UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05518

The RBB Fund, Inc.
(Exact name of registrant as specified in charter)

103 Bellevue Parkway, 4th Floor
Wilmington, DE 19809
(Address of principal executive offices) (Zip code)

Salvatore Faia
103 Bellevue Parkway, 4th Floor
Wilmington, DE 19809
(Name and address of agent for service)

Registrant's telephone number, including area code: 302-791-2670

Date of fiscal year end: August 31

Date of reporting period: February 28, 2010

Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
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 Secretary, Securities and Exchange Commission, 100 F Street, NE,
Washington, DC 20549. The OMB has reviewed this collection of information under
the clearance requirements of 44 U.S.C. Section 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

The Report to Shareholders is attached herewith.

(BEAR STEARNS LOGO)

BEAR STEARNS CUFS(R) MLP MORTGAGE PORTFOLIO
OF
THE RBB FUND, INC.

SEMI ANNUAL REPORT

February 28, 2010
(Unaudited)

This report is submitted for the general information of the shareholders of the
Portfolio. It is not authorized for distribution unless preceded or accompanied
by a current prospectus for the Portfolio.

BEAR STEARNS CUFS(R) MLP
MORTGAGE PORTFOLIO

PERFORMANCE DATA
FEBRUARY 28, 2010
(UNAUDITED)

TOTAL RETURNS AS OF FEBRUARY 28, 2010

Average Annual
Total Returns
Six-Month 1 Year Since Inception*
--------- ------ ----------------

Bear Stearns CUFS(R) MLP Mortgage Portfolio (1) 7.19% 23.71% -0.94%
Barclay's Capital U.S. Treasury Bills 1 to 3 Month Index (2) 0.07% 0.22% 2.41%
1 Month LIBOR (3) 0.39% 0.84% 2.85%

PERFORMANCE QUOTED IS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.
INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE RETURNS QUOTED ABOVE. CALL CUFS(R)
AT 1-800-519-CUFS (2837) FOR RETURNS CURRENT TO THE MOST RECENT MONTH-END. THE
PORTFOLIO'S GROSS ANNUAL OPERATING EXPENSES, AS STATED IN THE CURRENT
PROSPECTUS, IS 0.88%. THE PERFORMANCE DATA REFLECTS FEE WAIVERS AND EXPENSE
REIMBURSEMENTS. THE RETURNS WOULD HAVE BEEN LOWER IF THESE WAIVERS AND EXPENSE
REIMBURSEMENTS WERE NOT IN EFFECT.

PORTFOLIO COMPOSITION IS SUBJECT TO CHANGE.

- ----------
* The inception date of the Portfolio was December 19, 2006.

(1) Net of fees and expenses.

(2) The Barclay's Capital U.S. Treasury Bills 1-3 Month Index includes all
publicly issued zero-coupon U.S. Treasury Bills that have a remaining
maturity of less than 3 months and more than 1 month, are rated investment
grade, and have $250 million or more of outstanding face value. It is not
possible to invest directly in an index.

(3) The 1-Month LIBOR is a constant maturity index of the London Interbank
Offering Rate established to reflect the total return of the 1-Month LIBOR
rate. Source: Merrill Lynch.

BEAR STEARNS CUFS(R) MLP
MORTGAGE PORTFOLIO

FUND EXPENSE EXAMPLE
(UNAUDITED)

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction
costs and (2) ongoing costs, including management fees and other Portfolio
expenses. The example is intended to help you understand your ongoing costs (in
dollars) of investing in the Portfolio and to compare these costs with the
ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 that was invested at the
beginning of the period from September 1, 2009 through February 28, 2010, and
held for the entire period.

ACTUAL EXPENSES

The first line of the accompanying table provides information about actual
account values and actual expenses. You may use the information in this line,
together with the amount you invested, to estimate the expenses that you paid
over the period. Simply divide your account value by $1,000 (for example, an
$8,600 account value divided by $1,000 = 8.6), then multiply the result by the
number in the first line under the heading entitled "Expenses Paid During
Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line of the accompanying table provides information about
hypothetical account values and hypothetical expenses based on the Portfolio's
actual expense ratio and an assumed rate of return of 5% per year before
expenses, which is not the Portfolio's actual return. The hypothetical account
values and expenses may not be used to estimate the actual ending account
balance or expenses you paid for the period. You may use this information to
compare the ongoing costs of investing in the Portfolio and other funds. To do
so, compare these 5% hypothetical examples with the 5% hypothetical examples
that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying tables are meant to
highlight your ongoing costs only and do not reflect any transactional costs.
Therefore, the second line of the accompanying table is useful in comparing
ongoing costs only, and will not help you determine the relative total costs of
owning different funds. In addition, if any transactional costs were included,
your costs would have been higher.

BEGINNING ACCOUNT VALUE ENDING ACCOUNT VALUE EXPENSES PAID DURING
SEPTEMBER 1, 2009 FEBRUARY 28, 2010 PERIOD*
----------------------- -------------------- ---------------------

Actual $1,000.00 $1,071.90 $3.54
Hypothetical
(5% return before expenses) 1,000.00 1,021.13 3.46

- ----------
* Expenses are equal to the Portfolio's annualized six-month expense ratio of
0.69%, which includes waived fees or reimbursed expenses, multiplied by the
number of days (181) in the most recent fiscal half-year, then divided by
365 to reflect the one-half year period. The Portfolio's ending account
value on the first line is based on the actual six-month total return of
7.19%.

BEAR STEARNS CUFS(R) MLP
MORTGAGE PORTFOLIO

PORTFOLIO HOLDINGS SUMMARY TABLE

FEBRUARY 28, 2010
(UNAUDITED)

% OF NET
SECURITY TYPE/INDUSTRY CLASSIFICATION ASSETS VALUE
- ------------------------------------- -------- ------------

GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES 65.4% $ 78,531,158
COLLATERALIZED MORTGAGE OBLIGATIONS 32.8 39,414,172
MORTGAGE DERIVATIVES 14.3 17,201,962
U.S. TREASURY OBLIGATIONS 0.3 403,328
LIABILITIES IN EXCESS OF OTHER ASSETS (12.8) (15,408,692)
----- ------------
NET ASSETS 100.0% $120,141,928
===== ============

- ----------
Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

BEAR STEARNS CUFS(R) MLP
MORTGAGE PORTFOLIO

PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 2010 (UNAUDITED)

MOODY'S/ PAR MARKET
S&P (b) (000'S) VALUE
-------- --------- -----------

GOVERNMENT AGENCY MORTGAGE-BACKED
SECURITIES--65.4%
FEDERAL HOME LOAN MORTGAGE CORPORATION--26.3%
5.000% 05/01/18 Aaa/AAA $ 1,280 $ 1,359,756
5.000% 09/01/19 Aaa/AAA 1,882 2,003,114
5.000% 09/01/20 Aaa/AAA 2,523 2,683,993
4.500% 11/01/20 Aaa/AAA 1,136 1,198,624
4.500% 06/01/21 Aaa/AAA 1,848 1,945,052
4.500% 12/01/21 Aaa/AAA 1,655 1,745,437
4.500% 08/01/22 Aaa/AAA 2,527 2,665,959
4.500% 08/01/22 Aaa/AAA 3,262 3,432,801
5.902% 08/01/36 (a) Aaa/AAA 4,388 4,516,837
5.967% 09/01/36 (a) Aaa/AAA 2,981 3,100,859
5.835% 11/01/36 (a) Aaa/AAA 2,471 2,554,293
5.809% 08/01/37 (a) Aaa/AAA 4,155 4,318,344
------------
31,525,069
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION--39.1%
5.000% 06/01/18 Aaa/AAA 2,055 2,168,144
5.000% 02/01/19 Aaa/AAA 2,002 2,112,997
5.000% 04/01/19 Aaa/AAA 1,228 1,306,087
5.000% 07/01/19 Aaa/AAA 1,556 1,654,768
4.500% 03/01/20 Aaa/AAA 3,270 3,448,213
5.000% 04/01/21 Aaa/AAA 1,904 2,015,751
2.169% 12/01/34 (a) Aaa/AAA 3,749 3,857,548
6.029% 10/01/36 (a) Aaa/AAA 2,233 2,333,797
6.066% 10/01/36 (a) Aaa/AAA 1,244 1,300,807
5.500% 12/01/36 Aaa/AAA 392 413,239
5.931% 12/01/36 (a) Aaa/AAA 1,499 1,572,198
5.512% 09/01/37 (a) Aaa/AAA 2,152 2,243,790
4.500% 03/01/39 TBA Aaa/AAA 22,300 22,578,750
------------
47,006,089
------------
TOTAL GOVERNMENT AGENCY
MORTGAGE-BACKED SECURITIES
(Cost $77,344,093)................... 78,531,158
------------
MORTGAGE DERIVATIVES--14.3%
FANNIE MAE (IO)--9.9%
4.500% 12/01/18 Aaa/AAA 5,496 558,332
4.500% 01/01/19 Aaa/AAA 5,445 533,723
4.500% 03/01/20 Aaa/AAA 1,948 197,632
4.500% 03/01/20 Aaa/AAA 2,024 205,060
5.500% 05/25/23 Aaa/AAA 1,592 246,167
5.500% 12/25/24 Aaa/AAA 5,448 553,799
5.500% 07/25/28 Aaa/AAA 7,450 132,740
5.500% 10/25/31 Aaa/AAA 13,511 1,300,640
7.621% 04/25/32 (a) Aaa/AAA 2,701 427,117
6.821% 09/25/32 (a) Aaa/AAA 4,396 511,349
5.000% 10/01/33 Aaa/AAA 7,741 1,576,011
5.000% 12/01/33 Aaa/AAA 2,475 503,558
5.000% 12/01/33 (a) Aaa/AAA 1,488 257,098
5.000% 08/01/34 Aaa/AAA 2,563 563,460
5.500% 04/01/36 Aaa/AAA 5,764 893,933
5.500% 04/01/36 Aaa/AAA 9,156 1,733,185
7.071% 08/25/36 (a) Aaa/AAA 4,998 416,006
5.000% 10/01/36 Aaa/AAA 6,548 1,304,982
------------
11,914,792
------------

MOODY'S/ PAR MARKET
S&P (b) (000'S) VALUE
-------- --------- ------------

MORTGAGE DERIVATIVES--(CONTINUED)
FANNIE MAE (PO)--0.6%
5.500% 06/25/36 Aaa/AAA $ 865 $ 765,752
------------
FREDDIE MAC (IO)--1.7%
5.500% 07/15/16 Aaa/AAA 1,017 52,844
6.921% 02/25/32 (a) Aaa/AAA 4,585 465,871
6.254% 06/15/36 (a) Aaa/AAA 2,703 216,472
6.349% 09/15/36 (a) Aaa/AAA 5,042 630,335
6.419% 11/15/36 (a) Aaa/AAA 5,050 636,927
------------
2,002,449
------------
FREDDIE MAC (PO)--1.2%
4.000% 09/15/35 Aaa/AAA 908 774,474
5.896% 09/15/36 Aaa/AAA 760 689,945
------------
1,464,419
------------
NON-AGENCY (IO)--0.9%
CWALT Series 2006-43CB
6.000% 02/25/37 Cc /CCC 5,113 1,054,550
------------
TOTAL MORTGAGE DERIVATIVES
(Cost $17,478,779)................... 17,201,962
------------
COLLATERALIZED MORTGAGE
OBLIGATIONS--32.8%
Banc of America Mortgage
Securities, Inc. Series 2005-H (a)
4.789% 09/25/35 Bbb/A 2,000 1,645,456
Banc of America Mortgage
Securities, Inc. Series 2006-B (a)
4.261% 10/20/46 Cc/CCC 2,709 1,824,697
Banc of America Mortgage
Securities, Inc. Series 2007-3
6.000% 09/25/37 Ccc/CCC 3,915 3,154,468
Citigroup Mortgage Loan Trust, Inc.
Series 2007-AR8 (a)
5.862% 07/25/37 Caa2/BB 3,517 2,625,564
Countrywide Asset-Backed
Certificates Series 2004-AB2 (a)
0.829% 05/25/36 Baa3/B- 500 65,431
Countrywide Home Loan
Mortgage Pass-Through
Trust Series 2003-3 (a)
0.729% 04/25/18 Aaa/AAA 469 456,801
Countrywide Home Loan
Mortgage Pass-Through
Trust Series 2007-HY1 (a)
5.631% 04/25/37 C/CC 2,024 411,771
CWALT Series 2006-43CB
6.000% 02/25/37 C/CC 865 667,618
CWALT Series 2006-HY13 (a)
5.860% 02/25/37 C/CC 9,869 2,402,353
CWALT Series 2006-J2
6.000% 04/25/36 Caa1/CC 5,987 4,644,417
CWALT Series 2007-2CB
5.750% 03/25/37 Ca /CC 4,144 971,679
CWALT Series 2007-J2
6.000% 07/25/37 Caa1/C 1,536 1,015,049

The accompanying notes are an integral part of the financial statements.

BEAR STEARNS CUFS(R) MLP
MORTGAGE PORTFOLIO

PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 2010 (UNAUDITED)

MOODY'S/ PAR MARKET
S&P (b) (000'S) VALUE
-------- --------- ------------

COLLATERALIZED MORTGAGE
OBLIGATIONS--(CONTINUED)
Fannie Mae REMICS
Series 2005-25 (a)
0.579% 04/25/35 Aaa/AAA $ 1,868 $ 1,835,430
Fannie Mae REMICS
Series 2005-57
5.500% 05/25/27 Aaa/AAA 355 358,464
Fannie Mae REMICS
Series 2006-61
6.000% 10/25/30 Aaa/AAA 2,503 2,568,520
Fannie Mae REMICS
Series 2009-40
3.000% 02/25/26 Aaa/AAA 349 349,462
First Horizon Asset
Securities, Inc.
Series 2006-AR1 (a)
5.837% 05/25/36 B/B- 3,137 934,278
Freddie Mac REMICS
Series 2590
5.000% 04/15/16 Aaa/AAA 280 280,588
Freddie Mac REMICS
Series 2752 (a)
0.581% 12/15/30 Aaa/AAA 603 601,035
Freddie Mac REMICS
Series 2995 (a)
0.631% 06/15/35 Aaa/AAA 782 774,802
JPMorgan Mortgage Trust
Series 2005-A4 (a)(c)
5.164% 07/25/35 Baa1/AAA 843 789,960
JPMorgan Mortgage Trust
Series 2005-A6 (a)(c)
4.962% 08/25/35 Aa/AA+ 634 555,539
Residential Asset
Securitiation Trust
Series 2007-A5
6.000% 05/25/37 Caa2/CCC 1,283 953,542
Residential Funding
Mortgage Securities I
Series 2006-SA4 (a)
6.110% 11/25/36 B3/CCC 5,380 3,969,021
Residential Funding
Mortgage Securities I
Series 2007-SA2 (a)
5.642% 04/25/37 Ca/D 2,707 272,555
Washington Mutual, Inc.
Series 2007-HY3 (a)
5.313% 03/25/37 Cc/CCC 1,643 147,976
Washington Mutual, Inc.
Series 2007-HY4 (a)
5.448% 04/25/37 Cc/CCC 3,339 2,376,199
Wells Fargo Mortgage
Backed Securities Trust
Series 2007-10
6.250% 07/25/37 B1/CCC 3,049 2,761,497
------------
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS
(Cost $66,170,120)................ 39,414,172
------------

MOODY'S/ PAR MARKET
S&P (b) (000'S) VALUE
-------- --------- ------------

U.S. TREASURY OBLIGATIONS--0.3%
U.S. TREASURY NOTE--0.3%
U.S. Treasury Notes (d)
1.500% 10/31/10 Aaa/AAA $ 400 $ 403,328
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $400,938)...................... 403,328
------------
TOTAL INVESTMENTS--112.8%
(Cost $161,393,930).................. 135,550,620
------------
LIABILITIES IN EXCESS OF OTHER
ASSETS--(12.8)%...................... (15,408,692)
------------
NET ASSETS--100.0%...................... $120,141,928
============

- ----------
CWALT Countrywide Alternative Loan Trust

IO Interest Only

PO Principal Only

TBA To Be Announced

(a) Adjustable rate security. Interest rate varies due to interest rate
fluctuations, or, in the case of certain asset-backed securities, interest
payment shortfalls.

(b) Where Moody's or S&P rating is not available, Fitch rating is substituted,
if available.

The accompanying notes are an integral part of the financial statements.

BEAR STEARNS CUFS(R) MLP
MORTGAGE PORTFOLIO

PORTFOLIO OF INVESTMENTS (CONCLUDED)
FEBRUARY 28, 2010 (UNAUDITED)

(d) All or a portion of the security held as collateral for the following
Futures contracts open at February 28, 2010:

NUMBER VALUE VALUE UNREALIZED
OF EXPIRATION AT TRADE AT APPRECIATION
CONTRACTS TYPE MONTH DATE 02/28/2010 (DEPRECIATION)*
- ---------------- ------------- ---------- ----------- ----------- ---------------

Long Positions:
140 U.S. Treasury
10 Year Note 06/2010 $16,311,329 $16,447,812 $136,483
Short Positions:
71 U.S. Treasury
2 Year Note 06/2010 15,391,083 15,438,063 (46,980)
35 U.S. Treasury
5 Year Note 06/2010 4,024,926 4,057,813 (32,887)
-------
$56,616
=======

(e) Liabilities in excess of other assets include interest rate swaps as
follows:

NOTIONAL
TERMINATION AMOUNT FIXED FLOATING VALUE AT UNREALIZED
COUNTERPARTY DATE (000) RATE RATE 02/28/2010 (DEPRECIATION)*
- ------------ ----------- -------- ----- ------------- ----------- ---------------

Deutsche Bank** 09/17/2013 $20,000 4.520% 3 MONTH LIBOR $(2,185,384) $(2,185,384)
=========== ===========

* Primary risk exposure is interest rate contracts.

** Portfolio pays the fixed rate and receives the floating rate.

The following is a summary if the inputs used, as of February 28, 2010, in
valuing the Portfolio's investments caries at market value (See Note 1 in the
Notes to Financial Statements.)

LEVEL 2 LEVEL 3
TOTAL MARKET LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AS OF QUOTED OBSERVABLE UNOBSERVABLE
FEBRUARY 28, 2010 PRICE INPUTS INPUTS
----------------- -------- ------------ ------------

GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES $ 78,531,158 $ -- $ 78,531,158 $--
MORTGAGE DERIVATIVES 17,201,962 -- 17,201,962 --
COLLATERALIZED MORTGAGE OBLIGATIONS 39,414,172 -- 39,414,172 --
U.S. TREASURY OBLIGATIONS 403,328 -- 403,328 --
INVESTMENTS IN OTHER FINANCIAL INSTRUMENTS* 136,483 136,483 -- --
------------ -------- ------------ ---
TOTAL ASSETS $135,687,103 $136,483 $135,550,620 $--
============ ======== ============ ===

LEVEL 2 LEVEL 3
TOTAL MARKET LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AS OF QUOTED OBSERVABLE UNOBSERVABLE
FEBRUARY 28, 2010 PRICE INPUTS INPUTS
----------------- -------- ----------- ------------

INVESTMENTS IN OTHER FINANCIAL INSTRUMENTS* $(2,265,251) $(79,867) $(2,185,384) $--
----------- -------- ----------- ---
TOTAL LIABILITIES $(2,265,251) $(79,867) $(2,185,384) $--
=========== ======== =========== ===

* Other financial instruments include open futures contracts and swap
contracts.

The accompanying notes are an integral part of the financial statements.

BEAR STEARNS CUFS(R) MLP
MORTGAGE PORTFOLIO

STATEMENT OF ASSETS AND LIABILITIES
FEBRUARY 28, 2010
(UNAUDITED)

ASSETS
Investments, at value+ .............................................. $135,550,620
Cash ................................................................ 8,706,323
Receivables
Dividends and interest ........................................... 689,462
Investments sold ................................................. 289,597
Variation margin due from broker ................................. 30,500
Prepaid expenses and other assets ................................... 15,250
------------
Total assets ........................................................ 145,281,752
------------
LIABILITIES
Unrealized depreciation on swap agreements .......................... 2,185,384
Payables
Investments purchased ............................................ 22,485,922
Distributions to shareholders .................................... 350,798
Investment adviser ............................................... 44,529
Other accrued expenses and liabilities ........................... 73,191
------------
Total liabilities ............................................. 25,139,824
------------
Net Assets .......................................................... $120,141,928
============
NET ASSETS CONSIST OF:
Par value ........................................................... $ 15,062
Paid-in capital ..................................................... 150,129,575
Accumulated net investment loss ..................................... (421,407)
Accumulated net realized gain from investments, futures transactions,
TBA sales commitments, swap agreements and purchased options ..... (1,609,224)
Net unrealized depreciation from investments, futures transactions
and swap agreements .............................................. (27,972,078)
------------
Net Assets .................................................... $120,141,928
============
Shares outstanding ($0.001 par value, 100,000,000 shares authorized) 15,062,079
Net asset value, offering and redemption price per share ............... $ 7.98
============
+ Investment in securities, at cost .................................... $161,393,930

The accompanying notes are an integral part of the financial statements.

BEAR STEARNS CUFS(R) MLP
MORTGAGE PORTFOLIO

STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2010
(UNAUDITED)

INVESTMENT INCOME
Interest ............................................................ $3,150,614
----------
Total investment income .......................................... 3,150,614
----------
EXPENSES
Advisory fees ....................................................... 281,325
Administration and accounting fees .................................. 91,482
Professional fees ................................................... 31,591
Transfer agent fees ................................................. 23,052
Directors' and officers' fees ....................................... 22,409
Custodian fees ...................................................... 15,807
Insurance ........................................................... 11,700
Printing and shareholder reporting fees ............................. 10,983
Registration and filing fees ........................................ 9,883
Other expenses ...................................................... 1,046
----------
Total expenses before waivers .................................... 499,278
Less: waivers .................................................... (96,834)
----------
Net expenses after waivers ....................................... 402,444
----------
Net investment income ............................................... 2,748,170
----------
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS, FUTURES
TRANSACTIONS, TBA SALE COMMITMENTS, SWAP AGREEMENTS AND PURCHASED
OPTIONS
NET REALIZED GAIN/(LOSS) FROM:
Investments ...................................................... 990,658
Futures* ......................................................... 245,084
TBA sale commitments* ............................................ (207,383)
Swap agreements* ................................................. (405,766)
Purchased options* ............................................... (43,404)
----------
Total realized gain/(loss) from investments, futures transactions,
TBA sale commitments, swap agreements and purchased options ...... 579,189
----------
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON:
Investments ...................................................... 5,068,072
Futures* ......................................................... (139,135)
TBA sale commitments* ............................................ 42,653
Swap agreements* ................................................. (176,487)
----------
Total net changes in unrealized appreciation/(depreciation) on
investments, futures transactions, TBA sale commitments and swap
agreements ....................................................... 4,795,103
----------
Net realized and unrealized gain/(loss) on investments, futures
transactions, TBA sale commitments, swap agreements and purchased
options .......................................................... 5,374,292
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ................... $8,122,462
==========

- ----------
* Primary risk exposure is interest rate contracts.

The accompanying notes are an integral part of the financial statements.

BEAR STEARNS CUFS(R) MLP
MORTGAGE PORTFOLIO

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE SIX MONTHS
ENDED FOR THE YEAR
FEBRUARY 28, 2010 ENDED
(UNAUDITED) AUGUST 31, 2009
------------------ ---------------

INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ............................................... $ 2,748,170 $ 7,936,487
Net realized gain/(loss) from investments, futures transactions,
TBA sale commitments, swap agreements and purchased options ...... 579,189 (524,929)
Net change in unrealized depreciation from investments, futures
transactions, TBA sale commitments and swap agreements ........... 4,795,103 (18,004,673)
------------ ------------
Net increase/(decrease) in net assets resulting from operations ........ 8,122,462 (10,593,115)
------------ ------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ............................................... (3,554,360) (7,602,997)
------------ ------------
Net decrease in net assets from dividends and distributions to
shareholders ........................................................ (3,554,360) (7,602,997)
------------ ------------
CAPITAL TRANSACTIONS:
Reinvestment of distributions ....................................... 1,133,915 2,748,132
------------ ------------
Net Increase in Net Assets From capital transactions ................... 1,133,915 2,748,132
------------ ------------
Total increase/(decrease) in net assets ............................. 5,702,017 (15,447,980)
NET ASSETS:
Beginning of period ................................................. 114,439,911 129,887,891
------------ ------------
End of period ....................................................... $120,141,928 $114,439,911
============ ============
Undistributed net investment income/(loss), end of period ........... $ (421,407) $ 384,783
============ ============
SHARE TRANSACTIONS:
Shares reinvested ................................................... 142,829 374,570
------------ ------------
Total share transactions ............................................ 142,829 374,570
============ ============

The accompanying notes are an integral part of the financial statements.

BEAR STEARNS CUFS(R) MLP
MORTGAGE PORTFOLIO

FINANCIAL HIGHLIGHTS

Contained below is per share operating performance data for a share outstanding
during each period, total investment return, ratios to average net assets and
other supplemental data for the respective periods. This information has been
derived from information provided in the financial statements.

FOR THE SIX MONTHS
ENDED FOR THE YEAR FOR THE YEAR FOR THE PERIOD
FEBRUARY 28, 2010 ENDED ENDED DECEMBER 19, 2006* TO
(UNAUDITED) AUGUST 31, 2009 AUGUST 31, 2008 AUGUST 31, 2007
------------------ --------------- --------------- ---------------------

PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of year ........... $ 7.67 $ 8.93 $ 9.92 $ 10.00
-------- -------- -------- --------
Net investment income ........................ 0.19 0.54 0.54 0.38
Net realized and unrealized gain/ (loss) on
investments, futures transactions, TBA sale
commitments, swap agreements and options .. 0.36 (1.28) (0.98) (0.08)
-------- -------- -------- --------
Net increase/(decrease) in net assets
resulting from operations ................. 0.55 (0.74) (0.44) 0.30
-------- -------- -------- --------
Dividends to shareholders from:
Net investment income ........................ (0.24) (0.52) (0.55) (0.38)
Net realized capital gains ................... -- -- -- --
-------- -------- -------- --------
Net asset value, end of year ................. $ 7.98 $ 7.67 $ 8.93 $ 9.92
======== ======== ======== ========
Total investment return(1) ................... 7.19% (7.82)% (4.76)% 3.10%
======== ======== ======== ========
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000's omitted) ........................... $120,142 $114,440 $129,888 $161,278
Ratio of expenses to average net assets with
waivers and expense reimbursements
(excluding interest expense) .............. 0.69%(2) 0.60% 0.60% 0.60%(2)
Ratio of expenses to average net assets with
waivers and expense reimbursements
(including interest expense) .............. 0.69%(2) 0.60% 0.60% 0.78%(2)
Ratio of expenses to average net assets
without waivers and expense reimbursements
(including interest expense) .............. 0.85%(2) 0.88% 0.80% 0.95%(2)
Ratio of net investment income to average net
assets .................................... 4.69%(2) 7.30% 5.56% 5.58%(2)
Portfolio turnover rate(3) ................... 122.01% 410.52% 190.88% 259.47%

- -----------
* Commencement of operations.

(1) Total investment return is calculated by assuming a purchase of shares on
the first day and a sale of shares on the last day of each period reported
and includes reinvestments of dividends and distributions, if any.

(2) Annualized.

(3) The portfolio turnover rate excluding TBA transactions (see Note 1 in Notes
to the Financial Statements) is 7.25% for the six months ended February 28,
2010, 35.58% for the year ended August 31, 2009, 32.83% for the year ended
August 31, 2008 and 125.15% for the period December 19, 2006 to August 31,
2007, respectively.

The accompanying notes are an integral part of the financial statements.

BEAR STEARNS CUFS(R) MLP
MORTGAGE PORTFOLIO

NOTES TO FINANCIAL STATEMENTS
FEBRUARY 28, 2010 (UNAUDITED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

RBB has authorized capital of one hundred billion shares of common stock of
which 78.973 billion shares are currently classified into one hundred and
twenty-nine classes of common stock. Each class represents an interest in an
active or inactive RBB investment portfolio. The active classes have been
grouped into separate "families."

PORTFOLIO VALUATION -- The Portfolio's net asset value ("NAV") is
calculated once daily at the close of regular trading hours on the New York
Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern time) on each day the NYSE
is open. Fixed income securities having a remaining maturity of greater than 60
days are valued using an independent pricing service. These fixed income
securities are valued by pricing services approved by the Board of Directors
based upon market transactions for normal, institutional-size trading units of
similar securities. The services may use various pricing techniques which take
into account appropriate factors such as yield, quality, coupon rate, maturity,
type of issue, trading characteristics and other data, as well as broker quotes.
Debt securities for which quotations are readily available are valued at an
over-the-counter or exchange bid quotation. Certain debt securities, which tend
to be more thinly traded and of lesser quality, are priced based on fundamental
analysis of the financial condition of the issuer and the estimated value of any
collateral. Valuations developed through pricing techniques may materially vary
from the actual amounts realized upon sale of the securities, and the potential
material variation may be greater for those securities valued using fundamental
analysis. Fixed income securities having a remaining maturity of 60 days or less
are valued at amortized cost, which approximates market value. Investments in
other open-end investment companies, if held, are valued based on the NAV of the
investment companies (which may use fair value pricing as discussed in their
prospectuses). If price quotes are unavailable or deemed unreliable, securities
will be fair valued in accordance with procedures adopted by the 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.

The inputs and valuation techniques used to measure fair value of the
Portfolio's investments are summarized into three levels as described below:

- Level 1 -- quoted prices in active markets for identical securities

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

- Level 3 -- significant unobservable inputs (including the Portfolio's
own assumptions in determining the fair value of
investments)

The inputs or methodology used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities. A
summary of the inputs used to value the Portfolio's investments as of February
28, 2010 is included in the Portfolio of Investments.

USE OF ESTIMATES -- The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the period. Actual results could differ from those
estimates and these differences could be significant.

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES -- The Portfolio
records security transactions based on trade date. The cost of investments sold
is determined by use of the specific identification method for both financial
reporting and income tax purposes in determining realized gains and losses on
investments. Interest income is accrued when earned. Paydown gains and losses on
mortgage and asset-backed securities are presented as an adjustment to interest
income. Dividend income is recorded on the ex-dividend date. Distributions
received on securities that represent a return of capital or capital gains are
recorded as a reduction of cost of investments and/or as a realized gain. The
Portfolio estimates the components of distributions received that may be
considered return of capital distributions or capital gain distributions. The
Portfolio's investment income, expenses and unrealized and realized gains and
losses are allocated daily. Expenses incurred

The accompanying notes are an integral part of the financial statements.

BEAR STEARNS CUFS(R) MLP
MORTGAGE PORTFOLIO

NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY 28, 2010 (UNAUDITED)

for all of the RBB funds (such as director or professional fees) are charged to
all funds in proportion to their average net assets of RBB, or in such other
manner as the Board of Directors deems fair or equitable. Expenses and fees,
including investment advisory and administration fees are accrued daily and
taken into account for the purpose of determining the net asset value of the
Portfolio.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income are declared daily and paid monthly. Distributions from net
realized capital gains, if any, are declared and paid at least annually to
shareholders and recorded on ex-date for the Portfolio. Income dividends and
capital gain distributions are determined in accordance with U.S. federal income
tax regulations which may differ from generally accepted accounting principles
in the United States of America.

U.S. TAX STATUS -- No provision is made for U.S. income taxes as it is the
Portfolio's intention to qualify for and elect the tax treatment applicable to
regulated investment companies under Subchapter M of the Internal Revenue Code
of 1986, as amended, and make the requisite distributions to its shareholders
which will be sufficient to relieve it from U.S. income and excise taxes.

CASH AND CASH EQUIVALENTS -- The Portfolio considers liquid assets
deposited into a bank demand deposit account to be cash equivalents. These
investments represent amounts held with financial institutions that are readily
accessible to pay Portfolio expenses or purchase investments. Cash and cash
equivalents are valued at cost plus accrued interest, which approximates market
value.

OTHER -- In the normal course of business, the Portfolio may enter into
contracts that provide general indemnifications. The Portfolio's maximum
exposure under these arrangements is dependent on claims that may be made
against the Portfolio in the future, and, therefore, cannot be estimated;
however, based on experience, the risk of material loss from such claims is
considered remote.

MORTGAGE-RELATED SECURITIES -- The Portfolio may invest in mortgage
pass-through securities and multiple-class pass-through securities, such as
collateralized mortgage obligations ("CMOs") and Real Estate Mortgage Investment
Conduit ("REMIC") pass-through or participation certificates as well as other
securities collateralized by or representing a direct or indirect interest in
mortgage-related securities or mortgage loans. The Portfolio may also invest in
certain stripped mortgage-backed securities. Some of these securities may
contain "embedded leverage" which can make them more sensitive to small
movements in interest rates.

The types of mortgage-related securities in which the Portfolio may invest
include: mortgage pass-through securities, including CMOs and REMICs, which may
or may not be U.S. Government guaranteed, privately issued mortgage-related
securities, stripped mortgage-backed securities, including interest only ("IO")
or principal only ("PO") class securities, and floating rate and inverse
floating rate securities. Stripped mortgage-backed securities represent a
participation in, or are secured by and payable from, mortgage loans on real
property, and may be structured in classes with rights to receive varying
proportions of principal and interest. Payments received for IOs and POs are
used to reduce the cost of the security. Payments in excess of cost are
recognized as interest income on the Statement of Operations based on a
security's yield to maturity. If the underlying mortgage assets experience
greater then anticipated payments of principal, the Portfolio may fail to recoup
some or all of its initial investment in IO securities. For PO securities,
accelerated payments of principal will cause a faster than anticipated return of
the initial investment resulting in an increased yield to maturity for the
security. The market value of these securities is highly sensitive to changes in
interest rates.

The Portfolio is subject to risks associated with securities with
contractual cash flows including mortgage related securities such as
collateralized mortgage obligations, mortgage pass through securities and
commercial mortgage backed securities, including some securities that are backed
by sub-prime mortgages. The value, liquidity and related income of these
securities are sensitive to changes in economic conditions, including real
estate value, pre-payments, delinquencies and/or defaults, and may be adversely
affected by shifts in the market's perception of the issuers and changes in
interest rates. A significant portion of the Portfolio's investments are
comprised of mortgage related securities, including some securities that are
backed by sub-prime mortgages.

TBA COMMITMENTS -- The Portfolio may purchase securities on a
to-be-announced ("TBA") basis, with payment and delivery scheduled for a future
date. These transactions are subject to market fluctuations and are subject to
the risk that their value at delivery may be more or less than the trade date
purchase price. Although the Portfolio may purchase securities on a when-issued
or forward commitment basis with the intention of acquiring the securities for
its portfolio, the Portfolio may dispose of when-issued securities or forward
commitments prior to settlement if the Adviser deems it appropriate.

BEAR STEARNS CUFS(R) MLP
MORTGAGE PORTFOLIO

NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY 28, 2010 (UNAUDITED)

MORTGAGE DOLLAR ROLLS - During the six months ended February 28, 2010, the
Portfolio entered into dollar roll transactions, pursuant to which it sells a
mortgage-backed TBA or security and simultaneously purchase a similar, but not
identical, TBA with the same issuer, rate and terms. The Portfolio may execute a
"roll" to obtain better underlying mortgage securities or to increase yield. The
Portfolio accounts for dollar roll transactions as purchases and sales, which
has the effect of increasing it's portfolio turnover rates. Risks associated
with dollar rolls are that actual mortgages received by the Portfolio may be
less favorable than those anticipated or that counterparties may fail to perform
under the terms of the contracts.

FINANCIAL FUTURES CONTRACTS -- The Portfolio is subject to interest rate
risk exposure in the normal course of pursuing its investment objectives. The
Portfolio may enter into futures contracts to hedge against changes in interest
rates and securities prices, or to otherwise manage its term structure, sector
selections and duration. Upon entering into a futures contract, the Portfolio is
required to deposit with the broker an amount of cash or cash equivalents equal
to a certain percentage of the contract amount. This is known as the "initial
margin." Subsequent payments ("variation margin") are made or received by the
Portfolio each day, depending on the daily fluctuation of the value of the
contract. The daily changes in the contract are recorded as unrealized gain or
loss. The Portfolio recognizes a realized gain or loss when the contract is
closed.

The risks associated with entering into financial futures contracts include
the possibility that a change in the value of the contract may not correlate
with the changes in the value of the underlying instruments. In addition,
investing in financial futures contracts involves the risk that the Portfolio
could lose more than the original margin deposit and subsequent payments
required for a futures transaction. Risks may also arise upon entering into
these contracts from the potential inability of the counterparties to meet the
terms of their contracts. For open futures contracts, see the Portfolio of
Investments, which is also indicative of activity for the six months ended
February 28, 2010.

OPTIONS CONTRACTS -- The Portfolio is subject to interest rate risk
exposure in the normal course of pursuing its investment objectives. The
Portfolio may write covered call and put options on futures, or securities it
owns or in which it may invest. Writing put options tends to increase the
Portfolio's exposure to the underlying instrument. When the Portfolio writes a
call or put option, an amount equal to the premium received is recorded as a
liability and subsequently marked to market to reflect the current value of the
option written. These liabilities are reflected as written options outstanding
in the Statement of Assets and Liabilities. Payments received or made, if any,
from writing options with premiums to be determined on a future date are
reflected as such on the Statement of Assets and Liabilities. Premiums received
from writing options that expire are treated as realized gains. Premiums
received from writing options that are exercised or closed are added to the
proceeds or offset against amounts paid on the underlying future or security
transaction to determine the realized gain or loss. The Portfolio, as a writer
of an option, has no control over whether the underlying future or security may
be sold (call) or purchased (put), and as a result bears the market risk of an
unfavorable change in the price of the future or security underlying the written
option. The Portfolio may not be able to enter into a closing transaction
because of an illiquid market.

The Portfolio may also purchase put and call options. Purchasing call
options tends to increase the Portfolio's exposure to the underlying instrument.
Purchasing put options tends to decrease the Portfolio's exposure to the
underlying instrument. The Portfolio pays a premium which is included in the
Portfolio's Statement of Assets and Liabilities as an investment and
subsequently marked to market to reflect the current value of the option.
Premiums paid for purchasing options that expire are treated as realized losses.
The risk associated with purchasing put and call options is limited to the
premium paid. Premiums paid for purchasing options that are exercised or closed
are added to the amounts paid or offset against the proceeds on the underlying
future or security transaction to determine the realized gain or loss.

SWAP AGREEMENTS -- The Portfolio is subject to interest rate risk exposure
in the normal course of pursuing its investment objectives. The Portfolio may
invest in swap agreements for the purpose of hedging against changes in interest
rates. Swap agreements involve the exchange by the Portfolio with another party
of their respective commitments to pay or receive interest with respect to a
notional amount of principal. Swaps are marked to market daily based upon
quotations from independent market makers and the change, if any, is recorded as
unrealized gain or loss in the statement of operations. Net payments of interest
are recorded as realized gain or loss.

The Portfolio is also subject to counterparty credit risk, which is the
risk that a counterparty fails to perform on agreements with the Portfolio such
as swap contracts, option contracts, and TBA securities.

The Portfolio is party to various derivative contracts governed by
International Swaps and Derivatives Association Master Agreements (ISDA
agreements). The Portfolio's ISDA agreements, which are separately negotiated
with each dealer counterparty, typically contain provisions allowing, absent
other considerations, a counterparty to exercise rights, to the extent not
otherwise waived, against the Portfolio in the event the Portfolio's net assets
decline over time by a pre-determined percentage or fall below a pre-determined
floor. Such rights often include the ability to terminate (i.e., close out) open
contracts at prices which may favor the counterparty, which could have an
adverse impact on the Portfolio. For open swap contracts, see the Portfolio of
Investments, which is also indicative of activity for the six months ended
February 28, 2010.

BEAR STEARNS CUFS(R) MLP
MORTGAGE PORTFOLIO

NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY 28, 2010 (UNAUDITED)

REPURCHASE AGREEMENTS -- Money market instruments may be purchased subject
to the seller's agreement to repurchase them at an agreed-upon date and price.
The seller will be required on a daily basis to maintain the value of the
securities as collateral, subject to the agreement at not less than the
repurchase price plus accrued interest. If the value of the collateral falls
below this amount, the Portfolio will require the seller to deposit additional
collateral by the next Portfolio business day. In the event that the seller
under the agreement defaults on its repurchase obligation or fails to deposit
sufficient collateral, the Portfolio has the contractual right, subject to the
requirements of applicable bankruptcy and insolvency laws, to sell the
underlying securities and may claim any resulting loss from the seller. The
agreements are conditioned upon the collateral being deposited under the Federal
Reserve Book Entry System or with the Portfolio's custodian or a third party
sub-custodian.

2. INVESTMENT ADVISER AND OTHER SERVICES

Bear Stearns Asset Management Inc. ("BSAM" or the "Adviser"), an indirect
wholly-owned subsidiary of JPMorgan Chase & Co., serves as investment adviser to
the Portfolio pursuant to an investment advisory agreement with the Company (the
"Advisory Agreement"). For its services, the Adviser is paid a monthly fee at
the annual rate of 0.48% of the Portfolio's average daily net assets. Through
December 31, 2009, BSAM was voluntarily waiving a portion of its advisory fee
and reimbursing certain expenses in order to limit the Portfolio's total annual
portfolio operating expenses excluding interest expense to 0.60% of the
Portfolio's average daily net assets. For the six months ended February 28,
2010, investment advisory fees were $281,325, of which $96,834 was waived by the
Adviser. As of January 1, 2010, BSAM terminated its voluntary fee waivers and
expense reimbursements.

PNC Global Investment Servicing (U.S.) Inc. ("PNC"), a member of The PNC
Financial Services Group, Inc., serves as administrator for the Portfolio. For
providing administration and accounting services, PNC is entitled to receive a
monthly fee equal to an annual percentage rate of the Portfolio's average daily
net assets, subject to certain minimum monthly fees.

Included in the administration and accounting fees, are fees for providing
regulatory administration services to RBB. For providing these services, PNC is
entitled to receive compensation as agreed to by the Company and PNC. This fee
is allocated to each portfolio in proportion to its net assets of the Company.

For providing transfer agent services, PNC is entitled to receive a monthly
fee equal to an annual percentage rate of the Portfolio's average daily net
assets, subject to certain minimum monthly fees.

PFPC Trust Company ("PFPC Trust") is a member of The PNC Financial Services
Group, Inc. and provides certain custodial services to the Portfolio. PFPC Trust
is entitled to receive a monthly fee equal to an annual percentage rate of the
Portfolio's average daily net assets, subject to certain minimum monthly fees.

PFPC Distributors, Inc. ("PFPC Distributors"), an affiliate of PNC, serves
as the principal underwriter and distributor of the Portfolio's shares pursuant
to a Distribution Agreement with RBB.

The Portfolio will not pay PNC or PNC's affiliates at a later time for any
amounts waived or any amounts assumed.

3. DIRECTOR COMPENSATION

The Directors of the Company receive an annual retainer, meeting fees and
out of pocket expenses for meetings attended. The remuneration paid to the
Directors by the Portfolio during the six months ended February 28, 2010 was
$7,887. Certain employees of PNC are Officers of the Company. They are not
compensated by the Portfolio or the Company.

4. INVESTMENT IN SECURITIES

For the six months ended February 28, 2010, aggregate purchases and sales
of investment securities (excluding short-term investments and including TBA
securities) of the Portfolio were as follows:

PURCHASES SALES
------------ ------------

Investments in U.S. Government Securities....... $176,042,564 $161,283,789
Investments in Non U.S. Government Securities... -- 9,199,005

BEAR STEARNS CUFS(R) MLP
MORTGAGE PORTFOLIO

NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY 28, 2010 (UNAUDITED)

5. CAPITAL STOCK TRANSACTIONS

As of February 28, 2010, the Portfolio had individual shareholder accounts,
which individually amounted to more than 10% of the total shares outstanding of
the Portfolio as detailed below.

% OF SHARES NUMBER OF
OUTSTANDING ACCOUNTS
- ----------- ---------

100% 5

Significant shareholder transactions, if any, may impact the Portfolio's
performance.

6. FEDERAL INCOME TAX INFORMATION

Management has analyzed the Portfolio's tax positions taken on federal
income tax returns for all open tax years (August 31, 2006 - 2009) and has
concluded that no provision for federal income tax is required in the
Portfolio's financial statements. The Portfolio's federal and state income and
federal excise tax returns for tax years for which the applicable statutes of
limitations have not expired are subject to examination by the Internal Revenue
Service and state departments of revenue.

As of February 28, 2010, federal tax cost, aggregate gross unrealized
appreciation and depreciation of securities held by the Portfolio were as
follows:

FEDERAL TAX UNREALIZED UNREALIZED NET UNREALIZED
COST APPRECIATION DEPRECIATION DEPRECIATION
- ------------ ------------ ------------ --------------

$161,393,930 $3,003,608 $(28,846,918) $(25,843,310)

Distributions to shareholders from net investment income and realized gains
are determined in accordance with federal income tax regulations, which may
differ from net investment income and realized gains recognized for financial
reporting purposes. Accordingly, the character of distributions and composition
of net assets for tax purposes may differ from those reflected in the
accompanying financial statements. To the extent these differences are
permanent, such amounts are reclassified within the capital accounts based on
the tax treatment; temporary differences do not require such reclassification.

As of August 31, 2009, the components of distributable earnings on a tax
basis were as follows:

UNDISTRIBUTED UNDISTRIBUTED
ORDINARY INCOME LONG-TERM GAINS
- --------------- ---------------

$736,122 $--

The difference between the book and tax basis components of distributable
earnings relate principally to the timing of recognition of income and gains for
federal income tax purposes. Short-term gains are reported as ordinary income
for federal tax purposes.

The federal income tax character of dividends and distributions paid during
the fiscal year ended August 31, 2009 was as follows:

Ordinary income $7,602,997
Long-term capital gains --

Dividends from net investment income and short-term capital gains are
treated as ordinary income dividend for federal income tax purposes.

As of August 31, 2009, the Portfolio had capital loss carryforwards of
$1,315,504 available to offset future capital gains. The capital loss
carryforwards will expire in 2015 $(483,278) and 2016 $(832,226) if they are not
utilized by future capital gains.

During the year ended August 31, 2009, the Portfolio utilized capital loss
carryforwards of $202,595 to offset capital gains.

Under federal tax law, foreign currency and capital losses realized after
October 31 may be deferred and treated as having arisen on the first day of the
following fiscal year. For the period ended August 31, 2009, the Portfolio
deferred post-October capital losses of $670,908.

BEAR STEARNS CUFS(R) MLP
MORTGAGE PORTFOLIO

NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY 28, 2010 (UNAUDITED)

7. NEW ACCOUNTING PRONOUNCEMENT

In January 2010, the Financial Accounting Standards Board ("FASB") issued
Accounting Standards Update ("ASU") No. 2010-06 "Improving Disclosures about
Fair Value Measurements." ASU No. 2010-06 amends FASB Accounting Standards
Codification Topic 820, Fair Value Measurements and Disclosures, to require
additional disclosures regarding fair value measurements. Certain disclosures
required by ASU No. 2010-06 are effective for interim and annual reporting
periods beginning after December 15, 2009, and other required disclosures are
effective for fiscal years beginning after December 15, 2010, and for interim
periods within those fiscal years. Management is currently evaluating the impact
ASU No. 2010-06 will have on its financial statement disclosures.

8. SUBSEQUENT EVENT

Management has evaluated the impact of all subsequent events on the
Portfolio through the date the financial statements were issued, and has
determined that there were the following subsequent events:

A. On February 2, 2010, The PNC Financial Services Group, Inc. entered into
a Stock Purchase Agreement (the "Stock Purchase Agreement") with The Bank of New
York Mellon Corporation ("BNY Mellon"). Upon the terms and subject to the
conditions set forth in the Stock Purchase Agreement, which has been approved by
the board of directors of each company, The PNC Financial Services Group, Inc.
will sell to BNY Mellon (the "Stock Sale") 100% of the issued and outstanding
shares of PNC, an indirect, wholly-owned subsidiary of The PNC Financial
Services Group, Inc.

The Stock Sale includes PNC, PFPC Trust Company and PFPC Distributors, Inc.
and is expected to close in the third quarter of 2010.

B. On April 5, 2010, the Board of Directors of the Company (the "Board")
approved a plan of liquidation and termination providing for the liquidation of
the Portfolio on or about April 30, 2010 (the "Liquidation"). Effective April 6,
2010, new account requests and purchase orders for the Portfolio's shares were
no longer permissible and daily dividends were suspended. Subsequently, at the
unanimous request of the shareholders of the Portfolio, the Board postponed
indefinitely the Liquidation of the Portfolio while other options with regards
to the Portfolio are explored. Daily dividends have resumed, however, the
Portfolio remains closed to new investments.

In the event that a shareholder of the Portfolio requests a redemption of
all or any portion of the shares in the Portfolio held by it, the Board has
approved the liquidation of the Portfolio within no more than seven (7) days
after the date of such redemption request in order not to disadvantage the
Portfolio's remaining shareholders.

BEAR STEARNS CUFS(R) MLP
MORTGAGE PORTFOLIO

OTHER INFORMATION
(UNAUDITED)

PROXY VOTING

Policies and procedures that the Portfolio uses to determine how to vote
proxies relating to portfolio securities as well as information regarding how
the Portfolio voted proxies relating to portfolio securities for the most recent
12-month period ended June 30 are available without charge, upon request, by
calling Bear Stearns CUFS(R) MLP Mortgage Portfolio at (800) 519-CUFS (2837) and
on the Securities and Exchange Commission's ("SEC") website at
http://www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULES

The Company files its complete schedule of portfolio holdings with the SEC
for the first and third fiscal quarters of each fiscal year (quarters ended
November 30 and May 31) on Form N-Q. The Company's Form N-Q is available on the
SEC web-site at http://www.sec.gov and may be reviewed and copied at the SEC
Public Reference Room in Washington, D.C. Information on the operation of the
SEC Public Reference Room may be obtained by calling (202) 551-8090.

BEAR STEARNS CUFS(R) MLP
MORTGAGE PORTFOLIO

INVESTMENT ADVISER
Bear Stearns Asset Management
c/o JP Morgan Asset Management
245 Park Avenue
New York, NY 10167

ADMINISTRATOR
PNC Global Investment Servicing (U.S.) Inc.
301 Bellevue Parkway
Wilmington, DE 19809

TRANSFER AGENT
PNC Global Investment Servicing (U.S.) Inc.
101 Sabin Street
Pawtucket, RI 02860

PRINCIPAL UNDERWRITER
PFPC Distributors, Inc.
760 Moore Road
King of Prussia, PA 19406

CUSTODIAN
PFPC Trust Company
8800 Tinicum Blvd.
Suite 200
Philadelphia, PA 19153

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
PricewaterhouseCoopers LLP
Two Commerce Square, Suite 1700
2001 Market Street
Philadelphia, PA 19103

LEGAL COUNSEL
Drinker Biddle & Reath LLP
One Logan Square, Ste. 2000
Philadelphia, PA 19103

THE RBB FUND, INC.
MONEY MARKET PORTFOLIO
FUND EXPENSE EXAMPLES
(UNAUDITED)

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction
costs and (2) ongoing costs, including management fees, distribution fees, and
other Portfolio expenses. These examples are intended to help you understand
your ongoing costs (in dollars) of investing in the Portfolio and to compare
these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of
the six-month period from September 1, 2009 through February 28, 2010 and held
for the entire period.

ACTUAL EXPENSES

The first line of the accompanying tables provides information about actual
account values and actual expenses. You may use the information in this line,
together with the amount you invested, to estimate the expenses that you paid
over the period. Simply divide your account value by $1,000 (for example, an
$8,600 account value divided by $1,000 = 8.6), then multiply the result by the
number in the first line under the heading entitled "Expenses Paid During
Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line of the accompanying tables provides information about
hypothetical account values and hypothetical expenses based on the Portfolio's
actual expense ratio and an assumed rate of return of 5% per year before
expenses, which is not the Portfolio's actual return. The hypothetical account
values and expenses may not be used to estimate the actual ending account
balance or expenses you paid for the period. You may use this information to
compare the ongoing costs of investing in the Portfolio and other funds. To do
so, compare these 5% hypothetical examples with the 5% hypothetical examples
that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying tables are meant to
highlight your ongoing costs only and do not reflect any transactional costs,
such as redemption fees that may be incurred by shareholders of other funds.
Therefore, the second line of the accompanying tables is useful in comparing
ongoing costs only, and will not help you determine the relative total costs of
owning different funds.

MONEY MARKET PORTFOLIO - BEDFORD CLASS
-----------------------------------------------------
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING
SEPTEMBER 1, 2009 FEBRUARY 28, 2010 PERIOD*
----------------- ----------------- -------------

Actual $1,000.00 $1,000.10 $1.69
Hypothetical (5% return before expenses) 1,000.00 1,023.09 1.71

MONEY MARKET PORTFOLIO - SANSOM STREET CLASS
-----------------------------------------------------
BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING
SEPTEMBER 1, 2009 FEBRUARY 28, 2010 PERIOD*
----------------- ----------------- -------------

Actual $1,000.00 $1,000.50 $1.24
Hypothetical (5% return before expenses) 1,000.00 1,023.54 1.26

* Expenses are equal to the Portfolio's annualized six month expense ratio of
0.34% for the Bedford Class shares and 0.25% for the Sansom Street Class
shares, which includes waived fees or reimbursed expenses, multiplied by
the average account value over the period, multiplied by the number of days
(181) in the most recent fiscal half-year, then divided by 365 to reflect
the one-half year period. The Portfolio's ending account value on the first
line in each table is based on the actual six-month total return of 0.01%
for the Bedford Class shares and 0.05% for the Sansom Street Class shares.

THE RBB FUND, INC.
MONEY MARKET PORTFOLIO
PORTFOLIO HOLDINGS SUMMARY TABLE
FEBRUARY 28, 2010
(UNAUDITED)

SECURITY % OF NET
TYPE ASSETS VALUE
- -------- -------- ------------

Short Term Investments:
Certificates of Deposit ............. 36.8% $215,460,317
Commercial Paper .................... 30.1 176,722,362
U.S. Treasury Obligations ........... 10.2 59,735,480
Agency Obligations .................. 9.5 55,634,384
Municipal Bonds ..................... 5.0 29,040,000
Repurchase Agreement ................ 4.9 28,728,000
Variable Rate Obligations ........... 3.7 21,900,000
Master Note ......................... 0.7 4,000,000
Liabilities in Excess of Other Assets .. (0.9) (4,996,376)
----- ------------
NET ASSETS ............................ 100.0% $586,224,167
===== ============

Portfolio holdings are subject to change at any time.

THE RBB FUND, INC.
MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS
FEBRUARY 28, 2010
(UNAUDITED)

PAR
(000) VALUE
---------- ------------

CERTIFICATES OF DEPOSIT--36.8%
DOMESTIC CERTIFICATES OF DEPOSIT--2.1%
State Street Bank & Trust Co.
0.200%, 04/07/10 ............................ $ 5,000 $ 5,000,000
0.250%, 06/28/10 ............................ 7,000 7,000,000
------------
12,000,000
------------
EURO DOLLAR CERTIFICATES OF DEPOSIT--1.7%
Credit Industriel Et Commercial, London
0.395%, 03/18/10 ............................ 5,000 5,000,012
0.390%, 06/02/10 ............................ 5,000 5,000,064
------------
10,000,076
------------
YANKEE DOLLAR CERTIFICATES OF DEPOSIT--33.0% (a)
Abbey National Treasury Service,
Connecticut(b)
0.499%, 07/20/10 ............................ 3,555 3,555,000
0.249%, 11/17/10 ............................ 5,000 5,000,000
Banco Bilbao Vizcaya Argentaria S.A., New York
0.320%, 03/31/10 ............................ 5,000 5,000,021
0.243%, 07/12/10(b) ......................... 5,000 5,000,092
0.318%, 12/13/10(b) ......................... 2,000 2,000,000
Bank of Nova Scotia, Houston
0.310%, 05/04/10 ............................ 5,500 5,500,000
Bank of Tokyo-Mitsubishi UFJ, Ltd., New York
0.230%, 03/22/10 ............................ 3,555 3,555,000
0.220%, 03/30/10 ............................ 5,000 5,000,000
0.210%, 04/06/10 ............................ 5,000 5,000,000
0.205%, 04/28/10 ............................ 5,000 5,000,040
0.200%, 05/04/10 ............................ 5,000 5,000,000
Barclays Bank PLC, New York
0.575%, 03/15/10 ............................ 3,000 3,000,000
0.500%, 04/20/10 ............................ 3,000 3,000,000
0.220%, 04/30/10 ............................ 7,000 7,000,000
BNP Paribas SA, New York
0.320%, 04/28/10 ............................ 8,000 8,000,000
0.235%, 05/10/10 ............................ 5,000 5,000,000
Deutsche Bank AG, New York
0.190%, 04/08/10 ............................ 6,000 6,000,000
Dexia Credit Local, GTD, New York
0.300%, 03/17/10 ............................ 3,000 3,000,000
0.701%, 03/17/10(b)(d) ...................... 6,000 6,000,000
Lloyds TSB Bank PLC, New York
0.210%, 03/10/10 ............................ 7,430 7,430,000
0.200%, 04/20/10 ............................ 5,000 5,000,000

PAR
(000) VALUE
---------- ------------

CERTIFICATES OF DEPOSIT--(CONTINUED)
YANKEE DOLLAR CERTIFICATES OF DEPOSIT--(CONTINUED)
Rabobank Nederland NV, New York(b)
0.250%, 05/04/10 ............................ $ 5,000 $ 5,000,000
0.228%, 01/10/11 ............................ 3,000 3,000,000
0.231%, 01/13/11 ............................ 4,500 4,500,000
Royal Bank of Scotland PLC, Connecticut
0.509%, 05/18/10(b) ......................... 6,000 6,000,000
0.360%, 07/21/10 ............................ 5,000 5,000,000
Royal Bank of Scotland, New York
0.380%, 07/07/10 ............................ 6,000 6,000,000
Societe Generale, New York(b)
0.259%, 06/07/10 ............................ 5,000 5,000,000
0.253%, 07/12/10 ............................ 3,500 3,500,000
0.254%, 07/23/10 ............................ 4,000 4,000,000
Svenska Handelsbanken, New York
0.200%, 03/22/10 ............................ 5,000 5,000,014
0.190%, 04/13/10 ............................ 5,000 5,000,030
0.310%, 04/23/10 ............................ 3,000 3,000,044
Toronto Dominion Bank, New York(b)
0.229%, 11/05/10 ............................ 4,500 4,500,000
0.231%, 02/04/11 ............................ 2,000 2,000,000
UBS AG, Stamford
0.270%, 03/15/10 ............................ 5,000 5,000,000
0.210%, 05/07/10 ............................ 5,000 5,000,000
Unicredit SPA, New York
0.340%, 03/05/10 ............................ 6,000 6,000,000
0.300%, 05/21/10 ............................ 6,000 6,000,000
Westpac Banking Corp., New York(b)
0.279%, 10/19/10 ............................ 3,220 3,220,000
0.289%, 10/21/10 ............................ 3,700 3,700,000
------------
193,460,241
------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $215,460,317) ...................... 215,460,317
------------
COMMERCIAL PAPER--30.1%
ASSET BACKED--20.7% (e)
Atlantis One Funding Corp.
0.220%, 03/08/10 ............................ 5,500 5,499,765
0.210%, 04/08/10 ............................ 8,000 7,998,227
CAFCO LLC
0.200%, 05/04/10 ............................ 6,000 5,997,867
Cancara Asset Securitisation LLC
0.220%, 05/25/10 ............................ 3,000 2,998,442
Erasmus Capital Corp.
0.220%, 03/31/10 ............................ 5,000 4,999,083

See Accompanying Notes to Financial Statements.

THE RBB FUND, INC.
MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 2010
(UNAUDITED)

PAR
(000) VALUE
---------- ------------

COMMERCIAL PAPER--(CONTINUED)
ASSET BACKED--(CONTINUED)
Fairway Finance Co. LLC
0.170%, 03/22/10 ............................ $ 1,000 $ 999,901
GOVCO LLC
0.210%, 04/08/10 ............................ 5,000 4,998,892
0.280%, 04/26/10 ............................ 2,800 2,798,780
Grampian Funding LLC
0.230%, 03/19/10 ............................ 5,000 4,999,425
LMA Americas LLC
0.180%, 03/22/10 ............................ 5,000 4,999,475
Manhattan Asset Funding Co. LLC
0.200%, 03/08/10 ............................ 5,000 4,999,806
Romulus Funding Corp.
0.330%, 03/08/10 ............................ 10,000 9,999,358
0.300%, 03/23/10 ............................ 4,000 3,999,267
Salisbury Receivables Co. LLC
0.180%, 04/12/10 ............................ 7,000 6,998,530
Scaldis Capital LLC
0.250%, 03/01/10 ............................ 6,000 6,000,000
Solitaire Funding LLC
0.220%, 03/15/10 ............................ 4,000 3,999,658
0.250%, 04/22/10 ............................ 3,000 2,998,917
0.240%, 05/03/10 ............................ 5,000 4,997,900
Sydney Capital Corp.
0.621%, 03/16/10 ............................ 2,000 1,999,483
Tempo Finance Corp.
0.230%, 04/08/10 ............................ 5,000 4,998,786
Ticonderoga Funding LLC
0.190%, 03/29/10 ............................ 12,000 11,998,227
Windmill Funding Corp.
0.210%, 03/08/10 ............................ 7,000 6,999,714
0.240%, 03/15/10 ............................ 5,000 4,999,533
------------
121,279,036
------------
BANKS--9.4%
ASB Finance Ltd., London(b)
0.249%, 05/18/10 ............................ 16,000 16,000,345
Banco Bilbao Vizcaya Argentina S.A., London(e)
0.351%, 04/30/10 ............................ 3,000 2,998,250
BNZ International Funding, Ltd.(b)
0.308%, 02/04/11 ............................ 4,500 4,500,424
Dexia Delaware LLC(e)
0.285%, 03/03/10 ............................ 10,000 9,999,842
0.225%, 03/16/10 ............................ 5,000 4,999,531

PAR
(000) VALUE
---------- ------------

COMMERCIAL PAPER--(CONTINUED)
BANKS--(CONTINUED)
DnB NOR BANK ASA(e)
0.190%, 03/15/10 ............................ $ 2,000 $ 1,999,852
ING US Funding LLC(e)
0.180%, 03/05/10 ............................ 3,000 2,999,940
JPMorgan Chase & Co.(e)
0.250%, 07/14/10 ............................ 5,000 4,995,313
Societe Generale North America, Inc.(e)
0.220%, 03/15/10 ............................ 2,000 1,999,829
Westpac Trust Securities
New Zealand LTD(b)
0.348%, 11/05/10 ............................ 4,950 4,950,000
------------
55,443,326
------------
TOTAL COMMERCIAL PAPER
(Cost $176,722,362) ...................... 176,722,362
------------
MUNICIPAL BONDS--5.0%
California Housing Finance Agency
Revenue, Series A, RB
(LOC: Fannie Mae, Freddie Mac)(b)(d)
0.180%, 03/05/10 ............................ 4,000 4,000,000
Connecticut State, Health & Educational
Facilities Authority Revenue, New Haven
Hospital, Series K-2, RB
(LOC: JPMorgan Chase Bank)(b)(d)
0.150%, 03/05/10 ............................ 6,000 6,000,000
Harris County Texas, Municipal Securities Trust
Receipts, Class A, RB, (LOC: Societe
Generale)(b)(d)
0.230%, 03/05/10 ............................ 3,695 3,695,000
Massachusetts Bay Transportation Authority,
General Transportation System, RB
(SBPA: Dexia Credit Local)(b)(d)
0.230%, 03/05/10 ............................ 4,000 4,000,000
Metropolitan Water District, Southern
California Waterworks Revenue, Series C, RB
(SBPA: Dexia Credit Local)(b)(d)
0.170%, 03/05/10 ............................ 3,000 3,000,000

See Accompanying Notes to Financial Statements.

THE RBB FUND, INC.
MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 2010
(UNAUDITED)

PAR
(000) VALUE
---------- ------------

MUNICIPAL BONDS--(CONTINUED)
New York City, Industrial Development Agency
Civic Facility Revenue, New York Law School
Project, Series A, RB
(LOC: JPMorgan Chase Bank)(b)(d)
0.160%, 03/05/10 ............................ $ 4,445 $ 4,445,000
Texas State, Veterans Housing Assessment
Project, Series A-2, GO (Liquidity Facility:
JPMorgan Chase & Co.)(b)(d)
0.210%, 03/05/10 ............................ 3,900 3,900,000
------------
TOTAL MUNICIPAL BONDS
(Cost $29,040,000) ....................... 29,040,000
------------
VARIABLE RATE OBLIGATIONS--3.7%
BANKS--1.8%
Commonwealth Bank of Australia, MTN(b)(c)
0.269%, 11/22/10 ............................ 3,000 3,000,000
HSBC Bank Middle East Ltd.(b)
0.449%, 04/22/10 ............................ 3,000 3,000,000
Rabobank Nederland NV(b)(c)(d)
0.253%, 04/07/10 ............................ 4,900 4,900,000
------------
10,900,000
------------
COSMETICS-TOILETRY--1.9%
Procter & Gamble International Funding SCA(b)
0.259%, 05/07/10 ............................ 11,000 11,000,000
------------
TOTAL VARIABLE RATE OBLIGATIONS
(Cost $21,900,000) ....................... 21,900,000
------------
AGENCY OBLIGATIONS--9.5%
Federal Home Loan Bank(b)
0.099%, 07/09/10 ............................ 4,265 4,264,695
0.200%, 10/08/10 ............................ 3,100 3,099,435
Federal Home Loan Mortgage Corp.
0.510%, 07/06/10(e) ......................... 4,800 4,791,364
0.151%, 07/14/10(b) ......................... 2,500 2,499,677
0.200%, 07/23/10(e) ......................... 4,100 4,096,720
0.210%, 08/09/10(e) ......................... 2,000 1,998,122
0.232%, 08/24/10(b) ......................... 1,895 1,895,039
0.235%, 09/03/10(b) ......................... 2,865 2,864,707
0.301%, 02/14/11(b) ......................... 12,825 12,823,064

PAR
(000) VALUE
---------- ------------

AGENCY OBLIGATIONS--(CONTINUED)
Federal Home Loan Mortgage Corp.--(Continued)
0.311%, 04/01/11(b) ......................... $ 5,000 $ 5,005,478
0.129%, 05/05/11(b) ......................... 10,000 9,996,444
Federal National Mortgage Assoc.(b)
0.199%, 08/05/10 ............................ 2,300 2,299,639
------------
TOTAL AGENCY OBLIGATIONS
(Cost $55,634,384) ....................... 55,634,384
------------
U.S. TREASURY OBLIGATIONS--10.2%
U.S. Treasury Bills
0.230%, 06/10/10 ............................ 3,000 2,998,064
0.250%, 06/17/10 ............................ 5,000 4,996,250
0.310%, 07/15/10 ............................ 12,000 11,985,947
0.315%, 07/15/10 ............................ 4,000 3,995,240
0.385%, 07/15/10 ............................ 11,900 11,882,692
0.470%, 07/29/10 ............................ 1,000 998,042
0.163%, 08/05/10 ............................ 10,000 9,992,913
0.172%, 08/12/10 ............................ 6,000 5,995,299
0.225%, 08/26/10 ............................ 4,000 3,995,550
0.315%, 08/26/10 ............................ 2,900 2,895,483
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $59,735,480) ....................... 59,735,480
------------
MASTER NOTE--0.7%
Bank of America Securities LLC(b)(d)
0.290%, 03/01/10 ............................ 4,000 4,000,000
------------
TOTAL MASTER NOTE
(Cost $4,000,000) ........................ 4,000,000
------------
REPURCHASE AGREEMENT--4.9%
Deutsche Bank Securities Inc.
(Tri-Party Agreement dated 02/26/10 to be
repurchased at $28,728,263, collateralized by
$35,802,943 par value, U.S. Treasury STRIPS,
0.00%, due 08/15/16, Fair Value of the
collateral is $29,302,561)
0.110%, 03/01/10 ............................ 28,728 28,728,000
------------
TOTAL REPURCHASE AGREEMENT
(Cost $28,728,000)........................ 28,728,000
------------

See Accompanying Notes to Financial Statements.

THE RBB FUND, INC.
MONEY MARKET PORTFOLIO
SCHEDULE OF INVESTMENTS (CONCLUDED)
FEBRUARY 28, 2010
(UNAUDITED)

VALUE
------------

TOTAL INVESTMENTS AT VALUE--100.9%
(Cost $591,220,543)* ........................ $591,220,543
------------
LIABILITIES IN EXCESS OF OTHER ASSETS--(0.9)% .. (4,996,376)
------------
NET ASSETS (APPLICABLE TO 550,193,057 BEDFORD
SHARES AND 36,020,323 SANSOM STREET
SHARES)--100.0% .............................. $586,224,167
============

* Aggregate cost is the same for financial reporting and Federal tax
purposes.

(a) Issuer is a US branch of a foreign domiciled bank.

(b) Variable Rate Security. Rate shown is as of report date.

(c) Security is exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional investors. At February
28, 2010, these securities amounted to $7,900,000 or 1.3% of net assets.
These securities have been determined by the Adviser to be liquid
securities.

(d) Rate shown is as of report date and the date shown is date on which
principal and accrued interest may be recovered through demand.

(e) Rate disclosed represents the discount rate at the time of purchase.

GO General Obligation

LOC Letter of Credit

RB Revenue Bond

SBPA Standby Bond Purchase Agreement

The following is a summary of the inputs used, as of February 28, 2010, in
valuing the Portfolio's investments carried at value (See Note 1 in Notes to
Financial Statements):

LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
FEBRUARY 28, 2010 PRICE INPUTS INPUTS
----------------- ------- ------------ ------------

Investments in Securities* $ 591,220,543 $-- $591,220,543 $--
============= === ============ ===

* Please refer to the Schedule of Investments for industry and security type
breakouts.

See Accompanying Notes to Financial Statements.

THE RBB FUND, INC.
MONEY MARKET PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
FEBRUARY 28, 2010
(UNAUDITED)

ASSETS
Investments, at value (Cost $562,492,543) ............................... $562,492,543
Repurchase agreement, at value (Cost $28,728,000) ....................... 28,728,000
Cash .................................................................... 273
Receivables
Interest receivable ..................................................... 134,648
Prepaid expenses and other assets .......................................... 33,506
------------
Total assets ......................................................... 591,388,970
------------
LIABILITIES
Payables
Distribution to shareholders ......................................... 788
Investments purchased ................................................ 5,000,064
Investment advisory and administration fees .......................... 94,094
Custodian fees ....................................................... 13,353
Distribution fees .................................................... 12,636
Professional fees .................................................... 12,002
Directors' and officers' fees ........................................ 4,841
Service organization fees (Sansom Street Class) ...................... 2,312
Other accrued expenses and liabilities .................................. 24,713
------------
Total liabilities .................................................... 5,164,803
------------
Net Assets .............................................................. $586,224,167
============
NET ASSETS CONSIST OF
Par Value ............................................................... $ 586,213
Paid-in Capital ......................................................... 585,627,166
Undistributed net investment income ..................................... 3,898
Accumulated net realized gain from investments .......................... 6,890
------------
Net Assets .............................................................. $586,224,167
============
BEDFORD CLASS
Net assets .............................................................. $550,203,975
------------
Shares outstanding ($0.001 par value, 1,500,000,000 shares authorized) .. 550,193,057
------------
Net asset value, offering and redemption price per share ................ $ 1.00
============
SANSOM STREET CLASS
Net assets .............................................................. $ 36,020,192
------------
Shares outstanding ($0.001 par value, 1,500,000,000 shares authorized) .. 36,020,323
------------
Net asset value, offering and redemption price per share ................ $ 1.00
============

See Accompanying Notes to Financial Statements.

THE RBB FUND, INC.
MONEY MARKET PORTFOLIO
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2010
(UNAUDITED)

INVESTMENT INCOME
Interest ................................................................ $ 952,479
-----------
Total investment income .............................................. 952,479
-----------
EXPENSES
Distribution fees(1) .................................................... 1,630,958
Investment advisory and administration fees ............................. 1,192,940
Professional fees ....................................................... 51,935
Directors' and officers' fees ........................................... 48,915
Custodian fees .......................................................... 45,370
Printing and shareholder reporting fees ................................. 31,899
Insurance fees .......................................................... 30,636
Transfer agent fees ..................................................... 24,187
Regulatory administration fees .......................................... 24,100
Registration and filing fees ............................................ 22,274
Temporary Guarantee Program Participation fees(2) ....................... 6,879
Service organization fees (Sansom Street Class) ......................... 447
Other expenses .......................................................... 9,478
-----------
Total expenses before waivers ........................................ 3,120,018
Less: waivers ........................................................ (2,147,549)
-----------
Net expenses after waivers .............................................. 972,469
-----------
Net investment loss ..................................................... (19,990)
-----------
Net realized gain from investments ...................................... 6,890
-----------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS ....................... $ (13,100)
===========

(1) See Note 2 in Notes to Financial Statements

(2) See Note 5 in Notes to Financial Statements

See Accompanying Notes to Financial Statements.

THE RBB FUND, INC.
MONEY MARKET PORTFOLIO
STATEMENTS OF CHANGES IN NET ASSETS

FOR THE
SIX MONTHS ENDED FOR THE
FEBRUARY 28, 2010 YEAR ENDED
(UNAUDITED) AUGUST 31, 2009
----------------- ---------------

INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income/(loss) ......................................... $ (19,990) $ 3,032,624
Net realized gain from investments ................................... 6,890 52,978
------------- --------------
Net increase/(decrease) in net assets resulting from operations ............ (13,100) 3,085,602
------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income:
Bedford Class ........................................................ (27,043) (2,706,207)
Sansom Street Class .................................................. (16,027) (326,417)
------------- --------------
Net decrease in net assets from dividends to shareholders .................. (43,070) (3,032,624)
------------- --------------
CAPITAL TRANSACTIONS (AT $1.00 PER SHARE):
Proceeds from shares sold:
Bedford Class ........................................................ 336,637,510 1,083,664,728
Sansom Street Class .................................................. 42,393,660 163,775,264
Shares issued on reinvestment of distributions:
Bedford Class ........................................................ 26,208 2,689,574
Sansom Street Class .................................................. 388 40,581
Shares repurchased:
Bedford Class ........................................................ (331,600,689) (860,595,942)
Sansom Street Class .................................................. (38,867,357) (160,072,689)
------------- --------------
Net increase in net assets derived from capital transactions ............... 8,589,720 229,501,516
------------- --------------
Total increase in net assets ............................................... 8,533,550 229,554,494
NET ASSETS:
Beginning of period .................................................. 577,690,617 348,136,123
------------- --------------
End of period ........................................................ $ 586,224,167 $ 577,690,617
============= ==============
Undistributed net investment income, end of period ......................... $ 3,898 $ 66,958
============= ==============
SHARE TRANSACTIONS:
Shares sold
Bedford Class ........................................................ 336,637,510 1,083,664,728
Sansom Street Class .................................................. 42,393,660 163,775,264
Shares reinvested
Bedford Class ........................................................ 26,208 2,689,574
Sansom Street Class .................................................. 388 40,581
Shares repurchased
Bedford Class ........................................................ (331,600,689) (860,595,942)
Sansom Street Class .................................................. (38,867,357) (160,072,689)
------------- --------------
Total Share Activity ....................................................... 8,589,720 229,501,516
============= ==============

See Accompanying Notes to Financial Statements.

THE RBB FUND, INC.
MONEY MARKET PORTFOLIO
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)

THE BEDFORD CLASS
----------------------------------------------------------------------------
FOR THE
SIX MONTHS FOR THE FOR THE FOR THE FOR THE FOR THE
ENDED YEAR YEAR YEAR YEAR YEAR
AUGUST 31, ENDED ENDED ENDED ENDED ENDED
2010 AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31,
(UNAUDITED) 2009 2008 2007 2006 2005
----------- ---------- ---------- ---------- ---------- ----------

Net asset value, beginning of period .... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income ................ --(b) 0.0074 0.0307 0.0447 0.0388 0.0162
Net gains (losses) on securities ..... 0.0001 --(b) --(b) --(b) --(b) --(b)
-------- -------- -------- -------- -------- --------
Total net income from investment
operations ..................... 0.0001 0.0074 0.0307 0.0447 0.0388 0.0162
-------- -------- -------- -------- -------- --------
Less dividends and distributions:
Dividends (from net investment
income) ........................... (0.0001) (0.0074) (0.0307) (0.0447) (0.0388) (0.0162)
-------- -------- -------- -------- -------- --------
Net asset value, end of period .......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
Total Return ......................... 0.01% 0.74% 3.12% 4.56% 3.95% 1.63%
Ratios/Supplemental Data
Net assets, end of period (000's
omitted) .......................... $550,204 $545,194 $319,387 $218,914 $150,657 $109,495
Ratios of expenses to average net
assets(a) ......................... 0.34%(c) 0.69% 0.90% 0.90% 0.85% 0.97%
Ratios of net investment income to
average net assets ................ (0.01)%(c) 0.65% 2.94% 4.47% 3.81% 1.68%

(a) Without the waiver of advisory fees, distribution fees, and/or
reimbursement of certain operating expenses, the ratios of expenses to
average net assets for the Bedford Class of the Money Market Portfolio
would have been 1.12% for the six months ended February 28, 2010 and 1.24%,
1.23%, 1.29%, 1.34% and 1.23% for the years ended August 31, 2009, 2008,
2007, 2006 and 2005, respectively.

(b) Amount is less than $0.00005 per share.

See Accompanying Notes to Financial Statements.

THE RBB FUND, INC.
MONEY MARKET PORTFOLIO
FINANCIAL HIGHLIGHTS (CONCLUDED)
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)

THE SANSOM STREET CLASS
----------------------------------------------------------------------------
FOR THE
SIX MONTHS FOR THE FOR THE FOR THE FOR THE FOR THE
ENDED YEAR YEAR YEAR YEAR YEAR
AUGUST 31, ENDED ENDED ENDED ENDED ENDED
2010 AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31,
(UNAUDITED) 2009 2008 2007 2006 2005
----------- ---------- ---------- ---------- ---------- ----------

Net asset value, beginning of period..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income................. 0.0004 0.0121 0.0365 0.0502 0.0434 0.0239
Net gains (losses) on securities...... 0.0001 --(b) --(b) --(b) --(b) --(b)
-------- -------- -------- -------- -------- --------
Total net income from investment
operations...................... 0.0005 0.0121 0.0365 0.0502 0.0434 0.0239
-------- -------- -------- -------- -------- --------
Less dividends and distributions:
Dividends (from net investment
income)........................... (0.0005) (0.0121) (0.0365) (0.0502) (0.0434) (0.0239)
-------- -------- -------- -------- -------- --------
Net asset value, end of period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
Total Return......................... 0.05% 1.21% 3.71% 5.14% 4.42% 2.41%
Ratios/Supplemental Data
Net assets, end of period (000's
omitted)......................... $ 36,020 $ 32,496 $ 28,749 $ 15,352 $ 15,525 $ 87,304
Ratios of expenses to average net
assets(a)........................ 0.25%(c) 0.25% 0.31% 0.35% 0.26% 0.20%
Ratios of net investment income to
average net assets............... 0.08%(c) 0.93% 3.64% 5.02% 4.25% 2.39%

(a) Without the waiver of advisory fees and reimbursement of certain operating
expenses, the ratios of expenses to average net assets for the Sansom
Street Class of the Money Market Portfolio would have been 0.52% for the
six months ended February 28, 2010 and 0.60%, 0.60%, 0.69%, 0.67% and 0.67%
for the years ended August 31, 2009, 2008, 2007, 2006 and 2005,
respectively.

(b) Amount is less than $0.00005 per share.

See Accompanying Notes to Financial Statements.

THE RBB FUND, INC.
MONEY MARKET PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 28, 2010
(UNAUDITED)

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The RBB Fund, Inc. ("RBB" or the "Company") was incorporated under the laws
of the State of Maryland on February 29, 1988, and is registered under the
Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end
management investment company. RBB is a "series fund," which is a mutual fund
divided into separate portfolios. Each portfolio is treated as a separate entity
for certain matters under the 1940 Act, and for other purposes, and a
shareholder of one portfolio is not deemed to be a shareholder of any other
portfolio. Currently, RBB has nineteen active investment portfolios, including
the Money Market Portfolio ("Portfolio").

RBB has authorized capital of one hundred billion shares of common stock of
which 78.973 billion shares are currently classified into one hundred and
twenty-nine classes of common stock. The Portfolio has issued shares with a par
value of $0.001. Each class represents an interest in an active or inactive RBB
investment portfolio. The active classes have been grouped into separate
"families".

SECURITY VALUATION -- Securities held in the 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
("NAV") per share at $1.00.

FAIR VALUE MEASUREMENTS -- The inputs and valuation techniques used to
measure fair value of the Portfolio's investments are summarized into three
levels as described below:

- Level 1 -- quoted prices in active markets for identical securities

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

- Level 3 -- significant unobservable inputs (including the Portfolio's
own assumptions in determining the fair value of investments)

SECURITY TRANSACTIONS, INVESTMENT INCOME, AND EXPENSES -- Security
transactions are accounted for on the trade date. The cost of investments sold
is determined by use of the specific identification method for both financial
reporting and income tax purposes. Interest income is accrued when earned.
Certain expenses, such as distribution, transfer agency and printing, are class
specific expenses and vary by class. Expenses not directly attributable to a
specific portfolio or class are allocated based on relative net assets of each
portfolio and class. Expenses incurred on behalf of a specific class, fund or
fund family are charged directly to the class, fund or fund family (in
proportion to net assets). Expenses incurred for all portfolios within the
Company (such as director or professional fees) are charged to all portfolios in
proportion to their average net assets of RBB, or in such other manner as the
Company's Board of Directors deems fair or equitable. Expenses and fees,
including investment advisory and administration fees, are accrued daily and
taken into account for the purpose of determining the NAV of the Portfolio.

THE RBB FUND, INC.
MONEY MARKET PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY 28, 2010
(UNAUDITED)

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income are declared daily, recorded on the ex-date and paid monthly.
All dividends from net investment income are taxed as ordinary income. Any net
realized capital gains are distributed at least annually. Income subject to
dividends and capital gain subject to distributions are determined in accordance
with U.S. federal income tax regulations, which may differ from accounting
principles generally accepted in the United States of America.

FEDERAL INCOME TAXES -- No provision is made for federal income taxes. It
is the Company's intention to have each portfolio continue to qualify for and
elect the tax treatment applicable to regulated investment companies under
Subchapter M of the Internal Revenue Code of 1986, as amended and make the
requisite distributions to its shareholders which will be sufficient to relieve
it from federal income and excise taxes.

REPURCHASE AGREEMENTS -- Money market instruments may be purchased from
financial institutions, such as banks and non-bank dealers, subject to the
seller's agreement to repurchase them at an agreed upon date and price.
Collateral for repurchase agreements may have longer maturities than the maximum
permissible remaining maturity of portfolio investments, provided the repurchase
agreements themselves mature in 13 months or less. The seller is required on a
daily basis to maintain the value of the securities subject to the agreement at
no less than the repurchase price. The agreements are conditioned upon the
collateral being deposited under the Federal Reserve book entry system or held
in a separate account by the Portfolio's custodian or an authorized securities
depository. In the event the counterparty defaults and the fair value of the
collateral declines, the Portfolio could experience losses, delays and costs in
liquidating the collateral.

USE OF ESTIMATES -- The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions. These estimates and
assumptions affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates and those differences could be
significant.

OTHER -- In the normal course of business, the Portfolio may enter into
contracts that provide general indemnifications. The Portfolio's maximum
exposure under these arrangements is dependent on claims that may be made
against the Portfolio in the future and therefore, cannot be estimated; however,
based on experience, the risk of material loss for such claims is considered
remote.

2. INVESTMENT ADVISER AND OTHER SERVICES

Pursuant to an Investment Advisory and Administration Agreement, BlackRock
Institutional Management Corp. (the "Adviser" or "BIMC"), an indirect subsidiary
of The PNC Financial Services Group, Inc., serves as investment adviser and
administrator for the Portfolio. BIMC and PNC Global Investment Servicing
(U.S.), Inc. ("PNC"), a member of The PNC Financial Services Group, Inc.,
entered into a delegation agreement on behalf of the Portfolio, wherein PNC has
agreed to perform administration and accounting services for an annual fee of
0.10% of the average net assets of the Portfolio, paid out of the fee paid to
BIMC.

THE RBB FUND, INC.
MONEY MARKET PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY 28, 2010
(UNAUDITED)

2. INVESTMENT ADVISER AND OTHER SERVICES (CONTINUED)

For its advisory services, BIMC is entitled to receive the following fees,
computed daily and payable monthly, and based on the Portfolio's average daily
net assets:

ANNUAL RATE
----------------------------------------------
0.45% of first $250 million of net assets;
0.40% of next $250 million of net assets; and
0.35% of net assets in excess of $500 million.

BIMC may, at its discretion, voluntarily waive and/or reimburse all or any
portion of its advisory fee for the Portfolio. For each class of shares within
the Portfolio, the net advisory fee charged to each class is the same on a
relative basis. For the six months ended February 28, 2010, advisory fees and
waivers were as follows:

GROSS ADVISORY NET ADVISORY
AND AND
ADMINISTRATION ADMINISTRATION
FEE WAIVER FEE
- -------------- --------- --------------

$1,192,940 $(769,787) $423,153

As of February 28, 2010, the Portfolio owed BIMC $94,094 in advisory and
administration fees.

PNC and PFPC Distributors, Inc. ("PFPC Distributors"), an affiliate of PNC,
may also voluntarily waive a portion of their fees and/or reimburse expenses.

The Portfolio will not pay BIMC, PNC or PFPC Distributors at a later time
for any amounts waived or assumed.

For providing regulatory administration services to RBB, PNC is entitled to
receive compensation as agreed to by the Company and PNC. This fee is allocated
to each portfolio in proportion to its net assets of the Company.

In addition, PNC serves as the Portfolio's transfer and dividend disbursing
agent. For providing transfer agent services, PNC is entitled to receive a
monthly fee equal to an annual percentage rate of the Portfolio's average daily
net assets and is subject to certain minimum monthly fees.

For providing custodial services to the Portfolio, PFPC Trust Company, an
affiliate of PNC, is entitled to receive a monthly fee equal to an annual
percentage rate of the Portfolio's average daily net assets subject to certain
minimum monthly fees.

The Portfolio, on behalf of the Bedford Class of shares of the Portfolio,
has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act (the
"Plan"). The Portfolio has entered into a Distribution Agreement with PFPC
Distributors.

The Plan provides for the Bedford Class to make monthly payments, based on
average net assets, to PFPC Distributors of up to 0.65% on an annualized basis.
PFPC Distributors may voluntarily waive these fees at its discretion. For the
six months ended February 28, 2010, distribution fees paid to PFPC Distributors
for the Bedford Class were as follows:

GROSS NET
DISTRIBUTION DISTRIBUTION
FEE WAIVER FEE
------------ ------------ -----------

Bedford Class $1,630,958 $(1,377,762) $253,196

THE RBB FUND, INC.
MONEY MARKET PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY 28, 2010
(UNAUDITED)

2. INVESTMENT ADVISER AND OTHER SERVICES (CONTINUED)

The Portfolio has entered into service agreements with banks affiliated
with PNC which render support services to customers who are the beneficial
owners of the Sansom Street Class in consideration of the payment of 0.10% of
the daily net asset value of such shares. For the six months ended February 28,
2010, service organization fees were $447 for the Portfolio.

3. DIRECTOR COMPENSATION

The Directors of the Company receive an annual retainer, meeting fees and
out of pocket expenses for meetings attended. The remuneration paid to the
Directors by the Portfolio during the six months ended February 28, 2010 was
$32,649. Certain employees of PNC are Officers of the Company. They are not
compensated by the Portfolio or the Company.

4. FEDERAL INCOME TAX INFORMATION

The Portfolio intends to continue to qualify as a regulated investment
company and distribute all of its taxable income. Therefore, no federal tax
provision is required.

As of August 31, 2009 the Portfolio had $73,661 of undistributed ordinary
income for federal tax purposes.

The differences between the book and tax basis components of distributable
earnings relate principally to the timing of recognition of income and gains for
federal income tax purposes. Short-term gains are reported as ordinary income
for federal income tax purposes.

The tax character of dividends and distributions paid during the fiscal
year ended August 31, 2009 was as follows:

ORDINARY LONG-TERM
INCOME GAINS
- ---------- ---------

$3,031,192 $1,432

Dividends paid from net investment income and short-term capital gains are
treated as ordinary income distributions for federal income tax purposes.

THE RBB FUND, INC.
MONEY MARKET PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
FEBRUARY 28, 2010
(UNAUDITED)

4. FEDERAL INCOME TAX INFORMATION (CONTINUED)

For federal income tax purposes, realized capital losses may be carried
forward and applied against future realized gains. As of August 31, 2009, the
Portfolio had no capital loss carryforwards.

Under federal tax law, foreign currency and capital losses realized after
October 31 may be deferred and treated as having arisen on the first day of the
following fiscal year. For the year ended August 31, 2009, the Portfolio
incurred no post-October capital losses.

5. U.S. DEPARTMENT OF THE TREASURY'S GUARANTEE PROGRAM FOR MONEY MARKET FUNDS

On October 1, 2008, the Board of Directors of the Company approved the
Portfolio's participation in the Guarantee Program for Money Market Funds (the
"Guarantee Program") established by the U.S. Department of the Treasury (the
"Treasury"). The Guarantee Program provided coverage to shareholders of record
in the Portfolio as of the close of business on September 19, 2008 and would be
triggered if the Portfolio's NAV fell below $0.9950.

On October 6, 2008, the Portfolio paid $35,923 to participate in the
Guarantee Program, which amount was amortized through December 18, 2008. The
initial term of the Guarantee Program expired on December 18, 2008. On December
5, 2008, the Portfolio paid $53,882 to participate in the first extension of the
Guarantee Program which extended the Guarantee Program through April 30, 2009.
This amount was amortized through April 30, 2009. On April 9, 2009, the
Portfolio paid $53,882 to participate in the second extension of the Guarantee
Program. This amount was amortized through September 18, 2009, the date the
Guarantee Program expired.

6. NEW ACCOUNTING PRONOUNCEMENT

7. SUBSEQUENT EVENT

Management has evaluated the impact of all subsequent events on the Fund
through the date the financial statements were issued, and has determined that
there was the following subsequent event:

On February 2, 2010, The PNC Financial Services Group, Inc. entered into a
Stock Purchase Agreement (the "Stock Purchase Agreement") with The Bank of New
York Mellon Corporation ("BNY Mellon"). Upon the terms and subject to the
conditions set forth in the Stock Purchase Agreement, which has been approved by
the board of directors of each company, The PNC Financial Services Group, Inc.
will sell to BNY Mellon (the "Stock Sale") 100% of the issued and outstanding
shares of PNC, an indirect, wholly-owned subsidiary of The PNC Financial
Services Group, Inc.

The Stock Sale includes PNC, PFPC Trust Company and PFPC Distributors, Inc.
and is expected to close in the third quarter of 2010.

THE RBB FUND, INC.
MONEY MARKET PORTFOLIO
ADDITIONAL INFORMATION
(UNAUDITED)

PROXY VOTING

Policies and procedures that the Portfolio uses to determine how to vote
proxies relating to portfolio securities as well as information regarding how
the Portfolio voted proxies relating to portfolio securities for the most recent
12-month period ended June 30 are available without charge, upon request, by
calling the number shown below and on the Securities and Exchange Commission's
("SEC") website at http://www.sec.gov.

Bedford (800) 888-9723
Sansom Street (800) 430-9618

QUARTERLY PORTFOLIO SCHEDULES

The Company files its complete schedule of portfolio holdings with the SEC
for the first and third fiscal quarters of each fiscal year (quarters ended
November 30 and May 31) on Form N-Q. The Company's Form N-Q is available on the
SEC website at http://www.sec.gov and may be reviewed and copied at the SEC
Public Reference Room in Washington, D.C. Information on the operation of the
SEC Public Reference Room may be obtained by calling (202) 551-8090.

[THIS PAGE INTENTIONALLY LEFT BLANK.]

THE BEDFORD CLASS

OF
THE RBB FUND, INC.
MONEY MARKET
PORTFOLIO

SEMI-ANNUAL REPORT
FEBRUARY 28, 2010
(UNAUDITED)

AN INVESTMENT IN THE PORTFOLIO IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE
PORTFOLIO SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE,
IT'S POSSIBLE TO LOSE MONEY BY INVESTING IN THE PORTFOLIO.

THIS REPORT IS SUBMITTED FOR THE GENERAL INFORMATION OF THE SHAREHOLDERS OF THE
PORTFOLIO. IT IS NOT AUTHORIZED FOR DISTRIBUTION UNLESS PRECEDED OR ACCOMPANIED
BY A PROSPECTUS FOR THE PORTFOLIO.

INVESTMENT ADVISER
BlackRock Institutional Management Corporation
100 Bellevue Parkway
Wilmington, DE 19809

TRANSFER AGENT
PNC Global Investment Servicing (U.S.), Inc.
101 Sabin Street
Pawtucket, RI 02860

PRINCIPAL UNDERWRITER
PFPC Distributors, Inc.
760 Moore Road
King of Prussia, PA 19406

CUSTODIAN
PFPC Trust Company
8800 Tinicum Blvd.
Suite 200
Philadelphia, PA 19153

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Deloitte & Touche LLP
1700 Market Street
Philadelphia, PA 19103-3984

COUNSEL
Drinker Biddle & Reath LLP
One Logan Square, Ste. 2000
Philadelphia, PA 19103-6996

BOGLE INVESTMENT MANAGEMENT
SMALL CAP GROWTH FUND
SEMIANNUAL REPORT FOR THE SIX-MONTH PERIOD ENDED FEBRUARY 28, 2010
(UNAUDITED)

Fellow Shareholder:

U.S. equity market indices extended their rebound in the latest semiannual
period, although the upward pace was tempered relative to the early months of
the rally. After posting seven consecutive months of positive performance (from
March 2009 through September 2009), market returns were not quite as steady and
robust from October 2009 through February 2010. Market declines in both October
2009 and January 2010 were accompanied by shifts in investor preferences away
from riskier stocks and toward more stable stocks.

INVESTMENT PERFORMANCE - PERIODS ENDING FEBRUARY 28, 2010
BOGLE FUND VS. RUSSELL 2000(R) BENCHMARK

(BAR CHART)

SEMIANNUAL PERIOD ONE YEAR PERIOD THREE-YEAR PERIOD FIVE -YEAR PERIOD TEN-YEAR PERIOD SINCE INCEPTION
(9/1/09 - 2/28/10) (3/1/09 -2/28/10) (3/1/07 -2/28/10) (3/1/05 -2/28/10) (3/1/00 -2/28/10) (10/1/99 -2/28/10)
------------------ ----------------- ----------------- ----------------- ----------------- ------------------

Bogle Investor Class 10.5% 79.3% -10.8% -0.7% 5.1% 8.9%
Bogle Institutional
Class 10.5% 79.5% -10.7% -0.6% 5.2% 9.0%
Russell 2000(R) Index 10.6% 63.9% -6.1% 1.2% 2.2% 5.1%
Investor Class Net
Value Added -0.1% 15.4% -4.6% -1.9% 2.9% 3.8%

- ----------
ALL FUND RETURNS ARE PRESENTED NET OF FEES AND INCLUDE THE REINVESTMENT OF ALL
DIVIDENDS AND OTHER EARNINGS. MULTI-YEAR PERIOD RETURNS ARE ANNUALIZED.

RETURNS SHOWN REPRESENT PAST PERFORMANCE AND DO NOT GUARANTEE FUTURE RESULTS.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE RETURNS SHOWN ABOVE. THE
INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT IN THE FUND WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST. RETURNS CURRENT TO THE MOST RECENT MONTH-END MAY BE
OBTAINED AT 1-877-264-5346. THE TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES
THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND
SHARES.

THE PERFORMANCE QUOTED REFLECTS FEE WAIVERS IN EFFECT AND WOULD HAVE BEEN LESS
IN THEIR ABSENCE. THE FUND'S ANNUAL OPERATING EXPENSES, AS STATED IN THE CURRENT
PROSPECTUS, ARE 1.57% FOR THE INSTITUTIONAL CLASS AND 1.67% FOR THE INVESTOR
CLASS, PRIOR TO FEE WAIVERS.

THE FUND'S INVESTMENT ADVISER, BOGLE INVESTMENT MANAGEMENT, L.P., HAS
CONTRACTUALLY AGREED TO WAIVE MANAGEMENT FEES AND REIMBURSE EXPENSES THROUGH
DECEMBER 31, 2010 TO THE EXTENT THAT TOTAL ANNUAL FUND OPERATING EXPENSES EXCEED
1.25% AND 1.35% FOR THE INSTITUTIONAL CLASS AND INVESTOR CLASS, RESPECTIVELY.
THE ADVISER, IN ITS DISCRETION, HAS THE RIGHT TO EXTEND THIS WAIVER. THE RUSSELL
2000(R) IS AN INDEX OF STOCKS 1001 THROUGH 3000 IN THE RUSSELL 3000(R) INDEX AS
RANKED BY TOTAL MARKET CAPITALIZATION. A DIRECT INVESTMENT IN THE INDEX IS NOT
POSSIBLE. INVESTING IN SMALL COMPANIES CAN INVOLVE MORE VOLATILITY, LESS
LIQUIDITY AND LESS AVAILABLE INFORMATION THAN INVESTING IN LARGE COMPANIES.

Riskier stocks (as measured by share price volatility) still outperformed the
average stock for the semiannual period overall, although relative
outperformance for these stocks was significantly more muted than we saw in the
first six months of the market rebound. The general market environment is
discussed in more detail in the next section of this letter. During the
semiannual period, the Bogle Small Cap Growth Fund (the "Fund") Investor shares
gained +10.53% net of all fees and Institutional shares returned +10.54% net of
all fees, keeping pace with the Russell 2000(R) benchmark gain of +10.59%.
Semiannual performance is discussed further on pages three and four, where we
address performance attribution and explain the results generated by our
investment models during the period, including a few stock specific examples. We
then present the fundamental characteristics of the Fund and benchmark,
highlighting how our risk controls impact the Fund's characteristics in
comparison to the Russell 2000(R) . Finally, we close with an update on
developments at Bogle Investment Management, L.P.

MARKET ENVIRONMENT. U.S. equity markets continued to advance in the latest
semiannual reporting period, albeit with two notable retrenchments during the
period. The first few weeks of the semiannual period were positive for equities
as stock prices appeared to be boosted by mergers and acquisitions news, with a
variety of high profile announcements in September. This activity reflected
improvement in credit markets and demonstrated that companies were more willing
(and able) to increase spending to fuel growth. Although some of the market
gains were reversed in late September and early October, by mid-October the
Russell 2000(R) remained positive for the semiannual period. In late October,
investors seemed to shift focus toward the uncertain macroeconomic backdrop. A
government release showing an unexpected increase in new weekly jobless claims
may have weighed on investors, highlighting concerns about consumer spending and
confidence. The Russell 2000(R) declined -10% from October 14th through November
1st. This correction was short lived and U.S. equity markets resumed their
upward march in early November, as earnings and acquisition news continued to
encourage confidence in the corporate sector, outweighing ongoing concerns on
the consumer front. With generally positive returns through January 19th, the
Russell 2000(R) Index found itself at a level not seen since October 1, 2008.
Another correction ensued as macroeconomic news in late January suggested
possible global financial stress. In the United States, investors faced the
possibility of new banking regulations and growing concerns about the future
impact of government intervention in the private sector. Fiscal policy also
dominated headlines, in anticipation of the 2011 federal budget release.
Overseas, China took steps to tighten credit and rein in aggressive bank
lending, while in Greece investors feared that soaring debt levels could result
in government default. Prospects for a European Union bailout for Greece emerged
in early February and appeared to buoy U.S. markets. All in all, investors
maintained optimism and all U.S. equity indices finished the semiannual period
on a positive note.

With the exceptions of October and January, investors once again favored
volatile, more speculative stocks during the semiannual period. On balance,
investors continued to favor the stocks that had been rising since the market
turned around in March of 2009, especially the stocks that had previously been
the most battered by the ferocious market drop in late 2008 and early 2009.
Having said that, the extreme advantage that accrued to these stocks, which was
discussed in our most recent annual report, narrowed significantly over the last
six months. For example, the riskiest stocks (as measured by the variability of
their price movements) outperformed the safest by about five percentage points
over the last six months, versus more than 62 percentage points over the
previous six months. Indeed, although these volatile stocks enjoyed positive
relative performance, the equal- and cap-weighted Russell 2000(R) posted similar
six-month performance. For the semi-annual period, the equal-weighted Russell
2000(R) advanced +9.89%, the cap-weighted Russell 2000(R) gained +10.59%, and
The Russell 1000(R) returned +9.91% for the semiannual period. Within small cap
stocks, the energy sector saw the strongest performance, while the utility
sector was the weakest. Small cap consumer cyclical and technology stocks were
modest outperformers while small cap financial stocks posted returns below that
of the overall benchmark. The market environment had elements of both momentum
and mean

reversion, as positive earnings trends were rewarded, but with some sensitivity
to relative valuation. Small cap growth and value stock returns were similar for
the period; the Russell 2000(R) Growth Index advanced +10.64%, in line with the
Russell 2000(R) Value Index return of +10.54%.

PERFORMANCE ATTRIBUTION. As you know, it is our policy to be essentially fully
invested to maintain exposure to the small cap market, as we do not believe that
we, nor most professional investors, can successfully forecast market direction.
We also maintain factor exposures that are very similar to those of our
benchmark, such that the significant majority of our relative returns have
historically been attributed to stock selection. This was again the case for the
semiannual period, as the combination of our small cap investment models
produced positive stock selection and modest sector exposures detracted just 20
basis points from returns (fees and expenses reduced the net Fund return to
modestly below benchmark). Over the more than ten years we have been managing
the Fund, our general approach to stock picking has remained consistent, though
many of the specific details that go into the process have evolved over time.
The general attributes that our three primary models seek to identify are: 1)
stocks that have demonstrated an ability to generate better earnings than the
market expects (the earnings expectations model); 2) companies that do not have
to "manufacture" earnings growth through aggressive accounting and that have a
low percentage of their shares held by short sellers (financial quality model);
and 3) stocks that trade at attractive valuations relative to their most similar
peers (relative valuation model). In other words, our composite model considers
earnings in the context of quality (which should reduce earnings uncertainty)
and valuation (which should reduce downside when our models are wrong about
earnings). On a standalone basis, within our small cap investable universe, both
the earnings expectations and relative valuation models posted positive returns
during the semiannual period. Financial quality model performance was flat. The
relative valuation model was strongest, with positive returns in each month of
the period except November. After an extended period of poor performance,
earnings expectations model performance improved in the semiannual period, but
returns were inconsistent. Stock selection was strongest in utility and basic
industry stocks, and was also positive in the technology and consumer sectors.
Losses from stock selection in industrial, energy and financial stocks detracted
from semi-annual performance.

At the end of the semiannual period, the Fund held 151 stocks and the largest
holding represented 1.0% of portfolio assets. This diversification minimizes the
impact any single stock can have on total Fund performance. In the stock
specific examples that follow, we will illustrate three situations where stocks
outperformed the benchmark and two where our investments underperformed.
REHABCARE GROUP, INC. is a company that provides rehabilitation program
management services in hospitals, skilled nursing facilities, outpatient
facilities, and other long-term care facilities. We first purchased the stock in
March of last year due to its strong earnings history, attractive relative
valuation, and low percentage of shares held short. These signals remained
positive entering the semiannual period, and the stock price was boosted in
November by investors cheering the company's announced intent to buy a
competitor. The stock continued to perform well through the middle of January
(up +63% from the start of the semiannual period) causing our valuation model to
rank the stock less attractively. Further, short interest rose as valuation
increased and arbitrageurs became skeptical of the benefits of the acquisition.
As our overall composite signal deteriorated, we closed out of the position by
the end of January. STILLWATER MINING COMPANY, one of our basic industry stocks,
conducts mining operations in the United States, producing palladium, platinum,
and associated metals. When we first purchased the stock for the Fund in June of
last year, it looked attractive according to all of our metrics. The stock price
increased significantly during the semiannual period. Although this was in part
due to increasing commodity prices, the company was also an extremely strong
performer relative to other basic industry stocks, non-energy mineral stocks,
and similar mining companies. We had exited the position by early February,
having realized a significant gain for the Fund. Several of our best performers
over the semiannual period came from the electronic technology sector. For
example, the Fund saw a significant price increase for its position

in CONEXANT SYSTEMS, INC., a semiconductor company that makes chipsets that go
into printers, TV set-top boxes, digital picture frames and other devices. We
established a position in this stock in August 2008 and purchased additional
shares in September 2009, as the stock looked attractive according to all of our
primary models. During the semiannual period the company restructured its
business and was able to grow profits despite falling revenues. By the end of
the semiannual period Conexant had a stronger earnings expectations outlook and
an improved financial quality score, reflecting in part the company's
restructuring. The Fund continued to hold the stock at the end of the semiannual
period.

Turning to some investments that negatively impacted performance, early in the
semiannual period the Fund built a position in GEOKINETICS INC., which provides
seismic data acquisition, and seismic data processing and interpretation
services to the oil and natural gas industry. We purchased the company in
September based on investment signals that suggested the company had relatively
clean financials and an attractive valuation relative to peers. Recent economic
uncertainty has curtailed new projects and thus the demand for seismic data.
High fixed costs have limited the company's ability to restructure and have
weighed on earnings. As it has underperformed its broad base of peers, the stock
has become more attractive on a valuation basis and we continue to hold the
position. Finally, we began in October to purchase UNITED WESTERN BANCORP, INC.,
which provides community-based banking services to individuals and small and
mid-size business customers in Colorado. At the time of purchase its relative
valuation was attractively ranked; however, the difficult economic and credit
environment has worsened earning prospects and the stock price has been
penalized. Attractive valuation characteristics have kept this investment in the
portfolio.

INVESTMENT POSITIONING. As you can see in the table to the right, Fund
characteristics remain in line with the benchmark. Note that small deviations
from the benchmark reflected in both sector exposures and the fundamental
characteristics of the Fund arise purely from the bottom up stock selection
process and do not reflect attempts to actively time the overall market, style
preferences, or sector rotation. As of the end of February, the Fund's median
market capitalization was below that of the benchmark. As we have said in the
past, we believe that there are attractive opportunities in smaller cap, less
liquid stocks and we further believe that it is critical to keep our asset base
small to effectively invest in these less liquid stocks. The Fund continued to
have a higher median analysts' expected long-term earnings growth rate versus
the benchmark. This relative exposure increased over the last six months as the
Fund's expected growth rate increased while the benchmark's expected growth rate
declined. The portfolio maintains its attractive valuation exposure-
price-to-earnings and price-to-sales ratios are currently below the benchmark.
These ratios

FUNDAMENTAL CHARACTERISTICS
FEBRUARY 28, 2010

RUSSELL
2000(R)
MEDIAN BOGLX* INDEX
- ----- ------ -------

Median Market Cap. ($mil.) $ 672 $ 937
Estimated Long-Term Earnings
Growth Rate 15.3% 13.2%
Price/Historical Earnings 17.5x 21.1x
Price/Forward Earnings 13.6x 16.5x
Price/Sales 0.9x 1.5x

RISK STATISTICS** - SEMIANNUAL PERIOD
Annualized Standard Dev. 22.4% 21.7%
Annualized Active Risk 4.9%
Beta with Russell 2000(R) 1.01
Average Cash 0.5%

* THE BOGLE SMALL CAP GROWTH FUND INVESTOR SHARES. MEDIAN CHARACTERISTICS
REFER TO THE FUND'S HOLDINGS, NOT THE FUND ITSELF.

** RISK STATISTICS APPLY TO THE FUND AND BENCHMARK. STANDARD DEVIATION IS A
STATISTICAL MEASURE OF THE RANGE OF PERFORMANCE. ACTIVE RISK IS THE
STANDARD DEVIATION OF THE DIFFERENCE BETWEEN THE FUND AND BENCHMARK
PERFORMANCE. BETA IS A MEASURE OF A PORTFOLIO'S SENSITIVITY TO MARKET
MOVEMENTS.

remain at historically attractive levels relative to our benchmark. Other
fundamental characteristics for the portfolio and benchmark, including selected
risk statistics, are presented in the table. Measures of risk fell significantly
from those presented in our annual report, reflecting further market
stabilization.

PROGRESS AT BOGLE INVESTMENT MANAGEMENT, L.P. At the end of February 2010,
assets in the Fund were $89 million. As you know, the Fund reopened to new
shareholders on November 1, 2009 (the Fund has always remained open to existing
shareholders). The decline in assets under management has created some
additional capacity, importantly, without impairing our ability to nimbly invest
in smaller stocks. In addition, the market turmoil of the last year and a half
caused many firms, especially quantitatively oriented firms, to experience
considerable shrinkage in their asset bases. While this contraction presented a
large obstacle to performance during the storm, now that markets have calmed we
strongly believe that we will now have a much more favorable backdrop for our
investment process. We will, as always, continually monitor capacity constraints
and our assets under management and will reclose the Fund when we think it is in
the best interest of the shareholders. Finally, we are pleased that we can
continue to report stability in our investment professional team. We have not
lost a single investment professional since inception of the firm ten and a half
years ago, a level of turnover almost unheard of in our industry.

As a reminder, information about the Fund, including historical NAVs, sector
allocation, fundamental characteristics, and top ten holdings, can be viewed on
our website, www.boglefunds.com. The NAVs are updated daily while the other Fund
information is updated quarterly.

Please feel free to call on us at any time with questions you may have about the
portfolio or anything else that might be on your mind.

Respectfully,

Bogle Investment Management, L.P.
Management Office: 781-283-5000
Shareholder Services Toll Free: 1-877-BOGLEIM (264-5346)

THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO
THAT SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
THE PERFORMANCE QUOTED REFLECTS FEE WAIVERS IN EFFECT AND WOULD HAVE BEEN LESS
IN THEIR ABSENCE.

PORTFOLIO COMPOSITION IS SUBJECT TO CHANGE.

THIS MATERIAL MUST BE PRECEDED OR ACCOMPANIED BY A CURRENT PROSPECTUS.

BOGLE INVESTMENT MANAGEMENT
SMALL CAP GROWTH FUND
FUND EXPENSE EXAMPLES
(UNAUDITED)

As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs and (2) ongoing costs, including management fees, shareholder servicing
fees and other Fund expenses. These examples are intended to help you understand
your ongoing costs (in dollars) of investing in the Fund and to compare these
costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of
the six-month period from September 1, 2009 through February 28, 2010, and held
for the entire period.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line of the accompanying tables provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare these
5% hypothetical examples with the 5% hypothetical examples that appear in the
shareholder reports of other funds.

Please note that the expenses shown in the accompanying tables are meant to
highlight your ongoing costs only and do not reflect any transactional costs,
such as redemption fees. Therefore, the second line of the accompanying tables
is useful in comparing ongoing costs only, and will not help you determine the
relative total costs of owning different funds. In addition, if these
transactional costs were included, your costs would have been higher.

INSTITUTIONAL CLASS
---------------------------------------------------------------------
BEGINNING ACCOUNT VALUE ENDING ACCOUNT VALUE EXPENSES PAID DURING
SEPTEMBER 1, 2009 FEBRUARY 28, 2010 PERIOD*
----------------------- -------------------- --------------------

Actual $1,000.00 $1,105.40 $6.53
Hypothetical
(5% return before
expenses) 1,000.00 1,018.52 6.28

BOGLE INVESTMENT MANAGEMENT
SMALL CAP GROWTH FUND
FUND EXPENSE EXAMPLES (CONCLUDED)
(UNAUDITED)

INVESTOR CLASS
---------------------------------------------------------------------
BEGINNING ACCOUNT VALUE ENDING ACCOUNT VALUE EXPENSES PAID DURING
SEPTEMBER 1, 2009 FEBRUARY 28, 2010 PERIOD*
----------------------- -------------------- --------------------

Actual $1,000.00 $1,105.30 $7.05
Hypothetical
(5% return before
expenses) 1,000.00 1,018.02 6.78

- ----------
* Expenses are equal to the Fund's annualized six-month expense ratio of
1.25% for the Institutional Class and 1.35% for the Investor Class, which
includes waived fees or reimbursed expenses, multiplied by the average
account value over the period, multiplied by the number of days (181) in
the most recent fiscal half-year, then divided by 365 to reflect the
one-half year period. The Fund's ending account values on the first line in
each table are based on the actual six-month total return for each class of
10.54% for the Institutional Class and 10.53% for the Investor Class.

BOGLE INVESTMENT MANAGEMENT
SMALL CAP GROWTH FUND
PORTFOLIO HOLDINGS SUMMARY TABLE
FEBRUARY 28, 2010
(UNAUDITED)

% OF NET
SECURITY TYPE & SECTOR CLASSIFICATION ASSETS VALUE
- ------------------------------------- -------- -----------

COMMON STOCKS:
Consumer Growth 26.4% $23,539,602
Technology 20.5 18,266,464
Financial 18.5 16,446,521
Consumer Cyclical 15.1 13,455,072
Industrial 12.8 11,410,957
Basic Industry 2.9 2,550,808
Utility 2.1 1,911,436
Energy 1.5 1,333,972
SHORT-TERM INVESTMENTS 0.3 302,221
LIABILITIES IN EXCESS OF OTHER ASSETS (0.1) (80,127)
----- -----------
NET ASSETS 100.0% $89,136,926
===== ===========

- ----------
Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

BOGLE INVESTMENT MANAGEMENT
SMALL CAP GROWTH FUND
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 2010 (UNAUDITED)

NUMBER
OF SHARES VALUE
--------- -----------

COMMON STOCKS--99.8%
BASIC INDUSTRY--2.9%
Aurizon Mines Ltd. * .............................. 162,000 $ 649,620
Boise, Inc. * ..................................... 73,800 350,550
Cabot Corp. ....................................... 26,500 770,090
KMG Chemicals, Inc. ............................... 49,000 652,190
Stepan Co. ........................................ 2,700 128,358
-----------
2,550,808
-----------
CONSUMER CYCLICAL--15.1%
ATC Technology Corp. * ............................ 7,800 174,798
Carter's, Inc. * .................................. 25,400 727,964
China Automotive Systems, Inc. * .................. 19,400 391,686
Cinemark Holdings, Inc. ........................... 48,200 776,502
Cooper Tire & Rubber Co. .......................... 10,300 180,662
Culp, Inc. * ...................................... 41,700 542,934
Dana Holding Corp. * .............................. 61,000 693,570
DSW, Inc., Class A * .............................. 23,800 640,934
Home Inns & Hotels Management, Inc., ADR * ........ 19,800 664,686
Jones Apparel Group, Inc. ......................... 43,100 726,666
M/I Homes, Inc. * ................................. 50,900 654,065
Netflix, Inc. * ................................... 8,200 541,610
Pinnacle Airlines Corp. * ......................... 92,900 755,277
RC2 Corp. * ....................................... 24,000 338,640
Scholastic Corp. .................................. 28,100 826,140
Standard Motor Products, Inc. ..................... 83,600 677,996
Standard Pacific Corp. * .......................... 158,300 668,026
Sturm Ruger & Co., Inc. ........................... 36,300 426,888
Tenneco, Inc. * ................................... 42,600 858,816
THQ, Inc. * ....................................... 93,500 566,610
Ulta Salon, Cosmetics & Fragrance, Inc. * ......... 39,400 722,202
United Stationers, Inc. * ......................... 6,400 365,504
Valassis Communications, Inc. * ................... 20,800 532,896
-----------
13,455,072
-----------
CONSUMER GROWTH--26.4%
AMN Healthcare Services, Inc. * ................... 73,000 673,060
Andersons, Inc., (The) ............................ 21,500 694,450
Boston Beer Co., Inc., Class A, (The) * ........... 13,700 648,284

NUMBER
OF SHARES VALUE
--------- -----------

CONSUMER GROWTH--(CONTINUED)
Cantel Medical Corp. .............................. 37,800 $ 738,990
Cardtronics, Inc. * ............................... 63,800 630,344
Coca-Cola Bottling Co. Consolidated ............... 14,500 806,925
Continucare Corp. * ............................... 123,200 513,744
Corinthian Colleges, Inc. * ....................... 41,700 676,374
Cott Corp. * ...................................... 91,100 655,009
Coventry Health Care, Inc. * ...................... 33,400 774,212
Cubist Pharmaceuticals, Inc. * .................... 27,500 578,600
Emergency Medical Services Corp., Class A * ....... 3,400 177,004
Emergent Biosolutions, Inc. * ..................... 54,100 793,106
Exelixis, Inc. * .................................. 102,000 659,940
Given Imaging Ltd. ................................ 33,500 583,905
HEALTHSOUTH Corp. * ............................... 13,300 230,090
Hi-Tech Pharmacal Co., Inc. * ..................... 32,600 701,226
ICON PLC- SP ADR * ................................ 30,600 720,630
Jazz Pharmaceuticals, Inc. * ...................... 64,900 634,722
Kendle International, Inc. * ...................... 27,000 459,810
King Pharmaceuticals, Inc. * ...................... 44,500 500,625
Lincoln Educational Services Corp. * .............. 35,200 784,960
Medical Action Industries, Inc. * ................. 52,800 662,112
Medicis Pharmaceutical Corp., Class A ............. 31,500 708,750
Medifast, Inc. * .................................. 33,400 706,076
Nu Skin Enterprises, Inc., Class A ................ 24,000 641,280
Odyssey Healthcare, Inc. * ........................ 40,400 708,212
Orthofix International, N.V. * .................... 15,800 538,622
Par Pharmaceutical Cos., Inc. * ................... 33,500 838,505
Prestige Brands Holdings, Inc. * .................. 85,100 683,353
Providence Service Corp. * ........................ 52,300 633,353
Quidel Corp. * .................................... 17,400 227,244
Sirona Dental Systems, Inc. * ..................... 17,600 631,664
SXC Health Solutions Corp. * ...................... 16,700 830,157
Tyson Foods, Inc., Class A ........................ 29,700 506,088
Universal Technical Institute, Inc. * ............. 27,400 692,124
WellCare Health Plans, Inc. * ..................... 10,400 277,680
ZymoGenetics, Inc. * .............................. 115,800 618,372
-----------
23,539,602
-----------

The accompanying notes are an integral part of the financial statements.

BOGLE INVESTMENT MANAGEMENT
SMALL CAP GROWTH FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 2010 (UNAUDITED)

NUMBER
OF SHARES VALUE
--------- -----------

ENERGY--1.5%
CVR Energy, Inc. * ................................ 88,300 $ 725,826
Geokinetics, Inc. * ............................... 71,800 608,146
-----------
1,333,972
-----------
FINANCIAL--18.5%
Allied World Assurance Co. Holdings Ltd. .......... 13,600 626,960
American Financial Group, Inc. .................... 28,700 742,469
American Safety Insurance Holdings Ltd. * ......... 46,300 657,460
Arch Capital Group Ltd. * ......................... 9,300 688,014
Artio Global Investors, Inc., Class A ............. 32,300 787,474
Aspen Insurance Holdings Ltd. ..................... 24,000 678,240
BGC Partners, Inc., Class A ....................... 109,700 544,112
Calamos Asset Management, Inc., Class A ........... 63,000 840,420
Center Financial Corp. * .......................... 85,000 412,250
CNinsure, Inc., ADR ............................... 34,200 757,188
Delphi Financial Group, Inc., Class A ............. 12,600 268,758
Duff & Phelps Corp., Class A ...................... 21,000 350,280
FBL Financial Group, Inc., Class A ................ 30,900 627,888
FBR Capital Markets Corp. * ....................... 108,700 588,067
Greenlight Capital Re Ltd., Class A * ............. 3,500 88,620
Lender Processing Services, Inc. .................. 18,000 687,240
MarketAxess Holdings, Inc. ........................ 41,500 620,840
Max Capital Group Ltd. ............................ 27,700 668,678
National Financial Partners Corp. * ............... 46,700 536,583
Nelnet, Inc., Class A ............................. 51,700 812,724
Pzena Investment Management, Inc., Class A * ...... 60,200 361,200
Rodman & Renshaw Capital Group, Inc. * ............ 165,300 700,872
Safety Insurance Group, Inc. ...................... 21,100 783,654
SWS Group, Inc. ................................... 48,700 586,835
Transatlantic Holdings, Inc. ...................... 15,500 770,350
United Western Bancorp, Inc. ...................... 164,300 399,249
Unitrin, Inc. ..................................... 35,600 860,096
-----------
16,446,521
-----------

NUMBER
OF SHARES VALUE
--------- -----------

INDUSTRIAL--12.8%
Aircastle Ltd. .................................... 73,300 $ 713,209
AMERCO * .......................................... 14,300 749,749
Consolidated Graphics, Inc. * ..................... 18,900 841,806
Drew Industries, Inc. * ........................... 15,300 354,501
Dycom Industries, Inc. * .......................... 72,300 652,869
Ingram Micro, Inc., Class A * ..................... 23,500 415,950
Kratos Defense & Security Solutions, Inc. * ....... 6,400 83,712
Layne Christensen Co. * ........................... 24,500 675,710
Manpower, Inc. .................................... 6,400 329,728
Navistar International Corp. * .................... 16,400 642,224
Powell Industries, Inc. * ......................... 4,700 135,360
Power-One, Inc. * ................................. 159,400 604,126
R.R. Donnelley & Sons Co. ......................... 32,800 652,392
Shaw Group, Inc., (The) * ......................... 20,200 700,940
Sterling Construction Co., Inc. * ................. 37,800 742,014
Tech Data Corp. * ................................. 18,700 801,108
TeleTech Holdings, Inc. * ......................... 23,000 402,270
Timken Co., (The) ................................. 25,100 658,373
Tredegar Corp. .................................... 24,400 408,700
UniFirst Corp. .................................... 16,100 846,216
-----------
11,410,957
-----------
TECHNOLOGY--20.5%
3Com Corp. * ...................................... 69,400 529,522
ACI Worldwide, Inc. * ............................. 21,900 399,456
Agilysys, Inc. .................................... 61,400 670,488
Arris Group, Inc. * ............................... 26,600 274,512
Aviat Networks, Inc. * ............................ 42,700 262,605
Bottomline Technologies, Inc. * ................... 40,300 640,367
Checkpoint Systems, Inc. * ........................ 28,700 591,794
Cirrus Logic, Inc. * .............................. 97,600 696,864
Conexant Systems, Inc. * .......................... 117,800 563,084
DivX, Inc. * ...................................... 36,500 220,460
Integrated Device Technology, Inc. * .............. 97,800 534,966
Jabil Circuit, Inc. ............................... 50,300 763,051
JDS Uniphase Corp. * .............................. 86,900 932,437
LaserCard Corp. * ................................. 97,500 609,375
Manhattan Associates, Inc. * ...................... 32,300 816,221
Medidata Solutions, Inc. * ........................ 45,200 696,984

The accompanying notes are an integral part of the financial statements.

BOGLE INVESTMENT MANAGEMENT
SMALL CAP GROWTH FUND
PORTFOLIO OF INVESTMENTS (CONCLUDED)
FEBRUARY 28, 2010 (UNAUDITED)

NUMBER
OF SHARES VALUE
--------- -----------

TECHNOLOGY--(CONTINUED)
Mellanox Technologies Ltd. * ...................... 18,700 $ 352,682
MicroStrategy, Inc., Class A * .................... 2,100 186,249
NCR Corp. * ....................................... 28,200 355,884
Newport Corp. * ................................... 36,100 380,494
OPNET Technologies, Inc. .......................... 43,700 648,071
Quest Software, Inc. * ............................ 16,000 269,600
RADVision Ltd. * .................................. 100,000 605,000
RealNetworks, Inc. * .............................. 157,000 722,200
RF Micro Devices, Inc. * .......................... 85,100 358,271
Richardson Electronics Ltd. ....................... 79,400 624,084
Sanmina-SCI Corp. * ............................... 56,100 927,894
Sierra Wireless, Inc. * ........................... 58,400 481,800
SonicWALL, Inc. * ................................. 55,900 447,759
TNS, Inc. * ....................................... 14,600 344,998
Unisys Corp. * .................................... 17,700 617,907
VeriFone Holdings, Inc. * ......................... 46,200 891,660
Vishay Intertechnology, Inc. * .................... 82,900 849,725
-----------
18,266,464
-----------

NUMBER
OF SHARES VALUE
--------- -----------

UTILITY--2.1%
Integrys Energy Group, Inc. . ..................... 15,100 $ 665,608
Net Servicos de Comunicacao SA - ADR .............. 49,400 608,114
NV Energy, Inc. ................................... 57,400 637,714
-----------
1,911,436
-----------
TOTAL COMMON STOCKS
(Cost $79,567,698) .......................... 88,914,832
-----------
SHORT-TERM INVESTMENTS--0.3%
Columbia Prime Reserves Fund ...................... 302,221 302,221
-----------
TOTAL SHORT-TERM INVESTMENTS
(Cost $302,221) ............................. 302,221
-----------
TOTAL INVESTMENTS--100.1%
(Cost $79,869,919) ................................ 89,217,053
-----------
LIABILITIES IN EXCESS OF OTHER ASSETS--(0.1)% ........ (80,127)
-----------
NET ASSETS--100.0% ................................... $89,136,926
===========

- ----------
* Non-income producing.

ADR-- American Depositary Receipt.

SP ADR-- Sponsored American Depositary Receipt.

The following is a summary of inputs used, as of February 28, 2010, in valuing
the Fund's investments carried at market value (see note 1 in the Notes to
Financial Statements):

LEVEL 2 LEVEL 3
TOTAL FAIR LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
FEBRUARY 28, 2010 PRICE INPUTS INPUTS
----------------- ----------- ----------- -----------

TOTAL INVESTMENTS* $89,217,053 $89,217,053 $-- $--
=========== =========== === ===

* See Portfolio of Investments detail for security type and sector
classification breakout.

The accompanying notes are an integral part of the financial statements.

BOGLE INVESTMENT MANAGEMENT
SMALL CAP GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES
FEBRUARY 28, 2010
(UNAUDITED)

ASSETS
Investments, at value (cost $79,869,919) ................................. $ 89,217,053
Receivables for:
Investments sold ...................................................... 2,531,142
Capital shares sold ................................................... 49,302
Dividends and interest ................................................ 86,462
Prepaid expenses and other assets ..................................... 18,337
------------
Total assets ....................................................... 91,902,296
------------
LIABILITIES
Payables for:
Investments purchased ................................................. 2,394,472
Capital shares redeemed ............................................... 220,296
Investment advisory fees and shareholder servicing fees ............... 51,550
Directors' and officers' fees ......................................... 15,402
Other accrued expenses and liabilities ................................ 83,650
------------
Total liabilities .................................................. 2,765,370
------------
Net assets ............................................................... $ 89,136,926
============
NET ASSETS CONSIST OF
Capital stock, $0.001 par value .......................................... $ 5,791
Paid-in capital .......................................................... 152,669,763
Accumulated net investment loss .......................................... (279,984)
Accumulated net realized loss from investments ........................... (72,605,778)
Net unrealized appreciation on investments ............................... 9,347,134
------------
Net Assets ............................................................... $ 89,136,926
============
INSTITUTIONAL CLASS
Net assets ............................................................... $ 34,389,528
------------
Shares outstanding ($0.001 par value, 100,000,000 shares authorized) ..... 2,216,291
------------
Net asset value, offering and redemption price per share ................. $ 15.52
============
INVESTOR CLASS
Net assets ............................................................... $ 54,747,398
------------
Shares outstanding ($0.001 par value, 100,000,000 shares authorized) ..... 3,574,248
------------
Net asset value, offering and redemption price per share ................. $ 15.32
============

The accompanying notes are an integral part of the financial statements.

BOGLE INVESTMENT MANAGEMENT
SMALL CAP GROWTH FUND
STATEMENT OF OPERATIONS
FOR THE PERIOD ENDED FEBRUARY 28, 2010
(UNAUDITED)

INVESTMENT INCOME
Dividends (net of foreign withholding taxes of $3,990) ................... $ 295,933
Other income ............................................................. 316
-----------
Total investment income ............................................... 296,249
-----------
EXPENSES
Advisory fees ............................................................ 439,431
Administration and accounting fees ....................................... 75,369
Transfer agent fees ...................................................... 70,785
Shareholder servicing fees ............................................... 26,944
Professional fees ........................................................ 20,796
Directors' and officers' fees ............................................ 19,475
Printing and shareholder reporting fees .................................. 17,552
Custodian fees ........................................................... 14,175
Registration and filing fees ............................................. 13,838
Insurance fees ........................................................... 6,540
Other expenses ........................................................... 2,220
-----------
Total expenses before waivers ......................................... 707,125
Less: waivers ......................................................... (130,892)
-----------
Net expenses after waivers .................................................. 576,233
-----------
Net investment loss ......................................................... (279,984)
-----------
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain from investments ....................................... 13,414,604
Net change in unrealized appreciation/(depreciation) on investments ...... (4,208,439)
-----------
Net realized and unrealized gain from investments ........................... 9,206,165
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ........................ $ 8,926,181
===========

The accompanying notes are an integral part of the financial statements.

BOGLE INVESTMENT MANAGEMENT
SMALL CAP GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS

FOR THE SIX MONTHS
ENDED FOR THE YEAR
FEBRUARY 28, 2010 ENDED
(UNAUDITED) AUGUST 31, 2009
------------------ ---------------

INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment loss ...................................................... $ (279,984) $ (430,465)
Net realized gain/(loss) from investments ................................ 13,414,604 (57,964,843)
Net change in unrealized appreciation/(depreciation) on investments ...... (4,208,439) 17,425,741
----------- ------------
Net increase/(decrease) in net assets resulting from operations .......... 8,926,181 (40,969,567)
----------- ------------
INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL TRANSACTIONS:
Institutional Class
Proceeds from shares sold ............................................. 4,311,285 6,194,651
Distributions for shares redeemed ..................................... (9,008,247) (32,754,100)
----------- ------------
Total Institutional Class ............................................. (4,696,962) (26,559,449)
----------- ------------
Investor Class
Proceeds from shares sold ............................................. 3,006,939 2,931,980
Distributions for shares redeemed ..................................... (7,048,687) (13,476,265)
----------- ------------
Total Investor Class .................................................. (4,041,748) (10,544,285)
----------- ------------
Net decrease in net assets from capital share transactions .................. (8,738,710) (37,103,734)
----------- ------------
Total increase/(decrease) in net assets ..................................... 187,471 (78,073,301)
NET ASSETS
Beginning of period ...................................................... 88,949,455 167,022,756
----------- ------------
End of period ............................................................ $89,136,926 $ 88,949,455
=========== ============
Undistributed net investment income/(loss), end of period ................ $ (279,984) $ --
=========== ============

The accompanying notes are an integral part of the financial statements.

BOGLE INVESTMENT MANAGEMENT
SMALL CAP GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS (CONCLUDED)

FOR THE SIX MONTHS
ENDED FOR THE YEAR
FEBRUARY 28, 2010 ENDED
(UNAUDITED) AUGUST 31, 2009
------------------ ---------------

INCREASE/(DECREASE) IN SHARES OUTSTANDING
DERIVED FROM SHARE TRANSACTIONS:
Institutional Class
Shares sold ........................................................... 284,671 550,481
Shares redeemed ....................................................... (602,830) (2,890,397)
-------- ----------
Total Institutional Class ............................................. (318,159) (2,339,916)
Investor Class
Shares sold ........................................................... 201,849 272,329
Shares redeemed ....................................................... (478,288) (1,233,242)
-------- ----------
Total Investor Class .................................................. (276,439) (960,913)
-------- ----------
Total decrease in shares outstanding derived from share transactions ........ (594,598) (3,300,829)
======== ==========

The accompanying notes are an integral part of the financial statements.

BOGLE INVESTMENT MANAGEMENT
SMALL CAP GROWTH FUND
FINANCIAL HIGHLIGHTS

Contained below is per share operating performance data for each class of shares
outstanding, total investment return, ratios to average net assets and other
supplemental data for the respective years. This information has been derived
from information provided in the financial statements.

INSTITUTIONAL CLASS
--------------------------------------------------------------------
FOR THE FOR THE FOR THE FOR THE FOR THE FOR THE
SIX MONTHS YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
2/28/10 8/31/09 8/31/08 8/31/07 8/31/06 8/31/05
----------- ------- ------- -------- ------- --------
(UNAUDITED)

PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period ...................... $ 14.03 $ 17.35 $ 24.61 $ 27.74 $ 28.78 $ 24.99
------- ------- ------- -------- -------- --------
Net investment loss ....................................... (0.04)* (0.05)* (0.13)* (0.08)* (0.16)* (0.22)
Net realized and unrealized gain/(loss) from investments .. 1.53 (3.27) (3.99) 2.74 3.08 6.49
------- ------- ------- -------- -------- --------
Net increase/(decrease) in net assets resulting from
operations ............................................. 1.49 (3.32) (4.12) 2.66 2.92 6.27
------- ------- ------- -------- -------- --------
Distributions to shareholders from:
Net realized capital gains ................................ -- -- (3.14) (5.79) (3.96) (2.48)
------- ------- ------- -------- -------- --------
Net asset value, end of period ............................ $ 15.52 $ 14.03 $ 17.35 $ 24.61 $ 27.74 $ 28.78
======= ======= ======= ======== ======== ========
Total investment return(1) ................................ 10.54% (19.08)% (19.33)% 10.29% 12.46% 27.34%
======= ======= ======= ======== ======== ========
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) ................. $34,390 $35,571 $84,546 $197,415 $189,920 $177,359
Ratio of expenses to average net assets with waivers and
reimbursements ......................................... 1.25%(2) 1.25% 1.25% 1.25% 1.25% 1.25%
Ratio of expenses to average net assets without waivers
and reimbursements ..................................... 1.55%(2) 1.57% 1.44% 1.43% 1.43% 1.46%
Ratio of net investment loss to average net assets ........ (0.58)%(2) (0.44)% (0.64)% (0.30)% (0.55)% (0.73)%
Portfolio turnover rate ................................... 98.59% 159.14% 162.10% 142.45% 126.64% 129.18%

- ----------
* Calculated based on average shares outstanding for the period.

(1) Total investment return is calculated assuming a purchase of shares on the
first day and a sale of shares on the last day of each period reported and
includes reinvestments of dividends and distributions, if any.

(2) Annualized.

The accompanying notes are an integral part of the financial statements.

BOGLE INVESTMENT MANAGEMENT
SMALL CAP GROWTH FUND
FINANCIAL HIGHLIGHTS

INVESTOR CLASS
--------------------------------------------------------------------
FOR THE FOR THE FOR THE FOR THE FOR THE FOR THE
SIX MONTHS YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
2/28/10 8/31/09 8/31/08 8/31/07 8/31/06 8/31/05
----------- ------- ------- -------- -------- --------
(UNAUDITED)

PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period ...................... $ 13.86 $ 17.14 $ 24.38 $ 27.56 $ 28.65 $ 24.91
------- ------- ------- -------- -------- --------
Net investment loss ....................................... (0.05)* (0.06)* (0.14)* (0.10)* (0.18)* (0.23)
Net realized and unrealized gain/(loss)
from investments ....................................... 1.51 (3.22) (3.96) 2.71 3.05 6.45
------- ------- ------- -------- -------- --------
Net increase/(decrease) in net assets resulting from
operations ............................................. 1.46 (3.28) (4.10) 2.61 2.87 6.22
------- ------- ------- -------- -------- --------
Distributions to shareholders from:
Net realized capital gains ................................ -- -- (3.14) (5.79) (3.96) (2.48)
------- ------- ------- -------- -------- --------
Net asset value, end of period ............................ $ 15.32 $ 13.86 $ 17.14 $ 24.38 $ 27.56 $ 28.65
======= ======= ======= ======== ======== ========
Total investment return(1) ................................ 10.53% (19.14)% (19.45)% 10.15% 12.33% 27.22%
======= ======= ======= ======== ======== ========
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) ................. $54,747 $53,379 $82,477 $135,752 $147,471 $134,054
Ratio of expenses to average net assets with waivers and
reimbursements ......................................... 1.35%(2) 1.35% 1.35% 1.35% 1.35% 1.35%
Ratio of expenses to average net assets without waivers and
reimbursements ......................................... 1.65%(2) 1.67% 1.54% 1.53% 1.53% 1.56%
Ratio of net investment loss to average net assets ........ (0.68)%(2) (0.56)% (0.74)% (0.40)% (0.65)% (0.83)%
Portfolio turnover rate ................................... 98.59% 159.14% 162.10% 142.45% 126.64% 129.18%

- ----------
* Calculated based on average shares outstanding for the period.

(2) Annualized.

The accompanying notes are an integral part of the financial statements.

BOGLE INVESTMENT MANAGEMENT
SMALL CAP GROWTH FUND
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

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

FAIR VALUE MEASUREMENTS -- The inputs and valuation techniques used to
measure fair value of the Fund's investments are summarized into three levels as
described below:

- Level 1 - unadjusted quoted prices in active markets for identical
securities

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

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

BOGLE INVESTMENT MANAGEMENT
SMALL CAP GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)

The inputs or methodology used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities. A
summary of the inputs used to value the Fund's investments as of February 28,
2010 is included with the Fund's Portfolio of Investments.

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES -- The Fund records
security transactions based on trade date. The cost of investments sold is
determined by use of the specific identification method for both financial
reporting and income tax purposes in determining realized gains and losses on
investments. Interest income is accrued when earned. Dividend income is recorded
on the ex-dividend date. The Fund's net investment income (other than class
specific shareholder servicing fees) and unrealized and realized gains and
losses are allocated daily to each class of shares based upon the relative
proportion of net assets of each class at the beginning of the day. Expenses
incurred on behalf of a specific class, fund or fund family are charged directly
to the class, fund or fund family (in proportion to net assets). Expenses
incurred for all of the RBB funds (such as director or professional fees) are
charged to all funds in proportion to their average net assets of RBB, or in
such other manner as the Company's Board of Directors deems fair or equitable.
Expenses and fees, including investment advisory and administration fees, are
accrued daily for the purpose of determining the NAV of the Fund.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income and distributions from net realized capital gains, if any,
will be declared and paid at least annually to shareholders and recorded on the
ex-dividend date. Income dividends and capital gain distributions are determined
in accordance with U.S. federal income tax regulations which may differ from
accounting principles generally accepted in the United States.

U.S. TAX STATUS -- No provision is made for U.S. income taxes as it is the
Fund's intention to qualify for and elect the tax treatment applicable to
regulated investment companies under Subchapter M of the Internal Revenue Code
of 1986, as amended, and make the requisite distributions to its shareholders
which will be sufficient to relieve it from U.S. income and excise taxes.

CASH AND CASH EQUIVALENTS -- The Fund considers liquid assets deposited
into bank demand deposit accounts to be cash equivalents. These investments
represent amounts held with financial institutions that are readily accessible
to pay Fund expenses or purchase investments. Cash and cash equivalents are
valued at cost plus accrued interest, which approximates market value.

BOGLE INVESTMENT MANAGEMENT
SMALL CAP GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)

be made against the Fund in the future, and, therefore, cannot be estimated;
however, based on experience, the risk of material loss from such claims is
considered remote.

2. INVESTMENT ADVISER AND OTHER SERVICES

Bogle Investment Management, L.P. (the "Adviser" or "Bogle") serves as the
Fund's investment adviser. For its advisory services, the Adviser is entitled to
receive 1.00% of the Fund's average daily net assets, computed daily and payable
monthly.

The Adviser has contractually agreed to limit the Fund's total operating
expenses (other than acquired fund fees and expenses, brokerage commissions,
extraordinary items, interest and taxes) through December 31, 2010 to the extent
that such expenses exceed 1.25% of the average daily net assets of the Fund's
Institutional Class and 1.35% of the average daily net assets of the Fund's
Investor Class. As necessary, this limitation is effected in waivers of advisory
fees and reimbursements of expenses exceeding the advisory fee. The contractual
fee waiver does not provide for recoupment of fees that were waived or expenses
that were reimbursed. For the six-month period ended February 28, 2010,
investment advisory fees and waivers of the Fund were as follows:

GROSS NET
ADVISORY FEES WAIVERS ADVISORY FEES
- ------------- --------- -------------

$439,431 $(125,399) $314,032

The Fund will not pay the Adviser at a later time for any amounts waived or
any amounts assumed.

In addition to serving as the Fund's investment adviser, Bogle provides
certain shareholder services to the Investor Class of the Fund. As compensation
for such services, the Adviser receives a monthly fee equal to an annual rate of
0.10% of the average daily net assets of the Fund's Investor Class.

PNC Global Investment Servicing (U.S.), Inc. ("PNC"), a member of The PNC
Financial Services Group, Inc., serves as administrator for the Fund. For
providing administrative and accounting services, PNC is entitled to receive a
monthly fee equal to an annual percentage rate of the Fund's average daily net
assets, subject to certain minimum monthly fees.

PNC has voluntarily agreed to waive a portion of its administration and
accounting fees for the Fund. For the six-month period ended February 28, 2010,
administration and accounting fees and waivers of the Fund were as follows:

GROSS ADMINISTRATION NET ADMINISTRATION
AND ACCOUNTING AND ACCOUNTING
FEES WAIVERS FEES
- -------------------- ------- ------------------

$75,369 $(5,493) $69,876

BOGLE INVESTMENT MANAGEMENT
SMALL CAP GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)

In addition, PNC serves as the Fund's transfer and dividend disbursing
agent. For providing transfer agent services, PNC is entitled to receive a
monthly fee equal to an annual percentage rate of the Fund's average daily net
assets and is subject to certain minimum monthly fees.

For providing custodial services to the Fund, PFPC Trust Company, an
affiliate of PNC, is entitled to receive a monthly fee equal to an annual
percentage rate of the Fund's average daily net assets subject to certain
minimum monthly fees.

PFPC Distributors, Inc., an affiliate of PNC, serves as the principal
underwriter and distributor of the Fund's shares pursuant to a Distribution
Agreement with RBB.

The Fund will not pay PNC or PNC's affiliates at a later time for any
amounts waived or any amounts assumed.

3. DIRECTOR COMPENSATION

The Directors of the Company receive an annual retainer, meeting fees and
out of pocket expenses for meetings attended. The remuneration paid to the
Directors by the Fund during the six-month period ended February 28, 2010 was
$6,584. Certain employees of PNC are Officers of the Company. They are not
compensated by the Fund or the Company.

4. INVESTMENT IN SECURITIES

For the six-month period ended February 28, 2010, aggregate purchases and
sales of investment securities (excluding short-term investments) of the Fund
were as follows:

INVESTMENT SECURITIES
- -------------------------
PURCHASES SALES
- ----------- -----------

$85,630,405 $94,441,662

5. CAPITAL SHARE TRANSACTIONS

As of February 28, 2010, the Fund has 100,000,000 shares of $0.001 par
value common stock authorized for the Institutional Class and 100,000,000 shares
of $0.001 par value common stock authorized for the Investor Class.

As of February 28, 2010, the Fund had two shareholder accounts and/or
omnibus accounts (comprised of a group of individual shareholders) that held 31%
of the total shares outstanding of the Fund.

6. FEDERAL INCOME TAX INFORMATION

Management has analyzed the Fund's tax positions taken on federal income
tax returns for all open tax years (current and prior three tax years), and has
concluded that no provision for federal income tax is required in the Fund's
financial statements. The Fund's federal and state income and federal excise tax

BOGLE INVESTMENT MANAGEMENT
SMALL CAP GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)

returns for tax years for which the applicable statutes of limitations have not
expired are subject to examination by the Internal Revenue Service and state
departments of revenue.

As of February 28, 2010, federal tax cost, aggregate gross unrealized
appreciation and depreciation of securities held by the Fund were as follows:

FEDERAL TAX UNREALIZED UNREALIZED NET UNREALIZED
COST APPRECIATION DEPRECIATION APPRECIATION
- ----------- ------------ ------------- --------------

$81,422,058 $12,710,167 $(4,915,172) $7,794,995

As of August 31, 2009, the components of distributable earnings on a tax
basis were as follows:

UNDISTRIBUTED UNDISTRIBUTED
ORDINARY LONG-TERM
INCOME GAINS
- ------------- -------------

$-- $--

The differences between the book and tax basis components of distributable
earnings relate principally to the timing of recognition of income and gains for
federal income tax purposes. Short-term and foreign currency gains are reported
as ordinary income for federal income tax purposes.

The tax character of dividends and distributions paid during the fiscal
year ended August 31, 2009 is as follows:

ORDINARY INCOME LONG-TERM GAINS TOTAL
- --------------- --------------- -----

$-- $-- $--

Dividends from net investment income and short-term capital gains are
treated as ordinary income dividends for federal income tax purposes.

As of August 31, 2009, the Fund had capital loss carryforwards of
$39,229,442 available to offset future capital gains. This capital loss
carryforward will expire on August 31, 2016 ($2,386,627) and 2017 ($36,842,815).

Under federal tax law, foreign currency and capital losses realized after
October 31 may be deferred and treated as having arisen on the first day of the
following fiscal year. For the year ended August 31, 2009, the Fund deferred
post-October capital losses of $45,238,801.

BOGLE INVESTMENT MANAGEMENT
SMALL CAP GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
(UNAUDITED)

7. NEW ACCOUNTING PRONOUNCEMENT

8. SUBSEQUENT EVENT

Management has evaluated the impact of all subsequent events on the Fund
though the date the financial statements were issued, and has determined that
there was the following subsequent event:

The Stock Sale includes PNC, PFPC Trust Company and PFPC Distributors, Inc.
and is expected to close in the third quarter of 2010.

BOGLE INVESTMENT MANAGEMENT
SMALL CAP GROWTH FUND
OTHER INFORMATION
(UNAUDITED)

PROXY VOTING

Policies and procedures that the Fund uses to determine how to vote proxies
relating to portfolio securities as well as information regarding how the Fund
voted proxies relating to portfolio securities for the most recent 12-month
period ended June 30 are available without charge, upon request, by calling
(877) 264-5346 and on the Securities and Exchange Commission's ("SEC") website
at http://www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULES

The Company files its complete schedule of portfolio holdings with the SEC
for the first and third fiscal quarters of each fiscal year (quarters ended
November 30 and May 31) on Form N-Q. The Company's Form N-Q is available on the
SEC website at http://www.sec.gov and may be reviewed and copied at the SEC
Public Reference Room in Washington, D.C. Information on the operation of the
SEC Public Reference Room may be obtained by calling (202) 551-8090.

[THIS PAGE INTENTIONALLY LEFT BLANK]

BOGLE
INVESTMENT
MANAGEMENT
SMALL CAP GROWTH FUND
OF THE RBB FUND, INC.

SEMIANNUAL REPORT
FEBRUARY 28, 2010
(UNAUDITED)

This report is submitted for the general information of the shareholders of the
Fund. It is not authorized for distribution unless preceded or accompanied by a
current prospectus for the Fund.

INVESTMENT ADVISER

Bogle Investment Management, L.P.
2310 Washington Street
Suite 310
Newton Lower Falls, MA 02462

ADMINISTRATOR

PNC Global Investment Servicing (U.S.), Inc.
301 Bellevue Parkway
Wilmington, DE 19809

TRANSFER AGENT

PNC Global Investment Servicing (U.S.), Inc.
101 Sabin Street
Pawtucket, RI 02860

PRINCIPAL UNDERWRITER

PFPC Distributors, Inc.
760 Moore Road
King of Prussia, PA 19406

CUSTODIAN

PFPC Trust Company
8800 Tinicum Blvd.
Suite 200
Philadelphia, PA 19153

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP
Two Commerce Square, Suite 1700
2001 Market Street
Philadelphia, PA 19103-7042

COUNSEL

Drinker Biddle & Reath LLP
One Logan Square, Ste. 2000
Philadelphia, PA 19103-6996

(MARVIN & PALMER(R) ASSOCIATES, INC. LOGO)
GLOBAL EQUITY MANAGEMENT

(GRAPHIC)

MARVIN & PALMER LARGE CAP GROWTH FUND

of The RBB Fund, Inc.

SEMI-ANNUAL REPORT
February 28, 2010
(Unaudited)

This report is submitted for the general information of the shareholders of the
Fund. It is not authorized for distribution unless preceded or accompanied by a
current prospectus for the Fund. Shares of the Fund are distributed by PFPC
Distributors, Inc., 760 Moore Road, King of Prussia, PA 19406.

MARVIN & PALMER
LARGE CAP GROWTH FUND
SEMI-ANNUAL INVESTMENT ADVISER'S REPORT
FEBRUARY 28, 2010
(UNAUDITED)

Dear Fellow Shareholder:

During the period from September 1, 2009 through February 28, 2010 the Fund
returned 8.3%. It underperformed the Russell 1000 Growth Index which was up
11.3% for the same period.

INVESTMENT CLIMATE AND OUTLOOK

The continuation of the economic and equity market rebounds that started last
spring were helped by the record-low interest rates globally that the world's
central bankers have maintained. While the outlook looks generally positive for
2010, particularly for the first six months, there are potential negatives as
the year goes on. Some of these concerns include the timing of interest rate
increases, stubbornly high unemployment rates, as well as worries about the
long-term impact of the healthcare reform and other government spending. The
U.S. and other developed markets are likely to have moderate growth when
compared to the emerging markets, led by China and Brazil, which are driving
higher demand for materials and energy. Most companies are benefiting from a
rebound in the inventory cycle, as well as the cost-cutting measures taken
during the recent financial crisis.

Despite concerns about the sustainability of the current economic recovery, we
remain constructive on the outlook for equities. However, the market continues
to worry about debt default issues around the globe and the threats of both
inflation and less accommodative monetary policy. Given these crosscurrents, we
expect the market to increasingly favor larger, high-quality growth companies.
We are particularly positive on companies exposed to emerging markets. On a
sector basis, we believe the technology sector should perform well this year.
The combination of the growth in smart phones, cloud computing and increased
corporate spending should make the technology sector attractive in a slow growth
environment.

INVESTMENT REVIEW AND PORTFOLIO STRATEGY

The Marvin & Palmer Large Cap Growth Fund underperformed the Russell 1000 Growth
Index and the broader S&P 500 Index during the six months ended February 28,
2010. The Fund's underperformance was driven by stock selection. Sector
allocation was a slight positive contributor. The financials sector hurt the
most, while the information technology sector helped the most. The Fund's best
performing stocks were Cognizant Technology Solutions, Amazon.com, Inc. and
NetApp, Inc. The worst contributing stocks were Microsoft Corp., Procter &
Gamble Co. and Abbott Laboratories. The Fund's primary underweights are in the
consumer staples, financials and health care sectors. The information technology
and industrials sectors look the most promising to us.

We are quite positive about the outlook for corporate profitability. We continue
to emphasize leading companies in the most economically sensitive sectors that
will lead the global recovery. Again, we thank you for your patience and
understanding.

David F. Marvin, CFA
Chairman
Marvin & Palmer Associates, Inc.

MARVIN & PALMER
LARGE CAP GROWTH FUND
SEMI-ANNUAL REPORT
FEBRUARY 28, 2010
(UNAUDITED)

Total Returns for the Period Ended February 28, 2010

AVERAGE ANNUAL
SIX SINCE
MONTHS ONE YEAR INCEPTION*
------ -------- --------------

LARGE CAP GROWTH FUND 8.30% 35.68% -11.50%
RUSSELL 1000(R) GROWTH INDEX 11.32% 54.19% -5.40%

* INCEPTION DATE JUNE 29, 2007.

THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE
FUTURE RESULTS. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER. PERFORMANCE DATA
CURRENT TO THE MOST RECENT MONTH-END MAY BE OBTAINED BY CALLING (877) 821-2117.
THE INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO
THAT SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
THE TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY
ON FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. THE PERFORMANCE QUOTED
REFLECTS FEE WAIVERS IN EFFECT AND WOULD HAVE BEEN LESS IN THEIR ABSENCE. THE
FUND'S GROSS ANNUAL OPERATING EXPENSE RATIO, AS STATED IN THE CURRENT
PROSPECTUS, IS 2.27% AND THE FUND'S NET OPERATING EXPENSE RATIO IS 0.80%. THE
EXPENSE RATIO IS CONTRACTUALLY CAPPED AT 0.80% THROUGH DECEMBER 31, 2010,
WITHOUT WHICH PERFORMANCE WOULD HAVE BEEN LESS. THIS CAP CAN BE DISCONTINUED AT
ANY TIME AFTER DECEMBER 31, 2010.

THE FUND'S TOTAL RETURNS SINCE INCEPTION ARE BASED ON A CHANGE IN NET ASSET
VALUE FROM $10.00 PER SHARE ON JUNE 29, 2007 (INCEPTION) TO $7.18 PER SHARE ON
FEBRUARY 28, 2010.

PORTFOLIO COMPOSITION IS SUBJECT TO CHANGE.

MARVIN & PALMER
LARGE CAP GROWTH FUND
FUND EXPENSE DISCLOSURE
FEBRUARY 28, 2010
(UNAUDITED)

As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including redemption fees; and (2) ongoing costs, including management
fees and other Fund expenses. This example is intended to help you understand
your ongoing costs (in dollars) of investing in the Fund and to compare these
costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning
of the six-month period from September 1, 2009 through February 28, 2010, and
held for the entire period.

ACTUAL EXPENSES

The first line of the accompanying table below provides information about
actual account values and actual expenses. You may use the information in this
line, together with the amount you invested, to estimate the expenses that you
paid over the period. Simply divide your account value by $1,000 (for example,
an $8,600 account value divided by $1,000 = 8.6), then multiply the result by
the number in the first line under the heading entitled "Expenses Paid During
Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line of the accompanying table below provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not your Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare these
5% hypothetical examples with the 5% hypothetical examples that appear in the
shareholder reports of other funds.

Please note that the expenses shown in the accompanying tables are meant to
highlight your ongoing costs only and do not reflect any transactional costs,
such as redemption fees. Therefore, the second line of the accompanying table is
useful in comparing ongoing costs only, and will not help you determine the
relative total costs of owning different funds. In addition, if these
transactional costs were included, your costs would have been higher.

LARGE CAP GROWTH FUND
---------------------------------------------------------------
BEGINNING ACCOUNT VALUE ENDING ACCOUNT VALUE EXPENSES PAID
SEPTEMBER 1, 2009 FEBRUARY 28, 2010 DURING PERIOD*
----------------------- -------------------- --------------

Actual $1,000.00 $1,083.00 $4.13
Hypothetical (5% return before expenses) 1,000.00 1,020.78 4.02

- ----------
* Expenses are equal to an annualized six-month expense ratio of 0.80% for
the Fund which includes waived fees or reimbursed expenses, multiplied by
the average account value over the period, multiplied by the number of days
in the most recent period (181), then divided by 365 to reflect the
one-half year period. The Fund's ending account values are based on the
actual six-month total return for the Fund of 8.30%.

MARVIN & PALMER
LARGE CAP GROWTH FUND
PORTFOLIO HOLDINGS SUMMARY TABLE
FEBRUARY 28, 2010
(UNAUDITED)

% of Net
Assets Value
-------- -----------

Domestic Common Stocks:
Technology Hardware & Equipment ..... 17.8% $ 2,365,476
Software & Services ................. 16.3 2,166,118
Pharmaceuticals, Biotechnology &
Life Sciences .................... 10.8 1,433,421
Capital Goods ....................... 9.4 1,250,463
Retailing ........................... 7.8 1,027,906
Health Care Equipment & Services .... 6.3 840,881
Food, Beverage & Tobacco ............ 5.3 697,697
Energy .............................. 4.3 564,640
Household Products .................. 3.2 425,144
Transportation ...................... 2.9 377,874
Food & Staples Retailing ............ 2.7 356,862
Consumer Durables & Apparel ......... 2.3 310,240
Materials ........................... 2.2 297,507
Semiconductors & Semiconductors
Equipment ........................ 2.0 268,656
Diversified financials .............. 1.6 209,597
Consumer Services ................... 1.4 185,165
Banking ............................. 1.3 166,774
Other Assets In Excess of Liabilities .. 2.4 314,422
----- -----------
NET ASSETS ............................. 100.0% $13,258,843
===== ===========

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

MARVIN & PALMER
LARGE CAP GROWTH FUND
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 2010
(UNAUDITED)

Shares Value
------ -----------

DOMESTIC COMMON STOCKS -- 97.6%
BANKING -- 1.3%
Wells Fargo & Co. ....................................... 6,100 $ 166,774
-----------
CAPITAL GOODS -- 9.4%
3M Co. .................................................. 2,400 192,360
Boeing Co., (The) ....................................... 1,800 113,688
Caterpillar, Inc. ....................................... 2,700 154,035
McDermott International, Inc.* .......................... 3,800 86,830
Precision Castparts Corp. ............................... 3,500 394,625
United Technologies Corp. ............................... 4,500 308,925
-----------
1,250,463
-----------
CONSUMER DURABLES & APPAREL -- 2.3%
NIKE, Inc., Class B ..................................... 2,300 155,480
VF Corp. ................................................ 2,000 154,760
-----------
310,240
-----------
CONSUMER SERVICES -- 1.4%
McDonald's Corp. ........................................ 2,900 185,165
-----------
DIVERSIFIED FINANCIALS -- 1.6%
Goldman Sachs Group, Inc., (The) ........................ 750 117,263
JPMorgan Chase & Co. .................................... 2,200 92,334
-----------
209,597
-----------
ENERGY -- 4.3%
Exxon Mobil Corp. ....................................... 1,500 97,500
Schlumberger Ltd. ....................................... 4,600 281,060
Transocean Ltd.* ........................................ 1,300 103,766
Ultra Petroleum Corp.* .................................. 1,800 82,314
-----------
564,640
-----------
FOOD & STAPLES RETAILING -- 2.7%
Wal-Mart Stores, Inc. ................................... 6,600 356,862
-----------
FOOD, BEVERAGES & TOBACCO -- 5.3%
Coca-Cola Co., (The) .................................... 4,000 210,880
General Mills, Inc. ..................................... 2,000 144,020
PepsiCo, Inc. ........................................... 2,900 181,163
Philip Morris International, Inc. ....................... 3,300 161,634
-----------
697,697
-----------
HEALTH CARE EQUIPMENT & SERVICES -- 6.3%
Medco Health Solutions, Inc.* ........................... 3,500 221,340
Stryker Corp. ........................................... 3,600 191,160
WellPoint, Inc.* ........................................ 4,700 290,789
Zimmer Holdings, Inc.* .................................. 2,400 137,592
-----------
840,881
-----------
HOUSEHOLD PRODUCTS -- 3.2%
Colgate-Palmolive Co. ................................... 3,600 298,584
Procter & Gamble Co., (The) ............................. 2,000 126,560
-----------
425,144
-----------

Shares Value
------ -----------

MATERIALS -- 2.2%
Freeport-McMoRan Copper & Gold, Inc. .................... 1,550 $ 116,498
Mosaic Co., (The) ....................................... 3,100 181,009
-----------
297,507
-----------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 10.8%
Abbott Laboratories ..................................... 3,000 162,840
Celgene Corp.* .......................................... 4,100 244,032
Gilead Sciences, Inc.* .................................. 6,140 292,325
Johnson & Johnson ....................................... 3,600 226,800
Life Technologies Corp.* ................................ 4,800 243,648
Merck & Co., Inc. ....................................... 4,200 154,896
Warner Chilcott PLC, Class A* ........................... 4,000 108,880
-----------
1,433,421
-----------
RETAILING -- 7.8%
Amazon.com, Inc.* ....................................... 2,900 343,360
Kohl's Corp.* ........................................... 2,300 123,786
Priceline.com, Inc.* .................................... 1,300 294,788
Target Corp. ............................................ 2,900 149,408
TJX Cos., Inc. (The) .................................... 2,800 116,564
-----------
1,027,906
-----------
SEMICONDUCTORS & SEMICONDUCTORS EQUIPMENT -- 2.0%
Micron Technology, Inc.* ................................ 12,700 115,062
Texas Instruments, Inc. ................................. 6,300 153,594
-----------
268,656
-----------
SOFTWARE & SERVICES -- 16.3%
Cognizant Technology Solutions Corp.,
Class A* ............................................. 8,900 428,357
Google, Inc., Class A* .................................. 1,020 537,336
Microsoft Corp. ......................................... 11,700 335,322
Oracle Corp. ............................................ 5,500 135,575
Salesforce.com, Inc.* ................................... 5,000 339,750
Visa, Inc., Class A ..................................... 1,900 162,032
VMware, Inc., Class A* .................................. 4,600 227,746
-----------
2,166,118
-----------
TECHNOLOGY HARDWARE & EQUIPMENT -- 17.8%
Apple, Inc.* ............................................ 2,350 480,857
Cisco Systems, Inc.* .................................... 16,100 391,713
EMC Corp.* .............................................. 17,200 300,828
Hewlett-Packard Co. ..................................... 2,000 101,580
Juniper Networks, Inc.* ................................. 11,700 327,366
NetApp, Inc.* ........................................... 10,500 315,105
QUALCOMM, Inc. .......................................... 3,800 139,422
Seagate Technology ...................................... 15,500 308,605
-----------
2,365,476
-----------

The accompanying notes are an integral part of the financial statements.

MARVIN & PALMER
LARGE CAP GROWTH FUND
PORTFOLIO OF INVESTMENTS (CONCLUDED)
FEBRUARY 28, 2010
(UNAUDITED)

Shares Value
------ -----------

TRANSPORTATION -- 2.9%
CSX Corp. ............................................... 2,000 $ 94,920
Union Pacific Corp. ..................................... 4,200 282,954
-----------
377,874
-----------
TOTAL DOMESTIC COMMON STOCKS
(Cost $10,738,221) ................................ 12,944,421
-----------
TOTAL INVESTMENTS -- 97.6%
(Cost $10,738,221) ................................... 12,944,421
-----------
OTHER ASSETS IN EXCESS OF LIABILITIES -- 2.4% ........... 314,422
-----------
NET ASSETS -- 100.0% .................................... $13,258,843
===========

- ----------
* Non-income producing.

The following is a summary of the inputs used, as of February 28, 2010, in
valuing the Fun's investments carried at market value (See Note 1 in Notes to
Financial Statements):

LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
FEBRUARY 28, 2010 PRICE INPUTS INPUTS
----------------- ----------- ----------- ------------

Investments in Securities* $12,944,421 $12,944,421 $-- $--
=========== =========== === ===

* Please refer to the Portfolio of Investments for industry and security type
breakouts.

The accompanying notes are an integral part of the financial statements.

MARVIN & PALMER
LARGE CAP GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES
FEBRUARY 28, 2010
(UNAUDITED)

ASSETS
Investments, at value (Cost $10,738,221) .............................. $ 12,944,421
Cash and cash equivalents ............................................. 319,153
Receivables
Investments sold ................................................... 97,835
Investment adviser ................................................. 26,961
Dividends and interest ............................................. 13,216
Prepaid expenses and other assets ..................................... 11,490
------------
Total assets .................................................... 13,413,076
------------
LIABILITIES
Payable for investments purchased ..................................... 92,351
Other accrued expenses and liabilities ................................ 61,882
------------
Total liabilities ............................................... 154,233
------------
Net Assets ............................................................ $ 13,258,843
============
NET ASSETS CONSIST OF
Par value ............................................................. $ 1,847
Paid-in capital ....................................................... 23,070,536
Accumulated net investment loss ....................................... (10,463)
Accumulated net realized loss from investments ........................ (12,009,277)
Net unrealized appreciation on investments ............................ 2,206,200
------------
Net Assets ............................................................ $ 13,258,843
============
Shares outstanding ($0.001 par value, 100,000,000 shares authorized) .. 1,846,729
------------
Net asset value, offering and redemption price per share .............. $ 7.18
============

The accompanying notes are an integral part of the financial statements.

MARVIN & PALMER
LARGE CAP GROWTH FUND
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2010
(UNAUDITED)

INVESTMENT INCOME
Dividends ................................................. $ 59,306
----------
Total investment income ................................ 59,306
----------
EXPENSES
Administration and accounting fees ........................ 75,632
Advisory fees ............................................. 56,684
Professional fees ......................................... 16,981
Transfer agent fees ....................................... 14,582
Directors' and officers' fees ............................. 11,317
Registration and filing fees .............................. 11,174
Printing and shareholder reporting fees ................... 8,739
Custodian fees ............................................ 2,756
Insurance ................................................. 1,701
Other expenses ............................................ 941
----------
Total expenses before waivers and reimbursements ....... 200,507
----------
Less: waivers and reimbursements ....................... (130,742)
----------
Net expenses after waivers and reimbursements .......... 69,765
----------
Net investment loss ....................................... (10,459)
----------
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
NET REALIZED GAIN/(LOSS) FROM:
Investments ............................................ 2,464,321
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON:
Investments ............................................ (819,251)
----------
Net realized and unrealized gain from investments ......... 1,645,070
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ......... $1,634,611
==========

The accompanying notes are an integral part of the financial statements.

MARVIN & PALMER
LARGE CAP GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS

FOR THE SIX MONTHS
ENDED FOR THE YEAR
FEBRUARY 28, 2010 ENDED
(UNAUDITED) AUGUST 31, 2009
------------------ ---------------

INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ............................................... $ (10,459) $ 67,304
Net realized gain/(loss) from investments .................................. 2,464,321 (10,342,051)
Net change in unrealized appreciation/(depreciation) from investments ...... (819,251) 1,991,618
----------- ------------
Net increase/(decrease) in net assets resulting from operations ............... 1,634,611 (8,283,129)
----------- ------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ...................................................... (31,926) (63,113)
----------- ------------
Net decrease in net assets from dividends and distributions to shareholders ... (31,926) (63,113)
----------- ------------
CAPITAL TRANSACTIONS:
Proceeds from shares sold .................................................. 1,390,000 2,752,950
Reinvestment of distributions .............................................. 31,506 62,459
Shares redeemed ............................................................ (9,108,600) (3,906,142)
----------- ------------
Net decrease in net assets from capital transactions .......................... (7,687,094) (1,090,733)
----------- ------------
Total decrease in net assets .................................................. (6,084,409) (9,436,975)
NET ASSETS
Beginning of period ........................................................ 19,343,252 28,780,227
----------- ------------
End of period .............................................................. $13,258,843 $ 19,343,252
=========== ============
Undistributed/accumulated net investment income (loss), end of period ......... $ (10,463) $ 31,922
=========== ============
SHARE TRANSACTIONS:
Shares sold ................................................................ 189,410 449,528
Shares reinvested .......................................................... 4,376 10,324
Shares redeemed ............................................................ (1,260,305) (633,123)
----------- ------------
Total share transactions ................................................... (1,066,519) (173,271)
=========== ============

The accompanying notes are an integral part of the financial statements.

MARVIN & PALMER
LARGE CAP GROWTH FUND
FINANCIAL HIGHLIGHTS

Contained below is per share operating performance data for each share
outstanding, total investment return, ratios to average net assets and other
supplemental data for the respective periods. This information has been derived
from information provided in the financial statements.

FOR THE SIX FOR FOR
MONTHS ENDED THE YEAR THE YEAR
FEBRUARY 28, ENDED ENDED FOR THE PERIOD
2010 AUGUST 31, AUGUST 31, JUNE 29, 2007*
(UNAUDITED) 2009 2008 TO AUGUST 31, 2007
------------ ---------- ---------- ------------------

PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period .............................. $ 6.64 $ 9.32 $ 10.20 $ 10.00
------- ------- ------- -------
Net investment income/(loss) ...................................... (0.01) 0.02 0.01 --(1)
Net realized and unrealized gain/(loss) on investments ............ 0.56 (2.68) (0.89) 0.20
------- ------- ------- -------
Net increase/(decrease) in net assets resulting from operations ... 0.55 (2.66) (0.88) 0.20
------- ------- ------- -------
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income ............................................. (0.01) (0.02) --(1) --
------- ------- ------- -------
Net asset value, end of period .................................... $ 7.18 $ 6.64 $ 9.32 $ 10.20
======= ======= ======= =======
Total investment return(2) ........................................ 8.30% (28.51)% (8.61)% 2.00%
RATIO/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) ......................... $13,259 $19,343 $28,780 $15,283
Ratio of expenses to average net assets ........................... 0.80%(3) 0.80% 0.80% 0.80%(3)
Ratio of expenses to average net assets without waivers and
expense reimbursements ......................................... 2.30%(3) 2.27% 2.09% 3.93%(3)
Ratio of net investment income (loss) to average net assets ....... (0.12)%(3) 0.37% 0.12% 0.21%(3)
Portfolio turnover rate ........................................... 79.02% 237.91% 252.37% 28.70%

- ----------
* Commencement of Operations.

(1) Less than $0.005 per share.

(2) Total investment return is calculated by assuming a purchase of shares on
the first day and a sale of shares on the last day of each period reported
and includes reinvestments of dividends and distributions, if any.

(3) Annualized.

The accompanying notes are an integral part of the financial statements.

MARVIN & PALMER
LARGE CAP GROWTH FUND
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 28, 2010
(UNAUDITED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

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

- Level 1 -- quoted prices in active markets for identical securities

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

- Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities. A
summary of the inputs used to value the Fund's investments as of February 28,
2010 is included with the Fund's Schedule of Investments.

USE OF ESTIMATES -- The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America,
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the period. Actual results could differ from those
estimates and those differences could be significant.

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES -- The Fund records
security transactions based on trade date. The cost of investments sold is
determined by use of the specific identification method for both financial
reporting and income tax purposes in determining realized gains and losses on
investments. Interest income is accrued when earned. Dividend income is recorded
on the ex-dividend date. Distributions received on securities that represent a
return of capital or capital gains are recorded as a reduction of cost of
investments and/or as a realized gain. The Fund estimates the components of
distributions received that may be considered return of capital distributions or
capital gain distributions. The Fund's investment income, expenses and
unrealized and realized gains and losses are allocated daily. Expenses incurred
on behalf of a specific class, fund or fund family are charged directly to the
class, fund or fund family (in proportion to net assets). Expenses incurred for
all the RBB funds (such as director or professional fees) are charged to all
funds in proportion to their average net assets of RBB, or in such other manner
as the Company's Board of Directors deems fair or equitable. Expenses and fees,
including investment advisory and administration fees, are accrued daily and
taken into account for the purpose of determining the NAV of the Fund.

MARVIN & PALMER
LARGE CAP GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY 28, 2010
(UNAUDITED)

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income and distributions from net realized capital gains, if any, are
declared, recorded on the ex-dividend date and paid at least annually to
shareholders. Income dividends and capital gain distributions are determined in
accordance with U.S. federal income tax regulations, which may differ from
generally accepted accounting principles.

CASH AND CASH EQUIVALENTS -- The Fund considers liquid assets deposited
into a bank demand deposit account to be cash equivalents. These investments
represent amounts held with financial institutions that are readily accessible
to pay Fund expenses or purchase investments. Cash and cash equivalents are
valued at cost plus accrued interest, which approximates market value.

OTHER -- In the normal course of business, the Fund may enter into
contracts that provide general indemnifications. The Fund's maximum exposure
under these arrangements is dependent on claims that may be made against the
Fund in the future, and, therefore, cannot be estimated; however, based on
experience, the risk of material loss from such claims is considered remote.

2. INVESTMENT ADVISER AND OTHER SERVICES

Marvin & Palmer Associates, Inc. ("Marvin & Palmer" or the "Adviser")
serves as investment adviser to the Fund pursuant to an investment advisory
agreement with the Company (the "Advisory Agreement"). For its services, the
Adviser is paid a monthly fee at the annual rate of 0.65% of the Fund's average
daily net assets. The Adviser has agreed to limit through December 31, 2010 the
Fund's total operating expenses (other than acquired fund fees and expenses,
brokerage commissions, extraordinary items, interest or taxes) to the extent
that such expenses exceed 0.80% of the Fund's average daily net assets. This
limitation is effected in waivers of advisory fees and reimbursement of expenses
exceeding the advisory fee as necessary. If at any time during the three years
ending March 4, 2013 the advisory agreement is in effect, the Fund's total
annual operating expenses for that year are less than 0.80% of the Fund's
average daily net assets, the Adviser is entitled to reimbursement by the Fund
of the advisory fees waived and other payments remitted by the Adviser to the
Fund during such three-year period. For the period ended February 28, 2010,
investment advisory fees accrued and waived were $56,684 and expenses reimbursed
or to be reimbursed by the Adviser were $74,058.

PNC Global Investment Servicing (U.S.), Inc. ("PNC"), a member of The PNC
Financial Services Group, Inc., serves as administrator for the Fund.
Administration and accounting fees accrued also include certain Transfer Agent
and custodian fees. For providing administrative and accounting services, PNC is
entitled to receive a monthly fee equal to an annual percentage rate of the
Fund's average daily net assets, subject to certain minimum monthly fees.

Included in the administration and accounting fees are fees for providing
regulatory administration services to RBB. For providing these services, PNC is
entitled to receive compensation as agreed to by the Company and PNC. This fee
is allocated to each portfolio in proportion to its net assets of the Company.

In addition, PNC serves as the Fund's transfer and dividend disbursing
agent. For providing transfer agent services, PNC is entitled to receive out of
pocket expenses.

For providing custodial services to the Fund, PFPC Trust Company, an
affiliate of PNC, is entitled to receive out of pocket expenses.

PFPC Distributors, Inc., an affiliate of PNC, serves as the principal
underwriter and distributor of the Fund's shares pursuant to a Distribution
Agreement with RBB.

MARVIN & PALMER
LARGE CAP GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY 28, 2010
(UNAUDITED)

3. DIRECTOR COMPENSATION

The Directors of the Company receive an annual retainer, meeting fees and
out of pocket expenses for meetings attended. The remuneration paid to the
Directors by the Fund during the period ended February 28, 2010 was $2,916.
Certain employees of PNC are Officers of the Company. They are not compensated
by the Fund or the Company.

4. INVESTMENT IN SECURITIES

For the six-month period ended ended February 28, 2010, aggregate purchases
and sales of investment securities (excluding short-term investments) of the
Fund were as follows:

PURCHASES SALES
----------- -----------

Investment Securities .............................. $13,117,499 $20,779,320

5. SIGNIFICANT SHAREHOLDERS

As of February 28, 2010, the Fund had 2 shareholder accounts and/or omnibus
accounts (comprised of a group of individual shareholders) that amounted to 74%
of the total shares outstanding of the Fund.

6. FEDERAL TAX INFORMATION

Management has analyzed the Fund's tax positions taken on federal income
tax returns for all open tax years (August 31, 2006 - 2009) and has concluded
that no provision for federal income tax is required in the Fund's financial
statements. The Fund's federal and state income and federal excise tax returns
for tax years for which the applicable statutes of limitations have not expired
are subject to examination by the Internal Revenue Service and state departments
of revenue.

As of February 28, 2010, federal tax cost, aggregate gross unrealized
appreciation and depreciation of securities held by the Fund were as follows:

FEDERAL TAX UNREALIZED UNREALIZED NET UNREALIZED
COST APPRECIATION DEPRECIATION APPRECIATION
- ----------- ------------ ------------ --------------

$10,738,221 $2,333,181 $(126,981) $2,206,200

As of August 31, 2009, the components of distributable earnings on a tax
basis were as follows:

UNDISTRIBUTED UNDISTRIBUTED
ORDINARY INCOME LONG-TERM GAINS
- --------------- ---------------

$31,922 $--

The differences between the book and tax basis components of distributable
earnings relate principally to the timing of recognition of income and gains for
federal income tax purposes. Short-term and foreign currency gains are reported
as ordinary income for federal income tax purposes.

MARVIN & PALMER
LARGE CAP GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
FEBRUARY 28, 2010
(UNAUDITED)

The tax character of distributions paid during the fiscal year ended August
31, 2009 was as follows:

Ordinary income ...................................................... $63,113
Long-term capital gains .............................................. --
-------
Total distributions .................................................. $63,113
=======

Dividends from net investment income and short-term capital gains are
treated as ordinary income dividends for federal income tax purposes.

For federal income tax purposes, capital loss carryforwards are available
to offset future capital gains. As of August 31, 2009, the Fund had a capital
loss carryforward of $7,767,007 which will expire on August 31, 2016 ($328,738)
and August 31, 2017 ($7,438,269).

Under federal tax law, foreign currency and capital losses realized after
October 31 may be deferred and treated as having arisen on the first day of the
following fiscal year. For the year ended August 31, 2009, the Fund expects to
elect to treat post-October capital losses of $6,535,689 as having been incurred
in the following fiscal year.

7. NEW ACCOUNTING PRONOUNCEMENT

8. SUBSEQUENT EVENT

Management has evaluated the impact of all subsequent events on the Fund
through the date the financial statements were issued, and has determined that
there was the following subsequent event:

The Stock Sale includes PNC, PFPC Trust Company and PFPC Distributors, Inc.
and is expected to close in the third quarter of 2010.

MARVIN & PALMER
LARGE CAP GROWTH FUND
OTHER INFORMATION
(UNAUDITED)

PROXY VOTING

Policies and procedures that the Fund uses to determine how to vote proxies
relating to portfolio securities as well as information regarding how the Fund
voted proxies relating to portfolio securities for the most recent 12-month
period ended June 30 are available without charge, upon request, by calling
Marvin and Palmer at (877) 821-2117 and on the Securities and Exchange
Commission's ("SEC") website at http://www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULES

The Company will file a complete schedule of portfolio holdings with the
SEC for the first and third fiscal quarters of each fiscal year (quarters ended
November 30 and May 31) on Form N-Q. The Company's Form N-Q will be available on
the SEC website at http://www.sec.gov and may be reviewed and copied at the SEC
Public Reference Room in Washington, D.C. Information on the operation of the
SEC Public Reference Room may be obtained by calling (202) 551-8090.

[THIS PAGE INTENTIONALLY LEFT BLANK.]

Investment Adviser
Marvin & Palmer Associates, Inc.
1201 N. Market Street
Suite 2300
Wilmington, DE 19801-1165

Administrator
PNC Global Investment Servicing (U.S.), Inc.
301 Bellevue Parkway
Wilmington, DE 19809

Transfer Agent
PNC Global Investment Servicing (U.S.), Inc.
101 Sabin Street
Pawtucket, RI 02860

Principal Underwriter
PFPC Distributors, Inc.
760 Moore Road
King of Prussia, PA 19406

Custodian
PFPC Trust Company
8800 Tinicum Blvd.
Suite 200
Philadelphia, PA 19153

Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Two Commerce Square, Suite 1700
2001 Market Street
Philadelphia, PA 19103-7042

Counsel
Drinker Biddle & Reath LLP
One Logan Square, Ste. 2000
Philadelphia, PA 19103-6996

FREE MARKET FUNDS
ANNUAL INVESTMENT ADVISER'S REPORT
FEBRUARY 28, 2010
(UNAUDITED)

Dear Fellow Shareholder,

It has been a couple of years since the launch of the Free Market Mutual
Funds (the "Funds") on January 1, 2008. The Funds have steadily gained assets
since their start and have topped the $1 billion milestone in 2010. We would
like to extend a warm and grateful thank you to all investors who have embraced
our Free Market investment strategies.

Over the past six months, investors who remained invested have continued to
experience the gains from the upward rally that started almost a year ago when
the S&P 500 Index closed at its 676 low on March 9, 2009. Global equity markets
over the past six months have risen 6.22% as measured by the MSCI All Country
World Index. Furthermore, U.S. Small stocks, U.S. Value stocks and emerging
markets led the way with double digit returns over the past half a year. The
Barclays Capital U.S. Government/Credit Intermediate Bond Index also experienced
positive returns of 3.01% for the period.

Matson Money, Inc. ("Matson Money") strives to deliver the performance of
capital markets and add value through Free Market investment strategies and
Structured Market Portfolios. Grounded in the conviction that Free Markets work,
Matson Money avoids the cost-generating activity of stock picking and market
timing. Instead, we focus on the dimensions of capital markets that we believe
reward investors as intelligently and effectively as possible. Our disciplined
approach to life-long investing provides both the individual investor and the
financial professional with the academic foundation upon which to help achieve
investment goals.

Sound economic and financial research has documented that, over the long
term, small cap stocks outperform large cap stocks, and value stocks outperform
growth stocks. These returns seem to be compensation for risk. In fixed income,
risk is well described by bond maturity and credit quality. Matson Money's
vehicles deliberately target specific risk and return trade offs. The Funds are
diversified and designed to work together in your total investment plan. Each
Fund pursues its investment objective by investing under normal circumstances at
least 80% of its net assets in shares of other registered investment companies.

We invite you to contact your financial professional or explore our
website, www.MyMatrix.cc, to learn more about the concepts and strategies of
Matson Money's investing.

We appreciate your support and confidence in our firm's investment
philosophy, process and people.

/s/ Daniel J List

Daniel J List
Chief Compliance Officer and
Director of Portfolio Management
Matson Money, Inc.

FREE MARKET FUNDS
PERFORMANCE DATA
(UNAUDITED)

FREE MARKET U.S. EQUITY FUND

Total Returns for the Periods Ended February 28, 2010

AVERAGE ANNUAL
------------------
SIX ONE SINCE
MONTHS YEAR INCEPTION*
------ ----- ---------

FREE MARKET U.S. EQUITY FUND 10.65% 72.06% -3.78%
RUSSELL 2500(R) INDEX 12.80% 68.00% -6.87%
COMPOSITE INDEX 9.75% 60.00% -8.95%

* Annualized - The Fund commenced operations on December 31, 2007.

The Fund's aggregate total return since inception is based on a decrease in net
asset value from $10.00 per share on December 31, 2007 (commencement of
operations) to $9.04 per share on February 28, 2010.

Portfolio composition is subject to change.

The Free Market U.S. Equity Fund's underlying fund's invest in small-cap and
micro-cap stocks, large-cap and other equity securities. In addition to the
ordinary risks of equity investing, small companies entail special risk. Small
companies tend to have more risk than large companies. An investor in the Fund
will incur the expenses of the underlying funds in addition to the Fund
expenses.

FREE MARKET INTERNATIONAL EQUITY FUND

Total Returns for the Periods Ended February 28, 2010

AVERAGE ANNUAL
------------------
SIX ONE SINCE
MONTHS YEAR INCEPTION*
------ ----- ----------

FREE MARKET INTERNATIONAL EQUITY FUND 1.75% 73.62% -8.21%
MSCI WORLD (EXCLUDING U.S.) INDEX 1.56% 56.18% -14.16%
COMPOSITE INDEX 3.03% 68.93% -12.87%

* Annualized - The Fund commenced operations on December 31, 2007.

The Fund's aggregate total return since inception is based on a decrease in net
asset value from $10.00 per share on December 31, 2007 (commencement of
operations) to $8.04 per share on February 28, 2010.

Portfolio composition is subject to change.

The Free Market International Equity Fund's underlying funds invest in common
stock, preferred stock, securities convertible into stocks and other equity
securities issued by foreign companies. In addition to the ordinary risks of
equity investing, foreign and small companies entail special risk. The return on
foreign equities may be adversely affected by currency fluctuations. Emerging
markets may be subject to social instability and lack of market liquidity. Small
companies tend to have more risk than large companies. An investor in the Fund
will incur the expenses of the underlying funds in addition to the Fund
expenses.

FREE MARKET FUNDS
PERFORMANCE DATA
(UNAUDITED)

FREE MARKET FIXED INCOME FUND

Total Returns for the Periods Ended February 28, 2010

AVERAGE ANNUAL
-----------------
SIX ONE SINCE
MONTHS YEAR INCEPTION*
------ ---- ----------

FREE MARKET FIXED INCOME FUND 1.34% 3.23% 3.03%
CITIGROUP WORLD GOVT. BOND 1-5 YEAR
CURRENCY HEDGED U.S. DOLLAR INDEX 1.38% 2.86% 4.46%
COMPOSITE INDEX 1.74% 4.34% 4.22%

* Annualized - The Fund commenced operations on December 31, 2007.

The Fund's aggregate total return since inception is based on an increase in net
asset value from $10.00 per share on December 31, 2007 (commencement of
operations) to $10.26 per share on February 28, 2010.

Portfolio composition is subject to change.

The Free Market Fixed Income Fund's underlying funds invest in fixed income
securities. The underlying funds may invest their assets in bonds and other debt
securities issued by domestic and foreign governments and companies. Debt
instruments involve the risk that their prices will fall when interest rates
rise, and they are subject to the risk that the borrower may default. In
addition, the return on foreign debt securities may be adversely affected by
currency fluctuations. An investor in the Fund will incur the expenses of the
underlying funds in addition to the Fund expenses.

FREE MARKET FUNDS
FUND EXPENSE EXAMPLES
(UNAUDITED)

As a shareholder of the Fund(s), you incur two types of costs: (1) transaction
costs, including redemption fees; and (2) ongoing costs, including management
fees and other Fund expenses. These examples are intended to help you understand
your ongoing costs (in dollars) of investing in the Fund(s) and to compare these
costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of
the six-month period from September 1, 2009 through February 28, 2010, and held
for the entire period.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line of the accompanying tables provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not your Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare these
5% hypothetical examples with the 5% hypothetical examples that appear in the
shareholder reports of other funds.

FREE MARKET U.S. EQUITY FUND
---------------------------------------------------------------
BEGINNING ACCOUNT VALUE ENDING ACCOUNT VALUE EXPENSES PAID
SEPTEMBER 1, 2009 FEBRUARY 28, 2010 DURING PERIOD*
----------------------- -------------------- --------------

Actual $1,000.00 $1,106.50 $3.50
Hypothetical (5% return before expenses) 1,000.00 1,021.43 3.36

FREE MARKET INTERNATIONAL EQUITY FUND
---------------------------------------------------------------
BEGINNING ACCOUNT VALUE ENDING ACCOUNT VALUE EXPENSES PAID
SEPTEMBER 1, 2009 FEBRUARY 28, 2010 DURING PERIOD*
----------------------- -------------------- --------------

Actual $1,000.00 $1,017.50 $3.40
Hypothetical (5% return before expenses) 1,000.00 1,021.38 3.41

FREE MARKET FUNDS
FUND EXPENSE EXAMPLES (CONCLUDED)
(UNAUDITED)

FREE MARKET FIXED INCOME FUND
---------------------------------------------------------------
BEGINNING ACCOUNT VALUE ENDING ACCOUNT VALUE EXPENSES PAID
SEPTEMBER 1, 2009 FEBRUARY 28, 2010 DURING PERIOD*
----------------------- -------------------- --------------

Actual $1,000.00 $1,013.40 $3.44
Hypothetical (5% return before expenses) 1,000.00 1,021.33 3.46

* Expenses are equal to an annualized six-month expense ratio of 0.67% for
the Free Market U.S. Equity Fund, 0.68% for the Free Market International
Equity Fund and 0.69% for the Free Market Fixed Income Fund, multiplied by
the average account value over the period, multiplied by the number of days
in the most recent fiscal half-year (181), then divided by 365 to reflect
the one-half year period. The annualized expense ratios do not reflect fees
and expenses associated with the underlying funds. If such fees and
expenses had been included, the expenses would have been higher. The range
of weighted expense ratios of the underlying funds held by the Funds, as
stated in their current prospectuses, were as follows:

FREE MARKET U.S. FREE MARKET INTERNATIONAL FREE MARKET FIXED
EQUITY FUND EQUITY FUND INCOME FUND
- ---------------- ------------------------- -----------------

0.01%-0.14% 0.01%-0.28% 0.01%-0.08%

Each Fund's ending account values on the first line in each table are based on
the actual six-month total return for each Fund of 10.65% for the Free Market
U.S. Equity Fund, 1.75% for the Free Market International Equity Fund and 1.34%
for the Free Market Fixed Income Fund.

FREE MARKET FUNDS
FREE MARKET U.S. EQUITY FUND
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 2010 (UNAUDITED)

NUMBER OF
SHARES VALUE
--------- ------------

EQUITY FUNDS -- 99.8%
U.S. Large Cap Value Portfolio III(a) ............... 9,725,794 $129,450,312
U.S. Large Company Institutional
Index Portfolio(a) ............................... 7,380,272 64,282,166
U.S. Micro Cap Portfolio(b) ......................... 6,003,028 64,232,399
U.S. Small Cap Portfolio(b) ......................... 3,838,935 64,340,558
U.S. Small Cap Value Portfolio(b) ................... 5,306,006 107,075,206
------------
TOTAL EQUITY FUNDS
(Cost $410,450,916) ........................... 429,380,641
------------
TOTAL INVESTMENTS -- 99.8%
(Cost $410,450,916) ........................... 429,380,641
------------
OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.2% ....... 723,894
------------
NET ASSETS -- 100.0% ................................ $430,104,535
============

PORTFOLIO HOLDINGS SUMMARY TABLE
(UNAUDITED)

% OF NET
ASSETS VALUE
-------- ------------

Equity Funds ......................................... 99.8% $429,380,641
Other Assets In Excess of Liabilities ................ 0.2% 723,894
----- ------------
NET ASSETS ........................................... 100.0% $430,104,535
===== ============

- ----------
(a) A portfolio of Dimensional Investment Group Inc.

(b) A portfolio of DFA Investment Dimensions Group Inc.

Portfolio holdings are subject to change at any time.

The following is a summary of the inputs used, as of February 28, 2010, in
valuing the Fund's assets carried at value (See Note 1 in Notes to Financial
Statements):

LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
FEBRUARY 28, 2010 PRICE INPUT INPUT
----------------- ------------ ----------- ------------

Investments in Securities* $429,380,641 $429,380,641 $-- $--
============ ============ === ===

* Please refer to the Portfolio of Investments for further details.

The accompanying notes are an integral part of the financial statements.

FREE MARKET FUNDS
FREE MARKET INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 2010 (UNAUDITED)

NUMBER OF
SHARES VALUE
--------- ------------

INTERNATIONAL EQUITY FUNDS -- 99.7%
Asia Pacific Small Company Portfolio(a) ............. 289,228 $ 6,082,476
Continental Small Company Portfolio(a) .............. 792,784 11,717,344
DFA International Small Cap Value Portfolio(a) ...... 8,250,021 120,945,315
DFA International Value Portfolio III(b) ............ 6,022,140 90,813,865
Emerging Markets Portfolio(a) ....................... 611,527 15,911,926
Emerging Markets Small Cap Portfolio(a) ............. 782,448 14,772,614
Emerging Markets Value Portfolio(a) ................. 494,898 14,787,548
Japanese Small Company Portfolio(a) ................. 442,498 6,203,826
Large Cap International Portfolio(a) ................ 841,252 15,058,404
United Kingdom Small Company Portfolio(a) ........... 312,152 5,962,104
------------
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $294,486,826) ........................... 302,255,422
------------
TOTAL INVESTMENTS -- 99.7%
(Cost $294,486,826) ........................... 302,255,422
------------
OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.3% ....... 780,103
------------
NET ASSETS -- 100.0% ................................ $303,035,525
============

PORTFOLIO HOLDINGS SUMMARY TABLE
(UNAUDITED)

% OF NET
ASSETS VALUE
-------- ------------

International Equity Funds ........................... 99.7% $302,255,422
Other Assets In Excess of Liabilities ................ 0.3% 780,103
----- ------------
Net Assets ........................................... 100.0% $303,035,525
===== ============

- ----------
(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 following is a summary of the inputs used, as of February 28, 2010, in
valuing the Fund's assets carried at value (See Note 1 in Notes to Financial
Statements):

LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
FEBRUARY 28, 2010 PRICE INPUT INPUT
----------------- ------------ ----------- ------------

Investments in Securities* $302,255,422 $302,255,422 $-- $--
============ ============ === ===

* Please refer to the Portfolio of Investments for further details.

The accompanying notes are an integral part of the financial statements.

FREE MARKET FUNDS
FREE MARKET FIXED INCOME FUND
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 2010 (UNAUDITED)

NUMBER OF
SHARES VALUE
--------- ------------

FIXED INCOME FUNDS -- 99.6%
DFA Five-Year Global Fixed Income Portfolio(a) ...... 7,743,810 $ 87,040,423
DFA Five-Year Government Portfolio(a) ............... 2,644,921 28,723,841
DFA Inflation-Protected Securities Portfolio(a) ..... 1,094,928 11,989,467
DFA Intermediate Government Fixed Income
Portfolio(a) ..................................... 3,619,494 44,374,998
DFA One-Year Fixed Income Portfolio(a) .............. 8,356,249 86,403,612
DFA Two-Year Global Fixed Income Portfolio(a) ....... 8,474,313 86,437,996
------------
TOTAL FIXED INCOME FUNDS
(Cost $342,118,271) ........................... 344,970,337
------------
TOTAL INVESTMENTS -- 99.6%
(Cost $342,118,271) ........................... 344,970,337
------------
OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.4% ....... 1,535,478
------------
NET ASSETS -- 100.0% ................................ $346,505,815
============

PORTFOLIO HOLDINGS SUMMARY TABLE
(UNAUDITED)

% OF NET
ASSETS VALUE
-------- ------------

Fixed Income Funds 99.6% $344,970,337
Other Assets In Excess of Liabilities ................ 0.4% 1,535,478
----- ------------
Net Assets 100.0% $346,505,815
===== ============

- ----------
(a) A portfolio of DFA Investment Dimensions Group Inc.

Portfolio holdings are subject to change at any time.

The following is a summary of the inputs used, as of February 28, 2010, in
valuing the Fund's assets carried at value (See Note 1 in Notes to Financial
Statements):

LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
FEBRUARY 28, 2010 PRICE INPUT INPUT
----------------- ------------ ----------- ------------

Investments in Securities* $344,970,337 $344,970,337 $-- $--
============ ============ === ===

* Please refer to the Portfolio of Investments for further details.

The accompanying notes are an integral part of the financial statements.

FREE MARKET FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
FEBRUARY 28, 2010 (UNAUDITED)

FREE MARKET FREE MARKET FREE MARKET
U.S. EQUITY INTERNATIONAL FIXED INCOME
FUND EQUITY FUND FUND
------------ ------------- ------------

ASSETS
Investments in non-affiliated funds, at value + ...... $429,380,641 $302,255,422 $344,970,337
Cash and cash equivalents ............................ 1,861,464 1,474,977 1,702,283
Receivables
Receivable for capital shares sold ................ 980,895 722,017 1,579,434
Dividends and interest receivable ................. 345 239 1
Prepaid expenses and other assets .................... 33,815 33,010 28,338
------------ ------------- ------------
Total assets ................................... 432,257,160 304,485,665 348,280,393
------------ ------------- ------------
LIABILITIES
Payables
Investments purchased ............................. 1,538,825 1,132,697 1,355,000
Capital shares redeemed ........................... 364,292 131,318 211,128
Investment adviser ................................ 146,389 105,430 118,845
Other accrued expenses and liabilities ............... 103,119 80,695 89,605
------------ ------------- ------------
Total liabilities .............................. 2,152,625 1,450,140 1,774,578
------------ ------------- ------------
Net Assets ........................................... $430,104,535 $303,035,525 $346,505,815
============ ============= ============
NET ASSETS CONSISTS OF
Par value ............................................ $ 47,598 $ 37,676 $ 33,773
Paid-in capital ...................................... 414,783,786 300,414,493 343,832,303
Undistributed/accumulated net investment income
(loss) ............................................ (445,755) 94,576 (566,386)
Accumulated net realized gain/(loss) from
investments ....................................... (3,210,819) (5,279,816) 354,059
Net unrealized appreciation on investments ........... 18,929,725 7,768,596 2,852,066
------------ ------------- ------------
Net Assets ........................................... $430,104,535 $303,035,525 $346,505,815
============ ============= ============
Shares outstanding ($0.001 par value, 100,000,000
shares authorized) ................................ 47,598,185 37,676,406 33,773,010
------------ ------------- ------------
Net asset value, offering and redemption price
per share ......................................... $ 9.04 $ 8.04 $ 10.26
============ ============= ============
+ Investment in non-affiliated funds, at cost ........ $410,450,916 $294,486,826 $342,118,271
============ ============= ============

The accompanying notes are an integral part of the financial statements.

FREE MARKET FUNDS
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2010
(UNAUDITED)

FREE MARKET FREE MARKET FREE MARKET
U.S. EQUITY INTERNATIONAL FIXED INCOME
FUND EQUITY FUND FUND
------------ ------------- ------------

INVESTMENT INCOME
Dividends from non-affiliated funds .................. $ 2,264,148 $ 2,335,356 $4,174,086
Interest from non-affiliated funds ................... 103 138 94
----------- ----------- ----------
Total investment income ........................... 2,264,251 2,335,494 4,174,180
----------- ----------- ----------
EXPENSES
Advisory fees (Note 2) ............................... 905,281 698,650 677,420
Administration and accounting fees (Note 2) .......... 207,643 169,724 164,318
Professional fees .................................... 41,309 33,422 33,543
Directors' and officers' fees ........................ 38,886 31,773 31,259
Insurance expense .................................... 15,827 11,114 12,806
Printing and shareholder reporting fees .............. 9,260 7,055 6,376
Custodian fees (Note 2) .............................. 7,310 6,113 9,016
Transfer agent fees (Note 2) ......................... 7,112 6,867 6,866
Other expenses ....................................... 1,079 1,080 1,079
----------- ----------- ----------
Total expenses .................................... 1,233,707 965,798 942,683
----------- ----------- ----------
Net investment income ............................... 1,030,544 1,369,696 3,231,497
----------- ----------- ----------
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
NET REALIZED GAIN/(LOSS) FROM:
Non-affiliated funds .............................. (1,855,925) (4,626,203) 56,118
Capital gain distributions from non-affiliated
fund investments ............................... -- 539,621 462,347
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)
ON:
Non-affiliated funds .............................. 37,050,303 6,761,714 (157,520)
----------- ----------- ----------
Net realized and unrealized gain from investments .... 35,194,378 2,675,132 360,945
----------- ----------- ----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS .... $36,224,922 $ 4,044,828 $3,592,442
=========== =========== ==========

The accompanying notes are an integral part of the financial statements.

FREE MARKET U.S. EQUITY FUND
STATEMENTS OF CHANGES IN NET ASSETS

FOR THE
SIX MONTHS ENDED FOR THE
FEBRUARY 28, 2010 YEAR ENDED
(UNAUDITED) AUGUST 31, 2009
---------------- ---------------

FROM OPERATIONS:
Net investment income .............................. $ 1,030,544 $ 2,805,875
Net realized loss from investments ................. (1,855,925) (1,339,474)
Net change in unrealized appreciation (depreciation)
from investments ................................ 37,050,303 (17,705,184)
------------ ------------
Net increase/(decrease) in net assets resulting from
operations ......................................... 36,224,922 (16,238,783)
------------ ------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income .............................. (1,928,484) (2,401,803)
------------ ------------
Net decrease in net assets from dividends and
distributions to shareholders ...................... (1,928,484) (2,401,803)
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold .......................... 115,328,227 165,094,648
Reinvestment of distributions ...................... 1,928,484 2,401,259
Shares redeemed .................................... (33,552,348) (23,790,681)
------------ ------------
Net increase in net assets from capital shares ........ 83,704,363 143,705,226
------------ ------------
Total increase in net assets .......................... 118,000,801 125,064,640
NET ASSETS:
Beginning of period ................................ 312,103,734 187,039,094
------------ ------------
End of period ...................................... $430,104,535 $312,103,734
============ ============
Undistributed/accumulated net investment income (loss),
end of period ...................................... $ (445,755) $ 452,185
============ ============
CAPITAL SHARE TRANSACTIONS:
Shares sold ........................................ 13,192,834 22,974,273
Shares reinvested .................................. 216,684 350,038
Shares redeemed .................................... (3,812,987) (3,503,840)
------------ ------------
Total share transactions .............................. 9,596,531 19,820,471
============ ============

The accompanying notes are an integral part of the financial statements.

FREE MARKET INTERNATIONAL EQUITY FUND
STATEMENTS OF CHANGES IN NET ASSETS

FOR THE
SIX MONTHS ENDED FOR THE
FEBRUARY 28, 2010 YEAR ENDED
(UNAUDITED) AUGUST 31, 2009
---------------- ---------------

FROM OPERATIONS:
Net investment income .............................. $ 1,369,696 $ 3,203,164
Net realized gain/(loss) from investments .......... (4,086,582) 56,839
Net change in unrealized appreciation from
investments ..................................... 6,761,714 16,019,226
------------- -------------
Net increase in net assets resulting from
operations ......................................... 4,044,828 19,279,229
------------- -------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income .............................. (3,144,187) (2,609,280)
Net realized capital gains ......................... (1,183,603) --
------------- -------------
Net decrease in net assets from dividends and
distributions to shareholders ...................... (4,327,790) (2,609,280)
------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold .......................... 83,891,008 130,210,322
Reinvestment of distributions ...................... 4,327,790 2,608,705
Shares redeemed .................................... (43,532,415) (21,677,551)
------------- -------------
Net increase in net assets from capital shares ........ 44,686,383 111,141,476
------------- -------------
Total increase in net assets .......................... 44,403,421 127,811,425
NET ASSETS:
Beginning of period ................................ 258,632,104 130,820,679
------------- -------------
End of period ...................................... $ 303,035,525 $ 258,632,104
============= =============
Undistributed net investment income, end
of period .......................................... $ 94,576 $ 1,869,067
============= =============
CAPITAL SHARE TRANSACTIONS:
Shares sold ........................................ 10,002,218 20,582,378
Shares reinvested .................................. 517,060 446,696
Shares redeemed .................................... (5,104,117) (3,557,044)
------------- -------------
Total share transactions .............................. 5,415,161 17,472,030
============= =============

The accompanying notes are an integral part of the financial statements.

FREE MARKET FIXED INCOME FUND
STATEMENTS OF CHANGES IN NET ASSETS

FOR THE
SIX MONTHS ENDED FOR THE
FEBRUARY 28, 2010 YEAR ENDED
(UNAUDITED) AUGUST 31, 2009
---------------- ---------------

FROM OPERATIONS:
Net investment income .............................. $ 3,231,497 $ 3,252,139
Net realized gain from investments ................. 518,465 1,202,325
Net change in unrealized appreciation (depreciation)
from investments ................................ (157,520) 2,453,228
------------ ------------
Net increase in net assets resulting from
operations ......................................... 3,592,442 6,907,692
------------ ------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income .............................. (5,066,009) (2,191,528)
Net realized capital gains ......................... (1,159,270) --
------------ ------------
Net decrease in net assets from dividends and
distributions to shareholders ...................... (6,225,279) (2,191,528)
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold .......................... 150,299,602 127,993,708
Reinvestment of distributions ...................... 6,225,279 2,191,099
Shares redeemed .................................... (17,493,070) (53,776,508)
------------ ------------
Net increase in net assets from capital shares ........ 139,031,811 76,408,299
------------ ------------
Total increase in net assets .......................... 136,398,974 81,124,463
NET ASSETS:
Beginning of period ................................ 210,106,841 128,982,378
------------ ------------
End of period ...................................... $346,505,815 $210,106,841
============ ============
Undistributed/accumulated net investment income (loss),
end of period ...................................... $ (566,386) $ 1,268,126
============ ============
CAPITAL SHARE TRANSACTIONS:
Shares sold ........................................ 14,561,092 12,560,233
Shares reinvested .................................. 611,599 216,781
Shares redeemed .................................... (1,696,009) (5,331,134)
------------ ------------
Total share transactions .............................. 13,476,682 7,445,880
============ ============

The accompanying notes are an integral part of the financial statements.

FREE MARKET FUNDS
FREE MARKET U.S. EQUITY FUND
FINANCIAL HIGHLIGHTS

FOR THE SIX MONTHS FOR THE PERIOD
ENDED FOR THE YEAR DECEMBER 31, 2007(1)
FEBRUARY 28, 2010 ENDED THROUGH
(UNAUDITED) AUGUST 31, 2009 AUGUST 31, 2008
------------------ --------------- --------------------

PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period .................. $ 8.21 $ 10.29 $ 10.00
-------- -------- --------
Net investment income ................................. 0.02(2) 0.10(2) --(3)
Net realized and unrealized gain/(loss) on
investments ........................................ 0.85 (2.09) 0.29
-------- -------- --------
Net increase/(decrease) in net assets resulting from
operations ......................................... 0.87 (1.99) 0.29
-------- -------- --------
Dividends and distributions to shareholders from:
Net investment income ................................. (0.04) (0.09) --
-------- -------- --------
Total dividends and distributions to shareholders ..... (0.04) (0.09) --
-------- -------- --------
Net asset value, end of period ........................ $ 9.04 $ 8.21 $ 10.29
======== ======== ========
Total investment return(4) ............................ 10.65%(5) (19.19)% 2.90%(5)
======== ======== ========
RATIO/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) ............. $430,105 $312,104 $187,039
Ratio of expenses to average net assets(6) ............ 0.67%(7) 0.72% 0.84%(7)
Ratio of net investment income to average net
assets(6) .......................................... 0.56%(7) 1.37% 0.02%(7)
Portfolio turnover rate ............................... 2%(5) 1% 0%(5)

- ----------
(1) Commencement of operations.

(2) The selected per share data was calculated using the average shares
outstanding method for the period.

(3) Amount less than $0.005 per share.

(4) Total investment return is calculated by assuming a purchase of shares on
the first day and a sale of shares on the last day of each period reported
and includes reinvestments of dividends and distributions, if any.

(5) Not annualized.

(6) The Fund also will indirectly bear its prorated share of expenses of the
underlying funds. Such expenses are not included in the calculation of this
ratio.

(7) Annualized.

The accompanying notes are an integral part of the financial statements.

FREE MARKET FUNDS
FREE MARKET INTERNATIONAL EQUITY FUND
FINANCIAL HIGHLIGHTS

PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period .................. $ 8.02 $ 8.85 $ 10.00
-------- -------- --------
Net investment income ................................. 0.04(2) 0.13(2) 0.08
Net realized and unrealized gain/(loss)
on investments ..................................... 0.10 (0.85) (1.23)
-------- -------- --------
Net decrease in net assets resulting from
operations ......................................... 0.14 (0.72) (1.15)
-------- -------- --------
Dividends and distributions to shareholders from:
Net investment income ................................. (0.09) (0.11) --
Net realized capital gains ............................ (0.03) -- --
-------- -------- --------
Total dividends and distributions to shareholders ..... (0.12) (0.11) --
-------- -------- --------
Net asset value, end of period ........................ $ 8.04 $ 8.02 $ 8.85
======== ======== ========
Total investment return(3) ............................ 1.75%(4) (7.71)% (11.50)%(4)
======== ======== ========
RATIO/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) ............. $303,036 $258,632 $130,821
Ratio of expenses to average net assets(5) ............ 0.68%(6) 0.73% 0.92%(6)
Ratio of net investment income to average net
assets(5) .......................................... 0.97%(6) 2.01% 2.94%(6)
Portfolio turnover rate ............................... 8%(4) 2% 0%(4)

- ----------
(1) Commencement of operations.

(2) The selected per share data was calculated using the average shares
outstanding method for the period.

(3) Total investment return is calculated by assuming a purchase of shares on
the first day and a sale of shares on the last day of each period reported
and includes reinvestments of dividends and distributions, if any.

(4) Not annualized.

(5) The Fund also will indirectly bear its prorated share of expenses of the
underlying funds. Such expenses are not included in the calculation of this
ratio.

(6) Annualized.

The accompanying notes are an integral part of the financial statements.

FREE MARKET FUNDS
FREE MARKET FIXED INCOME FUND
FINANCIAL HIGHLIGHTS

PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period .................. $ 10.35 $ 10.04 $ 10.00
-------- -------- --------
Net investment income ................................. 0.12(2) 0.21(2) 0.02
Net realized and unrealized gain on investments ....... 0.02 0.25 0.04
-------- -------- --------
Net increase in net assets resulting from
operations ......................................... 0.14 0.46 0.06
-------- -------- --------
Dividends and distributions to shareholders from:
Net investment income ................................. (0.19) (0.15) (0.02)
Net realized capital gains ............................ (0.04) -- --
Tax return of capital ................................. -- -- --(3)
-------- -------- --------
Total dividends and distributions to shareholders...... (0.23) (0.15) (0.02)
-------- -------- --------
Net asset value, end of period ........................ $ 10.26 $ 10.35 $ 10.04
======== ======== ========
Total investment return(4) ............................ 1.34%(5) 4.62% 0.61%(5)
======== ======== ========
RATIO/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) ............. $346,506 $210,107 $128,982
Ratio of expenses to average net assets(6) ............ 0.69%(7) 0.75% 0.97%(7)
Ratio of net investment income to average net
assets(6) .......................................... 2.35%(7) 2.06% 0.26%(7)
Portfolio turnover rate ............................... 1%(5) 84% 0%(5)

- ----------
(1) Commencement of operations.

(2) The selected per share data was calculated using the average shares
outstanding method for the period.

(3) Amount less than $0.005 per share.

(5) Not annualized.

(6) The Fund also will indirectly bear its prorated share of expenses of the
underlying funds. Such expenses are not included in the calculation of this
ratio.

(7) Annualized.

The accompanying notes are an integral part of the financial statements.

FREE MARKET FUNDS
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 28, 2010
(UNAUDITED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

PORTFOLIO VALUATION -- Investments in the underlying funds are valued at
each fund's 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 Company'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 valuations techniques used to
measure fair value of the Funds' investments are summarized into three levels as
described below:

- Level 1 -- quoted prices in active markets for identical securities

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

- Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments)

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

A summary of the inputs used to value the Funds' investments as of February
28, 2010 is included with each Fund's Portfolio of Investments.

FREE MARKET FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY 28, 2010
(UNAUDITED)

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES -- Transactions are
accounted for on the trade date. The cost of investments sold is determined by
use of the specific identification method for both financial reporting and
income tax purposes in determining realized gains and losses on investments.
Interest income is accrued when earned. Dividend income is recorded on the
ex-dividend date. Distributions received on securities that represent a return
of capital or capital gain are recorded as a reduction of cost of investments
and/or as a realized gain. The Funds estimate the components of distributions
received that may be considered return of capital distributions or capital gain
distributions. Each Fund's investment income, expenses and unrealized and
realized gains and losses are allocated daily. Expenses incurred on behalf of a
specific class, fund or fund family are charged directly to the class, fund or
fund family (in proportion to net assets). Expenses incurred for all of the RBB
funds (such as director or professional fees) are charged to all funds in
proportion to their average net assets of RBB, or in such other manner as the
Board of Directors deems fair or equitable. Expenses and fees, including
investment advisory and administration fees, are accrued daily and taken into
account for the purpose of determining the net asset value of the Funds. In
addition to the net annual operating expenses that the Funds bear directly, the
shareholders indirectly bear the Fund's pro-rata expenses of the underlying
mutual funds in which each Fund invests.

During the year ended August 31, 2009, the Free Market Fixed Income Fund
recognized its pro-rata share of net investment income and realized and
unrealized gains/ losses on a daily basis from its investment in the DFA
One-Year Fixed Income Series and the DFA Two-Year Global Fixed Income Series
which were treated as partnerships for both federal income tax and U.S. GAAP
purposes for a portion of the year.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income and distributions from net realized capital gains, if any, are
declared and paid at least annually to shareholders and recorded on ex-dividend
date for all Funds with the exception of the Free Market Fixed Income Fund which
declares and pays quarterly dividends from net investment income. Income
dividends and capital gain distributions are determined in accordance with U.S.
federal income tax regulations which may differ from U.S. generally accepted
accounting principles.

U.S. TAX STATUS -- No provision is made for U.S. income taxes as it is each
Fund's intention to qualify for and elect the tax treatment applicable to
regulated investment companies under Subchapter M of the Internal Revenue Code
of 1986, as amended, and make the requisite distributions to its shareholders
which will be sufficient to relieve it from U.S. income and excise taxes.

CASH AND CASH EQUIVALENTS -- The Funds consider liquid assets deposited
with a bank demand deposit account to be cash equivalents. These investments
represent amounts held with financial institutions that are readily accessible
to pay Fund expenses or purchase investments. Cash and cash equivalents are
valued at cost plus accrued interest, which approximates market value.

OTHER -- In the normal course of business, the Funds may enter into
contracts that provide general indemnifications. The Funds' maximum exposure
under these arrangements is dependent on claims that may be made against the
Funds in the future, and, therefore, cannot be estimated; however, based on
experience, the risk of material loss for such claims is considered remote.

FREE MARKET FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY 28, 2010
(UNAUDITED)

2. INVESTMENT ADVISER AND OTHER SERVICES

Matson Money, Inc. (formerly known as Abundance Technologies, Inc.)
("Matson Money" or the "Adviser"), serves as each Fund's investment adviser. For
its advisory services, Matson Money is entitled to receive 0.50% of each Fund's
average daily net assets, computed daily and payable monthly. The Adviser has
voluntarily agreed to waive its advisory fee and/or reimburse certain expenses
in order to limit total annual fund operating expenses of Free Market U.S.
Equity Fund, Free Market International Equity Fund and the Free Market Fixed
Income Fund to 1.13%, 1.35% and 1.00%, respectively, of the particular Fund's
average daily net assets. The expense limitations include expenses incurred as a
result of investing in other investment companies. The Adviser may discontinue
these arrangements at any time. For the six months ended February 28, 2010,
investment advisory fees were:

GROSS ADVISORY FEES
-------------------

Free Market U.S. Equity Fund $905,281
Free Market International Equity Fund 698,650
Free Market Fixed Income Fund 677,420

The Funds will not pay Matson Money at a later time for any amounts they
may waive or any amounts that Matson Money has assumed.

PNC Global Investment Servicing (U.S.), Inc. ("PNC"), a member of The PNC
Financial Services Group, Inc., serves as administrator for the Funds.
Administration and accounting fees accrued also include transfer agent,
custodian fees and administrative service fees. For providing administrative and
accounting services, PNC is entitled to receive a monthly fee equal to an annual
percentage rate of the Fund's average daily net assets and is subject to certain
minimum monthly fees.

For providing custodian services to the Funds, PFPC Trust Company, an
affiliate of PNC, is entitled to receive out of pocket expenses.

PFPC Distributors, Inc., an affiliate of PNC, serves as the principal
underwriter and distributor of the Funds' shares pursuant to a Distribution
Agreement with RBB.

3. DIRECTOR COMPENSATION

The Directors of the Company receive an annual retainer, meeting fees and
out of pocket expenses for meetings attended. The aggregate remuneration paid to
the Directors by the Funds during the six months ended February 28, 2010 was
$52,408. Certain employees of PNC are Officers of the Company. They are not
compensated by the Funds or the Company.

FREE MARKET FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY 28, 2010
(UNAUDITED)

4. INVESTMENT IN SECURITIES

For the six months ended February 28, 2010, aggregate purchases and sales
of investment securities (excluding short-term investments) of the Funds were as
follows:

PURCHASES SALES
------------ -----------

Free Market U.S. Equity Fund $ 91,388,209 $ 8,614,220
Free Market International Equity Fund 65,001,651 22,983,543
Free Market Fixed Income Fund 137,283,128 1,418,167

5. CAPITAL SHARE TRANSACTION

As of February 28, 2010, the following shareholders held 10% or more of the
outstanding shares of the Funds. These shareholders may be omnibus accounts
which are comprised of many individual shareholders.

Free Market U.S. Equity Fund (2 shareholders) 98%
Free Market International Equity Fund (2 shareholders) 98%
Free Market Fixed Income Fund (2 shareholders) 98%

6. FEDERAL INCOME TAX INFORMATION

Management has analyzed each Fund's tax positions taken on federal income
tax returns for all open tax years (tax years August 31, 2006 -2009) and has
concluded that no provision for federal income tax is required in the Funds'
financial statements. The Funds' federal and state income and federal excise tax
returns for tax years for which the applicable statutes of limitations have not
expired are subject to examination by the Internal Revenue Service and state
departments of revenue.

As of February 28, 2010, federal tax cost, aggregate gross unrealized
appreciation and depreciation of securities held by each Fund were as follows:

FEDERAL TAX UNREALIZED UNREALIZED NET UNREALIZED
COST APPRECIATION DEPRECIATION APPRECIATION
------------ ------------ ------------ --------------

Free Market U.S. Equity Fund $410,450,916 $18,955,458 $(25,733) $18,929,725
Free Market International Equity Fund 294,486,826 9,412,909 (1,644,313) 7,768,596
Free Market Fixed Income Fund 342,118,271 3,492,072 (640,006) 2,852,066

As of August 31, 2009, the components of distributable earnings on a tax
basis were as follows:

FREE MARKET FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY 28, 2010
(UNAUDITED)

UNDISTRIBUTED UNDISTRIBUTED
ORDINARY INCOME LONG-TERM GAINS
--------------- ---------------

Free Market U.S. Equity Fund $ 452,185 $ --
Free Market International Equity Fund 1,869,067 1,183,612
Free Market Fixed Income Fund 2,215,411 173,601

The differences between book and tax basis components of distributable
earnings relate principally to the timing of recognition of income and gains for
federal income tax purposes. Short-term and foreign currency gains are reported
as ordinary income for federal income tax purposes.

The tax character of distributions paid during the fiscal year ended August
31, 2009 were as follows:

ORDINARY LONG-TERM RETURN OF
INCOME GAINS CAPITAL TOTAL
---------- --------- --------- ----------

Free Market U.S. Equity Fund $2,401,803 $-- $-- $2,401,803
Free Market International Equity Fund 2,609,280 -- -- 2,609,280
Free Market Fixed Income Fund 2,191,528 -- -- 2,191,528

Dividends from net investment income and short-term capital gains are
treated as ordinary income dividends for federal income tax purposes.

As of February 28, 2010, the Funds had no capital loss carryforwards
available to offset future capital gains.

7. NEW ACCOUNTING PRONOUNCEMENT

In January 2010, the Financial Accounting Standards Board ("FASB") issued
Accounting Standards Update ("ASU") No. 2010-06 "Improving Disclosures about
Fair Value Measurements". ASU 2010-06 amends FASB Accounting Standards
Codification Topic 820, Fair Value Measurements and Disclosures, to require
additional disclosures regarding fair value measurements. Certain disclosures
required by ASU No. 2010-06 are effective for interim and annual reporting
periods beginning after December 15, 2009, and other required disclosures are
effective for fiscal years beginning after December 15, 2010, and for interim
periods within those fiscal years. Management is currently evaluating the impact
ASU No. 2010-06 will have on its financial statement disclosures.

8. SUBSEQUENT EVENT

Management has evaluated the impact of all subsequent events on the Funds
through the date the financial statements were issued, and has determined that
there was the following subsequent event:

FREE MARKET FUNDS
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
FEBRUARY 28, 2010
(UNAUDITED)

The Stock Sale includes PNC, PFPC Trust Company and PFPC Distributors, Inc.
and is expected to close in the third quarter of 2010.

FREE MARKET FUNDS
OTHER INFORMATION
(UNAUDITED)

PROXY VOTING

Policies and procedures that the Funds use to determine how to vote proxies
relating to portfolio securities as well as information regarding how the Funds
voted proxies relating to portfolio securities for the most recent 12-month
period ended June 30 are available without charge, upon request, by calling Free
Market Funds at (866) 780-0357 ext. 3863 and on the Securities and Exchange
Commission's ("SEC") website at http://www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULES

The Company files a complete schedule of portfolio holdings with the SEC
for the first and third fiscal quarters of each fiscal year (quarters ended
November 30 and May 31) on Form N-Q. The Company's Form N-Q is available on the
SEC website at http://www.sec.gov and may be reviewed and copied at the SEC
Public Reference Room in Washington, D.C. Information on the operation of the
SEC Public Reference Room may be obtained by calling (202) 551-8090.

FREE MARKET
U.S. EQUITY FUND

FREE MARKET
INTERNATIONAL EQUITY FUND

FREE MARKET
FIXED INCOME FUND

THE RBB FUND, INC.

SEMI-ANNUAL REPORT

February 28, 2010
(Unaudited)

This report is submitted for the general information of the shareholders of the
Funds. It is not authorized for distribution unless preceded or accompanied by a
current prospectus for the Funds. Shares of the Free Market Funds are
distributed by PFPC Distributors, Inc., 760 Moore Road, King of Prussia, PA
19406.

INVESTMENT ADVISER

MATSON MONEY, INC.
5955 Deerfield Blvd.
Mason, OH 45040

ADMINISTRATOR

PNC Global Investment Servicing (U.S.), Inc.
301 Bellevue Parkway
Wilmington, DE 19809

TRANSFER AGENT

PNC Global Investment Servicing (U.S.), Inc.
101 Sabin Street
Pawtucket, RI 02860

PRINCIPAL UNDERWRITER

PFPC Distributors, Inc.
760 Moore Road
King of Prussia, PA 19406

CUSTODIAN

PFPC Trust Company
8800 Tinicum Blvd.
Suite 200
Philadelphia, PA 19153

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP
Two Commerce Square, Suite 1700
2001 Market Street
Philadelphia, PA 19103-7042

COUNSEL

Drinker Biddle & Reath LLP
One Logan Square, Ste. 2000
Philadelphia, PA 19103-6996

(ROBECO LOGO)
ROBECO INVESTMENT FUNDS
OF THE RBB FUND, INC. -------------
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SEMI ANNUAL REPORT -------------
FEBRUARY 28, 2010 (UNAUDITED) -------------

ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II
ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND -------------
ROBECO BOSTON PARTNERS MID CAP VALUE FUND -------------
ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND -------------
ROBECO WPG SMALL CAP VALUE FUND -------------
SAM SUSTAINABLE CLIMATE FUND -------------
SAM SUSTAINABLE WATER FUND -------------
SAM SUSTAINABLE GLOBAL ACTIVE FUND -------------
-------------
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-------------
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-------------
This report is submitted for the general information of the -------------
shareholders of the Funds. It is not authorized for distribution -------------
unless preceded or accompanied by a current prospectus for the -------------
Funds. Shares of Robeco Investment Funds are distributed by PFPC -------------
Distributors, Inc., 760 Moore Road, King of Prussia, PA 19406. -------------

ROBECO INVESTMENT FUNDS

GENERAL MARKET COMMENTARY

Dear Shareholder:

The market's remarkable trajectory last year reminds us that it is always
darkest before dawn. Although we're pleased by the brightening conditions, the
path to stability and growth will be neither quick nor even.The markets and
financial systems have narrowly survived a near-death experience.We detect
definitive signs of improvement in world conditions, and it certainly looks like
we have navigated past the point of systemic meltdown.

In fact, the US recession looks to be over. In all likelihood it probably
ended during the third quarter when US GDP expanded modestly. Economists'
expectations generally figure that US GDP will have grown nearly 4% on an
annualized basis in the fourth quarter.The Federal Reserve National Activity
Index has historically provided a sound gauge of where the economy is in the
cycle. It is indicating that the US is in the early stages of a recovery
following a recession and that inflationary pressures are not a factor.
Double-digit unemployment and exceptionally slack capacity utilization have so
far nipped inflation in the bud.

Employment growth, however, will eventually be needed to keep the economy
moving. Sources such as the Bureau of Labor Statistics' nonfarm payroll data
have become more constructive. Job losses have shrunk considerably and stand to
reverse themselves, which sets the table for job gains down the road.

The worst also appears to be behind us in the housing sector. Declines in
inventory, improved affordability and attractive mortgage rates have installed a
foundation for recovery. Although housing is unlikely to drive employment growth
anytime soon, a healthier sector will help restore balance sheets and consumer
sentiment.

In the meantime, the US financial system as a whole has begun to recover.
Many major private sector institutions have put their businesses on the path to
generating significantly stronger earnings over the next two to three years.The
stabilization has cleared the way for a more orderly deleveraging process and
the resumption of credit formation within enduring standards. Excesses of
capitalism greatly contributed to the bubble and its bursting, but the
ingenuity, speed and breadth of public and private responses to the crisis
underscore the resiliency of US financial and economic systems.

Corporate America's extraordinary cost-cutting in response to the recession
has largely driven the gains in operating profits generated in 2009. It has also
created a tremendous amount of operating leverage within the system, putting
substantial earnings growth in store when end demand recovers.

The onslaught of government stimulus programs has helped replace some of
the aggregate demand lost to the recession. The intervention has also introduced
some risks:

- Inflation is currently contained, but the risk of an inflationary
spiral through a precipitous weakening of the US dollar is not
unthinkable. It would force the Fed to drastically raise rates,
cutting short the economy's recovery.

- The Federal Reserve needs a healthy economy to support an orderly
unwinding of its $2 trillion balance sheet; otherwise, it risks
putting good money after bad.

- The role of government in private enterprise has become more entwined
since the crisis, risking the efficient functioning of a capitalistic
system in ways that are difficult to quantify at this point. The
dynamism driving capital markets and the economies underpinning them
springs from an incomprehensible web of interdependencies.
Interventions in one section impact the entire fabric.The
public/private entanglement will produce some unintended consequences.
However, we don't think the forces of "creative destruction" have been
undone. In fact, we believe they'll present a wealth of investment
opportunities in years to come.

Last year, the data made clear that valuation alone was driving the US
stock market's rally. Powerful mean reversion from distressed levels to
historical norms has generally moved the market's valuation to fairish
status.Variables related to business quality and earnings momentum made no
contribution to explaining the rise in stock prices.Therefore, the anticipated
turnaround for Corporate America will have to come through or stock prices stand
to suffer.

Although the upswing in the momentum of the economy, corporate earnings and
stock markets is encouraging, valuation is the single biggest predictor of
future investment returns.This is good news. Stock valuations today are not only
reasonable, they enjoy far better earnings support than earlier in 2009.

Make no mistake, earnings matter - earnings drive the direction of the
market. In March, the trajectory of earnings warranted an S&P 500 of 600 to
700.At 1147 today (January 11th) many argue that the rebound in the market has
left it overvalued. We disagree. After three solid quarters of earnings
improvement, the market has much better fundamental support.

SEMI-ANNUAL REPORT 2010 | 1

ROBECO INVESTMENT FUNDS

GENERAL MARKET COMMENTARY (continued)

Expectations for S&P 500 earnings per share of $76-$80 for 2010 certainly
justify an S&P in the 1000-1200 range. However, the market's path over the next
12 months will depend on earnings achievability - and investors of all stripes
will need to have a sharp pencil and weather eye on corporate sales and profit
margins in coming months.

These requirements play right to strengths of active management. 2010 is
setting up to be another good year for stock pickers on the heels of a banner
year in 2009. Market volatility fell sharply last year and exceptionally high
degrees of correlation among stock returns came down to levels that are
significantly lower but still above average.(1) Stocks' price performance is
more differentiated when correlations are lower as stock-specific (de)merits
move to the forefront.The trend begun in 2009 favors active management going
into 2010.

Perhaps most remarkable, however, is how similarly priced the high yields
on free cash flow are for public companies with different expected growth
rates.(2) These conditions have created a fertile environment for trained
skeptics like us to find value for our clients.We intend to do that by applying
the same set of fundamental principles that has driven our work over the
years.The market in 2010 will undoubtedly bring its fair share of surprises.We
look forward to keeping you informed of the work the team is doing for your
portfolio as the year unfolds.

Sincerely,

Robeco Investment Funds

- ----------
(1) Bank of America Merrill Lynch, December 2009

(2) Empirical Research Partners, December 2009

2 | SEMI-ANNUAL REPORT 2010

ROBECO INVESTMENT FUNDS

TOTAL RETURNS FOR THE PERIOD ENDED FEBRUARY 28, 2010 (UNAUDITED)

AVERAGE ANNUAL
-----------------------------
SINCE
SIX-MONTH 1 YEAR 5 YEAR 10 YEAR INCEPTION*
--------- ------- ------ ------- ----------

ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II
Institutional Class(1) 14.85% 94.32% 3.30% 14.03% N/A
Investor Class(1) 14.77% 94.04% 3.04% 13.75% N/A
Russell 2000(R) Value Index 10.53% 65.93% 0.70% 8.08% N/A
Russell 2000(R) Index(2) 10.59% 63.95% 1.16% 2.18% N/A

(1) Inception date July 1, 1998

(2) This is not a primary benchmark of the Fund. Results of the index
performance are presented for general comparative purposes.

ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND
Institutional Class(1) 11.62% 106.58% 13.11% 15.33% N/A
Investor Class(1) 10.97% 105.19% 12.73% 14.99% N/A
S&P 500(R) Index 9.32% 53.62% 0.37% -0.31% N/A

(1) Inception date November 17, 1998

ROBECO BOSTON PARTNERS MID CAP VALUE FUND
Institutional Class(1) 12.11% 68.16% 5.77% 9.88% N/A
Investor Class(1) 12.01% 67.70% 5.52% 9.61% N/A
Russell Midcap(R) Value Index 13.51% 74.74% 2.20% 8.94% N/A
Russell 2500(R) Value Index(2) 12.31% 69.33% 1.41% 8.67% N/A
Russell 2500(R) Index(2) 12.80% 68.00% 2.11% 3.90% N/A

(1) Inception date June 2, 1997

(2) This is not a primary benchmark of the Fund. Results of the index
performance are presented for general comparative purposes.

ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND
Institutional Class(1) 9.42% 58.15% 4.37% N/A 8.78%
Investor Class(1) 9.29% 58.00% 4.10% N/A 8.51%
Russell 3000(R) Value Index 8.68% 57.23% -0.40% N/A 3.92%
Russell 3000(R) Index(2) 9.96% 55.96% 0.80% N/A 4.08%

(1) Inception date July 1, 2002

(2) This is not a primary benchmark of the Fund. Results of the index
performance are presented for general comparative purposes.

ROBECO WPG SMALL CAP VALUE FUND
Institutional Class(1) 9.50% 67.49% -0.51% -1.88% N/A
Russell 2000(R) Value Index 10.53% 65.93 0.70% 8.08% N/A

SAM SUSTAINABLE CLIMATE FUND
Institutional Class(1) 3.55% 62.80% N/A N/A -13.95%
Investor Class(1) 3.31% 62.18% N/A N/A -14.18%
MSCI World Index 5.21% 54.30% N/A N/A -12.16%

(1) Inception date October 1, 2007

SEMI-ANNUAL REPORT 2008 | 3

ROBECO INVESTMENT FUNDS

AVERAGE ANNUAL
-----------------------------
SINCE
SIX-MONTH 1 YEAR 5 YEAR 10 YEAR INCEPTION*
--------- ------- ------ ------- ----------

SAM SUSTAINABLE WATER FUND
Institutional Class(1) 12.81% 58.30% N/A N/A -10.28%
Investor Class(1) 12.64% 57.60% N/A N/A -10.53%
MSCI World Index 5.21% 54.30% N/A N/A -12.16%
Class C(2) N/A N/A N/A N/A 7.48%
MSCI World Index N/A N/A N/A N/A 2.40%

(1) Inception date October 1, 2007

(2) Inception date September 11, 2009

SAM SUSTAINABLE GLOBAL ACTIVE FUND
Institutional Class(1) 8.39% N/A N/A N/A 22.48%
MSCI World Index 5.21% N/A N/A N/A 20.34%
Investor Class(2) 8.30% N/A N/A N/A 20.81%
MSCI World Index 5.21% N/A N/A N/A 21.06%

(1) Inception date June 18, 2009

(2) Inception date July 15, 2009

* Performance since inception date to February 28, 2010 presented only if
fund has been in operation less than 10 years.

THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE. PAST PERFORMANCE IS NOT
INDICATIVE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST. ROBECO INVESTMENT MANAGEMENT, INC. AND SUSTAINABLE
ASSET MANAGEMENT, USA, INC., HAVE EACH CONTRACTUALLY AGREED TO WAIVE A PORTION
OF THEIR ADVISORY FEES AND/OR REIMBURSE A PORTION OF THE FUNDS' OPERATING
EXPENSES, IF NECESSARY, TO MAINTAIN THE EXPENSE LIMITATIONS AS SET FORTH IN THE
NOTES TO THE FINANCIAL STATEMENTS. TOTAL RETURNS SHOWN INCLUDE FEE WAIVERS AND
EXPENSE REIMBURSEMENTS, IF ANY; TOTAL RETURNS WOULD HAVE BEEN LOWER HAD THERE
BEEN NO ASSUMPTION OF FEES AND EXPENSES IN EXCESS OF EXPENSE LIMITATIONS. THE
FUNDS' ANNUAL OPERATING EXPENSE RATIOS BELOW ARE AS STATED IN THE CURRENT
PROSPECTUSES.THESE RATES CAN FLUCTUATE AND MAY DIFFER FROM THE ACTUAL EXPENSES
INCURRED BY THE FUNDS FOR THE PERIOD COVERED BY THIS REPORT. RETURNS SHOWN
INCLUDE THE REINVESTMENT OF ALL DIVIDENDS AND OTHER DISTRIBUTIONS AND DO NOT
REFLECT TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE
REDEMPTION OF FUND SHARES. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE
PERFORMANCE DATA QUOTED. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT
MONTH-END, PLEASE CALL 1-888-261-4073 OR VISIT OUR WEB SITE AT
www.robecoinvest.com.

INVESTORS SHOULD NOTE THAT THE FUNDS ARE ACTIVELY MANAGED MUTUAL FUNDS WHILE THE
INDICES ARE UNMANAGED, DO NOT INCUR EXPENSE AND ARE NOT AVAILABLE FOR
INVESTMENT.

SMALL COMPANY STOCKS ARE GENERALLY RISKIER THAN LARGE COMPANY STOCKS DUE TO
GREATER VOLATILITY AND LESS LIQUIDITY.

THE SAM SUSTAINABLE CLIMATE FUND, SAM SUSTAINABLE WATER FUND AND SAM SUSTAINABLE
GLOBAL ACTIVE FUND ARE NON-DIVERSIFIED. GAINS OR LOSSES IN A SINGLE SECURITY OR
SECTOR MAY HAVE A GREATER IMPACT ON THESE FUNDS.

The following are the Funds' gross annual operating expense ratios as stated in
the most recent prospectus:

INSTITUTIONAL INVESTOR
CLASS CLASS CLASS C
------------- -------- -------

Robeco Boston Partners Small Cap Value Fund II ... 1.74% 1.99% N/A
Robeco Boston Partners Long/Short Equity Fund .... 4.04%(1) 4.29%(1) N/A
Robeco Boston Partners Mid Cap Value Fund ........ 1.69% 1.94% N/A
Robeco Boston Partners All-Cap Value Fund ........ 1.50% 1.75% N/A
Robeco WPG Small Cap Value Fund .................. 1.95% N/A N/A
SAM Sustainable Climate Fund ..................... 11.64% 11.89% N/A
SAM Sustainable Water Fund ....................... 9.92% 10.17% 10.67%
SAM Sustainable Global Active Fund ............... 4.06% 4.31% N/A

(1) Includes interest and dividend expense on short sales.

4 | SEMI-ANNUAL REPORT 2010

ROBECO INVESTMENT FUNDS

FUND EXPENSE EXAMPLES (unaudited)

As a shareholder of the Fund(s), you incur two types of costs: (1) transaction
costs, redemption fees; and (2) ongoing costs, including management fees,
distribution fees and other Fund expenses. The examples are intended to help you
understand your ongoing costs (in dollars) of investing in the Fund(s) and to
compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of
the six-month period from September 1, 2009 through February 28, 2010, and held
for the entire period.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line of the accompanying tables provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds.To do so, compare these
5% hypothetical examples with the 5% hypothetical examples that appear in the
shareholder reports of other funds.

EXPENSE TABLE

BEGINNING ACCOUNT ENDING ACCOUNT ANNUALIZED EXPENSES
VALUE VALUE EXPENSE PAID DURING
SEPTEMBER 1, 2009 FEBRUARY 28, 2010 RATIO PERIOD*
----------------- ----------------- ---------- -----------

ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II
INSTITUTIONAL
Actual ........................................ $1,000.00 $1,148.50 1.30% $ 6.93
Hypothetical .................................. 1,000.00 1,018.27 1.30% 6.53
INVESTOR
Actual ........................................ $1,000.00 $1,147.70 1.55% $ 8.25
Hypothetical .................................. 1,000.00 1,017.01 1.55% 7.78

ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND
INSTITUTIONAL
Actual ........................................ $1,000.00 $1,116.20 3.28%(1) $17.21
Hypothetical .................................. 1,000.00 1,008.33 3.28%(1) 16.47
INVESTOR
Actual ........................................ $1,000.00 $1,109.70 3.53%(1) $18.47
Hypothetical .................................. 1,000.00 1,007.07 3.53%(1) 17.72

ROBECO BOSTON PARTNERS MID CAP VALUE FUND
INSTITUTIONAL
Actual ........................................ $1,000.00 $1,121.10 1.00% $ 5.26
Hypothetical .................................. 1,000.00 1,019.77 1.00% 5.02
INVESTOR
Actual ........................................ $1,000.00 $1,120.10 1.25% $ 6.57
Hypothetical .................................. 1,000.00 1,018.52 1.25% 6.28

SEMI-ANNUAL REPORT 2010 | 5

ROBECO INVESTMENT FUNDS

FUND EXPENSE EXAMPLES (unaudited) (continued)

BEGINNING ACCOUNT ENDING ACCOUNT ANNUALIZED EXPENSES
VALUE VALUE EXPENSE PAID DURING
SEPTEMBER 1, 2009 FEBRUARY 28, 2010 RATIO PERIOD*
----------------- ----------------- ---------- -----------

ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND
INSTITUTIONAL
Actual ........................................ $1,000.00 $1,094.20 0.95% $ 4.93
Hypothetical .................................. 1,000.00 1,020.03 0.95% 4.77
INVESTOR
Actual ........................................ $1,000.00 $1,092.90 1.20% $ 6.23
Hypothetical .................................. 1,000.00 1,018.77 1.20% 6.02

ROBECO BOSTON PARTNERS WPG SMALL CAP VALUE FUND
INSTITUTIONAL
Actual ........................................ $1,000.00 $1,095.00 1.70% $ 8.83
Hypothetical .................................. 1,000.00 1,016.26 1.70% 8.53

SAM SUSTAINABLE CLIMATE FUND
INSTITUTIONAL
Actual ........................................ $1,000.00 $1,035.50 1.50% $ 7.57
Hypothetical .................................. 1,000.00 1,017.26 1.50% 7.53
INVESTOR
Actual ........................................ $1,000.00 $1,033.10 1.75% $ 8.82
Hypothetical .................................. 1,000.00 1,016.01 1.75% 8.79

SAM SUSTAINABLE WATER FUND**
INSTITUTIONAL
Actual ........................................ $1,000.00 $1,128.10 1.50% $ 7.91
Hypothetical .................................. 1,000.00 1,017.26 1.50% 7.53
INVESTOR
Actual ........................................ $1,000.00 $1,126.40 1.75% $ 9.23
Hypothetical .................................. 1,000.00 1,016.01 1.75% 8.79
CLASS C
Actual ........................................ $1,000.00 $1,074.80 2.25% $10.94
Hypothetical .................................. 1,000.00 1,012.76 2.25% 10.66

SAM SUSTAINABLE GLOBAL ACTIVE FUND
INSTITUTIONAL
Actual ........................................ $1,000.00 $1,083.90 1.20% $ 6.20
Hypothetical .................................. 1,000.00 1,018.77 1.20% 6.02
INVESTOR
Actual ........................................ $1,000.00 $1,083.00 1.45% $ 7.49
Hypothetical .................................. 1,000.00 1,017.51 1.45% 7.28

* Expenses are equal to the Fund's annualized six-month expense ratios in the
table below, which include waived fees or reimbursed expenses, multiplied
by the average account value over the period, multiplied by the number of
days (181) in the most recent fiscal half-year, then divided by 365 to
reflect the one-half year period.

** Class C commenced operations on September 11, 2009.

(1) These amounts include dividends paid on securities which the Fund has sold
short ("short-sale dividends") and related interest expense. The amount of
short-sale dividends and related interest expense was 0.78% of average net
assets for the most recent fiscal half-year.

6 | SEMI-ANNUAL REPORT 2010

ROBECO INVESTMENT FUNDS FEBRUARY 28, 2010 (unaudited)

PORTFOLIO HOLDINGS SUMMARY TABLES

ROBECO BOSTON PARTNERS
SMALL CAP VALUE FUND II

% of Net
Security Type/Sector Classification Assets Value
- ----------------------------------- -------- -------------

COMMON STOCK
Consumer Services ................................ 22.2% $ 17,029,037
Finance .......................................... 21.8 16,743,140
Health Care ...................................... 13.4 10,243,977
Capital Goods .................................... 9.4 7,223,618
Consumer Non-Durables ............................ 8.7 6,665,619
Technology ....................................... 7.0 5,403,937
Real Estate Investment Trusts .................... 4.8 3,647,034
Basic Industries ................................. 3.0 2,334,444
Energy ........................................... 2.8 2,154,193
Transportation ................................... 2.2 1,705,408
Utilities ........................................ 0.9 671,672
Consumer Durables ................................ 0.7 546,700
Communications ................................... 0.4 329,055
SECURITIES LENDING COLLATERAL ....................... 10.7 8,234,440
LIABILITIES IN EXCESS OF OTHER ASSETS ............... (8.0) (6,162,841)
----- ------------
NET ASSETS .......................................... 100.0% $ 76,769,433
===== ============

- ----------
Portfolio holdings are subject to change at any time.

ROBECO BOSTON PARTNERS
LONG/SHORT EQUITY FUND

% of Net
Security Type/Sector Classification Assets Value
- ----------------------------------- -------- -------------

COMMON STOCK
Finance .......................................... 20.7% $ 41,176,836
Technology ....................................... 18.3 36,458,427
Consumer Services ................................ 16.6 33,059,644
Health Care ...................................... 12.1 24,134,689
Consumer Non-Durables ............................ 7.8 15,598,831
Capital Goods .................................... 5.9 11,734,953
Communications ................................... 3.1 6,247,959
Consumer Durables ................................ 3.1 6,087,277
Basic Industries ................................. 2.5 4,928,422
Transportation ................................... 1.5 2,919,298
Energy ........................................... 0.8 1,592,769
PREFERRED STOCK ..................................... 4.9 9,836,340
SECURITIES LENDING COLLATERAL ....................... 8.7 17,286,130
WARRANTS ............................................ 0.0 --
SECURITIES SOLD SHORT ............................... (19.1) (38,074,395)
OTHER ASSETS IN EXCESS OF LIABILITIES ............... 13.1 26,081,989
----- ------------
NET ASSETS .......................................... 100.0% $199,069,169
===== ============

- ----------
Portfolio holdings are subject to change at any time.

ROBECO BOSTON PARTNERS
MID CAP VALUE FUND

% of Net
Security Type/Sector Classification Assets Value
- ----------------------------------- -------- -------------

COMMON STOCK
Consumer Services ................................ 18.3% $ 13,425,643
Finance .......................................... 17.0 12,463,053
Technology ....................................... 12.7 9,342,765
Capital Goods .................................... 9.5 7,015,409
Health Care ...................................... 8.2 6,050,380
Basic Industries ................................. 7.2 5,278,413
Energy ........................................... 6.1 4,460,350
Consumer Non-Durables ............................ 4.9 3,632,326
Utilities ........................................ 4.9 3,605,700
Real Estate Investment Trusts .................... 4.0 2,961,090
Consumer Durables ................................ 1.5 1,138,586
Communications ................................... 1.1 779,163
Transportation ................................... 0.4 266,665
SECURITY LENDING COLLATERAL ......................... 25.7 18,885,658
LIABILITIES IN EXCESS OF OTHER ASSETS ............... (21.5) (15,812,750)
----- ------------
NET ASSETS .......................................... 100.0% $ 73,492,451
===== ============

- ----------
Portfolio holdings are subject to change at any time.

ROBECO BOSTON PARTNERS
ALL-CAP VALUE FUND

% of Net
Security Type/Sector Classification Assets Value
- ----------------------------------- -------- -------------

COMMON STOCK
Finance .......................................... 29.7% $ 26,536,633
Consumer Services ................................ 18.7 16,664,421
Technology ....................................... 13.2 11,808,002
Health Care ...................................... 13.2 11,784,238
Energy ........................................... 8.1 7,256,891
Consumer Non-Durables ............................ 5.0 4,455,984
Capital Goods .................................... 3.0 2,666,912
Communications ................................... 1.9 1,640,326
Basic Industries ................................. 1.5 1,330,507
Real Estate Investment Trusts .................... 1.0 887,779
Consumer Durables ................................ 0.7 644,557
Utilities ........................................ 0.4 361,607
PREFERRED STOCK ..................................... 0.0 30,340
CORPORATE BONDS ..................................... 0.1 70,970
SECURITIES LENDING COLLATERAL ....................... 12.9 11,504,751
WRITTEN OPTIONS ..................................... (0.2) (143,595)
LIABILITIES IN EXCESS OF OTHER ASSETS ............... (9.2) (8,231,626)
----- ------------
NET ASSETS .......................................... 100.0% $ 89,268,697
===== ============

- ----------
Portfolio holdings are subject to change at any time.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2010 | 7

ROBECO INVESTMENT FUNDS FEBRUARY 28, 2010 (unaudited)

PORTFOLIO HOLDINGS SUMMARY TABLES

ROBECO WPG SMALL CAP VALUE FUND

% of Net
Security Type/Sector Classification Assets Value
- ----------------------------------- -------- -------------

COMMON STOCK
Finance .......................................... 27.4% $ 9,373,681
Consumer Services ................................ 17.0 5,801,161
Technology ....................................... 9.3 3,168,388
Capital Goods .................................... 8.1 2,773,044
Consumer Non-Durables ............................ 8.1 2,771,272
Health Care ...................................... 6.8 2,321,907
Real Estate Investment Trusts .................... 6.1 2,064,289
Utilities ........................................ 4.8 1,640,218
Transportation ................................... 3.8 1,306,607
Energy ........................................... 3.1 1,064,732
Basic Industries ................................. 2.3 767,230
Communications ................................... 1.5 525,800
Consumer Durables ................................ 0.5 161,400
SECURITIES LENDING COLLATERAL ....................... 11.7 4,013,270
LIABILITIES IN EXCESS OF OTHER ASSETS ............... (10.5) (3,596,294)
----- ------------
NET ASSETS .......................................... 100.0% $ 34,156,705
===== ============

- ----------
Portfolio holdings are subject to change at any time.

SAM SUSTAINABLE CLIMATE FUND

% of Net
Security Type/Sector Classification Assets Value
- ----------------------------------- -------- -------------

COMMON STOCK
Industrials ...................................... 51.1% $ 1,873,195
Utilities ........................................ 25.4 928,481
Materials ........................................ 11.2 408,702
Consumer Discretionary ........................... 4.9 179,052
Information Technology ........................... 3.9 143,479
Basic Materials .................................. 2.4 89,491
SECURITIES LENDING COLLATERAL ....................... 12.3 452,055
LIABILITIES IN EXCESS OF OTHER ASSETS ............... (11.2) (411,824)
----- ------------
NET ASSETS .......................................... 100.0% $ 3,662,631
===== ============

- ----------
Portfolio holdings are subject to change at any time.

SAM SUSTAINABLE WATER FUND

% of Net
Security Type/Sector Classification Assets Value
- ----------------------------------- -------- -------------

COMMON STOCK
Industrials ...................................... 48.0% $ 2,817,185
Utilities ........................................ 26.6 1,561,665
Consumer Stables ................................. 8.7 510,006
Health Care ...................................... 6.2 367,602
Materials ........................................ 4.0 233,291
SECURITIES LENDING COLLATERAL ....................... 1.0 58,800
OTHER ASSETS IN EXCESS OF LIABILITIES ............... 5.5 320,537
----- ------------
NET ASSETS .......................................... 100.0% $ 5,869,086
===== ============

- ----------
Portfolio holdings are subject to change at any time.

SAM SUSTAINABLE GLOBAL ACTIVE FUND

% of Net
Security Type/Sector Classification Assets Value
- ----------------------------------- -------- -------------

COMMON STOCK
Financials ....................................... 18.9% $ 2,923,700
Health Care ...................................... 12.0 1,857,071
Consumer Staples ................................. 11.0 1,694,774
Consumer Discretionary ........................... 10.5 1,628,079
Information Technology ........................... 10.0 1,549,484
Energy ........................................... 9.7 1,491,720
Industrial ....................................... 7.8 1,198,303
Materials ........................................ 7.7 1,193,819
Telecommunication Services ....................... 6.0 930,289
Utilities ........................................ 4.2 652,503
SECURITIES LENDING COLLATERAL ....................... 4.2 658,204
LIABILITIES IN EXCESS OF OTHER ASSETS ............... (2.0)% (315,328)
----- ------------
NET ASSETS .......................................... 100.0 $ 15,462,618
===== ============

- ----------
Portfolio holdings are subject to change at any time.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

8 | SEMI-ANNUAL REPORT 2010

ROBECO INVESTMENT FUNDS FEBRUARY 28, 2010 (unaudited)

ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II PORTFOLIO OF INVESTMENTS

Number
of Shares Value
------------- ---------------

COMMON STOCK--97.3%
BASIC INDUSTRIES--3.0%
Graham Packaging Co., Inc. * (a) .......... 92,320 $ 965,667
Schweitzer-Mauduit International, Inc. .... 11,205 514,309
Sensient Technologies Corp. ............... 11,885 314,002
USEC, Inc. * (a) .......................... 123,960 540,466
---------------
2,334,444
---------------
CAPITAL GOODS--9.4%
Actuant Corp., Class A .................... 21,950 397,515
Acuity Brands, Inc. ....................... 14,560 567,549
Beacon Roofing Supply, Inc. * ............. 36,750 639,450
Brady Corp., Class A ...................... 8,633 241,897
Drew Industries, Inc. * ................... 17,135 397,018
Generac Holdings, Inc. * .................. 18,335 246,239
Granite Construction, Inc. (a) ............ 16,345 451,612
Griffon Corp. * ........................... 77,105 954,560
LSI Industries, Inc. ...................... 16,535 101,360
Mueller Industries, Inc. .................. 8,625 193,028
Mueller Water Products, Inc., Class A ..... 75,355 348,894
Olin Corp. ................................ 13,480 236,035
RBC Bearings, Inc. * ...................... 6,200 157,046
Rofin-Sinar Technologies, Inc. * .......... 5,085 104,192
RTI International Metals, Inc. * .......... 33,740 810,772
Toro Co. (a) .............................. 7,845 345,337
Tutor Perini Corp. * ...................... 28,950 572,341
WESCO International, Inc. * ............... 15,880 458,773
---------------
7,223,618
---------------
COMMUNICATIONS--0.4%
EarthLink, Inc. ........................... 39,455 329,055
---------------
CONSUMER DURABLES--0.7%
Tempur-Pedic International, Inc. * ........ 19,250 546,700
---------------
CONSUMER NON-DURABLES--8.7%
Alliance One International, Inc. * ........ 66,860 342,992
Bowne & Co., Inc. ......................... 101,925 1,134,425
Brown Shoe Co., Inc. ...................... 30,737 425,093
Callaway Golf Co. (a) ..................... 65,815 521,913
Dole Food Co., Inc. * ..................... 73,675 864,208
Fresh Del Monte Produce, Inc. * ........... 19,230 373,254
Matthews International Corp., Class A ..... 8,210 275,199
Nu Skin Enterprises, Inc., Class A ........ 20,800 555,776
RC2 Corp. * ............................... 35,865 506,055
Skechers U.S.A., Inc., Class A * .......... 18,390 565,125
Steven Madden Ltd. * ...................... 8,450 354,985
Take-Two Interactive Software, Inc. * ..... 15,625 150,312
Universal Corp. ........................... 11,240 596,282
---------------
6,665,619
---------------
CONSUMER SERVICES--22.2%
ABM Industries, Inc. ...................... 16,655 341,094
Asbury Automative Group, Inc. * ........... 41,025 477,121
Asset Acceptance Capital Corp. * (a) ...... 21,150 119,921
BJ's Wholesale Club, Inc. * ............... 14,595 527,901
Brink's Co., (The) ........................ 30,275 771,407
Charming Shoppes, Inc. * .................. 109,995 654,470

Number
of Shares Value
------------- ---------------

CONSUMER SERVICES--(CONTINUED)
Corporate Executive Board Co., (The) ...... 16,610 $ 380,037
Dress Barn, Inc., (The) * (a) ............. 32,470 807,204
Ennis, Inc. ............................... 16,500 253,605
Finish Line, Inc., (The), Class A (a) ..... 75,975 918,538
Franklin Covey Co. * ...................... 31,295 183,076
G&K Services, Inc., Class A ............... 13,927 347,757
Group 1 Automotive, Inc. * ................ 13,855 384,753
Gymboree Corp., (The) * ................... 5,585 242,947
Heidrick & Struggles International, Inc. .. 30,005 809,235
Hillenbrand, Inc. ......................... 36,255 726,913
InfoGROUP, Inc. * ......................... 37,935 304,618
International Speedway Corp., Class A ..... 19,488 520,524
Jackson Hewitt Tax Service, Inc. * (a) .... 40,650 99,186
Knoll, Inc. ............................... 46,093 554,038
Live Nation, Inc. * ....................... 128,830 1,673,502
MAXIMUS, Inc. ............................. 16,225 934,235
Men's Wearhouse, Inc., (The) (a) .......... 19,610 418,870
Navigant Consulting, Inc. * ............... 34,255 398,386
Regis Corp. ............................... 30,660 506,810
Rent-A-Center, Inc. * ..................... 23,990 533,538
School Specialty, Inc. * .................. 6,875 146,781
Service Corp. International ............... 46,810 377,289
SFN Group, Inc. * ......................... 85,080 669,580
Steiner Leisure Ltd. * .................... 6,100 262,117
Steinway Musical Instruments * ............ 14,670 257,458
Towers Watson & Co., Class A (a) .......... 12,960 572,443
World Fuel Services Corp. (a) ............. 32,312 853,683
---------------
17,029,037
---------------
ENERGY--2.8%
Approach Resources, Inc. * ................ 21,350 177,418
Bristow Group, Inc. * ..................... 31,205 1,129,933
Helix Energy Solutions Group, Inc. * (a) .. 39,250 451,767
Petroleum Development Corp. * ............. 5,655 132,949
Rosetta Resources, Inc. * ................. 13,995 262,126
---------------
2,154,193
---------------
FINANCE--21.8%
AMERISAFE, Inc. * ......................... 14,270 245,587
Apollo Investment Corp. ................... 43,910 511,991
Ares Capital Corp. ........................ 42,530 555,867
Centerstate Banks, Inc. ................... 26,975 289,711
CNA Surety Corp. * ........................ 11,065 178,368
Cowen Group, Inc., Class A * .............. 21,200 115,328
Cypress Sharpridge Investments, Inc. ...... 44,730 591,778
East West Bancorp, Inc. ................... 64,405 1,128,376
FBR Capital Markets Corp. * ............... 94,385 510,623
Fifth Street Finance Corp. (a) ............ 48,930 554,377
First Citizens Bancshares, Inc. ........... 2,585 473,029
First Financial Bancorp ................... 23,365 433,654
Flagstone Reinsurance Holdings Ltd. ....... 18,325 209,638
Gladstone Capital Corp. ................... 12,100 118,096
Heritage Financial Corp. * ................ 5,790 85,634
Horace Mann Educators Corp. ............... 19,740 265,306
Infinity Property & Casualty Corp. ........ 8,630 351,672
JMP Group, Inc. ........................... 51,940 400,977

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2010 | 9

ROBECO INVESTMENT FUNDS FEBRUARY 28, 2010 (unaudited)

ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II (concluded)

PORTFOLIO OF INVESTMENTS

Number
of Shares Value
------------- ---------------

FINANCE--(CONTINUED)
Knight Capital Group, Inc., Class A * ..... 73,890 $ 1,192,585
Maiden Holdings Ltd. ...................... 77,395 543,313
Max Capital Group Ltd. .................... 57,130 1,379,118
Nara Bancorp, Inc. * ...................... 70,915 626,179
Navigators Group, Inc., (The) * ........... 6,880 260,546
Nelnet, Inc., Class A ..................... 55,901 878,764
PHH Corp. * ............................... 41,430 766,869
Platinum Underwriters Holdings Ltd. ....... 30,175 1,128,243
ProAssurance Corp. * ...................... 3,245 173,023
Safety Insurance Group, Inc. .............. 7,805 289,878
SeaBright Insurance Holdings, Inc. * ...... 14,030 147,455
State Auto Financial Corp. ................ 9,910 181,749
SVB Financial Group * ..................... 8,345 371,853
Symetra Financial Corp. * ................. 59,930 778,491
TradeStation Group, Inc. * ................ 43,695 301,495
United America Indemnity Ltd., Class A * .. 22,002 177,996
United Rentals, Inc. * .................... 10,280 77,614
Wilmington Trust Corp. (a) ................ 31,065 447,957
---------------
16,743,140
---------------
HEALTH CARE--13.4%
Addus HomeCare Corp. * .................... 39,160 309,364
Amedisys, Inc. * (a) ...................... 7,910 456,012
AmSurg Corp. * ............................ 16,325 337,276
Centene Corp. * ........................... 13,935 249,018
Conmed Corp. * ............................ 19,435 425,238
Haemonetics Corp. * ....................... 13,225 707,405
Hanger Orthopedic Group, Inc. * ........... 23,500 438,275
Home Diagnostics, Inc. * .................. 37,220 428,774
Invacare Corp. ............................ 11,570 315,630
Kindred Healthcare, Inc. * ................ 34,305 597,593
LHC Group, Inc. * ......................... 13,330 401,233
LifePoint Hospitals, Inc. * ............... 18,075 551,287
Medical Action Industries, Inc. * ......... 15,725 197,192
Odyssey HealthCare, Inc. * ................ 31,110 545,358
Owens & Minor, Inc. ....................... 3,825 170,786
PharMerica Corp. * ........................ 15,255 261,623
PSS World Medical, Inc. * ................. 19,210 405,139
Psychiatric Solutions, Inc. * (a) ......... 10,235 219,541
RehabCare Group, Inc. * ................... 22,460 625,286
Res-Care, Inc. * .......................... 9,735 88,783
Select Medical Holdings Corp. * ........... 69,030 565,356
Symmetry Medical, Inc. * .................. 92,240 793,264
U.S. Physical Therapy, Inc. * ............. 70,399 1,154,544
---------------
10,243,977
---------------
REAL ESTATE INVESTMENT TRUSTS--4.8%
Anworth Mortgage Asset Corp. .............. 162,972 1,101,691
Capstead Mortgage Corp. ................... 24,055 299,244
Colony Financial, Inc. (a) ................ 17,250 343,965

Number
of Shares Value
------------- ---------------

REAL ESTATE INVESTMENT TRUSTS--(CONTINUED)
Gladstone Commercial Corp. ................ 13,955 $ 195,091
Hatteras Financial Corp. (a) .............. 9,015 234,120
MFA Financial, Inc. ....................... 132,960 962,630
Redwood Trust, Inc. (a) ................... 35,810 510,293
---------------
3,647,034
---------------
TECHNOLOGY--7.0%
Bel Fuse, Inc., Class B ................... 12,345 280,602
Belden, Inc. .............................. 31,185 660,498
CIBER, Inc. * ............................. 67,650 252,334
Coherent, Inc. * .......................... 5,635 179,137
Electronics For Imaging, Inc. * ........... 21,905 259,793
EnerSys * ................................. 40,175 915,588
Gilat Satellite Networks Ltd. * ........... 27,055 141,768
Heartland Payment Systems, Inc. ........... 45,825 700,664
Imation Corp. * ........................... 23,670 217,764
Insight Enterprises, Inc. * ............... 15,115 193,321
Ness Technologies, Inc. * ................. 28,385 161,794
NETGEAR, Inc. * ........................... 22,345 566,446
PAR Technology Corp. * .................... 30,345 179,035
Technitrol, Inc. (a) ...................... 27,965 123,046
Verigy Ltd. * ............................. 17,225 171,561
Zoran Corp. * ............................. 35,325 400,586
---------------
5,403,937
---------------
TRANSPORTATION--2.2%
Arkansas Best Corp. ....................... 14,635 384,022
Pacer International, Inc. * ............... 39,080 187,975
UTI Worldwide, Inc. ....................... 75,915 1,133,411
---------------
1,705,408
---------------
UTILITIES--0.9%
PNM Resources, Inc. ....................... 54,965 671,672
---------------
TOTAL COMMON STOCK
(Cost $66,648,802) .................. 74,697,834
---------------
SECURITIES LENDING COLLATERAL--10.7%
Institutional Money Market Trust .......... 8,234,440 8,234,440
---------------
TOTAL SECURITIES LENDING COLLATERAL
(Cost $8,234,440) ................... 8,234,440
---------------
TOTAL INVESTMENTS--108.0%
(Cost $74,883,242) ........................ 82,932,274
---------------
LIABILITIES IN EXCESS OF OTHER
ASSETS--(8.0)% ............................ (6,162,841)
---------------
NET ASSETS--100.0% ........................... $ 76,769,433
===============

- ----------
* -- Non-income producing.

(a) -- All or a portion of the security is on loan. (see note 6)

A summary of the inputs used to value the Fund's investments as of February 28,
2010 is as follows (see note 1 in the Notes to Financial Statements):

LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AS OF QUOTED OBSERVABLE UNOBSERVABLE
02/28/10 PRICE INPUTS INPUTS
----------- ----------- ----------- ------------

Investments in securities * $82,932,274 $82,932,274 $-- $--
----------- ----------- --- ---
Total Assets $82,932,274 $82,932,274 $-- $--
=========== =========== === ===

* see Portfolio of Investments detail for industry and security type
breakout.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

10 | SEMI-ANNUAL REPORT 2010

ROBECO INVESTMENT FUNDS FEBRUARY 28, 2010 (unaudited)

ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND PORTFOLIO OF INVESTMENTS

Number
of Shares Value
------------- ---------------

LONG POSITIONS--106.0%
DOMESTIC COMMON STOCK--92.4%
BASIC INDUSTRIES--2.5%
Cytec Industries, Inc. + .................. 40,730 $ 1,737,949
Haynes International, Inc. + .............. 42,250 1,226,940
Material Sciences Corp. * # ............... 49,582 94,702
Thompson Creek Metals Co., Inc. * ......... 135,915 1,868,831
---------------
4,928,422
---------------
CAPITAL GOODS--5.9%
Chase Corp. ............................... 67,145 806,411
Ducommun, Inc. + .......................... 116,750 2,041,957
Global Power Equipment Group, Inc. * ...... 472,415 845,623
Griffon Corp. * + ......................... 193,521 2,395,790
Hubbell, Inc., Class B + .................. 44,313 2,076,064
Innovative Solutions and Support,
Inc. # * ............................... 207,580 892,594
Key Technology, Inc. * .................... 26,957 345,589
Mohawk Industries, Inc. * (a) + ........... 26,565 1,370,223
Thermadyne Holdings Corp. * + # ........... 123,325 960,702
---------------
11,734,953
---------------
COMMUNICATIONS--3.1%
Clarus Corp. * # .......................... 182,613 803,497
Lionbridge Technologies, Inc. * ........... 530,461 1,697,475
PRIMEDIA, Inc. (a) ........................ 309,470 1,145,039
RRSat Global Communications Network
Ltd. ................................... 94,440 980,287
Web.com Group, Inc. * ..................... 340,685 1,621,661
---------------
6,247,959
---------------
CONSUMER DURABLES--3.1%
D.R. Horton, Inc. (a) + ................... 114,350 1,413,366
Hooker Furniture Corp. .................... 31,862 416,436
Magna International, Inc., Class A + ...... 22,740 1,295,953
Pulte Homes, Inc. * (a) + ................. 123,275 1,335,068
Stanley Furniture Co., Inc. * (a) ......... 47,962 402,881
Toll Brothers, Inc. * (a) ................. 64,980 1,223,573
---------------
6,087,277
---------------
CONSUMER NON-DURABLES--7.8%
Brunswick Corp. (a) ....................... 161,035 1,858,344
Coach, Inc. + ............................. 27,438 999,841
Coca-Cola Femsa S.A. de C.V. - Sponsored
ADR (a) + .............................. 23,225 1,491,277
Lorillard, Inc. + ......................... 43,360 3,167,014
Matthews International Corp., Class A + ... 36,120 1,210,742
Overhill Farms, Inc. * .................... 216,020 1,220,513
Perry Ellis International, Inc. * ......... 31,310 612,737
Polo Ralph Lauren Corp. + ................. 17,440 1,393,979
Steven Madden Ltd. * + .................... 34,605 1,453,756
VF Corp. (a) + ............................ 28,310 2,190,628
---------------
15,598,831
---------------
CONSUMER SERVICES--16.6%
AFC Enterprises, Inc. * + ................. 311,696 2,524,738
Barrett Business Services, Inc. ........... 84,340 1,024,731
BCB Holdings Ltd. * # ..................... 53,148 93,009
Cache, Inc. * ............................. 185,390 817,570

Number
of Shares Value
------------- ---------------

CONSUMER SERVICES--(CONTINUED)
Casual Male Retail Group, Inc. * .......... 317,941 $ 979,258
Century Casinos, Inc. * # ................. 674,006 1,685,015
Cornell Cos., Inc. * + .................... 63,395 1,181,683
CRA International, Inc. * + ............... 40,020 1,064,532
Deluxe Corp. + ............................ 87,610 1,572,599
Dress Barn, Inc., (The) * (a) + ........... 40,035 995,270
Family Dollar Stores, Inc. + .............. 53,530 1,765,955
Famous Dave's of America, Inc. * + # ...... 142,867 954,352
Finish Line, Inc., (The), Class A (a) + ... 83,235 1,006,311
Foot Locker, Inc. + ....................... 5,785 75,031
GameStop Corp., Class A * (a) ............. 61,495 1,057,714
Genesco, Inc. * + ......................... 87,405 2,091,602
Hackett Group, Inc. (The) * ............... 426,494 1,172,858
Harte-Hanks, Inc. (a) + ................... 63,585 756,026
LECG Corp. * # ............................ 393,430 1,121,275
MarineMax, Inc. * ......................... 94,346 998,181
Multi-Color Corp. + ....................... 166,560 2,105,318
Ross Stores, Inc. (a) + ................... 24,666 1,206,414
Schawk, Inc. (a) .......................... 264,631 3,469,312
Steiner Leisure Ltd. * + .................. 36,345 1,561,745
Systemax, Inc. ............................ 109,150 1,779,145
---------------
33,059,644
---------------
ENERGY--0.8%
Approach Resources, Inc. * + .............. 191,669 1,592,769
---------------
FINANCE--20.7%
ACE Ltd. + ................................ 73,105 3,654,519
Capital One Financial Corp. + ............. 39,370 1,486,217
FBR Capital Markets Corp. * ............... 318,760 1,724,492
Fidelity National Financial, Inc.,
Class A + .............................. 110,420 1,573,485
First American Corp. + .................... 58,025 1,870,146
First Southern Bancorp, Inc.,
Class B 144A * # ++ .................... 64,350 1,373,229
Goldman Sachs Group, Inc., (The) (a) ...... 8,533 1,334,135
Investors Title Co. + ..................... 6,324 219,253
JPMorgan Chase & Co. + .................... 140,871 5,912,356
KKR Financial Holdings LLC (a) + .......... 189,605 1,325,339
Loews Corp. + ............................. 51,700 1,884,982
Maiden Holdings Ltd. + .................... 554,982 3,895,974
Morgan Stanley + .......................... 32,073 903,817
NBH Holdings Corp., Class A 144A * # ++ ... 79,735 1,531,709
Oriental Financial Group, Inc. (a) ........ 154,905 1,710,151
SLM Corp. * ............................... 162,850 1,820,663
State Street Corp. (a) + .................. 43,760 1,965,262
TradeStation Group, Inc. * + .............. 165,175 1,139,708
Travelers Companies., Inc., (The) + ....... 30,705 1,614,776
Validus Holdings, Ltd. + .................. 58,632 1,641,110
WESCO Financial Corp. + ................... 1,950 732,323
White Mountains Insurance Group Ltd. + .... 5,375 1,863,190
---------------
41,176,836
---------------
HEALTH CARE--12.1%
Alpha PRO Tech Ltd. * (a) ................. 908,910 3,063,027
AmSurg Corp. * + .......................... 55,380 1,144,151
Anika Therapeutics, Inc. * ................ 194,285 1,222,053
Baxter International, Inc. + .............. 26,890 1,530,848
BioClinica, Inc. * # ...................... 245,761 1,061,688

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2010 | 11

ROBECO INVESTMENT FUNDS FEBRUARY 28, 2010 (unaudited)

ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued)

PORTFOLIO OF INVESTMENTS

Number
of Shares Value
------------- ---------------

HEALTH CARE--(CONTINUED)
Cooper Cos., Inc., (The) + ................ 41,295 $ 1,654,278
Hooper Holmes, Inc. * # ................... 609,853 536,671
Lincare Holdings, Inc. * (a) + ............ 39,645 1,592,143
MedQuist, Inc. (a) + # .................... 174,201 1,369,220
Merck & Co., Inc. + ....................... 54,603 2,013,759
Orthofix International N.V. * + ........... 57,796 1,970,266
PHC, Inc., Class A * ...................... 302,535 375,143
RehabCare Group, Inc. * + ................. 43,805 1,219,531
Res-Care, Inc. * .......................... 113,655 1,036,534
Synergetics USA, Inc. * # ................. 370,452 463,065
Theragenics Corp. * ....................... 461,065 654,712
Unilens Vision, Inc. # .................... 87,132 400,807
Varian Medical Systems, Inc. * (a) + ...... 57,725 2,826,793
---------------
24,134,689
---------------
TECHNOLOGY--18.3%
Amdocs Ltd. + * ........................... 70,540 2,051,303
BluePhoenix Solutions Ltd. * (a) .......... 180,775 423,013
CGI Group, Inc. Class A * + ............... 78,840 1,105,337
Coleman Cable, Inc. * (a) # ............... 191,785 830,429
Compuware Corp. * + ....................... 345,760 2,589,742
Concurrent Computer Corp. * # ............. 244,912 1,129,044
Digi International, Inc. * + .............. 170,221 1,727,743
Dynamics Research Corp. * ................. 89,870 925,661
Hewlett-Packard Co. + ..................... 27,178 1,380,371
MIPS Technologies, Inc. * ................. 465,170 1,958,366
MRV Communications, Inc. * ................ 535,710 449,996
NU Horizons Electronics Corp. * + ......... 66,191 287,931
NumereX Corp., Class A * # ................ 158,740 655,596
Oracle Corp. + ............................ 144,709 3,567,077
Photronics, Inc. * ........................ 241,100 1,060,840
PLATO Learning, Inc. * # .................. 690,351 2,761,404
Richardson Electronics Ltd. + ............. 147,211 1,157,078
Salary.com, Inc. * ........................ 316,880 779,525
SL Industries, Inc. * # ................... 77,155 621,098
Sybase, Inc. * (a) + ...................... 22,585 1,002,548
Technitrol, Inc. (a) ...................... 248,983 1,095,525
Telular Corp. * + # ....................... 889,224 4,001,508
Tier Technologies, Inc., Class B * + # .... 219,075 1,625,537
Versant Corp. * + ......................... 56,855 841,454
Virtusa Corp. * + ......................... 267,066 2,430,301
---------------
36,458,427
---------------
TRANSPORTATION--1.5%
Dynamex, Inc. * + ......................... 68,475 1,191,465
FedEx Corp. + ............................. 20,385 1,727,833
---------------
2,919,298
---------------
TOTAL DOMESTIC COMMON STOCK
(Cost $171,039,835) ................. 183,939,105
---------------
PREFERRED STOCK--4.9%
FINANCE--4.9%
Bank of America Corp. Capital Trust IV
Pfd. 5.875% ............................ 99,365 1,935,630
Bank of America Corp. Pfd. 6.375% ......... 66,810 1,316,825
Capital One Capital II Pfd. 7.500% + ...... 21,505 529,453
Citigroup Capital XVI Pfd. 6.450% ......... 103,860 1,998,266
Fifth Third Capital Trust V Pfd. 7.250% ... 31,770 705,612

Number
of Shares Value
------------- ---------------

FINANCE--(CONTINUED)
First Southern Bancorp, Inc.
144A * # ++ ............................ 110 $ 111,246
KeyCorp Capital LX Pfd. 6.750% ............ 57,420 1,266,685
SLM Corp. Pfd. 6.970% ..................... 4,940 190,906
Sovereign Capital Trust V Pfd. 7.750% ..... 26,870 658,046
Wachovia Capital Trust IV Pfd. 6.375%
(a) ..................................... 48,455 1,123,671
---------------
TOTAL PREFERRED STOCK
(Cost $8,080,978) ................... 9,836,340
---------------
SECURITIES LENDING COLLATERAL--8.7%
Institutional Money Market Trust .......... 17,286,130 17,286,130
---------------
TOTAL SECURITIES LENDING COLLATERAL
(Cost $17,286,130) .................. 17,286,130
---------------
TOTAL LONG POSITIONS--106.0%
(Cost $196,406,943) ....................... 211,061,575
---------------
SECURITIES SOLD SHORT--(19.1%)
BASIC INDUSTRIES--(0.3%)
China Green Agriculture, Inc. * ........... (15,415) (224,905)
Stepan Co. ................................ (8,360) (397,434)
Uranium Energy Corp. * .................... (11,655) (42,657)
---------------
(664,996)
---------------
CAPITAL GOODS--(2.2%)
Applied Nanotech Holdings, Inc. * ......... (8,285) (2,651)
Broadwind Energy, Inc. * .................. (176,260) (872,487)
CARBO Ceramics, Inc. ...................... (8,015) (489,155)
DynaMotive Energy Systems Corp. * ......... (72,185) (12,488)
Hawkins, Inc. ............................. (47,965) (956,902)
Maxwell Technologies, Inc. * .............. (33,895) (469,785)
NewMarket Corp. ........................... (10,000) (890,500)
PMFG, Inc. * .............................. (28,690) (401,660)
Smith & Wesson Holding Corp. * ............ (56,505) (241,276)
SulphCo, Inc. * ........................... (34,495) (13,108)
---------------
(4,350,012)
---------------
COMMUNICATIONS--(1.6%)
CTC Communications Group, Inc. * # ++ ..... (98,900) (10)
Equinix, Inc. * ........................... (7,610) (718,917)
GSI Commerce, Inc. * ...................... (52,890) (1,320,663)
Interliant, Inc. * ........................ (600) 0
One Communications Corp. * ................ (36,619) (4)
Rackspace Hosting, Inc. * ................. (52,485) (1,040,778)
SPEEDUS Corp. * ........................... (3,695) (10,494)
---------------
(3,090,866)
---------------
CONSUMER DURABLES--(0.3%)
Kandi Technologies Corp. * ................ (26,150) (111,138)
Middleby Corp., (The) * ................... (10,685) (495,677)
QSound Labs, Inc. * ....................... (4,440) (1,554)
---------------
(608,369)
---------------

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

12 | SEMI-ANNUAL REPORT 2010

ROBECO INVESTMENT FUNDS FEBRUARY 28, 2010 (unaudited)

ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued)

PORTFOLIO OF INVESTMENTS

Number
of Shares Value
------------- ---------------

CONSUMER NON-DURABLES--(1.4%)
Amish Naturals, Inc. * .................... (25,959) $ (345)
Cal-Maine Foods, Inc. ..................... (37,185) (1,192,151)
Lifeway Foods, Inc. * ..................... (42,380) (496,694)
Smart Balance, Inc. * ..................... (223,440) (1,119,434)
Valence Technology, Inc. * ................ (27,585) (25,654)
---------------
(2,834,278)
---------------
CONSUMER SERVICES--(4.4%)
Arbitron, Inc. ............................ (62,920) (1,352,780)
Bally Technologies, Inc. * ................ (21,760) (901,082)
Beard Co. * ............................... (9,710) (41,268)
Constant Contact, Inc. * .................. (32,290) (602,854)
New Oriental Education & Technology
Group-Sponsored ADR * .................. (12,760) (997,704)
PokerTek, Inc. * .......................... (6,110) (3,177)
Sharps Compliance Corp. * ................. (255,895) (1,816,855)
Spectrum Group International, Inc. * ...... (4,616) (8,078)
Sturm Ruger & Co., Inc. ................... (204,045) (2,399,569)
VistaPrint NV * ........................... (10,805) (623,665)
---------------
(8,747,032)
---------------
ENERGY--0.0%
Ethanex Energy, Inc. * .................... (648) (81)
---------------
FINANCE--(0.7%)
China Logistics, Inc. * ................... (26) (3)
Genmed Holding Corp. * .................... (5) (3)
Value Line, Inc. # ........................ (51,295) (1,364,960)
---------------
(1,364,966)
---------------
HEALTH CARE--(2.6%)
ActiveCare, Inc. * ........................ (421) (4)
Bodytel Scientific, Inc. * ................ (4,840) (29)
Bovie Medical Corp. * ..................... (70,710) (490,727)
Conceptus, Inc. * ......................... (17,465) (342,838)
Cytori Therapeutics, Inc. * ............... (63,120) (438,684)
DexCom, Inc. * ............................ (72,795) (658,067)
HeartWare International, Inc. * ........... (10,240) (394,650)
IDEXX Laboratories, Inc. * ................ (9,925) (524,139)
Mindray Medical International Ltd.-ADR .... (41,340) (1,577,534)
Rockwell Medical Technologies, Inc. * ..... (49,915) (297,493)
Savient Pharmaceuticals, Inc. * ........... (33,555) (452,321)
---------------
(5,176,486)
---------------
TECHNOLOGY--(5.6%)
Aixtron AG-Sponsored ADR .................. (26,925) (788,633)
ANSYS, Inc. * ............................. (14,605) (640,575)
ANTS Software, Inc. * ..................... (10,334) (9,714)
Applied Micro Circuits Corp. * ............ (119,530) (1,068,598)
ASML Holding N.V. ......................... (16,620) (512,395)
China Fire & Security Group, Inc. * ....... (76,420) (1,075,229)

Number
of Shares Value
------------- ---------------

TECHNOLOGY--(CONTINUED)
ConSyGen, Inc. * .......................... (200) $ 0
Cree, Inc. * .............................. (5,905) (400,536)
Ener1, Inc. * ............................. (90,220) (381,631)
First Solar, Inc. * ....................... (4,455) (471,785)
FLIR Systems, Inc. * ...................... (17,970) (481,776)
Infinera Corp. * .......................... (70,405) (533,670)
Informatica Corp. * ....................... (21,560) (550,211)
KLA-Tencor Corp. .......................... (11,385) (331,645)
Microvision, Inc. * ....................... (147,395) (324,269)
Nestor, Inc. * ............................ (15,200) (23)
Netezza Corp. * ........................... (76,850) (702,409)
Palm, Inc. * .............................. (120,255) (733,556)
Sonic Solutions * ......................... (108,545) (986,674)
Synaptics, Inc. * ......................... (21,235) (566,975)
Tiger Telematics, Inc. * .................. (6,510) (9)
Tower Semiconductor Ltd. * ................ (38,915) (63,431)
Universal Display Corp. * ................. (35,485) (373,657)
WorldGate Communications, Inc. * .......... (436,195) (239,907)
Xybernaut Corp. # ++ * .................... (35,000) (1)
---------------
(11,237,309)
---------------
TOTAL SECURITIES SOLD SHORT
(Proceeds $41,836,838) .............. (38,074,395)
---------------
WARRANTS--0.0%
UTILITIES--0.0%
Greenhunter Energy, Inc. Exercise
Price $27.50, Exp. 09/15/11 ............ (423) 0
---------------
TOTAL WARRANTS
(Proceeds $0) ....................... 0
---------------
OTHER ASSETS IN EXCESS OF LIABILITIES--13.1%.. 26,081,989
---------------
NET ASSETS--100.0% ........................... $ 199,069,169
===============

- ----------
ADR -- American Depositary Receipt

144A -- Security was purchased pursuant to Rule 144A under the Securities Act of
1933 and may not be resold subject to that rule except to qualified
institutional buyers.

* -- Non-income producing.

(a) -- All or a portion of the security is on loan (see note 6).

+ -- Security position is either entirely or partially held in a segregated
account as collateral for securities sold short.

# -- 11.9% of the Fund's net assets were reported illiquid by the portfolio
manager under the Funds' policy.

++ -- Security has been valued at fair market value as determined in good
faith by or under the direction of The RBB Fund, Inc.'s Board of
Directors.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2010 | 13

ROBECO INVESTMENT FUNDS FEBRUARY 28, 2010 (unaudited)

ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND (continued)

PORTFOLIO OF INVESTMENTS

A summary of the inputs used to value the Fund's investments as of February 28,
2010 is as follows (see note 1 in the Notes to Financial Statements):

LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AS OF QUOTED OBSERVABLE UNOBSERVABLE
02/28/10 PRICE INPUTS INPUTS
------------ ------------ ----------- ------------

Common Stock
Basic Industries $ 4,928,422 $ 4,928,422 $-- $ --
Capital Goods 11,734,953 11,734,953 -- --
Communications 6,247,959 6,247,959 -- --
Consumer Durables 6,087,277 6,087,277 -- --
Consumer Non-Durables 15,598,831 15,598,831 -- --
Consumer Services 33,059,644 33,059,644 -- --
Energy 1,592,769 1,592,769 -- --
Finance 41,176,836 38,271,898 -- 2,904,938
Health Care 24,134,689 24,134,689 -- --
Technology 36,458,427 36,458,427 -- --
Transportation 2,919,298 2,919,298 -- --
Preferred Stocks 9,836,340 9,725,094 -- 111,246
Securities Lending Collateral 17,286,130 17,286,130 -- --
------------ ------------ --- ----------
Total Assets $211,061,575 $208,045,391 $-- $3,016,184
============ ============ === ==========

LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AS OF QUOTED OBSERVABLE UNOBSERVABLE
02/28/10 PRICE INPUTS INPUTS
------------ ------------ ----------- ------------

Securities Sold Short
Basic Industries $ (664,996) $ (664,996) $-- $ --
Capital Goods (4,350,012) (4,350,012) -- --
Communications (3,090,866) (3,090,852) -- (14)
Consumer Durables (608,369) (608,369) -- --
Consumer Non-Durables (2,834,278) (2,834,278) -- --
Consumer Services (8,747,032) (8,747,032) -- --
Energy (81) (81) -- --
Finance (1,364,966) (1,364,966) -- --
Health Care (5,176,486) (5,176,482) -- (4)
Technology (11,237,309) (11,237,308) -- (1)
------------ ------------ --- ----
Total Liabilities $(38,074,395) $(38,074,376) $-- $(19)
============ ============ === ====

The following is a reconciliation of the Fund's Level 3 investments for which
significant unobservable inputs were used to determine fair value.

COMMON PREFERRED
STOCKS STOCK
TOTAL ---------- ---------
INVESTMENTS FINANCE FINANCE
----------- ---------- ---------

Balance as of August 31, 2009 $ -- $ -- $ --
Accrued discounts/premiums -- -- --
Net realized gain/(loss) -- -- --
Change in unrealized appreciation (depreciation) (46,301) (47,547) 1,246
Net purchases/(sales) 3,062,485 2,952,485 110,000
Transfers in and/or out of Level 3 -- -- --
---------- ---------- --------
Balance as of February 28, 2010 $3,016,184 $2,904,938 $111,246
========== ========== ========

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

14 | SEMI-ANNUAL REPORT 2010

ROBECO INVESTMENT FUNDS FEBRUARY 28, 2010 (unaudited)

ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND (concluded)

PORTFOLIO OF INVESTMENTS

SECURITIES SOLD SHORT
TOTAL -----------------------------------------
INVESTMENTS COMMUNICATIONS HEALTH CARE TECHNOLOGY
----------- -------------- ----------- ----------

Balance as of August 31, 2009 $ -- $ -- $ -- $ --
Accrued discounts/premiums -- -- -- --
Net realized gain/(loss) -- -- -- --
Change in unrealized appreciation (depreciation) 1,000 -- 21 979
Net purchases/(sales) -- -- -- --
Transfers in and/or out of Level 3 (1,019) (14) (25) (980)
------- ---- ---- -----
Balance as of February 28, 2010 $ (19) $(14) $ (4) $ (1)
======= ==== ==== =====

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2010 | 15

ROBECO INVESTMENT FUNDS FEBRUARY 28, 2010 (unaudited)

ROBECO BOSTON PARTNERS MID CAP VALUE FUND PORTFOLIO OF INVESTMENTS

Number
of Shares Value
------------- ---------------

COMMON STOCK--95.8%
BASIC INDUSTRIES--7.2%
Albemarle Corp. ........................... 18,865 $ 707,249
Allegheny Technologies, Inc. (a) .......... 13,185 575,657
Ashland, Inc. ............................. 17,610 829,079
Cliffs Natural Resources, Inc. ............ 4,775 269,310
Crown Holdings, Inc. * .................... 30,005 819,737
PPG Industries, Inc. ...................... 17,855 1,098,797
Reliance Steel & Aluminum Co. ............. 22,070 978,584
---------------
5,278,413
---------------
CAPITAL GOODS--9.5%
AGCO Corp. * .............................. 19,090 653,832
Cooper Industries PLC ..................... 16,430 745,265
Ingersoll-Rand PLC (a) .................... 20,890 666,600
Lennox International, Inc. ................ 10,970 462,934
Mettler-Toledo International, Inc. * ...... 1,425 141,659
Mohawk Industries, Inc. * (a) ............. 15,135 780,663
Stanley Works, (The) (a) .................. 7,605 435,386
Terex Corp. * ............................. 32,125 625,474
Thomas & Betts Corp. * .................... 25,455 918,926
W.W. Grainger, Inc. ....................... 3,880 394,402
WESCO International, Inc. * ............... 41,200 1,190,268
---------------
7,015,409
---------------
COMMUNICATIONS--1.1%
CenturyTel, Inc. (a) ...................... 22,736 779,163
---------------
CONSUMER DURABLES--1.5%
Lennar Corp., Class A ..................... 36,580 600,278
NVR, Inc. * (a) ........................... 760 538,308
---------------
1,138,586
---------------
CONSUMER NON-DURABLES--4.9%
Coach, Inc. ............................... 14,615 532,571
Dr. Pepper Snapple Group, Inc. ............ 11,070 351,472
Electronic Arts, Inc. * (a) ............... 53,045 879,486
Lorillard, Inc. ........................... 4,910 358,626
Mattel, Inc. .............................. 13,520 297,305
Timberland Co., (The), Class A * .......... 34,355 635,224
VF Corp. (a) .............................. 7,465 577,642
---------------
3,632,326
---------------
CONSUMER SERVICES--18.3%
Abercrombie & Fitch Co., Class A .......... 14,025 510,790
Acxiom Corp. * ............................ 18,685 315,029
Bed Bath & Beyond, Inc. * ................. 13,360 555,910
Career Education Corp. * (a) .............. 20,410 567,806
Equifax, Inc. ............................. 39,515 1,274,754
Expedia, Inc. * (a) ....................... 24,299 540,410
GameStop Corp., Class A * (a) ............. 16,940 291,368
Gap, Inc., (The) .......................... 20,245 435,267
Herbalife Ltd. ............................ 18,055 723,103
Hewitt Associates, Inc., Class A * ........ 17,280 656,467
Kroger Co., (The) ......................... 20,170 445,757
Manpower, Inc. (a) ........................ 25,690 1,323,549
McGraw-Hill Companies, Inc., (The) ........ 24,730 845,766
Monster Worldwide, Inc. * (a) ............. 24,895 347,285
Omnicom Group, Inc. (a) ................... 23,790 871,190
Robert Half International, Inc. (a) ....... 32,995 920,560
Safeway, Inc. (a) ......................... 35,555 886,031
Staples, Inc. (a) ......................... 9,475 244,076

Number
of Shares Value
------------- ---------------

CONSUMER SERVICES--(CONTINUED)
Starwood Hotels & Resorts Worldwide,
Inc. (a) ............................... 5,695 $ 220,397
Towers Watson & Co., Class A (a) .......... 20,365 899,522
Washington Post Co., (The), Class B ....... 1,310 550,606
---------------
13,425,643
---------------
ENERGY--6.1%
Concho Resources, Inc. * .................. 21,335 991,011
Noble Energy, Inc. (a) .................... 12,760 926,886
Petrohawk Energy Corp. * .................. 24,360 521,304
Pride International, Inc. * ............... 12,380 346,392
Smith International, Inc. ................. 18,835 772,047
Ultra Petroleum Corp. * ................... 19,740 902,710
---------------
4,460,350
---------------
FINANCE--17.0%
ACE Ltd. .................................. 8,495 424,665
Affiliated Managers Group, Inc. * ......... 5,235 372,366
Alleghany Corp. * ......................... 3,509 972,870
AON Corp. ................................. 17,140 701,712
Assurant, Inc. ............................ 17,430 531,964
BB&T Corp. ................................ 17,325 494,282
Capital One Financial Corp. ............... 14,960 564,740
Discover Financial Services ............... 65,365 892,232
East West Bancorp, Inc. ................... 31,315 548,639
Federated Investors, Inc., Class B (a) .... 28,400 710,284
Hanover Insurance Group, Inc., (The) ...... 17,995 758,489
Loews Corp. ............................... 7,355 268,163
M&T Bank Corp. ............................ 4,555 352,694
Marsh & McLennan Cos., Inc. ............... 45,500 1,056,510
People's United Financial, Inc. ........... 9,235 145,636
Reinsurance Group of America, Inc. ........ 11,125 528,771
SEI Investments Co. ....................... 37,520 661,102
SLM Corp. * ............................... 86,335 965,225
Symetra Financial Corp. * ................. 58,155 755,433
Unum Group (a) ............................ 36,390 757,276
---------------
12,463,053
---------------
HEALTH CARE--8.2%
Cardinal Health, Inc. ..................... 10,755 365,347
DaVita, Inc. * ............................ 16,770 1,033,200
Hologic, Inc. * ........................... 50,025 862,931
Hospira, Inc. * ........................... 12,730 666,161
Humana, Inc. * ............................ 15,740 744,974
Laboratory Corp. of America Holdings * .... 9,215 675,552
McKesson Corp. ............................ 9,320 551,278
Omnicare, Inc. ............................ 27,855 754,035
Varian Medical Systems, Inc. * (a) ........ 8,105 396,902
---------------
6,050,380
---------------
REAL ESTATE INVESTMENT TRUSTS--4.0%
Annaly Capital Management, Inc. ........... 34,746 638,631
Equity Residential ........................ 10,260 370,181
Kimco Realty Corp. (a) .................... 49,745 690,958
Regency Centers Corp. (a) ................. 9,585 332,312
Taubman Centers, Inc. ..................... 13,370 517,820
Ventas, Inc. (a) .......................... 9,305 411,188
---------------
2,961,090
---------------

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

16 | SEMI-ANNUAL REPORT 2010

ROBECO INVESTMENT FUNDS FEBRUARY 28, 2010 (unaudited)

ROBECO BOSTON PARTNERS MID CAP VALUE FUND (concluded) PORTFOLIO OF INVESTMENTS

Number
of Shares Value
------------- ---------------

TECHNOLOGY--12.7%
Amdocs Ltd. * ............................. 27,215 $ 791,412
Arrow Electronics, Inc. * ................. 34,910 984,811
Avnet, Inc. * ............................. 25,050 691,630
Broadridge Financial Solutions, Inc. ...... 33,510 705,050
CACI International, Inc., Class A * ....... 6,855 339,734
Cymer, Inc. * ............................. 16,905 529,465
Flextronics International Ltd. * .......... 57,905 403,019
Harris Corp. .............................. 24,525 1,109,020
Ingram Micro, Inc., Class A * ............. 41,250 730,125
McAfee, Inc. * ............................ 6,372 252,905
Micron Technology, Inc. * (a) ............. 53,850 487,881
SRA International, Inc., Class A * ........ 15,325 292,095
STMicroelectronics N.V. (a) ............... 61,865 536,370
Sybase, Inc. * (a) ........................ 11,060 490,953
Symantec Corp. * .......................... 35,215 582,808
Western Union Co. (The) (a) ............... 26,330 415,487
---------------
9,342,765
---------------
TRANSPORTATION--0.4%
Norfolk Southern Corp. .................... 5,185 266,665
---------------
UTILITIES--4.9%
Allegheny Energy, Inc. (a) ................ 28,240 639,636
Alliant Energy Corp. ...................... 16,695 528,063
American Electric Power Co., Inc. (a) ..... 7,870 264,589

Number
of Shares Value
------------- ---------------

UTILITIES--(CONTINUED)
Edison International ...................... 19,590 $ 639,222
NV Energy, Inc. ........................... 45,060 500,617
PG&E Corp. (a) ............................ 10,875 455,880
Westar Energy, Inc. ....................... 26,995 577,693
---------------
3,605,700
---------------
TOTAL COMMON STOCK
(Cost $65,748,043) .................. 70,419,543
---------------
SECURITIES LENDING COLLATERAL--25.7%
Institutional Money Market Trust .......... 18,885,658 18,885,658
---------------
TOTAL SECURITIES LENDING COLLATERAL
(Cost $18,885,658) .................. 18,885,658
---------------
TOTAL INVESTMENTS--121.5%
(Cost $84,633,701) ..................... 89,305,201
---------------
LIABILITIES IN EXCESS OF OTHER
ASSETS--(21.5)% ............................ (15,812,750)
---------------
NET ASSETS--100.0% ........................... $ 73,492,451
===============

- ----------
* -- Non-income producing.

(a) -- All or a portion of the security is on loan (see note 6).

A summary of the inputs used to value the Fund's investments as of February 28,
2010 is as follows (see note 1 in the Notes to Financial Statements):

LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AS OF QUOTED OBSERVABLE UNOBSERVABLE
02/28/10 PRICE INPUTS INPUTS
----------- ----------- ----------- ------------

Investments in securities * $89,305,201 $89,305,201 $-- $--
----------- ----------- --- ---
Total Assets $89,305,201 $89,305,201 $-- $--
=========== =========== === ===

* see Portfolio of Investments detail for industry and security type
breakout.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2010 | 17

ROBECO INVESTMENT FUNDS FEBRUARY 28, 2010 (unaudited)

ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND PORTFOLIO OF INVESTMENTS

Number
of Shares Value
------------- ---------------

COMMON STOCK--96.4%
BASIC INDUSTRIES--1.5%
Cytec Industries, Inc. .................... 23,310 $ 994,638
Pactiv Corp. * ............................ 13,565 335,869
---------------
1,330,507
---------------
CAPITAL GOODS--3.0%
Actuant Corp., Class A .................... 20,325 368,086
Dover Corp. (a) ........................... 24,620 1,114,301
Illinois Tool Works, Inc. ................. 8,580 390,562
Parker-Hannifin Corp. ..................... 11,722 706,954
Wolseley PLC - ADR ........................ 37,025 87,009
---------------
2,666,912
---------------
COMMUNICATIONS--1.9%
Vodafone Group PLC - Sponsored ADR ........ 75,348 1,640,326
---------------
CONSUMER DURABLES--0.7%
Magna International, Inc., Class A ........ 11,310 644,557
---------------
CONSUMER NON-DURABLES--5.0%
Del Monte Foods Co. ....................... 12,535 146,910
Electronic Arts, Inc. * (a) ............... 39,115 648,527
Jones Apparel Group, Inc. ................. 15,085 254,333
Mattel, Inc. .............................. 55,550 1,221,544
Matthews International Corp., Class A ..... 6,860 229,947
Nestle S.A.- Sponsored ADR ................ 17,600 875,424
Oxford Industries, Inc. ................... 17,610 342,691
Timberland Co., (The), Class A * .......... 15,715 290,570
Tupperware Brands Corp. ................... 9,545 446,038
---------------
4,455,984
---------------
CONSUMER SERVICES--18.7%
Best Buy Co., Inc. ........................ 12,175 444,387
Career Education Corp. * # (a) ............ 27,675 769,918
CEC Entertainment, Inc. * ................. 14,970 524,698
eBay, Inc. * .............................. 49,815 1,146,741
Equifax, Inc. ............................. 23,425 755,690
Expedia, Inc. * # (a) ..................... 48,663 1,082,265
Family Dollar Stores, Inc. ................ 38,390 1,266,486
GameStop Corp., Class A * (a) ............. 56,115 965,178
Gap, Inc., (The) .......................... 21,310 458,165
Harte-Hanks, Inc. ......................... 36,155 429,883
Herbalife Ltd. ............................ 17,820 713,691
Hewitt Associates, Inc., Class A * ........ 12,170 462,338
HSN, Inc. * ............................... 26,065 564,568
Interval Leisure Group, Inc. * ............ 35,060 503,462
Lender Processing Services, Inc. .......... 20,965 800,444
Manpower, Inc. (a) ........................ 10,325 531,944
Monster Worldwide, Inc. * (a) ............. 24,440 340,938
Omnicom Group, Inc. (a) ................... 23,835 872,838
Pantry, Inc. (The) * ...................... 15,915 208,486
Philip Morris International, Inc. ......... 17,715 867,681
Regis Corp. ............................... 47,140 779,224
Rent-A-Center, Inc. * ..................... 36,290 807,090
Towers Watson & Co., Class A (a) .......... 13,480 595,412
Viacom, Inc., Class B * ................... 14,830 439,709
Wright Express Corp. * .................... 11,765 333,185
---------------
16,664,421
---------------

Number
of Shares Value
------------- ---------------

ENERGY--8.1%
Apache Corp. # ............................ 11,670 $ 1,209,479
Chevron Corp. ............................. 25,825 1,867,147
EOG Resources, Inc. # ..................... 10,485 986,114
Marathon Oil Corp. # ...................... 16,085 465,661
Noble Energy, Inc. ........................ 31,670 2,300,509
XTO Energy, Inc. .......................... 9,365 427,981
---------------
7,256,891
---------------
FINANCE--29.7%
ACE Ltd. .................................. 14,135 706,609
Alleghany Corp. * ......................... 4,566 1,265,923
Allied World Assurance Co.
Holdings Ltd. .......................... 11,965 551,586
American Express Co. ...................... 25,050 956,659
AON Corp. ................................. 9,395 384,631
Arch Capital Group Ltd. * ................. 3,335 246,723
Bank of America Corp. ..................... 136,840 2,279,754
BB&T Corp. ................................ 30,920 882,148
Bond Street Holdings LLC, Class A
144A * ++ .............................. 29,895 607,167
Capital One Financial Corp. ............... 19,300 728,575
Citigroup, Inc. * ......................... 126,955 431,647
Cypress Sharpridge Investments, Inc. ...... 19,315 255,537
Federated Investors, Inc., Class B (a) .... 16,390 409,914
First American Corp. ...................... 13,030 419,957
First Southern Bancorp, Inc.,
Class B 144A * ++ ...................... 17,550 374,517
Flagstone Reinsurance Holdings Ltd. ....... 62,940 720,034
Hanover Insurance Group, Inc., (The) ...... 18,220 767,973
J.G.Wentworth, Inc. * ++ +/- ~ ............ -- 0
JPMorgan Chase & Co. ...................... 71,865 3,016,174
Loews Corp. ............................... 61,489 2,241,889
Maiden Holdings Ltd. ...................... 14,125 99,157
Morgan Stanley ............................ 27,670 779,741
NBH Holdings Co., Inc. Class A
144A * ++ .............................. 40,025 768,880
Peoples Choice Financial Corp.
144A * ++ ~ ............................ 1,465 0
SLM Corp. * ............................... 93,445 1,044,715
Solar Cayman Ltd. 144A * ++ ............... 19,375 115,087
State Street Corp. (a) .................... 19,505 875,970
Symetra Financial Corp. * ................. 10,695 138,928
Travelers Companies., Inc., (The) ......... 26,925 1,415,986
Unum Group (a) ............................ 56,536 1,176,514
Validus Holdings, Ltd. .................... 29,912 837,237
Wells Fargo & Co. ......................... 35,075 958,951
White Mountains Insurance
Group Ltd. ............................. 3,110 1,078,050
---------------
26,536,633
---------------
HEALTH CARE--13.2%
Aetna, Inc. ............................... 14,150 424,358
Amgen, Inc. * ............................. 31,190 1,765,666
Becton, Dickinson & Co. (a) ............... 10,880 847,226
Cardinal Health, Inc. ..................... 23,865 810,694
DaVita, Inc. * ............................ 8,405 517,832
Hologic, Inc. * ........................... 17,120 295,320
Johnson & Johnson ......................... 27,195 1,713,285
Lincare Holdings, Inc. * (a) .............. 14,425 579,308
McKesson Corp. ............................ 14,685 868,618

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

18 | SEMI-ANNUAL REPORT 2010

ROBECO INVESTMENT FUNDS FEBRUARY 28, 2010 (unaudited)

ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND (continued) PORTFOLIO OF INVESTMENTS

Number
of Shares Value
------------- ---------------

HEALTH CARE--(CONTINUED)
Patterson Companies, Inc. * ............... 15,675 $ 465,234
Pfizer, Inc. .............................. 137,316 2,409,896
UnitedHealth Group, Inc. .................. 15,195 514,503
WellPoint, Inc. * ......................... 9,250 572,298
---------------
11,784,238
---------------
REAL ESTATE INVESTMENT TRUSTS--1.0%
Ashford Hospitality Trust, Inc. * (a) ..... 65,925 361,269
Colony Financial, Inc. (a) ................ 11,835 235,990
Terreno Realty Corp. * .................... 15,445 290,520
TMST, Inc. * ++ ........................... 191,097 0
---------------
887,779
---------------
TECHNOLOGY--13.2%
Accenture PLC ............................. 25,595 1,023,032
Avnet, Inc. * ............................. 15,955 440,518
BancTec, Inc., 144A * ++ .................. 15,732 138,599
Fidelity National Information
Services, Inc. ......................... 11,305 254,815
Heartland Payment Systems, Inc. ........... 23,585 360,615
Hewlett-Packard Co. ....................... 33,135 1,682,927
International Business Machines Corp. ..... 17,220 2,189,695
Micron Technology, Inc. * (a) ............. 62,150 563,079
Microsoft Corp. ........................... 69,880 2,002,761
Sykes Enterprises, Inc. * ................. 7,935 188,932
Symantec Corp. * .......................... 45,120 746,736
Tech Data Corp. * ......................... 16,790 719,284
Texas Instruments, Inc. ................... 18,105 441,400
Tyco Electronics Ltd. ..................... 25,585 655,744
Western Union Co. (The) (a) ............... 25,340 399,865
---------------
11,808,002
---------------
UTILITIES--0.4%
Allegheny Energy, Inc. (a) ................ 15,965 361,607
---------------
TOTAL COMMON STOCK
(Cost $78,256,302) .................. 86,037,857
---------------
PREFERRED STOCK--0.0%
FINANCE--0.0%
First Southern Bancorp, Inc. 144A * ++ .... 30 30,340
---------------
TOTAL PREFERRED STOCK
(Cost $30,000) ...................... 30,340
---------------

Par
Value
-------------

CORPORATE BONDS--0.1%
MBIA Insurance Corp.144A ## +
14.00% 01/15/33 ........................ $ 151 70,970
Thornburg Mortgage, Inc. (PIK) @ ++ ~
18.00% 03/31/15 ........................ 74 0
Thornburg Mortgage, Inc. 144A @ ++ ~
18.00% 03/31/15 ........................ 824 0
---------------
TOTAL CORPORATE BONDS
(Cost $981,292) ..................... 70,970
---------------

Number
of Shares Value
------------- ---------------

SECURITIES LENDING COLLATERAL--12.9%
Institutional Money Market Trust .......... 11,504,751 $ 11,504,751
---------------
TOTAL SECURITIES LENDING COLLATERAL
(Cost $11,504,751) .................. 11,504,751
---------------
TOTAL INVESTMENTS--109.4%
(Cost $90,772,345) ........................ 97,643,918
---------------

Number of
Contracts
-------------

PTIONS WRITTEN--(0.2%)
Apache Corp. Call Options
Expires 04/17/10
Strike Price $110 ...................... (105) (15,750)
Career Education Corp. Call Options
Expires 04/17/10
Strike Price $22 ....................... (181) (107,695)
EOG Resources, Inc. Call Options
Expires 04/17/10
Strike Price $95 ....................... (45) (18,000)
Expedia, Inc. Call Options
Expires 04/17/10
Strike Price $25 ....................... (86) (2,150)
Expedia, Inc. Call Options
Expires 04/17/10
Strike Price $30 ....................... (86) 0
Marathon Oil Corp. Call Options
Expires 04/17/10
Strike Price $38 ....................... (147) 0
---------------
TOTAL OPTIONS WRITTEN
(Premiums received $(171,767)) ...... (143,595)
---------------
TOTAL INVESTMENTS, NET OF OPTIONS
WRITTEN--109.2%
(Cost $90,600,578) ........................ 97,500,323
---------------
LIABILITIES IN EXCESS OF OTHER
ASSETS--(9.2)% ............................ (8,231,626)
---------------
NET ASSETS--100.0% ........................... $ 89,268,697
===============

- ----------
144A -- Security was purchased pursuant to Rule 144A under the Securities Act of
1933 and may not be resold subject to that rule except to qualified
institutional buyers.

ADR -- American Depositary Receipt

PIK -- Payment In Kind

* -- Non-income producing.

@ -- Security in default.

++ -- Security has been valued at fair market value as determined in good
faith by or under the direction of The RBB Fund, Inc.'s Board of
Directors.

+/- -- Total shares owned by the Fund as of February 28, 2010 were less than
one share.

+ -- Adjustable rate security.

# -- Security segregated as collateral for options written.

## -- Callable security.

(a) -- All or a portion of the security is on loan (see note 6).

~ -- 0.0% of the Fund's net assets were reported illiquid by the portfolio
manager under the Funds' policy.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2010 | 19

ROBECO INVESTMENT FUNDS FEBRUARY 28, 2010 (unaudited)

ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND (concluded) PORTFOLIO OF INVESTMENTS

A summary of the inputs used to value the Fund's investments as of February 28,
2010 is as follows (see note 1 in the Notes to Financial Statements):

LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AS OF QUOTED OBSERVABLE UNOBSERVABLE
02/28/10 PRICE INPUTS INPUTS
----------- ----------- ----------- ------------

Common Stock
Basic Industries $ 1,330,507 $ 1,330,507 $ -- $ --
Capital Goods 2,666,912 2,666,912 -- --
Communications 1,640,326 1,640,326 -- --
Consumer Durables 644,557 644,557 -- --
Consumer Non-Durables 4,455,984 4,455,984 -- --
Consumer Services 16,664,421 16,664,421 -- --
Energy 7,256,891 7,256,891 -- --
Finance 26,536,633 24,670,982 -- 1,865,651
Health Care 11,784,238 11,784,238 -- --
Real Estate Investment Trusts 887,779 887,779 -- --
Technology 11,808,002 11,669,403 -- 138,599
Utilities 361,607 361,607 -- --
Preferred Stock - Finance 30,340 -- -- 30,340
Securities Lending Collateral 11,504,751 11,504,751 -- --
Corporate Bonds 70,970 -- 70,970 --
----------- ----------- ------- ----------
Total Assets $97,643,918 $95,538,358 $70,970 $2,034,590
=========== =========== ======= ==========

LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AS OF QUOTED OBSERVABLE UNOBSERVABLE
02/28/10 PRICE INPUTS INPUTS
----------- ----------- ----------- ------------

Options Written $(143,595) $-- $(143,595) $--
--------- --- --------- ---
Total Liabilities $(143,595) $-- $(143,595) $--
========= === ========= ===

The following is a reconciliation of the Fund's Level 3 investments for which
significant unobservable inputs were used to determine fair value.

PREFERRED
COMMON STOCK STOCK
TOTAL ----------------------- ---------
INVESTMENTS FINANCE TECHNOLOGY FINANCE
----------- ---------- ---------- ---------

Balance as of August 31, 2009 $ 239,717 $ 147,056 $ 92,661 $ --
Accrued discounts/premiums -- -- -- --
Net realized gain/(loss) -- -- -- --
Change in unrealized appreciation (depreciation) (49,770) (50,110) -- 340
Net purchases/(sales) 1,844,643 1,768,705 45,938 30,000
Transfers in and/or out of Level 3 -- -- -- --
---------- ---------- -------- -------
Balance as of February 28, 2010 $2,034,590 $1,865,651 $138,599 $30,340
========== ========== ======== =======

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

20 | SEMI-ANNUAL REPORT 2010

ROBECO INVESTMENT FUNDS FEBRUARY 28, 2010 (unaudited)

ROBECO WPG SMALL CAP VALUE FUND PORTFOLIO OF INVESTMENTS

Number
of Shares Value
------------- ---------------

COMMON STOCK--98.8%
BASIC INDUSTRIES--2.3%
Buckeye Technologies, Inc. * .............. 3,000 $ 33,150
Globe Specialty Metals, Inc. * ............ 26,700 273,942
Graham Packaging Co., Inc. * .............. 8,000 83,680
Landec Corp. * ............................ 3,800 23,028
Schweitzer-Mauduit International, Inc. .... 7,700 353,430
---------------
767,230
---------------
CAPITAL GOODS--8.1%
BE Aerospace, Inc. * ...................... 10,700 277,130
Beacon Roofing Supply, Inc. * ............. 18,100 314,940
Columbus McKinnon Corp. * ................. 15,000 215,850
Generac Holdings, Inc. * (a) .............. 30,900 414,987
Granite Construction, Inc. (a) ............ 10,600 292,878
Hexcel Corp. * ............................ 23,400 257,868
Lakeland Industries, Inc. * ............... 34,100 289,850
RTI International Metals, Inc. * .......... 9,600 230,688
Teleflex, Inc. ............................ 2,900 176,726
Titan Machinery, Inc. * ................... 9,100 108,381
Tutor Perini Corp. * ...................... 9,800 193,746
---------------
2,773,044
---------------
COMMUNICATIONS--1.5%
Digital River, Inc. * ..................... 20,000 525,800
---------------
CONSUMER DURABLES--0.5%
Lifetime Brands, Inc. * (a) ............... 20,000 161,400
---------------
CONSUMER NON-DURABLES--8.1%
Alliance One International, Inc. * ........ 97,300 499,149
Brown Shoe Co., Inc. ...................... 16,100 222,663
Chiquita Brands International,
Inc. * (a) ............................. 28,600 416,416
Del Monte Foods Co. ....................... 66,400 778,208
Fresh Del Monte Produce, Inc. * ........... 11,800 229,038
Iconix Brand Group, Inc. * ................ 23,800 310,114
Pool Corp. (a) ............................ 15,800 315,684
---------------
2,771,272
---------------
CONSUMER SERVICES--17.0%
America's Car-Mart, Inc. * (a) ............ 10,600 280,264
Casual Male Retail Group, Inc. * .......... 87,900 270,732
Cornell Cos., Inc. * ...................... 46,700 870,488
Foot Locker, Inc. ......................... 7,500 97,275
FTI Consulting, Inc. * .................... 6,100 224,114
Geo Group, Inc., (The) * .................. 18,200 359,814
Hackett Group, Inc. (The) * ............... 35,400 97,350
Hillenbrand, Inc. ......................... 13,200 264,660
Jack in the Box, Inc. * ................... 8,100 171,072
LECG Corp. * .............................. 85,100 242,535
Lincoln Educational Services
Corp. * (a) ............................ 5,300 118,190
Lions Gate Entertainment Corp. * .......... 57,600 313,920
MDC Partners, Inc., Class A ............... 139,400 1,301,996
New Frontier Media, Inc. * ................ 76,800 137,472
Pantry, Inc. (The) * ...................... 27,600 361,560
Princeton Review, Inc. (The) * (a) ........ 93,200 354,160
Regis Corp. ............................... 20,300 335,559
---------------
5,801,161
---------------

Number
of Shares Value
------------- ---------------

ENERGY--3.1%
Approach Resources, Inc. * ................ 53,342 $ 443,272
Boots & Coots, Inc. * ..................... 93,900 169,959
GeoMet, Inc. * ............................ 80,900 81,709
Holly Corp. ............................... 14,400 369,792
---------------
1,064,732
---------------
FINANCE--27.4%
A.B.Whatley Group, Inc. * ................. 93,855 1,314
Allied World Assurance Co. ................
Holdings Ltd. ............................. 5,100 235,110
Aspen Insurance Holdings Ltd. ............. 12,800 361,728
Bancorp Rhode Island, Inc. ................ 6,000 170,700
Boston Private Financial Holdings, Inc. ... 14,500 99,325
Cathay General Bancorp (a) ................ 26,500 257,845
Centerstate Banks, Inc. ................... 17,000 182,580
Delphi Financial Group, Inc., Class A ..... 19,000 405,270
Encore Bancshares, Inc. * ................. 25,483 206,412
ESSA Bancorp, Inc. (a) .................... 13,500 157,950
FBR Capital Markets Corp. * ............... 104,500 565,345
First Financial Bancorp ................... 29,700 551,232
Great American Group, Inc. * .............. 89,550 301,784
Home Bancshares, Inc. ..................... 17,700 429,756
Home Federal Bancorp, Inc. ................ 13,800 183,954
Max Capital Group Ltd. .................... 15,600 376,584
MB Financial, Inc. ........................ 14,600 297,110
Meadowbrook Insurance Group, Inc. ......... 111,800 791,544
National Penn Bancshares, Inc. ............ 27,200 187,408
Nelnet, Inc., Class A ..................... 18,000 282,960
Northwest Bancshares, Inc. ................ 12,100 142,901
Old National Bancorp ...................... 23,400 265,824
PMA Capital Corp., Class A * .............. 27,200 154,496
Renasant Corp. (a) ........................ 17,400 265,524
SCBT Financial Corp. ...................... 11,500 418,140
SeaBright Insurance Holdings, Inc. * ...... 19,300 202,843
Simmons First National Corp., Class A ..... 6,300 167,328
Texas Capital Bancshares, Inc. * (a) ...... 18,700 315,095
Thomas Weisel Partners Group, Inc. * ...... 36,900 148,707
Union First Market Bankshares Corp. ....... 8,900 111,339
United Financial Bancorp, Inc. ............ 11,200 146,608
Validus Holdings, Ltd. .................... 14,800 414,252
ViewPoint Financial Group ................. 15,600 227,916
WSFS Financial Corp. ...................... 11,300 346,797
---------------
9,373,681
---------------
HEALTH CARE--6.8%
Assisted Living Concepts, Inc.,
Class A * .............................. 14,300 395,681
Exactech, Inc. * .......................... 19,100 370,349
Healthcare Services Group, Inc. ........... 2,600 57,096
HealthTronics, Inc. * ..................... 114,100 344,582
ICU Medical, Inc. * ....................... 17,100 587,727
NovaMed, Inc. * (a) ....................... 39,000 147,810
Providence Service Corp. * ................ 5,700 69,027
Psychiatric Solutions, Inc. * (a) ......... 16,300 349,635
---------------
2,321,907
---------------

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2010 | 21

ROBECO INVESTMENT FUNDS FEBRUARY 28, 2010 (unaudited)

ROBECO WPG SMALL CAP VALUE FUND (concluded) PORTFOLIO OF INVESTMENTS

Number
of Shares Value
------------- ---------------

REAL ESTATE INVESTMENT TRUSTS--6.1%
American Campus Communities, Inc. ......... 7,300 $ 201,772
Chimera Investment Corp. .................. 59,200 236,800
Dupont Fabros Technology, Inc. ............ 14,600 286,160
Hatteras Financial Corp. (a) .............. 9,300 241,521
Highwoods Properties, Inc. (a) ............ 12,100 351,505
Kenndy-Wilson Holdings, Inc. * (a) ........ 16,400 157,768
Starwood Property Trust, Inc. ............. 20,300 379,813
Washington Real Estate Investment
Trust (a) .............................. 7,500 208,950
---------------
2,064,289
---------------
TECHNOLOGY--9.3%
CDC Software Corp. - ADR * ................ 67,500 670,950
CIBER, Inc. * ............................. 82,900 309,217
Digi International, Inc. * ................ 55,855 566,929
Double-Take Software, Inc. * .............. 31,200 276,744
ManTech International Corp., Class A * .... 5,200 256,776
OmniVision Technologies, Inc. * ........... 14,900 216,497
Plantronics, Inc. ......................... 3,700 105,191
RADWARE Ltd. * ............................ 10,900 185,300
Safeguard Scientifics, Inc. * ............. 10,400 122,096
Techwell, Inc. * .......................... 19,200 240,960
Zoran Corp. * ............................. 19,200 217,728
---------------
3,168,388
---------------
TRANSPORTATION--3.8%
Airtran Holdings, Inc. * .................. 136,500 657,930
Celadon Group, Inc. * ..................... 22,400 273,728
Rand Logistics, Inc. * .................... 13,400 58,156
US Airways Group, Inc. * (a) .............. 21,000 153,930
Werner Enterprises, Inc. (a) .............. 7,300 162,863
---------------
1,306,607
---------------

Number
of Shares Value
------------- ---------------

UTILITIES--4.8%
El Paso Electric Co. * .................... 11,000 $ 221,320
Great Plains Energy, Inc. ................. 10,200 181,662
Portland General Electric Co. ............. 20,600 370,594
StealthGas, Inc. .......................... 43,700 203,642
UGI Corp. ................................. 17,000 425,850
Vectren Corp. ............................. 10,200 237,150
---------------
1,640,218
---------------
TOTAL COMMON STOCK
(Cost $28,898,932) .................. 33,739,729
---------------
SECURITIES LENDING COLLATERAL--11.7%
Institutional Money Market Trust .......... 4,013,270 4,013,270
---------------
TOTAL SECURITIES LENDING COLLATERAL
(Cost $4,013,270) ................... 4,013,270
---------------
TOTAL INVESTMENTS--110.5%
(Cost $32,912,202) ........................ 37,752,999
---------------
LIABILITIES IN EXCESS OF OTHER
ASSETS--(10.5)% ........................... (3,596,294)
---------------
NET ASSETS--100.0% ........................... $ 34,156,705
===============

- ----------
ADR -- American Depositary Receipt

* -- Non-income Producing

(a) -- All or a portion of the security is on loan (see note 6).

A summary of the inputs used to value the Fund's investments as of February 28,
2010 is as follows (see note 1 in the Notes to Financial Statements):

LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AS OF QUOTED OBSERVABLE UNOBSERVABLE
02/28/10 PRICE INPUTS INPUTS
----------- ----------- ----------- ------------

Investments in securities * $37,752,999 $37,752,999 $-- $--
----------- ----------- --- ---
Total Assets $37,752,999 $37,752,999 $-- $--
=========== =========== === ===

* see Portfolio of Investments detail for industry and security type
breakout.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

22 | SEMI-ANNUAL REPORT 2010

ROBECO INVESTMENT FUNDS FEBRUARY 28, 2010 (unaudited)

SAM SUSTAINABLE CLIMATE FUND PORTFOLIO OF INVESTMENTS

Number
of Shares Value
------------- ---------------

COMMON STOCK--98.9%
AUSTRIA--7.0%
Verbund - Oesterreichische
Elektrizitaetswirtschafts AG
(Utilities) ............................ 1,821 $ 74,139
Wienerberger AG (Industrials) * ........... 3,550 60,714
Zumtobel AG (Industrials) * ............... 5,750 121,984
---------------
256,837
---------------
BRAZIL--2.9%
Cia Energetica de Minas Gerais -
ADR (Utilities) ........................ 6,465 105,832
---------------
CANADA--5.3%
Canadian Solar, Inc. (Industrials) * ...... 3,300 63,096
Intermap Technologies Corp.
(Industrials) * ........................ 10,100 15,358
Ram Power Corp. (Utilities) * ............. 38,300 113,932
---------------
192,386
---------------
CHINA--7.3%
JA Solar Holdings Co. Ltd. - ADR
(Industrials) * (a) .................... 16,700 82,832
RINO International Corp. ..................
(Industrials) * (a) .................... 1,300 26,273
Trina Solar Ltd. - ADR (Industrials) * .... 2,200 48,400
Yingli Green Energy Holding Co. Ltd. - ADR
(Industrials) * ........................ 9,500 110,010
---------------
267,515
---------------
DENMARK--2.4%
Novozymes A/S, Class B (Materials) ........ 850 87,246
---------------
FINLAND--0.8%
Vaisala Oyj, Class A (Information
Technology) ............................ 992 28,542
---------------
FRANCE--5.7%
Compagnie de Saint-Gobain (Industrials) ... 1,700 79,907
Saft Groupe SA (Industrials) .............. 1,160 42,426
Veolia Environnement (Utilities) .......... 2,720 88,185
---------------
210,518
---------------
GERMANY--2.5%
Steico AG (Materials) * ................... 3,500 40,462
Vossloh AG (Industrials) .................. 510 50,069
---------------
90,531
---------------
GREECE--1.6%
Terna Energy SA (Utilities) ............... 8,600 57,614
---------------
HONG KONG--2.4%
Sino-Forest Corp. (Basic Materials) * ..... 4,600 89,491
---------------
IRELAND--2.5%
CRH PLC (Materials) ....................... 3,480 79,281
Kingspan Group PLC (Industrials) * ........ 2,000 13,617
---------------
92,898
---------------

Number
of Shares Value
------------- ---------------

ITALY--6.2%
Ansaldo STS SpA (Industrials) ............. 1,520 $ 29,286
Landi Renzo SpA (Consumer
Discretionary) ......................... 21,500 100,123
Terna Rete Elettrica Nazionale SpA
(Utilities) ............................ 23,580 96,885
---------------
226,294
---------------
JAPAN--5.0%
East Japan Railway Co. (Industrials) ...... 1,000 68,884
Yamatake Corp. (Information Technology) ... 4,900 114,937
---------------
183,821
---------------
NETHERLANDS--0.7%
Grontmij N.V. (Industrials) ............... 1,100 24,534
---------------
SPAIN--8.2%
EDP Renovaveis SA (Utilities) * ........... 12,030 96,957
Gamesa Corp.Tecnologica SA
(Industrials) .......................... 7,400 92,097
Iberdrola Renovables SA (Utilities) ....... 26,390 110,605
---------------
299,659
---------------
SWEDEN--1.1%
Munters AB (Industrials) * ................ 5,069 41,413
---------------
SWITZERLAND--4.3%
ABB Ltd. (Industrials) .................... 4,390 88,801
Syngenta AG (Materials) ................... 260 67,284
---------------
156,085
---------------
UNITED KINGDOM--1.4%
SIG PLC (Industrials) * ................... 30,000 52,423
---------------
UNITED STATES--31.6%
Acuity Brands, Inc. (Industrials) ......... 2,120 82,638
Aecom Technology Corp. (Industrials) * .... 3,310 89,701
Apogee Enterprises, Inc. (Industrials) .... 3,370 48,157
Covanta Holding Corp. (Industrials) * ..... 6,770 114,075
Ecolab, Inc. (Materials) .................. 1,010 42,561
Ener1, Inc. (Industrials) * (a) ........... 7,420 31,387
Fuel Systems Solutions, Inc.
(Consumer Discretionary) * (a) ......... 2,830 78,929
Insituform Technologies, Inc., Class A
(Industrials) * ........................ 3,051 74,933
ITC Holdings Corp. (Utilities) ............ 1,914 102,169
LSB Industries, Inc. (Materials) * (a) .... 6,465 91,868
Orion Marine Group, Inc.
(Industrials) * (a) .................... 1,500 26,340
PG&E Corp. (Utilities)(a) ................. 1,960 82,163
Quanta Services, Inc. (Industrials) * ..... 4,550 86,450
Regal-Beloit Corp. (Industrials) .......... 1,370 77,295
Tetra Tech, Inc. (Industrials) * .......... 4,840 101,253
UQM Technologies, Inc.
(Industrials) * (a) .................... 6,600 28,842
---------------
1,158,761
---------------
TOTAL COMMON STOCK
(Cost $3,422,908) ......................... 3,622,400
---------------

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2010 | 23

ROBECO INVESTMENT FUNDS FEBRUARY 28, 2010 (unaudited)

SAM SUSTAINABLE CLIMATE FUND (concluded) PORTFOLIO OF INVESTMENTS

Number
of Shares Value
------------- ---------------

SECURITIES LENDING COLLATERAL--12.3%
UNITED STATES--12.3%
Institutional Money Market Trust .......... 452,055 $ 452,055
---------------
TOTAL SECURITIES LENDING COLLATERAL
(Cost $452,055) ..................... 452,055
---------------
TOTAL INVESTMENTS--111.2%
(Cost $3,874,963) ......................... 4,074,455
---------------
LIABILITIES IN EXCESS OF OTHER
ASSETS--(11.2)% ........................... (411,824)
---------------
NET ASSETS--100.0% ........................... $ 3,662,631
===============

- ----------
ADR -- American Depositary Receipt

* -- Non-income producing.

(a) -- All or a portion of the security is on loan (see note 6).

A summary of the inputs used to value the Fund's investments as of February 28,
2010 is as follows (see note 1 in the Notes to Financial Statements):

LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AS OF QUOTED OBSERVABLE UNOBSERVABLE
02/28/10 PRICE INPUTS INPUTS
----------- ---------- ----------- -------------

Investments in securities * $4,074,455 $4,074,455 $-- $--
---------- ---------- --- ---
Total Assets $4,074,455 $4,074,455 $-- $--
========== ========== === ===

* see Portfolio of Investments detail for country and security type breakout.

The following is a reconciliation of the Fund's Level 3 investments for which
significant unobservable inputs were used to determine fair value.

COMMON STOCKS
TOTAL -------------
INVESTMENTS UTILITIES
----------- -------------

Balance as of August 31, 2009 $ 106,005 $ 106,005
Accrued discounts/premiums -- --
Net realized gain/(loss) -- --
Change in unrealized appreciation (depreciation) -- --
Net purchases/(sales) -- --
Transfers in and/or out of Level 3 (106,005) (106,005)
--------- ---------
Balance as of February 28, 2010 $ -- $ --
========= =========

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

24 | SEMI-ANNUAL REPORT 2010

ROBECO INVESTMENT FUNDS FEBRUARY 28, 2010 (unaudited)

SAM SUSTAINABLE WATER FUND PORTFOLIO OF INVESTMENTS

Number
of Shares Value
------------- ---------------

COMMON STOCK--93.5%
AUSTRALIA--0.4%
G.U.D. Holdings Ltd. (Industrials) ........ 2,700 $ 23,520
---------------
AUSTRIA--0.5%
BWT AG (Industrials) ...................... 1,100 28,144
---------------
BRAZIL--0.6%
Cia de Saneamento Basico do Estado de Sao
Paulo - ADR (Utilities) ................ 900 30,681
Cia de Saneamento de Minas
Gerais-Copasa MG (Utilities) .............. 300 4,192
---------------
34,873
---------------
CANADA--3.1%
BioteQ Environmental Tech, Inc. ...........
(Industrials) * ........................ 15,785 17,552
Hanfeng Evergreen, Inc. (Materials) * ..... 9,000 62,612
Intermap Technologies Corp.
(Industrials) * ........................ 11,000 16,727
Newalta, Inc. (Industrials) ............... 2,100 18,162
Stantec, Inc. (Industrials) * ............. 2,600 67,113
---------------
182,166
---------------
CHINA--2.4%
China Valves Technology, Inc. .............
(Industrials) * ........................ 700 8,526
Epure International Ltd. (Industrials) .... 124,000 71,011
RINO International Corp. ..................
(Industrials) * (a) .................... 2,800 56,588
Xinjiang Tianye Water Saving Irrigation
System Co. Ltd. (Industrials) * ........ 44,000 5,895
---------------
142,020
---------------
DENMARK--1.3%
Danisco A/S (Consumer Staples) ............ 1,100 73,761
---------------
FRANCE--6.6%
Suez Environnement SA (Utilities) ......... 10,000 220,248
Veolia Environnement (Utilities) .......... 5,200 168,589
---------------
388,837
---------------
GERMANY--2.4%
KSB AG (Industrials) ...................... 140 88,262
Siemens AG (Industrials) .................. 650 55,751
---------------
144,013
---------------
HONG KONG--13.0%
Beijing Enterprises Water Group Ltd. ......
(Industrials) * ........................ 190,000 64,376
Chaoda Modern Agriculture
(Consumer Staples) ..................... 319,040 345,257
China Green Holdings Ltd. Bermuda
(Consumer Staples) ..................... 79,000 90,988
China Water Affairs Group Ltd. (Utilities) 93,000 37,022
Guangdong Investment Ltd. (Utilities) ..... 447,000 226,893
---------------
764,536
---------------

Number
of Shares Value
------------- ---------------

ITALY--2.1%
ACEA SpA (Utilities) ...................... 5,500 $ 55,906
Hera SpA (Utilities) ...................... 29,500 66,801
---------------
122,707
---------------
JAPAN--1.5%
Kitz Corp. (Industrials) .................. 6,000 31,133
Kurita Water Industries Ltd. ..............
(Industrials) .......................... 2,000 55,107
---------------
86,240
---------------
NETHERLANDS--4.0%
Aalberts Industries N.V. (Industrials) .... 3,250 45,183
Grontmij N.V. (Industrials) ............... 800 17,843
Ten Cate N.V. (Industrials) ............... 1,000 26,212
Wavin N.V. (Industrials) .................. 74,250 143,566
---------------
232,804
---------------
PHILIPPINES--0.7%
Manila Water Co., Inc. (Utilities) ........ 134,700 43,075
---------------
SINGAPORE--0.8%
Boustead Singapore Ltd. (Industrials) ..... 54,000 29,964
Hyflux Ltd. (Industrials) ................. 8,000 20,033
---------------
49,997
---------------
SOUTH KOREA--1.7%
Woongjin Coway Co., Ltd. (Industrials) .... 3,300 98,866
---------------
SPAIN--0.2%
Fluidra SA (Industrials) .................. 2,600 9,559
---------------
SWITZERLAND--2.5%
Geberit AG (Industrials) .................. 850 145,511
---------------
THAILAND--0.6%
Thai Tap Water Supply Co., Ltd. ...........
(Utilities) ............................ 266,000 34,271
---------------
UNITED KINGDOM--7.5%
Halma PLC (Industrials) ................... 22,900 87,016
Northumbrian Water Group PLC
(Utilities) ............................ 13,000 54,651
Pennon Group PLC (Utilities) .............. 3,300 26,392
PuriCore PLC (Health Care) * .............. 28,900 4,957
Severn Trent PLC (Utilities) .............. 6,600 117,242
Spice PLC (Industrials) ................... 62,000 36,870
United Utilities Group PLC (Utilities) .... 13,900 115,194
---------------
442,322
---------------
UNITED STATES--41.6%
Aecom Technology Corp. (Industrials) * .... 4,300 116,530
American States Water Co. (Utilities) ..... 1,400 45,024
American Water Works Co., Inc. ............
(Utilities) ............................ 10,400 231,504
Aqua America, Inc. (Utilities) ............ 2,600 44,512
Calgon Carbon Corp. (Materials) * ......... 3,000 46,530

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2010 | 25

ROBECO INVESTMENT FUNDS FEBRUARY 28, 2010 (unaudited)

SAM SUSTAINABLE WATER FUND (concluded) PORTFOLIO OF INVESTMENTS

Number
of Shares Value
------------- ---------------

UNITED STATES--(CONTINUED)
California Water Service Group
(Utilities) ............................ 1,100 $ 39,468
Danaher Corp. (Industrials) ............... 3,900 288,483
Ecolab, Inc. (Materials) .................. 2,000 84,280
ICF International, Inc. (Industrials) * ... 1,540 36,082
IDEX Corp. (Industrials) .................. 2,000 62,000
Insituform Technologies, Inc., Class A
(Industrials) * ........................ 3,300 81,048
ITT Corp. (Industrials) ................... 5,550 284,327
Layne Christensen Co. (Industrials) * ..... 800 22,064
Millipore Corp. (Health Care) * ........... 1,000 94,410
Mueller Water Products, Inc., Class A
(Industrials) .......................... 4,766 22,067
Nalco Holding Co. (Materials) ............. 1,690 39,309
Pall Corp. (Industrials) .................. 8,200 323,654
Pentair, Inc. (Industrials) ............... 1,900 61,864
Roper Industries, Inc. (Industrials) ...... 3,100 171,864
Tetra Tech, Inc. (Industrials) * .......... 2,500 52,300
Thermo Fisher Scientific, Inc. ............
(Health Care) * ........................ 5,500 268,235
Toro Co. (Industrials) .................... 600 26,412
TyraTech, Inc. (Materials) * .............. 3,500 560
---------------
2,442,527
---------------
TOTAL COMMON STOCK
(Cost $5,083,760) ................... 5,489,749
---------------

Number
of Shares Value
------------- ---------------

PREFERRED STOCK--0.0%
UNITED KINGDOM--0.0%
PuriCore PLC * ............................ 4,867 $ 0
---------------
TOTAL PREFERRED STOCK
(Cost $0) ........................... 0
---------------
SECURITIES LENDING COLLATERAL--1.0%
Institutional Money Market Trust .......... 58,800 58,800
---------------
TOTAL SECURITIES LENDING COLLATERAL
(Cost $58,800) ...................... 58,800
---------------
TOTAL INVESTMENTS--94.5%
(Cost $5,142,560) ......................... 5,548,549
---------------
OTHER ASSETS IN EXCESS OF LIABILITIES--5.5% .. 320,537
---------------
NET ASSETS--100.0% ........................... $ 5,869,086
===============

- ---------
ADR -- American Depositary Receipt

* -- Non-income producing.

(a) All or a portion of the security is on loan (see note 6).

A summary of the inputs used to value the Fund's investments as of February 28,
2010 is as follows (see note 1 in the Notes to Financial Statements):

LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AS OF QUOTED OBSERVABLE UNOBSERVABLE
02/28/10 PRICE INPUTS INPUTS
----------- ---------- ----------- ------------

Investments in securities * $5,548,549 $5,548,549 $-- $--
---------- ---------- --- ---
Total Assets $5,548,549 $5,548,549 $-- $--
========== ========== === ===

* see Portfolio of Investments detail for country and security type breakout.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

26 | SEMI-ANNUAL REPORT 2010

ROBECO INVESTMENT FUNDS FEBRUARY 28, 2010 (unaudited)

SAM SUSTAINABLE GLOBAL ACTIVE FUND PORTFOLIO OF INVESTMENTS

Number
of Shares Value
------------- ---------------

COMMON STOCK--97.8%
AUSTRALIA--3.3%
National Australia Bank Ltd. (Financial) .. 17,600 $ 401,269
Westpac Banking Corp. (Financial) ......... 4,902 114,794
---------------
516,063
---------------
AUSTRIA--2.4%
Erste Group Bank AG (Financial) ........... 6,000 226,062
OMV AG (Energy) ........................... 4,100 151,852
---------------
377,914
---------------
CANADA--4.3%
BCE, Inc. (Telecommunication Services) .... 9,069 251,677
Sherritt International Corp. (Materials) .. 46,500 328,355
Teck Resources Ltd., Class B
(Materials) * .......................... 2,204 81,063
---------------
661,095
---------------
CHINA--2.1%
Bank of China Ltd., Class H (Financial) ... 656,000 318,613
---------------
GERMANY--2.4%
Henkel AG & Co. KGaA (Consumer Staples) ... 3,076 158,470
Muenchener Rueckversicherungs-
Gesellschaft AG (Financial) ............ 1,332 206,130
---------------
364,600
---------------
JAPAN--10.9%
Daito Trust Construction Co., Ltd. ........
(Financial) ............................ 11,500 562,412
Fast Retailing Co., Ltd. ..................
(Consumer Discretionary) ............... 1,100 185,717
ITOCHU Corp. (Industrials) ................ 36,000 290,123
Japan Tobacco, Inc. (Consumer Staples) .... 20 72,598
Mitsubishi Corp. (Industrials) ............ 7,200 179,909
Mitsui O.S.K. Lines, Ltd. (Industrials) ... 31,000 199,933
Nitori Co., Ltd. (Consumer
Discretionary) ......................... 2,400 192,335
---------------
1,683,027
---------------
NETHERLANDS--1.0%
Koninklijke Ahold N.V. (Consumer
Staples) ............................... 12,263 150,282
---------------
NORWAY--2.1%
Aker Solutions ASA (Energy) ............... 10,100 133,745
Norsk Hydro ASA (Materials) * ............. 28,000 188,587
---------------
322,332
---------------
PORTUGAL--3.0%
EDP - Energias de Portugal, SA
(Utilities) ............................ 31,300 114,861
Portugal Telecom, SGPS SA
(Telecommunication Services) ........... 33,001 347,355
---------------
462,216
---------------

Number
of Shares Value
------------- ---------------

SPAIN--5.9%
Banco Santander SA (Financial) ............ 13,278 $ 172,647
Iberdrola Renovables SA (Utilities) ....... 99,554 417,248
Telefonica SA (Telecommunication
Services) .............................. 14,107 331,257
---------------
921,152
---------------
SWEDEN--4.1%
Boliden AB (Materials) .................... 9,902 121,175
Svenska Cellulosa AB, Class B
(Materials) ............................ 18,000 266,095
Telefonaktiebolaget LM Ericsson, Class B
(Information Technology) ............... 24,398 243,987
---------------
631,257
---------------
SWITZERLAND--2.4%
Adecco SA (Industrials) ................... 2,000 99,418
Baloise Holding AG (Financial) ............ 2,220 190,950
Sonova Holding AG (Health Care) ........... 700 87,317
---------------
377,685
---------------
UNITED KINGDOM--8.4%
AstraZeneca PLC (Health Care) ............. 5,637 247,847
Barclays PLC (Financial) .................. 51,260 244,255
BG Group PLC (Energy) ..................... 13,931 243,222
Logica PLC (Information Technology) ....... 72,900 132,723
Travis Perkins PLC (Industrials) * ........ 42,047 428,920
---------------
1,296,967
---------------
UNITED STATES--45.5%
Aetna, Inc. (Health Care) ................. 6,374 191,156
Bristol-Myers Squibb Co. (Health Care) .... 3,631 88,996
Chevron Corp. (Energy) .................... 3,831 276,981
CIGNA Corp. (Health Care) ................. 3,700 126,762
Forest Oil Corp. (Energy) * (a) ........... 10,811 292,978
Green Mountain Coffee Roasters, Inc. ......
(Consumer Staples) * ................... 2,000 168,780
Hartford Financial Services Group, Inc. ...
(Financial) ............................ 17,200 419,164
Health Net, Inc. (Health Care) * .......... 22,181 512,159
Hewlett-Packard Co. (Information
Technology) ............................ 12,148 616,997
International Business Machines Corp. .....
(Information Technology) ............... 3,965 504,189
Johnson Controls, Inc. (Consumer
Discretionary) ......................... 11,000 342,100
JPMorgan Chase & Co. (Financial) .......... 1,606 67,404
Kimberly-Clark Corp. (Consumer Staples) ... 5,266 319,857
Limited Brands, Inc. (Consumer
Discretionary) ......................... 21,836 482,794
McDonald's Corp. (Consumer
Discretionary) ......................... 2,406 153,623
McKesson Corp. (Health Care) .............. 2,164 128,001
Microsoft Corp. (Information Technology) .. 1,800 51,588
Occidental Petroleum Corp. (Energy) ....... 4,921 392,942
Pfizer, Inc. (Health Care) ................ 27,056 474,833

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2010 | 27

ROBECO INVESTMENT FUNDS FEBRUARY 28, 2010 (unaudited)

SAM SUSTAINABLE GLOBAL ACTIVE FUND (concluded) PORTFOLIO OF INVESTMENTS

Number
of Shares Value
------------- ---------------

UNITED STATES--(CONTINUED)
PG&E Corp. (Utilities)(a) ................. 2,872 $ 120,394
Procter & Gamble Co. (Consumer Staples) ... 8,862 560,787
Reynolds American, Inc. (Consumer
Staples)(a) ............................ 5,000 264,000
Target Corp. (Consumer Discretionary) ..... 5,270 271,510
Temple-Inland, Inc. (Materials) ........... 11,200 208,544
---------------
7,036,539
---------------
TOTAL COMMON STOCK
(Cost $14,068,215) .................. 15,119,742
---------------
SECURITIES LENDING COLLATERAL--4.2%
Institutional Money Market Trust .......... 658,204 658,204
---------------
TOTAL SECURITIES LENDING COLLATERAL
(Cost $658,204) ..................... 658,204
---------------
TOTAL INVESTMENTS--102.0%
(Cost $14,726,419) ........................ 15,777,946
---------------
LIABILITIES IN EXCESS OF OTHER
ASSETS--(2.0)% ............................ (315,328)
---------------
NET ASSETS--100.0% ........................... $ 15,462,618
==============

- ---------
* -- Non-income producing.

(a) -- All or a portion of the security is on loan (see note 6).

A summary of the inputs used to value the Fund's investments as of February 28,
2010 is as follows (see note 1 in the Notes to Financial Statements):

LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AS OF QUOTED OBSERVABLE UNOBSERVABLE
02/28/10 PRICE INPUTS INPUTS
----------- ----------- ----------- ------------

Investments in securities * $15,777,946 $15,777,946 $-- $--
----------- ----------- --- ---
Total Assets $15,777,946 $15,777,946 $-- $--
=========== =========== === ===

* see Portfolio of Investments detail for country and security type breakout.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

28 | SEMI-ANNUAL REPORT 2010

[THIS PAGE INTENTIONALLY LEFT BLANK]

ROBECO INVESTMENT FUNDS FEBRUARY 28, 2010

STATEMENTS OF ASSETS AND LIABILITIES (unaudited)

ROBECO BOSTON ROBECO BOSTON ROBECO BOSTON ROBECO BOSTON
PARTNERS PARTNERS PARTNERS PARTNERS
SMALL CAP LONG/SHORT MID CAP ALL-CAP
VALUE FUND II EQUITY FUND VALUE FUND VALUE FUND
------------- ------------- ------------- -------------

ASSETS
Investments in securities, at value+ ### ................... $ 82,932,274 $211,061,575 $ 89,305,201 $ 97,643,918
Cash ....................................................... 1,959,581 9,122,666 4,837,566 3,080,279
Receivables
Investments sold ........................................ 305,804 2,619,159 -- 1,850,995
Deposits with brokers for securities sold short ......... -- 39,519,871 -- --
Dividends and interest .................................. 36,060 191,543 67,294 106,142
Capital shares sold ..................................... 69,075 568,269 944,993 49,686
Prepaid expenses and other assets .......................... 19,355 44,400 19,151 19,183
------------ ------------ ------------ ------------
Total assets ......................................... 85,322,149 263,127,483 95,174,205 102,750,203
------------ ------------ ------------ ------------
LIABILITIES
Securities sold short, at fair value++ ..................... $ -- $ 38,074,395 $ -- $ --
Options written, at value* ................................. -- -- -- 143,595
Payables
Securities lending collateral ........................... 8,234,440 17,286,130 18,885,658 11,504,751
Investments purchased ................................... -- 2,629,301 2,669,382 1,735,229
Capital shares redeemed ................................. 119,352 24,544 29,152 --
Due to prime broker ..................................... -- 5,667,820 -- --
Investment advisory fees ................................ 77,749 297,404 30,352 34,227
Distribution and service fees (Investor Class) .......... 9,229 14,338 3,365 1,629
Dividends on securities sold-short ...................... -- 3,684 -- --
Interest payable ........................................ -- 358 -- --
Other accrued expenses and liabilities ..................... 111,946 60,340 63,845 62,075
------------ ------------ ------------ ------------
Total liabilities .................................... 8,552,716 64,058,314 21,681,754 13,481,506
------------ ------------ ------------ ------------
Net Assets ................................................. $ 76,769,433 $199,069,169 $ 73,492,451 $ 89,268,697
============ ============ ============ ============
NET ASSETS CONSIST OF
Par value .................................................. $ 6,548 $ 11,478 $ 7,973 $ 6,561
Paid-in capital ............................................ 100,540,478 183,342,664 74,591,309 85,181,083
Undistributed/accumulated net investment income (loss) ..... (89,943) (1,294,805) (11,000) 291,820
Accumulated net realized loss from investments ............. (31,736,682) (1,407,243) (5,767,331) (3,110,512)
Net unrealized appreciation on investments ................. 8,049,032 18,417,075 4,671,500 6,899,745
------------ ------------ ------------ ------------
Net Assets ........................................... $ 76,769,433 $199,069,169 $ 73,492,451 $ 89,268,697
============ ============ ============ ============
INSTITUTIONAL CLASS
Net assets ................................................. $ 26,944,034 $121,782,624 $ 55,282,244 $ 80,394,780
Shares outstanding ......................................... 2,244,649 6,928,294 5,955,106 5,906,534
------------ ------------ ------------ ------------
Net asset value, offering and redemption price per share ... $ 12.00 $ 17.58 $ 9.28 $ 13.61
============ ============ ============ ============

INVESTOR CLASS
Net assets ................................................. $ 49,825,399 $ 77,286,545 $ 18,210,207 $ 8,873,917
Shares outstanding ......................................... 4,302,875 4,550,086 2,018,079 654,112
------------ ------------ ------------ ------------
Net asset value, offering and redemption price per share ... $ 11.58 $ 16.99 $ 9.02 $ 13.57
============ ============ ============ ============
+ Investment in securities, at cost ........................ $ 74,883,242 $196,406,943 $ 84,633,701 $ 90,772,345
### Includes market value of securities on loan ............ $ 7,818,520 $ 16,438,176 $ 18,241,547 $ 11,037,107
++ Proceeds received, securities sold short ................ $ -- $ 41,836,838 $ -- $ --
* Premiums received, options written ....................... $ -- $ -- $ -- $ 171,767

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

30 | SEMI-ANNUAL REPORT 2010

ROBECO INVESTMENT FUNDS FEBRUARY 28, 2010

STATEMENTS OF ASSETS AND LIABILITIES (concluded) (unaudited)

SAM
ROBECO WPG SAM SAM SUSTAINABLE
SMALL CAP SUSTAINABLE SUSTAINABLE GLOBAL ACTIVE
VALUE FUND CLIMATE FUND WATER FUND FUND
------------ ------------ ----------- -------------

ASSETS
Investments in securities, at value+ ### ................... $ 37,752,999 $ 4,074,455 $ 5,548,549 $15,777,946
Cash ....................................................... 407,574 115,478 347,391 266,318
Receivables
Investments sold ........................................ 585,849 -- 8,987 --
Dividends and interest .................................. 28,937 2,955 14,277 28,170
Capital shares sold ..................................... -- -- 22,156 49,990
Investment adviser ...................................... -- 9,990 12,281 6,146
Prepaid expenses and other assets .......................... 18,103 27,767 26,951 28,180
------------ ----------- ----------- -----------
Total assets ......................................... 38,793,462 4,230,645 5,980,592 16,156,750
------------ ----------- ----------- -----------
LIABILITIES
Payables
Securities lending collateral ........................... 4,013,270 452,055 58,800 658,204
Investments purchased ................................... 523,922 72,661 23,795 --
Capital shares redeemed ................................. 29,816 -- -- --
Investment advisory fees ................................ 22,789 -- -- --
Distribution and service fees (Investor Class and
Class C) ............................................. -- 68 155 1
Other accrued expenses and liabilities ..................... 46,960 43,230 28,756 35,927
------------ ----------- ----------- -----------
Total liabilities .................................... 4,636,757 568,014 111,506 694,132
------------ ----------- ----------- -----------
Net Assets ................................................. $ 34,156,705 $ 3,662,631 $ 5,869,086 $15,462,618
============ =========== =========== ===========
NET ASSETS CONSIST OF
Par value .................................................. $ 2,959 $ 533 $ 775 $ 1,367
Paid-in capital ............................................ 45,266,910 4,887,135 6,840,853 14,178,385
Undistributed/accumulated net investment income (loss) ..... (7,851) (18,353) (7,201) 2,379
Accumulated net realized gain/(loss) from investments ...... (15,946,110) (1,406,102) (1,370,846) 229,338
Net unrealized appreciation on investments and foreign
currency translation .................................... 4,840,797 199,418 405,505 1,051,149
------------ ----------- ----------- -----------
Net Assets ........................................... $ 34,156,705 $ 3,662,631 $ 5,869,086 $15,462,618
============ =========== =========== ===========
INSTITUTIONAL CLASS
Net assets ................................................. $ 34,156,705 $ 3,297,964 $ 5,068,489 $15,453,303
Shares outstanding ......................................... 2,959,157 479,518 668,673 1,366,438
------------ ----------- ----------- -----------
Net asset value, offering and redemption price per share ... $ 11.54 $ 6.88 $ 7.58 $ 11.31
============ =========== =========== ===========
INVESTOR CLASS
Net assets ................................................. $ -- $ 364,667 $ 758,614 $ 9,315
Shares outstanding ......................................... -- 53,123 100,347 824
------------ ----------- ----------- -----------
Net asset value, offering and redemption price per share ... $ -- $ 6.86 $ 7.56 $ 11.31
============ =========== =========== ===========
CLASS C
Net Assets ................................................. $ -- $ -- $ 41,983 $ --
Shares outstanding ......................................... -- -- 5,543 --
------------ ----------- ----------- -----------
Net asset value and offering price per share++ ............. $ -- $ -- $ 7.57 $ --
============ =========== =========== ===========
+ Investment in securities, at cost ........................ $ 32,912,202 $ 3,874,963 $ 5,142,560 $14,726,419
### Includes market value of securities on loan ............ $ 3,771,962 $ 415,402 $ 56,588 $ 635,452

- ----------
++ Redemption price per share is equal to net asset value less any applicable
contingent deferred sales charge.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2010 | 31

ROBECO INVESTMENT FUNDS FOR THE PERIOD ENDED FEBRUARY 28, 2010

STATEMENTS OF OPERATIONS (unaudited)

INVESTMENT INCOME
Dividends + ............................................ $ 610,065 $ 1,233,253 $ 453,934 $ 668,962
Interest ............................................... 320 3,076 641 11,604
Income from securities loaned (Note 6) ................. 4,016 2,642 884 444
---------- ----------- ---------- ----------
Total investment income ............................. 614,401 1,238,971 455,459 681,010
---------- ----------- ---------- ----------
EXPENSES
Advisory fees .......................................... 351,593 1,653,434 223,044 320,212
Transfer agent fees .................................... 61,553 47,199 53,620 39,736
Distribution fees (Investor Class) ..................... 57,728 75,257 19,695 8,925
Administration and accounting fees ..................... 41,798 72,040 42,676 44,393
Printing and shareholder reporting fees ................ 7,481 11,923 9,849 12,304
Directors' and officers' fees .......................... 6,767 12,235 9,965 11,665
Professional fees ...................................... 19,092 24,743 18,178 22,951
Custodian fees ......................................... 18,635 35,917 9,611 14,419
Registration and filing fees ........................... 16,501 13,817 17,534 15,884
Dividend expense on securities sold-short .............. -- 54,002 -- --
Prime broker interest expense .......................... -- 522,548 -- --
Other expenses ......................................... 523 536 1,018 1,440
---------- ----------- ---------- ----------
Total expenses before waivers and reimbursements .... 581,671 2,523,651 405,190 491,929
Less: waivers and reimbursements .................... (67,341) (41,954) (106,690) (102,752)
---------- ----------- ---------- ----------
Net expenses after waivers and reimbursements .......... 514,330 2,481,697 298,500 389,177
---------- ----------- ---------- ----------
Net investment income/(loss) ........................... 100,071 (1,242,726) 156,959 291,833
---------- ----------- ---------- ----------
Net realized gain/(loss) from:
Investments ......................................... 4,994,445 9,984,372 1,329,021 1,585,402
Investments sold-short .............................. -- (32,044) -- --
Written options * ................................... -- -- -- (97,627)
Net change in unrealized appreciation/(depreciation) on:
Investments ......................................... 4,529,754 2,048,316 4,617,992 4,971,317
Investments sold short .............................. -- 3,272,115 -- --
Written options * ................................... -- -- -- 162,721
---------- ----------- ---------- ----------
Net realized and unrealized gain from investments ...... 9,524,199 15,272,759 5,947,013 6,621,813
---------- ----------- ---------- ----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ...... $9,624,270 $14,030,033 $6,103,972 $6,913,646
========== =========== ========== ==========
+ Net of foreign withholding taxes of .................. $ -- $ (2,353) $ (622) $ (7,175)
========== =========== ========== ==========

* Primary risk is equity contracts.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

32 | SEMI-ANNUAL REPORT 2010

ROBECO INVESTMENT FUNDS FOR THE PERIOD ENDED FEBRUARY 28, 2010

STATEMENTS OF OPERATIONS (concluded) (unaudited)

SAM
ROBECO WPG SAM SAM SUSTAINABLE
SMALL CAP SUSTAINABLE SUSTAINABLE GLOBAL ACTIVE
VALUE FUND CLIMATE FUND WATER FUND FUND
---------- ------------ ----------- -------------

INVESTMENT INCOME
Dividends + ............................................ $ 301,292 $ 9,895 $ 31,210 $121,147
Interest ............................................... 162 3 65 52
Income from securities loaned (Note 6) ................. 878 1,215 361 26
---------- --------- --------- --------
Total investment income ............................. 302,332 11,113 31,636 121,225
---------- --------- --------- --------
EXPENSES
Advisory fees .......................................... 164,274 18,396 24,377 51,527
Transfer agent fees .................................... 42,053 36,980 36,571 26,889
Distribution fees (Investor Class) ..................... -- 442 772 7
Distribution fees (Class C) ............................ -- -- 96 --
Administration and accounting fees ..................... 42,164 40,682 42,188 40,902
Printing and shareholder reporting fees ................ 3,185 76 74 100
Directors' and officers' fees .......................... 7,401 6,435 7,681 8,166
Professional fees ...................................... 19,625 16,319 16,212 17,559
Custodian fees ......................................... 20,370 10,949 18,083 15,145
Registration and filing fees ........................... 11,377 11,728 12,292 15,096
Other expenses ......................................... 2,366 2,083 2,098 433
---------- --------- --------- --------
Total expenses before waivers and reimbursements .... 312,815 144,090 160,444 175,824
Less: waivers and reimbursements .................... (2,635) (116,067) (123,010) (98,526)
---------- --------- --------- --------
Net expenses after waivers and reimbursements .......... 310,180 28,023 37,434 77,298
---------- --------- --------- --------
Net investment income/(loss) ........................... (7,848) (16,910) (5,798) 43,927
---------- --------- --------- --------
Net realized gain/(loss) from:
Investments ......................................... 1,366,955 165,610 (51,443) 521,914
Foreign currency transactions ....................... -- (82) (1,523) 9,093
Net change in unrealized appreciation/(depreciation) on:
Investments ......................................... 1,891,789 (45,082) 588,580 391,891
Foreign currency translation ........................ -- (25) (409) (2,212)
---------- --------- --------- --------
Net realized and unrealized gain from investments ...... 3,258,744 120,421 535,205 920,686
---------- --------- --------- --------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ...... $3,250,896 $ 103,511 $ 529,407 $964,613
========== ========= ========= ========
+ Net of foreign withholding taxes of .................. $ (2,765) $ (553) $ (900) $ (4,224)
========== ========= ========= ========

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2010 | 33

ROBECO INVESTMENT FUNDS FEBRUARY 28, 2010

STATEMENTS OF CHANGES IN NET ASSETS

ROBECO BOSTON PARTNERS ROBECO BOSTON PARTNERS
SMALL CAP VALUE FUND II LONG/SHORT EQUITY FUND
----------------------------------- -----------------------------------
FOR THE SIX FOR THE SIX
MONTHS ENDED FOR THE MONTHS ENDED FOR THE
FEBRUARY 28, 2010 YEAR ENDED FEBRUARY 28, 2010 YEAR ENDED
(UNAUDITED) AUGUST 31, 2009 (UNAUDITED) AUGUST 31, 2009
----------------- --------------- ----------------- ---------------

FROM OPERATIONS:
Net investment income/(loss) ........................ $ 100,071 $ 666,651 $ (1,242,726) $ (651,398)
Net realized gain/(loss) from investments ........... 4,994,445 (30,907,801) 9,952,328 (5,018,842)
Net change in unrealized appreciation/(depreciation)
from investments ................................. 4,529,754 8,902,011 5,320,431 16,031,112
----------- ------------ ------------ ------------
Net increase/(decrease) in net assets resulting from
operations .......................................... 9,624,270 (21,339,139) 14,030,033 10,360,872
----------- ------------ ------------ ------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Institutional Class .............................. (95,191) (428,811) -- --
Investor Class ................................... (94,823) (550,302) -- --
Net realized capital gains
Institutional Class .............................. -- (141,170) -- (3,859,743)
Investor Class ................................... -- (222,896) -- (1,041,399)
Return of capital
Institutional Class .............................. -- (117,965) -- --
Investor Class ................................... -- (151,361) -- --
----------- ------------ ------------ ------------
Net decrease in net assets from dividends and
distributions to shareholders ....................... (190,014) (1,612,505) -- (4,901,142)
----------- ------------ ------------ ------------
CAPITAL TRANSACTIONS:
Institutional Class
Proceeds from shares sold ........................ 3,780,324 5,138,859 68,750,546 23,055,972
Subscriptions issued in reorganization (Note 9) .. -- -- -- 8,000,331
Reinvestment of distributions .................... 93,687 672,856 -- 3,803,772
Shares redeemed .................................. (1,590,920) (29,398,473) (10,470,181) (20,373,730)
Redemption fees (Note 7) ......................... 613 3,551 154,600 11,244
Investor Class
Proceeds from shares sold ........................ 3,885,470 2,306,110 50,911,219 23,337,683
Reinvestment of distributions .................... 93,851 911,751 -- 1,037,134
Shares redeemed .................................. (3,802,252) (13,838,158) (10,101,079) (2,802,031)
Redemption fees (Note 7) ......................... 1,169 6,768 110,445 3,256
----------- ------------ ------------ ------------
Net increase/(decrease) in net assets from capital
transactions ........................................ 2,461,942 (34,196,736) 99,355,550 36,073,631
----------- ------------ ------------ ------------
Total increase/(decrease) in net assets ................ 11,896,198 (57,148,380) 113,385,583 41,533,361
NET ASSETS
Beginning of period .............................. 64,873,235 122,021,615 85,683,586 44,150,225
----------- ------------ ------------ ------------
End of period .................................... $76,769,433 $ 64,873,235 $199,069,169 $ 85,683,586
=========== ============ ============ ============
Undistributed net investment income/(loss), end of
period ........................................ $ (89,943) $ -- $ (1,294,805) $ (52,079)
=========== ============ ============ ============
SHARE TRANSACTIONS:
Institutional Class
Shares sold ...................................... 331,136 624,057 4,075,752 1,699,043
Shares issued in reorganization (Note 9) ......... -- -- -- 746,155
Shares reinvested ................................ 8,232 91,297 -- 425,002
Shares redeemed .................................. (141,237) (3,442,537) (621,578) (1,750,768)
----------- ------------ ------------ ------------
Net increase/(decrease) ................................ 198,131 (2,727,183) 3,454,174 1,119,432
----------- ------------ ------------ ------------
Investor Class
Shares sold ...................................... 350,682 270,214 3,150,088 1,636,225
Shares reinvested ................................ 8,539 128,055 -- 118,937
Shares redeemed .................................. (348,766) (1,823,957) (623,643) (241,075)
----------- ------------ ------------ ------------
Net increase/(decrease) ................................ 10,455 (1,425,688) 2,526,445 1,514,087
----------- ------------ ------------ ------------

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

34 | SEMI-ANNUAL REPORT 2010

ROBECO INVESTMENT FUNDS FEBRUARY 28, 2010

STATEMENTS OF CHANGES IN NET ASSETS (continued)

ROBECO BOSTON PARTNERS ROBECO BOSTON PARTNERS
MID CAP VALUE FUND ALL-CAP VALUE FUND
----------------------------------- -----------------------------------
FOR THE SIX FOR THE SIX
MONTHS ENDED FOR THE MONTHS ENDED FOR THE
FEBRUARY 28, 2010 YEAR ENDED FEBRUARY 28, 2010 YEAR ENDED
(UNAUDITED) AUGUST 31, 2009 (UNAUDITED) AUGUST 31, 2009
----------------- --------------- ----------------- ---------------

FROM OPERATIONS:
Net investment income ............................... $ 156,959 $ 477,239 $ 291,833 $ 810,659
Net realized gain/(loss) from investments ........... 1,329,021 (5,878,181) 1,487,775 (4,534,091)
Net change in unrealized appreciation/(depreciation)
from investments ................................. 4,617,992 (324,285) 5,134,038 2,649,667
----------- ----------- ----------- -----------
Net increase/(decrease) in net assets resulting from
operations .......................................... 6,103,972 (5,725,227) 6,913,646 (1,073,765)
----------- ----------- ----------- -----------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Institutional Class .............................. (307,672) (341,607) (728,026) (456,682)
Investor Class ................................... (92,302) (110,208) (63,358) (17,485)
Net realized capital gains
Institutional Class .............................. -- (1,154) -- (335,000)
Investor Class ................................... -- (496) -- (18,253)
----------- ----------- ----------- -----------
Net decrease in net assets from dividends and
distributions to shareholders ....................... (399,974) (453,465) (791,384) (827,420)
----------- ----------- ----------- -----------
CAPITAL TRANSACTIONS:
Institutional Class
Proceeds from shares sold ........................ 21,056,981 5,308,485 11,327,996 17,515,574
Reinvestment of distributions .................... 302,876 335,472 617,838 791,556
Shares redeemed .................................. (2,848,951) (4,554,459) (247,000) (5,127,776)
Investor Class
Proceeds from shares sold ........................ 5,023,219 5,122,885 4,362,029 2,710,752
Reinvestment of distributions .................... 90,650 107,613 61,116 31,921
Shares redeemed .................................. (2,443,222) (5,791,669) (1,247,181) (762,358)
----------- ----------- ----------- -----------
Net increase in net assets from capital transactions ... 21,181,553 528,327 14,874,798 15,159,669
----------- ----------- ----------- -----------
Total increase/(decrease) in net assets ................ 26,885,551 (5,650,365) 20,997,060 13,258,484
NET ASSETS
Beginning of period .............................. 46,606,900 52,257,265 68,271,637 55,013,153
----------- ----------- ----------- -----------
End of period .................................... $73,492,451 $46,606,900 $89,268,697 $68,271,637
=========== =========== =========== ===========
Undistributed net investment income/(loss), end
of period ..................................... $ (11,000) $ 232,015 $ 291,820 $ 791,371
=========== =========== =========== ===========
SHARE TRANSACTIONS:
Institutional Class
Shares sold ...................................... 2,315,438 794,979 857,508 1,609,618
Shares reinvested ................................ 33,541 53,081 46,176 78,063
Shares redeemed .................................. (314,831) (675,830) (18,313) (475,846)
----------- ----------- ----------- -----------
Net increase ........................................... 2,034,148 172,230 885,371 1,211,835
----------- ----------- ----------- -----------
Investor Class
Shares sold ...................................... 571,435 741,258 328,007 252,948
Shares reinvested ................................ 10,325 17,469 4,581 3,155
Shares redeemed .................................. (281,338) (935,943) (92,901) (74,947)
----------- ----------- ----------- -----------
Net increase/(decrease) ................................ 300,422 (177,216) 239,687 181,156
----------- ----------- ----------- -----------

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2010 | 35

ROBECO INVESTMENT FUNDS FEBRUARY 28, 2010

STATEMENTS OF CHANGES IN NET ASSETS (continued)

ROBECO SAM SUSTAINABLE
WPG SMALL CAP VALUE FUND CLIMATE FUND
----------------------------------- -----------------------------------
FOR THE SIX FOR THE SIX
MONTHS ENDED FOR THE MONTHS ENDED FOR THE
FEBRUARY 28, 2010 YEAR ENDED FEBRUARY 28, 2010 YEAR ENDED
(UNAUDITED) AUGUST 31, 2009 (UNAUDITED) AUGUST 31, 2009
----------------- --------------- ----------------- ---------------

FROM OPERATIONS:
Net investment income/(loss) ........................ $ (7,848) $ 109,509 $ (16,910) $ 4,277
Net realized gain/(loss) from investments and
foreign currency ................................. 1,366,955 (10,265,024) 165,528 (1,370,788)
Net change in unrealized appreciation/(depreciation)
from investments and foreign currency ............ 1,891,789 3,986,476 (45,107) 738,871
----------- ------------ ---------- -----------
Net increase/(decrease) in net assets resulting from
operations .......................................... 3,250,896 (6,169,039) 103,511 (627,640)
----------- ------------ ---------- -----------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Institutional Class .............................. (107,007) (50,712) (3,194) (22,232)
Investor Class ................................... -- -- -- (1,465)
Net realized capital gains
Institutional Class .............................. -- (38,110) -- --
----------- ------------ ---------- -----------
Net decrease in net assets from dividends and
distributions to shareholders ....................... (107,007) (88,822) (3,194) (23,697)
----------- ------------ ---------- -----------
CAPITAL TRANSACTIONS:
Institutional Class
Proceeds from shares sold ........................ 122,152 3,279,900 174,042 237,487
Reinvestment of distributions .................... 93,748 83,238 2,776 22,232
Shares redeemed .................................. (4,608,076) (4,838,738) (18,886) (3,176)
Redemption fees (Note 7) ......................... 8 5,244 157 70
Investor Class
Proceeds from shares sold ........................ -- -- 129,678 145,940
Reinvestment of distributions .................... -- -- -- 1,444
Shares redeemed .................................. -- -- (79,419) (75,627)
Redemption fees (Note 7) ......................... -- -- 17 6
----------- ------------ ---------- -----------
Net increase/(decrease) in net assets from capital
transactions ........................................ (4,392,168) (1,470,356) 208,365 328,376
----------- ------------ ---------- -----------
Total increase/(decrease) in net assets ................ (1,248,279) (7,728,217) 308,682 (322,961)
NET ASSETS
Beginning of period .............................. 35,404,984 43,133,201 3,353,949 3,676,910
----------- ------------ ---------- -----------
End of period .................................... $34,156,705 $ 35,404,984 $3,662,631 $ 3,353,949
=========== ============ ========== ===========
Undistributed net investment income/(loss), end of
period ........................................ $ (7,851) $ 107,004 $ (18,353) $ 1,751
=========== ============ ========== ===========
SHARE TRANSACTIONS:
Institutional Class
Shares sold ...................................... 10,823 366,216 23,924 48,277
Shares reinvested ................................ 8,453 10,672 379 4,622
Shares redeemed .................................. (409,856) (567,013) (2,637) (587)
----------- ------------ ---------- -----------
Net increase/(decrease) ................................ (390,580) (190,125) 21,666 52,312
----------- ------------ ---------- -----------
Investor Class
Shares sold ...................................... -- -- 17,698 26,319
Shares reinvested ................................ -- -- -- 300
Shares redeemed .................................. -- -- (11,044) (14,427)
----------- ------------ ---------- -----------
Net increase ........................................... -- -- 6,654 12,192
----------- ------------ ---------- -----------

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

36 | SEMI-ANNUAL REPORT 2010

ROBECO INVESTMENT FUNDS FEBRUARY 28, 2010

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

SAM SAM
SUSTAINABLE WATER FUND SUSTAINABLE GLOBAL ACTIVE FUND
----------------------------------- -----------------------------------
FOR THE SIX FOR THE SIX
MONTHS ENDED FOR THE MONTHS ENDED PERIOD
FEBRUARY 28, 2010 YEAR ENDED FEBRUARY 28, 2010 JUNE 18,2009*
(UNAUDITED) AUGUST 31, 2009 (UNAUDITED) AUGUST 31, 2009
----------------- --------------- ----------------- ---------------

FROM OPERATIONS:
Net investment income/(loss) ........................ $ (5,798) $ 24,320 $ 43,927 $ 5,576
Net realized gain/(loss) from investments and foreign
currency ......................................... (52,966) (1,249,130) 531,007 640,253
Net change in unrealized appreciation/(depreciation)
from investments and foreign currency ............ 588,171 310,285 389,679 661,470
---------- ----------- ----------- -----------
Net increase/(decrease) in net assets resulting from
operations .......................................... 529,407 (914,525) 964,613 1,307,299
---------- ----------- ----------- -----------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income
Institutional Class .............................. (19,816) (28,831) (51,678) --
Investor Class ................................... (1,747) (2,732) (20) --
Class C .......................................... (52) -- -- --
Net realized capital gains
Institutional Class .............................. -- -- (936,892) --
Investor Class ................................... -- -- (456) --
---------- ----------- ----------- -----------
Net decrease in net assets from dividends and
distributions to shareholders ....................... (21,615) (31,563) (989,046) --
---------- ----------- ----------- -----------
CAPITAL TRANSACTIONS:
Institutional Class
Proceeds from shares sold ........................ 1,177,344 712,588 4,064,334 10,306,820
Reinvestment of distributions .................... 16,440 28,831 861,288 --
Shares redeemed .................................. (288,617) (216,910) (1,061,944) --
Redemption fees (Note 7) ......................... 120 -- 277 --
Investor Class
Proceeds from shares sold ........................ 261,724 289,535 5,500 3,000
Reinvestment of distributions .................... 1,747 2,708 477 --
Shares redeemed .................................. (117,595) (95,372) -- --
Redemption fees (Note 7) ......................... 18 -- -- --
Class C
Proceeds from shares sold ........................ 41,129 -- -- --
Reinvestment of distributions .................... 52 -- -- --
---------- ----------- ----------- -----------
Net increase in net assets from capital transactions ... 1,092,362 721,380 3,869,932 10,309,820
---------- ----------- ----------- -----------
Total increase/(decrease) in net assets ................ 1,600,154 (224,708) 3,845,499 11,617,119
NET ASSETS
Beginning of period .............................. 4,268,932 4,493,640 11,617,119 --
---------- ----------- ----------- -----------
End of period .................................... $5,869,086 $ 4,268,932 $15,462,618 $11,617,119
========== =========== =========== ===========
Undistributed net investment income/(loss), end of
period ........................................ $ (7,201) $ 20,212 $ 2,379 $ 10,150
========== =========== =========== ===========
SHARE TRANSACTIONS:
Institutional Class
Shares sold ...................................... 153,967 117,956 353,909 1,027,702
Shares reinvested ................................ 2,152 5,290 75,551 --
Shares redeemed .................................. (38,826) (35,489) (90,724) --
---------- ----------- ----------- -----------
Net increase ........................................... 117,293 87,757 338,736 1,027,702
---------- ----------- ----------- -----------
Investor Class
Shares sold ...................................... 35,247 48,588 472 310
Shares reinvested ................................ 229 497 42 --
Shares redeemed .................................. (16,097) (16,263) -- --
---------- ----------- ----------- -----------
Net increase ........................................... 19,379 32,822 514 310
---------- ----------- ----------- -----------
Class C
Shares sold ...................................... 5,536 -- -- --
Shares reinvested ................................ 7 -- -- --
---------- ----------- ----------- -----------
Net increase ........................................... 5,543 -- -- --
---------- ----------- ----------- -----------

* Commencement of operations.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2010 | 37

ROBECO INVESTMENT FUNDS FEBRUARY 28, 2010

STATEMENT OF CASH FLOWS (unaudited)

ROBECO BOSTON
PARTNERS
LONG/SHORT
EQUITY FUND
-------------

CASH FLOWS PROVIDED FROM (USED IN) OPERATING ACTIVITIES:
Net increase in net assets resulting from
operations ....................................... $ 14,030,033
Adjustments to reconcile net increase in net assets
resulting from operations to net cash provided by
(used in) operating activities:
Purchases of long-term portfolio investments ........ (152,156,316)
Proceeds from disposition of long-term portfolio
investments ...................................... 52,092,066
Purchases to cover short sales ...................... 46,823,774
Proceeds from short sales ........................... (21,731,783)
Net realized loss on investments and investments
sold short ....................................... (9,952,328)
Net unrealized appreciation on investments and
investments sold short ........................... (5,320,431)
Increase in receivable for securities lending
collateral ....................................... (17,286,130)
Increase in deposits with brokers for securities sold
short ............................................ (24,268,085)
Increase in receivable for securities sold .......... (508,355)
Increase in dividend and interest receivable ........ (159,160)
Increase in prepaid expenses and other assets ....... (30,312)
Decrease in payable for investments purchased ....... (1,720,125)
Increase in payable for securities lending
collateral ....................................... 17,286,130
Increase in dividend payable for short sales ........ 3,097
Decrease in interest payable ........................ (5,083)
Increase in payable to adviser ...................... 174,997
Decrease in accrued expenses ........................ (15,445)
-------------
NET CASH USED IN OPERATING ACTIVITIES ............... (102,743,456)
-------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Decrease in payable to Prime Broker ................. (2,152,469)
Net payment for fund share activity ................. 100,581,102
-------------
Net cash provided by financing activities ........... 98,428,633
-------------
NET DECREASE IN CASH ................................ (4,314,823)
CASH AT BEGINNING OF PERIOD ......................... $ 13,437,489
=============
CASH AT END OF PERIOD ............................... $ 9,122,666
=============
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest expense .... $ 37,467
=============

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

38 | SEMI-ANNUAL REPORT 2010

[THIS PAGE INTENTIONALLY LEFT BLANK]

ROBECO INVESTMENT FUNDS

FINANCIAL HIGHLIGHTS PER SHARE OPERATING PERFORMANCE

Contained below is per share operating performance data for each class of shares
outstanding, total investment return, ratios to average net assets and other
supplemental data for the respective periods. This information has been derived
from information provided in the financial statements.

NET
REALIZED
NET AND DIVIDENDS TO DISTRIBUTIONS
ASSET NET UNREALIZED TOTAL SHAREHOLDERS TO SHAREHOLDERS
VALUE, INVESTMENT GAIN/(LOSS) FROM FROM NET FROM NET
BEGINNING INCOME ON INVESTMENT INVESTMENT REALIZED RETURN TOTAL
OF PERIOD /(LOSS) INVESTMENTS OPERATIONS INCOME GAINS OF CAPITAL DISTRIBUTIONS
--------- ---------- ----------- ---------- ------------ --------------- ---------- -------------

ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II
INSTITUTIONAL CLASS
9/1/09 through 2/28/10+ $10.49 $ 0.02* $ 1.54 $ 1.56 $(0.05) $ -- $ -- $(0.05)
8/31/09 11.87 0.11* (1.26) (1.15) (0.14) (0.05) (0.04) (0.23)
8/31/08 21.47 0.07* (1.97) (1.90) -- (7.70) -- (7.70)
8/31/07 22.82 (0.01)* 2.41 2.40 (0.09) (3.67) -- (3.76)
8/31/06 24.75 (0.08)* 1.57 1.49 -- (3.42) -- (3.42)
8/31/05 22.80 (0.10) 5.07 4.97 -- (3.03) -- (3.03)
INVESTOR CLASS
9/1/09 through 2/28/10+ $10.11 $ 0.01* $ 1.48 $ 1.49 $(0.02) $ -- $ -- $(0.02)
8/31/09 11.43 0.07* (1.20) (1.13) (0.11) (0.05) (0.03) (0.19)
8/31/08 21.02 0.03* (1.92) (1.89) -- (7.70) -- (7.70)
8/31/07 22.40 (0.07)* 2.37 2.30 (0.02) (3.67) -- (3.69)
8/31/06 24.35 (0.13)* 1.54 1.41 -- (3.36) -- (3.36)
8/31/05 22.53 (0.17) 5.01 4.84 -- (3.03) -- (3.03)
ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND
INSTITUTIONAL CLASS
9/1/09 through 2/28/10+ $15.75 $(0.13)* $ 1.93 $ 1.80 $ -- $ -- $ -- $ --
8/31/09 15.47 (0.22)* 2.98 2.76 -- (2.48) -- (2.48)
8/31/08 17.23 (0.36)* 0.50 0.14 -- (1.90) -- (1.90)
8/31/07 18.57 (0.21)* 0.73 0.52 -- (1.86) -- (1.86)
8/31/06 17.89 (0.26)* 2.40 2.14 -- (1.47) -- (1.47)
8/31/05 14.70 (0.25) 3.43 3.18 -- -- -- --
INVESTOR CLASS
9/1/09 through 2/28/10+ $15.31 $(0.15)* $ 1.80 $ 1.65 $ -- $ -- $ -- $ --
8/31/09 15.17 (0.25)* 2.87 2.62 -- (2.48) -- (2.48)
8/31/08 16.97 (0.39)* 0.49 0.10 -- (1.90) -- (1.90)
8/31/07 18.36 (0.26)* 0.73 0.47 -- (1.86) -- (1.86)
8/31/06 17.74 (0.30)* 2.38 2.08 -- (1.47) -- (1.47)
8/31/05 14.62 (0.28) 3.39 3.11 -- -- -- --

+ Unaudited.

* Calculated based on average shares outstanding for the period.

(1) Total return is calculated by assuming a purchase of shares on the first
day and a sale of shares on the last day of the period.

(2) Redemption fees are reflected in total return calculations.

(3) Amount is less than $0.01 per share.

(4) Annualized.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

40 | SEMI-ANNUAL REPORT 2010

ROBECO INVESTMENT FUNDS

FINANCIAL HIGHLIGHTS (continued) PER SHARE OPERATING PERFORMANCE

RATIO OF
EXPENSES TO RATIO OF NET
AVERAGE NET INVESTMENT
RATIO OF ASSETS WITH RATIO OF INCOME (LOSS)
NET NET EXPENSES TO WAIVERS AND EXPENSES TO TO AVERAGE
ASSET ASSETS, AVERAGE NET REIMBURSEMENTS AVERAGE NET NET ASSETS
VALUE, TOTAL END OF ASSETS WITH (EXCLUDING ASSETS WITHOUT WITH WAIVERS PORTFOLIO
REDEMPTION END OF INVESTMENT PERIOD WAIVERS AND DIVIDEND AND WAIVERS AND AND TURNOVER
FEES PERIOD RETURN(1, 2) (000) REIMBURSEMENTS INTEREST EXPENSE) REIMBURSEMENTS REIMBURSEMENTS RATE
- ---------- ------- ------------ -------- -------------- ----------------- -------------- -------------- ---------

$ --(3) $ 12.00 14.85% $ 26,944 1.30%(4) N/A 1.49%(4) 0.44%(4) 23%
--(3) 10.49 (8.97) 21,466 1.30 N/A 1.74 1.29 66
--(3) 11.87 (10.15) 56,652 1.39 N/A 1.54 0.47 54
0.01 21.47 10.53 94,337 1.55 N/A 1.56 (0.09) 46
--(3) 22.82 6.39 114,153 1.52 N/A 1.53 (0.34) 34
0.01 24.75 22.65 138,143 1.53 N/A 1.54 (0.42) 38

$ --(3) $ 11.58 14.77% $ 49,825 1.55%(4) N/A 1.74%(4) 0.20%(4) 23%
--(3) 10.11 (9.20) 43,408 1.55 N/A 2.00 0.90 66
--(3) 11.43 (10.40) 65,370 1.64 N/A 1.79 0.19 54
0.01 21.02 10.26 154,546 1.80 N/A 1.81 (0.32) 46
--(3) 22.40 6.12 230,362 1.77 N/A 1.78 (0.58) 34
0.01 24.35 22.32 274,648 1.78 N/A 1.79 (0.64) 38

$0.03 $17.58 11.62% $121,783 3.28%(4) 2.50%(4) 3.33%(4) (1.56)%(4) 36%
--(3) 15.75 30.02 54,703 3.35 2.50 4.04 (1.85) 172
--(3) 15.47 1.12 36,423 3.98 2.50 4.36 (2.27) 124
--(3) 17.23 2.61 73,770 3.44 2.50 3.60 (1.17) 93
0.01 18.57 12.93 90,313 3.24 2.50 3.40 (1.51) 109
0.01 17.89 21.70 99,748 3.13 2.50 3.30 (1.82) 107

$0.03 $16.99 10.97% $ 77,286 3.53%(4) 2.75%(4) 3.58%(4) (1.87)%(4) 36%
--(3) 15.31 29.63 30,980 3.55 2.75 4.19 (2.09) 172
--(3) 15.17 0.88 7,728 4.23 2.75 4.61 (2.51) 124
--(3) 16.97 2.35 14,664 3.69 2.75 3.85 (1.42) 93
0.01 18.36 12.69 20,706 3.48 2.75 3.65 (1.77) 109
0.01 17.74 21.34 24,716 3.37 2.75 3.55 (2.07) 107

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2010 | 41

ROBECO INVESTMENT FUNDS

FINANCIAL HIGHLIGHTS (continued) PER SHARE OPERATING PERFORMANCE

Contained below is per share operating performance data for each class of shares
outstanding, total investment return, ratios to average net assets and other
supplemental data for the respective periods. This information has been derived
from information provided in the financial statements.

NET REALIZED DISTRIBUTIONS
NET AND DIVIDENDS TO TO
ASSET NET UNREALIZED TOTAL SHAREHOLDERS SHAREHOLDERS
VALUE, INVESTMENT GAIN/(LOSS) FROM FROM NET FROM NET
BEGINNING INCOME/ ON INVESTMENT INVESTMENT REALIZED TOTAL REDEMPTION
OF PERIOD (LOSS) INVESTMENTS OPERATIONS INCOME GAINS DISTRIBUTIONS FEES
--------- ---------- ------------ ---------- ------------ ------------- ------------- -----------

ROBECO BOSTON PARTNERS MID CAP VALUE FUND
INSTITUTIONAL CLASS
9/1/09 through 2/28/10+ $ 8.34 $ 0.03* $ 0.98 $ 1.01 $(0.07) $ -- $(0.07) $--
8/31/09 9.35 0.09* (1.01)(4) (0.92) (0.09) --(5) (0.09) --
8/31/08 11.45 0.08* (0.76) (0.68) (0.06) (1.36) (1.42) --
8/31/07 13.05 0.05* 2.44 2.49 (0.03) (4.06) (4.09) --
8/31/06 14.02 0.04* 0.86 0.90 (0.02) (1.85) (1.87) --
8/31/05 13.16 --(5) 3.22 3.22 (0.01) (2.35) (2.36) --
INVESTOR CLASS
9/1/09 through 2/28/10+ $ 8.10 $ 0.02* $ 0.95 $ 0.97 $(0.05) $ -- $(0.05) $--
8/31/09 9.08 0.07* (0.98)(4) (0.91) (0.07) --(5) (0.07) --
8/31/08 11.16 0.06* (0.74) (0.68) (0.04) (1.36) (1.40) --
8/31/07 12.81 0.02* 2.39 2.41 -- (4.06) (4.06) --
8/31/06 13.80 (0.01)* 0.87 0.86 -- (1.85) (1.85) --
8/31/05 13.02 --(5) 3.13 3.13 -- (2.35) (2.35) --

ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND
INSTITUTIONAL CLASS
9/1/09 through 2/28/10+ $12.56 $ 0.05* $ 1.13 $ 1.18 $(0.13) $ -- $(0.13) $--
8/31/09 13.61 0.19* (1.03) (0.84) (0.12) (0.09) (0.21) --
8/31/08 16.47 0.23* (1.54) (1.31) (0.16) (1.39) (1.55) --
8/31/07 15.69 0.16* 2.05 2.21 (0.13) (1.30) (1.43) --
8/31/06 15.54 0.15* 1.03 1.18 (0.08) (0.95) (1.03) --
8/31/05 13.29 0.07 2.83 2.90 (0.05) (0.60) (0.65) --
INVESTOR CLASS
9/1/09 through 2/28/10+ $12.52 $ 0.03* $ 1.13 $ 1.16 $(0.11) $ -- $(0.11) $--
8/31/09 13.56 0.16* (1.03) (0.87) (0.08) (0.09) (0.17) --
8/31/08 16.41 0.16* (1.51) (1.35) (0.11) (1.39) (1.50) --
8/31/07 15.63 0.11* 2.06 2.17 (0.09) (1.30) (1.39) --
8/31/06 15.49 0.11* 1.03 1.14 (0.05) (0.95) (1.00) --
8/31/05 13.26 0.03 2.83 2.86 (0.03) (0.60) (0.63) --

ROBECO WPG SMALL CAP VALUE FUND
INSTITUTIONAL CLASS
9/1/09 through 2/28/10+ $10.57 $ --*(5) $ 1.00 $ 1.00 $(0.03) $ -- $(0.03) $--(5)
8/31/09 12.18 0.03* (1.62) (1.59) (0.01) (0.01) (0.02) --
8/31/08 17.05 0.05 (2.46) (2.41) (0.01) (2.45) (2.46) --
8/31/07 16.54 0.01 2.31 2.32 -- (1.81) (1.81) --
8/31/06 17.42 --(5) 1.10 1.10 -- (1.98) (1.98) --
8/31/05(6) 17.55 (0.04) (0.09) (0.13) -- -- -- --
12/31/04 16.34 --(5) 3.11 3.11 -- (1.90) (1.90) --

+ Unaudited.

* Calculated based on average shares outstanding.

(1) Total return is calculated by assuming a purchase of shares on the first
day and a sale of shares on the last day of the period.

(2) Redemption fees are reflected in total return calculations.

(3) Annualized.

(4) In 2009, the investment advisor fully reimbursed the BP Mid Cap Value Fund
for a loss on a transaction not meeting the Fund's investment guidelines,
which otherwise would have reduced total return by 0.11% and net realized
and unrealized gain/(loss) on investment by $0.01 per share.

(5) Amount is less than $0.01.

(6) For the period January 1, 2005 through August 31, 2005.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

42 | SEMI-ANNUAL REPORT 2010

ROBECO INVESTMENT FUNDS

FINANCIAL HIGHLIGHTS (continued) PER SHARE OPERATING PERFORMANCE

RATIO OF NET
INVESTMENT
RATIO OF RATIO OF INCOME (LOSS)
NET NET EXPENSES TO EXPENSES TO TO AVERAGE
ASSET ASSETS, AVERAGE NET AVERAGE NET NET ASSETS
VALUE, TOTAL END OF ASSETS WITH ASSETS WITHOUT WITH WAIVERS PORTFOLIO
END OF INVESTMENT PERIOD WAIVERS AND WAIVERS AND AND TURNOVER
PERIOD RETURN(1, 2) (000) REIMBURSEMENTS REIMBURSEMENTS REIMBURSEMENTS RATE
- ------ ------------ ------ -------------- -------------- -------------- ---------

$ 9.28 12.11% $55,282 1.00%(3) 1.38%(3) 0.63%(3) 20%
8.34 (9.50)(4) 32,691 1.00 1.69 1.33 58
9.35 (6.41) 35,056 1.00 1.48 0.80 64
11.45 21.32 35,722 1.00 1.48 0.38 89
13.05 6.82 27,538 1.00 1.38 0.28 97
14.02 25.97 54,187 1.00 1.31 0.03 74

$ 9.02 12.01% $18,210 1.25%(3) 1.63%(3) 0.40%(3) 20%
8.10 (9.79)(4) 13,916 1.25 1.93 1.09 58
9.08 (6.62) 17,202 1.25 1.73 0.55 64
11.16 21.02 12,778 1.25 1.73 0.14 89
12.81 6.59 5,334 1.25 1.70 (0.04) 97
13.80 25.47 4,462 1.25 1.56 (0.22) 74

$13.61 9.42% $80,395 0.95%(3) 1.21%(3) 0.75%(3) 20%
12.56 (5.88) 63,085 0.95 1.50 1.79 55
13.61 (8.55) 51,850 0.95 1.70 1.59 44
16.47 14.38 13,720 0.95 2.24 0.92 45
15.69 7.95 9,374 1.09 2.93 0.94 51
15.54 22.33 7,315 1.25 3.90 0.53 29

$13.57 9.29% $ 8,874 1.20%(3) 1.46%(3) 0.51%(3) 20%
12.52 (6.15) 5,187 1.20 1.75 1.51 55
13.56 (8.82) 3,164 1.20 1.95 1.10 44
16.41 14.16 4,021 1.20 2.49 0.67 45
15.63 7.72 3,739 1.34 3.19 0.69 51
15.49 22.06 2,840 1.50 4.04 0.20 29

$11.54 9.50% $34,157 1.70%(3) 1.71%(3) (0.04)%(3) 43%
10.57 (12.93) 35,405 1.61 1.95 0.37 137
12.18 (15.12) 43,133 1.61 1.65 0.11 131
17.05 14.28 53,962 1.47 1.47 0.09 138
16.54 7.16 48,607 1.43 1.43 0.02 139
17.42 (0.74) 52,368 1.57(3) 1.57(3) (0.35)(3) 136
17.55 19.35 57,787 1.55 1.55 (0.55) 159

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2010 | 43

ROBECO INVESTMENT FUNDS

FINANCIAL HIGHLIGHTS (continued) PER SHARE OPERATING PERFORMANCE

Contained below is per share operating performance data for each class of shares
outstanding, total investment return, ratios to average net assets and other
supplemental data for the respective periods. This information has been derived
from information provided in the financial statements.

NET DISTRIBUTIONS
NET REALIZED DIVIDENDS TO TO
ASSET AND TOTAL SHAREHOLDERS SHAREHOLDERS
VALUE, NET UNREALIZED FROM FROM NET FROM NET
BEGINNING INVESTMENT GAIN ON INVESTMENT INVESTMENT REALIZED TOTAL REDEMPTION
OF PERIOD INCOME INVESTMENTS OPERATIONS INCOME GAINS DISTRIBUTIONS FEES
--------- ---------- ----------- ---------- ------------ ------------ ------------- ----------

SAM SUSTAINABLE CLIMATE FUND
INSTITUTIONAL CLASS
9/1/09 through 2/28/10+ $ 6.65 $(0.03)* $ 0.27 $ 0.24 $(0.01) $ -- $(0.01) $--(3)
8/31/09 8.36 0.01* (1.67) (1.66) (0.05) -- (0.05) --
10/1/07** through 8/31/08 10.00 0.02* (1.66) (1.64) -- -- -- --
INVESTOR CLASS
9/1/09 through 2/28/10+ $ 6.64 $(0.04)* $ 0.26 $ 0.22 $ -- $ -- $ -- $--(3)
8/31/09 8.36 --*(4) (1.68) (1.68) (0.04) -- (0.04) --
10/1/07** through 8/31/08 10.00 0.02* (1.66) (1.64) -- -- -- --

SAM SUSTAINABLE WATER FUND
INSTITUTIONAL CLASS
9/1/09 through 2/28/10+ $ 6.75 $(0.01)* $ 0.87 $ 0.86 $(0.03) $ -- $(0.03) $--(3)
8/31/09 8.78 0.04* (2.01) (1.97) (0.06) -- (0.06) --
10/1/07** through 8/31/08 10.00 0.04* (1.26) (1.22) -- -- -- --
INVESTOR CLASS
9/1/09 through 2/28/10+ $ 6.73 $(0.02)* $ 0.87 $ 0.85 $(0.02) $ -- $(0.02) $--(3)
8/31/09 8.78 0.04* (2.04) (2.00) (0.05) -- (0.05) --
10/1/07** through 8/31/08 10.00 0.04* (1.26) (1.22) -- -- -- --
CLASS C
9/11/09** through 2/28/10+ $ 7.06 $(0.03)* 0.56 $ 0.53 $(0.02) $ -- $(0.02) $--(3)

SAM SUSTAINABLE GLOBAL ACTIVE FUND
INSTITUTIONAL CLASS
9/1/09 through 2/28/10+ $11.30 $ 0.04* $ 0.92 $ 0.96 $(0.05) $(0.90) $(0.95) $--(3)
6/18/09** through 8/31/09 10.00 0.01* 1.29 1.30 -- -- -- --
INVESTOR CLASS
9/1/09 through 2/28/10+ $11.30 $ 0.02* $ 0.93 $ 0.95 $(0.04) $(0.90) $(0.94) $--(3)
7/15/09** through 8/31/09 10.13 --*(4) 1.17 1.17 -- -- -- --

+ Unaudited

* Calculated based on average shares outstanding for the period.

** Commencement of operations.

(1) Total return is calculated by assuming a purchase of shares on the first
day and a sale of shares on the last day of each period reported and
includes reinvestments of dividends and distributions, if any. Total return
for periods less than one year has not been annualized.

(2) Redemption fees are reflected in total return calculations.

(3) Amount is less than $0.01 per share.

(4) Annualized.

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

44 | SEMI-ANNUAL REPORT 2010

ROBECO INVESTMENT FUNDS

FINANCIAL HIGHLIGHTS (concluded) PER SHARE OPERATING PERFORMANCE

RATIO OF NET RATIO OF NET
INVESTMENT INVESTMENT
RATIO OF RATIO OF INCOME (LOSS) INCOME (LOSS)
NET NET EXPENSES TO EXPENSES TO TO AVERAGE
ASSET ASSETS, AVERAGE NET AVERAGE NET NET ASSETS
VALUE, TOTAL END OF ASSETS WITH ASSETS WITHOUT WITH WAIVERS PORTFOLIO
END OF INVESTMENT PERIOD WAIVERS AND WAIVERS AND AND TURNOVER
PERIOD RETURN(1, 2) (000) REIMBURSEMENTS REIMBURSEMENTS REIMBURSEMENTS RATE
- ------ ------------ -------- -------------- -------------- -------------- ---------

$ 6.88 3.55% $ 3,298 1.50%(4) 7.81%(4) (0.90)%(4) 23%
6.65 (19.55) 3,045 1.50 11.64 0.19 129
8.36 (16.40) 3,390 1.50(3) 9.18(3) 0.16(3) 34

$ 6.86 3.31% $ 365 1.75%(4) 8.04%(4) (1.15)%(4) 23%
6.64 (19.88) 309 1.75 11.56 (0.07) 129
8.36 (16.40) 287 1.75(3) 8.93(4) (0.09)(4) 34

$ 7.58 12.81% $ 5,068 1.50%(4) 6.54%(4) (0.20)%(4) 30%
6.75 (22.24) 3,724 1.50 9.92 0.73 61
8.78 (12.20) 4,071 1.50(3) 8.89(3) 0.42(3) 40

$ 7.56 12.64% $ 759 1.75%(4) 6.81%(4) (0.44)%(4) 30%
6.73 (22.66) 545 1.75 9.82 0.61 61
8.78 (12.20) 423 1.75(4) 8.64(4) 0.17(4) 40

$ 7.57 7.48% $ 42 2.25%(4) 7.14%(4) (0.89)%(4) 30%

$11.31 8.39% $15,453 1.20%(4) 2.73%(4) 0.68%(4) 55%
11.30 13.00 11,614 1.20(4) 4.06(4) 0.27(4) 72

$11.31 8.30% $ 9 1.45%(4) 2.96%(4) 0.31%(4) 55%
11.30 11.55 4 1.45(4) 4.20(4) 0.13(4) 72

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.

SEMI-ANNUAL REPORT 2010 | 45

ROBECO INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (unaudited)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The RBB Fund, Inc. ("RBB" or the "Company") was incorporated under the laws
of the State of Maryland on February 29, 1988 and is registered under the
Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end
management investment company. RBB is a "series trust," which is a mutual fund
divided into separate portfolios. Each portfolio is treated as a separate entity
for certain matters under the 1940 Act, and for other purposes, and a
shareholder of one portfolio is not deemed to be a shareholder of any other
portfolio. Currently, RBB has nineteen active investment portfolios, including
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 Mid Cap Value Fund ("BP Mid Cap Value Fund"), Robeco
Boston Partners All-Cap Value Fund ("BP All-Cap Value Fund") (collectively "BP
Funds"), Robeco WPG Small Cap Value Fund ("WPG Small Cap Value Fund"), the SAM
Sustainable Climate Fund, SAM Sustainable Water Fund and SAM Sustainable Global
Active Fund (collectively "SAM Funds") (each a "Fund," collectively the
"Funds"). As of February 28, 2010, the BP Funds and SAM Sustainable Global
Active Fund each offer two classes of shares, Institutional Class and Investor
Class. The WPG Small Cap Value Fund is a single class fund, offering only the
Institutional Class of shares. The SAM Sustainable Climate Fund and the SAM
Sustainable Water Fund each offer four classes of shares, Institutional Class,
Investor Class, Class A and Class C.As of February 28, 2010, Class A Shares have
not been issued.

PORTFOLIO VALUATION -- Each Fund's net asset value ("NAV") is calculated
once daily at the close of regular trading hours on the New York Stock Exchange
("NYSE") (generally 4:00 p.m. Eastern time) on each day the NYSE is open.
Securities held by 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. 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 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. 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.

The inputs and valuation techniques used to measure fair value of the
Funds' investments are summarized into three levels as described below:

- Level 1 -- quoted prices in active markets for identical securities

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

- Level 3 -- significant unobservable inputs (including the Funds' own
assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily
an indication of the risk associated with investing in those securities. A
summary of the inputs used to value each Fund's investments as of February 28,
2010 is included in each Fund's Portfolio of Investments.

46 | SEMI-ANNUAL REPORT 2010

ROBECO INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)

USE OF ESTIMATES -- The preparation of financial statements in conformity
with U.S. generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the period. Actual results could differ from those estimates and those
differences could be significant.

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES -- The Funds record
security transactions based on trade date. The cost of investments sold is
determined by use of the specific identification method for both financial
reporting and income tax purposes in determining realized gains and losses on
investments. Interest income is accrued when earned. Dividend income is recorded
on the ex-dividend date. Distributions received on securities that represent a
return of capital or capital gains are recorded as a reduction of cost of
investments and/or as a realized gain. The Funds estimate the components of
distributions received that may be considered return of capital distributions or
capital gain distributions. The Funds' investment income, expenses (other than
class specific distribution fees) and unrealized and realized gains and losses
are allocated daily to each class of shares based upon the relative proportion
of net assets of each class at the beginning of the day. Expenses incurred on
behalf of a specific class, fund or fund family are charged directly to the
class, fund or fund family (in proportion to net assets). Expenses incurred for
all of the RBB funds (such as director or professional fees) are charged to all
funds in proportion to their average net assets of RBB, or in such other manner
as the Company's Board of Directors deems fair or equitable. Expenses and fees,
including investment advisory and administration fees are accrued daily and
taken into account for the purpose of determining the NAV of the Funds.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net
investment income and distributions from net realized capital gains, if any, are
declared and paid at least annually to shareholders and recorded on ex-dividend
date for all Funds. Income dividends and capital gain distributions are
determined in accordance with U.S. federal income tax regulations which may
differ from U.S. generally accepted accounting principles.

U.S.TAX STATUS -- No provision is made for U.S. income taxes as it is each
Fund's intention to qualify or continue to qualify for and elect the tax
treatment applicable to regulated investment companies under Subchapter M of the
Internal Revenue Code of 1986, as amended, and make the requisite distributions
to its shareholders which will be sufficient to relieve it from U.S. income and
excise taxes.

CASH AND CASH EQUIVALENTS -- The Funds consider liquid assets deposited
into a bank demand deposit account to be cash equivalents. These investments
represent amounts held with financial institutions that are readily accessible
to pay Fund expenses or purchase investments. Cash and cash equivalents are
valued at cost plus accrued interest, which approximates market value.

FOREIGN CURRENCY TRANSLATION -- The books and records of the portfolios are
maintained in U.S. dollars as follows: (1) the foreign currency market value of
investment securities and other assets and liabilities stated in foreign
currencies are translated at the exchange rate prevailing at the end of the
period; and (2) purchases, sales, income and expenses are translated at the rate
of exchange prevailing on the respective dates of such transactions. The
resulting exchange gains and losses are included in the Statement of Operations.

FOREIGN SECURITIES -- There are certain risks resulting from investing in
foreign securities in addition to the usual risks inherent in domestic
investments. Such risks include political, economic and currency exchange
developments including investment restrictions and changes in foreign laws.

OPTIONS WRITTEN --The Funds are subject to equity price risk in the normal
course of pursuing their investment objectives and may enter into options
written to hedge against changes in the value of equities. The BP All-Cap Value
Fund, the WPG Small Cap Value Fund and the SAM Funds write covered call and
secured put options. Such options may relate to particular securities or
domestic stock indices, and may or may not be listed on a domestic securities
exchange or issued by the Options Clearing Corporation. The risk in writing a
call option is that a Fund gives up the opportunity for profit if the market
price of the security increases. The risk in writing a put option is that a Fund
may incur a loss if the market price of the security decreases and the option is
exercised. A Fund also has the additional risk of being unable to enter into a
closing transaction at an acceptable price if a liquid secondary market does not
exist. A Fund also may write over-the-

SEMI-ANNUAL REPORT 2010 | 47

ROBECO INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)

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 BP All-Cap Value Fund had transactions in options written during the
six-month period ended February 28, 2010 as follows:

NUMBER OF PREMIUMS
CONTRACTS RECEIVED
--------- ---------

Options outstanding as of August 31, 2009 1,704 $ 900,977
Options written 478 141,273
Options closed (761) (520,689)
Options expired (246) (28,001)
Options exercised (525) (321,793)
------ ---------
Options outstanding as of February 28, 2010 650 $ 171,767
====== =========

SHORT SALES -- When the investment adviser believes that a security is
overvalued, the BP Long/Short Equity 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.

In accordance with the terms of its prime brokerage agreements, the Fund
may receive rebate income or be charged a fee on borrowed securities. Such
income or fee is calculated on a daily basis based upon the market value of each
borrowed security and a variable rate that is dependent upon the availability of
such security. The Funds record these prime broker charges on a net basis as
interest income or interest expense. For the six-month period ended February 28,
2010, the BP Long/Short Equity Fund had net charges of $490,164 on borrowed
securities. Such amounts are included in prime broker interest expense on the
statement of operations.

As of February 28, 2010, the BP Long/Short Equity Fund had securities sold
short valued at $38,074,395 for which securities of $63,534,978 and cash
deposits of $39,519,871 were pledged as collateral. In accordance with the
Special Custody and Pledge Agreement with Goldman Sachs (the Fund's prime
broker), the BP Long/Short Equity Fund may borrow from Goldman Sachs to the
extent necessary to maintain required margin cash deposits on short positions.
Interest on such borrowings is charged to the Fund based on the Libor rate plus
an agreed upon spread.

The BP Long/Short Equity Fund utilized cash borrowings from Goldman Sachs
to meet required margin cash deposits as follows during the six-month period
ended February 28, 2010:

AVERAGE DAILY WEIGHTED AVERAGE
DAYS UTILIZED BORROWINGS INTEREST RATE
- ------------- ------------- ----------------

181 $5,875,832 1.09%

As of February 28, 2010, the Fund had borrowings of $5,597,116. Interest
expense for the six-month period ended February 28, 2010 totaled $32,384.

2. TRANSACTIONS WITH INVESTMENT ADVISOR AND OTHER SERVICES

Robeco Investment Management, Inc. ("Robeco") provides investment advisory
services to the BP Funds and the WPG Small Cap Value Fund. For its advisory
services with respect to the BP Funds, Robeco is entitled to receive 1.00% of
the BP Small Cap Value Fund II's average daily net assets, 2.25% of the BP
Long/Short Equity Fund's average daily net assets, 0.80%

48 | SEMI-ANNUAL REPORT 2010

ROBECO INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)

of the BP Mid Cap Value Fund's average daily net assets and 0.80% of the BP
All-Cap Value Fund's average daily net assets, each accrued daily and payable
monthly.

Until December 31, 2011, Robeco has contractually agreed to limit the BP
Funds' total operating expenses (other than brokerage commissions, extraordinary
items, interest, dividends on short sales, or taxes) to the extent that such
expenses exceed the ratios in the table below. This limit is calculated daily
based on each Fund's average daily net assets. This limitation is effected in
waivers of advisory fees and reimbursements of expenses exceeding the advisory
fee as necessary. Robeco may not recoup any of its waived investment advisory
fees.

INSTITUTIONAL INVESTOR
------------- --------

BP Small Cap Value Fund II 1.30% 1.55%
BP Long/Short Equity Fund 2.50% 2.75%
BP Mid Cap Value Fund 1.00% 1.25%
BP All-Cap Value Fund 0.95% 1.20%

For its advisory services with respect to the WPG Small Cap Value Fund,
Robeco is entitled to receive advisory fees, accrued daily and paid monthly, as
follows:

WPG Small Cap Value Fund 0.90% of net assets up to $300 million
0.80% of net assets $300 million to $500 million
0.75% of net assets in excess of $500 million

Until December 31, 2011, Robeco has contractually agreed to limit the WPG
Small Cap Value Fund's operating expenses to 1.70% as a percentage of each
Fund's average daily net assets. Robeco may not recoup any of its waived
investment advisory fees.

Sustainable Asset Management USA, Inc. ("SAM") provides investment advisory
services to the SAM Funds. SAM is an affiliate of Robeco Investment Management,
Inc., and a subsidiary of Robeco Groep. SAM is entitled to an advisory fee at
the annual rate of 1.00% of SAM Sustainable Climate Fund and SAM Sustainable
Water Fund and 0.80% of SAM Sustainable Global Active Fund's average daily net
assets, computed daily and payable monthly.

Until December 31, 2011, SAM has contractually agreed to limit the SAM
Funds' total operating expenses (other than brokerage commissions, extraordinary
items, interest or taxes) to the extent that such expenses exceed certain
ratios. SAM has agreed to waive fees and reimburse expenses to the extent that
total operating expenses of the SAM Sustainable Climate Fund and the SAM
Sustainable Water Fund exceed to 1.50% for the Institutional Class, 1.75% for
the Investor Class and 2.25% for Class C of the Funds' average daily net assets
attributable to the respective class. For the Institutional Class, SAM has
agreed to waive fees and reimburse expenses to the extent that the total
operating expenses of the SAM Sustainable Global Active Fund exceed 1.20% of the
first $50 million of the Fund's average daily net assets, 1.10% of the Fund's
average daily net assets between $50 million and $100 million and 1.00% of the
Fund's average daily net assets in excess of $100 million. For the Investor
Class, SAM has agreed to waive fees and reimburse expenses to the extent that
the total operating expenses of the SAM Sustainable Global Active Fund exceed
1.45% of the first $50 million of the Fund's average daily net assets, 1.35% of
the Fund's average daily net assets between $50 million and $100 million and
1.25% of the Fund's average daily net assets in excess of $100 million. SAM may
not recoup any of its waived investment advisory fees.

PNC Global Investment Servicing (U.S.) Inc. ("PNC"), a member of The PNC
Financial Services Group, Inc., serves as administrator for the Funds. For
providing administration and accounting services, PNC is entitled to receive a
monthly fee equal to an annual percentage rate of each Fund's average daily net
assets, subject to certain minimum monthly fees.

Included in the administration and accounting service fees, shown on the
Statement of Operations, are fees for providing regulatory administrative
services to RBB. For providing these services, PNC is entitled to receive
compensation as agreed to by the Company and PNC. This fee is allocated to each
Fund in proportion to its net assets of the Company.

In addition, PNC serves as the Funds' transfer and dividend disbursing
agent. For providing transfer agency services, PNC is entitled to receive a
minimum monthly fee.

PFPC Trust Company ("PFPC Trust") is a member of The PNC Financial Services
Groups, Inc. and provides certain custodial services to the Funds. PFPC Trust is
entitled to receive a monthly fee equal to an annual percentage rate of the
Funds' average daily net assets, is subject to certain minimum monthly fees.

SEMI-ANNUAL REPORT 2010 | 49

ROBECO INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)

The Board of Directors of the Company has approved a Distribution Agreement
for the Funds and adopted a separate Plan of Distribution for the Investor Class
(the "Plan") pursuant to Rule 12b-1 under the Investment Company Act of 1940.
Under the Plan, PFPC Distributors, Inc. (the "Distributor") is entitled to
receive from the Funds a distribution fee with respect to the Investor Class,
which is accrued daily and paid monthly, of up to 0.25% on an annualized basis
of the average daily net assets of the Class. Amounts paid to the Distributor
under the Plan may be used by the Distributor to cover expenses that are related
to (i) the sale of the Shares, (ii) ongoing servicing and/or maintenance of the
accounts of shareholders, and (iii) sub-transfer agency services, subaccounting
services or administrative services related to the sale of the Investor Class,
all as set forth in the Funds' 12b-1 Plan.

A contingent deferred sales charge is imposed when Class C Shares are
redeemed within the first year of purchase.

3. DIRECTORS/COMPENSATION

The Directors of the Company receive an annual retainer, meeting fees and
out of pocket expenses for meetings attended. The aggregate remuneration paid to
the Directors by the Funds during the six-month period ended February 28, 2010
was $35,429. Certain employees of PNC are Officers of the Company. They are not
compensated by the Funds or the Company.

4. INVESTMENT IN SECURITIES

For the six-month period ended February 28, 2010, aggregate purchases and
sales of investment securities (excluding investments and U.S. government
obligations) were as follows:

PURCHASES SALES
------------ -----------

BP Small Cap Value Fund II $ 18,793,680 $15,645,944
BP Long/Short Equity fund 152,156,316 52,092,066
BP Mid Cap Value Fund 30,510,682 10,705,159
BP All-Cap Value Fund 29,400,963 15,693,672
WPG Small Cap Value Fund 14,911,904 17,615,492
SAM Sustainable Climate Fund 1,034,684 819,888
SAM Sustainable Water Fund 2,283,856 1,389,623
SAM Sustainable Global Active Fund 9,721,727 6,913,609

5. CAPITAL SHARE TRANSACTIONS

As of February 28, 2010, each class of each Fund has 100,000,000 shares of
$0.001 par value common stock authorized except for the Institutional Class of
the WPG Small Cap Value Fund, which has 50,000,000 shares of $0.001 par value
common stock authorized.

As of February 28, 2010, the following Funds had shareholders that held 10%
or more of the outstanding shares of the Funds. These shareholders may be
omnibus accounts which are comprised of many underlying shareholders.

BP Small Cap Value Fund II (3 shareholders) 65%
BP Long/Short Equity Fund (2 shareholders) 62%
BP Mid Cap Value Fund (2 shareholder) 75%
BP All-Cap Value Fund (1 shareholder) 56%
SAM Sustainable Climate Fund (1 shareholder) 72%
SAM Sustainable Water Fund (2 shareholders) 62%
SAM Sustainable Global Active Fund (2 shareholders) 90%

6. SECURITIES LENDING

Securities may be loaned to financial institutions, such as broker-dealers,
and are required to be secured continuously by collateral in cash, cash
equivalents, letter of credit or U.S. Government securities maintained on a
current basis at an amount at least equal to the market value of the securities
loaned. During the six-month period ended February 28, 2010, the Funds
participated in securities lending. The market value of securities on loan and
collateral as of February 28, 2010 and the income generated from the program
during the six-month period ended February 28, 2010 with respect to such loans
is as follows:

50 | SEMI-ANNUAL REPORT 2010

ROBECO INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)

MARKET VALUE INCOME RECEIVED
OF SECURITIES MARKET VALUE FROM SECURITIES
FUND LOANED OF COLLATERAL LENDING
- ---- ------------- ------------- ---------------

BP Small Cap Value Fund II $ 7,818,520 $ 8,234,440 $4,016
BP Long/Short Equity Fund 16,438,176 17,286,130 2,642
BP Mid Cap Value Fund 18,241,547 18,885,658 884
BP All-Cap Value Fund 11,037,107 11,504,751 444
WPG Small Cap Value Fund 3,771,962 4,013,270 878
SAM Sustainable Climate Fund 415,402 452,055 1,215
SAM Sustainable Water Fund 56,588 58,800 361
SAM Sustainable Global Activity Fund 635,452 658,204 26

7. REDEMPTION FEES

There is a 1.00% redemption fee on shares redeemed which have been held 60
days or less on the BP Small Cap Value Fund II and the SAM Funds. There is a
2.00% redemption fee on shares redeemed which have been held 365 days or less on
the BP Long/Short Equity Fund. The WPG Small Cap Value Fund has a 2.00%
redemption fee on shares redeemed within 60 days of purchase. The redemption
fees are retained by the Funds for the benefit of the remaining shareholders and
recorded as paid-in capital.

8. FEDERAL INCOME TAX INFORMATION

Management has analyzed each Fund's tax positions taken on federal income
tax returns for all open tax years (August 31, 2006 - 2009) and has concluded
that no provision for federal income tax is required in the Funds' financial
statements. The Funds' federal and state income and federal excise tax returns
for tax years for which the applicable statutes of limitations have not expired
are subject to examination by the Internal Revenue Service and state departments
of revenue.

As of February 28, 2010, federal tax cost and aggregate gross unrealized
appreciation and depreciation of securities held by each Fund were as follows:

FEDERAL TAX UNREALIZED UNREALIZED NET UNREALIZED
FUND COST APPRECIATION DEPRECIATION APPRECIATION
- ---- ------------ ------------ ------------ --------------

BP Small Cap Value Fund II $ 74,883,242 $14,446,511 $(6,397,479) $ 8,049,032
BP Long/Short Equity Fund 196,406,943 19,133,214 (4,478,582) 14,654,632
BP Mid Cap Value Fund 84,633,701 7,004,539 (2,333,039) 4,671,500
BP All-Cap Value Fund 90,772,345 10,289,663 (3,418,090) 6,871,573
WPG Small Cap Value Fund 32,912,202 5,670,557 (829,760) 4,840,797
SAM Sustainable Climate Fund 3,874,963 478,112 (278,620) 199,492
SAM Sustainable Water Fund 5,142,560 631,480 (225,491) 405,989
SAM Sustainable Global Activity Fund 14,726,419 1,305,515 (253,988) 1,051,527

Distributions to shareholders from net investment income and realized gains
are determined in accordance with Federal income tax regulations, which may
differ from net investment income and realized gains recognized for financial
reporting purposes. Accordingly, the character of distributions and composition
of net assets for tax purposes may differ from those reflected in the
accompanying financial statements. To the extent these differences are
permanent, such amounts are reclassified within the capital accounts based on
the tax treatment; temporary differences do not require such reclassification.

As of August 31 2009, the components of distributable earnings on a tax
basis were as follows:

UNDISTRIBUTED UNDISTRIBUTED
ORDINARY LONG-TERM
FUND INCOME GAINS
- ---- ------------- -------------

BP Small Cap Value Fund II $ -- $--
BP Long/Short Equity Fund -- --
BP Mid Cap Value Fund 232,015 --
BP All-Cap Value Fund 791,371 --
WPG Small Cap Value Fund 107,004 --
SAM Sustainable Climate Fund 3,191 --
SAM Sustainable Water Fund 21,610 --
SAM Sustainable Global Active Fund 646,846 --

SEMI-ANNUAL REPORT 2010 | 51

ROBECO INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)

The differences between the book and tax basis components of distributable
earnings relate principally to the timing of recognition of income and gains for
federal income tax purposes. Short-term and foreign currency gains are reported
as ordinary income for federal tax purposes.

The tax character of distributions paid during the fiscal year ended August
31, 2009 were as follows:

2009
-----------------------------------------------
ORDINARY LONG-TERM RETURN OF
FUND INCOME GAINS CAPITAL TOTAL
- ---- ---------- --------- --------- ----------

BP Small Cap Value Fund II $1,343,179 $ -- $269,326 $1,612,505
BP Long/Short Equity Fund 4,901,142 -- -- 4,901,142
BP Mid Cap Value Fund 452,583 882 -- 453,465
BP All-Cap Value Fund 474,174 353,246 -- 827,420
WPG Small Cap Value Fund 88,822 -- -- 88,822
SAM Sustainable Climate Fund 23,697 -- -- 23,697
SAM Sustainable Water Fund 31,563 -- -- 31,563

Distributions from net investment income and short-term capital gains are
treated as ordinary income for federal income tax purposes.

For Federal income tax purposes, capital loss carryforwards represent net
realized capital losses of a Fund that may be carried forward for a maximum of
eight years and applied against future net capital gains. As of August 31, 2009,
the following Funds had capital loss carryforwards available to offset future
realized capital gains through the expiration dates indicated below:

FUND 2016 2017 TOTAL
- ---- ---------- ----------- -----------

BP Small Cap Value Fund II $ -- $15,908,734 $15,908,734
BP Long/Short Equity Fund 3,108,415 1,948,489 5,056,904
BP Mid Cap Value Fund -- 2,550,027 2,550,027
BP All-Cap Value Fund -- 1,022,337 1,022,337
WPG Small Cap Value Fund -- 7,340,717 7,340,717
SAM Sustainable Climate Fund 4,482 1,030,355 1,034,837
SAM Sustainable Water Fund -- 183,846 183,846

Due to limitations imposed by the Internal Revenue Code and the regulations
thereunder, losses of $2,326,868 for the BP Long/Short Equity Fund which were
acquired in its reorganization with WPG 130/30 Large Cap Core Fund (see Note 9)
were reclassed to paid-in capital since they will not be available to offset
future capital gains.

Under federal tax law, foreign currency and capital losses realized after
October 31 may be deferred and treated as having arisen on the first day of the
following fiscal year. For the fiscal year ended August 31, 2009, the following
Funds will defer post-October capital and foreign currency losses to the fiscal
year ended August 31, 2010.

FUND CAPITAL FOREIGN CURRENCY
- ---- ----------- ----------------

BP Small Cap Value Fund II $18,575,127 $ --
BP Long/Short Equity Fund 3,594,095 15,313
BP Mid Cap Value Fund 4,299,397 --
BP All-Cap Value Fund 2,756,066 --
WPG Small Cap Value Fund 7,972,056 --
SAM Sustainable Climate Fund 462,752 1,440
SAM Sustainable Water Fund 814,646 1,398

9. FUND REORGANIZATION

The Board of Directors of the Company and the stockholders of the WPG
130/30 Large Cap Core Fund approved a plan of reorganization pursuant to which
the assets and identified liabilities of the WPG 130/30 Large Cap Core Fund were
transferred into the BP Long/Short Equity Fund in exchange for 746,155
Institutional Class shares of the BP Long/Short Equity Fund with a Net Asset
Value of $10.72. The reorganization was a tax-free event and took place on April
20, 2009.

52 | SEMI-ANNUAL REPORT 2010

ROBECO INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (unaudited) (concluded)

The following information relates to the Funds immediately prior and
immediately after the consummation of the reorganization:

SHARES UNREALIZED CAPITAL LOSS
FUND OUTSTANDING NET ASSETS DEPRECIATION CARRY FORWARD
- ---- ----------- ----------- ------------ ------------

WPG 130/30 Large Cap Core Fund (before reorganization) 834,162 $ 8,000,331 $(1,467,735) $(5,435,283)
BP Long/Short Equity Fund Fund (before reorganization) 1,872,054 25,301,128 N/A N/A
BP Long/Short Equity Fund Fund (after reorganization) 2,618,209 33,301,459 N/A N/A

10. NEW ACCOUNTING PRONOUNCEMENT

11. SUBSEQUENT EVENT

Management has evaluated the impact of all subsequent events on the Fund(s)
through the date the financial statements were issued, and has determined that
there were the following subsequent events:

A. On February 2, 2010,The PNC Financial Services Group, Inc. entered into
a Stock Purchase Agreement (the "Stock Purchase Agreement") with The Bank of New
York Mellon Corporation ("BNY Mellon"). Upon the terms and subject to the
conditions set forth in the Stock Purchase Agreement, which has been approved by
the board of directors of each company, The PNC Financial Services Group, Inc.
will sell to BNY Mellon (the "Stock Sale") 100% of the issued and outstanding
shares of PNC, an indirect, wholly-owned subsidiary of The PNC Financial
Services Group, Inc.

The Stock Sale includes PNC, PFPC Trust Company and PFPC Distributors, Inc.
and is expected to close in the third quarter of 2010.

B. At a meeting of the Board of Directors of RBB (the "Board") held on
March 11, 2010, the Board unanimously voted to approve, subject to shareholder
approval, the Agreement and Plan of Reorganization whereby the Boston Partners
Mid Cap Value Fund (the "Fund") would be reorganized into the John Hancock
Disciplined Mid Cap Value Fund (the "New Fund"). The New Fund is a newly
organized series of John Hancock Funds III with substantially identical
investment objectives to the Fund, but it will be offered and managed through
the John Hancock organization. Robeco would serve as the New Fund's subadviser
with responsibility for the day-to-day portfolio management and John Hancock
Investment Management Services, LLC would act as the New Fund's adviser.

A Special Meeting of Shareholders of the Fund will be held on or about July
7, 2010 at which shareholders of the Fund will be asked to consider and approve
the Agreement and Plan of Reorganization. Shareholders of record of the Fund as
of April 8, 2010 will be entitled to vote and should expect to receive a
prospectus providing more information about the New Fund and a proxy statement
describing the proposed reorganization. If approved by shareholders at the
Special Meeting, the reorganization will take place at the close of business on
or about July 9, 2010.

C. Effective March 1, 2010, Robeco has contractually agreed to waive
additional fees for the BP All-Cap Value Fund through December 31, 2011. Robeco
has agreed to limit total operating expenses (other than brokerage commissions,
extraordinary items, interest, dividends on short sales or taxes) to the extent
that such expenses exceed the following ratios:

INSTITUTIONAL INVESTOR
------------- --------

BP All-Cap Value Fund 0.70% 0.95%

SEMI-ANNUAL REPORT 2010 | 53

ROBECO INVESTMENT FUNDS

OTHER INFORMATION (unaudited)

PROXY VOTING

Policies and procedures that the Funds use to determine how to vote proxies
relating to portfolio securities as well as information regarding how the Funds
voted proxies relating to portfolio securities for the most recent 12-month
period ended June 30 are available without charge, upon request, by calling
(800) 261-4073 and on the Securities and Exchange Commission's ("SEC") website
at http://www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULE

54 | SEMI-ANNUAL REPORT 2010

[THIS PAGE INTENTIONALLY LEFT BLANK]

INVESTMENT ADVISERS
Robeco Investment Management Inc.
909 Third Avenue
New York, NY 10022
or
Sustainable Asset Management USA, Inc.
909 Third Avenue, 32nd Floor
New York, NY 10022
and
Josefstrasse 218
CH-8005 Zurich, Switzerland

ADMINISTRATOR
PNC Global Investment Servicing (U.S.), Inc.
301 Bellevue Parkway
Wilmington, DE 19809

TRANSFER AGENT
PNC Global Investment Servicing (U.S.), Inc.
101 Sabin Street
Pawtucket, RI 02860

PRINCIPAL UNDERWRITER
PFPC Distributors, Inc.
760 Moore Road
King of Prussia, PA 19406

CUSTODIAN
PFPC Trust Company
8800 Tinicum Blvd.
Suite 200
Philadelphia, PA 19153

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
Two Commerce Square
2001 Market Street, Suite 4000
Philadelphia, PA 19103

COUNSEL
Drinker Biddle & Reath LLP
One Logan Square, Ste. 2000
Philadelphia, PA 19103-6996

THE SCHNEIDER FUNDS
SEMI-ANNUAL INVESTMENT ADVISER'S REPORT
FEBRUARY 28, 2010
(UNAUDITED)

Fellow Shareholder:

The semi-annual report for the Schneider Funds covers the six months ended
February 28, 2010.

INVESTMENT REVIEW

U.S. equity markets continued their upward momentum during the period as
the broad market Russell 3000 Index rose 10.0%. Signs of improving health in
global economies and financial conditions offered evidence of a sustained and
broader global expansion. The U.S. economy strengthened during the period, and
inflation remained subdued.

The performance of both Funds continued their healthy resurgence since the
November 2008 market bottom. Our patience was rewarded by sticking with a number
of holdings that were hit hard during the financial crisis. Strong returns were
also driven by new investment opportunities, primarily in the energy and
technology sectors that surfaced during the 2008 market meltdown.

Historically, our investment process has enjoyed a nice tailwind when the
U.S. economy is in the recovery phase and moving toward expansion. The nature of
our deep value approach generally results in a portfolio of companies whose
businesses are more cyclical and economically sensitive than the benchmark as a
whole. From our experience, the economic and financial climate should be
supportive for our disciplined investment approach. We believe the investments
in the Funds as a whole are cheaply valued, focused in several high-conviction
areas, and invested in companies that have reasonable prospects for healthy
earnings improvement.

OUTLOOK

Recent data confirm our opinion that the U.S. economy is on a path to a
modest, self-sustaining cyclical expansion. Favorable trends continued in
manufacturing, consumer spending, corporate profits and credit conditions, and
more signs emerged that housing and employment are stabilizing. Powerful
emerging market economies are helping exports.

The picture looks cloudier in 2011 when short-term interest rates will
likely be higher and, as proposed by the Administration, some of the 2001 tax
cuts are allowed to expire. The private sector will probably have improved
enough to relieve most of these headwinds, while bank lending to small
businesses and consumers should loosen up by that time. Recent surveys indicate
that banks have ceased tightening their lending standards on many types of
loans, but they have yet to begin unwinding the considerable tightening that
occurred over the past 2+ years.

Beyond next year, the hangover from continued private sector debt
deleveraging and negative fallout from our government fiscal problems will
combine to dampen the long-term growth potential for the U.S. economy. The
recently passed health care entitlements further exacerbate these headwinds in
our opinion. The bill does little to control health care costs which currently
stand at 16% of GDP, nearly twice the average of other developed economies. Not
only is the legislation not completely paid for, which will add to our deficit,
but the taxes collected for this entitlement will not be available for paying
down our national debt. We believe the bill will add to our deficit beginning in
2014 as the outlays begin to ramp up. With interest expense approaching the
critical level of 10% of government revenues by that time, our country's coveted
AAA credit rating will be in jeopardy.

"What does not kill you makes you stronger." Financial and non-financial
public companies that survived the deep recession are, in general, more
efficient and productive enterprises that have substantial operating leverage to
benefit from any meaningful increase in sales. On the whole, the economic
climate this year and next should be constructive for a continued corporate
profit recovery.

Thank you for the confidence you have placed in us.

/s/ Arnold C. Schneider

Arnold C. Schneider III, CFA
Portfolio Manager
Schneider Capital Management

THE SCHNEIDER FUNDS
SCHNEIDER VALUE FUND
PERFORMANCE DATA
FEBRUARY 28, 2010 (UNAUDITED)

Total Returns for the Periods Ended February 28, 2010

AVERAGE ANNUAL
------------------
SIX ONE SINCE
MONTHS YEAR FIVE YEARS INCEPTION*
------ ----- ---------- ----------

SCHNEIDER VALUE 9.32% 83.05% -3.23% 8.63%
RUSSELL 1000(R) VALUE INDEX 8.52% 56.50% -0.49% 6.72%

* INCEPTION DATE 9/30/02

The performance data quoted represents past performance. Past performance is not
indicative of future results. Investment return and principal value will
fluctuate so that an investor's shares, when redeemed, may be worth more or less
than their original cost. Current performance may be lower or higher. Schneider
Capital Management contractually agreed to waive a portion of its advisory fee
and reimburse a portion of the Fund's operating expenses, as necessary, to
maintain the expense limitation, as set forth in the notes to the financial
statements. Total returns shown include fee waivers and expense
reimbursements, if any; total returns would have been lower had there been no
waiver or reimbursement of fees and expenses in excess of expense limitations.
Returns shown include the reinvestment of all dividends and other distributions
and do not reflect taxes that a shareholder would pay on Fund distributions or
on the redemption of Fund shares. For performance data current to the most
recent month-end, please call 1-888-520-3277. The Fund's gross and net annual
operating expenses, as stated in the current prospectus, are 1.14% and 0.90%,
respectively. Shares of the Fund not purchased through reinvested dividends or
capital gains and held less than 90 days are subject to a 1.00% redemption fee.

The Fund's aggregate total return since inception is based on an increase in net
asset value from $10.00 per share on September 30, 2002 (inception) to $12.98
per share on February 28, 2010, adjusted for dividends and distributions
totaling $6.44 per share paid from net investment income and realized gains.

Portfolio composition is subject to change.

THE SCHNEIDER FUNDS
SCHNEIDER SMALL CAP VALUE FUND
PERFORMANCE DATA
FEBRUARY 28, 2010 (UNAUDITED)

Total Returns for the Periods Ended February 28, 2010

AVERAGE ANNUAL
----------------------
SIX ONE SINCE
MONTHS YEAR FIVE YEARS TEN YEARS INCEPTION*
------ ------ ---------- --------- -----------

SCHNEIDER SMALL CAP VALUE 16.12% 119.43% -0.69% 11.61% 15.84%
RUSSELL 2000(R) VALUE INDEX 10.53% 65.93% 0.70% 8.08% 8.32%

* INCEPTION DATE 9/2/98

The performance data quoted represents past performance. Past performance is not
indicative of future results. Investment return and principal value will
fluctuate so that an investor's shares, when redeemed, may be worth more or less
than their original cost. Current performance may be lower or higher. Schneider
Capital Management contractually agreed to waive a portion of its advisory fee
and reimburse a portion of the Fund's operating expenses, as necessary, to
maintain the expense limitation, as set forth in the notes to the financial
statements. Total returns shown include fee waivers and expense reimbursements,
if any; total returns would have been lower had there been no waiver or
reimbursement of fees and expenses in excess of expense limitations. Returns
shown include the reinvestment of all dividends and other distributions and do
not reflect taxes that a shareholder would pay on Fund distributions or on the
redemption of Fund shares. For performance data current to the most recent
month-end, please call 1-888-520-3277. The Fund's gross and net annual operating
expenses, as stated in the current prospectus, are 1.43% and 1.16%,
respectively. Shares of the Fund not purchased through reinvested dividends or
capital gains and held less than one year are subject to a 1.75% redemption fee.

The Fund's annualized total return since inception is based on an increase in
net asset value from $10.00 per share on September 2, 1998 (inception) to $14.25
per share on February 28, 2010, adjusted for dividends and distributions
totaling $29.52 per share paid from net investment income and realized gains.

Small company stocks are generally riskier than large company stocks due to
greater volatility and less liquidity. Portfolio composition is subject to
change.

THE SCHNEIDER FUNDS
FUND EXPENSE EXAMPLES
(UNAUDITED)

These examples are based on an investment of $1,000 invested at the beginning of
the six months from September 1, 2009 through February 28, 2010, and held for
the entire period.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line of the accompanying tables provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not your Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare these
5% hypothetical examples with the 5% hypothetical examples that appear in the
shareholder reports of other funds.

SCHNEIDER VALUE FUND
---------------------------------------------------------------
BEGINNING ACCOUNT VALUE ENDING ACCOUNT VALUE EXPENSES PAID
SEPTEMBER 1, 2009 FEBRUARY 28, 2010 DURING PERIOD*
----------------------- -------------------- --------------

Actual $1,000.00 $1,093.20 $4.67
Hypothetical (5% return before expenses) 1,000.00 1,020.28 4.52

SCHNEIDER SMALL CAP VALUE FUND
---------------------------------------------------------------
BEGINNING ACCOUNT VALUE ENDING ACCOUNT VALUE EXPENSES PAID
SEPTEMBER 1, 2009 FEBRUARY 28, 2010 DURING PERIOD*
----------------------- -------------------- --------------

Actual $1,000.00 $1,161.20 $6.16
Hypothetical (5% return before expenses) 1,000.00 1,019.02 5.77

* Expenses are equal to an annualized six-month expense ratio of 0.90% for
the Schneider Value Fund and 1.15% for the Schneider Small Cap Value Fund,
which includes waived fees or reimbursed expenses, multiplied by the
average account value over the period, multiplied by the number of days in
the most recent fiscal half-year (181), then divided by 365 to reflect the
one-half year period. The Fund's ending account values on the first line in
each table are based on the actual six-month total return for each Fund of
9.32% for the Schneider Value Fund and 16.12% for the Schneider Small Cap
Value Fund.

THE SCHNEIDER FUNDS
SCHNEIDER VALUE FUND
PORTFOLIO HOLDINGS SUMMARY TABLE
FEBRUARY 28, 2010
(UNAUDITED)

% OF NET
ASSETS VALUE
-------- -------------

Domestic Common Stocks:
Banks ............................................ 15.5% $ 20,132,846
Oil & Gas ........................................ 13.5 17,585,897
Coal ............................................. 9.6 12,517,464
Insurance ........................................ 8.6 11,123,440
Energy & Utilities ............................... 6.8 8,871,638
Semiconductors ................................... 6.7 8,744,106
Home Builders .................................... 5.8 7,501,747
Real Estate Investment Trusts .................... 5.2 6,733,141
Computers ........................................ 4.1 5,320,087
Electronics ...................................... 3.1 3,983,157
Automobile Parts & Equipment ..................... 2.9 3,796,389
Food ............................................. 2.7 3,495,255
Aerospace & Defense .............................. 2.2 2,873,780
Retail ........................................... 1.9 2,398,062
Automobile Manufacturers ......................... 1.8 2,322,815
Media ............................................ 1.5 1,944,006
Leisure Time ..................................... 1.2 1,569,834
Health Care - Services ........................... 1.2 1,566,238
Life & Health Insurance .......................... 0.6 718,261
Health Care - Products ........................... 0.1 188,430
Exchange Traded Fund ................................ 3.6 4,665,939
Securities Lending Collateral ....................... 28.9 37,573,417
Liabilities in Excess of Other Assets ............... (27.5) (35,735,338)
----- ------------
NET ASSETS .......................................... 100.0% $129,890,611
===== ============

- ----------
Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

THE SCHNEIDER FUNDS
SCHNEIDER SMALL CAP VALUE FUND
PORTFOLIO HOLDINGS SUMMARY TABLE
FEBRUARY 28, 2010
(UNAUDITED)

% OF NET
ASSETS VALUE
-------- -------------

Domestic Common Stocks:
Semiconductors ................................... 14.3% $ 13,449,620
Banks ............................................ 13.2 12,383,092
Coal ............................................. 11.7 10,933,249
Aerospace & Defense .............................. 6.7 6,284,319
Oil & Gas ........................................ 6.4 6,021,265
Internet ......................................... 6.3 5,873,638
Commercial Services .............................. 6.0 5,646,647
Computers ........................................ 4.4 4,093,376
Home Builders .................................... 4.1 3,883,158
Insurance ........................................ 2.8 2,665,697
Retail ........................................... 2.7 2,546,232
Real Estate Investment Trusts .................... 2.6 2,434,740
Energy & Utilities ............................... 1.9 1,771,022
Industrial ....................................... 1.7 1,621,559
Automobile Manufacturers ......................... 1.7 1,601,724
Apparel .......................................... 1.7 1,557,288
Leisure Time ..................................... 1.4 1,286,248
Healthcare - Products ............................ 1.4 1,263,307
Building Materials ............................... 1.3 1,259,523
Chemicals ........................................ 1.2 1,147,800
Software ......................................... 1.1 1,070,177
Metals Fabricating ............................... 1.1 1,042,638
Automobile Parts & Equipment ..................... 1.1 1,037,331
Airlines ......................................... 1.0 961,807
Healthcare - Services ............................ 0.7 639,140
Food ............................................. 0.7 625,562
Transportation ................................... 0.6 537,128
Savings & Loans .................................. 0.5 439,174
Real Estate ...................................... 0.4 374,136
Electronics ...................................... 0.1 122,855
Machinery - Diversified .......................... 0.0 13,078
Exchange Traded Fund ................................ 2.7 2,566,065
Corporate Bonds ..................................... 0.0 19,978
Securities Lending Collateral ....................... 28.8 27,000,201
Liabilities in Excess of Other Liabilities .......... (32.3) (30,329,059)
----- ------------
NET ASSETS .......................................... 100.0% $ 93,843,715
===== ============

- ----------
Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

THE SCHNEIDER FUNDS
SCHNEIDER VALUE FUND
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 2010
(UNAUDITED)

SHARES VALUE
------------- ---------------

DOMESTIC COMMON STOCKS -- 95.0%
AEROSPACE & DEFENSE -- 2.2%
Boeing Co. (The) ............................. 45,500 $ 2,873,780
---------------
AUTOMOBILE MANUFACTURERS -- 1.8%
Navistar International Corp. * ............... 59,316 2,322,815
---------------
AUTOMOBILE PARTS & EQUIPMENT -- 2.9%
Magna International, Inc., Class A ........... 66,615 3,796,389
---------------
BANKS -- 15.5%
Bank of America Corp. ........................ 364,025 6,064,657
Citigroup, Inc. * ............................ 389,400 1,323,960
Regions Financial Corp. (a) .................. 741,010 5,001,818
Suntrust Banks, Inc. ......................... 62,000 1,476,220
Wells Fargo & Co. ............................ 229,195 6,266,191
---------------
20,132,846
---------------
COAL -- 9.6%
Arch Coal, Inc. .............................. 358,845 8,070,424
Consol Energy, Inc. .......................... 88,305 4,447,040
---------------
12,517,464
---------------
COMPUTERS -- 4.1%
Dell, Inc. *(a) .............................. 402,123 5,320,087
---------------
ELECTRONICS -- 3.1%
Avnet, Inc. * ................................ 144,265 3,983,157
---------------
ENERGY & UTILITIES -- 6.8%
Allegheny Energy, Inc. ....................... 200,115 4,532,605
RRI Energy, Inc. *(a) ........................ 1,020,949 4,339,033
---------------
8,871,638
---------------
FOOD -- 2.7%
Smithfield Foods, Inc. * ..................... 28,225 485,752
Tyson Foods, Inc., Class A (a) ............... 176,614 3,009,503
---------------
3,495,255
---------------
HEALTH CARE - PRODUCTS -- 0.1%
Boston Scientific Corp. * .................... 24,345 188,430
---------------
HEALTH CARE - SERVICES -- 1.2%
Brookdale Senior Living, Inc. * .............. 87,110 1,566,238
---------------

SHARES VALUE
------------- ---------------

HOME BUILDERS -- 5.8%
NVR, Inc. *(a) ............................... 6,869 $ 4,865,313
Pulte Homes, Inc. *(a) ....................... 243,438 2,636,434
---------------
7,501,747
---------------
INSURANCE -- 8.6%
Allstate Corp., (The) (a) .................... 106,830 3,338,437
Assured Guaranty, Ltd. (a) ................... 110,241 2,326,085
Brown & Brown, Inc. .......................... 77,210 1,295,584
Fidelity National Financial, Inc., Class A ... 30,676 437,133
Genworth Financial, Inc., Class A * .......... 162,081 2,583,571
RenaissanceRe Holdings, Ltd. ................. 20,640 1,142,630
---------------
11,123,440
---------------
LEISURE TIME -- 1.2%
Carnival Corp. * ............................. 43,655 1,569,834
---------------
LIFE & HEALTH INSURANCE -- 0.6%
AFLAC, Inc. .................................. 14,525 718,261
---------------
MEDIA -- 1.5%
Liberty Media Corp., Series A * .............. 57,447 1,944,006
---------------
OIL & GAS -- 13.5%
Chesapeake Energy Corp. (a) .................. 322,416 8,566,593
EQT Corp. .................................... 91,871 4,020,275
Forest Oil Corp. *(a) ........................ 184,466 4,999,029
---------------
17,585,897
---------------
REAL ESTATE INVESTMENT TRUSTS -- 5.2%
Annaly Capital Management, Inc. .............. 241,098 4,431,381
MFA Financial, Inc. .......................... 115,240 834,338
Redwood Trust, Inc. .......................... 102,977 1,467,422
---------------
6,733,141
---------------
RETAIL -- 1.9%
Best Buy Co, Inc. (a) ........................ 24,050 877,825
J.C. Penney Co., Inc. ........................ 55,121 1,520,237
---------------
2,398,062
---------------

The accompanying notes are an integral part of the financial statements.

THE SCHNEIDER FUNDS
SCHNEIDER VALUE FUND
PORTFOLIO OF INVESTMENTS (CONCLUDED)
FEBRUARY 28, 2010
(UNAUDITED)

SHARES VALUE
------------- ---------------

SEMICONDUCTORS -- 6.7%
ASML Holding N.V ............................. 63,500 $ 1,957,705
International Rectifier Corp. * .............. 227,723 4,606,836
Lam Research Corp. * ......................... 64,275 2,179,565
---------------
8,744,106
---------------
TOTAL DOMESTIC COMMON STOCKS
(Cost $106,404,077) .......................... 123,386,593
---------------
EXCHANGE TRADED FUND -- 3.6%
FINANCE -- 3.6%
iShares Russell 1000 Value
Index Fund (a) ............................ 81,175 4,665,939
---------------
TOTAL EXCHANGE TRADED FUND
(Cost $4,565,784) ...................... 4,665,939
---------------

SHARES VALUE
------------- ---------------

SECURITIES LENDING COLLATERAL -- 28.9%
Institutional Money Market Trust ............. 37,573,417 $ 37,573,417
---------------
TOTAL SECURITIES LENDING COLLATERAL
(Cost $37,573,417) ..................... 37,573,417
---------------
TOTAL INVESTMENTS -- 127.5%
(Cost $148,543,278) ....................... 165,625,949
---------------
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (27.5)% ......................... (35,735,338)
---------------
NET ASSETS -- 100.0% ......................... $ 129,890,611
===============

* Non-income producing.

(a) -- All or a portion of the security is on loan. (see note 7)

The following is a summary of inputs used, as of February 28, 2010, in valuing
the Fund's investments carried at market value (See Note 1 to Financial
Statements):

LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AS OF QUOTED OBSERVABLE UNOBSERVABLE
FEBRUARY 28, 2010 PRICE INPUTS INPUTS
----------------- ------------ ----------- ------------

Domestic Common Stocks* ......... $123,386,593 $123,386,593 $-- $--
Exchange Traded Fund ............ 4,665,939 4,665,939 -- --
Securities Lending Collateral ... 35,573,417 35,573,417 -- --
------------ ------------ --- ---
Total ........................... $165,625,949 $165,625,949 -- --
============ ============ === ===

* Please refer to the Portfolio of Investments for industry and security type
breakouts.

The accompanying notes are an integral part of the financial statements.

THE SCHNEIDER FUNDS
SCHNEIDER SMALL CAP VALUE FUND
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 2010
(UNAUDITED)

SHARES VALUE
------------- ---------------

DOMESTIC COMMON STOCKS -- 100.8%
AEROSPACE & DEFENSE -- 6.7%
AAR Corp. * (a) .............................. 166,425 $ 3,774,519
BE Aerospace, Inc. * ......................... 68,070 1,763,013
Triumph Group, Inc. .......................... 14,268 746,787
---------------
6,284,319
---------------
AIRLINES -- 1.0%
AirTran Holdings, Inc. * (a) ................. 199,545 961,807
---------------
APPAREL -- 1.7%
Barry (R.G.) Corp. ........................... 125,059 1,211,822
Liz Claiborne, Inc. * (a) .................... 49,995 345,466
---------------
1,557,288
---------------
AUTOMOBILE MANUFACTURERS -- 1.7%
Wabash National Corp. * ...................... 544,804 1,601,724
---------------
AUTOMOBILE PARTS & EQUIPMENT -- 1.1%
American Axle & Manufacturing Holdings,
Inc. * .................................... 26,299 257,993
Magna International, Inc., Class A ........... 13,675 779,338
---------------
1,037,331
---------------
BANKS -- 13.2%
Associated Banc-Corp ......................... 24,840 320,684
Boston Private Financial Holdings, Inc. ...... 1,828 12,522
Cathay General Bancorp (a) ................... 99,060 963,854
Citizens Republic Bancorp, Inc. * ............ 1,969,921 1,388,794
First BanCorp. (a) ........................... 952,262 2,018,796
MainSource Financial Group, Inc. ............. 27,726 177,169
Regions Financial Corp. (a) .................. 383,335 2,587,511
Sandy Spring Bancorp, Inc. ................... 22,617 319,804
South Financial Group, Inc. (The) (a) ........ 196,176 111,820
Susquehanna Bancshares, Inc. (a) ............. 374,945 3,130,791
Synovus Financial Corp. ...................... 312,400 890,340
Wilmington Trust Corp. (a) ................... 31,970 461,007
---------------
12,383,092
---------------
BUILDING MATERIALS -- 1.3%
Builders FirstSource, Inc. * (a) ............. 399,091 1,197,273
Louisiana-Pacific Corp. * .................... 8,180 62,250
---------------
1,259,523
---------------

SHARES VALUE
------------- ---------------

CHEMICALS -- 1.2%
A. Schulman, Inc. ............................ 25,981 $ 612,112
Kraton Performance Polymers, Inc. * .......... 39,710 535,688
---------------
1,147,800
---------------
COAL -- 11.7%
Arch Coal, Inc. .............................. 267,935 6,025,858
Cloud Peak Energy, Inc. * .................... 35,410 538,586
Massey Energy Co. ............................ 101,435 4,368,805
---------------
10,933,249
---------------
COMMERCIAL SERVICES -- 6.0%
Administaff, Inc. ............................ 55,356 997,515
Aegean Marine Petroleum Network, Inc. ........ 85,093 2,438,765
Hudson Highland Group, Inc. * ................ 506,965 2,210,367
---------------
5,646,647
---------------
COMPUTERS -- 4.4%
Insight Enterprises, Inc. * .................. 123,960 1,585,448
Ness Technologies, Inc. * .................... 208,029 1,185,765
Xyratex Ltd. * ............................... 100,088 1,322,163
---------------
4,093,376
---------------
ELECTRONICS -- 0.1%
Arrow Electronics, Inc. * .................... 4,355 122,855
---------------
ENERGY & UTILITIES -- 1.9%
RRI Energy, Inc. * (a) ....................... 416,711 1,771,022
---------------
FOOD -- 0.7%
Sanderson Farms, Inc. (a) .................... 12,777 625,562
---------------
HEALTHCARE - PRODUCTS -- 1.4%
Orthofix International N.V. * ................ 37,058 1,263,307
---------------
HEALTHCARE - SERVICES -- 0.7%
Emeritus Corp. * (a) ......................... 36,439 639,140
---------------
HOME BUILDERS -- 4.1%
Brookfield Homes Corp. * ..................... 6,984 53,148
KB HOME ...................................... 39,780 647,618
NVR, Inc. * (a) .............................. 4,493 3,182,392
---------------
3,883,158
---------------

The accompanying notes are an integral part of the financial statements.

THE SCHNEIDER FUNDS
SCHNEIDER SMALL CAP VALUE FUND
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 2010
(UNAUDITED)

SHARES VALUE
------------- ---------------

INDUSTRIAL -- 1.7%
FreightCar America, Inc. ..................... 76,597 $ 1,621,559
---------------
INSURANCE -- 2.8%
Genworth Financial, Inc., Class A * .......... 87,085 1,388,135
Stewart Information Services Corp. ........... 90,865 1,277,562
---------------
2,665,697
---------------
INTERNET -- 6.3%
Internet Capital Group, Inc. * ............... 256,920 1,747,056
ModusLink Global Solutions, Inc. * ........... 293,460 2,905,254
Openwave Systems, Inc. * ..................... 471,555 1,221,328
---------------
5,873,638
---------------
LEISURE TIME -- 1.4%
Brunswick Corp. (a) .......................... 111,460 1,286,248
---------------
MACHINERY - DIVERSIFIED -- 0.0%
Flow International Corp. * ................... 4,049 13,078
---------------
METALS FABRICATING -- 1.1%
RTI International Metals, Inc. * ............. 43,389 1,042,638
---------------
OIL & GAS -- 6.4%
Goodrich Petroleum Corp. * ................... 27,014 520,560
SandRidge Energy, Inc. * (a) ................. 692,784 5,500,705
---------------
6,021,265
---------------
REAL ESTATE -- 0.4%
MI Developments, Inc., Class A ............... 10,905 136,094
Thomas Properties Group, Inc. ................ 87,195 238,042
---------------
374,136
---------------
REAL ESTATE INVESTMENT TRUSTS -- 2.6%
Associated Estates Realty Corp. .............. 14,300 177,034
Redwood Trust, Inc. .......................... 92,270 1,314,848
Winthrop Realty Trust ........................ 79,432 942,858
---------------
2,434,740
---------------
RETAIL -- 2.7%
AC Moore Arts & Crafts, Inc. * ............... 205,414 597,755
MarineMax, Inc. * ............................ 146,554 1,550,541
Pacific Sunwear of California, Inc. * (a) .... 88,825 397,936
---------------
2,546,232
---------------

SHARES VALUE
------------- ---------------

SAVINGS & LOANS -- 0.5%
United Western Bancorp, Inc. ................. 180,730 $ 439,174
---------------
SEMICONDUCTORS -- 14.3%
Alliance Semiconductor Corp. * ............... 586,665 88,000
ASM International N.V. * ..................... 18,389 431,590
Atmi, Inc. * ................................ 87,215 1,468,701
Axcelis Technologies, Inc. * ................. 2,437,276 4,021,505
BE Semiconductor Industries N.V. * ........... 352,388 1,451,839
Entegris, Inc. * (a) ......................... 811,047 3,633,491
International Rectifier Corp. * .............. 77,615 1,570,152
Lam Research Corp. * ......................... 11,520 390,643
Photronics, Inc. * ........................... 89,477 393,699
---------------
13,449,620
---------------
SOFTWARE -- 1.1%
Take-Two Interactive Software, Inc. * ........ 111,245 1,070,177
---------------
TRANSPORTATION -- 0.6%
Atlas Air Worldwide Holdings, Inc. * ......... 11,915 537,128
---------------
TOTAL DOMESTIC COMMON STOCKS
(Cost $64,377,249) ........................ 94,586,530
---------------
EXCHANGE TRADED FUND -- 2.7%
FINANCE -- 2.7%
iShares Russell 2000 Value Index Fund ........ 43,500 2,566,065
---------------
TOTAL EXCHANGE TRADED FUND
(Cost $2,488,261) ...................... 2,566,065
---------------
SECURITIES LENDING COLLATERAL -- 28.8%
Institutional Money Market Trust ............. 27,000,201 27,000,201
---------------
TOTAL SECURITIES LENDING COLLATERAL
(Cost $27,000,201) ..................... 27,000,201
---------------

The accompanying notes are an integral part of the financial statements.

THE SCHNEIDER FUNDS
SCHNEIDER SMALL CAP VALUE FUND
PORTFOLIO OF INVESTMENTS (CONCLUDED)
FEBRUARY 28, 2010
(UNAUDITED)

PAR
(000) VALUE
------------- ---------------

CORPORATE BONDS -- 0.0%
LandAmerica Financial Group, Inc.
CONV ### +
3.25%, 05/15/34 $ 148 $ 19,978
---------------
TOTAL CORPORATE BONDS
(Cost $27,925) 19,978
---------------
TOTAL INVESTMENTS -- 132.3%
(Cost $93,893,636) 124,172,774
---------------
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (32.3)% (30,329,059)
---------------
NET ASSETS -- 100.0% $ 93,843,715
===============

* Non-income producing

(a) -- All or a portion of the security is on loan. (see note 7)

### -- 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 February 28, 2010, this security amounted to
0.00% of net assets.

+ Security in default.

CONV Convertible

The following is a summary of inputs used, as of February 28, 2010, in valuing
the Fund's investments carried at market value (See Note 1 to Financial
Statements):

LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AS OF QUOTED OBSERVABLE UNOBSERVABLE
FEBRUARY 28, 2010 PRICE INPUTS INPUTS
----------------- ------------ ----------- ------------

Domestic Common Stocks* $ 94,586,530 $ 94,586,530 $ -- $--
Corporate Bonds 19,978 -- 19,978 --
Exchange Traded Fund 2,566,065 2,566,065 -- --
Securities Lending Collateral 27,000,201 27,000,201 -- --
------------ ------------ ------- ---
Total $124,172,774 $124,152,796 $19,978 $--
============ ============ ======= ===

* Please refer to the Portfolio of Investments for industry and security type
breakouts.

The accompanying notes are an integral part of the financial statements.

THE SCHNEIDER FUNDS
STATEMENTS OF ASSETS & LIABILITIES
FEBRUARY 28, 2010
(UNAUDITED)

SCHNEIDER
SCHNEIDER SMALL CAP
VALUE FUND VALUE FUND
------------- ------------

ASSETS
Investments, at value +### ................................. $ 165,625,949 $124,172,774
Cash ....................................................... 1,860,775 --
Receivables
Investments sold ........................................ 1,851,641 8,053,177
Capital shares sold ..................................... 29,215 268,354
Dividends and interest .................................. 89,825 49,656
Prepaid expenses and other assets ............................. 20,000 19,329
------------- ------------
Total assets ......................................... 169,477,405 132,563,290
------------- ------------
LIABILITIES
Cash overdraft ............................................. -- 1,912,889
Payables
Securities lending collateral ........................... 37,573,417 27,000,201
Capital shares redeemed ................................. 205,877 9,671,685
Investments purchased ................................... 1,632,168 --
Investment adviser ...................................... 53,735 53,051
Other accrued expenses and liabilities ..................... 121,597 81,749
------------- ------------
Total liabilities .................................... 39,586,794 38,719,575
------------- ------------
Net Assets ................................................. $ 129,890,611 $ 93,843,715
============= ============
NET ASSETS CONSIST OF
Par value .................................................. 10,006 6,584
Paid-in capital ............................................ 265,229,205 103,727,617
Undistributed/accumulated net investment
income/loss ............................................. 387,278 (244,404)
Accumulated net realized loss from investments ............. (152,818,549) (39,925,220)
Net unrealized appreciation on investments ................. 17,082,671 30,279,138
------------- ------------
Net Assets ........................................... $ 129,890,611 $ 93,843,715
============= ============
Shares outstanding ($0.001 par value, 100,000,000
shares authorized) ...................................... 10,005,560 6,583,603
Net asset value, offering and redemption price per share ... $ 12.98 $ 14.25
============= ============
+ Investment in securities, at cost ........................ $ 148,543,278 $ 93,893,636
============= ============
### Includes market value of securities on loan ............ $ 30,680,145 $ 24,731,826
============= ============

The accompanying notes are an integral part of the financial statements.

THE SCHNEIDER FUNDS
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2010
(UNAUDITED)

SCHNEIDER
SCHNEIDER SMALL CAP
VALUE FUND VALUE FUND
----------- -----------

INVESTMENT INCOME
Dividends+ .............................................. $ 931,334 $ 349,926
Securities Lending Income ............................... 1,581 6,417
Interest ................................................ 272 485
----------- -----------
Total investment income .............................. 933,187 356,828
----------- -----------
EXPENSES
Advisory fees ........................................... 424,533 522,807
Administration and accounting fees ...................... 90,175 81,866
Transfer agent fees ..................................... 32,977 32,253
Custodian fees .......................................... 23,911 29,660
Professional fees ....................................... 24,480 24,505
Directors' and officers' fees ........................... 17,932 17,269
Printing and shareholder reporting fees ................. 17,613 12,624
Registration and filing fees ............................ 12,397 12,397
Insurance fees .......................................... 4,663 4,365
Other expenses .......................................... 1,361 309
----------- -----------
Total expenses before waivers and reimbursements ..... 650,042 738,055
Less: waivers and reimbursements ..................... (104,214) (136,827)
----------- -----------
Net expenses after waivers and reimbursements ........ 545,828 601,228
----------- -----------
Net investment income/(loss) ............................ 387,359 (244,400)
----------- -----------
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
NET REALIZED GAIN/(LOSS) FROM:
Investments .......................................... 660,908 10,285,948
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON:
Investments .......................................... 10,145,881 5,699,867
----------- -----------
Net realized and unrealized gain on investments ......... 10,806,789 15,985,815
----------- -----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ....... $11,194,148 $15,741,415
=========== ===========
+ Net of foreign withholding taxes of ................ $ -- $ (470)
=========== ===========

The accompanying notes are an integral part of the financial statements.

THE SCHNEIDER FUNDS
SCHNEIDER VALUE FUND
STATEMENT OF CHANGES IN NET ASSETS

FOR THE SIX MONTHS
ENDED FOR THE YEAR
FEBRUARY 28, 2010 ENDED
(UNAUDITED) AUGUST 31, 2009
------------------ ---------------

INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ................................ $ 387,359 $ 2,533,628
Net realized gain/(loss) from investments ............ 660,908 (97,077,057)
Net change in unrealized appreciation
from investments .................................. 10,145,881 34,119,050
------------ -------------
Net increase/(decrease) in net assets resulting
from operations ...................................... 11,194,148 (60,424,379)
------------ -------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ................................ (2,533,672) (4,861,935)
------------ -------------
Net decrease in net assets from dividends and
distributions to shareholders ........................ (2,533,672) (4,861,935)
------------ -------------
CAPITAL TRANSACTIONS:
Proceeds from shares sold ............................ 16,540,251 19,397,418
Reinvestment of distributions ........................ 2,086,849 3,890,232
Redemption fees* ..................................... 692 15,540
Shares redeemed ...................................... (15,864,663) (64,586,179)
------------ -------------
Net increase/(decrease) in net assets from capital
share transactions ................................... 2,763,129 (41,282,989)
------------ -------------
Total increase/(decrease) in net assets ................. 11,423,605 (106,569,303)
------------ -------------
NET ASSETS:
Beginning of period .................................. 118,467,006 225,036,309
------------ -------------
End of period ........................................ $129,890,611 $ 118,467,006
============ =============
Undistributed net investment income, end of period ... $ 387,278 $ 2,533,591
============ =============
SHARE TRANSACTIONS:
Shares sold .......................................... 1,309,561 1,955,016
Shares reinvested .................................... 175,365 456,600
Shares redeemed ...................................... (1,240,980) (6,393,319)
============ =============
Total share transactions ............................. 243,946 (3,981,703)
============ =============

* There is a 1.00% redemption fee on shares redeemed which have been held
less than 90 days in the Schneider Value Fund. The redemption fees are
retained by the Fund for the benefit of the remaining shareholders and
recorded as paid-in capital.

The accompanying notes are an integral part of the financial statements.

THE SCHNEIDER FUNDS
SCHNEIDER SMALL CAP VALUE FUND
STATEMENT OF CHANGES IN NET ASSETS

FOR THE SIX MONTHS
ENDED FOR THE YEAR
FEBRUARY 28, 2010 ENDED
(UNAUDITED) AUGUST 31, 2009
------------------ ---------------

INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ......................... $ (244,400) $ 816,361
Net realized gain/(loss) from investments ............ 10,285,948 (39,533,004)
Net change in unrealized appreciation
from investments .................................. 5,699,867 39,577,628
------------ ------------
Net increase in net assets resulting
from operations ...................................... 15,741,415 860,985
------------ ------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ................................ (543,270) (1,113,054)
Net realized capital gains ........................... -- (12,861)
------------ ------------
Net decrease in net assets from dividends and
distributions to shareholders ........................ (543,270) (1,125,915)
------------ ------------
CAPITAL TRANSACTIONS:
Proceeds from shares sold ............................ 7,041,450 50,730,024
Reinvestment of distributions ........................ 446,678 979,117
Redemption fees* ..................................... 36,651 569,400
Shares redeemed ...................................... (27,161,829) (45,421,894)
------------ ------------
Net increase/(decrease) in net assets from capital
share transactions ................................... (19,637,050) 6,856,647
------------ ------------
Total increase/(decrease) in net assets ................. (4,438,905) 6,591,717
------------ ------------
NET ASSETS:
Beginning of period .................................. 98,282,620 91,690,903
------------ ------------
End of period ........................................ $ 93,843,715 $ 98,282,620
============ ============
Undistributed net investment income, end of period ... $ (244,404) $ 543,266
============ ============
SHARE TRANSACTIONS:
Shares sold .......................................... 515,700 5,988,310
Shares reinvested .................................... 35,507 125,207
Shares redeemed ...................................... (1,929,027) (4,456,499)
------------ ------------
Total share transactions ............................. (1,377,820) 1,657,018
============ ============

* There is a 1.75% redemption fee on shares redeemed which have been held
less than 90 days in the Schneider Value Small Cap Value Fund. The
redemption fees are retained by the Fund for the benefit of the remaining
shareholders and recorded as paid-in capital.

The accompanying notes are an integral part of the financial statements.

THE SCHNEIDER FUNDS
SCHNEIDER VALUE FUND
FINANCIAL HIGHLIGHTS

FOR THE
SIX MONTHS ENDED FOR THE YEARS ENDED AUGUST 31,
FEBRUARY 28, 2010 ---------------------------------------------------
(UNAUDITED) 2009 2008 2007 2006 2005
----------------- -------- -------- -------- -------- -------

PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period ............ $ 12.14 $ 16.37 $ 23.13 $ 21.16 $ 20.55 $ 18.22
-------- -------- -------- -------- -------- -------
Net investment income ........................... 0.05 0.34 0.37 0.14 0.10 0.07
Net realized and unrealized gain/(loss)
from investments and foreign currency
transactions ................................. 1.06 (4.14) (5.89) 2.99 1.99 3.40
-------- -------- -------- -------- -------- -------
Net increase/(decrease) in net assets
resulting from operations .................... 1.11 (3.80) (5.52) 3.13 2.09 3.47
-------- -------- -------- -------- -------- -------
Dividends and distributions to shareholders from:
Net investment income ........................... (0.27) (0.43) (0.14) (0.08) (0.08) (0.05)
Net realized capital gains ...................... -- -- (1.10) (1.08) (1.40) (1.09)
-------- -------- -------- -------- -------- -------
Total dividends and distributions to
shareholders ................................. (0.27) (0.43) (1.24) (1.16) (1.48) (1.14)
-------- -------- -------- -------- -------- -------
Redemption fees+ ................................ -- -- -- -- -- --
-------- -------- -------- -------- -------- -------
Net asset value, end of period .................. $ 12.98 $ 12.14 $ 16.37 $ 23.13 $ 21.16 $ 20.55
======== ======== ======== ======== ======== =======
Total investment return(1) ...................... 9.32%(2) (22.06)% (25.05)% 14.88% 10.85% 19.37%
======== ======== ======== ======== ======== =======
RATIO/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) ....... $129,891 $118,467 $225,036 $364,793 $139,288 $61,146
Ratio of expenses to average net assets(3) ...... 0.90%(4) 0.88% 0.85% 0.85% 0.85% 0.85%
Ratio of expenses to average net assets
without waivers and expense
reimbursements ............................... 1.07%(4) 1.14% 1.09% 1.12% 1.27% 1.38%
Ratio of net investment income to average
net assets(3) ................................ 0.64%(4) 2.24% 1.61% 0.77% 0.69% 0.41%
Portfolio turnover rate ......................... 45.31%(2) 107.13% 101.98% 131.75% 104.92% 76.66%

- ----------
+ Amount is less than $0.005 per share.

(2) Not Annualized.

(3) Reflects waivers and reimbursements.

(4) Annualized.

The accompanying notes are an integral part of the financial statements.

THE SCHNEIDER FUNDS
SCHNEIDER SMALL CAP VALUE FUND
FINANCIAL HIGHLIGHTS

PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period ............ $ 12.34 $ 14.54 $ 19.06 $ 21.96 $ 24.94 $ 29.09
------- ------- ------- -------- -------- -------
Net investment income/(loss) .................... (0.04) 0.12 0.16 0.43 0.05 (0.10)
Net realized and unrealized gain/(loss)
on investments and foreign currency
transactions ................................. 2.01 (2.20) (3.81) 0.15 1.66 8.01
------- ------- ------- -------- -------- -------
Net increase/(decrease) in net assets
resulting from operations .................... 1.97 (2.08) (3.65) 0.58 1.71 7.91
------- ------- ------- -------- -------- -------
Dividends and distributions to shareholders from:
Net investment income ........................... (0.07) (0.18) (0.32) (0.20) -- --
Net realized capital gains ...................... -- --+ (0.55) (3.28) (4.69) (12.06)
------- ------- ------- -------- -------- -------
Total dividends and distributions to
shareholders ................................. (0.07) (0.18) (0.87) (3.48) (4.69) (12.06)
------- ------- ------- -------- -------- -------
Redemption fees ................................. 0.01 0.06 --+ --+ --+ --+
------- ------- ------- -------- -------- -------
Net asset value, end of period .................. $ 14.25 $ 12.34 $ 14.54 $ 19.06 $ 21.96 $ 24.94
======= ======= ======= ======== ======== =======
Total investment return(1) ...................... 16.12%(2) (13.20)% (19.78)% 0.72% 7.79% 31.57%
======= ======= ======= ======== ======== =======
RATIO/SUPPLEMENTAL DATA
Net assets, end of period (000's omitted) ....... $93,844 $98,283 $91,691 $101,052 $105,092 $55,163
Ratio of expenses to average net assets(3) ...... 1.15%(4) 1.14% 1.10% 1.10% 1.10% 1.10%
Ratio of expenses to average net assets
without waivers and expense
reimbursements ............................... 1.41%(4) 1.42% 1.49% 1.50% 1.56% 1.71%
Ratio of net investment income to average
net assets(3) ................................ (0.46)%(4) 0.97% 0.92% 1.81% 0.29% (0.41)%
Portfolio turnover rate ......................... 36.49%(2) 122.36% 116.34% 75.21% 91.45% 68.87%

- ----------
+ Amount is less than $0.005 per share.

(2) Not Annualized.

(3) Reflects waivers and reimbursements.

(4) Annualized.

The accompanying notes are an integral part of the financial statements.

THE SCHNEIDER FUNDS
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 28, 2010 (UNAUDITED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

RBB has authorized capital of one hundred billion shares of common stock of
which 78.973 billion shares are currently classified into one hundred and
twenty-nine classes of Common Stock. Each class represents an interest in an
active or inactive RBB investment portfolio. The active classes have been
grouped into separate "families".

PORTFOLIO VALUATION -- Each Fund's net asset value ("NAV") is calculated
once daily at the close of regular trading hours on the New York Stock Exchange
("NYSE") (generally 4:00 p.m. Eastern time) on each day the NYSE is open.
Securities held by the Funds are valued using the closing price or the last sale
price on a national securities exchange or the National Association of
Securities Dealers Automatic Quotation System ("NASDAQ") market system where
they are primarily traded. Equity securities traded in the over-the-counter
market are valued at their closing prices. If there were no transactions on that
day, securities traded principally on an exchange or on NASDAQ will be valued at
the mean of the last bid and ask prices prior to the market close. Fixed Income
securities having a remaining maturity of greater than 60 days are valued using
an independent pricing service. Fixed Income securities having a remaining
maturity of 60 days or less are amortized to maturity based on their cost.
Foreign securities are valued based on prices from the primary market in which
they are traded, and are translated from the local currency into U.S. dollars
using current exchange rates. Investments in other open-end investment companies
are valued based on the NAV of the investment companies (which may use Fair
Value Pricing as discussed in their prospectuses). If market quotations are
unavailable or deemed unreliable, securities will be valued in accordance with
procedures adopted by the 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.

The inputs and valuation techniques used to measure fair value of the
Funds' investments are summarized into three levels as described in the
hierarchy below:

- Level 1 -- quoted prices in active markets for identical securities

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

- Level 3 -- significant unobservable inputs (including the Funds' own
assumptions in determining the fair value of investments)

THE SCHNEIDER FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY 28, 2010 (UNAUDITED)

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 February 28,
2010 is included with each Fund's Portfolio of Investments.

INVESTMENT TRANSACTIONS, INVESTMENT INCOME, AND EXPENSES -- Transactions
are accounted for on the trade date. The cost of investments sold is determined
by use of the specific identification method for both financial reporting and
income tax purposes in determining realized gains and losses on investments.
Interest income is accrued as earned. Dividend income is recorded on the
ex-dividend date. Distributions received on securities that represent a return
of capital or capital gain are recorded as a reduction of cost of investments
and/or as a realized gain. Each fund estimates the components of distributions
received that may be considered return of capital distributions or capital gain
distributions. Expenses incurred on behalf of a specific class, fund or fund
family are charged directly to the class, fund or fund family (in proportion to
net assets). Expenses incurred for all of the RBB funds (such as director or
professional fees) are charged to all funds in proportion to their average net
assets of RBB, or in such other manner as the Board of Directors deems fair or
equitable. Expenses and fees, including investment advisory and administration
fees, are accrued daily and taken into account for the purpose of determining
the NAV of the Funds.

FOREIGN CURRENCY TRANSLATION -- Foreign securities and other foreign assets
and liabilities are valued using the foreign currency exchange rate effective at
the end of the reporting period. The books and records of the Funds are
maintained in U.S. dollars. Cost of investments is translated at the currency
exchange rate effective at the trade date. The gain or loss resulting from a
change in currency exchange rates between the trade and settlement dates of a
portfolio transaction is treated as a gain or loss on foreign currency.
Likewise, the gain or loss resulting from a change in currency exchange rates,
between the date income is accrued and paid, is treated as a gain or loss on
foreign currency.

THE SCHNEIDER FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY 28, 2010 (UNAUDITED)

2. INVESTMENT ADVISER AND OTHER SERVICES

Schneider Capital Management Company ("SCM" or the "Adviser") serves as
each Fund's investment adviser. For its advisory services, SCM is entitled to
receive 0.70% of the Value Fund's average daily net assets and 1.00% of the
Small Cap Value Fund's average daily net assets, computed daily and payable
monthly.

The Adviser contractually agreed to limit the Value Fund's and the Small
Cap Value Fund's total operating expenses to the extent that such expenses
exceeded 0.90% and 1.15%, respectively, of the Fund's average daily net assets
(excluding acquired fund fees and expenses, brokerage commissions, extraordinary
items, interest and taxes). As necessary, this limitation is effected in waivers
of advisory fees and reimbursements of other Fund expenses. For the six months
ended February 28, 2010, investment advisory fees and waivers of expenses were
as follows:

GROSS ADVISORY FEES WAIVERS NET ADVISORY FEES
------------------- --------- -----------------

Schneider Value Fund $424,533 $(104,214) $320,319
Schneider Small Cap Value Fund 522,807 (136,827) 385,980

The Funds will not pay SCM at a later time for any amounts it may waive or
any amounts that SCM has assumed.

PNC Global Investment Servicing (U.S.), Inc. ("PNC"), a member of The PNC
Financial Services Group, Inc., serves as administrator for the Funds. For
providing administration and accounting services, PNC is entitled to receive a
monthly fee equal to an annual percentage rate of each Fund's average daily net
assets, and is subject to certain minimum monthly fees. PNC voluntarily agreed
to waive $7,000 annually of its administration and accounting services fees for
the Small Cap Value Fund. The waiver may end at any time.

Included in the administration and accounting services fees and expenses,
are fees for providing regulatory administration services to RBB. For providing
these services, PNC is entitled to receive compensation as agreed to by the
Company and PNC. This fee is allocated to each portfolio of the Company in
proportion to its net assets of the Company.

In addition, PNC serves as the Funds' transfer and dividend disbursing
agent. For providing transfer agent services, PNC is entitled to receive a
monthly fee equal to an annual percentage rate of each Fund's average daily net
assets, subject to certain minimum monthly fees.

For providing custodian services to the Funds, PFPC Trust Company, an
affiliate of PNC, is entitled to receive a monthly fee equal to an annual
percentage rate of each Fund's average daily gross assets, subject to certain
minimum monthly fees.

PFPC Distributors, Inc., an affiliate of PNC, serves as the principal
underwriter and distributor of the Funds' shares pursuant to a Distribution
Agreement with RBB.

THE SCHNEIDER FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY 28, 2010 (UNAUDITED)

3. DIRECTOR COMPENSATION

The Directors of the Company receive an annual retainer, meeting fees and
out of pocket expenses for meetings attended. The aggregate remuneration paid to
the Directors by the Funds during the six months ended February 28, 2010, was
$15,545 Certain employees of PNC are Officers of the Company. They are not
compensated by the Funds or the Company.

4. INVESTMENT IN SECURITIES

For the six months ended February 28, 2010, aggregate purchases and sales
of investment securities (excluding short-term investments) were as follows:

PURCHASES SALES
----------- -----------

Schneider Value Fund $53,934,951 $55,653,341
Schneider Small Cap Value Fund 36,330,317 51,232,228

5. CAPITAL SHARE TRANSACTIONS

Schneider Value Fund (1 shareholder) 20%
Schneider Small Cap Value Fund (2 shareholders) 31%

6. FEDERAL INCOME TAX INFORMATION

Management has analyzed each Fund's tax positions taken on federal income
tax returns for all open tax years (August 31, 2006-2009) and has concluded that
no provision for federal income tax is required in the Funds' financial
statements. The Funds' federal and state income and federal excise tax returns
for tax years for which the applicable statutes of limitations have not expired
are subject to examination by the Internal Revenue Service and state departments
of revenue.

As of February 28, 2010, federal tax cost, aggregate gross unrealized
appreciation and depreciation of securities held by the Funds were as follows:

NET UNREALIZED
FEDERAL TAX UNREALIZED UNREALIZED APPRECIATION/
COST APPRECIATION DEPRECIATION DEPRECIATION
------------ ------------ ------------ --------------

Schneider Value Fund $148,543,278 $24,575,347 $(7,492,676) $17,082,671
Schneider Small Cap Value Fund 93,893,636 34,452,189 (4,173,051) 30,279,138

THE SCHNEIDER FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY 28, 2010 (UNAUDITED)

As of August 31, 2009, the components of distributable earnings on a tax
basis were as follows:

UNDISTRIBUTED
ORDINARY UNDISTRIBUTED
INCOME LONG-TERM GAINS
-------------- ---------------

Schneider Value Fund $2,533,591 $--
Schneider Small Cap Value Fund 543,266 --

The differences between the book and tax basis components of distributable
earnings relate principally to the timing of recognition of income and gains for
federal income tax purposes. Short-term and foreign currency gains are reported
as ordinary income for federal income tax purposes.

The tax character of dividends and distributions paid during the last
fiscal year ended August 31, 2009 was as follows:

ORDINARY LONG-TERM
INCOME GAINS TOTAL
---------- --------- ----------

Schneider Value Fund 2009 $4,861,935 $ -- $4,861,935
Schneider Small Cap Value Fund 2009 $1,113,058 $12,857 $1,125,915

Dividends from net investment income and short-term capital gains are
treated as ordinary income dividends for federal income tax purposes.

For federal income tax purposes, capital loss carryforwards are available
to offset future capital gains. As of August 31, 2009, the Schneider Value Fund
and the Schneider Small Cap Value Fund had capital loss carryforwards of
$87,755,969 and $12,220,752, respectively, that will expire as follows:

AUGUST 31, 2016 AUGUST 31, 2017
--------------- ----------------

Schneider Value Fund $11,810,397 $75,945,572
Schneider Small Cap Value Fund -- 12,220,752

During the fiscal year ended August 31, 2009, the Funds' did not utilize
any of their capital loss carryforwards.

Under federal tax law, foreign currency and capital losses realized after
October 31 may be deferred and treated as having arisen on the first day of the
following fiscal year. For the year ended August 31, 2009, the Schneider Value
Fund and the Schneider Small Cap Value Fund incurred post-October capital losses
of $45,840,052 and $32,241,568, respectively.

7. SECURITIES LENDING

The Funds may make secured loans of their portfolio securities to brokers,
dealers and other financial institutions to earn additional income and receive
collateral equal to at least 102% of the current market value of the loaned
securities, as marked to market each day that the NAV of a Fund is determined.
The Funds will pay administrative and custodial fees in connection with the loan
of securities. Collateral is invested in short-term investments and the Funds
will bear the risk of loss of the invested collateral. Securities lending will
expose the Funds to the risk of loss should a borrower default on its obligation
to return the borrowed securities. As of February 28, 2010, the market value of
the securities on loan and collateral was as follows:

THE SCHNEIDER FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY 28, 2010 (UNAUDITED)

INCOME RECEIVED
MARKET VALUE OF MARKET VALUE FROM SECURITIES
SECURITIES LOANED OF COLLATERAL LENDING
----------------- ------------- ---------------

Schneider Value Fund $30,680,145 $37,573,417 $1,581
Schneider Small Cap Value Fund 24,731,826 27,000,201 6,417

8. NEW ACCOUNTING PRONOUNCEMENT

9. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds
through the date the financial statements were issued and have determined that
there was the following subsequent event:

The Stock Sale includes PNC, PFPC Trust Company and PFPC Distributors, Inc.
and is expected to close in the third quarter of 2010.

THE SCHNEIDER FUNDS
OTHER INFORMATION
(UNAUDITED)

PROXY VOTING

Policies and procedures that the Funds use to determine how to vote proxies
relating to portfolio securities as well as information regarding how the Funds
voted proxies relating to portfolio securities for the most recent 12-month
period ended June 30 are available without charge, upon request, by calling
(888) 520-3277 and on the Securities and Exchange Commission's ("SEC") website
at http://www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULES

[THIS PAGE INTENTIONALLY LEFT BLANK.]

INVESTMENT ADVISER

Schneider Capital Management
460 E. Swedesford Road
Suite 1080
Wayne, PA 19087

ADMINISTRATOR

PNC Global Investment Servicing (U.S.), Inc.
301 Bellevue Parkway
Wilmington, DE 19809

TRANSFER AGENT

PNC Global Investment Servicing (U.S.), Inc.
101 Sabin Street
Pawtucket, RI 02860

PRINCIPAL UNDERWRITER

PFPC Distributors, Inc.
760 Moore Road
King of Prussia, PA 19406

CUSTODIAN

PFPC Trust Company
8800 Tinicum Blvd.
Suite 200
Philadelphia, PA 19153

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP
Two Commerce Square, Suite 1700
2001 Market Street
Philadelphia, PA 19103-7042

COUNSEL

Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996

THE SCHNEIDER FUNDS

OF THE RBB FUND, INC.

SCHNEIDER VALUE FUND

SCHNEIDER SMALL CAP VALUE FUND

SEMI-ANNUAL REPORT

FEBRUARY 28, 2010

(UNAUDITED)

(SCHNEIDER CAPITAL MANAGEMENT LOGO)

This report is submitted for the general information of the shareholders of the
Funds. It is not authorized for distribution unless preceded or accompanied by a
current prospectus for the Funds.

SIX MONTHS ENDED FEBRUARY 28, 2010

TO: SHAREHOLDERS OF SENBANC FUND

The Nasdaq Bank Index dropped by 16.30% in 2009, while the S&P 500 Index rose
26.47%. This is the widest margin between these two indexes since the lows of
1999. Senbanc Fund was down by 0.41% in 2009; its recovery from the March 2009
lows was one fourth greater than the S&P 500, which underscores the severity of
decline for banks to that March low, compared with the general market.

Bank failures in 2009 occurred at only one eighth of the rate in the Real
Estate-related recession of 1989/1990. Fewer bank failures is testament to the
earnings strength of banks coming into this current period, and reflects higher
margins in response to competitive pressures. Those banks not having taken full
advantage of opportunities to compete, did not build the equity strength
necessary to sustain them in a negative leverage environment, and did not build
an earnings stream sufficient to fund higher Reserve levels in the face of
declining asset values. Those banks failed. Strongly capitalized, profitable
banks diverted pre-tax earnings to Reserves, and were able to deploy capital to
acquire problem assets at degraded prices. Acquisitions that would normally
entail exchanges of stock with disparate premiums to the advantage of the
acquirer would not be accretive in the current pricing environment. Absence of
reliable operating income reports in the face of Reserve buildup, and the
collapse of price/earnings multiples to a low, narrow band has limited the use
of stock as currency for acquisitions.

Relative performance of Senbanc Fund in 2009 reflects the quality of its
underlying portfolio. When the perception of bank stocks is universally
negative, credit quality of individual banks is just about the only mitigating
effect on valuation. There has yet to be substantial separation for bank
valuations, based on performance metrics.

Reported earnings for the typical bank have been impacted by the need to build
Reserves for Loan Losses as non-performing asset levels rose. In the event of
overall problem asset stabilization in 2010, a bank has no option but to cease
adding to its Reserve. Pre-tax operating income otherwise intended for Reserves
must flow to the bottom line. If the average value of underlying assets increase
or are sold at a price in excess of the written down value, then amounts
previously reserved for any specific asset would be required to flow back into
pre-tax earnings. In this event, even a moderate increase in problem asset
valuation or disposal could result in quite large increases in reported earnings
for banks. Adding in returns to profitability of distressed asset purchases by
the largest banks, we anticipate multiple quarters of increasing earnings for
our portfolio of banks.

Throughout 2010, we anticipate strong earnings comparisons for our portfolio of
banks, versus the previous year's quarters. The mechanism should be moderate
increases in overall lending, wider spreads as short term interest rates edge
up, and a less urgent need to divert bank pre-tax income to Reserves as
underlying asset values improve. We anticipate increasing interest in banks and
in Senbanc Fund as the weight of apprehension surrounding bank stock potential
is lifted.

Very truly yours,

/s/ Alan F. Morel

Alan F. Morel
Hilliard Lyons Research Advisors
Portfolio Manager
Senbanc Fund

SENBANC FUND
PERFORMANCE DATA
FEBRUARY 28, 2010 (UNAUDITED)

TOTAL RETURNS (%) SIX 1 3 YEAR 5 YEAR 10 YEAR
AS OF 2/28/10 MONTHS YEAR ANNUALIZED ANNUALIZED ANNUALIZED
- ----------------- ------ ----- ---------- ---------- ----------

Senbanc Fund -1.76 48.26 -25.87 -15.29 0.85
Inception Date - 7/8/99

THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE. PAST PERFORMANCE IS NO
GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE
PERFORMANCE DATA QUOTED. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT
MONTH-END, PLEASE CALL 1-800-444-1854 OR VISIT OUR WEB SITE AT WWW.HILLIARD.COM.
THE FUND'S GROSS ANNUAL OPERATING EXPENSES, AS STATED IN THE CURRENT PROSPECTUS,
ARE 2.26%. TOTAL RETURNS SHOWN INCLUDE FEE WAIVERS AND EXPENSE REIMBURSEMENTS.
RETURNS COULD HAVE BEEN LOWER IF THESE WAIVERS WERE NOT IN EFFECT. THE MAXIMUM
SALES CHARGE, AS STATED IN THE PROSPECTUS, IS 2.25%. THE ADVISER HAS AGREED TO
VOLUNTARILY WAIVE FEES AND/OR REIMBURSE EXPENSES TO THE EXTENT THAT THE FUND'S
TOTAL ANNUAL FUND OPERATING EXPENSES EXCEED 1.75% OF THE FUND'S AVERAGE DAILY
NET ASSETS. THE ADVISER MAY TERMINATE THE VOLUNTARY FEE WAIVERS AND
REIMBURSEMENTS UPON NOTICE TO THE COMPANY'S BOARD OF DIRECTORS.

THE PERFORMANCE IN THE ABOVE TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES A
SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR REDEMPTION OF FUND SHARES.

SENBANC FUND
PORTFOLIO HOLDINGS SUMMARY TABLE
FEBRUARY 28, 2010
(UNAUDITED)

% of
Industry Classification Net Assets
- ----------------------- ----------

Savings, Credit & Other Financial Institutions ... 95.0%
State & National Banks ........................... 4.8
-----
Total Investments ................................ 99.8
Other Assets in Excess of Liabilities ............ 0.2
-----
Net Assets ....................................... 100.0%
=====

Portfolio holdings are subject to change at any time.

SENBANC FUND
FUND EXPENSE EXAMPLES
(UNAUDITED)

As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including sales charges (loads) on purchase payments; and (2) ongoing
costs, including management fees; distribution (12b-1) fees; and other Fund
expenses. This example is intended to help you understand your ongoing costs (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the
six-month period from September 1, 2009 to February 28, 2010, and held for the
entire period.

ACTUAL EXPENSES

The first line of the table below provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
in the first line under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line of the table below provides information about hypothetical
account values and hypothetical expenses based on the Fund's actual expense
ratio and an assumed rate of return of 5% per year before expenses, which is not
the Fund's actual return. The hypothetical account values and expenses may not
be used to estimate the actual ending account balance or expenses you paid for
the period. You may use the information to compare the ongoing costs of
investing in the Fund and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder reports
of the other funds.

Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales
charges (loads). Therefore, the second line of the table is useful in comparing
ongoing costs only, and will not help you determine the relative total costs of
owning different funds. In addition, if these transactional costs were included,
your costs would have been higher.

Beginning Account Ending Account
Value Value Expenses Paid
9/01/09 2/28/10 During Period*
----------------- -------------- --------------

Actual ................................. $1,000.00 $ 982.40 $8.60
Hypothetical (5% return before
expenses) ........................... 1,000.00 1,016.01 8.79

- ----------

* Expenses are equal to the Fund's annualized six-month expense ratio of
1.75%, which includes waived fees or reimbursed expenses, multiplied by the
average account value over the period, multiplied by the number of days
(181) in the most recent fiscal half-year, then divided by 365 to reflect
the one-half year period. The Fund's ending account value is based on the
actual six-month total return of -1.76%.

SENBANC FUND
SCHEDULE OF INVESTMENTS
FEBRUARY 28, 2010
(UNAUDITED)

COMMON STOCK -- 99.8%

SHARES DESCRIPTION VALUE
- ------- ----------- -----------

SAVINGS, CREDIT & OTHER FINANCIAL INSTITUTIONS -- 95.0%
15,655 American River Bankshares ............................. $ 122,892
26,900 Associated Banc-Corp. ................................. 347,279
116,400 Bank of America Corp. ................................. 1,939,224
42,478 C&F Financial Corp. ................................... 848,710
87,500 Capital Bank Corp. .................................... 276,500
52,398 Centrue Financial Corp. ............................... 197,016
72,800 Citizens Republic Bancorp, Inc.* ...................... 51,324
45,400 CityBank* ............................................. 67,192
35,700 Comerica, Inc. ........................................ 1,288,056
4,630 Crescent Banking Co.* ................................. 2,315
42,600 Financial Institutions, Inc. .......................... 564,024
40,500 First United Corp. .................................... 232,875
87,368 Hampton Roads Bankshares, Inc. ........................ 157,262
202,000 JPMorgan Chase & Co. .................................. 8,477,940
180,400 KeyCorp ............................................... 1,289,860
3,917 MainSource Financial Group, Inc. ...................... 25,030
134,111 National Bankshares, Inc. ............................. 3,633,067
186,199 Northrim BanCorp, Inc. ................................ 2,962,426
276,928 PAB Bankshares, Inc.* ................................. 304,621
15,000 Pacific Capital Bancorp N.A. .......................... 18,450
122,900 Pacific Premier Bancorp, Inc.* ........................ 526,012
25,200 PacWest Bancorp ....................................... 511,560
26,600 Peoples Bancorp of North Carolina, Inc. ............... 144,704
12,000 Peoples Financial Corp. ............................... 188,400
101,094 Premier Financial Bancorp ............................. 769,325
186,800 Regions Financial Corp. ............................... 1,260,900
11,700 Umpqua Holdings Corp. ................................. 146,016
5,472 United Security Bancshares, Inc. ...................... 78,797
-----------
$26,431,777
===========

See Notes to Financial Statements.

SENBANC FUND
SCHEDULE OF INVESTMENTS (CONCLUDED)
FEBRUARY 28, 2010
(UNAUDITED)

SHARES DESCRIPTION VALUE
- ------- ----------- -----------

STATE & NATIONAL BANKS -- 4.8%
55,899 Bancorp, Inc. (The)* .................................. $ 392,970
40,700 Cascade Financial Corp. ............................... 79,772
11,801 Cowlitz Bancorp* ...................................... 6,609
58,600 First Regional Bancorp* ............................... 1,471
68,200 Rainier Pacific Financial Group, Inc.* ................ 12,481
67,897 Rurban Financial Corp. ................................ 470,526
50,400 Summit Financial Group, Inc. .......................... 207,144
26,100 Synovus Financial Corp. ............................... 74,385
23,700 Yadkin Valley Financial Corp. ......................... 90,297
-----------
1,335,655
-----------
TOTAL COMMON STOCK (COST $54,393,332) .............. 27,767,432
-----------
TOTAL INVESTMENTS -- 99.8%
(COST $54,393,332) ................................. 27,767,432
-----------
OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.2% ...... 43,219
-----------
NET ASSETS -- 100% ................................. $27,810,651
===========

* Non-income producing security.

The following is a summary of the inputs used, as of February 28, 2010, in
valuing the Fund's investments carried at value (See Note 1 in Notes to
Financial Statements):

LEVEL 2 LEVEL 3
TOTAL LEVEL 1 SIGNIFICANT SIGNIFICANT
VALUE AT QUOTED OBSERVABLE UNOBSERVABLE
FEBRUARY 28, 2010 PRICES INPUTS INPUTS
----------------- ----------- ----------- ------------

Investments in Securities* $27,767,432 $27,767,432 $-- $--
=========== =========== === ===

* Please refer to the Schedule of Investments for industry and security type
breakouts.

See Notes to Financial Statements.

SENBANC FUND
STATEMENT OF ASSETS & LIABILITIES
FEBRUARY 28, 2010
(UNAUDITED)

ASSETS
Investments, at value (Cost $54,393,332) .............................. $ 27,767,432
Cash and cash equivalents ............................................. 163,515
Receivables
Investment adviser ................................................. 9,779
Capital shares sold ................................................ 5,640
Dividends and interest ............................................. 1,859
Prepaid expenses and other assets ..................................... 14,501
------------
Total assets .................................................... 27,962,726
------------
LIABILITIES
Payables
Capital shares redeemed ............................................ 52,960
Distribution fees .................................................. 26,401
Administration and accounting fees ................................. 18,778
Professional fees .................................................. 16,094
Transfer agent fees ................................................ 12,873
Custodian fees ..................................................... 8,601
Directors' and officers' fees ...................................... 5,655
Other accrued expenses and liabilities ................................ 10,713
------------
Total liabilities ............................................... 152,075
------------
Net Assets ............................................................... $ 27,810,651
============
NET ASSETS CONSIST OF
Par value ............................................................. $ 4,908
Paid-in capital ....................................................... 75,358,981
Accumulated net investment loss ....................................... (49,707)
Accumulated net realized loss from investments ........................ (20,877,631)
Net unrealized depreciation on investments ............................ (26,625,900)
------------
Net Assets ............................................................ $ 27,810,651
============
Shares outstanding ($0.001 par value, 50,000,000 shares authorized) ... 4,907,856
------------
Net asset value per share ................................................ $ 5.67(a)
============
Maximum offering price per share (NAV / 1 - 2.25%) ....................... $ 5.80(b)
============

(a) Redemption price per share is equal to net asset value less any applicable
contingent deferred sales charge.

(b) On sales of $500,000 or more, the offering price is reduced.

See Notes to Financial Statements.

SENBANC FUND
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2010
(UNAUDITED)

INVESTMENT INCOME
Dividends ............................................... $ 236,839
Interest ................................................ 81
-----------
Total investment income .............................. 236,920
-----------
EXPENSES
Advisory fees ........................................... 86,987
Transfer agent fees ..................................... 62,320
Distribution fees ....................................... 60,731
Administration and accounting fees ...................... 53,507
Professional fees ....................................... 17,482
Printing and shareholder reporting fees ................. 13,700
Directors' and officers' fees ........................... 11,243
Custodian fees .......................................... 10,488
Registration and filing fees ............................ 8,228
Insurance fees .......................................... 395
Other expenses .......................................... 986
-----------
Total expenses before waivers and reimbursements ..... 326,067
Less: waivers and reimbursements ..................... (72,354)
-----------
Net expenses after waivers and reimbursements ........ 253,713
-----------
Net investment loss ..................................... (16,793)
-----------
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
NET REALIZED GAIN/(LOSS) FROM:
Investments .......................................... (4,843,754)
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON:
Investments .......................................... 4,184,394
-----------
Net realized and unrealized loss from investments ....... (659,360)
-----------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS ....... $ (676,153)
===========

See Notes to Financial Statements.

SENBANC FUND
STATEMENTS OF CHANGES IN NET ASSETS

FOR THE
SIX MONTHS ENDED FOR THE
FEBRUARY 28, 2010 YEAR ENDED
(UNAUDITED) AUGUST 31, 2009
----------------- ---------------

INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ................................ $ (16,793) $ 464,107
Net realized loss from investments .......................... (4,843,754) (9,750,866)
Net change in unrealized appreciation/(depreciation)
from investments ......................................... 4,184,394 (4,149,144)
----------- ------------
Net decrease in net assets resulting from operations ........... (676,153) (13,435,903)
----------- ------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ....................................... (177,961) (1,363,146)
Net realized capital gains .................................. -- (9,202)
----------- ------------
Net decrease in net assets from dividends and distributions
to shareholders ............................................. (177,961) (1,372,348)
----------- ------------
CAPITAL TRANSACTIONS:
Proceeds from shares sold ................................... 920,823 1,528,070
Reinvestment of distributions ............................... 165,569 1,273,840
Shares redeemed ............................................. (4,047,179) (8,234,912)
----------- ------------
Net decrease in net assets from capital transactions ........... (2,960,787) (5,433,002)
----------- ------------
Total decrease in net assets ................................... (3,814,901) (20,241,253)
NET ASSETS:
Beginning of period ......................................... 31,625,552 51,866,805
----------- ------------
End of period ............................................... $27,810,651 $ 31,625,552
=========== ============
Undistributed/accumulated net investment income (loss),
end of period ............................................... $ (49,707) $ 145,047
=========== ============
SHARE TRANSACTIONS:
Shares sold ................................................. 161,956 273,976
Shares reinvested ........................................... 31,122 230,768
Shares redeemed ............................................. (726,241) (1,353,080)
----------- ------------
Total share transactions ....................................... (533,163) (848,336)
=========== ============

See Notes to Financial Statements.

SENBANC FUND
FINANCIAL HIGHLIGHTS

FOR THE FOR
SIX MONTHS FOR THE FOR THE FOR THE FOR THE THE PERIOD FOR THE
ENDED FISCAL YEAR FISCAL YEAR FISCAL YEAR FISCAL YEAR JULY 1, 2005 FISCAL YEAR
FEBRUARY 28, ENDED ENDED ENDED ENDED THROUGH ENDED
2010 AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31, JUNE 30,
(UNAUDITED) 2009 2008 2007 2006 2005* 2005
------------ ----------- ----------- ----------- ----------- ------------ -----------

PER SHARE OPERATING
PERFORMANCE
Net asset value:
Beginning of period $ 5.81 $ 8.25 $ 14.69 $ 16.57 $ 16.27 $ 16.13 $ 16.54
------- ------- ------- -------- -------- -------- --------
Net investment income/(loss) --**** 0.10 0.39 0.41 0.29 0.03 0.15
Net realized and unrealized
gain/(loss) on investments (0.10) (2.30) (5.52) (1.56) 0.44 0.11 0.78
------- ------- ------- -------- -------- -------- --------
Total from investment operations (0.10) (2.20) (5.13) (1.15) 0.73 0.14 0.93
------- ------- ------- -------- -------- -------- --------
Less distributions from:
Net investment income (0.04) (0.24) (0.61) (0.31) (0.12) -- (0.10)
Net realized gain on investments -- --**** (0.70) (0.42) (0.31) -- (1.24)
------- ------- ------- -------- -------- -------- --------
Total distributions (0.04) (0.24) (1.31) (0.73) (0.43) -- (1.34)
------- ------- ------- -------- -------- -------- --------
Net asset value:
End of period $ 5.67 $ 5.81 $ 8.25 $ 14.69 $ 16.57 $ 16.27 $ 16.13
======= ======= ======= ======== ======== ======== ========
Total investment return (1.76)%** (26.47)% (37.08)% (7.47)% 4.52% 0.87%** 5.25%
(excludes sales charge)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(000's omitted) $27,811 $31,626 $51,867 $111,119 $185,593 $230,250 $231,651
Ratio of expenses to average
net assets, including waivers 1.75%*** 1.73% 1.75% 1.53% 1.38% 1.43%*** 1.40%
Ratio of expenses to average
net assets, excluding waivers 2.25%*** 2.26% 1.79% 1.53% 1.38% 1.43%*** 1.40%
Ratio of net investment income/
(loss) to average net assets,
including waivers (0.11)%*** 1.43% 2.79% 1.84% 1.53% 0.93%*** 0.91%
Ratio of net investment income/
(loss) to average net assets,
excluding waivers (0.61)%*** 0.90% 2.75% 1.84% 1.53% 0.93%*** 0.91%
Portfolio turnover rate 0.00% 3.11% 11.01% 9.74% 7.47% 0.94% 19.90%

- ----------
* As a result of a reorganization that was effective August 31, 2005, the
Fund changed its fiscal year end from June 30 to August 31.

** Not annualized.

*** Annualized.

**** Less than $(0.005) per share.

See Notes to Financial Statements.

SENBANC FUND
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 28, 2010
(UNAUDITED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The Fund commenced operations on July 8, 1999, as a separate portfolio (the
"Predecessor Fund") of the Hilliard Lyons Research Trust. After the close of
business on August 31, 2005, all of the assets and liabilities of the
Predecessor Fund were transferred to the Fund, a newly created portfolio of the
Company, that is continuing the business, including carrying forward the
financial and performance history, of the Predecessor Fund.

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

FAIR VALUE MEASUREMENTS -- The inputs and valuation techniques used to measure
fair value of the Fund's investments are summarized into three levels as
described below:

- Level 1 -- quoted prices in active markets for identical securities

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

- Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments)

SENBANC FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY 28, 2010
(UNAUDITED)

The inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. A summary
of the inputs used to value the Fund's investments as of February 28, 2010 is
included with the Fund's Schedule of Investments.

USE OF ESTIMATES -- The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the period. Actual results could differ from those
estimates and those differences could be significant.

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES -- The Fund records
security transactions based on trade date. The cost of investments sold is
determined by use of the specific identification method for both financial
reporting and income tax purposes in determining realized gains and losses on
investments. Interest income is accrued when earned. Dividend income is recorded
on the ex-dividend date. Expenses incurred on behalf of a specific class, fund
or fund family are charged directly to the class, fund or fund family (in
proportion to net assets). Expenses incurred for all of the RBB funds (such as
director or professional fees) are charged to all funds in proportion to their
average net assets of RBB or in such other manner as the Company's Board of
Directors deems fair or equitable. Expenses and fees, including investment
advisory and administration fees, are accrued daily and taken into account for
the purpose of determining the NAV of the Fund.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net investment
income and distributions from net realized capital gains, if any, will be
declared and paid at least annually to shareholders and recorded on the
ex-dividend date. Income dividends and capital gain distributions are determined
in accordance with U.S. federal income tax regulations which may differ from
accounting principles generally accepted in the United States of America.

CASH AND CASH EQUIVALENTS -- The Fund considers liquid assets deposited into a
bank demand deposit account to be cash equivalents. These investments represent
amounts held with financial institutions that are readily accessible to pay Fund
expenses or purchase investments. Cash and cash equivalents are valued at cost
plus accrued interest, which approximates market value.

OTHER -- In the normal course of business, the Fund may enter into contracts
that provide general indemnifications. The Fund's maximum exposure under these
arrangements is dependent on claims that may be made against the Fund in the
future, and, therefore, cannot be estimated; however, based on experience, the
risk of material loss from such claims is considered remote.

SENBANC FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY 28, 2010
(UNAUDITED)

2. INVESTMENT ADVISER AND OTHER SERVICES

Hilliard Lyons Research Advisors (the "Adviser"), a division of J.J.B. Hilliard,
W.L. Lyons, LLC, provides management and investment advisory services to the
Fund pursuant to an investment advisory agreement with the Company. For its
services, the Adviser is paid a monthly fee at the annual rate of 0.60% of the
Fund's average daily net assets.

The Adviser has voluntarily agreed to limit the Fund's total operating expenses
to 1.75%. This limit is calculated daily based on the Fund's average daily net
assets. This limitation is effected in waivers of advisory fees and
reimbursement of expenses exceeding the advisory fees as necessary. The Adviser
may terminate the voluntary limit at any time upon notice to the Company's Board
of Directors.

Included in the administration and accounting fees shown on the Statement of
Operations are fees for providing regulatory administration services to RBB. For
providing those services, PNC is entitled to receive compensation as agreed to
by the Company and PNC. This fee is allocated to the Fund in proportion to its
net assets of the Company.

In addition, PNC serves as the Fund's transfer and dividend disbursing agent.
For providing transfer agent services, PNC is entitled to receive a monthly fee,
equal to an annual percentage rate of the Fund's average daily net assets
subject to certain minimum monthly fees.

PFPC Trust Company ("PFPC Trust") is a member of The PNC Financial Services
Group, Inc. and provides certain custodial services to the Fund. PFPC Trust is
entitled to receive a monthly fee equal to an annual percentage rate of the
Fund's average daily net assets and is subject to certain minimum monthly fees.

PFPC Distributors, Inc. ("PFPC Distributors"), an affiliate of PNC, provides
certain administrative services to the Fund. The Board of Directors has adopted
a distribution plan pursuant to Rule 12b-1 under the 1940 Act, to allow the Fund
to reimburse PFPC Distributors for certain expenses incurred in connection with
distribution activities. The Directors have authorized a payment of up to 0.60%
of the Fund's average net assets annually to reimburse PFPC Distributors for
such expenses. For the six months ended February 28, 2010, PFPC Distributors
earned $866 in underwriting concessions.

Commissions on sales of $7,277 were paid by the Adviser for the six months ended
February 28, 2010.

Fund shares are subject to a maximum front-end sales charge of 2.25%. There is
no sales charge on share purchases of $1 million or more, however, a 1%
contingent deferred sales charge is imposed in the event of redemption within 12
months following any such purchase.

SENBANC FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY 28, 2010
(UNAUDITED)

3. DIRECTOR COMPENSATION

The Directors of the Company receive an annual retainer, meeting fees and out of
pocket expenses for meetings attended. The remuneration paid to the Directors by
the Fund during the six months ended February 28, 2010, was $3,467. Certain
employees of PNC are Officers of the Company. They are not compensated by the
Fund or the Company.

4. INVESTMENT IN SECURITIES

For the six months ended February 28, 2010, aggregate purchases and sales of
investment securities (excluding short-term investments) were as follows:

Investment Securities
- ----------------------
Purchases Sales
- --------- ----------

$-- $3,210,538

5. FEDERAL INCOME TAX INFORMATION

Management has analyzed the Fund's tax positions taken on federal income tax
returns for all open tax years (August 31, 2006 - 2009) and has concluded that
no provision for federal income tax is required in the Fund's financial
statements. The Fund's federal and state income and federal excise tax returns
for tax years for which the applicable statutes of limitations have not expired
are subject to examination by the Internal Revenue Service and state departments
of revenue.

As of February 28, 2010, federal tax cost, aggregate gross unrealized
appreciation and depreciation of securities held by the Fund were as follows:

Cost of investments for tax purposes ......... $ 54,393,332
------------
Gross tax unrealized appreciation ............ $ 1,700,752
Gross tax unrealized depreciation ............ (28,326,652)
------------
Net tax unrealized depreciation on
investments ............................... $(26,625,900)
============

Distributions to shareholders from net investment income and realized gains are
determined in accordance with federal income tax regulations, which may differ
from net investment income and realized gains recognized for financial reporting
purposes. Accordingly, the character of distributions and composition of net
assets for tax purposes may differ from those reflected in the accompanying
financial statements. To the extent these differences are permanent, such
amounts are reclassified within the capital accounts based on the tax treatment;
temporary differences do not require such reclassification.

As of August 31, 2009, the components of distributable earnings on a tax basis
were as follows:

Undistributed ordinary income $145,047
Undistributed long-term capital gain --
--------
Total distributable earnings $145,047
========

SENBANC FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY 28, 2010
(UNAUDITED)

The tax character of dividends and distributions paid during the fiscal year
ended August 31, 2009 was as follows:

Distributions paid from:
Ordinary income .......... $1,363,168
Long-term capital gains... 9,180
----------
$1,372,348
==========

Dividends paid from short-term capital gains are treated as ordinary income
dividends for federal income tax purposes.

For federal income tax purposes, capital loss carryforwards are available to
offset future capital gains. As of August 31, 2009, the Fund had a capital loss
carryforward of $14,466,794 that will expire on August 31, 2017.

Under federal tax law, foreign currency and capital losses realized after
October 31 may be deferred and treated as having arisen on the first day of the
following fiscal year. For the year ended August 31, 2009, the Fund deferred
post-October capital losses of $1,567,083.

6. INDUSTRY CONCENTRATION RISK

Since the Fund's investments are concentrated in the banking industry, as well
as certain single large portfolio holdings, they are subject to risks in
addition to those that apply to the general equity market. Events may occur that
significantly affect the entire banking industry or single security; therefore,
the Fund's share value may at times increase or decrease at a faster rate than
the share value of a mutual fund with investments in many industries or smaller
concentrations in single issuers.

7. NEW ACCOUNTING PRONOUNCEMENT

8. SUBSEQUENT EVENT

Management has evaluated the impact of all subsequent events on the Fund through
the date the financial statements were issued, and has determined that there was
the following subsequent event:

SENBANC FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
FEBRUARY 28, 2010
(UNAUDITED)

On February 2, 2010, The PNC Financial Services Group, Inc. entered into a Stock
Purchase Agreement (the "Stock Purchase Agreement") with The Bank of New York
Mellon Corporation ("BNY Mellon"). Upon the terms and subject to the conditions
set forth in the Stock Purchase Agreement, which has been approved by the board
of directors of each company, The PNC Financial Services Group, Inc. will sell
to BNY Mellon (the "Stock Sale") 100% of the issued and outstanding shares of
PNC, an indirect, wholly-owned subsidiary of The PNC Financial Services Group,
Inc.

The Stock Sale includes PNC, PFPC Trust Company and PFPC Distributors, Inc. and
is expected to close in the third quarter of 2010.

SENBANC FUND
OTHER INFORMATION
FEBRUARY 28, 2010
(UNAUDITED)

PROXY VOTING

A description of the policies and procedures that the Fund uses to determine how
to vote proxies relating to portfolio securities and information regarding how
the Fund voted proxies relating to portfolio securities for the most recent
12-month period ended June 30 are available without charge, upon request by
calling Senbanc Fund at (877) 264-5346, at www.hilliard.com and on the SEC's
website at http://www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULES

The Fund files its complete schedule of portfolio holdings with the SEC for the
first and third fiscal quarters of each fiscal year on Form N-Q. The Fund's
Forms N-Q are available on the SEC's website at http://www.sec.gov and may be
reviewed and copied at the SEC's Public Reference Room in Washington, DC.
Information on the operation of the SEC's Public Reference Room may be obtained
by calling (202) 551-8090.

[THIS PAGE INTENTIONALLY LEFT BLANK.]

INVESTMENT ADVISER

Hilliard Lyons Research Advisors
500 West Jefferson Street
Louisville, KY 40202

ADMINISTRATOR

PNC Global Investment Servicing (U.S.), Inc.
301 Bellevue Parkway
Wilmington, DE 19809

TRANSFER AGENT

PNC Global Investment Servicing (U.S.), Inc.
101 Sabin Street
Pawtucket, RI 02860

UNDERWRITER

PFPC Distributors, Inc.
760 Moore Road
King of Prussia, PA 19406

CUSTODIAN

PFPC Trust Company
8800 Tinicum Boulevard
Suite 200
Philadelphia, PA 19153

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Deloitte & Touche LLP
1700 Market Street
Philadelphia, PA 19103-3984

LEGAL COUNSEL

Drinker Biddle & Reath LLP
One Logan Square, Ste. 2000
Philadelphia, PA 19103-6996

(GRAPHIC)

(HILLIARD LYONS LOGO)

SENBANC FUND

SENBANC

OF THE RBB FUND, INC.

SEMI-ANNUAL REPORT
FEBRUARY 28, 2010
(UNAUDITED)

This report is submitted for the general information of the shareholders of the
Fund. It is not authorized for distribution unless preceded or accompanied by a
current prospectus for the Fund. Shares of Senbanc Fund are distributed by PFPC
Distributors, Inc., 760 Moore Road, King of Prussia, PA 19406.

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a) Schedule of Investments in securities of unaffiliated issuers as of the
close of the reporting period is included as part of the report to
shareholders filed under Item 1 of this Form.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which the shareholders
may recommend nominees to the registrant's board of directors, where those
changes were implemented after the registrant last provided disclosure in
response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR
229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)),
or this Item.

ITEM 11. 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 second
fiscal quarter of the period covered by this report that has
materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and
Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and
Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.

SIGNATURES

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

(Registrant) The RBB Fund, Inc.

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

Date April 27, 2010

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 April 27, 2010

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

Date April 26, 2010

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