.S.A., Inc., Class A * (a) 29,120 672,381 Steven Madden Ltd. * (a) 15,932 720,923 Take-Two Interactive Software, Inc. * 48,035 531,507 Universal Corp. 14,125 577,854 ------------- 7,579,002 ------------- CONSUMER SERVICES--19.9% ABM Industries, Inc. 20,930 482,018 Asbury Automative Group, Inc. * 51,560 811,554 Asset Acceptance Capital Corp. * (a) 26,580 156,290 BJ's Wholesale Club, Inc. * 11,300 517,653 Brink's Co., (The) 50,510 1,239,515 Charming Shoppes, Inc. * (a) 138,245 526,022 Dress Barn, Inc., (The) * (a) 44,410 1,096,927 Ennis, Inc. 20,740 354,032 Finish Line, Inc., (The), Class A (a) 73,645 1,314,563 Franklin Covey Co. * 6,790 54,524 FTI Consulting, Inc. * 22,160 789,782 G&K Services, Inc., Class A 17,507 485,644 Geo Group, Inc., (The) * 20,200 486,820 Group 1 Automotive, Inc. (a) 17,415 674,483 Heidrick & Struggles International, Inc. 37,710 783,237 International Speedway Corp., Class A 38,893 921,375 KAR Auction Services, Inc. * 52,460 632,143 Knoll, Inc. 57,923 889,118 Knot, Inc., (The) * 41,425 387,324
The accompanying notes are an integral part of the portfolio of investments. 1 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2010 (unaudited) ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II (continued) PORTFOLIO OF INVESTMENTS
Number of Shares Value ----------- ------------- CONSUMER SERVICES--(CONTINUED) Korn/Ferry International * 17,895 $ 309,941 Live Nation Entertainment, Inc. * 69,785 750,887 MAXIMUS, Inc. 15,195 922,337 Men's Wearhouse, Inc., (The) 24,645 702,875 Navigant Consulting, Inc. * 59,390 494,125 Regis Corp. (a) 38,535 686,694 Rent-A-Center, Inc. (a) 30,150 839,376 Service Corp. International 58,830 474,170 SFN Group, Inc. * 106,930 916,390 Steiner Leisure Ltd. * 7,670 308,487 Steinway Musical Instruments * 18,435 318,004 Viad Corp. 14,205 337,369 World Fuel Services Corp. 40,602 1,222,120 ------------- 20,885,799 ------------- ENERGY--2.1% Bristow Group, Inc. * 27,210 1,194,791 Helix Energy Solutions Group, Inc. * 32,030 449,381 Rosetta Resources, Inc. * 17,585 629,895 ------------- 2,274,067 ------------- FINANCE--20.6% Ameris Bancorp * 22,908 220,833 AMERISAFE, Inc. * 17,930 331,526 Apollo Investment Corp. 35,960 379,738 Centerstate Banks, Inc. 53,090 375,346 Citizens Republic Bancorp, Inc. * (a) 449,140 260,501 CNA Surety Corp. * 13,910 326,885 Columbia Banking System, Inc. (a) 27,445 478,641 Cowen Group, Inc., Class A * (a) 26,640 108,691 Cypress Sharpridge Investments, Inc. 56,215 767,335 FBR Capital Markets Corp. * 118,615 429,386 Fifth Street Finance Corp. (a) 89,725 1,034,529 First American Financial Corp. 44,930 636,658 First Citizens Bancshares, Inc., Class A 3,250 565,143 Flagstone Reinsurance Holdings S.A. 23,025 263,636
Number of Shares Value ----------- ------------- FINANCE--(CONTINUED) Gladstone Capital Corp. 15,210 $ 170,200 Global Indemnity PLC * 13,828 265,221 Heritage Financial Corp. * 7,275 99,813 Horace Mann Educators Corp. 24,810 405,147 Infinity Property & Casualty Corp. 10,845 626,082 JMP Group, Inc. 65,280 456,307 Knight Capital Group, Inc., Class A * 92,860 1,220,180 Maiden Holdings Ltd. 127,260 958,268 MGIC Investment Corp. * (a) 83,525 711,633 Nara Bancorp, Inc. * 89,120 727,219 Navigators Group, Inc., (The) * 8,645 427,841 Nelnet, Inc., Class A 48,086 1,026,636 Ocwen Financial Corp. * (a) 120,050 1,056,440 Park Sterling Bank * 42,490 223,497 PHH Corp. * (a) 71,290 1,513,487 Platinum Underwriters Holdings Ltd. (a) 23,475 1,014,824 ProAssurance Corp. * 4,085 241,955 Safety Insurance Group, Inc. 9,805 458,972 State Auto Financial Corp. 31,785 500,296 Stewart Information Services Corp. 42,775 455,126 Student Loan Corp., (The) 18,405 551,782 SVB Financial Group * (a) 10,485 471,091 Symetra Financial Corp. 75,320 911,372 TradeStation Group, Inc. * 54,910 349,228 United Rentals, Inc. * 12,920 253,490 Washington Federal, Inc. 27,810 410,476 ------------- 21,685,431 ------------- HEALTH CARE--11.4% Addus HomeCare Corp. * 49,626 206,444 AmSurg Corp. * 20,515 377,066 Centene Corp. * 17,515 407,224 Conmed Corp. * 24,425 525,382 Haemonetics Corp. * 16,625 977,384 Hanger Orthopedic Group, Inc. * 29,535 566,481 Invacare Corp. 14,535 392,300 Kindred Healthcare, Inc. * 67,955 1,096,794 LHC Group, Inc. * (a) 16,755 443,170 LifePoint Hospitals, Inc. * (a) 22,720 822,918
The accompanying notes are an integral part of the portfolio of investments. 2 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2010 (unaudited) ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II (continued) PORTFOLIO OF INVESTMENTS
Number of Shares Value ----------- ------------- HEALTH CARE--(CONTINUED) Owens & Minor, Inc. 25,827 $ 729,613 PharMerica Corp. * 19,170 208,186 PSS World Medical, Inc. * (a) 24,145 497,387 RehabCare Group, Inc. * 38,390 776,630 Res-Care, Inc. * (a) 33,845 447,769 Select Medical Holdings Corp. * 86,755 537,013 Skilled Healthcare Group, Inc., Class A * 49,715 316,187 Symmetry Medical, Inc. * 115,925 947,107 U.S. Physical Therapy, Inc. * 88,474 1,697,816 ------------- 11,972,871 ------------- REAL ESTATE INVESTMENT TRUSTS--5.3% Anworth Mortgage Asset Corp. 195,367 1,355,847 Capstead Mortgage Corp. 30,235 355,261 Chatham Lodging Trust 50,205 824,868 Colony Financial, Inc. (a) 21,680 418,207 Gladstone Commercial Corp. 17,535 324,398 Hatteras Financial Corp. 11,325 350,849 MFA Financial, Inc. 89,600 730,240 Monmouth Real Estate Investment Corp., Class A (a) 68,550 557,312 Redwood Trust, Inc. 45,000 622,350 ------------- 5,539,332 ------------- TECHNOLOGY--8.2% Bel Fuse, Inc., Class B 15,525 348,536 Belden, Inc. 39,190 1,304,243 Brooks Automation, Inc. * 43,810 317,623 CIBER, Inc. * 85,020 285,667 Coherent, Inc. * (a) 7,080 292,475 Dolan Co., (The) * 24,445 334,897 Electronics For Imaging, Inc. * 27,525 360,302 EnerSys * 50,485 1,524,142 Generac Holdings, Inc. * 23,045 342,449 Heartland Payment Systems, Inc. 57,590 909,346 Imation Corp. * (a) 29,750 282,625 Insight Enterprises, Inc. * 18,990 239,464 Ness Technologies, Inc. * 35,675 160,894 NETGEAR, Inc. * 28,075 892,224 Sykes Enterprises, Inc. * 2,485 45,108 SYNNEX Corp. * 18,680 535,369
Number of Shares Value ----------- ------------- TECHNOLOGY--(CONTINUED) Teradyne, Inc. * 21,590 $ 255,734 Verigy Ltd. * (a) 21,655 185,367 ------------- 8,616,465 ------------- TRANSPORTATION--2.7% Arkansas Best Corp. (a) 18,395 453,161 Diana Shipping, Inc. * 38,325 517,003 UTI Worldwide, Inc. 95,405 1,836,545 ------------- 2,806,709 ------------- UTILITIES--0.8% PNM Resources, Inc. 69,080 827,577 ------------- TOTAL COMMON STOCK (Cost $88,845,965) 100,563,786 ------------- SECURITIES LENDING COLLATERAL--16.1% Bank of Montreal, 0.18%, 12/01/10, TD 256,710 256,710 Bank of Nova Scotia, 0.18%, 12/01/10, TD 256,710 256,710 Barclays Bank PLC, 0.15%, 12/01/10, TD 256,710 256,710 Credit Industriel et Commercial, 0.20%, 12/01/10, TD 256,710 256,710 Dexia Bank SA, 0.20%, 12/01/10, TD 256,710 256,710 Institutional Money Market Trust 13,897,901 13,897,901 KBC Bank NV, 0.19%, 12/01/10, TD 1,758,629 1,758,629 ------------- TOTAL SECURITIES LENDING COLLATERAL (Cost $16,940,080) 16,940,080 ------------- TOTAL INVESTMENTS--111.8% (Cost $105,786,045)** 117,503,866 ------------- LIABILITIES IN EXCESS OF OTHER ASSETS-- (11.8)% (12,415,007) ------------- NET ASSETS--100.0% $ 105,088,859 =============
The accompanying notes are an integral part of the portfolio of investments. 3 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2010 (unaudited) ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II (concluded) PORTFOLIO OF INVESTMENTS - ---------- TD -- Time Deposits * -- Non-income producing. (a) -- All or a portion of the security is on loan. See Notes to Portfolio of Investments. ** -- 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 $105,786,045 ------------ Gross unrealized appreciation 16,854,730 Gross unrealized depreciation (5,136,909) ------------ Net unrealized appreciation $ 11,717,821 ============
A summary of the inputs used to value the Fund's investments as of November 30, 2010 is as follows (see Notes to Portfolio of Investments):
LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE 11/30/10 PRICE INPUTS INPUTS ------------ ------------ ----------- ------------ Common Stock * $100,563,786 $100,563,786 $ -- $-- Securities Lending Collateral 16,940,080 13,897,901 3,042,179 ------------ ------------ ---------- --- Total Assets $117,503,866 $114,461,687 $3,042,179 $-- ============ ============ ========== ===
* see Portfolio of Investments detail for industry and security type breakout. The accompanying notes are an integral part of the portfolio of investments. 4 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2010 (unaudited) ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments
Number of Shares Value ----------- ------------- LONG POSITIONS--105.9% COMMON STOCK--100.5% BASIC INDUSTRIES--7.4% AEP Industries, Inc. * + 71,299 $ 1,714,741 Cytec Industries, Inc. + 63,240 3,024,769 Haynes International, Inc. + 58,660 2,268,382 International Coal Group, Inc. * 483,985 3,683,126 Material Sciences Corp. * 222,612 1,097,477 PH Glatfelter Co. 205,145 2,552,004 Reliance Steel & Aluminum Co. 37,770 1,678,877 Smurfit-Stone Container Corp.* 87,555 2,092,565 Spartech Corp.* 292,615 2,782,769 Thompson Creek Metals Co., Inc. * + 223,195 2,711,819 ------------- 23,606,529 ------------- CAPITAL GOODS--11.1% Chase Corp. + 80,312 1,251,261 Columbus McKinnon Corp. * + 79,390 1,302,790 Ducommun, Inc. + 144,285 3,229,098 Dynamics Research Corp. * 115,405 1,568,354 General Cable Corp.* 56,365 1,848,208 Global Power Equipment Group, Inc. * (a) + 184,859 3,682,391 Griffon Corp. * + 141,256 1,712,023 Harsco Corp. + 71,030 1,708,982 Innovative Solutions and Support, Inc. * 215,802 1,193,385 KMG Chenicals, Inc. 8,734 124,896 Masco Corp. 178,535 1,947,817 Mohawk Industries, Inc. * (a) + 44,920 2,360,097 NCI Building Systems, Inc. * (a) 306,510 3,190,769 NN, Inc. * 302,816 3,028,160 Preformed Line Products Co. + 1,886 87,699 Stanley Black & Decker, Inc. + 42,945 2,556,516 Thermadyne Holdings Corp. * + 183,400 2,743,664 Zagg, Inc. * (a) 242,020 1,742,544 ------------- 35,278,654 ------------- COMMUNICATIONS--2.9% InfoSpace, Inc.* 511,795 3,951,057 SureWest Communications* 370,965 3,283,040 Web.com Group, Inc.* 245,145 1,983,223 ------------- 9,217,320 ------------- CONSUMER DURABLES--4.0% D.R. Horton, Inc. + 146,835 1,474,223 Dana Holding Corp. * (a) + 152,495 2,304,199 Hooker Furniture Corp. 77,457 880,686
Number of Shares Value ----------- ------------- CONSUMER DURABLES--(CONTINUED) Libbey, Inc. * (a) 161,335 $ 2,334,517 LoJack Corp. * 252,995 1,247,265 Magna International, Inc., Class A (a) + 32,310 1,539,248 Pulte Homes, Inc. * (a) + 158,295 990,927 Stanley Furniture Co., Inc. * (a) 108,087 353,444 Toll Brothers, Inc. * + 83,440 1,497,748 ------------- 12,622,257 ------------- CONSUMER NON-DURABLES--5.4% Brunswick Corp. + 151,150 2,410,842 Coach, Inc. + 35,228 1,991,791 Coca-Cola Femsa S.A. de C.V. - Sponsored ADR + 29,825 2,415,229 Lorillard, Inc. + 23,485 1,868,936 Matthews International Corp., Class A + 53,975 1,753,108 Perry Ellis International, Inc. * + 56,290 1,531,651 Rocky Brands, Inc.* 70,165 649,026 Timberland Co., (The), Class A * 78,295 1,940,150 VF Corp. 30,705 2,544,830 ------------- 17,105,563 ------------- CONSUMER SERVICES--15.6% AFC Enterprises, Inc. * + 116,001 1,540,493 Asbury Automative Group Inc.* 121,450 1,911,623 Barrett Business Services, Inc. + 108,300 1,606,089 Benihana, Inc., Class A * 233,560 1,807,754 Biglari Holdings, Inc. *+ 2,505 972,691 CBIZ, Inc.* 167,270 1,006,965 Century Casinos, Inc. * 768,896 1,753,083 Charming Shoppes, Inc.* 493,890 1,879,251 Christopher & Banks Corp. 295,360 1,574,269 CRA International, Inc. * + 51,390 1,135,719 Destination Maternity Corp.* 35,694 1,366,366 Dress Barn, Inc., (The) * (a) + 51,410 1,269,827 Hackett Group, Inc. (The) * 402,984 1,418,504 Harte-Hanks, Inc. + 81,645 1,015,664 Heidrick & Struggles International, Inc. + 113,670 2,360,926 Hudson Highland Group, Inc. * 560,023 2,284,894 LECG Corp. * 470,195 442,971 Lithia Motors, Inc., Class A + 159,380 2,065,565 MarineMax, Inc. * + 252,551 1,926,964 Multi-Color Corp. + 131,676 2,574,266
The accompanying notes are an integral part of the portfolio of investments. 5 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2010 (unaudited) ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued) Portfolio of Investments
Number of Shares Value ----------- ------------- CONSUMER SERVICES--(CONTINUED) Saga Communications, Inc., Class A * 73,467 $ 1,580,275 Schawk, Inc. + 90,086 1,616,143 Stage Stores, Inc. 159,950 2,420,044 Steiner Leisure Ltd. * + 35,915 1,444,501 Towers Watson & Co., Class A 43,345 2,175,919 Tuesday Morning Corp.* 855,238 4,447,238 Viad Corp. + 75,470 1,792,413 Walgreen Co. 63,215 2,203,043 ------------- 49,593,460 ------------- ENERGY--4.1% Bristow Group, Inc. * + 40,640 1,784,502 Canadian Natural Resources Ltd. 50,180 1,929,923 Cenovus Energy Inc. 67,110 1,930,755 Ensco PLC, Sponsored ADR (a) 32,640 1,547,136 EOG Resources, Inc. (a) 36,125 3,213,319 GulfMark Offshore, Inc., Class A * + 49,950 1,464,534 Mitcham Industries, Inc.* 109,785 1,042,958 ------------- 12,913,127 ------------- FINANCE--23.4% ACE Ltd. (a) + 36,400 2,130,128 Advance America Cash Advance Centers, Inc. 180,605 859,680 Alterra Capital Holdings Ltd. (a) + 50,250 1,022,085 Aon Corp. + 41,830 1,678,220 Banco Santander SA-Sponsored ADR + 133,055 1,279,989 Bank of America Corp. + 256,430 2,807,908 BankFinancial Corp. 74,220 692,473 Beacon Federal Bancorp, Inc. 37,425 419,160 Brown & Brown, Inc. + 82,335 1,883,001 Calamos Asset Management, Inc., Class A 211,010 2,517,349 Capital One Financial Corp. + 50,560 1,882,349 CapitalSource, Inc. 366,970 2,370,626 Century Bancorp, Inc., Class A 29,950 722,094 Citigroup, Inc. * 692,305 2,907,681 Citizens Republic Bancorp, Inc.* 1,470,855 853,096 eHealth, Inc. *+ 159,540 2,401,077 ESSA Bancorp, Inc. (a) 48,300 635,145 FBR Capital Markets Corp.* 336,275 1,217,316 Fidelity National Financial, Inc., Class A + 92,200 1,244,700
Number of Shares Value ----------- ------------- FINANCE--(CONTINUED) First American Financial Corp. + 53,555 $ 758,874 First California Financial Group, Inc. * 298,775 717,060 First Place Financial Corp. * 100,015 214,032 First Southern Bancorp, Inc., Class B 144A * ++ 64,350 608,108 Flushing Financial Corp. 123,281 1,651,965 Fox Chase Bancorp, Inc. * 69,395 729,341 Goldman Sachs Group, Inc., (The) (a) 14,203 2,217,656 HF Financial Corp. 49,690 539,137 Hopfed Bancorp, Inc. 43,115 388,466 Hudson City Bancorp, Inc. 109,085 1,238,115 Investors Title Co. + 6,324 193,008 JPMorgan Chase & Co. + 153,066 5,721,607 Kaiser Federal Financial Group, Inc. (a) 75,018 724,674 KKR Financial Holdings LLC + 159,730 1,405,624 Loews Corp. + 65,365 2,445,305 Maiden Holdings Ltd. + 396,862 2,988,371 Morgan Stanley + 66,033 1,615,167 NBH Holdings Corp., Class A 144A * ++ 79,735 1,609,052 New Hampshire Thrift Bancshares, Inc. 29,529 377,971 Nicholas Financial, Inc.* 136,017 1,358,810 OceanFirst Financial Corp. 46,025 555,522 OmniAmerican Bancorp, Inc.* 49,620 612,311 Oriental Financial Group, Inc. + 198,905 2,307,298 Oritani Financial Corp. 111,885 1,256,469 Penn Millers Holding Corp.* 28,945 387,574 SLM Corp. * + 146,780 1,695,309 Star Bulk Carriers Corp. 23,120 66,354 Stewart Information Services Corp. (a) 98,765 1,050,860 Sun Bancorp, Inc.* 156,820 649,235 Teche Holding Co. 10,222 325,315 TFS Financial Corp. 108,485 887,407 TradeStation Group, Inc. * + 179,785 1,143,433 United Bancshares, Inc. 39,640 382,922 Univest Corp. of Pennsylvania 32,075 596,916 Validus Holdings, Ltd. + 75,277 2,198,841 West Coast Bancorp * 359,125 948,090
The accompanying notes are an integral part of the portfolio of investments. 6 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2010 (unaudited) ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued) Portfolio of Investments
Number of Shares Value ----------- ------------- FINANCE--(CONTINUED) White Mountains Insurance Group Ltd. + 6,900 $ 2,190,750 ------------- 74,281,026 ------------- HEALTH CARE--6.5% Allied Healthcare International Inc.* 326,941 948,129 Alpha PRO Tech Ltd. * (a) 378,780 602,260 AmSurg Corp. * + 71,110 1,307,002 Anika Therapeutics, Inc. * 231,960 1,417,276 BioClinica, Inc. * 280,261 1,149,070 Hooper Holmes, Inc. * 671,908 436,740 Immucor, Inc.* 87,060 1,599,292 IMRIS, Inc.* 292,925 1,456,851 Kendle International, Inc. * + 105,247 948,275 Lincare Holdings, Inc. (a) + 82,469 2,123,577 NovaMed, Inc. * 281,063 3,265,952 Pfizer, Inc. + 169,335 2,758,467 Synergetics USA, Inc. * 610,406 2,099,797 Theragenics Corp. * 413,205 574,355 ------------- 20,687,043 ------------- REAL ESTATE INVESTMENT TRUSTS--0.3% Reis, Inc. * 123,108 843,290 ------------- TECHNOLOGY--18.6% ADPT Corp. * 663,060 1,962,658 Amdocs Ltd. * + 90,905 2,363,530 Avnet, Inc. * + 77,685 2,381,045 Coleman Cable, Inc. * 461,018 2,650,853 Computer Sciences Corp. 49,070 2,189,994 Compuware Corp. * + 293,990 3,028,097 Concurrent Computer Corp. * 279,392 1,335,494 CoreLogic, Inc. + 158,980 2,895,026 Digi International, Inc. * + 151,537 1,454,755 Entegris, Inc. * 505,625 3,286,563 Hewlett-Packard Co. + 72,018 3,019,715 Hurco Cos., Inc. * 72,465 1,395,676 Micron Technology, Inc.* 219,575 1,594,115 Microsoft Corp. + 225,435 5,683,216 MRV Communications, Inc. * 1,210,970 1,973,881 NumereX Corp., Class A * 11,567 94,387 Oracle Corp. + 108,949 2,945,981 PAR Technology Corp.* 146,043 876,258 Pericom Semiconductor Corp.* 134,520 1,343,855 Photronics, Inc. * (a) 456,110 2,914,543 Pulse Electronics Corp. 307,713 1,261,623
Number of Shares Value ----------- ------------- TECHNOLOGY--(CONTINUED) Rimage Corp. * 86,189 $ 1,318,692 SL Industries, Inc. * 39,430 640,738 Sykes Enterprises, Inc. * + 151,125 2,780,700 Telular Corp. + 481,109 2,559,500 Tier Technologies, Inc., Class B * + 261,820 1,282,918 Tyco Electronics Ltd. + 77,290 2,351,162 Virtusa Corp. * + 121,058 1,651,231 ------------- 59,236,206 ------------- TRANSPORTATION--1.2% DHT Holdings, Inc. 366,050 1,606,960 FedEx Corp. + 25,045 2,282,100 ------------- 3,889,060 ------------- TOTAL COMMON STOCK (Cost $293,911,926) 319,273,535 ------------- PREFERRED STOCK--0.3% FINANCE--0.3% First Southern Bancorp, Inc. 5.000% 144A ++ 110 665,114 SLM Corp. Pfd. 6.970% 5,170 219,622 ------------- TOTAL PREFERRED STOCK (Cost $238,858) 884,736 ------------- RIGHTS--0.0% UTILITIES--0.0% Stanley Furniture Co., Inc. Exercise Price $3.00, Exp. 12/08/10 67,052 4,358 ------------- TOTAL RIGHTS (Cost $0) 4,358 ------------- SECURITIES LENDING COLLATERAL--5.1% Bank of Montreal, 0.18%, 12/01/10, TD 245,042 245,042 Bank of Nova Scotia, 0.18%, 12/01/10, TD 245,042 245,042 Barclays Bank PLC, 0.15%, 12/01/10, TD 245,042 245,042 Credit Industriel et Commercial, 0.20%, 12/01/10, TD 245,042 245,042 Dexia Bank SA, 0.20%, 12/01/10, TD 245,042 245,042 Institutional Money Market Trust 13,266,212 13,266,212
The accompanying notes are an integral part of the portfolio of investments. 7 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2010 (unaudited) ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued) Portfolio of Investments
Number of Shares Value ----------- ------------- SECURITIES LENDING COLLATERAL--(CONTINUED) KBC Bank NV, 0.19%, 12/01/10, TD 1,678,696 $ 1,678,696 ------------- TOTAL SECURITIES LENDING COLLATERAL (Cost $16,170,118) 16,170,118 ------------- TOTAL LONG POSITIONS--105.9% (COST $310,320,902)** 336,332,747 ------------- SECURITIES SOLD SHORT--(34.1%) COMMON STOCK--(34.1%) BASIC INDUSTRIES--(1.3%) China Green Agriculture, Inc. * (21,015) (177,997) Ethanex Energy, Inc. * (648) (45) Molycorp, Inc.* (17,425) (505,674) NewMarket Corp. (14,155) (1,780,699) Seabridge Gold, Inc. ** (18,890) (546,866) Tanzanian Royalty Exploration Corp.* (158,070) (1,036,939) ------------- (4,048,220) ------------- CAPITAL GOODS--(1.5%) Applied Energetics, Inc. * (238,070) (190,456) Applied Nanotech Holdings, Inc. * (8,285) (3,231) DynaMotive Energy Systems Corp. * (72,185) (13,354) PMFG, Inc. ** (51,785) (771,597) Satcon Technology Corp.* (253,440) (894,643) Trex Co., Inc. ** (156,005) (2,878,292) ------------- (4,751,573) ------------- COMMUNICATIONS--(4.7%) Akamai Technologies, Inc. ** (49,465) (2,581,578) Ancestry.com, Inc.* (49,425) (1,412,567) CTC Communications Group, Inc. * +++ (98,900) (10) Equinix, Inc. ** (25,135) (1,950,476) GSI Commerce, Inc. ** (82,490) (1,967,387) Interliant, Inc. * (600) 0 LogMeIn, Inc. * (45,955) (2,012,369) OpenTable, Inc.* (9,030) (655,036) Rackspace Hosting, Inc. ** (127,575) (3,721,363) Wave Systems Corp., Class A * (267,400) (705,936) ------------- (15,006,722) ------------- CONSUMER DURABLES--(1.3%) Kandi Technolgies Corp. * (32,850) (188,231) Middleby Corp., (The) ** (12,885) (1,036,856) QSound Labs, Inc. * (4,440) (488)
Number of Shares Value ----------- ------------- CONSUMER DURABLES--(CONTINUED) Tesla Motors, Inc.* (58,315) $ (2,060,269) Universal Electronics Inc.* (36,460) (1,001,921) ------------- (4,287,765) ------------- CONSUMER NON-DURABLES--(1.1%) Amish Naturals, Inc. * (25,959) (156) Cal-Maine Foods, Inc. (30,235) (927,005) Diamond Foods, Inc. (29,865) (1,389,917) Green Mountain Coffee Roasters, Inc.* (28,700) (1,064,196) Valence Technology, Inc. * (27,585) (36,688) ------------- (3,417,962) ------------- CONSUMER SERVICES--(7.2%) Arbitron, Inc. (72,420) (2,116,112) Buffalo Wild Wings, Inc.* (33,970) (1,647,205) EnerNOC, Inc. * (77,455) (1,899,971) Industrial Services of America, Inc. * (79,657) (842,771) Lululemon Athletica, Inc. * (19,585) (1,050,148) Medifast, Inc. * (47,155) (1,148,696) Netflix, Inc. * (19,050) (3,922,395) New Oriental Education & Technology Group, Inc. - Sponsored ADR* (14,385) (1,521,933) ReachLocal, Inc.* (81,455) (1,404,284) Ritchie Bros. Auctioneers, Inc. (86,585) (1,733,432) Rosetta Stone, Inc.* (53,995) (1,133,355) Spectrum Group International, Inc. * (4,616) (8,447) Sturm Ruger & Co., Inc. (130,040) (2,080,640) Vail Resorts, Inc.* (31,170) (1,411,378) VistaPrint NV * (24,545) (989,654) ------------- (22,910,421) ------------- ENERGY--(0.8%) Beard Co. * (9,710) (7,283) Houston American Energy Corp. (73,190) (1,259,600) InterOil Corp. * (16,075) (1,220,575) ------------- (2,487,458) ------------- FINANCE--(0.2%) China Logistics, Inc. * (26) (1) Value Line, Inc. (48,454) (697,738) ------------- (697,739) ------------- HEALTH CARE--(3.2%) athenahealth Inc.* (26,735) (1,096,402) Bodytel Scientific, Inc. * (4,840) (36) Conceptus, Inc. ** (48,575) (638,761)
The accompanying notes are an integral part of the portfolio of investments. 8 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2010 (unaudited) ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued) Portfolio of Investments
Number of Shares Value ----------- ------------- HEALTH CARE--(CONTINUED) DexCom, Inc. * (61,375) $ (692,003) HeartWare International, Inc. * (12,740) (1,171,570) IDEXX Laboratories, Inc. ** (12,125) (778,546) Intuitive Surgical, Inc.* (5,765) (1,500,572) MAKO Surgical Corp. * (90,950) (1,043,196) Mindray Medical International Ltd.-ADR (69,400) (1,821,750) Savient Pharmaceuticals, Inc. * (73,850) (872,169) Spectranetics Corp. * (94,170) (460,491) ------------- (10,075,496) ------------- REAL ESTATE INVESTMENT TRUSTS--(0.3%) St. Joe Co., (The)* (45,490) (800,624) ------------- TECHNOLOGY--(11.8%) 3D Systems Corp.* (67,795) (1,907,751) Acme Packet, Inc. * (21,190) (1,037,886) Aixtron AG-Sponsored ADR (75,935) (2,328,167) American Superconductor Corp. * (24,635) (819,853) ANSYS, Inc. * (17,505) (848,993) ANTS Software, Inc. * (10,334) (4,134) ARM Holdings plc - Sponsored ADR (107,490) (2,015,438) Cavium Networks, Inc.* (30,155) (1,109,553) China Fire & Security Group, Inc. * (76,420) (551,752) Ciena Corp.* (130,475) (1,976,696) Citrix Systems, Inc.* (11,920) (791,726) ConSyGen, Inc. * (200) 0 Cree, Inc. * (25,590) (1,667,956) Ener1, Inc. * (102,820) (447,267) EZchip Semiconductor Ltd. * (47,960) (1,167,826) First Solar, Inc. ** (22,305) (2,740,169) Infinera Corp. ** (71,310) (581,890) Juniper Networks, Inc.* (29,455) (1,002,059) Nestor, Inc. * (15,200) (14) Netlogic Microsystems, Inc.* (32,515) (1,014,468) NetSuite, Inc.* (61,030) (1,514,765) OmniVision Technologies, Inc. * (64,445) (1,823,149) QuickLogic Corp.* (129,480) (774,290) Red Hat, Inc.* (26,930) (1,171,455) Riverbed Technology, Inc.* (27,740) (940,663) Salesforce.com, Inc. ** (8,255) (1,149,261) Sonic Solutions * (99,115) (989,168) STEC, Inc.* (64,160) (1,090,399) SuccessFactors, Inc. * (62,850) (1,896,185)
Number of Shares Value ----------- ------------- TECHNOLOGY--(CONTINUED) Tiger Telematics, Inc. * (6,510) $ (7) TigerLogic Corp.* (69,315) (319,542) Tower Semiconductor Ltd. * (514,365) (714,967) Vicor Corp. (134,300) (2,253,554) VMware, Inc., Class A ** (10,000) (815,200) WorldGate Communications, Inc. * (582,655) (145,722) Xybernaut Corp. * (35,000) 0 ------------- (37,611,925) ------------- UTILITIES--(0.7%) Cadiz, Inc.* (56,520) (637,546) Clean Energy Fuels Corp. * (108,495) (1,451,663) ------------- (2,089,209) ------------- TOTAL COMMON STOCK (Proceeds $99,409,070) (108,185,114) ------------- WARRANTS--0.0% UTILITIES--0.0% Greenhunter Energy, Inc. Exercise Price $27.50, Exp. 09/15/11 (423) 0 ------------- TOTAL WARRANTS (Proceeds $0) 0 ------------- TOTAL SECURITIES SOLD SHORT --(34.1%) (Proceeds $99,409,067) (108,185,114) ------------- OTHER ASSETS IN EXCESS OF LIABILITIES--28.2% 89,470,003 ------------- NET ASSETS--100.0% $ 317,617,636 =============
ADR -- American Depositary Receipt TD -- Time Deposits 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. As of November 30, 2010, these securities amounted to $2,882,274 or 0.9% of net assets. These 144A securities have not been deemed illiquid. * -- Non-income producing. (a) -- All or a portion of the security is on loan. See Notes to Porfolio of Investments. + -- 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 The RBB Fund, Inc.'s Board of Directors. As of November 30, 2010, long positions amounted to $2,882,274 and short positions amounted to ($10), or 0.9% and 0.0%, respectively, of net assets. The accompanying notes are an integral part of the portfolio of investments. 9 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2010 (unaudited) ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued) Portfolio of Investments ** -- 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 $310,320,902 ------------ Gross unrealized appreciation 38,870,359 Gross unrealized depreciation (12,858,514) ------------ Net unrealized appreciation $ 26,011,845 ============
The accompanying notes are an integral part of the portfolio of investments. 10 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2010 (unaudited) ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND Portfolio of Investments A summary of the inputs used to value the Fund's investments as of November 30, 2010 is as follows (see Notes to Portfolio of Investments):
LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AS OF QUOTED OBSERVABLE UNOBSERVABLE 11/30/10 PRICE INPUTS INPUTS ------------ ------------ ----------- ------------ Common Stock Basic Industries $ 23,606,529 $ 23,606,529 $ -- $ -- Capital Goods 35,278,654 35,278,654 -- -- Communications 9,217,320 9,217,320 -- -- Consumer Durables 12,622 257 12,622 257 -- -- Consumer Non-Durables 17,105,563 17,105,563 -- -- Consumer Services 49,593,460 49,593,460 -- -- Energy 12,913,127 12,913,127 -- -- Finance 74,281,026 72,063,866 -- 2,217,160 Health Care 20,687,043 20,687,043 -- -- Real Estate Investment Trusts 843,290 843,290 -- -- Technology 59,236,206 59,236,206 -- -- Transportation 3,889,060 3,889,060 -- -- Preferred Stocks Finance 884,736 219,622 -- 665,114 Rights 4,358 4,358 -- -- Securities Lending Collateral 16,170,118 13,266,212 2,903,906 -- ------------ ------------ ---------- ---------- Total Assets $336,332,747 $330,546,567 $2,903,906 $2,882,274 ============ ============ ========== ==========
LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AS OF QUOTED OBSERVABLE UNOBSERVABLE 11/30/10 PRICE INPUTS INPUTS ------------- ------------- ----------- ------------- Securities Sold Short Basic Industries $ (4,048,220) $ (4,048,220) $-- $ -- Capital Goods (4,751,573) (4,751,573) -- -- Communications (15,006,722) (15,006,712) -- (10) Consumer Durables (4,287,765) (4,287,765) -- -- Consumer Non-Durables (3,417,962) (3,417,962) -- -- Consumer Services (22,910,421) (22,910,421) -- -- Energy (2,487,458) (2,487,458) -- -- Finance (697,739) (697,739) -- -- Health Care (10,075,496) (10,075,496) -- -- Real Estate Investment Trusts (800,624) (800,624) -- -- Technology (37,611,925) (37,611,925) -- -- Utilities (2,089,209) (2,089,209) -- -- ------------- ------------- --- ---- Total Liabilities $(108,185,114) $(108,185,104) $-- $(10) ============= ============= === ====
The following is a reconciliation of the Fund's Level 3 investments for which significant unobservable inputs were used to determine fair value.
COMMON PREFERRED TOTAL STOCK STOCK INVESTMENTS FINANCE FINANCE ----------- ---------- --------- Balance as of August 31, 2010 $2,499,108 $2,236,410 $262,698 Accrued discounts/premiums -- -- -- Net realized gain/(loss) -- -- -- Change in unrealized appreciation/(depreciation) 383,166 (19,250) 402,416 Net purchases/(sales) -- -- -- Transfers in and/or out of Level 3 * -- -- -- ---------- ---------- -------- Balance as of November 30, 2010 $2,882,274 $2,217,160 $665,114 ========== ========== ========
The accompanying notes are an integral part of the portfolio of investments. 11 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2010 (unaudited) ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND (concluded) Portfolio of Investments
SECURITIES SOLD SHORT ---------------------------- TOTAL INVESTMENTS COMMUNICATIONS ----------- -------------- Balance as of August 31, 2010 $(10) $(10) Accrued discounts/premiums -- -- Net realized gain/(loss) -- -- Change in unrealized appreciation/(depreciation) -- -- Net purchases/(sales) -- -- Transfers in and/or out of Level 3 * -- -- ---- ---- Balance as of November 30, 2010 $(10) $(10) ==== ====
* Transfers in and/or out of Level 3 are recognized as of the actual date of the event or change in circumstances that caused the transfer. The transfer occurred because of lack of observable market data due to decrease in market activity for this security. The accompanying notes are an integral part of the portfolio of investments. 12 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2010 (unaudited) ROBECO BOSTON PARTNERS LONG/SHORT RESEARCH FUND Portfolio of Investments
Number of Shares Value ----------- ------------- LONG POSITIONS--84.4% COMMON STOCK--83.9% BASIC INDUSTRIES--4.5% Albemarle Corp. + 368 $ 19,905 Ball Corp. 380 25,034 Bayer AG - Sponsored ADR + 665 48,472 Crown Holdings, Inc.* 643 19,952 Cytec Industries, Inc. 560 26,785 Graham Packaging Co., Inc.* 1,408 17,741 Owens-Illinois, Inc.* 570 15,322 Reliance Steel & Aluminum Co. + 833 37,027 Solutia, Inc.* 1,420 30,360 Spartech Corp. +* 5,987 56,936 ------------- 297,534 ------------- CAPITAL GOODS--8.8% Cooper Industries PLC 290 15,805 Globe Specialty Metals, Inc. 2,292 37,153 Honeywell International, Inc. + 1,720 85,501 Kennametal, Inc. 550 18,601 Koninklijke Philips Electronics NV 1,170 31,574 Lennox International, Inc. 440 19,356 Lockheed Martin Corp. 285 19,391 Masco Corp. 1,620 17,674 Mohawk Industries, Inc.* 500 26,270 Precision Castparts Corp. + 275 37,969 Siemens AG - Sponsored ADR + 528 57,974 Thomas & Betts Corp.* 450 20,003 TriMas Corp. +* 2,775 55,361 Tyco International Ltd. + 2,555 96,809 URS Corp.* 465 18,386 WESCO International, Inc. +* 445 21,235 ------------- 579,062 ------------- COMMUNICATIONS--3.6% DIRECTV, Class A +* 1,540 63,956 Shenandoah Telecommunications Co. 1,828 31,972 Time Warner Cable, Inc. 475 29,232 Vodafone Group PLC - Sponsored ADR + 2,785 69,792 Windstream Corp. + 3,360 43,814 ------------- 238,766 ------------- CONSUMER DURABLES--0.7% Autoliv, Inc. 196 14,390 Lennar Corp., Class A 557 8,461
Number of Shares Value ----------- ------------- CONSUMER DURABLES--(CONTINUED) Magna International, Inc., Class A 470 $ 22,391 ------------- 45,242 ------------- CONSUMER NON-DURABLES--3.7% Anheuser-Busch InBev NV - Sponsored ADR + 1,176 64,609 Clorox Co., (The) 270 16,689 Coca-Cola Enterprises, Inc. 2,000 48,300 ConAgra Foods, Inc. + 2,000 42,960 Dean Foods Co.* 1,330 9,669 Dr. Pepper Snapple Group, Inc. 321 11,758 Electronic Arts, Inc.* 695 10,362 Guess?, Inc. 520 24,570 Lorillard, Inc. 152 12,096 ------------- 241,013 ------------- CONSUMER SERVICES--14.7% Abercrombie & Fitch Co., Class A 390 19,597 AnnTaylor Stores Corp.* 592 15,931 Century Casinos, Inc.* 7,858 17,916 Cinemark Holdings, Inc. + 3,140 55,107 eBay, Inc.* 490 14,274 Equifax, Inc. + 1,966 68,043 Expedia, Inc. 910 23,960 Gap, Inc., (The) 1,085 23,176 Home Depot, Inc. (The) 710 21,449 Liberty Media-Starz, Series A +* 873 54,864 Lowe's Cos., Inc. 640 14,528 Macy's, Inc. 928 23,831 Manpower, Inc. + 1,358 76,483 McGraw-Hill Cos., Inc., (The) + 1,660 57,253 Moody's Corp. + 2,455 65,868 Nordstrom, Inc. 390 16,692 Omnicom Group, Inc. + 1,575 71,568 Robert Half International, Inc. + 1,268 35,149 Strayer Education, Inc. + 450 61,142 Time Warner, Inc. + 1,910 56,326 Towers Watson & Co., Class A + 693 34,789 Viacom, Inc., Class B 2,135 80,767 Wal-Mart Stores, Inc. 418 22,610 Walgreen Co. 520 18,122 Williams-Sonoma, Inc. 530 17,633 ------------- 967,078 ------------- ENERGY--2.8% Canadian Natural Resources Ltd. 295 11,346 EOG Resources, Inc. 628 55,861 Noble Energy, Inc. 178 14,463
The accompanying notes are an integral part of the portfolio of investments. 13 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2010 (unaudited) ROBECO BOSTON PARTNERS LONG/SHORT RESEARCH FUND (continued) Portfolio of Investments
Number of Shares Value ----------- ------------- ENERGY--(CONTINUED) Occidental Petroleum Corp. + 654 $ 57,663 PetroBakken Energy Ltd., Class A 707 12,968 Rosetta Resources, Inc.* 424 15,188 Ultra Petroleum Corp.* 408 19,172 ------------- 186,661 ------------- FINANCE--9.7% ACE Ltd. 481 28,148 American Express Co. 650 28,093 Bank of America Corp. 1,790 19,600 Barclays PLC - Sponsored ADR + 2,029 32,748 Capital One Financial Corp. 450 16,753 Discover Financial Services 1,923 35,152 East West Bancorp, Inc. 1,435 24,883 Federated Investors, Inc., Class B 1,100 26,081 Fifth Third Bancorp 1,030 12,308 JPMorgan Chase & Co. + 962 35,960 Kaiser Federal Financial Group, Inc. 2,000 19,320 Maiden Holdings Ltd. 2,735 20,595 Morgan Stanley + 1,490 36,445 Oriental Financial Group, Inc. 2,255 26,158 PNC Financial Services Group, Inc. 250 13,463 Popular, Inc.* 7,440 21,427 Raymond James Financial, Inc. + 1,740 49,903 SLM Corp.* 1,443 16,667 State Street Corp. + 1,067 46,094 Torchmark Corp. 550 31,609 TradeStation Group, Inc.* 3,658 23,265 Travelers Cos., Inc., (The) 334 18,033 Validus Holdings, Ltd.* 675 19,717 Wells Fargo & Co. + 1,368 37,223 ------------- 639,645 ------------- HEALTH CARE--14.9% Abbott Laboratories + 954 44,370 Amgen, Inc. +* 962 50,688 Cardinal Health, Inc. 775 27,574 CareFusion Corp. +* 3,690 84,390 Covidien PLC + 2,409 101,347 DaVita, Inc.* 311 22,610 Hologic, Inc. +* 5,708 93,611 Humana, Inc.* 323 18,101 Johnson & Johnson + 830 51,087
Number of Shares Value ----------- ------------- HEALTH CARE--(CONTINUED) Laboratory Corp. of America Holdings* 158 $ 12,961 Lincare Holdings, Inc. 1,027 26,445 McKesson Corp. 418 26,710 Merck & Co., Inc. + 1,660 57,220 Novartis AG - ADR + 830 44,330 Omnicare, Inc. 1,007 23,221 Pfizer, Inc. + 6,615 107,758 Roche Holding AG + 1,820 62,644 STERIS Corp. + 1,655 56,949 Stryker Corp. + 1,003 50,240 WellPoint, Inc.* 320 17,837 ------------- 980,093 ------------- REAL ESTATE INVESTMENT TRUSTS--0.3% MFA Financial, Inc. 2,359 19,226 ------------- TECHNOLOGY--19.5% Accenture PLC, Class A 737 31,927 Amdocs Ltd. +* 2,660 69,160 Analog Devices, Inc. 766 27,239 Arrow Electronics, Inc. +* 1,427 44,251 Avnet, Inc. +* 1,330 40,764 CA, Inc. + 2,973 68,052 CACI International, Inc., Class A* 365 18,370 CGI Group, Inc. Class A +* 2,790 43,747 EMC Corp. +* 3,632 78,052 Flextronics International Ltd.* 3,199 23,193 Harris Corp. + 2,635 116,572 Hewlett-Packard Co. + 1,977 82,896 Ingram Micro, Inc., Class A +* 4,410 78,719 International Business Machines Corp. + 343 48,521 Littelfuse, Inc. 970 44,882 Microsoft Corp. + 3,175 80,042 Oracle Corp. + 2,917 78,876 STMicroelectronics NV + 5,508 49,297 Symantec Corp.* 988 16,598 Texas Instruments, Inc. 605 19,239 Thermo Fisher Scientific, Inc. +* 1,085 55,183 Tyco Electronics Ltd. 830 25,249 Western Digital Corp. +* 1,490 49,915 Western Union Co. 1,190 20,992 Xerox Corp. + 5,973 68,451 ------------- 1,280,187 -------------
The accompanying notes are an integral part of the portfolio of investments. 14 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2010 (unaudited) ROBECO BOSTON PARTNERS LONG/SHORT RESEARCH FUND (continued) Portfolio of Investments
Number of Shares Value ----------- ------------- UTILITIES--0.7% Allegheny Energy, Inc. 1,103 $ 25,170 American Electric Power Co., Inc. 603 21,467 ------------- 46,637 ------------- TOTAL COMMON STOCK (Cost $5,430,314) 5,521,144 ------------- WARRANTS--0.5% FINANCE--0.5% JPMorgan Chase & Co., Strike Price $42.42, Exp. 10/28/18 2,746 34,682 ------------- TOTAL WARRANTS (Cost $34,953) 34,682 ------------- TOTAL LONG POSITIONS--84.4% (COST $5,465,267)** 5,555,826 ------------- SECURITIES SOLD SHORT--(31.5%) COMMON STOCK--(30.9%) BASIC INDUSTRIES--(0.4%) NewMarket Corp. (64) (8,051) Seabridge Gold, Inc.* (409) (11,841) Tanzanian Royalty Exploration Corp.* (1,230) (8,069) ------------- (27,961) ------------- CAPITAL GOODS--(1.9%) Donaldson Co., Inc. (190) (10,315) Encore Wire Corp. (680) (15,490) FLIR Systems, Inc.* (1,325) (35,517) Graco, Inc. (207) (7,444) Otter Tail Corp. (570) (11,719) PACCAR, Inc. (180) (9,695) PMFG, Inc.* (280) (4,172) Quanta Services, Inc.* (675) (11,887) Trex Co., Inc.* (375) (6,919) Watsco, Inc. (198) (11,933) ------------- (125,091) ------------- COMMUNICATIONS--(3.8%) Akamai Technologies, Inc.* (300) (15,657) Ancestry.com, Inc.* (420) (12,004) Cbeyond, Inc.* (605) (7,974) Cincinnati Bell, Inc.* (2,465) (6,015) Clearwire Corp., Class A* (2,685) (18,849) Cogent Communications Group, Inc.* (2,000) (24,160) Equinix, Inc.* (1,000) (77,600) Global Crossing Ltd.* (972) (12,996) GSI Commerce, Inc.* (294) (7,012) Leap Wireless International, Inc.* (435) (4,735)
Number of Shares Value ----------- ------------- COMMUNICATIONS--(CONTINUED) OpenTable, Inc.* (170) $ (12,332) PAETEC Holding Corp.* (1,270) (4,699) Rackspace Hosting, Inc.* (552) (16,102) SAVVIS, Inc.* (825) (20,732) tw telecom, inc.* (595) (9,806) ------------- (250,673) ------------- CONSUMER DURABLES--(0.7%) Harley-Davidson, Inc. (380) (11,886) LKQ Corp.* (674) (14,542) Middleby Corp., (The)* (111) (8,932) Ryland Group, Inc., (The) (501) (7,305) ------------- (42,665) ------------- CONSUMER NON-DURABLES--(1.4%) Flowers Foods, Inc. (1,296) (33,955) Gildan Activewear, Inc.* (311) (9,355) Green Mountain Coffee Roasters, Inc.* (632) (23,435) K-Swiss, Inc., Class A* (935) (11,706) Luxottica Group SPA - Sponsored ADR (384) (10,203) LVMH Moet Hennessy Louis Vuitton SA - Unsponsored ADR (212) (6,515) ------------- (95,169) ------------- CONSUMER SERVICES--(8.7%) Blue Nile, Inc.* (288) (14,242) Buffalo Wild Wings, Inc.* (300) (14,547) Cenveo, Inc.* (4,475) (22,912) Churchill Downs, Inc. (666) (26,367) Clean Harbors, Inc.* (86) (6,368) Concur Technologies, Inc.* (789) (40,405) Fastenal Co. (142) (7,600) Iron Mountain, Inc. (1,482) (32,915) Lamar Advertising Co., Class A* (935) (34,361) McClatchy Co., (The)* (7,950) (25,122) Media General, Inc., Class A* (5,590) (23,813) New Oriental Education & Technology Group, Inc. - Sponsored ADR* (198) (20,948) Pegasystems, Inc. (800) (24,760) Pool Corp. (830) (17,588) Ritchie Bros. Auctioneers, Inc. (1,386) (27,748) Rite Aid Corp.* (8,237) (7,740) Rollins, Inc. (1,561) (42,178)
The accompanying notes are an integral part of the portfolio of investments. 15 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2010 (unaudited) ROBECO BOSTON PARTNERS LONG/SHORT RESEARCH FUND (continued) Portfolio of Investments
Number of Shares Value ----------- ------------- CONSUMER SERVICES--(CONTINUED) Sinclair Broadcasting Group, Inc., Class A (2,795) $ (21,661) Sonic Corp.* (1,580) (14,789) Tim Hortons, Inc. (249) (9,818) Ultimate Software Group, Inc., (The)* (775) (33,999) United Natural Foods, Inc.* (395) (14,789) Vail Resorts, Inc.* (418) (18,927) Warner Music Group Corp.* (5,595) (26,968) Wendy's/Arby's Group, Inc., Class A (2,950) (14,072) Whole Foods Market, Inc.* (334) (15,771) Winn-Dixie Stores, Inc.* (1,705) (10,366) ------------- (570,774) ------------- ENERGY--(0.8%) CARBO Ceramics, Inc. (189) (18,361) Chesapeake Energy Corp. (410) (8,659) Continental Resources, Inc.* (304) (16,249) Range Resources Corp. (178) (7,474) ------------- (50,743) ------------- FINANCE--(2.8%) ASTA Funding, Inc. (1,325) (9,474) Banco de Sabadell SA* (2,701) (10,486) CVB Financial Corp. (1,945) (15,307) Eaton Vance Corp. (670) (19,912) Greenhill & Co., Inc. (168) (12,590) Hancock Holding Co. (595) (18,743) New York Community Bancorp, Inc. (740) (12,432) PacWest Bancorp (740) (12,580) Royal Bank of Canada (228) (12,219) Texas Capital Bancshares, Inc.* (740) (13,971) Tompkins Financial Corp. (375) (14,385) UMB Financial Corp. (450) (16,785) Valley National Bancorp (1,185) (15,050) ------------- (183,934) ------------- HEALTH CARE--(3.3%) Align Technology, Inc.* (820) (14,342) AstraZeneca PLC - Sponsored ADR (264) (12,389) athenahealth, Inc.* (440) (18,044) Bristol-Myers Squibb Co. (1,408) (35,538) Conceptus, Inc.* (573) (7,535)
Number of Shares Value ----------- ------------- HEALTH CARE--(CONTINUED) Elan Corp. PLC - Sponsored ADR* (1,635) $ (8,420) IDEXX Laboratories, Inc.* (294) (18,878) Lundbeck (H.) A/S (1,325) (22,948) Qiagen N.V.* (908) (16,616) Seattle Genetics, Inc.* (530) (8,003) Stericycle, Inc.* (272) (20,101) Valeant Pharmaceuticals International, Inc. (628) (16,246) Warner Chilcott PLC, Class A (825) (15,683) ------------- (214,743) ------------- TECHNOLOGY--(5.9%) Alvarion Ltd.* (3,234) (8,473) Aspen Technology, Inc.* (2,336) (29,200) Blackboard, Inc.* (658) (27,340) Ciena Corp.* (1,340) (20,301) Cirrus Logic, Inc.* (919) (14,033) Dassault Systemes SA - ADR (206) (14,121) Finisar Corp.* (1,150) (21,988) First Solar, Inc.* (185) (22,727) Infinera Corp.* (470) (3,835) Itron, Inc.* (183) (10,389) National Instruments Corp. (734) (25,044) NetSuite, Inc.* (669) (16,605) Polycom, Inc.* (1,015) (37,560) Red Hat, Inc.* (380) (16,530) Salesforce.com, Inc.* (131) (18,238) Skyworks Solutions, Inc.* (750) (19,088) Syntel, Inc. (723) (34,516) VMware, Inc., Class A* (357) (29,103) Wipro Ltd. - ADR (1,605) (21,972) ------------- (391,063) ------------- TRANSPORTATION--(0.4%) CH Robinson Worldwide, Inc. (150) (11,056) Expeditors International of Washington, Inc. (267) (14,124) ------------- (25,180) ------------- UTILITIES--(0.8%) Aqua America, Inc. (158) (3,405) Consolidated Edison, Inc. (69) (3,337) NextEra Energy, Inc. (178) (9,010) Progress Energy, Inc. (316) (13,806) Wisconsin Energy Corp. (189) (11,382)
The accompanying notes are an integral part of the portfolio of investments. 16 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2010 (unaudited) ROBECO BOSTON PARTNERS LONG/SHORT RESEARCH FUND (continued) Portfolio of Investments
Number of Shares Value ----------- ------------- UTILITIES--(CONTINUED) Xcel Energy, Inc. (610) $ (14,335) ------------- (55,275) ------------- TOTAL COMMON STOCK (Proceeds $2,004,515) (2,033,271) ------------- EXCHANGE TRADED FUND--(0.6%) FINANCE--(0.6%) Pharmaceutical HOLDRs Trust (700) (43,841) ------------- TOTAL EXCHANGE TRADED FUND (Proceeds $45,466) (43,841) ------------- TOTAL SECURITIES SOLD SHORT --(31.5%) (Proceeds $2,049,981) (2,077,112) ------------- OTHER ASSETS IN EXCESS OF LIABILITIES--47.1% 3,103,291 ------------- NET ASSETS--100.0% $ 6,582,005 =============
ADR -- American Depositary Receipt HOLDRs -- Holding Company Depositary Receipts * -- Non-income producing. + -- Security position is either entirely or partially held in a segregated account as collateral for securities sold short. ** -- The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a Federal income tax basis, are as follows: Aggregate Cost $5,465,267 ---------- Gross Unrealized Appreciation 194,072 Gross Unrealized Depreciation (103,513) ---------- Net unrealized appreciation $ 90,559 ==========
A summary of the inputs used to value the Fund's investments as of November 30, 2010 is as follows (see Notes to Portfolio of Investments):
LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AS OF QUOTED OBSERVABLE UNOBSERVABLE 11/30/10 PRICE INPUTS INPUTS ----------- ----------- ----------- ------------ Investment in securities * $5,555,826 $5,555,826 $-- $-- ---------- ---------- --- --- Total Assets $5,555,826 $5,555,826 $-- $-- ========== ========== === ===
LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AS OF QUOTED OBSERVABLE UNOBSERVABLE 11/30/10 PRICE INPUTS INPUTS ----------- ----------- ----------- ------------ Investment in securities sold short * $(2,077,112) $(2,077,112) $-- $-- ----------- ----------- --- --- Total Liabilities $(2,077,112) $(2,077,112) $-- $-- =========== =========== === ===
* see Portfolio of Investments detail for country and security type breakout The accompanying notes are an integral part of the portfolio of investments. 17 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2010 (unaudited) ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND Portfolio of Investments
Number of Shares Value ----------- ------------- COMMON STOCK--97.7% BASIC INDUSTRIES--0.3% Ball Corp. 7,790 $ 513,205 ------------- CAPITAL GOODS--4.4% Actuant Corp., Class A 34,565 816,771 Dover Corp. 43,900 2,406,159 Illinois Tool Works, Inc. 15,295 728,501 Parker-Hannifin Corp. 20,902 1,676,967 Stanley Black & Decker, Inc. 13,450 800,679 Tyco International Ltd. 22,585 855,746 ------------- 7,284,823 ------------- COMMUNICATIONS--2.6% Monster Worldwide, Inc. * (a) 44,075 995,214 Vodafone Group PLC - Sponsored ADR 132,438 3,318,896 ------------- 4,314,110 ------------- CONSUMER DURABLES--1.4% Lennar Corp., Class A # (a) 95,675 1,453,303 Thor Industries, Inc. 15,570 459,782 Tower International, Inc. * 23,905 358,575 ------------- 2,271,660 ------------- CONSUMER NON-DURABLES--4.4% Electronic Arts, Inc. * 94,580 1,410,188 Jones Group, Inc. (The) 46,715 632,521 Mattel, Inc. * 70,125 1,812,030 Matthews International Corp., Class A 12,235 397,393 Nestle S.A.- Sponsored ADR 15,965 873,764 Philip Morris International, Inc. 31,600 1,797,724 Timberland Co., (The), Class A * 13,880 343,946 ------------- 7,267,566 ------------- CONSUMER SERVICES--16.1% AutoZone, Inc. * # 3,480 902,747 Best Buy Co., Inc. (a) 22,460 959,491 CEC Entertainment, Inc. * 26,695 1,001,596 eBay, Inc. (a) * 88,855 2,588,346 Equifax, Inc. 41,785 1,446,179 Expedia, Inc. # (a) 86,793 2,285,260 GameStop Corp., Class A * 100,085 1,993,693 Harte-Hanks, Inc. (a) 69,295 862,030 Herbalife Ltd. 16,850 1,156,416 HSN, Inc. * # 28,785 816,055 Manpower, Inc. 32,960 1,856,307 Omnicom Group, Inc. 48,555 2,206,339 Pantry, Inc. (The) * 18,635 382,763 Regis Corp. 84,075 1,498,217
Number of Shares Value ----------- ------------- CONSUMER SERVICES--(CONTINUED) Rent-A-Center, Inc. (a) 64,735 $ 1,802,222 Towers Watson & Co., Class A 24,045 1,207,059 Viacom, Inc., Class B 26,445 1,000,414 Wal-Mart Stores, Inc. 30,060 1,625,945 Wright Express Corp. * 20,990 904,039 ------------- 26,495,118 ------------- ENERGY--9.8% Apache Corp. 12,910 1,389,632 Canadian Natural Resources Ltd. 22,555 867,465 Chevron Corp. 46,050 3,728,669 EOG Resources, Inc. (a) 31,605 2,811,265 Noble Energy, Inc. # 47,510 3,860,188 Occidental Petroleum Corp. 33,230 2,929,889 PetroBakken Energy Ltd., Class A 32,440 595,031 ------------- 16,182,139 ------------- FINANCE--27.1% ACE Ltd. (a) 25,200 1,474,704 Alleghany Corp. * 5,546 1,670,732 American Express Co. 44,675 1,930,853 Axis Capital Holdings Ltd. 14,145 499,884 Bank of America Corp. 289,300 3,167,835 BB&T Corp. (a) 55,160 1,279,712 Bond Street Holdings LLC, Class A 144A * +++ 63,670 1,324,336 Capital One Financial Corp. 42,145 1,569,058 Citigroup, Inc. * # 652,950 2,742,390 Federated Investors, Inc., Class B (a) 39,850 944,844 First American Financial Corp. 36,375 515,434 First Southern Bancorp, Inc., Class B 144A * ++ 17,550 165,848 Flagstone Reinsurance Holdings S.A. 95,295 1,091,128 Hanover Insurance Group, Inc., (The) (a) 18,580 841,302 Hercules Technology Growth Capital, Inc. 48,240 481,435 J.G. Wentworth, Inc. 144A * ++ +/- (triangle) -- 0 JPMorgan Chase & Co. 141,900 5,304,222 Loews Corp. 95,449 3,570,747 Maiden Holdings Ltd. 25,195 189,718 Morgan Stanley 49,350 1,207,101
The accompanying notes are an integral part of the portfolio of investments. 18 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2010 (unaudited) ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND (continued) Portfolio of Investments
Number of Shares Value ----------- ------------- FINANCE--(CONTINUED) NBH Holdings Corp., Class A 144A * ++ 40,025 $ 807,705 Peoples Choice Financial Corp. 144A * ++ (triangle) 1,465 0 SLM Corp. * 166,655 1,924,865 Solar Cayman Ltd. 144A * ++ (triangle) 19,375 0 State Street Corp. 40,625 1,755,000 THL Credit, Inc. 29,905 391,756 Travelers Cos., Inc., (The) 48,030 2,593,140 Unum Group 53,031 1,139,636 Validus Holdings, Ltd. 53,352 1,558,412 Wells Fargo & Co. 101,710 2,767,529 White Mountains Insurance Group Ltd. 5,540 1,758,950 ------------- 44,668,276 ------------- HEALTH CARE--13.4% Amgen, Inc. * (a) 55,615 2,930,354 Becton, Dickinson & Co. 19,405 1,512,232 Cardinal Health, Inc. 42,560 1,514,285 CareFusion Corp. * 34,570 790,616 Covidien PLC 19,160 806,061 Humana, Inc. * 25,600 1,434,624 Johnson & Johnson (a) 48,500 2,985,175 McKesson Corp. 26,185 1,673,222 Medtronic, Inc. 24,400 818,132 Patterson Companies, Inc. (a) 27,955 831,102 Pfizer, Inc. 301,511 4,911,614 UnitedHealth Group, Inc. 27,085 989,144 WellPoint, Inc. * 16,500 919,710 ------------- 22,116,271 ------------- REAL ESTATE INVESTMENT TRUSTS--0.7% Ashford Hospitality Trust, Inc. * 59,885 562,919 Colony Financial, Inc. 11,810 227,815 Terreno Realty Corp. * 14,030 249,033 TMST, Inc. * ++ 191,097 0 ------------- 1,039,767 ------------- TECHNOLOGY--17.1% Accenture PLC, Class A 45,655 1,977,775 Arrow Electronics, Inc. * 40,835 1,266,293 Avnet, Inc. * 41,115 1,260,175 BancTec, Inc., 144A * ++ 15,732 46,095 CA, Inc. 80,970 1,853,403 CoreLogic, Inc. 23,225 422,927
Number of Shares Value ----------- ------------- TECHNOLOGY--(CONTINUED) Heartland Payment Systems, Inc. 42,065 $ 664,206 Hewlett-Packard Co. 59,085 2,477,434 International Business Machines Corp. 30,710 4,344,237 Maxim Integrated Products, Inc. (a) 25,865 601,361 Microchip Technology, Inc. (a) 15,885 533,895 Micron Technology, Inc. * 110,840 804,698 Microsoft Corp. 124,640 3,142,174 Oracle Corp. # 69,800 1,887,392 Symantec Corp. * 80,475 1,351,980 Tech Data Corp. * 29,940 1,319,456 Texas Instruments, Inc. (a) 53,625 1,705,275 Tyco Electronics Ltd. 58,285 1,773,030 Western Union Co. 45,190 797,152 ------------- 28,228,958 ------------- UTILITIES--0.4% Allegheny Energy, Inc. 28,475 649,799 ------------- TOTAL COMMON STOCK (Cost $149,950,471) 161,031,692 ------------- PREFERRED STOCK--0.1% FINANCE--0.1% First Southern Bancorp, Inc. 5.000% 144A ++ 30 181,395 ------------- TOTAL PREFERRED STOCK (Cost $30,000) 181,395 -------------
Par (000) ----------- CORPORATE BONDS--0.0% MBIA Insurance Corp. 144A+ ## 14.00% 01/15/33 $ 151 75,500 Thornburg Mortgage, Inc. (PIK)@ ++ (triangle) 18.00% 03/31/15 74 0 Thornburg Mortgage, Inc. 144A@ ++ (triangle) 18.00% 03/31/15 824 0 ------------- TOTAL CORPORATE BONDS (Cost $981,302) 75,500 -------------
Number of Shares ------------- SECURITIES LENDING COLLATERAL--14.0% Bank of Montreal, 0.18%, 12/01/10, TD 348,703 348,703 Bank of Nova Scotia, 0.18%, 12/01/10, TD 348,704 348,704
The accompanying notes are an integral part of the portfolio of investments. 19 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2010 (unaudited) ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND (continued) Portfolio of Investments
Number of Shares Value ----------- ------------- SECURITIES LENDING COLLATERAL--(CONTINUED) Barclays Bank PLC, 0.15%, 12/01/10, TD 348,704 $ 348,704 Credit Industriel et Commercial, 0.20%, 12/01/10, TD 348,704 348,704 Dexia Bank SA, 0.20%, 12/01/10, TD 348,704 348,704 Institutional Money Market Trust 18,878,292 18,878,292 KBC Bank NV, 0.19%, 12/01/10, TD 2,388,843 2,388,843 ------------- TOTAL SECURITIES LENDING COLLATERAL (Cost $23,010,654) 23,010,654 ------------- TOTAL INVESTMENTS--111.8% (COST $173,972,427)** 184,299,241 -------------
Number of Contracts ------------ OPTIONS WRITTEN ++ --(0.8%) Autozone, Inc. Call Options Expires 03/19/11 Strike Price $230 (34) (119,000) Citigroup, Inc. Call Options Expires 01/21/12 Strike Price $4 (1,640) (132,840) Citigroup, Inc. Call Options Expires 01/21/12 Strike Price $5 (2,714) (108,560) Expedia, Inc. Call Options Expires 01/21/12 Strike Price $35 (352) (47,168) HSN, Inc. Call Options Expires 03/19/11 Strike Price $35 (161) (10,062) Lennar Corp., Class A Call Options Expires 01/21/12 Strike Price $10 (823) (495,858) Noble Energy, Inc. Call Options Expires 05/21/11 Strike Price $75 (263) (291,930) Oracle Corp. Call Options Expires 01/21/12 Strike Price $35 (547) (53,059) ------------- TOTAL OPTIONS WRITTEN (Premiums received $1,189,038) (1,258,477) ------------- LIABILITIES IN EXCESS OF OTHER ASSETS--(11.0)% (18,208,216) ------------- NET ASSETS--100.0% $ 164,832,548 =============
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. As of November 30, 2010, these securities amounted to $2,600,879 or 1.6% of net assets. Not all 144A securities have been deemed illiquid. See Notes to Portfolio of Investments for additional information related to 144A securities that have been deemed illiquid. ADR -- American Depositary Receipt PIK -- Payment In Kind TD -- Time Deposits * -- 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 $173,972,427 ------------ Gross unrealized appreciation 15,482,477 Gross unrealized depreciation (5,155,663) ------------ Net unrealized appreciation $ 10,326,814 ============
@ -- Security in default. ++ -- Security has been valued at fair market value as determined in good faith by or under the direction of The RBB Fund, Inc.'s Board of Directors. As of November 30, 2010, these securities amounted to $2,525,379 or 1.5% of net assets. +/- -- Total shares owned by the Fund as of November 30, 2010 were less than one share. + -- Adjustable rate security. # -- Security segregated as collateral for options written. ## -- Callable security. (a) -- All or a portion of the security is on loan. See Notes to Portfolio of Investments. (triangle) -- Less than 0.01% of the Fund's net assets were reported illiquid by the portfolio manager under the Funds' policy. ++ -- Primary risk exposure is equity contracts. The accompanying notes are an integral part of the portfolio of investments. 20 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2010 (unaudited) ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND (concluded) Portfolio of Investments A summary of the inputs used to value the Fund's investments as of November 30, 2010 is as follows (see Notes to Portfolio of Investments):
LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AS OF QUOTED OBSERVABLE UNOBSERVABLE 11/30/10 PRICE INPUTS INPUTS ------------ ------------ ----------- ------------- Common Stock Basic Industries $ 513,205 $ 513,205 $ -- $ -- Capital Goods 7,284,823 7,284,823 -- -- Communications 4,314,110 4,314,110 -- -- Consumer Durables 2,271,660 2,271,660 -- -- Consumer Non-Durables 7,267,566 7,267,566 -- -- Consumer Services 26,495,118 26,495,118 -- -- Energy 16,182,139 16,182,139 -- -- Finance 44,668,276 42,370,387 -- 2,297,889 Health Care 22,116,271 22,116,271 -- -- Real Estate Investment Trusts 1,039,767 1,039,767 Technology 28,228,958 28,182,863 -- 46,095 Utilities 649,799 649,799 -- -- Preferred Stocks 181,395 -- -- 181,395 Corporate Bonds 75,500 -- 75,500 -- Securities Lending Collateral 23,010,654 18,878,292 4,132,362 -- ------------ ------------ ---------- ---------- Total Assets $184,299,241 $177,566,000 $4,207,862 $2,525,379 ============ ============ ========== ==========
LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AS OF QUOTED OBSERVABLE UNOBSERVABLE 11/30/10 PRICE INPUTS INPUTS ------------ ------------ ----------- ------------- Options Written (1,258,477) -- (1,258,477) -- ----------- --- ----------- --- Total Liabilities $(1,258,477) $-- $(1,258,477) $-- =========== === =========== ===
The following is a reconciliation of the Fund's Level 3 investments for which significant unobservable inputs were used to determine fair value.
PREFERRED COMMON STOCK STOCK TOTAL ---------------------------------- INVESTMENTS FINANCE TECHNOLOGY FINANCE ----------- --------- ---------- --------- Balance as of August 31, 2010 $2,456,323 $2,248,439 $ 136,239 $ 71,645 Accrued discounts/premiums -- -- -- -- Net realized gain/(loss) -- -- -- -- Change in unrealized appreciation/(depreciation) 69,056 49,450 (90,144) 109,750 Net purchases/(sales) -- -- -- -- Transfers in and/or out of Level 3 * -- -- -- -- ---------- ---------- --------- -------- Balance as of November 30, 2010 $2,525,379 $2,297,889 $ 46,095 $181,395 ========== ========== ========= ========
* Transfers in and/or out of Level 3 are recognized as of the actual date of the event or change in circumstances that caused the transfer. The transfer occurred because of lack of observable market data due to decrease in market activity for this security. The accompanying notes are an integral part of the portfolio of investments. 21 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2010 (unaudited) ROBECO WPG SMALL/MICRO CAP VALUE FUND PORTFOLIO OF INVESTMENTS (FORMERLY WPG SMALL CAP VALUE FUND)
Number of Shares Value ----------- ------------- COMMON STOCK--95.9% BASIC INDUSTRIES--0.8% GrafTech International Ltd. * 9,300 $ 182,280 Graham Packaging Co., Inc. * 7,600 95,760 ------------- 278,040 ------------- CAPITAL GOODS--10.4% Beacon Roofing Supply, Inc. * 19,800 340,362 Buckeye Technologies, Inc. 11,900 237,048 Columbus McKinnon Corp. * 16,300 267,483 Global Power Equipment Group, Inc. * 3,500 69,720 Globe Specialty Metals, Inc. 35,200 570,592 Granite Construction, Inc. (a) 6,200 157,294 Lakeland Industries, Inc. * 24,600 228,780 Matrix Service Co. * 27,700 275,061 RTI International Metals, Inc. * 6,900 195,753 Teleflex, Inc. 3,300 164,802 Trinity Industries, Inc. 7,800 178,620 Tutor Perini Corp. 24,500 466,725 Wabash National Corp. * 60,200 635,110 ------------- 3,787,350 ------------- COMMUNICATIONS--2.8% Digital River, Inc. *(a) 18,800 692,216 IDT Corp., Class B 6,300 130,977 Neutral Tandem, Inc. * 13,000 186,810 ------------- 1,010,003 ------------- CONSUMER DURABLES--2.0% Campus Crest Communities, Inc., REIT *(a) 22,000 277,420 Libbey, Inc. * 30,800 445,676 ------------- 723,096 ------------- CONSUMER NON-DURABLES--6.4% Brown Shoe Co., Inc. 25,500 362,610 Chiquita Brands International, Inc. *(a) 61,200 684,216 Del Monte Foods Co. (a) 39,000 730,470 Dole Food Co., Inc. * 3,700 35,039 Iconix Brand Group, Inc. * 10,000 186,800 Jones Group, Inc. (The) 24,800 335,792 ------------- 2,334,927 -------------
Number of Shares Value ----------- ------------- CONSUMER SERVICES--15.3% America's Car-Mart, Inc. * 7,100 $ 180,127 AMN Healthcare Services, Inc. * 14,000 78,400 Body Central Corp. * 2,900 35,409 Casual Male Retail Group, Inc. * 57,400 275,520 FTI Consulting, Inc. *(a) 21,600 769,824 Geo Group, Inc., (The) * 48,500 1,168,850 Global Cash Access Holdings, Inc. * 55,200 125,856 Hackett Group, Inc. (The) * 109,700 386,144 LECG Corp. * 69,300 65,288 MDC Partners, Inc., Class A 78,800 1,123,688 New Frontier Media, Inc. * 77,900 149,568 Pantry, Inc. (The) * 6,300 129,402 Penske Automotive Group, Inc. * 21,400 322,926 Pool Corp. 8,400 177,996 Providence Service Corp. * 19,800 332,838 Shoe Carnival, Inc. * 8,300 230,242 ------------- 5,552,078 ------------- ENERGY--3.0% Approach Resources, Inc. * 19,100 348,957 Delek US Holdings, Inc. 13,200 93,984 GeoMet, Inc. * 73,700 61,171 Global Geophysical Services, Inc. * 9,400 86,950 Goodrich Petroleum Corp. *(a) 13,200 173,580 Holly Corp. 3,500 125,790 Newpark Resources, Inc. * 34,000 194,480 ------------- 1,084,912 ------------- FINANCE--23.3% A.B. Whatley Group, Inc., 144A * @ (triangle) 93,855 938 Alterra Capital Holdings Ltd. (a) 14,300 290,862 Aspen Insurance Holdings Ltd. 11,700 338,130 Bancorp Rhode Island, Inc. 11,500 342,930 Boston Private Financial Holdings, Inc. 66,800 358,716 Cathay General Bancorp (a) 37,400 505,274 Delphi Financial Group, Inc., Class A (a) 17,400 446,832 Encore Bancshares, Inc. * 12,700 120,269
The accompanying notes are an integral part of the portfolio of investments. 22 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2010 (unaudited) ROBECO WPG SMALL/MICRO CAP VALUE FUND PORTFOLIO OF INVESTMENTS (FORMERLY WPG SMALL CAP VALUE FUND) (continued)
Number of Shares Value ----------- ------------- FINANCE--(CONTINUED) ESSA Bancorp, Inc. (a) 12,300 $ 161,745 FBR Capital Markets Corp. * 124,800 451,776 Global Indemnity PLC * 1,200 23,016 Great American Group, Inc. * 79,750 43,464 Home Bancshares, Inc. 16,200 335,340 Home Federal Bancorp, Inc. 12,600 145,278 Maiden Holdings Ltd. 44,500 335,085 Meadowbrook Insurance Group, Inc. 102,300 967,758 National Penn Bancshares, Inc. (a) 46,100 309,331 Navios Maritime Acquisition Corp. * 36,100 164,977 Nelnet, Inc., Class A 11,800 251,930 Radian Group, Inc. (a) 48,700 345,283 Renasant Corp. (a) 15,900 275,388 SCBT Financial Corp. 11,000 340,010 Simmons First National Corp., Class A 9,800 284,690 Stifel Financial Corp. * 3,369 174,615 THL Credit, Inc. 19,800 259,380 United Financial Bancorp, Inc. 9,900 146,817 Validus Holdings, Ltd. 13,500 394,335 ViewPoint Financial Group 30,740 322,463 WSFS Financial Corp. 7,700 334,950 ------------- 8,471,582 ------------- HEALTH CARE--8.8% Accuray, Inc. * 44,700 267,306 Alere, Inc. *(a) 16,900 539,279 Assisted Living Concepts, Inc., Class A *(a) 14,600 441,212 Cantel Medical Corp. 3,800 76,722 Exactech, Inc. * 11,000 196,020 ICU Medical, Inc. * 22,500 824,625 Medical Action Industries, Inc. * 13,100 104,276 RehabCare Group, Inc. * 37,800 764,694 ------------- 3,214,134 -------------
Number of Shares Value ----------- ------------- REAL ESTATE INVESTMENT TRUSTS--5.6% American Campus Communities, Inc. (a) 8,100 $ 254,664 Chatham Lodging Trust 12,300 202,089 Chimera Investment Corp. 70,100 280,400 Dupont Fabros Technology, Inc. (a) 8,100 182,979 Highwoods Properties, Inc. (a) 12,200 372,222 Kennedy-Wilson Holdings, Inc. * 14,400 140,976 Starwood Property Trust, Inc. 14,500 289,420 Washington Real Estate Investment Trust (a) 10,200 312,936 ------------- 2,035,686 ------------- TECHNOLOGY--6.5% Aeroflex Holding Corp. * 28,100 404,921 CDC Software Corp. - ADR * 66,200 464,062 CIBER, Inc. * 77,700 261,072 Digi International, Inc. * 50,700 486,720 Electronics for Imaging, Inc. * 2,200 28,798 Generac Holdings, Inc. * 14,400 213,984 ManTech International Corp., Class A *(a) 4,000 159,680 Plantronics, Inc. 6,000 214,620 Zoran Corp. * 21,100 145,168 ------------- 2,379,025 ------------- TRANSPORTATION--4.8% Air Transport Services Group, Inc. * 16,000 118,080 AirTran Holdings, Inc. *(a) 49,500 368,280 Celadon Group, Inc. * 20,500 276,135 Republic Airways Holdings, Inc. * 12,100 93,896 Scorpio Tankers, Inc. * 78,600 782,070 US Airways Group, Inc. * 9,700 108,252 ------------- 1,746,713 ------------- UTILITIES--6.2% Aegean Marine Petroleum Network, Inc. (a) 66,300 583,440 California Water Service Group 4,700 174,840 Nicor, Inc. 4,100 177,325 Portland General Electric Co. 16,800 355,656
The accompanying notes are an integral part of the portfolio of investments. 23 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2010 (unaudited) ROBECO WPG SMALL/MICRO CAP VALUE FUND PORTFOLIO OF INVESTMENTS (FORMERLY WPG SMALL CAP VALUE FUND) (continued)
Number of Shares Value ----------- ------------- UTILITIES--(CONTINUED) StealthGas, Inc. * 36,900 $ 187,452 UGI Corp. 10,900 323,403 UIL Holdings Corp. 9,600 281,952 Vectren Corp. 6,600 170,940 ------------- 2,255,008 ------------- TOTAL COMMON STOCK (Cost $29,979,569) 34,872,554 ------------- PREFERRED STOCK--0.3% ENERGY--0.3% GeoMet, Inc., Series A *++ 7,471 91,893 ------------- TOTAL PREFERRED STOCK (Cost $74,71) 91,893 ------------- SECURITIES LENDING COLLATERAL--20.2% Bank of Montreal, 0.18%, 12/01/10, TD 111,407 111,407 Bank of Nova Scotia, 0.18%, 12/01/10, TD 111,407 111,407 Barclays Bank PLC, 0.15%, 12/01/10, TD 111,407 111,407 Credit Industriel et Commercial, 0.20%, 12/01/10, TD 111,407 111,407 Dexia Bank SA, 0.20%, 12/01/10, TD 111,407 111,407 Institutional Money Market Trust 6,031,417 6,031,417 KBC Bank NV, 0.19%, 12/01/10, TD 763,210 763,210 ------------- TOTAL SECURITIES LENDING COLLATERAL (Cost $7,351,662) 7,351,662 ------------- TOTAL INVESTMENTS--116.4% (Cost $37,405,941)** 42,316,109 ------------- LIABILITIES IN EXCESS OF OTHER ASSETS--(16.4)% (5,952,990) ------------- NET ASSETS--100.0% $ 36,363,119 =============
ADR -- American Depositary Receipt TD -- Time Deposits * -- Non-income Producing ++ -- Security has been valued at fair market value as determined in good faith by or under the direction of The RBB Fund, Inc.'s Board of Directors. As of November 30, 2010, these securities amounted to $91,893 or 0.3% of net assets. @ -- Security in default. (triangle) -- 0.3% of the Fund's net assets were reported illiquid by the portfolio manager under the Funds' policy. (a) -- All or a portion of the security is on loan. See Notes to Portfolio of Investments. ** -- The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a Federal tax basis, are as follows: Aggregate Cost $37,405,941 ----------- Gross unrealized appreciation 6,772,709 Gross unrealized depreciation (1,862,541) ----------- Net unrealized appreciation $ 4,910,168 ===========
The accompanying notes are an integral part of the portfolio of investments. 24 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2010 (unaudited) ROBECO WPG SMALL CAP VALUE FUND (concluded) Portfolio of Investments A summary of the inputs used to value the Fund's investments as of November 30, 2010 is as follows (see Notes to Portfolio of Investments):
LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AS OF QUOTED OBSERVABLE UNOBSERVABLE 11/30/10 PRICE INPUTS INPUTS ----------- ----------- ----------- ------------ Common Stock * $34,872,554 $34,872,554 $ -- $-- Preferred Stock - Energy 91,893 91,893 -- -- Securities Lending Collateral 7,351,662 6,031,417 1,320,245 -- ----------- ----------- ---------- --- Total Assets $42,316,109 $40,903,971 $1,320,245 $-- =========== =========== ========== ===
* see Portfolio of Investments detail for industry and security type breakout. The following is a reconciliation of the Fund's Level 3 investments for which significant unobservable inputs were used to determine fair value.
PREFERRED STOCK ---------------------- TOTAL INVESTMENTS ENERGY ----------- -------- Balance as of August 31, 2010 $ 74,710 $ 74,710 Accrued discounts/premiums -- -- Net realized gain/(loss) -- -- Change in unrealized appreciation/(depreciation) 17,183 17,183 Net purchases/(sales) -- -- Transfers in and/or out of Level 3 * (91,893) (91,893) -------- -------- Balance as of November 30, 2010 $ -- $ -- ======== ========
* Transfers in and/or out of Level 3 are recognized as of the actual date of the event or change in circumstances that caused the transfer. The accompanying notes are an integral part of the portfolio of investments. 25 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2010 (unaudited) SAM SUSTAINABLE GLOBAL ACTIVE FUND PORTFOLIO OF INVESTMENTS
Number of Shares Value ----------- ------------- COMMON STOCK--98.7% AUSTRALIA--2.2% Challenger Financial Services Group Ltd. (Financial) 35,000 $ 148,279 National Australia Bank Ltd. (Financial) 11,900 267,473 ------------- 415,752 ------------- CANADA--10.2% Bank of Nova Scotia (Financial) 4,700 244,165 BCE, Inc. (Telecommunication Services) 9,969 337,075 Canadian Imperial Bank of Commerce (Financial) 6,500 500,536 Sherritt International Corp. (Materials) 91,100 698,414 Teck Resources Ltd., Class B (Materials) 2,404 119,456 ------------- 1,899,646 ------------- GERMANY--5.6% Deutsche Bank AG (Financial) 5,000 237,510 Henkel AG & Co. KGaA (Consumer Staples) 4,176 256,098 MTU Aero Engines Holding AG (Industrials) 3,500 203,988 Muenchener Rueckversicherungs- Gesellschaft AG (Financial) 2,462 341,949 ------------- 1,039,545 ------------- ITALY--0.5% Ansaldo STS SpA (Industrials) 7,920 101,880 ------------- JAPAN--7.7% Asahi Breweries Ltd. (Consumer Staples) 16,800 327,208 ITOCHU Corp. (Industrials) 39,600 367,184 Mitsubishi Corp. (Industrials) 7,900 199,742 Mitsui O.S.K. Lines, Ltd. (Industrials) 59,000 405,365 Takeda Pharmaceutical Co., Ltd. (Health Care) 3,000 139,443 ------------- 1,438,942 ------------- NORWAY--3.7% Aker Solutions ASA (Energy) 30,200 446,756
Number of Shares Value ----------- ------------- NORWAY--(CONTINUED) Norsk Hydro ASA (Materials) 40,173 $ 236,163 ------------- 682,919 ------------- PORTUGAL--3.1% EDP - Energias de Portugal, SA (Utilities) 34,300 109,704 Portugal Telecom, SGPS SA (Telecommunication Services) 36,301 460,978 ------------- 570,682 ------------- SPAIN--3.6% Iberdrola Renovables SA (Utilities) 65,554 192,393 Repsol YPF SA (Energy) 6,000 144,706 Telefonica SA (Telecommunication Services) 15,507 329,910 ------------- 667,009 ------------- SWEDEN--2.8% Boliden AB (Materials) 12,402 213,200 Svenska Cellulosa AB, Class B (Materials) 21,300 310,436 ------------- 523,636 ------------- SWITZERLAND--1.6% Zurich Financial Services AG (Financial) 1,300 289,234 ------------- UNITED KINGDOM--11.3% AstraZeneca PLC (Health Care) 6,237 290,604 Barclays PLC (Financial) 101,260 403,449 BG Group PLC (Energy) 15,331 276,979 Legal & General Group PLC (Financial) 160,000 227,469 Logica PLC (Information Technology) 198,900 361,665 Travis Perkins PLC (Industrials) 43,747 549,815 ------------- 2,109,981 ------------- UNITED STATES--46.4% Abbott Laboratories (Health Care) 2,000 93,020 Chevron Corp. (Energy) 4,231 342,584 CIGNA Corp. (Health Care) 8,100 298,161 Del Monte Foods Co. (Consumer Staples)(a) 12,000 224,760
The accompanying notes are an integral part of the portfolio of investments. 26 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2010 (unaudited) SAM SUSTAINABLE GLOBAL ACTIVE FUND (continued) PORTFOLIO OF INVESTMENTS
Number of Shares Value ----------- ------------- UNITED STATES--(CONTINUED) Forest Oil Corp. (Energy)* (a) 11,911 $ 407,594 Hartford Financial Services Group, Inc. (Financial) 25,200 560,952 Health Net, Inc. (Health Care)* 25,881 698,787 Hewlett-Packard Co. (Information Technology) 11,048 463,243 International Business Machines Corp. (Information Technology)(a) 4,565 645,765 Johnson Controls, Inc. (Consumer Discretionary) 15,100 550,244 JPMorgan Chase & Co. (Financial) 2,406 89,936 Kimberly-Clark Corp. (Consumer Staples) 5,766 356,858 Limited Brands, Inc. (Consumer Discretionary)(a) 13,036 438,922 McDonald's Corp. (Consumer Discretionary)(a) 2,656 207,965 McKesson Corp. (Health Care) 2,364 151,060 Microsoft Corp. (Information Technology) 11,900 299,999 National Semiconductor Corp. (Information Technology) 5,000 66,750 Northeast Utilities (Utilities) 8,000 248,800 Occidental Petroleum Corp. (Energy) 5,421 477,970 Pfizer, Inc. (Health Care) 27,356 445,629 PG&E Corp. (Utilities) 3,172 148,862 Procter & Gamble Co. (Consumer Staples) 8,962 547,309 Reynolds American, Inc. (Consumer Staples)(a) 14,000 433,160 Target Corp. (Consumer Discretionary) 6,800 387,191 Temple-Inland, Inc. (Materials)(a) 2,300 48,230 ------------- 8,633,751 ------------- TOTAL COMMON STOCK (Cost $16,620,345) 18,372,977 -------------
Number of Shares Value ----------- ------------- SECURITIES LENDING COLLATERAL--13.5% Bank of Montreal, 0.18%, 12/01/10, TD 38,137 $ 38,137 Bank of Nova Scotia, 0.18%, 12/01/10, TD 38,137 38,137 Barclays Bank PLC, 0.15%, 12/01/10, TD 38,137 38,137 Credit Industriel et Commercial, 0.20%, 12/01/10, TD 38,137 38,137 Dexia Bank SA, 0.20%, 12/01/10, TD 38,137 38,137 Institutional Money Market Trust 2,064,678 2,064,678 KBC Bank NV, 0.19%, 12/01/10, TD 261,263 261,263 ------------- TOTAL SECURITIES LENDING COLLATERAL (Cost $2,516,626) 2,516,626 ------------- TOTAL INVESTMENTS--112.2% (Cost $19,136,971)** 20,889,603 ------------- LIABILITIES IN EXCESS OF OTHER ASSETS--(12.2)% (2,265,637) ------------- NET ASSETS--100.0% $ 18,623,966 =============
- ---------- TD -- Time Deposits * -- Non-income producing. (a) -- All or a portion of the security is on loan. See Notes to Portfolio of Investments. ** -- 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 $19,136,971 ----------- Gross unrealized appreciation 2,258,489 Gross unrealized depreciation (505,857) ----------- Net unrealized appreciation $ 1,752,632 ===========
The accompanying notes are an integral part of the portfolio of investments. 27 ROBECO INVESTMENT FUNDS NOVEMBER 30, 2010 (unaudited) SAM SUSTAINABLE GLOBAL ACTIVE FUND (continued) PORTFOLIO OF INVESTMENTS
% OF NET SECURITY TYPE/SECTOR CLASSIFICATION ASSETS - ----------------------------------- -------- COMMON STOCK Financials 17.8% Consumer Staples 11.5 Health Care 11.4 Energy 11.3 Information Technology 9.9 Industrials 9.8 Materials 8.7 Consumer Discretionary 8.5 Telecommunication Services 6.0 Utilities 3.8 SECURITIES LENDING COLLATERAL 13.5 LIABILITIES IN EXCESS OF OTHER ASSETS (12.2) ----- NET ASSETS 100.0% =====
A summary of the inputs used to value the Fund's investments as of November 30, 2010 is as follows (see Notes to Portfolio of Investments):
LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVA 11/30/10 PRICE INPUTS BLE INPUTS ----------- ----------- ----------- ----------- Common Stock * $18,372,977 $18,372,977 $ -- $-- Securities Lending Collateral 2,516,626 2,064,678 451,948 ----------- ----------- -------- --- Total Assets $20,889,603 $20,437,655 $451,948 $-- =========== =========== ======== ===
* see Portfolio of Investments detail for country and security type breakout. The accompanying notes are an integral part of the portfolio of investments. 28 ROBECO INVESTMENT FUNDS NOTES TO PORFOLIO OF INVESTMENTS NOVEMBER 30, 2010 (UNAUDITED) PORTFOLIO VALUATION -- Each Robeco Investment Fund, Robeco Boston Partners Small Cap Value Fund II ("BP Small Cap Value Fund II"), Robeco Boston Partners Long/Short Equity Fund ("BP Long/Short Equity Fund"), Robeco Boston Partners Long/Short Research Fund ("BP Long/Short Research Fund"), Robeco Boston Partners All-Cap Value Fund ("BP All-Cap Value Fund"), Robeco WPG Small/Micro Cap Value Fund (formerly WPG Small Cap Value Fund) ("WPG Small/Micro Cap Value Fund"), and SAM Sustainable Global Active Fund (each a "Fund," collectively the "Funds"), net asset value ("NAV") is calculated once daily at the close of regular trading hours on the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by a Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System ("NASDAQ") market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Fixed income securities having a remaining maturity of 60 days or less are valued at amortized cost. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the RBB Fund, Inc.'s Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer's financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant. FAIR VALUE MEASUREMENTS -- The inputs and valuation techniques used to measure fair value of the Funds' investments are summarized into three levels as described below: - Level 1 - quoted prices in active markets for identical securities - Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) - Level 3 - significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments) 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 each of Fund's investments as of November 30, 2010 is included with each Fund's Portfolio of Investments. At the end of each calendar quarter, management evaluates the Level 2 and 3 assets and liabilities for changes in liquidity, including but not limited to: whether a broker is willing to execute at the quoted price, the depth and consistency of prices from third party services, and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates Level 1 and 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Funds' investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities. As of November 30, 2010, management has evaluated the activity in Levels 1 and 2 and has concluded that there were no significant changes to report. OPTIONS WRITTEN -- The Funds are subject to equity price risk in the normal course of pursuing their investment objectives and may enter into options written to hedge against changes in the value of equities. The BP All-Cap Value Fund, the WPG Small/Micro Cap Value Fund and the SAM Sustainable Global Active Fund write covered call and secured put options. Such options may relate to particular securities or domestic stock indices, and may or may not be listed on a domestic securities exchange or issued by the Options Clearing Corporation. The risk in writing a call option is that a Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that a Fund may incur a loss if the market price of the security decreases and the option is exercised. A Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. A Fund also may write over-the-counter options where completing the obligation depends upon the credit standing of the other party. Option contracts also involve the risk that they may result in loss due to unanticipated developments in market conditions or other causes. 29 ROBECO INVESTMENT FUNDS NOTES TO PORFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2010 (UNAUDITED) Written options are recorded as liabilities to the extent of premiums received. Gains or losses are realized when the option transaction expires or closes. When an option is exercised, the proceeds on sales for a written call option or the purchase cost for a written put option is adjusted by the amount of the premium received or paid. The BP All-Cap Value Fund had transactions in options written during the period ended November 30, 2010 as follows:
NUMBER OF PREMIUMS CONTRACTS RECEIVED --------- ---------- Options outstanding at August 31, 2010 6,002 $1,000,610 Options written 4,106 693,838 Options closed (3,220) (437,708) Options expired (94) (39,882) Options exercised (260) (27,820) ------ ---------- Options outstanding at November 30, 2010 6,534 $1,189,038 ====== ==========
SHORT SALES -- When the investment adviser believes that a security is overvalued, the BP Long/Short Equity Fund, the BP Long/Short Research Fund and the BP All-Cap Value Fund may sell the security short by borrowing the same security from a broker or other institution and selling the security. A Fund will incur a loss as a result of a short sale if the price of the borrowed security increases between the date of the short sale and the date on which the Fund buys and replaces such borrowed security. A Fund will realize a gain if there is a decline in price of the security between those dates where the decline in price exceeds the costs of borrowing the security and other transaction costs. There can be no assurance that a Fund will be able to close out a short position at any particular time or at an acceptable price. Although a Fund's gain is limited to the amount at which it sold a security short, its potential loss is unlimited. Until a Fund replaces a borrowed security, it will maintain at all times cash, U.S. Government securities, or other liquid securities in an amount which, when added to any amount deposited with a broker as collateral, will at least equal the current market value of the security sold short. Depending on arrangements made with brokers, a Fund may not receive any payments (including interest) on collateral deposited with them. SECURITIES LENDING -- Securities may be loaned to financial institutions, such as broker-dealers, and are required to be secured continuously by collateral in cash, cash equivalents, letter of credit or U.S. Government securities maintained on a current basis at an amount at least equal to the market value of the securities loaned. Cash collateral received, pursuant to investment guidelines established by the Fund and approved by the Board of Directors, is invested in the Institutional Money Market Trust and/or other short term investments. All such investments are made at the risk of the Fund and, as such, the Fund is liable for investment losses. Such loans would involve risks of delay in receiving additional collateral in the event the value of the collateral decreased below the value of the securities loaned or of delay in recovering the securities loaned or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers deemed by the Adviser to be of good standing and only when, in the Adviser's judgment, the income to be earned from the loans justifies the attendant risks. Any loans of a Fund's securities will be fully collateralized and marked to market daily. During the period ended November 30, 2010, the Funds participated in securities lending. The market value of securities on loan and collateral as of November 30, 2010 is as follows:
MARKET VALUE OF SECURITIES MARKET VALUE OF FUND LOANED COLLATERAL - ---- --------------- --------------- BP Small Cap Value Fund II $16,254,903 $16,940,080 BP Long/Short Equity Fund 15,292,305 16,170,118 BP All-Cap Value Fund 21,990,551 23,010,654 WPG Small/Micro Cap Value Fund 6,684,209 7,351,662 SAM Sustainable Global Active Fund 2,406,396 2,516,626
30 ROBECO INVESTMENT FUNDS NOTES TO PORFOLIO OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2010 (UNAUDITED) RESTRICTED SECURITIES -- A restricted security is a security which has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (the "1933 Act") or pursuant to the resale limitations provided by Rule 144 under the 1933 Act, or an exemption from the registration requirements of the 1933 Act. Certain restricted securities may be resold in transactions exempt from registration, normally to qualified institutional buyers, and may be deemed liquid by the Investment Adviser based on procedures established by the Board of Directors. Therefore, not all restricted securities are considered illiquid. At November 30, 2010, the following Fund held restricted securities that were illiquid:
% OF ACQUISITION SHARES NET ACQUISITION DATE COST /PAR VALUE ASSETS ----------------- ----------- ------- ----- ------ BP ALL-CAP VALUE FUND COMMON STOCKS: J.G. Wentworth, Inc., 144A 08/02/07-03/26/08 $181,980 -- $-- 0.0 Peoples Choice Financial Corp., 144A 12/21/04-01/23/06 14,293 1,465 -- 0.0 Solar Cayman Ltd., 144A 03/24/10 -- 19,375 -- 0.0 CORPORATE BOND: Thornburg Mortgage, Inc., 144A 10/01/08 758,149 824,000 -- 0.0 -------- ------- --- --- $954,422 844,840 $-- 0.0% ======== ======= === ===
For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission. 31 S1 FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2010 (UNAUDITED)
PAR (000'S) VALUE ------- ---------- CORPORATE BOND -- 1.0% FINANCIAL--1.0% Ally Financial, Inc. 6.625% 05/15/12 ................................... $ 30 $ 30,707 ---------- TOTAL CORPORATE BOND (Cost $31,386) ................................. 30,707 ---------- FOREIGN GOVERNMENT NOTE -- 0.3% Canadian Government Bond 3.000% 12/01/15 ................................... CAD 10 10,036 ---------- TOTAL FOREIGN GOVERNMENT NOTE (Cost $10,418) ................................. 10,036 ----------
NUMBER OF SHARES VALUE ------- ---------- EXCHANGE TRADED FUNDS -- 29.6% FINANCIAL--29.6% iShares FTSE NAREIT Mortgage Plus Capped Index Fund ........................................ 5,082 $ 75,773 iShares Russell 1000 Growth Index Fund ........................................ 11,800 642,156 Short Russell2000 Proshares* ......................... 6,606 230,285 ---------- 948,214 ---------- TOTAL EXCHANGE TRADED FUNDS (Cost $953,872) ................................ 948,214 ---------- TOTAL INVESTMENTS -- 30.9% (Cost $995,676)** .................................. 988,957 ---------- OTHER ASSETS IN EXCESS OF LIABILITIES*** -- 69.1% .............................. 2,210,895 ---------- NET ASSETS -- 100.0% .................................... $3,199,852 ==========
- ---------- * 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 $995,676 -------- Gross unrealized appreciation 345 Gross unrealized depreciation (7,064) -------- Net unrealized depreciation $ (6,719) ========
*** Includes cash on hand in the amount of $1,801,636. The accompanying notes are an integral part of the Portfolio of Investments. 1 S1 FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2010 (UNAUDITED) The following is a summary of inputs used, as of November 30, 2010, in valuing the Fund's investments carried at market value (see Notes to Portfolio of Investments):
LEVEL 2 LEVEL 3 TOTAL FAIR LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE NOVEMBER 30, 2010 PRICE INPUTS INPUTS ----------------- -------- ----------- ------------ Corporate Bond $ 30,707 $ -- $30,707 $-- Foreign Government Note 10,036 -- 10,036 -- Exchange Traded Funds 948,214 948,214 -- -- -------- -------- ------- --- Totals $988,957 $948,214 $40,743 $-- ======== ======== ======= ===
The accompanying notes are an integral part of the Portfolio of Investments. 2 S1 FUND NOTES TO PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2010 (UNAUDITED) PORTFOLIO VALUATION -- The Fund's net asset value ("NAV") is calculated once daily at the close of regular trading hours on the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System ("NASDAQ") market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are amortized to maturity based on their cost. Foreign securities, currencies and other securities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of such currencies against the U.S. dollar provided by a pricing service. All assets denominated in foreign currencies will be converted into U.S. dollars at the exchange rates in effect at the time of valuation. If the Fund holds foreign equity securities, the calculation of the Fund's NAV will not occur at the same time as the determination of the value of the foreign equities securities in the Fund's portfolio, since these securities are traded on foreign exchanges. Investments in other open-end investment companies are valued based on the NAV of those investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company's Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. FAIR VALUE MEASUREMENTS -- The inputs and valuation techniques used to measure fair value of the Fund's investments are summarized into three levels as described below: - Level 1 - unadjusted quoted prices in active markets for identical securities - Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) - Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) 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 Fund's investments as of November 30, 2010 is included with the Fund's Portfolio of Investments. For more information with regard to accounting policies, see the most recent prospectus report filed with the Securities and Exchange Commission. 3 THE SCHNEIDER FUNDS SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2010 (UNAUDITED)
SHARES VALUE ------------ ------------ COMMON STOCKS -- 95.8% AEROSPACE & DEFENSE -- 5.8% AAR Corp. * 117,965 $ 2,897,220 BE Aerospace, Inc. * 44,935 1,595,192 Triumph Group, Inc. 5,920 498,050 ------------ 4,990,462 ------------ AIRLINES -- 0.9% AirTran Holdings, Inc. * (a) 107,340 798,610 ------------ APPAREL -- 1.1% Barry (R.G.) Corp. 86,069 989,794 ------------ AUTOMOBILE PARTS & EQUIPMENT -- 0.3% Magna International, Inc., Class A (a) 5,740 273,454 ------------ BANKS -- 9.8% Associated Banc-Corp. (a) 53,225 681,014 Cathay General Bancorp (a) 84,970 1,147,945 Citizens Republic Bancorp, Inc. * (a) 2,874,740 1,667,349 MainSource Financial Group, Inc. 131,641 1,205,832 Regions Financial Corp. 390,160 2,099,061 Sterling Financial Corp. * 62,121 993,939 United Community Banks, Inc. * 228,091 348,979 Wilmington Trust Corp. (a) 92,000 360,640 ------------ 8,504,759 ------------ BUILDING MATERIALS -- 0.6% Builders FirstSource, Inc. * 332,559 525,443 ------------ CHEMICALS -- 2.2% A. Schulman, Inc. 61,291 1,241,143 Spartech Corp. * 70,600 671,406 ------------ 1,912,549 ------------ COAL -- 15.3% Arch Coal, Inc. 262,585 7,667,482 Cloud Peak Energy, Inc. * 265,155 5,560,300 ------------ 13,227,782 ------------ COMMERCIAL SERVICES -- 7.6% Administaff, Inc. 39,486 1,117,059 Aegean Marine Petroleum Network, Inc. 89,235 785,268 Hudson Highland Group, Inc. * 559,265 2,281,801 Monster Worldwide, Inc. * (a) 91,715 2,070,925 PHH Corp. * (a) 13,170 279,599 ------------ 6,534,652 ------------ COMPUTERS -- 2.7% CIBER, Inc. * 5,480 18,413 Insight Enterprises, Inc. * 90,980 1,147,258
SHARES VALUE ------------ ------------ COMPUTERS -- (CONTINUED) Ness Technologies, Inc. * 267,698 $ 1,207,318 ------------ 2,372,989 ------------ DIVERSIFIED FINANCIAL SERVICES -- 1.0% Artio Global Investors, Inc. 64,870 847,851 ------------ ELECTRONICS -- 0.9% Pulse Electronics Inc. (a) 189,971 778,881 ------------ ENERGY & UTILITIES -- 2.8% RRI Energy, Inc. * 679,146 2,390,594 ------------ FOOD -- 0.5% Sanderson Farms, Inc. (a) 8,985 397,676 ------------ HEALTHCARE - PRODUCTS -- 0.5% Orthofix International N.V. * 16,330 444,013 Orthovita, Inc. * 6,700 13,333 ------------ 457,346 ------------ HEALTHCARE - SERVICES -- 1.0% Emeritus Corp. * 48,481 874,112 ------------ HOME BUILDERS -- 6.3% KB HOME (a) 99,310 1,122,203 Meritage Homes Corp. * (a) 226,435 4,295,472 ------------ 5,417,675 ------------ INDUSTRIAL -- 2.9% FreightCar America, Inc. 99,582 2,473,617 ------------ INSURANCE -- 1.6% Platinum Underwriters Holdings, Ltd. (a) 22,280 963,164 Stewart Information Services Corp. (a) 43,695 464,915 ------------ 1,428,079 ------------ INTERNET -- 5.5% Internet Capital Group, Inc. * 183,175 2,269,538 ModusLink Global Solutions, Inc. * 221,535 1,484,284 Openwave Systems, Inc. * 319,710 764,107 S1 Corp. * 39,120 248,021 ------------ 4,765,950 ------------ MACHINERY - DIVERSIFIED -- 0.2% Flow International Corp. * 50,891 168,449 ------------ METALS FABRICATING -- 1.1% RTI International Metals, Inc. * 34,029 965,403 ------------ OIL & GAS -- 3.6% Penn Virginia Corp. 131,275 2,082,021 Tesoro Corp. * (a) 60,980 995,194 ------------ 3,077,215 ------------ PHARMACEUTICALS -- 0.3% PharMerica Corp. * 27,250 295,935 ------------
The accompanying notes are an integral part of the portfolio of investments. 1 THE SCHNEIDER FUNDS SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS (CONTINUED) NOVEMBER 30, 2010 (UNAUDITED)
SHARES VALUE ------------ ------------ REAL ESTATE -- 0.9% Forestar Group, Inc. * 19,450 $ 350,489 HFF Inc., Class A * 24,548 227,314 Thomas Properties Group, Inc. * 41,210 176,791 ------------ 754,594 ------------ REAL ESTATE INVESTMENT TRUSTS -- 3.4% Associated Estates Realty Corp. 10,520 157,274 FelCor Lodging Trust, Inc. * 176,730 1,048,009 Redwood Trust, Inc. (a) 79,670 1,101,836 Strategic Hotels & Resorts, Inc. * 128,310 599,208 Winthrop Realty Trust 2,730 32,678 ------------ 2,939,005 ------------ RETAIL -- 2.6% AC Moore Arts & Crafts, Inc. * 64,335 149,257 Coldwater Creek, Inc. * 125,280 423,446 MarineMax, Inc. * 156,514 1,194,202 Pacific Sunwear of California, Inc. * (a) 72,855 458,258 ------------ 2,225,163 ------------ SAVINGS & LOANS -- 2.3% First Financial Holdings, Inc. 35,335 388,332 Flagstar Bancorp, Inc. * (a) 1,313,644 1,628,919 ------------ 2,017,251 ------------ SEMICONDUCTORS -- 10.8% Alliance Semiconductor Corp. 441,625 101,574 Atmi, Inc. * 64,399 1,155,962 Axcelis Technologies, Inc. * 1,672,620 4,148,098 BE Semiconductor Industries N.V. * 171,508 932,112 Entegris, Inc. * 152,247 989,605 MEMC Electronic Materials, Inc. * 69,590 805,156 Verigy Ltd. * (a) 146,182 1,251,318 ------------ 9,383,825 ------------ SOFTWARE -- 1.3% Take-Two Interactive Software, Inc. * 99,730 1,103,512 ------------ TOTAL COMMON STOCKS (Cost $63,289,489) 82,892,627 ------------ PREFERRED STOCK -- 1.0% SAVINGS & LOANS -- 1.0% Flagstar Bancorp Inc., Series D * 35,390 858,207 ------------ TOTAL PREFERRED STOCK (Cost $719,104) 858,207 ------------
SHARES VALUE ------------ ------------ EXCHANGE TRADED FUND -- 1.8% FINANCE -- 1.8% iShares Russell 2000 Value Index Fund (a) 23,919 $ 1,580,089 ------------ TOTAL EXCHANGE TRADED FUND (Cost $1,451,170) 1,580,089 ------------ SECURITIES LENDING COLLATERAL -- 13.8% Institutional Money Market Trust 11,901,619 11,901,619 ------------ TOTAL SECURITIES LENDING COLLATERAL (Cost $11,901,619) 11,901,619 ------------
PAR (000) ------------ CORPORATE BONDS -- 0.0% LandAmerica Financial Group, Inc. + CONV 3.25%, 05/15/34 $ 131 10,441 ------------ TOTAL CORPORATE BONDS (Cost $10,453) 10,441 ------------ TOTAL INVESTMENTS -- 112.4% (Cost $77,371,835)** 97,242,983 ------------ LIABILITIES IN EXCESS OF OTHER ASSETS -- (12.4)% (10,720,628) ------------ NET ASSETS -- 100.0% $ 86,522,355 ============
* Non-income producing. (a) -- All or a portion of the security is on loan. See Notes to Portfolio of Investments. + Security in default. CONV Convertible ** 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 $77,371,835 ----------- Gross unrealized appreciation 25,217,623 Gross unrealized depreciation (5,346,475) ----------- Net unrealized appreciation $19,871,148 ===========
The accompanying notes are an integral part of the portfolio of investments. 2 THE SCHNEIDER FUNDS SCHNEIDER SMALL CAP VALUE FUND PORTFOLIO HOLDINGS SUMMARY TABLE NOVEMBER 30, 2010 (CONCLUDED) (UNAUDITED) The following is a summary of inputs used, as of November 30, 2010, in valuing the Fund's investments carried at market value (See Notes to the Portfolio of Investments):
LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AS OF QUOTED OBSERVABLE UNOBSERVABLE NOVEMBER 30, 2010 PRICE INPUTS INPUTS ----------------- ----------- ----------- ------------ Common Stocks* $82,892,627 $82,892,627 $ -- $-- Corporate Bonds 10,441 -- 10,441 -- Preferred Stock 858,207 858,207 -- -- Exchange Traded Fund 1,580,089 1,580,089 -- -- Securities Lending Collateral 11,901,619 -- 11,901,619 -- ----------- ----------- ----------- --- Total $97,242,983 $85,330,923 $11,912,060 $-- =========== =========== =========== ===
* Please refer to the Portfolio of Investments for industry and security type breakouts. The following is a reconciliation of the Fund's Level 3 investments for which significant unobservable inputs were used to determine fair value.
COMMON STOCKS PREFERRED STOCKS TOTAL ------------- ---------------- INVESTMENTS BANKS BANKS ----------- ------------- ---------------- Balance as of August 30, 2010 $ 1,435,000 $ 114,800 $ 1,320,200 Accrued discounts/premiums -- -- -- Net realized gain/(loss) -- -- -- Change in unrealized appreciation (depreciation) -- -- -- Net purchases/(sales) -- -- -- Transfers in and/or out of Level 3 * (1,435,000) (114,800) (1,320,200) ----------- --------- ----------- Balance as of November 30, 2010 $ -- $ -- $ -- =========== ========= ===========
* Transfers in and out of the levels are recognized at the value at the beginning of the period. THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE PORTFOLIO OF INVESTMENTS. 3 THE SCHNEIDER FUNDS SCHNEIDER VALUE FUND PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2010 (UNAUDITED)
SHARES VALUE ------------ ------------ COMMON STOCKS -- 95.5% AEROSPACE & DEFENSE -- 2.1% Boeing Co. (The) 30,695 $ 1,957,420 ------------ AUTOMOBILE MANUFACTURERS -- 2.7% General Motors Co. * 8,540 292,068 Navistar International Corp. * 43,181 2,210,004 ------------ 2,502,072 ------------ AUTOMOBILE PARTS & EQUIPMENT -- 3.6% Magna International, Inc., Class A (a) 70,060 3,337,658 ------------ BANKS -- 19.3% Bank of America Corp. 405,369 4,438,791 JPMorgan Chase & Co. 122,435 4,576,620 PNC Financial Services Group, Inc. 76,338 4,110,801 Regions Financial Corp. 243,610 1,310,622 Wells Fargo & Co. 126,715 3,447,915 ------------ 17,884,749 ------------ COAL -- 13.3% Arch Coal, Inc. 261,900 7,647,480 Consol Energy, Inc. (a) 109,835 4,608,677 ------------ 12,256,157 ------------ COMMERCIAL SERVICES -- 1.1% Aegean Marine Petroleum Network, Inc. 120,052 1,056,458 ------------ COMPUTERS -- 4.8% Dell, Inc. * 337,098 4,456,436 ------------ ELECTRONICS -- 2.1% Avnet, Inc. * 62,005 1,900,453 ------------ ENERGY & UTILITIES -- 5.8% Allegheny Energy, Inc. 121,710 2,777,422 RRI Energy, Inc. * 728,254 2,563,454 ------------ 5,340,876 ------------ FOOD -- 0.1% Smithfield Foods, Inc. * 6,630 116,754 ------------ HEALTH CARE - SERVICES -- 2.0% Brookdale Senior Living, Inc. * 94,405 1,805,024 ------------ HOME BUILDERS -- 6.0% D.R. Horton, Inc. 243,310 2,442,832 NVR, Inc. *(a) 4,974 3,083,781 ------------ 5,526,613 ------------ INSURANCE -- 7.7% Allstate Corp., (The) 77,115 2,244,818 Assured Guaranty, Ltd. (a) 147,041 2,501,167 Brown & Brown, Inc. 54,585 1,248,359
SHARES VALUE ------------ ------------ INSURANCE -- (CONTINUED) RenaissanceRe Holdings, Ltd. 18,480 $ 1,113,974 ------------ 7,108,318 ------------ LEISURE TIME -- 1.3% Carnival Corp. 29,350 1,212,449 ------------ LIFE & HEALTH INSURANCE -- 2.4% AFLAC, Inc. 26,072 1,342,708 Lincoln National Corp. 37,465 894,664 ------------ 2,237,372 ------------ OIL & GAS -- 9.7% BP plc, SP ADR 47,490 1,899,600 Chesapeake Energy Corp. (a) 173,841 3,671,522 EQT Corp. 58,491 2,367,131 Valero Energy Corp. 53,555 1,043,251 ------------ 8,981,504 ------------ REAL ESTATE INVESTMENT TRUSTS -- 2.1% Annaly Capital Management, Inc. (a) 106,498 1,937,199 ------------ RETAIL -- 2.3% Best Buy Co, Inc. 5,395 230,474 J.C. Penney Co., Inc. (a) 56,156 1,868,310 ------------ 2,098,784 ------------ SEMICONDUCTORS -- 7.1% International Rectifier Corp. * 144,338 4,093,426 MEMC Electronic Materials, Inc. * 214,985 2,487,376 ------------ 6,580,802 ------------ TOTAL COMMON STOCKS (Cost $76,570,838) 88,297,098 ------------ EXCHANGE TRADED FUND -- 1.7% FINANCE -- 1.7% iShares Russell 1000 Value Index Fund 25,480 1,540,266 ------------ TOTAL EXCHANGE TRADED FUND (Cost $1,515,075) 1,540,266 ------------ SECURITIES LENDING COLLATERAL -- 14.6% Institutional Money Market Trust 13,473,250 13,473,250 ------------ TOTAL SECURITIES LENDING COLLATERAL (Cost $13,473,250) 13,473,250 ------------
PAR (000) ------------ CORPORATE BONDS -- 0.6% AIRLINES -- 0.6% UAL Corp. CONV 6.00%, 10/15/29 $ 183 615,795 ------------
The accompanying notes are an integral part of the portfolio of investments. 4 THE SCHNEIDER FUNDS SCHNEIDER VALUE FUND PORTFOLIO OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2010 (UNAUDITED)
VALUE ------------ TOTAL CORPORATE BONDS (Cost $413,488) $ 615,795 ------------ TOTAL INVESTMENTS -- 112.4% (Cost $91,972,651)** 103,926,409 ------------ LIABILITIES IN EXCESS OF OTHER ASSETS -- (12.4)% (11,498,988) ------------ NET ASSETS -- 100.0% $ 92,427,421 ============
* Non-income producing. (a) -- All or a portion of the security is on loan. See Notes to Portfolio of Investments. CONV Convertible SP ADR Sponsored American Depositary Receipt ** The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a Federal income tax basis, are as follows: Aggregate cost $91,972,651 ----------- Gross unrealized appreciation 17,858,406 Gross unrealized depreciation (5,904,648) ----------- Net unrealized appreciation $11,953,758 ===========
The following is a summary of inputs used, as of November 30, 2010, in valuing the Fund's investments carried at market value (See Notes to the Portfolio of Investments):
LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AS OF QUOTED OBSERVABLE UNOBSERVABLE NOVEMBER 30, 2010 PRICE INPUTS INPUTS ----------------- ----------- ----------- ------------ Common Stocks* $ 88,297,098 $88,297,098 $ -- $ -- Corporate Bonds 615,795 -- 615,795 -- Exchange Traded Fund 1,540,266 1,540,266 -- -- Securities Lending Collateral 13,473,250 -- 13,473,250 -- ------------ ----------- ----------- ---- Total $103,926,409 $89,837,364 $14,089,045 $ -- ============ =========== =========== ====
* Please refer to the Portfolio of Investments for industry and security type breakouts. The accompanying notes are an integral part of the portfolio of investments. 5 THE SCHNEIDER FUNDS NOTES TO PORTFOLIO OF INVESTMENTS NOVEMBER 30, 2010 (UNAUDITED) PORTFOLIO VALUATION -- The Schneider Small Cap Value Fund (the "Small Cap Value Fund") and the Schneider Value Fund (the "Value Fund") (each a "Fund," collectively the "Funds") net asset value ("NAV") is calculated once daily at the close of regular trading hours on the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Funds are valued using the closing price or the last sale price on a national securities Exchange or the National Association of Securities Dealers Automatic Quotation System ("NASDAQ") market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed Income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed Income securities having a remaining maturity of 60 days or less are amortized to maturity based on their cost. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use Fair Value Pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by The RBB Fund, Inc.'s Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. FAIR VALUE MEASUREMENTS. The inputs and valuation techniques used to measure fair value of the Funds' investments are summarized into three levels as described in the hierarchy below: - - Level 1 -- quoted prices in active markets for identical securities - - Level 2 -- other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) - - Level 3 -- significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) 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' investments as of November 30, 2010 is included with each Fund's Portfolio of Investments. SECURITIES LENDING -- The Fund may make secured loans of its portfolio securities to brokers, dealers and other financial institutions to earn additional income and receive collateral equal to at least 102% of the current market value of the loaned securities, as marked to market each day that the NAV of the Fund is determined. The Fund will pay administrative and custodial fees in connection with the loan of securities. Collateral is invested in short-term investments and the Fund will bear the risk of loss of the invested collateral. Securities lending will expose the Fund to the risk of loss should a borrower default on its obligation to return the borrowed securities. As of November 30, 2010, the market value of the securities on loan and collateral are as follows:
MARKET VALUE OF MARKET VALUE OF SECURITIES LOANED COLLATERAL ----------------- --------------- Schneider Small Cap Value Fund $10,856,234 $11,901,619 Schneider Value Fund $12,968,594 $13,473,250
For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission. 6 SENBANC FUND SCHEDULE OF INVESTMENTS NOVEMBER 30, 2010 (UNAUDITED) COMMON STOCK -- 100.0%
SHARES DESCRIPTION VALUE - ------- -------------------------------------------------------- ----------- SAVINGS, CREDIT & OTHER FINANCIAL INSTITUTIONS -- 88.7% 116,400 Bank of America Corp. $ 1,274,580 42,478 C&F Financial Corp. 858,056 35,700 Comerica, Inc. 1,302,693 42,600 Financial Institutions, Inc. 777,450 6,900 First Bancorp 99,981 37,500 First Financial Bancorp 619,500 11,600 IBERIABANK Corp. 584,756 127,500 JPMorgan Chase & Co. 4,765,950 70,400 KeyCorp 530,112 119,111 National Bankshares, Inc. 3,146,913 12,191 NB&T Financial Group, Inc. 282,709 186,199 Northrim BanCorp, Inc. 3,517,299 26,600 Peoples Bancorp of North Carolina, Inc. 138,054 12,000 Peoples Financial Corp. 150,120 112,994 Premier Financial Bancorp 694,913 21,300 QCR Holdings, Inc. 166,353 96,800 Regions Financial Corp. 520,784 16,800 S&T Bancorp, Inc. 329,616 3,100 SCBT Financial Corp. 95,821 65,124 United Security Bancshares, Inc. 625,842 ----------- 20,481,502 ----------- STATE & NATIONAL BANKS -- 11.3% 11,400 Bar Harbor Bankshares 310,650 30,700 BNC Bancorp 275,686 40,207 Evans Bancorp, Inc. 554,454 26,379 Mackinac Financial Corp.* 130,312 75,500 Monarch Financial Holdings, Inc. 616,835 23,074 Republic Bancorp, Inc. 473,248 36,946 VISIT Financial Corp. 256,775 ----------- 2,617,960 ----------- TOTAL COMMON STOCK (COST $33,749,809) $23,099,462 -----------
The accompanying notes are an integral part of the schedule of investments. 1 SENBANC FUND SCHEDULE OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 2010 (UNAUDITED)
VALUE ----------- TOTAL INVESTMENTS -- 100.0% (COST $33,749,809) $23,099,462 ----------- OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.0% 6,763 ----------- NET ASSETS -- 100% $23,106,225 ===========
* 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 $ 33,749,809 ------------ Gross unrealized appreciation 678,088 Gross unrealized depreciation (11,328,435) ------------ Net unrealized depreciation $(10,650,347) ============
The following is a summary of the inputs used, as of November 30, 2010, in valuing the Fund's investments carried at value (See Notes to Schedule of Investments):
LEVEL 2 LEVEL 3 TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT VALUE AT QUOTED OBSERVABLE UNOBSERVABLE NOVEMBER 30, 2010 PRICES INPUTS INPUTS ----------------- ----------- ----------- ------------ Investments in Securities* $23,099,462 $23,099,462 $-- $-- =========== =========== === ===
* Please refer to the Schedule of Investments for industry and security type breakouts. The accompanying notes are an integral part of the schedule of investments. 2 SENBANC FUND NOTES TO SCHEDULE OF INVESTMENTS NOVEMBER 30, 2010 (UNAUDITED) PORTFOLIO VALUATION -- The Senbanc Fund's (the "Fund") net asset value ("NAV") is calculated once daily at the close of regular trading hours on the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System ("NASDAQ") market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are valued under the amortized cost method, which approximates fair value. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the RBB Fund, Inc.'s Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. FAIR VALUE MEASUREMENTS -- The inputs and valuation techniques used to measure fair value of the Fund's investments are summarized into three levels as described in the hierarchy below: - - Level 1 -- quoted prices in active markets for identical securities - - Level 2 -- other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) - - Level 3 -- significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) 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 Fund's investments as of November 30, 2010 is included with the Fund's Schedule of Investments. For more information with regard to significant accounting policies, see the most recent semi or annual report filed with the Securities and Exchange Commission. 3 ITEM 2. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 3. EXHIBITS. Certifications pursuant to Rule 30a-2(a) under the 1940 Act 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/ Salvatore Faia ---------------------------------------- Salvatore Faia, President (principal executive officer) Date January 27, 2011 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/ Salvatore Faia ---------------------------------------- Salvatore Faia, President (principal executive officer) Date January 27, 2011 By (Signature and Title)* /s/ Joel Weiss ---------------------------------------- Joel Weiss, Treasurer (principal financial officer) Date January 27, 2011 * Print the name and title of each signing officer under his or her signature. EX-99.CERT 2 g07446exv99wcert.txt EX-99.CERT EXHIBIT 99.CERT CERTIFICATIONS I, Salvatore Faia, 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 27, 2011 /s/ Salvatore Faia ---------------------------------------- Salvatore Faia, President (principal executive officer) EXHIBIT 99.CERT CERTIFICATIONS I, Joel Weiss, 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 27, 2011 /s/ Joel Weiss ---------------------------------------- Joel Weiss, Treasurer (principal financial officer) -----END PRIVACY-ENHANCED MESSAGE-----