-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, qrykOzttmmuOatYg8qW1cBQyofy8fc1OW4V/EBxZ4/BUmUOexzkMFhcCAintbbXJ mqzRcpz8HVU2XaNzuJZuhQ== 0000935069-95-000011.txt : 19950502 0000935069-95-000011.hdr.sgml : 19950502 ACCESSION NUMBER: 0000935069-95-000011 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950228 FILED AS OF DATE: 19950501 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: 95533197 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 The Bedford Family The RBB Fund, Inc. [Logo] Money Market Portfolio Municipal Money Market Portfolio Government Obligations Money Market Portfolio New York Municipal Money Market Portfolio Semi-Annual Report February 28, 1995 The Bedford Family The RBB Fund, Inc. Semi-Annual Investment Adviser's Report Last year, the fixed income markets were hard hit by rising interest rates and derivative-related losses. The first quarter of 1995 got off to an inauspicious start with another increase in short-term interest rates, the financial crisis in Mexico, and the decline in the dollar. One area that does appear to be experiencing a trend change is the pace of business activity. In the fourth quarter of last year, the economy grew by a revised 4.6%, pushing the annual rate to 4.0%, the strongest showing in ten years. Estimates for the first quarter average around 3%, based on signs of lower consumer spending, declining auto sales and a softer housing market. In recent congressional testimony, Fed Chairman Greenspan indicated that the FOMC expects the economy to expand at a 2%-3% rate in 1995. Greenspan even used the word "ease" in his recent testimony, causing the markets to rally strongly, but temporarily, on the belief that the year long rise in interest rates was about over. The Fed also has reason to be pleased with the inflation numbers. The fourth quarter GDP report revealed prices advanced only 1.3%, versus 1.9% in the previous quarter. For the year, consumer prices were up 2.7%, exactly the same as in 1993. The FOMC is estimating that consumer prices will average 3.0%-3.5% in 1995. Short-term interest rates continued their upward climb during the last two quarters. The Federal Reserve tightened policy twice, in November and February, for a total of 125 basis points, bringing the federal funds rate to 6.00%. Fourth quarter economic reports continued to suggest that business was expanding, and that further Fed action was likely in the new year. On February 1st, the FOMC voted to increase the federal funds target and discount rate 50 basis points to 6.00% and 5.25%, respectively. Although this was the first interest rate hike of 1995, market expectations that it would also be the last ignited a strong rally that flattened the yield curve. Three and six-month Treasury bill yields fell to 5.83% and 6.11%, respectively, while three and six-month LIBORs decreased to 6.19% and 6.38%, respectively. The big story in the municipal market was Orange County's bankruptcy filing in December. This action shocked the short-term tax-free markets, causing yields to rise by more than 50 basis points. In the wake of Orange County, there have been reports of other derivative-related losses in Florida and Wisconsin, but the markets have calmed down considerably from year-end levels. The start of the new year saw the expected increase in short-term tax-free assets from bond coupon payments and called bonds. Increased demand for liquid, short-term investments, due to anticipation of another rate increase by the Fed also contributed to the inflow of money into short-term tax-exempts. By mid-January, some tax-free yields had fallen to below 2.00%. This technical condition reversed itself by late January, and the boost in the federal funds rate to 6.00% on February 1st helped to push yields even higher. By the end of February, tax-free yields had recovered to the 4% range. PNC Institutional Management Corporation (Please dial toll-free 800-533-7719 for questions regarding your account or contact your broker.) 1 The Bedford Family The RBB Fund, Inc. Money Market Portfolio Statement of Net Assets February 28, 1995 (Unaudited)
Par (000) Value --------- ---------------- Agency Obligations--10.3% Federal National Mortgage Association Discount Notes -- 3.4% 5.37% 03/22/1995 $ 15,000 $ 14,953,013 5.40% 03/22/1995 15,000 14,952,750 5.53% 04/05/1995 10,000 9,946,236 --------------- 39,851,999 --------------- Student Loan Marketing Association Variable Rate Notes (dagger) -- 6.9% 6.06% 03/07/1995 25,000 25,000,000 6.10% 03/07/1995 20,000 20,000,000 6.11% 03/07/1995 10,000 10,000,000 6.12% 03/07/1995 25,000 24,986,848 --------------- 79,986,848 --------------- TOTAL AGENCY OBLIGATIONS (Cost $119,838,847) 119,838,847 --------------- Certificates of Deposit--15.1% Domestic Certificates of Deposit--1.7% NationsBank North Carolina 5.35% 06/07/1995 5,000 4,999,938 Northern Trust Bank 5.25% 06/16/1995 15,000 14,997,054 --------------- 19,996,992 --------------- Yankee Certificates of Deposit--13.4% Fuji Bank 6.03% 03/27/1995 50,000 50,000,000 Industrial Bank of Japan 6.28% 04/28/1995 25,000 25,000,397 Mitsubishi Bank 6.41% 05/23/1995 30,000 30,004,588 Sumitomo Bank 6.27% 04/28/1995 25,000 25,000,000 Svenska Handelsbanken, Inc. 6.25% 04/28/1995 25,000 25,000,000 --------------- 155,004,985 --------------- TOTAL CERTIFICATES OF DEPOSIT (Cost $175,001,977) 175,001,977 --------------- Commercial Paper--24.3% Asset Backed Securities--4.2% Beta Finance, Inc. 5.43% 03/08/1995 15,000 14,984,163 5.20% 03/13/1995 15,000 14,974,000 5.30% 03/14/1995 10,000 9,980,861 5.30% 03/20/1995 9,000 8,974,825 --------------- 48,913,849 --------------- Banks--5.5% Abbey National North America Corp. 5.07% 03/06/1995 5,000 4,996,479 5.07% 03/07/1995 15,000 14,987,325 National City Corporation 5.10% 03/06/1995 5,000 4,996,458 6.07% 06/27/1995 20,000 19,602,077 Republic National Bank of New York 5.36% 03/21/1995 10,000 9,970,222 Toronto Dominion Holdings (USA), Inc. 5.73% 05/02/1995 10,000 9,901,317 --------------- 64,453,878 --------------- Finance Lessors--1.7% General Electric Capital Corp. 5.40% 03/27/1995 20,000 19,922,000 --------------- Glass, Glassware, Pressed or Blown--1.3% Newell Co. 6.15% 04/27/1995 15,000 14,853,938 --------------- Personal Credit Institutions--4.3% General Motors Acceptance Corp. 6.15% 03/06/1995 25,000 24,978,645 6.10% 03/08/1995 25,000 24,970,347 --------------- 49,948,992 --------------- Pharmaceutical Preparations--4.3% American Home Products Corporation 6.05% 03/27/1995 30,000 29,868,917 Lilly (Eli) & Co. 6.20% 06/01/1995 20,000 19,683,111 --------------- 49,552,028 --------------- 2 Short-Term Business Credit Institutions--3.0% Sears Roebuck Acceptance Corp. 6.24% 06/05/1995 25,000 24,584,000 CXC, Inc. 6.10% 05/08/1995 10,000 9,884,778 --------------- 34,468,778 --------------- TOTAL COMMERCIAL PAPER (Cost $282,113,463) 282,113,463 --------------- Time Deposits--6.5% Dai-Ichi Kangyo Bank 6.03% 03/07/1995 50,000 50,000,000 Sumitomo Bank 6.00% 03/07/1995 25,000 25,000,000 --------------- TOTAL TIME DEPOSITS (Cost $75,000,000) 75,000,000 --------------- Corporate Obligations--32.2% Banks--9.0% Comerica Bank -Detroit (dagger) 6.02% 03/07/1995 25,000 24,985,649 6.02% 03/07/1995 25,000 24,984,531 First National Bank of Chicago (dagger) 6.14% 03/01/1995 55,000 54,993,068 --------------- 104,963,248 --------------- Security Brokers and Dealers--22.1% Bear Stearns Treasury Rate Note (dagger) 6.12% 03/07/1995 15,000 15,000,000 Bear Stearns & Co., Inc. (dagger) 6.15% 03/07/1995 40,000 40,000,000 Goldman Sachs Group L.P. (dagger) 6.38% 05/10/1995 53,000 53,000,000 J. P. Morgan Securities, Inc. (dagger) 6.18% 03/30/1995 50,000 50,000,000 Lehman Brothers Holdings, Inc. (dagger) 6.53% 03/07/1995 50,000 50,000,000 Morgan Stanley Group (dagger) 6.03% 03/07/1995 33,500 33,499,238 6.23% 07/19/1995 15,000 15,000,000 --------------- 256,499,238 --------------- Services-Auto Rent and Lease--1.1% PHH Corp. (dagger) 6.15% 03/07/1995 12,235 12,235,000 --------------- TOTAL CORPORATE OBLIGATIONS (Cost $373,697,486) 373,697,486 --------------- Repurchase Agreements--11.3% J. P. Morgan Securities 6.20% 03/01/1995 25,000 25,000,000 (Agreement dated 02/28/95 to be repurchased at $25,004,306, collateralized by $25,469,000 U.S. Treasury Note 6.88% due 02/28/97. Market value of collateral is $25,500,836.) Morgan Stanley & Co. 6.15% 03/01/1995 50,000 50,000,000 (Agreement dated 02/28/95 to be repurchased at $50,008,542, collateralized by $59,353,089 Federal National Mortgage Assoc. 6.70% to 10.00% due 05/01/06 to 08/01/24. Market value of collateral is $51,050,908.) Lehman Government Securities Inc. 6.13% 03/01/1995 55,925 55,925,000 (Agreement dated 02/28/95 to be repurchased at $55,934,523, collateralized by $64,229,361 Government National Mortgage Assoc. 6.00% to 7.00% due 06/15/94 to 12/15/09. Market value of collateral is $57,596,305.) --------------- TOTAL REPURCHASE AGREEMENTS (Cost $130,925,000) 130,925,000 --------------- 3 TOTAL INVESTMENTS AT VALUE--99.7% (Cost $1,156,576,773*) 1,156,576,773 OTHER ASSETS IN EXCESS OF LIABILITIES--0.3% 3,102,393 --------------- NET ASSETS (Applicable to 754,410,803 Bedford shares, 228,154 Cash Preservation shares, 50,561 RBB shares, 404,990,910 Sansom Street shares and 800 other shares) -- 100.0% $1,159,679,166 ============== NET ASSET Value, offering and redemption price per share ($1,159,679,166 / 1,159,681,228) $1.00 ===== * Also cost for Federal income tax purposes. (dagger) Variable Rate Obligations -- The interest rate shown is the rate as of February 28, 1995 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. 4 The Bedford Family The RBB Fund, Inc. Money Market Portfolio
Statement of Operations For the Six Months Ended February 28, 1995 (Unaudited) Investment Income Interest $30,729,257 ----------- Expenses Investment advisory fees 2,137,724 Distribution fees 2,210,824 Service organization fees 188,498 Directors' fees 5,207 Custodian fees 95,941 Transfer agent fees 646,760 Legal fees 26,203 Audit fees 31,567 Registration fees 48,000 Insurance expense 15,341 Printing fees 148,454 Miscellaneous 98 ----------- 5,554,617 Less fees waived (1,291,275) Less expense reimbursement by advisor (5,505) ----------- TOTAL EXPENSES 4,257,837 ----------- NET INVESTMENT INCOME 26,471,420 ----------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $26,471,420 ===========
Statement of Changes in Net Assets For the For the Six Months Ended Year Ended February 28, 1995 August 31, 1994 ------------------ ---------------- (Unaudited) Increase in net assets: Operations: Net investment income $ 26,471,420 $ 32,169,184 Net loss on investments -- (2,062) -------------- -------------- Net increase in net assets resulting from operations 26,471,420 32,167,122 -------------- -------------- Distributions to shareholders: Dividends to shareholders from net investment income: Bedford shares ($.0226 and $.0278, respectively, per share) (16,791,232) (21,525,364) Cash Preservation shares ($.0226 and $.0278, respectively, per share) (5,162) (26,296) RBB shares ($.0224 and $.0273, respectively, per share) (1,097) (1,576) Sansom Street shares ($.0254 and $.0334, respectively, per share) (9,673,929) (10,615,948) Distributions to shareholders from net realized short-term gains: Bedford shares -- (48,280) Cash Preservation shares -- (40) RBB shares -- (5) Sansom Street shares -- (15,323) -------------- -------------- Total distributions to shareholders (26,471,420) (32,232,832) -------------- -------------- Net capital share transactions 74,919,213 110,590,287 -------------- -------------- Total increase in net assets 74,919,213 110,524,577 Net Assets: Beginning of period 1,084,759,953 974,235,376 -------------- -------------- End of period $1,159,679,166 $1,084,759,953 ============== ==============
See Accompanying Notes to Financial Statements. 5 The Bedford Family The RBB Fund, Inc. Municipal Money Market Portfolio Statement of Net Assets February 28, 1995 (Unaudited)
Par (000) Value ---------- ------------ Alabama--3.0% Demopolis DN / (Banque Nationale de Paris LOC) (dagger) (A-1+) 4.25% 03/07/1995 $ 3,000 $ 3,000,000 Health Care Authority of the City of Huntsville Health Care Facilities Revenue 1994-B DN / (MBIA Insurance) (dagger) (A-1+) 4.10% 03/02/1995 5,000 5,000,000 Livingston IDR (Toin Corp USA Project ) DN / (Industrial Bank of Japan LOC) (dagger) (A-1+) 4.45% 03/07/1995 1,000 1,000,000 -------------- 9,000,000 -------------- Alaska--0.4% Alaska Housing Finance Corp Governmental Purpose Bonds 1994 Series A DN / (Westdeutsche Landesbank Gironzentrale LOC) (dagger) (A-1+) 4.10% 03/07/1995 1,300 1,300,000 -------------- Arizona--8.2% Apache County DN / (Chemical Bank LOC) (dagger) (A-1+) 4.25% 03/01/1995 1,000 1,000,000 Apache County IDA DN / (Barclays Bank LOC) (dagger) (A-1+) 4.20% 03/01/1995 4,400 4,400,000 Apache County RB Series 85 A Tucson Electric Power Co Project Springville Project DN / (Barclays Bank LOC) (dagger) (A-1+) 4.10% 03/01/1995 2,200 2,200,000 Flagstaff IDA DN / (FGIC Insurance) (dagger) (A-1+) 4.15% 03/07/1995 5,855 5,855,000 Maricopa County Pollution Control Corporation Arizona Public Service Co. DN / (Morgan Guaranty LOC) (dagger) (A-1+) 3.85% 03/01/1995 1,000 1,000,000 Phoenix City DN / (Canadian Imperial Bank LOC) (dagger) (A-1+) 3.90% 03/07/1995 1,550 1,550,000 Arizona--(continued) Pima County IDA IDR Bonds DN / (Society General LOC) (dagger) (A-1+) 4.10% 03/01/1995 9,100 9,100,000 -------------- 25,105,000 -------------- Arkansas--3.0% Arkansas Development Finance Authority Revenue Bonds DN / (FGIC Insurance) (dagger) (A-1+) 4.00% 03/02/1995 2,900 2,900,000 Hope Arkansas MB (double dagger) (A-1+) 4.25% 04/12/1995 2,400 2,400,000 4.20% 04/06/1995 3,000 3,000,000 Warren Park Solid Waste DN / (Credit Suisse LOC) (dagger) (A-1+) 4.10% 03/07/1995 1,000 1,000,000 -------------- 9,300,000 -------------- California--10.4% California Higher Education Loan Authority Student Loan Revenue Refunding Series 1987A / (National Westminster LOC) (double dagger) (VMIG1) 3.60% 03/07/1995 3,000 3,000,000 California Pollution Control Financing Authority RB MB / (Sumitomo Bank LOC) (double dagger) (A-1+) 3.85% 03/16/1995 2,600 2,600,000 Los Angeles Transportation MB (double dagger) (SP-1+) 4.50% 06/30/1995 4,000 4,008,297 Los Angeles County Unified School District TRAN (SP-1+) 4.50% 07/10/1995 4,000 4,012,463 4.50% 07/10/1995 5,000 5,016,446 Santa Clara TRAN (SP-1+) 4.25% 07/07/1995 5,000 5,013,044 State of California 1994-95 RAN Series B (A-1) 4.41% 03/30/1995 8,000 8,000,000 -------------- 31,650,250 -------------- 6 Colorado--3.7% Colorado Student Obligation Bond Authority DN / (Sumitomo Bank LOC) (dagger) (VMIG1) 4.05% 03/01/1995 7,790 7,790,000 Moffat County DN (dagger) (A-1+) 4.15% 03/07/1995 3,400 3,400,000 -------------- 11,190,000 -------------- Connecticut--0.2% Connecticut Housing Finance Authority Series E MB (double dagger) (A-1+) 4.40% 11/15/1995 800 800,000 -------------- Delaware--4.5% Economic Development Authority DN (Hospital Billing and Collection) Series B / (Industrial Bank of Japan LOC) (dagger) (A-1+) 4.25% 03/07/1995 13,700 13,700,000 -------------- District of Columbia--1.6% District of Columbia Hospital for Women Series 88A DN / (Mitsubishi Bank LOC) (dagger) (VMIG1) 4.10% 03/07/1995 2,900 2,900,000 District of Columbia Catholic University of America DN / (Sanwa Bank LOC) (dagger) (VMIG1) 4.10% 03/07/1995 1,900 1,900,000 -------------- 4,800,000 -------------- Florida--3.3% Dade County Solid Waste Industrial Development RB Series A DN / (Banque Nationale de Paris LOC) (dagger) (VMIG1) 4.20% 03/07/1995 7,000 7,000,000 Florida Housing Finance Agency DN / (Wells Fargo Bank LOC) (double dagger) (A-1) 3.85% 03/30/1995 3,000 3,000,000 -------------- 10,000,000 -------------- Georgia--1.0% Fulco Hospital Authority Revenue Anticipation Certificates MB / (Fuji Bank LOC)(double dagger) (A-1) 4.25% 04/06/1995 1,555 1,555,000 Georgia Municipal Association Pooled Bonds DN / (Credit Suisse LOC) (dagger) (A-1+) 4.00% 03/07/1995 1,400 1,400,000 -------------- 2,955,000 -------------- Illinois--9.6% City of Chicago GO DN / (Sanwa Bank LOC) (dagger) (A-1+) 4.00% 03/07/1995 15,640 15,640,000 City of Chicago DN (O'Hare International Airport) Series 88A / (Sanwa Bank LOC) (dagger) (A-1+) 4.25% 03/07/1995 600 600,000 Chicago O'Hare International Airport Special Facility RB DN / (Society General LOC ) (dagger) (A-1+) 4.20% 03/07/1995 5,800 5,800,000 Health Facility Authority DN (Central Health Care and Northwest Community Hospital) / (Sumitomo Bank LOC) (dagger) (A-1+) 4.00% 03/07/1995 1,545 1,545,000 Illinois Health Facilities Authority Revenues DN (The Streeterville Corp.) / (FNB Chicago LOC) (dagger) (A-1+) 4.15% 03/07/1995 2,100 2,100,000 Illinois Health Facility Highland Park Hospital Series 1991A MB / (FGIC Insurance) (double dagger) (VMIG1) 3.75% 06/01/1995 3,500 3,500,000 -------------- 29,185,000 -------------- Indiana--4.3% Indiana Development Finance Authority Solid Waste Disposal RB MB / (Fuji Bank LOC) (double dagger) (A-1+) 4.30% 04/07/1995 1,000 1,000,000 4.20% 04/07/1995 3,550 3,550,000 7 Indiana--(continued) Indiana State Housing Finance Authority Series C MB (double dagger) (VMIG1) 4.40% 07/03/1995 3,625 3,625,000 Petersburg Solid Waste Disposal Revenue Bonds (Indiana Power and Light Co. Project) Series A DN (dagger) (A-1+) 4.10% 03/07/1995 5,000 5,000,000 -------------- 13,175,000 -------------- Kansas--0.7% Lawrence Industrial Development RB Series A (Ram Co. Project) DN / (Wachovia LOC) (dagger) (A-1+) 4.00% 03/01/1995 2,125 2,125,000 -------------- Kentucky--1.9% Maysville Solid Waste Disposal Facilities RB MB (double dagger) (A-1) 4.40% 04/07/1995 2,865 2,865,000 Ohio County PCR DN (Big Rivers) / (Bank of New York LOC) (dagger) (A-1+) 3.85% 03/07/1995 3,000 3,000,000 -------------- 5,865,000 -------------- Louisiana--1.8% New Orleans Exhibition Hall Authority Special Tax Bonds Series 1989 B DN / (Sanwa Bank LOC) (dagger) (VMIG1) 4.05% 03/07/1995 400 400,000 Plaquemines Port Harbor and Terminal (District of Marine Terminal Facilities) Revenue Refunding Bonds Series A MB/ (Morgan Guaranty LOC) (double dagger) (P-1) 3.40% 03/15/1995 4,000 4,000,000 Plaquemines Port Harbor and Terminal (District of Marine Terminal Facilities) Revenue Refunding Bonds MB/ (Morgan Guaranty LOC) (double dagger) (P-1) 4.10% 03/16/1995 1,000 1,000,000 -------------- 5,400,000 -------------- Maine--2.5% Jay Maine for International Paper MB (double dagger) 3.95% 06/01/1995 7,500 7,500,000 -------------- Maryland--1.1% City Council of Baltimore IDA (Capital Acquisition Program) Series 86 DN / (Dai-Ichi Kangyo LOC) (dagger) (A-1+) 4.10% 03/07/1995 3,500 3,500,000 -------------- Massachusetts--0.4% Massachusetts Industrial Finance Agency PCR Refunding Bonds (New England Power Company Project) Series 1992 MB (double dagger) (P-1) 4.10% 03/07/1995 1,200 1,200,000 -------------- Michigan--0.7% Detroit Downtown Development Authority DN (Millender Project) / (Sumitomo Bank LOC)(dagger) (A-1+) 4.10% 03/07/1995 1,000 1,000,000 Northville IDA DN (Thrifty Northville Project) / (Westpac Banking Corp. LOC) (dagger) (P-1) 4.38% 03/07/1995 1,000 1,000,000 -------------- 2,000,000 -------------- Missouri--1.9% Missouri Higher Education Student Loan Authority DN / (Dai-Ichi Kangyo LOC) (dagger) (A-1) 4.25% 03/07/1995 3,700 3,700,000 Missouri Higher Education DN / (National Westminster LOC) (dagger) (A-1+) 4.25% 03/07/1995 2,200 2,200,000 -------------- 5,900,000 -------------- Nebraska--1.9% Lancaster Nebraska Sun-Husker Foods Inc. Project DN / (Bank of Tokyo LOC) (dagger) (A-1+) 4.30% 03/07/1995 3,800 3,800,000 8 Nebraska--(continued) Nebraska Investment Finance Authority Multifamily DN (Applecreek Associates) / (Citibank LOC) (dagger) (A-1) 4.05% 03/30/1995 1,900 1,900,000 -------------- 5,700,000 -------------- Nevada--0.4% Clark County Nevada IDR Nevada Cogeneration Association DN / (Swiss Bank LOC) (dagger) (A-1) 3.85% 03/07/1995 1,200 1,200,000 -------------- New Hampshire--2.0% New Hampshire Housing Finance Authority Series 1994 1 DN (dagger) (VMIG1) 4.15% 03/07/1995 6,000 6,000,000 -------------- Pennsylvania--1.3% Commonwealth of Pennsylvania TAN (SP-1+) 4.75% 06/30/1995 2,000 2,005,156 4.75% 06/30/1995 2,000 2,004,830 -------------- 4,009,986 -------------- Puerto Rico--2.1% Puerto Rico Government Development Bank 85 DN / (Credit Suisse LOC) (dagger) (A-1+) 3.90% 03/07/1995 6,300 6,300,000 -------------- Rhode Island--3.1% Rhode Island Student Loan Series 1 DN / National Westminster LOC) (dagger) (A-1+) 4.15% 03/01/1995 9,500 9,500,000 -------------- Texas--14.7% Harris County Texas Toll Road Unlimited Tax Revenue Bonds Series 4F DN (dagger) (A-1+) 4.05% 03/07/1995 1,000 1,000,000 North Texas Higher Education Authority, Inc. Student Loan Revenue Senior Series 87 DN / (Fuji Bank LOC) (dagger) (VMIG1) 4.25% 03/07/1995 13,900 13,900,000 Texas--(continued) North Texas Higher Education Student Loan Revenue Series A DN (dagger) (A-1+) 4.10% 03/07/1995 5,000 5,000,000 Red River Authority of Texas (Southwestern Public Service Company Project) DN / (Union Bank of Swizerland LOC) (dagger) (A-1+) 4.00% 03/07/1995 2,000 2,000,000 Panhandle Plains Higher Education Authority Student Loan Revenue Bonds Series A MB / (Student Loan Marketing Assoc. LOC) (double dagger) (VMIG1) 3.35% 03/31/1995 1,500 1,500,000 Harris County Health Facilities Corp. Hospital Revenue Bonds San Jacinto Series A MB (double dagger) (VMIG1) 3.90% 03/01/1995 5,000 5,000,000 Brazos River Harbor Navigation District of Brazoria County Revenue Bonds MB (double dagger) (P-1) 4.30% 04/11/1995 1,600 1,600,000 Houston Texas GO Commercial Paper Notes Series A MB / (Toronto Dominion LOC) (double dagger) (A-1+) 4.10% 03/27/1995 1,400 1,400,000 Angelina and Neches River Authority Solid Waste Disposal Revenue Bonds MB (double dagger) (A-1) 4.30% 04/13/1995 1,900 1,900,000 4.20% 04/06/1995 4,600 4,600,000 San Antonio Texas Water System Commercial Paper Notes Series 92 MB (double dagger) (A-1) 4.00% 04/13/1995 7,000 7,000,000 -------------- 44,900,000 -------------- Utah--3.9% Intermountain Power Agency DN (dagger) (A-1) 3.55% 06/15/1995 5,000 5,000,000 Salt Lake Airport Revenue DN (dagger) (A-1) 4.10% 03/07/1995 1,600 1,600,000 9 Utah--(continued) Utah State Board of Regents Student Loan Revenue Series C DN / (Dresdner Bank LOC) (dagger) (A-1+) 4.10% 03/07/1995 3,400 3,400,000 Utah Housing Finance Agency Single Family Mortgage Variable Rate Bonds DN / (Guaranteed Investor Contract LOC) (dagger) (VMIG1) 4.10% 03/07/1995 1,800 1,800,000 -------------- 11,800,000 -------------- Virginia--1.0% Virginia Housing Development Authority Commonwealth Mortgage Series I MB (double dagger) (A-1+) 4.20% 05/11/1995 3,000 3,000,000 -------------- Washington--2.6% Port of Seattle IDA DN (Alaska Airlines Project) / (Bank of America LOC) (dagger) 4.43% 03/07/1995 4,900 4,900,000 Washington Public Power Supply System Project No. 3 Refunding Electric RB DN / (Industrial Bank of Japan LOC) (dagger) (A-1+) 4.30% 03/07/1995 3,000 3,000,000 -------------- 7,900,000 -------------- West Virginia--2.3% Marion County Solid Waste Disposal Facility Revenue DN / (National Westminster LOC) (dagger) (A-1+) 4.30% 03/07/1995 5,800 5,800,000 Marion County DN / (National Westminster LOC) (dagger) (A-1+) 4.30% 03/07/1995 1,200 1,200,000 -------------- 7,000,000 -------------- TOTAL INVESTMENTS AT VALUE--99.5% (Cost $302,960,236*) 302,960,236 OTHER ASSETS IN EXCESS OF LIABILITIES--0.5% 1,564,458 -------------- NET ASSETS (Applicable to 193,816,408 Bedford shares, 110,574,496 Bradford shares, 201,837 Cash Preservation shares, 5,013 RBB shares and 800 other shares) -- 100.0% $304,524,694 ============== NET ASSET VALUE, offering and redemption price per share ($304,524,694 / 304,598,554) $1.00 ===== * Also cost for Federal income tax purposes. (dagger) Variable Rate Demand Notes -- The interest rate shown is the rate as of February 28, 1995 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. (double dagger) Put Bonds -- maturity date is the put date. The Moody's Investors Service, Inc. and Standard & Poor's Ratings Group, Division of McGraw-Hill, Inc. ratings indicated are the most recent ratings available at February 28, 1995. INVESTMENT ABBREVIATIONS BAN Bond Anticipation Note DN Demand Note GO General Obligations LOC Letter of Credit IDA Industrial Development Authority MB Municipal Bond PCR Pollution Control Revenue RAN Revenue Anticipation Note RAW Revenue Anticipation Warrants RB Revenue Bond TAN Tax Anticipation Note TECP Tax Exempt Commercial Paper TRAN Tax and Revenue Anticipation Note
See Accompanying Notes to Financial Statements. 10 The Bedford Family The RBB Fund, Inc. Municipal Money Market Portfolio
Statement of Operations For the Six Months Ended February 28, 1995 (Unaudited) Investment Income Interest $5,250,112 ---------- Expenses Investment advisory fees 500,701 Administration fees 146,237 Distribution fees 834,332 Directors' fees 1,360 Custodian fees 34,984 Transfer agent fees 73,031 Legal fees 7,214 Audit fees 8,327 Registration fees 41,999 Amortization expense 2,726 Insurance expense 4,109 Printing expense 36,670 Miscellaneous 25 ---------- 1,691,715 Less fees waived (511,991) Less expense reimbursement by advisor (5,355) ---------- TOTAL EXPENSES 1,174,369 ---------- NET INVESTMENT INCOME 4,075,743 ---------- REALIZED GAIN ON INVESTMENTS Amortized market discount 201 ---------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $4,075,944 ==========
Statement of Changes in Net Assets For the For the Six Months Ended Year Ended February 28, 1995 August 31, 1994 ----------------- --------------- (Unaudited) Increase (decrease) in net assets: Operations: Net investment income $ 4,075,743 $ 6,301,720 Net gain (loss) on investments 201 (10,833) -------------- -------------- Net increase in net assets resulting from operations 4,075,944 6,290,887 -------------- -------------- Dividends to shareholders from net investment income: Bedford shares ($.0138 and $.0195, respectively, per share) (2,593,176) (4,374,300) Bradford shares ($.0138 and $.0195, respectively, per share) (1,479,555) (1,924,607) Cash Preservation shares ($.0130 and $.0174, respectively, per share) (2,949) (2,703) RBB shares ($.0129 and $.0172, respectively, per share) (63) (90) Sansom Street shares ($.0185 per share for 1994) -- (20) -------------- -------------- Total dividends to shareholders (4,075,743) (6,301,720) -------------- -------------- Net capital share transactions 21,820,742 (10,002,056) -------------- -------------- Total increase (decrease) in net assets 21,820,943 (10,012,889) Net Assets: Beginning of period 282,703,751 292,716,640 -------------- -------------- End of period $ 304,524,694 $ 282,703,751 ============== ==============
See Accompanying Notes to Financial Statements. 11 The Bedford Family The RBB Fund, Inc. Government Obligations Money Market Portfolio Statement of Net Assets February 28, 1995 (Unaudited)
Par (000) Value -------- -------------- Agency Obligations--79.8% Federal Farm Credit Bank Discount Notes 4.93% 03/01/1995 $10,000 $ 10,000,000 4.94% 03/06/1995 6,000 5,995,883 5.30% 03/21/1995 3,000 2,991,167 6.00% 04/06/1995 6,360 6,321,840 5.57% 04/19/1995 5,000 4,962,093 5.84% 05/17/1995 5,000 4,937,544 Federal Home Loan Bank Floating Rate Notes (dagger) 6.03% 03/01/1995 10,000 9,997,672 6.09% 05/02/1995 10,000 9,993,540 Federal Home Loan Bank Notes 6.79% 02/15/1996 5,000 5,004,993 Federal Home Loan Mortgage Corp. Discount Notes 5.88% 03/13/1995 15,000 14,970,625 Federal National Mortgage Association Discount Notes 6.41% 06/12/1995 5,000 4,908,301 Federal National Mortgage Association Floating Rate Notes (dagger) 6.18% 03/07/1995 10,000 10,000,000 Student Loan Marketing Association Floating Rate Notes (dagger) 6.21% 03/07/1995 10,000 10,002,482 6.26% 03/07/1995 10,000 10,006,284 6.17% 03/07/1995 15,000 15,000,000 6.10% 03/07/1995 9,000 8,997,904 6.11% 03/07/1995 5,000 5,000,000 Tennessee Valley Authority Discount Notes 5.92% 04/05/1995 12,000 11,930,933 ------------- TOTAL AGENCY OBLIGATIONS (Cost $151,021,261) 151,021,261 ------------- Repurchase Agreements--20.0% Lehman Government Securities Inc. 6.13% 03/01/1995 17,967 17,967,000 (Agreement dated 02/28/95 to be repurchased at $17,970,059, collateralized by $20,502,815 Government National Mortgage Assoc. 6.00% to 9.00% due 10/15/08 to 10/15/34. Market value of collateral is $18,504,966.) Merrill Lynch & Co. 6.15% 03/01/1995 20,000 20,000,000 (Agreement dated 02/28/95 to be repurchased at $20,003,417, collateralized by $36,726,954 Federal National Mortgage Assoc. 5.50% to 10.50% due 12/01/99 to 09/01/28. Market value of collateral is $20,400,346.) ------------- TOTAL REPURCHASE AGREEMENTS (Cost $37,967,000) 37,967,000 ------------- TOTAL INVESTMENTS AT VALUE -- 99.8% (Cost $188,988,261*) 188,988,261 OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.2% 325,290 ------------- NET ASSETS (Applicable to 151,283,654 Bedford Shares, 38,036,313 Bradford Shares and 800 other shares) -- 100.0% $189,313,551 ============= NET ASSET VALUE, offering and redemption price per share ($189,313,551 / 189,320,767) $1.00 ===== * Also cost for Federal income tax purposes. (dagger) Variable Rate Obligations -- The interest rate is the rate as of February 28, 1995 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. 12 The Bedford Family The RBB Fund, Inc. Government Obligations Money Market Portfolio
Statement of Operations For the Six Months Ended February 28, 1995 (Unaudited) Investment Income Interest $5,432,035 ---------- Expenses Investment advisory fees 450,457 Distribution fees 575,828 Directors' fees 1,007 Custodian fees 23,002 Transfer agent fees 35,100 Legal fees 4,714 Audit fees 5,661 Registration fees 18,561 Amortized expense 1,273 Insurance expense 2,737 Printing expense 21,610 Miscellaneous 10 ---------- 1,139,960 Less fees waived (164,696) ---------- TOTAL EXPENSES 975,264 ---------- NET INVESTMENT INCOME 4,456,771 ---------- REALIZED GAIN ON INVESTMENTS 1,250 ---------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $4,458,021 ==========
Statement of Changes in Net Assets For the For the Six Months Ended Year Ended February 28, 1995 August 31, 1994 ------------------ --------------- (Unaudited) Decrease in net assets: Operations: Net investment income $ 4,456,771 $ 6,187,200 Net gain on investments 1,250 23,663 -------------- -------------- Net increase in net assets resulting from operations 4,458,021 6,210,863 -------------- -------------- Dividends to shareholders from net investment income: Bedford shares ($.0222 and $.0270 respectively, per share) (3,535,352) (5,073,158) Bradford shares ($.0222 and $.0270, respectively, per share) (921,419) (1,114,042) -------------- -------------- Total dividends to shareholders (4,456,771) (6,187,200) -------------- -------------- Net capital share transactions (16,838,706) (58,137,875) -------------- -------------- Total decrease in net assets (16,837,456) (58,114,212) Net Assets: Beginning of period 206,151,007 264,265,219 -------------- -------------- End of period $ 189,313,551 $ 206,151,007 ============== ==============
See Accompanying Notes to Financial Statements. 13 The Bedford Family The RBB Fund, Inc. New York Municipal Money Market Portfolio Statement of Net Assets February 28, 1995 (Unaudited)
Par (000) Value --------- ------------- New York--99.8% Albany County New York BAN 6.00% 02/21/1996 $ 2,000 $ 2,023,142 Broome County New York BAN (MIG1) 3.75% 04/20/1995 1,000 1,000,596 City of New York GO Bonds DN / (Escrowed U.S. Governments)(dagger) 4.19% 03/02/1995 1,000 1,000,000 City of New York Housing Development Corporation (Parkgate Tower) Resolution 1 DN Series 1995 (Citibank LOC)(dagger) (VMIG1/A-1) 3.75% 03/07/1995 1,365 1,365,000 Hempstead New York BAN (MIG1) 4.50% 08/17/1995 1,000 1,002,315 Montgomery Town Industrial Development Agency DN / (Industrial Bank of Japan LOC)(dagger) (A-1) 4.00% 03/15/1995 1,300 1,300,000 New York City GO RAN DN Fiscal 1995 Series B1(dagger) (MIG1/SP-1) 4.06% 03/07/1995 2,400 2,400,000 New York City GO DN Series A-4 / (Chemical Bank LOC)(dagger) (VMIG1/A-1) 3.60% 03/01/1995 1,200 1,200,000 New York City GO Series B Subseries B-9 / (Chemical Bank LOC) (VMIG1/A-1) 3.70% 03/16/1995 1,500 1,500,000 New York City IDA RB DN Series V (Premier Sleep Project ) / (Algemene LOC)(dagger) (VMIG1) 4.10% 03/07/1995 1,115 1,115,000 New York City IDA RB DN Series X (Spreading Machine Exchange Project) / (Algemene LOC)(dagger) (VMIG1) 4.10% 03/07/1995 750 750,000 New York City IDA RB DN (Field Hotel Project) (JFK Airport) / (Banque Indosuez LOC)(dagger) (VMIG1/A-1+) 3.80% 03/07/1995 1,800 1,800,000 New York--(continued) New York City IDA Laguardia Airport DN / (Banque Indosuez LOC)(dagger) 3.80% 03/07/1995 1,300 1,300,000 New York City Municipal Water Authority TECP / (Credit Suisse LOC) 4.10% 03/15/1995 2,000 2,000,000 New York City Museum of Broadcasting DN Series 1989 / (Sumitomo Bank LOC)(dagger) (VMIG1/A-1+) 3.90% 03/07/1995 1,600 1,600,000 New York State Dormitory Authority Memorial Sloan Kettering Cancer Center TECP Series C/ (Fuji Bank LOC)(double dagger) (VMIG1/A-1+) 3.75% 03/22/1995 1,035 1,035,000 New York State Dormitory State University Education Facility S72 / (Escrowed U.S. Governments) 6.30% 05/01/1995 1,000 1,004,886 New York State Energy Research and Development Authority New York State Electric & Gas Series 1985-A (Morgan Guaranty LOC) MB(double dagger) 3.25% 03/15/1995 1,000 1,000,000 New York State Energy Research and Development Authority PCR DN (Central-Hudson Gas and Electric Corporation) Series 195-A / (Bankers Trust LOC)(dagger) (VMIG1/A-1) 3.55% 03/07/1995 1,700 1,700,000 New York State Energy Research and Development Authority PCR MB / (Deutsche Bank LOC)(double dagger) (MIG1) 3.00% 03/01/1995 1,500 1,500,000 New York State Energy Research & Development Authority PCR DN / (Bank of New York LOC) (dagger) 3.50% 03/07/1995 1,200 1,200,000 14 New York--(continued) New York State GO BAN Series O (A-1/P-1) 4.10% 03/16/1995 500 500,000 New York State Housing Finance Agency DN Series A (Mount Sinai School of Medicine)/(Sanwa Bank LOC)(dagger) (MIG1) 4.00% 03/01/1995 200 200,000 New York State Housing Finance Agency Multi-family Mortgage Revenue DN / (AMBAC Insurance)(dagger) (VMIG1/A-1+) 3.90% 03/07/1995 400 400,000 New York State Housing Finance Agency Sloan Kettering 1985A DN / (Morgan Guaranty LOC)(dagger) (A-1+) 4.10% 03/07/1995 500 500,000 New York State Housing Finance Agency (Normandie Court I Project) Series 1991 DN / (Society General LOC)(dagger) (A-1+) 3.90% 03/07/1995 1,100 1,100,000 New York State Job Development Authority DN Series 1984 D1 to D9 / (Sumitomo Bank LOC)(dagger) (VMIG1) 3.80% 03/01/1995 70 70,000 New York State Job Development Authority DN Special Purpose Series 1986 A1 to A14 / (Sumitomo Bank LOC)(dagger) (VMIG1) 3.90% 03/07/1995 560 560,000 New York State Job Development Authority DN Special Purpose Series C / (Sumitomo Bank LOC)(dagger) (VMIG1/A-1+) 3.55% 03/01/1995 1,040 1,040,000 New York State Job Development Authority Special Purpose Bonds DN Series 1984 G1 to G55/ (Sumitomo Bank LOC)(dagger) (VMIG1) 3.80% 03/01/1995 190 190,000 New York--(continued) Port Authority of New York and New Jersey TECP Series B (A-1+/P-1) 3.70% 03/07/1995 1,000 1,000,000 State of New York GO BAN Series P / (Westdeutsche Landesbank Gironzentrale LOC) (A-1/P-1) 4.10% 03/08/1995 1,000 1,000,000 State of New York Power Authority Adjustable Tender Notes(double dagger) (VMIG1/A-1) 3.80% 03/01/1995 1,500 1,500,000 Suffolk County Industrial Development Authority (Nissequogue Cogen) Series 1994 / (Toronto Dominion LOC)(dagger) (VMIG1/A-1+) 3.85% 03/01/1995 2,600 2,600,000 Suffolk County Water Authority BAN DN 1994(dagger) (VMIG1/A-1+) 3.90% 03/01/1995 1,500 1,500,000 Suffolk County, New York TAN 1995 Series I / (Westdeutsche Landesbank Gironzentrale LOC) (MIG1/SP-1+) 5.25% 08/15/1995 1,000 1,002,605 Town of Rotterdam IDA Rotterdam Industrial Park Project Series 1983 A DN/ (Chemical Bank LOC)(dagger) (P-1) 4.00% 03/07/1995 1,500 1,500,000 Triborough Bridge and Tunnel Authority DN / (FGIC Insurance)(dagger) (VMIG1/A-1+) 3.75% 03/07/1995 900 900,000 Triborough Bridge & Tunnel Authority New York Beneficial Interest Certificates DN / (Citibank LOC)(dagger) 4.05% 03/15/1995 1,000 1,000,000 Williamsville New York Central School BAN (MIG1) 4.00% 05/04/1995 1,000 1,001,102 -------------- 46,359,646 -------------- 15 TOTAL INVESTMENTS AT VALUE -- 99.8% (Cost $46,359,646*) 46,359,646 OTHER ASSETS IN EXCESS OF LIABILITIES -- 0.2% 114,369 -------------- NET ASSETS (Applicable to 46,485,821 Bedford shares and 800 other shares) -- 100.0% $46,474,015 ============== NET ASSET value, offering and redemption price per share ($46,474,015 / 46,486,621) $1.00 ====== * Cost for Federal income tax purposes. (dagger) Variable Rate Demand Notes -- The interest rate shown is the rate as of February 28, 1995 and the maturity date shown is the longer of the next interest readjustment date or the date the principal amont shown can be recoverd through demand. (double dagger) Put Bonds --Maturity date shown is the put date. The Moody's Investors Service, Inc. and Standard & Poor's Ratings Group, Division of McGraw-Hill, Inc. ratings indicated are the most recent ratings available at February 28, 1995. INVESTMENT ABBREVIATIONS BAN Bond Anticipation Note DN Demand Note GO General Obligations LOC Letter of Credit IDA Industrial Development Authority MB Municipal Bond PCR Pollution Control Revenue RAN Revenue Anticipation Note RB Revenue Bond TAN Tax Anticipation Note TECP Tax Exempt Commercial Paper TRAN Tax and Revenue Anticipation Note
See Accompanying Notes to Financial Statements. 16 The Bedford Family The RBB Fund, Inc. New York Municipal Money Market Portfolio
Statement of Operations For the Six Months Ended February 28, 1995 (Unaudited) Investment Income Interest $830,816 ---------- Expenses Investment advisory fees 84,480 Administration fees 24,137 Distribution fees 135,353 Directors' fees 222 Custodian fees 9,533 Transfer agent fees 32,400 Legal fees 1,841 Audit fees 1,339 Registration fees 4,125 Organization expense 4,148 Insurance expense 649 Printing expense 1,560 Miscellaneous 53 ---------- 299,840 Less fees waived (109,762) Less expense reimbursement by advisor (10,087) ---------- TOTAL EXPENSES 179,991 ---------- NET INVESTMENT INCOME 650,825 ---------- NET REALIZED LOSS ON INVESTMENTS (89) ---------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $650,736 ==========
Statement of Changes in Net Assets For the For the Six Months Ended Year Ended February 28, 1995 August 31, 1994 ----------------- --------------- (Unaudited) Increase (decrease) in net assets: Operations: Net investment income $ 650,825 $ 1,093,238 Net loss on investments (89) (323) ------------- ------------ Net increase in net assets resulting from operations 650,736 1,092,915 ------------- ------------ Dividends to shareholders from net investment income: Bedford shares ($.0134 and $.0198, respectively, per share) (650,825) (1,093,238) ------------- ------------ Net capital share transactions (5,748,558) (3,454,721) ------------- ------------ Total decrease in net assets (5,748,647) (3,455,044) Net Assets: Beginning of period 52,222,662 55,677,706 ------------- ------------ End of period $ 46,474,015 $ 52,222,662 ============= ============
See Accompanying Notes to Financial Statements. 17 The Bedford Family The RBB Fund, Inc. Financial Highlights (b) (For a Share Outstanding Throughout each Period)
Money Market Portfolio ------------------------------------------------------------------------------------ For the For the For the For the For the Six Months Ended Year Ended Year Ended Year Ended Year Ended February 28, 1995 August 31, 1994 August 31, 1993 August 31, 1992 August 31, 1991 ---------------- --------------- -------------- --------------- --------------- (Unaudited) Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------------- -------------- -------------- -------------- -------------- Income from investment operations: Net investment income .0226 .0278 .0243 .0375 .0629 Net gains on securities (both realized and unrealized) -- -- -- .0007 -- -------------- -------------- -------------- -------------- -------------- Total from investment operations .0226 .0278 .0243 .0382 .0629 -------------- -------------- -------------- -------------- -------------- Less distributions Dividends (from net investment income) (.0226) (.0278) (.0243) (.0375) (.0629) Distributions (from capital gains) -- -- -- (.0007) -- -------------- -------------- -------------- -------------- -------------- Total distributions (.0226) (.0278) (.0243) (.0382) (.0629) -------------- -------------- -------------- -------------- -------------- Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ============== ============== ============== ============== ============== Total Return 4.65%(c) 2.81% 2.46% 3.89% 6.48% Ratios /Supplemental Data Net assets, end of period $754,409,452 $710,737,481 $782,153,438 $736,841,928 $747,530,400 Ratios of expenses to average net assets .96%(a)(c) .95%(a) .95%(a) .95%(a) .92%(a) Ratios of net investment income to average net assets 4.55%(c) 2.78% 2.43% 3.75% 6.29%
Municipal Money Market Portfolio ---------------------------------------------------------------------------------------- For the For the For the For the For the Six Months Ended Year Ended Year Ended Year Ended Year Ended February 28, 1995 August 31, 1994 August 31, 1993 August 31, 1992 August 31, 1991 ---------------- --------------- -------------- -------------- --------------- (Unaudited) Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------------- -------------- -------------- -------------- -------------- Income from investment operations: Net investment income .0138 .0195 .0195 .0287 .0431 Net gains on securities (both realized and unrealized) -- -- -- -- -- -------------- -------------- -------------- -------------- -------------- Total from investment operations .0138 .0195 .0195 .0287 .0431 -------------- -------------- -------------- -------------- -------------- Less distributions Dividends (from net investment income) (.0138) (.0195) (.0195) (.0287) (.0431) Distributions (from capital gains) -- -- -- -- -- -------------- -------------- -------------- -------------- -------------- Total distributions (.0138) (.0195) (.0195) (.0287) (.0431) -------------- -------------- -------------- -------------- -------------- Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ============== ============== ============== ============== ============== Total Return 2.83%(c) 1.97% 1.96% 2.90% 4.40% Ratios /Supplemental Data Net assets, end of period $193,743,765 $182,408,069 $215,577,193 $176,949,886 $215,139,746 Ratios of expenses to average net assets .80%(a)(c) .77%(a) .77%(a) .77%(a) .74%(a) Ratios of net investment income to average net assets 2.79%(c) 1.95% 1.95% 2.87% 4.31% (a) Without the waiver of advisory and administration fees and without the reimbursement of certain operating expenses, the ratios of expenses to average net assets for the Money Market Portfolio would have been 1.19% annualized for the six months ended February 28, 1995, 1.16%, 1.19%, 1.20% and 1.17% for the years ended August 31, 1994, 1993, 1992 and 1991, respectively. For the Municipal Money Market Portfolio, the ratios of expenses to average net assets would have been 1.15% annualized for the six months ended February 28, 1995, 1.12%, 1.16%, 1.15% and 1.13% for the years ended August 31, 1994, 1993, 1992 and 1991, respectively. (b) Financial Highlights relate solely to the Bedford Class of shares within each portfolio. (c) Annualized.
See Accompanying Notes to Financial Statements. 18 The Bedford Family The RBB Fund, Inc. Financial Highlights (b) (For a Share Outstanding Throughout each Period)
Government Obligations Money Market Portfolio -------------------------------------------------------------------------------------------- For the For the For the For the For the Six Months Ended Year Ended Year Ended Year Ended Year Ended February 28, 1995 August 31, 1994 August 31, 1993 August 31, 1992 August 31, 1991 ----------------- --------------- --------------- --------------- --------------- (Unaudited) Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------------- -------------- -------------- -------------- -------------- Income from investment operations: Net investment income .0222 .0270 .0231 .0375 .0604 Net gains on securities (both realized and unrealized) -- -- -- .0009 -- -------------- -------------- -------------- -------------- -------------- Total from investment operations .0222 0.270 .0231 .0384 .0604 -------------- -------------- -------------- -------------- -------------- Less distributions Dividends (from net investment income) (.0222) (.0270) (.0231) (.0375) (.0604) Distributions (from capital gains) -- -- -- (.0009) -- -------------- -------------- -------------- -------------- -------------- Total distributions (.0222) (.0270) (.0231) (.0384) (.0604) -------------- -------------- -------------- -------------- -------------- Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ============== ============== ============== ============== ============== Total Return 4.56%(c) 2.73% 2.33% 3.91% 6.21% Ratios /Supplemental Data Net assets, end of period $151,277,769 $166,417,793 $213,741,440 $225,100,981 $368,898,941 Ratios of expenses to average net assets .975%(a)(c) .975%(a) .975%(a) .975%(a) .95%(a) Ratios of net investment income to average net assets 4.47%(c) 2.70% 2.31% 3.75% 6.04%
New York Municipal Money Market Portfolio -------------------------------------------------------------------------------------------- For the For the For the For the For the Six Months Ended Year Ended Year Ended Year Ended Year Ended February 28, 1995 August 31, 1994 August 31, 1993 August 31, 1992 August 31, 1991 ----------------- --------------- --------------- --------------- --------------- (Unaudited) Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------------- -------------- -------------- -------------- -------------- Income from investment operations: Net investment income .0134 .0198 .0234 .0300 .0369 Net gains on securities (both realized and unrealized) -- -- -- -- -- -------------- -------------- -------------- -------------- -------------- Total from investment operations .0134 .0198 .0234 .0300 .0369 -------------- -------------- -------------- -------------- -------------- Less distributions Dividends (from net investment income) (.0134) (.0198) (.0234) (.0300) (.0369) Distributions (from capital gains) -- -- -- -- -- -------------- -------------- -------------- -------------- -------------- Total distributions (.0134) (.0198) (.0234) (.0300) (.0369) -------------- -------------- -------------- -------------- -------------- Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ============== ============== ============== ============== ============== Total Return 2.75%(c) 2.00% 2.37% 3.04% 3.76% Ratios /Supplemental Data Net assets, end of period $ 46,474,015 $ 52,221,862 $ 55,676,706 $ 40,750,824 $ 34,183,414 Ratios of expenses to average net assets .75%(a)(c) .50%(a) .14%(a) .33%(a) .89%(a) Ratios of net investment income to average net assets 2.71%(c) 1.98% 2.34% 3.00% 3.69% (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 1.14% annualized for the six months ended February 28, 1995, 1.17%, 1.18%, 1.12% and 1.13% for the years ended August 31, 1994, 1993, 1992 and 1991, respectively. For the New York Municipal Money Market Portfolio, the ratios of expenses to average net assets would have been 1.24% annualized for the six months ended February 28, 1995, 1.20%, 1.20%, 1.22%, and 1.25% for the years ended August 31, 1994, 1993, 1992 and 1991, respectively. (b) Financial Highlights relate solely to the Bedford Class of shares within each portfolio. (c) Annualized.
See Accompanying Notes to Financial Statements. 19 The Bedford Family The RBB Fund, Inc. Notes to Financial Statements February 28, 1995 (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 10.7 billion shares are currently classified into sixty-two classes. Each class represents an interest in one of eighteen investment portfolios of the Fund, sixteen of which are currently in operation. The classes have been grouped into sixteen separate "families", eight of which have begun investment operations: the RBB Family, the BEA Family, the Sansom Street Family, The Bedford Family, the Cash Preservation Family, the Laffer/Canto Family, the Warburg Pincus Family and the Bradford Family. The Bedford Family represents interests in four portfolios, which are covered in 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 Fund seeks to maintain net asset value per share at $1.00 for these portfolios. 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 principals. D) FEDERAL INCOME TAXES -- No provision is made for Federal taxes as it is the Fund's intention to have each portfolio to 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) ORGANIZATION COSTS -- Costs incurred by the Fund in connection with its organization and initial registration and public offering of shares have been deferred by the Fund. Organization costs are being amortized on a straight-line basis for a five-year period which began upon the commencement of operations of the Fund. F) 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. G) NEW YORK MUNICIPAL OBLIGATIONS -- Certain New York state and New York City municipal obligations in the New York Municipal Money Market Portfolio may be obligations of issuers which rely in whole or in part on New York state or New York City revenues, real property taxes, revenues from health care institutions, or obligations secured by mortgages on real property. Consequently, the possible effect of economic conditions in New York or of changes in New York regulations on these obligations must be considered. 20 Note 2. Transactions with Affiliates and Related Parties Pursuant to Investment Advisory Agreements, PNC Institutional Management Corp. ("PIMC"), a wholly owned subsidiary of PNC Bank, National Association ("PNC Bank"), serves as investment advisor for the four portfolios described herein. PNC Bank serves as the sub-advisor for the Money Market, the Municipal Money Market and the Government Obligations Money Market Portfolios. The New York Municipal Money Market Portfolio has no sub-advisor. For its advisory services, PIMC is entitled to receive the following fees, computed daily and payable monthly based on a portfolio's average daily net assets:
Portfolio Annual Rate ------------------------------ ----------------------------------------------- Money Market and Government .45% of first $250 million of net assets; Obligations Money Market .40% of next $250 million of net assets; Portfolios .35% of net assets in excess of $500 million. Municipal Money Market and .35% of first $250 million of net assets; New York Municipal Money .30% of next $250 million of net assets; Market Portfolios .25% of net assets in excess of $500 million.
PIMC may, at its discretion, voluntarily waive all or any portion of its advisory fee for these portfolios. For each class of shares within a respective portfolio, the net advisory fee charged to each class is the same on a relative basis. For the six months ended February 28, 1995, advisory fees and waivers for the four investment portfolios were as follows:
Gross Net Advisory Advisory Fee Waiver Fee -------------- -------------- -------------- Money Market Portfolio $2,137,724 $(1,283,528) $854,196 Municipal Money Market Portfolio 500,701 (497,518) 3,183 Government Obligations Money Market Portfolio 450,457 (164,696) 285,761 New York Municipal Money Market Portfolio 84,480 (84,480) --
PNC Bank, as sub-advisor, receives a fee directly from PIMC, not the portfolios. 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. 21 Note 2. Transactions with Affiliates and Related Parties (continued) PFPC may, at its discretion, voluntarily waive all or any portion of its transfer agency fee for any class of shares. For the six months ended February 28, 1995, transfer agency fees and waivers for each class of shares within the four investment portfolios were as follows:
Gross Net Transfer Agency Transfer Agency Fee Waiver Fee ---------------- -------------- --------------- Money Market Portfolio Bedford Class $ 634,500 $ -- $ 634,500 Cash Preservation Class 4,175 (3,767) 408 RBB Class 4,080 (3,980) 100 Sansom Street Class 4,005 -- 4,005 --------------- ------------- -------------- Total Money Market Portfolio $ 646,760 $ (7,747) $ 639,013 =============== ============= ============== Municipal Money Market Portfolio Bedford Class $ 47,000 $ -- $ 47,000 Bradford Class 17,400 -- 17,400 Cash Preservation Class 4,486 (4,009) 477 RBB Class 4,145 (4,132) 13 --------------- ------------- -------------- Total Municipal Money Market Portfolio $ 73,031 $ (8,141) $ 64,890 =============== ============= ============== Government Obligations Money Market Portfolio Bedford Class $ 29,700 $ -- $ 29,700 Bradford Class 5,400 -- 5,400 --------------- ------------- -------------- Total Government Obligations Money Market Portfolio $ 35,100 $ -- $ 35,100 =============== ============= ============== New York Municipal Money Market Portfolio Bedford Class $ 32,400 $ -- $ 32,400 =============== ============= ==============
In addition, PFPC serves as administrator for the Municipal Money Market and New York Municipal Money Market Portfolios. The administration fee is computed daily and payable monthly at an annual rate of .10% of each Portfolio's average daily net assets. PFPC may, at its discretion, voluntarily waive all or any portion of its administration fee for a Portfolio. For the six months ended February 28, 1995, administration fees and waivers for the two portfolios were as follows:
Gross Net Administration Administration Fee Waiver Fee -------------- -------------- -------------- Municipal Money Market Portfolio $ 146,237 $ (6,332) $ 139,905 New York Municipal Money Market Portfolio 24,137 (23,158) 979
The Fund, on behalf of each class of shares within the four investment portfolios, 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, Bradford, Cash Preservation and RBB Classes and up to .20% on an annualized basis for the Sansom Street Class. 22 Note 2. Transactions with Affiliates and Related Parties (continued) Counsellors may, at its discretion, voluntarily waive all or any portion of its distribution fee. For the six months ended February 28, 1995, distribution fees and waivers for each class were as follows:
Gross Net Distribution Distribution Fee Waiver Fee --------------- -------------- --------------- Money Market Portfolio Bedford Class $ 2,104,457 $ -- $ 2,104,457 Cash Preservation Class 456 -- 456 RBB Class 98 -- 98 Sansom Street Class 105,813 -- 105,813 --------------- ------------- -------------- Total Money Market Portfolio $ 2,210,824 $ -- $ 2,210,824 =============== ============= ============== Municipal Money Market Portfolio Bedford Class $ 534,028 $ -- $ 534,028 Bradford Class 299,841 -- 299,841 Cash Preservation Class 455 -- 455 RBB Class 8 -- 8 --------------- ------------- -------------- Total Municipal Money Market Portfolio $ 834,332 $ -- $ 834,332 =============== ============= ============== Government Obligations Money Market Portfolio Bedford Class $ 461,453 $ -- $ 461,453 Bradford Class 114,375 -- 114,375 --------------- ------------- -------------- Total Government Obligations Money Market Portfolio $ 575,828 $ -- $ 575,828 =============== ============= ============== New York Municipal Money Market Portfolio Bedford Class $ 135,353 $ (2,124) $ 133,229 =============== ============= ==============
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. For the six months ended February 28, 1995, service organization fees were $188,498 for the Money Market Portfolio and $0 for the Municipal Money Market Portfolio. 23 Note 3. Capital Shares Transactions in capital shares (at $1 per capital share) for each period were as follows:
Municipal Money Market Money Market Portfolio Portfolio -------------------------------------- --------------------------------------- For the For the For the For the Six Months Ended Year Ended Six Months Ended Year Ended February 28, 1995 August 31,1994 February 28, 1995 August 31, 1994 ------------------ ------------------ ------------------ ------------------ (Unaudited) (Unaudited) Value Value Value Value ------------------ ------------------ ------------------ ------------------ Shares sold: Bedford Class $ 1,278,459,225 $ 2,789,452,640 $ 510,733,584 $ 1,292,822,671 Bradford Class -- -- 252,217,555 448,473,166 Cash Preservation Class 46,605 908,824 141,582 271,085 RBB Class 6,975 43,426 1,404 1,400 Sansom Street Class 990,907,295 1,517,145,765 -- 15,321 Shares issued in reinvestment of dividends: Bedford Class 16,509,075 20,973,730 2,530,219 4,271,511 Bradford Class -- -- 1,413,860 1,855,281 Cash Preservation Class 5,196 26,123 2,874 2,566 RBB Class 1,096 1,551 62 90 Sansom Street Class 8,071,063 7,714,640 -- 20 Shares repurchased: Bedford Class (1,251,296,329) (2,881,789,878) (501,928,235) (1,330,256,087) Bradford Class -- -- (243,147,384) (427,210,857) Cash Preservation Class (54,828) (1,932,859) (143,465) (229,848) RBB Class (2,823) (57,526) (1,314) (1,902) Sansom Street Class (967,733,337) (1,341,896,149) -- (16,473) ----------------- ---------------- ----------------- ----------------- Net increase (decrease) $ 74,919,213 $ 110,590,287 $ 21,820,742 $ (10,002,056) ================= ================ ================= ================= Bedford Shares authorized 1,500,000,000 1,500,000,000 500,000,000 500,000,000 ================= ================ ================= =================
Government Obligations New York Municipal Money Market Portfolio Money Market Portfolio -------------------------------- ---- -------------------------------- For the For the For the For the Six Months Ended Year Ended Six Months Ended Year Ended February 28, 1995 August 31,1994 February 28, 1995 August 31, 1994 ------------------ ------------------ ------------------ ------------------ (Unaudited) (Unaudited) Value Value Value Value ------------------ ------------------ ------------------ ------------------ Shares sold: Bedford Class $ 218,457,203 $ 490,275,372 $ 279,906,107 $ 543,082,091 Bradford Class 89,612,948 160,520,309 -- -- Cash Preservation Class -- -- -- -- RBB Class -- -- -- -- Sansom Street Class -- -- -- -- Shares issued in reinvestment of dividends: Bedford Class 3,225,155 4,963,642 649,377 1,071,499 Bradford Class 928,944 1,078,122 -- -- Cash Preservation Class -- -- -- -- RBB Class -- -- -- -- Sansom Street Class -- -- -- -- Shares repurchased: Bedford Class (236,823,381) (542,581,763) (286,304,042) (547,608,311) Bradford Class (92,239,575) (172,393,557) -- -- Cash Preservation Class -- -- -- -- RBB Class -- -- -- -- Sansom Street Class -- -- -- -- ----------------- ---------------- ----------------- ----------------- Net increase (decrease) $ (16,838,706) $ (58,137,875) $ (5,748,558) $ (3,454,721) ================= ================ ================= ================= Bedford Shares authorized 500,000,000 500,000,000 500,000,000 500,000,000 ================= ================ ================= =================
24 Note 4. Net Assets At February 28, 1995, net assets consisted of the following:
Government New York Municipal Obligations Municipal Money Market Money Market Money Market Money Market Portfolio Portfolio Portfolio Portfolio ---------------- -------------- -------------- ------------- Capital paid-in: Bedford Class $ 754,410,803 $193,816,408 $151,283,654 $46,485,821 Bradford Class -- 110,574,496 38,036,313 -- Cash Preservation Class 228,154 201,837 -- -- RBB Class 50,561 5,013 -- -- Sansom Street Class 404,990,910 -- -- -- Other Classes 800 800 800 800 Accumulated net realized gain (loss) on investments: Bedford Class (1,351) (72,643) (5,885) (12,606) Bradford Class -- (1,220) (1,331) -- Cash Preservation Class -- 3 -- -- RBB Class -- -- -- -- Sansom Street Class (711) -- -- -- -------------- ------------ ------------ ----------- $1,159,679,166 $304,524,694 $189,313,551 $46,474,015 ============== ============ ============ ===========
25 Note 5. Other Financial Highlights The Fund currently offers three other classes of shares representing interests in the Money Market Portfolio: Cash Preservation, RBB and Sansom Street. The Fund currently offers four other classes of shares representing interests in the Municipal Money Market Portfolio: Bradford, Cash Preservation, RBB and Sansom Street. The Fund currently offers one other class of shares representing an interest in the Government Obligations Money Market Portfolio: Bradford. Each class is marketed to different types of investors. Financial Highlights of the RBB and Cash Preservation Classes are not presented in this report due to their immateriality. Such information is available in the annual reports of each respective family. The financial highlights of certain of the other classes are as follows:
Bradford Government Obligations Money Market Shares For the Period For the For the For the January 10,1992 Six Months Year Year (Commencement of Ended Ended Ended Operations) to February 28,1995 August 31, 1994 August 31, 1993 August 31, 1992 ---------------- ---------------- --------------- ----------------- (Unaudited) Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------------ ------------ ------------ ------------ Income from investment operations: Net investment income 0.0222 0.0270 0.0231 0.0208 Net gains on securities (both realized and unrealized) -- -- -- 0.0009 ------------ ------------ ------------ ------------ Total from investment operations 0.0222 0.0270 0.0231 0.0217 ------------ ------------ ------------ ------------ Less distributions Dividends (from net investment income) (0.0222) (0.0270) (0.0231) (0.0208) Distributions (from capital gains) -- -- -- (0.0009) ------------ ------------ ------------ ------------ Total distributions (0.0222) (0.0270) (0.0231) (0.0217) ------------ ------------ ------------ ------------ Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 ============ ============ ============ =========== Total Return 4.56%(b) 2.73% 2.33% 3.42%(b) Ratios /Supplemental Data Net assets, end of period $38,034,982 $39,732,414 $50,522,979 $42,476,965 Ratios of expenses to average net assets .975%(a)(b) .975%(a) .975%(a) .975%(a)(b) Ratios of net investment income to average net assets 4.47%(b) 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 1.14% annualized for the six months ended February 28, 1995, 1.18% and 1.18% for the years ended August 31, 1994 and 1993, respectively, and 1.15% annualized for the period ended August 31, 1992. (b) Annualized.
26 Note 5. Other Financial Highlights (continued)
Bradford Municipal Money Market Shares For the Period For the For the For the January 10,1992 Six Months Year Year (Commencement of Ended Ended Ended Operations) to February 28, 1995 August 31, 1994 August 31, 1993 August 31, 1992 ----------------- --------------- --------------- ---------------- (Unaudited) Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------------ ------------ ------------ ------------ Income from investment operations: Net investment income 0.0138 0.0195 0.0195 0.0154 Net gains on securities (both realized and unrealized) -- -- -- -- ------------ ------------ ------------ ------------ Total from investment operations 0.0138 0.0195 0.0195 0.0154 ------------ ------------ ------------ ------------ Less distributions Dividends (from net investment income) (0.0138) (0.0195) (0.0195) (0.0154) Distributions (from capital gains) -- -- -- -- ------------ ------------ ------------ ------------ Total distributions (0.0138) (0.0195) (0.0195) (0.0154) ------------ ------------ ------------ ------------ Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 ============ ============ ============ ============ Total Return 2.83%(b) 1.97% 1.96% 2.42%(b) Ratios /Supplemental Data Net assets, end of period $110,573,276 $100,089,172 $76,975,393 $69,586,281 Ratios of expenses to average net assets .80%(a)(b) .77%(a) .77%(a) .77%(a)(b) Ratios of net investment income to average net assets 2.79%(b) 1.95% 1.95% 2.40%(b) (a) Without the waiver of advisory, transfer agency and administration fees and without the reimbursement of certain operating expenses, the ratios of expenses to average net assets would have been 1.15% annualized for the six months ended February 28, 1995, 1.11% and 1.16% for the years ended August 31, 1994 and 1993, respectively, and 1.16% annualized for the period ended August 31, 1992. (b) Annualized.
27 Note 5. Other Financial Highlights (continued)
The Sansom Street Family Money Market Portfolio ------------------------------------------------------------------------------------------------ For the For the For the For the For the Six Months Ended Year Ended Year Ended Year Ended Year Ended February 28, 1995 August 31, 1994 August 31, 1993 August 31, 1992 August 31, 1991 ----------------- ---------------- --------------- --------------- --------------- (Unaudited) Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------------ ------------ ------------ ------------ ------------ Income from investment operations: Net investment income .0254 .0334 .0304 .0435 .0684 Net gains on securities (both realized and unrealized) -- -- -- .0007 -- ------------ ------------ ------------ ------------ ------------ Total from investment operations .0254 .0334 .0304 .0442 .0684 ------------ ------------ ------------ ------------ ------------ Less distributions Dividends (from net investment income) (.0254) (.0334) (.0304) (.0435) (.0684) Distributions (from capital gains) -- -- -- (.0007) -- ------------ ------------ ------------ ------------ ------------ Total distributions (.0254) (.0334) (.0304) (.0442) (.0684) ------------ ------------ ------------ ------------ ------------ Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ============ ============ ============ ============ ============ Total Return 5.25% 3.39% 3.08% 4.51% 7.06% Ratios /Supplemental Data Net assets, end of period $404,990,199 $373,745,178 $190,794,098 $228,078,764 $138,417,995 Ratios of expenses to average net assets .38%(a)(b) .39%(a) .34%(a) .35%(a) .37%(a) Ratios of net investment income to average net assets 5.13%(b) 3.34% 3.04% 4.35% 6.84% (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 Money Market Portfolio would have been .61% annualized for the six months ended February 28, 1995, .60%, .60%, .61% and .61% for the years ended August 31, 1994, 1993, 1992 and 1991, respectively. (b) Annualized.
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