-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GtXN9TXbZR99jbHtK8jKerFFzb5SDZ8aDmnAecpvXATWsS2sUeXPAw0qoBoCd3pZ gEbVYfm/7SB+M8rsst7mZQ== 0000935069-97-000059.txt : 19970507 0000935069-97-000059.hdr.sgml : 19970507 ACCESSION NUMBER: 0000935069-97-000059 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970228 FILED AS OF DATE: 19970506 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: RBB FUND INC CENTRAL INDEX KEY: 0000831114 STANDARD INDUSTRIAL CLASSIFICATION: [] FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-05518 FILM NUMBER: 97596336 BUSINESS ADDRESS: STREET 1: 400 BELLEVUE PKWY STE 100 CITY: WILMINGTON STATE: DE ZIP: 19809 BUSINESS PHONE: 3027911791 MAIL ADDRESS: STREET 1: 103 BELLEVUE PKWY STREET 2: SUITE 152 CITY: WILMINGTON STATE: DE ZIP: 19809 FORMER COMPANY: FORMER CONFORMED NAME: FUND INC /DE/ DATE OF NAME CHANGE: 19600201 N-30D 1 BRADFORD GOVERNMENT-SEMI-ANNUAL REPORT BRADFORD GOVERNMENT OBLIGATIONS MONEY MARKET PORTFOLIO J.C. Bradford & Co. MEMBER NEW YORK STOCK EXCHANGE, INC. [LOGO OMITTED] Semi-Annual Report February 28, 1997 BRADFORD GOVERNMENT OBLIGATIONS MONEY MARKET SHARES THE RBB FUND, INC. SEMI-ANNUAL INVESTMENT ADVISER'S REPORT Economic activity continued its sawtooth pattern in the second half of 1996 by dipping sharply in the third quarter but recovering strongly in the last three months. Fourth quarter GDP was initially reported at 4.7%, led by gains in industrial production, capacity utilization and housing. The pace of new job creation also continued strong and market sentiment began to focus on the possibility that wage pressures might raise inflation. For the year, both the consumer and producer price indices showed gains of about 3%, however, the core rates, excluding the more volatile food and energy components were less troubling. The Federal Reserve maintained a close watch over the markets and was often thought to be on the verge of tightening monetary policy. This increased the volatility of short-term rates during the period, but no change in monetary policy was effected. The Fed's strongest impact on the markets was in early December when the chairman spoke of the "irrational exuberance" that existed and warned investors of sudden changes in fortune. The markets weakened for a short while, but by the middle of February, the Dow Jones Industrial Average, for example, had another added 600 points to its upward climb. Short-term taxable interest rates continued to trade off of the 5.25% federal funds rate, but near-term fluctuations were volatile and the yield curve took on varying degrees of positive slope depending on the perceived timing of a Fed tightening. As also usually happens, year-end pressures pushed yields on one and two-month obligations to temporary highs, as issuers tried to induce investors to put money into early 1997. This increase in rates provided opportunity for the funds to enhance portfolio yields by extending that portion of their cash that was not needed to provide year-end liquidity. The effect of these actions late in the year was a gradual lengthening in the funds' average weighted maturities to a 40-day target for the government portfolio and a 55-day target for the money market portfolio. Looking ahead, the course of monetary policy will be closely watched and hotly debated. Chairman Greenspan has already warned the markets about a "preemptive strike" on interest rates to prevent a rekindling of inflation. The economy appears to be expanding at a 2.5-3.0% pace and inflation continues to hover around 3.0%. In this environment, short-term rates could well remain at current levels for some time, however, there is a clear bias, on the part of the Fed, to tighten monetary policy. PNC Institutional Management Corporation (Please dial toll-free 800-533-7719 for questions regarding your account or contact your broker.) BRADFORD GOVERNMENT OBLIGATIONS MONEY MARKET SHARES THE RBB FUND, INC. GOVERNMENT OBLIGATIONS MONEY MARKET PORTFOLIO STATEMENT OF NET ASSETS FEBRUARY 28, 1997 (UNAUDITED) PAR (000) VALUE -------- ------------- AGENCY OBLIGATIONS--69.7% FEDERAL FARM CREDIT BANK--8.1% 4.950% 03/03/97 ............... $ 7,000 $ 6,999,812 5.400% 04/01/97 ............... 30,000 29,996,651 5.510% 01/02/98 ............... 10,000 9,985,383 ------------ 46,981,846 ------------ FEDERAL HOME LOAN BANK--3.6% 7.070% 03/03/97 ............... 6,500 6,500,565 5.200% 10/27/97 ............... 15,000 14,480,000 ------------ 20,980,565 ------------ FEDERAL HOME LOAN MORTGAGE CORPORATION--18.1% 5.190% 03/18/97 ............... 23,000 22,943,631 5.230% 04/07/97 ............... 20,000 19,892,494 5.160% 05/12/97 ............... 15,000 14,845,200 5.160% 05/14/97 ............... 8,350 8,261,434 5.160% 05/20/97 ............... 20,000 19,770,667 5.260% 07/15/97 ............... 10,000 9,801,289 5.520% 11/06/97 ............... 9,000 8,994,457 ------------ 104,509,172 ------------ FEDERAL NATIONAL MORTGAGE ASSOCIATION--25.3% 5.230% 03/04/97(DAGGER) ....... 10,000 10,000,000 5.340% 03/04/97(DAGGER) ....... 10,000 9,997,287 5.313% 03/06/97(DAGGER) ....... 20,000 19,999,793 5.309% 03/17/97(DAGGER) ....... 20,000 19,997,973 5.278% 03/30/97(DAGGER) ....... 10,000 9,994,823 5.240% 04/10/97 ............... 9,875 9,817,506 5.170% 04/16/97 ............... 20,000 19,867,878 5.245% 04/18/97 ............... 10,000 9,930,067 5.240% 07/11/97 ............... 24,075 23,612,439 6.020% 09/05/97 ............... 3,000 3,006,740 5.600% 01/16/98 ............... 10,000 9,989,886 ------------ 146,214,392 ------------ STUDENT LOAN MARKETING ASSOCIATION(DAGGER)--14.6% 5.320% 03/04/97(DAGGER) ....... 5,000 4,999,672 5.320% 03/04/97(DAGGER) ....... 20,000 19,993,340 5.330% 03/04/97(DAGGER) ....... 9,000 8,999,076 5.340% 03/04/97(DAGGER) ....... 5,000 5,000,000 PAR (000) VALUE -------- ------------- STUDENT LOAN MARKETING ASSOCIATION(DAGGER)--(CONTINUED) 5.340% 03/04/97(DAGGER) ....... $30,000 $ 30,000,000 5.360% 03/04/97(DAGGER) ....... 15,000 14,998,207 ------------ 83,990,295 ------------ TOTAL AGENCY OBLIGATIONS (Cost $402,676,270) ....... 402,676,270 ------------ UNITED STATES TREASURY OBLIGATIONS--2.6% U.S. TREASURY NOTES--2.6% 6.875% 03/31/97 ............... 5,000 5,005,375 6.500% 04/30/97 ............... 10,000 10,012,695 ------------ TOTAL U. S. TREASURY OBLIGATIONS (Cost $15,018,070) ........ 15,018,070 ------------ REPURCHASE AGREEMENTS--27.3% Donaldson, Lufkin & Jenrette (Agreement dated 02/28/97 to be repurchased at $100,045,250, collateralized by $306,970,150 Federal National Mortgage Association due 01/01/12. Market value of collateral is $103,007,239.) 5.430% 03/03/97 ............... 100,000 100,000,000 Goldman Sachs & Co. (Agreement dated 02/28/97 to be repurchased at $37,216,585, collateralized by $38,805,000 U.S. Treasury Bond 6.625% due 02/15/27. Market value of collateral is $37,944,776.) 5.350% 03/03/97 ................ 37,200 37,200,000 Lehman Government Securities Inc. (Agreement dated 02/28/97 to be repurchased at $20,109,109, collateralized by $114,075,000 Strip of Principal due 08/15/21. Market value of collateral is $20,502,700.) 5.438% 03/03/97 ................ 20,100 20,100,000 ------------ TOTAL REPURCHASE AGREEMENTS (Cost $157,300,000) ........ 157,300,000 ------------ See Accompanying Notes to Financial Statements. 2 BRADFORD GOVERNMENT OBLIGATIONS MONEY MARKET SHARES THE RBB FUND, INC. GOVERNMENT OBLIGATIONS MONEY MARKET PORTFOLIO STATEMENT OF NET ASSETS (CONCLUDED) FEBRUARY 28, 1997 (UNAUDITED) VALUE ------------- TOTAL INVESTMENTS AT VALUE--99.6% (Cost $574,994,340*) ................. $574,994,340 OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.4% ............... 2,319,057 ------------ NET ASSETS (Applicable to 191,007,843 Bedford shares, 46,301,694 Bradford shares, 340,009,863 Janney Montgomery Scott shares and 800 other shares) -- 100.0% .............. $577,313,397 ============ NET ASSET VALUE, offering and redemption price per share ($577,313,397 (DIVIDE) 577,320,200) .. $1.00 ===== * Also cost for Federal income tax purposes. (DAGGER) Variable Rate Obligations -- The interest rate is the rate as of February 28, 1997 and the maturity date shown is the longer of the next interest readjustment date or the date the principal amount shown can be recovered through demand. See Accompanying Notes to Financial Statements. 3 BRADFORD GOVERNMENT OBLIGATIONS MONEY MARKET SHARES THE RBB FUND, INC. GOVERNMENT OBLIGATIONS MONEY MARKET PORTFOLIO STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED FEBRUARY 28, 1997 (UNAUDITED) INVESTMENT INCOME Interest ............................... $15,401,603 ----------- EXPENSES Investment advisory fees ............... 1,185,738 Distribution fees ...................... 1,676,849 Directors' fees ........................ 6,363 Custodian fees ......................... 52,982 Transfer agent fees .................... 270,566 Legal fees ............................. 12,957 Audit fees ............................. 7,094 Registration fees ...................... 116,000 Insurance expense ...................... 5,741 Printing expense ....................... 48,149 ----------- 3,382,439 Less fees waived ....................... (355,487) Less expense reimbursement by Advisor .. (200,690) ----------- Total expenses ...................... 2,826,262 ----------- Net investment income ..................... 12,575,341 ----------- Realized gain on investments .............. 5,472 ----------- Net increase in net assets resulting from operations ........................ $12,580,813 =========== STATEMENT OF CHANGES IN NET ASSETS FOR THE FOR THE SIX MONTHS ENDED YEAR ENDED FEBRUARY 28, 1997 AUGUST 31, 1996 ----------------- --------------- (UNAUDITED) Increase (decrease) in net assets: Operations: Net investment income ....... $ 12,575,341 $ 25,224,326 Net gain (loss) on investments ............... 5,472 (10,995) ------------ ------------ Net increase in net assets resulting from operations ................ 12,580,813 25,213,331 ------------ ------------ Distributions to Shareholders: Dividends to shareholders from net investment income: Bedford shares ($.0219 and $.0458 respectively, per share) ................ (4,396,015) (8,829,111) Bradford shares ($.0219 and $.0458, respectively, per share) ................ (1,010,118) (2,208,959) Janney Montgomery Scott shares ($.0218 and $.0456, respectively, per share) ................ (7,169,208) (14,186,256) Distributions to shareholders from net realized short-term gains: Bedford shares .............. -- (12,697) Bradford shares ............. -- (3,154) Janney Montgomery Scott shares .................... -- (18,204) ------------ ------------ Total distributions to shareholders ............ (12,575,341) (25,258,381) ------------ ------------ Net capital share transactions ................ 20,760,920 44,099,699 ------------ ------------ Total increase in net assets ... 20,766,392 44,054,649 Net Assets: Beginning of period ......... 556,547,005 512,492,356 ------------ ------------ End of period ............... $577,313,397 $556,547,005 ============ ============ See Accompanying Notes to Financial Statements. 4 BRADFORD GOVERNMENT OBLIGATIONS MONEY MARKET SHARES THE RBB FUND, INC. GOVERNMENT OBLIGATIONS MONEY MARKET PORTFOLIO FINANCIAL HIGHLIGHTS (c) (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
FOR THE PERIOD FOR THE FOR THE FOR THE FOR THE FOR THE JANUARY 10, 1992 SIX MONTHS YEAR YEAR YEAR YEAR COMMENCEMENT OF ENDED ENDED ENDED ENDED ENDED OPERATIONS) TO FEBRUARY 28, AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31, 1997 1996 1995 1994 1993 1992 ------------ ----------- ----------- ----------- ----------- ---------------- (UNAUDITED) Net asset value, beginning of period .................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- -------- -------- -------- -------- -------- Income from investment operations: Net investment income ................. 0.0219 0.0458 0.0475 0.0270 0.0231 0.0208 Net gains on securities (both realized and unrealized) ...... -- -- -- -- -- 0.0009 -------- -------- -------- -------- -------- -------- Total from investment operations .... 0.0219 0.0458 0.0475 0.0270 0.0231 0.0217 -------- -------- -------- -------- -------- -------- Less distributions Dividends (from net investment income) ................... (0.0219) (0.0458) (0.0475) (0.0270) (0.0231) (0.0208) Distributions (from capital gains) ...... -- -- -- -- -- (0.0009) -------- -------- -------- -------- -------- -------- Total distributions ................. (0.0219) (0.0458) (0.0475) (0.0270) (0.0231) (0.0217) -------- -------- -------- -------- -------- -------- Net asset value, end of period .......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======== ======== ======== Total Return ............................ 4.51%(b) 4.68% 4.86% 2.73% 2.33% 3.42%(b) Ratios /Supplemental Data Net assets, end of period (000) ....... $46,262 $57,190 $46,509 $39,732 $50,523 $42,477 Ratios of expenses to average net assets .................. .975%(a)(b) .975%(a) .975%(a) .975%(a) .975%(a) .975%(a)(b) Ratios of net investment income to average net assets .......................... 4.42%(b) 4.58% 4.75% 2.70% 2.31% 3.23%(b) (a) Without the waiver of advisory fees and without the reimbursement of certain operating expenses, the ratios of expenses to average net assets would have been 1.13% annualized for the six months ended February 28, 1997, 1.10%, 1.13%, 1.18% and 1.18% for the years ended August 31, 1996, 1995, 1994, and 1993, respectively and 1.15% annualized for the period ended August 31 1992. (b) Annualized. (c) Financial Highlights relate soley to the Bradford Class of shares within the portfolio.
See Accompanying Notes to Financial Statements. 5 BRADFORD GOVERNMENT OBLIGATIONS MONEY MARKET SHARES THE RBB FUND, INC. GOVERNMENT OBLIGATIONS MONEY MARKET PORTFOLIO NOTES TO FINANCIAL STATEMENTS FEBRUARY 28, 1997 (UNAUDITED) NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The RBB Fund, Inc. (the "Fund") is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund was incorporated in Maryland on February 29, 1988. The Fund has authorized capital of thirty billion shares of common stock of which 13.48 billion shares are currently classified into seventy-seven classes. Each class represents an interest in one of nineteen investment portfolios of the Fund. The classes have been grouped into sixteen separate "families," nine of which have begun investment operations: the RBB Family, the BEA Family, the Sansom Street Family, the Bedford Family, the Cash Preservation Family, the Janney Montgomery Scott Money Family, the n/i Family, the Boston Partners Family, and the Bradford Family. The Bradford Government Obligations Money Market Shares represents an interest in the Government Obligations Money Market Portfolio, which is covered by this report. A) SECURITY VALUATION -- Portfolio securities are valued under the amortized cost method, which approximates current market value. Under this method, securities are valued at cost when purchased and thereafter a constant proportionate amortization of any discount or premium is recorded until maturity of the security. Regular review and monitoring of the valuation is performed in an attempt to avoid dilution or other unfair results to shareholders. The Portfolio seeks to maintain net asset value per share at $1.00. B) SECURITY TRANSACTIONS AND INVESTMENT INCOME -- Security transactions are accounted for on the trade date. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes. Interest income is recorded on the accrual basis. Certain expenses, principally distribution, transfer agency and printing, are class specific expenses and vary by class. Expenses not directly attributable to a specific portfolio or class are allocated based on relative net assets of each portfolio and class, respectively. C) DISTRIBUTIONS TO SHAREHOLDERS -- Dividends from net investment income are declared daily and paid monthly. Any net realized capital gains are distributed at least annually. Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from generally accepted accounting principles. D) FEDERAL INCOME TAXES -- No provision is made for Federal taxes as it is the Fund's intention to have the portfolio continue to qualify for and elect the tax treatment applicable to regulated investment companies under the Internal Revenue Code and make the requisite distributions to its shareholders which will be sufficient to relieve it from Federal income and excise taxes. E) REPURCHASE AGREEMENTS -- Money market instruments may be purchased subject to the seller's agreement to repurchase them at an agreed upon date and price. The seller will be required on a daily basis to maintain the value of the securities subject to the agreement at not less than the repurchase price. The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system or with the Fund's custodian or a third party sub-custodian. F) USE OF ESTIMATES -- The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 6 BRADFORD GOVERNMENT OBLIGATIONS MONEY MARKET SHARES THE RBB FUND, INC. GOVERNMENT OBLIGATIONS MONEY MARKET PORTFOLIO NOTES TO FINANCIAL STATEMENTS (CONTINUED) FEBRUARY 28, 1997 (UNAUDITED) NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES Pursuant to Investment Advisory Agreements, PNC Institutional Management Corporation ("PIMC"), a wholly owned subsidiary of PNC Asset Management Group, Inc., which is in turn a wholly owned subsidiary of PNC Bank, National Association ("PNC Bank"), serves as investment advisor for the portfolio described herein. PNC Bank serves as the sub-advisor for the Government Obligations Money Market Portfolio. For its advisory services, PIMC is entitled to receive the following fees, computed daily and payable monthly based on the portfolio's average daily net assets: .45% of first $250 million of net assets; .40% of next $250 million of net assets; .35% of net assets in excess of $500 million PIMC may, at its discretion, voluntarily waive all or any portion of its advisory fee for this portfolio. For each class of shares within this portfolio, the net advisory fee charged to each class is the same on a relative basis. For the six months ended February 28, 1997, advisory fees and waivers for the investment portfolio were as follows: GROSS NET ADVISORY ADVISORY FEE WAIVER FEE ------------ ------------ ----------- $1,185,738 $(355,487) $ 830,251 PNC Bank, as sub-advisor, receives a fee directly from PIMC, not the portfolio. In addition, PNC Bank serves as custodian for each of the Fund's portfolios. PFPC Inc. ("PFPC"), an indirect wholly owned subsidiary of PNC Bank Corp., serves as each class's transfer and dividend disbursing agent. For the six months ended February 28,1997, transfer agency fees for each class of shares within the investment portfolio were as follows: TRANSFER AGENCY FEE --------------- Bedford Class $ 31,956 Bradford Class 1,100 Janney Montgomery Scott Class 237,510 -------- Total $270,566 ======== The Fund, on behalf of each class of shares within the investment portfolio, has adopted Distribution Plans pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended, and has entered into Distribution Contracts with Counsellors Securities Inc. ("Counsellors"), which provide for each class to make monthly payments, based on average net assets, to Counsellors of up to .65% on an annualized basis for the Bedford, Janney Montgomery Scott and Bradford Classes and up to .20% on an annualized basis for the Sansom Street Class. 7 BRADFORD GOVERNMENT OBLIGATIONS MONEY MARKET SHARES THE RBB FUND, INC. GOVERNMENT OBLIGATIONS MONEY MARKET PORTFOLIO NOTES TO FINANCIAL STATEMENTS (CONTINUED) FEBRUARY 28, 1997 (UNAUDITED) NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (CONTINUED) For the six months ended February 28, 1997, distribution fees for each class were as follows: DISTRIBUTION FEE ------------ Bedford Class $ 559,976 Bradford Class 137,216 Janney Montgomery Scott Class 979,657 ---------- Total $1,676,849 ========== The Fund has entered into service agreements with banks affiliated with PNC Bank who render support services to customers who are the beneficial owners of the Sansom Street Class in consideration of the payment of .10% of the daily net asset value of such shares. No such payments were necessary for the six months ended February 28, 1997. NOTE 3. CAPITAL SHARES Transactions in capital shares (at $1 per capital share) for each year were as follows: FOR THE FOR THE SIX MONTHS ENDED YEAR ENDED FEBRUARY 28, 1997 AUGUST 31, 1996 ----------------- --------------- (UNAUDITED) VALUE VALUE ----------------- --------------- Shares sold: Bedford Class $ 270,989,111 $ 663,889,198 Bradford Class 84,417,833 180,761,217 Janney Montgomery Scott Class 621,135,426 1,160,250,876 Shares issued in reinvestment of dividends: Bedford Class 4,438,059 8,793,104 Bradford Class 982,160 2,158,629 Janney Montgomery Scott Class 7,249,312 14,080,097 Shares repurchased: Bedford Class (277,022,343) (643,470,937) Bradford Class (96,290,034) (172,234,746) Janney Montgomery Scott Class (595,138,604) (1,170,127,739) ------------- --------------- Net increase $ 20,760,920 $ 44,099,699 ------------- --------------- Bradford Shares authorized 500,000,000 500,000,000 ============= =============== See Accompanying Notes to Financial Statements. 8 BRADFORD GOVERNMENT OBLIGATIONS MONEY MARKET SHARES THE RBB FUND, INC. GOVERNMENT OBLIGATIONS MONEY MARKET PORTFOLIO NOTES TO FINANCIAL STATEMENTS (CONTINUED) FEBRUARY 28, 1997 (UNAUDITED) NOTE 4. NET ASSETS At February 28, 1997, net assets consisted of the following: (Unaudited) Capital paid-in: Bedford Class $191,007,843 Bradford Class 46,301,694 Janney Montgomery Scott Class 340,009,863 Other Classes 800 Accumulated net realized loss on investments: Bedford Class (2,438) Bradford Class (821) Janney Montgomery Scott Class (3,544) ------------ $577,313,397 ============ 9 BRADFORD GOVERNMENT OBLIGATIONS MONEY MARKET SHARES THE RBB FUND, INC. GOVERNMENT OBLIGATIONS MONEY MARKET PORTFOLIO NOTES TO FINANCIAL STATEMENTS (CONTINUED) FEBRUARY 28, 1997 (UNAUDITED) NOTE 5. OTHER FINANCIAL HIGHLIGHTS The Fund currently offers two other class of shares representing an interest in the Government Obligations Money Market Portfolio: Bedford and Janney Montgomery Scott. Each class is marketed to different types of investors. The financial highlights are as follows: THE BEDFORD FAMILY
GOVERNMENT OBLIGATIONS MONEY MARKET PORTFOLIO ------------------------------------------------------------------------------ FOR THE FOR THE FOR THE FOR THE FOR THE FOR THE SIX MONTHS YEAR YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED ENDED ENDED FEBRUARY 28, AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31, 1997 1996 1995 1994 1993 1992 ------------ ---------- ---------- ----------- ----------- ----------- (UNAUDITED) Net asset value, beginning of period ................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- -------- -------- -------- -------- -------- Income from investment operations: Net investment income .............. 0.0219 0.0458 0.0475 0.0270 0.0231 0.0375 Net gains on securities (both realized and unrealized) .......... -- -- -- -- -- 0.0009 -------- -------- -------- -------- -------- -------- Total from investment operations ..................... 0.0219 0.0458 0.0475 0.0270 0.0231 0.0384 -------- -------- -------- -------- -------- -------- Less distributions: Dividends (from net investment income) ........................... (0.0219) (0.0458) (0.0475) (0.0270) (0.0231) (0.0375) Distributions (from capital gains) .................... -- -- -- -- -- (0.0009) -------- -------- -------- -------- -------- -------- Total distributions ............ (0.0219) (0.0458) (0.0475) (0.0270) (0.0231) (0.0384) -------- -------- -------- -------- -------- -------- Net asset value, end of period ....... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======== ======== ======== Total Return ......................... 4.51%(b) 4.68% 4.86% 2.73% 2.33% 3.91% Ratios/Supplemental Data: Net assets, end of period (000) .... $191,039 $192,599 $163,398 $166,418 $213,741 $225,101 Ratios of expenses to average net assets ........................ .975%(a)(b) .975%(a) .975%(a) .975%(a) .975%(a) .975%(a) Ratios of net investment income to average net assets ............. 4.42%(b) 4.58% 4.75% 2.70% 2.31% 3.75% (a) Without the waiver of advisory, distribution and administration fees and without the reimbursement of certain operating expenses, the ratios of expenses to average net assets for the Government Obligations Money Market Portfolio would have been 1.13% annualized for the six months ended February 28, 1997, 1.10%, 1.13%, 1.17%, 1.18%, and 1.12% for the years ended August 31, 1996, 1995, 1994, 1993 and 1992, respectively. (b) Annualized.
10 BRADFORD GOVERNMENT OBLIGATIONS MONEY MARKET SHARES THE RBB FUND, INC. GOVERNMENT OBLIGATIONS MONEY MARKET PORTFOLIO NOTES TO FINANCIAL STATEMENTS (CONCLUDED) FEBRUARY 28, 1997 (UNAUDITED) NOTE 5. OTHER FINANCIAL HIGHLIGHTS (CONTINUED) THE JANNEY MONTGOMERY SCOTT FAMILY GOVERNMENT OBLIGATIONS MONEY MARKET PORTFOLIO --------------------------------------------- FOR THE PERIOD FOR THE FOR THE JUNE 12, 1995 SIX MONTHS YEAR (COMMENCEMENT ENDED ENDED OF OPERATIONS) FEBRUARY 28, AUGUST 31, TO AUGUST 31, 1997 1996 1995 ------------ ---------- -------------- (UNAUDITED) Net asset value, beginning of period ......... $ 1.00 $ 1.00 $ 1.00 ------- ------- ------- Income from investment operations: Net investment income ......... 0.0218 0.0456 0.0109 ------- ------- ------- Total from investment operations .............. 0.0218 0.0456 0.0109 ------- ------- ------- Less distributions Dividends (from net investment income) .......... (0.0218) (0.0456) (0.0109) ------- ------- ------- Total distributions ....... (0.0218) (0.0456) (0.0109) ------- ------- ------- Net asset value, end of period ............... $ 1.00 $ 1.00 $ 1.00 ======= ======= ======= Total Return .................. 4.48%(b) 4.66% 5.03%(b) Ratios /Supplemental Data Net assets, end of period (000) .............. $340,012 $306,757 $302,585 Ratios of expenses to average net assets ................ 1.00%(a)(b) 1.00%(a) 1.00%(a)(b) Ratios of net investment income to average net assets ................ 4.39%(b) 4.56% 4.91%(b) (a) Without the waiver of advisory fees and without the reimbursement of certain operating expenses, the ratios of expenses to average net assets for the Government Obligations Money Market Portfolio, the ratio of expenses to average net assets would have been 1.25% annualized for the six months ended February 28, 1997, 1.25% and 1.28% for the years ended August 31, 1996 and 1995 respectively. (b) Annualized. 11 -----END PRIVACY-ENHANCED MESSAGE-----