The RBB Fund, Inc.

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

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


		Par
		(000)			Value
CERTIFICATES OF DEPOSIT—43.1%
Domestic Certificates Of Deposit—4.6%
Citibank N.A.
0.230%, 11/07/14	$		5,000	$		5,000,000
State Street Bank and Trust Co.
0.200%, 09/08/14			4,000			4,000,000
Wells Fargo Bank NA (a)
0.220%, 11/26/14			8,000			8,000,000
0.260%, 02/17/15			4,000			4,000,000
0.150%, 03/13/15			6,000			6,000,000

						27,000,000

Euro Dollar Certificates Of Deposit—1.0%
National Australia Bank Ltd., London (a)
0.224%, 10/23/14			6,000			6,000,000

Yankee Dollar Certificates Of Deposit—37.5% (b)
Australia & New Zealand Banking Ltd., New York (a)
0.220%, 02/25/15			5,000			5,000,000
Bank of Montreal, Chicago (a)
0.220%, 09/05/14			8,000			8,000,000
0.232%, 04/09/15			4,000			4,000,000
Bank of Nova Scotia, Houston (a)
0.280%, 08/08/14			7,000			7,000,000
0.200%, 11/06/14			5,000			5,000,000
0.220%, 12/01/14			5,000			5,000,000
BNP Paribas SA, New York
0.650%, 06/03/14			3,000			3,000,033
0.300%, 08/04/14			5,000			5,000,000
Canadian Imperial Bank of Commerce, New York (a)
0.233%, 06/13/14			1,910			1,910,000
Credit Agricole CIB, New York
0.250%, 09/04/14			6,000			6,000,000
Credit Agricole Corporate & Investment Bank, New York
0.080%, 06/02/14			14,852			14,852,000
Credit Suisse, New York
0.200%, 08/07/14			8,000			8,000,000
0.295%, 11/14/14			7,000			7,000,000
Deutsche Bank AG, New York (a)
0.310%, 08/22/14			4,000			4,000,000
Mizuho Bank Ltd., New York
0.200%, 06/23/14			4,000			4,000,000


		Par
		(000)			Value
CERTIFICATES OF DEPOSIT—(Continued)
Yankee Dollar Certificates Of Deposit—(Continued)
0.250%, 08/29/14	$		6,000	$		6,000,000
0.200%, 09/03/14			2,000			2,000,000
National Australia Bank Ltd., New York (a)
0.237%, 08/08/14			5,000			5,000,107
National Bank of Canada, New York (a)
0.250%, 02/24/15			4,000			4,000,000
National Bank of Canada., New York
0.260%, 12/19/14			1,900			1,900,000
Natixis, New York (a)(d)
0.270%, 08/04/14			6,000			5,999,840
Nordea Bank Finland PLC., New York
0.240%, 02/17/15			3,000			3,000,000
Norinchukin Bank, New York
0.100%, 06/04/14			12,000			12,000,000
Rabobank Nederland NV, New York
0.268%, 09/16/14 (a)			12,000			12,000,000
0.350%, 01/12/15			6,000			6,000,000
0.277%, 04/14/15(a)			4,000			4,000,000
Royal Bank of Canada, New York
0.280%, 10/10/14 (a)			4,000			4,000,000
0.235%, 10/23/14			3,000			3,000,000
0.260%, 12/05/14(a)			6,000			6,000,000
0.260%, 01/21/15(a)			5,000			5,000,000
0.260%, 02/04/15(a)			3,000			3,000,000
Skandinaviska Enskilda Banken, New York
0.250%, 07/14/14			5,000			5,000,000
0.250%, 10/06/14			4,000			4,000,000
Societe Generale, New York (a)(d)
0.321%, 08/04/14			3,000			3,000,000
Sumitomo Mitsui Banking Corp., New York
0.250%, 09/12/14			2,750			2,749,922
0.250%, 10/14/14			7,000			7,000,130
Sumitomo Mitsui Trust Bank Ltd., New York
0.220%, 08/04/14			3,000			3,000,000
0.250%, 10/22/14			5,000			4,999,999
Toronto Dominion Bank, New York
0.220%, 07/24/14 (a)			4,000			4,000,000
0.250%, 08/12/14			5,000			5,000,000
0.250%, 10/08/14			3,000			3,000,000


		Par
		(000)			Value
CERTIFICATES OF DEPOSIT—(Continued)
Yankee Dollar Certificates Of Deposit—(Continued)
Westpac Banking Corp., New York (a)
0.220%, 10/08/14	$		10,000	$		10,000,000

						222,412,031

TOTAL CERTIFICATES OF DEPOSIT (Cost $255,412,031)						255,412,031

COMMERCIAL PAPER—34.3%
Asset Backed—13.6%
Antalis US Funding Corp (c)
0.100%, 06/06/14			8,000			7,999,911
Barton Capital LLC (c)
0.050%, 06/03/14			8,000			7,999,989
Bedford Row Funding Corp. (c)
0.300%, 11/25/14			5,000			4,992,667
CAFCO LLC (c)
0.240%, 08/19/14			5,500			5,497,140
CHARTA LLC (c)
0.160%, 08/06/14			5,000			4,998,556
CRC Funding LLC (c)
0.160%, 06/03/14			2,550			2,549,989
0.220%, 08/01/14			4,744			4,742,261
Fairway Finance Co. LLC (a)
0.180%, 06/06/14			4,000			4,000,000
0.181%, 06/18/14			5,000			5,000,000
NIEUW Amsterdam Receivables Corp (c)
0.180%, 08/26/14			4,000			3,998,300
Old Line Funding LLC (c)
0.230%, 06/09/14			4,000			3,999,821
0.220%, 07/25/14			4,000			3,998,704
Scaldis Capital LLC (c)
0.190%, 06/23/14			7,000			6,999,224
Starbird Funding Corp (c)
0.090%, 06/05/14			5,000			4,999,962
0.220%, 06/16/14			9,000			8,999,230

						80,775,754

Banks—20.2%
ANZ New Zealand Intl Ltd (a)
0.241%, 06/16/14			5,000			5,000,000
BNP Paribas Finance Inc. (c)
0.320%, 06/10/14			4,000			3,999,716


		Par
		(000)			Value
COMMERCIAL PAPER—(Continued)
Banks—(Continued)
BNZ International (c)
0.160%, 06/26/14	$		5,000	$		4,999,467
0.220%, 07/07/14(c)			5,000			4,998,930
BPCE SA (c)
0.250%, 07/07/14			8,000			7,998,056
0.250%, 08/01/14(c)			3,000			2,998,750
Commonwealth Bank of Australia (a)
0.230%, 06/30/14			5,000			5,000,000
0.237%, 08/20/14			3,000			3,000,000
0.227%, 08/25/14			1,450			1,450,000
Credit Suisse, New York (c)
0.300%, 11/25/14			5,000			4,992,789
HSBC Bank PLC (a)
0.220%, 06/09/14			3,000			3,000,000
0.252%, 06/09/14			3,000			3,000,000
0.250%, 06/11/14			3,000			3,000,000
0.241%, 06/19/14			5,000			5,000,000
ING US Funding LLC (c)
0.250%, 09/02/14			10,000			9,993,611
Macquarie Bank Ltd. (c)
0.280%, 08/19/14			4,000			3,997,573
Mizuho Funding LLC (c)
0.210%, 07/24/14			7,000			6,997,927
Nordea Bank AB (c)
0.200%, 06/09/14			6,000			5,999,767
0.240%, 08/12/14(c)			5,000			4,997,633
0.220%, 08/26/14(c)			4,250			4,247,843
NRW BANK (c)
0.090%, 06/03/14			6,000			5,999,985
Sumitomo Mitsui Banking Corp (c)
0.210%, 07/02/14			8,000			7,998,600
Westpac Banking Corp. (a)
0.220%, 06/30/14			4,000			4,000,000
0.239%, 07/17/14			5,000			5,000,000
0.300%, 01/02/15(c)			2,000			1,996,433

						119,667,080

Other Commercial Paper—0.5%
CPPIB Capital Inc (c)
0.300%, 02/09/15			3,200			3,193,280


TOTAL COMMERCIAL PAPER (Cost $203,636,114)				203,636,114

MUNICIPAL BONDS—8.4%
California—1.1%
California Housing Finance Agency Revenue, Series A, RB (LOC: Fannie Mae, Freddie Mac) (a)(d)
0.050%, 06/04/14	$	2,900	$	2,900,000
San Francisco, City & County Redevelopment Agency, Multifamily Revenue, Series A, RB (LOC: Fannie Mae) (a)(d)
0.060%, 06/05/14		3,700		3,700,000

				6,600,000

Connecticut—0.9%
Connecticut State, Health & Educational Facilities Authority Revenue, New Haven Hospital, Series K-2, RB (LOC: JPMorgan Chase Bank) (a)(d)
0.050%, 06/04/14		5,055		5,055,000

New Jersey—0.8%
New Jersey State, Housing & Mortgage Financial Agency Revenue, Variable Amount Single Family Housing, Series V (SPA - BNP Paribas) (a)(d)
0.060%, 06/05/14		4,800		4,800,000

New York—4.3%
New York City, Housing Development Corp., Multifamily Rent Housing Revenue, Series A, RB (LOC: Fannie Mae) (a)(d)
0.070%, 06/04/14		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)
0.050%, 06/05/14		4,335		4,335,000
New York State Dormitory Authority, City University, Series D, RB (LOC: TD Bank NA) (a)(d)
0.040%, 06/05/14		4,950		4,950,000
New York State, Housing Finance Agency Revenue, RB (LOC: Freddie Mac) (a)(d)
0.060%, 06/04/14		5,200		5,200,000


	Par
	(000)			Value
MUNICIPAL BONDS—(Continued)
New York—(Continued)
Westchester County, Health Care Revenue, RB (LOC: TD Bank NA) (a)(d)
0.130%, 06/04/14	$	5,000	$		5,000,000

					25,485,000

Tennessee—1.3%
Eclipse Funding Trust, Various 2007-0005- Solar Eclipse-Blount, RB (LOC: U.S. Bank NA) 144A (a)(d)
0.060%, 06/05/14		8,000			8,000,000

TOTAL MUNICIPAL BONDS
(Cost $49,940,000)					49,940,000

VARIABLE RATE OBLIGATIONS—0.8%
Banks—0.8%
Svenska Handelsbanken AB (a)
0.281%, 11/14/14		4,900			4,900,000

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

AGENCY OBLIGATIONS—1.0%
Fannie Mae
0.120%, 02/27/15 (a)		6,000			5,998,884

TOTAL AGENCY OBLIGATIONS
(Cost $5,998,884)					5,998,884

U.S. TREASURY OBLIGATIONS—7.7%
U.S. Treasury Bills (c)
0.080%, 08/21/14		8,000			7,998,489
0.080%, 09/11/14		8,000			7,998,148
0.050%, 10/16/14		5,000			4,999,037
0.110%, 01/08/15		3,190			3,187,703
0.120%, 04/02/15		5,000			4,994,891
U.S. Treasury Notes
0.250%, 10/31/14		8,000			8,003,829
2.375%, 10/31/14		8,000			8,072,866

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $45,254,963)					45,254,963


		Par
		(000)			Value
REPURCHASE AGREEMENTS—4.7%
Deutsche Bank Securities Inc. (Tri-Party Agreement dated 05/30/14 to be repurchased at $13,000,058, collateralized by $13,220,000 par value, various U.S. Government Sponsored Agency Obligations, 1.550%-5.375%, due 10/29/2019-08/15/2024, Fair Value of the collateral is $13,261,224)
0.080%, 06/02/14	$		13,000	$		13,000,000
Morgan Stanley & Co. LLC (Tri-Party Agreement dated 05/30/14 to be repurchased at $15,000,067, collateralized by $15,397,931 par value, various U.S. Government Sponsored Agency Obligations, 3.000%-4.500%, due 09/01/2028-09/01/2043, Fair Value of the collateral is $15,450,001)
0.080%, 06/02/14			15,000			15,000,000

TOTAL REPURCHASE AGREEMENTS (Cost $28,000,000)						28,000,000

TOTAL INVESTMENTS AT VALUE—100.0% (Cost $593,141,992)*						593,141,992

OTHER ASSETS IN EXCESS OF LIABILITIES—0.0%						54,349


NET ASSETS (APPLICABLE TO 592,777,066 BEDFORD SHARES AND 419,275 SANSOM STREET SHARES)—100.0%				$		593,196,341

*	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.


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 May 31, 2014, 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 May 31, 2014, there were no transfers between Levels 1, 2 and 3 for the Portfolio.

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


	Number
	Of Shares			Value
Common Stocks—99.2%
Basic Industry—2.1%
Constellium, N.V., Class A *		34,549	$		1,006,758
Endeavour Silver Corp. *		184,786			704,035
Ferro Corp. *		150,311			1,923,981
Neenah Paper, Inc.		13,909			678,481
Ternium SA, SP ADR		8,648			245,863
Xerium Technologies, Inc. *		23,470			323,417

					4,882,535

Communications—7.9%
Bitauto Holdings Ltd., ADR *		76,378			3,180,380
CDW Corp.		63,321			1,862,271
Clicksoftware Technologies Ltd. *		982			8,131
comScore, Inc. *		326			10,181
Comverse, Inc. *		14,175			350,831
Constant Contact Inc. *		44,561			1,316,332
CTC Media, Inc.		93,951			955,482
Earthlink Holdings Corp.		49,317			179,514
EchoStar Corp., Class A *		12,812			654,309
ePlus Inc. *		5,079			288,030
Inteliquent, Inc.		149,325			2,236,889
Lee Enterprises, Inc. *		52,509			214,237
Liberty Ventures, Series A *		31,160			2,069,024
Lionbridge Technologies, Inc. *		3,962			22,306
Logmein Inc. *		21,889			931,815
Marchex, Inc., Class B		18,782			194,018
Radio One, Inc., Class D *		5,220			23,229
RF Micro Devices, Inc. *		210,732			1,982,988
ShoreTel, Inc. *		3,118			21,701
YY, Inc., ADR *		31,340			2,040,547

					18,542,215

Consumer Cyclical—14.1%
ANN, Inc. *		49,594			1,927,719
Arctic Cat, Inc.		10,144			378,371
Barnes & Noble, Inc. *		134,309			2,436,365
Buffalo Wild Wings, Inc. *		15,068			2,177,477
Cash America International, Inc.		247			11,735
Cavco Industries Inc. *		2,212			169,815
Citi Trends, Inc. *		5,025			101,304
Core-Mark Holding Co., Inc.		27,925			2,308,839
Express, Inc. *		113,458			1,430,705
Famous Dave’s of America Inc. *		16			513
Foot Locker, Inc.		44,700			2,153,646
Fuel Systems Solutions, Inc. *		2,947			28,792
Gentherm, Inc. *		45,325			1,864,217


	Number
	Of Shares			Value
Consumer Cyclical—(continued)
Hawaiian Holdings, Inc. *		136,484	$		2,107,313
Infosonics Corp. *		6,082			14,475
Jack in the Box, Inc.		34,456			1,989,145
Kimball International, Inc., Class B		30,761			496,175
Kona Grill, Inc. *		1,864			36,478
Marriott Vacations Worldwide Corp. *		7,949			450,311
Modine Manufacturing Co. *		16,925			258,445
Motorcar Parts of America, Inc. *		1,571			37,421
Oshkosh Truck Corp.		21,755			1,175,858
Pantry, Inc., (The) *		7,331			123,821
Rentrak Corp. *		177			9,146
Republic Airways Holdings, Inc. *		136,671			1,437,779
Rite Aid Corp. *		355,519			2,972,139
ScanSource, Inc. *		30,278			1,123,314
Skechers U.S.A., Inc., Class A *		48,497			2,158,117
Steelcase, Inc., Class A		1,315			21,553
Strattec Security Corp.		463			30,558
Tenneco, Inc. *		33,783			2,153,666
Tower International, Inc. *		36,155			1,107,789
Universal Electronics, Inc. *		8,925			405,909

					33,098,910

Consumer Growth—21.7%
Affymetrix, Inc. *		120,457			994,975
Alliance HealthCare Services, Inc. *		6,112			182,871
Anika Therapeutics, Inc. *		45,229			2,118,074
ARC Document Solutions, Inc. *		4,485			27,807
Biocryst Pharmaceuticals Inc. *		1,672			16,653
BioTelemetry, Inc. *		8,181			60,049
Cal-Maine Foods Inc.		4,690			327,174
Charles River Laboratories International, Inc. *		37,831			2,026,985
China Distance Education Holdings, Ltd.		2,488			44,784
CONMED Corp.		44,921			2,016,953
Corvel Corp. *		14,496			684,501
Cytokinetics Inc. *		45,766			228,372
Depomed, Inc. *		5,585			66,629
Dyax Corp. *		19,347			159,613
Enzo Biochem Inc. *		8,583			35,276
Enzon Pharmaceuticals, Inc.		67,546			60,886
Euronet Worldwide, Inc. *		44,611			2,102,963
Farmer Bros. Co. *		1,407			27,887
Global Cash Access Holdings, Inc. *		56,424			502,174
H&E Equipment Services, Inc. *		38,045			1,318,259
Health Net, Inc. *		9,206			368,056


	Number
	Of Shares			Value
Consumer Growth—(continued)
HealthSouth Corp.		57,586	$		2,022,420
Hill International, Inc. *		23,546			149,517
Huron Consulting Group, Inc. *		33,578			2,279,275
ICON PLC *		46,029			1,945,646
Impax Laboratories, Inc. *		29,407			816,338
Information Services Group, Inc. *		19,006			97,501
Ingles Markets, Inc., Class A		1,636			42,896
InterMune Inc. *		47,096			1,865,944
Korn/Ferry International, Inc. *		62,889			1,909,939
Lannett Co., Inc. *		58,573			2,447,180
Liberator Medical Holdings, Inc.		8,756			32,310
Ligand Pharmaceuticals Inc. *		32,423			2,162,938
Live Nation Entertainment, Inc. *		89,859			2,131,455
Mannatech, Inc. *		623			9,034
Manpowergroup, Inc.		25,350			2,078,193
MoneyGram International, Inc. *		81,722			1,077,096
Monster Worldwide Inc. *		26,283			148,762
Natus Medical, Inc. *		32,482			800,681
Navigant Consulting, Inc. *		42,623			717,345
Nektar Therapeutics *		165,657			1,943,157
NuVasive, Inc. *		36,171			1,205,941
OncoGenex Pharmaceutical Inc. *		21,978			83,297
Orthofix International, N.V. *		6,090			192,992
Performant Financial Corp. *		4,356			41,338
Pilgrim’s Pride Corp. *		120,183			3,057,456
Providence Service Corp., (The) *		5,859			235,532
RadNet Inc. *		18,588			118,220
Repligen Corp. *		31,922			614,179
Sanderson Farms, Inc.		25,407			2,350,402
SEI Investments Co.		57,457			1,892,059
Sinovac Biotech Ltd. *		1,938			12,151
TAL Education Group, ADR *		84,181			1,935,321
Taro Pharmaceutical Industries, Ltd. *		893			95,140
TrueBlue, Inc. *		36,641			997,002
Vascular Solutions, Inc. *		10,489			214,815
Zalicus, Inc. *		35,704			38,917

					51,133,330

Energy—9.7%
Clayton Williams Energy, Inc. *		5,826			725,861
Clean Energy Fuels Corp. *		1,200			13,296
Comstock Resources, Inc.		108,286			2,944,296
Enlink Midstream Llc		33,366			1,377,015
Green Plains Renewable Energy, Inc.		115,614			3,378,241


	Number
	Of Shares			Value
Energy—(continued)
Hydrogenics Corp. *		100	$		1,655
Matrix Service Co. *		59,692			1,948,944
Murphy USA, Inc. *		47,918			2,438,068
Pattern Energy Group, Inc.		6,809			206,653
PBF Energy Inc., Class A		33,995			1,084,780
Pioneer Energy Services Corp. *		127,351			2,024,881
Renewable Energy Group, Inc. *		96,622			955,592
REX American Resources Corp. *		20,644			1,434,964
SM Energy Co.		23,434			1,776,532
Superior Energy Services, Inc.		63,537			2,108,793
Warren Resources, Inc. *		78,311			358,664

					22,778,235

Financial—18.7%
AerCap Holdings N.V. *		80,895			3,813,390
Ally Financial Inc. *		34,083			802,995
Argo Group International Holdings Ltd.		1,500			72,675
Aspen Insurance Holdings Ltd.		50,199			2,306,644
Assurant, Inc.		28,982			1,965,269
Assured Guaranty Ltd.		74,612			1,822,025
Axis Capital Holdings Ltd.		42,778			1,967,360
Calamos Asset Management, Inc., Class A		108,027			1,344,936
ETRADE Financial Corp.		88,072			1,794,027
E-House China Holdings Ltd., ADR		106,791			1,005,971
Employers Holdings Inc.		5,508			115,833
Endurance Specialty Holdings, Ltd.		4,100			212,052
Erie Indemnity Co., Class A		13,430			1,017,054
FBR & Co. *		7,749			202,249
Federated National Holding Co.		5,594			131,123
First Bancorp Puerto Rico *		7,800			37,986
First Citizens BancShares, Inc., Class A		15			3,297
First NBC Bank Holding Co. *		3,948			133,837
Fulton Financial Corp.		22,071			263,748
Genworth Financial, Inc., Class A *		178,518			3,033,021
HFF, Inc., Class A		64,984			2,100,283
Hilltop Holdings, Inc. *		200			4,150
Infinity Property & Casualty Corp.		1,423			91,086
Interactive Brokers Group, Inc., Class A		85,848			1,976,221
Investment Technology Group, Inc. *		133,289			2,549,819
Janus Capital Group, Inc.		12,791			149,399
KCG Holdings Inc., Class A *		576			6,906
Kemper Corp.		200			6,990
Legg Mason, Inc.		919			44,884


	Number
	Of Shares			Value
Financial—(continued)
Manning & Napier, Inc.		14,901	$		254,658
MBIA, Inc. *		160,547			1,888,033
National General Holdings Corp.		54			886
Navigators Group, Inc., (The) *		28,002			1,744,805
Nelnet, Inc., Class A		6,740			277,486
OneBeacon Insurance Group Ltd., Class A		584			8,929
PartnerRe Ltd.		19,300			2,072,241
Piper Jaffray Cos., Inc. *		47,588			2,095,300
Protective Life Corp.		4,370			228,551
Reinsurance Group of America, Inc.		24,149			1,887,486
Selective Insurance Group, Inc.		11,829			281,175
Symetra Financial Corp.		98,776			2,059,480
Talmer Bancorp Inc., Class A *		751			10,191
Waddell & Reed Financial, Inc., Class A		29,566			1,785,195
WSFS Financial Corp.		7,712			523,799

					44,093,445

Industrial—10.4%
AECOM Technology, Corp. *		60,617			1,948,230
AEP Industries, Inc. *		1,921			61,222
AMERCO, Inc.		7,946			2,193,891
ARC Group Worldwide Inc. *		846			10,550
ArcBest Corp.		54,289			2,321,941
Argan, Inc.		16,919			518,567
Arotech Corp. *		54,569			236,284
Broadwind Energy, Inc. *		34,599			385,433
Caesarstone Sdot-Yam Ltd. *		48,976			2,212,491
CIRCOR International, Inc.		12,158			927,169
Federal Signal Corp.		74,489			1,021,989
Flextronics International Ltd.		195,492			1,988,154
GATX Corp.		3,700			243,645
Graphic Packaging Holding Co. *		191,665			2,106,398
Greenbrier Cos., Inc., (The) *		36,800			2,042,400
Huntington Ingalls Industries Inc.		18,772			1,874,009
Mueller Water Products, Inc., Class A		216,044			1,821,251
Navigator Holdings Ltd. *		4,892			120,050
Nuverra Environmental Solutions Inc. *		2,267			38,584
Orbital Sciences Corp. *		7,366			192,842
Patrick Industries, Inc. *		903			34,133
PGT, Inc. *		35,211			303,167
Trinity Industries Inc.		22,739			1,967,606

					24,570,006


	Number
	Of Shares			Value
Technology—14.4%
Aspen Technology, Inc. *		51,066	$		2,195,327
Brocade Communications Systems, Inc. *		277,310			2,529,067
Callidus Software, Inc. *		39,421			414,315
Cascade Microtech, Inc. *		828			9,911
ChipMOS Technologies Bermuda Ltd.		16,293			397,712
Cimatron, Ltd. *		11,099			73,364
Digital River, Inc. *		52,959			833,575
Dot Hill Systems Corp. *		16,833			72,214
Epam Systems Inc. *		17,120			720,238
Fair Isaac Corp.		730			42,997
FormFactor, Inc. *		3,919			28,452
iGATE Corp. *		48,378			1,686,941
Insight Enterprises, Inc. *		30,478			828,392
Integrated Device Technology, Inc. *		169,090			2,248,897
Intersil Corp., Class A		155,812			2,192,275
Lattice Semiconductor Corp. *		112,593			890,611
Manhattan Associates, Inc. *		78,800			2,557,848
Marvell Technology Group, Ltd.		122,951			1,914,347
MedAssets, Inc. *		42,598			997,645
NetScout Systems, Inc. *		23,220			902,561
Omnicell, Inc. *		69,283			1,838,078
OmniVision Technologies, Inc. *		106,124			2,385,668
ON Semiconductor Corp. *		213,298			1,853,560
Silicon Image, Inc. *		205,581			1,075,189
Skyworks Solutions, Inc.		45,300			1,961,943
Take-Two Interactive Software, Inc. *		106,189			2,190,679
Unisys Corp. *		30,900			725,223
Varonis Systems Inc. *		7,281			178,312

					33,745,341

Utility—0.2%
Dynegy Inc. *		5,425			182,823
Just Energy Group, Inc.		3,909			21,969
One Gas Inc.		871			31,905
Ormat Technologies, Inc.		213			6,343
Pampa Energia SA, SP ADR *		15,334			136,158

					379,198

TOTAL COMMON STOCKS (Cost $199,537,387)					233,223,215

Short-Term Investments—1.1%
BofA Cash Reserves Fund		2,625,302			2,625,302

TOTAL SHORT-TERM INVESTMENTS (Cost $2,625,302)					2,625,302


Total Investments—100.3% (Cost $202,162,689) **	$	235,848,517

LIABILITIES IN EXCESS OF OTHER ASSETS—(0.3)%		(592,818)


NET ASSETS—100.0%		$235,255,699


*		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			$202,162,689

Gross unrealized appreciation			$38,999,453
Gross unrealized depreciation			(5,313,625)

Net unrealized appreciation			$33,685,828


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:

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

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

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

The following is a summary of inputs used, as of May 31, 2014, 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 May 31, 2014, 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 — 99.8%
U.S. Large Cap Value Portfolio III(a)		21,769,997		$	537,718,915
U.S. Large Company Portfolio(a)		17,603,876			267,930,987
U.S. Micro Cap Portfolio(b)		13,674,719			267,340,757
U.S. Small Cap Portfolio(b)		8,778,009			267,553,722
U.S. Small Cap Value Portfolio(b)		12,579,317			445,810,997

Total Equity Funds (Cost $1,196,265,089)					1,786,355,378


TOTAL INVESTMENTS — 99.8% (Cost $1,196,265,089)*					1,786,355,378


OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%					2,704,964


NET ASSETS — 100.0%			$		1,789,060,342

*	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	$		1,196,265,089

Gross unrealized appreciation		$	590,090,289
Gross unrealized depreciation			—

Net unrealized appreciation		$	590,090,289


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


	Number
	of Shares			Value
INTERNATIONAL EQUITY FUNDS — 99.8%
Asia Pacific Small Company Portfolio(a)		722,048	$		17,191,974
Canadian Small Company Series(b)		1,303,692			16,541,850
Continental Small Company Portfolio(a)		1,461,065			33,998,982
Continental Small Company Series(b)		125,086			8,906,494
DFA International Small Cap Value Portfolio(a)		24,850,085			538,501,341
DFA International Value Portfolio III(c)		22,524,843			402,068,442
Emerging Markets Portfolio(a)		2,627,210			70,724,482
Emerging Markets Small Cap Portfolio(a)		3,030,909			65,679,802
Emerging Markets Value Portfolio(a)		2,302,321			66,122,668
Japanese Small Company Portfolio(a)		1,618,410			30,361,380
Large Cap International Portfolio(a)		2,885,615			67,263,693
United Kingdom Small Company Portfolio(a)		234,276			9,216,437
United Kingdom Small Company Series(b)		237,346			15,108,447


TOTAL INTERNATIONAL EQUITY FUNDS (Cost $1,083,303,894)					1,341,685,992


TOTAL INVESTMENTS — 99.8%
(Cost $1,083,303,894)*					1,341,685,992


OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%					2,491,074


NET ASSETS — 100.0%			$		1,344,177,066

*	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	$	1,083,303,894

Gross unrealized appreciation		$ 258,382,098
Gross unrealized depreciation		—

Net unrealized appreciation	$	258,382,098


(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.


	Number
	of Shares				Value
FIXED INCOME FUNDS — 99.4%
DFA Five-Year Global Fixed Income Portfolio(a)		38,369,086		$	423,594,713
DFA Inflation-Protected Securities Portfolio(a)		7,035,041			85,194,344
DFA Intermediate Government Fixed Income Portfolio(a)		16,094,148			203,269,092
DFA One-Year Fixed Income Portfolio(a)		40,242,114			415,701,040
DFA Short-Term Government Portfolio(a)		12,670,242			135,698,288
DFA Two-Year Global Fixed Income Portfolio(a)		42,326,563			424,112,161


TOTAL FIXED INCOME FUNDS (Cost $1,690,015,495)					1,687,569,638


TOTAL INVESTMENTS — 99.4% (Cost $1,690,015,495)*					1,687,569,638


OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%					9,557,863


NET ASSETS — 100.0%			$		1,697,127,501

*	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	$	1,690,015,495

Gross unrealized appreciation		$ 4,262,773
Gross unrealized depreciation		(6,708,630)

Net unrealized depreciation	$	(2,445,857)

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

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

Fair Value Measurements - The inputs and 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 May 31, 2014, in valuing the Funds’ investments carried at fair value:

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 May 31, 2014, 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.


	Number
	of Shares			Value
FIXED INCOME FUNDS — 98.8%
DFA Five-Year Global Fixed Income Portfolio(a)		58,302	$		643,657
DFA Inflation Protected Securities Portfolio(a)		26,534			321,324
DFA Intermediate Government Fixed Income Portfolio(a)		61,115			771,884
DFA One-Year Fixed Income Portfolio(a)		142,194			1,468,868
DFA Short-Term Fixed Portfolio(a)		12,620			128,848
DFA Short-Term Government Portfolio(a)		48,123			515,392
DFA Two-Year Global Fixed Income Portfolio(a)		160,739			1,610,601
VA Global Bond Portfolio(a)		88,820			965,472


TOTAL FIXED INCOME FUNDS (Cost $6,394,069)					6,426,046


TOTAL INVESTMENTS — 98.8% (Cost $6,394,069) *					6,426,046


OTHER ASSETS IN EXCESS OF LIABILITIES — 1.2%					78,253


NET ASSETS — 100.0%			$		6,504,299

*	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	$	6,394,069

Gross unrealized appreciation	$	31,977

Gross unrealized depreciation		—


Net unrealized appreciation	$	31,977

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


	Number
	of Shares			Value
EQUITY FUNDS — 98.6%
U.S. Large Cap Value Portfolio III(a)		45,858	$		1,132,694
U.S. Large Company Portfolio(a)		42,427			645,737
U.S. Micro Cap Portfolio(b)		33,156			648,196
U.S. Small Cap Portfolio(b)		21,292			648,994
U.S. Small Cap Value Portfolio(b)		12,231			433,457
VA U.S. Large Value Portfolio(b)		7,616			174,186
VA U.S. Targeted Value Portfolio(b)		34,093			650,148


TOTAL EQUITY FUNDS (Cost $4,233,256)					4,333,412


TOTAL INVESTMENTS — 98.6% (Cost $4,233,256) *					4,333,412


OTHER ASSETS IN EXCESS OF LIABILITIES — 1.4%					62,381


NET ASSETS — 100.0%			$		4,395,793

*	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	$	4,233,256

Gross unrealized appreciation	$	103,477
Gross unrealized depreciation		(3,321)

Net unrealized appreciation	$	100,156

(a)	A portfolio of Dimensional Investment Group Inc.

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

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

Fair Value Measurements - The inputs and valuation 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 May 31, 2014, in valuing the Portfolio’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 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`s 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 Portfolio 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 a Portfolio 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 Portfolio 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 Portfolio 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 May 31, 2014, there were no transfers between Levels 1, 2 and 3 for the Portfolio`s.

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† - 99.8%
Basic Materials — 3.4%
Balchem		15,334	$	845,517
Globe Specialty Metals		12,830		256,472
Horsehead Holding*		31,115		515,887
Polyone		20,673		829,607

				2,447,483

Communications — 14.4%
Allot Communications*		35,670		473,698
ClickSoftware Technologies		68,045		563,413
Constant Contact*		30,790		909,537
Finisar*		25,110		596,362
GTT Communications*		53,620		573,734
IntraLinks Holdings*		54,655		476,045
Kofax Ltd.*		80,510		660,182
LogMein*		19,520		830,966
NIC		26,691		442,270
NICE Systems, Ltd, SP ADR		17,040		668,479
Perficient*		31,680		558,835
Perion Network*		79,843		823,181
RigNet*		12,828		608,304
ShoreTel*		114,340		795,806
Sizmek*		51,140		498,104
SPS Commerce*		9,235		525,379
Zix*		133,375		440,138

				10,444,433

Consumer Cyclical — 17.3%
Allegiant Travel		5,910		679,650
Bloomin’ Brands*		21,850		455,354
Brown Shoe		25,110		706,846
Casey’s General Stores		11,290		804,187
Core-Mark Holding		11,735		970,250
Destination XL Group*		124,141		656,706
Gentherm*		20,198		830,744
G-III Apparel Group*		6,300		461,916
Grand Canyon Education*		7,410		326,410
Helen of Troy Ltd.*		7,370		427,165
La-Z-Boy		23,791		580,976
Motorcar Parts of America*		24,878		592,594
Pool		10,780		622,329
Popeyes Louisiana Kitchen*		8,770		376,408
Potbelly*		27,390		433,036
Restoration Hardware Holdings*		7,410		492,617
Rite Aid*		104,660		874,958
Spirit Airlines*		2,690		158,898
Steven Madden Ltd.*		17,440		555,638
Tenneco*		5,940		378,675
Texas Roadhouse		22,410		566,525
UniFirst		5,430		537,298

				12,489,180


	Shares		Value
Consumer Non-cyclical — 22.0%
Akorn*		29,942	$	837,478
Align Technology*		14,840		810,412
Anacor Pharmaceuticals*		29,110		392,985
Barrett Business Services		8,790		414,536
Capella Education		3,495		200,054
Cardtronics*		18,300		530,334
Corvel*		15,470		730,493
CoStar Group*		1,910		302,830
Heartland Payment Systems		10,630		440,614
ICON, PLC*		19,097		807,230
Insulet*		8,140		298,168
Inter Parfums		17,300		516,751
KAR Auction Services		24,150		737,541
Lannett*		14,860		620,851
Ligand Pharmaceuticals, Cl B*		11,048		737,012
Matthews International		16,000		656,000
MAXIMUS		17,718		791,640
MiMedx Group*		98,463		538,593
Natus Medical*		11,830		291,610
Novadaq Technologies*		36,643		533,889
Sagent Pharmaceuticals*		25,790		577,954
SunOpta*		61,930		832,958
Supernus Pharmaceuticals*		71,200		634,392
Team Health Holdings*		14,480		735,150
Thoratec*		22,297		738,477
TravelCenters of America*		56,964		484,764
TreeHouse Foods, Inc.*		10,230		766,738

				15,959,454

Energy — 9.0%
Aegean Marine Petroleum Network		55,170		558,872
Carrizo Oil & Gas*		11,420		656,193
Flotek Industries*		19,650		557,667
Geospace Technologies*		1,085		55,031
Key Energy Services*		28,270		227,574
Matador Resources*		24,170		601,350
Oasis Petroleum*		10,960		542,520
Primoris Services		27,860		807,104
Sanchez Energy*		16,350		562,930
Synergy Resources*		62,751		736,697
Ultra Petroleum*		26,130		706,033
Western Refining		12,450		510,699

				6,522,670

Financial — 3.5%
Boston Private Financial Holdings		25,989		328,501
Cubesmart, REIT		26,420		481,901
Endurance Specialty Holdings		12,570		650,120
International Bancshares		9,500		228,949
Pinnacle Financial Partners		10,950		377,994
WageWorks*		11,310		457,829

				2,525,294


	Shares		Value
Industrial — 17.4%
AAON		2,819	$	87,953
Altra Industrial Motion		13,790		471,480
AMERCO		2,060		568,766
Astronics*		10,860		595,780
Barnes Group		19,306		721,658
Belden		7,270		523,367
Berry Plastics Group*		29,065		686,225
Covanta Holding		38,360		732,292
Diana Shipping*		31,830		346,947
DXP Enterprises*		4,319		300,473
EnPro Industries*		8,230		604,000
Generac Holdings		14,630		712,188
Graphic Packaging Holding*		69,770		766,772
Methode Electronics		24,199		753,799
Park-Ohio Holdings		12,800		674,304
PGT*		64,783		557,782
Power Solutions International*		8,525		664,865
Regal-Beloit		7,060		538,890
SunPower Corp.*		17,240		574,782
Swift Transportation*		25,630		634,599
Taser International*		46,845		621,633
Tutor Perini*		16,070		492,224

				12,630,779

Technology — 12.8%
Acxiom Corp.*		11,772		267,578
Aspen Technology*		13,010		559,300
AVG Technologies NV*		35,404		685,421
GT Advanced Technologies*		43,040		725,654
iGATE*		13,900		484,693
Integrated Device Technology*		28,010		372,533
Liveperson, Inc.*		45,278		431,047
Mellanox Technologies Ltd.*		16,610		524,544
Mentor Graphics		26,600		563,654
Netscout Systems, Inc.*		21,230		825,210


	Shares		Value
Technology — (Continued)
Omnicell*		24,430	$	648,128
PROS Holdings*		15,850		364,550
PTC, Inc.*		19,150		704,720
SS&C Technologies Holdings*		20,140		858,971
Tyler Technologies*		8,950		699,264
Ultimate Software Group*		4,140		526,318

				9,241,585

TOTAL COMMON STOCKS (Cost $ 60,735,893)				72,260,878

TOTAL INVESTMENTS - 99.8% (Cost $ 60,735,893)**				72,260,878

OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%				169,375

NET ASSETS - 100.0%			$	72,430,253

†	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	$	60,735,893

Gross unrealized appreciation	$	13,458,970
Gross unrealized depreciation		(1,933,985	)

Net unrealized appreciation	$	11,524,985


Cl		Class
PLC		Public Limited Company
REIT		Real Estate Investment Trusts
SP ADR		Sponsored American Depositary Receipt

Portfolio Valuation – The Perimeter Small Cap Growth Fund’s (the “Fund”) net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are amortized to maturity based on their cost. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. As of May 31, 2014, 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 May 31, 2014, 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 May 31, 2014, 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—96.7%

Basic Industries—3.3%
Cloud Peak Energy, Inc. *		47,325	$		874,093
Graphic Packaging Holding Co. *		318,145			3,496,413
PolyOne Corp.		15,344			615,755
Schweitzer-Mauduit International, Inc.		30,850			1,285,828
Sensient Technologies Corp.		9,595			525,806

					6,797,895


Capital Goods—14.9%
Actuant Corp., Class A		52,645			1,870,477
Aegion Corp. *		57,080			1,368,208
Ampco-Pittsburgh Corp.		17,245			372,319
Brady Corp., Class A		27,203			738,017
Cabot Corp.		26,745			1,512,430
Cubic Corp.		20,025			974,216
Curtiss-Wright Corp.		18,695			1,245,648
Drew Industries, Inc.		23,585			1,144,344
Globe Specialty Metals, Inc.		82,320			1,645,577
Granite Construction, Inc.		32,370			1,149,782
Hillenbrand, Inc.		32,650			988,968
Huntington Ingalls Industries, Inc.		17,040			1,701,103
LSB Industries, Inc. *		28,925			1,103,778
MRC Global, Inc. *		61,050			1,757,629
Mueller Industries, Inc.		34,200			985,644
Orion Marine Group, Inc. *		124,735			1,410,753
Rofin-Sinar Technologies, Inc. *		7,000			162,680
Stock Building Supply Holdings, Inc. *		80,435			1,539,526
Terex Corp.		42,985			1,653,203
WESCO International, Inc. *		31,255			2,669,802
World Fuel Services Corp.		96,772			4,486,350

					30,480,454


Consumer Durables—3.3%
Tempur Sealy International, Inc. *		37,955			2,086,007
Thor Industries, Inc.		44,540			2,672,400
Tower International, Inc. *		62,235			1,906,880

					6,665,287


Consumer Non-Durables—3.5%
Alliance One International, Inc. *		92,050			228,284


	Number of Shares			Value

Consumer Non-Durables—(continued)
Fresh Del Monte Produce, Inc.		26,465	$		766,691
Matthews International Corp., Class A		11,315			463,915
Nu Skin Enterprises, Inc., Class A		10,075			743,938
Skechers U.S.A., Inc., Class A *		31,895			1,419,327
Steven Madden Ltd. *		39,277			1,251,365
Take-Two Interactive Software, Inc. *		52,620			1,085,551
Universal Corp. (a)		20,750			1,111,162

					7,070,233


Consumer Services—20.2%
Abercrombie & Fitch Co., Class A		83,555			3,175,926
ABM Industries, Inc.		22,920			625,028
Aeropostale, Inc. * (a)		36,470			142,598
American Eagle Outfitters, Inc. (a)		62,870			674,595
Asbury Automotive Group, Inc. *		56,480			3,650,867
Ascena Retail Group, Inc. *		62,165			1,037,845
Booz Allen Hamilton Holding Corp.		49,545			1,096,431
Brink’s Co., (The)		42,485			1,134,350
CBIZ, Inc. *		56,985			486,082
Ennis, Inc.		22,725			344,284
Finish Line, Inc., (The), Class A		119,995			3,440,257
FTD Cos, Inc. *		44,640			1,334,290
FTI Consulting, Inc. *		52,110			1,681,590
G&K Services, Inc., Class A		19,182			993,819
Group 1 Automotive, Inc.		19,065			1,534,732
Heidrick & Struggles International, Inc.		41,320			771,858
ICF International, Inc. *		15,730			585,156
International Speedway Corp., Class A		42,598			1,324,372
KAR Auction Services, Inc.		82,205			2,510,541
Knoll, Inc.		49,943			876,000
Korn/Ferry International *		19,595			595,100
Live Nation Entertainment, Inc. *		49,890			1,183,391
MAXIMUS, Inc.		39,145			1,748,999
Men’s Wearhouse, Inc., (The)		56,600			2,817,548
Navigant Consulting, Inc. *		128,885			2,169,134
Papa Murphy’s Holdings Inc. * (a)		128,021			1,401,830
Rent-A-Center, Inc.		33,035			923,659


	Number of Shares			Value

Consumer Services—(continued)
RPX Corp. *		110,955	$		1,803,019
Steiner Leisure Ltd. *		8,405			337,713
Viad Corp.		15,570			357,176
XO Group, Inc. *		45,385			516,935

					41,275,125


Energy—2.6%
Bristow Group, Inc.		17,440			1,325,091
Contango Oil & Gas Co. *		11,510			494,815
Forum Energy Technologies, Inc.*		25,340			837,234
Helix Energy Solutions Group, Inc.*		35,090			820,404
Rosetta Resources, Inc. *		19,255			907,488
Western Refining, Inc. (a)		25,260			1,036,165

					5,421,197


Finance—17.7%
Ameris Bancorp *		25,098			527,309
AMERISAFE, Inc.		19,645			756,529
Apollo Investment Corp.		39,395			330,130
BBCN Bancorp, Inc.		142,025			2,165,881
Centerstate Banks, Inc.		58,160			617,659
Columbia Banking System, Inc.		30,065			744,710
Cowen Group, Inc., Class A *		29,185			120,534
Federal Agricultural Mortgage Corp., Class C		5,860			181,777
Fifth Street Finance Corp.		98,295			913,161
First American Financial Corp.		102,945			2,884,519
First Citizens Bancshares, Inc., Class A		3,560			782,417
First NBC Bank Holding Co. *		35,470			1,202,433
FirstMerit Corp.		67,401			1,258,377
Flushing Financial Corp.		28,520			567,263
Gladstone Capital Corp. (a)		16,670			165,700
Global Indemnity PLC *		15,158			400,777
Heritage Financial Corp.		36,690			577,867
Infinity Property & Casualty Corp.		11,885			760,759
JMP Group, Inc.		71,505			464,782
Maiden Holdings Ltd.		170,765			2,090,164
Nationstar Mortgage Holdings, Inc. * (a)		53,385			1,866,340
Navigators Group, Inc., (The) *		9,470			590,076
Nelnet, Inc., Class A		41,816			1,721,565


	Number of Shares			Value

Finance—(continued)
Park Sterling Corp.		46,540	$		300,183
PHH Corp. *		103,630			2,639,456
Platinum Underwriters Holdings Ltd.		25,710			1,649,296
Safety Insurance Group, Inc.		10,740			553,969
Stancorp Financial Group, Inc.		14,860			893,086
Stewart Information Services Corp.		69,855			2,240,948
SVB Financial Group *		10,315			1,087,717
Symetra Financial Corp.		82,505			1,720,229
Walker & Dunlop, Inc. *		99,175			1,465,807
Walter Investment Management Corp. * (a)		44,535			1,287,507
Washington Federal, Inc.		30,470			634,690

					36,163,617


Health Care—9.9%
Amsurg Corp. *		22,475			1,017,668
Centene Corp. *		15,100			1,125,252
Chemed Corp. (a)		17,620			1,551,970
Hanger Orthopedic Group, Inc. *		47,440			1,441,227
ICON PLC *		24,220			1,023,779
Integra LifeSciences Holdings Corp. *		31,500			1,415,925
Kindred Healthcare, Inc.		88,187			2,188,801
LHC Group, Inc. *		18,360			373,993
LifePoint Hospitals, Inc. *		16,030			981,677
Omnicell, Inc. *		27,255			723,075
Owens & Minor, Inc.		28,302			981,513
PAREXEL International Corp. *		23,735			1,197,431
Select Medical Holdings Corp.		95,040			1,439,856
Symmetry Medical, Inc. *		126,990			1,120,052
U.S. Physical Therapy, Inc.		79,374			2,661,410
VCA Antech, Inc. *		28,095			945,397

					20,189,026


Real Estate Investment Trusts—9.3%
Altisource Residential Corp., Class B		27,530			767,812
American Capital Mortgage Investment Corp.		31,190			637,212
American Residential Properties, Inc. *		61,105			1,118,222
Anworth Mortgage Asset Corp.		130,887			706,790


	Number
	of Shares			Value

Real Estate Investment Trusts—(continued)
Ares Commercial Real Estate Corp.		99,515	$		1,246,923
Chatham Lodging Trust		54,990			1,237,275
Colony Financial, Inc.		23,745			526,189
CYS Investments, Inc.		232,680			2,149,963
Gladstone Commercial Corp.		19,205			345,114
Hatteras Financial Corp.		98,495			1,998,464
Javelin Mortgage Investment Corp. (a)		66,035			886,850
MFA Financial, Inc.		306,350			2,521,261
Monmouth Real Estate Investment Corp., Class A		75,090			711,102
QTS Realty Trust, Inc.		17,255			502,121
Silver Bay Realty Trust Corp.		44,432			705,136
Two Harbors Investment Corp.		280,035			2,948,768

					19,009,202


Technology—10.2%
Bel Fuse, Inc., Class B		30,986			850,256
Belden, Inc.		42,940			3,091,251
Brooks Automation, Inc.		47,990			465,983
Coherent, Inc. *		7,750			464,845
Electronics for Imaging, Inc. *		30,150			1,226,803
EnerSys, Inc.		50,710			3,501,018
Imation Corp. *		32,590			111,784
Insight Enterprises, Inc. *		20,805			565,480
Integrated Device Technology, Inc. *		84,215			1,120,059
Lexmark International, Inc., Class A		21,880			953,749
Magnachip Semiconductor Corp. *		45,275			562,315
NETGEAR, Inc. *		30,755			1,010,917
Sykes Enterprises, Inc. *		87,435			1,764,438
SYNNEX Corp. *		44,200			2,922,062
TeleTech Holdings, Inc. *		21,645			570,995
Teradyne, Inc. *		29,440			524,032
TriQuint Semiconductor, Inc. *		79,310			1,234,064

					20,940,051


Transportation—0.8%
Diana Shipping, Inc. * (a)		41,980			457,582
Landstar System, Inc.		9,145			593,785


	Number
	of Shares			Value

Transportation—(continued)
Quality Distribution, Inc. *		46,280	$		665,969

					1,717,336


Utilities—1.0%
PNM Resources, Inc.		68,665			1,954,206


TOTAL COMMON STOCK (Cost $ 134,416,872)					197,683,629


SECURITIES LENDING COLLATERAL—3.7%

BlackRock Liquidity TempFund, Institutional Shares		7,677,905			7,677,905


TOTAL SECURITIES LENDING COLLATERAL (Cost $ 7,677,905)					7,677,905


TOTAL INVESTMENTS 100.4% (Cost $ 142,094,777)**					205,361,534


LIABILITIES IN EXCESS OF OTHER ASSETS—(0.4)%					(896,786)


NET ASSETS—100.0%			$		204,464,748


PLC		— Public Limited Company
*		— Non-income producing.
(a)		— All or a portion of the security is on loan. At May 31, 2014, the market value of securities on loan was $7,576,808.
**		— 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	$	142,094,777

Gross unrealized appreciation	$	67,301,520
Gross unrealized depreciation		(4,034,763)

Net unrealized appreciation	$	63,266,757

A summary of the inputs used to value the Fund’s investments as of May 31, 2014 is as follows (see Notes to Portfolio of Investments):


		Number
		of Shares			Value

LONG POSITIONS—99.4%
RIGHTS—0.0%
Quotient Ltd. Wts Exp: 10/25/2014	$		117,930	$		35,379
TOTAL RIGHTS (Cost $159,909)						35,379


COMMON STOCK—96.6%
Basic Industries—8.5%
AEP Industries, Inc. * †			205,491			6,548,998
African Minerals Ltd. *			717,854			1,284,482
Alcoa, Inc. †			213,998			2,912,513
Arch Coal, Inc. (a)			704,185			2,506,899
Barrick Gold Corp. (a)			93,417			1,504,948
Berry Plastics Group, Inc. * †			249,367			5,887,555
Cameco Corp.			200,499			4,009,980
Cloud Peak Energy, Inc. *			210,196			3,882,320
Crown Holdings, Inc. * †			136,584			6,672,128
Eldorado Gold Corp. (a)			278,741			1,602,761
Freeport-McMoRan Copper & Gold, Inc. †			146,425			4,985,771
Goldcorp, Inc.			74,304			1,736,484
Greif, Inc., Class B †			43,250			2,584,188
Koppers Holdings, Inc. †			133,926			4,866,871
Newmont Mining Corp. †			68,085			1,558,466
Owens-Illinois, Inc. * †			139,813			4,645,986
Pan American Silver Corp. † (a)			216,205			2,674,456
POSCO - ADR			45,698			3,234,961
Royal Gold Inc. †			17,425			1,092,896
Steel Dynamics, Inc. †			315,023			5,440,447
Universal Stainless & Alloy Products, Inc. *			52,865			1,593,351
Yamana Gold, Inc.			278,448			2,049,377

						73,275,838

Capital Goods—7.9%
AECOM Technology Corp. * †			180,866			5,813,033
Aggreko PLC			90,235			2,521,362
Alamo Group, Inc.			9,790			507,514
Cemex SAB de CV ADR * †			344,208			4,429,957
Cubic Corp. †			82,371			4,007,349
Fluor Corp. †			67,257			5,049,656
General Cable Corp. †			123,375			3,146,063
Global Brass & Copper Holdings, Inc. †			388,108			6,256,301
Global Power Equipment Group, Inc. †			159,801			2,641,511
Joy Global, Inc. †			93,509			5,344,039


	Number
	of Shares			Value

Capital Goods—(continued)
Masonite International Corp. * †		51,752	$		2,725,778
Orion Marine Group, Inc. * †		311,176			3,519,401
Rofin-Sinar Technologies, Inc. * †		168,241			3,909,921
Safran SA - ADR †		201,474			3,372,675
Stanley Black & Decker, Inc.		47,431			4,145,469
URS Corp. †		119,608			5,382,360
WaterFurnace Renewable Energy, Inc. †		75,611			1,628,548
World Fuel Services Corp. †		74,677			3,462,026

					67,862,963

Communications—4.8%
China Unicom Hong Kong Ltd. ADR (a)		355,071			5,311,862
Comcast Corp., Class A †		121,112			6,322,046
Hawaiian Telcom Holdco, Inc. * †		226,091			6,314,722
IAC/InterActiveCorp. †		41,957			2,777,973
Iridium Communications, Inc. * (a)		1,639,520			12,984,998
Support.Com, Inc. *		432,205			994,072
Verisign, Inc *		89,283			4,471,293
Vonage Holdings Corp. *		488,017			1,854,465

					41,031,431

Consumer Durables—1.3%
Cooper-Standard Holding, Inc. * †		26,574			1,700,736
Dorel Industries, Inc., Class B		176,200			6,718,506
Helen of Troy Ltd. * †		45,820			2,655,727

					11,074,969

Consumer Non-Durables—6.2%
Anheuser-Busch InBev NV - Sponsored ADR †		50,176			5,515,346
Archer-Daniels-Midland Co. †		65,615			2,948,738
Central Garden and Pet Co., Class A *		663,647			5,282,630
Crimson Wine Group Ltd * †		277,686			2,457,521
Dean Foods Co. †		254,546			4,424,009
Energizer Holdings, Inc. †		61,599			7,145,484
Hanesbrands, Inc. †		48,162			4,085,582
Leucadia National Corp. †		216,681			5,557,868
Lorillard, Inc. †		93,384			5,805,683
Ralph Lauren Corp.		29,062			4,460,436
Unilever NV †		137,591			5,972,825

					53,656,122

Consumer Services—15.1%
Advance Auto Parts, Inc. †		22,604			2,806,739
Apollo Education Group, Inc. * †		100,067			2,681,796


	Number
	of Shares			Value

Consumer Services—(continued)
Carrols Restaurant Group, Inc. *		480,334	$		3,376,748
Children’s Place Retail Stores, Inc., (The)		35,699			1,727,118
CRA International, Inc. * †		143,132			3,206,157
CVS Caremark Corp. †		79,916			6,259,021
eBay, Inc. * †		158,288			8,029,950
Ennis, Inc. †		293,328			4,443,919
Express, Inc. * †		244,174			3,079,034
FTD Cos, Inc. *		82,904			2,478,001
GNC Holdings, Inc., Class A †		150,075			5,540,769
Harte-Hanks, Inc. †		432,227			3,073,134
Insperity, Inc. †		141,915			4,544,118
ITT Educational Services, Inc. * (a)		149,909			2,581,433
K12, Inc. * †		122,215			2,806,056
Liberty Interactive Corp., Class A * †		131,176			3,821,157
Macy’s, Inc. †		147,676			8,844,316
Madison Square Garden Co. (The) *		86,012			4,717,758
MTR Gaming Group, Inc. *		437,143			2,142,001
Overstock.com, Inc. * (a)		236,596			3,610,455
Realogy Holdings Corp. * †		67,246			2,500,206
Regis Corp. †		233,897			3,218,423
Reis, Inc.		46,254			853,386
Scripps Networks Interactive, Inc., Class A		39,239			3,000,214
Steiner Leisure Ltd. *		41,559			1,669,841
Systemax, Inc. * †		406,711			6,503,309
Tesco PLC - Sponsored ADR †		168,689			2,577,568
Tetra Tech, Inc. †		166,929			4,441,981
Titan Machinery, Inc. * (a)		170,785			2,990,445
Viacom, Inc., Class B †		45,581			3,889,427
Walgreen Co. †		94,631			6,804,915
Walt Disney Co., (The) †		99,795			8,383,778
Wyndham Worldwide Corp. †		43,130			3,188,601

					129,791,774


Energy—11.9%
Apache Corp. †		99,049			9,233,348
BP PLC - Sponsored ADR		114,929			5,798,168
Canadian Natural Resources Ltd. †		114,083			4,639,756
Cenovus Energy, Inc. †		88,877			2,647,646
Emerald Oil, Inc. * † (a)		291,107			1,892,196


	Number
	of Shares			Value

Energy—(continued)
EOG Resources, Inc. †		67,160	$		7,105,528
EQT Corp. †		45,195			4,830,442
Gazprom OAO - Sponsored ADR		575,906			4,705,152
Halliburton Co. †		66,188			4,278,392
Legacy Oil + Gas, Inc. *		569,706			4,469,344
Lukoil OAO - Sponsored ADR		44,769			2,532,135
McDermott International, Inc. * (a)		362,806			2,633,972
Newfield Exploration Co. * †		130,700			4,767,936
Occidental Petroleum Corp. †		80,148			7,989,954
Phillips 66 †		64,246			5,447,418
Rosetta Resources, Inc. * †		69,898			3,294,293
Royal Dutch Shell PLC, Class A - ADR		60,547			4,758,994
Schlumberger Ltd. †		84,432			8,784,305
Suncor Energy, Inc.		162,340			6,254,960
Talisman Energy, Inc. †		392,725			4,052,922
Tesoro Corp. †		47,066			2,645,109

					102,761,970

Finance—14.1%
ACE Ltd. †		62,989			6,532,589
AerCap Holdings NV * †		124,021			5,846,350
American International Group, Inc. †		162,951			8,810,760
Axis Capital Holdings Ltd. †		102,228			4,701,466
Bank of America Corp.		389,902			5,903,116
Berkshire Hathaway, Inc., Class B * †		85,736			11,003,358
Capital Southwest Corp. (a)		156,092			5,642,726
Century Bancorp, Inc., Class A †		36,535			1,218,077
CIT Group, Inc.		58,382			2,596,831
Citigroup, Inc. †		101,087			4,808,709
Endurance Specialty Holdings Ltd. †		91,301			4,722,088
ePlus, Inc. *		100,870			5,720,338
Fairfax Financial Holdings Ltd. †		4,453			2,036,134
First Southern Bancorp, Inc. Class B 144A * ‡		64,350			395,753
Flushing Financial Corp. †		96,517			1,919,723
HF Financial Corp. †		81,322			1,114,111
JPMorgan Chase & Co. †		91,261			5,071,374
Loews Corp. †		109,341			4,715,877
Maiden Holdings Ltd. †		702,901			8,603,508
National Western Life Insurance Co., Class A †		9,494			2,323,277


	Number of Shares			Value

Finance—(continued)
New Hampshire Thrift Bancshares, Inc.		29,229	$		427,620
PartnerRe Ltd. †		50,077			5,376,767
Sprott, Inc.		1,663,097			5,030,857
Steel Excel, Inc. * †		219,697			7,195,077
Validus Holdings Ltd. †		157,215			5,868,836
White Mountains Insurance Group Ltd. †		6,143			3,627,564

					121,212,886

Health Care—10.2%
Alphatec Holdings, Inc. *		938,078			1,407,117
Amgen, Inc. †		40,470			4,694,115
Amsurg Corp. *		55,056			2,492,936
Becton, Dickinson & Co. †		31,681			3,728,854
BioScrip, Inc. * †		316,503			2,484,548
Charles River Laboratories International, Inc. * †		40,238			2,155,952
DaVita HealthCare Partners, Inc. * †		104,586			7,382,726
Fresenius Medical Care AG & Co. KGaA - ADR †		196,496			6,500,088
Hologic, Inc. *		301,620			7,371,593
Humana, Inc. †		38,063			4,737,321
Laboratory Corp. of America Holdings * †		68,451			7,021,704
MFC Industrial Ltd (a)		212,512			1,561,963
Omnicare, Inc. †		67,020			4,259,121
Pfizer, Inc. †		198,718			5,888,014
Quotient Ltd. (a)		117,930			794,848
Sanofi - ADR †		145,248			7,741,718
Teva Pharmaceutical Industries Ltd. - Sponsored ADR †		169,158			8,540,787
UnitedHealth Group, Inc. †		55,810			4,444,150
Universal Health Services, Inc., Class B		50,468			4,520,419

					87,727,974

Real Estate Investment Trusts—1.1%
Annaly Capital Management, Inc. †		198,748			2,343,239
Blackstone Mortgage Trust, Inc., Class A		74,378			2,210,514
Hatteras Financial Corp. †		119,297			2,420,536
Two Harbors Investment Corp. †		216,616			2,280,966

					9,255,255


	Number of Shares			Value

Technology—15.3%
Actuate Corp. * †		691,697	$		3,230,225
Alpha & Omega Semiconductor Ltd. *		399,060			3,288,254
Arrow Electronics, Inc. * †		42,367			2,444,576
Avnet, Inc. †		50,167			2,185,776
Cisco Systems, Inc.		141,451			3,482,524
Citrix Systems, Inc. *		97,747			6,057,382
Clicksoftware Technologies Ltd. †		1,030,865			8,535,562
Comtech Telecommunications Corp. †		80,927			2,643,885
Corning, Inc. †		151,190			3,220,347
CSG Systems International, Inc. †		255,256			6,705,575
EMC Corp. †		176,046			4,675,782
Evertec, Inc.		112,177			2,682,152
Fiserv, Inc. * †		59,370			3,568,731
Flextronics International Ltd. *		333,644			3,393,159
GSI Group, Inc. * †		205,077			2,485,533
Ingram Micro, Inc., Class A * †		73,838			2,050,481
Intel Corp. †		149,376			4,080,952
IXYS Corp.		243,088			2,749,325
Jabil Circuit, Inc. †		231,802			4,362,514
Kofax Ltd. * †		200,000			1,640,000
Magnachip Semiconductor Corp. * †		180,117			2,237,053
Microsoft Corp. †		282,904			11,582,090
NCR Corp. * †		125,450			4,097,197
NetApp, Inc.		64,127			2,373,340
O2Micro International Ltd - ADR *		894,430			3,121,561
ON Semiconductor Corp. * †		290,652			2,525,766
Oracle Corp. †		138,372			5,814,391
Pegasystems, Inc.		230,877			4,903,827
QLogic Corp. * †		290,125			2,883,843
Rovi Corp. * †		99,388			2,402,208
Sykes Enterprises, Inc. *		197,208			3,979,657
TE Connectivity Ltd. †		87,725			5,216,129
Tech Data Corp. *		27,879			1,659,079
Teradata Corp. * †		66,223			2,780,704
Vishay Intertechnology, Inc.		160,789			2,398,972

					131,458,552

Transportation—0.2%
Aurizon Holdings Ltd.		352,065			1,619,499

					1,619,499

TOTAL COMMON STOCK (Cost $669,223,859)					830,729,233


	Number of Shares				Value

PREFERRED STOCK—0.0%
Finance—0.0%
First Southern Bancorp, Inc., 5.000% 144A ‡		110		$		157,013


TOTAL PREFERRED STOCK (Cost $110,000)						157,013

SECURITIES LENDING COLLATERAL—2.8%
BlackRock Liquidity TempFund, Institutional Shares		23,459,223				23,459,223

TOTAL SECURITIES LENDING COLLATERAL (Cost $23,459,223)						23,459,223

TOTAL INVESTMENTS—99.4% (Cost $692,952,991)**						854,380,848

SECURITIES SOLD SHORT—(52.9%)

COMMON STOCK—(52.9%)
Basic Industries—(0.9%)
Ethanex Energy, Inc. *		(648	)			(515	)
Green Plains Renewable Energy, Inc.		(76,411	)			(2,232,729	)
Kennady Diamonds, Inc. *		(45,900	)			(232,823	)
Orchids Paper Products Co.		(50,017	)			(1,508,013	)
Tanzanian Royalty Exploration Corp. *		(171,865	)			(312,794	)
Texas Industries, Inc. *		(44,275	)			(3,802,780	)

						(8,089,654	)

Capital Goods—(5.7%)
Aerovironment, Inc. *		(47,356	)			(1,521,075	)
Applied Energetics, Inc. *		(238,070	)			(4,976	)
Applied Nanotech Holdings, Inc. *		(8,285	)			(456	)
Armstrong World Industries, Inc. *		(81,292	)			(4,314,166	)
Builders FirstSource, Inc. *		(422,478	)			(3,033,392	)
DynaMotive Energy Systems Corp. * ‡		(72,185	)			(7	)
Interface, Inc.		(282,223	)			(5,147,748	)
Lindsay Corp.		(29,755	)			(2,508,049	)
Martin Marietta Materials, Inc.		(13,642	)			(1,675,238	)
NN, Inc.		(118,827	)			(2,914,826	)
Smith & Wesson Holding Corp. *		(402,003	)			(6,383,808	)
Taser International, Inc. *		(336,997	)			(4,471,950	)
Trex Co., Inc. *		(212,318	)			(6,562,749	)
USG Corp. *		(66,142	)			(1,982,937	)
Vulcan Materials Co.		(55,320	)			(3,372,860	)
Wabash National Corp. *		(386,721	)			(5,294,210	)

						(49,188,447	)


	Number of Shares				Value

Communications—(3.8%)
Angie’s List, Inc. *		(95,696	)	$		(1,019,163	)
CTC Communications Group, Inc. * ‡		(98,900	)			(10	)
eGain Communications Corp. *		(142,473	)			(936,048	)
Equinix, Inc. *		(27,657	)			(5,496,829	)
Facebook, Inc., Class A *		(41,627	)			(2,634,989	)
Grubhub, Inc. *		(164,046	)			(5,590,688	)
Interliant, Inc. * ‡		(600	)			0
LivePerson, Inc. *		(159,895	)			(1,522,200	)
Marketo, Inc. *		(94,141	)			(2,182,188	)
Meetme, Inc. *		(274,187	)			(562,083	)
Pandora Media, Inc. *		(45,020	)			(1,104,341	)
Shutterstock, Inc. *		(26,205	)			(1,704,373	)
Trulia, Inc. *		(45,854	)			(1,772,257	)
Twitter, Inc. *		(97,372	)			(3,158,748	)
WebMD Health Corp. *		(60,216	)			(2,577,245	)
Yelp, Inc. *		(39,358	)			(2,603,532	)

						(32,864,694	)

Consumer Durables—(2.3%)
American Axle & Manaufacturing Holdings, Inc. *		(222,756	)			(4,129,896	)
Cavco Industries, Inc. *		(53,973	)			(4,143,507	)
Qsound Labs, Inc. *		(4,440	)			(5	)
SodaStream International Ltd. *		(75,206	)			(2,808,944	)
Standard Pacific Corp. *		(301,269	)			(2,419,190	)
Tesla Motors, Inc. *		(29,170	)			(6,060,651	)

						(19,562,193	)

Consumer Non-Durables—(2.3%)
Amish Naturals, Inc. * ‡		(25,959	)			(156	)
Black Diamond, Inc. *		(164,600	)			(1,774,388	)
Columbia Sportswear Co.		(24,878	)			(2,079,054	)
Deckers Outdoor Corp. *		(21,410	)			(1,654,779	)
Female Health Co., (The)		(310,915	)			(1,828,180	)
Iconix Brand Group, Inc. *		(84,151	)			(3,529,293	)
IGI Laboratories, Inc. *		(233,174	)			(1,228,827	)
Monster Beverage Corp. *		(38,204	)			(2,650,594	)
Quiksilver, Inc. *		(531,952	)			(3,159,795	)
Senomyx, Inc. *		(296,601	)			(2,034,683	)
Valence Technology, Inc. *		(27,585	)			(982	)

						(19,940,731	)

Consumer Services—(8.8%)
Acxiom Corp. *		(80,657	)			(1,833,334	)
Arctic Cat, Inc.		(94,621	)			(3,529,363	)
BJ’s Restaurants, Inc. *		(81,416	)			(2,571,931	)


	Number of Shares				Value

Consumer Services—(continued)
Blue Nile, Inc. *		(3,018	)	$		(93,015	)
Buffalo Wild Wings, Inc. *		(20,391	)			(2,946,703	)
Chefs’ Warehouse, Inc., (The) *		(94,578	)			(1,747,802	)
Container Store Group, Inc. (The) *		(263,841	)			(7,561,683	)
Corporate Resource Services, Inc. *		(218,896	)			(531,917	)
Cumulus Media, Inc., Class A *		(234,564	)			(1,482,444	)
Fresh Market, Inc., (The) *		(76,218	)			(2,336,082	)
inContact, Inc. *		(229,260	)			(1,941,832	)
Lands’ End, Inc. *		(13,283	)			(368,736	)
Manchester United PLC, Class A *		(52,957	)			(873,791	)
Mattress Firm Holding Corp. *		(28,300	)			(1,269,538	)
Multimedia Games Holding Co., Inc. *		(102,648	)			(2,951,130	)
Nautilus Group, Inc., (The) *		(154,616	)			(1,674,491	)
Netflix, Inc. *		(26,140	)			(10,922,076	)
Noodles & Co. *		(3,954	)			(131,471	)
Nutrisystem, Inc.		(83,413	)			(1,376,315	)
Potbelly Corp. *		(162,680	)			(2,571,971	)
Red Robin Gourmet Burgers, Inc. *		(35,991	)			(2,594,231	)
Sears Holdings Corp. *		(44,160	)			(1,857,149	)
Sprouts Farmers Market, Inc. *		(54,262	)			(1,470,500	)
Sturm Ruger & Co., Inc.		(38,349	)			(2,324,716	)
Texas Roadhouse, Inc.		(167,656	)			(4,238,344	)
Tuesday Morning Corp. *		(201,457	)			(3,255,545	)
Viggle, Inc. *		(61	)			(343	)
VistaPrint NV *		(55,652	)			(2,227,193	)
Zillow, Inc., Class A *		(52,315	)			(6,174,216	)
zulily, Inc., Class A *		(83,870	)			(2,912,805	)

						(75,770,667	)

Energy—(1.0%)
Beard Co. *		(9,710	)			(37	)
CARBO Ceramics, Inc.		(17,364	)			(2,388,765	)
Crescent Point Energy Corp.		(28,548	)			(1,166,471	)
Goodrich Petroleum Corp. *		(64,163	)			(1,860,727	)
Neste Oil OYJ		(149,322	)			(3,057,316	)

						(8,473,316	)

Finance—(1.0%)
Bofi Holding, Inc. *		(41,256	)			(3,169,699	)
Financial Engines, Inc.		(44,228	)			(1,800,080	)
WisdomTree Investments, Inc. *		(329,000	)			(3,418,310	)

						(8,388,089	)


	Number of Shares				Value

Health Care—(14.0%)
ABIOMED, Inc. *		(132,079	)	$		(3,011,401	)
Acadia Pharmaceuticals, Inc. *		(57,148	)			(1,180,106	)
Accelerate Diagnostics, Inc. *		(313,000	)			(7,458,790	)
Accuray, Inc. *		(306,780	)			(2,705,800	)
Air Methods Corp. *		(49,780	)			(2,399,396	)
Albany Molecular Research, Inc. *		(411,526	)			(6,497,996	)
Align Technology, Inc. *		(43,217	)			(2,360,080	)
Ani Pharmaceuticals, Inc. *		(64,971	)			(2,069,326	)
Aratana Therapeutics, Inc. *		(114,860	)			(1,614,932	)
Arena Pharmaceuticals, Inc. *		(248,768	)			(1,529,923	)
athenahealth, Inc. *		(25,856	)			(3,281,385	)
Biotime, Inc. *		(93,456	)			(270,088	)
BodyTel Scientific, Inc. * ‡		(4,840	)			0
CareView Communications, Inc. *		(207,465	)			(124,479	)
Cerner Corp. *		(117,721	)			(6,362,820	)
Endologix, Inc. *		(138,072	)			(1,803,220	)
Fluidigm Corp. *		(50,158	)			(1,391,383	)
GenMark Diagnostics, Inc. *		(106,935	)			(1,177,354	)
HealthStream, Inc. *		(69,235	)			(1,781,417	)
Healthways, Inc. *		(136,207	)			(2,346,847	)
HeartWare International, Inc. *		(49,524	)			(4,465,579	)
Inovio Pharmaceuticals, Inc. *		(1,143,085	)			(2,571,941	)
Insulet Corp. *		(76,907	)			(2,817,103	)
Intercept Pharmaceuticals, Inc. *		(11,069	)			(2,619,036	)
Intrexon Corp. *		(160,260	)			(3,379,884	)
Intuitive Surgical, Inc. *		(10,722	)			(3,964,352	)
IsoRay, Inc. *		(540,269	)			(1,264,230	)
Keryx Biopharmaceuticals, Inc. *		(115,647	)			(1,526,540	)
Lannett Co, Inc. *		(110,495	)			(4,616,481	)
Ligand Pharmaceuticals, Inc. *		(30,554	)			(2,038,257	)
Mannkind Corp. *		(274,529	)			(2,443,308	)
MiMedx Group, Inc. *		(516,925	)			(2,827,580	)
Mindray Medical International Ltd. - ADR		(71,299	)			(2,212,408	)
Mirati Therapeutics, Inc. *		(72,629	)			(1,553,534	)
NanoString Technologies Inc *		(84,331	)			(1,255,689	)
Neuralstem, Inc. *		(466,549	)			(2,006,161	)
Novavax, Inc. *		(471,820	)			(2,222,272	)
Opko Health, Inc. *		(155,129	)			(1,337,212	)
Organovo Holdings, Inc. *		(354,838	)			(2,526,447	)
Osiris Therapeutics, Inc. *		(183,043	)			(2,817,032	)
Pharmacyclics, Inc. *		(25,829	)			(2,294,390	)
Relypsa, Inc. *		(16,506	)			(386,075	)
Retrophin, Inc. *		(157,782	)			(2,306,773	)


	Number
	of Shares				Value
Health Care—(continued)
Sarepta Therapeutics, Inc. *		(47,131	)	$		(1,587,372	)
Seattle Genetics, Inc. *		(93,272	)			(3,112,487	)
Spectranetics Corp. *		(69,891	)			(1,498,463	)
Staar Surgical Co. *		(73,872	)			(1,139,845	)
TherapeuticsMD, Inc. *		(390,346	)			(1,584,805	)
Utah Medical Products, Inc.		(11,917	)			(653,171	)
Wright Medical Group, Inc. *		(142,956	)			(4,345,862	)
Zogenix, Inc. *		(520,044	)			(1,196,101	)

						(119,937,133	)

Real Estate Investment Trusts—(0.2%)
St. Joe Co., (The) *		(87,393	)			(2,057,231	)

						(2,057,231	)

Technology—(10.5%)
3D Systems Corp. *		(92,811	)			(4,700,877	)
A10 Networks, Inc. *		(259,502	)			(2,968,703	)
Alliance Fiber Optic Products, Inc.		(131,752	)			(2,671,931	)
ANTs Software, Inc. * ‡		(10,334	)			(98	)
Ballard Power Systems, Inc. *		(561,651	)			(2,139,890	)
Benefitfocus, Inc. *		(91,817	)			(3,400,902	)
Capstone Turbine Corp. *		(735,133	)			(1,110,051	)
Castlight Health, Inc., Class B *		(200,968	)			(3,050,694	)
Cavium, Inc. *		(116,461	)			(5,704,260	)
Ciena Corp. *		(182,367	)			(3,537,920	)
CommVault Systems, Inc. *		(12,396	)			(606,412	)
Consygen, Inc. * ‡		(200	)			0
Cornerstone OnDemand, Inc. *		(38,559	)			(1,549,686	)
Ener1, Inc. * ‡		(102,820	)			(10	)
FireEye, Inc. *		(59,945	)			(1,970,392	)
First Solar, Inc. *		(34,731	)			(2,145,681	)
Guidewire Software, Inc. *		(106,593	)			(4,026,018	)
Imageware Systems, Inc. *		(388,259	)			(842,522	)
Infinera Corp. *		(279,139	)			(2,540,165	)
IntraLinks Holdings, Inc. *		(333,806	)			(2,907,450	)
Mavenir Systems, Inc. *		(125,142	)			(1,665,640	)
Neonode, Inc. *		(224,412	)			(792,174	)
Nestor, Inc. * ‡		(15,200	)			(306	)
NetSuite, Inc. *		(33,617	)			(2,705,832	)
Nimble Storage, Inc. *		(133,234	)			(3,380,147	)
Palo Alto Networks, Inc. *		(19,566	)			(1,465,689	)
Parkervision, Inc. *		(142,151	)			(695,118	)
Plug Power, Inc. *		(441,015	)			(1,918,415	)
Proofpoint, Inc. *		(82,492	)			(2,633,145	)
Q2 Holdings, Inc. *		(230,238	)			(3,027,630	)
Qlik Technologies, Inc. *		(102,399	)			(2,223,082	)


	Number
	of Shares				Value
Technology—(continued)
SciQuest Inc *		(135,112	)	$		(2,287,446	)
ServiceNow, Inc. *		(45,334	)			(2,371,422	)
Sonus Networks, Inc. *		(877,799	)			(3,221,522	)
Splunk, Inc. *		(93,358	)			(3,907,966	)
Stratasys Ltd. *		(17,230	)			(1,602,735	)
Tableau Software, Inc., Class A *		(15,918	)			(923,881	)
Tiger Telematics, Inc. * ‡		(6,510	)			(7	)
Uni-Pixel, Inc. *		(19,665	)			(103,241	)
Universal Display Corp. *		(67,713	)			(1,771,372	)
Veeva Systems, Inc., Class A *		(164,001	)			(3,437,461	)
Workday, Inc., Class A *		(51,530	)			(4,038,406	)
WorldGate Communications, Inc. *		(582,655	)			(58	)
Xybernaut Corp. * ‡		(34,156	)			⁰

						(90,046,357	)

Transportation—(1.9%)
American Railcar Industries, Inc.		(174,566	)			(11,399,160	)
Student Transportation, Inc.		(753,053	)			(4,759,295	)

						(16,158,455	)

Utilities—(0.5%)
SolarCity Corp. *		(75,449	)			(3,961,073	)

TOTAL COMMON STOCK (Proceeds $421,587,433)						(454,438,040	)

TOTAL SECURITIES SOLD SHORT —(52.9%) (Proceeds $421,587,433)						(454,438,040	)

	Number
	of Contracts
OPTIONS WRITTEN—0.0%
Gogo, Inc. Call Options Strike Price $30.00 Expires 08/16/14		(890	)			(16,020	)
Sturm Ruger & Co., Inc. Call Options Strike Price $70.50 Expires 01/17/15		(343	)			(72,030	)

TOTAL OPTIONS WRITTEN (Premiums received $900,455)						(88,050	)

OTHER ASSETS IN EXCESS OF LIABILITIES—53.5%						459,955,842

NET ASSETS—100.0%					$	859,810,600


ADR	—	American Depositary Receipt
PLC	—	Public Limited Company
144A	—	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of May 31, 2014, these securities amounted to $552,766 or 0.06% of net assets. These 144A securities have not been deemed illiquid.
*	—	Non-income producing.
(a)	—	All or a portion of the security is on loan. At May 31, 2014, the market value of securities on loan was $22,432,522.
†	—	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
††	—	Primary risk exposure is equity contracts.
‡	—	Security has been valued at fair market value as determined in good faith by or under the direction of The RBB Fund, Inc.‘s Board of Directors. As of May 31, 2014 long positions amounted to $552,766 and short positions amounted to ($594), or 0.06% 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	$	692,952,991

Gross unrealized appreciation	$	179,003,638
Gross unrealized depreciation		(17,575,781	)

Net unrealized appreciation	$	161,427,857

A summary of the inputs used to value the Fund’s investments as of May 31, 2014 is as follows (see Notes to Portfolio of Investments):


	Number
	of Shares			Value

LONG POSITIONS—94.5%
COMMON STOCK—94.5%
Basic Industries—6.0%
Albemarle Corp. †		166,103	$		11,492,667
Avery Dennison Corp.		511,558			25,935,991
Berry Plastics Group, Inc. * †		1,007,623			23,789,979
Chemtura Corp. *		156,561			3,910,894
Cloud Peak Energy, Inc. *		1,135,407			20,970,967
Crown Holdings, Inc. *		574,258			28,052,503
CVR Partners LP †		764,561			14,694,862
Graphic Packaging Holding Co. * †		3,872,947			42,563,688
Huntsman Corp. †		930,290			24,829,440
International Paper Co. †		597,275			28,448,208
Lintec Corp.		514,400			9,529,879
LyondellBasell Industries NV, Class A		194,844			19,400,617
Owens-Illinois, Inc. * †		675,011			22,430,616
Stornoway Diamond Corp. *		15,055,000			10,135,710

					286,186,021

Capital Goods—9.0%
Actuant Corp., Class A		122,018			4,335,300
Boeing Co. (The) †		165,498			22,383,605
Carlisle Cos, Inc. †		226,023			19,180,312
Crane Co. †		310,163			22,986,180
Cubic Corp. †		313,169			15,235,672
Curtiss-Wright Corp.		81,408			5,424,215
Danaher Corp.		315,397			24,736,587
Dover Corp. †		49,426			4,308,959
Entertainment One Ltd. *		2,692,555			13,408,842
Flowserve Corp.		47,783			3,523,518
Global Brass & Copper Holdings, Inc. †		981,188			15,816,751
HB Fuller Co.		138,370			6,618,237
Honeywell International, Inc. †		153,282			14,278,218
Hubbell, Inc., Class B †		138,176			16,166,592
Huntington Ingalls Industries, Inc. †		213,239			21,287,649
Hyundai Mobis Co. Ltd.		45,083			12,745,485
Lockheed Martin Corp. †		199,923			32,717,399
Masco Corp. †		1,229,179			26,181,513
Northrop Grumman Corp. †		127,815			15,535,913
Parker Hannifin Corp. †		50,969			6,382,848
Raytheon Co. †		198,587			19,376,134
Safran SA		327,121			22,209,197


	Number
	of Shares			Value

Capital Goods—(continued)
Smiths Group PLC		400,000	$		8,871,288
Tarkett SA *		143,736			6,015,941
Textron, Inc. †		438,744			17,207,540
Timken Co. †		67,688			4,346,923
Triumph Group, Inc. †		295,700			20,492,010
Tyco International Ltd. †		277,910			12,127,992
United Technologies Corp. †		122,150			14,196,273

					428,097,093

Communications—3.0%
Baidu, Inc. - Sponsored ADR * †		45,801			7,602,966
Comcast Corp., Class A †		529,287			27,628,781
Google, Inc., Class A * †		8,656			4,948,202
Google, Inc., Class C * †		8,656			4,855,843
Liberty Global PLC, Class A *		100,635			4,530,588
Liberty Global PLC, Series C * †		932,340			39,904,152
Millennial Media, Inc. *		616,385			2,477,868
NetEase, Inc. - ADR †		158,413			11,272,669
Perfect World Co. Ltd. - Sponsored ADR		194,099			3,594,713
Sina Corp. *		81,436			3,649,147
Tencent Holdings Ltd.		258,119			3,650,289
Time Warner Cable, Inc. †		117,721			16,617,496
Yahoo!, Inc. * †		311,462			10,792,158

					141,524,872

Consumer Durables—3.0%
Lear Corp. †		370,472			32,620,060
Newell Rubbermaid, Inc. †		847,044			24,801,448
Samsung Electronics Co. Ltd.		12,212			17,299,199
Tenneco, Inc. * †		432,007			27,540,446
TRW Automotive Holdings Corp. * †		330,498			28,049,365
TS Tech Co. Ltd.		466,600			12,576,745

					142,887,263

Consumer Non-Durables—4.5%
Activision Blizzard, Inc. †		495,016			10,286,433
Aryzta AG		266,509			24,878,627
British American Tobacco PLC		381,163			23,079,687
Carlsberg A/S, Class B		176,797			18,442,715
Constellation Brands, Inc., Class A * †		262,744			22,104,653
Henkel AG & Co. KGaA		145,522			14,762,203
Lorillard, Inc. †		340,095			21,143,706
Stock Spirits Group PLC *		5,085,951			25,980,046
Tyson Foods, Inc., Class A †		800,950			34,008,337


	Number
	of Shares			Value

Consumer Non-Durables—(continued)
Unilever NV †		372,715	$		16,179,558

					210,865,965

Consumer Services—10.1%
Apollo Education Group, Inc. *		464,909			12,459,561
CBS Corp., Class B non-voting shares †		290,860			17,338,165
Conversant, Inc. *		299,356			7,058,815
CVS Caremark Corp. †		362,236			28,370,324
eBay, Inc. * †		200,556			10,174,206
Equifax, Inc. †		270,708			19,163,419
Expedia, Inc. †		131,187			9,616,007
Foot Locker, Inc. †		480,495			23,150,249
FTI Consulting, Inc. * †		219,985			7,098,916
Groupon, Inc. *		238,079			1,399,905
Home Depot, Inc. (The) †		278,639			22,355,207
Liberty Media Corp., Class A * †		126,465			16,077,495
Live Nation Entertainment, Inc. * †		1,034,929			24,548,516
Macy’s, Inc. †		381,723			22,861,390
Manpowergroup, Inc. †		327,161			26,820,659
Moody’s Corp. †		224,750			19,225,115
News Corp., Class A * †		1,454,134			24,807,526
Omnicom Group, Inc. †		316,721			22,534,699
Phoenix New Media Ltd. - ADR *		701,315			6,936,005
Rite Aid Corp. *		2,923,295			24,438,746
Robert Half International, Inc. †		450,665			20,545,817
Six Flags Entertainment Corp. †		363,242			14,696,771
Time Warner, Inc. †		265,100			18,511,933
Towers Watson & Co., Class A †		122,201			13,748,835
Viacom, Inc., Class B †		291,648			24,886,324
Walt Disney Co., (The) †		219,445			18,435,574
WPP PLC		870,955			18,835,313

					476,095,492

Energy—11.8%
Canacol Energy Ltd. *		1,530,141			10,174,598
Canadian Natural Resources Ltd.		468,306			19,046,005
Diamondback Energy, Inc. * †		462,315			34,895,536
Energen Corp. †		496,553			42,395,695
EOG Resources, Inc.		283,279			29,970,918
EQT Corp. †		395,033			42,221,127
Exxon Mobil Corp.		634,899			63,826,396
Halliburton Co. †		238,183			15,396,149
Inpex Corp.		861,700			12,482,488
Kosmos Energy Ltd. * †		1,263,634			13,242,884
Marathon Petroleum Corp.		294,830			26,354,854


	Number
	of Shares			Value

Energy—(continued)
Occidental Petroleum Corp. †		418,956	$		41,765,724
Pacific Drilling SA *		1,158,775			11,749,979
Parsley Energy, Inc., Class A *		678,639			16,131,249
Phillips 66 †		379,733			32,197,561
QEP Resources, Inc. †		1,072,505			34,255,810
Rice Energy, Inc. * †		1,035,758			32,864,601
Schlumberger Ltd. †		345,752			35,972,038
Valero Energy Corp. †		226,011			12,667,917
Western Refining, Inc. †		708,941			29,080,760

					556,692,289

Finance—17.1%
ACE Ltd. †		245,586			25,469,724
Alleghany Corp. *		47,897			20,170,385
Allianz SE, Registered Shares		90,919			15,445,261
Allstate Corp., (The) †		451,186			26,286,096
Axis Capital Holdings Ltd. †		334,928			15,403,339
Bank of America Corp. †		2,003,307			30,330,068
BB&T Corp. †		796,878			30,217,614
Berkshire Hathaway, Inc., Class B * †		201,589			25,871,932
Capital One Financial Corp. †		484,784			38,244,610
Charles Schwab Corp., (The) †		557,659			14,058,583
Citigroup, Inc. †		707,932			33,676,325
Comerica, Inc. †		125,790			6,034,146
Discover Financial Services †		513,389			30,356,692
Endurance Specialty Holdings Ltd. †		350,165			18,110,534
Fifth Third Bancorp †		1,541,275			31,888,980
First Niagara Financial Group, Inc. †		843,684			7,264,119
Goldman Sachs Group, Inc., (The) †		154,527			24,694,960
Huntington Bancshares, Inc. †		2,422,415			22,455,787
Investors Bancorp, Inc.		643,494			6,949,735
JPMorgan Chase & Co. †		656,011			36,454,531
MetLife, Inc. †		302,696			15,416,307
Morgan Stanley †		243,278			7,507,559
Navient Corp.		713,728			11,276,902
PNC Financial Services Group, Inc., (The) †		288,790			24,625,123
Prudential Financial, Inc.		153,929			12,646,807
Raymond James Financial, Inc. †		262,758			12,717,487
Regions Financial Corp. †		2,763,801			28,163,132


	Number
	of Shares			Value
Finance—(continued)
Reinsurance Group of America, Inc. †		150,378	$		11,753,544
SLM Corp.		739,448			6,366,647
Standard Chartered PLC		612,079			13,780,932
State Street Corp. †		464,227			30,300,096
SunTrust Banks, Inc. †		397,370			15,227,218
TD Ameritrade Holding Corp. †		440,265			13,357,640
Torchmark Corp. †		144,195			11,669,701
Travelers Cos., Inc., (The) †		274,439			25,646,325
US Bancorp †		215,125			9,076,124
Validus Holdings Ltd. †		594,029			22,175,103
Wells Fargo & Co. †		739,226			37,537,896
WR Berkley Corp. †		489,606			21,821,739
XLGroup PLC		643,587			20,890,834

					811,340,537

Health Care—13.9%
AbbVie, Inc. †		662,575			35,997,700
Amgen, Inc. †		202,308			23,465,705
Bayer AG - Sponsored ADR		95,768			13,835,507
Boston Scientific Corp. * †		1,004,836			12,892,046
Cardinal Health, Inc. †		332,844			23,508,772
CareFusion Corp. * †		219,744			9,433,610
Celgene Corp. *		77,439			11,850,490
Covidien PLC †		247,651			18,105,765
DaVita HealthCare Partners, Inc. * †		278,049			19,627,479
Endo International PLC * †		127,406			8,993,590
Express Scripts Holding Co. * †		337,186			24,098,683
ICON PLC *		476,279			20,132,313
Integra LifeSciences Holdings Corp. * †		155,863			7,006,042
Johnson & Johnson †		465,468			47,226,383
Laboratory Corp. of America Holdings * †		222,098			22,782,813
Masimo Corp. *		292,567			7,208,851
McKesson Corp. †		132,472			25,121,990
Medtronic, Inc. †		298,274			18,203,662
Novartis AG - ADR		339,957			30,616,527
Omnicare, Inc. †		384,991			24,466,178
Pfizer, Inc. †		1,597,671			47,338,992
Quest Diagnostics, Inc. †		354,214			21,213,876
Sanofi - ADR		428,275			22,827,058
Select Medical Holdings Corp. †		1,394,384			21,124,918
Stryker Corp.		192,730			16,283,758


	Number
	of Shares			Value

Health Care—(continued)
Teva Pharmaceutical Industries Ltd. - Sponsored ADR		868,801	$		43,865,762
UnitedHealth Group, Inc. †		191,872			15,278,767
Universal Health Services, Inc., Class B †		314,365			28,157,673
Varian Medical Systems, Inc. *		140,753			11,605,085
Zimmer Holdings, Inc.		250,883			26,179,641

					658,449,636

Real Estate Investment Trusts—1.3%
American Capital Agency Corp. †		648,051			15,378,250
American Homes 4 Rent, Class A		519,267			9,149,485
American Residential Properties, Inc. * †		410,150			7,505,745
Annaly Capital Management, Inc. †		476,251			5,614,999
Boston Properties, Inc. †		62,353			7,524,760
Equity Residential †		111,051			6,862,952
Post Properties, Inc. †		186,023			9,515,076

					61,551,267

Technology—14.4%
Agilent Technologies, Inc. †		306,961			17,478,359
Alliance Data Systems Corp. * †		23,387			5,988,241
Amdocs Ltd. †		374,546			18,023,154
Analog Devices, Inc.		96,546			5,057,080
Apple, Inc. †		48,341			30,599,853
Arrow Electronics, Inc. * †		531,032			30,640,546
Avago Technologies Ltd. †		306,731			21,676,680
Avnet, Inc. †		591,520			25,772,526
Brocade Communications Systems, Inc. *		3,560,827			32,474,742
CA, Inc.		395,070			11,334,558
CDW Corp. †		596,480			17,542,477
Cisco Systems, Inc. †		706,326			17,389,746
EMC Corp. †		1,260,290			33,473,302
Fidelity National Information Services, Inc. †		201,318			10,901,370
Flextronics International Ltd. * †		3,148,718			32,022,462
Global Payments, Inc.		116,095			7,959,473
Harris Corp. †		200,936			15,522,306
Jabil Circuit, Inc.		1,395,529			26,263,856
MediaTek, Inc.		2,175,000			35,374,487
Microsoft Corp. †		924,419			37,845,714
Motorola Solutions, Inc.		336,390			22,679,414


	Number
	of Shares				Value

Technology—(continued)
NetApp, Inc. †		713,893		$		26,421,180
ON Semiconductor Corp. *		2,487,866				21,619,556
Oracle Corp. †		842,728				35,411,431
QUALCOMM, Inc. †		200,570				16,135,857
Seagate Technology PLC †		524,707				28,192,507
TE Connectivity Ltd. †		168,175				9,999,686
Texas Instruments, Inc. †		495,735				23,289,630
Total System Services, Inc. †		342,443				10,362,325
TriQuint Semiconductor, Inc. *		737,178				11,470,490
Vantiv, Inc., Class A *		216,246				6,701,464
Western Digital Corp. †		382,840				33,632,494

						679,256,966

Transportation—0.4%
Norfolk Southern Corp. †		195,457				19,692,293

						19,692,293


TOTAL COMMON STOCK—94.5% (Cost $3,937,263,046)						4,472,639,694


TOTAL INVESTMENTS—94.5% (Cost $3,937,263,046)**						4,472,639,694

SECURITIES SOLD SHORT—(44.5%)
RIGHTS—0.0%
Dassault Systemes SA		(146,586	)			0


TOTAL RIGHTS (Cost $0)						0

COMMON STOCK—(44.5%)
Basic Industries—(2.8%)
Air Products & Chemicals, Inc.		(115,949	)			(13,910,401	)
Aptargroup, Inc.		(202,895	)			(13,510,778	)
EI Du Pont de Nemours & Co.		(117,086	)			(8,115,231	)
FMC Corp.		(81,212	)			(6,217,591	)
Intrepid Potash, Inc. *		(572,878	)			(9,286,352	)
K+S AG, Registered Shares		(376,878	)			(13,116,747	)
LANXESS AG		(67,002	)			(4,765,236	)
NewMarket Corp.		(31,728	)			(12,421,829	)
Resolute Forest Products, Inc. *		(323,478	)			(4,842,466	)
Scotts Miracle-Gro Co. (The), Class A		(213,998	)			(12,829,180	)
Teck Resources Ltd., Class B		(547,051	)			(12,194,248	)
Toyo Seikan Group Holdings Ltd.		(386,400	)			(5,723,695	)
Viscofan SA		(147,042	)			(8,434,357	)
Wausau Paper Corp.		(566,218	)			(6,024,560	)

						(131,392,671	)


	Number
	of Shares				Value

Capital Goods—(3.1%)
Briggs & Stratton Corp.		(231,637	)	$		(4,767,089	)
Deere & Co.		(43,987	)			(4,010,295	)
Fastenal Co.		(123,858	)			(6,038,077	)
Kennametal, Inc. †		(95,214	)			(4,288,439	)
Kubota Corp.		(274,000	)			(3,765,968	)
Manitowoc Co., Inc., (The)		(177,150	)			(4,791,908	)
Nordson Corp.		(58,331	)			(4,756,310	)
Proto Labs, Inc. *		(292,657	)			(19,309,509	)
Raven Industries, Inc.		(277,278	)			(8,692,665	)
Regal-Beloit Corp.		(35,396	)			(2,701,777	)
Roper Industries, Inc.		(80,823	)			(11,451,003	)
SGL Carbon SE *		(378,901	)			(12,936,529	)
Sun Hydraulics Corp.		(91,514	)			(3,378,697	)
Toro Co., (The)		(65,620	)			(4,237,740	)
Trex Co., Inc. *		(324,373	)			(10,026,369	)
Trinity Industries, Inc.		(110,658	)			(9,575,237	)
Vulcan Materials Co.		(187,644	)			(11,440,655	)
WW Grainger, Inc.		(8,137	)			(2,102,357	)
Zardoya Otis SA		(752,847	)			(13,589,093	)
Zep, Inc.		(245,623	)			(4,298,403	)

						(146,158,120	)

Communications—(4.1%)
58.Com, Inc. - ADR *		(97,161	)			(3,905,872	)
America Movil SAB de CV, Series L - ADR		(559,019	)			(10,805,837	)
Belgacom SA		(496,631	)			(16,449,533	)
CenturyLink, Inc.		(298,235	)			(11,234,512	)
Cogent Communications Group, Inc.		(289,300	)			(10,608,631	)
Equinix, Inc. *		(78,773	)			(15,656,134	)
Eutelsat Communications SA		(368,249	)			(12,893,100	)
Internap Network Services Corp. *		(928,039	)			(6,644,759	)
Level 3 Communications, Inc. *		(203,119	)			(8,866,144	)
Millicom International Cellular SA - SDR		(151,058	)			(13,965,007	)
Orange SA		(982,689	)			(16,438,675	)
Rackspace Hosting, Inc. *		(133,205	)			(4,860,650	)
Shutterfly, Inc. *		(116,621	)			(4,797,788	)
Shutterstock, Inc. *		(41,768	)			(2,716,591	)
Sprint Corp. *		(1,359,031	)			(12,978,746	)
Synchronoss Technologies, Inc. *		(359,612	)			(11,417,681	)
Telefonica SA - Sponsored ADR		(727,045	)			(12,163,463	)
Twitter, Inc. *		(129,629	)			(4,205,165	)
Yandex NV *		(185,052	)			(5,762,519	)


	Number of Shares				Value

Communications—(continued)
Yelp, Inc. *		(69,034	)	$		(4,566,599	)
Zynga, Inc., Class A *		(1,240,463	)			(4,279,597	)

						(195,217,003	)

Consumer Durables—(0.9%)
Autoliv, Inc.		(121,133	)			(12,840,098	)
Dorman Products, Inc. *		(211,519	)			(11,238,004	)
Electrolux AB - Series B		(376,586	)			(9,490,604	)
Seb SA		(122,768	)			(11,077,144	)

						(44,645,850	)

Consumer Non-Durables—(4.1%)
Annie’s, Inc. *		(151,880	)			(4,969,514	)
Beiersdorf AG		(139,490	)			(14,096,179	)
C&C Group PLC		(2,077,326	)			(12,742,768	)
Callaway Golf Co.		(390,498	)			(3,131,794	)
Campbell Soup Co.		(300,725	)			(13,803,277	)
Clorox Co., (The)		(147,435	)			(13,213,125	)
Deckers Outdoor Corp. *		(164,542	)			(12,717,451	)
Flowers Foods, Inc.		(647,271	)			(13,495,600	)
Glu Mobile, Inc. *		(955,024	)			(3,471,512	)
Guess?, Inc.		(542,670	)			(13,838,085	)
Kering		(60,983	)			(13,472,131	)
Keurig Green Mountain, Inc.		(119,339	)			(13,459,052	)
LeapFrog Enterprises, Inc. *		(215,699	)			(1,494,794	)
McCormick & Co., Inc. non-voting shares		(196,106	)			(14,180,425	)
Mondelez International, Inc., Class A		(396,523	)			(14,917,195	)
Remy Cointreau SA		(112,326	)			(10,412,039	)
Snyders-Lance, Inc.		(390,306	)			(10,608,517	)
Under Armour, Inc., Class A *		(187,316	)			(9,513,780	)

						(193,537,238	)

Consumer Services—(6.4%)
Acxiom Corp. *		(199,464	)			(4,533,817	)
AutoNation, Inc. *		(222,368	)			(12,712,779	)
Bankrate, Inc. *		(205,468	)			(3,112,840	)
Bob Evans Farms, Inc.		(333,276	)			(14,887,439	)
Buffalo Wild Wings, Inc. *		(105,550	)			(15,253,030	)
Cabela’s, Inc. *		(185,706	)			(11,370,778	)
Cheesecake Factory, Inc., (The)		(345,171	)			(15,832,994	)
Concur Technologies, Inc. *		(122,660	)			(10,471,484	)
Hennes & Mauritz AB, Class B		(358,965	)			(15,179,265	)
IHS, Inc., Class A *		(116,620	)			(14,683,624	)
Iron Mountain, Inc.		(486,127	)			(15,137,995	)
Krispy Kreme Doughnuts, Inc. *		(848,403	)			(15,983,913	)


	Number of Shares				Value

Consumer Services—(continued)
L Brands, Inc.		(226,548	)	$		(13,001,590	)
Lululemon Athletica, Inc. *		(257,467	)			(11,490,752	)
Monro Muffler Brake, Inc.		(307,620	)			(16,614,556	)
Netflix, Inc. *		(33,454	)			(13,978,085	)
Panera Bread Co., Class A *		(88,580	)			(13,606,774	)
PetSmart, Inc.		(159,669	)			(9,176,177	)
Qunar Cayman Islands Ltd. *		(119,144	)			(2,863,030	)
Ritchie Bros Auctioneers, Inc.		(555,915	)			(12,758,249	)
Sally Beauty Holdings, Inc. *		(329,199	)			(8,434,078	)
Tuniu Corp. - Sponsored ADR *		(88,618	)			(1,452,449	)
Ultimate Software Group, Inc., (The) *		(84,685	)			(10,766,004	)
United Natural Foods, Inc. *		(154,378	)			(10,406,621	)
Whole Foods Market, Inc.		(344,536	)			(13,175,057	)
Zillow, Inc., Class A *		(135,723	)			(16,018,028	)

						(302,901,408	)

Energy—(5.6%)
Atwood Oceanics, Inc. *		(247,945	)			(12,236,086	)
BG Group PLC		(552,856	)			(11,336,484	)
Cabot Oil & Gas Corp.		(593,131	)			(21,495,067	)
Carrizo Oil & Gas, Inc. *		(178,105	)			(10,233,913	)
ConocoPhillips		(258,819	)			(20,689,991	)
Continental Resources, Inc. *		(162,024	)			(22,741,689	)
Energy XXI Bermuda Ltd.		(627,668	)			(13,463,479	)
Fugro NV		(162,365	)			(9,372,666	)
Goodrich Petroleum Corp. *		(417,798	)			(12,116,142	)
Helmerich & Payne, Inc.		(111,931	)			(12,306,813	)
HollyFrontier Corp.		(316,810	)			(15,602,893	)
Matador Resources Co. *		(771,957	)			(19,206,290	)
Oasis Petroleum, Inc. *		(208,435	)			(10,317,533	)
Penn West Petroleum Ltd.		(1,253,064	)			(11,637,328	)
Rex Energy Corp. *		(497,208	)			(9,884,495	)
ShawCor Ltd.		(222,358	)			(11,274,779	)
Ultra Petroleum Corp. *		(321,996	)			(8,700,332	)
Weatherford International Ltd. *		(795,566	)			(17,255,827	)
Whiting Petroleum Corp. *		(197,788	)			(14,211,068	)

						(264,082,875	)

Finance—(5.5%)
Aberdeen Asset Management PLC		(1,302,776	)			(9,736,400	)
Astoria Financial Corp.		(810,022	)			(10,352,081	)
Bank of Hawaii Corp.		(190,867	)			(10,642,744	)
Commonwealth Bank of Australia		(161,211	)			(12,264,237	)
Community Bank System, Inc.		(424,155	)			(15,061,744	)


	Number of Shares				Value

Finance—(continued)
CVB Financial Corp.		(564,768	)	$		(8,234,317	)
Deutsche Bank AG, Registered Shares		(199,900	)			(8,096,253	)
Eaton Vance Corp.		(296,252	)			(11,005,762	)
Financial Engines, Inc.		(121,348	)			(4,938,864	)
First Financial Bankshares, Inc.		(252,976	)			(15,047,012	)
Greenhill & Co., Inc.		(253,390	)			(12,598,551	)
HDFC Bank Ltd. - ADR		(228,087	)			(10,270,758	)
New York Community Bancorp, Inc.		(751,097	)			(11,476,762	)
Northern Trust Corp.		(208,749	)			(12,608,440	)
Siam Commercial Bank PCL, (The) - NVDR		(2,035,500	)			(9,878,962	)
Trustmark Corp.		(608,007	)			(14,075,362	)
UMB Financial Corp.		(200,965	)			(11,093,268	)
United Bankshares, Inc.		(530,864	)			(16,085,179	)
United States Oil Fund LP *		(421,637	)			(15,887,282	)
Valley National Bancorp		(1,478,029	)			(14,322,101	)
Westamerica Bancorporation		(352,697	)			(17,271,572	)
WisdomTree Investments, Inc. *		(891,030	)			(9,257,802	)

						(260,205,453	)

Health Care—(2.3%)
athenahealth, Inc. *		(78,051	)			(9,905,452	)
Carl Zeiss Meditec AG		(474,653	)			(14,189,196	)
Elekta AB, B Shares		(869,765	)			(11,265,340	)
Health Net, Inc. *		(395,097	)			(15,795,978	)
Hisamitsu Pharmaceutical Co., Inc.		(298,500	)			(12,160,736	)
ResMed, Inc.		(340,066	)			(17,023,704	)
Seattle Genetics, Inc. *		(309,069	)			(10,313,633	)
William Demant Holding *		(196,023	)			(17,626,919	)

						(108,280,958	)

Real Estate Investment Trusts—(2.2%)
HCP, Inc.		(451,878	)			(18,865,907	)
Health Care REIT, Inc.		(287,762	)			(18,195,191	)
Omega Healthcare Investors, Inc.		(504,184	)			(18,599,348	)
Plum Creek Timber Co., Inc.		(393,483	)			(17,746,083	)
Realty Income Corp.		(402,028	)			(17,407,812	)
Rouse Properties, Inc.		(841,436	)			(13,732,236	)

						(104,546,577	)

Technology—(6.1%)
3D Systems Corp. *		(266,071	)			(13,476,496	)
Aspen Technology, Inc. *		(213,067	)			(9,159,750	)
AZZ, Inc.		(303,773	)			(13,520,936	)


	Number of Shares				Value

Technology—(continued)
Blackbaud, Inc.		(640,844	)	$		(21,948,907	)
Ciena Corp. *		(411,377	)			(7,980,714	)
Cirrus Logic, Inc. *		(250,933	)			(5,553,147	)
Dassault Systemes SA		(146,586	)			(18,604,252	)
Finisar Corp. *		(423,484	)			(10,057,745	)
Hittite Microwave Corp.		(304,778	)			(17,920,946	)
Infinera Corp. *		(1,179,573	)			(10,734,114	)
Infosys Technologies Ltd. - Sponsored ADR		(302,330	)			(15,548,832	)
International Rectifier Corp. *		(597,717	)			(16,030,770	)
Itron, Inc. *		(460,888	)			(17,721,144	)
National Instruments Corp.		(642,242	)			(18,393,811	)
NetSuite, Inc. *		(160,656	)			(12,931,201	)
Red Hat, Inc. *		(246,367	)			(12,347,914	)
Salesforce.com, Inc. *		(355,567	)			(18,713,491	)
Tyler Technologies, Inc. *		(133,690	)			(10,445,200	)
ViaSat, Inc. *		(153,912	)			(8,346,648	)
VMware, Inc., Class A *		(38,812	)			(3,745,358	)
VTech Holdings Ltd.		(639,800	)			(8,607,193	)
Wipro Ltd. - ADR		(1,375,808	)			(15,326,501	)

						(287,115,070	)

Transportation—(1.0%)
Hub Group, Inc., Class A *		(198,420	)			(9,331,693	)
J.B. Hunt Transport Services, Inc.		(160,480	)			(12,462,877	)
Kansas City Southern		(81,696	)			(8,783,954	)
Keikyu Corp.		(806,220	)			(6,496,652	)
Panalpina Welttransport Holding AG, Registered Shares		(57,554	)			(9,378,360	)

						(46,453,536	)

Utilities—(0.4%)
NiSource, Inc.		(426,835	)			(15,950,824	)
Ormat Technologies, Inc.		(145,360	)			(4,328,821	)

						(20,279,645	)

TOTAL COMMON STOCK (Proceeds $2,013,389,024)						(2,104,816,404	)

TOTAL SECURITIES SOLD SHORT —(44.5%) (Proceeds $2,013,389,024)						(2,104,816,404	)

	Number of Contracts
OPTIONS WRITTEN—0.0%
Exxon Mobil Corp. Call Options Expires 07/19/14 Strike Price $90		(7	)			(7,497	)


	Number of Contracts				Value
Exxon Mobil Corp. Call Options Expires 07/19/14 Strike Price $97.50		(1,700	)	$		(666,400	)
Exxon Mobil Corp. Call Options Expires 10/18/14 Strike Price $97.50		(1,582	)			(620,144	)

TOTAL OPTIONS WRITTEN (Premiums received $1,572,914)						(1,294,041	)

OTHER ASSETS IN EXCESS OF LIABILITIES—50.0%						2,365,472,076

NET ASSETS—100.0%				$		4,732,001,325

A summary of the inputs used to value the Fund’s investments as of May 31, 2014 is as follows (see Notes to Portfolio of Investments):


	Number
	of Shares			Value
RIGHTS—0.0%
CVR Banctec, Inc.
Escrow Shares		14,327	$		0
TOTAL RIGHTS (Cost $0)					0

COMMON STOCK—97.8%
Basic Industries—1.1%
Chemtura Corp. *		48,320			1,207,034
Graphic Packaging Holding Co. *		289,505			3,181,660
Huntsman Corp.		108,485			2,895,465
International Paper Co.		53,085			2,528,438

					9,812,597

Capital Goods—5.4%
Cubic Corp.		32,765			1,594,017
Dover Corp.		87,090			7,592,506
Fluor Corp.		30,923			2,321,699
Huntington Ingalls Industries, Inc.		44,780			4,470,387
Illinois Tool Works, Inc.		31,280			2,707,284
Masco Corp.		179,645			3,826,438
MRC Global, Inc. *		134,945			3,885,066
Parker Hannifin Corp.		68,937			8,632,980
Raytheon Co.		54,415			5,309,272
Stanley Black & Decker, Inc.		32,300			2,823,020
Textron, Inc.		68,945			2,704,023
Timken Co.		42,725			2,743,800

					48,610,492

Communications—2.5%
DIRECTV *		130,785			10,781,915
IAC/InterActiveCorp.		35,715			2,364,690
NetEase, Inc.-ADR		68,470			4,872,325
Yahoo!, Inc. * #		127,430			4,415,450

					22,434,380

Consumer Durables—3.2%
Brunswick Corp.		130,160			5,609,896
Lear Corp.		126,468			11,135,507
Newell Rubbermaid, Inc.		153,465			4,493,455
Thor Industries, Inc.		85,130			5,107,800
TRW Automotive Holdings Corp. *		32,430			2,752,334

					29,098,992

Consumer Non-Durables—4.4%
Activision Blizzard, Inc.		517,150			10,746,377
Electronic Arts, Inc. *		294,443			10,343,783
Lorillard, Inc.		180,580			11,226,659
PepsiCo, Inc.		85,860			7,584,014

					39,900,833


	Number
	of Shares			Value
Consumer Services—9.2%
AutoZone, Inc. *		4,865	$		2,590,613
Conversant, Inc. *		188,720			4,450,018
CVS Caremark Corp.		68,055			5,330,068
eBay, Inc. *		120,815			6,128,945
Equifax, Inc.		37,345			2,643,652
Foot Locker, Inc.		103,345			4,979,162
Home Depot, Inc. (The)		56,400			4,524,972
Kohl’s Corp.		186,586			10,157,742
Korn/Ferry International *		87,511			2,657,709
Macy’s, Inc.		135,345			8,105,812
Manpowergroup, Inc.		73,030			5,986,999
Omnicom Group, Inc.		112,810			8,026,432
Sportsman’s Warehouse Holdings, Inc. *		241,375			2,227,891
Staples, Inc.		118,825			1,336,781
Viacom, Inc., Class B		68,895			5,878,810
Walt Disney Co., (The)		89,545			7,522,675

					82,548,281

Energy—10.6%
Canadian Natural Resources Ltd.		72,810			2,961,183
Energen Corp.		112,020			9,564,268
EOG Resources, Inc.		69,970			7,402,826
EQT Corp.		43,770			4,678,138
Exxon Mobil Corp.		184,140			18,511,594
Marathon Petroleum Corp.		27,865			2,490,852
Occidental Petroleum Corp.		195,520			19,491,389
Parsley Energy, Inc., Class A *		80,875			1,922,399
Phillips 66		149,295			12,658,723
QEP Resources, Inc.		142,915			4,564,705
Rice Energy, Inc. *		99,485			3,156,659
Rosetta Resources, Inc. *		47,280			2,228,306
Valero Energy Corp.		101,230			5,673,942

					95,304,984

Finance—26.7%
ACE Ltd.		82,660			8,572,669
Alleghany Corp. *		16,002			6,738,762
Allstate Corp., (The)		80,370			4,682,356
American International Group, Inc.		178,590			9,656,361
Axis Capital Holdings Ltd.		96,965			4,459,420
BB&T Corp.		311,810			11,823,835
Bond Street Holdings, Inc., Class A 144A * ‡		50,936			862,346
Bond Street Holdings, Inc., Class B 144A * ‡		12,734			215,587


	Number of Shares			Value

Finance—(continued)
Capital One Financial Corp.		246,110	$		19,415,618
Citigroup, Inc. #		385,312			18,329,292
Federated Investors, Inc., Class B		128,640			3,636,653
Fifth Third Bancorp		327,210			6,769,975
First Southern Bancorp, Inc. Class B * ‡		17,550			107,933
Goldman Sachs Group, Inc., (The)		51,700			8,262,177
Huntington Bancshares, Inc.		643,820			5,968,211
JPMorgan Chase & Co.		496,650			27,598,840
Loews Corp.		210,234			9,067,392
MetLife, Inc.		209,500			10,669,835
National Bank Holdings Corp., Class A		176,075			3,445,788
Navient Corp. *		246,020			3,887,116
OneBeacon Insurance Group Ltd., Class A		190,235			2,908,693
Peoples Choice Financial Corp. 144A * ‡		1,465			0
Prudential Financial, Inc.		137,770			11,319,183
Raymond James Financial, Inc.		89,970			4,354,548
SLM Corp.		246,015			2,118,189
Solar Cayman Ltd. 144A * ‡		19,375			0
State Street Corp.		116,995			7,636,264
Torchmark Corp.		94,445			7,643,434
Travelers Cos., Inc., (The)		98,735			9,226,786
Validus Holdings Ltd.		166,704			6,223,060
Wells Fargo & Co.		291,170			14,785,613
White Mountains Insurance Group Ltd.		9,260			5,468,215
WR Berkley Corp.		101,230			4,511,821

					240,365,972

Health Care—17.1%
AbbVie, Inc.		94,245			5,120,331
Allscripts Healthcare Solutions, Inc. *		182,790			2,694,325
Amgen, Inc.		208,320			24,163,037
Boston Scientific Corp. *		216,435			2,776,861
Cardinal Health, Inc.		89,290			6,306,553
Covidien PLC		103,815			7,589,915
Express Scripts Holding Co. *		117,345			8,386,647
Integra LifeSciences Holdings Corp. *		61,355			2,757,907
Johnson & Johnson		175,800			17,836,668
McKesson Corp.		24,185			4,586,443


	Number of Shares			Value

Health Care—(continued)
Medtronic, Inc.		142,620	$		8,704,099
Novartis AG - ADR		159,720			14,384,383
Pfizer, Inc.		479,976			14,221,689
Sanofi - ADR		293,680			15,653,144
Teva Pharmaceutical Industries Ltd. - Sponsored ADR		142,655			7,202,651
UnitedHealth Group, Inc.		77,575			6,177,297
WellPoint, Inc.		53,250			5,770,170

					154,332,120

Real Estate Investment Trusts—0.2%
Colony Financial, Inc.		46,925			1,039,858
Terreno Realty Corp.		33,810			655,914
TMST, Inc. ‡		191,097			⁰

					1,695,772

Technology—17.4%
Amdocs Ltd.		96,515			4,644,302
Arrow Electronics, Inc. *		124,577			7,188,093
Avnet, Inc.		153,922			6,706,381
Brocade Communications Systems, Inc. *		443,425			4,044,036
CA, Inc.		261,425			7,500,283
Cisco Systems, Inc.		597,155			14,701,956
Computer Sciences Corp.		41,930			2,636,978
EMC Corp.		707,505			18,791,333
Fidelity National Information Services, Inc.		127,245			6,890,317
Flextronics International Ltd. *		1,560,816			15,873,499
Global Payments, Inc.		47,595			3,263,113
Jabil Circuit, Inc.		238,580			4,490,076
Microsemi Corp. *		187,415			4,559,807
Microsoft Corp.		242,925			9,945,349
Motorola Solutions, Inc.		68,800			4,638,496
ON Semiconductor Corp. *		834,600			7,252,674
Seagate Technology PLC		49,220			2,644,591
TE Connectivity Ltd.		227,515			13,528,042
Total System Services, Inc.		169,800			5,138,148
Vantiv, Inc., Class A *		78,965			2,447,125
Vishay Intertechnology, Inc.		353,235			5,270,266
Western Digital Corp.		58,420			5,132,197

					157,287,062

TOTAL COMMON STOCK (Cost $706,594,666)					881,391,485


	Number of Shares				Value
PREFERRED STOCK—0.0%
Finance—0.0%
First Southern Bancorp, Inc., 5.000% ‡		30		$		42,822

TOTAL PREFERRED STOCK (Cost $30,000)						42,822

TOTAL INVESTMENTS—97.8% (Cost $706,624,666)**						881,434,307

	Number of Contracts
OPTIONS WRITTEN ††—(0.1%)
Citigroup Inc. Call Options Expires 01/17/2015 Strike Price $60 Expires 01/17/15		(849	)			(22,074	)
Yahoo!, Inc. Call Options Expires 01/17/2015 Strike Price $34 Expires 01/17/15		(1,274	)			(541,450	)

TOTAL OPTIONS WRITTEN (Premiums received $743,607)						(563,524	)

OTHER ASSETS IN EXCESS OF LIABILITIES—2.3%						20,795,008

NET ASSETS—100.0%				$		901,665,791


ADR	—	American Depositary Receipt
PLC	—	Public Limited Company
144A	—	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of May 31, 2014, these securities amounted to $ 1,077,933 or 0.1% of net assets. These 144A securities have not been deemed illiquid.
*	—	Non-income producing.
‡	—	Security has been valued at fair market value as determined in good faith by or under the direction of The RBB Fund, Inc.‘s Board of Directors. As of May 31, 2014, these securities amounted to $1,228,688 or 0.1% of net assets.
#	—	Security segregated as collateral for options written.
**	—	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	$	706,624,666

Gross unrealized appreciation	$	176,828,014
Gross unrealized depreciation		(2,018,373	)

Net unrealized appreciation	$	174,809,641

A summary of the inputs used to value the Fund’s investments as of May 31, 2014 is as follows (see Notes to Portfolio of Investments):


	Number
	of Shares			Value

COMMON STOCK—96.6%

Basic Industries—2.1%
Cloud Peak Energy, Inc. *		15,400	$		284,438
GrafTech International Ltd. *		32,200			336,490
Novagold Resources, Inc. *		108,100			325,381

					946,309

Capital Goods—7.9%
Aegion Corp. *		14,100			337,977
FreightCar America, Inc.		7,600			195,396
Global Power Equipment Group, Inc.		26,000			429,780
Great Lakes Dredge & Dock Corp.		72,500			552,450
Landec Corp. *		31,800			381,918
LSB Industries, Inc. *		8,200			312,912
MRC Global, Inc. *		15,600			449,124
MYR Group, Inc. *		14,000			350,280
Orion Marine Group, Inc. *		21,700			245,427
Tutor Perini Corp. *		10,000			306,300

					3,561,564

Consumer Durables—2.9%
ACCO Brands Corp. *		32,500			195,650
Libbey, Inc. *		42,000			1,131,900

					1,327,550

Consumer Non-Durables—3.3%
Chiquita Brands International, Inc. *		33,400			342,684
Crocs, Inc. *		18,800			280,684
Matthews International Corp., Class A		11,300			463,300
Universal Corp.		7,700			412,335

					1,499,003

Consumer Services—8.4%
Bravo Brio Restaurant Group, Inc. *		8,600			135,880
Destination XL Group, Inc. *		34,000			179,860
FTI Consulting, Inc. *		22,000			709,940
ICF International, Inc. *		7,600			282,720
Ignite Restaurant Group, Inc. *		8,500			130,475
K12, Inc. *		23,800			546,448
KAR Auction Services, Inc.		8,600			262,644
MDC Partners, Inc., Class A		17,400			365,748


	Number
	of Shares			Value

Consumer Services—(continued)
Office Depot, Inc. *		45,400	$		232,448
PRGX Global, Inc. *		66,000			421,080
Titan Machinery, Inc. *(a)		30,200			528,802

					3,796,045

Energy—13.0%
Aegean Marine Petroleum Network, Inc. (a)		23,900			242,107
Approach Resources, Inc. *(a)		61,400			1,198,528
Bill Barrett Corp. *		14,500			362,500
EPL Oil & Gas, Inc. *		14,100			534,531
McDermott International, Inc. *(a)		58,100			421,806
North Atlantic Drilling Ltd		37,600			394,424
Nuverra Environmental Solutions, Inc. *(a)		42,400			721,648
Precision Drilling Corp.		14,300			185,328
Rentech, Inc. *		104,000			242,320
Resolute Energy Corp. *		54,400			452,608
TETRA Technologies, Inc. *		30,900			356,277
Triangle Petroleum Corp. *		60,200			605,010
W&T Offshore, Inc.		13,400			196,578

					5,913,665

Finance—21.6%
A.B. Watley Group, Inc. *		93,855			202
American Equity Investment Life Holding Co.		11,600			261,232
Central Pacific Financial Corp.		45,100			858,704
CNO Financial Group, Inc.		47,700			769,401
Customers Bancorp Inc *		9,350			177,650
Employers Holdings, Inc.		17,000			357,510
FBR & Co. *		20,295			529,700
Fidelity & Guaranty Life		25,700			549,980
First Midwest Bancorp, Inc.		16,900			270,400
FXCM, Inc., Class A		900			12,042
Hanover Insurance Group, Inc., (The)		4,400			264,220
Investors Bancorp, Inc.		16,900			182,520
Kennedy-Wilson Holdings, Inc.		29,300			725,761
Maiden Holdings Ltd.		53,600			656,064
Meadowbrook Insurance Group, Inc.		76,100			518,241
Nelnet, Inc., Class A		9,800			403,466
Northfield Bancorp, Inc.		36,232			471,378


	Number
	of Shares			Value

Finance—(continued)
Ocwen Financial Corp. *		16,200	$		568,134
OmniAmerican Bancorp, Inc.		5,200			125,164
Popular Inc *		24,200			730,356
THL Credit, Inc.		14,100			187,530
United Community Banks, Inc. *		21,600			331,344
ViewPoint Financial Group		10,500			260,925
Walter Investment Management Corp. *(a)		8,500			245,735
WSFS Financial Corp.		4,700			319,224

					9,776,883

Health Care—4.7%
Accuray, Inc. *(a)		103,200			910,224
Alere, Inc. *		11,600			414,932
Cross Country Healthcare, Inc. *		31,400			181,178
Medical Action Industries, Inc. *		10,200			70,380
Natus Medical, Inc. *		10,300			253,895
Symmetry Medical, Inc. *		34,600			305,172

					2,135,781

Real Estate Investment Trusts—11.9%
American Capital Mortgage Investment Corp.		16,200			330,966
Campus Crest Communities, Inc.		19,600			173,852
CYS Investments, Inc.		39,300			363,132
FelCor Lodging Trust, Inc.		64,100			630,744
Geo Group, Inc. (The)		34,700			1,180,147
Gramercy Property Trust Inc.		69,400			407,378
Hatteras Financial Corp.		11,200			227,248
Highwoods Properties, Inc.		3,810			154,610
Lexington Realty Trust		28,400			322,340
Mack-Cali Realty Corp.		11,200			243,600
Rouse Properties, Inc. (a)		32,500			530,400
Starwood Property Trust, Inc.		13,500			329,265
Two Harbors Investment Corp.		21,100			222,183
Winthrop Realty Trust		19,800			297,000

					5,412,865

Technology—9.8%
ChipMOS TECHNOLOGIES Bermuda Ltd.		6,400			156,224
CIBER, Inc. *		108,100			502,665
Computer Task Group, Inc.		31,300			485,776
Digi International, Inc. *		61,000			542,290


	Number
	of Shares			Value

Technology—(continued)
Diodes, Inc. *		11,300	$		312,671
Dot Hill Systems Corp. *		73,600			315,744
Exar Corp. *		41,600			452,608
Extreme Networks, Inc. *		84,400			335,912
Plantronics, Inc.		8,600			389,924
Saba Software, Inc. *		57,700			565,460
Ultratech, Inc. *		16,000			406,080

					4,465,354

Transportation—7.1%
Air Transport Services Group, Inc. *		42,800			388,624
JetBlue Airways Corp. *		76,200			736,092
Navigator Holdings Ltd *		14,600			358,284
Rand Logistics, Inc. *(a)		29,000			172,840
Scorpio Bulkers Inc *		41,300			379,547
Scorpio Tankers, Inc.		82,500			748,275
StealthGas, Inc. *		42,500			446,250

					3,229,912

Utilities—3.9%
Cadiz, Inc. *(a)		37,600			305,688
Empire District Electric Co. (The) (a)		7,600			182,476
Great Plains Energy, Inc.		7,500			190,875
NorthWestern Corp.		2,900			139,200
Piedmont Natural Gas Co., Inc.		9,600			343,584
Portland General Electric Co.		7,000			231,490
UIL Holdings Corp.		10,400			384,488

					1,777,801

TOTAL COMMON STOCK (Cost $34,679,430)					43,842,732

SECURITIES LENDING COLLATERAL—10.6%
BlackRock Liquidity TempFund, Institutional Shares		4,803,267			4,803,267

TOTAL SECURITIES LENDING COLLATERAL (Cost $4,803,267)					4,803,267


		Value
TOTAL INVESTMENTS—107.2% (Cost $39,482,697)**	$		48,645,999

LIABILITIES IN EXCESS OF OTHER ASSETS—(7.2)%			(3,281,165)

NET ASSETS—100.0%	$		45,364,834


ADR		— American Depositary Receipt
PLC		— Public Limited Company
*		— Non-income Producing
(a)		— All or a portion of the security is on loan. At May 31, 2014 the market value of the securities on loan was $4,598,966.
**		— 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	$	39,482,697

Gross unrealized appreciation	$	9,885,599
Gross unrealized depreciation		(722,297)

Net unrealized appreciation	$	9,163,302

A summary of the inputs used to value the Fund’s investments as of May 31, 2014 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—98.3%

Bermuda—0.7%
Validus Holdings Ltd.		13,665	$		510,114


Canada—0.5%
Canadian Natural Resources Ltd.		8,875			361,204


France—5.1%
Atos		9,730			874,887
AXA SA		13,425			331,811
LISI		2,165			333,490
Safran SA		15,650			1,062,524
Sanofi		6,400			684,248
Teleperformance SA		5,875			367,792

					3,654,752


Germany—6.6%
Allianz SE, Registered Shares		4,590			779,746
Aurelius AG		29,795			1,103,979
Bayerische Motoren Werke AG		6,295			790,347
Fresenius SE & Co. KGaA		6,935			1,034,836
Henkel AG & Co. KGaA		6,180			626,918
NORMA Group AG		6,628			361,423

					4,697,249


Hong Kong—1.9%
Cheung Kong Holdings Ltd.		20,000			358,010
Hutchison Whampoa Ltd.		29,000			389,734
SJM Holdings Ltd.		212,000			609,977

					1,357,721

Ireland—0.5%
Greencore Group PLC		76,345			373,004


Japan—6.4%
Inpex Corp.		35,300			511,352
ITOCHU Corp.		41,200			489,125
Lintec Corp.		38,000			703,996
Seven & I Holdings Co. Ltd.		10,100			405,651
Softbank Corp.		9,100			661,515
Toho Holdings Co. Ltd.		19,400			375,678
Toyota Motor Corp.		17,200			974,138
TS Tech Co. Ltd.		14,800			398,919

					4,520,374


	Number of Shares			Value

South Korea—0.6%
Samsung Electronics Co. Ltd.		272	$		385,308


Switzerland—6.2%
ACE Ltd.		6,320			655,447
Georg Fischer AG, Registered Shares *		1,440			1,086,698
Novartis AG, Registered Shares		11,865			1,067,544
Roche Holding AG, Participation Certificate		5,445			1,604,927

					4,414,616


Taiwan—0.9%
MediaTek, Inc.		38,000			618,037


United Kingdom—13.6%
Alent PLC		86,525			469,906
Berendsen PLC		62,940			1,050,383
BHP Billiton PLC		12,885			403,982
Cambian Group PLC *		43,255			164,946
Entertainment One Ltd. *		194,040			966,313
GlaxoSmithKline PLC		17,795			477,553
HSBC Holdings PLC		50,492			532,608
Kingfisher PLC		75,710			498,622
Liberty Global PLC, Series C *		39,615			1,695,522
Meggitt PLC		90,890			738,039
Rio Tinto PLC		6,050			310,271
Standard Chartered PLC		17,705			398,627
Stock Spirits Group PLC *		262,019			1,338,445
TE Connectivity Ltd.		10,805			642,465

					9,687,682

United States—55.3%
Activision Blizzard, Inc.		29,395			610,828
Allstate Corp., (The)		21,185			1,234,238
Amgen, Inc.		7,785			902,982
Apple, Inc.		2,905			1,838,865
Avnet, Inc.		12,140			528,940
BB&T Corp.		17,820			675,734
Berkshire Hathaway, Inc., Class B *		6,970			894,530
Berry Plastics Group, Inc. *		37,235			879,118
Capital One Financial Corp.		16,855			1,329,691
Cardinal Health, Inc.		9,585			676,988


	Number of Shares			Value
United States—(continued)
CBS Corp., Class B non-voting shares		12,470	$		743,337
Comcast Corp., Class A		33,120			1,728,864
Crane Co.		11,830			876,721
Crown Holdings, Inc. *		14,550			710,768
CVR Partners LP		26,415			507,696
CVS Caremark Corp.		25,810			2,021,439
Dover Corp.		6,920			603,286
EMC Corp.		26,900			714,464
Energen Corp.		4,285			365,853
EOG Resources, Inc.		3,410			360,778
EQT Corp.		4,860			519,437
Exxon Mobil Corp.		8,045			808,764
Fifth Third Bancorp		40,730			842,704
Graphic Packaging Holding Co. *		128,155			1,408,423
Honeywell International, Inc.		11,635			1,083,800
International Paper Co.		15,980			761,127
Johnson & Johnson		12,725			1,291,079
JPMorgan Chase & Co.		11,280			626,830
Lear Corp.		13,315			1,172,386
Macy’s, Inc.		21,075			1,262,182
Marathon Petroleum Corp.		4,680			418,345
McKesson Corp.		7,825			1,483,933
Microsoft Corp.		52,235			2,138,501
Norfolk Southern Corp.		6,920			697,190
Occidental Petroleum Corp.		8,675			864,811
Pfizer, Inc.		30,940			916,752
Phillips 66		5,915			501,533
QEP Resources, Inc.		16,590			529,885
Rice Energy, Inc. *		14,595			463,099
Tenneco, Inc. *		7,895			503,306
Universal Health Services, Inc., Class B		8,940			800,756
Wells Fargo & Co.		14,350			728,693
Western Digital Corp.		10,145			891,238
Western Refining, Inc.		11,450			469,679

					39,389,573

TOTAL COMMON STOCK (Cost $64,578,227)					69,969,634


		Value
TOTAL INVESTMENTS—98.3% (Cost $64,578,227)**	$		69,969,634


OTHER ASSETS IN EXCESS OF LIABILITIES—1.7%			1,209,466

NET ASSETS—100.0%	$		71,179,100


LP	—	Limited Partnership
PLC	—	Public Limited Company
REIT	—	Real Estate Investment Trust
*	—	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	$	64,578,227

Gross unrealized appreciation	$	5,909,375
Gross unrealized depreciation		(517,968	)

Net unrealized appreciation	$	5,391,407

A summary of the inputs used to value the Fund’s investments as of May 31, 2014 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—92.6%

Australia—1.4%
Australia & New Zealand Banking Group Ltd.		3,760	$		117,468
Nine Entertainment Co. Holdings Ltd. *		40,370			83,141

					200,609


Belgium—1.3%
Ageas		4,155			174,783


Canada—1.6%
Canadian Natural Resources Ltd.		2,795			113,754
Suncor Energy, Inc.		2,715			104,489

					218,243


China—0.9%
Shenzhou International Group Holdings Ltd.		34,000			118,743


Denmark—0.5%
Carlsberg A/S, Class B		675			70,413


France—13.1%
Atos		3,195			287,283
AXA SA		5,700			140,881
Cap Gemini SA		3,550			258,261
Havas SA		8,810			75,903
LISI		635			97,813
Publicis Groupe SA		1,205			104,045
Safran SA		3,665			248,827
Sanofi		2,180			233,072
Tarkett SA *		1,830			76,593
Teleperformance SA		2,300			143,986
Total SA		2,100			147,435

					1,814,099


Germany—12.7%
Allianz SE, Registered Shares		1,420			241,229
Aurelius AG		7,245			268,445
Bayer AG, Registered Shares		1,630			235,945
Bayerische Motoren Werke AG		1,780			223,482
Fresenius SE & Co. KGaA		2,480			370,064
Henkel AG & Co. KGaA		2,000			202,886


	Number
	of Shares			Value

Germany—(continued)
Muenchener Rueckversicherungs AG, Registered Shares		325	$		72,106
NORMA Group AG		2,596			141,559

					1,755,716


Hong Kong—5.1%
AMVIG Holdings Ltd.		188,000			70,719
Cheung Kong Holdings Ltd.		12,000			214,806
Hutchison Whampoa Ltd.		10,000			134,391
Lenovo Group Ltd.		110,000			136,511
SJM Holdings Ltd.		54,000			155,371

					711,798


Ireland—2.1%
Greencore Group PLC		22,255			108,733
Smurfit Kappa Group PLC *		7,715			186,246

					294,979


Japan—12.9%
Aisin Seiki Co Ltd.		2,000			73,069
Brother Industries Ltd.		5,000			79,609
Hogy Medical Co Ltd.		2,100			112,633
Inpex Corp.		11,900			172,382
ITOCHU Corp.		10,000			118,720
Kaken Pharmaceutical Co. Ltd.		6,000			119,947
Lintec Corp.		9,800			181,557
Nippon Telegraph & Telephone Corp.		1,800			106,563
Nippon Television Holdings, Inc.		4,300			69,784
Seven & I Holdings Co. Ltd.		2,900			116,474
Softbank Corp.		2,110			153,384
Toho Holdings Co. Ltd.		6,300			121,999
Toyota Motor Corp.		4,200			237,871
TS Tech Co. Ltd.		4,200			113,207

					1,777,199


Netherlands—1.8%
Aegon NV		13,070			113,564
Koninklijke Ahold NV		7,726			140,498

					254,062


Singapore—1.7%
OSIM International Ltd.		38,000			84,896


	Number
	of Shares			Value

Singapore—(continued)
United Overseas Bank Ltd.		8,000	$		144,016

					228,912


South Korea—2.3%
Hyundai Motor Co.		470			103,643
Samsung Electronics Co. Ltd.		100			141,657
SK Telecom Co. Ltd.		355			76,306

					321,606


Switzerland—10.1%
Aryzta AG		735			68,612
Georg Fischer AG, Registered Shares *		390			294,314
Novartis AG, Registered Shares		4,250			382,390
Roche Holding AG, Participation Certificate		1,475			434,760
Swiss Re AG		1,500			133,485
Zurich Insurance Group AG		260			78,099

					1,391,660


Taiwan—2.2%
Delta Electronics, Inc.		17,000			110,817
MediaTek, Inc.		12,000			195,170

					305,987


United Kingdom—22.9%
Alent PLC		21,990			119,425
Berendsen PLC		17,635			294,304
BHP Billiton PLC		5,375			168,522
Cambian Group PLC *		8,420			32,108
Daily Mail & General Trust PLC, Class A		4,320			63,086
DS Smith PLC		25,690			136,943
Entertainment One Ltd. *		47,375			235,926
GlaxoSmithKline PLC		6,175			165,715
HSBC Holdings PLC		19,290			203,478
Intercontinental Hotels Group PLC		1,972			78,158
Kingfisher PLC		24,565			161,784
Liberty Global PLC, Series C *		7,880			337,264
Meggitt PLC		20,827			169,118
Rexam PLC		19,080			170,162
Rio Tinto PLC		1,960			100,517
Royal Dutch Shell PLC, Class A		4,995			196,418
Standard Chartered PLC		6,810			153,327


	Number
	of Shares			Value

United Kingdom—(continued)
Stock Spirits Group PLC *		56,818	$		290,238
WPP PLC		4,325			93,533

					3,170,026

TOTAL COMMON STOCK (Cost $ 10,323,708)					12,808,835


TOTAL INVESTMENTS—92.6% (Cost $ 10,323,708)**					12,808,835


OTHER ASSETS IN EXCESS OF LIABILITIES—7.4%					1,017,191


NET ASSETS—100.0%			$		13,826,026

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	$	10,323,708

Gross unrealized appreciation	$	2,601,131
Gross unrealized depreciation		(116,004)

Net unrealized appreciation	$	2,485,127

A summary of the inputs used to value the Fund’s investments as of May 31, 2014 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
LONG POSITIONS—96.3%
COMMON STOCK—96.3%
Australia—0.4%
Valence Industries Ltd. *		163,643	$		71,578

					71,578

Bermuda—0.7%
Validus Holdings Ltd. †		3,663			136,740

					136,740

Canada—0.6%
Canadian Natural Resources Ltd.†		2,390			97,271
Stornoway Diamond Corp. *		45,000			30,296

					127,567

France—5.0%
AtoS †		2,594			233,243
AXA SA †		3,592			88,780
LISI		559			86,107
Safran SA †		4,254			288,817
Sanofi †		1,691			180,791
Teleperformance †		1,602			100,290

					978,028

Germany—6.4%
Allianz SE, Registered Shares †		1,277			216,936
Aurelius AG †		7,918			293,382
Bayerische Motoren Werke AG †		1,701			213,563
Fresenius SE & Co. KGaA †		1,860			277,548
Henkel AG & Co. KGaA †		1,649			167,280
Norma Group SE †		1,708			93,137

					1,261,846

Hong Kong—1.8%
Cheung Kong Holdings Ltd.		5,000			89,502
Hutchison Whampoa Ltd.		7,000			94,074
SJM Holdings Ltd.		58,000			166,880

					350,456

Ireland—0.5%
Greencore Group PLC †		19,923			97,339

					97,339

Japan—6.8%
Inpex Corp.		10,900			157,896
ITOCHU Corp.		12,300			146,025
Lintec Corp.		10,800			200,083
Seven & I Holdings Co., Ltd.		3,300			132,539
SoftBank Corp.		2,500			181,735
Toho Holdings Co., Ltd.		6,400			123,935
Toyota Motor Corp.		4,800			271,853


	Number
	of Shares			Value
Japan—(continued)
TS Tech Co., Ltd.		4,600	$		123,989

					1,338,055

South Korea—0.5%
Samsung Electronics Co., Ltd.		77			109,076

					109,076

Switzerland—6.0%
ACE Ltd. †		1,664			172,573
Georg Fischer AG, Registered Shares * †		391			295,069
Novartis AG, Registered Shares †		3,209			288,727
Roche Holding AG, Participation Certificate †		1,462			430,928

					1,187,297

Taiwan—0.9%
MediaTek, Inc.		11,000			178,905

					178,905

United Kingdom—12.9%
Alent PLC		22,302			121,119
Berendsen PLC †		16,790			280,202
BHP Billiton PLC †		3,448			108,105
Cambian Group PLC *		11,951			45,573
Entertainment One Ltd. * †		52,747			262,678
GlaxoSmithKline PLC		4,917			131,954
HSBC Holdings PLC †		13,519			142,603
Kingfisher PLC		20,866			137,422
Liberty Global PLC, Series C * †		10,715			458,602
Meggitt PLC †		24,380			197,969
Melrose Industries PLC		—			2
Standard Chartered PLC †		4,737			106,653
Stock Spirits Group PLC * †		71,226			363,837
TE Connectivity Ltd. †		3,005			178,677

					2,535,396

United States—53.8%
Activision Blizzard, Inc. †		7,950			165,201
Allstate Corp., (The) †		5,738			334,296
Amgen, Inc. †		2,121			246,015
Apple, Inc. †		793			501,969
Avnet, Inc. †		3,321			144,696
BB&T Corp. †		4,770			180,878
Berkshire Hathaway, Inc., Class B * †		1,868			239,739
Berry Plastics Group, Inc. * †		9,881			233,290
Capital One Financial Corp. †		4,559			359,660


	Number of Shares			Value
United States—(continued)
Cardinal Health, Inc. †		2,479	$		175,092
CBS Corp., Class B non-voting shares †		3,485			207,741
Comcast Corp., Class A †		9,264			483,581
Crane Co. †		2,963			219,588
Crown Holdings, Inc. * †		3,186			155,636
CVR Partners LP †		6,716			129,082
CVS Caremark Corp. †		6,812			533,516
Dover Corp. †		1,836			160,063
EMC Corp. †		7,353			195,296
Energen Corp. †		1,162			99,212
EOG Resources, Inc.		839			88,766
EQT Corp.		1,322			141,295
Exxon Mobil Corp. †		2,195			220,663
Fifth Third Bancorp †		11,058			228,790
Graphic Packaging Holding Co. * †		34,659			380,902
Honeywell International, Inc. †		3,174			295,658
International Paper Co. †		4,312			205,381
Johnson & Johnson †		3,415			346,486
JPMorgan Chase & Co. †		3,077			170,989
Lear Corp. †		3,506			308,703
Macy’s, Inc. †		5,717			342,391
Marathon Petroleum Corp. †		1,283			114,687
McKesson Corp. †		2,096			397,486
Microsoft Corp. †		14,243			583,108
Norfolk Southern Corp. †		1,890			190,418
Occidental Petroleum Corp. †		2,361			235,368
Pfizer, Inc. †		8,592			254,581
Phillips 66 †		1,568			132,951
QEP Resources, Inc. †		4,510			144,049
Rice Energy, Inc. * †		3,894			123,557
Tenneco, Inc. * †		2,119			135,086
Universal Health Services, Inc., Class B †		2,374			212,639
Wells Fargo & Co. †		3,917			198,905
Western Digital Corp. †		2,770			243,345


	Number of Shares			Value
United States—(continued)
Western Refining, Inc. †		3,105	$		127,367

					10,588,122

TOTAL COMMON STOCK (Cost $18,418,702)					18,960,405

TOTAL INVESTMENTS—96.3% (Cost $18,418,702)**					18,960,405

SECURITIES SOLD SHORT—(49.5%)
COMMON STOCK—(49.5%)
Australia—(0.5%)
Commonwealth Bank of Australia		(1,304)			(99,203	)

					(99,203	)

Austria—(0.2%)
Andritz AG		(552)			(32,879	)

					(32,879	)

Bermuda—(0.3%)
Energy XXI Bermuda Ltd.		(3,000)			(64,350	)

					(64,350	)

Canada—(1.3%)
ShawCor Ltd.		(2,471)			(125,293	)
Teck Resources Ltd., Class B		(3,812)			(84,973	)
Ultra Petroleum Corp. *		(1,887)			(50,987	)

					(261,253	)

China—(0.5%)
Mindray Medical International Ltd. - ADR		(2,861)			(88,777	)

					(88,777	)

Denmark—(0.2%)
William Demant Holding A/S *		(516)			(46,400	)

					(46,400	)

Finland—(0.6%)
Konecranes OYJ		(3,867)			(124,212	)

					(124,212	)

France—(3.0%)
Bureau Veritas SA		(3,833)			(115,594	)
Dassault Systemes		(567)			(71,962	)
Hermes International		(310)			(109,856	)
LVMH Moet Hennessy Louis Vuitton SA - Unsponsored ADR		(2,106)			(84,114	)
Remy Cointreau SA		(1,374)			(127,363	)
SEB SA		(821)			(74,077	)

					(582,966	)

Germany—(2.6%)
Adidas AG		(487)			(52,309	)


	Number of Shares				Value
Germany—(continued)
Beiersdorf AG		(1,162	)	$		(117,426	)
Carl Zeiss Meditec AG		(2,390	)			(71,446	)
Hochtief AG		(991	)			(90,209	)
K+S AG, Registered Shares		(1,469	)			(51,127	)
Pfeiffer Vacuum Technology AG		(830	)			(90,505	)
SGL Carbon SE *		(1,084	)			(37,010	)

						(510,032	)

Hong Kong—(1.6%)
AAC Technologies Holdings, Inc.		(16,000	)			(94,607	)
ASM Pacific Technology, Ltd.		(8,200	)			(91,858	)
Vtech Holdings Ltd.		(8,800	)			(118,386	)

						(304,851	)

India—(0.9%)
HDFC Bank Ltd. - ADR		(2,367	)			(106,586	)
Infosys Ltd. - Sponsored ADR		(1,215	)			(62,487	)

						(169,073	)

Indonesia—(0.4%)
Semen Indonesia Persero Tbk PT		(3,170	)			(81,437	)

						(81,437	)

Italy—(0.3%)
Prada SpA		(8,800	)			(65,882	)

						(65,882	)

Japan—(3.9%)
Electric Power Development Co., Ltd.		(3,400	)			(101,166	)
Hisamitsu Pharmaceutical Co., Inc.		(3,400	)			(138,514	)
Keikyu Corp.		(15,000	)			(120,872	)
Nikon Corp.		(5,700	)			(90,698	)
Nintendo Co., Ltd.		(800	)			(93,548	)
Tohoku Electric Power Co., Inc.		(13,500	)			(143,755	)
Toyo Seikan Group Holdings Ltd.		(5,400	)			(79,990	)

						(768,543	)

Luxembourg—(0.3%)
Millicom International Cellular SA - SDR		(620	)			(57,318	)

						(57,318	)

New Zealand—(0.4%)
Ryman Healthcare Ltd.		(10,526	)			(74,410	)

						(74,410	)

Spain—(0.7%)
Banco Santander SA		(7,898	)			(80,873	)
Banco Santander SA *		(3,623	)			(741	)


	Number of Shares				Value
Spain—(continued)
Viscofan SA		(1,032	)	$		(59,196	)

						(140,810	)

Sweden—(0.6%)
Elekta AB, Class B		(9,284	)			(120,248	)

						(120,248	)

Switzerland—(1.8%)
Julius Baer Group Ltd.		(2,195	)			(95,107	)
Panalpina Welttransport Holding AG, Registered Shares		(662	)			(107,872	)
SGS SA		(64	)			(160,646	)

						(363,625	)

Thailand—(1.0%)
Siam Cement PCL, (The)		(6,000	)			(76,479	)
Siam Commercial Bank PCL, (The)		(25,100	)			(121,819	)

						(198,298	)

United Kingdom—(2.4%)
Aberdeen Asset Management PLC		(10,072	)			(75,274	)
Diageo PLC		(4,195	)			(135,071	)
G4S PLC		(19,943	)			(83,657	)
Michael Page International PLC		(12,124	)			(93,285	)
Ocado Group PLC *		(14,110	)			(91,668	)

						(478,955	)

United States—(26.0%)
3D Systems Corp. *		(1,573	)			(79,672	)
ABIOMED, Inc. *		(3,172	)			(72,322	)
Air Products & Chemicals, Inc.		(738	)			(88,538	)
American Axle & Manaufacturing Holdings, Inc. *		(3,404	)			(63,110	)
Angie’s List, Inc. *		(3,640	)			(38,766	)
athenahealth, Inc. *		(359	)			(45,561	)
Blackbaud, Inc.		(2,100	)			(71,925	)
Buffalo Wild Wings, Inc. *		(491	)			(70,954	)
Cabela’s, Inc. *		(2,171	)			(132,930	)
Cabot Oil & Gas Corp.		(2,791	)			(101,146	)
CarMax, Inc. *		(3,208	)			(142,146	)
Carrizo Oil & Gas, Inc. *		(684	)			(39,303	)
Caterpillar, Inc.		(647	)			(66,143	)
Cheesecake Factory, Inc. (The)		(1,737	)			(79,676	)
Clorox Co.(The)		(554	)			(49,649	)
Community Bank System, Inc.		(1,398	)			(49,643	)


	Number of Shares				Value
United States—(continued)
Compass Minerals International, Inc.		(1,268	)	$		(117,911	)
Concur Technologies, Inc. *		(860	)			(73,418	)
Continental Resources, Inc. *		(1,093	)			(153,413	)
Eaton Vance Corp.		(3,519	)			(130,731	)
FactSet Research Systems, Inc.		(489	)			(52,391	)
Fastenal Co.		(1,536	)			(74,880	)
First Financial Bankshares, Inc.		(1,983	)			(117,949	)
Greenhill & Co., Inc.		(2,429	)			(120,770	)
Guess?, Inc.		(4,519	)			(115,235	)
Health Net, Inc./CA *		(1,871	)			(74,803	)
Hittite Microwave Corp.		(1,322	)			(77,734	)
HollyFrontier Corp.		(1,898	)			(93,477	)
Insulet Corp. *		(1,784	)			(65,348	)
Interface, Inc.		(3,474	)			(63,366	)
International Rectifier Corp. *		(3,389	)			(90,893	)
Intrepid Potash, Inc. *		(6,547	)			(106,127	)
J.B. Hunt Transport Services, Inc.		(719	)			(55,838	)
Krispy Kreme Doughnuts Inc. *		(3,571	)			(67,278	)
L Brands, Inc.		(718	)			(41,206	)
Lululemon Athletica, Inc. *		(1,596	)			(71,229	)
Matador Resources Co. *		(1,774	)			(44,137	)
Mattel, Inc.		(1,977	)			(76,767	)
Mondelez International Inc.		(1,791	)			(67,377	)
Monro Muffler Brake, Inc.		(2,952	)			(159,438	)
Monster Beverage Corp. *		(876	)			(60,777	)
National Instruments Corp.		(4,242	)			(121,491	)
Netflix, Inc. *		(130	)			(54,318	)
NetSuite, Inc. *		(911	)			(73,326	)
NewMarket Corp.		(244	)			(95,528	)
Panera Bread Co., Class A *		(616	)			(94,624	)
Plum Creek Timber Co., Inc.		(2,256	)			(101,746	)
Quiksilver, Inc. *		(8,288	)			(49,231	)
Raven Industries, Inc.		(2,889	)			(90,570	)
ResMed, Inc.		(1,773	)			(88,756	)
Rollins, Inc.		(2,173	)			(66,646	)
Sally Beauty Holdings, Inc. *		(2,084	)			(53,392	)
Seattle Genetics, Inc. *		(1,885	)			(62,902	)
Snyders-Lance, Inc.		(2,611	)			(70,967	)
Trex Co., Inc. *		(1,619	)			(50,043	)
Trustmark Corp.		(3,018	)			(69,867	)
UMB Financial Corp.		(1,189	)			(65,633	)
Under Armour, Inc., Class A *		(1,629	)			(82,737	)


	Number of Shares				Value
United States—(continued)
United Bankshares, Inc.		(1,774	)	$		(53,752	)
Vulcan Materials Co.		(1,123	)			(68,469	)
W.W. Grainger, Inc.		(271	)			(70,018	)
Wausau Paper Corp.		(10,091	)			(107,368	)
Weatherford International Ltd. *		(5,136	)			(111,400	)
Westamerica Bancorporation		(1,033	)			(50,586	)

						(5,117,347	)

TOTAL COMMON STOCK (Proceeds $9,732,175)						(9,750,869	)

TOTAL SECURITIES SOLD SHORT —(49.5%) (Proceeds $9,732,175)						(9,750,869	)

OTHER ASSETS IN EXCESS OF LIABILITIES—53.2%						10,484,503

NET ASSETS—100.0%				$		19,694,039


ADR	—	American Depositary Receipt
PLC	—	Public Limited Company
*	—	Non-income producing.
†	—	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
**	—	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	$	18,418,702

Gross unrealized appreciation	$	645,161
Gross unrealized depreciation		(103,458	)

Net unrealized appreciation	$	541,703

A summary of the inputs used to value the Fund’s investments as of May 31, 2014 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 Boston Partners Global Equity Fund (“BP Global Equity Fund”), Robeco Boston Partners International Equity Fund (“BP International Equity Fund”), Robeco Boston Partners Global Long/Short Fund (“BP Global Long/Short Fund”) (collectively “BP Funds”), and Robeco WPG Small/Micro Cap Value Fund (“WPG Small/Micro Cap Value Fund”), (each a “Fund,” collectively the “Funds”) net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by a Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Fixed income securities having a remaining maturity of 60 days or less are valued at amortized cost which approximates market value. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as disclosed in their prospectuses). 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 Company’s Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant. The 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 May 31, 2014 is included in each Fund’s Portfolio of Investments.

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 pricing are categorized as Level 2 in the hierarchy. For the BP Global Equity Fund and the BP International Equity Fund, securities with an end of period value of $1,103,979 and $339,164, respectively, transferred from Level 1 into Level 2. These transfers occurred as a result of these securities being valued utilizing the international fair value pricing at May 31, 2014.

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 May 31, 2014 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 Global Long/Short 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.

Contracts for Difference — The BP Global Long/Short Fund and BP Long/Short Research Fund (for this section only, each a “Fund”) may enter into Contracts for Differences (“CFDs”). CFDs are leveraged derivative instruments that allow a Fund to take a position on the change in the market price of an underlying asset, such as a stock, or the value of an index or currency exchange rate. With a short CFD, a Fund is seeking to profit from falls in the market price of the asset. CFDs are subject to liquidity risk because the liquidity of CFDs is based on the liquidity of the underlying instrument, and are subject to counterparty risk, i.e., the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its financial obligations under the terms of the contract. It is also possible that the market price of the CFD will move between the time the order is placed by a Fund and when it is executed by the issuer, which can result in the trade being executed at a less favorable price. CFDs, like many other derivative instruments, involve the risk that, if the derivative security declines in value, additional margin would be required to maintain the margin level. The seller may require a Fund to deposit additional sums to cover this decline in value, and the margin call may be at short notice. If additional margin is not provided in time, the seller may liquidate the positions at a loss for which a Fund is liable. The potential for margin calls and large losses are much greater in CFDs than in other leveraged products. Most CFDs are traded over-the-counter. CFDs are not registered with the SEC or any U.S. regulator, and are not subject to U.S. regulation. In a short position, the Fund will receive or pay an amount based upon the amount, if any, by which the notional amount of the CFD would have decreased or increased in value had it sold the particular stocks short, less the dividends that would have been paid on those stocks, plus a floating rate of interest on the notional amount of the CFD. All of these components are reflected in the market value of the CFD.

CFDs are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as an unrealized gain or loss in the Statement of Operations. Periodic payments made or received are recorded as realized gains or losses. Entering into CFDs involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these contracts, that the counterparty to the contract may default on its obligation to perform and that there may be unfavorable changes in market conditions. CFDs outstanding at period end, if any, are listed on the Schedule of Investments. In connection with CFDs, cash or securities may be segregated as collateral by the Funds’ custodian. As of May 31, 2014, the BP Global Long/Short Fund held CFDs.

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 May 31, 2014, 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 — 82.4%
CONSUMER DISCRETIONARY—20.8%
Advance Auto Parts, Inc.^		1,665	$	206,743
Aeropostale, Inc.*^		49,121		192,063
Brookfield Residential Properties, Inc.*†^		29,174		589,315
Charter Communications, Inc., Class A*^		12,200		1,746,308
Chipotle Mexican Grill, Inc.*^		604		330,442
ClubCorp Holdings, Inc.		6,350		111,696
Crocs, Inc.*		7,700		114,960
Dalata Hotel Group PLC (Ireland)*		87,904		347,498
Expedia, Inc.		3,100		227,229
Garmin Ltd.†		10,079		593,753
GNC Holdings, Inc., Class A		390		14,399
Goodyear Tire & Rubber Co., (The)		7,137		188,203
Home Depot, Inc. (The)		2,564		205,710
HomeAway, Inc.*^		16,267		501,024
JC Penney Co., Inc.*^		32,913		295,888
La Quinta Holdings, Inc.*^		39,997		722,346
Lee Enterprises, Inc.*^		200,000		816,000
Lennar Corp., Class A^		22,484		919,596
Liberty Interactive Corp., Class A*^		17,000		495,210
Liberty Ventures, Class A*^		34,800		2,310,720
Loral Space & Communications, Inc.*^		9,350		676,379
Netflix, Inc.*		859		358,916
Nexstar Broadcasting Group, Inc., Class A		3,330		154,712
Perry Ellis International, Inc.*^		18,810		318,453
Polaris Industries, Inc.^		1,418		182,809
Priceline Group, Inc. (The)*		85		108,684
Quiksilver, Inc.*^		50,116		297,689
Restoration Hardware Holdings, Inc.*^		7,538		501,126
Select Comfort Corp.*		7,390		137,011
SFX Entertainment, Inc.*^		126,953		929,296
Skechers U.S.A., Inc., Class A*		3,330		148,185
Smith & Wesson Holding Corp.*^		12,710		201,835
Sony Corp. - Sponsored ADR^		10,382		167,981
Starbucks Corp.^		1,219		89,280
Starz, Class A*		1,731		52,969
Tile Shop Holdings, Inc.*		7,900		117,868
Time Warner, Inc.		2,607		182,047
Toll Brothers, Inc.*^		23,462		849,794
Whirlpool Corp.		862		123,740
William Lyon Homes, Class A*^		27,300		717,717
Wolverine World Wide, Inc.^		14,538		376,098
Yellow Media Ltd. (Canada)*		10,000		190,907
Zulily, Inc., Class A*		13,100		454,963

				18,267,562

CONSUMER STAPLES—1.3%
Coca-Cola Central Japan Co. Ltd. (Japan)		15,000		355,886
Costco Wholesale Corp.		1,094		126,926


	NUMBER
	OF SHARES		VALUE
CONSUMER STAPLES—(CONTINUED)
Estee Lauder Cos., Inc. (The), Class A		391	$	29,958
Limoneira Co.		7,710		180,414
Wal-Mart Stores, Inc.		3,295		252,957
WhiteWave Foods Co. (The), Class A*		6,000		188,940

				1,135,081

ENERGY—0.9%
Frontline 2012 Ltd. (Bermuda)		60,000		477,610
Knightsbridge Tankers Ltd.†		22,000		291,280

				768,890

FINANCIALS—7.9%
Alexander & Baldwin, Inc.		7,423		281,406
Altisource Portfolio Solutions SA*†		1,172		129,166
American International Group, Inc.^		3,670		198,437
Bank Mutual Corp.		43,960		266,398
Berkshire Hathaway, Inc., Class B*		2,000		256,680
BSB Bancorp, Inc.*		3,630		64,396
Capital & Counties Properties, PLC (United Kingdom)		69,872		396,277
Capital Bank Financial Corp., Class A*^		8,451		205,021
Citigroup, Inc.		3,688		175,438
Dream Unlimited Corp. - Class A (Canada)*		34,411		457,946
Fox Chase Bancorp, Inc.^		5,868		94,181
Genworth Financial, Inc., Class A*^		8,480		144,075
Hampden Bancorp, Inc.^		16,481		267,157
Healthcare Trust of America, Inc.*		21,653		262,001
Heritage Commerce Corp.^		20,630		166,278
HomeStreet, Inc.		2,360		42,291
Howard Hughes Corp., (The)*^		4,623		684,573
ICG Group, Inc.*^		22,496		434,623
Irish Residential Properties REIT PLC (Ireland)*		392,345		540,177
Metro Bancorp, Inc.*		8,410		183,758
National Bank Holdings Corp., Class A		13,010		254,606
Ocean Shore Holding Co.^		20,780		306,505
Pacific Mercantile Bancorp*^		49,809		333,222
Realogy Holdings Corp.*		4,380		162,848
Unite Group PLC (United Kingdom)		45,663		323,237
Urban & Civic (United Kingdom)*		22,200		92,098
ViewPoint Financial Group		9,014		223,998

				6,946,793

HEALTH CARE—0.4%
Angiotech Pharmaceuticals, Inc.†r		14,450		210,126
Perrigo Co., PLC†		770		106,414

				316,540


	NUMBER
	OF SHARES		VALUE
INDUSTRIALS—9.7%
3M Co.^		1,430	$	203,846
Air Canada, Class B (Canada)*		6,400		51,904
Ashtead Group PLC (United Kingdom)		40,000		591,212
Baltic Trading Ltd.†^		119,400		765,354
Danaher Corp.		2,575		201,957
FedEx Corp.^		2,195		316,431
Golden Ocean Group Ltd. (Bermuda)		240,000		436,570
H&E Equipment Services, Inc.*		8,100		280,665
Hawaiian Holdings, Inc.*		25,000		386,000
HD Supply Holdings, Inc.*^		17,000		446,590
Hertz Global Holdings, Inc.*^		32,000		944,640
Nielsen Holdings NV*^		4,080		196,901
Owens Corning		8,500		348,585
Paragon Shipping, Inc., Class A*†		68,300		379,748
RPX Corp.*^		35,794		581,652
Safe Bulkers, Inc.*		38,500		311,850
United Rentals, Inc.*^		16,500		1,667,325
USG Corp.*^		15,000		449,700

				8,560,930

INFORMATION TECHNOLOGY—23.1%
Ambarella, Inc.*		11,141		288,998
Apple, Inc.^		1,665		1,053,945
Attunity Ltd.*†		13,690		118,145
Blackberry Ltd. (Canada)*		11,500		87,400
BroadSoft, Inc.*^		13,439		289,879
CommScope Holding Co., Inc.*		38,000		1,004,720
eBay, Inc.*^		10,967		556,356
EchoStar Corp., Class A*^		29,900		1,526,993
Facebook, Inc., Class A*		3,600		227,880
Gigamon, Inc.*		22,067		375,360
Hewlett-Packard Co.		12,476		417,946
Himax Technologies, Inc. - ADR		6,738		44,673
JinkoSolar Holding Co. Ltd. - ADR*		17,507		490,721
Kofax Ltd.*		13,630		111,766
LinkedIn Corp., Class A*		630		100,857
LogMein*		9,358		398,370
Marketo, Inc.*^		30,001		695,423
MercadoLibre, Inc.†		2,496		212,335
Microsoft Corp.		5,150		210,841
NXP Semiconductor NV*†		10,158		630,812
OpenTable, Inc.*^		1,698		115,040
Optimal Payments, PLC (United Kingdom)*		262,000		1,700,657
Palo Alto Networks, Inc.*^		7,368		551,937
Polycom, Inc.*^		42,138		537,260
Proofpoint, Inc.*^		16,261		519,051
Qihoo 360 Technology Co., - Ltd. ADR*		5,522		507,085
QUALCOMM, Inc.		1,200		96,540
Rackspace Hosting, Inc.*		7,798		284,549
Rambus, Inc.*^		39,323		475,808
Sabre Corp.*		28,000		537,600
Salesforce.com, Inc.*		6,739		354,674
ServiceNow, Inc.*		7,005		366,432


	NUMBER
	OF SHARES		VALUE
INFORMATION TECHNOLOGY—(CONTINUED)
Silicon Motion Technology Corp., ADR^		82,739	$	1,372,640
Spansion, Inc., Class A*^		28,999		552,431
Tech Data Corp.*		1,970		117,235
Teradyne, Inc.^		29,800		530,440
Xcerra Corp.*^		144,560		1,395,004
Yahoo!, Inc.*^		19,989		692,619
YY, Inc. - ADR*		12,201		794,407

				20,344,829

MATERIALS—4.9%
Alcoa, Inc.		39,632		539,392
Constellium NV, Class A*†		40,900		1,191,826
Graphic Packaging Holding Co.*^		110,000		1,208,900
Noranda Aluminum Holding Corp.		120,000		376,800
Owens-Illinois, Inc.*^		15,000		498,450
Potash Corp. of Saskatchewan, Inc.†		2,731		99,190
Smurfit Kappa Group, PLC (Ireland)*		17,900		432,119

				4,346,677

REAL ESTATE INVESTMENT TRUSTS—12.0%
Alexandria Real Estate Equities, Inc.^		9,932		755,726
American Campus Communities, Inc.^		10,783		418,812
Avalonbay Communities, Inc.^		5,938		842,246
Boston Properties, Inc.^		3,102		374,349
Brookfield Canada Office Properties (Canada)		12,301		299,726
CommonWealth REIT^		25,481		670,405
DiamondRock Hospitality Co.		19,300		239,706
Equity Lifestyle Properties, Inc.^		7,780		340,297
Excel Trust, Inc.		13,425		177,210
Green REIT, PLC (Ireland)*		421,178		706,183
Health Care REIT, Inc.		9,500		600,685
Host Hotels & Resorts, Inc.^		14,807		326,790
Klepierre (France)		9,406		456,757
Lar Espana Real Estate Socimi SA (Spain)*		27,227		370,405
Mack-Cali Realty Corp.		14,505		315,484
Parkway Properties, Inc.^		41,804		834,826
Post Properties, Inc.^		13,760		703,824
Prologis, Inc.^		22,029		914,424
Retail Opportunity Investments Corp.		22,055		348,469
Rouse Properties^		15,770		257,366
Spirit Realty Capital, Inc.^		51,233		578,421

				10,532,111

TELECOMMUNICATION SERVICES—1.4%
Globalstar, Inc.*		40,000		138,400
inContact, Inc.*^		92,217		781,078
Verizon Communications, Inc.		6,105		305,006

				1,224,484

TOTAL COMMON STOCKS (Cost $63,215,076)				72,443,897


	NUMBER
	OF SHARES	VALUE
EXCHANGE TRADED FUNDS — 10.0%
CURRENCY—0.1%
ProShares UltraShort Yen*	1,770	$	116,094

EQUITY—9.8%
iShares Core Total US Bond Market ETF^	51,111		5,605,343
iShares International Select Dividend ETF	69,858		2,822,263
ProShares UltraShort Russell 2000*	1,460		69,934
SPDR S&P Regional Banking ETF	2,646		101,316

			8,598,856

OTHER—0.1%
AP Alternative Assets LP*	3,288		109,951

TOTAL EXCHANGE TRADED FUNDS (Cost $8,693,392)			8,824,901


	PAR (000’S)
FOREIGN GOVERNMENT NOTE — 0.0%
Canadian Government Bond 3.000% 12/01/15	CAD 10		9,495

TOTAL FOREIGN GOVERNMENT NOTE (Cost $10,101)			9,495

U.S. TREASURY NOTE — 0.1%
2.625% 04/30/16^	$100		104,363

TOTAL U.S. TREASURY NOTE (Cost $101,233)			104,363


	UNITS
WARRANTS — 0.2%
FINANCIALS—0.2%
PNC Financial Services Group, Inc. (The)*	4,970		115,950

TOTAL WARRANTS (Cost $109,950)			115,950


	NUMBER
	OF
	CONTRACTS
PURCHASED OPTIONS — 0.6%
CALL OPTIONS PURCHASED — 0.5%
Aloca, Inc. Expires 01/17/15 Strike Price $15	600		37,800
BlackBerry Ltd. Expires 01/17/15 Strike Price $12	650		16,900
Constellium NV Expires 11/22/14 Strike Price $30	440		95,040
Graphic Packaging Holding Co. Expires 06/21/14 Strike Price $10	800		80,000


	NUMBER
	OF
	CONTRACTS	VALUE
Hertz Global Holdings, Inc. Expires 06/21/14 Strike Price $30	450	$	29,250
Knightsbridge Tankers Ltd. Expires 09/20/14 Strike Price $15	800		58,000
United Rentals, Inc. Expires 07/19/14 Strike Price $105	125		38,750
USG Corp. Expires 08/16/14 Strike Price $32	125		11,875
Yelp, Inc. Expires 07/19/14 Strike Price $75	230		51,175

TOTAL CALL OPTIONS PURCHASED (Cost $577,732)			418,790

PUT OPTIONS PURCHASED — 0.1%
AmTrust Financial Services, Inc. Expires 06/21/14 Strike Price $25	170		1,700
Energy Select Sector SPDR Fund Expires 06/21/14 Strike Price $90	100		1,700
HSBC Holdings PLC - Sponsored ADR Expires 01/17/15 Strike Price $50	108		18,900
International Business Machines Corp. Expires 07/19/14 Strike Price $190	15		12,450
iShares Russell 2000 ETF Expires 06/06/14 Strike Price $111	550		25,850
Lindsay Corp. Expires 06/21/14 Strike Price $85	4		930
NTELOS Holdings Corp. Expires 06/21/14 Strike Price $10	100		2,500
RealPage, Inc. Expires 07/19/14 Strike Price $17.50	160		2,400
SPDR Dow Jones Industrial Average ETF Trust Expires 06/30/14 Strike Price $164	215		20,210
SPDR S&P 500 ETF Trust Expires 07/19/14 Strike Price $184	410		42,230
Utilities Select Sector SPDR Fund Expires 09/20/14 Strike Price $40	150		7,500

TOTAL PUT OPTIONS PURCHASED (Cost $326,761)			136,370

TOTAL PURCHASED OPTIONS — 0.6% (Cost $904,493)			555,160


	NUMBER OF CONTRACTS			VALUE
TOTAL INVESTMENTS — 93.3% (Cost $73,034,245)**					82,053,766


	NUMBER OF SHARES			VALUE
SECURITIES SOLD SHORT — (44.9)%
COMMON STOCKS — (41.9)%
CONSUMER DISCRETIONARY—(7.3)%
Bayerische Motoren Werke AG (Germany)		(1,400	)	$	(175,771	)
Beazer Homes USA, Inc.*		(2,730	)		(53,425	)
Brunswick Corp.		(2,215	)		(95,466	)
Cabela’s, Inc.*		(3,400	)		(208,182	)
Casio Computer Co. Ltd. (Japan)		(4,700	)		(62,991	)
CST Brands, Inc.		(5,500	)		(181,885	)
Ctrip.com International Ltd. - ADR*		(8,549	)		(473,786	)
Dunkin’ Brands Group, Inc.		(3,400	)		(152,184	)
Five Below, Inc.*		(1,810	)		(65,522	)
Francesca’s Holdings Corp.*		(8,260	)		(126,708	)
Gannett Co., Inc.		(341	)		(9,476	)
Gap, Inc. (The)		(492	)		(20,285	)
Hanesbrands, Inc.		(1,331	)		(112,909	)
Hasbro, Inc.		(2,598	)		(139,513	)
Ignite Restaurant Group, Inc.*		(4,920	)		(75,522	)
John Wiley & Sons, Inc., Class A		(4,000	)		(219,120	)
Kohl’s Corp.		(1,800	)		(97,992	)
Macy’s, Inc.		(200	)		(11,978	)
Marriott International, Inc., Class A		(16,894	)		(1,041,008	)
McDonald’s Corp.		(1,000	)		(101,430	)
Nikon Corp. (Japan)		(5,300	)		(84,333	)
PVH Corp.		(380	)		(50,019	)
Sally Beauty Holdings, Inc.*		(6,000	)		(153,720	)
Scholastic Corp.		(5,200	)		(165,776	)
Sonic Corp.*		(10,500	)		(218,400	)
Sturm Ruger & Co., Inc.		(1,770	)		(107,297	)
Swatch Group AG (The) (Switzerland)		(450	)		(266,100	)
Tesla Motors, Inc.*		(410	)		(85,186	)
Tile Shop Holdings, Inc.*		(7,900	)		(117,868	)
TripAdvisor, Inc.*		(14,635	)		(1,422,083	)
Tupperware Brands Corp.		(1,747	)		(146,259	)
Vipshop Holdings Ltd. - ADR*		(530	)		(86,210	)
Volkswagen AG (Germany)		(450	)		(119,829	)

					(6,448,233	)

CONSUMER STAPLES—(1.1)%
Costco Wholesale Corp.		(620	)		(71,932	)
Energizer Holdings, Inc.		(2,258	)		(261,928	)
Kimberly-Clark Corp.		(1,479	)		(166,166	)
Philip Morris International, Inc.		(1,740	)		(154,060	)
Whole Foods Market, Inc.		(2,600	)		(99,424	)
WM Morrison Supermarkets PLC (United Kingdom)		(60,878	)		(206,258	)

					(959,768	)


	NUMBER OF SHARES			VALUE
FINANCIALS—(2.3)%
Altisource Asset Management Corp.*†		(105	)	$	(103,232	)
American Realty Capital Healthcare Trust, Inc.		(17,198	)		(171,120	)
Amtrust Financial Services, Inc.		(3,000	)		(128,100	)
Calamos Asset Management, Inc., Class A		(5,660	)		(70,467	)
Cohen & Steers, Inc.		(2,300	)		(93,127	)
First Cash Financial Services, Inc.*		(1,470	)		(77,204	)
Greenhill & Co., Inc.		(1,440	)		(71,597	)
Interactive Brokers Group, Inc., Class A		(2,570	)		(59,161	)
Invesco Ltd.		(2,330	)		(85,511	)
Legg Mason, Inc.		(2,180	)		(106,471	)
MetLife, Inc.		(1,700	)		(86,581	)
MSCI, Inc.*		(2,600	)		(112,216	)
Noah Holdings Ltd. - Sponsored ADR*		(3,570	)		(48,766	)
Portfolio Recovery Associates, Inc.*		(4,500	)		(251,055	)
Prosperity Bancshares, Inc.		(1,240	)		(72,081	)
Regional Management Corp.*		(2,500	)		(35,975	)
Shaftesbury PLC (United Kingdom)		(19,915	)		(223,954	)
Springleaf Holdings, Inc.*		(2,240	)		(52,573	)
TD Ameritrade Holding Corp.		(2,850	)		(86,469	)
US Bancorp.		(2,420	)		(102,100	)

					(2,037,760	)

HEALTH CARE—(1.6)%
athenahealth, Inc.*		(3,586	)		(455,099	)
Castlight Health, Inc., Class B*		(21,761	)		(330,332	)
Cyberonics, Inc.*		(1,240	)		(75,392	)
HMS Holdings Corp.*		(12,800	)		(240,640	)
Masimo Corp.*		(13,500	)		(332,640	)

					(1,434,103	)

INDUSTRIALS—(1.8)%
ADT Corp. (The)		(8,424	)		(271,253	)
Caterpillar, Inc.		(990	)		(101,208	)
Healthcare Services Group, Inc.		(6,600	)		(196,416	)
Nielsen Holdings NV		(2,896	)		(139,761	)
Paylocity Corp.*		(22,719	)		(442,339	)
Ritchie Bros Auctioneers, Inc.†		(10,000	)		(229,500	)
Trex Co., Inc.*		(5,200	)		(160,732	)

					(1,541,209	)

INFORMATION TECHNOLOGY—(17.4)%
Activision Blizzard, Inc.		(4,986	)		(103,609	)
Amber Road, Inc.*		(34,761	)		(475,530	)
ARM Holdings PLC - Sponsored ADR		(8,730	)		(403,326	)
ASML Holding N.V.†		(3,710	)		(318,615	)
Baidu, Inc. - Sponsored ADR*		(1,932	)		(320,712	)
Bankrate, Inc.*		(8,600	)		(130,290	)
Bottomline Technologies de, Inc.*		(8,600	)		(247,852	)
Canon, Inc. (Japan)		(3,100	)		(102,191	)
Dassault Systemes S.A. Coupons*		(4,645	)		—


	NUMBER
	OF SHARES			VALUE
INFORMATION TECHNOLOGY—(CONTINUED)
Dassault Systemes SA (France)		(4,645	)	$	(589,529	)
Dealertrack Technologies, Inc.*		(2,000	)		(79,420	)
Dolby Laboratories, Inc., Class A*		(15,783	)		(655,626	)
E2open, Inc.*		(37,698	)		(662,731	)
Ebix, Inc.		(3,690	)		(57,712	)
Fairchild Semiconductor International, Inc.*		(26,504	)		(388,814	)
Flextronics International Ltd.*		(30,000	)		(305,100	)
Freescale Semiconductor Ltd.*		(22,464	)		(498,476	)
Fusion-io, Inc.*		(5,210	)		(41,628	)
GrubHub, Inc.*		(10,288	)		(350,615	)
Hewlett-Packard Co.		(11,180	)		(374,530	)
Intel Corp.		(16,551	)		(452,173	)
International Business Machines Corp.		(4,122	)		(759,932	)
International Rectifier Corp.*		(13,566	)		(363,840	)
IPG Photonics Corp.*		(1,070	)		(67,517	)
Marketo, Inc.*		(2,320	)		(53,778	)
Marvell Technology Group Ltd.†		(23,058	)		(359,013	)
Motorola Solutions, Inc.		(10,778	)		(726,653	)
Neopost SA (France)		(1,400	)		(112,316	)
NetScout Systems, Inc.*		(8,834	)		(343,378	)
Oracle Corp.		(6,500	)		(273,130	)
Q2 Holdings, Inc.*		(28,697	)		(377,366	)
RealPage, Inc.*		(45,060	)		(955,723	)
Silicon Graphics International Corp.*		(6,260	)		(55,276	)
Sohu.com, Inc.*†		(6,548	)		(378,212	)
Synchronoss Technologies, Inc.*		(6,800	)		(215,900	)
Taiwan Semiconductor Manufacturing Co. Ltd. - Sponsored ADR		(17,000	)		(349,520	)
Take-Two Interactive Software, Inc.*		(28,695	)		(591,978	)
Teradata Corp.*		(10,623	)		(446,060	)
TIBCO Software, Inc.*		(10,063	)		(216,455	)
Trimble Navigation Ltd.*		(9,354	)		(337,399	)
United Microelectronics Corp. - Sponsored ADR		(49,000	)		(112,700	)
Varonis Systems, Inc.*		(18,698	)		(457,914	)
Workday, Inc., Class A*		(4,955	)		(388,323	)
Yandex NV*†		(11,544	)		(359,480	)
Zebra Technologies Corp., Class A*		(4,989	)		(370,683	)
Zillow, Inc., Class A*		(870	)		(102,677	)

					(15,333,702	)

REAL ESTATE INVESTMENT TRUSTS—(8.2)%
Acadia Realty Trust		(10,878	)		(300,124	)
Brandywine Realty Trust		(13,867	)		(212,165	)
Brixmor Property Group, Inc.		(30,487	)		(663,092	)
Camden Property Trust		(5,750	)		(403,880	)
CBL & Associates Properties, Inc.		(16,704	)		(314,369	)
CubeSmart		(40,811	)		(744,393	)
Duke Realty Corp.		(18,826	)		(333,220	)
EastGroup Properties, Inc.		(1,350	)		(85,941	)
Extra Space Storage, Inc.		(10,300	)		(539,205	)
Highwoods Properties, Inc.		(21,005	)		(852,383	)
Kimco Realty Corp.		(20,617	)		(472,542	)


	NUMBER
	OF SHARES			VALUE
REAL ESTATE INVESTMENT TRUSTS—(CONTINUED)
Pebblebrook Hotel Trust		(20,784	)		$	(738,663	)
Plum Creek Timber Co., Inc.		(2,258	)			(101,836	)
Realty Income Corp.		(7,450	)			(322,585	)
Regency Centers Corp.		(1,530	)			(81,702	)
Washington Real Estate Investment Trust		(13,291	)			(343,307	)
Weingarten Realty Investors		(23,182	)			(736,956	)

						(7,246,363	)

TELECOMMUNICATION SERVICES—(1.8)%
AT&T, Inc.		(12,085	)			(428,655	)
Belgacom SA (Belgium)		(5,000	)			(165,611	)
CenturyLink, Inc.		(6,690	)			(252,012	)
Deutsche Telekom AG Coupons*		(17,000	)			—
Deutsche Telekom AG, Registered Shares (Germany)		(11,000	)			(185,748	)
Telefonica SA		(20,000	)			(335,798	)
Verizon Communications, Inc.		(3,674	)			(183,553	)

						(1,551,377	)

UTILITIES—(0.4)%
Hawaiian Electric Industries, Inc.		(14,000	)			(336,700	)

TOTAL COMMON STOCKS SOLD SHORT (Proceeds $34,773,833)						(36,889,215	)

EXCHANGE TRADED-FUNDS SOLD SHORT — (3.0)%
EQUITY—(3.0)%
iShares MSCI Emerging Markets ETF		(3,110	)		$	(132,329	)
iShares Russell 2000 Index Fund		(11,400	)			(1,286,604	)
ProShares Ultra Nasdaq Biotechnology*		(780	)			(63,001	)
SPDR S&P Regional Banking ETF		(1,860	)			(71,219	)
Utilities Select Sector SPDR Fund		(12,000	)			(512,281	)
Vanguard REIT ETF		(7,227	)			(539,785	)

						(2,605,219	)

TOTAL EXCHANGE TRADED FUNDS SOLD SHORT (Proceeds $2,588,876)						(2,605,219	)

TOTAL SECURITIES SOLD SHORT (Proceeds $37,362,709)						(39,494,434	)


	NUMBER
	OF
	CONTRACTS
WRITTEN OPTIONS — (0.2)%
CALL OPTIONS WRITTEN—(0.1)%
BlackBerry Ltd. Expires 01/17/15 Strike Price $20		(650	)			(2,600	)
Energy Select Sector SPDR Fund Expires 06/21/14 Strike Price $96		(100	)			(6,800	)
HSBC Holdings PLC - Sponsored ADR Expires 01/17/15 Strike Price $55		(72	)			(9,504	)


	NUMBER
	OF
	CONTRACTS		VALUE
CALL OPTIONS WRITTEN—(CONTINUED)
Knightsbridge Tankers Ltd.
Expires 09/20/14
Strike Price $17.50		(200)	$	(6,500	)
Knightsbridge Tankers Ltd.
Expires 09/20/14
Strike Price $20		(600)		(21,000	)
Lindsay Corp.
Expires 06/21/14
Strike Price $85		(4)		(460	)
SPDR Dow Jones Industrial
Average ETF Trust
Expires 06/30/14
Strike Price $169		(215)		(12,685	)
SPDR S&P 500 ETF Trust
Expires 07/19/14
Strike Price $194		(120)		(21,480	)
United Rentals Inc.
Expires 07/19/14
Strike Price $115		(125)		(8,750	)
Utilities Select Sector SPDR Fund
Expires 09/20/14
Strike Price $42		(150)		(19,050	)

TOTAL CALL OPTIONS WRITTEN (Premiums Received $100,592)				(108,829	)

PUT OPTIONS WRITTEN—(0.1)%
iShares Russell 2000 ETF
Expires 06/30/14
Strike Price $105		(275)		(10,725	)
SPDR S&P 500 ETF Trust
Expires 07/19/14
Strike Price $172		(410)		(9,840	)
USG Corp.
Expires 08/16/14
Strike Price $27		(100)		(7,750	)

TOTAL PUT OPTIONS WRITTEN (Premiums Received $61,722)				(28,315	)

TOTAL WRITTEN OPTIONS — (0.2)% (Premiums Received $162,314)				(137,144	)




	VALUE
OTHER ASSETS IN EXCESS OF LIABILITIES — 51.8%	$	45,555,813

NET ASSETS — 100.0%	$	87,978,001

*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	$	73,034,245

Gross unrealized appreciation	$	10,520,107
Gross unrealized depreciation		(1,500,586	)

Net unrealized appreciation	$	9,019,521

†	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 May 31, 2014, fair valued positions amounted to $210,126 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 May 31, 2014, in valuing the Fund’s investments carried at fair value.

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 May 31, 2014, 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 May 31, 2014 grouped by contract type and risk exposure category.

For the period ended May 31, 2014, 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 May 31, 2014 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 May 31, 2014, 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 May 31, 2014, 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 — 91.3%
Apparel — 0.9%
Barry (R.G.) Corp.		30,149	$		569,213

Auto Parts — 0.1%
Modine Manufacturing Co. *		4,246			64,836

Banks — 6.5%
Dundee Corp., Class A *		19,395			288,210
First BanCorp/Puerto Rico *		5,316			25,889
First Horizon National Corp.		233,176			2,672,197
Intervest Bancshares Corp.		15,428			114,476
MainSource Financial Group, Inc.		60,266			1,003,429

					4,104,201

Coal — 9.6%
Arch Coal, Inc. (a)		875,889			3,118,165
Peabody Energy Corp.		180,835			2,922,294

					6,040,459

Commercial Services — 7.2%
Aegean Marine Petroleum Network, Inc. (a)		178,720			1,810,434
Ardmore Shipping Corp.		96,774			1,346,126
Baltic Trading, Ltd.		2,390			15,320
Hudson Global Inc. *		236,723			939,790
Insperity, Inc.		11,951			382,671

					4,494,341

Electronics — 0.5%
Kemet Corp. *		23,632			140,610
Pulse Electronics Corp. *		56,189			161,825

					302,435

Healthcare - Products — 1.3%
Orthofix International NV *		25,444			806,320

Healthcare - Services — 5.0%
Five Star Quality Care, Inc. *		591,821			3,124,815

Home Builders — 7.8%
Meritage Homes Corp. *		34,816			1,396,470
Taylor Morrison Home Corp., Class A *		162,843			3,468,556

					4,865,026

Industrial — 3.6%
FreightCar America, Inc.		87,982			2,262,017

Insurance — 2.6%
Assured Guaranty, Ltd.		27,695			676,312
First American Financial Corp.		33,039			925,753

					1,602,065

Internet — 1.3%
ModusLink Global Solutions, Inc. * (a)		219,975			794,110

Machinery - Diversified — 1.6%
Intevac, Inc. *		136,548			1,006,359


	Shares			Value
Mining — 4.0%
Alumina Ltd. SP ADR *		130,842	$		693,463
Cameco Corp.		28,900			578,000
Thompson Creek Metals Co., Inc. * (a)		439,422			1,234,776

					2,506,239

Miscellaneous Manfacturing — 1.6%
Orbotech, Ltd. *		63,505			978,612

Oil & Gas — 6.5%
Swift Energy Co. * (a)		202,330			2,195,281
Willbros Group, Inc. *		152,677			1,856,552

					4,051,833

Real Estate — 0.7%
Forestar Group, Inc. *		25,180			438,636

Real Estate Investment Trusts — 5.2%
NorthStar Realty Finance Corp.		39,710			657,201
Piedmont Office Realty Trust Inc. (a)		41,680			776,082
Redwood Trust, Inc. (a)		26,750			521,358
Rexford Industrial Realty, Inc.		14,396			201,256
Strategic Hotels & Resorts, Inc. *		103,623			1,129,491
Terreno Realty Corp.		104			2,018

					3,287,406

Retail — 4.9%
MarineMax, Inc. *		72,881			1,171,198
Office Depot, Inc. *		315,073			1,613,172
Wet Seal Inc./The Class A *		346,920			291,413

					3,075,783

Savings & Loans — 11.0%
Flagstar Bancorp, Inc. *		237,775			4,044,553
HomeStreet, Inc.		121,681			2,180,524
Pulaski Financial Corp.		60,007			663,077

					6,888,154

Semiconductors — 3.0%
Alpha & Omega Semiconductor Ltd. *		23,253			191,605
Axcelis Technologies, Inc. *		768,058			1,443,949
Sunedison Semiconductor Ltd.		16,750			257,950

					1,893,504

Software — 2.0%
Avid Technology, Inc. *		89,087			664,589
Take-Two Interactive Software, Inc. *		29,340			605,284

					1,269,873

Telecommunications — 4.4%
Aviat Networks, Inc. *		1,535,394			1,627,518


		Shares			Value
Telecommunications — (Continued)
Comverse, Inc. *			44,662	$		1,105,380

						2,732,898

TOTAL COMMON STOCKS (Cost $46,148,621)						57,159,135

		Par (000)			Value
CORPORATE BONDS — 2.5%
LandAmerica Financial Group, Inc. CONV ‡
0.00%, 05/15/34	$		33			8,068
Northstar Realty Finance Corp. ^
3.00%, 09/30/14			998			995,994
RAIT Financial Trust CONV
7.00%, 04/01/31			463			589,746

TOTAL CORPORATE BONDS (Cost $1,461,619)						1,593,808

		Shares			Value
EXCHANGE TRADED FUND — 0.4%
Finance — 0.4%
iShares Russell 2000 Value Index Fund (a)			2,447			241,935

TOTAL EXCHANGE TRADED FUND (Cost $236,179)						241,935

SECURITIES LENDING COLLATERAL — 17.4%
BlackRock Liquidity Fund, Institutional Shares (a)			10,857,077			10,857,077

TOTAL SECURITIES LENDING COLLATERAL (Cost $10,857,077)						10,857,077

TOTAL INVESTMENTS — 111.6% (Cost $58,703,496) **				$		69,851,955

LIABILITIES IN EXCESS OF OTHER ASSETS — (11.6)%						(7,272,733)

NET ASSETS — 100.0%				$		62,579,222

*	Non-income producing.

(a)	All or a portion of the security is on loan. At May 31, 2014, the market value of securities on loan was $10,434,260.

‡

Holding in default resolution. Value has been determined in good faith by or under the direction of The RBB Fund, Inc’s Board of Directors to be the estimated value of the future payouts under the default resolution. As of May 31, 2014, this holding amounted to $8,068 or 0.0% of net assets and is deemed illiquid by the portfolio manager pursuant to the Fund’s policies and procedures.

Security was purchased pursuant to Rule 144A under Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of May 31, 2014, this security amounted to $995,994 or 1.6% of net assets. This security has been determined by the Adviser to be a liquid security.


	Shares			Value
COMMON STOCKS — 91.6%
Aerospace & Defense — 0.8%
Boeing Co. (The)		2,030	$		274,558

Aircraft — 1.3%
Bombardier, Inc., Class B		136,007			460,914

Automobile Manufacturers — 0.6%
Navistar International Corp. *(a)		6,686			229,129

Automobile Parts & Equipment — 0.2%
Magna International, Inc. (a)		760			77,763

Banks — 26.4%
Bank of America Corp.		117,367			1,776,936
Barclays PLC, SP ADR		39,683			655,563
Citigroup, Inc.		38,554			1,834,014
Huntington Bancshares, Inc.		23,839			220,988
JPMorgan Chase & Co.		25,510			1,417,591
KeyCorp		21,045			288,106
Regions Financial Corp.		63,505			647,116
SunTrust Banks, Inc.		69,179			2,650,939

					9,491,253

Coal — 10.0%
Arch Coal, Inc. (a)		338,357			1,204,551
Consol Energy, Inc.		19,603			865,865
Peabody Energy Corp.		92,925			1,501,668

					3,572,084

Commercial Services — 1.2%
Aegean Marine Petroleum Network, Inc. (a)		42,849			434,060

Electric — 0.4%
FirstEnergy Corp.		4,510			152,528

Health Care - Services — 0.9%
Brookdale Senior Living, Inc. *		10,095			335,760

Home Builders — 9.0%
Lennar Corp., Class A		30,165			1,233,749
Taylor Morrison Home Corp., Class A *		13,660			290,958
Toll Brothers, Inc. *		47,320			1,713,930

					3,238,637

Insurance — 12.0%
Allstate Corp., (The)		15,766			918,527
American International Group, Inc.		24,135			1,304,979
Assured Guaranty, Ltd.		35,576			868,766
Hartford Financial Services Group, Inc.		34,676			1,201,523

					4,293,795

IT Services — 1.2%
Symantec Corp		19,639			431,862


	Shares			Value
Leisure Time — 3.6%
Carnival Corp.		32,125	$		1,285,964

Lodging — 5.3%
Marriott International, Inc., Class A		30,910			1,904,674

Mining — 0.7%
Alcoa, Inc.		19,355			263,422

Office Products — 1.3%
Office Depot, Inc. *		89,742			459,479

Oil & Gas — 16.1%
Chesapeake Energy Corp.		66,026			1,896,267
Devon Energy Corp.		13,115			969,199
Weatherford International, Ltd. *		119,188			2,585,188
WPX Energy, Inc. *		15,773			334,070

					5,784,724

Real Estate Investment Trusts — 0.6%
Columbia Property Trust, Inc.		7,996			210,215

TOTAL COMMON STOCKS (Cost $23,723,126)					32,900,821

EXCHANGE TRADED FUND — 0.8%
Finance — 0.8%
iShares Russell 1000 Value Index Fund		2,945			290,819

TOTAL EXCHANGE TRADED FUND (Cost $277,813)					290,819

SECURITIES LENDING COLLATERAL — 5.7%
BlackRock Liquidity Fund, Institutional Shares		2,035,470			2,035,470

TOTAL SECURITIES LENDING COLLATERAL (Cost $2,035,470)					2,035,470

TOTAL INVESTMENTS — 98.1% (Cost $26,036,409) **					35,227,110

ASSETS IN EXCESS OF OTHER LIABILITIES — 1.9%					685,935

NET ASSETS — 100.0%			$		35,913,045

*	Non-income producing.

(a)	All or a portion of the security is on loan. At May 31, 2014, market value of securities on loan was $1,968,464.

SP ADR


	Total Value at May 31, 2014	Level 1 Quoted Price	Level 2 Significant Observable Inputs	Level 3 Significant Unobservable Inputs

Total Investments*	$235,848,517	$235,848,517	$—	$—


	Number
	of Shares			Value
INTERNATIONAL EQUITY FUNDS — 98.7%
DFA International Small Cap Value Portfolio(a)		39,141	$		848,177
DFA International Value Portfolio III(b)		50,862			907,881
Emerging Markets Portfolio(a)		5,836			157,103
Emerging Markets Small Cap Portfolio(a)		6,795			147,258
Emerging Markets Value Portfolio(a)		5,084			146,007
VA International Small Portfolio(b)		39,988			516,245
VA International Value Portfolio(b)		11,022			151,331
Large Cap International Portfolio(a)		6,244			145,539

TOTAL INTERNATIONAL EQUITY FUNDS (Cost $2,941,561)					3,019,541

TOTAL INVESTMENTS — 98.7% (Cost $2,941,561) *					3,019,541

OTHER ASSETS IN EXCESS OF LIABILITIES — 1.3%					40,159

NET ASSETS — 100.0%			$		3,059,700


— 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).


			Level 2	Level 3
	Total	Level 1	Other Significant	Significant
	Value at	Quoted	Observable	Unobservable
	May 31, 2014	Price	Inputs	Inputs
Total Investments*	$72,260,878	$72,260,878	$—	$—


ROBECO INVESTMENT FUNDS		MAY 31, 2014 (unaudited)

ROBECO BOSTON PARTNERS SMALL CAP VALUE FUND II		PORTFOLIO OF INVESTMENTS


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


Aggregate cost	$	2,941,561

Gross unrealized appreciation	$	77,980
Gross unrealized depreciation		—

Net unrealized appreciation	$	77,980


ROBECO INVESTMENT FUNDS		MAY 31, 2014 (unaudited)

ROBECO BOSTON PARTNERS LONG/SHORT EQUITY FUND		Portfolio of Investments


ROBECO INVESTMENT FUNDS		MAY 31, 2014 (unaudited)

ROBECO BOSTON PARTNERS LONG/SHORT RESEARCH FUND		Portfolio of Investments


ADR	—	American Depositary Receipt
LP	—	Limited Partnership
NVDR	—	Non-Voting Depository Receipt
PCL	—	Public Company Limited
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 investments owned by the Fund, as computed on a Federal income tax basis, are as follows:



Aggregate cost	$	3,937,263,046

Gross unrealized appreciation	$	562,392,521
Gross unrealized depreciation		(27,015,873	)

Net unrealized appreciation	$	535,376,648


ROBECO INVESTMENT FUNDS		MAY 31, 2014 (unaudited)

ROBECO BOSTON PARTNERS ALL-CAP VALUE FUND		Portfolio of Investments


ROBECO INVESTMENT FUNDS		MAY 31, 2014 (unaudited)

ROBECO WPG SMALL/MICRO CAP VALUE FUND		PORTFOLIO OF INVESTMENTS


ROBECO INVESTMENT FUNDS		MAY 31, 2014 (unaudited)

ROBECO BOSTON PARTNERS GLOBAL EQUITY FUND		Portfolio Holdings Summary


	% of Net
	Assets			Value
COMMON STOCK
Health Care		16.2	%	$	11,534,084
Consumer Discretionary		15.9			11,343,913
Finance		15.5			11,002,762
Information Technology		13.0			9,243,533
Industrials		12.8			9,088,343
Energy		8.7			6,174,740
Materials		8.6			6,155,287
Consumer Staples		6.7			4,765,457
Telecommunication Services		0.9			661,515
OTHER ASSETS IN EXCESS OF LIABILITIES		1.7			1,209,466

NET ASSETS		100	%	$	71,179,100


ROBECO INVESTMENT FUNDS		MAY 31, 2014 (unaudited)

ROBECO BOSTON PARTNERS INTERNATIONAL EQUITY FUND		Portfolio Holdings Summary


ROBECO INVESTMENT FUNDS		MAY 31, 2014 (unaudited)

ROBECO BOSTON PARTNERS GLOBAL LONG/SHORT FUND		Portfolio Holdings Summary


	BP Long/Short Equity Fund				BP Long/Short Research				BP All-Cap Value Fund
							Fund

	Number of		Premiums		Number of		Premiums		Number of		Premiums
	Contracts		Received		Contracts		Received		Contracts		Received

Options outstanding at August 31, 2013		1,996		$2,046,646		5,383		$2,971,577		849		$143,481
Options written		1,466		1,328,415		10,877		5,143,875		2,123		743,607
Options closed		(1,089)		(2,248,984)		(4,004)		(2,198,368)		(849)		(143,841)
Options expired		(1,140)		(225,622)		(300)		(95,643)		—		—
Options exercised		—		—		(8,667)		(4,248,527)		—		—

Options outstanding at May 31, 2014		1,233		$900,455		3,289		$1,572,914		2,123		$743,607


							% of
			Acquisition	Shares			Net
	Acquisition Date		Cost	/Par		Value	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 MAY 31, 2014		LEVEL 1 QUOTED PRICE		LEVEL 2 SIGNIFICANT OBSERVABLE INPUTS		LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS
Common Stocks
Consumer Discretionary	$	18,267,562	$	18,267,562	$	—	$	—
Consumer Staples		1,135,081		779,195		355,886		—
Energy		768,890		477,610		291,280		—
Financials		6,946,793		6,227,279		719,514		—
Health Care		316,540		106,414		210,126		—
Industrials		8,560,930		7,533,148		1,027,782		—
Information Technology		20,344,829		20,344,829		—		—
Materials		4,346,677		3,914,558		432,119		—
Real Estate Investment Trusts		10,532,111		10,075,354		456,757		—
Telecommunication Services		1,224,484		1,224,484		—		—
Exchange Traded Funds		8,824,901		8,824,901		—		—
Foreign Government Note		9,495		—		9,495		—
U.S. Treasury Note		104,363		—		104,363		—
Warrants		115,950		115,950		—		—
Asset Derivatives
Equity Contracts		555,160		555,160		—		—
Total Assets	$	82,053,766	$	78,446,444	$	3,607,322	$	—


	TOTAL FAIR VALUE AT MAY 31, 2014		LEVEL 1 QUOTED PRICE		LEVEL 2 SIGNIFICANT OBSERVABLE INPUTS		LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS
Common Stocks Sold Short
Consumer Discretionary	$	(6,448,233)	$	(5,739,209)	$	(709,024)	$	—
Consumer Staples		(959,768)		(753,510)		(206,258)		—
Financials		(2,037,760)		(1,813,806)		(223,954)		—
Health Care		(1,434,103)		(1,434,103)		—		—
Industrials		(1,541,209)		(1,541,209)		—		—
Information Technology		(15,333,702)		(14,529,666)		(804,036)		—
Real Estate Investment Trusts		(7,246,363)		(7,246,363)		—		—
Telecommunications Services		(1,551,377)		(864,220)		(687,157)		—
Utilities		(336,700)		(336,700)		—		—
Exchange Traded Funds		(2,605,219)		(2,605,219)		—		—
Liability Derivatives
Equity Contracts		(137,144)		(137,144)		—		—
Total Liabilities	$	(39,631,578)	$	(37,001,149)	$	(2,630,429)	$	—


			INTEREST		FOREIGN
		EQUITY	RATE		CURRENCY		COMMODITY
DERIVATIVE TYPE		CONTRACTS	CONTRACTS		CONTRACTS		CONTRACTS		TOTAL
		Asset Derivatives
Purchased Options	$	555,160	$	—	$	—	$	—	$	555,160
		Liability Derivatives
Written Options	$	(137,144)	$	—	$	—	$	—	$	(137,144	)


PURCHASED OPTIONS (COST)		WRITTEN OPTIONS (PROCEEDS)
$771,323		$265,702


	NUMBER OF CONTRACTS		PREMIUMS RECEIVED
Options outstanding at August 31, 2013		3,670	$	343,283
Options written		28,864		2,331,526
Options closed		(25,171)		(2,352,159)
Options expired		(4,342)		(160,336)
Options exercised		—		—

Options outstanding at May 31, 2014		3,021	$	162,314


Aggregate Cost	$	58,703,496

Gross unrealized appreciation	$	15,792,007
Gross unrealized depreciation		(4,643,548)

Net unrealized appreciation	$	11,148,459


Aggregate cost	$	26,036,409

Gross unrealized appreciation	$	10,857,185
Gross unrealized depreciation		(1,666,484)

Net unrealized appreciation	$	9,190,701


		Total Value as of May 31, 2014			Level 1 Quoted Price			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Common Stocks*	$		57,159,135	$		57,159,135	$		—	$		—
Corporate Bonds			1,593,808			—			1,585,740			8,068
Exchange Traded Fund			241,935			241,935			—			—
Securities Lending Collateral			10,857,077			10,857,077			—			—

Total	$		69,851,955	$		68,258,147	$		1,585,740	$		8,068


	Number of Shares		Value
COMMON STOCKS - 97.6%
Aerospace & Defense — 0.2%
L-3 Communications Holdings, Inc.		1,000	$	121,170

				121,170

Airlines — 0.1%
Southwest Airlines Co.		2,220		58,719

				58,719

Banks — 3.7%
US Bancorp.		39,650		1,672,834
Wells Fargo & Co.		6,060		307,727

				1,980,561

Commercial Services — 1.4%
Cintas Corp.		3,380		209,966
Total System Services, Inc.		14,900		450,874
Western Union Co., (The)		3,320		53,684

				714,524

Computers — 5.9%
EMC Corp.		47,750		1,268,240
Hewlett-Packard Co.		43,220		1,447,870
International Business Machines Corp.		350		64,526
NetApp, Inc.		9,250		342,342

				3,122,978

Cosmetics/Personal Care — 0.9%
Colgate-Palmolive Co.		1,500		102,600
Procter & Gamble Co., (The)		4,730		382,137

				484,737

Diversified Financial Services — 0.2%
CME Group, Inc.		1,590		114,480

				114,480

Electric — 11.6%
CMS Energy Corp.		2,660		79,135
DTE Energy Co.		1,640		124,837
Duke Energy Corp.		9,420		669,574
Edison International		21,610		1,191,575
Exelon Corp.		15,860		584,124
Firstenergy Corp.		1,630		55,127
PG&E Corp.		1,210		55,503
Pinnacle West Capital Corp.		1,000		55,420
PPL Corp.		21,950		770,226
SCANA Corp.		2,780		144,560
Wisconsin Energy Corp.		14,830		675,062
Xcel Energy, Inc.		57,980		1,783,465

				6,188,608

Electronics — 1.3%
Te Connectivity Ltd.		11,790		701,033

				701,033


	Number of Shares		Value

Environmental Control — 1.9%
Republic Services, Inc.		22,450	$	794,730
Stericycle, Inc.*		1,000		114,370
Waste Management, Inc.		2,060		92,041

				1,001,141

Food — 9.1%
ConAgra Foods, Inc.		32,560		1,051,688
General Mills, Inc.		7,330		402,637
Hormel Foods Corp.		17,710		871,509
Kellogg Co.		12,810		883,634
McCormick & Co., Inc.		7,520		543,771
Sysco Corp.		29,520		1,107,886

				4,861,125

Healthcare-Products — 2.5%
Baxter International, Inc.		12,370		920,452
Carefusion Corp.*		2,140		91,870
DENTSPLY International, Inc.		1,160		54,856
Medtronic, Inc.		2,560		156,237
Patterson Cos., Inc.		1,000		39,159
Varian Medical Systems, Inc.*		700		57,715

				1,320,289

Healthcare-Services — 6.2%
Aetna, Inc.		15,850		1,229,168
Cigna Corp.		620		55,664
Humana, Inc.		510		63,475
Quest Diagnostics, Inc.		5,940		355,747
UnitedHealth Group, Inc.		18,630		1,483,507
Wellpoint, Inc.		1,210		131,116

				3,318,677

Household Products/Wares — 3.6%
Clorox Co., (The)		19,410		1,739,524
Kimberly-Clark Corp.		1,750		196,612

				1,936,136

Insurance — 0.9%
Berkshire Hathaway, Inc., Class B		1,490		191,227
Progressive Corp., (The)		2,640		66,079
Torchmark Corp.		580		46,939
Travelers Cos, Inc., (The)		1,550		144,848

				449,093

Machinery-Construction & Mining — 0.1%
Caterpillar, Inc.		500		51,115

				51,115

Machinery-Diversified — 2.0%
Deere & Co.		11,470		1,045,720

				1,045,720


	Number of Shares		Value

Media — 0.1%
News Corp., Class A*		3,510	$	59,881

				59,881

Miscellaneous Manufacturing — 0.5%
General Electric Co.		9,640		258,256

				258,256

Oil & Gas — 2.9%
Chevron Corp.		1,400		171,906
Exxon Mobil Corp.		11,450		1,151,068
Marathon Petroleum Corp.		570		50,952
Occidental Petroleum Corp.		1,460		145,547
Southwestern Energy Co.*		1,000		45,469

				1,564,942

Pharmaceuticals — 11.5%
Eli Lilly & Co.		21,060		1,260,652
Express Scripts Holding Co.*		11,660		833,340
Johnson & Johnson		3,940		399,752
Merck & Co., Inc.		30,620		1,771,673
Pfizer, Inc.		36,500		1,081,495
Zoetis, Inc.		25,880		794,516

				6,141,428

Pipelines — 3.0%
Kinder Morgan, Inc.		1,620		54,092
Spectra Energy Corp.		36,430		1,478,329
Williams COS, Inc. (The)		1,220		57,291

				1,589,712

Real Estate Investment Trusts — 3.9%
Apartment Investment & Management Co., Class A		5,140		161,807
Crown Castle International Corp.		680		52,176
General Growth Properties, Inc.		37,900		903,157
HCP, Inc.		1,240		51,770
Simon Property Group, Inc.		5,000		832,300
Washington Prime Group, Inc.*		2,500		49,725

				2,050,935

Retail — 10.8%
Costco Wholesale Corp.		12,770		1,481,575
Dollar General Corp.*		5,450		293,101
Dollar Tree, Inc.*		23,760		1,259,993
Macy’s, Inc.		4,400		263,516
McDonald’s Corp.		10,900		1,105,587
Wal-Mart Stores, Inc.		17,660		1,355,758

				5,759,530

Savings & Loans — 0.2%
People’s United Financial, Inc.		8,450		121,426

				121,426


	Number of Shares		Value

Semiconductors — 2.1%
Intel Corp.		39,770	$	1,086,516

				1,086,516

Software — 4.7%
Adobe Systems, Inc.*		960		61,958
Fidelity National Information Services, Inc.		1,320		71,478
Intuit, Inc.		19,470		1,543,776
Microsoft Corp.		18,930		774,994
Red Hat, Inc.*		870		43,604

				2,495,810

Telecommunications — 5.1%
AT&T, Inc.		40,840		1,448,595
Cisco Systems, Inc.		2,350		57,857
Motorola Solutions, Inc.		830		55,959
Verizon Communications, Inc.		23,430		1,170,563

				2,732,974

Transportation — 1.2%
C.H. Robinson Worldwide, Inc.		6,460		386,696
United Parcel Service, Inc., Class B		2,560		265,933

				652,629

TOTAL COMMON STOCKS (Cost $48,087,271)				51,984,145

TOTAL INVESTMENTS - 97.6% (Cost $48,087,271)**				51,984,145

OTHER ASSETS IN EXCESS OF LIABILITIES - 2.4%				1,256,332

NET ASSETS - 100.0%			$	53,240,477


Aggregate Cost	$	48,087,271

Gross unrealized appreciation	$	4,026,561
Gross unrealized depreciation		(129,686	)

Net unrealized appreciation	$	3,896,875


	Total Value at May 31, 2014	Level 1 Quoted Price	Level 2 Other Significant Observable Inputs	Level 3 Significant Unobservable Inputs
Investments in Securities*	$51,984,145	$51,984,145	$ —	$ —


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)