RBB FUND INC.
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)
Registrants telephone number, including area code:
302-791-1851
Date of fiscal year end:
August 31
Date of reporting period: May 31, 2012
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5
(§§ 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. § 3507.
Item 1. Schedule of Investments.
The Schedules of Investments are attached herewith.
BOGLE INVESTMENT MANAGEMENT
SMALL CAP GROWTH FUND
PORTFOLIO OF INVESTMENTS
MAY 31, 2012 (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
Number Of Shares |
|
|
Value |
|
Common Stocks99.1% |
|
|
|
|
|
Basic Industry6.4% |
|
|
|
|
|
|
|
|
Coeur dAlene Mines Corp. * |
|
|
54,326 |
|
|
$ |
918,109 |
|
Cresud SACIF y A, SP ADR |
|
|
91,049 |
|
|
|
645,537 |
|
Huntsman Corp. |
|
|
88,927 |
|
|
|
1,138,266 |
|
IAMGOLD Corp. |
|
|
80,380 |
|
|
|
857,655 |
|
Nevsun Resources Ltd. |
|
|
141,355 |
|
|
|
501,810 |
|
Noranda Aluminum Holding Corp. |
|
|
68,276 |
|
|
|
525,042 |
|
Steel Dynamics, Inc. |
|
|
43,786 |
|
|
|
461,504 |
|
Stepan Co. |
|
|
4,469 |
|
|
|
403,908 |
|
TPC Group, Inc. * |
|
|
24,599 |
|
|
|
777,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,228,913 |
|
|
|
|
|
|
|
|
|
|
Consumer Cyclical17.8% |
|
|
|
|
|
ANN, Inc. * |
|
|
40,314 |
|
|
|
1,084,043 |
|
Arctic Cat, Inc. * |
|
|
33,500 |
|
|
|
1,211,360 |
|
Cablevision Systems Corp., Class A |
|
|
77,243 |
|
|
|
883,660 |
|
Carmike Cinemas, Inc. * |
|
|
74,818 |
|
|
|
1,057,927 |
|
Foot Locker, Inc. |
|
|
28,733 |
|
|
|
911,985 |
|
Goodyear Tire & Rubber Co., (The) * |
|
|
30,965 |
|
|
|
323,584 |
|
Harry Winston Diamond Corp. * |
|
|
74,353 |
|
|
|
917,516 |
|
Hot Topic, Inc. |
|
|
73,923 |
|
|
|
732,577 |
|
Kona Grill, Inc. * |
|
|
59,594 |
|
|
|
462,449 |
|
Leapfrog Enterprises, Inc. * |
|
|
138,086 |
|
|
|
1,438,856 |
|
Movado Group, Inc. |
|
|
37,555 |
|
|
|
1,040,273 |
|
Multimedia Games, Inc. * |
|
|
100,306 |
|
|
|
1,264,859 |
|
Pulte Homes, Inc. * |
|
|
98,180 |
|
|
|
918,965 |
|
Shuffle Master, Inc. * |
|
|
74,768 |
|
|
|
1,185,820 |
|
Smith & Wesson Holding Corp. * |
|
|
141,115 |
|
|
|
951,115 |
|
Toro Co., (The) |
|
|
11,045 |
|
|
|
822,963 |
|
Town Sports International Holdings, Inc. * |
|
|
81,300 |
|
|
|
952,023 |
|
Ulta Salon, Cosmetics & Fragrance, Inc. |
|
|
9,679 |
|
|
|
865,012 |
|
US Home Systems, Inc. |
|
|
27,357 |
|
|
|
234,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,259,436 |
|
|
|
|
|
|
|
|
|
|
Consumer Growth14.6% |
|
|
|
|
|
Acorda Therapeutics, Inc. * |
|
|
41,367 |
|
|
|
909,660 |
|
Anika Therapeutics, Inc. * |
|
|
70,812 |
|
|
|
963,043 |
|
Charles River Laboratories International, Inc. * |
|
|
30,230 |
|
|
|
1,009,077 |
|
CONMED Corp. |
|
|
29,890 |
|
|
|
800,753 |
|
Cooper Cos, Inc., (The) |
|
|
11,648 |
|
|
|
992,177 |
|
Cynosure, Inc., Class A * |
|
|
43,501 |
|
|
|
857,840 |
|
Dean Foods Co. * |
|
|
85,352 |
|
|
|
1,334,905 |
|
Elizabeth Arden, Inc. * |
|
|
26,969 |
|
|
|
929,352 |
|
Hill-Rom Holdings, Inc. |
|
|
13,658 |
|
|
|
401,682 |
|
Medtox Scientific, Inc. * |
|
|
9,176 |
|
|
|
185,447 |
|
|
|
|
|
|
|
|
|
|
|
|
Number Of Shares |
|
|
Value |
|
Consumer Growth(continued) |
|
|
|
|
|
Nash Finch Co. |
|
|
31,949 |
|
|
$ |
658,469 |
|
Obagi Medical Products, Inc. * |
|
|
70,104 |
|
|
|
868,589 |
|
Omnicare, Inc. |
|
|
26,344 |
|
|
|
830,363 |
|
Pozen, Inc. * |
|
|
149,670 |
|
|
|
1,037,213 |
|
Sun Healthcare Group, Inc. * |
|
|
167,735 |
|
|
|
813,515 |
|
United Therapeutics Corp. * |
|
|
13,142 |
|
|
|
581,402 |
|
Warner Chilcott PLC, Class A |
|
|
51,884 |
|
|
|
978,532 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,152,019 |
|
|
|
|
|
|
|
|
|
|
Energy6.7% |
|
|
|
|
|
|
|
|
Adams Resources & Energy, Inc. |
|
|
13,653 |
|
|
|
483,999 |
|
Exterran Holdings, Inc. * |
|
|
41,133 |
|
|
|
474,675 |
|
Global Geophysical Services, Inc. * |
|
|
4,321 |
|
|
|
30,636 |
|
Helix Energy Solutions Group, Inc. * |
|
|
58,965 |
|
|
|
1,010,070 |
|
Nabors Industries Ltd. |
|
|
53,982 |
|
|
|
731,456 |
|
Petrobras Argentina SA, ADR * |
|
|
21,764 |
|
|
|
186,517 |
|
REX American Resources Corp. * |
|
|
33,250 |
|
|
|
612,465 |
|
Tesco Corp. * |
|
|
25,459 |
|
|
|
306,017 |
|
TGC Industries, Inc. * |
|
|
85,165 |
|
|
|
797,996 |
|
Western Refining, Inc. |
|
|
53,459 |
|
|
|
1,033,897 |
|
WPX Energy, Inc. * |
|
|
58,841 |
|
|
|
863,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,530,925 |
|
|
|
|
|
|
|
|
|
|
Financial19.3% |
|
|
|
|
|
|
|
|
Altisource Portfolio Solutions SA |
|
|
17,424 |
|
|
|
1,008,153 |
|
Artio Global Investors, Inc. |
|
|
160,182 |
|
|
|
488,555 |
|
Aspen Insurance Holdings Ltd. |
|
|
6,615 |
|
|
|
186,940 |
|
Assurant, Inc. |
|
|
24,921 |
|
|
|
831,863 |
|
Banco Latinoamericano de Comercio |
|
|
|
|
|
|
|
|
Exterior SA, Class E |
|
|
21,483 |
|
|
|
418,918 |
|
Banco Macro SA, ADR * |
|
|
68,305 |
|
|
|
872,255 |
|
BBVA Banco Frances SA, ADR * |
|
|
128,234 |
|
|
|
493,701 |
|
Calamos Asset Management, Inc., Class A |
|
|
71,924 |
|
|
|
782,533 |
|
Epoch Holding Corp. |
|
|
18,341 |
|
|
|
421,476 |
|
FBL Financial Group, Inc., Class A |
|
|
4,662 |
|
|
|
119,021 |
|
First Citizens BancShares, Inc., Class A |
|
|
2,996 |
|
|
|
504,826 |
|
Franklin Financial Corp. * |
|
|
258 |
|
|
|
3,955 |
|
Genworth Financial, Inc., Class A * |
|
|
183,255 |
|
|
|
960,256 |
|
Heartland Payment Systems, Inc. |
|
|
30,048 |
|
|
|
876,801 |
|
Homeowners Choice, Inc. |
|
|
65,646 |
|
|
|
896,068 |
|
HomeStreet, Inc. * |
|
|
6,762 |
|
|
|
223,146 |
|
Hudson City Bancorp, Inc. |
|
|
127,068 |
|
|
|
787,822 |
|
Interactive Brokers Group, Inc., Class A |
|
|
83,115 |
|
|
|
1,185,220 |
|
International Bancshares Corp. |
|
|
48,465 |
|
|
|
895,149 |
|
INTL. FCStone, Inc. * |
|
|
21,270 |
|
|
|
388,816 |
|
The
accompanying notes are an integral part of the portfolio of investments.
1
BOGLE INVESTMENT MANAGEMENT
SMALL CAP GROWTH FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
MAY 31, 2012 (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
Number Of Shares |
|
|
Value |
|
Financial(continued) |
|
|
|
|
|
Janus Capital Group, Inc. |
|
|
139,751 |
|
|
$ |
1,020,182 |
|
MarketAxess Holdings, Inc. |
|
|
27,572 |
|
|
|
890,300 |
|
Nelnet, Inc., Class A |
|
|
44,210 |
|
|
|
1,031,861 |
|
Reinsurance Group of America, Inc. |
|
|
14,554 |
|
|
|
730,174 |
|
SWS Group, Inc. |
|
|
97,422 |
|
|
|
560,177 |
|
UMB Financial Corp. |
|
|
15,835 |
|
|
|
772,273 |
|
United Fire Group, Inc. |
|
|
35,945 |
|
|
|
763,831 |
|
Washington Federal, Inc. |
|
|
30,740 |
|
|
|
504,443 |
|
White Mountains Insurance Group Ltd. |
|
|
237 |
|
|
|
122,060 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,740,775 |
|
|
|
|
|
|
|
|
|
|
Industrial17.6% |
|
|
|
|
|
AerCap Holdings N.V. |
|
|
89,372 |
|
|
|
1,022,416 |
|
American Railcar Industries, Inc. * |
|
|
40,494 |
|
|
|
856,448 |
|
Arkansas Best Corp. |
|
|
50,146 |
|
|
|
634,347 |
|
CDI Corp. |
|
|
19,395 |
|
|
|
325,448 |
|
Clear Channel Outdoor Holdings, Inc., Class A * |
|
|
43,478 |
|
|
|
273,911 |
|
Diebold, Inc. |
|
|
25,112 |
|
|
|
929,395 |
|
Eagle Materials, Inc. |
|
|
7,417 |
|
|
|
238,086 |
|
Fair Isaac Corp. |
|
|
33,550 |
|
|
|
1,364,143 |
|
Flow International Corp. * |
|
|
88,640 |
|
|
|
261,488 |
|
FreightCar America, Inc. |
|
|
44,519 |
|
|
|
882,812 |
|
H&E Equipment Services, Inc. * |
|
|
60,764 |
|
|
|
964,325 |
|
Hackett Group, Inc., (The) * |
|
|
62,288 |
|
|
|
321,406 |
|
Lincoln Electric Holdings, Inc. |
|
|
15,720 |
|
|
|
747,958 |
|
McGrath Rentcorp |
|
|
9,000 |
|
|
|
227,250 |
|
Mueller Industries, Inc. |
|
|
20,571 |
|
|
|
873,856 |
|
NACCO Industries, Inc., Class A |
|
|
8,816 |
|
|
|
925,063 |
|
Navigant Consulting, Inc. * |
|
|
73,139 |
|
|
|
875,474 |
|
Navistar International Corp. * |
|
|
33,358 |
|
|
|
932,023 |
|
NCI Building Systems, Inc. * |
|
|
54,629 |
|
|
|
530,994 |
|
Saia, Inc. * |
|
|
48,377 |
|
|
|
1,046,395 |
|
Tech Data Corp. * |
|
|
20,083 |
|
|
|
956,152 |
|
Textron, Inc. |
|
|
44,994 |
|
|
|
1,063,208 |
|
Wabtec Corp. |
|
|
10,550 |
|
|
|
766,036 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,018,634 |
|
|
|
|
|
|
|
|
|
|
Technology16.1% |
|
|
|
|
|
Acxiom Corp. * |
|
|
3,101 |
|
|
|
43,631 |
|
Allot Communications Ltd. |
|
|
45,667 |
|
|
|
1,188,255 |
|
Analogic Corp. |
|
|
14,874 |
|
|
|
980,792 |
|
Aspen Technology, Inc. * |
|
|
42,047 |
|
|
|
929,239 |
|
Brocade Communications Systems, Inc. * |
|
|
211,736 |
|
|
|
984,572 |
|
CalAmp Corp. * |
|
|
21,649 |
|
|
|
132,708 |
|
|
|
|
|
|
|
|
|
|
|
|
Number Of Shares |
|
|
Value |
|
Technology(continued) |
|
|
|
|
|
Echelon Corp. * |
|
|
49,567 |
|
|
$ |
174,972 |
|
Emulex Corp. * |
|
|
134,142 |
|
|
|
901,434 |
|
FormFactor, Inc. * |
|
|
3,942 |
|
|
|
23,613 |
|
Freescale Semiconductor Holdings Ltd. |
|
|
383 |
|
|
|
3,524 |
|
GT Advanced Technologies, Inc. * |
|
|
213,499 |
|
|
|
896,696 |
|
Guidance Software, Inc. * |
|
|
22,909 |
|
|
|
187,854 |
|
IDT Corp., Class B |
|
|
31,546 |
|
|
|
261,201 |
|
IntraLinks Holdings, Inc. * |
|
|
15,818 |
|
|
|
63,272 |
|
Kulicke & Soffa Industries, Inc. * |
|
|
97,936 |
|
|
|
1,030,287 |
|
LSI Corp. * |
|
|
114,461 |
|
|
|
761,166 |
|
Magnachip Semiconductor Corp. * |
|
|
100,024 |
|
|
|
952,228 |
|
Manhattan Associates, Inc. * |
|
|
24,762 |
|
|
|
1,176,195 |
|
PDF Solutions, Inc. * |
|
|
6,659 |
|
|
|
58,932 |
|
Radware Ltd. |
|
|
26,223 |
|
|
|
1,005,390 |
|
Sierra Wireless, Inc. * |
|
|
52,427 |
|
|
|
470,794 |
|
STmicroelectronics NV |
|
|
100,303 |
|
|
|
513,551 |
|
Tessco Technologies, Inc. |
|
|
47,235 |
|
|
|
905,023 |
|
United Online, Inc. |
|
|
201,984 |
|
|
|
797,837 |
|
Xyratex Ltd. |
|
|
77,142 |
|
|
|
882,504 |
|
Zygo Corp. * |
|
|
19,782 |
|
|
|
327,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,653,656 |
|
|
|
|
|
|
|
|
|
|
Utility0.6% |
|
|
|
|
|
PNM Resources, Inc. |
|
|
10,428 |
|
|
|
194,482 |
|
Telecom Argentina S.A., SP ADR |
|
|
30,869 |
|
|
|
373,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
568,306 |
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost $98,469,151) |
|
|
|
|
|
|
96,152,664 |
|
|
|
|
|
|
|
|
|
|
Short-Term Investments0.8% |
|
|
|
|
|
BofA Cash Reserves Fund |
|
|
739,324 |
|
|
|
739,324 |
|
|
|
|
|
|
|
|
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost $739,324) |
|
|
|
|
|
|
739,324 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments99.9%
(Cost $99,208,475)** |
|
|
|
96,891,988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS IN EXCESS OF
LIABILITIES0.1% |
|
|
|
|
|
|
119,338 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS100.0% |
|
|
|
|
|
$ |
97,011,326 |
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of the portfolio of investments.
2
BOGLE INVESTMENT MANAGEMENT
SMALL CAP GROWTH FUND
PORTFOLIO OF INVESTMENTS (CONCLUDED)
MAY 31, 2012 (UNAUDITED)
** |
The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a Federal income tax basis, are as follows:
|
|
|
|
|
|
Aggregate Cost |
|
$ |
99,208,475 |
|
|
|
|
|
|
Gross unrealized appreciation |
|
|
6,946,263 |
|
Gross unrealized depreciation |
|
|
(9,262,750 |
) |
|
|
|
|
|
Net unrealized depreciation |
|
$ |
(2,316,487 |
) |
|
|
|
|
|
ADR American Depositary Receipt.
SP ADR Sponsored American Depositary Receipt.
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
MAY 31, 2012 (UNAUDITED)
PORTFOLIO VALUATION The Bogle Investment Management Small Cap Growth Funds (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 RBBs
Board of Directors (the Board). 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.); and
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.
The following is a summary of inputs used, as of May 31, 2012, in valuing the
Funds investments carried at fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Value
at May 31, 2012 |
|
|
Level
1 Quoted Price |
|
|
Level
2 Significant Observable Inputs
|
|
|
Level
3 Significant Unobservable Inputs
|
|
|
|
|
|
|
Total Investments* |
|
$ |
96,891,988 |
|
|
$ |
96,891,988 |
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* See Portfolio of Investments detail for security type and sector classification breakout.
At the end of each calendar quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are
considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of
contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.
4
BOGLE INVESTMENT MANAGEMENT
SMALL CAP GROWTH FUND
NOTES TO PORTFOLIO OF INVESTMENTS (CONCLUDED)
MAY 31, 2012 (UNAUDITED)
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 Fund may
ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or may be less liquid than publicly traded securities.
For the period ended May 31, 2012, there were no transfers between Levels 1, 2 and 3 for the Fund.
For more
information with regard to accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.
5
THE RBB FUND, INC.
Money Market Portfolio
Schedule of Investments
May 31, 2012
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Par (000) |
|
|
Value |
|
CERTIFICATES OF DEPOSIT26.6% |
|
Yankee Dollar Certificates Of Deposit26.6% (a) |
|
Bank of Montreal, Chicago |
|
|
|
|
|
|
|
|
0.180%, 06/08/12 |
|
$ |
3,000 |
|
|
$ |
3,000,000 |
|
0.200%, 07/06/12 |
|
|
5,000 |
|
|
|
5,000,000 |
|
Bank of Nova Scotia, New York |
|
|
|
|
|
|
|
|
0.350%, 07/17/12 |
|
|
10,000 |
|
|
|
10,000,000 |
|
Bank of Tokyo Mitsubishi UFJ, Ltd., New York |
|
|
|
|
|
|
|
|
0.370%, 06/25/12 |
|
|
5,000 |
|
|
|
5,000,000 |
|
Barclays Bank PLC, New York |
|
|
|
|
|
|
|
|
0.590%, 07/13/12 |
|
|
10,000 |
|
|
|
10,000,000 |
|
Credit Suisse, New York |
|
|
|
|
|
|
|
|
0.300%, 07/11/12 |
|
|
5,000 |
|
|
|
5,000,000 |
|
0.340%, 09/05/12 |
|
|
8,000 |
|
|
|
8,000,000 |
|
Mizuho Corporate Bank Ltd, New York |
|
|
|
|
|
|
|
|
0.370%, 06/07/12 |
|
|
10,000 |
|
|
|
10,000,000 |
|
0.250%, 06/18/12 |
|
|
5,000 |
|
|
|
5,000,000 |
|
National Australia Bank Ltd, New York |
|
|
|
|
|
|
|
|
0.490%, 06/18/12 |
|
|
3,500 |
|
|
|
3,500,000 |
|
National Bank of Canada, New York |
|
|
|
|
|
|
|
|
0.350%, 08/27/12 |
|
|
5,000 |
|
|
|
5,000,000 |
|
Nordea Bank Finland PLC, New York |
|
|
|
|
|
|
|
|
0.280%, 09/18/12 |
|
|
7,000 |
|
|
|
7,000,000 |
|
0.360%, 10/11/12 |
|
|
10,000 |
|
|
|
10,000,000 |
|
Norinchukin Bank, New York |
|
|
|
|
|
|
|
|
0.170%, 06/05/12 |
|
|
20,000 |
|
|
|
20,000,000 |
|
0.210%, 06/05/12 |
|
|
10,000 |
|
|
|
10,000,000 |
|
Rabobank Nederland NV, New York |
|
|
|
|
|
|
|
|
0.530%, 10/25/12 |
|
|
12,000 |
|
|
|
12,000,000 |
|
0.646%, 04/24/13 (b) |
|
|
6,300 |
|
|
|
6,300,000 |
|
Royal Bank of Canada, New York (b) |
|
|
|
|
|
|
|
|
0.479%, 05/16/13 |
|
|
6,500 |
|
|
|
6,500,000 |
|
Sumitomo Mitsui Banking Corp., New York |
|
|
|
|
|
|
|
|
0.360%, 06/12/12 |
|
|
5,000 |
|
|
|
5,000,000 |
|
0.349%, 08/10/12 (b) |
|
|
5,000 |
|
|
|
5,000,000 |
|
Sumitomo Trust & Banking Co. Ltd, New York |
|
|
|
|
|
|
|
|
0.370%, 06/15/12 |
|
|
10,000 |
|
|
|
10,000,000 |
|
0.370%, 07/10/12 |
|
|
15,000 |
|
|
|
15,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Par (000) |
|
|
Value |
|
CERTIFICATES OF DEPOSIT(Continued) |
|
Yankee Dollar Certificates Of Deposit(Continued) |
|
Westpac Banking Corp., New York (b) |
|
|
|
|
|
|
|
|
0.339%, 01/04/13 |
|
$ |
7,000 |
|
|
$ |
7,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
183,300,000 |
|
|
|
|
|
|
|
|
|
|
TOTAL CERTIFICATES OF DEPOSIT (Cost $183,300,000) |
|
|
|
|
|
|
183,300,000 |
|
|
|
|
|
|
|
|
|
|
COMMERCIAL PAPER37.2% |
|
|
|
|
|
|
|
|
Asset Backed13.5% |
|
|
|
|
|
|
|
|
Alpine Securitization Corp. (c) |
|
|
|
|
|
|
|
|
0.180%, 06/11/12 |
|
|
10,000 |
|
|
|
9,999,500 |
|
Fairway Finance Co. LLC (b) |
|
|
|
|
|
|
|
|
0.279%, 06/07/12 |
|
|
15,000 |
|
|
|
15,000,000 |
|
0.279%, 06/11/12 |
|
|
5,000 |
|
|
|
5,000,000 |
|
Metlife Short Term Funding LLC (c) |
|
|
|
|
|
|
|
|
0.200%, 08/02/12 |
|
|
5,000 |
|
|
|
4,998,278 |
|
0.270%, 08/20/12 |
|
|
20,000 |
|
|
|
19,988,000 |
|
Mont Blanc Capital Corp. (c) |
|
|
|
|
|
|
|
|
0.430%, 08/09/12 |
|
|
5,260 |
|
|
|
5,255,665 |
|
Regency Markets No. 1 LLC (c) |
|
|
|
|
|
|
|
|
0.210%, 06/18/12 |
|
|
8,000 |
|
|
|
7,999,207 |
|
0.350%, 07/20/12 |
|
|
7,000 |
|
|
|
6,996,665 |
|
Salisbury Receivables Co. LLC (c) |
|
|
|
|
|
|
|
|
0.190%, 06/21/12 |
|
|
18,000 |
|
|
|
17,998,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
93,235,415 |
|
|
|
|
|
|
|
|
|
|
Banks23.7% |
|
|
|
|
|
|
|
|
ANZ National International, Ltd., London (c) |
|
|
|
|
|
|
|
|
0.560%, 07/10/12 |
|
|
12,000 |
|
|
|
11,992,720 |
|
0.530%, 07/30/12 |
|
|
5,000 |
|
|
|
4,995,657 |
|
Commonwealth Bank of Australia (c) |
|
|
|
|
|
|
|
|
0.200%, 08/21/12 |
|
|
15,000 |
|
|
|
14,993,250 |
|
Deutsche Bank Financial LLC (c) |
|
|
|
|
|
|
|
|
0.290%, 06/28/12 |
|
|
5,000 |
|
|
|
4,998,913 |
|
0.350%, 07/30/12 |
|
|
14,000 |
|
|
|
13,991,969 |
|
General Electric Capital Co. (c) |
|
|
|
|
|
|
|
|
0.310%, 08/02/12 |
|
|
15,000 |
|
|
|
14,991,992 |
|
ING US Funding LLC (c) |
|
|
|
|
|
|
|
|
0.375%, 07/24/12 |
|
|
7,000 |
|
|
|
6,996,135 |
|
JPMorgan Chase & Co. (c) |
|
|
|
|
|
|
|
|
0.170%, 08/01/12 |
|
|
15,000 |
|
|
|
14,995,679 |
|
National Australia Funding, Delaware (c) |
|
|
|
|
|
|
|
|
0.470%, 07/03/12 |
|
|
6,000 |
|
|
|
5,997,493 |
|
The
accompanying notes are an integral part of the portfolio of investments.
1
THE RBB FUND, INC.
Money Market Portfolio
Schedule of Investments (Continued)
May 31, 2012
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Par (000) |
|
|
Value |
|
COMMERCIAL PAPER(Continued) |
|
Banks(Continued) |
|
Nordea North America, Inc., Delaware (c) |
|
|
|
|
|
|
|
|
0.220%, 08/02/12 |
|
$ |
7,000 |
|
|
$ |
6,997,348 |
|
0.255%, 08/13/12 |
|
|
4,000 |
|
|
|
3,997,932 |
|
0.360%, 10/03/12 |
|
|
5,000 |
|
|
|
4,993,800 |
|
Rabobank USA Financial Corp. (c) |
|
|
|
|
|
|
|
|
0.570%, 09/17/12 |
|
|
5,000 |
|
|
|
4,991,450 |
|
State Street Corp. (c) |
|
|
|
|
|
|
|
|
0.230%, 06/11/12 |
|
|
6,000 |
|
|
|
5,999,617 |
|
0.210%, 07/02/12 |
|
|
17,000 |
|
|
|
16,996,926 |
|
0.220%, 09/05/12 |
|
|
7,000 |
|
|
|
6,995,893 |
|
Westpac Banking Corp. (c) |
|
|
|
|
|
|
|
|
0.500%, 07/09/12 |
|
|
6,500 |
|
|
|
6,496,569 |
|
0.490%, 08/13/12 |
|
|
11,500 |
|
|
|
11,488,573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
162,911,916 |
|
|
|
|
|
|
|
|
|
|
TOTAL COMMERCIAL PAPER (Cost $256,147,331) |
|
|
|
|
|
|
256,147,331 |
|
|
|
|
|
|
|
|
|
|
MUNICIPAL BONDS9.2% |
|
|
|
|
|
|
|
|
California3.9% |
|
|
|
|
|
|
|
|
California Bay Area Toll Authority, Toll Bridge Revenue, RB (LOC: Bank of America) (b)(d) |
|
|
|
|
|
|
|
|
0.170%, 06/07/12 |
|
|
5,000 |
|
|
|
5,000,000 |
|
California Housing Finance Agency Revenue, Series A, RB (LOC: Fannie Mae, Freddie Mac) (b)(d) |
|
|
|
|
|
|
|
|
0.170%, 06/07/12 |
|
|
3,100 |
|
|
|
3,100,000 |
|
Metropolitan Water District of Southern California, Series A, RB (SPA: Bank of America) (b)(d) |
|
|
|
|
|
|
|
|
0.170%, 06/07/12 |
|
|
15,000 |
|
|
|
15,000,000 |
|
San Francisco, City & County Redevelopment Agency, Multifamily Revenue, Series A, RB (LOC: Fannie Mae) (b)(d) |
|
|
|
|
|
|
|
|
0.150%, 06/07/12 |
|
|
4,000 |
|
|
|
4,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,100,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par (000) |
|
|
Value |
|
MUNICIPAL BONDS(Continued) |
|
Colorado0.9% |
|
Colorado State, Housing Finance Authority, Class I, Series A-3, RB (LOC: Fannie Mae, Freddie Mac) (b)(d) |
|
|
|
|
|
|
|
|
0.180%, 06/07/12 |
|
$ |
6,500 |
|
|
$ |
6,500,000 |
|
|
|
|
|
|
|
|
|
|
Connecticut0.8% |
|
|
|
|
|
|
|
|
Connecticut State, Health & Educational Facilities Authority Revenue, New Haven Hospital, Series K-2, RB (LOC: JPMorgan Chase
Bank) (b)(d) |
|
|
|
|
|
|
|
|
0.180%, 06/07/12 |
|
|
5,600 |
|
|
|
5,600,000 |
|
|
|
|
|
|
|
|
|
|
New York3.0% |
|
|
|
|
|
|
|
|
New York City, Housing Development Corp., Multifamily Rent Housing Revenue, Series A, RB (LOC: Fannie Mae) (b)(d) |
|
|
|
|
|
|
|
|
0.180%, 06/07/12 |
|
|
6,000 |
|
|
|
6,000,000 |
|
New York City, Industrial Development Agency Civic Facility Revenue, New York Law School Project, Series A, RB (LOC: JPMorgan Chase Bank)
(b)(d) |
|
|
|
|
|
|
|
|
0.160%, 06/07/12 |
|
|
4,345 |
|
|
|
4,345,000 |
|
New York State, Housing Finance Agency Revenue, RB (LOC: Freddie Mac) (b)(d) |
|
|
|
|
|
|
|
|
0.160%, 06/07/12 |
|
|
5,200 |
|
|
|
5,200,000 |
|
Westchester County, Health Care Revenue, RB (LOC: TD Bank NA) (b)(d) |
|
|
|
|
|
|
|
|
0.180%, 06/07/12 |
|
|
5,000 |
|
|
|
5,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,545,000 |
|
|
|
|
|
|
|
|
|
|
Texas0.6% |
|
|
|
|
|
|
|
|
Texas State, Veterans Housing Assessment Project, Series A-2, GO (Liquidity Facility: JPMorgan Chase & Co.) (b)(d) |
|
|
|
|
|
|
|
|
0.180%, 06/07/12 |
|
|
3,900 |
|
|
|
3,900,000 |
|
|
|
|
|
|
|
|
|
|
TOTAL MUNICIPAL BONDS (Cost $63,645,000) |
|
|
|
|
|
|
63,645,000 |
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of the portfolio of investments.
2
THE RBB FUND, INC.
Money Market Portfolio
Schedule of Investments (Concluded)
May 31, 2012
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Par (000) |
|
|
Value |
|
VARIABLE RATE OBLIGATIONS1.2% |
|
Banks1.2% |
|
JPMorgan Chase Bank NA (b) |
|
|
|
|
|
|
|
|
0.536%, 05/17/13 |
|
$ |
8,600 |
|
|
$ |
8,600,000 |
|
|
|
|
|
|
|
|
|
|
TOTAL VARIABLE RATE OBLIGATIONS (Cost $8,600,000) |
|
|
|
|
|
|
8,600,000 |
|
|
|
|
|
|
|
|
|
|
AGENCY OBLIGATIONS9.8% |
|
Fannie Mae |
|
|
|
|
|
|
|
|
0.229%, 07/26/12 (b) |
|
|
6,500 |
|
|
|
6,499,804 |
|
0.110%, 09/10/12(c) |
|
|
3,453 |
|
|
|
3,451,934 |
|
0.269%, 09/17/12(b) |
|
|
6,000 |
|
|
|
5,999,641 |
|
0.270%, 12/20/12(b) |
|
|
3,500 |
|
|
|
3,499,608 |
|
Federal Home Loan Bank |
|
|
|
|
|
|
|
|
0.155%, 11/02/12 (c) |
|
|
10,000 |
|
|
|
9,993,369 |
|
Freddie Mac |
|
|
|
|
|
|
|
|
0.179%, 11/02/12 (b) |
|
|
7,000 |
|
|
|
6,998,211 |
|
0.330%, 01/24/13(b) |
|
|
4,000 |
|
|
|
3,998,954 |
|
0.390%, 09/03/13(b) |
|
|
5,000 |
|
|
|
4,998,731 |
|
0.179%, 09/13/13(b) |
|
|
22,200 |
|
|
|
22,182,709 |
|
|
|
|
|
|
|
|
|
|
TOTAL AGENCY OBLIGATIONS (Cost $67,622,961) |
|
|
|
|
|
|
67,622,961 |
|
|
|
|
|
|
|
|
|
|
U.S. TREASURY OBLIGATIONS8.2% |
|
U.S. Treasury Notes |
|
|
|
|
|
|
|
|
0.375%, 09/30/12 |
|
|
18,200 |
|
|
|
18,213,268 |
|
3.875%, 10/31/12 |
|
|
10,000 |
|
|
|
10,155,474 |
|
3.625%, 12/31/12 |
|
|
7,000 |
|
|
|
7,140,185 |
|
2.875%, 01/31/13 |
|
|
11,000 |
|
|
|
11,197,004 |
|
0.625%, 02/28/13 |
|
|
2,700 |
|
|
|
2,708,697 |
|
0.625%, 04/30/13 |
|
|
7,000 |
|
|
|
7,026,797 |
|
|
|
|
|
|
|
|
|
|
TOTAL U.S. TREASURY OBLIGATIONS (Cost $56,441,425) |
|
|
|
|
|
|
56,441,425 |
|
|
|
|
|
|
|
|
|
|
REPURCHASE AGREEMENTS5.1% |
|
Deutsche Bank Securities, Inc. (Tri-Party Agreement dated 05/31/12 to be repurchased at $14,843,087, collateralized by $15,121,000 par
value, Federal National Mortgage Association Structured Notes, 0.40%, due 07/23/2015, Fair Value of the collateral is $15,140,842) |
|
|
|
|
|
|
|
|
0.210%, 06/01/12 |
|
|
14,843 |
|
|
|
14,843,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Par (000) |
|
|
Value |
|
REPURCHASE AGREEMENTS(Continued) |
|
Goldman Sachs & Co. (Tri-Party Agreement dated 05/31/12 to be repurchased at $5,000,132, collateralized by $7,583,507 par
value, Federal National Mortgage Backed Security, 4.00%, due 08/01/2025, Fair Value of the collateral is $5,150,000) |
|
|
|
|
|
|
|
|
0.190%, 06/05/12 |
|
$ |
5,000 |
|
|
$ |
5,000,000 |
|
Morgan Stanley & Co. LLC (Tri-Party Agreement dated 05/31/12 to be repurchased at $15,000,092, collateralized by $17,836,472
par value, Federal Home Loan Mortgage Corp. Mortgage Backed Securities, 3.50%, due 08/01/2026, Fair Value of the collateral is $15,450,000) |
|
|
|
|
|
|
|
|
0.220%, 06/01/12 |
|
|
15,000 |
|
|
|
15,000,000 |
|
|
|
|
|
|
|
|
|
|
TOTAL REPURCHASE AGREEMENTS (Cost $34,843,000) |
|
|
|
|
|
|
34,843,000 |
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS AT VALUE97.3%
(Cost $670,599,717)* |
|
|
|
670,599,717 |
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS IN EXCESS OF LIABILITIES2.7% |
|
|
|
18,398,652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS (APPLICABLE TO 688,738,397 BEDFORD SHARES AND 250,755 SANSOM STREET SHARES )100.0% |
|
|
|
|
|
$ |
688,998,369 |
|
|
|
|
|
|
|
|
|
|
* |
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) |
Rate disclosed represents the discount rate at the time of purchase. |
(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. |
|
PLC |
Public Liability Company |
|
SPA |
Standby Purchase Agreement |
The
accompanying notes are an integral part of the portfolio of investments.
3
THE RBB FUND, INC.
Money Market Portfolio
Notes to Schedule of Investments
May 31, 2012
(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 Measurements The inputs and valuations
techniques used to measure fair value of the Portfolios 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.); and
Level 3 significant unobservable inputs (including the Portfolios 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.
The following is a summary of the inputs used, as of May 31, 2012, in valuing the Portfolios
investments carried at fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Value at May 31, 2012 |
|
|
Level 1 Quoted Price |
|
|
Level 2 Significant Observable Inputs |
|
|
Level 3 Significant Unobservable Inputs |
|
|
|
|
|
|
Investments in Securities* |
|
$ |
670,599,717 |
|
|
$ |
|
|
|
$ |
670,599,717 |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Please refer to the Schedule of Investments for industry and security type breakouts.
At the end of each calendar quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as
changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades
in the market. Additionally, management evaluates the classification of Level 1 and Level 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
Portfolios 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 Portfolio 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 May 31, 2012, there were no transfers between Levels 1, 2 and 3 for the Portfolio.
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.
4
FREE MARKET FUNDS
FREE MARKET U.S. EQUITY FUND
Portfolio of Investments
May 31, 2012
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
EQUITY FUNDS 100.0% |
|
|
|
|
|
|
|
|
U.S. Large Cap Value Portfolio III(a) |
|
|
16,599,951 |
|
|
$ |
249,331,261 |
|
U.S. Large Company Portfolio(a) |
|
|
12,019,939 |
|
|
|
124,646,773 |
|
U.S. Micro Cap Portfolio(b) |
|
|
9,199,775 |
|
|
|
125,208,939 |
|
U.S. Small Cap Portfolio(b) |
|
|
5,856,555 |
|
|
|
124,803,191 |
|
U.S. Small Cap Value Portfolio(b) |
|
|
8,664,043 |
|
|
|
207,937,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL EQUITY FUNDS
(Cost $713,797,122) |
|
|
|
|
|
|
831,927,189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS 100.0%
(Cost $713,797,122)* |
|
|
|
|
|
|
831,927,189 |
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS IN EXCESS OF LIABILITIES 0.0% |
|
|
|
166,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS 100.0% |
|
|
|
|
|
$ |
832,093,463 |
|
|
|
|
|
|
|
|
|
|
* |
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 |
|
$ |
713,797,122 |
|
|
|
|
|
|
Gross unrealized appreciation |
|
|
118,130,067 |
|
Gross unrealized depreciation |
|
|
|
|
|
|
|
|
|
Net unrealized appreciation |
|
$ |
118,130,067 |
|
|
|
|
|
|
(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
accompanying notes are an integral part of the portfolio of investments.
1
FREE MARKET FUNDS
FREE MARKET INTERNATIONAL EQUITY FUND
Portfolio of Investments
May 31, 2012
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
INTERNATIONAL EQUITY FUNDS 100.0% |
|
|
|
|
|
Asia Pacific Small Company Portfolio(a) |
|
|
547,074 |
|
|
$ |
11,269,726 |
|
Continental Small Company Portfolio(a) |
|
|
1,956,146 |
|
|
|
25,175,600 |
|
DFA International Small Cap Value Portfolio(a) |
|
|
16,455,690 |
|
|
|
221,329,027 |
|
DFA International Value Portfolio
III(b) |
|
|
12,774,809 |
|
|
|
165,178,280 |
|
Emerging Markets Portfolio(a) |
|
|
1,241,138 |
|
|
|
29,365,328 |
|
Emerging Markets Small Cap
Portfolio(a) |
|
|
1,478,620 |
|
|
|
27,398,836 |
|
Emerging Markets Value
Portfolio(a) |
|
|
1,057,493 |
|
|
|
27,304,479 |
|
Japanese Small Company Portfolio(a) |
|
|
753,336 |
|
|
|
11,300,042 |
|
Large Cap International Portfolio(a) |
|
|
1,685,577 |
|
|
|
27,491,762 |
|
United Kingdom Small Company Portfolio(a) |
|
|
260,509 |
|
|
|
6,095,911 |
|
|
|
|
|
|
|
|
|
|
Total INTERNATIONAL EQUITY FUNDS (Cost $611,968,115) |
|
|
|
551,908,991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS 100.0% (Cost $611,968,115)* |
|
|
|
|
|
|
551,908,991 |
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS IN EXCESS OF LIABILITIES 0.0% |
|
|
|
230,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS 100.0% |
|
|
|
|
|
$ |
552,139,819 |
|
|
|
|
|
|
|
|
|
|
* |
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 |
|
$ |
611,968,115 |
|
|
|
|
|
|
Gross unrealized appreciation |
|
|
2,365,930 |
|
Gross unrealized depreciation |
|
|
(62,425,054 |
) |
|
|
|
|
|
Net unrealized depreciation |
|
$ |
(60,059,124 |
) |
|
|
|
|
|
(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 FIXED INCOME FUND
Portfolio of Investments
May 31, 2012
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
FIXED INCOME FUNDS 99.6% |
|
|
|
|
|
DFA Five-Year Global Fixed Income Portfolio(a) |
|
|
20,356,464 |
|
|
$ |
227,585,267 |
|
DFA Inflation-Protected Securities Portfolio(a) |
|
|
3,574,963 |
|
|
|
45,831,021 |
|
DFA Intermediate Government Fixed Income Portfolio(a) |
|
|
8,320,519 |
|
|
|
109,498,025 |
|
DFA One-Year Fixed Income Portfolio(a) |
|
|
21,539,318 |
|
|
|
222,501,152 |
|
DFA Short-Term Government Portfolio(a) |
|
|
6,696,178 |
|
|
|
72,653,534 |
|
DFA Two-Year Global Fixed Income Portfolio(a) |
|
|
22,412,832 |
|
|
|
227,041,984 |
|
|
|
|
|
|
|
|
|
|
TOTAL FIXED INCOME FUNDS (Cost $893,148,994) |
|
|
|
|
|
|
905,110,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS 99.6% (Cost $893,148,994)* |
|
|
|
|
|
|
905,110,983 |
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS IN EXCESS OF
LIABILITIES 0.4% |
|
|
|
3,861,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS 100.0% |
|
|
|
|
|
$ |
908,972,274 |
|
|
|
|
|
|
|
|
|
|
* |
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 |
|
$ |
893,148,994 |
|
|
|
|
|
|
Gross unrealized appreciation |
|
|
14,004,666 |
|
Gross unrealized depreciation |
|
|
(2,042,677 |
) |
|
|
|
|
|
Net unrealized appreciation |
|
$ |
11,961,989 |
|
|
|
|
|
|
(a) |
A portfolio of DFA Investment Dimensions Group Inc. |
Portfolio
holdings are subject to change at any time.
The
accompanying notes are an integral part of the portfolio of investments.
3
FREE MARKET FUNDS
Notes to Portfolio of Investments
May 31, 2012 (unaudited)
PORTFOLIO VALUATION Investments in the
underlying funds are valued at the Free Market U.S. Equity Fund, Free Market International Fund and the Free Market Fixed Income Fund (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 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.); and |
|
|
|
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.
The following is a summary of the inputs used, as of May 31, 2012, in valuing the Funds investments
carried at fair value:
FREE MARKET U.S. EQUITY FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Value
at May 31, 2012 |
|
|
Level
1 Quoted Price |
|
|
Level
2 Significant Observable Input |
|
|
Level
3 Significant Unobservable Input |
|
|
|
|
|
|
Investments in Securities* |
|
$ |
831,927,189 |
|
|
$ |
831,927,189 |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Please refer to the Portfolio of Investments for further details.
FREE MARKET INTERNATIONAL EQUITY FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Value
at May 31, 2012 |
|
|
Level
1 Quoted Price |
|
|
Level
2 Significant Observable Input |
|
|
Level
3 Significant Unobservable Input |
|
|
|
|
|
|
Investments in Securities* |
|
$ |
551,908,991 |
|
|
$ |
551,908,991 |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Please refer to the Portfolio of Investments for further details.
FREE MARKET FIXED INCOME FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Value
at May 31, 2012 |
|
|
Level
1 Quoted Price |
|
|
Level
2 Significant Observable Input |
|
|
Level
3 Significant Unobservable Input |
|
|
|
|
|
|
Investments in Securities* |
|
$ |
905,110,983 |
|
|
$ |
905,110,983 |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Please refer to the Portfolio of Investments for further details.
At the end of each calendar quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered,
such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable
trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.
4
FREE MARKET FUNDS
Notes to Portfolio of Investments
May 31, 2012 (unaudited)
(continued)
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.
For the period ended May 31, 2012, there were no transfers between Levels 1, 2 and 3 for the Funds.
For more information with regards to significant accounting policies, see the most recent semi or annual report filed with the Securities and Exchange
Commission.
5
Marvin & Palmer
LARGE CAP GROWTH FUND
Portfolio of Investments
May 31, 2012
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS 96.9% |
|
|
|
|
|
|
|
|
Capital Goods 8.0% |
|
|
|
|
|
|
|
|
AMETEK, Inc. |
|
|
800 |
|
|
$ |
40,568 |
|
Caterpillar, Inc. |
|
|
300 |
|
|
|
26,286 |
|
Cummins, Inc. |
|
|
250 |
|
|
|
24,238 |
|
Precision Castparts Corp. |
|
|
375 |
|
|
|
62,329 |
|
Roper Industries, Inc. |
|
|
400 |
|
|
|
40,488 |
|
United Technologies Corp. |
|
|
400 |
|
|
|
29,644 |
|
WW Grainger, Inc. |
|
|
100 |
|
|
|
19,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
242,918 |
|
|
|
|
|
|
|
|
|
|
Consumer Durables & Apparel 7.3% |
|
|
|
|
|
|
|
|
Coach, Inc. |
|
|
1,300 |
|
|
|
87,685 |
|
Lululemon Athletica, Inc. (Canada)* |
|
|
200 |
|
|
|
14,528 |
|
NIKE, Inc., Class B |
|
|
1,100 |
|
|
|
118,998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
221,211 |
|
|
|
|
|
|
|
|
|
|
Consumer Services 5.7% |
|
|
|
|
|
|
|
|
McDonalds Corp. |
|
|
350 |
|
|
|
31,269 |
|
Starbucks Corp. |
|
|
800 |
|
|
|
43,912 |
|
Yum! Brands, Inc. |
|
|
1,400 |
|
|
|
98,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
173,685 |
|
|
|
|
|
|
|
|
|
|
Diversified Financials 0.9% |
|
|
|
|
|
|
|
|
T. Rowe Price Group, Inc. |
|
|
500 |
|
|
|
28,795 |
|
|
|
|
|
|
|
|
|
|
Energy 3.6% |
|
|
|
|
|
|
|
|
Chevron Corp. |
|
|
300 |
|
|
|
29,493 |
|
Exxon Mobil Corp. |
|
|
400 |
|
|
|
31,452 |
|
Occidental Petroleum Corp. |
|
|
300 |
|
|
|
23,781 |
|
Schlumberger Ltd. |
|
|
400 |
|
|
|
25,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
110,026 |
|
|
|
|
|
|
|
|
|
|
Food & Staples Retailing 4.8% |
|
|
|
|
|
|
|
|
Costco Wholesale Corp. |
|
|
800 |
|
|
|
69,112 |
|
Wal-Mart Stores, Inc. |
|
|
500 |
|
|
|
32,910 |
|
Whole Foods Market, Inc. |
|
|
500 |
|
|
|
44,305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
146,327 |
|
|
|
|
|
|
|
|
|
|
Food, Beverages & Tobacco 8.4% |
|
|
|
|
|
|
|
|
Altria Group, Inc. |
|
|
1,900 |
|
|
|
61,161 |
|
Coca-Cola Co., (The) |
|
|
800 |
|
|
|
59,784 |
|
Mead Johnson Nutrition Co. |
|
|
700 |
|
|
|
56,518 |
|
Monster Beverage Corp.* |
|
|
600 |
|
|
|
43,560 |
|
Philip Morris International, Inc. |
|
|
400 |
|
|
|
33,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
254,827 |
|
|
|
|
|
|
|
|
|
|
Health Care Equipment & Services 4.3% |
|
|
|
|
|
Intuitive Surgical, Inc.* |
|
|
200 |
|
|
|
104,620 |
|
McKesson Corp. |
|
|
300 |
|
|
|
26,184 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
130,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Household & Personal Products 1.0% |
|
|
|
|
|
|
|
|
Colgate-Palmolive Co. |
|
|
300 |
|
|
$ |
29,490 |
|
|
|
|
|
|
|
|
|
|
Materials 1.0% |
|
|
|
|
|
|
|
|
Monsanto Co. |
|
|
400 |
|
|
|
30,880 |
|
|
|
|
|
|
|
|
|
|
Media 2.5% |
|
|
|
|
|
|
|
|
Discovery Communications, Inc., Class A* |
|
|
300 |
|
|
|
15,030 |
|
Viacom, Inc., Class B |
|
|
600 |
|
|
|
28,638 |
|
Walt Disney Co., (The) |
|
|
700 |
|
|
|
31,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
75,665 |
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals, Biotechnology & Life Sciences 8.9% |
|
Abbott Laboratories |
|
|
500 |
|
|
|
30,895 |
|
Alexion Pharmaceuticals, Inc.* |
|
|
900 |
|
|
|
81,513 |
|
Biogen Idec, Inc.* |
|
|
1,000 |
|
|
|
130,750 |
|
Celgene Corp.* |
|
|
400 |
|
|
|
27,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
270,458 |
|
|
|
|
|
|
|
|
|
|
Retailing 9.3% |
|
|
|
|
|
|
|
|
Amazon.com, Inc.* |
|
|
175 |
|
|
|
37,259 |
|
AutoZone, Inc.* |
|
|
75 |
|
|
|
28,519 |
|
Home Depot, Inc., (The) |
|
|
700 |
|
|
|
34,538 |
|
Lowes Cos., Inc. |
|
|
1,000 |
|
|
|
26,720 |
|
Priceline.com, Inc.* |
|
|
50 |
|
|
|
31,275 |
|
Ross Stores, Inc. |
|
|
500 |
|
|
|
31,615 |
|
TJX Cos., Inc. |
|
|
2,200 |
|
|
|
93,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
283,338 |
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment 1.3% |
|
Intel Corp. |
|
|
1,600 |
|
|
|
41,344 |
|
|
|
|
|
|
|
|
|
|
Software & Services 14.2% |
|
|
|
|
|
|
|
|
Google, Inc., Class A* |
|
|
50 |
|
|
|
29,043 |
|
International Business Machines Corp. |
|
|
700 |
|
|
|
135,030 |
|
Mastercard, Inc., Class A |
|
|
250 |
|
|
|
101,628 |
|
Microsoft Corp. |
|
|
3,100 |
|
|
|
90,489 |
|
Oracle Corp. |
|
|
1,100 |
|
|
|
29,117 |
|
Visa, Inc., Class A |
|
|
400 |
|
|
|
46,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
431,387 |
|
|
|
|
|
|
|
|
|
|
Technology Hardware & Equipment 12.1% |
|
Amphenol Corp., Class A |
|
|
500 |
|
|
|
26,595 |
|
Apple, Inc.* |
|
|
250 |
|
|
|
144,432 |
|
EMC Corp.* |
|
|
2,200 |
|
|
|
52,470 |
|
F5 Networks, Inc.* |
|
|
200 |
|
|
|
20,696 |
|
Qualcomm, Inc. |
|
|
2,200 |
|
|
|
126,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
370,275 |
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of the portfolio of investments.
1
Marvin & Palmer
LARGE CAP GROWTH FUND
Portfolio of Investments (Continued)
May 31, 2012
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Transportation 3.6% |
|
|
|
|
|
|
|
|
Union Pacific Corp. |
|
|
1,000 |
|
|
$ |
111,400 |
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost $2,457,577) |
|
|
|
|
|
|
2,952,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS 96.9%
(Cost $2,457,577) ** |
|
|
|
|
|
|
2,952,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS IN EXCESS OF
LIABILITIES 3.1% |
|
|
|
|
|
|
93,316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS 100.0% |
|
|
|
|
|
$ |
3,046,146 |
|
|
|
|
|
|
|
|
|
|
** |
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 |
|
$ |
2,457,577 |
|
|
|
|
|
|
Gross unrealized appreciation |
|
|
550,423 |
|
Gross unrealized depreciation |
|
|
(55,170 |
) |
|
|
|
|
|
Net unrealized appreciation |
|
$ |
495,253 |
|
|
|
|
|
|
The
accompanying notes are an integral part of the portfolio of investments.
2
Marvin & Palmer
LARGE CAP GROWTH FUND
Notes to Portfolio of Investments
May 31, 2012
(Unaudited)
PORTFOLIO
VALUATION The Marvin & Palmer Funds (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 at amortized cost, which approximates market value. 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, Incs 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 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.); and
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.
The following is a summary of the inputs used, as of
May 31, 2012, in valuing the Funds investments carried at fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Value
at May 31, 2012 |
|
|
Level 1 Quoted Price |
|
|
Level
2 Significant Observable Inputs |
|
|
Level
3 Significant Unobservable Inputs |
|
|
|
|
|
|
Investments in Securities* |
|
$ |
2,952,830 |
|
|
$ |
2,952,830 |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Please refer to the Portfolio of Investments for industry and security type breakouts.
At the end of each calendar quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors
are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of
contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 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 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 May 31, 2012, there were no transfers between Levels 1, 2 and 3 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.
3
PERIMETER SMALL CAP GROWTH FUND
Portfolio of Investments
May 31, 2012
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCK 99.2% |
|
|
|
|
|
|
|
|
Basic Materials 4.4% |
|
|
|
|
|
|
|
|
Balchem |
|
|
74,474 |
|
|
$ |
2,162,722 |
|
Buckeye Technologies |
|
|
53,350 |
|
|
|
1,478,329 |
|
Coeur Dalene Mines* |
|
|
69,150 |
|
|
|
1,168,635 |
|
KapStone Paper and Packaging* |
|
|
109,510 |
|
|
|
1,690,834 |
|
Kraton Performance Polymers* |
|
|
56,500 |
|
|
|
1,079,715 |
|
Kronos Worldwide |
|
|
82,986 |
|
|
|
1,400,804 |
|
NewMarket |
|
|
1,256 |
|
|
|
262,265 |
|
Stillwater Mining* |
|
|
150,293 |
|
|
|
1,275,988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,519,292 |
|
|
|
|
|
|
|
|
|
|
Communications 10.5% |
|
|
|
|
|
|
|
|
ADTRAN |
|
|
40,290 |
|
|
|
1,177,677 |
|
Allot Communications* |
|
|
45,115 |
|
|
|
1,173,892 |
|
BroadSoft* |
|
|
47,101 |
|
|
|
1,286,328 |
|
Cbeyond* |
|
|
128,425 |
|
|
|
760,276 |
|
ClickSoftware Technologies |
|
|
148,706 |
|
|
|
1,275,897 |
|
DealerTrack Holdings* |
|
|
54,190 |
|
|
|
1,479,387 |
|
Dice Holdings* |
|
|
218,170 |
|
|
|
2,144,611 |
|
DigitalGlobe* |
|
|
155,690 |
|
|
|
2,515,950 |
|
HealthStream* |
|
|
56,222 |
|
|
|
1,187,409 |
|
NIC |
|
|
89,921 |
|
|
|
977,441 |
|
NICE Systems, ADR* |
|
|
43,779 |
|
|
|
1,623,325 |
|
OpenTable* |
|
|
35,490 |
|
|
|
1,409,663 |
|
Shutterfly* |
|
|
84,753 |
|
|
|
2,336,640 |
|
Sonus Networks* |
|
|
488,658 |
|
|
|
1,187,439 |
|
SPS Commerce* |
|
|
33,242 |
|
|
|
918,809 |
|
Tyler Technologies* |
|
|
8,064 |
|
|
|
300,787 |
|
ValueClick* |
|
|
83,736 |
|
|
|
1,468,729 |
|
Websense* |
|
|
35,664 |
|
|
|
662,637 |
|
Zix* |
|
|
478,910 |
|
|
|
1,178,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,065,016 |
|
|
|
|
|
|
|
|
|
|
Consumer Cyclical 16.5% |
|
|
|
|
|
Alaska Air Group* |
|
|
29,750 |
|
|
|
1,020,425 |
|
Allegiant Travel* |
|
|
14,580 |
|
|
|
945,513 |
|
Amerigon* |
|
|
58,430 |
|
|
|
699,991 |
|
Beacon Roofing Supply* |
|
|
63,465 |
|
|
|
1,577,105 |
|
Bebe Stores |
|
|
222,260 |
|
|
|
1,418,019 |
|
Body Central* |
|
|
47,777 |
|
|
|
699,933 |
|
Brunswick |
|
|
43,310 |
|
|
|
948,489 |
|
Buckle |
|
|
38,800 |
|
|
|
1,518,632 |
|
Caribou Coffee* |
|
|
53,807 |
|
|
|
640,303 |
|
Cash America International |
|
|
31,400 |
|
|
|
1,396,672 |
|
Casual Male Retail Group* |
|
|
399,218 |
|
|
|
1,217,615 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Consumer Cyclical (Continued) |
|
|
|
|
|
Cheesecake Factory* |
|
|
47,480 |
|
|
$ |
1,540,251 |
|
Chicos FAS |
|
|
131,830 |
|
|
|
1,926,036 |
|
Dana Holding |
|
|
72,740 |
|
|
|
968,897 |
|
Ethan Allen Interiors |
|
|
79,228 |
|
|
|
1,783,422 |
|
Express* |
|
|
91,747 |
|
|
|
1,697,320 |
|
Finish Line, Cl A |
|
|
76,900 |
|
|
|
1,585,678 |
|
First Cash Financial Services* |
|
|
51,344 |
|
|
|
1,923,346 |
|
Freds |
|
|
67,420 |
|
|
|
927,025 |
|
Genesco* |
|
|
30,563 |
|
|
|
2,032,440 |
|
La-Z-Boy* |
|
|
88,200 |
|
|
|
1,244,502 |
|
Maidenform Brands* |
|
|
64,200 |
|
|
|
1,239,060 |
|
Pier 1 Imports |
|
|
75,650 |
|
|
|
1,233,095 |
|
Rush Enterprises, Cl A* |
|
|
51,929 |
|
|
|
860,464 |
|
Select Comfort* |
|
|
68,850 |
|
|
|
1,883,736 |
|
Standard Pacific* |
|
|
92,959 |
|
|
|
479,668 |
|
Steven Madden* |
|
|
43,520 |
|
|
|
1,764,301 |
|
Susser Holdings* |
|
|
23,631 |
|
|
|
691,207 |
|
Vitamin Shoppe* |
|
|
32,497 |
|
|
|
1,609,251 |
|
WMS Industries* |
|
|
89,250 |
|
|
|
1,832,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,304,699 |
|
|
|
|
|
|
|
|
|
|
Consumer Non-cyclical 26.7% |
|
|
|
|
|
Akorn* |
|
|
87,415 |
|
|
|
1,193,215 |
|
American Public Education* |
|
|
58,231 |
|
|
|
1,655,507 |
|
Astex Pharmaceuticals* |
|
|
519,024 |
|
|
|
913,482 |
|
Bruker* |
|
|
115,355 |
|
|
|
1,710,715 |
|
Cardtronics* |
|
|
77,750 |
|
|
|
2,178,555 |
|
Centene* |
|
|
53,610 |
|
|
|
1,937,465 |
|
Consolidated Graphics* |
|
|
38,455 |
|
|
|
1,121,732 |
|
Corporate Executive Board |
|
|
34,620 |
|
|
|
1,258,091 |
|
Corrections Corp of America* |
|
|
64,590 |
|
|
|
1,683,861 |
|
CoStar Group* |
|
|
14,670 |
|
|
|
1,083,966 |
|
Cubist Pharmaceuticals* |
|
|
29,320 |
|
|
|
1,176,318 |
|
Depomed* |
|
|
186,250 |
|
|
|
957,325 |
|
DFC Global* |
|
|
79,395 |
|
|
|
1,308,430 |
|
Euronet Worldwide* |
|
|
79,270 |
|
|
|
1,426,067 |
|
FTI Consulting* |
|
|
31,020 |
|
|
|
979,301 |
|
Grand Canyon Education* |
|
|
113,877 |
|
|
|
2,063,451 |
|
Haemonetics* |
|
|
30,105 |
|
|
|
2,098,620 |
|
Harris Teeter Supermarkets |
|
|
62,220 |
|
|
|
2,335,117 |
|
HMS Holdings* |
|
|
46,920 |
|
|
|
1,256,987 |
|
Huron Consulting Group* |
|
|
44,101 |
|
|
|
1,378,597 |
|
ICON, ADR* |
|
|
100,987 |
|
|
|
2,168,191 |
|
Impax Laboratories* |
|
|
80,684 |
|
|
|
1,672,579 |
|
Inter Parfums |
|
|
80,714 |
|
|
|
1,267,210 |
|
The
accompanying notes are an integral part of the portfolio of investments.
1
PERIMETER SMALL CAP GROWTH FUND
Portfolio of Investments (Continued)
May 31, 2012
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Consumer Non-cyclical (Continued) |
|
|
|
|
|
|
|
|
Jazz Pharmaceuticals* |
|
|
54,370 |
|
|
$ |
2,348,784 |
|
Masimo* |
|
|
66,580 |
|
|
|
1,252,370 |
|
Metropolitan Health Networks* |
|
|
136,090 |
|
|
|
1,183,983 |
|
Monro Muffler Brake |
|
|
26,350 |
|
|
|
890,367 |
|
Myriad Genetics* |
|
|
87,860 |
|
|
|
2,120,062 |
|
Onyx Pharmaceuticals* |
|
|
38,490 |
|
|
|
1,762,072 |
|
Questcor Pharmaceuticals* |
|
|
36,280 |
|
|
|
1,501,992 |
|
Rent-A-Center |
|
|
33,114 |
|
|
|
1,114,948 |
|
Rollins |
|
|
23,480 |
|
|
|
498,715 |
|
Salix Pharmaceuticals* |
|
|
15,520 |
|
|
|
804,091 |
|
Seattle Genetics* |
|
|
73,407 |
|
|
|
1,429,968 |
|
Sothebys |
|
|
60,671 |
|
|
|
1,850,466 |
|
Spectrum Brands Holdings* |
|
|
46,740 |
|
|
|
1,613,465 |
|
Thoratec* |
|
|
49,625 |
|
|
|
1,505,623 |
|
TNS* |
|
|
69,972 |
|
|
|
1,251,099 |
|
TreeHouse Foods* |
|
|
38,180 |
|
|
|
2,176,642 |
|
TrueBlue* |
|
|
59,056 |
|
|
|
882,887 |
|
United Therapeutics* |
|
|
41,573 |
|
|
|
1,839,190 |
|
VistaPrint* |
|
|
47,310 |
|
|
|
1,602,863 |
|
Wright Express* |
|
|
17,094 |
|
|
|
958,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
63,412,659 |
|
|
|
|
|
|
|
|
|
|
Energy 5.8% |
|
|
|
|
|
|
|
|
Basic Energy Services* |
|
|
82,530 |
|
|
|
935,890 |
|
Dawson Geophysical* |
|
|
33,325 |
|
|
|
756,478 |
|
Energy XXI Bermuda |
|
|
50,310 |
|
|
|
1,562,126 |
|
Gulfport Energy* |
|
|
49,668 |
|
|
|
917,865 |
|
Helix Energy Solutions Group* |
|
|
67,214 |
|
|
|
1,151,376 |
|
Key Energy Services* |
|
|
74,141 |
|
|
|
734,737 |
|
Kodiak Oil & Gas* |
|
|
182,420 |
|
|
|
1,479,426 |
|
North American Energy Partners* |
|
|
126,711 |
|
|
|
383,934 |
|
OYO Geospace* |
|
|
19,872 |
|
|
|
1,843,923 |
|
Rex Energy* |
|
|
114,544 |
|
|
|
1,152,313 |
|
Rosetta Resources* |
|
|
40,991 |
|
|
|
1,585,942 |
|
Swift Energy* |
|
|
66,095 |
|
|
|
1,315,951 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,819,961 |
|
|
|
|
|
|
|
|
|
|
Financial 7.8% |
|
|
|
|
|
|
|
|
Boston Private Financial Holdings |
|
|
137,150 |
|
|
|
1,237,093 |
|
Endurance Specialty Holdings |
|
|
44,400 |
|
|
|
1,734,264 |
|
First Citizens BancShares, Cl A |
|
|
5,576 |
|
|
|
939,556 |
|
First Horizon National |
|
|
56,900 |
|
|
|
482,512 |
|
Hanover Capital Mortgage Holdings* |
|
|
92,289 |
|
|
|
1,747,031 |
|
Infinity Property & Casualty |
|
|
15,220 |
|
|
|
816,705 |
|
KBW |
|
|
65,935 |
|
|
|
1,068,806 |
|
Maiden Holdings |
|
|
127,822 |
|
|
|
1,040,471 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Financial (Continued) |
|
|
|
|
|
|
|
|
Pinnacle Financial Partners* |
|
|
35,500 |
|
|
$ |
605,630 |
|
Platinum Underwriters Holdings |
|
|
40,180 |
|
|
|
1,458,534 |
|
ProAssurance |
|
|
25,648 |
|
|
|
2,260,615 |
|
Regional Management* |
|
|
39,199 |
|
|
|
578,185 |
|
SVB Financial Group* |
|
|
23,581 |
|
|
|
1,406,842 |
|
Texas Capital Bancshares* |
|
|
24,710 |
|
|
|
958,254 |
|
Umpqua Holdings |
|
|
79,736 |
|
|
|
1,023,013 |
|
WisdomTree Investments* |
|
|
163,929 |
|
|
|
1,095,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,452,557 |
|
|
|
|
|
|
|
|
|
|
Industrial 11.5% |
|
|
|
|
|
|
|
|
A.O. Smith |
|
|
43,936 |
|
|
|
2,028,086 |
|
Actuant, Cl A |
|
|
24,130 |
|
|
|
631,482 |
|
Armstrong World Industries |
|
|
26,940 |
|
|
|
1,255,135 |
|
Astec Industries* |
|
|
37,700 |
|
|
|
1,034,865 |
|
Chart Industries* |
|
|
8,897 |
|
|
|
555,707 |
|
Curtiss-Wright |
|
|
4,574 |
|
|
|
139,004 |
|
Darling International* |
|
|
110,870 |
|
|
|
1,553,289 |
|
Gulfmark Offshore, Cl A* |
|
|
32,500 |
|
|
|
1,159,925 |
|
Hexcel* |
|
|
79,200 |
|
|
|
1,930,896 |
|
HUB Group, Cl A* |
|
|
39,562 |
|
|
|
1,383,088 |
|
II-VI* |
|
|
65,825 |
|
|
|
1,244,093 |
|
Landstar System |
|
|
14,450 |
|
|
|
761,515 |
|
Marten Transport |
|
|
35,823 |
|
|
|
733,297 |
|
MasTec* |
|
|
67,460 |
|
|
|
1,102,971 |
|
Mistras Group* |
|
|
51,430 |
|
|
|
1,159,232 |
|
MYR Group* |
|
|
65,290 |
|
|
|
993,061 |
|
NVE* |
|
|
21,433 |
|
|
|
1,114,302 |
|
Old Dominion Freight Line* |
|
|
31,104 |
|
|
|
1,354,890 |
|
OSI Systems* |
|
|
32,065 |
|
|
|
2,046,388 |
|
RailAmerica* |
|
|
1,636 |
|
|
|
38,970 |
|
Silgan Holdings |
|
|
31,380 |
|
|
|
1,311,684 |
|
Tennant |
|
|
20,532 |
|
|
|
866,450 |
|
TriMas* |
|
|
76,806 |
|
|
|
1,536,888 |
|
Triumph Group |
|
|
25,020 |
|
|
|
1,497,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,432,415 |
|
|
|
|
|
|
|
|
|
|
Technology 16.0% |
|
|
|
|
|
|
|
|
ACI Worldwide* |
|
|
49,032 |
|
|
|
1,872,532 |
|
Cavium* |
|
|
45,040 |
|
|
|
1,090,418 |
|
CommVault Systems* |
|
|
19,034 |
|
|
|
892,124 |
|
Computer Programs & Systems |
|
|
24,910 |
|
|
|
1,355,104 |
|
Cray* |
|
|
32,208 |
|
|
|
343,981 |
|
Diebold |
|
|
39,410 |
|
|
|
1,458,564 |
|
Diodes* |
|
|
69,233 |
|
|
|
1,354,890 |
|
Emulex* |
|
|
92,906 |
|
|
|
624,328 |
|
The
accompanying notes are an integral part of the portfolio of investments.
2
PERIMETER SMALL CAP GROWTH FUND
Portfolio of Investments (Continued)
May 31, 2012
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Technology (Continued) |
|
|
|
|
|
|
|
|
inContact* |
|
|
209,491 |
|
|
$ |
1,095,638 |
|
InnerWorkings* |
|
|
84,800 |
|
|
|
999,792 |
|
Interactive Intelligence Group* |
|
|
53,232 |
|
|
|
1,373,386 |
|
Kulicke & Soffa Industries* |
|
|
84,680 |
|
|
|
890,834 |
|
LivePerson* |
|
|
120,797 |
|
|
|
2,084,956 |
|
LTX-Credence* |
|
|
139,260 |
|
|
|
988,746 |
|
Manhattan Associates* |
|
|
18,095 |
|
|
|
859,513 |
|
Maxwell Technologies* |
|
|
55,903 |
|
|
|
387,408 |
|
MedAssets* |
|
|
119,377 |
|
|
|
1,351,348 |
|
Mellanox Technologies* |
|
|
24,960 |
|
|
|
1,508,832 |
|
Mentor Graphics* |
|
|
117,740 |
|
|
|
1,660,134 |
|
MIPS Technologies* |
|
|
274,591 |
|
|
|
1,754,636 |
|
NetScout Systems* |
|
|
91,330 |
|
|
|
1,831,167 |
|
Nova Measuring Instruments* |
|
|
165,690 |
|
|
|
1,187,997 |
|
Omnicell* |
|
|
110,930 |
|
|
|
1,452,074 |
|
Opnet Technologies |
|
|
52,104 |
|
|
|
1,301,037 |
|
Parametric Technology* |
|
|
73,801 |
|
|
|
1,490,780 |
|
RADWARE* |
|
|
37,125 |
|
|
|
1,423,373 |
|
Silicon Image* |
|
|
272,490 |
|
|
|
1,204,406 |
|
Silicon Motion Technology, ADR* |
|
|
45,010 |
|
|
|
609,435 |
|
SolarWinds* |
|
|
23,310 |
|
|
|
1,068,997 |
|
Stamps.com* |
|
|
37,240 |
|
|
|
914,614 |
|
Ultimate Software Group* |
|
|
11,110 |
|
|
|
892,466 |
|
Volterra Semiconductor* |
|
|
25,304 |
|
|
|
702,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38,026,455 |
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCK
(Cost $215,497,524) |
|
|
|
|
|
|
236,033,054 |
|
|
|
|
|
|
|
|
|
|
Warrants 0.0% |
|
|
|
|
|
|
|
|
Magnum Hunter Resources, Expires |
|
|
|
|
|
|
|
|
10/14/13 |
|
|
31,749 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
TOTAL WARRANTS
(Cost $0) |
|
|
|
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS 99.2%
(Cost $215,497,524) ** |
|
|
|
|
|
|
236,033,054 |
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS IN EXCESS OF LIABILITIES 0.8% |
|
|
|
2,000,648 |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS 100.0% |
|
|
|
|
|
$ |
238,033,702 |
|
|
|
|
|
|
|
|
|
|
|
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, are as follows:
|
|
|
|
|
|
Aggregate Cost |
|
$ |
215,497,524 |
|
|
|
|
|
|
Gross unrealized appreciation |
|
|
33,209,931 |
|
Gross unrealized depreciation |
|
|
(12,674,401 |
) |
|
|
|
|
|
Net unrealized appreciation |
|
$ |
20,535,530 |
|
|
|
|
|
|
ADR American Depositary Receipt
Cl Class
The
accompanying notes are an integral part of the portfolio of investments.
3
Perimeter
Small Cap Growth Fund
Notes to Portfolio of Investments
May 31, 2012
(Unaudited)
PORTFOLIO VALUATION The Perimeter Small Cap Growth Funds
(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 Companys 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 May 31, 2012, there were no fair valued securities.
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.); and
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.
The following is a summary of the inputs used, as of May 31, 2012, in valuing the Funds investments carried at fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Value at May 31, 2012 |
|
|
Level
1 Quoted Price |
|
|
Level
2 Significant Observable Inputs |
|
|
Level
3 Significant Unobservable Inputs |
|
|
|
|
|
|
Investments in Securities* |
|
$ |
236,033,054 |
|
|
$ |
236,033,054 |
|
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Please refer to the Portfolio of Investments for industry and security type breakouts.
At the end of each calendar quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors
are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of
contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 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 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 May 31, 2012, there were no transfers between Levels 1, 2 and 3 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.
4
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO
BOSTON PARTNERS SMALL CAP VALUE FUND II |
|
|
PORTFOLIO OF INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
COMMON STOCK98.3% |
|
|
|
|
|
|
|
|
|
|
|
Basic Industries1.9% |
|
|
|
|
|
|
|
|
Graphic Packaging Holding Co. * |
|
|
170,585 |
|
|
$ |
844,396 |
|
Schweitzer-Mauduit International, Inc. |
|
|
15,225 |
|
|
|
1,018,552 |
|
Sensient Technologies Corp. |
|
|
9,470 |
|
|
|
345,844 |
|
Spartech Corp. * |
|
|
47,825 |
|
|
|
179,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,388,614 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Goods12.5% |
|
|
|
|
|
|
|
|
Actuant Corp., Class A |
|
|
51,975 |
|
|
|
1,360,186 |
|
Aegion Corp. * |
|
|
56,345 |
|
|
|
888,561 |
|
Ampco-Pittsburgh Corp. |
|
|
17,020 |
|
|
|
264,321 |
|
Beacon Roofing Supply, Inc. * |
|
|
40,320 |
|
|
|
1,001,952 |
|
Brady Corp., Class A |
|
|
26,853 |
|
|
|
736,846 |
|
Curtiss-Wright Corp. |
|
|
18,450 |
|
|
|
560,695 |
|
Drew Industries, Inc. * |
|
|
23,285 |
|
|
|
618,217 |
|
Edwards Group Ltd., Sponsored ADR * |
|
|
81,575 |
|
|
|
616,707 |
|
Globe Specialty Metals, Inc. |
|
|
91,080 |
|
|
|
1,067,458 |
|
Granite Construction, Inc. |
|
|
22,205 |
|
|
|
508,939 |
|
Griffon Corp. |
|
|
84,975 |
|
|
|
680,650 |
|
Hillenbrand, Inc. |
|
|
32,230 |
|
|
|
604,957 |
|
Huntington Ingalls Industries, Inc. * |
|
|
16,820 |
|
|
|
618,640 |
|
MRC Global, Inc. * (a) |
|
|
47,390 |
|
|
|
983,816 |
|
Mueller Industries, Inc. |
|
|
16,875 |
|
|
|
716,850 |
|
Mueller Water Products, Inc., Class A |
|
|
102,410 |
|
|
|
357,411 |
|
Orion Marine Group, Inc. * |
|
|
123,130 |
|
|
|
822,508 |
|
Rofin-Sinar Technologies, Inc. * |
|
|
6,905 |
|
|
|
137,064 |
|
Terex Corp. * |
|
|
37,045 |
|
|
|
616,058 |
|
Tutor Perini Corp. * |
|
|
31,555 |
|
|
|
354,678 |
|
WESCO International, Inc. * |
|
|
20,040 |
|
|
|
1,192,180 |
|
World Fuel Services Corp. |
|
|
21,157 |
|
|
|
793,388 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,502,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Communications0.3% |
|
|
|
|
|
|
|
|
EarthLink, Inc. |
|
|
53,610 |
|
|
|
432,633 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Durables2.0% |
|
|
|
|
|
|
|
|
Exide Technologies * |
|
|
40,385 |
|
|
|
93,693 |
|
Sealy Corp. * (a) |
|
|
149,860 |
|
|
|
251,765 |
|
Thor Industries, Inc. |
|
|
43,960 |
|
|
|
1,351,770 |
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Consumer Durables(continued) |
|
|
|
|
|
|
|
|
Tower International, Inc. * |
|
|
61,435 |
|
|
$ |
777,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,474,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Non-Durables5.4% |
|
|
|
|
|
|
|
|
Alliance One International, Inc. * |
|
|
90,865 |
|
|
|
260,783 |
|
Callaway Golf Co. (a) |
|
|
89,440 |
|
|
|
493,709 |
|
Dole Food Co., Inc. * (a) |
|
|
208,308 |
|
|
|
1,849,775 |
|
Fresh Del Monte Produce, Inc. |
|
|
26,130 |
|
|
|
613,271 |
|
Matthews International Corp., Class A |
|
|
11,165 |
|
|
|
336,290 |
|
Skechers U.S.A., Inc., Class A * |
|
|
31,485 |
|
|
|
534,930 |
|
Steven Madden Ltd. * |
|
|
25,848 |
|
|
|
1,047,878 |
|
Take-Two Interactive Software, Inc. * |
|
|
51,945 |
|
|
|
598,406 |
|
Universal Corp. |
|
|
20,485 |
|
|
|
925,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,660,349 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Services21.1% |
|
|
|
|
|
|
|
|
ABM Industries, Inc. |
|
|
22,625 |
|
|
|
485,759 |
|
Aeropostale, Inc. * |
|
|
36,000 |
|
|
|
666,000 |
|
American Eagle Outfitters, Inc. |
|
|
90,130 |
|
|
|
1,740,410 |
|
Asbury Automotive Group, Inc. * |
|
|
55,750 |
|
|
|
1,490,197 |
|
Ascena Retail Group, Inc. * |
|
|
61,370 |
|
|
|
1,161,734 |
|
Brinks Co., (The) |
|
|
41,935 |
|
|
|
954,860 |
|
Cato Corp., (The), Class A |
|
|
14,930 |
|
|
|
428,491 |
|
CBIZ, Inc. * |
|
|
56,250 |
|
|
|
317,250 |
|
Charming Shoppes, Inc. * |
|
|
149,490 |
|
|
|
1,097,257 |
|
Childrens Place Retail Stores, Inc., (The) * |
|
|
20,560 |
|
|
|
945,143 |
|
Ennis, Inc. |
|
|
22,430 |
|
|
|
318,955 |
|
Finish Line, Inc., (The), Class A |
|
|
91,600 |
|
|
|
1,888,792 |
|
FTI Consulting, Inc. * |
|
|
23,960 |
|
|
|
756,417 |
|
G&K Services, Inc., Class A |
|
|
18,932 |
|
|
|
552,436 |
|
Geo Group, Inc. (The) * |
|
|
21,845 |
|
|
|
475,347 |
|
Group 1 Automotive, Inc. |
|
|
18,825 |
|
|
|
985,677 |
|
Heidrick & Struggles International, Inc. |
|
|
40,780 |
|
|
|
669,608 |
|
ICF International, Inc. * |
|
|
15,535 |
|
|
|
349,537 |
|
International Speedway Corp., Class A |
|
|
42,053 |
|
|
|
1,010,954 |
|
KAR Auction Services, Inc. * |
|
|
56,730 |
|
|
|
845,277 |
|
Knoll, Inc. |
|
|
49,298 |
|
|
|
654,184 |
|
Korn/Ferry International * |
|
|
19,345 |
|
|
|
263,092 |
|
The accompanying notes
are an integral part of the portfolio of investments.
1
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO
BOSTON PARTNERS SMALL CAP VALUE FUND II (continued) |
|
|
PORTFOLIO OF INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Consumer Services(continued) |
|
|
|
|
|
|
|
|
Live Nation Entertainment, Inc. * |
|
|
75,455 |
|
|
$ |
705,504 |
|
MAXIMUS, Inc. |
|
|
24,495 |
|
|
|
1,114,767 |
|
Mens Wearhouse, Inc., (The) |
|
|
26,645 |
|
|
|
958,954 |
|
Navigant Consulting, Inc. * |
|
|
127,220 |
|
|
|
1,522,823 |
|
Odyssey Marine Exploration, Inc. * (a) |
|
|
126,545 |
|
|
|
408,740 |
|
Rent-A-Center, Inc. |
|
|
32,600 |
|
|
|
1,097,642 |
|
RPX Corp. * |
|
|
15,840 |
|
|
|
211,147 |
|
Service Corp. International |
|
|
63,615 |
|
|
|
728,392 |
|
Steiner Leisure Ltd. * |
|
|
8,295 |
|
|
|
380,160 |
|
Steinway Musical Instruments * |
|
|
19,930 |
|
|
|
447,429 |
|
Viad Corp. |
|
|
15,370 |
|
|
|
272,203 |
|
XO Group, Inc. * |
|
|
44,795 |
|
|
|
395,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,300,678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy2.5% |
|
|
|
|
|
|
|
|
Bristow Group, Inc. |
|
|
17,215 |
|
|
|
689,461 |
|
Forum Energy Technologies, Inc. * (a) |
|
|
6,095 |
|
|
|
130,921 |
|
Helix Energy Solutions Group, Inc. * |
|
|
34,635 |
|
|
|
593,298 |
|
Rosetta Resources, Inc. * |
|
|
29,995 |
|
|
|
1,160,507 |
|
Swift Energy Co. * |
|
|
24,825 |
|
|
|
494,266 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,068,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance21.5% |
|
|
|
|
|
|
|
|
Ameris Bancorp * |
|
|
24,778 |
|
|
|
281,726 |
|
AMERISAFE, Inc. * |
|
|
19,385 |
|
|
|
530,955 |
|
Apollo Investment Corp. |
|
|
38,885 |
|
|
|
289,304 |
|
BBCN Bancorp, Inc. * |
|
|
140,185 |
|
|
|
1,512,596 |
|
Centerstate Banks, Inc. |
|
|
57,410 |
|
|
|
415,648 |
|
Citizens Republic Bancorp, Inc. * |
|
|
48,565 |
|
|
|
789,667 |
|
Columbia Banking System, Inc. |
|
|
29,670 |
|
|
|
537,620 |
|
Cowen Group, Inc., Class A * |
|
|
28,805 |
|
|
|
73,165 |
|
Fifth Street Finance Corp. (a) |
|
|
97,025 |
|
|
|
922,708 |
|
First American Financial Corp. |
|
|
48,585 |
|
|
|
765,700 |
|
First Citizens Bancshares, Inc., Class A |
|
|
3,515 |
|
|
|
592,277 |
|
Flagstone Reinsurance Holdings S.A. |
|
|
24,900 |
|
|
|
184,011 |
|
Flushing Financial Corp. |
|
|
28,150 |
|
|
|
363,135 |
|
Gladstone Capital Corp. |
|
|
16,450 |
|
|
|
121,730 |
|
Global Indemnity PLC * |
|
|
14,953 |
|
|
|
312,219 |
|
Heritage Financial Corp. |
|
|
36,220 |
|
|
|
501,647 |
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Finance(continued) |
|
|
|
|
|
|
|
|
Infinity Property & Casualty Corp. |
|
|
11,730 |
|
|
$ |
629,432 |
|
Janus Capital Group, Inc. |
|
|
92,925 |
|
|
|
678,352 |
|
JMP Group, Inc. |
|
|
70,585 |
|
|
|
410,099 |
|
Knight Capital Group, Inc., Class A * |
|
|
100,410 |
|
|
|
1,262,154 |
|
Maiden Holdings Ltd. |
|
|
168,560 |
|
|
|
1,372,078 |
|
MGIC Investment Corp. * |
|
|
135,845 |
|
|
|
345,046 |
|
Nationstar Mortgage Holdings, Inc. * |
|
|
64,440 |
|
|
|
1,235,315 |
|
Navigators Group, Inc., (The) * |
|
|
9,345 |
|
|
|
452,765 |
|
Nelnet, Inc., Class A |
|
|
41,276 |
|
|
|
963,382 |
|
Ocwen Financial Corp. * |
|
|
129,815 |
|
|
|
2,080,934 |
|
Park Sterling Corp. * |
|
|
45,945 |
|
|
|
204,455 |
|
PHH Corp. * |
|
|
77,080 |
|
|
|
1,277,216 |
|
Platinum Underwriters Holdings Ltd. |
|
|
25,385 |
|
|
|
921,475 |
|
Safety Insurance Group, Inc. |
|
|
10,600 |
|
|
|
425,166 |
|
Stancorp Financial Group Inc |
|
|
14,670 |
|
|
|
510,663 |
|
Stewart Information Services Corp. (a) |
|
|
95,560 |
|
|
|
1,321,595 |
|
SVB Financial Group * |
|
|
21,980 |
|
|
|
1,311,327 |
|
Symetra Financial Corp. |
|
|
81,440 |
|
|
|
920,272 |
|
United Rentals, Inc. * |
|
|
13,970 |
|
|
|
482,664 |
|
Walter Investment Management Corp. |
|
|
65,495 |
|
|
|
1,239,820 |
|
Washington Federal, Inc. |
|
|
30,070 |
|
|
|
493,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,731,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care11.0% |
|
|
|
|
|
|
|
|
Addus HomeCare Corp. * |
|
|
53,656 |
|
|
|
214,087 |
|
Amsurg Corp. * |
|
|
22,185 |
|
|
|
606,094 |
|
Centene Corp. * |
|
|
14,905 |
|
|
|
538,667 |
|
Chemed Corp. (a) |
|
|
11,405 |
|
|
|
633,548 |
|
Hanger Orthopedic Group, Inc. * |
|
|
46,825 |
|
|
|
1,010,015 |
|
ICON PLC, Sponsored ADR * |
|
|
54,815 |
|
|
|
1,176,878 |
|
Integra Lifesciences Holdings Corp. * |
|
|
13,940 |
|
|
|
495,009 |
|
Kindred Healthcare, Inc. * |
|
|
85,887 |
|
|
|
710,285 |
|
LHC Group, Inc. * |
|
|
18,115 |
|
|
|
303,426 |
|
LifePoint Hospitals, Inc. * |
|
|
15,825 |
|
|
|
582,676 |
|
Lincare Holdings, Inc. |
|
|
24,525 |
|
|
|
562,358 |
|
Omnicell, Inc. * |
|
|
26,895 |
|
|
|
352,056 |
|
Owens & Minor, Inc. |
|
|
27,932 |
|
|
|
795,224 |
|
The accompanying notes
are an integral part of the portfolio of investments.
2
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO
BOSTON PARTNERS SMALL CAP VALUE FUND II (concluded) |
|
|
PORTFOLIO OF INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Health Care(continued) |
|
|
|
|
|
|
|
|
PAREXEL International Corp. * |
|
|
31,250 |
|
|
$ |
836,250 |
|
Select Medical Holdings Corp. * |
|
|
93,810 |
|
|
|
866,804 |
|
Symmetry Medical, Inc. * |
|
|
125,350 |
|
|
|
970,209 |
|
U.S. Physical Therapy, Inc. |
|
|
99,379 |
|
|
|
2,414,910 |
|
VCA Antech, Inc. * |
|
|
27,735 |
|
|
|
597,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,665,908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Investment Trusts6.8% |
|
|
|
|
|
|
|
|
Anworth Mortgage Asset Corp. |
|
|
129,202 |
|
|
|
869,529 |
|
Capstead Mortgage Corp. |
|
|
32,690 |
|
|
|
450,141 |
|
Chatham Lodging Trust |
|
|
54,280 |
|
|
|
704,554 |
|
Colony Financial, Inc. |
|
|
23,440 |
|
|
|
393,792 |
|
CYS Investments, Inc. (a) |
|
|
128,775 |
|
|
|
1,761,642 |
|
Gladstone Commercial Corp. |
|
|
18,960 |
|
|
|
300,326 |
|
Hatteras Financial Corp. |
|
|
43,975 |
|
|
|
1,255,486 |
|
MFA Financial, Inc. |
|
|
96,885 |
|
|
|
738,264 |
|
Monmouth Real Estate Investment Corp., Class A |
|
|
74,120 |
|
|
|
752,318 |
|
Redwood Trust, Inc. |
|
|
48,660 |
|
|
|
589,273 |
|
Two Harbors Investment Corp. |
|
|
61,690 |
|
|
|
637,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,453,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology9.0% |
|
|
|
|
|
|
|
|
Bel Fuse, Inc., Class B |
|
|
16,785 |
|
|
|
273,260 |
|
Belden, Inc. |
|
|
42,380 |
|
|
|
1,324,375 |
|
Brooks Automation, Inc. |
|
|
47,370 |
|
|
|
443,857 |
|
Coherent, Inc. * |
|
|
7,650 |
|
|
|
337,671 |
|
Dolan Co., (The) * |
|
|
26,425 |
|
|
|
189,467 |
|
Electronics for Imaging, Inc. * |
|
|
29,765 |
|
|
|
438,736 |
|
EnerSys * |
|
|
60,980 |
|
|
|
2,011,120 |
|
FX Alliance, Inc. * (a) |
|
|
45,165 |
|
|
|
743,416 |
|
Imation Corp. * |
|
|
32,170 |
|
|
|
182,726 |
|
Insight Enterprises, Inc. * |
|
|
20,540 |
|
|
|
305,841 |
|
Integrated Device Technology, Inc. * |
|
|
83,125 |
|
|
|
456,356 |
|
NETGEAR, Inc. * |
|
|
30,360 |
|
|
|
953,000 |
|
Sykes Enterprises, Inc. * |
|
|
86,310 |
|
|
|
1,298,966 |
|
SYNNEX Corp. * |
|
|
43,630 |
|
|
|
1,455,061 |
|
TeleTech Holdings, Inc. * |
|
|
21,365 |
|
|
|
318,339 |
|
Teradyne, Inc. * |
|
|
29,065 |
|
|
|
419,989 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,152,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation2.0% |
|
|
|
|
|
|
|
|
Diana Shipping, Inc. * |
|
|
41,440 |
|
|
|
319,088 |
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Transportation(continued) |
|
|
|
|
|
|
|
|
Landstar System, Inc. |
|
|
9,025 |
|
|
$ |
475,617 |
|
Quality Distribution, Inc. * |
|
|
45,680 |
|
|
|
485,122 |
|
UTi Worldwide, Inc. |
|
|
81,055 |
|
|
|
1,267,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,547,527 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities2.3% |
|
|
|
|
|
|
|
|
PNM Resources, Inc. |
|
|
74,695 |
|
|
|
1,393,062 |
|
SemGroup Corp., Class A * |
|
|
49,450 |
|
|
|
1,490,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,883,980 |
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCK (Cost $113,547,584) |
|
|
|
|
|
|
122,262,366 |
|
|
|
|
|
|
|
|
|
|
SECURITIES LENDING COLLATERAL6.2% |
|
|
|
|
|
|
|
|
BlackRock Liquidity Fund |
|
|
7,686,844 |
|
|
|
7,686,844 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL SECURITIES LENDING COLLATERAL (Cost $7,686,844) |
|
|
|
|
|
|
7,686,844 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS104.5% (Cost $121,234,428)** |
|
|
|
|
|
|
129,949,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES IN EXCESS OF OTHER ASSETS(4.5)% |
|
|
|
|
|
|
(5,556,019 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS100.0% |
|
|
|
|
|
$ |
124,393,191 |
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
American Depositary Receipt |
PLC |
|
Public Limited Company |
* |
|
Non-income producing. |
(a) |
|
All or a portion of the security is on loan. At May 31, 2012, the market value of securities on loan was $7,505,335. |
** |
|
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 |
|
$ |
121,234,428 |
|
|
|
|
|
|
Gross unrealized appreciation |
|
|
19,287,653 |
|
Gross unrealized depreciation |
|
|
(10,572,871 |
) |
|
|
|
|
|
Net unrealized appreciation |
|
$ |
8,714,782 |
|
|
|
|
|
|
The accompanying notes
are an integral part of the portfolio of investments.
3
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (UNAUDITED) |
|
|
|
|
|
ROBECO
BOSTON PARTNERS SMALL CAP VALUE FUND II (concluded) |
|
|
Portfolio of Investments
|
|
A summary of the inputs used to value the Funds investments as of May 31, 2012 is as follows (see Notes
to Portfolio of Investments):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Value as of May 31, 2012 |
|
|
Level 1 Quoted Price |
|
|
Level 2 Significant Observable Inputs |
|
|
Level 3 Significant Unobservable Inputs
|
|
Common Stock * |
|
$ |
122,262,366 |
|
|
$ |
122,262,366 |
|
|
$ |
|
|
|
$ |
|
|
Securities Lending Collateral |
|
|
7,686,844 |
|
|
|
7,686,844 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
129,949,210 |
|
|
$ |
129,949,210 |
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
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 |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO
BOSTON PARTNERS LONG/SHORT EQUITY FUND |
|
|
Portfolio of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
LONG POSITIONS90.5% |
|
|
|
|
|
|
|
|
COMMON STOCK88.7% |
|
|
|
|
|
|
|
|
Basic Industries2.3% |
|
|
|
|
|
|
|
|
Cloud Peak Energy, Inc. * |
|
|
173,405 |
|
|
$ |
2,684,309 |
|
Georgia Gulf Corp. |
|
|
96,680 |
|
|
|
2,877,197 |
|
Owens-Illinois, Inc. * |
|
|
132,250 |
|
|
|
2,584,165 |
|
Sealed Air Corp. |
|
|
223,025 |
|
|
|
3,490,341 |
|
Spartech Corp. * |
|
|
694,280 |
|
|
|
2,610,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,246,505 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Goods6.0% |
|
|
|
|
|
|
|
|
AECOM Technology Corp. * |
|
|
167,260 |
|
|
|
2,724,665 |
|
American Woodmark Corp. * |
|
|
85,645 |
|
|
|
1,448,257 |
|
Chase Corp. (a) |
|
|
67,400 |
|
|
|
774,426 |
|
Foster Wheeler AG * |
|
|
99,050 |
|
|
|
1,772,004 |
|
General Cable Corp. * |
|
|
62,040 |
|
|
|
1,765,658 |
|
Gibraltar Industries, Inc. * |
|
|
120,280 |
|
|
|
1,229,262 |
|
Hardinge, Inc. |
|
|
98,040 |
|
|
|
916,674 |
|
Innovative Solutions and Support, Inc. * |
|
|
361,611 |
|
|
|
1,276,487 |
|
Lakeland Industries, Inc. * |
|
|
8,780 |
|
|
|
70,503 |
|
LMI Aerospace, Inc. * |
|
|
142,096 |
|
|
|
2,230,907 |
|
Michael Baker Corp. * |
|
|
158,597 |
|
|
|
3,655,661 |
|
NACCO Industries, Inc., Class A |
|
|
41,504 |
|
|
|
4,355,015 |
|
Parker Hannifin Corp. |
|
|
31,170 |
|
|
|
2,547,836 |
|
SAIC, Inc. |
|
|
146,380 |
|
|
|
1,626,282 |
|
Tyco International, Ltd. |
|
|
54,760 |
|
|
|
2,911,042 |
|
WaterFurnace Renewable Energy, Inc. |
|
|
180,875 |
|
|
|
2,928,818 |
|
Watts Water Technologies, Inc., Class A |
|
|
93,200 |
|
|
|
3,080,260 |
|
World Fuel Services Corp. |
|
|
58,715 |
|
|
|
2,201,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,515,570 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Communications4.3% |
|
|
|
|
|
|
|
|
Comcast Corp., Class A |
|
|
218,910 |
|
|
|
6,328,688 |
|
Dice Holdings, Inc. * |
|
|
123,975 |
|
|
|
1,218,674 |
|
Hawaiian Telcom Holdco, Inc. * (a) |
|
|
438,914 |
|
|
|
8,251,583 |
|
iPass, Inc. * |
|
|
653,655 |
|
|
|
1,647,211 |
|
Lionbridge Technologies, Inc. * |
|
|
612,555 |
|
|
|
1,843,791 |
|
SureWest Communications |
|
|
221,129 |
|
|
|
4,714,470 |
|
Telephone & Data Systems, Inc. |
|
|
143,100 |
|
|
|
2,840,535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,844,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Durables0.4% |
|
|
|
|
|
|
|
|
AV Homes, Inc. * |
|
|
56,590 |
|
|
|
636,637 |
|
Cooper-Standard Holding, Inc. * |
|
|
28,760 |
|
|
|
1,035,360 |
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Consumer Durables(continued) |
|
|
|
|
|
|
|
|
Hooker Furniture Corp. |
|
|
85,232 |
|
|
$ |
935,847 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,607,844 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Non-Durables5.0% |
|
|
|
|
|
|
|
|
Activision Blizzard, Inc. |
|
|
289,420 |
|
|
|
3,397,791 |
|
Anheuser-Busch InBev NV - Sponsored ADR |
|
|
99,485 |
|
|
|
6,735,134 |
|
Coca-Cola Femsa S.A. de C.V. - Sponsored ADR |
|
|
42,930 |
|
|
|
4,938,667 |
|
Hanesbrands, Inc. * |
|
|
156,585 |
|
|
|
4,362,458 |
|
Kenneth Cole Productions, Inc., Class A * |
|
|
40,253 |
|
|
|
607,820 |
|
Lorillard, Inc. |
|
|
35,165 |
|
|
|
4,346,394 |
|
Matthews International Corp., Class A |
|
|
69,140 |
|
|
|
2,082,497 |
|
Unilever NV |
|
|
153,550 |
|
|
|
4,815,328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,286,089 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Services12.3% |
|
|
|
|
|
|
|
|
AFC Enterprises, Inc. * |
|
|
180,326 |
|
|
|
3,851,763 |
|
Barrett Business Services, Inc. |
|
|
138,460 |
|
|
|
2,734,585 |
|
Belo Corp., Class A |
|
|
184,920 |
|
|
|
1,068,838 |
|
Biglari Holdings, Inc. * |
|
|
3,185 |
|
|
|
1,246,864 |
|
Booz Allen Hamilton Holding Corp. |
|
|
180,034 |
|
|
|
2,918,351 |
|
Century Casinos, Inc. * |
|
|
831,881 |
|
|
|
2,429,092 |
|
CRA International, Inc. * |
|
|
137,987 |
|
|
|
2,595,535 |
|
CVS Caremark Corp. |
|
|
141,310 |
|
|
|
6,350,471 |
|
DreamWorks Animation SKG, Inc., Class A * (a) |
|
|
179,365 |
|
|
|
3,190,903 |
|
Ediets.Com, Inc. * |
|
|
342,052 |
|
|
|
119,718 |
|
Ennis, Inc. |
|
|
327,350 |
|
|
|
4,654,917 |
|
Hudson Global, Inc. * |
|
|
285,033 |
|
|
|
1,125,880 |
|
ICF International, Inc. * |
|
|
98,425 |
|
|
|
2,214,562 |
|
International Speedway Corp., Class A |
|
|
141,915 |
|
|
|
3,411,637 |
|
Kohls Corp. |
|
|
42,680 |
|
|
|
1,955,598 |
|
Liberty Interactive Corp., Class A * |
|
|
107,565 |
|
|
|
1,802,789 |
|
Multi-Color Corp. |
|
|
188,289 |
|
|
|
3,488,995 |
|
Nash Finch Co. |
|
|
207,797 |
|
|
|
4,282,696 |
|
Navigant Consulting, Inc. * |
|
|
85,915 |
|
|
|
1,028,403 |
|
Republic Services, Inc. |
|
|
55,055 |
|
|
|
1,451,250 |
|
Saga Communications, Inc., Class A * |
|
|
64,633 |
|
|
|
2,255,692 |
|
Standard Parking Corp. * |
|
|
58,105 |
|
|
|
1,104,576 |
|
TESCO PLC - Sponsored ADR |
|
|
188,255 |
|
|
|
2,658,161 |
|
The
accompanying notes are an integral part of the portfolio of investments.
5
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO BOSTON PARTNERS
LONG/SHORT EQUITY FUND (continued)
|
|
|
Portfolio of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Consumer Services(continued) |
|
|
|
|
|
|
|
|
Towers Watson & Co., Class A |
|
|
58,835 |
|
|
$ |
3,545,397 |
|
Viacom, Inc., Class B |
|
|
64,405 |
|
|
|
3,074,051 |
|
Viad Corp. |
|
|
142,670 |
|
|
|
2,526,686 |
|
Wal-Mart Stores, Inc. |
|
|
62,360 |
|
|
|
4,104,535 |
|
Walt Disney Co., (The) |
|
|
126,960 |
|
|
|
5,803,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
76,995,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy4.2% |
|
|
|
|
|
|
|
|
Canadian Natural Resources Ltd. |
|
|
125,805 |
|
|
|
3,595,507 |
|
Cenovus Energy, Inc. |
|
|
99,185 |
|
|
|
3,117,384 |
|
Ensco PLC, Class A |
|
|
41,810 |
|
|
|
1,877,687 |
|
EOG Resources, Inc. |
|
|
37,475 |
|
|
|
3,721,267 |
|
EQT Corp. |
|
|
92,505 |
|
|
|
4,290,382 |
|
Royal Dutch Shell PLC-ADR |
|
|
123,430 |
|
|
|
7,674,877 |
|
SM Energy Co. |
|
|
43,595 |
|
|
|
2,358,054 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,635,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance17.5% |
|
|
|
|
|
|
|
|
ACE Ltd. |
|
|
78,400 |
|
|
|
5,670,672 |
|
Alterra Capital Holdings Ltd. |
|
|
122,145 |
|
|
|
2,712,840 |
|
AON PLC |
|
|
69,465 |
|
|
|
3,230,122 |
|
Axis Capital Holdings Ltd. |
|
|
92,130 |
|
|
|
3,031,077 |
|
Berkshire Hathaway, Inc., Class B * |
|
|
105,720 |
|
|
|
8,389,939 |
|
Capitol Federal Financial, Inc. |
|
|
84,520 |
|
|
|
984,658 |
|
Century Bancorp, Inc., Class A |
|
|
38,003 |
|
|
|
1,062,944 |
|
Charles Schwab Corp., (The) |
|
|
122,535 |
|
|
|
1,526,786 |
|
Citigroup, Inc. |
|
|
135,718 |
|
|
|
3,597,884 |
|
Citizens Republic Bancorp, Inc. * |
|
|
85,444 |
|
|
|
1,389,319 |
|
Cowen Group, Inc., Class A * |
|
|
775,320 |
|
|
|
1,969,313 |
|
Endurance Specialty Holdings Ltd. |
|
|
106,925 |
|
|
|
4,176,490 |
|
Fairfax Financial Holdings Ltd. |
|
|
4,970 |
|
|
|
1,927,664 |
|
First Southern Bancorp, Inc. Class B 144A * |
|
|
64,350 |
|
|
|
541,183 |
|
Flushing Financial Corp. |
|
|
107,711 |
|
|
|
1,389,472 |
|
Goldman Sachs Group, Inc., (The) |
|
|
20,118 |
|
|
|
1,925,293 |
|
HF Financial Corp. |
|
|
83,779 |
|
|
|
1,032,995 |
|
Investors Title Co. |
|
|
6,765 |
|
|
|
350,833 |
|
JPMorgan Chase & Co. |
|
|
101,846 |
|
|
|
3,376,195 |
|
Leucadia National Corp. |
|
|
160,405 |
|
|
|
3,259,430 |
|
Loews Corp. |
|
|
83,730 |
|
|
|
3,256,260 |
|
Maiden Holdings Ltd. |
|
|
831,672 |
|
|
|
6,769,810 |
|
Morgan Stanley |
|
|
140,160 |
|
|
|
1,872,538 |
|
NASDAQ OMX Group, Inc.,(The) |
|
|
171,785 |
|
|
|
3,758,656 |
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Finance(continued) |
|
|
|
|
|
|
|
|
NBH Holdings Corp., Class A 144A * |
|
|
79,735 |
|
|
$ |
1,438,419 |
|
New Hampshire Thrift |
|
|
|
|
|
|
|
|
Bancshares, Inc. |
|
|
29,529 |
|
|
|
375,314 |
|
Nicholas Financial, Inc. (a) |
|
|
122,637 |
|
|
|
1,558,716 |
|
OceanFirst Financial Corp. |
|
|
36,680 |
|
|
|
517,188 |
|
Och-Ziff Capital Management Group LLC, Class A |
|
|
233,455 |
|
|
|
1,692,549 |
|
PartnerRe Ltd. |
|
|
39,010 |
|
|
|
2,764,639 |
|
Primus Guaranty Ltd. * (a) |
|
|
129,701 |
|
|
|
875,482 |
|
RenaissanceRe Holdings Ltd. |
|
|
22,755 |
|
|
|
1,753,728 |
|
State Street Corp. |
|
|
68,635 |
|
|
|
2,828,448 |
|
Steel Excel, Inc. * |
|
|
229,697 |
|
|
|
6,213,304 |
|
Stewart Information Services Corp. |
|
|
62,435 |
|
|
|
863,476 |
|
TD Ameritrade Holding Corp. |
|
|
90,070 |
|
|
|
1,545,601 |
|
TFS Financial Corp. * |
|
|
99,535 |
|
|
|
932,643 |
|
Torchmark Corp. |
|
|
60,235 |
|
|
|
2,810,565 |
|
Tower Group, Inc. |
|
|
219,500 |
|
|
|
4,308,785 |
|
Travelers Cos., Inc., (The) |
|
|
46,295 |
|
|
|
2,892,975 |
|
Validus Holdings Ltd. |
|
|
139,217 |
|
|
|
4,368,629 |
|
West Coast Bancorp * |
|
|
61,952 |
|
|
|
1,164,698 |
|
White Mountains Insurance Group Ltd. |
|
|
6,855 |
|
|
|
3,530,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
109,637,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care17.2% |
|
|
|
|
|
|
|
|
Accuray, Inc. * |
|
|
286,475 |
|
|
|
1,796,198 |
|
Almost Family, Inc. * |
|
|
70,140 |
|
|
|
1,559,212 |
|
Alpha PRO Tech Ltd. * |
|
|
485,210 |
|
|
|
625,921 |
|
AmerisourceBergen Corp. |
|
|
97,120 |
|
|
|
3,592,469 |
|
Amgen, Inc. |
|
|
66,605 |
|
|
|
4,630,380 |
|
Amsurg Corp. * |
|
|
138,990 |
|
|
|
3,797,207 |
|
Anika Therapeutics, Inc. * |
|
|
215,460 |
|
|
|
2,930,256 |
|
Baxter International, Inc. |
|
|
118,800 |
|
|
|
6,013,656 |
|
Becton, Dickinson & Co. |
|
|
35,355 |
|
|
|
2,585,511 |
|
BioClinica, Inc. * |
|
|
327,186 |
|
|
|
1,685,008 |
|
CardioNet, Inc. * |
|
|
505,851 |
|
|
|
1,158,399 |
|
Charles River Laboratories International, Inc. * |
|
|
44,905 |
|
|
|
1,498,929 |
|
Covidien PLC |
|
|
82,562 |
|
|
|
4,275,060 |
|
Cross Country Healthcare, Inc. * |
|
|
659,157 |
|
|
|
2,992,573 |
|
Hooper Holmes, Inc. * |
|
|
860,703 |
|
|
|
533,636 |
|
ICON PLC, Sponsored ADR * |
|
|
194,880 |
|
|
|
4,184,074 |
|
Invacare Corp. |
|
|
231,380 |
|
|
|
3,445,248 |
|
The
accompanying notes are an integral part of the portfolio of investments.
6
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO
BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued) |
|
|
Portfolio of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Health Care(continued) |
|
|
|
|
|
|
|
|
IRIS International, Inc. * |
|
|
358,230 |
|
|
$ |
3,818,732 |
|
Johnson & Johnson |
|
|
140,115 |
|
|
|
8,747,379 |
|
Laboratory Corp. of America Holdings * |
|
|
91,285 |
|
|
|
7,602,215 |
|
Lincare Holdings, Inc. |
|
|
169,939 |
|
|
|
3,896,701 |
|
Medical Action Industries, Inc. * |
|
|
302,865 |
|
|
|
1,305,348 |
|
MFC Industrial Ltd |
|
|
237,160 |
|
|
|
1,624,546 |
|
Myriad Genetics, Inc. * |
|
|
95,180 |
|
|
|
2,296,693 |
|
Pfizer, Inc. |
|
|
401,045 |
|
|
|
8,770,854 |
|
Rochester Medical Corp. * |
|
|
125,651 |
|
|
|
1,255,253 |
|
Rotech Healthcare, Inc. * |
|
|
1,151,331 |
|
|
|
702,312 |
|
Sanofi ADR |
|
|
162,095 |
|
|
|
5,516,093 |
|
St Jude Medical, Inc. |
|
|
80,425 |
|
|
|
3,089,929 |
|
Teva Pharmaceutical Industries Ltd. - Sponsored ADR |
|
|
127,450 |
|
|
|
4,994,766 |
|
Theragenics Corp. * |
|
|
510,450 |
|
|
|
980,064 |
|
United Therapeutics Corp. * |
|
|
75,845 |
|
|
|
3,355,383 |
|
WuXi PharmaTech Cayman, Inc., - ADR * |
|
|
155,455 |
|
|
|
2,288,298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
107,548,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Investment Trusts0.5% |
|
|
|
|
|
|
|
|
CBRE Group, Inc., Class A * |
|
|
99,065 |
|
|
|
1,629,619 |
|
Reis, Inc. * |
|
|
157,698 |
|
|
|
1,354,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,984,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology19.0% |
|
|
|
|
|
|
|
|
Actuate Corp. * |
|
|
624,345 |
|
|
|
4,170,625 |
|
Alpha & Omega Semiconductor Ltd * |
|
|
453,515 |
|
|
|
4,068,029 |
|
Amdocs Ltd. * |
|
|
116,445 |
|
|
|
3,347,794 |
|
Amkor Technology, Inc. * (a) |
|
|
600,100 |
|
|
|
2,838,473 |
|
BMC Software, Inc. * |
|
|
74,160 |
|
|
|
3,138,451 |
|
CA, Inc. |
|
|
228,285 |
|
|
|
5,677,448 |
|
Carbonite, Inc. * (a) |
|
|
234,735 |
|
|
|
1,809,807 |
|
Coleman Cable, Inc. |
|
|
736,458 |
|
|
|
6,333,539 |
|
Compuware Corp. * |
|
|
273,975 |
|
|
|
2,465,775 |
|
Comverse Tecnology, Inc. * |
|
|
178,095 |
|
|
|
1,088,160 |
|
Corning, Inc. |
|
|
148,130 |
|
|
|
1,924,209 |
|
CSG Systems International, Inc.* |
|
|
310,380 |
|
|
|
5,121,270 |
|
DragonWave, Inc. * (a) |
|
|
192,920 |
|
|
|
596,123 |
|
Flextronics International Ltd. * |
|
|
411,295 |
|
|
|
2,640,514 |
|
GSI Group, Inc. * |
|
|
461,235 |
|
|
|
5,354,938 |
|
Guidance Software, Inc * |
|
|
239,500 |
|
|
|
1,963,900 |
|
Hemisphere GPS, Inc. * |
|
|
839,675 |
|
|
|
577,864 |
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Technology(continued) |
|
|
|
|
|
|
|
|
Hewlett-Packard Co. |
|
|
130,245 |
|
|
$ |
2,953,957 |
|
Ingram Micro, Inc., Class A * |
|
|
258,890 |
|
|
|
4,616,009 |
|
Lexmark International, Inc., Class A |
|
|
130,075 |
|
|
|
3,253,176 |
|
LSI Corp. * |
|
|
239,760 |
|
|
|
1,594,404 |
|
Marvell Technology Group Ltd. * |
|
|
98,420 |
|
|
|
1,233,203 |
|
Microsoft Corp. |
|
|
229,260 |
|
|
|
6,692,099 |
|
MRV Communications, Inc. |
|
|
1,059,385 |
|
|
|
725,679 |
|
Net 1 UEPS Technologies, Inc. * |
|
|
112,620 |
|
|
|
980,920 |
|
Oracle Corp. |
|
|
205,879 |
|
|
|
5,449,617 |
|
Pericom Semiconductor Corp. * |
|
|
81,252 |
|
|
|
638,641 |
|
Plug Power, Inc. * (a) |
|
|
3,083,530 |
|
|
|
3,546,060 |
|
Polycom, Inc. * |
|
|
249,315 |
|
|
|
2,852,164 |
|
Pulse Electronics Corp. |
|
|
626,418 |
|
|
|
1,227,779 |
|
QLogic Corp. * |
|
|
323,775 |
|
|
|
4,406,578 |
|
TeleTech Holdings, Inc. * |
|
|
189,065 |
|
|
|
2,817,069 |
|
Telular Corp. |
|
|
138,195 |
|
|
|
1,036,463 |
|
Thermo Fisher Scientific, Inc. |
|
|
116,955 |
|
|
|
5,903,888 |
|
Travelsky Technology Ltd, Class H |
|
|
6,465,595 |
|
|
|
3,394,437 |
|
Vishay Intertechnology, Inc. * |
|
|
495,485 |
|
|
|
5,262,051 |
|
Western Union Co., (The) |
|
|
184,310 |
|
|
|
3,022,684 |
|
Xerox Corp. |
|
|
569,625 |
|
|
|
4,112,693 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
118,836,490 |
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCK (Cost $554,476,594) |
|
|
|
|
|
|
555,138,437 |
|
|
|
|
|
|
|
|
|
|
|
|
|
PREFERRED STOCK0.2% |
|
|
|
|
|
|
|
|
Finance0.2% |
|
|
|
|
|
|
|
|
BAC Capital Trust IV 5.875% * (a) |
|
|
31,503 |
|
|
|
737,170 |
|
First Southern Bancorp, Inc. 5.000% 144A *
D |
|
|
110 |
|
|
|
210,332 |
|
|
|
|
|
|
|
|
|
|
TOTAL PREFERRED STOCK (Cost $659,078) |
|
|
|
|
|
|
947,502 |
|
|
|
|
|
|
|
|
|
|
|
|
SECURITIES LENDING COLLATERAL1.6% |
|
|
|
|
|
BlackRock Liquidity Fund |
|
|
9,939,216 |
|
|
|
9,939,216 |
|
|
|
|
|
|
|
|
|
|
TOTAL SECURITIES LENDING COLLATERAL (Cost $9,939,216) |
|
|
|
|
|
|
9,939,216 |
|
|
|
|
|
|
|
|
|
|
TOTAL LONG POSITIONS90.5% (Cost $565,074,888)** |
|
|
|
|
|
|
566,025,155 |
|
|
|
|
|
|
|
|
|
|
|
|
SECURITIES SOLD SHORT(55.0%) |
|
|
|
|
|
COMMON STOCK(55.0%) |
|
|
|
|
|
|
|
|
Basic Industries(1.3%) |
|
|
|
|
|
|
|
|
Ethanex Energy, Inc. * D |
|
|
(648 |
) |
|
|
(84 |
) |
Gold Resource Corp. |
|
|
(117,540 |
) |
|
|
(3,114,810 |
) |
The
accompanying notes are an integral part of the portfolio of investments.
7
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO
BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued) |
|
|
Portfolio of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Basic Industries(continued) |
|
|
|
|
|
|
|
|
Intrepid Potash, Inc. * |
|
|
(87,500 |
) |
|
$ |
(1,717,625 |
) |
MAG Silver Corp. * |
|
|
(83,345 |
) |
|
|
(641,756 |
) |
Mountain Province Diamonds, Inc.* |
|
|
(127,310 |
) |
|
|
(486,324 |
) |
Seabridge Gold, Inc. * |
|
|
(76,310 |
) |
|
|
(1,157,623 |
) |
Tanzanian Royalty Exploration Corp. * |
|
|
(193,370 |
) |
|
|
(758,010 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,876,232 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Capital Goods(5.1%) |
|
|
|
|
|
|
|
|
ADA-ES, Inc. * |
|
|
(68,138 |
) |
|
|
(1,784,534 |
) |
Ameresco, Inc., Class A * |
|
|
(121,020 |
) |
|
|
(1,300,965 |
) |
Applied Energetics, Inc. * |
|
|
(238,070 |
) |
|
|
(10,713 |
) |
Applied Nanotech Holdings, Inc. * |
|
|
(8,285 |
) |
|
|
(1,823 |
) |
Cummins, Inc. |
|
|
(32,120 |
) |
|
|
(3,114,034 |
) |
DynaMotive Energy Systems Corp. * |
|
|
(72,185 |
) |
|
|
(7,218 |
) |
EDAC Technologies Corp. * |
|
|
(98,240 |
) |
|
|
(1,146,461 |
) |
Interface, Inc. |
|
|
(141,240 |
) |
|
|
(1,792,336 |
) |
Lindsay Corp. |
|
|
(45,280 |
) |
|
|
(2,519,832 |
) |
Maxwell Technologies, Inc. * |
|
|
(48,745 |
) |
|
|
(337,803 |
) |
Middleby Corp., (The) * |
|
|
(16,040 |
) |
|
|
(1,640,411 |
) |
Smith & Wesson Holding Corp. * |
|
|
(295,080 |
) |
|
|
(1,988,839 |
) |
Titan International, Inc. |
|
|
(168,412 |
) |
|
|
(3,772,429 |
) |
Trex Co., Inc. * |
|
|
(207,215 |
) |
|
|
(6,029,957 |
) |
Vulcan Materials Co. |
|
|
(94,985 |
) |
|
|
(3,291,230 |
) |
Wabash National Corp. * |
|
|
(279,410 |
) |
|
|
(1,944,694 |
) |
Westport Innovations, Inc. * |
|
|
(44,125 |
) |
|
|
(1,077,091 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(31,760,370 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Communications(5.1%) |
|
|
|
|
|
|
|
|
Akamai Technologies, Inc. * |
|
|
(70,970 |
) |
|
|
(2,082,260 |
) |
Cogent Communications Group, Inc. * |
|
|
(157,680 |
) |
|
|
(2,797,243 |
) |
Consolidated Communications Holdings, Inc. |
|
|
(90,875 |
) |
|
|
(1,340,406 |
) |
CTC Communications Group, Inc. *
D |
|
|
(98,900 |
) |
|
|
(10 |
) |
eGain Communications Corp. * |
|
|
(160,300 |
) |
|
|
(613,949 |
) |
Elephant Talk Communications, Inc. * |
|
|
(239,001 |
) |
|
|
(537,752 |
) |
Equinix, Inc. * |
|
|
(22,140 |
) |
|
|
(3,611,255 |
) |
Facebook, Inc., Class A * |
|
|
(77,825 |
) |
|
|
(2,305,955 |
) |
Interliant, Inc. * D |
|
|
(600 |
) |
|
|
0 |
|
j2 Global Communications, Inc. |
|
|
(71,770 |
) |
|
|
(1,736,116 |
) |
LinkedIn Corp., Class A * |
|
|
(23,325 |
) |
|
|
(2,241,533 |
) |
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Communications(continued) |
|
|
|
|
|
|
|
|
LivePerson, Inc. * |
|
|
(206,805 |
) |
|
$ |
(3,569,454 |
) |
MicroStrategy, Inc., Class A * |
|
|
(22,375 |
) |
|
|
(2,729,302 |
) |
Millennial Media, Inc. * |
|
|
(98,330 |
) |
|
|
(1,354,987 |
) |
Pandora Media, Inc. * |
|
|
(204,150 |
) |
|
|
(2,192,571 |
) |
Rackspace Hosting, Inc. * |
|
|
(31,840 |
) |
|
|
(1,575,125 |
) |
Sprint Nextel Corp. * |
|
|
(620,770 |
) |
|
|
(1,595,379 |
) |
Zynga, Inc., Class A * |
|
|
(262,120 |
) |
|
|
(1,640,871 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(31,924,168 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Durables(2.7%) |
|
|
|
|
|
|
|
|
American Axle & Manaufacturing Holdings, Inc. * |
|
|
(191,770 |
) |
|
|
(1,775,790 |
) |
Cavco Industries, Inc. * |
|
|
(35,330 |
) |
|
|
(1,489,159 |
) |
iRobot Corp. * |
|
|
(42,460 |
) |
|
|
(899,303 |
) |
National Presto Industries, Inc. |
|
|
(47,545 |
) |
|
|
(3,188,368 |
) |
Qsound Labs, Inc. * |
|
|
(4,440 |
) |
|
|
(166 |
) |
SodaStream International Ltd. * |
|
|
(72,570 |
) |
|
|
(2,249,670 |
) |
Tempur-Pedic International, Inc. * |
|
|
(25,955 |
) |
|
|
(1,199,381 |
) |
Tesla Motors, Inc. * |
|
|
(92,880 |
) |
|
|
(2,739,960 |
) |
Toll Brothers, Inc. * |
|
|
(116,280 |
) |
|
|
(3,172,118 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(16,713,915 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Non-Durables(2.9%) |
|
|
|
|
|
|
|
|
Amish Naturals, Inc. * D |
|
|
(25,959 |
) |
|
|
(156 |
) |
Blyth, Inc. |
|
|
(21,545 |
) |
|
|
(1,609,842 |
) |
Cal-Maine Foods, Inc. |
|
|
(69,825 |
) |
|
|
(2,481,580 |
) |
Deckers Outdoor Corp. * |
|
|
(43,730 |
) |
|
|
(2,434,449 |
) |
Green Mountain Coffee Roasters, Inc. * |
|
|
(49,260 |
) |
|
|
(1,162,536 |
) |
Post Holdings, Inc. |
|
|
(62,220 |
) |
|
|
(1,870,955 |
) |
Schiff Nutrition International, Inc. * |
|
|
(91,632 |
) |
|
|
(1,539,418 |
) |
Smart Balance, Inc. * |
|
|
(209,240 |
) |
|
|
(1,240,793 |
) |
Tumi Holdings, Inc. * |
|
|
(106,425 |
) |
|
|
(1,835,831 |
) |
Under Armour, Inc., Class A * |
|
|
(38,310 |
) |
|
|
(3,858,966 |
) |
Valence Technology, Inc. * |
|
|
(27,585 |
) |
|
|
(20,413 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(18,054,939 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Services(12.0%) |
|
|
|
|
|
|
|
|
Arbitron, Inc. |
|
|
(88,025 |
) |
|
|
(2,943,556 |
) |
Arctic Cat, Inc. * |
|
|
(81,630 |
) |
|
|
(2,951,741 |
) |
Bankrate, Inc. * |
|
|
(58,775 |
) |
|
|
(1,021,509 |
) |
BJs Restaurants, Inc. * |
|
|
(54,635 |
) |
|
|
(2,392,467 |
) |
Blue Nile, Inc. * |
|
|
(139,865 |
) |
|
|
(4,516,241 |
) |
Coinstar, Inc. * |
|
|
(34,930 |
) |
|
|
(2,145,750 |
) |
Digital Domain Media Group, Inc.* |
|
|
(123,359 |
) |
|
|
(905,455 |
) |
Fresh Market, Inc., (The) * |
|
|
(19,280 |
) |
|
|
(1,120,554 |
) |
The
accompanying notes are an integral part of the portfolio of investments.
8
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO
BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued) |
|
|
Portfolio of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Consumer Services(continued) |
|
|
|
|
|
|
|
|
GameStop Corp., Class A |
|
|
(46,400 |
) |
|
$ |
(889,952 |
) |
Groupon, Inc * |
|
|
(259,285 |
) |
|
|
(2,758,792 |
) |
Higher One Holdings Inc * |
|
|
(231,060 |
) |
|
|
(2,936,773 |
) |
Imax Corp. * |
|
|
(103,880 |
) |
|
|
(2,206,411 |
) |
Iron Mountain, Inc. |
|
|
(61,765 |
) |
|
|
(1,751,038 |
) |
JC Penney Co., Inc. |
|
|
(68,345 |
) |
|
|
(1,792,689 |
) |
Life Time Fitness, Inc. * |
|
|
(78,730 |
) |
|
|
(3,374,368 |
) |
Liquidity Services, Inc. * |
|
|
(30,780 |
) |
|
|
(1,966,534 |
) |
Lululemon Athletica, Inc. * |
|
|
(36,735 |
) |
|
|
(2,668,430 |
) |
Lumber Liquidators Holdings, Inc.* |
|
|
(87,710 |
) |
|
|
(2,551,484 |
) |
Mattress Firm Holding Corp. * |
|
|
(90,297 |
) |
|
|
(3,090,866 |
) |
Medifast, Inc. * |
|
|
(110,260 |
) |
|
|
(1,991,296 |
) |
Morningstar, Inc. |
|
|
(34,055 |
) |
|
|
(1,905,037 |
) |
Netflix, Inc. * |
|
|
(45,110 |
) |
|
|
(2,861,778 |
) |
Peets Coffee & Tea, Inc. * |
|
|
(28,899 |
) |
|
|
(1,721,802 |
) |
Red Robin Gourmet Burgers, Inc.* |
|
|
(79,540 |
) |
|
|
(2,545,280 |
) |
Ritchie Bros. Auctioneers, Inc. |
|
|
(236,595 |
) |
|
|
(4,689,313 |
) |
Sturm Ruger & Co., Inc. |
|
|
(108,670 |
) |
|
|
(4,234,870 |
) |
Teavana Holdings, Inc. * |
|
|
(48,930 |
) |
|
|
(649,790 |
) |
Texas Roadhouse, Inc. |
|
|
(190,555 |
) |
|
|
(3,464,290 |
) |
Tractor Supply Co. |
|
|
(26,945 |
) |
|
|
(2,461,426 |
) |
Urban Outfitters, Inc. * |
|
|
(100,445 |
) |
|
|
(2,809,447 |
) |
VistaPrint NV * |
|
|
(62,615 |
) |
|
|
(2,121,396 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(75,440,335 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Energy(1.8%) |
|
|
|
|
|
|
|
|
Basic Energy Services, Inc. * |
|
|
(109,040 |
) |
|
|
(1,236,514 |
) |
Beard Co. * |
|
|
(9,710 |
) |
|
|
(874 |
) |
CARBO Ceramics, Inc. |
|
|
(18,500 |
) |
|
|
(1,505,160 |
) |
Crescent Point Energy Corp |
|
|
(32,120 |
) |
|
|
(1,232,862 |
) |
Goodrich Petroleum Corp. * |
|
|
(109,055 |
) |
|
|
(1,610,742 |
) |
Hyperdynamics Corp. * |
|
|
(201,215 |
) |
|
|
(152,923 |
) |
InterOil Corp. * |
|
|
(21,570 |
) |
|
|
(1,432,464 |
) |
Lufkin Industries, Inc. |
|
|
(50,945 |
) |
|
|
(2,927,809 |
) |
Miller Energy Resources Inc * |
|
|
(253,560 |
) |
|
|
(1,021,847 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11,121,195 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Finance(0.1%) |
|
|
|
|
|
|
|
|
Value Line, Inc. |
|
|
(78,574 |
) |
|
|
(962,532 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(962,532 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Health Care(7.9%) |
|
|
|
|
|
|
|
|
ABIOMED, Inc. * |
|
|
(148,605 |
) |
|
|
(3,021,140 |
) |
Accretive Health, Inc. * |
|
|
(106,050 |
) |
|
|
(1,247,148 |
) |
Agenus, Inc. * |
|
|
(175,605 |
) |
|
|
(916,658 |
) |
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Health Care(continued) |
|
|
|
|
|
|
|
|
Arena Pharmaceuticals, Inc. * |
|
|
(102,635 |
) |
|
$ |
(686,628 |
) |
Ariad Pharmaceuticals, Inc. * |
|
|
(157,575 |
) |
|
|
(2,611,018 |
) |
athenahealth, Inc. * |
|
|
(32,520 |
) |
|
|
(2,363,879 |
) |
Biotime, Inc. * |
|
|
(105,150 |
) |
|
|
(422,703 |
) |
BodyTel Scientific, Inc. * |
|
|
(4,840 |
) |
|
|
(38 |
) |
CareView Communications, Inc. * |
|
|
(207,465 |
) |
|
|
(321,571 |
) |
Computer Programs & Systems, Inc. |
|
|
(29,575 |
) |
|
|
(1,608,880 |
) |
Conceptus, Inc. * |
|
|
(183,910 |
) |
|
|
(3,097,044 |
) |
Curis, Inc. * |
|
|
(228,155 |
) |
|
|
(1,067,765 |
) |
HealthStream, Inc. * |
|
|
(79,135 |
) |
|
|
(1,671,331 |
) |
HeartWare International, Inc. * |
|
|
(30,775 |
) |
|
|
(2,504,162 |
) |
Hi-Tech Pharmacal Co., Inc. * |
|
|
(60,975 |
) |
|
|
(1,761,568 |
) |
HMS Holdings Corp. * |
|
|
(80,070 |
) |
|
|
(2,145,075 |
) |
IDEXX Laboratories, Inc. * |
|
|
(15,145 |
) |
|
|
(1,284,902 |
) |
Immunomedics, Inc. * |
|
|
(388,750 |
) |
|
|
(1,290,650 |
) |
Incyte Corp. Ltd. * |
|
|
(85,845 |
) |
|
|
(1,829,357 |
) |
Insulet Corp. * |
|
|
(86,530 |
) |
|
|
(1,593,883 |
) |
MAKO Surgical Corp. * |
|
|
(48,230 |
) |
|
|
(1,095,303 |
) |
Mindray Medical International Ltd. - ADR |
|
|
(80,220 |
) |
|
|
(2,421,842 |
) |
NxStage Medical, Inc. * |
|
|
(146,200 |
) |
|
|
(2,220,778 |
) |
OraSure Technologies, Inc. * |
|
|
(211,865 |
) |
|
|
(2,192,803 |
) |
Seattle Genetics, Inc. * |
|
|
(161,065 |
) |
|
|
(3,137,546 |
) |
Sequenom, Inc. * |
|
|
(424,760 |
) |
|
|
(1,626,831 |
) |
Spectrum Pharmaceuticals, Inc. * |
|
|
(202,345 |
) |
|
|
(2,345,179 |
) |
Stericycle, Inc. * |
|
|
(19,785 |
) |
|
|
(1,726,439 |
) |
SXC Health Solutions Corp * |
|
|
(13,840 |
) |
|
|
(1,241,586 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(49,453,707 |
) |
|
|
|
|
|
|
|
|
|
|
|
Real Estate Investment Trusts(1.0%) |
|
|
|
|
|
Digital Realty Trust, Inc. |
|
|
(44,605 |
) |
|
|
(3,156,696 |
) |
Simon Property Group, Inc. |
|
|
(20,370 |
) |
|
|
(3,004,982 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,161,678 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Technology(14.5%) |
|
|
|
|
|
|
|
|
3D Systems Corp. * |
|
|
(156,460 |
) |
|
|
(4,756,384 |
) |
ANTs Software, Inc. * |
|
|
(10,334 |
) |
|
|
(47 |
) |
ARM Holdings PLC - Sponsored ADR |
|
|
(193,425 |
) |
|
|
(4,543,553 |
) |
Aruba Networks, Inc. * |
|
|
(104,245 |
) |
|
|
(1,369,779 |
) |
Aspen Technology, Inc. * |
|
|
(197,535 |
) |
|
|
(4,365,524 |
) |
Blackbaud, Inc. |
|
|
(56,320 |
) |
|
|
(1,455,872 |
) |
BroadSoft, Inc. * |
|
|
(69,625 |
) |
|
|
(1,901,459 |
) |
Cavium, Inc. * |
|
|
(65,660 |
) |
|
|
(1,589,629 |
) |
Ciena Corp. * |
|
|
(266,805 |
) |
|
|
(3,615,208 |
) |
The
accompanying notes are an integral part of the portfolio of investments.
9
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO
BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued) |
|
|
Portfolio of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Technology(continued) |
|
|
|
|
|
|
|
|
Cirrus Logic, Inc. * |
|
|
(135,870 |
) |
|
$ |
(3,902,186 |
) |
CommVault Systems, Inc. * |
|
|
(36,110 |
) |
|
|
(1,692,476 |
) |
Consygen, Inc. * D |
|
|
(200 |
) |
|
|
0 |
|
Cree, Inc. * |
|
|
(59,280 |
) |
|
|
(1,486,150 |
) |
Cypress Semiconductor Corp. * |
|
|
(300,880 |
) |
|
|
(3,968,607 |
) |
Ener1, Inc. * |
|
|
(102,820 |
) |
|
|
(745 |
) |
Entegris, Inc. * |
|
|
(448,840 |
) |
|
|
(3,460,556 |
) |
ExactTarget, Inc. |
|
|
(125,505 |
) |
|
|
(2,486,254 |
) |
EZchip Semiconductor Ltd. * |
|
|
(53,455 |
) |
|
|
(1,975,697 |
) |
Finisar Corp. * |
|
|
(123,885 |
) |
|
|
(1,777,750 |
) |
Function X, Inc. |
|
|
(9,792 |
) |
|
|
(33,782 |
) |
Fusion-io, Inc. * |
|
|
(46,460 |
) |
|
|
(970,085 |
) |
Garmin Ltd |
|
|
(55,115 |
) |
|
|
(2,367,740 |
) |
Infinera Corp. * |
|
|
(217,540 |
) |
|
|
(1,394,431 |
) |
InvenSense, Inc. |
|
|
(50,110 |
) |
|
|
(498,093 |
) |
IPG Photonics Corp. * |
|
|
(48,310 |
) |
|
|
(2,067,668 |
) |
Jive Software, Inc. |
|
|
(195,090 |
) |
|
|
(3,267,757 |
) |
Measurement Specialties, Inc. * |
|
|
(105,310 |
) |
|
|
(3,440,478 |
) |
MoSys, Inc. * |
|
|
(153,340 |
) |
|
|
(461,553 |
) |
Nanometrics, Inc. * |
|
|
(123,700 |
) |
|
|
(1,921,061 |
) |
Nestor, Inc. * |
|
|
(15,200 |
) |
|
|
(19 |
) |
NetSuite, Inc. * |
|
|
(62,220 |
) |
|
|
(2,919,362 |
) |
Pegasystems, Inc. |
|
|
(64,685 |
) |
|
|
(2,004,588 |
) |
Power Integrations, Inc. |
|
|
(59,220 |
) |
|
|
(2,416,768 |
) |
QLIK Technologies, Inc. * |
|
|
(76,390 |
) |
|
|
(1,736,345 |
) |
Red Hat, Inc. * |
|
|
(31,220 |
) |
|
|
(1,604,084 |
) |
Riverbed Technology, Inc. * |
|
|
(37,445 |
) |
|
|
(614,098 |
) |
Salesforce.com, Inc. * |
|
|
(19,925 |
) |
|
|
(2,762,004 |
) |
Tessco Technologies, Inc. |
|
|
(87,685 |
) |
|
|
(1,680,045 |
) |
Tiger Telematics, Inc. * D |
|
|
(6,510 |
) |
|
|
(7 |
) |
TigerLogic Corp. * |
|
|
(96,490 |
) |
|
|
(207,454 |
) |
Tower Semiconductor Ltd. |
|
|
(514,365 |
) |
|
|
(396,318 |
) |
Ultratech, Inc. * |
|
|
(91,265 |
) |
|
|
(2,767,155 |
) |
Universal Display Corp. * |
|
|
(64,665 |
) |
|
|
(1,820,320 |
) |
Viasat, Inc. * |
|
|
(74,380 |
) |
|
|
(3,125,448 |
) |
VOXX International Corp. * |
|
|
(465,466 |
) |
|
|
(4,589,495 |
) |
Wipro Ltd. - ADR |
|
|
(152,595 |
) |
|
|
(1,312,317 |
) |
WorldGate Communications, Inc.* |
|
|
(582,655 |
) |
|
|
(816 |
) |
Xybernaut Corp. * D |
|
|
(34,156 |
) |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(90,727,167 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Transportation(0.2%) |
|
|
|
|
|
|
|
|
Golar LNG Ltd. |
|
|
(43,140 |
) |
|
|
(1,511,194 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,511,194 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Utilities(0.4%) |
|
|
|
|
|
|
|
|
Cadiz, Inc. * |
|
|
(72,010 |
) |
|
$ |
(544,396 |
) |
Clean Energy Fuels Corp. * |
|
|
(128,775 |
) |
|
|
(1,752,628 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,297,024 |
) |
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCK (Proceeds $373,251,667) |
|
|
|
|
|
|
(344,004,456 |
) |
|
|
|
|
|
|
|
|
|
TOTAL SECURITIES SOLD SHORT (55.0%) (Proceeds $373,251,667) |
|
|
|
|
|
|
(344,004,456 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Contracts |
|
|
|
|
OPTIONS WRITTEN(0.6%) |
|
|
|
|
|
Aflac, Inc. |
|
|
|
|
|
|
|
|
Put Options |
|
|
|
|
|
|
|
|
Expires 01/18/14 |
|
|
|
|
|
|
|
|
Strike Price $35 |
|
|
(1,042 |
) |
|
|
(625,200 |
) |
Berkshire Hathaway, Inc. |
|
|
|
|
|
|
|
|
Put Options |
|
|
|
|
|
|
|
|
Expires 01/18/14 |
|
|
|
|
|
|
|
|
Strike Price $70 |
|
|
(434 |
) |
|
|
(260,400 |
) |
Groupon, Inc. |
|
|
|
|
|
|
|
|
Call Options |
|
|
|
|
|
|
|
|
Expires 01/19/13 |
|
|
|
|
|
|
|
|
Strike Price $20 |
|
|
(552 |
) |
|
|
(12,420 |
) |
InvenSense, Inc. |
|
|
|
|
|
|
|
|
Call Options |
|
|
|
|
|
|
|
|
Expires 09/22/12 |
|
|
|
|
|
|
|
|
Strike Price $10 |
|
|
(839 |
) |
|
|
(155,215 |
) |
JPMorgan Chase & CO |
|
|
|
|
|
|
|
|
Put Options |
|
|
|
|
|
|
|
|
Expires 01/18/14 |
|
|
|
|
|
|
|
|
Strike Price $30 |
|
|
(1,649 |
) |
|
|
(923,440 |
) |
Morgan Stanley |
|
|
|
|
|
|
|
|
Put Options |
|
|
|
|
|
|
|
|
Expires 01/18/14 |
|
|
|
|
|
|
|
|
Strike Price $8 |
|
|
(4,774 |
) |
|
|
(694,617 |
) |
NASDAQ OMX Group, Inc.,(The) |
|
|
|
|
|
|
|
|
Put Options |
|
|
|
|
|
|
|
|
Expires 01/18/14 |
|
|
|
|
|
|
|
|
Strike Price $20 |
|
|
(1,736 |
) |
|
|
(542,500 |
) |
The
accompanying notes are an integral part of the portfolio of investments.
10
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO
BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued) |
|
|
Portfolio of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Contracts |
|
|
Value |
|
Options Written(continued) |
|
|
|
|
|
|
|
|
SLM Corp. |
|
|
|
|
|
|
|
|
Put Options |
|
|
|
|
|
|
|
|
Expires 01/19/13 |
|
|
|
|
|
|
|
|
Strike Price $12.50 |
|
|
(2,604 |
) |
|
$ |
(311,178 |
) |
|
|
|
|
|
|
|
|
|
TOTAL OPTIONS WRITTEN (Premiums received $4,259,815) |
|
|
|
|
|
|
(3,524,970 |
) |
|
|
|
|
|
|
|
|
|
OTHER ASSETS IN EXCESS OF LIABILITIES65.1% |
|
|
|
|
|
|
407,215,443 |
|
|
|
|
|
|
|
|
|
|
NET ASSETS100.0% |
|
|
|
|
|
$ |
625,711,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
|
|
American Depositary Receipt |
PLC |
|
|
|
Public Limited Company |
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 May 31, 2012, these
securities amounted to $2,189,934 or 0.3% 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. At May 31, 2012, the market value of securities on loan was $9,759,019. |
|
|
|
|
Security position is either entirely or partially held in a segregated account as collateral for securities sold short. |
|
|
|
|
Primary risk exposure is equity contracts. |
|
|
|
|
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 May 31, 2012 long positions
amounted to $2,189,934 and short positions amounted to ($94), or 0.3% and (0.0%), respectively, of net assets. |
D |
|
|
|
Security has been deemed illiquid. Less then 0.001% of the Funds net assets were reported illiquid by the portfolio manager under the Funds policy. |
** |
|
The cost and unrealized appreciation and depreciation in the value of the invest |
|
|
|
|
|
Aggregate cost |
|
$ |
565,074,888 |
|
|
|
|
|
|
Gross unrealized appreciation |
|
|
46,681,484 |
|
Gross unrealized depreciation |
|
|
(45,731,217 |
) |
|
|
|
|
|
Net unrealized appreciation |
|
$ |
950,267 |
|
|
|
|
|
|
The
accompanying notes are an integral part of the portfolio of investments.
11
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (UNAUDITED) |
|
|
|
|
|
ROBECO
BOSTON PARTNERS LONG/SHORT EQUITY FUND (concluded)
|
|
|
Portfolio of Investments
|
|
A summary of the inputs used to value the Funds investments as of May 31, 2012 is as follows (see Notes
to Portfolio of Investments):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 2 |
|
|
Level 3 |
|
|
|
Total |
|
|
Level 1 |
|
|
Significant |
|
|
Significant |
|
|
|
Value as of |
|
|
Quoted |
|
|
Observable |
|
|
Unobservable |
|
|
|
May 31, 2012 |
|
|
Price
|
|
|
Inputs |
|
|
Inputs
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Industries |
|
$ |
14,246,505 |
|
|
$ |
14,246,505 |
|
|
$ |
|
|
|
$ |
|
|
Capital Goods |
|
|
37,515,570 |
|
|
|
37,515,570 |
|
|
|
|
|
|
|
|
|
Communications |
|
|
26,844,952 |
|
|
|
26,844,952 |
|
|
|
|
|
|
|
|
|
Consumer Durables |
|
|
2,607,844 |
|
|
|
2,607,844 |
|
|
|
|
|
|
|
|
|
Consumer Non-Durables |
|
|
31,286,089 |
|
|
|
31,286,089 |
|
|
|
|
|
|
|
|
|
Consumer Services |
|
|
76,995,287 |
|
|
|
76,995,287 |
|
|
|
|
|
|
|
|
|
Energy |
|
|
26,635,158 |
|
|
|
26,635,158 |
|
|
|
|
|
|
|
|
|
Finance |
|
|
109,637,994 |
|
|
|
107,658,392 |
|
|
|
|
|
|
|
1,979,602 |
|
Health Care |
|
|
107,548,303 |
|
|
|
107,548,303 |
|
|
|
|
|
|
|
|
|
Real Estate Investment Trusts |
|
|
2,984,245 |
|
|
|
2,984,245 |
|
|
|
|
|
|
|
|
|
Technology |
|
|
118,836,490 |
|
|
|
118,836,490 |
|
|
|
|
|
|
|
|
|
Preferred Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance |
|
|
947,502 |
|
|
|
737,170 |
|
|
|
|
|
|
|
210,332 |
|
Securities Lending Collateral |
|
|
9,939,216 |
|
|
|
9,939,216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
566,025,155 |
|
|
$ |
563,835,221 |
|
|
$ |
|
|
|
$ |
2,189,934 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 2 |
|
|
Level 3 |
|
|
|
Total |
|
|
Level 1 |
|
|
Significant |
|
|
Significant |
|
|
|
Value as of |
|
|
Quoted |
|
|
Observable |
|
|
Unobservable |
|
|
|
May 31, 2012 |
|
|
Price |
|
|
Inputs |
|
|
Inputs
|
|
Securities Sold Short |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Industries |
|
$ |
(7,876,232) |
|
|
$ |
(7,876,232) |
|
|
$ |
|
|
|
$ |
|
|
Capital Goods |
|
|
(31,760,370) |
|
|
|
(31,760,370) |
|
|
|
|
|
|
|
|
|
Communications |
|
|
(31,924,168) |
|
|
|
(31,924,158) |
|
|
|
|
|
|
|
(10) |
|
Consumer Durables |
|
|
(16,713,915) |
|
|
|
(16,713,915) |
|
|
|
|
|
|
|
|
|
Consumer Non-Durables |
|
|
(18,054,939) |
|
|
|
(18,054,783) |
|
|
|
|
|
|
|
(156) |
|
Consumer Services |
|
|
(75,440,335) |
|
|
|
(75,440,335) |
|
|
|
|
|
|
|
|
|
Energy |
|
|
(11,121,195) |
|
|
|
(11,121,195) |
|
|
|
|
|
|
|
|
|
Finance |
|
|
(962,532) |
|
|
|
(962,532) |
|
|
|
|
|
|
|
|
|
Health Care |
|
|
(49,453,707) |
|
|
|
(49,453,707) |
|
|
|
|
|
|
|
|
|
Real Estate Investment Trusts |
|
|
(6,161,678) |
|
|
|
(6,161,678) |
|
|
|
|
|
|
|
|
|
Technology |
|
|
(90,727,167) |
|
|
|
(90,727,160) |
|
|
|
|
|
|
|
(7) |
|
Transportation |
|
|
(1,511,194) |
|
|
|
(1,511,194) |
|
|
|
|
|
|
|
|
|
Utilities |
|
|
(2,297,024) |
|
|
|
(2,297,024) |
|
|
|
|
|
|
|
|
|
Options Written |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Contracts |
|
|
(3,524,970) |
|
|
|
|
|
|
|
(3,524,970) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
$ |
(347,529,426) |
|
|
$ |
(344,004,283) |
|
|
$ |
(3,524,970) |
|
|
$ |
(173) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of the portfolio of investments.
12
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO BOSTON PARTNERS
LONG/SHORT RESEARCH FUND |
|
|
Portfolio of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
LONG POSITIONS94.5% |
|
|
|
|
|
|
|
|
COMMON STOCK94.5% |
|
|
|
|
|
|
|
|
Basic Industries4.5% |
|
|
|
|
|
|
|
|
AGCO Corp. * |
|
|
20,000 |
|
|
$ |
804,200 |
|
Ashland, Inc. |
|
|
10,826 |
|
|
|
692,106 |
|
AuRico Gold, Inc. * |
|
|
145,370 |
|
|
|
1,083,748 |
|
Barrick Gold Corp. |
|
|
15,430 |
|
|
|
602,696 |
|
Cabot Corp. |
|
|
17,700 |
|
|
|
669,060 |
|
Crown Holdings, Inc. * |
|
|
24,072 |
|
|
|
820,614 |
|
Cytec Industries, Inc. |
|
|
9,283 |
|
|
|
561,250 |
|
Georgia Gulf Corp. * |
|
|
13,000 |
|
|
|
386,880 |
|
Globe Specialty Metals, Inc. |
|
|
74,227 |
|
|
|
869,940 |
|
Graphic Packaging Holding Co. * |
|
|
189,416 |
|
|
|
937,609 |
|
MeadWestvaco Corp. |
|
|
9,500 |
|
|
|
261,250 |
|
Newmont Mining Corp. # |
|
|
12,800 |
|
|
|
603,648 |
|
Osisko Mining Corp. * |
|
|
118,155 |
|
|
|
882,001 |
|
Rock-Tenn Co., Class A |
|
|
14,912 |
|
|
|
769,310 |
|
Spartech Corp. * |
|
|
40,279 |
|
|
|
151,449 |
|
St Barbara Ltd. * |
|
|
256,590 |
|
|
|
502,388 |
|
WR Grace & Co. * |
|
|
5,600 |
|
|
|
294,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,892,149 |
|
|
|
|
|
|
|
|
|
|
Capital Goods14.2% |
|
|
|
|
|
|
|
|
ABB Ltd. - Sponsored ADR * |
|
|
58,341 |
|
|
|
922,371 |
|
CIRCOR International, Inc. |
|
|
15,740 |
|
|
|
506,671 |
|
CNH Global NV * |
|
|
32,570 |
|
|
|
1,245,477 |
|
Cubic Corp. |
|
|
22,570 |
|
|
|
979,538 |
|
Curtiss-Wright Corp. |
|
|
27,578 |
|
|
|
838,095 |
|
Dah Chong Hong Holdings Ltd. |
|
|
570,000 |
|
|
|
541,979 |
|
Dover Corp. |
|
|
12,459 |
|
|
|
704,681 |
|
Emerson Electric Co. |
|
|
17,424 |
|
|
|
814,920 |
|
EnPro Industries, Inc. * |
|
|
18,894 |
|
|
|
727,797 |
|
Flowserve Corp. |
|
|
9,606 |
|
|
|
987,305 |
|
Fluor Corp. |
|
|
14,871 |
|
|
|
697,152 |
|
Gibraltar Industries, Inc. * |
|
|
25,000 |
|
|
|
255,500 |
|
Honeywell International, Inc. |
|
|
31,625 |
|
|
|
1,760,248 |
|
Hubbell, Inc., Class B |
|
|
8,767 |
|
|
|
691,892 |
|
Hyundai Mobis |
|
|
2,606 |
|
|
|
611,618 |
|
Illinois Tool Works, Inc. |
|
|
15,730 |
|
|
|
883,240 |
|
Kennametal, Inc. |
|
|
20,380 |
|
|
|
708,409 |
|
Lockheed Martin Corp. |
|
|
15,915 |
|
|
|
1,317,762 |
|
Makita Corp. |
|
|
20,000 |
|
|
|
680,704 |
|
Meggitt PLC |
|
|
148,250 |
|
|
|
862,516 |
|
Minerals Technologies, Inc. |
|
|
15,164 |
|
|
|
959,426 |
|
Northrop Grumman Corp. |
|
|
20,215 |
|
|
|
1,187,631 |
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Capital Goods(continued) |
|
|
|
|
|
|
|
|
PACCAR, Inc. |
|
|
29,890 |
|
|
$ |
1,122,967 |
|
Parker Hannifin Corp. |
|
|
18,155 |
|
|
|
1,483,990 |
|
Precision Castparts Corp. |
|
|
5,310 |
|
|
|
882,575 |
|
Raytheon Co. |
|
|
22,845 |
|
|
|
1,149,560 |
|
Rheinmetall AG |
|
|
19,561 |
|
|
|
807,130 |
|
Siemens AG - Sponsored ADR |
|
|
9,090 |
|
|
|
750,834 |
|
Silver Base Group Holdings Ltd |
|
|
500,000 |
|
|
|
235,133 |
|
Smiths Group PLC |
|
|
53,754 |
|
|
|
828,450 |
|
Standex International Corp. |
|
|
27,558 |
|
|
|
1,121,335 |
|
Stanley Black & Decker, Inc. |
|
|
19,190 |
|
|
|
1,271,338 |
|
Textron, Inc. |
|
|
16,725 |
|
|
|
395,212 |
|
TriMas Corp. * |
|
|
19,985 |
|
|
|
399,900 |
|
Tyco International, Ltd. |
|
|
28,635 |
|
|
|
1,522,237 |
|
Volvo AB - Sponsored ADR |
|
|
67,082 |
|
|
|
753,733 |
|
WABCO Holdings, Inc. * |
|
|
10,500 |
|
|
|
543,480 |
|
WESCO International, Inc. * |
|
|
24,260 |
|
|
|
1,443,227 |
|
Xylem, Inc. |
|
|
30,274 |
|
|
|
766,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,362,873 |
|
|
|
|
|
|
|
|
|
|
Communications3.8% |
|
|
|
|
|
|
|
|
Comcast Corp., Class A |
|
|
49,965 |
|
|
|
1,444,488 |
|
Google, Inc., Class A * # |
|
|
2,085 |
|
|
|
1,211,093 |
|
Monster Worldwide, Inc. * |
|
|
33,395 |
|
|
|
287,197 |
|
RigNet, Inc. * |
|
|
52,355 |
|
|
|
817,262 |
|
Shenandoah Telecommunications Co. |
|
|
11,905 |
|
|
|
126,907 |
|
Sohu.Com, Inc. * |
|
|
23,340 |
|
|
|
1,037,230 |
|
Time Warner Cable, Inc. |
|
|
17,700 |
|
|
|
1,334,580 |
|
Vodafone Group PLC - Sponsored ADR |
|
|
45,195 |
|
|
|
1,210,774 |
|
Windstream Corp. |
|
|
94,270 |
|
|
|
882,367 |
|
Yahoo!, Inc. * |
|
|
55,227 |
|
|
|
841,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,193,557 |
|
|
|
|
|
|
|
|
|
|
Consumer Durables1.8% |
|
|
|
|
|
|
|
|
Gentex Corp. |
|
|
13,000 |
|
|
|
289,900 |
|
Hoshizaki Electric Co. Ltd. |
|
|
20,075 |
|
|
|
493,421 |
|
Johnson Controls, Inc. |
|
|
32,564 |
|
|
|
981,479 |
|
Lear Corp. |
|
|
25,353 |
|
|
|
1,010,317 |
|
LISI |
|
|
9,824 |
|
|
|
611,502 |
|
TRW Automotive Holdings Corp. * |
|
|
9,395 |
|
|
|
362,365 |
|
Unipres Corp. |
|
|
20,200 |
|
|
|
558,104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,307,088 |
|
|
|
|
|
|
|
|
|
|
Consumer Non-Durables4.8% |
|
|
|
|
|
|
|
|
Anheuser-Busch InBev NV - Sponsored ADR |
|
|
20,210 |
|
|
|
1,368,217 |
|
Carlsberg A/S, Class B |
|
|
11,280 |
|
|
|
840,519 |
|
The
accompanying notes are an integral part of the portfolio of investments.
13
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO BOSTON PARTNERS
LONG/SHORT RESEARCH FUND (continued)
|
|
|
Portfolio of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Consumer Non-Durables(continued) |
|
|
|
|
|
|
|
|
Coca-Cola Enterprises, Inc. |
|
|
39,595 |
|
|
$ |
1,083,319 |
|
Cott Corp. * |
|
|
171,600 |
|
|
|
1,297,296 |
|
Electronic Arts, Inc. * |
|
|
144,145 |
|
|
|
1,963,255 |
|
Guess?, Inc. |
|
|
41,530 |
|
|
|
1,106,359 |
|
Henkel AG & Co. KGaA |
|
|
12,115 |
|
|
|
664,450 |
|
Kerry Group PLC, Class A |
|
|
14,417 |
|
|
|
622,242 |
|
Lorillard, Inc. |
|
|
7,005 |
|
|
|
865,818 |
|
Perfect World Co. Ltd. - Sponsored ADR |
|
|
85,550 |
|
|
|
871,755 |
|
Unilever NV |
|
|
32,980 |
|
|
|
1,034,253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,717,483 |
|
|
|
|
|
|
|
|
|
|
Consumer Services15.3% |
|
|
|
|
|
|
|
|
ANN, Inc. * |
|
|
35,470 |
|
|
|
953,788 |
|
CBS Corp., Class B non-voting shares |
|
|
51,670 |
|
|
|
1,649,306 |
|
Cinemark Holdings, Inc. |
|
|
44,050 |
|
|
|
1,015,793 |
|
Ctrip.Com International Ltd- ADR* |
|
|
29,756 |
|
|
|
547,510 |
|
CVS Caremark Corp. |
|
|
26,160 |
|
|
|
1,175,630 |
|
eBay, Inc. * |
|
|
54,635 |
|
|
|
2,141,146 |
|
eLong, Inc. - Sponsored ADR * |
|
|
44,138 |
|
|
|
595,863 |
|
Equifax, Inc. |
|
|
22,525 |
|
|
|
1,017,454 |
|
Expedia, Inc. |
|
|
21,936 |
|
|
|
1,006,643 |
|
Finish Line, Inc., (The), Class A |
|
|
43,197 |
|
|
|
890,722 |
|
FTI Consulting, Inc. * |
|
|
36,665 |
|
|
|
1,157,514 |
|
Interpublic Group of Cos., Inc., (The) |
|
|
86,740 |
|
|
|
901,229 |
|
Kohls Corp. |
|
|
24,935 |
|
|
|
1,142,522 |
|
Liberty Media Corp. - Liberty Capital, Class A * |
|
|
15,295 |
|
|
|
1,296,557 |
|
Macys, Inc. |
|
|
29,750 |
|
|
|
1,131,988 |
|
Manpower, Inc. |
|
|
18,178 |
|
|
|
653,499 |
|
McGraw-Hill Cos., Inc., (The) |
|
|
37,950 |
|
|
|
1,646,271 |
|
Moodys Corp. |
|
|
29,575 |
|
|
|
1,082,149 |
|
News Corp., Class A |
|
|
56,560 |
|
|
|
1,085,952 |
|
Nordstrom, Inc. |
|
|
22,980 |
|
|
|
1,088,563 |
|
Odyssey Marine Exploration, Inc.* |
|
|
274,785 |
|
|
|
887,556 |
|
Omnicom Group, Inc. |
|
|
19,535 |
|
|
|
931,429 |
|
Republic Services, Inc. |
|
|
36,105 |
|
|
|
951,728 |
|
Robert Half International, Inc. |
|
|
32,213 |
|
|
|
915,494 |
|
Staples, Inc. |
|
|
88,760 |
|
|
|
1,166,306 |
|
Target Corp. |
|
|
22,040 |
|
|
|
1,276,336 |
|
Time Warner, Inc. |
|
|
34,920 |
|
|
|
1,203,692 |
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Consumer Services(continued) |
|
|
|
|
|
|
|
|
Towers Watson & Co., Class A |
|
|
16,828 |
|
|
$ |
1,014,055 |
|
Viacom, Inc., Class B |
|
|
18,010 |
|
|
|
859,617 |
|
Walgreen Co. |
|
|
30,760 |
|
|
|
938,795 |
|
Walt Disney Co., (The) |
|
|
30,640 |
|
|
|
1,400,554 |
|
Williams-Sonoma, Inc. |
|
|
24,470 |
|
|
|
854,248 |
|
WPP PLC |
|
|
106,085 |
|
|
|
1,265,466 |
|
Wright Express Corp. * |
|
|
21,285 |
|
|
|
1,193,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,038,612 |
|
|
|
|
|
|
|
|
|
|
Energy8.7% |
|
|
|
|
|
|
|
|
Canadian Natural Resources Ltd. |
|
|
14,025 |
|
|
|
400,835 |
|
Devon Energy Corp. |
|
|
18,350 |
|
|
|
1,092,192 |
|
EnerSys * |
|
|
23,468 |
|
|
|
773,975 |
|
EOG Resources, Inc. |
|
|
38,048 |
|
|
|
3,778,166 |
|
EQT Corp. |
|
|
40,310 |
|
|
|
1,869,578 |
|
Exxon Mobil Corp. |
|
|
16,180 |
|
|
|
1,272,233 |
|
Forum Energy Technologies, Inc.* |
|
|
9,395 |
|
|
|
201,805 |
|
Noble Energy, Inc. # |
|
|
24,715 |
|
|
|
2,087,429 |
|
Occidental Petroleum Corp. |
|
|
25,200 |
|
|
|
1,997,604 |
|
Phillips 66 * |
|
|
43,000 |
|
|
|
1,291,290 |
|
Rosetta Resources, Inc. * |
|
|
38,617 |
|
|
|
1,494,092 |
|
Royal Dutch Shell PLC # |
|
|
53,500 |
|
|
|
3,326,630 |
|
SM Energy Co. |
|
|
27,980 |
|
|
|
1,513,438 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,099,267 |
|
|
|
|
|
|
|
|
|
|
Finance16.0% |
|
|
|
|
|
|
|
|
ACE Ltd. |
|
|
14,295 |
|
|
|
1,033,957 |
|
American Express Co. |
|
|
10,395 |
|
|
|
580,353 |
|
Barclays PLC - Sponsored ADR |
|
|
70,444 |
|
|
|
778,406 |
|
Berkshire Hathaway, Inc., Class B * |
|
|
15,040 |
|
|
|
1,193,574 |
|
Capital One Financial Corp. |
|
|
45,050 |
|
|
|
2,314,219 |
|
Catlin Group Ltd. |
|
|
134,145 |
|
|
|
829,038 |
|
Citigroup, Inc. |
|
|
74,066 |
|
|
|
1,963,490 |
|
Comerica, Inc. |
|
|
49,615 |
|
|
|
1,509,288 |
|
Discover Financial Services |
|
|
37,583 |
|
|
|
1,244,373 |
|
East West Bancorp, Inc. |
|
|
38,720 |
|
|
|
866,941 |
|
Fifth Third Bancorp |
|
|
173,240 |
|
|
|
2,312,754 |
|
First Niagara Financial Group, Inc. |
|
|
94,975 |
|
|
|
766,448 |
|
Goldman Sachs Group, Inc., (The) |
|
|
8,345 |
|
|
|
798,617 |
|
Huntington Bancshares, Inc. |
|
|
233,595 |
|
|
|
1,527,711 |
|
JPMorgan Chase & Co. |
|
|
65,017 |
|
|
|
2,155,314 |
|
M&T Bank Corp. |
|
|
5,330 |
|
|
|
433,436 |
|
Marsh & McLennan Cos., Inc. |
|
|
32,855 |
|
|
|
1,050,703 |
|
The
accompanying notes are an integral part of the portfolio of investments.
14
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO BOSTON PARTNERS
LONG/SHORT RESEARCH FUND (continued)
|
|
|
Portfolio of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Finance(continued) |
|
|
|
|
|
|
|
|
MetLife, Inc. |
|
|
19,695 |
|
|
$ |
575,291 |
|
Morgan Stanley |
|
|
33,545 |
|
|
|
448,161 |
|
PNC Financial Services Group, Inc. |
|
|
27,380 |
|
|
|
1,681,680 |
|
Raymond James Financial, Inc. |
|
|
35,795 |
|
|
|
1,223,473 |
|
SLM Corp. |
|
|
101,513 |
|
|
|
1,418,137 |
|
Steel Excel, Inc. * |
|
|
27,500 |
|
|
|
743,875 |
|
SunTrust Banks, Inc. |
|
|
70,495 |
|
|
|
1,615,745 |
|
Symetra Financial Corp. |
|
|
73,950 |
|
|
|
835,635 |
|
TD Ameritrade Holding Corp. |
|
|
76,155 |
|
|
|
1,306,820 |
|
Torchmark Corp. |
|
|
25,750 |
|
|
|
1,201,495 |
|
Travelers Cos., Inc., (The) |
|
|
16,030 |
|
|
|
1,001,715 |
|
US Bancorp |
|
|
55,465 |
|
|
|
1,725,516 |
|
Validus Holdings Ltd. |
|
|
36,770 |
|
|
|
1,153,843 |
|
Wells Fargo & Co. |
|
|
74,743 |
|
|
|
2,395,513 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38,685,521 |
|
|
|
|
|
|
|
|
|
|
Health Care9.4% |
|
|
|
|
|
|
|
|
AmerisourceBergen Corp. |
|
|
32,550 |
|
|
|
1,204,025 |
|
Amgen, Inc. |
|
|
10,917 |
|
|
|
758,950 |
|
Bayer AG - Sponsored ADR |
|
|
7,030 |
|
|
|
444,169 |
|
CareFusion Corp. * |
|
|
47,365 |
|
|
|
1,148,128 |
|
Chemed Corp. |
|
|
21,150 |
|
|
|
1,174,883 |
|
CIGNA Corp. |
|
|
26,370 |
|
|
|
1,157,907 |
|
Covidien PLC |
|
|
19,817 |
|
|
|
1,026,124 |
|
DaVita, Inc. * |
|
|
13,460 |
|
|
|
1,093,625 |
|
Exactech, Inc. * |
|
|
29,815 |
|
|
|
484,792 |
|
Hologic, Inc. * |
|
|
31,110 |
|
|
|
521,404 |
|
Humana, Inc. |
|
|
15,210 |
|
|
|
1,161,892 |
|
ICON PLC, Sponsored ADR * |
|
|
48,261 |
|
|
|
1,036,164 |
|
Johnson & Johnson |
|
|
12,295 |
|
|
|
767,577 |
|
McKesson Corp. |
|
|
13,815 |
|
|
|
1,205,773 |
|
Omnicare, Inc. |
|
|
38,360 |
|
|
|
1,209,107 |
|
Omnicell, Inc. * |
|
|
82,866 |
|
|
|
1,084,716 |
|
PAREXEL International Corp. * |
|
|
20,682 |
|
|
|
553,450 |
|
Pfizer, Inc. |
|
|
41,095 |
|
|
|
898,748 |
|
Quest Diagnostics, Inc. |
|
|
13,295 |
|
|
|
756,486 |
|
Roche Holding AG - Sponsored ADR |
|
|
15,810 |
|
|
|
619,278 |
|
Sanofi ADR |
|
|
27,703 |
|
|
|
942,733 |
|
St Jude Medical, Inc. |
|
|
15,465 |
|
|
|
594,165 |
|
Stryker Corp. |
|
|
17,023 |
|
|
|
875,833 |
|
UnitedHealth Group, Inc. |
|
|
19,730 |
|
|
|
1,100,342 |
|
WellPoint, Inc. |
|
|
12,190 |
|
|
|
821,484 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,641,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Technology14.5% |
|
|
|
|
|
|
|
|
Accenture PLC, Class A |
|
|
19,177 |
|
|
$ |
1,095,007 |
|
Alliance Data Systems Corp. * |
|
|
8,010 |
|
|
|
1,009,260 |
|
Amdocs Ltd. * |
|
|
42,550 |
|
|
|
1,223,313 |
|
Analog Devices, Inc. |
|
|
31,326 |
|
|
|
1,139,327 |
|
Apple, Inc. * |
|
|
3,855 |
|
|
|
2,227,149 |
|
Arrow Electronics, Inc. * |
|
|
36,797 |
|
|
|
1,247,786 |
|
Avnet, Inc. * |
|
|
35,900 |
|
|
|
1,094,591 |
|
BMC Software, Inc. * |
|
|
31,045 |
|
|
|
1,313,824 |
|
CA, Inc. |
|
|
51,998 |
|
|
|
1,293,190 |
|
CACI International, Inc., Class A * |
|
|
19,555 |
|
|
|
836,954 |
|
CGI Group, Inc., Class A * |
|
|
52,830 |
|
|
|
1,226,184 |
|
Cisco Systems, Inc. |
|
|
71,650 |
|
|
|
1,170,045 |
|
EMC Corp. * |
|
|
59,967 |
|
|
|
1,430,213 |
|
Flextronics International Ltd. * |
|
|
206,584 |
|
|
|
1,326,269 |
|
Harris Corp. |
|
|
48,090 |
|
|
|
1,913,020 |
|
Hewlett-Packard Co. |
|
|
25,862 |
|
|
|
586,550 |
|
Ingram Micro, Inc., Class A * |
|
|
83,310 |
|
|
|
1,485,417 |
|
International Business Machines Corp. |
|
|
1,958 |
|
|
|
377,698 |
|
Microsoft Corp. |
|
|
66,785 |
|
|
|
1,949,454 |
|
Oracle Corp. |
|
|
41,832 |
|
|
|
1,107,293 |
|
Seagate Technology PLC |
|
|
63,895 |
|
|
|
1,497,060 |
|
STMicroelectronics NV |
|
|
123,498 |
|
|
|
632,310 |
|
Symantec Corp. * |
|
|
32,983 |
|
|
|
489,468 |
|
TE Connectivity Ltd. |
|
|
35,490 |
|
|
|
1,115,096 |
|
TeleTech Holdings, Inc. * |
|
|
27,832 |
|
|
|
414,697 |
|
Texas Instruments, Inc. |
|
|
45,430 |
|
|
|
1,293,846 |
|
United Technologies Corp. |
|
|
14,555 |
|
|
|
1,078,671 |
|
Western Digital Corp. * |
|
|
30,740 |
|
|
|
964,929 |
|
Western Union Co. (The) |
|
|
84,480 |
|
|
|
1,385,472 |
|
Xerox Corp. |
|
|
177,853 |
|
|
|
1,284,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35,208,192 |
|
|
|
|
|
|
|
|
|
|
Transportation0.2% |
|
|
|
|
|
|
|
|
United Parcel Service, Inc., Class B |
|
|
7,879 |
|
|
|
590,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
590,452 |
|
|
|
|
|
|
|
|
|
|
Utilities1.3% |
|
|
|
|
|
|
|
|
AES Corp., (The) * |
|
|
88,909 |
|
|
|
1,074,910 |
|
American Electric Power Co., Inc. |
|
|
30,055 |
|
|
|
1,157,418 |
|
The
accompanying notes are an integral part of the portfolio of investments.
15
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO BOSTON PARTNERS
LONG/SHORT RESEARCH FUND (continued)
|
|
|
Portfolio of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Utilities(continued) |
|
|
|
|
|
|
|
|
Exelon Corp. |
|
|
23,088 |
|
|
$ |
853,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,086,122 |
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCK94.5% (Cost $237,308,564) |
|
|
|
228,823,071 |
|
|
|
|
|
|
|
|
|
|
TOTAL LONG POSITIONS94.5% (Cost $237,308,564) |
|
|
|
228,823,071 |
|
|
|
|
|
|
|
|
|
|
SECURITIES SOLD SHORT(44.9%) |
|
|
|
|
|
COMMON STOCK(44.9%) |
|
|
|
|
|
|
|
|
Basic Industries(1.8%) |
|
|
|
|
|
|
|
|
Air Liquide SA - ADR |
|
|
(19,617 |
) |
|
|
(429,033 |
) |
Antofagasta PLC |
|
|
(35,000 |
) |
|
|
(540,495 |
) |
Aptargroup, Inc. |
|
|
(7,460 |
) |
|
|
(377,998 |
) |
Bemis Co., Inc. |
|
|
(11,144 |
) |
|
|
(338,332 |
) |
Haynes International, Inc. |
|
|
(10,375 |
) |
|
|
(529,125 |
) |
Seabridge Gold, Inc. * |
|
|
(18,839 |
) |
|
|
(285,788 |
) |
Solvay SA |
|
|
(2,865 |
) |
|
|
(300,199 |
) |
Southern Copper Corp |
|
|
(22,525 |
) |
|
|
(640,836 |
) |
Tessenderlo Chemie NV |
|
|
(7,000 |
) |
|
|
(180,814 |
) |
Texas Industries, Inc. |
|
|
(13,244 |
) |
|
|
(423,808 |
) |
Westlake Chemical Corp. |
|
|
(4,800 |
) |
|
|
(261,552 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,307,980 |
) |
|
|
|
|
|
|
|
|
|
Capital Goods(4.4%) |
|
|
|
|
|
|
|
|
AAON, Inc. |
|
|
(11,205 |
) |
|
|
(209,982 |
) |
Calix, Inc. * |
|
|
(88,310 |
) |
|
|
(709,129 |
) |
Commercial Vehicle Group, Inc. * |
|
|
(70,305 |
) |
|
|
(613,763 |
) |
CSR Corp. Ltd., Class H * |
|
|
(597,000 |
) |
|
|
(459,198 |
) |
Donaldson Co., Inc. |
|
|
(12,155 |
) |
|
|
(434,784 |
) |
Eaton Corp. |
|
|
(12,045 |
) |
|
|
(513,840 |
) |
Federal Signal Corp. * |
|
|
(102,850 |
) |
|
|
(512,193 |
) |
Graco, Inc. |
|
|
(10,943 |
) |
|
|
(527,124 |
) |
James Hardie Industries SE - Sponsored ADR |
|
|
(10,200 |
) |
|
|
(366,231 |
) |
Manitex International, Inc. * |
|
|
(30,940 |
) |
|
|
(251,233 |
) |
Navistar International Corp. * |
|
|
(20,085 |
) |
|
|
(561,175 |
) |
Nordson Corp. |
|
|
(7,430 |
) |
|
|
(398,322 |
) |
PMFG, Inc. * |
|
|
(34,523 |
) |
|
|
(263,756 |
) |
Sauer-Danfoss, Inc. |
|
|
(15,545 |
) |
|
|
(561,641 |
) |
Simpson Manufacturing Co., Inc. |
|
|
(12,932 |
) |
|
|
(359,380 |
) |
SPX Corp. |
|
|
(10,009 |
) |
|
|
(718,946 |
) |
Tennant Co. |
|
|
(5,250 |
) |
|
|
(221,550 |
) |
Timken Co. |
|
|
(15,320 |
) |
|
|
(730,764 |
) |
Trex Co., Inc. * |
|
|
(14,200 |
) |
|
|
(413,220 |
) |
Vulcan Materials Co. |
|
|
(12,332 |
) |
|
|
(427,304 |
) |
Wabash National Corp. * |
|
|
(85,386 |
) |
|
|
(594,287 |
) |
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Capital Goods(continued) |
|
|
|
|
|
|
|
|
Watsco, Inc. |
|
|
(4,283 |
) |
|
$ |
(315,272 |
) |
Zep, Inc. |
|
|
(30,000 |
) |
|
|
(420,600 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,583,694 |
) |
|
|
|
|
|
|
|
|
|
Communications(5.9%) |
|
|
|
|
|
|
|
|
AMC Networks, Inc., Class A * |
|
|
(20,600 |
) |
|
|
(794,954 |
) |
Cbeyond, Inc. * |
|
|
(84,035 |
) |
|
|
(497,487 |
) |
Cincinnati Bell, Inc. * |
|
|
(213,760 |
) |
|
|
(756,710 |
) |
Cogent Communications Group, Inc. * |
|
|
(19,125 |
) |
|
|
(339,278 |
) |
comScore. Inc, * |
|
|
(32,020 |
) |
|
|
(581,163 |
) |
Consolidated Communications Holdings, Inc. |
|
|
(37,145 |
) |
|
|
(547,889 |
) |
Equinix, Inc. * |
|
|
(7,260 |
) |
|
|
(1,184,179 |
) |
France Telecom SA |
|
|
(41,545 |
) |
|
|
(521,926 |
) |
Koninklijke KPN NV |
|
|
(70,630 |
) |
|
|
(667,672 |
) |
Leap Wireless International, Inc. * |
|
|
(94,555 |
) |
|
|
(545,582 |
) |
Level 3 Communications, Inc. * |
|
|
(31,070 |
) |
|
|
(659,616 |
) |
LinkedIn Corp., Class A * |
|
|
(13,525 |
) |
|
|
(1,299,753 |
) |
Lumos Networks Corp. |
|
|
(47,490 |
) |
|
|
(486,773 |
) |
NII Holdings, Inc. * |
|
|
(36,665 |
) |
|
|
(422,381 |
) |
Oclaro, Inc. * |
|
|
(167,070 |
) |
|
|
(426,029 |
) |
Pandora Media, Inc. * |
|
|
(77,465 |
) |
|
|
(831,974 |
) |
Rackspace Hosting, Inc. * |
|
|
(14,550 |
) |
|
|
(719,788 |
) |
Shutterfly, Inc. * |
|
|
(18,280 |
) |
|
|
(503,980 |
) |
Sprint Nextel Corp. * |
|
|
(198,240 |
) |
|
|
(509,477 |
) |
Telefonica SA - Sponsored ADR |
|
|
(58,735 |
) |
|
|
(650,198 |
) |
tw telecom, Inc. * |
|
|
(28,360 |
) |
|
|
(657,668 |
) |
Verizon Communications, Inc. |
|
|
(13,935 |
) |
|
|
(580,253 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14,184,730 |
) |
|
|
|
|
|
|
|
|
|
Consumer Durables(0.7%) |
|
|
|
|
|
|
|
|
American Axle & Manaufacturing Holdings, Inc. * |
|
|
(34,232 |
) |
|
|
(316,988 |
) |
Meritage Homes Corp. * |
|
|
(10,674 |
) |
|
|
(320,327 |
) |
National Presto Industries, Inc. |
|
|
(5,120 |
) |
|
|
(343,347 |
) |
Sherwin-Williams Co., (The) |
|
|
(2,109 |
) |
|
|
(273,411 |
) |
Toll Brothers, Inc. * |
|
|
(12,580 |
) |
|
|
(343,182 |
) |
Whirlpool Corp. |
|
|
(2,383 |
) |
|
|
(147,460 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,744,715 |
) |
|
|
|
|
|
|
|
|
|
Consumer Non-Durables(2.8%) |
|
|
|
|
|
|
|
|
Clorox Co., (The) |
|
|
(13,940 |
) |
|
|
(959,072 |
) |
Flowers Foods, Inc. |
|
|
(43,154 |
) |
|
|
(950,251 |
) |
Glu Mobile, Inc. * |
|
|
(136,660 |
) |
|
|
(631,369 |
) |
Huabao International Holdings Ltd. |
|
|
(1,304,000 |
) |
|
|
(551,065 |
) |
The
accompanying notes are an integral part of the portfolio of investments.
16
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO BOSTON PARTNERS
LONG/SHORT RESEARCH FUND (continued)
|
|
|
Portfolio of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Consumer Non-Durables(continued) |
|
|
|
|
|
National Beverage Corp. * |
|
|
(57,700 |
) |
|
$ |
(834,342 |
) |
Snyders-Lance, Inc. |
|
|
(33,520 |
) |
|
|
(864,481 |
) |
Tootsie Roll Industries, Inc. |
|
|
(40,911 |
) |
|
|
(914,363 |
) |
Under Armour, Inc., Class A * |
|
|
(10,965 |
) |
|
|
(1,104,504 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,809,447 |
) |
|
|
|
|
|
|
|
|
|
Consumer Services(9.3%) |
|
|
|
|
|
|
|
|
Acxiom Corp. * |
|
|
(43,310 |
) |
|
|
(609,372 |
) |
Amazon.com, Inc. * |
|
|
(2,850 |
) |
|
|
(606,794 |
) |
Arbitron, Inc. |
|
|
(17,130 |
) |
|
|
(572,827 |
) |
AutoNation, Inc. * |
|
|
(12,519 |
) |
|
|
(450,934 |
) |
Bankrate, Inc. * |
|
|
(30,550 |
) |
|
|
(530,959 |
) |
Blue Nile, Inc. * |
|
|
(33,630 |
) |
|
|
(1,085,913 |
) |
Buffalo Wild Wings, Inc. * |
|
|
(12,205 |
) |
|
|
(1,038,767 |
) |
Clean Harbors, Inc. * |
|
|
(1,847 |
) |
|
|
(114,643 |
) |
Fastenal Co. |
|
|
(20,009 |
) |
|
|
(884,998 |
) |
Francescas Holdings Corp. * |
|
|
(32,410 |
) |
|
|
(760,339 |
) |
Fresh Market, Inc., (The) * |
|
|
(18,730 |
) |
|
|
(1,088,588 |
) |
Heritage-Crystal Clean, Inc. * |
|
|
(14,000 |
) |
|
|
(273,840 |
) |
Iron Mountain, Inc. |
|
|
(30,620 |
) |
|
|
(868,077 |
) |
Jack in the Box, Inc. * |
|
|
(29,645 |
) |
|
|
(766,323 |
) |
JC Penney Co., Inc. |
|
|
(33,520 |
) |
|
|
(879,230 |
) |
Monro Muffler Brake, Inc. |
|
|
(27,140 |
) |
|
|
(917,061 |
) |
Morningstar, Inc. |
|
|
(10,210 |
) |
|
|
(571,147 |
) |
Nutrisystem, Inc. |
|
|
(95,590 |
) |
|
|
(979,798 |
) |
Old Dominion Freight Line, Inc. * |
|
|
(12,545 |
) |
|
|
(546,460 |
) |
Peets Coffee & Tea, Inc. * |
|
|
(17,480 |
) |
|
|
(1,041,458 |
) |
Pool Corp. |
|
|
(4,145 |
) |
|
|
(153,241 |
) |
R. R. Donnelley & Sons Co. |
|
|
(64,630 |
) |
|
|
(695,419 |
) |
Regal Entertainment Group, Class A |
|
|
(62,190 |
) |
|
|
(855,113 |
) |
Ritchie Bros. Auctioneers, Inc. |
|
|
(47,390 |
) |
|
|
(939,270 |
) |
Rollins, Inc. |
|
|
(41,040 |
) |
|
|
(871,690 |
) |
Safeway, Inc. |
|
|
(36,205 |
) |
|
|
(688,619 |
) |
Sinclair Broadcasting Group, Inc., Class A |
|
|
(85,330 |
) |
|
|
(694,586 |
) |
Sturm Ruger & Co., Inc. |
|
|
(3,486 |
) |
|
|
(135,849 |
) |
Sysco Corp. |
|
|
(24,620 |
) |
|
|
(687,144 |
) |
Titan Machinery, Inc. * |
|
|
(19,150 |
) |
|
|
(590,778 |
) |
Vail Resorts, Inc. |
|
|
(3,793 |
) |
|
|
(164,882 |
) |
Vitacost.com, Inc. * |
|
|
(82,059 |
) |
|
|
(631,034 |
) |
Youku.com, Inc. - ADR * |
|
|
(35,376 |
) |
|
|
(841,949 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(22,537,102 |
) |
|
|
|
|
|
|
|
|
|
Energy(4.0%) |
|
|
|
|
|
|
|
|
Aurora Oil and Gas Ltd. * |
|
|
(200,000 |
) |
|
|
(660,309 |
) |
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Energy(continued) |
|
|
|
|
|
|
|
|
Bonterra Energy Corp. |
|
|
(5,800 |
) |
|
$ |
(261,459 |
) |
Carrizo Oil & Gas, Inc. * |
|
|
(34,600 |
) |
|
|
(765,006 |
) |
Chesapeake Energy Corp. |
|
|
(48,470 |
) |
|
|
(819,143 |
) |
Concho Resources, Inc. * |
|
|
(9,300 |
) |
|
|
(815,982 |
) |
Continental Resources, Inc. * |
|
|
(11,639 |
) |
|
|
(848,017 |
) |
Crescent Point Energy Corp. |
|
|
(14,510 |
) |
|
|
(558,147 |
) |
FMC Technologies, Inc. * |
|
|
(9,000 |
) |
|
|
(362,160 |
) |
Forest Oil Corp. * |
|
|
(24,815 |
) |
|
|
(207,205 |
) |
Goodrich Petroleum Corp. * |
|
|
(46,170 |
) |
|
|
(681,931 |
) |
Petroleum Development Corp. * |
|
|
(11,005 |
) |
|
|
(273,364 |
) |
Range Resources Corp. |
|
|
(19,850 |
) |
|
|
(1,140,184 |
) |
Saipem SpA |
|
|
(10,965 |
) |
|
|
(425,730 |
) |
Technip SA |
|
|
(6,910 |
) |
|
|
(629,797 |
) |
Valero Energy Corp. |
|
|
(35,000 |
) |
|
|
(738,500 |
) |
Whiting Petroleum Corp. * |
|
|
(13,760 |
) |
|
|
(594,570 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9,781,504 |
) |
|
|
|
|
|
|
|
|
|
Exchange Traded Funds(0.6%) |
|
|
|
|
|
|
|
|
SPDR Gold Shares * |
|
|
(3,865 |
) |
|
|
(586,011 |
) |
United States Oil Fund LP * |
|
|
(24,990 |
) |
|
|
(814,924 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,400,935 |
) |
|
|
|
|
|
|
|
|
|
Finance(4.5%) |
|
|
|
|
|
|
|
|
Associated Banc-Corp. |
|
|
(37,920 |
) |
|
|
(480,067 |
) |
City National Corp. |
|
|
(8,930 |
) |
|
|
(443,642 |
) |
Commonwealth Bank of Australia |
|
|
(8,070 |
) |
|
|
(388,332 |
) |
CVB Financial Corp. |
|
|
(42,844 |
) |
|
|
(466,571 |
) |
First Cash Financial Services, Inc. * |
|
|
(12,990 |
) |
|
|
(486,605 |
) |
FirstMerit Corp. |
|
|
(17,940 |
) |
|
|
(285,246 |
) |
Gain Capital Holdings, Inc. |
|
|
(99,000 |
) |
|
|
(487,080 |
) |
Glacier Bancorp, Inc. |
|
|
(22,560 |
) |
|
|
(323,736 |
) |
Greenhill & Co., Inc. |
|
|
(7,140 |
) |
|
|
(248,972 |
) |
Hancock Holding Co. |
|
|
(14,673 |
) |
|
|
(447,380 |
) |
Iberiabank Corp. |
|
|
(11,682 |
) |
|
|
(566,460 |
) |
MB Financial, Inc. |
|
|
(21,228 |
) |
|
|
(431,141 |
) |
Royal Bank of Canada |
|
|
(7,716 |
) |
|
|
(383,871 |
) |
TCF Financial Corp. |
|
|
(42,970 |
) |
|
|
(506,616 |
) |
Textainer Group Holdings Ltd. |
|
|
(19,295 |
) |
|
|
(634,227 |
) |
Tompkins Financial Corp. |
|
|
(13,288 |
) |
|
|
(486,474 |
) |
Toronto-Dominion Bank, (The) |
|
|
(4,885 |
) |
|
|
(373,067 |
) |
Trustmark Corp. |
|
|
(22,150 |
) |
|
|
(540,903 |
) |
UMB Financial Corp. |
|
|
(7,761 |
) |
|
|
(378,504 |
) |
United Bankshares, Inc. |
|
|
(21,045 |
) |
|
|
(539,173 |
) |
Valley National Bancorp |
|
|
(57,014 |
) |
|
|
(637,988 |
) |
Westamerica Bancorporation |
|
|
(15,874 |
) |
|
|
(709,727 |
) |
The
accompanying notes are an integral part of the portfolio of investments.
17
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO BOSTON PARTNERS
LONG/SHORT RESEARCH FUND (continued)
|
|
|
Portfolio of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Finance(continued) |
|
|
|
|
|
|
|
|
World Acceptance Corp. * |
|
|
(8,745 |
) |
|
$ |
(598,508 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,844,290 |
) |
|
|
|
|
|
|
|
|
|
Health Care(3.3%) |
|
|
|
|
|
|
|
|
ABIOMED, Inc. * |
|
|
(26,111 |
) |
|
|
(530,837 |
) |
Ariad Pharmaceuticals, Inc. * |
|
|
(47,244 |
) |
|
|
(782,833 |
) |
athenahealth, Inc. * |
|
|
(14,600 |
) |
|
|
(1,061,274 |
) |
AVANIR Pharmaceuticals Inc., Class A * |
|
|
(146,870 |
) |
|
|
(436,204 |
) |
Elekta AB, B Shares * |
|
|
(10,520 |
) |
|
|
(504,387 |
) |
IDEXX Laboratories, Inc. * |
|
|
(5,684 |
) |
|
|
(482,230 |
) |
Incyte Corp. Ltd * |
|
|
(21,054 |
) |
|
|
(448,661 |
) |
Lundbeck (H.) A/S |
|
|
(15,911 |
) |
|
|
(329,626 |
) |
NxStage Medical, Inc. * |
|
|
(36,697 |
) |
|
|
(557,427 |
) |
Orion OYJ, Class B |
|
|
(15,865 |
) |
|
|
(276,014 |
) |
Perrigo Co. |
|
|
(5,475 |
) |
|
|
(568,798 |
) |
Sinopharm Group Co., Ltd. - Class H * |
|
|
(260,800 |
) |
|
|
(590,715 |
) |
Spectrum Pharmaceuticals, Inc. * |
|
|
(32,107 |
) |
|
|
(372,120 |
) |
Stericycle, Inc. * |
|
|
(12,395 |
) |
|
|
(1,081,588 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8,022,714 |
) |
|
|
|
|
|
|
|
|
|
Real Estate Investment Trusts(0.3%) |
|
|
|
|
|
Apartment Investment & Management Co. - Class A |
|
|
(29,475 |
) |
|
|
(797,888 |
) |
|
|
|
|
|
|
|
|
|
Technology(6.5%) |
|
|
|
|
|
|
|
|
AOL, Inc. * |
|
|
(26,325 |
) |
|
|
(722,095 |
) |
Aspen Technology, Inc. * |
|
|
(39,382 |
) |
|
|
(870,342 |
) |
Aviat Networks, Inc. * |
|
|
(184,455 |
) |
|
|
(477,738 |
) |
Blackbaud, Inc. |
|
|
(22,640 |
) |
|
|
(585,244 |
) |
Ciena Corp. * |
|
|
(38,730 |
) |
|
|
(524,791 |
) |
Cirrus Logic, Inc. * |
|
|
(34,158 |
) |
|
|
(981,018 |
) |
Dassault Systemes SA |
|
|
(8,471 |
) |
|
|
(770,291 |
) |
Finisar Corp. * |
|
|
(33,375 |
) |
|
|
(478,931 |
) |
First Solar, Inc. * |
|
|
(8,238 |
) |
|
|
(103,469 |
) |
Gamesa Corp. Tecnologica SA |
|
|
(220,232 |
) |
|
|
(406,027 |
) |
Infinera Corp. * |
|
|
(67,875 |
) |
|
|
(435,079 |
) |
Itron, Inc. * |
|
|
(17,348 |
) |
|
|
(621,579 |
) |
Logitech International SA * |
|
|
(57,391 |
) |
|
|
(587,110 |
) |
National Instruments Corp. |
|
|
(29,135 |
) |
|
|
(758,675 |
) |
NetSuite, Inc. * |
|
|
(16,581 |
) |
|
|
(777,980 |
) |
Pegasystems, Inc. |
|
|
(19,179 |
) |
|
|
(594,357 |
) |
Pfeiffer Vacuum Technology AG |
|
|
(5,156 |
) |
|
|
(527,248 |
) |
Red Hat, Inc. * |
|
|
(15,267 |
) |
|
|
(784,418 |
) |
Salesforce.com, Inc. * |
|
|
(4,788 |
) |
|
|
(663,712 |
) |
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Technology(continued) |
|
|
|
|
|
|
|
|
Shanghai Electric Group Co., Ltd., Class H * |
|
|
(1,075,117 |
) |
|
$ |
(483,429 |
) |
Skyworks Solutions, Inc. * |
|
|
(26,792 |
) |
|
|
(719,633 |
) |
Syntel, Inc. |
|
|
(15,158 |
) |
|
|
(847,332 |
) |
Tri-Tech Holding, Inc. * |
|
|
(50,300 |
) |
|
|
(231,883 |
) |
VMware, Inc., Class A * |
|
|
(7,072 |
) |
|
|
(657,767 |
) |
Wipro Ltd. - ADR |
|
|
(63,503 |
) |
|
|
(546,126 |
) |
Zebra Technologies Corp., Class A * |
|
|
(14,430 |
) |
|
|
(482,972 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(15,639,246 |
) |
|
|
|
|
|
|
|
|
|
Transportation(0.3%) |
|
|
|
|
|
|
|
|
CH Robinson Worldwide, Inc. |
|
|
(6,849 |
) |
|
|
(399,023 |
) |
Kansas City Southern |
|
|
(6,740 |
) |
|
|
(444,705 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(843,728 |
) |
|
|
|
|
|
|
|
|
|
Utilities(0.5%) |
|
|
|
|
|
|
|
|
Aqua America, Inc. |
|
|
(5,798 |
) |
|
|
(133,934 |
) |
Calpine Corp. * |
|
|
(24,095 |
) |
|
|
(404,796 |
) |
Consolidated Edison, Inc. |
|
|
(2,319 |
) |
|
|
(139,975 |
) |
Ormat Technologies, Inc. |
|
|
(29,020 |
) |
|
|
(589,396 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,268,101 |
) |
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCK (Proceeds $112,871,684) |
|
|
|
(108,766,074 |
) |
|
|
|
|
|
|
|
|
|
TOTAL SECURITIES SOLD SHORT (44.9%) (Proceeds $112,871,684) |
|
|
|
(108,766,074 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Contracts |
|
|
|
|
OPTIONS WRITTEN0.0% |
|
|
|
|
|
Google, Inc. Call Options Expires 09/22/12 Strike Price $700 |
|
|
(20 |
) |
|
|
(12,200 |
) |
Google, Inc. Call Options Expires 06/16/12 Strike Price $700 |
|
|
(4 |
) |
|
|
(20 |
) |
Google, Inc. Put Options Expires 9/22/12 Strike Price $550 |
|
|
(20 |
) |
|
|
(53,800 |
) |
Newmont Mining Corp. Call Options Expires 06/16/12 Strike Price $65
|
|
|
(49 |
) |
|
|
(98 |
) |
The
accompanying notes are an integral part of the portfolio of investments.
18
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO BOSTON PARTNERS
LONG/SHORT RESEARCH FUND (continued)
|
|
|
Portfolio of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Contracts |
|
|
Value |
|
Options Written(continued) |
|
|
|
|
|
Royal Dutch Shell PLC Call Options Expires 01/19/13 Strike Price $65 |
|
|
(100 |
) |
|
$ |
(27,000 |
) |
|
|
|
|
|
|
|
|
|
TOTAL OPTIONS WRITTEN (Premiums received $109,460) |
|
|
|
(93,118 |
) |
|
|
|
|
|
|
|
|
|
OTHER ASSETS IN EXCESS
OF LIABILITIES50.4% |
|
|
|
|
|
|
122,036,650 |
|
|
|
|
|
|
|
|
|
|
NET ASSETS100.0% |
|
|
|
|
|
$ |
242,000,529 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
|
|
American Depositary Receipt |
PLC |
|
|
|
Public Limited Company |
* |
|
|
|
Non-income producing. |
|
|
|
|
Security position is either entirely or partially held in a segregated account as collateral for securities sold short. |
# |
|
|
|
Security segregated as collateral for options written. |
|
|
|
|
Primary risk exposure is equity contracts. |
** |
|
|
|
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 |
|
$ |
237,308,571 |
|
|
|
|
|
|
Gross unrealized appreciation |
|
|
6,641,655 |
|
Gross unrealized depreciation |
|
|
(15,127,148 |
) |
|
|
|
|
|
Net unrealized depreciation |
|
$ |
(8,485,493 |
) |
|
|
|
|
|
The
accompanying notes are an integral part of the portfolio of investments.
19
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 |
|
|
|
|
|
ROBECO BOSTON PARTNERS
LONG/SHORT RESEARCH FUND (concluded)
|
|
|
Portfolio of Investments
|
|
A summary of the inputs used to value the Funds investments as of May 31, 2012 is as follows (see Notes
to Portfolio of Investments):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Value as of May 31,
2012 |
|
|
Level 1 Quoted Price |
|
|
Level 2 Significant Observable Inputs |
|
|
Level 3 Significant Unobservable Inputs |
|
Investment in securities * |
|
$ |
228,823,071 |
|
|
$ |
228,823,071 |
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
228,823,071 |
|
|
$ |
228,823,071 |
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Value as of May 31, 2012 |
|
|
Level 1 Quoted Price |
|
|
Level 2 Significant Observable Inputs |
|
|
Level 3 Significant Unobservable Inputs |
|
Investment in securities sold short * |
|
$ |
(108,766,074) |
|
|
$ |
(108,766,074) |
|
|
$ |
|
|
|
$ |
|
|
Options Written |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Contracts * |
|
|
(93,118) |
|
|
|
|
|
|
|
(93,118) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
$ |
(108,859,192) |
|
|
$ |
(108,766,074) |
|
|
$ |
(93,118) |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* See Portfolio of Investments detail for country and security type breakout
The
accompanying notes are an integral part of the portfolio of investments.
20
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO BOSTON PARTNERS
ALL-CAP VALUE FUND |
|
|
Portfolio of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
COMMON STOCK96.2% |
|
|
|
|
|
|
|
|
Basic Industries0.3% |
|
|
|
|
|
|
|
|
Georgia Gulf Corp. * |
|
|
25,750 |
|
|
$ |
766,320 |
|
|
|
|
|
|
|
|
|
|
Capital Goods5.9% |
|
|
|
|
|
|
|
|
Actuant Corp., Class A |
|
|
40,410 |
|
|
|
1,057,530 |
|
AGCO Corp. * |
|
|
17,575 |
|
|
|
706,691 |
|
Dover Corp. |
|
|
50,675 |
|
|
|
2,866,178 |
|
Illinois Tool Works, Inc. |
|
|
45,340 |
|
|
|
2,545,841 |
|
Masco Corp. |
|
|
113,355 |
|
|
|
1,436,208 |
|
Parker Hannifin Corp. |
|
|
31,522 |
|
|
|
2,576,608 |
|
Stanley Black & Decker, Inc. |
|
|
19,865 |
|
|
|
1,316,056 |
|
Tyco International, Ltd. |
|
|
33,345 |
|
|
|
1,772,620 |
|
Volvo AB - Sponsored ADR |
|
|
109,455 |
|
|
|
1,229,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,507,568 |
|
|
|
|
|
|
|
|
|
|
Communications3.1% |
|
|
|
|
|
|
|
|
Google, Inc., Class A * # |
|
|
4,850 |
|
|
|
2,817,171 |
|
Monster Worldwide, Inc. * (a) |
|
|
54,720 |
|
|
|
470,592 |
|
Vodafone Group PLC - Sponsored ADR |
|
|
185,518 |
|
|
|
4,970,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,257,790 |
|
|
|
|
|
|
|
|
|
|
Consumer Durables1.8% |
|
|
|
|
|
|
|
|
Lear Corp. |
|
|
59,755 |
|
|
|
2,381,237 |
|
Thor Industries, Inc. |
|
|
35,720 |
|
|
|
1,098,390 |
|
Tower International, Inc. * |
|
|
32,506 |
|
|
|
411,526 |
|
TRW Automotive Holdings Corp. * |
|
|
20,565 |
|
|
|
793,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,684,345 |
|
|
|
|
|
|
|
|
|
|
Consumer Non-Durables3.6% |
|
|
|
|
|
|
|
|
Brunswick Corp. |
|
|
32,965 |
|
|
|
721,934 |
|
Electronic Arts, Inc. * # |
|
|
173,365 |
|
|
|
2,361,231 |
|
Jones Group, Inc., (The) |
|
|
116,995 |
|
|
|
1,127,832 |
|
Mattel, Inc. |
|
|
65,355 |
|
|
|
2,034,501 |
|
Matthews International Corp., Class A |
|
|
18,060 |
|
|
|
543,967 |
|
PepsiCo, Inc. |
|
|
39,275 |
|
|
|
2,664,809 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,454,274 |
|
|
|
|
|
|
|
|
|
|
Consumer Services18.4% |
|
|
|
|
|
|
|
|
CBS Corp., Class B non-voting shares |
|
|
114,303 |
|
|
|
3,648,552 |
|
CEC Entertainment, Inc. |
|
|
13,355 |
|
|
|
466,891 |
|
eBay, Inc. * # |
|
|
101,100 |
|
|
|
3,962,109 |
|
Equifax, Inc. |
|
|
61,700 |
|
|
|
2,786,989 |
|
Expedia, Inc. # |
|
|
45,300 |
|
|
|
2,078,817 |
|
HSN, Inc. |
|
|
21,160 |
|
|
|
823,124 |
|
IAC/InterActiveCorp |
|
|
27,585 |
|
|
|
1,239,118 |
|
Kohls Corp. |
|
|
85,326 |
|
|
|
3,909,637 |
|
Manpower, Inc. |
|
|
73,725 |
|
|
|
2,650,414 |
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Consumer Services(continued) |
|
|
|
|
|
|
|
|
Mens Wearhouse, Inc., (The) |
|
|
25,100 |
|
|
$ |
903,349 |
|
Omnicom Group, Inc. |
|
|
84,065 |
|
|
|
4,008,219 |
|
Pantry, Inc., (The) * |
|
|
14,930 |
|
|
|
192,746 |
|
Regis Corp. |
|
|
111,390 |
|
|
|
2,039,551 |
|
Rent-A-Center, Inc. |
|
|
67,945 |
|
|
|
2,287,708 |
|
Staples, Inc. |
|
|
54,340 |
|
|
|
714,028 |
|
Target Corp. |
|
|
82,225 |
|
|
|
4,761,650 |
|
Towers Watson & Co., Class A |
|
|
35,500 |
|
|
|
2,139,230 |
|
Viacom, Inc., Class B |
|
|
55,750 |
|
|
|
2,660,948 |
|
Wal-Mart Stores, Inc. |
|
|
12,730 |
|
|
|
837,889 |
|
Walt Disney Co., (The) |
|
|
64,300 |
|
|
|
2,939,153 |
|
Wright Express Corp. * |
|
|
30,985 |
|
|
|
1,737,019 |
|
Wyndham Worldwide Corp. # |
|
|
33,295 |
|
|
|
1,658,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48,445,232 |
|
|
|
|
|
|
|
|
|
|
Energy8.4% |
|
|
|
|
|
|
|
|
Apache Corp. |
|
|
11,625 |
|
|
|
946,043 |
|
Canadian Natural Resources Ltd. |
|
|
33,305 |
|
|
|
951,857 |
|
Chevron Corp. |
|
|
29,780 |
|
|
|
2,927,672 |
|
EOG Resources, Inc. |
|
|
52,135 |
|
|
|
5,177,005 |
|
EQT Corp. |
|
|
17,885 |
|
|
|
829,506 |
|
Exxon Mobil Corp. |
|
|
49,520 |
|
|
|
3,893,758 |
|
Occidental Petroleum Corp. # |
|
|
49,065 |
|
|
|
3,889,383 |
|
Royal Dutch Shell PLC-ADR |
|
|
55,865 |
|
|
|
3,473,686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,088,910 |
|
|
|
|
|
|
|
|
|
|
Finance24.3% |
|
|
|
|
|
|
|
|
ACE Ltd. |
|
|
37,200 |
|
|
|
2,690,676 |
|
Alleghany Corp. * |
|
|
6,657 |
|
|
|
2,190,153 |
|
Axis Capital Holdings Ltd. |
|
|
58,170 |
|
|
|
1,913,793 |
|
BB&T Corp. |
|
|
112,965 |
|
|
|
3,413,802 |
|
Bond Street Holdings Inc., Class B 144A * |
|
|
12,734 |
|
|
|
315,039 |
|
Bond Street Holdings, Inc. Class A 144A * |
|
|
50,936 |
|
|
|
1,260,157 |
|
Capital One Financial Corp. |
|
|
102,715 |
|
|
|
5,276,470 |
|
Citigroup, Inc. # |
|
|
141,162 |
|
|
|
3,742,205 |
|
Federated Investors, Inc., Class B (a) |
|
|
58,830 |
|
|
|
1,181,895 |
|
Fifth Third Bancorp |
|
|
149,625 |
|
|
|
1,997,494 |
|
First Southern Bancorp, Inc. Class B 144A * |
|
|
17,550 |
|
|
|
147,596 |
|
Flagstone Reinsurance Holdings S.A. |
|
|
36,810 |
|
|
|
272,026 |
|
Hanover Insurance Group, Inc., (The) |
|
|
27,440 |
|
|
|
1,070,434 |
|
The
accompanying notes are an integral part of the portfolio of investments.
21
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO BOSTON PARTNERS
ALL-CAP VALUE FUND (continued)
|
|
|
Portfolio of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Finance(continued) |
|
|
|
|
|
|
|
|
Hercules Technology Growth Capital, Inc. |
|
|
46,140 |
|
|
$ |
487,238 |
|
Huntington Bancshares, Inc. |
|
|
294,440 |
|
|
|
1,925,638 |
|
J.G. Wentworth, Inc. * ± D |
|
|
|
|
|
|
0 |
|
JPMorgan Chase & Co. |
|
|
227,115 |
|
|
|
7,528,862 |
|
Loews Corp. |
|
|
96,144 |
|
|
|
3,739,040 |
|
Maiden Holdings Ltd. |
|
|
31,245 |
|
|
|
254,334 |
|
MetLife, Inc. |
|
|
95,805 |
|
|
|
2,798,464 |
|
NBH Holdings Corp., Class A 144A * |
|
|
40,025 |
|
|
|
722,051 |
|
Peoples Choice Financial Corp.
144A * D |
|
|
1,465 |
|
|
|
0 |
|
Raymond James Financial, Inc. |
|
|
41,145 |
|
|
|
1,406,336 |
|
SLM Corp. |
|
|
172,540 |
|
|
|
2,410,384 |
|
Solar Cayman Ltd. 144A * |
|
|
19,375 |
|
|
|
0 |
|
State Street Corp. |
|
|
80,155 |
|
|
|
3,303,188 |
|
THL Credit, Inc. |
|
|
23,960 |
|
|
|
303,813 |
|
Torchmark Corp. |
|
|
30,910 |
|
|
|
1,442,261 |
|
Travelers Cos., Inc., (The) |
|
|
45,135 |
|
|
|
2,820,486 |
|
Unum Group |
|
|
61,731 |
|
|
|
1,231,533 |
|
Validus Holdings Ltd. |
|
|
81,384 |
|
|
|
2,553,830 |
|
Wells Fargo & Co. |
|
|
133,160 |
|
|
|
4,267,778 |
|
White Mountains Insurance Group Ltd. |
|
|
2,560 |
|
|
|
1,318,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
63,985,427 |
|
|
|
|
|
|
|
|
|
|
Health Care15.8% |
|
|
|
|
|
|
|
|
AmerisourceBergen Corp. |
|
|
46,090 |
|
|
|
1,704,869 |
|
Amgen, Inc. |
|
|
95,265 |
|
|
|
6,622,823 |
|
Cardinal Health, Inc. |
|
|
40,825 |
|
|
|
1,689,338 |
|
CareFusion Corp. * |
|
|
50,625 |
|
|
|
1,227,150 |
|
Covidien PLC |
|
|
65,300 |
|
|
|
3,381,234 |
|
Hologic, Inc. * |
|
|
18,207 |
|
|
|
305,149 |
|
Humana, Inc. |
|
|
37,800 |
|
|
|
2,887,542 |
|
Johnson & Johnson |
|
|
67,780 |
|
|
|
4,231,505 |
|
McKesson Corp. |
|
|
38,675 |
|
|
|
3,375,554 |
|
Medtronic, Inc. |
|
|
36,005 |
|
|
|
1,326,424 |
|
Pfizer, Inc. |
|
|
445,176 |
|
|
|
9,735,999 |
|
Sanofi ADR |
|
|
36,090 |
|
|
|
1,228,143 |
|
UnitedHealth Group, Inc. |
|
|
39,995 |
|
|
|
2,230,521 |
|
WellPoint, Inc. |
|
|
24,355 |
|
|
|
1,641,283 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41,587,534 |
|
|
|
|
|
|
|
|
|
|
Real Estate Investment Trusts0.7% |
|
|
|
|
|
Ashford Hospitality Trust, Inc. (a) |
|
|
48,630 |
|
|
|
415,787 |
|
Colony Financial, Inc. |
|
|
50,585 |
|
|
|
849,828 |
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Real Estate Investment Trusts(continued) |
|
|
|
|
|
Terreno Realty Corp. |
|
|
40,715 |
|
|
$ |
578,967 |
|
TMST, Inc. * D |
|
|
191,097 |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,844,582 |
|
|
|
|
|
|
|
|
|
|
Technology13.9% |
|
|
|
|
|
|
|
|
Amdocs Ltd. * |
|
|
59,635 |
|
|
|
1,714,506 |
|
Arrow Electronics, Inc. * |
|
|
34,549 |
|
|
|
1,171,557 |
|
Avnet, Inc. * |
|
|
52,335 |
|
|
|
1,595,694 |
|
BancTec, Inc. 144A * (a) |
|
|
15,732 |
|
|
|
61,355 |
|
CA, Inc. |
|
|
119,550 |
|
|
|
2,973,208 |
|
Cisco Systems, Inc. |
|
|
273,080 |
|
|
|
4,459,396 |
|
Flextronics International Ltd. * |
|
|
512,316 |
|
|
|
3,289,069 |
|
Ingram Micro, Inc., Class A * |
|
|
74,910 |
|
|
|
1,335,645 |
|
International Business Machines Corp. |
|
|
13,635 |
|
|
|
2,630,191 |
|
Lexmark International, Inc., Class A |
|
|
38,045 |
|
|
|
951,505 |
|
Microsemi Corp. * |
|
|
37,885 |
|
|
|
669,049 |
|
Microsoft Corp. |
|
|
174,435 |
|
|
|
5,091,758 |
|
Seagate Technology PLC # |
|
|
81,015 |
|
|
|
1,898,181 |
|
TE Connectivity Ltd. |
|
|
126,640 |
|
|
|
3,979,029 |
|
Texas Instruments, Inc. |
|
|
41,765 |
|
|
|
1,189,467 |
|
Vishay Intertechnology, Inc. * |
|
|
131,600 |
|
|
|
1,397,592 |
|
Western Union Co. (The) |
|
|
141,815 |
|
|
|
2,325,766 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,732,968 |
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCK (Cost $247,007,471) |
|
|
|
|
|
|
253,354,950 |
|
|
|
|
|
|
|
|
|
|
PREFERRED STOCK0.0% |
|
|
|
|
|
|
|
|
Finance0.0% |
|
|
|
|
|
|
|
|
First Southern Bancorp, Inc. 144A
5.000 % |
|
|
30 |
|
|
|
57,363 |
|
|
|
|
|
|
|
|
|
|
TOTAL PREFERRED STOCK (Cost $30,000) |
|
|
|
|
|
|
57,363 |
|
|
|
|
|
|
|
|
|
|
|
|
Par
(000) |
|
|
|
|
CORPORATE BONDS0.0% |
|
|
|
|
|
|
|
|
MBIA Insurance Corp.144A ## |
|
|
|
|
|
14.00% 01/15/33 |
|
|
$151 |
|
|
|
77,010 |
|
|
|
|
|
|
|
|
|
|
TOTAL CORPORATE BONDS (Cost $149,015) |
|
|
|
|
|
|
77,010 |
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of the portfolio of investments.
22
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO BOSTON PARTNERS
ALL-CAP VALUE FUND (continued)
|
|
|
Portfolio of Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
SECURITIES LENDING COLLATERAL0.7% |
|
|
|
|
|
BlackRock Liquidity Fund |
|
|
1,862,117 |
|
|
$ |
1,862,117 |
|
|
|
|
|
|
|
|
|
|
TOTAL SECURITIES LENDING COLLATERAL (Cost $1,862,117) |
|
|
|
|
|
|
1,862,117 |
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS96.9% (Cost $249,048,603)** |
|
|
|
|
|
|
255,351,440 |
|
|
|
|
|
|
|
|
|
|
|
|
Number of Contracts |
|
|
|
|
OPTIONS WRITTEN(0.3%) |
|
|
|
|
|
|
|
|
Citigroup, Inc. Call Options Expires 01/19/13 Strike Price $40 |
|
|
(849 |
) |
|
|
(29,715 |
) |
ebay, Inc. Call Options Expires 10/20/12 Strike Price $45 |
|
|
(486 |
) |
|
|
(68,040 |
) |
Electronic Arts, Inc. Call Options Expires 01/19/13 Strike Price $25 |
|
|
(501 |
) |
|
|
(3,507 |
) |
Electronic Arts, Inc. Call Options Expires 01/19/13 Strike Price $30 |
|
|
(501 |
) |
|
|
(2,505 |
) |
Expedia, Inc. Call Options Expires 10/20/12 Strike Price $39 |
|
|
(453 |
) |
|
|
(414,495 |
) |
Google, Inc. Call Options Expires 01/19/13 Strike Price $600 |
|
|
(14 |
) |
|
|
(71,260 |
) |
Google, Inc. Call Options Expires 01/19/13 Strike Price $600 |
|
|
(33 |
) |
|
|
(167,970 |
) |
Occidental Petroleum Corp. Call Options Expires 08/18/12 Strike Price $115 |
|
|
(241 |
) |
|
|
(1,446 |
) |
Seagate Technology PLC Call Options Expires 09/22/12 Strike Price $36 |
|
|
(623 |
) |
|
|
(11,214 |
) |
|
|
|
|
|
|
|
|
|
Wyndham Worldwide Corp. Call Options Expires 08/18/12 Strike Price $49 |
|
|
(252 |
) |
|
|
(93,240 |
) |
|
|
|
|
|
|
|
|
|
TOTAL OPTIONS WRITTEN (Premiums received $852,525) |
|
|
|
|
|
|
(863,392 |
) |
|
|
|
|
|
|
|
|
|
OTHER ASSETS IN EXCESS OF LIABILITIES3.4% |
|
|
|
|
|
|
8,832,116 |
|
|
|
|
|
|
|
|
|
|
NET ASSETS100.0% |
|
|
|
|
|
$ |
263,320,164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
|
|
American Depositary Receipt |
PLC |
|
|
|
Public Limited Company |
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 May 31, 2012, these
securities amounted to $2,640,571 or 1.00% of net assets. These 144A securities have not been deemed illiquid. |
* |
|
|
|
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 May 31, 2012, these securities
amounted to $2,563,561 or 0.97% of net assets. |
± |
|
|
|
Total shares owned by the Fund as of May 31, 2012 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. At May 31, 2012, the market value of securities on loan was $1,806,442. |
D |
|
|
|
Security has been deemed illiquid. Less than 0.1% of the Funds net assets were reported illiquid by the portfolio manager under the Funds policy. |
|
|
|
|
Primary risk exposure is equity contracts. |
** |
|
|
|
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 |
|
|
|
$ |
249,048,603 |
|
|
|
|
|
|
|
|
Gross unrealized appreciation |
|
|
|
|
21,183,914 |
|
Gross unrealized depreciation |
|
|
|
|
(14,881,077 |
) |
|
|
|
|
|
|
|
Net unrealized appreciation |
|
|
|
$ |
6,302,837 |
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of the portfolio of investments.
23
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO BOSTON PARTNERS
ALL-CAP VALUE FUND (concluded)
|
|
|
Portfolio of Investments
|
|
A summary of the inputs used to value the Funds investments as of May 31, 2012 is as follows (see
Notes to Portfolio of Investments):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Value as of May 31, 2012 |
|
|
Level 1 Quoted Price |
|
|
Level 2 Significant Observable Inputs |
|
|
Level 3 Significant Unobservable Inputs |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Industries |
|
$ |
766,320 |
|
|
$ |
766,320 |
|
|
$ |
|
|
|
$ |
|
|
Capital Goods |
|
|
15,507,568 |
|
|
|
15,507,568 |
|
|
|
|
|
|
|
|
|
Communications |
|
|
8,257,790 |
|
|
|
8,257,790 |
|
|
|
|
|
|
|
|
|
Consumer Durables |
|
|
4,684,345 |
|
|
|
4,684,345 |
|
|
|
|
|
|
|
|
|
Consumer Non-Durables |
|
|
9,454,274 |
|
|
|
9,454,274 |
|
|
|
|
|
|
|
|
|
Consumer Services |
|
|
48,445,232 |
|
|
|
48,445,232 |
|
|
|
|
|
|
|
|
|
Energy |
|
|
22,088,910 |
|
|
|
22,088,910 |
|
|
|
|
|
|
|
|
|
Finance |
|
|
63,985,427 |
|
|
|
61,540,584 |
|
|
|
|
|
|
|
2,444,843 |
|
Health Care |
|
|
41,587,534 |
|
|
|
41,587,534 |
|
|
|
|
|
|
|
|
|
Real Estate Investment Trusts |
|
|
1,844,582 |
|
|
|
1,844,582 |
|
|
|
|
|
|
|
|
|
Technology |
|
|
36,732,968 |
|
|
|
36,671,613 |
|
|
|
|
|
|
|
61,355 |
|
Preferred Stocks |
|
|
57,363 |
|
|
|
|
|
|
|
|
|
|
|
57,363 |
|
Corporate Bonds |
|
|
77,010 |
|
|
|
|
|
|
|
77,010 |
|
|
|
|
|
Securities Lending Collateral |
|
|
1,862,117 |
|
|
|
1,862,117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
255,351,440 |
|
|
$ |
252,710,869 |
|
|
$ |
77,010 |
|
|
$ |
2,563,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Value as of
May 31, 2012 |
|
|
Level 1 Quoted Price |
|
|
Level 2 Significant Observable Inputs |
|
|
Level 3 Significant Unobservable Inputs |
|
Options Written |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Contracts |
|
$ |
(863,392) |
|
|
$ |
|
|
|
$ |
(863,392) |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
$ |
(863,392) |
|
|
$ |
|
|
|
$ |
(863,392) |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of the portfolio of investments.
24
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO WPG SMALL/MICRO CAP VALUE FUND
|
|
|
PORTFOLIO OF INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
COMMON STOCK99.6% |
|
|
|
|
|
|
|
|
|
|
|
Basic Industries4.4% |
|
|
|
|
|
|
|
|
GrafTech International Ltd. * |
|
|
16,600 |
|
|
$ |
177,122 |
|
GSE Holding, Inc. *(a) |
|
|
32,600 |
|
|
|
355,340 |
|
Heckmann Corp. *(a) |
|
|
78,800 |
|
|
|
266,344 |
|
OM Group, Inc. * |
|
|
3,700 |
|
|
|
67,377 |
|
Schweitzer-Mauduit International, Inc. |
|
|
10,200 |
|
|
|
682,380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,548,563 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Goods10.6% |
|
|
|
|
|
|
|
|
Columbus McKinnon Corp. * |
|
|
20,700 |
|
|
|
319,608 |
|
Flow International Corp. * |
|
|
54,500 |
|
|
|
160,775 |
|
Global Power Equipment Group, Inc. |
|
|
19,500 |
|
|
|
359,385 |
|
Globe Specialty Metals, Inc. |
|
|
12,200 |
|
|
|
142,984 |
|
Horsehead Holding Corp. * |
|
|
17,800 |
|
|
|
157,708 |
|
ICF International, Inc. * |
|
|
18,100 |
|
|
|
407,250 |
|
LiqTech International, Inc. * |
|
|
59,220 |
|
|
|
143,312 |
|
Matrix Service Co. * |
|
|
14,900 |
|
|
|
154,811 |
|
Orion Marine Group, Inc. * |
|
|
53,100 |
|
|
|
354,708 |
|
RTI International Metals, Inc. * |
|
|
10,200 |
|
|
|
214,098 |
|
Trinity Industries, Inc. |
|
|
3,300 |
|
|
|
81,510 |
|
Tutor Perini Corp. * |
|
|
51,000 |
|
|
|
573,240 |
|
Wabash National Corp. * |
|
|
98,000 |
|
|
|
682,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,751,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Communications2.9% |
|
|
|
|
|
|
|
|
Digital River, Inc. * |
|
|
8,400 |
|
|
|
122,640 |
|
Neutral Tandem, Inc. * |
|
|
35,500 |
|
|
|
481,735 |
|
Saba Software, Inc. * |
|
|
50,200 |
|
|
|
419,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,023,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Durables2.9% |
|
|
|
|
|
|
|
|
Libbey, Inc. * |
|
|
65,100 |
|
|
|
941,997 |
|
Winnebago Industries, Inc. * |
|
|
9,900 |
|
|
|
88,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,030,701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Non-Durables3.0% |
|
|
|
|
|
|
|
|
Chiquita Brands International, Inc. * |
|
|
89,900 |
|
|
|
487,258 |
|
Dole Food Co., Inc. * |
|
|
26,000 |
|
|
|
230,880 |
|
Jones Group, Inc., (The) |
|
|
36,700 |
|
|
|
353,788 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,071,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Consumer Services13.4% |
|
|
|
|
|
|
|
|
ABM Industries, Inc. |
|
|
12,900 |
|
|
$ |
276,963 |
|
ACCO Brands Corp. * |
|
|
11,400 |
|
|
|
103,968 |
|
Brinks Co., (The) |
|
|
30,100 |
|
|
|
685,377 |
|
Carmike Cinemas, Inc. * |
|
|
11,500 |
|
|
|
162,610 |
|
Casual Male Retail Group, Inc. * |
|
|
87,580 |
|
|
|
267,119 |
|
Cross Country Healthcare, Inc. * |
|
|
10,300 |
|
|
|
46,762 |
|
FTI Consulting, Inc. * |
|
|
14,400 |
|
|
|
454,608 |
|
Geo Group, Inc. (The) * |
|
|
31,700 |
|
|
|
689,792 |
|
Ignite Restaurant Group, Inc. * |
|
|
900 |
|
|
|
16,092 |
|
MDC Partners, Inc., Class A (a) |
|
|
84,900 |
|
|
|
824,379 |
|
Navigant Consulting, Inc. * |
|
|
26,900 |
|
|
|
321,993 |
|
Nutrisystem, Inc. (a) |
|
|
8,300 |
|
|
|
85,075 |
|
Penske Automotive Group, Inc. |
|
|
4,700 |
|
|
|
115,526 |
|
Providence Service Corp. * |
|
|
19,800 |
|
|
|
263,340 |
|
TMS International Corp.,Class A * |
|
|
38,700 |
|
|
|
429,570 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,743,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy3.2% |
|
|
|
|
|
|
|
|
Approach Resources, Inc. * |
|
|
9,100 |
|
|
|
255,073 |
|
Energy Partners Ltd. * |
|
|
29,000 |
|
|
|
457,910 |
|
GeoMet, Inc. * |
|
|
6,170 |
|
|
|
1,913 |
|
Newpark Resources, Inc. * |
|
|
74,300 |
|
|
|
430,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,145,093 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance25.3% |
|
|
|
|
|
|
|
|
A.B. Watley Group, Inc. *D |
|
|
93,855 |
|
|
|
366 |
|
Alterra Capital Holdings Ltd. |
|
|
18,500 |
|
|
|
410,885 |
|
American Capital Mortgage Investment Corp. |
|
|
4,200 |
|
|
|
99,918 |
|
American Equity Investment Life Holding Co. (a) |
|
|
29,800 |
|
|
|
315,284 |
|
Boston Private Financial Holdings, Inc. |
|
|
50,500 |
|
|
|
455,510 |
|
Central Pacific Financial Corp. * |
|
|
17,000 |
|
|
|
218,110 |
|
CNO Financial Group, Inc. * |
|
|
107,000 |
|
|
|
734,020 |
|
FBR & Co. * |
|
|
133,200 |
|
|
|
354,312 |
|
First Midwest Bancorp, Inc. |
|
|
22,400 |
|
|
|
226,016 |
|
Franklin Financial Corp. * |
|
|
500 |
|
|
|
7,665 |
|
Global Indemnity PLC * |
|
|
17,730 |
|
|
|
370,202 |
|
Great American Group, Inc. * |
|
|
60,590 |
|
|
|
11,512 |
|
Home Bancshares, Inc. |
|
|
14,000 |
|
|
|
393,820 |
|
Home Loan Servicing Solutions Ltd (a) |
|
|
13,500 |
|
|
|
180,630 |
|
The accompanying notes
are an integral part of the portfolio of investments.
25
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO WPG SMALL/MICRO
CAP VALUE FUND (continued)
|
|
|
PORTFOLIO OF INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Finance(continued) |
|
|
|
|
|
|
|
|
HomeStreet, Inc. *(a) |
|
|
11,200 |
|
|
$ |
369,600 |
|
Maiden Holdings Ltd. |
|
|
70,900 |
|
|
|
577,126 |
|
Meadowbrook Insurance Group, Inc. |
|
|
62,100 |
|
|
|
552,069 |
|
Nelnet, Inc., Class A |
|
|
15,700 |
|
|
|
366,438 |
|
Ocwen Financial Corp. * |
|
|
42,700 |
|
|
|
684,481 |
|
OmniAmerican Bancorp, Inc. * |
|
|
11,300 |
|
|
|
223,514 |
|
PrivateBancorp, Inc. |
|
|
15,800 |
|
|
|
232,734 |
|
SCBT Financial Corp. |
|
|
5,200 |
|
|
|
176,228 |
|
THL Credit, Inc. |
|
|
18,400 |
|
|
|
233,312 |
|
United Financial Bancorp, Inc. |
|
|
9,480 |
|
|
|
130,634 |
|
Validus Holdings Ltd. * |
|
|
11,300 |
|
|
|
354,594 |
|
ViewPoint Financial Group |
|
|
27,910 |
|
|
|
425,628 |
|
Western Alliance Bancorp * |
|
|
57,200 |
|
|
|
498,784 |
|
WSFS Financial Corp. |
|
|
9,000 |
|
|
|
334,620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,938,012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care6.6% |
|
|
|
|
|
|
|
|
Accuray, Inc. * |
|
|
12,300 |
|
|
|
77,121 |
|
Alere, Inc. * |
|
|
29,400 |
|
|
|
540,078 |
|
eResearch Technology, Inc. * |
|
|
38,700 |
|
|
|
305,730 |
|
Invacare Corp. |
|
|
6,100 |
|
|
|
90,829 |
|
Kindred Healthcare, Inc. * |
|
|
53,400 |
|
|
|
441,618 |
|
Medical Action Industries, Inc. * |
|
|
51,688 |
|
|
|
222,775 |
|
Symmetry Medical, Inc. * |
|
|
48,700 |
|
|
|
376,938 |
|
Teleflex, Inc. |
|
|
2,900 |
|
|
|
172,260 |
|
Trinity Biotech PLC - Sponsored ADR |
|
|
8,600 |
|
|
|
98,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,326,249 |
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Investment Trusts9.9% |
|
|
|
|
|
American Campus Communities, Inc. |
|
|
3,100 |
|
|
|
136,090 |
|
Campus Crest Communities, Inc. |
|
|
54,400 |
|
|
|
586,432 |
|
Chatham Lodging Trust |
|
|
8,700 |
|
|
|
112,926 |
|
CYS Investments, Inc. |
|
|
18,600 |
|
|
|
254,448 |
|
Government Properties Income Trust |
|
|
11,200 |
|
|
|
239,568 |
|
Highwoods Properties, Inc. |
|
|
10,110 |
|
|
|
326,149 |
|
Kennedy-Wilson Holdings, Inc. |
|
|
48,300 |
|
|
|
629,832 |
|
Lexington Realty Trust (a) |
|
|
43,290 |
|
|
|
359,740 |
|
Mack-Cali Realty Corp. |
|
|
12,900 |
|
|
|
351,396 |
|
Starwood Property Trust, Inc. |
|
|
10,700 |
|
|
|
214,428 |
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Real Estate Investment Trusts(continued) |
|
Two Harbors Investment Corp. |
|
|
26,900 |
|
|
$ |
278,146 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,489,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Technology6.3% |
|
|
|
|
|
|
|
|
Aeroflex Holding Corp. *(a) |
|
|
13,100 |
|
|
|
84,757 |
|
CIBER, Inc. * |
|
|
161,200 |
|
|
|
577,096 |
|
Computer Task Group, Inc. * |
|
|
21,600 |
|
|
|
262,872 |
|
Digi International, Inc. * |
|
|
57,200 |
|
|
|
517,088 |
|
Diodes, Inc. * |
|
|
12,000 |
|
|
|
234,840 |
|
Exar Corp. * |
|
|
28,700 |
|
|
|
225,295 |
|
Plantronics, Inc. |
|
|
6,700 |
|
|
|
201,603 |
|
Spectrum Brands Holdings, Inc. * |
|
|
2,900 |
|
|
|
100,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,203,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation5.0% |
|
|
|
|
|
|
|
|
Air Transport Services Group, Inc. * |
|
|
53,700 |
|
|
|
272,259 |
|
Alaska Air Group, Inc. * |
|
|
5,600 |
|
|
|
192,080 |
|
Rand Logistics, Inc. * |
|
|
12,500 |
|
|
|
93,750 |
|
Scorpio Tankers, Inc. * |
|
|
89,800 |
|
|
|
501,982 |
|
Spirit Airlines, Inc. * |
|
|
21,700 |
|
|
|
447,237 |
|
Swift Transportation Co. * |
|
|
15,900 |
|
|
|
168,699 |
|
USA Truck, Inc. * |
|
|
12,000 |
|
|
|
69,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,745,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities6.1% |
|
|
|
|
|
|
|
|
Aegean Marine Petroleum Network, Inc. |
|
|
40,300 |
|
|
|
195,455 |
|
Cadiz, Inc. *(a) |
|
|
25,800 |
|
|
|
195,048 |
|
Empire District Electric Co. (The) (a) |
|
|
15,600 |
|
|
|
312,780 |
|
NorthWestern Corp. |
|
|
8,500 |
|
|
|
301,835 |
|
Piedmont Natural Gas Co., Inc. |
|
|
10,000 |
|
|
|
303,200 |
|
Portland General Electric Co. |
|
|
11,600 |
|
|
|
291,740 |
|
StealthGas, Inc. *(a) |
|
|
28,326 |
|
|
|
157,493 |
|
UIL Holdings Corp. |
|
|
11,200 |
|
|
|
378,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,136,223 |
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCK (Cost $33,884,964) |
|
|
|
|
|
|
35,153,376 |
|
|
|
|
|
|
|
|
|
|
|
|
|
PREFERRED STOCK0.1% |
|
|
|
|
|
|
|
|
|
|
|
Energy0.1% |
|
|
|
|
|
|
|
|
GeoMet, Inc., Series A |
|
|
7,307 |
|
|
|
32,991 |
|
|
|
|
|
|
|
|
|
|
The accompanying notes
are an integral part of the portfolio of investments.
26
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO WPG SMALL/MICRO
CAP VALUE FUND (concluded) |
|
|
PORTFOLIO OF INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
TOTAL PREFERRED STOCK (Cost $60,406) |
|
|
|
|
|
$ |
32,991 |
|
|
|
|
|
|
|
|
|
|
SECURITIES LENDING COLLATERAL5.2% |
|
|
|
|
|
|
|
|
BlackRock Liquidity Fund |
|
|
1,840,743 |
|
|
|
1,840,743 |
|
|
|
|
|
|
|
|
|
|
TOTAL SECURITIES LENDING COLLATERAL (Cost $1,840,743) |
|
|
|
|
|
|
1,840,743 |
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS104.9% (Cost $35,786,113)** |
|
|
|
|
|
|
37,027,110 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES IN EXCESS OF OTHER ASSETS(4.9)% |
|
|
|
|
|
|
(1,745,851 |
) |
|
|
|
|
|
|
|
|
|
NET ASSETS100.0% |
|
|
|
|
|
$ |
35,281,259 |
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR |
|
American Depositary Receipt |
PLC |
|
Public Limited Company |
* |
|
Non-income Producing |
(a) |
|
All or a portion of the security is on loan. At May 31, 2012 the market value of securities on loan was $1,777,874. |
D |
|
Security has been deemed illiquid. Less than 0.1% of the Funds net assets were reported illiquid by the portfolio manager under the Funds policy. |
** |
|
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 |
|
$ |
35,786,113 |
|
|
|
|
|
|
Gross unrealized appreciation |
|
|
3,751,319 |
|
Gross unrealized depreciation |
|
|
(2,510,322) |
|
|
|
|
|
|
Net unrealized appreciation |
|
$ |
1,240,997 |
|
|
|
|
|
|
The accompanying notes
are an integral part of the portfolio of investments.
27
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO WPG SMALL/MICRO
CAP VALUE FUND (concluded) |
|
|
Portfolio of Investments
|
|
A summary of the inputs used to value the Funds investments as of May 31, 2012 is as follows (see Notes
to Portfolio of Investments):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Value as
of May 31, 2012 |
|
|
Level 1 Quoted Price |
|
|
Level 2 Significant Observable Inputs |
|
|
Level 3 Significant Unobservable Inputs |
|
Common Stock * |
|
$ |
35,153,376 |
|
|
$ |
35,153,376 |
|
|
$ |
|
|
|
$ |
|
|
Preferred Stock |
|
|
32,991 |
|
|
|
32,991 |
|
|
|
|
|
|
|
|
|
Securities Lending Collateral |
|
|
1,840,743 |
|
|
|
1,840,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
37,027,110 |
|
|
$ |
37,027,110 |
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* See Portfolio of Investments detail for industry and security type breakout.
The accompanying notes
are an integral part of the portfolio of investments.
28
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO BOSTON PARTNERS
GLOBAL EQUITY FUND |
|
|
Portfolio Holdings Summary
|
|
The following table represents a summary by sector of the portfolio holdings of the Fund:
|
|
|
|
|
|
|
|
|
|
|
% of Net Assets |
|
|
Value |
|
COMMON STOCK |
|
|
|
|
|
|
|
|
Consumer Discretionary |
|
|
15.4 |
% |
|
$ |
1,585,820 |
|
Finance |
|
|
14.3 |
|
|
|
1,476,280 |
|
Information Technology |
|
|
13.1 |
|
|
|
1,356,835 |
|
Health Care |
|
|
13.1 |
|
|
|
1,351,619 |
|
Industrial |
|
|
12.4 |
|
|
|
1,277,403 |
|
Consumer Staples |
|
|
10.2 |
|
|
|
1,057,589 |
|
Energy |
|
|
10.0 |
|
|
|
1,027,515 |
|
Materials |
|
|
6.6 |
|
|
|
685,104 |
|
Telecommunication Services |
|
|
1.4 |
|
|
|
146,561 |
|
OTHER ASSETS IN EXCESS OF LIABILITIES |
|
|
3.5 |
|
|
|
357,992 |
|
|
|
|
|
|
|
|
|
|
NET ASSETS |
|
|
100.0 |
% |
|
$ |
10,322,718 |
|
|
|
|
|
|
|
|
|
|
Portfolio
holdings are subject to change at any time.
The accompanying notes
are an integral part of the portfolio of investments.
29
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO BOSTON PARTNERS
GLOBAL EQUITY FUND |
|
|
PORTFOLIO OF INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
COMMON STOCK96.5% |
|
|
|
|
|
|
|
|
|
|
|
Australia1.4% |
|
|
|
|
|
|
|
|
Australia & New Zealand Banking Group Ltd. |
|
|
4,080 |
|
|
$ |
83,063 |
|
St Barbara Ltd. * |
|
|
29,720 |
|
|
|
58,190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
141,253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bermuda2.1% |
|
|
|
|
|
|
|
|
Axis Capital Holdings Ltd. |
|
|
2,305 |
|
|
|
75,834 |
|
Catlin Group Ltd. |
|
|
10,760 |
|
|
|
66,499 |
|
Validus Holdings Ltd. |
|
|
2,450 |
|
|
|
76,881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
219,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada0.5% |
|
|
|
|
|
|
|
|
Barrick Gold Corp. |
|
|
1,245 |
|
|
|
48,927 |
|
|
|
|
|
|
|
|
|
|
|
|
|
France2.9% |
|
|
|
|
|
|
|
|
Atos |
|
|
1,220 |
|
|
|
66,715 |
|
Havas SA |
|
|
12,475 |
|
|
|
61,563 |
|
LISI |
|
|
750 |
|
|
|
46,684 |
|
Sanofi |
|
|
1,125 |
|
|
|
76,509 |
|
Teleperformance SA |
|
|
2,045 |
|
|
|
48,879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
300,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Germany4.7% |
|
|
|
|
|
|
|
|
Bayer AG, Registered Shares |
|
|
1,270 |
|
|
|
80,308 |
|
Brenntag AG |
|
|
550 |
|
|
|
61,962 |
|
Fresenius SE & Co. KGaA |
|
|
970 |
|
|
|
91,635 |
|
Henkel AG & Co. KGaA |
|
|
2,810 |
|
|
|
154,115 |
|
Rheinmetall AG |
|
|
1,100 |
|
|
|
45,388 |
|
SAP AG |
|
|
850 |
|
|
|
48,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
482,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Hong Kong2.5% |
|
|
|
|
|
|
|
|
Cheung Kong Holdings Ltd. |
|
|
5,000 |
|
|
|
57,656 |
|
Dah Chong Hong Holdings Ltd. |
|
|
48,000 |
|
|
|
45,640 |
|
Hutchison Whampoa Ltd. |
|
|
8,000 |
|
|
|
65,812 |
|
Stella International Holdings Ltd. |
|
|
33,500 |
|
|
|
85,201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
254,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ireland3.8% |
|
|
|
|
|
|
|
|
Beazley PLC |
|
|
28,270 |
|
|
|
58,819 |
|
Covidien PLC |
|
|
3,035 |
|
|
|
157,152 |
|
ICON PLC * |
|
|
2,695 |
|
|
|
57,547 |
|
Kerry Group PLC, Class A |
|
|
2,850 |
|
|
|
123,007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
396,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Japan5.3% |
|
|
|
|
|
|
|
|
Autobacs Seven Co. Ltd. |
|
|
1,500 |
|
|
$ |
77,718 |
|
FCC Co. Ltd. |
|
|
2,800 |
|
|
|
49,347 |
|
Hoshizaki Electric Co. Ltd. |
|
|
3,600 |
|
|
|
88,484 |
|
Inpex Corp. |
|
|
10 |
|
|
|
57,810 |
|
ITOCHU Corp. |
|
|
7,000 |
|
|
|
76,736 |
|
Softbank Corp. |
|
|
2,930 |
|
|
|
91,609 |
|
Sumitomo Mitsui Trust Holdings, Inc. |
|
|
15,000 |
|
|
|
37,902 |
|
Unipres Corp. |
|
|
2,300 |
|
|
|
63,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
543,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Netherlands1.8% |
|
|
|
|
|
|
|
|
Koninklijke Ahold NV |
|
|
8,925 |
|
|
|
104,851 |
|
Unilever NV-CVA |
|
|
2,450 |
|
|
|
77,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
181,935 |
|
|
|
|
|
|
|
|
|
|
Singapore0.4% |
|
|
|
|
|
|
|
|
Oversea-Chinese Banking Corp. Ltd. |
|
|
7,000 |
|
|
|
45,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Switzerland3.8% |
|
|
|
|
|
|
|
|
Credit Suisse Group AG, Registered Shares * |
|
|
2,080 |
|
|
|
39,422 |
|
Roche Holding AG, Participation Certificate |
|
|
880 |
|
|
|
137,343 |
|
Swatch Group AG (The), Bearer Shares |
|
|
235 |
|
|
|
90,361 |
|
Tyco International, Ltd. |
|
|
1,500 |
|
|
|
79,740 |
|
Zurich Financial Services AG * |
|
|
240 |
|
|
|
49,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
395,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taiwan0.4% |
|
|
|
|
|
|
|
|
Delta Electronics, Inc. |
|
|
17,000 |
|
|
|
47,387 |
|
|
|
|
|
|
|
|
|
|
|
|
|
United Kingdom12.2% |
|
|
|
|
|
|
|
|
BHP Billiton PLC |
|
|
3,385 |
|
|
|
88,401 |
|
Daily Mail & General Trust PLC |
|
|
8,120 |
|
|
|
47,605 |
|
Filtrona PLC |
|
|
14,810 |
|
|
|
102,484 |
|
Howden Joinery Group PLC |
|
|
35,580 |
|
|
|
64,322 |
|
HSBC Holdings PLC |
|
|
11,729 |
|
|
|
92,100 |
|
Imperial Tobacco Group PLC |
|
|
4,955 |
|
|
|
178,849 |
|
Kingfisher PLC |
|
|
14,400 |
|
|
|
62,585 |
|
Meggitt PLC |
|
|
15,750 |
|
|
|
91,633 |
|
Rexam PLC |
|
|
16,260 |
|
|
|
101,041 |
|
Royal Dutch Shell PLC, Class A |
|
|
7,220 |
|
|
|
223,772 |
|
The accompanying notes
are an integral part of the portfolio of investments.
30
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO BOSTON PARTNERS
GLOBAL EQUITY FUND (concluded)
|
|
|
PORTFOLIO OF INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
United Kingdom(continued) |
|
|
|
|
|
|
|
|
Serco Group PLC |
|
|
9,195 |
|
|
$ |
74,399 |
|
Standard Chartered PLC |
|
|
3,880 |
|
|
|
78,276 |
|
Vodafone Group PLC |
|
|
20,610 |
|
|
|
54,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,260,419 |
|
|
|
|
|
|
|
|
|
|
United States54.7% |
|
|
|
|
|
|
|
|
AmerisourceBergen Corp. |
|
|
2,705 |
|
|
|
100,058 |
|
Amgen, Inc. |
|
|
1,170 |
|
|
|
81,338 |
|
Apple, Inc. * |
|
|
775 |
|
|
|
447,741 |
|
Bank of America Corp. |
|
|
10,450 |
|
|
|
76,807 |
|
CACI International, Inc., Class A * |
|
|
1,135 |
|
|
|
48,578 |
|
Capital One Financial Corp. |
|
|
3,125 |
|
|
|
160,531 |
|
CareFusion Corp. * |
|
|
3,025 |
|
|
|
73,326 |
|
CBS Corp., Class B non-voting shares |
|
|
4,810 |
|
|
|
153,535 |
|
Chevron Corp. |
|
|
815 |
|
|
|
80,123 |
|
Cisco Systems, Inc. |
|
|
8,135 |
|
|
|
132,844 |
|
Crown Holdings, Inc. * |
|
|
2,205 |
|
|
|
75,168 |
|
CVS Caremark Corp. |
|
|
3,575 |
|
|
|
160,660 |
|
DIRECTV, Class A * |
|
|
3,110 |
|
|
|
138,239 |
|
Dover Corp. |
|
|
1,670 |
|
|
|
94,455 |
|
EOG Resources, Inc. |
|
|
2,015 |
|
|
|
200,089 |
|
EQT Corp. |
|
|
1,775 |
|
|
|
82,325 |
|
Exxon Mobil Corp. |
|
|
2,965 |
|
|
|
233,138 |
|
Fifth Third Bancorp |
|
|
11,505 |
|
|
|
153,592 |
|
Fluor Corp. |
|
|
2,460 |
|
|
|
115,325 |
|
Gannett Co., Inc. |
|
|
7,445 |
|
|
|
97,232 |
|
Graphic Packaging Holding Co. * |
|
|
18,115 |
|
|
|
89,669 |
|
Home Depot, Inc. (The) |
|
|
1,385 |
|
|
|
68,336 |
|
Honeywell International, Inc. |
|
|
2,335 |
|
|
|
129,966 |
|
Illinois Tool Works, Inc. |
|
|
2,350 |
|
|
|
131,953 |
|
Johnson & Johnson |
|
|
1,555 |
|
|
|
97,079 |
|
Lear Corp. |
|
|
1,220 |
|
|
|
48,617 |
|
Macys, Inc. |
|
|
4,465 |
|
|
|
169,893 |
|
McKesson Corp. |
|
|
2,420 |
|
|
|
211,218 |
|
Microsoft Corp. |
|
|
9,650 |
|
|
|
281,684 |
|
Newmont Mining Corp. |
|
|
1,575 |
|
|
|
74,277 |
|
Nordstrom, Inc. |
|
|
1,480 |
|
|
|
70,108 |
|
Occidental Petroleum Corp. |
|
|
930 |
|
|
|
73,721 |
|
Oracle Corp. |
|
|
4,940 |
|
|
|
130,762 |
|
Pfizer, Inc. |
|
|
4,470 |
|
|
|
97,759 |
|
Philip Morris International, Inc. |
|
|
3,065 |
|
|
|
259,023 |
|
Rock-Tenn Co., Class A |
|
|
910 |
|
|
|
46,947 |
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
United States(continued) |
|
|
|
|
|
|
|
|
SM Energy Co. |
|
|
1,415 |
|
|
$ |
76,537 |
|
SunTrust Banks, Inc. |
|
|
6,715 |
|
|
|
153,908 |
|
Target Corp. |
|
|
3,315 |
|
|
|
191,972 |
|
United Technologies Corp. |
|
|
1,700 |
|
|
|
125,987 |
|
UnitedHealth Group, Inc. |
|
|
1,620 |
|
|
|
90,347 |
|
Wells Fargo & Co. |
|
|
5,320 |
|
|
|
170,506 |
|
Western Union Co. (The) |
|
|
9,290 |
|
|
|
152,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,647,729 |
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCK (Cost $9,955,515) |
|
|
|
|
|
|
9,964,726 |
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS96.5% (Cost $9,955,515)** |
|
|
|
|
|
|
9,964,726 |
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS IN EXCESS OF LIABILITIES3.5% |
|
|
|
|
|
|
357,992 |
|
|
|
|
|
|
|
|
|
|
NET ASSETS100.0% |
|
|
|
|
|
$ |
10,322,718 |
|
|
|
|
|
|
|
|
|
|
PLC |
Public Limited Company |
* |
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 |
|
$ |
9,955,515 |
|
|
|
|
|
|
Gross unrealized appreciation |
|
|
474,337 |
|
Gross unrealized depreciation |
|
|
(465,126 |
) |
|
|
|
|
|
Net unrealized appreciation |
|
$ |
9,211 |
|
|
|
|
|
|
The accompanying notes
are an integral part of the portfolio of investments.
31
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (UNAUDITED) |
|
|
|
|
|
ROBECO BOSTON PARTNERS
GLOBAL EQUITY FUND (concluded) |
|
|
Portfolio of Investments
|
|
A summary of the inputs used to value the Funds investments as of May 31, 2012 is as follows (see Notes
to Portfolio of Investments):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Value as of May 31, 2012 |
|
|
Level 1 Quoted Price |
|
|
Level 2 Significant Observable Inputs |
|
|
Level 3 Significant Unobservable Inputs |
|
Investment in Securities * |
|
$ |
9,964,726 |
|
|
$ |
9,964,726 |
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
9,964,726 |
|
|
$ |
9,964,726 |
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* See Portfolio of Investments detail for country and security type breakout.
The accompanying notes
are an integral part of the portfolio of investments.
32
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO BOSTON PARTNERS
INTERNATIONAL EQUITY FUND
|
|
|
Portfolio Holdings Summary
|
|
The following table represents a
summary by sector of the portfolio holdings of the Fund:
|
|
|
|
|
|
|
|
|
|
|
% of Net Assets |
|
|
Value |
|
COMMON STOCK |
|
|
|
|
|
|
|
|
Consumer Staples |
|
|
13.7 |
% |
|
$ |
1,356,013 |
|
Financials |
|
|
13.6 |
|
|
|
1,340,854 |
|
Industrials |
|
|
13.1 |
|
|
|
1,292,389 |
|
Consumer Discretionary |
|
|
11.8 |
|
|
|
1,165,479 |
|
Health Care |
|
|
10.3 |
|
|
|
1,014,376 |
|
Materials |
|
|
9.6 |
|
|
|
947,648 |
|
Energy |
|
|
9.3 |
|
|
|
915,309 |
|
Information Technology |
|
|
5.8 |
|
|
|
571,494 |
|
Telecommunication Services |
|
|
5.1 |
|
|
|
509,631 |
|
Utilities |
|
|
1.2 |
|
|
|
120,565 |
|
OTHER ASSETS IN EXCESS OF LIABILITIES |
|
|
6.5 |
|
|
|
640,897 |
|
|
|
|
|
|
|
|
|
|
NET ASSETS |
|
|
100.0 |
% |
|
$ |
9,874,655 |
|
|
|
|
|
|
|
|
|
|
Portfolio
holdings are subject to change at any time.
The accompanying notes
are an integral part of the portfolio of investments.
33
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO BOSTON PARTNERS
INTERNATIONAL EQUITY FUND
|
|
|
PORTFOLIO OF INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
COMMON STOCK93.5% |
|
|
|
|
|
|
|
|
|
|
|
Australia2.5% |
|
|
|
|
|
|
|
|
Australia & New Zealand Banking Group Ltd. |
|
|
5,790 |
|
|
$ |
117,877 |
|
Coca-Cola Amatil Ltd. |
|
|
4,195 |
|
|
|
52,510 |
|
St Barbara Ltd. * |
|
|
37,505 |
|
|
|
73,433 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
243,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bermuda1.4% |
|
|
|
|
|
|
|
|
Catlin Group Ltd. |
|
|
21,435 |
|
|
|
132,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada2.7% |
|
|
|
|
|
|
|
|
Barrick Gold Corp. |
|
|
1,455 |
|
|
|
57,180 |
|
Canadian Natural Resources Ltd. |
|
|
3,355 |
|
|
|
95,886 |
|
CGI Group, Inc., Class A * |
|
|
4,760 |
|
|
|
110,376 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
263,442 |
|
|
|
|
|
|
|
|
|
|
|
|
|
France7.2% |
|
|
|
|
|
|
|
|
Atos |
|
|
3,040 |
|
|
|
166,241 |
|
Havas SA |
|
|
14,845 |
|
|
|
73,258 |
|
LISI |
|
|
775 |
|
|
|
48,240 |
|
Sanofi |
|
|
2,505 |
|
|
|
170,360 |
|
Teleperformance SA |
|
|
4,095 |
|
|
|
97,877 |
|
Total SA |
|
|
3,655 |
|
|
|
157,118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
713,094 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Germany8.6% |
|
|
|
|
|
|
|
|
Bayer AG, Registered Shares |
|
|
2,150 |
|
|
|
135,955 |
|
Brenntag AG |
|
|
1,115 |
|
|
|
125,614 |
|
Fresenius SE & Co. KGaA |
|
|
1,720 |
|
|
|
162,487 |
|
Henkel AG & Co. KGaA |
|
|
5,050 |
|
|
|
276,969 |
|
Rheinmetall AG |
|
|
1,285 |
|
|
|
53,022 |
|
SAP AG |
|
|
1,635 |
|
|
|
93,806 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
847,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Hong Kong3.8% |
|
|
|
|
|
|
|
|
Cheung Kong Holdings Ltd. |
|
|
7,000 |
|
|
|
80,718 |
|
Dah Chong Hong Holdings Ltd. |
|
|
65,000 |
|
|
|
61,805 |
|
Hutchison Whampoa Ltd. |
|
|
10,000 |
|
|
|
82,264 |
|
Power Assets Holdings Ltd. |
|
|
6,500 |
|
|
|
45,432 |
|
Stella International Holdings Ltd. |
|
|
42,000 |
|
|
|
106,819 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
377,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ireland6.3% |
|
|
|
|
|
|
|
|
Beazley PLC |
|
|
64,145 |
|
|
|
133,460 |
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
Ireland(continued) |
|
|
|
|
|
|
|
|
ICON PLC * |
|
|
3,660 |
|
|
$ |
78,153 |
|
Kerry Group PLC, Class A |
|
|
5,620 |
|
|
|
242,561 |
|
WPP PLC |
|
|
14,420 |
|
|
|
172,013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
626,187 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Japan14.6% |
|
|
|
|
|
|
|
|
Autobacs Seven Co. Ltd. |
|
|
2,500 |
|
|
|
129,530 |
|
Brother Industries Ltd. |
|
|
3,900 |
|
|
|
42,753 |
|
FCC Co. Ltd. |
|
|
4,200 |
|
|
|
74,020 |
|
FP Corp. |
|
|
800 |
|
|
|
48,137 |
|
Hoshizaki Electric Co. Ltd. |
|
|
4,700 |
|
|
|
115,521 |
|
Inpex Corp. |
|
|
17 |
|
|
|
98,277 |
|
ITOCHU Corp. |
|
|
12,000 |
|
|
|
131,547 |
|
Kaken Pharmaceutical Co. Ltd. |
|
|
4,000 |
|
|
|
52,067 |
|
Kamigumi Co. Ltd. |
|
|
8,000 |
|
|
|
62,175 |
|
Makita Corp. |
|
|
1,500 |
|
|
|
51,053 |
|
Nissan Chemical Industries Ltd. |
|
|
9,100 |
|
|
|
76,995 |
|
NTT DoCoMo, Inc. |
|
|
57 |
|
|
|
90,999 |
|
Omron Corp. |
|
|
2,600 |
|
|
|
51,529 |
|
Shinsei Bank Ltd. |
|
|
47,000 |
|
|
|
49,783 |
|
Softbank Corp. |
|
|
3,910 |
|
|
|
122,250 |
|
Sugi Holdings Co. Ltd. |
|
|
3,300 |
|
|
|
105,199 |
|
Sumitomo Mitsui Trust Holdings, Inc. |
|
|
16,000 |
|
|
|
40,429 |
|
Unipres Corp. |
|
|
3,700 |
|
|
|
102,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,444,491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Netherlands3.5% |
|
|
|
|
|
|
|
|
Imtech NV |
|
|
1,880 |
|
|
|
48,538 |
|
Koninklijke Ahold NV |
|
|
15,105 |
|
|
|
177,454 |
|
Unilever NV-CVA |
|
|
3,930 |
|
|
|
123,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
349,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Singapore2.6% |
|
|
|
|
|
|
|
|
M1 Ltd. |
|
|
38,000 |
|
|
|
72,249 |
|
Oversea-Chinese Banking Corp. Ltd. |
|
|
9,000 |
|
|
|
58,389 |
|
Singapore Telecommunications Ltd. |
|
|
28,000 |
|
|
|
67,360 |
|
United Overseas Bank Ltd. |
|
|
4,000 |
|
|
|
54,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
252,910 |
|
|
|
|
|
|
|
|
|
|
The accompanying notes
are an integral part of the portfolio of investments.
34
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (unaudited) |
|
|
|
|
|
ROBECO BOSTON PARTNERS
INTERNATIONAL EQUITY FUND (concluded)
|
|
|
PORTFOLIO OF INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
South Korea0.4% |
|
|
|
|
|
|
|
|
SK Telecom Co. Ltd. |
|
|
390 |
|
|
$ |
39,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Spain0.5% |
|
|
|
|
|
|
|
|
Abertis Infraestructuras SA |
|
|
3,945 |
|
|
|
50,219 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Switzerland7.7% |
|
|
|
|
|
|
|
|
Credit Suisse Group AG, |
|
|
|
|
|
|
|
|
Registered Shares * |
|
|
4,420 |
|
|
|
83,772 |
|
Novartis AG, Registered Shares |
|
|
1,480 |
|
|
|
76,868 |
|
Roche Holding AG, Participation Certificate |
|
|
1,280 |
|
|
|
199,771 |
|
Swatch Group AG (The), Bearer Shares |
|
|
410 |
|
|
|
157,652 |
|
Swiss Re AG * |
|
|
1,675 |
|
|
|
96,567 |
|
Tecan Group AG * |
|
|
870 |
|
|
|
56,606 |
|
Zurich Financial Services AG * |
|
|
430 |
|
|
|
87,917 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
759,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taiwan0.6% |
|
|
|
|
|
|
|
|
Delta Electronics, Inc. |
|
|
22,000 |
|
|
|
61,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
United Kingdom31.1% |
|
|
|
|
|
|
|
|
AstraZeneca PLC |
|
|
2,035 |
|
|
|
82,109 |
|
Barclays PLC |
|
|
14,530 |
|
|
|
39,480 |
|
BG Group PLC |
|
|
3,825 |
|
|
|
73,246 |
|
BHP Billiton PLC |
|
|
6,820 |
|
|
|
178,107 |
|
BP PLC |
|
|
22,560 |
|
|
|
137,304 |
|
Daily Mail & General Trust PLC |
|
|
11,780 |
|
|
|
69,062 |
|
Filtrona PLC |
|
|
28,885 |
|
|
|
199,882 |
|
Howden Joinery Group PLC |
|
|
45,305 |
|
|
|
81,903 |
|
HSBC Holdings PLC |
|
|
28,303 |
|
|
|
222,245 |
|
Imperial Tobacco Group PLC |
|
|
8,005 |
|
|
|
288,937 |
|
Intercontinental Hotels Group PLC |
|
|
2,445 |
|
|
|
57,503 |
|
Kingfisher PLC |
|
|
18,335 |
|
|
|
79,687 |
|
Mears Group PLC |
|
|
23,540 |
|
|
|
93,511 |
|
Meggitt PLC |
|
|
37,302 |
|
|
|
217,022 |
|
National Grid PLC |
|
|
7,500 |
|
|
|
75,133 |
|
Rexam PLC |
|
|
29,055 |
|
|
|
180,550 |
|
Rio Tinto PLC |
|
|
1,860 |
|
|
|
79,692 |
|
Royal Dutch Shell PLC, Class A |
|
|
11,405 |
|
|
|
353,478 |
|
Sage Group PLC (The) |
|
|
11,501 |
|
|
|
45,465 |
|
Serco Group PLC |
|
|
14,310 |
|
|
|
115,786 |
|
Standard Chartered PLC |
|
|
7,080 |
|
|
|
142,833 |
|
TESCO PLC |
|
|
19,030 |
|
|
|
88,734 |
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Value |
|
United Kingdom(continued) |
|
|
|
|
|
|
|
|
Victrex PLC |
|
|
2,500 |
|
|
$ |
53,672 |
|
Vodafone Group PLC |
|
|
43,865 |
|
|
|
116,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,072,296 |
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCK (Cost $9,553,214) |
|
|
|
|
|
|
9,233,758 |
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS93.5% (Cost $9,553,214)** |
|
|
|
|
|
|
9,233,758 |
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS IN EXCESS OF LIABILITIES6.5% |
|
|
|
|
|
|
640,897 |
|
|
|
|
|
|
|
|
|
|
NET ASSETS100.0% |
|
|
|
|
|
$ |
9,874,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
PLC |
|
Public Limited Company |
* |
|
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 |
|
$ |
9,553,214 |
|
|
|
|
|
|
Gross unrealized appreciation |
|
|
293,971 |
|
Gross unrealized depreciation |
|
|
(613,427 |
) |
|
|
|
|
|
Net unrealized depreciation |
|
$ |
(319,456 |
) |
|
|
|
|
|
The accompanying notes
are an integral part of the portfolio of investments.
35
|
|
|
ROBECO INVESTMENT FUNDS |
|
MAY 31, 2012 (UNAUDITED) |
|
|
|
|
|
ROBECO BOSTON PARTNERS
INTERNATIONAL EQUITY FUND (concluded) |
|
|
Portfolio of Investments
|
|
A summary of the inputs used to value the Funds investments as of May 31, 2012 is as follows (see
Notes to Portfolio of Investments):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Value as of May 31, 2012 |
|
|
Level
1 Quoted Price |
|
|
Level 2 Significant Observable Inputs |
|
|
Level 3 Significant Unobservable Inputs |
|
Investment in Securities * |
|
$ |
9,233,758 |
|
|
$ |
9,233,758 |
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
9,233,758 |
|
|
$ |
9,233,758 |
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* See Portfolio of Investments detail for country and security type breakout.
The accompanying notes
are an integral part of the portfolio of investments.
36
ROBECO INVESTMENT FUNDS
NOTES TO PORFOLIO OF INVESTMENTS
May 31, 2012 (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 (WPG Small/Micro Cap Value Fund), Robeco Boston Partners Global Equity Fund (BP Global Equity Fund) and Robeco Boston
Partners International Equity Fund (BP International Equity 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 issuers 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 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.); and
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 Funds investments
as of May 31, 2012 is included in each Funds Portfolio of Investments.
At the end of each calendar quarter, management
evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and
consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market.Additionally, management evaluates the classification of Level 1 and Level 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 May 31, 2012, management has evaluated the activity in Levels 1, 2 and 3 and has concluded that there were no
significant changes to report.
37
ROBECO INVESTMENT FUNDS
NOTES TO PORFOLIO OF INVESTMENTS (continued)
May 31, 2012 (unaudited)
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. 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-thecounter 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.
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 Long/Short Equity Fund, BP Long/Short Research Fund and the BP All-Cap Value Fund had transactions in options written during the period
ended May 31, 2012 as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BP Long/Short Equity Fund |
|
|
BP Long/Short Research Fund |
|
|
BP All-Cap Value Fund |
|
|
|
|
|
|
|
|
Number of Contracts |
|
|
Premiums Received |
|
|
Number of Contracts |
|
|
Premiums Received |
|
|
Number of Contracts |
|
|
Premiums Received |
|
|
|
|
|
|
Options outstanding at
August 31, 2011 |
|
|
9,636 |
|
|
|
$2,307,033 |
|
|
|
37 |
|
|
|
$20,979 |
|
|
|
6,021 |
|
|
|
$520,322 |
|
Options written |
|
|
28,070 |
|
|
|
8,981,123 |
|
|
|
270 |
|
|
|
139,544 |
|
|
|
5,135 |
|
|
|
949,269 |
|
Options closed |
|
|
(21,871 |
) |
|
|
(5,108,062 |
) |
|
|
(74 |
) |
|
|
(30,783 |
) |
|
|
(3,750 |
) |
|
|
(259,539) |
|
Options expired |
|
|
|
|
|
|
|
|
|
|
(40 |
) |
|
|
(20,280 |
) |
|
|
(3,089 |
) |
|
|
(265,249) |
|
Options exercised |
|
|
(2,205 |
) |
|
|
(1,920,279 |
) |
|
|
|
|
|
|
|
|
|
|
(364 |
) |
|
|
(92,278) |
|
|
|
|
|
|
Options outstanding at
May 31, 2012 |
|
|
13,630 |
|
|
|
$4,259,815 |
|
|
|
193 |
|
|
|
$109,460 |
|
|
|
3,953 |
|
|
|
$852,525 |
|
|
|
|
|
|
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 Funds 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.
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 Robeco as applicable, based
on policies and procedures established by the Board of Directors. Therefore, not all restricted securities are considered illiquid.
38
ROBECO INVESTMENT FUNDS
NOTES TO PORFOLIO OF INVESTMENTS (concluded)
May 31, 2012 (unaudited)
At May 31, 2012, the below Fund held restricted securities that were illiquid:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition Date |
|
Acquisition Cost |
|
|
Shares /Par |
|
|
Value |
|
|
% of Net 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
196,273 |
|
|
|
20,840 |
|
|
$ |
|
|
|
|
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.
39
S1 FUND
PORTFOLIO OF INVESTMENTS
MAY 31, 2012
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF SHARES |
|
|
VALUE |
|
COMMON STOCKS 51.5% |
|
|
|
|
|
|
|
|
CONSUMER DISCRETIONARY17.1% |
|
|
|
|
|
|
|
|
AMC Networks, Inc., Class A*^ |
|
|
10,798 |
|
|
$ |
416,695 |
|
Americas Car-Mart, Inc.*^ |
|
|
8,649 |
|
|
|
373,204 |
|
Ascent Capital Group, Inc., Class A* |
|
|
5,000 |
|
|
|
261,900 |
|
Belo Corp., Class A |
|
|
44,000 |
|
|
|
254,320 |
|
Canadian Satellite Radio Holdings, Inc., Class A (Canada)* |
|
|
112,000 |
|
|
|
412,064 |
|
Charter Communications, Inc., Class A*^ |
|
|
9,520 |
|
|
|
596,904 |
|
Cie Financiere Richemont SA, Class A (Switzerland) |
|
|
1,640 |
|
|
|
93,451 |
|
CROCS, Inc.*^ |
|
|
29,940 |
|
|
|
506,285 |
|
Desarrolladora Homex SAB de CV - ADR* |
|
|
1,500 |
|
|
|
19,455 |
|
DIRECTV, Class A*^ |
|
|
9,800 |
|
|
|
435,610 |
|
Einstein Noah Restaurant Group, Inc. |
|
|
25,580 |
|
|
|
438,441 |
|
Foot Locker, Inc.^ |
|
|
10,185 |
|
|
|
323,272 |
|
Heelys, Inc.*^ |
|
|
33,718 |
|
|
|
71,145 |
|
HSN, Inc. |
|
|
9,800 |
|
|
|
381,220 |
|
Hyatt Hotels Corp., Class A*^ |
|
|
8,235 |
|
|
|
304,613 |
|
Interval Leisure Group, Inc. |
|
|
.7,000 |
|
|
|
116,550 |
|
Kohls Corp. |
|
|
6,260 |
|
|
|
286,833 |
|
Lear Corp.^ |
|
|
9,750 |
|
|
|
388,537 |
|
Li & Fung Ltd. (Hong Kong) |
|
|
56,800 |
|
|
|
104,210 |
|
Liberty Interactive Corp., Class A*^ |
|
|
24,087 |
|
|
|
403,698 |
|
Liberty Media Corp. - Liberty Capital, Class A*^ |
|
|
9,028 |
|
|
|
765,304 |
|
MDC Holdings, Inc. |
|
|
12,800 |
|
|
|
367,616 |
|
Melco Crown Entertainment Ltd. - ADR*^ |
|
|
28,515 |
|
|
|
335,051 |
|
MGM Resorts International* |
|
|
17,827 |
|
|
|
193,066 |
|
Panasonic Corp. - Sponsored ADR |
|
|
8,860 |
|
|
|
58,033 |
|
PulteGroup, Inc.* |
|
|
56,859 |
|
|
|
532,200 |
|
Scientific Games Corp., Class A* |
|
|
21,000 |
|
|
|
179,340 |
|
Sirius XM Radio, Inc.*^ |
|
|
175,700 |
|
|
|
332,073 |
|
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF SHARES |
|
|
VALUE |
|
CONSUMER DISCRETIONARY(CONTINUED) |
|
|
|
|
|
Super Group Ltd. (South Africa)* |
|
|
12,400 |
|
|
$ |
21,528 |
|
True Religion Apparel, Inc.^ |
|
|
23,560 |
|
|
|
691,015 |
|
Universal Entertainment Corp. (Japan) |
|
|
31,800 |
|
|
|
651,746 |
|
Urban Outfitters, Inc.*^ |
|
|
8,900 |
|
|
|
248,933 |
|
Vail Resorts, Inc. |
|
|
4,500 |
|
|
|
195,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,759,927 |
|
|
|
|
|
|
|
|
|
|
CONSUMER STAPLES3.0% |
|
|
|
|
|
|
|
|
Loblaw Cos. Ltd. (Canada) |
|
|
4,500 |
|
|
|
137,852 |
|
Nestle SA - Sponsored ADR |
|
|
1,425 |
|
|
|
81,011 |
|
Pilgrims Pride Corp.* |
|
|
49,700 |
|
|
|
408,037 |
|
Reckitt Benckiser Group PLC (United Kingdom) |
|
|
1,270 |
|
|
|
67,410 |
|
Safeway, Inc. |
|
|
4,750 |
|
|
|
90,345 |
|
Susser Holdings Corp.* |
|
|
10,000 |
|
|
|
292,500 |
|
Sysco Corp. |
|
|
1,400 |
|
|
|
39,074 |
|
Tesco PLC (United Kingdom) |
|
|
15,106 |
|
|
|
70,437 |
|
Tyson Foods, Inc., Class A |
|
|
5,610 |
|
|
|
108,666 |
|
Viterra, Inc. (Canada) |
|
|
7,840 |
|
|
|
121,450 |
|
Walgreen Co.^ |
|
|
11,820 |
|
|
|
360,746 |
|
Wal-Mart Stores, Inc. |
|
|
1,695 |
|
|
|
111,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,889,093 |
|
|
|
|
|
|
|
|
|
|
ENERGY1.6% |
|
|
|
|
|
|
|
|
Baker Hughes, Inc. |
|
|
500 |
|
|
|
20,865 |
|
Cloud Peak Energy, Inc.* |
|
|
5,620 |
|
|
|
86,998 |
|
Exxon Mobil Corp. |
|
|
1,435 |
|
|
|
112,834 |
|
Murphy Oil Corp. |
|
|
1,670 |
|
|
|
77,855 |
|
QEP Resources, Inc.^ |
|
|
10,260 |
|
|
|
270,043 |
|
Sasol Ltd. - Sponsored ADR |
|
|
2,320 |
|
|
|
98,554 |
|
Statoil ASA - Sponsored ADR |
|
|
4,015 |
|
|
|
91,141 |
|
Transocean Ltd.* |
|
|
1,705 |
|
|
|
69,615 |
|
WPX Energy, Inc.* |
|
|
13,300 |
|
|
|
195,111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,023,016 |
|
|
|
|
|
|
|
|
|
|
FINANCIALS7.8% |
|
|
|
|
|
|
|
|
Altisource Portfolio Solutions SA |
|
|
3,626 |
|
|
|
209,800 |
|
Brookfield Office Properties, Inc.^ |
|
|
11,841 |
|
|
|
198,218 |
|
The
accompanying notes are an integral part of the Portfolio of Investments.
1
S1 FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
MAY 31, 2012
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF SHARES |
|
|
VALUE |
|
FINANCIALS(CONTINUED) |
|
|
|
|
|
|
|
|
China Life Insurance Co. Ltd. - ADR |
|
|
2,705 |
|
|
$ |
95,270 |
|
CME Group, Inc.^ |
|
|
894 |
|
|
|
230,268 |
|
Fairfax Financial Holdings Ltd. (Canada) |
|
|
240 |
|
|
|
94,573 |
|
First California Financial Group, Inc.* |
|
|
32,000 |
|
|
|
216,960 |
|
Forest City Enterprises, Inc., Class A*^ |
|
|
24,237 |
|
|
|
324,533 |
|
Fox Chase Bancorp, Inc.^ |
|
|
39,906 |
|
|
|
511,595 |
|
Hampden Bancorp, Inc. |
|
|
22,750 |
|
|
|
298,025 |
|
Heritage Commerce Corp.*^ |
|
|
60,000 |
|
|
|
369,600 |
|
HFF, Inc., Class A*^ |
|
|
5,710 |
|
|
|
74,687 |
|
HOME LOAN SERVICING SOLUTIONS Ltd. |
|
|
7,000 |
|
|
|
93,660 |
|
HomeStreet, Inc.*^ |
|
|
11,050 |
|
|
|
364,650 |
|
MetroCorp Bancshares, Inc.* |
|
|
36,000 |
|
|
|
342,000 |
|
OmniAmerican Bancorp, Inc.*^ |
|
|
37,639 |
|
|
|
744,499 |
|
Public Storage |
|
|
1,350 |
|
|
|
180,184 |
|
Safestore Holdings PLC (United Kingdom) |
|
|
29,807 |
|
|
|
52,140 |
|
ViewPoint Financial Group^ |
|
|
34,186 |
|
|
|
521,336 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,921,998 |
|
|
|
|
|
|
|
|
|
|
HEALTH CARE1.9% |
|
|
|
|
|
|
|
|
Brookdale Senior Living, Inc.*^ |
|
|
7,650 |
|
|
|
126,148 |
|
HCA Holdings, Inc.^ |
|
|
16,270 |
|
|
|
422,857 |
|
Invacare Corp. |
|
|
15,366 |
|
|
|
228,800 |
|
Johnson & Johnson |
|
|
5,420 |
|
|
|
338,371 |
|
Merck & Co., Inc. |
|
|
2,680 |
|
|
|
100,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,216,890 |
|
|
|
|
|
|
|
|
|
|
INDUSTRIALS1.7% |
|
|
|
|
|
|
|
|
G4S PLC (United Kingdom) |
|
|
11,484 |
|
|
|
48,885 |
|
Grupo Aeroportuario del Sureste SAB de CV - ADR |
|
|
1,711 |
|
|
|
122,542 |
|
Pitney Bowes, Inc. |
|
|
4,425 |
|
|
|
60,357 |
|
Shaw Group, Inc., (The)* |
|
|
3,170 |
|
|
|
80,518 |
|
Tyco International Ltd. |
|
|
6,300 |
|
|
|
334,908 |
|
United Continental Holdings, Inc.*^ |
|
|
15,749 |
|
|
|
396,402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,043,612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF SHARES |
|
|
VALUE |
|
INFORMATION TECHNOLOGY6.6% |
|
|
|
|
|
|
|
|
Apple, Inc.* |
|
|
629 |
|
|
$ |
363,392 |
|
EchoStar Corp., Class A*^ |
|
|
5,000 |
|
|
|
139,850 |
|
Global Cash Access Holdings, Inc.*^ |
|
|
101,860 |
|
|
|
718,113 |
|
Google, Inc., Class A*^ |
|
|
1,000 |
|
|
|
580,860 |
|
Hewlett-Packard Co. |
|
|
2,500 |
|
|
|
56,700 |
|
Infineon Technologies AG (Denmark) |
|
|
40,950 |
|
|
|
323,456 |
|
Intel Corp. |
|
|
4,450 |
|
|
|
114,988 |
|
LTX-Credence Corp.* |
|
|
75,229 |
|
|
|
534,126 |
|
Microsoft Corp.^ |
|
|
15,340 |
|
|
|
447,775 |
|
Optimal Payments, PLC (United Kingdom)* |
|
|
4,445 |
|
|
|
4,727 |
|
Oracle Corp.^ |
|
|
4,000 |
|
|
|
105,880 |
|
Stamps.com, Inc.*^ |
|
|
22,226 |
|
|
|
545,871 |
|
Teradyne, Inc.* |
|
|
15,047 |
|
|
|
217,429 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,153,167 |
|
|
|
|
|
|
|
|
|
|
MATERIALS2.6% |
|
|
|
|
|
|
|
|
Agrium, Inc. |
|
|
1,240 |
|
|
|
96,894 |
|
ArcelorMittal |
|
|
1,400 |
|
|
|
19,446 |
|
Coeur dAlene Mines Corp.* |
|
|
16,000 |
|
|
|
270,400 |
|
Crown Holdings, Inc.* |
|
|
11,900 |
|
|
|
405,671 |
|
Neo Material Technologies, Inc. (Canada)* |
|
|
11,500 |
|
|
|
114,571 |
|
POSCO - ADR |
|
|
1,040 |
|
|
|
78,759 |
|
Schweitzer-Mauduit International, Inc.^ |
|
|
3,540 |
|
|
|
236,826 |
|
Silver Standard Resources, Inc. (Canada)*^ |
|
|
20,500 |
|
|
|
225,500 |
|
US Silica Holdings, Inc.* |
|
|
18,200 |
|
|
|
221,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,669,561 |
|
|
|
|
|
|
|
|
|
|
REAL ESTATE INVESTMENT TRUSTS6.2% |
|
|
|
|
|
|
|
|
BRE Properties, Inc. |
|
|
8,150 |
|
|
|
401,225 |
|
Camden Property Trust^ |
|
|
1,900 |
|
|
|
123,709 |
|
Chatham Lodging Trust^ |
|
|
11,523 |
|
|
|
149,569 |
|
Colonial Properties Trust^ |
|
|
6,965 |
|
|
|
147,728 |
|
Douglas Emmett, Inc. |
|
|
2,750 |
|
|
|
58,850 |
|
Duke Realty Corp. |
|
|
12,250 |
|
|
|
169,540 |
|
Dundee Real Estate Investment Trust (Canada) 144A |
|
|
2,300 |
|
|
|
80,211 |
|
Dundee Real Estate Investment Trust (Canada) |
|
|
1,150 |
|
|
|
40,106 |
|
The
accompanying notes are an integral part of the Portfolio of Investments.
2
S1 FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
MAY 31, 2012
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF SHARES |
|
|
VALUE |
|
REAL ESTATE INVESTMENT
TRUSTS(CONTINUED) |
|
Entertainment Properties Trust |
|
|
2,500 |
|
|
$ |
103,175 |
|
Equity Lifestyle Properties, Inc.^ |
|
|
6,076 |
|
|
|
400,165 |
|
Glimcher Realty Trust |
|
|
18,950 |
|
|
|
174,340 |
|
Gramercy Capital Corp.* |
|
|
44,700 |
|
|
|
113,985 |
|
Hammerson PLC (United Kingdom) |
|
|
15,850 |
|
|
|
101,815 |
|
HCP, Inc. |
|
|
4,500 |
|
|
|
183,780 |
|
Hersha Hospitality Trust |
|
|
9,150 |
|
|
|
48,770 |
|
Medical Properties Trust, Inc. |
|
|
18,000 |
|
|
|
162,000 |
|
Mid-America Apartment Communities, Inc. |
|
|
1,900 |
|
|
|
128,041 |
|
Northern Property Real Estate Investment Trust (Canada) |
|
|
1,800 |
|
|
|
56,204 |
|
Parkway Properties, Inc. |
|
|
9,650 |
|
|
|
101,711 |
|
Ramco-Gershenson Properties Trust^ |
|
|
33,093 |
|
|
|
394,138 |
|
Sabra Health Care REIT, Inc. |
|
|
1,800 |
|
|
|
25,884 |
|
Simon Property Group, Inc . |
|
|
1,300 |
|
|
|
191,776 |
|
Strategic Hotels & Resorts, Inc.* |
|
|
39,950 |
|
|
|
248,889 |
|
Sunstone Hotel Investors, Inc.* |
|
|
15,200 |
|
|
|
152,152 |
|
Vornado Realty Trust |
|
|
1,500 |
|
|
|
122,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,880,643 |
|
|
|
|
|
|
|
|
|
|
TELECOMMUNICATION SERVICES3.0% |
|
|
|
|
|
America Movil Sab de CV, Series L - ADR |
|
|
18,200 |
|
|
|
428,792 |
|
China Mobile Ltd. - Sponsored ADR |
|
|
2,055 |
|
|
|
104,250 |
|
Chorus Ltd.* |
|
|
2,200 |
|
|
|
26,818 |
|
Sprint Nextel Corp.*^ |
|
|
156,148 |
|
|
|
401,300 |
|
Vodafone Group, PLC (United Kingdom) |
|
|
125,650 |
|
|
|
335,015 |
|
Ziggo NV (Netherlands)* |
|
|
20,300 |
|
|
|
577,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,873,500 |
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost $31,981,149) |
|
|
|
|
|
|
32,431,407 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF SHARES |
|
|
VALUE |
|
EXCHANGE TRADED FUNDS 13.3% |
|
|
|
|
|
|
|
|
COMMODITY0.7% |
|
|
|
|
|
|
|
|
SPDR Gold Shares*^ |
|
|
2,899 |
|
|
$ |
439,546 |
|
|
|
|
|
|
|
|
|
|
CURRENCY0.4% |
|
|
|
|
|
|
|
|
ProShares UltraShort Euro* |
|
|
6,410 |
|
|
|
140,892 |
|
Proshares Ultrashort Yen* |
|
|
3,100 |
|
|
|
129,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
270,875 |
|
|
|
|
|
|
|
|
|
|
EQUITY12.1% |
|
|
|
|
|
|
|
|
Consumer Staples Select Sector SPDR Fund^ |
|
|
59,102 |
|
|
|
1,995,284 |
|
Health Care Select Sector SPDR Fund |
|
|
38,000 |
|
|
|
1,373,700 |
|
iShares Dow Jones US Telecommunications Sector Index Fund |
|
|
54,000 |
|
|
|
1,145,340 |
|
iShares MSCI Emerging Markets Index Fund |
|
|
30,000 |
|
|
|
1,131,000 |
|
iShares Russell 2000 Value Index Fund |
|
|
10,000 |
|
|
|
674,900 |
|
Market Vectors Brazil Small-Cap ETF |
|
|
7,000 |
|
|
|
254,100 |
|
Market Vectors Gold Miners ETF^ |
|
|
7,175 |
|
|
|
314,121 |
|
Powershares S&P 500 High Quality Portfolio^ |
|
|
51,000 |
|
|
|
751,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,640,185 |
|
|
|
|
|
|
|
|
|
|
OTHER0.1% |
|
|
|
|
|
|
|
|
Templeton Dragon Fund, Inc. |
|
|
1,770 |
|
|
|
46,109 |
|
|
|
|
|
|
|
|
|
|
TOTAL EXCHANGE TRADED FUNDS (Cost $8,587,471) |
|
|
|
|
|
|
8,396,715 |
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of the Portfolio of Investments.
3
S1 FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
MAY 31, 2012
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
PAR (000S)
|
|
|
VALUE |
|
CORPORATE BOND 0.3% |
|
|
|
|
|
|
|
|
FINANCIALS0.3% |
|
|
|
|
|
|
|
|
MGIC Investment Corp. 5.375% 11/01/15 |
|
|
250 |
|
|
$ |
185,938 |
|
|
|
|
|
|
|
|
|
|
TOTAL CORPORATE BOND (Cost $197,548) |
|
|
|
|
|
|
185,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
FOREIGN GOVERNMENT NOTE 0.0% |
|
|
|
|
|
|
|
|
Canadian Government Bond 3.000% 12/01/15 |
|
|
CAD 10 |
|
|
|
10,276 |
|
|
|
|
|
|
|
|
|
|
TOTAL FOREIGN GOVERNMENT NOTE (Cost $10,281) |
|
|
|
|
|
|
10,276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. TREASURY NOTES 0.2% |
|
|
|
|
|
|
|
|
2.625% 04/30/16^ |
|
|
100 |
|
|
|
108,070 |
|
|
|
|
|
|
|
|
|
|
TOTAL U.S. TREASURY NOTES (Cost $102,471) |
|
|
|
|
|
|
108,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GOVERNMENT AGENCY 17.5% |
|
|
|
|
|
|
|
|
FEDERAL HOME LOAN BANK3.2% |
|
|
|
|
|
|
|
|
1.250% 02/22/27^ |
|
|
1,000 |
|
|
|
1,002,494 |
|
1.000% 02/24/27^ |
|
|
1,000 |
|
|
|
1,000,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,003,491 |
|
|
|
|
|
|
|
|
|
|
FEDERAL NATIONAL MORTGAGE |
|
|
|
|
|
|
|
|
ASSOCIATION14.3% |
|
|
|
|
|
|
|
|
2.700% 03/28/22 |
|
|
2,000 |
|
|
|
2,024,808 |
|
1.500% 03/29/27 |
|
|
2,000 |
|
|
|
2,010,166 |
|
1.000% 04/30/27 |
|
|
2,000 |
|
|
|
2,007,734 |
|
1.000% 06/14/27 |
|
|
2,000 |
|
|
|
2,001,552 |
|
1.000% 11/23/26^ |
|
|
1,000 |
|
|
|
1,000,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,045,082 |
|
|
|
|
|
|
|
|
|
|
TOTAL U.S. GOVERNMENT AGENCY
(Cost $11,007,317) |
|
|
|
|
|
|
11,048,573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF CONTRACTS
|
|
|
VALUE |
|
PURCHASED OPTIONS 0.4% |
|
|
|
|
|
|
|
|
PUT OPTIONS PURCHASED0.4% |
|
|
|
|
|
|
|
|
iShares FTSE China 25 Index Fund Expires 08/18/12 Strike Price $26 |
|
|
250 |
|
|
$ |
8,500 |
|
PulteGroup, Inc. Expires 07/21/12 Strike Price $8 |
|
|
350 |
|
|
|
10,150 |
|
SPDR Gold Shares Expires 07/21/12 Strike Price $130 |
|
|
50 |
|
|
|
1,950 |
|
SPDR Gold Shares Expires 08/18/12 Strike Price $125 |
|
|
74 |
|
|
|
3,811 |
|
SPDR S&P 500 ETF Trust Expires 06/16/12 Strike Price $129 |
|
|
675 |
|
|
|
111,375 |
|
SPDR S&P 500 ETF Trust Expires 08/18/12 Strike Price $110 |
|
|
750 |
|
|
|
84,000 |
|
United Continental Holdings, Inc. Expires 07/21/12 Strike Price $22 |
|
|
88 |
|
|
|
7,392 |
|
WisdomTree Dreyfus Chinese Yuan Fund Expires 07/21/12 Strike Price $24.45 |
|
|
610 |
|
|
|
6,100 |
|
WisdomTree Dreyfus Chinese Yuan Fund Expires 10/20/12 Strike Price $24 |
|
|
380 |
|
|
|
8,550 |
|
|
|
|
|
|
|
|
|
|
TOTAL PUT OPTIONS PURCHASED (Cost $295,704) |
|
|
|
|
|
|
241,828 |
|
|
|
|
|
|
|
|
|
|
TOTAL PURCHASED OPTIONS 0.4% (Cost $295,704) |
|
|
|
|
|
|
241,828 |
|
|
|
|
|
|
|
|
|
|
TOTAL LONG POSITIONS 83.2% (Cost $52,181,941) |
|
|
|
|
|
|
52,422,807 |
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of the Portfolio of Investments.
4
S1 FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
MAY 31, 2012
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF SHARES |
|
|
VALUE |
|
SECURITIES SOLD SHORT (29.2)% |
|
|
|
|
|
COMMON STOCKS (19.9)% |
|
|
|
|
|
|
|
|
CONSUMER DISCRETIONARY(4.3)% |
|
|
|
|
|
Amazon.com, Inc.* |
|
|
(610 |
) |
|
$ |
(129,875 |
) |
Beazer Homes USA, Inc. |
|
|
(49,000 |
) |
|
|
(127,890 |
) |
Blue Nile, Inc.* |
|
|
(2,882 |
) |
|
|
(93,060 |
) |
Buckle, Inc. (The) |
|
|
(2,009 |
) |
|
|
(78,632 |
) |
Casio Computer Co. Ltd. (Japan) |
|
|
(11,000 |
) |
|
|
(64,153 |
) |
Columbia Sportswear Co. |
|
|
(3,100 |
) |
|
|
(149,079 |
) |
Dicks Sporting Goods, Inc. |
|
|
(2,700 |
) |
|
|
(125,550 |
) |
Discovery Communications, Inc., Class A* |
|
|
(2,585 |
) |
|
|
(129,508 |
) |
Focus Media Holding Ltd. - ADR |
|
|
(7,770 |
) |
|
|
(161,616 |
) |
Freds, Inc., Class A |
|
|
(10,000 |
) |
|
|
(137,500 |
) |
Garmin Ltd. |
|
|
(2,091 |
) |
|
|
(89,829 |
) |
GFK SE (Denmark) |
|
|
(1,400 |
) |
|
|
(64,917 |
) |
Hanesbrands, Inc.* |
|
|
(1,838 |
) |
|
|
(51,207 |
) |
Hovnanian Enterprises, Inc., Class A* |
|
|
(70,000 |
) |
|
|
(130,900 |
) |
Marriott International, Inc., Class A |
|
|
(6,700 |
) |
|
|
(259,357 |
) |
Netflix, Inc.* |
|
|
(250 |
) |
|
|
(15,860 |
) |
Pandora Media, Inc.* |
|
|
(15,300 |
) |
|
|
(164,322 |
) |
ReachLocal, Inc.* |
|
|
(4,700 |
) |
|
|
(47,423 |
) |
Rent-A-Center, Inc. |
|
|
(3,600 |
) |
|
|
(121,212 |
) |
Scholastic Corp. |
|
|
(3,800 |
) |
|
|
(102,410 |
) |
Tesla Motors, Inc.* |
|
|
(2,880 |
) |
|
|
(84,960 |
) |
Thor Industries, Inc. |
|
|
(2,893 |
) |
|
|
(88,960 |
) |
Valassis Communications, Inc.* |
|
|
(4,256 |
) |
|
|
(84,737 |
) |
Verizon Communications, Inc. |
|
|
(3,674 |
) |
|
|
(152,985 |
) |
Weight Watchers International, Inc |
|
|
(1,000 |
) |
|
|
(56,740 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,712,682 |
) |
|
|
|
|
|
|
|
|
|
CONSUMER STAPLES(0.3)% |
|
|
|
|
|
|
|
|
Boston Beer Co., Inc. (The), Class A* |
|
|
(1,168 |
) |
|
|
(122,465 |
) |
Whole Foods Market, Inc. |
|
|
(1,000 |
) |
|
|
(88,610 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(211,075 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF SHARES |
|
|
VALUE |
|
FINANCIALS(5.2)% |
|
|
|
|
|
|
|
|
Agile Property Holdings Ltd. (Hong Kong) |
|
|
(112,000 |
) |
|
$ |
(130,015 |
) |
American Capital Agency Corp |
|
|
(6,300 |
) |
|
|
(205,821 |
) |
BankUnited, Inc. |
|
|
(5,300 |
) |
|
|
(125,027 |
) |
BNP Paribas SA (France) |
|
|
(3,660 |
) |
|
|
(116,421 |
) |
Boardwalk Real Estate Investment Trust (Canada) |
|
|
(1,100 |
) |
|
|
(62,484 |
) |
Cedar Realty Trust, Inc. |
|
|
(17,560 |
) |
|
|
(84,288 |
) |
Commonwealth Bank of Australia (Australia) |
|
|
(2,908 |
) |
|
|
(139,934 |
) |
Credit Agricole SA (France) |
|
|
(8,112 |
) |
|
|
(29,008 |
) |
Deutsche Bank AG |
|
|
(2,850 |
) |
|
|
(102,543 |
) |
Equity One, Inc. |
|
|
(6,943 |
) |
|
|
(137,888 |
) |
Evergrande Real Estate Group Ltd. (China) |
|
|
(237,000 |
) |
|
|
(130,080 |
) |
Federated Investors, Inc., Class B |
|
|
(5,500 |
) |
|
|
(110,495 |
) |
First Cash Financial Services, Inc.* |
|
|
(4,200 |
) |
|
|
(157,332 |
) |
Legg Mason, Inc. |
|
|
(3,915 |
) |
|
|
(99,637 |
) |
LTC Properties, Inc. |
|
|
(2,600 |
) |
|
|
(83,902 |
) |
Omega Healthcare Investors, Inc. |
|
|
(6,000 |
) |
|
|
(126,660 |
) |
Pebblebrook Hotel Trust |
|
|
(8,000 |
) |
|
|
(175,600 |
) |
Plum Creek Timber Co., Inc. |
|
|
(2,258 |
) |
|
|
(82,417 |
) |
Prologis, Inc. |
|
|
(8,000 |
) |
|
|
(255,840 |
) |
Prosperity Bancshares, Inc. |
|
|
(3,310 |
) |
|
|
(141,403 |
) |
Realty Income Corp. |
|
|
(4,650 |
) |
|
|
(178,234 |
) |
Royal Bank of Canada (Canada) |
|
|
(2,500 |
) |
|
|
(124,375 |
) |
Shimao Property Holdings Ltd. (Hong Kong) |
|
|
(121,000 |
) |
|
|
(162,133 |
) |
Societe Generale SA (France)* |
|
|
(6,100 |
) |
|
|
(121,136 |
) |
Unibail-Rodamco SE (France) |
|
|
(550 |
) |
|
|
(90,859 |
) |
Westpac Banking Corp. (Australia) |
|
|
(6,590 |
) |
|
|
(130,248 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,303,780 |
) |
|
|
|
|
|
|
|
|
|
HEALTH CARE(0.2)% |
|
|
|
|
|
|
|
|
athenahealth, Inc.* |
|
|
(1,724 |
) |
|
|
(125,318 |
) |
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of the Portfolio of Investments.
5
S1 FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
MAY 31, 2012
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF SHARES |
|
|
VALUE |
|
INDUSTRIALS(1.1)% |
|
|
|
|
|
|
|
|
American Science & Engineering, Inc. |
|
|
(2,100 |
) |
|
$ |
(101,745 |
) |
Bouygues SA (France) |
|
|
(4,440 |
) |
|
|
(107,112 |
) |
Nielsen Holdings NV. |
|
|
(2,896 |
) |
|
|
(80,335 |
) |
Pentair, Inc. |
|
|
(1,200 |
) |
|
|
(48,912 |
) |
Pitney Bowes, Inc. |
|
|
(7,600 |
) |
|
|
(103,664 |
) |
Ritchie Bros Auctioneers, Inc. |
|
|
(4,700 |
) |
|
|
(93,154 |
) |
Watsco, Inc. |
|
|
(1,170 |
) |
|
|
(86,124 |
) |
Zipcar, Inc.* |
|
|
(7,900 |
) |
|
|
(84,925 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(705,971 |
) |
|
|
|
|
|
|
|
|
|
INFORMATION TECHNOLOGY(3.2)% |
|
|
|
|
|
|
|
|
Alliance Data Systems Corp.* |
|
|
(700 |
) |
|
|
(88,200 |
) |
Broadridge Financial Solutions, Inc. |
|
|
(5,395 |
) |
|
|
(109,141 |
) |
Brother Industries Ltd. (Japan) |
|
|
(6,200 |
) |
|
|
(67,966 |
) |
Computer Sciences Corp. |
|
|
(3,000 |
) |
|
|
(79,920 |
) |
DTS, Inc.* |
|
|
(4,227 |
) |
|
|
(116,792 |
) |
Electronic Arts, Inc.* |
|
|
(6,125 |
) |
|
|
(83,423 |
) |
F5 Networks, Inc.* |
|
|
(975 |
) |
|
|
(100,893 |
) |
Gree, Inc. (Japan) |
|
|
(2,600 |
) |
|
|
(41,641 |
) |
Konami Corp. (Japan) |
|
|
(2,650 |
) |
|
|
(56,037 |
) |
LAM Research Corp.* |
|
|
(3,000 |
) |
|
|
(111,900 |
) |
Microsoft Corp. |
|
|
(3,150 |
) |
|
|
(91,948 |
) |
Neopost SA (France) |
|
|
(1,500 |
) |
|
|
(77,900 |
) |
Nintendo Co. Ltd. (Japan) |
|
|
(800 |
) |
|
|
(93,211 |
) |
Qihoo 360 Technology Co. Ltd. - ADR* |
|
|
(3,500 |
) |
|
|
(70,000 |
) |
RealPage, Inc.* |
|
|
(5,675 |
) |
|
|
(101,299 |
) |
Salesforce.com, Inc.* |
|
|
(1,286 |
) |
|
|
(178,265 |
) |
SAP AG - Sponsored ADR |
|
|
(1,050 |
) |
|
|
(60,186 |
) |
Seiko Epson Corp. (Japan) |
|
|
(11,200 |
) |
|
|
(113,915 |
) |
Trimble Navigation Ltd.* |
|
|
(1,783 |
) |
|
|
(84,095 |
) |
ValueClick, Inc.* |
|
|
(6,198 |
) |
|
|
(108,713 |
) |
VanceInfo Technologies, Inc. - ADR* |
|
|
(4,000 |
) |
|
|
(36,720 |
) |
VMware, Inc., Class A* |
|
|
(1,211 |
) |
|
|
(112,635 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,984,800 |
) |
|
|
|
|
|
|
|
|
|
MATERIALS(0.3)% |
|
|
|
|
|
|
|
|
Gold Resource Corp. |
|
|
(5,950 |
) |
|
|
(157,675 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF SHARES |
|
|
VALUE |
|
REAL ESTATE INVESTMENT TRUSTS(4.3)% |
|
|
|
|
|
Acadia Realty Trust |
|
|
(10,967 |
) |
|
$ |
(245,332 |
) |
AvalonBay Communities, Inc. |
|
|
(1,650 |
) |
|
|
(230,588 |
) |
Capital Shopping Centres Group PLC (United Kingdom) |
|
|
(12,300 |
) |
|
|
(58,538 |
) |
CBL & Associates Properties, Inc. |
|
|
(4,950 |
) |
|
|
(86,427 |
) |
CubeSmart |
|
|
(12,500 |
) |
|
|
(141,375 |
) |
EastGroup Properties, Inc. |
|
|
(6,356 |
) |
|
|
(315,067 |
) |
Essex Property Trust, Inc. |
|
|
(1,700 |
) |
|
|
(255,782 |
) |
Health Care REIT, Inc. |
|
|
(1,550 |
) |
|
|
(85,978 |
) |
Highwoods Properties, Inc. |
|
|
(5,550 |
) |
|
|
(179,043 |
) |
LaSalle Hotel Properties |
|
|
(4,950 |
) |
|
|
(136,521 |
) |
Liberty Property Trust |
|
|
(4,300 |
) |
|
|
(149,081 |
) |
SL Green Realty Corp. |
|
|
(5,730 |
) |
|
|
(429,807 |
) |
Taubman Centers, Inc. |
|
|
(2,600 |
) |
|
|
(189,800 |
) |
Ventas, Inc. |
|
|
(3,721 |
) |
|
|
(218,869 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,722,208 |
) |
|
|
|
|
|
|
|
|
|
TELECOMMUNICATION SERVICES(1.0)% |
|
|
|
|
|
|
|
|
AT&T, Inc. |
|
|
(4,585 |
) |
|
|
(156,669 |
) |
Chunghwa Telecom Co. Ltd. - ADR |
|
|
(3,000 |
) |
|
|
(89,520 |
) |
France Telecom SA (France) |
|
|
(10,360 |
) |
|
|
(130,152 |
) |
Iliad SA (France) |
|
|
(1,100 |
) |
|
|
(141,796 |
) |
Iridium Communications, Inc.* |
|
|
(12,000 |
) |
|
|
(101,880 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(620,017 |
) |
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS SOLD SHORT (Proceeds $12,797,991) |
|
|
|
|
|
|
(12,543,526 |
) |
|
|
|
|
|
|
|
|
|
EXCHANGE TRADED FUNDS SOLD SHORT
(9.3)% |
|
|
|
|
|
|
|
|
EQUITY(9.1)% |
|
|
|
|
|
|
|
|
iShares FTSE China 25 Index Fund |
|
|
(54,000 |
) |
|
|
(1,808,460 |
) |
iShares MSCI Hong Kong Index Fund |
|
|
(32,500 |
) |
|
|
(517,400 |
) |
iShares Russell 2000 Index Fund |
|
|
(29,056 |
) |
|
|
(2,211,161 |
) |
SPDR S&P 500 ETF Trust |
|
|
(7,000 |
) |
|
|
(920,430 |
) |
The
accompanying notes are an integral part of the Portfolio of Investments.
6
S1 FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
MAY 31, 2012
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF SHARES |
|
|
VALUE |
|
EQUITY(CONTINUED) |
|
|
|
|
|
|
|
|
Vanguard REIT ETF |
|
|
(4,050 |
) |
|
$ |
(253,206 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,710,657 |
) |
|
|
|
|
|
|
|
|
|
FIXED INCOME(0.2)% |
|
|
|
|
|
|
|
|
iShares iBoxx $ High Yield Corporate Bond Fund |
|
|
(1,830 |
) |
|
|
(160,619 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(160,619 |
) |
|
|
|
|
|
|
|
|
|
TOTAL EXCHANGE TRADED FUNDS SOLD SHORT (Proceeds $5,962,323) |
|
|
|
|
|
|
(5,871,276 |
) |
|
|
|
|
|
|
|
|
|
TOTAL SECURITIES SOLD SHORT (29.2)% (Proceeds
$18,760,314) |
|
|
|
|
|
|
(18,414,802 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NUMBER
OF CONTRACTS |
|
|
|
|
WRITTEN OPTIONS (0.2)% |
|
|
|
|
|
|
|
|
CALL OPTIONS WRITTEN(0.1)% |
|
|
|
|
|
|
|
|
PulteGroup, Inc. Expires 07/21/12 Strike Price $11 |
|
|
(440 |
) |
|
|
(11,000 |
) |
SPDR S&P 500 ETF Trust Expires 06/29/12 Strike Price $136 |
|
|
(225 |
) |
|
|
(18,675 |
) |
United Continental Holdings, Inc. Expires 07/21/12 Strike Price $27 |
|
|
(157 |
) |
|
|
(17,741 |
) |
|
|
|
|
|
|
|
|
|
TOTAL CALL OPTIONS WRITTEN (Premiums Received $44,406) |
|
|
|
|
|
|
(47,416 |
) |
|
|
|
|
|
|
|
|
|
PUT OPTIONS WRITTEN(0.1)% |
|
|
|
|
|
|
|
|
SPDR S&P 500 ETF Trust Expires 06/29/12 Strike Price $123 |
|
|
(375 |
) |
|
|
(34,875 |
) |
Wal-Mart Stores, Inc. Expires 01/19/13 Strike Price $50 |
|
|
(100 |
) |
|
|
(7,100 |
) |
|
|
|
|
|
|
|
|
|
TOTAL PUT OPTIONS WRITTEN (Premiums Received $108,795) |
|
|
|
|
|
|
(41,975 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF
CONTRACTS |
|
VALUE |
|
PUT OPTIONS WRITTEN(CONTINUED) |
|
|
|
|
TOTAL WRITTEN OPTIONS (0.2)% (Proceeds $153,201) |
|
|
|
$ |
(89,391 |
) |
|
|
|
|
|
|
|
OTHER ASSETS IN EXCESS OF LIABILITIES 46.2% |
|
|
|
|
29,108,391 |
|
|
|
|
|
|
|
|
NET ASSETS 100.0% |
|
|
|
$ |
63,027,005 |
|
|
|
|
|
|
|
|
** |
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
|
|
|
|
|
|
Aggregate Cost |
|
$ |
52,181,941 |
|
|
|
|
|
|
Gross unrealized appreciation |
|
|
2,315,559 |
|
Gross unrealized depreciation |
|
|
(2,074,693 |
) |
|
|
|
|
|
Net unrealized depreciation |
|
$ |
240,866 |
|
|
|
|
|
|
|
|
|
|
|
This company is domiciled outside of the United States. The securitys functional currency is the United States dollar. |
^ |
|
Security position is either entirely or partially held in a segregated account as collateral for securities sold short or written options. |
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 May 31, 2012, these securities amounted to $80,211 or 0.1% of net assets. Unless otherwise noted,
these 144A securities have not been deemed illiquid. |
ADR |
|
American Depositary Receipt |
AUD |
|
Australian Dollar |
CAD |
|
Canadian Dollar |
ETF |
|
Exchange-traded Fund |
JPY |
|
Japanese Yen |
MSCI |
|
Morgan Stanley Capital International |
PLC |
|
Public Limited Company |
REIT |
|
Real Estate Investment Trust |
S&P |
|
Standard & Poors |
SPDR |
|
Standard & Poors Depositary Receipt |
The
accompanying notes are an integral part of the Portfolio of Investments.
7
S1 FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
MAY 31, 2012
(UNAUDITED)
The Fund had the following futures contract open at May 31, 2012:
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF CONTRACTS |
|
TYPE |
|
EXPIRATION MONTH |
|
VALUE AT TRADE DATE |
|
VALUE AT 05/31/2012 |
|
UNREALIZED APPRECIATION (DEPRECIATION) |
Short Positions: |
|
|
|
|
|
|
|
|
|
|
5 |
|
Australian Dollar Futures |
|
06/2012 |
|
AUD 500,000 |
|
$486,350 |
|
$ 36,436 |
4 |
|
Japanese Yen Futures |
|
06/2012 |
|
JPY 50,000,000 |
|
638,350 |
|
(29,962) |
|
|
|
|
|
|
|
|
|
|
$ 6,474 |
The
accompanying notes are an integral part of the Portfolio of Investments.
8
S1 FUND
NOTES TO PORTOFLIO OF INVESTMENTS
MAY 31, 2012
(UNAUDITED)
PORTFOLIO
VALUATION The S1 Funds (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. Any assets held by the Funds that are denominated in foreign currencies are valued daily in U.S. dollars at the foreign currency exchange
rates that are prevailing at the time that the Funds determine the daily NAV per share. Foreign securities may trade on weekends or other days when the Funds do not calculate NAV. As a result, the market value of these investments may change on days
when you cannot buy or sell shares of the Fund. 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 valuations 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.); and
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.
9
S1 FUND
NOTES TO PORTOFLIO OF INVESTMENTS
MAY 31, 2012
(UNAUDITED) (CONTINUED)
The following is a summary of inputs used, as of May 31, 2012, in valuing the
Funds investments carried at market value.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL FAIR VALUE AT MAY 31, 2012 |
|
|
LEVEL 1 QUOTED PRICE |
|
|
LEVEL 2 SIGNIFICANT OBSERVABLE INPUTS |
|
|
LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS |
|
|
|
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary |
|
$ |
10,759,927 |
|
|
$ |
10,759,927 |
|
|
$ |
|
|
|
$ |
|
|
Consumer Staples |
|
|
1,889,093 |
|
|
|
1,889,093 |
|
|
|
|
|
|
|
|
|
Energy |
|
|
1,023,016 |
|
|
|
1,023,016 |
|
|
|
|
|
|
|
|
|
Financials |
|
|
4,921,998 |
|
|
|
4,921,998 |
|
|
|
|
|
|
|
|
|
Health Care |
|
|
1,216,890 |
|
|
|
1,216,890 |
|
|
|
|
|
|
|
|
|
Industrials |
|
|
1,043,612 |
|
|
|
1,043,612 |
|
|
|
|
|
|
|
|
|
Information Technology |
|
|
4,153,167 |
|
|
|
4,153,167 |
|
|
|
|
|
|
|
|
|
Materials |
|
|
1,669,561 |
|
|
|
1,669,561 |
|
|
|
|
|
|
|
|
|
Real Estate Investment Trusts |
|
|
3,880,643 |
|
|
|
3,800,432 |
|
|
|
80,211 |
|
|
|
|
|
Telecommunication Services |
|
|
1,873,500 |
|
|
|
1,873,500 |
|
|
|
|
|
|
|
|
|
Exchange Traded Funds |
|
|
8,396,715 |
|
|
|
8,396,715 |
|
|
|
|
|
|
|
|
|
Corporate Bond |
|
|
185,938 |
|
|
|
|
|
|
|
185,938 |
|
|
|
|
|
Foreign Government Note |
|
|
10,276 |
|
|
|
|
|
|
|
10,276 |
|
|
|
|
|
U.S. Treasury Notes |
|
|
108,070 |
|
|
|
|
|
|
|
108,070 |
|
|
|
|
|
U.S. Government Agency |
|
|
11,048,573 |
|
|
|
|
|
|
|
11,048,573 |
|
|
|
|
|
Asset Derivatives |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodity Contracts |
|
|
5,761 |
|
|
|
5,761 |
|
|
|
|
|
|
|
|
|
Equity Contracts |
|
|
221,417 |
|
|
|
221,417 |
|
|
|
|
|
|
|
|
|
Foreign Currency Contracts |
|
|
51,086 |
|
|
|
51,086 |
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
52,459,243 |
|
|
$ |
41,026,175 |
|
|
$ |
11,433,068 |
|
|
$ |
|
|
|
|
10
S1 FUND
NOTES TO PORTOFLIO OF INVESTMENTS
MAY 31, 2012
(UNAUDITED) (CONTINUED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL FAIR
VALUE AT MAY 31, 2012 |
|
|
LEVEL 1 QUOTED PRICE |
|
|
LEVEL 2 SIGNIFICANT OBSERVABLE INPUTS |
|
|
LEVEL
3 SIGNIFICANT UNOBSERVABLE INPUTS |
|
|
|
Common Stocks Sold Short |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary |
|
$ |
(2,712,682 |
) |
|
$ |
(2,712,682 |
) |
|
$ |
|
|
|
$ |
|
|
Consumer Staples |
|
|
(211,075 |
) |
|
|
(211,075 |
) |
|
|
|
|
|
|
|
|
Financials |
|
|
(3,303,780 |
) |
|
|
(3,303,780 |
) |
|
|
|
|
|
|
|
|
Health Care |
|
|
(125,318 |
) |
|
|
(125,318 |
) |
|
|
|
|
|
|
|
|
Industrials |
|
|
(705,971 |
) |
|
|
(705,971 |
) |
|
|
|
|
|
|
|
|
Information Technology |
|
|
(1,984,800 |
) |
|
|
(1,984,800 |
) |
|
|
|
|
|
|
|
|
Materials |
|
|
(157,675 |
) |
|
|
(157,675 |
) |
|
|
|
|
|
|
|
|
Real Estate Investment Trusts |
|
|
(2,722,208 |
) |
|
|
(2,722,208 |
) |
|
|
|
|
|
|
|
|
Telecommunication Services |
|
|
(620,017 |
) |
|
|
(620,017 |
) |
|
|
|
|
|
|
|
|
Exchange Traded Funds |
|
|
(5,871,276 |
) |
|
|
(5,871,276 |
) |
|
|
|
|
|
|
|
|
Asset Derivatives |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Contracts |
|
|
(89,391 |
) |
|
|
(89,391 |
) |
|
|
|
|
|
|
|
|
Foreign Currency Contracts |
|
|
(29,962 |
) |
|
|
(29,962 |
) |
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
$ |
(18,534,155 |
) |
|
$ |
(18,534,155 |
) |
|
$ |
|
|
|
$ |
|
|
|
|
At the end of each calendar quarter, management evaluates the classification of Levels 1,
2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party
pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 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 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.
11
S1 FUND
NOTES TO PORTOFLIO OF INVESTMENTS
MAY 31, 2012
(UNAUDITED) (CONTINUED)
DISCLOSURES ABOUT DERIVATIVE
INSTRUMENTS AND HEDGING ACTIVITIES The Fund has adopted Disclosures about Derivative Instruments and Hedging Activities.
The following is a summary of the Funds derivative instrument holdings categorized by primary risk exposure as of May 31,
2012:
|
|
|
|
|
|
|
|
|
|
|
ASSET DERIVATIVE
INVESTMENTS VALUE |
TOTAL VALUE AT 05/31/12 |
|
EQUITY CONTRACTS |
|
INTEREST RATE CONTRACTS |
|
CREDIT
CONTRACTS |
|
FOREIGN CURRENCY CONTRACTS
* |
|
COMMODITY CONTRACTS |
$278,264 |
|
$221,417 |
|
$ |
|
$ |
|
$51,086 |
|
$5,761 |
|
LIABILITY DERIVATIVE INVESTMENTS
VALUE |
TOTAL VALUE AT 05/31/12 |
|
EQUITY CONTRACTS |
|
INTEREST RATE CONTRACTS |
|
CREDIT CONTRACTS |
|
FOREIGN CURRENCY CONTRACTS* |
|
COMMODITY CONTRACTS |
$(119,353) |
|
$(89,391) |
|
$ |
|
$ |
|
$(29,962) |
|
$ |
*Includes cumulative appreciation/depreciation of futures contracts as reported in the Portfolio of Investments
For the period ended May 31, 2012, the Funds average volume of derivative is as follows:
|
|
|
PURCHASED
OPTIONS
(COST) |
|
WRITTEN OPTIONS
(PROCEEDS) |
$241,711 |
|
$150,602 |
12
S1 FUND
NOTES TO PORTOFLIO OF INVESTMENTS
MAY 31, 2012
(UNAUDITED) (CONTINUED)
PURCHASED OPTIONS
The Fund is subject to equity and other risk exposure in the normal course of pursuing its investment objectives. The Fund purchases option contracts. This transaction is used to hedge against changes in interest rates and changes in the
values of equities. The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of premium and change in market value should the counterparty not
perform under the contract. Put and call options are accounted for in the same manner as other securities owned. The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from securities
sold through the exercise of put options are decreased by the premiums paid.
OPTIONS
WRITTEN The Fund is subject to equity price risk in the normal course of pursuing its investment objectives and may enter into options written to hedge against changes in the value of equities. 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 the Fund gives up the opportunity
for profit if the market price of the security increases. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The 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. The 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. 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 Fund had transactions in options written during the period ended May 31, 2012 as follows:
|
|
|
|
|
|
|
|
|
|
|
NUMBER OF |
|
|
PREMIUMS |
|
|
|
CONTRACTS |
|
|
RECEIVED |
|
Options outstanding at August 31, 2011 |
|
|
1,408 |
|
|
$ |
218,398 |
|
Options written |
|
|
7,036 |
|
|
|
755,337 |
|
Options closed |
|
|
(5,650 |
) |
|
|
(656,083 |
) |
Options expired. |
|
|
(1,418 |
) |
|
|
(160,488 |
) |
Options exercised |
|
|
(79 |
) |
|
|
(3,963 |
) |
|
|
|
|
|
|
|
|
|
Options outstanding at May 31, 2012 |
|
|
1,297 |
|
|
$ |
153,201 |
|
|
|
|
|
|
|
|
|
|
13
S1 FUND
NOTES TO PORTOFLIO OF INVESTMENTS
MAY 31, 2012
(UNAUDITED) (CONCLUDED)
SHORT SALES
When the investment adviser or a sub-adviser believes that a security is overvalued, the Fund may sell the security short by borrowing the same security from a broker or other institution and selling the security. The 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. The 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 Funds 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, the Fund may not
receive any payments (including interest) on collateral deposited with them. As of May 31, 2012, the Fund had securities sold short valued at $18,414,802 for which securities of $14,178,301 and cash deposits of $4,500,086 were pledged as
collateral.
FUTURES CONTRACTS The Fund is subject
to equity and other risk exposure in the normal course of pursuing its investment objectives. The Fund may use futures contracts for hedging or speculative purposes consistent with its investment objective. Upon entering into a futures contract, the
Fund must deposit initial margin in addition to segregating cash or liquid assets sufficient to meet its obligation to purchase or provide securities, or to pay the amount owed at the expiration of an index-based futures contract. Such liquid assets
may consist of cash, cash equivalents, liquid debt or equity securities or other acceptable assets. Pursuant to the futures contract, the Fund agrees to receive from, or pay to the broker, an amount of cash equal to the daily fluctuation in value of
the contract. Such a receipt of payment is known as a variation margin and is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the
proceeds from (or cost of) the closing transactions and the Funds basis in the contract. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the
underlying securities. Use of long futures contracts subjects the Fund to risk of loss in excess of the amount shown on the Statement of Assets and Liabilities, up to the notional value of the futures contract. Use of short futures contracts
subjects the Fund to unlimited risk of loss. As of May 31, 2012, the Fund has futures contracts valued at $6,474 for which cash deposits of $56,800 was pledged as collateral.
For more information with regard to accounting policies, see the most recent semi-annual or annual report filed with the Securities and
Exchange Commission.
14
THE SCHNEIDER FUNDS
SCHNEIDER SMALL CAP VALUE FUND
Portfolio of Investments
May 31, 2012
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS 94.7% |
|
|
|
|
|
|
|
|
Aerospace & Defense 0.6% |
|
|
|
|
|
|
|
|
AAR Corp. |
|
|
17,450 |
|
|
$ |
210,273 |
|
BE Aerospace, Inc. * |
|
|
2,875 |
|
|
|
124,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
334,818 |
|
|
|
|
|
|
|
|
|
|
Apparel 1.4% |
|
|
|
|
|
|
|
|
Barry (R.G.) Corp. |
|
|
63,949 |
|
|
|
822,384 |
|
|
|
|
|
|
|
|
|
|
Auto Manufacturers 1.2% |
|
|
|
|
|
|
|
|
Navistar International Corp. * |
|
|
24,615 |
|
|
|
687,743 |
|
|
|
|
|
|
|
|
|
|
Auto Parts 0.2% |
|
|
|
|
|
|
|
|
Modine Manufacturing Co. * |
|
|
15,550 |
|
|
|
100,764 |
|
|
|
|
|
|
|
|
|
|
Banks 19.6% |
|
|
|
|
|
|
|
|
First BanCorp/Puerto Rico * |
|
|
400,099 |
|
|
|
1,460,361 |
|
First Horizon National Corp. |
|
|
307,665 |
|
|
|
2,608,999 |
|
Hanmi Financial Corp. * |
|
|
71,537 |
|
|
|
671,732 |
|
MainSource Financial Group, Inc. |
|
|
128,892 |
|
|
|
1,425,546 |
|
Popular Inc. * |
|
|
57,163 |
|
|
|
872,871 |
|
Regions Financial Corp. |
|
|
680,105 |
|
|
|
4,277,860 |
|
Southwest Bancorp, Inc. * |
|
|
1,485 |
|
|
|
14,197 |
|
Yadkin Valley Financial Corp * |
|
|
67,885 |
|
|
|
192,115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,523,681 |
|
|
|
|
|
|
|
|
|
|
Building Materials 1.2% |
|
|
|
|
|
|
|
|
Builders FirstSource, Inc. * |
|
|
76,994 |
|
|
|
304,896 |
|
Norbord, Inc. * |
|
|
34,885 |
|
|
|
402,941 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
707,837 |
|
|
|
|
|
|
|
|
|
|
Chemicals 2.1% |
|
|
|
|
|
|
|
|
A. Schulman, Inc. |
|
|
27,936 |
|
|
|
596,992 |
|
Ferro Corp. * |
|
|
82,570 |
|
|
|
366,611 |
|
Spartech Corp. * |
|
|
76,605 |
|
|
|
288,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,251,638 |
|
|
|
|
|
|
|
|
|
|
Coal 9.0% |
|
|
|
|
|
|
|
|
Arch Coal, Inc. (a) |
|
|
429,094 |
|
|
|
2,720,455 |
|
Cloud Peak Energy, Inc. * |
|
|
165,760 |
|
|
|
2,565,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,286,420 |
|
|
|
|
|
|
|
|
|
|
Commercial Services 5.7% |
|
|
|
|
|
|
|
|
Aegean Marine Petroleum Network, Inc. (a) |
|
|
94,480 |
|
|
|
458,228 |
|
Hudson Global Inc * |
|
|
403,840 |
|
|
|
1,595,168 |
|
Insperity, Inc. |
|
|
19,871 |
|
|
|
498,961 |
|
Monster Worldwide, Inc. * (a) |
|
|
64,827 |
|
|
|
557,512 |
|
PHH Corp. * |
|
|
14,020 |
|
|
|
232,311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,342,180 |
|
|
|
|
|
|
|
|
|
|
Computers 1.1% |
|
|
|
|
|
|
|
|
Insight Enterprises, Inc. * |
|
|
29,280 |
|
|
|
435,979 |
|
Xyratex Ltd. |
|
|
21,502 |
|
|
|
245,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
681,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Electric 0.3% |
|
|
|
|
|
|
|
|
GenOn Energy, Inc. * |
|
|
104,071 |
|
|
$ |
179,002 |
|
|
|
|
|
|
|
|
|
|
Electronics 0.9% |
|
|
|
|
|
|
|
|
Pulse Electronics, Inc. |
|
|
265,938 |
|
|
|
521,238 |
|
|
|
|
|
|
|
|
|
|
Food 0.6% |
|
|
|
|
|
|
|
|
Sanderson Farms, Inc. |
|
|
6,320 |
|
|
|
347,221 |
|
|
|
|
|
|
|
|
|
|
Healthcare - Services 2.7% |
|
|
|
|
|
|
|
|
Emeritus Corp. * |
|
|
75,661 |
|
|
|
1,150,804 |
|
Five Star Quality Care, Inc. * |
|
|
140,425 |
|
|
|
435,318 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,586,122 |
|
|
|
|
|
|
|
|
|
|
Home Builders 10.1% |
|
|
|
|
|
|
|
|
KB Home (a) |
|
|
207,530 |
|
|
|
1,504,593 |
|
Meritage Homes Corp. * |
|
|
148,785 |
|
|
|
4,465,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,969,631 |
|
|
|
|
|
|
|
|
|
|
Industrial 1.7% |
|
|
|
|
|
|
|
|
FreightCar America, Inc. |
|
|
51,932 |
|
|
|
1,029,812 |
|
|
|
|
|
|
|
|
|
|
Insurance 3.8% |
|
|
|
|
|
|
|
|
Assured Guaranty Ltd. |
|
|
35,180 |
|
|
|
420,049 |
|
Axis Capital Holdings Ltd. |
|
|
50,965 |
|
|
|
1,676,749 |
|
Employers Holdings, Inc. |
|
|
7,050 |
|
|
|
119,145 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,215,943 |
|
|
|
|
|
|
|
|
|
|
Internet 1.9% |
|
|
|
|
|
|
|
|
ICG Group, Inc. * |
|
|
42,541 |
|
|
|
370,107 |
|
ModusLink Global Solutions, Inc. * |
|
|
166,685 |
|
|
|
748,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,118,523 |
|
|
|
|
|
|
|
|
|
|
Machinery - Diversified 1.0% |
|
|
|
|
|
|
|
|
Flow International Corp. * |
|
|
65,357 |
|
|
|
192,803 |
|
Terex Corp. * |
|
|
24,180 |
|
|
|
402,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
594,916 |
|
|
|
|
|
|
|
|
|
|
Office Products 1.2% |
|
|
|
|
|
|
|
|
OfficeMax, Inc. * |
|
|
152,289 |
|
|
|
741,647 |
|
|
|
|
|
|
|
|
|
|
Oil & Gas 3.9% |
|
|
|
|
|
|
|
|
Penn Virginia Corp. |
|
|
159,900 |
|
|
|
898,638 |
|
Willbros Group, Inc * |
|
|
245,597 |
|
|
|
1,404,815 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,303,453 |
|
|
|
|
|
|
|
|
|
|
Real Estate 2.6% |
|
|
|
|
|
|
|
|
Forestar Group, Inc. * |
|
|
63,033 |
|
|
|
850,315 |
|
Thomas Properties Group, Inc. |
|
|
139,410 |
|
|
|
660,803 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,511,118 |
|
|
|
|
|
|
|
|
|
|
Real Estate Investment Trusts 5.9% |
|
|
|
|
|
|
|
|
Chatham Lodging Trust. |
|
|
12,725 |
|
|
|
165,171 |
|
Chesapeake Lodging Trust. |
|
|
3,125 |
|
|
|
56,406 |
|
FelCor Lodging Trust, Inc. * |
|
|
170,006 |
|
|
|
705,525 |
|
NorthStar Realty Finance Corp. (a) |
|
|
231,930 |
|
|
|
1,201,397 |
|
Redwood Trust, Inc. |
|
|
43,940 |
|
|
|
532,113 |
|
The
accompanying notes are an integral part of the portfolio of investments.
1
THE SCHNEIDER FUNDS
SCHNEIDER SMALL CAP VALUE FUND
Portfolio of Investments (Concluded)
May 31, 2012
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Real Estate Investment Trusts (Continued) |
|
Strategic Hotels & Resorts, Inc. * |
|
|
126,968 |
|
|
$ |
791,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,451,623 |
|
|
|
|
|
|
|
|
|
|
Retail 3.1% |
|
|
|
|
|
|
|
|
Brown Shoe Co., Inc. (a) |
|
|
53,590 |
|
|
|
637,185 |
|
MarineMax, Inc. * |
|
|
122,656 |
|
|
|
1,182,404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,819,589 |
|
|
|
|
|
|
|
|
|
|
Savings & Loans 6.3% |
|
First Financial Holdings, Inc. |
|
|
110,590 |
|
|
|
1,061,664 |
|
Flagstar Bancorp, Inc. * |
|
|
2,594,374 |
|
|
|
1,974,319 |
|
HomeStreet, Inc. * (a) |
|
|
20,095 |
|
|
|
663,135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,699,118 |
|
|
|
|
|
|
|
|
|
|
Semiconductors 3.5% |
|
|
|
|
|
|
|
|
ATMI, Inc. * |
|
|
47,324 |
|
|
|
946,953 |
|
Axcelis Technologies, Inc. * |
|
|
258,498 |
|
|
|
286,933 |
|
Magnachip Semiconductor Corp. * |
|
|
71,810 |
|
|
|
683,631 |
|
MEMC Electronic Materials, Inc. * |
|
|
88,115 |
|
|
|
147,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,064,669 |
|
|
|
|
|
|
|
|
|
|
Software 1.2% |
|
|
|
|
|
|
|
|
Take-Two Interactive Software, Inc. * |
|
|
59,805 |
|
|
|
688,954 |
|
|
|
|
|
|
|
|
|
|
Telecommunications 1.9% |
|
Aviat Networks, Inc. * |
|
|
436,542 |
|
|
|
1,130,643 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost $51,323,826) |
|
|
|
|
|
|
55,712,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par (000) |
|
|
|
|
CORPORATE BONDS 1.5% |
|
|
|
|
|
|
|
|
LandAmerica Financial Group, Inc. CONV |
|
|
|
|
|
|
|
|
3.25%, 05/15/34 |
|
$ |
69 |
|
|
|
11,636 |
|
Northstar Realty Finance Corp. CONV ^ |
|
|
|
|
|
|
|
|
7.50%, 03/15/31 |
|
|
358 |
|
|
|
362,923 |
|
RAIT Financial Trust CONV
|
|
|
|
|
|
|
|
|
7.00%, 04/01/31 |
|
|
598 |
|
|
|
491,855 |
|
|
|
|
|
|
|
|
|
|
TOTAL CORPORATE BONDS (Cost $956,000) |
|
|
|
|
|
|
866,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
EXCHANGE TRADED FUND 1.1% |
|
|
|
|
|
|
|
|
Finance 1.1% |
|
|
|
|
|
|
|
|
iShares Russell 2000 Value Index Fund |
|
|
9,789 |
|
|
|
660,660 |
|
|
|
|
|
|
|
|
|
|
TOTAL EXCHANGE TRADED FUND (Cost $671,061) |
|
|
|
|
|
|
660,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
SECURITIES LENDING COLLATERAL 5.2% |
|
|
|
|
|
|
|
|
BlackRock Liquidity Fund |
|
|
3,093,322 |
|
|
$ |
3,093,322 |
|
|
|
|
|
|
|
|
|
|
TOTAL SECURITIES LENDING COLLATERAL (Cost $3,093,322) |
|
|
|
|
|
|
3,093,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS 102.5% (Cost $56,044,209)** |
|
|
|
|
|
|
60,333,045 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES IN EXCESS OF OTHER ASSETS (2.5)% |
|
|
|
(1,485,174) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS 100.0% |
|
|
|
|
|
$ |
58,847,871 |
|
|
|
|
|
|
|
|
|
|
(a) |
All or a portion of the security is on loan. At May 31, 2012, the market value of securities on loan was $2,959,481. |
|
Holding in default resolution. Value has been determined in good faith by or under the direction of the RBB Fund, Incs Board of Directors to be the estimated value of the
future payouts under the default resolution. As of May 31, 2012, this holding amounted to $11,636 or 0.0% of net assets and is deemed illiquid by the portfolio manager pursuant to the Funds policies and procedures.
|
^ |
Security was purchased pursuant to Rule 144A under Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of May 31,
2012, this security amounted to $362,923 or 0.6% of net assets. |
CONVConvertible
** |
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 |
|
$ |
56,044,209 |
|
|
|
|
|
|
Gross unrealized appreciation |
|
|
11,630,099 |
|
Gross unrealized depreciation |
|
|
(7,341,263) |
|
|
|
|
|
|
Net unrealized appreciation |
|
$ |
4,288,836 |
|
|
|
|
|
|
The
accompanying notes are an integral part of the portfolio of investments.
2
THE SCHNEIDER FUNDS
SCHNEIDER VALUE FUND
Portfolio of Investments
May 31, 2012
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON STOCKS 95.0% |
|
|
|
|
|
|
|
|
Aerospace & Defense 2.2% |
|
|
|
|
|
|
|
|
Boeing Co. (The) |
|
|
13,420 |
|
|
$ |
934,163 |
|
|
|
|
|
|
|
|
|
|
Automobile Manufacturers 2.3% |
|
|
|
|
|
|
|
|
Navistar International Corp. * |
|
|
35,266 |
|
|
|
985,332 |
|
|
|
|
|
|
|
|
|
|
Automobile Parts & Equipment 2.8% |
|
|
|
|
|
|
|
|
Magna International, Inc. (a) |
|
|
29,890 |
|
|
|
1,204,567 |
|
|
|
|
|
|
|
|
|
|
Banks 26.2% |
|
|
|
|
|
|
|
|
Citigroup, Inc. |
|
|
62,254 |
|
|
|
1,650,354 |
|
Huntington Bancshares, Inc. |
|
|
117,880 |
|
|
|
770,935 |
|
JPMorgan Chase & Co. |
|
|
64,620 |
|
|
|
2,142,153 |
|
PNC Financial Services Group, Inc. |
|
|
10,545 |
|
|
|
647,674 |
|
Regions Financial Corp. |
|
|
270,150 |
|
|
|
1,699,244 |
|
SunTrust Banks, Inc. |
|
|
129,354 |
|
|
|
2,964,794 |
|
Wells Fargo & Co. |
|
|
41,125 |
|
|
|
1,318,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,193,210 |
|
|
|
|
|
|
|
|
|
|
Coal 9.8% |
|
|
|
|
|
|
|
|
Arch Coal, Inc. |
|
|
256,455 |
|
|
|
1,625,925 |
|
Consol Energy, Inc. |
|
|
22,115 |
|
|
|
620,989 |
|
Peabody Energy Corp. |
|
|
81,810 |
|
|
|
1,911,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,157,996 |
|
|
|
|
|
|
|
|
|
|
Commercial Services 0.8% |
|
|
|
|
|
|
|
|
Aegean Marine Petroleum Network, Inc. |
|
|
68,467 |
|
|
|
332,065 |
|
|
|
|
|
|
|
|
|
|
Computers 0.5% |
|
|
|
|
|
|
|
|
Dell, Inc. * |
|
|
16,981 |
|
|
|
209,376 |
|
|
|
|
|
|
|
|
|
|
Electric 2.8% |
|
|
|
|
|
|
|
|
FirstEnergy Corp. |
|
|
12,171 |
|
|
|
569,481 |
|
GenOn Energy, Inc. * |
|
|
353,544 |
|
|
|
608,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,177,577 |
|
|
|
|
|
|
|
|
|
|
Electronics 1.3% |
|
|
|
|
|
|
|
|
Avnet, Inc. * |
|
|
18,710 |
|
|
|
570,468 |
|
|
|
|
|
|
|
|
|
|
Health Care - Services 3.0% |
|
|
|
|
|
|
|
|
Brookdale Senior Living, Inc. * |
|
|
77,155 |
|
|
|
1,272,286 |
|
|
|
|
|
|
|
|
|
|
Home Builders 11.3% |
|
|
|
|
|
|
|
|
KB Home (a) |
|
|
77,085 |
|
|
|
558,866 |
|
NVR, Inc. * |
|
|
3,089 |
|
|
|
2,486,027 |
|
Toll Brothers, Inc. * |
|
|
65,630 |
|
|
|
1,790,386 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,835,279 |
|
|
|
|
|
|
|
|
|
|
Insurance 12.9% |
|
|
|
|
|
|
|
|
ACE Ltd. |
|
|
25,650 |
|
|
|
1,855,265 |
|
Allstate Corp., (The) |
|
|
35,325 |
|
|
|
1,198,931 |
|
AON PLC |
|
|
3,720 |
|
|
|
172,980 |
|
Assured Guaranty Ltd. |
|
|
67,761 |
|
|
|
809,066 |
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Insurance (Continued) |
|
|
|
|
|
|
|
|
Genworth Financial, Inc., Class A * |
|
|
52,270 |
|
|
$ |
273,895 |
|
RenaissanceRe Holdings, Ltd. |
|
|
15,625 |
|
|
|
1,204,219 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,514,356 |
|
|
|
|
|
|
|
|
|
|
Leisure Time 2.3% |
|
|
|
|
|
|
|
|
Carnival Corp. |
|
|
30,815 |
|
|
|
988,853 |
|
|
|
|
|
|
|
|
|
|
Lodging 4.6% |
|
|
|
|
|
|
|
|
Marriott International, Inc., Class A |
|
|
37,450 |
|
|
|
1,449,690 |
|
Orient-Express Hotels, Ltd., Class A * |
|
|
61,020 |
|
|
|
515,009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,964,699 |
|
|
|
|
|
|
|
|
|
|
Oil & Gas 8.6% |
|
|
|
|
|
|
|
|
BP PLC, SP ADR |
|
|
10,755 |
|
|
|
392,127 |
|
Chesapeake Energy Corp. (a) |
|
|
142,201 |
|
|
|
2,403,197 |
|
EQT Corp. |
|
|
6,881 |
|
|
|
319,141 |
|
Valero Energy Corp. |
|
|
25,910 |
|
|
|
546,701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,661,166 |
|
|
|
|
|
|
|
|
|
|
Real Estate Investment Trusts 0.4% |
|
|
|
|
|
|
|
|
Sunstone Hotel Investors, Inc. * |
|
|
15,225 |
|
|
|
152,402 |
|
|
|
|
|
|
|
|
|
|
Retail 0.2% |
|
|
|
|
|
|
|
|
J.C. Penney Co., Inc. (a) |
|
|
3,471 |
|
|
|
91,044 |
|
|
|
|
|
|
|
|
|
|
Semiconductors 0.5% |
|
|
|
|
|
|
|
|
MEMC Electronic Materials, Inc. * |
|
|
116,500 |
|
|
|
194,555 |
|
|
|
|
|
|
|
|
|
|
Telecommunications 2.5% |
|
|
|
|
|
|
|
|
Cisco Systems, Inc. |
|
|
65,805 |
|
|
|
1,074,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost $40,127,235) |
|
|
|
|
|
|
40,513,990 |
|
|
|
|
|
|
|
|
|
|
EXCHANGE TRADED FUND 1.8% |
|
Finance 1.8% |
|
|
|
|
|
|
|
|
iShares Russell 1000 Value Index Fund |
|
|
11,541 |
|
|
|
754,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL EXCHANGE TRADED FUND (Cost $761,549) |
|
|
|
|
|
|
754,320 |
|
|
|
|
|
|
|
|
|
|
SECURITIES LENDING COLLATERAL 10.0% |
|
|
|
|
|
|
|
|
BlackRock Liquidity Fund |
|
|
4,272,564 |
|
|
|
4,272,564 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL SECURITIES LENDING COLLATERAL (Cost $4,272,564) |
|
|
|
|
|
|
4,272,564 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS 106.8% (Cost $45,161,348)** |
|
|
|
|
|
|
45,540,874 |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES IN EXCESS OF OTHER ASSETS (6.8)% |
|
|
|
|
|
|
(2,894,238) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS 100.0% |
|
|
|
|
|
$ |
42,646,636 |
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of the portfolio of investments.
3
THE SCHNEIDER FUNDS
SCHNEIDER VALUE FUND
Portfolio of Investments(Concluded)
May 31, 2012
(Unaudited)
(a) |
All or a portion of the security is on loan. At May 31, 2012, market value of securities on loan was $4,238,070. |
PLC |
Public Liability Company |
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 |
|
$ |
45,161,348 |
|
|
|
|
|
|
Gross unrealized appreciation |
|
|
7,848,570 |
|
Gross unrealized depreciation |
|
|
(7,469,044 |
) |
|
|
|
|
|
Net unrealized appreciation |
|
$ |
379,526 |
|
|
|
|
|
|
The
accompanying notes are an integral part of the portfolio of investments.
4
THE SCHNEIDER FUNDS
Notes to Portfolio of Investments
May 31, 2012
(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 valued at amortized cost, which approximates market value.
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
Companys 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 Measurement. 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.); and
|
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.
The following summary of the inputs used, as of May 31, 2012, in valuing the Small Cap Value Funds investments carried at fair
value:
Schneider Small Cap Value Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Value as
of May 31, 2012 |
|
|
Level
1 Quoted Price |
|
|
Level 2 Significant Observable Inputs |
|
|
Level 3 Significant Unobservable Inputs |
|
Common Stocks* |
|
$ |
55,712,649 |
|
|
$ |
55,712,649 |
|
|
$ |
|
|
|
$ |
|
|
Corporate Bonds |
|
|
866,414 |
|
|
|
|
|
|
|
854,778 |
|
|
|
11,636 |
|
Exchange Traded Fund |
|
|
660,660 |
|
|
|
660,660 |
|
|
|
|
|
|
|
|
|
Securities Lending Collateral |
|
|
3,093,322 |
|
|
|
|
|
|
|
3,093,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
60,333,045 |
|
|
$ |
56,373,309 |
|
|
$ |
3,948,100 |
|
|
$ |
11,636 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Please refer to the Portfolio of Investments for industry and security type breakouts.
5
THE SCHNEIDER FUNDS
Notes to Portfolio of Investments
May 31, 2012
(Unaudited)
The following summary
of the inputs used, as of May 31, 2012, in valuing the Value Funds investments carried at fair value:
Schneider Value Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Value as
of May 31, 2012 |
|
|
Level 1 Quoted Price |
|
|
Level 2 Significant Observable Inputs |
|
|
Level 3 Significant Unobservable Inputs |
|
Common Stocks* |
|
$ |
40,513,990 |
|
|
$ |
40,513,990 |
|
|
$ |
|
|
|
$ |
|
|
Exchange Traded Fund |
|
|
754,320 |
|
|
|
754,320 |
|
|
|
|
|
|
|
|
|
Securities Lending Collateral |
|
|
4,272,564 |
|
|
|
|
|
|
|
4,272,564 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
45,540,874 |
|
|
$ |
41,268,310 |
|
|
$ |
4,272,564 |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Please |
refer to the Portfolio of Investments for industry and security type breakouts. |
Bonds that are priced using quotes derived from implied values, indicative bids, or a limited amount of actual trades are classified as Level 3 assets because the inputs used by the brokers and pricing
services to derive the values are not readily observable.
Investments designated as Level 3 may include assets valued using quotes or
indications furnished by brokers which are based on models or estimates and may not be executable prices. In light of the developing market conditions, Schneider Capital Management Company continues to search for observable data points and evaluate
broker quotes and indications reveived for portfolio investments. Determination of fair values is uncertain because it involves subjective judgments and estimates not easily substantiated by auditing procedures.
At the end of each calendar quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered,
such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable
trades in the market. Additionally, management evaluates the classification of Level 1 and Level 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.
For the period ended May 31, 2012, there were no transfers between levels 1, 2 and 3 for the Small Cap Value Fund. There were no transfers between levels 1, 2 and 3 for the Value 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.
6
SUMMIT GLOBAL INVESTMENTS U.S. LOW VOLATILITY EQUITY FUND
Portfolio of Investments
May 31, 2012
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Number of Shares
|
|
|
Value |
|
COMMON STOCKS - 93.3% |
|
|
|
|
|
Air Freight & Logistics 3.4% |
|
United Parcel Service, Inc., Class B |
|
|
780 |
|
|
$ |
58,453 |
|
|
|
|
|
|
|
|
|
|
Airlines 0.1% |
|
|
|
|
|
Southwest Airlines Co. |
|
|
190 |
|
|
|
1,716 |
|
|
|
|
|
|
|
|
|
|
Biotechnology 0.2% |
|
|
|
|
|
|
|
|
Biogen Idec, Inc.* |
|
|
10 |
|
|
|
1,308 |
|
Celgene Corp.* |
|
|
40 |
|
|
|
2,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,038 |
|
|
|
|
|
|
|
|
|
|
Chemicals 0.1% |
|
|
|
|
|
Sherwin-Williams Co., (The) |
|
|
10 |
|
|
|
1,296 |
|
|
|
|
|
|
|
|
|
|
Commercial Services & Supplies 3.5% |
|
|
|
|
|
Iron Mountain, Inc. |
|
|
60 |
|
|
|
1,701 |
|
Stericycle, Inc.* |
|
|
20 |
|
|
|
1,745 |
|
Waste Management, Inc. |
|
|
1,780 |
|
|
|
57,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61,189 |
|
|
|
|
|
|
|
|
|
|
Communications Equipment 0.1% |
|
|
|
|
|
Motorola Solutions, Inc. |
|
|
40 |
|
|
|
1,923 |
|
|
|
|
|
|
|
|
|
|
Containers & Packaging 0.1% |
|
|
|
|
|
Ball Corp. |
|
|
40 |
|
|
|
1,599 |
|
|
|
|
|
|
|
|
|
|
Distributors 0.1% |
|
|
|
|
|
|
|
|
Genuine Parts Co. |
|
|
30 |
|
|
|
1,890 |
|
|
|
|
|
|
|
|
|
|
Diversified Consumer Services 0.1% |
|
|
|
|
|
Apollo Group, Inc., Class A* |
|
|
50 |
|
|
|
1,591 |
|
|
|
|
|
|
|
|
|
|
Diversified Financial Services 0.1% |
|
|
|
|
|
IntercontinentalExchange, Inc.* |
|
|
10 |
|
|
|
1,225 |
|
|
|
|
|
|
|
|
|
|
Diversified Telecommunication 10.3% |
|
|
|
|
|
AT&T, Inc. |
|
|
1,750 |
|
|
|
59,798 |
|
CenturyLink, Inc. |
|
|
1,520 |
|
|
|
59,614 |
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares
|
|
|
Value |
|
Diversified Telecommunication (Continued) |
|
|
|
|
|
Verizon Communications, Inc. |
|
|
1,420 |
|
|
$ |
59,129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
178,541 |
|
|
|
|
|
|
|
|
|
|
Electric Utilities 5.3% |
|
|
|
|
|
Northeast Utilities |
|
|
50 |
|
|
|
1,801 |
|
Pepco Holdings, Inc. |
|
|
90 |
|
|
|
1,715 |
|
Pinnacle West Capital Corp. |
|
|
30 |
|
|
|
1,481 |
|
PPL Corp. |
|
|
60 |
|
|
|
1,642 |
|
Progress Energy, Inc. |
|
|
870 |
|
|
|
47,693 |
|
Xcel Energy, Inc. |
|
|
1,340 |
|
|
|
37,547 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
91,879 |
|
|
|
|
|
|
|
|
|
|
Electronic Equip. & Instruments 0.1% |
|
|
|
|
|
FLIR Systems, Inc. |
|
|
80 |
|
|
|
1,706 |
|
|
|
|
|
|
|
|
|
|
Financials 0.1% |
|
|
|
|
|
Berkshire Hathaway, Inc., Class A* |
|
|
20 |
|
|
|
1,587 |
|
|
|
|
|
|
|
|
|
|
Food & Staples Retailing 3.8% |
|
|
|
|
|
Kroger Co., (The) |
|
|
80 |
|
|
|
1,761 |
|
Sysco Corp. |
|
|
150 |
|
|
|
4,187 |
|
Wal-Mart Stores, Inc. |
|
|
900 |
|
|
|
59,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65,186 |
|
|
|
|
|
|
|
|
|
|
Food Products 10.0% |
|
|
|
|
|
Campbell Soup Co. |
|
|
50 |
|
|
|
1,585 |
|
ConAgra Foods, Inc. |
|
|
940 |
|
|
|
23,641 |
|
General Mills, Inc. |
|
|
1,160 |
|
|
|
44,405 |
|
HJ Heinz Co. |
|
|
530 |
|
|
|
28,132 |
|
Hormel Foods Corp. |
|
|
1,980 |
|
|
|
59,222 |
|
Kellogg Co. |
|
|
30 |
|
|
|
1,463 |
|
Tyson Foods, Inc., Class A |
|
|
760 |
|
|
|
14,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
173,169 |
|
|
|
|
|
|
|
|
|
|
Gas Utilities 2.9% |
|
|
|
|
|
AGL Resources, Inc. |
|
|
1,320 |
|
|
|
49,474 |
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an
integral part of the portfolio of investments.
1
SUMMIT GLOBAL INVESTMENTS U.S. LOW VOLATILITY EQUITY FUND
Portfolio of Investments (Continued)
May 31, 2012
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Number of Shares
|
|
|
Value |
|
Health Care Equipment & Supplies 2.9% |
|
|
|
|
|
Baxter International, Inc. |
|
|
820 |
|
|
$ |
41,508 |
|
Becton Dickinson and Co. |
|
|
20 |
|
|
|
1,463 |
|
CareFusion Corp.* |
|
|
70 |
|
|
|
1,697 |
|
CR Bard, Inc. |
|
|
20 |
|
|
|
1,944 |
|
Medtronic, Inc. |
|
|
50 |
|
|
|
1,842 |
|
Stryker Corp. |
|
|
30 |
|
|
|
1,543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49,997 |
|
|
|
|
|
|
|
|
|
|
Health Care Providers & Services 3.8% |
|
|
|
|
|
AmerisourceBergen Corp. |
|
|
1,610 |
|
|
|
59,554 |
|
Cardinal Health, Inc. |
|
|
40 |
|
|
|
1,655 |
|
Cigna Corp. |
|
|
40 |
|
|
|
1,756 |
|
UnitedHealth Group, Inc. |
|
|
30 |
|
|
|
1,673 |
|
WellPoint, Inc. |
|
|
20 |
|
|
|
1,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65,986 |
|
|
|
|
|
|
|
|
|
|
Health Care Technology 0.4% |
|
|
|
|
|
Cerner Corp.* |
|
|
90 |
|
|
|
7,016 |
|
|
|
|
|
|
|
|
|
|
Hotels Restaurants & Leisure 0.2% |
|
|
|
|
|
Darden Restaurants, Inc. |
|
|
30 |
|
|
|
1,552 |
|
McDonalds Corp. |
|
|
20 |
|
|
|
1,787 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,339 |
|
|
|
|
|
|
|
|
|
|
Household Products 3.6% |
|
|
|
|
|
Clorox Co., (The) |
|
|
20 |
|
|
|
1,376 |
|
Colgate-Palmolive Co. |
|
|
20 |
|
|
|
1,966 |
|
Kimberly-Clark Corp. |
|
|
740 |
|
|
|
58,719 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
62,061 |
|
|
|
|
|
|
|
|
|
|
Insurance 2.2% |
|
|
|
|
|
Torchmark Corp. |
|
|
40 |
|
|
|
1,866 |
|
Travelers Cos, Inc., (The) |
|
|
580 |
|
|
|
36,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38,110 |
|
|
|
|
|
|
|
|
|
|
Internet Software & Services 3.7% |
|
|
|
|
|
VeriSign, Inc.* |
|
|
140 |
|
|
|
5,352 |
|
Yahoo!, Inc.* |
|
|
3,830 |
|
|
|
58,369 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
63,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares
|
|
|
Value |
|
IT Services 7.2% |
|
|
|
|
|
Accenture PLC, Class A (Ireland) |
|
|
30 |
|
|
$ |
1,713 |
|
Automatic Data Processing, Inc. |
|
|
30 |
|
|
|
1,565 |
|
Fidelity National Information Services, Inc. |
|
|
50 |
|
|
|
1,639 |
|
Fiserv, Inc.* |
|
|
30 |
|
|
|
2,023 |
|
International Business Machines Corp. |
|
|
300 |
|
|
|
57,870 |
|
Paychex, Inc. |
|
|
60 |
|
|
|
1,798 |
|
Total System Services, Inc. |
|
|
2,520 |
|
|
|
58,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
125,248 |
|
|
|
|
|
|
|
|
|
|
Media 0.2% |
|
|
|
|
|
DIRECTV, Class A* |
|
|
40 |
|
|
|
1,778 |
|
Viacom, Inc., Class B |
|
|
30 |
|
|
|
1,432 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,210 |
|
|
|
|
|
|
|
|
|
|
Multiline Retail 3.7% |
|
|
|
|
|
Dollar Tree, Inc.* |
|
|
20 |
|
|
|
2,064 |
|
Family Dollar Stores, Inc. |
|
|
20 |
|
|
|
1,355 |
|
Kohls Corp. |
|
|
30 |
|
|
|
1,375 |
|
Target Corp. |
|
|
1,030 |
|
|
|
59,647 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
64,441 |
|
|
|
|
|
|
|
|
|
|
Multi-Utilities 0.3% |
|
|
|
|
|
Consolidated Edison, Inc. |
|
|
30 |
|
|
|
1,811 |
|
SCANA Corp. |
|
|
40 |
|
|
|
1,878 |
|
Wisconsin Energy Corp. |
|
|
50 |
|
|
|
1,892 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,581 |
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels 6.0% |
|
|
|
|
|
Chevron Corp. |
|
|
20 |
|
|
|
1,966 |
|
ConocoPhillips. |
|
|
30 |
|
|
|
1,565 |
|
Exxon Mobil Corp. |
|
|
690 |
|
|
|
54,255 |
|
Sunoco, Inc. |
|
|
980 |
|
|
|
45,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
103,307 |
|
|
|
|
|
|
|
|
|
|
The accompanying notes
are an integral part of the portfolio of investments.
2
SUMMIT GLOBAL INVESTMENTS U.S. LOW VOLATILITY EQUITY FUND
Portfolio of Investments (Concluded)
May 31, 2012
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Number of Shares
|
|
|
Value |
|
Pharmaceuticals 15.5% |
|
|
|
|
|
Abbott Laboratories |
|
|
810 |
|
|
$ |
50,050 |
|
Allergan, Inc. |
|
|
390 |
|
|
|
35,198 |
|
Bristol-Myers Squibb Co. |
|
|
1,780 |
|
|
|
59,345 |
|
Eli Lilly & Co. |
|
|
1,430 |
|
|
|
58,558 |
|
Hospira, Inc.* |
|
|
50 |
|
|
|
1,563 |
|
Johnson & Johnson |
|
|
930 |
|
|
|
58,060 |
|
Merck & Co., Inc. |
|
|
40 |
|
|
|
1,503 |
|
Perrigo Co. |
|
|
20 |
|
|
|
2,078 |
|
Pfizer, Inc. |
|
|
80 |
|
|
|
1,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
268,105 |
|
|
|
|
|
|
|
|
|
|
Real Estate Investment Trusts 1.6% |
|
|
|
|
|
American Tower Corp. |
|
|
300 |
|
|
|
19,464 |
|
Apartment Investment & Management Co., Class A |
|
|
60 |
|
|
|
1,624 |
|
AvalonBay Communities, Inc. |
|
|
10 |
|
|
|
1,398 |
|
Equity Residential |
|
|
30 |
|
|
|
1,833 |
|
Health Care REIT, Inc. |
|
|
30 |
|
|
|
1,664 |
|
Ventas, Inc. |
|
|
30 |
|
|
|
1,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27,748 |
|
|
|
|
|
|
|
|
|
|
Road & Rail 0.1% |
|
|
|
|
|
Ryder System, Inc. |
|
|
40 |
|
|
|
1,728 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares
|
|
|
Value |
|
Software 0.2% |
|
|
|
|
|
CA, Inc. |
|
|
70 |
|
|
$ |
1,741 |
|
Intuit, Inc. |
|
|
30 |
|
|
|
1,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,428 |
|
|
|
|
|
|
|
|
|
|
Specialty Retail 0.2% |
|
|
|
|
|
AutoNation, Inc.* |
|
|
50 |
|
|
|
1,801 |
|
Ross Stores, Inc. |
|
|
30 |
|
|
|
1,897 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,698 |
|
|
|
|
|
|
|
|
|
|
Thrifts & Mortgage Finance 0.1% |
|
|
|
|
|
Peoples United Financial, Inc. |
|
|
140 |
|
|
|
1,628 |
|
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services 1.1% |
|
|
|
|
|
|
|
|
Crown Castle International Corp.* |
|
|
340 |
|
|
|
18,564 |
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS (Cost $1,620,448) |
|
|
|
|
|
|
1,613,378 |
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 93.3% (Cost $1,620,448) |
|
|
|
|
|
|
1,613,378 |
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS IN EXCESS OF LIABILITIES - 6.7% |
|
|
|
|
|
|
115,222 |
|
|
|
|
|
|
|
|
|
|
NET ASSETS - 100.0% |
|
|
|
|
|
$ |
1,728,600 |
|
|
|
|
|
|
|
|
|
|
REIT Real Estate Investment
Trusts
The accompanying notes
are an integral part of the portfolio of investments.
3
SUMMIT GLOBAL INVESTMENTS U.S. LOW VOLATILITY EQUITY FUND
Notes to the Quarterly Portfolio of Investments
May 31, 2012
(Unaudited)
A. Portfolio Valuation:
Portfolio Valuation The Summit
Global Investments U.S. Low Volatility Equity Funds (the Fund) net asset value (NAV) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (NYSE) (typically 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 generally valued at amortized cost which approximates fair value. 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 FundVantage Trusts Board of Trustees. 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.); and |
|
|
|
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.
4
SUMMIT GLOBAL INVESTMENTS U.S. LOW VOLATILITY EQUITY FUND
Notes to the Quarterly Portfolio of Investments (Concluded)
May 31, 2012
(Unaudited)
The following is a summary of the inputs used, as of May 31, 2012, in valuing the Funds
investments carried at fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Value at May 31, 2012 |
|
|
Level 1 Quoted Price |
|
|
Level 2 Other Significant Observable Inputs |
|
|
Level 3 Significant Unobservable Inputs |
|
Investments in Securities* |
|
$ |
1,613,378 |
|
|
$ |
1,613,378 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Please refer to Portfolio of Investments for further details.
At the end of each calendar quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting
period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management
evaluates the classification of Level 1 and Level 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 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 May 31, 2012, there were no transfers between Levels 1, 2 and 3 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
Item 2. Controls and Procedures.
|
(a) |
The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the
registrants 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 registrants 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 registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants 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) |
|
|
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) |
|
|
|
|
|
|
|
By (Signature and Title)* |
|
/s/ Joel
Weiss
|
|
|
|
|
Joel Weiss, Treasurer |
|
|
|
|
(principal financial officer) |
|
|
* Print the name and
title of each signing officer under his or her signature.