RBB Funds

PURCHASED
OPTIONS
(COST)

FORWARD FOREIGN
CURRENCY CONTRACTS
APPRECIATION

FUTURES
NOTIONAL AMOUNT

WRITTEN
OPTIONS
(PROCEEDS)

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.


	Par (000)		Value
CERTIFICATES OF DEPOSIT—37.3%
Euro Dollar Certificates Of Deposit—1.7%
HSBC Bank PLC 0.300%, 01/15/14	$	5,000	$	5,000,000
National Australia Bank Ltd., London (a) 0.241%, 12/23/13		6,000		6,000,000

				11,000,000

Yankee Dollar Certificates Of Deposit—35.6%
Bank of Montreal, Chicago 0.239%, 12/05/13		8,000		8,000,000
0.344%, 01/10/14(a)		4,000		4,000,000
Bank of Nova Scotia, Houston (a) 0.338%, 01/02/14		5,000		5,000,000
0.280%, 08/08/14		7,000		7,000,000
0.234%, 12/01/14		5,000		5,000,000
BNP Paribas SA, New York (a) 0.329%, 12/06/13		5,000		5,000,000
0.299%, 12/09/13		5,500		5,500,000
Canadian Imperial Bank of Commerce, New York (a) 0.280%, 12/02/13		5,000		5,000,000
0.280%, 12/02/13		10,000		10,000,000
0.254%, 12/13/13		1,910		1,910,000
Credit Suisse, New York 0.319%, 12/06/13		2,000		2,000,000
0.260%, 03/18/14		5,000		5,000,000
0.260%, 04/22/14		7,000		7,000,000
Deutsche Bank AG, New York 0.250%, 12/02/13		5,000		5,000,000
0.270%, 12/02/13		4,000		4,000,000
DNB Bank ASA, New York 0.240%, 02/14/14		5,000		5,000,000
National Australia Bank Ltd., New York 0.239%, 02/10/14		5,000		5,000,399
Natixis 0.080%, 12/02/13		12,946		12,946,000
Natixis, New York (a) 0.289%, 12/09/13		6,000		5,999,542
Nordea Bank Finland PLC, New York 0.250%, 02/03/14		5,000		5,000,000
Norinchukin Bank, New York 0.100%, 12/04/13		16,000		16,000,000


	Par (000)		Value
CERTIFICATES OF DEPOSIT—(Continued)
Yankee Dollar Certificates Of Deposit—(Continued)
Rabobank Nederland NV, New York 0.290%, 12/16/13	$	12,000	$	12,000,000
0.405%, 01/08/14		6,000		6,000,000
Royal Bank of Canada, New York (a) 0.240%, 12/02/13		3,000		3,000,000
0.270%, 12/02/13		4,000		4,000,000
Societe General, New York (a) 0.338%, 12/19/13		3,000		3,000,000
Sumitomo Mitsui Banking Corp., New York 0.220%, 12/09/13		6,000		6,000,000
Sumitomo Mitsui Trust Bank Ltd., New York 0.230%, 12/05/13		5,000		5,000,000
Svenska Handelsbanken, New York 0.255%, 01/17/14		8,000		8,000,051
Toronto Dominion Bank, Montreal 0.220%, 04/24/14		5,000		5,000,000
Toronto Dominion Bank, New York (a) 0.219%, 12/20/13		10,000		10,000,000
0.236%, 12/24/13(a)		4,000		4,000,000
0.168%, 02/19/14(a)		3,000		3,000,000
0.250%, 08/12/14		5,000		5,000,000
Wells Fargo Bank NA 0.190%, 12/02/13		6,000		6,000,000
0.236%, 12/26/13		8,000		8,000,000
0.220%, 02/10/14		5,000		5,000,000
Westpac Banking Corp., New York (a) 0.290%, 12/02/13		5,500		5,500,000
0.239%, 12/09/13(a)		10,000		10,000,000

				237,855,992

TOTAL CERTIFICATES OF DEPOSIT (Cost $248,855,992)				248,855,992

COMMERCIAL PAPER—40.0%
Asset Backed—9.9%
Aspen Funding Corp. (c) 0.230%, 12/02/13		10,000		10,000,000
Mont Blanc Capital Corp. (c) 0.250%, 02/10/14		5,000		4,997,569
Nieuw Amsterdam Receivables Corp. (c) 0.200%, 01/08/14		7,798		7,796,397
0.170%, 01/09/14		7,000		6,998,744
0.170%, 01/21/14		4,000		3,999,056


	Par (000)		Value
COMMERCIAL PAPER—(Continued)
Asset Backed—(Continued)
Old Line Funding LLC (c) 0.240%, 12/09/13	$	5,000	$	4,999,767
Thunder Bay Funding LLC (c) 0.231%, 12/27/13		7,000		7,000,000
Victory Receivables Corp. (c) 0.170%, 01/07/14		7,000		6,998,810
0.180%, 01/21/14		8,000		7,998,000
0.170%, 01/22/14		5,000		4,998,796

				65,787,139

Banks—30.1%
Australia & New Zealand Banking Ltd. (a) 0.314%, 01/17/14		4,000		4,000,000
Australia & New Zealand Banking Ltd. 144A 0.288%, 04/17/14		5,000		5,000,000
Bank of Tokyo Mitsubishi Ufj Ltd. (c) 0.200%, 01/27/14		13,325		13,320,854
BNP Paribas Finance Inc. 0.310%, 03/18/14		6,000		5,994,523
BNZ International (c) 0.240%, 02/21/14		4,500		4,497,570
BPCE SA (c) 0.295%, 12/02/13		6,000		6,000,000
Collateralized Commercial Paper Co. LLC (c) 0.300%, 03/11/14		9,000		8,992,575
Commonwealth Bank of Australia 0.208%, 12/03/13		5,000		4,999,937
0.210%, 12/24/13(a)		5,000		5,000,000
0.294%, 01/03/14		8,000		8,001,599
0.239%, 02/25/14		1,450		1,450,000
DNB Bank ASA (c) 0.260%, 01/22/14		6,000		5,997,790
0.260%, 01/27/14		5,000		4,997,978
0.255%, 02/06/14		4,000		3,998,130
HSBC Bank PLC 0.277%, 12/11/13		3,000		3,000,000
0.258%, 12/19/13		5,000		5,000,000
HSBC Bank PLC 144A 0.274%, 12/09/13		3,000		3,000,000


	Par (000)		Value
COMMERCIAL PAPER—(Continued)
Banks—(Continued)
ING US Funding LLC (c) 0.290%, 02/07/14	$	8,000	$	7,995,682
0.200%, 03/03/14		5,000		4,997,472
0.225%, 03/13/14		6,000		5,996,212
Mizuho Funding LLC (c) 0.205%, 12/20/13		10,000		9,998,975
0.225%, 02/03/14		7,000		6,997,244
Nordea Bank AB (c) 0.250%, 01/09/14		3,000		2,999,208
0.240%, 08/12/14		5,000		4,991,567
NRW Bank (c) 0.090%, 12/03/13		7,000		6,999,983
Scoiete General North America Inc. 0.080%, 12/02/13		18,000		18,000,000
Skandinaviska Enskilda Banken AB, New York (c) 0.275%, 04/09/14		9,000		8,991,200
0.275%, 05/07/14		7,000		6,991,658
Sumitomo Mitsui Banking Corp. 0.210%, 12/18/13		7,000		6,999,347
Sumitomo Mitsui Banking Corp. 144A 0.215%, 12/16/13		7,000		6,999,415
Westpac Banking Corp. 0.238%, 12/30/13		4,000		4,000,000
Westpac Banking Corp. 144A (a) 0.248%, 01/24/14		5,000		5,000,133

				201,209,052

TOTAL COMMERCIAL PAPER (Cost $266,996,191)				266,996,191

MUNICIPAL BONDS—7.5%
California—1.0%
California Housing Finance Agency Revenue, Series A, RB (LOC: Fannie Mae, Freddie Mac) (a)(d) 0.050%, 12/04/13		2,900		2,900,000


	Par (000)		Value
MUNICIPAL BONDS—(Continued)
California—(Continued)
San Francisco, City & County Redevelopment Agency, Multifamily Revenue, Series A, RB (LOC: Fannie Mae) (a)(d) 0.040%, 12/05/13	$	3,800	$	3,800,000

				6,700,000

Connecticut—0.8%
Connecticut State, Health & Educational Facilities Authority Revenue, New Haven Hospital, Series K-2, RB (LOC: JPMorgan Chase Bank) (a)(d) 0.050%, 12/04/13		5,055		5,055,000

New Jersey—0.7%
New Jersey State, Housing & Mortgage Financial Agency Revenue, Variable Amount Single Family Housing, Series V 0.060%, 12/05/13		5,000		5,000,000

New York—3.8%
New York City, Housing Development Corp., Multifamily Rent Housing Revenue, Series A, RB (LOC: Fannie Mae) (a)(d) 0.050%, 12/04/13		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) (a)(d) 0.040%, 12/05/13		4,335		4,335,000
New York State Dormitory Authority, City University, Series D, RB (LOC: TD Bank NA) (a)(d) 0.060%, 12/05/13		5,000		5,000,000
New York State, Housing Finance Agency Revenue, RB (LOC: Freddie Mac) (a)(d) 0.040%, 12/04/13		5,200		5,200,000
Westchester County, Health Care Revenue, RB (LOC: TD Bank NA) (a)(d) 0.110%, 12/04/13		5,000		5,000,000

				25,535,000


	Par (000)		Value
MUNICIPAL BONDS—(Continued)
Tennessee—1.2%
Eclipse Funding Trust, Various 2007-0005- Solar Eclipse-Blount, RB (LOC: U.S. Bank NA) 144A (a)(d) 0.060%, 12/05/13	$	8,000	$	8,000,000

TOTAL MUNICIPAL BONDS (Cost $50,290,000)				50,290,000

VARIABLE RATE OBLIGATIONS—0.7%
Banks—0.7%
Svenska Handelsbanken AB 144A (a) 0.264%, 12/16/13		4,900		4,900,000

TOTAL VARIABLE RATE OBLIGATIONS (Cost $4,900,000)				4,900,000

AGENCY OBLIGATIONS—0.9%
Fannie Mae 0.141%, 02/27/15 (a)		6,000		5,998,132

TOTAL AGENCY OBLIGATIONS (Cost $5,998,132)				5,998,132

U.S. TREASURY OBLIGATIONS—6.8%
U.S. Treasury Bill (c) 0.115%, 11/13/14		7,000		6,991,927
U.S. Treasury Notes 2.000%, 11/30/13		6,000		6,000,000
1.500%, 12/31/13		4,000		4,004,276
1.250%, 02/15/14		9,000		9,019,708
1.875%, 02/28/14		11,000		11,046,295
0.250%, 10/31/14		8,000		8,008,494

TOTAL U.S. TREASURY OBLIGATIONS (Cost $45,070,700)				45,070,700


	Par (000)		Value
REPURCHASE AGREEMENTS—6.8%
Deutsche Bank Securities Inc. (Tri-Party Agreement dated 11/29/13 to be repurchased at $30,000,225, collateralized by $12,698,375 par value, various United States Treasury Obligations, 0.000%-3.625%, due 02/15/2021-11/15/2022; $18,272,000 par value, various U.S. Government Sponsored Agency Obligations, 0.000%- 1.750%, due 11/17/2014-02/25/2014, Fair Value of the collateral is $30,600,000) 0.090%, 12/02/13	$	30,000	$	30,000,000
Morgan Stanley & Co. LLC (Tri-Party Agreement dated 11/29/13 to be repurchased at $15,000,113, collateralized by $19,428,292 par value, various U.S. Government Sponsored Agency Obligations, 2.512%-6.018%, due 08/01/2037-09/01/2043, Fair Value of the collateral is $15,450,000) 0.090%, 12/02/13		15,000		15,000,000

TOTAL REPURCHASE AGREEMENTS (Cost $45,000,000)				45,000,000


TOTAL INVESTMENTS AT VALUE—100.0% (Cost $667,111,015)*				667,111,015


OTHER ASSETS IN EXCESS OF LIABILITIES—0.0%				159,689


NET ASSETS (APPLICABLE TO 655,301,720 BEDFORD SHARES AND 617,538 SANSOM STREET SHARES )—100.0%			$	667,270,704

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

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

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

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

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


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

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 (“NAV”) 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, 2013, in valuing the Portfolio’s investments carried at fair value:

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

Securities held in the Portfolio are valued at amortized cost, in accordance with rules under the Investment Company Act of 1940, as amended. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

At the end of each fiscal 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.

out of Level 3 during the period. Transfers in and out between Levels are based on values at the end of the period. U.S. GAAP also requires the Fund to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each Level within the three-tier hierarchy are disclosed when the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the period ended November 30, 2013, 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—100.1%
Basic Industry—2.6%
American Pacific Corp. *		3,376	$	139,598
Ferro Corp. *		120,681		1,681,086
Gerdau SA, SP ADR		211,417		1,636,368
Ternium SA, SP ADR		55,061		1,470,679
United States Lime & Minerals, Inc. *		601		34,684
Xerium Technologies, Inc. *		24,974		329,407

				5,291,822

Communications—9.8%
Autobytel, Inc. *		22,970		284,828
Bitauto Holdings Ltd., ADR *		76,378		2,405,907
Brightcove, Inc. *		1,027		14,614
comScore, Inc. *		49,145		1,337,235
Comverse, Inc. *		9,545		319,757
Cumulus Media, Inc., Class A *		10,002		69,814
Demand Media, Inc. *		2,668		14,701
Entravision Communications Corp., Class A		208,232		1,376,414
Extreme Networks, Inc. *		24,560		170,692
Finisar Corp. *		84,271		1,743,567
IDT Corp., Class B		35,873		796,739
Inteliquent, Inc.		205,799		2,385,210
NTELOS Holdings Corp.		8,021		171,730
Orbitz Worldwide, Inc. *		4,932		34,129
Sina Corp China *		20,346		1,568,066
SouFun Holdings Ltd., ADR		24,900		1,617,255
support.com, Inc. *		6,234		24,936
Ubiquiti Networks, Inc.		51,309		2,021,575
United Online Inc *		103,359		1,636,173
Vocus, Inc. *		5,019		49,989
YY, Inc. *		32,368		1,630,700
Zhone Technologies, Inc. *		14,519		77,822

				19,751,853

Consumer Cyclical—14.3%
American Woodmark Corp. *		3,118		112,513
Arctic Cat, Inc.		15,981		899,251
Cato Corp. (The), Class A		842		28,662
Citi Trends, Inc. *		3,324		54,879
Core-Mark Holding Co., Inc.		23,873		1,762,305
Dominion Diamond Corp. *		14,863		199,759
Express, Inc. *		79,410		1,954,280
Goodyear Tire & Rubber Co., (The)		81,250		1,808,625
Haverty Furniture Co., Inc.		45,333		1,291,991
Jetblue Airways Corp. *		206,882		1,839,181


	Number Of Shares		Value
Consumer Cyclical—(continued)
Kirkland’s, Inc. *		54,701	$	1,401,440
Kona Grill, Inc. *		1,195		18,917
Multimedia Games Holding Co., Inc. *		77,339		2,242,831
Nu Skin Enterprises, Inc., Class A		14,683		1,877,075
PC Connection, Inc.		14,086		306,089
Red Robin Gourmet Burgers, Inc. *		20,715		1,651,193
Republic Airways Holdings, Inc. *		129,320		1,456,143
Rite Aid Corp *		313,816		1,857,791
ScanSource, Inc. *		39,040		1,639,290
Skechers U.S.A., Inc., Class A *		28,250		949,765
TiVo, Inc. *		137,899		1,769,244
Tower International, Inc. *		59,446		1,277,495
Unifi, Inc. *		3,188		88,435
Universal Electronics, Inc. *		7,663		291,271
Wendy’s Co. (The)		206,200		1,775,382
Winnebago Industries, Inc. *		8,970		277,711

				28,831,518

Consumer Growth—24.9%
Addus HomeCare Corp. *		48,741		1,413,489
Alere, Inc. *		48,096		1,573,701
Align Technology, Inc. *		31,178		1,703,566
Alliance HealthCare Services, Inc. *		8,996		259,804
AMAG Pharmaceuticals, Inc. *		41,890		1,027,562
AMN Healthcare Services, Inc. *		57,177		793,617
Andersons, Inc., (The)		18,103		1,540,022
Anika Therapeutics, Inc. *		5,738		197,100
ARC Document Solutions, Inc. *		5,906		50,851
Barrett Business Services, Inc.		10,747		908,336
BioTelemetry, Inc. *		5,022		52,681
Capella Education Co. *		4,861		319,465
Charles River Laboratories International, Inc. *		23,645		1,233,560
CoreLogic, Inc. *		44,237		1,558,470
Cornerstone Therapeutics, Inc. *		7,860		74,591
Corvel Corp. *		5,219		241,588
Enzon Pharmaceuticals, Inc.		67,546		112,126
Euronet Worldwide, Inc. *		39,731		1,924,967
Gentium SPA, SP ADR *		17,648		956,875
Global Cash Access Holdings, Inc. *		175,596		1,712,061
Hackett Group, Inc., (The)		18,061		112,881
HealthSouth Corp.		46,437		1,661,980
Huron Consulting Group, Inc. *		10,300		612,232
ICON PLC *		44,729		1,705,964
Impax Laboratories, Inc. *		63,434		1,524,953


	Number Of Shares		Value
Consumer Growth—(continued)
Information Services Group, Inc. *		41,925	$	171,892
Ingles Markets, Inc., Class A		3,543		93,075
Insys Therapeutics, Inc. *		17,233		759,975
Lannett Co., Inc. *		57,849		1,708,859
LifeLock, Inc. *		78,097		1,344,830
Live Nation Entertainment, Inc. *		89,859		1,650,710
Mac-Gray Corp.		11,813		251,617
Mannatech, Inc. *		3,491		75,056
Manpowergroup, Inc.		25,350		2,026,225
MoneyGram International, Inc. *		18,076		381,223
Natus Medical, Inc. *		5,640		129,889
NuVasive, Inc. *		31,671		1,053,061
Omnicare, Inc.		28,281		1,619,936
Pilgrim’s Pride Corp. *		151,389		2,479,752
Repligen Corp. *		9,861		132,828
RPX Corp. *		100,824		1,665,612
Sagent Pharmaceuticals, Inc. *		19,251		437,190
SEI Investments Co.		32,937		1,106,024
Spartan Stores, Inc.		17,381		403,239
TAL Education Group		80,948		1,594,676
United Therapeutics Corp. *		23,385		2,158,669
Vanda Pharmaceuticals, Inc. *		148,739		1,746,196
Vascular Solutions, Inc. *		7,726		161,087
WNS Holdings Ltd. *		10,244		205,085
WuXi PharmaTech Cayman, Inc., ADR *		71,609		2,372,406
Zalicus, Inc. *		67,641		81,846
Zeltiq Aesthetics, Inc. *		65,961		1,156,956

				50,240,356

Energy—8.6%
Dril-Quip, Inc. *		14,670		1,592,575
Gran Tierra Energy, Inc. *		222,999		1,583,293
Green Plains Renewable Energy, Inc.		115,614		1,997,810
JinkoSolar Holding Co., Ltd. *		48,440		1,423,652
Matador Resources Co. *		94,997		2,069,985
Matrix Service Co. *		41,463		920,479
MRC Global, Inc. *		56,891		1,740,296
Ocean Rig UDW, Inc. *		13,539		282,017
ReneSola Ltd., ADR *		419,970		1,898,264
Renewable Energy Group, Inc. *		105,936		1,204,492
REX American Resources Corp. *		14,071		460,685
SM Energy Co.		22,230		1,959,352
Tesco Corp. *		13,732		245,528

				17,378,428


	Number Of Shares		Value
Financial—21.1%
AerCap Holdings N.V. *		92,917	$	1,954,044
Allied World Assurance Co. Holdings AG		9,190		1,035,254
Aspen Insurance Holdings Ltd.		40,099		1,620,802
Assurant, Inc.		25,682		1,667,789
Axis Capital Holdings Ltd.		34,378		1,688,991
Calamos Asset Management, Inc., Class A		57,509		637,775
ETRADE Financial Corp.		96,214		1,724,155
E-House China Holdings Ltd., ADR		165,459		1,767,102
Evercore Partners, Inc., Class A		31,506		1,728,104
FBR & Co. *		12,485		350,953
First Interstate Bancsystem, Inc.		66,161		1,852,508
Gain Capital Holdings, Inc.		34,376		312,822
GAMCO Investors, Inc., Class A		889		74,854
Genworth Financial, Inc., Class A *		178,518		2,697,407
Hanover Insurance Group, Inc., (The)		30,891		1,863,036
Interactive Brokers Group, Inc., Class A		95,697		2,320,652
Investment Technology Group, Inc. *		133,289		2,611,132
LPL Financial Holdings, Inc.		38,939		1,669,315
Manning & Napier, Inc.		19,161		350,071
MGIC Investment Corp. *		234,494		1,901,746
Navigators Group, Inc., (The)		17,440		1,165,690
Nelnet, Inc., Class A		33,773		1,519,785
Old Republic International Corp.		93,367		1,605,912
PartnerRe Ltd.		16,300		1,677,270
Reinsurance Group of America, Inc.		21,612		1,620,468
Selective Insurance Group, Inc.		6,331		178,471
Symetra Financial Corp.		86,790		1,663,764
United Fire Group, Inc.		14,950		444,762
Universal Insurance Holdings, Inc.		68,753		852,537
Virtus Investment Partners, Inc. *		377		78,341
Waddell & Reed Financial, Inc., Class A		24,130		1,537,805
WSFS Financial Corp.		5,440		413,114

				42,586,431

Industrial—8.6%
AECOM Technology, Corp. *		49,722		1,444,921
AMERCO, Inc. *		7,946		1,841,327
Arkansas Best Corp.		18,997		618,162
Benchmark Electronics, Inc. *		18,480		424,670
Broadwind Energy, Inc. *		26,491		174,841
Caesarstone Sdot-Yam Ltd.		48,976		2,407,170
Casella Waste Systems, Inc., Class A *		1,554		9,277


	Number Of Shares		Value
Industrial—(continued)
CIRCOR International, Inc.		23,691	$	1,879,407
Comfort Systems USA, Inc.		88,176		1,807,608
Louisiana-Pacific Corp. *		46,930		769,652
Methode Electronics, Inc.		33,337		964,439
Mueller Water Products, Inc., Class A		199,144		1,714,630
Navios Maritime Holdings, Inc.		55,781		431,745
Orion Energy Systems, Inc. *		20,507		127,348
Sanmina Corp. *		88,359		1,367,797
Star Bulk Carriers Corp. *		29,603		281,821
Trex Co, Inc. *		14,361		1,039,593
US Concrete, Inc. *		346		8,051

				17,312,459

Technology—10.1%
Aspen Technology, Inc. *		51,066		2,018,639
Brocade Communications Systems, Inc. *		277,310		2,437,555
Cascade Microtech, Inc. *		5,181		53,986
Himax Technologies, Inc., ADR		284,252		2,842,520
iGATE Corp. *		38,189		1,278,568
Immersion Corp. *		82,714		1,014,074
Intersil Corp., Class A		90,463		951,671
LSI Corp.		201,093		1,622,821
Manhattan Associates, Inc. *		19,700		2,369,122
MaxLinear, Inc., Class A *		20,715		176,077
MedAssets, Inc. *		90,329		1,945,687
Omnicell, Inc. *		10,176		246,768
Pegasystems, Inc.		40,704		2,049,446
Pixelworks, Inc. *		34,492		146,246
Silicon Graphics International Corp. *		6,072		80,879
Silicon Image, Inc. *		183,933		996,917
Xyratex Ltd.		6,284		64,851

				20,295,827

Utility—0.1%
Pampa Energia SA, SP ADR		15,334		102,124

TOTAL COMMON STOCKS (Cost $165,345,904)				201,790,818

Short-Term Investments—1.1%
BofA Cash Reserves Fund		2,147,545		2,147,545


TOTAL SHORT-TERM INVESTMENTS (Cost $2,147,545)				2,147,545


	Value
Total Investments—101.2% (Cost $167,493,449)	$	203,938,363


LIABILITIES IN EXCESS OF OTHER ASSETS—(1.2)%		(2,326,767	)


NET ASSETS—100.0%	$	201,611,596

*	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:


— American Depository Receipt.
Aggregate Cost	$	167,493,449

Gross unrealized appreciation		37,985,752
Gross unrealized depreciation		(1,540,839	)

Net unrealized appreciation	$	36,444,913


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

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

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, 2013, 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 fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between Levels are based on values at the end of the period. U.S. GAAP also requires the Fund to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each Level within the three-tier hierarchy are disclosed when the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the period ended November 30, 2013, 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)		20,050,218	$	475,190,165
U.S. Large Company Portfolio(a)		16,543,264		236,403,239
U.S. Micro Cap Portfolio(b)		11,710,346		242,755,463
U.S. Small Cap Portfolio(b)		7,669,822		241,139,198
U.S. Small Cap Value Portfolio(b)		11,095,047		401,973,537


Total Equity Funds (Cost $1,006,835,367)				1,597,461,602


TOTAL INVESTMENTS — 99.9% (Cost $1,006,835,367)				1,597,461,602


OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				1,493,884


NET ASSETS — 100.0%			$	1,598,955,486

*	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	$	1,006,835,367

Gross unrealized appreciation		590,626,235
Gross unrealized depreciation		—

Net unrealized appreciation	$	590,626,235

(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 — 99.9%
Asia Pacific Small Company Portfolio(a)		602,174	$	14,416,045
Canadian Small Company Series(b)		1,239,700		14,039,979
Continental Small Company Portfolio(a)		1,487,427		30,670,745
Continental Small Company Series(b)		94,868		5,961,363
DFA International Small Cap Value Portfolio(a)		22,406,932		452,620,029
DFA International Value Portfolio III(c)		18,947,839		339,355,789
Emerging Markets Portfolio(a)		2,240,027		59,495,123
Emerging Markets Small Cap Portfolio(a)		2,656,287		55,250,773
Emerging Markets Value Portfolio(a)		1,939,399		55,408,622
Japanese Small Company Portfolio(a)		1,311,604		25,156,558
Large Cap International Portfolio(a)		2,524,718		56,351,716
United Kingdom Small Company Portfolio(a)		234,276		8,853,309
United Kingdom Small Company Series(b)		209,147		12,444,881

TOTAL INTERNATIONAL EQUITY FUNDS (Cost $921,561,329)				1,130,024,932


TOTAL INVESTMENTS — 99.9% (Cost $921,561,329)				1,130,024,932


OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				1,543,683


NET ASSETS — 100.0%			$	1,131,568,615

*	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	$	921,561,329

Gross unrealized appreciation		208,463,603
Gross unrealized depreciation		—


Net unrealized appreciation	$	208,463,603

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

(b)	A portfolio of DFA Investment Trust Company.

(c)	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)		32,294,340	$	360,404,832
DFA Inflation-Protected Securities Portfolio(a)		5,500,890		64,415,425
DFA Intermediate Government Fixed Income Portfolio(a)		14,106,226		176,327,824
DFA One-Year Fixed Income Portfolio(a)		34,191,359		353,196,736
DFA Short-Term Government Portfolio(a)		11,140,753		119,428,873
DFA Two-Year Global Fixed Income Portfolio(a)		35,789,954		360,404,832


TOTAL FIXED INCOME FUNDS (Cost $1,436,808,883)				1,434,178,522


TOTAL INVESTMENTS — 99.5% (Cost $1,436,808,883)				1,434,178,522


OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%				7,800,869


NET ASSETS — 100.0%			$	1,441,979,391

*	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	$	1,436,808,883

Gross unrealized appreciation		1,725,458
Gross unrealized depreciation		(4,355,819	)

Net unrealized depreciation	$	(2,630,361	)

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

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

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, 2013, in valuing the Funds’ investments carried at fair value:

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

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

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require each of the Funds to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between Levels are based on values at the end of the period. U.S. GAAP also requires the Funds to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when the Funds have an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each Level within the three-tier hierarchy are disclosed when the Funds have an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the period ended November 30, 2013, 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† - 98.2%
Basic Materials — 2.9%
Balchem		11,394	$	673,955
Horsehead Holding*		40,125		600,671
Polyone		29,853		969,028

				2,243,654

Communications — 12.2%
Allot Communications*		42,942		559,964
Constant Contact*		29,570		809,331
eGain*		57,398		660,652
Finisar*		29,310		606,424
HealthStream*		14,335		482,229
IntraLinks Holdings*		39,354		429,352
NIC		27,801		677,788
NICE Systems, Ltd, SP ADR		9,840		387,302
Perficient*		13,050		282,924
Perion Network*		65,313		670,765
RigNet*		16,228		689,365
Sapient*		36,860		579,808
ShoreTel*		104,730		846,218
Shutterfly*		14,453		682,615
SPS Commerce*		8,368		550,363
Zix*		112,855		522,519

				9,437,619

Consumer Cyclical — 12.1%
AFC Enterprises*		4,480		195,283
Arctic Cat		2,770		155,868
Brown Shoe		24,960		642,221
Core-Mark Holding		9,140		674,715
Destination XL Group*		81,471		572,741
Express*		29,320		721,565
First Cash Financial Services*		2,304		146,488
Gentherm*		32,260		779,402
G-III Apparel Group*		14,660		883,265
La-Z-Boy		25,581		748,500
Pool		2,480		138,979
Rite Aid*		150,720		892,262
Spirit Airlines*		12,890		591,264
Susser Holdings*		8,810		564,016
Tenneco*		10,650		611,310
United Stationers		16,733		752,650
Wabash National*		25,580		310,541

				9,381,070

Consumer Non-cyclical — 24.7%
Akorn*		35,550		915,412
Align Technology*		9,210		503,234
Array BioPharma*		113,643		650,039
Aspen Insurance Holdings, Ltd.		16,040		648,337
Capella Education*		8,785		577,350
Cardtronics*		18,140		772,583
Charles River Laboratories International*		12,660		660,472


	Shares		Value
Consumer Non-cyclical — (Continued)
Corporate Executive Board		9,110	$	670,769
CoStar Group*		2,660		495,398
Euronet Worldwide*		12,802		620,257
Five Star Quality Care*		73,857		364,115
HealthSouth		14,470		517,881
Heartland Payment Systems		12,290		551,944
ICON, PLC*		16,997		648,266
Infinity Pharmaceuticals*		21,992		321,303
Insulet*		13,010		481,630
Isis Pharmaceuticals*		15,880		615,509
ITT Educational Services, Cl A*		16,470		642,165
KAR Auction Services		25,160		694,164
Ligand Pharmaceuticals, Cl B*		11,938		664,708
Matthews International		10,840		457,231
MAXIMUS		15,258		694,239
MiMedx Group*		103,405		651,452
Myriad Genetics*		24,890		740,478
Novadaq Technologies*		39,263		653,729
Questcor Pharmaceuticals		9,791		567,976
Sagent Pharmaceuticals*		44,160		1,002,874
SunOpta*		64,510		596,718
Team Health Holdings*		15,090		705,156
Thoratec*		13,445		529,330
TravelCenters of America*		45,674		485,515

				19,100,234

Energy — 9.7%
Aegean Marine Petroleum Network		64,430		690,690
Carrizo Oil & Gas*		11,900		481,236
Energy XXI Bermuda		12,800		347,648
Flotek Industries*		35,970		753,212
Geospace Technologies*		6,374		556,260
Helix Energy Solutions Group*		19,494		432,962
Key Energy Services*		90,710		711,166
MRC Global*		21,080		644,837
Rex Energy*		30,326		581,653
Rosetta Resources*		13,090		661,961
Synergy Resources*		65,371		617,102
Walter Energy		31,100		442,553
Western Refining		15,110		590,348

				7,511,628

Financial — 9.6%
Boston Private Financial Holdings		57,149		679,787
Cubesmart, REIT		28,610		464,054
eHealth*		11,830		536,017
Endurance Specialty Holdings*		10,060		572,414
FXCM, Cl A		32,670		544,282
Hilltop Holdings*		25,891		613,876
International Bancshares		20,860		544,237
Outerwall*		3,530		241,452
Pinnacle Financial Partners		11,410		371,396


	Shares		Value
Financial — (Continued)
ProAssurance		12,226	$	587,826
Texas Capital Bancshares*		12,070		677,972
WageWorks*		14,160		811,368
WisdomTree Investments*		51,570		790,052

				7,434,733

Industrial — 15.4%
AAON		15,869		488,289
AMERCO*		4,020		931,555
Barnes Group		17,486		638,239
Belden		9,250		647,685
Berry Plastics Group*		30,275		649,399
Chart Industries*		6,497		632,158
DXP Enterprises*		4,880		478,142
EnPro Industries*		10,380		587,508
Generac Holdings		17,240		918,202
II-VI*		31,264		511,166
Masonite International*		10,850		542,283
Methode Electronics		31,221		903,224
PGT*		64,440		644,400
Power Solutions International*		12,890		964,172
Primoris Services		22,700		652,852
Swift Transportation*		14,460		334,749
Taser International*		48,325		830,707
TriMas*		15,926		582,573

				11,937,303

Technology — 11.6%
Aspen Technology*		19,550		772,812
AVG Technologies NV*		31,244		539,896
Cypress Semiconductor		46,890		454,364
Fortinet*		15,500		265,050
GT Advanced Technologies*		57,630		565,350
inContact*		82,420		618,150
Integrated Device Technology*		70,600		700,352
Magnachip Semiconductor*		31,982		649,235


	Shares		Value
Technology — (Continued)
Medidata Solutions*		2,320	$	275,871
Mentor Graphics		23,590		531,365
Omnicell*		21,120		512,160
QLIK Technologies*		9,295		233,119
RealPage*		29,340		657,509
SS&C Technologies Holdings*		19,860		856,165
Tyler Technologies*		7,620		781,888
Ultimate Software Group*		3,460		542,147

				8,955,433

TOTAL COMMON STOCKS (Cost $57,258,459)				76,001,674

TOTAL INVESTMENTS - 98.2% (Cost $57,258,459)**				76,001,674

OTHER ASSETS IN EXCESS OF LIABILITIES - 1.8%				1,415,887

NET ASSETS - 100.0%			$	77,417,561

†	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	$	57,258,459

Gross unrealized appreciation		19,279,425
Gross unrealized depreciation		(536,210	)

Net unrealized appreciation	$	18,743,215


Cl		Class
PLC		Public Limited Company
REIT		Real Estate Investment Trusts

Portfolio Valuation – The Perimeter Small Cap Growth Fund’s (the “Fund”) net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are amortized to maturity based on their cost. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. As of November 30, 2013, there were no fair valued securities.

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

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, 2013, 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 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, 2013, 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—97.4%

Basic Industries—2.7%
Graphic Packaging Holding Co.		308,225	$	2,767,861
PolyOne Corp.		14,864		482,485
Schweitzer-Mauduit International, Inc.		29,890		1,542,623
Sensient Technologies Corp.		9,295		456,756

				5,249,725


Capital Goods—14.7%
Actuant Corp., Class A		51,005		1,993,275
Aegion Corp.		55,300		1,203,881
Ampco-Pittsburgh Corp.		16,705		306,370
Brady Corp., Class A		26,353		825,639
Cabot Corp.		25,910		1,264,408
Curtiss-Wright Corp.		18,110		955,665
Drew Industries, Inc. *		22,850		1,238,699
Edwards Group Ltd., Sponsored ADR *		113,566		1,160,645
Globe Specialty Metals, Inc.		79,755		1,419,639
Granite Construction, Inc.		21,800		681,250
Griffon Corp.		69,400		892,484
Hillenbrand, Inc.		31,630		888,803
Huntington Ingalls Industries, Inc.		16,510		1,357,617
LSB Industries, Inc. *		28,025		899,042
MRC Global, Inc. *		59,145		1,809,246
Mueller Industries, Inc.		16,565		1,011,790
Orion Marine Group, Inc. *		120,845		1,434,430
Rofin-Sinar Technologies, Inc. *		6,780		175,127
Stock Building Supply Holdings, Inc. *		60,875		1,114,621
Terex Corp. *		41,645		1,512,546
WESCO International, Inc. * (a)		30,280		2,603,474
World Fuel Services Corp.		93,752		3,600,077

				28,348,728


Consumer Durables—2.9%
Tempur-Pedic International, Inc. *		36,770		1,876,005
Thor Industries, Inc.		43,150		2,333,121
Tower International, Inc. *		60,295		1,295,740

				5,504,866


Consumer Non-Durables—4.1%
Alliance One International, Inc. *		89,180		275,566


	Number of Shares		Value

Consumer Non-Durables—(continued)
Fresh Del Monte Produce, Inc.		25,640	$	718,176
Matthews International Corp., Class A		10,960		462,293
Nu Skin Enterprises, Inc., Class A		16,425		2,099,772
Skechers U.S.A., Inc., Class A *		30,900		1,038,858
Steven Madden Ltd. *		38,052		1,482,506
Take-Two Interactive Software, Inc. *		50,980		834,033
Universal Corp.		20,105		1,048,677

				7,959,881


Consumer Services—20.9%
Abercrombie & Fitch Co., Class A		80,950		2,774,966
ABM Industries, Inc.		22,205		617,521
Aeropostale, Inc. * (a)		35,330		364,606
American Eagle Outfitters, Inc.		60,910		991,006
Asbury Automotive Group, Inc. *		54,720		2,841,062
Ascena Retail Group, Inc. *		60,225		1,282,792
Booz Allen Hamilton Holding Corp.		48,000		839,520
Brink’s Co., (The)		41,160		1,380,095
CBIZ, Inc. *		55,210		494,682
Ennis, Inc.		22,015		408,158
Finish Line, Inc., (The), Class A		116,255		3,070,295
FTI Consulting, Inc. *		72,050		3,235,766
G&K Services, Inc., Class A		18,582		1,119,008
Group 1 Automotive, Inc.		18,470		1,264,272
Heidrick & Struggles International, Inc.		40,030		730,147
ICF International, Inc. *		15,240		551,383
International Speedway Corp., Class A		41,268		1,416,730
KAR Auction Services, Inc.		79,640		2,197,268
Knoll, Inc.		48,383		858,798
Korn/Ferry International *		18,985		439,693
Live Nation Entertainment, Inc. *		48,335		887,914
MAXIMUS, Inc.		37,925		1,725,588
Men’s Wearhouse, Inc., (The)		54,835		2,803,165
Navigant Consulting, Inc. *		124,865		2,447,354
Odyssey Marine Exploration, Inc. * (a)		118,065		242,033
Rent-A-Center, Inc.		32,005		1,090,090


	Number of Shares		Value

Consumer Services—(continued)
Rite Aid Corp. *		272,005	$	1,610,270
RPX Corp. *		54,785		905,048
Steiner Leisure Ltd. *		8,140		481,562
Viad Corp.		15,085		407,295
XO Group, Inc. *		43,970		689,010

				40,167,097


Energy—2.2%
Bristow Group, Inc.		16,895		1,354,979
Contango Oil & Gas Co.		11,150		525,276
Forum Energy Technologies, Inc. *		24,550		663,096
Helix Energy Solutions Group, Inc. *		33,995		755,029
Rosetta Resources, Inc. *		18,655		943,383

				4,241,763


Finance—19.2%
American Capital Mortgage Investment Corp.		30,215		570,761
Ameris Bancorp *		24,313		497,687
AMERISAFE, Inc.		19,030		835,036
Apollo Investment Corp.		38,165		344,248
BBCN Bancorp, Inc.		137,595		2,296,461
Centerstate Banks, Inc.		56,345		595,003
Columbia Banking System, Inc.		29,125		807,345
Cowen Group, Inc., Class A *		28,275		114,231
Federal Agricultural Mortgage Corp., Class C		5,675		198,682
Fifth Street Finance Corp.		95,230		910,399
First American Financial Corp.		99,735		2,638,988
First Citizens Bancshares, Inc., Class A		3,450		775,043
First NBC Bank Holding Co. *		34,365		992,461
FirstMerit Corp.		65,301		1,499,311
Flushing Financial Corp.		27,630		597,084
Gladstone Capital Corp.		16,150		157,624
Global Indemnity PLC *		14,683		391,155
Heritage Financial Corp.		35,545		611,374
Infinity Property & Casualty Corp.		11,515		821,595
JMP Group, Inc.		69,275		454,444
Maiden Holdings Ltd.		165,440		2,094,470
Nationstar Mortgage Holdings, Inc. * (a)		51,720		2,049,664
Navigators Group, Inc., (The) *		9,175		613,257
Nelnet, Inc., Class A		40,511		1,822,995


	Number of Shares		Value

Finance—(continued)
Park Sterling Corp.		45,090	$	319,688
PHH Corp. *		100,400		2,413,616
Platinum Underwriters Holdings Ltd.		24,910		1,579,294
Safety Insurance Group, Inc.		10,405		584,241
Stancorp Financial Group, Inc.		14,395		922,863
Stewart Information Services Corp.		67,675		2,156,126
SVB Financial Group *		9,995		1,011,894
Symetra Financial Corp.		79,930		1,532,258
Walker & Dunlop, Inc. *		84,325		1,367,752
Walter Investment Management Corp. *		43,145		1,645,119
Washington Federal, Inc.		29,520		690,473

				36,912,642


Health Care—9.6%
Amsurg Corp. *		21,775		1,052,168
Centene Corp. *		14,630		873,850
Chemed Corp. (a)		17,070		1,330,265
Hanger Orthopedic Group, Inc. *		45,960		1,785,086
ICON PLC *		33,090		1,262,053
Integra LifeSciences Holdings Corp. *		30,520		1,417,654
Kindred Healthcare, Inc.		85,437		1,438,759
LHC Group, Inc. *		17,785		422,394
LifePoint Hospitals, Inc. *		15,530		795,602
Omnicell, Inc. *		26,405		640,321
Owens & Minor, Inc.		27,417		1,046,507
PAREXEL International Corp. *		22,995		947,854
Select Medical Holdings Corp.		92,075		797,370
Symmetry Medical, Inc. *		123,030		1,206,924
U.S. Physical Therapy, Inc.		76,899		2,596,110
VCA Antech, Inc. *		27,220		815,239

				18,428,156


Real Estate Investment Trusts—8.3%
Altisource Residential Corp., Class B		26,670		742,759
American Residential Properties, Inc. *		59,200		1,039,552
Anworth Mortgage Asset Corp.		126,807		564,291
Ares Commercial Real Estate Corp.		96,410		1,264,899


	Number of Shares		Value

Real Estate Investment Trusts—(continued)
Chatham Lodging Trust		53,275	$	1,096,932
Colony Financial, Inc.		23,005		465,161
CYS Investments, Inc.		225,425		1,803,400
Gladstone Commercial Corp. (a)		18,605		334,704
Hatteras Financial Corp.		95,425		1,594,552
Javelin Mortgage Investment Corp. (a)		63,975		789,452
MFA Financial, Inc.		296,800		2,163,672
Monmouth Real Estate Investment Corp., Class A		72,750		699,855
QTS Realty Trust, Inc.		14,475		301,370
Silver Bay Realty Trust Corp. (a)		43,047		689,182
Two Harbors Investment Corp.		271,305		2,509,571

				16,059,352


Technology—10.6%
Bel Fuse, Inc., Class B		30,021		682,377
Belden, Inc.		41,600		2,912,832
Brooks Automation, Inc.		46,495		491,452
Coherent, Inc.		7,510		518,490
Electronics for Imaging, Inc. *		29,210		1,156,716
EnerSys, Inc.		49,130		3,505,425
Imation Corp. *		31,575		137,983
Insight Enterprises, Inc. *		20,155		485,131
Integrated Device Technology, Inc. *		81,590		809,373
Lexmark International, Inc., Class A (a)		58,435		2,066,846
Magnachip Semiconductor Corp. *		43,865		890,460
NETGEAR, Inc. *		29,795		956,717
Sykes Enterprises, Inc. *		84,710		1,875,479
SYNNEX Corp. *		42,820		2,832,971
TeleTech Holdings, Inc. *		20,970		538,510
Teradyne, Inc. *		28,520		485,696

				20,346,458


Transportation—1.4%
Diana Shipping, Inc. *		40,670		465,671
Landstar System, Inc.		8,860		497,312
Quality Distribution, Inc. *		44,835		548,332
UTi Worldwide, Inc.		79,555		1,257,765

				2,769,080


	Number of Shares		Value

Utilities—0.8%
PNM Resources, Inc.		66,525	$	1,548,037

TOTAL COMMON STOCK (Cost $126,049,812)				187,535,785

SECURITIES LENDING COLLATERAL—3.1%
BlackRock Liquidity Fund		5,933,957		5,933,957

TOTAL SECURITIES LENDING COLLATERAL (Cost $5,933,957)				5,933,957

TOTAL INVESTMENTS—100.5% (Cost $131,983,769)**				193,469,742

LIABILITIES IN EXCESS OF OTHER ASSETS—(0.5)%				(876,850	)

NET ASSETS—100.0%			$	192,592,892


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, 2013, the market value of securities on loan was $5,809,182.
**		— 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	$	131,983,769

Gross unrealized appreciation		65,389,262
Gross unrealized depreciation		(3,903,289	)

Net unrealized appreciation	$	61,485,973

A summary of the inputs used to value the Fund’s investments as of November 30, 2013 is as follows (see Notes to Portfolio of Investments):


	Number of Shares		Value

LONG POSITIONS—100.7%

COMMON STOCK—98.6%
Basic Industries—4.8%
Alcoa, Inc. †		288,100	$	2,768,641
Axiall Corp.		101,851		4,613,850
Berry Plastics Group, Inc. *		363,209		7,790,833
Crown Holdings, Inc. *		74,156		3,273,246
Freeport-McMoRan Copper & Gold, Inc., †		193,155		6,700,547
Greif, Inc., Class B †		43,300		2,533,050
Northern Dynasty Minerals Ltd * (a)		618,422		729,738
Owens-Illinois, Inc. * †		181,305		5,983,065
Pan American Silver Corp. †		241,282		2,603,433
Steel Dynamics, Inc. †		285,820		5,207,640

				42,204,043


Capital Goods—10.1%
AECOM Technology Corp. *		83,771		2,434,385
Aggreko PLC		105,800		2,778,607
Babcock & Wilcox Co., (The) †		247,885		8,048,826
Bombardier, Inc., Class B		988,820		4,479,355
Columbus McKinnon Corp. *		105,424		2,920,245
Cubic Corp. †		91,925		5,151,477
Fluor Corp. †		86,835		6,756,631
Foster Wheeler AG *		145,257		4,405,645
General Cable Corp. †		137,685		4,012,141
Gibraltar Industries, Inc. * †		260,592		4,612,478
Global Power Equipment Group, Inc. †		164,045		3,203,799
Joy Global, Inc. †		104,355		5,902,319
Masonite International Corp. * †		62,760		3,136,745
Moog, Inc., Class A * †		83,780		5,753,173
NCI Building Systems, Inc. *		209,855		3,552,845
Orion Marine Group, Inc. *		385,746		4,578,805
Safran SA - ADR (a)		303,360		4,996,643
Tecumseh Products Co., Class A * †		54,221		473,349
URS Corp. †		130,494		6,781,773
WaterFurnace Renewable Energy, Inc. †		79,359		1,962,469
World Fuel Services Corp. †		83,338		3,200,179

				89,141,889


Communications—5.6%
Comcast Corp., Class A †		145,815		7,271,794
Dice Holdings, Inc. * †		284,830		2,073,562
DIRECTV * †		187,375		12,387,361


	Number of Shares		Value

Communications—(continued)
Hawaiian Telcom Holdco, Inc. * †		252,314	$	7,652,684
IAC/InterActiveCorp. †		125,204		7,162,921
iPass, Inc. *		653,655		1,130,823
Time Warner Cable, Inc. †		81,753		11,299,900

				48,979,045


Consumer Durables—2.0%
AV Homes, Inc. * †		160,680		3,240,916
Cooper-Standard Holding, Inc. * †		28,760		1,402,050
Dorel Industries, Inc., Class B		128,773		4,501,904
Helen of Troy Ltd. * †		177,645		8,653,088

				17,797,958


Consumer Non-Durables—4.9%
Anheuser-Busch InBev NV - Sponsored ADR †		55,995		5,717,649
Archer-Daniels-Midland Co. †		73,225		2,947,306
Central Garden and Pet Co., Class A *		598,305		4,678,745
Crimson Wine Group Ltd * †		283,686		2,439,700
Energizer Holdings, Inc. †		32,390		3,574,237
Hanesbrands, Inc. †		53,748		3,767,735
Lorillard, Inc. †		201,810		10,358,907
Philip Morris International, Inc. †		42,950		3,673,943
Unilever NV		153,550		6,028,373

				43,186,595


Consumer Services—14.2%
Advance Auto Parts, Inc. †		25,225		2,547,977
Apollo Group, Inc., Class A * †		172,169		4,526,323
CRA International, Inc. * †		146,158		2,699,538
CVS Caremark Corp. †		102,510		6,864,070
DeVry Education Group, Inc.		89,988		3,198,173
eBay, Inc. *		176,647		8,924,206
Ennis, Inc. †		327,350		6,069,069
GNC Holdings, Inc., Class A †		112,910		6,794,924
Harte-Hanks, Inc.		107,813		858,191
Insperity, Inc. †		158,375		5,582,719
ITT Educational Services, Inc. * (a)		167,296		6,522,871
John Wiley & Sons, Inc., Class A		54,300		2,767,128
K12, Inc. * (a)		136,390		2,869,646
Liberty Interactive Corp., Class A * †		146,390		4,110,631
Macy’s, Inc.		140,501		7,483,083
Realogy Holdings Corp. *		59,663		2,827,430
Spartan Stores, Inc. †		249,356		5,785,068


	Number of Shares		Value
Consumer Services—(continued)
Strayer Education, Inc. (a)		51,874	$	1,927,119
Systemax, Inc. †		272,463		3,125,151
Tesco PLC - Sponsored ADR †		188,255		3,232,338
Tetra Tech, Inc. * †		186,290		5,326,031
Titan Machinery, Inc. * (a)		149,042		2,654,438
Viacom, Inc., Class B		50,867		4,078,007
Wal-Mart Stores, Inc. †		62,360		5,051,784
Walgreen Co. †		120,800		7,151,360
Walt Disney Co., (The) †		126,960		8,955,758
Wynn Resorts Ltd. †		20,040		3,324,035

				125,257,068

Energy—12.8%
Apache Corp. †		91,855		8,403,814
Canadian Natural Resources Ltd. †		127,315		4,191,210
Cenovus Energy, Inc. †		99,185		2,897,194
Diamond Offshore Drilling, Inc. (a) †		70,145		4,212,207
Emerald Oil, Inc. *		233,325		1,693,939
Ensco PLC, Class A †		41,810		2,470,135
EOG Resources, Inc. †		37,475		6,183,375
EQT Corp. †		84,670		7,206,264
Halliburton Co. †		151,035		7,956,524
Legacy Oil + Gas, Inc. *		635,783		3,662,110
National Oilwell Varco, Inc. †		54,515		4,442,973
Newfield Exploration Co. * †		93,920		2,639,152
Occidental Petroleum Corp. †		117,645		11,171,569
Phillips 66		71,697		4,990,828
Rosetta Resources, Inc. * †		78,005		3,944,713
Rowan Cos PLC, Class A * †		85,914		2,974,343
Royal Dutch Shell PLC, Class A - ADR		90,689		6,048,956
Schlumberger Ltd. †		94,225		8,331,375
SEACOR Holdings, Inc. †		33,050		3,075,303
Suncor Energy, Inc.		98,147		3,403,738
Talisman Energy, Inc. †		438,275		5,176,028
Tesoro Corp. †		52,525		3,079,541
Weatherford International Ltd. * †		331,865		5,197,006

				113,352,297

Finance—13.7%
ACE Ltd. †		70,295		7,224,920
AerCap Holdings NV *		160,105		3,367,008
American International Group, Inc. †		175,051		8,708,787


	Number of Shares		Value
Finance—(continued)
Aon PLC †		60,587	$	4,946,323
Axis Capital Holdings Ltd. †		92,130		4,526,347
Berkshire Hathaway, Inc.,
Class B * †		105,720		12,319,552
Century Bancorp, Inc., Class A †		38,003		1,334,285
Citigroup, Inc. †		135,718		7,182,196
Cowen Group, Inc., Class A *		486,509		1,965,496
Endurance Specialty Holdings Ltd. †		101,890		5,797,541
Fairfax Financial Holdings Ltd. †		4,970		1,917,476
First Southern Bancorp, Inc. Class B 144A * ‡		64,350		337,194
Flushing Financial Corp. †		107,711		2,327,635
HF Financial Corp. †		83,779		1,090,803
JPMorgan Chase & Co. †		101,846		5,827,628
Leucadia National Corp. †		308,195		8,832,869
Loews Corp. †		83,730		3,964,616
Maiden Holdings Ltd. †		784,426		9,930,833
National Bank Holdings Corp., Class A †		79,735		1,688,787
National Western Life Insurance Co., Class A †		10,595		2,266,482
New Hampshire Thrift Bancshares, Inc.		29,529		445,888
Nicholas Financial, Inc. †		122,637		1,963,418
PartnerRe Ltd. †		55,885		5,750,567
Primus Guaranty Ltd. * †		129,701		1,063,548
Steel Excel, Inc. * †		229,697		6,488,940
Validus Holdings Ltd. †		139,217		5,575,641
White Mountains Insurance Group Ltd. †		6,855		4,132,400

				120,977,180

Health Care—11.7%
Alpha PRO Tech Ltd. *		485,210		960,716
AmerisourceBergen Corp. †		78,195		5,515,093
Amgen, Inc. †		45,164		5,152,309
Amsurg Corp. * †		143,785		6,947,691
Becton, Dickinson & Co. †		35,355		3,839,199
Charles River Laboratories International, Inc. * †		44,905		2,342,694
DaVita HealthCare Partners, Inc. *		74,179		4,417,359
Express Scripts Holding Co. * †		83,990		5,656,727
Fresenius Medical Care AG & Co. KGaA - ADR		219,287		7,639,959


	Number of Shares		Value
Health Care—(continued)
Humana, Inc.		63,765	$	6,630,922
Laboratory Corp. of America Holdings * †		76,390		7,780,322
MFC Industrial Ltd (a)		237,160		1,814,274
Omnicare, Inc. †		101,980		5,841,414
Orthofix International NV * †		59,690		1,291,095
Pfizer, Inc. †		221,767		7,036,667
PharMerica Corp. *		212,459		4,797,324
Sanofi - ADR †		162,095		8,563,479
Teva Pharmaceutical Industries Ltd. - Sponsored ADR †		111,914		4,561,615
UnitedHealth Group, Inc. †		91,500		6,814,920
WuXi PharmaTech Cayman, Inc., - ADR * †		161,765		5,359,274

				102,963,053

Technology—18.1%
Actuate Corp. * †		568,519		4,468,559
Alliance Fiber Optic Products, Inc. (a)		65,796		970,491
Alpha & Omega Semiconductor Ltd *		409,968		3,177,252
Amkor Technology, Inc. * (a) †		600,100		3,600,600
Arrow Electronics, Inc. * †		47,280		2,427,355
Autodesk, Inc. * †		247,639		11,205,665
Avnet, Inc. †		55,985		2,233,801
ClickSoftware Technologies Ltd.		542,226		3,887,760
Coleman Cable, Inc. †		141,905		3,483,768
Comtech Telecommunications Corp.		90,313		2,902,660
Corning, Inc.		287,109		4,903,822
CSG Systems International, Inc. †		410,993		11,865,368
EMC Corp. †		292,404		6,973,835
Fiserv, Inc. * †		33,128		3,640,436
Flextronics International Ltd. *		549,022		4,161,587
GSI Group, Inc. *		436,051		4,787,840
Ingram Micro, Inc., Class A * †		186,129		4,362,864
Intel Corp. †		193,091		4,603,289
IXYS Corp.		165,310		2,034,966
Kulicke & Soffa Industries, Inc. * †		211,310		2,666,732
LSI Corp. †		436,745		3,524,532
Magnachip Semiconductor Corp. * †		114,400		2,322,320


	Number of Shares		Value
Technology—(continued)
Mellanox Technologies Ltd. * (a)		95,784	$	3,729,829
Microsoft Corp. †		292,255		11,143,683
NetApp, Inc.		108,393		4,471,211
O2Micro International Ltd - ADR * (a)		911,730		2,534,609
ON Semiconductor Corp. * †		530,449		3,760,883
Oracle Corp. †		253,446		8,944,109
Pactera Technology International Ltd. - ADR *		249,465		1,756,234
QLogic Corp. * †		323,775		4,018,048
Reis, Inc. * †		126,192		2,255,051
Rovi Corp. * †		110,915		2,040,836
TE Connectivity Ltd.		97,900		5,161,288
Thermo Fisher Scientific, Inc. †		49,690		5,011,237
Travelsky Technology Ltd, Class H		7,037,185		6,671,955
Vishay Intertechnology, Inc. * †		342,321		4,426,211

				160,130,686

Transportation—0.7%
Aurizon Holdings Ltd		392,900		1,669,825
FedEx Corp.		32,413		4,495,683

				6,165,508

TOTAL COMMON STOCK (Cost $667,851,248)				870,155,322

PREFERRED STOCK—0.0%
Finance—0.0%
First Southern Bancorp, Inc., 5.000% 144A ‡		110		133,987


TOTAL PREFERRED STOCK (Cost $110,000)				133,987

	Number of Contracts
OPTIONS PURCHASED—0.0%
LinkedIn Corp. Put Options Expires 01/18/14 Strike Price $220		134		132,660
Splunk, Inc. Put Options Expires 02/22/14 Strike Price $60		677		84,625

TOTAL OPTIONS PURCHASED (Cost $993,367)				217,285


	Number of Shares			Value
SECURITIES LENDING COLLATERAL—2.1%
BlackRock Liquidity Fund		17,923,365		$	17,923,365

TOTAL SECURITIES LENDING COLLATERAL (Cost $17,923,365)					17,923,365

TOTAL INVESTMENTS—100.7%
(Cost $686,877,980)					888,429,959

SECURITIES SOLD SHORT—(74.8%)
COMMON STOCK—(74.8%)
Basic Industries—(1.4%)
American Pacific Corp. *		(67,737	)		(2,800,925	)
Ethanex Energy, Inc. *		(648	)		(486	)
Kennady Diamonds, Inc. *		(46,500	)		(251,635	)
Mountain Province Diamonds, Inc. *		(159,347	)		(772,833	)
Orchids Paper Products Co.		(91,034	)		(2,980,453	)
Tanzanian Royalty Exploration Corp. *		(193,370	)		(415,746	)
Texas Industries, Inc. *		(83,036	)		(4,826,052	)

					(12,048,130	)

Capital Goods—(7.4%)
Acuity Brands, Inc.		(26,251	)		(2,691,515	)
Applied Energetics, Inc. *		(238,070	)		(3,881	)
Applied Nanotech Holdings, Inc. *		(8,285	)		(314	)
Armstrong World Industries, Inc. *		(91,463	)		(4,865,832	)
Builders FirstSource, Inc. *		(475,340	)		(3,351,147	)
Cummins, Inc.		(32,120	)		(4,251,403	)
DynaMotive Energy Systems Corp. * ‡		(72,185	)		(7	)
Interface, Inc.		(317,535	)		(6,366,577	)
Lindsay Corp.		(72,390	)		(5,529,872	)
Oshkosh Corp.		(84,680	)		(4,128,150	)
Polypore International, Inc. *		(84,250	)		(3,199,815	)
Smith & Wesson Holding Corp. *		(367,713	)		(4,346,368	)
Trex Co., Inc. *		(185,915	)		(13,458,387	)
Trinity Industries, Inc.		(92,965	)		(4,825,813	)
USG Corp. *		(118,280	)		(3,239,689	)
Wabash National Corp. *		(435,109	)		(5,282,223	)

					(65,540,993	)

Communications—(5.3%)
Akamai Technologies, Inc. *		(57,760	)		(2,583,027	)
Angie’s List, Inc. *		(107,670	)		(1,401,863	)
Cogent Communications Group, Inc.		(128,465	)		(5,011,420	)
CTC Communications Group, Inc. * ‡		(98,900	)		(10	)


	Number of Shares			Value
Communications—(continued)
eGain Communications Corp. *		(160,300	)	$	(1,845,053	)
Equinix, Inc. *		(31,117	)		(5,000,502	)
Facebook, Inc., Class A *		(74,859	)		(3,519,122	)
Interliant, Inc. * ‡		(600	)		0
LinkedIn Corp., Class A *		(19,303	)		(4,324,451	)
LivePerson, Inc. *		(206,805	)		(2,541,633	)
Marketo, Inc. *		(24,742	)		(719,992	)
NTELOS Holdings Corp.		(159,561	)		(3,416,201	)
Pandora Media, Inc. *		(166,568	)		(4,730,531	)
Rackspace Hosting, Inc. *		(40,545	)		(1,549,224	)
Shutterfly, Inc. *		(39,154	)		(1,849,243	)
Shutterstock, Inc. *		(29,484	)		(2,181,226	)
Trulia, Inc. *		(51,591	)		(1,771,635	)
Twitter, Inc. *		(61,198	)		(2,544,001	)
Yelp, Inc. *		(31,835	)		(1,932,066	)

					(46,921,200	)

Consumer Durables—(4.3%)
American Axle & Manaufacturing Holdings, Inc. *		(250,628	)		(5,012,560	)
Cavco Industries, Inc. *		(59,686	)		(4,027,014	)
Ethan Allen Interiors, Inc.		(164,542	)		(5,084,348	)
iRobot Corp. *		(165,370	)		(5,491,938	)
KB Home		(187,370	)		(3,284,596	)
Qsound Labs, Inc. *		(4,440	)		(19	)
Select Comfort Corp. *		(137,008	)		(2,892,239	)
SodaStream International Ltd. *		(72,570	)		(4,171,324	)
Standard Pacific Corp. *		(457,246	)		(3,740,272	)
Tesla Motors, Inc. *		(32,820	)		(4,177,330	)

					(37,881,640	)

Consumer Non-Durables—(4.3%)
Amish Naturals, Inc. * ‡		(25,959	)		(156	)
Annie’s, Inc. *		(101,847	)		(4,679,870	)
Black Diamond, Inc. *		(185,195	)		(2,472,353	)
Boulder Brands, Inc. *		(177,725	)		(2,720,970	)
Columbia Sportswear Co.		(53,868	)		(3,737,901	)
Deckers Outdoor Corp. *		(65,863	)		(5,442,918	)
Female Health Co., (The)		(336,400	)		(3,081,424	)
Green Mountain Coffee Roasters, Inc. *		(26,781	)		(1,804,504	)
Iconix Brand Group, Inc. *		(94,680	)		(3,756,902	)
Monster Beverage Corp. *		(82,130	)		(4,860,453	)
Quiksilver, Inc. *		(598,512	)		(5,326,757	)
Valence Technology, Inc. *		(27,585	)		(138	)

					(37,884,346	)


	Number of Shares			Value
Consumer Services—(18.0%)
Acxiom Corp. *		(274,603	)	$	(9,138,788	)
Arctic Cat, Inc.		(75,045	)		(4,222,782	)
Bankrate, Inc. *		(245,456	)		(4,599,845	)
Best Buy Co., Inc.		(90,043	)		(3,651,244	)
Bravo Brio Restaurant Group, Inc. *		(136,870	)		(2,185,814	)
Buffalo Wild Wings, Inc. *		(18,592	)		(2,793,262	)
Concur Technologies, Inc. *		(40,195	)		(3,902,533	)
Conn’s, Inc. *		(66,435	)		(4,008,024	)
Container Store Group, Inc. (The) *		(71,836	)		(2,923,007	)
Corporate Resource Services, Inc. *		(131,352	)		(352,023	)
Cracker Barrel Old Country Store, Inc.		(23,578	)		(2,557,977	)
Cumulus Media, Inc., Class A *		(588,735	)		(4,109,370	)
Fairway Group Holdings Corp. *		(140,711	)		(2,672,102	)
Fresh Market, Inc., (The) *		(85,754	)		(3,491,045	)
H&R Block, Inc.		(173,790	)		(4,847,003	)
Haverty Furniture Cos., Inc.		(87,660	)		(2,498,310	)
hhgregg, Inc. *		(176,580	)		(2,631,042	)
Ignite Restaurant Group, Inc. *		(47,799	)		(590,318	)
Imax Corp. *		(96,575	)		(2,977,407	)
inContact, Inc. *		(257,945	)		(1,934,587	)
Lululemon Athletica, Inc. *		(87,285	)		(6,085,510	)
Manchester United PLC, Class A *		(136,165	)		(2,325,698	)
Mattress Firm Holding Corp. *		(90,297	)		(3,352,728	)
Medidata Solutions, Inc. *		(38,425	)		(4,569,117	)
Monro Muffler Brake, Inc.		(57,895	)		(3,071,909	)
Multimedia Games Holding Co., Inc. *		(90,124	)		(2,613,596	)
Netflix, Inc. *		(29,411	)		(10,758,544	)
Noodles & Co. *		(4,449	)		(180,763	)
Nutrisystem, Inc.		(69,678	)		(1,371,263	)
Potbelly Corp. *		(144,924	)		(4,039,756	)
Red Robin Gourmet Burgers, Inc. *		(74,368	)		(5,927,873	)
Rentrak Corp. *		(91,570	)		(3,653,643	)
RetailMeNot, Inc. *		(116,779	)		(3,348,054	)
Sears Holdings Corp. *		(43,590	)		(2,769,273	)
Sirius XM Holdings, Inc.		(879,438	)		(3,315,481	)
Sprouts Farmers Market, Inc. *		(61,050	)		(2,310,132	)
Sturm Ruger & Co., Inc.		(79,962	)		(6,151,477	)
Texas Roadhouse, Inc.		(167,684	)		(4,691,798	)


	Number of Shares			Value
Consumer Services—(continued)
Ulta Salon Cosmetics & Fragrance, Inc. *		(16,646	)	$	(2,113,043	)
Ultimate Software Group, Inc. *		(13,502	)		(2,115,628	)
Viggle, Inc. *		(4,896	)		(2,546	)
VistaPrint NV *		(62,615	)		(3,590,031	)
Wendy’s Co., (The)		(770,555	)		(6,634,479	)
Zillow, Inc., Class A *		(54,198	)		(4,261,047	)
Zumiez, Inc. *		(135,561	)		(3,764,529	)

					(159,104,401	)

Energy—(0.7%)
Beard Co. *		(9,710	)		(83	)
Crescent Point Energy Corp.		(32,120	)		(1,212,402	)
Goodrich Petroleum Corp. *		(72,191	)		(1,388,955	)
Neste Oil OYJ		(168,005	)		(3,209,705	)

					(5,811,145	)

Finance—(1.4%)
Financial Engines, Inc.		(49,761	)		(3,371,308	)
Green Dot Corp., Class A *		(145,407	)		(3,526,120	)
WisdomTree Investments, Inc. *		(370,166	)		(5,670,943	)

					(12,568,371	)

Health Care—(15.1%)
ABIOMED, Inc. *		(148,605	)		(4,248,617	)
Accelerate Diagnostics, Inc. *		(301,926	)		(4,088,078	)
Accuray, Inc. *		(345,165	)		(2,754,417	)
Advisory Board Co., (The) *		(65,150	)		(4,216,508	)
Air Methods Corp.		(44,265	)		(2,477,069	)
Albany Molecular Research, Inc. *		(674,236	)		(8,144,771	)
Align Technology, Inc. *		(48,623	)		(2,656,761	)
Arena Pharmaceuticals, Inc. *		(279,895	)		(1,824,915	)
athenahealth, Inc. *		(24,412	)		(3,202,122	)
AVANIR Pharmaceuticals, Inc., Class A *		(702,330	)		(3,118,345	)
Biotime, Inc. *		(105,150	)		(419,549	)
BodyTel Scientific, Inc. * ‡		(4,840	)		0
CareView Communications, Inc. *		(207,465	)		(95,434	)
Cerner Corp. *		(132,450	)		(7,611,902	)
Endologix, Inc. *		(218,370	)		(3,902,272	)
Exact Sciences Corp. *		(235,682	)		(2,894,175	)
Fluidigm Corp. *		(84,349	)		(2,680,611	)
Forest Laboratories, Inc. *		(100,480	)		(5,155,629	)
GenMark Diagnostics, Inc. *		(120,315	)		(1,431,748	)
HealthStream, Inc. *		(79,135	)		(2,662,101	)
HeartWare International, Inc. *		(55,720	)		(5,371,408	)
IDEXX Laboratories, Inc. *		(42,760	)		(4,453,882	)


	Number of Shares			Value
Health Care—(continued)
ImmunoGen, Inc. *		(112,190	)	$	(1,630,121	)
Insulet Corp. *		(86,530	)		(3,203,341	)
Intuitive Surgical, Inc. *		(12,063	)		(4,546,545	)
Lannett Co, Inc. *		(182,159	)		(5,380,977	)
Lifevantage Corp. *		(517,094	)		(992,820	)
Ligand Pharmaceuticals, Inc., Class B *		(59,684	)		(3,323,205	)
MiMedx Group, Inc. *		(581,605	)		(3,664,111	)
Mindray Medical International Ltd. - ADR		(80,220	)		(3,193,558	)
Novavax, Inc. *		(530,855	)		(1,974,781	)
Opko Health, Inc. *		(174,539	)		(1,839,641	)
Organovo Holdings, Inc. *		(498,080	)		(4,422,950	)
Quidel Corp. *		(137,935	)		(3,470,445	)
ResMed, Inc.		(69,265	)		(3,380,825	)
Seattle Genetics, Inc. *		(149,633	)		(6,148,420	)
Spectrum Pharmaceuticals, Inc.		(331,995	)		(3,197,112	)
Staar Surgical Co. *		(129,361	)		(1,632,536	)
TherapeuticsMD, Inc. *		(439,187	)		(2,147,624	)
Utah Medical Products, Inc.		(11,646	)		(619,684	)
Wright Medical Group, Inc. *		(160,842	)		(4,794,700	)

					(132,973,710	)

Technology—(15.0%)
3D Systems Corp. *		(71,757	)		(5,393,256	)
Alliance Fiber Optic Products, Inc.		(452,764	)		(6,678,269	)
ANTs Software, Inc. * ‡		(10,334	)		(98	)
CalAmp Corp. *		(180,835	)		(4,510,025	)
Cavium, Inc. *		(131,032	)		(4,743,358	)
Ciena Corp. *		(205,185	)		(4,557,159	)
CommVault Systems, Inc. *		(27,895	)		(2,087,941	)
Consygen, Inc. * ‡		(200	)		0
Cornerstone OnDemand, Inc. *		(43,383	)		(2,187,371	)
Cray, Inc. *		(150,460	)		(3,582,453	)
Cree, Inc. *		(34,285	)		(1,913,103	)
Ener1, Inc. * ‡		(102,820	)		(10	)
Enphase Energy, Inc. *		(273,975	)		(1,986,319	)
First Solar, Inc. *		(89,553	)		(5,357,060	)
Generac Holdings, Inc.		(83,403	)		(4,442,044	)
Himax Technologies, Inc. - ADR		(270,524	)		(2,705,240	)
Imageware Systems, Inc. *		(388,259	)		(726,044	)
Infinera Corp. *		(273,980	)		(2,548,014	)
IntraLinks Holdings, Inc. *		(416,401	)		(4,542,935	)
InvenSense, Inc. *		(123,458	)		(2,134,589	)
IPG Photonics Corp.		(88,730	)		(6,434,700	)


	Number of Shares			Value
Technology—(continued)
Methode Electronics, Inc.		(133,117	)	$	(3,851,075	)
Neonode, Inc. *		(252,491	)		(1,598,268	)
Nestor, Inc. *		(15,200	)		(30	)
NetSuite, Inc. *		(21,318	)		(2,048,233	)
Parkervision, Inc. *		(159,938	)		(668,541	)
Power Integrations, Inc.		(59,220	)		(3,165,901	)
Proofpoint, Inc. *		(111,005	)		(3,385,652	)
QLIK Technologies, Inc. *		(167,595	)		(4,203,283	)
Red Hat, Inc. *		(109,992	)		(5,153,125	)
Salesforce.com, Inc. *		(49,283	)		(2,567,151	)
SciQuest Inc *		(152,017	)		(4,250,395	)
ServiceNow, Inc. *		(51,005	)		(2,708,876	)
Silver Spring Networks, Inc. *		(142,990	)		(2,958,463	)
Sonus Networks, Inc. *		(987,632	)		(2,874,009	)
Splunk, Inc. *		(59,676	)		(4,306,220	)
Spreadtrum Communications, Inc. - ADR		(76,435	)		(2,339,675	)
Tessco Technologies, Inc.		(108,808	)		(4,288,123	)
Textura Corp. *		(79,582	)		(2,694,647	)
Tiger Telematics, Inc. * ‡		(6,510	)		(7	)
TigerLogic Corp. *		(96,490	)		(191,050	)
Tower Semiconductor Ltd. *		—			0
Uni-Pixel, Inc. *		(22,125	)		(284,749	)
Veeva Systems, Inc., Class A *		(85,019	)		(3,442,419	)
ViaSat, Inc. *		(70,207	)		(4,224,355	)
Violin Memory, Inc. *		(301,198	)		(1,039,133	)
Workday, Inc., Class A *		(39,020	)		(3,213,297	)
WorldGate Communications, Inc. *		(582,655	)		(291	)
Xybernaut Corp. * ‡		(34,156	)		0

					(131,986,956	)

Transportation—(1.6%)
American Railcar Industries, Inc.		(183,129	)		(7,947,799	)
Arkansas Best Corp.		(90,623	)		(2,948,872	)
Student Transportation, Inc.		(569,485	)		(3,582,061	)

					(14,478,732	)

Utilities—(0.3%)
SolarCity Corp. *		(58,713	)		(3,069,516	)

TOTAL COMMON STOCK (Proceeds $527,411,339)					(660,269,140	)


	Number of Shares			Value
WARRANTS SOLD SHORT—0.0%
Technology—0.0%
Tower Semiconductor Ltd. Series 9 Exercise Price $7.33, Expires 06/27/17		(10	)	$	0

TOTAL WARRANTS SOLD SHORT (Proceeds $0)					0

TOTAL SECURITIES SOLD SHORT —(74.8%) (Proceeds $527,411,339)					(660,269,140	)


	Number of Contracts
OPTIONS WRITTEN ††—(0.3%)
Arena Pharmaceuticals, Inc. Call Options Expires 01/18/14 Strike Price $10		(1,140	)		(4,560	)
Netflix, Inc. Call Options Expires 01/17/15 Strike Price $300		(116	)		(1,238,300	)
SolarCity Corp. Call Options Expires 01/18/14 Strike Price $50		(585	)		(353,925	)
Sturm Ruger & Co., Inc. Call Options Expires 01/17/15 Strike Price $70.50		(217	)		(222,425	)
Tesla Motors, Inc. Call Options Expires 01/17/15 Strike Price $175		(200	)		(342,000	)

TOTAL OPTIONS WRITTEN (Premiums received $2,494,274)					(2,161,210	)

OTHER ASSETS IN EXCESS OF LIABILITIES—74.4%					656,263,816

NET ASSETS—100.0%				$	882,263,425


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, 2013, these securities amounted to $471,181 or 0.05% 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, 2013, the market value of securities on loan was $17,492,157.
†		— 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, 2013 long positions amounted to $471,181 and short positions amounted to ($288), or 0.05% and 0.0%, respectively, of net assets.
**		— 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	$	686,877,980

Gross unrealized appreciation		213,627,534
Gross unrealized depreciation		(12,075,555	)

Net unrealized appreciation	$	201,551,979

A summary of the inputs used to value the Fund’s investments as of November 30, 2013 is as follows (see Notes to Portfolio of Investments):


	Number of Shares		Value
LONG POSITIONS—94.2%
COMMON STOCK—94.2%
Basic Industries—5.9%
AuRico Gold, Inc.		852,275	$	3,360,813
Berry Plastics Group, Inc. * †		619,113		13,279,974
Crown Holdings, Inc. * †		421,234		18,593,269
Cytec Industries, Inc.		29,194		2,612,279
Graphic Packaging Holding Co. * †		2,734,904		24,559,438
Huntsman Corp. †		623,310		14,292,498
International Paper Co. †		362,381		16,905,074
Lintec Corp.		562,800		10,350,375
LyondellBasell Industries NV, Class A		133,082		10,271,269
Owens-Illinois, Inc. * †		345,250		11,393,250
Rexam PLC		1,709,792		13,963,494
Silgan Holdings, Inc.		138,307		6,465,852
Smurfit Kappa Group PLC *		299,452		7,110,901
Yamana Gold, Inc.		360,987		3,281,372

				156,439,858

Capital Goods—12.5%
3M Co.		50,326		6,719,024
ABB Ltd. - Sponsored ADR *		195,508		4,995,229
AGCO Corp. †		90,035		5,247,240
Babcock & Wilcox Co., (The)		115,354		3,745,544
Boeing Co. (The) †		90,357		12,130,427
Carlisle Cos, Inc. †		82,090		6,034,436
CENTROTEC Sustainable AG		120,444		3,118,442
Cubic Corp. †		144,860		8,117,954
Curtiss-Wright Corp. †		140,014		7,388,539
Dover Corp. †		87,342		7,925,413
Flowserve Corp.		125,139		8,932,422
HB Fuller Co. †		329,816		16,896,474
Honeywell International, Inc. †		89,405		7,913,237
Hubbell, Inc., Class B †		44,045		4,752,896
Huntington Ingalls Industries, Inc. †		145,111		11,932,478
Hyundai Mobis Co. Ltd.		33,749		9,788,757
Komatsu Ltd.		332,400		6,932,766
Koninklijke Philips NV		345,525		12,355,974
LISI		29,760		4,527,852
Lockheed Martin Corp. †		122,919		17,413,935
Masco Corp.		300,181		6,730,058
Minerals Technologies, Inc. †		187,898		11,161,141


	Number of Shares		Value
Capital Goods—(continued)
MSC Industrial Direct Co., Inc., Class A †		84,806	$	6,517,341
Northrop Grumman Corp. †		94,190		10,613,329
Parker Hannifin Corp. †		81,186		9,566,958
Raytheon Co. †		134,466		11,924,445
Rexel SA		413,362		10,478,121
Rheinmetall AG		96,409		5,927,905
Siemens AG - Sponsored ADR		94,622		12,501,459
Smiths Group PLC		514,770		11,551,266
Standex International Corp.		127,486		7,511,475
Tarkett SA *		266,136		10,451,029
Textron, Inc. †		246,665		8,196,678
Timken Co. †		169,949		8,796,560
Triumph Group, Inc. †		157,951		11,678,897
Tyco International Ltd. †		190,185		7,253,656
United Technologies Corp. †		72,389		8,025,045
WESCO International, Inc. *		58,031		4,989,505

				330,743,907

Communications—5.9%
AVG Technologies NV *		190,055		3,284,150
Baidu, Inc. - Sponsored ADR * †		68,547		11,417,874
Comcast Corp., Class A †		298,232		14,872,830
Daum Communications Corp.		79,937		6,414,900
Google, Inc., Class A * †		12,701		13,457,853
IAC/InterActiveCorp. †		198,266		11,342,798
Liberty Global PLC, Class A *		80,445		6,902,985
Liberty Global PLC, Series C * †		248,374		20,230,062
NetEase, Inc. - ADR * †		205,976		14,791,137
Perfect World Co. Ltd. - Sponsored ADR †		184,477		3,499,529
Sina Corp. * †		93,663		7,218,607
Sohu.com, Inc. *		75,773		5,106,342
Time Warner Cable, Inc. †		71,562		9,891,300
Vodafone Group PLC - Sponsored ADR †		272,006		10,088,703
Windstream Holdings, Inc. †		558,638		4,508,209
Yahoo!, Inc. * †		374,789		13,859,697

				156,886,976

Consumer Durables—3.7%
Aisin Seiki Co. Ltd.		276,600		11,152,805
Hyundai Motor Co.		48,185		11,465,893
Lear Corp. †		234,701		19,459,060
Newell Rubbermaid, Inc. †		420,200		12,753,070
NVR, Inc. *		12,206		11,839,576


	Number of Shares		Value
Consumer Durables—(continued)
Samsung Electronics Co. Ltd.		4,017	$	5,668,165
Toyota Motor Corp.		277,800		17,348,526
TRW Automotive Holdings Corp. * †		124,252		9,641,955

				99,329,050

Consumer Non-Durables—5.2%
Activision Blizzard, Inc. †		961,057		16,539,791
Aryzta AG		164,564		12,244,874
British American Tobacco PLC		228,408		12,151,457
Britvic PLC		906,992		10,032,670
Constellation Brands, Inc., Class A * †		91,636		6,452,091
Dean Foods Co. * †		469,403		8,439,866
Henkel AG & Co. KGaA		171,470		16,947,894
Johnson Outdoors, Inc., Class A		85,864		2,459,145
Lorillard, Inc. †		185,820		9,538,141
Philip Morris International, Inc.		118,039		10,097,056
Stock Spirits Group PLC *		1,907,245		7,794,322
Tyson Foods, Inc., Class A †		559,285		17,723,742
Unilever NV †		200,400		7,867,704

				138,288,753

Consumer Services—11.0%
Bed Bath & Beyond, Inc. * †		160,468		12,521,318
CBS Corp., Class B non-voting shares †		160,875		9,420,840
Ctrip.com International Ltd. - ADR * †		137,719		6,580,214
CVS Caremark Corp. †		209,448		14,024,638
eBay, Inc. * †		352,884		17,827,700
Equifax, Inc. †		170,688		11,492,423
Expedia, Inc. †		227,798		14,508,455
Foot Locker, Inc. †		239,647		9,319,872
FTI Consulting, Inc. * †		184,205		8,272,647
Gannett Co., Inc. †		352,455		9,537,432
Global Sources Ltd. *		210,479		1,622,793
Liberty Media Corp. * †		74,825		11,482,645
Live Nation Entertainment, Inc. *		365,973		6,722,924
Macy’s, Inc. †		258,083		13,745,501
Manpower, Inc. †		216,316		17,290,138
Moody’s Corp. †		136,195		10,164,233
News Corp., Class A * †		719,370		12,919,885
Odyssey Marine Exploration, Inc. * †		671,240		1,376,042


	Number of Shares		Value
Consumer Services—(continued)
Omnicom Group, Inc. †		198,291	$	14,167,892
Rite Aid Corp. *		2,205,622		13,057,282
Robert Half International, Inc. †		254,390		9,827,086
Six Flags Entertainment Corp.		168,572		6,272,564
Target Corp.		92,117		5,889,040
Time Warner, Inc. †		143,885		9,454,683
Towers Watson & Co., Class A		62,181		7,001,581
Travelzoo Inc *		118,581		2,547,120
ValueClick, Inc. *		123,376		2,640,246
Viacom, Inc., Class B †		140,860		11,292,746
Walt Disney Co., (The) * †		148,170		10,451,912
WPP PLC		492,760		10,875,594

				292,307,446

Energy—9.2%
Antero Resources Corp. * †		286,274		15,716,443
Cameron International Corp. * †		110,947		6,145,354
Canacol Energy Ltd. *		850,488		3,962,087
Canadian Natural Resources Ltd.		193,673		6,375,715
Diamondback Energy, Inc. * †		163,195		8,117,319
Energen Corp. †		221,346		15,974,541
Ensco PLC, Class A		140,572		8,304,994
EOG Resources, Inc. †		139,882		23,080,530
EQT Corp. †		182,544		15,536,320
Exxon Mobil Corp. †		371,223		34,701,926
Gulfport Energy Corp. * †		159,110		9,296,797
Halliburton Co. †		227,661		11,993,181
Inpex Corp.		360,800		4,186,462
Kosmos Energy Ltd. * †		408,529		4,252,787
Marathon Oil Corp. †		136,765		4,929,011
Occidental Petroleum Corp. †		193,478		18,372,671
Phillips 66 †		263,884		18,368,965
Rosetta Resources, Inc. * †		100,847		5,099,833
Schlumberger Ltd. †		115,791		10,238,240
Southwestern Energy Co. * †		253,564		9,802,784
Tesoro Corp. †		148,947		8,732,763

				243,188,723

Finance—15.7%
ACE Ltd. †		134,371		13,810,651
Allianz SE, Registered Shares		47,462		8,234,532
Allstate Corp., (The) †		230,989		12,535,773
Axis Capital Holdings Ltd. †		243,605		11,968,314
Bangkok Bank PCL		704,500		4,125,867
Bank of America Corp. †		978,199		15,475,108


	Number of Shares		Value
Finance—(continued)
BB&T Corp. †		406,098	$	14,107,844
Berkshire Hathaway, Inc., Class B * †		108,487		12,641,990
Capital One Financial Corp. †		254,875		18,256,696
CapitalSource, Inc. †		268,502		3,775,138
Charles Schwab Corp., (The) †		315,429		7,721,702
Citigroup, Inc. †		393,432		20,820,421
Comerica, Inc. †		163,376		7,409,102
Discover Financial Services †		232,198		12,376,153
Everest Re Group Ltd.		38,701		6,069,478
Fifth Third Bancorp †		835,630		16,980,002
First NBC Bank Holding Co. *		130,204		3,760,292
First Niagara Financial Group, Inc. †		589,360		6,565,470
Goldman Sachs Group, Inc., (The) †		73,112		12,351,541
Huntington Bancshares, Inc. †		1,366,845		12,547,637
JPMorgan Chase & Co. †		383,706		21,955,657
MetLife, Inc. †		186,532		9,735,105
Morgan Stanley †		158,397		4,957,826
PNC Financial Services Group, Inc. †		130,615		10,050,824
Raymond James Financial, Inc. †		188,998		9,105,924
Regions Financial Corp. †		1,350,131		13,136,775
Reinsurance Group of America, Inc. †		102,358		7,674,803
SLM Corp.		363,123		9,677,228
Standard Chartered PLC		368,756		8,722,152
State Street Corp. †		225,386		16,365,277
SunTrust Banks, Inc. †		277,475		10,052,919
TD Ameritrade Holding Corp. †		284,170		8,178,413
Torchmark Corp. †		97,570		7,415,320
Travelers Cos., Inc., (The)		125,121		11,353,480
US Bancorp †		176,870		6,936,841
Validus Holdings Ltd. †		291,107		11,658,835
Wells Fargo & Co. †		410,711		18,079,498
WR Berkley Corp. †		258,172		11,305,352

				417,895,940

Health Care—9.3%
AbbVie, Inc. †		217,420		10,533,999
Amgen, Inc. †		56,164		6,407,189
AstraZeneca PLC - Sponsored ADR †		266,044		15,215,056


	Number of Shares		Value
Health Care—(continued)
Bayer AG - Sponsored ADR		71,528	$	9,548,988
Boston Scientific Corp. * †		747,671		8,658,030
Cardinal Health, Inc. †		194,584		12,570,126
CareFusion Corp. * †		155,299		6,188,665
Chemed Corp. †		158,362		12,341,151
CIGNA Corp. †		95,115		8,317,807
Covidien PLC †		189,546		12,938,410
DaVita HealthCare Partners, Inc. * †		184,914		11,011,629
Endo Health Solutions, Inc. * †		95,611		6,424,103
Express Scripts Holding Co. * †		222,686		14,997,902
ICON PLC *		101,861		3,884,979
Integra LifeSciences Holdings Corp. * †		105,753		4,912,227
Johnson & Johnson †		61,862		5,855,857
Laboratory Corp. of America Holdings *		75,755		7,715,647
McKesson Corp. †		70,237		11,651,616
Omnicare, Inc. †		233,712		13,387,023
Pfizer, Inc. †		219,031		6,949,854
Quest Diagnostics, Inc. †		163,760		9,979,534
Roche Holding AG - Sponsored ADR †		77,526		5,430,696
Sanofi - ADR		216,837		11,455,499
Select Medical Holdings Corp. †		1,145,756		9,922,247
UnitedHealth Group, Inc. †		127,430		9,490,986
Universal Health Services, Inc., Class B †		131,267		10,820,339

				246,609,559

Real Estate Investment Trusts—1.1%
American Homes 4 Rent, Class A *		365,007		5,986,115
American Residential Properties, Inc. * †		275,420		4,836,375
Boston Properties, Inc. †		40,513		4,030,638
BRE Properties, Inc.		116,210		5,953,438
Equity Residential		70,201		3,618,160
Post Properties, Inc. †		130,593		5,597,216

				30,021,942

Technology—14.1%
Agilent Technologies, Inc. †		168,718		9,038,223
Alliance Data Systems Corp. * †		35,502		8,600,714
Amdocs Ltd. †		251,499		10,175,649


	Number of Shares			Value
Technology—(continued)
Analog Devices, Inc. †		215,811		$	10,406,406
Apple, Inc. †		7,065			3,928,634
Arrow Electronics, Inc. * †		343,972			17,659,522
Avago Technologies Ltd.		373,065			16,687,197
Avnet, Inc. †		361,460			14,422,254
Brocade Communications Systems, Inc. *		2,446,732			21,506,774
CA, Inc. †		310,783			10,255,839
CDW Corp. †		417,570			9,311,811
Cisco Systems, Inc. †		481,082			10,222,992
EMC Corp. †		612,667			14,612,108
Flextronics International Ltd. * †		2,086,398			15,814,897
Global Payments, Inc.		201,581			12,709,682
Harris Corp. †		118,084			7,617,599
LSI Corp. †		1,856,145			14,979,090
MediaTek, Inc.		1,363,000			20,032,277
Microsoft Corp. †		466,670			17,794,127
NetApp, Inc. †		426,308			17,585,205
ON Semiconductor Corp. *		1,702,096			12,067,861
QUALCOMM, Inc. †		148,030			10,892,047
Seagate Technology PLC †		309,072			15,156,891
Symantec Corp. †		330,177			7,425,681
TE Connectivity Ltd. †		149,366			7,874,576
Texas Instruments, Inc. †		344,995			14,834,785
Total System Services, Inc.		204,185			6,339,944
Vantiv, Inc., Class A * †		442,353			13,403,296
Western Digital Corp. †		242,940			18,230,218
Xerox Corp. †		440,263			5,010,193

					374,596,492

Transportation—0.4%
Norfolk Southern Corp. †		112,581			9,872,228

					9,872,228

Utilities—0.2%
AES Corp.		337,903			4,923,247

					4,923,247

TOTAL COMMON STOCK—94.2% (Cost $2,168,315,633)					2,501,104,121

TOTAL INVESTMENTS—94.2% (Cost $2,168,315,633)					2,501,104,121

SECURITIES SOLD SHORT—(47.3%)
COMMON STOCK—(47.3%)
Basic Industries—(3.1%)
Antofagasta PLC		(255,717	)		(3,308,827	)


	Number of Shares			Value
Basic Industries—(continued)
Aptargroup, Inc.		(130,324	)	$	(8,460,634	)
Compass Minerals International, Inc.		(119,618	)		(8,558,668	)
EI Du Pont de Nemours & Co.		(119,266	)		(7,320,547	)
Fibria Celulose SA - Sponsored ADR *		(623,553	)		(7,526,285	)
K+S AG, Registered Shares		(291,921	)		(8,145,542	)
Kenmare Resources PLC *		(7,056,864	)		(2,334,852	)
Quanex Building Products Corp.		(403,245	)		(7,193,891	)
Resolute Forest Products *		(428,698	)		(6,944,908	)
Scotts Miracle-Gro Co. (The), Class A		(162,024	)		(9,491,366	)
Solvay SA		(48,024	)		(7,308,781	)
Wausau Paper Corp.		(413,082	)		(5,014,815	)

					(81,609,116	)

Capital Goods—(6.0%)
Acuity Brands, Inc.		(83,628	)		(8,574,379	)
Alstom SA		(160,681	)		(5,890,119	)
Altra Holdings, Inc.		(47,915	)		(1,455,658	)
Boral Ltd.		(2,086,684	)		(9,139,862	)
Briggs & Stratton Corp.		(359,106	)		(7,261,123	)
Caterpillar, Inc.		(66,215	)		(5,601,789	)
Deere & Co.		(74,052	)		(6,238,140	)
Fastenal Co.		(181,897	)		(8,463,667	)
Interface, Inc.		(190,259	)		(3,814,693	)
James Hardie Industries PLC		(224,831	)		(2,560,374	)
Kennametal, Inc. †		(74,838	)		(3,553,308	)
Kubota Corp.		(155,000	)		(2,653,338	)
Manitex International, Inc. *		(87,630	)		(1,167,232	)
Manitowoc Co., Inc., (The)		(285,457	)		(5,877,560	)
Mitsubishi Electric Corp.		(378,000	)		(4,376,123	)
Oshkosh Corp.		(74,750	)		(3,644,062	)
Polypore International, Inc. *		(151,598	)		(5,757,692	)
Raven Industries, Inc.		(197,243	)		(7,919,306	)
Regal-Beloit Corp.		(42,600	)		(3,134,508	)
Roper Industries, Inc.		(50,163	)		(6,506,141	)
SGL Carbon SE		(262,817	)		(10,758,611	)
Simpson Manufacturing Co., Inc.		(239,378	)		(8,689,421	)
Sun Hydraulics Corp.		(152,924	)		(6,571,144	)
Toro Co., (The)		(64,339	)		(3,970,360	)
Trex Co., Inc. *		(90,574	)		(6,556,652	)
Trinity Industries, Inc.		(94,692	)		(4,915,462	)
Vulcan Materials Co.		(113,245	)		(6,383,621	)


	Number of Shares			Value
Capital Goods—(continued)
Weichai Power Co. Ltd., Class H		(765,000	)	$	(3,377,598	)
Zep, Inc.		(182,102	)		(3,507,285	)

					(158,319,228	)

Communications—(4.1%)
America Movil SAB de CV, Series L - ADR		(346,464	)		(8,051,823	)
Angie’s List, Inc. *		(297,990	)		(3,879,830	)
AOL, Inc. *		(28,797	)		(1,283,770	)
Belgacom SA		(257,965	)		(7,661,592	)
CenturyLink, Inc.		(131,039	)		(4,022,897	)
Cogent Communications Group, Inc.		(175,865	)		(6,860,494	)
Equinix, Inc. *		(40,077	)		(6,440,374	)
Eutelsat Communications SA		(129,597	)		(3,807,659	)
France Telecom SA		(557,738	)		(7,271,348	)
Internap Network Services Corp. *		(396,156	)		(3,046,440	)
Level 3 Communications, Inc. *		(88,094	)		(2,679,819	)
Millicom International Cellular SA - SDR		(86,647	)		(7,772,983	)
Rackspace Hosting, Inc. *		(30,875	)		(1,179,734	)
Shutterstock, Inc. *		(69,906	)		(5,171,646	)
Sprint Corp. *		(475,228	)		(3,987,163	)
Telefonica SA - Sponsored ADR		(447,525	)		(7,352,836	)
Twitter, Inc. *		(39,168	)		(1,628,214	)
Verizon Communications, Inc.		(79,866	)		(3,962,951	)
Yelp, Inc. *		(101,181	)		(6,140,675	)
YY, Inc. - ADR *		(190,096	)		(9,577,036	)
Zynga, Inc., Class A *		(1,444,464	)		(6,283,418	)

					(108,062,702	)

Consumer Durables—(0.7%)
American Axle & Manaufacturing Holdings, Inc. *		(397,666	)		(7,953,320	)
iRobot Corp. *		(214,637	)		(7,128,095	)
Modine Manufacturing Co. *		(306,967	)		(4,076,522	)

					(19,157,937	)

Consumer Non-Durables—(3.9%)
Annie’s, Inc. *		(132,145	)		(6,072,063	)
Beiersdorf AG		(93,570	)		(9,489,285	)
C&C Group PLC *		(1,342,449	)		(8,111,289	)
Clorox Co., (The)		(97,005	)		(9,037,956	)
Deckers Outdoor Corp. *		(100,678	)		(8,320,030	)
Fossil Group, Inc. *		(37,202	)		(4,734,698	)
Giant Interactive Group, Inc.		(737,647	)		(8,283,776	)


	Number of Shares			Value
Consumer Non-Durables —(continued)
Green Mountain Coffee Roasters, Inc. *		(127,509	)	$	(8,591,556	)
Guess?, Inc.		(267,837	)		(9,176,096	)
Hillshire Brands Co.		(278,688	)		(9,313,753	)
Remy Cointreau SA		(73,396	)		(6,252,268	)
Snyders-Lance, Inc.		(245,786	)		(7,081,095	)
Under Armour, Inc., Class A *		(111,620	)		(9,007,734	)

					(103,471,599	)

Consumer Services—(8.0%)
Acxiom Corp. *		(198,763	)		(6,614,833	)
AutoNation, Inc. *		(165,720	)		(8,126,909	)
Bankrate, Inc. *		(279,341	)		(5,234,850	)
Blackhawk Network Holdings, Inc. *		(102,257	)		(2,330,437	)
Blue Nile, Inc. *		(164,464	)		(7,575,212	)
Concur Technologies, Inc. *		(90,960	)		(8,831,306	)
Darden Restaurants, Inc.		(136,118	)		(7,259,173	)
E-Commerce China Dangdang, Inc. - Sponsored ADR *		(842,752	)		(7,846,021	)
Hennes & Mauritz AB, Class B		(218,500	)		(9,259,488	)
IHS, Inc., Class A *		(78,035	)		(8,929,545	)
Jack in the Box, Inc. *		(193,262	)		(9,150,956	)
L Brands, Inc.		(138,802	)		(9,020,742	)
Lululemon Athletica, Inc. *		(118,332	)		(8,250,107	)
Monro Muffler Brake, Inc.		(196,280	)		(10,414,617	)
Netflix, Inc. *		(30,190	)		(11,043,502	)
Panera Bread Co., Class A *		(44,830	)		(7,929,979	)
Ritchie Bros Auctioneers, Inc.		(401,235	)		(8,285,503	)
Rollins, Inc.		(269,936	)		(7,593,300	)
Sally Beauty Holdings, Inc. *		(315,468	)		(8,877,269	)
Sonic Automotive, Inc., Class A		(216,065	)		(5,125,062	)
Sysco Corp.		(265,075	)		(8,914,472	)
Ultimate Software Group, Inc. *		(62,870	)		(9,851,100	)
United Natural Foods, Inc. *		(132,215	)		(9,103,003	)
Weight Watchers International, Inc.		(197,320	)		(6,395,141	)
Youku Tudou, Inc. - ADR *		(168,169	)		(4,739,002	)
Yum! Brands, Inc.		(103,873	)		(8,068,855	)
Zillow, Inc., Class A *		(113,059	)		(8,888,699	)

					(213,659,083	)

Energy—(4.1%)
Approach Resources, Inc. *		(181,715	)		(3,850,541	)
Atwood Oceanics, Inc. *		(122,301	)		(6,428,140	)


	Number of Shares			Value
Energy—(continued)
Baytex Energy Corp.		(88,698	)	$	(3,583,648	)
Calfrac Well Services Ltd.		(73,800	)		(2,192,712	)
Carrizo Oil & Gas, Inc. *		(156,075	)		(6,311,673	)
Chesapeake Energy Corp.		(186,825	)		(5,019,988	)
Comstock Resources, Inc.		(140,304	)		(2,375,347	)
ConocoPhillips		(106,905	)		(7,782,684	)
Continental Resources, Inc. *		(73,879	)		(7,942,731	)
Crescent Point Energy Corp.		(166,588	)		(6,286,931	)
Energy XXI Bermuda Ltd.		(225,244	)		(6,117,627	)
Fugro NV		(134,105	)		(8,148,452	)
Goodrich Petroleum Corp. *		(119,078	)		(2,291,061	)
Halcon Resources Corp. *		(580,533	)		(2,327,937	)
HollyFrontier Corp.		(112,334	)		(5,389,785	)
Neste Oil OYJ		(179,421	)		(3,430,634	)
Oasis Petroleum, Inc. *		(144,314	)		(6,657,205	)
Oceaneering International, Inc.		(61,734	)		(4,765,247	)
Peyto Exploration & Development Corp.		(155,400	)		(4,630,336	)
RPC, Inc.		(140,606	)		(2,484,508	)
Ultra Petroleum Corp. *		(400,936	)		(8,207,160	)
Whiting Petroleum Corp. *		(65,894	)		(3,979,998	)

					(110,204,345	)

Finance—(4.3%)
Astoria Financial Corp.		(494,326	)		(6,910,677	)
Aviva PLC *		(428,905	)		(3,012,374	)
Bank of Hawaii Corp.		(107,365	)		(6,350,640	)
Cardinal Financial Corp.		(95,265	)		(1,689,048	)
Commonwealth Bank of Australia		(95,881	)		(6,789,452	)
Community Bank System, Inc.		(234,545	)		(9,114,419	)
CVB Financial Corp.		(440,904	)		(7,116,190	)
First Financial Bankshares, Inc.		(122,555	)		(8,135,201	)
Greenhill & Co., Inc.		(156,860	)		(8,581,811	)
HDFC Bank Ltd. - ADR		(161,825	)		(5,369,353	)
Northern Trust Corp.		(108,964	)		(6,427,786	)
TCF Financial Corp.		(297,775	)		(4,666,134	)
Trustmark Corp.		(286,291	)		(8,030,463	)
UMB Financial Corp.		(87,805	)		(5,630,057	)
United Bankshares, Inc.		(275,469	)		(8,938,969	)
Valley National Bancorp		(675,439	)		(6,855,706	)
Westamerica Bancorporation		(191,952	)		(10,630,302	)

					(114,248,582	)

Health Care—(1.9%)
athenahealth, Inc. *		(76,220	)		(9,997,777	)


	Number of Shares			Value
Health Care —(continued)
Elekta AB, B Shares		(366,115	)	$	(5,486,774	)
Health Net, Inc. *		(214,082	)		(6,540,205	)
IDEXX Laboratories, Inc. *		(57,606	)		(6,000,241	)
Orion OYJ, Class B		(57,815	)		(1,522,895	)
ResMed, Inc.		(133,190	)		(6,501,004	)
Seattle Genetics, Inc. *		(182,619	)		(7,503,815	)
William Demant Holding *		(87,092	)		(8,133,972	)

					(51,686,683	)

Real Estate Investment Trusts—(1.4%)
FelCor Lodging Trust, Inc. *		(855,232	)		(6,260,298	)
HCP, Inc.		(149,458	)		(5,495,571	)
Health Care REIT, Inc.		(88,783	)		(4,970,960	)
Omega Healthcare Investors, Inc.		(170,592	)		(5,576,652	)
Realty Income Corp.		(185,724	)		(7,077,942	)
Rouse Properties, Inc.		(336,482	)		(8,206,796	)

					(37,588,219	)

Technology—(7.2%)
ADTRAN, Inc.		(137,612	)		(3,533,876	)
Aspen Technology, Inc. *		(171,567	)		(6,782,043	)
AZZ, Inc.		(177,248	)		(8,663,882	)
Blackbaud, Inc.		(277,514	)		(10,037,681	)
Ciena Corp. *		(167,788	)		(3,726,571	)
Cirrus Logic, Inc. *		(204,798	)		(4,132,824	)
Dassault Systemes SA		(79,666	)		(9,143,934	)
Finisar Corp. *		(241,589	)		(4,998,476	)
Hittite Microwave Corp. *		(173,010	)		(10,939,422	)
Infinera Corp. *		(673,988	)		(6,268,088	)
Infosys Technologies Ltd. - Sponsored ADR		(215,300	)		(11,630,506	)
International Rectifier Corp. *		(300,392	)		(7,191,384	)
Itron, Inc. *		(260,243	)		(11,021,291	)
Jive Software, Inc. *		(816,995	)		(9,060,475	)
National Instruments Corp.		(371,237	)		(11,604,869	)
NetSuite, Inc. *		(82,926	)		(7,967,530	)
Palo Alto Networks, Inc. *		(144,767	)		(7,231,112	)
Red Hat, Inc. *		(220,687	)		(10,339,186	)
Salesforce.com, Inc. *		(215,322	)		(11,216,123	)
Skyworks Solutions, Inc. *		(224,357	)		(5,965,653	)
Tyler Technologies, Inc. *		(55,635	)		(5,708,707	)
ViaSat, Inc. *		(132,411	)		(7,967,170	)
VMware, Inc., Class A *		(38,812	)		(3,129,411	)
Wipro Ltd. - ADR		(1,026,528	)		(11,979,582	)

					(190,239,796	)


	Number of Shares			Value
Transportation—(1.4%)
Hub Group, Inc., Class A *		(155,525	)	$	(5,852,406	)
J.B. Hunt Transport Services, Inc.		(100,745	)		(7,575,016	)
Kansas City Southern		(67,905	)		(8,217,863	)
Keikyu Corp.		(709,220	)		(5,952,958	)
Old Dominion Freight Line, Inc. *		(72,695	)		(3,745,973	)
Panalpina Welttransport Holding AG, Registered Shares		(30,270	)		(4,985,935	)

					(36,330,151	)

Utilities—(1.2%)
NextEra Energy, Inc.		(67,433	)		(5,704,157	)
NiSource, Inc.		(256,675	)		(8,116,063	)
Ormat Technologies, Inc.		(82,511	)		(2,069,376	)
Pepco Holdings, Inc.		(370,759	)		(7,074,082	)
TECO Energy, Inc.		(467,966	)		(7,974,141	)

					(30,937,819	)

TOTAL COMMON STOCK (Proceeds $1,139,673,252)					(1,255,515,260	)

TOTAL SECURITIES SOLD SHORT —(47.3%) (Proceeds $1,139,673,252)					(1,255,515,260	)


		Number of Contracts
OPTIONS WRITTEN ††—0.0%
Cameron International Corp. Call Options. Expires 01/18/14 Strike Price $60		(291	)		(20,079	)
Cameron International Corp. Call Options. Expires 02/22/14 Strike Price $55		(685	)		(226,050	)
EOG Resources, Inc. Call Options Expires 01/18/14 Strike Price $160		(580	)		(516,200	)


	Number of Contracts			Value
OPTIONS WRITTEN ††—(continued)
EQT Corp. Call Options Expires 12/21/13 Strike Price $85		(1,224	)	$	(247,860	)
Southwestern Energy Co. Call Options Expires 01/18/14 Strike Price $40		(1,700	)		(122,400	)

TOTAL OPTIONS WRITTEN (Premiums received $2,225,212)					(1,132,589	)

OTHER ASSETS IN EXCESS OF LIABILITIES—53.1%					1,410,594,517

NET ASSETS—100.0%				$	2,655,050,789


ADR	—	American Depositary Receipt
PLC	—	Public Limited Company
REIT	—	Real Estate Investment Trust
SDR	—	Swedish Depositary Receipt
*	—	Non-income producing.
†	—	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
††	—	Primary risk exposure is equity contracts.
**	—	The cost and unrealized appreciation and depreciation in the value of the investstments owned by the Fund, as computed on a federal income tax basis, are as follows:


Aggregate cost	$	2,168,315,633

Gross unrealized appreciation		347,921,625
Gross unrealized depreciation		(15,133,137	)

Net unrealized appreciation	$	332,788,488

A summary of the inputs used to value the Fund’s investments as of November 30, 2013 is as follows (see Notes to Portfolio of Investments):


	Number of Shares		Value
COMMON STOCK—95.9%
Capital Goods—6.7%
Cubic Corp.		25,600	$	1,434,624
Dover Corp.		105,525		9,575,338
Fluor Corp.		24,148		1,878,956
Foster Wheeler AG *		57,180		1,734,269
Huntington Ingalls Industries, Inc.		34,980		2,876,405
Illinois Tool Works, Inc.		63,010		5,014,336
Masco Corp.		140,345		3,146,535
MRC Global, Inc. *		105,435		3,225,257
Parker Hannifin Corp.		53,857		6,346,509
Raytheon Co.		42,520		3,770,674
Stanley Black & Decker, Inc.		25,230		2,053,470
Textron, Inc.		53,865		1,789,934
Timken Co.		33,380		1,727,749

				44,574,056

Communications—3.1%
DIRECTV *		102,175		6,754,789
IAC/InterActiveCorp.		88,495		5,062,799
Vodafone Group PLC - Sponsored ADR		244,473		9,067,504

				20,885,092

Consumer Durables—3.0%
Lear Corp.		119,403		9,899,703
Newell Rubbermaid, Inc.		119,910		3,639,269
Thor Industries, Inc.		78,545		4,246,928
TRW Automotive Holdings Corp. *		25,345		1,966,772

				19,752,672

Consumer Non-Durables—4.7%
Activision Blizzard, Inc.		404,060		6,953,873
Brunswick Corp.		87,520		3,999,664
Electronic Arts, Inc. *		230,058		5,102,686
Jones Group, Inc., (The)		199,890		2,806,456
Lorillard, Inc.		61,365		3,149,865
PepsiCo, Inc.		67,085		5,665,999
Tyson Foods, Inc., Class A		114,145		3,617,255

				31,295,798

Consumer Services—10.9%
ClubCorp Holdings Inc *		124,290		2,065,700
CVS Caremark Corp.		53,175		3,560,598
eBay, Inc. *		94,395		4,768,835
Equifax, Inc.		43,980		2,961,173
Foot Locker, Inc.		80,740		3,139,979
Interpublic Group of Cos., Inc., (The)		115,050		2,001,870
Kohl’s Corp.		145,786		8,059,050


	Number of Shares		Value
Consumer Services—(continued)
Korn/Ferry International *		68,371	$	1,583,472
Macy’s, Inc.		105,745		5,631,979
Manpower, Inc.		57,050		4,560,006
Omnicom Group, Inc.		143,640		10,263,078
Staples, Inc.		92,845		1,441,883
Target Corp.		140,505		8,982,485
ValueClick, Inc. *		147,455		3,155,537
Viacom, Inc., Class B		53,825		4,315,150
Walt Disney Co., (The)		88,250		6,225,155

				72,715,950

Energy—8.2%
Cameron International Corp. *		25,770		1,427,400
Canadian Natural Resources Ltd.		56,895		1,872,983
Energen Corp.		87,530		6,317,040
EOG Resources, Inc.		38,665		6,379,725
Exxon Mobil Corp.		126,735		11,847,188
Halliburton Co.		56,107		2,955,717
Occidental Petroleum Corp.		152,765		14,506,564
Phillips 66		56,400		3,926,004
Rosetta Resources, Inc. *		36,935		1,867,803
Royal Dutch Shell PLC - ADR		47,230		3,150,241

				54,250,665

Finance—27.2%
ACE Ltd.		64,585		6,638,046
Alleghany Corp. *		6,837		2,694,462
Allstate Corp., (The)		62,785		3,407,342
American International Group, Inc. *		139,540		6,942,115
Axis Capital Holdings Ltd.		119,870		5,889,213
BB&T Corp.		243,610		8,463,011
Bond Street Holdings, Inc., Class A 144A * ‡		50,936		798,676
Bond Street Holdings, Inc., Class B 144A * ‡		12,734		199,669
Capital One Financial Corp.		192,285		13,773,375
Citigroup, Inc. #		241,172		12,762,822
Federated Investors, Inc., Class B (a)		100,510		2,742,918
Fifth Third Bancorp		255,650		5,194,808
First Southern Bancorp, Inc. Class B * ‡		17,550		91,962
Huntington Bancshares, Inc.		503,035		4,617,861
JPMorgan Chase & Co.		388,035		22,203,363
Loews Corp.		164,259		7,777,664


	Number of Shares		Value
Finance—(continued)
MetLife, Inc.		163,680	$	8,542,459
National Bank Holdings Corp., Class A		137,645		2,915,321
OneBeacon Insurance Group Ltd., Class A		148,735		2,364,886
Peoples Choice Financial Corp. 144A * ‡		1,465		0
Prudential Financial, Inc.		94,200		8,361,192
Raymond James Financial, Inc.		70,290		3,386,572
SLM Corp.		192,460		5,129,059
Solar Cayman Ltd. 144A * ‡		19,375		0
State Street Corp.		136,945		9,943,576
Torchmark Corp.		73,790		5,608,040
Travelers Cos., Inc., (The)		77,130		6,998,776
Validus Holdings Ltd.		170,279		6,819,674
Wells Fargo & Co.		227,495		10,014,330
White Mountains Insurance Group Ltd.		7,235		4,361,475
WR Berkley Corp.		43,150		1,889,538

				180,532,205

Health Care—18.4%
AbbVie, Inc.		73,635		3,567,616
Allscripts Healthcare Solutions, Inc. *		142,805		2,133,507
Amgen, Inc.		162,770		18,568,802
AstraZeneca PLC - Sponsored ADR		124,035		7,093,562
Cardinal Health, Inc.		69,750		4,505,850
CareFusion Corp. *		86,505		3,447,224
Covidien PLC		81,110		5,536,569
Endo Health Solutions, Inc. *		30,315		2,036,865
Express Scripts Holding Co. *		92,025		6,197,884
Humana, Inc.		24,565		2,554,514
Integra LifeSciences Holdings Corp. *		47,925		2,226,116
Johnson & Johnson		137,360		13,002,498
McKesson Corp.		48,395		8,028,246
Medtronic, Inc.		111,430		6,387,168
Novartis AG - ADR		82,570		6,532,938
Pfizer, Inc.		375,006		11,898,940
Sanofi - ADR		197,360		10,426,529
UnitedHealth Group, Inc.		60,605		4,513,860
WellPoint, Inc.		41,605		3,864,272

				122,522,960


	Number of Shares		Value
Real Estate Investment Trusts—0.2%
Colony Financial, Inc.		46,250	$	935,175
Terreno Realty Corp.		33,325		590,186
TMST, Inc. ‡		191,097		0

				1,525,361

Technology—13.5%
Amdocs Ltd.		75,405		3,050,886
Arrow Electronics, Inc. *		97,337		4,997,282
Avago Technologies Ltd.		41,505		1,856,519
Avnet, Inc.		120,257		4,798,254
BancTec, Inc. 144A * ‡		14,327		16,763
CA, Inc.		204,250		6,740,250
Cisco Systems, Inc.		466,555		9,914,294
EMC Corp.		239,405		5,709,809
Flextronics International Ltd. *		1,219,481		9,243,666
Global Payments, Inc.		37,190		2,344,830
International Business Machines Corp.		23,310		4,188,341
Lexmark International, Inc., Class A		65,005		2,299,227
LSI Corp.		405,090		3,269,076
Microsemi Corp. *		64,720		1,581,110
Microsoft Corp.		189,800		7,237,074
ON Semiconductor Corp. *		457,720		3,245,235
Seagate Technology PLC		38,460		1,886,078
TE Connectivity Ltd.		177,760		9,371,507
Total Systems Services, Inc.		19,955		619,603
Vishay Intertechnology, Inc. *		275,985		3,568,486
Western Digital Corp.		45,640		3,424,826

				89,363,116

TOTAL COMMON STOCK (Cost $495,647,750)				637,417,875

PREFERRED STOCK—0.0%
Finance—0.0%
First Southern Bancorp, Inc., 5.000% ‡		30		36,542

TOTAL PREFERRED STOCK (Cost $30,000)				36,542


	Number of Shares			Value

SECURITIES LENDING COLLATERAL—0.3%
BlackRock Liquidity Fund		2,122,570		$	2,122,570

TOTAL SECURITIES LENDING COLLATERAL (Cost $2,122,570)					2,122,570

TOTAL INVESTMENTS—96.3%
(Cost $497,800,320)					639,576,987


OPTIONS WRITTEN ††—0.0%
Citigroup, Inc. Call Options
Expires 01/18/14
Strike Price $50		(849	)		(309,036	)

TOTAL OPTIONS WRITTEN (Premiums received $143,481)					(309,036	)

OTHER ASSETS IN EXCESS OF LIABILITIES—3.8%					25,181,366

NET ASSETS—100.0%				$	664,449,317


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, 2013, these securities amounted to $1,015,108 or 0.2% 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, 2013, these securities amounted to $1,143,612 or 0.2% of net assets.
#	—	Security segregated as collateral for options written.
(a)	—	All or a portion of the security is on loan. At November 30, 2013, the market value of securities on loan was $2,087,385.
††	—	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	$	497,800,320

Gross unrealized appreciation		142,978,752
Gross unrealized depreciation		(1,202,085	)

Net unrealized appreciation	$	141,776,667

A summary of the inputs used to value the Fund’s investments as of November 30, 2013 is as follows (see Notes to Portfolio of Investments):


	Number of Shares		Value
COMMON STOCK—93.6%

Basic Industries—1.5%
Cloud Peak Energy, Inc. *		15,500	$	256,370
GrafTech International Ltd. *		30,100		346,752
GSE Holding, Inc. *		45,600		94,392

				697,514

Capital Goods—7.4%
Flow International Corp. *		46,900		188,538
FreightCar America, Inc.		1,200		27,936
Global Power Equipment Group, Inc.		17,600		343,728
Great Lakes Dredge & Dock Corp.		78,100		695,871
LSB Industries, Inc. *		17,400		558,192
MRC Global, Inc. *		9,300		284,487
MYR Group, Inc. *		17,000		431,970
Orion Marine Group, Inc. *		25,500		302,685
Tutor Perini Corp. *		18,700		457,963
Wabash National Corp. *		10,900		132,326

				3,423,696

Consumer Durables—2.4%
LGI Homes Inc *		15,800		243,320
Libbey, Inc. *		37,400		860,200

				1,103,520

Consumer Non-Durables—3.3%
Chiquita Brands International, Inc. *		37,200		393,204
Crocs, Inc. *		19,500		269,100
Jones Group, Inc., (The)		6,600		92,664
Matthews International Corp., Class A		7,700		324,786
Universal Corp.		8,200		427,712

				1,507,466

Consumer Services—10.1%
ACCO Brands Corp. *		49,800		299,796
Aeropostale, Inc. *(a)		12,400		127,968
Big Lots, Inc. *		6,500		249,145
Bravo Brio Restaurant Group, Inc. *		8,900		142,133
Brink’s Co., (The)		9,400		315,182
CST Brands, Inc.		3,400		111,826
Destination XL Group, Inc. *		34,900		245,347


	Number of Shares		Value
Consumer Services—(continued)
FTI Consulting, Inc. *		6,700	$	300,897
ICF International, Inc. *		7,900		285,822
Ignite Restaurant Group, Inc. *		5,300		65,455
K12, Inc. *		23,600		496,544
KAR Auction Services, Inc.		8,900		245,551
MDC Partners, Inc., Class A		31,050		706,698
PRGX Global, Inc. *		63,000		414,540
Ritchie Bros Auctioneers, Inc. (a)		5,700		117,705
Titan Machinery, Inc. *(a)		28,800		512,928

				4,637,537

Energy—4.5%
Approach Resources, Inc. *(a)		46,900		993,811
EPL Oil & Gas, Inc. *		10,200		292,230
Evolution Petroleum Corp *		9,200		113,712
McDermott International, Inc.		27,900		227,385
W&T Offshore, Inc.		13,800		237,360
Western Refining, Inc. (a)		5,600		218,792

				2,083,290

Finance—27.2%
A.B. Watley Group, Inc. *		93,855		206
American Capital Mortgage Investment Corp.		14,400		272,016
American Equity Investment Life Holding Co.		27,400		649,654
BancorpSouth, Inc.		41,500		992,265
Central Pacific Financial Corp.		42,100		836,948
CNO Financial Group, Inc.		73,000		1,235,160
Customers Bancorp, Inc. *		8,800		153,472
Employers Holdings, Inc.		16,200		528,768
FBR & Co. *		21,395		601,413
First Midwest Bancorp, Inc.		20,300		372,708
Hanover Insurance Group, Inc., (The)		4,900		295,519
Home Loan Servicing Solutions Ltd.		17,600		409,552
Maiden Holdings Ltd.		63,400		802,644
Meadowbrook Insurance Group, Inc.		105,600		780,384
Nelnet, Inc., Class A		12,900		580,500
Northfield Bancorp, Inc.		37,432		486,616
Ocwen Financial Corp. *		12,200		691,252
OmniAmerican Bancorp, Inc. *		7,600		167,428


	Number of Shares		Value
Finance—(continued)
THL Credit, Inc.		14,700	$	249,459
United Community Banks, Inc. *		26,700		489,945
Validus Holdings Ltd.		8,000		320,400
ViewPoint Financial Group		17,300		439,074
Walter Investment Management Corp. *		14,000		533,820
WSFS Financial Corp.		8,600		653,084

				12,542,287

Health Care—5.6%
Accuray, Inc. *(a)		124,000		989,521
Alere, Inc. *		18,700		611,864
Cross Country Healthcare, Inc. *		18,400		140,576
Medical Action Industries, Inc. *		18,600		159,960
Natus Medical, Inc. *		10,600		244,118
Symmetry Medical, Inc. *		44,400		435,564

				2,581,603

Real Estate Investment Trusts—9.8%
Campus Crest Communities, Inc.		33,900		337,305
CYS Investments, Inc.		38,900		311,200
FelCor Lodging Trust, Inc. *		60,300		441,396
Geo Group, Inc. (The)		21,400		701,920
Government Properties Income Trust		7,500		186,075
Highwoods Properties, Inc.		4,110		147,631
Kennedy-Wilson Holdings, Inc.		36,000		741,240
Lexington Realty Trust		37,400		384,098
Mack-Cali Realty Corp.		17,700		360,372
Starwood Property Trust, Inc.		13,900		387,393
Two Harbors Investment Corp.		21,800		201,650
Winthrop Realty Trust		29,400		339,864

				4,540,144

Technology—8.9%
CIBER, Inc. *		136,300		539,748
Computer Task Group, Inc.		28,000		533,120
Digi International, Inc. *		41,200		473,800
Diodes, Inc. *		12,000		245,160
Exar Corp. *		43,200		529,200
Kulicke & Soffa Industries, Inc. *		8,400		106,008
Plantronics, Inc.		9,000		402,570


	Number of Shares		Value
Technology—(continued)
Saba Software, Inc. *		53,000	$	630,700
Ultratech, Inc. *		24,300		642,978

				4,103,284

Transportation—5.8%
Air Transport Services Group, Inc *		44,300		344,654
JetBlue Airways Corp. *		107,200		953,008
Navigator Holdings Ltd *		21,000		444,150
Rand Logistics, Inc. *(a)		20,100		104,520
Scorpio Tankers, Inc.		71,900		825,412

				2,671,744

Utilities—7.1%
Aegean Marine Petroleum Network, Inc.		33,500		359,120
Cadiz, Inc. *(a)		40,600		239,946
Empire District Electric Co. (The)		11,100		251,970
Great Plains Energy, Inc.		11,300		268,262
NorthWestern Corp.		4,700		206,706
Nuverra Environmental Solutions, Inc. *(a)		326,900		562,268
Piedmont Natural Gas Co., Inc.		11,200		371,280
Portland General Electric Co.		8,200		244,442
StealthGas, Inc. *		31,100		381,908
UIL Holdings Corp.		10,800		405,324

				3,291,226

TOTAL COMMON STOCK (Cost $31,872,117)				43,183,311

SECURITIES LENDING COLLATERAL—6.6%

Commercial Services—6.6%
BlackRock Liquidity Fund		3,014,946		3,014,946

TOTAL SECURITIES LENDING COLLATERAL (Cost $3,014,946)				3,014,946

TOTAL INVESTMENTS—100.2% (Cost $34,887,063)				46,198,257

LIABILITIES IN EXCESS OF OTHER ASSETS—(0.2)%				(77,781	)

NET ASSETS—100.0%			$	46,120,476


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, 2013 the market value of the securities on loan was $2,900,226.27.
**		— 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	$	34,887,063

Gross unrealized appreciation		12,298,813
Gross unrealized depreciation		(987,619	)

Net unrealized appreciation	$	11,311,194

A summary of the inputs used to value the Fund’s investments as of November 30, 2013 is as follows (see Notes to Portfolio of Investments):

The following table represents a summary by sector of the portfolio holdings of the Fund:


	Number of Shares		Value

COMMON STOCK—98.9%

Belgium—0.2%
Arseus NV		4,355	$	141,434


Bermuda—2.1%
Axis Capital Holdings Ltd.		8,570		421,044
Catlin Group Ltd.		33,925		305,278
Validus Holdings Ltd.		12,200		488,610

				1,214,932


Canada—0.4%
Canadian Natural Resources Ltd.		7,995		260,192


China—0.5%
Labixiaoxin Snacks Group Ltd.		443,000		277,141

France—5.0%
Atos		8,435		713,581
AXA SA		19,555		511,554
LISI		3,055		464,805
Sanofi		3,810		402,562
Tarkett SA *		5,315		208,717
Teleperformance		10,365		589,289

				2,890,508


Germany—9.2%
Allianz SE, Registered Shares		4,095		710,472
Aurelius AG		13,375		519,340
Bayer AG, Registered Shares		4,385		584,084
Bayerische Motoren Werke AG		6,510		746,498
Fresenius SE & Co. KGaA		5,800		820,292
Henkel AG & Co. KGaA		14,395		1,422,785
NORMA Group AG		10,088		509,198

				5,312,669


Hong Kong—2.7%
Cheung Kong Holdings Ltd.		40,000		631,709
Hutchison Whampoa Ltd.		27,000		343,101
Lenovo Group Ltd.		478,000		566,601

				1,541,411


Ireland—1.6%
Smurfit Kappa Group PLC *		38,840		922,309


Japan—6.2%
Aisin Seiki Co. Ltd.		8,400		338,697


	Number of Shares		Value

Japan—(continued)
Inpex Corp.		21,100	$	244,829
ITOCHU Corp.		19,900		251,401
Lintec Corp.		32,300		594,025
Nippon Telegraph & Telephone Corp.		4,900		246,338
Softbank Corp.		5,430		440,639
Toho Holdings Co. Ltd.		17,700		302,688
Toyoda Gosei Co. Ltd.		16,800		413,963
Toyota Motor Corp.		12,000		749,396

				3,581,976


South Korea—1.8%
Hyundai Motor Co.		2,900		690,071
Samsung Electronics Co. Ltd.		252		355,583

				1,045,654


Switzerland—7.3%
ACE Ltd.		5,980		614,624
Aryzta AG		9,215		685,669
Georg Fischer AG, Registered Shares		930		640,125
Novartis AG, Registered Shares		8,680		686,241
Roche Holding AG, Participation Certificate		4,095		1,142,198
Swiss Re AG		4,915		436,773

				4,205,630


Taiwan—1.3%
MediaTek, Inc.		53,000		778,951


Thailand—0.8%
Bangkok Bank PCL		78,400		459,145


United Kingdom—10.6%
Berendsen PLC		43,510		655,217
BHP Billiton PLC		11,535		349,947
Daily Mail & General Trust PLC, Class A		55,340		827,767
HSBC Holdings PLC		46,447		518,712
Inchcape PLC		40,635		395,095
Meggitt PLC		35,985		293,332
New Melrose PLC *		107,610		513,658
Rio Tinto PLC		5,450		289,429
Royal Dutch Shell PLC, Class A		14,525		485,684
Standard Chartered PLC		31,310		740,573


	Number of Shares		Value

United Kingdom—(continued)
Stock Spirits Group PLC *		79,689	$	325,664
WPP PLC		33,660		742,902

				6,137,980


United States—49.2%
AbbVie, Inc.		9,455		458,095
Allstate Corp., (The)		15,060		817,306
Amgen, Inc.		6,865		783,159
Avnet, Inc.		17,740		707,826
BB&T Corp.		13,310		462,389
Bed Bath & Beyond, Inc. *		6,265		488,858
Berkshire Hathaway, Inc., Class B *		4,870		567,501
Berry Plastics Group, Inc. *		23,340		500,643
Cardinal Health, Inc.		8,395		542,317
CBS Corp., Class B non-voting shares		8,060		471,994
Cisco Systems, Inc.		16,320		346,800
Citigroup, Inc.		15,835		837,988
Comcast Corp., Class A		17,960		895,665
Crown Holdings, Inc. *		15,525		685,274
CVS Caremark Corp.		20,350		1,362,636
DIRECTV *		4,475		295,842
Dover Corp.		3,500		317,590
EMC Corp.		20,350		485,348
Energen Corp.		5,535		399,461
Energizer Holdings, Inc.		5,670		625,685
EOG Resources, Inc.		2,680		442,200
EQT Corp.		4,540		386,399
Everest Re Group Ltd.		1,860		291,704
Exxon Mobil Corp.		8,460		790,841
Fifth Third Bancorp		16,410		333,451
Fluor Corp.		3,745		291,399
Graphic Packaging Holding Co. *		98,215		881,971
Halliburton Co.		5,690		299,749
Honeywell International, Inc.		6,045		535,043
Johnson & Johnson		7,195		681,079
JPMorgan Chase & Co.		11,980		685,496
Lear Corp.		12,890		1,068,710
Liberty Global PLC, Series C *		14,350		1,168,808
LSI Corp.		70,730		570,791
Macy’s, Inc.		22,745		1,211,399
McKesson Corp.		8,105		1,344,539


	Number of Shares		Value

United States—(continued)
Microsoft Corp.		16,100	$	613,893
NetApp, Inc.		13,685		564,506
Occidental Petroleum Corp.		5,250		498,540
ON Semiconductor Corp. *		57,955		410,901
Pfizer, Inc.		12,625		400,591
Phillips 66		7,390		514,418
Rite Aid Corp. *		98,305		581,966
Schlumberger Ltd.		3,270		289,133
Wells Fargo & Co.		14,905		656,118
Western Digital Corp.		11,405		855,831

				28,421,853

TOTAL COMMON STOCK (Cost $54,465,175)				57,191,785

TOTAL INVESTMENTS—98.9% (Cost $54,465,175)**				57,191,785

OTHER ASSETS IN EXCESS OF LIABILITIES—1.1%				620,860

NET ASSETS—100.0%			$	57,812,645


PCL		— Public Company Limited
PLC		— Public Limited Company
*		— Non-income producing.
**		— The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a federal income tax basis, are as follows:


Aggregate cost	$	54,465,175

Gross unrealized appreciation		2,819,416
Gross unrealized depreciation		(92,806	)

Net unrealized appreciation	$	2,726,610

A summary of the inputs used to value the Fund’s investments as of November 30, 2013 is as follows (see Notes to Portfolio of Investments):

The following table represents a summary by sector of the portfolio holdings of the Fund:


	Number of Shares		Value

COMMON STOCK—94.6%

Australia—0.5%
Australia & New Zealand Banking Group Ltd.		2,375	$	68,990


Belgium—1.8%
Ageas		4,465		188,242
Arseus NV		1,340		43,518

				231,760


Bermuda—0.8%
Catlin Group Ltd.		11,050		99,435


Canada—1.9%
Canadian Natural Resources Ltd.		2,650		86,242
CGI Group, Inc., Class A *		1,960		72,383
Suncor Energy, Inc.		2,485		86,228

				244,853


China—0.7%
Labixiaoxin Snacks Group Ltd.		146,000		91,338


France—14.1%
Atos		2,755		233,066
AXA SA		6,715		175,663
Cap Gemini SA		3,035		197,510
Havas SA		13,080		106,532
LISI		1,160		176,489
Publicis Groupe SA		1,915		168,876
Sanofi		1,565		165,357
Tarkett SA *		1,165		45,749
Teleperformance SA		3,910		222,298
Total SA		5,215		315,475

				1,807,015


Germany—14.3%
Allianz SE, Registered Shares		1,265		219,474
Aurelius AG		4,720		183,273
Bayer AG, Registered Shares		1,330		177,156
Bayerische Motoren Werke AG		2,025		232,206
Fresenius SE & Co. KGaA		2,220		313,974
Henkel AG & Co. KGaA		4,610		455,647


	Number of Shares		Value

Germany—(continued)
Muenchener Rueckversicherungs AG, Registered Shares		310	$	67,694
NORMA Group AG		3,736		188,577

				1,838,001


Hong Kong—4.6%
AMVIG Holdings Ltd.		180,000		84,746
Cheung Kong Holdings Ltd.		13,000		205,305
Hutchison Whampoa Ltd.		10,000		127,075
Lenovo Group Ltd.		142,000		168,321

				585,447


Ireland—2.2%
Smurfit Kappa Group PLC *		12,015		285,313


Japan—12.2%
Aisin Seiki Co. Ltd.		2,900		116,931
Anritsu Corp.		3,700		44,094
Brother Industries Ltd.		8,300		105,411
Inpex Corp.		7,600		88,185
ITOCHU Corp.		7,800		98,539
Kaken Pharmaceutical Co. Ltd.		6,000		90,892
Komatsu Ltd.		2,500		52,142
Lintec Corp.		8,400		154,483
Nippon Telegraph & Telephone Corp.		1,700		85,464
Seven & I Holdings Co. Ltd.		1,800		66,402
Softbank Corp.		2,010		163,109
Toho Holdings Co. Ltd.		5,900		100,896
Toyoda Gosei Co. Ltd.		4,900		120,739
Toyota Motor Corp.		3,300		206,084
TS Tech Co. Ltd.		2,000		70,259

				1,563,630


Netherlands—2.7%
Aegon NV		11,750		104,350
Koninklijke Ahold NV		13,355		242,952

				347,302


Singapore—2.2%
M1 Ltd.		31,000		80,939
OSIM International Ltd.		35,000		63,280
United Overseas Bank Ltd.		8,000		133,338

				227,557


	Number of Shares		Value

South Korea—3.1%
Hyundai Motor Co.		875	$	208,211
Samsung Electronics Co. Ltd.		85		119,939
SK Telecom Co. Ltd.		320		68,435

				396,585


Switzerland—9.5%
Aryzta AG		2,395		178,207
Georg Fischer AG, Registered Shares		260		178,960
Novartis AG, Registered Shares		2,925		231,251
Roche Holding AG, Participation Certificate		1,310		365,392
Swiss Re AG		2,195		195,059
Zurich Insurance Group AG		250		69,676

				1,218,545


Taiwan—2.5%
Delta Electronics, Inc.		15,000		80,018
MediaTek, Inc.		16,000		235,155

				315,173


Thailand—1.1%
Bangkok Bank PCL		23,900		139,969


United Kingdom—20.4%
AstraZeneca PLC		1,640		94,042
Berendsen PLC		13,205		198,854
BHP Billiton PLC		4,610		139,858
Daily Mail & General Trust PLC, Class A		16,215		242,541
DS Smith PLC		34,025		169,650
HSBC Holdings PLC		17,930		200,239
Inchcape PLC		15,395		149,686
Intercontinental Hotels Group PLC		1,867		58,037
Meggitt PLC		12,742		103,867
New Melrose PLC *		31,300		149,405
Rexam PLC		17,130		139,897
Rio Tinto PLC		1,430		75,942
Royal Dutch Shell PLC, Class A		8,050		269,174
Standard Chartered PLC		12,220		289,039
Stock Spirits Group PLC *		20,563		84,035


	Number of Shares		Value

United Kingdom—(continued)
WPP PLC		11,220	$	247,634

				2,611,900


TOTAL COMMON STOCK (Cost $9,351,566)				12,122,813


TOTAL INVESTMENTS—94.6% (Cost $9,351,566)				12,122,813


OTHER ASSETS IN EXCESS OF LIABILITIES—5.4%				695,277

NET ASSETS—100.0%			$	12,818,090


PCL		— Public Company Limited
PLC		— Public Limited Company
*		— Non-income producing.
**		— The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a federal income tax basis, are as follows:


Aggregate cost	$	9,351,566

Gross unrealized appreciation		2,867,080
Gross unrealized depreciation		(95,833	)

Net unrealized appreciation	$	2,771,247

A summary of the inputs used to value the Fund’s investments as of November 30, 2013 is as follows (see Notes to Portfolio of Investments):

Portfolio Valuation — Each Robeco Investment Fund, Robeco Boston Partners Small Cap Value Fund II (“BP Small Cap Value Fund II”), Robeco Boston Partners Long/Short Equity Fund (“BP Long/Short Equity Fund”), Robeco Boston Partners Long/Short Research Fund (“BP Long/Short Research Fund”), Robeco Boston Partners All-Cap Value Fund (“BP All-Cap Value Fund”), Robeco WPG Small/Micro Cap Value Fund (“WPG Small/Micro Cap Value Fund”), Robeco Boston Partners Global Equity Fund (“BP Global Equity Fund”) and Robeco Boston Partners International Equity Fund (“BP International Equity Fund”), (each a “Fund,” collectively the “Funds”) net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by a Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Fixed income securities having a remaining maturity of 60 days or less are valued at amortized cost. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as disclosed 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. The Funds may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Funds value their securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Funds may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

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

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

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

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

A summary of the inputs used to value each Fund’s investments as of November 30, 2013 is included in each Fund’s Portfolio of Investments.

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 fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between Levels are based on values at the end of the period. U.S. GAAP also requires the Funds to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when a Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each Level within the three-tier hierarchy are disclosed when a Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

Foreign securities that utilize international fair value pricing are categorized as Level 2 in the hierarchy. Securities with an end of period value of $519,340 and $183,273 for the BP Global Equity Fund and BP International Equity Fund, respectively, transferred from Level 1 into Level 2. This transfer occurred as a result of those securities being valued utilizing the international fair value pricing at November 30,2013. Securities with an end of period value of $277,141 and $197,870 for the BP Global Equity Fund and BP International Equity Fund, respectively, transferred from Level 2 into Level 1. This transfer occurred as a result of those securities no longer being valued utilizing the international fair value pricing at November 30,2013.

Options Written — The Funds are subject to equity price risk in the normal course of pursuing their investment objectives and may enter into options written to hedge against changes in the value of equities. Such options may relate to particular securities or domestic stock indices, and may or may not be listed on a domestic securities exchange or issued by the Options Clearing Corporation. The risk in writing a call option is that a Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that a Fund may incur a loss if the market price of the security decreases and the option is exercised. A Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. A Fund also may write over-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 initially recorded as liabilities to the extent of premiums received and subsequently marked to market to reflect the current value of the option written. 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.

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, 2013 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 as applicable, based on policies and procedures established by the Board of Directors. Therefore, not all restricted securities are considered illiquid.

At November 30, 2013, the following 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 — 86.4%
CONSUMER DISCRETIONARY—20.1%
Advance Auto Parts, Inc		1,900	$	191,919
Aeropostale, Inc.*^		28,521		294,337
Ascena Retail Group, Inc.*^		16,490		351,237
Beazer Homes USA, Inc.*		25,300		526,493
Best Buy Co., Inc.		7,330		297,232
Brookfield Residential Properties, Inc.*†^		25,202		544,615
Caesars Acquisition Co., Class A*		43,000		522,880
Caesars Entertainment Corp.*^		32,400		662,256
Charter Communications, Inc., Class A*^		9,500		1,283,450
Childrens Place Retail Stores, Inc., (The)*^		4,520		248,600
Chipotle Mexican Grill, Inc.*^		564		295,457
Darden Restaurants, Inc.		370		19,732
Fifth & Pacific Cos., Inc.*		1,385		45,234
Finish Line, Inc. (The), Class A		969		25,591
Foot Locker, Inc.^		7,995		310,926
GNC Holdings, Inc., Class A		390		23,470
Interval Leisure Group, Inc.		21,000		562,380
JC Penney Co., Inc.*^		25,313		257,940
Liberty Interactive Corp., Class A*^		20,386		572,439
Liberty Ventures, Class A*^		17,400		2,114,970
LifeLock, Inc.*^		45,275		779,636
Loral Space & Communications, Inc.^		21,230		1,675,684
Melco Crown Entertainment Ltd. - ADR*		16,805		598,090
Mothercare PLC (United Kingdom)*		15,000		93,331
MTR Gaming Group, Inc.*		39,000		216,840
Polaris Industries, Inc.^		1,318		175,914
Quiksilver, Inc.*^		35,316		314,312
Ralph Lauren Corp.		130		22,780
Restoration Hardware Holdings, Inc.*^		3,608		272,404
SFX Entertainment, Inc.*		69,151		689,436
Sirius XM Canada Holdings, Inc. (Canada)		170,000		1,361,536
Smith & Wesson Holding Corp.*		27,840		329,069
Sony Corp. - Sponsored ADR^		7,882		144,241
Starbucks Corp.^		2,219		180,760
Starz, Class A*		1,731		48,953
Time Warner, Inc.		1,407		92,454
Urban Outfitters, Inc.*		8,450		329,719
Whirlpool Corp.^		5,500		840,180
William Lyon Homes, Class A*^		17,300		376,275
Wolverine World Wide, Inc.^		11,238		369,843

				18,062,615

CONSUMER STAPLES—2.5%
Coca-Cola Central Japan Co. Ltd. (Japan)		29,400		588,105
Estee Lauder Cos., Inc. (The), Class A		391		29,309
Japan Tobacco, Inc. (Japan)		24,000		811,695


	NUMBER OF SHARES		VALUE
CONSUMER STAPLES—(CONTINUED)
Tyson Foods, Inc., Class A^		27,000	$	855,630

				2,284,739

FINANCIALS—10.7%
Altisource Portfolio Solutions SA*†		1,532		246,621
American International Group, Inc.^		7,220		359,195
Bank Mutual Corp.		7,900		54,747
Brookfield Office Properties, Inc.^		78,978		1,516,378
Capital & Counties Properties, PLC (United Kingdom)		68,271		368,930
Capital Bank Financial Corp., Class A*^		20,371		475,459
Dream Unlimited Corp. - Class A (Canada)*		28,077		420,673
Forest City Enterprises, Inc., Class A*^		33,360		650,520
Fox Chase Bancorp, Inc.^		15,878		280,564
Genworth Financial, Inc., Class A*^		24,870		375,786
Hampden Bancorp, Inc.^		21,140		344,159
Heritage Commerce Corp.^		52,190		431,089
Hilltop Holdings*^		13,833		327,980
Howard Hughes Corp., (The)*^		8,470		966,596
ING Groep NV (Netherlands)*		19,200		249,134
ING US, Inc.^		22,000		768,680
Ocean Shore Holding Co.^		38,010		533,280
Ocwen Financial Corp.*		3,690		209,075
Pacific Mercantile Bancorp*		67,929		418,443
Realogy Holdings Corp.*		1,760		83,406
Unite Group PLC (United Kingdom)		33,188		215,820
ViewPoint Financial Group		12,384		314,306

				9,610,841

HEALTH CARE—0.7%
Angiotech Pharmaceuticals, Inc.*†D		14,450		209,525
Athenahealth, Inc.*		3,136		411,349

				620,874

INDUSTRIALS—9.6%
Ashtead Group PLC (United Kingdom)		43,000		488,487
Baltic Trading Ltd.		251,000		1,270,060
Cummins, Inc.^		1,132		149,832
Eaton Corp., PLC		1,089		79,127
FedEx Corp.^		4,165		577,686
H&E Equipment Services, Inc.*		17,300		493,569
HD Supply Holdings, Inc.*^		36,000		758,520
Hertz Global Holdings, Inc.*		30,000		727,800
Manitowoc Co., Inc. (The)		15,000		308,850
Nielsen Holdings NV		6,280		271,045
Pitney Bowes, Inc.		1,389		32,183
Quanta Services, Inc.*		9,000		266,490
RPX Corp.*^		35,658		589,070
Safe Bulkers, Inc.		55,000		428,450
Stanley Black & Decker, Inc.^		954		77,646
United Rentals, Inc.*^		15,000		1,030,950


	NUMBER OF SHARES		VALUE
INDUSTRIALS—(CONTINUED)
URS Corp.		5,760	$	299,347
USG Corp.*^		28,000		766,920

				8,616,032

INFORMATION TECHNOLOGY—24.8%
Angie’s List, Inc.*		21,955		285,854
Apple, Inc.^		4,955		2,755,327
Aruba Networks, Inc.*^		33,882		604,455
Attunity Ltd.*†		20,000		168,600
Comverse, Inc.*^		24,223		811,470
Demand Media, Inc.*		24,300		133,893
eBay, Inc.*		4,900		247,548
Envestnet, Inc.*		11,406		453,388
Extreme Networks, Inc.*		50,320		349,724
Fleetmatics Group, PLC*		10,682		413,393
Gigamon, Inc.*		16,324		476,824
Guidewire Software, Inc.*		10,237		488,612
LogiTech International SA*		42,768		490,121
LTX-Credence Corp.*^		149,000		1,075,780
Meru Networks, Inc.*^		144,720		513,756
NVIDIA Corp.		22,210		346,476
NXP Semiconductor NV*†		11,521		489,642
OpenTable, Inc.*^		1,058		88,417
Optimal Payments, PLC (United Kingdom)*		208,000		1,134,227
Pandora Media, Inc.*^		29,952		850,637
Progress Software Corp.*		9,870		259,976
QIWI, PLC - Sponsored ADR		7,851		367,270
Rally Software Development Corp.*		16,619		408,827
Responsys, Inc.*^		40,302		681,507
Ruckus Wireless, Inc.*^		43,710		569,978
Salesforce.com, Inc.*		5,122		266,805
SanDisk Corp.		5,351		364,671
ServiceNow, Inc.*^		14,402		764,890
Silicon Motion Technology Corp., ADR^		107,311		1,602,153
SINA Corp.*		4,392		338,491
Skyworks Solutions, Inc.*		14,636		389,171
SPS Commerce*		4,292		282,285
Tableau Software, Inc., Class A*		5,754		377,117
Take-Two Interactive Software, Inc.*		15,000		245,400
Teradyne, Inc.*^		48,000		817,440
Tessera Technologies, Inc		25,296		505,920
Trulia, Inc.*		10,689		367,060
Yahoo!, Inc.^		29,358		1,085,659
Yelp, Inc.*		7,264		440,852

				22,313,616

MATERIALS—2.9%
Graphic Packaging Holding Co.*^		110,000		987,800
Owens-Illinois, Inc.*^		28,000		924,000
Smurfit Kappa Group, PLC (Ireland)		28,000		656,757

				2,568,557

REAL ESTATE INVESTMENT TRUSTS—11.7%
Alexandria Real Estate Equities, Inc.^		15,366		972,053


	NUMBER OF SHARES		VALUE
REAL ESTATE INVESTMENT TRUSTS—(CONTINUED)
Avalonbay Communities, Inc.^		9,581	$	1,135,923
BRE Properties, Inc.		11,150		571,214
Brookfield Canada Office Properties (Canada)		11,981		288,996
Concentradora Fibra Hotelera Mexicana SA de CV (Mexico)		31,150		48,240
Education Realty Trust, Inc.^		42,850		372,795
Empire State Realty Trust, Inc.*		22,310		322,380
Equity Lifestyle Properties, Inc.^		16,337		579,964
Equity Residential^		12,550		646,827
General Growth Properties, Inc.		34,650		718,988
Green REIT, PLC (Ireland)*		121,556		198,866
Hudson Pacific Properties, Inc.^		33,750		699,975
Klepierre (France)		8,150		378,126
Mack-Cali Realty Corp.		21,700		441,812
Parkway Properties, Inc.^		39,662		725,418
Post Properties, Inc.^		28,991		1,242,554
RLJ Lodging Trust^		36,200		873,868
Spirit Realty Capital, Inc.		27,085		268,954

				10,486,953

TELECOMMUNICATION SERVICES—3.4%
8X8, Inc.*		18,303		190,717
Globalstar, Inc.*		136,000		242,080
inContact, Inc.*^		147,594		1,106,955
Vodafone Group, PLC - Sponsored ADR		22,000		815,980
Vodafone Group, PLC (United Kingdom)		201,300		746,299

				3,102,031

TOTAL COMMON STOCKS (Cost $65,866,168)				77,666,258

EXCHANGE TRADED FUNDS — 1.8%
CURRENCY—0.4%
ProShares UltraShort Yen*		5,600		376,600

EQUITY—1.4%
Financial Select Sector SPDR Fund		9,500		204,060
ProShares Short S&P 500*		15,400		399,014
ProShares UltraShort S&P 500*		13,000		407,160
WisdomTree Japan Hedged Equity Fund		5,000		251,550

				1,261,784

TOTAL EXCHANGE TRADED FUNDS (Cost $1,557,215)				1,638,384


	PAR (000’s)		VALUE
FOREIGN GOVERNMENT NOTE — 0.0%
Canadian Government Bond 3.000% 12/01/15	CAD	10	$	9,767

TOTAL FOREIGN GOVERNMENT NOTE (Cost $10,144)				9,767

U.S. TREASURY NOTE — 0.1%
2.625% 04/30/16^	$	100		105,398
TOTAL U.S. TREASURY NOTE (Cost $101,549)				105,398


	NUMBER OF CONTRACTS
PURCHASED OPTIONS — 0.5%
CALL OPTIONS PURCHASED — 0.3%
Caesars Entertainment Corp. Expires 01/18/14 Strike Price $25		359	$	14,360
Equinix, Inc. Expires 12/21/13 Strike Price $210		45		1,800
Hertz Global Holdings, Inc. Expires 01/18/14 Strike Price $24		150		18,750
Hertz Global Holdings, Inc. Expires 03/22/14 Strike Price $23		300		79,500
iShares Russell 2000 ETF Expires 12/27/13 Strike Price $117		350		16,450
iShares U.S. Home Construction ETF Expires 01/18/14 Strike Price $24		550		27,500
Loral Space & Communications, Inc. Expires 04/19/14 Strike Price $85		77		24,640
United Rentals, Inc. Expires 12/21/13 Strike Price $62.50		55		35,200

TOTAL CALL OPTIONS PURCHASED (Cost $231,892)				218,200

PUT OPTIONS PURCHASED — 0.2%
AmTrust Financial Services, Inc. Expires 03/22/14 Strike Price $35		150		24,375
Hewlett-Packard Co. Expires 01/18/14 Strike Price $24		160		3,680
iShares Russell 2000 ETF Expires 12/27/13 Strike Price $112		525		66,150
NTELOS Holdings Corp. Expires 03/22/14 Strike Price $12.50		280		9,100


	NUMBER OF CONTRACTS			VALUE
NTELOS Holdings Corp. Expires 03/22/14 Strike Price $15		150		$	9,375
NTELOS Holdings Corp. Expires 12/21/13 Strike Price $15		330			3,300
Oracle Corp. Expires 01/18/14 Strike Price $33		230			8,970
RealPage, Inc. Expires 04/19/14 Strike Price $17.50		200			8,000
RealPage, Inc. Expires 07/19/14 Strike Price $17.50		160			11,600
SPDR S&P 500 ETF Trust Expires 12/13/13 Strike Price $177		700			35,000
Sturm, Ruger & Co., Inc. Expires 04/19/14 Strike Price $65		24			9,000

TOTAL PUT OPTIONS PURCHASED (Cost $274,067)					188,550

TOTAL PURCHASED OPTIONS — 0.5% (Cost $505,959)					406,750

TOTAL INVESTMENTS — 88.8% (Cost $68,041,035)**					79,826,557


	NUMBER OF SHARES
SECURITIES SOLD SHORT — (45.7)%
COMMON STOCKS — (42.7)%
CONSUMER DISCRETIONARY—(6.2)%
Brinker International, Inc.		(4,000	)		(188,120	)
Brunswick Corp.		(515	)		(23,536	)
Casio Computer Co. Ltd. (Japan)		(9,000	)		(102,195	)
Dick’s Sporting Goods, Inc.		(424	)		(23,964	)
Dunkin’ Brands Group, Inc.		(3,400	)		(166,532	)
Francesca’s Holdings Corp.*		(20,400	)		(400,248	)
GameStop Corp., Class A		(2,506	)		(120,914	)
Gannett Co., Inc.		(341	)		(9,227	)
Gap, Inc. (The)		(492	)		(20,157	)
Hanesbrands, Inc.		(2,111	)		(147,981	)
Hasbro, Inc.		(3,390	)		(182,450	)
HomeAway, Inc.*		(11,488	)		(419,312	)
Jarden Corp.*		(439	)		(24,689	)
John Wiley & Sons, Inc., Class A		(4,000	)		(203,840	)
L Brands, Inc.		(2,090	)		(135,829	)
Lululemon Athletica, Inc.*†		(2,180	)		(151,990	)
Macy’s, Inc.		(200	)		(10,652	)
McDonald’s Corp.		(2,130	)		(207,398	)
Netflix, Inc.*		(420	)		(153,636	)
NVR, Inc.*		(200	)		(193,996	)
Panera Bread Co., Class A*		(84	)		(14,859	)
Scholastic Corp.		(5,200	)		(158,808	)
Target Corp.		(330	)		(21,097	)
Tesla Motors, Inc.*		(1,100	)		(140,008	)
Thor Industries, Inc.		(7,000	)		(378,490	)


	NUMBER OF SHARES			VALUE
CONSUMER DISCRETIONARY—(CONTINUED)
Tile Shop Holdings, Inc.*		(14,300	)	$	(239,525	)
TripAdvisor, Inc.*		(14,635	)		(1,292,563	)
Tupperware Brands Corp.		(1,347	)		(123,035	)
WH Smith PLC (United Kingdom)		(21,000	)		(324,890	)

					(5,579,941	)

CONSUMER STAPLES—(0.8)%
Colgate-Palmolive Co.		(258	)		(16,979	)
ConAgra Foods, Inc.		(1,300	)		(42,887	)
Energizer Holdings, Inc.		(778	)		(85,852	)
General Mills, Inc.		(1,600	)		(80,688	)
Kimberly-Clark Corp.		(1,964	)		(214,390	)
Kroger Co. (The)		(3,018	)		(126,002	)
Molson Coors Brewing Co., Class B		(203	)		(10,692	)
Philip Morris International, Inc.		(1,750	)		(149,695	)

					(727,185	)

FINANCIALS—(2.3)%
American Homes 4 Rent, Class A*		(6,053	)		(99,269	)
Amtrust Financial Services, Inc.		(6,160	)		(257,550	)
First Financial Bankshares, Inc.		(3,650	)		(242,287	)
Greenhill & Co., Inc.		(3,820	)		(208,992	)
Home Capital Group, Inc. (Canada)		(2,490	)		(199,144	)
MSCI, Inc.*		(7,600	)		(337,364	)
Nationstar Mortgage Holdings, Inc.*		(3,000	)		(118,890	)
Portfolio Recovery Associates, Inc.*		(4,500	)		(262,800	)
SVB Financial Group*		(1,570	)		(158,947	)
US Bancorp		(4,850	)		(190,217	)

					(2,075,460	)

HEALTH CARE—(1.1)%
Chemed Corp.		(2,200	)		(171,446	)
Intuitive Surgical, Inc.*		(420	)		(158,298	)
Masimo Corp.*		(13,500	)		(386,505	)
Questcor Pharmaceuticals, Inc.		(2,800	)		(162,428	)
Tearlab Corp.*		(14,300	)		(133,991	)

					(1,012,668	)

INDUSTRIALS—(2.2)%
Acuity Brands, Inc.		(3,200	)		(328,096	)
Caterpillar, Inc.		(2,355	)		(199,233	)
Healthcare Services Group, Inc.		(6,600	)		(191,334	)
MiX Telematics Ltd. - Sponsored ADR*		(21,968	)		(284,046	)
Nielsen Holdings NV		(2,896	)		(124,991	)
Ritchie Bros Auctioneers, Inc.†		(10,000	)		(206,500	)
Sensata Technologies Holding NV*†		(9,866	)		(384,577	)
Solarcity Corp.*		(5,040	)		(263,491	)

					(1,982,268	)

INFORMATION TECHNOLOGY—(20.1)%
21Vianet Group, Inc. ADR*		(16,472	)		(294,025	)
Activision Blizzard, Inc.		(11,736	)		(201,977	)


	NUMBER OF SHARES			VALUE
INFORMATION TECHNOLOGY—(CONTINUED)
Akamai Technologies, Inc.*		(13,715	)	$	(613,335	)
Bankrate, Inc.*		(46,837	)		(877,725	)
Bazaarvoice, Inc.*		(38,802	)		(306,536	)
Bottomline Technologies de, Inc.*		(8,600	)		(297,302	)
Computer Sciences Corp.		(7,321	)		(385,231	)
Corning, Inc.		(22,618	)		(386,315	)
Dassault Systemes SA (France)		(3,171	)		(363,962	)
Dealertrack Technologies, Inc.*		(4,000	)		(167,200	)
Digital River, Inc.*		(20,956	)		(374,484	)
Dolby Laboratories, Inc., Class A		(13,987	)		(502,553	)
Ebix, Inc.		(3,880	)		(54,048	)
FactSet Research Systems, Inc.		(4,837	)		(546,581	)
First Solar, Inc.		(2,850	)		(170,487	)
Hewlett-Packard Co.		(8,500	)		(232,475	)
iGATE Corp.*		(17,126	)		(573,378	)
Intel Corp.		(12,741	)		(303,745	)
International Business Machines Corp.		(2,150	)		(386,312	)
International Rectifier Corp.*		(15,689	)		(375,595	)
IPG Photonics Corp.		(2,020	)		(146,490	)
Marketo, Inc.*		(5,150	)		(149,865	)
MercadoLibre, Inc.*†		(4,648	)		(514,580	)
Microsoft Corp.		(575	)		(21,925	)
Model N, Inc.*		(24,742	)		(203,132	)
Motorola Solutions, Inc.		(10,694	)		(704,521	)
Neopost SA (France)		(2,100	)		(163,717	)
NVIDIA Corp.		(47,197	)		(736,273	)
Open Text Corp. (Canada)		(7,318	)		(627,080	)
OpenTable, Inc.*		(6,784	)		(566,939	)
Oracle Corp.		(6,500	)		(229,385	)
Pandora Media, Inc.		(6,300	)		(178,920	)
Paychex, Inc.		(4,470	)		(195,473	)
Plexus Corp.*		(13,193	)		(532,602	)
RealD, Inc.*		(31,861	)		(285,475	)
RealPage, Inc.*		(37,620	)		(843,064	)
Salesforce.com, Inc.*		(6,200	)		(322,958	)
Seagate Technology., PLC		(199	)		(9,759	)
Silicon Graphics International Corp.*		(11,070	)		(147,453	)
SolarWinds, Inc.*		(9,555	)		(319,519	)
SunPower Corp.*		(9,300	)		(282,162	)
Symantec Corp.		(21,960	)		(493,880	)
Synchronoss Technologies, Inc.*		(6,800	)		(215,764	)
Taiwan Semiconductor
Manufacturing Co. Ltd. - Sponsored ADR		(17,000	)		(301,410	)
Textura Corp.*		(3,531	)		(119,560	)
Travelzoo, Inc.*		(11,205	)		(240,683	)
United Microelectronics Corp. - Sponsored ADR		(49,000	)		(98,490	)
WebMD Health Corp.*		(9,309	)		(359,979	)
Xilinx, Inc.		(5,808	)		(258,049	)
Yelp, Inc.*		(2,200	)		(133,518	)
Zebra Technologies Corp., Class A*		(11,065	)		(573,610	)
Zillow, Inc., Class A*		(2,570	)		(202,053	)
Zynga, Inc.*		(110,186	)		(479,309	)

					(18,070,863	)


	NUMBER OF SHARES			VALUE
REAL ESTATE INVESTMENT TRUSTS—(8.2)%
Acadia Realty Trust		(10,025	)	$	(260,349	)
AvalonBay Communities, Inc.		(1,600	)		(189,696	)
Boardwalk Real Estate Investment Trust (Canada)		(2,250	)		(125,528	)
Colony Financial, Inc.		(14,452	)		(292,219	)
CubeSmart		(23,472	)		(380,716	)
Duke Realty Corp.		(31,950	)		(485,001	)
EastGroup Properties, Inc.		(4,006	)		(242,724	)
Essex Property Trust, Inc.		(2,480	)		(376,489	)
Glimcher Realty Trust		(19,412	)		(188,491	)
HCP, Inc.		(6,400	)		(235,328	)
Health Care REIT, Inc.		(9,800	)		(548,702	)
Highwoods Properties, Inc.		(16,055	)		(576,696	)
Kimco Realty Corp.		(37,400	)		(771,188	)
Pebblebrook Hotel Trust.		(24,321	)		(737,656	)
Plum Creek Timber Co., Inc.		(2,258	)		(98,765	)
Post Properties, Inc.		(3,430	)		(147,010	)
Rouse Properties, Inc.		(3,245	)		(79,146	)
Silver Bay Realty Trust Corp.		(10,440	)		(167,144	)
Sun Communities, Inc.		(4,050	)		(165,240	)
Vornado Realty Trust		(8,704	)		(765,343	)
Washington Real Estate Investment Trust		(7,968	)		(189,160	)
Weingarten Realty Investors		(10,750	)		(306,805	)

					(7,329,396	)


TELECOMMUNICATION SERVICES—(1.8)%
AT&T, Inc.		(4,585	)		(161,438	)
Belgacom SA (Belgium)		(14,000	)		(415,802	)
Deutsche Telekom AG, Registered Shares (Germany)		(17,000	)		(269,511	)
Iridium Communications, Inc.*		(12,000	)		(73,800	)
NTELOS Holdings Corp.		(9,500	)		(203,395	)
Telefonica SA		(20,000	)		(329,619	)
Verizon Communications, Inc.		(3,674	)		(182,304	)

					(1,635,869	)

TOTAL COMMON STOCKS SOLD SHORT (Proceeds $36,691,401)					(38,413,650	)


	NUMBER OF SHARES			VALUE
EXCHANGE TRADED-FUNDS SOLD SHORT — (3.0)%
EQUITY—(3.0)%
Consumer Staples Select Sector SPDR Fund		(12,000	)	$	(516,120	)
iShares MSCI Emerging Markets ETF		(4,400	)		(186,340	)
SPDR S&P 500 ETF Trust		(6,387	)		(1,156,047	)
SPDR S&P Regional Banking ETF .		(3,620	)		(144,655	)
Vanguard REIT ETF		(9,924	)		(650,022	)

					(2,653,184	)

TOTAL EXCHANGE TRADED FUNDS SOLD SHORT (Proceeds $2,667,063)					(2,653,184	)

TOTAL SECURITIES SOLD SHORT (Proceeds $39,358,464)					(41,066,834	)


	NUMBER OF CONTRACTS
WRITTEN OPTIONS — (0.4)%
CALL OPTIONS WRITTEN—(0.4)%
Equinix, Inc. Expires 12/21/13 Strike Price $250		(30	)		(12,000	)
Expedia, Inc. Expires 01/18/14 Strike Price $54.48		(107	)		(103,790	)
Hertz Global Holdings, Inc. Expires 01/18/14 Strike Price $26		(150	)		(7,500	)
Hertz Global Holdings, Inc. Expires 03/22/14 Strike Price $27		(300	)		(25,500	)
iShares Russell 2000 ETF Expires 12/27/13 Strike Price $114		(350	)		(47,950	)
Loral Space & Communications, Inc. Expires 04/19/14 Strike Price $90		(154	)		(31,955	)
Melco Crown Entertainment Ltd. Expires 12/21/13 Strike Price $37		(160	)		(9,760	)
SPDR S&P 500 ETF Trust Expires 12/21/13 Strike Price $181		(350	)		(63,350	)
Sturm, Ruger & Co., Inc. Expires 04/19/14 Strike Price $70		(24	)		(19,080	)
United Rentals, Inc. Expires 12/21/13 Strike Price $67.50		(55	)		(14,300	)

TOTAL CALL OPTIONS WRITTEN (Premiums Received $178,001)					(335,185	)

PUT OPTIONS WRITTEN—0.0%
Hertz Global Holdings, Inc. Expires 01/18/14 Strike Price $21		(100	)		(2,000	)


	NUMBER OF CONTRACTS			VALUE
PUT OPTIONS WRITTEN—(CONTINUED)
Hewlett-Packard Co. Expires 01/18/14 Strike Price $20		(160	)	$	(640	)

TOTAL PUT OPTIONS WRITTEN (Premiums Received $11,642)					(2,640	)

TOTAL WRITTEN OPTIONS — (0.4)% (Premiums Received $189,643)					(337,825	)


OTHER ASSETS IN EXCESS OF LIABILITIES — 57.3%					51,494,061

NET ASSETS — 100.0%				$	89,915,959

*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	$	68,041,035

Gross unrealized appreciation		12,953,442
Gross unrealized depreciation		(1,167,920	)

Net unrealized appreciation	$	11,785,522

†	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, 2013, fair valued positions amounted to $209,525 or 0.2% of net assets.

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

ADR	American Depositary Receipt

CAD	Canadian Dollar

ETF	Exchange-traded Fund

MSCI	Morgan Stanley Capital International

PLC	Public Limited Company

REIT	Real Estate Investment Trust

S&P	Standard & Poors

SPDR	Standard & Poors Depositary Receipt

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, which considers such factors as security prices, yield, 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, 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. Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close. Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions. 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. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

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, 2013, 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 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 fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. U.S. GAAP also requires the Fund to disclose about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each level within the three-tier hierarchy are disclosed when the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the period ended November 30, 2013, the Fund had no significant transfers between Levels 1, 2 and 3.

The following table lists the fair values of the Fund’s derivative holdings as of November 30, 2013 grouped by contract type and risk exposure category.

For the period ended November 30, 2013, the Fund’s quarterly average volume of derivatives 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, foreign exchange rates and 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 and other risk exposure in the normal course of pursuing its investment objectives and may enter into options written to hedge against changes in interest rates, foreign exchange rates and values 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 initially recorded as liabilities to the extent of premiums received and subsequently marked to market to reflect the current value of the option written. 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.

The Fund had transactions in options written during the period ended November 30, 2013 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 the Fund’s gain is limited to the amount at which it sold a security short, its potential loss is unlimited. Until the 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.

FUTURES CONTRACTS — The Fund is subject to equity and other risk exposure in the normal course of pursuing its investment objectives. The Fund may use futures contracts for hedging or speculative purposes consistent with its investment objective. Upon entering into a futures contract, the Fund must deposit initial margin in addition to segregating cash or liquid assets sufficient to meet its obligation to purchase or provide securities, or to pay the amount owed at the expiration of an index-based futures contract. Such liquid assets may consist of cash, cash equivalents, liquid debt or equity securities or other acceptable assets. Pursuant to the futures contract, the Fund agrees to receive from, or pay to the broker, an amount of cash equal to the daily fluctuation in value of the contract. Such a receipt of payment is known as a “variation margin” and is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contract. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. Use of long futures contracts subjects the Fund to risk of loss in excess of the amount shown on the Statement of Assets and Liabilities, up to the notional value of the futures contract. Use of short futures contracts subjects the Fund to unlimited risk of loss. As of November 30, 2013, the Fund had no futures contracts.

FORWARD FOREIGN CURRENCY CONTRACTS — In the normal course of pursuing their investment objectives, the Fund is subject to foreign investment and currency risk. The Fund may enter into forward foreign currency contracts (“forward contracts”) for purposes of hedging, duration management, as a substitute for securities, to increase returns, for currency hedging or risk management, or to otherwise help achieve the Fund’s investment goal. These contracts are marked-to-market daily at the applicable translation rates. The Fund records realized gains or losses at the time the forward contract is closed. A forward contract is extinguished through a closing transaction or upon delivery of the currency or entering an offsetting contract. Risks may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar or other currencies. As of November 30, 2013, the Fund had no forward contracts.

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 — 89.9%
Apparel — 1.0%
Barry (R.G.) Corp.		37,414	$	718,350

Auto Parts — 0.8%
Commercial Vehicle Group, Inc. *		16,127		122,726
Modine Manufacturing Co. *		33,210		441,029

				563,755

Banks — 9.9%
First Horizon National Corp.		279,025		3,127,870
Independent Bank Corp. *		9,390		111,553
MainSource Financial Group, Inc.		83,194		1,495,828
MBT Financial Corp. *		30		113
Regions Financial Corp.		254,650		2,477,745

				7,213,109

Coal — 8.2%
Arch Coal, Inc. (a)		934,479		3,812,674
Cloud Peak Energy, Inc. *		129,555		2,142,840

				5,955,514

Commercial Services — 5.9%
Aegean Marine Petroleum Network, Inc. (a)		158,044		1,694,232
Ardmore Shipping Corp. *		58,525		748,535
Baltic Trading, Ltd. (a)		38,680		195,721
Hudson Global Inc *		285,442		976,212
Insperity, Inc.		14,486		510,632
Monster Worldwide, Inc. *		23,267		130,993

				4,256,325

Computers — 0.6%
Xyratex Ltd.		39,722		409,931

Electronics — 3.0%
AU Optronics Corp. SP ADR *		325,060		1,007,686
Kemet Corp. *		176,306		1,057,836
Pulse Electronics Corp. * (a)		34,599		117,292

				2,182,814

Healthcare - Products — 1.0%
Orthofix International NV *		31,934		690,732

Healthcare - Services — 4.9%
Emeritus Corp. *		34,110		767,816
Five Star Quality Care, Inc. *		564,701		2,783,976

				3,551,792

Home Builders — 6.7%
Meritage Homes Corp. *		73,150		3,187,877
Taylor Morrison Home Corp., Class A *		76,888		1,680,003

				4,867,880

Household Durables — 1.1%
Standard Pacific Corp. *		100,998		826,164


	Shares		Value
Industrial — 2.4%
FreightCar America, Inc.		75,443	$	1,756,313

Insurance — 2.7%
Aspen Insurance Holdings, Ltd.		3,425		138,438
Assured Guaranty, Ltd.		33,625		789,515
First American Financial Corp.		40,139		1,062,078

				1,990,031

Internet — 1.4%
ModusLink Global Solutions, Inc. *		266,760		1,037,696

Machinery - Diversified — 1.6%
Flow International Corp. *		22,057		88,669
Intevac, Inc. *		162,671		1,076,882

				1,165,551

Mining — 1.8%
Alumina Ltd. SP ADR *		90,864		335,288
Hecla Mining Co.		7,165		21,137
Stillwater Mining Co. *		10,305		115,725
Thompson Creek Metals Co., Inc. * (a)		301,520		847,271

				1,319,421

Miscellaneous Manfacturing — 1.3%
Orbotech, Ltd. *		65,920		922,221

Oil & Gas — 5.5%
Willbros Group, Inc *		185,432		1,626,239
WPX Energy, Inc. *		125,959		2,341,578

				3,967,817

Real Estate — 1.5%
Forestar Group, Inc. *		54,893		1,062,728

Real Estate Investment Trusts — 4.8%
NorthStar Realty Finance Corp.		171,010		1,689,579
Redwood Trust, Inc. (a)		32,475		603,386
Rexford Industrial Realty, Inc. *		2,300		32,039
Strategic Hotels & Resorts, Inc. *		128,228		1,145,076

				3,470,080

Retail — 5.0%
MarineMax, Inc. *		92,011		1,446,413
Office Depot, Inc. * (a)		366,038		1,991,245
Wet Seal Inc./The Class A *		47,407		157,865

				3,595,523

Savings & Loans — 7.5%
Flagstar Bancorp, Inc. *		278,170		5,104,419
HomeStreet, Inc.		6,010		127,172
Pulaski Financial Corp.		16,931		186,410

				5,418,001

Semiconductors — 3.1%
Alpha & Omega Semiconductor Ltd *		13,488		104,532


	Shares		Value
Semiconductors — (Continued)
ATMI, Inc. *		31,409	$	961,115
Axcelis Technologies, Inc. *		545,571		1,216,623

				2,282,270

Software — 2.8%
Avid Technology, Inc. *		161,980		1,433,523
Take-Two Interactive Software, Inc. *		35,615		582,661

				2,016,184

Telecommunications — 5.4%
Aviat Networks, Inc. *		1,273,807		3,222,732
Comverse, Inc. *		20,790		696,465

				3,919,197

TOTAL COMMON STOCKS (Cost $46,884,384)				65,159,399

	Par (000)
CORPORATE BONDS — 1.9%
LandAmerica Financial Group, Inc. ‡ CONV
3.25%, 05/15/34	$	37		11,473
Northstar Realty Finance Corp. ^ CONV
7.50%, 03/15/31		358		605,915
Pulse Electronics Corp. CONV
7.00%, 12/15/14		172		127,280
RAIT Financial Trust CONV
7.00%, 04/01/31		463		612,896

TOTAL CORPORATE BONDS (Cost $970,987)				1,357,564

	Shares
EXCHANGE TRADED FUND — 0.5%
Finance — 0.5%
iShares Russell 2000 Value Index Fund		4,105		402,906

TOTAL EXCHANGE TRADED FUND (Cost $372,924)				402,906

SECURITIES LENDING COLLATERAL — 8.5%
BlackRock Liquidity Fund		6,186,409		6,186,409

TOTAL SECURITIES LENDING COLLATERAL (Cost $6,186,409)				6,186,409


TOTAL INVESTMENTS — 100.8% (Cost $54,414,704)**			$	73,106,278


LIABILITIES IN EXCESS OF OTHER ASSETS — (0.8)%				(612,578)


NET ASSETS — 100.0%			$	72,493,700

*	Non-income producing.

(a)	All or a portion of the security is on loan. At November 30, 2013, the market value of securities on loan was $5,949,051.

‡

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, 2013, this holding amounted to $11,473 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, 2013, this security amounted to $605,915 or 0.8% of net assets.

CONV	Convertible

SP ADR


Ÿ Level 1 —		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, 2013	Level 1 Quoted Price		Level 2 Significant Observable Inputs	Level 3 Significant Unobservable Inputs

Investments in Securities*	$ 667,111,015	$	—	$ 667,111,015	$	—


— 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 Value at November 30, 2013		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs

Total Investments*	$	203,938,363	$	203,938,363	$	—	$	—


	Total Value at November 30, 2013		Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input
Investments in Securities*	$	1,597,461,602	$	1,597,461,602	$	-	$	-


— 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 Value at November 30, 2013		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs	Level 3 Significant Unobservable Inputs
Total Investments*		$76,001,674		$76,001,674	$—	$—


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


	Total Value as of November 30, 2013		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stock *	$	187,535,785	$	187,535,785	$	—	$	—
Securities Lending Collateral		5,933,957		5,933,957		—		—

Total Assets	$	193,469,742	$	193,469,742	$	—	$	—


	Total Value as of November 30, 2013		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stock
Basic Industries	$	156,439,858		125,015,088	$	31,424,770	$	—
Capital Goods		330,743,907		293,424,771		37,319,136		—
Communications		156,886,976		150,472,076		6,414,900		—
Consumer Durables		99,329,050		53,693,661		45,635,389		—
Consumer Non-Durables		138,288,753		96,944,528		41,344,225		—
Consumer Services		292,307,446		281,431,852		10,875,594		—
Energy		243,188,723		239,002,261		4,186,462		—
Finance		417,895,940		396,813,389		21,082,551		—
Health Care		246,609,559		246,609,559		—		—
Real Estate Investment Trusts		30,021,942		30,021,942		—		—
Technology		374,596,492		354,564,215		20,032,277		—
Transportation		9,872,228		9,872,228		—		—
Utilities		4,923,247		4,923,247		—		—

Total Assets	$	2,501,104,121	$	2,282,788,817	$	218,315,304	$	—


	Total Value as of November 30, 2013		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Securities Sold Short
Basic Industries	$	(81,609,116)	$	(62,845,966)	$	(18,763,150)	$	—
Capital Goods		(158,319,228)		(119,563,203)		(38,756,025)		—
Communications		(108,062,702)		(81,549,120)		(26,513,582)		—
Consumer Durables		(19,157,937)		(19,157,937)				—
Consumer Non-Durables		(103,471,599)		(79,618,757)		(23,852,842)		—
Consumer Services		(213,659,083)		(204,399,595)		(9,259,488)		—
Energy		(110,204,345)		(98,625,259)		(11,579,086)		—
Finance		(114,248,582)		(104,446,756)		(9,801,826)		—
Health Care		(51,686,683)		(36,543,042)		(15,143,641)		—
Real Estate Investment Trusts		(37,588,219)		(37,588,219)		—		—
Technology		(190,239,796)		(190,239,796)		—		—
Transportation		(36,330,151)		(25,391,258)		(10,938,893)		—
Utilities		(30,937,819)		(30,937,819)		—		—
Options Written
Equity Contracts		(1,132,589)		(1,132,589)		—		—

Total Liabilities	$	(1,256,647,849)	$	(1,092,039,316)	$	(164,608,533)	$	—


	Total Value as of November 30, 2013				Level 1 Quoted Price				Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Common Stock
Capital Goods		$	44,574,056			$	44,574,056			$	—		$	—
Communications			20,885,092				20,885,092				—			—
Consumer Durables			19,752,672				19,752,672				—			—
Consumer Non-Durables			31,295,798				31,295,798				—			—
Consumer Services			72,715,950				72,715,950				—			—
Energy			54,250,665				54,250,665				—			—
Finance			180,532,205				179,441,898				—			1,090,307
Health Care			122,522,960				122,522,960				—			—
Real Estate Investment Trusts			1,525,361				1,525,361				—			—
Technology			89,363,116				89,346,353				—			16,763
Preferred Stocks			36,542				—				—			36,542
Securities Lending Collateral			2,122,570				2,122,570				—			—

Total Assets		$	639,576,987			$	638,433,375			$	—		$	1,143,612


	Total Value as of November 30, 2013				Level 1 Quoted Price				Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Options Written Equity Contracts		$	(309,036	)		$	(309,036	)		$	—		$	—

Total Liabilities		$	(309,036	)		$	(309,036	)		$	—		$	—


	% of Net Assets			Value
COMMON STOCK
Finance		19.0	%	$	11,009,787
Consumer Discretionary		18.1			10,505,665
Health Care		14.3			8,289,279
Information Technology		11.1			6,399,821
Industrials		10.6			6,113,518
Consumer Staples		8.1			4,655,861
Energy		8.0			4,611,446
Materials		6.4			3,722,955
Telecommunication Services		1.2			686,977
Consumer Non-Durables		1.1			625,685
Technology		1.0			570,791
OTHER ASSETS IN EXCESS OF LIABILITIES		1.1			620,860

NET ASSETS		100	%	$	57,812,645


	Total Value as of November 30, 2013		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stock
Australia	$	68,990	$	—	$	68,990	$	—
Belgium		231,760		—		231,760		—
Bermuda		99,435		—		99,435		—
Canada		244,853		244,853		—		—
China		91,338		91,338		—		—
France		1,807,015		328,770		1,478,245		—
Germany		1,838,001		—		1,838,001		—
Hong Kong		585,447		84,746		500,701		—
Ireland		285,313		—		285,313		—
Japan		1,563,630		—		1,563,630		—
Netherlands		347,302		—		347,302		—
Singapore		277,557		—		277,557		—
South Korea		396,585		—		396,585		—
Switzerland		1,218,545		—		1,218,545		—
Taiwan		315,173		—		315,173		—
Thailand		139,969		—		139,969		—
United Kingdom		2,611,900		84,035		2,527,865		—


Total Assets	$	12,122,813	$	833,742	$	11,289,071	$	—


	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, 2013		1,996	$2,046,646		5,383	$2,971,577		849	$143,481
Options written		365	517,483		685	224,505		—	—
Options closed		(103)	(69,855)		(500)	(288,475)		—	—
Options expired		—	—		—	—		—	—
Options exercised		—	—		(1,088)	(682,395)		—	—

Options outstanding at November 30, 2013		2,258	$2,494,274		4,480	$2,225,212		849	$143,481


	Acquisition Date	Acquisition Cost		Shares /Par		Value		% of Net Assets
BP All-Cap Value Fund
Common Stocks:
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

		$	14,293			$	—	0.0%


	TOTAL FAIR VALUE AT NOVEMBER 30, 2013			LEVEL 1 QUOTED PRICE			LEVEL 2 SIGNIFICANT OBSERVABLE INPUTS			LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS

Common Stocks
Consumer Discretionary	$	18,062,615		$	18,062,615		$	—		$	—
Consumer Staples		2,284,739			884,939			1,399,800			—
Financials		9,610,841			8,776,957			833,884			—
Health Care		620,874			411,349			209,525			—
Industrials		8,616,032			8,127,545			488,487			—
Information Technology		22,313,616			22,313,616			—			—
Materials		2,568,557			1,911,800			656,757			—
Real Estate Investment Trusts		10,486,953			10,108,827			378,126			—
Telecommunication Services		3,102,031			2,355,732			746,299			—
Exchange Traded Funds		1,638,384			1,638,384			—			—
Foreign Government Note		9,767			—			9,767			—
U.S. Treasury Note		105,398			—			105,398			—
Asset Derivatives
Equity Contracts		406,750			406,750			—			—

Total Assets	$	79,826,557		$	74,998,514		$	4,828,043		$	—



	TOTAL FAIR VALUE AT NOVEMBER 30, 2013			LEVEL 1 QUOTED PRICE			LEVEL 2 SIGNIFICANT OBSERVABLE INPUTS			LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS

Common Stocks Sold Short
Consumer Discretionary	$	(5,579,941	)	$	(5,152,856	)	$	(427,085	)	$	—
Consumer Staples		(727,185	)		(727,185	)		—			—
Financials		(2,075,460	)		(2,075,460	)		—			—
Health Care		(1,012,668	)		(1,012,668	)		—			—
Industrials		(1,982,268	)		(1,982,268	)		—			—
Information Technology		(18,070,863	)		(17,907,146	)		(163,717	)		—
Real Estate Investment Trusts		(7,329,396	)		(7,329,396	)		—			—
Telecommunications Services		(1,635,869	)		(620,937	)		(1,014,932	)		—
Exchange Traded Funds		(2,653,184	)		(2,653,184	)		—			—
Liability Derivatives
Equity Contracts		(337,825	)		(337,825	)		—			—

Total Liabilities	$	(41,404,659	)	$	(39,798,925	)	$	(1,605,734	)	$	—


DERIVATIVE TYPE	EQUITY CONTRACTS			INTEREST RATE CONTRACTS		FOREIGN CURRENCY CONTRACTS		COMMODITY CONTRACTS		TOTAL

	Asset Derivatives

Purchased Options	$	406,750		$	—	$	—	$	—	$	406,750

		Liability Derivatives

Written Options	$	(337,825	)	$	—	$	—	$	—	$	(337,825	)


	NUMBER OF CONTRACTS			PREMIUMS RECEIVED
Options outstanding at August 31, 2013		3,670		$	343,283
Options written		12,347			1,033,494
Options closed		(13,413	)		(1,166,142	)
Options expired		(664	)		(20,992	)
Options exercised		—			—


Options outstanding at November 30, 2013		1,940		$	189,643


Aggregate Cost	$	54,414,704

Gross unrealized appreciation		21,469,766
Gross unrealized depreciation		(2,778,192)

Net unrealized appreciation	$	18,691,574


	Shares		Value
COMMON STOCKS — 91.7%
Aerospace & Defense — 1.2%
Boeing Co. (The)		3,340	$	448,395

Airlines — 0.1%
US Airways Group, Inc. *(a)		1,660		38,977

Automobile Manufacturers — 1.9%
Navistar International Corp. *(a)		16,841		676,840

Automobile Parts & Equipment — 1.3%
Magna International, Inc. (a)		5,780		470,145

Banks — 27.3%
Bank of America Corp.		126,510		2,001,388
Citigroup, Inc.		36,834		1,949,255
Huntington Bancshares, Inc.		46,145		423,611
JPMorgan Chase & Co.		22,775		1,303,185
KeyCorp		33,965		433,054
Morgan Stanley		13,690		428,497
Regions Financial Corp.		79,505		773,584
SunTrust Banks, Inc.		74,079		2,683,882

				9,996,456

Coal — 9.8%
Arch Coal, Inc. (a)		312,040		1,273,123
Consol Energy, Inc.		18,985		675,486
Peabody Energy Corp.		90,415		1,645,553

				3,594,162

Commercial Services — 1.4%
Aegean Marine Petroleum Network, Inc.		46,907		502,843

Electric — 0.3%
NRG Energy, Inc.		3,453		91,366

Electronics — 1.3%
LG Display Co., Ltd. ADR *(a)		42,046		487,313

Health Care - Services — 2.8%
Brookdale Senior Living, Inc. *		34,840		1,015,934

Home Builders — 8.5%
Lennar Corp., Class A		31,250		1,117,500
Meritage Homes Corp. *		2,225		96,966
Taylor Morrison Home Corp., Class A *		7,910		172,834
Toll Brothers, Inc. *		50,670		1,727,847

				3,115,147

Insurance — 12.7%
ACE Ltd.		245		25,181
Allstate Corp., (The)		17,785		965,192
American International Group, Inc. *		23,460		1,167,135
Assured Guaranty, Ltd.		38,076		894,024


	Shares		Value
Insurance — (Continued)
Genworth Financial, Inc., Class A *		7,800	$	117,858
Hartford Financial Services Group, Inc.		35,990		1,282,324
WR Berkley Corp.		4,620		202,310

				4,654,024

Leisure Time — 3.1%
Carnival Corp.		31,300		1,130,243

Lodging — 4.3%
Marriott International, Inc., Class A		30,800		1,448,216
Orient-Express Hotels, Ltd., Class A *		9,490		139,788

				1,588,004

Mining — 0.6%
Alcoa, Inc.		20,805		199,936

Oil & Gas — 14.9%
Chesapeake Energy Corp.		79,951		2,148,283
Devon Energy Corp.		14,370		871,109
Weatherford International, Ltd. *		84,765		1,327,420
WPX Energy, Inc. *		59,835		1,112,333

				5,459,145

Telecommunications — 0.2%
Cisco Systems, Inc.		2,800		59,500

TOTAL COMMON STOCKS (Cost $24,259,633)				33,528,430

EXCHANGE TRADED FUND — 1.1%
Finance — 1.1%
iShares Russell 1000 Value Index Fund		4,485		414,549

TOTAL EXCHANGE TRADED FUND (Cost $408,030)				414,549

SECURITIES LENDING COLLATERAL — 6.0%
BlackRock Liquidity Fund		2,171,822		2,171,822

TOTAL SECURITIES LENDING COLLATERAL (Cost $2,171,822)				2,171,822


TOTAL INVESTMENTS — 98.8% (Cost $26,839,485)**				36,114,801


OTHER ASSETS IN EXCESS OF LIABILITIES — 1.2%				441,954


NET ASSETS — 100.0%			$	36,556,755


Aggregate cost	$	26,839,485

Gross unrealized appreciation		10,794,704
Gross unrealized depreciation		(1,519,388)

Net unrealized appreciation	$	9,275,316


					Level 2		Level 3
	Total		Level 1		Significant		Significant
	Value as of		Quoted		Observable		Unobservable
	November 30, 2013		Price		Inputs		Inputs
Common Stocks*	$	65,159,399	$	65,159,399	$	—	$	—
Corporate Bonds		1,357,564		—		1,346,091		11,473
Exchange Traded Fund		402,906		402,906		—		—
Securities Lending Collateral		6,186,409		6,186,409		—		—

Total	$	73,106,278	$	71,748,714	$	1,346,091	$	11,473


	Number of Shares		Value
COMMON STOCKS - 92.0%
Airlines — 0.6%
Southwest Airlines Co.		11,850	$	220,292

				220,292

Apparel — 0.1%
VF Corp.		150		35,187

				35,187

Banks — 3.0%
US Bancorp		28,780		1,128,752

				1,128,752

Chemicals — 3.1%
FMC Corp.		500		36,430
Praxair, Inc.		310		39,141
Sigma-Aldrich Corp.		12,590		1,085,762

				1,161,333

Commercial Services — 3.4%
Cintas Corp.		760		42,180
McGraw Hill Financial, Inc.		580		43,210
Paychex, Inc.		890		38,920
Total System Services, Inc.		36,660		1,138,293
Western Union Co., (The)		1,880		31,340

				1,293,943

Computers — 0.9%
EMC Corp.		12,580		300,033
International Business Machines Corp.		210		37,733

				337,766

Diversified Financial Services — 0.2%
American Express Co.		490		42,042
CME Group, Inc.		460		37,697

				79,739

Electric — 3.8%
CMS Energy Corp.		1,350		35,829
Dominion Resources, Inc.		580		37,648
DTE Energy Co.		510		34,037
PPL Corp.		1,130		34,702
SCANA Corp.		2,300		108,491
Southern Co., (The)		760		30,879
Wisconsin Energy Corp.		6,010		251,038
Xcel Energy, Inc.		33,100		927,462

				1,460,086

Electronics — 0.2%
FLIR Systems, Inc.		1,010		29,967
Waters Corp.*		360		35,831

				65,798

Environmental Control — 0.1%
Waste Management, Inc.		850		38,828

				38,828


	Number of Shares		Value
Food — 8.1%
ConAgra Foods, Inc.		890	$	29,361
General Mills, Inc.		4,480		225,926
Hershey Co., (The)		380		36,818
Hormel Foods Corp.		23,400		1,053,468
Kellogg Co.		14,850		900,504
McCormick & Co., Inc.		11,990		827,310

				3,073,387

Healthcare-Products — 2.6%
Carefusion Corp.*		940		37,459
CR Bard, Inc.		280		38,886
Patterson Cos., Inc.		4,290		177,992
St. Jude Medical, Inc.		9,330		545,059
Stryker Corp.		500		37,210
Varian Medical Systems, Inc.*		1,710		133,466
Zimmer Holdings, Inc.		300		27,423

				997,495

Healthcare-Services — 3.1%
Cigna Corp.		430		37,604
Humana, Inc.		340		35,357
Laboratory Corp. of America Holdings*		10,610		1,080,628
UnitedHealth Group, Inc.		450		33,515

				1,187,104

Household Products/Wares — 5.6%
Clorox Co., (The)		9,890		921,451
Kimberly-Clark Corp.		11,140		1,216,042

				2,137,493

Insurance — 4.0%
Berkshire Hathaway, Inc., Class B*		290		33,794
CHUBB Corp. (The)		260		25,077
Loews Corp.		17,610		833,834
Marsh & McLennan Cos., Inc.		7,520		356,824
Progressive Corp., (The)		1,350		37,706
Torchmark Corp.		2,390		181,640
Travelers Cos, Inc., (The)		430		39,018

				1,507,893

Internet — 4.1%
Google, Inc., Class A*		990		1,048,994
Yahoo!, Inc.*		13,630		504,037

				1,553,031

Media — 1.7%
Scripps Networks Interactive, Inc., Class A		8,630		643,712

				643,712

Miscellaneous Manufacturing — 1.0%
General Electric Co.		14,370		383,104

				383,104


	Number of Shares		Value
Oil & Gas — 2.4%
Chevron Corp.		310	$	37,956
ConocoPhillips		640		46,592
Exxon Mobil Corp.		8,360		781,493
Occidental Petroleum Corp		380		36,085

				902,126

Packaging & Containers — 0.5%
Bemis Co., Inc.		5,260		205,298

				205,298

Pharmaceuticals — 14.9%
Eli Lilly & Co.		17,330		870,313
Express Scripts Holding Co.*		560		37,716
Forest Laboratories, Inc.*		860		44,127
Johnson & Johnson		10,560		999,610
McKesson Corp.		1,660		275,377
Merck & Co., Inc.		21,900		1,091,277
Perrigo Co.		7,980		1,244,002
Pfizer, Inc.		30,190		957,929
Zoetis, Inc.		4,380		136,437

				5,656,788

Pipelines — 2.7%
Spectra Energy Corp.		29,960		1,005,158
Williams COS, Inc. (The)		1,000		35,219

				1,040,377

Retail — 13.5%
Bed Bath & Beyond, Inc.*		500		39,014
Costco Wholesale Corp.		6,960		872,993
Darden Restaurants, Inc.		750		39,998
Dollar General Corp.*		560		31,886
Dollar Tree, Inc.*		11,350		631,628
Family Dollar Stores, Inc.		9,520		664,210
Kohl’s Corp.		650		35,932
McDonald’s Corp.		3,880		377,796
O’Reilly Automotive, Inc.*		260		32,490
PetSmart, Inc.		6,790		503,207
Target Corp.		16,330		1,043,977
Tiffany & Co.		300		26,741
Walgreen Co.		700		41,440
Wal-Mart Stores, Inc.		9,840		797,138

				5,138,450

Savings & Loans — 0.6%
People’s United Financial, Inc.		15,670		237,244

				237,244


	Number of Shares		Value
Semiconductors — 2.9%
Intel Corp.		43,510	$	1,037,278
Linear Technology Corp.		860		36,593
Microchip Technology, Inc.		860		37,229

				1,111,100

Software — 5.3%
Adobe Systems, Inc.*		760		43,153
Fidelity National Information Services, Inc.		14,480		733,846
Fiserv, Inc.*		380		41,758
Intuit, Inc.		15,950		1,183,968
Red Hat, Inc.*		690		32,326

				2,035,051

Telecommunications — 2.7%
AT&T, Inc.		8,570		301,750
Crown Castle International Corp.		500		37,115
Motorola Solutions, Inc.		600		39,528
Verizon Communications, Inc.		13,190		654,488

				1,032,881

Transportation — 0.9%
United Parcel Service, Inc., Class B		3,290		336,830

				336,830

TOTAL COMMON STOCKS (Cost $31,947,039)				35,001,088

TOTAL INVESTMENTS - 92.0% (Cost $31,947,039)**				35,001,088

OTHER ASSETS IN EXCESS OF LIABILITIES - 8.0%				3,039,615

NET ASSETS - 100.0%			$	38,040,703


Aggregate Cost	$	31,947,039

Gross unrealized appreciation		3,195,220
Gross unrealized depreciation		(141,171	)

Net unrealized appreciation	$	3,054,049


	Total Value at November 30, 2013		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Investments in Securities*	$	35,001,088	$	35,001,088		—		—



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


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