RBB Fund, Inc.

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.


	MOODY’S / S&P (b)		PAR (000’S)		MARKET VALUE
GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES— 73.4%

FEDERAL HOME LOAN MORTGAGE CORPORATION—17.9%
5.000% 05/01/18		Aaa/AA+	$	711	$	759,244
5.000% 09/01/19		Aaa/AA+		1,019		1,096,634
5.000% 09/01/20		Aaa/AA+		949		1,020,073
4.500% 11/01/20		Aaa/AA+		653		696,217
4.500% 06/01/21		Aaa/AA+		927		987,267
4.500% 12/01/21		Aaa/AA+		887		945,360
4.500% 08/01/22		Aaa/AA+		1,671		1,779,497
4.500% 08/01/22		Aaa/AA+		1,347		1,435,653
5.000% 03/01/23		Aaa/AA+		332		360,228
5.000% 04/01/23		Aaa/AA+		714		774,947
5.000% 10/01/23		Aaa/AA+		2,751		2,985,999
5.000% 04/01/25		Aaa/AA+		2,408		2,607,468
5.000% 03/01/26		Aaa/AA+		640		690,067
2.514% 08/01/36 (a)		Aaa/AA+		1,660		1,758,208
2.450% 09/01/36 (a)		Aaa/AA+		776		822,034
2.987% 11/01/36 (a)		Aaa/AA+		1,244		1,308,772
5.751% 08/01/37 (a)		Aaa/AA+		1,760		1,876,080

						21,903,748


FEDERAL NATIONAL MORTGAGE ASSOCIATION—50.5%
5.000% 06/01/18		Aaa/AA+		1,055		1,138,724
5.000% 02/01/19		Aaa/AA+		1,114		1,202,314
5.000% 04/01/19		Aaa/AA+		727		785,312
5.000% 07/01/19		Aaa/AA+		1,014		1,102,980
4.500% 03/01/20		Aaa/AA+		1,762		1,884,156
5.000% 04/01/21		Aaa/AA+		805		867,911
5.000% 06/01/23		Aaa/AA+		387		422,212
4.500% 10/01/23		Aaa/AA+		8,423		9,073,085
5.000% 03/01/25		Aaa/AA+		1,074		1,168,212
5.000% 09/01/25		Aaa/AA+		2,338		2,535,555
5.000% 11/01/25		Aaa/AA+		736		798,611
3.500% 12/01/26 TBA		Aaa/AA+		5,250		5,454,258
5.000% 06/01/27		Aaa/AA+		413		446,639
1.965% 12/01/34 (a)		Aaa/AA+		2,926		3,055,838
2.380% 10/01/36 (a)		Aaa/AA+		356		375,757
2.534% 10/01/36 (a)		Aaa/AA+		662		703,171
5.102% 12/01/36 (a)		Aaa/AA+		380		396,934
5.500% 12/01/36		Aaa/AA+		198		216,603
5.565% 09/01/37 (a)		Aaa/AA+		1,068		1,139,221


	MOODY’S / S&P (b)		PAR (000’S)		MARKET VALUE
GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES— (CONTINUED)

FEDERAL NATIONAL MORTGAGE ASSOCIATION—(CONTINUED)
4.500% 04/01/40		Aaa/AA+	$	7,797	$	8,253,032
4.000% 12/01/41 TBA		Aaa/AA+		20,000		20,840,624

						61,861,149


GOVERNMENT NATIONAL MORTGAGE ASSOCIATION—5.0%
4.000% 05/20/26		Aaa/AA+		5,701		6,090,989

TOTAL GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (COST $87,669,328)						89,855,886

MORTGAGE DERIVATIVES—9.2%

FANNIE MAE (IO)—7.3%
4.500% 12/01/18		Aaa/AA+		2,936		191,420
4.500% 01/01/19		Aaa/AA+		2,885		187,288
4.500% 03/01/20		Aaa/AA+		1,149		83,627
4.500% 03/01/20		Aaa/AA+		1,194		87,728
5.500% 05/25/23		Aaa/AA+		813		102,584
5.500% 12/25/24		Aaa/AA+		2,732		222,014
5.500% 10/25/31		Aaa/AA+		8,326		772,167
6.893% 02/25/32 (a)		Aaa/AA+		2,097		168,092
7.593% 04/25/32 (a)		Aaa/AA+		1,658		320,273
6.793% 09/25/32 (a)		Aaa/AA+		2,252		208,812
5.000% 10/01/33		Aaa/AA+		5,052		715,174
5.000% 12/01/33		Aaa/AA+		1,638		229,091
5.000% 12/01/33		Aaa/AA+		988		138,918
5.000% 07/25/34		Aaa/AA+		1,522		230,546
6.443% 01/25/35 (a)		Aaa/AA+		10,655		1,685,800
5.500% 04/01/36		Aaa/AA+		3,264		487,429
5.500% 04/01/36		Aaa/AA+		4,957		702,632
7.043% 08/25/36 (a)		Aaa/AA+		3,005		520,704
6.353% 09/25/36 (a)		Aaa/AA+		19,039		1,281,754
5.000% 10/01/36		Aaa/AA+		3,794		581,361

						8,917,414

FREDDIE MAC (IO)—1.2%
6.237% 06/15/36 (a)		Aaa/AA+		1,842		298,329
6.332% 09/15/36 (a)		Aaa/AA+		3,492		558,989
6.402% 11/15/36 (a)		Aaa/AA+		3,448		576,048

						1,433,366

MOODY’S /
S&P (b)

PAR
(000’S)

MARKET
VALUE

MORTGAGE DERIVATIVES—(CONTINUED)

FREDDIE MAC (PO)—0.0%

4.000% 09/15/35 (d)

Aaa/AA+

29,819

NON-AGENCY (IO)—0.7%

CWALT Series 2006-43CB (b)

6.000% 02/25/37

(e)

4,773

884,606

TOTAL MORTGAGE DERIVATIVES
(COST $11,384,178)

11,265,205

COLLATERALIZED MORTGAGE OBLIGATIONS—32.7%

Banc of America Mortgage Securities, Inc.

Series 2005-H (a) (b)

2.764% 09/25/35

CC/CCC

2,000

1,482,456

Banc of America Mortgage Securities, Inc.

Series 2006-B (a) (b)

2.327% 10/20/46

C/CCC

2,205

955,362

Banc of America Mortgage Securities, Inc.

Series 2007-3 (b)

6.000% 09/25/37

C/CCC

2,781

2,381,116

Citigroup Mortgage Loan Trust, Inc.

Series 2007-AR8 (a)

5.216% 07/25/37

Caa3/D

2,514

1,567,544

Countrywide Asset-Backed Certificates

Series 2004-AB2 (a)

0.857% 05/25/36

C/B-

500

83,601

MOODY’S /
S&P (b)

PAR
(000’S)

MARKET
VALUE

COLLATERALIZED MORTGAGE OBLIGATIONS—(CONTINUED)

Countrywide Home

Loan Mortgage Pass-Through Trust

Series 2007-HY1 (a) (b)

5.326% 04/25/37

D/D

151

4,263

CWALT Series 2006-43CB (b)

6.000% 02/25/37

D/D

526

326,110

CWALT Series 2006-HY13 (a) (b)

5.403% 02/25/37

D/D

874

8,561

CWALT Series 2006-J2, A3

6.000% 04/25/36

Caa2/CC

3,655

2,711,376

CWALT Series 2007-2CB

5.750% 03/25/37

C/D

1,865

47,252

CWALT Series 2007-J2 (b)

6.000% 07/25/37

Caa3/C

1,208

923,415

Fannie Mae REMICS

Series 2005-25 (a)

0.607% 04/25/35

Aaa/AA+

1,460

1,463,459

First Horizon Asset Securities, Inc.

Series 2006-AR1 (a) (b)

2.682% 05/25/36

CCC/C

2,407

435,112

Freddie Mac REMICS Series 2590

5.000% 03/15/18

Aaa/AA+

5,000

5,427,191

Freddie Mac REMICS
Series 2752 (a)

0.598% 12/15/30

Aaa/AA+

161

161,383

Freddie Mac REMICS Series 2992,
Class JP

4.750% 06/15/35

Aaa/AA+

2,417

2,580,451

Freddie Mac REMICS

Series 2995 (a)

0.648% 06/15/35

Aaa/AA+

105

104,941

MOODY’S /
S&P (b)

PAR
(000’S)

MARKET
VALUE

COLLATERALIZED MORTGAGE OBLIGATIONS—(CONTINUED)

Ginnie Mae Series 2009-103

4.500% 02/20/36

Aaa/AA+

3,967

4,205,577

Ginnie Mae Series 2009-61

4.500% 03/20/34

Aaa/AA+

5,299

5,559,507

Ginnie Mae Series 2009-65

5.500% 07/20/39

Aaa/AA+

2,147

2,349,247

JPMorgan Mortgage

Trust Series 2005-A4 (a) (c)

5.094% 07/25/35

Ba1/BBB-

495

442,891

JPMorgan Mortgage

Trust Series 2005-A6 (a) (b) (c)

2.781% 08/25/35

B/B

465

380,300

Residential Asset Securitiation Trust

Series 2007-A5

6.000% 05/25/37

Caa2/CCC

1,034

777,008

Residential Funding

Mortgage Securities

I Series 2006-SA4 (a)

3.716% 11/25/36

Caa3/D

3,807

2,495,971

Washington Mutual, Inc.

Series 2007-HY3 (a) (b)

2.610% 03/25/37

D/D

1,256

37,695

Washington Mutual, Inc.

Series 2007-HY4 (a) (b)

5.079% 04/25/37

CCC/C

2,564

1,649,414


	MOODY’S / S&P (b)		PAR (000’S)			MARKET VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS—(CONTINUED)
Wells Fargo Mortgage Backed Securities Trust
Series 2007-10 (b)
6.250% 07/25/37		B2/CCC	$	1,597		$	1,489,529

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $53,678,347)							40,050,732

SHORT TERM OBLIGATIONS—0.2%

U.S. TREASURY BILL—0.2%
U.S. Treasury Bill (d) (f)
0.005% 03/15/12		Aaa/AA+		170			169,992

TOTAL SHORT TERM OBLIGATIONS (COST $169,998)							169,992

TOTAL INVESTMENTS—115.5% (COST $152,901,851)**							141,341,815

TBA SALE COMMITMENTS—(18.2)%
FANNIE MAE—(18.2)%
4.500% 12/01/26 TBA		Aaa/AA+		(15,000	)		(15,949,218	)
4.500% 12/01/41 TBA		Aaa/AA+		(6,000	)		(6,344,063	)

TOTAL TBA SALE COMMITMENTS (PROCEEDS $22,261,875)							(22,293,281	)

OTHER ASSETS IN EXCESS OF LIABILITIES (g) —2.7%							3,315,885

NET ASSETS—100.0%						$	122,364,419


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 rating is not available, Fitch rating is substituted, if available. (Unaudited)
(c)		Security was purchased prior to the Portfolio’s affiliation with JPMorgan Chase & Co.
(d)		Rate represents the yield at the time of purchase.
(e)		Not rated by Moody’s or S&P, Fitch rating is substituted.
**		The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis are as follows:


Aggregate Cost	$	152,901,851

Unrealized appreciation		4,617,971
Unrealized depreciation		(16,178,007	)

Net unrealized depreciation	$	(11,560,036	)

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

The following is a summary of the inputs used, as of November 30, 2011, in valuing the Portfolio’s investments carried at market value:

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

At the end of each calendar quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Portfolio’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Portfolio may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For the period ended November 30, 2011, there were no transfers between Levels 1, 2 and 3 for the Portfolio.

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 the period ended November 30, 2011, the Portfolio’s average volume of futures contracts is 59 for long position contracts and 138 for short position contracts.

SWAP AGREEMENTS — The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. The Portfolio may invest in swap agreements for the purpose of hedging against changes in interest rates. Swap agreements involve the exchange by the Portfolio with another party of their respective commitments to pay or receive interest with respect to a notional amount of principal. Swaps are marked to market daily based upon quotations from independent market makers and the change, if any, is recorded as unrealized gain or loss in the statement of operations. Net payments of interest are recorded as realized gain or loss. For the period ended November 30, 2011, cash held as collateral for swap agreements was $1,751,142.

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

The Portfolio is party to various derivative contracts governed by International Swaps and Derivatives Association Master Agreements (ISDA agreements). The Portfolio’s ISDA agreements, which are separately negotiated with each dealer counterparty, typically contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Portfolio in the event the Portfolio’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. Such rights often include the ability to terminate (i.e., close out) open contracts at prices which may favor the counterparty, which could have an adverse impact on the Portfolio. For open swap contracts, see the Portfolio of Investments, which is also indicative of activity for the period ended November 30, 2011.

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.


	Par (000)		Value
CERTIFICATES OF DEPOSIT—23.4%
Yankee Dollar Certificates Of Deposit—23.4% (a)
Bank of Montreal, Chicago
0.230%, 03/01/12	$	15,000	$	15,000,000
Bank of Novia Scotia, Houston
0.295%, 12/07/11		15,000		15,000,000
0.290%, 01/20/12		2,000		2,000,000
0.300%, 01/31/12		10,000		10,000,000
Bank of Tokyo Mitsubishi UFJ, Ltd., New York
0.325%, 12/08/11		5,000		5,000,000
0.410%, 02/10/12		15,000		15,000,000
Lloyds TSB Bank PLC, New York (b)
0.703%, 02/14/12		8,065		8,065,000
National Australia Bank Ltd, New York (b)
0.338%, 02/10/12		4,000		4,000,000
Norinchukin Bank, New York
0.180%, 12/05/11		5,000		5,000,000
0.180%, 12/06/11		15,000		15,000,000
Rabobank Nederland NV, New York
0.430%, 03/01/12		11,500		11,500,000
Royal Bank of Canada, New York (b)
0.323%, 02/29/12		7,500		7,500,000
0.471%, 05/16/12		5,000		5,000,000
Royal Bank of Scotland PLC, Connecticut
0.450%, 12/19/11		15,000		15,000,000
Sumitomo Mitsui Banking Corp., New York
0.285%, 12/16/11		15,000		15,000,000
Sumitomo Trust & Banking Co. Ltd, New York
0.400%, 02/09/12		5,000		5,000,000
Toronto Dominion Bank, New York (b)
0.328%, 01/12/12		4,000		4,000,000
Westpac Banking Corp., New York (b)
0.338%, 12/09/11		5,000		5,000,000

				162,065,000

TOTAL CERTIFICATES OF DEPOSIT (Cost $162,065,000)				162,065,000

COMMERCIAL PAPER—43.7%
Asset Backed—24.8%
Amsterdam Funding Corp. (c)
0.320%, 12/01/11		10,000		10,000,000


	Par (000)		Value
COMMERCIAL PAPER—(Continued)
Asset Backed—(Continued)
0.320%, 12/05/11	$	5,000	$	4,999,822
Chariot Funding LLC (c)
0.180%, 12/13/11		10,250		10,249,385
0.140%, 01/12/12		8,000		7,998,693
Charta LLC (c)
0.330%, 01/23/12		15,000		14,992,713
Ciesco LLC (c)
0.325%, 01/17/12		10,000		9,995,757
CRC Funding LLC (c)
0.320%, 01/19/12		7,000		6,996,951
Gemini Securitization LLC (c)
0.300%, 12/05/11		10,000		9,999,667
GOVCO LLC (c)
0.310%, 01/27/12		5,000		4,997,546
Grampian Funding LLC (c)
0.310%, 12/01/11		5,300		5,300,000
0.270%, 12/16/11		5,000		4,999,437
Kells Funding LLC (b)
0.475%, 02/10/12		7,000		7,000,000
Liberty Street Funding LLC (c)
0.270%, 01/10/12		3,765		3,763,870
Manhattan Asset Funding Co. LLC (c)
0.210%, 12/19/11		8,000		7,999,160
Metlife Short Term Funding LLC (c)
0.180%, 12/05/11		15,000		14,999,700
0.300%, 12/12/11		10,000		9,999,083
Sydney Capital Corp. (c)
0.350%, 12/14/11		5,000		4,999,368
Thames Asset Global Securitization No.1, Inc. (c)
0.350%, 12/01/11		10,000		10,000,000
Thunder Bay Funding LLC (c)
0.230%, 02/01/12		7,000		6,997,227
Victory Receivables Corp. (c)
0.370%, 01/24/12		10,500		10,494,173
Windmill Funding Corp. (c)
0.340%, 12/15/11		5,000		4,999,339

				171,781,891


	Par (000)		Value
COMMERCIAL PAPER—(Continued)
Banks—17.4%
Australia and New Zealand Banking Group Ltd (c)
0.280%, 01/05/12	$	5,000	$	4,998,639
0.325%, 02/07/12		15,000		14,990,792
BNP Paribas Finance, Inc. (c)
0.820%, 12/06/11		5,000		4,999,430
Credit Suisse, New York (c)
0.350%, 12/20/11		7,500		7,498,615
0.390%, 01/05/12		5,000		4,998,104
Deutsche Bank Financial LLC (c)
0.420%, 01/03/12		10,000		9,996,150
0.440%, 01/10/12		4,000		3,998,044
ING US Funding LLC (c)
0.230%, 12/19/11		10,000		9,998,850
JPMorgan Chase & Co. (b)
0.280%, 03/16/12		5,000		5,000,000
Lloyds TSB Bank PLC (c)
0.350%, 01/03/12		10,000		9,996,792
Nordea North America, Inc. (c)
0.365%, 01/19/12		3,000		2,998,510
0.370%, 01/23/12		4,000		3,997,821
State Street Corp. (c)
0.250%, 03/02/12		10,000		9,993,611
0.250%, 03/08/12		3,000		2,997,958
UBS Finance LLC, Delaware (c)
0.480%, 02/13/12		6,000		5,994,080
Westpac Banking Corp., New York
0.328%, 01/06/12 (b)		8,000		8,000,000
0.330%, 01/13/12(b)		5,000		5,000,000
Westpac Securities NZ Ltd.
0.320%, 02/22/12 (c)		5,000		4,996,311

				120,453,707

Miscellaneous—1.5%
NetJets, Inc. (c)
0.070%, 12/06/11		10,000		9,999,903

TOTAL COMMERCIAL PAPER (Cost $302,235,501)				302,235,501


	Par (000)		Value
MUNICIPAL BONDS—7.0%
California—1.7%
California Bay Area Toll Authority, Toll Bridge Revenue, RB (LOC: Bank of America) (b)(d)
0.080%, 12/07/11	$	5,000	$	5,000,000
California Housing Finance Agency Revenue, Series A, RB (LOC: Fannie Mae, Freddie Mac) (b)(d)
0.120%, 12/07/11		3,100		3,100,000
San Francisco, City & County Redevelopment Agency, Multifamily Revenue, Series A, RB (LOC: Fannie Mae) (b)(d)
0.110%, 12/07/11		4,000		4,000,000

				12,100,000

Colorado—0.9%
Colorado State, Housing Finance Authority, Class I, Series A-3, RB (LOC: Fannie Mae, Freddie Mac) (b)(d)
0.140%, 12/07/11		6,500		6,500,000

Connecticut—0.8%
Connecticut State, Health & Educational Facilities Authority Revenue, New Haven Hospital, Series K-2, RB (LOC: JPMorgan Chase Bank) (b)(d)
0.100%, 12/07/11		5,600		5,600,000

New York—3.0%
New York City, Housing Development Corp., Multifamily Rent Housing Revenue, Series A, RB (LOC: Fannie Mae) (b)(d)
0.110%, 12/07/11		6,000		6,000,000
New York City, Industrial Development Agency Civic Facility Revenue, New York Law School Project, Series A, RB (LOC: JPMorgan Chase Bank) (b)(d)
0.120%, 12/07/11		4,345		4,345,000
New York State, Housing Finance Agency Revenue, RB (LOC: Freddie Mac) (b)(d)
0.090%, 12/07/11		5,200		5,200,000


	Par (000)		Value
MUNICIPAL BONDS—(Continued)
New York—(Continued)
Westchester County, Health Care Revenue,RB (LOC: TB Bank NA) (b)(d)
0.170%, 12/07/11	$	5,000	$	5,000,000

				20,545,000

Texas—0.6%
Texas State, Veterans Housing Assessment Project, Series A-2, GO (Liquidity Facility: JPMorgan Chase & Co.) (b)(d)
0.170%, 12/07/11		3,900		3,900,000

TOTAL MUNICIPAL BONDS (Cost $48,645,000)				48,645,000

VARIABLE RATE OBLIGATIONS—1.3%
Banks—1.3%
JPMorgan Chase Bank NA (b)
0.435%, 12/18/12		8,600		8,600,000

TOTAL VARIABLE RATE OBLIGATIONS (Cost $8,600,000)				8,600,000

AGENCY OBLIGATIONS—10.9%
Fannie Mae (b)
0.247%, 07/26/12		6,500		6,499,153
0.282%, 09/17/12		6,000		5,999,033
0.285%, 12/20/12		3,500		3,499,253
Federal Farm Credit Bank
0.170%, 08/24/12		5,000		4,993,696
Federal Home Loan Bank
0.095%, 04/11/12		5,000		4,998,258
Freddie Mac (b)
0.209%, 12/29/11		5,000		4,999,806
0.215%, 04/03/12		6,000		5,999,173
0.185%, 11/02/12		7,000		6,996,086
0.250%, 01/24/13		4,000		3,998,146
0.188%, 09/13/13		22,200		22,175,962
0.310%, 09/13/13		5,000		4,998,225

TOTAL AGENCY OBLIGATIONS (Cost $75,156,791)				75,156,791

U.S. TREASURY OBLIGATIONS—9.4%
U.S. Treasury Notes
0.875%, 01/31/12		17,500		17,520,146


	Par (000)		Value
U.S. TREASURY OBLIGATIONS—(Continued)
0.875%, 02/29/12	$	13,500	$	13,524,941
4.625%, 02/29/12		10,000		10,110,239
0.750%, 05/31/12		8,000		8,026,100
4.625%, 07/31/12		8,000		8,240,803
0.375%, 08/31/12		7,500		7,513,291

TOTAL U.S. TREASURY OBLIGATIONS (Cost $64,935,520)				64,935,520

REPURCHASE AGREEMENTS—4.3%
Deutsche Bank Securities Inc.
(Tri-Party Agreement dated 11/30/11 to be repurchased at $14,993,046, collateralized by $15,145,000 par value, Federal Home Loan Bank Structured Notes, 2.00%, due 12/09/14, Fair Value of the collateral is $15,294,481)
0.110%, 12/01/11		14,993		14,993,000
Morgan Stanley & Co. LLC
(Tri-Party Agreement dated 11/30/11 to be repurchased at $15,000,058, collateralized by $15,623,172 par value, Federal Home Loan Mortgage Corp. Mortgage Backed Securities, 4.50%, due 08/01/40 to 06/01/41, Fair Value of the collateral is $15,450,001)
0.140%, 12/01/11		15,000		15,000,000

TOTAL REPURCHASE AGREEMENTS (Cost $29,993,000)				29,993,000

TOTAL INVESTMENTS AT VALUE—100.0% (Cost $691,630,812)*				691,630,812

OTHER ASSETS IN EXCESS OF LIABILITIES—0.0%				119,006

NET ASSETS (APPLICABLE TO 691,420,843 BEDFORD SHARES AND 316,456 SANSOM STREET SHARES )—100.0%			$	691,749,818

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

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

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

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

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

SECURITY VALUATION — Securities held in the Money Market Portfolio (“Portfolio”) are valued under the amortized cost method, which approximates fair value. Under this method, securities are valued at cost when purchased and thereafter a constant accretion of discount or amortization of premium is recorded until maturity of the security. Regular review and monitoring of the valuation is performed to ensure that cost continues to approximate fair value and to avoid dilution or other unfair results to shareholders. The Portfolio seeks to maintain net asset value per share at $1.00.

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

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

The following is a summary of the inputs used, as of November 30, 2011, in valuing the Portfolio’s investments carried at fair value:

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

For the period ended November 30, 2011, there were no transfers between Levels 1, 2 and 3 for the Portfolio.

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.


	Number Of Shares		Value
Common Stocks—99.5%
Basic Industry—6.2%
Aurizon Mines Ltd. *		191,227	$	1,166,484
Coeur d’Alene Mines Corp. *		33,586		983,062
Huntsman Corp.		97,827		1,069,249
Mercer International, Inc. *		92,005		545,590
Methanex Corp.		41,902		1,024,504
Rockwood Holdings, Inc. *		26,325		1,173,042

				5,961,931

Consumer Cyclical—12.1%
Arctic Cat, Inc. *		45,074		896,070
Avis Budget Group, Inc. *		99,431		1,173,286
Brunswick Corp.		52,800		983,136
Group 1 Automotive, Inc.		20,819		1,022,421
Kona Grill, Inc. *		21,295		111,160
LoJack Corp. *		13,869		31,899
Movado Group, Inc.		53,870		847,375
Multimedia Games, Inc. *		116,876		864,882
Standard Motor Products, Inc.		49,236		961,579
Susser Holdings Corp. *		47,870		1,100,053
Town Sports International Holdings, Inc. *		82,253		597,979
True Religion Apparel, Inc. *		35,358		1,244,602
TRW Automotive Holdings Corp. *		23,661		772,768
Ulta Salon, Cosmetics & Fragrance, Inc. *		15,160		1,055,591

				11,662,801

Consumer Growth—25.3%
Amylin Pharmaceuticals, Inc. *		105,873		1,143,427
Auxilium Pharmaceuticals, Inc. *		59,590		1,038,654
Capella Education Co. *		27,011		918,374
Community Health Systems, Inc. *		56,305		1,118,780
Constellation Brands, Inc. , Class A *		38,692		753,333
Cosan Ltd., Class A		93,072		1,095,457
Dean Foods Co. *		121,967		1,239,185
Depomed, Inc. *		81,965		399,170
Dusa Pharmaceuticals, Inc. *		59,099		218,075
Elizabeth Arden, Inc. *		37,691		1,424,720
Health Net, Inc. *		27,828		866,564
Herbalife Ltd.		18,372		1,015,972
Hi-Tech Pharmacal Co., Inc. *		20,979		871,048
Hill-Rom Holdings, Inc.		28,470		899,652
ISTA Pharmaceuticals, Inc. *		75,535		283,256
Jazz Pharmaceuticals, Inc. *		33,510		1,327,666
Lincoln Educational Services Corp.		90,776		667,204
Molina Healthcare, Inc. *		58,879		1,286,506
Momenta Pharmaceuticals, Inc. *		85,456		1,285,258


	Number Of Shares		Value
Consumer Growth—(continued)
Nash Finch Co.		5,066	$	140,582
Nu Skin Enterprises, Inc., Class A		7,677		366,500
RTI Biologics, Inc. *		207,127		884,432
Skilled Healthcare Group, Inc., Class A *		18,084		77,219
SXC Health Solutions Corp. *		13,530		795,835
United Therapeutics Corp. *		25,959		1,061,983
Universal Technical Institute, Inc. *		70,363		899,239
Warner Chilcott PLC, Class A *		54,336		854,162
WellCare Health Plans, Inc. *		23,154		1,353,351

				24,285,604

Energy—7.0%
CVR Energy, Inc.		54,772		996,850
Exterran Holdings, Inc. *		108,447		1,242,802
Helix Energy Solutions Group, Inc. *		74,890		1,328,549
HollyFrontier Corp.		33,734		784,316
SEACOR Holdings, Inc.		10,667		925,576
Stone Energy Corp. *		20,137		569,676
Tesoro Corp. *		33,728		805,762
TGC Industries, Inc. *		6,995		56,310

				6,709,841

Financial—17.1%
Advance America Cash Advance Centers, Inc.		112,382		957,494
Aspen Insurance Holdings Ltd.		43,978		1,166,297
Banco Macro SA, ADR		43,700		867,445
Calamos Asset Management, Inc., Class A		71,055		840,581
CBOE Holdings, Inc.		39,114		1,052,949
Genworth Financial, Inc. , Class A *		148,902		981,264
Grupo Financiero Galicia SA, ADR		109,868		771,273
Hudson City Bancorp, Inc.		157,058		877,954
Interactive Brokers Group, Inc., Class A		83,115		1,235,920
Investment Technology Group, Inc. *		86,908		925,570
Janus Capital Group, Inc.		164,145		1,083,357
MarketAxess Holdings, Inc.		31,191		902,668
MB Financial, Inc.		23,469		398,504
MoneyGram International, Inc. *		32,251		553,750
NASDAQ OMX Group, Inc., (The) *		25,820		677,775
Nelnet, Inc., Class A		44,210		1,012,851
Validus Holdings Ltd.		35,835		1,078,275
Washington Federal, Inc.		77,545		1,008,860

				16,392,787


	Number Of Shares		Value
Industrial—10.9%
AGCO Corp. *		17,646	$	807,305
AMERCO *		2,883		224,874
Fair Isaac Corp.		33,550		1,220,214
Gardner Denver, Inc.		3,454		296,077
ITT Corp. *		44,227		892,059
Manpower, Inc.		21,367		782,673
Navistar International Corp. *		26,995		1,005,024
NCI Building Systems, Inc. *		99,364		926,072
Park-Ohio Holdings Corp. *		35,008		679,155
Quality Distribution, Inc. *		48,737		492,244
Ryder System, Inc.		1,510		78,943
Sauer-Danfoss, Inc. *		31,275		1,175,627
Tech Data Corp. *		19,107		940,638
Textron, Inc.		51,394		998,585

				10,519,490

Technology—19.5%
Acxiom Corp. *		70,211		873,425
Allot Communications Ltd. *		56,664		955,355
Amkor Technology, Inc. *		219,894		976,329
Brightpoint, Inc. *		95,003		949,080
Brocade Communications Systems, Inc. *		220,882		1,188,345
Datalink Corp. *		137,263		1,059,670
Jabil Circuit, Inc.		36,512		740,098
KongZhong Corp., ADR *		3,324		15,224
Kulicke & Soffa Industries, Inc. *		131,647		1,197,988
Liquidity Services, Inc. *		32,947		1,122,175
LTX-Credence Corp. *		167,255		1,018,583
Magma Design Automation, Inc. *		145,237		830,756
Magnachip Semiconductor Corp. *		42,239		338,334
Manhattan Associates, Inc. *		24,762		1,117,757
Orbotech Ltd. *		33,173		340,023
Perfect World Co., Ltd., SP ADR *		79,859		834,527
RadiSys Corp. *		13,369		58,021
ReachLocal, Inc. *		82,580		668,898
Sierra Wireless, Inc. *		46,308		313,042
Silicon Motion Technology Corp., ADR *		70,663		1,377,929
United Online, Inc.		198,111		1,046,026
VASCO Data Security International, Inc. *		13,700		115,491
Websense, Inc. *		31,282		566,517
Xyratex Ltd.		75,335		1,021,543

				18,725,136


	Number Of Shares		Value
Utility—1.4%
Laclede Group, Inc., (The)		4,666	$	187,247
PNM Resources, Inc.		21,366		408,304
Telecom Argentina S.A., SP ADR		40,550		765,584

				1,361,135

TOTAL COMMON STOCKS (Cost $94,617,001)				95,618,725

Short-Term Investments—0.6%
BofA Cash Reserves Fund		597,307		597,307

TOTAL SHORT-TERM INVESTMENTS (Cost $597,307)				597,307


Total Investments—100.1% (Cost $95,214,308)				96,216,032

LIABILITIES IN EXCESS OF OTHER ASSETS—(0.1)%				(118,641	)

NET ASSETS—100.0%			$	96,097,391

*	Non-income producing.

**	The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a Federal income tax basis, are as follows:


Aggregate Cost	$	95,214,308

Gross unrealized appreciation		8,281,902
Gross unrealized depreciation		(7,280,178	)

Net unrealized appreciation	$	1,001,724


ADR		— American Depositary Receipt.
SP ADR		— Sponsored American Depositary Receipt.

PORTFOLIO VALUATION — The Bogle Investment Management Small Cap Growth Fund’s (the “Fund”) net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are amortized to maturity based on their cost. Investments in other open-end investment companies are valued based on the NAV of those investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the RBB’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

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

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

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

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

The following is a summary of inputs used, as of November 30, 2011, in valuing the Fund’s investments carried at fair value:

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

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or may be less liquid than publicly traded securities.

For the period ended November 30, 2011, there were no transfers between Levels 1, 2 and 3 for the Fund.

For more information with regard to accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.


	Number of Shares	Value
EQUITY FUNDS — 99.9%
U.S. Large Cap Value Portfolio III(a)	15,315,782	$224,376,204
U.S. Large Company Portfolio(a)	11,271,582	111,250,517
U.S. Micro Cap Portfolio(b)	8,534,056	112,308,179
U.S. Small Cap Portfolio(b)	5,484,126	112,314,892
U.S. Small Cap Value Portfolio(b)	8,046,480	187,804,835

TOTAL EQUITY FUNDS (Cost $654,047,667)		748,054,627


TOTAL INVESTMENTS — 99.9% (Cost $654,047,667)*		748,054,627


OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%		807,797


NET ASSETS — 100.0%		$748,862,424

*	The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:


Aggregate cost	$	654,047,667

Gross unrealized appreciation		94,006,960
Gross unrealized depreciation		—

Net unrealized appreciation	$	94,006,960

(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.


	Number of Shares	Value
INTERNATIONAL EQUITY FUNDS — 99.8%
Asia Pacific Small Company Portfolio(a)	465,960	$10,442,158
Continental Small Company Portfolio(a)	1,658,316	22,685,768
DFA International Small Cap Value Portfolio(a)	14,484,105	208,136,583
DFA International Value Portfolio III(b)	11,048,671	158,216,966
Emerging Markets Portfolio(a)	1,048,228	26,981,389
Emerging Markets Small Cap Portfolio(a)	1,313,617	24,801,099
Emerging Markets Value Portfolio(a)	905,988	24,959,977
Japanese Small Company Portfolio(a)	698,716	10,823,105
Large Cap International Portfolio(a)	1,496,325	26,125,838
United Kingdom Small Company Portfolio(a)	341,677	7,762,907

TOTAL INTERNATIONAL EQUITY FUNDS (Cost $540,274,670)		520,935,790


TOTAL INVESTMENTS — 99.8% (Cost $540,274,670)*		520,935,790


OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%		794,050


NET ASSETS — 100.0%		$521,729,840

*	The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:


Aggregate cost	$	540,274,670

Gross unrealized appreciation		4,640,420
Gross unrealized depreciation		(23,979,300)

Net unrealized depreciation	$	(19,338,880)

(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.


	Number of Shares	Value
FIXED INCOME FUNDS — 99.5%
DFA Five-Year Global Fixed Income Portfolio(a)	18,148,775	$202,358,837
DFA Inflation-Protected Securities Portfolio(a)	3,258,644	40,635,290
DFA Intermediate Government Fixed Income Portfolio(a)	7,465,056	97,045,733
DFA One-Year Fixed Income Portfolio(a)	19,235,972	198,899,952
DFA Short-Term Government Portfolio(a)	5,884,677	64,790,292
DFA Two-Year Global Fixed Income Portfolio(a)	19,851,127	202,878,519

TOTAL FIXED INCOME FUNDS (Cost $795,427,665)		806,608,623


TOTAL INVESTMENTS — 99.5% (Cost $795,427,665)*		806,608,623


OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%		4,272,095


NET ASSETS — 100.0%		$810,880,718

*	The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:


Aggregate cost	$	795,427,665

Gross unrealized appreciation		11,424,191
Gross unrealized depreciation		(243,233)

Net unrealized appreciation	$	11,180,958

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

Portfolio holdings are subject to change at any time.

PORTFOLIO VALUATION – Investments in the underlying funds are valued at the Free Market U.S. Equity Fund’s, Free Market International Fund’s and the Free Market Fixed Income Fund’s (each a “Fund,” collectively the “Funds”) net asset value determined as of the close of business on the New York Stock Exchange (generally 4:00 p.m. Eastern time). As required, some securities and assets may be valued at fair value as determined in good faith by the RBB Fund, Inc.’s Board of Directors. Direct investments in fixed income securities having a remaining maturity of 60 days or less are valued at amortized cost, which approximates market value.

Fair Value Measurements - The inputs and valuation techniques used to measure fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:

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

The following is a summary of the inputs used, as of November 30, 2011, in valuing the Funds’ investments carried at fair value:

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Funds’ investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For the period ended November 30, 2011, there were no transfers between Levels 1, 2 and 3 for the Funds.

For more information with regards to significant accounting policies, see the most recent semi or annual report filed with the Securities and Exchange Commission.


	Shares		Value
COMMON STOCKS — 96.0%
Capital Goods — 12.2%
Caterpillar, Inc.		2,800	$	274,064
Cummins, Inc.		3,100		298,623
Joy Global, Inc.		2,600		237,328
Precision Castparts Corp.		2,700		444,825

				1,254,840

Consumer Durables & Apparel — 5.2%
Coach, Inc.		4,600		287,914
NIKE, Inc., Class B		2,600		250,068

				537,982

Consumer Services — 3.6%
McDonald’s Corp.		900		85,968
Yum! Brands, Inc.		5,100		285,804

				371,772

Energy — 7.4%
Cameron International Corp.*		5,700		307,743
Chevron Corp.		1,400		143,948
National Oilwell Varco, Inc.		4,300		308,310

				760,001

Food & Staples Retailing — 1.8%
Costco Wholesale Corp.		2,100		179,130


Food, Beverages & Tobacco — 3.9%
Altria Group, Inc.		4,800		137,712
Coca-Cola Co., (The)		3,000		201,690
Lorillard, Inc.		500		55,810

				395,212

Health Care Equipment & Services — 8.3%
Humana, Inc.		3,700		328,116
Intuitive Surgical, Inc.*		700		303,947
UnitedHealth Group, Inc.		4,600		224,342

				856,405

Materials — 5.5%
CF Industries Holdings, Inc.		1,900		265,620
Monsanto Co.		4,100		301,145

				566,765

Media — 1.1%
Comcast Corp., Class A		4,900		109,564


Pharmaceuticals, Biotechnology & Life Sciences — 7.8%
Alexion Pharmaceuticals, Inc.*		4,800		329,568
Biogen Idec, Inc.*		4,100		471,295

				800,863

Retailing — 5.2%
Amazon.com, Inc.*		2,000		384,580


	Shares		Value
Retailing — (Continued)
Tiffany & Co.		2,200	$	147,488

				532,068

Semiconductors & Semiconductor Equipment — 4.3%
Avago Technologies Ltd. (Singapore)		3,000		89,760
Intel Corp.		14,200		353,722

				443,482

Software & Services — 15.6%
Accenture PLC, Class A (Ireland)		2,300		133,239
International Business Machines Corp.		1,600		300,800
Intuit, Inc.		2,700		143,748
Mastercard, Inc., Class A		175		65,546
Nuance Communications, Inc.*		3,200		78,656
Oracle Corp.		8,200		257,070
Symantec Corp.*		17,300		282,855
VMware, Inc., Class A*		3,500		338,380

				1,600,294

Technology Hardware & Equipment — 11.2%
Apple, Inc.*		1,125		429,975
EMC Corp.*		5,600		128,856
Qualcomm, Inc.		6,100		334,280
SanDisk Corp.*		5,300		261,343

				1,154,454

Transportation — 2.9%
Union Pacific Corp.		2,900		299,889

TOTAL COMMON STOCKS (Cost $8,117,198)				9,862,721


TOTAL INVESTMENTS — 96.0% (Cost $8,117,197)**				9,862,721


OTHER ASSETS IN EXCESS OF LIABILITIES — 4.0%				414,885


NET ASSETS — 100.0%			$	10,277,606

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

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

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

The following is a summary of the inputs used, as of November 30, 2011, in valuing the Fund’s investments carried at fair value:

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

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For the period ended November 30, 2011, there were no transfers between Levels 1, 2 and 3 for the Fund.

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.


	Shares		Value

COMMON STOCK† — 97.6%
Basic Materials — 4.3%
Balchem		38,371	$	1,592,396
Buckeye Technologies		62,390		1,932,842
KapStone Paper and Packaging*		64,550		1,070,239
Kraton Performance Polymers*		104,045		2,187,026
Kronos Worldwide		114,960		2,242,870
NewMarket		13,180		2,608,190
Sensient Technologies		57,705		2,179,518

				13,813,081

Communications — 10.4%
AboveNet		39,490		2,359,132
Allot Communications*		12,988		218,978
Aruba Networks*		51,610		1,088,971
BroadSoft*		53,707		1,884,041
Cbeyond*		196,770		1,458,066
ClickSoftware Technologies		201,936		1,827,521
DealerTrack Holdings*		61,280		1,587,152
DigitalGlobe*		28,300		421,670
Dolan*		131,093		1,196,879
EZchip Semiconductor*		66,520		2,150,592
Finisar*		47,555		876,914
HealthStream*		54,778		924,105
InterDigital		46,470		2,042,821
j2 Global Communications		73,710		1,998,278
NeuStar*		63,520		2,143,165
NIC		86,671		1,126,723
NICE Systems, ADR*		59,459		1,996,633
Shutterfly*		59,913		1,622,444
Sonus Networks*		617,690		1,612,171
US Auto Parts Network*		148,430		610,047
ValueClick*		169,326		2,617,780
Zix*		636,040		1,755,470

				33,519,553

Consumer Cyclical — 16.0%
Amerigon*		95,928		1,504,151
Ascena Retail Group*		28,790		792,301
Beacon Roofing Supply*		99,165		1,936,692
Body Central*		52,355		1,119,350
Buckle		48,680		1,945,253
Caribou Coffee*		78,725		1,063,575
Casual Male Retail Group*		406,498		1,312,988
Chico’s FAS		148,840		1,547,936
Coinstar*		46,370		1,979,535
CROCS*		85,710		1,329,362
Domino’s Pizza*		68,450		2,254,743
Express		84,657		1,920,867
Ezcorp, Cl A*		70,545		2,052,154
Finish Line, Cl A		90,290		1,903,313
First Cash Financial Services*		57,218		2,077,013
Genesco*		44,331		2,617,746


	Shares		Value

Consumer Cyclical — (Continued)
Hibbett Sports*		44,785	$	2,038,165
Iconix Brand Group*		127,860		2,206,864
JOS A Bank Clothiers*		32,675		1,610,224
Lithia Motors, Cl A		87,585		1,945,263
Maidenform Brands*		37,310		687,996
Perry Ellis International*		64,928		928,470
Pier 1 Imports*		129,430		1,758,954
Pricesmart		22,137		1,501,995
Rush Enterprises, Cl A*		74,299		1,423,569
Select Comfort*		71,200		1,319,336
Steven Madden*		66,600		2,374,956
Vitamin Shoppe*		59,677		2,196,710
Wabash National*		235,039		1,725,186
Wolverine World Wide		60,500		2,228,820

				51,303,487

Consumer Non-cyclical — 24.2%
Akorn*		238,345		2,564,592
ArthroCare*		75,620		2,254,232
Astex Pharmaceuticals*		704,814		1,064,269
Atrion		5,089		1,235,711
Bio-Reference Laboratories*		17,587		218,079
Bruker*		148,495		1,859,157
Cardiome Pharma*		218,364		445,462
Centene*		16,990		657,683
Consolidated Graphics*		17,305		881,690
Depomed*		201,220		979,941
DFC Global*		75,615		1,372,412
Ensign Group		63,730		1,511,038
FTI Consulting*		58,670		2,516,356
Haemonetics*		30,836		1,826,416
Hain Celestial Group*		51,778		1,933,391
Hi-Tech Pharmacal*		25,988		1,079,022
Huron Consulting Group*		65,990		2,291,173
ICON ADR*		123,807		2,105,957
ICU Medical*		43,755		1,925,658
Impax Laboratories*		128,654		2,591,092
Integra LifeSciences Holdings*		47,680		1,531,958
Inter Parfums		102,644		1,759,318
IPC The Hospitalist*		46,360		2,137,196
Jazz Pharmaceuticals*		50,580		2,003,980
Kindred Healthcare*		146,720		1,819,328
Korn/Ferry International*		55,400		932,382
Masimo*		42,930		886,934
Merit Medical Systems*		150,210		2,086,417
Metropolitan Health Networks*		93,651		678,033
Myriad Genetics*		118,070		2,508,988
Nektar Therapeutics*		226,887		1,134,435
Onyx Pharmaceuticals*		71,480		3,152,268
PAREXEL International*		79,228		1,588,521
Rent-A-Center		61,630		2,215,599


	Shares		Value

Consumer Non-cyclical — (Continued)
Ruddick		40,820	$	1,626,677
Salix Pharmaceuticals*		68,350		3,016,969
Sanderson Farms		44,060		2,267,768
Seattle Genetics*		123,800		2,058,794
Sotheby’s		29,106		914,219
Spectrum Brands Holdings*		59,200		1,658,784
Synovis Life Technologies*		96,133		1,811,146
TeleTech Holdings*		101,075		1,779,931
Thoratec*		29,260		890,089
Transcend Services*		39,810		1,078,851
VistaPrint*		89,600		2,930,816
Wright Express*		40,866		2,144,648

				77,927,380

Energy — 8.2%
Comstock Resources*		69,010		1,147,636
Dawson Geophysical*		49,235		1,717,317
Energy XXI Bermuda*		51,440		1,617,274
Georesources*		82,426		2,349,965
Helix Energy Solutions Group*		69,494		1,232,824
Key Energy Services*		113,301		1,710,845
Kodiak Oil & Gas*		246,380		2,187,854
Newpark Resources*		220,236		1,973,315
North American Energy Partners*		172,061		1,190,662
OYO Geospace*		27,852		2,533,975
Patriot Coal*		119,230		1,241,184
Pioneer Drilling*		102,842		1,129,205
Rex Energy*		131,180		2,118,557
Rosetta Resources*		39,711		2,157,896
Swift Energy*		53,910		1,584,415
Triangle Petroleum*		85,380		490,935

				26,383,859

Financial — 5.3%
Altisource Portfolio Solutions SA*		31,380		1,494,002
Boston Private Financial Holdings		216,310		1,680,729
First Citizens BancShares, Cl A		5,406		927,994
Hanover Capital Mortgage Holdings*		113,589		2,539,850
Maiden Holdings		153,402		1,334,597
Platinum Underwriters Holdings		59,850		2,060,636
ProAssurance		16,290		1,296,847
SVB Financial Group*		44,151		2,076,863
Umpqua Holdings		119,326		1,491,575
WisdomTree Investments*		166,030		1,034,367
World Acceptance*		15,729		1,079,324

				17,016,784

Industrial — 16.5%
A.O. Smith		63,556		2,495,209
Actuant, Cl A		62,370		1,429,520
Atlas Air Worldwide Holdings*		48,844		2,063,659
Ceradyne*		24,822		738,206


	Shares		Value

Industrial — (Continued)
Chart Industries*		42,293	$	2,573,952
DXP Enterprises*		46,105		1,394,676
EnerSys*		72,338		1,739,729
EnPro Industries*		60,955		2,040,164
Fushi Copperweld*		133,330		1,025,974
General Cable*		44,819		1,187,704
Genesee & Wyoming, Cl A*		26,010		1,588,431
GrafTech International*		81,391		1,175,286
Hexcel*		94,890		2,364,659
HUB Group, Cl A*		35,042		1,043,551
II-VI*		85,846		1,680,006
Kennametal		39,651		1,511,100
Landstar System		31,890		1,475,550
Marten Transport		59,353		1,095,656
MasTec*		149,950		2,400,700
Mistras Group*		77,090		1,813,928
MYR Group*		84,570		1,483,358
Newport*		79,496		1,035,833
NVE*		27,192		1,592,907
Old Dominion Freight Line*		52,134		2,023,321
OSI Systems*		46,545		2,225,316
Power-One*		164,177		699,394
Progressive Waste Solution		44,621		929,009
Robbins & Myers		47,667		2,535,884
RTI International Metals*		51,823		1,414,768
Silgan Holdings		42,610		1,659,233
TriMas*		98,145		2,003,139
Triumph Group		40,900		2,433,141

				52,872,963

Technology — 12.7%
ACI Worldwide*		82,022		2,467,222
Actuate*		5,200		34,320
Cavium*		53,840		1,757,338
CommVault Systems*		51,471		2,554,506
Computer Programs & Systems		30,170		1,369,718
Diodes*		97,107		1,990,694
Insight Enterprises*		110,993		1,624,938
Interactive Intelligence Group*		98,495		2,196,439
Kulicke & Soffa Industries*		142,850		1,299,935
Lattice Semiconductor*		234,332		1,614,547
LivePerson*		205,640		2,586,951
Maxwell Technologies*		71,710		1,216,919
Mellanox Technologies*		62,360		2,183,224
Mentor Graphics*		86,330		1,099,844
MIPS Technologies*		258,750		1,242,000
Monotype Imaging Holdings*		87,920		1,303,854
NetScout Systems*		94,480		1,669,462
Nova Measuring Instruments*		164,750		1,064,285
Open Text*		27,880		1,589,718
Opnet Technologies		73,744		2,630,448


	Shares		Value
Technology — (Continued)
RADWARE*		56,935	$	1,546,355
Silicon Image*		337,810		1,658,647
TriQuint Semiconductor*		423,410		1,850,302
Ultimate Software Group*		18,060		1,197,739
Volterra Semiconductor*		39,320		963,340

				40,712,745

TOTAL COMMON STOCK (Cost $280,214,277)				313,549,852

Warrants — 0.0%
Energy — 0.0%
Magnum Hunter Resources, Expires 10/14/13		31,749		152,713

TOTAL WARRANTS (Cost $0)				152,713

TOTAL INVESTMENTS — 97.6% (Cost $280,214,277)**				313,702,565

OTHER ASSETS IN EXCESS OF LIABILITIES — 2.4%				7,593,902

NET ASSETS — 100.0%			$	321,296,467

†	More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

*	Non-income producing security.

**	The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows:


Aggregate Cost	$	280,214,277

Gross unrealized appreciation		53,982,531
Gross unrealized depreciation		(20,494,243	)

Net unrealized appreciation	$	33,488,288


ADR		American Depositary Receipt
Cl		Class

PORTFOLIO VALUATION — The Perimeter Small Cap Growth Fund’s (the “Fund”) net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are amortized to maturity based on their cost. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the RBB Fund, Inc.’s Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. As of November 30, 2011, there were no fair valued securities.

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

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

The following is a summary of the inputs used, as of November 30, 2011, in valuing the Fund’s investments carried at fair value:

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of a Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values a Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For the period ended November 30, 2011, there were no transfers between Levels 1, 2 and 3 for the Fund.

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.


	Number of Shares		Value
COMMON STOCK—98.5%

Basic Industries—2.1%
Graphic Packaging Holding Co. *		149,755	$	663,415
Schweitzer-Mauduit International, Inc.		13,365		951,855
Sensient Technologies Corp.		8,310		313,869
Spartech Corp. *		41,985		178,856

				2,107,995

Capital Goods—13.4%
Actuant Corp., Class A		45,630		1,045,840
Aegion Corp *		49,465		749,889
Ampco-Pittsburgh Corp.		14,945		307,120
Beacon Roofing Supply, Inc. *		52,830		1,031,770
Brady Corp., Class A		23,573		705,776
Curtiss-Wright Corp.		16,200		533,790
Drew Industries, Inc.		20,445		443,657
Globe Specialty Metals, Inc.		79,955		1,193,728
Granite Construction, Inc.		19,495		485,426
Griffon Corp. *		74,600		699,748
Hillenbrand, Inc.		28,295		643,145
Huntington Ingalls Industries, Inc. *		14,765		468,789
Mueller Industries, Inc.		14,815		565,044
Mueller Water Products, Inc., Class A		89,905		201,387
Orion Marine Group, Inc. *		108,100		649,681
Rofin-Sinar Technologies, Inc. *		6,065		145,924
Terex Corp. * (a)		32,520		501,784
Tutor Perini Corp. *		34,545		569,647
UniTek Global Services, Inc. *		44,230		221,150
WESCO International, Inc. *		28,360		1,445,226
World Fuel Services Corp.		27,672		1,186,299

				13,794,820


Communications—0.5%
EarthLink, Inc.		47,065		296,510
Monster Worldwide, Inc. *		33,280		243,277

				539,787


Consumer Durables—2.0%
Exide Technologies *		47,110		130,024
Sealy Corp. * (a)		131,560		261,804
Thor Industries, Inc. (a)		44,715		1,082,103


	Number of Shares		Value
Consumer Durables—(continued)
Tower International, Inc. *		53,935	$	572,790

				2,046,721


Consumer Non-Durables—5.6%
Alliance One International, Inc. *		79,770		223,356
Callaway Golf Co. (a)		78,520		443,638
Dole Food Co., Inc. *		87,900		742,755
Fresh Del Monte Produce, Inc.		22,940		575,565
Matthews International Corp., Class A		9,800		325,066
Nu Skin Enterprises, Inc., Class A (a)		15,325		731,616
Sanderson Farms, Inc. (a)		1,470		75,661
Skechers U.S.A., Inc., Class A *		27,645		372,102
Steven Madden Ltd. *		22,688		809,054
Take-Two Interactive Software, Inc. *		45,600		636,120
Universal Corp.		17,985		852,129

				5,787,062


Consumer Services—21.1%
ABM Industries, Inc.		19,865		431,666
Aeropostale, Inc. *		31,605		490,194
American Eagle Outfitters, Inc.		79,125		1,100,629
Asbury Automotive Group, Inc. *		48,945		965,195
Ascena Retail Group, Inc. *		42,160		1,160,243
Brink’s Co., (The)		36,815		906,385
Cato Corp., (The), Class A		13,105		335,357
CBIZ, Inc. * (a)		49,380		297,268
Charming Shoppes, Inc. *		131,235		509,192
Children’s Place Retail Stores, Inc., (The) *		18,050		972,354
Ennis, Inc.		19,690		292,397
Finish Line, Inc., (The), Class A		52,620		1,109,230
FTI Consulting, Inc. * (a)		21,035		902,191
G&K Services, Inc., Class A		16,622		496,998
Geo Group, Inc., (The) *		19,180		339,486
Group 1 Automotive, Inc.		16,530		811,788
Heidrick & Struggles International, Inc.		35,800		762,540
International Speedway Corp., Class A		36,918		908,183
KAR Auction Services, Inc. *		49,800		654,372


	Number of Shares		Value
Consumer Services—(continued)
Knoll, Inc.		43,278	$	656,094
Korn/Ferry International *		16,985		285,858
Live Nation Entertainment, Inc. *		66,245		572,357
MAXIMUS, Inc.		21,505		894,608
Men’s Wearhouse, Inc., (The)		23,395		651,083
Navigant Consulting, Inc. *		111,685		1,258,690
Odyssey Marine Exploration, Inc. * (a)		111,095		283,292
Regis Corp.		30,425		493,494
Rent-A-Center, Inc.		28,615		1,028,709
RPX Corp. *		13,910		196,409
Service Corp. International		55,850		572,463
Steiner Leisure Ltd. *		7,280		342,160
Steinway Musical Instruments *		17,500		474,950
Viad Corp.		13,490		250,240
XO Group, Inc. *		39,325		289,813

				21,695,888

Energy—3.2%
Bristow Group, Inc.		15,110		695,967
Helix Energy Solutions Group, Inc. *		30,405		539,385
Rosetta Resources, Inc. *		26,335		1,431,044
Swift Energy Co. *		21,795		640,555

				3,306,951


Finance—20.5%
Ameris Bancorp *		21,748		217,480
AMERISAFE, Inc. *		17,020		398,949
Apollo Investment Corp.		34,135		246,113
Centerstate Banks, Inc.		50,400		284,256
Citizens Republic Bancorp, Inc. *		42,635		461,524
Columbia Banking System, Inc.		26,050		468,900
Cowen Group, Inc., Class A *		25,285		62,201
CYS Investments Inc (a)		113,055		1,484,412
Fifth Street Finance Corp. (a)		85,175		833,012
First American Financial Corp.		42,650		494,740
First Citizens Bancshares, Inc., Class A		3,085		529,571
Flagstone Reinsurance Holdings S.A.		21,860		178,815
Flushing Financial Corp.		24,715		319,812
Gladstone Capital Corp.		14,440		108,300
Global Indemnity PLC *		13,128		247,332


	Number of Shares		Value
Finance—(continued)
Heritage Financial Corp.		31,795	$	392,350
Infinity Property & Casualty Corp.		10,295		591,242
Janus Capital Group, Inc.		81,575		538,395
JMP Group, Inc.		61,965		439,332
Knight Capital Group, Inc., Class A *		88,150		1,113,335
Maiden Holdings Ltd.		147,975		1,287,383
MGIC Investment Corp. *		119,260		343,469
Nara Bancorp, Inc. *		123,065		1,153,119
Navigators Group, Inc., (The) *		8,205		383,091
Nelnet, Inc., Class A		36,236		830,167
Ocwen Financial Corp. *		113,960		1,500,853
Park Sterling Corp. *		40,335		156,903
PHH Corp. *		67,670		1,039,411
Platinum Underwriters Holdings Ltd.		22,285		767,273
Safety Insurance Group, Inc.		9,305		389,321
Stancorp Financial Group Inc		12,680		447,097
Stewart Information Services Corp. (a)		83,895		885,092
SVB Financial Group *		24,955		1,173,883
Symetra Financial Corp.		71,500		674,960
United Rentals, Inc. *		12,265		345,137
Washington Federal, Inc.		26,400		343,464

				21,130,694


Health Care—10.9%
Addus HomeCare Corp. *		47,106		176,648
Amsurg Corp. *		19,480		508,038
Centene Corp. *		16,630		643,747
Hanger Orthopedic Group, Inc. *		41,110		657,760
ICON PLC, Sponsored ADR *		48,120		818,521
Integra Lifesciences Holdings Corp. *		12,235		393,111
Kindred Healthcare, Inc. *		75,402		934,985
LHC Group, Inc. *		15,905		221,080
LifePoint Hospitals, Inc. *		13,890		544,905
Lincare Holdings, Inc.		21,530		510,261
Omnicell, Inc. *		23,610		381,538
Owens & Minor, Inc.		24,522		755,278
PAREXEL International Corp. *		27,435		550,072
Select Medical Holdings Corp. *		82,355		714,018
Symmetry Medical, Inc. *		110,040		861,613


	Number of Shares		Value
Health Care—(continued)
U.S. Physical Therapy, Inc.		87,244	$	1,716,089
VCA Antech, Inc. *		39,730		781,092

				11,168,756


Real Estate Investment Trusts—5.2%
Anworth Mortgage Asset Corp.		113,427		717,993
Capstead Mortgage Corp.		28,700		358,176
Chatham Lodging Trust		47,655		510,385
Colony Financial, Inc.		20,580		304,584
Gladstone Commercial Corp.		16,645		284,630
Hatteras Financial Corp.		38,605		1,034,614
MFA Financial, Inc.		85,055		585,178
Monmouth Real Estate Investment Corp., Class A		65,070		552,444
Redwood Trust, Inc.		42,720		441,298
Two Harbors Investment Corp.		54,160		506,938

				5,296,240


Technology—9.7%
Actuate Corp. *		62,895		415,107
Bel Fuse, Inc., Class B		14,735		269,356
Belden, Inc.		37,205		1,229,253
Brooks Automation, Inc.		41,585		396,721
Coherent, Inc. *		6,720		341,376
Dolan Co., (The) *		23,200		211,816
Electronics for Imaging, Inc. *		26,130		386,463
EnerSys *		53,535		1,287,517
Generac Holdings, Inc. *		21,875		548,406
Imation Corp. *		28,240		166,051
Insight Enterprises, Inc. *		18,030		263,959
Integrated Device Technology, Inc. *		72,975		423,255
NETGEAR, Inc. *		26,650		1,012,434
Sykes Enterprises, Inc. *		75,775		1,234,375
SYNNEX Corp. *		38,300		1,124,105
TeleTech Holdings, Inc. *		18,755		330,276
Teradyne, Inc. *		25,515		343,432

				9,983,902


Transportation—1.9%
Diana Shipping, Inc. *		36,380		272,486
Landstar System, Inc.		13,430		621,406
UTi Worldwide, Inc.		71,160		1,107,250

				2,001,142


	Number of Shares		Value

Utilities—2.4%
PNM Resources, Inc.		65,575	$	1,253,138
SemGroup Corp., Class A *		43,415		1,222,132

				2,475,270

TOTAL COMMON STOCK (Cost $95,920,617)				101,335,228


SECURITIES LENDING COLLATERAL—6.0%

BlackRock Liquidity Fund		6,148,680		6,148,680

TOTAL SECURITIES LENDING COLLATERAL (Cost $6,148,680)				6,148,680


TOTAL INVESTMENTS—104.5% (Cost $102,069,297)**				107,483,908


LIABILITIES IN EXCESS OF OTHER ASSETS—(4.5)%				(4,592,316	)


NET ASSETS—100.0%			$	102,891,592


ADR		— American Depositary Receipt
PLC		— Public Limited Company
*		— Non-income producing.
(a)		— All or a portion of the security is on loan. At November 30, 2011, the market value of securities on loan was $ 6,176,454.
**		— The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a federal income tax basis, are as follows:


Aggregate cost	$	102,069,297

Gross unrealized appreciation		16,263,939
Gross unrealized depreciation		(10,849,328	)

Net unrealized appreciation	$	5,414,611

A summary of the inputs used to value the Fund’s investments as of November 30, 2011 is as follows (see Notes to Portfolio of Investments):


	Number of Shares		Value
LONG POSITIONS—98.6%
COMMON STOCK—96.6%
Basic Industries—2.6%
AEP Industries, Inc. * †		91,334	$	2,223,983
Boise, Inc. †		336,560		2,009,263
POSCO - ADR †		30,650		2,625,173
Sealed Air Corp. †		223,025		3,929,701
Spartech Corp. * †		659,335		2,808,767

				13,596,887

Capital Goods—4.6%
Chase Corp. † (a)		67,400		837,782
General Cable Corp. *		62,040		1,644,060
General Electric Co. †		270,850		4,309,224
Hardinge, Inc. D		98,040		864,713
Innovative Solutions and Support, Inc. * D		276,442		1,103,004
Lakeland Industries, Inc. * D		53,115		395,707
Michael Baker Corp. * †		172,357		3,421,286
NACCO Industries, Inc., Class A †		50,280		3,989,718
Tyco International Ltd. †		112,120		5,377,275
US Concrete, Inc. *		49,132		134,622
WaterFurnace Renewable Energy, Inc. D		109,940		1,950,577

				24,027,968

Communications—5.1%
Comcast Corp., Class A †		218,910		4,962,690
DISH Network Corp., Class A		133,845		3,288,572
Google, Inc., Class A * †		9,765		5,853,043
InfoSpace, Inc. * †		266,532		2,569,368
iPass, Inc. * D		1,078,240		1,574,230
Progress Software Corp. *		120,050		2,445,419
SureWest Communications † D		284,949		3,274,064
TNS, Inc. *		80,410		1,570,407
USA Mobility, Inc.		90,350		1,266,707

				26,804,500

Consumer Durables—1.1%
D.R. Horton, Inc. †		305,595		3,639,636
Hooker Furniture Corp. †		99,222		968,407
Libbey, Inc. * †		74,240		902,016

				5,510,059

Consumer Non-Durables—5.8%
Activision Blizzard, Inc. †		289,420		3,594,596
Anheuser-Busch InBev NV - Sponsored ADR †		126,945		7,616,700


	Number of Shares		Value
Consumer Non-Durables—(continued)
Coca-Cola Femsa S.A. de C.V. - Sponsored ADR †		42,930	$	3,901,049
Hanesbrands, Inc. * †		97,290		2,396,253
Kenneth Cole Productions, Inc., Class A * † D		265,234		2,819,437
Leapfrog Enterprises, Inc. *		518,415		2,820,178
Lorillard, Inc. †		45,505		5,079,268
Matthews International Corp., Class A †		69,140		2,293,374

				30,520,855

Consumer Services—13.7%
AFC Enterprises, Inc. * †		148,591		2,332,879
Barrett Business Services, Inc. †		77,255		1,475,571
Benihana Inc * † D		120,315		753,617
Century Casinos, Inc. * D		831,881		1,954,920
Charming Shoppes, Inc. *		966,595		3,750,389
Courier Corp. † D		215,013		2,375,894
CRA International, Inc. *		2,550		52,071
CVS Caremark Corp. †		141,310		5,488,480
Destination Maternity Corp. †		125,713		1,841,695
DreamWorks Animation SKG, Inc., Class A * (a)		112,805		2,094,789
Ediets.Com, Inc. * D (a)		342,052		183,887
Ennis, Inc. †		204,600		3,038,310
G. Willi-Food International Ltd. * D		167,880		768,890
Heidrick & Struggles International, Inc. †		91,915		1,957,790
Hudson Highland Group, Inc. * †		380,508		1,795,998
ICF International, Inc. *		117,475		3,047,302
International Speedway Corp., Class A		141,915		3,491,109
MarineMax, Inc. * †		157,116		1,000,829
Midas, Inc. * † D		388,262		3,284,697
Multi-Color Corp. † (a)		193,799		5,081,410
Nash Finch Co.		141,497		3,926,542
Navigant Consulting, Inc. * †		242,195		2,729,538
Republic Services, Inc.		72,895		2,000,968
Saga Communications, Inc., Class A * † D		66,546		2,349,074
Towers Watson & Co., Class A †		38,455		2,505,728
Viad Corp. †		108,425		2,011,284
Wal-Mart Stores, Inc. †		62,360		3,673,004
Walt Disney Co. (The) †		126,960		4,551,516


	Number of Shares		Value
Consumer Services—(continued)
Western Union Co., (The)		145,150	$	2,531,416

				72,049,597

Energy—4.8%
Canadian Natural Resources Ltd. †		97,415		3,637,476
Cenovus Energy, Inc. †		102,480		3,421,807
Ensco PLC - Sponsored ADR †		41,810		2,172,866
EOG Resources, Inc. †		47,310		4,907,939
Royal Dutch Shell PLC - ADR		97,855		6,849,850
SM Energy Co.		54,570		4,337,769

				25,327,707

Finance—21.5%
ACE Ltd. †		78,400		5,451,152
Alterra Capital Holdings Ltd. †		84,805		1,946,275
Aon Corp.		69,465		3,193,306
Axis Capital Holdings Ltd. †		92,130		2,941,711
Bank of Commerce Holdings D		90,854		299,818
BankFinancial Corp.		59,915		336,722
Berkshire Hathaway, Inc., Class B * †		69,055		5,438,772
Calamos Asset Management, Inc., Class A †		205,835		2,435,028
Capitol Federal Financial, Inc. †		84,520		956,766
Century Bancorp, Inc., Class A † D		38,003		1,062,184
Citigroup, Inc. †		135,228		3,716,065
Citizens Republic Bancorp, Inc. *		90,319		977,703
Cowen Group, Inc., Class A *		775,320		1,907,287
Endurance Specialty Holdings Ltd. †		106,925		3,867,477
ESSA Bancorp, Inc.		40,085		445,344
Fairfax Financial Holdings Ltd. †		4,970		2,031,488
First Southern Bancorp, Inc., Class B 144A * ‡		64,350		626,769
Flushing Financial Corp. †		107,711		1,393,780
Goldman Sachs Group, Inc., (The) †		33,753		3,235,563
HF Financial Corp. D		83,779		808,467
HopFed Bancorp, Inc. D		56,334		343,074
Investors Title Co. †		6,765		247,667
JPMorgan Chase & Co. †		210,026		6,504,505
Loews Corp. †		83,730		3,217,744
Maiden Holdings Ltd. †		697,712		6,070,094


	Number of Shares		Value
Finance—(continued)
NBH Holdings Corp., Class A 144A * D ‡		79,735	$	1,293,302
New Hampshire Thrift Bancshares, Inc. D		29,529		331,020
Nicholas Financial, Inc. (a)		122,637		1,358,818
OceanFirst Financial Corp. †		36,680		476,473
Och-Ziff Capital Management Group LLC, Class A		233,455		1,834,956
Oriental Financial Group, Inc. †		215,870		2,370,253
PartnerRe Ltd.		39,010		2,563,737
Protective Life Corp.		130,700		2,900,233
Pzena Investment Management, Inc., Class A D		193,890		953,939
RenaissanceRe Holdings Ltd. †		35,630		2,616,667
State Street Corp.		109,825		4,354,561
Stewart Information Services Corp. †		126,515		1,334,733
TFS Financial Corp. * †		99,535		921,694
Torchmark Corp.		94,135		4,009,210
Tower Group, Inc.		188,395		3,954,411
Travelers Cos., Inc., (The)		57,170		3,215,813
United Bancshares, Inc. * D		50,780		393,037
US Bancorp		148,200		3,841,344
Validus Holdings Ltd. †		139,217		4,189,040
Verisk Analytics, Inc., Class A * †		85,625		3,363,350
Wells Fargo & Co. †		112,930		2,920,370
West Coast Bancorp *		61,952		1,006,720
White Mountains Insurance Group Ltd. †		6,855		2,909,262

				112,567,704

Health Care—13.9%
Accuray, Inc. * †		286,475		1,148,765
Alpha PRO Tech Ltd. * D		485,210		596,808
Amgen, Inc. †		87,685		5,077,838
Amsurg Corp. * †		138,990		3,624,859
Anika Therapeutics, Inc. * † D		215,460		1,727,989
Baxter International, Inc. †		97,990		5,062,163
Becton, Dickinson & Co.		57,735		4,259,688
BioClinica, Inc. * † D		327,186		1,413,444
CardioNet, Inc. *		536,816		1,245,413
Cross Country Healthcare, Inc. *		308,792		1,596,455
Hooper Holmes, Inc. * D		860,703		559,457
ICON PLC, Sponsored ADR * †		301,170		5,122,902
IRIS International, Inc. * †		358,230		3,478,413


	Number of Shares		Value
Health Care—(continued)
Johnson & Johnson †		122,880	$	7,952,794
Kensey Nash Corp. * †		80,190		2,036,826
Laboratory Corp. of America Holdings * †		51,280		4,395,722
Lincare Holdings, Inc. †		136,674		3,239,174
Pfizer, Inc. †		401,045		8,048,973
Rotech Healthcare, Inc. * † D		1,493,274		1,866,593
Sanofi - ADR		162,095		5,674,946
Teva Pharmaceutical Industries Ltd. - Sponsored ADR †		100,220		3,969,714
Theragenics Corp. * D		510,450		857,556

				72,956,492

Real Estate Investment Trusts—0.3%
Reis, Inc. * D		157,698		1,442,937

Technology—22.7%
Amdocs Ltd. * †		116,445		3,288,407
Amkor Technology, Inc. * †		775,465		3,443,065
AVX Corp.		114,740		1,484,736
Benchmark Electronics, Inc. * †		134,325		1,855,028
BMC Software, Inc. *		74,160		2,644,546
CA, Inc. †		228,285		4,839,642
Cisco Systems, Inc. †		233,895		4,359,803
Coleman Cable, Inc. * †		271,978		2,398,846
Compuware Corp. * †		273,975		2,263,034
Concurrent Computer Corp. * † D		357,897		1,163,165
CSG Systems International, Inc. * †		238,505		3,618,121
DragonWave, Inc. * D (a)		296,710		1,261,018
Euronet Worldwide, Inc. *		151,245		2,722,410
Fairchild Semiconductor International Inc *		145,660		1,886,297
Flextronics International Ltd. *		411,295		2,455,431
GSI Group, Inc. * †		321,900		3,547,338
Guidance Software Inc *		327,770		1,989,564
Hawaiian Telcom Holdco Inc * D		163,810		2,457,150
Hemisphere GPS, Inc. * D		839,675		473,157
Lexmark International, Inc., Class A * †		168,185		5,627,470
LSI Corp. *		357,980		2,011,848
Microsoft Corp. †		515,895		13,196,594
Minerals Technologies Inc		46,740		2,710,920
Monolithic Power Systems, Inc. *		236,065		2,842,223
MRV Communications, Inc.		1,059,385		884,586
OmniVision Technologies, Inc. *		147,205		1,588,342


	Number of Shares			Value
Technology—(continued)
Oracle Corp. †		166,474		$	5,218,960
Pericom Semiconductor Corp. *		81,252			632,953
Plug Power, Inc. * D (a)		1,302,075			2,890,607
Pulse Electronics Corp.		626,418			1,898,047
QLogic Corp. * †		323,775			4,830,723
Rimage Corp. †		102,749			1,163,119
Steel Excel, Inc. *		49,185			1,283,729
TE Connectivity Ltd.		76,520			2,426,449
Telephone & Data Systems, Inc.		238,140			5,855,863
TeleTech Holdings, Inc. * †		216,650			3,815,207
Telular Corp.		152,975			1,076,944
Vasco Data Security International, Inc. *		213,020			1,795,759
Veeco Instruments, Inc. * (a)		72,610			1,807,263
Vishay Intertechnology, Inc. *		287,015			2,838,578
Xerox Corp. †		569,625			4,642,435

		119,189,377

Utilities—0.5%
SemGroup Corp., Class A * †		87,375			2,459,606

TOTAL COMMON STOCK (Cost $511,040,961)					506,453,689

PREFERRED STOCK—0.6%
Finance—0.6%
BAC Capital Trust IV 5.875% *		34,917			692,404
Citigroup Capital XVI 6.450% *		107,050			2,361,523
First Southern Bancorp, Inc.,144A 5.000% * D ‡		110			243,656


TOTAL PREFERRED STOCK (Cost $2,923,102)					3,297,583

SECURITIES LENDING COLLATERAL—1.4%
BlackRock Liquidity Fund		7,258,951			7,258,951

TOTAL SECURITIES LENDING COLLATERAL (Cost $7,258,951)					7,258,951

TOTAL LONG POSITIONS—98.6% (Cost $521,223,014)**					517,010,223

SECURITIES SOLD SHORT—(51.3%)
COMMON STOCK—(51.3%)
Basic Industries—(2.4%)
Cliffs Natural Resources, Inc.		(36,955	)		(2,505,919	)
Ethanex Energy, Inc. *		(648	)		(20	)
Gold Resource Corp.		(47,535	)		(958,306	)
Intrepid Potash, Inc. *		(87,500	)		(2,026,500	)
MAG Silver Corp. *		(83,345	)		(691,764	)
Molycorp, Inc. *		(22,405	)		(758,409	)


	Number of Shares			Value
Basic Industries—(continued)
NewMarket Corp.		(15,985	)	$	(3,163,272	)
Seabridge Gold, Inc. *		(76,310	)		(1,739,105	)
Tanzanian Royalty Exploration Corp. *		(193,370	)		(527,900	)
Uranerz Energy Corp. *		(83,070	)		(160,325	)

					(12,531,520	)

Capital Goods—(4.6%)
ADA-ES, Inc. *		(68,138	)		(1,398,873	)
Applied Energetics, Inc. *		(238,070	)		(20,236	)
Applied Nanotech Holdings, Inc. *		(8,285	)		(2,154	)
Cavco Industries, Inc. *		(12,273	)		(499,388	)
DynaMotive Energy Systems Corp. *		(72,185	)		(12,271	)
Lindsay Corp.		(45,280	)		(2,557,867	)
Middleby Corp., (The) *		(16,040	)		(1,464,131	)
National Presto Industries, Inc.		(30,335	)		(2,865,747	)
PMFG, Inc. *		(94,520	)		(2,190,974	)
Titan International, Inc.		(135,975	)		(2,928,902	)
Trex Co., Inc. *		(207,215	)		(4,627,111	)
Twin Disc, Inc.		(85,400	)		(3,620,960	)
Vulcan Materials Co.		(54,155	)		(1,756,788	)

					(23,945,402	)

Communications—(5.6%)
Ancestry.com, Inc. *		(55,190	)		(1,308,555	)
Aruba Networks, Inc. *		(104,245	)		(2,199,570	)
Cogent Communications Group, Inc. *		(157,680	)		(2,682,137	)
Consolidated Communications Holdings, Inc.		(156,465	)		(2,889,909	)
CTC Communications Group, Inc. * ‡		(98,900	)		(10	)
Digital Domain Media Group, Inc. *		(46,327	)		(281,668	)
Equinix, Inc. *		(30,165	)		(3,017,103	)
Interliant, Inc. * ‡		(600	)		0
j2 Global Communications, Inc.		(71,770	)		(1,945,685	)
LinkedIn Corp., Class A *		(32,650	)		(2,152,615	)
LivePerson, Inc. *		(206,805	)		(2,601,607	)
MicroStrategy, Inc., Class A *		(22,375	)		(2,755,034	)
OpenTable, Inc. *		(32,700	)		(1,156,599	)
Rackspace Hosting, Inc. *		(118,790	)		(5,153,110	)
Shutterfly, Inc. *		(34,125	)		(924,105	)

					(29,067,707	)

Consumer Durables—(1.8%)
Qsound Labs, Inc. *		(4,440	)		(289	)


	Number of Shares			Value
Consumer Durables—(continued)
SodaStream International Ltd. *		(60,690	)	$	(1,811,597	)
Tesla Motors, Inc. *		(92,880	)		(3,040,891	)
Universal Display Corp.		(64,665	)		(2,519,348	)
Universal Electronics Inc. *		(110,735	)		(1,807,195	)

					(9,179,320	)

Consumer Non-Durables—(3.5%)
Amazon.com, Inc. *		(12,075	)		(2,321,902	)
Amish Naturals, Inc. *		(25,959	)		(156	)
Blyth, Inc.		(21,545	)		(1,418,092	)
Cal-Maine Foods, Inc.		(117,935	)		(3,993,279	)
Gildan Activewear, Inc.		(59,990	)		(1,432,561	)
Green Mountain Coffee Roasters, Inc. *		(32,525	)		(1,705,286	)
Peet’s Coffee & Tea, Inc. *		(41,570	)		(2,416,048	)
Schiff Nutrition International, Inc. *		(91,632	)		(1,089,504	)
Smart Balance, Inc. *		(209,240	)		(1,111,064	)
SunOpta, Inc. *		(231,035	)		(1,152,865	)
Swisher Hygiene, Inc. *		(487,696	)		(1,887,384	)
Valence Technology, Inc. *		(27,585	)		(25,155	)

					(18,553,296	)

Consumer Services—(10.9%)
Arbitron, Inc.		(88,025	)		(3,310,620	)
AutoNation, Inc. *		(71,620	)		(2,586,198	)
BJ’s Restaurants, Inc. *		(26,290	)		(1,264,023	)
Blue Nile, Inc. *		(157,430	)		(5,980,766	)
Buffalo Wild Wings, Inc. *		(51,840	)		(3,342,643	)
Cheesecake Factory, Inc. (The) *		(58,020	)		(1,645,447	)
Chipotle Mexican Grill, Inc. *		(5,800	)		(1,865,048	)
Fresh Market, Inc., (The) *		(19,280	)		(756,354	)
Groupon Inc *		(38,680	)		(676,900	)
Imax Corp. *		(103,880	)		(2,016,311	)
Intersections, Inc.		(60,369	)		(623,612	)
Life Time Fitness, Inc. *		(78,730	)		(3,206,673	)
Liquidity Services, Inc. *		(30,275	)		(1,031,167	)
Lululemon Athletica, Inc. *		(49,485	)		(2,459,405	)
Lumber Liquidators Holdings, Inc. *		(87,710	)		(1,485,807	)
Medifast, Inc. *		(86,690	)		(1,205,858	)
Netflix, Inc. *		(45,110	)		(2,910,948	)
Priceline.com, Inc. *		(2,665	)		(1,294,897	)
Red Robin Gourmet Burgers, Inc. *		(54,645	)		(1,452,464	)
Ritchie Bros. Auctioneers, Inc.		(236,595	)		(4,866,759	)
Sturm Ruger & Co., Inc.		(156,680	)		(5,038,829	)


	Number of Shares			Value
Consumer Services—(continued)
Teavana Holdings, Inc.		(48,930	)	$	(977,132	)
Texas Roadhouse, Inc.		(190,555	)		(2,551,531	)
Urban Outfitters, Inc. *		(100,445	)		(2,710,006	)
VistaPrint NV *		(62,615	)		(2,048,137	)

		(57,307,535)

Energy—(2.8%)
Apco Oil and Gas International, Inc.		(35,979	)		(2,858,532	)
Basic Energy Services, Inc. *		(109,040	)		(2,054,314	)
Beard Co. *		(9,710	)		(1,311	)
C&J Energy Services, Inc. *		(52,530	)		(1,031,689	)
CARBO Ceramics, Inc.		(18,500	)		(2,632,920	)
Crescent Point Energy Corp		(32,120	)		(1,394,005	)
Goodrich Petroleum Corp. *		(109,055	)		(1,590,022	)
Houston American Energy Corp.		(116,735	)		(1,635,457	)
Hyperdynamics Corp. *		(201,215	)		(740,471	)
Miller Energy Resources Inc *		(253,560	)		(773,358	)

					(14,712,079	)

Finance—(0.9%)
First Cash Financial Services, Inc. *		(29,130	)		(1,057,419	)
Higher One Holdings Inc *		(152,950	)		(2,742,394	)
Value Line, Inc. D		(78,574	)		(935,816	)

					(4,735,629	)

Health Care—(4.1%)
Accretive Health, Inc. *		(71,310	)		(1,645,835	)
athenahealth, Inc. *		(40,365	)		(2,397,681	)
Auxilium Pharmaceuticals Inc *		(80,265	)		(1,399,019	)
BioTime, Inc. *		(105,150	)		(470,021	)
BodyTel Scientific, Inc. *		(4,840	)		(32	)
CareView Communications, Inc. * D		(207,465	)		(298,750	)
HeartWare International, Inc. *		(15,860	)		(1,094,340	)
Hi-Tech Pharmacal Co., Inc.		(24,795	)		(1,029,002	)
IDEXX Laboratories, Inc. *		(15,145	)		(1,138,753	)
Immunomedics, Inc. *		(388,750	)		(1,306,200	)
MAKO Surgical Corp. *		(49,505	)		(1,425,744	)
Mindray Medical International Ltd. - ADR		(80,220	)		(2,164,336	)
Neoprobe Corp. *		(21,170	)		(52,502	)
NxStage Medical, Inc. *		(103,765	)		(2,031,719	)
Rockwell Medical Technologies, Inc. *		(96,225	)		(726,499	)
Sequenom, Inc. *		(168,175	)		(702,972	)


	Number of Shares			Value
Health Care—(continued)
SXC Health Solutions Corp *		(57,160	)	$	(3,362,151	)

					(21,245,556	)

Real Estate Investment Trusts—(0.9%)
DuPont Fabros Technology, Inc.		(105,940	)		(2,386,828	)
Simon Property Group, Inc.		(20,370	)		(2,532,806	)

					(4,919,634	)

Technology—(13.4%)
3D Systems Corp. *		(156,460	)		(2,442,341	)
Acme Packet, Inc. *		(12,885	)		(430,746	)
Advent Software, Inc. *		(84,204	)		(2,273,508	)
ANTs Software, Inc. *		(10,334	)		(103	)
ARM Holdings PLC - Sponsored ADR		(193,425	)		(5,468,125	)
Aspen Technology, Inc. *		(154,340	)		(2,754,969	)
Cavium, Inc. *		(65,660	)		(2,143,142	)
Ciena Corp. *		(266,805	)		(3,231,009	)
Cirrus Logic, Inc.		(82,110	)		(1,337,572	)
Citrix Systems, Inc. *		(11,210	)		(800,282	)
CommVault Systems, Inc. *		(43,450	)		(2,156,424	)
Computer Programs & Systems, Inc.		(34,650	)		(1,573,110	)
Consygen, Inc. * ‡		(200	)		0
Ener1, Inc. *		(102,820	)		(9,768	)
Entegris, Inc. *		(312,170	)		(2,631,593	)
EZchip Semiconductor Ltd. *		(29,020	)		(938,217	)
F5 Networks, Inc. *		(37,460	)		(4,234,104	)
First Solar, Inc. *		(24,865	)		(1,190,039	)
Function X, Inc. *		(7,322	)		(49,057	)
Infinera Corp. *		(163,425	)		(1,127,633	)
Keynote Systems, Inc. †		(82,415	)		(1,510,667	)
Maxwell Technologies, Inc. *		(48,745	)		(827,203	)
Measurement Specialties, Inc. *		(105,310	)		(3,004,494	)
MoSys, Inc. *		(153,340	)		(479,954	)
Nanometrics, Inc. *		(123,700	)		(2,037,339	)
Nestor, Inc. *		(15,200	)		(18	)
NetSuite, Inc. *		(70,765	)		(2,868,813	)
Opnet Technologies, Inc.		(66,225	)		(2,362,246	)
QLIK Technologies, Inc. *		(76,390	)		(2,090,794	)
RealPage, Inc. *		(120,270	)		(3,010,358	)
Red Hat, Inc. *		(32,550	)		(1,630,104	)
Riverbed Technology, Inc. *		(70,010	)		(1,820,260	)
Salesforce.com, Inc. *		(25,740	)		(3,048,131	)
Spreadtrum Communications, Inc. - ADR		(42,750	)		(1,058,063	)


	Number of Shares			Value
Technology—(continued)
SuccessFactors, Inc. *		(128,690	)	$	(3,294,464	)
Tiger Telematics, Inc. *		(6,510	)		(7	)
TigerLogic Corp. * D		(96,490	)		(196,840	)
Tower Semiconductor Ltd. *		(514,365	)		(355,426	)
Ultimate Software Group, Inc., (The) *		(27,015	)		(1,791,635	)
Viasat, Inc. *		(43,770	)		(2,071,196	)
VMware, Inc., Class A *		(22,375	)		(2,163,215	)
WorldGate Communications, Inc. * D		(582,655	)		(14,566	)
Xybernaut Corp. * ‡		(34,156	)		0

					(70,427,535	)

Utilities—(0.4%)
Cadiz, Inc. *		(72,010	)		(614,965	)
Clean Energy Fuels Corp. *		(128,775	)		(1,686,945	)

					(2,301,910	)

TOTAL COMMON STOCK (Proceeds $284,503,569)					(268,927,123	)

TOTAL SECURITIES SOLD SHORT —(51.3%) (Proceeds $284,503,569)					(268,927,123	)


	Number of Contracts
OPTIONS WRITTEN—(0.5%)

Aflac, Inc.
Put Options
Expires 01/19/13
Strike Price $30		(1,325	)	(443,875	)
Bank of America
Put Options
Expires 01/19/13
Strike Price $5		(6,870	)	(858,750	)
Goldman Sachs Group, Inc., (The)
Put Options
Expires 01/19/13
Strike Price $105		(157	)	(369,343	)
Groupon, Inc,(The)
Call Options
Expires 07/21/12
Strike Price $15		(4	)	(1,520	)
Groupon, Inc,(The)
Call Options
Expires 01/19/13
Strike Price $20		(481	)	(158,730	)


	Number of Contracts			Value
JPMorgan Chase & Co.
Put Options
Expires 01/19/13
Strike Price $25		(480	)	$	(182,400	)
JPMorgan Chase & Co.
Put Options
Expires 01/19/13
Strike Price $30		(982	)		(579,380	)
Walgreen Co.
Put Options
Expires 01/19/13
Strike Price $30		(705	)		(222,075	)

TOTAL OPTIONS WRITTEN (Premiums received $(3,034,051))					(2,816,073	)

OTHER ASSETS IN EXCESS OF LIABILITIES—53.2%					279,335,849

NET ASSETS—100.0%				$	524,602,876


ADR		—American Depositary Receipt
PLC		—Public Limited Company
144A		—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of November 30, 2011, these securities amounted to $2,163,727 or 0.4% of net assets. These 144A securities have not been deemed illiquid.
*		—Non-income producing.
(a)		—All or a portion of the security is on loan. At November 30, 2011, the market value of securities on loan was $7,388,914 .
†		—Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
††		—Primary risk exposure is equity contracts.
‡		—Security has been valued at fair market value as determined in good faith by or under the direction of The RBB Fund, Inc.’s Board of Directors. As of November 30, 2011, long positions amounted to $2,163,727 or 0.4% of net assets.
D		—Securityhas been deemed illiquid. Less then 0.001% of the Fund’s net assets were reported illiquid by the portfolio manager under the Fund’s policy.

**		Thecost and unrealized appreciation and depreciation in the value of the invest


Aggregate cost	$	521,223,014

Gross unrealized appreciation		38,109,872
Gross unrealized depreciation		(42,322,663	)

Net unrealized depreciation	$	(4,212,791	)

A summary of the inputs used to value the Fund’s investments as of November 30, 2011 is as follows (see Notes to Portfolio of Investments):

The following is a reconciliation of the Fund’s Level 3 investments for which significant unobservable inputs were used to determine fair value.

* Transfers in and/or (out) of Level 3 are recognized as of the actual date of the event or change in circumstances that caused the transfer. The transfer occurred because of lack of observable market data due to decrease in market activity for this security.

The change in unrealized appreciation/(depreciation) related to investments still held at November 30, 2011 was $(205,759).


	Number of Shares		Value
LONG POSITIONS—95.4%
COMMON STOCK—95.4%
Basic Industries—3.9%
Albemarle Corp. †		2,745	$	149,685
Ball Corp.		3,947		138,579
Barrick Gold Corp		6,225		329,178
Crown Holdings, Inc. *		7,142		230,758
Cytec Industries, Inc. †		5,419		255,560
Globe Specialty Metals, Inc. †		16,107		240,478
Graphic Packaging Holding Co. * †		74,393		329,561
Newmont Mining Corp.		4,940		340,267
Reliance Steel & Aluminum Co.		2,335		114,672
Rock-Tenn Co., Class A		4,700		273,775
Sealed Air Corp.		9,696		170,844
Spartech Corp. * †		72,436		308,577
St Barbara Ltd *		38,260		86,169
Yamana Gold, Inc.		5,430		91,387

				3,059,490

Capital Goods—8.5%
3M Co. †		2,120		171,805
Briggs & Stratton Corp.		6,700		100,969
CIRCOR International, Inc.		3,475		112,938
CNH Global NV *		5,905		234,547
Dover Corp. †		2,905		159,688
EnPro Industries, Inc. * †		5,929		198,444
Exelis, Inc. †		6,911		61,784
Honeywell International, Inc. †		14,080		762,432
Hubbell, Inc., Class B		4,012		262,465
Hyundai Mobis		706		187,513
Illinois Tool Works, Inc. †		3,820		173,581
Kennametal, Inc. †		5,490		209,224
Manitowoc Co., Inc., (The)		11,255		124,593
Meggitt PLC		43,644		260,745
Northrop Grumman Corp.		4,255		242,833
PACCAR, Inc.		4,210		170,800
Parker-Hannifin Corp.		2,515		208,192
Precision Castparts Corp. †		1,660		273,485
Raytheon Co.		5,400		246,078
Siemens AG - Sponsored ADR †		5,868		595,074
Stanley Black & Decker, Inc.		4,025		263,356
Thomas & Betts Corp. *		4,073		211,837
TriMas Corp. * †		9,205		187,874
Tyco International Ltd. †		16,000		767,360


	Number of Shares		Value
Capital Goods—(continued)
Volvo AB - Sponsored ADR		21,156	$	240,755
WESCO International, Inc. * †		5,205		265,247

				6,693,619

Communications—5.0%
Comcast Corp., Class A		14,980		339,597
Deutsche Telekom AG		20,675		267,810
Google, Inc., Class A * #		445		266,729
Liberty Media Corp., Inc - Liberty Capital, Class A * †		5,401		411,954
Monster Worldwide, Inc. * †		23,020		168,276
Netease.com, Inc. - ADR *		2,980		134,368
RigNet, Inc. * †		26,400		434,544
Shenandoah Telecommunications Co. †		6,565		72,478
Sohu.Com, Inc. *		4,225		208,884
Time Warner Cable, Inc. †		6,845		413,986
Vodafone Group PLC - Sponsored ADR †		23,135		628,115
Windstream Corp. †		41,935		493,156
Yahoo!, Inc. *		8,650		135,892

				3,975,789

Consumer Durables—1.4%
Goodyear Tire & Rubber Co., (The) * †		20,575		287,844
Hoshizaki Electric Co. Ltd.		9,175		228,429
Johnson Controls, Inc. †		6,120		192,658
Lear Corp		5,382		225,667
LISI		2,394		167,308

				1,101,906

Consumer Non-Durables—6.4%
Anheuser-Busch InBev NV - Sponsored ADR †		10,776		646,560
Coca-Cola Enterprises, Inc. †		22,420		585,610
ConAgra Foods, Inc. †		20,435		516,188
Cott Corp. *		73,115		459,162
Electronic Arts, Inc. * †		9,780		226,798
Guess?, Inc. †		12,965		364,576
Henkel AG & Co. KGaA		5,580		271,798
Kerry Group PLC, Class A *		6,342		236,906
Lorillard, Inc. †		4,030		449,829
Tyson Foods, Inc., Class A †		37,005		745,281
Unilever NV †		16,880		575,777

				5,078,485


	Number of Shares		Value
Consumer Services—18.3%
ANN, Inc. * †		16,697	$	391,712
CBS Corp., Class B †		23,090		601,264
Century Casinos, Inc. *		40,628		95,476
Cinemark Holdings, Inc. †		20,645		404,436
CVS Caremark Corp. †		13,089		508,377
Dun & Bradstreet Corp., (The)		7,255		506,907
eBay, Inc. * †		8,875		262,611
eLong, Inc. - Sponsored ADR		15,510		227,066
Equifax, Inc. †		11,170		414,966
Expedia, Inc.		7,895		219,599
Finish Line, Inc., (The), Class A		12,911		272,164
FTI Consulting, Inc. * †		15,040		645,066
Home Depot, Inc. (The) †		12,630		495,349
IAC/InterActiveCorp.		4,360		182,597
Kohl’s Corp. †		8,588		462,034
Lowe’s Cos., Inc.		19,880		477,319
Macy’s, Inc. †		16,738		541,140
Manpower, Inc. †		11,623		425,750
McGraw-Hill Cos., Inc., (The) †		15,220		649,894
Mecox Lane Ltd. - ADR *		61,560		95,418
Moody’s Corp. †		14,265		495,138
Nordstrom, Inc. †		8,400		380,352
Odyssey Marine Exploration, Inc. *		139,350		355,343
Omnicom Group, Inc. †		11,810		509,838
Robert Half International, Inc. †		18,173		481,403
Staples, Inc.		7,327		105,582
Target Corp. †		10,062		530,267
Time Warner, Inc. †		9,725		338,527
Towers Watson & Co., Class A †		8,933		582,074
Viacom, Inc., Class B †		9,885		442,453
Wal-Mart Stores, Inc. †		6,960		409,944
Walgreen Co.		12,065		406,832
Williams-Sonoma, Inc.		10,415		393,375
WPP PLC		42,770		448,240
Wright Express Corp. *		10,970		575,706
Xylem Inc		5,616		134,222

				14,468,441

Energy—5.1%
Canadian Natural Resources Ltd.		7,860		293,571
EnerSys *		7,686		184,848
EOG Resources, Inc. †		6,348		658,542
Epsilon Energy Ltd *		73,330		194,118


	Number of Shares		Value
Energy—(continued)
Exxon Mobil Corp.		6,650	$	534,926
Noble Energy, Inc. † #		4,925		484,571
Occidental Petroleum Corp. †		3,200		316,480
Rosetta Resources, Inc. * †		6,799		369,458
Royal Dutch Shell PLC ADR		5,570		389,900
SM Energy Co.		5,960		473,760
Xtreme Coil Drilling Corp. *		35,085		90,813

				3,990,987

Finance—18.0%
ACE Ltd. †		6,511		452,710
American Express Co. †		5,070		243,563
Barclays PLC - Sponsored ADR †		29,824		347,450
Berkshire Hathaway, Inc., Class B * †		5,895		464,290
Capital One Financial Corp. †		15,460		690,444
Citigroup, Inc. †		24,051		660,921
Comerica, Inc. †		21,885		551,940
Discover Financial Services †		22,113		526,732
East West Bancorp, Inc.		21,525		421,244
Fifth Third Bancorp †		63,250		764,693
Goldman Sachs Group, Inc., (The) †		4,510		432,329
Huntington Bancshares, Inc.		101,640		533,610
JPMorgan Chase & Co. †		23,382		724,141
Marsh & McLennan Cos., Inc. †		15,190		458,586
MetLife, Inc. †		12,014		378,201
Morgan Stanley †		23,215		343,350
PNC Financial Services Group, Inc. †		11,295		612,302
Raymond James Financial, Inc. †		24,005		715,589
SLM Corp. †		46,043		593,034
State Street Corp. †		10,557		418,585
SunTrust Banks, Inc.		25,685		465,669
TD Ameritrade Holding Corp. †		35,195		573,327
Torchmark Corp. †		10,345		440,594
Travelers Cos., Inc., (The)		7,820		439,875
US Bancorp †		25,795		668,606
Validus Holdings Ltd.		15,290		460,076
Wells Fargo & Co. †		32,828		848,932

				14,230,793

Health Care—9.5%
AmerisourceBergen Corp. †		10,910		405,307
Amgen, Inc. †		5,777		334,546
Bayer AG - Sponsored ADR †		2,845		186,945


	Number of Shares		Value
Health Care—(continued)
CareFusion Corp. * †		12,803	$	317,258
Covidien PLC †		7,064		321,765
DaVita, Inc. * †		6,680		508,882
Exactech, Inc. *		12,544		189,540
Express Scripts, Inc. *		11,915		543,920
Hologic, Inc. *		9,434		166,133
Humana, Inc. †		4,735		419,900
ICON PLC, Sponsored ADR *		13,429		228,427
Johnson & Johnson †		4,655		301,272
McKesson Corp. †		5,565		452,490
Omnicare, Inc. †		14,145		461,268
PAREXEL International Corp. *		8,497		170,365
Pfizer, Inc. †		20,340		408,224
Quest Diagnostics, Inc. †		7,530		441,710
Roche Holding AG - Sponsored ADR †		7,290		289,486
Sanofi		6,534		228,755
Stryker Corp. †		4,453		217,440
UnitedHealth Group, Inc.		9,800		477,946
WellPoint, Inc.		5,940		419,067

				7,490,646

Technology—18.1%
Accenture PLC, Class A †		8,157		472,535
Alliance Data Systems Corp. * †		1,900		194,579
Amdocs Ltd. * †		20,990		592,758
Analog Devices, Inc. †		10,241		357,001
Apple, Inc. * †		1,870		714,714
Arrow Electronics, Inc. * †		15,162		554,323
Avnet, Inc. * †		13,270		395,313
BMC Software, Inc. *		11,555		412,051
CA, Inc. †		20,393		432,332
CACI International, Inc., Class A * †		6,695		377,464
CDC Software Corp. - ADR * ‡		54,213		101,920
CGI Group, Inc., Class A * †		18,220		335,795
Cisco Systems, Inc.		32,195		600,115
CSR PLC - ADR *		5,806		62,647
EMC Corp. * †		31,362		721,640
Flextronics International Ltd. * †		85,684		511,533
Generac Holdings, Inc. * †		13,395		335,813
Harris Corp. †		16,380		583,128
Hewlett-Packard Co. †		11,972		334,617
Ingram Micro, Inc., Class A * †		40,420		727,964


	Number of Shares			Value
Technology—(continued)
International Business Machines Corp.		1,528		$	287,264
ITT Corp * †		2,325			46,895
Microsoft Corp. †		26,020			665,592
Oracle Corp. †		24,557			769,862
Seagate Technology PLC		27,060			462,726
STMicroelectronics NV †		42,913			271,639
Symantec Corp. * †		24,633			402,750
TE Connectivity Ltd. †		6,530			207,066
TeleTech Holdings, Inc. *		11,467			201,934
Texas Instruments, Inc. †		16,460			495,446
United Technologies Corp.		1,880			144,008
Western Digital Corp. * †		18,110			526,458
Western Union Co., (The) †		18,260			318,454
Xerox Corp. †		85,848			699,648

					14,317,984

Transportation—0.7%
UTi Worldwide, Inc.		32,395			504,066

					504,066

Utilities—0.5%
AES Corp., (The) *		11,675			141,034
PG&E Corp.		3,855			149,728
SemGroup Corp., Class A * †		3,105			87,406

					378,168

TOTAL COMMON STOCKS (Cost $75,931,828)					75,290,374

TOTAL LONG POSITIONS—95.4% (Cost $75,931,828)**					75,290,374

SECURITIES SOLD SHORT—(36.1%)
COMMON STOCK—(36.1%)
Basic Industries—(0.9%)
AMETEK, Inc.		(2,735	)		(117,167	)
Bemis Co., Inc.		(4,599	)		(135,625	)
Haynes International, Inc. †		(1,225	)		(73,451	)
Seabridge Gold, Inc. *		(3,964	)		(90,340	)
Sun Hydraulics Corp.		(3,155	)		(79,380	)
Tennant CO		(2,225	)		(93,406	)
Texas Industries, Inc.		(5,919	)		(149,928	)

					(739,297	)

Capital Goods—(3.5%)
AAON, Inc.		(4,575	)		(100,238	)
Acuity Brands, Inc.		(4,986	)		(250,547	)
Donaldson Co., Inc.		(1,670	)		(114,145	)
Eldorado Gold Corp		(6,000	)		(108,947	)


	Number of Shares			Value
Capital Goods—(continued)
Graco, Inc.		(2,007	)	$	(86,281	)
HomeAway, Inc. *		(2,740	)		(71,678	)
KEYW Holding Corp., (The) *		(7,093	)		(57,666	)
Kubota Corp. - Sponsored ADR		(2,415	)		(108,675	)
Lindsay Corp.		(1,740	)		(98,293	)
Manitex International, Inc. *		(11,110	)		(48,440	)
Middleby Corp., (The) *		(2,976	)		(271,649	)
National Presto Industries, Inc.		(1,495	)		(141,233	)
Nordson Corp.		(1,485	)		(69,884	)
Otter Tail Corp.		(3,070	)		(66,558	)
PMFG, Inc. *		(4,395	)		(101,876	)
RTI International Metals, Inc. *		(6,725	)		(183,593	)
Simpson Manufacturing Co., Inc.		(8,207	)		(271,652	)
Titan Machinery, Inc. *		(3,390	)		(73,563	)
Trex Co., Inc. *		(4,665	)		(104,169	)
Twin Disc, Inc.		(3,500	)		(148,400	)
Vulcan Materials Co.		(4,427	)		(143,612	)
Watsco, Inc.		(1,753	)		(111,316	)

					(2,732,415	)

Communications—(3.8%)
AMC Networks, Inc. *		(10,025	)		(360,900	)
Ancestry.com, Inc. *		(1,640	)		(38,884	)
Calix, Inc. *		(27,680	)		(249,674	)
Cbeyond, Inc. *		(23,025	)		(170,615	)
Cincinnati Bell, Inc. *		(80,175	)		(235,715	)
Cogent Communications Group, Inc. *		(6,815	)		(115,923	)
Equinix, Inc. *		(3,600	)		(360,072	)
Frontier Communications Corp		(20,120	)		(115,086	)
Level 3 Communications, Inc. *		(15,430	)		(318,012	)
LinkedIn Corp., Class A *		(565	)		(37,250	)
NII Holdings, Inc. *		(3,325	)		(76,508	)
Oclaro, Inc. *		(40,650	)		(126,422	)
OpenTable, Inc. *		(1,200	)		(42,444	)
Qihoo 360 Technology Co., Ltd. - ADR *		(5,085	)		(83,496	)
Rackspace Hosting, Inc. *		(5,559	)		(241,149	)
Sprint Nextel Corp. *		(47,960	)		(129,492	)
Tata Communications Ltd. - ADR		(18,420	)		(136,124	)
tw telecom, Inc. *		(11,170	)		(209,884	)

					(3,047,650	)

Consumer Durables—(1.8%)
Elekta AB, B Shares		(3,665	)		(155,275	)
Ethan Allen Interiors, Inc.		(12,620	)		(256,186	)


	Number of Shares			Value
Consumer Durables—(continued)
KB Home		(27,000	)	$	(198,180	)
LKQ Corp. *		(7,430	)		(226,838	)
Sherwin-Williams Co., (The)		(1,754	)		(152,300	)
Vera Bradley, Inc. *		(7,305	)		(280,512	)
Whirlpool Corp.		(3,883	)		(190,500	)

					(1,459,791	)

Consumer Non-Durables—(2.9%)
Clorox Co., (The)		(5,045	)		(327,723	)
Flowers Foods, Inc.		(16,259	)		(321,440	)
Green Mountain Coffee Roasters, Inc. *		(4,445	)		(233,051	)
K-Swiss, Inc., Class A *		(56,010	)		(159,068	)
Luxottica Group SPA - Sponsored ADR		(8,909	)		(254,530	)
LVMH Moet Hennessy Louis Vuitton SA - Unsponsored ADR		(9,165	)		(287,506	)
Majesco Entertainment Co. *		(72,885	)		(202,620	)
Tootsie Roll Industries, Inc.		(15,510	)		(373,946	)
WMS Industries, Inc. *		(5,092	)		(106,779	)

					(2,266,663	)

Consumer Services—(8.1%)
Amazon.com, Inc. *		(455	)		(87,492	)
Angie’s List, Inc. *		(6,900	)		(79,730	)
AutoNation, Inc. *		(4,289	)		(154,876	)
Blue Nile, Inc. *		(10,250	)		(389,398	)
Buffalo Wild Wings, Inc. *		(5,575	)		(359,476	)
Cenveo, Inc. *		(69,070	)		(210,664	)
Churchill Downs, Inc.		(2,636	)		(127,951	)
Clean Harbors, Inc. *		(822	)		(49,295	)
Concur Technologies, Inc. *		(5,609	)		(264,913	)
Ctrip.Com International Ltd - ADR *		(1,925	)		(52,360	)
Fresh Market, Inc., (The) *		(9,380	)		(367,977	)
Iron Mountain, Inc.		(7,552	)		(229,354	)
Old Dominion Freight Line, Inc. *		(5,000	)		(194,050	)
Pegasystems, Inc.		(6,619	)		(191,157	)
Pool Corp.		(3,465	)		(105,683	)
Red Robin Gourmet Burgers, Inc. *		(12,475	)		(331,586	)
Regal Entertainment Group, Class A		(26,460	)		(377,055	)
Ritchie Bros. Auctioneers, Inc.		(16,181	)		(332,843	)
Rollins, Inc.		(18,121	)		(402,286	)
Shutterfly, Inc. *		(2,040	)		(55,243	)


	Number of Shares			Value
Consumer Services—(continued)
Sinclair Broadcasting Group, Inc., Class A		(36,620	)	$	(378,651	)
Sonic Corp. *		(44,408	)		(313,520	)
Sturm Ruger & Co., Inc.		(3,486	)		(112,110	)
Sysco Corp.		(7,955	)		(227,036	)
Texas Roadhouse, Inc.		(24,406	)		(326,796	)
United Natural Foods, Inc. *		(8,497	)		(325,690	)
Vail Resorts, Inc.		(2,073	)		(92,249	)
Winn-Dixie Stores, Inc. *		(42,584	)		(235,490	)

					(6,374,931	)

Energy—(2.7%)
Apco Oil and Gas International, Inc.		(1,082	)		(85,965	)
Baytex Energy Corp.		(1,385	)		(71,290	)
C&J Energy Services, Inc. *		(2,500	)		(49,100	)
Chesapeake Energy Corp.		(9,070	)		(229,834	)
Concho Resources, Inc. *		(1,900	)		(193,078	)
Continental Resources, Inc. *		(3,129	)		(220,876	)
Core Laboratories NV		(1,630	)		(189,162	)
Crescent Point Energy Corp.		(5,925	)		(257,634	)
EXCO Resources, Inc.		(6,025	)		(71,758	)
Forest Oil Corp. *		(11,465	)		(183,899	)
Gasfrac Energy Services, Inc. *		(9,790	)		(74,292	)
Range Resources Corp.		(1,345	)		(96,450	)
Resolute Energy Corp. *		(15,205	)		(206,028	)
RPC, Inc.		(4,912	)		(95,882	)
Southwestern Energy Co. *		(2,925	)		(111,296	)

					(2,136,544	)

Exchange Traded Funds—(0.3%)
iPath Dow Jones-UBS Copper Subindex Total Return ETN *		(2,465	)		(113,390	)
SPDR Gold Shares *		(685	)		(116,539	)

					(229,929	)

Finance—(4.5%)
China Ceramics Co., Ltd. *		(19,990	)		(54,973	)
City National Corp.		(2,950	)		(125,139	)
CVB Financial Corp.		(21,814	)		(214,432	)
First Cash Financial Services, Inc. *		(4,000	)		(145,200	)
FirstMerit Corp.		(3,470	)		(50,697	)
Gain Capital Holdings, Inc.		(33,200	)		(221,444	)
Glacier Bancorp, Inc.		(19,430	)		(233,354	)
Greenhill & Co., Inc.		(1,220	)		(47,043	)
Hancock Holding Co.		(5,328	)		(162,690	)


	Number of Shares			Value
Finance—(continued)
Iberiabank Corp.		(4,922	)	$	(245,214	)
KBW, Inc.		(9,220	)		(125,669	)
MB Financial, Inc.		(6,673	)		(113,308	)
Republic Bancorp, Inc., Class A		(3,963	)		(84,016	)
Royal Bank of Canada		(3,811	)		(175,268	)
TCF Financial Corp.		(19,035	)		(191,492	)
Textainer Group Holdings Ltd.		(8,750	)		(237,125	)
Tompkins Financial Corp.		(5,233	)		(209,843	)
Toronto-Dominion Bank, (The)		(2,355	)		(166,993	)
UMB Financial Corp.		(5,061	)		(180,678	)
Valley National Bancorp		(12,573	)		(148,361	)
Westamerica Bancorporation		(5,354	)		(245,802	)
World Acceptance Corp. *		(2,475	)		(169,835	)

					(3,548,576	)

Health Care—(1.4%)
AstraZeneca PLC - Sponsored ADR		(1,274	)		(58,579	)
athenahealth, Inc. *		(5,870	)		(348,678	)
IDEXX Laboratories, Inc. *		(1,779	)		(133,763	)
Lundbeck (H.) A/S		(4,641	)		(89,649	)
Orion OYJ, Class B		(4,480	)		(90,899	)
Stericycle, Inc. *		(3,572	)		(289,403	)
STERIS Corp.		(4,181	)		(125,723	)

					(1,136,694	)

Technology—(5.6%)
Alvarion Ltd. *		(125,289	)		(106,496	)
Aspen Technology, Inc. *		(14,867	)		(265,376	)
Aviat Networks, Inc. *		(51,120	)		(89,971	)
Ciena Corp. *		(13,955	)		(168,995	)
Cirrus Logic, Inc. *		(17,128	)		(279,015	)
CSR PLC		(22,318	)		(61,276	)
Dassault Systemes SA		(3,091	)		(252,111	)
First Solar, Inc. *		(2,068	)		(98,974	)
Infinera Corp. *		(28,040	)		(193,476	)
Itron, Inc. *		(6,143	)		(217,646	)
Logitech International SA *		(19,141	)		(157,913	)
Marchex, Inc., Class B		(9,210	)		(63,641	)
National Instruments Corp.		(10,950	)		(287,985	)
NetSuite, Inc. *		(9,296	)		(376,860	)
Red Hat, Inc. *		(6,767	)		(338,891	)
Salesforce.com, Inc. *		(2,023	)		(239,564	)
Skyworks Solutions, Inc. *		(14,662	)		(239,137	)
Syntel, Inc.		(7,178	)		(343,396	)
Total Systems Services, Inc.		(4,675	)		(93,687	)


	Number of Shares			Value
Technology—(continued)
Tri-Tech Holding, Inc. *		(18,180	)	$	(70,538	)
VMware, Inc., Class A *		(2,487	)		(240,443	)
Wipro Ltd. - ADR		(21,303	)		(204,509	)

					(4,389,900	)

Transportation—(0.2%)
CH Robinson Worldwide, Inc.		(2,284	)		(156,477	)

Utilities—(0.4%)
Aqua America, Inc.		(3,603	)		(78,906	)
Consolidated Edison, Inc.		(1,449	)		(86,100	)
NextEra Energy, Inc.		(618	)		(34,262	)
Wisconsin Energy Corp.		(1,263	)		(41,906	)
Xcel Energy, Inc.		(1,875	)		(49,290	)

					(290,464	)

TOTAL COMMON STOCK (Proceeds $29,726,643)					(28,509,331	)

TOTAL SECURITIES SOLD SHORT—(36.1%) (Proceeds $29,726,643)					(28,509,331	)


	Number of Contracts
OPTIONS WRITTEN—(0.1%)
Google, Inc. Call Options Expires 06/16/12 Strike Price $700		(4	)		(7,800	)
Noble Energy, Inc. Call Options Expires 01/12/12 Strike Price $100		(37	)		(16,650	)

TOTAL OPTIONS WRITTEN (Premiums received $17,993)					(24,450	)

OTHER ASSETS IN EXCESS OF LIABILITIES—40.8%					32,181,349

NET ASSETS—100.0%				$	78,937,942


ADR	—	American Depositary Receipt
PLC	—	Public Limited Company
*	—	Non-income producing.
†	—	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
#	—	Security segregated as collateral for options written.
‡	—	Security has been valued at fair market value as determined in good faith by or under the direction of The RBB Fund, Inc.’s Board of Directors. As of November 30, 2011, Long postions amounted to $101,920 or 0.1% of net assets.
††	—	Primary risk exposure is equity contracts.

A summary of the inputs used to value the Fund’s investments as of November 30, 2011 is as follows (see Notes to Portfolio of Investments):

The following is a reconciliation of the Fund’s Level 3 investments for which significant unobservable inputs were used to determine fair value.

** Transfers in and/or (out) of Level 3 are recognized as of the actual date of the event or change in circumstances that caused the transfer. The transfer occurred because of lack of observable market data due to decrease in market activity for this security. The change in unrealized appreciation/(depreciation) related to investments still held at November 30, 2011 was $0.


	Number of Shares		Value
COMMON STOCK—95.5%
Basic Industries—0.3%
Ball Corp.		22,190	$	779,091

Capital Goods—5.6%
Actuant Corp., Class A		39,015		894,224
Dover Corp.		28,055		1,542,183
Illinois Tool Works, Inc.		66,880		3,039,027
Ingersoll-Rand PLC		51,390		1,702,037
Parker-Hannifin Corp.		30,432		2,519,161
Stanley Black & Decker, Inc.		19,175		1,254,620
Tyco International Ltd.		32,190		1,543,832
Volvo AB - Sponsored ADR		105,680		1,202,638

				13,697,722

Communications—2.2%
Monster Worldwide, Inc. *		52,835		386,224
Vodafone Group PLC - Sponsored ADR		179,118		4,863,054

				5,249,278

Consumer Durables—0.5%
Thor Industries, Inc.		34,480		834,416
Tower International, Inc. * (a)		34,981		371,498

				1,205,914

Consumer Non-Durables—6.4%
Electronic Arts, Inc. *		134,825		3,126,592
Jones Group, Inc. (The)		112,960		1,225,616
Mattel, Inc.		123,315		3,552,705
Matthews International Corp., Class A		17,440		578,485
PepsiCo, Inc.		72,620		4,647,680
Philip Morris International, Inc.		32,165		2,452,260

				15,583,338

Consumer Services—17.0%
Carnival Corp		37,260		1,237,032
CEC Entertainment, Inc.		23,030		775,650
eBay, Inc. *		97,620		2,888,576
Equifax, Inc.		59,570		2,213,025
Expedia, Inc. #		115,433		3,210,769
HSN, Inc. #		20,785		744,103
IAC/InterActiveCorp.		39,305		1,646,093
Kohl’s Corp.		82,386		4,432,367
Manpower, Inc.		71,180		2,607,323
Men’s Wearhouse, Inc., (The)		24,235		674,460
Omnicom Group, Inc.		69,230		2,988,659
Pantry, Inc. (The) *		16,060		198,662
Regis Corp.		119,850		1,943,967
Rent-A-Center, Inc. #		76,165		2,738,132


	Number of Shares		Value
Consumer Services—(continued)
Target Corp.		79,385	$	4,183,590
Towers Watson & Co., Class A		34,275		2,233,359
Viacom, Inc., Class B		53,825		2,409,207
Wal-Mart Stores, Inc.		24,325		1,432,743
Walt Disney Co. (The)		31,745		1,138,058
Wright Express Corp. *		29,920		1,570,202

				41,265,977

Energy—9.7%
Apache Corp.		11,225		1,116,214
Canadian Natural Resources Ltd.		32,155		1,200,668
Chevron Corp.		28,755		2,956,589
EOG Resources, Inc.		50,340		5,222,272
Exxon Mobil Corp.		32,160		2,586,950
Occidental Petroleum Corp.		47,370		4,684,893
PetroBakken Energy Ltd., Class A (a)		46,230		450,160
Royal Dutch Shell PLC ADR		53,935		3,775,450
SM Energy Co.		18,140		1,441,949

				23,435,145

Finance—23.1%
ACE Ltd.		35,915		2,497,170
Alleghany Corp. * (a)		6,792		1,956,096
Axis Capital Holdings Ltd.		40,500		1,293,165
BB&T Corp.		126,140		2,922,664
Bond Street Holdings, Inc.
Class A 144A ‡ *		63,670		1,452,313
Capital One Financial Corp.		71,065		3,173,763
Citigroup, Inc. #		106,802		2,934,919
Federated Investors, Inc., Class B		56,805		901,495
Fifth Third Bancorp		144,465		1,746,582
First Southern Bancorp, Inc. Class B 144A * ‡		17,550		170,937
Flagstone Reinsurance Holdings S.A.		82,155		672,028
Hanover Insurance Group, Inc., (The)		26,490		955,759
Hercules Technology Growth Capital, Inc.		64,365		607,606
Huntington Bancshares, Inc.		284,275		1,492,444
J.G. Wentworth, Inc. D * ‡ ±		—		0
JPMorgan Chase & Co.		196,035		6,071,204
Loews Corp.		92,834		3,567,611
Maiden Holdings Ltd.		33,620		292,494
MetLife, Inc.		92,495		2,911,743


	Number of Shares		Value
Finance—(continued)
NBH Holdings Corp., Class A 144A * ‡		40,025	$	649,205
Peoples Choice Financial Corp. 144A * D ‡		1,465		0
Raymond James Financial, Inc.		39,720		1,184,053
SLM Corp.		166,590		2,145,679
Solar Cayman Ltd. 144A *		19,375		0
State Street Corp.		57,905		2,295,933
Torchmark Corp.		29,835		1,270,673
Travelers Cos., Inc., (The)		64,165		3,609,281
Unum Group		59,601		1,341,619
Validus Holdings Ltd.		57,289		1,723,826
Wells Fargo & Co.		144,990		3,749,441
White Mountains Insurance Group Ltd.		6,110		2,593,084

				56,182,787

Health Care—15.5%
AmerisourceBergen Corp.		19,220		714,023
Amgen, Inc.		91,975		5,326,272
Becton, Dickinson & Co.		18,560		1,369,357
Cardinal Health, Inc.		39,425		1,673,985
CareFusion Corp. *		40,220		996,652
Covidien PLC		63,040		2,871,472
Hologic, Inc. *		41,655		733,545
Humana, Inc.		36,490		3,235,933
Johnson & Johnson		65,440		4,235,277
McKesson Corp.		37,340		3,036,115
Medtronic, Inc.		34,770		1,266,671
Pfizer, Inc.		429,811		8,626,307
UnitedHealth Group, Inc.		38,610		1,883,010
WellPoint, Inc.		23,520		1,659,336

				37,627,955

Real Estate Investment Trusts—0.6%
Ashford Hospitality Trust, Inc. (a)		51,620		410,895
Colony Financial, Inc.		54,430		805,564
Terreno Realty Corp.		12,095		154,816
TMST, Inc. *		191,097		0

				1,371,275

Technology—14.3%
Amdocs Ltd. *		57,570		1,625,777
Arrow Electronics, Inc. *		33,354		1,219,422
Avnet, Inc. *		50,535		1,505,438
BancTec, Inc., 144A (a) * ‡		15,732		38,858
BMC Software, Inc. *		18,340		654,004


	Number of Shares		Value
Technology—(continued)
CA, Inc.		115,430	$	2,447,116
Dun & Bradstreet Corp., (The)		17,925		1,252,420
Flextronics International Ltd. *		420,986		2,513,286
Heartland Payment Systems, Inc.		33,775		761,626
International Business Machines Corp.		20,015		3,762,820
Lexmark International, Inc., Class A		36,735		1,229,153
Microsemi Corp. *		36,575		649,572
Microsoft Corp.		168,410		4,307,928
Oracle Corp. #		127,485		3,996,655
Seagate Technology PLC		78,215		1,337,476
TE Connectivity Ltd.		122,275		3,877,340
Texas Instruments, Inc.		40,320		1,213,632
Western Union Co., (The)		136,910		2,387,710

				34,780,233

Utilities—0.3%
SemGroup Corp., Class A *		29,640		834,366

TOTAL COMMON STOCK (Cost $232,275,544)				232,013,081

PREFERRED STOCK—0.0%
Finance—0.0%
First Southern Bancorp, Inc.,144A 5.000% ‡		30		66,452

TOTAL PREFERRED STOCK (Cost $30,000)				66,452

INVESTMENT COMPANY—0.1%
Finance—0.1%
THL Credit, Inc.		25,785		309,420

				309,420

TOTAL INVESTMENT COMPANY (Cost $333,960)				309,420


	Par (000)		Value
CORPORATE BONDS—0.0%
MBIA Insurance Corp. 144A† ##
14.00% 01/15/33		151		63,420

TOTAL CORPORATE BONDS (Cost $149,007)				63,420


	Number of Shares			Value
SECURITIES LENDING COLLATERAL—1.1%
BlackRock Liquidity Fund		2,613,655		$	2,613,655

TOTAL SECURITIES LENDING COLLATERAL (Cost $2,613,655)					2,613,655

TOTAL INVESTMENTS—96.7% (Cost $235,402,166)**					235,066,028

	Number of Contracts
OPTIONS WRITTEN—0.0%
Citigroup, Inc. Call Options Expires 01/21/12 Strike Price $4		(1,640	)		(1,640	)
Citigroup, Inc. Call Options Expires 01/19/13 Strike Price $6		(2,714	)		(5,428	)
Expedia, Inc. Call Options Expires 01/21/12 Strike Price $35		(352	)		(3,520	)
HSN, Inc. Call Options Expires 12/17/11 Strike Price $40		(207	)		(1,035	)
Oracle Corp. Call Options Expires 01/21/12 Strike Price $35		(1,036	)		(30,044	)
Rent-A-Center Call Options Expires 12/21/11 Strike Price $35		(392	)		(60,760	)

TOTAL OPTIONS WRITTEN (Premiums received $(484,798))					(102,427	)

OTHER ASSETS IN EXCESS OF LIABILITIES—3.3%					8,021,561

NET ASSETS—100.0%				$	242,985,162


ADR	—	American Depositary Receipt
PLC	—	Public Limited Company
144A	—	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of November 30, 2011, these securities amounted to $2,441,185 or 1.00% of net assets. These 144A securities have not been deemed illiquid.
*	—	Non-income producing.
‡	—	Security has been valued at fair market value as determined in good faith by or under the direction of The RBB Fund, Inc.’s Board of Directors. As of November 30, 2011, these securities amounted to $2,377,765 or 1.0% of net assets.
±	—	Total shares owned by the Fund as of November 30, 2011 were less than one share.


†	—	Adjustable rate security.
#	—	Security segregated as collateral for options written.
##	—	Callable security.
(a)	—	All or a portion of the security is on loan. At November 30, 2011, the market value of the securities on loan was $2,540,956
D	—	Security has been deemed illiquid. Less than 0.1% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy.
††	—	Primary risk exposure is equity contracts.
**	—	The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a federal income tax basis, are as follows:


Aggregate cost	$	235,402,166

Gross unrealized appreciation		15,458,854
Gross unrealized depreciation		(15,794,992	)

Net unrealized depreciation	$	(336,138	)

A summary of the inputs used to value the Fund’s investments as of November 30, 2011 is as follows (see Notes to Portfolio of Investments):

The following is a reconciliation of the Fund’s Level 3 investments for which significant unobservable inputs were used to determine fair value

* Transfers in and/or (out) of Level 3 are recognized as of the actual date of the event or change in circumstances that caused the transfer.

The change in unrealized appreciation/(depreciation) related to investments still held at November 30, 2011 was $114,875.


	Number of Shares		Value

COMMON STOCK—98.3%
Basic Industries—1.6%
GrafTech International Ltd. *		6,200	$	89,528
OM Group, Inc. *		8,800		200,200
Schweitzer-Mauduit International, Inc.		3,400		242,148

				531,876

Capital Goods—13.2%
Columbus McKinnon Corp. *		36,100		453,416
Flow International Corp. *		34,020		89,132
Global Power Equipment Group, Inc. *		10,900		253,752
Globe Specialty Metals, Inc.		27,900		416,547
Horsehead Holding Corp. *		50,400		468,216
ICF International, Inc. *		11,000		285,340
Matrix Service Co. *		31,800		297,648
Orion Marine Group, Inc. *		35,530		213,535
RTI International Metals, Inc. *		4,300		117,390
Trinity Industries, Inc.		7,400		211,492
Tutor Perini Corp. *		41,100		677,739
Wabash National Corp. *		140,600		1,032,004

				4,516,211

Communications—2.6%
Digital River, Inc. *		11,900		190,281
Fairpoint Communications, Inc. (a)*		27,380		130,055
Neutral Tandem, Inc. *		37,700		407,537
Saba Software, Inc. *		23,700		159,975

				887,848

Consumer Durables—2.4%
La-Z-Boy, Inc. *		20,100		198,990
Libbey, Inc. *(a)		50,200		609,930

				808,920

Consumer Non-Durables—3.1%
Brown Shoe Co., Inc. (a)		40,800		342,312
Chiquita Brands International, Inc. *		48,600		403,866
Dole Food Co., Inc. *		7,600		64,220
Jones Group, Inc. (The)		23,500		254,975

				1,065,373

Consumer Services—15.8%
ABM Industries, Inc.		16,000		347,680
AMN Healthcare Services, Inc. *		34,410		157,942
Body Central Corp. *		8,200		175,316
Casual Male Retail Group, Inc. *		67,180		216,991


	Number of Shares		Value

Consumer Services—(continued)
Corrections Corp. of America *		7,100	$	149,100
Cross Country Healthcare, Inc. *		11,200		57,904
FTI Consulting, Inc. *(a)		7,800		334,542
Geo Group, Inc., (The) *		59,700		1,056,690
Hackett Group, Inc. (The) *		100,010		378,038
MDC Partners, Inc., Class A		32,900		477,050
Navigant Consulting, Inc. *		54,100		609,707
New Frontier Media, Inc. *		19,590		21,353
Pantry, Inc. (The) *		14,790		182,952
Penske Automotive Group, Inc. (a)		11,300		229,277
Providence Service Corp. *		48,460		567,467
TMS International Corp.,Class A *		45,300		453,000

				5,415,009

Energy—3.3%
Approach Resources, Inc. *(a)		18,600		581,808
BPZ Resources, Inc. *		23,600		75,284
Energy Partners Ltd. *		17,900		247,378
GeoMet, Inc. *		71,270		76,259
Global Geophysical Services, Inc. *		3,150		21,924
Newpark Resources, Inc. *		16,260		145,690

				1,148,343

Finance—21.7%
A.B. Watley Group, Inc., 144A *D		93,855		258
Alterra Capital Holdings Ltd.		13,700		314,415
Boston Private Financial Holdings, Inc.		78,700		611,499
CNO Financial Group, Inc. *		72,700		459,464
Delphi Financial Group, Inc., Class A		12,500		343,750
Encore Bancshares, Inc. *(a)		21,460		258,915
ESSA Bancorp, Inc.		12,320		136,875
FBR & Co. *(a)		118,530		224,022
Global Indemnity PLC *		20,830		392,437
Great American Group, Inc. *		76,190		15,733
Home Bancshares, Inc.		17,800		442,508
Maiden Holdings Ltd.		62,100		540,270
Meadowbrook Insurance Group, Inc.		70,200		716,040
Nelnet, Inc., Class A		15,030		344,337
Ocwen Financial Corp. *		40,200		529,434
OmniAmerican Bancorp, Inc. *		2,900		42,920
SCBT Financial Corp.		8,700		247,776


	Number of Shares		Value

Finance—(continued)
Simmons First National Corp., Class A		9,400	$	249,100
United Financial Bancorp, Inc.		10,280		173,424
Validus Holdings Ltd.		12,000		361,080
ViewPoint Financial Group		29,710		381,476
Western Alliance Bancorp *		62,770		394,823
WSFS Financial Corp.		7,560		276,242

				7,456,798

Health Care—6.7%
Accuray, Inc. *		50,900		204,109
Alere, Inc. *		18,200		425,698
eResearch Technology, Inc. *		82,400		377,392
ICU Medical, Inc. *		3,150		138,632
Medical Action Industries, Inc. *		47,400		225,150
Natus Medical, Inc. *		42,400		354,888
Symmetry Medical, Inc. *		27,830		217,909
Teleflex, Inc.		5,600		340,928

				2,284,706

Real Estate Investment Trusts—9.5%
American Campus Communities, Inc.		3,300		129,822
American Capital Agency Corp.		15,500		444,695
Campus Crest Communities, Inc. (a)		53,200		536,256
Chatham Lodging Trust		8,500		91,035
CreXus Investment Corp.		40,500		395,280
Government Properties Income Trust		11,900		258,825
Highwoods Properties, Inc. (a)		10,810		311,760
Kennedy-Wilson Holdings, Inc. (a)		53,010		586,291
Lexington Realty Trust (a)		45,690		346,330
Starwood Property Trust, Inc.		9,550		170,372

				3,270,666

Technology—6.2%
Aeroflex Holding Corp. *		51,600		497,424
CDC Software Corp. - ADR *‡		66,220		124,494
CIBER, Inc. *		145,400		601,956
Digi International, Inc. *		40,100		440,699
Plantronics, Inc.		7,300		251,558
Spectrum Brands Holdings, Inc. *		6,900		193,338

				2,109,469

Transportation—9.0%
Air Transport Services Group, Inc. *		50,300		243,452


	Number of Shares		Value

Transportation—(continued)
Alaska Air Group, Inc. *		2,900	$	201,318
Hawaiian Holdings, Inc. *		81,590		485,461
Rand Logistics, Inc. *		14,600		94,170
Scorpio Tankers, Inc. *		93,000		619,380
Spirit Airlines, Inc. *(a)		56,600		912,958
Swift Transportation Co. *		29,900		254,748
US Airways Group, Inc. *		61,650		290,988

				3,102,475

Utilities—3.2%
Aegean Marine Petroleum Network, Inc.		83,000		374,330
Cadiz, Inc. *(a)		25,910		221,271
Portland General Electric Co.		6,410		160,571
StealthGas, Inc. *		24,700		95,095
UIL Holdings Corp. (a)		4,500		156,780
Vectren Corp.		3,500		101,850

				1,109,897

TOTAL COMMON STOCK (Cost $33,843,597)				33,707,591

PREFERRED STOCK—0.3%
Energy—0.3%
GeoMet, Inc., Series A *		8,803		95,513

TOTAL PREFERRED STOCK (Cost $77,893)				95,513

INVESTMENT COMPANY—0.6%
Finance—0.6%
THL Credit, Inc.		18,100		217,200

TOTAL INVESTMENT COMPANY (Cost $227,668)				217,200

SECURITIES LENDING COLLATERAL—10.0%
BlackRock Liquidity Fund		3,435,447		3,435,447

TOTAL SECURITIES LENDING COLLATERAL (Cost $3,435,447)				3,435,447

TOTAL INVESTMENTS—109.2% (Cost $37,584,605)**				37,455,751

LIABILITIES IN EXCESS OF OTHER ASSETS—(9.2)%				(3,150,137	)

NET ASSETS—100.0%			$	34,305,614


144A		—		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of November 30, 2011, these securities amounted to $258 or 0.001% of net assets. These 144A securities have not been deemed illiquid.


ADR	—	American Depositary Receipt
PLC	—	Public Limited Company
*	—	Non-income Producing
‡	—	Security has been valued at fair market value as determined in good faith by or under the direction of The RBB Fund, Inc.’s Board of Directors. As of November 30, 2011, this security amounted to $124,494 or 0.4% of net assets.
(a)	—	All or a portion of the security is on loan. At November 30, 2011, the market value of securities on loan was $3,334,185.
D	—	Security has been deemed illiquid. Less than 0.1% of the Fund’s net assets were reported illiquid by the portfolio manager under the Fund’s policy.
**	—	The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a Federal income tax basis, are as follows:


Aggregate Cost	$	37,584,605

Gross unrealized appreciation		3,964,859
Gross unrealized depreciation		(4,093,713	)

Net unrealized depreciation	$	(128,854	)

A summary of the inputs used to value the Fund’s investments as of November 30, 2011 is as follows (see Note to Portfolio of Investments):

The following is a reconciliation of the Fund’s Level 3 investments for which significant unobservable inputs were used to determine fair value.

The change in unrealized appreciation/(depreciation) related to investments still held at November 30, 2011 was $0.

Portfolio Valuation — Each Robeco Investment Fund, Robeco Boston Partners Small Cap Value Fund II (“BP Small Cap Value Fund II”), Robeco Boston Partners Long/Short Equity Fund (“BP Long/Short Equity Fund”), Robeco Boston Partners Long/Short Research Fund (“BP Long/Short Research Fund”), Robeco Boston Partners All-Cap Value Fund (“BP All-Cap Value Fund”) and Robeco WPG Small/Micro Cap Value Fund (“WPG Small/Micro Cap Value Fund”) (each a “Fund,” collectively the “Funds”) net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by a Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Fixed income securities having a remaining maturity of 60 days or less are valued at amortized cost. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates.

Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the RBB Fund, Inc.’s Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant.

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

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 November 30, 2011 is included in each Fund’s Portfolio of Investments.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

As of November 30, 2011, management has evaluated the activity in Levels 1, 2 and 3 and has concluded that there were no significant changes to report.

Options Written — The Funds are subject to equity price risk in the normal course of pursuing their investment objectives and may enter into options written to hedge against changes in the value of equities. The BP All-Cap Value Fund, the WPG Small/Micro Cap Value Fund and the SAM Sustainable Global Active Fund write covered call and secured put options. Such options may relate to particular securities or domestic stock indices, and may or may not be listed on a domestic securities exchange or issued by the Options Clearing Corporation. The risk in writing a call option is that a Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that a Fund may incur a loss if the market price of the security decreases and the option is exercised. A Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. A Fund also may write over-the-counter options where completing the obligation depends upon the credit standing of the other party. Option contracts also involve the risk that they may result in loss due to unanticipated developments in market conditions or other causes. Written options are recorded as liabilities to the extent of premiums received. Gains or losses are realized when the option transaction expires or closes. When an option is exercised, the proceeds on sales for a written call option or the purchase cost for a written put option is adjusted by the amount of the premium received or paid.

The BP Long/Short Equity Fund, BP Long/Short Research Fund and the BP All-Cap Value Fund had transactions in options written during the period ended November 30, 2011 as follows:

Short Sales — When the investment adviser believes that a security is overvalued, the BP Long/Short Equity Fund, the BP Long/Short Research Fund and the BP All-Cap Value Fund may sell the security short by borrowing the same security from a broker or other institution and selling the security. A Fund will incur a loss as a result of a short sale if the price of the borrowed security increases between the date of the short sale and the date on which the Fund buys and replaces such borrowed security. A Fund will realize a gain if there is a decline in price of the security between those dates where the decline in price exceeds the costs of borrowing the security and other transaction costs. There can be no assurance that a Fund will be able to close out a short position at any particular time or at an acceptable price. Although a Fund’s gain is limited to the amount at which it sold a security short, its potential loss is unlimited. Until a Fund replaces a borrowed security, it will maintain at all times cash, U.S. Government securities, or other liquid securities in an amount which, when added to any amount deposited with a broker as collateral, will at least equal the current market value of the security sold short. Depending on arrangements made with brokers, a Fund may not receive any payments (including interest) on collateral deposited with them.

Restricted Securities — A restricted security is a security which has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (the “1933 Act”) or pursuant to the resale limitations provided by Rule 144 under the 1933 Act, or an exemption from the registration requirements of the 1933 Act. Certain restricted securities may be resold in transactions exempt from registration, normally to qualified institutional buyers, and may be deemed liquid by Robeco or SAM, as applicable, based on procedures established by the Board of Directors. Therefore, not all restricted securities are considered illiquid.

At November 30, 2011, the below Fund held restricted securities that were illiquid:

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.


	NUMBER OF SHARES		VALUE
COMMON STOCKS — 38.8%
CONSUMER DISCRETIONARY—8.5%
America’s Car-Mart, Inc.*		8,949	$	321,620
Apollo Group, Inc., Class A*		2,260		109,565
Arcos Dorados Holdings, Inc., Class A†		2,660		58,307
Black Diamond, Inc.*^		4,291		32,655
Cie Financiere Richemont SA, Class A (Switzerland)		1,640		88,337
CROCS, Inc.*^		27,200		421,872
DR Horton, Inc.		6,470		77,058
Foot Locker, Inc.^		17,205		405,866
Gaylord Entertainment Co.*^		795		16,870
Gentex Corp.^		2,590		76,353
Heelys, Inc.*^		33,718		61,030
HSN, Inc.^		3,050		109,190
Hyatt Hotels Corp., Class A*^		4,748		169,456
Iconix Brand Group, Inc.*		4,600		79,396
Lear Corp.^		10,750		450,748
Lennar Corp., Class A		4,911		90,412
Li & Fung Ltd. (Hong Kong)		56,800		113,180
Panasonic Corp. - Sponsored ADR		8,860		84,613
RadioShack Corp.^		29,210		335,331
Royal Caribbean Cruises Ltd.		400		11,084
Ryland Group, Inc., (The)		290		4,362
Sony Corp. - Sponsored ADR		4,130		74,546
Stage Stores, Inc.^		26,691		334,705
Target Corp.^		3,200		168,640
Toll Brothers, Inc.*		3,097		62,900
True Religion Apparel, Inc.*^		12,785		450,032
Tupperware Brands Corp.		300		17,478
Viacom, Inc., Class B^		11,066		495,314

				4,720,920

CONSUMER STAPLES—1.9%
Bunge Ltd.		1,465		91,563
Nestle SA - Sponsored ADR		1,425		79,985
Reckitt Benckiser Group PLC (United Kingdom)		1,270		64,139


	NUMBER OF SHARES		VALUE
CONSUMER STAPLES—(CONTINUED)
Safeway, Inc.		4,750	$	95,000
SUPERVALU, Inc.^		28,830		211,901
Sysco Corp.		1,400		39,956
Tesco PLC (United Kingdom)		12,106		76,960
Tyson Foods, Inc., Class A		5,610		112,985
Viterra, Inc. (Canada)		7,840		80,095
Walgreen Co.		3,000		101,160
Wal-Mart Stores, Inc.		1,695		99,836

				1,053,580

ENERGY—2.4%
Alpha Natural Resources, Inc.*^		9,010		216,240
Arcan Resources Ltd. (Canada)*		1,170		5,277
Arch Coal, Inc.		1,518		24,880
Bowood Energy, Inc. (Canada)*		17,380		4,090
BP PLC - Sponsored ADR^		1,300		56,615
Canacol Energy Ltd. (Canada)*		12,868		7,948
Cloud Peak Energy, Inc.*		4,470		95,524
DeeThree Exploration Ltd. (Canada)*		4,130		8,625
Enerplus Corp. (Canada)		800		20,960
Exxon Mobil Corp.		1,435		115,431
Murphy Oil Corp.		1,670		93,386
Newfield Exploration Co.*		400		18,320
Peabody Energy Corp.		1,486		58,296
Petroamerica Oil Corp. (Canada)*		10,210		1,451
Petrodorado Energy Ltd. (Canada)*		24,506		5,286
QEP Resources, Inc.		5,900		192,635
Rowan Cos., Inc.*		900		30,519
Sasol Ltd. - Sponsored ADR		2,320		111,151
Statoil ASA - Sponsored ADR		5,815		150,725
Suncor Energy, Inc. (Canada)		1,200		36,024
Transocean Ltd.†		1,705		73,059

				1,326,442


	NUMBER OF SHARES		VALUE
FINANCIALS—6.1%
Altisource Portfolio Solutions SA*†		4,766	$	226,909
Brookfield Office Properties, Inc. (Canada)^		13,391		197,249
Center Financial Corp.*^		46,430		342,189
China Life Insurance Co. Ltd. - ADR		2,705		108,903
Cohen & Steers, Inc.^		9,750		265,395
Fairfax Financial Holdings Ltd. (Canada)		240		98,122
First California Financial Group, Inc.*^		77,254		238,715
Forest City Enterprises, Inc., Class A*^		17,537		212,899
Fox Chase Bancorp, Inc.^		18,450		234,499
HFF, Inc., Class A*^		5,675		63,673
Hilltop Holdings, Inc.*^		20,330		172,195
JPMorgan Chase & Co.		300		9,291
KKR Financial Holdings, LLC		1,100		9,306
NYSE Euronext		5,100		145,656
OmniAmerican Bancorp, Inc.*^		26,419		391,001
Oritani Financial Corp.^		19,770		257,208
Safestore Holdings PLC (United Kingdom)		10,752		17,501
TFS Financial Corp.*^		11,900		110,194
ViewPoint Financial Group^		23,353		299,853

				3,400,758

HEALTH CARE—2.6%
Acorda Therapeutics, Inc.*		1,800		41,670
BioMarin Pharmaceutical, Inc.*^		3,950		136,749
Columbia Laboratories, Inc.*		6,629		14,319
CONMED Corp.*^		5,750		151,168
Cooper Cos., Inc., (The)^		1,950		119,457
HCA Holdings, Inc.*^		16,270		396,663
Hospira, Inc.*		3,200		90,208
Johnson & Johnson		1,500		97,080
Medicines Co., (The)*		1,700		32,147
Merck & Co., Inc.		2,680		95,810
Santarus, Inc.*		6,982		20,318


	NUMBER OF SHARES		VALUE
HEALTH CARE—(CONTINUED)
Skilled Healthcare Group, Inc., Class A*		437	$	1,866
St. Jude Medical, Inc.^		3,800		146,072
Tenet Healthcare Corp.*		13,998		65,091
Teva Pharmaceutical Industries Ltd. - Sponsored ADR^		1,300		51,493

				1,460,111

INDUSTRIALS—3.9%
ABB Ltd. - Sponsored ADR		600		11,382
Acacia Research - Acacia Technologies*^		3,400		118,388
Alexco Resource Corp. (Canada)*		1,610		10,900
Alexco Resource Corp. (Canada)*		1,357		9,167
Capstone Turbine Corp.*^		122,550		127,452
CSX Corp.		1,700		36,907
Dun & Bradstreet Corp., (The)		2,900		202,623
Electrovaya, Inc. (Canada)*		1,856		1,656
Flowserve Corp.		100		10,277
Foster Wheeler AG*†		600		11,130
G4S PLC†		1,718		6,903
General Electric Co.		9,572		152,291
Gol Linhas Aereas Inteligentes SA - ADR		3,900		29,562
GrafTech International Ltd.*		200		2,888
Grupo Aeroportuario del Sureste SAB de CV - ADR		1,711		96,449
HUB Group, Inc., Class A*		600		17,868
Interface, Inc., Class A		4,000		46,000
ITT Corp.*		7,100		143,207
Odyssey Marine Exploration, Inc.*		1,533		3,909
Pall Corp.^		3,800		207,062
Pitney Bowes, Inc.		4,425		82,438
Shaw Group, Inc., (The)*		3,170		78,679
Snap-On, Inc.		530		27,189
Stanley Black & Decker, Inc.^		5,225		341,872
Timken Co.		100		4,201
Tyco International Ltd.†^		8,500		407,660


	NUMBER OF SHARES		VALUE
INDUSTRIALS—(CONTINUED)
Wabtec Corp.		300	$	20,475

				2,208,535

INFORMATION TECHNOLOGY—5.9%
Acme Packet, Inc.*		400		13,372
Apple, Inc.*^		691		264,100
AU Optronics Corp. - Sponsored ADR		16,800		80,976
BMC Software, Inc.*^		4,100		146,206
Broadcom Corp., Class A.		400		12,138
Cisco Systems, Inc.		5,300		98,792
Cree, Inc.*		244		6,071
Google, Inc., Class A*^		1,300		779,207
Hewlett-Packard Co.		2,500		69,875
Intel Corp.		4,450		110,849
InterActiveCorp.		3,300		138,204
Intermec, Inc.*^		26,760		196,418
Kulicke & Soffa Industries, Inc.*^		9,398		85,522
Microsoft Corp.^		13,512		345,637
Monster Worldwide, Inc.*^		19,000		138,890
Motorola Solutions, Inc.^		3,950		184,347
NCR Corp.*		2,159		37,761
NetApp, Inc.*^		3,400		125,222
On Track Innovations Ltd.*†		1,890		2,684
Oracle Corp.^		8,000		250,800
Parametric Technology Corp.*^		6,000		124,980
Rovi Corp.*		1,100		30,525
ServiceSource International, Inc.*		200		2,668
Unisys Corp.*		300		7,245
VanceInfo Technologies, Inc. - ADR*		4,000		44,280

				3,296,769

MATERIALS—2.1%
Agrium, Inc.†		1,240		86,788
American Bonanza Gold Corp. (Canada)*		780		390
Aurcana Corp. (Canada)*		12,000		8,353
Aureus Mining, Inc. (Canada)*		4,253		4,170
Brigus Gold Corp. (Canada)*.		1,150		1,579
Cytec Industries, Inc.^		2,200		103,752


	NUMBER OF SHARES		VALUE
MATERIALS—(CONTINUED)
Detour Gold Corp. (Canada)*		300	$	8,745
Geomega Resources, Inc. (Canada)*		1,188		1,514
Georgia Gulf Corp.*		1,000		19,210
Goldcorp, Inc. (Canada)^		4,290		230,330
Golden Minerals Co.*		1,951		13,423
Great Basin Gold Ltd. (Canada)*		1,726		1,641
Griffin Mining Ltd.*†		14,800		8,953
Griffin Mining Ltd. (United Kingdom)*		60,200		36,362
Headwaters, Inc.*		6,201		15,875
International Northair Mines (Canada)*		13,699		3,223
Kronos Worldwide, Inc.		600		11,706
Lion One Metals Ltd. (Canada)*		1,700		2,000
Minera IRL Ltd. (United Kingdom)*		5,795		6,534
Molycorp, Inc.*		600		20,310
Neo Material Technologies, Inc. (Canada)*		11,500		93,358
Northern Tiger Resources, Inc. (Canada)*		22,000		3,667
Oremex Silver, Inc.*		2,900		540
Oro Mining Ltd. (Canada)*		2,179		320
Orvana Minerals Corp. (Canada)*		8,454		10,112
PNG Gold Corp. (Canada)*		3,707		1,726
POSCO - ADR		1,040		89,076
Schweitzer-Mauduit International, Inc.^		2,600		185,172
Sealed Air Corp.		600		10,572
Sigma-Aldrich Corp.		500		32,405
Silver Wheaton Corp. (Canada)		324		10,880
Sims Metal Management Ltd. - Sponsored ADR		387		5,190
Trelawney Mining and Exploration, Inc. (Canada)*		3,065		10,187
Tronox, Inc.*^		900		99,900


	NUMBER OF SHARES		VALUE
MATERIALS—(CONTINUED)
Vale SA - Sponsored ADR		1,700	$	39,525

				1,177,488

REAL ESTATE INVESTMENT TRUSTS—4.9%
American Campus Communities, Inc.		2,300		90,482
Camden Property Trust^		2,050		118,346
Cedar Shopping Centers, Inc.^		12,355		41,266
Chatham Lodging Trust^		13,069		139,969
Colonial Properties Trust^		5,315		105,450
Dundee Real Estate Investment Trust (Canada)		4,600		147,433
Equity Lifestyle Properties, Inc.^		4,876		301,483
Equity One, Inc.^		4,550		76,030
First Industrial Realty Trust, Inc.*		11,100		105,450
Gecina SA		600		51,655
Hammerson PLC (United Kingdom)		12,250		75,166
Healthcare Realty Trust, Inc.^		6,951		122,477
Kilroy Realty Corp.^		5,025		181,352
Macerich Co., (The)^		4,000		200,400
National Retail Properties, Inc.		4,800		127,008
Pebblebrook Hotel Trust^		7,050		130,566
Pennsylvania Real Estate Investment Trust^		6,950		64,843
Ramco-Gershenson Properties Trust^		33,143		281,384
Sabra Health Care REIT, Inc.^		7,864		83,358
Sunstone Hotel Investors, Inc.*^		15,371		117,127
Westfield Group (Australia)		19,500		164,442
Weyerhaeuser Co.		200		3,358

				2,729,045

TELECOMMUNICATION SERVICES—0.4%
China Mobile Ltd. - Sponsored ADR		2,055		102,072
Multiband Corp.*^		13,971		45,406


	NUMBER OF SHARES		VALUE
TELECOMMUNICATION SERVICES—(CONTINUED)
SK Telecom Co. Ltd. - ADR		5,800	$	85,782

				233,260

UTILITIES—0.1%
American Water Works Co., Inc.		1,107		34,395

TOTAL COMMON STOCKS (Cost $22,018,356)				21,641,303

EXCHANGE TRADED FUNDS — 5.3%
COMMODITY—1.9%
ELEMENTS Rogers Agriculture Total Return ETN*		298		2,613
Ipath Dow Jones-UBS Grains Subindex Total Return ETN*		100		4,237
SPDR Gold Shares*^		6,299		1,071,649

				1,078,499

CURRENCY—1.2%
ProShares UltraShort Euro*^		25,790		487,947
Proshares Ultrashort Yen*^		4,533		188,482

				676,429

EQUITY—2.0%
Consumer Staples Select Sector SPDR Fund^		28,102		896,454
Market Vectors Junior Gold Miners ETF		1,200		36,048
Powershares S&P 500 High Quality Portfolio^		11,981		167,255

				1,099,757

FIXED INCOME—0.1%
iShares Barclays 20+ Year Treasury Bond Fund		300		35,364

OTHER—0.1%
Morgan Stanley China A Share Fund, Inc.		190		4,167


	NUMBER OF SHARES		VALUE
OTHER—(CONTINUED)
Templeton Dragon Fund, Inc.		1,770	$	45,312

				49,479

TOTAL EXCHANGE TRADED FUNDS (Cost $2,761,442)				2,939,528


	PAR (000’S)
CORPORATE BOND — 1.8%
FINANCIAL—1.8%
Ally Financial, Inc.^ 6.625% 05/15/12	$	1,000		1,007,896

TOTAL CORPORATE BOND (Cost $1,014,919)				1,007,896

FOREIGN GOVERNMENT NOTE — 0.0%
Canadian Government Bond 3.000% 12/01/15		CAD 10		10,439

TOTAL FOREIGN GOVERNMENT NOTE (Cost $10,327)				10,439

U.S. TREASURY NOTES — 5.8%
4.625% 02/29/12		100		101,133
1.375% 01/15/13		3,000		3,040,314
2.625% 04/30/16		100		108,008

				3,249,455

TOTAL U.S. TREASURY NOTES (Cost $3,243,206)				3,249,455

U.S. TREASURY BOND — 4.2%
3.875% 08/15/40^		2,000		2,320,624

TOTAL U.S. TREASURY BOND (Cost $2,349,281)				2,320,624

U.S. GOVERNMENT AGENCY — 3.6%
1.000% 11/23/26^		1,000		998,905


	PAR (000’S)		VALUE
1.500% 11/30/26^	$	1,000	$	996,997

				1,995,902

TOTAL U.S. GOVERNMENT AGENCY (Cost $1,995,755)				1,995,902

SHORT-TERM INVESTMENTS — 2.9%
U.S. TREASURY BILL—2.9%
0.000% 12/29/11^		1,600		1,599,985

TOTAL SHORT-TERM INVESTMENTS (Cost $1,600,000)				1,599,985


	NUMBER OF CONTRACTS
PURCHASED OPTIONS — 0.2%
CALL OPTIONS PURCHASED—0.0%
iShares Dow Jones US Real Estate Index Fund
Expires 12/17/11
Strike Price $58		90		1,800

TOTAL CALL OPTIONS PURCHASED (Cost $12,985)				1,800

PUT OPTIONS PURCHASED—0.2%
China-Biotics, Inc.
Expires 01/21/12
Strike Price $10		52		49,660
CurrencyShares Australian Dollar Trust
Expires 12/17/11
Strike Price $90		240		1,200
CurrencyShares Canadian Dollar Trust
Expires 12/17/11
Strike Price $90		200		1,000
Financial Select Sector SPDR Fund
Expires 12/17/11
Strike Price $8		700		700
Gold Resource Corp.
Expires 12/17/11
Strike Price $15		61		610


	NUMBER OF CONTRACTS		VALUE
PUT OPTIONS PURCHASED—(CONTINUED)
Gold Resource Corp.
Expires 12/17/11
Strike Price $17.50		34	$	1,020
Gold Resource Corp.
Expires 12/17/11
Strike Price $22.50		55		15,950
Materials Select Sector SPDR Fund
Expires 12/17/11
Strike Price $19		250		4,750
Salesforce.com, Inc.
Expires 01/21/12
Strike Price $135		4		8,284
Sky-mobi Ltd. - Sponsored ADR
Expires 01/21/12
Strike Price $7.50		47		16,450
SPDR Gold Shares
Expires 12/17/11
Strike Price $125		200		1,200
SPDR S&P 500 ETF Trust
Expires 12/17/11
Strike Price $110		250		5,250
STEC, Inc
Expires 01/21/12
Strike Price $20		24		26,280
WisdomTree Dreyfus Chinese Yuan Fund
Expires 01/21/12
Strike Price $24		450		6,750

TOTAL PUT OPTIONS PURCHASED (Cost $215,698)				139,104

TOTAL PURCHASED OPTIONS — 0.2% (Cost $228,683)				140,904

TOTAL LONG POSITIONS — 62.6% (Cost $35,221,969)**				34,906,036


	NUMBER OF SHARES			VALUE
SECURITIES SOLD SHORT — (31.6)%
COMMON STOCKS — (14.5)%
CONSUMER DISCRETIONARY—(2.8)%
Amazon.com, Inc.*		(740	)	$	(142,291	)
American Axle & Manufacturing Holdings, Inc.*		(945	)		(8,288	)
Amerigon, Inc.		(300	)		(4,704	)
AutoNation, Inc.		(2,660	)		(96,053	)
Blue Nile, Inc.*		(3,077	)		(116,895	)
China Automotive Systems, Inc.*†		(7,950	)		(30,528	)
Columbia Sportswear Co.		(500	)		(25,400	)
Ethan Allen Interiors, Inc.		(1,900	)		(38,570	)
Focus Media Holding Ltd. - ADR		(3,300	)		(61,116	)
HomeAway, Inc.		(1,800	)		(47,088	)
Interpublic Group of Cos., Inc., (The)		(7,100	)		(66,598	)
JC Penney Co., Inc.		(3,130	)		(100,285	)
Kohl’s Corp.		(1,000	)		(53,800	)
Lamar Advertising Co., Class A*		(800	)		(19,432	)
Lennar Corp., Class A		(315	)		(5,799	)
Lowe’s Cos., Inc.		(2,700	)		(64,827	)
Mohawk Industries, Inc.		(1,100	)		(60,016	)
Netflix, Inc.*		(250	)		(16,133	)
Omnicom Group, Inc.		(1,600	)		(69,072	)
PVH Corp.		(500	)		(33,945	)
Sony Corp. - Sponsored ADR		(2,900	)		(52,345	)
Tesla Motors, Inc.*		(4,624	)		(151,390	)
Thor Industries, Inc.		(3,560	)		(86,152	)
Ulta Salon Cosmetics & Fragrance, Inc.		(200	)		(13,926	)
VF Corp.		(500	)		(69,345	)
Viacom, Inc., Class B		(800	)		(35,808	)
Wolverine World Wide, Inc.		(1,900	)		(69,996	)
WPP PLC - Sponsored ADR		(700	)		(36,729	)

					(1,576,531	)

CONSUMER STAPLES—(0.1)%
Safeway, Inc.		(2,200	)		(44,000	)
Sanderson Farms, Inc.		(200	)		(10,294	)

					(54,294	)


	NUMBER OF SHARES			VALUE
ENERGY—(0.6)%
Calumet Specialty Products Partners LP		(500	)	$	(9,670	)
Consol Energy, Inc.		(1,100	)		(45,804	)
Ensco PLC, Sponsored ADR		(720	)		(37,418	)
Gastar Exploration Ltd.		(13,930	)		(44,576	)
Penn Virginia Corp.		(1,100	)		(5,830	)
Quicksilver Resources, Inc.*		(10,800	)		(87,480	)
Spectra Energy Corp.		(2,600	)		(76,492	)

					(307,270	)

FINANCIALS—(2.1)%
American Capital Agency Corp.		(3,000	)		(86,070	)
Cash Store Financial Services, Inc., (The) (Canada)		(6,790	)		(43,456	)
CNinsure, Inc. - ADR*		(7,890	)		(49,786	)
Commonwealth Bank of Australia (Australia)		(3,160	)		(154,039	)
Credit Agricole SA (France)		(8,242	)		(52,650	)
Federated Investors, Inc., Class B		(5,500	)		(87,285	)
First Cash Financial Services, Inc.		(2,300	)		(83,490	)
Legg Mason, Inc.		(2,900	)		(76,937	)
Nara Bancorp, Inc.		(7,000	)		(65,590	)
Noah Holdings Ltd. - Sponsored ADR		(5,755	)		(48,227	)
Prosperity Bancshares, Inc.		(2,640	)		(105,574	)
Texas Capital Bancshares, Inc.		(2,950	)		(85,137	)
TowneBank		(8,360	)		(103,915	)
Westpac Banking Corp. (Australia)		(7,180	)		(151,888	)

					(1,194,044	)

HEALTH CARE—(0.9)%
Align Technology, Inc.*		(900	)		(22,050	)
Amgen, Inc.		(600	)		(34,746	)
Cerner Corp.		(300	)		(18,294	)
Edwards Lifesciences Corp.		(500	)		(33,015	)
Eli Lilly & Co.		(2,450	)		(92,733	)
Intuitive Surgical, Inc.		(100	)		(43,421	)


	NUMBER OF SHARES			VALUE
HEALTH CARE—(CONTINUED)
Laboratory Corp. of America Holdings		(400	)	$	(34,288	)
MAKO Surgical Corp.*		(1,000	)		(28,800	)
Omnicare, Inc.		(1,100	)		(35,871	)
Owens & Minor, Inc.		(1,100	)		(33,880	)
Quest Diagnostics, Inc.		(700	)		(41,062	)
Sun Healthcare Group, Inc.*		(4,263	)		(13,130	)
Teleflex, Inc.		(900	)		(54,792	)

					(486,082	)

INDUSTRIALS—(1.4)%
Acacia Research - Acacia Technologies*		(2,359	)		(82,140	)
Aerovironment, Inc.		(1,200	)		(36,612	)
Applied Industrial Technologies, Inc.		(200	)		(6,906	)
Emerson Electric Co.		(3,248	)		(169,708	)
Franklin Electric Co., Inc.		(400	)		(18,828	)
FTI Consulting, Inc.		(527	)		(22,603	)
Generac Holdings, Inc.		(700	)		(17,549	)
Iron Mountain, Inc.		(2,100	)		(63,777	)
Jacobs Engineering Group, Inc.		(400	)		(16,616	)
JB Hunt Transport Services, Inc.		(500	)		(22,860	)
Nielsen Holdings NV		(1,200	)		(34,860	)
Owens Corning		(1,200	)		(34,440	)
PACCAR, Inc.		(1,200	)		(48,684	)
RailAmerica, Inc.		(2,500	)		(35,125	)
Sensata Technologies Holding NV*†		(2,200	)		(68,750	)
TAM SA - Sponsored ADR		(2,000	)		(38,520	)
Union Pacific Corp.		(400	)		(41,364	)
Universal Forest Products, Inc.		(200	)		(5,574	)

					(764,916	)

INFORMATION TECHNOLOGY—(1.0)%
Active Network, Inc. (The)		(3,600	)		(45,648	)
Angie’s List, Inc.		(3,900	)		(45,065	)
Broadridge Financial Solutions, Inc.		(3,725	)		(84,073	)
Cabot Microelectronics Corp.		(210	)		(8,730	)


	NUMBER OF SHARES			VALUE
INFORMATION TECHNOLOGY—(CONTINUED)
Cognizant Tech. Solutions Corp.		(500	)	$	(33,675	)
Dassault Systemes SA - ADR†		(900	)		(73,773	)
Intel Corp.		(1,100	)		(27,401	)
Jabil Circuit, Inc.		(400	)		(8,108	)
Marvell Technology Group Ltd.†		(2,300	)		(32,476	)
Netgear, Inc.		(900	)		(34,191	)
Polycom, Inc.		(700	)		(11,830	)
RealPage, Inc.*		(460	)		(11,514	)
Salesforce.com, Inc.*		(800	)		(94,736	)
VanceInfo Technologies, Inc. - ADR		(4,000	)		(44,280	)

					(555,500	)

MATERIALS—(0.6)%
Acadian Timber Corp.†		(70	)		(686	)
Acadian Timber Corp. (Canada)		(60	)		(588	)
Buckeye Technologies, Inc.		(200	)		(6,196	)
China National Building Material Co., Ltd., Class H†		(76,000	)		(85,795	)
Coeur d’Alene Mines Corp .		(400	)		(11,708	)
Ecolab, Inc.		(600	)		(34,212	)
Praxair, Inc.		(300	)		(30,600	)
Reliance Steel & Aluminum Co.		(200	)		(9,822	)
Scotts Miracle-Gro Co., (The) - Class A		(1,200	)		(52,908	)
Sherwin-Williams Co., (The)		(400	)		(34,732	)
Sonoco Products Co.		(471	)		(15,298	)
Steel Dynamics, Inc.		(400	)		(5,272	)
Vale SA - Sponsored ADR		(1,830	)		(40,022	)
Westlake Chemical Corp.		(800	)		(33,600	)

					(361,439	)

REAL ESTATE INVESTMENT TRUSTS—(4.9)%
Acadia Realty Trust		(6,897	)		(135,043	)
AvalonBay Communities, Inc.		(950	)		(118,608	)
Boston Properties, Inc.		(1,650	)		(157,377	)


	NUMBER OF SHARES			VALUE
REAL ESTATE INVESTMENT TRUSTS—(CONTINUED)
CBL & Associates Properties, Inc.		(7,450	)	$	(106,461	)
CubeSmart		(8,250	)		(82,253	)
EastGroup Properties, Inc.		(3,906	)		(166,278	)
Equity Residential		(1,450	)		(80,026	)
Federal Realty Investment Trust		(2,950	)		(260,869	)
HCP, Inc.		(3,050	)		(117,883	)
Health Care REIT, Inc.		(3,816	)		(191,449	)
Highwoods Properties, Inc.		(3,250	)		(93,730	)
Host Hotels & Resorts, Inc.		(14,100	)		(199,515	)
LaSalle Hotel Properties		(8,300	)		(194,303	)
Liberty Property Trust		(2,845	)		(84,809	)
RioCan Real Estate Investment Trust (Canada)		(3,200	)		(80,035	)
SL Green Realty Corp.		(1,700	)		(111,928	)
Taubman Centers, Inc.		(4,000	)		(249,320	)
Unibail-Rodamco SE (France)		(700	)		(130,037	)
Ventas, Inc.		(3,071	)		(162,026	)

					(2,721,950	)

TELECOMMUNICATION SERVICES—(0.1)%
Cincinnati Bell, Inc.*		(25,410	)		(74,705	)

UTILITIES—0.0%
China Natural Gas, Inc.^†D		(2,116	)		(4,084	)

TOTAL COMMON STOCKS SOLD SHORT (Proceeds $8,346,954)					(8,100,815	)


EXCHANGE TRADED FUNDS SOLD SHORT — (17.1)%
CURRENCY—(0.3)%
CurrencyShares Euro Trust		(1,090	)		(145,929	)

					(145,929	)

EQUITY—(10.8)%
Energy Select Sector SPDR Fund		(500	)		(35,415	)
iShares Cohen & Steers Realty Majors Index Fund		(1,000	)		(67,670	)
iShares Dow Jones US Real Estate Index Fund		(5,300	)		(292,242	)


	NUMBER OF SHARES			VALUE
EQUITY—(CONTINUED)
iShares MSCI Australia Index Fund		(22,000	)	$	(511,720	)
iShares MSCI Germany Index Fund		(1,700	)		(35,071	)
iShares MSCI Hong Kong Index Fund		(32,500	)		(520,650	)
iShares MSCI South Korea Index Fund		(10,000	)		(560,600	)
iShares MSCI Taiwan Index Fund		(14,000	)		(172,900	)
iShares Russell 2000 Index Fund		(35,785	)		(2,637,712	)
iShares Russell Midcap Growth Index Fund		(123	)		(6,898	)
iShares Russell Midcap Value Index Fund		(705	)		(30,428	)
iShares S&P North American Technology-Software Index Fund*		(700	)		(40,467	)
iShares S&P SmallCap 600 Index Fund		(600	)		(40,614	)
Market Vectors Junior Gold Miners ETF		(900	)		(27,036	)
Materials Select Sector SPDR Fund		(11,300	)		(390,076	)
SPDR S&P 500 ETF Trust		(3,811	)		(476,794	)
SPDR S&P Homebuilders ETF		(3,600	)		(59,544	)
SPDR S&P Metals & Mining ETF		(1,393	)		(75,682	)
SPDR S&P Oil & Gas Exploration & Production ETF		(200	)		(11,034	)
Technology Select Sector SPDR Fund		(400	)		(10,248	)

					(6,002,801	)

FIXED INCOME—(6.0)%
iShares Barclays 20+ Year Treasury Bond Fund		(800	)		(94,304	)


	NUMBER OF SHARES			VALUE
FIXED INCOME—(CONTINUED)
iShares Barclays 7-10 Year Treasury Bond Fund		(31,300	)	$	(3,252,070	)

					(3,346,374	)

TOTAL EXCHANGE TRADED FUNDS SOLD SHORT (Proceeds $9,136,223)					(9,495,104	)

TOTAL SECURITIES SOLD SHORT — (31.6)% (Proceeds $17,483,177)					(17,595,919	)


	NUMBER OF CONTRACTS
WRITTEN OPTIONS — (0.1)%
CALL OPTIONS WRITTEN—0.0%
BorgWarner, Inc.
Expires 01/21/12
Strike Price $70		(2	)		(330	)
BorgWarner, Inc.
Expires 12/17/11
Strike Price $65		(2	)		(460	)
Caterpillar, Inc.
Expires 12/17/11
Strike Price $97.50		(2	)		(610	)
China-Biotics, Inc.
Expires 01/21/12
Strike Price $10D		(52	)		(260	)
China-Biotics, Inc.
Expires 01/21/12
Strike Price $12.50		(52	)		(780	)
Cognizant Technology Solutions Corp.
Expires 12/17/11
Strike Price $70		(2	)		(200	)
Cummins, Inc.
Expires 12/17/11
Strike Price $95		(2	)		(840	)
General Motors Co.
Expires 12/17/11
Strike Price $22		(6	)		(264	)
Gold Resource Corp.
Expires 12/17/11
Strike Price $22.50		(55	)		(275	)


	NUMBER OF CONTRACTS			VALUE
CALL OPTIONS WRITTEN—(CONTINUED)
Gold Resource Corp.
Expires 12/17/11
Strike Price $25		(20	)	$	(100	)
Intel Corp.
Expires 01/21/12
Strike Price $26		(11	)		(682	)
International Business
Machines Corp.
Expires 12/17/11
Strike Price $185		(2	)		(1,080	)
iShares Dow Jones US Real
Estate Index Fund
Expires 12/17/11
Strike Price $62		(130	)		(260	)
Longtop Financial
Technologies Ltd.
Expires 12/17/11
Strike Price $19D		(13	)		(5,850	)
Longtop Financial
Technologies Ltd.
Expires 12/17/11
Strike Price $23D		(13	)		(3,315	)
McKesson Corp.
Expires 01/21/12
Strike Price $85		(4	)		(520	)
Netflix, Inc.
Expires 12/17/11
Strike Price $290		(4	)		(4	)
Netflix, Inc.
Expires 12/17/11
Strike Price $320		(4	)		(20	)
Parker Hannifin Corp.
Expires 12/17/11
Strike Price $85		(4	)		(640	)
Salesforce.com, Inc.
Expires 01/21/12
Strike Price $155		(4	)		(172	)
Salesforce.com, Inc.
Expires 01/21/12
Strike Price $185		(4	)		(100	)
Salesforce.com, Inc.
Expires 12/17/11
Strike Price $120		(3	)		(1,230	)


	NUMBER OF CONTRACTS			VALUE
CALL OPTIONS WRITTEN—(CONTINUED)
Sky-mobi Ltd. - Sponsored ADR
Expires 01/21/12
Strike Price $12.50		(47	)	$	(470	)
Sky-mobi Ltd. - Sponsored ADR
Expires 01/21/12
Strike Price $15		(47	)		(940	)
Spirax-Sarco Engineering PLC
Expires 12/17/11
Strike Price $1,240		(2	)		(5,200	)
Stanley Black & Decker, Inc.
Expires 12/17/11
Strike Price $65		(5	)		(1,075	)
Stanley Black & Decker, Inc.
Expires 12/17/11
Strike Price $67.50		(2	)		(210	)
Statoil ASA - Sponsored ADR
Expires 01/21/12
Strike Price $22.50		(18	)		(6,390	)
STEC, Inc.
Expires 01/21/12
Strike Price $25		(24	)		(240	)
STEC, Inc.
Expires 01/21/12
Strike Price $30		(24	)		(120	)
Tupperware Brands Corp.
Expires 01/21/12
Strike Price $60		(4	)		(620	)

TOTAL CALL OPTIONS WRITTEN (Premiums Received $91,734)					(33,257	)

PUT OPTIONS WRITTEN—(0.1)%
Acacia Research - Acacia Technologies
Expires 01/21/12
Strike Price $30		(2	)		(280	)
Acacia Research - Acacia Technologies
Expires 12/17/11
Strike Price $30		(2	)		(80	)


	NUMBER OF CONTRACTS			VALUE
PUT OPTIONS WRITTEN—(CONTINUED)
Acacia Research - Acacia Technologies
Expires 12/17/11 Strike Price $32.50		(7	)	$	(700	)
Acacia Research - Acacia Technologies
Expires 12/17/11 Strike Price $35		(2	)		(390	)
Acme Packet, Inc.
Expires 12/17/11 Strike Price $35		(2	)		(550	)
Acorda Therapeutics, Inc.
Expires 12/17/11 Strike Price $21		(4	)		(150	)
Adobe Systems, Inc.
Expires 12/17/11 Strike Price $27		(6	)		(534	)
Advanced Primary Minerals Corp.
Expires 12/17/11 Strike Price $75		(6	)		(180	)
African Champion Industries Ltd.
Expires 12/17/11 Strike Price $15		(6	)		(198	)
African Champion Industries Ltd.
Expires 12/17/11 Strike Price $16		(10	)		(630	)
Apple, Inc.
Expires 12/17/11 Strike Price $345		(1	)		(75	)
Apple, Inc.
Expires 12/17/11 Strike Price $365		(1	)		(291	)
Asralt Khairkhan JSC
Expires 01/21/12 Strike Price $40		(6	)		(270	)
Asralt Khairkhan JSC
Expires 12/17/11 Strike Price $50		(6	)		(300	)


	NUMBER OF CONTRACTS			VALUE
PUT OPTIONS WRITTEN—(CONTINUED)
Baidu, Inc. - Sponsored ADR
Expires 12/17/11 Strike Price $115		(2	)	$	(214	)
Bell Aliant, Inc.
Expires 12/17/11 Strike Price $62.50		(4	)		(136	)
Broadcom Corp.
Expires 12/17/11 Strike Price $32		(12	)		(2,604	)
Canadian Natural Resources Ltd.
Expires 12/17/11 Strike Price $33		(4	)		(140	)
Crown Castle International Corp.
Expires 12/17/11 Strike Price $38		(10	)		(200	)
Danaher Corp.
Expires 01/21/12 Strike Price $39		(10	)		(350	)
Devon Energy Corp.
Expires 01/21/12 Strike Price $52.50		(14	)		(882	)
DPS Resources BHD
Expires 12/17/11 Strike Price $35		(7	)		(315	)
Eastman Chemical Co.
Expires 01/21/12 Strike Price $32.50		(10	)		(530	)
Green Mountain Coffee Roasters, Inc.
Expires 12/17/11 Strike Price $45		(8	)		(704	)
Intel Corp.
Expires 12/17/11 Strike Price $23		(6	)		(66	)
Johnson Controls, Inc.
Expires 12/17/11 Strike Price $29		(6	)		(210	)
Kellogg Co.
Expires 01/21/12 Strike Price $45		(6	)		(210	)


	NUMBER OF CONTRACTS			VALUE
PUT OPTIONS WRITTEN—(CONTINUED)
Novartis AG - ADR
Expires 12/17/11 Strike Price $52.50		(1	)	$	(65	)
Peabody Energy Corp.
Expires 12/17/11 Strike Price $34		(8	)		(264	)
Philip Morris International, Inc.
Expires 06/16/12 Strike Price $50		(6	)		(450	)
Polaris Industries, Inc.
Expires 12/17/11 Strike Price $55		(4	)		(290	)
Rovi Corp.
Expires 12/17/11 Strike Price $30		(3	)		(803	)
SBA Communications Corp.
Expires 12/17/11 Strike Price $25		(5	)		(100	)
SPDR S&P Metals & Mining ETF
Expires 12/17/11 Strike Price $51		(5	)		(515	)
SPDR S&P Oil & Gas Exploration & Production ETF
Expires 12/17/11 Strike Price $53		(2	)		(286	)
Spirax-Sarco Engineering PLC
Expires 12/17/11 Strike Price $1,155		(2	)		(1,040	)
Thermo Fisher Scientific, Inc.
Expires 03/17/12 Strike Price $35		(14	)		(875	)
Thoratec Corp.
Expires 01/21/12 Strike Price $26		(4	)		(260	)
Transocean Ltd.
Expires 12/17/11 Strike Price $42.50		(10	)		(1,500	)


	NUMBER OF CONTRACTS			VALUE
PUT OPTIONS WRITTEN—(CONTINUED)
Wal-Mart Stores, Inc.
Expires 01/19/13 Strike Price $50		(100	)	$	(26,500	)
Wynn Resorts Ltd.
Expires 12/17/11 Strike Price $105		(2	)		(334	)
Wynn Resorts Ltd.
Expires 12/17/11 Strike Price $95		(2	)		(80	)

TOTAL PUT OPTIONS WRITTEN (Premiums Received $66,421)					(44,551	)

TOTAL WRITTEN OPTIONS — (0.1)% (Proceeds $158,155)					(77,808	)


OTHER ASSETS IN EXCESS OF LIABILITIES — 69.1%					38,529,487

NET ASSETS — 100.0%	$				55,761,796

*	Non-income producing.

**	The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a federal income tax basis, are as follows:


Aggregate Cost	$	35,221,969

Gross unrealized appreciation		1,404,174
Gross unrealized depreciation		(1,720,107	)

Net unrealized depreciation	$	(315,933	)

†	This company is domiciled outside of the United States. The security’s functional currency is the United States dollar.

D	Security has been valued at fair market value as determined in good faith by or under the direction of The RBB Fund, Inc.’s Board of Directors. As of November 30, 2011, short positions amounted to ($13,509) or 0.0% of net assets.

^	Security position is either entirely or partially held in a segregated account as collateral for securities sold short or written options.

PORTFOLIO VALUATION — The S1 Fund’s (the “Fund”) net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are amortized to maturity based on their cost. Investments in other open-end investment companies are valued based on the NAV of those investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the RBB Fund, Inc.’s Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

FAIR VALUE MEASUREMENTS — The inputs and valuations techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

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

The following is a summary of inputs used, as of November 30, 2011, in valuing the Fund’s investments carried at market value.

The following is a reconciliation of the Fund’s Level 3 investments for which significant unobservable inputs were used to determine fair value.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES — The Fund has adopted Disclosures about Derivative Instruments and Hedging Activities.

The following is a summary of the Fund’s derivative instrument holdings categorized by primary risk exposure as of November 30, 2011:

For the period ended November 30, 2011, the Fund’s average volume of derivative is as follows:

PURCHASED OPTIONS — The Fund is subject to equity and other risk exposure in the normal course of pursuing its investment objectives. The Fund purchases option contracts. This transaction is used to hedge against changes in interest rates and changes in the values of equities. The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of premium and change in market value should the counterparty not perform under the contract. Put and call options are accounted for in the same manner as other securities owned. The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

OPTIONS WRITTEN — The Fund is subject to equity price risk in the normal course of pursuing its investment objectives and may enter into options written to hedge against changes in the value of equities. Such options may relate to particular securities or domestic stock indices, and may or may not be listed on a domestic securities exchange or issued by the Options Clearing Corporation. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. The Fund also may write over-the-counter options where completing the obligation depends upon the credit standing of the other party. Option contracts also involve the risk that they may result in loss due to unanticipated developments in market conditions or other causes. Written options are recorded as liabilities to the extent of premiums received. Gains or losses are realized when the option transaction expires or closes. When an option is exercised, the proceeds on sales for a written call option or the purchase cost for a written put option is adjusted by the amount of the premium received or paid.

The Fund had transactions in options written during the period ended November 30, 2011 as follows:

SHORT SALES — When the investment adviser or a sub-adviser believes that a security is overvalued, the Fund may sell the security short by borrowing the same security from a broker or other institution and selling the security. The Fund will incur a loss as a result of a short sale if the price of the borrowed security increases between the date of the short sale and the date on which the Fund buys and replaces such borrowed security. The Fund will realize a gain if there is a decline in price of the security between those dates where the decline in price exceeds the costs of borrowing the security and other transaction costs. There can be no assurance that a Fund will be able to close out a short position at any particular time or at an acceptable price. Although a Fund’s gain is limited to the amount at which it sold a security short, its potential loss is unlimited. Until a Fund replaces a borrowed security, it will maintain at all times cash, U.S. Government securities, or other liquid securities in an amount which, when added to any amount deposited with a broker as collateral, will at least equal the current market value of the security sold short. Depending on arrangements made with brokers, the Fund may not receive any payments (including interest) on collateral deposited with them. As of November 30, 2011, the Fund had securities sold short valued at $17,595,919 for which securities of $19,400,734 and cash deposits of $18,620,121 were pledged as collateral.

For more information with regard to accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.


	Shares		Value
COMMON STOCKS — 98.0%
Aerospace & Defense — 2.3%
AAR Corp.		24,380	$	445,179
BE Aerospace, Inc. *		5,155		200,787
Triumph Group, Inc.		14,350		853,682

				1,499,648

Apparel — 1.6%
Barry (R.G.) Corp.		79,834		1,037,842

Auto Manufacturers — 1.1%
Navistar International Corp. *		18,820		700,669

Banks — 19.1%
Citizens Republic Bancorp, Inc. *		242,001		2,619,661
First Bancorp * ^^		467,324		1,492,726
First Horizon National Corp.		328,305		2,527,948
Hanmi Financial Corp. *		711,470		622,821
MainSource Financial Group, Inc.		159,736		1,322,614
Regions Financial Corp.		860,445		3,536,429
Southwest Bancorp, Inc. *		59,200		291,856
Yadkin Valley Financial Corp. ^^		101,010		166,667

				12,580,722

Building Materials — 0.2%
Builders FirstSource, Inc. *		94,744		146,853

Chemicals — 2.6%
A. Schulman, Inc.		49,741		1,028,146
Ferro Corp. *		32,410		188,302
Spartech Corp. *		106,375		453,158

				1,669,606

Coal — 13.5%
Arch Coal, Inc.		214,795		3,520,490
Cloud Peak Energy, Inc. *		251,460		5,373,700

				8,894,190

Commercial Services — 6.7%
Aegean Marine Petroleum Network, Inc.		102,610		462,771
Hudson Highland Group, Inc. *		493,515		2,329,391
Insperity, Inc.		25,521		632,666
Monster Worldwide, Inc. *		88,997		650,568
PHH Corp. *		20,800		319,488

				4,394,884

Computers — 3.4%
Insight Enterprises, Inc. *		42,175		617,442
Xyratex Ltd.		119,567		1,621,329

				2,238,771


	Shares		Value
Electric — 0.5%
GenOn Energy, Inc. *		129,421	$	352,025

Electronics — 1.1%
Pulse Electronics, Inc.		238,161		721,628

Food — 0.6%
Sanderson Farms, Inc. (a)		7,660		394,260

Healthcare - Products — 0.6%
Orthofix International N.V. *		12,075		413,810

Healthcare - Services — 2.8%
Emeritus Corp. (a) *		94,086		1,495,967
Five Star Quality Care, Inc. *		138,275		355,367

				1,851,334

Home Builders — 8.8%
KB Home (a)		234,435		1,723,097
Meritage Homes Corp. *		185,060		4,038,009

				5,761,106

Industrial — 3.5%
FreightCar America, Inc. *		102,317		2,325,665

Insurance — 3.2%
Assured Guaranty Ltd.		41,990		407,303
Axis Capital Holdings Ltd.		53,810		1,718,153

				2,125,456

Internet — 2.1%
ICG Group, Inc. *		58,151		500,680
ModusLink Global Solutions, Inc.		207,560		902,886

				1,403,566

Machinery - Diversified — 1.1%
Flow International Corp. *		83,927		219,889
Terex Corp. * (a)		34,245		528,400

				748,289

Metals Fabricating — 0.2%
RTI International Metals, Inc. *		4,649		126,918

Office Products — 1.0%
OfficeMax, Inc. *		143,269		666,201

Oil & Gas — 2.0%
Penn Virginia Corp. (a)		131,825		698,672
Willbros Group, Inc *		161,092		623,426

				1,322,098

Real Estate — 2.4%
Forestar Group, Inc. *		67,568		1,027,034
Thomas Properties Group, Inc.		173,635		515,696

				1,542,730


	Shares		Value
Real Estate Investment Trusts — 4.3%
FelCor Lodging Trust, Inc. *		359,755	$	946,156
NorthStar Realty Finance Corp. (a)		167,470		735,193
Redwood Trust, Inc.		54,665		564,689
Strategic Hotels & Resorts, Inc. *		113,760		571,075

				2,817,113

Retail — 2.6%
Brown Shoe Co., Inc. (a)		84,025		704,970
Coldwater Creek, Inc. *		9,328		8,055
MarineMax, Inc. *		151,721		966,463

				1,679,488

Savings & Loans — 3.9%
First Financial Holdings, Inc.		137,665		1,124,723
Flagstar Bancorp, Inc. *		2,767,054		1,438,868

				2,563,591

Semiconductors — 4.1%
Alliance Semiconductor Corp. *		389,300		58,395
ATMI , Inc. *		56,559		1,170,771
Axcelis Technologies, Inc. *		261,198		331,721
Magnachip Semiconductor Corp. *		83,970		672,600
MEMC Electronic Materials, Inc. *		107,940		450,110

				2,683,597

Software — 1.6%
Take-Two Interactive Software, Inc. *		75,205		1,049,110

Telecommunications — 1.1%
Aviat Networks, Inc. *		408,922		719,703

TOTAL COMMON STOCKS (Cost $63,158,032)				64,430,873

EXCHANGE TRADED FUND — 0.8%
Finance — 0.8%
iShares Russell 2000 Value Index Fund		7,976		519,636

TOTAL EXCHANGE TRADED FUND (Cost $471,065)				519,636

SECURITIES LENDING COLLATERAL — 7.3%
BlackRock Liquidity Fund		4,786,450		4,786,450

TOTAL SECURITIES LENDING COLLATERAL (Cost $4,786,450)				4,786,450


	Par (000)		Value
CORPORATE BONDS — 1.2%
LandAmerica Financial Group, Inc. CONV ‡ 3.25%, 05/15/34	$	120	$	9,624


	Par (000)		Value
CORPORATE BONDS — (Continued)
Northstar Realty Finance Corp. ^ CONV 7.50%, 03/15/31	$	358	$	319,515
RAIT Financial Trust CONV 7.00%, 04/01/31		598		476,158

TOTAL CORPORATE BONDS (Cost $956,239)				805,297

TOTAL INVESTMENTS — 107.3% (Cost $69,371,786)**				70,542,256

LIABILITIES IN EXCESS OF OTHER ASSETS — (7.3)%				(4,772,504	)

NET ASSETS — 100.0%			$	65,769,752


*		Non-income producing.
(a)		All or a portion of the security is on loan. At November 30, 2011, the market value of securities on loan was $4,613,652.
‡		Holding in default resolution. Value has been determined in good faith by or under the direction of the RBB Fund, Inc’s Board of Directors to be the estimated value of the future payouts under the default resolution. As of November 30, 2011, this holding amounted to $9,624 or 0.0% of net assets and is deemed illiquid by the portfolio manager pursuant to the Fund’s policies and procedures.
^		Security was purchased pursuant to Rule 144A under Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of November 30, 2011, this security amounted to $319,515 or 0.5% of net assets.
^^		Private Investment in Public Equity (PIPE) Restricted from resale until public registrant is deemed illiquid.
CONV		Convertible
**		The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a Federal income tax basis, are as follows:


Aggregate cost	$	69,371,786

Gross unrealized appreciation		10,754,888
Gross unrealized depreciation		(9,584,418	)

Net unrealized appreciation	$	1,170,470


	Shares		Value
COMMON STOCKS — 98.2%
Aerospace & Defense — 2.4%
Boeing Co. (The)		21,330	$	1,465,158

Automobile Manufacturers — 2.9%
Navistar International Corp. *		47,381		1,763,995

Automobile Parts & Equipment — 2.5%
Magna International, Inc. (a)		42,460		1,509,453

Banks — 20.2%
Huntington Bancshares, Inc.		132,485		695,546
JPMorgan Chase & Co.		79,990		2,477,290
PNC Financial Services Group, Inc.		30,958		1,678,233
Regions Financial Corp.		302,050		1,241,425
SunTrust Banks, Inc.		165,155		2,994,260
Wells Fargo & Co.		122,960		3,179,746

				12,266,500

Coal — 15.1%
Arch Coal, Inc.		198,245		3,249,236
Consol Energy, Inc.		67,195		2,798,000
Peabody Energy Corp.		78,720		3,088,186

				9,135,422

Commercial Services — 1.7%
Aegean Marine Petroleum Network, Inc.		85,232		384,396
Monster Worldwide, Inc. *		89,125		651,504

				1,035,900

Computers — 2.9%
Dell, Inc. *		109,783		1,730,180
Western Digital Corp. *		110		3,198

				1,733,378

Electric — 4.0%
FirstEnergy Corp.		24,436		1,086,669
GenOn Energy, Inc. *		494,544		1,345,160

				2,431,829

Electronics — 1.9%
Avnet, Inc. *		38,550		1,148,404

Health Care - Services — 2.8%
Brookdale Senior Living, Inc. *		107,265		1,667,971

Home Builders — 8.6%
KB Home (a)		84,180		618,723
NVR, Inc. (a)*		4,039		2,705,524
Toll Brothers, Inc. *		91,495		1,858,263

				5,182,510

Insurance — 10.5%
ACE Ltd.		35,840		2,491,955
Allstate Corp., (The)		49,445		1,324,632


	Shares		Value
Insurance — (Continued)
Assured Guaranty Ltd.		94,736	$	918,939
RenaissanceRe Holdings, Ltd.		21,265		1,561,702
Willis Group Holdings PLC		1,845		65,055

				6,362,283

Leisure Time — 2.4%
Carnival Corp.		43,075		1,430,090

Life & Health Insurance — 0.7%
Lincoln National Corp.		22,565		455,362

Lodging — 0.9%
Orient-Express Hotels, Ltd., Class A *		76,010		546,512

Oil & Gas — 6.8%
BP PLC, SP ADR		35,220		1,533,831
Chesapeake Energy Corp.		36,306		919,994
EQT Corp.		13,181		817,354
Valero Energy Corp.		38,035		847,039

				4,118,218

Real Estate Investment Trusts — 2.2%
Sunstone Hotel Investors, Inc. *		172,875		1,317,308

Retail — 1.6%
J.C. Penney Co., Inc.		29,636		949,537

Semiconductors — 1.1%
MEMC Electronic Materials, Inc. *		162,990		679,668

Telecommunications — 7.0%
Cisco Systems, Inc.		225,350		4,200,524
Sprint Nextel Corp. *		26,165		70,645

				4,271,169

TOTAL COMMON STOCKS (Cost $57,362,396)				59,470,667

EXCHANGE TRADED FUND — 0.5%
Finance — 0.5%
iShares Russell 1000 Value Index Fund		5,115		320,659

TOTAL EXCHANGE TRADED FUND (Cost $285,477)				320,659


	Shares		Value
SECURITIES LENDING COLLATERAL — 3.2%
BlackRock Liquidity Fund		1,917,071	$	1,917,071

TOTAL SECURITIES LENDING COLLATERAL (Cost $1,917,071)				1,917,071

TOAL INVESTMENTS — 101.9% (Cost $59,564,944)**				61,708,397

LIABILITIES IN EXCESS OF OTHER ASSETS — (1.9)%				(1,140,088	)

NET ASSETS — 100.0%			$	60,568,309


*		Non-income producing.
(a)		All or a portion of the security is on loan. At November 30, 2011, market value of securities on loan was $1,875,736.
SP ADR		Sponsored American Depositary Receipt
PLC		Public Liability Company
**		The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a Federal income tax basis, are as follows:



Aggregate cost	$	59,564,944

Gross unrealized appreciation		9,337,749
Gross unrealized depreciation		(7,194,296	)

Net unrealized appreciation	$	2,143,453

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

Fair Value Measurement. The inputs and valuation techniques used to measure fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:

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

The following summary of the inputs used, as of November 30, 2011, in valuing the Funds’ investments carried at fair value:

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

The following is a reconciliation of the Funds’ Level 3 investments for which significant unobservable inputs were used to determine fair value.

*Transfers in and out of the levels are recognized at the value at the beginning of the period.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Funds’ investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For the period ended November 30, 2011, there were no transfers between levels 1 and 2 for the Small Cap Value Fund. There were no transfers between levels 1, 2 and 3 for the Value Fund.

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.

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

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.

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.


NUMBER OF CONTRACTS	TYPE	EXPIRATION MONTH	VALUE AT TRADE DATE	VALUE AT 11/30/2011	UNREALIZED APPRECIATION/ (DEPRECIATION)*

Long Positions:
	U.S. Treasury
59	10 Year Note	03/2012	$7,580,421	$7,631,281	$(50,860)

Short Positions:
	U.S. Treasury
29	2 Year Note	03/2012	6,391,258	6,394,500	(3,242)
	U.S. Treasury
109	5 Year Note	03/2012	13,357,871	13,367,828	9,957

					$(44,145)


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


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


	Total Value at November 30, 2011		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs

Investments in Securities*	$	691,630,812	$	—	$	691,630,812	$	—


	Total Value at November 30, 2011		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs

Total Investments*	$	96,216,032	$	96,216,032	$	—	$	—


	Total Market Value at November 30, 2011		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES	$	89,855,886	$	—	$	89,855,886	$	—
MORTGAGE DERIVATIVES		11,265,205		—		11,265,205		—
COLLATERALIZED MORTGAGE OBLIGATIONS		40,050,732		—		40,050,732		—
SHORT TERM OBLIGATIONS		169,992		—		169,992		—
ASSET DERIVATIVES
INTEREST RATE CONTRACTS ***		9,957		9,957		—		—
TOTAL ASSETS	$	141,351,772	$	9,957	$	141,341,815	$	—


TBA SALE COMMITMENTS	$	(22,293,281)	$	—		(22,293,281)	$	—
LIABILITY DERIVATIVES
INTEREST RATE CONTRACTS ***		(1,612,798)		(54,102)		(1,558,696)		—
TOTAL LIABILITIES	$	(23,906,079)	$	(54,102)	$	(23,851,977)	$	—


GO		General Obligation
LOC		Line of Credit
PLC		Public Liability Company
RB		Revenue Bond


	Total Value at November 30, 2011		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input

Investments in Securities*	$	748,054,627	$	748,054,627	$	-	$	-


	Total Value at November 30, 2011		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input

Investments in Securities*	$	520,935,790	$	520,935,790	$	-	$	-


Aggregate Cost	$	8,117,197

Gross unrealized appreciation		1,815,647
Gross unrealized depreciation		(70,123	)

Net unrealized appreciation	$	1,745,524


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


ROBECO INVESTMENT FUNDS		NOVEMBER 30, 2011 (unaudited)

ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II		PORTFOLIO OF INVESTMENTS


ROBECO INVESTMENT FUNDS		NOVEMBER 30, 2011(unaudited)

ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II (concluded)		Portfolio of Investments


	Total Value as of 11/30/11		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stock *	$	101,335,228	$	101,335,228	$	—	$	—
Securities Lending Collateral		6,148,680		6,148,680		—		—

Total Assets	$	107,483,908	$	107,483,908	$	—	$	—


ROBECO INVESTMENT FUNDS		NOVEMBER 30, 2011 (unaudited)

ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND		Portfolio of Investments


	Total Value as of 11/30/11		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stock
Basic Industries	$	13,596,887	$	13,596,887	$	—	$	—
Capital Goods		24,027,968		24,027,968		—		—
Communications		26,804,500		26,804,500		—		—
Consumer Durables		5,510,059		5,510,059		—		—
Consumer Non-Durables		30,520,855		30,520,855		—		—
Consumer Services		72,049,597		72,049,597		—		—
Energy		25,327,707		25,327,707		—		—
Finance		112,567,704		110,647,633		—		1,920,071
Health Care		72,956,492		72,956,492		—		—
Real Estate Investment Trusts		1,442,937		1,442,937		—		—
Technology		119,189,377		119,189,377		—		—
Utilities		2,459,606		2,459,606		—		—
Preferred Stocks
Finance		3,297,583		3,053,927		—		243,656
Securities Lending Collateral		7,258,951		7,258,951				—

Total Assets	$	517,010,223	$	514,846,496	$		$	2,163,727


				Common Stock			Preferred Stock

	Total Investments			Finance			Finance
Balance as of August 31, 2011	$	2,369,486		$	2,103,885		$	265,601
Net realized gain/(loss)		—			—			—
Change in unrealized appreciation/(depreciation)		(205,759	)		(183,814	)		(21,945	)
Purchases		—			—			—
Sales		—			—			—
Transfers in *		—			—			—
Transfers out *		—			—			—

Balance as of November 30, 2011	$	2,163,727		$	1,920,071		$	243,656


	Securities Sold Short

	Total Investments			Communications			Consumer Non-Durables
Balance as of August 31, 2011	$	(10	)	$	(10	)	$	—
Net realized gain/(loss)		—			—			—
Change in unrealized appreciation/(depreciation)		—			—			—
Purchases		—			—			—
Sales		—			—			—
Transfers in *		(156	)		—			(156	)
Transfers out *		—			—			—

Balance as of November 30, 2011	$	(166	)	$	(10	)	$	(156	)


ROBECO INVESTMENT FUNDS		NOVEMBER 30, 2011 (unaudited)

ROBECO BOSTON PARTNERS LONG/SHORT RESEARCH FUND		Portfolio of Investments


Aggregate cost	$	75,931,828

Gross unrealized appreciation		3,346,567
Gross unrealized depreciation		(3,988,020	)

Net unrealized depreciation	$	(641,453	)


	Long Positions
	Total Investments			Technology
Balance as of August 31, 2011	$	—		$	—
Net realized gain/(loss)		—			—
Change in unrealized appreciation/(depreciation)		—			—
Purchases		—			—
Sales		—			—
Transfers in **		101,920			101,920
Transfers out **		—			—

Balance as of November 30, 2011	$	101,920		$	101,920


	Securities Sold Short
	Total Investments			Consumer Durables
Balance as of August 31, 2011	$	(13,020	)	$	(13,020	)
Net realized gain/(loss)		7,064			7,064
Change in unrealized appreciation/(depreciation)		—			—
Purchases		5,956			5,956
Sales		—			—
Transfers in **		—			—
Transfers out **		—			—

Balance as of November 30, 2011	$	—		$	—


ROBECO INVESTMENT FUNDS		NOVEMBER 30, 2011 (unaudited)

ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND		Portfolio of Investments


	Total Value as of 11/30/11			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Common Stock
Basic Industries	$	779,091		$	779,091	$	—		$	—
Capital Goods		13,697,722			13,697,722		—			—
Communications		5,249,278			5,249,278		—			—
Consumer Durables		1,205,914			1,205,914		—			—
Consumer Non-Durables		15,583,338			15,583,338		—			—
Consumer Services		41,265,977			41,265,977		—			—
Energy		23,435,145			23,435,145		—			—
Finance		56,182,787			53,910,332		—			2,272,455
Health Care		37,627,955			37,627,955		—			—
Real Estate Investment Trusts		1,371,275			1,371,275		—			—
Technology		34,780,233			34,741,375		—			38,858
Utilities		834,366			834,366		—			—
Preferred Stocks		66,452			—		—			66,452
Investment Company		309,420			309,420		—			—
Corporate Bonds		63,420			—		63,420			—
Securities Lending Collateral		2,613,655			2,613,655		—			—

Total Assets	$	235,066,028		$	232,624,843	$	63,420		$	2,377,765


	Total Value as of 11/30/11			Level 1 Quoted Price		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Options Written
Equity Contracts	$	(102,427	)	$	—	$	(102,427	)	$	—

Total Liabilities	$	(102,427	)	$	—	$	(102,427	)	$	—


			Common Stock					Preferred Stock
	Total Investments		Finance		Technology			Finance
Balance as of August 31, 2011	$	2,262,890	$	2,140,740	$	49,713		$	72,437
Net realized gain/(loss)		—		—		—			—
Change in unrealized appreciation/(depreciation)		114,875		131,715		(10,855	)		(5,985	)
Purchases		—		—		—			—
Sales		—		—		—			—
Transfers in *		—		—		—			—
Transfers out *		—		—		—			—

Balance as of November 30, 2011	$	2,377,765	$	2,272,455	$	38,858		$	66,452


ROBECO INVESTMENT FUNDS		NOVEMBER 30, 2011 (unaudited)

ROBECO WPG SMALL/MICRO CAP VALUE FUND		Portfolio of Investments


	BP Long/Short Equity Fund				BP Long/Short Research Fund				BP All-Cap Value Fund
	Number of Contracts		Premiums Received		Number of Contracts		Premiums Received		Number of Contracts		Premiums Received
Options outstanding at August 31, 2011		9,636		$2,307,033		37		$20,979		6,021		$520,322
Options written		14,776		4,826,155		41		17,993		1,182		96,744
Options closed		(11,352)		(2,315,776)		(37)		(20,979)		—		—
Options expired		—		—						(707)		(47,330)
Options exercised		(2,056)		(1,783,361)						(155)		(84,938)

Options outstanding at November 30, 2011		11,004		$3,034,051		41		$17,993		6,341		$484,798


	Acquisition Date	Acquisition Cost		Shares /Par		Value		% of Net Assets
BP All-Cap Value Fund
Common Stocks:
J.G. Wentworth, Inc., 144A	08/02/07-03/26/08	$	181,980		—	$	—	0.0
Peoples Choice Financial Corp., 144A	12/21/04-01/23/06		14,293		1,465		—	0.0
Solar Cayman Ltd., 144A	03/24/10		—		19,375		—	0.0

		$	196,273		20,840	$	—	0.0%


ADR		American Depositary Receipt
CAD		Canadian Dollar
ETF		Exchange-traded Fund
ETN		Exchange-traded Note
MSCI		Morgan Stanley Capital International
PLC		Public Limited Company
REIT		Real Estate Investment Trust
S&P		Standard & Poors
SPDR		Standard & Poors Depositary Receipt


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

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

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


	TOTAL FAIR VALUE AT NOVEMBER 30, 2011		LEVEL 1 QUOTED PRICE		LEVEL 2 SIGNIFICANT OBSERVABLE INPUTS		LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS
Common Stocks
Consumer Discretionary	$	4,720,920	$	4,720,920	$	—	$	—
Consumer Staples		1,053,580		1,053,580		—		—
Energy		1,326,442		1,326,442		—		—
Financials		3,400,758		3,400,758		—		—
Health Care		1,460,111		1,460,111		—		—
Industrials		2,208,535		2,208,535		—		—
Information Technology		3,296,769		3,296,769		—		—
Materials		1,177,488		1,177,488		—		—
Real Estate Investment Trusts		2,729,045		2,729,045		—		—
Telecommunication Services		233,260		233,260		—		—
Utilities		34,395		34,395		—		—
Corporate Bond		1,007,896		—		1,007,896		—
Foreign Government Note		10,439		—		10,439		—
U.S. Government Agency		1,995,902		—		1,995,902		—
U.S. Treasury Notes		3,249,455		—		3,249,455		—
U.S. Treasury Bond		2,320,624		—		2,320,624		—
Exchange Traded Funds		2,939,528		2,939,528		—		—
Short-Term Investments		1,599,985		—		1,599,985		—
Asset Derivatives
Commodity Contracts		1,200		1,200		—		—
Equity Contracts		137,504		137,504		—		—
Foreign Exchange Contracts		2,200		2,200		—		—
Total Assets	$	34,906,036	$	24,721,735	$	10,184,301	$	—


	TOTAL FAIR VALUE AT NOVEMBER 30, 2011			LEVEL 1 QUOTED PRICE			LEVEL 2 SIGNIFICANT OBSERVABLE INPUTS		LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS
Common Stocks Sold Short
Consumer Discretionary	$	(1,576,531	)	$	(1,576,531	)	$	—	$	—
Consumer Staples		(54,294	)		(54,294	)		—		—
Energy		(307,270	)		(307,270	)		—		—
Financials		(1,194,044	)		(1,194,044	)		—		—
Health Care		(486,082	)		(486,082	)		—		—
Industrials		(764,916	)		(764,916	)		—		—
Information Technology		(555,500	)		(555,500	)		—		—
Materials		(361,439	)		(361,439	)		—		—
Real Estate Investment Trusts		(2,721,950	)		(2,721,950	)		—		—
Telecommunication Services		(74,705	)		(74,705	)		—		—
Utilities		(4,084	)		—			—		(4,084	)
Exchange Traded Funds Sold Short		(9,495,104	)		(9,495,104	)		—		—
Liability Derivatives
Equity Contracts		(77,808	)		(68,383	)		—		(9,425	)
Total Liabilities	$	(17,673,727	)	$	(17,660,218	)	$	—	$	(13,509	)


	TOTAL INVESTMENTS			CONSUMER DISCRETIONARY			MATERIALS			UTILITIES			WRITTEN OPTIONS
Balance as of August 31, 2011		$(18,465	)		$(7,588	)		$(1,712	)		$ —			$(9,165	)
Accrued discounts/premiums		—			—			—			—			—
Net realized gain/(loss)		—			—			—			—			—
Change in unrealized appreciation/ (depreciation)		9,300			7,588			1,712			—			—
Purchases*		—			—			—			—			—
Sales		—			—			—			—			—
Transfer in		(4,344	)		—			—			(4,084	)		(260	)
Transfer out		—			—			—			—			—

Balance as of November 30, 2011		$(13,509	)		$ —			$ —			$(4,084	)		$(9,425	)


ASSET DERIVATIVE INVESTMENTS VALUE
TOTAL VALUE AT 11/30/11	EQUITY CONTRACTS	INTEREST RATE CONTRACTS	CREDIT CONTRACTS	FOREIGN CURRENCY CONTRACTS	COMMODITY CONTRACTS
$140,904	$137,504	$—	$—	$2,200	$1,200

LIABILITY DERIVATIVE INVESTMENTS VALUE
TOTAL VALUE AT 11/30/11	EQUITY CONTRACTS	INTEREST RATE CONTRACTS	CREDIT CONTRACTS	FOREIGN CURRENCY CONTRACTS	COMMODITY CONTRACTS
$(77,808)	$(77,808)	$—	$—	$—	$—


	Total Value as of November 30, 2011		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stocks *	$	64,430,873	$	64,430,873	$	—	$	—
Corporate Bonds		805,297		—		795,673		9,624
Exchange Traded Fund		519,636		519,636		—		—
Securities Lending Collateral		4,786,450		—		4,786,450		—

Total	$	70,542,256	$	64,950,509	$	5,582,123	$	9,624


	Total Investments		Common Stock		Preferred Stock		Corporate Bonds
Balance as of August 31, 2011	$	9,624	$	—	$	—	$	9,624
Accrued discounts/premiums		—		—		—		—
realized gain/(loss)		—		—		—		—
Change in unrealized appreciation (depreciation)		—		—		—		—
Purchases		—		—		—		—
Sales		—		—		—		—
Transfers into Level 3*		—		—		—		—

Transfers out of Level 3*		—		—		—		—

Balance as of November 30, 2011	$	9,624	$	—	$	—	$	9,624