N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number             811-05518                                             

The RBB Fund, Inc.

(Exact name of registrant as specified in charter)

Bellevue Park Corporate Center

103 Bellevue Parkway

Wilmington, DE 19809

(Address of principal executive offices) (Zip code)

Salvatore Faia

BNY Mellon Investment Servicing (US) Inc.

103 Bellevue Parkway

Wilmington, DE 19809

(Name and address of agent for service)

Registrant’s telephone number, including area code: 302-791-1851            

Date of fiscal year end: August 31     

Date of reporting period: 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 Stocks—99.1%
Basic Industry—6.4%
Coeur d’Alene 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 Cyclical—17.8%
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 Growth—14.6%
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
Energy—6.7%
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
Financial—19.3%
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
Industrial—17.6%
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
Technology—16.1%
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
Utility—0.6%
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 Investments—0.8%
BofA Cash Reserves Fund		739,324		739,324
TOTAL SHORT-TERM INVESTMENTS (Cost $739,324)				739,324
Total Investments—99.9% (Cost $99,208,475)**				96,891,988
OTHER ASSETS IN EXCESS OF LIABILITIES—0.1%				119,338
NET ASSETS—100.0%			$	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)

* 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	$	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 Fund’s (the “Fund”) net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are amortized to maturity based on their cost. Investments in other open-end investment companies are valued based on the NAV of those investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the RBB’s 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 Fund’s investments are summarized into three levels as described in the hierarchy below:

• Level 1 – quoted prices in active markets for identical securities;

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of inputs used, as of May 31, 2012, in valuing the Fund’s 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 Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or 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 DEPOSIT—26.6%
Yankee Dollar Certificates Of Deposit—26.6% (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 PAPER—37.2%
Asset Backed—13.5%
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
Banks—23.7%
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 BONDS—9.2%
California—3.9%
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)
Colorado—0.9%
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
Connecticut—0.8%
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 York—3.0%
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
Texas—0.6%
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 OBLIGATIONS—1.2%
Banks—1.2%
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 OBLIGATIONS—9.8%
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 OBLIGATIONS—8.2%
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 AGREEMENTS—5.1%
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 VALUE—97.3% (Cost $670,599,717)*				670,599,717
OTHER ASSETS IN EXCESS OF LIABILITIES—2.7%				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.

GO General Obligation

LOC Line of Credit

PLC Public Liability Company

RB Revenue Bond

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 Portfolio’s investments are summarized into three levels as described in the hierarchy below:

• Level 1 — unadjusted quoted prices in active markets for identical securities;

• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

• Level 3 — significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of May 31, 2012, in valuing the Portfolio’s 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 Portfolio’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the 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%
McDonald’s 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
Lowe’s 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

* 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	$	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 Fund’s (the “Fund”) net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are valued 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, Inc’s Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

Fair Value Measurements — The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described below:

• Level 1 — quoted prices in active markets for identical securities;

• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

• Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of May 31, 2012, in valuing the Fund’s 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 Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For the period ended 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 D’alene 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
Chico’s 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
Fred’s		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
Sotheby’s		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 Fund’s (the “Fund”) net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are amortized to maturity based on their cost. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. 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 Fund’s investments are summarized into three levels as described below:

• Level 1 — quoted prices in active markets for identical securities;

• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

• Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of May 31, 2012, in valuing the Fund’s 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 Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For the period ended 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 STOCK—98.3%
Basic Industries—1.9%
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 Goods—12.5%
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
Communications—0.3%
EarthLink, Inc.		53,610		432,633
Consumer Durables—2.0%
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-Durables—5.4%
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 Services—21.1%
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
Brink’s 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
Children’s 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
Men’s 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
Energy—2.5%
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
Finance—21.5%
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 Care—11.0%
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 Trusts—6.8%
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
Technology—9.0%
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
Transportation—2.0%
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
Utilities—2.3%
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 COLLATERAL—6.2%
BlackRock Liquidity Fund		7,686,844		7,686,844
TOTAL SECURITIES LENDING COLLATERAL (Cost $7,686,844)				7,686,844
TOTAL INVESTMENTS—104.5% (Cost $121,234,428)**				129,949,210
LIABILITIES IN EXCESS OF OTHER ASSETS—(4.5)%				(5,556,019	)
NET ASSETS—100.0%			$	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 Fund’s 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 POSITIONS—90.5%
COMMON STOCK—88.7%
Basic Industries—2.3%
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 Goods—6.0%
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
Communications—4.3%
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 Durables—0.4%
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-Durables—5.0%
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 Services—12.3%
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
Kohl’s 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
Energy—4.2%
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
Finance—17.5%
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 Care—17.2%
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 Trusts—0.5%
CBRE Group, Inc., Class A *		99,065		1,629,619
Reis, Inc. *		157,698		1,354,626
				2,984,245
Technology—19.0%
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 STOCK—0.2%
Finance—0.2%
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 COLLATERAL—1.6%
BlackRock Liquidity Fund		9,939,216			9,939,216
TOTAL SECURITIES LENDING COLLATERAL (Cost $9,939,216)					9,939,216
TOTAL LONG POSITIONS—90.5% (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	)
BJ’s 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	)
Peet’s 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 LIABILITIES—65.1%					407,215,443
NET ASSETS—100.0%				$	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 Fund’s net assets were reported illiquid by the portfolio manager under the Fund’s 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 Fund’s 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 POSITIONS—94.5%
COMMON STOCK—94.5%
Basic Industries—4.5%
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 Goods—14.2%
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
Communications—3.8%
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 Durables—1.8%
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-Durables—4.8%
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 Services—15.3%
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
Kohl’s Corp. †		24,935		1,142,522
Liberty Media Corp. - Liberty Capital, Class A * †		15,295		1,296,557
Macy’s, Inc. †		29,750		1,131,988
Manpower, Inc. †		18,178		653,499
McGraw-Hill Cos., Inc., (The) †		37,950		1,646,271
Moody’s 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
Energy—8.7%
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
Finance—16.0%
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 Care—9.4%
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
Technology—14.5%
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
Transportation—0.2%
United Parcel Service, Inc., Class B		7,879		590,452
				590,452
Utilities—1.3%
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 STOCK—94.5% (Cost $237,308,564)					228,823,071
TOTAL LONG POSITIONS—94.5% (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	)
Francesca’s 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	)
Peet’s 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 WRITTEN††—0.0%
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 LIABILITIES—50.4%					122,036,650
NET ASSETS—100.0%				$	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 Fund’s 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 STOCK—96.2%
Basic Industries—0.3%
Georgia Gulf Corp. *		25,750	$	766,320
Capital Goods—5.9%
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
Communications—3.1%
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 Durables—1.8%
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-Durables—3.6%
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 Services—18.4%
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
Kohl’s Corp.		85,326		3,909,637
Manpower, Inc.		73,725		2,650,414

	Number   of Shares		Value
Consumer Services—(continued)
Men’s 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
Energy—8.4%
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
Finance—24.3%
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 Care—15.8%
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 Trusts—0.7%
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
Technology—13.9%
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 STOCK—0.0%
Finance—0.0%
First Southern Bancorp, Inc. 144A     5.000 % ‡		30		57,363
TOTAL PREFERRED STOCK (Cost $30,000)				57,363
	Par       (000)
CORPORATE BONDS—0.0%
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 COLLATERAL—0.7%
BlackRock Liquidity Fund		1,862,117		$	1,862,117
TOTAL SECURITIES LENDING COLLATERAL (Cost $1,862,117)					1,862,117
TOTAL INVESTMENTS—96.9% (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 LIABILITIES—3.4%				8,832,116
NET ASSETS—100.0%			$	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 Fund’s 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 Fund’s 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 STOCK—99.6%
Basic Industries—4.4%
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 Goods—10.6%
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
Communications—2.9%
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 Durables—2.9%
Libbey, Inc. *		65,100		941,997
Winnebago Industries, Inc. *		9,900		88,704
				1,030,701
Consumer Non-Durables—3.0%
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 Services—13.4%
ABM Industries, Inc.		12,900	$	276,963
ACCO Brands Corp. *		11,400		103,968
Brink’s 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
Energy—3.2%
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
Finance—25.3%
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 Care—6.6%
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 Trusts—9.9%
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
Technology—6.3%
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
Transportation—5.0%
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
Utilities—6.1%
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 STOCK—0.1%
Energy—0.1%
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 COLLATERAL—5.2%
BlackRock Liquidity Fund	1,840,743		1,840,743
TOTAL SECURITIES LENDING COLLATERAL (Cost $1,840,743)			1,840,743
TOTAL INVESTMENTS—104.9% (Cost $35,786,113)**			37,027,110
LIABILITIES IN EXCESS OF OTHER ASSETS—(4.9)%			(1,745,851	)
NET ASSETS—100.0%		$	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 Fund’s net assets were reported illiquid by the portfolio manager under the Fund’s 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 Fund’s 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 STOCK—96.5%
Australia—1.4%
Australia & New Zealand Banking Group Ltd.		4,080	$	83,063
St Barbara Ltd. *		29,720		58,190
				141,253
Bermuda—2.1%
Axis Capital Holdings Ltd.		2,305		75,834
Catlin Group Ltd.		10,760		66,499
Validus Holdings Ltd.		2,450		76,881
				219,214
Canada—0.5%
Barrick Gold Corp.		1,245		48,927
France—2.9%
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
Germany—4.7%
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 Kong—2.5%
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
Ireland—3.8%
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
Japan—5.3%
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
Netherlands—1.8%
Koninklijke Ahold NV		8,925		104,851
Unilever NV-CVA		2,450		77,084
				181,935
Singapore—0.4%
Oversea-Chinese Banking Corp. Ltd.		7,000		45,414
Switzerland—3.8%
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
Taiwan—0.4%
Delta Electronics, Inc.		17,000		47,387
United Kingdom—12.2%
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 States—54.7%
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
Macy’s, 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 INVESTMENTS—96.5%     (Cost $9,955,515)**				9,964,726
OTHER ASSETS IN EXCESS     OF LIABILITIES—3.5%				357,992
NET ASSETS—100.0%			$	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 Fund’s 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 STOCK—93.5%
Australia—2.5%
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
Bermuda—1.4%
Catlin Group Ltd.		21,435		132,472
Canada—2.7%
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
France—7.2%
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
Germany—8.6%
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 Kong—3.8%
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
Ireland—6.3%
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
Japan—14.6%
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
Netherlands—3.5%
Imtech NV		1,880		48,538
Koninklijke Ahold NV		15,105		177,454
Unilever NV-CVA		3,930		123,649
				349,641
Singapore—2.6%
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 Korea—0.4%
SK Telecom Co. Ltd.		390	$	39,818
Spain—0.5%
Abertis Infraestructuras SA		3,945		50,219
Switzerland—7.7%
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
Taiwan—0.6%
Delta Electronics, Inc.		22,000		61,324
United Kingdom—31.1%
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 INVESTMENTS—93.5%     (Cost $9,553,214)**				9,233,758
OTHER ASSETS IN EXCESS     OF LIABILITIES—6.5%				640,897
NET ASSETS—100.0%			$	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 Fund’s 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 issuer’s financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant.

Fair Value Measurements— The inputs and valuation techniques used to measure fair value of the Funds’ investments are summarized into three levels as described 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 Fund’s investments as of May 31, 2012 is included in each Fund’s 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 Fund’s gain is limited to the amount at which it sold a security short, its potential loss is unlimited. Until a Fund replaces a borrowed security, it will maintain at all times cash, U.S. Government securities, or other liquid securities in an amount which, when added to any amount deposited with a broker as collateral, will at least equal the current market value of the security sold short. Depending on arrangements made with brokers, a Fund may not receive any payments (including interest) on collateral deposited with them.

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 DISCRETIONARY—17.1%
AMC Networks, Inc., Class A*^		10,798	$	416,695
America’s 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
Kohl’s 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 STAPLES—3.0%
Loblaw Cos. Ltd. (Canada)		4,500		137,852
Nestle SA - Sponsored ADR		1,425		81,011
Pilgrim’s 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
ENERGY—1.6%
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
FINANCIALS—7.8%
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 CARE—1.9%
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
INDUSTRIALS—1.7%
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 TECHNOLOGY—6.6%
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
MATERIALS—2.6%
Agrium, Inc.†		1,240		96,894
ArcelorMittal†		1,400		19,446
Coeur d’Alene 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 TRUSTS—6.2%
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 SERVICES—3.0%
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%
COMMODITY—0.7%
SPDR Gold Shares*^		2,899	$	439,546
CURRENCY—0.4%
ProShares UltraShort Euro*		6,410		140,892
Proshares Ultrashort Yen*		3,100		129,983
				270,875
EQUITY—12.1%
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
OTHER—0.1%
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 (000’S)		VALUE
CORPORATE BOND — 0.3%
FINANCIALS—0.3%
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 BANK—3.2%
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
ASSOCIATION—14.3%
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 PURCHASED—0.4%
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	)
Dick’s 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	)
Fred’s, 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

* 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	$	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 security’s 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 Fund’s (the “Fund”) net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are amortized to maturity based on their cost. 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 Fund’s investments are summarized into three levels as described in the hierarchy below:

• Level 1  –  quoted prices in active markets for identical securities;

• Level 2  –  other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

• Level 3  –  significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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 Fund’s 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 Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

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 Fund’s 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 Fund’s 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 Fund’s gain is limited to the amount at which it sold a security short, its potential loss is unlimited. Until a Fund replaces a borrowed security, it will maintain at all times cash, U.S. Government securities, or other liquid securities in an amount which, when added to any amount deposited with a broker as collateral, will at least equal the current market value of the security sold short. Depending on arrangements made with brokers, 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 Fund’s 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

* 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 $2,959,481.

‡ Holding in default resolution. Value has been determined in good faith by or under the direction of the RBB Fund, Inc’s 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 Fund’s 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)

* Non-income producing.

(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 Company’s Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

Fair Value 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
McDonald’s 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
Kohl’s 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%
People’s 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

* Non-income producing.

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 Fund’s (the “Fund”) net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (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 Trust’s 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 Fund’s investments are summarized into three levels as described in the hierarchy below:

• Level 1	—	quoted prices in active markets for identical securities;
• Level 2	—	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and
• Level 3	—	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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 Fund’s 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 Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For the period ended 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 registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)      The RBB Fund, Inc.                                                                                                           

By (Signature and Title)*	/s/ Salvatore Faia
	Salvatore Faia, President
	(principal executive officer)

Date 7-18-12

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Salvatore Faia
	Salvatore Faia, President
	(principal executive officer)

Date 7-18-12

By (Signature and Title)*	/s/ Joel Weiss
	Joel Weiss, Treasurer
	(principal financial officer)

Date 7-18-12

^* Print the name and title of each signing officer under his or her signature.

EX-99.CERT

Certifications

I, Salvatore Faia, certify that:

1. I have reviewed this report on Form N-Q of The RBB Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: 7-18-12	/s/ Salvatore Faia
	Salvatore Faia, President (principal executive officer)

Certifications

I, Joel Weiss, certify that:

1. I have reviewed this report on Form N-Q of The RBB Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: 7-18-12	/s/ Joel Weiss
	Joel Weiss, Treasurer (principal financial officer)