BRADFORD
MUNICIPAL
MONEY MARKET
PORTFOLIO
[GRAPHIC OMITTED]
J.C.Bradford&Co.
MEMBER NEW YORK STOCK EXCHANGE, INC.
Semi-Annual Report
February 28, 1997
<PAGE>
BRADFORD MUNICIPAL 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.
Yields in the tax-exempt market were a function of supply and demand during
the year. With Fed policy on hold, most municipal funds were defensive,
preferring shorter maturities in anticipation of higher rates in the future.
Short-term tax-free yields did rise in the third quarter as new issuance from
states and local governments caused inventory to swell. After-tax yields rose to
attractive levels and tax-free funds tended to extend their maturities by buying
beyond the first two months of the year when short-term yields are typically
low. New York City was a large participant in the second half of 1996, issuing
$800 million in tax anticipation notes in August and $1.6 billion revenue
anticipation notes in October. Overall, tax-exempt money market funds
experienced record growth during the last year, closing February at about $147
billion, as reported in IBC'S MONEY FUND REPORT, versus $135 billion a year ago.
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.)
<PAGE>
BRADFORD MUNICIPAL MONEY MARKET SHARES
THE RBB FUND, INC.
MUNICIPAL MONEY MARKET PORTFOLIO
STATEMENT OF NET ASSETS
FEBRUARY 28, 1997
(UNAUDITED)
PAR
(000) VALUE
-------- -------------
MUNICIPAL BONDS--99.6%
ALABAMA--2.4%
Alabama Housing Finance Authority
Multifamily Housing Refunding RB
(Heatherbrooke Project) / DN
[A-1+](DAGGER)
3.350% 03/07/97 ............... $ 9,900 $ 9,900,000
Livingston IDA USA Project DN /
[A-1+, VMIG-1](DAGGER)
3.750% 03/07/97 ............... 1,000 1,000,000
------------
10,900,000
------------
ALASKA--1.4%
Alaska Industrial Development &
Export Authority RB Series 1984-5
DN [A-1](DAGGER)
3.400% 03/07/97 ............... 2,045 2,045,000
Valdez Marine Terminal RB TECP
(ARCO Transportation Alaska,
Inc. Project) [A-1, VMIG-1]
3.400% 03/06/97 ............... 4,300 4,300,000
------------
6,345,000
------------
ARIZONA--1.7%
Flagstaff IDA DN / [A-1](DAGGER)
3.400% 03/07/97 ............... 7,755 7,755,000
------------
ARKANSAS--0.4%
Arkansas Development Authority
Health Care Facility (Sisters of Mercy)
DN / [A-1+, VMIG-1](DAGGER)
3.250% 03/07/97 ............... 1,700 1,700,000
------------
CALIFORNIA--7.0%
California PCR DN / [A-1+](DAGGER)
3.150% 03/30/97 ............... 800 800,000
Los Angeles County Certificates of
Participation (Los Angeles County
Museum of Art Project)
[A-1+, VMIG-1]
3.250% 03/07/97 ............... 1,000 1,000,000
Los Angeles County Series 1996 A
TRAN [SP-1+, MIG]
4.500% 06/30/97 ............... 10,315 10,337,665
Oakland DN(DAGGER)
3.650% 03/07/97 ............... 8,000 8,000,000
PAR
(000) VALUE
-------- -------------
CALIFORNIA--(CONTINUED)
San Bernardino County TRAN
[SP-1+, MIG-1]
4.500% 06/30/97 ............... $ 5,000 $ 5,009,972
State of California 1996-97 RAN
[SP-1+, MIG]
4.500% 06/30/97 ............... 7,000 7,011,827
------------
32,159,464
------------
COLORADO--2.4%
Colorado Health Facilities Authority
Hospital RB MB (Bounder
Community Hospital Projects)
Series 1989 C [A-1+, VMIG-1](DOUBLE DAGGER)
3.300% 03/07/97 ............... 3,400 3,400,000
Colorado State General Fund Revenue
Series 1996 A TRAN [SP-1+, MIG1]
4.500% 06/27/97 ............... 5,000 5,010,112
Moffat County Pollution Control
RB DN [A-1+, P-1](DAGGER)
3.300% 03/07/97 ............... 2,400 2,400,000
------------
10,810,112
------------
CONNECTICUT--0.7%
Connecticut State of Special
Assessment Unemployment
Compensation Advance Fund Revenue
(Connecticut Unemployment
Project) Series 1993 C MB
(FGIC Insurance) [A-1+,
VMIG-1](DOUBLE DAGGER)
3.900% 07/01/97 ............... 3,000 3,000,000
------------
DELAWARE--0.7%
The Delaware Economic Development
Authority Gas Facilities (Delmarva
Power & Light Project) Series 1993 C
(Delmarva Power & Light Corporate
Obligation) RB DN [VMIG-1](DAGGER)
3.400% 03/07/97 ............... 3,000 3,000,000
------------
DISTRICT OF COLUMBIA--0.3%
District of Columbia [A-1+,
VMIG-1](DOUBLE DAGGER)
3.550% 03/01/97 ............... 1,600 1,600,000
------------
See Accompanying Notes to Financial Statements.
2
<PAGE>
BRADFORD MUNICIPAL MONEY MARKET SHARES
THE RBB FUND, INC.
MUNICIPAL MONEY MARKET PORTFOLIO
STATEMENT OF NET ASSETS (CONTINUED)
FEBRUARY 28, 1997
(UNAUDITED)
PAR
(000) VALUE
-------- -------------
FLORIDA--1.6%
Dade County Multifamily Housing
Refunding RB (Star Creek
Apartments-3) DN [A-1, A-](DAGGER)
3.350% 03/07/97 ............... $ 1,150 $ 1,150,000
Miami Health Facilities Authority
(Miami Jewish Home For The
Aged Inc Project) / [A-1+,
VMIG-1](DOUBLE DAGGER)
3.350% 03/07/97 ............... 6,000 6,000,000
------------
7,150,000
------------
GEORGIA--4.3%
Atlanta Urban Residential Finance
Authority RB DN (Residential
Construction - Summerhill
Project) [A-1](DAGGER)
3.350% 03/07/97 ............... 2,200 2,200,000
Brunswick and Glynn Development
Authority Sewage Facility RB DN
(Georgia-Pacific Corp. Project)
Series 1996 (Aa2)(DAGGER)
3.450% 03/07/97 ............... 5,000 5,000,000
Carrollton Payroll Development
Authority Certificates RAN (Aa3)
3.450% 03/07/97 ............... 6,000 6,000,000
Forsyth County IDA RB (American
Boa, Inc. Project) DN (Aaa)(DAGGER)
3.350% 03/07/97 ............... 3,000 3,000,000
Fulton County IDR DN (Charles J.
Mackarich Project) (Aa2)(DAGGER)
3.450% 03/07/97 ............... 3,500 3,500,000
------------
19,700,000
------------
ILLINOIS--11.9%
Chicago G.O. Tender Notes
Series 1992B [A-1+, VMIG-1]
DN(DAGGER)
3.300% 03/07/97 ............... 4,800 4,800,000
Chicago O'Hare Airport System
RB [A-1+, VMIG-1]
3.350% 03/07/97 ............... 3,400 3,400,000
Health Facility Authority DN (Central
Health Care and Northwest
Community Hospital)
Series C DN [VMIG-1](DAGGER)
3.350% 03/07/97 ............... 1,545 1,545,000
PAR
(000) VALUE
-------- -------------
ILLINOIS--(CONTINUED)
Illinois Development Finance
Authority DN [A-1+](DAGGER)
3.350% 03/07/97 ............... $ 8,000 $ 8,000,000
Illinois Development Finance
Authority (CHS Acquisition Corp.
Project) DN [A-1+](DAGGER)
3.500% 03/07/97 ............... 5,035 5,035,000
Illinois Development Financing
Authority PCR (Illinois Power Co.
Project) Series 1987 D DN [A-1](DAGGER)
3.550% 03/07/97 ............... 900 900,000
Illinois Education Facility Authority
(Museum of Science and Industry)
DN / (Northern Trust) (FGIC)
[VMIG-1, Aaa](DAGGER)
3.250% 03/07/97 ............... 3,400 3,400,000
Illinois Health Facilities Authority
(Revolving Fund Pooled Financing
Program Project) Series 1985 C DN
[A-1, VMIG-1](DAGGER)
3.250% 03/07/97 ............... 12,000 12,000,000
Illinois Health Facility Authority (Carle
Foundation Project) DN [VMIG-1](DAGGER)
3.350% 03/07/97 ............... 2,600 2,600,000
Illinois Health Facility Authority RB
(Evanston Hospital Corp.)
Series A DN [A-1+, VMIG-1](DAGGER)
3.850% 10/15/97 ............... 3,000 3,000,000
Illinois Housing Development Finance
Authority RB (Homeownership
Mortgage Bonds) [A-1+, VMIG-1](DOUBLE DAGGER)
3.700% 12/18/97 ............... 4,000 4,000,000
O'Hare International Airport Special
Facility RB DN [A-1+, VMIG-1](DAGGER)
3.450% 03/07/97 ............... 5,700 5,700,000
------------
54,380,000
------------
INDIANA--11.5%
Bremen IDA RB Series 1996 A
(Universal Bearings, Inc. Project
Private Placement) DN(DAGGER)
3.450% 03/07/97 ............... 5,000 5,000,000
See Accompanying Notes to Financial Statements.
3
<PAGE>
BRADFORD MUNICIPAL MONEY MARKET SHARES
THE RBB FUND, INC.
MUNICIPAL MONEY MARKET PORTFOLIO
STATEMENT OF NET ASSETS (CONTINUED)
FEBRUARY 28, 1997
(UNAUDITED)
PAR
(000) VALUE
-------- -------------
INDIANA--(CONTINUED)
Hamilton County Hospital Authority
RB (Daughters of Charity)
Series 1983 DN [A-1+, VMIG-1](DAGGER)
3.350% 03/07/97 ............... $ 7,600 $ 7,600,000
Indiana Development Finance
Authority IDA RB DN (Enterprise
Center I Project) [A-1+](DAGGER)
3.500% 03/07/97 ............... 2,900 2,900,000
Indiana Development Finance Authority
IDA RB DN (Enterprise Center II,
Project) [A-1+](DAGGER)
3.500% 03/07/97 ............... 5,000 5,000,000
Indiana Development Finance Authority
IDA RB DN (Enterprise Center III
Project) [A-1+](DAGGER)
3.500% 03/07/97 ............... 4,500 4,500,000
Indiana Development Finance Authority
IDA RB DN (Enterprise Center IV
Project) [A-1+](DAGGER)
3.500% 03/07/97 ............... 2,600 2,600,000
Indiana Development Finance Authority
Solid Waste Disposal RB
Series 1990 A, (Pure Air on the
Lake Project) [A-1+, P-1](DOUBLE DAGGER)
3.550% 06/27/97 ............... 10,000 10,000,000
La Porte County Economic
Development RB DN (Pedcor
Investments - Woodland
Crossing) [VMIG-1, Aaa] TECP
3.450% 03/07/97 ............... 2,000 2,000,000
Orleans Economic Development RB
for (Almana Limited Liability Co.
Project) Series 1995 DN(DAGGER)
3.500% 03/07/97 ............... 5,400 5,400,000
Portage Economic Development
RB DN (Breckenridge Apartments
Project) [A-1, A](DAGGER)
3.400% 03/07/97 ............... 4,650 4,650,000
Tippecanoe County Economic
Development RB DN Series 1991
(Consolidated Industries Corp.
Project) [VMIG1, A1](DAGGER)
3.450% 03/07/97 ............... 3,000 3,000,000
------------
52,650,000
------------
PAR
(000) VALUE
-------- -------------
IOWA--2.7%
Iowa Finance Authority IDA RB DN
(Sauer-Sundstrand Co. Project)
[P-1](DAGGER)
3.400% 03/07/97 ............... $ 4,000 $ 4,000,000
Iowa Finance Authority IDA RB DN
(Dixie Bedding Co. Project)
Series 1995 [VMIG1, Aa2](DAGGER)
3.450% 03/07/97 ............... 3,000 3,000,000
Louisa County PCR (Iowa-Illinois Gas
and Electric Co. Project)
Series 1986 A DN [A-1+, VMIG-1](DAGGER)
3.350% 03/07/97 ............... 5,600 5,600,000
------------
12,600,000
------------
KANSAS--1.6%
Lawrence County Project IDA RB
Series A RAM Co. Project
[A-1+, VMIG-1](DOUBLE DAGGER)
3.450% 03/06/97 ............... 2,125 2,125,000
Shawnee IDA RB (Thrall Enterprises,
Inc. Project) DN [A-1+](DAGGER)
3.500% 03/07/97 ............... 5,400 5,400,000
------------
7,525,000
------------
KENTUCKY--4.6%
Hopkinsville IDA RB Douglas Autotech
Corp. Project Series 1995 DN
[A-1, P-1](DAGGER)
3.750% 03/07/97 ............... 7,700 7,700,000
Hopkinsville RB (American Precision
Machinery) Series 1990 DN
[P-1, Aa2](DAGGER)
3.550% 03/07/97 ............... 3,600 3,600,000
Maysville Solid Waste Disposal
Facilities RB MB [A-1,
P-1](DOUBLE DAGGER)
3.600% 04/15/97 ............... 10,000 10,000,000
------------
21,300,000
------------
LOUISIANA--1.4%
East Baton Rouge (Parish Pacific Corp.
Project) DN [A-1](DAGGER)
3.650% 03/07/97 ............... 6,500 6,500,000
------------
See Accompanying Notes to Financial Statements.
4
<PAGE>
BRADFORD MUNICIPAL MONEY MARKET SHARES
THE RBB FUND, INC.
MUNICIPAL MONEY MARKET PORTFOLIO
STATEMENT OF NET ASSETS (CONTINUED)
FEBRUARY 28, 1997
(UNAUDITED)
PAR
(000) VALUE
-------- -------------
MARYLAND--1.7%
Howard County Bluffs at Clary's Forest
Apartment Facility Series 1995 DN
[A-1](DAGGER)
3.450% 03/07/97 ............... $ 5,735 $ 5,735,000
Maryland Industrial Development
Financing Authority Economic
Development Revenue
Biological Inc. [A-1]
3.600% 03/07/97 ............... 2,000 2,000,000
------------
7,735,000
------------
MICHIGAN--1.4%
Detroit Water Supply System DN
[A-1+, VMIG-1](DAGGER)
3.300% 03/07/97 ............... 2,000 2,000,000
Michigan State Strategic Fund Limited
Obligation RB DN [A-1](DAGGER)
3.450% 03/07/97 ............... 1,500 1,500,000
Northville IDA (Thrifty Northville
Project) Series 1984 DN [P-1](DAGGER)
3.425% 03/07/97 ............... 1,000 1,000,000
Wayne Charter County Michigan
Airport RB Series B [A-1+, VMIG-1]
3.400% 03/07/97 ............... 2,000 2,000,000
------------
6,500,000
------------
MISSOURI--5.8%
City of Berkeley IDA RB Exempt Facility
DN (St. Louis Air Cargo Services,
Inc. Project) [A-1](DAGGER)
3.600% 03/07/97 ............... 5,300 5,300,000
City of Kansas IDA RB (Mid-America
Health Services, Inc. Project)
Series 1984 DN [A-1](DAGGER)
3.500% 03/07/97 ............... 1,100 1,100,000
Forsyth PCR (Portland General
Electric) (Mitsub) (VMIG-1)
DN(DAGGER)
3.500% 03/07/97 ............... 2,500 2,500,000
Kansas City IDA Demand Exempt
Facility RB (K.C. Air Cargo Services,
Inc. Project) DN [A-1](DAGGER)
3.600% 03/07/97 ............... 7,500 7,500,000
PAR
(000) VALUE
-------- -------------
MISSOURI--(CONTINUED)
Missouri Higher Education Student
Loan Authority RB DN
[VMIG-1](DAGGER)
3.400% 03/07/97 ............... $10,000 $ 10,000,000
------------
26,400,000
------------
NEBRASKA--0.8%
Lancaster Sun-Husker Foods, Inc.
Project DN [A-1+](DAGGER)
3.750% 03/07/97 ............... 3,800 3,800,000
------------
NEVADA--0.4%
Clark County Airport System
Subordinate Lien RB DN
Series 1995 A-2 [A-1+,
VMIG-1](DAGGER)
3.400% 03/07/97 ............... 1,680 1,680,000
------------
NEW HAMPSHIRE--3.2%
New Hampshire State Housing
Finance Authority Multifamily RB
Countryside Project DN [VMIG-1](DAGGER)
3.400% 03/07/97 ............... 14,505 14,505,000
------------
NEW YORK--1.5%
New York State Environmental Quality
G.O. Series 97 A MB [A-1+, P-1] TECP
3.400% 05/16/97 ............... 5,000 5,000,000
Triborough Bridge and Tunnel
Authority DN / (FGIC Insurance)
[A-1+, VMIG-1](DAGGER)
3.200% 03/07/97 ............... 1,700 1,700,000
------------
6,700,000
------------
NORTH CAROLINA--3.7%
Charlotte Airport Revenue
Refunding Series 1993 A
DN / (MBIA Insurance) [A-1+,
VMIG-1](DAGGER)
3.250% 03/07/97 ............... 3,200 3,200,000
Mecklenburg County Industrial Facility
and Pollution Control Financing
Authority (Edgecomb Metals Co.
Project) Series 1984 DN(DAGGER)
3.250% 03/07/97 ............... 300 300,000
See Accompanying Notes to Financial Statements.
5
<PAGE>
BRADFORD MUNICIPAL MONEY MARKET SHARES
THE RBB FUND, INC.
MUNICIPAL MONEY MARKET PORTFOLIO
STATEMENT OF NET ASSETS (CONTINUED)
FEBRUARY 28, 1997
(UNAUDITED)
PAR
(000) VALUE
-------- -------------
NORTH CAROLINA--(CONTINUED)
North Carolina Educational Facilities
Finance Agency RB (The Bowman
Gray School of Medicine Project)
Series 1996 DN [VMIG-1](DAGGER)
3.300% 03/07/97 ............... $ 2,500 $ 2,500,000
North Carolina Health Care DN
Series 1985 / (MBIA Insurance)
[A-1+](DAGGER)
3.500% 03/07/97 ............... 6,400 6,400,000
North Carolina Medical Care
Commission Hospital RB DN
(Moses H. Cone Memorial Hospital
Project) [A-1+](DAGGER)
3.300% 03/07/97 ............... 1,700 1,700,000
Wake County Industrial Facility and
Pollution Control Financing Authority
(Carolina Power & Light Co.)
Series 1985 A DN [A-1+, P-1](DAGGER)
3.300% 03/07/97 ............... 1,200 1,200,000
Wake County Industrial Facility PCR
DN (Carolina Power and Light)
Series B [A1+](DAGGER)
3.500% 03/07/97 ............... 1,500 1,500,000
------------
16,800,000
------------
NORTH DAKOTA--0.8%
North Dakota Housing Finance Agency
Housing Finance Program Bonds
Home Mortgage Finance Program
DN/ (FGIC Insurance) [VMIG1, Aaa](DAGGER)
3.850% 04/03/97 ............... 3,500 3,500,000
------------
OHIO--0.7%
Columbus G.O. RB Series 1996 DN
[A-1+, VMIG-1](DAGGER)
3.200% 03/07/97 ............... 3,000 3,000,000
------------
OKLAHOMA--0.4%
Oklahoma Development Finance
Authority Shawnee Funding Limited
DN [A-1+, AA-](DAGGER)
3.450% 03/07/97 ............... 2,000 2,000,000
------------
PAR
(000) VALUE
-------- -------------
PUERTO RICO--0.2%
Puerto Rico Highway and
Transportation Authority
Series 1993x DN [A-1+,
VMIG-1](DAGGER)
2.950% 03/07/97 ............... $ 900 $ 900,000
------------
SOUTH CAROLINA--2.6%
Berkeley County Industrial
Development RB (Nucor Corp.
Project) [A-1+, P-1](DAGGER)
3.450% 03/07/97 ............... 12,000 12,000,000
------------
TENNESSEE--3.0%
Memphis General Improvement DN
[A-1+, VMIG-1](DAGGER)
3.400% 03/07/97 ............... 4,400 4,400,000
Montgomery County Public Building
Authority County Loan Pool G.O.
DN [A-1](DAGGER)
3.300% 03/07/97 ............... 2,400 2,400,000
Oak Ridge Municipal Solid Waste
Disposal Facility Bonds
Series 1996 M4 Environmental
Project DN [VMIG1, Aa3](DAGGER)
3.450% 03/07/97 ............... 5,100 5,100,000
Tennessee State Housing Development
Authority Homeownership
Program Bonds (Escrowed In
U.S. Treasuries) [A-1+,
VMIG1](DOUBLE DAGGER)
3.750% 07/01/97 ............... 2,000 2,000,000
------------
13,900,000
------------
TEXAS--2.8%
San Antonio Housing Finance Corp.
(Wellington Place Apartments)
Series 1995 A DN [A-1+](DAGGER)
3.400% 03/07/97 ............... 5,945 5,945,000
State of Texas Series 1996 TRAN
[SP-1+, MIG1]
4.750% 08/29/97 ............... 7,000 7,026,509
------------
12,971,509
------------
See Accompanying Notes to Financial Statements.
6
<PAGE>
BRADFORD MUNICIPAL MONEY MARKET SHARES
THE RBB FUND, INC.
MUNICIPAL MONEY MARKET PORTFOLIO
STATEMENT OF NET ASSETS (CONTINUED)
FEBRUARY 28, 1997
(UNAUDITED)
PAR
(000) VALUE
-------- -------------
UTAH--1.0%
Intermountain Power Agency Power
Supply Refunding RB
Series 1985 E (Spa-Bank of America)
MB [A-1, VMIG-1](DOUBLE DAGGER)
3.930% 06/16/97 ............... $ 2,000 $ 2,000,000
Salt Lake Airport RB DN
[A-1+, VMIG-1](DAGGER)
3.350% 03/07/97 ............... 1,500 1,500,000
Utah State Board of Regents Student
Loan Revenue Series C RB DN
[A-1+, VMIG-1](DAGGER)
3.400% 03/07/97 ............... 900 900,000
------------
4,400,000
------------
VIRGINIA--4.4%
Alexandria IDA Adjustable Tender
Resource Recovery (Alexandria/
Arlington Waste-to-Energy Facility)
Series 1986 A DN [VMIG-1](DAGGER)
3.550% 03/01/97 ............... 200 200,000
Capital Region Airport Commission
(Richmond International Airport
Project) Series 1995 B DN (AMBAC
Insurance) [A-1+, VMIG-1](DAGGER)
3.150% 03/07/97 ............... 1,700 1,700,000
Capital Region Airport Commission
(Richmond International Airport
Project) Series 1995 C DN / (AMBAC
Insurance ) [VMIG-1, AAA](DAGGER)
3.300% 03/07/97 ............... 2,500 2,500,000
Culpepper Town IDA Residential Care
Facility RB DN [A-1](DAGGER)
3.300% 03/07/97 ............... 1,470 1,470,000
Hampton Redevelopment & Housing
Authority Multi-Family Housing
(Avalon at Hampton)
Series 1996 MB [A-1+](DOUBLE DAGGER)
3.250% 03/07/97 ............... 1,500 1,500,000
Louisa County IDA Pooled Financing
Series 1995 DN [A-1](DAGGER)
3.300% 03/07/97 ............... 1,000 1,000,000
Lynchburg IDA Hospital RB DN [A-1](DAGGER)
3.350% 03/07/97 ............... 600 600,000
PAR
(000) VALUE
-------- -------------
VIRGINIA--(CONTINUED)
Lynchburg Hospital RB Federal
Housing Authority Mid-Atlantic
Series 1985 E DN / (AMBAC
Insurance ) [A-1, AAA](DAGGER)
3.350% 03/07/97 ............... $ 1,800 $ 1,800,000
Lynchburg IDA Hospital Facilities
(Mid-Atlantic States Capital Asset
Finance Project) Series 1985 C
DN / (AMBAC Insurance)
[A-1+, VMIG-1](DAGGER)
3.350% 03/07/97 ............... 800 800,000
Lynchburg IDA Hospital RB DN /
(AMBAC Insurance) [A-1, Aaa](DAGGER)
3.350% 03/07/97 ............... 700 700,000
Metropolitan Washington D.C. Airports
Authority, VA Passenger Facility
[A-1](DOUBLE DAGGER)
3.500% 04/07/97 ............... 2,000 2,000,000
Peninsula Ports IDA RB (Allied Signal,
Inc. Project) Series 1993 (Allied
Signal Corp. Obligation) DN [A-1](DAGGER)
3.450% 03/07/97 ............... 1,000 1,000,000
Prince William County Virginia
Industrial Development Authority
(Colonial Investments Facility
Project) Series 1996 [A-1](DAGGER)
3.550% 03/07/97 ............... 2,000 2,000,000
Roanoke IDA (Carillon Health System)
Series 1995 C DN [A-1](DAGGER)
3.200% 03/07/97 ............... 1,300 1,300,000
Roanoke IDA (Carillon Health System)
Series 1995 D DN [A-1+](DAGGER)
3.250% 03/07/97 ............... 1,800 1,800,000
------------
20,370,000
------------
WASHINGTON--3.5%
Everett, Washington IDRB Series 96
Partners Trust/Synsdor Project
[Aa3](DAGGER)
3.450% 03/07/97 ............... 5,500 5,500,000
Pierce County, WA Educational
Development Authority RB
Series 1996 (Flex-A-Lite
Consolidated Project) DN
[P-1, Aa3](DAGGER)
3.350% 03/07/97 ............... 3,000 3,000,000
See Accompanying Notes to Financial Statements.
7
<PAGE>
BRADFORD MUNICIPAL MONEY MARKET SHARES
THE RBB FUND, INC.
MUNICIPAL MONEY MARKET PORTFOLIO
STATEMENT OF NET ASSETS (CONCLUDED)
FEBRUARY 28, 1997
(UNAUDITED)
PAR
(000) VALUE
-------- -------------
WASHINGTON--(CONTINUED)
Port of Seattle IDA DN (Alaska Airlines
Project) [A-1](DAGGER)
3.350% 03/07/97 ............... $ 4,280 $ 4,280,000
Washington State G.O. Bonds DN
[A-1+, VMIG-1](DAGGER)
3.250% 03/07/97 ............... 400 400,000
Yakima County Public Corp. DN
Foods Project) [Aa3](DAGGER)
3.450% 03/07/97 ............... 3,000 3,000,000
------------
16,180,000
------------
WEST VIRGINIA--1.9%
Marshall County IDA US/Canada
Project DN [A-1+](DAGGER)
3.450% 03/07/97 ............... 3,500 3,500,000
Grant County West Virginia Solid
Waste Disposal Revenue Bonds
Series 96 S Virginia Electric &
Power Co. Project
[VMIG-1](DOUBLE DAGGER)
3.700% 05/29/97 ............... 5,000 5,000,000
------------
8,500,000
------------
WISCONSIN--3.2%
Carlton Wisconsin DN [P-1](DAGGER)
3.450% 03/07/97 ............... 4,800 4,800,000
Wisconsin Health & Education Facilities
Authority Daughters of Charity
Health Center [VMIG-1]
3.350% 03/07/97 ............... 10,000 10,000,000
------------
14,800,000
------------
TOTAL INVESTMENTS AT VALUE--99.6%
(Cost $455,716,085*) .......... 455,716,085
OTHER ASSETS IN EXCESS
OF LIABILITIES -- 0.4% ........ 1,867,381
------------
VALUE
-------------
NET ASSETS (Applicable to
198,704,009 Bedford Shares,
155,499,701 Bradford Shares,
84,233 Cash Preservation Shares,
103,362,447 Janney Montgomery
Scott Shares, and 800 other
shares) -- 100.0% ............. $457,583,466
============
NET ASSET VALUE, offering and
redemption price per share
($457,583,466 (DIVIDE)
457,651,190) .................. $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, 1997 and the maturity 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 Investor Service, Inc. and Standard and Poor's Ratings Group's
ratings indicated are the most recent ratings available at February 28, 1997.
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.
8
<PAGE>
BRADFORD MUNICIPAL MONEY MARKET SHARES
THE RBB FUND, INC.
MUNICIPAL MONEY MARKET PORTFOLIO
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED
FEBRUARY 28, 1997 (UNAUDITED)
INVESTMENT INCOME
Interest ................................. $7,829,369
----------
EXPENSES
Investment advisory fees ................. 712,521
Administration fees ...................... 216,844
Distribution fees ........................ 1,254,504
Directors' fees .......................... 4,829
Custodian fees ........................... 46,297
Transfer agent fees ...................... 93,296
Legal fees ............................... 9,828
Audit fees ............................... 5,415
Registration fees ........................ 120,000
Insurance expense ........................ 4,351
Printing expense ......................... 43,109
----------
2,510,994
Less fees waived ......................... (680,636)
Less expense reimbursement by advisor .... (7,855)
----------
Total expenses ........................ 1,822,503
----------
Net investment income ....................... 6,006,866
----------
Net increase in net assets resulting
from operations .......................... $6,006,866
==========
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 ........ $ 6,006,866 $ 12,196,171
Net loss on investments ...... -- (674)
------------ ------------
Net increase in net assets
resulting from
operations ................. 6,006,866 12,195,497
------------ ------------
Dividends to shareholders from
net investment income:
Bedford shares ($.0138 and
$.0288, respectively,
per share) ................. (2,749,570) (5,960,711)
Bradford shares ($.0138 and
$.0288, respectively,
per share) ................. (1,905,053) (3,611,114)
Cash Preservation shares
($.0131 and $.0288,
respectively, per share) ... (1,184) (3,746)
Janney Montgomery Scott
shares ($.0138 and $.0278,
respectively, per share) ... (1,351,010) (2,620,457)
RBB shares ($.0127 and
$.0272, respectively,
per share) ................. (49) (143)
------------ ------------
Total dividends to
shareholders ............. (6,006,866) (12,196,171)
------------ ------------
Net capital share
transactions ................. 36,695,120 (1,864,843)
------------ ------------
Total increase (decrease) in
net assets ................... 36,695,120 (1,865,517)
Net Assets:
Beginning of period .......... 420,888,346 422,753,863
------------ ------------
End of period ................ $457,583,466 $420,888,346
============ ============
See Accompanying Notes to Financial Statements.
9
<PAGE>
BRADFORD MUNICIPAL MONEY MARKET SHARES
THE RBB FUND, INC.
MUNICIPAL MONEY MARKET PORTFOLIO
FINANCIAL HIGHLIGHTS (c)
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
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)
<S> <C> <C> <C> <C> <C> <C>
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............... 0.0138 0.0288 0.0297 0.0195 0.0195 0.0154
-------- -------- -------- -------- -------- --------
Total from investment operations.. 0.0138 0.0288 0.0297 0.0195 0.0195 0.0154
-------- -------- -------- -------- -------- --------
Less distributions
Dividends (from net
investment income) ............... (0.0138) (0.0288) (0.0297) (0.0195) (0.0195) (0.0154)
-------- -------- -------- -------- -------- --------
Total distributions............... (0.0138) (0.0288) (0.0297) (0.0195) (0.0195) (0.0154)
-------- -------- -------- -------- -------- --------
Net asset value, end of period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
Total Return ......................... 2.82%(b) 2.92% 3.01% 1.97% 1.96% 2.42%(b)
Ratios /Supplemental Data
Net assets, end of period (000) .... $155,496 $129,399 $110,936 $100,089 $76,975 $69,586
Ratios of expenses to average
net assets ....................... .84%(a)(b) .84%(a) .82%(a) .77%(a) .77%(a) .77%(a)(b)
Ratios of net investment income to
average net assets ............... 2.79%(b) 2.88% 2.97% 1.95% 1.95% 2.40%(b)
<FN>
(a) Without the waiver of advisory, transfer agency and administration fees and
without the reimbursement of certain operating expenses, the ratio of
expenses to average net assets would have been 1.15% annualized for the six
months ended February 28, 1997, 1.12%, 1.14%, 1.11% and 1.16% for the years
ended August 31, 1996, 1995, 1994 and 1993, respectively, and 1.16%
annualized for the period ended August 31, 1992.
(b) Annualized.
(c) Financial Highlights relate solely to the Bradford Class ofShares within
the portfolio.
</FN>
</TABLE>
See Accompanying Notes to Financial Statements.
10
<PAGE>
BRADFORD MUNICIPAL MONEY MARKET SHARES
THE RBB FUND, INC.
MUNICIPAL 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 Municipal Money Market Shares
represent an interest in the Municipal Money Market Portfolio, which is 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 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) 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.
11
<PAGE>
BRADFORD MUNICIPAL MONEY MARKET SHARES
THE RBB FUND, INC.
MUNICIPAL MONEY MARKET PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY 28, 1997
(UNAUDITED)
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
Pursuant to an Investment Advisory Agreement, PNC Institutional Management
Corp.("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 Municipal 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:
.35% of first $250 million of net assets;
.30% of next $250 million of net assets;
.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 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
-------- ------------ ----------
$712,521 $(674,721) $37,800
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.
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, 1997, transfer agency fees and waivers for each class of shares within the
investment portfolio were as follows:
<TABLE>
<CAPTION>
GROSS NET
TRANSFER AGENCY TRANSFER AGENCY
FEE WAIVER FEE
--------------- ------------- ---------------
<S> <C> <C> <C>
Bedford Class $55,234 $ -- $55,234
Bradford Class 10,114 -- 10,114
Cash Preservation Class 4,500 (4,335) 165
Janney Montgomery Scott Class 21,693 -- 21,693
RBB Class 1,755 (1,580) 175
------- ------- -------
Total $93,296 $(5,915) $87,381
======= ======= =======
</TABLE>
In addition, PFPC serves as administrator for the Municipal Money Market
Portfolio. The administration fee is computed daily and payable monthly at an
annual rate of .10% of the Portfolio's average daily net assets. For the six
months ended February 28, 1997, administration fee for the portfolio was
$216,844.
12
<PAGE>
BRADFORD MUNICIPAL MONEY MARKET SHARES
THE RBB FUND, INC.
MUNICIPAL MONEY MARKET PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY 28, 1997
(UNAUDITED)
NOTE 2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES (CONTINUED)
The Fund, on behalf of each class of shares within this 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, Bradford, Cash Preservation, Janney
Montgomery Scott and RBB Classes and up to .20% on an annualized basis for the
Sansom Street Class.
For the six months ended February 28, 1997, distribution fees for each
class were as follows:
DISTRIBUTION
FEE
------------
Bedford Class $ 548,593
Bradford Class 412,774
Cash Preservation Class 179
Janney Montgomery Scott Class 292,950
RBB Class 8
----------
Total $1,254,504
==========
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, 1997, there
were no service organization fees for the Municipal Money Market Portfolio.
13
<PAGE>
BRADFORD MUNICIPAL MONEY MARKET SHARES
THE RBB FUND, INC.
MUNICIPAL MONEY MARKET PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY 28, 1997
(UNAUDITED)
NOTE 3. CAPITAL SHARES
Transactions in capital shares (at $1.00 per capital share) for each year
were as follows:
MUNICIPAL MONEY MARKET
PORTFOLIO
----------------------------------
FOR THE
SIX MONTHS FOR THE
ENDED YEAR ENDED
FEBRUARY 28, 1997 AUGUST 31, 1996
----------------- ---------------
(UNAUDITED)
VALUE VALUE
----------------- ---------------
Shares sold:
Bedford Class $ 578,025,438 $ 1,022,457,772
Bradford Class 316,528,520 479,401,891
Cash Preservation Class 46,523 171,907
Janney Montgomery
Scott Class 206,342,738 408,374,271
RBB Class 200 69,480
Sansom Street Class -- --
Shares issued in
reinvestment of dividends:
Bedford Class 2,771,563 5,847,767
Bradford Class 1,877,757 3,506,714
Cash Preservation Class 1,151 3,515
Janney Montgomery
Scott Class 1,370,883 2,602,869
RBB Class 53 143
Sansom Street Class -- --
Shares repurchased:
Bedford Class (584,102,601) (1,024,790,222)
Bradford Class (292,305,157) (464,445,579)
Cash Preservation Class (79,206) (220,929)
Janney Montgomery
Scott Class (193,777,346) (434,775,023)
RBB Class (5,396) (69,419)
Sansom Street Class -- --
------------- ---------------
Net increase (decrease) $ 36,695,120 $ (1,864,843)
============= ===============
Bradford Shares authorized 500,000,000 500,000,000
============= ===============
14
<PAGE>
BRADFORD MUNICIPAL MONEY MARKET SHARES
THE RBB FUND, INC.
MUNICIPAL 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)
MUNICIPAL
MONEY MARKET
PORTFOLIO
------------
Capital paid-in:
Bedford Class $198,704,009
Bradford Class 155,499,701
Cash Preservation Class 84,233
Janney Montgomery Scott Class 103,362,447
Other Classes 800
Accumulated net realized gain (loss)
on investments:
Bedford Class (69,802)
Bradford Class 339
Cash Preservation Class 5
Janney Montgomery Scott Class 1,734
------------
$457,583,466
============
15
<PAGE>
BRADFORD MUNICIPAL MONEY MARKET SHARES
THE RBB FUND, INC.
MUNICIPAL MONEY MARKET PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY 28, 1997
(UNAUDITED)
NOTE 5. OTHER FINANCIAL HIGHLIGHTS
The Fund currently offers four other classes of shares representing
interests in the Municipal Money Market Portfolio: Bedford, Cash Preservation,
Janney Montgomery Scott and RBB. 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:
THE BEDFORD FAMILY
<TABLE>
<CAPTION>
MUNICIPAL 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)
<S> <C> <C> <C> <C> <C> <C>
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 .............. 0.0138 0.0288 0.0297 0.0195 0.0195 0.0287
Net gains on securities (both
realized and unrealized) .......... -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total from investment
operations ..................... 0.0138 0.0288 0.0297 0.0195 0.0195 0.0287
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends (from net investment
income) ........................... (0.0138) (0.0288) (0.0297) (0.0195) (0.0195) (0.0287)
Distributions (from capital gains) . -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total distributions ............. (0.0138) (0.0288) (0.0297) (0.0195) (0.0195) (0.0287)
-------- -------- -------- -------- -------- --------
Net asset value, end of period ....... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
Total Return ......................... 2.82%(b) 2.92% 3.01% 1.97% 1.96% 2.90%
Ratios /Supplemental Data
Net assets, end of period (000) .... $198,639 $201,940 $198,425 $182,480 $215,577 $176,950
Ratios of expenses to average
net assets ........................ .84%(a)(b) .84%(a) .82%(a) .77%(a) .77%(a) .77%(a)
Ratios of net investment income
to average net assets ............. 2.79%(b) 2.88% 2.97% 1.95% 1.95% 2.87%
<FN>
(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 Municipal Money Market Portfolio would have been
1.15% annualized for the six months ended February 28, 1997, 1.12%, 1.14%,
1.12%, 1.16%, and 1.15% for the years ended August 31, 1996, 1995, 1994,
1993 and 1992 respectively.
(b) Annualized.
</FN>
</TABLE>
16
<PAGE>
BRADFORD MUNICIPAL MONEY MARKET SHARES
THE RBB FUND, INC.
MUNICIPAL MONEY MARKET PORTFOLIO
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY 28, 1997
(UNAUDITED)
NOTE 5. OTHER FINANCIAL HIGHLIGHTS (CONTINUED)
THE JANNEY MONTGOMERY SCOTT FAMILY
MUNICIPAL 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 ......... 0.0138 0.0278 0.0063
------- ------- -------
Total from investment
operations .............. 0.0138 0.0278 0.0063
------- ------- -------
Less distributions
Dividends (from net
investment income) ........ (0.0138) (0.0278) (0.0063)
------- ------- -------
Total distributions ....... (0.0138) (0.0278) (0.0063)
------- ------- -------
Net asset value,
end of period ............... $ 1.00 $ 1.00 $ 1.00
======= ======= =======
Total Return .................. 2.82%(b) 2.81% 2.87%(b)
Ratios /Supplemental Data
Net assets, end of
period (000) .............. $103,364 $89,428 $113,226
Ratios of expenses
to average
net assets ................ 0.86%(a)(b) 0.94%(a) 1.00%(a)(b)
Ratios of net investment
income to average
net assets ................ 2.79%(b) 2.78% 2.83%(b)
(a) Without the waiver of advisory, administration and transfer agent fees and
without the reimbursement of certain operating expenses, the ratios of
expenses to average net assets for the Municipal Money Market Portfolio
would have been 1.17% annualized for the six months ended February 28,
1997, and 1.23% and 1.30% for the years ended August 31, 1996 and 1995,
respectively.
(b) Annualized.
17
<PAGE>
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