RBB Funds

OTHER ASSETS IN EXCESS OF LIABILITIES—49.4%

2,880,650,374

NET ASSETS—100.0%

5,832,995,472

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.

Forward foreign currency contracts outstanding as of November 30, 2014 were as follows:


	NUMBER
	OF
	CONTRACTS		VALUE
PURCHASED OPTIONS — 0.6%
CALL OPTIONS PURCHASED — 0.3%
EUR CHF Currency Futures Expires 12/22/14 Strike Price 1.21		1,903,000	$ 7,360
Nikkei 225 Symbiotic Microfinance Index Expires 12/12/14 Strike Price 15,000		8	82,382
U.S. 10-Year Treasury Bond Futures Expires 02/20/15 Strike Price 128.50		61	39,078

TOTAL CALL OPTIONS PURCHASED
(Cost $ 65,206)			128,820

PUT OPTIONS PURCHASED — 0.3%
90-Day Eurodollar Futures Expires 06/15/15 Strike Price 99.50		229	20,037
90-Day Eurodollar Futures Expires 03/16/15 Strike Price 99.63		210	5,250
AUD USD Currency Futures Expires 01/09/15 Strike Price 84		23	22,310
EUR Foreign Exchange Currency Futures Expires 12/05/14 Strike Price 1.26		15	33,938
Gold 100-oz Futures Expires 12/23/14 Strike Price 150		11	18,920
JPY Currency Futures Expires 02/06/15 Strike Price 82		23	18,400

TOTAL PUT OPTIONS PURCHASED (Cost $ 152,171)			118,855

TOTAL PURCHASED OPTIONS — 0.6% (Cost $ 217,377)			247,675


	NUMBER
	OF
	CONTRACTS			VALUE
WRITTEN OPTIONS — 0.0%
PUT OPTIONS WRITTEN—0.0%
90-Day Eurodollar Futures Expires 06/15/15 Strike Price 99.25		(37	)	$	(694	)
90-Day Eurodollar Futures Expires 06/15/15 Strike Price 99.38		(42	)		(1,837	)
90-Day Eurodollar Futures Expires 03/16/15 Strike Price 99.38		(63	)		(394	)
AUD USD Currency Futures Expires 01/09/15 Strike Price 81		(23	)		(5,520	)
Gold 100-oz Futures Expires 12/23/14 Strike Price 100		(11	)		(7,480	)

TOTAL PUT OPTIONS WRITTEN (Premiums Received $ 18,923)					(15,925	)

TOTAL WRITTEN OPTIONS — 0.0% (Premiums Received $ 18,923)					(15,925	)

PORTFOLIO VALUATION — The Abbey Capital Futures Strategy 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. 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. Forward exchange contracts are valued by interpolating between spot and forward currency rates as quoted by an independent pricing service. Futures contracts are generally valued using the settlement price determined by the relevant exchange. 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.

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:

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

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

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

The following is a summary of inputs used, as of November 30, 2014, in valuing the Fund’s investments carried at fair value.

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

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

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

For the period ended November 30, 2014, the Fund had no transfers between Levels 1, 2 and 3.

The following table lists the fair values of the Fund’s derivative holdings as of November 30, 2014 grouped by contract type and risk exposure category.

For the period ended November 30, 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. An option contract is a commitment that gives the purchaser of the contract the right, but not the obligation, to buy or sell an underlying asset at a specific price on or before a specified future date. 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. An option contract is a commitment that gives the purchaser of the contract the right, but not the obligation, to buy or sell an underlying asset at a specific price on or before a specified future date. On the other hand, the writer of an option contract is obligated, upon the exercise of the option, to buy or sell an underlying asset at a specific price on or before a specified future date. The maximum risk of loss associated with writing put options is limited to the exercised fair value of the option contract. The maximum risk of loss associated with writing call options is potentially unlimited. 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. Listed option contracts present minimal counterparty credit risk since they are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. A Fund’s maximum risk of loss from counterparty credit risk related to OTC option contracts is limited to the premium paid.

The Fund had transactions in options written during the period ended November 30, 2014 as follows:

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.

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. A Fund’s maximum risk of loss from counterparty credit risk related to Forward Foreign Currency Contracts is the fair value of the contract. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.

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

COMMON STOCKS - 92.9%
Advertising — 0.4%
EVINE Live, Inc.*		24,409	$	149,873
Marchex, Inc., Class B		21,612		78,452
MDC Partners, Inc., Class A, (Canada)		14,096		311,099

				539,424

Aerospace/Defense — 0.9%
AAR Corp.		1,837		47,082
Cubic Corp.		9,643		496,132
Curtiss-Wright Corp.		1,782		126,344
GenCorp, Inc.*		21,718		362,690
Moog, Inc. Class A*		1,623		118,122
Orbital Sciences Corp.*		2,325		63,286
Teledyne Technologies, Inc.*		1,284		137,272

				1,350,928

Agriculture — 0.0%
Andersons, Inc. (The)		1,045		56,472

Airlines — 0.8%
Allegiant Travel		2,386		334,660
Hawaiian Holdings, Inc.*		11,421		231,732
Republic Airways Holdings, Inc.*		15,596		207,115
SkyWest, Inc.		3,003		37,538
Spirit Airlines, Inc.*		3,910		323,318
Virgin America, Inc.*		1,708		64,357

				1,198,720

Apparel — 1.3%
Carter’s, Inc.		2,958		246,135
Crocs, Inc.*		4,011		53,266
G-III Apparel Group Ltd*		3,554		314,493
Iconix Brand Group, Inc.*		1,763		71,243
Rocky Brands, Inc.		21,760		327,270
Sequential Brands Group, Inc.*		23,532		289,914
Skechers U.S.A., Inc., Class A*		5,989		367,785
Steven Madden Ltd.*		2,135		72,804
Vince Holding Corp.*		1,818		67,502
Wolverine World Wide, Inc.		3,879		118,348

				1,928,760

Auto Parts & Equipment — 1.2%
Commercial Vehicle Group, Inc.*		19,511		127,797
Dorman Products, Inc.*		1,466		69,386
Motorcar Parts of America, Inc.*		27,912		942,030
Remy International, Inc.		11,308		208,067
Spartan Motors, Inc.		58,880		294,989
Standard Motor Products, Inc.		1,164		44,407


	Number of Shares		Value

Auto Parts & Equipment — (Continued)
Titan International, Inc.		3,525	$	34,898

				1,721,574

Banks — 4.4%
1st Source Corp.		7,509		229,175
American River Bankshares*		31,360		293,530
Bank Of Commerce Holdings		43,040		258,670
Bank Of The Ozarks, Inc.		10,046		363,666
BankUnited, Inc.		7,597		229,429
Banner Corp.		1,161		47,822
BBCN Bancorp, Inc.		4,543		63,239
Cardinal Financial Corp.		4,076		74,469
Columbia Banking System, Inc.		3,072		84,388
Community Bank System, Inc.		2,202		81,452
Customers Bancorp, Inc.*		12,994		233,892
CVB Financial Corp.		5,101		77,382
First Citizens Bancshares, Inc., Class A		693		175,745
First Commonwealth Financial Corp.		6,562		59,583
First Financial Bankshares, Inc.		3,118		94,070
First Midwest Bancorp, Inc.		3,859		64,561
Glacier Bancorp, Inc.		3,440		94,187
Home BancShares, Inc.		2,327		73,696
MB Financial, Inc.		2,438		76,797
NBT Bancorp, Inc.		3,060		74,389
Northrim BanCorp, Inc.		11,020		301,507
Old National Bancorp		5,673		80,557
Orrstown Financial Services, Inc.*		15,190		254,736
Pacific Continental Corp.		22,260		308,524
Pacific Mercantile Bancorp*		50,090		340,612
Park Sterling Corp.		54,230		387,202
Pinnacle Financial Partners, Inc.		1,486		55,978
Premier Financial Bancorp, Inc.		20,710		327,011
Privatebancorp, Inc.		2,476		77,870
S&T Bancorp, Inc.		2,350		64,578
Signature Bank*		2,283		276,859
Simmons First National Corp., Class A		1,467		59,369
Suffolk Bancorp		12,380		256,142
Susquehanna Bancshares, Inc.		9,562		125,932
Texas Capital Bancshares, Inc.*		1,714		94,493
UMB Financial Corp.		1,346		74,690
United Bankshares, Inc.		2,652		92,555
ViewPoint Financial Group, Inc.		8,526		203,260


	Number of Shares		Value

Banks — (Continued)
Wintrust Financial Corp.		2,135	$	95,413

				6,227,430

Beverages — 1.0%
Boston Beer Co., Inc. (The), Class A*		293		77,050
Craft Brew Alliance, Inc.*		31,520		426,781
Farmer Bros Co.*		27,035		771,038
Reed’s, Inc.*		33,503		218,105

				1,492,974

Biotechnology — 3.0%
Acceleron Pharma, Inc.*		6,469		250,609
Acorda Therapeutics, Inc.*		1,656		60,361
Alder Biopharmaceuticals, Inc.*		6,149		100,352
AMAG Pharmaceuticals, Inc.*		6,897		256,568
ANI Pharmaceuticals, Inc.*		3,196		172,936
Avalanche Biotechnologies, Inc.*		2,962		116,969
Bluebird Bio, Inc.*		3,695		152,345
Cambrex Corp.*		8,782		199,790
Enzo Biochem, Inc.*		41,411		188,006
Exact Sciences Corp.*		4,610		114,420
Harvard Bioscience, Inc.*		39,403		193,863
Karyopharm Therapeutics, Inc.*		5,085		212,960
Ligand Pharmaceuticals*		895		48,196
Loxo Oncology, Inc.*		9,012		92,824
MacroGenics, Inc.*		7,459		210,791
Medicines Co., (The)*		2,409		64,585
Momenta Pharmaceuticals, Inc.*		3,060		35,894
Myriad Genetics, Inc.*		16,450		551,569
NeoGenomics, Inc.*		99,344		421,219
Oncothyreon, Inc.*		72,233		126,408
OvaScience, Inc.*		4,927		124,456
Repligen, Corp.*		14,522		332,118
Sunesis Pharmaceuticals, Inc.*		40,630		95,074
Synageva BioPharma Corp.*		1,415		114,898

				4,237,211

Building Materials — 1.8%
AAON, Inc.		2,382		49,355
Apogee Enterprises, Inc.		8,252		373,238
Caesarstone Sdot-Yam Ltd. (Israel)		4,300		266,600
Drew Industries, Inc.*		1,118		52,658
Gibraltar Industries, Inc.*		2,609		37,439
Headwaters, Inc.*		3,396		47,544
NCI Building Systems, Inc.*		12,755		238,008
Patrick Industries, Inc.*		9,770		435,644


	Number of Shares		Value

Building Materials — (Continued)
PGT, Inc.*		26,843	$	252,593
Simpson Manufacturing Co., Inc.		1,763		58,532
Stock Building Supply Holdings, Inc.*		12,665		202,767
Universal Forest Products, Inc.		1,105		52,753
US Concrete, Inc.*		19,339		545,747

				2,612,878

Chemicals — 1.7%
A. Schulman, Inc.		1,369		52,378
Aceto Corp.		1,570		32,970
American Vanguard Corp.		18,796		204,688
Balchem Corp.		1,070		69,550
Calgon Carbon Corp.*		2,450		50,004
Hawkins, Inc.		3,211		126,642
HB Fuller Co.		2,090		90,267
Innophos Holdings, Inc.		884		47,807
KMG Chemicals, Inc.		18,600		346,146
Koppers Holdings, Inc.		1,616		47,155
Kraton Performance Polymers, Inc.*		17,913		329,599
Landec Corp.*		48,948		643,177
OM Group, Inc.		1,720		46,801
Quaker Chemical Corp.		619		50,405
Rayonier Advanced Materials, Inc.		10,273		253,229

				2,390,818

Coal — 0.1%
Arch Coal, Inc.		9,301		20,648
Cloud Peak Energy, Inc.*		3,114		36,340
SunCoke Energy, Inc.		2,595		52,756

				109,744

Commercial Services — 7.4%
Aaron’s, Inc.		7,136		202,520
ABM Industries, Inc.		2,589		70,136
Albany Molecular Research, Inc.*		1,088		17,702
American Public Education, Inc.*		1,079		36,254
AMN Healthcare Services Inc*.		18,497		316,668
ARC Document Solutions, Inc.*		50,607		487,346
Ascent Capital Group, Inc., Class A*		8,064		434,004
Barrett Business Services, Inc.		7,260		158,413
Brink’s Co. (The)		24,938		541,155
Capella Education Co.		4,160		283,629
Cardtronics, Inc.*		1,586		62,108


	Number of Shares		Value

Commercial Services — (Continued)
CRA International, Inc.*		3,808	$	113,288
Cross Country Healthcare, Inc.*		53,429		570,087
CTPartners Executive Search, Inc.*		27,684		586,901
Electro Rent Corp.		36,265		505,896
Franklin Covey Co.*		10,119		191,047
Green Dot Corp., Class A*		1,297		28,547
Hackett Group, Inc. (The)		66,531		591,460
Healthcare Services Group, Inc.		2,448		73,832
Heartland Payment Systems		1,231		67,114
Heidrick & Struggles International, Inc.		10,330		206,807
ICF International, Inc.*		3,057		118,550
Insperity, Inc.		13,491		440,482
Kelly Services, Inc., Class A		2,701		41,703
Korn/Ferry International*		1,993		54,110
Liberty Tax, Inc.*		2,885		109,933
Matthews International, Corp., Class A		1,045		48,143
Medifast, Inc.*		9,920		292,640
Monro Muffler Brake, Inc.		1,131		61,967
Multi-Color Corp.		7,198		394,738
Navigant Consulting, Inc.*		3,106		43,484
Nord Anglia Education, Inc. (Cayman Islands)*		13,519		223,739
On Assignment, Inc.*		1,912		58,756
PAREXEL International Corp.*		6,174		361,241
Paylocity Holding Corp.*		13,676		397,835
PFSweb, Inc.*		31,479		343,751
Resources Connection, Inc.		2,715		41,187
SP Plus Corp.*		24,632		511,853
Strayer Education, Inc.*		486		36,785
Team Health Holdings, Inc.*		3,755		214,636
Tree.com, Inc.*		9,173		415,170
TriNet Group, Inc.*		8,120		257,079
TrueBlue Inc.*		2,035		46,703
WEX, Inc.*		2,143		242,330
WuXi PharmaTech Cayman, Inc., ADR*		7,249		248,713

				10,550,442

Computers — 4.2%
CACI International, Inc., Class A*		985		87,852
Computer Services, Inc.		11,633		476,371
Convergys Corp.		28,173		587,407


	Number of Shares		Value

Computers — (Continued)
Datalink Corp.*		39,580	$	483,668
Digimarc Corp.		7,286		176,103
Dot Hill Systems Corp.*		100,490		468,283
DST Systems, Inc.		1,930		191,552
Electronics For Imaging, Inc.*		1,612		71,653
Engility Holdings, Inc.*		845		35,532
EPAM Systems, Inc.*		5,204		265,560
ExlService Holdings, Inc.*		1,718		48,156
Icad, Inc.*		34,420		345,233
iGATE Corp.*		8,156		301,364
Insight Enterprises, Inc.*		2,033		47,633
LivePerson Inc.*		2,356		30,487
Manhattan Associates, Inc.*		8,950		354,062
MAXIMUS Inc.		2,507		131,342
Netscout Systems, Inc.*		1,466		55,928
PAR Technology Corp.*		26,050		147,182
Qumu Corp.*		14,815		207,410
Silicon Graphics International Corp.*		20,679		198,725
Super Micro Computer, Inc.*		6,473		215,421
Sykes Enterprises, Inc.*		20,204		468,127
Synaptics, Inc.*		1,254		78,989
Virtusa Corp.*		6,147		246,311
Xplore Technologies Corp.*		41,031		237,569

				5,957,920

Distribution / Wholesale — 1.5%
Core-Mark Holding, Co., Inc.		3,716		223,369
H&E Equipment Services, Inc.		4,802		168,070
Houston Wire & Cable Co.		14,034		179,916
MWI Veterinary Supply, Inc.*		1,977		323,081
Pool Corp.		1,692		100,522
Rentrak Corp.*		12,749		1,072,191
ScanSource, Inc.*		1,349		52,422
United Stationers, Inc.		1,997		81,997

				2,201,568

Diversified Financial Services — 2.7%
Blackhawk Network Holdings, Inc., Class B*		21,228		757,627
Ellie Mae, Inc.*		7,087		286,740
Encore Capital Group, Inc.*		1,103		47,330
Enova International, Inc.*		749		17,228
Evercore Partners, Inc., Class A		1,393		70,346
Financial Engines, Inc.		2,031		66,373
FNFV Group*		57,295		817,600
FXCM Inc., Class A		6,956		111,992


	Number of Shares		Value

Diversified Financial Services — (Continued)
Greenhill & Co., Inc.		1,332	$	59,034
Interactive Brokers Group, Inc., Class A		2,431		66,415
Investment Technology Group, Inc.*		2,014		39,776
JMP Group, Inc.		36,220		264,044
Ladenburg Thalmann Financial Services, Inc.*		18,800		62,792
MarketAxess Holdings, Inc.		1,548		101,502
Piper Jaffray Cos*		847		48,618
PRA Group, Inc.*		5,382		314,955
Silvercrest Asset Management Group, Inc., Class A		10,412		149,412
Stifel Financial Corp.*		2,715		131,759
Virtus Investment Partners, Inc.		292		44,968
WageWorks Inc.*		1,109		64,788
Walter Investment Management Corp.*		6,667		124,273
Westwood Holdings Group, Inc.		3,135		186,815

				3,834,387

Electric — 0.3%
ALLETE, Inc.		1,611		82,113
Avista Corp.		2,690		92,670
NorthWestern Corp.		2,048		109,015
UIL Holdings Corp.		2,214		88,117

				371,915

Electrical Components & Equipment — 0.7%
Advanced Energy Industries, Inc.*		1,409		28,786
Capstone Turbine Corp.*		192,001		161,281
EnerSys		1,813		110,103
General Cable Corp.		3,030		41,693
Insteel Industries, Inc.		18,509		404,052
Littelfuse, Inc.		927		89,113
PowerSecure International, Inc.*		16,250		162,825
TCP International Holdings Ltd. (Switzerland)*		4,005		22,228

				1,020,081

Electronics — 1.4%
Benchmark Electronics, Inc.*		2,503		59,521
Brady Corp., Class A		2,129		53,225
Checkpoint Systems, Inc.*		3,223		41,125
Coherent, Inc.*		1,000		55,360
CTS Corp.		2,257		38,775
FARO Technologies, Inc.*		778		42,736


	Number of Shares		Value

Electronics — (Continued)
II-VI, Inc.*		3,812	$	50,585
Ituran Location and Control Ltd. (Israel)		4,623		99,995
Knowles Corp.*		10,902		227,743
Methode Electronics, Inc.		4,223		163,641
Newport Corp.*		2,338		41,172
OSI Systems, Inc.*		750		52,928
Park Electrochemical Corp.		1,767		43,468
Plexus Corp.*		1,502		58,593
Rogers Corp.*		758		53,682
Sanmina Corp.*		2,981		73,333
TASER International, Inc.*		18,173		390,356
Watts Water Technologies, Inc., Class A		1,166		70,496
ZAGG, Inc.*		58,380		332,766

				1,949,500

Energy-Alternate Sources — 0.2%
Green Plains, Inc.		1,267		38,023
Hydrogenics Corp. (Canada)*		9,822		138,097
Vivint Solar, Inc.*		7,597		76,730

				252,850

Engineering & Construction — 0.5%
Comfort Systems USA, Inc.		2,942		42,277
Dycom Industries, Inc.*		2,029		62,067
EMCOR Group, Inc.		2,515		109,025
Exponent, Inc.		695		52,862
Sterling Construction Co., Inc.*		30,710		205,450
Tutor Perini Corp.*		9,733		245,758

				717,439

Entertainment — 0.7%
AMC Entertainment Holdings, Inc., Class A		9,114		238,969
International Speedway Corp., Class A		16,428		513,868
Marriott Vacations Worldwide Corp.		959		70,496
Multimedia Games Holding Co., Inc.*		1,206		43,766
Pinnacle Entertainment, Inc.*		2,311		57,521
Scientific Games Corp., Class A*		1,773		26,843

				951,463

Environmental Control — 0.6%
Clean Harbors, Inc.*		6,177		288,775
Progressive Waste Solutions Ltd. (Canada)		6,500		199,095


	Number of Shares		Value

Environmental Control — (Continued)
Tetra Tech, Inc.		2,396	$	65,123
US Ecology, Inc.		8,243		328,237

				881,230

Food — 2.2%
B&G Foods, Inc.		2,126		60,846
Calavo Growers, Inc.		5,410		232,305
Cal-Maine Foods, Inc.		1,167		48,874
Darling Ingredients, Inc.*		6,443		119,840
Diamond Foods, Inc.*		1,351		40,246
Ingles Markets, Inc., Class A		18,402		499,430
Inventure Foods, Inc.*		17,786		245,625
J&J Snack Foods Corp.		553		58,093
John B Sanfilippo & Son, Inc.		4,553		190,406
Lifeway Foods, Inc.*		13,704		253,798
Rocky Mountain Chocolate Factory, Inc.		16,038		202,560
Sanderson Farms, Inc.		720		62,503
Snyder’s-Lance, Inc.		2,035		61,620
SunOpta, Inc. (Canada)*		25,276		301,543
TreeHouse Foods, Inc.*		1,497		121,182
United Natural Foods, Inc.*		3,781		284,293
Village Super Market, Inc., Class A		13,399		321,710

				3,104,874

Forest Products & Paper — 0.4%
Clearwater Paper Corp.*		761		50,424
KapStone Paper and Packaging, Corp.*		3,244		96,898
Neenah Paper, Inc.		794		45,449
Orchids Paper Products, Co.		5,886		159,864
PH Glatfelter, Co.		2,761		69,909
Schweitzer-Mauduit International, Inc.		1,436		61,418
Wausau Paper Corp.		3,593		35,750

				519,712

Gas — 0.3%
Laclede Group, Inc. (The)		1,718		87,154
New Jersey Resources Corp.		1,657		95,940
Piedmont Natural Gas Co., Inc.		2,895		108,505
South Jersey Industries, Inc.		1,342		76,601
Southwest Gas Corp.		1,780		103,044

				471,244

Hand / Machine Tools — 0.3%
Franklin Electric Co., Inc.		1,629		61,185


	Number of Shares		Value

Hand / Machine Tools — (Continued)
Hardinge, Inc.		26,850	$	328,912

				390,097

Healthcare-Products — 5.5%
Abaxis, Inc.		5,701		327,238
ABIOMED, Inc.*		1,483		52,676
Affymetrix, Inc.*		4,000		36,520
Analogic Corp.		655		47,710
Cantel Medical Corp.		1,361		59,258
Cepheid*		4,456		245,436
CONMED Corp.		1,287		54,607
Cyberonics, Inc.*		1,077		57,350
Cynosure, Inc., Class A*		11,337		312,561
DexCom, Inc.*		6,976		358,985
Digirad Corp.		45,376		167,437
Greatbatch, Inc.*		1,044		51,751
Haemonetics Corp.*		2,210		81,615
Hanger, Inc.*		2,164		46,418
Inogen, Inc.*		5,286		128,397
Insulet Corp.*		2,845		132,549
Invacare Corp.		2,216		33,528
K2M Group Holdings, Inc.*		25,096		474,566
LDR Holding Corp.*		10,212		333,217
Masimo Corp.*		2,040		53,550
Meridian Bioscience, Inc.		3,200		52,640
Merit Medical Systems, Inc.*		2,635		38,998
MiMedx Group, Inc.*		18,939		209,465
NanoString Technologies, Inc.*		8,931		133,161
Natus Medical, Inc.*		7,654		261,997
Novadaq Technologies, Inc. (Canada)*		7,499		107,611
NuVasive, Inc.*		1,651		72,528
OraSure Technologies, Inc.*		62,381		562,052
Oxford Immunotec Global, PLC (United Kingdom)*		9,537		124,744
Photomedex, Inc.*		31,990		55,023
Spectranetics Corp. (The)*		22,960		753,777
STERIS Corp.		5,751		366,626
Synergetics USA, Inc.*		70,130		244,052
Tandem Diabetes Care, Inc.*		12,843		181,472
Trinity Biotech, PLC, Sponsored ADR (Ireland)		20,242		347,353
Trivascular Technologies, Inc.*		8,509		114,616
Vascular Solutions, Inc.*		4,944		127,160
West Pharmaceutical Services, Inc.		2,572		133,770


	Number of Shares		Value

Healthcare-Products — (Continued)
Zeltiq Aesthetics, Inc.*		31,072	$	850,441

				7,792,855

Healthcare-Services — 2.0%
AAC Holdings, Inc.*		12,832		370,332
Acadia Healthcare Co., Inc.*		3,929		243,637
Air Methods Corp.*		1,403		62,265
Almost Family, Inc.*		13,050		360,310
Amedisys, Inc.*		1,441		36,630
Amsurg Corp.*		1,786		92,104
Centene Corp.*		3,284		324,361
Chemed Corp.		544		59,900
Ensign Group, Inc. (The)		930		36,661
Gentiva Health Services, Inc.*		1,133		21,992
Healthways, Inc.*		2,231		34,759
IPC The Hospitalist Co., Inc.*		1,038		45,755
Kindred Healthcare, Inc.		2,415		48,034
Lifepoint Hospitals, Inc.*		3,361		232,548
Magellan Health, Inc.*		1,022		62,536
Molina Healthcare, Inc.*		1,139		58,226
Psychemedics Corp.		12,686		191,305
Surgical Care Affiliates, Inc.*		12,198		387,896
US Physical Therapy, Inc.		3,427		133,207

				2,802,458

Home Builders — 0.4%
Cavco Industries, Inc.*		2,878		213,346
Installed Building Products, Inc.*		5,657		96,169
M/I Homes, Inc.*		1,726		39,560
Meritage Homes Corp.*		1,502		58,908
Ryland Group, Inc., (The)		1,731		67,734
Standard Pacific Corp.*		5,192		39,200

				514,917

Home Furnishings — 0.8%
DTS, Inc.*		1,003		32,347
Ethan Allen Interiors, Inc.		1,335		39,529
Hooker Furniture Corp.		11,004		169,352
iRobot Corp.*		1,249		45,489
La-Z-Boy, Inc.		2,225		57,828
Norcraft Cos., Inc.*		4,259		76,960
Select Comfort Corp.*		2,048		53,944
Skullcandy, Inc.*		45,263		429,093
Universal Electronics, Inc.*		3,885		235,081

				1,139,623

Household Products / Wares — 0.2%
Acme United Corp.		9,986		179,748


	Number of Shares		Value

Household Products / Wares — (Continued)
WD-40 Co.		722	$	54,944

				234,692

Housewares — 0.3%
Lifetime Brands, Inc.		22,160		331,070
Toro, Co. (The)		1,897		124,595

				455,665

Insurance — 2.0%
American Equity Investment Life Holding Co.		3,576		96,552
Employers Holdings, Inc.		2,749		55,750
Federated National Holding Co.		7,662		193,542
Hallmark Financial Services, Inc.*		35,030		413,004
Hilltop Holdings, Inc.*		14,988		305,455
Horace Mann Educators Corp.		2,570		80,441
Infinity Property & Casualty Corp.		897		65,176
Navigators Group, Inc. (The)*		3,968		289,862
ProAssurance Corp.		2,121		95,636
RLI Corp.		1,531		70,319
Selective Insurance Group, Inc.		3,038		81,327
Stewart Information Services Corp.		1,312		46,563
White Mountains Insurance Group Ltd. (Bermuda)		1,589		1,007,061

				2,800,688

Internet — 3.9%
Blucora, Inc.*		1,808		25,692
Blue Nile, Inc.*		9,076		314,393
comScore, Inc.*		9,691		426,114
ePlus, Inc.*		6,683		460,058
GrubHub, Inc.*		6,129		225,547
HealthStream, Inc.*		10,083		288,878
j2 Global, Inc.		1,540		87,072
magicJack VocalTec Ltd. (Israel)*		17,500		142,275
Marketo, Inc.*		8,470		270,701
NIC, Inc.		2,930		52,799
Perficient, Inc.*		2,095		36,264
Q2 Holdings, Inc.*		12,238		227,504
Reis, Inc.		29,544		743,327
Saba Software, Inc.*		37,569		516,574
Stamps.com, Inc.*		3,411		161,169
TeleCommunication Systems, Inc., Class A*		133,250		409,078


	Number of Shares		Value

Internet — (Continued)
TheStreet, Inc.		73,115	$	162,315
TrueCar, Inc.*		11,643		223,080
TubeMogul, Inc.*		7,208		115,040
Tucows, Inc., Class A*		6,602		117,119
VASCO Data Security International, Inc.*		966		28,787
Wix.com Ltd. (Israel)*		6,088		130,344
Yodlee, Inc.*		8,051		95,243
Zendesk, Inc.*		9,898		235,176
zulily, Inc., Class A*		4,021		115,523

				5,610,072

Investment Companies — 0.5%
Capital Southwest Corp.		13,633		507,693
MCG Capital Corp.		53,400		194,910

				702,603

Iron / Steel — 0.0%
AK Steel Holding Corp.*		6,847		40,534

Leisure Time — 0.8%
Arctic Cat, Inc.		7,310		241,596
Black Diamond, Inc.*		22,799		207,243
Callaway Golf Co.		5,632		41,733
Interval Leisure Group, Inc.		2,200		47,828
Malibu Boats, Inc., Class A*		12,525		234,468
Nautilus, Inc.*		11,219		143,940
Town Sports International Holdings, Inc.		27,060		182,926

				1,099,734

Lodging — 0.2%
Boyd Gaming Corp.*		3,679		47,018
Monarch Casino & Resort, Inc.*		17,601		291,473

				338,491

Machinery-Diversified — 1.2%
Albany International Corp., Class A		1,403		52,430
Applied Industrial Technologies, Inc.		1,815		85,105
Briggs & Stratton Corp.		2,508		50,285
Columbus Mckinnon Corp.		10,120		270,305
DXP Enterprises, Inc.*		709		41,661
Hurco Cos, Inc.		10,140		352,061
Lindsay Corp.		551		48,449
Manitex International, Inc.*		26,665		293,582
Tennant Co.		727		49,036


	Number of Shares		Value

Machinery-Diversified — (Continued)
Twin Disc, Inc.		18,752	$	429,046

				1,671,960

Media — 0.0%
EW Scripps Co. (The), Class A*		1,489		29,155

Metal Fabricate/Hardware — 0.6%
CIRCOR International, Inc.		779		52,154
Dynamic Materials Corp.		9,287		148,963
Haynes International, Inc.		1,000		44,890
Mueller Industries, Inc.		1,987		65,193
NN, Inc.		22,206		470,101
RTI International Metals, Inc.*		1,838		42,145

				823,446

Mining — 0.3%
Century Aluminum Co.*		1,732		47,890
Globe Specialty Metals, Inc.		2,709		46,947
Kaiser Aluminum Corp.		726		52,838
Materion Corp.		1,326		46,105
Stillwater Mining Co.*		4,358		57,221
United States Lime & Minerals, Inc.		3,246		221,377

				472,378

Miscellaneous Manufacturing — 1.2%
Actuant Corp., Class A		2,726		80,035
AZZ, Inc.		1,155		51,721
Barnes Group, Inc.		1,822		66,922
CLARCOR, Inc.		3,726		245,506
EnPro Industries, Inc.*		868		56,003
Federal Signal Corp.		3,219		48,027
Hillenbrand, Inc.		2,539		81,654
Lydall, Inc.*		17,501		465,002
Myers Industries, Inc.		22,263		362,219
Proto Labs, Inc.*		3,680		238,832
Standex International Corp.		529		38,601
Sturm Ruger & Co., Inc.		1,188		45,251

				1,779,773

Office Furnishings — 0.0%
Interface, Inc.		3,180		48,082

Oil & Gas — 1.4%
Bill Barrett Corp.*		2,118		21,455
Callon Petroleum Co.*		23,096		113,401
Carrizo Oil & Gas, Inc.*		1,508		59,506
Contango Oil & Gas Co.*		1,003		33,911
Diamondback Energy, Inc.*		3,069		173,092
Evolution Petroleum Corp.		49,940		392,528


	Number of Shares		Value

Oil & Gas — (Continued)
Miller Energy Resources, Inc.*		56,580	$	131,266
Ocean Rig UDW, Inc. (Cyprus)		13,280		159,227
PDC Energy, Inc.*		6,266		184,910
Penn Virginia Corp.*		3,506		17,986
PetroQuest Energy, Inc.*		18,984		70,620
RSP Permian, Inc.*		9,391		204,348
Stone Energy Corp.*		2,258		35,676
Synergy Resources Corp.*		13,067		128,187
Trecora Resources*		15,955		196,087
Triangle Petroleum Corp.*		11,233		54,143

				1,976,343

Oil & Gas Services — 1.0%
Bristow Group, Inc.		1,188		76,151
C&J Energy Services, Inc.*		2,189		33,163
Enservco Corp.*		31,491		65,501
Exterran Holdings, Inc.		2,245		75,208
Flotek Industries, Inc.*		2,344		45,661
Geospace Technologies Corp.*		1,177		31,026
Gulfmark Offshore, Inc., Class A		1,534		39,961
Matrix Service Co.*		1,701		35,925
Natural Gas Services Group, Inc.*		14,989		347,145
Newpark Resources, Inc.*		4,048		42,383
PHI, Inc., Non Voting Shares*		8,400		348,684
SEACOR Holdings, Inc.*		872		62,034
Tesco Corp. (Canada)		2,301		32,421
TETRA Technologies, Inc.*		28,019		177,921

				1,413,184

Packaging & Containers — 0.2%
AEP Industries, Inc.*		6,110		273,300

Pharmaceuticals — 3.3%
Aerie Pharmaceuticals, Inc.*		6,684		176,257
Agios Pharmaceuticals, Inc.*		1,947		196,277
Akorn, Inc.*		2,565		102,780
Anika Therapeutics, Inc.*		885		36,188
Aquinox Pharmaceuticals, Inc.*		8,848		64,679
Aratana Therapeutics, Inc.*		6,846		90,710
Auspex Pharmaceuticals, Inc.*		4,322		104,722
Avanir Pharmaceuticals, Inc.*		28,463		424,668
Cempra, Inc.*		25,346		364,729
Depomed, Inc.*		2,225		34,465
Dyax Corp.*		17,266		242,415
Flamel Technologies S.A., Sponsored ADR*		13,588		194,173


	Number of Shares		Value

Pharmaceuticals — (Continued)
Foamix Pharmaceuticals Ltd. (Israel)*		6,458	$	34,357
Heron Therapeutics, Inc.*		16,655		128,410
Heska Corp.*		6,212		96,845
IGI Laboratories, Inc.*		21,841		228,675
Impax Laboratories, Inc.*		2,300		73,485
Imprimis Pharmaceuticals, Inc.*		23,328		191,756
Infinity Pharmaceuticals*		14,574		218,756
Kindred Biosciences, Inc.*		8,529		82,049
Lannett Co., Inc.*		1,013		49,769
Mirati Therapeutics, Inc.*		5,831		86,415
Neogen Corp.*		1,357		60,129
Owens & Minor, Inc.		14,092		482,087
Pacira Pharmaceuticals*		1,235		116,004
Pernix Therapeutics Holdings, Inc.*		12,705		131,751
PharMerica Corp.*		1,638		35,725
Prestige Brands Holdings, Inc.*		1,858		62,150
Receptos, Inc.*		2,185		295,630
Supernus Pharmaceuticals, Inc.*		18,668		165,398
uniQure B.V. (Netherlands)*		13,163		198,103

				4,769,557

Real Estate — 0.4%
Forestar Group, Inc.*		2,807		44,912
HFF, Inc., Class A		1,540		53,099
Marcus & Millichap, Inc.*		15,636		485,185

				583,196

REITS — 1.9%
Acadia Realty Trust		3,174		101,441
Agree Realty Corp.		4,437		136,704
Associated Estates Realty Corp.		3,390		76,004
Cedar Realty Trust, Inc.		12,473		84,692
Chesapeake Lodging Trust		2,316		78,420
CoreSite Realty Corp.		1,169		44,492
Cousins Properties, Inc.		7,252		88,764
DiamondRock Hospitality Co.		7,911		118,111
EPR Properties		2,135		119,539
Geo Group, Inc. (The)		6,081		245,003
Government Properties, Income Trust		4,226		96,015
Healthcare Realty Trust, Inc.		3,993		105,455
Lexington Realty Trust		9,182		101,002
LTC Properties, Inc.		2,216		92,607
Medical Properties Trust, Inc.		7,521		104,241
Parkway Properties, Inc.		3,527		68,706


	Number of Shares		Value

REITS — (Continued)
Pennsylvania Real Estate Investment Trust		3,103	$	72,517
Post Properties, Inc.		2,005		117,453
Retail Opportunity Investments Corp.		2,983		49,100
Sabra Health Care REIT, Inc.		2,532		71,681
Sovran Self Storage, Inc.		1,313		111,631
Summit Hotel Properties, Inc.		23,928		277,565
UMH Properties, Inc.		20,961		200,806
Universal Health Realty Income Trust		1,911		92,378

				2,654,327

Retail — 8.4%
Abercrombie & Fitch Co., Class A		6,325		182,476
Ascena Retail Group, Inc.*		29,879		400,080
Barnes & Noble, Inc.*		1,567		36,605
Big 5 Sporting Goods Corp.		33,760		442,931
BJ’s Restaurants, Inc.*		758		37,263
Bob Evans Farms, Inc.		3,952		214,831
Brown Shoe, Co., Inc.		1,795		58,804
Buckle, Inc.		1,195		61,172
Buffalo Wild Wings, Inc.*		2,457		418,206
Build-A-Bear Workshop, Inc.*		23,574		485,153
Burlington Stores, Inc.*		8,796		392,917
Casey’s General Stores, Inc.		1,331		111,431
Cash America International, Inc.		819		19,992
Cato Corp. (The), Class A		1,302		52,236
Childrens Place, Inc., (The)		7,908		443,323
Christopher & Banks Corp.*		56,940		412,246
Chuy’s Holdings, Inc.*		7,437		159,226
Cracker Barrel Old Country Store, Inc.		790		101,128
Dave & Buster’s Entertainment, Inc.*		5,615		128,696
Denny’s Corp*		14,182		137,424
DineEquity, Inc.		649		64,465
EzCorp., Inc., Class A*		3,300		35,937
Fiesta Restaurant Group, Inc.*		8,609		482,621
Finish Line, Inc. (The), Class A		1,963		56,024
First Cash Financial Services*		1,236		71,416
Five Below, Inc.*		9,120		425,539
Francesca’s Holdings Corp.*		29,165		369,812
Genesco, Inc.*		874		71,117
Gordmans Stores, Inc.*		84,630		266,584


	Number of Shares		Value

Retail — (Continued)
Group 1 Automotive, Inc.		732	$	65,521
Hibbett Sports, Inc.*		1,087		54,535
Jack In The Box, Inc.		4,777		355,887
Kate Spade & Co.*		7,566		242,339
Kona Grill, Inc.*		18,444		467,371
Lithia Motors, Inc., Class A		838		61,601
Lumber Liquidators Holdings, Inc.*		1,041		66,197
MarineMax, Inc.*		42,120		779,641
Mattress Firm Holding Corp.*		3,820		271,335
Men’s Wearhouse, Inc. (The)		1,566		73,164
New York & Co., Inc.*		56,160		154,440
Outerwall, Inc.*		6,790		477,202
Papa John’s International, Inc.		6,124		323,225
PC Connection, Inc.		17,400		389,238
PCM, Inc.*		26,870		259,296
Pep Boys-Manny Moe & Jack (The)*		4,002		38,979
Popeyes Louisiana Kitchen, Inc.*		4,069		224,772
Red Robin Gourmet Burgers, Inc.*		2,706		182,249
Regis Corp.*		2,698		44,625
Restoration Hardware Holdings, Inc.*		2,777		234,573
Ruby Tuesday, Inc.*		4,431		36,955
Sonic Corp.		2,420		65,800
Stage Stores, Inc.		11,953		244,917
Texas Roadhouse, Inc.		2,195		72,567
Tuesday Morning Corp.*		18,995		404,593
Vitamin Shoppe, Inc.*		1,255		60,064
Zoe’s Kitchen, Inc.*		3,730		117,980
Zumiez, Inc.*		1,147		41,028

				11,949,749

Savings & Loans — 0.4%
Banc of California, Inc.		31,180		342,980
Brookline Bancorp, Inc.		9,875		93,911
Dime Community Bancshares, Inc.		13,715		207,783

				644,674

Semiconductors — 3.5%
Ambarella, Inc.*		2,998		164,890
Amtech Systems, Inc.*		28,501		252,804
AXT, Inc.*		81,060		208,324
Brooks Automation, Inc.		3,193		37,390
Cabot Microelectronics Corp.*		1,035		48,956


	Number of Shares		Value
Semiconductors — (Continued)
Cavium, Inc.*		5,430	$	307,338
Cirrus Logic, Inc.*		2,441		44,646
Cohu, Inc.		26,760		306,402
Diodes, Inc.*		1,873		49,803
Integrated Silicon Solution, Inc.		31,000		448,570
IPG Photonics Corp.*		3,608		260,101
Kulicke & Soffa Industries, Inc.*		3,826		53,487
Microsemi Corp.*		3,295		89,624
MKS Instruments, Inc.		1,930		70,329
Monolithic Power Systems, Inc.		1,317		63,387
Nova Measuring Instruments Ltd. (Israel)*		8,935		94,800
Power Integrations, Inc.		1,177		59,038
QLogic Corp.*		4,183		48,272
Rovi Corp.*		25,431		566,603
Rubicon Technology, Inc.*		38,640		198,610
Rudolph Technologies, Inc.*		37,320		342,598
Silicon Motion Technology Corp., ADR (Cayman Isalnds)		15,504		362,173
Tessera Technologies, Inc.		1,643		56,158
Tower Semiconductor Ltd. (Israel)*		19,928		256,274
TriQuint Semiconductor, Inc.*		6,406		156,114
Ultra Clean Holdings, Inc.*		48,990		425,723
Veeco Instruments, Inc.*		1,810		67,712

				5,040,126

Software — 5.9%
American Software, Inc.		17,592		159,559
Benefitfocus, Inc.*		10,976		297,340
Blackbaud, Inc.		1,654		70,196
Bottomline Technologies, Inc.*		1,974		48,402
Callidus Software, Inc.*		75,906		1,212,218
Cornerstone OnDemand, Inc.*		3,357		106,652
CSG Systems International, Inc.		29,015		728,857
Cvent, Inc.*		14,242		383,395
Dealertrack Technologies, Inc.*		1,544		72,815
Digital River, Inc.*		1,606		40,776
Epiq Systems, Inc.		1,960		30,066
Globant SA (Luxembourg)*		17,476		241,169
ImageWare Systems, Inc.*		101,469		213,085
InContact, Inc.*		45,068		372,262
InnerWorkings, Inc.*		29,690		222,081
Interactive Intelligence Group, Inc.*		896		40,526
MAM Software Group, Inc.*		31,428		181,654


	Number of Shares		Value
Software — (Continued)
Mavenir Systems, Inc.*		1,685	$	21,332
MedAssets, Inc.*		2,527		48,872
Medidata Solutions, Inc.*		7,138		304,864
MicroStrategy, Inc., Class A*		373		64,059
Monotype Imaging Holdings, Inc.		1,962		54,230
Omnicell, Inc.*		1,520		48,944
Paycom Software, Inc.		21,423		615,912
Pegasystems, Inc.		10,285		215,162
Progress Software Corp.*		2,243		57,847
Proofpoint, Inc.*		16,810		729,890
QAD, Inc.		12,398		243,249
Qlik Technologies, Inc.*		8,700		268,221
Simulations Plus, Inc.		34,237		217,747
SolarWinds, Inc.*		5,460		283,483
Synchronoss Technologies, Inc.*		1,285		55,037
SYNNEX Corp.		979		69,940
Take-Two Interactive Software, Inc.*		2,927		80,961
Tyler Technologies, Inc.*		3,325		361,029
Verint Systems, Inc.*		4,183		251,775

				8,413,607

Storage / Warehousing — 0.0%
Mobile Mini, Inc.		1,680		69,703

Telecommunications — 2.4%
8X8, Inc.*		44,262		344,358
Anixter International, Inc.*		1,063		92,375
Atlantic Tele-Network, Inc.		4,853		329,907
Black Box Corp.		1,428		33,101
CalAmp Corp.*		2,238		41,828
Cincinnati Bell, Inc.*		8,021		28,555
Comtech Telecommunications Corp.		1,112		44,135
Consolidated Communications Holdings, Inc.		2,258		61,892
Fortinet, Inc.*		9,349		257,658
GTT Communications, Inc.*		22,953		324,326
Harmonic, Inc.*		6,829		47,803
LogMeIn, Inc.*		1,118		56,537
NETGEAR, Inc.*		1,570		54,510
NeuStar, Inc., Class A*		18,028		491,263
NTELOS Holdings Corp.		20,013		168,109
ORBCOMM, Inc.*		30,289		196,273
ShoreTel, Inc.*		33,004		246,870
Telephone & Data Systems, Inc.		22,327		570,678


	Number of Shares		Value

Telecommunications — (Continued)
ViaSat, Inc.*		1,641	$	108,798

				3,498,976

Textiles — 0.6%
G&K Services, Inc., Class A		824		53,642
UniFirst Corp.		7,853		876,316

				929,958

Transportation — 3.0%
Air Transport Services Group, Inc.*		46,937		373,149
ArcBest Corp.		5,614		243,760
Atlas Air Worldwide Holdings, Inc.*		1,379		62,951
Covenant Transportation Group, Inc., Class A*		8,886		233,524
Forward Air Corp.		3,244		158,826
Hornbeck Offshore Services, Inc.*		1,515		40,208
HUB Group, Inc., Class A*		1,446		54,399
Knight Transportation, Inc.		1,882		62,614
Marten Transport Ltd.		22,583		485,534
Matson, Inc.		2,222		78,237
Old Dominion Freight Line, Inc.*		4,100		332,264
PAM Transportation Services, Inc.*		12,770		580,269
Saia, Inc.*		7,847		435,273
Swift Transportation, Co.*		9,889		287,473
UTI Worldwide, Inc. (British Virgin Islands)*		33,704		397,708
Werner Enterprises, Inc.		12,810		397,366

				4,223,555


	Number of Shares		Value

Trucking & Leasing — 0.3%
General Finance Corp.*		41,347	$	376,258

Water — 0.3%
American States Water Co.		1,938		67,617
PICO Holdings, Inc.*		21,164		387,724

				455,341

TOTAL COMMON STOCKS (Cost $130,650,799)				132,670,635

TOTAL INVESTMENTS - 92.9% (Cost $130,650,799)**				132,670,635

OTHER ASSETS IN EXCESS OF LIABILITIES - 7.1%				10,117,872

NET ASSETS - 100.0%			$	142,788,507

*	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	$	130,650,799

Gross unrealized appreciation	$	5,112,252
Gross unrealized depreciation		(3,092,416	)

Net unrealized appreciation	$	2,019,836


ADR		American Depositary Receipt
PLC		Public Limited Company
REIT		Real Estate Investment Trust

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

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

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

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

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

The following is a summary of the inputs used, as of November 30, 2014, in valuing the Fund’s investments carried at fair value:

For the period ended November 30, 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.


	Par (000)		Value
CERTIFICATES OF DEPOSIT—16.3%
Domestic Certificates Of Deposit—1.2%
State Street Bank and Trust Co. (a)
0.281%, 10/01/15	$	4,000	$	4,000,000
0.283%, 10/23/15		3,000		3,000,000

				7,000,000

Yankee Dollar Certificates Of Deposit—15.1% (b)
Australia & New Zealand Banking Ltd., New York (a)
0.225%, 02/25/15		1,000		1,000,000
Bank of Montreal, Chicago
0.180%, 12/08/14		5,000		5,000,000
0.196%, 12/08/14(a)		3,000		3,000,000
Bank of Nova Scotia, Houston (a)
0.226%, 12/01/14		5,000		5,000,000
0.236%, 06/08/15		5,000		5,000,000
0.242%, 08/04/15		4,000		4,000,000
Bank of Tokyo-Mitsubishi UFJ, Ltd.
0.250%, 02/25/15		3,000		3,000,000
Canadian Imperial Bank of Commerce, New York (a)
0.225%, 06/17/15		4,000		4,000,000
Credit Suisse, New York
0.265%, 12/08/14		8,000		8,000,000
National Bank of Canada, New York
0.260%, 12/19/14		1,900		1,900,000
0.275%, 07/24/15(a)		4,000		4,000,000
Nordea Bank Finland PLC, New York
0.240%, 02/17/15		3,000		3,000,000
Rabobank Nederland NV, New York (a)
0.275%, 09/16/15		10,000		10,000,000
Royal Bank of Canada, New York (a)
0.270%, 12/05/14		6,000		6,000,000
0.270%, 01/21/15		5,000		5,000,000
0.270%, 02/04/15		3,000		3,000,000
Sumitomo Mitsui Banking Corp., New York
0.250%, 12/11/14		4,000		4,000,000
0.200%, 01/07/15		5,000		5,000,000
Toronto Dominion Bank, New York (a)
0.246%, 09/04/15		5,750		5,750,000

				85,650,000

TOTAL CERTIFICATES OF DEPOSIT (Cost $92,650,000)				92,650,000


	Par (000)		Value
COMMERCIAL PAPER—22.8%
Asset Backed—5.1%
CHARTA LLC (c)
0.170%, 12/04/14	$	5,000	$	4,999,929
Collateralized Commericial Paper Co., LLC (c)
0.150%, 01/06/15		3,000		2,999,550
Collateralized Commericial Paper II Co., LLC (c)
0.400%, 07/07/15		6,000		5,985,467
Old Line Funding LLC (c)
0.220%, 12/05/14		4,000		3,999,902
0.220%, 12/22/14		5,000		4,999,358
Victory Receivables Corp (c)
0.160%, 01/05/15		6,200		6,199,036

				29,183,242

Banks—17.1%
Bank of Nova Scotia (c)
0.270%, 05/15/15		2,000		1,997,525
Commonwealth Bank of Australia (a)
0.236%, 03/23/15		5,000		5,000,000
1.133%, 03/30/15		3,000		3,009,103
0.242%, 05/20/15		3,000		3,000,000
0.245%, 10/21/15		3,000		3,000,000
General Electric Capital Corp. (c)
0.240%, 06/11/15		3,000		2,996,160
HSBC Bank PLC (a)
0.226%, 05/08/15		3,000		3,000,000
0.245%, 10/16/15		3,000		3,000,000
0.245%, 10/23/15		3,000		3,000,000
ING US Funding LLC (c)
0.250%, 12/05/14		4,000		3,999,889
Macquarie Bank Ltd. (c)
0.320%, 02/19/15		4,000		3,997,156
Metropolitan Life Global Funding I (c)
1.700%, 06/29/15		2,000		2,015,631
Mizuho Funding LLC (c)
0.220%, 03/16/15		3,000		2,998,075
National Australia Bank Ltd., Delaware (a)
0.233%, 08/11/15		5,000		5,000,000
National Australia Bank Ltd., New York (a)
0.246%, 08/27/15		3,000		3,000,000


	Par (000)		Value
COMMERCIAL PAPER—(Continued)
Banks—(Continued)
Natixis US Finance Co., LLC, New York (c)
0.070%, 12/01/14	$	14,571	$	14,571,000
Nordea Bank AB (c)
0.220%, 04/16/15		2,000		1,998,300
NRW Bank (c)
0.080%, 12/05/14		12,000		11,999,893
Skandinaviska Enskilda Banken AB, New York (c)
0.255%, 04/10/15		3,000		2,997,238
0.255%, 04/20/15		3,000		2,997,025
Sumitomo Mitsui Banking Corp. (c)
0.250%, 04/20/15		3,000		2,997,083
Sumitomo Mitsui Trust Bank Ltd. (c)
0.250%, 04/22/15		4,000		3,996,056
Westpac Banking Corp.
0.300%, 01/02/15 (c)		2,000		1,999,467
0.238%, 04/17/15(a)		5,000		5,000,000

				97,569,601

Other Commercial Paper—0.6%
CPPIB Capital, Inc. (c)
0.300%, 02/09/15		3,200		3,198,133

TOTAL COMMERCIAL PAPER (Cost $129,950,976)				129,950,976

MUNICIPAL BONDS—5.9%
California—1.1%
California Housing Finance Agency Revenue, Series A, RB (LOC: Fannie Mae, Freddie Mac) (a)(d)
0.030%, 12/03/14		2,700		2,700,000
San Francisco, City & County Redevelopment Agency, Multifamily Revenue, Series A, RB (LOC: Fannie Mae) (a)(d)
0.050%, 12/04/14		3,700		3,700,000

				6,400,000


	Par (000)		Value
MUNICIPAL BONDS—(Continued)
New York—3.4%
New York City, Industrial Development Agency Civic Facility Revenue, New York Law School Project, Series A, RB (LOC: JPMorgan Chase Bank) (a)(d)
0.040%, 12/04/14	$	4,335	$	4,335,000
New York State Dormitory Authority, City University, Series D, RB (LOC: TD Bank NA) (a)(d)
0.040%, 12/04/14		4,950		4,950,000
New York State, Housing Finance Agency Revenue, RB (LOC: Freddie Mac) (a)(d)
0.040%, 12/03/14		5,200		5,200,000
Westchester County, Health Care Revenue, RB (LOC: TD Bank NA) (a)(d)
0.070%, 12/03/14		5,000		5,000,000

				19,485,000

Tennessee—1.4%
Eclipse Funding Trust, Various 2007-0005- Solar Eclipse-Blount, RB (LOC: U.S. Bank NA) 144A (a)(d)
0.040%, 12/04/14		7,965		7,965,000

TOTAL MUNICIPAL BONDS (Cost $33,850,000)				33,850,000

VARIABLE RATE OBLIGATIONS—0.9%
Banks—0.9%
Svenska Handelsbanken AB (a)
0.305%, 04/15/15		4,900		4,900,000

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

AGENCY OBLIGATIONS—1.1%
Fannie Mae
0.126%, 02/27/15 (a)		6,000		5,999,636

TOTAL AGENCY OBLIGATIONS (Cost $5,999,636)				5,999,636

U.S. TREASURY OBLIGATIONS—30.2%
U.S. Treasury Bills (c)
0.031%, 12/11/14		20,000		19,999,830
0.023%, 12/18/14		20,000		19,999,788
0.033%, 12/18/14		20,000		19,999,693
0.033%, 12/18/14		20,000		19,999,692


	Par (000)		Value
U.S. TREASURY OBLIGATIONS—(Continued)
0.036%, 12/18/14	$	22,000	$	21,999,631
0.036%, 12/18/14		30,000		29,999,490
0.010%, 12/26/14		8,000		7,999,944
0.118%, 01/08/15		3,190		3,189,603
0.010%, 02/05/15		5,000		4,999,908
0.040%, 03/05/15		5,000		4,999,478
0.030%, 03/26/15		4,000		3,999,617
0.120%, 04/02/15		5,000		4,997,950
0.101%, 05/28/15		5,000		4,997,515
0.113%, 06/25/15		5,000		4,996,781

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $172,178,920)				172,178,920

REPURCHASE AGREEMENTS—22.8%
Merrill Lynch, Pierce, Fenner & Smith, Inc. (Tri-Party Agreement dated 11/28/14 to be repurchased at $55,000,367, collateralized by $47,578,200 par value, various U.S. Treasury Obligations, 4.000%-4.750%, due 02/15/2017- 08/15/2018, Fair Value of the collateral is $56,100,055)
0.080%, 12/01/14		55,000		55,000,000
Morgan Stanley & Co., LLC (Tri-Party Agreement dated 11/28/14 to be repurchased at $15,000,113, collateralized by $14,716,975 par value, various U.S. Government Sponsored Agency Obligations, 0.000%-6.250%, due 03/04/2015-05/15/2029, Fair Value of the collateral is $15,300,001)
0.090%, 12/01/14		15,000		15,000,000


	Par (000)		Value
REPURCHASE AGREEMENTS—(Continued)
RBC Capital Markets, LLC (Tri-Party Agreement dated 11/28/14 to be repurchased at $60,000,500, collateralized by $898,701,519 par value, various U.S. Government Sponsored Agency Obligations, 0.000%-12.033%, due 07/25/2022-12/25/2044, Fair Value of the collateral is $64,379,290)
0.100%, 12/01/14	$	60,000	$	60,000,000

TOTAL REPURCHASE AGREEMENTS (Cost $130,000,000)				130,000,000

TOTAL INVESTMENTS AT VALUE—100.0% (Cost $569,529,532)*				569,529,532


LIABILITIES IN EXCESS OF OTHER ASSETS—0.0%				(25,472)

NET ASSETS (APPLICABLE TO $569,082,032 BEDFORD SHARES AND $422,028 SANSOM STREET SHARES)—100.0%			$	569,504,060

*	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:

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

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

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

The following is a summary of the inputs used, as of November 30, 2014, in valuing the Portfolio’s investments carried at fair value:

* Please refer to the Portfolio 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.

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

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

For the period ended November 30, 2014, there were no transfers between Levels 1, 2 and 3 for the Portfolio.

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

On December 5, 2014, the Board of Directors of The RBB Fund, Inc. (the “Board”) approved a plan of liquidation and termination for the Portfolio. Effective January 23, 2015, new account requests, exchanges into the Portfolio and purchase orders will no longer be permissible (other than those purchase orders received through dividend reinvestment). On or about January 30, 2015 (the “Liquidation Date”), the Portfolio will redeem all investors’ shares at net asset value, and the Portfolio will terminate. Investors holding shares of the Portfolio on the Liquidation Date will receive cash representing proceeds from the redemption. Absent other instructions, the cash proceeds will be distributed by mailing a check to each investor of record at such investor’s address of record. Prior to the Liquidation Date, the Portfolio will begin liquidating securities and the Portfolio may invest all or part of the proceeds from the liquidation of portfolio securities in cash equivalent instruments or hold the proceeds in cash. During this time, the Portfolio may not achieve its investment goal. Until the Liquidation Date, investors may redeem their shares in the manner set forth in the Portfolio’s current Prospectus.

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—98.7%
Basic Industry—3.7%
AngloGold Ashanti Ltd., SP ADR *		188,024	$	1,609,484
Century Aluminum Co. *		64,673		1,788,207
Dominion Diamond Corp. *		49,453		799,655
Gerdau SA, SP ADR		348,232		1,452,127
Mercer International, Inc. *		15,659		208,108
United States Steel Corp.		50,099		1,670,802
Veritiv Corp. *		269		13,517

				7,541,900

Communications—9.6%
1-800-Flowers.com, Inc, Class A. *		3,122		26,693
ARRIS Group, Inc. *		58,740		1,748,690
Bitauto Holdings Ltd., ADR *		37,010		3,410,842
Brightcove, Inc. *		354		2,170
CDW Corp.		53,545		1,878,359
CTC Media, Inc.		139,365		830,615
Dice Holdings, Inc. *		54,761		595,252
Earthlink Holdings Corp.		39,117		171,724
EchoStar Corp., Class A *		35,272		1,900,455
ePlus, Inc. *		11,620		799,921
Inteliquent, Inc.		26,168		482,015
LogMein, Inc. *		37,337		1,888,132
Marchex, Inc., Class B		43,111		156,493
McClatchy Co., (The), Class A*		834		2,736
Orbitz Worldwide, Inc. *		53,714		410,375
Radio One, Inc., Class D *		3,605		6,092
Sierra Wireless, Inc. (CA) *		48,293		1,786,358
Sohu.com, Inc. *		38,907		1,969,083
Straight Path Communications, Inc., Class B *		2,828		57,295
TechTarget, Inc. *		6,456		65,335
VASCO Data Security International, Inc. *		54,386		1,620,703

				19,809,338

Consumer Cyclical—14.9%
American Woodmark Corp. *		12,157		484,213
Arctic Cat, Inc.		59,432		1,964,228
Big Lots, Inc.		41,862		2,126,590
BJ’s Restaurants, Inc. *		3,976		195,460
Build-A-Bear Workshop, Inc. *		412		8,479
Citi Trends, Inc. *		4,839		114,491
Core-Mark Holding Co., Inc.		55,850		3,357,144
Denny’s Corp. *		33,008		319,848
Foot Locker, Inc.		23,400		1,340,586
Gentherm, Inc. *		34,456		1,298,647


	Number Of Shares		Value
Consumer Cyclical—(continued)
Gol Linhas Aereas Inteligentes SA, ADR		78,778	$	452,974
Haverty Furniture Co., Inc.		3,802		80,070
HD Supply Holdings, Inc. *		55,183		1,604,722
HNI Corp.		35,663		1,674,021
Jack in the Box, Inc.		23,752		1,769,524
Malibu Boats, Inc., Class A *		145		2,714
Marriott Vacations Worldwide Corp.		25,772		1,894,500
Meritor, Inc. *		125,751		1,770,574
Motorcar Parts of America, Inc. *		19,327		652,286
Nautilus, Inc. *		23,199		297,643
Pantry, Inc., (The) *		31,145		826,900
Ruth’s Hospitality Group, Inc.		36,831		483,959
SeaWorld Entertainment, Inc.		103,868		1,733,557
Skechers U.S.A., Inc., Class A *		48,497		2,978,201
Strattec Security Corp.		915		94,940
Tower International, Inc. *		37,209		949,946
Universal Electronics, Inc. *		36,700		2,220,717
VOXX International Corp. *		13,519		113,695

				30,810,629

Consumer Growth—19.5%
Affymetrix, Inc. *		142,969		1,305,307
Alere, Inc. *		6,753		269,377
Alliance HealthCare Services, Inc. *		4,398		99,043
Anacor Pharmaceuticals, Inc. *		8,719		300,631
ARC Document Solutions, Inc. *		17,919		172,560
Ascent Capital Group, Inc., Class A *		603		32,453
Barrett Business Services, Inc.		1,797		39,211
Bio-Rad Laboratories, Inc., Class A *		15,300		1,817,487
BioSpecifics Technologies Corp. *		4,477		169,768
Cal-Maine Foods, Inc.		40,830		1,709,960
Calavo Growers, Inc.		464		19,924
Cambrex Corp. *		15,808		359,632
Capella Education Co.		465		31,704
China Biologic Products, Inc. *		367		25,132
Cia Brasileira de Distribuicao, SP PRF ADR		30,359		1,278,417
Civeo Corp.		14,229		134,037
CONMED Corp.		9,139		387,768
Corvel Corp. *		2,759		95,627
CRA International, Inc. *		9,078		270,071
CTPartners Executive Search, Inc. *		9,776		207,251
Dyax Corp. *		130,468		1,831,771
Enzo Biochem, Inc. *		9,318		42,304
Enzon Pharmaceuticals, Inc.		62,415		68,032
EPIRUS Biopharmaceuticals, Inc. *		1,759		8,936


	Number Of Shares		Value
Consumer Growth—(continued)
Euronet Worldwide, Inc. *		31,768	$	1,844,768
Farmer Bros. Co. *		3,271		93,289
Global Cash Access Holdings, Inc. *		8,202		58,234
Health Net, Inc. *		48,716		2,503,028
HealthSouth Corp.		57,586		2,368,512
Hill International, Inc. *		11,794		43,048
ICON PLC *		46,029		2,556,451
ImmunoGen, Inc. *		6,919		71,197
K12, Inc. *		69,276		796,674
Korn/Ferry International, Inc. *		71,089		1,930,066
Lannett Co., Inc. *		49,967		2,454,879
Luminex Corp. *		9,792		181,152
Mannatech, Inc. *		1,093		27,598
Manpowergroup, Inc.		25,350		1,694,901
MoneyGram International, Inc. *		84,751		730,554
Natus Medical, Inc. *		30,535		1,045,213
Nektar Therapeutics *		82,813		1,380,493
Net 1 UEPS Technologies, Inc. *		864		10,593
OncoGenex Pharmaceutical, Inc. *		10,856		22,906
OraSure Technologies, Inc. *		20,320		183,083
Orthofix International, N.V. *		4,115		114,891
PAREXEL International Corp. *		31,844		1,863,192
Pilgrim’s Pride Corp. *		83,487		2,696,630
RadNet, Inc. *		14,721		123,951
SciClone Pharmaceuticals, Inc. *		67,309		571,453
SEI Investments Co.		51,157		2,027,352
Sucampo Pharmaceuticals, Inc. Class A *		4,770		55,904
Symmetry Medical, Inc. *		51,258		461,835
United Therapeutics Corp. *		9,972		1,321,988
Volcano Corp. *		1,132		12,520
Willdan Group, Inc. *		22,143		403,445
XenoPort, Inc. *		2,471		21,992

				40,348,195

Energy—8.6%
Bill Barrett Corp. *		56,821		575,597
Comstock Resources, Inc.		182,252		1,614,753
Geospace Technologies Corp. *		38,667		1,019,262
Jones Energy, Inc., Class A *		41,596		422,199
Murphy USA, Inc. *		47,918		3,053,335
Nabors Industries Ltd.		103,400		1,356,608
Parker Drilling Co. *		383,591		1,361,748
Penn West Petroleum Ltd.		339,177		1,197,295
PetroQuest Energy, Inc. *		205,473		764,360


	Number Of Shares		Value
Energy—(continued)
Pioneer Energy Services Corp. *		216,647	$	1,308,548
Precision Drilling Corp.		225,449		1,451,892
REX American Resources Corp. *		27,378		1,732,206
Seventy Seven Energy, Inc. *		17,564		136,648
Superior Energy Services, Inc.		92,037		1,777,234

				17,771,685

Financial—19.0%
AerCap Holdings N.V. *		65,188		2,888,480
Ambac Financial Group, Inc. *		9,593		235,604
Argo Group International Holdings Ltd.		20,286		1,144,942
Artisan Partners Asset Management, Inc., Class A		1,777		91,960
Assurant, Inc.		29,682		2,006,206
Axis Capital Holdings Ltd.		43,678		2,186,084
Calamos Asset Management, Inc., Class A		84,678		1,142,306
ETRADE Financial Corp.		59,506		1,357,332
Erie Indemnity Co., Class A		2,590		225,926
FBR & Co. *		6,931		172,859
Federated National Holding Co.		22,507		568,527
First BanCorp Puerto Rico *		16,600		85,158
First Horizon National Corp.		133,224		1,699,938
Genworth Financial, Inc., Class A *		212,939		1,935,616
Interactive Brokers Group, Inc., Class A		89,448		2,443,719
INTL. FCStone, Inc. *		1,409		24,869
Investment Technology Group, Inc. *		59,955		1,184,111
Jones Lang LaSalle, Inc.		9,870		1,437,664
Ladenburg Thalmann Financial Services, Inc. *		30,045		100,350
Legg Mason, Inc.		1,400		79,450
Manning & Napier, Inc.		22,560		345,394
Marcus & Millichap, Inc. *		2,183		67,738
MBIA, Inc. *		216,318		2,232,402
Navigators Group, Inc., (The) *		21,665		1,582,628
Nelnet, Inc., Class A		40,141		1,840,063
PartnerRe Ltd.		19,300		2,248,643
Piper Jaffray Cos., Inc. *		47,588		2,731,551
Reinsurance Group of America, Inc.		24,449		2,095,768
Selective Insurance Group, Inc.		17,912		479,504
Springleaf Holdings, Inc. *		38,655		1,532,671
Talmer Bancorp Inc., Class A *		44,570		619,969
United Insurance Holdings Corp.		25,563		479,306
Waddell & Reed Financial, Inc., Class A		33,294		1,600,776


	Number Of Shares		Value
Financial—(continued)
WSFS Financial Corp.		5,016	$	376,702

				39,244,216

Industrial—9.9%
AEP Industries, Inc. *		89		3,981
AMERCO, Inc.		7,674		2,134,907
Argan, Inc.		21,715		689,886
AU Optronics Corp., SP ADR		32,424		153,690
Blount International, Inc. *		108,163		1,776,036
Broadwind Energy, Inc. *		8,871		61,742
Chart Industries, Inc. *		39,541		1,570,173
China Digital TV Holding Co., Ltd., ADR		32,696		122,610
Constellium NV, Class A *		71,971		1,133,543
Covenant Transport, Inc., Class A *		16,725		439,533
Federal Signal Corp.		77,799		1,160,761
Flextronics International Ltd. *		96,619		1,071,505
GrafTech International Ltd. *		2,283		9,315
Graphic Packaging Holding Co. *		191,665		2,386,229
Highpower International, Inc *		175,567		965,619
Huntington Ingalls Industries Inc.		7,196		784,148
ITT Corp.		40,745		1,686,843
Methode Electronics, Inc.		15,694		608,143
Mueller Water Products, Inc., Class A		179,378		1,702,297
PAM Transportation Services, Inc. *		2,729		124,006
Rofin-Sinar Technologies, Inc. *		926		24,928
SL Industries, Inc. *		1,088		41,877
Spirit AeroSystems Holdings, Inc., Class A *		37,521		1,617,530
Standex International Corp.		1,756		128,135
Trinseo SA *		6,025		92,544
Xerium Technologies, Inc. *		1,742		24,771
ZAGG, Inc. *		3,481		19,842

				20,534,594

Technology—13.3%
Aspen Technology, Inc. *		49,066		1,851,751
Brocade Communications Systems, Inc.		273,316		3,091,204
ChipMOS Technologies Bermuda Ltd.		7,909		164,824
DST Systems, Inc.		16,800		1,667,400
Envestnet, Inc. *		29,991		1,534,040
Fair Isaac Corp.		6,572		471,738
Fairchild Semiconductor International, Inc. *		121,657		1,962,327
FormFactor, Inc. *		28,704		230,780
Infoblox, Inc. *		140,229		2,524,122


	Number Of Shares		Value
Technology—(continued)
Integrated Device Technology, Inc. *		169,090	$	3,155,219
Jive Software, Inc. *		51,099		301,484
Lattice Semiconductor Corp. *		66,003		432,320
Marvell Technology Group Ltd.		134,645		1,928,116
OmniVision Technologies, Inc. *		67,633		1,955,270
Planar Systems, Inc. *		23,496		175,515
Skyworks Solutions, Inc.		41,005		2,766,607
Sykes Enterprises, Inc. *		8,666		200,791
Take-Two Interactive Software, Inc. *		106,189		2,937,188
Tower Semiconductor Ltd.		15,037		193,376

				27,544,072

Utility—0.2%
EnerNOC, Inc. *		612		8,929
Pampa Energia SA, SP ADR *		15,334		172,661
TransAlta Corp.		12,499		123,115

				304,705

TOTAL COMMON STOCKS (Cost $182,836,290)				203,909,334

Short-Term Investments—1.2%
BofA Cash Reserves Fund		2,436,802		2,436,802

TOTAL SHORT-TERM INVESTMENTS (Cost $2,436,802)				2,436,802


Total Investments—99.9%
(Cost $185,273,092) **				206,346,136


OTHER ASSETS IN EXCESS OF LIABILITIES—0.1%				226,584

NET ASSETS—100.0%			$	206,572,720

*	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	$	185,273,092

Gross unrealized appreciation	$	33,979,160
Gross unrealized depreciation		(12,906,116)

Net unrealized appreciation	$	21,073,044


ADR		— American Depositary Receipt
PLC		— Public Limited Company
SP ADR		— Sponsored American Depositary Receipt
PRF		— Preferred

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

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

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

The following is a summary of inputs used, as of November 30, 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 the period ended November 30, 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 — 100.0%
U.S. Large Cap Value Portfolio III(a)	23,270,828	$	595,733,205
U.S. Large Company Portfolio(a)	18,340,651		300,236,457
U.S. Micro Cap Portfolio(b)	14,910,676		297,467,993
U.S. Small Cap Portfolio(b)	9,483,423		298,632,986
U.S. Small Cap Value Portfolio(b)	13,826,452		493,880,858

TOTAL EQUITY FUNDS (Cost $ 1,351,546,891)			1,985,951,499

TOTAL INVESTMENTS — 100.0% (Cost $ 1,351,546,891)*			1,985,951,499

OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%			75,821

NET ASSETS — 100.0%		$	1,986,027,320

*	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	$	1,351,546,891

Gross unrealized appreciation	$	634,404,608
Gross unrealized depreciation		—

Net unrealized appreciation	$	634,404,608

(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)	810,501	$	17,806,709
Canadian Small Company Series(b)	1,528,920		16,407,896
Continental Small Company Portfolio(a)	1,461,065		28,929,087
Continental Small Company Series(b)	240,787		14,877,000
DFA International Small Cap Value Portfolio(a)	28,471,955		552,640,645
DFA International Value Portfolio III(c)	25,407,687		413,383,062
Emerging Markets Portfolio(a)	2,764,715		72,905,540
Emerging Markets Small Cap Portfolio(a)	3,186,594		67,460,186
Emerging Markets Value Portfolio(a)	2,467,810		67,494,599
Japanese Small Company Portfolio(a)	1,695,706		31,251,856
Large Cap International Portfolio(a)	3,191,517		69,096,348
United Kingdom Small Company Portfolio(a)	206,187		7,348,491
United Kingdom Small Company Series(b)	322,012		18,816,333

TOTAL INTERNATIONAL EQUITY (Cost $1,250,924,681)			1,378,417,752

TOTAL INVESTMENTS — 99.8% (Cost $1,250,924,681)*			1,378,417,752

OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%			2,382,773


NET ASSETS — 100.0%		$	1,380,800,525

*	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	$	1,250,924,681

Gross unrealized appreciation	$	135,505,871
Gross unrealized depreciation		(8,012,800)

Net unrealized appreciation	$	127,493,071

(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 — 99.5%
DFA Five-Year Global Fixed Income Portfolio(a)		42,608,068	$	474,227,794
DFA Inflation-Protected Securities Portfolio(a)		8,062,328		95,135,466
DFA Intermediate Government Fixed Income Portfolio(a)		17,937,003		228,158,682
DFA One-Year Fixed Income Portfolio(a)		44,901,106		463,828,425
DFA Short-Term Government Portfolio(a)		14,114,126		151,444,570
DFA Two-Year Global Fixed Income Portfolio(a)		47,221,584		473,632,485


TOTAL FIXED INCOME FUNDS (Cost $1,884,719,711)				1,886,427,422


TOTAL INVESTMENTS — 99.5% (Cost $1,884,719,711)*				1,886,427,422


OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%				9,013,295


NET ASSETS — 100.0%			$	1,895,440,717

*	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	$	1,884,719,711

Gross unrealized appreciation	$	6,103,962
Gross unrealized depreciation		(4,396,251)

Net unrealized appreciation	$	1,707,711

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

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

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

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

The following is a summary of the inputs used, as of November 30, 2014, in valuing the Funds’ investments carried at fair value:

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

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

For the period ended November 30, 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.

PORTFOLIO VALUATION – Investments in the underlying Portfolios are valued at 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”) 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 November 30, 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 November 30, 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.


	Number of Shares		Value
COMMON STOCK—95.6%

Basic Industries—3.5%
Cloud Peak Energy, Inc. *		106,220	$	1,239,587
Graphic Packaging Holding Co. *		375,510		4,675,099
PolyOne Corp.		18,119		675,839
Schweitzer-Mauduit International, Inc.		36,410		1,557,256
Sensient Technologies Corp.		11,330		667,904

				8,815,685


Capital Goods—13.7%
Actuant Corp., Class A		62,140		1,824,430
Aegion Corp. *		67,370		1,283,398
Ampco-Pittsburgh Corp.		20,360		372,588
Brady Corp., Class A		55,588		1,389,700
Cabot Corp.		31,570		1,360,036
Cubic Corp.		28,935		1,488,706
Curtiss-Wright Corp.		22,060		1,564,054
Drew Industries, Inc.		56,895		2,679,754
Globe Specialty Metals, Inc.		97,160		1,683,783
Granite Construction, Inc.		38,205		1,369,649
Hillenbrand, Inc.		38,540		1,239,446
Huntington Ingalls Industries, Inc.		20,115		2,191,932
LSB Industries, Inc. *		34,140		1,129,010
MRC Global, Inc. *		72,060		1,456,333
Mueller Industries, Inc.		24,350		798,924
Orion Marine Group, Inc. *		147,225		1,616,531
Rofin-Sinar Technologies, Inc. *		30,625		824,425
Stock Building Supply Holdings, Inc. *		94,945		1,520,069
Terex Corp.		50,735		1,456,095
WESCO International, Inc. *		28,050		2,311,040
World Fuel Services Corp.		114,227		5,172,199

				34,732,102


Consumer Durables—3.0%
Tempur Sealy International, Inc. *		44,805		2,556,125
Thor Industries, Inc.		52,570		3,089,013
Tower International, Inc. *		73,460		1,875,434

				7,520,572


Consumer Non-Durables—3.2%
Fresh Del Monte Produce, Inc.		31,240		1,054,662


	Number of Shares		Value
Consumer Non-Durables—(continued)
Matthews International Corp., Class A		13,355	$	615,265
Nu Skin Enterprises, Inc., Class A (a)		34,955		1,461,119
Skechers U.S.A., Inc., Class A *		13,450		825,965
Steven Madden Ltd. *		46,352		1,580,603
Take-Two Interactive Software, Inc. *		62,115		1,718,101
Universal Corp. (a)		24,495		979,555

				8,235,270


Consumer Services—19.2%
Abercrombie & Fitch Co., Class A		98,625		2,845,331
ABM Industries, Inc.		64,945		1,759,360
American Eagle Outfitters, Inc. (a)		174,450		2,459,745
Asbury Automotive Group, Inc. *		24,795		1,877,229
Ascena Retail Group, Inc. *		73,375		982,491
Booz Allen Hamilton Holding Corp.		58,480		1,591,241
Brink’s Co., (The)		50,145		1,088,146
CBIZ, Inc. *		67,265		581,842
Ennis, Inc.		26,820		356,974
Finish Line, Inc., (The), Class A		117,060		3,340,892
FTD Cos, Inc. *		52,695		1,826,409
FTI Consulting, Inc. *		42,115		1,632,799
G&K Services, Inc., Class A		22,642		1,473,994
Group 1 Automotive, Inc.		22,505		2,014,423
Heidrick & Struggles International, Inc.		48,770		976,375
ICF International, Inc. *		34,945		1,355,167
International Speedway Corp., Class A		50,283		1,572,852
KAR Auction Services, Inc.		97,035		3,362,263
Knoll, Inc.		58,943		1,092,214
Korn/Ferry International *		23,125		627,844
Live Nation Entertainment, Inc. *		58,885		1,578,118
MAXIMUS, Inc.		29,450		1,542,885
Men’s Wearhouse, Inc., (The)		53,470		2,498,118
Navigant Consulting, Inc. *		152,125		2,129,750
Papa Murphy’s Holdings Inc. * (a)		151,106		1,515,593
Rent-A-Center, Inc.		38,995		1,345,328
RPX Corp. *		130,965		1,718,261


	Number of Shares		Value
Consumer Services—(continued)
Steiner Leisure Ltd. *		9,925	$	439,380
Tetra Tech, Inc.		64,145		1,743,461
Viad Corp.		18,375		441,551
XO Group, Inc. *		53,570		776,765

				48,546,801


Energy—3.5%
Bristow Group, Inc.		20,580		1,319,178
Contango Oil & Gas Co. *		13,585		459,309
Forum Energy Technologies, Inc. *		54,800		1,315,748
Helix Energy Solutions Group, Inc. *		106,190		2,428,565
Parsley Energy, Inc., Class A *		122,665		1,550,486
Rosetta Resources, Inc. *		22,725		668,570
Western Refining, Inc.		29,820		1,225,900

				8,967,756


Finance—19.0%
Ameris Bancorp		29,623		745,018
AMERISAFE, Inc.		23,190		966,791
Apollo Investment Corp. (a)		83,125		684,950
BBCN Bancorp, Inc.		167,640		2,333,549
Centerstate Banks, Inc.		68,645		767,451
Columbia Banking System, Inc.		35,490		974,910
Essent Group Ltd. *		38,390		967,428
Federal Agricultural Mortgage Corp., Class C		72,510		2,205,029
Fifth Street Finance Corp.		116,015		1,029,053
First American Financial Corp.		121,510		3,889,535
First Citizens Bancshares, Inc., Class A		4,205		1,066,388
First NBC Bank Holding Co. *		41,865		1,523,886
FirstMerit Corp.		79,556		1,423,257
Flushing Financial Corp.		33,670		647,137
Gladstone Capital Corp. (a)		19,670		181,751
Global Indemnity PLC *		17,888		481,366
Heritage Financial Corp.		43,310		733,238
Infinity Property & Casualty Corp.		14,030		1,019,420
JMP Group, Inc.		84,395		615,240
Maiden Holdings Ltd.		201,555		2,632,308
Nationstar Mortgage Holdings, Inc. * (a)		63,015		1,888,560
Navigators Group, Inc., (The) *		11,180		816,699


	Number of Shares		Value
Finance—(continued)
Nelnet, Inc., Class A		49,361	$	2,262,708
OneBeacon Insurance Group Ltd., Class A		77,595		1,235,312
Park Sterling Corp.		54,930		392,200
PHH Corp. *		92,320		2,138,131
Platinum Underwriters Holdings Ltd.		30,345		2,250,689
Radian Group, Inc.		85,830		1,463,402
RCS Capital Corp., Class A (a)		59,740		594,413
Safety Insurance Group, Inc.		12,670		754,118
Stancorp Financial Group, Inc.		17,540		1,159,394
Stewart Information Services Corp.		82,450		2,926,151
SVB Financial Group *		5,565		585,160
Symetra Financial Corp.		97,385		2,206,744
Walker & Dunlop, Inc. *		117,055		1,848,298
Washington Federal, Inc.		35,960		778,174

				48,187,858


Health Care—9.5%
Amsurg Corp. *		26,525		1,367,894
Centene Corp. *		9,630		951,155
Chemed Corp. (a)		20,800		2,290,288
Hanger Orthopedic Group, Inc. *		56,000		1,201,200
ICON PLC *		28,590		1,587,889
Integra LifeSciences Holdings Corp. *		37,180		1,830,743
Kindred Healthcare, Inc.		104,092		2,070,390
LHC Group, Inc. *		21,675		509,579
LifePoint Hospitals, Inc. *		18,920		1,309,075
Omnicell, Inc. *		32,170		1,035,874
Owens & Minor, Inc.		33,407		1,142,853
PAREXEL International Corp. *		28,010		1,638,865
Select Medical Holdings Corp.		112,175		1,618,685
Symmetry Medical, Inc. *		149,885		1,350,464
Thoratec Corp. *		45,840		1,429,750
U.S. Physical Therapy, Inc.		67,366		2,618,516

				23,953,220


Real Estate Investment Trusts—9.0%
Altisource Residential Corp., Class B		32,495		658,999
American Capital Mortgage Investment Corp.		36,820		738,977


	Number of Shares		Value
Real Estate Investment Trusts—(continued)
American Residential Properties, Inc. *		90,625	$	1,610,406
Anworth Mortgage Asset Corp.		154,477		834,176
Ares Commercial Real Estate Corp.		136,225		1,627,889
Chatham Lodging Trust		73,635		1,970,473
Colony Financial, Inc.		28,020		687,891
CYS Investments, Inc.		274,630		2,534,835
Gladstone Commercial Corp.		22,670		400,806
Hatteras Financial Corp.		116,260		2,227,542
Javelin Mortgage Investment Corp. (a)		35,855		457,510
MFA Financial, Inc.		361,590		3,030,124
Monmouth Real Estate Investment Corp., Class A (a)		88,630		993,542
QTS Realty Trust, Inc.		20,370		662,432
Silver Bay Realty Trust Corp.		52,442		872,110
Two Harbors Investment Corp.		330,525		3,473,818

				22,781,530

Technology—9.3%
Bel Fuse, Inc., Class B		72,584		1,922,024
Belden, Inc.		50,680		3,701,160
Brooks Automation, Inc.		56,640		663,254
Coherent, Inc. *		18,955		1,049,349
EnerSys, Inc.		59,860		3,635,298
Insight Enterprises, Inc. *		24,560		575,441
Magnachip Semiconductor Corp. *		53,435		650,838
NETGEAR, Inc. *		36,305		1,260,510
PC Connection, Inc.		16,460		368,210
Sykes Enterprises, Inc. *		103,205		2,391,260
SYNNEX Corp.		52,170		3,727,025
TeleTech Holdings, Inc. *		25,545		596,987
Teradyne, Inc.		34,750		689,788
TriQuint Semiconductor, Inc. *		93,615		2,281,398

				23,512,542

Transportation—1.8%
Diana Shipping, Inc. * (a)		49,555		370,671
Landstar System, Inc.		10,795		867,702
Quality Distribution, Inc. *		54,625		659,324
Virgin America, Inc. *		68,315		2,574,109

				4,471,806


	Number of Shares		Value
Utilities—0.9%
PNM Resources, Inc.		81,050	$	2,347,208


TOTAL COMMON STOCK
(Cost $180,646,689)				242,072,350


SECURITIES LENDING COLLATERAL—4.4%

BlackRock Liquidity TempFund, Institutional Shares		11,049,634		11,049,634


TOTAL SECURITIES LENDING COLLATERAL
(Cost $11,049,634)				11,049,634


TOTAL INVESTMENTS—100.0%
(Cost $191,696,323)**				253,121,984


OTHER ASSETS IN EXCESS OF LIABILITIES—0.0%				93,562


NET ASSETS—100.0%			$	253,215,546


PLC	—	Public Limited Company
*	—	Non-income producing.
(a)	—	All or a portion of the security is on loan. At November 30, 2014, the market value of securities on loan was $9,202,522.
**	—	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	$	191,696,323

Gross unrealized appreciation	$	68,269,067
Gross unrealized depreciation		(6,843,406)

Net unrealized appreciation	$	61,425,661

A summary of the inputs used to value the Fund’s investments as of November 30, 2014 is as follows (see Notes to Portfolio of Investments):


	Number of Shares		Value
LONG POSITIONS—94.6%
COMMON STOCK—92.3%
Basic Industries—9.5%
AEP Industries, Inc. * †		214,696	$	9,603,351
American Vanguard Corp. †		460,719		5,017,229
Avery Dennison Corp. †		185,455		9,181,876
Berry Plastics Group, Inc. *		127,881		3,700,875
Cameco Corp.		200,499		3,727,276
Cloud Peak Energy, Inc. * †		313,920		3,663,446
Eldorado Gold Corp. (a)		278,741		1,747,706
Freeport-McMoRan Copper & Gold, Inc. †		217,441		5,838,291
Goldcorp, Inc.		74,304		1,459,331
Greif, Inc., Class B †		43,250		2,117,088
Innospec, Inc. †		71,153		3,049,618
Koppers Holdings, Inc. †		159,897		4,665,794
Monsanto Co. †		38,280		4,590,155
Owens-Illinois, Inc. * †		311,221		7,979,706
Pan American Silver Corp. † (a)		177,195		1,658,545
POSCO - ADR		45,698		3,107,464
Reliance Steel & Aluminum Co.		126,090		8,062,195
Royal Gold Inc. †		17,425		1,109,624
Universal Stainless & Alloy Products, Inc. *		88,931		2,168,138

				82,447,708


Capital Goods—8.2%
AECOM Technology Corp. * †		374,370		11,983,586
Alamo Group, Inc. †		213,763		10,181,532
Cemex SAB de CV ADR * †		344,208		4,306,042
Chicago Bridge & Iron Co. NV		97,232		4,864,517
Commercial Metals Co.		195,522		3,194,829
Fluor Corp. †		86,399		5,355,874
Global Brass & Copper Holdings, Inc. †		447,849		5,486,150
Great Lakes Dredge & Dock Corp. *		377,944		2,864,816
Joy Global, Inc. †		66,624		3,267,241
Orion Marine Group, Inc. * †		311,176		3,416,712
Preformed Line Products Co.		31,756		1,498,248
Rofin-Sinar Technologies, Inc. * †		281,016		7,564,951
Safran SA - ADR †		201,474		3,237,687
World Fuel Services Corp. †		74,677		3,381,375

				70,603,560


Communications—5.5%
Angie’s List, Inc. * (a)		425,851		2,529,555
Blucora, Inc. * †		499,368		7,096,019


	Number of Shares		Value
Communications—(continued)
China Unicom Hong Kong Ltd. ADR (a)		355,071	$	5,386,427
Comcast Corp., Class A †		121,112		6,908,228
Hawaiian Telcom Holdco, Inc. * †		226,091		5,878,366
Iridium Communications, Inc. * (a)		1,257,970		12,013,614
Monster Worldwide, Inc. *		309,344		1,345,646
Support.Com, Inc. *		432,205		890,342
Verisign, Inc * (a)		89,283		5,365,908

				47,414,105


Consumer Durables—2.1%
Cooper-Standard Holding, Inc. * †		26,574		1,428,618
Dorel Industries, Inc., Class B		176,200		5,830,458
Helen of Troy Ltd. * †		82,636		5,343,244
Tenneco, Inc. * †		105,077		5,710,935

				18,313,255


Consumer Non-Durables—4.0%
Archer-Daniels-Midland Co. †		65,615		3,456,598
Central Garden and Pet Co., Class A *		267,636		2,207,997
Dean Foods Co. (a) †		204,581		3,488,106
Energizer Holdings, Inc. †		30,840		4,009,817
Fossil Group, Inc. * †		26,465		2,956,670
Leucadia National Corp. †		216,681		5,011,832
Unilever NV †		115,239		4,683,313
Universal Corp. †		219,521		8,778,645

				34,592,978


Consumer Services—12.8%
Barnes & Noble, Inc. *		163,244		3,813,380
Cenveo, Inc. *		501,234		942,320
Children’s Place Retail Stores, Inc., (The)		66,802		3,744,920
CVS Health Corp. †		79,916		7,301,126
eBay, Inc. * †		103,384		5,673,714
Eldorado Resorts, Inc. *		329,820		1,365,454
Ennis, Inc. †		293,328		3,904,196
Express, Inc. * †		103,855		1,552,632
FTD Cos, Inc. * †		82,904		2,873,453
Global Cash Access Holdings, Inc. *		572,219		4,062,755
GNC Holdings, Inc., Class A †		113,875		5,035,553
Harte-Hanks, Inc. †		432,227		2,645,229
International Speedway Corp., Class A		165,754		5,184,785


	Number of Shares		Value

Consumer Services—(continued)
ITE Group PLC		635,388	$	1,528,181
Liberty Interactive Corp., Class A * †		131,176		3,823,780
Liberty Ventures, Series A * †		18,649		683,310
Metalico, Inc. *		633,749		242,409
New Oriental Education & Technology Group. - Sponsored ADR *		154,967		3,427,870
Outerwall, Inc. * † (a)		56,869		3,996,753
Realogy Holdings Corp. * †		90,484		4,164,074
Scripps Networks Interactive, Inc., Class A		39,239		3,067,313
SeaWorld Entertainment, Inc. †		191,327		3,193,248
SpartanNash Co.		172,140		4,016,026
Speedway Motorsports, Inc.		117,945		2,324,696
Steiner Leisure Ltd. * †		67,289		2,978,884
Systemax, Inc. * †		452,532		5,846,713
Tetra Tech, Inc. †		166,929		4,537,130
Tropicana Entertainment, Inc. * (a)		96,830		1,583,171
Viacom, Inc., Class B †		45,581		3,447,291
Walgreen Co. †		77,260		5,300,809
Walt Disney Co., (The) †		49,359		4,566,201
Wyndham Worldwide Corp. †		43,130		3,595,317

				110,422,693


Energy—8.1%
Apache Corp. †		57,561		3,689,084
BP PLC - Sponsored ADR		182,247		7,165,952
Canadian Natural Resources Ltd. †		163,113		5,428,401
Cenovus Energy, Inc. † (a)		88,877		1,964,182
Exxon Mobil Corp.		109,753		9,937,037
Gazprom OAO - Sponsored ADR		786,929		4,556,319
Grand Tierra Energy, Inc. *		508,698		1,943,226
Gulfmark Offshore, Inc., Class A * †		121,836		3,173,828
Halliburton Co. †		66,188		2,793,134
Legacy Oil + Gas, Inc. *		646,724		1,668,548
Lukoil OAO - Sponsored ADR		44,769		2,048,182
Noble Corp. PLC		136,171		2,449,716
Ocean Rig UDW, Inc. (a)		273,763		3,282,418
Pacific Drilling SA * (a)		333,510		2,051,087


	Number of Shares		Value

Energy—(continued)
Royal Dutch Shell PLC, Class A - ADR		60,547	$	4,020,926
Suncor Energy, Inc.		196,713		6,214,164
TGC Industries, Inc. *		850,056		2,273,900
TransGlobe Energy Corp. (a)		409,944		1,334,368
Valero Energy Corp.		94,038		4,571,187

				70,565,659


Finance—18.2%
ACE Ltd. †		62,989		7,202,162
AerCap Holdings NV * †		124,021		5,495,371
American International Group, Inc. †		193,206		10,587,689
Aspen Insurance Holdings Ltd. †		123,917		5,480,849
Axis Capital Holdings Ltd. †		102,228		5,116,511
Bank of America Corp. †		543,230		9,256,639
Berkshire Hathaway, Inc., Class B * †		85,736		12,748,086
Capital Southwest Corp. †		228,696		8,516,639
Century Bancorp, Inc., Class A †		36,535		1,421,942
CIT Group, Inc.		76,497		3,733,054
Citigroup, Inc. †		179,287		9,676,119
Endurance Specialty Holdings Ltd. †		91,301		5,384,933
ePlus, Inc. * †		74,187		5,107,033
Fairfax Financial Holdings Ltd. †		4,453		2,289,065
Flushing Financial Corp. †		96,517		1,855,057
FNFV Group *		117,275		1,673,514
HF Financial Corp. †		81,322		1,122,244
JPMorgan Chase & Co. †		174,485		10,497,018
Loews Corp. †		142,959		5,952,813
Maiden Holdings Ltd. †		755,806		9,870,826
National Western Life Insurance Co., Class A †		9,494		2,438,534
New Hampshire Thrift Bancshares, Inc.		29,229		452,465
PartnerRE Ltd. †		50,077		5,834,471
Renaissance Holdings Ltd. †		53,669		5,255,268
Sprott, Inc.		3,051,064		6,483,678
Steel Excel, Inc. * †		127,172		3,750,302
Validus Holdings Ltd. †		157,215		6,524,423


	Number of Shares		Value

Finance—(continued)
White Mountains Insurance Group Ltd. †		6,143	$	3,893,249

				157,619,954

Health Care—10.2%
Alphatec Holdings, Inc. *		1,277,448		1,635,133
Amgen, Inc. †		40,470		6,690,096
Amsurg Corp. *		55,056		2,839,238
Charles River Laboratories International, Inc. * †		40,238		2,605,411
DaVita HealthCare Partners, Inc. * †		104,586		8,003,967
Express Scripts Holding Co. * †		86,621		7,202,536
Fresenius Medical Care AG & Co. KGaA - ADR †		196,496		7,250,702
Hanger, Inc. *		132,896		2,850,619
Hologic, Inc. * †		301,620		8,083,416
Humana, Inc. †		38,063		5,251,552
Laboratory Corp. of America Holdings *		68,451		7,162,713
LHC Group, Inc. *		69,418		1,632,017
Omnicare, Inc. †		67,020		4,712,846
Sanofi - ADR †		145,248		7,014,026
Teva Pharmaceutical Industries Ltd. - Sponsored ADR †		169,158		9,638,623
UnitedHealth Group, Inc. †		55,810		5,504,540

				88,077,435

Real Estate Investment Trusts—1.2%
Annaly Capital Management, Inc. †		241,815		2,785,709
Blackstone Mortgage Trust, Inc., Class A		74,378		2,124,236
Hatteras Financial Corp. †		144,742		2,773,257
Two Harbors Investment Corp. †		269,401		2,831,405

				10,514,607

Technology—12.3%
Actuate Corp. * †		691,697		2,490,109
Alpha & Omega Semiconductor Ltd. *		399,060		3,423,935
Arrow Electronics, Inc. * †		42,367		2,475,927
Avnet, Inc. †		50,167		2,196,813
Celestica, Inc. *		614,381		6,610,740


	Number of Shares		Value

Technology—(continued)
Clicksoftware Technologies Ltd. * †		1,639,383	$	12,442,917
Cognizant Technology Solutions Corp., Class A *		56,342		3,041,905
CSG Systems International, Inc. †		338,411		8,500,884
Datawatch Corp.		95,731		872,109
EMC Corp. †		176,046		5,342,996
Flextronics International Ltd. *		244,679		2,713,490
GSI Group, Inc. * †		205,077		2,600,376
Guidance Software, Inc *		109,361		637,575
Ingram Micro, Inc., Class A * †		73,838		2,025,376
IXYS Corp.		243,088		2,778,496
Jabil Circuit, Inc. †		203,365		4,219,824
Microsoft Corp. †		137,185		6,558,815
Oracle Corp. †		138,372		5,868,357
Pegasystems, Inc. †		230,877		4,829,947
Quality Systems, Inc.		115,637		1,703,333
Rovi Corp. * †		99,388		2,214,365
Sykes Enterprises, Inc. * †		183,302		4,247,107
TE Connectivity Ltd. †		72,402		4,648,208
Tech Data Corp. * †		53,945		3,362,392
TeleNav, Inc. *		291,098		2,017,309
Teradata Corp. * †		66,223		2,989,306
Vocera Communications, Inc. *		316,182		3,054,318
Western Union Co., (The) †		157,033		2,917,673

				106,784,602

Transportation—0.2%
Aurizon Holdings Ltd. ‡		352,065		1,381,855

				1,381,855


TOTAL COMMON STOCK (Cost $691,122,218)				798,738,411


	Number of Contracts
OPTIONS PURCHASED †† —0.2%
Outerwall, Inc. Call Options Expires 01/15/16 Strike Price $60.00		657		969,075


	Number of Contracts			Value
OPTIONS PURCHASED—(CONTINUED)
Outerwall, Inc. Call Options Expires 01/15/16 Strike Price $65.00		599		$	700,830

TOTAL OPTIONS PURCHASED (Cost $1,127,806)					1,669,905


	Number of Shares

SECURITIES LENDING COLLATERAL—2.1%
BlackRock Liquidity TempFund, Institutional Shares		18,278,882			18,278,882

TOTAL SECURITIES LENDING COLLATERAL (Cost $18,278,882)					18,278,882

TOTAL INVESTMENTS—94.6% (Cost $710,528,906)**					818,687,198

SECURITIES SOLD SHORT—(70.3%)
COMMON STOCK—(70.3%)
Basic Industries—(0.3%)
Century Aluminum Co. *		(81,599	)		(2,256,211	)
Ethanex Energy, Inc. *		(648	)		0
Kennady Diamonds, Inc. *		(45,900	)		(220,770	)
Tanzanian Royalty Exploration Corp. *		(171,865	)		(180,458	)

					(2,657,439	)

Capital Goods—(5.3%)
Applied Energetics, Inc. *		(238,070	)		(2,095	)
Builders FirstSource, Inc. *		(301,640	)		(1,858,102	)
DXP Enterprises, Inc. *		(27,774	)		(1,632,000	)
DynaMotive Energy Systems Corp. *		(72,185	)		(7	)
Installed Building Products, Inc. *		(257,636	)		(4,379,812	)
Interface, Inc.		(282,223	)		(4,267,212	)
Kimball International, Inc.		(23,567	)		(221,294	)
Lindsay Corp.		(50,108	)		(4,405,996	)
Martin Marietta Materials, Inc.		(44,634	)		(5,357,865	)
NN, Inc.		(118,827	)		(2,515,568	)
Smith & Wesson Holding Corp. *		(402,003	)		(4,007,970	)
Taser International, Inc. *		(232,277	)		(4,989,310	)
Trex Co., Inc. *		(212,318	)		(8,947,081	)
Vulcan Materials Co.		(55,320	)		(3,656,652	)

					(46,240,964	)



	Number of Shares			Value
Communications—(6.0%)
CTC Communications Group, Inc. *		(98,900	)	$	0
Descartes Systems Group, Inc., (The) *		(175,564	)		(2,642,238	)
eGain Communications Corp. *		(142,473	)		(732,311	)
Equinix, Inc. *		(27,657	)		(6,282,841	)
Grubhub, Inc. *		(250,020	)		(9,200,736	)
Interliant, Inc. *		(600	)		0
LinkedIn Corp., Class A *		(15,984	)		(3,616,700	)
LivePerson, Inc. *		(159,895	)		(2,069,041	)
Meetme, Inc. *		(274,187	)		(475,714	)
Pandora Media, Inc. *		(142,470	)		(2,800,960	)
Rackspace Hosting, Inc. *		(136,753	)		(6,278,330	)
RigNet, Inc. *		(73,574	)		(3,012,855	)
Shutterstock, Inc. *		(51,736	)		(3,889,512	)
Trulia, Inc. *		(45,854	)		(2,330,759	)
Twitter, Inc. *		(97,372	)		(4,064,307	)
WebMD Health Corp. *		(60,216	)		(2,200,293	)
Yelp, Inc. *		(39,358	)		(2,246,948	)

					(51,843,545	)

Consumer Durables—(4.7%)
American Axle & Manaufacturing Holdings, Inc. *		(222,756	)		(4,753,613	)
Cavco Industries, Inc. *		(38,736	)		(2,871,500	)
GoPro, Inc., Class A *		(92,207	)		(7,189,380	)
Mobileye NV *		(255,647	)		(11,268,920	)
Qsound Labs, Inc. *		(4,440	)		(15	)
Select Comfort Corp. *		(166,300	)		(4,380,342	)
Tesla Motors, Inc. *		(29,170	)		(7,132,648	)
Universal Electronics Inc. *		(43,780	)		(2,649,128	)

					(40,245,546	)

Consumer Non-Durables—(3.6%)
Amish Naturals, Inc. *		(25,959	)		0
Black Diamond, Inc. *		(164,600	)		(1,496,214	)
Cal-Maine Foods, Inc.		(67,582	)		(2,830,334	)
Deckers Outdoor Corp. *		(21,410	)		(2,070,775	)
Freshpet, Inc. *		(235,616	)		(3,937,143	)
Iconix Brand Group, Inc. *		(84,151	)		(3,400,542	)
IGI Laboratories, Inc. *		(233,174	)		(2,441,332	)
Keurig Green Mountain, Inc.		(16,303	)		(2,317,308	)
Michael Kors Holdings Ltd. *		(49,761	)		(3,817,166	)
Monster Beverage Corp. *		(38,204	)		(4,284,579	)


	Number of Shares			Value

Consumer Non-Durables—(continued)
Pilgrim’s Pride Corp. *		(85,340	)	$	(2,756,482	)
Sanderson Farms, Inc.		(17,413	)		(1,511,623	)
Senomyx, Inc. *		(20,448	)		(119,007	)
Valence Technology, Inc. *		(27,585	)		(982	)

					(30,983,487	)

Consumer Services—(11.3%)
Amaya Gaming Group, Inc.		(68,071	)		(2,315,069	)
Arctic Cat, Inc.		(94,621	)		(3,127,224	)
BJ’s Restaurants, Inc. *		(81,416	)		(4,002,411	)
Buffalo Wild Wings, Inc. *		(30,313	)		(5,159,576	)
Build-A-Bear-Workshop, Inc. *		(118,903	)		(2,447,024	)
Container Store Group, Inc. (The) *		(292,673	)		(6,374,418	)
Corporate Resource Services, Inc. *		(218,896	)		(262,675	)
Fresh Market, Inc., (The) *		(76,218	)		(3,121,889	)
inContact, Inc. *		(229,260	)		(1,893,688	)
Lumber Liquidators Holdings, Inc. *		(76,055	)		(4,836,337	)
Mattress Firm Holding Corp. *		(28,300	)		(2,010,149	)
Nautilus Group, Inc., (The) *		(154,616	)		(1,983,723	)
Netflix, Inc. *		(34,631	)		(12,002,758	)
Nutrisystem, Inc.		(83,413	)		(1,582,345	)
Pantry, Inc., (The) *		(97,803	)		(2,596,670	)
Red Robin Gourmet Burgers, Inc. *		(67,049	)		(4,515,750	)
Sprouts Farmers Market, Inc. *		(54,262	)		(1,724,989	)
Sturm Ruger & Co., Inc.		(38,349	)		(1,460,713	)
Texas Roadhouse, Inc.		(167,656	)		(5,542,707	)
Tile Shop Holdings, Inc. *		(456,639	)		(4,557,257	)
Tuesday Morning Corp. *		(336,333	)		(7,163,893	)
Viggle, Inc. *		(61	)		(212	)
VistaPrint NV *		(55,652	)		(3,733,693	)
Williams-Sonoma, Inc.		(66,757	)		(4,977,402	)
Zillow, Inc., Class A *		(52,315	)		(6,192,003	)
zulily, Inc., Class A *		(139,299	)		(4,002,060	)

					(97,586,635	)

Energy—(0.4%)
Beard Co. *		(9,710	)		(22	)


	Number of Shares			Value

Energy—(continued)
Neste Oil OYJ		(149,322	)	$	(3,542,686	)

					(3,542,708	)

Finance—(0.9%)
Bofi Holding, Inc. *		(41,256	)		(3,255,924	)
Tree.Com, Inc. *		(49,399	)		(2,235,799	)
WisdomTree Investments, Inc.		(169,456	)		(2,574,037	)

					(8,065,760	)

Health Care—(18.6%)
ABIOMED, Inc. *		(132,079	)		(4,691,446	)
Acadia Pharmaceuticals, Inc. *		(57,148	)		(1,707,011	)
Accelerate Diagnostics, Inc. *		(313,000	)		(6,328,860	)
Accuray, Inc. *		(306,780	)		(2,113,714	)
Air Methods Corp. *		(49,780	)		(2,209,236	)
Akorn, Inc. *		(65,150	)		(2,610,561	)
Albany Molecular Research, Inc. *		(277,831	)		(4,520,310	)
Align Technology, Inc. *		(84,135	)		(4,787,282	)
Ani Pharmaceuticals, Inc. *		(64,971	)		(3,515,581	)
Arena Pharmaceuticals, Inc. *		(248,768	)		(1,042,338	)
athenahealth, Inc. *		(25,856	)		(3,032,909	)
Biotime, Inc. *		(93,456	)		(300,928	)
BodyTel Scientific, Inc. *		(4,840	)		0
CareView Communications, Inc. *		(207,465	)		(99,583	)
Cerner Corp. *		(47,837	)		(3,080,703	)
Concordia Healthcare Corp.		(156,403	)		(6,345,270	)
DexCom, Inc. *		(101,001	)		(5,197,511	)
Endologix, Inc. *		(138,072	)		(1,771,464	)
Fluidigm Corp. *		(50,158	)		(1,546,371	)
GenMark Diagnostics, Inc. *		(106,935	)		(1,214,782	)
GW Pharmaceuticals PLC *		(28,115	)		(2,176,944	)
HealthStream, Inc. *		(179,212	)		(5,134,424	)
HeartWare International, Inc. *		(49,524	)		(3,641,500	)
HMS Holdings Corp. *		(127,894	)		(2,667,869	)
Inovio Pharmaceuticals, Inc *		(285,772	)		(2,766,273	)
Insulet Corp. *		(125,805	)		(5,861,255	)
Insys Therapeutics, Inc. *		(112,613	)		(4,361,501	)
Intercept Pharmaceuticals, Inc. *		(11,069	)		(1,590,947	)
Intrexon Corp. *		(193,306	)		(5,128,408	)
Intuitive Surgical, Inc. *		(6,932	)		(3,589,182	)
IsoRay, Inc. *		(208,114	)		(332,982	)


	Number
	of Shares			Value

Health Care—(continued)
Keryx Biopharmaceuticals, Inc. *		(226,341	)	$	(3,598,822	)
Lannett Co, Inc. *		(108,830	)		(5,346,818	)
Ligand Pharmaceuticals, Inc. *		(38,891	)		(2,094,280	)
Mannkind Corp. *		(274,529	)		(1,688,353	)
MiMedx Group, Inc. *		(516,925	)		(5,717,191	)
Mindray Medical International Ltd. - ADR		(71,299	)		(2,143,961	)
Mirati Therapeutics, Inc. *		(72,629	)		(1,076,362	)
NanoString Technologies Inc *		(84,331	)		(1,257,375	)
Neuralstem, Inc. *		(466,549	)		(1,311,003	)
NewLink Genetics Corp. *		(52,638	)		(2,056,040	)
Novadaq Technologies, Inc. *		(180,158	)		(2,585,267	)
Novavax, Inc. *		(471,820	)		(2,519,519	)
NPS Pharmaceuticals, Inc. *		(96,016	)		(3,185,811	)
Opko Health, Inc. *		(155,129	)		(1,299,981	)
Organovo Holdings, Inc. *		(354,838	)		(2,239,028	)
Osiris Therapeutics, Inc. *		(183,043	)		(2,407,015	)
OvaScience, Inc. *		(111,338	)		(2,812,398	)
PDL BioPharma, Inc.		(277,353	)		(2,290,936	)
Pharmacyclics, Inc. *		(25,829	)		(3,600,304	)
Puma Biotechnology, Inc. *		(12,091	)		(2,744,899	)
Relypsa, Inc. *		(16,506	)		(410,834	)
Seattle Genetics, Inc. *		(93,272	)		(3,398,832	)
Spectranetics Corp. *		(106,656	)		(3,501,516	)
Synageva Biopharma Corp. *		(24,588	)		(1,996,546	)
TherapeuticsMD, Inc. *		(390,346	)		(1,498,929	)
Utah Medical Products, Inc.		(11,917	)		(692,020	)
Wright Medical Group, Inc. *		(142,956	)		(4,187,181	)

					(161,028,366	)

Real Estate Investment Trusts—(0.5%)
Digital Realty Trust, Inc.		(40,895	)		(2,873,692	)
St. Joe Co., (The) *		(87,393	)		(1,624,636	)

					(4,498,328	)

Technology—(16.3%)
3D Systems Corp. *		(49,212	)		(1,736,199	)
ANTs Software, Inc. *		(10,334	)		(98	)
Arista Networks, Inc. *		(56,684	)		(4,300,615	)
Ballard Power Systems, Inc. *		(561,651	)		(1,286,181	)
Benefitfocus, Inc. *		(95,266	)		(2,580,756	)


	Number
	of Shares			Value

Technology—(continued)
Capstone Turbine Corp. *		(735,133	)	$	(617,512	)
Castlight Health, Inc., Class B *		(200,968	)			(2,498,032)
Cavium, Inc. *		(116,461	)		(6,591,693	)
Ciena Corp. *		(182,367	)		(3,014,527	)
Consygen, Inc. *		(200	)		0
Cornerstone OnDemand, Inc. *		(76,463	)		(2,429,230	)
Demandware, Inc. *		(51,478	)		(2,882,768	)
Ellie Mae, Inc. *		(154,705	)		(6,259,364	)
Endurance International Group Holdings, Inc. *		(112,011	)		(1,861,623	)
Ener1, Inc. *		(102,820	)		(10	)
Enphase Energy, Inc. *		(115,069	)		(1,209,375	)
FireEye, Inc. *		(91,288	)		(2,765,114	)
First Solar, Inc. *		(34,731	)		(1,694,873	)
GT Advanced Technologies, Inc. *		(198,179	)		(87,179	)
Guidewire Software, Inc. *		(151,179	)		(7,630,004	)
HubSpot, Inc. *		(95,336	)		(3,373,941	)
Imageware Systems, Inc. *		(388,259	)		(815,344	)
Infinera Corp. *		(279,139	)		(3,804,665	)
Lexmark International, Inc., Class A (a)		(69,515	)		(2,979,413	)
Methode Electronics, Inc.		(79,786	)		(3,091,708	)
Micron Technology, Inc. *		(51,631	)		(1,856,134	)
Mobileiron, Inc. *		(456,306	)		(4,229,957	)
Neonode, Inc. *		(224,412	)		(549,809	)
Nestor, Inc. *		(15,200	)		(306	)
NetSuite, Inc. *		(49,596	)		(5,244,777	)
Nimble Storage, Inc. *		(159,669	)		(4,210,472	)
Plug Power, Inc. *		(441,015	)		(1,684,677	)
Power Solutions International, Inc. *		(27,101	)		(1,779,181	)
Proofpoint, Inc. *		(82,492	)		(3,581,803	)
Qlik Technologies, Inc. *		(102,399	)		(3,156,961	)
Red Hat, Inc. *		(63,025	)		(3,917,004	)
SanDisk Corp.		(20,586	)		(2,129,828	)
SciQuest Inc *		(135,112	)		(2,014,520	)
Sierra Wireless, Inc. *		(161,770	)		(5,983,872	)
Sonus Networks, Inc. *		(877,799	)		(3,247,856	)
Splunk, Inc. *		(93,358	)		(6,264,322	)


	Number of Shares			Value

Technology—(continued)
Stratasys Ltd. *		(17,230	)	$	(1,756,943	)
SunEdison, Inc. *		(127,808	)		(2,767,043	)
Tableau Software, Inc., Class A *		(25,822	)		(2,165,949	)
Textura Corp. *		(76,818	)		(1,840,559	)
Tiger Telematics, Inc. *		(6,510	)		0
Uni-Pixel, Inc. *		(19,665	)		(124,479	)
Universal Display Corp. *		(67,713	)		(1,878,359	)
VASCO Data Security International, Inc. *		(48,817	)		(1,454,747	)
Veeva Systems, Inc., Class A *		(164,001	)		(5,387,433	)
VeriFone Systems, Inc. *		(91,565	)		(3,265,208	)
Vicor Corp. *		(203,036	)		(2,477,039	)
Workday, Inc., Class A *		(51,530	)		(4,485,687	)
WorldGate Communications, Inc. *		(582,655	)		(58	)
Xybernaut Corp. *		(34,156	)		0

					(140,965,207	)

Transportation—(1.7%)
American Railcar Industries, Inc.		(174,566	)		(10,295,903	)
Student Transportation, Inc.		(753,053	)		(4,796,948	)

					(15,092,851	)

Utilities—(0.7%)
SolarCity Corp. *		(103,421	)		(5,688,155	)

TOTAL COMMON STOCK (Proceeds $537,790,929)					(608,438,991	)

TOTAL SECURITIES SOLD SHORT —(70.3%) (Proceeds $537,790,929)					(608,438,991	)


	Number of Contracts

OPTIONS WRITTEN †† —(0.1%)
BP PLC Put Options Expires 01/15/16 Strike Price $47.00		(1,052	)		(1,104,600	)
Sturm Ruger & Co., Inc. Call Options Expires 01/17/15 Strike Price $70.50		(343	)		(1,715	)



	Number of Contracts			Value

OPTIONS WRITTEN—(CONTINUED)
The Container Store Group, Inc. Call Options Expires 01/17/15 Strike Price $15.00		(11	)	$	(7,810	)

TOTAL OPTIONS WRITTEN (Premiums received $975,198)					(1,114,125	)

OTHER ASSETS IN EXCESS OF LIABILITIES—75.8%					656,477,154

NET ASSETS—100.0%				$	865,611,236


ADR	—	American Depositary Receipt
PLC	—	Public Limited Company
*	—	Non-income producing.
‡	—	Security has been valued at fair market value as determined in good faith by or under the direction of The RBB Fund,’ Inc.’s Board of Directors. As of November 30, 2014, these securities amounted to $1,381,855 or 0.2% of net assets.
(a)	—	All or a portion of the security is on loan. At November 30, 2014, the market value of securities on loan was $17,301,035.
†	—	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	$	710,528,906

Gross unrealized appreciation	$	147,282,453
Gross unrealized depreciation		(39,124,161	)

Net unrealized appreciation	$	108,158,292

A summary of the inputs used to value the Fund’s investments as of November 30, 2014 is as follows (see Notes to Portfolio of Investments):


	Number of Shares		Value

LONG POSITIONS—94.1%
COMMON STOCK—94.1%
Basic Industries—6.2%
Avery Dennison Corp.		957,127	$	47,387,358
Barrick Gold Corp.		1,248,825		14,848,529
Berry Plastics Group, Inc. * †		1,449,515		41,948,964
Cloud Peak Energy, Inc. * †		1,302,700		15,202,509
Crown Holdings, Inc. * †		879,633		43,541,834
Graphic Packaging Holding Co. * †		3,054,190		38,024,666
Huntsman Corp. †		1,439,281		36,730,451
International Paper Co. †		245,936		13,236,276
Lintec Corp.		632,900		13,554,677
Owens-Illinois, Inc. * †		706,527		18,115,352
Packaging Corp of America †		499,377		37,093,724
Smurfit Kappa Group PLC *		1,407,087		32,590,447
Stornoway Diamond Corp. *		15,055,000		6,846,174

				359,120,961

Capital Goods—10.1%
Boeing Co. (The)		106,292		14,281,393
Carlisle Cos, Inc. †		145,159		12,977,215
Crane Co. †		578,318		34,138,112
Cubic Corp. †		313,169		16,112,545
Danaher Corp. †		531,624		44,422,501
Ebara Corp.		4,147,000		17,696,904
Emerson Electric Co.		351,436		22,404,045
Entertainment One Ltd.		3,242,090		15,150,000
Flowserve Corp.		188,056		11,070,857
Fluor Corp. †		295,686		18,329,575
General Dynamics Corp. †		173,120		25,164,722
Global Brass & Copper Holdings, Inc. †		1,030,788		12,627,153
Honeywell International, Inc. †		197,268		19,543,341
Huntington Ingalls Industries, Inc. †		261,108		28,452,939
Kaba Holding AG		41,223		21,251,383
Lockheed Martin Corp. †		229,534		43,969,533
Masco Corp. †		1,222,911		29,594,446
Northrop Grumman Corp. †		163,262		23,008,514
Parker Hannifin Corp. †		134,535		17,359,051
Raytheon Co. †		221,712		23,656,670
Safran SA		391,842		25,342,246
Stanley Black & Decker, Inc.		119,233		11,260,365
Textron, Inc. †		617,112		26,733,292
Timken Co. †		391,209		16,739,833


	Number of Shares		Value

Capital Goods—(continued)
Triumph Group, Inc. †		328,755	$	22,375,065
United Technologies Corp. †		170,388		18,756,311
WESCO International, Inc. *		170,678		14,062,160

				586,480,171

Communications—3.6%
Baidu, Inc. - Sponsored ADR * †		35,907		8,801,165
Comcast Corp., Class A †		782,537		44,635,910
Google, Inc., Class A * †		22,065		12,115,450
Google, Inc., Class C * †		8,656		4,690,080
Liberty Broadband Corp., Class A * †		33,268		1,824,390
Liberty Broadband Corp., Class C * †		66,535		3,619,504
Liberty Global PLC, Class A *		135,905		7,065,701
Liberty Global PLC, Series C * †		1,168,386		58,325,829
NetEase, Inc. - ADR †		158,413		16,739,502
Time Warner Cable, Inc. †		93,886		14,015,302
Verizon Communications, Inc.		411,267		20,805,998
Yahoo!, Inc. * †		332,235		17,189,839

				209,828,670

Consumer Durables—2.5%
Lear Corp. †		356,859		34,226,347
Newell Rubbermaid, Inc. †		947,914		34,418,757
Samsung Electronics Co. Ltd.		15,022		17,404,144
Tenneco, Inc. * †		647,586		35,196,299
TS Tech Co. Ltd.		1,022,600		24,155,511

				145,401,058

Consumer Non-Durables—3.6%
Activision Blizzard, Inc. †		2,753,283		59,608,577
Aryzta AG		324,414		25,856,601
Bunge Ltd.		222,853		20,228,367
Constellation Brands, Inc.,
Class A * †		167,016		16,100,342
Lorillard, Inc. †		377,135		23,812,304
Sankyo Co., Ltd.		211,800		6,810,194
Stock Spirits Group PLC		5,580,587		22,010,281
Tyson Foods, Inc., Class A †		911,493		38,592,614

				213,019,280

Consumer Services—13.5%
Apollo Education Group, Inc. *		609,754		19,036,520
CBS Corp., Class B non-voting shares †		475,219		26,080,019
Cerved Information Solutions SpA *		2,551,173		13,456,614
CVS Health Corp. †		379,176		34,641,519


	Number of Shares		Value

Consumer Services—(continued)
eBay, Inc. * †		398,535	$	21,871,601
Equifax, Inc. †		378,820		30,135,131
Expedia, Inc. †		294,762		25,676,718
FTI Consulting, Inc. * †		352,127		13,651,964
Gap, Inc., (The) †		661,296		26,187,322
H&R Block, Inc. †		924,510		31,100,516
Home Depot, Inc. (The) †		309,380		30,752,372
ITV PLC		8,209,473		27,358,370
Koninklijke Ahold NV		1,640,266		28,953,268
Liberty Media Corp., Class A * †		133,070		4,892,984
Liberty Media Corp., Class C * †		266,140		9,722,094
Macy’s, Inc. †		496,153		32,205,291
Manpowergroup, Inc. †		395,471		26,441,191
Moody’s Corp. †		260,000		26,262,600
Omnicom Group, Inc. †		385,921		29,820,116
Outerwall, Inc. *		257,323		18,084,660
Phoenix New Media Ltd. - ADR *		701,315		6,234,690
ProSiebenSat. 1 Media AG		519,345		22,090,804
Rite Aid Corp. *		5,575,853		30,555,674
Robert Half International, Inc. †		516,245		29,317,554
Sally Beauty Holdings, Inc. *		1,005,240		31,815,846
Six Flags Entertainment Corp. †		454,312		18,467,783
Time Warner, Inc. †		381,850		32,503,072
Time, Inc. †		152,736		3,656,500
Towers Watson & Co., Class A †		292,088		32,994,260
Tribune Media Co., Class A *		338,329		22,992,839
Viacom, Inc., Class B †		354,848		26,837,154
Wal-Mart Stores, Inc. †		340,137		29,775,593
WPP PLC		1,113,965		23,292,427

				786,865,066

Energy—8.2%
Canadian Natural Resources Ltd.		932,963		31,049,009
Diamondback Energy, Inc. * †		531,141		29,956,352
Energen Corp. †		399,783		23,875,041
EOG Resources, Inc.		372,682		32,318,983
EQT Corp. †		449,198		40,868,034
Exxon Mobil Corp.		565,807		51,228,166
Inpex Corp.		861,700		9,126,825
Kosmos Energy Ltd. * †		1,263,634		10,538,708
Marathon Petroleum Corp. †		380,633		34,291,227
Occidental Petroleum Corp. †		336,088		26,809,740
Pacific Drilling SA *		1,911,901		11,758,191
Parsley Energy, Inc., Class A *		3,189,380		40,313,763
Phillips 66 †		577,269		42,152,182


	Number of Shares		Value

Energy—(continued)
Precision Drilling Corp.		2,086,028	$	13,434,020
QEP Resources, Inc. †		1,137,389		23,248,231
Rice Energy, Inc. * †		1,316,480		32,780,352
Schlumberger Ltd. †		197,768		16,998,160
Viper Energy Partners LP		520,057		9,345,424

				480,092,408

Finance—18.8%
ACE Ltd. †		329,081		37,627,122
Alleghany Corp. * †		68,152		31,114,114
Allianz SE, Registered Shares		57,525		9,904,523
Allstate Corp., (The) †		597,546		40,722,760
Bank of America Corp. †		2,584,643		44,042,317
BB&T Corp. †		1,004,563		37,761,523
Berkshire Hathaway, Inc.,
Class B * †		252,524		37,547,794
Capital One Financial Corp. †		602,064		50,091,725
Charles Schwab Corp., (The) †		636,759		18,033,015
Citigroup, Inc. †		956,060		51,598,558
Comerica, Inc. †		283,850		13,230,249
Discover Financial Services †		655,188		42,947,573
Endurance Specialty Holdings Ltd. †		469,900		27,714,702
Fifth Third Bancorp †		2,325,149		46,781,998
Goldman Sachs Group, Inc., (The) †		201,777		38,016,805
Huntington Bancshares, Inc. †		3,262,515		32,984,027
Investors Bancorp, Inc.		1,502,665		16,243,809
JPMorgan Chase & Co. †		819,111		49,277,718
MetLife, Inc. †		343,366		19,094,583
Morgan Stanley †		421,548		14,830,059
Navient Corp.		1,233,783		25,860,092
PNC Financial Services Group, Inc., (The) †		379,905		33,230,290
Prudential Financial, Inc. †		209,869		17,834,668
Raymond James Financial, Inc. †		305,093		17,176,736
Regions Financial Corp. †		3,152,778		31,748,474
Reinsurance Group of America, Inc. †		198,923		17,051,680
SLM Corp.		1,774,506		17,177,218
Standard Chartered PLC		447,697		6,545,637
State Street Corp. †		420,720		32,281,846
SunTrust Banks, Inc. †		313,174		12,304,606
TD Ameritrade Holding Corp. †		565,503		19,572,059
Torchmark Corp. †		347,437		18,674,739


	Number of Shares		Value

Finance—(continued)
Travelers Cos., Inc., (The) †		357,649	$	37,356,438
Validus Holdings Ltd.		796,119		33,038,939
Wells Fargo & Co. †		924,791		50,382,614
WR Berkley Corp. †		675,996		35,314,031
XL Group PLC †		871,932		30,971,025

				1,096,086,066

Health Care—9.8%
Amgen, Inc. †		249,999		41,327,335
Baxter International, Inc.		114,746		8,376,458
Cardinal Health, Inc. †		382,002		31,396,744
Covidien PLC		120,121		12,132,221
Express Scripts Holding Co. * †		506,605		42,124,206
ICON PLC *		349,529		19,412,841
Johnson & Johnson †		212,063		22,955,820
Laboratory Corp. of America Holdings * †		184,545		19,310,789
McKesson Corp. †		147,250		31,034,410
Medtronic, Inc. †		674,593		49,832,185
Novartis AG - ADR		339,957		32,856,844
Omnicare, Inc. †		504,516		35,477,565
Pfizer, Inc. †		1,597,671		49,767,452
Sanofi - ADR		428,275		20,681,400
Select Medical Holdings Corp. †		1,269,618		18,320,588
Shire PLC - ADR		42,713		9,123,497
St. Jude Medical, Inc.		89,715		6,097,031
Teva Pharmaceutical Industries Ltd. - Sponsored ADR		948,923		54,069,633
Universal Health Services, Inc., Class B †		361,345		37,803,914
Zimmer Holdings, Inc.		252,123		28,310,892

				570,411,825

Real Estate Investment Trusts—0.8%
American Capital Agency Corp.
REIT †		510,916		11,789,387
American Homes 4 Rent, Class A		519,267		8,931,392
American Residential Properties, Inc. * †		410,150		7,288,366
Boston Properties, Inc. †		62,353		8,083,443
Equity Residential †		111,051		7,866,853

				43,959,441

Technology—16.8%
Alliance Data Systems Corp. * †		49,406		14,123,693
Amdocs Ltd. †		507,524		24,739,257
Apple, Inc. †		398,067		47,342,108


	Number of Shares		Value

Technology—(continued)
Arrow Electronics, Inc. * †		624,957	$	36,522,487
Avago Technologies Ltd. †		383,956		35,861,490
Avnet, Inc. †		722,840		31,653,164
Brocade Communications Systems, Inc.		4,177,202		47,244,155
CA, Inc.		395,070		12,306,431
CDW Corp. †		772,000		27,081,760
Cisco Systems, Inc. †		951,685		26,304,573
EMC Corp. †		1,460,615		44,329,665
Evertec, Inc.		1,251,700		27,587,468
Fidelity National Information Services, Inc. †		433,684		26,537,124
Flextronics International Ltd. * †		4,079,250		45,238,883
Global Payments, Inc.		234,453		20,247,360
Harris Corp. †		232,011		16,628,227
Jabil Circuit, Inc. †		1,670,324		34,659,222
MediaTek, Inc.		2,512,000		37,684,466
Microsoft Corp. †		976,564		46,689,524
Motorola Solutions, Inc. †		436,550		28,690,065
NetApp, Inc. †		713,893		30,376,146
NXP Semiconductors NV *		481,823		37,490,647
ON Semiconductor Corp. *		3,125,521		28,223,454
Oracle Corp. †		982,693		41,676,009
QUALCOMM, Inc. †		266,673		19,440,461
Seagate Technology PLC †		584,432		38,636,800
TE Connectivity Ltd. †		460,689		29,576,233
Texas Instruments, Inc. †		614,090		33,418,778
Total System Services, Inc. †		623,548		20,570,849
TriQuint Semiconductor, Inc. *		1,059,038		25,808,756
Western Digital Corp. †		441,610		45,605,065

				982,294,320

Transportation—0.2%
Delta Air Lines, Inc.		276,033		12,882,460

				12,882,460

TOTAL COMMON STOCK—94.1% (Cost $4,844,720,938)				5,486,441,726


	Number of Shares			Value

WARRANTS—0.0%
Basic Industries—0.0%
Stornoway Diamond Corp. *
Exercise Price CAD 0.90,
Expires 07/08/16		7,527,500		$	362,057

					362,057

TOTAL WARRANTS —0.0% (Cost $ 773,078)					362,057

TOTAL INVESTMENTS—94.1% (Cost $ 4,845,494,016)**					5,486,803,783

SECURITIES SOLD SHORT—(43.4%)
COMMON STOCK—(43.4%)
Basic Industries—(3.0%)
Air Products & Chemicals, Inc.		(48,393	)		(6,960,365	)
BASF SE		(77,012	)		(6,979,341	)
Bemis Co., Inc.		(247,897	)		(9,901,006	)
CONSOL Energy, Inc.		(354,209	)		(13,860,198	)
EI Du Pont de Nemours & Co.		(275,494	)		(19,670,272	)
EMS-Chemie Holding AG		(25,262	)		(9,359,065	)
FP Corp.		(371,800	)		(10,977,711	)
Huhtamaki OYJ		(400,529	)		(10,144,406	)
Intrepid Potash, Inc. *		(1,048,148	)		(14,957,072	)
K+S AG, Registered Shares		(493,558	)		(14,798,092	)
Linde AG		(51,163	)		(9,629,937	)
Oji Holdings Corp.		(3,257,000	)		(11,411,943	)
Resolute Forest Products, Inc. *		(358,704	)		(6,008,292	)
Scotts Miracle-Gro Co. (The), Class A		(163,540	)		(9,980,846	)
Viscofan SA		(166,027	)		(9,553,831	)
Wausau Paper Corp.		(775,316	)		(7,714,394	)

					(171,906,771	)

Capital Goods—(3.0%)
Asahi Glass Co., Ltd.		(2,233,000	)		(10,785,910	)
Fastenal Co.		(530,586	)		(23,982,487	)
James Hardie Industries PLC		(1,159,697	)		(11,924,698	)
Now, Inc. *		(694,397	)		(18,595,952	)
Polypore International, Inc. *		(279,879	)		(14,402,573	)
Proto Labs, Inc. *		(292,657	)		(18,993,439	)
Raven Industries, Inc.		(322,776	)		(7,262,460	)
Sun Hydraulics Corp.		(211,511	)		(8,517,548	)
Trex Co., Inc. *		(362,359	)		(15,269,808	)
Trinity Industries, Inc.		(214,191	)		(6,866,963	)
Vulcan Materials Co.		(144,055	)		(9,522,036	)
WW Grainger, Inc.		(101,012	)		(24,816,628	)


	Number of Shares			Value

Capital Goods—(continued)
Zardoya Otis SA		(575,498	)	$	(6,129,197	)

					(177,069,699	)

Communications—(3.7%)
America Movil SAB de CV, Series L - ADR		(416,987	)		(9,886,762	)
Belgacom SA		(307,428	)		(12,137,161	)
CenturyLink, Inc.		(181,283	)		(7,390,908	)
Cogent Communications Group, Inc.		(346,995	)		(12,290,563	)
Equinix, Inc.		(88,378	)		(20,076,830	)
Eutelsat Communications SA		(403,459	)		(13,342,276	)
Frontier Communications Corp		(1,737,718	)		(12,250,912	)
Internap Network Services Corp. *		(928,039	)		(7,359,349	)
Level 3 Communications, Inc. *		(247,559	)		(12,377,950	)
Millicom International Cellular SA - SDR		(173,153	)		(14,391,615	)
Rackspace Hosting, Inc. *		(388,878	)		(17,853,389	)
Shutterstock, Inc. *		(76,383	)		(5,742,474	)
SouFun Holdings Ltd.		(479,678	)		(4,192,386	)
Sprint Corp. *		(1,758,786	)		(9,004,984	)
Synchronoss Technologies, Inc. *		(340,103	)		(14,566,611	)
TalkTalk Telecom Group PLC		(2,336,028	)		(11,385,082	)
Telefonica SA - Sponsored ADR		(848,695	)		(13,579,120	)
Twitter, Inc. *		(286,258	)		(11,948,409	)
Yelp, Inc. *		(141,928	)		(8,102,670	)

					(217,879,451	)

Consumer Durables—(0.8%)
Autoliv, Inc.		(195,464	)		(19,343,117	)
Electrolux AB - Series B		(336,998	)		(10,002,644	)
Leggett & Platt, Inc.		(166,340	)		(7,001,251	)
Valeo SA		(83,147	)		(10,229,749	)

					(46,576,761	)

Consumer Non-Durables—(4.4%)
Beiersdorf AG		(176,570	)		(15,678,715	)
Campbell Soup Co.		(426,891	)		(19,329,624	)
Clorox Co., (The)		(198,994	)		(20,221,770	)
Colgate-Palmolive Co.		(232,266	)		(16,163,391	)
Deckers Outdoor Corp. *		(166,691	)		(16,122,354	)
Flowers Foods, Inc.		(822,171	)		(16,032,335	)
Hain Celestial Group, Inc., (The) *		(185,657	)		(21,020,086	)
JM Smucker Co., (The)		(152,180	)		(15,609,103	)
Keurig Green Mountain, Inc.		(93,148	)		(13,240,057	)
Mattel, Inc.		(433,804	)		(13,686,516	)


	Number of Shares			Value

Consumer Non-Durables—(continued)
McCormick & Co., Inc. non-voting shares		(245,631	)	$	(18,257,752	)
Mondelez International, Inc., Class A		(469,958	)		(18,422,354	)
Remy Cointreau SA		(1	)		(43	)
Snyders-Lance, Inc.		(469,516	)		(14,216,944	)
Tumi Holdings, Inc. *		(853,050	)		(18,673,265	)
Under Armour, Inc., Class A *		(259,501	)		(18,811,227	)

					(255,485,536	)

Consumer Services—(7.1%)
Acxiom Corp. *		(559,365	)		(10,644,716	)
ADT Corp., (The)		(507,200	)		(17,721,568	)
AutoNation, Inc. *		(224,297	)		(13,332,214	)
BEC World PCL		(1,116,300	)		(1,826,188	)
Bob Evans Farms, Inc.		(465,186	)		(25,287,511	)
Buffalo Wild Wings, Inc. *		(95,567	)		(16,266,459	)
CarMax, Inc. *		(340,403	)		(19,396,163	)
Cheesecake Factory, Inc., (The)		(529,251	)		(25,631,626	)
Fresh Market, Inc., (The) *		(412,618	)		(16,900,833	)
Hennes & Mauritz AB, Class B		(569,070	)		(24,367,871	)
Iron Mountain, Inc.		(34,748	)		(1,320,772	)
Krispy Kreme Doughnuts, Inc. *		(1,181,767	)		(24,060,776	)
L Brands, Inc.		(149,791	)		(12,118,092	)
Monro Muffler Brake, Inc.		(432,135	)		(23,676,677	)
Netflix, Inc. *		(50,144	)		(17,379,409	)
Restoration Hardware Holdings, Inc. *		(193,182	)		(16,318,084	)
Ritchie Bros Auctioneers, Inc.		(640,390	)		(16,733,391	)
Rollins, Inc.		(347,400	)		(11,300,922	)
Sprouts Farmers Market, Inc. *		(542,390	)		(17,242,578	)
Texas Roadhouse, Inc.		(572,068	)		(18,912,568	)
Ultimate Software Group, Inc., (The) *		(110,895	)		(16,328,180	)
United Natural Foods, Inc. *		(283,003	)		(21,278,996	)
Vitamin Shoppe, Inc. *		(343,316	)		(16,431,104	)
Wendy’s Co., (The)		(2,096,623	)		(18,282,553	)
Woolworths Ltd.		(531,393	)		(14,041,392	)

					(416,800,643	)

Energy—(3.2%)
Atwood Oceanics, Inc. *		(463,435	)		(14,871,629	)
Carrizo Oil & Gas, Inc. *		(178,105	)		(7,028,023	)
Concho Resources, Inc. *		(120,155	)		(11,444,764	)
ConocoPhillips		(357,142	)		(23,596,372	)
Continental Resources, Inc. *		(417,621	)		(17,114,109	)


	Number of Shares			Value

Energy—(continued)
Denbury Resources, Inc.		(1,563,966	)	$	(12,918,359	)
EQT Midstream Partners LP		(113,067	)		(9,456,924	)
Helmerich & Payne, Inc.		(111,931	)		(7,784,801	)
HollyFrontier Corp.		(335,048	)		(13,676,659	)
Matador Resources Co. *		(688,528	)		(12,111,208	)
National Oilwell Varco, Inc.		(229,561	)		(15,389,769	)
Oasis Petroleum, Inc. *		(105,115	)		(1,932,014	)
Seadrill Partners LLC		(10,659	)		(180,350	)
ShawCor Ltd.		(222,358	)		(9,088,774	)
Ultra Petroleum Corp. *		(433,848	)		(8,611,883	)
Vermilion Energy, Inc.		(358,741	)		(17,000,736	)
Weatherford International PLC *		(420,350	)		(5,506,585	)

					(187,712,959	)

Finance—(5.1%)
Aberdeen Asset Management PLC		(1,572,311	)		(11,036,344	)
Astoria Financial Corp.		(925,558	)		(12,245,132	)
BancorpSouth, Inc.		(497,087	)		(10,881,234	)
Commonwealth Bank of Australia		(134,477	)		(9,222,992	)
Community Bank System, Inc.		(385,991	)		(14,277,807	)
CVB Financial Corp.		(722,498	)		(10,960,295	)
Eaton Vance Corp.		(348,737	)		(14,573,719	)
Financial Engines, Inc.		(275,819	)		(9,013,765	)
First Financial Bankshares, Inc.		(525,903	)		(15,866,494	)
Glacier Bancorp, Inc.		(236,957	)		(6,487,883	)
Greenhill & Co., Inc.		(222,803	)		(9,874,629	)
HDFC Bank Ltd. - ADR		(228,087	)		(12,154,756	)
Home Bancshares, Inc.		(341,780	)		(10,824,173	)
Intesa Sanpaolo SpA		(3,326,226	)		(10,237,390	)
LPL Financial Holdings, Inc.		(158,565	)		(6,765,969	)
Mobile Mini, Inc.		(276,814	)		(11,485,013	)
New York Community Bancorp, Inc.		(999,742	)		(15,885,900	)
Northern Trust Corp.		(183,284	)		(12,413,825	)
Siam Commercial Bank PCL, (The) - NVDR		(2,035,500	)		(12,171,582	)
Trustmark Corp.		(530,168	)		(12,374,121	)
UMB Financial Corp.		(168,355	)		(9,342,019	)
United Bankshares, Inc.		(523,670	)		(18,276,083	)
United States Oil Fund LP *		(394,251	)		(10,084,941	)
Valley National Bancorp		(1,052,240	)		(10,248,818	)
Westamerica Bancorporation		(385,909	)		(18,755,177	)

					(295,460,061	)


	Number of Shares			Value

Health Care—(3.1%)
Agilent Technologies, Inc.		(279,220	)	$	(11,933,863	)
athenahealth, Inc. *		(143,911	)		(16,880,760	)
Biogen Idec Inc. *		(53,331	)		(16,409,415	)
Carl Zeiss Meditec AG		(564,543	)		(15,521,367	)
CSL Ltd.		(164,222	)		(11,518,028	)
Elekta AB, B Shares		(1,520,521	)		(15,497,730	)
GW Pharmaceuticals PLC *		(109,291	)		(8,462,402	)
Health Net, Inc. *		(311,081	)		(15,983,342	)
Henry Schein, Inc. *		(87,034	)		(11,941,065	)
Novo Nordisk A/S		(426,197	)		(19,398,853	)
Pharmacyclics, Inc. *		(72,980	)		(10,172,682	)
Puma Biotechnology, Inc. *		(34,600	)		(7,854,892	)
ResMed, Inc.		(162,977	)		(8,670,376	)
Sirona Dental Systems, Inc. *		(132,023	)		(11,405,467	)

					(181,650,242	)

Real Estate Investment Trusts—(2.8%)
Gaming and Leisure Properties, Inc.		(759,025	)		(24,212,898	)
HCP, Inc.		(650,951	)		(29,162,605	)
Health Care REIT, Inc.		(421,615	)		(31,056,161	)
Omega Healthcare Investors, Inc.		(682,379	)		(26,080,525	)
Plum Creek Timber Co., Inc.		(255,578	)		(10,652,491	)
Realty Income Corp.		(562,487	)		(26,133,146	)
Rouse Properties, Inc.		(841,436	)		(15,389,864	)

					(162,687,690	)

Technology—(5.9%)
3D Systems Corp. *		(266,071	)		(9,386,985	)
Arista Networks, Inc. *		(85,819	)		(6,511,088	)
Aspen Technology, Inc. *		(213,067	)		(8,041,149	)
Blackbaud, Inc.		(640,844	)		(27,197,419	)
Cirrus Logic, Inc. *		(250,933	)		(4,589,565	)
Dassault Systemes SA		(294,994	)		(19,267,018	)
Finisar Corp. *		(593,793	)		(10,124,171	)
Infosys Technologies Ltd. - Sponsored ADR		(302,330	)		(21,114,727	)
International Rectifier Corp. *		(597,717	)		(23,836,954	)
Itron, Inc. *		(460,888	)		(18,619,875	)
LG Display Co., Ltd.		(1,195,439	)		(18,314,125	)
National Instruments Corp.		(642,242	)		(20,673,770	)
NetSuite, Inc. *		(160,656	)		(16,989,372	)
Red Hat, Inc. *		(246,367	)		(15,311,709	)
Salesforce.com, Inc. *		(355,567	)		(21,287,796	)
Trimble Navigation Ltd. *		(506,929	)		(14,257,378	)
Tyler Technologies, Inc. *		(133,690	)		(14,516,060	)


	Number of Shares			Value

Technology—(continued)
VeriFone Systems, Inc. *		(791,693	)	$	(28,231,772	)
ViaSat, Inc. *		(188,672	)		(12,508,954	)
VMware, Inc., Class A *		(38,812	)		(3,413,904	)
VTech Holdings Ltd.		(754,500	)		(10,497,476	)
Wipro Ltd. - ADR		(1,375,808	)		(17,747,923	)

					(342,439,190	)

Transportation—(1.2%)
Heartland Express, Inc.		(421,383	)		(11,179,291	)
J.B. Hunt Transport Services, Inc.		(197,263	)		(16,280,115	)
Kansas City Southern		(89,396	)		(10,632,760	)
Keikyu Corp.		(847,220	)		(6,472,330	)
Panalpina Welttransport Holding
AG, Registered Shares		(79,207	)		(10,852,234	)
Ryder System, Inc.		(133,324	)		(12,735,107	)

					(68,151,837	)

Utilities—(0.1%)
Ormat Technologies, Inc.		(249,830	)		(6,840,345	)

TOTAL COMMON STOCK (Proceeds $2,430,765,825)					(2,530,661,185	)

TOTAL SECURITIES SOLD SHORT —(43.4%) (Proceeds $2,430,765,825)					(2,530,661,185	)


	Number of Contracts

OPTIONS WRITTEN †† —(0.1%)
EOG Resources
Call Options
Expires 04/17/15
Strike Price $90.00		(3,500	)		(2,082,500	)
Exxon Mobil Corp.
Call Options
Expires 04/17/15
Strike Price $90.00		(2,500	)		(1,012,500	)
Exxon Mobil Corp.
Call Options
Expires 04/17/15
Strike Price $95.00		(2,500	)		(462,500	)
Occidental Petroleum Corp.
Call Options
Expires 01/17/15
Strike Price $85.00		(3,000	)		(240,000	)

TOTAL OPTIONS WRITTEN (Premiums received $5,374,380)					(3,797,500	)


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	$	4,845,494,016

Gross unrealized appreciation	$	774,315,869
Gross unrealized depreciation		(133,006,102	)

Net unrealized appreciation	$	641,309,767

A summary of the inputs used to value the Fund’s investments as of November 30, 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—97.0%
Basic Industries—1.2%
Avery Dennison Corp.		58,355		2,889,156
Graphic Packaging Holding Co. *		294,060		3,661,047
Huntsman Corp.		110,190		2,812,049
International Paper Co.		53,920		2,901,974

				12,264,226

Capital Goods—6.4%
Cubic Corp.		33,280		1,712,256
Dover Corp.		88,460		6,810,535
Emerson Electric Co.		70,220		4,476,525
Fluor Corp.		31,413		1,947,292
Huntington Ingalls Industries, Inc.		45,485		4,956,500
II-VI, Inc. *		176,730		2,345,207
Illinois Tool Works, Inc.		31,775		3,016,401
Masco Corp.		119,295		2,886,939
MRC Global, Inc. *		137,070		2,770,185
Parker Hannifin Corp.		70,022		9,034,939
Raytheon Co.		55,270		5,897,309
Stanley Black & Decker, Inc.		32,810		3,098,576
Textron, Inc.		70,030		3,033,700
Timken Co.		102,410		4,382,124
WESCO International, Inc. *		80,555		6,636,926

				63,005,414

Communications—2.6%
DIRECTV *		132,845		11,651,835
NetEase, Inc. - ADR		69,550		7,349,349
Yahoo!, Inc. * #		127,430		6,593,228

				25,594,412

Consumer Durables—2.1%
Brunswick Corp.		102,245		5,079,532
Lear Corp.		76,633		7,349,871
Newell Rubbermaid, Inc.		81,115		2,945,286
Thor Industries, Inc.		86,470		5,080,977

				20,455,666

Consumer Non-Durables—4.9%
Activision Blizzard, Inc.		525,285		11,372,420
Archer-Daniels-Midland Co.		57,315		3,019,354
Bunge Ltd.		33,875		3,074,834


	Number of Shares		Value

Consumer Non-Durables—(continued)
Electronic Arts, Inc. *		220,848	$	9,701,853
Lorillard, Inc.		183,420		11,581,139
PepsiCo, Inc.		87,210		8,729,721

				47,479,321

Consumer Services—8.4%
AutoZone, Inc. *		4,940		2,853,887
Bed Bath & Beyond, Inc. *		71,705		5,260,996
CVS Health Corp.		69,125		6,315,260
eBay, Inc. *		183,215		10,054,839
Equifax, Inc.		37,935		3,017,729
H&R Block, Inc.		155,515		5,231,525
Home Depot, Inc. (The)		57,290		5,694,626
Kohl’s Corp.		189,521		11,299,242
Korn/Ferry International *		88,886		2,413,255
Macy’s, Inc.		137,475		8,923,502
Manpowergroup, Inc.		74,180		4,959,675
Omnicom Group, Inc.		114,585		8,853,983
Sportsman’s Warehouse Holdings, Inc. * (a)		245,175		1,728,484
Viacom, Inc., Class B		69,980		5,292,587

				81,899,590

Energy—8.2%
Canadian Natural Resources Ltd.		192,890		6,419,379
Energen Corp.		113,780		6,794,942
EOG Resources, Inc.		71,070		6,163,190
EQT Corp.		44,460		4,044,971
Exxon Mobil Corp.		187,035		16,934,149
Marathon Petroleum Corp.		62,085		5,593,238
Occidental Petroleum Corp.		155,710		12,420,987
Parsley Energy, Inc., Class A *		82,150		1,038,376
Phillips 66		151,645		11,073,118
QEP Resources, Inc.		145,165		2,967,173
Rice Energy, Inc. *		143,300		3,568,170
Western Refining, Inc.		71,690		2,947,176

				79,964,869

Finance—26.4%
ACE Ltd.		83,960		9,599,986
Alleghany Corp. *		16,252		7,419,688
Allstate Corp., (The)		81,635		5,563,425
American International Group, Inc.		181,400		9,940,720
Axis Capital Holdings Ltd.		63,350		3,170,667
BB&T Corp.		316,715		11,905,317
Capital One Financial Corp.		249,980		20,798,336
Citigroup, Inc. #		391,372		21,122,347


	Number of Shares		Value

Finance—(continued)
FCB Financial Holdings, Inc., Class A *		50,936	$	1,231,632
FCB Financial Holdings, Inc., Class B *		12,734		307,908
Federated Investors, Inc., Class B (a)		130,665		4,108,108
Fifth Third Bancorp		471,065		9,477,828
Goldman Sachs Group, Inc., (The)		52,515		9,894,351
Huntington Bancshares, Inc.		653,950		6,611,434
JPMorgan Chase & Co.		504,465		30,348,614
Loews Corp.		213,544		8,891,972
MetLife, Inc.		153,960		8,561,716
National Bank Holdings Corp., Class A		178,845		3,439,189
Navient Corp.		249,890		5,237,694
OneBeacon Insurance Group Ltd.		193,230		3,076,222
Peoples Choice Financial Corp. 144A * ‡		1,465		0
Prudential Financial, Inc.		93,760		7,967,725
Raymond James Financial, Inc.		91,385		5,144,976
SLM Corp.		249,885		2,418,887
Solar Cayman Ltd. 144A * ‡		19,375		0
State Street Corp.		118,835		9,118,210
Torchmark Corp.		85,947		4,619,651
Travelers Cos., Inc., (The)		100,290		10,475,291
Validus Holdings Ltd.		169,329		7,027,154
Wells Fargo & Co.		295,750		16,112,460
White Mountains Insurance Group Ltd.		9,405		5,960,607
WR Berkley Corp.		163,875		8,560,830

				258,112,945

Health Care—16.0%
AbbVie, Inc.		95,730		6,624,516
Allscripts Healthcare Solutions, Inc. *		185,665		2,231,693
Amgen, Inc.		119,565		19,765,290
Boston Scientific Corp. *		219,840		2,829,341
Cardinal Health, Inc.		90,695		7,454,222
Covidien PLC		105,450		10,650,450
Express Scripts Holding Co. *		119,190		9,910,648
Johnson & Johnson		178,565		19,329,661
McKesson Corp.		24,565		5,177,319
Medtronic, Inc.		144,865		10,701,178


	Number of Shares		Value

Health Care—(continued)
Novartis AG - ADR		162,235	$	15,680,013
Pfizer, Inc.		487,526		15,186,435
Shire PLC - ADR		28,595		6,107,892
St. Jude Medical, Inc.		74,795		5,083,068
Teva Pharmaceutical Industries Ltd. - Sponsored ADR		144,900		8,256,402
UnitedHealth Group, Inc.		55,920		5,515,390
WellPoint, Inc.		41,715		5,335,766

				155,839,284

Real Estate Investment Trusts—0.0%
TMST, Inc. ‡		191,097		0

Technology—20.8%
Amdocs Ltd.		98,035		4,778,716
Arrow Electronics, Inc. *		126,537		7,394,822
Avnet, Inc.		156,342		6,846,216
Brocade Communications Systems, Inc.		692,070		7,827,312
CA, Inc.		265,540		8,271,571
Cisco Systems, Inc.		606,550		16,765,042
Computer Sciences Corp.		75,360		4,776,317
EMC Corp.		718,635		21,810,572
Fidelity National Information Services, Inc.		129,245		7,908,502
Flextronics International Ltd. *		1,321,676		14,657,387
Global Payments, Inc.		48,345		4,175,074
Jabil Circuit, Inc.		242,335		5,028,451
Microsemi Corp. *		190,365		5,177,928
Microsoft Corp.		246,745		11,796,878
Motorola Solutions, Inc.		121,445		7,981,365
NetApp, Inc.		116,430		4,954,096
ON Semiconductor Corp. *		847,730		7,655,002
Oracle Corp.		408,755		17,335,300
Seagate Technology PLC		49,995		3,305,169
Symantec Corp.		199,270		5,198,954
TE Connectivity Ltd.		231,095		14,836,299
Total System Services, Inc.		172,470		5,689,785
Vishay Intertechnology, Inc.		179,145		2,484,741
Western Digital Corp.		59,340		6,128,042

				202,783,541

TOTAL COMMON STOCK (Cost $727,868,675)				947,399,268


	Number
	of Shares			Value

SECURITIES LENDING COLLATERAL—0.1%
BlackRock Liquidity TempFund, Institutional Shares		820,396		$	820,396

TOTAL SECURITIES LENDING COLLATERAL (Cost $820,396)					820,396

TOTAL INVESTMENTS—97.1% (Cost $728,689,071)**					948,219,664

	Number
	of Contracts

OPTIONS WRITTEN ††—(0.2%)
Citigroup Inc. Call Options
Expires 01/17/15
Strike Price $60		(849	)		(5,943	)
Yahoo!, Inc. Call Options
Expires 01/17/15
Strike Price $34		(1,274	)		(2,274,090	)

TOTAL OPTIONS WRITTEN (Premiums received $743,607)					(2,280,033	)

OTHER ASSETS IN EXCESS OF LIABILITIES—3.1%					30,382,221

NET ASSETS—100.0%				$	976,321,852


ADR	—	American Depositary Receipt
PLC	—	Public Limited Company
144A	—	Security was purchased pursuant to Rule 144A under the
		Securities Act of 1933 and may not be resold subject to that rule
		except to qualified institutional buyers. As of November 30, 2014,
		these securities amounted to $0 or 0.0% of net assets. These
		144A securities have been deemed illiquid.
*	—	Non-income producing.
‡	—	Security has been valued at fair market value as determined in
		good faith by or under the direction of The RBB Fund, Inc.‘s
		Board of Directors. As of November 30, 2014, these securities
		amounted to $0 or 0.0% of net assets.
#	—	Security segregated as collateral for options written.
(a)	—	All or a portion of the security is on loan. At November 30, 2014,
		the market value of securities on loan was $797,685.
††	—	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	$	728,689,071

Gross unrealized appreciation	$	228,306,335
Gross unrealized depreciation		(8,775,742	)

Net unrealized appreciation	$	219,530,593

A summary of the inputs used to value the Fund’s investments as of November 30, 2014 is as follows (see Notes to Portfolio of Investments):


	Number
	of Shares		Value

COMMON STOCK—94.4%

Basic Industries—2.0%
Cloud Peak Energy, Inc. *		26,900	$	313,923
GrafTech International Ltd. *		86,700		353,736
Novagold Resources, Inc. *		64,600		178,296

				845,955

Capital Goods—10.3%
Aegion Corp. *		14,600		278,130
Carpenter Technology Corp.		3,900		196,638
FreightCar America, Inc.		14,600		422,378
Global Power Equipment Group, Inc.		41,600		539,552
Great Lakes Dredge & Dock Corp. *		143,500		1,087,730
KBR, Inc.		22,300		375,532
Landec Corp. *		36,500		479,610
MRC Global, Inc. *		6,000		121,260
MYR Group, Inc. *		13,200		342,540
Orion Marine Group, Inc. *		21,700		238,266
Tutor Perini Corp. *		9,500		239,875

				4,321,511

Consumer Durables—2.1%
ACCO Brands Corp. *		14,400		126,144
Libbey, Inc. *		21,700		652,085
TRI Pointe Homes, Inc. *		6,300		96,138

				874,367

Consumer Non-Durables—2.8%
Chiquita Brands International, Inc. *		22,200		321,012
Crocs, Inc. *		14,400		191,232
Matthews International Corp., Class A		11,100		511,377
Universal Corp. (a)		3,500		139,965

				1,163,586

Consumer Services—9.2%
ARC Document Solutions, Inc. *		7,700		74,151
Bravo Brio Restaurant Group, Inc. *		5,100		66,963
Destination XL Group, Inc. *		21,900		113,223
FTI Consulting, Inc. *		10,100		391,577
GNC Holdings, Inc., Class A		2,700		119,394


	Number
	of Shares		Value

Consumer Services—(continued)
ICF International, Inc. *		5,600	$	217,168
K12, Inc. *		30,900		355,350
KAR Auction Services, Inc.		8,500		294,525
MDC Partners, Inc., Class A		36,100		796,727
Office Depot, Inc. *		38,300		253,929
PRGX Global, Inc. *		49,200		255,840
Shoe Carnival, Inc.		8,100		164,106
Titan Machinery, Inc. *(a)		37,300		478,559
Vitamin Shoppe, Inc. *		6,100		291,946

				3,873,458

Energy—6.4%
Aegean Marine Petroleum
Network, Inc.		24,600		239,850
Approach Resources, Inc. *(a)		84,100		817,452
Bill Barrett Corp. *		32,100		325,173
McDermott International, Inc. *		77,700		275,835
North Atlantic Drilling Ltd. (a)		22,900		55,647
Nuverra Environmental Solutions, Inc. *(a)		77,000		703,010
Resolute Energy Corp. *(a)		38,100		71,628
TETRA Technologies, Inc. *		28,700		182,245

				2,670,840

Finance—21.5%
American Equity Investment Life
Holding Co.		4,400		118,800
Central Pacific Financial Corp.		35,600		681,384
CNO Financial Group, Inc.		40,300		698,802
Customers Bancorp Inc *		19,500		351,000
Employers Holdings, Inc.		27,800		563,784
FBR & Co. *		17,995		448,795
Fidelity & Guaranty Life		25,500		638,265
FXCM, Inc., Class A		18,800		302,680
Hanover Insurance Group, Inc., (The)		4,300		306,504
Investors Bancorp, Inc.		16,900		182,689
Kennedy-Wilson Holdings, Inc.		22,100		574,379
Maiden Holdings Ltd.		53,200		694,792
Meadowbrook Insurance Group, Inc.		68,400		416,556
Medley Management, Inc., Class A *		15,800		263,860
Nelnet, Inc., Class A		7,300		334,632


	Number
	of Shares		Value

Finance—(continued)
Northfield Bancorp, Inc.		35,932	$	506,282
Popular Inc *		24,600		802,944
THL Credit, Inc.		13,900		185,704
United Community Banks, Inc.		27,200		478,720
ViewPoint Financial Group		10,500		250,320
WSFS Financial Corp.		3,200		240,320

				9,041,212

Health Care—4.5%
Accuray, Inc. *(a)		118,900		819,221
Alere, Inc. *		6,300		251,307
Cross Country Healthcare, Inc. *		25,300		269,951
Natus Medical, Inc. *		8,300		284,109
Symmetry Medical, Inc. *		23,200		209,032
Trinity Biotech PLC—Sponsored ADR		4,000		68,640

				1,902,260

Real Estate Investment Trusts—13.0%
American Capital Mortgage Investment Corp.		11,200		224,784
CatchMark Timber Trust, Inc., Class A		31,100		345,210
Cedar Realty Trust, Inc.		53,000		359,870
CYS Investments, Inc.		24,800		228,904
Excel Trust, Inc.		20,100		263,511
FelCor Lodging Trust, Inc.		63,600		662,712
Geo Group, Inc., (The)		21,500		866,235
Gramercy Property Trust Inc.		85,700		505,630
Hatteras Financial Corp.		11,200		214,592
Highwoods Properties, Inc.		10,300		444,548
Rouse Properties, Inc. (a)		26,300		481,027
Starwood Property Trust, Inc.		13,400		322,404
Two Harbors Investment Corp.		21,100		221,761
Winthrop Realty Trust		19,500		328,575

				5,469,763

Technology—11.8%
ChipMOS TECHNOLOGIES
Bermuda Ltd.		4,900		102,116
CIBER, Inc. *		116,900		354,207
Computer Task Group, Inc.		30,700		286,124
Digi International, Inc. *		59,600		425,544
Diodes, Inc. *		8,600		228,674


	Number
	of Shares		Value

Technology—(continued)
Dot Hill Systems Corp. *		81,900	$	381,654
Exar Corp. *		55,700		508,541
Extreme Networks, Inc. *		81,800		296,116
Finisar Corp. *(a)		13,400		228,470
Generac Holdings, Inc. *(a)		10,800		468,504
Kofax Ltd. *		51,000		341,700
Plantronics, Inc.		5,800		302,586
Saba Software, Inc. *		12,100		166,375
Silicon Image, Inc. *		98,600		545,258
Ultratech, Inc. *		6,600		128,502
Xcerra Corp. *		21,700		173,817

				4,938,188

Transportation—6.4%
Air Transport Services Group, Inc. *		29,600		235,320
JetBlue Airways Corp. *(a)		35,200		514,976
Navigator Holdings Ltd. *		11,900		254,898
Rand Logistics, Inc. *		29,000		125,570
Scorpio Bulkers, Inc. *		99,300		324,711
Scorpio Tankers, Inc. (a)		91,400		754,050
StealthGas, Inc. *		64,600		468,996

				2,678,521

Utilities—4.4%
Cadiz, Inc. *(a)		31,700		359,478
Empire District Electric Co. (The) (a)		7,600		210,596
Great Plains Energy, Inc.		7,600		198,892
NorthWestern Corp.		2,900		154,367
Piedmont Natural Gas Co., Inc.		7,900		296,092
Portland General Electric Co.		7,000		258,090
UIL Holdings Corp.		9,100		362,180

				1,839,695

TOTAL COMMON STOCK (Cost $34,910,927)				39,619,356

SECURITIES LENDING COLLATERAL—14.9%
BlackRock Liquidity TempFund, Institutional Shares		6,270,832		6,270,832

TOTAL SECURITIES LENDING COLLATERAL (Cost $6,270,832)				6,270,832


TOTAL INVESTMENTS—109.3% (Cost $41,181,759)**		45,890,188

LIABILITIES IN EXCESS OF OTHER ASSETS—(9.3)%		(3,917,483	)

NET ASSETS—100.0%	$	41,972,705


ADR	—	American Depositary Receipt
PLC	—	Public Limited Company
*	—	Non-income Producing
(a)	—	All or a portion of the security is on loan. At November 30, 2014 the market value of the securities on loan was $5,738,593.
**	—	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	$	41,181,759

Gross unrealized appreciation	$	8,614,707
Gross unrealized depreciation		(3,906,278	)

Net unrealized appreciation	$	4,708,429

A summary of the inputs used to value the Fund’s investments as of November 30, 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—97.0%

Australia—1.0%
Australia & New Zealand Banking Group Ltd.		20,990	$	569,341


Bermuda—1.8%
Catlin Group Ltd.		66,895		575,702
Validus Holdings Ltd.		12,180		505,470

				1,081,172

Canada—0.9%
Barrick Gold Corp.		19,255		228,942
Canadian Natural Resources Ltd.		10,110		336,855

				565,797

China—0.5%
Shenzhou International Group Holdings Ltd.		97,000		321,762

France—3.3%
Cap Gemini SA		6,415		470,223
Havas SA		45,235		379,563
Safran SA		12,380		800,672
Teleperformance SA		4,640		323,965

				1,974,423

Germany—4.5%
Allianz SE, Registered Shares		2,240		385,678
Aurelius AG		25,540		946,951
Bayerische Motoren Werke AG		2,705		309,010
Fresenius SE & Co. KGaA		14,120		764,970
NORMA Group AG		5,233		253,327

				2,659,936

Hong Kong—2.2%
Cheung Kong Holdings Ltd.		41,000		750,875
Hutchison Whampoa Ltd.		22,000		275,373
SJM Holdings Ltd.		146,000		289,229

				1,315,477

Ireland—2.0%
Greencore Group PLC		108,520		497,991
Smurfit Kappa Group PLC		30,275		701,219

				1,199,210


	Number of Shares		Value

Israel—0.8%
Teva Pharmaceutical Industries Ltd. - Sponsored ADR		8,145	$	464,102

Italy—1.4%
Assicurazioni Generali SpA		21,395		462,837
Cerved Information Solutions SpA *		68,665		362,186

				825,023

Japan—6.4%
Ebara Corp		93,000		396,868
Hogy Medical Co. Ltd.		4,100		198,096
Hoshizaki Electric Co. Ltd.		6,100		313,311
Inpex Corp.		44,300		469,210
Lintec Corp.		22,700		486,161
Nippon Telegraph & Telephone Corp.		7,000		374,319
Nitto Denko Corp.		9,900		522,625
Resona Holdings, Inc.		104,100		562,386
TS Tech Co. Ltd.		19,600		462,985

				3,785,961

Netherlands—0.5%
Koninklijke Philips NV		9,770		294,042

Switzerland—6.2%
ACE Ltd.		7,840		896,426
Georg Fischer AG, Registered Shares		635		388,847
Glencore PLC		49,170		245,585
Novartis AG, Registered Shares		7,695		744,126
Roche Holding AG, Participation Certificate		3,035		908,195
Swatch Group AG (The), Registered Shares		5,560		511,919

				3,695,098

Taiwan—1.2%
MediaTek, Inc.		47,000		705,084

United Kingdom—13.3%
Alent PLC		97,643		519,479
Berendsen PLC		18,510		296,779
BHP Billiton PLC		10,190		240,054
Cambian Group PLC *		168,495		631,659


	Number of Shares		Value

United Kingdom—(continued)
Dairy Crest Group PLC		22,500	$	177,192
HSBC Holdings PLC		56,537		562,588
ITV PLC		130,250		434,063
Liberty Global PLC, Series C *		40,550		2,024,256
Pace PLC		80,720		452,457
Rio Tinto PLC		6,190		287,730
Stock Spirits Group PLC		206,944		816,204
TE Connectivity Ltd.		10,990		705,558
Vodafone Group PLC		83,100		304,175
WH Smith PLC		24,650		484,823

				7,937,017

United States—51.0%
Activision Blizzard, Inc.		35,490		768,358
Allstate Corp., (The)		8,445		575,527
Amgen, Inc.		3,665		605,861
Apple, Inc.		14,165		1,684,643
Avery Dennison Corp.		6,510		322,310
Avnet, Inc.		6,835		299,305
Berkshire Hathaway, Inc., Class B *		5,510		819,282
Berry Plastics Group, Inc. *		11,805		341,637
Capital One Financial Corp.		15,195		1,264,224
Cardinal Health, Inc.		4,510		370,677
Comcast Corp., Class A		21,715		1,238,624
Crane Co.		10,430		615,683
CVS Health Corp.		20,425		1,866,028
Diamondback Energy, Inc. *		3,470		195,708
Dover Corp.		5,475		421,520
EMC Corp.		13,975		424,141
Energen Corp.		3,390		202,451
EQT Corp.		3,840		349,363
Express Scripts Holding Co. *		5,810		483,101
Fifth Third Bancorp		53,265		1,071,692
Gap, Inc., (The)		12,920		511,632
Graphic Packaging Holding Co. *		48,450		603,202
Honeywell International, Inc.		9,930		983,765
Huntsman Corp.		8,670		221,258
International Paper Co.		4,390		236,270
Johnson & Johnson		10,060		1,088,995
JPMorgan Chase & Co.		4,855		292,077
Lear Corp.		3,380		324,176
Macy’s, Inc.		13,230		858,759


	Number of Shares		Value

United States—(continued)
Marathon Petroleum Corp.		5,340	$	481,081
McKesson Corp.		2,170		457,349
Medtronic, Inc.		10,510		776,374
Microsoft Corp.		41,300		1,974,553
Packaging Corp of America		8,240		612,067
Parsley Energy, Inc., Class A *		29,430		371,995
Pfizer, Inc.		24,485		762,708
Phillips 66		4,815		351,591
QEP Resources, Inc.		10,445		213,496
Rice Energy, Inc. *		11,545		287,470
Rofin-Sinar Technologies, Inc. *		21,490		578,511
Tenneco, Inc. *		8,875		482,356
Tribune Media Co. *		6,795		461,788
United Technologies Corp.		4,885		537,741
Universal Health Services, Inc., Class B		5,370		561,809
Wells Fargo & Co.		14,375		783,150
Western Digital Corp.		8,020		828,225
WR Berkley Corp.		16,415		857,520

				30,420,053

TOTAL COMMON STOCK (Cost $52,633,644)				57,813,498

TOTAL INVESTMENTS—97.0% (Cost $52,633,644)**				57,813,498

OTHER ASSETS IN EXCESS OF LIABILITIES—3.0%				1,775,416

NET ASSETS—100.0%			$	59,588,914


ADR	—	American Depositary Receipt
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	$	52,633,644

Gross unrealized appreciation	$	7,903,927
Gross unrealized depreciation		(2,724,073)

Net unrealized appreciation	$	5,179,854

A summary of the inputs used to value the Fund’s investments as of November 30, 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—92.9%
COMMON STOCK—92.9%
Australia—0.5%
Australia & New Zealand Banking Group Ltd.		18,766	$	509,017

				509,017

Bermuda—1.8%
Catlin Group Ltd. †		115,907		997,502
Validus Holdings Ltd. †		21,837		906,236

				1,903,738

Canada—1.1%
Barrick Gold Corp.		34,587		411,239
Canadian Natural Resources Ltd. †		17,860		595,245
Stornoway Diamond Corp. *		225,300		102,454

				1,108,938

China—0.6%
Shenzhou International Group
Holdings Ltd.		174,000		577,181

				577,181

France—3.4%
Cap Gemini SA †		11,709		858,277
Havas SA †		80,896		678,792
Safran SA †		22,012		1,423,618
Teleperformance †		8,290		578,808

				3,539,495

Germany—3.6%
Aurelius AG †		27,112		1,005,237
Bayerische Motoren Werke AG †		4,699		536,799
Fresenius SE & Co. KGaA †		25,314		1,371,419
Norma Group SE †		17,471		845,763

				3,759,218

Hong Kong—2.1%
Cheung Kong Holdings Ltd.		75,000		1,373,552
Hutchison Whampoa Ltd.		26,000		325,441
SJM Holdings Ltd.		235,000		465,540

				2,164,533

Ireland—2.0%
Greencore Group PLC †		191,306		877,890
Smurfit Kappa Group PLC †		52,948		1,226,363

				2,104,253

Israel—0.8%
Teva Pharmaceutical Industries
Ltd. - Sponsored ADR †		14,376		819,144

				819,144


	Number
	of Shares		Value

Italy—1.1%
Assicurazioni Generali SpA †		37,908	$	820,061
Cerved Information Solutions SpA * †		54,614		288,071

				1,108,132

Japan—6.3%
Ebara Corp.		162,000		691,319
Hogy Medical Co. Ltd.		3,900		188,432
Hoshizaki Electric Co. Ltd.		10,700		549,579
Inpex Corp.		80,800		855,805
Lintec Corp.		39,500		845,963
Nippon Telegraph & Telephone Corp.		13,200		705,858
Nitto Denko Corp.		17,100		902,716
Resona Holdings, Inc.		180,900		977,288
TS Tech Co., Ltd.		34,000		803,136

				6,520,096

Netherlands—1.2%
Koninklijke Philips NV †		40,669		1,223,990

				1,223,990

Switzerland—7.5%
ACE Ltd. †		14,003		1,601,103
Georg Fischer AG, Registered
Shares †		1,137		696,250
Glencore PLC †		86,919		434,127
Novartis AG, Registered Shares †		13,625		1,317,571
Roche Holding AG, Participation
Certificate †		5,503		1,646,721
Swatch Group AG (The),
Registered Shares		9,666		889,966
TE Connectivity Ltd. †		19,752		1,268,078

				7,853,816

Taiwan—1.3%
MediaTek, Inc.		88,000		1,320,157

				1,320,157

United Kingdom—9.4%
Alent PLC †		170,772		908,540
Berendsen PLC †		32,735		524,855
Cambian Group PLC * †		122,965		460,975
Dairy Crest Group PLC †		17,881		140,816
HSBC Holdings PLC †		102,352		1,018,484
ITV PLC †		230,297		767,473
Liberty Global PLC, Series C * †		71,972		3,592,842
Pace PLC †		140,317		786,514


	Number
	of Shares		Value

United Kingdom—(continued)
Stock Spirits Group PLC †		60,574	$	238,909
Vodafone Group PLC †		144,952		530,574
WH Smith PLC †		43,569		856,927

				9,826,909

United States—50.2%
Activision Blizzard, Inc. †		62,065		1,343,707
Allstate Corp., (The) †		15,362		1,046,920
Amgen, Inc. †		6,622		1,094,683
Apple, Inc. †		25,108		2,986,094
Avery Dennison Corp.		13,011		644,175
Avnet, Inc. †		12,133		531,304
Berkshire Hathaway, Inc.,
Class B * †		9,668		1,437,535
Berry Plastics Group, Inc. * †		21,286		616,017
Capital One Financial Corp. †		27,247		2,266,950
Comcast Corp., Class A †		19,530		1,113,991
Crane Co. †		19,018		1,122,633
CVS Health Corp. †		35,240		3,219,526
Diamondback Energy, Inc. * †		8,990		507,036
Dover Corp.		9,501		731,482
EMC Corp. †		25,057		760,480
Energen Corp. †		6,009		358,857
EQT Corp. †		9,183		835,469
Express Scripts Holding Co. † *		10,228		850,458
Fifth Third Bancorp †		95,137		1,914,156
Gap, Inc., (The) †		22,382		886,327
Graphic Packaging Holding Co. * †		62,621		779,631
Honeywell International, Inc. †		17,368		1,720,648
Huntsman Corp. †		15,650		399,388
International Paper Co. †		7,572		407,525
Johnson & Johnson †		17,668		1,912,561
JPMorgan Chase & Co. †		8,360		502,938
Lear Corp. †		6,209		595,505
Macy’s, Inc. †		23,070		1,497,474
Marathon Petroleum Corp. †		9,288		836,756
McKesson Corp. †		3,815		804,049
Medtronic, Inc. †		18,843		1,391,932
Microsoft Corp. †		73,681		3,522,689
Packaging Corp. of America †		14,785		1,098,230
Parsley Energy, Inc., Class A * †		52,211		659,947
Pfizer, Inc. †		44,465		1,385,085
Phillips 66 †		8,551		624,394


	Number
	of Shares			Value

United States—(continued)
QEP Resources, Inc. †		18,505		$	378,242
Rice Energy, Inc. * †		20,147			501,660
Rofin-Sinar Technologies, Inc. * †		38,380			1,033,190
Tenneco, Inc. * †		15,393			836,610
Tribune Media Co., Class A * †		12,173			827,277
United Technologies Corp. †		8,599			946,578
Universal Health Services, Inc.,
Class B †		7,500			784,650
Viper Energy Partners LP * †		8,424			151,379
Wells Fargo & Co. †		25,200			1,372,896
Western Digital Corp. †		14,328			1,479,653
WR Berkley Corp. †		29,425			1,537,162

					52,255,849

TOTAL COMMON STOCK (Cost $95,266,414)					96,594,466

WARRANTS—0.0%
Canada—0.0%
Stornoway Diamond Corp. * Exercise Price CAD 0.90 Expires 7/08/16		36,284			1,745

					1,745

TOTAL WARRANTS (Cost $3,889)					1,745

TOTAL INVESTMENTS—92.9%
(Cost $95,270,303)**					96,596,211

SECURITIES SOLD SHORT—(42.0%)
COMMON STOCK—(42.0%)
Australia—(0.8%)
Crown Resorts Ltd.		(37,059	)		(452,813	)
Woolworths Ltd.		(14,200	)		(375,217	)

					(828,030	)

Bermuda—(0.3%)
Global Brands Group Holding Ltd. *		(1,602,000	)		(357,366	)

					(357,366	)

Canada—(0.4%)
ShawCor Ltd.		(5,504	)		(224,973	)
Teck Resources Ltd., Class B		(11,493	)		(178,501	)

					(403,474	)

China—(0.4%)
China Mengniu Dairy Co., Ltd.		(106,000	)		(429,181	)

					(429,181	)

Denmark—(0.9%)
Novo Nordisk A/S		(11,565	)		(525,745	)


	Number
	of Shares			Value

Denmark—(continued)
William Demant Holding A/S *		(5,032	)	$	(360,936	)

					(886,681	)

Finland—(0.8%)
Huhtamaki OYJ		(17,078	)		(432,543	)
Konecranes OYJ		(14,428	)		(420,288	)

					(852,831	)

France—(2.3%)
Dassault Systemes		(5,891	)		(384,760	)
Edenred		(20,368	)		(587,064	)
Legrand SA		(8,353	)		(437,925	)
Remy Cointreau SA		(6,946	)		(522,336	)
Valeo SA		(3,574	)		(439,717	)

					(2,371,802	)

Germany—(1.2%)
BASF SE		(6,681	)		(605,477	)
K+S AG, Registered Shares		(12,830	)		(384,675	)
Linde AG		(1,424	)		(268,026	)

					(1,258,178	)

Hong Kong—(0.3%)
ASM Pacific Technology, Ltd.		(27,200	)		(276,485	)

					(276,485	)

India—(0.7%)
HDFC Bank Ltd. - ADR		(5,747	)		(306,258	)
Infosys Ltd. - Sponsored ADR		(6,265	)		(437,548	)

					(743,806	)

Ireland—(0.5%)
James Hardie Industries PLC - CDI		(46,792	)		(481,143	)

					(481,143	)

Israel—(0.4%)
Stratasys Ltd. *		(3,937	)		(401,456	)

					(401,456	)

Italy—(0.4%)
UniCredit SpA		(63,464	)		(468,754	)

					(468,754	)

Japan—(1.0%)
Fast Retailing Co., Ltd.		(1,000	)		(364,836	)
FP Corp.		(13,200	)		(389,741	)
Hulic Co., Ltd.		(23,500	)		(243,228	)

					(997,805	)

Luxembourg—(0.2%)
B&M European Value Retail SA *		(60,482	)		(252,670	)

					(252,670	)


	Number
	of Shares			Value

New Zealand—(0.6%)
Ryman Healthcare Ltd.		(53,022	)	$	(333,001	)
Xero Ltd. *		(23,491	)		(312,157	)

					(645,158	)

Singapore—(0.4%)
Sembcorp Marine Ltd.		(180,000	)		(432,050	)

					(432,050	)

Spain—0.0%
CaixaBank SA		—			(2	)

					(2	)

Sweden—(1.0%)
Autoliv, Inc.		(5,546	)		(548,832	)
Elekta AB, Class B		(47,621	)		(485,371	)

					(1,034,203	)

Switzerland—(1.1%)
EMS-Chemie Holding AG,
Registered Shares		(998	)		(369,739	)
Panalpina Welttransport Holding
AG, Registered Shares		(2,253	)		(308,686	)
SGS SA, Registered Shares		(198	)		(427,797	)

					(1,106,222	)

Thailand—(0.3%)
Siam Commercial Bank PCL, (The) - NVDR		(53,500	)		(319,911	)

					(319,911	)

United Kingdom—(3.2%)
Aberdeen Asset Management PLC		(51,664	)		(362,639	)
Cobham PLC		(67,322	)		(316,685	)
Diageo PLC		(21,543	)		(664,050	)
G4S PLC		(119,798	)		(516,712	)
GW Pharmaceuticals PLC – ADR *		(6,281	)		(486,338	)
Michael Page International PLC		(28,440	)		(182,623	)
Ocado Group PLC *		(97,906	)		(495,649	)
Zoopla Property Group PLC		(103,417	)		(317,908	)

					(3,342,604	)

United States—(24.8%)
Air Products & Chemicals, Inc.		(3,825	)		(550,150	)
Alere, Inc. *		(11,364	)		(453,310	)
American Axle & Manaufacturing Holdings, Inc. *		(11,885	)		(253,626	)
AptarGroup, Inc.		(7,599	)		(495,835	)
Astoria Financial Corp.		(36,643	)		(484,787	)
Bemis Co., Inc.		(11,664	)		(465,860	)
Blackbaud, Inc.		(9,329	)		(395,923	)


	Number
	of Shares			Value

United States—(continued)
Buffalo Wild Wings, Inc. *		(3,458	)	$	(588,586	)
Cabot Oil & Gas Corp.		(8,139	)		(268,913	)
CarMax, Inc. *		(11,815	)		(673,219	)
Carrizo Oil & Gas, Inc. *		(3,550	)		(140,083	)
Caterpillar, Inc.		(3,355	)		(337,513	)
Clorox Co.(The)		(4,144	)		(421,113	)
Cogent Communications Group, Inc.		(11,650	)		(412,643	)
Concho Resources, Inc. *		(3,134	)		(298,513	)
ConocoPhillips		(8,801	)		(581,482	)
CONSOL Energy, Inc.		(13,470	)		(527,081	)
Continental Resources, Inc. *		(9,114	)		(373,492	)
Deckers Outdoor Corp. *		(3,506	)		(339,100	)
Dorman Products, Inc. *		(5,771	)		(273,141	)
Eaton Vance Corp.		(9,967	)		(416,521	)
EI du Pont de Nemours & Co.		(6,849	)		(489,019	)
First Financial Bankshares, Inc.		(20,364	)		(614,382	)
Greenhill & Co., Inc.		(6,905	)		(306,030	)
Intrepid Potash, Inc. *		(26,091	)		(372,319	)
Itron, Inc. *		(12,182	)		(492,153	)
Kansas City Southern		(4,081	)		(485,394	)
Krispy Kreme Doughnuts Inc *		(18,904	)		(384,885	)
L Brands, Inc.		(5,935	)		(480,141	)
lululemon athletica, Inc. *		(7,638	)		(368,075	)
Matador Resources Co. *		(17,234	)		(303,146	)
Mattel, Inc.		(13,660	)		(430,973	)
Michael Kors Holdings Ltd. *		(3,303	)		(253,373	)
Mobile Mini, Inc.		(13,514	)		(560,696	)
Mondelez International Inc		(9,219	)		(361,385	)
Monro Muffler Brake, Inc.		(9,632	)		(527,737	)
Monster Beverage Corp. *		(4,536	)		(508,712	)
National Instruments Corp.		(15,261	)		(491,252	)
Netflix, Inc. *		(1,313	)		(455,073	)
NetSuite, Inc. *		(3,206	)		(339,034	)
Northern Trust Corp.		(7,894	)		(534,661	)
NOW Inc. *		(19,838	)		(531,262	)
Pandora Media, Inc. *		(19,169	)		(376,863	)
Pharmacyclics, Inc. *		(2,813	)		(392,104	)
Plum Creek Timber Co., Inc.		(5,089	)		(212,109	)
Proto Labs, Inc. *		(5,371	)		(348,578	)
Puma Biotechnology, Inc. *		(1,309	)		(297,169	)
ResMed, Inc.		(4,172	)		(221,950	)


	Number
	of Shares			Value

United States—(continued)
Restoration Hardware Holdings Inc. *		(3,261	)	$	(275,457	)
Rollins, Inc.		(11,178	)		(363,620	)
Shutterstock, Inc. *		(4,442	)		(333,950	)
Snyders-Lance, Inc.		(16,334	)		(494,593	)
Sun Hydraulics Corp.		(9,056	)		(364,685	)
Trex Co., Inc. *		(14,211	)		(598,852	)
Tumi Holdings, Inc. *		(19,812	)		(433,685	)
UMB Financial Corp.		(8,104	)		(449,691	)
Under Armour, Inc., Class A *		(4,610	)		(334,179	)
United Natural Foods, Inc. *		(3,910	)		(293,993	)
ViaSat, Inc. *		(5,992	)		(397,270	)
Vitamin Shoppe, Inc. *		(9,624	)		(460,605	)
Wausau Paper Corp.		(51,757	)		(514,982	)
Westamerica Bancorporation		(5,469	)		(265,793	)
Yelp, Inc. *		(5,251	)		(299,780	)

					(25,770,501	)

TOTAL COMMON STOCK (Proceeds $44,078,466)					(43,660,313	)

TOTAL SECURITIES SOLD SHORT —(42.0%) (Proceeds $44,078,466)					(43,660,313	)

	Number
	of Contracts

OPTIONS WRITTEN ††—0.0%
CVS Health Call Options Expires 01/17/15 Strike Price $90		(80	)		(22,080	)

TOTAL OPTIONS WRITTEN (Premiums received $13,597)					(22,080	)

OTHER ASSETS IN EXCESS OF LIABILITIES—49.1%					51,122,078

NET ASSETS—100.0%				$	104,035,896


ADR	—	American Depositary Receipt
CDI	—	CHESS Depositary Interest
NVDR	—	Non-Voting Depository
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.
††	—	Primary risk exposure is equity contracts.

A summary of the inputs used to value the Fund’s investments as of November 30, 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:

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

A summary of the inputs used to value each Fund’s investments as of November 30, 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, securities with an end of period value of $741,749, 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 November 30, 2014. For the BP Global Equity Fund, securities with an end of period value of $1,140,169 transferred from Level 2 into Level 1. These transfers occurred as a result of these securities no longer being valued utilizing the international fair value pricing at November 30, 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. An option contract is a commitment that gives the purchaser of the contract the right, but not the obligation, to buy or sell an underlying asset at a specific price on or before a specified future date. On the other hand, the writer of an option contract is obligated, upon the exercise of the option, to buy or sell an underlying asset at a specific price on or before a specified future date. The maximum risk of loss associated with writing put options is limited to the exercised fair value of the option contract. The maximum risk of loss associated with writing call options is potentially unlimited. 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. Listed option contracts present minimal counterparty credit risk since they are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. A Fund’s maximum risk of loss from counterparty credit risk related to OTC option contracts is limited to the premium paid.

The BP Long/Short Equity Fund, BP Long/Short Research Fund, BP All-Cap Value Fund and the BP Global Long/Short Fund had transactions in options written during the period ended November 30, 2014 as follows:

For the period ended November 30, 2014, the average quarterly volume of derivatives is 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 November 30, 2014, the BP Global Long/Short Fund held CFDs.

For the period ended November 30, 2014, the average volume of Contracts for Difference is as follows:

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

At November 30, 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 — 61.4%
CONSUMER DISCRETIONARY—12.2%
Brookfield Residential Properties, Inc.*†^		5,614	$	133,164
Charter Communications, Inc., Class A*^		2,000		339,400
Dalata Hotel Group PLC (Ireland)*		44,904		161,366
DR Horton, Inc.		10,000		254,900
Expedia, Inc.		550		47,910
Extended Stay America, Inc.		7,900		146,940
Hilton Worldwide Holdings, Inc.*^		14,073		368,994
HomeAway, Inc.*^		7,501		235,231
Hudson’s Bay Co. (Canada)		4,400		92,540
Johnson Controls, Inc.^		4,237		211,850
La Quinta Holdings, Inc.*^		19,220		423,224
Lee Enterprises, Inc.*^		50,000		177,500
Lennar Corp., Class A^		21,958		1,037,296
Liberty Broadband Corp., Class A*^		1,000		54,840
Liberty Broadband Corp., Class C*^		2,000		108,800
Liberty Ventures, Class A*^		4,000		146,560
Loral Space & Communications, Inc.*^		1,500		117,735
Omnicom Group, Inc.		4,000		309,080
Starbucks Corp.		3,750		304,538
Toll Brothers, Inc.*^		6,212		217,358
TRI Pointe Homes, Inc.*		6,000		91,560
Ulta Salon Cosmetics & Fragrance, Inc.*^		2,300		290,927
Vipshop Holdings Ltd. ADR*		10,990		251,231
William Lyon Homes, Class A*^		5,000		102,900

				5,625,844


ENERGY—0.6%
Frontline 2012 Ltd. (Bermuda)		15,000		85,387
Gastar Exploration, Inc.*^		45,150		133,192
Knightsbridge Tankers Ltd.*†		9,200		52,532

				271,111


FINANCIALS—6.5%
Alexander & Baldwin, Inc.^		5,566		211,953
Bank of New York Mellon Corp. (The)^		9,535		381,686
Capital & Counties Properties, PLC (United Kingdom)		32,622		191,729
Cohen & Steers, Inc.		770		33,318
Dream Unlimited Corp. - Class A (Canada)*		20,216		208,082
Goldman Sachs Group, Inc. (The)^		1,058		199,338
Grand City Properties SA (Luxembourg)*		14,015		200,760
Hartford Financial Services Group, Inc. (The)^		10,768		444,718
Healthcare Trust of America, Inc.*^		23,493		299,771
Howard Hughes Corp., (The)*^		2,063		301,281


	NUMBER OF SHARES		VALUE
FINANCIALS—(CONTINUED)
Legg Mason, Inc.		3,500	$	198,625
Paramount Group, Inc.*		8,730		164,124
Unite Group PLC (United Kingdom)		25,867		186,300

				3,021,685


HEALTH CARE—0.9%
Angiotech Pharmaceuticals, Inc.*†D		14,450		184,238
Veeva Systems, Inc., Class A*^		6,594		216,613

				400,851


INDUSTRIALS—5.5%
Baltic Trading Ltd.†^		40,000		125,600
General Electric Co.^		11,697		309,854
Golden Ocean Group Ltd. (Bermuda)		51,500		42,702
H&E Equipment Services, Inc.^		6,000		210,000
Hd Supply Holdings, Inc.*^		6,000		174,480
Navios Maritime Holdings, Inc.		18,000		87,120
Paragon Shipping, Inc., Class A*†		27,500		89,100
Quanta Services, Inc.*		7,400		225,700
Robert Half International, Inc.^		3,708		210,577
Rockwell Collins, Inc.^		4,542		388,477
Star Bulk Carriers Corp.*		9,500		78,945
Textron, Inc.^		6,850		296,742
United Rentals, Inc.*^		1,500		169,965
USG Corp.*^		4,000		115,240

				2,524,502


INFORMATION TECHNOLOGY—21.3%
Actua Corp.*^		14,331		241,621
Alliance Data Systems Corp.*		1,400		400,218
Apple, Inc.^		4,466		531,141
Aruba Networks, Inc.*^		12,258		229,347
Blackberry Ltd. (Canada)*		3,000		31,170
comScore, Inc.*^		4,517		198,612
Corning, Inc.^		7,400		155,548
Criteo SA - Sponsored ADR*		6,036		243,734
EchoStar Corp., Class A*^		4,000		215,520
EMC Corp.		10,000		303,500
F5 Networks, Inc.*^		2,500		322,975
Fleetmatics Group, PLC*		3,414		120,139
Fortinet, Inc.*^		7,998		220,425
GrubHub, Inc.*^		5,272		194,010
Intuit, Inc.^		1,689		158,546
LinkedIn Corp., Class A*^		926		209,526
Marketo, Inc.*		7,731		247,083
Mellanox Technologies Ltd.*^		6,135		261,658
Nimble Storage, Inc.*^		13,581		358,132
NXP Semiconductor NV*†		3,623		281,906
Optimal Payments, PLC (United Kingdom)*		75,000		453,178
Palo Alto Networks, Inc.*^		2,993		368,139
Paychex, Inc.^		13,250		628,182
Proofpoint, Inc.*^		4,425		192,134
RF Micro Devices, Inc.*		10,000		146,100
Sabre Corp.*^		11,000		206,140
Shutterstock, Inc.*		2,311		173,742


	NUMBER OF SHARES		VALUE
INFORMATION TECHNOLOGY—(CONTINUED)
Silicon Motion Technology Corp., ADR^		26,656	$	622,684
Tableau Software, Inc., Class A*^		2,845		238,639
Varonis Systems, Inc.*		6,361		151,392
Wix.Com Ltd.*^		26,110		559,015
Xcerra Corp.*^		21,000		168,210
Yahoo!, Inc.*^		11,869		614,102
Yelp, Inc.*^		4,352		248,456
Zendesk, Inc.*		5,357		127,282

				9,822,206

MATERIALS—2.1%
Alcoa, Inc.^		6,000		103,740
Graphic Packaging Holding Co.*^		25,000		311,250
Noranda Aluminum Holding Corp.^		53,500		203,835
Smurfit Kappa Group, PLC (Ireland)*		16,000		370,586

				989,411

REAL ESTATE INVESTMENT TRUSTS—11.0%
American Campus Communities, Inc.^		10,534		421,360
Avalonbay Communities, Inc.^		1,488		239,256
Boston Properties, Inc.^		1,580		204,831
Brookfield Canada Office Properties (Canada)		7,251		176,598
CBL & Associates Properties, Inc.^		14,100		274,245
DiamondRock Hospitality Co.^		19,596		292,568
Education Realty Trust, Inc., REIT^		2,850		33,174
Equity Commonwealth^		13,687		348,060
Green REIT, PLC (Ireland)*		201,877		338,884
Irish Residential Properties REIT PLC (Ireland)*		142,627		191,184
Klepierre (France)		3,736		167,609
Lexington Realty Trust^		31,650		348,150
Mack-Cali Realty Corp.^		15,685		301,466
Parkway Properties, Inc.^		20,104		391,626
Prologis, Inc.^		9,374		396,333
Retail Opportunity Investments Corp.^		11,953		196,746
Sabra Health Care REIT, Inc.		5,150		145,796
Spirit Realty Capital, Inc.^		18,810		220,265
STORE Capital Corp.*		9,190		191,703
Vornado Realty Trust		1,600		178,496

				5,058,350

TELECOMMUNICATION SERVICES—1.3%
Cable & Wireless Communications, PLC (United Kingdom)		100,000		77,215
Globalstar, Inc.*		18,700		52,734
inContact, Inc.*^		25,188		208,053
RingCentral, Inc., Class A*		19,677		247,537

				585,539

TOTAL COMMON STOCKS (Cost $24,500,917)				28,299,499


	PAR (000’S)		VALUE
FOREIGN GOVERNMENT NOTE — 0.0%
Canadian Government Bond 3.000% 12/01/15		CAD 10	$	8,920

TOTAL FOREIGN GOVERNMENT NOTE (Cost $10,057)				8,920

U.S. TREASURY NOTE — 0.2% 2.625% 04/30/16^	$	100		103,359

TOTAL U.S. TREASURY NOTE (Cost $100,918)				103,359


	NUMBER OF CONTRACTS
PURCHASED OPTIONS — 0.3%
CALL OPTIONS PURCHASED—0.3%
Aloca, Inc Expires 04/17/15 Strike price $17		90		13,140
Beazer Homes USA, Inc. Expires 01/17/15 Strike Price $20		126		13,230
Best Buy Co., Inc. Expires 01/17/15 Strike Price $36		70		29,400
BlackBerry Ltd. Expires 01/17/15 Strike Price $10		110		11,770
Graphic Packaging Holding Co. Expires 12/20/14 Strike Price $12.50		180		20,700
HD Supply Holdings, Inc. Expires 12/20/14 Strike Price $30		130		8,125
Knightsbridge Tankers Ltd. Expires 12/20/14 Strike Price $12.50		900		9,000
Navios Maritime Holdings, Inc. Expires 01/17/15 Strike Price $10		560		5,600
Navios Maritime Holdings, Inc. Expires 01/17/15 Strike Price $7.50		350		5,250
Noranda Aluminum Holding Corp. Expires 01/17/15 Strike Price $5		350		6,650
SPDR Dow Jones Industrial Average ETF Trust Expires 01/17/15 Strike Price $185		14		490
TRI Pointe Homes, Inc. Expires 01/17/15 Strike Price $16		98		3,675


	NUMBER OF CONTRACTS			VALUE
CALL OPTIONS PURCHASED—(CONTINUED)
Yelp, Inc. Expires 01/17/15 Strike Price $67.50		52		$	4,680

TOTAL CALL OPTIONS PURCHASED (Cost $220,356)					131,710

PUT OPTIONS PURCHASED—0.0%
iShares Russell 2000 ETF Expires 01/17/15 Strike Price $110		40			5,320
SPDR Dow Jones Industrial Average ETF Trust Expires 01/17/15 Strike Price $173		21			2,856
SPDR S&P 500 ETF Trust Expires 12/20/14 Strike Price $195		60			2,400
Target Corp. Expires 01/17/15 Strike Price $45		150			225
Target Corp. Expires 01/17/15 Strike Price $57.50		150			900
Utilities Select Sector SPDR Fund Expires 01/17/15 Strike Price $43		70			1,540
Utilities Select Sector SPDR Fund Expires 12/20/14 Strike Price $40		250			2,000

TOTAL PUT OPTIONS PURCHASED (Cost $75,682)					15,241

TOTAL PURCHASED OPTIONS — 0.3% (Cost $296,038)					146,951

TOTAL INVESTMENTS — 61.9% (Cost $24,907,930)**					28,558,729


	NUMBER OF SHARES
SECURITIES SOLD SHORT — (46.3)%
COMMON STOCKS — (23.9)%
CONSUMER DISCRETIONARY—(2.5)%
Bed Bath & Beyond, Inc.*		(270	)		(19,810	)
CST Brands, Inc.		(1,000	)		(43,660	)
Dunkin’ Brands Group, Inc.		(1,700	)		(82,195	)
Garmin Ltd.		(3,533	)		(202,441	)
John Wiley & Sons, Inc., Class A		(700	)		(41,804	)
MakeMyTrip Ltd.*†		(5,422	)		(159,353	)
Marriott International, Inc., Class A		(2,444	)		(192,563	)
Netflix, Inc.*		(303	)		(105,017	)
Sally Beauty Holdings, Inc.*		(1,300	)		(41,145	)
Scholastic Corp.		(1,400	)		(49,700	)
Sonic Corp.		(3,200	)		(87,008	)
Tractor Supply Co.		(600	)		(46,158	)
Zalando SE (Germany)*		(2,085	)		(65,074	)

					(1,135,928	)


	NUMBER OF SHARES			VALUE
CONSUMER STAPLES—(0.2)%
WM Morrison Supermarkets PLC (United Kingdom)		(29,478	)	$	(82,048	)

FINANCIALS—(0.7)%
American Realty Capital
Healthcare Trust, Inc.		(20,500	)		(232,265	)
Medallion Financial Corp.		(6,200	)		(61,938	)
MSCI, Inc.		(900	)		(43,524	)

					(337,727	)

HEALTH CARE—(1.1)%
Castlight Health, Inc., Class B*		(19,664	)		(244,423	)
HMS Holdings Corp.*		(2,400	)		(50,064	)
Masimo Corp.*		(1,700	)		(44,625	)
Medidata Solutions, Inc.*		(4,270	)		(182,372	)

					(521,484	)

INDUSTRIALS—(0.5)%
DigitalGlobe, Inc.*		(1,912	)		(51,643	)
Healthcare Services Group, Inc.		(1,800	)		(54,288	)
Nielsen Holdings NV		(1,069	)		(44,652	)
Ritchie Bros Auctioneers, Inc.†		(1,900	)		(49,647	)
Trex Co., Inc.*		(1,056	)		(44,500	)

					(244,730	)

INFORMATION TECHNOLOGY—(11.2)%
Adobe Systems, Inc.*		(1,674	)		(123,340	)
ADTRAN, Inc.		(6,882	)		(143,764	)
Amadeus IT Holding SA, Class A		(600	)		(23,864	)
ARRIS Group, Inc.*		(8,996	)		(267,811	)
Aspen Technology, Inc.*		(8,648	)		(326,376	)
AU Optronics Corp.†		(15,300	)		(72,522	)
Bankrate, Inc.*		(6,945	)		(81,187	)
Cornerstone OnDemand, Inc.*		(2,790	)		(88,638	)
Dassault Systemes SA (France)		(2,436	)		(159,103	)
Dealertrack Technologies, Inc.*		(900	)		(42,444	)
E2open, Inc.*		(11,633	)		(78,290	)
Fairchild Semiconductor International, Inc.*		(8,105	)		(130,734	)
FireEye, Inc.*		(6,909	)		(209,274	)
Freescale Semiconductor Ltd.*		(14,325	)		(310,709	)
Intel Corp.		(9,301	)		(346,462	)
Interactive Intelligence Group, Inc.*		(6,138	)		(277,622	)
International Business Machines Corp.		(1,045	)		(169,468	)
Itron, Inc.*		(5,213	)		(210,605	)
Marvell Technology Group Ltd.†		(5,580	)		(79,906	)
Micrel, Inc.		(17,563	)		(229,197	)
Motorola Solutions, Inc.		(5,380	)		(353,574	)
Oracle Corp.		(1,116	)		(47,330	)
PMC-Sierra, Inc.*		(10,044	)		(81,859	)
Qualys, Inc.*		(2,902	)		(102,991	)
Rocket Internet AG (Germany)*		(1,751	)		(123,235	)
Sabre Corp.		(7,371	)		(138,133	)
Synchronoss Technologies, Inc.*		(882	)		(37,776	)
Taiwan Semiconductor Manufacturing Co. Ltd. - Sponsored ADR		(3,650	)		(85,666	)
Teradata Corp.*		(2,865	)		(129,326	)


	NUMBER OF SHARES			VALUE
INFORMATION TECHNOLOGY—(CONTINUED)
Trimble Navigation Ltd.*		(5,742	)	$	(161,494	)
United Microelectronics Corp. - Sponsored ADR		(20,000	)		(43,200	)
VeriSign, Inc.*		(2,824	)		(169,722	)
Workday, Inc., Class A*		(2,232	)		(194,296	)
Yodlee, Inc.*		(10,263	)		(121,411	)

					(5,161,329	)

REAL ESTATE INVESTMENT TRUSTS—(6.9)%
Camden Property Trust		(3,704	)		(284,023	)
Colony Financial, Inc.		(6,460	)		(158,593	)
CubeSmart		(17,685	)		(380,935	)
Duke Realty Corp.		(9,176	)		(178,381	)
Extra Space Storage, Inc.		(6,370	)		(377,550	)
Highwoods Properties, Inc.		(6,665	)		(287,661	)
Kimco Realty Corp.		(8,917	)		(226,938	)
New Senior Investment Group, Inc.*		(6,426	)		(113,355	)
Nieuwe Steen Investments NV (Netherlands)		(8,670	)		(40,119	)
Pebblebrook Hotel Trust		(6,647	)		(286,950	)
Plum Creek Timber Co., Inc.		(1,300	)		(54,184	)
Public Storage		(1,000	)		(187,630	)
Realty Income Corp.		(2,400	)		(111,504	)
Shaftesbury PLC (United Kingdom)		(12,815	)		(160,055	)
Sun Communities, Inc.		(2,700	)		(159,003	)
Washington Real Estate Investment Trust		(5,798	)		(155,792	)

					(3,162,673	)

TELECOMMUNICATION SERVICES—(0.7)%
AT&T, Inc.		(5,000	)		(176,900	)
Belgacom SA (Belgium)		(600	)		(23,688	)
Deutsche Telekom AG, Registered Shares (Germany)		(2,000	)		(33,986	)
Telefonica SA (Spain)		(3,000	)		(48,091	)
Verizon Communications, Inc.		(1,100	)		(55,649	)

					(338,314	)

UTILITIES—(0.1)%
Hawaiian Electric Industries, Inc.		(1,995	)		(56,239	)

TOTAL COMMON STOCKS SOLD SHORT (Proceeds $10,478,576)					(11,040,472	)

EXCHANGE TRADED-FUNDS SOLD SHORT—(1.9)%
EQUITY—(1.9)%
iShares Russell 2000 Index Fund		(4,900	)		(572,173	)
Utilities Select Sector SPDR Fund		(3,000	)		(138,000	)
Vanguard REIT ETF		(2,060	)		(165,974	)

					(876,147	)

TOTAL EXCHANGE TRADED FUNDS SOLD SHORT (Proceeds $857,587)					(876,147	)


	NUMBER OF SHARES			VALUE
RIGHTS SOLD SHORT — 0.0%
Telefonica SA		(4,000	)	$	(1,830	)

TOTAL RIGHTS SOLD SHORT (Proceeds $1,685)					(1,830	)

TOTAL SECURITIES SOLD SHORT (Proceeds $11,337,848)					(11,918,449	)


	NUMBER OF CONTRACTS
WRITTEN OPTIONS — (0.2)%
CALL OPTIONS WRITTEN—(0.1)%
Best Buy Co, Inc. Expires 01/17/15 Strike Price $41		(70	)		(8,890	)
iShares Russell 2000 ETF Expires 01/17/15 Strike Price $120		(30	)		(3,870	)
Knightsbridge Tankers Ltd. Expires 12/20/14 Strike Price $15		(853	)		(4,265	)
SPDR Dow Jones Industrial Average ETF Trust Expires 01/17/15 Strike Price $180		(14	)		(2,310	)
SPDR S&P 500 ETF Trust Expires 12/20/14 Strike Price $205		(40	)		(13,960	)
Ulta Salon Cosmetics & Fragrance, Inc. Expires 12/20/14 Strike Price $135		(23	)		(7,820	)
Utilities Select Sector SPDR ETF Expires 12/20/14 Strike Price $41		(10	)		(5,525	)
Utilities Select Sector SPDR ETF Expires 12/20/14 Strike Price $42		(10	)		(4,475	)
Utilities Select Sector SPDR Fund Expires 12/20/14 Strike Price $43		(10	)		(3,625	)
Yelp, Inc. Expires 01/17/15 Strike Price $77.50		(52	)		(910	)

TOTAL CALL OPTIONS WRITTEN (Premiums Received $50,246)					(55,650	)

PUT OPTIONS WRITTEN—(0.1)%
Beazer Homes USA, Inc. Expires 02/20/15 Strike Price $15		(84	)		(1,470	)
SPDR S&P 500 ETF Trust Expires 12/20/14 Strike Price $180		(30	)		(300	)
Target Corp. Expires 01/17/15 Strike Price $50		(300	)		(3,900	)
TRI Pointe Homes, Inc. Expires 01/17/15 Strike Price $14		(28	)		(630	)


	NUMBER OF CONTRACTS			VALUE
PUT OPTIONS WRITTEN—(CONTINUED)
Yelp, Inc. Expires 01/17/15 Strike Price $55		(17	)	$	(4,505	)

TOTAL PUT OPTIONS WRITTEN (Premiums Received $25,998)					(10,805	)


Total Written Options — (0.2)% (Premiums Received $76,244)				$	(66,455	)


OTHER ASSETS IN EXCESS OF LIABILITIES — 64.1%				$	29,568,315

NET ASSETS — 100.0%				$	46,142,140

*	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	$	24,907,930

Gross unrealized appreciation	$	4,325,219
Gross unrealized depreciation		(674,420	)

Net unrealized appreciation	$	3,650,799

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

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

D	Security has been valued at fair market value as determined in good faith by or under the direction of The RBB Fund, Inc.’s Board of Directors. As of November 30, 2014, fair valued positions amounted to $184,238 or 0.4% of net assets.

PORTFOLIO VALUATION — The S1 Fund’s (the “Fund”) net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service, which considers such factors as security prices, yield, maturities and ratings, and are deemed representative of market values at the close of the market. Fixed income securities having a remaining maturity of 60 days or less are valued at amortized cost, which approximates market value. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close. Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the RBB Fund, Inc.’s Board of Directors. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

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

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

The following is a summary of inputs used, as of November 30, 2014, in valuing the Fund’s investments carried at fair value:

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

For the period ended November 30, 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 November 30, 2014 grouped by contract type and risk exposure category.

For the period ended November 30, 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 November 30, 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 November 30, 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 November 30, 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 — 93.3%
Auto Parts & Equipment — 0.2%
Commercial Vehicle Group, Inc. *		15,900	$	104,145

Banks — 4.8%
Bancorp, Inc. (The) *		8,885		79,610
Colony Bankcorp, Inc. *		100		783
Dundee Corp., Class A *		7,430		100,290
First Horizon National Corp.		97,089		1,238,856
First United Corp. *		100		862
Intervest Bancshares Corp.		26,965		266,684
MainSource Financial Group, Inc.		32,622		581,324

				2,268,409

Coal — 6.5%
Arch Coal, Inc. (a)		651,492		1,446,312
Peabody Energy Corp. (a)		162,332		1,641,177

				3,087,489

Commercial Services — 8.9%
Aegean Marine Petroleum Network, Inc. (a)		188,173		1,834,687
Ardmore Shipping Corp. (a)		84,388		861,601
Baltic Trading, Ltd. (a)		63,425		199,154
Hudson Global Inc. *		189,843		532,510
Insperity, Inc.		9,696		316,574
Stolt-Nielsen, Ltd.		32,132		490,079

				4,234,605

Electronics — 2.8%
Kemet Corp. *		204,032		822,249
Pulse Electronics Corp. *		48,139		60,655
Viasystems Group, Inc. *		28,075		438,812

				1,321,716

Healthcare - Products — 1.2%
Orthofix International NV *		20,639		576,241

Healthcare - Services — 4.4%
Five Star Quality Care, Inc. *		479,086		2,107,978

Home Builders — 6.3%
Meritage Homes Corp. *		224		8,785
Taylor Morrison Home Corp., Class A *		154,363		2,985,380

				2,994,165

Industrial — 5.2%
FreightCar America, Inc.		84,957		2,457,806

Insurance — 3.0%
Assured Guaranty, Ltd.		22,110		565,132
First American Financial Corp.		24,865		795,929
Stewart Information Services Corp.		1,884		66,863

				1,427,924


	Shares		Value
Internet — 1.3%
ModusLink Global Solutions, Inc. * (a)		181,645	$	601,245

Machinery - Diversified — 1.8%
Intevac, Inc. *		123,414		876,239

Metals Fabricating — 1.4%
AM Castle & Co. * (a)		89,156		670,453

Mining — 2.4%
Alumina Ltd. SP ADR *		77,717		439,101
Cameco Corp.		6,155		114,421
Thompson Creek Metals Co., Inc. *		355,727		601,179

				1,154,701

Miscellaneous Manfacturing — 1.7%
Orbotech, Ltd. *		54,550		807,886

Oil & Gas — 4.5%
Swift Energy Co. * (a)		261,397		1,176,287
Willbros Group, Inc. *		213,430		971,107

				2,147,394

Real Estate — 0.4%
Forest City Enterprises, Inc., Class A *		2,469		53,306
Forestar Group, Inc. *		9,050		144,800

				198,106

Real Estate Investment Trusts — 6.2%
NorthStar Realty Finance Corp.		11,490		209,922
Piedmont Office Realty Trust, Inc. (a)		31,460		591,448
Redwood Trust, Inc.		20,030		391,587
Rexford Industrial Realty, Inc.		64,011		972,327
Sunstone Hotel Investors, Inc.		49,506		792,591

				2,957,875

Retail — 2.9%
Office Depot, Inc. *		202,250		1,340,918
Wet Seal Inc. (The) Class A *		206,225		65,992

				1,406,910

Savings & Loans — 13.1%
First Niagara Financial Group, Inc.		100,601		821,910
Flagstar Bancorp, Inc. *		200,538		3,056,199
HomeStreet, Inc.		109,852		1,791,686
Pulaski Financial Corp.		50,518		593,081

				6,262,876

Semiconductors — 3.8%
Alpha & Omega Semiconductor, Ltd. *		20,064		172,149
Axcelis Technologies, Inc. *		659,361		1,417,626
SunEdison Semiconductor Ltd. * (a)		11,208		210,710

				1,800,485

Software — 1.3%
Take-Two Interactive Software, Inc. *		21,945		606,999


	Shares		Value
Telecommunications — 9.2%
Aviat Networks, Inc. *		1,371,798	$	2,071,415
Comverse, Inc. *		63,583		1,274,839
UTStarcom Holdings Corp. *		381,640		1,034,244

				4,380,498

TOTAL COMMON STOCKS (Cost $42,923,366)				44,452,145


	Par (000)
CORPORATE BONDS — 1.2%
LandAmerica Financial Group, Inc. CONV ‡
3.25%, 05/15/34	$	33		8,068
RAIT Financial Trust CONV
7.00%, 04/01/31		463		575,567

TOTAL CORPORATE BONDS (Cost $463,000)				583,635

	Shares
Finance — 0.3%
iShares Russell 2000 Value Index Fund (a)		1,417		141,275

TOTAL EXCHANGE TRADED FUND (Cost $134,180)				141,275

SECURITIES LENDING COLLATERAL — 13.5%
BlackRock Liquidity TempFund, Institutional
Shares		6,437,682		6,437,682

TOTAL SECURITIES LENDING COLLATERAL (Cost $6,437,682)				6,437,682

TOTAL INVESTMENTS — 108.3% (Cost $49,958,228)**			$	51,614,737

LIABILITIES IN EXCESS OF OTHER ASSETS — (8.3)%				(3,935,330	)

NET ASSETS — 100.0%			$	47,679,407

*	Non-income producing.

(a)	All or a portion of the security is on loan. At November 30, 2014, the market value of securities on loan was $5,456,673.

‡

Holding in default resolution. Value has been determined in good faith by or under the direction of The RBB Fund, Inc’s Board of Directors to be the estimated value of the future payouts under the default resolution. As of November 30, 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.

CONV	Convertible

SP ADR


			MATURITY		PAR
	COUPON		DATE		(000’S)		VALUE
SHORT-TERM INVESTMENTS — 67.1%
U.S. TREASURY OBLIGATIONS—67.1%
U.S. Treasury Bills		0.068%		12/18/14	$	4,490	$	4,489,951
U.S. Treasury Bills		0.056%		01/15/15		4,300		4,299,944
U.S. Treasury Bills		0.034%		02/12/15		4,300		4,300,000
U.S. Treasury Bills		0.018%		03/12/15		4,300		4,299,729
U.S. Treasury Bills		0.033%		04/09/15		4,300		4,299,347
U.S. Treasury Bills		0.051%		05/07/15		4,300		4,298,873

								25,987,844

TOTAL SHORT-TERM INVESTMENTS (Cost $ 25,987,980)								25,987,844

TOTAL PURCHASED OPTIONS — 0.6% (Cost $ 217,377)								247,675

TOTAL INVESTMENTS — 67.7% (Cost $ 26,205,357)*								26,235,519


OTHER ASSETS IN EXCESS OF LIABILITIES — 32.3%								12,507,186

NET ASSETS — 100.0%							$	38,742,705


							UNREALIZED
	EXPIRATION		NUMBER OF		NOTIONAL		APPRECIATION
LONG CONTRACTS	DATE		CONTRACTS		COST		(DEPRECIATION)
10-Year Mini Japanese Government Bond Futures		12/10/14		45	$	5,550,739	$	19,155
3-Month Euro Euribor		03/16/15		1		310,662		(62	)
3-Month Euro Euribor		06/15/15		43		13,356,275		855
3-Month Euro Euribor		09/14/15		7		2,172,629		1,787
3-Month Euro Euribor		12/14/15		10		3,103,993		2,005
3-Month Euro Euribor		03/14/16		29		9,003,059		2,534
3-Month Euro Euribor		06/13/16		17		5,275,394		2,425
3-Month Euro Euribor		09/19/16		6		1,861,703		497
3-Month Euro Euribor		12/19/16		1		310,118		171
3-Month Euro Euribor		03/13/17		1		310,071		140
3-Month Euro Euribor		06/19/17		1		310,056		47
3-Month Euro Euribor		09/18/17		1		309,931		62
90-DAY Bank Bill		06/11/15		2		1,691,016		(62	)
90-DAY Bank Bill		09/10/15		2		1,690,788		207
90-DAY Eurodollar Futures		06/15/15		57		14,185,663		13,038
90-DAY Eurodollar Futures		09/14/15		10		2,485,675		1,075
90-DAY Eurodollar Futures		03/14/16		42		10,395,500		2,125
90-DAY Eurodollar Futures		06/13/16		7		1,728,138		688
90-DAY Eurodollar Futures		09/19/16		6		1,477,475		925
90-DAY Eurodollar Futures		12/19/16		7		1,719,000		1,863
90-DAY Eurodollar Futures		03/13/17		1		244,750		613
90-DAY Eurodollar Futures		06/19/17		1		244,750		163
90-DAY Eurodollar Futures		09/18/17		1		244,013		513
90-DAY Eurodollar Futures		12/18/17		1		243,600		575
90-DAY Sterling Futures		06/17/15		71		13,724,071		45,904
90-DAY Sterling Futures		09/16/15		10		1,931,896		5,584
90-DAY Sterling Futures		12/16/15		10		1,931,408		3,729
90-DAY Sterling Futures		03/16/16		33		6,353,132		25,090
90-DAY Sterling Futures		06/15/16		13		2,504,510		4,823
90-DAY Sterling Futures		09/21/16		8		1,538,796		3,378
90-DAY Sterling Futures		12/21/16		4		768,588		1,484
90-DAY Sterling Futures		03/15/17		2		384,216		430
90-DAY Sterling Futures		06/21/17		1		191,405		703
90-DAY Sterling Futures		09/20/17		1		191,132		801
Amsterdam Index Futures		12/19/14		4		414,571		9,199
AUD/JPY X-Rate Futures		12/15/14		2		335,223		4,683
Australian 10-Year Bond Futures		12/15/14		2		195,102		18,067
Australian 3-Year Bond Futures		12/15/14		5		467,351		2,176
Bank Acceptance Futures		03/16/15		2		431,613		22
Bank Acceptance Futures		06/15/15		4		863,008		175
Bank Acceptance Futures		09/14/15		4		862,516		361
Bank Acceptance Futures		12/14/15		1		215,501		87
CAC 40 10 Euro Futures		12/19/14		9		481,858		8,648
CAD/JPY X-Rate Futures		12/15/14		1		169,448		5,341
Canadian 10-Year Bond Futures		03/20/15		37		4,401,968		54,534
Cattle Feeder Futures		01/29/15		1		118,063		(2,525	)
CHF/JPY Future		12/15/14		1		255,970		2,759
Cocoa Futures		03/16/15		3		88,347		500
Coffee ‘C’ Future		03/19/15		3		215,475		(4,594	)
DAX Index Future		12/19/14		5		1,448,456		101,901
Dollar Index		12/15/14		11		945,637		26,906
Dow Jones Industrial Average E-Mini Chicago Board of Trade		12/19/14		16		1,380,935		44,025
E-Mini Natural Gas		02/24/15		1		10,438		(368	)
EUR/CHF 3-Month Futures		12/14/15		1		259,017		26
EUR/JPY Future		12/15/14		11		1,707,767		2,137
EUR/JPY Futures		12/15/14		1		151,339		4,106


							UNREALIZED
	EXPIRATION		NUMBER OF		NOTIONAL		APPRECIATION
LONG CONTRACTS	DATE		CONTRACTS		COST		(DEPRECIATION)
Euro BUXL 30-Year Bond Futures		12/08/14		2	$	362,418	$	10,569
Euro STOXX 50		12/19/14		13		509,295		15,096
Euro-Bobl Future		12/08/14		70		11,126,236		36,893
Euro-Bund Future		12/08/14		7		1,275,587		54,849
FTSE 100 Index Futures		12/19/14		16		1,674,047		8,177
FTSE 250 Y2		12/19/14		3		144,486		3,677
FTSE/JSE Top 40		12/18/14		2		82,015		(1,966	)
GBP/JPY Futures		12/15/14		1		190,783		4,422
Hang Seng Index Futures		12/30/14		6		919,809		7,821
H-Shares Index Futures		12/30/14		1		69,946		2,024
IBEX 35 Index Futures		12/19/14		1		128,971		4,828
JPY 10-Year Bond (Osaka Securities Exchange)		12/11/14		4		4,924,736		25,271
Lean Hogs Future		04/15/15		3		111,550		(1,630	)
Live Cattle Futures		02/27/15		6		399,340		6,800
Live Cattle Futures		04/30/15		3		199,100		3,700
Live Cattle Futures		06/30/15		1		64,350		170
London Mercantile Exchange Aluminum Forward		12/17/14		6		333,839		(32,414	)
London Mercantile Exchange Aluminum Forward		01/21/15		5		260,888		(9,951	)
London Mercantile Exchange Aluminum Forward		02/18/15		4		207,456		(6,956	)
London Mercantile Exchange Aluminum Forward		03/18/15		14		720,414		(17,264	)
London Mercantile Exchange Nickel Forward		01/21/15		3		289,812		2,814
London Mercantile Exchange Zinc Forward ($)		12/17/14		3		179,803		(13,960	)
London Mercantile Exchange Zinc Forward ($)		01/21/15		1		56,431		(1,125	)
London Mercantile Exchange Zinc Forward ($)		02/18/15		1		56,063		(700	)
London Mercantile Exchange Zinc Forward ($)		03/18/15		2		112,375		(1,525	)
Long Gilt Futures		03/27/15		44		8,019,088		59,263
MSCI Singapore Exchange ETS		12/30/14		3		173,063		429
MSCI Taiwan Index		12/30/14		6		204,540		1,500
Nasdaq 100 E-Mini		12/19/14		26		2,161,516		94,374
Natural Gas Futures		12/29/14		5		223,490		(19,090	)
Natural Gas Futures		01/28/15		1		42,230		(1,380	)
Natural Gas Futures		02/25/15		1		41,730		(1,450	)
Natural Gas Futures		03/27/15		1		37,100		(560	)
Nikkei 225 (Chicago Mercantile Exchange)		12/11/14		2		170,975		3,725
Nikkei 225 (Osaka Securities Exchange)		12/11/14		2		286,906		7,076
Nikkei 225 (Singapore Exchange)		12/11/14		21		1,498,105		44,413
Nikkei 225 Mini		12/11/14		19		263,328		15,954
NZD/JPY Futures		12/15/14		1		149,366		7,286
Robusta Coffee Futures		01/30/15		4		84,820		(1,860	)
Russell 2000 Mini		12/19/14		4		469,440		(800	)
S&P 500 E-Mini Futures		12/19/14		15		1,505,825		43,900
S&P Mid 400 E-Mini		12/19/14		3		427,840		4,400
S&P/TSX 60 IX Futures		12/18/14		2		306,243		(4,747	)
SGX CNX Nifty		12/24/14		13		221,374		2,889
Soybean Futures		01/14/15		1		51,075		(275	)
Soybean Meal Futures		01/14/15		3		107,280		2,610
Soybean Meal Futures		03/13/15		3		104,960		370
SPI 200 Futures		12/18/14		1		112,978		574
Topix Index Futures		12/11/14		6		681,506		31,378
U.S. Long Bond (Chicago Board of Trade)		03/20/15		8		1,120,101		20,898
U.S. Treasury 10-Year Notes (Chicago Board of Trade)		03/20/15		62		7,829,680		47,226
U.S. Treasury 5-Year Notes (Chicago Board of Trade)		03/31/15		50		5,952,086		22,523
USD/SEK Future		12/15/14		1		95,501		4,484

					$	179,905,651	$	906,161


								UNREALIZED
	EXPIRATION		NUMBER OF		NOTIONAL			APPRECIATION
SHORT CONTRACTS	DATE		CONTRACTS		COST			(DEPRECIATION)
90-DAY Eurodollar Futures		12/14/15		14	$	(3,468,588	)	$	(5,163	)
AUD/CAD X-Rate		12/15/14		1		(172,243	)		2,186
AUD/USD Currency Futures		12/15/14		34		(2,931,097	)		41,777
Brent Crude Futures		12/16/14		4		(343,140	)		62,540
Brent Crude Futures		01/15/15		1		(73,370	)		2,790
CAD Currency Futures		12/16/14		18		(1,600,180	)		26,980
CHF Currency Futures		12/15/14		13		(1,697,613	)		15,738
Cocoa Futures		03/16/15		3		(85,440	)		150
Copper Futures		03/27/15		10		(743,023	)		31,523
Corn Futures		03/13/15		11		(208,038	)		(5,775	)
Cotton No. 2 Futures		03/09/15		7		(213,695	)		3,415
EUR/AUD Futures		12/15/14		1		(153,076	)		(2,574	)
EUR/CAD Futures		12/15/14		2		(312,757	)		1,673
EUR/CHF Futures		12/15/14		13		(2,028,202	)		7,568
Euro E-Mini Futures		12/15/14		3		(237,256	)		4,081
Euro Foreign Exchange Currency Futures		12/15/14		71		(11,284,209	)		247,259
Euro-Schatz Futures		12/08/14		25		(3,447,358	)		187
Gas Oil Futures (Intercontinental Exchange)		01/12/15		8		(577,175	)		53,775
Gas Oil Futures (Intercontinental Exchange)		02/12/15		1		(75,050	)		8,650
Gas Oil Futures (Intercontinental Exchange)		03/12/15		1		(75,450	)		8,825
Gasoline RBOB Futures		12/31/14		8		(682,521	)		68,447
GBP Currency Futures		12/15/14		32		(3,158,913	)		35,513
GBP/CAD Futures		12/15/14		1		(193,977	)		(1,345	)
Gold 100 Oz Futures		02/25/15		10		(1,195,400	)		19,900
JPY Currency Futures		12/15/14		45		(4,843,634	)		105,134
JPY E-Mini Futures		12/15/14		4		(213,813	)		3,213
KC HRW Wheat Futures		03/13/15		6		(177,513	)		(14,488	)
Lean Hogs Futures		02/13/15		2		(71,640	)		1,060
London Mercantile Exchange Copper Forward		12/17/14		1		(140,246	)		(19,980	)
London Mercantile Exchange Copper Forward		01/21/15		2		(317,780	)		(1,120	)
London Mercantile Exchange Copper Forward		03/18/15		3		(493,838	)		18,075
London Mercantile Exchange Lead Forward		12/17/14		2		(102,700	)		1,338
London Mercantile Exchange Lead Forward		01/21/15		2		(102,016	)		653
London Mercantile Exchange Lead Forward		02/18/15		2		(101,263	)		(138	)
London Mercantile Exchange Nickel Forward		01/21/15		3		(285,714	)		(6,912	)
London Mercantile Exchange Tin Forward Spot		12/17/14		1		(105,850	)		4,448
London Mercantile Exchange Tin Forward Spot		01/21/15		1		(105,600	)		4,248
London Mercantile Exchange Tin Forward Spot		02/18/15		1		(100,050	)		(1,250	)
Mill Wheat Euro		01/12/15		1		(9,683	)		(1,772	)
MXN Futures		12/15/14		7		(257,455	)		6,225
New York Harbor Ultra-Low Sulfur Diesel Futures		12/31/14		9		(908,851	)		91,917
NZD Futures		12/15/14		3		(233,690	)		(1,300	)
Platinum Futures		01/28/15		1		(60,260	)		(305	)
Red Wheat Futures (Minneapolis Grain Exchange)		03/13/15		1		(29,713	)		(1,100	)
S&P/TSX 60 IX Futures		12/18/14		2		(303,822	)		2,326
Silver Futures		03/27/15		7		(578,520	)		34,060
Soybean Future		03/13/15		4		(200,738	)		(3,763	)
Soybean Oil Futures		01/14/15		5		(98,238	)		1,368
Soybean Oil Futures		03/13/15		7		(138,378	)		2,256
Soybean Oil Futures		05/14/15		4		(79,080	)		864
Sugar No. 11 (World)		02/27/15		18		(324,979	)		10,685
Sugar No. 11 (World)		04/30/15		7		(128,061	)		2,934
Sugar No. 11 (World)		06/30/15		7		(130,178	)		3,326
Swiss Market Index Futures		12/19/14		1		(92,906	)		(1,821	)
U.S. Treasury 2-Year Notes (Chicago Board of Trade)		03/31/15		17		(3,723,063	)		(2,328	)
Wheat Futures (Chicago Board of Trade)		03/13/15		7		(192,638	)		(9,838	)
Wheat Futures (Chicago Board of Trade)		07/14/15		1		(27,988	)		(1,463	)
White Sugar Futures		02/13/15		6		(125,215	)		3,145
WTI Crude Futures		12/19/14		10		(751,170	)		89,670


								UNREALIZED
	EXPIRATION		NUMBER OF		NOTIONAL			APPRECIATION
SHORT CONTRACTS	DATE		CONTRACTS		COST			(DEPRECIATION)
Yen Denom Nikkei		12/11/14		3	$	(218,904	)	$	(1,708	)

					$	(50,732,958	)	$	945,779

Total Futures Contracts					$	129,172,693		$	1,851,940


Aggregate Cost	$	26,205,357

Gross unrealized appreciation	$	79,305
Gross unrealized depreciation		(49,143	)

Net unrealized appreciation	$	30,162


							UNREALIZED
							APPRECIATION
CURRENCY PURCHASED		CURRENCY SOLD			EXPIRATION	COUNTERPARTY	(DEPRECIATION)

AUD	3,000,073		USD	2,690,960	12/17/14	BOA		$ (140,956	)
AUD	2,000,000		USD	1,745,634	12/18/14	BOA		(45,797	)
AUD	1,263,402		USD	1,124,474	12/19/14	BOA		(50,762	)
BRL	979,456		USD	405,446	12/17/14	BOA		(26,485	)
CAD	1,092,954		USD	976,162	12/17/14	BOA		(20,711	)
CAD	2,203,865		USD	1,950,000	12/18/14	BOA		(23,448	)
CAD	707,357		USD	624,824	12/19/14	BOA		(6,489	)
CHF	470,712		USD	489,799	12/19/14	BOA		(2,514	)
CLP	10,986,313		USD	18,604	12/17/14	BOA		(576	)
CZK	2,798,316		USD	128,531	12/17/14	BOA		(2,593	)
EUR	60,981		JPY	7,213,863	12/22/14	BOA		190
EUR	1,840,074		USD	2,323,149	12/17/14	BOA		(34,912	)
EUR	2,050,000		USD	2,556,681	12/18/14	BOA		(7,376	)
EUR	1,502,261		USD	1,901,800	12/19/14	BOA		(33,633	)
EUR	49,000		USD	60,981	12/22/14	BOA		(45	)
GBP	524,685		USD	842,172	12/17/14	BOA		(22,678	)
GBP	300,000		USD	471,495	12/18/14	BOA		(2,934	)
GBP	943,429		USD	1,507,833	12/19/14	BOA		(34,329	)
HUF	26,666,919		USD	109,628	12/17/14	BOA		(1,494	)
INR	15,831,690		USD	256,581	12/17/14	BOA		(2,280	)
JPY	133,909,524		USD	1,138,944	12/10/14	BOA		(10,768	)
JPY	763,458,042		USD	7,003,058	12/17/14	BOA		(570,074	)
JPY	127,130,080		USD	1,100,000	12/18/14	BOA		(28,766	)
JPY	187,236,800		USD	1,682,187	12/19/14	BOA		(104,443	)
KRW	360,946,775		USD	345,860	12/17/14	BOA		(20,316	)
MXN	9,036,645		USD	674,246	12/17/14	BOA		(25,393	)
MXN	4,510,830		USD	337,510	12/19/14	BOA		(13,664	)
MYR	181,222		USD	55,822	12/17/14	BOA		(2,311	)
NOK	6,650,390		USD	1,009,590	12/17/14	BOA		(62,146	)
NOK	1,357,902		USD	200,000	12/18/14	BOA		(6,554	)
NZD	4,538,160		USD	3,629,987	12/17/14	BOA		(75,710	)
NZD	4,400,000		USD	3,471,148	12/18/14	BOA		(25,459	)
NZD	347,414		USD	272,086	12/19/14	BOA		(53	)
PLN	1,097,353		USD	329,418	12/17/14	BOA		(3,556	)
RUB	9,224,101		USD	219,478	12/17/14	BOA		(35,590	)
SEK	4,727,801		USD	649,172	12/17/14	BOA		(15,102	)
SEK	13,387,380		USD	1,800,000	12/18/14	BOA		(4,544	)
SGD	204,619		USD	160,375	12/17/14	BOA		(3,498	)
TRY	2,964,180		USD	1,315,601	12/17/14	BOA		14,954
TWD	3,451,978		USD	113,387	12/17/14	BOA		(1,827	)


AUD		Australian Dollar
BOA		Bank of America
BRL		Brazilian Real
CAD		Canadian Dollar
CHF		Swiss Franc
CLP		Chilean Peso
CZK		Czech Koruna
DAX		Deutscher Aktienindex
EUR		Euro
GBP		British Pound
HUF		Hungarian Forint
IBEX		Index of the Bolsa de Madrid
INR		Indian Rupee
JPY		Japanese Yen
KRW		Korean Won


MSCI		Morgan Stanley Capital International
MXN		Mexican Peso
MYR		Malaysian Ringgit
NOK		Norwegian Krone
NZD		New Zealand Dollar
PLN		Polish Zloty
RBOB		Reformulated Blendstock for Oxygenate Blending
RUB		Russian Ruble
SEK		Swedish Krona
SGD		Singapore Dollar
TRY		Turkish Lira
TSX		Toronto Stock Exchange
TWD		Taiwan Dollar
USD		United States Dollar
ZAR		South African Rand


	TOTAL FAIR VALUE AT NOVEMBER 30, 2014			LEVEL 1 QUOTED PRICE			LEVEL 2 SIGNIFICANT OBSERVABLE INPUTS			LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS



Short-Term Investments	$	25,987,844		$	—		$	25,987,844			$—
Commodity Contracts
Futures		547,026			547,026			—			—
Purchased Options		18,920			18,920			—			—
Equity Contracts
Futures		458,334			458,334			—			—
Purchased Options		82,382			82,382			—			—
Foreign Exchange Contracts
Forward Foreign Currency Contracts		1,722,772			—			1,722,772			—
Futures		559,471			559,471			—			—
Purchased Options		82,008			82,008			—			—
Interest Rate Contracts
Futures		496,516			496,516			—			—
Purchased Options		64,365			64,365			—			—

Total Assets	$	30,019,638		$	2,309,022		$	27,710,616			$—


	TOTAL FAIR VALUE AT NOVEMBER 30, 2014			LEVEL 1 QUOTED PRICE			LEVEL 2 SIGNIFICANT OBSERVABLE INPUTS			LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS



Commodity Contracts
Futures	$	(185,531	)	$	(185,531	)	$	—			$—
Written Options		(7,480	)		(7,480	)		—			—
Equity Contracts
Futures		(11,042	)		(11,042	)		—			—
Foreign Exchange Contracts
Forward Foreign Currency Contracts		(1,497,660	)		—			(1,497,660	)		—
Futures		(5,219	)		(5,219	)		—			—
Written Options		(5,520	)		(5,520	)		—			—
Interest Rate Contracts
Futures		(7,615	)		(7,615	)		—			—
Written Options		(2,925	)		(2,925	)		—			—

Total Liabilities	$	(1,722,992	)	$	(225,332	)	$	(1,497,660	)		$—


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



		Asset Derivatives

Purchased Options	$	82,382		$	64,365		$	82,008		$	18,920		$	247,675

Forward Contracts		—			—			1,722,772			—			1,722,772

Futures Contracts		458,334			496,516			559,471			547,026			2,061,347

Total Value - Assets	$	540,716		$	560,881		$	2,364,251		$	565,946		$	4,031,794

		Liability Derivatives

Written Options	$	—		$	(2,925	)	$	(5,520	)	$	(7,480	)	$	(15,925	)

Forward Contracts		—			—			(1,497,660	)		—			(1,497,660	)

Futures Contracts		(11,042	)		(7,615	)		(5,219	)		(185,531	)		(209,407	)

Total Value - Liabilities	$	(11,042	)	$	(10,540	)	$	(1,508,399	)	$	(193,011	)	$	(1,722,992	)


	NUMBER OF CONTRACTS			PREMIUMS RECEIVED
Options outstanding at August 31, 2014		93			$	65,784

Options written		248				40,496
Options exercised		(165	)			(87,357	)

Options outstanding at November 30, 2014		176			$	18,923


	Total Value at November 30, 2014		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs	Level 3 Significant Unobservable Inputs
Investments in Securities*	$	132,670,635	$	132,670,635	$ —	$ —


	Total Value at November 30, 2014	Level 1 Quoted Price		Level 2 Significant Observable Inputs	Level 3 Significant Unobservable Inputs

Investments in Securities*	$569,529,532	$	—	$569,529,532	$	—


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


* 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	$	10,471,406

Gross unrealized appreciation	$	375,529
Gross unrealized depreciation		—

Net unrealized appreciation	$	375,529


Aggregate cost	$	7,936,808

Gross unrealized appreciation	$	—
Gross unrealized depreciation		(361,365	)

Net unrealized depreciation	$	(361,365	)


Aggregate cost	$	13,100,940

Gross unrealized appreciation	$	81,706
Gross unrealized depreciation		(1,852	)

Net unrealized appreciation	$	79,854


	Total				Level 2		Level 3
	Value as of		Level 1		Significant		Significant
	November 30,		Quoted		Observable		Unobservable
	2014		Price		Inputs		Inputs
Common Stock *	$	242,072,350	$	242,072,350	$	—	$	—
Securities Lending Collateral		11,049,634		11,049,634		—		—

Total Assets	$	253,121,984	$	253,121,984	$	—	$	—


	Total Value as of November 30, 2014		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stock
Basic Industries	$	359,120,961	$	312,975,837	$	46,145,124	$	—
Capital Goods		586,480,171		507,039,638		79,440,533		—
Communications		209,828,670		209,828,670		—		—
Consumer Durables		145,401,058		103,841,403		41,559,655		—
Consumer Non-Durables		213,019,280		180,352,485		32,666,795		—
Consumer Services		786,865,066		671,713,583		115,151,483		—
Energy		480,092,408		470,965,583		9,126,825		—
Finance		1,096,086,066		1,079,635,906		16,450,160		—
Health Care		570,411,825		570,411,825		—		—
Real Estate Investment Trusts		43,959,441		43,959,441		—		—
Technology		982,294,320		944,609,854		37,684,466		—
Transportation		12,882,460		12,882,460		—		—
Warrants		362,057		362,057		—		—

Total Assets	$	5,486,803,783	$	5,108,578,742	$	378,225,041	$	—


	Total Value as of November 30, 2014		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Securities Sold Short
Basic Industries	$	(171,906,771)	$	(89,052,445)	$	(82,854,326)	$	—
Capital Goods		(177,069,699)		(148,229,894)		(28,839,805)		—
Communications		(217,879,451)		(179,965,593)		(37,913,858)		—
Consumer Durables		(46,576,761)		(26,344,368)		(20,232,393)		—
Consumer Non-Durables		(255,485,536)		(239,806,778)		(15,678,758)		—
Consumer Services		(416,800,643)		(376,565,192)		(40,235,451)		—
Energy		(187,712,959)		(187,712,959)		—		—
Finance		(295,460,061)		(252,791,753)		(42,668,308)		—
Health Care		(181,650,242)		(135,211,994)		(46,438,248)		—
Real Estate Investment Trusts		(162,687,690)		(162,687,690)		—		—
Technology		(342,439,190)		(323,172,172)		(19,267,018)		—
Transportation		(68,151,837)		(50,827,273)		(17,324,564)		—
Utilities		(6,840,345)		(6,840,345)		—		—
Options Written
Equity Contracts		(3,797,500)		(3,797,500)		—		—

Total Liabilities	$	(2,534,458,685)	$	(2,183,005,956)	$	(351,452,729)	$	—


	% of Net
	Assets			Value
COMMON STOCK
Finance		20.5	%	$	12,243,912
Consumer Discretionary		16.4			9,726,604
Information Technology		14.9			8,891,058
Health Care		13.7			8,186,363
Industrials		9.9			5,901,893
Materials		9.4			5,568,539
Consumer Staples		5.6			3,357,415
Energy		5.5			3,259,220
Telecommunication Services		1.1			678,494
OTHER ASSETS IN EXCESS OF LIABILITIES		3.0			1,775,416

NET ASSETS		100.0	%	$	59,588,914


	% of Net Assets			Value
LONG POSITIONS:
Common Stock
Financials		18.8	%	$	19,575,108
Information Technology		15.3			15,890,143
Consumer Discretionary		14.8			15,386,815
Health Care		13.0			13,566,705
Industrials		10.9			11,380,964
Materials		8.4			8,776,368
Energy		6.1			6,304,790
Consumer Staples		4.4			4,477,141
Telecommunication Services		1.2			1,236,432
WARRANTS		0.0			1,745

SHORT POSITIONS:
Common Stock
Telecommunication Services		(0.4	)%	$	(412,643	)
Energy		(2.6	)		(2,717,683	)
Health Care		(3.4	)		(3,555,924	)
Consumer Staples		(3.9	)		(4,070,580	)
Financials		(4.8	)		(4,984,766	)
Information Technology		(5.1	)		(5,256,539	)
Materials		(5.8	)		(5,998,010	)
Industrials		(6.9	)		(7,220,430	)
Consumer Discretionary		(9.1	)		(9,443,738	)
WRITTEN OPTIONS		0.0			(22,080	)
OTHER ASSETS IN EXCESS OF LIABILITIES		49.1			51,122,078

NET ASSETS		100.0	%	$	104,035,896


Aggregate cost	$	95,270,303

Gross unrealized appreciation	$	3,661,938
Gross unrealized depreciation		(2,336,030	)

Net unrealized appreciation	$	1,325,908




	BP Long/Short Equity Fund				BP Long/Short Research Fund

	Number of Contracts		Premiums Received		Number of Contracts		Premiums Received
Options outstanding at August 31, 2014		355	$	326,590		5,378	$	3,161,737
Options written		1,052		649,513		11,500		5,374,380
Options closed		—		—		—		—
Options expired		(1)		(905)		(3,082)		(1,667,185)
Options exercised		—		—		(2,296)		(1,494,552)

Options outstanding at November 30, 2014		1,406	$	975,198		11,500	$	5,374,380




	BP All-Cap Value Fund				BP Global Long/Short Fund

	Number of Contracts		Premiums Received		Number of Contracts		Premiums Received

Options outstanding at August 31, 2014		2,123	$	743,607		—	$	—
Options written		—		—		80		13,597
Options closed		—		—		—		—
Options expired		—		—		—		—
Options exercised		—		—		—		—

Options outstanding at November 30, 2014		2,123	$	743,607		80	$	13,597


Fund	Purchased Options (Cost)		Written Options (Proceeds)
BP Long/Short Equity Fund	$	1,127,809		$650,894
BP Long/Short Research Fund		—		4,268,059
BP All-Cap Value Fund		—		743,607
BP Global Long/Short Fund		—		6,799


Fund	Notional Amount
BP Global Long/Short Fund		$383,987


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

			$	14,293			$	—		0.0%


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


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

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

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


	TOTAL FAIR VALUE AT NOVEMBER 30, 2014		LEVEL 1 QUOTED PRICE			LEVEL 2 SIGNIFICANT OBSERVABLE INPUTS			LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS


Common Stocks
Consumer Discretionary	$	5,625,844	$	5,625,844		$	—		$	—
Energy		271,111		185,724			85,387			—
Financials		3,021,685		2,643,656			378,029			—
Health Care		400,851		216,613			—			184,238
Industrials		2,524,502		2,481,800			42,702			—
Information Technology		9,822,206		9,369,028			453,178			—
Materials		989,411		618,825			370,586			—
Real Estate Investment Trusts		5,058,350		4,890,741			167,609			—
Telecommunication Services		585,539		508,324			77,215			—
Foreign Government Note		8,920		—			8,920			—
U.S. Treasury Note		103,359		—			103,359			—
Asset Derivatives
Equity Contracts		146,951		—			146,951			—

Total Assets	$	28,558,729	$	26,540,555		$	1,833,936		$	184,238


	TOTAL FAIR VALUE AT NOVEMBER 30, 2014		LEVEL 1 QUOTED PRICE			LEVEL 2 SIGNIFICANT OBSERVABLE INPUTS			LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS


Common Stocks Sold Short
Consumer Discretionary	$	(1,135,928)	$	(1,135,928	)	$	—			$—
Consumer Staples		(82,048)		—			(82,048	)		—
Financials		(337,727)		(337,727	)		—			—
Health Care		(521,484)		(521,484	)		—			—
Industrials		(244,730)		(244,730	)		—			—
Information Technology		(5,161,329)		(4,978,362	)		(182,967	)		—
Real Estate Investment Trusts		(3,162,673)		(2,962,499	)		(200,174	)		—
Telecommunication Services		(338,314)		(232,549	)		(105,765	)		—
Utilities		(56,239)		(56,239	)		—			—
Exchange Traded Funds		(876,147)		(876,147	)		—			—
Rights		(1,830)		(1,830	)
Liability Derivatives
Equity Contracts		(66,455)		—			(66,455	)		—

Total Liabilities	$	(11,984,904)	$	(11,347,495	)	$	(637,409	)		$—


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


Asset Derivatives

Purchased Options	$	146,951		$—	$—	$—	$	146,951

Liability Derivatives

Written Options	$	(66,455	)	$—	$—	$—	$	(66,455	)


PURCHASED OPTIONS (COST)		WRITTEN OPTIONS (PROCEEDS)
$734,381		$229,254


Aggregate Cost	$	49,958,228

Gross unrealized appreciation	$	8,949,063
Gross unrealized depreciation		(7,292,554)

Net unrealized appreciation	$	1,656,509