Securities and Exchange Commission February 2006 – Federal Register Recent Federal Regulation Documents

The Securities and Exchange Commission is proposing amendments to the disclosure requirements for executive and director compensation, related party transactions, director independence and other corporate governance matters and security ownership of officers and directors. These amendments would apply to disclosure in proxy and information statements, periodic reports, current reports and other filings under the Securities Exchange Act of 1934 and to registration statements under the Exchange Act and the Securities Act of 1933. We also propose to require that disclosure under the amended items generally be provided in plain English. The proposed amendments are intended to make proxy statements, reports and registration statements easier to understand. They are also intended to provide investors with a clearer and more complete picture of the compensation earned by a company's principal executive officer, principal financial officer and highest paid executive officers and members of its board of directors. In addition, they are intended to provide better information about key financial relationships among companies and their executive officers, directors, significant shareholders and their respective immediate family members.

Each applicant seeks an order declaring that it has ceased to be an investment company. On April 29, 2005, each applicant transferred its assets to a corresponding series of the RBB Fund, Inc., based on net asset value. Total expenses of $667,090 incurred in connection with the reorganizations were paid by Robeco USA, L.L.C., applicants' investment adviser. Filing Date: The applications were filed on December 16, 2005. Applicants' Address: 909 Third Ave., 31st Floor, New York, NY 10022.

The Securities and Exchange Commission (the Commission) is adopting revisions to the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) Filer Manual to reflect updates to the EDGAR system. The revisions are being made primarily to support the amended rules and forms adopted by the Commission requiring that certain open- end management investment companies and insurance company separate accounts identify in their EDGAR submissions information relating to their investment company type, series and classes (or contracts, in the case of separate accounts), and ticker symbols. Revisions are also being made to support the final rule requiring that Form 25-NSE be filed electronically. In addition, revisions are being made to revoke submission types based on the Public Utility Holding Company Act of 1935 which was repealed in the enactment of the Energy Policy Act of 2005. Finally, revisions are being made to complete the removal of the submission types rescinded on December 1, 2005 as a result of the adoption of securities offering reform initiatives. The revisions to the Filer Manual reflect changes within Volumes I and II, entitled EDGAR Filer Manual, Volume I: ``General Information,'' Version 2 (February 2006) and EDGAR Filer Manual, Volume II: ``EDGAR Filing,'' Version 3 (February 2006) respectively. The updated manual will be incorporated by reference into the Code of Federal Regulations.